Good afternoon, welcome to Paragon 28's 4th 1/4 2022 earnings conference call. Currently, participants are in a listen only mode. We'll be facilitating a question answer session at the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to hand the conference over to your host today, Mr. Matthew Brinckman. Mr. Brinckman, please go ahead. Good afternoon. Thank you for joining Paragon 28's 4th 1/4 2022 financial results and earnings call. Presenting on today's call are Albert DaCosta, Chairman and Chief Executive Officer, and Steve Deitsch, Chief Financial Officer. Before we begin, I would like to remind you that management will make statements during this call that will include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements made as the company's or management's intentions, hopes, beliefs, expectations, or predictions of future events, results, or performance. These forward-looking statements are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from these forward-looking statements. All forward-looking statements are based upon current available information. Paragon 28 assumes no obligation, except as required by law, to update these statements. Additional information concerning certain risks and uncertainties that may impact these forward-looking statements is contained from time to time in the company's SEC filings and in the press release that was issued earlier today. During this presentation, we will refer to the non-GAAP financial measure of adjusted EBITDA and constant currency net revenue growth. A reconciliation to the most comparable GAAP financial measure, net income and reported net revenue growth, is contained in our press release issued earlier today. With that, I'll turn the call over to Albert. Thanks, Matt. Good afternoon, welcome to our 4th 1/4 2022 earnings call. Throughout this call, I will provide an overview of our 4th 1/4 and 2022 annual performance, followed by a business update. Steve will then provide additional detail regarding our 4th 1/4 and full year 2022 results, plus an overview of our 2023 financial guidance. We will then open the call to Q&A. To kick things off, total net revenue for the 4th 1/4 and full year of 2022 was $51.5 million and $181.4 million, respectively, contributing to a 25% constant currency growth rate for the year, which exceeded the top end of our preliminary estimates pre-announced on January 10th. We estimate our revenue growth in 2022 was well over 3 times the growth rate of the overall global foot and ankle market, which we estimate to be 7% and to be approaching $5 billion annually. Importantly, during 2022, which was our first full year as a publicly traded company, we made many strategic and opportunistic investments, positioning P28 for strong momentum for years to come. These included expanding research and development investments by over 50%, expanding our U.S. sales force by almost 15%, doubling the size of our international team, putting in place scalable operating and corporate infrastructures to enable our growth and mission to improve foot and ankle patient outcomes. As we think about our future growth and capital deployment, investments in new product development and sales force expansion will continue to be our top priorities. These investments will drive our future commercial success and will enable P28 to increase its profitability and cash flow in 2023 and beyond. Speaking of cash, we recently completed a follow-on public stock offering, which bolstered our cash position and importantly, increased our FNA common stock liquidity. Steve will discuss each of these topics further in his prepared remarks. I will share more details on our 4th 1/4 and full year 2022 revenue performance. I continue to be impressed with our team's strong execution regardless of the environment. U.S. net revenue for the 4th 1/4 and full year of 2022 was $45.3 million and $158.1 million, respectively, contributing to a 22% growth rate for the year. We saw improvements in all key growth indicators in the U.S., which we will discuss shortly. International net revenue for the 4th 1/4 and full year of 2022 was $6.2 million and $23.3 million, contributing to 34% reported growth and 47% constant currency growth compared to the full year of 2021. International revenue growth was driven primarily by our largest international markets of Australia, South Africa, and the United Kingdom. I will now share details around our key U.S. revenue growth drivers. 