Hi, everyone. This is Rachel Vatnsdal with the Life Science Tools & Diagnostics team here at J.P. Morgan. Today, I have Glenn Coleman and Simon Campion from the Dentsply Sirona team, along with the rest of the management team members. For those of you that are attending via webcast, if you have a question, feel free to submit your question via the Q&A function. For those of you in the room, feel free to raise your hand. We do have mic runners throughout the area. With that, Simon. Thank you Good morning. Thank you, thank you, Rachel. I appreciate the opportunity to speak to you all today. This slide is our normal safe harbor and disclosure slide, as I will be making some forward-looking comments today. I join you today with our Chief Financial Officer, Glenn Coleman, with Andreas Frank, and Gerry Campbell, and also with our Head of Investor Relations, Andrea Daly. We welcome the opportunity to speak with you here today after what has been a challenging year for our organization. We are very pleased to have put this behind us and begin moving this organization forward on a path to reestablish credibility with the investment community and with, quite frankly, our own employees. Over the past number of months, we have embarked on a robust organizational review, its structure, its strategy, its portfolio, its network, and its operating model. We have identified the 4 to 5 areas that will be the focus of this organization moving forward. We have identified the key performance indicators for this organization that will help it achieve its short, medium, and long-term objectives. These transitions have already begun. They will continue throughout 2023, but begin to afford achievable and realizable benefits in 2023. Today, I'll share with you today some details on our business and the markets in which we participate, the progress we've made to reposition this organization and reestablish credibility, and finally, to share some thoughts on the path forward for this organization. In case some of you missed it, I do want to share with you that we issued a press release this morning where we provided an update on our full year 2022 sales and EPS outlook. We now expect full year net sales to be above the high end of our prior outlook range of $3.85 billion-$3.88 billion, and full year 2022 adjusted EPS to be within our prior outlook range of $1.90-$2. We achieved this performance while significantly reducing our CAD/CAM inventory at our U.S. dealers. Dentsply Sirona is primarily a dental equipment and software developer and manufacturer and a supplier to our distributor partners, and in some instances, a direct supplier to our end customers. We focus on dental workflow processes while also ensuring that the clinical and aesthetic outcomes are first class. Our dental revenue is approximately $3.7 billion, which is quite evenly spread across the globe. Our track record over the past several years has been quite strong, and we fund R&D at about 4% of sales, with approximately 24% of our revenue coming from products launched over the preceding 3 years. Our track record of education, I would say, is equally strong, and we facilitate the training over 300,000 dental practitioners each year through our academies and education centers. We have a position in all core dental categories, in addition to a developing position in high-growth spaces such as aligners, implants, and the rapidly evolving digital dentistry space that we see as a North Star for our organization moving forward. As we drive progress, we do so with a focus on integrating sustainability into our everyday work, from strategy to execution, both internal to our organization and in how we show up externally to our stakeholders. Our sustainability strategy of BEYOND: Taking Action for a Brighter World focuses on three main pillars: healthy planet, healthy smiles, and healthy business. Each of these pillars have associated goals, and we're making progress towards each and every one of these goals. Highlights of our program this past year include achievement of our initial near-term objectives of a 15% reduction in Scope 1 and Scope 2 greenhouse gas emissions and water withdrawal intensity. We've also completed our first materiality assessment to identify the sustainability topics most important to our stakeholders, recently published our second sustainability report, which is available on our website. Since joining Dentsply Sirona back in September, the most frequent question I've received from investors, both large and small, is why? I continue to believe that the fundamentals of our industry remain strong, we are well placed to capitalize on the opportunities in front of us when we make progress in solving our own internal challenges. Suffice to say, acknowledging those challenges internally and taking meaningful steps to resolve them has been number one on our agenda since September. The macro dynamics of the dental market are well understood. Demographics are supportive. It is a globalized marketplace, and personal hygiene and aesthetics continues to evolve. There are some specificities in these trends that we feel enable us to compete in a meaningful way. The digitalization of dental practices and patient engagement shows no sign of slowing down. In fact, there may be opportunities to accelerate it