Welcome, ladies and gentlemen, to the fiscal third quarter 2023 Embecta Earnings Conference Call. At this time, all participants have been placed in a listen-only mode. Please note that this conference call is being recorded and that the recording will be available on the company's website for replay following the completion of this call. I would now like to hand the conference over to your host today, Mr. Pravesh Khandelwal, Vice President of Investor Relations. Please go ahead. Thank you, operator. Good morning, everyone, and welcome to Embecta's Fiscal Third Quarter 2023 Earnings Conference Call. The press release and slides to accompany today's call and webcast replay details are available on the investor relations section of the company's website at www.embecta.com. With me today are Dev Kurdikar, Embecta's President and Chief Executive Officer, and Jake Elguicze, our Chief Financial Officer. Before we begin, I would like to remind you that some of the matters discussed in the conference call will contain forward-looking statements regarding future events as outlined in our slides. We wish to caution you that such statements are, in fact, forward-looking in nature and are subject to risks and uncertainties, and actual events or results may differ materially. The factors that could cause actual results or events to differ materially include, but are not limited to, factors referenced in our press release today, as well as our filings with the SEC, which can be accessed on our website. In addition, we will discuss certain non-GAAP financial measures on this call, which should be considered a supplement to, and not a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the comparable GAAP measures is included in our press release and conference call presentation. Our agenda for today's call is as follows: Dev will begin by providing an update on the progress we've made on our strategic priorities for 2023, as well as some remarks on the overall performance of our business during the third quarter and year-to-date period. Jake will then provide a more in-depth review of our Q3 financial results, as well as our updated financial guidance for the year, and we will then open up the call for questions. With that said, I would now like to turn the call over to our CEO, Dev Kurdikar. Dev? Thank you, Pravesh. Good day, everyone. Thank you for taking the time to join us this morning. This time last year, we announced the results of our very first quarter as an independent public company. I'm pleased to say that we have made tremendous progress standing up our organization since then. I'm especially energized by the continued execution of our global team across all elements of our business and strategic priorities, because we are not just here to build a new company, but to also continue our mission of developing and providing solutions that make life better for people living with diabetes. At Embecta, we keep their needs front and center because we want everyone to be able to enjoy life unlimited by diabetes. As we turn to the next slide, you will see the strategic priorities that will help us advance towards this vision. First, we remain focused on strengthening our base business while maintaining our global leadership position in the category of insulin injection devices. Second, we continue to make progress in stand-up and separation activities to ensure success as an independent company. Finally, we remain focused on accelerating our constant currency revenues as we continue investing in growth, most notably around our insulin patch pump program that is being developed for the Type 2 market, as well as seeking M&A and additional partnership opportunities. We are moving with purpose and urgency in each of these three areas. During the third quarter, our team's disciplined execution was the key to delivering solid financial results that once again exceeded our expectations while also advancing these strategic priorities. In terms of strengthening our base business, we recently initiated a pilot launch of a final gauge pen needle with our Nano Pro hub design in Japan. Today, with more than one out of three people injecting with a 34 gauge pen needle in Japan, we are proud to provide another option for them to choose from. We look forward to getting feedback from our customers regarding this new product over the next several months. We also made progress in our separation efforts, as demonstrated by the exit of several transition service agreements as we continue to build up our internal organization, systems, and processes. This includes the implementation of our own global HR information system, the rollout of a new customer relationship management system, and the setting up of our global IT network. Importantly, we also began the demerger process for our manufacturing facility in Suzhou, China. As we've noted before, this was a deferred entity at the time of our separation from BD. The transfer of the Suzhou plant to Embecta follows a specific process involving several steps, including obtaining licenses, registering