Good afternoon. Thanks for joining us again at the 25th Annual Needham Healthcare Conference. I'm Mike Matson, I lead the MedTech and Diagnostics Equity Research team at Needham & Company. I'm pleased to introduce Adagio Medical's CEO, Todd Usen, and CFO, Debbie Kaster. They're going to give a presentation on Adagio Medical, we should have time for questions at the end. If you have any questions you'd like to ask, you can submit them electronically through the conference website, you can feel free to email them to me at mmatson@needhamco.com, I'll do my best to fit them in. So with that, I'll turn it over to Todd and Debbie. Thanks, Mike, really appreciate it. Thanks to Needham for having us today. Wanted to give you a brief overview of Adagio and why we're here. My name's Todd Usen. I've been in MedTech for over 35 years, much of that time at Boston Scientific. I ran the U.S. in one of their divisions. Was a president of both Smith & Nephew and Olympus in my career, had a great opportunity there. I've been a publicly traded CEO at a women's health company that was then acquired. It's been a nice run, came here for a great opportunity within healthcare. I would like to just make sure that, lucky to have a great team here. I'm with Debbie today. Debbie's a former Banker at Piper. Went on to lead BD at Kyphon, acquired by Medtronic. Became one of the first partners at Gilmartin in the IR space. Moved over to Shockwave, headed up their IR and took Shockwave right to their acquisition by J&J. Comes a lot of experience in the M&A financial acumen and background. We both have been doing this for a little while, we're blessed to have a great team behind this as well. Give you a little feel of why we're here and why I'm here. We're focusing on a real problem in healthcare. 300,000 people die every year from sudden cardiac death, the number one cause of sudden cardiac death is ventricular arrhythmias. We're sitting in a market with Adagio Medical focused on ventricular tachycardia ablation technology, or what we call the ultra-low temperature ablation technology. It's a very large global market, it's woefully under-penetrated. Some good news about this market, it's already established reimbursement. We have very strong IP within this space. We will be the first, we are currently the first purpose-built VT ablation catheter anywhere in the world that has approval. We have our CE mark we received in April of 2024, we plan to have, and are expecting to have, our FDA approval by the end of this year on our first generation, our second generation by the second half of next year, which will be the first regulatory-approved or IDE-cleared ventricular tachycardia ablation technology anywhere in the world. Which gives us a two to three-year head start on any competitive technologies that are out there. As we go forward, just to give you a little feeling of what we're dealing with. VT, as we call it to keep things simple, it's rapid. It's a problem with your heart rhythm. We have heart attacks that cause sudden cardiac arrest, is caused, like I said, by ventricular arrhythmias. Basically, our job here is we are trying to take abnormal electrical rhythms in the heart and fix them. You know the heart. We hear about the heart quite a bit. In the picture that you see here, the atria are the very top of the heart, very thin tissue on the outsides of the atria, which allows all electrophysiologists to go in with ablation technology from inside the heart, minimally invasive procedure, and treat it. When you get down to the ventricles, as you see down in the bottom picture here, see this thicker gray area on the outside of the ventricles. That is thick tissue, it makes it very difficult to treat all ventricular tachycardias with an ablation catheter from inside the heart, which is how physicians have been trained. Oftentimes, physicians have to do a small surgical procedure, which is called an epicardial procedure, which is actually coming from outside the body into the heart. About 60% of procedures are done inside the body and about 40% or so, 35%-40%, are done outside the body. Because of this reason, one of the problems is many physicians and electrophysiology are not trained to do that, therefore it becomes a very big referral business. They're referring to sites that do both endocardial, inside approach, and epicardial, outside approach. One takeaway from this slide, for Adagio in general, we are the first purpose-built VT ablation catheter that treats all, both shallow and deep, ventricular tachycardia or idiopathic problems that happen in a patient from inside the heart. There is never a reason to go outside, which now opens up the opportunity to use this ablation technique by every electrophysiologist everywhere in the world. As I move forward, as I mentioned, it's a very large market just shy of a $6 billion market globally and a few billion-dollar market in the United States. It's broken up into two main areas, what we call structural heart disease, which is about 50% of the problems, that's true tachycardia. What's called idiopathic VT and premature ventricular contractions. These are patients that are all capable and needing to have some type of VT treatment, today that treatment happens to be drugs as a first-line treatment, now ablation technology is something that's been recently demonstrated to be a first-line treatment opportunity, I will share a little more about that as we move forward. To continue, I've shared one reason why it's an under-penetrated market. Number one, today, physicians are forced to use the existing technologies that are available and go inside the heart and do a small surgical