Good afternoon, welcome to Paragon 28, Inc. first quarter 2023 earnings conference call. Currently, participants are in listen-only mode. We will be facilitating a question-and-answer session at the end of today's call. To register a question, please press star followed by oneF on your telephone keypad. As a reminder, this call is being recorded for replay purposes. I would now like to hand over the conference to the host of today, Mr. Matthew Brinckman, SVP of Strategy and Investor Relations. Mr. Brinckman, please go ahead. Good afternoon, and thank you for joining Paragon 28 first quarter 2023 financial results and earnings call. Presenting on today's call are Albert DaCosta, Chairman and CEO, and Stephen Deitsch, CFO. Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of Federal Securities law, 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 to 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 have caused actual results to differ materially from these forward-looking statements. All forward-looking statements are based upon current available information and 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 will now turn the call over to Albert. Thanks, Matt. Good afternoon, and welcome to our first quarter 2023 earnings call. Throughout this call, I will provide an overview of our first quarter 2023 performance and give a business update. Steve will then provide additional details regarding our financial results and provide an update on our 2023 financial guidance. We will then open the call to Q&A. Total net revenue for the first quarter was a record $52 million, representing constant currency growth of 27% year-over-year. I'm incredibly pleased with our first quarter performance this year, which is especially impressive against our strong growth comps of 25% in the first quarter of 2022 and 23% in the first quarter of 2021. First quarter U.S. net revenue was $45 million, representing growth of 25% over the first quarter of 2022. I am proud to say that in the first quarter of 2023, our U.S. business delivered 20% or greater growth in each of the five foot and ankle sub-segments. Our balanced growth underscores our focus on improving patient outcomes across the entirety of the foot and ankle market. Our U.S. net revenue increase during the first quarter of 2023 was driven in large part by our 247 producing sales reps, an 18% increase compared to the first quarter of 2022. This also represented a 6% increase compared to the fourth quarter of 2022. Despite the sizable increase in the number of producing reps during the quarter, our revenue per producing rep also increased year-over-year by a mid-single digit%, annualizing to more than $700 thousand per producing rep. We once again did business with over 2,000 US surgeon customers during the first quarter, an increase of 12% compared to the prior-year. Importantly, in addition to new customer additions, we continue to see nice increases in revenue with existing customers. First quarter international net revenue was a record $7 million, representing 42% constant currency growth over the first quarter of 2022. International revenue growth was driven primarily by our largest international markets of Australia, South Africa, and the United Kingdom. P28's consolidated revenue growth of 27% for the first quarter was almost 4 x the estimated foot and ankle market growth rate. The investments we have made are paying dividends and are positioning us well for long-term success, including our exciting and innovative product pipeline that surgeon customers have come to expect from Paragon 28. Thank you for the extraordinary contributions made by all of our team members around the world. The P28 team has an incredible ability to deliver results and is committed to our mission to improve foot and ankle patient outcomes. I will now turn it over to Steve. Thank you, Albert. Expanding on your earlier comments on the first quarter of 2023, Paragon 28's net revenue was a record $52 million, representing 25.8% reported growth and 27.1% constant currency growth, respectively, compared to the first quarter of 2022. Foreign currency headwinds reduced reported quarterly net revenue and net revenue growth by approximately $600,000 and 1.3 percentage points, respectively. As we communicated in early March, P28 was in the midst of a great quarter, and the quarter ultimately finished very strong. Gross profit margin for the first quarter of 2023 was 82.9% compared to 83.6% in the first quarter of 2022. This small percentage decrease was primarily due to an increase in excess and obsolete inventory costs. Research and development costs were $7 million, an increase of 22.1% compared to the first quarter of 2022. P28 continues to expand its investments to improve foot and ankle patient outcomes, including new product development efforts and clinical studies. Selling general and administrative expense was $43.8 million or 84.2% of revenue for the first quarter of 2023, compared to $37.2 million or 90% of revenue in the first quarter of 2022. This margin improvement of greater than 500 basis points demonstrates the strong leveraging of our past investments in sales force expansion, marketing and medical education, and company infrastructure. Adjusted EBITDA for the first quarter of 2023 was a $1.4 million loss, representing a 57% improvement compared to the $3.3 million loss in the first quarter of 2022. On a dollar basis, we have experienced sequential quarterly improvements in adjusted EBITDA every quarter since the start of 2022. P28's revenue growth rates are expected to continue well above market growth rates, and this expected revenue growth, combined with steady increases in operating margin, will bring P28 closer to break-even adjusted