Restore Medical, Inc. (NASDAQ:REST), developer of the innovative
Pillar� Palatal Implant System � a simple, minimally-invasive
treatment to help individuals suffering from snoring and
mild-to-moderate obstructive sleep apnea (OSA) to sleep better and
feel better � today announced financial results for the three and
nine months ended September 30, 2006. Highlights for the third
quarter include: Results of six new clinical studies presented at
the Annual Meeting of the American Academy of Otolaryngology in
Toronto, individually and collectively, added to the growing body
of clinical evidence supporting the efficacy and sustained benefit
of the Pillar Procedure Craig Palmer, medical device veteran, hired
as vice president of U.S. sales Pillar Palatal Implant System
licensed for distribution by Health Canada Third Quarter Financial
Results Net sales for the third quarter of 2006 were $1.2 million,
essentially equal to net sales of $1.2 million for the third
quarter of 2005. U.S. sales were $1.1 million during the quarter,
up 37% over U.S. sales of $795,000 for the third quarter of 2005
and down 22% from U.S. sales of $1.4 million for the second quarter
of 2006. International sales were $131,000, compared with
international sales of $432,000 and $411,000 for the third quarter
of 2005 and the second quarter of 2006, respectively. Gross profit
for the quarter was $987,000 or 81% of net sales, compared with
gross profit of $858,000 or 70% of net sales for the prior-year
third quarter. The higher gross margin was largely due to a sales
mix that favored U.S. sales, which carry a higher average selling
price compared with international sales. The reported net loss
attributable to common stockholders in the third quarter of 2006
was $3.7 million, or $0.24 per share, compared with a net loss of
$1.3 million, or $1.10 per share, in the third quarter of 2005.
�The past quarter was one of transition as we continued the
expansion and realignment of our U.S. sales force, including the
addition of a medical device veteran, Craig Palmer, as vice
president of U.S. sales,� said Bob Paulson, president and chief
executive officer of Restore Medical. �Craig is leveraging his
proven record of driving sales of paradigm-changing medical devices
in developing markets as he leads the field implementation of our
sales and marketing initiatives. Designed to increase patient
awareness and physician adoption of the Pillar Procedure, these
initiatives include launching a series of physician co-marketing
and practice development programs, and restructuring our sales
territories and field sales management with the rapid expansion of
our U.S. organization.� Mr. Paulson continued, �At the prestigious
Annual Meeting of the American Academy of Otolaryngology in
mid-September, data from six studies were presented, strengthening
the growing body of clinical evidence of the efficacy and sustained
benefit of the Pillar Procedure to treat individuals suffering from
snoring or mild-to-moderate OSA. These data included confirmation
of the clinical efficacy of the Pillar Procedure to treat
mild-to-moderate OSA in: the first two level 1 prospective,
randomized, double-blind placebo studies; the second OSA study to
report on the sustained benefit of the Pillar Procedure at one
year; the first level 1 prospective randomized study to confirm the
efficacy of the Pillar Procedure performed in combination with
nasal procedures to treat multi-level OSA; and three-year follow-up
on snoring patients confirming the sustained benefit of the Pillar
Procedure. The data from these studies further substantiate the
Pillar Procedure�s effectiveness and long-term efficacy previously
reported in 14 clinical studies, either published or accepted for
publication in peer-reviewed medical journals. Our research
continues to provide clinical support for the increased adoption of
the Pillar Procedure by ENT physicians seeking minimally-invasive
treatment options for their patients who suffer from
sleep-disordered breathing.� Year-to-Date Financial Results Net
sales for the first nine months of 2006 were $4.8 million, compared
with $3.3 million in the first nine months of 2005. U.S. sales
increased 53% to $3.6 million, and international sales increased
25% to $1.1 million. The reported net loss attributable to common
stockholders in the first nine months of 2006 was $29.7 million, or
$3.49 per share. Excluding the deemed non-cash dividend to
preferred stockholders, the net loss for the first nine months of
2006 was $8.9 million, or $1.05 per share. This compares with a net
loss of $5.3 million, or $4.37 per share, for the first nine months
of 2005. Restore Medical had cash, cash equivalents and short-term
investments of $27.1 million as of September 30, 2006, compared
with $3.6 million as of December 31, 2005. Financial Guidance The
Company revised its financial guidance for 2006 on October 11, 2006
and expects net sales for 2006 to be between $6.0 million and $6.3
million, which represents an increase of 22% to 29% over 2005 net
sales of $4.9 million. Operating expenses are expected to
approximately double in 2006, compared with 2005. Forward-Looking
Statements Except for historical information, this press release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
included in this press release that address activities, events or
developments that Restore Medical expects, believes or anticipates
will or may occur in the future, including, particularly,
statements about its expected growth in net sales, sales and
marketing programs and initiatives, sales force hires and
reorganization, future financial and operating results and
financial guidance, are forward-looking statements. All
forward-looking statements are based on assumptions made by Restore
Medical�s management based on its experience and perception of
historical trends, current conditions, expected future developments
and other factors it believes are appropriate in the circumstances.
Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the Company�s control, and
which could cause actual results or events to differ materially
from those expressed in such forward-looking statements. Factors
that could cause or contribute to such differences include, but are
not limited to, market demand and acceptance of the Company�s
products, competitive factors, effectiveness of the Company�s sales
and marketing programs, pricing and third-party reimbursement for
the Company�s products, expansion and rate of success of the
Company�s sales force, completion and results of clinical studies,
ongoing regulatory compliance, success of new product development,
general economic conditions and seasonal trends, and other risks
and factors that are discussed in documents filed by Restore
Medical with the Securities and Exchange Commission from time to
time, including its registration statement on Form S-1 filed on May
12, 2006 (Reg. No. 333-132368) and its Form 10-Q for the quarter
ended September 30, 2006. Forward-looking statements represent the
judgment of the Company's management as of the date of this
release, and Restore Medical disclaims any intent or obligation to
update any forward-looking statements. Conference Call and Webcast
Information Management will be hosting an investment-community
conference call today beginning today at 10:00 a.m. Eastern time
(9:00 a.m. Central time) to discuss these financial results, to
provide a business update and to answer questions. To participate
in the live call by telephone, please dial 800-642-1381 from the
U.S. or 706-634-7417 from outside the U.S. A telephone replay will
be available for 48 hours by dialing by dialing 800-642-1687 from
the U.S. or 706-645-9291 from outside the U.S., and entering
reservation number 8929934. Individuals interested in listening to
the conference call via the Internet may do so by visiting
www.restoremedical.com. A replay will be available on the Company�s
Web site for 30 days. About Restore Medical and the Pillar
Procedure Restore Medical develops, manufactures and markets
innovative medical devices to treat sleep-disordered breathing. The
Company's proprietary Pillar� Palatal Implant System is the only
implantable palatal device to treat snoring and mild-to-moderate
obstructive sleep apnea to be approved by the U.S. Food and Drug
Administration and Health Canada, and to have received the CE Mark
for sale in the European Union. The Pillar Palatal Implant System
is sold throughout the U.S. and Canada, and in various countries in
Asia Pacific, Europe, South America and the Middle East. For more
information about Restore Medical, the Pillar Procedure and
physicians who offer the Pillar Procedure in the U.S., visit the
company�s website at www.restoremedical.com or
www.pillarprocedure.com. RESTORE MEDICAL, INC. Condensed Statements
of Operations (Unaudited, In thousands, except per share amounts) �
Three months ended Nine months ended September 30 September 30
2006� 2005� 2006� 2005� Net sales $ 1,218� $ 1,227� $ 4,780� $
3,292� Cost of sales (1) 231� 369� 1,286� 1,163� Gross margin 987�
858� 3,494� 2,129� Operating expenses: Research and development (1)
840� 356� 2,260� 1,291� General and administrative (1) 1,357� 601�
3,818� 2,207� Sales and marketing (1) 2,669� 1,205� 6,961� 3,550�
Total operating expenses 4,866� 2,162� 13,039� 7,048� Loss from
operations (3,879) (1,304) (9,545) (4,919) Other income (expense):
Interest income 382� 30� 612� 107� Interest expense (231) (7) (517)
(17) Preferred stock warrant gain (loss) -� (82) 500� (499) Other,
net -� 14� 11� 14� Total other income (expense) 151� (45) 606�
(395) Net loss (3,728) (1,349) (8,939) (5,314) � Deemed dividend
from revision of preferred stock conversion price -� -� 20,799� -�
Net loss attributable to common stockholders $ (3,728) $ (1,349) $
(29,738) $ (5,314) � Basic and diluted net loss per common share
before deemed dividend from revision of preferred stock conversion
price $ (0.24) $ (1.10) $ (1.05) $ (4.37) Effect of deemed dividend
from revision of preferred stock conversion price -� -� (2.44) -�
Basic and diluted net loss per common share $ (0.24) $ (1.10) $
(3.49) $ (4.37) � Basic and diluted weighted average common shares
outstanding 15,777,540� 1,220,557� 8,519,952� 1,215,418� � (1)