procedure outside the heart. That is one of the issues. Second big issue, no matter what technology that's used today, there's only one that is physically approved, that is a radiofrequency ablation catheter that was built for AFib. It wasn't built for VT. Oftentimes, physicians might use pulsed field ablation technology off-label that is used for AFib, wasn't built for VT. Both are built for thin tissue, whereas the ventricles have very thick tissue. The following things happen often right now with the VT ablation. There's about 11.5% procedural complication rate with current technologies. They don't go deep enough. That's why you're forced to go both inside the heart and outside the heart, forcing you to do an epicardial approach, which is a surgical approach which not every physician chooses or wants to do. Heart failure patients, by nature, are fluid-compromised. Unfortunately, when you use a radiofrequency technology or a pulsed field ablation technology, you have what's called a thermal effect. With a thermal effect, you must irrigate. You must provide fluids in these patients while they're fluid-compromised, which often leaves the patient in the hospital for an extra night or two to get that fluid outside of their system. Similarly, when you utilize technology like a pulsed field ablation off-label, you're giving patients what's called nitroglycerin or a nitrate to reduce vasospasm, which leads to stroke. These are common things that you must do if you're using these technologies. I'm not going to go through all of these, but these are things that happen today with existing ablation catheters. Second value proposition for Adagio Medical and the ultra low. None of these occur when you utilize the Adagio technology. You do not have to give irrigation or nitrates, and you go deep enough that you can do everything from an endocardial approach. The third reason why it's been a slightly under-penetrated market. 15 years ago, if you went to your physician with atrial fibrillation, the physician would provide you with drug therapy. That would be first-line treatment. And over 16 years ago, in 2010, actually, some studies came out which were the first time that demonstrated that AFib ablation was proven to be more effective than drug therapy alone as primary treatment option for these patients. The AFib ablation market took off with radiofrequency ablation, which was built for AFib, and it took off to double-digit CAGR on an annual basis. Since then, there's been technology that, as I mentioned prior, pulsed field ablation technology, also built for this thinner tissue that has worked extremely well and has taken the market to another extreme. Now AFib ablation is the main treatment option and the primary treatment option for AFib. We are focusing on ventricular tachycardia. As of today, the VT market, while still growing at 5%-8%, was growing like that knowing the complications I shared in the previous slide, the access points that I shared in two slides before. Currently, if you go to your electrophysiologist with VT, primary treatment option on much of VT is drug therapy first, antiarrhythmic drugs, and an implantable defibrillator. These patients with VT are the patients that go to the ER and get shocked when you see that. These patients get an implantable defibrillator to shock them if their heartbeats are too high and too fast of a pace. About 18 months ago, two studies came out. One was called VANISH2, and one was called PAUSE. Even with the technology that's available today, those studies both provided that VT ablation was proven to be more effective as first-line primary treatment option for ventricular tachycardia, better than drugs and ICD therapy alone. So, all of a sudden, the market is set up. We talked about the fact that you had to do different access points, which made it difficult for everybody. We talked about high complication rates and the use of nitrates under irrigation, and w e talked about VT ablation has been second-line treatment. With these two studies, the market is in need and waiting for a purpose-built VT catheter that will reduce those complications, make it safe and deep that you can do everything from inside the heart. Now we're sitting in a position where the Adagio Ultra-Low Temperature Ablation catheter makes sense. This is why we're so bullish on the company as of now. Today, this catheter, the vCLAS catheter, it's purpose-built for VT ablations, as I mentioned prior. This treats both ischemic, which is a shallower lesion, and non-ischemic, which is a much deeper lesion, all from inside the heart on what we call endocardial. That's a big deal for all of electrophysiologists because now they don't have to refer out anymore. Catheter stability during energy. What I would like to share is ventricular tissue is constantly mobile. It's moving. One of the issues with technologies that are available, such as radiofrequency or pulsed field ablation off-label, is physicians oftentimes say they're not sure they're in contact with the tissue. Well, the nice thing about the way ultra-low temperature works, it's a frozen ice ball. What happens, it's as if you're taking your tongue and sticking it to a frozen street post. It's going to be stuck. The fact that the ice on the end of this catheter sticks to the tissue, physicians have video that demonstrates while the tissue's moving, the catheter stays on connected to the tissue, so the physicians are confident in their stability, which means they're getting great treatment. The picture that you're seeing on the top right here is the same catheter in three different lights. Number one is the catheter by itself, and the