EBITDA on an annualized basis throughout the year. Operating cash use for the first quarter of 2023 was $14.1 million, which included a $9 million legal settlement payment. Normalized for this payment, operating cash use for the first quarter of 2023 was $5 million, a $4.4 million improvement or 47% compared to the prior-year. Investing cash use for the first quarter of 2023 was $7.6 million compared to $42 million in the prior-year quarter. The prior-year quarter included two significant one-time items. The Disior acquisition for approximately $18 million and the purchase of our Denver headquarters building also for approximately $18 million. We ended the first quarter of 2023 with approximately $146 million of liquidity, including $86 million of cash and short-term investments and up to $60 million of cash available via our senior credit facility. We are very comfortable with our liquidity position, which we expect will enable us to reach cash flow break even as a result of continued above-market revenue growth coupled with continued improvements in operating leverage and free cash flow. Turning to our 2023 net revenue guidance. P28 is off to a fantastic start in 2023. 2023 quarterly revenue seasonality appears to be shaping up more in line with pre-COVID historical trends, including, for example, the return of more normal spring and summer vacations with revenue concentration more heavily weighted in the first and fourth quarters of each year. The procedural trends through today continue to validate our thinking. For the full-year of 2023, we are reaffirming our previous net revenue guidance of $214 million to $218 million, representing reported growth of approximately 18%-20% respectively. Our revenue guidance also assumes currency translation rates remain consistent with current translation rates. That is the end of our prepared remarks. Operator, please open the lines for questions and answers. Perfect. Ladies and gentlemen, if you'd like to ask a question, please press star followed by one on your telephone keypad. That's star followed by one on your telephone keypad. To withdraw your question, press star followed by two, and please do also remember to unmute your microphone when it's your turn to speak. Our first question comes from David Turkaly from JMP Securities. Dave, your line is now open. Please go ahead. Thank you, and congrats, guys. I appreciate the color about the return to normal, maybe pre-COVID, seasonality. That's great to hear. Just as we look at the guidance, and given how strong this quarter came in, you're not seeing anything in two Q that concerns you, and we should probably think of this as being somewhat conservative given that it's still early in the year, but there's nothing that you're seeing that would cause you to believe that there's any deceleration coming? Hey, Turk, it's Steve. Thanks for the question. It's a great question. We're really excited to see more normal seasonality and, you know, look, we're off to a terrific start in 2023. Top line growth, 27% against the tough comp last year, 25%. Better EBITDA, better cash flow. We're really hitting on all cylinders. When we look at our guidance for the full-year, we decided to reaffirm simply due to the fact that we are in continued macroeconomic uncertainty. You know, you use the word conservatism. I would say just we're being prudent when we look at the uncertainties in the macroeconomic environment we're operating in. Our business is hitting on all cylinders. We're as strong as we've ever been. We continue to expand our sales force at record levels. We continue to drive productivity across our sales force, and our international business is humming as well. All good with Paragon 28. I like the prudent term too. Just to reaffirm that, I think you said that the 5 divisions or categories in the U.S. were over 20. In the past, I think you said they were all up double digits. I don't recall over 20%. Again, that implies that something even accelerated in 1Q versus the past, correct? Yeah. I mean, look, this was a great quarter. We specifically called it out that way. Our U.S. business grew 20% or greater in every foot and ankle category. That is the balance that the business was designed with to be truly the preeminent foot and ankle specialist serving all the needs of foot and ankle surgeons around the globe, honestly. It's working well. Thank you. You got it. Thanks. Thanks, Dave. Our next question comes from Kyle Rose from Canaccord. Kyle, your line is now open. Please go ahead. Hi, this is Caitlin on for Kyle. Thanks for taking the questions, and great quarter. Just to start off, you know, speaking to the sales force, you saw some strong additions in the Q1. What are your plans for the rest of this year? Do you continue to expect that, you know, the factors of sales rep productivity and sales force additions will really kind of equally drive growth? Hey, Caitlin, nice to hear from you. Yeah, we had a really nice contribution from producing reps really in the first quarter. We grew our producing rep count 18% to 247, which was also not just a nice increase year-over-year, but a 13 sales rep sequential increase. The investments that we've been making are really starting to deliver like we had expected them to. It does take 12- 15, 18 months sometimes to really get experienced reps up and running at their potential. We're really starting to see that. So, you know, as you drive up the number of producing reps, your productivity tends to go down a little bit just because of the math. You're bringing in newer reps. You know, in this quarter we saw a nice single digit, mid-single digit increase in productivity. We expect over time that those will sort of balance out again. This quarter was more heavily