Hi, good morning. I'm Larry Biegelsen, the medical device analyst at Wells Fargo. Welcome to day three of the Wells Fargo 2023 Healthcare Conference. It's my pleasure to introduce this morning the management team from Inari. With us, we have Drew Hykes, the CEO, Mitch Hill, the CFO, and Dr. Tom Tu, the Chief Medical Officer. Also, John, somewhere in the audience, John Hsu, the Head of Investor Relations. Drew, Mitch, and Tom, thanks so much for being here. Good to be here. Thanks for having us. Thank you, Larry. So let's start, Drew, with a couple, you know, big picture questions. You've been the CEO now at Inari since the beginning of this year. So what are some of the things that have surprised you about the company? Yeah. So, thanks for having us. Appreciate the interest from all you guys. You know, on Monday, I will celebrate my sixth-year anniversary at Inari. So when I joined the company 6 years ago, we were a 25-person startup, and I've been kind of involved at every step here along the way on the journey, tactical, strategic, and everything in between. So stepping into this role in January with that kind of background, I had kind of eyes wide open understanding of the business and the technology in the market, so no big surprises as a result. I can tell you what I'm most kind of proud of in the first nine months as CEO, and that's been the commitment and the focus and the resiliency of our team. You know, these last nine months, we've had supply chain speed bumps, we've had curveballs from regulatory agencies, we've had a noisy, competitive entrant, we've navigated a CEO transition. You know, as the market leader, we're taking shots and people, you know, taking shots at us along the way. But despite all that, the team has been laser-focused on the mission, on patients, on executing, and I've been really proud of that over the last nine months. That's, I, I think, what I've been most impressed at in the first nine9 months in this job. That's great to hear. Drew, what are your top priorities over the next year? Yeah, so I think over the next 12 months, I think the priorities and the focus areas are gonna be identical, to what you've heard us describe in the past. You know, we're gonna keep focusing on the same five growth drivers that you've heard us describe: expanding our U.S. commercial footprint, driving productivity gains from our commercial effort here in the U.S., continue to do the work we're doing with market development and helping develop VTE programs, under VTE Excellence, continuing to work and invest in our clinical evidence portfolio, particularly the three randomized controlled trials that we have underway, bringing new tools to market, not only in VTE, but in some of these new patient populations where we're having an impact, and then finally, continuing to drive our efforts internationally as well. So those same five areas I think that we have focused on historically will continue to be our priorities over the next 12 months as well. That's helpful. So, Drew, you talked about your six-year anniversary, I think, coming up. Mm-hmm. You know, if I go back five years ago, in 2018, Inari's revenue was less than $10 million. The company's on track this year to deliver nearly $500 million. On your path to becoming a billion-dollar company, what are the biggest growth drivers? Yeah, obviously, the growth to date has been largely or almost exclusively driven by our efforts in the core VTE market here in the U.S., FlowTriever and ClotTriever, DVT, and PE. That market will continue to be our most important driver as we go from $500 million - $1 billion. So continue to develop that market through all the initiatives you heard me describe. That will continue to be the biggest driver and contributor from $500 million - $1 billion. I think along the way, however, you're also gonna see increasing contributions from some of the new products and some of the new patient populations where we're focusing InThrill with dialysis access management, declots, chronic venous disease and the work we're trying to do in that massive patient population. Beginning next year, our re-entry into acute limb ischemia market with Artix. So I think those new products and those new markets will play an increasing role as we go from $500 million to $1 billion. And then, lastly, international, which has been a driver for us up until this point, but still a relatively small, you know, 4% of revenue from international. As we look from here to $1 billion, clearly we see lots of runway to have international contribute to that growth and continue to impact patients internationally. That's helpful. The $1 billion, I didn't hear a date. You did not hear a date. We've never been closer than we are right now to getting to $1 billion. How's that? Does that help? It's good. Good. Soon, Larry, soon. For some reason, the Inari folks wanted to address the GLP-1 question. I'm surprised to hear it's an overhang or a big question mark for Inari, but I give Tom Not a question for Inari, Larry. I'm sure this audience hasn't heard enough about GLP-1, so we thought maybe a 30-minute soliloquy about that. You know. The short story is, GLP-1s, while amazing drugs, are not gonna have any impact to the VTE core market. If you look at the risk factors for DVT and pulmonary embolism, they relate predominantly to orthopedic surgery, critical illness, genetic risk factors for thrombosis, none of which are gonna be affected by GLP-1s. Even if we cured obesity overnight, which I have a suspicion is gonna be a challenging thing, it's gonna have only a minor impact to the incidence of DVT and PE. Okay, thank you. So let's, you know, shift gears and