Hello, welcome to the 3D Systems Investor Update conference call and webcast. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation. You may press star one at any time to be placed in the question queue. A reminder for those on the webcast, this webcast contains user-driven slides. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Mick McCloskey, Vice President, Treasurer, and Investor Relations. Please go ahead, Mick. Good morning, everyone. Thank you all for joining us on our special investor call today to discuss our enhanced proposal to acquire Stratasys. Before we begin, I would like to call your attention to legal disclaimers on slides two and three. Joining me today from the 3D Systems leadership team are Jeff Graves, Chief Executive Officer, Michael Turner, Chief Financial Officer, and Andrew Johnson, Chief Corporate Development Officer and Chief Legal Counsel. On this call, we will go through approximately 30 minutes of prepared remarks and follow up with a live question and answer session. I will note that additional materials related to the transaction, including our press release from earlier this morning and the full investor presentation, are posted on the investor section of the 3D Systems website at investor.3dsystems.com. I'll now turn the call over to Jeff. Thanks, Mick. Good morning, everyone, and thank you all for joining us today. Starting on slide four, we're here to discuss our enhanced proposal to combine with Stratasys. Under the terms of our new proposal, each Stratasys ordinary share would convert into a $7.50 in cash at 1.3223 newly issued shares of 3D Systems common stock, which would result in Stratasys shareholders owning approximately 41% of the combined company and receiving approximately $540 million in cash. As of the market close on June 26th, the proposal represents a value of approximately $20 per share, a roughly 33% premium to the Stratasys closing share price on May 24th, 2023, the last trading day before the announcement of the proposed Stratasys Desktop Metal transaction. This is a combination that we've been looking at for quite some time. We're pursuing this combination with conviction because we believe it's the best path forward for our shareholders. In fact, the incredibly positive feedback we've received from shareholders is what fuels our focus of seeing this transaction come together. Today, we're going to review our proposal in some detail and explain why we believe it promises straightforward and highly achievable value creation. In our view, it's clearly superior to the Desktop Metal combination, which relies on assumptions we believe are unfounded and unreasonable, including the notion that a sudden success of dated niche metal technology will somehow unlock an expansion into mass production. Turning to slide five, our rationale for this deal comes down to three main areas of focus: scale, synergies, and an industry-leading financial profile. While we get into each of these in more detail, let me start with scale. This is a rapidly growing and fragmented industry with lots of new interests, where scale is a top priority for every player in the space and a crucial aspect for profitability. Next is the significant opportunity for the realization of cost synergies from the transaction, which were jointly identified by both management teams at a meeting in September of 2022. Last, we think the combination of our scale and our synergies creates the most value for shareholders. I want to be crystal clear on this point. We believe the proposal that we've submitted today provides meaningful, higher value to Stratasys shareholders, both in total value we aim to realize and the confidence shareholders can put in us achieving that value. At the same time, our proposal is purposely structured to offer Stratasys shareholders at least as much deal certainty as the Desktop Metal combination. In our view, this is clearly a superior proposal and the best path forward. Before we dive into the why this combination makes sense based on the merits, let's first consider why it makes sense as part of the broader industry landscape. As you can see on slide seven of our presentation, the industry is extremely fragmented. There are thousands of companies in this space, all trying to grow, compete for market share, and drive innovation. Scale is essential to drive down costs and increase our ability to deliver for customers, compete with emerging players, particularly those in China, and capture the growth potential inherent in this industry. The global 3D printing market is at an exciting inflection point. As we look at slide eight, there are compelling growth drivers across the field, fueling significant growth as we enter new industries, realize new post-COVID opportunities, and generally mature this technology from labs to factory floors. The industry is estimated to grow at a 21% CAGR over the next 5 years to 7 years, creating an $80 billion total addressable market. On the next slide, let's get into why we think this combination between 3D Systems and Stratasys is so compelling. The combination would create a global leader in the additive manufacturing space, a leader that is nearly 50% larger on a revenue basis when compared to Stratasys and the Desktop Metal combination. With 40,000 customers across a platform that even now is printing more than 1 million parts per day, we expect this combination will be hugely