Good morning, and welcome to the Hamilton Thorne Ltd. Q3 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 risk 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 filings by the company with the Canadian securities regulators, including without limitation, the company's management discussion and analysis for the quarter and nine months ended September 30, 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. Please go ahead, sir. Yes, thank you very much. Good morning, and welcome to all to the Hamilton Thorne Ltd. Q3 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. Today's call will have the following format. First, I'll provide a summary of operational and financial results for the quarter and nine months ended September 30, with a focus on our sales, markets, and operational performance. Michael will follow with a more detailed discussion of our financial results for those periods, as well as a review of our financial position and liquidity. I will then return for a few minutes to provide an update on our outlook for the balance of the year. We'll then open the line up for questions. As a reminder, 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 Q3 highlighted the continued strength of our business. Sales of $12.7 million reflects a record quarter and were up 30% versus the Q3 2020. Sales of $36.7 million for the nine months increased 33% over the prior year. Looking at our growth, excluding the impact of COVID-19 and our acquisitions, we grew sales organically at a compound annual growth rate of approximately 16% for the Q3 2021 versus the pre-pandemic Q3 2019. Let me give you some other highlights from our performance. As I mentioned, sales increased 30% over the year to $12.7 million and 33% to $36.7 million for the three- and nine-month periods. Sales in constant currency increased 24% for the quarter and 28% for the nine-month period. Gross profit increased to $6 million for the quarter and 31% to $18.3 million for the nine-month period. Net income was $249,000 for the quarter and $1.6 million for the nine-month period versus $459,000 and $10,000 in the prior year periods. Adjusted EBITDA increased 22% to $2 million for the quarter and 67% to $6.8 million for the nine-month period. Organic growth in US dollars was 19% for the quarter, 11% in constant currency. Organic growth was 28% for the nine-month period, 21% in constant currency. Cash generated for operations was $549,000 for the quarter and $3.8 million for the nine-month period, leaving us with total cash on hand at September 30 of approximately $18 million. Sales of consumables and services, which closely correlate to increased activity at our customer sites, augmented by our market share gains were up over 30%, while equipment sales, reflecting more normalized demand augmented by the IVFtech acquisition, which we completed in July, were up 28% for the quarter, despite some deferred shipments, primarily due to supply chain issues. Looking at field of use, sales into the clinical human clinical markets were up substantially for the quarter, driven by strong demand for all 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. Gross profit decreased to 47.5% for the quarter and to 49.8% for the nine months versus 50.1% and 50.6% for the comparable periods last year, primarily due to product and channel mix and increased cost of materials and shipping due to certain supply chain issues. Our operating expenses were generally in line with expectations, with increased costs with maintaining investments in R&D and sales and support personnel, as well as variable costs of sales returning to historical levels and acquisition expenses, post-transactions. While EBITDA growth was strong versus prior periods, EBITDA as a percentage of sales was below our target, primarily due to the hit to gross profit margins related to supply chain issues. During the quarter, we closed on the acquisition of IVFtech, a leading manufacturer of laminar flow workstations for controlling temperature, air flow, and air quality in the assisted reproductive technology and laboratory markets worldwide, as well as flatbed incubators, a number of accessories and related products. We also acquired IVFtech's affiliate and direct sales business. These acquisitions, along with the acquisition of Tek-Event, which we completed in April, add a number of high- quality product lines with significant growth potential to our product portfolio, and establish a direct sales presence for the entire Hamilton Thorne product range in Australia, now with IVFtech in the Nordic regions of Denmark, Sweden, Norway, Finland, and Iceland. I'll now turn the call over to Michael to provide a more detailed discussion on the numbers. Good morning, everyone. Thank you, David. I am Michael Bruns, the CFO of Hamilton Thorne. I will briefly highlight the third quarter and September year-to-date results. David has already provided updates on sales and gross profit, so I will focus on other elements of the income statement, as well as the cash flow and liquidity of the company as of September 30. Operating expenses increased 32% for the quarter and 26% for the nine months ended September 30, which included CAD 133,000 of acquisition-related expenses in Q3, and CAD 609,000 versus no direct spending in 2020. Excluding those acquisition costs, comparable expenses increased 29% for the quarter and 21% year-to-date. Expense increases were also attributable to the inclusion of