All right, let's get started. Good afternoon. Hope everybody's conference is going well so far. I'm Julia Qin, lead analyst covering life science tools and diagnostics at J.P. Morgan. It's my great pleasure to introduce you to our next company presentation by NanoString. Without further ado, let me turn it over to Brad. Welcome. Thank you, Julia. It's great to be here. Thank you all who've come out to hear a little bit about NanoString this afternoon. NanoString is a company whose mission is to map the universe of biology. For the next half hour or so, I'd like to tell you a little bit about the markets we address, primarily spatial biology, the recent progress we've made, and our outlook for 2023. I will be making some forward-looking statements. I will be making use of some non-GAAP financial measures, and all of the fiscal year 2022 and Q4 numbers are, as of now, preliminary and unaudited. Refer you to our risk factors and our SEC filings. NanoString is a company that has expanded over the last decade from gene expression into spatial biology. A quick history lesson. NanoString started commercially in 2008 with the launch of the nCounter Analysis System, which has become a venerable workhorse platform for digital gene expression, primarily in translational research like cancer biomarker hunting. In 2019, we introduced really the field of spatial biology with the launch of the GeoMx Digital Spatial Profiler. We followed on in 2022 with two new platform launches, our CosMx Spatial Molecular Imager and our AtoMx Spatial Informatics Portal. We ended 2022 with $127 million in revenue, $195 million+ in cash, a very substantial installed base and 700 great members of the team. As we look at 2023, NanoString is really positioned as a spatial biology leader with a great growth setup. We're rapidly penetrating the spatial biology market, which is really in just its first or second inning of development. With our CosMx system, which was just launched in the last year, we drove 50% year-on-year growth in spatial biology instrument placements from 2021 to 2022. GeoMx and AtoMx round out our portfolio and together help make an ecosystem of platforms that can really meet the needs of any spatial biology lab and which provide stickiness for customers to remain committed to our platforms. nCounter is now a mature business. It's really no longer growing, but it's a great brand. It provides great customer access, and we're really treating it as a cash cow at this stage, subsidizing our growth in single-cell spatial. As we enter 2023, we have tremendous backlog from orders that we generated in 2022. We have $40 million in backlog, all the cash we need to drive growth all the way through to profitability. What is this spatial biology? Spatial biology is a new era, a new area of biological inquiry that looks at the biology of tissues on an intact basis. Most life is made of tissues, cells that work together in a specific architecture. Traditionally, you know, you can think of that as an organ or like a kidney or in this case, in this analogy, the Millennium Falcon. It has structure, different pieces that fit together, which drive function. If you zoom in on that tissue, you can see exactly how the cells fit together and maybe how they're talking back and forth between each other, much like this image on the right with the Legos clicking together. Despite that beautiful architecture, historically, the way we do biology is to grind it up, to separate it into its pieces and to do bulk biology, taking the average measurement of protein expression or gene expression, looking for a signal through a lot of noise, sort of like that jumble of Legos on the left. A few years ago, we learned how to capture cells inside droplets and do single cell biology, which is kinda like sorting the Legos into its various piles. None of these approaches allow you to understand the interaction of the cells in their native state. Cell spatial biology are techniques that allow you to do just that. Spatial biology was named Nature Methods Method of the Year in 2020, just after we launched GeoMx, it's a very rapidly growing market. The science and the products in spatial biology really map into two categories. They do so on the dimensions of resolution, so how big of a feature in a tissue are you looking at, and plex, which is how many different molecules can you look at at once. Profilers are systems like our GeoMx. They can look at all the genes in the genome, 20,000, at multicellular resolution and often at high throughput. Imagers, like our CosMx system, have higher resolution, single cell and subcell resolution, but look at hundreds or thousands of genes at once. We believe most labs will need both of these complementary capabilities. Across 7,000 labs, that's 14,000 potential instruments and about a $6 billion TAM in the research market alone. In 2022, we did a great job penetrating this market. Our overall spatial instrument sales grew to 105 in the fourth quarter, and our full year growth was 50% in spatial