Get started. My name is Jeff Johnson. I'm the senior medical technology at Baird, and our next presentation this afternoon is from CooperCompanies, a specialty medical device manufacturing servicing the $9 billion worldwide contact lens market and the $4 billion worldwide women's healthcare market. With us today from CooperCompanies, we're happy to have Chief Financial Officer and Treasurer Brian Andrews and Vice President of IR and Risk Management, Kim Duncan. She'll be signing autographs later. Brian, I'll turn it over to you if you have a few minutes of prepared remarks you wanna make, and then we'll go straight into Q&A. Sure. Thanks. Thanks, Jeff. Pleasure to be here today. You know, I'd say that the industries that we're in are performing as well or better than they ever have. I mean, I've been at Cooper for 17 going on 18 years. The vision industry is just going really strongly, and we're performing well against, on top of that market. The fertility space, which we've gotten into and transformed that CooperSurgical business over the last 10 years, is performing very, very well at a very high level, and expect that industry to continue to perform well and for us to continue to take share. So, you know, when you look at the entire enterprise, we're really, really capitalizing on some great growth drivers and expect that to continue as we look forward over the next several years. All right, great. Well, let me just kin.a jump in there, and one, I've got a lot more gray hair than you, but I can... I know I wrote in my one of my recent notes on you guys that yeah, in 21 years covering the contact lens space, I've never seen the industry as healthy as it seems to be right now anyway. So let's talk about some of those growth drivers in a second, but you know, if we start even higher level, just at that overall market growth, year to date, I think at least through the first half of the year, calendar year, I know you guys are on a fiscal, but we've got the market at about 10% growth. That seems to agree largely with the GfK data that you guys talk about each time on your call. Last year it was 10%, so it's not like this is easy comps we're just coming up against or something like that. So what do you think it is? I mean, to me, I'll feed you the answer and then see if you agree with me, but I mean, pricing dynamics seem a little bit healthier than they've ever been. And it feels like not just this move to dailies, but now it's this move to daily torics, daily multifocals, so really taking the value even of the daily market up. Yeah, I would agree. I mean, it's, there's a lot of growth drivers driving the, the industry, and, and many of those existed as we approached COVID. Yep. And then some of them probably got a little bit stronger. So you talk about price. Price certainly, pre-COVID was probably more along the lines of 0%-1%. You had a lot of rebating happening leading up to COVID. Yep. But, you know, price, net price this year, true net price, has been somewhere in the neighborhood of 2%-3%. And so, you're seeing price taking, you're seeing consumers gravitate towards higher-priced products, you know, premium products. Our MyDay family of products are doing exceptionally well. Our MyDay Torics, the broadest SKU range in the industry, doing phenomenally well. Multifocal, really easy to fit. Al can't stop talking about it. He finally got fit on lenses. He's wearing our multifocal, and he's just, you know... Of course, he's, he's gonna be a cheerleader for everything, but he-- boy, he just can't stop talking about the acuity and the comfort of the, of the multifocal. But we do hear that the fitting, I mean, where, while chair time has been at a premium and you have capacity issues all across the industry, if you can fit a lens into somebody's eye in a, as a first-time success really easily, quickly, and have a great outcome, and provides a higher price and more stickiness for the, for the optometrist, you know, it's going really, really well. So you see, torics and multifocals, it's about 18% of the daily SiHy market, compared to... or 18% of the overall market is daily torics, daily toric and multifocals. That compares to about 37% of the overall market for torics and multifocals. That's definitely one of those subcategories that's driving the overall daily SiHy market. But the daily SiHy market is really $3 billion of the $10 billion industry, and that's really where all the growth is, is coming from. With price helping, wear growth is better than it was pre-COVID. It's probably now 1%-2%. And then you also have, of course, for ourselves, myopia management driving some above, you know, 1%-2% growth above, above that. So we've got a lot of great things driving the market. Yeah, I think all that is fair. I think if I, if I look, and I've got the numbers in here just to remind myself, I don't need multifocals like, Like Al ... like Al. Get to his age, and it's hard, I know. But, hold on. I've got the numbers here. So, well, whatever it is, over the last, I think, six quarters or so, your multifocal business has grown 18%, your toric business 17% or something. I went back to six quarters pre-COVID- Yep ... and those businesses were growing well at the time, but 7%-8%. So it's like your sphere number has improved a point or two, but to your point, it's all, it's really all coming in, in those torics and multifocals. So do you think it's as simple as we know the percentage, to your point, is