Greetings, and welcome to Desktop Metal's Third Quarter 2022 Financial Results Conference Call. At this time, all participants will be in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jay Gentzkow, Vice President, Investor Relations. Please go ahead. Good afternoon, and thanks for joining us on Desktop Metal's Third Quarter 2022 Earnings Conference Call. Earlier today, we issued a press release with our 3rd quarter results. A copy of the release is available on our website at ir.desktopmetal.com. Today's call is being webcast and is accompanied by a slide presentation, which is also available on our website. Please refer now to slide 2 of that presentation. Our remarks. Ladies and gentlemen, I do apologize. We've had some technical difficulties. Please stand by. Greetings, and welcome to Desktop Metal's Third Quarter 2022 Financial Results. Hello? Please stand by, sir. One moment. No, the line is like. I apologize, ladies and gentlemen. Just bear with me. Greetings and welcome to Desktop Metal's Third Quarter 2022 Financial Results Conference Call. At this time, all participants will be in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jay Gentzkow, Vice President, Investor Relations. Please go ahead. Good afternoon, everyone, and thank you for joining us to discuss Desktop Metal's Financial Results for Third Quarter 2022. Please note, our financial results press release and presentation slides referred to on this call are available under the Events and Presentations section of our investor relations website. This call is also being webcast live with a link at the same site. The webcast and accompanying slides will be available for replay for 12 months following this call. The content of today's call is the property of Desktop Metal. It cannot be reproduced or transcribed without our prior consent. Before we begin, I'll refer you to our safe harbor disclaimer on slide 2 of the presentation. I would also like to remind you that today's call will include forward-looking statements. These forward-looking statements reflect Desktop Metal's views and expectations only as of today, November 9th, 2022, and actual results may vary materially based on a number of risks and uncertainties. For more information about the risks that may impact Desktop Metal's business and financial results, please refer to the Risk Factors section of the annual report on Form 10-K and quarterly report on Form 10-Q, in addition to the company's other filings with the SEC. Management has no obligation to update or revise the forward-looking statements. Additionally, during this presentation and the following Q&A session, we may refer to our results on a non-GAAP basis. Non-GAAP measures are intended to supplement, but not substitute for, performance measures calculated in accordance with GAAP. Our financial results release contains the financial and other quantitative information to be discussed today, as well as a reconciliation of the GAAP to non-GAAP measures. With that, it's my pleasure to turn the call over to Ric Fulop, Founder and CEO of Desktop Metal. Thank you, Jay, and good afternoon. I want to thank you all for taking the time to join today's discussion for our 3rd quarter 2022 results. Before we begin, it's my pleasure to welcome to the call Desktop Metal's new CFO, Jason Cole. I'm very excited to have him join Team DM. Jason is a highly accomplished finance executive who's joining us from an 18-year career at Analog Devices, most recently as Division CFO of a $10 billion business, overseeing 12,000 employees and 15 internal sites. Jason brings more than 20 years of experience in global finance operations, supply chain management, M&A integration, and FP&A. We're thrilled to have him on board. James Haley is also on the call today and will transition into an advisory role beginning tomorrow to ensure a seamless transition. I'd like to thank my friend James for all his contributions to our collective efforts and wish him the best of luck in his future. Turning to the quarterly update. We will start with a review of 3rd quarter 2022 financial results, including detailing a few recent actions in response to our results in the current business environment. I'll follow with a number of recent business developments of note, including a promising new strategic partnership with Align Technology. Jason will then provide further color to our financial results. I will close with our financial outlook and then transition to Q&A. I'll start by addressing the results for the quarter on slide 3. Consolidated revenue for the third quarter was $47.1 million, representing a year-over-year growth of 85%, including contributions from acquisitions. Third quarter 2022 non-GAAP gross margins were 19.9% and adjusted EBITDA was $-28 million. Simply put, performance did not meet our expectations for the quarter. I'd like to unpack what happened in our response. Relative to internal forecasts reflected in our public guidance, we saw lower than expected sales volume toward the end of the