influenced by the expansion of our sales force in the U.S. Got it. Then just quickly on SMART 28, do you still expect the first module launch this year? What do you think really the potential longer term contribution from SMART 28 could be? Thanks, Caitlin. We are expecting a limited launch later this year, early next year. One of the first modules, really a reflection of more of a Disior type platform. I think it's gonna give us, you know, pretty good visibility to what that type of enabling technology is gonna look like. I would tell you on a long-term basis, we have, you know, made no secret that we think enabling technology is giving us better visibility in the planning phases of surgery, in the diagnosing phases of surgery, and even predicting outcome phase, that we expect that to contribute in a meaningful way to improved outcomes for patients. We think the foot and ankle market desperately needs that, right? We still have higher complication rates, and Paragon 28's always been on a mission to improve those outcomes, and we think this is one of the most significant opportunities to do that. Awesome. Thanks so much. Of course. Thank you. Our next question comes from George Sellers from Stephens Inc. George, your line is now open. Please go ahead. Hey, thanks for taking the question, and congrats on a great quarter. I just wanted to ask about the new device launches expected this year, sort of the cadence, as we think about, you know, the rest of this year and any new devices you may have in the pipeline. Can you also just remind us of some of the recent launches you've made, maybe last year as we think about sort of the year-over-year comps, as we're modeling the rest of this year? Thanks for the time. You got it. Thanks for the question, George. I'll actually start in reverse, right? Last year we called out a few key product launches and particularly because they were in areas we weren't totally participating yet. X-Fix was a great example of that. Earlier in the year, we launched a Pin to Bar system, which is primarily used for more of the fracture fixation. Later on, we launched a Circular Fixator, which is used more in ankle deformity in the Charcot segment of foot and ankle. Those were pretty significant contributions for us and great to have more participation and more of the indications around foot and ankle, which has been a goal. We also launched a couple of soft tissue products last year, and I've called out one that although we have some products there, we see soft tissue playing a pretty heavy role in the future of foot and ankle, and we were proud to launch a few key products like the R3ACT Stabilization System, which is used in the fracture fixation market again. That product put a spotlight on the fracture fixation product line, in particular ankle fracture for us. We had a really nice complementary effect there for some of those launches. This year so far, we've really launched so far two products. The first being the MET Shortening product, which is a complementary product to the bunion segment. I've always said that, you know, foot and ankle procedures tend to be a tandem of two and three different indications in each surgical procedure. Our goal is to make sure that we can address, with meaningful technology, address every one of those indications. The MET Shortening product is exciting for that reason. It gives us a better, more soft tissue balanced. Solution to address shortening of the second and potentially even the lesser metatarsals following or in tandem with bunion surgery. We also launched in a limited respect, we launched the supramalleolar system late last year, early this year, which if you remember, is more of an ankle realignment procedure. That procedure can be done just by itself to realign the ankle, make sure that we're parallel to the ground when we're walking. It's also a really nice complement for things like total ankle replacement, where we need that alignment to prep us for the total ankle replacement. Another really nice complementary product. I'd expect to see a couple of more additions to that supramalleolar product later this year. Then the second half of this year is probably gonna be a little heavier weighted with product introductions. I've always said all of our product introductions are meaningful to us. I don't have favorites, but it is really nice to continue to address more and more indications and the foot and ankle market needs that. We're pretty excited about what's gonna happen later this year. Okay. That's really helpful. Thank you. Steve, maybe one for you. You've previously talked about profitability and sort of a timeline there. Just curious your updated thoughts on how you're thinking about Paragon 28 returning to profitability. Thank you. Yeah, George, it's still the same from, you know, what we had talked about last quarter, where we said we expect a $5 million-$10 million improvement in our adjusted EBITDA this year, which would have us approaching break even. It's gonna be soon when Paragon sort of pierces the profitability on an EBITDA basis. We continue to make great progress on driving high quality growth, which drives strong gross margins. As you saw, we delivered 83% again this quarter. It all starts there. Just making investments where they matter, continue to make investments in things like sales force expansion, new product development, international expansion, and so on. That's where we focus our time, energy, and money and we leverage everything else. excited about our pathway to continued improved profitability and cash flow over time. Okay, perfect. thanks again for the time and congrats again on a great quarter. Thanks, George. Our next question comes from Craig Bijou from Bank of America. Craig, your