even further. It is this very digitalization of dentistry that is also enabling general practitioners to do more complex dental procedures. The increasing presence of Dental Service Organization in the marketplace has shown no signs of abating, and we have now embraced the opportunity and are investing in this space. While there will be inevitably some pricing pressures as a result of this, the opportunities to standardize these organizations to our technology platform and partnering providers will enable offsets to flow through. Standardization comes as a result of enablement, and facilitating efficiency in dental workflows will ultimately succeed in the marketplace. Of course, efficiency cannot come at the price of patient experience, so a continued focus on outcomes, both clinical and aesthetic, remains critical. Finally, as practices consolidate, the marketplace integrates, and patient needs evolve, collaboration and interoperability of systems and data will become vital to winning in the marketplace. Why shouldn't Dentsply Sirona be a winner in this space? We have a global scale. We serve every major market. Our product portfolio is comprehensive, robust, clinically relevant, our digital dentistry offering encompasses all aspects of dental workflows, irrespective of where those workflows started, where those workflows migrate to, in other words, labs, and where those workflows finish. Finally, as I noted earlier, we have arguably an unparalleled ability to offer clinical education to our customers globally. There are several reasons to believe that Dentsply Sirona can win based on our offering alone. As I mentioned, we do have a very comprehensive product offering in the dental market, and while we are not a leader in every category, we do have long-term leadership positions in some categories, and we've got the opportunity to do better, quite frankly, in others. Intraoral scanning is an area of significant competitive intensity. While we feel our offering has competitive or comparable performance attributes to others, we do need to articulate the value proposition of our complete digital offering in a more meaningful way to our end customers. The enablement it can provide to enhance, indeed transform dental workflows, will address some of the key trends I spoke to moments ago. We pride ourselves on the quality and range of our implants and have continued to innovate in this space. To increase our ability to bring these technologies to our end customers in the U.S., we are progressing well with our investment plan in the U.S. Commercial implants team and are also enhancing our commission plans to incentivize growth. Transcending and integrating all of our offerings, both digital and consumables, is DS Core. DS Core begins to deliver on the promise of integrated end-to-end digital workflows from diagnosis to treatment to follow-up. I'll share more with you about this momentarily. Cumulatively, in a normal macro environment, we participate in a market that's worth approximately $30 billion and growing at 3%-5% with a broad range of category growth profiles. You'll see momentarily how these category specificities will shape our decision-making across the entire enterprise. You will see some of the urgent action we are taking to restore our growth profile. It has been revealing to me, entering the dental marketplace for the first time, that process is as important at the customer interface as it is at a manufacturing site. While many of the improvements have been made to the workflow processes in the dental market, the enabler of much of this improvement has been and will continue to be the digitalization of dentistry. At Dentsply Sirona, our arguably unique position as a provider of technologies that serve all of the workflows within a dental office means that digitalizing Dentsply Sirona results in digitalizing dental. Digitalizing dental enables our end customers to seamlessly capture high-quality imagery, plan and predict their patients' treatment and outcomes, enhance production steps, and expand practice offerings. The cloud offers us all, individuals and households, opportunity for data integration and interoperability. The opportunity it provides for dental offices, dental service organizations, lab partners, and customers to seamlessly integrate workflows across our entire portfolio, we feel is particularly meaningful. To capture this opportunity, we are moving from developing individual software for different devices and treatment plans to building a single platform that supports all of our technologies. DS Core represents an important first step on a journey of incremental and transformative innovation that addresses and perhaps accelerates the transformation underway in the delivery of dental care. Dentsply Sirona has a rich legacy of innovation, a healthy pipeline, and we continue to focus on differentiated and innovative solutions that address market needs. Several new products were launched in 2022, which strengthen our existing categories such as implants and endodontics, expand opportunities in aligners, and accelerate the digitalization of dentistry. Importantly, as we look forward, the discipline being created will ensure that our investments are targeted to spaces that are underserved, searching for solutions, and consequently