Good afternoon, everyone, and welcome to ATEC's webcast to announce the acquisition of Navigation-Enabled Robotics technology. We would like to remind everyone that participants on the call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC. During this call, you may hear the company refer to non-GAAP, pro forma, or adjusted measures. Reconciliations of non-GAAP measures to US GAAP can be found in the company's last financial results press release, which identifies and quantifies all excluded items and provides management's view on why this information is useful to investors. Leading today's call will be ATEC's Chairman and CEO, Pat Miles, and CFO, Todd Koning. I'll turn the caller to Pat Miles. Thanks much, Lisa, appreciate everybody showing up for the call. We cannot be more excited about enhancing the ATEC portfolio with navigation-enabled robotics. Clearly, there will be some forward-looking statements, so if you could review that at your leisure, that would be great. I think as much as anything, really enhancing ATEC's procedural strategy by integrating interoperative navigation-enabled robotics is the news. It was a $55 million cash acquisition of the REMI robot. It was an asset purchase from Accelus Inc. I think the thing that makes me most excited is it includes a familiar team with years of experience in image-guided surgery design and development. I know these guys, I've known them for a long time, just absolutely thrilled about the team. Also what's hugely important is it preserves the financial commitments that we've made, including 2023 adjusted EBITDA breakeven and 2025 cash flow breakeven. We are revolutionizing the approach to spine surgery in pursuit of the perfect procedure. We design and develop technology to specifically fulfill the unique requirements of each procedure. We've always felt like navigation was a whole, and this fills it in a way that we are exceedingly excited about. Again, super thrilled. One thing that you'll appreciate I hope about us is, you know, we're gonna be consistent. Creating clinical distinction is the business creator. What that does is it compels surgeon adoption and ultimately brings us the best of the best sales force. Just excited about that. We've always talked about our view of distinction being different. Our methodical walk to create pro-procedural predictability or precision includes allocating capital at the right time and at the right price. We feel like this just adds to kind of the top ring of things that drive clinical predictability. We design everything from the ground up, and where we don't have competencies, we bring them in. I think at the heart of our clinical distinction is lateral sophistication, and I think removing variables to create clinical predictability for every pathology and surgeon preference, regardless of patient position, has kind of been what's created the value of our company. We saw that, you know, the opportunity to integrate Fusion Robotics into the company was candidly much like our SafeOp effort. At the heart of the clinical distinction at ATEC is really technological integration. A successful integration of SafeOp is already setting a new standard in lateral spine surgery. It is completely unique. The way that we do robotics and navigation will be completely unique and completely integrated into the procedural architecture. I think the one thing that you appreciate about us is that is that we're not guessing. There's a track record of successful technological integration, and it's always grounded in identifying people with great know-how. You know, probably the thing that inspires me most is the team in Colorado that's coming along with the acquisition has what I would call monstrous know-how. I've known these guys since the middle 1990s. These guys have been in image-guided surgery since then. Brad Clayton is the leader of Fusion Robotics, and Kevin Foley was a co-founder. To suggest that these guys aren't mavens in the field of image-guided surgery would be a misstatement. These guys know it and have been around it for a long time. We're integrating into a clinical workflow that with a technology that's very versatile, both from an imaging perspective as well as a footprint perspective. We love the small footprint of this thing and believe it to be, you know, very valuable. Next. Small footprint, very efficient workflow, very versatile imaging. We will integrate a freehand navigation element to it. It's suitable for the ASC. I love the fact that these aren't huge pieces of capital equipment. These are ultimately small pieces of technology that ultimately further surgery. I've always been a little bit of a critic about robotics. I think that people conflated robotics to mean surgery, and surgery is much more. You know, image-guided surgery has been around a long time. You know, why is it not ubiquitous? Our view is it's not been elegantly integrated into the workflow of spine surgery. The opportunity here is to integrate it very effectively into into spine surgery. We see this as. Again, how do we start to assemble things like SafeOp, automated EMG, and a REMI robotic, so you're navigating both neurologically and from a bony anatomy perspective. We think the assembly of these things are phenomenal. It's gonna provide precision during dilator placement and retractor docking. We readily see the apparent insertion of this technology into the workflow of what we're doing. We feel like we'll be more thorough with regard to disc-based preparation and interbody implant precision. The setup is super efficient. I think part of the problem is people always complain about robotics, increasing