Good afternoon, everyone. Welcome. I'm Robbie Marcus, the med tech analyst at JP Morgan. Very happy to host ZimVie for our next session. I'm gonna bring up President and CEO, Vafa Jamali, and then we'll do some Q&A afterwards. Vafa. Thanks, Robbie Marcus. Thanks Robbie Marcus. Thanks very much. Very, very happy to be here. I'm Vafa Jamali, and I'd like to tell you a little bit about ZimVie, who we are, and a little bit about what we're focused on and what the future looks like and why you should be excited to watch our progress. This is a disclaimer. I'll allow you to read this on your own. Really, when we started this company, we spun off of a company called Zimmer Biomet on March 1, 2022. We've been independent for about nine months. We set out to have a vision. Our vision was everyone deserves to feel better, healthier, and stronger, and we create solutions for people to enjoy and experience life. Our mission is to advance clinical technology foundational to restoring daily life. We used the values on the right side of the page to really create a situation where we would get through the difficulties of a carve-out and the operational challenges and to do it with a consistent framework and a consistent belief system, and this really helped us get through the difficult times. There were a lot of difficult times this year. We're excited about where we're going now. The patients we serve and the conditions we serve are twofold. One is dental, and one is spine. We like both of these businesses because of the opportunity there, and they're different in each case. Within dental, there's estimated about eight million patients seeking treatment for tooth loss annually. Only about 25% of them receive an implant. It's either do nothing or a less permanent replacement that typically needs intervention afterwards. There's a great opportunity for expansion, so market adoption and expansion, and we think we've got a path towards a greater adoption of dental implant. This is really where we're focused on within dental. Within spine procedures, the number one reason why patients go to hospitals is for spine-related disability and pain. The clinical outcomes are not quite where they need to be. The clinical outcomes have much room to improve. Because of that, we believe that we can focus on areas that are differentiated, and we can lead with clinical and provide better outcomes for patients. There's another opportunity there, and I'll share a little bit more detail on what's really interesting within spine. When you look at our company at a glance, we participate in approximately $20 billion market. $8 billion of it is tooth replacement and $12 billion of it is the global spine surgery market. The interesting thing for a company our size is to have number one positions, and I think this is a real valuable part of our portfolio that we can leverage to punch heavier than our weight in many cases. We're the one market leader in cervical disc replacement, which is an emerging category, still not quite adopted. One market leader in vertebral body tethering. This is a intervention used for pediatric scoliosis, a very innovative way to do it and restore the patient's mobility while fixing the curve. Two player in dental biomaterials, and the four market leader in premium dental implants. This is why we're excited about portfolio, and we think we do have an opportunity and a path to leadership here. We set out three main strategic objectives for the company. Remember, this is nine months into the company, and there's a lot of under the surface heavy lifting that's being done. We led with operational excellence, reshaping the innovation portfolio. This is really, really critical to the future and why you'd be interested in this is the growth for the future. Margin expansion and cash flow generation has been a critical part of our story. We made a lot of progress through 2022. Most notably, if any of you have been through an ERP conversion, we went through three in six months, and we completed them. They were major, and it's painful. I don't wish that upon any of you, but it's a very, very important part of independence. It's a very important part of modernization of the company and getting the systems to where you can actually use them to their maximum. We also left a number of unprofitable countries, rationalized a number of brands, and we continued to reduce our inventory. It's primarily a spine issue, but reducing inventory leads to cash, which is, you know, our third objective here. Within the innovation portfolio, we measure something called the Vitality Index, which is the percentage of new products within the portfolio and their contribution. We revamped that considerably to get that pipeline to about four times what it was at spin. This is really important for the future. Looking out a couple years, I'm really excited to come back here in a year and share some of the progress we make within the portfolio 'cause I think that's the part that people get the most excited about. Around margin, you know, we improved our cash on hand since spin. We reduced waste and, you know, we positioned ourselves to pay down debt. This is what we've done so far. If I go through each three of them, all three of them just separately, accelerating operational independence was something we decided to do. We said that as we're going through this, it's been a really tough year. I mean, we went through a lot this year. There was a lot of activity. There was the activities in Europe, there was the interest rate, there was a number of things that happened and going direct and gaining our independence. We said we would do as much as this as we could in the first year. We're proud to say we've accomplished a lot. The team has been