quarter, which is typically when we see a sharp acceleration in volume as Europe, and to a certain extent, the U.S., come out of their slower summer months. This divergence from the expected trend was not uniform across all business lines. Our printed casting business continued to perform well, and we saw very good resilience in our dental and healthcare platforms. These strengths were offset by softness across the balance of our portfolio. The challenging macroeconomic environment created headwinds for our business. We exited the 1st half of this year tracking towards our financial targets with a robust pipeline of healthy customer momentum. As the 3rd quarter progressed, in some cases, orders we expected to close shifted into later quarters. We believe this is a result of customers pausing on CapEx spend as they become cautious about the macro landscape. In particular, on larger deals require more significant CapEx outlays. We saw customers delay purchase decisions amid economic concerns, which was not the case at the start of the quarter. In addition, we experienced currency headwinds in international markets, which compounded to the lengthening of sales cycles towards the end of the quarter. At the gross margin level, underperformance was primarily a function of lower than expected sales volumes and the associated overhead absorption impacts. While our product gross margins continue to improve and are well ahead of overall gross margins, there's a sizable overhead in our COGS that has a major impact on lower revenues. To a lesser degree, margins were also impacted by product mix in a challenging transportation and freight backdrop. While cost reduction initiatives announced in June significantly reduced our expenses on a dollar basis, the adjusted EBITDA trailed our internal forecast as a result of decreased sales volumes relative to expectations. This is not the first time a recessionary cycle has impacted growth in the additive market. The compounded annual growth rate of 18% experienced in the prior 22 years did not occur in a straight line. We've had three similar periods where the market has stalled between one or two years, coinciding with recessions. The last time this happened in a meaningful way pre-COVID was 2008 to 2009, when the market contracted 3% on an annualized basis. In the decades that followed, the market rebounded significantly, compounding at 27% growth. The long-term trends supporting broad adoption of additive manufacturing and growth to over $100 billion in the next decade remain intact, particularly for mass production. Additive solutions unlock benefits of lower costs, onshoring, digital inventories, assembly consolidation, and design freedom, among others, that are enabling businesses to remain resilient and react more quickly to external circumstances in both supply and demand. As I've said in the past, production-based 3D printing is less effective than prototyping in challenging environments, and I still believe that is the case. However, projects that are still not fully green-lighted on the production side can be delayed as companies across the economy face tighter CapEx budgets. The durability of these benefits remains incredibly strong, and the trends driving more and more customers to embrace 3D printing will last well past the current short-term macro challenges. I'm equally confident Desktop Metal's portfolio of production-focused AM 2.0 solutions is very well positioned to continue to capture share of this growing market and take advantage of the next stage of long-term secular growth. Notwithstanding current macroeconomic impacts on the business, we are not satisfied with our execution or performance in Q3, but we're focusing on how we navigate our current set of circumstances and respond as a company. We have already taken swift actions to course correct in order to reduce our expense structure well beyond what we outlined in June. Getting profitable is our number one priority. In June, we announced a strategic integration and cost optimization initiative. The actions we took have achieved $40 million of annualized cost savings. Since the closing of Q3, it has become clear we need to further intensify our expense reduction efforts in light of the current environment. As a result, we're cutting costs even more aggressively and quicker than initially planned. Reducing our cost structure improves our path to profitability timeframe and enable us to reach our adjusted EBITDA breakeven by the end of 2023, even at a lower revenue threshold if macroeconomic headwinds persist. We will continue to monitor the macro environment and make adjustments to expenses as needed to ensure this company turns profitable under the current capital structure in line with our commitments. Now let's shift gears and discuss a number of very positive recent developments for the business with significant revenue potential for 2023 and beyond. AM 2.0 continues to offer advantages versus traditional manufacturing for a host of applications, and