Can you close the doors in the back, please? Thank you, everybody, for joining us today. My name is Casey Woodring from the Life Science Tools and Diagnostics team here at JP Morgan. I'm pleased to be joined by the management team of NeoGenomics. So CEO Chris Smith is going to do a quick presentation, and then we'll jump into a Q&A session after, and you guys will be able to ask the management team whatever you want. So anyway, let's get started. Thanks, Casey. Hey, everybody. I hope you're doing well today. Thanks for taking time to come hear a little bit about what's going on with NeoGenomics. Before I get started, I've got Warren Stone, Chief Commercial Officer, Jeff Sherman, our CFO, and really fortunate, Tony Zook is here today, who's going to be our incoming CEO. So it's great to have Tony with us. And look, we're going to go through a few slides just to give you an update on what's going on with the business. Some of you probably know the story; others don't. There has been a lot of news flow over the last probably five days. I think we've hit the wire three times. So we do want to be able to talk about that. Look, one of the things that I love about. Oh, by the way, Safe Harbor statement. I think everybody has had a chance to read this quickly for the 72nd time since you've been in San Francisco. We're showing it. Look, I love to start with this slide, and it'll kind of get to even a little bit when we talk later on about my announcement to retire. I think we're really blessed in the sense that we have a mission that people come to work every day to make a significant impact on patients' lives. I think sometimes that it's just underappreciated, but I think in our company, probably more than most that I've seen, it really is a testament. Just to give you an example, 72% of the people that work at Neo have been touched by cancer. And not like seven levels away, but immediate family members. So it is an important slide for us. Look, I want to start today just by giving you a look at what we see as 2025 guidance. We made an announcement last week that I was going to be retiring from the company. We originally thought about sharing our guidance and our LRP on February 18th when we do earnings. You may have read in that announcement that we did reaffirm, and I'll talk about this at the end, 2024, but we didn't share anything about 2025 or the LRP. And I want to start today with kind of giving you an idea of where is the business. So this gives you a glance of what things are going to look like in 2025. You can see that we'll be between 11% and 13% revenue growth, and that from an Adjusted EBITDA perspective, you can see 43%-51%. And a lot of things on the right are things that will continue from a company perspective. As far as around NGS growth, we will retire the convertible notes in May. There's been a lot of questions around that. We've been pretty open, I think, to the market about that. And then the big thing is, I think it's how do you find a way to continue to make this business sustainable? How do you invest so that double-digit growth continues? And that really leads me to the next slide, which I think is one of the most important we'll talk about today. What is the LRP? And it's really good to have Tony here. Tony, if you didn't know, has been a board member for the last several years, and one of the things that we do unique is we do a board retreat every year around strategy, so we work really closely with our board talking about the strategy as well as the LRP, and this is something we had developed. Like I said, we were probably going to share it later in the year, but we thought just in light of what was going on, we'd come out and talk to you about the growth of the business. The reason you see this thing down at the bottom is the stair step, is that we came together as a management team back at the end of 2022, really, and we put out kind of what we thought the LRP would be in 2023 at our investor day. And at that time, we talked about 7% and 9% growth with the market growing around 8%. And I kind of joke, a lot of us didn't even know where you could park your car at the building. We were a pretty new group kind of coming together, but we wanted to give some comfort because this was a business that was not growing and was burning a lot of cash. In 2024, we updated that LRP. I think as we started to get a better understanding of the business and the levers that we could pull, we updated it to 10%. You can see we came forward in 2024 and revised guidance to 11% to 13%. Consensus of the analysts had us around 10%. And as we really look at this business over the next three, four, five years, there really is the opportunity to have this long-term sustainable growth and have a business growing 12%-13% on the top line. I think it's important to share. This does not include any revenue around MRD. So this is basically the base business. Again, as we get to Q&A or later in the presentation, I will talk about that. But it is pretty significant from a growth perspective. I'd say the other couple of things just to jump out at you is that NGS, so NGS, big market, will continue to grow faster than the NGS market is growing. And then as we think about our gross margin, we see about 100-150 basis points of expansion every year. And when you take that with the revenue growth, I would say a very disciplined approach to OpEx and investing in the right things, it gives us about that 250-300 basis points of growth in Adjusted EBITDA. So as you can see, really, as we