silver area on the end is called the ablation element. The second picture is after a physician would ask for freezing of the catheter. We're inside, we're at the site that we need to freeze and ablate and kill the tissue to cut the circuit and bring the heartbeat back to normal. The doctor would say, "Freeze." This picture on the top here is an ice ball. It forms on the outside of the catheter immediately inside the patient. The top picture is just demonstrating the flexibility of the catheter. I'll show you a quick demo of what it looks like when the catheter sits in saline right now. This is just a demo of what it would look like inside of the heart. The physician would then say, "Freeze." This is a picture of our console. We set up freeze and the depth that the physician is looking to go. Like I said, you can go from endocardial all the way out to the epicardium, all from minimally invasive access, which is unique to this. As you see the ice ball forming on the outside of the catheter, that becomes the shape of the catheter to allow us to get deep and wide lesions, which is extremely important when you're dealing in the ventricles because it's a very thick tissue, as I mentioned, and it's a much larger surface area than traditional AFib. One of the other nice things about this technology is the only technology, like I said, that had been approved for VT ablation was radiofrequency technology that had been built for AFib. It's built for thinner tissue. Every physician in the industry is aware of this. We are not selling against radiofrequency or have to convince anyone why radiofrequency is not the answer in the ventricles. That's already known, and the industry is looking for the next technology that goes deep, that does mid-myocardial scars and makes sure that we're treating them, and can treat everything from an all-inside approach. It's really one of the nice big benefits of this technology. Basically, we've done our European study, and we basically did 64 patients that were in Europe and demonstrating to get our CE mark. The technology was we focused on three main things. Number one, safety. Number two, the chronic effectiveness of this technology. Number three, freedom from shock. Safety, as I mentioned prior in a previous slide, we had 11.5% complications in normal VT ablation technology and work. This study and the Cryocure s tudy, which led to our CE mark, there were zero adverse events, which is obviously a major benefit at this particular point. Second, with freedom from shock. Basically, every patient that was in this study had an implantable defibrillator inside. Obviously, that is something that they're given right away when you have ventricular tachycardia. With this defibrillator, you're able to monitor patients. The number one goal is we want to free patients up from that shock. When a patient gets a shock, it keeps them alive, which is wonderful, but it's very scary. They don't know what is happening to them. It's a very difficult way of life, and it does not make your heart stronger. It actually makes it slowly weaker. So, basically, freedom from shock is extremely important, and this was a slide presented at the Heart Rhythm Society in calendar year 2024 and then again in 2025. Basically, patients that prior to this study, 66% of patients had either one shock or multiple shocks in the six months prior to entering the study. After the study at six months, 19% of the patients were still experiencing any form of shock. That's over a 70% reduction in shock relief, which was a big deal for the patients and a big deal for the study. The company then received its CE mark, and this is now commercially available in Europe. We then moved this to the United States, and we started the FULCRUM Ventricular Tachycardia IDE Pivotal Trial. Basically, this is 209 patients. The Cryocure, the European study, was 64 patients. 209 patients across 20 sites in North America. The sites that you see on the screen are 20 of the top 25 sites for ventricular tachycardia ablation and treatment in all of North America. These are places that do both the endocardial approach and the epicardial approach because their skill to do them both, even though this entire study was strictly all inside the heart of endocardial, both ischemic cardiomyopathy, which is the shallower lesions, and non-ischemic cardiomyopathy, which is the deeper lesions. The first time a study was done in the U.S. or an IDE study that was doing both ischemic and non-ischemic all from an inside approach, and at least a third of our patients needed to be non-ischemic for the study. We've completed the study in 11 months. We're actually sharing the final six-month outcomes in two weeks at the Heart Rhythm Society of 2026 in Chicago. We're very excited to share this with the world, and that's a big thing for the organization. We've been working very well with the FDA following the release of this data. Coincidentally, we'll be sharing our final module to the FDA for our PMA approval, which we expect at the second half of this year. Excuse me, by the end of this year in about 180 days. One of the things why we feel good with our relationship with the FDA, we were granted Breakthrough Device designation by the FDA back in April of 2025. As I move forward, and I've shared before, I'm a big scoreboard person. I like to make sure that technology works. It's great to say you're part of a study, but the proof's in the pudding. One of the things that demonstrates the need in this market and the need for these patients to get a better technology or a treatment option that's purpose-built for VT is compassionate use cases. A compassionate use case