double what it is right now in daily SiHy, the percentage of toric multifocals in contact lenses overall? We know population statistics tell us that the percentage of toric eyes out there is much higher than in contact lenses right now. Multifocals, obviously, anybody over the age of 45- Yeah. ... or 50 or so is gonna need them. Is it as simple as just that penetration rate can keep moving for a number of years? Do you think there's real sustainability here on that point, on the mix point, but also on the price point then? Yeah, I mean, it's certainly torics and multifocals historically have been fit in the U.S. market. I mean, it's been predominantly a U.S. fitting behavior. You're seeing torics and multifocals being fit more and more in developed countries across the world. There's still a long way to go. I mean, you mentioned across the world, two-thirds of people, thereabouts, are astigmatic. A third of them are really in need of vision correction, but only about 10% of people are actually in a toric lens. So, when you look at our numbers, I mean, we've always been strong in torics and multifocals, and we but we were under-indexed in dailies, and we were under-indexed in dailies in general, but also in the multifocal. We launched the MyDay multifocal. That's doing exceptionally well. Our toric SKU ranges, we continue to broaden the SKU ranges. That's opened up doors. That's opened up opportunities. Even MiSight, you know, we talk about this, and you brought this up on some of your notes previously, you know, there's a halo effect to us selling MiSight, and getting into more and more doors and more practices. You know, being the innovative company, with the broadest SKU ranges, has turned a lot of optometrists over to Cooper. So, it's really exciting. I think toric and multifocal, there's a long runway to go, just like in general, the daily SiHy market. But certainly, the annuities that come from torics and multifocal, because it's hard... As soon as a doctor fits somebody in a toric or multifocal, they tend to stay in that lens. They tend not to switch to different other brands. So it's great for the optometrist, it's great for the manufacturer, and really creates a lot of stickiness in terms of the annuity that comes with it. Yeah, fair enough, and I wanna talk about MiSight in a second and Ortho-K as well. But let me just... You know, you talked about this annuity business. We're talking about all the good side, good things here. If there's a bad side to all this, and it's- I'll soften it, it's not a bad thing, but, you know, CapEx this year, I think over $400 million. These are capital-intensive products. You know, I think the simple math is if 1% of the current wearer base in the U.S., of current wearers in the U.S. go from non-dailies to dailies, the whole industry needs, like, 300 million more lenses the next year or something like that. So I mean, you guys are constantly having to put in more manufacturing capacity. I will get in debates all the time with investors who say: Oh, yeah, but look, that depresses returns. That depresses, you know, free cash flow conversion rates, things like that. I think the flip side is it also means this is a very concentrated industry- Mm-hmm. And you really only have three or four players, two or three that really matter to you, which gives you some of that pricing power and all that. So just where are we in the investment cycle? When can we think about CapEx coming back down? And I don't think it's necessarily a good thing, because, again, if it's up, that means you're really preparing for future growth. But just talk to me about kind of free cash flow and CapEx requirements here over the next couple of years to support all this growth. Yeah. So I mean, I think... Boy, you brought up a lot of really good points there. So there's a lot to unpack. No doubt, I mean, this industry is made up of, you know, three larger players that make up 90% of the market. And we're all... you get any one of us in the room, and we're all gonna tell you we're capacity constrained, and we're gonna be capacity constrained for quite some time. You know, the old lines that we used to make dailies on and other products on, you know, you used to be happy making, you know, putting 24 lenses on somebody's eyes was a lot easier than putting 700+ lenses and having enough production to be able to support that type of those types of numbers. So the whole industry has to put a lot more capacity in place, and we're gonna be capacity constrained for years, 5+ years. The growth numbers are making it even more challenging because you're putting in all of this capacity, you know, it's the lead time to get these lines are 18-24 months. But beyond putting on capacity to make lenses, you still have to have all the infrastructure to support it, all of your packaging lines, all of your distribution capabilities, all your inventory. So certainly, the barrier to entry is difficult. The capital that is needed is significant, but the payback and the return on that investment is fairly quick. What you're seeing right now, though, is for Cooper, we've historically been an FRP shop. You know, we've been a two-week and monthly. You know, we decided to lean into daily SiHy's, knowing that this market is where the growth is coming from. So we made some decisions, you know, going into COVID, that we are going to invest in our infrastructure, to build out facilities, to add capacity, to add packaging