Go ahead and get things kicked off here with Paragon 28. From the company, we've got Steve Deitsch, CFO, and Matt Brinckman, SVP, Strategy and IR. Thank you both for being here. We appreciate it. Thank you for having us, George. Absolutely. And maybe before we dive into some more specific questions, I think a good way to start off would be an overview of the business, some of your focuses, brief history maybe, and then strategic priorities. Yeah, and happy to do that. Thanks, everyone, for joining us today. It's really a pleasure to be here. And my name's Steve, as George said, and I'm the CFO for Paragon 28, and with me today is Matt Brinckman, our head of Investor Relations, Strategy, and Business Development. And we work close together as you can imagine, and I've been with the company since 2020, right before the company went public in 2021. So I joined summer of 2020 and took the company public together with the team in 2021, and the last couple of years have really been focused on executing the strategic plan and the operations plan outlined at the IPO. But the company's history goes well back in time before the IPO. The company was founded in 2012 by Albert DaCosta and Lee Rosenthal, and Albert is our CEO today, CEO and President, and he's unable to make it today, but he's, he sends his regards to everyone. The company was founded with the mission of, and goal of improving foot and ankle patient outcomes. The foot and ankle market in orthopedics is a large market today. It's a $5 billion market, and there's a lot of opportunity for that market to expand, as we go forward, and we'll talk about that in a bit. But Albert saw an opportunity through focus and a passion on foot and ankle. He was a foot and ankle professional before starting Paragon 28. He saw the opportunity with an exclusively based team to focus on improving patient outcomes, having innovative technology that either it made surgeries faster, more reproducible, or drove better outcomes, that you could really carve out a nice niche in the space. The space itself is dominated by larger conglomerate med tech companies by and large. About 65% of the market today is held by large international med tech firms, and we have 4% of the market. The company grew rapidly from 2012 till the IPO date, made it in excess of $100 million in revenue on $15 million of capital raised, so, and $1 million-$5 million of capital. It was a very efficient capital business, which is, you know, they're few and far between, sometimes in orthopedics. So the DNA of the company has always been efficiency and a balanced business model, driving outsized top-line growth. And that's what we've been executing on. We've got over 75 product lines. We serve each of the foot and ankle subsegments today. There's five foot and ankle subsegments that make up the $5 billion global marketplace, and we participate in each one of those segments and are meaningfully represented in each one of those segments. Perfect. Well, maybe to start with, another question that I get most frequently from investors. You've seen consistently strong growth, 20% plus, over the last few years. What are the specific devices or foot and ankle subsegments that are driving a lot of that growth? Yeah, so I'll hit on a couple of the segments. You know, as Steve mentioned, we have 75 different product families that span all the five subsegments that we break out, and those are, you know, fracture fixation, forefoot, flat foot, ankle, and Charcot, and then biologics overlaps with many of those things. We play across all of them. And, you know, the current split of those individual markets is very similar to what our split is as a company. So, just to give you an idea, you know, forefoot, that's, I think, a $1.6 billion-$1.7 billion market today. It's at the higher end of the growth spectrum. You know, the overall market's growing about 7%. That one's in the high single digits, low double digits. You know, that represents about 30%-ish of that $5 billion market. You know, our portfolio is similar to that. And then fracture fixation is the next big area, and that's another one-third of the market, roughly, $1.5-$1.6 billion, growing, you know, mid-single digits. You know, our portfolio is in line with that. We have launched a lot of products. I'd say that, you know, particularly in external fixation and soft tissue, where those were areas that we weren't previously in, and we launched those products back in the middle of 2022, and they've continued to do very well for us today, by, you know, adding tools to our bag and products to our portfolio that we didn't previously offer. But beyond those additions, we're going to continue to add, you know, novel products and also, you know, products that are just new iterations of what we've, you know, had out there as of late to augment our portfolio across all five of those subsegments equally. Okay. It's really all about balance. If Albert was here, he'd tell you it's all about balance. Okay. And then maybe from a high level, as we think about the growth outlook, how do you think about that being driven by price, growing revenue per procedure, and growth in your portfolio of devices, launching new devices? Yeah, why don't I start with that one, George? And I would say that when you think