Welcome to the Hamilton Thorne Ltd. Second Quarter 2021 Earnings Conference Call. Before turning the call over to your host today, please be reminded of our standard public company policy on forward-looking information and use of non-IFRS measures. Certain information presented or otherwise discussed on this call may contain forward-looking statements. These statements may involve, but are not limited to, comments relating to strategies, expectations, planned operations, product announcements, scientific advances, or future actions. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Should one or more risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements could vary materially from those expressed or implied by these forward-looking statements. These factors should be considered carefully, and prospective investors and other parties should not place undue reliance on these forward-looking statements. The company assumes no obligation to update such forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the company. Additional information identifying risks and uncertainties is contained in the filings by the company with the Canadian securities regulators, including, without limitation, the company's Management Discussion and Analysis for the quarter and six months ended June 30th, 2021, which filings are available under the company's profile at www.sedar.com. During this call, the company may reference Adjusted EBITDA, organic growth, and constant currency as non-IFRS measures, which are used by management as measures of financial performance. See section entitled "Use of Non-IFRS Measures and Results of Operations" in the company's Management Discussion and Analysis for the periods covered for further information and a reconciliation of Adjusted EBITDA to net income. Now let me turn the call over to Hamilton Thorne's CEO, David Wolf. Thank you, and good morning, and welcome to the Hamilton Thorne Limited Second Quarter 2021 Earnings Conference Call. I'd like to introduce myself. I'm David Wolf, President and CEO of Hamilton Thorne. On the call with me today is Michael Bruns, our Chief Financial Officer. This morning's call will have the following format. First, I will provide a summary of operational and financial results for the quarter, and six months ended June 30, 2021, with a focus on our sales, markets, and operational performance. Michael will follow with a more detailed discussion of the financial results for the periods, as well as a review of our financial position and liquidity. I will return for a few minutes to provide an update on our outlook for the balance of the year. We will open up the line for questions. I'd like to remind all participants that we do not provide financial guidance, so I'd ask you to limit your questions to either historical periods or general trends in the business. I'll begin with our sales results. I'm pleased to report that our solid start to the year continued in the second quarter as the majority of our customer base returned to more normalized operations. Sales of $1 2.5 million was a record quarter for us and was up over 70% versus the second quarter of 2020, which we all know was meaningfully affected by sales issues related to COVID-19. Sales of $ 24 million for the six months increased 36% over the prior year. Let me give you some of the highlights from our performance. As I mentioned, sales increased 71% year-over-year to $ 12.5 million and 36% to 24 million for the six-month period. Sales in constant currency increased 62% for the quarter and 29% for the six-month period. Gross profit increased 69% to $ 6.4 million for the quarter and increased 36% to $ 12.3 million for the six-month period, generally tracking sales growth. Net income was $482,000 for the quarter and 1.35 million for the six-month period versus net losses of $594,000 and 449,000 in the prior year periods. Adjusted EBITDA 100% to $2.45 million for the quarter and 99% to $4.77 million for the six-month period. Organic growth in US dollars was 70%, 61% in constant currency and 35% for the six-month period, 29% in constant currency. Cash generated from operations was very strong at $1.57 million for the quarter and $3.2 million for the six-month period. Total cash on hand at June 3rd, 2021, was $20.6 million. From a mix perspective, sales of consumables and services, which closely correlate to increased activity at our customer sites, augmented by our market share gains, were up over 80%. All equipment sales, which have been taking longer to recover, showed some strong growth in this period, up over 55% for the quarter. Looking at field of use, sales into the human clinical market were up substantially for the quarter and first half, driven by strong demand for all of our products and services. Sales into the cell biology and research markets also grew substantially for both periods, albeit off a much smaller base, while sales into the animal breeding markets were down for both periods. On a geographic basis, we saw growth in all regions for the quarter and for the first half, with the Americas showing the most growth in both periods. Our gross profit