All right. Great. Perfect. Thanks, everybody. So welcome to the Wells Fargo 2023 Healthcare Conference here in Boston. We're delighted to have Hologic here. We've got CFO Karleen Oberton with myself, on stage, and we are going to, you know, dive into questions. And I think if we have some time at the end, I'll open it up to the audience, if anybody has any they wanna, you know, wanna ask, but we got plenty, so don't, don't feel pressured or anything. But so, you know, just to kick it off, you know, you guys updated in early July with the earnings call, the 5%-7%, 2025 midterm guidance. Mm-hmm. So just wanted to kind of get an update on that, given the current macro environment- Mm-hmm. all the things moving around. Right. You know, different markets. Just, you know, how confident do you feel with that, given we've got another, you know, month, two month, three month to the past, anything- Sure. You know, moving the needle? Well, Tim, first of all, thanks for having us here. It's a pleasure to be here with all of you today. And let me frame it in that, you know, Hologic is certainly a stronger, more diversified company coming out of the pandemic than prior. And when we kind of reiterated the 5%-7% back on the last call, it was with confidence and actually feeling being more impressed by that 5%-7% than when we put it out there back in 2021, because it's off a much higher base than we would have anticipated several years ago. And really, that is, again, the diversification, multiple growth drivers in all of the divisions, and really pleased that we can see on a worldwide basis, all of our businesses are growing that 5%-7%. Think about diagnostics and surgical probably towards that higher end, but breast health at the lower end of that, that range. But again, all the divisions there, all with multiple growth drivers. Great, and you did touch on, you know, something I did want to dig into. So, you know, within that, you're saying diagnostics and surgical higher-end, breast, lower end of 5%-7%, all within- Mm-hmm. -the range. Is that what's embedded into the 2025 guide, or is that, you know... I guess, how does that compare current environment versus what is embedded in the expectation? Yes. We haven't guided to 2024 or 2025 at this- Yeah. -point officially yet. But yes, I would say that, if I look to 2024, I think the differences in that would be 2024 probably still has an outsized growth rate for breast health that's recovering still from the supply chain issue that originated in the 2022 time frame. So think about Q1 as in 2023 is a lower comp as we go into 2024. Think about, potentially in 2023, we had a few extra selling days than we will have in 2024. But absent the breast health outsized growth rate, I think that algorithm still works 2024 and likely into 2025. Okay, great. And you, you did mention, you know, breast obviously has some idiosyncratic factors going on in it, and it was actually interesting. Before the talk, I looked up, you know, how many times recently the numbers have beaten because, you know, Contin-- Hologic continues to outperform expectations- Mm-hmm. on a quarter-in, quarter-out basis, both on core growth as well as idiosyncratic growth. You know, if I wipe out COVID- Yeah —even wipe out diagnostics all in. So, you know, surgical has of 16 of the last 20 quarters, it's beat expectations by over 150 basis points of growth. Can you, you know, dig into that a bit? And then, I guess first, since we're talking about, you know, breast, 11 of the past 20 quarters, it's beat by 150 bits. Obviously, we had the chip- Mm-hmm. -headwinds that were going on, but, you know, just if you could help us understand the gantry backlog dynamics first, you know, how that will play out in the coming quarters- Yeah. like how long it'll take to work through that backlog, how big that backlog is relative to normal Yeah. and then we could jump- Yes. -into surgical. Yes. So you had, I think, three different questions. Yeah, I have a little bit. Let me start with the last one, and you might have to remind me along the way. So from a breast health perspective, you know, the supply chain issue started in 2022. Over the course of 2022, we didn't decrease our quarters for our sales force, so we set them, the booking at quarters at norm, unconstrained levels. As a result, we saw the backlog continue to grow even through today. We feel really good about that backlog. It's healthy. We haven't seen any significant cancellation rates, and really view us as working through that backlog over the course of 2024 and into 2025. You know, certainly, we saw improvement over the course of 2023 as we secured supply, and felt confident in that supply, and that's where we are looking at 2024. While supply still has a level of allocation to it, it's not unconstrained. We feel good about the supply that we have and that we'll be able to deliver increasing gantries over the course of 2024, working through that backlog. You know, great relationships with our customers, and again, no cancellations or competitive disadvantage at this point in time. Okay. So, the supply, obviously, headlines abated. I know you guys had a bit of a lag because of the regulatory nature of the product itself. Does that kind of now, figure itself out, that, you know, the chips that are coming in are now- Yes. Checked properly, validated properly? So we haven't changed the chips. They've all been the same. It's been about supply, securing them from different markets, gray markets at higher costs... if you will. I think the comments on chips