line is now open. Please go ahead. Good afternoon, guys. Thanks for taking questions. Congrats on another strong quarter. Wanted to follow up on the revenue cadence, Steve, and I recognize. You know, I heard your comments on where the revenue concentration will be. Your comps though are, you know, a little bit, you know, variable, I guess, you know, when you look at Q2 or, sorry, 2022. Just maybe if you guys could provide a little bit more color on how to think about, you know, maybe Q2 in relation to Q1 and then, you know, the back half in relation to the first half. No, a great question, Craig, and great to see you, and we're looking forward to seeing you next week at your conference. You know, we are pleased to see a more normal seasonality for the foot and ankle business that we operate within. Really what that means is we have a concentration of revenue in the fourth quarter in the first quarter after that. The first quarter for us obviously was really strong, 27%. You did mention some strange comps as we roll through the year. For us last year, though, the first quarter was a 25% comp, so, you know, really pleased with that. You know, when you think about like the actual distribution of revenue though, typically the second and third quarters are the lowest on a dollar basis each year. The third quarter begins to ramp up into as we get out of the vacation schedules, the fourth quarter is really a bolus of procedures. In a normal environment, which I think that we're in now, you would see a second quarter step down from the first quarter levels. You know, we think our second and third quarters are gonna have similar growth rates this year-over-year, due to some strange comps that you mentioned. Last year, our second quarter was larger than our first quarter, the third quarter was quite a bit larger than the second quarter, which is pretty unusual. We're expecting more of a normalized trend this year, where the first quarter is strong. We see a bit of a step down on a $ basis, but still good year-over-year growth rates. Then building into the third quarter and then a really, really strong fourth quarter from an overall revenue perspective. Got it. That's helpful. And Albert or Steve, you know, you talked about the 20% growth across all your categories. You know, we've heard other ortho procedure revenue or other ortho procedure growth in Q1 is as strong as there might be some recovery or catch up. Would love to kind of get your take on what, you know, what you're seeing in the foot and ankle market. I know part of it is trauma and not necessarily elective, but, you know, from an underlying perspective, procedure perspective, would love to just kinda get what Understand what you're seeing and how you see procedures play out over 2023. Yeah. Craig, I'll start, and then Albert has some perspectives here as well for sure. You know, our first quarter in a, you know, like in a typical first quarter, a normal seasonality first quarter, you do see some spillover of patients that were scheduled into the fourth quarter, but were unable to get their procedures done because of just the heavy surgical volumes, not just in foot and ankle and orthopedics and MedTech, but across MedTech. You know, you typically see January as a very, very strong procedural month. February's pretty good. When you get into March, you start seeing some seasonality with spring breaks and things of that, and then that continues into the second quarter. Look, the underlying markets are strong, and we're excited about our position to take advantage of those markets. That's right. I think, you know, just to add to that, and outside of seasonality stuff, I feel like our team's just executing really well on the fundamentals there, right? The sales force additions, the medical education, product launches. I feel like everything really is playing a part in contributing to some nice growth rates there. Great. Thanks, for taking the questions, guys. Thank you. Thanks Craig. Our next question comes from Mike Matson from Needham & Company. Mike, your line is now open. Please go ahead. Yeah, thanks. I just wanna ask one on training. You didn't really give any kind of metrics there, and I think you maybe have stepped away from giving a lot of detail, but I was just curious if you could give us any kinda updates and even if it's more qualitative in nature, surgeon training. Thanks. Yeah. Yeah, happy to Mike. The FNA training programs are really strong again in the first quarter. Our Mobile Lab is really doing well for us. We trained almost 250 surgeons in the Mobile Lab alone in the first quarter. That's really exciting for us and is adding a different avenue for us to get to these surgeons. We didn't really train a whole lot of surgeons internationally this quarter, but in the U.S. we trained over 600 surgeons. We are really happy with the continued interest in our product lines and our ability to get to these surgeons for training in a really. It's It's becoming a more cost-effective way too, with the Mobile Lab. The added benefit of all this training is we get to train and work with our reps more and they get to spend more time with their existing doctors and potentially new doctor customers. It's a really nice program for us, and it was again in the first quarter. Okay. Got it. Just a couple of financial questions. You know, the OpEx in the quarter was a little higher than what we were modeling. You know, just wondering if you expect it to kind of stay around the $50 million, sorry, $51 million kind of run rate from here for the year. You know, we would expect to continue to see leverage on our total OpEx as we move forward throughout on a quarterly basis. You know, we're gonna continue to invest in R&D and sales