about our business, we're growing 21% year to date through September this year, and we've grown over 20% each year since our IPO. And of course, we even had a higher growth rate prior to that. And we've been doing that in a market that is growing 7% a year. So a significant portion, and most of our revenue growth to date, and expected for the future, comes from share gains. And those share gains are driven by all of the things we've been talking about: improved technologies, improved instrumentation to implant the technologies, an outstanding clinically oriented sales force that makes a difference in the OR, and all of those things contribute to growth. And as we look forward, we expect to continue to drive market share gains, and those gains come from, you know, a lot of different product lines across each of the segments that Matt was mentioning. And so we'll continue to drive a lot of new product innovation in the future for us, because what drives, ultimately, the ability to convert surgeons to our business and have them want to use our products instead of the competition, is technology. And also, you know, excellent service in the OR and excellent medical education opportunities. And so all three of those are equally important, and but the technology leads for us, so we'll continue to bring innovations to market that really make a difference. We're not gonna bring technology to market just to fill a bag for perhaps more broadly. And so the tech drives our growth, and we expect that to continue into the future. Okay. Maybe to dive in- Yeah -to some of those specific products. You recently announced the launch of the JAWS Nitinol Staple System. How do those compare to other staples on the market? Could you speak to maybe the market for those devices, the procedures they're used in, and surgeon adoption of staples, maybe more broadly? Yeah, maybe I'll take a pass at this. So we've had the JAWS staple line for a while. This is the sort of the newest, baddest, best iteration of that, and the Great White iteration. And really, you know, the Nitinol staple arena is all about creating better unions at fusion joints and so forth. So you see a lot of those getting used across really multiple different procedures, right? So what it was for us is, it was about bringing a newer, better staple to the market in the Nitinol staple arena. Beyond that, it's really beyond, you know, it's kind of giving our portfolio a facelift and then coming out with what we think is a very good staple for, you know, in the market. It is something that, you know, a lot of people do compete in, but it's an area that you have to compete in and compete in it well, in order to ensure that you are. Your rep is the rep in the OR that's servicing the, you know, the full case end-to-end. Yeah. Okay. And maybe the size of that market, how do y'all think about sort of the opportunity? It's a good question. The staple market. I wish Albert was here. He would know the staple market down to the Nitinol element of it. But, I'm not certain. We may have to follow up and tell you exactly what the staple market is, but I would tell you it's an important element, because most cases today are utilizing staples for, as you work through the procedure. Yeah. Okay. Another recent launch, the BEAST Cortical Fiber bone graft. How does that augment your existing orthobiologics portfolio, which was, I believe, an early piece of the Paragon portfolio? Yeah. So, I'll explain it, you know, kind of at a 5,000-ft view, but the BEAST Cortical Fiber line, it's new and to us, and what it does to our portfolio is we've got putties, we've got osteoconductive, you know, putties for various purposes. What this does and what the cortical fibers does is it allows. Those cortical fibers actually help absorb proteins and promote osteoconduction in a way that is better for certain procedures than our other offerings on the market. So it's really about adding additional optionality, you know, at the biologic level for different procedures. So you might go in and think, "Hey, we need to use some BEAST," another one of our products, "for this particular procedure," or some MAGNUM or whatever it might be. But it's now what we're doing is we're adding these cortical fibers as an alternative to, I guess you could say, help promote osteoconduction in that particular piece of anatomy and so forth, that might be a little bit more complex than, you know, other areas. Again, this is an area that, you know, Albert DaCosta would probably be able to speak circles around it. But you know, that's kind of the high-level view of how it's augmenting our portfolio. Okay, that, that's helpful. Maybe shifting to a larger subsegment within foot and ankle, the ankle specifically, and your total ankle device. Where are you in penetrating that roughly $200 million market? And with the improvement that the market has seen overall, including when you launched your total ankle device, how has the growth rate of that subsegment changed with physicians maybe being more willing to do a total ankle versus a ankle fusion? Yeah, it's, as you mentioned, the total ankle market today, $200 million globally. And we have a very compelling product line that we launched about three years ago, and it's done really well for us. It's outpaced