products, and undergoing inspections. The first step is obtaining a business license, and we have done so. Now, as required by local regulations and as we have long planned, we have temporarily suspended operations at our manufacturing facility as we go through the rest of the steps. During this temporary suspension period, we have begun implementing our new enterprise resource planning system at the facility. As a reminder, we have built up enough inventory to ensure continuity of product supply to our customers during the time that the shutdown is anticipated to last. Finally, from an invest for growth perspective, our patch pump program continues to make good progress, including on the development effort required for the integration of Tidepool's insulin dosing algorithm. We have also initiated a small observational study in partnership with the Jaeb Center for Health Research, to analyze adults with Type 2 diabetes currently using Tidepool's algorithm. As you might recall, our Tidepool collaboration is specifically for the Type 2 closed-loop patch pump. Based on the plan of the patch pump program we have previously laid out, our initial focus is on the filing of a 510(k) and obtaining FDA clearance in the US for the open-loop version. This is expected to be followed by a clinical study for our closed-loop version, with the intention to subsequently obtain FDA clearance for use of the closed-loop system in individuals with Type 2 diabetes. Overall, even as our team has been working on critical projects to stand up Embecta, exit TSAs, and drive future growth, our global team has continued to execute commercially. This has allowed our core injection business to remain stable and once again, raise our guidance for key financial metrics for fiscal year 2023. Now, let's review our third quarter and year-to-date revenue performance in a bit more detail. During Q3, we generated revenue of $286.1 million, which represented a decrease of 1.7% on an as-reported basis and 0.3% on a constant currency basis. When normalizing for the impact of year-over-year changes of the non-diabetes products that we contract, manufacture, and sell to BD, our underlying core injection business grew approximately 0.5% on a constant currency basis. These results exceeded our previously communicated expectations, which called for a sequential decline in our as-reported revenue dollars from Q2 to Q3. In relation to our previous expectations, from a product standpoint, Q3's revenue came in stronger, primarily due to the performance of our pen needles and safety products, as well as slightly more than anticipated contract manufacturing revenue during the quarter. While from a geographic perspective, Q3 revenue came in better than we previously thought in most countries, including the US and China. Regarding the US, during the quarter, revenue totaled $153.9 million, which was a year-over-year constant currency decline of approximately $4.1 million or 2.6%. This was driven by two things that contributed almost equally. The first being lower year-over-year contract manufacturing revenue from the sale of certain non-diabetes products to BD, which impacted the US by about $2.3 million. The second being unfavorable changes in volume, which had an impact of approximately $1.8 million. As a reminder, during the third quarter of 2022, our business in the U.S. benefited from the timing of distributor orders and as a result, had a difficult comparison. Had it not been for this timing item that positively impacted the year-ago quarter, our results in the U.S. for our core injection products would have been up modestly. Lastly, pricing in the U.S. was flat in the quarter as compared to the year-ago period, as increases in the average selling prices of like-for-like products was offset by a rebate reserve adjustment that positively impacted the year-ago quarter and did not reoccur this quarter. Turning to our performance outside of the U.S. During Q3, international revenue totaled $132.2 million, which equated to year-over-year constant currency growth of approximately $3.2 million or 2.4%. Growth internationally was primarily due to favorable pricing dynamics, as well as an increase in product volumes, which were aided by a competitive product supply shortage in certain regions. Turning to our revenue performance for the first nine months of the year, we generated revenues of $838.9 million, which represented a decrease of 1.9% on an as-reported basis, but an increase of 1.4% on a constant currency basis. When normalizing for the impact of year-over-year changes in non-diabetes products we contract, manufacture, and sell to BD, our underlying core injection business grew approximately 0.8% on a constant currency basis. From a regional perspective, U.S. revenues totaled $449.6 million, which was relatively flat on a constant currency basis. While international revenues totaled $389.3 million, which equated to year-over-year constant currency growth of approximately 3.2%, driven primarily by emerging markets performance. That completes my prepared remarks, and with