Good morning, everyone, and welcome to Heska's 2022 Investor Day at company headquarters here in Loveland, Colorado. I'm Jon Aagaard, Head of Investor Relations, Corporate Communications, and ESG. Thank you for joining us. We're excited to have you. We have a full agenda over the next two hours in which we will introduce key members of Heska's team and cover a number of exciting topics, including Heska's position in the global veterinary health market, the company's strategic plan to win at scale and disruption, Heska's complete portfolio of advanced diagnostic and specialty solutions, and the multi-year financial targets, key metrics, and drivers. At the conclusion of our prepared remarks, we will open the meeting to a question-and-answer session with members of our management team. Before diving in, however, I need to cover an important housekeeping item. First, I would like to remind everyone that today's event is being recorded, and during the course of this event, we may make certain forward-looking statements regarding future events or future financial performance of the company. We need to caution you that any such forward-looking statements and opinions are based on our current beliefs and expectations and involve known and unknown risks and uncertainties, which may cause actual results and performance to be materially different from that expressed or implied by those forward-looking statements. Factors that could cause or contribute to such differences are detailed in writing in today's presentation, Heska Corporation's annual and quarterly filings with the SEC and elsewhere. Any forward-looking statements speak only as of the time they are made, and Heska does not intend and specifically disclaims any obligation or intention to update any forward-looking statements to reflect events that occur after the time such statement was made. Also, during this event, we will be discussing certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP. Additional information regarding these non-GAAP financial measures is provided in today's presentation, which may be found by visiting the investor relations section of our website. Last, please note all references to growth refer to growth compared to the equivalent prior year period, unless otherwise noted. With that, let's get started. As some of you may recall, at our previous Investor Day in November of 2020, we presented in detail the core tenets of Act Two of our strategic plan to double our geographies and to double our revenue line served. During this time, we introduced you to members of our new international commercial team and introduced Heska's exciting first of its kind Element AIM urine and fecal analyzer. We have since achieved those milestones we set forth, and our geography mix and product mix reflect those accomplishments today. Building on this growth, we now advance to the next stage of Heska's strategic plan to win at scale and disruption. This morning, we will provide some context as a brief reminder and for context for those new to the Heska story, and then we will walk through the key drivers of this next stage of our plan. Throughout our prepared remarks, you will meet key members of our executive and management team who are central to the growth strategy. These individuals represent key corporate functions and professional acumen across the global organization, reflect Heska's depth of talent and capability, and serve as the foundation and drivers during this exciting next chapter. You will meet these individuals during the course of this event. At this time, I would now like to turn the meeting over to Mr. Kevin Wilson, Heska's CEO and President. Kevin? Hey, thanks, Jon, and good morning. Today, as Jon indicated, you'll meet several of our leadership team as they share with you more about Heska and about where we're headed. We'll try to keep our presentations concise, and we'll try to make them as informative as possible within competitive constraints. You will hear no shortage of excitement and enthusiasm and positivity, and none of it is contrived. I and this Heska team absolutely love what we're doing and believe that we will succeed beyond our goals, just as we have substantially exceeded the vast majority of our prior goals. Together, you'll recall, in 2013, we began a 15-year plan divided into three acts, and that plan has not materially changed in structure or in tempo, except to say that we're actually ahead of that plan. We've not pivoted, we've not wavered, and now we're preparing to enter the final five years of our 15-year plan. We are thrilled that after 10 years of hard work, stabilizing and building, that we are now entering the next phase from 2023 through 2027, called Act Three, which is dedicated to winning at scale and winning at innovation. We firmly believe that this will be the most rewarding period in Heska's history. We've matured our capabilities going from late starter to slow follower, to fast follower, and now to innovator and winner at scale. Today, you'll hear from people who have doubled sales, delivered compound annual growth rates on their metrics year in and year out of 20% or more, raised capital, bought businesses, invented game-changing products, prepared manufacturing lines, grown teams, and so much more. They've done all of this while laying the groundwork for the real push to win at scale and win at innovation, and that begins now. We intend to be the best. I'm convinced that we have the right strategy, and I'm convinced we will execute on that strategy to be the best. As we do, we will profit and we will be rewarded, both as a business and as people who are delivering on a good mission to do good in the world with and for good people, profitably and sustainably. Thank you for taking the time out of your busy schedule this morning. We're thankful you're here. We're flattered, and we're honored by your interest, and we will do our best to reward it. With that, let's go ahead and dive in. I need to start this morning with a brief primer on Heska. Heska is headquartered in North America in Loveland, Colorado, just outside of Denver, and in Viernheim, Germany for our international markets just outside of Frankfurt. Today's Heska is over 650 professionals strong. In recent years, we've added over 160 customer-facing team, and today we stand at over 275 customer-facing team for sales, installation, support, and utilization efforts. Our consolidated revenue for 2021 was $253.7 million, and we expect $287 million for 2022. Heska's core business is in the pet healthcare market, which most analysts agree is in the first third of a multi-decade super cycle. Societal, demographic, family, and economic trends, especially in the Western democratic markets that Heska serves, are all extremely supportive of ongoing growth. The market's payer, regulatory, and legal supports are all also favorable and very reliable. Pet healthcare has seen solid growth for over 30 years. As I mentioned on last week's earnings call, we continue to see solid demand in 2022, especially for veterinary specific procedures and diagnostics where Heska focuses. I used more words last week, so for those interested in these thoughts, I would point you to that transcript. Pet healthcare can be seen as a supportive circle of testing from diagnostics and data providers, treatment from pharmaceuticals and therapeutics providers, diet for makers of general diet and diet targeted to breeds and medical conditions, and veterinarians where individual and group-owned hospitals take care of pet patients and their families in partnership with test, treat, and diet providers. We see that diagnostics and data are central to this ecosystem. Diagnostics drives treatment, and the data of diagnostics in pets drives new treatment. Diagnostics drives diet in much the same way, and diagnostics drives veterinary healthcare because pets can't speak, and diagnostics then becomes the voice of the pet for presenting, addressing, and monitoring health and wellness. Central is diagnostics in this role that diagnostics each year and each decade becomes more central to veterinary efforts, as evidenced by its rise from less than 10% of sales and profits to now up to 30% of both in well-run practices. Diagnostics and data is Heska's focus and for a good reason. As a primer for Heska's position and opportunity, we see that everything is now present. We operate in a great market, and we are focused in what we believe is the best part of that market. Over the past 10 years, we have worked very hard to assemble one of only two or perhaps three capability stacks in the world to sustainably serve veterinary diagnostics and data in the right ways and in the right places. Now, having done this hard work, we are playing to win and to be the best, and to be the best at scale and at innovation. Our team is up to the opportunity, and our track record supports our future success. More importantly, perhaps, our customers agree. We have succeeded in our first act from 2013 through 2017. We have succeeded in our second act from 2018 to the end of this year. We are preparing to win at scale and win at innovation in the coming five years of Act Three. We are glad you are here with us for this harvest and for this growth period. We have doubled the customers and geographies we serve. At the same time, we have doubled the product and the revenue streams we offer, and all while continuing to grow in our core business. We have delivered 20% compound annual growth rates in sales and more in subscriptions metrics. We have built what is needed and what has been missing from the competitive landscape for decades. Heska has built the necessary capabilities to win at scale and innovation going forward without setting cash on fire. We've done these things with hard work and a little luck organically through internal development, through partnership and licensing, and through acquisition. Heska's business development has been active, transformative, and future-facing. We have not cynically sought valuation arbitrage. Rather, we have religiously sought strong and new capabilities that come with the right to try and to succeed on a much bigger, more powerful, and more resourced scale. We have completed the addition of all necessary capabilities into Heska's DNA, including telemedicine, reference lab, rapids, software and informatics, and blockbuster testing segments for expansion on our deployed platforms. Today's presenters will provide you a peek into how these things fit and how they will drive our Act Three over the coming five years to reward all Heska stakeholders. Today's Heska contains the finest assembly of products, services, and capabilities in our market now and for the near future. Our portfolio is strong and specific to our North America and international market needs. Our technology and services stack is broad and leading in each area to ensure that veterinarians select