Morning, welcome to the Trinity Biotech fourth quarter 2022 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your telephone keypad. To withdraw your question, please press star then 2. Please note, this event is being recorded. I would now like to turn the conference over to Joe Diaz with Lytham Partners. Please go ahead. Yeah. Thank you, Gary, and thanks to all of you for joining us today to review the financial results of Trinity Biotech for the fourth quarter and full year of 2022, which ended on December 31, 2022. Joining us on today's call are Aris Kekedjian, Chief Executive Officer, and John Gillard, Chief Financial Officer. At the conclusion of today's prepared remarks, we will open the call for a question and answer session. Before we begin, statements made in this conference call may be deemed forward-looking statements within the meaning of federal securities laws. These statements are subject to known and unknown risks and uncertainties that may cause actual results to differ from those expressed or implied in such statements. These risks include, but are not limited to, those set forth in the risk factor statement in the company's annual report on Form 20-F, filed with the Securities and Exchange Commission. Trinity Biotech undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrence of unanticipated events. I will now turn the call over to CEO Aris Kekedjian for opening remarks. He will be followed by CFO John Gillard for a review of the financial results. Mr. Kekedjian will then provide some additional background, after which we will open the call for your questions. Aris, the floor is yours. Thanks, Joe. Good morning, everyone. I'd like to start the call discussing key revenue, commercial, and operating highlights. I will also give context to various strategic activities we have underway. John will follow with a deeper dive into our reported financials, then we'll be happy to take your questions. First, let me discuss the revenue trends. Total revenue for fiscal 2022 and Q4 2022 were $74.8 million and $18 million, respectively. Excluding our COVID-focused PCR viral transport media products, full year 2022 revenues of $71.5 million were 1% lower than in 2021. In Q4 2022, revenues were less than 0.5% lower than in Q4 of 2021. Our performance in 2022 was focused on our core flagship hemoglobins business, where our diabetes product line experienced 27% overall revenue growth and over 60% higher instrument placements versus 2021. As highlighted by the 43% growth in sales of high-margin diabetes consumables in Q4 2022 versus Q4 2021, increased instrument placements position the company for strong recurring revenues in contracted consumable sales over the next several years. We expect to expand on this strategy with the U.S. launch of our Premier Resolution hemoglobin variants instrument this year as we continue to work closely with the FDA to gain clearance of our 510(k) submission. The company also continued to develop its next-generation flagship diabetes HbA1c instrument, the Premier 9210. With an expected launch in Q3 2023, the instrument will feature an improved backward-compatible reagent column system that will feature up to 3 times the injection capacity and stability, limited calibration, and improved user interface and lab system integration. This is the first step of a multi-generational product development plan aimed at expanding the target market, driving lower service downtime and cost, while significantly expanding operating margins. We're experiencing particularly strong demand for our diabetes products in South America and Asia Pacific, with 43% year-over-year revenue growth in South America and 36% year-over-year revenue growth in Asia Pac. We continue to scale our commercial coverage in these markets, where the increase in diabetes and propensity for hemoglobin variance is at some of its highest rates, and our Boronate Affinity technology is a particular competitive advantage. While our HIV business was down 14% in the year, this reflected significant non-recurring bulk orders from Nigeria in 2021. Our run rate core Uni-Gold business continues to perform steadily, with 15% growth on the fourth quarter versus last year and 10% growth versus Q3 2022. Preliminary estimates for Q1 indicate that over 30% improvement versus Q1 2022 will be expected. I would now like to discuss an important milestone for the company that was achieved this week. The company is very much focused on executing, beginning in Q2 2023, on the launch and distribution of our TrinScreen HIV test. Following the announcement by the Kenyan Ministry of Health of the adoption of this new HIV testing algorithm, it establishes Trinity Biotech's TrinScreen HIV as a standard screening test in Kenya under World Health Organization guidelines. The Kenyan HIV screening program is one of the largest in Africa, with an estimated 7 million-9 million screening tests annually. This announcement demonstrates Trinity's ability to disrupt a well-established incumbent with world-class innovative high-quality point-of-care solutions. We aimed at the Kenyan algorithm as a priority as we believe it sets a key benchmark for the region. We are leveraging this milestone with significant focus in 2023 on 2-3 additional countries, which represent a combined expected annual test volume of over 25 million. We expect to achieve at least 20% market share of the 150 million African HIV screening market over the next 3 years. Now moving on to a string of activities aimed at transforming our U.S.