Morning, everyone. Thank you so much for joining. I'm Danielle Antalffy, the U.S. MedTech analyst here at UBS. Very excited for my first time ever to host the Glaukos team. Alex Thurman, Chief Financial Officer, Chris Lewis, Head of Investor Relations. Thank you guys for making the time to be here. Thank you for having us. Thank you. Happy to be here. Yeah. Maybe let's start. You guys did just report earnings like two weeks ago, I think it was. Maybe talk a little bit about the quick hits from Q3, and then we can launch into Q&A. Sure. We were really proud, with our Q3 results. It was a great quarter, lots of records, record glaucoma revenues, record total revenues. We were really excited to report, you know, $40 million of iDose, for the quarter. A really nice, sequential step up from Q2. Overall, it was a really fine point. As you know, we provided an update of guidance. We beat the street, and we kind of beat and raised our guidance for the year from $490 million- $495 million. We're excited about the continuation of the business and how we're growing as we close out the year and then go into 2026. That's my next question, because, of course, everyone's already focused on 2026, and how to think about, especially, the iDose ramp in the context of you do have the iStent business and sort of how they coexist together, as iDose is ramping. Yeah, it's a great question. I mean, quite frankly, we're excited about iDose, and that is a focus just given the opportunity and the expansion of the TAM, et cetera. As you can imagine, and given its price point, you know, we're continuing to focus on iDose and trying to build that business and to really spread the message that we've started with this interventional glaucoma. You know, where we believe that with patients that have glaucoma or even ocular hypertension, there's an opportunity to intervene earlier and really help them with their disease. You know, while the messaging is always about, you know, can we overcome the challenges that patients have with drops? We know they work when they're taken. Challenges that patients do not take them, and there are lots of studies that show that. Can you intervene with an iDose or even with a stent earlier in the standalone setting and help prevent them? As we go through this business, we are starting to build that side and continuing on, and you see that in the iDose progress. Obviously, we announced the approval at the Epioxa, and that will be the second big driver as we go into 2026. It is exciting as a company now that we have multiple drivers to drive towards what we think will be a great near-term period of time for the business. Yeah, yeah. I mean, this is timely too, and I'm gonna jump right to tomorrow. Yep. And the CAC meeting. We actually have done some work on this on our own. You know, I'll tell you what the takeaways we've heard are as far as what to expect out of this meeting. Curious what your guys' thoughts are as we head into this. The work that we've done suggests that this could potentially restrict iDose use as standalone, so not in combination with cataract, not in combination with another MIGS procedure. If that was the outcome, what does that mean for iDose? I think maybe taking a step back just for the audience, I think tomorrow's meeting, again, just to reiterate, is a great opportunity for Max to learn what iDose is. and for the CAC members to better understand iDose and the value it, it brings to patients in terms of addressing that noncompliance with, with topical medications. We're excited to, you know, for iDose to have that forum tomorrow. I think, importantly, for doctors to share and understand and talk about the level one clinical evidence that, that iDose really has, right? Yeah. I think that's such an important piece of it, that we're really proud of. iDose, you know, studied as a FDA-approved pharmaceutical, you know, two phase III drug trials, over 1,150 patients across both of those phase III trials, obviously showed great efficacy and safety. We think that's a really, you know, critical piece of that in terms of what, you know, that meaning is really geared towards in terms of understanding the clinical evidence around iDose and the value it brings to patients. I think another important piece as you think about, you know, the outcomes, and there's certainly pluses or minuses, and we can talk about that. That's obviously, I think, been written on by the street quite a bit here over the past several weeks. But, you know, at the end of the day, it comes back to the level one clinical evidence. It comes back to the fact iDose is approved as a pharmaceutical. You know, and so when you think about what that means, and, you know, the contraindications, I think that's a discussion to be had and hopefully some education, learnings for tomorrow, and then the continued evolution of the peer-reviewed evidence, right? Oh, that's great. You've written about that, and you've done a nice job. I mean, there are 15 peer-reviewed publications now across a variety of settings, and we're gonna continue to expand that. That's been the goal. Even before we got approval, we were planning for that, and you've seen that play out, and that will continue to play out in terms of supporting that evidence. I think at the end of the day, we feel, you know, I think continue to feel confident in how this plays out. Ultimately, I think there's a lot of enthusiasm and excitement around the product and what it means for patients. Our goal is to try to, you know, expand that patient access as much as we can over time. Yeah. Okay. Okay. First of all, Angela gets the credit for all the work that we did on that Not