Hi, all. Good afternoon, and thank you very much. My name is Caroline Borowski, and I'm an Associate here at the JP Morgan group. It is my pleasure to introduce Vivek Jain, the CEO of ICU Medical. Good afternoon, everybody. Thank you, Caroline. Thanks to JP Morgan for having us. It's nice to have a live conference again, and you can actually walk around the hallways. Appreciate it. I think there's a lot of familiar faces in the room, so I'll go kind of reasonably quickly. We have updated a little bit of information in our deck. It was a long year for us last year. It takes a few more words to explain. I won't go through all of them. There is some stuff that's probably worth looking at that it dives into a little bit more what happened over the last number of months. I'd encourage you to look at our public company disclosures. We will make some forward-looking statements. To get into it, for those of you who are new to the story, ICU Medical is really a mid-sized supply company built around a core of IV therapy with a select number of logical adjacencies in the Critical Care area. We organize ourselves into three segments, and I'll talk about those more during the presentation. The first two segments on the page are really what drives our returns and our cash flow. At our core, we're a Consumables business, and those Consumables largely report within our Consumables segment, but also in the dedicated pump sets in our IV Systems segment. Then we have a Vital Care segment, which is some of those adjacencies in the Critical Care area, which represents a little less than a third of the company. We're about $2.3 billion-$2.4 billion in aggregate, and we've come together, and this, on this page explains it a little bit. We've come together through a series of events over the last six or seven years. On this one slide, we tried to put what's the history, what's the opportunity, what's the mix of what we do. Six years ago, seven years ago, we were a $380 million company really focused on a very narrow niche in IV therapy. We were an innovator in that space, but we had a certain set of risks, of which the primary risk was reliance on a single customer. That customer was called Hospira, and Hospira was acquired by Pfizer in 2015. In 2017, we acquired our customer, Hospira, out of Pfizer to forward integrate into the end product and to really, frankly, defend our customer and the existence of our business with them. We spent the next couple of years integrating that acquisition, creating a lot of value, gave some of that value back as things went back and forth in the, in the underlying portfolio. Earlier last year, we completed a second large acquisition of Smiths Medical. That put us around $2.3 billion-$2.4 billion. We went from being kind of a component supplier to a vertically integrated, category participant now to kind of a full line provider. I'll go through that a little bit more. I think the two kind of key points about us, and it's really the challenge, the opportunity. Our core business around Consumables has compounded at a very nice rate of revenue growth over the last six or seven years, probably 8%, 9% a year. That's essentially all organic. There's really one, a small M&A deal along the way. That includes the product we sold to Hospira over those periods. The other important point is, our free cash flow was in excess of net income for seven out of the last nine years. In 2022, we got away from that a little bit. The opportunity for us at its simplest essence is, can we bring that revenue growth trajectory to the full portfolio? I'll talk a little about why we believe we have the right to do that. Can we get back to what made us strong for all those years of generating a lot of cash and use that cash to pay down debt and transfer value to the equity side of the ledger? The opportunity really shows itself in that dark line at the bottom of the page. When we were just a component supplier, to a large degree, we were sort of skimming the cream. We were overearning in an unsustainable way, and we were 35% EBITDA margin business. As we vertically integrated into Hospira, we were around 2020, 20 21, which is a more normal operating performance. With some of the challenges we went through with our acquisition with Smiths, we've been knocked down to 15% or 16%. That is essentially the variance from our original expectations to where we are right now. The opportunity is to get that blue or black line up from 16 to what's kind of a more normal level of earnings for this size company. The combination of revenue growth, getting the margin where it needs to be, and generating free cash is sort of the wheel that we need to get back to circling around. From a mix perspective, I talked about the different segments of the company. 