instrument order volume. As you can see, CosMx accounted for the majority of our spatial biology instrument sales, and in the fourth quarter, it doubled sequentially from about 40 systems sold in Q3 to about 80 sold in Q4. GeoMx also had a great Q4 with 25+ instrument sales to finish the year strong. When we look across the full year, we start to see a divergence between NanoString's instrument orders in spatial biology and our revenue. The reason is that the CosMx instrument only began shipping in the middle of December. All of that orders, all those commerce that we generated with CosMx are carried, with the exception of about 10 systems, which we placed in the fourth quarter, are carried as backlog, $40 million in backlog forward into 2023. While our spatial biology instrument volumes were up 50%, our revenue dropped 12% last year. It was tricky to predict, and unfortunately for our investors, we had a hard time managing that. Fortunately for the long-term value, we captured tremendous market share and penetration, which sets us up for leadership going forward. Let's dive into these systems, starting with the hot new CosMx Spatial Molecular Imager. What CosMx does is it allows us to segment and identify the single cells in tissue and while the tissue is still intact, looking at up to 1,000 RNAs or 64 proteins in each of those cells. It allows us to map different cell types, their cell activation states back into the tissue and ask questions like: How is one cell talking to another or influencing the biology of its neighbor? It's hard to get comps for life science tool instrument launches, but we have our own comps, and I just wanted to give you a sense of how fast CosMx is selling. In the first 5 quarters nCounter, which launched in 2008, 2009, sold 20 systems. In the first five quarters, beginning in 2019, GeoMx sold 70, and we were delighted with the two and a half times higher growth that was. CosMx, in its first five quarters, sold 180 systems, nine times faster than nCounter and two and a half times again, as fast as GeoMx. It's a tremendous start for an important product. It's also garnering attention and accolades that on a qualitative basis suggest that momentum is gonna continue. In December, CosMx was named a top 10 innovation by The Scientist, it graced the cover of Nature Biotechnology, which published the definitive publication describing how CosMx works. This month, National Geographic featured some data generated on a human brain by one of our customers, Dr. Miranda Orr of Wake Forest University, who had previously used single-cell biology on conventional techniques, to identify a small cell population in Alzheimer's patients of senescent cells. She didn't know where those cells were in the human brain. Using a 1,000 plex RNA profiling, RNA assay on the human brain, she was able to identify the senescent cells and start to identify how they interact with the neurons around them. NanoString is not the only company commercializing spatial imagers, but CosMx is special. CosMx has the highest plex capability of any spatial imager, 2.5 times the competing imagers. CosMx is really the only system to come to market with a mature RNA and protein offering, 64 plex protein, including and plus a 1,000 plex RNA. It's FFPE compatible, and it has a complete informatics solution called AtoMx that I'll spend more time in a few minutes. In addition, CosMx, despite the fact that we're just beginning to ship commercial instruments, is battle-tested. We've sold 180 of them. We've done 100+ projects for customers who are interested in test-driving the system, and it's worked on 68 different organ tissues and tumor types. CosMx launches into an ecosystem of spatial biology solutions from NanoString that include, of course, the GeoMx Digital Spatial Profiler and the AtoMx Informatics Suite. The idea is to be able to offer both the instrumentation, the assays, and the informatics capabilities that labs need to meet all their spatial biology needs. We also have a network of partners, world-class partners who help us in areas like automation, antibody supply, sequencing, reagents that can be used to visualize different markers in the tissue. We're happy to continue to expand that network. Let's segue into the sister product to CosMx, which is the GeoMx Digital Spatial Profiler, which was launched in 2019. GeoMx really focuses on regions within the tissue where the biology is interesting. A user will morphologically define, you know, an area like the interface between the tumor and the immune system or a portion of an organ like the glomerulus within the kidney and profile in the whole transcriptome on those multicellular regions that are defined by the morphology. CosMx and GeoMx really address different scientific questions. CosMx starts by segmenting the tissue into individual cells, identifying the types of those individual cells, and then visualizing them on a plot called a UMAP that you probably have seen in single-cell biology before. CosMx has 1,000 plex for RNA, 64 plex for