Hi, everyone. Thanks for joining. I'm Jill Hall, head of small and mid-cap strategy in BofA Global Research. Welcome to first session of day two of our virtual SMID Cap event. Happy you could join us. If you need the schedule for the rest of today or want to sign up for any additional sessions, feel free to reach out to me or to Maddy or Ashley in corporate access. Great to be hosting day two. We have, over the course of the two days, about 20 small and mid-cap companies joining us. Our analysts have really great breadth of coverage in the SMID space. They cover about 1,000 small and mid-caps in the U.S., so feel free to reach out to me or any of the analysts if we can get you subscribed to any research or do any follow-up. With that, I wanted to pass it over to Travis. All right, great. Everybody, thanks for joining. Welcome to have Raul Parra, CFO at Merit Medical. Join us for a fireside chat this morning. If there's anything I'm not covering or you want to make sure you ask, just ping me on Bloomberg, and I'll screen questions that way. Otherwise, we'll kick it off here. Raul, maybe just to kick off for investors who are newer to the Merit story, how would you describe the business in simple terms and what makes Merit different from other med tech companies? Great question. I think first of all, we play mostly in the interventional radiologist space, cardiac and endoscopy and oncology, specifically the breast. I think Merit has a long history of growth, Travis. O ne thing that is hard to understand is the Merit story and how we consistently grow mid to high single digits. We recently changed our reporting, so hopefully we can help you guys better understand that. I think Merit wins in multiple ways. It pays attention to its customers, introduces products that really do help them. We acquire products that we can bring in that supplement the products that we deliver to our customers. We're vertically integrated in everything we do, a nd we have a global footprint that allows us to deliver product to our customers. That's the short answer. We take a lot of pride in our quality, right? You combine all of those, and we can really deliver value to our customers. Makes sense. Thanks a lot for that. Merit's at an interesting point in its history in a transition from a longtime founder CEO to nearing the end of your LRP, building the next strategic plan. As you step back and look at the company today, what has changed the most over the last year and what remains left to do here? I think the changes really started really around Foundations for Growth, right? So say five and a half years ago, as we knew Fred would be retiring, we really started setting up processes and getting the right people in the right place in order for that transition to happen and be smooth. Now that we have Martha here, we've doved into the platforms. If you look at our revenue reporting, you'll notice we have eight platforms. Really that's how we're going to start running the business. We set those up early on in Foundations for Growth, and have been increasingly giving people responsibility. I think here now with Martha, now it's about accountability and making sure that people follow through on everything they're doing for their platform. Martha's been a great cultural fit. I think she's asking all the right questions, looking in all the right places, and we're neck deep in strategic planning right now, and we'll get something out here hopefully for you, LRP, sometime probably maybe with our fourth quarter call or maybe earlier. We're still trying to pencil that out, b ut look forward for more information and we're off to the races right now, just doing a deep dive into the business. Yep. When you are thinking about putting the new LRP together, anything that we should think about differently versusm the last LRP? It is a good question, right? I think those are the questions we are asking ourselves right now, Travis. I am not sure that I have a good answer for you guys. I think what we have done has really worked, right? The metrics we have really focused on have been revenue, operating margin expansion, free cash flow, and obviously, earnings is the fallout of those. We have really expanded. Through December 2025, we have expanded our operating margin about 850 basis points since December of 2019. If we hit the high end of our CGI goals at the end of 2026, you are looking at somewhere around 950 basis points. Those metrics have been working. When you are neck deep in strategic planning, it is a good time to ask all the questions, right, and leave no stone unturned. Are these the right metrics going forward? We will continue to look at them, and we will see where we end up. Okay. Makes sense. There has been some notable board changes as well. Just maybe think about what that brings to Merit, and what does it say about where the company is at today, given some of the seasoned industry leadership you are bringing on the board? I think it has made a big difference, right? I think with the latest add is Scott. He has got a vast background. Really nice guy. Really knowledgeable about the industry, and we are excited to have him. Obviously, with Fred leaving, he fills, I think, a nice