All right, thanks everyone for joining us today for the final day here. I'm Drew Ranieri, one of the medical device analysts here, and it's my pleasure to have Zimmer Biomet. And with us today, we have the CEO, Ivan Tornos. Before we get started, if you wanna read the research disclosures, just go to the website or talk to your rep. I'll leave it there. But Ivan, thanks for- Great to be here. Joining us today. So maybe with some of the news that came out yesterday, with the announcement, and kind of in your words, there's been a little bit of a one step forward, kind of one step back. And I know progress is often never linear. You've made a lot of transformational progress over the past few years at Zimmer Biomet, the product line's reinvigorated, but yesterday, you kind of announced some of the challenges from shifting your ERP platform. Maybe for those of us who weren't able to, like, tune into that, just kind of give us the ten thousand foot view. Yeah of what happened, why it might not have gone to plan, and kind of the areas of the business- Sure It's affected. Happy to do that. So maybe a minute on the big picture, and then I'll get into all the details on the ERP implementation challenge that we got going on here at Zimmer Biomet. So big picture, to your point, we have made tremendous progress. You go back five years ago, 2018, 2017, we're actually flat or declining on revenue, not delivering on commitments per quarter, the pipeline was nonexistent. We had massive, and I'm talking massive, operational challenges. Fast-forward to today, last 10 quarters, we have grown mid-single digit on revenue. Many of these quarters, we delivered double-digit growth on EPS. Last year, we delivered 7.5% constant currency revenue, with adjusted EPS near double-digit at 9.5. As we see here today, prior to this ERP challenge, our growth for the year is also mid-single digit, north of 5%, with solid performance on EPS as well. Case in point, Q2, 5.6% revenue and double digit, 10% EPS. So that's big picture. Strong pipeline, performance is there. We do have some glitches along the way we'll talk about, but I do think the track record speaks for itself. ERP. Back in early July, we migrated from a legacy ERP system, BPCS, over to SAP. In July, you know, the usual glitches with the system. Any of us who've gone through these ERP implementations, and I've done countless in my 30-year medical device career, know that it's not perfect right out of the gate. We felt it was manageable. As we got later into August, clearly, it did not work as expected. What I will tell you, in the spirit of transparency, is that this is not a DEFCON One situation. This is not the company is in shutdown mode. This is not we cannot ship orders. We are shipping orders, we are moving the company forward, we are doing cases, but again, in the spirit of transparency, we do have challenges. The velocity is not there. Some businesses are getting more impacted than others, and yesterday, we highlighted that one of the scenarios, if things don't move at the right pace, in the right direction, could cost the organization up to 1% of annual sales. We got the right people working on this. We understand root cause analysis, but again, transparency. It will impact the second half of 2024, and the annualized potential impact could be up to 1% of sales. Gotcha. So maybe just from listening to you yesterday, it sounded like it wasn't necessarily widespread across every segment. Large joint- Yep ... hip, knee, might be- Yep Okay for right now. So- Sure. predominantly affecting the set business, or is it? Sure Isolated to US or OUS, anything else? Yeah. So let me provide as much color as I can here today. So first of all, from a geography standpoint, this is an implementation that impacts primarily the U.S. and Canada. So OUS has less of a challenge, outside of the U.S. has less of a challenge than the U.S. From a business perspective, actually, it is impacting what we call the other category more than other areas, and it's impacting the growth in SET more than the growth in Recon, Recon being hips and knees. So actually, as we see here today, for the second half of 2024, we still should still see robust growth in both Recon, hips and knees, and most of SET. Where we have challenges is in the other category, which now we expect to be that negative versus last year, partially due to the ERP challenges. So we still believe that we're gonna see robust growth in SET and Reconstructive knees and hips. Gotcha. Not what we had in mind prior to the ERP implementation, but robust. Gotcha. And you're, you're confident this does not stretch into twenty twenty-five? We are very confident that this is a challenge that will get managed within 2024, and as we exit 2024, we should get back to the service