Everyone for joining us. My name is Michael Ryskin on the Bank of America Life Science Tools and Diagnostics team. Joining us for our next session, I'm excited to be hosting Max Krakowiak, CFO of Revvity. Max, thanks so much for coming. Yeah, thanks for having us. We'll run this as usual, fireside chat. But to kick things off, Max, maybe we'll just start with recent results. You know, you reported 1Q just a few weeks ago. Can you briefly highlight the key points that you want investors to take away from? Sort of how the quarter developed versus expectations, any updated views? Yeah. So I'd say the first quarter was a really solid start to the year. We came in slightly better across the board on growth margins, as well as our cash performance, which was really strong in the first quarter. You know, I'd say the market overall, probably not much change, really from our expectations. I think it continues to be a challenging market, but it at least has stabilized over the past couple of quarters. You know, I'd say the other thing that was encouraging in the first quarter was really continued progress on our strategic initiatives. It was a big cycle for us in terms of innovation launches. We also made meaningful progress on some of our integration, and margin initiatives. And so I'd say for the first quarter, really strong start to the year and puts us on a good pace for what we want to do for the full year. Okay. And then maybe taking a quick step back, you know, it's been a little over a year since the transition from legacy PerkinElmer to into Revvity. Over the last 12 months, as you look back, you know, what are you most proud of, and where do you still see some room for improvement and room for continued evolution? Yeah, for sure. So I think, you know, I probably wouldn't even just call it 12 months. It's really been a couple of years of extreme transformation, you know, whether it was, you know, acquiring, you know, close to 12 different companies, you know, managing the COVID dynamic, as well as going through and, you know, ultimately then divesting a third of our, of our portfolio, and then, then ultimately completing the rebranding to Revvity. I think when you put all of those factors together, in addition to be able to sort of deliver on our financial commitments in a, in a tough market, it's really a testament to our execution. I think that's probably one of the things that maybe I feel is most underappreciated, is our ability to, to execute that amount of transformation in such a short, short time while managing a difficult market. And so I think that's probably been the most impressive or what I'm most proud of, is our ability to execute. You know, I think when you look long term, you know, that's really where there's more opportunity for us to continue executing, really on our strategic initiatives. And I think, you know, some of the margin upside we have as an overall company, which I, I'm sure we'll get into, later today. Okay. You touched on underappreciated, so you stole my closing question, but I'll, I'll come back to that anyway. Okay. If you look at some of the near-term events we've seen in end markets, you know, there's been a lot of turbulence, a lot of volatility and a lot of key tools markets. So looking back at that transition from PerkinElmer into Revvity, how has that positioned you better to weather the storm, in a way? Yeah, I mean, I think it's a combination of things, right? If you go back to the time we announced the divestiture, there were a couple key points that we highlighted that really is going to improve our company outlook going forward. I think one is just on the overall growth profile. I think we're in more attractive end markets with more of a competitive portfolio, with, you know, sort of top-ranking competitive positions. I think our margin profile is also significantly improved. I mean, I think if you look back to 2019 when we were the combined company, we were 21% operating margin. Last year, we finished at 28%. That's a meaningful improvement over a couple year period. And then I also think if you look at cash, you know, our business now is much more working capital less intensive than when we were the combined company, and so that should really help us from a cash flow generation standpoint as well. Okay. Next, I want to dive into some of those select end markets, just sort of get a state of the union update from you. So starting with pharma, you know, you flagged some improving conversations with pharma and biotech, towards the end of 1Q. You know, at a high level, would you say that stayed, constructive, you know, through April and May as you enter 2Q? And, you know, sort of how do you see that evolving through the rest of the year? Yeah. So I think at the time of earnings, we did mention that at least in March and April, the conversations were getting more constructive, as I think budgets were finalized a bit later this year. It was closer kind of in the February timeframe, versus normally it's, you know, December of the previous year. So it was a little bit later than normal, led to a little bit slower start of the year, but the conversations definitely picked up in March and April. I would say from an overall, you know, order placement perspective, I wouldn't say there was maybe too much change. It's been relatively stable, I would say, since probably September of last year. So we're encouraged that the conversations are picking up. But right now, our guidance for the full year is not assuming any sort of market recovery. We're anticipating it to kind of stay as is. So the conversations are encouraging, but, you know, we're gonna wait and see it ultimately translate to orders. When you talk about that early start to January, February, I mean, that's pretty