talk about the near-term outlook. You know, the guidance in the second half, it implies a deceleration from the 30%+ you did in the first half, despite the fact that, you know, you're launching six new products in the second half. So my question is, you know, how are you thinking about the first half versus the second half, and why would growth slow? Yeah. So we feel really good about how we executed in the first half of the year. Despite competitive trialing, we grew 31% in the first half of the year. With the updated guidance here that we put out at the end of Q2, at the midpoint, we would signal 27% growth for the full year. So still a really robust growth rate on what is increasingly, you know, heading to a $500 million scale business. We feel good about how we're positioned from a productivity standpoint, the work we're doing in VTE Excellence, the new data we're gonna have to leverage here in the second half. All that, I think, was factored into that 27% growth. We're anticipating some sequential growth from Q2 - Q3, and then again, additional growth here as we exit Q3 - Q4. Keep in mind, the other part of that guidance is our, you know, adherence to our historical philosophy around putting out commitments and making sure we have high confidence in delivering on those numbers. I think that also factored into the update to guidance and the 27% signal. Yeah, on Q3, I mean, I think you were up from Q1 - Q2, about $3 million sequentially. You talked about a modest increase sequentially from Q2 - Q3. The Street landed at about $3 million. So, my question really is, you know, what gives you the confidence that the sequential increase could be similar, you know, from Q1 - Q2, to Q2 - Q3, given summer seasonality? Yeah. You know, any comments on that? Yeah. So I think what gives us confidence, we've got what we believe the bulk of the competitive trialing that we did see in Q1 and Q2 tapering down. What gives us confidence is, the underlying performance of our products, first and foremost, the ability to remove all the acute and chronic clot, in a safe, efficient procedure, with minimal blood loss. We have confidence in how our team is executing. We have confidence in the data that we're bringing out and leveraging, confidence in the six new products we'll have in the market in the second half. I think all of that gives us confidence in, the second half of the year and the sequential uptick that we're anticipating, even from Q2 - Q3, in the face of seasonality. Got it. And, you know, remind us or just tell us what you've been seeing, you know, in competitive trialing to date. You touched upon it, but a little bit more color, you know, Q2 - Q3. Yeah. So we saw competitive trialing in Q1 and Q2, just like you've heard us describe. Those are cases that would have been ours, right? That is a foregone case. That's foregone revenue. So we did see an impact both in Q1 and Q2, and again, despite that, grew 31%. Undoubtedly, some of that activity will slop over into the second half of the year, but you've heard us describe, in our experience at least, the first six months of a product launch is where you tend to have the biggest impact, the biggest splash. That's when you engage with the docs who are most excited about the technology. So I think that's exactly what we've seen take place here in the first two quarters of the year. I'm sure we'll see, you know, some activity here in the second half, but we continue to feel really good about how we're positioned and our ability to continue to compete and lead in this market. Things have played out as expected, you would say? I would say that, yes. In terms of your leadership position in venous, that seems clear. How about your leadership position in DVT and PE? Do you still feel you're the leader in those two end markets? Yes. We still feel we are the leader in those two end markets, both DVT and PE. Procedure and dollars? Procedure and dollars. All right. And you feel like you can maintain your leadership position? We feel like we can maintain and extend our leadership position. Okay. That's helpful. And obviously, this is—it's not—we've said it's not a zero-sum game. You know, it looks like the venous market, you know, is growing rapidly. I think, you know, maybe mid-twenties. I don't know. What do you think the venous market's growing at? Yeah, so this is- Mechanical thrombectomy. Yeah. Yeah. So in the U.S., this is a $6 billion market that we believe, with our technologies, is maybe 6% penetrated. So tons and tons of runway out ahead of us to continue to develop this market and move mechanical thrombectomy to frontline therapy, just like you've seen mechanical thrombectomy take place in STEMI and in stroke. And we are in the very early, early phases of that market evolution. Tons of runway out ahead of us. If you define the market as mechanical thrombectomy for VTE, we believe that market is growing 20%, easily 20%, and we continue to see lots of runway out ahead of us for that to continue. At some place along the way, I think this got framed somehow as a zero-sum, you know, tit-for-tat kind of market dynamic, and we just fundamentally approach this market in a very different way. You can tell from those five growth drivers, we are focused on the work that we need to do to develop this market over time. That's what's gonna impact patients. That's what's gonna have a huge impact on the standard of care, and that what is going to also create a lot of value in the process. The market looks like it's growing, you know, well above 20% this year. How sustainable is that market growth? I think highly sustainable, right? Again, we're in the earliest, earliest innings