likely to be faster-growing, more profitable markets and either large present opportunities or have the potential to be large future opportunities. Our, to a large extent, new leadership team is aware of the historical value creation of this organization. On behalf of this leadership team, I want to assure you all that we are moving swiftly and meaningfully to improve value creation. As we lead our organization into a new phase, as we bring talent in and develop new capabilities, we are doing so to deliver on five core tactical and strategic objectives. Number one, deliver annual growth and margin commitments. Number two, increase and sustain our profitability. Number three, accelerate enterprise digitalization. Number four, win in the aligner and implant space. Number five, create a high performance and discipline culture across all facets of our organization. There are many levers that we are in the process of pulling to activate these strategic objectives. Each one of them is in flight right now, and we will be able to share more information with you during the Q4 earnings call at the latest. As I've noted previously, we are acting with heightened urgency, with thoughtfulness, and one eye on the immediate benefits, and the other eye on long-term sustainability. Suffice to say, realizing these benefits occurs along a spectrum ranging from 2023 to 2025. As we commented in Q3 earnings, we are not shying away from making big, sometimes difficult decisions to put the company on the path to sustainable growth and long-term value creation. We've had many discussions with the leadership team and investors about the earnings power of Dentsply Sirona. We face the challenging external environment, which includes FX, inflation, and supply chain constraints, to mention a few. FX, for example, will impact 2022 revenue by approximately $300 million. Inflation and supply chain constraints have compressed margins and driven negative planned variances. High-margin electives have experienced pressure and historically high growth region for us, China, has continued to struggle with COVID and has implemented price constraints. It is not, as you know, just external factors that have impacted our performance. Our U.S. region has underperformed the market. Our inventory levels were inflated. Our organizational discipline in several respects has been weak. That being said, we are acting with urgency and with rigor. We've increased the intensity within our organization. Intensity with respect to acceptable performance, delivering on committed objectives, spending sensibly, investing wisely. Importantly, we are near completion of our thorough and comprehensive organizational review. We've shared with you our previous commitments to enhance our U.S. commercial presence. That is well underway with more than 50% of the proposed new hires already hired. We've hired a new leader of supply chain, who brings a wealth of experience, discipline, and integrity with him, who will help us focus on sustained margin improvement activities. As a result of these activities and discipline, we do feel that we have eyes to reestablishing a trajectory to $3 EPS by the end of 2025, which I think is a Rubicon for this organization. Thoughtful deployment of the capital available to drive value creation will be a core philosophy of this leadership team. We are fortunate to have a robust cash flow with free cash conversion reporting in Q3 at 88%, while our objective is to be closer to 100%. A robust balance sheet with low leverage that's around two times net debt to EBITDA. This allows us to invest thoughtfully and prudently in our business to facilitate growth and capacity expansion, but also to return an equitable portion to our shareholders through dividends and share repurchases. These investments are, however, not only for growth and capacity, but also for operating efficiency and customer experience. It is evident, I would expect, that for now, meaningful M&A is off the table until we restore internal and external credibility to the organization. It does remain a lever that we are prepared to pull when we have stabilized the organization and performance. Completing legacy organizational integration and simplification along such, along with such items as ERP integration is needed to capture organizational efficiencies and improve our standing with customers. As I conclude this morning, I would like to reinforce to you several reasons to believe in this company and in this leadership team that are not based on our product offering alone. I am confident that we can overcome near-term challenges and provide greater shape, structure, and focus to our organization, delivering meaningful and sustainable results and win in the marketplace. We are absolutely co-committed to the necessary changes in our organization, our model, our cadence to improve each and every aspect of our organization. As noted, we participate in quite an attractive market. We must and will leverage the comprehensive portfolio that we have, expand our share of wallet, and ensure that our deployment of capital is going to drive return on the investments we make in specific categories to drive growth, capacity, and efficiency. Our internal clock speed has increased significantly. This leadership team, most of whom are