our overall revenue growth as a company. But it is literally one product line within a much larger business arena that we operate within. When you think about $200 million of market opportunity today, in a $5 billion market, it's a-- it's one of the smaller subsegments that we operate within. But it's an important product for us in that it contributes nicely to our ability to get additional touches with orthopedic surgeons and also podiatrists who put in total ankles. It's done well for us, and we expect it to continue to do well, and we have some new products in the pipeline to help augment that in the future. The other thing that I would say is, you know, we expect more things from that product as we continue to go forward, as we work through some of these temporary sterile packaging headwinds that we've seen. And, you know, our total ankle, for example, is one of our sterile packed products. Okay, and maybe we can stick with that sterile packaging- Sure -comment for a minute. It's something that's come up recently, the last few calls. Could you remind us what the issue is there, how that's impacted your growth and ability- Yeah -to grow here recently? Yeah. So many of our new products, they are delivered in a sterile packaged format, so sterilized and put into a, you know, a plastic sealed package. And what the industry saw, and we saw starting late in 2022 and into 2023, sort of peaking in the mid-point of 2023, was an overdemand for sterilization packaging in the broader supply chain. And it really started back in 2022 with the demand from large global manufacturers that also sterile packed hip and knee solutions, for example. You know, working to get products certified for MDR requirements in Europe. And so there was the belief that there was gonna be a deadline earlier than where the deadline actually came about to come for the international market. So it put a short-term constraint and supply jam related to more orders coming in for those products, including our total ankle that we use for our U.S. customers and other sterile packed products. And it also was exacerbated in the first half of 2023 by the rebound in the broader orthopedic markets that we saw in the U.S. So as everyone's aware, the large share multinational companies saw a really nice bounce in their hip and knee businesses in the first half of the year, putting a lot of demand for sterile packaged hips and knees, for example, and so that also exacerbated our issue. The good news is, it's getting much better and faster. We saw stockouts in those products in the second quarter, also during the first quarter, but it peaked in the second quarter, and then we saw it returning to a much better state in the third quarter. And then by the time we exit this year, we expect to have the sterile packaging problem, for the most part, behind us. So it's getting better every quarter now, and as I mentioned, it peaked in the second quarter. Okay. And, with the total ankle conversation, you mentioned some things in the pipeline. I think one of those things is the SMART Total Talus. You recently received IDE approval from the FDA, to use that in conjunction with the total ankle system or, or the study, approval for the study. How does that impact the total ankle? How are y'all thinking about the SMART Total Talus device? And maybe, to, to level set, could you just talk about what that device is? Yeah, sure. So I'll go ahead and take that one real quick. So the Total Talus Spacer that we originally had, it is the first and only FDA-approved product of its time, that's the kind that's patient-specific and not a customs, per se. You know, customs, you're not allowed to market to a hospital or to a surgeon. Patient-specific, FDA-regulated, and approved products like our Total Talus Spacer is. So that's something that's big, and it's very unique to us. And that was really one of our first cornerstones of what we call our SMART2 8 ecosystem. With that IDE that you mentioned, that was to use that Total Talus, and what we're calling it is the SMART Talus, when used in conjunction with various different total ankle configurations. So what you're effectively able to do now, with the FDA approval to move forward with an IDE study, is with that approval, you can more or less market this as a patient-specific total ankle implant, with a complete replacement of the talus, in various different configurations and so forth, that, you know, we haven't really shared for competitive reasons. But it does allow us to have, not just our normal APEX, you know, total ankle, but different configurations of that that are completely unique and patient-specific to every individual patient. So something that's pretty next level and will sort of challenge the status quo of what we see in Total Ankle today. Okay. And could you also maybe talk about the SMART28 platform more broadly? What does that- Yeah - encompass? I believe there's some, some commercialization, commercial activities coming up, maybe at the end of this year or early next year. Could you just help us understand what that platform is and how to think about some of the launch activities over the next year? Yeah, certainly. So I'll just keep it rolling here. So SMART28, it's really an ecosystem of enabling technologies. You know, I mentioned