All right, great. Thank you for joining us, everybody. My name is Casey Woodring from the Life Science Tools and Diagnostics team here at JP Morgan. I'm pleased to introduce Hologic. We have joined here with our CFO, Karleen Oberton, and CEO, Steve MacMillan. They'll give a short presentation followed by a Q&A session afterwards, where you can ask a question by raising your hand or submitting one via the webcast link. With that, here's Steve. Thank you, Casey, for having us, good afternoon, everyone. Purpose-driven and results-driven. That pretty much captures what the Hologic team is all about. As I rewind, three years ago, we stood up here, and I was very excited at that point in time because we had just said to our employee base that as we entered 2020, all the hard work we'd done over the previous few years was gonna become so evident to the outside world. We said that Hologic was in the right place at the right time to make a profound impact in the world. Now, as we all left here, and I'm still convinced this was probably the first major super spreader event in the United States that year in January of 2020. Clearly, the year unfolded in very different ways. In reality, everything that we were going to be showing as to how we'd strengthen the base businesses didn't become as evident. The neat part is, as we stand here today, it is becoming more evident, both all of the efforts that went pre-pandemic as well as the fundamental strength we have built during the pandemic. To get to the core investment thesis here, I'll come back largely to these first two points through the presentation around purpose-driven and results-driven. I really focus your attention on the third point here, that we have transformed into a much stronger company than we were. We wouldn't have wished COVID on anybody, but we have, because of the way we responded, come out fundamentally even stronger and further ahead in revenue, in reputation, in quality of businesses, in employees. What that's resulted in is more diverse and recurring revenue with more growth drivers, more longer-term opportunities as we strengthened our pipelines, far more global than we were coming in, largely because of how we responded to the world's needs country by country for molecular COVID tests around the world. Our entire focus while we were responding to the COVID world was about how we could be using that time and frankly, the additional cash that was generated to strengthen our base businesses for the longer term. That is what makes us poised for long-term sustainable growth today. This all starts with our unparalleled commitment to women's health, which is built on our purpose of enabling healthier lives everywhere, every day. As we responded and our teams came to work during the pandemic to be able to respond to the world's needs for testing is right there in that purpose. Our passion of becoming global champions for women's health. Women's health has never needed more of a voice than it does today when we look at many of the events going on around the world. Our promise, The Science of Sure, which is really about us constantly making sure that every product we bring to market enhances our reputation and meets our standards. This commitment starts from the top, and I am very, very proud of the board of directors that we have. On this slide, and I'll say two quick things about this. On this slide, you're looking at over 300 person years of healthcare experience that I am able to draw upon. A very globally minded board with a lot of different perspectives, primarily from the CEO and CFO suites, and something I'm very proud of. The other thing that I'm very proud of is you're probably looking at the only board of directors that met in person throughout the pandemic, with only one exception, which was June of 2020. By September of 2020, we were right back because they wanted to match what our employee base did. While a lot of companies have been focusing on work from home and all this kind of stuff, we have never had any of that debate 'cause we've been there. It starts with the fact that our employees were showing up to make the tests and get the tests approved through it, and we have all been operating in person. I'm very proud this board came together and frankly, was a great sounding board, and I still believe, frankly, you're fundamentally better off having these people together in a room than sitting on some Zoom screen. Our commitment to purpose. It's interesting, I was at a session, an AdvaMed meeting probably last year where Jim Collins was speaking of Good to Great. Jim talks about the flywheel. I realized we already have our flywheel because starting with our purpose, passion, and promise, this is really simple, and this is what we articulate to our employees so that everybody sees it, right? The R&D teams. Our business starts with innovating and creating the life-changing technologies. As we bring that out, that grows our sales and profits. Importantly, we've used those sales and profits. It's where I believe so strongly that private sector companies can make a massive difference in the world because we've been investing in championing