attractive to investors who believe in the future of additive manufacturing and could easily become a must-own stock. Many in the industry believe scale is important to succeed and generate consistent profitability. As a matter of fact, as you can see in this slide, both Stratasys and Desktop Metal have said so in the past, and scale is one of the key reasons for their combination as well. Larger supply chains need robust partners, and we believe that together with Stratasys, we would be uniquely positioned to drive innovation and reliably meet demand for our customers across the globe. Turning to slide 11. Before we get into the rationale of our two companies combined, let me first address some facts about 3D Systems. We believe that we have an extremely attractive core business, with leadership positions in a number of strategic verticals that necessitate quality, consistency, and in some cases, need regulatory approval, especially within aerospace and defense, and medical devices. We believe our combination of DLP and SLA technologies allow us to use our application expertise to provide customized solutions for all of our customers' needs. I'd also like to directly address some comments made about our dental business. We believe that we have, by far, the most successful dental business in the 3D printing universe. The near-term headwind on our results is principally a result of recent inflationary pressures on consumers and inventory buildup related to supply chain in our orthodontics business. Including our dental business, revenue grew 12% year-over-year in Q1 on a constant currency basis, with 9% growth in our industrial business and 22% gross growth in our Healthcare business, excluding dental. Based on our customers' outlook, we're confident that our dental business will normalize. Though we expect significant declines year-over-year, our expectation for this business is a return to growth in 2024. Customers are starting to see a stabilization in case volumes for their dental products, not further declines, and we're currently the only supplier to the leader in the clear aligner space. On slide 12, we turn to perhaps the most exciting piece of our growth portfolio, Regenerative Medicine. I'll review this business at a high level today. We'll have more to say on our Regenerative Medicine business in the near future. I firmly believe that our work in this field is some of the most innovative in the entire industry, and has enormous potential to unlock significant value for our shareholders, literally helping to advance medicine and save lives. We have three distinct opportunities in this space. First is human organs, where we believe we've already delivered the most complex object ever 3D printed. Second is human non-organ tissue, which is a complementary offshoot of our work on human organs. Third is drug development, where we bioprint an organ on a chip that's used to accelerate drug development for large pharmaceutical companies, replacing drug response in human beings. Each of these three markets not only bring life-changing services to people in need, but also represent a significant business opportunity. Turning to slide 13, what's important to understand about our Regenerative Medicine business is that we're executing on a long-term plan. We have many clear-cut milestones already achieved and critical inflection points not far ahead. It's truly amazing to think of the progress that we've made. We believe we're on track to make this dream a reality in under 10 years, from the starting point of this, through our partnership with United Therapeutics in 2017, to targeting human trials for 3D printed lungs in 2026. We turn to slide 14, let me say that 3D Systems is a strong company built on proven, profitable technologies with highly compelling growth prospects ahead of us. Let's now focus on our fit with Stratasys. As you can see, there are only two areas of limited overlap in our view. DLP, which is fairly evenly split between the two companies in terms of revenue contribution, and SLA, where again, there's minimal overlap and Stratasys has a much smaller offering. We believe that our combined technology portfolio is the best fit. Not only do our platforms mesh well, but as you can see on the next slide, this leads to a combined company that services nearly every vertical in the 3D printing market today across all our platforms. This will help us compete for nearly every project on nearly every basis. Michael will talk about synergies in greater detail shortly, but frankly, we think there are meaningful revenue opportunities, not dis-synergies, as Stratasys stated in its rejection of our initial proposal. With that, I'd like to turn the call over to Michael to go through the financials of our proposed combination. Michael? Thanks, Jeff. I'll start out on slide 16, before going into detail on cost synergies, I just want to take a step back and remind everyone why we believe this is so attractive. We believe that stakeholders in this industry, including customers and shareholders, are predominantly focused on three things: sustainable profitability, innovation, and value creation. In our view, this transaction accomplishes all three. Scale in this industry should lead to sustainable profitability, we believe we could create a leading global pure-play additive manufacturing company with, by far, the best profitability. Further, this immediate realization