Good day, thank you for standing by. Welcome to the Enovis first quarter 2022 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during that session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded, and if you require any assistance during the call, please press star zero. I would now like to hand the conference over to your speaker today, Mr. Christopher Hix, Executive Vice President and CFO. Mr. Hix, the floor is yours. Okay. Hey, good morning, everyone, and thank you for joining us today for our first earnings call since we launched Enovis. On the call today, of course, is also Matthew Trerotola, our Chief Executive Officer. Our earnings release was issued earlier this morning. It's available on the investor section of our website, enovis.com. Of course, we're using a slide presentation to walk you through today's call, which can also be found on the website. Both the audio and the slide presentation of this call will be archived on the website later today. During the call, we're gonna make some forward-looking statements about our beliefs and estimates regarding future events and results. These statements are subject to risks and uncertainties, including those set forth in the safe harbor language in today's earnings release and in our filings with the SEC. Actual results might differ materially from any forward-looking statements that we make today. These statements speak only as of today, and we do not assume any obligation or intend to update them except as required by law. With respect to any non-GAAP financial measures referenced during the call today, the accompanying reconciliation information relating to those measures can be found in our earnings press release and in the appendix of today's slide presentation. I would also like to mention that the financial results we will discuss today on this call are adjusted standalone results to give transparency to the Enovis results in the first quarter. We have provided a consistent comparison to prior year results. With that, let me turn it over to Matt, who will start us on slide three. Thanks, Chris. Welcome, everyone, and thanks for joining us for our first earnings call as a med tech company. We completed the separation of Colfax on April fourth by spinning off our terrific industrial business, ESAB, into a standalone company, and we renamed our company Enovis, a med tech innovator with the vision and capabilities to create better outcomes for patients. A great symbol of our new beginning was the ceremonial ringing of the bell at the New York Stock Exchange with many of our senior leaders. As I visit with our associates around the world, it's incredible how much positive energy has been unlocked through this relaunch of our company. We're really excited about the robust growth prospects we have at Enovis, both organic and inorganic. We're confident in achieving our 2024 goals of sustainable high single-digit organic revenue growth, 20% adjusted EBITDA margins, and over $2 billion in annual sales. We will be compounding value for our shareholders from growth, margins, and acquisitions, all underpinned by our Enovis Growth Excellence business system, known as EGX. Our journey to 2024 includes making significant progress in 2022. On slide four, we share some of our key 2022 strategic priorities. We're a growth company, and you've seen our success over the past few years, strengthening our operating, innovation, and commercial engines. The result has been faster growth in our markets, and we expect to continue to outpace the competition this year. Over the past 18 months, we improved our company by acquiring businesses that are accelerating our growth. The integration of these businesses is on track to deliver the expected results, and we have the financial capacity to support more strategic growth in 2022 and beyond. We're using EGX to support top line and bottom line growth. Through continuous improvement of our operations, we can better serve the customer while improving margins, even during the current inflationary environment. The foundation of our success is our associates, and I wanna thank them for their contributions to Q1. We will continue to invest in our talented teams to drive long-term sustainable competitive advantage. A moment ago, I mentioned acquisitions, and on slide five, we take a closer look at our progress and success. Our recent acquisitions include Mathys, which substantially expanded our fast-growing Recon segment outside the U.S. and opened up many new opportunities for cross-selling our leading products. We also acquired three businesses to create a new fast-growing foot and ankle platform. The LiteCure acquisition expanded our PNR offerings into fast-growing treatment modalities and adjacencies. These businesses are achieving our strategic objective of increasing Enovis' growth and margins. They collectively had over 15% pro forma growth in Q1 with gross margins in the mid-60s%, both significantly higher than our company averages. Our teams are making great progress on integration. We recently launched our EMPOWR 3D Knee and AltiVate Reverse