void, just with his expertise and the roles he has done. Okay. Part of the transitions, the reporting framework to Foundational and Therapeutic products and, for those new to the story, what does that mean and what drove the change on the reporting side? Yeah, I think what maybe was not understood by the Street and basically because we did not talk about it, I think we should not say you had a different reporting structure internally, right? So the way we reported prior to the change, there was a lot of confusion, not only internally, but externally in how we told the story. When Martha came over, one of the first questions she had was, "Hey Raul, how do I reconcile what we report externally versus what we give to the board versus what the internal reporting is?" I said, "Well, don't bother. We have got a few options for you that I think will clean it up." So we gave her a couple options that we had been kicking around internally. She chose, I think, the one that we were all leaning towards, which is what you guys currently see with the platforms on Foundational and Therapeutic. Really, I think at the end of the day, what we are trying to do is better tell the Merit story, right? Really, hopefully, be able to tell a story where you guys understand where the growth is coming from, what procedures we play in, what our call points are, so you can better assign value to us, because I think that has been a missing piece to really understand where the growth is coming from for Merit. I think over time, we really want to be able to clarify that. Martha and myself, you'll hear us talk about these platforms and give you a little bit more color. I think you'll get even more once we get through our strategic planning, because we're asking all the questions about where are we winning, how do we win, where do we need to shore things up, and what doesn't make sense anymore. So it's really, more about from an investor perspective to try to let the value get reflected in the multiple for what you're actually doing, right? More of a communication with investors. Yeah. It's really how we're running the business too, right? So we have platform leads for each one of those platforms, whether it's Access, OEM, Vascular Intervention, Cardiac Intervention, Endoscopy. So really pushing down the accountability to those platforms, and then we're all hearing the same questions, we're all asking the same questions, right? It makes it a lot easier to run the business. What are the key growth drivers in each of those segments? Well, I'm not sure how much time we have here, but I'm not sure we can cover Talk through it. I think the nice thing is maybe I'll just start at the high level, right, with Foundational and Therapeutic. I think when you look at the three-year CAGRs that we announced when we made the change, the Therapeutics growing at a nice 10%, and then you look at the Foundational or 11%, sorry. When you look at Foundational, it's growing at roughly 6%. The Foundational does make up about 2/3 of our revenue, and does have a better gross margin than people would expect. Therapeutics is still growing faster, still has a better gross margin, but the separation between the two isn't as steep as people would think. I think when you look at the acquisitions and some of the R&D projects that we've come out, we're really investing in all of them, right? We don't necessarily think that the primary focus of the company's going to shift to Therapeutics. As you know, a lot of our products, especially on the Foundational side, are really therapeutic-enabling devices, right? So we have Access products, we have delivery products, and we have closure devices, and all those really help the Therapeutic side of things. It's very hard to do a procedure on the Therapeutic side without those products. e think we have a really good portfolio that benefits from each other. They play off each other, and that's what allows us to deliver that consistent growth that people really like. I would say, look, generally speaking, we've made acquisitions in most of the platforms. I think we're waiting and seeing and getting some of the fruits of that hard labor. I think you guys have seen the Cardiac Intervention growth. It's been outstanding. I think we grew at roughly 22% in Q2. You look at Endoscopy, that's off to a really great start, and that's a combination of not only the new acquisitions, but new product introductions. OEM, everybody's favorite topic, has bounced back. That business has a little bit of choppiness. I think we've consistently announced it that way and disclosed it. But we think that OEM can deliver mid to high single digits very consistently. You just go down the list, right? With Renal Therapies, you've got the WRAPSODY, you've got Oncology, which we just acquired the View Point Medical, and really excited what that can do to a portfolio that was really a single product portfolio. Now they've got two products that really complement each other. So a little bit of color there. That's helpful. When you think about whether it's M&A or investment or focus between the two businesses, anything you'd call out, or is it equal between the two? I think it's just dependent on what's available