Morning, everyone. Welcome to the final day of the J.P. Morgan Healthcare Conference. My name's Allen Gong. I'm on the Medical Supplies and Devices team. Really excited to be introducing the management team of Nevro today. We're gonna start off with prepared remarks from CEO Kevin Thornal, before moving to an open Q&A with the broader management team. If you wanna start off? Thanks. Appreciate it. Thanks, everybody, for your interest in the company. Obviously, the first page, forward-looking statements, please take a chance to look over those, and we may talk about non-GAAP financial measures, which, you can read on this slide as well. So Nevro, we have a unique value proposition. We have multiple growth drivers in a very large and diversified spinal cord stimulation market, and we have new indications, not only that we have today, but also new indications coming for use of neuromodulation in the spinal cord for different disease states and for quality-of-life measures. We just now also, through an acquisition, we're entering the very fast-growing SI joint fusion market, and we'll talk about that through today's presentation. Our technology is unique and patented, and it is differentiated with superior FDA labeling based upon high-frequency frequencies for spinal cord stimulation in comparison with all of our competitors that utilize low frequency, and with that comes paresthesia-free pain management. When you put somebody in paresthesia, it's tingling and numbing. Our patients do not experience that with our unique technology. And then we do have some meaningful leverage opportunities to grow and become profitable and have positive cash flow. So what our mission is and what we wake up every single day thinking about is that we free patients from the burden of chronic pain. If you know anybody in your family that suffers from chronic pain, it's not just one of those pains that you take an Aleve and you feel better. This is years and years of living with pain that debilitate people's lives, and our mission is to get them back to a healthy and normal lifestyle so that they can enjoy their life. We treat four major chronic areas in the pain market. We have painful diabetic neuropathy, which is our newest indication, and we have some very exciting two-year data that's just been published around lowering A1C and body weight on top of pain management scores, and it's for the American Diabetes Association, this is the first time they've seen an implantable device do something like that, and it's really exciting that this is a very under-penetrated market growing rapidly, and we are the leaders, and we created that market. The second is non-surgical back pain. These are patients that aren't indicated for back pain or for back surgery, but they still experience pain. Then probably our largest group, and for the group that's been sort of the history of spinal cord stimulation, is people that have failed back surgery. So it's back surgery that maybe the mechanical issues have been solved, but the neuropathic issues haven't yet. And then last but not least, SI joint pain, which we just entered the market in the end of November, beginning of December, through an acquisition. And not only are we in these great, fast-moving markets, but we also have product diversification there. So we have the most unique products on the spinal cord stimulation side. We'll talk through some of those with artificial intelligence, with what's called HFX iQ. We're the only ones on the market that has that. Then, of course, with our acquisition in the SI joint space, not only did we get into the space, but we got in with a partner that has one of the largest portfolios in the space. And again, we do have exclusive rights to the 10 kHz therapy, and that is the benefit of why, when we came on the market years ago, why we captured so much market share in a well-established market. So freeing the back patients from the burden of chronic pain, we really have three pillars that I announced when I first joined the company at the end of April of this year. One is commercial execution. We have to win out in the field with a very competitive market against large players. Market penetration, how do we penetrate these very under-penetrated markets and get new indications that allow us to play into larger areas, much like PDN that we created from scratch? And then profit progress, that's the next journey in the book for Nevro is, now that we've built, a large infrastructure, and we're over $400 million in sales, how do we now turn this into a profitable, adjusted EBITDA, but as well as cash flow company? So number one, commercial execution. What we've done so far is we've enhanced the executive team. I brought in people that obviously I've had experience with over the years at some organizations that you all know that have a very big track record of double-digit growth, sustainable over many decades. And so those team members are now joining, the Nevro team. And then we also have just hired one of the largest two sales training classes in the history of the company, have just been through the organization over the last 6 months or 7 months. They are now certified and accredited to be able to go in and start covering cases