we're seeing continued traction from both customers and major strategic partners in the additive manufacturing ecosystem that are embracing these benefits. Last week, we announced a new strategic partnership with Align Technology to bring digital dentistry and workflows for printing to the mass market. We're very excited about the opportunity in this partnership and I'll go into further detail on the following slide. We expect tangible financial benefits to this partnership to be reflected beginning in 2023. We also announced a multifaceted partnership with Siemens to advance additive manufacturing with a focus on large manufacturers that, among other efforts, will integrate Desktop Metal's AM 2.0 solutions into Siemens simulation and planning tools, enabling production scale, factory planning, and automation. In addition, we expanded our partnership with Henkel to qualify additional industrial photopolymer materials for the Xtreme 8K, the world's largest DLP printer for high-volume production of end-use parts. We're delighted to work with a strong partner like Henkel to expand our differentiated material applications we can offer to our customers in the photopolymer AM 2.0 space. We're actively engaged with some of the largest companies in the world on the Production System™ and P-50 in particular, and we remain steadfast in our plans to build major business for hyperscalers on this platform, which provides the highest throughput and lowest cost part production of any metal printer in the market. Starting in December, we're planning to begin hosting quarterly open house meetings to showcase our progress on P-50 to the industry and potential customers. We also expanded our lineup for Shop System, the world's best-selling metal binder jet system with Shop System+ and Shop System Pro. The Shop System has become a global success, and we've already taken center-based production processes that used to require specialized knowledge and made it turnkey, easy to use, and accessible to all manufacturers. These new options add more versatility, functionality, and value to our already strong Shop System platform. Finally, at IMTS in September, we launched the Figur G15, the first commercial platform of its kind to shape standard sheet metal on demand directly from a digital design file. Using patent pending technology, manufacturers now have a new competitive way to form sheet metal parts and products quickly without the high upfront costs associated with stamping presses and dies, which typically have a long lead time and are expensive to produce. Sheet metal forming with a Figur G 15 is accessible, flexible, and cost-effective, even at low and medium volumes. Manufacturers in the automotive, aerospace, appliance, and other industries can now produce a fully formed part in less than an hour without major investment in time and money. While this product is still in its early commercialization, Figur G15 is a one-of-a-kind turnkey solution for the more than $300 billion sheet metal forming and fabrication industry that we're very excited about. Turning to slide 5, I'd like to provide more color on the recently announced partnership with Align Technology, the undisputed category leader in clear aligners, intraoral scanners, and dental CAD software. We're really thrilled to partner with Align to bring a first of its kind solution. We believe what we're building together will be a significant growth driver for Align, Desktop Labs, and Desktop Health. More and more dentists are looking for an integrated digital dentistry platform that encompasses scanning and printing hardware, dental parts made with best-in-class materials, and design and production services. Through this partnership, Align's market-leading iTero intraoral scanners will be offered as a seamless managed service to dentists in a subscription model with recurring revenue. Dentists can then order aligners or exclusively drive 3D printed restorations to Desktop Labs. Our goal is to develop a very sticky service that delights customers. This is a gateway for our connected suite of digital dentistry solutions with seamless workflows backed by Desktop Labs' experienced network of dental laboratories and premium Desktop Health printers and materials. This integrated solution will allow dentists to capture patient data with iTero scanners, create print-ready digital files using Desktop Labs' design capabilities, and 3D print custom parts either in their office or using Desktop Health's Einstein printers or using Desktop Labs' outsource manufacturing services. It's a fully integrated chairside workflow providing real-time technical communication, workflow management, digital design, and case support. We expect most, if not all, of the $30 billion in annual dental parts market spend to move to 3D printed manufacturing this decade. The technology that's ready for prime time. We expect new CDT classification of materials used for dental insurance codes to be published in December this year to cover our Class