Well, good morning. And thanks to those on the webcast. A special thank you to Treace Medical Concepts. We've got John Treace, Founder and CEO. Mark Hair, CFO. Thank you, gentlemen, for joining us. Maybe just to start, you know, you guys did just report your third-quarter earnings last week. And I think one of the big questions coming out of earnings, you outperformed expectations a little bit. It feels like we're turning a corner. But as we think about 2025, and I appreciate you're not gonna give guidance here, but how should we think about the sales growth trajectory given the cadence of you got several new product launches, but also you have easy year-over-year comparables, so. Yeah. Maybe I'll start with that. First, thanks for having us. A great conference. Always happy to be here. So as we think about this year, we've talked at the first quarter of 2024, we had some fantastic growth. We had 21% growth. And then we noticed some changes, some shifts in some of the trends for this year. And so we re-guided. We level-set some expectations based on the trends that we were seeing for 2024. We reported 6% growth in Q2. We did report 11% growth in Q3, but we believe that although we're really pleased with that result, that it was largely driven by an easier comp. And so we guided again in Q4 to kind of that 7% or 8% range. So right now, fundamentally, nothing has really changed for the company other than we've got this great portfolio of new products coming, but we're really not gonna start feeling the benefit of those new products until really Q1. Yeah. And so that's just the way we're kind of thinking about that. And then even Q2, we'll really be able to see more of the benefit of these new products. It takes, you know, three-plus months to get training and get higher adoption from our surgeon customers. And as we think about the growth rate, actually Q1 of this year, as I started my comment, was a 21% growth. So as we get into next year, it's gonna be a full quarter comp. Yeah. And so again, I think we wanna, excuse me, just manage those expectations that it really might, we might not be able to see kind of that growth until Q2 of next year 'cause Q1 might be a little tougher with that comp. Now with that said, we know that we're gonna be able to see more benefit from these new products. Yeah. We're looking forward to Q1, but I think we're gonna see more of that financial increase and revenue growth really start to come in Q2 versus 1. Okay. So if we think about guidance, I mean, right now, the street is modeling high single-digit growth for 2025. I mean, you're, you know, you're guiding to that to sort of like high-single to low-double-digit growth for the year. We've even talked, yeah, we've talked about somewhere between eight and 10. Yeah. mean that, you know, again, if you start with Q1, it might be a little bit lower growth rate. Lower growth, yeah. In Q1. So that could be single digits again. And then after that, then I think we can start seeing the opportunity for potential double digits post Q1. Yeah. And so just thinking conceptually, I mean, the cadence of new product launches, you do have Nanoplasty launching. You're rolling out SpeedPlate. So conceptually, if you think about, again, appreciating this is not guidance. Yeah. But whatever you do in 2024, in theory, like with these new product launches, with, you know, maybe the market, which we'll get to in a second, but it should at least stabilize, if not accelerate. Is that a fair way to think about it? I think that's a very fair way of saying it because, like I said, Q1 is just gonna be a tougher comp, but when we get to Q2, we don't have those same issues. And then now. Right. We'll have in Q2, we'll have three, four, six months of new products out there, including Nanoplasty, including some other osteotomy products that are coming out this quarter. So we're looking forward to Q2. I think it's gonna be a lot better position for us to talk about 2025 when we get to Q2. Yeah. We can see how many surgeons are adopting the new products. We'll be able to continue to see how Adductoplasty, that attachment rate to Lapiplasty, continues to grow. That's been a great driver of revenue for us in 2024. We believe that's gonna continue into next year as well. Okay. Got it. You've also committed to EBITDA break-even, I think, in 2025. Yeah. Can you talk a little bit about the drivers of positive leverage as we head into next year? So absolutely. We talked about—to back up a little bit, we talked about this year really reducing our EBITDA loss that we recorded in 2023 by half, and then the other half was always gonna come next year. So it was, it's been a planned two-step process. Next year, we've talked a little bit about it already because we're benefiting from some of the natural leverage. We've been spending the last several years growing this amazing sales force, and it takes a lot of investment and time as we split territories, and that effectively results in double payment of commissions for a period of time. And sometimes you go into areas that don't have maybe existing territories or sales reps, and so you may have to pay a little bit more until they get on their own two feet. What we're seeing now is we have more sales reps that are commissioned only. And so there aren't any of these incremental payments that we're making to them, and we're gonna see more and more of that as we go into next year. And that's gonna make a big difference because