the time of surgery. This is not the case with the efficiency of how this is set up. There's minimal radiation exposure. You know, I think about, you know, the ability to take two independent technologies and further something that it does. Two independently integrated technologies, EMG and image guidance, to further pedicle screw placement and accuracy, and then just simplifying things from a multi-level surgery perspective. Anyway, it'll go far beyond lateral. We're just, you know, again, excited about the technology, and we feel like, you know, the assembly of the two groups really kind of further surgery. It'll clearly accelerate our market-taking efforts, which have been good thus far. The initial integration priorities are to take really go path of least resistance get some of the regulatory clearances with regard to our InVictus posterior fixation. Love the thought of just having the freehand navigation, so that's gonna be a priority. We'll clearly integrate it in terms of what we're doing from a lateral perspective, and then we'll extend it, the utilization into more long construct type surgery. From a sales perspective, we think the landscape is ripe for us to have enabling technologies that ultimately not only convert surgeons, but also attract technologically astute reps. I think that there's hopefully many who are listening, and then drive the placement with flexible financing because of the competitive pricing on the unit. You know, We think that this is a bit of an informatics arms race, and I don't know how you can't be inspired and spine surgery outcomes are improved with enhanced information. I think there's no doubt about that. That mitigates the clinical variables, improves decision-making. When you start to think holistically about what we're doing, and you look at the preoperative elements in terms of our ability to preoperative plan to automate all of the measures, and then to integrate that into the intraoperative phase, and now to add the navigation and driven robotics with SafeOp neural navigation, with all of the elements that EOS will add. Then to put predictive analytics on the back end of this thing in asking how we get better, I think, you know, if you're, if you're a spine fan at all, you're inspired by the opportunities that this presents. You know, we always ask ourselves, you know, does the technology investment reflect really our, our core tenants? We feel like this absolutely creates clinical distinction. We believe it will compel adoption, and we believe will continue to attract people that share our view on spine. With that, let me hand it over to Todd who's candidly done the work on this, and he and some of the people internally. Also want to thank Accelus, Alex Lukianov and Kevin McGann, and some of the other guys who made this possible. I think it's a, it's a deal that ultimately serves the interest of both companies. Well, thank you, Pat, and good afternoon, everyone. Thanks for joining us on the call. We're very excited about the news we're sharing today. Before I dive into the transaction's financial considerations, I'll walk through the preliminary Q1 2023 revenue results and updated full year 2023 guidance that we also announced this afternoon. We expect preliminary Q1 revenue to range between $108 million and $109.5 million, representing top line growth of over 52% for the quarter. That revenue expectation is comprised of surgical revenue between $93.2 million and $94.3 million, and EOS revenue of between $14.8 million and $15.2 million. Surgical revenue growth of 54%-55% was driven by continued strong adoption of ATEC procedural solutions, which fueled surgical volume growth of over 38% year-over-year. EOS revenue of between $14.8 million and $15.2 million in the quarter was driven by solid execution on deliveries and installations, in addition to an order delivered in a non-strategic international geography. The strength of our Q1 result and the momentum with which we ended the quarter give us the confidence to increase full year revenue guidance. We now expect 2023 revenue to approximate $450 million, which we expect to be driven by 30% growth in surgical revenue to $393 million and EOS revenue of $57 million. Let's turn it to today's news, our purchase of the REMI Technology assets for $55 million in cash. Concurrent with the transaction, we priced a $60 million registered direct equity offering, which will fund the asset purchase and transaction-related expenses. We are fortunate to have great shareholder base that appreciates our strategy and track record of execution. There was significant interest, we sized the offering purposely to meet the requirements of this transaction and had the support of existing holders as well as new shareholders. We are very pleased with where this financing landed. Over the past few years, ATEC has demonstrated that improving spine surgery creates value. This can be seen through the purchase of SafeOp, where we acquired people, know-how, and technology. We then integrated that technology into our lateral procedure approach, now the foundation of our lateral offerings, PTP and LTP. We view REMI similarly. We are acquiring great people and knowledge and know-how, and we expect our plans to integrate the technology into our procedural offering to improve surgical predictability, reduce radiation exposure, and enhance intraoperative precision. Through this asset purchase, we will add approximately $5 million of annualized investment to our P&L. Solid execution across our business is fueling our ability to raise revenue guidance and absorb the incremental costs associated with REMI, enabling