Shoulder products into the Mathys sales channel. We remain on track for the $15 million run rate of cost synergies by the end of 2024. I was in Switzerland last week for the celebration of the Mathys 75th anniversary. I was extremely encouraged by what I saw. Great excitement and momentum in the Mathys team and seamless collaboration with their U.S. counterparts. I also got to check in on the globalization of LiteCure by our PNR team. We've added sales resources in key countries and have strong revenue momentum and healthy funnels. In our fast-growing foot and ankle platform, we've launched two great new products this year, the DynaNail Helix and the Arsenal Ankle Plating System, to support continued strong growth. These examples clearly show how we use acquisitions to accelerate our strategies and shape our portfolio. We have a full and active pipeline of acquisition candidates and expect to remain active on this key dimension of our strategic value creation model. On slide six, we share some first quarter highlights, including a strong 21% increase in sales to $375 million, reflecting our acquisition successes and organic growth of 7%. Both of our segments again outgrew their respective markets. We also achieved 25% growth in EBITDA and expanded margins despite the external environment challenges, including supply chain and inflationary pressure. Overall, we're off to a strong start in our first year as a new med tech company. Slide seven summarizes our 72% first quarter Recon segment growth, including double-digit organic growth. This performance is well above market growth rates and includes 20% growth in U.S. hips and knees and 12% in U.S. extremities. Our knee growth was significantly above market rates as we continue to make strong progress in the ASC segment. Overall, Recon was well above 2019 levels, reflecting sustained outperformance through the pandemic and a strong start to 2022. We have a terrific surgical portfolio that is gaining momentum, scale, and strength. I commented earlier on the high pro forma growth in our recent acquisitions. The Mathys and foot and ankle businesses in Recon are performing very well with double-digit growth this quarter. Sales volumes across our Recon businesses improved throughout the quarter as COVID-related restrictions subsided. We expect continued improvement in elective surgery volumes throughout the year in most regions, though we'll likely encounter some volatility as governments respond to flare-ups. Our prevention and recovery business also demonstrated attractive growth as shown on page eight. Our 6% organic sales growth was better than underlying market growth and in line with our three-year plan to create a consistent mid-single-digit grower. Part of our success is due to the 2020 LiteCure acquisition, a good example of how our acquisitions can complement and strengthen our businesses. We grew faster in U.S. PNR markets as some international markets still had COVID pressure. Our market-leading bracing business grew 7% in the U.S., including benefits from MotionMD clinic penetration. Our PNR business has a strong pipeline of new product launches over the remainder of 2022, and we expect to convert that into healthy vitality numbers. We're selectively deploying customer price increases to help battle inflationary pressure, and we'll continue to dynamically manage this. With that, I'll now turn it over to Chris, who will unpack our financial results a little further. Chris? Well, thanks, Matt. Let me remind today's call participants that the appendix of today's presentation has a reconciliation between the Enovis go-forward financials and our 10-Q financial statements that included the now spun-off ESAB business. Starting in the second quarter, we will report a continuing operations presentation that will exclude ESAB from all periods presented. Turning to slide nine, sales grew sharply in the first quarter as Matt elaborated earlier. Our acquisitions contributed 15 points of growth. We had one point of currency headwind, and our organic growth was 7%. We had an extra selling day in the first quarter of this year versus last year that contributed about a point of that growth. In the second quarter, the number of selling days will be less than in Q2 of 2021. Gross margins expanded over the prior year as we realized the benefit from our high-margin acquisitions. Our operations teams are keeping customers well supplied in the face of continued supply chain challenges, and we are seeing the inflation we expected for the first half of the year. Our results reflect the successful initial transition of our corporate costs to a lower level, and we are taking steps to further streamline our cost structure. Our year-over-year EBITDA margin expansion includes these actions and also the investments to support continued fast growth and market outperformance. We expect our margins to sequentially strengthen into the second half due to operating leverage and cost actions. Our first quarter growth and margin expansion contributed to our 25% increase in EBITDA and $0.37 of earnings. These