moving forward is that what, through this supply constraint, if we look to a silver lining, is that we realized that we were procuring kind of older technology chips. In working more closely with our suppliers, we now realize and can identify chips that are newer chips that are going to have more supply for the longer term and even potentially lower cost. And so that is forming our design on our next-gen gantry as we move forward. Okay. And then just to clarify, so you guys probably could be working through the backlog quicker, but you are not effectively adding incremental capacity or incremental cost- Right. To- Yes. To think about that, the field service engineers that install the gantry also maintain our install base. So we haven't leveled up field service engineers to install a bunch of gantry. We're going to use the same workforce. We're going to work with our customers. You know, the install is something that takes almost 3-4 days, so it's not a plug-and-play. So there's a high level of scheduling, coordination, and so we wouldn't expect an outsized quarter in 2024, but again, a continued improvement in the gantry availability. Okay. No, that's helpful. And then, before I jumbled multiple questions. Mm-hmm. Into one, I started with the thought around surgical. So surgical has been, you know, beating consistently for the vast majority of quarters recently by pretty sizable magnitude. Obviously, there's a lot of kind of moving parts there with, you know, instrument replacements. Yes, V5. So could you help us understand the actual impacts of, you know, V5? Sure. How volume versus price plays out in that, and, and how long should this, you know, cycle. Yes, that we're in right now last? So I think surgical is a great example of both our organic and inorganic investments coming to play. Certainly, organic investments is V5, a line extension of NovaSure that actually commanded a higher ASP, and that's really been the growth driver over the course of 2023, and we'll lap that, here in the first half of 2024. Volumes were actually probably down 2022 versus 2023, but it's, it's been a higher pricing that's been driving that growth. You know, from an in... Or as well as organic has been our Fluent fluid management device that has a disposable element of the flow pack that continues to have nice uptake with customers, multiple procedures that it can be used for driving growth. And then on the inorganic side, it's been our recent acquisitions of Acessa and Bolder into laparoscopic, that are also driving growth for that division. So really nice multiple growth drivers. And then on top of that is our international surgical business is really starting to take off, albeit from a slow base, but we're seeing nice improvement in performance there. Okay, great. Yeah, you've mentioned a lot of things I want to dig into. So I guess I'll just start on you know, Bolder, since you did identify that. You know, I think Bolder initially was $10 million of revenues, that acquisition. You know, what was that contribution in 2023? You know, we stopped disclosing specifically - Mm-hmm. - the contributions of the acquisitions as they lapsed, and became part of the organic growth rate. What I would say is that Bolder is certainly growing in the double digits, you know, very accretive to the division. Okay. No, that's helpful. I guess, Acessa, same thing, growing accretive - Right - to the division as well. Exactly. Okay, great. And then, you know, I guess more recent updates within surgical, you know, USPSTF guideline update within cervical cancer screening. So, you know, can you help us, I guess, size that for us? Like, how big is that in orders of magnitude, and like, what is the range of outcomes of - Yeah. So let me step back for a second and say that the cervical cancer screening guidelines relates to our diagnostics business. Mm-hmm. And specifically the cytology line within our, our PNL. And let me start with that co-testing is the right science. Co-testing is the best results. Co-testing detects 95% of cervical cancer in women, and so that is the best, you know, health and treatment for women. And we believe that firmly. There's a number of studies that, that support that, and many of the societies that, that we look to support that, as well as that we believe, or not we believe, we know that about less than 1% of physicians in the U.S. practice HPV primary today. The substantial majority is co-testing or Pap alone. So that is the gold standard of practice. Physicians know that is the best outcome for women. So the USPSTF, we anticipate, will put out draft guidelines at some point. They haven't put them out at this point. Once those draft guidelines come out, there's usually a 6- to 12-month comment period before they're finalized. There is a number of outcomes that could happen as far as co-testing and Pap alone, whether it's intervals, whether it's age bands, whether it's an A or a B coverage or not covered at all. I think we are, you know, hopeful, and we're working to make sure that it is covered. If it's not in the draft, we'll certainly, you know, go into action and partner again with different societies to try to change that final guideline like we did back in 2018. Again, as this is the best medicine for women. If we are unsuccessful, this isn't a flip-a-switch in terms of revenue. Again, if 99% of physicians today are practicing, co-testing our Pap only, it's going to take a long time to change that practice. As well as we look at that revenue line, 60% is US, 40% is OUS. So, again, we believe that