exceptionally motivated. They've done a huge amount of work, heavy lift across the globe to take our ERPs and to modernize them. At the same time, we used the opportunity to implement some new security systems too, as that was an issue for us identified by our board that right off the bat we should really focus on that, and we were able to do that as well. Within the facilities, we realized that we had a footprint that was bigger than what we needed, so we had the opportunity to close down a number of facilities and not look at that as rent that we won't pay. Parsippany, New Jersey, Bordeaux, France, beautiful place to visit, not the best place always to have two factories. We had one in Troyes, one in Bordeaux, so we kept the one in Troyes and we closed the one in Bordeaux. Hopefully, and thankfully, most of those employees are still with us, albeit somewhat more remote. We also reduced the footprint in Westminster and, like I said, with Troyes. We also decided to use our facilities better. What we did is in Palm Beach Gardens, where it's the head office for our dental business, we really turned that into a center of excellence. We leveraged that by closing Parsippany and moving everything into Palm Beach. We really have created a once place for training and education to happen for dentists, which has been really received quite well. On manufacturing distribution, we had very poor fill rates off the bat, which hurt us upon launch, and that fill rate is around 62%. We were able to improve that and up to about 95% now on time and in full, which is critical to running a proper business. Then, like I said, inventory is gonna be a focus for us. It'll continue to be a focus for us. We reduced it by about 10% and we'll continue to make improvements in that category. Again, these aren't the sexiest things in the world, but they're vital and a new company coming out, you've got to come out healthy and this is the way to do it and to push it into this year was I think the wisest thing we could do. The more exciting part is the portfolio, if I look at this, I'll start with dental. You know, we participate in the tooth replacement market, and really the areas that we cover are dental implants as the core of our business. Everything we have around dental, everything around it, we have supports dental implants and adoption. Like I said, the under-penetration of dental implants is the most important part here. For us, anything we can do to improve that is where we'll spend the next dollar. Biomaterials supports the implant and digital solutions really supports the workflow, which again, is a direct contributor to adoption. What you should be excited about in terms of dental and the opportunity ahead is one is just optimizing the product manufacturing. We think there's an opportunity both in terms of automation in the factories we have and in terms of using our global footprint better. We have some really, really great facilities in lower cost areas that we think we can, we believe we can get some labor arbitrage and put more people there. They're excellent facilities and they're outfitted to do more. We'll continue to do that. We will spend more organic dollars on digital workflow solutions. This is a really, really critical part. Like I said, if you believe that it's, you know, only 25% adopted, there's a great path ahead and that can be done by standardizing and really simplifying implant dentistry. Commercially speaking, you know, we're gonna penetrate and expand our addressable market. Again, like I said, driving adoption, that 75% that aren't using is really critical. We have new implants. We haven't had a new product launch, a new implant launch in maybe 10 years, and we launched three this year. That was really well accepted by our team. Our dentists really enjoyed it. Adoption's been great and initial uptake of those products has been fantastic. Now we're actually launching them globally, we'll see another wave of growth come from there. Overall, I think the innovation pipeline in dental looks really favorable for us, and we're excited to continue to participate here. Looking at spine. Spine is a crowded market, and it's a competitive market. We believe we have a good portfolio, a full portfolio. We will continue to fill this page out as we see fit, as we see where we have needs and gaps. Many of these are onesie-twosies that fill out the portfolio. Some are more complicated than others. At the bottom of the page, you'll see two areas that I think have much more room to grow. One is minimally invasive surgery. It still isn't quite as adopted as it could be within spine relative to other specialties. The other segment is motion preservation. In spine surgery, often it is a fusion that solves your pain. We believe we have two interventions, like I said, that will do it while maintaining your motion. Without fusing it, you can have a correction. Let me go a little bit further into those two because I think they're really interesting businesses. Again, we have the number one position in cervical disc and the number one position in tether, which is vertebral body tethering. In cervical disc replacement, this is an area that, you know, it's been in the market for about 10 years. We've treated over 180,000 patients. We have very good outcomes, yet the market's not fully penetrated. There's some barriers to that adoption that we'll get to, and there's plenty of competitors that are coming in there. They do get trialed, and then we successfully have been getting many of them back, which is an indication of the durability of the intervention, the durability of the device, and the long-term efficacy. Within tethering, this is an area where you can imagine a child is identified to have scoliosis, and instead