Okay. Morning, everyone. Welcome to the last day of the JPMorgan Healthcare Conference. My name's Allen Gong. I'm on the Medical Supplies and Devices team here at JPMorga n. It's my pleasure to introduce one of the first sessions of today, NuVasive. Starting us off will be prepared remarks from CEO, Chris Barry, and then we'll dive into a Q&A afterwards. Thanks, Allen. Thanks for taking the early morning time to show up here and on the last day, and obviously thanking those that are also attending virtually. Beginning statement, some of the presentation material will contain forward-looking statements. Please refer to our SEC filings for further details. I'm excited to talk about our strategic direction at NuVasive and obviously the progress that we've made and look forward to making as we look at 2023 and beyond. 26 years we've been a company. Along that journey, we've innovated, we've diversified, and we've globalized the business. We've done so through, I think, meaningful innovation, continuing to expand globally and driving above-market growth. Continued investments in focus R&D efforts have continued to drive valuable innovations. As I look at 2023, I truly believe we're positioned better than we've ever been with the innovation and the foundation and the focus we'll have as we look at Intelligent Surgery and really redefining NuVasive as we move ahead. I won't spend a lot of time here, but I don't think it's lost on anybody. Back pain is a big problem. It's obviously problematic if you are suffering from back pain, but the societal challenge that we face, we've got a growing population, an aging population, high prevalence, significant cost to treat. As you see down below, number one reason for disability is back pain. We've got a significant, and I think a meaningful problem to pursue. At NuVasive, we think about pursuing back pain from a surgical perspective, and we always look at how do we create less invasive approaches. It's very important that not only do we look to treat back pain, but we look for ways to innovate, to make that treatment as less invasive as possible. The reason is pretty simple. We kind of say it's a trifecta. Clinical outcomes obviously benefit the patient, the surgeon, but you get into operational outcomes, you have benefits for the providers. Ultimately, that drives better financial outcomes, which benefits the payer. By looking to drive less invasive approaches, you really hit all the key stakeholders. It's something that we focus on. All of our innovation is really designed to and focused on continuing to look for ways to drive less invasive solutions. We bring that to life through what we call our three fundamental pillars of our strategy. I introduced this back in Investor Day a few months ago. This is something that we've been developing over the last several years. It's been a challenging few years, but you'll see later in the presentation, we feel the foundation in core growth is significant, and the runway there is significant. We've continued to build out from being that early-stage disruptive procedure company to now full breadth and depth and a very broad portfolio with key launches taking place over the last 12 months and significant launches taking place as we go forward. We think that leads over to the second pillar, building upon the recently launched Pulse system, this idea of Intelligent Surgery. We participate intraoperatively today, but we also know that there's big challenges pre-op and post-op, and we look to fully participate in the full patient journey as we move forward, truly looking at outcomes and how do we produce better outcomes as a company. Lastly, building on aggressively pursuing attractive market opportunities. We've done a lot of this. You look down below, there's several names. Simplify Medical, we did that acquisition in 2021. That's been a significant growth driver for us and will continue to be with the CTDR technology. EndoTac was a recent IP, novel IP technology that we purchased from a company in France, building upon our NSO business. If you look over to the right, Allevio, Augmedics, SMAIO, these investments start to really build out the building blocks, if you will, for Intelligent Surgery. We've not been sitting on our laurels. We've been doing a lot of investments to bring this strategy to life, complementing some of our organic activities. This is a very important slide. This, I think, exhibits the runway and the opportunity that we see, and I'll kinda move from left to right. The key here is runway and the opportunity as we see ahead. If you look at the anterior segment, anterior is made up of XLIF and ALIF, right? It's the anterior approach to spine surgery. This has been a focus for us for the last several years, obviously XLIF from the inception of the company. You can see where we focus, we've done exceptionally well, and that's an area of focus. We're the number one market leader in XLIF. We're now the number one market leader in ALIF. More recently, we turned our attention to the cervical space. Cervical is a $2.6 billion segment. We now have, in my opinion, the most effective and comprehensive portfolio in cervical. That's paying dividends. We've seen significant growth in cervical, over 20% the last several quarters. We think that will continue. Building upon the CTDR, also ACDF and our anterior cervical plate, significant runway, and we're just really getting started with the cervical portfolio in many other countries outside the US. Strong growth. Then you move over to posterior and complex. These are