75% of what we do are single-use disposables, $10 or less into the marketplace. A small amount of our business, about 10%, is hardware that we have to sell because it pulls the disposables alongside of it. 15% of our business is single-use pharmaceutical items, IV Solutions, which has really been a more difficult business that's absorbed the brunt of inflation over the last 18 months. We're about a $4 billion equity value company, down obviously a bit. The stock chart is a bit hidden in the back there. About $1.45 billion of net debt, so five and a half billion or so of enterprise value. The logic of what we did, just to give some sense of the portfolio, if we went back in history in 2016, all we sold was that, the lowest dark blue line there, the non-dedicated IV sets and accessories. That was our original business. That was our core business. We forward integrated into the other blue lines. Those items came from Hospira. That was the pumps themselves and the software and the dedicated IV sets that run through the pump as well as IV Solutions. The light blue boxes completed the puzzle. Those are the items that came from Smiths. That was really primarily the syringe and ambulatory pumps and the last mile of catheters into the patient. Those items connect to our core IV offerings. It really completes the entire chain of drug delivery. We basically had everything except the drugs themselves. Smiths brought some natural adjacencies in respiratory, fluid warming, some of the other categories you see on this slide. To talk a little bit more about the three segments. We will have a combined portfolio next year. I'll get to how we're gonna report in a second. Our largest segment will be our Consumables business. Our Consumables business consists of four different lines of business. The first two are our Legacy ICU businesses. That's our infusion therapy business, which is built around a family of products called the Clave, which is sort of the gold standard for needle-free connectors. In our oncology business, which is essentially handling systems for hazardous drugs, dangerous drugs. Those two businesses are in the number one or number two position in each of their categories. In infusion therapy, we're the world's largest non-dedicated set, non-dedicated IV set producer. In oncology, we go back and forth with another participant, either one or two each year. In addition to the Legacy ICU businesses in the Consumables market, we're gonna add a number of the Smiths products to this segment. The most synergistic, logical thing to add that is core to infusion therapy is vascular access. Those are those cannulas and needles that attach to our IV connectors and pipes. A little bit of an adjacency, but a very important consumable is in the tracheostomy market, which is essentially another pipe delivering air instead of drug, but into an incredibly valuable pediatric neonate population with a lot of the same features of the IV therapy market and customization and speed of delivery, et cetera. This line of Consumables products, probably the highest gross margin combined segment in our company, and over the next number of quarter times, we'll try to provide more information about that. In the near term, there is a lot of momentum in our core infusion therapy and oncology business. We were a little constrained this year from a capacity perspective. Those constraints are off, we can compete very effectively across the globe right now, we wanna continue that momentum. There is some price opportunity on our Legacy businesses. We're the market share leader. We have the ability to make sure we're rewarded properly for that's something we didn't frankly have to do very much over the last number of years. I think that's certainly a very hot topic today. On some of the Smiths businesses in the near term, it's been very much about stability of supply, right? These are sensitive, fragile patient populations. To make sure we can robustly supply the market will lead to getting a lot of share that we gave up or customers we didn't serve coming back to us. In the medium term, the vascular access market is probably the most competitive market where we gave back some share. We need to get that back. There's a series of new innovations across this portfolio that are evolving as the way drugs are delivered, whether it's in the home environment, alt site environment, et cetera, and the delivery mechanisms on the physical side of the pump, the set, and the way they touch the patient are evolving, and there's some innovation there. We need to integrate the Legacy ICU components, the things that are our brands and differentiate into the Smiths products to keep them fresh and to give us a reason to expand the addressable while it's there. Longer term, the value is really about being closer to the pharmaceutical items themselves. A number of these oncology products are getting written into various delivery specs of unique drugs. A number of the pump products, we're also doing that. I'll talk about that in a second, but moving as close to the pharmacy as you can also drives value across this entire segment. That, that's our consumable segment. Our pump business, top to bottom now, Legacy ICU had the Large Volume Pumps. That's the most valuable part of the infusion pump puzzle across the world because that pump mechanism uses a dedicated set. It's a razor and razor blade model. The second most valuable part came from Smiths, which is the ambulatory pump. That's more of a home care pump or a patient-controlled