the right science and the right medical outcome for women will prevail, but we're monitoring and, you know, we'll go into action if we need to. All right. No, that's helpful. And again, even my confusion there does show the power of the vertical integration in women's health you guys have. And, and, you know, on that front, within diagnostics, since we're, you know, there now, I, you know, a lot of molecular diagnostics players have been talking bold, numbers and growth- Mm-hmm -expectations and, you know, penetration of the women's health market. You know, how do you guys see your position, your defensibility of that, today? You know, as we said, given a lot of capital- Yeah ... and installed bases out there chasing the same markets that you are, justifiably so, the incumbents then. Yeah. So, you know, we feel really great about our position. We think Panther is one of the best instruments, certainly for molecular diagnostics. We have a great instrument, along with a breadth of menu, you know, over 20 assays approved in the US. So I think that puts us at a competitive advantage for sure. And I think we've placed a lot of instruments, just like a lot of people have placed instruments over the course of the pandemic. But some of the metrics that... Well, certainly, let's look at our growth rate over the past year. Mm-hmm. First two quarters of fiscal 2023 had over 20% growth. Again, probably easier comps given the Omicron variant in 2022, but even Q3, almost thirteen percent growth going against a tough comp in the prior year. So the growth rates show that, that we're continuing to perform. We also talk about utilization. So over 90% of our customers use more than COVID, have at least one other assay. And if we look at new customers acquired during the pandemic, so April 2020 and on, over 85% of them are running at least one other assay, and over 55% are running at least two other assays. So we're seeing that uptake in menu utilization even on the newer customers. If I step back even further and I look at U.S. customers, you know, if I go back to 2019, about 20% were running four or more assays. And I think as we end 2023, that will be over 30% running 4 or more assays. And that's really what, you know, drives the business, is that continued utilization menu on the Panther as we move forward. And we've seen that come out, prove out in our growth rates. I think I'll kind of talk about our secret sauce to Tim, is our physician sales force. So in our molecular business, we have the lab sales force that works with the lab, and the physician sales force that goes out and works with physicians and talks about guidelines and testing. And we actually partner with our labs to get physician-level data, to understand who's doing what testing. And allows us to go out and work with physicians to promote guidelines and the best standard of care for women, which really grows both the lab business and our business. Mm-hmm. All right. No, that's great. And, you know, we always appreciate those numbers and the updates around, you know, the utilization of, you know, multiple, I guess, sort of expanded menus. But, you know, how much of your install base is currently running a respiratory and non-respiratory? Well, I think vast majority of... Well, running COVID. Yeah. So I think a majority are running a respiratory assay. I would say that our respiratory assay menu is fairly new, and we saw a nice performance in the first half of this 2023 with really strong prevalence of respiratory illness circulating. We believe that our respiratory business will continue to grow, but it'll also be seasonal- Yeah and with the prevalence of flu and, and other respiratory illnesses. Okay. I got to ask, New Wave, are- Yeah Is there upside the numbers, or like, how do you think about incremental? You know, is it all going now towards the more benchtop- Yeah oriented point of care, or? Yeah, I know there's been a lot of headlines in COVID testing, or COVID prevalence. You know, we haven't seen a meaningful uptick in our testing demand, and I think that goes to probably more comfort of, in general population, with antigen testing. Mm-hmm. People not needing to rush to the doctor to get a PCR or a TMA test that we offer. So, a slight uptick, but nothing that would indicate a meaningful outperformance for the quarter. Okay. No, that's helpful. Had to ask. Yes. And then, you know, as we're just touching on, you know, point of care molecular diagnostics, you know, Mobidiag recently, you know, those expectations kind of walked back a bit. Mm-hmm. Just, you know, what are the ambitions for Hologic within true benchtop point of care molecular diagnostics? Yeah, we feel that this point of care, closer to the patient, is certainly a place where we want to play. And we believe that Mobidiag is the right asset that has the opportunity to do both low plex and multiplex in one box. So, while we're disappointed with some of the challenges that we've had, really related to early stage scale-up, some supply issues and performance of some of the legacy products, that have resulted in us pushing out the U.S. approval. Mm-hmm. Really, from an accounting perspective, therefore generated the impairment charge. But at this point, still believe over the longer term in that asset and that, you know, we'll have success once we do get the U.S. approval. Okay, so the U.S. approval is, I think there previously was second half calendar 2024? Yeah, I think we haven't updated that, and I think we will as we get closer- Okay -to that performance, approval