and to start helping educate physicians around the benefits of 10 kHz therapy and why you choose Nevro, as well as now SI joint. And then we just finished our first week of training for SI joint. One of the things that's unique about this, we have over 500 people in our commercial team. It's the largest part of our organization. It's one of our most critical assets that we have, and we now can say that we have one of the largest SI joint fusion sales forces in the world because now all 500 of our commercial team that's out in the field will now have this in their product portfolio to talk to customers about. The next is market penetration. So as I mentioned, we're gonna expand indications, so this is uses for the same technology that we already have in our high-frequency spinal cord stimulation. You've seen that we've done that with our non-surgical back pain recently, as well as painful diabetic neuropathy. We've now just published two-year data on both of those, showing superior outcomes versus non-high frequency, so low frequency, as well as an improvement of life in A1C lowering and weight loss reduction as well.... We're not done. We're gonna expand the indications again, and we've already publicly announced that we are now already enrolling in what is called our sensory study. So this will be the very first non-pain indication that we'll have, and sensory is what painful diabetic neuropathy patients need, is the feeling back in their legs. Now, we obviously had some early indications that we are doing well in the sensory recovery from our first painful diabetic neuropathy RCT. So we sort of know the outcomes of what we think will happen in this sensory study, but we need to have the labeling so that we're able to hopefully convince ADA and others to put us in guidelines for a treatment pattern, a pathway for patients that suffer from that debilitating disease. As I mentioned, we just entered the very high-growth SI joint market through the Vyrsa acquisitions. I just want to make sure everybody knows this is not a new call point for us. Our same physicians that implant spinal cord stimulation are also the same physicians that do SI joint procedures or have expressed interest to want to do this. They obviously already have patients in their practice that are suffering from pain. There's really two ways that people have pain. One is neuropathic pain. We've treated that for years. The other is mechanical back pain, and I can't solve someone's lower back axial pain if it's a mechanical issue with spinal cord stimulation. I can solve their neuropathic pain. But what we now have is an ability to solve that axial lower back pain through the mechanical nature of fusing the ilium and the sacrum, and that will bring the mechanical pain relief on top of the spinal cord stimulation relief that we perform for these patients. We also continue to accelerate our high frequency, our newest generation that we launched earlier this year, called HFX iQ. I'll go into some details of why it's differentiated in a couple of slides. That continues to go well. We'll announce on our earnings call in February what percentage of our total implants are now HFX iQ versus legacy products. And then we also have a robust R&D pipeline. This is a pipeline that is not just coming out with little bells and whistles on our current technology. They are working on our knowledge in spinal cord stimulation and neuromodulation to get us into new markets, that also our current call point and our current customers already perform, that we don't participate in today, but it's a very something that we can leverage our sales force for. So again, we have 500 people out in the field right now. That will continue to grow as we grow, and we need to leverage that largest asset in the organization. And then profit progress. We opened up two years ago, a Costa Rica manufacturing to move away from contract manufacturing to control our own destiny. We have an unbelievable team down there in a park that all of our, you know, big companies that have been presenting this week, we're all in the same little office park there or in manufacturing park, right there. So we have ample opportunity to hire skilled labor forces there. We also just announced on Tuesday that not only did we exceed fourth quarter earnings or revenue, but we also performed a restructuring to ensure that we have the right focus on the right projects as we move forward that will drive revenue and also make us step up towards our path to profitability. Then with any acquisition that we've done, one thing we always look at or any R&D project that we do, as we leverage our sales force, it allows us to drop revenue through without having to add substantial infrastructure. We have a large infrastructure based upon our $425 million that we have in spinal cord stimulation. That includes all the back office people that we have that work right down the street in Redwood City, and those people can be leveraged as we add new revenue streams to our bag, which allows us to become more profitable, and we're gonna continue to scale down in Costa Rica. Our fourth quarter preliminary revenue here, we hit $116 million. That was off a consensus of $109 million. So we beat that