IVFtech and Tek-Event expenses, post-closing acquisitions, as well as increased non-cash share-based compensation. Expenses also increased due to volume-related increases in variable cost of sales, as well as continued investments in R&D, sales and support resources. Continued return to normalization included increased spending for sales and support team travel to customers and increased trade show activities. The gain on debt extinguishment of $775,000 was a result of the forgiveness of the US Paycheck Protection Program, or PPP loan, obtained in May 2020. The prior year 9 months change in the fair value of derivative was attributable to debentures fully converted to equity in April of the prior year. Income tax expense increased to CAD 883,000 for the quarter ended September 30, and to CAD 1.4 million for the 9-month period, due primarily to substantial increases in non-cash deferred tax expense. The 2021 deferred tax expense increased to CAD 709 thousand for the quarter and CAD 798 thousand for the nine-month period to date. This significant non-cash expense is attributable to changes in the valuation estimates of deferred tax assets and related foreign tax credits, which required reductions in those previously recognized deferred tax assets. Net income for the quarter was CAD 249 thousand, a decrease from net income of CAD 459 thousand in the prior year quarter. Net income for the nine months year to date increased substantially to CAD 1.6 million from only CAD 10 thousand in the prior nine-month period. Adjusted EBITDA, which we consider an important metric for our financial performance, increased 22% to CAD 2.03 million, and 67% to CAD 6.8 million for Q3 and year to date over the COVID impact of prior year of CAD 1.7 million and CAD 4.1 million. Primarily due to more normalized operations in the first nine months of 2021 versus the substantial revenue and gross profit decreases in the Q2 of the previous year, attributable to the COVID-19 pandemic. These 2021 gains were somewhat offset by the impact of mix and supply chain on gross profit margins and planned increases in operating expenses in the period. As a reminder, adjusted EBITDA is a non-IFRS measure. Please see the reconciliation of adjusted EBITDA to net income for the quarter and the year to date in our MD&A report filed today on both SEDAR and available on our website, as well as our 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 CAD 549,000 in the Q3 and CAD 3.8 million for the nine months year to date, the 2021 increase of CAD 1.8 million or 89% over the prior year. This increased cash flow is attributable to the substantial revenue and gross profit turnaround, as well as the gradual return of the company's inventory levels and other working capital components to more normalized quarterly activity and business operations. Inventory levels are being carefully assessed and increased over several months to address increased product offerings and increasing supply chain issues. Cash use in investing activities was $8.4 million, increased due to the total cash payments of $6.8 million made in connection with the IVFtech and Tek-Event acquisitions in July and April respectively. In addition to the normal expenditures for ongoing investments in capitalized intangible development costs by our R&D teams and CapEx for equipment and demo units for production and sales teams. Cash generated by financing activities was amount of $773,000, including the new term debt of $5.0 million obtained as partial financing for the IVFtech acquisition, which is substantially offset by scheduled term loan and lease obligations and continuing reductions in the company's line of credit. The company's resulting cash balance of September 30 decreased to CAD 18.0 million for the nine-month year to date, a decrease of CAD 3.8 million, primarily attributable to acquisition activity. Working capital was steady at CAD 22.6 million. In addition, total availability in our lines of credit has increased to CAD 12.0 million, consisting of the acquisition line of credit as well as an additional CAD 4 million of availability in our revolving line of credit. This combined CAD 12 million of bank lending availability is an important additional resource in our ability to complete acquisitions with a relatively low cost of capital. This activity, combined with our cash on hand of CAD 18 million, 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. Thank you, Michael. Our outlook for the balance of the year is positive. As clinic activity is ahead of pre-pandemic levels in most of our major markets, we are expecting normalized sales growth in the Q4, which should continue for the foreseeable future. While supply chain issues have clearly created new challenges, we believe that they are affecting all market participants in our field as well as many other fields. We have demonstrated our ability to navigate product shortages and extended lead times without a material impact on sales. We are planning across-the-board price increases in early 2022 that should address at least some of the margin impacts that we had in Q3. We do repeat our caution that the resurgence of COVID-19 cases in certain parts of the world based on new variants and supply chain issues we have discussed could have an impact on sales and profitability for a period of time that's difficult to predict. On the acquisition front, our pipeline is more active than ever and we are working on multiple