Hi, good afternoon, everyone. This is Rachel Vatnsdal from the Life Science Tools and Diagnostics team here at JP Morgan. I am joined on stage by Revvity and Prahlad, the CEO. So as is typical, this is gonna be a 40-minute session. It will be roughly 20 minutes of a presentation, followed by 20 minutes of Q&A. If any of you in the audience have questions, feel free to ping me. With that, I will pass it off to Prahlad. Good morning, everyone, and thank you, Rachel, for inviting us again to share our exciting story. I also want to sort of commend you and your colleagues for being able to pull this off flawlessly year over year. You know, before I begin, I wanted to invite your attention to our safe harbor statement and encourage you to visit the investor section on our website, Revvity.com, for any forward-looking statements and additional disclosures that are made here today. You know, for those of you who might not have been following us or our story, might be wondering who Revvity is. Well, it's a new company. You know, it's 8 months old, and it was born as a result of the divestiture of one-third of our legacy analytical instrumentation and enterprise services business. Along with it, we divested our legacy PerkinElmer brand name, which essentially gave us an opportunity to create a new identity, brand, and corporate culture, which was more akin to who we are as a company and what we are going to look like, you know, in the future. That has been our singular focus as we have transitioned into Revvity, which is: How do we stand side by side as a scientific partner to our customers and help revolutionize life by solving some of the most complex diseases and challenges that medicine faces today? You know, over the next 15, 20 minutes, I'll try to give you a deeper dive into what Revvity is, if you may ask that. It is essentially, nearly a $3 billion annual revenue company focused on the high-growth, end markets of life sciences and diagnostics. In those markets, we focus around specialized areas, which I will delve deeper into today. 80% of our revenue is recurring in nature, and 20% of it is from high-value, differentiated instrumentation platform, which not only acts as a bedrock of innovation for us, but also is a strong pull-through, acts as a strong pull-through for the consumables side of our business. You know, breaking down the two businesses, you know, starting with the end market of life sciences, if you look at this slide, you know, for those of you who are following, analyzing, or investing in life sciences companies, this is not very similar to what you might be used to seeing. This differentiation is intentional. Our focus is on preclinical research and development. You know, we do not sell commodity products that are used in routine lab care. Our focus is around providing technology, capabilities, and tools to our customers that help accelerate and make it more efficient, the process of drug discovery and bringing it to the clinic. Similarly, if you look at our diagnostics business, it's about $1.4 billion in annual revenue. Again, this is not similar to one of the large diagnostic companies that you might be used to seeing. You know, our focus is around differentiated, around solving and identifying complex diagnostics diseases, whether it's in newborn screening, prenatal, latent tuberculosis, autoimmune, allergy, and next-generation sequencing sample prep, where we are focused on solving some of the more complex issues and identifying diseases and providing insights very early in the phase. So as we look at the chasm between research and diagnostics, our focus is: How do you reduce the chasm and gap as medicine gets more and more personalized? You know, so our journey begins early on with the researcher and our customer by providing them technology that they can use to develop their drug and bring it into the clinic. And then we have an opportunity also to partner with our customers by leveraging our lab infrastructure around the world to identify the patient population who might be the right ones for those drug candidates. And eventually, we also use our in-house technology then to develop diagnostics or companion diagnostics, not just for identification of diseases, but also for testing the efficacy and for follow-up. So as you can see, we try and be a partner to our customers through the journey of drug development and into the clinic. You know, what you did not hear me say is that we are a partner for our customers in the clinical trials or as they manufacture drugs. That's not where we play. Like, our focus is more around the innovation and discovery phase of it. And maybe I'll take an example and walk you through as to how does this work in reality and in practice. You know, our BioLegend scientists work side by side with researchers, as an example, to use or develop an antibody, which becomes a building block for a drug candidate. Then this drug candidate goes through the animal model testing phase for testing its efficacy, using our recently refurbished preclinical in vivo imaging platform and associated consumables. The efficacy of this drug and the activity and reactivity of it to various targets is then tested using a high-content screening platform. Then right before it goes into humans in clinical trials, we use our cell counting and cell imaging platform to assess the efficacy of these drug candidates. Once this moves into the clinic, we can then work with our customers in leveraging our lab infrastructure in every continent, on the Asian, European, and American continents, to identify patients who might be best suited and who are the best and ideal candidates for testing these drugs. Similarly, we might be using the same antibody from BioLegend or a similar antibody, and develop