handedly, and quite frankly, we did better than we thought we would do within the quarter as we're on our journey with all of the new sales organization and the commercial changes that we put in place since the end of April, when I joined the organization. For the year, growing 4.5%, for the year, $425 million. You can see the breakdown between U.S. and international. And then down below, something we're really proud of is our PDN revenue and the growth through the year. And just again, recall, these are patients that never had an option, when it got to the end of the line. These are patients that have ulcers that lead to amputations, and we are able to reverse that course now through a real-world clinical trial that we showed results, that we'll go through here in a second, that is pretty earth-shattering and the reason why we are the market leader and the reason why we continue to grow this market. And we have really big opportunities. These are very high growth, but also under-penetrated markets. So PDN right now, I mean, we are by far the market leader because we came out with the indications. We're the ones that expanded all the healthcare coverage for insurance coverage, but we are less than 1% penetrated in that market. We are still doing missionary selling to educate endocrinologists, podiatrists, and others that see these patients, that there is now an option. Don't let that patient suffer in silence or suffer in pain. Let's explore spinal cord stimulation, and if it's a right treatment for them, it can reverse the pathway. We had two patients that came, we didn't even pay them, came to American Diabetes Association last year in San Diego and sat at our booth all day to talk to doctors about how this technology changed their lives. And again, this is, these are people that lost hope. They've tried to have any kind of treatment options, but nothing worked, and now their implantable Nevro device has changed their life. And then you can see there with the total addressable markets in our surgical and our non-surgical back pain markets, and again, we will expand the indications beyond these three that we have today. And then going to the power of HFX iQ, this is the differentiator product that we have. It is true artificial intelligence for our years and hundreds of thousands of patients of data that we have in our database that allows us to dial in exactly personalized treatment paths and frequencies that each of these customers have. How it works is pretty simple. You go home after you have your implant, and you have an app on your iPhone. You answer four questions today about your pain relief, how many pain meds have you taken, and over time, the algorithm learns, are you getting pain relief or are you not? If you're not getting pain relief, it will automatically come up and says, "Hey, it sounds like you're not doing so well. Should we try a next treatment option?" And when it serves up that opportunity, and they say yes, the good news is that is them being involved in their personalized pain care, and obviously, it makes you feel better when you're in charge of how you're feeling. And then when they get the new treatment pathway, they answer questions, and we know for sure now through the data that patients are reporting pain relief 74% faster, and if they do go off course, and they need to change the treatment protocol, they're getting back to pain relief 75% faster, and they don't have to call their doctor, and they don't have to call Nevro to work on remote programming. It's done automatically based upon hundreds of thousands of patients that we have in our database that we know if these things, actually exist, we actually know what the next best treatment protocol could be. And so that is unique. We're the only ones on the market that has artificial intelligence in the spinal cord stimulation business. This is both for PDN patients as well as non-surgical back pain and failed back surgery patients. So all have this power at their hands and why it is continuing to be most of the implants that we're putting in now, and we'll give that number out in our second-- or our fourth quarter earnings call in February. As we look for PDN, the big question I get all the time is, "Okay, that's great, but there's other spinal cord stimulation companies here in the market. What makes you different?" It's not on the slide, but this is very easy to understand. So we are the only company that has labeling for paresthesia-free pain relief. So paresthesia means that you have tingling and numbing. Think about patients that have painful diabetic neuropathy or suffer from diabetes. The number one complaint they have other than pain is they can't feel their feet. They don't have any sensory feeling. Why would you put somebody in paresthesia that already has tingling and numbing in their legs? We don't have that issue. And so we are the only company that did a RCT study in this space that shows that we have a responder rate of 90%, and that's at two years, and that is astronomical. That is great when you think about how many millions of patients suffer from painful diabetic neuropathy, to know that 90% have a responder. And then we have 80% highest published percentage of pain relief, and