2022 was a great year for new products for Paragon 28 with 10 launches. Several of these products were in entirely new indications or markets for our company, such as external fixation and soft tissue repair. We kickstarted our external fixation business when we launched Monkey Bars Pin to Bar and Monkey Rings Circular External Fixation Systems, which were highly complementary to existing fracture fixation and Charcot franchises. In soft tissue, we have launched multiple products that span multiple indications in foot and ankle, including the Grappler Suture Anchor, TenoTac 2.0, Paratrooper Plantar Plate, and our R3ACT Stabilization System. We're also excited to have augmented other existing product lines with launches of our Gorilla Central Column Fusion Plating System, Phantom Hindfoot TTC Nail 2.0, and ParaDerm Non-Fenestrated Dermal Matrix. We are incredibly proud of our innovative and broad product portfolio, hosting 75 product families across all foot and ankle market sub-segments. This continues to be a key differentiator for Paragon 28, enabling deeper relationships with our existing surgeon customers, adding new customers, and expanding our excellent sales force. Innovation has been and will continue to be the tip of the spear of our success. In 2023 and beyond, we plan to bring a balance of new and next generation products to market with over 25 active projects underway, many of which we expect to launch over the next 24 months. Our innovative and broad product portfolio fits nicely in the hands of our best in class and clinically focused sales team. Our U.S. revenue increase during the 4th 1/4 of 2022 was driven equally by sales force productivity gains and an increase in the number of our producing sales reps. We ended the 4th 1/4 of 2022 with 234 producing sales reps compared to 213 in the 4th 1/4 of 2021 and 218 in the 1/3 1/4 of 2022, representing increases of 10% year-over-year and 7% sequentially compared to the 1/3 1/4 of 2022. As a reminder, producing sales reps logged revenue in each month of the 1/4 and account for well over 90% of our U.S. revenue. Sales force productivity gains and our expanded sales force resulted in P28 doing business with well over 2,000 U.S. surgeon customers, including almost 700 U.S. producing surgeons during the 4th 1/4, both records and double-digit percentage increases compared to the prior year. In closing, a sincere thank you to all P28 team members around the world who continue to deliver day in and day out. During 2022, we made investments that will drive our long-term growth and benefit our shareholders. I couldn't be more excited about our future together at Paragon 28. I will now turn it over to Steve. Thank you, Albert. Moving to our 4th 1/4 and full year 2022 financial results. Expanding on Albert's earlier comments, Paragon 28's net revenue for the 4th 1/4 of 2022 was $51.5 million, representing 20% reported growth and 22% constant currency growth compared to the 4th 1/4 of 2021. Foreign currency headwinds reduced reported 1/4ly net revenue and net revenue growth by approximately $700,000 or approximately 2 percentage points, respectively. Our full year net revenue for 2022 was $181.4 million, representing 23% reported growth and 25% constant currency growth compared to the 4th 1/4 of 2021. Foreign currency headwinds reduced reported annual net revenue and net revenue growth by approximately $2.1 million and 2 percentage points, respectively. Gross profit margin was 82% for both of the 1/4s of 2022 and 2021. Gross profit margin for the full year of 2022 was 82% compared to 81% for 2021. The increase for the full year of 2022 was primarily due to lower excess and obsolete inventory expense in the first 1/2 of 2022. Research and development costs were $6.6 million or 13% of revenue for the 4th 1/4 of 2022 compared to $4.9 million or 11% of revenue for the 4th 1/4 of 2021. Research and development costs were $24.7 million or 14% of revenue for the full year of 2022 compared to $16.1 million or 11% of revenue for the full year of 2021. During 2022, research and development increased by more than 50%, significantly advancing our product development activities, including SMART28. Selling general and administrative expense was $44.5 million or approximately 86% of revenue for the 4th 1/4 of 2022 compared to $35 million or 82% of revenue in the 4th 1/4 of 2021. Selling general and administrative expense was $159.3 million or approximately 88% of revenue for the full year of 2022 compared to $114.3 million or 78% of revenue for the full year of 2021. During 2022, we made significant investments in selling and marketing, including a nearly 15% expansion of our sales force and trained a record number of surgeons in person. We also made important investments in corporate and operational infrastructures, including the successful launch of SAP. Adjusted EBITDA for the 4th 1/4 of 2022 was a $1.5 million loss compared to $100,000 of income for the 4th 1/4 of 2021. We experienced sequential 1/4ly improvements in both adjusted EBITDA and adjusted EBITDA margins during each 1/4 of 2022. Adjusted EBITDA for the full year of 2022 was a $10.7 million loss compared to $3.1 million of income for the full year of 2021, reflecting the additional opportunistic investments made during 2022. P28's revenue growth rates are expected to continue well above market growth rates. This expected revenue growth, combined with leveraging of investments made in 2022 and earlier, will bring P28 closer to break-even adjusted EBITDA on an annualized basis during 2023. Turning to liquidity. Total liquidity was approximately $100 million at December 31st, 2022, which includes up to $60 million of cash available via our credit facility. We had 2 first 1/4 2023 events that impacted our liquidity position, including the legal settlement, which includes $21 million of additional payments in the first 1/2 of 2023, and our