we're not. Okay. We're not leaning in so hard and growing our direct sales channel as rapidly as we have over time. Yeah. So that's gonna be a very natural leverage on the P&L. Another place that we've talked about is we've historically focused a lot on our DTC efforts to build some brand recognition. Well, we're in a far different place today. Yeah. I think everyone, you know, all the surgeons out there really know who Treace Medical is and what our product offerings are. And so we will continue to do DTC. We think it's a benefit for both educating patients as well as surgeons, but I don't think we need to continue to lean in to increase those. So those are two natural places that we're gonna see leverage. We've also made some changes throughout the P&L too, so you can see some in the G&A line that is moderating. And again, we're gonna have some natural leverage there as well. Okay. And then one more question on financials and just thinking about the potential impact from recent hurricanes. I mean, IV solution shortages, you know, feels like some hospitals are scaling back on elective procedures. Any what's baked into your guidance for Q4 specifically with that? Do you wanna try that one or should I jump in? Well, usually any guidance is smart, but I could pitch in here a little bit. Yeah, we you know, we're a Florida-based company. We had two hurricanes come right down our pathway and in an area of the country that we have fairly significant sales penetration as well. So we did see some impact to cases, cancellations in October. A lot of those we expect are going to come back before the end of the fourth quarter. IV shortages, we know that impacts some accounts too, and there were some canceled surgeries we expect and hope those will come back too. That said, you know, when the volume of patients seeking elective surgery at the end of the year, particularly November, December, is so high and surgeon block time is sort of already allocated, it just stands to reason that some of those patients may not make it in. Mm-hmm. Within the fourth quarter. They may fall over to January or February of next year. Yeah. We see that every year. We see a certain spillover effect of those patients that are really committed. They want the surgery. They just can't get fit in due to block time limitations, so they end up, you know, bunion season starts to extend into January and February of the following year. Got it. Okay. Let's talk about the market a little bit. You know, this year has been a unique year in the market, and it's not just you guys that called out some softness in the market. You know, I don't know where we are. Maybe you could talk about where you think we are in the recovery here, but also, like, maybe opine a little bit about what happened and why there was softness in the market. Sure. You know, when we had our call back in May, we talked about more competitive entries into the market with copycats of Lapiplasty. That was one factor. The other was this growing interest in the patient side for minimally invasive osteotomies. And those two factors were just slightly dampening the average number of cases that our surgeons perform just by a little bit, but just enough that it changed the trajectory as we looked through the rest of the year. Now, that's not to say that at the same time some of the same variables were occurring that other companies have called out. Right. limited block times, patients concerned about inflation, maybe holding back and wanting to wait later in the year till their deductibles were expended. And, you know, we see that to some degree every year. So there was always a little bit of a change in patient behavior. So I think those two things going on were what we saw, and I think we sized them right, and we don't really see any big difference to what we perceived back then and assessed through the end of the year. Okay. I think we captured the amount of competitive headwinds, the osteotomy headwind, and the patient side. We didn't necessarily expect IV shortages in two hurricanes. Sure. But then again, you know, we feel like we've got our hands around our guide pretty well there. Okay, and then just at a high level, if you look at the market and maybe foot and ankle broadly, but specifically the bunion market, your view of the fundamentals of this market has not changed regardless of the softness that we saw earlier this year. No, this is, it's a tremendous market. Yeah. We just find that patients based on different variables, it's a very, you know, kind of tight demographic. Yeah. You're talking about the 30- to 60-year-old female being, you know, maybe 80% of the patients. A lot of them are commercially insured. So that isolated group of patients can swing a little bit differently from year to year. Last year, for instance, we saw bunion season start in the back half of September. This year, it was a little more delayed, and it started a little bit in the back half of October. But as we sit here today, I can tell you we are right in the middle of bunion season. The volume is there, and patients are coming in like they do every year in the fourth quarter to have their bunions fixed. Except for me, and I really need to get my bunion fixed. But anyway, just on the competitive environment point, so, you know, you did have competitive product launches over the last year. Where are you? You You know, there's some trialing in this market, I imagine, much like other markets. Where