us to reaffirm our commitment to adjusted EBITDA breakeven in 2023. We are also reaffirming our expectation to be free cash flow breakeven in 2025. We are thrilled to be able to fund such an attractive investment while maintaining the near and longer term financial commitments we've communicated. Following integration and development of REMI into our lateral offering, we expect the investment to begin contributing to revenue in 2025 through increased procedural volume. Flexible selling terms will support placements at around $500,000 a system, and REMI has a gross margin profile that is in line with our corporate average. We expect the most meaningful impact to long-term revenue to be a function of procedural pull-through from earning market share. I'll explain that by sharing a slide that most of you have seen before. The team that developed and introduced lateral surgery two decades ago is here at ATEC. That means we have unparalleled know-how in lateral surgery and a profound understanding of why adoption never exceeded the approximately 30% of true market opportunity. That is why when we set out to transform ATEC through clinical distinction, we started with a lateral surgery. We knew that lateral surgeons seek more predictable and reproducible outcomes. We knew they were concerned about complications that can arise if intraoperative nerve health information is not real-time and objective. We knew that surgeons yearned for a more sophisticated approach that didn't entail tap-taping patients to beds. We organically developed procedures like PTP and LTP, integrating SafeOp and elegant retractors, instrumentation, and patient positioners to begin to address the barriers to broader lateral surgery adoption. With the REMI technology, we will continue to address those barriers. The integration of REMI into ATEC procedural solutions will provide for a more precise and efficient clinical experience with lower radiation exposure for surgeons and patients. With its small footprint, REMI's navigation-enabled robotic solution is the ideal platform to be integrated into spine's clinical workflow and create value in the OR. In summary, acquiring the REMI assets further positions us to address the $2 billion market for traditional posterior approaches like PLIF and TLIF. We believe much of that market can be addressed through a lateral approach because ATEC lateral isn't just more predictable and reproducible, it's better surgery. When you earn the trust of surgeons by improving more complex spine surgeries they do, such as lateral surgery, they are more likely to trust you with a bigger portion of their overall procedural volume. We've earned almost 4% share of the $10 billion US spine opportunity today by integrating unique technologies to create unmatched clinical distinction. That leaves another 96% to go. The basis for our belief that we are just getting started. With that, we'd like to turn the call over to the operator for questions. Lisa? Thank you. We will now open the floor for questions. If you would like to ask a question, please press star one on your telephone keypad. In the interest of time and in consideration of others, please limit yourself to one question. The first question comes from Josh Jennings with TD Cowen. Hi. Good afternoon. Thanks a lot for taking the questions, and congratulations on the acquisition and the strong start to the year. I was hoping to ask one question with multipart, though I apologize. I wanted to just hone in on the potential to with REMI to accomplish a more thorough disc-based preparation interbody implant precision and also just the freehand navigation, those two elements where REMI will come in and provide some procedural advantages. Just help us understand those elements a little bit better. Then just the second part of it is just are you optimistic that this acquisition, you're optimistic this acquisition will help you drive penetrate further the lateral opportunity quicker, or that it's a crucial step to help ATEC penetrate the other segments of the spine industry where you're less represented? Thanks for taking the questions, guys. Yeah. Thanks, Josh. I guess the thing that was very apparent to us is that especially it seems like the younger surgeons are really kind of gravitating toward navigation or image guidance. You know, when you have a real-time understanding as to where your instrument is in space, it just provides you a much more. It's a higher opportunity to be comprehensive with regard to, you know, what you've done in the disc space. As it relates to like the precision elements, having this internal to us enables us to do things that we couldn't do if it wasn't. I think we've always appreciated the value of navigation. We've never felt like it's been integrated procedurally like we like to integrate things. Again, we think that this is such a building block to who we're becoming. It's never really been thought of as purely a lateral tool. On the other side, it's like we think that lateral is the best reflection of the type of proceduralization that we've applied. It candidly had given us the greatest tailwind. When we think of a proxy for proceduralization, we think lateral. I think that when you start to think about integrating tools into identifying where the dilator goes to the side of the spine, understanding where the incision needs to be. Literally the only thing that would include any variable whatsoever would be the surgical reflection of the peritoneal cavity forward, and then your ability to ultimately be on the disc space where you want it based upon navigation and know where the nerves are and what their