Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the RxSight fourth quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Oliver Murovec, Vice President of Investor Relations. Please go ahead. Thank you, operator. Presenting today are RxSight President and Chief Executive Officer, Dr. Ron Kurtz, and Chief Financial Officer, Mark Wilterding. Earlier today, RxSight released financial results for the 3 months ended December 31st, 2025. A copy of the press release is available on the company's website. Before we begin, I would like to inform you that comments and responses to questions during today's call reflect management's views as of today, February 25th, 2026, and will include forward-looking and opinion statements, including predictions, estimates, plans, expectations, and other information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued today in our filings with the Securities and Exchange Commission, or SEC. Our SEC filings can be found on our website or the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements, and we disclaim any obligation to update or revise these forward-looking statements except as may be required by law. We will also discuss certain non-GAAP financial measures. Disclosures regarding non-GAAP financial measures, including reconciliations with the most comparable GAAP measures, can be found in the press release. Please note that this conference call will be available for audio replay on our investor relations website. With that, I will turn the call over to Ron. Ron? Good afternoon, and thank you for joining us today. I'd like to start by both welcoming Mark to his first RxSight earnings call and asking him to kick us off today by reviewing our fourth quarter and full year 2025 financial results, including the key drivers of performance and the trends across the business. After his remarks, I'll discuss the progress our team made in the fourth quarter and outline the steps we are taking to position RxSight for 2026 and beyond. With that, I'll turn the call over to Mark. Thank you, Ron, and good afternoon, everyone. Consistent with our January pre-announcement, RxSight reported fourth quarter 2025 sales of $32.6 million, down 19% year-over-year due to lower LDD sales. As you recall, we had record levels of LDD placements in the year ago period, totaling 83 units globally, accounting for $11 million of sales. In the fourth quarter of 2025, we sold 25 LDD units globally and generated $3 million of LDD revenue. Despite the year-over-year decline in the fourth quarter, we exited 2025 with an LDD install base of 1,134 units, up 17% from the 971 units installed at the end of 2024. Turning to LALs. During the fourth quarter, we sold 28,611 LALs, down 2% from the year-ago period and up 10% sequentially. Procedure volumes translated into LAL sales of $28.2 million in the fourth quarter of 2025, in line with Q4 2024. LAL revenue accounted for an all-time high of 86% of total company sales in the fourth quarter, up from 71% in the year-ago period. Higher LAL revenue mix contributed to a gross margin of 77.5% in the fourth quarter of 2025, compared to 71.6% in the year-ago period. Fourth quarter 2025 SG&A expenses were $27.7 million, down 2% compared to the prior year period, primarily driven by lower personnel-related expenses, partially offset by continued investments in LAL commercial initiatives. Fourth quarter research and development expenses were $8.9 million, down 3% year-over-year and 2% sequentially, reflecting lower personnel-related expenses, partially offset by continued investment in advancing our research and development pipeline. We reported a net loss in the fourth quarter of 2025 of $9.2 million, or $0.22 per basic and diluted share, based on 41.2 million weighted average shares outstanding. Stock-based compensation was $7.8 million, resulting in an adjusted net loss of $1.3 million, or $0.03 per share. I'll now provide a brief recap of full year 2025 results. Full year sales of $134.5 million increased 4% year-over-year, reflecting a 48% decrease in LDD revenue, partially offset by a 12% increase in LAL sales. 2025 gross profit margin was 76.6%, compared to 70.7% in 2024, primarily driven by a higher LAL revenue mix. Total operating expenses were $151.2 million in 2025, up 11% versus 2024. Year-over-year expense growth was driven primarily by higher personnel costs and continued investments in research and development, as well as commercial activities to support our long-term strategy. For the full year 2025, we reported a net loss of $38.9 million, or $0.95 per share, versus a net loss of $27.5 million, or $0.71 per share in 2024. Excluding $31.6 million in stock-based compensation expense, our adjusted net loss in 2025 was $7.3 million, or $0.18 per basic and diluted share. Moving on to the balance sheet. We ended the year with no debt and approximately $228 million in cash equivalents, and short-term investments. Turning to 2026 guidance. Full-year revenue guidance of $120 million-$135 million implies a year-over-year decline of approximately 5% at the midpoint of the range, primarily driven by lower LDD sales versus the year-ago period. 