results assume the monetization of our 10% stake in ESAB, resulting in no assumed net debt. Slide 10 lays this out in more detail. We finished the quarter with $265 million of net debt and a retained stake that was valued at roughly $269 million at the time of separation, netting to a slight positive position. We will be funding the separation costs through the end of the year, which could push us into a small net debt position depending on how the ESAB value develops. As a reminder, we will exchange the ESAB stake for our outstanding debt within 12 months of the separation. Regardless of the timing of the exchange, we have ample financial capacity to support our strategic growth program as we drive to sustainable high single digit organic growth in 2024. Our outlook for this year is unchanged, as shown on slide 11. We are pleased with our first quarter performance and our start in the second quarter. Top line risks from COVID have been on the lesser end of the range we identified for the first half of the year. Flare-ups still happen in our markets, but tend to be fewer and with less duration. Organic revenue growth looks to be in good shape, and our acquisitions are performing as expected. We're encountering increasing currency translation headwinds from a stronger US dollar that could blunt some of our reported growth this year. On balance, we are reaffirming our existing full year revenue guidance of 10%-14% total growth. We believe second quarter revenue will be $395 million-$405 million, with the largest performance variables being currency and supply chain. We started the year with expectations of supply chain pressures moderating in the second half, positioning us to take back some ground in 2023. We have not yet seen that moderation. Accordingly, we continue to add inventory buffers and are taking additional steps to control our costs and increase customer prices where possible. We remain confident in our ability to deliver substantial EBITDA growth this year and are reaffirming our previous full year profit guidance. We are expecting second quarter EBITDA margins will be in line or slightly better than prior year Q2 levels. Wrapping up on slide 12, I think you can sense our excitement for the new company in Enovis. Several years of business improvements and portfolio shaping have created the foundation for a fast-growing med tech company with real opportunities for margin expansion. We are already delivering clear signs of our progress with strong first quarter performance. We continue to organically outgrow our markets, and our acquisition strategy is clearly bearing fruit. Enovis has a bright future for creating value for our investors. With that, Chris, we're gonna go ahead and open up the call for questions. Thank you, sir. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, please press the pound key. Stand by as we compile the Q&A roster. Our first question comes from Jeff Johnson of Baird. Your line is open. Thank you. Good morning, guys. Just a couple questions here for me, if I could, and congrats on the first quarter out of the box here. On the 12% U.S. extremities number, is that a shoulder organic growth number, just to confirm that? Maybe just an update on what you're seeing competitive dynamics in the shoulder market here in the U.S. Yeah. Hey, Jeff, good morning, and thanks for joining us on the call. Yeah, we're excited to have our first call here this morning. Yeah, when we communicate extremities, as you know, that is largely driven by our shoulder franchise. We talked about pro forma organic growth, so in that sense, it also was reflecting the foot and ankle franchise that we have as well. Matt, any additional? Okay. Any updates there just on the competitive dynamics within the U.S. shoulder market and how the shoulder business itself performed? Yeah, in the shoulder business, we're confident that we've been outgrowing the market there in shoulder. We're confident we did again in the first quarter looking at our shoulder growth up against what we can see of reported results there. We also continue to have strong growth in our reverse shoulder as the biggest piece of that by far, but are also making some great inroads into anatomic, particularly with our stemless there. Hey, Jeff, just to clarify there, just as a coincidence, our organic growth and our pro forma growth with the foot and ankle franchise are both 12%. Just the math just happened to work out this quarter that way. All right. That's helpful. Great. Then, Chris, can you just quantify the extra or the less selling day in 2Q? Is that a 100 basis point headwind then we should build in 2Q, or is it just the one single selling day there? Then on the full year organic growth, are we still looking at that 6%-8% as the right range to be thinking for full year organic growth? I think that's what you've guided to in the past. Thanks. Yeah. Let me start with your second question first, which is the 6%-9% organic growth is what we had outlined for the full year, and we don't see any real reason that changes. Obviously, the bottom end of that is getting