Thanks, guys. Please have a seat. We're actually gonna do another virtual presentation, and we're joined by ZimVie. Today, representing the company, we have Vafa Jamali, CEO, and also Rich Heppenstall, Chief Financial Officer. A lot's going on at the company since we had them here last year. The spine business has been sold, so the focus is on dental. I remember meeting with these guys back at IDS, and they were one of many companies that said they were gonna hold their own and gain share in the dental implant market, but they've executed really well and done so. So look forward to hearing more about the story. Again, a dental pure-play sets them up for many years to come at Jaws and Paws. I'm gonna turn it over to the management team, who will go through a presentation for a bit, and hopefully save some time at the end for Q&A. Over to you guys. Thanks very much. Just testing the audio here. Appreciate it. Still the best-named conference there is, so hats off to you guys. And happy that we can actually participate fully on the jaw side of things. Okay, so my video is- We still got the audio. Okay. So, really, what did we do over the last few months? You know, we converted ourselves into a global dental pure-play. We have a powerful market-leading portfolio. We've got premium implants, restorative implant solutions, biomaterials, and digital dentistry technology, which I'll spend a little bit more time talking about. We lead with differentiated solutions, and we continue to invest in innovation. Overall, our goal is to lead with greater adoption of dental implants through training, education, and this digital workflow that I'll talk a little bit more about. We do this because we think this is a really good market for a long time to come. In the U.S., there's about 8 million U.S. patients seeking treatment for tooth loss annually, and only about 25% receive a tooth replacement. So this sets itself well. First of all, understanding what are the barriers to adoption, and then if you can address those properly, segment your customers properly, you don't run into a lot of the concerns over the long term that you might if you miss some of that proper segmentation and market adoption story. So as I look at you know, what are we looking at doing for value creation now as this pure-play company? You know, as you said, Jon, we completed the sale of Spine in 2024, and that really allowed us to pay down a lot of debt. At the inception of the company, the question was: Why spine and dental? And then, why so much debt? And we really... You know, when you get spun, you don't have a lot of control over these things. What you have control over is your destiny post that, and that's frankly what we did. We sold the spine business, and we paid down $275 million of debt, which puts us in a really good position in terms of the balance sheet. So we're really, really happy about that. And then what have you done for me lately? We we've looked at really And Vafa, I'm sorry. I'm just gonna jump in there for one second. I'm just trying to figure out if it's on our end or your end in terms of the slides coming up. If you don't mind, I'm sorry to cut you off there. That's fine. Anything, you guys, on our end that we need to do, or is it just sharing the screen on the other side? I think we're getting some incoming. Can you share the screen on your side, and that might allow us to see the slides. It tells me that I'm sharing my screen. Okay. If not, no issues. We'll just plow forward. I just wanted to see if we could right-size that. Sorry to cut you off. Please, go right ahead. No, I'm sorry. So are you not able to see our, our screen? We're not seeing the... We see you guys. We don't see the slides right now. And now we see all of us, which is probably the last thing we wanna see, but. Okay, let's plow forward. All good. All right. I'll make it more conversational. The slides aren't that terrific anyway. So really what we're doing now is we're looking at reducing expenses and improving our margin profile. So where we looked at there as not in commercial and not in R&D, but instead, we have corporate overhead that we can reduce, we have IT costs that we can reduce, and we have legal costs that we can reduce following the sale of Spine. And then over the midterm, we have operational opportunities with respect to automation, and I think that's a big program for us to start digging into and executing on. And then, like I said, the real goal here, the real thesis of this corporation is accelerating implant adoption and growth. We think we can do that with improving workflow and the economics of implant digital dentistry. So we think that there's via digital products, we can improve the economics of the site to perform more implants. And I think that's something that we've caught on to that really takes us out of the conversation of how expensive is your implant and gets us into a much broader, bigger economic story, which allows us to hold our own in the premium category. And then we also do this with supporting industry-leading education and training programs to drive, again, minimally invasive implant dentistry. So this is an important part. Many of our customers want it. We do a good job of bringing people into our different training facilities, and then they leave as ambassadors of the brand, and they go and do more and more implants within their markets. Our portfolio, again, this doesn't have slides, so I'm just gonna go through it verbally as much as possible. So dental implants is one, of course. Our key products are the implants that we sell, TSX and T3 PRO. The good news is, on this, is that these are also recent launches. So for them to be relatively recent launches, they're these are our newest implants, and then occupy you know, the top position within our brands and our sales is really, really important. That means we've launched well, we've generated a lot of