force and medical education. In terms of you know, the actual dollars or expectations per quarter, you know, not really ready to talk about that. You know, of course, we're gonna continue to drive leverage and, you know, as we continue the path to EBITDA positivity. Okay. Got it. Thanks. Then just gross margin, kind of the same thing. It was a little bit higher than what we were modeling. Was there any kind of one-offs in there or anything that led it to being maybe. I think we were kind of more in the, you know, 81% sort of range versus 83 that you did. No, no one-offs. you know, just good solid contribution from a lot of very, you know, strong products that, you know, that we're able to secure for pretty reasonable pricing from our partners. you know, our team works really hard to get product at reasonable price, and then our sales teams and our contracting teams work to make sure we get paid appropriately. Nothing unusual in the 83% margin. you know, we do continue to recommend think about our business as an 80% plus margin business and, you know, comfortable with that level as you think about your models going forward. Okay. Great. Thank you. Thanks a lot, Mike. Thanks. Our next question comes from Neil Chatterji from B. Riley. Neil, your line is now open. Please go ahead. Good afternoon. Thanks for taking the questions. Like most might have already been asked, but just, maybe just coming back to international, you know, just if you could just talk about, you know, what's kind of driving that strength on the international side, whether it's, you know, anything specific in, I guess, UK or South Africa or Australia or just kind of via the stay industry distributors. Hey Neil, thanks. You know, look, we're really pleased with our international business. As, you know, similar to our U.S. business, we've been making some really key strategic investments in certain markets and they keep delivering. We'll continue making investments there. You know, our U.K. business, our Australia business performed extremely well again in the first quarter. You know, just really, really doing well for us and really, really excited about the momentum there. Our South Africa business continues to perform. In new markets, we're starting to see increased penetration in areas like Germany, in Italy, in Spain, as well as in Canada. You know, we've got a lot of opportunities for growth there, and it's, you know, it's an area that we're gonna continue to focus on going forward. Great. I mean, then as far as those expansion countries, I mean, anything call out there in terms of, you know, sizing those opportunities? You know, look, I would tell you our existing markets can get a lot bigger, you know, including our big three. Those are gonna get bigger for us. The markets that we're just getting into, they have, you know, they have a nice opportunity to grow. The foot and ankle market, as you know, is very large internationally, over $2 billion. We wanna make sure that we continue to focus there, not just for the revenue, but also just so that we can be a truly globally focused foot and ankle company, taking into account the best practices and procedures of how to treat foot and ankle patients and improve outcomes. It's important to help drive revenue, but it also helps us develop better products. Got it. Not to belabor the point on just the quarterly cadence, I think you gave some pretty good color here, but you know, I just wanted to ask specifically, I guess, about the vacations kind of returning to kind of pre-pandemic levels. I mean, is that? You know, does that imply that, say, for like April or July, August, that those vacations, you know, are picking up versus, say, 2022? Or just, you know, how is 2022 versus, you know, expectations for 2023? Yeah. No, it's really interesting, Neil, to look at. We, you know, obviously look at this very carefully and talk to customers and our sales force about it. We just are seeing more normal vacation schedules, where surgeons and patients are actually taking things like spring break and scheduling summer vacations again. That's great to see. I, you know, there's been practices that have, and hospitals that have, in the past, not allowed the physicians to travel as much as they would have liked to and then put some sorts of restrictions on their ability to do procedures when they would return, and those have been lifted by and large. We're happy to see our customers be able to take vacation, but we can't wait for them to get back in the OR, I'll tell you that. Got it. And that's, belabor the point on just the quarterly Got it. And that's, belabor the point on just the quarterly cadence. I think you gave some pretty good color here, which is, you know. I just wanted to ask specifically, I guess, about the vacations kind of returning to kind of pre-pandemic levels. I mean, is that, you know, does that imply that, say, for like April or July, August, that those vacations, you know, are picking up versus, say, 2022? Just, you know, how is 2022 versus, you know, expectations for 2023? I think you gave some pretty good color here, which is, you know. I just wanted to ask specifically, I guess, about the vacations kind of returning to kind of pre-pandemic levels. I mean, is that, you know, does that imply that, say, for like April or July, August, that those vacations, you know, are picking up versus, say, 2022? Just, you know, how is 2022 versus, you know, expectations for 2023? I think you gave some pretty good color here, which is, you know. I just wanted to ask specifically, I guess, about the vacations kind of returning to kind of pre-pandemic levels. I mean, is that, you know, does that imply that, say, for like April or July, August, that those vacations, you