II printed restorations in the U.S. With that backdrop, we aim to reach thousands of general practices over the next 12 months with this integrated workflow and potentially tens of thousands over the coming years. The addressable market for this opportunity with Align is over two million general practitioners globally. We're thrilled to commence this partnership with Align to offer the dental industry a seamless solution for digital restorations and are super excited about the additional potential opportunities to accelerate adoption of digital dentistry with Align. Moving on to slide 6. We continue to grow the moat around Desktop Metal products. Since we entered the public market in 2020, our portfolio of patents and patent applications has grown from approximately 120 to over 950. This is one of the largest and most valuable intellectual property portfolios in the additive manufacturing market, and is primarily focused around mass production and technologies like binder jet and DLP, which benefit from Moore's Law and become more cost-effective over time. We've already demonstrated the blocking potential of this portfolio with a recent successful injunctive action against a key competitor. We've successfully implemented a royalty-bearing licensing structure to begin monetizing this portfolio and intend to expand our efforts over the coming years. Margins and additional IP monetization activities should be a tailwind to the product mix. Turning to the following slide. We really had some great customers that adopted or continue to adopt our technology in the 3rd quarter. We've highlighted a few here on the left side of the slide. Precision Castparts, Schlumberger, Ford, First Solar, Cummins, Ultra Safe Nuclear Corporation, and SolidCAM, to name a few. Many of these customers have multiple systems and continue to expand their partnership with Desktop Metal to change the way they make their products. On the right side, I'd like to highlight one of our customers demonstrated repeat success with our products on both metals and polymers. Gullmálur is a growing parts manufacturer based in Iceland. In the span of a year, Gullmálur purchased eight systems, including four Studio Systems for metal parts production, two Envision One for polymer printing, and two DM Sinter furnace systems. Desktop Metal solutions are enabling Gullmálur to produce endless parts for both metal and polymers. This significantly reduces lead times and speeds up time to market. This is a game changer for ROI-driven SME companies that can't afford the delays associated with legacy conventional manufacturing. Gullmálur is just one example of the cross-platform success we're seeing from many customers. With that, let's take a closer look at the numbers. Over to you, Jason. Thanks, Ric. Beginning on slide 9, you will see highlights of our financial performance for the 3rd quarter of 2022. Please note, we will be referring to several financial metrics on a non-GAAP basis. Reconciliation to GAAP data is included in the filed appendix. As Ric detailed to start the call, this was a challenging quarter. Consolidated revenue for the 3rd quarter 2022 was $47.1 million, including contributions from acquisitions, up 85.1% year- over- year from $25.4 million in the 3rd quarter of 2021. As previously detailed, compared to our internal plan, revenue was significantly impacted by customers delaying purchase decisions amidst an uncertain macroeconomic backdrop. Non-GAAP gross margin was 19.9% for the 3rd quarter 2022 as lower than expected sales volumes and the associated overhead absorption impacts weighed on gross margins. We expect ongoing cost reduction actions detailed earlier in the call will improve our high absorption burden and drive important gross margin improvements in the 4th quarter and in the coming years. On the next slide, non-GAAP operating expenses were $41.5 million for the 3rd quarter 2022. Through initial actions under our cost optimization initiative, we reduced non-GAAP operating expenses sequentially by $4.5 million versus the 2nd quarter of 2022, and $10.5 million versus the 1st quarter of 2022. 3rd quarter 2022 non-GAAP operating expenses as a percentage of revenue were 88%, which is an improvement versus 138% in the 3rd quarter of 2021. Adjusted EBITDA for 3rd quarter 2022 was $-28.2 million. Revenue contribution weighed on our adjusted EBITDA despite considerable improvement in our expense structure. Nevertheless, we're committed to improving adjusted EBITDA going forward as we prioritize our path to profitability. We ended the 3rd quarter 2022 with $217.3 million in cash equivalents, and short-term investments. We are well-funded from a cash position, even in a challenging macro environment, with our increased efforts to reduce our expense structure expected to drive meaningful cash flow improvements. We ended 3rd quarter 2022 with $91.2 million in inventory. Inventory reflects our multi-quarter focus on supply chain resiliency, and we're now in a position to release that