opportunities. As Michael mentioned, with our cash and credit lines, we are well- positioned to execute on additional acquisition opportunities. We will now open the line up for questions. Thank you. At this time, I would like to remind everyone that if you would like to ask a question, please press star and the number one on your telephone keypad. Again, ladies and gentlemen, that's star one for any questions. We'll pause for just a moment. Again, that's star one for any questions over the phone line. Our first question will come from David Martin with Bloom Burton. Please go ahead. Good morning, David and Michael. First question. You mentioned deferred shipments in the quarter. Will you get those all in Q4, and will they be additive to Q4, or do you anticipate you'll have deferrals of things ordered in Q4 that'll be pushed into Q1, and is this all just gonna be rolling forward? Yeah, good question. Some of it is hard to know, as you can imagine. Some of it we understand very clearly. As I mentioned, we had deferrals for couple of reasons, or I mentioned, I should say, in our MD&A. We had deferral for a couple of reasons, one related to supply chain, and the other related to a regulatory hold that we had on some of our products. On the regulatory side, that's been completely resolved. We've shipped those, and we don't see any reason that we would have any of that pushing into subsequent quarters. On the supply chain side, you know, it's always challenging and a little bit unknowable. We've clearly shipped most if not all of the things that were deferred from Q3 so far this year, you know, we're about halfway through the Q3. We're expecting and hoping that we'll be able to ship everything that we have in our pipeline. But as I say, there's always opportunity for surprises either because of third party extending lead times or, you know, other issues that just, you know, today we don't predict. So I would say in summary, there's probably some amount of continued deferral as there is probably every quarter. But I think this quarter was probably a lot, for the reasons I discussed, it's looking like it was a larger amount than we would normally see. Okay. When you talk about supply chain issues impacting your margins, is that because some products weren't available or did your suppliers take price increases ahead of you taking your own price increases early in the? Good question. Combination of both. In many cases we have products that prices have increased. We typically increase our prices once a year and we may in fact change that if prices continue to be as dynamic, or costs I should say continue to be as dynamic as they have been. We're expecting to push through price increases in Q1 and in some cases price increases as I said have been, you know, pushed on us. In most cases those are components or other, I would say, sort of raw materials that are used in products that we make rather than finished goods, because most of the finished goods we sell are similarly on the annual price increase basis. The other reason costs have increased is, in certain cases there have been unavailability of components and again, you know, we do the trade-off of time versus money and we would go out and source, either get those same components from alternative suppliers, albeit at a higher price in some cases, or need to replace those components with what might be a functional equal or in some cases, better component, again, potentially with higher prices. Another factor that has affected our costs is increased costs of inbound shipping. As everybody knows, shipping costs have gone up substantially. While it's not a huge factor for us, it is another one of the additive factors. Okay, great. My last question is, your M&A pipeline, what's the split between consumables, services, and equipment? Your last few acquisitions have all been equipment. Is the pipeline looking to be headed that direction as well? As we've often said, while we have a robust set of targets, roughly 80 of the 160 plus or minus targets that are companies that participate in our field, we would consider to be targets. It's, I guess, a high enough number that, you know, there's a level of, depending on the interest of the target, there's a level of variety in it. On the other hand, it's not such a high number that we could say, "Hey, this quarter we're gonna focus just on consumables companies," or, "This quarter we're gonna focus just on services or geographic spread," or some of the other things that we look at increasing. That being said, I would say in general, as we've talked about, our capital equipment business is higher than the kind of the split of the addressable market. Our consumables business is lower. As we do believe in reversion to the mean, that indicates that in general there are gonna be more consumables businesses that are in. You know, there are more consumables businesses than capital equipment businesses. At a given time, and I think today is one of those, we actually have more consumables businesses in our pipeline. Okay, thanks. That's it for me. Thank you. The next question is from Kyle McPhee with Cormark Securities. Please go ahead. Hi, guys. On the pricing increases you have coming, is this something that should be offsetting your input inflation on kind of a one-to-one basis so that you're back to a normalized margin range into Q1? Or are you also taking this opportunity to leverage your pretty attractive spot in the