new to Dentsply Sirona, but well experienced in medtech, are acting with considerable urgency and diligence to transform our organization to improve its ability and commitment to execute and enhance its effectiveness. Achieving our most recent revenue and EPS projections, while perhaps insignificant in terms of financial performance, is significant in terms of the message it sends internally and externally. We take our situation very seriously. We are committed to making it sustainably better. Hitting Q4 was a small but important step on a journey forward for this organization. To remind you once more of what we feel are our value creation drivers. Deliver annual growth and margins. Enhance sustained profitability. Accelerate enterprise digitalization. Win in aligners and implants. Create a high performance culture at Dentsply Sirona. Delivering on those five key elements will enhance the experience of working at Dentsply Sirona, leading to an enhanced experience of working with Dentsply Sirona, which leads to an enhanced experience of investing in Dentsply Sirona. I thank you for your time and attention this morning. We look forward to sharing with you what we expect will be sustained, improved performance in the quarters to come. Thank you. Great. As a reminder, if you have a question, please raise your hand, and we'll have a mic runner come to you with a microphone. perfect. Thank you, everyone, for joining us up here. to kick it off, maybe just given your new management team, Simon and Glenn, can you both talk about what really drove you to join Dentsply? also, you highlighted some of your priorities here in this presentation. can you talk about what are the most near-term objectives, you know, the next 6-12 months that you'd like to get done? Sure. Once again, thank you for the invite. As I said in the prepared remarks, you know, we participate in a market that's got a reasonably attractive growth profile. We participate in a market that affords us an opportunity to innovate and make a difference to customers and patients. Quite frankly, there's opportunity to innovate, not just in products, but also in processes, which is a novel experience for me. That's core to the history I've had about driving innovation, driving M&A and driving incremental R&D delivery in addition to commercial execution. It's clear that Dentsply Sirona have had challenges in the past. I think the cumulative experience of our, of our leadership team, over the past several years, puts us in a strong position to begin to set the organization on the right path, to success, in the future. When I think about the company and why I joined, the opportunity to do more, to create value, to help transform it, and to continue to deliver on what's important to me personally, innovation and execution was too good to turn down. Obviously, I have a lot of the same comments that Simon just made, but I think it's the opportunity to drive significant shareholder value and look at where the company is trading at, the opportunity we have in front of us. For me, that's obviously a big driver of why we came to the company. The end markets look very attractive. This is a solid business. Obviously, a key part of my decision was making sure we had a CEO that was gonna transform the company. I got comfortable that Simon was the person that would transform Dentsply Sirona as we move forward. Good business. We got some things to work through, obviously, but I think there's a significant opportunity for us to drive shareholder value over the long term. Great. Maybe just digging into the announcement this morning on the update for the financials for the year. You expect to be at the high end of that $3.85 billion-$3.88 billion range. Can you just kind of give us some color of what drove you guys to end at that higher end of the range for top line? Why didn't that outperformance translate through a beat on the bottom line as well? Yeah, no, good question. We were pleased with our Q4 financial performance. It is all organic growth, so all of it came from our organic businesses. I would just say across the board, we saw a better performance in each of the regions around the world. The US, Europe, LATAM, and Asia Pac all outperformed versus our expectations. Across the portfolio, we saw good sequential momentum pretty much across all of our product categories with the exception of maybe consumables, which was down slightly. The real outlier, I would say, from a positive perspective, was the ortho business. Between SureSmile and Byte, which is our direct-to-consumer clear aligner business, saw a really strong performance in both of those businesses. Our ortho business clearly put up some really strong year-over-year growth, which we'll talk about more in February, and outperformed overall. It's a start. We feel good about the Q4 performance. We still have a lot of work to do, obviously. Why didn't it translate to the bottom line? I think we're still early in our close process, we wanna make sure we get through the full close process before talking more about our margin performance for the quarter and our EPS performance. I think at this point, given the revenue overachievement, we feel quite good to say that we expect to be within our adjusted EPS range of $1.90-$2.00. Helpful. I do have some follow-ups