health is through SafeOp. We've always felt like the integration becomes, you know, hugely valuable. We feel like it's not only an opportunity to integrate with something that we have significant know-how in, but also, you know, candidly, I would say that we weren't a company that had great internal know-how on navigation. To be able to get a team that's been around for 30 years into this place is reflective of kind of, you know, our approach to things. Gosh, if we don't know it, we're gonna admit it, and we're gonna get the best of the best in the industry, and we're gonna bring in significant know-how. I think that what you're seeing in this acquisition is candidly a group that understands procedures with a group that is foundationally versed in navigation and robotics. Our ability to ultimately integrate those two, I think is very, very apparent. Anyway, clearly we're thrilled about the acquisition. Josh, I think in terms of where that plays out market-wise, I think our priority is to integrate this into our lateral procedure. Clearly, I think it enables us to penetrate more and more of that $2 billion of LLIF and TLIF business that ultimately can become lateral as more and more people adopt a lateral approach. To Pat's point, I think our ability to be precise, confident in retractor placement, disc prep, interbody placement, to do that efficiently and really without all the kind of fluoroscopy shots you have to take typically in a lateral experience, I think ultimately that addresses a number of the hurdles that some people have in why they have not historically adopted the lateral procedure approach. No, that's helpful. Thanks a lot for that thorough answer, Pat and Todd. Appreciate it. Thanks, Josh. We'll take our next question from Matthew O'Brien with Piper Sandler. Afternoon. Thanks for taking the question. I'm not sure I may have missed it, maybe I hopped on a little bit late, but what's the timing for approval of REMI or is it already approved? What kind of indications are you going to get right off the bat? How do we think about you selling it alongside EOS going forward? You know, can your sales reps sell both at the same time, you know, or is it different call points you really think about in terms of EOS versus REMI? Thanks. Yeah. I guess from a regulatory perspective, it's cleared with Accelus' products, it's not cleared. We're gonna have to get a clearance with our instruments and implants, and that will be the first thing that we do. That was the intention by saying, you know, we're looking for a special 510(k) to get our instruments cleared, is really the first thing that we do. The great part is it has both 3D and 2D clearance as we speak. From an imaging perspective, the versatility is already there. Now what we just need to do is get our stuff assembled to it and cleared, which should be a special 510(k). Which means it should be expedient, it should be predictable. The other question in terms of just kind of the selling of it, you know, one of the pictures I love in the deck is Brad Clayton, the guy who runs the place in Colorado, is pulling a little bag. That's the robot and that's the entirety of the system. The footprint is very small. So it's not a traditional big piece of capital equipment. The price points are such too that we feel like, you know, pull through is gonna be the driver of how we do these things. When you think historically of unique selling processes and capital sales, you start to think of big pieces of equipment and capital sales forces and things of that nature. That's required from a EOS perspective, but I don't think it's gonna be required from a REMI perspective. We're gonna have people out there that specialize in supporting REMI and its kind of assembled technology. But I don't think it's gonna take the same kind of capital effort that would be conventional as it relates to what you're seeing in, you know, $1 million pieces of equipment being placed in hospitals and in ORs. Matt, I think like we are with EOS, we'll also be flexible here in terms of people want to do an outright purchase, we can do that. You know, the typical robot model is one where you do an earn out. We're happy to do that as well. I think we're more than happy to be flexible in how we structure the commercial side of this. The upside is ultimately in increased adoption of the procedural approach. Great. Thank you. Thanks. We'll take our next question from Caitlin Cronin with Canaccord Genuity. Hi, everyone, this is Caitlin on for Kyle Rose. Yeah, congrats on the deal. just wondering if you could provide some more color on the trends you saw in the Q1 and then kind of start the Q2, you know, on the prelim results front. Just if we get your thoughts on, you know, maybe some more color on the commercial timelines and plans you have for REMI, that would be awesome. Thank you. Yeah. I'll speak to trends in Q1 and happy to provide a little color on kind of selling. You know, I think that, you know, clearly there was robust demand for what we're doing. I think that, you know, clearly, you know, we have a great run in front of us. I think that as you look at the demographics, I think of the revenue, it's what we intend. So when we start to acquire something like REMI and elevate our sophistication, you know, within procedures, I, you know, I think it speaks to an interest of being a meaningful player in this space. This, the intention of this, it's kind of like, you know, it reminds me of EOS a little bit. You don't buy EOS because you wanna be a small bit player. You buy EOS because you wanna change the field of spine surgery for the better. We felt