a diagnostics that can then work as a companion diagnostic for that drug candidate to be used for testing the efficacy and for further follow-up. So as you can see, you know, what I've tried to lay out is how we partner our customer throughout the journey of drug development as it goes from early discovery all the way into human clinical trials. So the question is then: how does this differentiation that I've talked about actually result in a differentiated financial performance? And that is focused for us around three pillars. You know, one is the approach that we use working with our customers, which I touched briefly upon. The second is around products. You know, we have to have an innovative portfolio, and I'll talk a bit about it and some examples around that, that helps foster that. And the third really is the positioning. How do we position our portfolio and the transformation that we have gone through to help in a financially differentiated performance? You know, starting with our customers, you know, I, I talked about the fact that we are... they are partnering the journey, but the beginning stage of it is the technology that they use. And we try to provide them cutting-edge technology which they can license, and once they have brought that in-house, they use the capabilities and tools that we provide for developing that drug candidate. You know, one example of that was what we announced publicly in the middle of last year with a very important customer of ours, wherein we licensed our Pin-point Base Editing technology for some disease areas where they are using for their internal drug development process. You know, similarly, we are now moving beyond providing preclinical research antibodies to developing GMP-grade antibodies, cytokines, and other consumables that our customers might need. But essentially, our focus is on: how do we provide streamlined workflows for our customers so that it makes their jobs easier, i.e., more efficient, more productive, at a lower cost? That is where we are working with our customers. From a product perspective, you know, for those of you who have been following us, might obviously be aware of the portfolio transformation that we've gone through. You know, we, post-divestment of one-third of our business, we don't have any chromatography equipment. You don't hear us talking about LCs, GCs, mass specs, UV-Vis, thermal. You know, all of that is not part of our portfolio anymore. Our focus is around high-value, differentiated technology which our customers must have, and our focus is: how do we bring that innovative differentiation into our portfolio early in the phase? One example of this is the recently launched Quantum GX2 micro CT platform. This imaging platform for ex vivo and in vivo imaging, you know, provides the maximum sensitivity that helps our researchers get further insights into the disease profile much earlier. You know, and then, another example I'll give you is on the diagnostic side of the portfolio. You know, obviously, our work around newborn screening is well known, but we recently launched an EONIS Q platform, you know, which is nothing like the automated random-access large platforms that you would see in labs, but it is a fully integrated workflow that provides the consumables, instruments, software for complex rare diseases like spinal muscular atrophy and SCID, which was recently launched in Europe, as I said. Or the example around our Revvity Signals portfolio, which you will find in every pharma preclinical discovery lab. It is used for analysis and research, and it is not related or integrated with any particular instrument, so it is ubiquitous in the lab, and these portfolio capabilities allow us to be differentiated with our customers. So the question really comes that: how do you position this portfolio? You know, we've obviously done a lot. We've acquired more than a dozen company over the past 24+ months, which has given us an opportunity, and this has been a diligent effort on our part, is: how do we build a portfolio that allows for a differentiated financial performance and allows for a profitability profile which is different and attractive? You know, one way to think of it is if you just look at our immunodiagnostic reagent, life sciences reagents, and software-... You know, this is the highest growth part of our business, which is growing to grow double digits and provides an incremental profit margin. So the natural growth of this business is a natural margin expansion opportunities that it provides, even before we start picking on the low-hanging fruits around costs and synergy opportunistics. This is again, built on a platform of an instrumentation portfolio, both on the life sciences and Applied Genomics side, which delivers strong cash flow, and more importantly, also has strong organic growth. And, you know, as I mentioned earlier, it also continues to be a bedrock for pulling through more and more consumables, which is on the top side of the chart. You know, and all of this is also, you know, any opportunities that we have around our strategic partnerships drives additional upside to the underlying market growth that we've mentioned. You know, maybe one example from a regional perspective to illustrate this, right? You know, China obviously had a tough year last year from a market environment, not just for us, but also for our peers. 17% of our revenue comes from China. But one fact that is overlooked is how differentiated our portfolio is in China, and maybe this example will give a deeper insight into that. You know, 10% of that 17% is on the diagnostic side of the portfolio, where with autoimmune and allergy, we continue to see growth. 