Hi, everyone. This is Rachel Vatnsdal from the Life Science Tools and Diagnostics team here at JPMorgan. today, I am joined by Jim Hippel from the Bio-Techne team. this will be a standard 40-minute presentation, 20 minutes of slides, followed by 20 minutes of Q&A. For those of you listening online via webcast, feel free to submit your questions via the Q&A function. For those of you in the room, we will have mic runners, so if you have a question, feel free to raise your hand. With that, Jim. Thank you. Well, good morning, everyone. Thanks for joining us this morning, and thank you to JPMorgan for having us for the conference. Unfortunately, Chuck fell ill, our CEO, Chuck Kummeth, fell ill yesterday and was still recovering this morning, so I got the call to take his place. In doing so, he reminded me that nine years ago was the first time ever in the history of our 40-year company that we had presented at JPMorgan, and we were in some conference room the size of a closet, I think in the attic or something like that. There was, like, 12 people who showed up for our presentation. He was really excited that we had graduated the Colonial Room after nine years, and so now he's very disappointed that he can't participate in our graduation. I'll do my best to not babble through this too much, given I got the call this morning, and share with you the excitement that I know Chuck has for our company, and I do as well. With that, you know, our tagline, where science intersects innovation, at our core, it really is about the science and, you know, not me being, obviously not a non-scientist, I'm amazed every day by our people. Out of 3,000 employees, many of them, a high percent of them have PhDs or other very advanced degrees in science, and they're extremely passionate about the science. Many of them have worked with our products over the past 30 years themselves in the field, whether it was in academic or at other institutions as customers. That engagement and that association with our products throughout their career makes them ambassadors for our products with our customers and vice versa. Really, there's really an amazing partnership between our customers and our employees with regards to helping together advance science to help save human lives. It really comes down to that. It's something special. Of course, though we can't proceed without telling the safe harbor statement. It's out there on our website, of course, and I do encourage you to read that following this presentation. All right, quick overview of the company. You know, I think of our company when I try to describe it, friends and family, as we're, you know, the picks and shovels of the life science tools area, but not just any old picks and shovels. We're high-value picks and shovels. We're the necessary ingredients and analytic tools that are necessary for practically any research experiment to have success. At the core of our product portfolio, you see it on the right, is proteins. For the better part of the first 30 years of our company, we were known as a protein company. We, as far as I can tell, pretty much was, if not the first, one of the first companies to make proteins commercially available for researchers in life science. Our high-quality proteins from them, we make a vast menu of high-quality antibodies, and those high-quality antibodies come together to make a very high-quality immunoassay. Again, for the better part of 30 years, those three components, proteins, antibodies, and immunoassays was the essence of our company. Roughly nine, 10 years ago, when Chuck joined, I soon followed, we, you know, had the direction from the board that to try to take this company to the next level, use its amazing cash flow to expand into adjacent areas, with perhaps more scale, more higher growth opportunity, not get away from our core. Let's stay in our reins of technologies and applications that still leverage our core scientific knowledge of reagents and analytical assays. Our first foray was actually into instrumentation, in instruments that automate manual assays and make the lab productivity much greater. From there, we added on what I'd call genomic assays. We leveraged our assay experience in the genomic space by buying a company called ACD. That area of genomic assays specifically is in spatial biology. Continued to add on to our portfolio by going further downstream, but with much, even much higher potential scale into molecular diagnostics and liquid biopsy, which we believe is the next generation of where diagnostics are going. Being a world leader in immunoassay scientific knowledge for 30 years, you know, at the end of the day, a diagnostic is nothing more than a clinical application of an assay. It's not necessarily by any means out of our scientific wheelhouse and a much bigger market to potentially grow into. Last but not least, we have our diagnostics reagents and controls calibrators business. Nice, healthy, steady business that leverages our reagents for diagnostic controls and other assay purposes for practically every diagnostic instrument maker in the world. Interestingly enough, this company was actually founded on diagnostic controls, specifically hematology controls. It was a very small part of the company early on. It was the science and innovation that came out of the byproducts used in the manufacturing process for hematology controls that gave birth to our entire protein business. Some people