lines, add distribution lines. And we don't just have a branded business, we have a non-branded, a customized solutions business. So when you look at the, the diversity of our revenues in all of the regions and all of the modalities, branded and non-branded, you know, we've got a lot of shots on goal, and we're showing growth in all of those areas. So, you know, the leverage, there's absolutely focus on leverage. We're getting leverage out of our P&L this year. We're gonna get leverage out of our P&L next year. And all of these things that we're doing, these really big projects that we're starting to get behind us, are gonna deliver some leverage, and we've got confidence in that. So that being said, CapEx is high this year. You know, we're gonna approach- we're probably gonna be somewhere in the neighborhood of $375 or so this year, depending on the timing of Q4. But Q4 is gonna be a big number, and next year is gonna be high. And you're right. I mean, high CapEx is probably a leading indicator for how we view capacity and how we view demand and how we view our growth and our opportunities. So I'd personally like to see us continue to see high CapEx, but it's not because we're running into challenges, and it's quite the contrary. We're getting great yields out of our equipment. We're getting great outcomes. You're not seeing service levels dip. You know, we're still challenged by supply chain, but we're actually working through it really nicely in a very measured way. It's resulting in some elevated costs, but I've got a lot of confidence that we've got it all under control, and we're gonna get leverage, you know, next year, as we will have done this year. ... All right, so we're both giving long answers or long-winded responses here, and so now I've got a lot to unpack from what you just said there. So, so one thing there on the high CapEx, so it sounds like it's gonna continue next year. It's kinda what we thought. Working capital was a big use of cash this year as well. Can some of that reverse next year? And, I mean, the main thing I'm trying to tie this back to is you've got about $1 billion in floating rate debt, right? Yeah. And you've now are no longer doing the Cook deal, so it seems like the faster we can get free cash flow up, the faster we can get some of that higher cost of debt paid off over the next 12 months as well. Because, again, there's some things I wanna tie back to in where the street's at, and guidance and things like that for next year that I know you haven't issued yet, but I still wanna touch on. So help me understand maybe if working capital can be a source of cash next year, as opposed to a use of cash, and how to think about maybe where free cash flow next year could go. Yeah, I mean, I'd say that, you know, this business has the ability to throw off a lot of cash. We've gone through years where, you know, our free cash flows exceeded five- $500 million-$600 million. ... $550 million-$600 million operating cash flow, well, well north of that. So, you know, we absolutely have the ability to do that. Next year is gonna be, you know, we'll still have a high CapEx year. I do think that there's some things that we're gonna do. We're pursuing a lot of focus around collections, and payables, and DSO, DPO, some of the working capital metrics. That'll improve next year versus this year. Yeah, the Cook deal didn't happen, so, you know, any excess cash, you know, we're certainly. And one of the priorities is gonna be paying down debt, and so we're focused on that. You know, we'll still look at strategic tuck-ins. You know, there's not a whole lot we can do in vision. There's not a whole lot we can do in fertility, you know, but there's some smaller tuck-ins that, you know, we'll always kick around and evaluate. They have to be highly strategic. They have to meet our, our return hurdles. But outside of that, it's debt pay down, so, yeah, that'll certainly be a focus. We do have $1 billion-plus of variable rate debt, but Okay ... plan to chip away. All right. So kind of as my segue into thinking about kind of a few moving parts for next year is, you know, debt pay down, hopefully we see at least some of that high rate debt, so that is a little bit of a cushion to earnings. Tax rate, it sounds like pre-discrete items, probably going up, back up to 15, but you always have some discrete, right? So, do we think of tax rate being on a, on an effective basis being higher next year than this year by a notable amount, or is it just on a pre-discrete or a post-discrete basis net-net, we're kinda close? Yeah, I mean, it's hard to... You're right. I mean, we always kind of guide to something, our tax rate as being something, and then it ends up, post-discretes kind of falling, from there. It's hard to anticipate things like options exercises. Yeah, fair. But, you know, if I were a betting man, you know, our 15- we're not gonna end up at 15%. Yeah. I mean, we'll be, we'll be below that. How much below that is, you know, TBD, depending on some of these discretes, but it's hard to forecast. We don't forecast them, so we just give you what the underlying organic number is. I think the point that I would make, really, is just, you know, we don't see our tax rate, you know, stepping up, you know, materially next year. We don't, you know, and I wouldn't anticipate that going out. Mm-hmm. I think it's just, you know, we're kind of settling in at that 15, 15.5 kind of over- Yeah ... the course of