of fusing it... Fusing it would fix the child's curve because it would straighten it out, but you would leave the child without mobility or largely with much less mobility, I should say. With The Tether, what we do is we put basically a cord next to the spine, and we use the growth of the child to kind of moderate the curve. When the child grows, the curve straightens out and they have all the mobility they had before without fusion. It's a relatively new procedure and we are continuing to make grounds there in terms of both payment, training, being in the right cities, with the right catchment areas and ultimately getting the best outcomes. If you're interested, there's on the Today Show, the Cleveland Clinic, which has just celebrated their 50th Tether patient, just put out a really nice video of a young lady that had her Tether, and she returned back to sports and singing. It's a really great video. They did a great job. We didn't do it, they did it themselves, and they just did a wonderful job. Such a nice ambassador, and it's so nice to see a kid get up and do what they were used to doing. It's a great business. Gives our company a lot of engagement and a lot of joy to support that type of patient. What you should be excited for, you know, again, Mobi-C's gonna be celebrating 10-year anniversary. Guys, like I said, over 180,000 patients. We need to be more focused on outcomes. By selling that, we can claim our rightful share. I know there's competitors there, but we've been pretty good at fighting them off. You look at The Tether, like I said, this is an area that we're gonna focus on the top 20, getting much deeper in the top 20 cities. We just launched in Europe, and we've had success there as well. Again, both of these products will continue to maintain our leadership with innovation and clinical. Finally, you can't talk about spine without talking about the pedicle screw platform. Our Vital pedicle screw platform is continuing to be built out. We're making it navigation compatible so that we can do more MIS. We'll also be looking at optimizing our sets and our programs for the ambulatory surgery center, which we believe what we learned from COVID. One of the things that we learned from COVID, amongst many other things, was that, you know, the hospital's a delicate place, and when there's a respiratory illness, the likelihood of your cases being pushed out is high, if you're managing pain, for example. Moving these types of procedures to a day surgery, an ambulatory surgery where possible, is a wise move, both for the caregiver and for us as a business. We'll be continuing to look at that. The other area that we looked at was margin expansion and cash flow generation. There's really three areas that you can look forward to us for the year. One is dental growth, so continued dental growth and stabilization of the spine business. We have launches that are gonna support the dental growth, and launches that are gonna happen in Europe and in Asia-Pacific. Within spine, we'll continue to build those markets, tackling the barriers to adoption that are there. Again, these are products that have bigger upside growing the market versus trying to take share back and forth from competitors. I think that's an important differentiation within our spine offering. When you look at margin expansion, probably the biggest opportunity is inventory management, better inventory management. Our systems will undoubtedly help us do that. Some discipline that we've brought in has helped that. Regarding production, vertical integration into our factories is really key. Moving to the right low-cost facilities that we own is another good move. Automation. Then eliminating some of the excess facility that we have. Finally, you know, this leads to essentially cash flow generation, which is a really, really important part of where we are at this phase of the company and what that cash does for us in terms of allowing us much greater flexibility financially. These are the areas that we're deeply focused on. I'm very excited about the opportunity ahead. As I conclude here, I'd just like to basically remind you that this is a company that is nine months old. It's positioned to expand in very good underserved markets. We think that we have the number one position in a number of categories, which is really, really valuable to us, and we can leverage that to our strength. We have a very strong dental business with a leadership position in biomaterials, digital dentistry, and premium implants. We are bringing in more and more users through training and through digital workflow. Look at that market to continue to grow. It's a nice market and we enjoy being there and our position. Within spine, like I said, we have number one market leaderships in two important categories. One, cervical disc replacement, and two being, the Tether for vertebral body tethering for pediatric scoliosis. Driving margin expansion and improving cash flow will be something that we're gonna be happy to present to you on an ongoing basis. We have a disciplined financial framework that's gonna help us get there, and it's really, like I said, an important part of where we are at this phase of the company and really what we need to demonstrate, you know, our ability as a company. The last thing which, you know, doesn't go lightly, and it's a real thank you to our team is we've really demonstrated transformation capabilities as a company. Like I said, those ERP conversions, the system conversions, separating from Zimmer Biomet, moving offices, closing offices, all of these things which will really help our health as a company. We're long, people work really long hours and often into midnight and over the weekends, they got it done and I'm really blown