Good morning, everybody. I'm Chris Schott at JP Morgan, and it's my pleasure to be introducing Heska today at the 41st annual JP Morgan Conference. From the company, we have a presentation from Kevin Wilson, company's President and CEO, and then we're gonna jump to a Q&A session after that. With that, over to you, Kevin. Look forward to the comments. Awesome. Hey, thanks, Chris. Let me get my AV going here. Okay, great. Good morning, everyone. You know, this quarter, I've been with Heska for 10 years, which I think is pretty cool. About 10 years ago, we published publicly a 15-year plan. 15 years, and we divided it into three five-year Acts. I'm here this morning to overview our work leading up to this month's kickoff of our final five-year plan, in which we intend to win at scale, win in innovation, and harvest the benefits of our work these many years. I'm here to make the case, in brief, that Heska is a great investment today. I think it's a really great investment, and I presume you're in this room because you're looking for really great investments. I think we're all in the right room, so let's go ahead and get started. We are a team of over 800 people dedicated to veterinary healthcare with a particularly deep focus in diagnostics, which by most estimates is placed at the center of around 30% of veterinary hospital sales. Before we dive in, though, this morning, I'd like to take a second on a little bit of housekeeping. I'd like to reaffirm our comfort with our full year outlook, sorry, for consumables and sales. With results, in preliminarily, we see that Heska's coming in right around $254 million, maybe a little bit above, and around 9% for North American consumables, which is at the middle of our guide. With that comfort, let's go ahead and dive into today's information. Before I do, please be forewarned, I need to move quickly through our 15 minutes. The presentation deck will be made available at Heska's investor section of our website for a more careful analysis while you do your work. Let's dive into Heska. Heska is focused on pet healthcare because it's a wonderful and growing market that matters. Millions of pets around the world, regardless of their language and culture, are essential to human thriving and health. Pet parents want to take care of their pets because they take care of us. The trend has been accelerating for decades. Each generation loves their pets more and more than the last generation it seems, and pet households are growing, with general pet care growing nicely and pet healthcare likely to grow even faster. To serve the growing pet needs over the coming decades, an integrated pet healthcare ecosystem has arisen. Pet healthcare starts with the veterinarian. Because pets don't speak, diagnostics sits at the center of the system, with diagnostics and data driving healthcare, predictions, decisions, and outcomes in ways that we've never seen before. This is where Heska comes in. Our diagnostics tests are the voice of the pet. Our diagnostic screens discover disease early, and our practice management and data solutions help veterinarians predict disease based on demographics, geography, species, breed, sex, spay and neuter status, and much more. It is for these reasons that veterinarians now rely on data and diagnostics for 30% or more and growing of their revenues and profits from their clinical work. Each diagnostic drives another diagnostic or a treatment or even a controlled diet decision to drive healthcare outcomes, recovery, maintenance, and prevention for our pet kids. It's a good system that relies on diagnostics and data to drive veterinary hospital performance, pharmaceuticals, and diet. Being at the center of this ecosystem has been our goal since 2013. We are in a great market. It's essential, consolidating, and internationalizing. We have wonderful pricing, cost, innovation, and demographic trends. Heska is in the best area of this market, data and diagnostics. We have great operating value, scaling value, assembly value, and scarcity value. We have a strong team with a strong track record, exclusive assets, and strong execution. We have a plan, and we're on plan. We began our journey of reinvention in 2013 when we published our 15-year plan in 3 five-year Acts, and we haven't pivoted from it, and we haven't meaningfully changed it. We've done it. In 2013, we were $78 million in sales. We improved our team, our products, our business model, and our margins. Our focus improved, and we began doing more of what we wanted and stopped doing the things that we didn't want to do, taking the revenue hits along the way so that we could enter Act Two with health, relevance, and a nearly pure focus on diagnostics and data. In Act Two, we said we would build intrinsic value and build our growth asset, and we did. We said we would double our customers and geography and double our product and revenue streams, all the while continuing our strong core business growth. We did. We doubled our customers and geographies served, we doubled our product and our revenue streams, and we delivered 20% sales compound annual growth rates while doing it. Act One was strong. We worked the plan, we were on plan, delivering 13% compound annual growth rates. Act Two was strong. We worked the plan and we were on plan, delivering 19% compound annual growth rates while building our growth engine and building our intrinsic value for Act Three. Throughout these periods, our key consumables have performed well over many years in Act One and Act Two, delivering 16% compound annual growth rates. Our core subscriptions metrics