de-risked as we work our way through the first half of the year with less COVID friction. We see ourselves organically migrating a little bit up, but now we're seeing, of course, this FX friction that's coming in, the currency translation. We think it's prudent to stay in that double digit growth that we've got for the full year, total growth of 10%-14%. On the selling days question, in the first quarter, we did mention that we had about a point of tailwind. As we get into the second quarter, the selling days will be sort of a point or maybe a point plus as we reflect on the different holiday schedules in both Europe and the US. There'll be a little bit of a headwind there for Q2 from selling days. All right. That makes sense. Thanks, guys. Thanks. Thank you. Our next question comes from Matthew Mishan of KeyBanc. Your line is open. Hey, good morning, guys, and congrats on a good start. Hey. Just to follow up to that, just how should we think about the 2Q comparisons from last year? I think 2Q was a pretty strong recovery around med tech. Did you also see that, and is it a difficult comp for you? Yeah. Thanks for the question there, Matt. Yeah, so we saw, as we've talked about and everybody's talked about through Q1, we saw, you know, improvement through the quarter here this year, in terms of, you know, in terms of rates. As we get into Q2, we certainly expect to hold that improvement and even get some benefits as the markets outside the U.S. move through the other side of some of the COVID pressure. At the same time, the comps get tougher 'cause there was some recovery in last year. We're expecting the growth in Q2 to be, you know, kinda at or a little above what we had in Q1 when you adjust for those selling days, as Chris talked about. As we get to the back half of the year, we expect to, you know, to be able to have the potential for some nice acceleration depending on how the COVID environment plays out. 'Cause obviously in the back half of the year, the comps get quite a bit easier. Okay. Excellent. Gross margin, at least versus our model, came in better. Is this a good starting point, as we kinda move forward, or are some of the inflation dynamics gonna impact that through the remainder of the year? Yeah, so thanks for that question too. The gross margins in the first quarter were solid. It does reflect the benefit we're getting from the acquisitions, the continued work on the operating side of the house. We view this as, you know, as we transition to the back half of the year, a clear opportunity for those margins to expand a bit, and that's a combination of operating leverage and the work that we're always doing on the productivity side. Inflation is a bit of a wild card for us, something that we're continuing to manage and monitor and work through and, but we still see, regardless of that, a pretty clear path to second half expansion in gross margins. Okay. Then just two questions on Mathys. I guess first, do you sense that there's a backlog of procedures that need to be unwound that were not done over like the last, you know, two years that provide a little bit of a tailwind for European orthopedics? Can you just give us a sense of your launching the EMPOWR Knee into that channel of the dynamics of several of those markets, why you think that would be successful? Yeah, sure. First as far as the backlog question, you know, I think that if I say generally, you know, not just Europe but everywhere, you know, certainly at this point in time, we've had, you know, now three years if you include the, you know, the first quarter with limited market growth in the Recon product lines. You know, I think everybody, you know, seems to believe that at some point we're gonna be able to get some reasonable amount of that back 'cause the patients had the diseases and they continue to advance. We do expect that in the coming years there is the potential to have, you know, a sort of some market tailwind as that backlog gets worked off, and that would apply to Europe, as well as the U.S. Remains to be seen whether that'll come quickly or more kinda gradually over time. It's certainly an opportunity for, you know, for us and the whole industry to take advantage of working off that backlog over time. In Europe, we saw, if we look at the experience over the last year or two, certainly each time there was pressure, you know, there was then some nice recovery. For example, there's been some, you know, some pretty heavy pressure in Australia. You know, Western Australia was shut down for the last handful of weeks. I heard that it's just opening back up. You know, in that market there's probably gonna be a nice little period of recovery as folks try to catch up from some of what they lost during that period. You know, that's gonna vary market by market in terms of how things play out. We are very excited about the Mathys start with you know, the double-digit growth that we talked about there pro forma in the first quarter and we see great opportunity there to continue the strong progress in that business. The EMPOWR™ Knee, Mathys historically has