7% of it is on the life sciences side. You know, even in a tough market environment, as instrumentation saw pressure last year in China, now more than 50% of the life sciences side of our revenue is coming from reagents. So it's not that we were not impacted or are totally immune to challenging market conditions, but in 2023, we grew mid-single digits in China. None of our peers or maybe one or two of our peers can talk about growth and not declines or significant declines in China. So I think China, for us, is an example that shows that how our differentiated portfolio allows you to have a differentiated performance in a region. You know, so looking ahead, you know, while we'll talk about the 2024 numbers during our earnings call on February 1, I do wanna sort of take a step back and talk about facts that we want to focus our attention on in terms of strategic areas. Look, we've done a lot as a company. You know, some say too much, but we've gone through a portfolio transformation, which I would bet you will be hard-pressed to find a company that has gone through the level of transformation that we've had from a portfolio perspective in that short period of time. But really, we are just scratching the surface in terms of the opportunity all of this provides. You know, we've done a dozen plus acquisitions in less than 21 months, and our number one driver for growth is going to be the cross-company innovation. We are still just plucking on early fruits as we bring these acquisitions together and the technological synergies that these provides as we put the portfolio together. You know, I talked about the number of acquisitions, but, you know, we cannot lose sight of the fact that off the bat, post-divestiture, Revvity was delivering 28% margins in the high 20s and close to 30%. And again, this is without us having delved very deep into the cost synergy opportunities that are there in front of us, both from a top-line revenue synergies and from a cost perspective. You know, and the third pillar where we will continue to keep our focus on is around investment, both organic and inorganic. You know, we'll continue to deploy capital diligently. We've got $700 million of debt due in the second half of the year, which we expect to pay. On the organic side, you know, I talked about the GMP capability that we are building. You know, e-commerce is another platform. We just launched the MR-MVP of our e-commerce platform in December of this year. Now, imagine with all the acquisitions that we have done, some of them are delivering 50% of their revenue from an e-commerce platform, and some of them are at 3%-5%. Putting all of this on an integrated e-commerce platform, which we will fully launch at the end of the first quarter or early second quarter, will give us a tremendous opportunity to bring our full product portfolio on a singular e-commerce platform. Not only does it give the obvious OpEx synergies that would come with it over a period of time, but also, you know, near term, the revenue synergies that it brings, with giving a clear insight to our customers of our full capability, and tools that we are able to bring. And, you know, and the last aspect that I'll touch upon on the investment side is we'll continue to be opportunistic and diligent around our share buyback, you know, like we were in 2023. So what does all this mean? You know, as we look at our longer-term profile, you know, at the end of Q3, when we did our call on first or second of November, you know, we had talked about the fact that we'll take the next few weeks to analyze our longer-term profile. You know, in hindsight, when we gave out our medium-term outlook, you know, post-divestiture, you know, life sciences was growing double digits from 2020 to 2022. You know, and this was during the COVID phase, and the market spending was in an exuberance phase. And that now, in hindsight, we realize it was not normal, but neither was 2023. You know, the steep decline that we saw in 2023 was not normal either. I'm very confident that the market is going to turn around and get back to what is a more normal phase of growth, which we expect to be in the 4%-6%. And given the differentiated portfolio that I have laid out to you, hopefully, you know, we feel very confident of being at least 200 basis points above that market in terms of growth, which we also expect to give at least 75 basis points of margin operating margin expansion, as I laid out to you, which should result in double-digit EPS growth. So hopefully, that gives you a sense of who we are as a company and what Revvity is all about. Yes, we are in clinical diagnostics. Yes, we are in life sciences and research. But in the markets that we play, we remain differentiated, and that is why we feel strongly confident that we will deliver differentiated financial performance in the years to come. Thank you for your time, and I look forward to the Q&A session. Thank you, Rachel. Thanks. Do you want me to stand or sit? You can sit or stand. It's up to you. I'll stand. Perfect. So first up, just on the 4Q numbers, you know, that came in a little better than expected, really at the high end of the outlook. So can you talk about what specifically drove that outperformance? You were anticipating low double-digit declines in life sciences and low single-digit declines in diagnostics. So by segment, can you talk about some of the 4Q trends that you saw in 4Q there? Yeah, I would say that, you know, on the 4Q numbers that we, you know, released this morning, I think we were—I wouldn't say that there was anything that was spectacular, but I think in all the end markets that you talked about, we were slightly better than what we expected to be and the way we expected it to play out. I think particularly the only thing I will say, that America showed a bit more resiliency. We did not see any