Welcome back. I'm Larry Biegelsen, the med tech analyst at Wells Fargo, and it's my pleasure to host this fireside chat with the management team from Stryker. With us, we have Preston Wells, the CFO, and Nick Mead, Vice President of Investor Relations. The format's going to be Q&A. We'll jump right in. Preston, no surprise, we're going to start with a question on the second half ramp. Just talk about your confidence and the visibility into that and ability to meet the guidance, which I think is 8.8% at the midpoint for organic growth. Yeah. First of all, thank you for having us. We appreciate the opportunity to be here. Apologies for being a little bit late. There was a log jam at the elevator. Maybe a couple of comments as we think about the second half of this year and kind of where things have progressed. We gave our guide, 8.3%- 9.3%, so you're right, the midpoint of 8.8%. And the reason we give a guide, obviously, with a range is to anticipate a range of outcomes. One of the things we talked about in the second quarter call was our peripheral vascular business and some of the challenges that we were seeing on the PV business. I think during the call, we talked about the manufacturing issue that's not allowing us to reach a full supply of inventory at all of our customers, and quite frankly, not allowing us to go out and really win new business. We anticipated that that would rectify itself in the third quarter. What we're seeing is that is continuing into the third quarter, and certainly, it will continue. We expect it to continue a little bit into the fourth quarter as well. A little bit of a different nuance to what we originally anticipated is that peripheral vascular isn't quite seeing that same recovery that we would have expected from a supply standpoint. And so it's just a matter of us continuing to work on generating supply for the rest of the year to continue to support customers. The other thing I would probably point to, as we think about a couple of the soft spots that we saw in the second quarter was on the joint replacement business. Our hip number in the second quarter, we talked a little bit about. We did expect, and we saw a very strong June, and we expected to see some better recovery, actually, of that business and that market in the summer months. But what we actually are seeing is a bit more of the seasonality that we would typically see. And so with that seasonality, we actually did not see the recovery that we expected so far in the quarter, although we are anticipating to have a better September. Certainly a little bit slower than anticipated from a joint replacement standpoint in the second quarter. So that is some of the elements that continue to be pressures on our business. We do see really strong capital demand for our capital products. We highlighted that coming out of the second quarter. That remains really strong. Our back order remains really strong. The order book remains strong for those capital products. Also on our trauma and extremities business, that business remains really, really robust as well and growing much faster than market. Again, the range of outcomes that we provided is really because there is a lot of different things that are happening. The cyber event earlier in the year certainly exacerbated that, put a lot of pressure on our second half, as you all very well know. So we are seeing some variation maybe to some of the things that we expected while we continue to see really strong demand on our capital business. That is helpful. Just a couple follow-ups. I do not have numbers in front of me, but on peripheral, remind us of what Q2 was and how we should think about that business going forward. Yeah. So maybe, we reported at a vascular level. I think on the earnings call, I talked to it in terms of our U.S. business, and our U.S. business was negatively impacted on the peripheral side. I think on the call, somebody asked about what the impact on the growth rates were. I think they estimated 70- 80 basis points on the quarter, and I said that is about right. I think that expectation is continuing into the third quarter, that that peripheral business will not be as healthy as what we would have expected. I think Kevin said that we expected to get back to growth, in the quarter, and as of right now, that is still challenged based on our supply challenges that we have and the ability, quite frankly, to maintain enough inventory in the system, that we can support kind of not only the existing customer base, but quite frankly, get out and grow a new customer base. Maybe as I think about peripheral in general, as we talked about at the end of last year, we obviously had some sales force execution things that we were working through, as we were kind of bringing the sales force up to a Stryker standard. We got that to a point in the first quarter that we felt really good about where that was headed, only to have the cyber event. Maybe to put a little bit more on that cyber event. When the cyber event happens, we talked a lot about it. We took all our manufacturing down, or our manufacturing was taken down for several weeks. We brought that back up, and for all of our existing businesses, it was just a process of restarting. You restarted back on the processes that you have, and you are off and running. On the peripheral side, and I think this happens a lot when you have a smaller organization, quite frankly, that is growing very rapidly. As you can imagine, there is a lot of process things that have to still get improved as that business is able to ramp and scale. As we think about integrations, as for us and we integrate manufacturing, you are always going to run into some