protein, and relatively low throughput because we do a lot of deep cycling of chemistry on each individual sample. In contrast, GeoMx is not asking questions about how individual cells talk to each other, but by how whole regions or multicellular structures relate to each other. Given the throughput of a GeoMx system, it's often used in large studies with multiple samples to correlate things like drug response to different regional biologies. Importantly, the GeoMx is capable of looking at every RNA in the human or mouse transcriptome, so it's a whole transcriptome system. You don't have to know what genes you're looking for before you design an experiment. Most labs, we believe, will ultimately need these two complementary capabilities, most labs can only afford one system at a time. The idea that both systems are complementary to each other is borne out if you look at who's buying the CosMx imager, the first 180 systems. As you can see here on the left, 55% or 45% of GeoMx of CosMx systems are going into labs that also have GeoMx. Let me say that again because I jumbled it. 45% of CosMx systems have been sold into labs that also have the GeoMx. Sometimes that's groups that we had sold GeoMx to several years ago who are now coming and buying their second system, and sometimes it's labs to whom we're selling a bundle of both systems at the same time. That's a great indication of the synergy between these systems. We're, of course, delighted that there's another 55% of systems that are being sold in new to NanoString customers. These are often single-cell biologists who've been using techniques from other providers who haven't engaged with NanoString in the past, and that's expanding our footprint into new areas of discovery biology. GeoMx is broadly adopted. We have a 350 instrument install base. We've sold on average about 100 systems a year since the launch, and about 25% of those systems are going into biopharma companies, where they're used for cancer biomarker hunting on high throughput experiments on human clinical trials. The balance are generally going into academic institutions, whether they're in our direct markets or through our distributors. GeoMx has been a high impact innovation. Its images and data have covered graced the cover of three different major journals, Nature Genetics, Clinical Cancer Research. Cumulative publications are about 195. About 60% of the publications are in cancer, 20% in immunology, and 20% in neurology. Biomarker hunting in human disease is the primary application of GeoMx. We want GeoMx, these systems, spatial biology systems, generate tremendous amounts of data, and we're just figuring out how to analyze these new types of datasets. NanoString is invested in helping our customers with their informatics needs through a new platform that has launched the last quarter called AtoMx. AtoMx is a spatial informatics portal that's designed to help unlock insights from these rich datasets. CosMx and GeoMx can stream their data straight to the cloud, where we provide scalable compute power, scalable storage power, the ability to collaborate across multiple sites using this informatics system. This is critical because CosMx in particular is data-intensive. one slide can generate between half a terabyte and one full terabyte of data on CosMx, all of which you're gonna wanna store and interrogate and reinterrogate over time. AtoMx also allows us to plug third-party applications and algorithms like AI-based image analysis or R scripts that were rewritten by members of the open source community and shared amongst academics into the platform to take advantage of the compute power that we make available in the cloud. We haven't really shown what AtoMx looks like, but I'm gonna give you a sneak peek today. AtoMx is designed to have everything you need to go from the design of your spatial biology study to peer-reviewed publication-ready figures. What you're looking at here is called the pipeline orchestrator. It's a drag and drop functionality that allows you to build a data analysis pipeline for CosMx data, and that you can then hit Run and Process using all our cloud computing power. There are cell segmentation and visualization techniques you can apply on CosMx data and, of course, you can visualize in customary types of graphs like UMAPs. Other providers of spatial imaging also have viewers, but I wanna create a sharp distinction between the AtoMx spatial informatics platform and the conventional spatial data viewers that others may provide. Both techniques can allow you to look at one sample's worth of data and maybe generate a UMAP plot. Only AtoMx provides you cloud computing capabilities with a data pipeline orchestrator, the ability to store data in the cloud and have collaborators across multiple sites dial in and evaluate it, and long-term storage capability that can be accessed from anywhere. We believe this will create stickiness, much in the same way in the consumer electronics world, having a cloud in your iCloud ecosystem of an Apple