have performed wonderfully as we have executed on our six-year subscriptions model with outstanding retention, new individual subscriber additions, and new corporate hospital additions on our way to delivering a 29% compound annual growth rate in contract subscriptions value over a very long period. Since 2017, we have broken out of our United States only box and more than doubled our geographic and customer reach, with nearly 40% of sales now coming from subscribers and customers outside of the U.S. Today, we have direct teams and relationships on three continents and over 14 countries with thousands of veterinary hospitals, many served through our exclusive six-year subscriptions. We have done these things over the past 10 years while maintaining a strong balance sheet, very, very low debt levels, and positive cash flows from operations. We've done these things with good, strong financial discipline. We've attracted $hundreds of millions of capital, and we've deployed it mostly in strategic, pre or early revenue opportunities that build our intrinsic value, our innovation pipeline, and our growth engine for Act Three that begins now. We began Act Three this month. As we have, we are glad for building our growth engine and our intrinsic value with proprietary innovations designed to serve very large total addressable markets relative to Heska's current sales. One such innovation driver and differentiator is Element AIM, the world's first and only point-of-care artificial intelligence urine and fecal diagnostics device. Second only to blood and plasma, urine and fecal is a primary testing field, and Heska is a leader. Element AIM is now fully launched commercially into our North American international segments. Sales teams are fully trained. Customers are subscribing to Element AIM contracts for six-year terms. Utilization across hundreds of users in all geographies is rising in same-store terms and from new installations. We are confident that Element AIM is a success, will be a strong contributor to Heska over the next decade, and will be a top standard of care. Another driver for Act Three is our newly launching point-of-care Rapids. A large total addressable market. Our TruRapids products are designed to be a new growth line for Heska in a lower tech, higher regulatory and performance segment that today has strong possibilities for contribution, but in the future has strong possibilities for contribution towards Heska's high-tech innovations and menu additions that we have in our pipeline. We've begun sales now and are exporting our advantage to all of our core markets in all of our geographies that we added during Act two. Each one of these launches generates data, lots of data to drive follow-on diagnostics, procedures, medicine, and diet. At the center of Heska's strategy for data, we have integrated what we think is the world's leading founder-led team practice information software, mobile computing, and AI experts in veterinary health care. A strong leader across Europe and in the key German market, our new VetZ PIMS has now, by some estimates, upwards of 70% share in the largest and leading German universities and specialty hospitals. Our strength in this area is timely. We see a major global upgrade cycle coming for tens of thousands of legacy PIMS and PACS users. We intend to lead the field with a multinational launch of a full AI-empowered PIMS, PACS commerce ecosystem that recommends screening and diagnostics in a targeted way, recommends follow-on diagnostics, procedures, and diet, and guides care providers in all aspects of commercial, clinical, billing, prescriptions, scheduling, and communications. From the largest corporate hospital group consolidators to one and two doctor practices, we intend to deploy these new and upcoming VetZ software and data solutions across all of our geographies in a cloud platform in Act Three. As we begin Act Three today, Heska lays claim to having the best point-of-care diagnostics and data solution stack in all of pet healthcare. We believe this portfolio of innovation is extremely valuable, rare, and powerful as we begin to win at scale and win at innovation in 2023. One such innovation, can't cover them all today. One such innovation that Heska's positioned to win at scale is in the area of cancer. Cancer affects humans and pets alike, with millions of pets diagnosed normally too late for good outcomes each year. In fact, nearly 50% of dogs over the age of 10 will develop cancer, a challenge that drives a $10 billion annual opportunity. Heska is stepping into that opportunity in 2023. Today, most cancer diagnosed is done after the pet parent notices signs of illness, often too late for a positive outcome. With Heska's upcoming Nu.Q cancer screen, veterinarians would be able to screen and detect cancer early in otherwise healthy appearing pets in time to act. Once pets are in chemotherapy and other cancer treatments, Nu.Q will be able to monitor those pets' progress towards remission and during remission to identify recurrence. This is an easy-to-use, non-invasive blood screen that can be added to millions of annual wellness exams for, in phase one of our launch, dogs that are seven years and older, and for younger dogs at higher risk of cancer, such as golden retrievers. Exclusively at the point of care from Heska on Heska's proprietary Element i+, Nu.Q data is compelling with 90% specificity, 82% detection of hemangiosarcomas, 77% detection of lymphoma, and 76% detection of systemic cancers. The data and development research is detailed in multiple peer-reviewed published papers