Good afternoon, everyone. Welcome to the 42nd annual J.P. Morgan Healthcare Conference. My name is Lisa Cohen. I am a vice president in San Francisco, and I sit in the Healthcare Investment Banking group. I'm very excited to introduce our next company, Paragon. With me here today, I have Albert DaCosta, CEO, and Steve Deitsch, CFO. So with that, I will pass it on to them. Thank you. Do we have the clicker? I think she took the clicker, but... Oh, awesome. Thank you. All right. Thank you. Thanks for having us. It's great to see everybody here. I'm gonna warn you ahead of time that I might have a little bit of a coughing fit. If I do, I'm gonna pass it over to Steve. Let's get started. First thing, the story might be new for some of the folks here. One thing I'd like to start off with is just kind of explaining a little bit about the foot and ankle market, and that image there doesn't show any of the soft tissue structures. But if you think about from a skeletal perspective, the complexity around your foot, it's not maybe the sexiest part of the body to say you treat feet and bunions and flat feet, but for us, it's an opportunity. This segment is really young, and it's really complicated. When you take into account that you've got 28 bones, hence the name Paragon 28, and you've got really 30, if you take into account the fibula and the tibia. Add to that all the soft tissue structures, the size of the bones, the fact that they all integrate and relate to each other in a unique way, and we bear weight, and we wear shoes. So if you want to imagine one of the most complicated environments, this is it. So no offense to our spine brethren or anybody else in the orthopedic space, but the foot and ankle really is a marvel, and it's one of the younger segments of orthopedics. So we still don't have the definitions and a real clear understanding of how we should be treating these things. We certainly don't appreciate yet some of the soft tissue contributions that we have, the balance or imbalance that exists. We tend to think of things more as bony deformities, and we're starting to really uncover the value of understanding that soft tissue structure. So all that to say, a really, really complicated aspect of the skeleton and ankle, and it's also a market that has hundreds of indications for us to address with really high complication rates. So for Paragon 28, we set out really to be a company committed to this space, but first and foremost, we're here to make a difference. I know that sounds a little bit cliché, but when you think about the ability to leave a mark on a, on a space, on a market, to really do something powerful, we couldn't think of a better, more fortunate place for us to be than the foot and ankle market. So Paragon 28, we started in late 2010, early 2011. Old-fashioned story, starting out of a basement. My mom was the first investor, didn't pull salaries for two years, and we were 100% committed to doing something that would leave a legacy that we'd be really proud of in this space. And so foot and ankle market, and I'm a little bit biased, is an incredible opportunity. We say it's a gem, it's a marvel, it's all those great things you can imagine, but it's a chance for us to do something meaningful for patient outcomes. Thanks, Albert, and thanks for having us today, J.P. Morgan, and just our fact sheet or by the numbers, Paragon 28. As many of you saw today, we were happy to pre-announce our revenue numbers for the fourth quarter, $60.3 million-$60.6 million, which is 17%-18% year-over-year growth. And that contributed to a 19%-20% reported and 20% constant currency growth rate for the full year of 2023. So $216.1 million-$216.4 million. A very good year for us, and we'll talk about that in a bit more detail as we go on through the presentation today. But pleased with a growth rate that we estimate to be almost three times the overall market growth rate for foot and ankle for the year. We estimate it to be 7%, and so we eclipsed that pretty handily. We have 450 global employees. So an important thing to know about our business is it's scaled in the U.S., and our international business is gonna contribute over $30 million of the $216 million of revenue this year. So, we're doing business in a number of countries outside the United States. We have a slide on that later that we'll take you through. We have 75 product systems that we've launched since the inception of the company in 2010. And so we are a full-line provider of every solution that a foot and ankle surgeon could need to treat his patient or her patient. We're excited to be able to be one of the very few companies that treats all of the five foot and ankle subsegments that we'll go through here in a bit. We have 25 products actively in development that will complement nicely the 75 products we've launched since inception. Our sales force in the U.S. is about 260 sales reps, and that increased about 18% year-over-year. We do business with over 2,000 surgeons in the U.S. The other important thing is that we're well capitalized. We had at the end of the third quarter, we had almost $150 million of liquidity, and that was fortified in 2023 with a new facility that we put in place with Ares, as well as a follow-on offering that we did at the beginning of the year. We're planning to launch six new products in, Excuse me, we launched six new products in 2023, and we also launched a second