supply chain to maybe make pricing margin enhancing? I would say, again, I make it higher. It's a little bit of a combination on certain products. We are taking price increases that I think are intended to maintain margins. In other cases, we're taking price increases that we think will enhance margins. Got it. Is it fair to say, you know, based on what you've seen historically, that your price increases are permanent? Meaning, you know, you're gonna hold pricing even as some sources of your input inflation pull back? I don't think many people in our field have been in this situation for almost 20 years with this kind of inflation, so I'm not sure that we have a history of that I can refer to. We would clearly believe that the price increases that we would make would be permanent. You know, the flip side of that, of course, is then when you get into the discussion with customers, perhaps it gives you the opportunity to provide what looks like a more substantial discount and win some business and still maintain solid margins. Got it. Okay. Thank you for that color. I'm trying to just kind of figure out how large the price increases are gonna be when they start showing up in Q1. If you can give direct commentary, that's great. Otherwise, maybe just speak to how much of your Q3 gross margin percentage pressure was from your input inflation as opposed to the mix stuff. Yeah. I'll defer to Michael on the second question, and I'll talk a little bit about the first question. In terms of consumables and services, we are typically looking at low single-digit price increases. In terms of our capital equipment, where we've seen more of the issues that I've discussed, let's say the unavailability of certain components and having to replace those components or in some cases raw materials such as sheet metal, which I mentioned in the past, swinging, we're looking at mid-single-digit price increases. Got it. Last thing on the pricing from me is this. Should we expect these prices are into effect entering 2022? Or are you kind of layering them throughout the Q1? They're intended to be effective beginning of the year when we issue our new prices. Obviously, there could be situations where we have quotes outstanding or in case of government buying, government tenders, and you have to hold price on those. Generally speaking, they'll be effective in the beginning of the year, but you know, just to some limited extent. I wouldn't say layered in from an announcement perspective, but to some limited extent becoming impactful during the quarter. Got it. Okay, that's it for me. Thank you. Thank you. The next question will come from Justin Keywood with Stifel. Please go ahead. Hi. Good morning. Thanks for taking my call. Just continuing the questions of the Q4, I know last year there was a bit of a catch-up in orders for equipment sales just you know given some of the clinic shutdowns that happened in the early days of the pandemic. I realize there's a bunch of moving parts for the Q4 this year, but any additional color that you can give on at least that dynamic if there is expected to be some you know stronger seasonality year-over-year or maybe a bit more tempered? Just given that was a bit of a unique scenario last year. Just reminding everybody back of last year, there were, I think, two elements that had some uniqueness to them. One was, as you mentioned, the people playing a little bit of catch up after not quite a year, maybe six to nine months of caution on the capital equipment side. The other was very specific to a couple of our European markets where there was a VAT holiday or a VAT decrease for a period of time that expired at the end of December. There's clearly some buying forward from Q1 into Q4. The latter, we obviously are not gonna see that this year. That was a one-time event. On the former, we're actually seeing pretty strong continued demand on the capital equipment side. Just the way, you know, as we've talked about the lumpiness of whole laboratory systems, for example, the way that the chips have fallen, we don't have any large labs in the pipeline for Q4, but we do have a fairly large number of what feels like larger than normal good sized workstation orders, which can be an Xceed station, which is, you know, kind of a microscope, micromanipulators, a laser, and can be a CAD 100,000 sale. Those of course add up as well. In summary, I think we're expecting a very much of a normalized Q4. Okay. That's helpful. The ability to meet that, what sounds like pretty decent, demand for Q4, do you anticipate any challenges there, in the supply chain? Or would it be more of just, we could see the supply chain impact more on the cost than the sales? Unfortunately, there's a little bit of unknown to that. Today, again, we have a fair level of confidence that supply chain should not lead to meaningful deferrals. There could be some deferrals in Q4, but meaningful deferrals may in fact impact, and I can actually tell you it will impact and continue to impact margins to some extent. Because I know of some specific situations where we've had to go out and source alternative products at a higher cost. That is a continuing effect. As you pointed out, we're also pretty busy. Again, I guess I should knock on wood. We haven't had, you know, any significant, actually any closures due to COVID situations in any of our assembly and manufacturing areas. That, that's also, you know, could be a risk as well. You know, we