think about the next three, four, five years from an LRP perspective, I would say really a robust business that continues to grow. How are we going to do that and why? Why do we have the confidence in the business to be able to do that? Well, one reason is that one in two men and one in three women are going to get cancer in their lifetime. So we are in this big underserved market that continues to grow. Just to give you a snapshot of how big it is, these are the categories that we kind of look at. We really are not in the germline or the screening or early detection, but where we've historically been is in the diagnostic. This is where our breadth of menu of over 500 tests has been, but more and more, we're moving our business into therapy selection. You can see that NGS or therapy selection, a $13 billion market, but it's only 35% penetrated, so there continues to be a ton of runway when you think about where NGS could go, and then I think in the future, you'll start to see this MRD market start to continue to evolve, but really, a lot of our growth will continue to be moving into this therapy selection side. If you think about another key driver of our business, not just cancer, but our specific business, is that our mantra is really how does a patient in Greenville, South Carolina, where my mom lives, and I'll share a personal story later on, get the same cancer care as a person at MD Anderson or Sloan Kettering? If you think about cancer, 80% of it happens in the community, which is pretty amazing. I've always talked about, like in all kind of grew up initially in medical devices, is that you prove out a technology in a university setting, but the business happens in Mobile, Alabama, or Paducah, Kentucky. I think if you think about Neo, our value proposition has always been how do we create that cancer care continuum in kind of that community setting. Once we kind of realize what that market opportunity is, it's how do we as a company take advantage of it? And these are really what I would say are some of our key differentiators out in the market. Today, we'll treat over 700,000 patients. So we have a significant share of market, especially in Heme, which we'll talk about in a little bit. We have deep relationships with a lot of hospitals. So I think if you look today, we are doing business with over 4,000 customers and a very broad menu with over 500 tests. And I think that's really an important one. Our value proposition is the ability for a customer to be kind of the end-to-end paradigm of treating a cancer patient with the breadth of menu of tests. And finally, we generate a ton of data. You can see over a million data points every single year. To help us do that, you'll see a map here that shows where our labs are. And when you think about this business, you can get an NGS test from a lot of companies, right? So you're going to get a result, and you're going to be able to get a test. So if you think about a service business, it really comes down to winning on customer experience. And where we have really invested our time, energy, and money and resources is winning on customer experience. One of the ways we do that is turnaround time. So I will tell you that we literally, our team wakes up every single day. And how do we improve one day on turnaround time? If you think about a cancer patient who has an appointment with a physician, and that turnaround time, you don't have those test results, and you go in, it's significant. So one of the reasons we have that lab breakout, the way that you see it, is so that we can win on turnaround time. The way that we think about kind of driving the business going forward is how do you get these new products to market? So a lot is that, look, our R&D really works closely with academic, I would say, on new innovations. From academic, it's really about taking those innovative products through the commercial organization, which then takes it into the community. Then in the community, what we do is we take that insight through our advisory boards and other things to then go back to R&D. You create this flywheel effect of new product to kind of develop it. As we go through and especially get to Q&A, we'll kind of talk about that. We've kind of said that 2025 is going to be the year of the product. We've spent a lot of time over the last three years building out the commercial organization, driving operating efficiencies. That's why you've seen a significant increase on revenue as well as profits. Now it's also about how do we bring in new products to even grow faster, I think, as a company. We continue to be the market leader in Heme. This shows you just a snapshot of the Heme market. When I showed the slide earlier, that was the overall market. This is specifically in Heme. And the reason I wanted to share this slide today is that you may have seen an announcement that came out about our partnership with Adaptive. So I think if you think about our business, we've created a strategy that if we're going to win on customer experience and we're going to create the single best commercial organization in the industry, it's the ability of putting more products in our bag, right? So the old saying, if you own the pipeline, you don't necessarily have to own the oil. So I think Adaptive is a great example of where you take a market-leading technology that they have strength in the academic setting, we have strength in the community setting, and you bring that new technology through our team. Now, to be fair, we'll cross-sell and we'll