mobile medical education lab that Albert's gonna talk about here in a bit in our approach to not only medical education, but also product development and how our investments in those areas really augment our strategy. With that, I'll turn it back over to. Or I've got the next slide, actually. On purpose, I gave him the slide with all the bullets, so he could have a hard time reading that from this. Yeah, try to get through these as quickly as we can and talk about the products and technology. But this is. You know, Albert referred to our market as a gem, and we truly believe that to be the case. We're in a $5 billion, $5 billion foot and ankle market that's growing 7% a year. So a large market that is a high-growth market, we think the highest growth in orthopedics, that growth rate will be close to $7 billion by 2028. And we participate meaningfully in every one of these subsegments, and that's what you see on the right-hand side of the page. Forefoot, fracture fixation, flat foot, ankle, Charcot, as well as biologics, which contribute to many of the subsegments. We are well represented in each of those, and the two largest segments being fracture at 30% and forefoot, which includes bunions, at 34%. If you were to look at our pie chart of our revenue contribution by those segments, it would look a lot like that overall market composition. We believe that really contributes to the balance of the company and our overall success, as we have had, you know, a lot of success, obviously, since the start of the company. One additional piece of information on the foot and ankle market. There are approximately 14,000 surgeons in the U.S. that do foot and ankle procedures, and it's broken down between orthopedic surgeons. There's about 2,400, and there's about 9,000 surgical podiatrists as well, that contribute a significant amount to the market, as well as 2,300 pediatric and trauma surgeons that also don't specialize in foot and ankle, but treat foot and ankle patients in both children and trauma settings. Next slide. You know, one of the things that we get asked a lot about is our opportunity and runway for growth, and this is an area that we've got a very long runway and, you know, with a $5 billion market and our 4% market share today, we have the opportunity to both penetrate further into the existing markets that we're, we're in, but also to expand the markets. We think the foot and ankle market has the potential, the real potential, to accelerate in growth with better technologies, better training opportunities, and better patient awareness of the procedures that we do, and ultimately, better outcomes for patients. So we're excited about our ability to take market share, but also make the market even more robust as we go forward. And as I mentioned earlier, you know, we've been growing at 3x-4x the overall market growth rate, and a good share of that growth has come from market share taking. So as we look to the future, our additional growth will not only be driven by the U.S., but also outside the United States, and we have a specific slide that we'll talk to a bit more on that in just a moment. Next slide. That's Albert. Yeah. So looking at some of the pillars of our growth strategy, our success up to this point, it really starts with technology. I'll mention again, we're fortunate to be in a space where these improvements are desperately needed. So we're not here to fill our bag with more stuff or to just create technology to say we participate in a space. We're actually here, and we're able to contribute to some of those improvements, and sometimes that innovation, it looks like an implant, sometimes it looks like the system to support that implant, sometimes it's just having the right optionality to support some of our foot and ankle surgeons. A couple things that I would say is, the foot and ankle market tends to have surgeries that are three, four or five procedures done in tandem. So if we go in to do a forefoot procedure, we're doing three or four procedures. If we're doing a flat foot, now known as PCFD, we're gonna do four or five procedures in tandem. Ankles, the same thing. And it's really important for us to be able to contribute to those pieces in a meaningful way, and that's been our strategy. If you support that with a really strong commercial infrastructure and a sales culture around that product, it really has been a pretty powerful position for us. And then the third piece of this is just making sure we're a global participant. If we're setting out to improve this entire market and to really leave a stamp on this market, we don't do that domestically alone. We have to do that with key opinion leaders around the world. We're addressing some of these indications in very different ways, depending on what part of the globe you're looking at. It's important that we bring those thoughts and philosophies in when we're developing product. That goes perfectly into the next slide, where medical education, if we're here to do something powerful, then we have to have an opportunity to communicate things that we're finding. Sometimes these things come out in studies, sometimes they come out just engineering philosophies that we uncover through time, stress distribution, looking at blood supply and different aspects that we want to make sure we share with the surgical community and actually bring them in. And so these medical education forums are