you can see that stats against one of our competitors on the left-hand side. And we are the only spinal cord stimulation system to demonstrate neurological improvements, not just pain improvements. And again, we are underway with our sensory study to also show sensory recovery, which also includes biopsies to show the recovery of that neurological improvement. So we continue to have very much success with PDN. This is always one of the hardest things that it takes, is to convince Medicare and all the MACs to be able to cover it. But because of the robust clinical data that I showed and it being a, a randomized clinical trial, the burden of evidence was high, but we met that bar easily. And so very quickly, over the last couple of years, we now have over 205 million covered lives, and Medicare now covers PDN patients nationwide. That is one of the fastest times that I've been able to achieve that in my medical device career because of the clinical evidence that is shown, of the benefits of high-frequency PDN patients or high-frequency technology for PDN patients. And now entering the SI joint fusion market. So this is a $2 billion total addressable market in the U.S. alone. There's 1.9 million patients. We know this because these are diagnosis codes that, are diagnosed with SI joint issues annually. And these are patients that traditionally may go to a spine surgeon to have large spinal implants implanted. But just like orthopedics or total knees that used to be done in the hospital, and the patient stayed seven days, now a lot of those are done in ambulatory surgery centers, and they're same day, going home. Same thing's happening in the SI joint space, where these procedures can move more towards the ambulatory surgery centers or even offices, and the physicians that can treat these patients can be interventional pain physicians, interventional radiologists. It doesn't need to be all the time neuro or orthopedic spine surgeons, and that's because we have acquired a company that has a different route and access to the SI joint. Instead of going through laterally, where you have to go through some pretty dangerous anatomy, we have a posterior approach to the SI joint, and with that posterior approach, allows you to do these underneath fluoro, and the physicians that we already call on to implant spinal cord stimulation are already doing some of these procedures, and those that aren't, we're training them, and they want to do this. They have these patients in their, in their practice because patients come to pain management physicians because they're in pain. You start off with epidural injections, maybe RF nerve ablation, and as that patient moves through that continuum of care, then they move towards SI joint fusion and spinal cord stimulation. And so these are the same patients, these are the same physicians that we already call on today. Again, one of the things we're excited about is I learned about this technology through some of our top key opinion leaders that are 100% Nevro users in spinal cord stimulation. They were using this device, and so, I was able to get a front-row seat to understand the benefits and the portfolio that this company has versus any of the other ones we looked at as we got into this space.... This is the product portfolios that Vyrsa comes with Vyrsa. So there's a lot of companies that have one or two, but not all three. We do have the lateral screws, if that is the preferred method by neuro-orthopedic surgeons, maybe. We also have an allograft that goes in between the ilium and the sacrum, and it's a cadaveric bone that will help promote bone growth. And then we have what's called the V1, which will be the flagship product of this acquisition. That little device there, if you see the silver parts on the side, they are tucked into the device when it is implanted, and then you go down a cannula, you activate the device, and those wings come out and truly fuse the ilium and the sacrum together. And so that is where all the training is happening, and we're training physicians and our sales reps as we speak. And then we're gonna continue to ramp our Costa Rica manufacturing facility. It is not a small operation. We have hundreds of people that are there, already manufacturing, with plenty of room to be able to scale. Those of you that have gone down to Costa Rica to see some of the other factories down there, these are world-class manufacturing experts with high technology in the manufacturing line. We're excited about this, not only for what we're doing today in spinal cord stimulation, but it allows us, as we bring on new products, both from our R&D or any acquisition standpoint, that we can manufacture down in Costa Rica. Our strategic blueprint is commercial execution. We're gonna continue to maximize the launch of HFX iQ. We'll continue to scale our Costa Rica manufacturing to leverage our business. We're gonna continue to expand our spinal cord stimulation indications. We already have three, but we'll continue to expand that, and we'll be penetrating the fast-moving SI joint, fast-growing SI joint fusion market. NANS is coming up next week. That's the North American Neuromodulation Society. We have significant clinical presence there. We have