me, but, so it sounds like you think tomorrow could actually result in, I mean, tomorrow itself is more an information-gathering session, I guess, but, are we the street o verfocused on this as far as what the outcome could be? I think it's just early in the process. Yeah. To be fair, I think Wall Street's gonna speculate one way or the other. Yeah. That's not our job. Our job is to just focus on executing what we can execute. I come back to all those things we've talked about, you know, having the most robust level one clinical evidence and the true value it's bringing to patients I think there's a lot of enthusiasm and support out there from a physician advocacy perspective, and hopefully that continues to show going forward. Okay. And, you know, you are already annualizing at, you know, $160 million for, $240 million. I can't do head math right now. but, no, $160 million. About $160 million. You had it right. That's our third quarter run rate. It's been a long two days. So, you know, as you exit 2025, why isn't the right way to think about iDose in 2026 as something well north of that? I think it's a good question. And if you look at our fourth quarter guidance, I think, you know, most of the street has us kind of exiting at a $180 million run rate. The street models have us at, call it $220 million roughly next year in iDose. And, you know, exiting at $180 million, it is not a big stretch to get to $220 million. Yeah. You know, that's perfectly within the ballpark, so to speak. You know, if you step back and you think about what are the opportunities that iDose has from a market standpoint, you know, we've talked about the fact that when we started our journey as a company, we were limited to the combo cataract market with a kind of a TAM of 500,000 eyes that were being done. With going into the standalone market and expanding that market size, you know, we talk about the fact that there's probably 22 million eyes that have ocular hypertension and glaucoma, of which 12 million are actively being treated, diagnosed and actively treated today. It's a huge step up in the opportunity for sure. Yeah. That goes to this whole idea of, you know, this messaging around interventional glaucoma and trying to get in earlier and trying to help these patients 'cause it's such a large patient population out there, of which today most of those people that are diagnosed and treated are using drops, right? Unfortunately, as we know from the studies being done, it's largely ineffective. Let's talk about interventional glaucoma 'cause I think that's, it's, it's important. I was at AAO, and I felt like that was a very big topic. I guess my first question for you is, how are you guys measuring success for this market and the strategy there? Where do you see this going? Like, if you look at MIGS procedures done today, what% today is in standalone? You know, how does that ramp over five years? Where are we in five years? Yeah. That's a great point. I think, you know, as we measure success, you know, we think about it, it's the things like you saw at AAO, right? How is the physician community adopting the messaging and getting excited? When we see KOLs out there that are preaching from the pulpits, like in a conference like that, about the benefits of interventional glaucoma and the need to fully embrace it, that's one measure of success. You break that down into the next level of providers that are out there, and they're adopting that, and they're looking for opportunities to do that. Hopefully the patients get on board, right? They understand, gosh, I hate my drops for whatever reason, and I don't like how they feel, or I don't like how I look afterwards. What are the other alternatives, you know, and then that education process happens. All of that will lead to what we think is successful, right? It's getting those patients treated earlier in their paradigm and helping them relieve themselves of the burden of drops and really controlling those disease and those eye pressures earlier on in their disease state. That will be the measure of success. As we go forward, you know, what does it look like in five years? You know, you talked about the mix of standalone versus combo cataract. Again, we would hope that the majority of these procedures are done in a standalone setting b ecause the market is so much bigger and there's so many more patients in that. The only reason we were in cataract to begin with was that's how we were initially approved with our stents. The FDA wanted us to go in there. Now we're luckily between iStent Infinite and now iDose, we're able to go outside of the cataract market and really try to drive home that messaging around IG. What is the lift to drive growth in this interventional glaucoma market? Like, thinking from a logistical perspective at the practice, like, changing standard of care is hard. Yep. Maybe talk about some of the areas of friction there. It is always, we have always said it is gonna be a five to ten-year journey. Yeah. To change a market. We've built markets before. Thankfully, you know, if you look back at the iStent, there was not a MIGS before we started with the stents. Right. Right? When we started that journey, there were some surveys done in some of these society conferences where, how many of you doctors would consider using a MIGS product? Back then it was a very low percentage. If you ask that same question, it's gonna be 90% or 90%+. It's a similar process where you have to go out and you have to get your KOLs to buy into this and understand it and adopt it. Then it just kind of trickles down from there along with our efforts around, you know, just advertising and talking