out there, right? We did the StatSeal deal, which was a Foundational product that could really help across almost all platforms. Then you look at the Therapeutic side, right, which we just obviously did the View Point Medical deal. That was the most recent announcement for our Oncology group. So look, again, we really do value both the Foundational and the Therapeutic portfolios. Again, they're very complementary to each other. And we want to do a good job of balancing the investments between both. Now, obviously look, Therapeutics is growing faster, so over time, it should move closer to the size of Foundational. Right? Just by the nature of the growth profile. I t won't be intentional. I think it's really about finding a real good balance on our portfolio between the two. Q2 organic growth on the top line was probably the strongest the company's had in, I think, three years. Is this level of growth sustainable? Well, you guys know me, right? I'm more of a conservative type of guy, right? Look, I think Q2 is always a strong quarter for us along with Q4. I do think there's a lot of momentum in the business. We tried to explain that in Q1. I'm not sure that the message came across as clear as we wanted it to. Q1 was 3.6% growth, a nd you exclude the OEM issues that we had in Q1 and then the recall in Q1 and the underlying business was doing really good, right? We tried to explain that to people, that as those two things bounce back, you would see some really nice growth, a nd that's really what happened in Q2. The OEM bounced back. We got the recall under control, found an alternative product for some of our customers, which really helped. The base business or the rest of the business continued to do well, and we were able to deliver a really strong quarter. I think the momentum's still there. Obviously we bumped up our organic constant currency revenue guide, and now we're looking at roughly 7% for the year, at the midpoint, or a little bit north of that, 7.5% at the midpoint. I think things are looking really good. The business feels good. We're not seeing any slowdown in procedures like other people maybe have mentioned. We continue to ask our sales force, and they continue to see the momentum, s o, we're excited to see how the rest of the year plays out, but I think we've got a good guidance for the rest of the year we feel pretty confident in. Yeah. For the full year, you basically just raised the guidance by the amount of the Q2 beat. That's right. It's not like trends were improving relative to expectations, so it's just basically being conservative in the second half of the year. Yeah. I think our approach is to set a guidance that's realistic and achievable. We're not trying to wow anybody with our guidance here. We just want to make sure that we can execute on it. I think our normal standard operating practice when it comes to guidance is to look at stuff after the second quarter, and see where we're at, and then flow through any changes that we see. Luckily for us, it was a big beat. Flowed those through for the most part. Then, your guidance does assume, I think, a second half slowdown, if you look at the way the implied second half. Is there anything in the business slowing down or is it just- Yeah, there's a little bit of seasonality in our business that people have to remember right now. I've been around Merit for about 20 years, been an employee of Merit for about 16, and most of those quarters, there's typically a step down in the third quarter. Now, the last couple of years, I think I've been proven wrong, b ut I've got more history with that third quarter being down than not. U ntil I see a more consistency in that third quarter, my assumption is that it's going to be down a little bit, and that's what we did essentially. Okay. The fourth quarter should bounce back and be strong like it historically is. I don't know what kind of vantage point you have, but there's some sort of curiosity like, hey, is this year a little more seasonal with procedures, like more back half weighted with procedures versus prior years given higher deductibles and stuff like that? I don't know if there's any thought on that or where trends are shaping up, if you're seeing any evidence of that happening. Yeah. We're not really seeing anything, right? Again, I'm not sure what to think of trends anymore, right? Post-COVID, I think everybody's still trying to figure out what those trends are. Every time we start to get some level of consistency, we get thrown something else, right? Things were starting to look pretty great and then you get the Middle East conflict, right? That throws everything off. Right. Now you're starting to have to deal with that too. I don't know. I think our business is doing well. Our sales force is excited about the products that they have, and the momentum in the business. We're not seeing any type of slowdown as far as related to procedures. I would just say you are seeing a little bit of that typical summer, people taking time off, which is pretty standard, right? But nothing that I would call out as a concern. Like I said, the momentum continues in our business. Right, b ut I think people usually take vacations every