are we in the, you know, competitive environment today? Yeah, we haven't seen really any significant change versus our reguide in May. We think we assessed it about right. We're reloading our sales force with some very exciting new technologies that's gonna put Treace Medical back on a very strong offense, we believe, and shore up some of the areas of exposure that allowed competitors to get into our customer base. Right. And then we also believe we attract a lot of new customers with some of these new technologies as well. So we feel good about where we are and, and, you know, competition's there, but this is a really, really focused company and a company that can develop really compelling technologies that surgeons we've proven, once we get them out there, train the surgeons on them, they wanna adopt, and they adopt them pretty aggressively 'cause they're very, very, very well designed and are supported by a company that really holds their hands in training and then supports them with expertise in the OR with our direct expert sales force. Right. Is there trialing in this market? I mean, is that part of what happens as these competitors launch products and they, you know, surgeons wanna try them and then come back to Lapiplasty, or am I overstating that impact? No, there's a lot of noise. Yeah. There's a lot of churn, and that's been going on. Now, some customers, you know, most of our customers that have churned or trialed, we don't lose them. Right. We just lose, you know, a fraction of their cases. Which is an important point. Yeah. Yeah, but when a lot of that's going on at once, it can kind of, you know, dampen the numbers a bit. Sure. That's what we've seen, that's what we saw. You know, we may continue to see that to some degree, but we think with these new technologies we're bringing forth, it's going to reverse that trend. Okay. Got it. And just looking at the Q3 outperformance, I mean, how much of that would you attribute to market recovery? So you mentioned the easier comp, so that's a good point, but market recovery versus specifically Treace regaining some of that share from competitors? Yeah. You know, like, like Mark said, you know, we don't wanna, you know, be doing an end zone dance over our Q3 performance. But I will say our sales team, you know, after our re-guide has become very hyper-focused, very focused on their customer base. They have new customer analytics that allow them to tell if somebody is changing their behavior a little bit. These are tools that have helped advance their perspective on their customers and stay more on top of them. Mm-hmm. I think that is benefiting us a little bit. Now, as we start to get these new products out into their hands, they're starting to see the cases occur around the country with these new technologies, and it's getting them pretty excited. Okay. Okay, and we'll talk about the new technologies in a minute. I did wanna talk a little bit more, sticking with the competitive line of questioning and the competitive moat that you guys have built. Maybe talk about that. How broad, how wide is that? Just thinking about, you know, potential future competitive launches. Foot and ankle's always cited as one of the highest growth orthopedics markets. So, you know, there's probably more to come from a competitive perspective. Yeah. Great, great question. So, you know, we have a lot of different competitive moats. We have our clinical data sets which differentiate Lapiplasty versus any other, you know, bunion procedure or especially Lapidus procedure in the market. We have our 65, you know, U.S. issued patents, and we obviously announced taking action to defend our IP recently, and we are going to defend our IP. It's the right thing to do for the business and our shareholders. Yeah. And then third, you know, our product technology pipeline. We have really doubled down on it with our R&D investment to hone in on what are all the facets of bunion and interrelated bunion procedures, and do we have a solution that's going to be best in class, you know, for each one of those. And then our top training events, where we go deeper and deeper with surgeons in our training events, I think, than any other company into bunion surgery. And this next year, we're excited to unveil a new program. It's gonna be called Bunion Masters. And this is gonna be our new educational forum, national level events where surgeons come. There's gonna be top-level expertise, faculty, and people that wanna master bunion surgery come to these events to get the best training they can and be equipped with the best technologies to go implement it in their practice afterwards and then have the best sales support with these highly expert, direct-focused sales reps. Yeah. I think those are our moats and just making sure that we've got the right offensive product weaponry to go forward and make sure that we can handle, you know, growing this company at the rate without, you know, hitting those bumps in the road along the way. Yeah. Yeah. And I think that's an important point. So, so I think it's safe to say you guys are the only company out there solely focused on bunion surgery, and you're the only company that has a sales force solely focused on bunion surgery. And I'd argue maybe have the broadest product portfolio. Is that a fair assessment? Not yet, but we will. We will. Okay. Shortly. We think the technologies we're bringing out give us a really great position in the two main areas of