margins were down slightly to 51.1%, primarily due to product mix, but were slightly up versus Q1 of this year. Our operating expenses were generally in line with expectations, with travel returning to historical levels and increased costs associated with maintaining investments in research and development and sales and support personnel. We made some significant equity grants in the second quarter to reward and retain employees who did tremendous work over the year, which we know is a very difficult period. We did have increased share-based comp during that period certainly versus the prior year. We were also pleased to see that our Adjusted EBITDA results rebounded to 19.6% of sales in Q2, which ends 19.8% of sales for the six-month period. During the quarter, we closed on the acquisition of Tek-Event based just outside of Sydney, Australia. Tek-Event is the manufacturer of the Cell-Tek Microscope Chamber, which is a somewhat niche-y specialized product for controlling temperature, airflow, humidification, and air quality, and is used in ART and laboratory markets worldwide. Tek-Event is also a value-added reseller of a select range of capital equipment and consumables products, including those manufactured by Hamilton Thorne, therefore providing us with a direct sales presence in Australia. Tek-Event serves approximately 90% of the IVF clinics in Australia. While this was a relatively small transaction, it is a strategic and accretive. I'll now turn the call over to Michael to provide a more detailed discussion on the numbers. Thank you, David. Good morning, everyone. I am Michael Bruns, the CFO of Hamilton Thorne. I will briefly highlight the second quarter and first half 2021 P&L performance, as well as the cash flow and liquidity of the company as of June 30th. Hamilton Thorne revenues, as you've read, increased 71% to $12.5 million, an increase of 5.1 million over the COVID-impacted previous year Q2. Sales of consumables and services increased 81% to $7.8 million in Q2, reflecting the continued recovery from the pandemic. First half 2021 year-to-date sales increased 55%. Total equipment sales increased 56% to $4.8 million, reflecting the somewhat slower recovery of capital equipment post-pandemic. First half year-to-date equipment sales increased 12%. We completed a few small lab build-outs in the quarter, which do not occur every quarter, and we have several more in our 2021 pipeline. For 2021 year-to-date, consumables and services sales represent 64% of HTL's total enterprise sales, up from 56% in 2020. Equipment sales comprised 36% of sales in 2021, reduced from 44% in the prior year. Gross profit for the year increased 69% or $2.6 million to 6.4 million due to sales growth and relatively consistent margin mix. Gross profit as a percentage of sales was down slightly to 51.1% for the quarter versus 51.7% last year, attributable to both product and channel mix. Year-to-date, gross profit increased 36% or $3.3 million, and gross profit as a percentage of sales increased modestly to 51.0% versus 15.8%, again attributed to both product and channel mix in the year-to-date. Operating expenses increased 37% for the quarter and 23% for the six months ended June 30th, which included $346,000 of acquisition-related expenses in Q2 and $ 476,000 of acquisition expenses six months year-to-date, versus no spending for acquisitions in the prior year same periods. Excluding those acquisition costs, comparable expenses increased 28% for the quarter and 17% year-to-date. Expense increases are attributable to increased share-based compensation, which is the result of substantial grants to our dedicated employees and management team, as David noted. Expenses also increased due to volume-related increase in variable cost of sales as we return to more normal levels, as well as continued investments in R&D, sales, and support resources. Net interest expense again decreased 69% and 67%, respectively, for the quarter and year-to-date, saving $163,000 and 326,000 for the quarter and the year-to-date, primarily due to reductions in outstanding convertible debentures after the final April 2020 conversion to equity, as well as our scheduled reductions in term debt. Income tax expense increased to $238,000 for the quarter ended June 30, and $541,000 for the six-month period, due entirely to the return to overall profitability in Q2. Current expense is applicable to various states in the U.S. as well as Germany and the U.K. The 2021 deferred tax expense is primarily applicable to U.S. federal tax and is a deferred non-cash expense due to the continuing utilization of prior years' net operating losses in the U.S. Net income for the quarter improved to $482,000 versus the net loss of $594,000 in the prior year Q2, and to $1.348 million, up from a net loss of $449,000 in the prior year year-to-date, primarily due to a substantial increase in gross profit and reduced interest, and somewhat offset by increased operating expenses and increased income taxes. Adjusted EBITDA, which we consider an important metric for our financial performance, increased 334% to $2.45 million and 99% year-to-date to $4.77 