product helps you adopt and retain your data across multiple generations of systems and feel comfortable with a common set of user interfaces. Really we see AtoMx as the iCloud of NanoString. Let me switch gears and talk about the platform that started it all, the nCounter Analysis System. nCounter is for bulk gene expression. You know, go back to my earlier graph with the LEGOs on it. It's the conventional type of biology where we grind up a sample and look at the average biology across a lot of cells. It's very insightful. What you're looking here on the graph here is called a heat map. It tells you what genes are turned up and down in various samples. You can find patterns that might tell you that, you know, one patient's tumor is different from another or that correlates a gene expression with some important outcome like prognosis. nCounter's been available since 2008. Its value proposition is really that it's simple, it's fast, and it's scalable for gene expression between 0 and 800 genes at a time. It's got simple automation, it makes researchers independent of their cores. It has a menu of panels that are tied towards biology of common interest. Excuse me. The nCounter install base today is 1,100 systems large. We sold 70 systems last year. It's grown about 7%. That platform is hugely productive. In just the last year alone, 1,300 papers came out on nCounter. It's adopted across translational biology in both academic and biopharma settings. nCounter is a mature business, and utilization on the systems on average is dropping as the installed base matures. Systems tend to pull the most consumables in their first year, dropping in their second and third. As the installed base ages, so too does the overall average utilization per system. This business is no longer growing. It shrank in 2022, it'll be flat to down in 2023, it's okay. It's a cash cow business that generates revenue that we then reinvest into the growth of our spatial biology platforms. Let's turn ahead to 2023, where we have three simple objectives. First, we wanna penetrate the spatial biology market, continuing to sell as many systems as we can. Second, we wanna deliver steady and predictable revenue growth. Third, we wanna improve the bottom line position of the company towards cash flow breakeven. The spatial biology market is very under-penetrated today. We're only 5% into this overall market adoption, with 7,000 labs worldwide and 400 GeoMx systems. We're about 6% penetrated into Profilers, and we're only about 4% penetrated into Imagers. We have a long way still to go. One of the great opportunities for us to get the word out on our system is to come to the AGBT meeting, where we really show off the new toys of genomics every year, and that's coming up in just about four weeks time in Florida. NanoString's the gold sponsor. You should expect to hear more about the roadmap of CosMx, in particular, how we'll push the key dimension of plex even further than the 1,000 plex that we have today. We'll have an investor event there as well as a gold sponsor workshop. We'd encourage you to attend, and we'd be happy to brief you. Finally, let's talk about the economics of the business. We're not guiding today, I wanna be clear about that, but I wanna give you the crosswalk from 2022 revenue to our current street models, which are consensus $174 million. If you add the $40 million in backlog and the $127 million that we did in 2022, you've got 30% growth. It leaves just a $7 million gap for us to find with incremental CosMx instrument orders, incremental consumable sales into our GeoMx installed base. We have a heavily de-risked revenue profile in 2023. When you think about this growth on an OpEx base that's flat to down from 2022 to 2023, we also will have a substantially improving bottom line picture. In summary, we think we are addressing a super exciting market with a great portfolio of products and a with a really wonderful growth and EBITDA setup for 2023. That's it. Excellent. Thank you, Brad. For the audience, if you have a question, feel free to raise your hand and, we'll get a mic to you. Okay. I can get us started. First off, congrats on that strong CosMx order. You know... Thank you. -eighty system is extremely strong, even considering, you know, year-end budget flush dynamics. I wanna maybe start by that one slide you showed during our presentation comparing the launch trajectory of all three platforms in your portfolio. You know, maybe talk about, you know, what you attribute the strength to this elevated growth trajectory of CosMx launch. Sure. I should bring that up for people. It's wonderful to look at. You know, spatial biology was named Nature's Method of the Year back in 2020. That, you know, that was pretty much shortly after we launched the GeoMx. Since that time, several things have happened. One, the scientific community has become more educated about what spatial biology is. It's not as wondrous and new as it was several years ago. The market is prepared to receive new product