women's health on a global basis, which in turn is expanding policy and access, which in turn is allowing our products to reach more women and have a more positive impact on the world. Then the cycle starts again. Everything we do is really built around this cycle that comes out of our purpose, passion, and promise. It's not always obvious to the outside world that can look at our business and say, "Gee, you have three disparate businesses." There's a unifying force of women's health that takes us to a higher level and allows us to play in a scale and make the investments across our businesses and across elevating women's health on policy by having these businesses together and thinking about where the businesses are going for the future. A lot of that has allowed us to elevate global women's health. It starts with the Hologic Global Women's Health Index, which we developed in partnership with Gallup, which has now become the most comprehensive quantitative measurement of women's health around the world that we're doing on an annual basis. If you think about it, one of the things I, you know, look at, and we talked about as a leadership team several years ago, Hologic tends to be a little underdeveloped outside the United States. In reality, the reason is because women's health is less developed. The best thing we can do for the women of the world, but also candidly for our business, is to elevate the awareness and the opportunities for women's health around the world. As we elevate that, we are right there to come along with it. We've also been funding Project Health Equality. That was Mary J. Blige at the White House just a month or two ago, as we continue to also help overcome the disparities in women's health, even within the United States and certainly around the world. Our Global Access Initiative, which has been a major driver of growth for us as we've been spending more and more time helping on the African continent. At the same time that we've been elevating global women's health, we've dramatically elevated the Hologic brand, especially outside the United States, where candidly, we weren't as well known pre-pandemic and are very well known today. It is by engaging the world leaders at places like the World Economic Forum, which we were invited to join a few years ago because of what we were doing, both for the Women's Health Index and then turbocharged by the awareness of all the health ministers around the world of what we did to help them out during COVID time. From that as well, last year when Mary J. Blige, who we've been working with for a number of years, was asked to perform at the Super Bowl. We also produced our first ever and really, you know, planned to be a one-off opportunistic commercial for the Super Bowl, which turned out to be one of the highest-rated Super Bowls and a tremendous ad that really is focused on getting women back to their screening and elevated also, again, our company brand. Partnering with the Women's Tennis Association on a global basis to really help also continue to champion women's health around the world. All of these things both enabled and turbocharged by our response during COVID time, building on a foundation that was already getting stronger and stronger. We believe our culture does create a competitive advantage. For all the companies trying to figure stuff out through the last few years, we're incredibly proud that our own engagement scores have hit record levels during the pandemic. We believe it's because of how proud our team is about how we have responded during the pandemic, both taking care of our existing employees as well as answering the world's needs. Just recently, we're actually rated both the fourth largest in San Diego and fifth or basically fourth best employer in the San Diego area for large companies, and the fifth best in the state of Massachusetts, with some pretty big companies and some pretty great competition there. We've moved up that list. We think all of these things help us in an era where, let's face it, retention and all kinds of issues around employees are front and center on so many people's minds. We know we've got just a great engaged, you know, group of employees all over the place. Let's focus on these results for a second. As you can see here, I really encourage you to look primarily at the dark blue bar, which is our base businesses on the bottom. You can't help but notice the gray, which is the COVID revenue that we generated. I'm very proud of this on two things. One is we never got ahead of ourselves and always recognized that COVID revenue would peak and come back down, and that would be good for the world. We would also maximize the opportunity while it was there. We also said, even back in 2020, we thought it would last much longer than anybody thought at the time. I think that is also coming out to be very true even here as we go into 2022. The other part I have you really look at is that blue bar, and that is underneath it, where our business is going. You can see if you go back to kind of the 2019, that was about a $3 billion number. Last year, call it $3.4, and that's with several hundred million dollars of