consistent. We're hearing that across the board. What do you think is driving that? I mean, what's changed? Is it just a matter of a month or two slipping, or is there anything, like, you know, structurally or temporarily different about pharma this year? I think there's a lot of variables that the pharma companies are trying to go through and manage. You know, whether it be geopolitical, you know, or other political policies in the United States. You know, so I think for them, they're trying to evaluate all the factors, what's their future pipeline look like of, you know, therapies coming to market. I think there was just a lot, maybe a lot more factors this year than normal. And so for them, I think it was really trying to make sure that they've got the right budget set for the full year. And so they took an extra couple of months to make sure that they've kinda got the right projects lined up, that sort of fits the financial profile and capital deployment initiatives they have. Okay. And, talking about those budgets as they become finalized and as those conversations improve March, April, and you go through the year, could you give us a little bit of a sense of, like, the timeline, the lag between, you know, budgets and orders and revenues, just sort of like how that works through the funnel? ... Yeah, I wouldn't say we're anticipating anything like abnormal, right? I think once you finalize your budget, you kind of have your purchasing pattern for over the course of the year. So I wouldn't say it's like we have to wait a couple of months for them to be placements. I mean, they have activity going on in the second quarter, that those projects have been greenlit, and they're going to start placing orders for that. So I don't know if I'd really correlate it to any sort of lag or any sort of timeline. But again, I think we're encouraged that the conversations are much more concretized at this point in time, and we've got a clear line of sight to what projects they do have funded for this year. Okay. All right, that's helpful. Maybe shifting to academic and government. You know, have you noted any change in the last couple of months? You've had updates from the NIH. Same thing, you've got some geopolitical risk here, both in the U.S. and abroad. So just, you know, walk us through your exposure to A&G and sort of how that's trended the last couple of months. Yeah. So I think from an academic and government perspective, most of our exposure to that market is reagents. I think that might be a little bit different than some of the others within the space. Almost 75%-80% of overall academic and government exposure is through our life sciences reagents business. If you look at that performance in the first quarter, it grew positive mid-single digits. It's also one of the bigger markets for our BioLegend business. So BioLegend, for us, it's about 50% of our overall reagents business, and then 50% of that is through the academic and government channel. So obviously, the positive mid-single-digit growth, I think, was fueled by our BioLegend portfolio. I think one of the opportunities for us is to leverage that BioLegend channel for our legacy reagents. So for our legacy reagents, only about 20-25% of that goes through the academic and government channels. So I think for us, that's an additional opportunity to pull through more of our legacy reagents portfolio to the academic and government customers. So that'll be a focus for us. And I think as we look out through the rest of the year, we expect our reagents business to perform well. I think on the instrument side, it's facing tough comps from a year ago. I think everyone posted pretty strong instrument growth in academic and government in 2023, so I think that'll be more muted this year. But the benefit for us is most of our exposure is actually on the reagents side. Okay. All right. Maybe let's move on to China. You know, you've got a pretty unique business mix over there. I mean, you've got a unique business mix everywhere, but especially in China. You know, China stimulus, there's been a lot of news about that in the last month or two. Are you seeing any incremental developments there? And sort of, you know, how would you, how would you expect that to benefit your business over time? Yeah, for sure. So just a reminder, too, our, our China business is about 17% of our total company revenue, 10% of that being diagnostics, 7% on the life sciences side. And for diagnostics, particularly, the biggest chunk of that is our immunodiagnostics business, which is mostly our autoimmune and allergy testing. And then on the life sciences side, we've got about a split of 55% of it is reagents and 45% is instrumentation. That's a newer dynamic for us, where the reagents are finally a larger piece of our overall China exposure, which for us is a good thing. And so I think that unique mix for us, going forward in the next couple of years, will continue to prove out to be differentiated for our life sciences reagents and our immunodiagnostics portfolio. I think if you look at last year, we grew mid-single digits in China. I don't think there are many others across the space who had any growth in China for last year. So I think we expect that to be a continued differentiator for us. You know, on stimulus, I think there's been obviously a lot of discussions over the past couple of months on the stimulus program. That's obviously a good thing for us. I would say where it is right now is our discussions with our customers are much more active and pretty specific in terms of what they are looking for or what they believe they'll get funding for. I think what everyone's waiting is for the final shoe to drop on the funding actually happening, right? Because I think you have to go through