time, and we'll see some discretes probably pull us down. All right, and then the other thing you talked about on your last quarter call just a week or two ago, a couple weeks ago, was low double-digit constant currency OI growth. Yep. Now, obviously, currency looks to us like it's gonna be a 2- to 3-point drag. That could still move, obviously, before you guide on your fiscal fourth quarter call in early December. So who knows if that 200-300 basis point drag ends up being right? But kind of somewhere in that mid-ish to upper single digits, we'll call it 6%-8% or 7%-9%, is that kind of how you would think about translating your constant currency comments from last quarter to a reported number for OI? Yeah, I mean, I would probably avoid. I'm gonna avoid that way. I avoided it on the call a couple weeks ago. I mean, I think- Yes, you did. I know Larry was pretty frustrated, as were you and everybody else. You know, I think, I think the challenge with FX is that you're talking about a full year's impact, and we're in August. We're now in September. You know, we have $1 billion tied to our European business, so if currencies move 2%, then that's $20 million in revenues that can you know largely flows through and is gonna swing your EPS number. So- Yeah At the end of the day, the message we want people to hear is that we are committed to delivering leverage. We are committed regardless of the revenue growth ranges that we end up providing for next year, and, in all likelihood, they're gonna be a little bit stronger than we've given historically because the market is stronger than we anticipated, and our performance continues to be really strong relative to the market. Irrespective of our growth ranges that we set forth next year, we're committed to delivering low double-digit constant currency OI growth. You know, in December, we'll update the EPS ranges on an- Yeah ... as reported basis based on currencies at the time. Okay, fair enough. Well, so I'm gonna declare up front one question that you're not gonna like, but I'm gonna ask it anyway. You mentioned here leveraged earnings growth or whatever. You know, it sounds like from everything we're talking about at the top line, and Al, I think, has been pretty clear, like, you know, double-digit CVI number's not out of the cards. I'm not saying you would guide to that, but let's say it's 8 something next year, or whatever it falls to, but, or falls into the category, but let's say it's 8 or 9. Seems like fertility is doing extremely well. We haven't talked about CSI yet, but. And it sounds like some new equipment stuff on the surgical side of CSI is also doing well. So if your complete company-wide organic stays 8% next year, something like that. I think the street's a little higher than that even, but let's call it 8. You know, is low double-digit constant currency OI growth, that's not a whole lot of leverage. You take out the currency stuff, right? So I mean, I guess where, where some of us are coming from on the street, and again, this isn't a criticism, it's just trying to understand the algorithm, is it feels like low double-digit constant currency OI growth was kinda what you used to talk about with 6%-7% top line growth. We're getting an extra point or two. Some of that's pricing that should have good drop through. Why isn't even the constant currency OI growth? What is... and maybe it gets back to some of the investments you're talking about- Yeah. So just help tie it back to help us understand why a couple points higher top line doesn't necessarily translate even on a constant currency basis. Yeah, I mean, it really does point to the fact that we're driving above-market growth, and we're continuing to invest in our business. So whether that's myopia management, where we're continuing to invest, we see huge opportunities to continue to expand that market. We're the only company that has an FDA-approved product proven to reduce the progression of myopia. We're seeing acceleration in MiSight. We had a phenomenal month of August with MiSight, a strong quarter, or a strong month of August in general for vision. So we're investing to continue to drive sustainable top-line growth. We're winning wearers. You know, our competition is putting up some good growth numbers through either pricing or trade up. We're winning wearers. We're winning annuity streams through the investments and that we're making. So we're gonna continue to invest in our business. We're gonna continue to invest in fertility. Fertility, we have a great moat. We've got a leadership position in fertility, in places like the Americas and Europe, but we don't have very much infrastructure or in Asia. Unfortunately, the Cook deal didn't happen, so that means we have to invest in Asia, and we've got a full and comprehensive product portfolio that we know is gonna do exceptionally well in Asia. So, you know, those are two areas to highlight. We do have the ability to flex, you know, if we do see... You know, oddly enough, like, our revenue growth could come in lower than what you're saying, and we'll still deliver low double-digit- Yeah ... OI growth. But the idea is, you know, we are—we're building a sustainable, you know, strong revenue growth model. You know, we're gonna be getting leverage from those investments that we put into place this year, some really important ones by that. You know, including, you know, upgrading our largest European manufacturing facility, new ERP