also offer our Compass product through their sales organization. But we think this is an exciting opportunity because it strengthens our leadership position in the Heme market as we go forward. Look, momentum continues in the business. This just gives you the year-to-date. So we were probably the only company here that didn't early release results. But this will give you kind of where the results were. By the way, if you didn't know that, we did reaffirm guidance, which I'll talk about at the end, but we didn't release early. But so this gives you year-to-date through Q3. But you can see that we continue to have strong momentum in the business. Year-to-date, our NGS was up about 35%. But you can see that this isn't just about driving revenue growth, but it's about driving profits at a faster rate. And I think that's one of our, again, one of the values of the company is I think this focus on we grow revenue fast, we grow gross margin faster, and we grow profits fastest. And that's been quarter on quarter for the company. What we need to continue to invest in the company. So how do you think about the next three to five years? It's about how do we pull these growth levers by investing in the right places. You can see the commercial organization. We've just gone through another expansion of that field organization. I think it'll make a huge difference. We're going to expand it by about 30%. Most of that recent expansion will be done by the end of this month. We have our sales meeting at the end of January, and the goal was to try to bring that group on. And one of the reasons we wanted to do that is that we're bringing out a liquid biopsy product at the end of H2. And that product will be very well suited for the community, but a lot of times the community oncologists or in the clinic, less than a hospital product, but more of a clinic product. And I think that expansion of the field force is going to help us there. We continue to expand the breadth of menu. So as we look at innovative products or things that our customers need, we try to bring those products into the company, whether it's being internally developed through R&D or through a licensing or a strategic partnership like Adaptive. I think from our perspective, these last two, I think, are really important. And I would say there are places we probably historically had underinvested. If you think about our business, when we came together about 2.5 years ago, it really was a turnaround story, and when you have a business that's a turnaround, you can't do all things at once, and so we really focused on the operations and the sales side, but now more and more, it's becoming about the product, additional products to the market, and that means about how do we build out our R&D capabilities and continue to invest there, but it's also about generating that clinical evidence. We've been doing a lot of the clinical evidence around MRD product, in particular RaDaR, but you'll see when we launch our liquid biopsy, there's going to be a significant amount of clinical evidence that comes with that product as well, so as I mentioned, look, we reaffirmed guidance for 2024. Most of you would have already seen this. I think it was important for us as a company to give confidence that we will be within guidance. I would say that we're generally more of a conservative company, so we didn't try to rush our auditors to pre-release here. But the reason we wanted to at least give you a glance of the guidance for 2025 as well as the LRP is to let you understand kind of the guardrails of where the business is. I will share the one difference on this slide that you'll probably see is that we're going to move to single-segment reporting. So one of the challenges that Neo has had when we all came together was there were multiple acquisitions. So we inherited multiple LIMS, lab management systems. As a matter of fact, today we operate on about eight. We're now moving to one LIMS. If you think about where our business was between pharma and clinical, it was very easy to separate out COGS and operating expenses. As we move to one operating system, it just doesn't make sense. It's too hard to separate that out. So as we going to report our quarter four and our year-end, we'll talk about moving to this single reporting. As we go through this, if you have a question about that, Jeff can give you some more insight. Look, finally, just a quick summary. Again, I know I moved through this quickly because I probably should have retired a long time ago because we have people standing in the room. I don't think I've ever had standing room unless it was my mom in my room as a kid. Look, there is great momentum in the business. I would say the fundamentals continue to be really strong as we accelerate revenue growth and Adjusted EBITDA. We are continuing to focus on NGS. We think that I think there's a lot of excitement in the industry around MRD, but I think NGS is a huge growth driver for the next three to five years for our organization. It's really through our best in class or our leading commercial organization. It's about how do you invest in the future. It really is about innovation and how do we start to accelerate the R&D perspective as well as BD. I would say on BD, it's more around licensing and strategic partnerships and potentially things that we could bolt on that are creative, right? So nothing I would say that's transformational to the company, but about putting new things through the bag. And finally, we are in a strong financial