Includes stock-based compensation of: Cost of sales $ 28� $ 7� $
53� $ 12� Research and development 46� 1� 101� 3� General and
administrative 437� 96� 983� 366� Sales and marketing 108� 19� 206�
33� $ 619� $ 123� $ 1,343� $ 414� RESTORE MEDICAL, INC. Condensed
Balance Sheets (Unaudited, In thousands, except per share amounts)
� September 30, December 31, Assets 2006� 2005� Current assets:
Cash and cash equivalents $ 14,740� $ 3,397� Short-term investments
12,338� 248� Accounts receivable, net of allowance for doubtful
accounts of $74 and $60, respectively 1,618� 1,240� Related-party
receivables 23� 28� Inventories 725� 744� Prepaid expenses 280�
116� Other current assets 121� 54� Total current assets 29,845�
5,827� Machinery and equipment, net 529� 426� Deferred debt
issuance costs, net of accumulated amortization of $97 and $21,
respectively 277� 81� Deferred offering costs -� 61� Total assets $
30,651� $ 6,395� � Liabilities, Convertible Participating Preferred
Stock and Stockholders� Equity (Deficit) Current liabilities:
Accounts payable $ 333� $ 113� Accrued expenses 915� 645� Accrued
payroll and related expense 743� 673� Current portion of long-term
debt, net of debt discount of $37 and $22, respectively 2,121� 338�
Total current liabilities 4,112� 1,769� Long-term debt, net of debt
discount of $46 and $44, respectively 3,437� 1,619� Other long-term
liabilities 13� 7� Preferred stock warrants subject to redemption
-� 835� Total liabilities 7,562� 4,230� � Convertible participating
preferred stock: Series A, $0.01 par value: no shares authorized,
issued and outstanding at September 30, 2006; 775,000 shares
authorized and 750,000 shares issued and outstanding at December
31, 2005 -� 747� Series B, $0.01 par value: no shares authorized,
issued and outstanding at September 30, 2006; 4,500,000 shares
authorized and 4,185,411 shares issued and outstanding at December
31, 2005 -� 13,507� Series C, $0.01 par value: no shares
authorized, issued and outstanding at September 30, 2006; 9,500,000
shares authorized and 7,615,675 shares issued and outstanding at
December 31, 2005 -� 18,723� Series C-1, $0.01 par value: no shares
authorized, issued and outstanding at September 30, 2006; 2,940,000
shares authorized and 2,498,833 shares issued and outstanding at
December 31, 2005 -� 6,231� Total convertible participating
preferred stock -� 39,208� � Stockholders� equity (deficit):
Preferred stock, $0.01 par value: 5,000,000 shares authorized, no
shares issued and outstanding -� -� Common stock $0.01 par value:
50,000,000 shares authorized; issued and outstanding 15,479,051 and
855,676 shares, respectively 155� 9� Additional paid-in capital
92,404� 3,188� Deferred stock-based compensation (1,598) (2,105)
Accumulated other comprehensive income 1� -� Accumulated deficit
(67,873) (38,135) Total common stockholders� equity (deficit)
23,089� (37,043) Total liabilities, convertible participating
preferred stock and stockholders� equity (deficit) $ 30,651� $
6,395� � Restore Medical, Inc. (NASDAQ:REST), developer of the
innovative Pillar(R) Palatal Implant System - a simple,
minimally-invasive treatment to help individuals suffering from
snoring and mild-to-moderate obstructive sleep apnea (OSA) to sleep
better and feel better - today announced financial results for the
three and nine months ended September 30, 2006. Highlights for the
third quarter include: -- Results of six new clinical studies
presented at the Annual Meeting of the American Academy of
Otolaryngology in Toronto, individually and collectively, added to
the growing body of clinical evidence supporting the efficacy and
sustained benefit of the Pillar Procedure -- Craig Palmer, medical
device veteran, hired as vice president of U.S. sales -- Pillar
Palatal Implant System licensed for distribution by Health Canada
Third Quarter Financial Results Net sales for the third quarter of
2006 were $1.2 million, essentially equal to net sales of $1.2
million for the third quarter of 2005. U.S. sales were $1.1 million
during the quarter, up 37% over U.S. sales of $795,000 for the
third quarter of 2005 and down 22% from U.S. sales of $1.4 million
for the second quarter of 2006. International sales were $131,000,
compared with international sales of $432,000 and $411,000 for the
third quarter of 2005 and the second quarter of 2006, respectively.