of that penetration. We're doing the work we need to do to continue to drive that market growth. The footprint that we've established in the market to raise awareness, and do the lifting on a day-to-day basis. The work we're doing with VTE Excellence to help develop VTE programs and systematic approaches to caring for these patients. The evidence that we built initially with large-scale registries and now moving into RCTs, I think all of those investments on top of purpose-built tools give us confidence that we're going to be able to continue to see strong market growth, sustainably for years to come. 20+% next year for the market? Yeah, you know, we're not going to deliver 2024 guidance today. But clearly, as you just heard me describe, we see lots of runway for sustained, robust market growth. And we also have confidence in our ability to continue to lead and compete in that market as well. I guess I was going to ask later about 2024, but any recent consensus has you at about 18% growth, that which would be maybe below the 20% market growth I threw out there. What are some of the puts and takes that people should be considering for next year? Yeah. So again, we're not going to provide 2024 guidance today. Historically, we've never commented on the out year consensus, so I won't break from that this morning as well. What I will tell you is what you just heard. We believe there is plenty of runway out ahead for this market to continue to grow at the same pace it's grown historically. We see that, you know, out ahead of us for quarters and years to come. And we have confidence in our ability to continue to compete and lead in this market, and that would imply, you know, a growth rate at or above the market growth rate. That's very clear. All right, so a couple of places to jump off here. Maybe I'll go to the new products, the six new products in full market release, the second half of this year. One that, you know, has caught people's attention, is RevCore. Maybe talk a little bit about what that is for people who aren't familiar with it. And I know, and of course, we'd love to hear what you're seeing so far. Yeah. So Tom, maybe you want to talk about the clinical- Sure. Happy to. On that need. So, distinct from our core VTE market is what we call chronic DVT. These are the vast populations of patients with undertreated DVT that has now turned into scar tissue and chronic occlusion. These are the patients with horribly swollen legs that are hobbling around or unable to walk, unable to work. We think there's 1 million patients like that in the United States, and an annual incidence that continues to increase. RevCore is an addition to our post-thrombotic syndrome or chronic DVT toolkit. It's designed specifically to treat patients with occlusion of their venous stents. And venous stents, of course, are widely used to treat occlusion in the venous system. But as we know, with metallic implants in the body, there's an incidence of occlusion of those stents up to 10%-20% in their first year. RevCore is the only FDA-approved device with the indication to treat those occluded stents. We can core out the material, oftentimes with such good results that re-stenting is not necessary. RevCore is rarely used by itself. It's oftentimes used in conjunction with existing tools in our DVT toolkit, and we're very excited about the clinical results we've been able to provide. That's helpful. And so what's the status of RevCore in the U.S., and what are you seeing so far? Yes, so we're in the early phases of the full market release for the product, getting really good, enthusiastic feedback on the kind of impact it's having clinically, as you heard Tom describe. Still in the relative early phases, from a commercial standpoint, but this is a 50,000-patient TAM, a brand-new group of patients that we're going to be able to impact, who have not had essentially any good options historically. So early days, but we're hearing a lot of very good clinical feedback, and that gives us some confidence this is going to be a nice product added to our portfolio. Can you give us a ballpark of how many cases you've done? Any numbers you can share? I'll probably leave it at what you've heard us describe up till now. On the call, you talked about maybe... I thought I heard, like, 100, or what did you say? Yeah, I think it's in the a few hundred, probably, at this point. Mm-hmm. It's still early. Six products is a lot, you know, for a company your size and for investors to kind of due diligence on. You mentioned InThrill upfront. Where does RevCore fall, you know, in terms of the opportunity here or the drivers? If you were going to point people to the top three or the top two- Yeah ... do, you know, for them to—for people to do due diligence on, what, what would you highlight? Yeah. So if you look across those six, one way to kind of think about them, the first three represent incremental revenue opportunities for us. So RevCore is the first of those three. Protrieve is also a brand-new product for us, that also provides incremental revenue opportunity for us, on top of our existing DVT business. And then InThrill is the third new product, that also gives us access to a brand-new patient population, and as a result, you know, an incremental revenue stream. So those three all have that in common. The final three are enhancements to the existing product portfolio. They're going to help address unmet needs, deliver better outcomes, improve the performance of the existing portfolio, but don't necessarily have kind of a first-order incremental revenue opportunity. So that's T16 Curve, which is an enhancement to our existing 16 French aspiration