bunion surgery, and we believe we'll have the best, most efficacious technologies, whether you're doing a Lapidus surgery or you wanna do an osteotomy. Osteotomy. Yeah. Okay. Okay. Surgeon utilization had been a big piece of the story. I think still is, but I'm just curious, as we think about the growth over this, you know, year to date, is how much of this is newer surgeons coming online, just not ramping as quickly, maybe like low-hanging fruit in the first few years of launch and their higher volume? Is that something that's affecting growth right now? I think there's a couple ways to look at it. So we have a lot of key metrics that we're driving our business with. One is how many surgeons are we adding? So we continue to add surgeons. We gave some guidance range of, say, 250-300 new surgeons this year. And although we didn't give specific numbers, we did comment that we're well on track there. So we continue to add surgeons. What we've seen is, to John's earlier point, that there's been a little bit of slowness this year, and the frequency in which they're using our products has declined a little bit. So we've seen that in some of the earlier surgeons. We've seen it in. Right. Even some of those that are all called mid or longer-term surgeons that have been with us for a long time. It's just sometimes that frequency. That frequency can be dependent on just the overall market. Right. If there's fewer patients. Yeah. You know, that's gonna impact a little bit. And then some of those surgeons we talked about either trying to do more of their cases doing a different approach altogether. That could be an MIS osteotomy approach, where they may have historically used a Lapidus or a Lapiplasty specifically, or maybe they're just trying to look at some of these new competitive offerings. And so we've seen that overall utilization come down. The good thing is the strength of our business, we continue to grow surgeons every quarter. So that we feel it's healthy. And when the economy and the overall market strengthens a little bit, again, we're gonna have a bigger customer surgeon base next year. It's the biggest it's ever been in the history of the company, and then we'll be able to pile on these new products. And so that's, that's why we think next year's a really good combination. Okay. And so just to sum that up, surgeon utilization increasing is still a big part of the story. It's not, you're not reliant on adding new surgeons. You are adding new surgeons, but that's not the sole growth driver from here. Correct. Yeah. Okay. All right. Maybe let's shift gears and talk about, you know, the new product, specifically the Nanoplasty osteotomy product. And maybe let's start talk about the total addressable market, how you view that market with Lapiplasty alone and how the Nanoplasty product launch changes your TAM. Sure. So, we, you know, still view that there's about a million, a million one, symptomatic surgical candidates that have bunions. They need the surgery, but still only about 450,000 of them are getting surgery per year. About 30% of those patients are choosing to have a Lapidus-type procedure or a Lapiplasty. 70% are choosing to have some variant of an osteotomy. And within the osteotomy category, the fastest-growing segment, but it's still very small, 10%-15%, is the minimally invasive osteotomy segment. So as we look at where we're going as a business, we have over 3,000 surgeon users. If you look at, on average, those 3,000 surgeon users, we're getting about 25% of their overall bunion cases with Lapiplasty. Now, we've developed a breakthrough technology for minimally invasive osteotomy surgery, and a lot of those surgeons, our surgeons, are dabbling with minimally invasive osteotomies, and they struggle with them. And we've already trained a couple hundred surgeons on our Nanoplasty, and these are doctors that have been dabbling with the minimally invasive osteotomies or they've adopted them or they're surgeons that we've never done business with before because they've looked at us as a Lapidus company. And there's a, you know, a pretty significant group of surgeons out there that try to avoid a Lapidus-type approach at all costs. They wanna use osteotomies. I can tell you the reaction to Nanoplasty has been extremely powerful and compelling, and we're out there, you know, today doing cases in our limited market release, and we're seeing the X-rays, we're seeing the results, we're seeing the doctor responses, and we're really enthusiastic about this. We think this is a big moment for the company to go after the lion's share of the bunion market that we've never touched before. Yeah. Yeah. And can you talk a little bit about how Nanoplasty is differentiated, how you solve the problem of the minimally invasive osteotomy and why it's only been 10%-15%? Where you see that going over time with Nanoplasty? Yeah. Great, great question. So, you know, today, if you talk to surgeons that teach minimally invasive bunion surgery or have adopted it, they'll say it's a 40- to 50-case learning curve. It's a lot of freehand eye and powered burr cutting and looking under fluoro and trying to do everything, you know, without a good line of sight of what you're doing. So the learning curve is a big rate limiter. Just like we did with Lapidus, a three-plane Lapidus procedure before Lapiplasty, Lapidus, don't forget, was a very fussy freehand operation done by very few surgeons. The instrumentation and developing