-based lab platform. With a 13% CAGR over the last 3 years, the company continues to see significant growth in its proprietary Sjögren's biomarker lab developed tests. This has been achieved despite limited to almost no commercialization activity. Plans are in development for distribution through ophthalmology, dental, and gynecological channels at scale. We'll talk to you more about this in the coming months. In January 2023, the company announced a strategic partnership with imaware Inc. That combines imaware's built partner digital health platform with Trinity's advanced reference laboratory facilities. The aim is to power the digital health industry with private and white label at home and remote testing programs. We are working closely together to make this operational execution a reality in 2023. Finally, the company intends to introduce up to a dozen new lab-developed tests in 2023, targeted at the therapeutic drug monitoring or TDM market. This is aimed at high-growth, recurring revenue opportunities in autoimmune diseases such as IBD, rheumatoid arthritis, and psoriatic arthritis, as well as rapidly expanding biological therapeutics, tackling areas such as cancer and degenerative diseases such as Alzheimer's. Stay tuned for more discussion about this in the coming weeks. I would now like to give you context around significant portfolio transformation and M&A activity that we are working on. Obviously, we can't discuss activities that are subject to confidentiality agreements, are commercially sensitive, or not yet far enough along to be announced. However, I can be quite direct about the company's portfolio focus going forward. We are conducting a portfolio review of all activities that do not align with a strategic focus around three key priorities, specifically diabetes and hemoglobins, point of care and digital health disruption, and personalized therapeutic drug monitoring. The intention over the coming months is to simplify the portfolio around these three areas where the TAMs are enormous, the risk-return profiles are asymmetrically in our favor, where we have competitive advantage and where our shareholders are clear on Trinity Biotech's investment thesis. Management intends to exit or optimize for cash its portfolio of non-core products and platforms in order to maximize shareholder value and concentrate leadership's focus on where that value lies. Given the strong pipeline of attractive M&A opportunities in our areas of strategic focus, in February, we secured a $20 million flexible term facility specifically to provide the ability to move quickly when opportunistic transactions arise. This is a very opportune time to gain significant innovative product pipeline at fractions of where they were valued only a few months ago. Our portfolio optimization efforts and opportunistic M&A are key to our efforts to optimize our capital structure and reduce our debt costs in 2023. I'd like to take a moment to discuss some structural and operational initiatives we have underway. Cost optimization and pricing actions have resulted in a Q4 operating gross margin run rate of over 40%, excluding one-time inventory adjustments. This reflects over five points of improvement over the same quarter in 2021 and over Q3 2022. The company has reduced headcount by approximately 10% to Q4 2021 as we continue to focus on process simplification and automation. Our increased IT spend in the fourth quarter also reflects significant investments underway in CRM, ERP, and regulatory automation to drive speed and further efficiencies. Our emphasis on supply chain optimization is currently in our hemoglobins division, focused at reducing the cost of the Premier 9210 diabetes instrument by approximately 15% in conjunction with our multi-generation product development plan. Significant margin accretive actions for Q2 2023 are the insourcing of key hemoglobins manufacturing processes and rapid transformation of our global logistics operations. One of my priorities over the last quarter has been restructuring and revitalization of our commercial sales organization on a global basis. We eliminated ineffective leadership overhead, rebuilt commission plans, and continued to refresh our global distribution channels. I am personally managing this effort. Finally, I'd like to take a moment to emphasize our focus on the most important element of our transformation strategy, namely talent. A highly motivated shareholder-aligned leadership team is at the core of the company's strategy. We're in the process of rolling out a revised employee share-based compensation program aimed at driving significant shareholder value. The plan follows the same structure as the CEO share-based compensation plan, whereby 60% of options are stock performance-based and only pay out when the stock reaches trading milestones at $3, $4, and $5 per ADS. This structure is designed to be fully aligned with shareholder interests to create exponential shareholder value. As you can tell from the structure of our performance options, moderate stock price improvements, to $2 or $3 ADS is not where our interest