been very strong in hip. They've kinda consistently outgrown the market. They were a pioneer in that market going back 75 years ago. They've historically been able to outgrow the market pretty nicely in their hip products. They've done quite well and typically outgrown the market in anatomic shoulder. You know, but they have not really had a strong position in reverse shoulder. In particular in knee, they've had products that were you know pretty you know pretty long in terms of how long they've been out there and not winning share in the markets. We do see great opportunity. The team over there is thrilled to have the EMPOWR™ Knee coming in, and there's already been some good activities to get KOLs educated and excited over there, collaborating with some of our KOLs from over here. We've already had, you know, some initial rounds of, you know, of being out in the marketplace and talking with surgeons and getting them ready to try the products. Now we've got the instrument sets in the market and are going through the launch there here in May. We've had terrific responses in key markets over there. You know, we do expect to be able to build some nice momentum over time in the EMPOWR™ Knee and, you know, flip that position over in knee from a below market growth position to an above market growth position as we work through this year and into next year. Okay. Thank you for taking the questions, guys. Thank you. Our next question comes from Vijay Kumar of Evercore ISI. Your line is open. Hey, guys. Thanks for taking my question and congrats on a good start here. Thank you. Maybe my first one on the guidance. Hi, guys. On Mike, on the first question here on the guidance, total revenue growth of 10%-14% was reiterated, but I'm assuming FX did get incrementally worse. Perhaps could you talk about whether the underlying organic growth assumptions accelerated and perhaps some of that is masked by incremental FX headwinds? What changed on FX, and did anything change on pricing contribution for the year versus prior guidance? Okay. Yeah. No, thanks for the question, Vijay, and good morning. Yeah, so as we commented on earlier, the keeping the total growth in place at 10%-14% embodies within it the previous 6%-9% organic growth. As I commented a moment ago, what we're seeing is a COVID de-risking in the first half of this year that gives us confidence that you know, we're sort of sliding up the scale from the six, you know, moving closer to the middle or higher end of that range there with that possibility. On the other hand, we've got a little bit more FX headwind that's come into play. We put all that together and said, "Hey, it looks like the 10%-14% guidance, the double-digit, you know, guidance, growth guidance for the year makes sense to, you know, makes sense to maintain." In terms of FX, we started the year with an assumption it would be about a point. You know, looks like that if rates hold the way they are, we may have added another point on top of that. But still, that doesn't disrupt the overall story that we've got. It just, you know, it just means we have to take that, a clear-eyed look at that as, you know, as we look at the guidance for the year. The organic growth, the fundamental healthy organic growth that we've got is, you know, I would argue we started at 6%-9%, and we're, you know, it has a strengthening profile now that we're, we've gone through the first quarter and that, we're about halfway through the second quarter. Yeah. Vijay, speaking to price, you know, as we've talked about, we had quite a bit of inflationary pressure in our PNR businesses in particular over the last year or two. The back half of it last year started to get some price and have gotten more here in the first half. We continue to work that, to monitor that inflation, and to put price through wherever we can in different places around the world and different channels. We've also gotten, you know, some help in some cases from, you know, reimbursement changes and from being able to make changes in GPO contracts and things. You know, I would say the amount of price, you know, is, you know, kind of modestly ticking up as we work our way through the first half of this year, but not in a way that substantially changes the growth outlook, but in PNR, certainly we're working hard to make sure that we start to pull back some ground on price cost in the back half of this year, you know, even as inflation stays high. Then we're positioned as we move into next year and beyond to pull back more of that price cost squeeze on the PNR side. That's helpful. Then one on margins here. We started Q1, call it low-teens%. Maybe just talk about the progression here. I think your adjusted EBITDA targets imply mid-teens%, perhaps at the upper end of mid-teens% margins. Is there a seasonality here in terms of how the expenses ramp or is the gross margin function of gross margins? Maybe talk about some of the drivers here on the first half versus second half cadence on margins. Okay. Yeah. There is an underlying fundamental element of seasonality to the margins in that they're