a straightforward stepwise technique is what drove Lapidus from 10%-30% of the bunion procedures, and that was our doing. We have designed Nanoplasty with the same tenets. We're adding the third plane of correction that we know can make an osteotomy more enduring or more successful, and that's what Treace Medical did to Lapidus as well. And then we're doing what we did with Lapiplasty before: elegantly designed, really straightforward instrumentation that makes the surgeons super confident that they can go into one lab training and be in a case the next day with their rep and perform the procedure with confidence and with accuracy and implement that into their practice quickly. And that's exactly what we're seeing as we've trained doctors on this, and they've gone out and done their first cases. So now it's just a matter of building our product supply, getting more surgeons trained, and getting the product out in further supply. Okay. And just following up, excuse me, on the point that you made about surgeons that didn't wanna touch Lapidus-type procedures before, and it sounds like you're getting some traction there. As you get traction with the Nanoplasty of that surgeon, are you actually seeing them change their views on Lapiplasty maybe, or is that not the right way to think about this? Again, great question because when those surgeons that, you know, hadn't done business with Treace before. Yeah. They get excited about Nanoplasty. When we train them, we also expose them to Micro-Lapiplasty. We expose them to Adductoplasty. We expose them to our SpeedPlate technology, and they start to realize Treace Medical has a lot of really incredible things, and they go back. Now they've been waiting to do a Nanoplasty case, but we've had several doctors do a Lapiplasty, use our SpeedPlates. So we think there's a real one plus one equals three effect. Yeah. We could get here as we go out and engage new customers that have never been with us before and get that pull-through effect both on Lapiplasty and our other technologies. We're still very early, just to be clear, 'cause Nanoplasty's just in limited release. Right. We're talking small numbers from a. Right. Surgeon perspective. Right. So again, like 2025 is. Right. Right. Set up for success. So the other question I've been getting is on the pricing side of things. So revenue per procedure, Nanoplasty, you know, is going to, in theory, bring that number down. How do we think about that number going forward with, you know, broadening the product portfolio? That's another great question. I think there is, you know, a concern out there, maybe even a misperception that there's a lower-priced product that we're gonna push really hard, and it's going to bring down our average revenue per case. Yeah. We don't see this being a big cannibalizer of, of Lapiplasty. You know, all these doctors have an algorithm in their head as to where their limit is on applying a Lapiplasty or a Lapidus-type approach, and some it's very high as a percentage of their patients. Some it's very low. Mm-hmm. But they're all in that mix of 3,000 surgeons, and that's why if you blend them all together, we only have 25% of their bunion cases. That being said, we kinda have two things going on. We have Lapiplasty cases that, you know, they're a higher-value procedure. There's a higher attachment rate of Adductoplasty occurring, and that doubles the average price of a Lapiplasty case. On top of that, we're seeing SpeedPlate used more in the back of the foot as add-ons to the midfoot Adductoplasty cases. So the average revenue per case, we're getting into more complex surgeries, bigger dollar surgeries, higher number of individual procedure surgeries on this side. Now we're bringing out Nanoplasty. Nanoplasty actually has a reimbursement level the way the surgeons do minimally invasive osteotomies that's very similar to a standalone Lapidus or Lapiplasty. So it's not bad reimbursement. Yeah. This is a premium-priced technology, and the average cases we've done so far have billed out at a very nice price point. We also have those other complementary offerings to do the hammertoes and fix the adjacent fusions that need to be done in the foot. We believe that the Nanoplasty and minimally invasive bunion cases are gonna continue to carry a pretty nice, nice blended ASP as they are. Yeah. And then you have this growing impact of these more complex surgeries on the other hand, kinda balancing everything out. To be clear, this is probably a dumb question, and I apologize, but with Nanoplasty, do you see the ancillary, like the Adductoplasty with the Nanoplasty too, or is that really just with the Lapiplasty, these add-ons? Those tend, the bigger Adductoplasty type of add-ons will tend to probably be more aligned with Lapiplasty. Yeah. 