lies. I think it's important to point out that we are on a multi-year transformation of Trinity Biotech. Our performance options vest over a 3-year period, and that is the timeframe the entire management is committed to. When I took this role, I underwrote the minimum value for which 3 years was worth my time. That value is $10 higher than where we are now. At 5 million options, you can do the math. I'll now turn things over to John and come back to answer any questions. Thank you. Thank you, Aris. Good morning, everyone. Now I will take you through the results for Q4 2022. As Aris has already discussed revenue trends, I will move on to discuss other aspects of the income statement. In Q4 2022, gross profit was $6.2 million, giving a gross margin of 34.6%. In Q4 2021, gross profit amounted to $7.2 million. The gross margin was 37.1%. The reduction in gross margin is largely due to sales mix changes, lower production activity, and inflationary increases in the price of raw materials. We have started to see the benefit of price increases and cost optimizations implemented in mid to late 2022 now starting to be realized, as seen by the fact that the Q4 2022 margin of 34.6% is higher than the adjusted Q3 2022 margin of 34.4% when excluding the significant excess of obsolescence charges related to inventory of $4.7 million recorded in Q3. As Aris mentioned, in Q4 2022, we saw run rate gross margins excluding quarter and year-end inventory adjustments of approximately 40%. Other operating income decreased from $0.7 million in Q4 2021 to $0.3 million in Q4 2022. This quarter, other operating income comprises government grants in relation to R&D activities. In Q4 2021, we recorded $0.7 million of other operating income related to a Paycheck Protection Program loan, which was forgiven in that quarter. R&D expenses increased from $0.9 million in Q4 2021 to $1.2 million when compared to Q4 2022. This was because various early stage development activities did not meet the criteria under IFRS for capitalization as an intangible asset. SG&A expenses have increased significantly this quarter. In Q4 2021, SG&A expenses were $5.6 million, and this has increased to $10.2 million this quarter. There are a few significant contributions to this increase. Firstly, our share option increase expense has increased by $1.2 million compared to Q4 2021. This charge is a notional accounting charge calculated under a Black-Scholes financial model. As previously set out by Aris, one of his key priorities is to build a performance culture and drive ownership and accountability in the company. A share-based compensation model that ensures shareholder alignment is regarded as core to this transformation, and we are currently rolling this out. At this point in time, it is intended that these share-based compensation awards will be structured in a manner similar to that of the options granted to our CEO, with a significant proportion of any awards being performance-based awards that only become exercisable if the company's ADS price reaches a hurdle level. These performance share-based compensation awards are intended to closely align the goals of our team with those of our shareholders in the creation of shareholder value. The majority of options granted in Q4 2022 are performance share options and are structured such that they are exercisable only if the company's ADS price increases to certain levels, such as $3, $4, and $5 per ADS during the life of the option. None of these performance share options are currently exercisable. Also, this quarter, there was an unfavorable quarter-on-quarter variance of $900,000 related to a foreign exchange loss on euro-denominated lease liabilities for right-of-use assets. We are required under accounting rules to mark to market these lease liabilities at the period-end FX rate. In Q4 2021, this resulted in a foreign exchange gain on leases of $0.2 million, but in Q4 2022, it was a foreign exchange loss of $0.7 million. We have also incurred higher legal and professional fees this quarter of approximately $1 million, mainly comprising non-recurring costs for due diligence, corporate development, and corporate finance activities. Included in this cost are professional fees in relation to several M&A opportunities, of which only the strategic partnership with imaware has been completed to date. Excluding the notional IFRS accounting charges around share-based compensation, I do not believe that these types of charges have become inherent in our cost base. Thus, I don't expect them to continue into the medium-term future. In addition, in SG&A expenses, we have seen an increase in travel costs in Q4 2022 compared to Q4 2021 of approximately $300,000. With the lifting of COVID-related travel restrictions, we have tasked our sales and marketing teams to increase travel to customers and trade shows as we continue to revitalize our sales activity. Similarly, some key function leaders based in Ireland have resumed visits to our overseas facilities as we seek to drive operational efficiencies. Management believes this is a worthwhile and important investment, but we do not expect the level of travel to stay at this level going forward. We have recognized an impairment charge of $3 million in Q4 2022 compared to an impairment charge of $900,000 in Q4 2021. At