summer, right? You say that every year. Yeah. Every year, but not that big of a difference in trends. Yeah. Exactly. Okay. Excluding the tariff refund, the Q2 margin came in above expectations. How should we think about the drivers of that price mix, productivity, timing on spending, whatever? I think the gross margin has been outstanding. Expansion has been outstanding this year. I think our sales force has done a really good job of just really being hyper-focused on mix and our pricing team has been great about holding people accountable to the pricing targets that we've set. Our acquisitions are, for the most part, ahead of target, specifically around the gross margin. They're doing much better than we anticipated. Not only from the, also the revenue side of things, they're either at or above our expectations. Matter of fact, I think we bumped up our inorganic revenue slightly for this year. Things are going well on the revenue side. Then, operationally, I think we were all anticipating some level of price increases when the conflict in the Middle East came out. We haven't seen anything yet other than freight, which is pretty standard, quite frankly. I think we deal with that just about every year. Our operations group is doing everything they can to hold the reins on the expense side of things and be more efficient, just with all the moving parts that they have. We've really focused on shifting more product to the water or ocean versus air, which also helps. We're really looking at everything, and I know people are getting sick of me saying that we're throwing the kitchen sink at the gross margin, but that's the reality. If somebody finds a better way for me to explain it, I'll take it. We really are focused on the entire thing. Now, obviously, there's levers that are bigger and whatnot, but look, if you don't focus on all of it, you don't get the results that we've had over the last five and a half years as far as that gross margin expansion, especially the gross margin expansion this year. It sounds like nothing one time in the Q2 margin except for the tariff refund, really. Other than the tariff, and again, I think we flowed most of that through. We did keep some of it to reinvest in the business, because obviously when those hit last year, they were unexpected for everybody. We pulled back on a few things, and then as that money came back, we thought we would bring some of those opportunities forward. We talked about some of the margin expansion that you guys have driven over the last few years earlier. 400 basis points of gross margin, 300 basis points of ops margin between 2023 and 2026. Maybe help us understand how you have been able to get that much margin out of this business. Stepping back historically, I think Merit was always well known for being a great top-line grower and expanding on the revenue side. I think one of the knocks on Merit, pre Foundations for Growth, was really like, "Hey, you guys are great at growing the business," but it is like a continuum of investment. We never get to see the earnings growth or get to see the earnings match the revenue side of things. When we launched Foundations for Growth, we set out to really change how we ran the business. Setting out processes and programs in place to make sure that we could not only grow the top line, but also just start to focus on free cash flow, and also expanding the operating margin. The focus, quite frankly, and we were very clear from Foundations for Growth through CGI was look, to the extent we can grow the gross margin and really focus on it, we will expand our operating margins through that. To the extent we cannot get the gross margin to where we want it to, we will also focus on operating expenses and then leaning that thing out. Look, over time, specifically through CGI, I think we have done a little bit of both. The gross margin has really come through, and we have really been able to invest in the business, continue the growth that the people like, while also expanding the operating margins, given that that gross margin has really come through and expanded. I think we have expanded our operating margins, as you said, quite a bit, but we still think there is more to be had, and obviously we are knee-deep in that work right now, trying to figure out exactly how much we can do and what is really achievable for our next LRP. Is there a lot of low-hanging fruit already over with? Is it common sense that, hey, maybe the next three years is probably a little less opportunity than the last three years? Well, look, I think it is fair to say, and I typically do not look at it as in the three years. I look at it as the two LRPs. Over the last five and a half years, I have said it, we have really expanded the operating margin quite significantly. There's nobody at Merit thinking that, "Hey, we're done." Are we going to expand another 850 basis points, 950 basis points, by the end of 2026? I'd be lying to you if I thought we could do that. There's definitely more to be had. T he question right now is how much more. W e're perpetually going to go forward, going to be in the seventh inning. Pricing, we're going to be in the seventh inning. Contracts renew every three to five