areas that we've really never paid a lot of attention to. Obviously, we have a business in complex surgery, but we haven't focused a lot of innovation there. As you look at 2023 and beyond, you'll see product launches now and breadth and depth in the posterior space, which is again, a $1.7 billion segment, where we're just now launching technologies to take it, take advantage of that opportunity. Breadth and depth across all these key segments, I think really creates the foundational runway for us to not only continue to grow in our core, but also build the foundation to drive Intelligent Surgery. As I said a few minutes ago, we're building and complementing our portfolio through aggressive market investments. We've done several over the last several years. We look over 25 core spine and specialized orthopedics and tuck-ins, Intelligent Surgery partnerships, and then obviously accelerating opportunities within the broader portfolio. Building and complementing our portfolio within organic activities is something that we'll continue to do, we have done, and we think we've got a strong foundation and a good proven track record to continue to do this. Just exhibiting the 360 strategy. To talk about the core growth. The core growth is really highlighted what we call our 360 strategies. We started with XLIF, as I've said before, XLIF is one procedure, one approach, one subsegment. It's really a half a subsegment of the anterior space. We turned and said, "Okay, how do you build an entire portfolio designed to hit all of the needs of that segment, anterior?" We did that with X360. Now we've taken that same proceduralization strategy and now have X360, the anterior, C360 cervical, P360, the posterior approach, and then a series of complex launches that now allow us to play across the entirety of the spine industry. If you move from left to right, you're talking about a $450 million total market over to the left, I should say, over to the right, which is the full $12 billion segment. We've continued to open up market opportunity as we've advanced our portfolio. We've got, you know, I think a highlight of technologies launching this year. You know, the Modulus technology, we're launching expandables in both X360 and P360. We recently launched the Tubular Access System, which is a minimally invasive TLIF retractor. We think it's a novel technology that opens up that opportunity in P360. I've talked a lot about our cervical portfolio. The CTDR has been a significant growth driver for us, but we've also recently launched Reline C, which extends our posterior fixation Reline system into the cervical space. That's really just out. Then we've continued to advance complex with Reline 3D and Reline ONE, and with more to come in complex surgery as we move forward. Significant product launches over the past 12 months, significant products launches as we move forward. We've also now got a year under our belt with Pulse. Pulse is an integrated technology. This is a game changer for us as a company, moving us from a hardware-based company to now hardware complemented with software solutions. Broadens the technology suite that we can play and create solutions with across all of spine. We've made significant progress this year. We've continued to rev the software, now we have broad utilization across the 360 portfolios. Continued global implementations. We're now in nine countries with more to come as we move forward. We've completed now over 2,000 Pulse cases and counting. We're out and running with this. We've got new addition and new markets to go into in 2023. We've got a broad and a healthy pipeline in the U.S. Significant progress we've made, and a future suite of technologies we'll continue to add. That's a good thing, and what we're excited about with Pulse is the modularity and the continued opportunity to build upon that technology as we move forward. I've talked a lot about this. This has been a significant growth driver and continues to be a significant growth driver for us, is our globalization efforts. It's something that we've doubled down on. We've made a lot of strategic market entries over the last several years. We've consistently grown well above the spine market and outpaced almost all of our peers, if not all of our peers, over the last several years. If you look at our overall revenues now, we've moved from around 20% now to over 25%. We've got differentiated technology offerings in a lot of these key markets, Japan being one. They're favorable competitive environments. We significantly have invested in our clinical professional education, with sites opened up in Singapore. We recently opened up a site in New York City to bring the European teams over. Significant focus we've made over the last several years, and a significant focus for us as we move forward is our globalization efforts. That sets the stage for this idea that we look forward to, which is Intelligent Surgery. Intelligent Surgery for us is the future of NuVasive. It allows us, as I said before, to move from just operating and innovating intra-op to really looking at how do we select the right procedure? Then how do we execute that procedure? Then how do we verify that the desired outcome was achieved? You can have the perfect surgery but not get the desired outcome in spine, unfortunately. That's something that we're taking as a primary opportunity and something that we're gonna try to figure out how do we solve and give better insights on choosing the right procedure, executing that procedure with the most intelligent technology