December 31, 2022, 2 internally developed COVID-19 tests, one on a rapid lateral flow format and one in ELISA format with carrying values of $2.2 million and $0.1 million respectively within intangible assets were reviewed for impairment under IFRS. The rapid COVID-19 test is approved for professional use in the EU, and we believe it is a very high-quality test. However, as previously disclosed by the company, the demand for our COVID-19 portfolio of products is highly uncertain and very difficult to predict. In our experience, the market has moved to over-the-counter rapid COVID-19 tests for which this product is not yet approved. As such, the company's efforts to commercialize this test have been unsuccessful. In addition, pricing for rapid COVID-19 tests in the EU is relatively weak, with stronger pricing available in, for example, the US market, for which this product is not yet approved. Given the market outlook for rapid COVID-19 testing products and continued uncertainty regarding regulatory approval pathways in key markets, including the US, management has chosen to not immediately pursue further regulatory approvals, but does intend to monitor these markets and regulatory pathways with a view to potentially seeking additional regulatory approval. However, as the company has no imminent plans to pursue these regulatory approvals under IFRS accounting rules, these intangible assets were written down to zero in Q4 2022. The impairment test at December 31, 2022 also identified impairment loss of $700 Clark Laboratories in Trinity Biotech Do Brasil. There were a number of factors taken into account in the impairment test, including the company share price at the date of test, the cost of capital and future protected cash flows from individual cash generating units in the business. Operating loss for the quarter was $7.8 million, which represents a decrease in profitability of $8.4 million compared to Q4 2021, was attributed to a lower gross profit, lower other operating income, and higher indirect costs. Financial income for Q4 2022 was $0.1 million compared to $10,000 for Q4 2021. In Q4 2022, financial income mainly related to the fair value adjustments to the derivative liability related to warrants granted to group's principal lender. Financial expenses in Q4 2022 were $2.4 million compared to $3 million in Q4 2021, a decrease of $600,000. The interest expense related to the senior secured term loan and the seven-year convertible note were $1.9 million and $0.3 million respectively in Q4 2022. These amounts consist of both cash interest and non-cash accretion interest. As both these borrowings are new in 2022, there was no interest expense recorded in the comparative periods results in respect of these facilities. In Q4 2021 the cash and non-cash interest expense for the exchangeable notes was $1.2 million, which was reduced to almost zero in Q4 2022 due to the debt refinancing earlier in the year. In Q4 2021, loan origination costs of $1.6 million were incurred, comprising loan commitment and professional fees. These costs were expensed in the income statement in Q4 2021 as the loan was subject to shareholder approval and that approval was not received until post the balance sheet date. The remainder of the financial expense in Q4 2022 and Q4 2021 consists of notional interest on lease liabilities for right-of-use assets, which has remained broadly stable at $160,000. I propose to just talk briefly about our full year numbers for the fiscal year 2022. Starting with revenues, as mentioned by Aris, total revenues for 2022 were $74.8 million compared to $93 million in 2021. Gross margin for the year was 29.5% compared to 41% for 2021. The reduction in margin was mainly due to three factors. 1, a $4.7 million inventory write down. 2, a large reduction of VTM product sales. These products had a higher than average margin in 2021. 3, rising input prices exceeding the price increases we passed on to our customers. Indirect costs have increased by $3 million year-on-year. The major movements here are the higher share listed. Lastly, our professional fees mainly associated with our M&A and corporate development activities. Financial expenses were higher by $17.6 million. Three quarters of this increase comprised 2 non-recurring expenses. 1, the loss and disposal of the exchangeable notes, and 2, the penalty for early settlement of part of our term loan. I will now move on to address some of the main balance sheet movements we have seen since Q3 2022. Intangible assets decreased by $1.9 million. This is made up of additions of $600,000, which mainly comprises capitalized R&D expenditure, partially offset by amortization of $200,000 and the impairment charges for the two development projects of $2.3 million. As noted last quarter, the amount the company is spending on capital R&D expenditure has been trending downward. This is because several of the main projects we've been working on have reached the final phase of their development, and in the final phase, fewer resources are typically required. In addition, some of our more recent R&D projects are at feasibility are very early stage and thus don't meet the requirements for capitalization under IFRS. Inventories decreased by $1.1 million, equating to approximately a 4% reduction. This is an area we are