recent follow-on offering, where we raised $69 million of net proceeds by selling 4.3 million shares of common stock. The follow-on offering also had a secondary component, with 3.2 million shares sold to new and existing institutional shareholders. The follow-on offering increased our public float by approximately 30%, and we have seen a nice increase in F&A daily volume since completing the follow-on offering. Accounting for these recent events, we have almost $150 million of pro forma liquidity as of December 31st, 2022, including nearly $90 million in cash. We are pleased with our liquidity position, which we expect to enable us to reach cash flow breakeven, as we expect to see continued improvements in operating leverage and more normalized cash flow. Turning to our 2023 net revenue guidance. Notwithstanding the strong momentum in our business, we remain mindful of the uncertain economic environment and its potential impact on future elective foot and ankle procedures. We estimate full year 2023 revenue of $214 million-$218 million, representing 18%-20% reported growth. We have had a terrific start to 2023, and we estimate first 1/4 net revenue year-over-year reported growth to be in excess of 20%, despite P28's strong growth comp of 25% for the first 1/4 of 2022. We expect strong performances in each 1/4 of 2023. Our 1/3 1/4 is estimated to be the lowest year-over-year growth 1/4 of 2023, as the 1/3 1/4 of 2022 was last year's strongest growth 1/4 at nearly 30%. Our revenue guidance also assumes currency translation rates remain consistent with current translation rates. That is the end of our prepared remarks. If you would like to ask a question, please press star followed by 1 on your telephone keypad. If for any reason you would like to remove that question, please press star followed by 2. Again, to ask a question, press star 1. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking a question. We will pause here briefly as questions are registered. First question is from the line of Kyle Rose with Canaccord. Your line is now open. Great. Good afternoon, everybody. I wanted to start on the product side of the business. Just, you know, first maybe just talk a little bit about, you know, the ankle portfolio, you know, where you're at as far as the rollout and the adoption of the total ankle and how we should think about the talus fitting in there when we move forward through the year. You know, soft tissue and X-Fix were obviously big in 2022. Just wondering if you could frame those launches for us as we head into 2023. I mean, where are they in the terms of the launch? Any major new products we should expect that are similar in, I guess in scope when we move into 2023. Thank you. You got it. Great to hear from you, Kyle. I'll take a shot at this 1. Just warning you loaded that question with a lot of subparts. It's right in my wheelhouse. First off, maybe to answer the question about ankle. The ankle segment for us has been pretty exciting really since just before COVID, where we launched a couple of our key ankle fusion products, the TTC nail and the ankle fusion plating system we launched just before COVID. On the backside of COVID in 2020, we launched the total ankle replacement. Some really significant launches there. They happen to be products that are pretty heavy on the medical education side. We really didn't see those products kick into their momentum till, you know, mid-2021. 2022 is a pretty exciting year for those products as they started to take off. I will say on the total ankle side, 1 of the amazing things there is I think that's a, that's a part of our portfolio that never stops growing, right? We'll continue to look and expand that offering into more and more indications around ankle replacement. I think that even ties directly to the total talus replacement that you mentioned, which was 1 of our acquisitions in 2021 of the Additive Orthopaedics line. That product is really exciting for how it complements everything around the ankle and gives surgeons options that didn't exist before. There's a lot of excitement around all of those products in our ankle portfolio. 1 area that we launched really late in 2022 was the beginning of the supramalleolar system, which is a realignment of the ankle. We launched a part of that in more of a beta launch, and you're gonna see some of that really kicking in Q1 here as we continue to expand that supramalleolar offering. That's gonna be 1 more complementary piece to the ankle portfolio. That's been an exciting area there. As far as Disior and Additive Orthopaedics, Additive Orthopaedics was instantly complementary to what we do, and so we saw some really nice traction with that 1. The Disior software acquisition was more of an internal project in the beginning phases, where we started using that in our own development strategies and answering some questions in lightning speed. We were pretty excited to use that in-house. You could expect to start to see some of the commercial introduction here in the next 12 months. Maybe a limited launch at the end of this year, and then maybe some continued launches on that platform next year. I'm really excited about