four podium presentations and 21 posters. No one in our space will come anywhere close. This is the one that is really interesting. So the first poster presentation shows a reduction in A1C and weight loss, as well as pain in painful diabetic neuropathy patients. This got a ton of attention at American Diabetes Association because the reduction in A1C was so great that it was on effect of what some of the pills that the endocrinologist actually prescribed. Now, you think about that. Why do patients get better? When you can feel your feet and you're not in pain, you get to ambulate. You have to get these patients up and moving around. We're also going to show in our sensory study that we have a neurological effect as well. And then we'll show through why 10 kHz, once again, is a benefit for patients with or without spine surgery. So to close, just like we opened up, our value proposition is we have a lot of growth drivers in our SCS and SI joint space. We have unique and differentiated technology with high frequency that no one else can do, and we have meaningful leverage opportunities in our business to continue on our path to profitability. Thank you. So joining us for the Q&A, we have Rod MacLeod, CFO, and also Angie McCabe from IR. If you have any questions, feel free to raise your hand. We'll get a mic to you as well. But just to start off with your performance in the quarter, you know, relative to kind of expectations, you came in, I would say, pretty significantly above. You had another strong quarter in PDN, and I would say the trend, like, relative to our expectations, actually, the main source of outperformance really was, you know, a little bit of a better stabilization in your core business in back and leg. So when we think about your thoughts on, you know, early momentum into 2024, you obviously haven't guided, but how should we think about your confidence that you can maybe sustain some of that growth into next year? Yeah, thanks. I mean, you just go back to when I joined, so this end of, end of April, so I guess it's eight months now. You know, I pretty much outlined exactly what we're gonna do with the commercial team, brought in a chief commercial officer, someone that Rod and I worked with for 17 years, that came from the interventional spine space at one of the largest orthopedic players. So he knew exactly what to do when he came through, and we cleaned house, from the lower-performing reps and brought in better-performing reps and reps that are going to be able to do sort of some of the things that we're gonna put on their plate, moving forward, which is decision-making closer to the customer and making sure that we give them the power to be able to make decisions on the fly and move really quickly. So that happened, all through the last six months. Those reps had to get trained and up to speed, so I feel good about it, but we're not done yet, right? We still have work, and it's still gonna take some time. So 2024, we're excited about, but also don't get carried away with your models here a little bit because we do need to give some time for these new reps to get out there, and as they're building relationships, make sure that they can build those longer-term relationships. But if you think about what we've done in the last seven months, we've changed over half of the executive leadership team. We've changed over the non-performing reps and realigned our commercial teams. We refinanced our debt and pushed it out to 2029. We did the first acquisition in the history of the company. We beat two quarters in a row, and we just announced a restructuring. We did all that in the last six, seven months. So, you know, now we need to move into the execution mode of we fixed the foundation, and now we got to execute in 2024. So since you mentioned it, and kind of jumping around a little bit, you mentioned the restructuring that you announced in conjunction with your press release. You know, this is coming at the same time as you, you know, clearly are investing in kind of revamping the rest of the business. So how should I think about, you know, your thoughts on now, you know, you have, you know, the sales force kind of revitalized, senior executive team revitalized. You know, you're taking out maybe some, you know, unnecessary costs in the back office. Where do we see, you know, kind of opportunities to continue driving that into 2024, you know, kind of get cash burn down further, and how do you balance that against continuing to invest into, you know, penetrating these under-penetrated markets? Yeah, it's really around focus. I mean, we-- You know, the company, if you think about, every company is like a book, and the book has multiple chapters in it. Nevro is a scientific company that came up with 10 kHz, and very scientific and clinical over the years to be able to get us up to that point. That will always be at the core and the base of our foundation. However, there were some projects that we were working on that were nice-to-haves, that were very interesting, but weren't going to lead to commercial success. As we move more into a larger organization of $425 million, we have to do things that we know will drive value for not only our customers and patients, but