from leading oncology centers of excellence. Our Nu.Q screen and monitor technology is accurate and trusted. It's affordable with a targeted pet owner cost of $50, and it's easy to perform, requiring only a very small draw sample of room temperature blood. Veterinary health relies on screening and wellness procedures in otherwise healthy appearing pets. We think this cancer screen and monitoring solution, exclusively from Heska at the point of care, is a game changer to drive Heska's share of an over $1 billion annual opportunity and a strong driver to grow Heska's analyzer placements into current subscribers, greenfield, and competitive point-of-care sites. Entering Act Three in 2023, where we intend to win at scale and win at innovation, our investments over the past several years are prepped to deliver. We intend to launch Nu.Q on Element i+ into all of our geographic markets, driving the use of Element i+, our existing menu, new cancer screening and monitoring, and preparing an installed base of users for an eventual move into wellness panels that incorporate cancer screening capabilities alongside annual tests such as heartworm, thyroid, cCRP, Lyme, and others, which represents another total addressable market in excess of $500 million a year. In 2023, we began a journey to compete with two very well competitors for the pet healthcare diagnostics crown. In Act One, from 2013 to 2018, we succeeded. In Act Two, we built and assembled a very valuable engine for growth, and we succeeded. Now, as we begin Act Three, we intend to win at scale and win at innovation. We began 2013 as number three. Today, we think we begin Act Three as number two, and now we target to bridge the gap to the top. Heska's done great work over the past 10 years, and now it's time to convert. We have a great record of overachievement. The right things are expanding. We occupy a rare space closest to the veterinarian with direct long-term subscriptions and relationships. We have the best products. We have positive pricing and scalability dynamics. We operate in a great market that is historically essential and resilient in broadly challenging economic times. We have a solid growth capital, little to no real debt, an immediate pipeline coming to market, and a long-term growth pipeline. We are doing good, and we are doing well. Now it's Act Three. We intend to convert our advantages to success, and we're glad for your interest, and we hope you join us for the ride. With that. Great. Jump into the Q&A from here. Kevin, I guess it's coming off of, I think 2022 was a, you know, kind of volatile year, after some, you know, as we came out of the pandemic, et cetera. If, if you look back on 2022, can you just comment on areas that went better than expected? The flip side, what were some of the surprises as we think about the year we're wrapping up here? I'll start with the surprises, the negatives. Is this on? Okay. We're not foreign exchange traders. Not news to anybody, but you'll notice in my prepared comments, we noted that, you know, roughly 40% of our sales are now coming out of the U.S., and that's a positive in some environments and a negative. I think there was foreign currency headwinds for sure. Another oddity in pet healthcare in 2022 is really just the year-over-year comps. Most companies in our space really captured about two years of growth during that COVID period, 2021. The comps going into 2022 then, obviously were very difficult. I think that's pretty universal across our space. Things that went well, we launched our Element AIM, a product that was in R&D and development for three, four years. I think that's a major milestone. We validated it. Hundreds of customers like it, use more of it after they own it for months and continue to use more as they get more training. I think that's a win. We acquired and advanced our Rapid. Some of the innovations that I pointed out, a lot of that happened in 2022. While we didn't hit the number that we forecast at the beginning of the year, I don't think we're alone in that regard, with some of those headwinds. Our execution could have been better on a couple of things as we got to the return to work, labor constraints inside the veterinary hospital, time constraints inside the veterinary hospital. Some of those trends, again, I think affected the broad industry, not just Heska. Yeah. Makes sense. Then I know you give formal guidance as we get towards earnings, maybe just talk about some of the swing factors that you're kind of thinking about as we think about 2023. 2023, it feels. Sometimes the calendar just works for you. It feels as we enter a period where we've got what we want, we're in the geographies that we want, we've got the team in place, and we've got these innovations launching for a five year growth phase. Really, it's a growth and harvest phase. It's exciting. Right as we hit that, it feels like 23, believe it or not, is normalizing. Mm-hmm. Even some of the macro issues, some of the labor force issues, a little bit of pressure, a little bit of worry in that. We got a lot of people returning to work. Schedules seem to be coming back online. So, reps are able to get into clinics and talk to veterinarians. One of the biggest challenges we had in 2022 is veterinarians were so busy and so overworked. None of them closed during COVID, so they saw a tremendous spike during that period. They took a vacation for the first time in 2 and a half years. Again, if you lose production for two or three weeks in a quarter, and you do that, you know, multiplied times tens of thousands of hospitals, that's