is a situation where a physician sends a letter to both a company as well as the FDA sharing that they have failed treatment with anything that's been approved or other things even off-label. In this case, the only thing that's been approved is some RF technologies. Again, like I said, built for AFib. Like examples of these cases, patient number one, two failed radiofrequency ablations. They've had some drug therapy. They haven't had success. They send a memo to our company, Adagio, and the FDA. We have to agree to do it, the FDA has to approve the opportunity for the hospital to then use our technology before it's commercially available in the United States to treat these patients. We've done 13 compassionate use cases. We released a press release on that recently. We focused on some of those dots that you see on the anatomy on the bottom are strictly these are very difficult areas that you're not going to use an off-label pulsed field ablation. You're not going to be able to use a radiofrequency catheter in the depths and the sites that they are. We've had failed RF, we've had failed PFA, failed dual energy, and this technology is something that has been chosen by these physicians to treat these patients. As I said before, I'm a scoreboard person, and one of the things when you're working with physicians and you're trying to treat patients, you want to make sure something is as usable as it could possibly be. The first-generation vCLAS catheter is the single best ventricular tachycardia ablation catheter anywhere in the world. That's what granted our CE mark. That was in our study, and the science backs that up. Secondly, though, we have an opportunity to compete against ourselves and to come up with a smaller catheter, a more flexible catheter, a colder catheter. This ultra-low temperature ablation currently is about -196 degrees Celsius when it comes to the catheter, and it leaves the catheter at -145 degrees Celsius. This new technology leaves the catheter at -171 degrees Celsius, which allows us to freeze and ablate significantly faster. It's about 70% of ablation time shorter. We are taking things that might take anywhere from three to seven minutes, down to 15 seconds to two minutes in ablation time for our physicians. The pictures that you see on the right are just those that were presented at a physician conference called HRS last year, which is just demonstrating with shorter ablation cycles, we were still achieving the depth and the width that we needed in the past to successfully treat all of these patients endocardially. From an investor standpoint, one of the nice things about this new technology is not only is it better, it's smaller, colder, deeper and faster, but it significantly reduced COGS for us to build and gives us a better opportunity to deliver better gross margin for the organization and better pricing to our customers. Before I turn it to Debbie to talk a little reimbursement, this VT ablation technology from Adagio that's already CE mark, that is now presenting its final primary endpoints in two weeks and then submitted for the U.S., will be the first IDE pivotal trial technology anywhere in the world. The reason I share that is it's really important to make sure that it's clear and understood. In order to be cleared or approved for VT ablation, because you're in the heart, you must have a PMA approval and you must complete an IDE pivotal trial. Both the Adagio technology number one, which is basically we're presenting the final data, and we just released to the world in a press release that we were approved for our second IDE pivotal on generation two to start imminently with significantly fewer patients. We can have our first-generation expected approval date by the end of this year, and the next generation with the expected approval date at second half of next year. The only reason that makes a difference is IDE technology is public. clinicaltrials.gov would share on any given day any IDE approvals for any VT ablation catheter anywhere in the world, and there hasn't been any other approved. Once it gets approved, it's about a three-year process, two and a half to three years to be safe if I was being aggressive, because the primary endpoint is six months after your last patient is enrolled. You have six-month follow-up to get a freedom from VT, and then you have another six months, 180 days roughly, within the FDA. That's a year at the end of this, after you complete your study. When you get granted an IDE study, you go through the IRB approvals at every hospital site, and then you're grabbing 200 to 300 patients, completing that in anywhere from a 1.5 years to two years. It's about a three-year cycle. We are sitting in a position with a two to three-year head start on any other technology in a commercial standpoint for VT ablation. All those things I said were complications in the past, this is the ultra-low temperature ablation with none of these things that you see on this slide, without compromises. If I turn it to Debbie real quick, she can give you a run-through through some reimbursement. Thanks, Todd. Just to clarify quickly on the timeline, that three-year timeline is not applying to our second-generation device because that's a sub-study. That approval we expect by the end of next year. In terms of reimbursement, cardiac ablation has codes in both the inpatient and the outpatient setting. These amounts are for both settings. The proposed rule did just come out over the weekend, and they are for the inpatient setting, and that amount is proposed to be in the mid-single digits above increase to the $22,000-27,000 in the inpatient setting. As Todd