million versus the COVID-impacted prior year of $573,000 in the quarter and $2.4 million year-to-date last year. This is all primarily due to more normalized operations in the first half of 2021 versus the substantial revenue and gross profit decreases in the second quarter of 2020. Adjusted EBITDA is a non-IFRS measure. Please see the reconciliation of Adjusted EBITDA to net income for the quarter and year-to-date in our MD&A report filed today on both SEDAR and on our own HTL website, as well as our expanded definitions of Adjusted EBITDA, organic revenue, and constant currency. Turning now to the company's cash flow and balance sheet. The company generated cash from operations of $1.7 million in the second quarter and $3.2 million for the six months year- to- date. The turnaround from the prior year COVID-19 impacted actual use of cash from operations in Q2 of $1.5 million and 791,000 year- to- date. This increased cash flows attributed to substantial revenue and gross profit turnaround, as well as the gradual return of the company's inventory levels and other working capital components returning to more normalized quarterly activity and business operations. Cash use in investing activities was $2.0 million, increased due to the net cash payment of $846,000 made in connection with the Tek-Event acquisition in April, in addition to the normal expenditures for ongoing investments in capitalized intangible development costs by our R&D teams for next generation and new product development, as well as our normal CapEx for equipment and demo units for production and sales teams. Cash use in financing activities was $2.4 million as scheduled term loan and lease obligations and continued measured reductions in the company's line of credit. Company's with resulting cash balance at June 30th, 2021 decreased slightly to $20.6 million for the six months year- to- date, a decrease of $1.2 million, which included the Tek-Event acquisition. Working capital increased to $22.8 million. In addition, we have increased the availability in the acquisition line of credit with our senior lender to $8 million, up from the 5 million line utilized in July for the acquisition of IVFtech and K4, as well as another $3.5 million of availability in our normal revolving line of credit. This combined $11.5 million of bank lending availability is an important additional resource in our ability to complete acquisitions with a relatively low cost of capital. This availability, combined with our cash on hand of approximately $20 million after the July 15th, 2021 acquisition of IVFtech, makes us well positioned to support our operations in the coming months, including the continuation of our acquisition program and financing further growth as the business climate continues to improve. Now let me turn the call back over to David to comment on the HTL outlook. Thanks, Michael. Our outlook for the balance of the year continues to be impacted by the COVID-19 pandemic. Our planning assumption when we prepared our budgets last fall and winter was that we would see a somewhat choppy first half to 2021, with activities pretty much normalized in the second half. In fact, during the first half of the year, we were clearly seeing normalized sales activity in the U.S. and many of our other major markets, particularly in the second quarter. However, the resurgence of COVID-19 cases in certain parts of the world based on new variants has added substantial uncertainty to the short and midterm outlook. Also, as we mentioned on our last call, one area that has come into greater focus are certain supply chain issues. We continue to experience shortages and lead times and extended lead times, and in some cases, higher prices for some finished goods that we resell, as well as components incorporated into the products that we manufacture. While we have been managing through these disruptions, and of course, while we do not want to be overly cautious, we are concerned that we may see an impact on sales and profitability in the second half of the year, which could continue for a period of time that is uncertain and obviously affect our ability to meet both our growth plans and acquisition objectives. On a more positive note, in July, following the end of the quarter, we acquired IVFtech, a leading manufacturer of very much mainstream laminar flow workstations for controlling temperature, airflow, and air quality in ART and the laboratory markets worldwide. They're also a manufacturer of flatbed incubators, a number of accessories, and related products. We also acquired IVFtech's affiliated direct sales business, K4 Technology. This acquisition, along with the Tek-Event acquisition, adds a number of high-quality product lines with significant growth potential to our product portfolio and establishes direct sales presence for the entire Hamilton Thorne product range in Australia, as well as the entire Nordic Region, which includes Denmark, Sweden, Norway, Finland, and Iceland. In addition to these transactions, we continue to have an active pipeline and are working on multiple opportunities. Finally, with approximately $20 million in cash