that because I think once you see it's hard to unsee it, and you're really going to start to appreciate what the benefit can be to the foot and ankle surgeon and, more importantly, to patients as we're improving outcomes there. Kyle, I appreciate the question. I hope I answered all the parts of that. Oh, I think you had- X-Fix. You had 1 more question about the X-Fix and soft tissue. Yeah, amazing launches for us last year. The X-Fix, in particular, is 1 that was a space in the market where we really didn't participate yet. That was a really nice introduction for us, and we saw great momentum last year. Actually momentum that exceeded our expectations. We launched a couple of really key products in the soft tissue space. The soft tissue is a little bit different in that I think there's a soft tissue component that you can expect to see in almost every indication around foot and ankle. The soft tissue portfolio is something you're gonna continue to see expanding over time. It's really exciting for us to be able to participate in almost every aspect of a foot and ankle surgery today with improved technology that hopefully is gonna mean something to the outcomes for these patients. Great. Then, I'm gonna be greedy and just ask 1 follow-up. It's just, you know, look, you went public in 2021. You made some big investments in the commercial structure as well as training. You just completed another financing. You know, how should we think about what that does with respect to, you know, pulling forward, you know, some investments you might have made in the future or just, you know, what you'll be doing now that you've got a stronger balance sheet from here? Thank you. Kyle, thank you. Great question. We're gonna continue to build investments in those high growth areas, things like sales force expansion, new product development, continue to provide world-class medical education. The increases that we saw on a year-over-year basis in 2022 won't continue as we move forward. While we're gonna increase our operating expense investments in those categories, the year-over-year increase in 2023 won't be as significant. In fact, it'll be less than our expected revenue growth for this year, which is gonna drive pretty significant leverage into our P&L as we move forward. Thank you. Thanks, Kyle. Thank you for your question. The next question is from the line of Matthew O'Brien with Piper Sandler. Your line is now open. Hey, this is Phil on for Matt. Thanks for taking our questions, and congrats on another strong 1/4. I guess just for starters, I'll ask about the guidance, 18%-20%, not bracketed the street. I was just hoping to get color on your expectation for cadence, any seasonality. and you mentioned the general macroeconomic landscape. What exactly is built in into guidance there? You know, what gets you to the top end of that range and vice versa? How should we think about any ability for upside to flow through to the EBITDA line? Thank you. Thanks, Phil. Steve, good question. Maybe I'd start by saying that P28 really is as strong as it's ever been, and our expectation is that we're gonna continue to grow far and above the overall foot and ankle market growth rate, which we estimate to be 7%. That combined with our great commercial team are really differentiators for us. So that is a baseline expectation as part of our guidance, and that's what we can control. You know, what we can't control are certain things, uncertainties like inflation and interest rates and their potential impact on foot and ankle elective procedures. As we begin the year, we're just, you know, we're looking at that and being prudent, thinking through the guidance for the full year. We're 7 or eight weeks into the new year, but we're incredibly excited about what we've done so far. January and February have been terrific and clearly exceeded our plans. We expect to grow at least 20% in the first 1/4, and January and February have us well on our way. Regarding upside for EBITDA, you know, what we built into our prepared remarks is a $5 million-$10 million improvement in EBITDA compared to 2022. That continues to give us the ability to make critical investments and opportunistic investments that we see to expand our sales force, to continue accelerating new product development, and also continuing to train a number of surgeons around the world. You know, we're excited as we can be. You know, our business is as strong as I've ever seen it. Albert is more, you know, excited than I've ever seen him in the 2.5 years I've known him, onward and upward as we roll into 23. That's great. Thanks for that color. I guess just from a competition standpoint, I, you know, I appreciate your comments about growing 3 times the rest of the market. Can you provide any color on who you're taking share from maybe, and where do you see the broader market here in 2023? You know, exiting the COVID era, quote, unquote, "alongside some of these macroeconomic challenges," do you expect the market to continue to grow perhaps above what it has done historically, or what are you seeing on that front? Thank you. Yeah. No, we expect the market to continue to be resilient, and we think 7% or