analgesia pump postoperatively. That also uses a dedicated consumable razor blade along with the pump. A syringe pump is a freestanding pump that's largely used, again, in a very sensitive pediatric population. Prior to the Smiths transaction, we only provided Large Volume Pumps and didn't have the full line to compete as effectively as we could. If we look at it from a market share perspective, just number of pumps pumping in the world, we're the number two player. The story of our company, if you don't remember anything else, we're the number one non-dedicated set company in the world, number two pump company in the world. In the near term, it is about innovation, and it's been a number of years since we've had a hardware and software refresh. We're actively working on that in our large volume parenteral pumps. Near term to us means zero to 18 months. We need to continue some of the share gains we've had on the LVP. That opportunity exists in the market today. The business we bought from Smiths came with a series of FDA challenges, a warning letter, and some other items that we're very actively remediating. We need to do that to have full launch of those products into the market. In the medium term, some of the Smiths hardware platforms will have refresh, both on the hardware side and some innovation around the disposables. Some of that disposable innovations happened already. In the longer term, the real value here is uniting these products, whether they're in the hospital, whether in the home, whether in a step-down ambulatory clinic with a unified IT platform that keeps it simple. Ultimately, how do we integrate that IT to when the instance of drug delivery is happening, no matter where it's happening, and relaying that back to a payer, a provider, a pharma company, et cetera. That's a longer-term project. That's probably three plus years out. Really our pitch is to have a unique device that's the most accurate, the most precise for its intended use, and the smarts to be in the IT that connects these things, regardless of where the drug delivery event is happening. The third segment that came from Smiths, they had called Vital Care. I think we'd call it some opportunities to improve essential categories. We're gonna take our legacy IV Solutions business, which is about half this category, our legacy Critical Care business, and add it to the Smiths Temperature Management, Respiratory, and Anesthesia tray categories. Each one of these categories is a unique business. We either need to frankly add to it, make them bigger over time, make them more robust, or figure out other ways to maximize their value. The market structure around all of these, with the exception of Solutions, are very good market structures, low capital intensity, high return businesses if run right. This is a little bit of a build on a slide we've used for years. No matter, you know, how good our underlying assets may be, industry structure matters a lot in our minds, and the industry structure is very attractive here, right? It's a consolidated industry structure, high regulatory barriers, very hard to reproduce manufacturing assets. If you run yourself well, the vast majority of these revenues should be recurring and sticky if you don't have any self-inflicted challenges. I'll get to some of those in a second. There are some tailwinds and guidelines around that, lead to increased utilization for us. Some of these underlying products, particularly on the pump side, have software applications that are new markets that are being developed. For us, we are the focus player. At $2.5 billion of revenue or so, we're the smallest player amongst the big guys. It's big enough to be big, small enough to be small, and we can compete in any corner of the world. We have to drive innovation, which has been our core, and we have to rebuild the customer trust with the Smiths assets the same way we did with Hospira a number of years ago. We have a variety of assets to play to make logical decisions on value, and we're rapidly figuring out and executing where in the world, in which geographies do we wanna play in, 'cause not all of them are created equal. Just a quick slide on the way we're gonna report going forward before I get into some more of the specifics on some of the things that we encountered in 2022. ICU Medical reported in four segments, of which we generally talked about three. We talked about our IV Systems, which are pump segment, our IV Consumables segment, our solutions business, and our Critical Care. Going forward, starting in Q1 of this year, we'll talk about a combined infusion system segment, which is really, the combination, I'm sorry, I'm going to the middle bar first, of our LVP infusion pumps, the ambulatory pumps and the syringe pumps. That's about $700 million segment. The Consumable segment will take the top two dark bars in infusion therapy and oncology and add the other items I already talked about, vascular access and tracheostomy. That'll be about a $1 billion segment. The Vital Care segment is kind of the light green remainder or about a $600 million segment. The vast majority of our cash, before I start, it