mentioned, we do also have Breakthrough Device designation, which could potentially help expedite our pathway for an add-on code in the inpatient setting. In terms of financials, as of December of 2025, we had $17 million of cash on our balance sheet, $21 million in a convertible note, and then three tranches of warrants. The top two are the base and the convert warrants are from our de-SPAC, and then the PIPE warrants are from the PIPE financing that we did back in October. Those are structured in three tranches of milestone-based warrants. What that means is that each investor has a warrant that, excuse me, expires 30 days after we hit the milestone. The first milestone will be at our pivotal data later this month at HRS. Once we release that data, the investors will have 30 days to exercise those warrants, or they expire. There's $10 million in that tranche, there's another $10 million in a milestone based on FDA approval of our first-generation device, which we expect by the end of this year. The final tranche is $10 million, and the milestone is FDA approval of our second-generation device, which we expect by the end of next year. Up to $50 million total with that PIPE financing. If I was giving a quick summary, and I really do appreciate the time, but without reading all of this, electrophysiology is an extremely hot space right now in medicine. A lot of focus has been on AFib. The opportunity for VT. I shared the reasons why it's a big market, but underserved. There's been a high complication rate. There hasn't been an opportunity to do everything minimally invasive, and it had been second-line treatment. With all those things, with an opportunity for a purpose-built VT catheter, we're able to bring this technology, the ultra-low temperature, to the market. All-inside access can achieve everything, a great safety profile, as well as the opportunity to treat patients throughout the heart, throughout the ventricles, deep, shallow, idiopathic, structural heart disease, what have you. We have an opportunity for a two-to-three-year commercial head start. We already have a two-to-three-year clinical head start, and we're extremely excited, and we're looking forward to sharing our data in two weeks at the Heart Rhythm Society. With that, I'm open to any specific questions. Yeah, thanks. I guess first, you talk about this two to three-year lead that you have, and I understand the math there and the timing of the trials and so forth, but are there actual other competitors out there that are in the process of even trying to start a study or in first-in-human or anything like that? Or is this just you saying you're at least two to three years ahead, assuming somebody were to start a trial today? It's a good question, Mike. Today, when I say the two to three years, it was really talking about to be approved for VT ablation, you have to do an IDE pivotal. There has been no other IDE pivotal approved. That's a 2.5 years to three-year process by itself. That's pretty much known by everybody, whether you're Adagio Medical or whether you're the largest medical device company in the world. Because there are companies that are working to start identifying VT, you can use product off-label. Number one, you can take an AFib product and use that off-label. There have been some first-in-human and some work that's been done there to then justify the opportunity to go into IDE. Absolutely, there are companies focused on getting into VT. I was sharing when I say the two to three, in order to be approved, you have to go through an IDE pivotal no matter what you're approved for. Yes. Mike, I would just- I'm sorry, Debbie. I was just going to say, we do know that Boston Scientific, Medtronic, they have announced early feasibility studies, but we've not seen anything on an IDE. Even though PFA is approved for AFib, it hasn't been used in the ventricle. What we know, or there's no study in the ventricle. What we know from our experience is that that requires at least a 200-person study. That's where the three-year lead comes. There's no IDE approval that's been public, once they do get that approval, it's 200 patients and so forth. Yeah. Okay, I understand. You said that the first FDA approval for your product would be late this year, potentially. That's assuming the FULCRUM data-- FULCRUM-VT data's good. It's being presented in, I guess, late April, I assume you've done some sort of modular PMA, or have you already submitted everything to the FDA, or are you waiting on the data module, or? Yeah. We've basically been working with the FDA hand-in-hand on a modular approach, we're finalizing the clinical as the last piece to be sharing. Okay. The second-generation product, what are the main improvements there? The second-generation product, we moved from a nine French catheter to an 8.5 French catheter, which allows the catheter to go through every sheath that's on the market, not a special larger sheath, if that makes sense. In order to do this minimally invasive, you insert the catheter through a sheath in the groin. Because our first catheter was nine French, we're asking them to use a little larger sheath than some already use. Now we can use any sheath you want. Some like the large catheter, but others want to use the smaller. We are more flexible. The catheter bends bidirectionally more flexible than it is today. The smaller, more flexible allows you multiple access points easier, what's called transseptal, what's called retrograde, makes it easier to gain access completely for the physicians, then it's significantly faster. Today, the way that you ablate tissue is you do what's called a freeze-thaw-freeze. Say we