available, and then having novel technologies that allow us to track that patient and how that patient ultimately resolves their condition. We think Intelligent Surgery will define the new standard of care. We've talked about some of the acquisition and some of the investments that we've made and partnerships that we've developed to support this effort. An area that you'll continue to see us talk about and have traction on as we move into 2023 and beyond. We haven't talked a lot over the last several years, but NuVasive Specialized Orthopedics or NSO business is a key growth driver as we move forward. This sort of is been a diversification play that we've had embedded in the company. It's building off the motorized magnetic technology, the MAGEC technology you've probably seen, Precice. We've over 15,000 of the intramedullary nails implanted, over 110 peer-reviewed studies. We recently did a transaction with EndoTac, we think creates next-generation technology, smart technology to rev this business. Fast-growing business for us with a lot of opportunities to move forward. This is Intelligent Surgery applied to a broader orthopedic play. We're excited about NSO and what we can do here. Lastly, moving into our financial strategy. You know, really building on our core as a foundation. The work we've done with Pulse, our globalization efforts, we've grown above market consistently throughout our history. We continue to see that opportunity as we move forward. If you know, just to pause on 2022, we expect to be in the guidance range that we presented. Again, moving as we look at 2023 and beyond, significant opportunity to continue to grow the business. Not only top line, but one of the things that we've been focused on, it's been a challenging few years, but really making sure that we've got a clear line of sight to margin expansion. The good news is we feel very confident in our ability to drive margin expansion. We feel like we've got very clear opportunity through continued growth In the U.S. and international markets, through driving operational efficiencies within our commercial organization, focused on leveraging our R&D investment. We've got a key activity we're kicking off on SKU rationalization, really looking at underperforming or non-essential assets. We've got a significant opportunity to continue to insource. Our West Carrollton manufacturing facility has been a key operational capability that we've developed over the last several years, and we've got a lot of headway, if you will, to continue to build on that facility. Really three things I'll leave you with here is a clear foundational and clear runway to continue to drive above market growth. We believe we've got the portfolio, we've launched key technologies, we made significant investments, and we've got significant amount of opportunities we see to continue to grow above market. We've got clear line of sight and multiple levers to pull to complement our top-line growth with expanding our margins and driving profitable growth. Lastly, disciplined capital allocation. We've also taken a very clear approach on how do we strengthen our cash flow, how do we continue to strengthen our balance sheet, complementing our operating margin correlating to EBITDA margin, which actually we think will allow us to continue to invest back in the business and strengthen the overall organization as we move forward. With that, we'll thank you. Like I said before at the beginning of the presentation, with the investments we've made, I feel like we're set for 23 and beyond, and I couldn't be more excited about where we're going with this company. Thank you. Thanks for that, Chris. you know, I think just to kick it off with a little bit more of a, I guess, a boring start, right? I think a lot of people are curious about, you know, the trends you're seeing into fourth quarter into 2023 so far. I think at a, at another recent meeting, you highlighted that, you know, the challenges with respect to higher acuity cases, you know, that had persisted to the extent that you expected in the third quarter. Mm-hmm. if you could elaborate, I guess, a bit more on, you know, how you're seeing the overall trends for the spine market progressing through fourth quarter into 2023. It's gen2erally, I think the fourth quarter sort of played out the way we expected. I didn't see the seasonality that we've seen pre-pandemic, meaning you didn't see that big rush happening in December. We sort of expected that. What I've seen over the course of the year was, you know, incrementally better volumes. I think that's continued. You know, the acuity cases I talked about, some of these more complex cases. The complex cases are coming through, the velocity was different this year. A lot of that, you know, sort of transpired through some of the staffing shortages we've experienced midyear, it just didn't bounce back as quick. We continue to see it get incrementally better. I think you're seeing positive signs moving into 23. I know we're seeing positive signs moving into 2023. The velocity of the rebound coming off the last couple of years really didn't materialize the way we thought it would in 2022. It's incrementally gotten better. Every quarter, I think has incrementally gotten slightly better. We keep hoping for that step change, and we haven't seen that yet. Things have gotten better. The Q4, just as an example, normally you see October, November and a significant step-up in December pre-pandemic. That's sort of the seasonality. We saw a better December, but just not to the magnitude we've