ask, "Why do you even have that?" Well, we wouldn't be here without it, quite honestly. In the left-hand side of this slide or middle part of this slide, you see the revenue streams and where they come from a business model perspective. You know, roughly 90% of our revenues are recurring in nature, and in the form of consumables largely, but also in services and royalties. The lower 10% is derived from instruments, but I think even more important is the recurring revenue that is derived directly from those instruments. About 10% of our recurring revenue as a company is derived directly from those instruments. There's a nice consumable tail associated with those placements. With regards to geography and end customer, roughly half of our customers now are biopharma. You know, if you go back 10 years ago, it was much more of a 50/50 split between biopharma and academic. We've been growing in both, but we've been growing much faster in the biopharma. You know, a lot of our assays and end markets have been more purposeful geared towards that biopharma market because it tends to be more well-funded than academic, right? OEM makes up... I'm sorry, academic now makes up a little over 20% of the company today. Still a very important piece because so much of the discovery innovation still starts with academic before it ever gets into the biopharma. OEM is roughly 15%. That pretty much mirrors in line with our diagnostic, reagents business, which again is mostly an OEM business. Finally, distributors make up roughly 15%. Again, that mirrors very closely to our Asia business, which is mostly transacted through distributors. On the geography side, Americas make up roughly 60%, Europe's roughly a quarter of our business, and Asia is, you know, approaching 20%, and more than half of that now is China. Like you hear from many of our peers, Asia is by far the fastest-growing geography for us, and China in particular, despite the current hiccups and political hiccups that happen from now, you know, from time to time. It's, you know, amazing innovation comes out of China. They wanna be a world leader in healthcare in the next decade, and the governments are putting their money where their mouth is. It's been growing 20%+ for us the last 10 years, and we don't see that slowing down anytime soon. Give you another perspective on that. China, 10 years ago, I think it was around $20 million of business for us, and now it's well over $100 million. That's the kind of growth we've been seeing out of China. Item, it's still really small at only $100 million compared to the rest of our geographies. That's why we think there's a lot of growth remaining there. In terms of our kind of overarching strategies for growth, these have kind of formed over time. Not dramatically different, but as we grow as a company and expand our horizons, we tweak them from time to time. It's still pretty much the key, key strategy is a core product innovation. I mean, with the scientific community we have working for us, the innovation is amazing and it's channeling that innovation that can be the challenge sometimes. We produce hundreds of new products every year. You need to be able to stay on the forefront of where biology is going. Geographic expansion, we already talked about that, particularly as it pertains to Asia. Of course, the bolt-on M&A is how we have become the multifaceted company we are today versus just the reagent and ELISA business that we were 10 years ago. This is something we've added recently, it's not something which we added, it's always been part of our strategy, I think we're just making it much more visible externally, that's, you know, our world-class customer service or customer journey. I've told you already about the close association our employees already have with our customer, but, you know, it really is amazing and it's quite humbling when I'm out with our sales reps or our customer care group and they are much more consultants than they are salespeople. You know, I'll give you another example. We've had instances where customers have called our customer care group, they can't get a certain antibody to work for a experiment they're working on, and our customer care group will call the scientist that made that antibody and have him get on the phone and walk them through the experiment. That's the kinda, I call white glove service we try to give our customers and it's something that, I think we try to make that a differentiator from any of our competition. Last definitely not least, you know, none of this matters if you don't have the people and you don't have the passion of the people, and you don't have the culture to allow that passion to turn into something, you know, to turn the innovation into something meaningful. That's something we've worked really hard on as a leadership team, the past eight, nine years, is to, given that we're, you know, less than a third of our company, more like a quarter of our company is only the original company from nine or 10 years ago. Much of it has now come from many different other companies. I think there's like 17 or 18 acquisitions altogether. We kind of felt we needed to create a new culture where everyone felt like they were included. Frankly, the old culture was old, it was a bit stale, and maybe not so enlightening for our employees in particular. We've done a lot of work to build a culture, and it takes often decades to do that. I think we've done a really