inventory over the next several quarters. With that, I'll turn the call back over to Ric. Thank you, Jason. Moving to our financial guidance, we're revising our revenue and adjusted EBITDA outlook to take into account our 3rd quarter financial performance in a challenging environment affecting CapEx spending due to recessionary concerns. As a result, for 4th quarter 2022, we expect to generate revenue in the range of $51 million-$62 million, implying a full year 2022 revenue of $200 million-$210 million, or 78%-87% growth over 2021. While customer traction is still very strong, we're taking a very conservative approach to revenue expectations. We're working very hard to improve visibility given the macroeconomic environment. Additionally, for 4th quarter 2022, we expect adjusted EBITDA to be $-20 million to $26 million, implying a full revised 2022 adjusted EBITDA of $-117 million to $123 million. In closing, while the 3rd quarter presented greater than expected challenges, I can assure you we are working with urgency to execute on what I've outlined today. While macroeconomic factors are impacting our industry at present, the benefits of mass production additive manufacturing are only increasing. We're working very hard to mitigate some of the external factors, and I remain extremely confident in the value of our AM 2.0 mass production solutions that we bring to our customers and the massive long-term opportunity in additive manufacturing. With that, I'll open it up for your questions. If you would like to ask a question, please press star one on your telephone keypad now. You'll be placed into the queue in the order received. Please be prepared to ask your question when prompted. Once again, if you have a question, please press star one on your phone now. Our first question comes from Noelle Dilts from Stifel. Your line is open. Hi. Thanks. I was hoping you could just dig into the cost reduction initiatives a little bit more. Could you kind of go into a little bit more detail on sort of where you stand in terms of the previously announced initiatives and then any more quantification you can give us around, you know, this kind of expansion of those initiatives would be helpful. Thank you. Absolutely. Noelle, thanks, and great to hear from you. We outlined in June of earlier this year that we would cut approximately $40 million on a run rate basis for the year. We're ahead of that plan right now. At this moment we've continued to move beyond it, and we have quite a bit of levers to go above our initial plan, and we're gonna essentially trim as needed until we get to cash flow breakeven. The good news is at the company we've got. You would look at horizon one, horizon two, horizon three in terms of the way we look at our products, the things that are shipping today, things that are gonna ship next year, 2023, et cetera. Things that are quite futuristic, 2024, 2025 and onwards. We have a multi-generational roadmap, and we have quite a bit of levers to adjust spending on things that are not gonna have an impact next year. We're not cutting things that are revenue generating next year, but we are trimming expenses in all these other areas. We've got quite a number of facilities that we're consolidating and have lots of levers. We're gonna go beyond what we initially outlined in June, and we're already beyond that right now. Okay, thanks. In terms of, I guess, you know, you obviously commented on the P-50 and also just this extended decision-making. I guess, you know, you've talked before about this idea of these hyperscale customers, larger customers. Do you think that that's really pushed out until we start to see some economic recovery? My question is really just how are you thinking about the timeline or the time horizon for, in terms of how long it's been, how extended these decisions have become and if you think we could see some larger programs or orders in the near term or if you think that's pushed out over a year. No, we've seen an acceleration in some of these programs as there's a need to diversify the supply chain outside of China for some of those consumer electronics companies. We have multiple customers that we're engaged with and continue to make very good progress in this area. I think it's gonna for us, you know, we have a lot of people working in this area, and we continue to believe it's gonna be a meaningful part of our business in the long run, and is an area that can become a significant business, probably most produced type of parts in the AM world. I'm very bullish on all the activities we've got going on in that area. Okay, great. Thanks for taking my question. Sure. Our next question comes from Shannon Cross from Credit Suisse. Your line is open. Hi, Shannon. Shannon Cross, please go ahead. I'm so sorry. I had it on mute. Hi, everyone. Can you talk a bit, Rick, about how you're thinking about approaching the cost reductions? What I'm wondering is, will this be, you know, are you cutting, I don't know, products? Are you just how to