system, new warehouse management system, doubled the size of our Rochester facility, just went live this in the month of August. So those are the types of things that happen once every 10 years. These are really important initiatives. But, you know, those investments will continue. The investments in the rest of our business to drive sustainable growth will continue, and that's kind of what's putting a limiter, if you will, on maybe some of the flow through that- Yeah, fair enough. That people want to see. I mean, if... Don, I'll turn around and try to be the good cop here, but, I mean, it does sound like a lot of those issues are shorter term in nature, whether they bleed into fiscal 2024, they bleed deeper into 2024, or what have you, it does seem like there's more sustainability to the top line here for the next five years, whereas some of this stuff you just have to catch up because, oh, my God, this demand all of a sudden materialized. Now you have to kinda get right-sized for that, but then there should be even more leverage, I would think, or however you wanna think about it beyond next year. Yeah, I would – I think that's very, very well put. And, you know, I think it's the type of thing where if we could make more lenses, we would sell more lenses. It's as simple as that. I mean, if the... And that's not just on our daily SiHy, it's across a number of our lenses across our portfolio. We have to meter some of our launches because we don't have enough lenses to provide. So, you know, stacking up all of this growth and on top of the investments that we're putting in place means that we're going to be able to provide leverage from those investments at some point. And so, we're providing leverage this year. We're gonna get more leverage next year. But it bodes well for the future. I'm really, really excited about it. I mean, we are absolutely getting outsized growth and expect that growth trajectory is gonna continue to be strong. Yeah. All right, and one last question just on numbers, and then I wanna come back to MiSight and to the women's healthcare business in the last six, seven minutes we have. Just on the numbers themselves, currency, again, I know you don't wanna talk about constant currency versus reported, things like that, but if we froze currency where we are today, you know, Larry, last week, had a number like $0.50 headwind at his conference. I'm not getting there on the math. I don't think it's hugely off, but I usually don't bet against Larry on math. Yeah. I'm kinda closer to, like, $0.35-$0.40. I mean, just if we freeze currency where it's at, is Larry's number the right number at $0.50 currency EPS headwind next year, at least where we are today? Yeah, I probably am. Again, I'm gonna avoid that question. Only because, I mean, literally, I mean, like, if I stared at currency every day, I mean, it would be a new number. It changes, I know. Um- Fair. And so, you know, point in time, you know, a couple of weeks ago, you know, Larry wasn't crazy, but it was all, you know, directionally, but shoot, it's just you tweak a number here and there, and you can have a variance that's fairly, you know, good- Yeah, fair ... upfront his number. Would you ever consider - I mean, now that we're at 140, we're back up to US dollar strength against the Japanese yen, things like that. Those are the things that hurt you, right? US dollar strength against the Japanese yen- Yeah ... things like that. Now that we're back up, now, obviously, the US dollar could continue to strengthen, why not, now that we're back up there, lock this in, and then if your, your hedges could start... You know, why not start to hedge some of that currency, given that you have very little infrastructure in Japan or something like that? If you do it now, yes, it's kind of expensive up here.... but you'd also be protected at the highs, so your hedges would pay off. You know, if it continues to get worse, and if it gets better, you know, at least you're, you're not getting the benefit of that, but it's no longer this issue that we have to talk about every quarter. Well, I think there's- Does that make sense? I don't know if the question makes sense. make sense? I don't know if the question makes sense. Yeah, I think there's two ways to go about it. I mean, one is kind of the impact from revenues down to OI. Yeah. Okay, so, year after year after year, it seems like we've been. It doesn't seem like we've probably lost $3 of EPS from, from north of that- Yeah ... from currencies. You know, just the yen alone over the last 18 months has contributed to more than $1 of EPS erosion. So boy, I sit here today and say: Boy, how much, how much weaker... can the yen get against the dollar, right? 