years, so we'll have an opportunity there. You always can be more efficient, find leaner ways to do things on the operations side. We'll continue to do acquisitions that make sense when they make sense. We're in a position where we don't have to do anything, but if we find the right asset, we can, which will also help. Focused on R&D products, both on the Foundational and Therapeutic side. Look, I think we've got a good game plan. Right now, obviously, we're going through the entire business. It's a good opportunity for Martha to get to know everything that we have there and really asking all the right questions so that we have a really robust plan when we come out here. As you look to 2027, a lot of the investments you made over the last few years are maturing at the same time. View Point Medical goes organic, WRAPSODY adoption picks up probably. You've got newer product launches, more favorable reimbursement dynamics. Is it fair to say that there's probably more growth levers available in 2027 than today? Well, I do not want to get ahead of our LRP announcement. But look, I do not think there is anybody at Merit that is worried about growth. Obviously, we worry about everything because that is our job. Right. I think we see a lot of opportunity, and it is just about making sure that we keep our senses about ourselves. We do not get ahead of or over our skis, and just make sure that we put a good game plan together that we can execute on. That is what has been successful for the last two LRPs. I think there are very few companies, at least I like to tell myself that have executed two LRPs back to back and met or exceeded the goals that they set. And so, our intent is, hey, let us lay out another LRP and meet or beat it. Right? So, that is what everybody's focus is on. M&A has been a large part of the story over the last few years. I do not know if there is any. How are you thinking about prioritizing that going forward and your strategy on the M&A front? What kind of capacity you have or where the interest lies, adjacencies, et cetera? I think the strategy we've deployed over the last couple years, few years, is one we want to continue. That's really going deeper into the platforms that we already have. You've seen some of the assets that we've dropped in, right? Whether it be in Oncology, Endoscopy, Cardiac Intervention, Access. All these investments, I think we're trying to find the right balance and find the areas that our platforms are telling us, "Hey, we need a little more products in this area" or, "We're short on this. We need this." I think you'll start to see a lot more of that type of deals where we're really more trying to focus on the call points that we're already in. We're already pretty broad, and I think over the last 2 to 3 years, you've really started to see It's really as part of CGI, like, hey, we've got good businesses already. We're in good procedures. We've got good call points. Let's start digging deeper in there. We've already got the sales forces that we can really take advantage of. That's really the strategy that we'll deploy, but we'll just have more people involved, right, at the platform level. What kind of deal sizes, or what's the ceiling when you think about deal sizes and are you willing to take on leverage for the right opportunity, or is this like a max leverage you'd be willing to take on? Yeah, look, in this environment, we've been pretty open about saying, hey, we probably don't want to be greater than 3x. I know with the interest rates where they're at. I said this earlier, Merit's in a position where we don't have to do anything, and so it allows us to be pretty disciplined in our approach. W e look at it as really doing tuck-ins. Obviously, tuck-ins will vary by size. I don't ever like committing to any type of size or dollar value just because you just don't know what's going to be out there, b ut I think we've proven that we can do tuck-ins fairly well. Obviously, we're getting bigger, so do tuck-ins get a little bit bigger? Maybe, but it's not like it's intentional, right? I think we're really looking at where's our holes in our portfolio, what enhances the products that we currently have and then you look at okay, well what's the size of the deal. It's more about what the needs of the business are versus going out there and finding a deal of a specific size. Okay. 3x is probably the max leverage. Yeah, I think so. Especially in this environment. Had you asked me six, seven years ago, probably told you four, because the interest rates were different. Right. Is the LRP view of when a buybacks versus M&A, like viewed probably about the same, or is like with Martha at the helm now, is there a different maybe priority between the two going forward? I think there's a lot of opportunity that we see out there. C apital allocation is obviously one of the key areas that we're strategically planning on. We're asking all those questions. Does a stock buyback make sense? What's the opportunities that are out there right now? I can tell you that there's a ton of opportunity from an M&A standpoint. It's the most active I've ever seen it and I've been around Merit for 20 years, and they've been very active since I've