go about it, because obviously, you know, the top line's not coming through as expected. You know, you do have some cash, which gives you a bit of a cushion. But I'm just wondering, you know, what your approach is and maybe how things, you know, have changed in your thinking relative to, say, three months ago. Thank you. Absolutely. First of all, we remain super bullish in the long-term prospects of additive. We believe this is gonna be a $100 billion industry still by end of the decade. We do think, like I said earlier, and if you look at slide 3 of our presentation, there's these periods of time in additive when you enter a recession and you have essentially a slowdown of growth. You know, in 2001, 2002, it was flat or down slightly negative, same in 2008, 2009, and then there was only 5% growth in 2020. I would say what we saw in September was a very quick pullback to decisions and things moving to the right on programs that we really had enough deals in play towards the end of the quarter or last three weeks that we thought we can meet our numbers. It was as we approached the end of the quarter that we realized that things were gonna slide. You had the pound at 100. The deals in the U.K. got halted. You had the energy issues that were going on in Europe with people thinking about CapEx spending. I would say we do have a bullish view on the future of expenses to get to your question in how, you know, where are the things that you cut. We're not cutting anything that's revenue generating next year or this year. Horizon One, Horizon Two projects are continued to be fully funded. We're adjusting our spending on things that are nice to have, not need to have, in particular, longer term, more futuristic projects. We do have a benefit at DM that we've got an R&D horsepower that I would say can be at the limit of anybody else in this industry and doing very innovative work. We've, you know, we have some things that are more futuristic that weren't gonna generate revenue next year, so we're trimming expenses in those areas. We've got quite a bit of cost synergies from the M&A that we did. If I can look backwards, a mistake, you know, I felt like I didn't wanna break any of the things required by going too quickly as we were acquiring. I think in hindsight, maybe we should have been totally on it last, you know, as soon as we would close the deal, as opposed to wait until we get our arms around them, and we weren't as focused in that area. However, we are laser focused on it now. We have already cut more than what we outlined in June, and we continue to have a plan to trim. We have a lot of levers so that we get to our break-even targets at the time that we've told the market or faster, even if conditions persist in a challenging environment. How do you think about the stock price given where it's at now? I mean, is this something where you would pursue maybe a reverse stock split? Have you guys gotten any indications from any of the exchanges that there's concerns about delisting? I'm just trying to get ahead of this 'cause, you know, a lot of the companies that were SPAC'd are obviously trading at very low levels. Well, I would say, I mean, we're monitoring our stock price. We haven't received any indications that would force us to do anything at the moment. We look at all of these things. We've got plenty of cash. We're in a good liquidity position. We have quite a bit of inventory that we will, you know, we built in advance to essentially have a buffer with supply chain issues, and we'll be clearing that over the course of the next year and releasing quite a bit of cash. So from a balance sheet point of view, I don't feel like we have any liquidity issues. I think your question on the stock market, we don't have an issue at the moment. I think the listing rules are being below a buck and, you know, we would do whatever was required by the stock market. You know, as a business, I do feel very bullish that we're going to have continued growth faster than the market, as we are positioned in a production area that is growing faster than prototyping and tooling. I think that next year, we've been working on a lot. You know, you work on these projects, the projects have to mature. Eventually they take off. We have a lot of irons in the fire that should lead to growth next year that would be faster than the market, and we feel good about it. We will provide guidance, you know, in Q4. I would say this readjustment to a more conservative stance is based on what we saw at the end of September. Our next question comes from Troy Jensen from Lake Street Capital Markets. Your line is open. Hey, gentlemen, thanks for taking my question here. Question for you, Ric. You know, I get growth has slowed in the industry. It's, you know, fairly obvious. Do you still think the growth rate in additive is gonna be a positive number this year, flat or negative? I think that the 1st half of the year was definitely a good growth rate. I think that there are a lot of CapEx decisions