seen in previous years. Again, reflected in what we guided to and kind of what we expected in Q4. The good news is, as I look at 2023, I'm optimistic that we'll continue to see the incremental improvement. That trend will continue. Hopefully we'll have a more normalized year as we look over the next, let's say, 12 months. One of your competitors at the conference, they, you know, they highlighted similarly that spine had been a little bit slower to rebound over the course of 2022. I guess I think, you know, their conjecture was that spine, compared to other procedures, maybe tied a bit more, especially other ortho procedures, maybe tied a bit more to the hospital versus say, like outpatient or ASC. That efforts to, you know, really bring more cases into the ASC are challenged by, you know, some of the inherent complexities of some spine procedures. That, you know, maybe developing portfolios, expanding on products to make them more ASC or outpatient friendly could be a direction for, you know, for them going forward. Is that something that you agree with? Is that something that you would highlight as part of your own strategy? Yeah. I mean, naturally, we're moving into the ASC through our work in cervical. A lot of cervical cases are done in ASC. It's, you know, You start to work sort of in what can be done in ASC and likely what can't be done in ASC. You sort of move, you know, the cervical portfolio, likely a lot of ACDF, CTDRs, those can be done in the ASC, and I think we're positioned well there. As you get into more of the thoracolumbar cases, maybe one to two levels can be done in the ASC. You start to get in very quickly to just cases that likely won't be. I mean, you can do some of the less invasive TLIF types of procedures. You know, you've got to work, to your point, there's a business model that we have to look at. You know, it's not just can we do the procedure in the ASC safely, clinically, but is the operational infrastructure there? You think about all these assets that we move in. I do think that the point made is a good point, and I think that as an industry, we've got to look at the configuration of these assets, the instrumentation that goes along with the procedure, and look for ways to narrow that down to minimize the burden. The, you know, the sterile processing capability of an ASC is very different than a hospital. They can't process, you know, 20 trays for a case, and they usually don't have the staff for it. I think there's an opportunity there. I think it's not only an opportunity to move the site of care, but I think it's an opportunity to drive efficiency and reap the benefit of that operationally as a company. It's something we are focused on. The move into the ASC isn't rapid, I would say. It's slow for the reasons I just described. You know, I think one of the technologies, as you highlighted there, that people are definitely really excited about, that has been a really big driver for you, has been cervical C360 and, of course, Simplify. You know, you came onto the market with Simplify. You've clearly been growing that business incredibly well. There are, you know, quite a few other cervical discs out in the market. You know, one of your biggest competitors there, they just spun off into their own separate entity, could maybe improve their competitiveness, their focus there. How confident are you in continuing to drive the same strength you are with C360? You're clearly adding more to the portfolio, but are you seeing, you know, the competition maybe wake up a bit there? How durable is the, you know, 20% plus that you've been doing? Listen, I'm very confident. If you look at when we bought Simplify Medical in 2021, coming off of some disruption, obviously from the pandemic, we characterized the market data from 2018 as about a $250 million market. We refreshed that data from a third party leading up to our investor day back in October, I think it was, and the data that came back would suggest it was a $450 million market. It's more than doubled. So we're seeing high market growth, and we're seeing preference to our technology versus those competitors you just mentioned. For those reasons, the CTDR market, I think, continues to grow. We're taking significant share with ACDF as well. As I said before, we've got Reline Cervical that just launched, which is an extension of our Reline thoracolumbar fixation system now moving into the cervical spine. I think we've got strong on way across the board. We still believe we have roughly around 6% of the entirety of the cervical market. I feel very good about our ability and the durability of the cervical opportunity for two reasons. Number one, very low share with traditional ACDF technology and a growing market in the CTDR market. For those reasons, we feel very confident about our cervical business. You know, another product that I think you've really highlighted has been Pulse, right? You know, especially on the navigation side, it feels like, you know, that could be, you know, a really big driver of better adoption of MIS going forward. You've basically kept it to friends and family so far. It's been, you know, a good launch, but not quite the contribution of something like Simplify. I guess the question that I think I have and a lot of other investors have is, what will really get you comfortable with bringing that to a broader launch? Then we can talk about Intelligent Surgery afterwards. I think we've actually, you know, I think we're phasing out of the friends and family launch. The reason and the rationale for that