know, are picking up versus, say, 2022? Just, you know, how is 2022 versus, you know, expectations for 2023? I think you gave some pretty good color here, which is, you know. I just wanted to ask specifically, I guess, about the vacations kind of returning to kind of pre-pandemic levels. I mean, is that, you know, does that imply that, say, for like April or July, August, that those vacations, you know, are picking up versus, say, 2022? Just, you know, how is 2022 versus, you know, expectations for 2023? I think you gave some pretty good color here, which is, you know. I just wanted to ask specifically, I guess, about the vacations kind of returning to kind of pre-pandemic levels. I mean, is that, you know, does that imply that, say, for like April or July, August, that those vacations, you know, are picking up versus, say, 2022? Just, you know, how is 2022 versus, you know, expectations for 2023? Yeah. No, it's really interesting, Neil, to look at. We, you know, obviously look at this very carefully and talk to customers and our sales force about it. We just are seeing more normal vacation schedules, where surgeons and patients are actually Yeah. No, it's really interesting, Neil, to look at. We, you know, obviously look at this very carefully and talk to customers and our sales force about it. We just are seeing more normal vacation schedules, where surgeons and patients are actually Yeah. No, it's really interesting, Neil, to look at. We, you know, obviously look at this very carefully and talk to customers and our sales force about it. We just are seeing more normal vacation schedules, where surgeons and patients are actually Yeah. No, it's really interesting, Neil, to look at. We, you know, obviously look at this very carefully and talk to customers and our sales force about it. We just are seeing more normal vacation schedules, where surgeons and patients are actually taking things like spring break and scheduling summer vacations again. break and scheduling summer vacations again. That's great to see. I, you know, there's, you know, there's been great to see. I, you know, there's, you know, there's been practices that have, and hospitals that have, in the past, not allowed the physicians to travel as much as they would have liked to and then put some sorts of restrictions on their ability to do procedures when they would return. Those have been lifted by and large. We're happy to see our customers be able to take vacation, but we can't wait for them to get back in the OR, I'll tell you that. Got it. Thanks, guys. That's it for me. Thanks, Neil. Thanks, Neil. Our next question is from Matthew O'Brien from Piper Sandler. Matt, your line is now open. Please go ahead. Hi, this is Samantha on for Matt. Thanks for taking our question, and congrats on the quarter. I guess our first question is about maybe what new products influenced Q1, and maybe how do you expect those to continue to impact the business moving forward? Yeah. Thanks for the question, Samantha. Maybe I'll hit that. I mentioned we had a couple of key launches. I'm really hesitant to say that because I don't, again, I don't wanna glamorize one piece over the other, but sometimes newer products could be in an earlier cycle of growth and can lean more on their contribution. I really think, you know, if you look at our ankle portfolio, and that includes ankle fusion, total ankle replacement, we launched a lot of those key products on the backside of COVID, right? With medical education being a pretty high demand for those products, we're still seeing a really nice influence from those. Every subsegment of foot and ankle saw meaningful growth in Q1, right? We've had impact from new products in fracture fixation and flat foot, which is PCFD, the bunion market or the forefoot market, which we call it Charcot, and ankle, right? Charcot saw a really nice influence from our external fixation. Yeah. Just, I feel like I'm giving you a more broad answer to that question, but I feel like a lot of our products in all of the segments really contributed nicely to Q1 success. Perfect. Thanks so much. Just one more question on international specifically. You know, obviously it saw a meaningful growth rate, and maybe, what are you seeing there, and how durable is that? Thank you. It's very durable, Sam. We've got a lot of room to keep growing. You know, the international market is comparable in size to the U.S. market, so a lot of opportunity there. You know, like I mentioned, in the markets we're already established in and have a strong beachhead, lots of room to grow there. In markets where we don't really have a significant presence, you know, those are gonna become important for us, more important over time. It's an important part of our growth plan going forward, and we're excited to keep investing in those markets. Maybe I'll add one thing to that, Samantha, too. You know, a lot of the new products we launch here in the United States have a little bit of a delayed reaction with the international markets, just given regulatory procedures there. And so, we're still really excited about the opportunity with some of the products we've launched in the last two or three years and seeing the impact those could have on the international success. Perfect. Thank you so much. Thank you. Of course. Thanks. We currently have no further questions, so I would like to hand the call back to Albert DaCosta for final remarks. Please go ahead. Thank you again for your time today. We look forward to seeing many of you at the future investor and industry conferences, including next week in Las Vegas at the Bank of America Healthcare Conference on May ninth and tenth. Have a great day. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines. Thank you.