that are going to get scrutinized more heavily in the 2nd half of the year. I think if you asked anybody at the beginning of the year, when people gave their projections for the year, and we don't do quarterly guidance at the moment. Maybe we should, but we do yearly guidance. Nobody expected there to be a war. Nobody expected there to have business on the supply chain side for the currency issues that occurred in Europe. Some of these other challenges with the Fed continuing to. That macro backdrop, I think, is definitely part of what's affected our industry. We've seen it before. I mean, you've been a guy, probably one of the more experienced stewards of the industry. I would say it's probably similar to 2008, 2009 or similar to 2001, 2002. You know, this is people sort of delaying decisions versus canceling adoption of technology. When you come out of this recession, you come out with extremely strong tailwinds. I think we're well-capitalized to get through this and then benefit from it on the other side. We've got a great portfolio. We are market leadership in metal binder jetting that's dominant at, you know, very, very good place. We have dominant market leadership in printed castings. We have dominant market leadership in Class II medical parts and dental. Three segments are going to be billion-plus dollars. We have some growth segments in new things like what we're doing in sheet metal. It can be a multi-billion-dollar business, what we're doing in foams, where we're the only company with industrial high throughput foam printing. That can also be a billion-dollar business, and we're the market leader today in printed hydraulics. We have six ways to win here in areas that individually could be billion-dollar businesses. I feel very bullish about the long-term prospects of our company. I think we're highly undervalued today at this price. I think we will see how the next year progresses, but I feel bullish about our prospects. I think our bad news are all priced in. I'd agree with you, Ric. I think I came into the year thinking this industry is going to grow, you know, 18%-20%. I guess I still feel like there's positive growth for additive. I mean, if you look at your 10-K filing from the beginning of the year, you guys said that if you'd owned all your acquired businesses as of January 1st, you'd have done like $208 million in revenue. The midpoint of the guidance right now is $205 million. You're really kind of implying, you know, flat year-over-year organically. I guess I'm curious to know, you know, what's growing, what segments are growing for you guys, and which ones are shrinking if you're expecting a relatively flat year on an organic basis? That's a great question, and I think we are confident in the guidance we just provided now for 4th quarter. Beginning, we're already in the middle of it, and we are, you know, trying to put a number that we feel like, you know, having gone through this now, we want to make sure that we hit this number, but, and we feel confident on it. So I would say to answer your question, the dental market for us, given that we have the best performing materials in the market with best properties, we're going to have insurance coverage next year for our products is very strong. We have this partnership with Align that's going to deliver very good growth next year. So that we're really well positioned in that segment. I think that one of the things that differentiates us in the printed casting side is that we have not been a service bureau. We've actually been primarily a technology provider to large companies, and those large companies are now going from their first or second or fifth or tenth system now to mega deployments. That step change in deployment, and particularly as people look at reshoring, is going extremely well. We have a lot of tailwinds for next year in that segment or market for us as well. I would say we have growth on the industrial plastics, industrial metal parts on the regular binder jetting side. I think what we've seen in this past quarter is we saw a delayed decision-making, and it is driven, in our opinion, by macroeconomic uncertainty, things like the pound being at 100 at the end of the quarter, things like that. We will see how much that persists. Eventually in an inflationary environment, people want to deploy CapEx and so 'cause they know that they won't be able to afford in the future to do some of these things. It's a way to like improve profitability. If you look back at the seventies or periods of hyper-persistent inflation, eventually there was a CapEx boom, not at the beginning. I don't know how long we're gonna be in a recessionary period. You know, I think nobody expected last December they would still be raising rates at this time. People thought that by now things would have abated and inflation would have come down. Maybe we're back, like, in the 1982 environment where things took an extra year to pan out and the Fed's gonna keep going at it. We will see. I do see the foundation