with doctors and meeting with our customers and really educating them on the benefits of that. It just takes time. Yeah. You Yeah. You know, there's a lot of customers, there's a lot of education, a lot of things that happen. You do what we, what you saw at AAO, between AAO, ASCRS, those types of society meetings where you can, again, really market that concept of IG. We were very pleased to see at ASCRS this idea that they had, and it was not put on by us, but we certainly supported it, what a session they called the Business of Interventional Glaucoma. That was put on by the KOLs. Those kinds of things start to snowball, we hope, and really drive this in the next five years. Yeah. It was very evident at AAO that the same messaging, so. It comes back to the clinical need too. I mean, what, like, what's the, what's the driver of this over time? It comes back to the noncompliance on, on topical medications, which h ave historically been kind of the standard of care for better or worse in glaucoma. Right. Right? And when you look at the literature and the stats, you know, 50% of patients do not refill their prescript on a topical, eye lowering medication. 90% of patients are noncompliant at a year. When you think of that, like, drops can work when they're taken, they're just not taken. When they're not taken, they're not effective. I think it's, you have tools now, you know, through standalone interventional glaucoma approaches for us with, with iStent infinite and iDose, and hopefully more to come over time that you can, you know, intervene earlier. Yeah. To help patients, you know, slow and arrest the progression of the underlying disease before you get to later stages and tubes and trabs and ultimately blindness. It's really, you know, a full-scale, you know, transformation of that treatment algorithm. In the context of that and a growing interventional glaucoma market, how, what is, you know, this year you faced very well telegraphed headwinds in the iStent business. What is the right go-forward growth rate and normalized growth rate for that business? Yeah. I think, from an underlying market perspective, you know, we're gonna anniversary or we have anniversary kind of the, the LCD headwinds, that basically restricted two or more surgical MIGS d evices to be used in the same procedure, right? That was obviously a year-over-year headwind from a market unit perspective, not just for us, but for all companies out there within the combo cataract MIGS space. I think you get back to a place of underlying market growth over time. Certainly, you know, if you're looking in the combo cataract market, I think a good benchmark obviously is cataract surgery. Whether that's low or mid-single digits, that's from a market perspective, that's probably not a bad place to be, you know, in terms of getting back to kind of a steady state. You know, for us, I think you have to consider, you have to balance that with the considerations of iDose. Right. That will obviously be the primary, you know, focus for our sales force, and our leading tool out there. I think you have to kind of balance that a little bit, when you think about kind of the growth specifically for our iStent or non-iDose franchise as it relates to just the vast opportunity we have with iDose going forward. Okay. Okay. Gotcha. We did touch on, on the CAC meeting tomorrow, but just in general, where are we today with MACs and who's paying, who's not? I assume we'll get some more color tomorrow, at least how they're thinking about this. Curious about a s you think about 2026, where are we gonna be entering 2026? Yeah. Yeah. It's been a big, a big focus of ours, r ight? For those of you that follow the story, it is to build the foundational market access pillars to support coverage and streamlined payment and building that reimbursement confidence at the account level over the past really, you know, one and a half years, two years now. We are in a really good place now. You know, all seven MACs are paying on the J code in a streamlined manner. The facility fee is paying across all the MACs in a streamlined manner. Now four of the seven MACs have pro fees posted to their schedules, most recently NGS in August, which is kind of the second or third largest MAC. I think within those four MACs, that covers about 70% of the Medicare lives. There are three remaining: WPS, CGS, and Palmetto and so, you know, we're working every day to get those established. Those three are part of this five working g roup that is gonna participate in the CAC meeting tomorrow. We think that's a great opportunity for us and doctors to educate them. Maybe hopefully that is a step in the right direction in terms of getting the pro fees ultimately posted and streamlined. From a MIGS perspective, you know, it takes some time to operationalize once they get posted to the pro fee schedule. It takes some time to operationalize that in terms of pulling that through in terms of volumes. What we said on the third quarter call was that those three MACs that have been, you know, have the pro fees established for some time now, Meridian, Novitas, and First Coast, those accounted for about 80% of our iDose, you know, volumes, which was largely consistent with the second quarter. You know, we're hopeful that NGS starts to layer in there a s we exit the year into 2026 being one of the larger MACs. You know, I think that's an important point to think about that we've shown really nice sequential growth with 50% of MACs still not on board yet and operationalized. Okay. I think that continues to, when you think about 2026 and beyond, that layers in and starts to hopefully continue to support that, you