of scale and profitability should allow for sustained R&D optimization and innovation for our customers by leveraging the collective intellectual property we have between ourselves and Stratasys. Lastly, we believe the combined financial profile we create and the synergies we can realize clearly delivers the most value for our shareholders. One of the core aspects of our proposal, as Jeff alluded to, is the potential for at least $100 million in achievable cost synergies, which we expect to realize quickly following closing. I want to underscore that at our meeting with Stratasys in September of 2022, both sides agreed to the magnitude and timing of these synergies. As far as we are aware, and despite Stratasys recent statements otherwise, nothing has changed since that meeting that would alter that analysis. Further, Jeff already alluded to this, but we've also discussed meaningful revenue opportunities for the two companies. However, in an effort to be conservative in the valuation of our offer, we decided not to include these estimated revenue opportunities in our math. Turning now to slide 17, let's take a look at what we can achieve as a combined company right out of the gate by looking at pro forma 2023 estimated figures. As a combined entity, we project that we will generate over $1 billion in 2023 revenue and $145 million in EBITDA, including run rate synergies, or 12% EBITDA margin. All significant improvements over the financial profile of a Stratasys and Desktop Metal combination. I want to note here, their analysis says they may not exceed $145 million in EBITDA until 2026. We are highly encouraged by a strong financial profile that will also benefit from ample liquidity and industry-leading margins. All of this, we believe, results in an incredibly attractive near-term outlook, as outlined on slide 18, representing double-digit revenue growth, reasonable and efficient R&D spend for sustainable innovation, and 15+% EBITDA margins. These projections are backed by the collective work of both management teams and reflect conservative assumptions, which in our opinion, stand in stark contrast to the extremely optimistic assumptions underlying the Stratasys and Desktop Metal deal. While these are our base case near-term targets on an organic basis, we believe there is meaningful upside to these targets based on revenue opportunities I mentioned earlier. Potential for future inorganic growth as a result of our flexible balance sheet and potential incremental contributions from our Regenerative Medicine business that, as Jeff said earlier, could be a complete game changer for our outlook. Moving now to slide 19. I want to close on the value creation that we see from this combination. As Jeff said, we believe our offer is superior to the Desktop Metal combination. Our proposal, as of today, represents a total offer value of approximately $20 per Stratasys share, and after including $100 million of synergies that were jointly identified with the Stratasys management team, our revised offer equates to approximately $26 per Stratasys share, or an uplift of approximately 71%. As Andy will detail shortly, this compares to, on an apples-to-apples basis, the $19 per Stratasys share of the proposed Desktop Metal transaction. Although we discussed and identified several potential revenue opportunities with Stratasys management during our diligence exercise in September 2022, we have not included these in our valuation because we did not want to introduce speculative components into the value of our proposal. Instead, we aim to provide shareholders with clear facts and realistic expectations. With that, let me turn it over to Andy to review the Desktop Metal transaction in more detail. Andy? Thanks, Michael. Taking a step back, on this slide, before we explain why we believe our proposal is a superior alternative, we want to just reiterate what others in the industry are saying. The market is already deeply skeptical of the Desktop Metal merger, as evidenced by the muted impact on each company's stock price and generally unenthusiastic analyst commentary following the announcement. The purpose of our analysis here is to explain clearly why we believe our proposal promises straightforward and highly achievable value creation, and to contrast that with the Desktop Metal combination, which relies on assumptions we believe are unfounded and unreasonable. Turning to the next slide, I want to start with the underlying numbers, as it will be a theme throughout our analysis today. In short, based on our analysis, we think it is unlikely that Desktop Metal will defy its history and suddenly deliver unprecedented results. After five years of losses with no sign of stabilization or turnaround, Stratasys' analysis indicates that Desktop Metal will become a profitable entity, contributing $180 million of EBITDA to the combined business in short order. We think these projections deserve a very healthy dose of skepticism. We do not view Desktop Metal as the kind of growth engine that would drive such results. As illustrated on the following slide, we also find the cash burn of Desktop Metal particularly worrying and believe Stratasys' balance sheet may have to absorb further losses, absent a meaningful turnaround. Desktop Metal has a history of fueling top-line growth by overpaying for unprofitable and poorly performing assets. They have taken two goodwill impairments to