comes out of the $1 billion segment and the $700 million pump Systems segment. Okay, a little bit on, what did we go through last year, both on the transaction and then in the, in the broader market. I don't think there's a nice way to sugarcoat it. The transaction we did last year was harder than we thought it was gonna be hard. It was harder than we expected. We thought we had paid, 2x revenues and 12x EBITDA. I think with the revenues that didn't come through the way we expected, it's probably closer to 2.5x revenues and certainly a higher multiple of EBITDA. It's a little harder to measure as things become commingled. Equally problematically, we had to deploy additional cash to the situation, and most of that cash went into two areas, remediation, which we made a lot of progress on in fixing a variety of FDA issues, and into inventory build and the supply chain, partially because of the environment, partially because of the asset we had inherited. At the same time, a series of revenues went away, and I wanted to give a little bit of specifics on those revenues. This is probably more detail than we've done historically. Ballpark $100 million-$150 million of revenues went away. A large chunk of that was self-inflicted, and by self-inflicted, it was because there were production problems not making a dedicated set. Well, no one's gonna buy a pump if you can't sell a dedicated set, or in some of the basic raw materials to make these very valuable products, like in tracheostomy or patient warming. We've remediated a lot of those items. The other category that went away was some of the vascular access products. That requires a little bit more intervention. Those are true competitive losses and some of lower demand due to COVID and syringes, et cetera, and vaccines. That's less in the self-inflicted bucket, but still a big piece of value that went away that we need to focus on getting back. The operations around Smiths, the supply chain fulfillment, logistics, et cetera, were really broken. There was a lot of intervention needed in terms of expensive expedited freight to offset customer back orders, et cetera. There was a lot of effort and energy expelled on the quality systems that needed attention. I mean, you can't I'm like thinking, "What else is possible out here," right? This list went on and on. Where we find ourselves today, a ton of investment has gone on. We've significantly improved the quality levels. The entire operational network is running much smoother, albeit it's a bit higher cost, and ultimately, we have to get price to offset some of those costs. Can't do that until you're serving people well. It's a much, much more stable environment today than we were six months ago. From a macro perspective, there was a number of other things that hit us at the same time in 2022. Brian, you know, we can talk about it in the Q&A afterwards, but obviously with rates going up does have some negative pressure on us on the non-hedge portion of our debt. Foreign exchange was a really big deal to us. Finally, that appears to be going a little bit better of a direction. Fuel costs were a big detriment. Of our $100-ish million variance from what we intended for the year last year, almost $50 million of it was FX and fuel costs. Very important to us what happens in those items. There was a little bit of a COVID hangover on decision-making, et cetera, some of the kind of broader supply chain issues caught us, they've been resolved as I talked about capacity coming back online. There was a lot of stuff around the transaction, a lot of stuff about the macro environment. I think no one is happier than last year ended than us, and we start this year on much better footing from a fulfillment customer satisfaction standpoint, and at least some tailwinds on some of the items that were going in the wrong direction last year. To give a little bit of kind of a near term this year, medium term next year view, as we see the world today, for 2023, I think we finally feel we have opportunity for a Legacy ICU Consumables growth in an unconstrained fashion. We were really supply-constrained for the last year. We've got a real opportunity on the legacy Smiths businesses to improve ourself where there were those self-inflicted wounds where we didn't serve customers well. Because we're serving customers well, some of the variants on expedited costs get reduced. The pump business, where it's been difficult to see some of the improvements we've made over the last number of years, has finally had a lot of the items that obscured that. An ambulatory pump deal has sort of had to shake out, and it is rebased now with the Smiths products at their lowest level last year to finally start compounding at that revenue growth rate that we've seen in our Consumables business and we'd like to see in our pump business. We've improved the overall quality system. We are actively trying to get the warning letter remediated this year. Ultimately, it's just like our Hospira situation. We gotta prove ourselves reliable to the broader customer market and get some of the share back. Obviously, if we do that, we return to a positive cash flow