know, that growth trajectory over time. You're saying the street's too low with that $220. We a re not commenting on 2026, to be clear. Okay. Let's talk about EPIAXA. That was an exciting approval. Finally got that approval. Very few people focus on the right. I remember when we first started talking, you're like, "We have this whole other business here too. Don't forget about that. Maybe talk, remind us a little bit about what you guys talked about on the Q3 call and the ramp of that, and, you know, how that's shaping up for 2026 and can impact top-line growth. It's very exciting. Yeah. I mean, first and foremost. It is, you know, if we go back in time, with the Photrexa treatment, Photrexa was the one and only FDA-approved, therapy for keratoconus It worked. It stopped the progression of the disease, but the challenge was with patients, you had to debride or scrape off the outer part of your cornea to apply the drug, which was something that caused a long recovery and a painful recovery. That was hard. Now with EPIAXA, we have the opportunity to treat those same patients without taking off the outer part of their cornea. It is an exciting new development. The other thing that we commented on on the call was the fact that when we bought the business from Avedro, we have had it now six years, and we have made substantial investments over time, but we really have not been able to penetrate the number of patients we think are out there. It has kind of held steady at around 10,000 patients being treated per year. We believe, based on our data, that that is only one in five. There is potentially, you know, 50,000 patients out there with keratoconus that is progressing and not getting treated today. With EPIAXA, it was an opportunity to really reset the whole kind of dynamic and market around keratoconus, which would require substantial investments to find these. When you are talking about a prevalence of 10,000 patients in a U.S. population of, call it, 340 million, it is kind of like finding a needle in a haystack. Mm-hmm. That requires some investment. The price that we disclosed on that third quarter call was obviously a lot higher than Photrexa, but it allows us to make the investments required to find those patients and to help educate them, identify them, educate them, help them along the journey with their insurance, etc., to ultimately, we hope, get treated with EPIAXA and really halt the progression of their disease and give them kind of their vision, you know, security back that they're not gonna lose their vision in the future. That is an exciting time. How that ramps up this year is another step, right, in the whole process. Right. We Right. We have been on record to say that as we go through 2026, it is going to be a focus of establishing the market access for the patients. It is important to know that this is a younger patient population and i t's completely different than iDose, right? Right. You're typically in a Medicare-age patient in, in iDose. But with this, it's gonna be typically younger than age 30. Right. Yep. Most of them commercial, and then a pretty, pretty good subset of Medicaid patients as well. It is a matter of going plan by plan, state by state to get the coverage changed out from Photrexa into Epioxa and allow them to get treated through those plans. It will be a second step of going through our customers because with commercial plans, they typically have individual contracts with those commercial plans. We will have to get those commercial contracts updated as well. We have already invested quite a bit in the apparatus, let's call it, to support our customers in doing that and to going through our payer relations and our reimbursement liaisons and helping them to figure that out. It will be a slow, steady move as we go through 2026. Okay. The other thing that is always out there is the, is the famous J- code. We've talked about now that we have an approved product, we can apply for a J- code, but it takes two quarters of reporting that ASP in order to get the formal J- code established. The first half of 2026 will be under a miscellaneous C- code, and then you'll get into the J- code in the latter half of the year. And that's really when we think commercial plans will start to pick up more, fulsomely is once they have an established J- code. Heavy market development left, it sounds like. 2026, we should not be modeling $220 million in EPIAXA. That's my takeaway. You mentioned the only one in five patients being treated. Why is that? Is it just that the therapy would just, so Trexxa was not? I think it was, you have to remember, it's interesting that if you're a mother of a child that comes home from school and says, "Gosh, Mom, I can't see my book or I can't see the board very well anymore," your first reaction is gonna take them down to the local optometrist. Right? You must think there's some issue with the vision. And so then it becomes a matter of do, you know, there's 50,000 optometrists in the United States. And so of those 50,000, how many of them are aware of keratoconus or know how to diagnose it? Yeah. You know, that, so that's another part of this launch is helping them to be able to diagnose it and then to be a part of a referral network that refers them on to the appropriate MD to treat it. Okay. That's all part of the process. Before with Photrexa, we just didn't have the financial resources to be able to do that. With EPIAXA, we think we will. Okay. Gotcha. It's not dissimilar, like, versus other, you know, rare diseases. Just the structural kind of barriers out there. Given the kind of the patient populations and the number of patients, they're just