the Talus, that patient-specific implant is part of SMART28. We've got MAVEN, which is, you know, associated with APEX, and our total ankle for sort of a patient-specific solution, FASTRAC laser alignment, things like that, that just enable the surgeon to do a more accurate, or really just augments them with tools to be highly reproducible, highly accurate, you know, measure twice, cut once type of approach to surgery. The big bogey that I think you're getting after here is what we have with Disior, and that'll be sort of the individual patient game plans. We've talked about the different modules that we're considering at a very, very high level, and we are on pace to launch our first module in the first half of 2024. We haven't said what that will be yet, but we have said, you know, it's something that we believe will truly challenge the way surgical planning and preparation is done, and it ought to allow for, you know, initially CT scans and then X-rays for us to look at what, you know, a patient's anatomy is, what could be the cause of of any particular malformation or indication that we're trying to treat, and prove with math and, you know, literally quantum mathematics and algorithms and AI that continues to get smarter, what the right outcome is for that patient. So that you go into a procedure with exactly what you need and what the surgeon will need, whether it be patient-specific cut guides, for intraoperative reproducibility, and what have you. So we feel really good about the direction that's going. We think it's going to be something that's truly, going to change the game within foot and ankle, and we're excited to get started here in, in 2024 with our first module. Yeah. And I would just add to that, that, you know, enabling technologies and SMART28, the way we've branded our, our enabling technology portfolio, is really critical to foot and ankle. And I would say more so than the other orthopedic subsegments. Particularly because when you think about foot and ankle, it's a very complex anatomy, 28 bones, soft tissue everywhere, incredible amounts of weight-bearing at most times, except when a patient is off their feet. And the rate of complications is very much higher in foot and ankle procedures than it is for other, more established and more mature orthopedic markets like hip and knee. Hip and knee, and I don't—I may probably would get the exact complication rate wrong, but it's 1%-2%. It's pretty low. And then you compare that to foot and ankle, where you've got complication rates 20% and higher. So with better preoperative planning, better intraoperative management, and better postsurgical evaluation and monitoring, we believe that the opportunity is real to see those complication rates go down over time. Okay. Okay, that's helpful, and, maybe we'll look forward to hearing more specific details, in the near future. Okay. Another topic we hear a lot about is, the topic of minimally invasive procedures. Just curious how your portfolio of devices is positioned, to facilitate growth in minimally invasive procedures. Yeah, I'll hit on that quickly. So, you know, I think actually when we were all together at AOFAS a while back, we walked through some of this stuff, and I'm glad to bring it to a broader audience here. You know, we do have some products within our MIS portfolio, I guess you could say. Our PHANTOM Lapidus Nail has an MIS approach, right? Yeah. So that's actually an MIS approach to Lapidus that I think, you know, we don't necessarily—because we do take such a balanced approach, we don't get the opportunity to call out these individual products as often as we, as we should, and they really are true, you know, gems within the portfolio. I'd say beyond that and a couple of other products, it's an area that we're very mindful of. Obviously, the smaller the incision, the better it is for the patient. You know, the less cutting that there is, the, you know, ultimately, the better. We do have some products in our, you know, very robust pipeline that are MIS in nature, and, you know, unfortunately, we can't talk about them just yet, but that time will come, and it's really coming up the pipe here in the next six to nine months. Okay. And you mentioned last week on the earnings call, two to four new devices potentially launched this quarter or in the near term, and then another 20 devices in the pipeline. I know we can't get into too many details about those, but maybe from a high level, could you speak to how many of those devices are entering new markets or changing the way physicians approach a procedure versus augmenting some of your existing portfolio? I'll hit it- Yeah, please. First really quick, Steve. It's really a mix of all of those things, so the answer is yes. But you know, our underlying view on product development is, if it doesn't challenge the status quo, we're not going to put it out there. So I'd say there's a good amount of filling voids in our existing portfolio, but we have a very expansive bag. We have a very expansive portfolio that spans really what we view as the most coverage within the entire market. You know, there's one or two other names that might cover a similar product or procedural mix as we do, but there's not too many additional places that are major needle-moving markets