and our $8 million acquisition line of credit, I feel we are well positioned to execute on additional acquisition opportunities. We'll now open the line up for questions. Operator, please have the first call from the queue. At this time, if you'd like to ask a question, simply press star followed by the number one on your telephone keypad. Again, that is star one for any questions. Our first question will come from the line of David Martin with Bloom Burton. Please go ahead. Good morning, David and Michael. You mentioned that the equipment sales have taken longer to recover than consumables and services. I'm wondering first, are consumables and services back to normal? How much more revenue do you estimate you would have got if all of your product lines were back to normal this quarter? Sure. I'm going to dodge the second question, but I'll certainly take maybe the first one as well by giving a much more general answer in the sense that it's very difficult to know what is normal. If you see what I mean. Certainly, we're not going to speculate on what sort of as if numbers or COVID-adjusted sales, which I've seen, which I just don't think have a lot of credibility. In terms of the consumable side and the services side of our business, they certainly showed really significant growth. It's frankly very hard to know whether that is in fact normal growth, maybe above normal because of the pent-up demands that everybody has talked about and potentially our ability to win market share because of difficult times for some other vendors. Or if in fact, this is the new normal. We certainly don't expect to see 80% growth, perhaps 70% growth continuing forever. Maybe just one thing that might be helpful, we also did a comparison versus 2019 numbers, to show you a sense of what our progression was. We were up 56% for Q2 versus 2019, which is obviously well above market growth and well above our historical averages. That does include some period of the Planer acquisition. On an organic basis, we were up over 30%. Again, very, very strong. Again, spread over two years, but very strong, more than what we had historically seen as typical growth. Again, I think we're going to have to go through a few more quarters, whether we see this as, in fact, a new growth trend for us, or, as I said earlier, perhaps a little bit of the pent-up demand leaking through the market. That's helpful. Speaking about pent-up demand when it comes to capital equipment, that's been slower to recover. Do you think there is a lot of pent-up demand, or do you think your customer base has skipped a replacement cycle, and what you missed, you may not get that back going forward? Yeah, again, calls for a little bit of speculation, but I would say that we do not view, it is again our opinion, so take according to worth, but we do not view that we have lost sales during this period. Certainly not to others or more than a competitive market. We do not win everything. We have to accept that. That people are wholesale, you know, skipping replacement cycles or not upgrading equipment that needs upgrade. While we did not grow at the, I think really almost phenomenal levels that we saw in the consumables and services business during this quarter, an over 50% growth in our equipment business is actually pretty strong. My view is hard to know exactly what normal is. That is showing more normalized approaches versus, let's say Q1, where we had much more modest growth on the equipment side. That being said, we'll have to see how things develop as, again, not to be overly cautious, but people are, and we are concerned about what the resurgence of COVID-19 means. As we've said on multiple occasions, if you, nevertheless, your lab is open and you're doing procedures, you have to buy the consumables. If you're cautious and concerned, you may in fact decide to defer some capital equipment. Conversely, as Michael had mentioned, we have a number of lab builds. I think I said in our last call, strangely, interestingly, relatively small lab builds this year. We are seeing people continue to invest. It's a little bit more, varies from maybe, certainly region to region and perhaps company to company. Okay, great. I'll get back into the queue. Thanks. Thank you. Your next question will come from the line of Justin Keywood with Stifel. Please go ahead. Hi. Good morning. Thanks for taking my call. Just a follow-up question on the supply chain disruptions. Is this for a particular geographic region or is it generally widely spread? Any indication on the timeline when some of these supply chain headwinds could subside? Thank you for the question. I would just like to add that as everything that I said was cautionary notes. I don't think these are specific to our company or our field. I think they're just kind of macroeconomic trends or macro trends in terms of, again, whether it's the resurgence of COVID-19 potentially affecting lockdowns and people's behavior or supply chain issues. Drilling down a little bit more directly, we are seeing the supply chain issues impacting, again, we have manufacturing and reselling operations primarily in Europe and