was we had to develop the organizational capability to support these types of technologies. We had to have the service capability, the support capability. For every unit of Pulse you sold, we had to have the corresponding service personnel. We had to develop the capability to install these units. We built a lot of that out of Memphis. We have some of that out of West Carrollton. Had to equip our sales teams to support these cases. Obviously, we had to add some capital sales folks. We've done a lot of that and stood that entire capability up over the last, say, 12 to 18 months. That's it hasn't been that we've gated the launch because of our ability to drive additional sales. It was really building the organizational capability and the foundation that allows us now to move out in a broader, to a broader group of customers. We have, as I said earlier, we're now in nine different countries with the technology, so we've clearly moved past friends and family. As I look over the next, let's say, you know, 12 to 18 months, we've got a very robust pipeline. We've got now customers that are purchasing their second unit, which is a great sign. We're seeing definitive pull-through. For those customers that have had the system in place. As we continue to build that fleet out in the market, it's accelerating our overall portfolio growth. We'll continue to move at the right pace. As we said, you know, we're being very disciplined and very diligent about the velocity that we move so we don't disappoint. We've also revved the software, we knew we were gonna be revving the software as we first sort of snapped the chalk line on the first launch. You gotta lock everything down, as you continue to move out, we've revved the software now to be inclusive of all the 360 portfolio, made some adjustments on the arrays, miniaturized the arrays to enhance visualization. A lot of that work we knew we had to go through over the last 12 months and we've completed most of that work. I wouldn't call you guys a capital business, but, you know, just for the sake of everyone here who, you know, probably wants some a bit more insight on the hospital CapEx environment, especially everything that's going on on the macro side, you know, are you still seeing general healthy capital demand for Pulse? You know, it's still early, so your insight might be a little different from the broader market, but just what are you seeing? Yeah, you know, I've heard this. Clearly I'm sure there's, if you're a large capital business, I'm sure you're seeing some anomalies or maybe some sluggishness. We haven't seen it. Again, you go back to sort of the friends and family, we sort of selected which customers that we were gonna take the product to. So we likely had good line of sight to capital budget that was available for us to do the work that we needed to do. I haven't personally felt it, but clearly I've heard the same things from some of the larger capital companies that it's been sluggish. We haven't experienced personally. You know, talking about Intelligent Surgery. You know, when I think about this idea of providing solutions for pre-op, intra-op, post-op planning, you know, to play devil's advocate a bit, this is an idea that has been around, you know, the broader orthopedic space for a while. You know, if you went to AAOS for the last few years, that kind of idea of creating a continuum of care is definitely not new. When we think about your take on it with Pulse building out that platform, as you said, with more software, more capability, what really will differentiate you from some of your other competitors who maybe are doing something similar, but frankly with a robot at the center or their own navigation system at the center? Yeah. We look at the Pulse system as being sort of the hub, right? Intraoperatively, how do we leverage that technology? But the fact is, if you just freeze frame the operative or the operating portion of the patient journey, you're missing the pre-surgical planning, potentially better insights pre-surgery or pre-op with the patient, and then whatever happens on that journey, ultimately, you wanna actually verify. And it's not a novel idea, but it is the only idea that will truly differentiate outcomes over time. Moving from differentiating technology to differentiating outcomes, in my opinion, is how you truly differentiate your company. I think it's a catalyst to create a more rational spine market. It's a catalyst that probably drives consolidation over time. To be very clear, we think that we are an innovator intra-op. We're just moving from just focused intra-op to making sure that we're fully participating in the full patient journey. I don't think it's a novel idea, and a lot of people are going after it, but I think we're uniquely positioned with our core technologies and now with Pulse, to reach, both pre-surgical and post-surgery and connect that journey for the patient. It's an area that we're laser focused on. Just want to poll the audience if anyone has any questions. I'll keep it going. you know, I think your recent Analyst Day and today's slides as well, you really highlighted, I think, posterior and complex as being two areas where, you know, sort of like cervical, you're a bit under scale now relative to your positioning on the anterior side, but that you see a lot of opportunity. You're building out your P360 portfolio. You're bringing that onto Pulse. At what point should we, you know, kind of think of those businesses as, you know, maybe seeing a similar growth inflection as C360 has done for