targeting, we have an ongoing project aimed at optimizing our inventory levels going forward as part of our focus on improving the overall effectiveness and efficiency of our supply chain. Accounts receivable balances, on the other hand, have decreased by $1.5 million, this is mainly a function of the lower sales this quarter. Finally, I will discuss our cash flow for the quarter. Our cash balance decreased by $700,000 to $6.6 million in Q4 2022. Cash generation from operations for the quarter was $2.3 million. Capital expenditure outflows comprising PP&R&D were $1.1 million, a reduction of $1.3 million compared to the comparative period. Interest payments in the quarter were $1.2 million. As set out in today's press release, I can assure you that as the group CFO and a member of the senior management team, we are acutely aware of the relatively high cost of the company's borrowing. While the financial markets are clearly in a difficult place, I believe we have a number of potential options to successfully deal with our debt costs, while at the same time releasing capital and management time to focus on high-growth areas where Trinity can become a globally significant player. As mentioned by Aris, we are actively examining the potential disposal of parts of our portfolio of businesses that are non-core to our future vision and strategy, where valuations may be attractive, while also examining a number of alternative financing options. It is an absolutely key area of focus for us. I will now hand you back to Joe. Thank you, everyone. I'll take it. It's Aris. I think we can open it up for questions. We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question is from Jim Sidoti with Sidoti & Company. Please go ahead. Mr. Sidoti, your line is open on our end. Perhaps it's muted on yours. Sorry about that. Good afternoon. Thanks for taking the question. I'd like to start off with the HIV business. How quickly do you think you'll start shipping products to Kenya? I think we'll start shipping in the second quarter. That's the intention. And can you- The idea, we're looking somewhere in the range of about 4.5 million tests for the year in Kenya. Can you disclose? Maybe more, but depending on production ramp-up. Can you disclose an ASP for the test? I'm sorry, what was that? The pricing per test. John, are we okay to discuss it? I think we've previously indicated, Jim, it's around, you know, in and around $0.80. It's consistent with that. Okay. That's just to Kenya. Does getting Kenya on board help you with the other 2 or 3 countries in the region? That was the entire strategy from the beginning. Kenya is upwards of 9 million tests a year on a run rate basis. We think, you know, that's our target to work toward over the next 12 to 18 months in Kenya. We also think that the standard we just set in Kenya helps establish the momentum around the next 2 to 3 markets that I highlighted earlier, we're talking about over 25 million tests in those markets. I expect us to get at least 20% market share in this space over the next 2 to 3 years. what has to happen in those. Sorry, Jim. Just to make the point, like Kenya would be regarded as, you know, a leader in terms of HIV care on the continent. You know, we believe will be, you know, have significant influential status in terms of proving out the quality of the product. To have secured that as the first country, it's obviously a large market, but it also, we think, will have significant persuasive value in terms of opening up other markets to TransKaryp. Do you think the other countries will then, you know, pause for six or eight months, see how things roll out in Kenya before they make any decisions? Look, I think some may, but the reality is, they typically... I mean, there's a full report you can look at, that the Kenyan authorities have put out. They did extensive studies. We did field tests. There's a lot of work that's been done over the last six or seven months. All that information now is in the hands of all the other authorities to work off and get a head start on. That's how I would think about it at this point. Is it possible some will wait to see how it rolls out? Well, potentially. But like I said, we expect to start shipping in April. I think that'll make that'll get us going relatively quickly. Okay. On the hemoglobin business, with the hemoglobin variant and the HbA1c systems, where do you expect initial sales to know to happen? Is that in Asia and South America, or will those be in the U.S.? Which sales are you talking? Are you talking about the hemoglobin variant product or the 9210 product? Right. Both the variant. Both. The 9210 product is our workhorse product, okay? We sell it all over the world, including the United States. We sell direct in the US, and we sell direct in Brazil. That product is going through an 18 months, 18-24 month product upgrade strategy. We expect to be working on new releases, more than one over the next couple of years around that flagship product that will significantly improve it. I think that'll make it attractive, not just in the existing high growth markets, you know, in South America and Asia, but I think it puts us in a position to get growth at a level I'd be happier with in the U.S. and in some of the more traditional markets outside the U.S., potentially in Europe. I