our whole portfolio under subscription. We have filled the holes, removed the excuses for staying with the competition, and delivered exciting reasons to switch and to choose Heska for the long-term relationship. Our subscribers base continues to grow. Our instruments placed continues to grow, and the menu and innovations going into both is primed to multiply growth in each. Our goals are actionable, and the opportunity is known and clear. We now have the tools to win at scale while releasing entire new product cycles to grow faster and to disrupt the old ways of doing things. We have a great team to do these things. Today, I'm pleased to introduce a few of our key team to you. First up, I'd like to introduce you to Steve Eyl, who leads our commercial teams globally. Steve and I have worked together for over 20 years, and he has my utmost confidence, and he's been doing a tremendous job throughout Act One and Act Two to prepare Heska to win at scale and to win at innovation in Act Three. With that, Steve, the floor is yours. Hello, I'm Steve Eyl, Chief Commercial Officer at Heska. For over 20 years, I focused my career in veterinary diagnostics and have led Heska's global sales and marketing efforts since 2016. In the past two years of this building phase, we have substantially upgraded and expanded our sales and marketing teams to over 160 customer-facing professionals and built a core team of over 60 veterinarians to fully align Heska with our customers. As we enter our next phase to win at scale and disruptive innovation, keeping veterinarians at the very center of everything we do with this clinical-first approach is one of our greatest strengths. We go to market generally with a direct sales force in two reported segments, North America and International. Over the past three years, we have grown our international business primarily through the acquisition of capability and installed base in core Europe and Canada, and organically in Australia and the United States. Integrating these businesses, aligning our sales messaging, synchronizing our global portfolio of products, securing our systems and processes, and targeting our sales teams to long-term subscriptions has been our focus. In Act Two, our teams have done a great job securing these things for Heska. Those following Heska since 2014 will recall that we have led the industry to six-year subscriptions in North America. Now with our entry into international, we have begun to pursue a similar strategy in 2020. The international growth rate in our first year-over-year was wonderful and faster even than our North America success when we began subscriptions in earnest in 2014 and 2015. This is a good example of how Heska innovates, launches, learns, iterates, and then scales its best strategies. Global subscriptions and months under subscription are up nicely at the mid-20% levels, and last year we saw even faster growth in the mid-30s for minimum contract subscription value. Heska and our commercial teams have developed and continue to demonstrate expertise in subscription success. During our Investor Day in November 2020, we discussed a core tenet of our strategy to double our geographies and to double our revenue streams. Today's Heska has a great mix of North American and international segment commercial success and mix of revenue streams from the core diagnostic areas we value most. As we prepare to grow our scale from this strong starting point, I will take a few minutes this morning to provide a brief update regarding our commercial strategy. Long-term followers of Heska will recall that we began in 2014, largely limited to the United States, where our chosen core focus had only 3% market share. We have done well since then to expand our core geographies, and we've obtained market share in the middle teens in these core geographies. We now have the geographic foundation and starting market share from which to grow at scale. We have built our direct and indirect capabilities in our core markets with over 160 direct customer-facing individuals. This map five years ago showed really only Loveland, Colorado, and Des Moines, Iowa. It's an understatement to say that Heska's non-financial work in our build phase over the last three years has been unrivaled and successful. Today, we have the people, facilities, infrastructure, and starting base of customers in each of our focus geographies for direct sales success. Act Two's stated goal of doubling our geographic markets by 2023 has been accomplished early. Act Two also calls for doubling our products and service lines, which has also been accomplished early. Because this milestone has been shared extensively in prior published presentations and throughout today's presentation, I'll focus my time on what we intend to now do with this expanded portfolio. Prior to 2022, Heska has competed for only about 50% of the demand of veterinarians for the full stack of diagnostics and data offerings in any country. Now we have all lanes of the highway covered. After 2022, Heska intends to compete for 100% of the demand for the full stack of offerings in every country. This will grow our business in existing accounts with extensive bundling, and this will help us to capture even more new accounts at an even faster rate than before. Our first lane on the highway is point-of-care diagnostics. Point-of-care diagnostics at Heska is now complete with lab and rapids and telemedicine, and represents the biggest opportunity to fill customer demand at roughly 55% of our target spend from them. As Kevin mentioned earlier in point-of-care, Heska has gone from late starter to slow follower to fast follower and now to leader and innovator. You will hear about a few of these innovations shortly. Suffice it to say, as we put the next pieces and inventions in place, Heska lays claim to being the best and most complete portfolio of point-of-care diagnostics in the veterinary world. Heska's second lane on the highway is software informatics and digital imaging. We have for years been a strong leader in digital imaging. Now we add the next piece with Practice Information Management Software or PIMS and informatics. The logic is simple and solid. The number one challenge for veterinarians will continue to be scarcity of veterinarians, technicians and specialists. Provider capacity is constrained. The number two challenge for veterinarians will continue to be efforts and trends by others to disintermediate them from valuable pet owner purchases and interactions. Heska can relieve both of these challenges and be central to veterinarians for decades. Heska will partner with individual and group veterinary practices to make them more efficient, more profitable, more informed, and better at providing pet families the best outcome and experiences. Heska will help them manage their data, scheduling, insurance claims, commerce, exams, inventory, communications and more. We will drive a long overdue upgrade cycle in informatics made irresistible by machine learning, automation and artificial intelligence for things like predictive medicine, communications, analytics, compliance and development of new testing, diets and treatments. Our third lane is central reference labs. In general, veterinary biological testing is divided evenly between point-of-care and send-out lab. Point-of-care only companies have a firm grasp on half the opportunity. Lab only companies likewise have a firm grasp on only half of the opportunity. It is preferred to have a firm grasp of all the opportunity. Central reference labs are a duopoly in North America that require strategies beyond the scope of today's presentation. Central reference labs in international markets are a great opportunity for Heska to use its sales force, thousands of existing customers, complementary bundle items, local presence and logistics and other strengths. We began in the middle of last year, our entry into central reference lab with our acquisition of Bioanalisi in Italy. Like we normally do, we begin with a manageable and limited entry for learning, iterating and optimizing. We have for a year now run a successful sandbox, if you will, in preparation of this capabilities expansion into new geographies in a bundled subscription with our other two lanes of the highway. Heska's job, my job, my team's job is to scale these three lanes of the highway in our target markets by bundling them seamlessly into the multi-year expanded subscriptions customers want. It's a great challenge and we're up for it. Heska now firmly possesses the full portfolio for long-term success. Capability in all three lanes of the highway is now somewhere inside Heska. Some of these capabilities are strong and mature and available in all our markets, like point-of-care lab and imaging. Others are success sandboxes, like our Bioanalisi central reference lab in Italy, which has been purposely limited to Italy while we optimize it, learn from it, bundle it, and game plan the new capabilities for scale in other locations. Others, like our upcoming line of trūRapid tests, are staged and known lines that are entirely additive to existing subscriber consumable sales once manufacturing, regulatory and channel hurdles are met in each geographic market. Still others, like our new VetZ software and informatics business, which will be covered by others later, enhance our German market leadership in point-of-care diagnostics and imaging while we prepare it for expansion to our other locations. All of the pieces are present, but the full portfolio of our best products is not yet universally available in all our core geographies. In 2022 and early 2023, we will do the work to harmonize our portfolio under subscription into each country, and then we will scale our strength and sales throughout Act Three. Thank you for your attention this morning and for your interest in our work. Now I'd like to turn the meeting over to Nancy and Cynthia for more about our latest products. Hi, I'm Dr. Nancy Wisnewski, Chief Operating Officer at Heska, where I lead our efforts in research and development, operations and technical customer support. After attaining a Ph.D. in parasitology from the University of Notre Dame, my laboratory work led me to Heska, where I've had the front row seat for 30 years, and am now honored to lead a wonderfully hardworking and smart team of nearly 100 passionate professionals. At Heska, we are dedicated to perfecting and delivering the world's best clinical products and services to veterinarians and their teams, empowering the veterinarian as the central lead in pet healthcare for millions of pet families around the globe. I'm excited to speak with you today about a few key advancements as we look ahead. With me is an important member of the Heska team, Dr. Cynthia Patterson, our Vice President of Customer Care. Cynthia is a highly talented veterinarian and also happens to be one of my favorite