been around, b ut again, it's about finding the right assets. I think those questions are being asked right now. Obviously we're getting our board up to speed, executive team. We're thinking about what the right answer is. I don't know that I have a change in philosophy right now other than to say, look, we're looking at it and it should definitely be part of the discussion as you lay out the next three to five years. You said there's more M&A than you've seen in a long time. Why is that? Is it people wanting to sell? Is it your team finding assets that are interesting? Is it valuations? Why is I think it's actually just a tough environment for med tech companies, right? If you think of smaller companies, I think if you're sub $100 million and you're trying to build a sales force, those are expensive, right? F inancing is hard. Finding a way to finance those things is not an easy task. You look at Europe, they are dealing with MDR and trying to find capital. It's a really tough environment. I just think it's And the bigger companies, they're trying to lean themselves out, right, and find opportunity to continue the growth and increase profitability. I think PE firms are just, they're having a hard time unloading their assets, right? I think they have a bolus of assets they want to get rid of. I just think it is a combination of everything that is going on and, obviously, during COVID, things slowed down a little bit and now all of a sudden, post-COVID, the interest rate environment has changed. Cost of capital has increased. You have more regulations and now there is just a lot more assets out there of people just saying, "Hey, maybe it is better just to sell off. Do you find that you are competing more with private equity on the buying side? Because are we seeing more private equity trying to buy in med tech as well? I think it is a combination of both, right? Either strategics or PEs. Those are the two. I think it just depends on the asset, to be honest, right? If we are lucky enough, we are early in on an asset and there is really very little competition. We have been lucky in a couple of the assets where we had great relationships with the company we were acquiring. It had been a long-term relationship, and we were able to pick it up without any competition at all. Okay. How do you think about managing the dilution, though, from M&A on the off profit and EPS line? W e're very clear about making sure that we hit our LRPs, right? One of the checkboxes that we check is like, hey, what does this do to our operating margin? We've got a target we've got to hit. Look, if it's six months to a year to integrate it and we have increased expenses, but then we can accelerate out of that after. I think, then obviously it's not a big deal, right? W e ask those questions because, again, we are set on hitting those LRP goals. There is no deviating from those. We have yet to find an asset where we go to our board and say, "Hey, we have to change our CGI goals." That's a high hurdle, not only just from the management team, but then even to go to the board and say, "Hey, we're going to change these goals. It's something we definitely look at. I think we've been lucky enough to find assets that have a nice strong gross margin, a nd then when we integrate them, we can really get that operating margin, a nd the business is also doing good, so we can absorb some assets that might take a little bit longer, b ut we definitely don't want to be acquiring a bunch of assets that are dilutive to our operating margin- Sure because we definitely want to hit our goals. Right. How do you think about that balance between higher growth versus less margin expansion? Obviously, take a little bit less on the margin expansion for an LRP, maybe grow a little faster or vice versa, expand margins a little more, grow a little less. How do you tightrope between the two? Again, I feel like I'm deferring all your questions, but those are the questions we're asking, right? It's a great question. I think, again, we're asking, we're looking through our portfolios and saying, "Hey, where are we winning? Where can we accelerate those wins? Where do we have a right to win?" Maybe it's not panning out the way we want it to be, what do we need to do there? What R&D projects do we have? What's the short, mid, and long-term view on when those come out, and how much can they contribute? Then obviously the big unknown is obviously acquisitions, right? You just park that on the side and you really look deep into your portfolios. I think those are the questions we're asking, Travis, is like, hey, can we spend more and accelerate revenue and then still expand operating margins? Or do we have to slow things down? Those are all the questions we're going through right now. That's the whole strategic planning piece. I t's good you're asking the right questions, so we'll have to wait for the answers. Yeah. Hopefully, we have some good answers for you. Again, the whole premise behind the revenue reporting is that hopefully we can get better answers, better ideas, the procedures, and the places we're planning, so that you guys, as investors, can then hopefully better understand the Merit Medical Systems story. Then