date for a combined total of $500 million. We expect there may be further goodwill impairments in the future, given that Desktop Metal bought 10 companies in 2021 alone, at the height of technology valuations. In addition, we believe there could be meaningful integration and restructuring costs still needed to bring together the various businesses that comprise Desktop Metal. Let's now spend a bit of time talking about binder jet technology on this next slide. Stratasys emphasized the growth potential of this technology as a key reason for pursuing the Desktop Metal combination. They state that binder jet technology is the future of mass-produced metals. The problem is that the future is already 28 years old. We believe shareholders should be clear that a significant piece of the binder jet technology touted by Stratasys' management was acquired by Desktop Metal when they bought ExOne in 2021. In our view, ExOne is a business the industry and the market know very well and has yet to prove viable for mass production or to generate any profit. Its performance prior to the acquisition by Desktop Metal does not point to the growth potential that Stratasys' management is claiming. We do not think we are alone in believing that our metals technology is better and more advanced. On the next slide, you can see that our technology, laser bed fusion, generated 84% of all metals hardware revenue in the industry last year. To put this in perspective, that is 21 times greater market share than binder jetting, a technology that, again, is nearly 3 decades old. We think these figures show that customers and other players in the space alike have decided that laser bed fusion is where the metals game will be played in the future. We think we are clearly the better partner for Stratasys when it comes to expansion into metals. Not only do we serve more verticals, but we believe our laser bed fusion technology produces better quality and consistency and is already approved by rigorous regulatory bodies in applications like healthcare and aerospace, where precision and safety are critical. When you add all of this up, in our view, our proposal offers a larger and more profitable company than the Desktop deal, which we think is based on speculative financials and inferior technology, paired with a poor acquisition and integration track record. Let's talk cost synergies on this slide. As Michael mentioned, our estimated cost synergies are based on discussions our management team had with Stratasys directly in September of 2022. We believe we have a more defined path in terms of projected magnitude and in terms of timeline to achieve. There are many more questions when you consider Stratasys and Desktop Metal announced $50 million of cost synergies. That $50 million of cost synergies they hope to achieve from the Desktop Metal deal are incremental to the $100 million of standalone cost reduction Desktop Metal previously announced in connection with its prior acquisitions. To put the whole number into perspective, though, $150 million in total cost synergies equates to roughly 60% of Desktop Metal's 2022 total operating expenses. As I have laid out, we believe shareholders should be skeptical of the promised value creation in the Desktop Metal combination. Let's look at the individual components of their projected uplift. Stratasys has stated to its shareholders that they could expect approximately $30 per share in value creation. It seems that they based that projection on two things. They add in some revenue synergies, which we think are highly speculative. That said, we also don't believe those opportunities differ in any meaningful respect between the two transactions, so the exercise is fairly meaningless when comparing value. In order to get closer to a $30 share valuation, they include a hypothetical multiple re-rating to a 20x multiple following a Desktop Metal combination. 65% of the total value creation from the Desktop Metal deal is derived from this multiple re-rating. In our view, Stratasys shareholders will be diluting themselves by buying a highly speculative, unprofitable business. Now, turning to a comparison of the two proposals on a like-for-like basis, leaving aside the highly speculative assumptions used in the Desktop deal. The waterfall on this page walks through the same analysis Michael used earlier. Equity values plus cost synergies on a consistent multiple of 15x delivers a pro forma equity value of approximately $19 per share for Stratasys investors in the Desktop deal. Pulling it all together, we believe our proposal results in a value of $26 per share, resulting in a clearly superior value to their $19 per share. Now, I'd like to turn the call back over to Jeff to close. Jeff? Thanks, Andy. We think that the market has spoken, and in our view, there's no clearer sign that our deal is preferable to the alternatives presented. Despite how promising prior talks with Stratasys' management were, Stratasys has now chosen to sign up for what we believe is a value-destructive deal with Desktop Metal that's predicated on old technology, speculative synergies, and a multiple expansion that we find hard to believe. On the other hand, we believe a combination of 3D Systems and Stratasys will create a global leader with credible financials in an industry where scale is paramount. We'd like to thank all of you for taking the time to join us this morning. We've