people. Cynthia. Hi, I'm Dr. Cynthia Patterson, and I've worked in the veterinary industry for 25 years. I'm a diplomate of the American Board of Veterinary Practitioners, and I've also earned a master's degree in business administration. I've worked extensively both commercially and in clinical industry roles and have a wide range of small animal experience. As Nancy Wisnewski mentioned, I'm Heska's Vice President of Customer Care, where I oversee a super team dedicated to delivering the highest levels of technical support, outcomes, and experience to veterinary customers and the pet patients they serve. Today, Nancy and I would like to take a few moments to share with you some of our thoughts and updates on our newest products and solutions entering the market exclusively from Heska, including the Element AIM for urine and fecal testing, HeskaView Telecytology services, the Heska Nu.Q Cancer Screening Test, and Heska trūRapid line of rapid tests. I'd like to kick off this morning with a brief video to introduce you to our new Element AIM, a major innovation from Heska that addresses the need to accurately and easily test urine and fecal samples at the point-of-care. Aside from chemistry and hematology, urine and fecal testing is one of the highest volume and most needed diagnostic categories in veterinary medicine. Because pets can't speak, diagnostics in blood, urine, and feces can tell us a tremendous amount about pet wellness. Okay, that being said, let's take a closer look at Element AIM now. As a clinical veterinarian, I can say that I and my colleagues that have used Element AIM, we love Element AIM. Frankly, we see that even with decades of experience in clinical and research environments, preparing and evaluating urine and fecal samples, Element AIM outperforms even the best of us. It is really cool, and I'd like to take a few of the moments to highlight just a few of the reasons why. Element AIM is the only two-in-one urine and fecal analyzer in the world with a wonderful set of fit-for-purpose design innovations. Simply put, Element AIM allows for point-of-care, high-confidence testing to answer critical clinical questions in real-time for pet healthcare providers, and it does so in a way that is perfectly aligned with what our users express they want most. For example, Element AIM offers a fully sealed cartridge and system, which is obviously critical when centrifuging and imaging urine and fecal samples. Not the most pleasant things to have to handle. Sanitation, speed, protection from zoonotic disease transfer, smell, and mess are all improved with this fully closed design, and it is one of the things that our users like most. It's not just the clinical benefit that they love, it's the maintenance or lack of maintenance. Element AIM was designed to be maintenance and cleaning-free, eliminating things like syringe tips, pipette tips, cleaning supplies, cleaner kits, control kits, reagent kits, cover slips, transfer loops, glass slides, waste containers, mess, smell, work, and hassle. Lots of hassle. Element AIM is designed for efficiency and ease of use, and it delivers. Additionally, and perhaps more importantly, Element AIM leads the way in accuracy and precision as well by combining larger sample sizes with higher imaging counts on the best optics channel, all coming together to interrogate samples in an AI-driven and methodical method that is impossible for human operators to achieve. Each of these design components is important. First, there is sample size. Sample size is critical to ensuring that items of interest are present and then able to be presented in a way that minimizes interfering objects. That is especially important when looking at urine, when searching inherently dirty samples, and with pets on preventatives. Element AIM does this better than any prior techniques by spreading larger sample sizes over the sealed cartridge's longer, high-grade optics channel for full reviewing and imaging of decluttered sample. There is the detail and precision of the sample review. Element AIM automates hundreds of image frame counts performed in a computerized grid manner, auto-focused in multiple Z-axis planes with blazing speed that is impossible by a human user to match. Over 400 image frames per run are captured and interrogated, which is 4-5 x the limits of older or less accurate designs that have historically struggled to present even small samples in a proper physical form for examination. There is quality. Element AIM delivers quality, repeatability, and clarity of images that is light years ahead of the imaging quality found in most in-clinic microscopes designed for these types of tests. AIM uses the highest quality optics and lighting chain available, interrogating samples as appropriate from above and from below to deliver confidence in the examination that is not possible otherwise. Finally, there's the artificial intelligence. Heska's proprietary Element AIM machine learning for the identification of items of interest in urine and feces is amazing. With fantastic speed, Element AIM instantly interrogates each frame, comparing it with millions of data points to identify objects of interest in real time. I can tell you, machine learning identification assistance is just unrivaled for tasks such as this. Element AIM gets smarter with each run, and Element AIM users get smarter, more confident, and more efficient as a result, especially following those not as uncommon as you would think wow moments when Element AIM finds something in a sample that is being run for another reason entirely. It's really cool, and it really matters to health outcomes when you can see what's in a sample rather than just try to test for positive or negative for what you already think might be in a sample. Because we know that millions of manual examinations of urine and feces occur at the point -of- care in veterinary hospitals throughout the world, we know that Element AIM will make pet healthcare outcomes better, which is great for business, great for veterinarians, great for veterinary nurse and technician teams, and great for pet families. Yeah, we love Element AIM because the technology is so good, and it makes a difference. Well, I could go on and on about Element AIM, but before turning the presentation over to Nancy, I'd like to move on to our next wonderful addition to Heska's products and services. Launched last year, HeskaView Telecytology services combines the power of point-of-care cytopathology with the power of a whole team of the world's best board-certified experts using their combined hundreds of years of experience and training on behalf of the patient and the sending healthcare provider. With turnaround time in as little as minutes, the benefits are many. Ultrasound exams are made more specific with fine needle aspirates of cells sent to HeskaView specialists for identifying or ruling out cancers and other pathologies at the point -of -care. Traditionally, specialists of this type and quality have been in very, very short supply and often only available at universities or through reference lab submissions that take days, but not anymore. HeskaView Telecytology services is the future of medicine, and Heska is at the forefront of this future because we and our customers rely upon our adjacent technologies already. HeskaView Telecytology is a perfect adjunct to point-of-care hematology runs, ultrasound, X-ray, intraoperative discoveries, and more, and is also destined to be an excellent resource for cancer diagnostics and positive screening tests. With that, I'll turn it over to Nancy Wisnewski. Nancy? Thank you, Cynthia. Speaking of cancer diagnostics, Heska has just partnered with Volition to revolutionize and lead cancer screening and monitoring of some of the most prevalent cancers, initially in canine patients, and soon, we believe in feline patients as well. This recently announced deal has caused a lot of excitement. Let's take a look. We're absolutely delighted that we're signing an exclusive point-of-care agreement with Heska Corporation. This test is specifically, as I mentioned earlier, about point -of -care, which is something that would be readily accessible to veterinarians in all their veterinary hospitals. We are focused initially on the Nu.Q Cancer Test, which is specifically designed for testing cancer in canines. We are also in the process of establishing a monitoring test for canines as well, which can be used to monitor disease as well as monitor remission from disease in the future. In addition to that, we are also going to be working with Heska on a feline cancer test coming out in the future. Volition has some of the top specialists in the world developing this test. You have Sue Ettinger, you have Texas A&M. There's a whole team of specialists who have been involved in this project. To be associated with that on a global exclusive basis, I think sends a signal that we trust the Volition team and the technology and the peer-reviewed papers and that they trust Heska to bring it out on a global basis to as many pet owners as possible. The Nu.Q Vet Cancer Screening Test is a blood test. I'm really excited about it. It measures something called nucleosomes, which is not like something that most of us think of in our everyday language. Basically, it's little pieces of DNA that are not found in the bloodstream of normal, healthy dogs, but can be found in the bloodstream of certain cancer patients. Specifically, they have found that it's elevated in dogs with lymphoma, hemangiosarcoma, and dogs with metastatic cancer. Currently, we don't have something like this. We don't have a low-cost screening test where we can identify cancer in animals early on. What we've accomplished in such a short period of time is absolutely phenomenal. Dr. Robles, who's Head of Oncology and leads as our Chief Medical Officer at Texas A&M, in 2021, we published two peer-reviewed papers and also in all three levels of cancer, all three stages. The second paper that Dr. Robles came out with in 2021 as well is with reference to detection of lymphoma, both B-cell and T-cell lymphoma, with all five stages, with the terrific detection rate of 77%, with again, 97% specificity. With the recent deal that we've signed with Heska, moving forward, the ability to take this test out of the laboratory and putting it into the actual vet clinic with a point-of-care test will make this so accessible. It will improve our ability to monitor, use this as a monitoring test for disease, because you can run it right there. You'll have it back within minutes of actually drawing the blood sample. That will give you useful information in real-time without having to wait. I think it's gonna be a game changer for the Nu.Q Vet Cancer Screening Test, and I think it's going to really expand the uses and abilities for us to take this test beyond cancer into other more critical diseases where you don't have time