levels that we had prior to July to the implementation. Got it. So maybe from a financial impact perspective, 1% of sales is $70-$80 million of revenue. Suki talked about yesterday, I think, normal flow-through, so I'm gonna do my dumb math and say that's probably maybe $0.15-$0.20 of EPS. I know you're not ready to bless anything today. We'll hear about that. But, I mean, where could there be mitigants to stop the bottom line bleed here? Yeah. The share repurchases, cost reductions- Sure. Maybe talk about that opportunity. To your point, we're not gonna bless whether it's $0.15 or $0.20 on EPS. Here's what I'll tell you: We have activated mitigation plans, so the basic stuff that you'll be doing when you have that magnitude of a potential challenge. We're not gonna do anything that is gonna compromise 2025 or 2026, so we're not gonna touch customer-facing activities, we're not gonna put at risk critical R&D projects, but obviously, there's a lot of work that we're doing to mitigate the potential blow in revenue as much as we can when it comes to EPS. So several things that we have in motion, and we're fairly confident they're gonna move at the right pace, in the right direction. Maybe just to move on to another topic, but let's touch on kind of the procedure backdrop and utilization. One question that kind of continues to come up from investors is really on the utilization environment within orthopedics. So I guess, how do you get confident the market growth is not going to, like, mean revert to pre-pandemic levels? And maybe unfairly to ask you this, but I mean, for some, Zimmer just seems to be a utilization trade at the end of the day, but what makes the company a durable multi-year- Yeah -investment in your mind? Sure. Nothing, nothing unfair about that question, so maybe a couple of data points. There is no backlog that we see today. Net of a couple of countries, the U.K. comes to mind, we got data that shows that for the last five quarters at least, we're not benefiting from backlog. We tracked CMS claims, commercial, non-commercial, we looked at multiple data points that show that at least for the last five quarters, there is not a backlog effect in markets like the U.S. We've been talking about openly that we don't benefit from backlog, and I'll challenge anyone to call 30, 50 customers in the U.S. to see if they're saying that there's a backlog. I think what's driving the current market growth rates is the fact that you got sustainable pricing, which we'll talk later about whether it is durable or not. Demographics are playing a factor. The fact that we in orthopedics are bringing great technology plays a factor. You can do your knee in a day. Pre-pandemic, it would be a two- to three-day stay at a hospital. The shift to the ASC, ambulatory surgical centers, I think is a major tailwind, which again, is durable. So I think a combination of those factors lead us to believe that even without the backlog, these markets are gonna be normalized environment, 4%-4.5% combination of volumes minus pricing. And no, there is no backlog that is gonna drive that moving forward. To your second question on, you know, what makes Zimmer Biomet relevant in this space? You know, we are the number one company in knees and hips in the world. We are the fastest-growing company in robotics. We are growing strong double-digit in the ASC space. We have 50 new products that we're launching in the next 30-36 months, so I like our odds. I like our odds when it comes to remaining in a leadership position in the short- to mid- to long-term horizon. Got it. Got it. And maybe just on utilization again. Is it clear that utilization is stable, at least where it was in the first half, as you're thinking about the back half? It is stable. You know, some of us don't like my answer when I say that it may be nonlinear. I've seen that those of us who follow med tech, orthopedics pre-pandemic, it was pretty linear. Every quarter was more or less the same, seasonality was identical. We've seen post-pandemic that with the shift to the ASC, with our dynamics, you know, some quarters are better than others. So it's not like you see the same volumes in a steady pace. We're shifting anywhere between 40%-60% of all cases over the next three years to the ASC, and we've seen that happen very rapidly. So some quarters we're up, and people think we gain a lot of share. Some quarters we're down, and all of a sudden, it seems like, you know, the world is falling apart. But yeah, I think the procedures are there and the volumes are healthy. Got you. Maybe let's shift to hips- Sure ... for a moment. But you know, when we look back at our large joint model and just tracking the market, I mean, Zimmer has done a good job in U.S. knees and international. Performance in hips has been a