above is a sustainable growth rate with the type of environment that we're operating within today. If we do see uncertainties develop that change and interest rates continue to go higher or inflation goes higher, and that changes employment data and statistics. You know, we can't forecast for that. What we know about our business is that it's incredibly resilient and about a 1/3 of our market is non-elective. We have a nice hedge against recession. We have proven in the past that we can grow our business even in tough environments. That's really a shout-out to our commercial team around not only the U.S., but around the world to figure out a way to get things done. Thank you so much. Yeah. Thank you. Thanks, Phil. Yeah. Thank you for your question. Next question is from the line of Craig Bijou with Bank of America. Your line is now open. Good afternoon, guys. Thanks for, thanks for taking the questions. I wanted to start with rep productivity, and obviously you had strong rep productivity in 2022. It sounds like, you know, your sales force expansion in 2023 might not be quite as large as it was in 2022, if I'm reading your comments right, Steve. So obviously that would mean that rep productivity is gonna improve again. Just wanted to get a little bit more color on, you know, where you see that productivity coming from. Are you capturing... You know, are the docs doing more procedures with your products? Are you getting more revenue per case? So any more detail on that would be great. Thanks, Craig. You know, if the impression was given that we don't expect our sales force to continue to expand, that was, you know, an erroneous perception or maybe we didn't state it clearly enough. We continue to expect our sales force to expand. It grew 15% overall in 2022, in the 4th 1/4 we saw, you know, the best increase year-over-year in producing rep count that we had seen, about 10%. You know, we have what I would call more balanced growth in the 4th 1/4 in the U.S., about equal parts sales... or excuse me, sales force productivity as well as increased number of producing reps. That's what... You know, we think back to when we were going public, that was the way we really thought about the business, equal parts productivity, equal parts gains and number of sales force. That's really what we're expecting as we move forward. To answer your other question, you know, we continue to see terrific gains in productivity. Where that starts with is these new products that we're bringing to market, and then the training on these new products for existing surgeons, but also new surgeons that we didn't get to before because maybe we didn't have an X-Fix or maybe we didn't have an ankle. That drives productivity. That's gonna continue. We're just getting started on some of these new products. You know, we launched a number of new products in midpoint of 2022. They're really starting to roll, you know, so much to the extent that, you know, we're buying and making sure that we have enough inventory. We're off to such a great start this year, making sure that we can continue to meet the demand for these products. You know, equal parts productivity and sales force expansion as we move forward in the U.S. Got it. Thanks, Steve, and maybe clarification. I meant that the sales force expansion, it sounds like it wouldn't be at the same rate as it was in '22. Again, correct me if that's wrong. No. Look, we think we can continue to increase our sales force. You know, without giving specific guidance on where those are going, you know, we've said we can double that over time. I think a double-digit increase in our sales force from a producing rep overall perspective as well is very, very feasible and likely for us as we roll forward. Great. Thanks. If I could ask 1 more. Just, you know, obviously OUS growth was pretty strong in the second 1/2. Any color on how to think about US or US growth in 2023? Look, I think our international business will continue to grow at a rate above our U.S. business because if you think back, we started our international business in late 2016, this year we did $23 million. We have a much smaller base. This should be a, you know, a high teens, 25% grower for us, something like that. You know, Sorry, not high teens, mid-20s to north of that for our international business. It's a great growth opportunity for us. Albert mentioned in his remarks that we've expanded our teams, you know, we're really getting a lot of traction, even growing faster in our larger markets because of the investments we've made there, but also a lot of new markets that are coming on board. Got it. Thanks for taking the questions, and a successful year. Thank you. Thanks, Craig. Thank you for your question. The next question is from the line of Mike Matson with Needham. Your line is now open. Yeah, thanks. I was wondering if you could talk about just your outlook for expanding internationally in 2023. Do you have any new countries or anything like that you're planning to enter, or any kind of distributor conversions or anything like that? Hey, Mike. We've made a number of investments in our 3 big markets, what I would call our big 3: South Africa, Australia, and