chip headwinds for our breast health business. The great part is, as we sit here today, we've already guided, for those you haven't seen, to double-digit growth in all three of our core businesses over the course of this year. That's gonna take that $3.40 number, call it into that $3.70-ish range. Clearly much stronger as we're coming out of it. I'm very proud that, you know, the other thing we didn't do is get ahead of ourselves on things like hiring. When a lot of companies started to see things going up, Karleen and our teams really stayed very focused, and we continued to manage everything really to as much of that, the blue part of these slides, not the total, recognizing that's what we were gonna be as we came out of this. Clearly delivered some very strong EPS during those couple of years, but I think again, what you'll see here over time is as we come out of 2023 and 2024, we're well above where we would have been had COVID not occurred from the standard trajectory that we were on. Very importantly, we've generated about $5 billion in free cash flow over the past three years, that has fundamentally changed our capital structure, our ability to do smart deals. As you see, what we've done is we've redeployed about $1.4 billion of it to six deals that really have added growth drivers to each of our businesses. If you look over on the right there, we added three new growth drivers in our diagnostics business, one in our breast health business of more recurring revenue, and two exciting ones in our surgical business that I'll touch on in a moment. The other important part there is, if you notice, the single biggest acquisition we did during this time was of ourselves, that we've continued to buy back shares and put $1.6 billion of it into our belief in ourselves. Meanwhile, we're sitting on a very strong cash position and a great position we think to be in as this year will unfold. We also have the luxury, with our core businesses all performing very well, to operate from a position of strength, which is we can wait things out and see when the right opportunities are, as opposed to feeling a need to go do any kind of deal. Many of you may have seen, we just pre-announced our results on Sunday, and I think there's been some questions here over the last few years of, okay, you know, what's really going on in your core diagnostics business? There's been these kind of fits and starts that we think have masked both our diagnostics and our surgical business. Over the last few years, we've been placing a ton of Panthers, and we've said, "Watch what's going to happen to diagnostics," but they haven't been able to adopt our base businesses because we keep having additional spikes in COVID. First it was Delta, then it was Omicron, they kept putting them off. The last few quarters here, you're starting to see both our customers bringing on our core businesses onto all those Panthers, as well as surgeries, in particular, our surgical business, starting to settle down in terms of staffing and procedural volumes. To do a quick run-through here of the three quick businesses, here, if you look at our global diagnostics business, and I'd point you really to our molecular piece. This is all excluding COVID. I think it's pretty interesting. If you look in 2019, you know, that business, our, you know, molecular diagnostics about $550-ish million, and last year was $846 million, and now growing at a double-digit pace. What you have here is significantly larger and growing faster than it was pre-pandemic, which is really driven by the fact that we now have 3,200 Panthers placed, and that led to this 24.5% constant currency molecular growth here in the last quarter that we just reported. This is being driven by very simple things. We've placed a whole bunch more Panthers, and we've been dramatically enhancing the menu over the years. Now you have the combination of more Panthers and more menu. As these are starting to get adopted, it's what gives us great confidence in our underlying diagnostics business and where we are headed there. Our breast health business, obviously, we reported about a year ago, just after this conference, as the chip shortage became bigger and bigger, that we were going to be facing some headwinds. The positive is, as we're into 2023, we know we bottomed out in our third and fourth quarter, and we're starting to see that business coming back. It's not completely out of the woods yet, as we're starting to get, you know, a few more chips, but not completely. We know that that recovery is fully intact here as we come through the year. In fact, you know, we're slightly better here in our 1st fiscal quarter and feel pretty good coming out of the gates. Obviously, in the second half of this year, we're going against some very soft comparables, but that will be, you know, driving tremendous growth for us, and we continue to feel very, very good about this business. The other hidden gem in our organization is really the surgical business. What's been fascinating about this business is for years it was really a two-product business. Many of you have heard that I always thought this would be a business with the