cervical? Is there kind of an on/off switch like that? There isn't a simple find necessarily, but how should we think about the cadence of growth for that? When should we see that becoming more meaningful? It'll be meaningful this year. now, it, you know, the, the spark that we saw with Simplify Medical was unique, in the fact the CTDR market was growing, and that was a unique technology and played very well competitively with existing technologies. you know, there's not, there's not been a lot going on in the posterior market in some time. Like, we think it's right for disruption. The tubular retractor system that I, that I spoke of I think will be a catalyst for us. we're in the process of launching that out as we speak. I think we'll see meaningful growth, starting to layer in over the course of 2023 and beyond in posterior. complex is an area, like I said, we're revving Reline ONE and Reline 3D. Those are unique technologies that we've really applied to the pediatric space that we're now going to the adult space with. Obviously, we continue to have internal projects that I think will continue to unlock opportunity in complex surgery and deformity. That'll be on down the road. As you see, we continue to make headway and drive growth in anterior, significant growth vector in cervical, really just getting off the ground in posterior, and some key technology launches in complex surgery this year with some key projects in the R&D development stage that I think will continue to solidify the growth in complex over time. I think you'll see more of a layering of P360 and complex over the next 12-24 months clearly, you know, opportunities for growth and as I said before, significant runway as you look at these larger market segments that we haven't really played in. Closing out kind of the, I guess, the top line side of things with, you know, your international business. I think international has definitely been a standout for the company for quite a while. You know, it rebounded pretty quickly after the pandemic. It's really set to be one of the main upside drivers, I guess, really pulling your LRP growth up to achieve your LRP targets. When I think about the international business, you know, we're hearing about some choppiness in Japan. You clearly don't have an exposure to China, which is quite the boon in today's market. What are you seeing in terms of international dynamics, around, you know, the pandemic, and what gives you confidence that you can continue to drive, you know, double-digit plus growth? You know, it's been interesting. You know, one of the key focus or one of the reasons for our focus on globalization was overexposure to the U.S. market and just had such a concentration there, where we've done fairly well, but we wanted to complement that. Even through the pandemic, we saw consistent growth, and it was because of the diversification that we're participating in over 50 countries. Even though we saw disruption in one country at one period of time, it was offset by stabilization of other countries. It's been a durable and a consistent growth area for us. We've grown consistently in the mid-teens in those markets. There has been some choppiness, but again, it's been more than offset by durability of the collective footprint that we've had. We're confident in our growth there for a few reasons. Number one, we still got good runway in the larger markets that we're playing in. We've got good runway in Europe. We've got a significant footprint now in Japan, but still growing well above the market in Japan. We're just now getting started in areas like Asia Pac. We've got good runway in a lot of the larger countries that we've played. We've also got immediate market opportunities to move into new markets, Taiwan, Korea, we're just now moving into some of the Middle East. So you've got not only growth and runway in the existing larger markets, but we've got clear immediate market opportunities to access. Further from that, we've got a very strong, what we call our market access process, to which we've by looking really at the return on investment, which markets do we move in at what period of time? We've got a, we've got a fairly substantial list of countries that we can move into at some point in the future. It's really just an opportunity cost of do we continue to double down in the countries that we're in today? Do we move into new countries, or do we continue to extend that list to even move into some of the countries that we look to move into over the next several years? For those reasons, we feel like we're just now getting started in driving international growth. Also, one of the things that we've done that I, that I believe has been very meaningful in globalization is, I would say in the early history of the company, we're sort of a net exporter. At the end of the day, we were just exporting product. We've shifted that now. We're really moving the brand of NuVasive into those markets. We've opened up experience centers. I was personally involved in opening the Singapore Experience Center. We had significant governmental folks that came, significant attendance from the local surgeons, not only in Singapore, but also in Australia, New Zealand. We're continuing to really bring our clinical education, our professional development to these markets, and it's having significant impact on our presence in these markets. What kind of appetite is there for enabling tech for things like Pulse internationally? Well, significant as we see today. We, I tell more of our commercial people no than yes