that we aren't currently in today. Now, what we will continue to do is come with new iterations or new ways, you know, procedural approaches as our portfolio continues to evolve. And we'll start to continue to augment that with SMART28 and preoperative planning, and so forth. I would say, you know, areas where we really are continuing to expand is in soft tissue, right? Soft tissue, we've come out with a handful of products, with Paratrooper, and, you know, and just a handful of different products there. We have two unlimited market release that launched here in, you know, earlier this month, with the Bridgeline Tape and Grappler R3INFORCE. We'll continue to add more and more to that. But really, you know, those products, projects that we mentioned, the 20+, they're real products that will be launched. They're not necessarily line extension. The list gets a lot longer when you start thinking about, you know, line extensions and, and new instrumentation, and so forth as well. Okay, that's helpful. Maybe to take a step back, we've kind of hinted at it and danced around it a little bit, but to just summarize some of those pieces, how do those fit in from a competitive standpoint, standpoint and position you to, to win against the large players that, Steve, you, you touched on, the DePuy Synthes of the world, the Arthrex of the world? But at the same time, how, how, how do you stay competitive against the smaller single device players? Yeah. I mean, for us, it's just really being a passionate partner for working with surgeons to bring tech to market that makes surgeries more reproducible, faster, and better for the patient. And so we look at that as a real competitive advantage of ours. We've cut the boats with respect to foot and ankle, and it's our one true passion, and it's an area that sort of focus and that sort of clinical excellence, not only in the OR with our sales force, but also the clinical excellence that we have with our R&D team, working with surgeons, working with thought leaders in the space to develop technology that truly makes a difference. That resonates, and it makes a difference. And when we speak with foot and ankle experts that are looking to solve problems, they just recognize and appreciate our approach and our commitment to it, and not just one product. It's, y ou know, one product is one product, and like we said, we've got 75 and, you know, a lot of SKUs to support those 75 products. And so we believe that to really, you know, win in this space, you have to have an offering that can meet the needs of these foot and ankle specialists, many of which they're not just doing a procedure for one particular ailment, they're doing it for multiple ailments, typically, when they do a procedure. Having a single product or just a handful of products puts you at a little bit of a potential disadvantage because you can't cover all aspects of the case. We're in a unique position to be able to do that, and we plan to continue to take advantage of that positioning in the market and continuing to bring a lot of tech to market that really just makes, like I said, the surgical process more reproducible, faster, and better for patients with better technology, too. Yeah, I think that's a great way to sum it up. Maybe shifting gears a little bit to the financials. The company went public, as you mentioned, in 2021, and there's been a lot of investment since then. Could you talk about some of those particular Investments- Yeah Sales and Marketing, and, and R&D? Yeah, happy to. In beginning in 2022, we went public fourth quarter of 2021. We just passed over our two-year anniversary as a public company. And, you know, coming out of that IPO, we really had the opportunity to take advantage of some market conditions that were. Some of it was driven by the COVID era ending. Some of it was driven by just opportunities in the marketplace to expand our sales force. So we've really worked and invested in medical education, starting in 2022, in a more prolific way, but also our sales force expansion, not just in the U.S., but around the globe. I think, you know, when you look back at 2021 and 2020, there were a lot of restraints around companies' abilities to do training because of COVID and travel restrictions, et cetera, et cetera. So in 2022, we were able to make a number of investments that really have helped us grow our surgeon base, grow our markets that we participate in outside the U.S., and go deeper in certain markets outside the U.S., and also grow our sales force in the United States. So 2022 was a significant year of investment for us. Then 2023, as George, as you know, we've really started leveraging those investments. You know, I think our third quarter had a 50% improvement in adjusted EBITDA year-over-year, and on a year-to-date basis, our adjusted EBITDA, I believe, is 40% better. I'll have to don't quote me on that one, but I think it's in that approximately 40%. And we expect to see EBITDA continue to grow, and we said on our call, we expect to be EBITDA positive next year, as we continue to leverage those investments and grow our top line at multiples of market. And so we think we've got a winning formula there. The top-line growth combined with operating expense leverage and strong gross profit margins, and