right leadership team, we would start to find some acquisitions and build this out. We have that team in place now. Over the last couple of years, we've done a couple of very good acquisitions of Acessa and Bolder, as well as some organic innovation. We developed the Fluent fluid management system. As you look here, you know, just from 2019 to 2022, you see that business was up over 20%. Again, we see this now, the magic is, you know, certainly MyoSure continues to grow. NovaSure, we've actually stabilized and doing well on that. We have these other drivers of growth between Fluent and then Bolder and Acessa that are all accretive to our growth rate and really starting to create some excitement in this business as well. You see there just in the first quarter, you know, some very strong 14.7% growth. We did, in the spirit of full disclosure, had a few extra selling days in the quarter, but even net of that, it's clearly a double-digit performance in the quarter, and we really like the outlook for this business going forward. Overall, obviously, we talked about the balance sheet, this has been a long journey. Certainly, Karleen and I have lived this, most of this journey from being very highly levered at 5.5 x back in 2012. I joined in 2013, and it's been steady progress down and tremendous balance sheet management to where we sit today, where we're clearly, you know, by all intents and purposes, under-levered or, you know, can be in a situation of being opportunistic. In conclusion, what we really bring you back to is a simple thing. This company was getting stronger through the 2017, 2018, 2019 period that I believe would have been very clear in 2020. Instead, we responded in a very different way in 2020. Over these next few years, we've been strengthening every business, both organically and inorganically. As we enter 2023, we have this additional strength and clearly the best growth outlook at any point in our company's history. We've never been looking at a situation where all three of our businesses globally could be posting the kind of growth that we are. I am so incredibly proud of our team that showed up, especially in the darkest days. I'll tell you, wrap with one quick story. We got our first EUA, Emergency Use Authorization, in mid-March of 2020. Incredibly quick speed. Three days later, the state of California mandated basically work from home. The very next day, our entire team was in to start production and be working on what the world needed then, which is our COVID tests. I'm so proud of what our teams have done, and it has fundamentally made us a stronger company than we could have even imagined at that point in time. With that, Casey, we'll take questions. Thank you. Great. Well, that was a great overview, Steve. Once again, if you'd like to ask a question, just please raise your hand. I guess just looking at the pre-announcement here, maybe starting with the outsized growth in diagnostics ex-COVID, you know, 16% organic, that came in above the long or the low double digit full year guide. What drove such strong growth there, particularly in molecular? Then can you just remind us if, is the combo COVID and flu test included in that non-COVID number? Would that have driven kind of outsized growth given the strong respiratory season? Very little on the second part of that. The driver of growth, Karleen can jump in as well here, is that the key drivers of growth are really our new products, things like BV/CV. Some of our new assays in the core women's health business. Finally, having a chance for many of these customers that bought Panthers or replaced Panthers during COVID time, actually now starting to have a chance to breathe and transfer our existing assays over onto those machines as the COVID revenue comes down. As you know, we kept saying during a lot of this time, people were looking for, "Wait a minute, you know, you keep saying your core diagnostics business is gonna do well with these Panthers." The customers had to keep delaying bringing on our other assays because we kept seeing the spikes in COVID. Now as COVID starts to become more normalized, it's giving our customers the chance to adopt our assays. Yeah, I would just add two points to that. You know, to the comment of adopting more assays, we've put out in our presentation that we've looked at the new customers acquired during the pandemic. Over 85% are running at least one other assay compared to COVID, and over 55% are running two other assays versus COVID. The other contribution to the quarter was from the acquisitions and specifically Biotheranostics, which is off to a great start. Yeah. Gotcha. Maybe just on the COVID side, $127 million of assay revenue. This compares to $150 million for the year guide. You know, do you have a new number that you could point us to for fiscal 2023? Then maybe, is this year sort of representative of what the new endemic run rate would be for COVID, or is there still sort of a lingering benefit there? Yes. We'll Casey, we'll update the full year outlook on the earnings call, as we update our guidance for the full year. You know, certainly it seems like we're getting into this endemic