multiple layers of funding approval. I think it's both provinces and at the central government level. And so, we'll continue to monitor that. Our best guess right now is you'll really probably start seeing orders coming through, assuming the funding happens probably later in the year, if not into early 2025. So we'll continue to monitor it, and we don't have anything baked into our guidance this year in terms of, of the tailwinds from the China stimulus. So if that were to happen earlier, that would be, you know, a potential upside for us. Do you see, you know, longer term China sort of returning to that historic growth, or maybe not even quite the historic growth rate, but historically, it's been very accretive to total company growth. You know, you talked about mid-single digits in 2023. Yes, that's better than peers, but still not what it used to be. You know, will China bounce back, whether it's in a year or two or three? Yeah, I think for us, again, in China, I think our portfolio mix is quite different than some of the others in the group. I think for us, it'll continue to be a market that we grow above the market in China. I think it's a little bit kind of TBD on what that ultimate growth rate looks like for China. Will it maybe be as robust as it was the past, you know, decade or so? I don't know. My guess would probably be not. But I still think we because of our portfolio, we're gonna continue to have above-market growth performance in China. Okay. And then, you know, specific policies, things like VBP. I mean, could you walk us through the impact there? And just, you know, is there any more policy risk like that? Yeah. So I think from a VBP perspective, the one piece of our portfolio in China that did get impacted was a legacy infectious disease portfolio. We announced this year that we had made a go-to-market change for that portfolio. So instead of having a direct sales force, we went indirect. It's better for us from a profitability standpoint. It'll be a little bit of a headwind for organic growth for us this year. It's about 500 basis points for our immunodiagnostics business in China. But I'd say that's really the only piece of the portfolio that has been impacted by it. I think when you look at the rest of our portfolio around autoimmune and allergy, it hasn't been impacted. Our guess is that it's not going to be pulled into scope of VBP. You know, that business over the past couple of years has faced about a 5% price decline per year. So even if it were to get pulled into scope of VBP, we don't think it would be as massive of a pricing impact, I think, as you generally see when a VBP program does get rolled out. So we'll continue to monitor it, but our assumption right now is that VBP is not going to be a focus for that autoimmune and allergy business. Okay, that's really helpful. Okay, so next I want to run through really fast some specific business line- Sure Questions and segments. So first, in the life sciences business, you touched on this briefly earlier, you know, consumables versus instrumentation in the core group. A little bit of a bifurcation or separation in the first quarter. You know, how are they gonna fare through the rest of the year? And sort of do you see them coming closer together as you exit the year? Yeah. So maybe I'll just take a minute, break down the whole- Yep Life sciences business for us this year. So life sciences for us, we expect to be flattish to low single digits growth for the full year. You know, if you look at the three different pieces, let's start first with our software business. So our software business grew in the high single digits in the first quarter. We expect it to be high single digits for the full year. You know, there might be some quarterly volatility just due to the contract timing and renewal cycle, but we're, you know, pretty confident that that business is going to be able to deliver a strong year here in 2024. I think then if you move to the instruments business, so for us, our instruments business fared better than expected in the first quarter. We were anticipating it'd be down mid-20s. I think it finished around mid-teens, so it was an improvement from our expectations. If you look at the full year, we're anticipating that business to be down mid- to high-single digits. I think if you look at that on sort of a 5-year CAGR basis, sort of through the cycle, that would put it more or less in line with what we've come out and mentioned our target growth rate for the LRP is. And so I think we're, we feel like we're in a good position with that portfolio and remain competitive in the market. I think if you look at our reagents business, again, this is the biggest piece of our life sciences portfolio, about 50% of the revenues. You know, for the full year, we expect it to grow positive mid-single digits. As I mentioned, the first couple of months this year was a slower start than anticipated, so it was down high single digits in the first quarter. But we do, you know, based on the conversations and budgets we've seen now from March and April, we do anticipate that business returning to growth over the remainder of the year. And so I, I think, again, even on that business, I think it's a, it's a differentiator for us, and that'll prove out through 2024. Okay. And following up on that reagents business, you know, you talk about how BioLegend is a key part of that. You had a couple of changes in the competitive landscape there, and you had Danaher acquiring Abcam. I mean, Techne posted some pretty strong results in the first quarter. I tend to think of those two as the, as the closest comps for BioLegend. Any change in market dynamics over the last three to six months? For BioLegend specifically? Yeah. No. You know, I think we haven't really