things over time, and quite frankly, you fix those things kind of one-off as you find them, and you just continue to move on. They are not that disruptive to the overall business. In this case, when we brought manufacturing all the way down to a full stop, and then you have to bring it back up, all of those process-related opportunities or challenges present themselves all at the same time. To work through some of those elements and get things back up to a process standard that we want it to be for Stryker, it has just taken us a lot longer to get that back to full capacity, to the point where we are able to produce all the different SKUs that are required in enough fashion, like I said, to support the inventory requirements of the existing customers, which we are prioritizing our existing customers and supporting procedures. But it is really inhibited our ability to try to get out with new customers as well. A lot of work to do to make sure that we get inventory levels to where they need to be, and the team is heavily focused on doing so. Our expectation entering the quarter was that it would be a bit faster than maybe what it has been so far. The 70- 80 basis points that you mentioned, that was total Stryker? That was total Stryker, and in the second quarter I said was a pretty good estimate. Similar in Q3? Q4, are you saying that you think there's some improvement? We're not saying anything yet on Q4. Certainly, as we get into our Q3 earnings call, we'll have a better sense of how that's doing. It's a really dynamic time in terms of trying to understand how that's happening, because there's a little bit of fits and starts as you go through it. I would just say for now, we do anticipate the third quarter to be very similar to second quarter in terms of the impact of PV on the growth rate. Some procedures are still being-- It's not like nothing's getting done. Yeah. Procedures are still being done. We are working to prioritize, let's call it our top 100 right now, as we try to make sure that they have enough inventory to continue to do procedures moving forward. But it is not 100% where it needs to be. So inventory levels are not 100% where they need to be all the time to do that. We are still working on trying to make sure that we are supplying enough inventory into the field to support existing, but certainly, we are not able to do all of our customer base and certainly not able to grow new customers at this point in time. It is something that we are working to get rectified as soon as possible. I know it is really early, but can this business bounce back in 2027? Absolutely. We feel really good about the market. The market itself is a great market. There is still a significant opportunity to move patients from non-mechanical thrombectomy to that. We have a PEERLESS II study that which we have talked about before, which is really focused on how do we show the benefits of this procedure on the marketplace. We expect that to happen sometime in next year, which will really hopefully help really drive more of this market from a total market standpoint. We feel really good about where we got the sales force to kind of leading into the cyber event, and so that team is being maintained and trained and ready to go. It is not a product issue. It is really a supply issue that we are working hard to rectify. We feel like after we get that rectified from a supply standpoint with the commercial team that is ready to go, that they will be off and running. There is still a lot of great opportunity in this space. That combined with the recent AVS acquisition and getting into the IVL space, which we expect to have that product approved towards the back end of this year, I think gives us a lot of momentum and a lot of reason to believe for 2027. Share loss. I mean, at this point Yeah. Certainly, share loss is happening. This is an emergent procedure, so if you're not there to do the procedure, you lose the procedure. So short term wise, there's certainly some impact on share. But again, we expect that as we get things back from an overall supply perspective, combined with the sales force that we revamped, along with the AVS offering over into next year, that we'll be able to bring share back. Also with the fact that the category itself continues to expand. So there's growth opportunity while we still regain share to do both of those things. On hips, the issue in Q2 is the international hip business primarily. Is that what you're talking about right now? Yeah. So maybe let me talk about the whole joint replacement market as we think about. So hips in general was a little bit more depressed in the second quarter. I think in general, that was driven by the fact that Europe was more depressed and we do over-index in Europe. I think what we're seeing is a couple of things as we headed into third quarter. So number one, on the hip side, we still see Europe as being challenged. So I think there's a lot of things that are happening in the European space. So not only as we think about how public health is being funded versus defense, in some cases, we see strikes that are impacting our ability to do some things in that space. The war certainly has had some impact. So overall, there's been some impact on that market. That market for the year has been pretty soft across joint replacement in general, where we over-index on hips. We certainly see a bigger impact. What we're also seeing as we think about the U.S. market is we expected there to be a stronger summer in the U.S. So we had a really strong July, and this would apply to both hips and knees. I'm sorry, really strong June. Then we expected July and August to kind of continue with some of that