of our business is strong. I like the portfolio we've got. We're not, like, the number three or number five market share in a bunch of things. We're the number one player in the things that we play in. We have a portfolio that's set up to have superior growth to our competitors. We've got some opportunities like this hyperscale opportunities that are going to be fantastic. I feel really, really good about where we are going with our customers in this area and, you know, multiple customers. I feel like we Look, we took our lumps earlier in the year and raised cash. Probably, people looked at us like we were from outer space because we did that. I wish we did it before, but we did it when we did it, and I think we're glad that we did it now in this environment. As a reminder, if you do have a question, please press star one on your telephone keypad now. We have a question from Greg Palm from Craig-Hallum Capital Group. Your line is open. Hey, guys. This is Danny Eggerichs checking for Greg today. I was. Hey, Danny. Hoping to maybe dig into the Align partnership a little bit more. Obviously, this initial partnership is kind of on the scanner side. A lot of the language in some of the releases suggests some potential expansion of that partnership. Maybe just some thoughts on the growth opportunity there and what other, I guess, what other applications you could possibly strengthen that relationship in. Absolutely. I mean, we have a very good business that we're setting up with our partners at Align. It's profitable out of the gate. We expect this subscription recurring revenue managed service business is gonna provide significant growth opportunity for our company. I'd be happy to walk you through the economics, but as you know, we provide a managed design and printed parts through our Desktop Labs partnership. This is a bundling of the scanner, the parts in a managed service to the dental market. It is really very much the future of how these products are gonna be consumed. Align is the number one market share player in the capture side. This is gonna allow us to essentially convert a business that today is people selling printers and materials, and you may have doctors that don't have the full capability to do the design themselves. You have a very much a very small group of early adopters, but the vast majority of doctors aren't set up to use it just in the current offering. With this service, we have a white glove offering that goes from just printers to a much more holistic solution. It's recurring revenue, it's a subscription, and it's very sticky, and it provides a significant amount of value to the practitioner. Now, the goal is to capture a larger percentage of the total spend that they spend every month to lock that value up over multiple years and provide additional superior solutions over time. We have really a great long-term potential relationship with our partners at Align. We work with them in many things. Obviously, we cannot pre-announce things that go beyond what we've currently talked about. We hope to have this marriage of iTero with Desktop Labs and Desktop Health products provide a new level of capabilities to dentists and bring them from the world of milling to the world of printing much faster. Okay, that's good. Wondering if I could get your thoughts on. By the way. Yeah, go ahead. It's a $30 billion addressable spend a year that's going to move this decade 100% to printing. $30 billion of opportunity. We get insurance reimbursement starting in January. It's a really exciting opportunity. I don't want to understate how big of a deal it can be for our company. Yeah, understood. Wondering if I could get maybe your thoughts on the comfort level in your inventory levels and any thoughts on, you know, working capital requirements in Q4 up here. Absolutely. I think I feel really great about where we are from a inventory position now. We're gonna start to bleed that off to free up cash and you know there is some benefit from an inflation point of view that we acquired this inventory earlier when it was less expensive. It is what it is but I feel like we're gonna get to a very good place over the next 12 months. You know we have a big focus on the supply chain to become a more mature company. So hopefully that answers it. I mean. We have no further questions in queue. Okay. Wonderful. Well, thank you very, very much. Once again, I'd like to thank everybody for taking the time to join the call and all your interest in Desktop Metal. As always, I want to extend my appreciation to all the members of Team DM for their continued work and dedication in advancing our vision of additive manufacturing 2.0 for mass production. If you have any questions, please don't hesitate to reach out. We look forward to speaking to you again, or either at Formnext or future upcoming investor events and on our 4th quarter financial results call. Thank you very much again. That concludes today's conference call. Thank you for joining, and have a pleasant day.