to wait three to five days for a test result. We see this as a primary test on our Element i+. Because it's at the point-of-care, we can deliver results in minutes instead of having to wait days. Pet owners will be able to come in for their annual wellness exam, and while they're getting screened for things like kidney function, heartworm, infectious diseases, it occurs to just about everybody with a pet at a certain age, "Does my dog or cat have cancer?" The ability to screen for that is unbelievably important. We would roll this out as soon as possible into each market that we operate. It's estimated that 50% of dogs over the age of 10 will develop cancer. Again, how do we find it? How do we screen earlier? The problem is there are no reliable tests, and we don't know how often we should be doing it. I think the Nu.Q Vet Cancer Screening Test will really help fill that void in the market as we can hopefully detect cancer earlier and impact the lives of our patients. Our goal is really to be the leader in cancer detection for the companion animal. Consequently, having a partnership with Heska in point-of-care distribution, having access to the number of veterinarians that they can have both domestically and internationally, is a phenomenal exposure for us and a phenomenal partnership. In addition to that, the animal growth and the pet care growth on an annual basis is growing exponentially. If you put those two thoughts together, you can see that the addressable market, the financial return, the early detection cancer return, and hopefully treatment return, all contribute substantially to the excitement surrounding this deal. We are thrilled to innovate as we enter Act Three to solve for some of the biggest and most pressing issues in pet healthcare, family healthcare really, by detecting levels of nucleosomes. The new Heska Nu.Q Cancer Screen is designed to operate at the point-of-care where it is most beneficial to identify key cancers early in the disease process. We see this technology becoming a regular part of wellness testing. Alongside things like heartworm, thyroid, Lyme, and other regular screens. Of course, the ability to monitor cancer patients while in therapy and in remission is a fantastic capability, tailor-fit for this platform. Designed to be priced below $30, the Heska Nu.Q technology will deliver results in minutes from a very small blood draw in a reliable and trusted way. While we see that gene liquid biopsy testing has a place in pet healthcare, those alternatives have substantial hurdles, including early detection accuracy compared to tissue sampling, price, which can be in excess of $1,000, time to result, which can be a week or longer, location of testing, which is at the central reference lab only, blood sample size, which can be two or more large vials per test, and cold temperature sample handling requirements. In contrast, our Heska Nu.Q Screening Test overcomes these hurdles and is positioned to benefit millions of pets at the point-of-care very soon. We believe in our path. We also foresee a strong halo effect for leadership in the cancer space. Of course, we anticipate utilization of the actual cancer screen itself. In addition to this, the increased potential for adjacent screening and testing menus and the pull-through of instrument placements in high volumes around the world are also all exciting opportunities for Heska. Finally, to close this part of our presentation, I'll touch briefly on our soon-to-be-released Heska trūRapid line of rapid tests. We are excited to see the trūRapid full menu of tests soon to be available for markets around the world and domestically. The addressable market in the geographies in which we compete is in excess of $500 million per year. We think we can compete for a meaningful portion of this with new customers as a great plug-in addition to our thousands of Heska Reset customers regularly using our Heska point-of-care diagnostics consumables. With that, Cynthia and I conclude our presentation with you this morning and turn it over to Ingo to go over our new software solutions capabilities. You're up, Ingo. Thank you, and good morning, everyone. I'm thrilled to be in Loveland, Colorado this morning, all the way from Hanover, Germany, to speak with you about VetZ. As you may know, as of January 2022, VetZ joined the global Heska family to expand VetZ's leading software solutions to veterinarians around the world. We could not be more excited. Over the next few minutes, Kevin and I wish to share with you what makes VetZ the best practice management and pet family engagement solution in the world. VetZ has been the leader in Germany for some time, and with Heska, we are confident to become the leaders in the global market in the next generation of cloud, artificial intelligence, and mobile power solutions. VetZ was founded by me and my brother, Thomas, and is managed today by us and Oscar, our resident expert in all things for dogs. We have since 1997 believed that veterinary management software, done excellently, can be one of the single best tools for improving the lives and health outcomes of veterinarians and the pets they serve. We are today the leader in Germany, which is generally acknowledged to be one of the two biggest, most sophisticated and demanding pet healthcare markets in the world. Most of our practices are larger and more sophisticated. VetZ has always been highest on the power of capability scale, and our pricing and performance level reflect this position. easyVET is our core PIMS solution, and it serves over 3,400 practices, including universities and famous specialty centers, some of which are the largest in the world. Our market share in these practices is much higher than our general market share of over 30%. Our leading position is a great fit for Heska, especially in Germany, where Scil, a Heska company, is widely acknowledged for nearly two decades to be a leader in point-of-care diagnostics. We are passionate about our customers, and our customers are passionate about us. We are very proud of this. At the center of VetZ software stack is easyVET, the industry's most powerful Practice Information Management Software or PIMS. The purpose of today is not to give you a demonstration or even a full overview of this powerful tool. Of course, it is scheduling, clinical records, pharmaceutical dispensing, reporting, billing, reminders, analytics, and more. Our customers and we believe we are the best of these things. We think the rest of Heska's market countries will agree. easyVET also tightly integrates with all leading reference laboratories and point-of-care diagnostic instruments in our markets. We seamlessly allow ordering of studies, supplies, and pickups, and of course, fully support reporting and trending from both the point -of -care and send out reference laboratories. Our leading market share reinforces our central place in these things, and we take our responsibility to customers to make these core diagnostics as efficient and perfect as possible. We, like many in the industry, believe that diagnostics and data analytics, especially in light of machine learning and big data advancements, will continue to make what VetZ does even more powerful and useful to all participants in pet healthcare. Included as a fully integrated part of easyVET or as a standalone module, we are proud to be also the lead in veterinary diagnostic imaging solutions. easyIMAGE supports directly all known modalities, including ultrasound, digital radiography, MRI, CT, endoscopy, and more, most of which are instruments in which Heska and Scil also lead in many markets, including in Germany. In this regard, even before our merger, we share many customers from many of the leading practices, equine, small animal zoos, and more because of our work with Heska and Imaging. easyIMAGE is uniquely powerful with full orthopedic surgery planning tool for all major and most minor makers of implant systems. At the center of our strategy in recent years has been our firm commitment to making veterinarians the center of all pet healthcare interactions. To do so, we have created an entire ecosystem of cloud solutions and APIs to connect veterinarians and nurses to all aspects of industry and to meet all of the requirements of pet families. Pets XL is for pet families, Vets XL is for industry, and myBase is for both by connecting parties to commerce in a way that provides the highest value to the parties in terms of price, automation, volume, and ease. Pets XL is one of our most exciting recent additions and representative of the future. Pets XL is founded on a mobile application model to empower veterinarians and pet families with frictionless communication. In one year since launch, our limited initial group of 480 hospitals has registered over 100,000 pet patients. Everyone benefits. Pet parents can find and schedule appointments, check themselves in, register new pets as patients or for boarding or grooming, and engage with their primary care provider and refer specialists, with all parties having full access to lab diagnostics, imaging and all medical records, and all in a GDPR privacy compliant way. Automatic messaging, invoices, statements, payment processing, insurance processing and status updates, reminders and more are all present. Pets XL is very powerful, fully integrated with easyVET and also able to sit atop or beside legacy systems from other software providers. With most users paying only $0.25 per month per pet, Pets XL is an amazing value to users from all sides and a good opportunity for us to add value. Keeping in line with our goal to keep veterinarians at the center of it all, Vets XL also has developed Vets XL for business-to-business purposes between veterinary practices and all manner of providers. Currently, we have over 11,000 practices using Vets XL to work with all of their preferred and leading reference labs, insurance, payment processors, wholesalers, pharmaceutical companies, and public health entities for centralized tracking of things like hereditary disease and possible zoonotic disease of interest. Included in this ecosystem is linkage to myBase for real-time commerce price engine and purchasing functions. Vets XL makes the whole industry ecosystem work seamlessly and keep the veterinarian at the center of that ecosystem. Hey, thanks for that overview, Ingo. While I know it's just a summary, we can clearly see that VetZ software is more than a PIMS. It is an entire ecosystem that drives superior efficiency and outcomes at the intersection of veterinarians and pet families and industry. As intended, we're already investing more to accelerate VetZ development to win the race to upgrade tens of thousands of other industry legacy systems in the next three-to-five-year super cycle to next -generation mobile, cloud, and machine learning technologies. In this effort, we will do many things. We will expand