away by the high engagement levels within our employee base, given everything that we've been through through the years. We're really excited about that. That's a skill and an asset that I think we're gonna leverage over time to make sure that we're comfortable knowing that, you know, we have the capability to transform when tough decisions need to be made. We're decisive, we live with the consequences of our decisions. A big thank you to my team and Robbie. I'll now look for Q&A. Can we sit here? Yeah. Great. Maybe to kick it off, you didn't get the love and attention and focus under the bigger Zimmer Biomet umbrella. Now you're an independent. I think it'd be really good just to start off, you know, what was missing when you were part of the larger parent? What's the focus? You talked about some of it, but kind of what have you been able to do in the first nine months, or what have you identified as key areas to turn around and, you know, what's the report card on the first nine months? Sure. You know, we both came to the company after the spin was announced, and one of the things that happens when a company has to do this. The right thing for Zimmer Biomet to do was to focus on the areas that they said they wanted to focus. By doing that, they really de-emphasized these two businesses, so dental and spine. The likelihood of your best talent being there when you come to the organization is not there, 'cause they've typically moved to the place where the company said, we're gonna devote much more dollars to it. You miss a little bit there. The other thing is, when you're not really a focus area, you may apply dollars that you get very uniformly versus deliberately. We've been able to put in a lot of a disciplined framework in terms of how we spend each dollar, what do we do, what are the markets we go after. Frankly, we've made everybody, you know. We've got a rule that says the most prepared wins. That means, you know, we've got $10 to spend, you know, come pitch to us, and you could get all of it or you get half of it. That's been a really, really important part of it. By being independent, the other thing we're able to do is really attract great people. I'm really extraordinarily proud of the people we've been able to bring into the company. It's a new issue. It's risky because no one knows what it is. What does ZIMV mean? What's this company all about? Does spine and dental belong together? All the questions that you have to answer, but the people that have come over have been remarkably resilient, curious, smart, interesting, and come up with some really excellent ideas for us to make a better company. It's been mostly block and tackle, Robbie, right now because you know, the portfolio takes a little while, as you know, in med tech to reinvigorate it. There's a whole, you know, there's a time that you've gotta put into it before you can get there, especially some of these longer PMA-type programs that we have. That's some of the things that I think we've done well. That'll take a little bit longer, but in the interim, fixing the house so that we can be really rocking in 2024 is really what we're looking for. Your stated goal is take the top line, return it to neutral growth, and then improve it to growth, all while growing operating margin. Maybe walk us through some of the steps for. You know, you're coming from a unique situation. Normally, we'd say to companies, that's a really-. Tough. difficult thing to do. Sure. One of each other is hard, but to do both at the same time is very difficult. Sure. You're coming from a different starting point. Maybe walk us through some of the things you could do to do that and your line of sight to be able to do that. Sure. If you look at the dental business, it's a healthy business. It's growing. It's got leverage. It's, you know, we're happy with the portfolio, and we're investing in it, and they probably turned themselves around a little bit earlier. Within spine, we definitely need to refresh our portfolio. Within spine, we have a number of areas that we view as waste. Possibly lower-hanging fruit that we can save, whether it's facilities, so rent, whether it's inventory, it's purchasing. It's a number of areas that we think we can tackle, and that's why we were confident that we could actually take cost out while improving the top line. The other thing that, you know, Rich always mentions is we're funded pretty well. Zimmer Biomet funded the company pretty well. Our base spending in R&D, for example, and SG, is pretty good. It's just how do you deploy it is the key. We didn't have to ask for more money. We just had to move it into places that we thought we could get the biggest hits. You took some portfolio actions on the manufacturing side, closing some sites, reducing some sites. Do we think of more of the margin expansion coming from gross margin, or is it coming from OPEX? The first part's gonna be OPEX. Rich, you're better to. Then the second stage will be gross margin. Yeah. I think there's some low-hanging fruit as we stand up the organization in the OPEX side. You know, there's a lot of processes and procedures that we actually inherited from Zimmer Biomet when we spun that are gonna be areas we're gonna be focused to optimize. There's tightening of OPEX. As Vafa mentioned, the amount of funding that the business actually got relative to inventory, capital deployment, instrument sets was actually really robust under Zimmer Biomet. You know, to your first question, one of our observations of the company when it spun was kind of a fundamental lack of, like, organizational maturity, and that, you know, as a small fish in a large pond with no capital constraints, things were just loose. By tightening all that up and basically applying