the U.S., and we're seeing those in both territories. They manifest themselves a little bit differently depending upon what it is that we're either manufacturing in that area or reselling. We are clearly seeing, again, I don't want to overstate it in the sense that it has not yet had any meaningful impact or major impact on our business and we're managing through it, but we are certainly seeing continued issues. By continued issues, is there just longer lead times as far as your manufacturing suppliers or any additional color that could be helpful? It's yes, and yes. It's longer lead times and pricing. For example, again, it's a huge component of what we do because most of our products are primarily tech oriented. We just saw in the last quarter really significant increases in sheet metal pricing, as an example. The sheet metal is what covers the coverings for our instruments. Not a huge part of our cost of goods for most of our instruments, but nevertheless, every little bit adds up. In those both cases, we're seeing exactly the same. Longer lead times and maybe that's the problem is you solve longer lead times by increasing prices. And what's the ability to pass on those increased costs? Historically, we have done more general price increases on our consumables business and our capital equipment business. This year we are in fact going to, not in every case, but increase our capital equipment prices. You know, again, it's a competitive market, so we have to be mindful of the market, but our competitors are going to be facing the same issues that we are. I believe we'll be able to pass on at least some, if not all, of these price increases. With this disruption potentially affecting some of your smaller competitors in a more material way, is there an opportunity to acquire just given some of the challenges for your less well-capitalized competitors out there? I think first and foremost, I think from an operational basis, it's an opportunity to build market share, compete on our relatively larger ability, our larger balance sheet. We obviously are mindful about building inventories beyond what we need, but we have the ability to solve some of these, or at least address some of these supply chain issues by bulking up on inventory, which is harder for somebody who's either smaller or just financially less capable. I think that's first and foremost what we think. It clearly could create an opportunity for us to, from an acquisition perspective, to acquire somebody who's having more trouble managing the various vicissitudes of what COVID has brought, whether it's supply chain ups and downs in consumer demand or ultimately plant demand or the variety of things. I do want to emphasize, we have always focused on buying really strong businesses, buying very good businesses. While I think we pay a very reasonable price for these businesses when we can, we're not necessarily bargain hunters, so we're not going to go out and buy a troubled business that is having a lot of issues, whether it's internal, external, or completely macroeconomically, don't have any great issue, any great control over, just because it's, just because a very, you know, a corporate bargain. I have a lot of experience in doing acquisitions, including the integration part of it. Those bargain prices can be illusory at best or at least once you really figure out what the acquisition and integration costs, true costs are. Understood. That's helpful context. Thank you for taking my questions. Thank you. Your next question comes from the line of Stefan Quenneville with Echelon Capital. Please go ahead. From Echelon Capital. Hi, guys. Congratulations on the quarter. Thanks for taking my question. I just wanted to get your take on your recent acquisition. Anything to say about the integration and how those acquisitions are looking now that they're in your hand? Secondly, I wanted to get your take on the recent large acquisition that Vitrolife made in the genetic testing space. I know you've been reticent in the past to do something in that segment because it would put you in direct competition with some of your clients. Is that thinking changing in any way now? Thanks. Sure. Thanks for the call. I guess it's a two-parter. Let me address the first part. In terms of the acquisitions that we've done, the ones most recently in the last couple of quarters, we bought the Tek-Event business in Australia and the IVFtech business based in Denmark, but in more of a worldwide business. In terms of the IVFtech business, I'm sorry, the Tek-Event business, it has or will have potentially some ups and downs. In terms of performance, the first quarter that is included in our financials was actually very strong. As you see, we do report on an organic basis, I think you can do the reverse engineering if you could, how much of that sales are attributable to Tek-Event. It was a very strong quarter for us. That being said, Australia has gone back into really significant lockdown. Our people who are mostly based out in Sydney are actually prohibited from traveling more than a few kilometers from their home for anything except for medical supplies