also for all our shareholders, a lot of that are in this room. So, what we did is we are now focusing on the projects that we know that will drive the most meaningful impact. So we'll continue to do that. And then again, we have one of the biggest assets we have is our sales force. It's also one of the most expensive, so we need to make sure that we get full impact out of them, and that we can have more sales per person than we had before. So that allows us to do that. What allows us to do that is expanding the indications, 'cause now we have more patients that we can treat per rep, as well as now that we're in the SI joint space, that's another procedure that they can stay at that doctor's office in the morning to perform, and it makes them more efficient. That's gonna drive, you know, leverage opportunities in 2024, but also as that business begins to scale in 2025 and beyond. We will continue to focus on R&D and our clinical work. We just don't need as many people in a couple of the departments because we're not doing the early groundwork of proving that 10 kHz is superior. That's been proven. It's already out there with multiple RCTs and PDN. Now we're well, once we finish the second sensory study, then we'll have that sort of locked, and now we're working on the next indications. So, we will never starve the organization, but at the same time, we need to focus. So PDN grew, you know, 60%+ in 2023, and it seems like, you know, you're continuing to make progress on the reimbursement front. You have kind of a healthy pipeline of clinical data to support, you know, continued adoption. You know, if I were to play devil's advocate a little bit, in the back half of the year, sequential growth did moderate a little bit. So when we think about, you know, the outlook for 2024, how should we think about your ability to continue growing that sequentially? Like, what are the, you know, the next pins to kind of knock down to unlock that next level of, of growth? Yeah, you know, obviously, when you start looking at your, your comparables are becoming larger and larger, that obviously it's harder to keep growing something like 70%. But we still feel great about PDN. We're just doing the hard work. Of course, as I said, missionary selling is a little bit different than conversion selling. Missionary selling, you've got to convince people first, educate them that this is an option. Then you have to work to get the referral pathways because endocrinologists and podiatrists are not going to implant these devices. They're gonna need to refer them to the interventional pain physicians that do the implantations. So we have a large sales force that's out there that only works on educating for PDN, as well as connecting them with those, referral networks to the implanting physicians. So we'll continue to do that. We have direct-to-consumer campaigns that we'll continue to do as well. But yeah, I mean, we feel good about it in 2024, but growth won't be in those 70% ranges, obviously, as we're going against larger comparables. Apologies if I missed it, but, you know, I saw in the presentation with the sensory study that you pointed to this as part of, potentially being, you know, a bit of a market-expanding opportunity. You know, when I think about the opportunity you've already laid out, but, you know, I guess, like, how much of an expansion could that be, and how should we think about, you know, timelines for that study and for eventual readout and publication? Yeah. So we haven't published when we would have or we haven't publicly announced when we'd have our first readout. We're having. We're going towards 200 patients, and we're already, you know, 40, 50 patients into that right now, and we're continuing to bring on more sites, so that will continue to grow rapidly. As soon as we have good data, obviously, no one else is doing a study like this. We know that, so we feel okay to share that, for, you know, we're not worried about competitive reasons, so we'll start sharing that at NANS and ADA Society. So what it really meaningfully allows us to do, very few societies will put you in guidelines with one RCT. You need to have a couple of RCTs in place before you can get into very established guidelines on something like American Diabetes Association. We're laying the groundwork, where it's 10 kHz only because of the benefits. We're the only ones already doing these clinical studies, and it's our hope that we can get into some guidelines in diabetes societies that will then make this a sort of a known treatment pathway for some of those patients that could benefit from the technology. It should be a really big sort of wind in our sails, tailwinds in our sails once we get that study done. So you touched upon, you know, the competitive dynamic there, and that's something I'm also kind of curious about because, you know, you've highlighted that it doesn't really make sense to treat with, you know, the kinds of traditional SCS treatments because they're already kind of experiencing that sort of sensation. But, you know, that hasn't stopped your competitors from, you know, basically following in your footsteps and coming to market, you know, with less data but, you know, getting approvals