timeline. Got it. Actuaries. Yes. Okay. So, you know, just before we move on from diagnostics, you know, a lot of conversations I have with investors around the Panther install base and the reagent rental mix there. Mm-hmm. You know, again, we're coming up on 3-year, 4-year close anniversaries of when a lot of these placements happened. You know, what, I guess, what share of your Panther install base is on reagent rentals or, you know, reagent rentals specifically that are expiring in the next 12 months? Yeah, I think the vast majority of our installed base is a reagent rental model. I think it was an anomaly that during the pandemic, some customers chose to buy the Panther. But even regardless, as they put new menu on, that's contracted business typically over a 3-5-year period. You know, and we don't disclose any kind of renewal rates and any percentages in any given year. All right. No, no problem. Tim, I just point back to some of the metrics I gave and the recent growth rates tend to think that the Panthers are solidly placed and will continue to grow menu- Yeah. on all of them. Yeah, no, that's definitely something that I know a lot of people digging into, so I appreciate that color. And if we were to think about... I know you touched on international versus U.S. You know, if we were to take a step back and think about within the 5%-7% growth rate, is international expected to grow above- Yes. 7% across the board of all segments? Yes. International would be expected to grow in the double-digit range for sure. It has over many quarters now. You know, I think it's only about 30% of our business right now, and it will continue to grow as a piece of the pie. But I think, the good news is that the U.S. business continues to perform really well, and so, you know, we haven't made a significant traction on the 30, but we'll see improvement over the next five years. Okay. And if we were to think about the U.S. of each of the segments within the 5-7, are there any that are below 5? You know, obviously more mature markets, this is part of a larger strategy- Right. But just from a modeling perspective. Yeah. I think if we got into the sub-franchises- Mm-hmm. If you look at cytology in the U.S., I would think that would be flat to maybe declining over that 5-7 over the planning horizon. You know, I think breast gantries, breast screening in a normalized- Mm-hmm. Unconstrained supply issue might be below that 5-7. And certainly, NovaSure, in the surgical business is probably more flattish in the U.S. Okay. No, that's- I think the good news is all those are great cash generators for us. Yeah, that's definitely for sure, the more mature markets. And so okay, so that's helpful. So, you know, just looking at the overall 70% molecular diagnostics, I think 80% of mix, cyto, 60%, the rest, breast and surgical, 80%. Like, what are the ambitions? You know, are you thinking, again, not, you know, thinking about the 2025 range, we can do that math, but like longer term, where, you know, where is the, is the kind of governor, if you will, in terms of the international versus US mix or, any kind of high-level thoughts? Yeah, I mean, I think our ambition would certainly be 50/50 US, OUS. I think, you know, one of the reasons that we are under indexed internationally is because we're primarily a women's healthcare company, and women outside the US don't have access to the gold standard of care that we have here. And think about some of the emerging markets of, you know, whether it's China, whether it's India, that, you know, there's some structural limitations to lack of radiologists, lack of cytologists, that really impede putting in robust screening programs. But, you know, I think, Tim, over the longer term, this is where AI can really have a nice role and in newer technologies that are cheaper, faster, and really assist and limit the workflow of cytologists and radiologists to drive screening programs in other markets outside the US. No, that's, yeah, that would be... Is there any, you know, again, you guys have touched on AI in the past, obviously more so, more frequently, more recently, I guess. But if we were to think of, you know, material changes to the model, the care model today- Mm-hmm. Is there anything, I guess, near term, that is being deployed or at a larger scale? Yeah, I would say at this stage, you know, AI is a small revenue contributor. I think we think of AI in terms of assisting, the clinician, improving workflow. So think about AI on our digital cytology platform approved in the EU. Mm-hmm. That really assists the cytologist, the pathologist, in focusing on unique cells that require attention, again, improving that workflow. In breast imaging, our Genius AI, again, helping the radiologist limit the amount of time reviewing an individual image and able to focus on different areas of concern. And even in our service business, you know, we are exploring the opportunities for predictive analytics in predicting burnouts of tubes or detectors, and so that we can reduce unscheduled visits, you know, even promote remote fix. And really, that's not only a win for us from a cost perspective, but it's certainly a win for our customers with less downtime for their machines. Yeah. No, that's, that's helpful. And, you know, you mentioned that it's much more of a supplemental, I guess, driver of the business. And, and if we were to think about, you know, M&A, obviously, lots of diagnostic assets in the market. Yes Probably right now. I know you guys are probably getting a lot of knocks at your door. Just