less of us trying to teach things. They're more of us sharing ideas and, and discussing some of our complications or even our own failures, and that's how we share and advance this. We have a, a facility in Denver, Colorado, that has a 250-person auditorium. Adjacent to that auditorium is a 40-station cadaveric lab. We're using this all the time. I'd say that every week we, we have some kind of activity going on there. And then we've got two mobile labs, which you see on the far right, that has five to six stations within the mobile lab, and that allows us in quarters like Q4, where deductible season, surgeons aren't really capable of leaving and flying into Denver. We can bring that to them. And one of the things we found is, medical education has been really effective for us when we could get really specific on a topic. One more piece about the foot and ankle market that's worth noting is, depending on the surgeon, they might have a really diverse opinion or a passion area, things that they really care about. Not all foot and ankle surgeons are the same. Some surgeons really care deeply about forefoot, some surgeons care deeply about ankle, and some surgeons care a lot about Charcot and trauma. Depending on what their subspecialty is, we've got meaningful solutions that we can talk to and discuss with these surgeons. So bringing the mobile lab to different parts of the country, now having two mobile labs that we can bring to different parts of the country, allow to customize that presentation to specifically the products that they're interested in learning about. And then again, looking at some of the publications and the research that we do, that's something we're really proud of. Again, you can't change the world if you don't commit to really meaningful research. We call that non-marketing-based research, research that's trying to uncover issues that we don't understand yet today. And if we do, we do research that actually disproves our own technology, we're so committed to that, that we're gonna publish that information because we feel like that's how we improve this market. A few things that I'll point out, just our approach to building a business. Some people call it traditional, some people call it old-fashioned. Either way, we have very traditional business values, and with that is balance and diversity. We wanna make sure that we're participating across this beautiful market. There's well over 100 indications for us to address. Each one of those five subsegments: forefoot, fracture, flat foot, ankle, Charcot. I've got to think of our acronym. Each one of those markets really have their own set of complications and patient considerations, and things that make it a really dynamic and diverse market. We wanna make sure that we're balanced across that. What we're looking at here, if you look at our development, our product introductions since the history of Paragon 28, you could see over about a four or five year period there, that we're blending those product distributions across the full spectrum of foot and ankle. So we're. Even today, as we look at our 25+ products that are in development today, we still have a really spread evenly across algorithm there that is creating a stronger business. Just honestly, it's allowing us to participate again, across the full spectrum of foot and ankle. Anything that can affect a patient below the tibial tubercle or below the knee is something that we plan on at some point to address. All right, and you can see in 2023, we had a couple of exciting products. We also launched a couple of key products I'm gonna talk about here in a second, and I'm gonna warn everybody, when I get to technology, I can really geek out. So these were a couple of highlights. Some of these we launched in a limited launch capacity in Q4. I would say the first one, the Power Console, and the third one, the Bun-Yo-Matic, and by the way, we do have some fun with naming options there. But those were launched in a limited capacity in Q4. The other two products you're gonna see launching here shortly this year. I'm very excited about these, and there is kind of a cluster in this one situation. I just talked about diversity and spreading that across the full spectrum of foot and ankle, and then I show you a slide with four products all around the forefoot and flat foot zone, but I'll get into those in a little bit more specific. So the first one I'll show you here. As we get into smaller incisions, and, and again, we're obsessed with finding areas that desperately need improvements. Incisions are a real complicating factor for foot and ankle. The fact that we bear weight and we have motion can cause a real dramatic impact for the healing mechanisms of soft tissue. So bringing those small, those incisions smaller and smaller is not just a cosmetic thing, it's actually a functional thing for us. We've got a lot of focus right now on smaller incision. The one drawback to smaller incisions is if you think about foot and ankle surgery, we're trying to replicate a three-dimensional position that's relevant to weight bearing. Once that patient's sitting on a table, you lose all of that weight-bearing perspective, and three-dimensionally, that could be really complicated, especially for surgeons who are in their first five years of practice, who don't have that awareness of what they're looking at and have that bigger incision to see where those