market acceleration. I think what we've probably seen, though, is more of what I would call the normal seasonality on July and August thus far, which was kind of more patients from a vacation standpoint, more surgeons from a vacation standpoint. We've also heard some different things in the marketplace as well around just a longer waiting list, longer lead times for people to get procedures done. Certainly, as patients become more aware of inflation and things like that, we're certainly hearing some acute stories about folks that aren't getting certain procedures done right now. So we do feel like there's some building of demand in the system, but we would have expected to see a bigger number coming through for us in July and August that we quite frankly did not see. We generally, as part of that seasonality, see a bigger September, and that's one of the things we're looking at right now. But certainly a little bit slower than what we anticipated leaving the second quarter. Okay. So it's ortho overall. It's not just hips. Ortho overall. Hips we're feeling a bit more acute on because of some of the challenges we have in Europe. I think the other thing from a competitive standpoint, we're still looking at one of the things we don't have on the hip side is a Hip Impactor. I think that's one of the things certainly that we're feeling from a competitive standpoint. But overall, as we think about Mako, we think about the Mako offering and our ability to win behind Mako. That continues to be true, and we see that on the knee side for sure. We see it a little bit less on the hip side right now, but certainly that overall, our ability to win behind Mako still remains a very positive thing. What is the timing on the Hip Impactor? Because I know you have one. It is something that we are looking at for hopefully in the next year. We will be able to have something that will be ready to go. In ortho, obviously there has been concerns about deferred procedures. Because of the ACA subsidies expiring, how much do you think that is contributing? Yeah. I don't think ACA itself is what we're seeing. We talk to folks, and we look at some of the market data that's happening. ACA itself, I don't think is having as big of an impact. I think there's some other elements that are at play. Certainly, the general consumer sentiment in terms of just higher inflation, higher prices that people are paying, I think has folks just generally kind of nervous about just taking time off of work or actually having downtime or spending money on a procedure in the short term. I think the other thing that we are seeing, we are seeing some elements that have to do with insurance and how insurance is playing out. A lot more pre-approvals that are happening. Certainly, the deductibles are growing on folks. I think just the amount of money that people are having to spend to get procedures done is changing. I think all of those things are leading to a little bit of a consumer challenge. Now, it's not changing the rate of requirement for these procedures, and so certainly there's demand that's building in the system that we feel like at some point is going to release. But certainly, one of the things that we're hearing coming through the summer was some of those more anecdotal comments, for sure. If I go back to the cyberattack we estimated you were impacted by, call it $350 million. You know where those numbers come from, even though you guys haven't disclosed that ballpark, and you expect you kept the guidance the same. My question is, outside of the peripheral, outside of the ortho market being a little softer, the catch-up, if you will, from the cyberattack, a lot of that was capital. Yep. It is not ortho, it is not peripheral. How is that playing out relative to expectations? Yeah, I would say that is much more in line with expectations. The capital businesses themselves remain really healthy. Certainly, demand remains robust. We have certainly seen our order book is elevated. We have seen strong orders throughout the year. When we gave our guide at the end of Q1, and certainly in Q2, a few things were at play. At the end of Q1, there was just a lot of messiness to really understand what kind of the future might hold. What we did see is that really strong order book continue to come in. We saw really strong orders. We saw really strong orders in Q2, really strong capital business results in Q2, and that has continued to happen. The demand piece remains really strong. On our side, it was really about how can we ramp production to meet that demand in the short term. On a business like medical, for example, where we are seeing really good orders for our bed business, it was about adding another shift. That shift has been added. They are ramping production on a daily basis to meet this increased demand on that business. Similarly, we are seeing that play out in many of our other capital businesses as well. I would say on the capital side, that has played out about how we would have expected it to coming out of the cyber event. The other business I would probably highlight, Larry, on that one too is trauma and extremities. The trauma business has continued to perform very well. Something that was, again, an emergent procedure even during the incident, we had inventory on the shelf in the consignment locations. That consignment was able to be used. Those procedures were able to be done. Behind Pangea and our upper extremities business in particular, that business continues to perform at a really high level as well. Outside of those two soft areas that we talked about, the rest of the business is doing about what we would have expected it to do. Back to the recon