and food. It's going to impact our ability to address our customer needs. I think the clinics are just going to impact patients' ability to go to their customers. That being said, that's why we like to think that we have a strong worldwide business where there's a little bit of ups and downs, and this is probably going to be a down for next quarter or two. We can still sell products on a worldwide basis and have other businesses because they're in areas for whatever reason are not as impacted and can still be up. The IVFtech business, a little too early to tell. We just closed in July, so it's only really been under our belts for a month. We don't disclose hour-by-hour numbers. From an integration perspective, I will tell you the IVFtech business is very similar to our typical integration path where we view that we buy great businesses because they're run by great people and run properly, and that while we try to focus on, there's cost savings that are potentially available. We don't buy businesses with the idea of cutting costs, cutting people, or reducing activities. To us, it's all about how do we take that platform that we've now bought and put more products and services through it, expand distribution, invest more in that business, and get sales and marketing synergies. That's obviously in early days, but we'll see as this plays out over the next year or so. I feel very confident there's a lot of, again, sales and marketing synergies that we've clearly proven we can obtain out of the other acquisitions that we've done, whether it's Gynemed or Planer. Those are available. In terms of your second question, I'd prefer not to comment too much on exactly what our competition is up to and what our strategic plan is. Clearly, we have looked at and thought about the idea of getting more involved in the genetic side of the business. It's clearly an important part of it. And, that being said, I think you characterized it correctly. We've concluded that providing essentially patient-facing services, counseling services, and those kinds of things, A, is competitive with some of our larger clinics who do that themselves and want to keep that in-house, and B, it's really a very different business than what we're in today. You don't want to say never is a long time. You don't want to say we would never get involved in that business. It's certainly not in our short-term planning, right? Great. Thanks. Thank you. Again, to ask a question, press star one on your telephone keypad. Your next question will come from the line of Chelsea Stellick with iA Capital Markets. Please go ahead. Hello. Congratulations on the quarter. I just have one question that wasn't previously asked. Could you just give me a little bit more color on the earn-out for Tek-Event and sort of the financial targets that need to be hit for that? Sure. The earn-out is based on hitting primarily Well, they're sales-oriented targets, but really profitability targets. We looked at increasing gross profit dollars over prior periods, which obviously translate to profitability. We focus on that versus EBITDA because we continue, as I said earlier, we expect to actually make investments in the business, and we don't want to feel constrained by dualism, where on the one hand, if we make more investments, it can affect somebody's earn-out, on the other hand. Therefore, people behave in a way that's not aligned. By focusing on gross profit targets, everybody's aligned. We all want to increase sales and increase the profitability of the systems that we make to increase our gross profit. That's how we look at it. In general, I will say that we try to stay away from earn-outs because they can, as I said, kind of implied, have mixed results because the management team is trying to hit one set of numbers that have been baked into a contract that you put together, can be as, what, a year or two ago, versus, let's say, the dynamic nature of the business. In this case, it made sense because it helped us to bridge valuation gaps and bridge some uncertainties around COVID. Okay. No, that's it for me. Thank you so much. Thank you. Your next question comes from the line of Devin Schilling with PI Financial. Please go ahead. Well, hi, guys. Congrats on a great quarter here. I believe last quarter you mentioned a record number of new labs in your guys' pipeline. Has the resurgence of COVID-19 put any of these deals on hold or maybe delayed some? Or for the most part, should we anticipate this work to continue as originally planned? Yeah. It goes back to the supply chain issue. We have seen some of the labs having delays based on our ability to pull everything together, and whether it's manufacturing the product ourselves or bringing the third-party products. Those I'd have to actually look at them because now there's a reasonable number of them, whether how many of those, if any, will slip from quarter- to- quarter versus month- to- month. I know, for example, a lab we were planning to deliver and install in August just slipped to September. Again, it goes all in quarter, probably, invisible to you, but less important to us. We haven't seen