tied to some degree to the revenue profile. That is, as we get more revenue, we get more operating leverage. It's not uncommon for us to finish the year with a very strong, you know, fourth quarter, and then as first quarter revenues are typically the lowest in a year, that we would see a lower margin profile. You put that together with the improvements that we're making in the business, and I think there's a pretty clear path here as, in fact, the comments we made in our prepared remarks suggest that we expect margins to step up from Q1- Q2. No surprise there with the stronger seasonal revenues and other improvements we're making. As we get in the back half of the year, we'd expect to see the margins in the second half higher than the first half of the year, given that, you know, that overall higher revenue level between the two periods and the first half and the second half and the improvements that, you know, that we continue to make in the business on the cost side. You know, it's a combination. We talked about our corporate costs coming down, and in addition to that, we're doing some other work on overall OpEx in the company. There's the usual work that we do on productivity in the operations side of our business. Now, all of that gets reflected in the improving EBITDA profile that we've got. Some of it shows up in gross margins because of the operating leverage and the productivity on the sourcing and operational side, and some of it shows up only in the EBITDA margins because of the OpEx improvements that we're making. Yeah, we do have a nice path forward to improving margins from Q1 through the end of the year. That's helpful. If I could squeeze one more in. I think U.S. Bracing is something that you called out in your prepared remarks. You know, when you look at the high singles U.S. Bracing growth number, Mike, how much of this was normalization of volumes versus you know, share gains? Maybe talk about what drove the U.S. performance. Yeah, sure, Vijay. For sure there's a little bit of price in that, and a little bit of normalization of volumes. But we still feel like it's a, you know, an above market, you know, share gain profile. You know, I think we've been able to stay in a solid place supporting customers through the pandemic. As we've come out here the end of last year into this year, our delivery levels, you know, have improved. We've made some strategic inventory investments to make sure that we're protecting our customers there. We do think that our ability to serve customers is helping us. We're also, you know, kind of well into the double digits in terms of a new product vitality. We've been talking about for a few years now that, you know, once we get back into a healthy vitality position in that business, you know, we'll be able to leverage our strong brand and channel leadership and drive above market growth. We continue to make nice progress on, you know, gaining clinics with our MotionMD, you know, software and workflow technology, and having that be a way that we, you know, we increase our penetration into the marketplace. We think all those have come together to put us, you know, back into a solid leadership position in U.S. bracing that should enable us to drive at or above market growth over time. In the first quarter, we were in that, you know, above market growth range. Understood. Thanks, guys. Thanks, Vijay. Thank you. We have a question from Josh Jennings of Cowen. Your line is open. Hi. Good morning. Thank you for taking the questions. I wanted to touch on the knees and hips business and, you know, really strong growth here in Q1. Congratulations on the start and initial quarter as a public company or post-spin. Just thinking about the ASC channel and how Enovis is positioned there, and did you see outsized growth in the ASC versus the hospital channel in the US? Then the second follow-up question is just on robotics. I believe historically your implants have had compatibility with THINK Surgical's TSolution One. I'm just wondering if you're seeing any traction there or getting any lift from that partnership. Thanks for the question, Josh. First of all, yeah, the hip and knee growth was nice and strong in the quarter, you know, with knee being very strong, and fueled by that ASC position. It's not just one quarter, right? If you go back and compare to 2019, which, you know, someday we can all stop doing, I think you'll find it's quite remarkable how much ground we've covered in that period of time versus the peers. We really have a powerful position there in hip and knee that is gaining share consistently. You know, ASC is a key part of that. Our knee is a knee that is more stable. You know, really was a kind of a breakthrough knee, the EMPOWR™ Knee, when it came out and has better stability, which you know, it takes the patient satisfaction levels up, particularly for younger patients that are looking for a more stable knee. Those are the patients that are good fit for the ASC. We've also you know, in many cases already got positions in the ASC and their clinics through our other businesses on