do need people to manufacture the products that we have. If we were to hit with some sort of, you know, labor situation, then I guess that could be challenging as well. As I said, you know, all of the things. Well, first of all, you know, we're very positive about Q4. Secondly, I think all of the things that we've talked about, you know, 18 months into it, you know, it still feels funny to say this, you know, are a transitory nature. That is, you know, we get past this into Q1, Q2, and again, if in fact things both, as most people predict on the supply chain side, on the labor side, on the inflation side, do in fact normalize, you know, I think that bodes well for us. Okay. That's helpful context. My other question, I noticed in the release there was a mention of market share gains in the quarter. If you can just speak on, you know, what the market share gains were. Also, is this because, you know, perhaps some of the smaller competitors are having, you know, more challenges dealing with the supply chain issues and Hamilton Thorne in turn is able to pick up some competitive wins, if that's a dynamic playing out? Yeah. I think again, I can certainly point to specific, you know, customers that we've picked up or we've gained more share. I think when we talk about market share gains, we're talking about on the whole where we continue to grow faster than the overall market. The overall market is growing, you know, again, we position, you know, we believe it's around 7%. Our two larger public competitors always talk about 5%-10%. Yet our, you know, organic growth for that period was 16% and, again, 11% in constant currency. Maybe not hugely faster than the market, but still faster than the market. Then, you know, we did do a comparison, which I talked about in my comments, but maybe it's worth discussing and looking at 2019, how have we grown from a pre-pandemic perspective versus just from that period. We grew 16% on a compound annual basis. Again, we've tried our best to just eliminate the noise from acquisitions. Certainly I was looking at this morning, one of our larger public competitors, you know, had single-digit growth in the same comparison periods. I think we're growing pretty substantially and we're taking share across the board. Okay. Good to hear. Thank you for taking my questions. Thank you. The next question will come from Paul Stuartson with iA Capital Markets. Please go ahead. Good morning, guys. I'm just calling in for Chelsea. Can you just touch on a little bit on the integration and in terms of, say, IVFtech, R&D expenses, you called it out in the MD&A. Do you see synergies on that going forward? Is this the new runway? You know, how are we thinking about that? In terms of integration, I'll just give a little conversation about how we generally are organized and where we look for how we think about integration. We generally buy great businesses that are additive to what we do in terms of product line in the case of IVFtech, both product line and territory. That certainly, while we're, you know, happy to take the kinds of integration savings that can come from whether they're redundant facilities and personnel and those sorts of things, in general, we're more focused on investing in those businesses that we buy to continue to grow them, so to expand their sales teams in some cases, depending upon management. Actually, IVFtech had a pretty solid management, but adding certain financial resources if they don't have a controller. We typically do an acquisition and probably invest more than we see immediate synergies. I think frankly, that's not that unusual for most companies that are growth oriented rather than, you know, kind of addition by subtraction oriented. You know, that's what we've seen. Specifically, on the R&D front, we've got a couple of new projects, one large new project at IVFtech that we've committed to invest in. As part of our due diligence process, we certainly learned a lot about it. That was one of the things that excited us about this. Like most R&D, it'll take a couple of years to pay off, but we think that's a worthwhile investment. I think that's to your point, a kind of a steady state number. Perfect. That's really helpful, Keller. Thank you. Just in terms of the supply chain issues that are, you know, obviously industry-wide here, is that do you think that's accelerating consolidation a little bit? Is that creating some opportunistic acquisition opportunities? Or how is that affecting your M&A pipeline? I would say a combination. You know, if you think about our field, it's one of the things we like about it is it's a large addressable market, you know, for what we do, which is sell products and services into the IVF, primarily the IVF labs. You know, $1.2 billion, give or take, addressable market. On the other hand, it's highly- fragmented, and it's been growing very well for a number of years, you know. There's been a lot of relatively small players that have been pretty successful. Over the past two or three years, we've certainly seen three major externalities affecting the market. One is the transition from, you know, getting a little technical from MDD, which is medical device directive, to MDR, which is medical device regulation in Europe, which substantially increases the regulatory burden on, some of these smaller, more European-focused manufacturers. The second is COVID itself, which has obviously led to significant ups and downs in everybody's