think the more important question in the U.S., at least in the short run, is the timing of getting our Premier Resolution variant instrument basically cleared by the FDA and into the market. We're working very closely on that. I think that one is a key move for us in the U.S. Right. When you think about acquisitions, is it for the hemoglobin business or one of the other two businesses that you identified? I think of it this way, okay. There are three trends we care about, and that we have some game in, real game. Diabetes and hemoglobins, point of care and decentralized testing. What we see more and more in terms of monitoring around a lot of the therapeutics that are being introduced and all the conditions, new kind of chronic conditions that we're dealing with. Our lobby is a bit of an edge in that area, okay? My focus is any M&A has to fall in those categories or an intersection of those categories. You can think about what that might mean, but, you know, diabetes is the largest decentralized testing market on the planet. There's a lot of activity up in that area. It's an area we know, it's an area we understand. I would expect our next couple of moves will be likely in the area of diabetes, and decentralized care, point-of-care testing. Okay. On the other side of that, when you're thinking about the divestitures and some of the non-core assets, can you break out for the Fitzgerald business what those sales were in 2022? John, do you have the Fitz number? About $12 million, Jim. Okay. All right, good. Then a last one for me. you know, with the recent, option grants and, warrant repricing, what do you expect the share count to be for 2023? To Aris's point, we, you know, the options typically have a three-year life, right? Two to three-year life. I wouldn't expect. I don't expect significant option exercises over the next while, to be honest with you. You've got the hurdle rate on top of that as well. I don't expect significant on that. You know, in terms of the warrants, that's up to Perceptive as to what they wanna do with those. Outside of that, you know, it'll depend on whether we raise equity. There's obviously a number of moving pieces within that, Jim. Okay. I guess I did have one more. Absent any acquisitions, you know, assuming you get the increase in revenue from the hemoglobin and the HIV businesses, and considering all the expense cutting you've had, do you expect to be free cash flow positive in 2023? I think as we get towards the end of the year, I'd be hopeful we will. It will depend on how quickly we can roll out TrinScreen HIV. Depend on how, you know, how quickly we can get the Resolution in the market in the U.S. One of the things that our margin suffer from has been certain of our critical will be the ramp in terms of production, greater overhead. There's a number of moving parts, but I think as we move towards the year-end. On top of just being operationally cash flow positive, we're very focused on the cost of our debt and the cash outflows associated with those interest costs as well. Got it. All right, thank you. Again, if you have a question, please press star then one. The next question is from Paul Nouri with Noble Equity. Please go ahead. Hey, good morning. Saw that the inventory came down a bit in the quarter, but still seems elevated. Can you talk about if, you know, if you're expecting that to continue to come down and, hopefully there's nothing in there that'll warrant, you know, future write-offs? Hi, Paul. Yeah, I can take that. Yeah, we do intend to continue to kind of whittle down that, right? We hired a very senior supply chain professional in 2022, and he's doing a lot of work in terms of us, you know, optimizing our overall supply chain, okay? It's a balancing act for us, okay? For example, on one side, you know, we wanna reduce the inventory, but at the same time, you know, given everything we've seen over the last 2 to 3 years in terms of supply chain challenges, we need to make sure that we've got enough critical product on hand, particularly around raw materials. In terms of other areas for write-offs, like, to give you some sense, in total, we're carrying COVID-related inventory now of probably about $1 million, okay? In terms of carrying value. We sold about half a million of COVID-related products in quarter four. I expect we'll do something similar in quarter one this year, right? You know, in that sense, we're not holding big inventory values from a net basis in terms of, you know, products that are highly uncertain. Our other inventory is, you know, concentrated in our ongoing main product areas. For example, associated with HIV, we obviously have the ramp-up now of production at TrinScreen, and that's gonna add some headcount production as well here in Ireland, but we need to increase our inventories. I think overall the picture might stay the same, but I think, you know, we'll effectively be trying to hold lower amounts of inventories for every dollar revenue that we have going out the door. That make sense, Paul? You know, in terms of the income statement, two questions. I think you mentioned hitting 40% gross margin adjusted this quarter. Wondering if you expect to continue that in 2023. Operating expenses as a whole, do you think that, you know, as you get revenue from TrinScreen, and hopefully the