that, let me turn the call over to Jake Elguicze to discuss our Q3 financial results in a bit more detail, as well as provide our updated fiscal 2023 financial guidance and underlying assumptions. Jake? Thank you, Dev, and good morning, everyone. Before I discuss the financial results, I would like to remind the investment community that Embecta was spun off from BD on April 1, 2022. That the financial results during the pre-spin periods were based on carve-out accounting principles and do not reflect what Embecta's financial results would have been had Embecta operated as a standalone public company. Therefore, the financial results for the 9-month periods ending June 30, 2023, and June 30, 2022, are not meaningfully comparable. Given the discussion that has already occurred regarding revenue, I will start my review of Embecta's financial performance for the 3rd quarter at the gross profit line. GAAP gross profit and margin for the 3rd quarter of fiscal 2023 totaled $189.5 million and 66.2%, respectively. This compared to $202.9 million and 69.7% in the prior year period. The year-over-year decline in GAAP gross profit and margin was expected and was due to a combination of factors, which include the impact of inflation on the cost of certain raw materials, direct labor and overhead, product and geographic mix, incremental stand-up and separation costs, and FX. This was somewhat offset by manufacturing productivity improvement programs and increases in the average selling prices of our products. While on an adjusted basis, gross profit and margin for the third quarter of 2023 was $189.6 million and 66.3%. As compared to our prior outlook, our adjusted gross margin during the third quarter of 2023 was better than we previously expected, this was due to higher than anticipated revenue, favorable geographic and product mix, and our ability to manage the costs incurred to stand up the organization. Turning to GAAP operating income and margin. During the third quarter, they were $51.3 million and 17.9%, respectively. This compared to operating income and margin of $97.1 million and 33.4%, respectively in the prior year period. The decline in year-over-year GAAP operating income and margin is primarily due to the GAAP gross profit changes I just discussed. An increase in selling and administrative expenses associated with separating and standing up Embecta to operate as a publicly traded company, an increase in research and development expenses related to our insulin patch pump program, as well as an increase in the amount of certain one-time separation-related expenses that we do not anticipate reoccurring in the future. On an adjusted basis, during the third quarter of 2023, operating income and margin totaled $79.8 million and 27.9%. The adjusted operating income and margin performance during the third quarter of 2023 was better than we previously anticipated. This was due to the overachievement at the adjusted gross profit and margin line that I referenced earlier. Turning to the bottom line, GAAP net income and earnings per diluted share were $15.2 million and $0.26 during the third quarter of fiscal 2023. This compared to $62.4 million and $1.07 in the prior year period. The decline in year-over-year GAAP net income and diluted earnings per share is primarily due to the GAAP operating profit drivers I just discussed, as well as an increase in year-over-year interest expense associated with our variable interest rate debt. While on an adjusted basis, net income and earnings per share were $39.8 million and $0.69 during the third quarter of fiscal 2023. Lastly, from a P&L perspective, for the third quarter of 2023, our adjusted EBITDA and margin totaled approximately $92.2 million and 32.2%. Like our adjusted operating profit, due to the revenue and gross profit overachievement in the quarter, our adjusted EBITDA during Q3 also exceeded our previous expectations. Finally, with respect to our balance sheet and financial condition at quarter end. As of June 30, 2023, we held approximately $317 million in cash and cash equivalents, and approximately $1.64 billion in debt, which, taken together with our last 12 months adjusted EBITDA, resulted in a net leverage ratio of approximately 3.4 times. That completes my prepared remarks as it relates to Embecta's financial results for the third quarter of fiscal 2023. Next, I'd like to discuss Embecta's updated 2023 financial guidance and certain underlying assumptions. Beginning with revenue. Given our year-to-date performance, we are tightening our constant currency revenue guidance range, as we are now calling for full year 2023 constant currency revenue growth of between 0.5% and 1%. This is an increase of 50 basis points on the low end, with about half of the increase due to our core injection business and about half due to contract manufacturing revenue. As it relates to the contract manufacturing of non-diabetes products that are sold to BD, our updated full year constant currency revenue range assumes no additional revenue associated with this during the fourth quarter. This