year-end budget flush or anything to that effect, which I would point out to say, and that was the causative factor. But I would say we probably were slightly better in pharma, non-pharma in what we saw and strong execution in what we needed to do. Okay, that's helpful. And then just on the new LRP and that 6%-8% growth rate, first, can you kinda talk about how did you arrive at 4%-6% being the underlying market growth rate? And then what does your 6%-8% really assume for life sciences versus diagnostics, and kinda compare and contrast that to the prior LRP? Yeah, sure. I think you know what—you've got to go back and look and learn from what you've seen in the market play out, right? As I said, what we saw in the 2020 to 2022 was not normal, and neither was last year. So when you look at a historical performance over a period of years, you see in the markets that we play, historically, that market has grown 4%-6%. So that is sort of what we lay out as the platform for what that looks like. You know, in terms of, why... What was the second part of your question, Rachel? Just around- There were two parts to it. The life sciences versus- Sure ... diagnostics assumptions in there. Yeah. And then how does that kinda compare to the prior guide? Yeah. So, you know, initially when we had, I think, life sciences, we had growing in low double, and diagnostics, we had growing in high single. And right now, you know, just as we calibrate this, we expect life sciences to grow high single and diagnostics to grow mid to high single. So sort of that's the framework to think of. Okay, that's helpful. And then just in terms of the margin and EPS assumptions- Mm-hmm ... within the new long-term guide, so the 75 basis points of margin expansion, double-digit EPS growth, your prior long-term assumptions really called for 75-100 bips and then 13%-15% adjusted EPS growth. So obviously, lower revenue growth impacts some of these. But, you know, can you walk us through how should we be thinking about the operating leverage in the business over the long term? And does that margin expansion number really benefit from some of the cost actions that you've talked about implementing in the next year or so? Yeah. So some of that, obviously, you know, we've sort of accounted for that as we've laid out the numbers. Look, I mean, obviously, if the market growth is going to be higher and the organic growth is gonna be higher, the margin expansion is gonna be more accretive and incremental. And consequently, if it's gonna be lower, it's gonna be lower. But I think, you know, given the way we've thought through, then the only difference between what we had laid out to now is the lower market growth number. Okay, that's helpful. And then just on China, given, you know, surprise asking a China question here, just given how pressured that market has really been, could you just talk about your confidence in the long term in China, given we've seen VBP, local competition, anti-corruption, and just many of these lingering questions as we head into 2024? So what's your conviction in the underlying demand in China, and then what growth rate are you assuming in China in the updated LRP? Yeah, and Rachel, this is, I think, one thing that I've been trying to shout from the rooftops: Our portfolio is different. Mm. Our portfolio is different in China and other markets, and I think the results should speak for itself. We grew mid-single digits in China, as I said, and then I think that is a concerted effort. We expect China to grow for us in line with the long-range plan that we have laid out... and that is just based on the fact that, you know, whether you look at immunodiagnostics in that market, our life sciences reagent portfolio, software, all of that is sort of account for the growth rate. You know, if you take one example of VBP that you mentioned, right? I mean, we, it's not that we've not been feeling, seeing, pricing pressure. We've seen mid-single-digit price declines year-over-year. But our focus really is: How do we bring the differentiated tests into that market where we don't have that much competition, and there is a necessity to have that product in the marketplace? That is strategically how we had tried to manage China, and this has gone for the last decade, you know, since I've joined the company, and we did that on the diagnostics side earlier on, and now we are doing it for the company. Great, that's helpful. Then I wanted to ask about some of these pharma and biotech trends that you've seen. In 3Q, you noted that the weakness in pharma biotech continued to really worsen throughout the quarter. So now that you've kind of gotten through the end of 4Q, can you talk about how it played out relative to your expectations? Did you see any type of budget flush-type dynamics? Were there more site consolidations? And again, is there anything structurally that's really shifted within those pharma and biotech customers for Revvity? Yeah, Rachel, I mean, as I mentioned, you know, at the end of the 3Q call, you know, when the customers came back post the summer vacation, there was this... You know, as we saw a sudden drop, not just us, in the whole industry saw it. But I think, you know, and if it comes back to what was the cause for it, I don't think there is one point or one pinpoint or one silver bullet you can point that that was what caused it. I think it was a range of issues. You know, one of them is obviously, you know, the impact, the federal impact around interest rates, cost of capital. You know, and I think that did play a role. But I think the number one factor also goes back to the fact that customers, pharma, biotech, clinical labs, had done a significant amount of purchase over the past 2, 3 years. You know, during the COVID period, the