good job doing that in less than a decade. We call it our EPIC culture, and EPIC is a, you know, it stands for Empowerment, Passion, Innovation, and Collaboration. We take that very seriously. We evaluate all of our employees on those key four behavioral attributes, both how they interact internally, but also how they interact with customers. You know, our employees, when you ask them, our frontline employees and our scientists, you know, "What are you most proud of about being part of Bio-Techne?" Is that they'll often tell you they're most proud that they actually enable saving lives. They really feel like they're enabling their customers and are part of that solution of saving lives. With that kind of Aura over the whole thinking and mantra of how our employees think about what they do every day, that trickles down into all aspects of sustainability. You know, we can go on and on about the individual and group events that go on to help out the community, help out our environment. As a management team, we take very seriously, of course, the diversity of our workforce. I'll be honest with you, that was something that Chuck and I didn't have to change. That piece was already well embedded within our culture, you know, 10, even 10 years ago, and of course, the governance of our board. If you haven't already, I recommend, we did our very first, you know, fairly intense, extensive, ESG report that went on, I think, this last fall. It's posted on our website. I think it'll give you some really good color as to how we think about this. It's not just a metric. It's not just the flavor of the day. It's actually something we've always, as a culture, kind of felt strongly about. I think it's great that, you know, the investment committee in particular is starting to hold companies more accountable for this. We are in the process of coming up with the baseline and quantitative metrics so that we can be more quantitative about our efforts in this area as opposed to just qualitative and go to a next level of holding ourselves accountable. Look for more on that in the future. All these pillars and strategies, you know, mean a lot, you know, to our customers, they mean a lot to our employees. I get it, they won't mean much to our other important stakeholder, you in this room, unless it comes with some sort of strong financial performance. We're firm believers that you take care of those two stakeholders and focus on that, the output is the shareholder stakeholder will come right along with the ride. That's what has occurred the past nine years. You can see our organic growth rates have increased practically every year over the past nine years. You got that wicked COVID blip that occurred then when that first hit, but when you normalize for that, it's kind of the same trajectory that we've had before. What we're also proud of financially, I know I'm proud of financially, is, you know, and those who have researched our company, you'll see this, is the very strong profitability of our company. I shouldn't say we grow to make money. I think the fact that we're so profitable is because of our belief that we only wanna add solid value and have highly differentiated products, meaningful added value to our customers. By definition, when you have that, you tend to have higher profitability than average. Our profitability has consistently been in the mid-thirties. You know, it's been range bound from low thirties to high thirties throughout the last 10 years, depending on when we do acquisitions, and then they ramp back up again. I'd say mid-30s has been a pretty good overall average over this time period, which is, I believe, higher than average for sure, for our space. You can see the ramp in operating income that's occurred with that revenue because of those op margins. I think it's important also to see that the cash flow from operations practically mirrors our adjusted operating income. Our quality of earnings is also very good. All right, I'm gonna dive a little deeper now into some of the product categories. We're divided into two operating segments. The largest segment is our protein sciences segment, and this is where our legacy businesses reside, our proteomic research reagents, so our proteins and our antibodies. It's where our protein analytic tools products portfolio resides, which includes our legacy immunoassays and all of our instrumentation platforms. Down below, you see the key brands. R&D Systems was and is the key brand for our company. It was the only brand practically for the company 10 years ago. Our customers call it a gold standard brand, so we tend to do that too, probably, you know, a little bit egotistically, but our customers actually tell us we're the gold standard R&D Systems. Within instruments, ProteinSimple is the key brand there, you know, simplifying the work of our customers and on their assays. Diving a little bit deeper on proteins. You heard me talk a little bit about the quality of our proteins, you know, what does that mean? I guess in my layman simplistic terms, a quality protein is highly bioactive, which means, in my, again, layman terms, it's very much alive. You can make proteins all day long that are essentially dead and don't do anything for you in your experiment. We take pride in making sure our proteins are highly bioactive or they don't leave our facility. That way, even though our reagents may cost more, our customers may get 10 to 25 x more research use