position. And I think you saw that today when we released kind of the LRP. So I know that was fast, but I'm going to stop there so we can turn it over to Q&A, starting with you and then with the group here in the room. Yeah, great. Thank you. Well, yeah, that was a great overview. I guess to start, Chris, to address the elephant in the room, why do you feel that now is the right time to step away from NeoGenomics? Yeah, thanks for that, Casey. So look, I think a company is a living kind of almost organization, I mean, organism, right? You think about the life journey of a company. And I've always said that we're stewards of the business. This business was here before us. It's going to be here after us. And when you look at the life, you look at these kind of tranches of time when certain things are going on in a company. And for when I came in and committed to the board, I had said kind of it's a three to four-year period because that's what I thought it would take to turn around the company. Take a business that was losing almost $50 million a year and not growing the revenue to getting back to double-digit revenue growth and being profitable. And we put eight or nine quarters on the board of double-digit growth, and you can see that we've made it profitable. And so then it's about what is the next tranche in the life of the company. And for us, I think it is about how do you take a business that's growing, let's say, 12% and look for ways to accelerate it. And that's about new products and BD opportunities. And when I looked at it, it really was another three-to-four-year journey when you look at that next lifespan. And candidly, I just didn't want to sign up for another three-to-four years. It had nothing to do with the company. It had to do with me personally. My mom's been diagnosed with cancer. I talked about the 72% of the people. I was never impacted by it. Now I am. I don't have my dad. So I think it's important to be able to spend more time with her. But I would say from a company perspective, when a company is going well, my view is that when you make a CEO change, if the company's going well, you stay inside the company. Because if you bring out someone from outside the company, there's a chance that they blow up the management team, they change the strategy. It was important for me, if we could, to stay within the company. Look, Tony, who's here today, and Tony's happy to take questions too. Tony's been on the board, and he knows the company intimately. He's been part of the strategy. He's been part of the LRP and has a very, very strong background in R&D and product launches. And so I thought that having someone internally allowed me to kind of step aside. Now, to be fair, if we didn't have someone raise their hand or we didn't have the right person, would I maybe stay a little longer? Maybe. But I think it's important that you think about this business and these tranches. And so for me, I would say the personal side, feeling really blessed to have had a chance to lead the team. But it was just the right time to kind of step away. No, that's helpful. I have a couple here just on the 2025 guide, and then we can open it up to questions. But your guidance and long-range plan indicates 12%-13% revenue growth annually. Can you just walk us through the key drivers there and the confidence that you can achieve those results? Yeah. And I'll let Jeff, do you want to talk a little bit about the LRP and then maybe some of the growth drivers, Warren? Yeah. So I think you go back to the slide Chris showed on our previous guidance, so in 2023, we guided to 7%-9%, and we did 16% growth. 2024, midpoint of our range is 12% growth, and we had updated our long-range plan guidance to 10% plus. It's not our intention to update our LRP plan every year, but a lot of movement has taken place in the business. We've had great market share improvement. Our volumes are increasing across the board, and as we think about 2025 and beyond, it's how do we continue to capitalize on our market share growth? NGS, we said we expect to be growing 25% plus a year. As Chris said, we did 35% through the first three quarters of 2024, so NGS is going to continue to be a driver of that revenue growth. We continue to expect to be able to get pricing increases as well. We'll have revenue cycle management initiatives also continuing to drive revenue growth. The biomarker legislations as being passed in certain states is helpful, but we still have a lot of heavy lifting to do to convert that into increased revenue collection. So closing that gap between work we're doing, particularly in large panel tests where we're not being paid to actually collect that money is going to continue to be a driver as well, and then finally, the last two things are really the sales force expansion as well as new product developments, and Warren can certainly touch on that. From a margin perspective, we continue to see great opportunities in increasing our operating efficiencies. The LIMS, we will be running a couple, two systems this year as we finish out our LIMS. But that will allow us to consolidate into one platform. And as Chris said, really have one platform for both clinical and pharma. Today, we are running multiple platforms, and that caused inefficiencies in the system. And then finally, we still have the ability to continue to invest in automation as well, which we think is going to drive both gross margin and Adjusted EBITDA growth. Finally, for 2025, we do expect to continue to see investments in our sales