nonetheless. So how should we think about how the competitive landscape has developed? You know, it's still early days, so are you still, like, not really bumping into each other yet, or are you, you know, seeing meaningfully better adoption because of the differentiation of your offering? Meaningful adoption because of the differentiation that we have, especially with the referring physicians. We're the only ones that are really talking to them about it, and as we do, it's our job to show the benefits of 10 kHz, which is the largest RCT study ever done for PDN. We're the only one that's done it. So when clinical evidence matters to clinicians, what else are you gonna look at? There's only one study to look at that's a RCT, and that's ours. And so we feel very bullish that we'll continue to be the market leader there. Yeah, you know, there's competitors that now have the indication, but, getting FDA approval on a predicate 510(k) has never been, like, the bar for physicians to say, "Oh, now that one's just as good as yours." You have to show them clinically why it's superior or why it's better or why they should use your device, and I like our team's chances out there in the field to be able to use that plethora of clinical data to show why you need to stick with 10 kHz. ... Anybody have any other questions on PDN? Okay, so I guess, you know, moving on to core, you know, leg and back, this is, you know, the market that Nevro was kind of predicated on. It's continued to be, you know, a little bit of a choppy market for you and your competitors. When I think about the outlook for growth next year, right? And, you know, again, you haven't guided, I think the general consensus is that it'll still be, you know, a bit of a challenging environment, potentially still declining, offset by PDN. So is that outlook something that you, you know, you see as well? And how do you see Nevro performing from, like, a, you know, a share capture perspective, in light of what could still be a pretty challenging environment? Yeah, and, you know, obviously, it's our job as leaders to make sure we don't get the company into, into trouble by predicting some kind of magical recovery. We'll, we'll need to watch it happen and then, then build towards if there's, is a, a, you know, a higher growth recovery than, you know, mid- to low-single-digits. Like I said, we grew 4.5% last year, and so we'll see what we can do this year. But I, I like the changes that we made in the organization. We made them very quickly so that when we enter 2024, most of those changes are done, and our teams are trained and ready to go. So I feel good about our, our opportunity next year to be able to, to win and, and continue to gain some share. But yeah, if the market's lower market, all boats rise with the rising tide. So, all of our physicians, you know, you look at same-store sales, I look at same-physician implants. If each of those physicians can get one more patient per week that's there, it will have a meaningful change on our revenue. You know, the good news, bad news about these devices, they're pretty expensive. They're over $20,000 apiece. Well, you do four more, it's $100,000 in revenue. Every rep does that, and they have a million-dollar territory. They've just grown their territory 10%. So the math and micro calculations to get there, it doesn't take too much, but at the same time, we need the market to bounce back a little bit. That being said, even if the market doesn't recover, that's why we have changed our sales force, that's why we're continuing to do the clinical work, that's why we now have more things to talk about with physicians. And when you bring value to physicians, more than just one product, but multiple indications, and now a portfolio of mechanical back pain products, that now allows us to be more valuable to that physician. And we didn't model it in, but we also are excited that our reps will be standing in competitive SCS accounts now, as they're doing SI joint procedures. If that doctor never would give Nevro the time of day because they loved one of our competitors that trained them 20 years ago, we now can sit in that OR, and after 2 or 3 cases, you might say, "Hey, by the way, you know, have you ever tried the 10 kHz? Let's give it a shot now that I'm here every day." So that's our, that's how we hire the type of reps that will do that and be highly competitive, and so we see that as a good opportunity to grow both those product categories. So moving on to the acquisition, right? I think this is, you know, a little bit of an interesting one. It clearly fits into your existing call point very well, so that's a great way to leverage your existing sales force. But, you know, it is a space that has established competitors, you know, both, you know, more pure play companies as well as the larger ortho players. So, you know, I think you're differentiating yourself a little bit on the call point and with the broad portfolio, but how confident are you that you can really grow from, you know, what I think, you know, you haven't disclosed this, but what we think are, you know, probably pretty modest revenues today, to have that be kind of a more meaningful growth driver in your portfolio? Yeah. So