out of any given protein, perhaps compared to the nearest competitor. Also, a high-quality protein has strong lot to lot consistency. What does that mean? That means when you make a beaker of proteins here that might last for a year or so, and then the next year you make another beaker of the same proteins, and we're making, you know, we're making reagents that are essentially alive, right? Making them exactly the same is an extremely difficult thing to do, but extremely important so that researchers can have the same results time and time again using the same reagents. That's something that we also work very hard at. It's just very, it's very difficult to replicate. It's why it's taken our PhDs four years of cumulative experience to be able to perfect this. It's why we believe we're ahead of any of the competition in that area. We make over 6,000 proteins, so it's a very large catalog. You know, you're not gonna make a business, a business in this business if you only make one or two proteins. You have to have a very vast catalog as research could go all kinds of different directions. Very highly bioactive quality proteins make high-quality antibodies. We're also known for our high-quality antibodies. We also have a very vast catalog of antibodies. We believe we're a top five supplier of antibodies in terms of SKUs, with over 400,000 antibodies available in our catalog for customers. Switching over to our proteomic analytics tools. We have our immunoassays here. I mentioned before, a good quality antibody makes a quality immunoassay. Immunoassays are made from antibody pairs. If you pair up two very high-quality antibodies, you're gonna get a very high-quality immunoassay. Our ELISA immunoassays, again, our customers say this, refer us as the gold standard immunoassays in terms of their ability to identify a target with extreme accuracy. The automation tools that we now have in our portfolio, we have Simple Western, which is a tool that automates the Western blot process within a lab. It's a very manual, kinda messy, lengthy process that can take up to two days to do. We have the only fully automated solution that takes that process down to three hours at a push of a button. This flew off our shelves, as you would say, when COVID first hit and our customers couldn't get in their labs or maybe could only get in their labs once or twice a week. All of a sudden, they really understood the value of this, of this instrument, where they couldn't spend two days doing a Western blot at that time. We have a biologics portfolio. This is the one instrument where we actually play outside of just pure research, but actually are in the QC line within the biologic manufacturing. Those instruments are used to measure protein purity, charge, and identity. Simple Plex in the lower left, just like Simple Western automates the Western blot process, Simple Plex automates essentially the manual ELISA process and can do plexing of those manual ELISAs on multi targets. Where a single manual ELISA might take six hours for a single target, Simple Plex can do multiple at the same level or even better, perhaps, I can't use the right terminology, but I call it accuracy, for lack of a better word, at the push of a button in one hour. Our newest addition to the family of instruments is Namocell. We acquired this technology in the start of this fiscal year. This is a single-cell sorting and dispensing instrument. What differentiates it from the competition is that it can do it very fast and very accurate. I should say very fast, very accurate, without damaging the cells. There are instruments out there that can do it fast, but they have a low yield because they damage the cells in the process. There are processes you can do it without damaging the cells, but they're more manual and very slow. We're really excited about the opportunity for this, and has a large opportunity within the cell and gene cell and gene factory space cell and gene therapy space as well. This slide, just to kinda show you that, you know, I just kinda walked through the key applications for these various instruments at a very simplistic level. Just those key applications by themselves are very large markets, and we're still at, you'll see in a moment, we're still at very low share and penetration in those markets. What's exciting for all of us at Bio-Techne is that both our internal application teams, but even our customers, come to us and share with us new applications they're using our instruments for that weren't necessarily intended at the time they were designed and launched. As an example, all three of these platforms you see here are being used in various aspects of the cell and gene therapy manufacturing process as QC tools in different steps of that process. That was never envisioned years ago when these instruments were launched. Specifically on biologics, it's being used for fractionation as a front end for mass spectrometry. Something we never envisioned, but it's becoming a nice market for us. You know, the other one I'll mention here is, you know, I'll mention Simple Western. It's being used even for quantitative immunoassays. It was intended for Western blot, but customers and our own application teams are finding ways to use it for various quantitative immunoassays. Of course, our Simple Plex, because its simplicity to use, its very quick turnaround time, and its high accuracy, has the potential to be a diagnostic tool in the