underscored our belief in this combination and look forward to opening the line and responding directly to your live questions. Thank you. With that, Kevin, With that, we'll open it up for Q&A. Thank you. We'll now be conducting a question-and-answer session. If you'd like to be placed in the question queue, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset or take your phone off mute before pressing star one. One moment, please, while we poll for questions. Our first question today is coming from Greg Palm from Craig-Hallum. Your line is now live. Good morning. Thanks for taking the questions and appreciate all the info here. I guess, just starting off, the press release talks about the ability for Stratasys shareholders to choose their preferred mix of cash and stock, and I don't know if I missed the details, but can you just specify what you mean by that? Just in general, are you opening up the option to, you know, additional cash above and beyond the $750 level that is part of this offer? Hey, Greg, this is Michael. I'll take it. Good question. I think what we mean is, basically that, you know, we're gonna give shareholders the opportunity to participate in more value creation if they choose, or more cash upfront if they choose. Yeah, Greg, the, you know, given the diversity of our, of our shareholder and investor base, the people that are interested in this industry, I think it's great to give them a choice. The, the value we creation, we believe for the future is enormous, right? We think it's a unique opportunity. It's, it's great to participate in that by offering them some cash upfront. You know, if they wanna take a little bit more conservative approach and take cash in the deal, that's fine. We'll set some bounds on it, but we wanna give them some flexibility given their investment style. Just to be clear, the option could be more stock or more cash, above and beyond that $750 that you've offered here? Yeah, that's correct. Correct. Within some bounds, yeah, correct. Yep. Okay. Then just, you know, in terms of, you know, hurdles to getting this done, you didn't really talk a whole lot about sort of antitrust. Maybe you can just spend a minute or two on any potential concerns or maybe lack of concerns that you have there. Yeah, Greg, if you look at it, the fundamentals are really with us. There's two things that really drive that comment, and one is the limited overlap in our product portfolios. We have very limited overlap in our product portfolios today, so that's one consideration I'm sure that'll be made. The exceptionally large universe of competitors, and you've got full spectrum of sizes, from hundreds of very small companies to even some very, very large companies like GE and HP and now Nikon, that have invested in this industry. We have a plethora of competitors. We have limited overlap in product offerings, so we think it's a very good case for regulatory approval. Okay, fair enough. I'll leave it there. Thanks. Thanks, Greg. Thanks, Greg. Thank you. As a reminder, that's star one to be placed into question queue. Our next question is coming from James Ricchiuti from Needham & Company. Your line is now live. Hi, thank you. Good morning. A couple of questions. Just if we go back to the discussions you had going back to September 2022, the industry's obviously changed, and I'm wondering how your assumptions around cost synergies have changed because you guys yourself have announced some cost actions earlier in 2023. Maybe you could just walk us through some of those assumptions. Yeah, Jim, and I, again, our... What I, what I love about this deal is the cost synergies are very easy to explain and very straightforward to actually get, actually gain, actually execute on. If you look at it, basically rolls up OpEx, you've got R&D and SG&A. Again, our portfolios are very complementary, but how we're spending R&D in order to grow our technology base, there's significant overlap. You can harvest some R&D savings. SG&A, clearly, there's some duplicate of SG&A costs in there, and there's some OpEx benefits, or there's some costs benefits just from scale. Again, very straightforward, very standard, and I believe, very conservative numbers. If you look at it, I don't believe fundamentally any of those things have changed since September of last year. It's a short timeframe, I think, you know, we agreed at the time that our numbers were probably conservative, not aggressive. I can imagine even greater if you updated the timeframe and you really sharpened your pencil, there's probably even more to harvest in cost. Saying $100 million, very straightforward, it's all cost-driven and very executable, Jim. Just a follow-up on. I'm wondering if there are any actions that are contemplated with respect to the combined company, in terms of portfolio realignment, because, you know, there are parts of the Stratasys business. ... I'm thinking, the part manufacturing business, the service bureau business, which you've decided, was not core to the 3D Systems business. I'm just wondering how we might be thinking about the combined business on a go-forward basis with respect to the way you're positioning the overall outlook of a couple of years out. Yeah, Jim, I'm still very comfortable with that decision we made a couple of years ago to get out of the basically out of the on-demand part making business. We have an enormous customer base that does that work, and