on when they say they've got an opportunity to sell a Pulse system. As I said earlier in the presentation of landmarks, we're in nine countries now with Pulse. We've got significant targets this year in 2023 to move into further countries. There is a significant opportunity. I met with two German surgeons yesterday in San Diego, some of our early adopters that have purchased their second unit and have been real helpful in developing the clinical pathway to ensure the software revs were hitting the mark. We think it's a significant opportunity. Navigation in some of the European countries is more prevalent than it is in the U.S., for whatever reason. We think there's a significant opportunity globally for enabling tech and the technology that is Pulse. Any questions before we move on to financials? Okay. Just, you know, closing out the key questions on the financial side of things. You know, we saw a bit of an impact in 2022 from currency. You know, you did highlight your target for 18%-21% operating margin as a long-range plan target. When we think about the progress you can make on that through 2023, you highlight some of your efforts with SKU rationalization. How should we think about trends on the macro side of things with things like currency? How will that weigh on your results? You know, you didn't pre-announce fourth quarter, but I guess relative to expectations, how did you do with respect to some of the more macro trends, and how have those continued to progress into 2023? Yeah, I mean, 2022 was a disruptive year just because we were, I think, the entire industry was reacting to inflationary pressures, currency-related pressures that we didn't. You know, if you look back about this time last year, we were still talking about shutdowns from the pandemic, we sort of, you know, optimistically rolled out of that into the inflationary and the currency pressures and staffing shortages and all the things that we've experienced over the last 12 months. The good news is now as I look at 2023, we're not reacting anymore. We understand. Now currency, it doesn't get better overnight, but at least we know what we're reacting to, and we have a chance to actually plan and cycle into a year that we can plan for the inflationary pressure. We can at least try to predict currency fluctuations to the extent we can, it's difficult to do. For those reasons, we feel we've got a very clear line of sight. We'll obviously talk more about guidance in February at the earnings call. We're looking very closely at currency. Obviously, one of the key reasons that we didn't pre-announce is we operate in 50 countries, and sorting through a week into the close is challenging. The good news, like I said, as I look at 2023, I'm confident in our ability to drive margin expansion in 2023 and beyond, and I'm confident in the 18%-21% number that I talked about over the next couple of years, well, up into 2027, because we do have a clear line of sight, and we do have a chance to plan for some of the pressures that we face this year. I think us, like many other companies, are now putting steps in place and putting initiatives in place to solve for some of the challenges that we had to react to in 2022. I think we have. Yep, we have a, like, a couple of minutes left, I just wanna close with a question on capital allocation. You know, harping on it again, but Simplify was clearly, you know, a really great deal. Has really helped your surgical business become, you know, start moving towards being a market-leading franchise there. When I think about the appetite for capital allocation, especially with, I think, a convert coming up soon... Mm-hmm. How should we think about your appetite for that and your plans for the debt facility? Well, the good news is that we've got several options. We're monitoring closely. You know, Matt and I talk on a routine basis about what do we wanna do. It's a summer event that we're marching to, but right now we're keeping our options open. We feel confident that we'll successfully solve the convert over the course of the next year. We're not in any hurry, and we feel like we've got some time and some optionality on how to solve it. Oh, on the M&A side? Like what kind of- Oh, yeah. Deals would you be looking to? Um- What size? What kind of timing, I guess? Yeah. I mean, we've got a strong M&A function. We look at a lot of different opportunities. Anything that we think, you know, the tuck-ins, like a Simplify Medical are right in our wheelhouse. We're also looking at partnerships and investments, strategic partnerships that we're looking to leverage over the next 12 months. Anything that continues to accelerate our globalization efforts, obviously things that continue to build out on the Intelligent Surgery pathway. The good news is on Intelligent Surgery, we don't necessarily have to own all the technologies we're stringing together, I think we're well positioned to partner in a lot of these key areas. We've done so with Siemens, many others. We'll continue to leverage the opportunity to partner and make those investments and co-invest with other entities that have core capabilities that complement what we do. That's really at the capital allocation from an M&A perspective really remains unchanged. I really like the tuck-in opportunities, anything that accelerates our global efforts, and then how do we continue to co-invest and create strong partnerships with those companies that have novel technologies that complement what we do well. Okay. With that, we're out of time. Thank you so much. Thanks, Allen.