147, like, is it gonna go to 150, 160? I mean, I'd hate to sit there and start hedging currency now when the dollar has been as, at its strongest point. Yeah. So from revenues down to OI, we've taken a position where we've just said: "Look, we're gonna manage this business on a constant currency basis." Hedging is only delaying the inevitable. You're just tracking—you're just trailing currency. And rather than the cost of hedging and putting that in place, we're just gonna manage this business on a constant currency basis. When currency does turn around, and 147 turns to 130, turns to 120, people that have been with us for a long time know that when the yen was at 120 and went down to 75, you know, that's massive. That's gonna have a huge impact on our, on our P&L. The difference now versus then was that we sometimes would reinvest some of that FX back into our business. We're not gonna do that now. When FX moves in our favor, we're going to allow that FX to fall down to the bottom line. So you won't see us do constant currency OI growth of 8% and put up a 15% as reported number. We're gonna still deliver low double-digit constant currency OI growth, but allow the FX to fall to the bottom line. So from revenues to OI, it's been painful. It's been painful for us, it's been painful for the investing community, but eventually that'll turn around, and that'll fall through to the bottom line. Yeah. I think when it comes to below-the-line FX- Yeah, that's- ... we had a pretty sizable loss last year. We've had less of a loss this year, but it's still a loss. There's still volatility. We've been continuing to iterate on our balance sheet hedging program and trying to marry up natural hedges in our business. Some of those natural hedges, the alignment of those takes some time. You have to wait for contracts to roll over, to put them into the name of a new legal entity. You have different accruals and tax and legal implications. So without getting into all those details, suffice to say, we continue to work on that, but in the meantime, we're also hedging more of those balance sheet exposures. The material exposures that we've been hedging, we've been expanding upon, but you still have some small currencies that are 1, 2, 3% of our revenue, some of which are very hard to hedge or, or- Yeah ... you can't hedge, and if they devalue by 20%-30%, they can result in losses, and we've seen that this year. Yeah. So, you know, the long story short is we're focused on it. I think it's gonna get better. I believe it's gonna get better. We're working on it, and we've got it under more control, so that we'll at least see less volatility below the line. Yeah. All right. Well, let's end on some not-so-deep-in-the-weeds, feeding-the-hedge-fund kind of number things here. So, two things: One, MiSight. I mean, it sure seems like MiSight has, you know, I don't wanna say turned a corner, but I'm more positive on it than I was maybe a year or two ago because I think we're seeing good renewal rates there. But also, I think some of these docs have realized who the right patient is to sell to, have maybe improved their selling message, closing rates have gone up a little bit, things like that. Does it feel like we're on a more sustained kind of, you know, I don't know what it is, but 20%-30% growth in MiSight, kind of over the next few years, kind of path? Yeah, you're exactly right. Our confidence is building, too. Retention's been high. We've got it around 90%. Fitters that are having the conversation, they may have started with high myopes last year and tried to have the conversation with other kids that have come in. They're seeing the results from the fittings that they had last year. Those parents that said no last year are coming in this summer and are now being told that their child's progression has worsened, and so even though they said no to MiSight last year, they're saying yes this year. Those optometrists are now going and fitting MiSight as standard of care in their practices. You're seeing retailers and key accounts adopt MiSight more broadly. Yeah. Yeah. Yeah. Yeah. So, I mean, the momentum is building. I still would caution people to say, "I don't think there's necessarily gonna be an inflection. Right. Right, Right, right. It's kind of steady, continued progress, but it's accelerating. Like I said, August was a really good month for MiSight, especially in the U.S. All right, good. And then just on the CSI side, I think in nine seconds, fertility seems like it's just locked in, gonna be a good growth market, secular trends there. You guys are a big, important player there, so I'm good. On the other half of the business or so are not quite, or a little over half, that's the surgical side. You've had some really good new product launches and equipment, things like that. Do we have to worry about cycling into just tough comps from that, or are we just in a decent area on the surgical side as well, ex Paragard? Yeah, I mean, I think, you know, we've put up some good numbers recently on the device side, the non-fertility side. Yeah. Some of that is getting through some backorders. Okay. So you've got a little bit of lumpiness because we carried a big backorder into this 2023. We still have a backorder, so there's gonna be some releases that'll help some of those numbers. Paragard, you know, we're getting from price. Stem Cell is doing what we thought it would. So you know, if I look at the longer-term horizon, the non-fertility part of that business is still probably on the low single digits side, long term. 2-4, 3-5? Yeah, low single digits. Okay. Yeah, and then the fertility being high single-digit, I think we've probably been a little conservative there. We've done 11 consecutive quarters of double-digit growth. Double digits, yeah. But that becoming a bigger part of our business, helping to drive that business long term, mid-single digits. All right. Well, fair enough. I think we're a little bit over there, so, thank you, Brian, for a wonderful overview here. Very helpful, as always. As a reminder, next presentation is set to begin at 2:00 P.M. Eastern Time and, include Quest Diagnostics, QIAGEN, Cara Pharma Therapeutics, and INmune Bio. Thank you!