the U.K. You know, investments from leadership, investments in inventory, investments in medical education on training opportunities. We expect those markets, though we've got pretty good market share there in those 3 markets, we expect those to continue to grow or even accelerate as we move forward. Those 3 are really important to us, and we've got great teams and great people in each of those markets. We're also really starting to get going in very strategically important companies or countries like Germany as well as Spain and Italy and Canada. Albert and I are gonna actually be visiting with some of those folks here in the coming weeks and going through their business plans as we move forward because big opportunities, really exciting surgical procedures taking place in those markets. We believe the international market is not only important to drive our top line growth there in a consolidated basis, it's also critical because our mission is to improve patient outcomes globally, and we know that we can't do that without a really balanced approach to surgical procedures. There's some great surgeons and some great procedures internationally that we can look at and understand and complement our technologies here in the U.S. Okay, got it. Just within your surgeon customer base, I guess mainly in the US, or I guess I shouldn't say surgeons specifically because I wanted to ask about kind of where you feel like you're at with your mix of surgeons and podiatrists, and do you feel like you're growing faster in 1 of those groups than the other or kind of adequately addressing both of them? Yeah, no, it's a great question, and I was looking at it this morning actually. Sorry, I'm flipping a paper here, and I'm putting on my glasses if you could see that, Max. The numbers are so small that Matt gave me. You know, look, we're, you know, there's a much higher mix of podiatry in the foot and ankle market in terms of the overall market, just purely because of the number of surgeons that are podiatrists in the marketplace versus orthopedic surgeons. We see a disproportionate amount of revenue and a growing amount of revenue from MDs and DOs. You know, we're approaching 50/50 in terms of the split there, and a lot of that has been driven by these new products and, you know, things like X-Fix, things like Total Ankle. A lot of those are more naturally suited to, you know, some of these orthopods. Of course, the DPOs are a very important part of our business in driving a lot of the ankle procedures. We're seeing a terrific mix and growth in both categories. Yeah, I would just add to that- Okay ... you know, we've, yeah, we've really focused on the surgeons who specialize in foot and ankle. We've seen a lot of our momentum there. There's a whole other piece of the market that's really your trauma-oriented surgeons and some of even the pediatric-type surgeons where, we still see tons of opportunity. Recent launches or, you know, additions to our fracture fixation line have drawn a lot of attention from maybe some of those trauma surgeons and even some of the specialists who like to focus on, you know, the fracture fixation side of things. We have seen some really nice momentum in a lot of those categories, but we still also have a lot of room there to grow. Okay, great. Thank you. Thank you for your question. Next question is from the line of Dave Turkaly with JMP Securities. Your line is now open. Hey, good evening, guys. Steve, maybe I was wondering if I could maybe get a comment on, I might have missed it, but CapEx for the year and just sort of spending plans. I think you said you're done with the SAP, and, I know you have that legal settlement coming up, but like sort of outside of the R&D and Salesforce investments, anything else we should be anticipating? Well, you know, Hey, Turk, it's good to hear from you. Our free cash flow we've talked about for 2022 being atypical for P28 when you think about like the pretty, lower levels of overall free cash flow use, 2021 and prior. As we go into 2023, we expect to see a more normalizing of those increases in working capital, as well as CapEx. The only unusuals that I would say that are going to be over and above the normal free cash flow items that you would have in your model would be, we've got this legal settlement, another $21 million that'll be paid in part this 1/4 and paid in part in the second 1/4. Then we also could have, you know, $5 million-$10 million of other earnout M&A related payments. Beyond that, it's a pretty normalized year as we roll into 2023, and we expect to see pretty significant improvements in free cash flow. Great. 