our VetZ leadership as the most powerful solution. We will keep veterinarians at the very center of pet healthcare and empower them in their communications and interactions with pet families, specialty medicine centers and industry. We will make them much faster to expand their capacity for more visits and procedures by engaging predictive medicine, automation, Pets XL, seamless telemedicine and more. We will make switching to our solutions frictionless. We will solve major problems in deployment, workflow, integration and real-time analytics for individual and corporate and teaching practices. We will empower veterinarians in the insurance space financially and for efficiencies in economics with wholesalers, insurance companies, and pharmaceuticals and diet providers. We will help veterinarians to recapture disintermediated products and services. We will do these things and more while we tightly integrate new Heska innovations into this open ecosystem under subscriptions in all geographies we serve. These things and the quality of the people of VetZ are the reason for our confidence in Heska's Act Three drive to win at scale and to win at innovation in software and data informatics. It is for these reasons and many more that we are thrilled to be part of the Heska family. I truly believe VetZ is made stronger because of Heska, and Heska is made stronger because of VetZ. Together, we will address the biggest needs of the veterinarian by making doctors and team more efficient, improving the pet family healthcare experience, and solidifying the veterinarian's central role in all aspects of pet healthcare. Thank you. Hi, I'm Catherine Grassman. I'm the Chief Financial Officer here at Heska. I'm a proud working mother of three beautiful children and three wonderful dogs. Having spent over 20 years in accounting and corporate finance, the past five years with Heska have been some of the most rewarding of my career. During this time, I'm proud of all that we have accomplished, especially the incredible value creation. I am continuously inspired by the work of all of our teams, and I'm especially grateful to the finance and accounting professionals who exhibit an unparalleled commitment to excellence and growth. As we wrap up the second act of our three-part strategy, I wanna take a few moments to review our financial achievements over the last nine years, as well as provide our multi-year outlook through 2024. We are proud of what we have accomplished, and we are confident that the key drivers discussed today will accelerate the future financial performance of Heska. Act One validated Heska's winning formula of placing core diagnostics in leading veterinary practices under long-term subscriptions, which created value for our veterinarians and our shareholders as we captured North America market share gains and a consolidated revenue CAGR of approximately 13%. Having achieved success and momentum in North America, we took our approach to the international stage in the second act, acquiring several European animal health diagnostic companies, which placed us as the first or second market share leader in key geographies. Simultaneously, we launched multiple substantial internally developed projects which have successfully converted to Heska exclusive innovations such as the Element AIM and the Element i+. We wanted to do more in advance of our Act Three, which is beginning in 2023. We acquired three more companies, expanding our product portfolio to include rapid tests, telecytology, and crucially, Practice Information Management Software. This year, we have accelerated again, securing the exclusive global rights to deliver to veterinarians the world's first point-of-care cancer screen and monitoring tests. All of these efforts and investments have substantially expanded our addressable markets. Throughout Act Two, our outlook range for this year suggests a revenue CAGR of over 20% for this five-year timeframe. In North America, we estimate that we have grown our base business from approximately 3% market share when we began our journey to hold over 14% by the end of this year. Our North America consumables, a key performance indicator and profitability driver, has grown double digits year over year, reliably and impressively. We have assembled a remarkable and unique set of assets and capabilities, and we have secured a strong capital position from which to grow at scale and launch disruptive innovations. While we have grown our top line substantially, the nature and strategy around acquisitions, partnerships, and reinvestment into being able to reliably scale Heska has not made profitability as linear as revenue growth. However, the foundation for future bottom-line growth is set. Throughout this presentation, you've heard from my colleagues the key drivers to winning at scale and at innovation during Act Three. We believe that our customer base, geographic footprint, and our capital position enable the achievability of the ranges of each opportunity as presented during Act Three. Our base business growth is underpinned by strong fundamentals of a healthy industry forecasted to grow double digits for years to come, continued market share gains, price favorability, and utilization campaigns. The automation and the accuracy of artificial intelligence to fecal flotation and urine sediment analysis in our newly launched Element AIM is not only an opportunity for disruption as it is the first of its kind, but also to promote increased profitability for our veterinarians while saving time for a very taxed labor force. We anticipate full commercial launches between 2023 and 2024 of expanded menu on our Element i+, including cancer screening and monitoring. We estimate that cancer represents a $1 billion market in pet healthcare. While the total addressable market for rapid tests exceed $500 million, Heska has essentially not competed in it until now. We believe we can compete in rapids to at least levels commensurate with our broader market share of bundled subscriptions. We expect a limited release in the second half of 2022 with full menu launch by 2024. The acquisition of VetZ established a presence in the Practice Information Management Software market, securing a top market share position in Germany with opportunities to expand add-on features which are adaptable to other PIMs, as well as leveraging of our geographic presence to offer to our customer base beyond Germany as part of a complete bundle of products and services. The team, technology, management, reputation, and margins are wonderful. We see substantial growth opportunity and sales to our greater than 30% PIMs market share in Germany, where we believe we have higher representation than that in the best and largest hospitals. We also intend to launch our PIMs platform in additional countries, making veterinarians and pet families more efficient in all interactions related to pet healthcare. Finally, with a secure balance sheet, we have the opportunity to grow our presence in reference labs and other complementary offerings. By the time Act Three is complete, we believe our revenue CAGR over the timeframe shown will exceed 15%. Let's narrow our focus on the near-term expected company performance based on the broader opportunities we have discussed. We expect a 2022 consolidated revenue growth of at least 13% as reported and 15% on a constant currency basis. Our POC lab range of $170 million-$180 million reflects continued base business growth in our POC lab consumables. Excluding the impact of Element AIM, North America consumable growth of approximately 13% is based on healthy continued demand, net customer acquisition, favorable price, and other utilization campaigns. International consumable growth of 5%, which assumes a continued focus of customer transition to our subscriptions in the first half, will accelerate in the second half with more targeting of new customer acquisition, a year's benefit of price gains, and continued product rollouts as part of the bundle. On a go-forward basis, excluding new tests which I'll cover in a moment, we expect our base consumable growth on a global basis to exceed 10% each year presented. This growth expectation is driven by great underlying fundamentals providing for demand, continued customer acquisition, and net price gains. Additionally, our outlook targets placements of approximately 500 Element AIM under long-term subscription agreements. As we've discussed previously, long-term agreements relative to the life of the asset being placed under subscription are typically treated as capital leases. Therefore, we recognize an upfront amount for... of contract value for the instrument at the point of installation, generally at a low gross margin, which is recorded as investment in net leases, short and long-term on our balance sheet. The balance of this asset is collected over the length of the contract, along with the purchases of the related consumables under contract, which generate higher gross margin as utilized. If all 500 placements of Element AIM are placed under capital lease in 2022, this would generate approximately $10 million in instrument revenue recognition. Based on the placement schedule for 2022, which is geared toward the second half, the contribution to consumables in North America is expected to be approximately 2 percentage points. On a go-forward basis, the revenue ranges provided include a similar level of placements of Element AIM, with the compounding impact of the consumable revenue stream based on these placements. From a customer penetration standpoint, by 2024, placement of over 1,500 Element AIM would yield less than 50% of our 2021 reported subscription base, which we see growing each year. Based on our experience with other ancillary device placements, we typically see at least 50% adoption among our base. Our historical experience, coupled with our continued growth of our Core Lab subscriptions, especially in our international segment, makes this a highly achievable target. Just to put a finer point on it, our model is designed to generate higher gross margin over time. As instruments installed in prior periods drive continued utilization, the mix of consumable revenue grows faster relative to revenue from new instrument placements, assuming a consistent level of placements each year. Because consumable revenue carries higher margin, overall margin increases. To illustrate this concept, assume our instrument placement is 500 units each year, ratably placed in the next three years at $1,000 per month. In this example, the instrument recognition assumes 20% margin upon placement and 65% margin on consumables. From this example, you can see margin in year one is the most compressed because of the proportion of the instrument revenue relative to the total revenue. In years two and three, the consumables from instruments placed in prior periods continue to generate revenue