operations as well as R&D ramping up. And so we have several new product launches this year coming out. But part of our goal is how do we take a balanced approach to driving revenue growth, seeing margin expansion. And as earnings continue to increase, reinvesting in both product development as well as the sales force optimization and expansion of the sales force. So actually, maybe building on that, so if you think back to the slide that Chris showed, which had the sort of bubbles and outlined the markets, traditionally, Neo has been incredibly strong in the diagnostic element of that continuum. And strategically, we're looking to move to the right. So therapy selection and MRD. I will remind you that from a guide perspective, there's no MRD built into the long-range plan. But certainly, the intent is to strengthen our position to the right of this slide. So two aspects that we're looking at as we do that. First and foremost, it's building out a commercial organization, a sales organization that's going to be focused much more on the community oncologist. Today, very strongly positioned around community hospital. But a lot of the therapy selection work is done in the community oncologist. So the expansion of the sales team that we've done historically, and certainly the expansion that we're doing right now, really is around expanding what we call the OSS, oncology sales specialist, who will target the community oncologist from a therapy selection perspective. And that's important because a number of the products that we have introduced and will introduce in 2025 and as part of the long-range plan really fall within that therapy selection side of the continuum and also fall within the NGS sphere. So you can see how all of these things are coming together to drive that 25% plus growth year over year from an NGS point of view. I will make just one more comment on 2025. Our business does typically ramp during the year. As we looked at kind of the ramp in 2025, I would expect it to be pretty similar as we've seen in the past several years. Probably about 23% of our revenue in Q1, around 25% in Q2. It gets you about 48% in the first half of the year, about 52% in the back half of the year. From an earnings perspective, Q1 has tended to be our softest quarter of the year as well. We're expecting about 12%-13% of our Adjusted EBITDA in Q1 and around 25% in Q2 and then Q3 and Q4, following a pretty typical trend of being higher in the back half of the year for Adjusted EBITDA as well. Thanks. Okay. Gotcha. That's a lot of helpful color. I guess maybe stepping back, high level, NeoGenomics' financials have greatly improved since you guys took over in August 2022. Maybe what's the next phase of growth and transformation for the company that you see? Yeah, look, I think the first thing was kind of stabilizing the business and part of that meant putting the right processes in place and putting the rigor around the financials, so I think that is done. I think if you look at the next phase, it really is about how can we look at ways to accelerate the growth and that's where I think it is about adding more products into the bag. I think that the foundation is there. I think that accelerating the growth. I think the other one, and Jeff mentioned this, is I think that we really aren't very far in the journey of automation in the lab, so I think from a gross margin perspective, the ability to continue to build out automation, but I would say that those would be the next level. Okay. I'll open it up now to the audience. Anybody have any questions? We can run this mic around. Thank you for sharing the very strong financial results. My question is about how big is the pharma-related services in NeoGenomics and what's the position of NeoGenomics in the pharma-related services like the target discovery, biomarker discovery, or clinical trial? And what's your competitive status with the current market leaders such as Foundation Medicine or TSO 500 in NGS territory? Yeah. Yeah, why don't you take that initially, and then you can talk about financially what it means. The pharma business from a NeoGenomics perspective is sort of from a contribution point of view, less than 20% of the business, so the clinical business is significantly larger. We offer a portfolio solution across cytogenetics, flow, FISH, and molecular tests from a pharma point of view. As with the clinical side of the business, we're investing more on the molecular side in terms of bringing additional NGS tests to the market, and really, in terms of our focus with the pharma space, it's really around helping them with patient selection and then phase one through three clinical trial work that we do, both in the heme space as well as the solid tumor side of things, and moving into 2025, we're actually in the process of repositioning that business slightly. We're actually changing the business model to better reflect the needs of our customer and also adjusting our go-to-market strategy in terms of how we deploy resources to serve the target customers that we've got. So it's an exciting transformation that we feel will accelerate growth. And although that business is probably experiencing a bit of a macro challenge right now in terms of just pharma, biopharma, and biotech investments, we anticipate that to obviously turn, hopefully in some point in 2025, but certainly within the long-range plan. And as a result, that'll be a contributor to the growth from a long-range plan perspective as well. Maybe, Jeff, you can talk about