seen too much change in terms of the, the Abcam move to Danaher yet. I know it's still early. I think we've probably outperformed Abcam over the past couple of years, in relation to the BioLegend portfolio, and we think that's really the testament to some of our differentiation there around customer service, but then also delivery times to our customers. You know, almost 95%+ of BioLegend reagents are shipped within 24 hours of the order being placed. I don't think many across the industry can match that sort of delivery times. So I think that'll kind of continue to, to play out. You know, maybe just the other point you mentioned, too, on the Bio-Techne side, you know, I think if you look into the discrete year, their growth rate was stronger in the first quarter. But I think when you look on it a multi-year basis, BioLegend has performed better than Techne's portfolio. Okay, great. Let's move to applied genomics. You know, you I think you've talked about expecting some sequential improvements there as you go through the year. Business has been a little bit choppy the last couple of quarters. Just sort of what are you seeing that's driving that view? Is it a function of comps? Anything in the underlying end market? Yeah, I would say it's predominantly comps. I think obviously the challenges that that business is facing is kind of twofold. One, you have the overpurchasing from the clinical side of the house, you know, during the COVID year period. And then I think on the pharma biotech side, it's also being pressured by, you know, the current budget constraints from that customer segment. But I think as you look at the cadence throughout the year, it is really comp driven. So in the first quarter, it was down mid-20s. We expect that business to finish the year down high single digits, so that includes a ramp-up as you go throughout this year. But I think when you look on a multi-year stack basis, again, five years is our preferred way of looking at it for this business. Again, because you kind of get through the, the cycle of COVID and then the recent tail off of the past 18 months. You know, on a five-year basis, it's sort of grew high single digits in the still on the first quarter on that five-year stack. When you look at it exiting the year, it's closer to only mid-single digits growth on a five-year CAGR basis. So that's a meaningful deceleration, kind of as you go through the year on a multi-year stack basis. And so that's what we currently have assumed in our, in our 2024 assumptions. Okay. But then, you know, once you work through those comps, and once you work through the overpurchasing and pharma biotech budgets, 2025 is more back to that, you know, I'm not going to pin you to a specific number, but it's back to more normal market conditions. Yeah, I think probably closer to our LRP expectation. Yeah. Nothing, nothing unusual beyond that. Okay. You touched briefly on immunodiagnostics in China earlier, but let's talk about immunodiagnostics in the U.S. You know, what is sort of the midterm outlook there? How will that business over time, and just can you talk about, like, the geographic expansion there? Yeah, for sure. So the U.S. is a major focus for us for our immunodiagnostics business. I think if you look back, you know, 4 or 5 years ago, 5% of our immunodiagnostics revenue were in the U.S. Now it's up to 15%. Our goal is to get that closer to what we think is the market split, which is closer to about 40% of our revenue. And the key for us there is really around FDA approval on our menu. And so that'll continue to be a focus for us over the next 2-3 years. And it's a little bit just of timing. It's not the quickest cycle to get that approved from the FDA, but that's where our focus is gonna be. Once we have a more complete menu approved, we believe we have a competitive advantage against the peer group, and we're gonna be able to continue taking market share and ultimately get that U.S. revenue mix to where we want it to be. Okay. Where is that menu, in terms of progress? Just sort of like, how far along are you? Yeah, I would still say it's early innings. You know, maybe 10%-15% of where we really want it to be from a menu expansion standpoint, and so that's gonna take again, you know, 3-4 years for us to get that closer to, I would say, the majority of the portfolio approved. So it's gonna take a little bit of time, but again, it's a, it's a major focus for us as a, as a leadership team in, in making sure that we've got more of our menu approved. Is that just more a function of historically where EUROIMMUN was and wasn't focused? Just so, like, take us back on the background on that. Why is the U.S. so underpenetrated? Yeah, it just really was not a focus for the EUROIMMUN franchise. And I think even when you also look at, you know, another part of our immunodiagnostics business, which is our Oxford acquisition, the U.S. was also not a major focus for them. You know, we've recently come out and launched, you know, more automation that we have FDA approved in the U.S., which we think will really help us get a more competitive product against QuantiFERON and QIAGEN in the U.S. And so both EUROIMMUN and Oxford, it was just sort of a deprioritized market. They were more focused in Europe and Asia. So post the acquisition, we've really been, you know, focused in helping them drive more of a strategy around the U.S., in order to, again, get those revenues closer to about a 40% revenue mix, you know, over the next handful of years. Okay. All right. Maybe let's move on to the, to the P&L. Let's take it off revenues. But when you talk about margins, you know, you're assuming roughly, you know, flat, 20% OpEx. You know, you've got some cost actions that are being offset by some variable expenses. Starting