at these higher margins, in addition to the consumable revenue generated from new placements. Over time, the mix of higher margin consumables increase total gross margin. Moving to our new line of point -of -care rapid tests, trūRapid, Heska's brand of rapid tests, is expected to launch in the second half of 2022, partially driving our international segment consumable growth expectation of 5%. North America launches of trūRapid is highly dependent on regulatory approval, which is on track, and we expect to be in the market in the second half of 2022 and continue with product launches through 2024. With a total addressable market exceeding $500 million, we see an opportunity to drive revenue growth in the near and long term with even a fractional presence in this market. By 2024, contribution from Rapids on the top line could exceed 10%. Expanding annual screens on our Element i+, including cancer screening and monitoring, is also driving POC lab revenue growth beginning in 2023. Depending on the timing of a commercial launch of the expanded menu, contribution from expanded testing and increased instrument placements, revenue related to Element i+ could exceed 10% of the top line by 2024. If Heska captures its broader market share of the current bundled subscriptions in cancer in each market, the opportunity is substantial. Heska intends to lead in cancer and these new areas of diagnostics. Coming off a very successful year in POC imaging in 2021, we have moderated the growth in the periods presented for our digital radiography, ultrasound, and other ancillary imaging devices. While there is historically a refresh cycle in imaging products, we believe our greater opportunity for growth in this category is in informatics, which now includes our recent acquisition of VetZ. In 2022, the acquisition of VetZ will contribute approximately $12 million-$14 million to the top line growth. The short-term projections for growth are single-digit when evaluating the timing and deployment of a cloud-based solution with acceleration geared toward the back half of Act Three. Revenue at the midpoint of 2023 and 2024 represent an acceleration of revenue growth year-over-year from 13% in 2022 to 15% in 2023 to 18% in 2024, or a CAGR over this period expected to exceed 16%. The composition of our revenue growth is good for our bottom line. Starting with gross margin expansion, a metric we have focused on as we build revenue will be improved year-over-year at about 200 basis points per year at the midpoint of the ranges provided. This improvement, which has included rationalizing and assembling assets to provide complete product offerings and bundling, will benefit both segments with greater acceleration in the international segment, which has been a key synergy opportunity since our acquisition of Scil in 2020. Our adjusted EBITDA margin will also continue to expand. Our 2022 outlook of an adjusted EBITDA margin reflects an investment in this year in people, processes, product, and technological developments. The expansion in 2023 and 2024 is the improvement in gross margin and leverage operating expenses. Our liquidity position is strong. In the past five years, we accessed over $375 million in capital to fund approximately $225 million in acquisitions, strategic partnerships, and investment in research and development. We currently have approximately $170 million on the balance sheet. Our current liquidity is sufficient to fund our near-term R&D pipeline and remain opportunistically flexible as we actively assess strategic M&A and other partnership opportunities. Our strategy in the deployment of capital has been to assemble the right assets in order to market a complete portfolio of products to our customers across many geographies, and it's working. Now let's take some questions. Thank you, Catherine. We will now start the Q&A portion of our event. We've invited sell-side analysts to ask questions via live video. For those analysts, please click the Raise Hand button at the bottom of your screen. Once prompted by the operator, please ask your question with limited follow-ups and proceed back to the queue if you have additional questions and as time allows. For others in our online audience, if you have a question, please submit it through the Ask a Question button in the upper right-hand portion of your screen. If we run out of time and do not get to all the questions, a member of Heska's team will follow up with you directly after the meeting concludes. Okay. With that, operator, let's take our first question. First question comes from Ekaterina Knyazkova from JPMorgan. Ekaterina, please feel free to unmute and ask your question. Hi, thank you so much for taking the questions, and just a few from me. I think, so on the $320 million-$340 million revenue range you provided for 2023, if I recall correctly, that is around, like, $50 million higher than what you provided, I think, two years ago at the 2020 Investor Day. Can you walk us through where that $50 million delta is coming from? I guess, you know, how much of that is base business, growth, or base business doing better than expected, you know, elements or AIM rollout or, things like, you know, VetZ that you didn't have back then. The next question I had was kind of on overall diagnostic market dynamics, like, kind of in this environment of labor shortages and constraints, you know, for veterinarians. Do you think there's a risk, I guess, for veterinarians to, I guess, you know, to save time, to save labor, I guess, to kinda send more tests out to reference lab? To put another way, do you think that point-of-care share kinda stays, you know, stable relative to, I guess, the 50% that we're at now? Or do you think that there's a risk that, you know, because of these labor constraints that reference lab share goes up over time? I think on your strategy for reference lab, I think, you know, you said that your goal is to get to kinda 25% of your revenues coming from reference lab. I guess, you know, just elaborate a little bit more of, like, how do you get to that 25% over time, I think. Is the plan still kind of, you know, inorganic, you know, a series of smaller acquisitions? Or do you think that you can leverage, I guess, your lab in Louisiana and kinda scale it up, or building new labs from the ground up? Thank you so much. You're welcome. I should have brought my notebook. I think I got all three, so let's take them in order. We've been doing a lot of building, and that building wasn't complete and it wasn't public, the last time that we shared those numbers. Catherine, if you wanna give any more color on that. Yeah. You know, at our last Investor Day, since then we've acquired several companies, most really pre-commercial, if you will. Biotech with trūRapid, Telecytology. We fully now have launched Element AIM. Obviously, VetZ was an acquisition done in this year. Some significant acquisition activity in addition to what the industry saw overall with really positive fundamentals throughout 2021. All of those combined are really accelerating that revenue growth. I think the second question. There are a couple threads in there, but I'll pull on the main one that, at least as I heard it, was about labor constraints, about veterinary growth and those types of things. I addressed that a little bit on our last earnings call, and I think those words are probably better than ones I'll just extemporaneously pull today. We're seeing that clinic visits off of very, very strong comparables are about flat, and in pockets might be down 100- 200 basis points. One thing that I have pointed out is diagnostics and procedures tend to be the better portion of the revenue in veterinary hospitals, and those seem to be holding up better, maybe than other things, and especially other things related to brand-new pets. We've said for some time, when you get thousands, millions of pets in the healthcare system, puppies use healthcare, adolescents use a little bit less healthcare as they enter middle age and older age, just like humans, we use more healthcare. We don't see those trends over the next many years, really all the way through Act Three, changing. I think the third question was with regard, primarily to our reference lab strategy. That strategy is really one based on organic and inorganic. Catherine just mentioned it. Most of the business development that we've done has been pre-revenue or very early revenue, so we haven't been buying revenue. What we have been buying are those three lanes of the highway to assemble the right asset. When we said the last five years was about building is really important. You know, we have a team here today. Obviously we have hundreds of people behind the team that you're seeing today, but we've been building team. We've been building that product portfolio and most of the things that we've done have been small, which we believe we have the expertise and the adjacent products to then scale them and to make them larger. I would anticipate we'll do organic work in reference laboratories. By country, by market, we'll look at small tuck-in type of opportunities as they present themselves. We're confident that the 25% number of our total revenue over a longer period of time as we build that out is the correct number, largely because there's a data point out there that supports that as a mix. Secondarily, when we look at our own customers and we look at their spend, we see that that's a correct amount of spend relative to the other products that we offer. Catherine, I think there was also a question about point -of -care and reference lab. I don't wanna belabor the point too much, but for decades it's been roughly 50/50, despite everybody's attempt to make it 70/30 in one direction or the other. You can find pockets where you have 60/40. For the most part, reference laboratory and point -of -care, they both serve diagnostics, but they've held their market share, and they've showed their value quite well over a long period of time. I wouldn't expect huge swings between point-of-care and reference lab, and that's really not our goal. Operator. The next question. The next question comes from Dave Westenberg from Piper Sandler. Dave, please feel free to unmute and ask your question. Hi. Can everyone hear me okay? 