launches. Second, the capability of CosMx, which is really single-cell biology in space, fits perfectly with the last major revolution that happened in biology, which was the single-cell revolution. People have been waiting for a way to take the insights into the different rare cell types that they've developed by dissociating tissue, capturing it in droplets, and doing single-cell biology. They've been waiting for the technique that will allow them to see where that is in tissue. As these imagers come to market, we're seeing tremendous interest from people who own those single-cell systems, and those are new to NanoString customers. I guess the last thing is there are several manufacturers of single-cell imagers, like CosMx, who are out there marketing their products at the same time, and that is rapidly educating the market and driving awareness, and we're all benefiting from that, I believe. Great. That's helpful. You know, beyond the 80 orders, can you talk about, you know, what the advanced lead pipeline looks like and how to think about the order trajectory going forward? In light of the macro, you know, what are you observing in terms of sales cycle? Yeah. The sales cycle for capital equipment of the $300,000 or so price point, which is where we participate in a mature product, is typically six to nine months. CosMx has obviously been selling on a cycle that's much faster than that, as we've only began marketing the product about a year ago. We're able to sell, you know, 180 systems to date. I think, you know, as we engage, you know, the way we sell today is to send our sales reps into a lab with GeoMx and CosMx and really to be indifferent about which one the customer ultimately purchases. We want to, you know, just be certain that when they do buy their first spatial system, it's one from NanoString. As we go in today, we can kind of see how fast are our funnels, you know, how are customers sorting, how fast is the relative funnel build. Without a doubt, while the CosMx funnel is not yet, even as large as the GeoMx funnel, it's building incredibly fast, and the sales cycles are incredibly fast. I think that portends that CosMx will continue to be the majority of the spatial instruments that we sell in 2023. In terms of the total magnitude of orders we expect, you're gonna have to wait for us to guide in late February on that, but I think we're entering the year with tremendous momentum. Excellent. obviously, you know, spatial market is very dynamic, especially this year. One of your competitors recently launched the Xenium system, but obviously, you know, CosMx still saw very strong momentum in 4Q. What are you hearing from your customers in terms of, you know, how they compare the different options on the market, and what's the reason that they chose CosMx over, you know, say, Xenium or others? Yeah. I think we're in a moment now where the market is so wide open that many companies can succeed. you know, we're very proud of the pace at which we're selling CosMx, but I'm sure other companies are selling units as well. where CosMx distinguishes itself, you know, when we have competitive situations, the reason we so often win is because our plex is so high. We offer the opportunity to look at 1,000 RNAs per tissue. That's 2.5 times what the Xenium platform offers, and it's 2.5 times what the other competing platforms offer. Sometimes it's more. That's, you know, that's compelling to researchers. Most of the time, genomics researchers look to get the maximum amount of biological data that they can out of any given precious sample they have. That's the number one reason. I guess the two other reasons we win are our protein offerings. I think we have a more mature proteomics offering on CosMx than our competitors have on their platforms. Finally, this investment we've made in i-informatics anticipates the huge data generation and really gives them a tool to help them manage that. I don't think my competitors have yet made that investment. Great. You alluded to, you know, you're going to announce the CosMx roadmap at AGBT, certainly looking forward to more details there. Maybe as a preview, you know, can you talk about some of the key metrics, menu expansion you mentioned? What's kind of, you know, the potential you're thinking about there? How about, you know, throughput improvement. Mm-hmm. How about the ability to look at RNA and protein simultaneously? Mm-hmm. on the same site? I think, you know, our history of the way we think about roadmaps is well illustrated by GeoMx. When we launched GeoMx, it only did 96 plex RNA at a time, and it read out on the nCounter system. We sold probably 100 systems on that basis alone. Later, in the interest of driving plex higher, we opened it up to read out on Illumina sequencers and drove plex first from 96 to 2,000 with a cancer panel, and then from 2,000 to 20,000 with a whole transcriptome panel. We did that all in the same instrument with improvements in chemistry and informatics. That's the way we like to roll out and make the system