with the cost actions, can you talk a little bit more detail on, you know, the steps you've taken, how far along on implementation you are? Yeah. So I think, at least for anyone who's been following us, I think one thing we have talked about is we have accelerated sort of the stranded cost actions as a result of the divestiture. I think at the time of the divestiture, we had planned to do those, I think, a little bit more over a couple-year period. And just given the tougher market environment, we, you know, made the decision to accelerate some of those actions. I would say they've predominantly done. Most of the actions we took in the fourth quarter and first quarter were pretty heavy structural cost actions, and so I'd say that's more or less done. You know, I think as you look throughout the course of this year, you're right, we are anticipating flat operating margins. That's kind of a combination of, you know, the structural actions we took being offset by the return of that variable comp. I think if things in the market were to even further deteriorate, I think what you'd see us clamp down on is the return of that variable compensation. I think we're very committed to maintaining our margin profile, even if things do get, you know, a little bit worse here from a top-line perspective. And so I think, again, for us, margins is a critical focus area for us, and one, I think that we have a ton of opportunity over the next couple of years. Okay. You know, you talked about clamping down variable comp if things, if things take a turn for the worse, but, just excluding that, are there any other cost actions you identified? Sort of like, what's the next step beyond, you know, what you did in 4Q, 1Q? Yeah, I'd think, from a structural cost action, I don't think that there's anything we're really kind of sitting and evaluating in the near term. I think as you look at the long-term profile, again, our LRP calls for about 75 basis points of operating margin expansion per year. If you look at the split of that, it's about one-third gross margin, two-thirds OpEx leverage. And I think when you look at those two different pieces, maybe starting on the gross margin side first, I think for us, these are longer-term actions, but ones that we're incredibly excited about. So to give you an instance, you know, given our recent acquisitions, we're still kind of going through the process of, you know, vendor consolidation, freight lane optimization, driving more insourcing between our life sciences and diagnostics businesses, rooftop consolidations. Those are longer term actions. Those aren't things that you can just do in, you know, a 2- to 3-month period. So I think you'll continue to see meaningful progress on that over the next couple of years. And then I think when you look at the, the OpEx leverage, it really comes down to SG&A. I think the beauty of our business is because we're much more, reagent-focused, we have a much larger ability to scale the business without needing incremental SG&A resources, right? And so when you look at our investments we're making around e-commerce, and really how we interact with our customers, you know, I think for us, it's, it's gonna give us a unique opportunity to maintain a much tighter SG&A budget while our top line continues to grow, and that really is gonna drive a lot of the operating leverage. Okay. That kind of takes me to the next question where I want to go was, you know, you've got a pretty unique portfolio relative to your peers. You know, you talk about high 20s OpEx this year, but I think you've talked about 30 and beyond, just given the 75 bps LRP. So how should we think about the long-term margin opportunity, you know, multi-year, just because in terms of what the ceiling could be or sort of where the portfolio could take you, just because we don't have a lot of clean comps for what this could look like? I would love more clean historical comps too. But you know, I think we're pretty committed or believe we're entitled to sort of a mid-30s operating margin. Now, it's not gonna happen overnight. It's gonna happen over, you know, 5-7-year period. But I think for us, that's really what we believe our business model should be operating at. I think if you look at that versus comparison of where the rest of the peer group or industry is, most of them are at similar margins to where we are today, you know, upper 20s, maybe low 30s, but they've been working on that for, you know, a decade in terms of optimizing their margins. You know, our first year out of the gate, we were at upper 20%-28%. And so I think for us, we're really just getting started in terms of our margin ramp, and again, it's gonna be a major focus for us as a leadership team over the next, you know, handful of years. And that's from a, you know, the mid-thirties, that's from an organic, just sort of business portfolio as it is, just, you know, blocking and tackling year after year? That's right. Yeah. Okay. On that point, you know, let's talk about capital allocation. You've been really acquisitive in recent years. We talked about a lot of those deals already, EUROIMMUN, Oxford, you know, we didn't talk about Tulip, but, you know, BioLegend, there's been a lot of M&A. You know, how would you characterize your current appetite for further deals versus, you know, share repo or debt pay down? Yeah, for sure. So maybe I'll talk more broadly about just our capital deployment. Yep ...positioning, and talk a little bit more specifically on M&A. So I think if you look at it, we're at a really strong position from a balance sheet perspective. Maybe first, just talking about our overall debt portfolio. So we do have another $800 million bond coming due in the third quarter of this year. That's currently fully matched