'Cause I'm using a different computer than normal. We can. Thank you. Perfect. All right. Great. Thank you. Okay. Question number one, you gave a lot of great data on the subscription basis and, like, the growth in subscription basis. Can you talk about, and sorry to get myopic with, like, specific quarters, but I am curious if, you know, you have started the year on track with kinda that subscription growth. I know I think it's only in the K's versus the Q's where you kinda give the contract subscription value. So I just got curious if year to date it winds up, or you're on track on that. As a follow-up to that, you did give kinda a lot of great data on subscription growth, historical and kind of on a go-forward basis. When you gave that number, we did see contract value or value of contract, well in excess of growth in subscriptions just. Period. Then on a go-forward basis, I think their 23.3 number, they equalize. Can you kinda give us the explanation on kind of the math on that? I have a couple follow-ups. Catherine, do you wanna take some of that or? Sure. Yeah. I would say, yes, we do typically just publish those statistics annually. As a point of reference, every quarter, though, we do include in our revenue recognition footnote. There is information that will help guide as to where we are in the year. We are on track according to our plan through the first quarter. You know, the subscription value relative to the growth relative to the number of subscriptions has a lot to do with all the new products we've been offering to our customers. I don't know if you wanna expand on that as part of the growth in the CSV. Yeah. I think this early in the year, we do an annual. I indicated on the last earnings call that the number of subscriptions was doing quite well this year. I think we absolutely crushed the contract subscription value metrics for last year. So I feel good about our trajectory for the year. You know me, David. I always remind people that the competition folks know the universe is designed to not give us what we want, all those disclaimers, but we're having a good year so far. Appreciate that. Great, you know you made an acquisition in PIMS. Thank you for giving kinda those revenue numbers. You know, when we do our checks with veterinarians, one of the things that we always kinda find with you know the leading market share player in point-of-care diagnostics is you know one of the quick checks or one of the things that the customers will always like is just integration with PIMS and you know generally speaking like bilateral communication. Now you have your own PIMS provider. I believe you did have pretty good communication with PIMS already, but you know, with that acquisition, is there ability to kind of improve that communication or even maybe just improve, like, the reputation that you have with communication with your diagnostics in your PIMS system? Yeah, David, I think there's no question that we'll optimize our portfolio's position in those communications, specifically in Germany, where we have very large market shares for point-of-care and reference lab, and then obviously as we move that to all the other geographies. In general, veterinarians drive what providers do, and that's correct. Veterinarians want connectivity. Even direct competitors of ours for point- of -care will support our point-of-care and other products. We intend to do the same thing for other providers. I think I answered the question. Okay. I guess lastly on the trūRapid, so I think you're implying that the, you know, the launch, I think you said it's this year or end of this year, towards the end of this year. I don't think then there would be the regulatory barrier in the EU. Just want to confirm that. In the US, I think you just want to confirm the timelines. I think you said end of 2023. Can you talk about maybe some of the backups in terms of backup and in terms of the regulators or I mean, is there a chance this could be 2024? Then any kind of metrics you can give us on anticipated sensitivity, specificity and whether or not there are those thresholds and those U.S. barriers in which you need to hit, and if there's any kind of development you need to do to hit those, you know, specific sensitivity, specificity metrics. I'm taking a lot of the time, and there's other analysts, so I'll stop after this question. Thank you, David. Nancy, do you want to speak a little bit to quality, domestic regulatory and then perhaps, we'll say European or international regulatory? Sure, sure. We're confident in the quality of these tests. Obviously they're gonna go through all the USDA regulations, so that's a big piece of this. But we're very confident in the quality of the test. There are more data to come on that. You're correct in that the regulatory environment in the EU is much less. There is some country to country variation in that, but for the most part, it's mostly unregulated. You'll see a rollout of that, of this, the full test menu in Europe quite soon. Then, we're on the path to USDA approval on a couple of the most important tests very soon here this year. That's what's anticipated. Yes, you don't control the USDA. No one controls the timing of that. Again, disclaimers to that effect, but we're confident in our timelines that we presented. Thank you, David. Our next question comes from Elliot Wilbur from Raymond James. Elliot, please feel free to unmute and ask your question. Thanks. Good morning. Good to see everyone. I wanted to ask a couple of follow-up questions around Catherine's more detailed commentary on gross margin trends, specifically the impact of Element AIM. I think slide 43 basically sort of detailed the impact, margin impact in the first couple of years. I'm curious what that incorporates in terms of consumables assumed consumption, if that's at the contract minimum or at the average rate per client. Then longer term, as we start to think about Act Three and beyond, how do we think about the gross margin impact of all the recent strategic initiatives? Obviously, VetZ has a significant positive impact, but just thinking across the sort of the entire portfolio, assumption would be, of course, that there's a positive impact on gross margin trends, but maybe just give some early perspective on that. Yep, absolutely. Specifically to Element AIM, and especially really in the first year of any launch of an analyzer of its presence, will have a compression impact, which is quickly overcome in the coming year or two with utilization of consumables. To answer your question around the modeling that in the illustration, that is just at the minimum, and so there is upside on anything over the minimum from a utilization standpoint. The impact to this year, as an example, is about 100 basis points on consolidated gross margin based on the placement plan for the year. Fairly significant to our consolidated metric. As far as some of the other business development initiatives, those are really more around the consumable space. When thinking about the cancer monitoring screening tests, that's a consumable. When thinking about the trūRapid, those are, while they're snap tests, those are typically higher margin as well. All as part of that improvement year-over-year, we presented in our presentation. I think I've addressed all the questions. Yeah. The only thing I would add is I don't think that illustration, which is designed to be fairly basic, but I don't think it takes into consideration the long-term lift on price. Price obviously affects your consumables gross margin. That would be a positive. Yeah. That's true. I have a couple of questions for yourself, Kevin, and maybe some others on the team as well. Specifically thinking about the VetZ acquisition. You know, how leverageable is that platform sort of in its current state across different countries and geographies? Then now that you've had the business under your belt for a little bit of time, just some thoughts on the longer term view in terms of potential, you know, revenue synergies with your existing diagnostics customer base. Which platform? VetZ. VetZ. VetZ. VetZ. Correct. Yeah. Sorry. How leverageable? Scalable. Yeah, I'm sorry. I didn't hear the whole question, but the VetZ platform, and we tried to get Ingo here. I think he was here about a week ago. It would have been fun to have him on the Q&A, so I'll speak for Ingo without the positive German accent precision. Leverageable, we think it's highly leverageable. We wouldn't have entered the space if we didn't. I think the theme that I would try to drive home to folks is we've identified very clearly what the three lanes of the highway are. We have a super strong lane in informatics in Germany with a 30% market share, but a higher market share in larger hospitals than that. We think we have a super strong platform. We think we have what it takes in these other markets. What VetZ didn't have would be things like hundreds of sales and marketing people in North America. The adjacent products to put them in a bundle, presence at trade shows. We're already doing those types of things and to your point on leverage, I think we can get more return for our investment in marketing and trade shows and sales calls. If you can go in and make a sales call, and you have a three-lane highway to sell instead of a one-lane highway to sell, you're getting a lot of expense leverage, but you're also adding more value and hopefully getting more spend out of each individual site that you have while growing the number of sites. I think it's extremely leverageable. The languages, for the most part, have been done for a while now. Our ability to move these things aggressively into France or other markets where language and local accounting and things like that, I think most of that work has been done prior to our acquisition of the business. Okay. Just one last question around the Nu.Q Screening Test. You know, curious if that's sort of a one-size-fits-all opportunity. Just, you know, wondering how breed-specific cancer incidence is and you know, whether it's more of a target approach based on breeds or sort of a more of a universal opportunity. Yeah. That's a great question. Go ahead. Hi there. I would say as a veterinarian, it's much more of an age-related issue. Yes, there are some breeds that are going to have a higher incidence of neoplasia compared to other breeds. But overall, once you start getting into that later stage of life for all dogs, the incidence that you heard in the video is accurate, that potentially 50% of dogs over the age of 10 are at risk for getting cancer at some point in that last half of their lives. I think it's much more of an age-related issue which will help bring it to a much wider population than just focusing on certain breeds that may have cancer. Okay. The same would apply to the feline population as well? Cats definitely get cancer. The incidence sometimes is a little bit more difficult to nail down because cat owners don't always take their cats to the veterinarian as regularly as dog owners might. There's still a little bit of a question mark there. The cats definitely, at least in my experience as a clinician, are going to have neoplasia at roughly a similar rate. Again, the older they get, the more at risk they become for getting cancer. Okay. Thank you. Thanks to the team for putting this together. Very helpful, and I know there's always a lot of work involved, but it is appreciated. Thanks. Thank you. Thank you, Elliot. Our next question comes from Ben Haynor from Alliance Global