Gross profit for the quarter was $987,000 or 81% of net sales,
compared with gross profit of $858,000 or 70% of net sales for the
prior-year third quarter. The higher gross margin was largely due
to a sales mix that favored U.S. sales, which carry a higher
average selling price compared with international sales. The
reported net loss attributable to common stockholders in the third
quarter of 2006 was $3.7 million, or $0.24 per share, compared with
a net loss of $1.3 million, or $1.10 per share, in the third
quarter of 2005. "The past quarter was one of transition as we
continued the expansion and realignment of our U.S. sales force,
including the addition of a medical device veteran, Craig Palmer,
as vice president of U.S. sales," said Bob Paulson, president and
chief executive officer of Restore Medical. "Craig is leveraging
his proven record of driving sales of paradigm-changing medical
devices in developing markets as he leads the field implementation
of our sales and marketing initiatives. Designed to increase
patient awareness and physician adoption of the Pillar Procedure,
these initiatives include launching a series of physician
co-marketing and practice development programs, and restructuring
our sales territories and field sales management with the rapid
expansion of our U.S. organization." Mr. Paulson continued, "At the
prestigious Annual Meeting of the American Academy of
Otolaryngology in mid-September, data from six studies were
presented, strengthening the growing body of clinical evidence of
the efficacy and sustained benefit of the Pillar Procedure to treat
individuals suffering from snoring or mild-to-moderate OSA. These
data included confirmation of the clinical efficacy of the Pillar
Procedure to treat mild-to-moderate OSA in: the first two level 1
prospective, randomized, double-blind placebo studies; the second
OSA study to report on the sustained benefit of the Pillar
Procedure at one year; the first level 1 prospective randomized
study to confirm the efficacy of the Pillar Procedure performed in
combination with nasal procedures to treat multi-level OSA; and
three-year follow-up on snoring patients confirming the sustained
benefit of the Pillar Procedure. The data from these studies
further substantiate the Pillar Procedure's effectiveness and
long-term efficacy previously reported in 14 clinical studies,
either published or accepted for publication in peer-reviewed
medical journals. Our research continues to provide clinical
support for the increased adoption of the Pillar Procedure by ENT
physicians seeking minimally-invasive treatment options for their
patients who suffer from sleep-disordered breathing." Year-to-Date
Financial Results Net sales for the first nine months of 2006 were
$4.8 million, compared with $3.3 million in the first nine months
of 2005. U.S. sales increased 53% to $3.6 million, and
international sales increased 25% to $1.1 million. The reported net
loss attributable to common stockholders in the first nine months
of 2006 was $29.7 million, or $3.49 per share. Excluding the deemed
non-cash dividend to preferred stockholders, the net loss for the
first nine months of 2006 was $8.9 million, or $1.05 per share.