actually gonna show up in pet visits. You'll hear a lot of noise around that, where pet visits were down kind of in the 3%, 4%, 5% range. Pricing has more than made up for that. I feel like as we enter 2023, some of that noise is normalizing, and we've kind of found a new platform just on a go-forward basis. It actually feels a little bit more normal until I read The Wall Street Journal or a newspaper, and then it feels a little less normal. Yeah. It's like, on that visit trend, I mean, is your expectation we're gonna be trending towards... Is what you think is normal in terms of vet visit growth for the market? Yeah. I, you know, I always hate to, you know, toot my prognosticator horn. If you're right every once in a while, you might as well say you got one. You know, I think I have been saying for a couple years now- Yeah ...that there are. Yeah ...there are a lot of optical illusions going on in some of the data. Yeah. Look, I expect trends in pet visits will begin to normalize largely because comps have begun to normalize. You can't go from a situation where you add, by some estimations, you know, millions of pets, and pet owners have flexibility in their schedule to take the 10:15 on Wednesday appointment. Veterinarians are happy to take that appointment. Now they're booked with no holes in their schedule. Everybody has that flexibility. They're doing drop-off at the curb in a very efficient way. When you start to normalize back, the 10:15 appointment, somebody might not show up because they have something pop up at school, or they have, like, life. We didn't really have those constraints. I think you're seeing the labor constraints start to resolve themselves. Remember, veterinarians, they hire people who run the front desk, and their technicians. So all those people returning back to work, I think it starts to normalize so. You mentioned pricing offsetting some of that volume dynamic. I know one of your peers has been pretty aggressive on price. How are you thinking about the pricing environment in general for the business? I know your contracts work in, you know, specific ways, just, you know, talk a little bit about price as a component of growth. Yeah. I'll start with our specific. We go to market mostly in six year subscriptions, and most of those are exclusive for a whole portfolio of products. We provide the full point-of-care solution for a six year period. We raise price at 4% a year, except when CPI is above 4%, at which point we raise price at CPI. Mm-hmm. you know. We generally have taken those historically. We've taken those each month as contracts annualize. We've had a smoother price lift over 2022 than some, because you receive an annual. You annualize each month, and that bucket gets a price increase relative to what the current CPI is. In 2022, we had price increases, 12 of them. Some might have been at 5%-6% early in the year, and some hit, you know, 9+. I think as we finish the year, we're kind of high 7s. That's how we take price, and we'll continue to do that. When I talked about some of the positive pricing trends, there are two things I would point out. Our much larger, extremely well-run competitor did take two large price increases last year. I think it has gotten some notice and took another price increase in January. So, you know, the competitive hat says, "Hey, go kick them in the shins and call them dirty, rotten scoundrels," 'cause you're competitive and you wanna compete on that. The market observer thinks it's great. What we are seeing is pricing elasticity is very strong. We're not seeing demand destruction. There are a number of reasons why you don't see that in veterinary healthcare. Nothing economically can go forever, but we're not seeing demand destruction. So I think prices has much more than overwhelmed kind of the normalizing of the hospital visit trends. The second thing I would point out is the way veterinarians generally set prices is a pretty blunt instrument. It's a multiplier effect. Put another way, if we sell them a $10 test, their software will have a multiplier effect, and they might choose 2 as their multiplier, and they're gonna sell that test for $20. It might be 2.5. You know, whatever the multiplier effect is. Generally, they will double or triple the price of their product coming in. What happens is, we go from $10, just to make the illustration easy, to $12. The veterinarian goes from $20- $24. Net, the veterinarian actually is more profitable on a dollar basis and a percentage basis because of the price increase. Mm-hmm. Diagnostics, I think, has had a nice role in that. Certain pharmaceuticals I think have done well because of that as well. If you add value and you're necessary, I think those are the areas that will hold up well with price increases. The, you know, this price dynamic that hasn't impacted, I guess, demand all that much, does that make you think differently about how you kind of introduce pricing for some of these new products that are coming in? It seems like there's an appetite to pay for these. You know, it does. We also try very hard to occupy. Wanna make sure we're the good guys. Okay. We are pet owners. Almost all of our employees are pet owners. You know, there's a reasonableness to it as well. Our job actually is to compete on value, and that's through better products, better innovation, but it's also through better price and better business models. We don't go crazy. I am encouraged. There is a lot of elasticity and the pricing gap between us and our competitor who's already higher than us. When you apply percentages to already higher