Partners. Ben, feel free to unmute and ask your question. Good day, everyone. Just first off for me, Steve mentioned that the North American reference lab market requires strategies beyond the scope of today's presentation. I understand not wanting to share these strategies in the prepared remarks, but I was wondering if you could maybe talk about those strategies in the Q&A portion. The North America market? I think I purposely punted on that in the prepared remarks, so I'm gonna have to repunt. It's beyond the scope of really what we wanna talk about today. It also will follow what we're doing internationally. We've begun in Italy, and I'll let Steve speak to some of the bundling and some of the learnings and successes. To use his term, we used a sandbox here for the last year and time to expand the sandbox. Yeah. We're starting in smaller markets and learning quite a bit. What was thrilling is to see the mindset of the sales force, especially in northern Italy, when we did our BSA acquisition, see that there's a bigger bundle to provide to customers. They only get excited because the customer appreciates what we're bringing to them. We'll continue to focus in those countries more specifically than in North America at the moment. I'll take the chance to provide a little bit of color, Ben, on one of the reasons why we think we have a really good position on the track. If you look at folks who might be trying to offer reference lab services without some of the things that we have, especially in these European markets, sales force is really hard to build, especially a local sales force that speaks Italian, where you're selling to Italian veterinarians and speaks Spanish and might even speak Basque. There's a lot of local building to sell to your peers. So we think we have the best sales force opportunity. We think it's very difficult to assemble a point-of-care laboratory portfolio that is top quality and proven to be top quality and is a quality marker when you go in and talk to veterinarians in all of the key areas. We have that assembled. We think having an installed base gives us a very large head start. We think, of course, that being able to link it all together and offer the ability to do Practice Information Management Software, tying that all together, we think is really compelling. It's not a brand-new concept for those who've been following us, just that we've literally doubled the menu of things that can be bundled. We've doubled the leverage from which we can get for our sales and operations costs in each of these countries, because we now have twice as many things to offer to customers, and the customers tell us that they want these things, and they generally want them from one source if they can be guaranteed that they have the top quality in all of the areas. That's rapids, that's PIMS, that's point-of-care reference lab with all of the modalities, no holes, and then that central reference lab. We think we have really a very good position to go very quickly relative to the competition. Okay. That's helpful. Then, you know, going to the rapid tests, I think if I saw it correctly, is $30 million-$50 million contribution from them at the end of Act Three. Can you maybe refresh my memory on what you guys were able to do with the heartworm test that you did previously market in the U.S.? I mean, my recollection was that was, you know, kind of a $10, you know, maybe $12 million revenue item for you guys when it was, you know, when you had 3%-5% market share. Yeah. Ben, that's correct. It's good memory. That was a couple of years ago. Yeah, but it was at about $10 million at its peak. If you know, tripled or quadrupled market share, you know, doesn't 30%-50%? Right. Kind of a little low with, you know, international layered on top of it. I mean. Yeah. Also included in that waterfall was Element i+ as a larger opportunity. Some of those rapid tests we're looking to put as part of a consumable offering. There's a bit of a crossover between those two buckets in the waterfall slide. Yes, it is a larger opportunity, but we may be geared more toward the Element i+ utilization versus the trūRapid. Okay. That makes sense. On the imaging and informatics forecast through 2024, it doesn't really seem like you have a whole lot of growth penciled in there. You know, I guess from the standpoint of bringing the VetZ offerings, I mean, is that something that you don't necessarily generate a lot of revenue for or from, but is more of a customer lock-in play, or what's the right way to think about the contribution of VetZ, you know, versus traditional imaging as you know we go forward over the next few years? I'll let Catherine answer more specifically. I will just say we're investing heavily also on those deployment things that we pointed out in the presentation in terms of deployment friction, a full cloud deployment, in all countries. I think that probably would indicate a rentability lower upfront type of model. That's exactly right. If you looked at the total opportunity presented as part of Act Three relative to the near-term outlook, it is exactly as Kevin described. It's more of the time of building a cloud-based solution over the near term with greater acceleration at the end of the five-year timeframe. Okay. Got it. Lastly for me, you know, on the Element AIM video, you've got the Heska purple gloves. Just wondering, do you guys provide those, and how should we- That's a great. Yeah. It's good advice. Maybe we will. I don't know if we do. Cynthia, do we? Nancy? We do not provide the purple glove. I had never thought of that as a Heska purple glove, but now every time I see- Yeah. One of those particular style gloves, that's exactly where I'm gonna go. It's pretty great, Ben. Okay. Well, just curious on that and, you know, hopefully. We do promote good sample handling, but you don't need to wear a glove to touch the touch screen on the AIM. It's not required. Okay, fair enough. Thanks for taking the question, guys. Appreciate it. Thank you, Ben. This next question comes from Jim Sidoti from Sidoti & Company. Jim, please unmute and ask your question. Hi, good morning. It's nice to see everybody's face, remind us of what we all look like in this virtual world. Right. On Nu.Q, just a follow-up. You know, it makes sense you do that testing as animals age, but what's the value to the vet for early detection of the cancer? Are there treatment options like in humans, where if they detect it early, that there's some option to put the cancer in remission? Could the Nu.Q test be used to actually see how they are doing with that option? Those are great questions, and I'm glad that you asked them. There's infinite value to early detection, and it's no different than human medicine. The sooner that you can diagnose or suspect that there might be neoplasia in a patient, the sooner you can begin the process of figuring out exactly where it is and what it is and how serious it is. That will hopefully allow for early treatment. Veterinary oncology is as robust a market as human oncology. There are, believe it or not, veterinary oncologists, just like Sue Ettinger in the video, who you were introduced to, is a real field of veterinary medicine. Particularly here in northern Colorado, with close ties to Colorado State University, it is something they're known for with their oncology developments over the years. That has really given credibility to the field of early detection, early treatment, to hopefully prolong the life of that pet so that they can spend more time with their family. That's really the value of a screening test like the Nu.Q. It will hopefully allow more families more time with their pets. Okay, you mentioned, you know, the market share in the US, you've gone from, you know, low single digits five or six years ago, to low to mid double digits right now. Where are you in Europe right now, and where do you think that'll be over the next five years? Yeah. Each country is different, but you can look at European countries kind of in the 25%-35% market share range, which obviously we think is a better starting point for some of these new product launches at scale. It seems very obvious, but you know, if you have 5,000 customers and you launch a new product, you're gonna have a much faster conversion than if you have 500 customers and you use that new product to acquire more customers. Starting market share does accelerate growth, and we do have, in most of these countries, much higher market share than we started with in the U.S. The goal, however, would be able to answer that question a couple of years from now and say that we have 25% share in North America. That would be a better answer. Okay, just a last question. You know, cash flow, you know, typically with new product launches, you know, the revenue growth comes first and the way that the subscription model works, you know, cash flow takes a little while to catch up. Do you think that you know, by year four or five of this next phase that the cash flow will be in line with operating or with net earnings? Possibly, depending on other potential launches in the future. We do see, and historically, we have generated positive cash flow with the exception of 2020 when we acquired Scil. This year with the Volition partnership has been really a use of cash as well, in addition to the capital placements expected with Element AIM. I think it's certainly reasonable to expect by the third, fourth year of this act to be back to historical levels in around 2017, 2018 is really what I'm thinking, and then accelerating from there. Okay. All right. Thank you. Thank you, Jim. We can now invite follow-ups if anyone would like to raise their hand and ask a follow-up question. All right. That concludes this portion of the Q&A. I'll now hand over to Kevin Wilson for closing remarks. It's an easy crowd this morning. Thank you. I'll take that as a sign that we did a great job on the prepared remarks. You can see why we're excited. We hope you're excited. This is fun for us to be able to share our work. We've spent five years working really hard to build what we think is an engine that is now being fired up and can grow at scale. While we're growing at scale, we think we can be truly the acknowledged innovator to drive that scale even faster. It's been 10 years of hard work. Most of this team has been here a very long time for that. We're excited about it. I hope what we said today gives you enough a basis to understand the company and where we're headed, why we're doing what we're doing, and why we've assembled the asset that we've assembled. We think it's a wonderful asset, and we think the next couple of years are gonna be really a time of harvest. We really do. Thank you for attending. We're always flattered that you take the time out of your busy day to listen to our describing what we do for a living. Thank you. We'll see you on upcoming earnings calls here shortly.