like, gosh, when you have the type of aptitude that the Colorado team has to integrate in terms of what we're doing procedurally, you're not trying to be a bit player. Our view is that this lays a foundation for a very long run. It gives us an aptitude internally that we didn't have before. I would tell you we're a better company today. The near term is gonna be path of least resistance stuff from a selling standpoint of making sure that we're getting all the clearances done and expedite just the experience with the device. Then it just becomes the whole how do we integrate this in procedurally, which is gonna be a little bit longer term. Then the longest term is like how do we expand its utility more broadly? Anyway, I think, you know, today the walk begins to a heck of a lot of work. It's... If you hear any enthusiasm in my voice, it's the work begins today. That's what we're excited about. I just might add on Q1, clearly our procedural revenue volume, as I said in my prepared remarks, volume was up 39%. Procedural volume was very strong in the quarter. I think that that is consistent with how we exited the year. You know, last year we added 20% more surgeons to the base of people who've adopted our technologies. Their continued growth and influence from a volume procedure standpoint, I think has been felt here. We obviously felt confidence enough to not just drop our beat in the Q1, which was $7 million in total, $5 million surgical, $2 million EOS, but to raise the remainder of the year by another $5 million in surgical revenue. Clearly I think that underlies a level of confidence in the volume that's running through the business as well. Great. Thanks. We'll take our next question from Brooks O'Neil with Lake Street Capital Markets. Good afternoon. I think I have a recollection that the guys from SafeOp were based in Colorado, I'm just curious if you see integrating this operation with anything associated with SafeOp? Are they essentially two components of the entire ATEC offering that'll more or less be standalone on their own? Yeah. Thanks, Brooks. I guess the way I see this thing is, you know, we're creating an unbelievable informatics system. When you start to think of the sophistication that we have with SafeOp, it is fantastic. You see the sophistication with regard to the navigation-enabled robotics. It is awesome. You know, the ability to take those two things and have everything talk to each other. You know, I would tell you a mistake that we made in the previous experience was that we didn't have a clear enough vision with regard to how all these things work together. Can I pull an EOS image down through SafeOp to work in the REMI? Like, it's like all of those things require a lot of, you know, product development and a lot of integration. You know, one of the enthusiasms that we had when we realized that this asset was available was, how do we get this thing in-house so that we can start the design and development walk for the long term such that all of these things speak to each other? Our enthusiasm is just that. I think that, you know, kind of our informatics team is growing and it's growing in ways that we know that we can meaningfully improve the surgical experience. We're gonna leave the Colorado office as is. It's a great team there. They're well positioned there. There's a great opportunity to continue to attract talent there. I think, you know, those guys will stay there. It's close enough to where getting over here is not a problem, so we don't think that that's an issue. We already have the infrastructure in Memphis to ultimately house a lot of the distribution efforts and service efforts. I think it just kinda... It really kinda fit in well, in, on that front. That makes sense. Let me just ask one more quick one. Did you think or was there any opportunity to acquire all of Accelus, or was this the part that was out there in the marketplace right now? Yeah, you know, we thought that the best opportunity for Accelus was for them to be focused in a way that they intended, which is on the implant realm. We totally wanted the navigation-abled robotic element. I think candidly, that I genuinely believe that this transaction serves the interest of both companies, and I loathe the quote-unquote win-win, but the reality of it is I think this serves our interest in the best possible way. It mitigates the noise of us trying to figure out, gosh, what do we keep, what do we not? How do we, you know, overlap the things? There's zero overlap. Just the opportunity for us to do something as clean as this is awesome. For them to have a route to some money is awesome. You know, we wish them well, and we think that this is a transaction that serves both interests. Perfect, Pat. Thank you a lot. We'll take our next question from Young Li with Jefferies. All right, great. Thanks for taking our question, congrats on the acquisition. Apologies if this was asked. I hopped on a little bit late, what are your thoughts on integrating REMI into your procedures such as for PTP? I mean, it seems like there's a lot of clinical value prop, you know, predictability, radiation reduction, more intraop precision. You know, maybe it's too early to ask this, how much efficiencies or time savings you can potentially get from REMI once it's integrated with PTP or some of your other procedures? We should have asked you to describe the deal. Like in all candor, like, you know, we see the world as you just described. You know, the opportunity to create precision was kind of the driver. Not that there's a problem with the precision of PTP today, but you're doing it with a lot of radiation exposure. If