situation. There is a little bit of residual inflation we need to manage. Currency and fuel costs will be what they can be, but we finally have a little bit of time to breathe and can think about some of the other strategic actions that can unlock some value or help clean up the balance sheet. We didn't have a lot of time for that last year. If you kind of fast-forward, you know, we hope to be standing here next year having a bit of a different conversation, saying, "With another year under our belt, we can get all parts of the portfolio growing." There's a very important set of contract renewals that happen towards the end of next year in the Legacy ICU pump solutions and set businesses. That probably impacts 50% of our cash flow. Making sure that those are managed properly are very important. The whole supply chain across both legacy businesses should be performing optimally. There's a new wave of synergies. We've proven that we're able to integrate with some of the stuff we did historically at the previous company we worked at and what we've done with Hospira. There's another wave of synergies here once we consolidate IT in terms of manufacturing, IT, finance, real estate, et cetera. We need to capture those synergies. Again, if you believe what you see in the charts, fuel and FX and some of these other things may be breaking better by 2024, get back to free cash flow in excess of net income, and ultimately return to the original model. The original model was to do it the old-fashioned way, to turn the debt side of a ledger into equity, right? To pay down debt, build out equity, have a reasonable amount of leverage on the business, and return capital to shareholders. It's not that complicated to us. We just need to get the time and place to make that happen. Then I'd close with, I think this is the exact same slide. For anybody who's been here, I think a number of you I see have been here multiple years in a row watching us, this is the exact same slide each year that we've ended with, I think we were pretty realistic in 2020 or 2021 and 2022 what was coming. I think as we enter 2023, there's a lot of noise out there about what's the capital environment like. Right now, for us, we don't see any change. It appears to be sort of business as usual, business as normal. We're not seeing a reactive behavior one way or the other. We do have some interest rate exposure. I don't wanna sugarcoat that, and I hope people are building that into their models. Obviously, if we can generate cash, pay down the non-hedged portion or do other ways, or find other ways of doing that accretes in value. We had very, very high free cash flow generation. We entered years with high inventory levels, so we're entering with exceptionally high inventory level right now. Some of the COVID hangover appears to be abating. That allows for better decision-making. We have the opportunity to keep growing our pump and Consumables business. There's a few spots that we need to turn around in vascular access. We do have a little bit of headwinds as the production environment. We had to hustle so much this year to remediate, fill up factories, get product into the channel. We need to produce a little less next year. That has a bit of a negative environment. I think all in all, if we kind of look at the things that hurt us in 2020, particularly the currency, the fuel, and the lack of fulfillment and the expedited cost of doing that, a lot of those things appear to be moving in the right direction right now. We appreciate people learning about the company. We appreciate JP Morgan for having us. We're happy to answer any Q&A. Thanks for your interest. Brian, you wanna start? Thank you. Maybe we can start off with, you touched on this during your presentation. A large portion of your variance comes from the macroeconomic factors of foreign exchange rate and fuel. What is the current status of this, and are you seeing any relief around that? I think Brian should comment, too, on currency, which was a really big deal. Rates are obviously better today than they were four or five months ago. They're still not in the place they were when we started last year. If everything, I think, stayed constant where we are right now, we would see some benefit certainly in the back half of the year, on a front half basis, things like the euro, things like the yen are still worse than they were at the beginning of last year. Diesel fuel was up 80% from early 2022 levels. It's down 30%-40% from that level now, it's up 40% or 50%. I think those at least are going in the right direction. I'm not sure on certainly on the first one we'd have the benefit for the full year yet. Just given the historical 8% organic growth in Consumables, do you believe that will continue moving forward? I mean, I think you have to innovate, right? You have to create new markets, and that's the thing we're most proud of, right? The markets we've been able to create in oncology, the markets we've been able to create in some of these specialty categories around dialysis care and others are very valuable. The underlying growth rate of the category census is not eight. It's only eight