1 minor follow-up. I think you mentioned a dermal matrix as part of your soft tissue launches. I'm just curious if there's anything you could comment on that, because I'd heard about a bunch of other ones and I don't know if I was familiar with that specifically. Thanks. Sure. You got it. I'll take that 1, Dave, and great to hear from you. You know, I think the non-fenestrated dermal matrix was something that we were still missing for tissue augmentation and was a really nice complement to a lot of the procedures we're in today and even some procedures that we're not participating in quite yet. A really nice complement. We did have the fenestrated option that was used more for a wound covering. The dermal, non-fenestrated dermal matrix does give us some additional options for soft tissue augmentation in areas where potentially you don't need that type of fenestration. Thank you. Sure. Thanks. Thank you for your question. Next question is from the line of Neil Chatterji with B. Riley. Your line is now open. Hey, guys. Thanks for taking the questions, and congrats on the 1/4. Maybe just first off, I was just kinda curious if you could just talk about the mobile unit for medical education and how that might be helping, you know, to raise awareness. I think it was on a 50-city tour, if I recall right, and just curious if that's helping to add any traction in certain regions. You got it. Great to hear from you, Neil, by the way, and thanks for the question. Yeah, that mobile lab has been just a beautiful complement to our medical education resources, right? We, we've got an amazing facility here in Denver, and when it's appropriate, we love to get people here to really understand how we're approaching improvements for better patient outcomes. There are times and even seasons where, you know, getting people out of their areas to come to Denver is not the easiest thing to do, especially like Q4 is a great example of that, where people are so bogged down with elective procedures. This was a chance for us to bring medical education to them, and really open the opportunities to get people exposed to our technology, to bring people in to work with them in that facility. That's a roundabout way of saying we're thrilled with the success of the mobile lab from last year. We saw record numbers in Q4, which is not typically the strongest season for medical education and we crushed it with that. Again, beautiful complement. 1 of the pieces, you know, we've mentioned this before, but Paragon 28 is on a mission to really improve outcomes for patients, to really help with research and understanding limitations that might exist today in our segment, and you can't do that without medical education. That's gonna continue to be such an important piece for us moving forward to keep uncovering what we're finding, what we're learning, to hear from surgeons who are proficient in using our technology. There's so many opportunities for us to help transform this market in a meaningful way, and we're gonna do it with medical education. I continue to see that expansion there. Great. Great. Just 1 follow-up here. Just curious, and I think you kinda touched on it maybe a little bit when you were talking about Disior, just curious if there's a, you know, a broader update on just the SMART28 initiative and, you know, if things remain on track with, you know, the pre-op planning tools and, you know, potentially seeing that it sounds like maybe like latter 1/2 of the year and into 2023 or 2024. Just curious on expectations for that, you know, upon launch. Yeah. Absolutely. Neil, you know that I get really excited thinking about what that could mean, right? We always talk about how complex and what a marvel the foot and ankle environment really is when you start to appreciate how many bones and the interactions of those bones and the soft tissues that are related with the lower extremity and the fact that we bear weight and we wear shoes and so everything gets more complicated. That 3-dimensional awareness is critical to realigning and restoring function to the foot. There's no better tool that we can think of than software to help give surgeons the 3-dimensional perspective of both diagnosing the deformity as well as predicting how to best correct and realign the feet, right, for gait and better outcomes. Disior was 1 of the most significant pieces for us in our SMART28, you know, aspirations there, and for those reasons that I just mentioned. I would expect to see, you know, but it's gonna be a limited launch, but I'd expect to start to see some commercial introduction of what that technology is later this year, potentially early next year. I think it's all gonna really start to make sense. We'll launch 1 of the first modules later this year, like I mentioned, and I think it's gonna give both the investment community as well as surgeons and all the stakeholders a great understanding of what we've been so excited about and what that could mean to better outcomes. Great. Thanks. I'll hop back in the queue. You got it. Thanks, Neil. Thank you for your question. There are currently no further questions registered, so as a reminder, it is star 1 on your telephone keypad. There are no additional questions waiting at this time, so I'll pass the conference back to the management team for any closing remarks. Thank you again for your time today. We look forward to seeing many of you at future investor and industry conferences, including next week in Las Vegas at the Canaccord Musculoskeletal Conference on Tuesday, March 7th, and the AAOS conference, the balance of the week. Have a great day. That concludes the conference call. Thank you for your participation. You may now disconnect your lines.