platform, and then two, a new ClotTriever enhancements, ClotTriever XL, which is a product designed for IVC clot. And then finally, ClotTriever BOLD Gen 2, which is an improvement on the existing ClotTriever platform designed to improve the ease of use. So that may be one way to frame those 6. The first three, incremental revenue opportunities, the second three, more related to enhancements of the existing portfolio. Where does RevCore fit in terms of growth, you know, incremental growth driver? ... Yeah, so I think of the three that provide incremental revenue opportunities, I think RevCore in some ways is maybe the clearest unmet need and maybe the gonna be the quickest ramp. If you think about the size of the TAM, InThrill I think over time is an even larger opportunity for us. But that one's gonna take some additional development work, some more market development work. So that would be maybe one way to think about RevCore versus Protrieve. That's helpful. Right now, you're grouping these new products into, I think, the ClotTriever bucket when you report. Mitch, have you guys given any additional thought to, you know, how you report so we can, you know, see the contribution? I think, I think for now, Larry, the plan is to continue to report the results as ClotTriever and other. I think as they become more significant over time, you know, we'll definitely readdress that, and at some point in time, we may break out the new products differently. As time goes on, for example, the InThrill will, you know, likely become part of the chronic venous, you know, portfolio, and that, that's an example of something that, you know, we may break out. We broke out the international business earlier this year, you know, when it was whatever, 4% of revenue. I think it's a little bit higher than that now, maybe. But, and that wasn't something we did because the auditors told us to do that. We just wanted to provide some additional visibility on the progress, you know, that the company is making internationally. Between now and then, we'll certainly try to provide some anecdotal kind of feedback on how the products are doing. We're very excited about them, and, you know, one of the things that, I think those of you who've been following us for a while, you know, even back to the days of the IPO, you know, people used to think of us as this two-product company, and I think we've made a nice transformation now to become a multi-product company, and we have plans for additional products in the future. Okay. Drew, are you gonna tell us about those new products today? Uh, no. Okay. Maybe a serious question. So what are some of the areas you are thinking about that you could share with us, just unmet clinical needs, that where you might be going? Yeah, so I think we've already talked about three of those areas, right? We see a huge unmet need in dialysis access management patients. These are patients dependent on dialysis. They often have clotting in their fistulas and their grafts. InThrill has been purpose-built for that patient population. A lot of those patients today are being treated with simply macerating and disrupting that clot and sending it downstream into the lungs. We think safe and effective tool designed to remove that clot is gonna help those patients. Second, new patient population we've talked about is chronic venous disease. These are a million patients that presented with DVT, that wasn't treated definitively upfront, and have gone on now to develop, unfortunately, PTS. Standard of care for that patient population is compressed stockings, and as a result, a spectacular unmet need. RevCore has been designed for a subset of that patient population. We're seeing BOLD already being used to help those patients, and we have additional tools under development to build out that CVD toolkit. And then the third is arterial with acute limb ischemia. We're doing work right now, we've talked about with Artix, and anticipate bringing that system back into the market next year to try and address some of the unmet needs that exist in ALI. Where are you in the process of, you know, redeveloping Artix? Yeah, so we haven't talked a lot, but we've been hard at work behind the scenes. We learned some good lessons from the initial product introduction. That's an established market, and as a result, a high hurdle of product performance. We brought Artix to market. We gathered some important feedback and decided we needed to do some more development work, so we have been undertaking that work across that entire system, and are on track for bringing that product back into the market in 2024. And I think as we get closer to that point, we'll have more to share. What do you think the unmet need is in, for mechanical thrombectomy in arterial? Where can you improve upon the current standard of care? Yeah. If you look at acute limb ischemia, unfortunately, still 40% of those patients require open surgery to treat, despite many percutaneous options being available. A large number of these patients still get thrombolysis as a component of their therapy, despite mechanical devices being used or being available to treat. We know from our efforts in other disease beds that lytics are dangerous. Open surgery is best avoided if you have effective and safe percutaneous options. So despite their that market being a little more mature, I think there's areas where we can bring improvements. Okay. All right. Well, more to come. And, so I'm trying to think if I should go to international or the RCTs. I'll ask about the RCTs. I mean, PEERLESS is a PE trial. It looks like that could complete in early 2024. Tom, maybe just give us an update of