diabetes business continues to perform well in the lab in the U.S., do you think you'll be able to leverage off those expenses, or are you building more of an infrastructure to support the growth? I think on the, on the expense side, let me just say one thing. We're making investments. We're putting a lot of money into IT right now because we think that's gonna drive significant efficiency. I think the portfolio rationalization will address a significant amount of carrying costs associated with managing legacy products, and we can address that. Revenue, quite frankly, is the key here. There's a baseline amount of infrastructure you need for a regulated entity. You know, getting a ramp-up, for example, in TrinScreen will drive significant operating efficiency in and of itself. We're... Look, revenue's one piece of it, but there's no doubt we're putting, significant investment in the IT infrastructure of the company so that we can make it much more efficient, and it's easier to scale as we do M&A. In terms of the margin question. Go ahead. Go ahead, Sean. Margin, yeah. Yeah. Yeah, Paul, no, I would be hopeful that we will continue to see that type of margin come through. As I mentioned, you know, we made some price increases second half of 2022. Sometimes takes some time for those to roll through. We have some other price increases we expect to push through now in quarter two of this year. As I said, we are significantly focusing on reducing down our costs, right? Between the two of those activities, I do expect that we will be able to maintain margins in around that 40% level. Some of it will depend on product mix. For example, as we place an increased amount of Premier 9210 instruments, as you know, our margin on them is typically, you know, very high margin consumable revenue as we go forward, right? You know, do I think that number will be bang on 40% every quarter? Probably not. For us, you know, we're happy to take an element of variability, particularly around hemoglobin instrument placements, as they generally deliver much higher quality revenue, both in terms of margin and predictability as we go forward. Also look at TrinScreen. You know, it'll be interesting to see what impact that has in terms of our margin as well and how big those numbers get. Yeah. some unknowns within that, but we're certainly much happier with the trends we're seeing now in terms of margin given the hard work and the actions that people have taken over the last six months. Last question, is around the strategic investment for imaware. Maybe A, if you could, give us the size of the overall, money raise that they did, and then B, what their particular competitive advantage is, in this space. I'm kind of assuming that they're using your lab as the exclusive, lab, but maybe you could get into that a little. Yeah, no, this is... it's not complicated at some level, right? I mean, the reason we partner with them, and we have an exclusive arrangement as we build out our lab, we'll be the exclusive provider for the programs that they're working on. Their entire strategy is still B to B to C, private label, white label solutions for digital health providers, telehealth providers and players like that. Okay? This is not a direct-go-to-market play. They do have a website, but that's more of a focus group operation than anything else. We like that model. We think that model can scale. We already do a little bit of work with them. We're working quite closely with them to scale up a celiac test that has potential, and then to ramp up across a broad spectrum of tests. The pace of that is gonna be you know, we'll see what that pace is. We're gonna be careful and prudent as we roll this thing out. We're not gonna be delusional about the complexities of getting into these types of programs. We've got key marquee accounts we're working with them on. I think it's much more important that we hit milestones with some of these marquee accounts and execute properly on those and demonstrate that this model can work. I think you'll see us ramp up the celiac test this year and roll into some of the other tests next year. Okay. I appreciate the detail. Paul, in Paul, in terms of money raised, they're a private company, so we're not at liberty to say that. All I'd say is, you know, our $1.5 investment is relatively minority, right? They've raised significantly more than that. Okay. All right. Thank you. Once again, if you have a question, please press star then one. Please stand by as we poll for questions. Showing no further questions, this concludes our question and answer session. I would like to turn the conference back over to Aris Kekedjian for any closing remarks. Thank you, John. I appreciate the time you all took today to spend with us and to get an update on our journey. I feel very confident in terms of the progress we're making and the focus of the organization. I think the first phase is well underway. We have a lot of execution in front of us. We're not delusional. This takes time. We have a clear three-year plan. That's what we're executing against. Thank you for your time. We hope to speak to you again shortly in the next couple months' time. Thank you. The conference is now. Thank you, everybody. Excuse me. The conference is now concluded. Thank you for attending today's presentation.