you bought more valuable over time with new assays and new software updates. Look for that kind of approach. We're not gonna come out with a CosMx V2 and obsolete our system right away. We're gonna take those systems and make them more valuable. You've picked up on the two main dimensions we wanna improve. We believe plex is the single most important. The ability you to get more molecules per unit area is the most important dimension that we can drive, and that's our primary focus. We don't know yet where the limit is, but we'll be showing the pace at which we're stepping forward when we get to AGBT. The other is throughput. In terms of samples per week, today, at the highest plex, CosMx is relatively slow. It does two samples a week because of all of the cycling that we involve. We think we can improve that over time, which will increase the overall experimental scale that customers can use. Those are the two dimensions. Looking forward to staying tuned. How about the customer mix here? You mentioned, you know, a significant number of CosMx orders are from new to NanoString customers. You know, how about the mix of, you know, academic versus biopharma CRO? Just any kind of insight. Yeah. Maybe I'll contrast the mix of our nCounter and GeoMx customer base, which I'll call translational, meaning focused on human science, with that of CosMx, which is more oriented towards discovery science, things that aren't necessarily in human samples. Both GeoMx, if you caught those pie graphs, which I flipped past quickly, both GeoMx and nCounter address the translational market, which means about 25% of the systems go into biopharma companies, and then most of the rest go into academic medical centers, like major hospitals, that have tissue banks that they wanna mine. In contrast, CosMx is appealing to that single-cell researcher who's doing basic research, sometimes in university settings or genome center settings. 90% of the CosMx we've sold are to academic researchers, and really only about 10% are to biopharma to date. Gotcha. Very helpful. Now, any questions from the audience before we move on to GeoMx? All right. GeoMx then. 25 orders, that still shows very healthy demand. Can you maybe help us understand, you know, how much of that, you know, GeoMx demand is driven by, you know, bundling with CosMx? Mm. -versus standalone demand? Most of it is standalone demand. You know, as we showed, about 15% of all CosMx over the last year have been bundled with GeoMx. If you look over the last year, 15% of 180, you know, is less than 20 of the overall GeoMx systems sold over the last year. We've sold, you know, about 100 systems over the last year. Gives you a sense. You know, 15% of the GeoMx's are being bundled, but 85% of the GeoMx's are being sold, you know, into labs who are adopting just that system. Are you seeing any kind of, you know, shift in the type of customers who are still demanding GeoMx? Are you kind of, you know, you know, moving to maybe lower volume users? How are you thinking about where GeoMx is in its life cycle? It was interesting. GeoMx, when we first launched it, appealed almost exclusively to what we would call translational researchers. In fact, many of them already owned nCounter because they had used it for bulk gene expression and biomarker hunting in fields like cancer. In 2021, that changed. We opened up the system to do the whole transcriptome. It began to appeal to basic scientists. We probably half the sales of GeoMx in 2021 went to what we call discovery and half to translational, and that's what part of what drove that huge growth, in the number of systems we sold that year. Once we introduced the CosMx system, discovery researchers opted for imaging over profiling. The amount of discovery demand for GeoMx has gone back down to earlier levels, and that's part of why GeoMx volume came back down to earlier levels in 2022. Right now, I'd say, you know, the platforms, despite the fact that I think most labs will end up with both, if you're a discovery researcher, the first one you buy is a CosMx, and maybe later you'll buy a GeoMx. If you're a translational researcher, the first one you probably buy is GeoMx, and maybe you'll come back and get a CosMx later. Maybe sticking on that point, you know, how do you think the long-term dynamic of spatial imagers versus profilers play out? Obviously this year the pipeline is skewed towards the imagers. Right. because it's, you know, some shiny new toy. In the long term, do you think we'll see a normalization of demand back to, you know, profilers? Or, you know, how do you think that plays out? I think the mix will even up in the long term, maybe not to one to one, but maybe closer to two to one than instead of the three to one that we saw in the fourth quarter. I think it's really important to say I don't really know the answer to that question in 2023, and I don't really care about the answer in 2023. That's very different than 2022. In 2022, I was only getting revenue on GeoMx, and I was putting all the CosMx orders