curious about, you know, how you guys are thinking about, you know, white spaces in the portfolio across the segments. You know, how's the market today? Is it—I'm sure every month that goes by gets better, but, you know, just general kind of views on areas of the portfolio that you think would be, you know, your most near-term target? Yeah, well, I think, you know, from an M&A perspective, I think, you know, our approach right now has been disciplined and patient and, and really, you know, comfortable with cash growing on our balance sheet, given the uncertain macro environment at this point in time. You know, we're pleased with the deployment we have done over the past couple of years on, on assets, and we're very active. We have business development teams in each of our divisions looking for assets, whether it's, you know, kind of white space or is it something that's a little more mature with the revenue and accretive earnings. So, you know, our aperture is, has widened over the past couple of years given our financial position, but it is still focused on tuck-in, near adjacency, things where we're the rightful owner of the asset, and we believe will perform better as part of Hologic versus on a standalone basis. But you know, again, a broad approach, looking at a lot of different things. I think what we're not looking at is something transformative. We're not looking at science projects. We're not looking at, you know, a fourth leg of the stool. Mm-hmm. Okay, that's helpful. And I guess on the flip side of the coin, you guys aren't, you know, scared, I guess, given your past to shed some assets, you know, de-emphasize some. Is there anything that maybe, you know, within the portfolio, again, we were talking about some of the mature growers, granted, that they are cash cows, so they do- Yeah, I would say there's nothing of significance that we're looking at at this point. You know, we always look at the portfolio with a critical eye, but I don't think there's anything of significance, even though some of those mature assets, I think, they're such a cohesive to other pieces of the business and growth and really platforms and large installed bases that we can leverage. Okay, great. Just wanted to potentially open it up to the audience if anybody had any questions they wanted to ask. Oh, I got plenty more. So all right, great. So I guess I've got a few kind of more, you know, nitty-gritty questions here that I really would love to bounce off of you. You know, you mentioned the install base out in the market, lots of, lots of, you know, I guess, more mature businesses generating a lot of cash, generating a lot of revenue. You know, if we were to think about within surgical, if you... You know, breaking down NovaSure Classic, Advanced, V5, you know, of the install base that's active in the market today, how, how does that kind of split out? Is it- You know, I think, I think what we try to do is try to drive conversion to the latest version. Mm-hmm. You know, there's some legacy folks that don't convert because of the pricing issue, but, you know, I think there's a fair balance between the versions, but we're always focused on let's get to the current version for the majority of customers. Got it. Okay. That helps with our lines and manufacturing efficiencies, back in our plant in Costa Rica. Okay, that makes sense. And then just, you know, we were talking about the V5 earlier. How, I guess, how much is converted? Is it, you know, is it relatively small as a percentage? I don't think we've really disclosed that. But again, I think what we've tried to highlight is that the pricing uptick is going to lapse here in the first half of 2024. Got it. Okay. And then, you know, staying within surgical, you know, you did call out Fluent as, you know, nice, nice complementary business. Granted, you aren't, you know, disclosing- Mm-hmm -deals after you, after, you know, the initial year. But if we were to think about how big this could be and, you know, how fast it grows, I know you mentioned, I think, the laparoscopic overall, I think is double digits- Mm-hmm If you will. Is Fluent, you know, in that, in that range? Yes. So Fluent is organic. Mm-hmm. That wasn't an acquisition. That was something that we developed internally and continue to focus on organic improvements for performance for that. Again, it addresses the issue of managing fluid during the procedures, mostly tied to our MyoSure procedure. And again, given the workflow that it provides, we find that once we have it in the hospital, you know, the more physicians that get used to it, want to use it. And again, for us, it's, you know, grow the install base, but it's also a nice pull through a recurring business. You know, I would say that we'll continue to grow probably above the average that we've talked about. On the laparoscopic side, that's the combination of the Bolder and Acessa. Again, both growing well above the average in the double-digit range. Think, you know, the combination of that portfolio, you know, over the next several years will approach that $100 million plus range. That's helpful. All right. And then, you know, outside of M&A and capital allocation, could you just kind of rank order, how you guys are thinking about it? You know, it always comes up, credit rating- Yeah -things like that. Just curious on kind of ambitions there? Yeah. Well, one, we're really pleased, obviously, with our balance sheet, our credit agreement. We have, you know, great covenants and feel really good that we have the financial power to do a number