bit more challenged. Yeah. So let's hit on this before we go to U.S. knees. But talk to us about your confidence that some of these new product launches will help you get back, help you regain market share, and where can you kind of go from there? I guess just help us better understand the plan of attack to get the two or three points of market share back in U.S. hips. Yeah, sure. So we've been very transparent about the fact that we have lost market share in hips for one very simple reason, you know, the post-remediation era. In the post-remediation era, we had to prioritize investments. We prioritized knees, which is the largest business here at Zimmer Biomet. It's a $3 billion global business. So we prioritize knees, and we didn't do the right things when it comes to hips. We didn't have the full portfolio, we didn't have the incentive plan that we have today, and we lost market share. We don't quantify that externally, but it was pretty significant, both in the U.S. and outside the U.S. Fast-forward to today, every single portfolio gap that we had is being remediated. Three key products that we had to bring to market: surgical impactors, direct anterior stems. 40% of cases in the U.S. are direct anterior stems. And then navigation. We have the world's most comprehensive hip navigation platform between robots, mixed reality, and surgical guidance. So with all that, I will tell you that our confidence is very high, that we're gonna regain the share that we lost. At the Investor Day here in New York, we committed to at least 50-100 basis points of our market. I deem that to be somewhat conservative. I'm not gonna be happy growing only 50-100 basis points of the market, but that's the current commitment. So those products are already in market, net of one of them. Even with the ERP challenge in the background, we're shipping those products, and the feedback is very strong. Very high confidence that we're gonna get hip to the growth rates that we deserve. Got you. And then, so the products within hip that you've outlined, I hate to make you pick your favorite child- Yeah ... but is there going to be one that's the most meaningful in getting that market share back? Yeah. Always difficult to pick that favorite child. I think, first of all, those three can be sold in combination. You do cases with a direct anterior stem, you use a surgical impactor, and you can use navigation. The beauty of these three product combination is that all of them pull one another. From a mathematical standpoint, I will tell you, the most meaningful one is gonna be Z1 or direct anterior stem. Again, repeating myself here, 40% of all procedures in the U.S. are done using one of these stems, and we didn't have one, so we didn't enter in a category that we're not able to compete, which is a large category, the largest category, so Z1. Z1, okay. And then interesting point you made earlier about changing kind of the recon incentive comp- Yeah for the sales force. Just maybe give us a little bit more detail there, and just more broadly, how might the company be thinking differently about its go-to-market strategy? Yeah Looking ahead in large joint or even some of the other businesses? Sure. So let's talk incentives first. I joined the company in 2018. It was a great place to be a salesperson. Your target was non-existent. Go out there and do your best, basically. You know, sell as much as you can. I've been doing this for a while. I've never been part of a sales organization where you don't get paid on growth, where you don't have a quarterly incentive, and where you don't get penalized for not driving margin forward. That's at the sales rep level. At a higher level, country manager, president, most people didn't know how to spell free cash flow. What I can tell you today is that every single incentive in the company, from the sales rep to the CEO, CFO of the company, is aligned to the quarterly and annual targets for the company. We all get paid on growth, we all get paid in margin, and those of us who control a full PNL, we get paid on free cash flow, which again, it was not what happened before. I would say the governance is there. I would say that from an incentive standpoint, it's a totally different company than, you know, five years ago. Got it. Got it. Maybe let's go over to U.S. knees for a moment, but cementless ROSA is around 20% penetrated- Sure ... today. You plan to move ROSA up to about 50% and cementless up to 50% by 2027. Just maybe to take a step back, there were some challenges, though, in the second quarter, in the knee business, but, maybe what trends have you seen so far in the quarter that kind of gives you the confidence- Yeah that it's all in the rear view mirror at this stage? Sure. So this goes back to my comment of things are not linear, right? So