2026 sales are expected to be the lowest in the first quarter, reflecting typical seasonality and more challenging comparisons in the year-ago period. Third quarter 2026 sales will also be subject to seasonality, although we anticipate a rebound in total company sales growth in the second half of the year as growth comparisons ease and commercial initiatives begin to gain traction. We anticipate a relatively small contribution from sales outside of the U.S. in 2026, primarily in the form of early capital placements, as we take a methodical approach to expanding our international presence. The team is currently focused on building relationships with key opinion leaders and collecting country-specific clinical data to position the company for more meaningful international sales in 2027 and beyond. Our full year 2026 gross margin guidance is 70%-72%. This is down from 2025 levels, but consistent with the company's gross profit margin profile in 2024. We've taken a prudent view of our 2026 gross margin guidance to reflect the sell-through of higher-cost inventory due to lower than originally anticipated production levels in 2025. However, we expect manufacturing absorption headwinds to ease over time. We expect 2026 operating expenses to be between $150 million-$160 million, representing a 1% decrease at the low end of the range and a 6% increase at the high end compared to the prior year, and reflecting our ongoing investment in international expansion in addition to our U.S. sales and marketing efforts. We anticipate that R&D spending will be relatively in line with 2025 levels. Included in our costs, primarily in operating expenses, is non-cash stock-based compensation expense in the range of $30 million-$32 million. With that, I'll turn it back to Ron. Thank you, Mark. Although the full-year financial results were below our initial expectations, 2025 was a year of meaningful progress for our RxSight, for which I want to thank our 500 employees and thousands of customers, as together we advanced the delivery of our life-changing LAL technology around the world. Approximately 5 years after our IPO enabled us to broadly launch adjustability in North America, our clinical outcomes remain best-in-class, with doctors and patients continuing to be highly engaged with the technology and with adjustable procedures, representing approximately 10% of the U.S. premium market by volume and approximately 15% by revenue, proving that adjustability is no longer a concept, but an established category with real commercial and clinical validation. In 2025, following rapid years of expansion that resulted in approximately 25% of U.S. cataract surgeons being trained in this new paradigm, we initiated a number of strategic decisions to strengthen clinical and practice expertise across our user base, sharpening our approach to training, education, and support of new and existing practices and doctors. Although we are still early in external validation of this journey, we have been encouraged by recent trends that indicate these efforts are beginning to take hold. More specifically, and as Mark outlined, procedure volumes improved sequentially in the fourth quarter, driven primarily by LAL utilization within our customer base. With over 1,100 LDDs in the field and an even larger number of practitioners, we have more work to do, highlighting our substantial opportunity to further leverage our installed base to drive same-store sales and patient outcomes. At the same time, we have taken a more disciplined approach to capital placements, with the goal of continuing to deliver sustainable execution through superior clinical outcomes, strong customer adoption, and efficient practice workflows that support long-term success. As we look ahead, our commercial focus is clear. Improve utilization within our existing installed base through targeted practice engagement and new education initiatives, and expand access to our technology in a measured way through disciplined LDD placement and evolving access models. We believe executing consistently across these areas will return the business to sustainable growth, with adjustability uniquely positioned within the premium eyewear market to address the unmet needs of both doctors and patients, with the clinical thesis underlying this supported by both formal clinical studies and real-world data. To that point, we are pleased to announce that earlier this month, data from our post-approval study were accepted for publication in the Journal of Cataract & Refractive Surgery. The paper by Dr. Jack Holladay reported that 93% of LALs achieved both spherical equivalent and residual cylinder within a half diopters of target, demonstrating statistically superior refractive accuracy compared to historical studies of contemporary toric IOLs. Just as importantly, very similar results were identified in a more than 20,000 eye data registry of LAL cases presented at yesterday's meeting of the American-European Congress of Ophthalmic Surgery by Dr. John Doane. Adding compelling big data to the growing body of evidence supporting the LAL platform and the ability of postoperative adjustability to provide unparalleled refractive accuracy across a broad patient population, thereby reducing outliers and enabling refractive customization that together raise patient satisfaction and grow premium procedures. With conventional cataract reimbursements facing continued downward pressure, we believe that the LAL is well positioned to deliver the superior outcomes demanded by patients, as well as the enhanced profitability that is increasingly important to sustain ophthalmic