a pretty disciplined approach to how we deploy our capital, how we spend our money, how we, you know, where and how we deploy our resources, you know, there's opportunity to basically monetize the balance sheet and the infrastructure we got as spin. I think that's a good lead-in to cash flow generation. You know, you didn't report fourth quarter, but just ballpark, how has 2022 gone in terms of free cash flow generation, and where do you think you'll be able to take the business over the medium to long term? Yeah. Through the third quarter, which was our last public filing, obviously, you know, we'd accreted cash by $20 million since then. A lot of that was really by kind of applying this, this financial discipline. You know, spine used to spend about $40 million a year on instrument set. I think we spent 12 just because we are really well-funded. What you'll find is the work that we've done in 2022, particularly around inventory optimization, is we've kind of. You know, when you try to control inventory, you have to turn the tap off, right, first. When you turn the tap off, water still comes into the bucket because you've got lead time. What we did is we consumed the inventory by turning the tap off. The next layer around inventory optimization is really around changing fundamental sales and operations planning and forecasting, understanding data, right, around ERP implementations, understanding where your inventory is, how quickly it's turning, and redeploy it around the world and you should be then able to continue to optimize inventory and monetize it without actually buying additional inventory in many cases. If we look, you have two different markets you participate in, spine and dental. What are you seeing in terms of both? Spine market has been fairly challenged since COVID and has been very slow to recover. Dental, a bit faster, but a bit more out of pocket exposed potentially, with a difficult economic environment. Maybe talk to those two markets and is there any differences you're seeing U.S. versus outside U.S.? Spine procedures were slower to come back. I think that we saw hospital visits improving in Q4. That was good to see, and we started to see some normalization. Undoubtedly, like I said before, there probably is an urgency of getting spine procedures out of a hospital where possible. If you can get day surgeries out of there into an ASC center, it's probably a wise move. It will require a little bit of portfolio tweaking for anybody who wants to do that. I think it'll probably allow that business to get a little quicker. That would be where I see spine. A little bit slower than everything else, but clearly if you prioritize the hospital, it looks like, you know, that wasn't one that got front of the queue when things started to open up. Within dental, we actually haven't seen much of a hit. We were watching to see what kind of a macroeconomic impact it could have on dental, and we believe that because our implants are. They're in a premium category, we don't believe that the decisions that someone's making when they're missing a tooth is that much. In that category, I believe they're still gonna do the tooth 'cause it's far less elective than straightening or even a cleaning procedure, if either of those would be out of pocket. This one is one that we're finding to be much more resilient and stickier. How much of your spine portfolio is eligible to move to an ASC? I've always thought of spine as a very high acuity procedure that doesn't lend itself well to ASC. The more complex the case, so the bigger cases undoubtedly in the hospital. The entire pediatric scoliosis in the hospital for sure. When you look at, you know, some of the more, if you segment a little bit sharper, you could arguably put all your disc in an ASC. You could move that over. You could move one level, two levels quite simply, I think, to an ASC setting. What ef- It might have less sets, though. Okay. I think that's one of the challenges. What efforts are you doing now to move there? I don't know if you've given a number of what% of the business is in the ASC. We haven't. It's not quite where we need it to go. We think we do need to enhance our portfolio a little bit. We're working on that right now to get to a portfolio that's more eligible for an ASC or more useful for an ASC. Some of it involves streamlining the sets, optimizing the sets for an ASC. You truly, you can't carry that many sets into an ASC and expect it to be there. The other thing I think would be really useful would be a light imaging platform that would be, you know, radiation-friendly and not a huge system, not a hugely expensive system. I think something like that would lend itself really, really well to an ASC. It sounds like there's a little organic development, a little potentially inorganic development. By inorganic, I would look at, partnerships. Okay. When you spun out from Zimmer Biomet, there was the ROSA spine robot. That project has been canceled. At the time of the spin, you talked about evaluating other options- Yeah. -for surgical robotics and spine. I guess two-part question here. one, how important is spine robotics to your portfolio and any updates on progress seeking another option? Spine robot gets a lot of attention externally. However, adoption's about 3%-4%. It's very, very low adoption because it's possible that we haven't quite got to the utility level that we can. We're not seeing necessarily outcomes dramatically better with a robot. Now, imaging and navigation is vital to MIS. That's an area that we think is more interesting and more important than a robot right now at this point. And it'll fit our portfolio and where we're trying to go better. Is that something you're working on internally, externally? I