business, is there any way you quantified on the peripheral side and vascular, the 70-80 basis points, where it gave some helpful color. Yeah. Is there any way to talk about the order of magnitude of softness that we're seeing in ortho? No, again, I think everybody has the numbers in the second quarter of kind of what's happened. The ortho business this year has been really interesting and hard because I think there's a lot of dynamics that are happening. You look at just the competitive set of what's going on there. So obviously we had our cyber event, which completely disrupted Q1 from a market perspective. You have one of our competitors that's separating from its parent, another one that's changing its sales force, another one is launching new systems. It's just a really weird dynamic of a lot of different things that are happening. I think everybody kind of saw what the market was in Q2 when you had finally everybody presenting their numbers, in a more normal fashion, I guess I would say. I think you could probably come up with some estimates based on that, but I would say it's just been a very interesting dynamic with all the change happening across the competitive set. How do you feel about then maybe in ortho, just looking ahead- Yeah your ability to still grow 200-300 basis points above market? Yeah. I think there's going to be some short-term things that we're seeing. Short-term things from an environment perspective, short-term things from a competitive perspective. But I think longer term, and what we've said is we expect that market to grow mid-single digits, which for us is 4%-6%. It's likely on the lower end of that 4%-6%. But we believe very much in our technology. We believe very much in Mako and quite frankly now Mako RPS. And what that enabling technology has done over the last 10 years, we believe that we have that ability to continue to accelerate moving forward. Why do I say that? I think there's a couple of things. I think number one, when we continue to look at the opportunities for Mako in the U.S., they're still there. They're still there not only in terms of systems and units, but also there in terms of if we think about the software. Just this year on Mako 4.0, when we launch a new hip software that allows us to do revision and complex hip. And so that gives us more opportunities to bring in new hip users. When we think about outside the U.S., we're kind of at that point where we hit the inflection in the U.S., outside the U.S. now, where we have enough Makos there's enough of the software there that we're starting to see the ramp of joints that are going in with Mako, kind of like what we saw in the U.S. probably what I would say five to six years ago, where we're starting to see that really grow. And then now you add to that, particularly in the U.S. next year, Mako RPS. We've hit full launch on Mako RPS. We're getting more of that out into the marketplace, and that's allowing us to really go after a segment of the market, quite frankly, that we hadn't been able to really touch before, where you have a manual user who wants to do a more robotic procedure, but in a fashion that's more similar to their manual procedure. What Mako RPS does is gives that user an opportunity to get some of the benefits of a robotic procedure, but not change their workflow so significantly. On the back of all of those things, Larry, we feel really good about our ability to continue to take share over the next several years. And certainly, as we add Hip Impactor, that just adds to our portfolio. Triathlon Gold, another one that adds to our portfolio that fills a need for a metal allergy need that we didn't have before. All of those are just elements that allow us to believe that we're going to continue to outpace the market, overall. Certainly, with some short-term disruption, like I said before, from some of the economic type things that are going on, as well as just some of the competitive changes that are happening, but longer term, we really believe on our ability to continue to do that. Sorry for jumping around. Yeah, go for it. A few curve balls here this morning. I wanted to go back to 2026. Is there any way to quantify the overall impact? You have guidance of 8.3%- 9.3%. I got to ask, should we just assume kind of low end of the range? I mean, EPS implications. Yeah. Is there any helpful color you can provide today? Yeah. We'll certainly give you a more wholesome update at our quarterly call. What I would say is, there's obviously assumptions out there right now around consensus. There's certainly what we've provided in terms of our guide, and we're not ready to change the guide. What I would say is, though, there have been, as I mentioned before, there's been two big kind of changes as we think about what our assumptions were, and certainly our ability to recover on PV in the quarter, as well as a little bit slower joint replacement market, are two elements that are very different than what we thought about as we headed into the quarter. We're not ready to change the guide in terms of what the numbers are quite yet, but certainly there are some elements that are different. That being said, it's been a dynamic year, obviously, with recovery. We talked about some of the other businesses that are doing very well, and those are really doing a lot of work as well and performing very strongly. But certainly, some things that we're working through with the variability over the next month or so, and then we'll certainly provide a more detailed update at that point. I guess one follow-up is, if you are not ready to update the guidance because you still could be in the range, or it is too early because you just do not have