EBITDA combined with improvements in working capital, including leveraging our inventory investments that we've made over the last six or eight quarters, and getting those inventory levels back to a more normalized level for Paragon 28, puts us on a real clear pathway to cash flow positivity, without the need for an additional equity raise as we go forward. Okay. And to follow on that, you touched on these points last week with the earnings call, but some of the draws on cash the past two years or so, how much of that was related to inventory that you're building ahead of some launches, versus inventory that's maybe associated with some of the supply chain headwinds that you mentioned? Yeah. How should we think about some of those specific cash flow details? Yeah -as we get to breakeven? Yeah, happy to. And, and for those that haven't seen it yet, we put out a supplemental earnings PowerPoint on our investor relations website at paragon28.com/ir. And, and it shows sort of the progression of our operating cash flow from pre-IPO 2020 and 2021, which was breakeven EBITDA in both of those years, to 2022 and 2023, we had operating cash flow usage of over $90 million. And, and there were some temporal items in the $90 million dollar usage over the last two years. And then there were some investments in inventory, related to supply chain lead time increases, some new products that we've launched, and then also just some increased levels of inactive or not fully productive inventory that are expected to become productive as we move forward, and are becoming productive in the third quarter and into the fourth quarter. So of that $90 million, we had about $40 million worth of inventory investments that we're gonna be able to utilize, and that will reduce our inventory purchases as we go forward into the future, as the supply chain lead times diminish, and as we're able to make the work-in-process inventory more productive and then lower those levels. And then we also, I mentioned temporal, and we had our legal settlement that we finalized, and we had $27 million worth of payments over the last two years. And then, you know, we mentioned earlier our EBITDA investments, so we were negative EBITDA, about $15 million in 2022 and 2023. And Paragon, prior to the IPO, was always EBITDA positive. We're gonna be back to EBITDA positive in 2023 as we leverage the, o r sorry, in 2024, as we continue to leverage the investment. So the combination of those three things, combined with multiple revenue growth at a multiple of market, is the pathway to not only adjusted EBITDA, but also cash flow breakeven. Okay. Another investment that we haven't touched on has been some of the surgeon training facilities, specifically the mobile lab. You recently launched a new iteration of that mobile lab. Could you speak to how that's impacted your ability to train surgeons, how y'all think about surgeon training on a go-forward basis? Yeah. So, surgeon training and medical education is really one of our pillars to success and one of our pillars for growth, alongside our, you know, world-class salespeople, and, you know, obviously our innovative product portfolio. So it's big in terms of its level of importance for us. And, you know, what we did was, I guess it was about a little over a year ago, maybe a year and a quarter ago, we launched our first mobile lab. And what we learned is that, you know, not all surgeons can travel to our world-class training facility at our Denver HQ, where we've got, you know, a 250-person auditorium and a 40-station cadaveric lab. So we found that it's really effective to go to them at times. There's certain different surgeon mixes that might show up more at the HQ versus, you know, ones that are more, I guess, better served with the mobile lab. But we've learned that by going to them and allowing them to really do things on their own, on their own turf has been highly effective. And, you know, we've got a lot of very positive feedback, and we were just too spread a little bit too thin with the single mobile lab. So we went and launched an even bigger, better tractor trailer style mobile lab here really the past couple of weeks to better service folks, you know, at their sites of care. So it's really all about just adding more varieties of medical education so that, you know, surgeons aren't just limited to having to come to Denver, although we still do a lot of surgeon training in our HQ. It's just adding that variety and adding that optionality, so that folks never have a shortage of opportunities to test out our stuff. Yeah. Is that something y'all think about as, as somewhat of a competitive advantage, where you're seeing competitors now chase, that mobile lab and, and the work that y'all are doing there to train surgeons? I don't know that they're necessarily chasing. I think, you know, there are other companies, certainly, that have mobile medical education labs. But, you know, I think for us, and having a dedicated foot and ankle two labs out there. You know, I think our ability to utilize that and see foot and ankle patients, or not patients, but foot and ankle surgeons, and, you know, oftentimes in their parking lot outside their practice. It is a competitive advantage for us, despite the fact that other companies have