purchases that were done needed to get calibrated, and I think that was one of the bigger driving factors, which is what we saw in 2023, and likely will play out in 2024, too. Perfect. That's helpful. Speaking of 2024, I wanted to talk about that initial framework that you had provided during your last earnings call, you know, really pointing towards revenue growth in line with 2023 around, let's call it, 2%. So can you kind of walk us through the core drivers behind this potential growth assumption of, you know, the framework of where we could land on 2024? And then what could be some of the swing factors that would get you to the high end or the low end of that theoretical range of outcomes? So I would love to provide more specifics around the 4Q during our 4Q call at the end of the month, but I will address a couple of things. I think, as you pointed out, you know, one of the likely scenarios is the 2% scenario, and essentially in that scenario, you know, we expect it to largely play out and taper out into the second half of the year when we start seeing recovery. I think in terms of the swing factor, the one that could really move the needle, Rachel, would be the pharma biotech spending. Mm-hmm. I think that's the one I would sort of keep an eye out on. Okay. That's helpful. Appreciate we'll get full guidance in a few weeks here, but maybe just on pacing quickly- Mm-hmm. ... you know, we've heard from many of your peers in the sector that it's obviously going to be a more back-half-weighted year. But can you spend a minute just talking about how you could see that reflection and kind of the pace of recovery playing out in 2024? I would wait till the end of the fourth till the end of the month. Just four weeks, Rachel. Fair enough. I had to try. Maybe just shifting over to Life Sciences segment. On life science instrumentation, that declined high single digits during 3Q, and you noted that you expected double-digit declines in 4Q, with really no sequential volume improvement. So can you talk about how did 4Q play out relative to your expectations? Did you see any of those budget flush dynamics? And then how does that set you up for 2024? Yeah. As I mentioned, during my prepared remarks, we didn't see any budget flush, but as I also said, we did see it do slightly better than what we expected it to do as it was reflective in the performance overall. Perfect, that's helpful. And then specifically on China within life sciences, in 3Q, that life sciences segment in the region saw pressure due to the weakness in CROs. We also recently heard from some major CROs and CDMOs flag business pressure in the first half of 2024 before expecting a turnaround into the back half of this year. So can you talk about some of the trends you're seeing? How much do you really expect the weakness within some of these larger CRO customers could last before we could potentially see a rebound? Yeah, I mean, you know, it's pretty well documented and scripted, and they have, you know, come out publicly and talked about the impact that they are seeing. And then I think, you know, the expectation from us and the others is that eventually it will taper off and come back in the second half of the year. I mean, I don't think anything has changed since what we've seen in the end of 3Q versus now. Nothing materially has changed that would tell us that, "Oh, now this is gonna just switch around and turn around in, you know, February or March". Got it. That's helpful. And then on life sciences and... or licensing and software, excuse me, that's really been a drag on the life sciences segment as well in 2023. So you noted that, you know, the Signals software business especially had been expected to be down low double digits in 4Q. So can you talk about, you know, how did that trend, and then what visibility do you have in 2024, especially from a contract renewal perspective? And then moreover, how much of the licensing and software headwinds are really just timing related versus some type of market headwind? Sure. I mean, you know, the software business's performance in 2023 was well spoken about by us at the beginning of the year, because we knew what licenses and what contracts are coming up for renewal, and it played out as we expected it to, including in the fourth quarter when it was down in the 20s. But, you know, similarly, we feel very good about the fact that we expected to grow double digits in 2024, depending on what we already know, what the contract pipeline that is up for renewal. So, you know, it is the beauty of the software business is that once you, you know, have a multi-year contract with customers, you, you know, you sort of have a very good predictive cadence to it. So we were able to see that. Okay, that's helpful. Maybe shifting over to the diagnostics portfolio, looking back at 2023, Revvity has seen mixed performance across its different diagnostics businesses. Applied Genomics had been pressured while the rest of the portfolio really has held up well. So looking to 2024, can you talk about, you know, within these different sub-segments within diagnostics, which ones are expected to perform above versus below? And then what are some of the key swing factors to growth for those segments as well? So I think for those of you who have been hearing me talk, I've talked about the immunodiagnostics business for, what, seven years now, and I said that, you know, expect it to grow double-digit. I would just pencil that down again. You know, that business has done exactly as we have said, and it performs as expected. You know, we've seen pressure from birth rates, but, you know, despite the pressure, which is, you know, now, birth rates are declining by -4%, globally. We still, you know, continue to do, you know, hold up the