practice viability. RxSight remains committed to advancing adjustability to even higher performance levels, as evidenced by the approximately 20 FDA approvals in direct support of product development over the past five years, with several new submissions planned over the next 18 months. These efforts continue to make LAL technology easier to adopt for a greater range of customers by enhancing the overall value proposition for both doctors and patients. We believe that this historic pace of innovation presents another opportunity to engage with customers as we further the understanding and utilization of already released lens features like ActivShield, LAL+, and expanded IOL powers, as well as recently added LDD capabilities and our up dated LDD and insertion device platforms, with even more innovation to come. Internationally, we are building a durable foundation for long-term success, with a focus over the next year on engaging with local clinicians to develop key opinion leaders in Europe, Asia, and now Australia, who can generate their own early in-country outcomes and become advocates for adjustability in these major markets, where the majority of the global premium IOL procedures are performed. Over time, we believe the growing prevalence of myopia and earlier cataract surgery in international markets represent meaningful long-term tailwinds for the LAL, as optimizing binocular vision and refractive accuracy become increasingly important for patients seeking spectacle independence and eye, high-quality visual performance. We are also applying the lessons learned in North America to ensure that our teams and practices are well prepared to succeed as they introduce this paradigm to their patients. In summary, we are encouraged by the progress we saw in the latter part of the year, with early signs of improvement and an organization that is better aligned to deliver superior clinical outcomes. At the same time, we are realistic and taking a prudent approach to the durable opportunity RxSight's adjustable platform has created. There is certainly more work to do, and our focus is on delivering consistent performance over time. With an improved commercial structure, a large installed base, continued innovation, early infrastructure in key international markets, and a strong balance sheet, we believe we have the foundation in place to execute deliberately and build momentum. We are confident that the LAL platform will continue to help more patients globally, positioning the company to drive strong growth in the years to come, as stakeholders increasingly recognize the significant benefits of RxSight's differentiated technology. With that, I'll ask the operator to open up the call for questions. At this time, I would like to remind everyone, in order to ask a question, press star, then one on your telephone keypad. We encourage everyone to limit yourselves to one question and one follow-up. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Robbie Marcus with J.P. Morgan. Your line is open. Hi, this is Alan on for Robbie. Quick question just on the 2026 guide. Curious what you're seeing so far in the underlying health of the market when it comes to both LALs and LDDs. You know, you ended the year with a quarter, a little bit better than expected on the LAL front. Curious how we should think about that progressing through 2026 and what's contemplated in the guide. I, you know, I think that. Thanks for the question, Alan. I think that, you know, we did see a little bit of an uptick in Q4. You know, I think that we're, you know, we're certainly hoping that that continues through 2026. The guide, you know, obviously, takes in that into account as a potential, but maybe I'll have Mark comment further on that. Yeah, that's right. The guide definitely does take that into account. As you know, we don't give quarterly guidance, but year-to-date trends have been factored into our full-year outlook. You know, remember, when we look back a year ago, Q1 2025 was our best LDD volume quarter, and our second-best LAL unit volume quarter. Total company sales increased, I think, about 30% year-over-year. It's a difficult comparison, and wanted to take that into account as well with our, with our guidance. Just a quick follow-up on gross margin. I think, you know, in the past, you've talked about high 70s as still being doable from a gross margin perspective going forwards. Clearly, you're seeing some near-term pressure from manufacturing variances in 2026. When I think about 2027 and beyond, is there any reason why you wouldn't be able to see that improve back up to the high 70s? Thank you for the questions. Yeah, we do look at this closely, as you can imagine. At longer term, we still do believe that's the case. We've proven that it's possible. We did achieve those types of margin levels last year. Ultimately, I think it really depends on what your assumptions for the mix profile of the business will be. You know, historically, a lot of the margin growth came from increases in the mix of LALs. As they have a higher margin profile, that's obviously worth taking into account. The other thing I'd note from a margin perspective is that international is still early, and so as that ramps, that also has the potential to factor into that long-term gross margin profile of the company. Your next question comes from the line of Larry Biegelsen with Wells