future, and we're going through the process of ISO 13485 certification right now, so we can try to make inroads into that market. This chart here is an example of kind of the role proteomics make from discovery to clinic or from discovery to therapy or from discovery to diagnostic. This is kind of just a working example here of where we play along all avenues of that roadmap. You know, discovery in itself starts usually with a whole bunch of samples. You're screening a bunch of proteins, but you're only doing that with a few samples at a time. As an example we show here is our antibodies are used in just about every high plex proteomic technology that's out there today doing this. Our antibodies are the juice that makes many of those assays and screening technologies actually work. As you go down, further downstream, you get into the verification and validation, call it translational work, where you get to select a few targets to figure out where you wanna narrow down next. Many of you probably know, Luminex is a tool that's very popular for this purpose. We make the juice that goes into almost all the Luminex assays, that juice being our antibodies, and we have our own line of Luminex assays, high quality assays that are growing very, very nicely. Finally, you get down to the actual target that's gonna become the therapeutic or become the diagnostic. It's a very low number of proteins you're looking at, but a lot of samples. Depending on what it is you'll be using, our ELISA for something very specific or as a control, and then you can go to our Ella, our Simple Plex, Ella's the name of the instrument to speed that process up, and do many at a time where you need that really precise validation. Okay, now I'm gonna move on to diagnostics. I'm going up, so I'm getting out of time. I'm just trying to watch the clock. Diagnostics and genomics. I'll try to speed this up, segment. This is where our spatial biology franchise resides, our molecular diagnostics, and then we talked about our diagnostics reagents and controls. You know, we think of this kind of our spatial biology is our foray into tissue diagnostics. Our molecular diagnostics is kind of our foray into liquid diagnostics or liquid biopsy. That's kind of the way we think about it broadly. Start with spatial biology here a little bit and dive into that. you know, Our key technology is an, we call RNAscope and DNAscope. It's a novel in situ hybridization, ISH assay. In my layman terms, it's a genomic version of IHC. you know, IHC uses antibodies and looking for a protein in a sample, where it resides spatially in the tissue, that gives you a lot more information than just is it in there or is it not in there? Problem with IHC and antibodies, it doesn't always work. The idea is you can instead of looking for the antibody or instead of looking for the protein using antibodies, you can look for the RNA that essentially made the protein. If you can't find the RNA, DNA, then you can stop looking for the protein, essentially. Our technology enables to do that with extremely high level of accuracy where you can have confidence that's the case. Now there's a whole field, as you know, of spatial biology research interested in not only understanding the proteomics side of in the tissue and where it resides, but also genomics. The two together can be very powerful for research, and we're working on ways to actually combine those two technologies into one assay as well. Again, similar to the proteomics workflow, genomics works the same way, spatial works the same way. You start out with discovery, screening a lot of targets, high level of plexing. That hopefully resides or the output of that hopefully comes into a few select targets that you wanna do some serious work on to see if you can come up with a therapeutic or diagnostic target. We call that translational research. Then if you're really lucky with that hopefully then turns into something that truly becomes, goes to the clinic and becomes a diagnostic or becomes a therapy. Where our RNAscope technology plays is in that right now it's right in that translational space, and our goal is for it to become the tool of choice also in the clinical space as this starts to form as a market and more success comes out of translational in the clinical. The likes of, you know, our friends, NanoString, 10x and the like, we actually have some partnerships with them from a co-marketing perspective, and we see them as partners in a sense, because we want them to keep on doing a ton of discovery because that brings downstream more translational work for our technology. All right, liquid biopsy. Quickly, I wanna explain to those who may not be familiar, the core backbone technology or I should say source of biological information that our platform uses for liquid biopsy and how it's different from the most common one that's used out there today, which is now cell-free DNA. The advantages that our scientists and we believe are that exosomes have as a source over cell-free DNA start with the abundance of exosomes. Exosomes, I think of them as There's a diagram there, but I think of them as like a bubble that gets excreted from cells, and then within that bubble is DNA and RNA that came from that originating cell. They're excreted from cells into the bloodstream, into urine, spinal fluid, all your fluids of your body constantly. The abundance of exosomes are like, you know, it's like 10x, 20x, whatever more