baselines, that pricing gap has broadened, and I do think it gives us an opportunity to move maybe a little bit more on new product launches. Okay, great. maybe shifting over to Europe. I know that's a bigger piece of your business now. Talk a little bit there what you're seeing on the macro front. Does it seem like that's maybe in some markets for you have a little more challenges than the U.S. is seeing right now? Yeah, you know, that's a great question, because it isn't a monolithic thing. I would also say Europe isn't a thing either. Anybody who's a Europhile, don't... Let me finish. We see very different things happening in Germany than we do, say, to Spain and, you know, little things, right? If you read Daniel Yergin and you say, "Well, what's going on with oil and natural gas?" In Germany, you had natural gas and heating bills literally triple. You didn't have that in Spain and Italy. There is a consumable wallet. That consumable wallet, when it gets squeezed by that, you can't change the timing of your gas bill, but you might change the timing of your dental cleaning for your dog. Those are real things. Mm-hmm. We've seen different slowdowns in different countries in different ways. I always cringe to say, "Hey, we're right in the middle of some of the, you know, macro global things," but it's actually a real thing that does flow through to real consumers, and it does. Real consumers own pets, and real pets don't go to the vet. They delay it for a month or two. Mm-hmm. We've seen just with the general news cycle, some of that easing quite a bit. If you look back four months ago, you know, Germans were stocking, firewood, you know. Now it's a mild winter, and nobody's worried they're gonna get frozen out and, you know, life is starting to go back to normal. We do see challenges, and there are different pockets of challenge. Then you get the foreign exchange piece as well, and that's always a value cost of goods question as well, so. The other disadvantage in Europe is it's a far less organized market. Mm-hmm. Which seems obvious. That presents greenfield, that presents disorganization. We might be, you know, 14%-30% market share. We think that's an opportunity for us because as the market share gets more organized into fewer and fewer buckets, I think we have a good opportunity to be a bigger winner of the eventual share. Mm-hmm. There is just a less organized competition throughout Europe. Okay. Some of the earlier macro comments, at least sequentially, it seems like things are not necessarily getting worse and maybe even getting a little bit better. Is that, is that a fair assessment from your comments or? Yeah, it's interesting. We're not really that interest rate sensitive, except that it does affect consumers and consumer confidence. I'm not saying, you know, we're oblivious to it, but we're not a highly capital intensive industry. You don't have slowdowns, you don't have large leverage that has to unwind. Even the veterinary hospitals that were acquired, by PE sponsors, you know, a slowdown of the arbitrage acquisition, is actually proving to be good for our business because it causes operators that own hundreds and thousands of hospitals to operate. We are actually having really good quality conversations that, "Look, we can make your business more efficient. You have labor constraints. We can grow your billings and improve your patient outcomes. We can offer you new testing to differentiate yourself. You know, we can save you money." You know, it's actually perversely been a positive for companies, I suspect probably for our direct competitors as well. Okay, great. Maybe shifting over to some, the product side of things, Element AIM. Just kinda share some of the feedback you've had from the rollout so far. Yeah. I would say a couple things on Element AIM. It's an innovation. It's an invention that we did start to finish. We manufacture it in New England, here in the United States. The team... It was really our first kind of, you know, cradle to launch effort at Heska. I think we learned a lot, and I think the execution's been good. The negatives. We were slow on deployment in Europe and international markets. We were a little slow on getting launches with sales training, and sales training is confidence. We weren't actually able to get our entire sales team in the U.S. together, I think it wasn't until March. Little delays added up, and I think during the year that cost us time. Mm-hmm. Those are the negatives. On a go-forward basis, on a rolling basis, I think we're in a good place. We've, you know, overcome those hurdles we talked about on that on the Q3 call. We've got inventory training, you know, so those things are off and running. The positive utilization continues to grow in users that have been active for 12 months, three months and six months. We think there's still a lot of potential growth in that because we see utilization trends where some customers will over-index to urine testing and under-index to fecal, and some are the exactly the opposite. We think we can train and drive and get more broader use across both of those testing segments. Without active involvement in that, we're still seeing really nice utilization uptake. What that tells me is we delivered a product that's providing clinical benefit, and they turn to that clinical benefit more and more often. That is the definition of a successful product launch, is it works, it works really well, and it provides benefit, and I wanna use it more. That's why I tend to move that over into the win column. We have called out that we won't be on a run rate