Fargo. Your line is open. Good afternoon. Thanks for taking the question, Mark. You know, congrats on the new role. Since this is your first as new CFO, I'd love to hear your, you know, guidance, philosophy, and specifically, you know, how much do you expect LDD placements to be down? Is 50%-60% year-over-year a good range? You know, what kind of growth are you assuming for LAL volume? You know, is mid-single digit, you know, a good mid-single digit growth, a good place to be? I had one follow-up. Sure thing. Thanks, Larry. Just starting with guidance philosophy, I think coming into this role, my focus is definitely on setting achievable guidance. It's based on a bottoms-up forecast. In the case of 2026, what we've seen year-to-date in terms of trends. I'd say, as Ron mentioned, we are seeing early signs of improvement, but we want to be realistic and take a prudent approach, and I want to reflect that in the guidance. There's still work to do, but our focus is on delivering consistent performance over time. You asked a question on LDD assumptions. Our assumption is that we see a slight acceleration from the 2025 exit rate of about 25 units a quarter, and that should increase through the year with the additional contribution of some OUS units as well. Q1 units, I would expect to be the lowest in terms of LDD sales. As far as LAL unit growth, I think it's fair to assume for the full year, somewhere in that kind of low single-digit unit growth range for LALs. That's super helpful, Mark. On the gross margin, maybe help us a little bit more on that. We've always been under the impression that LALs have a higher gross margin than LDDs. How long is these manufacturing variances you talked about going to persist? It does look like pricing was also down on LDDs in Q4, if my math is correct. Help us think about that going forward as well, please. Thank you. You know, I think in terms of the cadence of gross margin over the course of the year, our expectation is that we will still be working through some of the lower-cost inventory in the first quarter of this year. For that reason, I think the likelihood of Q1 gross margin being above that range is there. You know, I think, though, as you go through the year, we do anticipate that that higher price inventory will make its way through the system, beginning in the second quarter. For that reason, you know, we do think that 70%-72% gross margin is the, like I said, prudent place to be for the full year. The anticipated higher LDD unit sales in the second half. That speaks to, I think, the second part of your question about mix. They are also likely to put some additional pressure on that margin, gross margin profile. Your next question comes from the line of David Saxon with Needham & Company. Your line is open. Great. Yeah, good afternoon, thanks for taking my questions. I wanted to follow up on the gross margin. Higher cost inventory starts to flow through in the second quarter. How long does it take for that inventory to kind of flush out and for us to see kind of, you know, true underlying, you know, unit cost, as it relates to LALs? You know, good question. Thank you. As we said, we think it is transient. We will work our way through it over the course of the year. As I mentioned, in response to Larry's question, shows up initially in the second quarter, then it's something we'll have to contend with in the third and fourth quarter as well. Beyond that, we're monitoring it diligently and following the situation very closely. We think ultimately that, you know, we have positioned ourselves from an inventory level consistent with our expectations for 2026 and beyond growth. I think that is also taken into account in consideration with that guidance. Okay, great. Thanks for that. My second is just on, the traction you're seeing with this, kind of commercial pivot. Would love to just understand, you know, what you're seeing, if you have any success stories and you know, what's really, kind of playing out that gives you confidence in kind of this back half, recovery you talked about in the script. Thanks so much. Yeah. Thank you, David. You know, it's just what you alluded to. We're seeing some early success stories as the teams are able to focus on individual practices and on their individual needs through a structured program. I think that, you know, our belief is that that will continue as we expand into larger number of clinical sites. Your next question comes from the line of Steven Lichtman with William Blair. Your line is open. Thank you. Evening, guys. Ron, I'm wondering on the initiatives, what you're seeing so far about the durability of the initiatives you've put in place. I guess I'm wondering how long the more intensive effort needs to be before things change, and when your team moves on, are you still seeing the benefits? I think it's still early to comment on that, Steve. I think that, you know, practices are dynamic. There are, you know, changes in doctors, in personnel, and so I think that the concept that we're gonna be able to go in and just, you know, have a one and done, where they're back on track, is probably not the correct assumption. We're gonna continue to stay close to our customers. We have other reasons to do that as we continue to add additional capabilities to the technology. I think that we'll, you know, continue to maybe not with the same intensity, and it may