compares to approximately $10 million of contract manufacturing revenue that was generated during the fourth quarter of 2022. While we continue to make progress in this area, our updated full year constant currency revenue guidance range continues to assume an immaterial amount of revenue associated with any recently announced partnership agreements. Turning to our FX, they remain unchanged from our previous expectations, and as such, our updated guidance continues to call for a foreign currency headwind of approximately 2.5% during 2023. On a combined basis, we are raising the bottom end of our full year as reported revenue guidance from a range which called for a decline of between 1.5% and 2.5%, to a new range, which calls for a decline of between 1.5% and 2%. In dollar terms, this equates to a revenue range of between $1,107 million and $1,113 million. All totaled, our updated full year revenue guidance range implies the following for the fourth quarter: an as reported revenue decline of between 2.4% on the low end and a decline of 0.4% on the high end. An FX headwind of approximately 0.1% on both the low and high ends, and a constant currency revenue decline of between 2.3% on the low end and a decline of 0.3% on the high end. This implied constant currency range includes a headwind of approximately 3.6% related to the lack of contract manufacturing revenue in Q4. While we anticipate that our core injection business will grow between 1.3% and 3.3% on a constant currency basis, the expected acceleration in constant currency revenue growth within our core injection business during the fourth quarter is largely attributed to anticipated performance in both the U.S. and China. Moving to margins. Based on the performance that was achieved year to date, we are raising our expectations for adjusted gross, adjusted operating, and adjusted EBITDA margins, as we now anticipate that our adjusted gross margin will be approximately 66%, up from our prior guidance of approximately 64.5%. Our adjusted operating margin is expected to be approximately 29.5%, up from our prior guidance of approximately 28%. While our adjusted EBITDA margin is now projected to be approximately 33.5% for full year 2023, up from our previous guidance of approximately 32.5%. Our updated guidance ranges imply a sequential step down in our margin profile from the third quarter to the fourth quarter, and this is expected to occur due to a combination of factors, including lower anticipated revenue dollars in Q4 versus Q3, and the associated negative manufacturing variances, the ongoing temporary suspension of our manufacturing operations of our facility in China, unfavorable product mix, and incremental stand-up costs and FX headwinds. Continuing down the P&L, we currently expect that net interest expense will be approximately $112 million, or slightly favorable as compared to our previous expectation, which called for interest expense of approximately $130 million during 2023. While our assumptions regarding our non-GAAP tax rate and weighted average shares remain unchanged at approximately 25% and 57.7 million shares, respectively. At the bottom line, this translates into our new full year 2023 adjusted earnings per share range of between $2.75 and $2.80, which is an increase from our previous range of between $2.50 and $2.60, or a raise of approximately $0.23 at the midpoint. In summary, the better than previously anticipated performance in the third quarter is translating into our increased full year financial guidance, as our thoughts regarding the fourth quarter are largely unchanged from when we last provided guidance in May. In closing, during the first nine months of the year, we made good progress in each of our three major strategic priorities, including strengthening the base business, separating and standing ourselves up as an independent entity, and investing in growth initiatives. It has been the focus on execution by our global team and resiliency of our base business that has allowed us to generate solid financial performance, thereby allowing us to raise our financial guidance following of the year to date. That completes my prepared remarks, and at this time, I'd like to turn the call over to the operator for questions. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. One moment for our first question. And our first question comes from Callum Titchmarsh of Morgan Stanley. Please go ahead. Thanks, guys, for taking the question. Just across the prep business, I know you touched on it briefly in your remarks, but I'd appreciate some extra clarity, if possible, on pricing. You know, specifically where you've been able to take price, capturing both products and geographies, and then how you expect this to trend as we head towards your fiscal year 2024. Thanks. Hi, Callum. This is Dev. Thanks for the question. With regard to pricing, you know, ever since we spun off now 5 quarters ago, we've been able to consistently take price across a variety of geographies. Most recently, in the most recent quarter, we were able to get some price in