we can mitigate the radiation exposure or minimize it in a significant way, that's better for the surgeon and better for the patient. For us to have kind of a real-time understanding all the time of where everything is fantastic. You know, our hope is we get to a place to where we can alert people when things change in surgery. We do it neurologically. We want to do it from a bony anatomy perspective. The whole opportunity for us to do these things in a way that, again, just continues to provide the surgeon the information for them to make the best decision they possibly can, is our intention. How do we minimize the learning curve, and how do we make sure that the bell curve is wider for everybody to do procedures such that the skill set can be e-enhanced by technology. I think the very way that you just described what we're trying to do is really the value proposition that we saw in the acquisition. All right, great. Thank you, Pat. Appreciate it. Yeah, appreciate it. We'll take our next question from Drew Ranieri with Morgan Stanley. Hi, Pat and Todd. Congratulations on the deal, and thanks for taking my questions. Maybe two, and I'll just squeeze these together. Pat, you highlighted really kind of throughout the deck, the size and the price point of the REMI system in context of the ASC setting. Can you talk more about how you're seeing this opportunity or how you're seeing it playing out in the ASC and eventually maybe even pulling through Alphatec portfolio or Alphatec procedures through the ASC and maybe remind us of where you are today? Then second, this might be more for Todd, but on the profitability side, and it's nice to see you reaffirming the commitments today, but how are you thinking about maybe building out a sales organization around this product? Maybe just talk about the incremental investments you have to make ahead of 2025 pull-through. Thanks for taking the questions. Yeah, I guess I'll jump on first and then turn it over to Todd in terms of some of the financial reflections. You know, maybe. I think, you know, we've been talking about the ASC forever, and, you know, the great part is PTP is being done in an ASC today. I think the more variables that we can control, i.e., more precision, I think with a smaller footprint that isn't overtly costly, again, I think that all these things become indicators of the opportunity to push surgery outside of the hospital. You know, there's a bunch of tools today that enable surgeons to control pain better. When you start to think about pain control, limited morbidity, better site of service, not overtly expensive to get in the game, versatile imaging elements, I think that what you're talking about is a site of service that's less important, if you will, which means you could do it in the outpatient surgery center or do it in-house. I would tell you that, when you start to make patient positioners, retractors, and neurophysiology, you know, what happens is those are pull-through opportunities or machines. You know, when we architect a procedure that ultimately enables a surgeon to execute what they're trying to do to serve the interest of a patient, and we do it through technological means, it pulls through implants. I think we've demonstrated that with our growth rate, and it's in the very areas of where we've done these things. I'm super confident in our ability to add this in a way that ultimately, one, not only enables site of service opportunities, but also more pull-through. One quick comment on the selling, and then I'll let Todd jump on, is again, I think that what we're gonna do is provide, you know, more of a market development type of a service group that matches our sales director group, so eight-ish. I don't think that we need a capital force for this. like I remain very confident and bullish on our current distribution and hopefully expanded distribution to continue to sell this. Drew Ranieri, the way we're thinking about it is the $5 million of incremental operating expense that we'll have this year on an annualized basis, that kind of baselines, we're recommitting to adjusted EBITDA breakeven this year. You know, as we walk to 2025 free cash flow breakeven, you obviously will continue to see adjusted EBITDA margin expansions to support the free cash flow walk, that's how we ultimately get to free cash flow. The margin expansion from 2023 to 2024 and 2025 to 2025 that you would've expected from us pre-transaction is consistent with what you would expect from us post-transaction. The incremental $5 million now in the baseline, even if we grow that, say, you know, 10% on an absolute basis from year to year, you still have dollars to kind of build out a clinical footprint, I think as Pat described, to support the commercialization effort, the utilization and everything. Fundamentally, I think the demand will be identified and generated through our hardware sales reps. All right, we will take our next question. A question comes from Mathew Blackman with Stifel. Hi, good afternoon, everybody. My question, it's a multipart two-parter. Maybe Pat, I just, I just wanna better understand why this is the right time to do this deal. Obviously, you've got a ton of momentum in the surgical business. You've got a nice cadence of EOS innovation coming out. You've got international potentially on your plate. Just a lot of moving parts here. Just why is now the right time to do this deal? Is it striking while the iron's hot, so to speak? The follow-up for Todd, obviously reiterated the cash flow breakeven in 2025, but you'd also given other metrics in 2025, like raw EBITDA, I think it was something like $80 