vary, it will vary, depending on the specific needs of the practice. We're not anticipating that this is going to be a one and done. Sure. Okay, thanks, Ron. Just secondly, wondering how you factored in the competitive environment in 2026 and any qualitative comments you could make in terms of what you're seeing out there and, you know, again, how you're factoring that in. Thanks. Well, we certainly monitor the competitive environment. As you recall, in 2025, we had an unusual situation where we had the three biggest competitors all in introducing new high-profile multifocal IOLs. We don't necessarily anticipate that. However, there will, you know, we already know that there are announcements of new premium IOLs, particularly in the presbyopia-correcting space, by some of the major players and some of some of the other players in the in the space. So, you know, similar to what we talked about in 2025, these things tend to be episodic and transient. They, you know, whereas marketing efforts coalesce around a new product launch. Over time, you know, the reality of the, quote, new technology, is that they're essentially the same as the old technology. That, you know, leads to a natural kind of return to baseline. Your next question comes from the line of Anthony Petrone with Bank of America. Your line is open. Hi, this is Anthony Petrone for Travis. One question on utilization assumptions for LALs. I know you said volumes up mid-single digit, but maybe I'm doing the math wrong, that implies utilization is down, so maybe you could double-click on that. Thank you. Thanks, Aidan, for the question. In terms of LAL unit growth, up in the low single-digit range, I think is the right way to think about it, which implies utilization stabilizes around 8 lenses per LDD per month. Okay, great. Thank you. On the premium market as a whole, I think you said that 40% of LAL patients would have otherwise received a non-premium lens. When we think about the market growth as a whole, how should we think about RxSight kind of gain or incremental point of market growth? Thank you. Yeah, as we've talked about previously, you know, if you look back over the last five years, and look at the growth of the premium segment, a very large fraction of that was, is attributable to the LAL, specifically for the reason that you just outlined, that it appeals to patients who either can't or don't want to compromise on quality of vision. We believe that that is, you know, will continue, you know, especially as trends that are going on in the market, continue to play out, such as younger demographics, seeking earlier cataract surgery, and therefore, being less accepting of reductions in contrast, vision, and other measures of quality of vision, that the LAL, you know, doesn't impact. You know, we see those trends continuing. Your next question comes from the line of Adam Maeder with Piper Sandler. Your line is open. Hey, good afternoon, Ron and Mark, and Mark, congratulations on the new role. Thanks, Adam. Two from me. One on the guidance, one on international. On the guidance front, wanted to ask, I guess, for a little bit more clarification, just around sequencing of models. For FY 2026, you know, is the right way to think about it, Q1 kind of being the low water mark and then quarter-over-quarter sequential growth for the rest of the year? Then I heard recovery in the back half, the comps were also easier. Should we take that to mean positive year-over-year growth in the second half of the year? Then I had a follow-up. Thanks. Yeah, thanks, Adam. You know, in terms of total company sales, I think the expectation is that Q1, consistent with what we typically see, will be a seasonally weaker quarter, you know, with some summer-related headwinds also in the third quarter. As far as year-over-year growth rates, we do anticipate that they will improve over the course of the year by quarter, based on our assumption of improving fundamentals and also easing year-over-year comparisons. I think the way you framed it is accurate. Okay, perfect. Thank you for that. For international, you know, it sounds like there is some modest revenue contribution embedded in the guide from OUS. Can you just help us understand which geographies that's coming from? And would love just the latest update on timing for Japan and China approvals. Thank you. I, the, you know, we have, as we've talked about before, we have received approvals in the European Union, the U.K., as well as some Asian countries, specifically South Korea, Singapore and some of the Asian countries, and then just recently, Australia. You know, clearly the revenue would most likely come from those. We previously talked about the more, you know, lengthy review processes for regulatory approval in China and Japan. We are pursuing those, and we'll have updates for that later in the year. Thanks, Ron. Your next question comes from the line of Danielle Antalffy with UBS. Your line is open. Hey, good afternoon. Sorry about that. Thanks so much, guys, for taking the question. Just a question just to get a little bit deeper into the international opportunity here. I'm just curious if you could talk a little bit, appreciate it's probably early, but the go-to-market strategy you guys are thinking about there, and especially from a system placement perspective, just given some of the budgetary constraints internationally and the