of 500. Mm-hmm. I think we've been pretty clear about that. That would go in the negative column. A lot of that is timing. A lot of that is just estimation. You have a brand-new product launch that's never been done before in a segment that's never been served before, and we had an estimate. As we go into 2023, we have real-world data. We've got what we think is a really nice set of momentum and install base and run rate every month. That's the story on Element AIM. Great. Turning to 2023 in terms of placements, how can we think about placements for this year? Yeah. We've been a net gainer of market share placements in North America- Mm-hmm I think every year since 2013. Okay. We started 2013 at about a 3% share, I think we've gained between 1%-2% like clockwork every year. We think that trend will continue. It's our job to accelerate it, we think that trend will continue. We entered the European market through an acquisition primarily, or a series of acquisitions, and we've been converting that installed base from a traditional equipment sales follow-on model to a subscription model. We're more than halfway through that, and I think that allows us then to start focusing more on new acquisitions, greenfield acquisitions. I think it also reduces some of that dampening effect. Anytime you go to like a SaaS model, if you're a software company, there's a dampening effect, and you don't grab the margin overnight. For those that are following us, if you look at our European performance, I think that business was about a 32% gross margin. We've kinda called out that we think it could be mid 40s, and we're roughly halfway there, a couple, two, three years into the process. The plan's working, and I do think the trends are intact just in terms of our market share gains. Great. On the Rapids line, can you just talk a little bit about timelines for that rollout and how big of an opportunity could this be for Heska? The good news on Rapids is the timeline for the rollout is now. Mm-hmm. Same thing, we manufacture that product. That was effectively a pre-revenue acquisition. which is an interesting thing. Some people see business activity and they think, "Well, what's your organic and inorganic?" The vast majority of ours, it's not hitting the revenue line because it's pre-revenue. It's in that kind of final bridge development phase. Mm-hmm. As we launched that was a positive and a negative for the year. We got regulatory approval on heartworm, which has taken me almost a decade. We've hurdled that. We got a full product line manufactured, but we had a manufacturing bump in the road with our international delivery. We had some supply chain issues, some not in our control, some of which honestly we could have done better. I think we're through those. Inventory is where it needs to be. The main selling season is spring. It's related to primarily tick-borne diseases, heartworm, Lyme, things like that. We actually have the inventory where it needs to be for the sales team to convert those to shipments. I think it will be a contributor. It won't be a huge contributor in 2023. It's gonna be a little bit of a slow walk, but it's purely incremental to us. That's good. The second thing is those tests are a huge head start for us in porting that technology over to things like multiplexing screens that would go in line with our cancer screen on a device. We're taking a very old commoditized technology and moving that over and marrying it up with what we think is very modern technology. Mm-hmm. Which is why we think we can move a good portion of that $500 million legacy business in Rapids over to a more modern business, because you can attach those things into menus that include things like cancer that will drive testing in our platform and away from legacy platforms. On the cancer screening side, how quickly can that market evolve? Very quickly. Okay. You know, there's always a debate until you do it, but you just ask yourself this question, if you demographically had a dog, a species, a breed, and this dog was seven years or older and you had a 50% chance of a healthy-looking dog having cancer and you were doing your annual checkup, would you pay $50 to find out? We run annual blood work on perfectly normal dogs to get baselines. We think it's just irrational to think that people won't want to find out. It is fundamentally different than human medicine. Veterinary medicine is driven by screening. Mm-hmm. You know, pets don't come to you and say, "Hey, I'm feeling a little under the weather today. Let's go to the doctor." So it's really about that annual checkup. It's about getting your blood work when you're getting your dentistry. So we think the uptake in a screening, and there's a reasonably good analog. Several years ago, IDEXX came out with a wonderful product, SDMA, that really its purpose was predictive medicine for long-term kidney failure. So put another way, you would run an SDMA test, and based on the data, the demographics, the analytics, you would say, "Well, this pet has a high probability of kidney disease over the next five years. We should do something about that." We think cancer is a very similar mindset but a much more, candidly important, thing to screen for. We think adoption could be very quick, but you have to execute, and you have to make sure that you maintain, scientific confidence in those types of things. Great. Well, I think we're just about out of time here. Really appreciate the comments, and look forward to all the lot going on for 2023. Yeah. Look forward to the updates. We have a lot going on. Thanks, Kevin. Thank you.