in the backlog. It was, in a sense, problematic when customers chose CosMx over GeoMx. We pursued it. We paid our reps the same, regardless of which system they sold. We did not wanna tell customers which system they needed. We wanted to listen to what they said. It was disruptive in terms of our revenue predictability. In contrast, in 2023, I'll be shipping both systems, so revenue will not depend on the mix of those two systems in the way it did in 2022. My sales reps don't have a quota of CosMx versus GeoMx. They have a spatial instrument quota. They're commissioned the same regardless of which system. We want the science and what the customer is doing to drive which one is adopted, not some incentive that we've given ourselves or some pursuit of managing revenue at the company. Gotcha. That makes perfect sense. Just, you know, maybe sticking on that point a little bit, how do you think about the position of, you know, where GeoMx fits in the spatial, you know, discovery and development workflow in the long term? You mentioned that right now, academic researchers are choosing the imager over GeoMx. You know, in the long term, does GeoMx still have a place in that, you know, initial discovery step? You know, were people still using GeoMx for the whole transcriptome coverage, or do you think its main place is in sort of, you know, more targeted validation? I think in the long term, both these systems will have utility across both discovery and translation. Today, though, it's very easy for someone who's been doing single-cell science on, say, a Chromium system from our competitor, and there's 4,500 of those labs out there, remember. It's very easy for that researcher to say, "I identified cell types using droplet-based single-cell biology, and my next experiment is to map those cell types into a tissue." If that's what you wanna do, the CosMx is the system for you. That's very easy for a customer to imagine. I think that's driving the demand for the imagers today. GeoMx is really hypothesis-driven research. You kind of have to have a question that you wanna answer, like, "Hmm, I have a hypothesis that, you know, this marker in the tumor microenvironment predicts response to drug therapy X, Y, or Z." Then you need to have the right samples to do that science and so forth. So it's very powerful when you have a hypothesis you wanna test, but it is a little more demanding in terms of experimental design, and I think that's gonna be important in the long term. Of course, the fact that you don't have to choose your genes is very enabling with the whole transcriptome in the long term. You know, in the near term, it's easier for people to get up and started on a single cell spatial imager than a GeoMx. Gotcha. In light of everything we just discussed, what's your expectation in terms of GeoMx pull-through and utilization levels in 2023? Yeah. In 2022, GeoMx utilization was about $75,000 per system per year. If I were modeling 2023, I would model it to the same rate. Now, of course, total consumables will go up because we've grown our installed base meaningfully since 12 months ago. I would leave consumable utilization the same. You're confident in that staying flat, meaning, you know, researchers would not be allocating their samples, you know, over to the imagers. Well, most of them don't yet have access to an imager, and it's gonna take us long enough to clear the backlog of 180 systems we have that most of the year they won't have you know, many of them won't have access till later in the year. I think science is gonna continue on the GeoMx systems for those people who own them. Gotcha. Great. Any questions from the audience? All right. Maybe in the remaining minute, let's touch on nCounter. Mm-hmm. You know, where it is in the life cycle, what's your expectations for nCounter demand and utilization in 2023? Yeah. nCounter, as I tried to say in my prepared remarks, it's a mature system. You know, it's a system that's still selling, having been launched in 2008. We're incredibly proud of that. It's still productive. It had its biggest year of peer-reviewed papers ever in the last year. In terms of new instrument placements, it's really slowed down. Most labs who need that kind of targeted gene expression, they've already acquired a system in the past. This business, I don't think is a growth driver going forward. It could go down in revenue from 2022 to 2023. It'll be a soft landing. It's not gonna fall off a cliff. You know, I think our shareholders really want us to see us investing in the spatial side of our business, where the long-term growth and market leadership potential is. In terms of the R&D effort on nCounter, it's close to zero in terms of new innovation. In terms of our sales effort, only a few people are focused on nCounter sales relative to the number of people who are focused on spatial biology sales. You know, we're milking that business. Excellent. With that, we are out of time. Big thanks to Brad. Yeah. Thank you, everyone. Thank you all for your interest.