why we went through the transformation in pharma. Yeah. So I would say pharma, we don't report pharma out separately. It was part of our ADX segment, and it's about 15% of the revenue today. And as you look at our business in 2024, we actually grew 12% through the third quarter, actually with our ADX business down. And so we weren't able to sell new RaDaR into the pharma side of the business due to the preliminary injunction. So that was certainly a factor. In addition, it's been a soft macro environment for the pharma space. I don't think that's any secret. We were certainly impacted by that as well. We've also done a lot of work optimizing the pharma side of our business, getting out of unprofitable contracts. So even though our pharma revenue was down, our ADX revenue was down through three quarters, our gross profit was actually up, and our gross margins were up several hundred basis points. So I think we have optimized that business. But as you think about our long-term growth plan, we definitely see that side of our business continuing to be a growth driver going forward. And I think we have a lot of confidence that there's good opportunities to do that. Chris noted, we said we're going to go into a single reporting unit. I mean, a couple of other factors driving that. We had our pharma business and informatics business under one leader. We split that up about six or seven months ago. So the pharma operations went under Warren from a sales perspective, and informatics went under Melody Harris, our President of Operations. As Chris said, we're going to do a LIMS. So where previously we had separate teams working on pharma samples and clinical samples, we're going to be merging that, and it's going to be one work stream. It's going to be much more difficult for us to discretely break that out. So in Q4, so no one is surprised, so we'll have one revenue reporting segment. We'll still report clinical volumes. We'll still report clinical revenue per test. So you'll be able to know what our clinical revenue is. But from an accounting perspective, we're going to move to one segment and won't be breaking out a separate gross margin for ADX. Great. Anybody else have questions from the crowd? I missed someone in the front row here, I think. Nope. I have one on NGS here. In 3Q, you guys grew NGS by 35%. Can you just talk about that growth rate and the sustainability of the mix shift that you're seeing in NGS? Yeah. Why don't you talk about how it mixes with the AUP? But I would say the runway you saw with the market opportunity is so we think there's a lot of runway, and it's only about 30% of our total clinical revenue. We're a lot of people at maybe 80%-90% of their revenue. So when you think about it growing that fast, and this is still a small segment of our revenue opportunity in clinical, there is runway. But do you want to? Yeah, so just one clarifying point. It was 35% year to date through Q3. In Q1 and Q2, it was 50% and 40%. The growth did slow as we expected in Q3 to about 26% because we introduced some new products in the second half of 2023, which we're anniversarying in the first half of 2024, which really drove some of that incremental growth. I think continuing to invest in the sales team and, as Chris said, introducing a liquid biopsy. And I think you said 2H. It's the second quarter we're introducing a liquid biopsy into the commercial market. They are going to continue to be drivers there. And I think the ability for us to expand share of wallet with new tests being added into our installed customer base is going to be greater as we continue to add products. Do you want to talk about how you guys are winning? Yeah. I think one of the important things to call out from an NGS perspective, I mean, our view is the market's probably 35% penetrated. And again, if you come back to one of the slides that Chris spoke about earlier, is NeoGenomics' focus is to really focus in the community, whether it be the hospital or the community oncologist, which is where 80% of the patients are served. Typically speaking, those physicians are maybe slower adopters of technology. So a lot of the work that we need to do there is actually convince the physicians around why the value proposition, the clinical utility of using NGS as a test. So it's sort of somewhat of a market development strategy that we need to go through. That's going to be a big source of growth as we invest in our sales organization, is driving adoption of these new technologies, as well as taking share from competitors who potentially have business within those spaces as well. That really does tie in, again, the investment in the oncology sales specialist that I was talking about earlier is specifically for that therapy selection portfolio focus, which is, again, specifically the community oncology and NGS. From a strategy perspective, all of the investments we're making, whether it be from a portfolio perspective or from a resourcing perspective, it's aligned towards driving towards therapy selection and NGS. That's helpful. Maybe one just on MRD. Can you walk us through any updates you can share on the development of RaDaR 1.1 and just your MRD program in general? Yeah. So sorry, we've publicly disclosed that 1.1 is in the middle of kind of clinical validation, which we'll complete in the first half. We'll be moving to MolDX submission. For that, I think one of the things that's important with MolDX is that MolDX looks at the clinical efficacy of a product, and so we have a bridging study underway, which