September, you need more time. I think there is some of both. I think there are elements that we certainly believe that range could still hold. There are a lot of things that are changing really rapidly, the peripheral vascular business being one of them. As soon as we are able to really kickstart that back online, there are a lot of pieces that are going to come back. If you just even think about what we talked about, the potential impact of 70 basis points from last quarter being a similar thing to this quarter. If that is able to recover at a faster rate, that obviously changes things quite a bit. So there are a lot of things that are still dynamic and changing, so what we do not want to do is jump all the way around. We do believe that that guide still could be something that is absolutely where we could be. I know it is super early, but I wanted to ask on 2027 to see if you have any color commentary. It should be a good year. Obviously, you are going to have an easy comp in Q1, but how do you want people Yeah to think beyond 2026 about Stryker, and that maybe that Yeah tie in that 150 basis point Sure margins from the LRP. Yeah. Unfortunately, we'll have some really weird comps, as you said, in Q1. Nothing changes from what we talked about at our Investor Day last year, is quite frankly, our expectation is that we will still drive market-leading growth in the categories that we're competing in. We have work to do, certainly on the PV side, which we feel like we're doing that work. We've done it on the commercial side, we're doing it on the manufacturing side, and like I said before, that coupled with the AVS acquisition will give us a really good opportunity into 2027. All the capital businesses, there's no reason to believe right now that those won't remain robust. Obviously, there's a lot of dynamics happening in the hospital environment. We'll continue to be mindful and keep an eye on what's happening there. But again, with the lead times that we see, the order lead times that we see, we still feel really good about those. We feel really good about the product launches that are coming in that space as we think into next year. On the orthopedic side, again, we are keeping an eye on the market and understanding what that is doing. But behind Mako, behind Mako RPS, behind Triathlon Gold and some of the other new product launches, we feel like on the joint replacement side, we are going to be positioned to continue to win. Regardless of what the market is doing, we are going to be positioned to win in that market itself. Trauma and extremities, upper extremities in particular, and trauma with Pangea, again, feel really, really strongly about our ability to continue to drive and win in those markets. So overall, nothing has changed from that perspective, and how we think about growth. We will continue to think about how we supplement it with inorganic acquisitions over time. We have done a couple of smaller ones this year. We have some other things in the hopper. We will see how that continues to progress and play out for the rest of the year, and into next year as well. But certainly, we can expect that we will add some things in that bucket as well. You mentioned the 150 basis points. We still feel really, really good about that as well. A lot of that comes down to how we think about our manufacturing organization and our supply chain, which we have continued to enhance. We have continued to get better. We talk about moving to some lower cost locations, which we have done. We will continue to shift products there. We will continue to think about how we streamline the overall supply base. Ultimately, we are still very confident in our ability to deliver the 150 basis points over time. Over those three years. Over those three years. Yep. Capital. You touched upon it a couple of times. Obviously, you know there are concerns about the capital environment. What are you seeing, and how are you thinking about it into 2027? You know the ACA subsidies, the Medicaid Yep cuts, and now we've got these 340B concerns. Yep. There's no question that a lot of the hospital budgets are certainly feeling it. They're feeling it in a lot of different ways. But when we think about the products that we have, the procedures that we support, the procedures that we support are very important to hospitals in terms of revenue-generating procedures. In many cases, we'll get some prioritization around how we are able to support those, which then goes hand-in-hand with a lot of our small capital in many cases. We see that small capital elements continuing to be prioritized as well. On the larger capital side, which just as a reminder, is about 10% of our total business, we still see a very strong order book for those. If I think about our communications business, which is the booms and lights and the infrastructure elements of what a hospital's doing on a refurb or on a new build, those orders are going out, call it nine or 12+ months in many cases. We still see that order book building as well, which gives us some leading indicator to how hospitals are feeling about continuing to build out that OR space. Yes, there's a lot of pressures that are happening, but right now, for what we have visibility to and what we're hearing anecdotally is that we are still seeing a pretty robust capital environment for the products and the procedures that we support. I've heard secondhand that Kevin, your CEO, has talked about the 340B program as something to keep an eye on. Let's put it that way. Certainly. It sounds like right now the order book is strong. I think people want to know how might that look if there are changes to 340B. Listen, we can't speculate