state with this virus. You know, we don't really know what it will be. Just to put it in perspective, if this was $200 million of revenue annually, it'd be our second largest assay. Even if it continues to drop and steadies off at that level, it's really a nice contribution to the business. Maybe on breast, you mentioned that the results there were ahead of your internal estimates for the quarter. Can you just talk about the recovery process there and the early traction you're seeing so far? Yeah. Sure. You know, as we guided to the full year, we've gotten more confidence that we've got all the materials, that we need to deliver, that outlook. That gave us a little more confidence. We got a little more incremental chips to deliver, a little more than we had planned in the first quarter. I think what you'll see is continued improvement sequential Q2, Q3, Q4. While we're still on allocation, we're having good discussions with our suppliers and hopeful that we'll exit the year at a more normalized demand and supply, equaling. Maybe just moving down into surgical here. Strong organic growth, 15%. How much of this growth was due to Fluent versus the core business in MyoSure and NovaSure? It's really across the board. Yeah. Yeah, it was across the board. It was the legacy. NovaSure actually had a nice quarter. We've done some innovation there. We had a line extension on NovaSure to create a little more excitement for that. Continued nice performance from MyoSure, and Fluent continues to be, you know, a silent performer here, contributing nicely with a reoccurring element. Finally, the acquisitions contributed as well. Yeah. The fun part about this business has been to watch. You know, MyoSure has become so much bigger than we ever would've imagined. I think we continue to probably underestimate the full size of that market. Particularly, when we think about it globally, it's continued to grow. That was the primary driver of growth, really, for a number of years. Now we've added Fluent, Bolder, and Acessa. We've got these multiple growth drivers now, and then NovaSure being, you know, the new product actually helping to grow that. It's just it's a completely different dynamic in that business now than we've ever had. Maybe just digging into diagnostics on the non-COVID molecular side. On Panther ex-COVID, is it safe to say vaginitis has been the key driver of growth there across the menu? Or are there other legacy tests that are seeing substantial growth ahead of your expectations? Yeah. BVCV was certainly the highest contributor to growth. When we look down the portfolio of assays, as Steve talked about, the respiratory assays contributed nicely, as we expand that portfolio. Virology continues to contribute, as we expand the market in Africa, specifically. The acquisitions, as I mentioned, Biotheranostics, not on Panther, but, you know, contributing to that growth in molecular. Casey, by the way, this is where something like BVCV, it might not be obvious to the outside world. It's what comes out of being a very strong leader and having the relationships with all the key opinion leaders in the space. We're so strong in the molecular space and in women's health and pap testing and everything else, we realized how many women were seeing their doctors really for, you know, BVCV, and there was not a clear test for it. We develop it. You know, we continue to be in dialogue with what else needs to be developed out there. You know, we don't talk about them while they're in development until they hit the market and we build those markets. I think, you know, this is a, just a great market building opportunity, but was many, many years in the works. What are your expectations for Panther placements for fiscal 2023, and how will that skew OUS versus U.S.? Just on the international placement side, how confident are you that you can sell through the rest of the menu to these customers versus in the U.S.? I would suspect that placements will come down. That's our expectations in 2023 and likely in 2024 compared to the normal 225 prior to the pandemic. That's directly attributed to the acceleration of placements over the last three years. I think what's happened over that acceleration of placements is it's become more global in nature. We're not quite 50/50, but probably 55 U.S., 45 OUS. We have high confidence in our ability to continue to sell through both U.S. and OUS, and then think the metrics that are in our corporate presentation, that we talk about the new customers and their uptake in non-COVID assays, really is the proof point on that. You know, obviously, Panther is a leader on women's health testing, but I'm curious about how virology is tracking. Are these tests being added by legacy women's health customers, or is it a separate customer group? Yeah. As I talked about, a lot of that virology has to do with our Global Access Initiative that Steve talked about bringing these tests to these emerging countries to improve the health of the population there. Certainly, that's a big driver. You know, I think it's a share taker for us. You know, it's more of a me-too assay in the U.S. and OUS. Okay. I'll pause here if anybody