Q3 of 2023, we actually were above market significantly here in the U.S. in knees. Q4, we were not. Q1, we were, and Q2 was choppy, and I don't like the choppiness that we are going on. In Q2 was specific to the things that I highlighted in the earnings call. Ops could have done a better job. We had challenges with that category, and again, this is pre-ERP implementation, so it was limb salvage. That's been resolved. And then we had some large medical education events that we could have done a better job in managing the number of people, both employees and surgeons that attended that. Fast-forward to Q3 in July, we mentioned this in the earnings call, we saw mid-single-digit growth in Reconstructive with a strong performance in knees in the U.S. I'm not gonna talk about the rest of the quarter, but I will tell you that again, even with the ERP challenge, the second half is gonna be strong for that, for hips and knees. Fast-forward, we still are committed to driving the penetration of cementless to 50% over the next three years, and all robotic penetration should double in the next three years. Just the combination of cementless and robotics going from 20%- 50% or 40% is a major tailwind for the company. Gotcha. And on cementless, with the Oxford Partial Cementless coming out, I think in next year, just how meaningful of a product could that be in maybe accelerating that next potential for the company? Oxford Partial Cementless is a product that has been in Europe for ten years. That is gonna come here to the US before summer of 2025, is our current forecast. It has a 60% six-year market share in Europe. It will be the only PMA, pre-market approval, clinically demonstrated partial cementless knee. So it's a major competitive advantage. In an environment where cases are moving to the ASC, it's gonna be one of the top three growth drivers for knees in the US. Gotcha. And maybe broadly with the cementless knee business, but maybe where are you from, like, a instrumentation set or capacity standpoint, as you're entering 2025 for- The sets are there. You know, again, we probably could have done a better job in educating investors on the phasing of these rollouts, but we're pretty transparent that it was gonna be a bit of a hockey stick, right? We had sets in Q1, Q2 of twenty twenty-four, but the great majority of the sets were happening or were gonna come in Q3 and Q4. We are seeing a hockey stick, by the way. So we got what we need, we got the products, and we should be in a good position to close twenty twenty-five when it comes to accelerating penetration of cementless. Sorry, I should remember this, but did you put out a target of what you think cementless would be by the end of 2025? Just the level- We did- Or, sorry, 24. Yeah. Just to level set up. Yeah, we did internally, but not externally. Okay. But yeah, there is a very clear target. But I try. All right, maybe on Persona IQ- Yeah ... it's another exciting product within the portfolio. I think you said the short stem- Yep Actually launched in the third quarter. Yeah. So, it may not be that meaningful for the fourth quarter, but how are you thinking about that for twenty twenty-five, and it opening up the broader opportunity for penetration and account level? Sure. So, first of all, start with good news. This is one product category that is not being impacted by the ERP challenge that we're going through. We did receive FDA approval for what we call the Stubby, the most horrendous name in medical devices, that's the short stem. That is gonna open the door for us to get into a lot of areas we were not before. We continue to see every week being better than the last one when it comes to Persona IQ. And as we enter the full launch of Stubby late in 2024 and into 2025, it should be another meaningful growth driver. We got over three billion data points with Persona IQ. We have contracted with some of the largest healthcare systems in the U.S. Some of the largest volume users, knee users, in the U.S. are switching to Persona IQ. So we hope to be more transparent when it comes to progress in 2025, but this will be a meaningful growth driver. Do you plan on sharing any kind of metrics in terms of progress in 2025? At the right time. At the right time. When they look good. How's that? All right. It sounds like it's going good, so- It is going well. All right. All right, maybe to shift towards robotics and the partnership with Think, but maybe just talk to us about how you're seeing robotics, handhelds really fitting in? Yep ... to the equation, driving utilization. And I think Think just got clearance for Persona recently, too. Yeah. So just kind of give us an update on what you're seeing and the opportunity for adoption and pull through here. Yeah. Maybe 60 seconds on again the