of different things. I think for us, it's an and. We can do M&A and share repurchase, and maybe even some debt repayment if we wanted to. But certainly, the priority is M&A. As we all know, you know, revenue growth really drives the premium expansion, multiple expansion in our space, so that will continue to be the priority. On share repurchase, at a minimum, we're gonna, we're gonna manage dilution from our equity plans and then be opportunistic as we see disconnects in the market from a valuation perspective. Given the interest rate environment, we are looking at, you know, do we potentially pay a little on the credit agreement, but that would be the least in the priority. Okay, gotcha. That's helpful. All right, and then, then if we were to move over to just margins, I know we really haven't touched on them today. A lot of kind of moving pieces. Obviously, COVID inflated- Mm-hmm. a lot of cost bases that we're actively servicing and helping a lot of people out there. Yep. And governments out there. So how should we think about the cost base, you know, SG&A dollars on an absolute basis, or headcounts or, you know, as we transition away, how much of that is done? How much is left? Yeah. So I think, you know, during the pandemic, we were really super disciplined on headcount, and didn't get over our skis, if you will. I think we've seen a lot of companies announce layoffs. You know, we don't anticipate anything like that, and really, from probably about 18 months ago, have been really tight on headcount as we saw, you know, different macroeconomic conditions start to present themselves. You know, from a margin perspective, you know, we grossed our gross margin in Q2 2020, 31.5% was what I'd say a normalized base business operating margin. Very rich margin for the space. We've talked about in 2023, the second half performing closer to 29% as being the trough as we manage through some of the supply chain challenges that we've talked about and see recovery over the course of 2024. Now, I don't think we'll jump to the 31.5 in Q1. I think we'll get into the low 30s over the course of 2024, again, as we manage through those issues and probably see back to that 31 as we enter into 2025. Okay. I know you guys have gotten this question a lot. If we were to think of the progression back towards normalized margin here- Mm-hmm. How much of that will be gross margin versus SG&A, you know? Yeah, I think, I think it's going to be both. You know, I think gross margins, you know, as the acquisitions become a bigger piece, they're usually at a lower margin profile than the base business. But I think we've got the appropriate levers within SG&A to get back to those normalized levels. And, you know, certainly from an overall earnings perspective, we talk about earnings. If we're growing five to seven on the top line, we're going to grow earnings faster, probably close to 10% annually, and that can be, you know, both margin expansion as well as some activities below the line. Whether it's tax rate, you know, improving our interest profile and share repurchase to drive those earnings. Got it. And if we were to think of as, you know, the acquisitions and, you know, I guess, higher cost, fixed cost platforms that have yet to over... You know, leverage that overhead, at what point do they hit, you know, fleet average, if you will? Yeah. Like, is it a point where all those, they won't start being accretive to margins on a, you know, percent revenue basis until they grow at company average because then they've matured, or? Well, I think all of the acquisitions are performing differently. Mm-hmm. But I think if we looked at 2023, you know, certainly the acquisitions we did in 2021, we probably have half accretive, half dilutive to net dilutive. I think we see that dilution improving in 2024 and, and those acquisitions probably getting to neutral and then accretive on a total basis beyond that. But they're all performing at different levels at this time, and they all have different strategies. You know, certainly, the acquisitions that we did in surgical will likely move manufacturing to our Costa Rica facility. That typically, over time, improves margins with their efficiency programs that they have. So they all have different strategies and programs that, you know, I think they don't have to get to the corporate average to be accretive, right? Mm-hmm. I think they will be accretive as they grow. Got it. And how much of your, I guess, your manufacturing base currently sits, if you think of, you know, dollar output or tons of output, whatever, any metrics that'd be helpful, sits in, you know, kind of OUS, US today- Yes. And how much of that could eventually be OUS? Yeah. So let me put it in terms of substantially all of our molecular and cytology business or our diagnostics business is in the U.S. Specifically, our molecular business manufacturing is all essentially all in San Diego, some in the U.K., but substantially in San Diego. And just from a pure volume, the more volume we put through there, the more leverage we get. When we look at our surgical business, substantially manufactured in Costa Rica. When we look at our breast business, the gantries are substantially U.S., and the disposable interventional are substantially in Costa Rica. Okay, perfect. All right, we're right on time here. Perfect. Well, thank you so much, everybody, for attending, and Karleen, for- Thank you ... you know, being here. My pleasure. Hopefully, everybody has a productive rest of the conference. Thank you. Yes. Appreciate it. Thanks.