mean. Externally. Okay. Yeah. Do you think you'd be more likely to acquire something or partner and integrate it? No into your platform? We would partner. We said that our number 1 goal will be to pay down debt. Mm-hmm. That's where we're focused on. Anything we do would be much more resembling a distribution deal where we'd have that product and it would pull through our consumables. Maybe speaking of debt, there's been a couple interest rate raises. You have some floating rate debt. Any thoughts on how we should think about interest expense and the trajectory of it throughout 2023 at current rates or whatever your current expectations are for rate raises going forward? Yeah. So, the pricing of the debt is actually pretty competitive. It's SOFR plus one and three-quarters. The debt is actually priced really well. Our focus around cash flow improvement and cash generation was immediately to build a certain amount of financial flexibility, right? During that financial flexibility period, what we've been doing is we've been investing our excess cash in short-term investments. As obviously SOFR has gone up, so has SOFR, the interest rates. We've been able to manage the negative carry around the debt increases to only about 150 basis point differential, which is, you know, pretty reasonable given kind of the size of the debt we have. You know, so at the end of Q3, we were 3.81x net leverage, and we're looking to get that down to kind of the 3 and a quarter range over the next, you know, 12, 16 months or so. Is that going to limit any of your investments internally? No. No. No. The like we've mentioned, the business has been very well-funded. Mm-hmm. We have enough money we can spend in R&D and selling, and we have got global infrastructure already that's in place, and so it won't hamper any of that. Another one is that I wanna talk about is currency. Since we've last heard from you, the dollar versus the Euro's Mm-hmm ...moved, I guess, favorable for US-based companies, about 10% or so, the latest I checked. Can you remind everyone how it flows through your top line and what's the impact down the bottom line for FX? Yeah. Our largest currency pairing is the Euro/dollar, and that's largely driven by the dental businesses. We talked about earlier on in the year, we had an FX headwind in the $30 million-$35 million range. As you mentioned, Robbie, that's moved to our favor now. You know, it's probably, I think, a penny movement in the Dollar/euro, I think is about $400,000 top line in revenue. When we re-guided, I think it was at parity. Then how do we think about it? How does it flow through the P&L? Is there a rule of thumb of the drop-through rate? Yeah, yeah. Good point. We're pretty naturally hedged because we have manufacturing overseas and here. It should kinda go down roughly one to one from a, from a% perspective, top to bottom. Clearly focusing on the business, driving that margin expansion, return top line growth is the number 1 priority here. You look at the portfolios, and from the outside, it looks like there's room to improve them, as you. Yeah ...you talked about. How focused are the internal developments? Let me ask it this way. Can we expect any near to midterm portfolio announcements from the internal side, and how aggressively are you looking externally to add to the portfolio? The implant business, like I said, has had several years of not launching a dental implant. They had 3 launches this year, and they continue to innovate. I'm very happy with what's happening there. On the spine side of things, look at both internal and external developments, but we're working towards kind of filling out that page that I showed and where are the gaps that we have that might cause a rep to look to something else, and how do you fill that out. The next piece that we're really laser-focused on is what is the next step for Mobi-C and what's the next step for Tether? Those engineers that developed those, created those products, invented those products, are still in our company. we're happy that they're still there and very eager to continue to keep the lead there. Look at innovation on those two areas. I think we'll be really excited to share the portfolio in far more depth. I'm looking forward to that next year, actually, to kinda coming here and showing what we've done there. Mm-hmm. I think it might be a little early for me to really call it yet. Okay. Wanna check the room, see if there are any questions. I'll keep going. When you look geographically, do you feel like you have the right mix of presence in dental and spine around the world, or are there geographies that you're gonna be focusing on to expand into? The spine market's Best market is the U.S., you know. Dental is much more of a normal kind of a global company with a distribution of, like, say, 60/40. From there, when you go internationally, you look at the normal countries where you would expect to see a lot of volume like Japan, Spain, France. Those are the strong ones. Some of these markets are actually very under-penetrated. Those are areas where, for example, in dental, we would be focused on, dental and spine, we would both be focused on. There are countries that you should have larger share. They should have the right demographics, the right payer. For whatever reason, we aren't strong there, and that's where we're kinda going in. When we're going in there, we're leveraging our newest technology to kinda carve in there. Tether, for example, has had some very recent success in Europe, because it's differentiated, it's unique, and same goes for Mobi-C, actually. Great. Well, I'm about out of questions. Thank you. I think we could end it there. Thanks, everyone, and thank you so much for joining. Thank you. Thanks, Robbie.