than the amount of cell-free DNA that gets excreted from these same cells. Bottom line is you have a higher likelihood of finding what you're looking for because there's more of them. Secondly, once you find them and you extract the DNA and RNA from them, they're very easy to read because they're completely unmolested. They're in perfect form because that bubble, that membrane protects them in the bodily fluids and therefore enzymes and other things can't get at it and degrade it like it can cell-free DNA. Third, once you find what you're looking for from a biomarker perspective, exosomes can tell you where in the body or what tissue it came from because that membrane bubble is made of the same protein as the originating cell. Cell-free DNA, by definition, doesn't have any protein to give you any origination information. Last but not least, where we believe exosomes are the superior source for liquid biopsy information is earlier detection. Why? Because exosomes are excreted from the cells throughout the entire life cycle, from the cell's born to its life and as it dies. Cell-free DNA is excreted most, really when the cell dies. By definition, you can get earlier detection using exosomes than you can cell-free DNA. I wanna just kind of try to explain why we believe this is the technology of the future for liquid biopsy. Quickly, we currently have a key test in the market. It's a prostate test. We nickname it EPI. You know, it's essentially used as a rule-out test for high-grade prostate cancer. Before EPI, there really was no tool other than PSA. Oh, your PSA is rising. Let's do a biopsy and make sure it's not high-grade cancer. Well, there's a lot of reasons why your PSA can increase, and therefore, there were a lot of unnecessary biopsies. This test was developed to rule out that you have a high-grade cancer, and therefore, don't mess with an unneeded biopsy that has its own risk associated with it. This test is doing very well. Of course, unfortunately, it launched pre-COVID, and as you know, the diagnostics, no one was going to see their doctors, so it was a tough road for a couple years. This business now in the last six, seven quarters has been growing 100% a quarter. To give you an idea of how much more it can grow, right now, we only have penetration roughly in about 15% of all urologists. When I say penetration, meaning that 15% of all urologists have actually used our tests at least once in their workflow. When we go back and look at the early adopters of our, I'm sorry. Sorry. It's a 15%. That means 85% don't even know about it yet, right? There's a huge market to go after there. I think as importantly or more importantly, that 15% of doctors who've now used it in their workflow, the doctors who've been using the workflow for two or three years, they're averaging over 50 tests per quarter. Our overall average of doctors is only five tests per quarter. There's a magnitude opportunity of growth by just bringing up our new doctors up to the same rate of usage as our doctors who've been with us for a longer period of time. We also have an ExoTRU kidney rejection, transplant rejection test, liquid-based as well, urine. We went at a different angle with this commercially, where we partnered up with, in this case, Thermo Fisher, where they paid us a very nice upfront fee for that and a very nice royalty stream once they go through the final stage of the commercialization and launch it. This is a model that we will use likely again, depending on the test we go after, 'cause our intention is not to build out a complete sales force for every single possible test or diagnosis there could be. It'd be very, very expensive. We'll do a combination of our own and a combination of partnering with others. This is a snapshot of some of the things that are on the horizon. We're gonna continue to expand our prostate cancer portfolio. We're working on a rule-in test as opposed to just a rule-out test, which we think will speed up adoption of the test. We're looking at opportunities of synergies with our Asuragen acquisition and using their hospital channel to put more tests through that channel on a kit basis using the exosome technology. We're also in the early stages of getting good data on our colorectal test. How this differentiates what's in the market today is that our desire for this test is to be able to detect early precancerous polyps, not just tell you whether you have cancer or not. The reason you have a colonoscopy is, I can tell you firsthand, was to see if there was any polyps so they could become cancerous and get them out of there. Tests that are out there today, for the most part, can just tell you whether you have cancer. We're trying to design a test that's less invasive, that can help prevent cancer. We have our molecular products. This is our Asuragen acquisition. You know, Asuragen, at the end of the day, they're now managing our entire diagnostics platform, including exosome, and doing an absolute fantastic job with it. In their own right, we liked their product portfolio. They're in the pre-screening market. They've got protein products out there. They do hard-to-do genes, that's what differentiates them and their model. This business by itself, although small, has grown at a 20% clip all on its own. We're very excited to have the Asuragen team with us. Of course, diagnostic reagents and controls. I think we talked about this one already. The only thing I'll add here