we supply them very well. For 3D Systems, I think it was a very good decision. You always look at things when you have a fresh opportunity. I think strategically, that's probably still a good call. Again, the devil's in the details. We'd take a hard look at the business that they have and what we'd like to do with it. Fundamentally, I don't like competing with customers. You know, wherever we can avoid it's not a good thing. Thank you. Thanks, Jim. Thank you. Next question is coming from Shannon Cross from Credit Suisse. Your line is now live. Thank you very much. I just wanted to go back, first to the ability to take a certain amount of cash. Is the amount of cash that you're willing to put out, I think it was $540 million, is that fixed? It basically depends. You know, beyond that, it'll depend on how the shareholders, if you choose to do this, it would depend on how much the shareholders decide, you know, any given shareholder decides to take in stock and cash, and then you go against that. Is that the best way to think about it? Yeah, Shannon, you fix the total amount, you know, whether it's exactly that amount or a little bit different. You fix the total amount, and then it can vary by shareholder preference. Right. Right. I mean, Have you had any thoughts about maybe levering up to increase in total the amount of cash, if shareholders are just looking more for cash rather than taking equity? Well, I don't think, number one, I don't think we need to. I don't think. You know, I think the value combination, short term and long term is correct in this. With, yet again, we may offer some good variability by shareholder to change that. People that invest in our industry are generally, they want some immediate value creation, but they generally really enjoy the idea of growth prospects and future value generation. I think particularly with new markets like regenerative medicine on the horizon here, our feeling is shareholders would like to participate in that upside on the combined company. It will take some cash to realize the synergies. Obviously, there's some cash needs there. No, I think we've got a good yeah, I'd call it good, realistic, if not conservative approach to it. You know, in this, in these, in these times, I think it's a good way to go. I guess if you think about it, I know you've been very focused on Regenerative Medicine, and I think there are some really interesting, you know, opportunities there. You know, holistically, are you thinking about this more as like Stratasys brings in earnings and cash flow that will then support the Regenerative Medicine business? Because I know you don't want to talk about revenue synergies, but I guess I'm struggling a little bit with, you know, you put Stratasys, Desktop Metal, or, sorry, not Desktop Metal, I'm staring at your slides. You put Stratasys and 3D Systems, you know, businesses on the traditional 3D printing side together. You know, I guess maybe if we just take that, how are you thinking about growing that revenue beyond what you would have done normally? Again, is this more sort of this, you know, kind of legacy business will then support the growth which you see in Regenerative Medicine, if that makes sense? Shannon, I would not view it as a way to support Regenerative Medicine at all. I think, I mean, the support for regenerative will continue as it is, but the opportunity in a combined portfolio allows us to offer a broader range of technology to each market vertical. It's great for the industrial business, which, again, is half of our company, and we're excited about it. From aerospace to automotive, to rocketry, to a variety of consumer businesses, our combined range of technology to those industries is tremendous. If you look at enhancing further our Healthcare business by bringing in some of their technologies, while it's not a large component, it certainly would enhance that as well. I love the enhancement to our core business. It alone justifies the investment in a combined company. If you layer on top of it, Regenerative, that's the next generation, that's the next thing coming. You get that. It's not a way to make Regenerative happen. I view it the other way around. It enhances both core businesses, healthcare and industrial, and you get regenerative on top of that. Michael, did you have anything to add? Yeah. Shannon, just kind of one thing to add, and it kind of goes to the back part of your question there, but, like, if you just take our the guidance that we've given for 3D Systems, obviously, standalone, for 2023, right? You just kind of take the... We said we would do $2 million or better in EBITDA. We're investing $10 million-$12 million in Regenerative Medicine, right? You can kind of, obviously, back into what core business is doing there. Then, you know, as we've talked about in these slides, you know, it kind of industry consensus is, you know, roughly a 21% CAGR going forward growth rates for this industry. Just conservatively, if you take 15% on our core business, and you grow it, you know, it quickly scales to basically a $1 billion-dollar business operating 10%-15% EBITDA margin ranges. With the focus we have on cost optimization and continuous improvement, these sorts of things, with, you know, bringing in Joe Zuiker, our new COO, and the cost optimization we're doing with insourcing that we, you know, did in our Rock Hill facility last year, and we just recently