summary of our strategy when it comes to robotics and navigation, 'cause I think we've done a poor job in telling the story, and we might have confused some of you when it comes to Think, navigation, Rosa, where does each piece fit the puzzle? So our vision is to be the most comprehensive navigation company in orthopedics, and at some point, broader than orthopedics. But today, as we see here today, we wanna be the most comprehensive. And being comprehensive means having the right tool for different customers. We wanna have optionality. You got customers that like large footprint robotics, and we got Rosa. We got customers that like smaller handhelds, and that is where Think becomes a factor. And then we got customers who still think to this day that robotics is a waste of time. They don't want to spend the money in robotics, and here's where navigation like or acquisition of OrthoGrid plays a factor. And then you got to the left, something that only we do here at Zimmer Biomet, which is mixed reality, FDA-cleared mixed reality. So that is the strategy, to be comprehensive. In those four buckets of mixed reality, surgical guides, small handheld robots, and large footprint robotics, we wanna offer the optionality of having CT scan-based devices and non-CT scan devices. And through Rosa, we're gonna have both, four city launches in the next quarter to eight quarters. And again, a platform like Think Surgical offers a CT scan robotic application. So the feedback we're getting from customers is very strong on this optionality. We're not gonna walk away from any of these four platforms. We are not foreseeing that all of them become one. We like to have the optionality and the, and the approach of being comprehensive. So that's the big picture and the different details in, in that story. So kind of maybe a silly follow-up question here, but if you think ten years from now, you're focused on having an all-encompassing approach. There will still be manual. You have navigation and robotics. Do you have some idea or kind of vision of what the industry's mix will be between kind of those three segments? Sure ... navigation, robotics, and manual? First of all, I do think that robotics, ten years from now, may not be the number one driver of doing surgical navigation. I think some of the work that is happening, artificial intelligence, some of the tools like mixed reality may leap forward, and they'll take over robotics at some point. That's just my own view. Sticking to robotics, the current penetration in the U.S. of robotics today is around 30%, three zero. If you look at soft tissue robotics, other areas, the penetration is much higher. So I think the room to go is very high. I don't know if we'll ever see 100% robotic utilization, but I know it's not 20%, 30%, so plenty of room to go. But, we like the fact that we are pioneers in non-robotic areas like mixed reality, like, light surgical guidance, models of AI, and other platforms that I think at some point will bypass robotics. Got it. And I wanna make sure we touch on the SET business. Sure ... and it's clearly become more of an important part of the growth algorithm at Zimmer Biomet. And it really could account for, like, one or two points of corporate growth, looking ahead. So maybe just talk to us about the growth durability you're seeing within the franchise. I know the ERP might be a little bit of a step back, but, I mean, how are you thinking about the business structurally, especially in, like, your three core growth businesses? Past, present, and future here. In the past, SET, for us, didn't grow anywhere near mid-single-digit. If you look at the last three quarters, we have delivered consistent mid-single-digit growth for all six businesses, the four under SET, with the core three businesses: sports, shoulder, extremities, and CMFT, craniomaxillofacial thoracic, growing either upper single-digit or double-digit. As we look into the future, start with 2024, in the second half of the year, I keep repeating myself, we surely still see, you know, robust growth in the category. At Investor Day, we made a commitment to continue to grow in the upper range of mid-single-digit, with some of those business being in the upper single-digit range territory. In Q2, every single one of these businesses grew for the company, which again, some of them are in the double-digit range. And we continue to invest. We're looking at organic and inorganic placement SET, and it's gonna be a growth driver for Zimmer Biomet moving forward. Within SET, I mean, it's hard not to ask about shoulder and- Sure ... ROSA. But it would be great just to spend a minute or two on ROSA Shoulder, maybe understanding how you're kind of positioned there versus competition, and I think one of the key things I'm trying to