bones are positioned. And so we're kind of committed to giving people that reproducibility and also looking at opportunities to help them bring that incision down. For smaller incisions, if you think about traditional saw blades, there's a big sweep effect there. So saw blades typically aren't appropriate for smaller incisions. In that situation, we look at burrs. And a burr, if you understand that, coming in through a small pinhole incision, the speed of that burr is pretty critical. If the burr is moving too fast, you can burn the bone, and you could compromise some of the healing characteristics there. So having the right speed to torque balance is really important in smaller incisions. Most of the units that are out there today don't automatically have that torque speed profile. So we've introduced this system, and I'd say this is a first of its kind. This is a system we've worked with a partner on that gives us that perfect torque speed balance. One of the really unique things here is that the entire handpiece, not the console that you see on the right, but the entire handpiece structure is disposable. We can offer a completely disposable handpiece system that has burrs, it has saw blades, it has wire drivers, it has drills, at the cost of, of a disposable drill, essentially. So this is a really effective tool for us, and in some parts of the world where they're using this right now, surgeons are telling us that they've been able to increase their efficiency and almost double their caseload on a given day by having the ability to turn these cases faster and not having to wait for sterilization to turn a handpiece. So this is something we're pretty excited about. And again, side benefit is we have the perfect torque and speed profile there to support some of these smaller incisions. Now, getting into this, I will disclose that I was very anti-minimally invasive surgery because I wanna make sure that we are correcting these things the best that we can. Obviously, not having visibility to some of the three-dimensional characteristics, it can make this really difficult. You're gonna see a lot of fixturing and a lot of, of outriggers that guide and aid us in aligning these things to make sure that that three-dimensional accuracy is there. If we go through a smaller incision and we improve that piece of it, it's wasted if we can't ensure that we've got that three-dimensional accuracy, and millimeters matter. The way we walk, the way we feel when we put shoes on, all of those things are impacted by that level of accuracy, and so it's something you're gonna see on some of these MIS incisions, systems, that you're gonna see a lot of fixturing, like you see here. This is a distal bunion procedure. And this, again, if you think of bunions in general, the pathology of bunions could be very diverse, right? You've got some bunions that are derivatives of a flat foot issue. You've got some bunions that are congenital, people were born with them. You've got some that were a variant of metatarsus adductus. You've got some that were just acquired in adulthood, wearing the wrong shoes and environmental issues. So if you think of how diverse the real market is, then you start to understand that there's an algorithm that we're trying to match to the needs of that particular patient, and sometimes fusing a joint is appropriate, sometimes a distal procedure is appropriate, given some of the soft tissue characteristics that we would expect with some of those different pathologies. This is a beautiful option to combine with patients that fall into that category, where then we've got systems like this. This is the Bun-Yo-Matic, and by the way, if you think of Bun-Yo-Matic, think of the eighties Yo! MTV Raps theme there, and imagine a really cheesy type of infomercial where we've got surgeons wearing wigs and doing goofy infomercials to promote this product. But, one of the key things about this, you see that little black pad underneath there. Doesn't show up very well on the screen. Again, I mentioned weight bearing versus non-weight bearing in the operating room. The other limitation we have today in surgery is that some of the fluoroscopy imaging could be really inaccurate. Depending on how we position that fluoroscopy, we could get a very different representation of a correction or a deformity. So by simulating, that black pad allows us to simulate a weight-bearing position throughout the entire case, and we call this first on, last off. So we're able to correct every aspect of this deformity while simulating weight bearing, get the actual fixation device in before we take any of these devices off. You can see all the bells and whistles there that allow us to fine-tune each aspect of this correction, whether it's rotation, the plantar flexion of the metatarsal head, looking at making cuts relative to a very specific position. And then lastly, the way we've designed the cutting fixtures here, we allow a really optimized balance between resecting the right amount of bone that we need to get good healing characteristics, but not taking too much, which could destabilize some of the soft tissue around this procedure. So pretty excited about this procedure as well. And then lastly, and I think I've taken a lot of the time going around products, but this is minimally invasive tendon harvester. We were gonna call it the Mister T, but it got vetoed at our company. So we settled