because you either take market share or you find new opportunities to create pockets of value. I think when we look at our set of incremental, and they're small, innovations in Consumables, there's enough to keep us busy for a number of years there. I think the deeper question for us, and we believe and why we took on this work, is the legacy Smiths vascular access products and Consumables also have the right to perform better than they were. If we can integrate our products with some of their offerings, there's no reason we don't have a right to win in those spots. Maybe moving on to the contracts. You mentioned that there's a 2024 rollover of key contracts. How important is that? I think it's You know, devices, broadly speaking, us in particular, the beauty of our types of businesses were we sold under long-term fixed price contracts with zero inflation. That was a very attractive industry structure. That's sort of been turned upside down now. While you can get incremental price, the real value comes when an entire industry or contract piece of business is put out there. It just happens to be that the two big ones in the U.S. come next year, some of our businesses are upside down. We need to make sure that that's recognized properly. It's very important. Makes sense. In terms of some headwinds for 2023, are there some that are kind of, worthy of additional discussion or mention? I mean, I think Brian should talk about the balance sheet part of it because it's a real issue. I think we've went through so much. The only other one on my mind is, and it's a day-to-day issue, is we ramped up production so much to catch up to the demand on Smiths and fulfilling the back orders. Between building the inventory we needed, the inventory level we're carrying, the safety stock, what's the right level of build this year? If we slow down a bit, does that have a little bit of negative absorption? Probably plus to cash, plus to working capital, but a little bit of a hit on plant productivity. That's still a work in progress. That's probably one headwind that's out there. Balance sheet. Yeah, I mean, in terms of macroeconomic factors, Vivek mentioned that a few of them, like FX and fuel, while a headwind this year, are at least abating a bit. The one that's really not and will continue to be a headwind into 2023 is interest rates. You know, based on the current forward curve, when you, when you apply that to the unhedged portion of our debt, that'll be a little bit of a headwind in 2023 relative to 2022. Great. In terms of kind of returning to positive free cash flow in 2023, what are some of your capital allocation priorities in the near and more longer term? I think if you start with our capital structure and what we think would be ideal for us, you know, for a number of years, we had no debt on the balance sheet. We think a company of our size, especially in a normal interest rate environment, should have some amount of debt. For us, we think maybe 2 to 2.5x net leverage would be appropriate based on the size and scale of the business. Currently, our net debt is higher than that. Until we get down to that level, I think our first priority would be debt paydown. We didn't do that in 2022 because of the fact that we were investing heavily into the acquisition, the integration and some of the remediation, including, fairly significant investment in inventory. That is certainly the priority going forward. Once we're able to pay down debt, get down to that targeted net leverage, then we would look to return capital to shareholders. Great. Just want to open it up in case there's any questions in the room as well. Can you discuss your manufacturing strategy? Are you manufacturing everything or you're outsourcing? I think our philosophy, and that's part of what we encountered with the Smiths transaction, you know, culturally, we were a company at Legacy ICU focused on vertical integration, doing everything ourselves, even our own sterilization. We put up CapEx year in and year out to not be reliant on any outside service that we didn't absolutely, positively need to be. Some of the Smiths products have been heavily outsourced to third-party manufacturers. It's a synergy to us to bring those in. That is our core competency with available capacity in parts of the network. We would much rather see logical work coming in inside than going outside. We've been willing to put up the money to do that. Hospira historically had some kind of a problem with manufacturing a long time. Abbott is a great manufacturing company. Hospira encountered a number of quality problems when they become an independent public company. I would say Pfizer has cleaned those up on the Hospira side, and the two sites we have from Hospira are exceptional right now. Maybe just a little bit more on the M&A strategy in general. How are you thinking about M&A more in the short and longer term period? I think right now we have to prove, no matter what happened, you know, for five or six years in a row, we have to prove ourselves again by extracting the value from what we've done, last year, from what we did last year. I think there's not a lot to talk