has any questions. Looks like we have one. Hi there. I'm Susan Trent from Atlantic Therapeutics. Notwithstanding, obviously, the huge opportunity that you have in terms of globalization of what's already in your portfolio, what do you see as, if you like, the next emerging trends in the underserved areas of women's health? What do we see as the next emerging trends? What do you think are the areas of women's health that are least well-served? Areas of women's health that are least well-served. I would say, you know, if you look at the Global Women's Health Index, you'd be astounded to know that, you know, only about 12% of all women in the world were screened for cancer, any form of cancer last year. It really comes down to improving access and awareness of, you know, issues that are out there. You know, very, less than 18% of women were screened for diabetes. I'll use that one 'cause it's a non-Hologic category. Yet, you know, it's one of the top killers. What you really see is there is a profound lack of screening of most people. 11% of women were screened for STIs, sexually transmitted infections. It's a massive issue for reproductive health and potential cervical cancer, all kinds of things. It's the inability and frankly, there's still so many male-dominated societies around the world that have not prioritized women's health. I made the argument at Davos last year, if we'd put a fraction of the energy into women's health that we put into COVID over the last years, we probably would have had a bigger impact on long-term improvements in global health. Part of what I worry about right now is as we get back, women's health, it was starting to get some attention. Frankly, if it's not for companies like Hologic, it would drop back a lot. It's really access is the single biggest area that I think we can drive. Maybe shifting over to breast health. We talked a little bit about chip allocation a bit earlier, but curious around the backlog you've built in gantries since this issue came about. You know, how many instruments do you have in this backlog waiting to add a chip? How long will it take to completely work down that backlog, do you think? We don't disclose the actual numbers, but our backlog ended the year very healthy. We feel like it's probably going to take us all the way through this fiscal year, to, you know, work that backlog down as the chips come back on. While we're making some progress and we see the current quarter getting better, you know, we're still not back, and we're not even sure if we'll end the year exactly, you know, being able to fulfill all the demands that we have. It's, so it's a build back. What we feel very good about is the relationships with our customers and keeping our existing gantries up. To some degree, we've diverted chips that we could have put into new products, actually, to make sure that we were maintaining existing gantries in the field. We've foregone shorter-term revenue to make sure we're keeping the gantries up and running because that's the right thing to do for the patients and our customers. We know that also earns us the goodwill that the business will be there on the back end. Casey, I would just add that, you know, when we began fiscal 2022, the supply issue really hadn't emerged. We had set our sales quotas for the year. I would tell you that we achieved those original sales quotas over 2022 that were set again prior to the issues. That's what gives us confidence in that strength of that backlog. You know, in this business, hospital CapEx always comes up, although it's pretty well known that these systems are significant cash flow generators for hospitals and are, you know, on the lower end of the spectrum in terms of risk for CapEx cuts. I guess, does that still hold true right now, given this period of macro uncertainty, or do you expect to see some belt tightening maybe across the board in certain hospital systems? Yeah. At this point, it hasn't been a lot of noise for us, but certainly it's something that we're paying attention to. As we talked about the backlog that's growing and as we go through the process of confirming orders for installs, we're not seeing any elevated cancellation rates. But, you know, we stay close to our customers, as Steve said, to make sure we're tuned to what they're experiencing. At this point, it hasn't been an issue. You know, breast service has contributed to resiliency in this business. What's your expectation for service revenue in 2023? You know, what's your attach rate, on mammography systems currently, and is there room for improvement in this regard? Go ahead. Oh, you go ahead. No, we have exceptional attach rates of over 80%. That's something that we are focused on and continuing to improve. You know, I think our expectations for service is probably on the lower side, lower single digit side of growth, given that's tied to that install base. As we put in new gantries, customers convert to warranty, so there's a year without a service contract. That is, you know, a really wonderful piece of recurring revenue in that business. Casey, it underscores the transformation of the company from, say, 10 years ago when