for Mr. T. we didn't want to upset Mike Tyson. One of the things about this flat foot procedure, we're harvesting a tendon called the flexor digitorum longus. That tendon kind of traverses all the way to the bottom side of the foot. It's an area called the Knot of Henry. When we are doing the incisions to bluntly dissect and recover that tendon to do a tendon transfer, we're getting really close to the fat pad on the bottom of the foot. And if you could imagine, creating a scar on the fat pad of the foot can be really devastating to a patient, 'cause every time they bear weight, they could feel that scar. They can feel it like a pebble is in your shoe. You can imagine how irritating that is. So flirting with the bottom side of the foot is a really scary place for foot and ankle surgeons to go. This device, which is the first of its kind, allows us to make a tiny incision that you see on the top there, right around the arch of your foot, attach it to that flexor digitorum longus that's visible there, and then access it all the way down to the Knot of Henry. And what you're seeing on the top is a blunt operator that gives us a little bit of working room. And then on the bottom, you can see the device, and there's a little black clamp that attaches around that tendon, so that when we're operating that thing down, when we're kind of dissecting it down, removing any adhesions to that tendon, it's safely done. Then we hit a trigger, and we're able to resect that tendon and do a tendon transfer. So this is just giving you a glimpse of some of the products that we're gonna start the year off with some excitement. Then we've also got, in traditional Paragon 28 fashion, we've got a variety of other products that I would expect to see this year. In addition, we've got our first module that we're really launching in the SMART 28 area. We're not ready yet to disclose what specific module that's going to be, but we're pretty excited about what that as well and what that could mean to better outcomes for patients. So. And And that's a perfect segue going into SMART 28. It's almost like we planned it that way, but SMART 28, for those of you that don't know, is our enabling technologies aspirations here. That really is the reason we went public. This was the first time we knew there was going to be technology that we were going to require that would be really complementary to what we do so well, which is develop foot and ankle systems, so software programming and things like that. We have our first module launching. I would think of SMART 28 as three unique groups. The first one, the preoperative group. This gives us the ability to three-dimensionally plan and diagnose these patients. So that's going to be an area that's not terribly dissimilar to what we do today for total ankle replacement, but we're just going to bring that to other aspects of foot and ankle surgery. And then once we plan that with accuracy, so planning these cases so that we know the three-dimensional position or predict that three-dimensional position, then we turn that into some sort of intraoperative tool to replicate that plan. Things like laser alignment systems, patient-specific instruments and guides, looking at things like that, you know, sensors or navigation or robotics, all of those are candidates to be in that middle intraoperative bucket. And then lastly, the postoperative evaluation. This is where we're actually tracking the patient postoperatively and starting to understand how well they're doing, how well did we replicate the plan? What is their activity level? How are they feeling postoperatively, to feed that back into our machine learning algorithms and keep enhancing, hence the name SMART 28. So we're pretty excited about this, and I would expect to see the first module in the first half of this year. Turn it back over to Steve. You can breathe now, Albert. That was. I'm always a little reluctant to go after Albert talking about technology because he gets so excited about it. But, I would just say that I think that's a great representation of we are more than a plates and screw company. And you know, one of the things that we really worked with when we went public two years ago, was explaining the complexity of the feet and all of the soft tissues and all of the complexities and the bony structures there with the 28 bones and all of the weight-bearing characteristics of the foot. And I had been in orthopedics and spine for a long time, and it just took a while to understand that the complexity and how technology really matters and wins. Technology is the tip of the spear for our company's growth. We wouldn't be who we are without our technology, and transitioning into this, we wouldn't be where we are without our strong domestic commercial team. We've built, over the last 12 years, a sales force of over 250 producing reps, and we've been expanding that pretty dramatically over the last two, three years since our IPO. We grew our sales force by 18% this year. Really excited about that, and it's not just numbers, it's quality. You know, we're bringing in very highly qualified clinical experts in the space that can talk, not as well as Albert just did, but pretty, pretty well and converse and work with surgeons on tough cases and how to best treat patients. That's one of our secrets to our success, is our, our strong commercial team. We're over 80% exclusive today, and that's