This compares with a net loss of $5.3 million, or $4.37 per share,
for the first nine months of 2005. Restore Medical had cash, cash
equivalents and short-term investments of $27.1 million as of
September 30, 2006, compared with $3.6 million as of December 31,
2005. Financial Guidance The Company revised its financial guidance
for 2006 on October 11, 2006 and expects net sales for 2006 to be
between $6.0 million and $6.3 million, which represents an increase
of 22% to 29% over 2005 net sales of $4.9 million. Operating
expenses are expected to approximately double in 2006, compared
with 2005. Forward-Looking Statements Except for historical
information, this press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements included in this press release
that address activities, events or developments that Restore
Medical expects, believes or anticipates will or may occur in the
future, including, particularly, statements about its expected
growth in net sales, sales and marketing programs and initiatives,
sales force hires and reorganization, future financial and
operating results and financial guidance, are forward-looking
statements. All forward-looking statements are based on assumptions
made by Restore Medical's management based on its experience and
perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in the circumstances. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
Company's control, and which could cause actual results or events
to differ materially from those expressed in such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, market demand and
acceptance of the Company's products, competitive factors,
effectiveness of the Company's sales and marketing programs,
pricing and third-party reimbursement for the Company's products,
expansion and rate of success of the Company's sales force,
completion and results of clinical studies, ongoing regulatory
compliance, success of new product development, general economic
conditions and seasonal trends, and other risks and factors that
are discussed in documents filed by Restore Medical with the
Securities and Exchange Commission from time to time, including its
registration statement on Form S-1 filed on May 12, 2006 (Reg. No.
333-132368) and its Form 10-Q for the quarter ended September 30,
2006. Forward-looking statements represent the judgment of the
Company's management as of the date of this release, and Restore
Medical disclaims any intent or obligation to update any
forward-looking statements. Conference Call and Webcast Information
Management will be hosting an investment-community conference call
today beginning today at 10:00 a.m. Eastern time (9:00 a.m. Central
time) to discuss these financial results, to provide a business
update and to answer questions. To participate in the live call by
telephone, please dial 800-642-1381 from the U.S. or 706-634-7417
from outside the U.S. A telephone replay will be available for 48
hours by dialing by dialing 800-642-1687 from the U.S. or
706-645-9291 from outside the U.S., and entering reservation number
8929934. Individuals interested in listening to the conference call
via the Internet may do so by visiting www.restoremedical.com. A
replay will be available on the Company's Web site for 30 days.
About Restore Medical and the Pillar Procedure Restore Medical
develops, manufactures and markets innovative medical devices to
treat sleep-disordered breathing. The Company's proprietary
Pillar(R) Palatal Implant System is the only implantable palatal
device to treat snoring and mild-to-moderate obstructive sleep
apnea to be approved by the U.S. Food and Drug Administration and
Health Canada, and to have received the CE Mark for sale in the
European Union. The Pillar Palatal Implant System is sold
throughout the U.S. and Canada, and in various countries in Asia
Pacific, Europe, South America and the Middle East. For more
information about Restore Medical, the Pillar Procedure and
physicians who offer the Pillar Procedure in the U.S., visit the
company's website at www.restoremedical.com or
www.pillarprocedure.com. -0- *T RESTORE MEDICAL, INC. Condensed
Statements of Operations (Unaudited, In thousands, except per share
amounts) Three months ended Nine months ended September 30
September 30 ---------------------- --------------------- 2006 2005
2006 2005 ----------- ---------- ---------- ---------- Net sales
$1,218 $1,227 $4,780 $3,292 Cost of sales (1) 231 369 1,286 1,163
----------- ---------- ---------- ---------- Gross margin 987 858
3,494 2,129 ----------- ---------- ---------- ---------- Operating
expenses: Research and development (1) 840 356 2,260 1,291 General
and administrative (1) 1,357 601 3,818 2,207 Sales and marketing
(1) 2,669 1,205 6,961 3,550 ----------- ---------- ----------
---------- Total operating expenses 4,866 2,162 13,039 7,048
----------- ---------- ---------- ---------- Loss from operations
(3,879) (1,304) (9,545) (4,919) ----------- ---------- ----------
---------- Other income (expense): Interest income 382 30 612 107
Interest expense (231) (7) (517) (17) Preferred stock warrant gain
(loss) - (82) 500 (499) Other, net - 14 11 14 -----------
---------- ---------- ---------- Total other income (expense) 151
(45) 606 (395) ----------- ---------- ---------- ---------- Net
loss (3,728) (1,349) (8,939) (5,314) ----------- ----------
---------- ---------- Deemed dividend from revision of preferred
stock conversion price - - 20,799 - ----------- ----------
---------- ---------- Net loss attributable to common stockholders
$(3,728) $(1,349) $(29,738) $(5,314) =========== ==========
========== ========== Basic and diluted net loss per common share
before deemed dividend from revision of preferred stock conversion
price $(0.24) $(1.10) $(1.05) $(4.37) Effect of deemed dividend
from revision of preferred stock conversion price - - (2.44) -
----------- ---------- ---------- ---------- Basic and diluted net
loss per common share $(0.24) $(1.10) $(3.49) $(4.37) ===========
========== ========== ========== Basic and diluted weighted average
common shares outstanding 15,777,540 1,220,557 8,519,952 1,215,418
(1) Includes stock-based compensation of: Cost of sales $28 $7 $53
$12 Research and development 46 1 101 3 General and administrative
437 96 983 366 Sales and marketing 108 19 206 33 -----------
---------- ---------- ---------- $619 $123 $1,343 $414 ===========
========== ========== ========== *T -0- *T RESTORE MEDICAL, INC.