where you are in the three, you know, RCTs and when we can expect readouts. Yeah. Thanks for the question, Larry. So, the first one, as you described, is PEERLESS. That is an RCT comparing FlowTriever to catheter-directed thrombolysis in an intermediate-risk patient population. As you know, catheter-directed thrombolysis utilization is already declining because of, you know, kind of the supremacy of mechanical options. But, PEERLESS is going to be the definitive statement about mechanical thrombectomy. Previously, we've described that trial being already halfway enrolled at the beginning of this year. We anticipate a 2024 presentation of the data. Secondly, we have PEERLESS II. That was recently announced. That trial is kicking off. This is a 1,200-patient study looking at FlowTriever versus conservative medical management for intermediate-risk patient populations. That's addressing the large 85% of the market that is currently being treated just with anticoagulation alone. That is going to take some time to enroll, and but we're very excited to be bringing that level of clinical rigor to the space. And then the third RCT that you alluded to, Larry, is in the DVT space. The last RCT in DVT of note was ATTRACT, which is now almost 10 years ago, and I think it's time for an update, bringing modern technology to light in this space. DEFIANCE is the name of the study. It's 300 patients randomizing ClotTriever to anticoagulation in the iliofemoral DVT patient population. And PEERLESS, the data in 2024, first half, second half, maybe? Haven't said yet, but we're very excited. Enrollment has been ahead of schedule because of the excitement in the trial. Is this something, Drew, you think you would top-line results for? You'd wait for, you know, a medical conference, you know, to unveil the results? Yeah, I think the results will be unveiled from a podium at a medical meeting. It's versus catheter-directed thrombolysis. Does that include EKOS or not? It includes EKOS, although there's a wide variety of catheter-directed thrombolytic regimens and protocols, and so we opened it up to real-world. So I can tell you there's a substantial population in the randomization that includes EKOS, but it's not exclusively EKOS. We'd be able to look at EKOS and non-EKOS? Yes. Okay, that's helpful. Okay, and international, Drew, we haven't talked about, so about 4% of sales. You expect to go to 20%? Yeah, absolutely. So we see tons of runway on international. Still a relatively small part of the mix, 4%, as you said, in Q2. Most of that still today coming from Western Europe. We began in those markets with the international effort. We've got a nice footprint established now and continue to see nice traction in Western Europe. On top of that, we've also launched in, I don't know, probably a dozen other markets beyond Western Europe. We've done cases now in Canada, in Argentina, Colombia, Chile. We just got started in Brazil. Asia Pacific, we're doing cases in Singapore. We've gotten started in Australia and New Zealand. So a nice group of additional markets outside of Europe. They're going to continue to ramp, alongside the traction we're seeing in Western Europe. And then a little bit over the horizon, we're doing work to gain access, to both China and Japan, which is gonna present another opportunity to, to continue to drive international expansion. So we believe the unmet need, just as spectacular internationally. And over time, we believe that, the revenue contribution can, can, you know, approach 20%, as you've heard us describe in the past. What was the date on that? Never been closer. I have been international for 20% of our revenue. Japan and China, direct or indirect? What have you said? Yeah, so we haven't shared a lot of our go-to-market strategies for either China or Japan. We've really been focused over the last really year and a half, almost two years, doing the work required to gain regulatory approval in those two respective markets, as well as reimbursement. I think we're approaching some milestones here in the next quarter or two, that are gonna put us in a position to be able to talk more, with more context around our go-to-market strategies and how we're thinking about those two markets. But we've been kind of chipping away behind the scenes here, to put us in a position to actually begin treating patients, and we're, we're making good progress. But, I think as we get closer, we'll have more to share. Milestone sounds like a regulatory approvals. Yeah, I think we're focused on getting regulatory approvals and focused on getting reimbursement. Okay. And, you know, you talked about all these international markets that you're going to, and I'm trying to put that into context of the profitability goals, because I'm sure it's not cheap to go to all these international markets. So it's kind of a two-part question. Why such a broad international strategy as opposed to focusing on, you know, the really big, you know, markets? And how should we think about how that impacts your, you know, 2024 profitability goal? Yeah. So the broad approach, Larry, is really one that, you know, is sort of patient-driven, I would say. And I'd say that in terms of thinking back, you know, a couple of years to when the international efforts really got going. We launched the European outreach right in the height of COVID. That was perfect timing. And we've been able to build from there. And the other markets, I think we've actually sold product at this point in about 20 countries, so we're doing making some nice progress. The international investment, I think we disclosed in Q1 of this year, was about half of the operating loss of the