on ortho there in a second, but before I get to that, we have a question online, talking about EPS. Should we annualize the Q4 EPS as a starting place for 2023? Walk us through the puts and takes there. Again, we're not gonna give any guidance on 2023. Yes, I don't think you can just normalize our EPS number for the Q4. I do think you can expect to see us have a challenging first half of 2023 with the macro headwinds that we see. You know, for example, FX will continue to be a major headwind for us until we get to mid-year. Two-thirds of our business comes from outside the U.S., 40% in Europe. Obviously, with the stronger dollar and the year-over-year performance, we expect to see a big headwind on FX as an example. We'll give more color around how we see the year playing out in 2023, but obviously, you just can't take the Q4 and then normalize that to say that's where we're gonna be next year. I do think some of the plans we are implementing to improve company performance, which we will provide in more detail in about 30 days or so, will be a benefit to us in 2023, not just to fund investments we have to make in the business long term, whether it be our North America commercial organization, our IT systems, and next generation platform or compliance, which are areas of investment, but also drive some margin expansion. We won't see that until kind of partially in Q2 and then later in the year, in the second half of the year. We won't see that in Q1. I certainly think we'll see better performance if I look at the second half of 2023 versus the first half. We'll just give more color once we get to our February earnings call. Fair enough. Maybe digging into some of these ortho segments then. First off, on SureSmile, you've made some great progress here in the U.S., Europe, and then also certain parts of APAC. You've also had some, you know, good traction with the GPs as well. Could you walk us through, are there any low-hanging fruit areas of the SureSmile business that you could go after, and how do you plan on addressing those markets? You know, going off that, have to mention Align. Where do you think that you can compete with Align in this market? Sure. I think you're right. SureSmile has continued to do really well for us, and I think there are a few drivers to that specifically. One is the continued geographic expansion, and you highlighted a few of those areas in particular. We have also continued to build on the product portfolio around the aligners, with whitening solutions, with our VPro business that helps accelerate the treatment and accelerate and limit actually the amount of adjustments that need to be made. Lastly, we continue to really focus on the customer experience, right, and the clinician experience. A lot of that has to do with software, refinements, and new treatment planning outcomes so that we allow the clinician to achieve better conversion at the point of treatment. Perfect. Maybe shifting over to Byte then. You've mentioned that customer acquisition costs, so ad spend, you know, on each of your customers to gain them, has been a key focus on this. Can you walk us through how that's trending for Byte? How do you think the spend across different geographic markets will trend for Byte as well? Have you found ways to reduce those said costs? Yeah, I'll start, and maybe Andreas, you can add some comments. I think first and foremost, Byte is really a U.S. business. 95% plus comes in the U.S. At some point, we expect to launch in certain markets outside the U.S., such as the U.K., but it is a U.S. business. It is dilutive to our overall corporate margin. We wanna make sure we're taking actions to improve profitability in the Byte business. Customer acquisition cost is one of those areas, so reducing customer acquisition costs. A big part of that is also improving our conversion costs. When we send out an impression kit to a customer, once they get that impression kit and actually getting to a actual sale and a clear aligner, that conversion rate has to go higher than it is today. That's one of the actions that we're taking to drive better performance, and that'll help the overall margin situation. The financing costs are also extremely high for this type of customer demographic. We're taking actions to do a better job around how to lower our financing costs in the areas that are supporting customers that don't typically go to a dentist. These are customers that are lower income customers, we're doing a better job, I think, of managing our risk around the customer base. Lastly, I do think there's synergies between our SureSmile brand, which is what we sell into the general practitioner's office or an orthodontist, and other areas. I think between that and Byte, we should see some manufacturing synergies. We should see R&D synergies. The combination of all the things I'm mentioning should drive sequential improvement in our margins as we look forward, and that's a key for us. I don't think it's gonna get back to our corporate average, but certainly less dilutive than it is today. We like this business. It is a fast-growing business. If we can get better margin performance, I think it'll help the overall financial picture as we move forward. Follow up? Maybe you wanna comment maybe on Byte Plus. I- Some of the things we're doing