Condensed Balance Sheets (Unaudited, In thousands, except per share
amounts) September 30, December 31, Assets 2006 2005 -------------
------------ Current assets: Cash and cash equivalents $14,740
$3,397 Short-term investments 12,338 248 Accounts receivable, net
of allowance for doubtful accounts of $74 and $60, respectively
1,618 1,240 Related-party receivables 23 28 Inventories 725 744
Prepaid expenses 280 116 Other current assets 121 54 -------------
------------ Total current assets 29,845 5,827 Machinery and
equipment, net 529 426 Deferred debt issuance costs, net of
accumulated amortization of $97 and $21, respectively 277 81
Deferred offering costs - 61 ------------- ------------ Total
assets $30,651 $6,395 ============= ============ Liabilities,
Convertible Participating Preferred Stock and Stockholders' Equity
(Deficit) Current liabilities: Accounts payable $333 $113 Accrued
expenses 915 645 Accrued payroll and related expense 743 673
Current portion of long-term debt, net of debt discount of $37 and
$22, respectively 2,121 338 ------------- ------------ Total
current liabilities 4,112 1,769 Long-term debt, net of debt
discount of $46 and $44, respectively 3,437 1,619 Other long-term
liabilities 13 7 Preferred stock warrants subject to redemption -
835 ------------- ------------ Total liabilities 7,562 4,230
------------- ------------ Convertible participating preferred
stock: Series A, $0.01 par value: no shares authorized, issued and
outstanding at September 30, 2006; 775,000 shares authorized and
750,000 shares issued and outstanding at December 31, 2005 - 747
Series B, $0.01 par value: no shares authorized, issued and
outstanding at September 30, 2006; 4,500,000 shares authorized and
4,185,411 shares issued and outstanding at December 31, 2005 -
13,507 Series C, $0.01 par value: no shares authorized, issued and
outstanding at September 30, 2006; 9,500,000 shares authorized and
7,615,675 shares issued and outstanding at December 31, 2005 -
18,723 Series C-1, $0.01 par value: no shares authorized, issued
and outstanding at September 30, 2006; 2,940,000 shares authorized
and 2,498,833 shares issued and outstanding at December 31, 2005 -
6,231 ------------- ------------ Total convertible participating
preferred stock - 39,208 ------------- ------------ Stockholders'
equity (deficit): Preferred stock, $0.01 par value: 5,000,000
shares authorized, no shares issued and outstanding - - Common
stock $0.01 par value: 50,000,000 shares authorized; issued and
outstanding 15,479,051 and 855,676 shares, respectively 155 9
Additional paid-in capital 92,404 3,188 Deferred stock-based
compensation (1,598) (2,105) Accumulated other comprehensive income
1 - Accumulated deficit (67,873) (38,135) -------------
------------ Total common stockholders' equity (deficit) 23,089
(37,043) ------------- ------------ Total liabilities, convertible
participating preferred stock and stockholders' equity (deficit)
$30,651 $6,395 ============= ============ *T
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