the U.S. as well as in geographies outside the U.S. You know, pricing is something, Callum, that happens to us on a rolling basis because we certainly have contracts that roll in and out across various geographies. Pricing overall globally can also get affected by customer mix and whether it's a tender business and whether we've won a tender or not, versus normal, what I'll call sort of retail channel business. I think consistently we've been able to take price. You know, I really don't wanna project price going forward, but certainly our efforts to optimize price in various markets around the world will, will continue. The pricing actually has also helped us in this recent inflationary environment by, by allowing us to offset the inflationary pressures that we've certainly experienced since then. Jake, is there anything you'd like to add? Yeah, sure. Maybe, maybe just a little bit more color regarding, regarding the impact. I, I would say on a- at a consolidated level, you know, we saw pricing drive about... a little less than about 1% of positive year-over-year constant currency revenue growth for, for total, total Embecta. That was largely due to, to pricing tailwinds that we saw outside of the US. Pricing in the US was flat, but, but I would say that, you know, in, in the US, we actually did see like-for-like pricing increases of about- that, that would have driven about 1% of, of revenue growth in the US year-over-year. That was offset by about a 1% headwind, coming from certain rebate reserve adjustments that were made in the third quarter of 2022 that did not reoccur and were a headwind then in terms of 2023. We continue to be pretty pleased by our ability to drive price, both, you know, in the U.S. on a like-for-like basis as well as through most countries internationally. Very good. Thanks a lot. Thank you. One moment for our next question. Our next question comes from Marie Thibault of BTIG. Please go ahead. Good morning, Dev and Jake. Nice quarter. I wanted to start here, and talk a little bit more about the revenue guidance. It seemed to me that, certainly contract manufacturing revenue was strong this quarter, and we aren't expecting any this quarter, so or next quarter. I understand that dynamic, but maybe you could walk us through your assumptions for base business growth. Any thoughts on sort of volume growth? I know you just talked about pricing, but volume growth in the US, international, and emerging market segments, for the rest of the year. Yeah. Marie, maybe I'll start, and then Dev can certainly, you know, weigh in here. You know, one of the reasons why we, we sort of break out the contributions from contract manufacturing revenue, as compared to sort of the, the core injection business, is because all along we've known that it's gonna be somewhat transient in nature as, as, as BD begins to just sort of insource the, their ability to manufacture that product itself, right? I think it's important for the investment community to understand that there's gonna be some ebbs and flows in, in any given quarter, as it relates to kind of the contract manufacturing revenue. While we did generate about $3 million worth of contract manufacturing revenue in the third quarter of 2023, it was still a headwind year-over-year of about $2.3 million. You know, that equated to, you know, about just under 1% of our constant currency headwind in the quarter itself. As we sort of move forward here for the fourth quarter, contract manufacturing is going to be a much, much larger headwind for us as compared to the fourth quarter of 2022. Right now, given what we know, we're not factoring in any additional contract manufacturing revenue for the fourth quarter of 2023, and that compares to about $10 million worth of contract manufacturing revenue that we generated in the fourth quarter of 2022. That alone equates to about a 3.6% constant currency headwind in Q4 versus the year ago period. If you were to sort of normalize for that, our guidance, you know, for the core injection business actually implies a step up in Q4. Right now, we're anticipating that the core injection business on a constant currency basis grows somewhere between 1.3% and 3.3%. That sort of acceleration in year-over-year constant currency revenue growth, it's largely coming from both, our expectations for the US as well as for, for China. Maybe just a couple points, Marie Thibault. You probably remember contract manufacturing is very low margin business for us. Certainly as it tails off, it allows us to think about what we want to do with that capacity in our plants, right? It's not something that's unexpected, it's not something that impacts us on the bottom line in any material way. With respect to revenue, you asked about volume. I mean, clearly, with the growth rates we're talking about for Q4, you know, admittedly with easy comparisons, because US had a timing benefit in Q3 of prior year quarter, which obviously moderated itself in Q4 of prior year quarter, that helps from a growth comparison. In China, you remember, was still in the throes of