performance. Fortunately, we've, you know, it's a little easier to navigate when you're larger than when you're smaller. Third is supply chain, which has the same thing. We are clearly seeing back to why one of the reasons I think our M&A pipeline is as robust as it's ever been, is we're seeing that some, for some of these smaller players, they realize that there is, in fact, uncertainty in the market and uncertainty in the business and things that could impact them. Aligning with a larger player such as us with greater financial resources, management resources, regulatory resources, all those things, can certainly be beneficial. That being said, you know, we're trying while we, you know, I guess there's a level of being opportunistic about it. You know, we have much more interest in partnering with quality companies or and bringing in quality products. I would I don't believe you'll see us, you know, opportunistically go value, you know, bargain hunting and buy either troubled businesses, buy, let's say, troubled businesses because they're available as they haven't been able to navigate these things as easily. On the other hand, if we find a great business that maybe is having a slight interruption and a slight problem that we can fully understand how it won't apply to us, you know, then we would go into all of them. Understood. Thank you. Just apologies, but I did miss it in the earlier answer. You mentioned low single- digit price increases on which side in the mid- single- digit on which side? Low single- digits% on the consumables and mid- single- digits% on the capital equipment. Consumables and services, I should say, and mid single- digits% on capital equipment. Thank you so much. Okay, thanks for taking my questions and, cheers. The next question is from Devin Schilling with PI Financial. Hi, good morning. Just looking at your G&A spends here for the quarter, it looks like it was down about 15% sequentially from Q2. Any particular reason why the decrease here? I guess what should we expect looking forward? Yeah. Michael, I know you commented a little bit more on the operating expenses in your remarks. Maybe if you don't mind taking this, that'd be helpful. Sure. The operating expenses have continued to scale, as we expect back to sort of pre-COVID levels for all the right reasons. Our s ales teams are starting to get out and engage with customers and distributors a little more. Our service teams are getting back into action for both new equipment installs as well as upgrades and other issues going on to serve our customer base for all those right reasons. Trade shows are starting to scale back up. ASRM was actually held live in October in Baltimore, and that was a substantial return to normalization for the industry. We did not attend ESHRE in the summer, which is the single largest event. Those expenses did not occur. However, ASRM and other expenses are scaling up. Those are some of the comparison of Q2 to Q3 with more expenses, again, for all those right reasons. A little bit of scale and also then a little bit of the margin impact that we talked about in terms of impacting the overall EBITDA. Headed in the right direction and the expense growth that we're seeing, variable cost of sales, additional commissions and other sort of costs. All moving, all necessary elements to keep growing the sales top- line. Okay. Yeah, no, that makes sense. That's everything for me for now. Thank you. Sure. Once again, if you would like to ask a question, please press star one. Again, that's star one for any questions. Okay, we do have a question from Stefan Quenneville with Echelon Capital Markets. Please go ahead. Yeah. Hi, it's Stefan Quenneville from Echelon. Just a quick question. In your MD&A, you mentioned a clinical hold on one of your products. Can you give us some color on that and maybe size what that means for you? Sure. You know, there's, like everything, there's a lot of complication to it, but simplistically, as we move from MDD to MDR, we changed an auditor for at one of our companies for one of our product lines. We got in a kind of a gap period between some certifications. We did some changes to how we treated the product and essentially, we're now. It's in the rear view mirror that the regulatory hold is completely off. We shipped everything that would have been shipped in Q3 back into Q4, and we don't see any reason that there would be any further deferrals because of or problems because of that. To the best of my knowledge, you know, we did have some delays. We did not lose any business. It was all deferred. You know, we're not gonna quantify it, but it certainly was a meaningful number, and we would've mentioned it if it wasn't as big as the supply chain impact. Great. Thanks for the color, guys. That's it for me. Sure. Thank you, Stefan. We have a follow-up question from David Martin with Bloom Burton. Please go ahead. Yeah. You mentioned that activity in the industry is back to pre-COVID levels. Is that at the level of procedures or the level of build out of clinics or the level of acquisition of equipment? In that specific comment, I was referring to procedures, but they have, you know, and in general, just to make sure we're clear, that's generally the case. There are certainly some sub-markets or specific countries where that's not the case either because they haven't rebounded back quite as quickly or, you know, think of, again, not huge markets, but still important