on what actually is going to happen. We certainly know there's been some legislation that's been pushed out there, and we see kind of what that may or may not look like. A lot of it'll depend on where some of that funding gets redistributed to in terms of other procedures or elements that may have some spending. But I think for some hospitals, that certainly will have a big impact. There's a lot to unpack on that one. We're keeping a close eye on it. If it does start to change some things, we'll certainly have to figure out what that impact might be. But as of right now, like I said, what we're hearing, what we're seeing is that the procedures that we support and the products that we have still are getting some prioritization based on the fact that they are revenue generating. They become another element that's really, really important as well for the hospital. We'll continue to keep an eye on it. We can't speculate on what's actually going to get put into effect, but it's something worth monitoring for sure. If I just listen, here's what I paraphrase what I think you're saying is if there are significant changes, we're not saying we're immune. That's right. From those changes. I don't think we're saying we're immune or not. I think what we'd have to say is once that legislation gets put, we'd have to understand, okay, what does that exactly mean? Again, as we think about what we support and the procedures we support, I don't want to talk generically, because obviously it does have impacts on a more generic basis. Based on the products that we have and the areas that we focus on, we feel good about that. To your point, I don't think anybody's going to be fully immune, but certainly we feel good about the areas that we support. Well, it's kind of like what Stryker always gives guidance about being at the high end of med tech. Yeah. Kevin always says, "Well, we don't know what the market's exactly going to do, but we're going to do better. That's right. We can execute to what we control, and that's what we're going to continue to do. Okay. Capital allocation. You talked about resuming share repurchases. Yeah I think on the second quarter call. Is that a signal that you don't see as many M&A opportunities? No, I actually think it is a signal of our ability over time to get better at generating cash flow. I think one of the things that over the last, call it 6- 10 years, that we have had a pretty big focus on is how are we doing a better job of cash flow generation. As we have gotten just bigger as a company and been able to generate cash flow at a better rate, what it has done is it has given us the ability to continue to invest in M&A, which is our number one priority for capital and it will continue to be our number one priority for capital. But we can do that. It is not an or. We can do that and look at the opportunity for a share buyback. I think with this year, with some of the valuations changing the way that they have, it just gave us an opportunity to be a little bit more opportunistic as we think about doing some things in the share buyback space, in 2026. It will certainly be something that we look at as we go forward, just given the fact of where we have gotten to from a cash generation standpoint, as well as just there are still a lot of targets that we still can execute on as well. You gave us a lot of new information today, so I want to make sure I am getting to all the questions people have. Anything, I have got more, but I just want to make sure, if people in the room have burning questions they can ask. I will keep going. Tina, go ahead. Oh, okay. I'll repeat the question. Go ahead. Yeah. You just mentioned those other little spots, one in the hip and the other in the head, the rest are very strong, right? My question is, does the strength for the rest of business enough to offset those two spots or areas? Does that generate information? I don't think it was just OU hips, by the way. Yeah. I think you were talking about all orthotics. Yeah, I think what we would say is hips was more impacted certainly in the second quarter. What we're saying is, right now our joint replacement business is a little bit slower in terms of what, than what we anticipated heading into third quarter. Again, September, we always see a big kind of bump back up, so we're keeping an eye on what that looks like. What we're saying is that, yes, those two areas are softer. We still have a lot of strength in the other parts of our business. We had a pretty wide range of guidance that we gave, so that's why we're not making any changes right now because we do have some offsetting elements. The challenge that we have, as you all very well know, is after first quarter, we have to have a very, very, very strong, obviously, second half. As you have some things that aren't going as we expected in certain areas, it does put more pressure on that. So that's why we're continuing to understand what that looks like for the next month or so, and we'll give much more detail, and guidance as we get into the third quarter call. But yes, we have strength in some areas. We have these two areas that aren't going quite to what we expected them to be, so that's what we're really dealing with as we head into the last month of the quarter. Sorry to preempt that, but it is, you didn't mean to joint replacement. Yes globally. Yeah. Well, I would say Europe and then some pockets in the U.S. We're still seeing strength in some of our major markets outside the U.S. Okay. Thanks for the question. Preston, the experience with Inari, how does that inform future acquisitions? You've talked about coronary. Are there any lessons learned here, and will it make you a little