COVID and was coming, you know, was sort of dealing with that, and so allows us somewhat of an easy comparison in China for fourth, fourth quarter as well. Having said all of that, you know, that, that growth is going to come primarily from volume, and that's what we anticipate. Look, overall, from a guidance perspective, what we've done, Marie, is we've taken our performance in Q3 and sort of just added that to our expectations for full year. Our, our expectations for Q4, frankly, haven't changed materially from what we said. We are pleased that our business across the board is operating at the higher end of, of our range. We've taken the low end of our guidance up, as you can see, maintained our expectations, maybe bolstered them a little bit, higher confidence in Q4. That's what we've done. Okay, that's very helpful detail. Thank you for that. Maybe I can ask my follow-up on China. Good to hear that you've initiated the demerger process for the China facility. As we get closer now, what are your best expectations for when that facility will be shut down, how long that might take, and, and when we should start modeling, you know, an improvement in growth margins again? Thank you for taking the question. Yeah, sure, Marie. China, you remember, was a deferred entity, long planned. In fact, you know, we've been planning for it more than a year and a half now. Several steps involved, the first step of which is getting a business license, and we've actually done so already. With the receipt of that business license, you know, as required by local regs, and again, as long planned, we've suspended manufacturing operations. We wanted to take advantage of the fact that since the operations are suspended, we wanted to do our first deployment of an ERP solution, and that's going, that's going on right now. Obviously, when you implement ERP at a plant, you know, you want to be able to test that and run through different, you know, manufacturing work orders and whatnot, to make sure it's all operating. All of that process is going on right now. Marie, with respect to with timing, you know, we've refrained from actually talking about timing. Clearly, we don't want to get ahead of the regulatory authorities. We want them to to follow their process. Secondly, obviously, it would be competitively sensitive information. China and emerging markets tend to be a fairly competitive markets. Having said all of that, you know, we certainly built up enough inventory to cover and maintain continuity of product supply to our customers during the anticipated time. Everything so far is going per plan, and certainly, our thoughts are all incorporated in the guidance that we gave for this year. Marie, maybe I'll, I'll just jump in here. You know, as, as it relates to, to the potential margin pressure, obviously, as Deb, as Deb said, you know, we're anticipating a sequential step down, in part due to the fact that we're gonna see some, some negative manufacturing variances as a result of this temporary suspension. Again, I think it's still too early at this point in time, and we certainly don't want to jump in front of any regulators regarding, regarding timing. But, you know, we will see some continued year-over-year margin pressure as a, as a result of that in the nearer term. Then I think it's probably still a little bit too early to talk specifically about calendarization for, for 2024, but obviously, this is something that, we've known about for quite a long period of time, dating back to the pre-spin periods. We still feel very comfortable and think that an adjusted EBITDA margin of approximately 30% for 2024 is still very reasonable. All right. Thank you so much. Thank you. As a reminder, to ask a question, please press star one, one on your telephone. One moment for our next question. Our next question comes from Travis Steed of Bank of America Securities. Please go ahead. Hey, thanks for taking the question. I guess the first one I'll ask on, on the patch pump. Just curiously, have you already started the, a trial with the patch pump? I know you've said, you know, timing, not in 2024, but is there a chance that we could see something in, in 2025 there? Just any additional color you can provide on, on that, that pipeline program. Thank you. Yeah, Travis, you know, when you, when you ask about the trial, I assume you, you are talking about a trial for the closed-loop pump, that obviously the data of which will be submitted to the FDA with our 510(k) for the closed-loop. We have not started that trial. Our focus right now is on the open-loop system. I think as we have said, you know, we want to do the open-loop 510(k) into the FDA first. What we have done, is we started a small observational study with Tidepool. Actually, we've started the development work on engineering the, the engineering work required to integrate the Tidepool algorithm with our system. Certainly, you know, you can see that we are working in parallel on our closed-loop system, but our initial focus is still getting on the, getting the FDA, 510(k) in for the open-loop system. You know, with respect to timing, look, you know, I know we've said in 2024, no revenue, but I recognize that as we go through 2024, we certainly will wanna provide a multi-year outlook. As part of that, certainly we'll be talking about our patch pump, as we, as we go through 2024 as well. To answer your question directly, the, the trial that we have is an observational study. It certainly will provide us data that will help with the development of the closed-loop system, but it's not the data that will get submitted to the FDA for the closed-loop 510(k) clearance. Great. The follow-up, there's been, you know, a lot of conversation on kind of the competitive threats from the pharma side of things. 