to us in Australia over the summer, there was a lockdown in about half the country. That certainly affected procedures to a meaningful degree, again, in a small market. In our largest markets, which are US, Germany, UK, you know, we're certainly seeing either, you know, back to pre-pandemic levels or in some cases, you know, the concept that we've talked about in the past of pent-up demand well over pre-pandemic levels. Then, you know, the constraints on growth at the clinic performance level can be their ability to get the personnel that they need to do the work. In terms of how that impacts our business in terms of consumables, clearly, you know, as we talked about, there's almost a one-to-one correlation between clinic activity and number of procedures and consumable activities. That jumps. That's helped grow, drive our consumables growth. On the capital equipment side, that obviously has a little bit of lumpiness because while over the long- term, there's certainly a direct connection in terms of need for additional equipment to have that staff you have, you have to hire and a place to work. In the short- term, it, you know, it can vary clinic by clinic. Okay. As far as consumables, you mentioned, you know, your pipeline is probably more biased to consumables because of reversion to the mean. You've got your pipettes and your cell culture media from the Gynemed acquisition. What are the other big areas of consumables or is it geographic opportunities you're looking at more than products? Yeah. Well, some of it can be geographic because certain products, even though, you know, they're very well-respected and do well in the areas where we have good market share. You know, we're building our market share in other places but, you know, it can be a build versus buy equation. But there are some other areas where we have. Again, we may have products, but they're not quite as mature or have market leadership in some cases. I would think of cryogenic products, you know, particularly vitrification products. We do have our own vitrification media, but we don't have our own vitrification tool which is the little device as well as some of the storage containers and things that are used to freeze, whether it's eggs, embryos, and to a lesser extent, sperm. Other areas could be products that do have some overlap between the clinic and the procedure room. Those would be ovum pickup needles, and that's the needle that is used to basically pick up the eggs from the ovaries. Catheters, embryo transfer catheters, where again an embryo that's mature is loaded in the IVF lab and then injected, you know, implanted in the procedure room. Those are some areas. You know, two or three specific areas. Of course there are some, you know, some smaller areas as well. Got it. Your answer brought up another question. You know, when you mentioned that you have products selling in some countries that maybe don't have traction in other countries, and it'd be faster to buy something there. What about cell culture media in the US? How is Gynemed being taken up in the US? Are you encouraged by what you're seeing? I'm more encouraged than I was last quarter. Last quarter, we had seen some impact but we've certainly got a reasonable number of customers primarily focusing on some of the specific media that we sell that is unique to Gynemed. As I think I've mentioned, we have, it's kind of a three-step process, which is introduce the product with these unique areas, get your foot in the door. Expand the unique products across a much more broad base of customers, and then into those broad base of customers, use that foot in the door to try to leverage in other Gynemed products. I would say we're after frankly, you know, a lot of time and significant effort, you know, I wouldn't say we've completely succeeded at phase one, but we're showing we've got, you know, strong, much stronger performance on phase one. We clearly have a good number of clinics, not huge, but a good number of clinics who adopted some of these unique products. Again, you know, we have a base to which to expand on. Again, I don't wanna overstate it. It has not yet had any material effect or even meaningful effect on our numbers. But it's over the long- haul, I think it's gonna be well worth it. Okay. Just to finish off, in my first set of questions, I asked how much was deferred in Q3 and is moved into Q4? I don't think you gave a dollar amount for that. I'm wondering if you can. I didn't give a dollar amount and we decided not to. It, I would say, you know, again, you can view, decide what's material or not, but we didn't view it to be a material amount that obviously had meaningful impact on our numbers. Okay, that's it for me. Thanks. At this time, there are no further questions. I'd like to turn the conference back over to David Wolf for any closing comments. Again, I would like to thank everybody for participating in our Q3 Conference Call. As usual, I thought we had some great questions and good dialogue, and I'm looking forward to the opportunity to speak with everybody again in after we put out our Q4 numbers. In the meantime, I encourage everybody to visit our website, you know, our investor-oriented website, www.hamiltonthorne.ltd for more information about the company, our products, and our initiatives. Thank you very much, and good morning to all. Ladies and gentlemen, thank you for participating in today's Conference Call. You may all disconnect.