there. Yeah, I think two comments. I think a key element here is patient compliance and patient experience. We have launched over the course of the last 12 months, our new Byte app that drives significant, significantly closer engagement with the patients throughout their treatment, leads to higher compliance, leads to higher Net Promoter Scores that we can track and measure as one of our KPIs. In addition to that, there's opportunity on the workflow side with a more hybrid model to involve clinicians, to digitize some of the impression taking and further help with the conversion to the treatment plans and the conversion metrics to drive efficiency. Got it. We have a follow-up on Align here. Digging into that U.S. aligner market, is there any way to think about share gains? Were we up year-over-year in the U.S., not just globally in ortho? The data is suggesting that the clear aligner market has shrunk materially year-over-year in 4Q. kind of, you know, put that into context with the result. Yeah. I mean, we think we're taking market share in the U.S. and Europe for sure. I think now we've launched in 20-plus countries in Europe with SureSmile. When we perform, when we show our performance for the Q4, you'll clearly see that we gained some more traction, I think, on market share gains. Don't have specific numbers, but clearly, when you look at the performance of our businesses, we had indicated back in the Q3, these were businesses that were growing double digits in the Q3. We expect to see that momentum continue in the Q4, and we actually over-delivered on some of those comments, which you'll find out more details on in just, you know, a month or so. Yeah, we're clearly getting some good traction here. Just to build on that, when we think about the offering, which SureSmile is a premium offering as well. We're at a slightly better price point than our competition. I think importantly, what we're also hearing from feedback from customers is that there are some less refinements required for the patient with SureSmile. When you bundle all those things together, and our increased focus on execution and discipline and the full portfolio we have, you know, we should be doing better, and we're beginning to see some traction in that area. Great. Maybe shifting over to more of a macro look. Looking at the equipment demand more broadly, in 3Q, technology and equipment sales grew just about 0.6% organic. How are you thinking about the sales of these higher priced equipment pieces heading into a more uncertain macro environment? Do you expect instrument or equipment growth in 2023, given the current macro backdrop? Do you expect that growth can vary by region as well? Yeah. No, I don't expect much variability by region. I think the equipment market for us has actually been very stable. We haven't seen all of the growth that you're hearing from our distributors because we have been reducing our dealer inventory levels in the U.S., which were high coming into the year, and so we haven't seen that full benefit in our results in 2022. When you look at retail demand, the retail demand has actually been quite good and quite strong. We are being cautious as we look at 2023 in terms of what it could mean relative to a slowdown. You know, obviously, with higher financing costs, a lot of our customers are gonna finance a more expensive piece of equipment if it's $25,000 or more, and so does that mean they're gonna defer or postpone certain purchases? I think that's a possibility, so we'll be cautious in a lot of our forward-looking thinking and comments. So far, the underlying demand has actually been quite good. If I look at even the sequential performance from Q3 to Q4, we did see a good step in the right direction, even with lower dealer inventory levels in the U.S. We feel good about it. You know, it is an uncertain environment as we come into 2023, but on the whole, it looks to be stable at the moment. Helpful. We have a follow-up online here. On pricing pressure, can you talk about digital imaging and equipment pricing and if you're seeing any pressure from lower priced competitors? Yeah. Look, I mean, there's obviously a category that is continuing to expand. There's still room to accelerate penetration. I think digital imaging, there's the traditional imaging, 3D imaging that is very well penetrated in a number of markets. IO scanning, we believe is really the front door to the future here, and I think this is a big grab for market share right now. There are definitely players coming in at lower price points for different applications. I think we have a long history of innovation in this space, starting with CEREC. We have a scanning technology that spans across all the different procedures and applications, and we believe that that's a differentiator for us as we build a platform and an operating environment for our general practitioners and for our specialists all the way through the lab. We do acknowledge the, you know, some of the disparity in pricing. Just last September, we launched Primescan Connect, which was, you know, a laptop-based system as opposed to the, you know, fully integrated trolley-based system that we've offered. That's priced at a more competitive price. We're seeing, you know, reasonably decent uptake on that, but it is relatively