company, so it's a significant investment for us to make. It'll continue to be an investment, you know, really, for the foreseeable future because of some of the work that needs to take place, including in large markets, you know, that Drew described, that we'll hopefully have some more information about soon. We just feel like it's an important part of what we should be doing as a company. And, definitely the unmet need is existing in those, you know, international markets, the same as it does here in the U.S., and we want to be able to take our products. We receive a lot of sort of inbound interest from the physician community and from, you know, patient groups and other things internationally, saying: "When can we have access to these products? We've heard about them, and we want them, you know, for our patients as well." We don't- And then going to Japan and China are expensive, good, big markets, but expensive markets. Yeah. How does that impact your 2024 profitability goal? We've taken that, we've taken that into account in terms of how we see the, kind of the operating expense, kind of, structure of the business as we move through the rest of this year and into 2024. ... you know, so we're able to, we feel good about the commitment we've made to be showing operating profit for the business, you know, by through the first half of 2024, and then grow from there, kind of, a consistently and consistently profitable business from there on. Even if you go to Japan and China in 2025, for example? Including that, yeah. Continue to make progress. That's the plan. Exactly. The only thing I'd add is if you look across that group of 20-some international markets, I think that's a pretty good footprint for us at this point. So I wouldn't see us, at least in the near term, necessarily going from 20-50 markets, right? I think we've chosen in a disciplined way, where we think we can have the biggest impact across those international markets and have started there. And I think the phase of opening, you know, brand-new international markets, I think there's more of that behind us than in front of us. Drew, do you have enough going on internally that you don't have to aggressively pursue inorganic opportunities, or do you look at both? Yeah, you know, we've shared historically that we've got a pretty robust business development function that we have spooled up the last couple of years. We are passionate about identifying unmet needs. We're looking at a lot of organic and inorganic opportunities at all times. I think you won't see us be interested in mature markets and me-too products. You know, I think we're like we've approached VTE really passionate about large markets with unmet needs, where we think we can make a difference. And beyond that, we obviously haven't shared a lot of additional detail. Got it. Two, three minutes left. I have two other questions. One on, on InThrill, the reimbursement, and you talked about this, I think, at the analyst meeting. Within the hospital, I think it's better than outside the hospital, but a lot of these patients are treated outside the hospital. How are you addressing that? Yeah. So this is a huge patient population, and although many of them are indeed treated with their DVT procedures in an outpatient setting or even OBL setting, there's still 20%-30% of these patients that are treated inpatient, and that's where we're focused right now. And even with that, you know, relatively narrow slice, it's still a massive patient population and a big opportunity for us. The reimbursement in the inpatient setting is more robust and supports the kind of price point that we've established initially with InThrill. Then the other question for Tom, which is TCT coming up. I did a cursory look at kind of the program, and there's more and more, you know, VTE, you know, venous presentations and sessions on VTE. You're an interventional cardiologist by training, right? Yes. What, what's the significance of this taking on a higher profile at meetings like TCT? Yeah, that's a great question, Larry. I think the audience probably has great perspective on that. Anybody who's seen the evolution that occurs when interventional cardiologists take interest in a major cardiovascular disease, just the amount of work that's done from technique, from a device development, from a clinical data generation, and then organizing systems of care. I think there's been very stereotypical models in myocardial infarction, in structural heart disease, in stroke, that we can see how VTE might play out. And I think I'm very encouraged to see organizations like TCT, but not exclusively cardiologists, interventional radiologists, and vascular surgeons as well take this disease state seriously. What I would maybe conclude with is that even if we had all of these stakeholders take an interest in this disease state, the unmet need is so vast that I think we still need more people involved in this space just to provide the care that's gonna be required once it becomes the standard. Great. Drew, you got 40 seconds left. You can go a little over, if you want to have the last word, please. The last word is thank you, guys, for your interest. Thank you, Larry, for allowing us to participate. We're feeling very confident about the work we've done here in the first half of the year, equally confident in how we're positioned heading into the back half of the year. Despite all the progress, despite all the traction that we've made to date, we are just getting started and see plenty of runway out ahead to continue to have an impact in a patient population that has spectacular unmet needs. So thank you for the interest. Thank you.