up pretty significantly since the IPO. Some nice progress there, excuse me, and getting to more exclusivity, which we think is very important for our growth as we continue to go forward. Our surgeon base continues to expand. We expanded our surgeon base by over 10% this year in the U.S., and we have over 2,060 surgeons that we worked with in the third quarter, so really excited about that. We also have the opportunity to go a lot deeper with our existing surgeons, and we think that with our existing surgeon base, on average, we can sell two times more product to them based upon their overall case loads. So our growth will, in the U.S., will come from expansion of the sales force, expansion of customers, and also greater penetration with existing surgeons that we have today. Next. This is another real gem in the growth trajectory for the company. We launched our international business in 2016. Today, we're in 22 countries, and we'll do over $30 million in revenue this year. And we're growing almost 50% on a constant currency basis through the nine months ended September 2023. So really terrific growth there. We've really made some very interesting and exciting investments there, because when you think about our foot and ankle market that we operate in, and it's roughly 55% in the U.S. and 45% outside the United States. So, we've very deliberately invested in with targeted investments in infrastructure, distribution, and just working with our medical education teams there to have the best training programs and the best products available for surgeons, and it's paying off. Our growth strategy will be to continue to go deeper in existing, very established markets like the United Kingdom, Australia, and South Africa, which we call the Big Three. Not really creative like Bun-Yo-Matic, but it's, you know, our big three markets internationally are those markets, and they're all growing rapidly with a lot of runway left. But we're also really getting deeper into existing markets where we haven't historically invested in markets like Germany, markets like Spain, markets like Italy and Canada. We're really just getting going there. So long runway for growth as we look to the international markets as well. Next. ... All right, so in summary, I would say that, this is a, again, to be repetitive, this is a gem of a market. It's a large market and growing quickly. We anticipate that the TAM in this market is well in excess of $10 billion. Tons of room for market share taking, but more importantly, there's tons of room with, expansion of the market as we improve outcomes for patients, and this market desperately needs it. We've got some indications that have as high as 20%, 40%, 50%, 70% complication rates, and that's a real opportunity for us to do something powerful. We are one of the only companies, if not the company, committed to the entire space as a standalone foot and ankle company, and we're excited to be that. We've got today a broad portfolio, over 75 product families and tons of products still needed and coming. Again, nothing to fill the bag, but really addressing limitations that exists, exists in our market today. The enabling technologies, I think, is one of the biggest accelerators of better outcomes for patients, and that's why we're committed to it. That's why we're here. Really excited about what that means to improving outcomes for patients. And then lastly, we have a really good financial structure. The way we started this business, I joke about my mom being the first investor. She was actually the third, 'cause my co-founder and I were the first two. But that means a lot to the way we think about spending and investing money into this business, and to this day, we still feel like a private company. We got to $106 million-$107 million in 2019 on $15 million of equity. You do that with, we don't stay at really nice hotels. We had a Sushi bando. $15 million. Yeah. $15 million of equity, and we're, we're really proud of that. And that's something that I think still carries in who we are today. The way we think about investing in our business is really like a family. It's every dollar is your own, and I think that should mean something to this community that we're here presenting to, but we're really proud of that as well. And we've got a lot of opportunity. So with that, I think I've hogged up a lot of the time, leaves a few minutes, maybe for questions. Nobody wants to talk about Bun-Yo-Matic? Yes. Can you kinda talk about the history of patents in this industry, whether you're on the sued or the sued angle? Okay. So I would say philosophically, Paragon is one proud of the IP that we've developed. We've got a pretty broad area of patents that we've developed over time. But philosophically, we don't just IP things to IP things. We really try to protect things that are novel. I think when we started this business, we partnered with a company out of Germany, and we carry a lot of that culture, where in Germany, you only protect things that are differentiated and truly unique, and that's been our philosophy. So, when you look at our portfolio of patents today, I'm really proud to say that those are areas that we invest in and only protect the things that we think are differentiated, and that puts us in a great position to defend those patents. Yes. What segments of the market do you have highest levels of market share, and which ones are lower and