early in the cycle there, yeah. Helpful. Then can you just spend a moment talking about patient traffic and how that's been trending in recent weeks? Also, are you seeing patient spending increase or decrease really across all regions, North America, Europe, APAC? I would say, what we've seen in our business is, you know, patient volumes have been reasonably stable. Some disparities across certain sections. In general, we see it as reasonably stable, obviously excluding China. You know, some of the anecdotal comments from some customers, I would say, are mixed. Some are seeing modest reductions, and others are seeing, you know, stability. On aggregate, we think it's stable, and our performance and feedback from our reps are supporting that. Yeah. We just had obviously China. You mentioned China, Simon. I think China has been a major headwind for us all year between the COVID lockdowns, some of the VBP noise that was out there in Q3 about pricing reductions coming. Our dealers stopped ordering a lot of product. For us, the big change was, or a big reduction in China. I think the good news is it looks like that's now moving in the right direction. This morning, we were announced as one of the winners from a bid perspective on our implants business. Obviously, we're gonna have a price reduction as part of winning that volume, but we feel like we're heading in the right direction in China. Hopefully, some of these COVID restrictions being lifted, situation getting better there, we'll see an improvement in volumes. You know, just to put it into context, our China business this year is down over 40%. If we can just stabilize that and get that back to growth, that'll help the overall company growth as we move into 2023. First off, congratulations on being awarded as one of the winners of the VBP. Can you just walk us through how the pricing is really lining up with your assumptions that you had laid out earlier this year? Yeah. On the Q3 earnings call, I mentioned our implants business, which is what was affected, was about 25% of our sales in China, and China's about a $200 million business if you look at our 2021 sales. You know, call it $50 million of sales, and we thought we'd take about a 30% reduction in price and offset some of that with volume. As we look at where we think we are, we're probably closer to a 40% price reduction. The end user's actually got a bigger reduction, but our dealers are absorbing some of the price reduction. For us, about a 40% impact on price. We do think at some point we're gonna make up a big part of that with volume. More patients coming into the system because they're now lower cost and lower treatment procedures for implants. I think the good news is we should see the volume offset on a lot of the price. It doesn't offset all the margin impact, but certainly from a revenue perspective, we think we could pretty much neutralize the overall impact of the, of the price reduction. Got it. Just brief follow-up there. Can you talk about what was the total price reduction, and then how much of that are you really going to be pushing back onto your distributors? I think the total was probably closer to 55%-60%. Okay. They would bear the difference of that. Yeah. Helpful. I guess last question here as we're wrapping up in the final few minutes. In the presentation, Simon, you mentioned that $3 EPS target by 2025. Can you first walk us through, is there an associated margin with that target? You said that you're committed to getting back on track with above 20% margins. Just wondering the timeline on that rebound. How much expansion off of that number does the $3 imply, if any? Yeah, I can take that. I think the $3 reference was an exit rate in 2025, meaning we would expect to hopefully target an EPS number of $3 for full year 2026. What that would imply in terms of margins is probably something close to the 20% number that Simon had indicated in the presentation. You know, for us to get there, I think the key is we need to see a turn in some of these macro headwinds. FX no longer being a headwind, seeing some of the wage inflation pressures, the material cost increases, the energy costs kinda subsiding at some point over the next year and becoming a bit of a tailwind for us, coupled with a lot of the internal initiatives that are gonna be executed upon. The organization redesign, which we'll talk about more in another month or so. The SKU optimization work, which is gonna lead to plant optimization down the road. I think once we implement an ERP system platform in one single instance, we'll have tremendous opportunity to take out more cost. We'll lay out more details of these plans at an investor day late this year and show you the roadmap. I think we feel quite good that we should get back to a $3 number by 2026 on a full year basis. Again, it's a target for now. It's not guidance. I think we wanted to put a number out there to say we're committed to showing substantial improvement in our profitability and our EPS over the next several years. 2023 will be a transition year for sure. I think once you move through 2023 and get past a lot of these internal and external challenges, we'll be on a path to much better performance. Perfect. With that, we are out of time. Thank you so much for joining us today. Thank you. Thank you.