understand, and maybe some others are as well, is just does this drive ROSA utilization higher, or will you see more of the growth opportunity coming from just more ROSA installations? Yep. So start with the positioning versus the competition, is very easy. We have a robot, and they don't have one. We are the only company with a shoulder robot, so it's a competitive advantage. We believe that is going to be a driver of adoption, faster, more accurate surgeries, cutting what you need to cut, being able to do anatomic and reverse procedures. Having visibility over the glenoids and the humerals, is going to be a major tool in ASC, in an ASC environment. We are deeply focused on the limited market release. We knew it was going to be taking a good six to seven months, and we're tracking towards the commitment that we made. We've done clinical trials at the best institutions in the U.S., Columbia, a couple of weeks ago, Mayo Clinic, Cleveland Clinic, California, et cetera, et cetera. We expect that we're going to be launching ROSA Shoulder also in Europe in 2025, second largest market. Everything on track for that. Got it. Got it. And do you expect more shoulder docs to be using, or to get a new ROSA system, like, tailored for themselves or utilizing kind of an existing robot? Well, first of all, it's the same platform. Right. You know, for those institutions that already have a ROSA that is doing knees and hips, we can bring the software and make some adjustments to have shoulders or the shoulder application there as well. In an ASC environment, where you see a lot of dedicated surgeons doing shoulders, I think it's a good Trojan horse to put the robot in there and potentially actually expanding to knees and hips on that platform. So we like what we see. Got it. Maybe to move to the ASC opportunity, but today it's about 15% of sales, somewhere around there, but how can the company continue to kind of grow low to mid-teens in that setting? Just kind of give us the 10,000-foot level and you've been really emphasizing that there's no portfolio gaps, but just talk to us about your confidence, too, in your positioning here in the ASC space. Sure. So as I alluded earlier, you know, 40%-60% of cases are moving there, so ASCs are exploding, and by the way, it's no loss to me, that's a huge range, 40%-60%. Different sources say that it's going to be upwards of that, but it's a huge number. So just based on that dynamic of cases from inpatient, outpatient, moving to outpatient, let's not forget, these are the same surgeons that are using our products that are going to an ASC. So I would be very surprised if we don't continue to grow double digits. On top of that, yes, we had gaps in the ASC space. We didn't have a sports medicine business. We have it today. We didn't have a full portfolio when it comes to shoulder. We have it today. We didn't have a cementless knee, which is critical in an ASC to be faster, to don't waste 15 minutes, you know, fixating cement in a knee. So we got the portfolio. We didn't have the partnerships. We could not be a comprehensive provider of everything. Today, we have a partnership in sterilization. We have a partnership in booms and lights, beds and wheelchairs, if you want to make that part of the equation, through our legacy, Hill-Rom, so Baxter now. We have partnerships on real estate with CBRE. So we have absolutely everything that we need when it comes to the ASC. So again, I would be very surprised if the growth doesn't accelerate. Got you. So with the partnerships, with the gaps that you filled on the portfolio, you've made your sales force's life easier at this stage? We have a dedicated sales force as well, so yes. Gotcha. Okay. Just to touch on M&A for a moment. But, I mean, you've spoken often about getting the WAMR higher at this point, but just remind us about the flexibility of the balance sheet. And, I mean, you've done some partnerships, some M&A over your tenure, but why haven't we seen more from Zimmer Biomet? I'm gonna repeat myself because we want to be bold, but not reckless. So first of all, we don't need to do M&A to deliver mid-single-digit revenue growth with a nice one and a half leverage on EPS and growing free cash flow faster than EPS. But we want to do smart, responsible M&A that will bring our WAMR from 4%- 5%. So smart, responsible M&A has to make strategic sense, has to be accretive to revenue in the right WAMR categories, and it has to make financial sense. We don't want to take unnecessary dilution longer than we need to. We're not going to do deals that are overly priced and bring our ROIC at a comparable rate to our WACC. So we continue to evaluate things. We do have a short list of deals we want to do, and at the right time, if financially makes sense, we'll act on them. We don't need to