hopefully that makes us a little bit more articulate in where the growth is coming from, so hopefully you guys assign more value to us, right? That's the end game. Obviously, internally, it matches how we're running the business. Which makes it way easier for all of us. The added bonus is that we get to tell a better story to you guys. Hopefully we get more value for all of us. Now that the stock's moved higher, what do you think about the 2029 convert? Any plans for that at this point? Obviously, I think it's been a great tool for us, right? Look, the interest rate's locked in at 3%. I think when we took out the convert, everybody was saying, "Hey, what are you doing? Interest rates are going to be down. Why would you lock yourself in?" I honestly felt like interest rates weren't going to be going down, or not at the pace that people expected. When Fred and I talked, we thought it made sense to go out and raise the money and park it on the balance sheet, especially since we were earning over 5% on that 3% money. I think it's been a good tool. Obviously, as we get closer, we'll start to think about what we do with that, whether it's a new convert or we do something else to supplement that. I think it'll be the question we're asking, quite frankly, probably another year or so, and then I'll start thinking about what we do. Makes sense. We'll wait and see. One thing I was thinking about, you guys are in structural heart, EP, Oncology, Endoscopy, peripheral vascular, all these different end markets. Are there certain end markets that you feel like are the most attractive or less attractive? Are there end markets that maybe you're not in today that you want to be in? I think we really like the markets that we're in right now, right? I think one thing we don't probably want to do is expand outside of the areas that we're already in, right? We're pretty wide already. Like I said earlier, we've taken a lot of pride in finding assets that allow us to go deeper in the areas that we already play in. So that story is already unfolding. We're introducing our deep products again to because deeper into the bag, deeper into the call points that we're in, without expanding into other areas that then thin us out more, right? I think the focus for us right now is really the eight platforms that we have. Let's get better at those. Let's get deeper. I always caveat that by saying you just never know what's going to come your way. If you find something that makes sense, you got to think about it, b ut for us, it's not like we're out there looking for something that expands the areas that we play in. We really want to stay in these channels. Makes sense. Honestly, that was mostly my questions. I know there's anything that you feel like we haven't covered or you want to make sure to get out, or if anybody else on the line has questions, ping me in the chat here on Zoom or ping me on Bloomberg, either one, and I'll make sure to ask it. Great. Well, Travis, I just appreciate you guys for having us. Again, the business continues to do well. We feel like there's a lot of momentum in the business. We're excited about introducing our LRP. I know people would like to get that information sooner rather than later. I would just say, look, we're very methodical about how we go about these LRPs. We're thoughtful. We want to make sure we deliver something to you guys that we feel strongly we can execute on. So, a little patience and before you know it'll be the end of the year and we'll give you guys something to chew on here for the next few years. Will you do that on an earnings call, the LRP? Will you just give it on an earnings call? It's a good question. One of the questions that we're asking ourselves is whether we would do a small couple hour, few hour investor meeting. That would either be here in the state of Utah, in our corporate headquarters or in New York, piggybacking off of a conference to make it easier for people. One of the things that we really want to do, Travis, which we haven't done a good enough job of, is introducing more of the executive team to investors, right? I think we have a really good team. I think we've done a disservice to you guys by not introducing you to the depth that we have here at Merit Medical. I know Martha embraces that to get more people out. I think that would be a good avenue to introduce people to the street and making sure that you guys understand who's behind Merit Medical. It wasn't just Fred. There was a whole team of people that were executing. We think it's important that you guys know who those people are, so it gives you guys even more confidence in what we can do. We're still, again, one of those ones where we're trying to figure out what to do, right? Neck deep in that strategic planning and that's how do we announce that work and what we've done and we're kicking ideas around right now. If anybody has any ideas, send me an email, send it to Travis, ping him, give him your thoughts and taking input right now. Would love to have it. All right. Great. I'll make sure to pass it along. Great. All right. Thanks a lot. Thanks for joining us. Good conversation. Great. Thank you, guys. Appreciate you. We'll talk later. Yep. Bye.