reproductive health business pretty well. You know, the Applied Genomics lab, you know, there are two factors to it. The Applied Genomics business, I'm sorry. There are two factors to it. One, you know, obviously we had the clinical labs, which were a big customer segment for that market. And again, with the COVID flush or budget flush, you know, there was a reduction in spending or buying by labs. The second half of the customer base for the Applied Genomics business again, happens to be pharma biotech, and the same budget crunch that we saw on the life sciences instrument side of the portfolio impacted the Applied Genomics. So that's where you would see the impact. So I would put it in that order, Rachel. Okay, that's helpful. Then just on Applied Genomics, specifically, that segment declined low double digits in 3Q, as it was pressured by some of the pharma biotech spend that we already touched on. So can you walk through, first up, how did it perform in 4Q? And then secondly, walk us through how does Revvity really compete in that Applied Genomics market, and what ultimately is really driving that weakness there, and then timing of rebound? Yeah, I mean, I think, you know, what really... how we compete is not dissimilar to what we've talked about on the other factor. How do we continue to innovate? How do we bring new NPS to the marketplace? You know, we talked about the BioQule launch earlier in the year, you know, and similar products that would help make our customers' drug development process, if it's on the life sciences side, you know, more efficient and more productive. In terms of performance in 4Q, I would say, you know, it would be the same remark; it is slightly better than what we had expected, but, you know, again, we didn't see a big budget flush or anything to that effect coming out, so. Okay, that's helpful. And then just regarding China, VBP, it's a question we so frequently get from investors. So on your 3Q call, you mentioned that roughly 10% of the diagnostics portfolio you expect already really had an impact by VBP a number of years ago, and that you don't expect that the remaining 90% of the portfolio will be impacted. So can you walk us through what gives you confidence that the rest of the portfolio is gonna be insulated from some of these dynamics? Yeah, and I think it is the differentiated portfolio that we have. There is not much competition to what we sell in the marketplace. Plus, those that are there, they have seen mid-single-digit declines in pricing, which we have accounted for. And, you know, in the long range, as I said earlier, we expect China to grow in line with our long-range growth profile. Helpful. And then maybe stepping back, when we look across the diagnostics portfolio, where would you say that there's the greatest source of upside between Immunodiagnostics, reproductive health, Applied Genomics, within those areas of diagnostics, both in the near term and in the longer term? Yeah, I mean, I think with-- look, on immuno diagnostics, we continue to add more and more assays and, you know, the differentiation there is the innovation of the Euroimmun team, which has paid very rich dividends and will continue to do so. On the newborn screening side, you know, there are a whole host of new assays that have come up for recommendation by the RUSP panel that we have, you know, in line for regulatory approval, both in the U.S. and Europe and other markets. And I think that will continue to be a growth driver despite the challenges that we see to birth rates. So I would sort of put it in that rank and order. Perfect. That's helpful. Maybe shifting over to capital allocation. As you mentioned during the presentation, Revvity's done a myriad of deals over the past few years. So can you talk about from a synergy standpoint, you know, between those different assets that you've acquired, is there more to be done on integration? And then maybe just stepping back on M&A, how are you thinking about inorganic opportunities going forward? Sure. I mean, you know, as I've said, we'll continue to be diligent on acquisition opportunities and look for, you know, technologies or product portfolios that will either enhance our current offering or help fill any potential gaps. So we will continue to be diligent in looking for that. I think from an integration perspective, as I said earlier, Rachel, you know, I think we are probably, I would say, in our second or third innings. There's still a lot to be done, and that's the exciting part of it. And it's not as necessarily as much on the cost side, but it's around the cross-technology innovation. You know, bringing Horizon and Sirion and BioLegend and Nexcelom, you know, Peter is here in the audience. You know, we didn't fathom the opportunity that bringing all of these technologies together would provide us, and then I think that is sustainable for the next several years. Got it. That's helpful. And then maybe in the last minute or two here, Prahlad, I just wanted to ask you, what do you think is most misunderstood about the Revvity story? And then, you know, where do you think we go from here in terms of the best opportunities? I think we need to do a better job around continuing to explain our portfolio and our story to our investors. And then I think, you know, hopefully we've done that, you know, with what we released this morning, and it's been a continuous journey. Look, again, you know, it's a totally different company than what it was three years ago, two years ago, and a year ago. And I think we just need to continue to explain the differentiation in our portfolio and our story. Perfect. With that, we are out of time. Prahlad, thank you so much for joining us today, and thank you, everyone in the room as well. Thank you, Rachel.