want to get to 12 mm deep. No one can get to 12 mm endocardially, but what we do is we might freeze for two minutes, stuck to the tissue, then we thaw for 30 seconds so the physician can reposition it, take it off the tissue, then we freeze again for two minutes. Now, everything that we're doing in that 4.5 to five-minute period, we can now do the same exact thing with the same depth in maybe 30 seconds to one minute with only one freeze. There's a single freeze from a double freeze, which means you're speeding up the procedure time completely. Yeah. Okay. That makes sense. Then when you go to launch the product initially, can you talk about how you would kind of roll it out? Yep. More of a limited release? I assume you'll be targeting the centers that were part of your trial first, then how concentrated is this call point? I think you made it sound like it was pretty concentrated because not every center that's doing, I mean, there's a lot of centers doing the AFib ablation, but they're not all doing VT, correct? Correct. So today, you nailed it in, A, these centers, to give you a little feel about the market. Because it's such a big referral base right now, because of that endocardial, epicardial, that different approach, and not everyone is trained to do that, 30% of VT ablations are done in 50-52 hospitals in the whole United States It's already a concentrated area. 50% are done in 150 sites. Again, still concentrated. What that means is that the other 50% are done in like 600 some odd sites, but they may be doing one a quarter, Mike, on the ones that are positive or simple that can do everything inside, so they're giving patients drugs. What we're going to do in our first generation, when it gets approval, we're going to be rolling it out in a limited market release to these sites that you see on the screen. The sites that are in the study, they know this first-generation product, they've already been trained on it, and they're ready to use it. They have all the technology that's needed. When the second gets approved, that's when we do our rollout across the United States. Still, the nice thing about this is we started 20 sites here. We know the first 50, we know the first 150 that are doing the lion's share of the procedures, we know exactly where to set our people and where to set the procedures up at the current time. It goes from a limited market release to a full release, even a full release is controlled because you know exactly how to penetrate this market. Yeah. Okay. All right. Just Salesforce-wise, how big of a sales team do you think you're going to need, I guess, for that first phase and second phase of the launches? Because of the fact that the physicians in our first limited market release, they already know that we're working with them now. We have what's called a field clinical engineering team. We brought in a head of sales in Marie-Claude, that's done this before in electrophysiology, taking a company from basically nothing to being acquired by Boston Scientific. After they got to about $171 million, she ran Baylis Medical, the team there. We are going to be strategically placing a few people in the key geographic areas to start. Like I said, there's really not a lot of selling in the limited market release, it's just confirming. Because these doctors already use our product and they know us, we know exactly how to approach them, we're building the model based on the geographic territories, advancing from one to two people right away, up to that 10 to 15 people over the next three years based on what we need. We'll see where that is. I say 10 to 15 as it's not a final science. It's based on the territories as we establish them moving forward. Can you just briefly talk about the pathway of a typical patient, like how they end up at the point where they're getting the ablation? I mean, you're talking about ICD shocks, I assume most of these people end up with an ICD first. Would it ever be like a concomitant where they would put the ICD and do the ablation the same procedure down the road, or is that not the stage where- Absolutely. You see it work? Mike, you're presenting it beautifully. Basically today, patients present one of two ways. One, they're either unfortunately brought into the ER, and many times their heart has stopped and these are the patients that truly get paddled. They get the defibrillators on them. Basically they immediately get drugs, antiarrhythmic drugs, and an implantable defibrillator. Obviously, they can't be released without one because you never know if they're going to have the opportunity to come back to the hospital, especially those in ER. Other patients present through their cardiologist or their general practitioner and/or they go see an electrophysiologist because they've been pushed to an electrophysiologist because they have extremely fast heartbeat or heart palpitations. Once they get that immediately lends itself when a patient is demonstrated to have heartbeats in what's called getting too close to a VT storm, they are given antiarrhythmic drugs, an implantable defibrillator, and now we know that on an annual basis right now, there's just about a few hundred thousand defibrillators implanted in the United States every year. You said it beautifully, there's no reason that when now that it's a first-line treatment option, the patients won't be able to get an ablation at the same time. Okay. All right. That's it for questions. I think we're almost out of time, too, so I think we're going to wrap up there, but thank you guys, really appreciate it. Thank you. Thank you much. Take care. Really appreciate your time. Have a wonderful day.