we were, you know, gantries were a huge part of the total company. As we've built our diagnostics business, as we've built our surgical business, and as we've diversified the breast health business into, you know, more recurring revenue of our breast surgery, but also that service component is by far much larger now. As you could see on the breast health slide that we showed, the single biggest part of our breast health business is service. What we love about all of that is we've shifted so much to the recurring revenue versus, you know, just a capital equipment purchase. Now, a lot of it still comes off the capital, but it's, you know, just a very different business than what we had. That makes sense. Maybe one for Karleen, just on the model. Within the 60% gross margin and 30% operating margin targets, for this fiscal year, 200-250 basis points of supply chain costs related to higher costs of raw materials and freight are included in that. Are these costs unable to be offset by price? You know, you've talked about seeing a benefit in fiscal 2024 as those costs normalize. Can you just talk to what you're doing in terms of procurement in order to ensure that that benefit takes hold, in fiscal 2024? Yeah, sure. Let me start with pricing. You know, I think, we haven't been able to offset fully those costs with pricing. If you think of our diagnostics business, long-term contracts, committed contracts that don't want to open back up. You know, surgical, we've done some things with innovation. We talked about the new NovaSure launch, that's been an opportunity for pricing. On the service, we've done some things on the service contracts. Let me step back a little bit on earnings, Casey, and think about if we talk about our long-term revenue growth projections of 5%-7%, we are focused on earnings growing faster than that, you know, high single digits, low double-digit growth of earnings. That comes, you know, across the P&L, there's opportunities to do that. For example, if you looked at our net margin prior to the pandemic, 2019 was 20%. The guide for 2023 would assume 22%. Some nice improvement there as we continue work on our operating network and see some tax efficiencies as well. I wanna give a shout-out to Karleen here too on two pieces related to this. I'll embarrass her, but, you know, it's great when you have an amazing CFO as your partner. There are two very important things I think we did during the pandemic, and especially over the last year. First is, as we started to pay a lot more for chips and everything else, she was reminding our teams, "Look, remember, we're paying all this now, but it's still just going onto the balance sheet. It hasn't come through the COGS line." I'm not sure everybody always, you know, kind of pays as much attention. It's where I think a lot of companies are gonna be dealing with that COGS increase this year that's gonna flow through, and she had our team well aware of it up front, as well as the headcount issues. When everybody's hiring and doing everything else, she really. She's got the credibility with the rest of our team to say, "This is why we need to hold the reins." You saw those huge spikes. We, you know, when you get $2 billion of revenue suddenly coming in, and you got your R&D teams all saying, "Hey, wait a minute, let's go spend. We got all this," you know, we really managed very tightly because of how much, you know, an incredibly involved partner she was with all of the business leaders through that time, that I think's put us in great shape here as we go into 2023. Thank you. You're welcome. Maybe just as a follow-up to that, Karleen, how are you thinking about OpEx investments in the near term, just given an increased emphasis to expand menu on Panther, bring Novodiag to market eventually? You know, also in the same vein, would you expect to increase the sales force at all to accelerate OUS expansion? Let me talk about OUS. I think we've been pretty deliberate in investing OUS over the past three years. I think we're at a point where hopefully we'll start to see more leverage from those investments. You know, investments in the sales force, market access, market development that Steve talked about that's so important outside the United States. Feel like we're in a good position and not a big, heavy, incremental investment planned. When I look at the rest of the P&L. Sound like you were talking to our team internally. Maybe, maybe. you know, when I look at operating expenses, for the rest of the business, you know, we'll continue to prioritize R&D, make sure that we're funding the pipeline of innovation that we need to continue to grow. you know, I think we've got a steady cadence of sales and marketing investments, and I think what we'll continue to do, what we've done really nicely over the past three years, is be opportunistic when we have, you know, outsized performance on the top line. We'll go in and make investments that we think will make a difference. Got it. Well, looks like we're running out of time. We'll leave it at that. Thank you, Steve. Thank you, Karleen. Thank you, everybody, for joining us. Thank you. Have a great rest of the conference.