competitive environment. Thanks so much. Yeah, I think that, you know, just broadly, the, you know, as we've talked about, the international market, is actually, you know, about double the size of the U.S. market and concentrated in approximately 20 individual countries. It's certainly approachable by, you know, a company our size. We've, you know, begun to get our regulatory approvals, establish a footprint, whether that's a direct force or through a distributor, in those where we've gotten those initial approvals. Our focus right now is developing KOLs and clinical data in those markets. Since we, you know, have gotten approvals without having to do a clinical trial like we did in the United States, where we had kind of a built-in, I would say, KOL core of approximately 20 sites already. We need to recreate that. Of course, we do want to leverage all the learnings that we've had over the past five years, that's certainly our plan. Okay, that's helpful. Then just a quick question on the broader market. I mean, you know, we're talking to docs sort of one at a time, so not sure how representative one or two physicians are, but it seems like the broader market environment is improving for the overall premium IOL segment. I appreciate you guys are in your own sort of transition here, but curious if you have a view on the broader premium segment of the market, and, is that I don't know if accelerating is the right word, but re-expanding or shifting again after what feels like a 24 that was pretty suppressed from a, I'm sorry, 25, pretty suppressed from a penetration perspective? Thanks so much. Thank you. I, you know, I think we've heard from some of the third parties and other players in the market that there was some acceleration in the premium market towards the end in the second half of the year. You know, that would be consistent with our observations. The premium market, you know, tends to be more resistant historically to macro headwinds. Although there are some whisperings of those, I think that, you know, that we would hope that the that those historical trends would continue moving forward, and certainly with the LAL kind of being at the higher end of the premium market, that our customers would be less sensitive to those. Your next question comes from the line of Tom Stephan with Stifel. Your line is open. Great. Hey, guys, thanks for taking the questions. Wanted to start sort of on guidance. Ron or Mark, maybe if you can give us, I'll call it the key fundamental factors or what's specifically implied that gets you to the top end of that range. You know, appreciate the fairly wide range. Just kind of curious what, you know, what sort of gets you to the top end? Sure, Tom, I can start by taking that. Thanks for the question. You know, I think, when we look at the top end of the range, or $135 million, it assumes increased traction from some of these internal initiatives that Ron has spent some time talking through and updating you guys on. That would be, I think, the first assumption. I think, beyond that, we would take into account faster utilization uplift, with utilization growth, especially higher in the second half of the year. The third factor would be competitive trialing and your assumptions for that. Less headwind from competitive trialing would also benefit us, obviously, and lead to the higher end of that range. Anything you'd add there, Ron? No, I think that's a good- Got it. Discussion. Got it. Super helpful. Ron, maybe to pivot to you, wanted to ask about innovation in the pipeline. Just curious if there's anything you can discuss or provide, sort of on what may be on the come in terms of updates or development progress. Feel like, you know, we haven't heard too much of late. I guess I'll ask directly, are there any new lenses, you know, potentially on the horizon from RxSight that we can look forward to? Thanks. Well, certainly, you know, depending on the time frame, we'll continue to innovate both on the lens side and on the LDD side, as well as, you know, some of the other ancillary devices that are associated with our technology. I, you know, I think that the best way to answer that is to, you know, review the pace of innovation that we've had, especially over the last five years. You know, more than 20 significant product related FDA approvals. You know, that pace is really, I think, unheard of in the industry. You know, we continue to have opportunities, even with our already released innovations, to continue to penetrate the market with those. You know, having over 1,100 systems and 2,500 customers. you know, even without adding additional, which we do plan to, we continue to have a lot of raw material to work with. You know, just to put it into a more of a historical context, you know, we're about 5 years into this. Typically, you know, the technologies that I've been associated with have, you know, 10-15-year runs of significant technology innovations. So I still think there are many additional applications that adjustability is going to be beneficial for. Great. Thanks, Ron. I will now turn the call back over to Ron Kurtz, CEO, for closing remarks. Well, thank you, Operator, and thank you all for your interest in RxSight, and we look forward to updating you on our progress in future quarters. Goodbye. Ladies and gentlemen, that concludes today's call. Thank you for joining. You may now disconnect.