really shows the clinical equivalency between 1.0 and 1.1, and I think that's important for us. I will say that there's another case that will happen in October, which has to do with another patent, but we feel really good about that because of prior art that we have. So I think we'll be well positioned in the second half of the year to make some decisions that we think are ready because we'll have the product 1.1 developed. We'll be ready with MolDX, and we would have completed the legal case. We did just release. We did file an IPR against the second patent just in the last day as well. We'll see how that plays out as well. Maybe it's probably worth mentioning, in addition to RaDaR 1.1, we are already investing in RaDaR 2.0, which will be a whole exome technology, which will offer greater sensitivity, which would allow us to target sort of cancers which are lower shedding in a neoadjuvant, adjuvant, and surveillance setting. Sort of that will certainly come to market within the timeline of the long-range plan. Again, I just want to highlight that there is no revenue in the LRP around the MRD. So just think about it that way. Okay. Got it. That's helpful. Chris, you mentioned that the company has started to evaluate BD opportunities. What's your appetite for investing in M&A? Yeah. Well, look, I would say that our, first of all, we have worked really, really hard to take a business that was losing money to making money. So it's not our goal to go out and buy, I call it an Inivata, a company where it's burning $50 million a year. So I would say we're not going down that path. I would say the biggest thing, and we have a wonderful team that we've put together, is focused on kind of licensing, like technology, strategic partnerships. One of the great strengths of us is our commercial organization. And there's a lot of really innovative companies out there that don't have a distribution channel. They're looking for a distribution channel. So I would say that that's probably kind of first prize. Look, I would say the second prize is that we do think there is a unique opportunity for some bolt-ons, but these would be relatively smaller deals, not transformational, and that would be accretive very quickly, so 12-18 months. And so I think that is kind of our view. But I want you to know we're not going to the mall and going shopping. That's not the goal. The goal is to strategically fill gaps where we see those and really utilize our commercial organization. Okay. I'll open it up to the audience again for any questions. Got one last question. By the way, Tony's here. If anybody has a question for Tony, I don't mean to put him on the spot, but he's who you get up here next year. But anything else anybody has today? Or you love the extra five minutes, again, one more cookie on your way out. All right. I hear you. I'm the same way. I got one. Maybe in closing, just what do you think is the most underappreciated aspect of the NeoGenomics story? Wow, that's a really good question. Look, I think people underestimate the importance of customer experience in a service business and a breadth of menu. I think someone ultimately wins in this category, and I think it's important that you have the ability to offer the end-to-end solution. So I would say that that, I think, has been very underappreciated. I think the amount of work that the team has put in to take a business in 24 months from losing $50 million to making $37-$40 million, I think that is not an easy thing to do. And then, look, I would say the final thing is Simon Sinek wrote a book, "It's All About the Why." Look, I think that our company, our why is really the ability to treat cancer and make a difference in patients' lives. And I think at times people don't realize that, look, people working in the finance department aren't there because they want the finances there, because they want to change people's lives. And I think we just have an amazing, amazing team. So look, I know it was more than one, but I would say those would be. Yeah. Do you guys have one or two? You can pick one each if I didn't hit it. You've taken the three good ones. Well, there you go. No, look, I think we have the ability to drive multiple levers: volume, price, mix, and operating efficiency. And we have a lot of plans in place to continue to do that. And we see a lot of runway to continue to drive that. So we see multi-year opportunities in every one of those to continue to drive the business, to produce cash, to ultimately reinvest the business for further growth. And we think we're well positioned to do that. And we're starting from a position of strength from a financial capacity perspective. I'll add one more. I think what's underappreciated is our heme portfolio and our position in heme. Heme, many would argue, is a more complex business and complex workflow than solid tumor. Our position is that we feel we're the market leader from a heme perspective with roughly 25% share. And the relevance in terms of the heme business is going to increase because biopharma and pharma biotech are investing more in therapies for heme cancers now than what they've traditionally in the past. So demand for therapy selection in heme is going to increase significantly. And I think even though that's a smaller market, it's still a very relevant market, which is growing double digits. And I think that's sometimes often missed. Yeah, really good point. Thanks, Casey. Yeah, we'll leave it there. Thank you to everybody for coming today. Thank you. Thank you.