million. Should we expect those sort of goalposts to also still be intact? Any commentary on some of the other stuff you may have given during the Analyst Day as you thought about 2025. Thanks. Thanks, Matt. I think this is a great time, you know, honestly. It's the asset availed itself and it's one that I'm really familiar with, honestly. Like Brad Clayton was my engineering counterpart back in 1995. It's not as though this is not a small town. I think part of it is that. I think the other part of it is, you know, it takes time to design and develop these things to be hugely elegantly integrated. You know, as we start to look out over what the demand profile is for future procedures, you know, what we wanna do is make sure that when we're a larger company, we have the best offering in navigation and robotics. I think you'll find that we're a group that commits. That's why, like, for us, it's like the work starts today. It's like as much as we, you know, we'll celebrate and be happy about this, you know, the long hard work of integrating this into an elegant procedure such that spine surgery is done better and we're moving the field forward is. When do you start that? I think you start it yesterday. We think that the timing is right. We think that there's a lot of momentum in our business. We're so excited what's going on with regard to EOS. We feel like this is gonna be just another, you know, reflection of an opportunity for us to grow, you know, faster and bigger and better. I guess that's my color. I'll let Todd speak to the. Yeah, Matt, I think your question ultimately is, maybe more specifically, I think we identified, not just free cash flow breakeven in 2025, but I think about $80 million of adjusted EBITDA break, in 2025 as well. I think as we've kind of always looked at how we continue to grow the business, we've seen that $80 million as being an absolute dollar commitment. quite frankly, I think you have to kind of get to that level of adjusted EBITDA contribution to get to your free cash flow breakeven anyways in 2025. you know, I think ultimately that's kind of how we look at it in terms of it's a minimum requirement in terms of absolute dollars. Clearly, we continue to grow the business on the top line in a very nice and strong fashion. To the extent that we can continue to invest in our business to drive outsized growth past the 2025 horizon, while still meeting our adjusted EBITDA commitments along the way, I think is ultimately what is best for investors, so that we can kind of- Okay. continue the level of momentum, of growth, and margin expansion that the business has. Great. Good to hear. Thank you. Appreciate it. Thanks, Matt. Thanks, Matt. We'll take our next question from David Saxon with Needham & Company. Hi, guys. Good afternoon, and congrats on the deal. Thanks for taking the questions. I think you said that the REMI system's cleared with other implants. I wanted to ask, is there a current installed base that you can kind of interact with? Maybe for Todd, at a $500,000 price point, how should we think about the gross margin profile? Yeah. There's a few systems out in the field. It's a nominal number, and so it's candidly, we're gonna try to bring everything back and try to control the inventory, you know, as best we can. We want our product out there, our collective Fusion Robotics/ATEC product out there. The great part is, you know, when you start to think about confidence, you know, we know that it works. We have exceedingly good friends of the family that have used it in surgery. Like, the having had the experience with the device and understanding, you know, candidly what it does and what the opportunities to continue to expand it is fantastic. We love the fact that it's been on the market. You know, it's been a very small footprint and so we just appreciate the experience with it and so we'll bring it really back and start over, if you will. I think to reinforce Pat's point, the fact that there is some experience out there, we're not particularly guessing on what it's capable of doing. Our level of confidence that we're getting what we expect is high, and our level of confidence that we can do what we want to do with it is high. I think that very much, you know, we pointed in the prepared remarks and in the presentation to our SafeOp experience being very similar. We think that's a good analog in terms of what we can do with this thing clinically and procedurally. Relative to your question on price, ultimately, the price and cost profile or the gross margin profile rather, is very consistent with our overall corporate margin. More or less, the cost of the system is less than $100,000. At a $500,000 price point or even a $400,000 price point, you still get very good supportive margin profile relative to the overall corporate. Got it. Thank you. I would say I'm as inspired about the footprint, the physical, the lack of physical footprint as I am the COGS and some of the other elements, yeah. Yeah, totally. Well, it's the physical footprint that I think enables us to integrate it procedurally in a way that, you know, the existing robotic experience out there, has not been. Agreed. All right. There are no further questions. I would like to turn the call back over to Pat Miles for any additional or closing comments. Yeah. I think like all things that we do, the work begins today. Our effort to integrate navigation-enabled robotics into our pursuit for the perfect procedure is upon us, and just appreciate everybody's interest in ATEC. Thanks very much. That concludes today's presentation. Thank you for your participation, and you may now disconnect.