you—again, using the analog of surgeries that used to be done in hospitals that are now done every single day in ambulatory surgery centers or offices, that's how things go with MIS procedures. We believe that we can help the pain management physicians keep those patients in their practice versus referring them on to, you know, a orthopedic or a neurosurgeon. You know, there's a lot of these companies that they're sort of stuck a little bit because if they start training interventional pain physicians, they're gonna alienate their surgeon customers because you're taking patients from them. We don't have that problem 'cause we don't have a spinal implant division. You know, they do very little of our spinal cord stimulation. It's mainly interventional proceduralists that do that. So if those patients are already in that pain practice, why would they want to give them to somebody else to do that procedure if they could keep them in their practice? We'll teach them how to do this procedure with a less invasive approach. And if you think about it, I was telling some shareholders yesterday, when you fly over Arizona, you see those little circle crops, and some of them are brown, and some of them are green. Why are some of them green? Well, they're aqueducting water to that one patch, and now it's green. Same thing with these patients. We aqueduct them and keep them in the pain practice. They never get to the surgeon. And so now, our customers get a chance to treat that patient with a better mousetrap, we believe, 'cause it's less invasive, to treat the same conditions that they were referring those patients on. And as you know, physicians like to keep the patients in their own practice because they keep control over them, as well as it provides opportunity for revenue and for taking care of that patient. And so that's why, a lot of our customers are excited to be trained to do this procedure and keep those patients in their practice. So moving on to, like, kind of the financial side, maybe looping Rod. You know, when we think about the press release that you put out, you talked about how, you know, again, you're planning to take some cost out, you're planning to keep, I think, SG&A relatively flat, year-over-year. How should we think about, you know, after we get past 2024, this kind of period of, you know, maybe tightening your belts a little bit, how should we think about room for driving, you know, leverage on SG&A, R&D, past that towards, you know, hopefully eventual profitability? Yeah. I mean, I believe we have a lot of room to scale well. We continue to get leverage out of Costa Rica as that comes up to scale and drive expansion and gross margins from where we are right now. We took a very meaningful step with our restructuring that we announced earlier in the week, and we'll continue to really allocate capital to the places where the business really needs focus. You know, Kevin mentioned that there were a lot of projects going on that were really cool, scientific, and needed experiments, but if they're not gonna drive revenue, if they're not gonna drive costs out of the business, if they're not gonna drive improved cash flow, we just can't be doing those things. And so we're continuing to drive focus in the organization from a strategy, but also from a capital allocation perspective, and I think you'll just see more of that. And we have room to continue to get better and smarter in all those areas. And then a final question with, you know, the couple minutes we have left. In conjunction with the deal, you also raised, you know, capital, which does answer kind of, like, near-term concerns around that. But how should we think about, you know, cash burn going forward? You know, interest rate environment's pretty high. I think you're, you know, looking to offset that a little bit with, I think, some payment in-kind provisions of that debt raise. But how should we think about, you know, your comfort in your capital position and cash burn going forward? Yeah, our balance sheet is strong. We still have over $300 million of cash on the balance sheet. Yes, the interest will be, you know, be a little bit of a burden and a little bit of a burn on the cash flow. But in a similar way that we're right on that cusp of turning the corner on profitability, we think controlling our own destiny is one, it's one of our top goals from a cash flow perspective. But our ability to control our own destiny, we think is right behind that Adjusted EBITDA positive profitability goal that we have. I just wanna add one thing on the large balance sheet that we have. We know we need this for operations and things, but I wanna make sure, you know, we're not going out, and we're gonna be very disciplined in how we allocate capital. We're not doing anything crazy to bet the farm of the organization or anything like that. So just wanna make sure that everything that we do is, you know, manufacturing runs with bunts and singles. We don't need to swing for the fences here. We can manufacture runs with our large sales force that we have and make sure that we leverage that team to be able to drive meaningful growth. Okay, I think we'll call it there. Thank you all for your time. Thank you for coming in today. Thank you.