harder, you know, to develop. I think that's, you know, why we're really excited to have the opportunity to kind of, you know, reset the way we're gonna go to market and all those things we talked about on the earnings call. Ultimately, the goal and why we're doing that is to drive, improve patient access over time and capture more patients and drive them to treatment, so they can, you know, they can arrest the progression of the disease. Yeah. You know, earlier. Okay. All right. We talked a lot about top line, but let's talk profitability. Okay. As CFO. Bring it on. Obviously, you know, we, you talked about, we talked about iDose and the ramp there. I mean, the potential leverage from a product priced at that price point as well as EPIAXA. I mean, how do we think about the path to profitability for you guys? Yeah. It's a great question. One that I'll say overall is that our philosophy hasn't changed in the near term. What I mean by that is we've been saying now for at least a year or more that our focus, once we were able to make the investments necessary to build a manufacturing facility for iDose and some of the things that went along with that, is we want to get back to a point where we "live within our means." We're driving our investments to match our revenues so that we are cash flow break even. That's kind of the near-term goal. We have to remember, like we've talked about, that with EPIAXA, it's gonna require a great deal of investment e ven though t o your point, from a gross margin standpoint, the product is great, right? Wonderfully high margins, and we should expect gross margin to accrete over time. We're gonna have to take some of those, many of those dollars and reinvest them in both the commercial and the patient support apparatuses that we have, to try and drive patients to that, to that treatment and treat them. That's kind of the near term. As we continue to expand and grow, you know, we expect in the kind of the midterm timeframe that we do turn to that profitability. There's no reason that the business that we have today with the gross margins that we have shouldn't be somewhere in the 30%-35% operating margins. Operating margins. In the midterm. Okay. That, and we'll drive towards that over time as we go. Okay. Speaking of investment and R&D, you guys don't talk a ton about what you're working on in the pipeline, but you did give snippets here and there. Just curious, you know, what can you say about the portfolio of R&D you have right now and how we should think about cadence of innovation? Yeah. I mean, I think we try to balance it 'cause if you talk to, you know, I think we, you know, we've disclosed we have 14, you know, publicly disclosed pipeline programs across kind of a number of our platforms and a lot more behind that. Really, the focus is to build a world-class ophthalmology company. I think innovation's always the core of who we are. Obviously, that translates into best-in-class investment and, you know, historically and going forward. You know, I think, you know, even like the iDose, you know, platform, we're in phase IIb, phase III studies now with our next-generation iDose TREX, which, kind of in the same form factor, allows you to put about 2x the drug payload in there. Theoretically longer, longer duration. We're pretty excited about the potential for that over time. You know, for some of our other, you know, platforms, we've talked about, you know, iLution, which is a transdermal cream platform that doesn't get a lot of press today, but we're excited to go hopefully into clinical trials on iLution blepharitis this year. That's our goal, and that remains our goal. Stay tuned on that. Earlier stage, but pretty exciting given how big the market is already, is Retina and w e were excited to go, you know, announce our first in-human clinical program started last year for that, and we continue to make progress there. Early, but exciting as we say. Okay. We touched on this a little bit with, you know, the investments and the new product launches, but you do have a very strong balance sheet. How, what is your approach to capital allocation priorities today? And, you know, fast forward to your profitable at that point. Yeah. How it changes. I think the, if I were to think about that, it is really around, again, you've already hit on it. You know, capital allocation primarily is gonna be in, in the areas of our commercial launches b ecause Epioxa and iDose are important to the future of the company, and we need to invest in the right way and at the right levels, to support those launches for sure. The second is what Chris was just talking about, R&D, right? We have a lot of programs that he's talked about. There's more that we have that are not yet disclosed that are exciting opportunities for us as a company and that we'll need to invest in those as we allocate those capital. We're excited, and, you know, we've done pretty well in building and developing products internally organically. Mm-hmm. We will continue to feed that as well and see where that brings us and, again, to drive the top line growth in the medium to longer term. Last but not least, you know, we do have a nice little business development team that's continuing to look at a lot of things. What's most fun for our team now is that Glaukos, the name Glaukos is on everybody's radar Before we had to go out and seek thingsand now o pportunities are brought to our team now, and so they're evaluating a lot of different things. As you can imagine, just given our pipeline, it's a little bit of a high hurdle. We will consider those business op development opportunities for sure, and we'll see how that works, but that