1, once-weekly insulins and 2, GLP-1s. The way I'd ask the question, first is, are you spending money today, like, on R&D in manufacturing, to develop products that could actually benefit from GLP-1s? The other way I'd ask the question on once-weekly insulins, just trying to think about, like, your overall mix of your, your business. Like, does it match the overall market where roughly half of those patients are on, on basal-only insulins? How would you think about the impact if the patients go from, you know, 7 in basal injections per week to 1 per week? Yeah. Travis, look, with, with respect to GLP-1s, I mean, that, that's a market we'll watch, watch closely. I think it's frankly, too early to say what impact it will have over the long run. We, we watch those We, we get all the market data, we see what's going on with the prescriptions. Right now, the data is a little bit confounding because there are a lot of prescriptions also for obesity, as we've all been reading in the press. Also, you know, the progression from, you know, all the way from diet and exercise for Type 2, to then oral drugs, to injectable drugs, and then finally to insulin, I mean, that's a multi-year process, right? It's gonna take some time for us to fully understand. You also know that this is mostly a developed market, primarily a US phenomena, right? All our growth really is coming from emerging markets. What we've seen, GLP-1s, by the way, have been around for a number of years, right? What we've seen is our US business has stayed fairly stable over that time. Now, I don't want to project sort of going out in the future, what we do to our business, but it is something that we are watching carefully. With respect to the program, you know, with respect to your question on, you know, what are we doing, if you will, broadly speaking, to maybe take advantage of the tailwinds in the new drug space? I mean, again, you know, I don't want to talk specifically about R&D programs, but it is an area we are watching closely. Certainly, you know, some of the ways these drugs are delivered, matches well with our manufacturing competencies, right? Injection molding, plastic parts, you know, attaching needles to them to create delivery devices for these drugs. So it's an area of interest for us, Travis, but honestly, I don't want to go beyond that with respect to where we are spending money on specific programs. With respect to once-weekly insulin, you know, I would largely put it in the same category of new drugs. I mean, once you take insulin on a weekly basis, right, there is always the danger of, you know, have you taken too much? So I think we got to wait and watch to see what happens with, with once-weekly insulin. With respect to sort of the proportion of our, our product that goes into basal insulin versus multiple daily injections, look, the market data on that is not very clear. You know, at the point of dispensation, we don't get data that tells us whether patients are using our products for daily injections or weekly injections. You know, rather than sort of give way guesstimates, I'm just gonna say that, you know, again, that's gonna be a US phenomena. Our growth is in emerging markets. We don't expect any of these new drugs, frankly, whether it be once-weekly insulin or these new GLP drugs, to make their way into emerging markets in an immaterial way for a period of time. Great. Thank you so much for that, helpful, you know, thorough response. Thanks, Travis. Thank you. I would now like to turn the conference back to Dev Kurdikar for closing remarks. Thank you, Didi. Before we conclude the call, I would like to express my gratitude to all my colleagues around the world for just the incredibly immense amount of work that they've been doing over the past year and a half to stand up and back us as an independent company. That they have been doing so without impacting our customers through what has been a fairly challenging operating environment and in the midst of a spin, is a testament to their commitment to fulfilling our mission of developing and providing solutions that make life better for people with diabetes. Thank you all for attending the call. We look forward to speaking with you again in a few months. Thank you for your interest in our business. This concludes today's conference call. Thank you for participating, and you may now disconnect.