the PNR side. Our brands are known. That's been an asset to us as we serve the ASC. You know, we've shared that, you know, our business is approaching 20% of it in knee in the ASC, which we believe is well above the percent of the market that is in the ASC. We do believe in Q1, again, that strong position in the ASC helped to fuel our knee share gain in particular. You know, on the robotics front, you know, we've talked about our strategy, you know, in our investor call a month or two back. We talked about our strategy there that we do think that, you know, surgical workflow and computer assisted surgery are, you know, very important parts of where the market is going in Recon. Our strategy is really to have the right solutions for each part of the anatomy and for, you know, the settings that are, you know, growing the fastest. You know, like we've always had a great surgical planning solution for years, which is really the, you know, critical solution there. We have had some collaboration with THINK in the past that has been a way for patients to have access to a large robot if they're looking for something like that. That's been a nice collaboration there. We also shared lately at the academy our ARVIS® Augmented Reality System that is 510K cleared and we'll be bringing that into the marketplace. We believe that augmented reality solution is gonna be a great breakthrough, particularly for the ASC environment, given the space constraints and the time constraints there. We see that as a critical next part of our offering there in hip and knee to be able to continue that strong growth in ASC. You know, we'll continue to evolve our solutions across each part of the anatomy to make sure that we remain in a strong position. I appreciate that. Thank you. One follow-up on Mathys, and that's gonna turn organic, I believe, in a month or so. Wanted to just better understand or just get a reminder of geographic expansion plans, you know, as you move forward outside of Mathys' covered geographies and also just the new product registrations and how the MDR process has been going. You guys have launched EMPOWR™, 3D Knee, and AltiVate® Reverse into the Mathys sales channel. What's to come as we move through this year and into 2023? It's just further geographic expansion plans using Mathys' footprint and also new product registrations over the next 12-18 months. Thanks a lot for taking the question. Yeah, sure. Thanks, Josh. The thing I'll clear quickly is our PNR business is extremely global. We're a global leader in each of our key businesses there, bracing and rehab. You know, that's something that you know is a strong position that we're continuing to build on. Mathys was really a significant globalization of our shoulder business. We had very limited recon business outside the U.S., and the acquisition of Mathys did a couple things for us. One, it gave us you know a significant amount of outside U.S. business, some key you know direct channel positions in key attractive markets. It also brought a very complementary product line. You know, as I said earlier, they were strong in hip and you know anatomic shoulder. We've you know we've always been very strong in reverse shoulder and in knee, and you know we've been building out a strong hip position as well in the U.S. So just really a hand-in-glove fit in terms of our joint product lines and a great chance to drive cross-selling. As I talked about, we've already started that cross-selling now with the EMPOWR and the AltiVate you know coming in. We already had key parts of those offerings cleared outside the U.S., and so the Mathys team, you know, is already actively in a number of markets selling those products, and we expect those to create you know, the first wave of synergy between our companies from a revenue standpoint. You know, obviously we're actively working on EU MDR. We've been through a lot of the work on our Class I products in PNR. Now, you know, we're working actively on the Recon products and some of our rehab products. You know, we've got a great team, great plan and process. We've been able to do some nice cross-learning between Mathys and our teams, you know, that we had before we acquired Mathys and I think improved our approaches there. It's, you know, a significant investment that we need to make in those clearances, but it's also an investment that not everybody's gonna be able to make. We do think there's gonna be some, you know, advantages to leading players who make those MDR investments. Over time, there'll probably be, you know, more, not less acquisition opportunities that arise based on some of the barriers that are created from that MDR. Great. Thanks again. Thank you. Speakers, I see no further questions in the queue. I will turn the conference back over to Mr. Christopher Hix for closing remarks. Okay. Well, listen, thank you all for your interest in Enovis, and we look forward to updating you on our progress throughout this year. Thank you. This concludes today's conference call. Thank you all for participating. You may now disconnect and have a pleasant day.