do it. We like to do it. Got you. And it would still be a, not to put words in your mouth, but you're, you're very focused on high growth areas and SET and the ASC opportunity. I know previously you may have talked about, like, med tech opportunities, too. I mean, the portfolio is touching a lot more kind of white space adjacencies than it previously did. So is anything on the table or there- I don't wanna, Drew. I don't want to telegraph too much what we are thinking about because then speculation runs high. What I will tell you is that we have great optionality in three categories: higher growth areas in recon, data, technology, navigation, like OrthoGrid, right, areas within SET, and then opportunities in a site of care environment like ASC. To your point earlier, the balance sheet is stronger than ever, 2.2x net debt to EBITDA leverage ratio. We continue to generate very meaningful free cash flow. Free cash flow is going to grow in the next five years, north of 70%. We're going to put the money to work. Got it. And with the growth algorithm you laid out at the Analyst Day, a few months ago, mid-single digit revenue growth, EPS growing, one and a half times faster, free cash flow growing a hundred basis points above that, you know, as you're looking at 2025, is there any reason why you should—we shouldn't be expecting anything less than kind of that growth algorithm? Are you cautious or- We are- Anything in the- Committed to delivering on that growth algorithm on 2025, 2026, and 2027, as we highlighted. Got it. Got it. It's pretty, pretty definitive. I ask the same question to my team every hour. So I'll say it again, so the action doesn't get in the middle. We are committed to growing revenue, mid-single-digit or above, which is above market, with leverage EPS at one and a half, and free cash flow north of 100 basis points, at least 100 basis points above EPS. And the pipeline that we have, the governance that we have is more than enough to deliver that for the next two years. Got it. I had an investor tell me the orthopedic space is boring yesterday. Yeah. Is there anything that's still a battlefield debate in orthopedics? I mean, the implant sees some modest- Yeah Innovation here and there. Robotics is more recognized. You have AIs, more implants coming, but is there still kind of really any undiscovered country in Recon and SET that we should be thinking about that could be more impactful for ortho- Yeah years down the road? Boring. I don't know what's boring about a disease that impacts 600 million people on Earth, and less than 5% of people get treatment. From an investor perspective, I don't know what's boring about a market that is worth $50 billion and growing mid-single digit. Financially speaking, I don't know what's boring about, you know, 70%-80% standard margins, 30% operating margins, and free cash flow generation, the way that we generate free cash flow here at Zimmer Biomet. To the second part of your question, are there other opportunities? Let's start with the fact that, again, 95% of 600 million people are not doing anything. So, just bringing those patients into the equation, continue to deliver clinical solutions in a smarter, faster way. I think there is tremendous potential, and I find this to be a lot of fun, so nothing boring about what we do. Sure. And, maybe as we're coming up to time here, I mean, there's a lot going on with Zimmer. Unfortunately, some setbacks here with the ERP, but as you're looking ahead to the back half or 2025, is there anything that you think is being underappreciated or people are ignoring about the ZB story? Back half of 2024 or 2025? 2024 and 2025. All right. So I keep repeating some of the numbers because the performance is not what it used to be. And yes, we have to do, and we will do a better job in making sure that there is no choppiness, you know, where one quarter, you know, seems like a couple of things are not working right. But net-net, this company is not the company it used to be, and with the pipeline that we have, with the governance that we have, we will be a consistent growth driver, and we're gonna create a lot of value along the way. Second half of twenty twenty-four, we will deal with this ERP issue. Already, we got the right people working on it. This is not a DEFCON 1 situation. I'm very confident that the team is gonna get us out of the situation within the year, and in spite of those challenges, we continue to see robust growth in the categories that matter. As we enter 2025, I think the story is gonna be very compelling. I'm excited. I'm focused on resolving the problem, the big picture. I'm very excited about where we're heading. Great. One there, Ivan, but thanks for joining us today. Thank you. Really appreciate the time. Great conference. Thank you.