more cautious near term? What I would say is we've learned lessons always when we do acquisitions. We've had some acquisitions that we've done in the past that you've gotten some pretty big lessons on, and you take those lessons and you apply them to the next. Nothing's changing about our priority from an M&A perspective. We will continue to look at opportunities to grow inorganically. We will continue to look at it from a balance perspective as well. Tuck-ins are a critical part of what we do. We will continue to do those. We've had much more success with tuck-ins because you're adding a product to an existing organization and an existing sales force. You're giving them essentially new innovation to go out and drive market growth with. Inari, just like with any other adjacency, comes with new learnings. We've learned a lot in terms of as we think about a sales force in this space. I think the bigger one here is just as we think about any smaller organization that has some things that you have to fix and it is part of the integration, how can we get to those even more quickly sometimes. We'll continue to look at that. It hasn't dampened the appetite at all in terms of expanding into some of these faster-growing adjacent spaces. I think we will continue to do so, just like we do any M&A. We'll look at things cautiously. We'll be very judicious in terms of how we think about spending our money and spending it on areas that we think we can go in and win. In this case, we still believe we can do that. It's obviously just going to take us a little bit longer. I don't think anybody could have anticipated the cyber incident and what that would then mean from a supply perspective. We've learned some lessons on the commercial side, which we will certainly apply to future acquisitions as we go forward. I think overall, we still feel really good about our ability to go out and compete and win in this space, and then quite frankly, use it as a platform for additional adjacencies as we go forward. Maybe a related question on M&A. The 150 basis points of margin expansion, how do you think about offsetting dilution? Sure. Generally for us, a tuck-in is something that's $1 billion or less. Our anticipation would be on that 150 basis points, that we would be able to absorb the impact of tuck-ins. If you were to go do some transformational deal or quite frankly, something that had significant IPR&D, then that might change that slightly, but that would be more of a one-off, and we would identify specifically what that is as we go forward. Ultimately, anything that's kind of that tuck-in variety, we would expect to still drive the margin expansion despite those acquisitions. Soft tissue robotics. That's an expensive area. How do you think. What does a potential target need to possess to justify the investment to create shareholder value? Yeah. It's interesting. Obviously, it's an exciting space. A category that's growing so significantly kind of year-over-year-over-year. It certainly has shown that that's kind of where things are going in terms of the future of surgery. There's, as everybody knows, one giant incumbent that's there that's a very formidable competitor. Any target would have to have something that is differentiated. You'd have to have something that gives you a reason to believe that you can go out and win differently than maybe what Intuitive Surgical is doing today. It's something that we continue to be very excited about that space. As Kevin has said before, it's not super intuitive in terms of how you get, no pun intended, but how you get into that space and how quickly you can move in. Because you are right, you have to be very careful and thoughtful about how you do it. It would have to have something that is very differentiated that allows us to believe that we can win, and that quite frankly, we can do so at an investment that makes sense. We do not want to make an investment into something that you are spending billions of USD, and then it stops you from being able to grow the rest of the business or make investments in the rest of the business. It is something that if we were to ever get into that space, we would have to be very, very thoughtful. And we would be, just like we would do any of our other deals, be very prudent about how we do so. Before we end, I want to give you, Preston, a chance to make closing remarks, but I also want to ask Nick and both of you, is there anything you want to add? Because you kind of threw a lot at us this morning here, and if there is any messages that you wanted to communicate that you did not have the opportunity to. Yeah. Nothing that I have not had the opportunity to communicate. Just that this year has been a very interesting year. Obviously, started off with a cyber incident, and we have been making our way kind of through that for the rest of the year thus far. But I think while we do have those couple of areas that we have talked about, we still underlying have a very strong business and a very strong proposition in terms of the variety and the differentiation of our different elements of our business. And we will continue to lean on those. And quite frankly, like I said before, we still feel really good about the longer-term aspects of what peripheral vascular brings to us and where that can go. And then the same thing with joint replacement and our ability to win in that marketplace. As Kevin, you mentioned, Kevin said it before, we cannot necessarily influence what the overall market is doing holistically, but we can certainly win in the markets that we compete in, and our expectation is that we will continue to do that on both. All right. Thanks so much for being here.