any people, just back to the more macro comments and economic comments for COVID-19, we haven't seen any scheduled labs deferred because of people's concerns, or major capital investments deferred because of people's concerns about either the micro or macroeconomic environments. Again, we're paid to be cautious, so we are cautious if that's possible. Okay. Yeah, no, that's very helpful. That's all for me. Thank you. Your next question will come from the line of David Martin with Bloom Burton. Please go ahead. Thanks for taking my follow-ups. Do you have any color on the Gynemed cell culture media launch in the U.S.? Have you got any large long-term contracts? Are all the products now approved that you want to get approved for the U.S.? Any other comments? Sure. I would tell you that I'll start with the last one. In terms of the products approved, we don't have approval to every single product that we offer in Europe, in part because there's slightly different markets and in part because we're actually coming out with some next-generation products, and it seems not all that sensible to spend a lot of effort on getting the clearance for the last generation where we're instead more focused on the next products. We're a little bit out of sync on that. That being said, I feel that we have a broad product line with enough products that are desirable that we can in fact be successful with that product line. We have certainly captured business in the U.S., including some very, I would say, kind of name brand clinics. Like everything else, I think we've tried to be cautious about this. It's starting small and we'll start small. We are seeing more growth each period, whether it's month- to- month and quarter- to- quarter. Numbers are still so small, they're not showing up material to our results. Again, it's hard to draw too many trends out of very small numbers. I would say that, kind of moving up a layer, we're clearly continue to be optimistic about that and continue to put the effort that it merits. I would say it's been a little slower than, in my perfect world, it's been a little slower coming off the market I would've liked. When you say you've had some success in some name brand clinics, would they switch all of their media use over to yours? Or are they picking and choosing a few of yours and still using some of their previous vendors? Yeah. It's clearly the latter, certainly in the U.S. thus far. That's pretty much the behavior of most labs. The media products cover a variety of procedures and actually even different labs. There are andrology products that go on in the andrology lab or the sperm lab. There are embryology products that work in the classic embryologist lab, where you're culturing embryos. There's cryopreservation products. Typically, clinics view their job as choosing the best-of-breed products that, and as I think I've mentioned in the past, it's not always a normative best product. Sometimes it's the best product for the processes that you use in your lab. The lab directors feel their job is to choose those best-of-breed products. Again, we're seeing some success either when they're trying us out or in fact, now they're buying and reordering the products. Again, it would be on a very purely selective product-by-product basis versus somebody that's saying, moving entirely to our product lines. Okay. My last question is, can you quantify both how much revenue you got from lab and workstation build-out this quarter, and also quantify the impact of the shortages, the longer lead times, the higher prices of the finished goods and components in the quarter? The quick answer is no. It's hard on both because on the second one, it's not material. When we have had significant delays, which we did, I think it was this quarter or second quarter last year, where we had a different supply chain issue. Obviously, in that case, it wasn't COVID-19 related or completely COVID-19 related, and we deferred some sales. It was a material number, and we disclosed it. Clearly, we want to be mindful and be open, but it's hard to pin down those numbers. I would say again, they're not material numbers. In terms of the lab build-outs as well, again, we historically have tried to stay away from getting that granular around every individual product. I think we've been more comfortable talking about trends that we're seeing. Again, this year, a trend that we've seen is more lab build-outs in number and relatively smaller in scope. Okay. Fair enough. Thank you. Sorry to [inaudible] that question, but I think that's consistent with how we've disclosed in the past. Okay. There are no further questions at this time. I'll turn the conference back over to management. Okay. Well, thank you very much for everybody's participation. I think obviously we thought we had a very strong quarter, and I appreciate the questions and hopefully the answers, when I give them directly, were insightful. Look forward to having a call this similar time of the month in about three months. Thank you very much. Ladies and gentlemen, that will conclude today's call. Thank you all for joining, and you may now disconnect.