'Cause you're kind of commonly treating all the joints with a joint fusion at the base of the joints. With an osteotomy, it's a little different. Okay. Different approach, but we do have those other complementary procedures, and we're seeing them be used in pretty good frequency in these early Nanoplasty cases. Okay. Got it. And going back to the TAM conversation, and you've talked in the past about, I think, I hope I'm not misquoting, but I think, you know, right now you're only addressing 15% of the foot or something like that. How do we think about where to from here? So you guys are gonna launch or are launching your osteotomy product. What's next for Treace beyond bunions? Yeah. Great, great question. You know, we're kinda doing a connect the dots method to our product development and then identifying other complementary procedure areas that tie off of where we last left off. Like the bunion led us to Adductoplasty. Adductoplasty's got us in the midfoot. SpeedPlate technology is now getting us into bones further back in the foot. There are other forefoot procedures that we have identified that are very high volume that tie into the bunion or the midfoot, and we've already lined up new product launches. We haven't spoken of them yet, but there will be additional things coming out in the first half of 2025 that will continue to identify and target some pretty large opportunity areas for us. Okay. So it's gonna expand, you know. We say we have a $5 billion-plus TAM on the bunion space with our current technologies. Nanoplasty doesn't really impact that, that much. We haven't changed our TAM because our average revenue per case is much higher than we established that TAM. So you could say our TAM is much larger than $5 billion right now. Yeah. Adductoplasty alone is a $500 million incremental TAM. Yeah. Add to us and, you know, another opportunity we're excited about. If you think about the parts of the foot, what would you say, like, your technology that you have in hand today addresses, like, what percentage of foot procedures? Oh, that's a great question. You know, I can tell you there's kind of a saying, but I think the math holds that you can reach about 60% of the total overall reconstructive foot and ankle market anchoring from the bunion. Okay. Because attributable and identified with the bunion are so many different comorbidities and overlapping pathologies, and that's a great place to work from, and that's why we built the business the way we did. We said, "Let's really go establish ourselves as a leader in the bunion space with a direct sales force experts and then branch from there and start to address these other opportunities in the foot and ankle and then broaden our footprint in the foot and ankle market over time, but do it in a progressive way that doesn't scatter our sales force into trying to call on a lot of different procedures that aren't cohesively, you know, kinda tied together. Right. As a common theme. How important is it to have that broad product offering when you're going to the surgeon? And I ask that question because you do have large competitors, but they don't necessarily have the breadth of product offering focused on the foot the way you guys do, so. Yeah. I think having a comprehensive bunion portfolio is pretty strong, and that's our first step. Yeah. Is getting that locked down, and that puts us in a great position. I mean, doctors do like to deal with experts in the space, and bunions are bread-and-butter procedure for the vast majority of our surgeon customers, and they, those patients create so many referrals for them because 65 million Americans are affected by a bunion deformity to some degree. So everybody knows someone with one, and when they get. To right here. A surgeon treating one, that surgeon, that patient goes out and tells other people. Yeah. About, you know, Dr. Smith and the great bunion procedure, and they may have a different problem in their foot, but they'll go see Dr. Smith now because someone spoke nicely of them by the way they fixed their bunion in a very sophisticated way. If you think about penetration from a surgeon perspective, so you mentioned you have over 3,000 users, and to be clear, these are predominantly podiatrists, right? Or are they also orthopedic surgeons? It's about 70% podiatrists and 30% orthopedic surgeons. Okay. If you were to sort of try to assess where you are from a penetration into surgeons' perspective, where would you say you are? And what's the barrier to a surgeon adopting your technology? So we assess, you know, estimate there are about 10,000 surgeons in the U.S. that perform bunion surgery, some with a lot of bunions, some less. The mix of those is about two-thirds podiatrists and a third orthopedic, foot and ankle specialists. So we've got about a little over 3,000 surgeon customers. So we're about 30-plus% penetrated. We think that can continue to grow over time. It's hard to say where the max point is. Yeah. We're pleased with our progress, and I think the rate limiters to bring on new surgeons are bringing these new technologies forth that appeal to audiences that we haven't had an offering that appeal to yet. Again, these minimally invasive osteotomy products, Adductoplasty, you know, we have mini Adductoplasty coming out for surgeons that are more small incision-minded that wanna tackle that difficult midfoot deformity. Now they may look at Treace Medical. We have another really exciting platform that'll be ramping towards full national supply, you know, by the first half of next year, and that's our RedPoint IntelliGuide technology. You know, taking a patient's CT scan and software engineers correcting that patient's deformity with feedback from the doctor and handing that doctor a cutting guide to make the corrective bone cuts that's specific to that patient. That's a first and only from Treace Medical that as it gets out there more and more, there's an incredible amount of surgeon interest in this technology. Great. Well, we are a little bit over time, so thank you guys for joining us, and have a great day. Thank you, Daniel. Thanks for having us. Appreciate it.