would be kind of the third layer of how we allocate our capital. Okay. Gotcha. Maybe let's, talk to, we have five minutes left, dig a little deeper into the interventional glaucoma market 'cause I think that is critical for not just iDose, but iStent infinite. Where do you think we are today as far as, practices or surgeons that are, are already practicing this way, maybe as a percent of surgeons? And maybe talk about some of the hurdles for practices to implement this. Yeah. I think it's a surgeon-by-surgeon kind of case study, so there's not a blanket answer. I think overall, to Alex's point earlier, we remain in the very early innings of what we believe will be the kind of the IG evolution over the next decade. I think there's certainly some surgeons who are early adopters, as you see, and have really bought in and incorporated it into the practice and all the considerations that we've talked about in terms of operationalizing that and what that means from an OR standpoint, what that means from adding OR time or adding, you know, techs or ODs or, you know, others, to allow, you know, more time in the operating room for them. I think that's a component of it as it continues to evolve. You are seeing that certainly from leading centers and groups and practices out there. You know, our job along with others is to continue to drive that. I think one of the good things is it seems like there is a lot of support, not just from us, but with doctors and with other companies, you know, that you hear about. I think you see hopefully that kind of benefits everyone given the market opportunity over time that we hope to unlock. In those practices that have been able to successfully implement this, how are volumes growing? I assume volumes are growing actually faster at those practices. Yeah. 100%. I mean, I think it's probably one of the areas, if you're a doctor, I mean, getting into interventional glaucoma is one of the, both from a procedural perspective, business perspective, all those things, it's one of the fastest growing opportunities there is over the next decade. I think it comes back to, like, you see big courses now alongside, you know, society meetings. I mean, that had never really happened before, but it's a testament to the opportunity that, you know, that provides doctors and practices over time. Okay. Gotcha. We didn't touch on the international business. Maybe talk about the outlook for that business. What are the different growth drivers there? Yeah. The outlook is good. And, you know, we've been very pleased to see the growth continue strong, probably stronger than expected. And we called out the fact that we expected, you know, competition in some of our bigger markets this year. The growth overall in that business has continued to be strong, and we expect it to continue next year. One of the biggest drivers, to be fair, is the fact that we just got iStent infinite approved in Europe under MDR so t hat will allow them, for the first time in, I don't know, maybe five or 10 years, to have a new product to go out, and they're excited about it. The excitement was palpable at the ASCRS meeting, around iStent infinite, what that can mean to patients in Europe. We would expect that to be a good, nice driver in Europe next year. Are there different hurdles in Europe in the way they practice to getting, you know, more people doing standalone than the U.S., or is it pretty similar? I think each market's different. Yeah. And, you know, we. Like even country to country. Yeah. We're used to that. And, you know, from a market access standpoint, each territory is different. Yeah. Okay. The good news is a lot of these international markets, we're still, I'd say, in the early stages. Yeah. of unlocking the full potential there. I think we think there's a lot of continued room for growth. The growth thus far has been broad-based, you know, across our 16 international direct markets. That's been really encouraging for us. We're, you know, the infinite MDR certification was, we were waiting for that for quite some time. We were really, really pleased to get that. I think that it's still early, but the excitement, you know, launching that at ESRS recently, I think the enthusiasm around that product and what it means for some of those markets, we're excited about. In the less than minute we have left, what, you know, stock's been volatile, market's been tough. I mean, what do you think the biggest disconnect is between the perception on the street or where people are focused versus what you guys are most excited about? I can't speak to what the stock traders do. That's kind of a different world for us. We are really just focused on building the business, right? Yeah. Really growing, Glaukos, treating patients. And so, you know, there will be volatility, as there always is in this industry, as you go through markets, market access challenges and hiccups and CAC meetings and things of that nature. Yeah. If you really just step back and you look at where are we headed as a business, what are our opportunities, what are our products, you know, do they address them, are they effective and successful in the hands of surgeons with patients? Those are the kinds of things that we drive on. We again, we look at where are those unmet needs within the patient population and can we address that as a company and can we go after that? You've seen that with the stents initially. You've seen that with iDose. You see that with EPIAXA. You will see it some more in some of the pipeline stuff that we're doing. With that, we're out of time. All right. Thank you so much, guys. Thank you, Danielle. Thanks for having us. Great to be here.