to U.S. Treasuries, and so we'll retire that. And then, if you look at the rest of our debt stack, we've got an average maturity out to 2031. It's roughly $3 billion. That 100% fixed cost at around 2.5% cost of funds. So really structurally sound, I think, long-term debt portfolio. So I don't think you'll see us do too much more for, in terms of, prepay once we get the bond off here in the third quarter. I think then when you look at, you know, share buyback, we did meaningful repurchases last year. It was the largest year ever for us as an organization, you know, close to $400 million. And so I think for us, as we look at this year, I think we'll continue to see what happens from a market perspective, but we definitely are trying to leave some dry powder, I think, for some of our investments that we wanna make, whether that be organic or inorganic investments. Then specifically on M&A, I would say the one change versus where we were a couple of years ago is, a couple of years ago, we had to do M&A. You know, when we stepped back and looked at our portfolio, we knew we needed to get into, you know, more verticals on the diagnostic side other than just reproductive health, so we went and built out our immunodiagnostics franchise. If you look on the life sciences side, we were predominantly small molecule focused. We knew based on where research money was gonna go over the next decade, we had to get more exposure to the sort of large molecule cell and gene therapy side, which is really what we purchased on the life sciences side. So from that perspective, we had to do M&A to get our portfolio in the right spot. I think now we're at a place where we really like the portfolio we have, and I think for us, we can be a little bit more selective. And so in terms of timing, I don't know. Maybe, you know, when we'll get the right, sort of valuation for some of the companies we're looking at, I think we'll remain patient and make sure that whatever we-- you know, if we do end up acquiring anything, it really fits from where we want from a strategic standpoint, but also financial profile, as we really like the financial profile we've built now. And, you know, buying anything dilutive would take a serious pull from a strategic need standpoint. Yeah, I think that's a really good distinction you made on sort of, like, needing to do M&A versus it being optional. If you think about EUROIMMUN, BioLegend, I forgot about Horizon, but that fits in there, with the cell and gene therapy aspect. Like, yeah, those are all pivotal to your transformation. Wouldn't have happened without that, so that's a good way to think about it. On that last point on valuations, you know, how would you describe sellers' current views of their, of their portfolio? I think things were pretty elevated in 2022 and 2023. Feels like they've come down a little bit, but just sort of, you know, is there, is there a good valuation out there? I would say right now, the bid-ask spread still probably remains larger than what we would like, given the cost of funds environment that we're all living in today. You know, I think for, again, for the companies that we would be interested in, they generally have a pretty strong financial profile. And from that sense, if their standpoint is, "Well, if you don't wanna think I'm worth this valuation today, we can wait a couple of years, and eventually, you will agree with our valuation." So I think they're gonna remain pretty steadfast in their stance, and again, we'll see how that plays out. But just to reiterate, I think we're in a position where we can be more selective, and it's not something where we're gonna go overextend ourself to go get the asset, just because, again, we really like the portfolio we have today. And I think there's plenty of things for us to focus on internally and being able to deliver on our strategic goals. And so I think we're gonna continue to sort of balance, you know, those handful of variables as we look at potential opportunities. Okay. All right, that's helpful. Got just about a minute left, so I will go back to the question you touched on earlier, sort of, what's underappreciated, what's misunderstood? You know, what questions do you keep getting from investors that you wanna sort of, clarify a little bit about Revvity? Yeah, I mean, I think probably the most misunderstood or maybe underappreciated aspect of the portfolio is really around our ability to execute. I mean, I think, look, historically, everyone's kind of attached PerkinElmer with maybe not the best ability to go and execute. I think, though, since Prahlad has taken over, I think we've continuously proved out time and time again on our ability to execute and manage a challenging market environment with all the transformation going on and still being able to deliver strong financial performance. And so I think that's probably maybe the most underappreciated aspect of the portfolio. I think in terms of misunderstood, I think it's gonna continue to just take us going out and further educating everyone on why our portfolio is so different, what makes us different versus the peer group, why our end markets are so attractive, you know, really how we're able to deliver against sort of what we put out there from an LRP perspective. So realize that might take a little bit more time and just continuous education to the investor base. But again, I think looking back, I think we're incredibly proud of what we've accomplished over the past couple of years, the portfolio we've built, and we're incredibly excited about where we're gonna go over the next handful of years. Okay, great. Thanks so much. With that, we're right out of time. Thank you, everyone, for joining. Max, thanks so much for being here. Yeah, thanks, man. Appreciate it.