announced it with our European metals insourcing, right. Those things would push your EBITDA margin profile probably 15% north. On top of that, you've got the Regenerative Medicine business layering on top. I mean, it's a pretty compelling story. With this transaction with 3D Systems and Stratasys does, is bring, you know, immediate scale. It brings that billion-dollar profile to today, you still got the growth trajectory on top of that. Shannon, just one final comment. If, you know, for investors, if they discounted RegMed in total, say, "Hey, look, that's way out there. It's not going to happen," or whatever they want to discount that, the combination of ourselves and Stratasys in our core business, Industrial and Healthcare, creates tremendous value, great growth prospects, great EBITDA performance, and it's all executable in terms of cost synergies. If you layer on top of Regenerative Medicine as an outsized growth opportunity for the future, you have an incredibly exciting combined company. That's where I'd leave it. Okay. Yeah, I guess my only thought is, I understand the combinations and all of that. I guess the comments about, you know, binder jetting and metal, I just looked at GE and HP and others who are investing in it. I guess, you know, I actually think that there is probably a, you know, a mass market opportunity for it, whether it's Desktop Metal or others who get there, I don't know. You know, there's clearly a lot of investment in that space. I guess just, you know, my last question that I have is, as you look at the combined industry or you could... If you look at your business and you combine it together and you look at the cost synergies, are there actual areas or product lines that you think you would be divesting potentially? Because, you know, when you look at the circle you have there with all the various businesses, I'm sure some are, you know, maybe not as core. Does that play into it at all when you look at, you know, where you might get with the business over time? You know, like SCM, I don't know. I'm just curious, you know, if you think that maybe 3 years from now, the business that you have with, if you combine the two companies, will have all of the, you know, end technologies in it, or if, you know, you're looking at... Yeah ... Maybe Maybe a situation where you'd, you know, have to clean it up, I guess, for lack of a better word. Sure. No, Shannon, I think the core technologies, the core printing technologies, materials, and software technologies that we have, both companies have combined, those are great technologies. What we're finding, even in a, an individual market vertical, pick one, you know, aerospace or automotive or whichever one you pick, each of those technologies or many of them come into play in that same market vertical, depending on the specific application of the customer. No, I think the core technologies are all keepers. I really like them. We'll probably add to that base over time. It's the... Again, it's the advantage of scale. You can afford to invest to keep your technology portfolio growing. No, I like those. I wouldn't see those as divestment opportunities. They've done a nice job, and I think we have, too, in kind of cleaning up the business, getting out of things that were logical to get out of. There may remain a few of those things, but they're relatively minor. We've worked through them. I don't. Nothing comes to mind that's of substance, other than the part-making business, which I already commented on. No, they're keepers. I like them. Shannon, I'll be clear on the binder over powder. There's a lot of people that have worked on that for almost 30 years, and there's people still working really hard at it, and it may work someday. I would still put it in the speculative category, but it may work someday. I'm not saying it won't ever work. You have to take a total cost perspective in that, because there's a lot of post-print processing that people don't really talk much about, but it's significant. In direct laser sintering of powders, you basically make a part directly with minimal finishing operations. The market's spoken itself today. 80% of the applications out there are for direct sintering of metal powders. It's a proven and reliable technology that's ready to enter production and is in production today, which is why we like it, and we're investing in it. There will be other technologies that come along on both metals and polymers that, you know, have to be looked at over time. The important thing is, in a combination, we'll have the balance sheet and investment capability to continue to do that. We don't have to hitch our wagon to a speculative technology today. We can count on what we have and grow that because it's moving into production today, and we'll have the resources to continue to expand that portfolio in the future. That's, to be clear on it, that's where my head's at, okay? Okay. No, that was helpful. I really appreciate the time this morning. Thank you. Thanks, Shannon. Thank you. We've reached the end of our question and answer session. I'd like to turn the floor back over to Jeff for any further closing comments. Thanks, Kevin, and thank you all again for joining on short notice and for the questions this morning. We look forward to speaking with as many of you as possible in the days and weeks ahead. Have a great day. Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.