about on the inbound M&A for a number of quarters until we get through. We're doing through. If there was something strategic on the outbound that was logical, we would think about it. I'm not sure that there's something we absolutely, positively have to do inbound. As you think about 2023, what are you kind of most excited about specifically for the company and as you're kind of looking forward over the next year or so? I think for the company, winning and taking market share is the most satisfying thing for the entire organization. There's no reason. In 2022, we couldn't fight that fight because we weren't able to serve. Today, with a reliable supply chain, a more stable, global fulfillment network, some of the things that have happened in the underlying markets on price, where we've improved things from an FDA regulatory perspective, the reasons are dwindling why we can't compete. To finally be able to kind of play without one hand tied behind your back, I think the company is excited. That was very hard running it for a full year, completely inward-focused. Right? If you're running a good operation, all of a sudden, your time becomes on outside again. We did that for years and years and years. We went inside for a full year, and we had the opportunity to come back out. You touched upon this a little bit with the supply chain. Has there been any kind of impact to the company, the products or anything from staffing shortages, supply chain issues or anything like that? Yes. I mean, earlier last year, a ton. I think it's from our inside standpoint, it's pretty stable right now. It's more of a U.S. phenomena. I would say the vast majority of our manufacturing associates are Mexico, Costa Rica, places like that, where it's been a lot more stable. On the customer side, where there was a lot of noise about that, back to the questions around the customer and are there any issues on labor, capital, et cetera, even the customer has sort of internalized inflation and staffed to the right levels. We don't see that as an impediment right now. Great. Oh, I think there's one question over there. Quickly in terms of synergies for the Smiths asset, just a quick question. I think that you mentioned that in 2022, you may have gotten something around $10 million-$15 million of synergies on one of your prior earnings calls. I guess, where do you think that you sit in realizing synergies from the Smiths transactions? Do you see that as more of a fiscal year 2024 story? I guess, where do you see yourself in that, in that journey? Yeah. Starting off, I think in 2022, we've actually been able to capture $25 million of annualized synergies. Probably slightly ahead of where we expected to be at this point. Most of those synergies came from a combination of just the Smiths Medical senior leadership, along with the commercial teams, as well as a little bit on the R&D side. Vivek, if you wanted to talk about going forward. Yeah. I mean, I think if you added up this, the list of bad things, right, the - $100 in revenue, the expedite stuff, it adds up to more than $100. Our variance is $100. We clawed some, which is great. We clawed some of that back by more synergies, right? Who cares if it's not $100? When we did the original deal, we said in the third year, there was a whole bunch more on manufacturing systems, the same we did it with Hospira. The difference is, with Hospira, Pfizer didn't provide us any systems. We were under the gun. We had to stand everything up and synergize it right away. Here, we're actually getting a now functional business. We can take our time and do that right. Those conversions happen late 2023, early 2024. We said there was another $25-ish million in that third year bucket. I think that still remains to be the case. We have to get the IT done and other things to do it, but there's still value left there. It's important. We'll get it. It's not as important as getting that $100 million of revenue back. Makes sense. Thanks. I think just maybe one last question as we're thinking about it. Is there anything additional that I guess we haven't covered today that you think the investors should kind of know on the call in here today about the business and kind of as we're starting the new year, and everything that's kind of been happening? I mean, I hope we have the opportunity. We were so inward-looking last year. We couldn't talk a lot about what are the things that we've been working on from an R&D perspective, development perspective. Over the last six years, seven years, we've only talked about those as they've maturely gotten done. We hope we're on the precipice of some of those things, and we can be talking about it this year. It's not really relevant until we get things through the FDA or our basic house is in order. For me, this is about patients. This is about innovation. This is about a lot of things, and we're sitting here talking about synergies and variance, right? It started by being a clinically oriented business. We'll get back to that. Sounds great. I think we're coming up on time shortly. Wanted to thank everyone for the time. I think this concludes our session. Thanks. Thank you.