is in addition to controls, this business also does bulk antibodies, raw materials, and different components of reagents for those same OEM customers. Real quickly, just cell and gene therapy. Cell and gene therapy, a lot of words in this page, you can read them later, but the point of this page was to point out that cell and gene therapy, and I'm not, we're not the only ones up here saying this on the stage this week, we think is the future of next generation therapeutics, particularly in oncology, but also in regenerative medicine. We do play in the gene therapy space, but that's mostly in our instrumentation on a QC basis. Within cell therapy, there's actually People think more of CAR- T and that workflow, but there's actually a market for us that's as big if not bigger, and that's in the regenerative medicine side of cell therapy. Why these are both big for us is because they both require cells to grow, and they need essentially food and juice to make those cells grow. That's what we're king at. That's proteins, by the way, is that juice, and that's what we're king of. If we're gonna be the gold standard in research use and the high-quality standard for research use proteins, shame on us if we're not the gold standard for GMP-grade proteins used in cell and gene therapy manufacturing. We've built a factory dedicated to that. It has a capacity for over $200 million worth of proteins, and we're looking forward to filling that up over the course of the next five or six years. This chart here is just to outline, when you get a chance to read it online, all the various steps within these two manufacturing processes. What you see in blue is where all of our different product lines play in those various steps. The point here being is that even though GMP proteins are a very important part of our portfolio for this, for this market, it actually elevates our entire portfolio. Yeah. Oop. Oh, I don't wanna give the money chart away yet. Real quickly on this one, you may have heard if you read about our Wilson Wolf agreement. We've been close to Wilson Wolf for many, many years. We're in a kind of a commercial joint venture with them. Their product is this G-Rex. It's a bioreactor. It's differentiated in the sense that because of technology it has on convection. The yield it produces in terms of growing cells far outweighs other methods that are way more big, way larger and way more expensive. This is like the size of a laptop computer. They're already placed with 800 different biopharma cell and gene therapy customers, growing very nicely. We've a strong relationship, it's a long story, but the bottom line is we wanted them to be part of our portfolio because we envision a closed system with our reagents and media in their, in their G-Rex in a closed system, so that requires no manual intervention. We're working on that together right now, we'll hopefully have a solution very soon on that. We all ultimately wanna own them, and we've struck a deal with them to buy initially 20% of the company once they achieve either $92 million of revenue or $55 million in EBITDA. Yes, that's $55 million of EBITDA on $92 million of revenue. That's how profitable they are. That agreement then goes on further to say after that first leg is hit and we buy 20%, we buy the remaining 80% when they achieve $226 million in revenue or $136 million of EBITDA. We expect that will happen within the next five years, but if it doesn't, there is a timeline at the end of five years, whatever the revenue is, we will buy that 4.4x revenue. It'll probably be 8x EBITDA. It's a pretty sweet deal. We're very excited about having this be part of our portfolio formally within a few years. This is a chart we just recently put together. It says, you know, when we look at cell and gene therapy, we gotta look even beyond five years. This is a market that's developing. It's gonna be with us for decades. Looking 10 years out, we see a possibility where this could be $2 billion of our portfolio. You can see the biggest chunks of that being our GMP proteins and Wilson Wolf. It elevates, like I said before, all aspects of our portfolio, which when put together are only $100 million of revenue today. Large addressable markets. Not 10 years ago, it was just that very first line, proteomics research reagents. Now we've added another, you know, $13 billion-$17 billion of TAM to that potential through the acquisitions we've made. You can see on the far right, we are under-penetrated in all of our key markets. We're growing faster than all of our key markets over the long term because of our differentiation. Lastly here, you may have seen this before. We've laid this out I believe about a year and a half ago. Our path to $2 billion within five years. Our core proteins and antibodies for research at a 7% CAGR. We've been doing better than that, we're not gonna promise more than that in the long term. Our instruments at 15%, our spatial biology in that mid-to-high teens. That there alone gets you into the low-teen growth that we've been at on a two to three-year CAGR basis. It'll be the liquid biopsy with exosome and the cell and gene therapy as those ramp and hit a J- curve later in the cycle, we see it could accelerate our kind of growth to the high-teens, you know, five, six years from now. Very, we've come a long way, but we still feel like we're in the early days of this journey for our company. Thanks for taking the time to share it with me.