more commodity? Yeah, so if we were to go back a few slides, and I don't know if I'm gonna effectively do this, but there's a... We try and I hope I can communicate this effectively, but one of the things we're really careful to do, if we overemphasize a product to the community, the investment community, then it becomes an item of questions on every earnings call that we have. And indirectly, our teams inside will get the message that that product family is more important than other product families. And so we're really careful not to do that. All right? What is so beautiful about our business, and we really learned. We put this into action in 2020 during COVID, we actually grew 4.5% that year, and that was, I think, a testament to that diversity. We can, we can shuffle things around as, as needed, and we wanna be present. The foot and ankle market is, is, it's like perfect for a great business, a strong, diversified, balanced business, and, and that's the way we treat it. Now, the one thing we do say is, if you look at the mix of our market, so that pie chart is the entire foot and ankle market, and you could see all the subsegments and what proportion they play in that total market. If you were to superimpose our mix, it's pretty darn similar. So that's the one area. And again, each of those things, as I'm looking at that, like flat foot, you can see that's a smaller piece. Flat foot has some of the better outcomes of our market. Some areas that aren't as strong are forefoot. Tons of procedures, still really high complication rates, a lot of soft tissue balance that we don't understand yet. So each of those subsegments have different opportunities for growth, and you can see the CAGRs on the right reflect some different numbers. That's usually related to the complications of those markets, with the exception of Charcot. Charcot is really, really difficult. This is a subset, typically of the diabetic population. These are patients that are slated to get amputated, and we all know once a patient gets one limb amputated, the second limb goes, and then we know they tend to pass shortly thereafter. So we're doing everything we can to salvage those patients' limbs. And so if you were to contrast that to something like forefoot, where millimeters of perfection, right? Where some of these Charcot patients look like they stepped into a bucket of metal, right? It just. You, you can't reinforce it enough. They're morbidly obese, they're neuropathic, they've got every comorbidity you could imagine. And so it's a really, when you think of it that way, it's such a diverse market. Fracture fixation is the other one that we don't control that. That's not deductible season. There's fracture season, right? Right now in Colorado, we're getting dumped in snow, so we expect to see a lot of FOOSH, a lot of fall into outstretched hands and ankle fractures, right? So there are seasons for fracture fixation, but that patient population is pretty static. We don't expect huge expansion opportunities there. Did I answer that question? I was trying to dance a little bit. It's more like, what markets are the most competitive, and what markets are you most protected in? Yeah. So most of our competitors go after the high volume, flashy lures, right? That's like forefoot. Hammertoes. There's 1.5 million hammertoes done a year. Everyone's thinking, "Oh, my goodness, so we just get hammertoes." So everyone seems to chase the same segments and makes them highly competitive. It just so happens that forefoot is still a really high complication area. We, we brag a little bit, but, you know, when we get together as a team, we're talking about feet. Sounds really weird to hear myself say that on a microphone, but this is all we care about. We eat, sleep, and breathe this stuff. If I'm drinking a beer, I'm talking about the blood supply to the talus. If I'm drinking a whiskey, then I'm usually talking about, you know, looking at the articular surface of the talus. All those things collectively, I mean, this is—we wake up every morning excited that we get to be in a market where we do something cool. Yeah. So they all matter to us, is the short answer. Short term. Great. Anything else? Any other questions? We've got two minutes and three seconds left on the clock here, so happy to answer others. Be on the lookout for that Bun-Yo-Matic infomercial. It's gonna be- We're excited about that. I mean, maybe just on our products launching this year, they touch, the majority of them touch the forefoot market, highest growth, large segment. They're all very compelling from a value proposition perspective. So excited about... like we are every year, but excited, about these high-impact products as we launch in 2024. So it's gonna be a fun year. Yeah. That product, by the way, took us 3.5 years to develop. It's a little bit longer than our total ankle took us to develop, and it just—we uncovered so many things we needed to know about how to correct that and how to think about those procedures, and those are the things that make us really proud. It's—we are so committed to introducing meaningful technology, stuff that's gonna help. And if you couple that with an amazing sales force like we've got, great medical education, our internal team, I use the word I a lot up here, but I'm saying we. We obsess about doing something pretty cool, so. All right, any other questions? Thank you. Thank you. All right.