mobile education. They don't, you know, I don't think that, you know, there's probably as much focus and as many miles going around the country. You know, that'd be an interesting metric, George: how many miles have our trailers driving for to service foot and ankle mobile education labs? I bet we have more mileage than others. Just given our focus on the foot and ankle surgeon. Yeah. Okay. I actually had the opportunity to speak to a person who was involved in that, who's been to 47 of the 50 states in the mobile lab. I believe that was the metric, so I- Yeah -think that's probably right. Yeah, it's like Johnny Cash, we've been everywhere. Since we're in Nashville, sorry. Exactly. Yeah, yeah. Maybe shifting gears to the balance sheet a little bit. You, along with last week's earnings call, announced a new credit facility as well. Could you just remind us of your pro forma liquidity- Yeah -and some of the key puts and takes with that new- Yeah -credit facility versus the prior one? Yeah, yeah, we're really excited about this. It's a tool that I consider it a tool that really reinforces our pathway and gives investors, you know, I think, a clear visibility to our pathway to cash flow breakeven. And so this $150 million non-dilutive, truly non-dilutive deal with Ares, there's no equity sweeteners of any kind. It's purely a $100 million term loan, $50 million line of credit. We have 100 drawn in total, and we have $97 million of pro forma cash at the end of September. And our net debt balance is $18 million, because we also have a $15 million mortgage outstanding on our headquarters in Denver. So very reasonable levels of net debt on the company. This facility was attractively priced, you know, in the marketplace, has opportunities to step down in pricing based upon achievement of certain EBITDA thresholds. And I would say also importantly, you know, with a partner like Ares, I think there's ability to grow with the company as we continue our march forward to, you know. You know, we've said publicly, our goal is to be the first billion-dollar, pure play, foot and ankle company. And so having a partner like Ares, who is, I believe, the largest lender in healthcare today, to partner with us is exciting for us, and it gives us the tools and capital we need to shore up our balance sheet and give investors that kind of visibility to the cash flow breakeven. Okay. And how should we think about your capital allocation strategy going forward? And, you had the acquisition of Disior that you commented on earlier. What's your appetite for further M&A? Yeah, so Matt works. He leads our business development efforts, and, you know, we're pretty active looking at, you know, tuck in, you know, deals that are technology-oriented. You know, I think the deals that, w e're always active. You know, we've been active since I've joined the company in 2020, and Albert and the team before then are always looking at, you know, things that either we can't make or, you know, as efficiently or as effectively, we would look to augment our bag and grow that way. And I think the two deals we've done are good examples of that. You know, we bought the first-in-the-world approved FDA total talus replacement from Additive Orthopedics in 2020, excuse me, 2021. And then in 2022, we bought Disior, and this was the group in Finland that the quantum mathematicians that use mathematical modeling for a variety of mechanisms in foot and ankle design, and preoperative, postoperative, and intraoperative planning. And so those are the types of deals that we find exciting. You know, we, we're, we're not really interested in buying distribution channels or companies for additional products that would have overlap with ours. You know, we're really interested in just continuing to feed our engine in the field of, you know, leading sales force in the U.S. and outside the U.S.. Okay. Well, I think we've covered a lot of ground today. Maybe, just finishing up here, I'll turn it back over to y'all to maybe highlight the key points you want investors to most take away from this conversation. Yeah, I, I think, you know, look, we love the market that we're in. It's a $5 billion market, 7% annual growth, you know, probably 2 x, at least 2.5 x the other orthopedic market growth rates. We think the growth rate has the opportunity to expand with continued innovation and technologies. And, and we like our position in the market with 4% market share and the opportunity to continue to expand in our share gains as we go forward. You know, the other thing that I would say is a, is a, is a clear thing, is we have the pathway to high growth, EBITDA positive next year, and cash flow pathway to breakeven in the, in the not-too-distant future, utilizing the cash that we have on hand today to get there. You know, there's a pretty clear pathway for us to see the growth yield earnings, yield cash flow as we go forward, and, you know, we'd like to, you know, welcome you all to have a look at Paragon 28. And if there's interest in learning more about the company, you know, we always welcome people out to Denver to see the facility and our operations and touch the products. So maybe that's a good place to leave it with that. I think that's great. Thank you all again for your time, for being here. Thank you.