value, we've we've basically shown a lot of value to the customers, so they've been able to purchase a more expensive implant that drives a whole lot more value for their practice. So we're really, really proud of that, and again, that's a really important part of the portfolio. Supporting dental implants are biomaterials, and the real, you know, the big piece here is Puros, which is our brand. It's a branded biomaterial bone block that has about number two market share, we believe. And that's a very, very sticky procedure as a product. And recently, we launched a couple of what we would call more value biomaterials. And we did this because we segment the customers that buy Puros, which is a premium product, and then the customer that doesn't have that designation, and they prefer to buy value. And this has helped us go into non-Puros accounts and really put together better strategic programs for their purchasing requests. And actually, we've grown that value segment quite a bit without touching the Puros line. So that's been a really good launch for us, and that's a place for us to think we can drop some price but not impact the implant price. And then finally, we look at digital dentistry, which I'll spend a little bit of time talking about, but I wanna leave a lot of time for Q&A, especially now. But really what we look at here is we've got a portfolio which includes something called our RealGUIDE software. This is a cloud-based software program that really provides surgical guides. And then we have a whole bunch of supporting materials around there, including a complete concierge service called Implant Concierge. Both of these programs are open programs, so we can have competitors, actually, competitive accounts accessing that, which again gives us a lot of data, a lot of value, and I'll share why I think that's really important. But again, if we believe that implant adoption is low, and it can be accelerated with implementation of digital dentistry, and the economics of the practice can significantly be improved, then this is a real good area for us to continue to invest in. A little bit more detail on these end-to-end solutions. Specifically, I'm talking about Implant Concierge and RealGUIDE. So here we think that... We believe that we have the largest database of surgical guides that exists. Because of that, we have the capabilities of generating a lot of surgical planning through AI. So again, AI is typically used on these conference calls to be something, but I'm really what AI requires is validated database, and we have that in spades. So our validated database allows us, right now, to provide, probably take away three hours of technician's time and convert that into 12 minutes on a processor. And again, that's really important. We're getting a lot of that business out there, but that three hours' time and cost is basically done, computerized. And what we're able to do is do automated bone segmentation. A lot of the pieces that are difficult, that are, probably a little bit, in some cases, might be a little bit scary, we can do that very, very well and very quickly have the patient with a plan, ahead of them. So we think that, again, there, there's a lot of conversation around what, what do you do in a, in a tight, market, where the-- where, there, there might be a, a, a kind of a move to value. We think that we've been able to segment our customers really, really well, stay within our category, and that's how we've been able to hold our own, not get into these price battles that happen, but at the same time, dramatically improve the benefits that the customer experiences that purchases through us. So this is our fastest-growing line. We think, we believe it'll continue. RealGUIDE is growing well into the double digits, as is Implant Concierge. So these are, to me, these would be leading indicators that this market, when it rebounds, it will be a much faster-growing market. Because, again, this is new customers coming over, they're doing the programs, and they're generating a lot of efficiencies within their offices and their practices. So we're really, really happy with our investment here, and we think that this is the real one of the real, real pieces that, combined with brand-new implants, that really differentiates us. Kinda moving to financials. You know, in Q1, we did about $118.2 million of revenues. Adjusted EBITDA was $12.5 million, and adjusted earnings per share was $0.08. For 2024, we've guided to between $450 million and $460 million. Our adjusted EBITDA is $60 million-$65 million, and we're guiding to an adjusted EPS of $0.55-$0.70. Again, to do this, we think we've got a good portfolio. We think that we're doing really well with customers, gaining new customers. We are not dramatically reducing price. There is some price consolidation when DSOs consolidate, there is some price concessions, of course, but it's not drastic. And at the same time, we're reducing expenses to improve our profit margin. So we're feeling like we're in right place. We are not hanging on to a lot of debt. Again, all the obstacles and objections we probably had a year ago, we've put to rest, and now we're sitting with a really, really nice, well, portfolio that's well-oiled right now.... You know, to kind of conclude, I mean, what we're looking at is, again, recently we transformed ourselves to a pure-play dental business. We launched our TSX in our second biggest market of Japan. We continue to do RealGUIDE software updates. This is the guided surgery update that I'm really bullish on. We continue to do those upgrades. We're up to version 5.4 now, which is terrific in such a short period of time. Current priorities are, again, reducing some of these stranded costs, which happen after you spend or sell a segment off or spend it, whichever you wanna call it. We've got some great opportunities with manufacturing and supply chain that we can optimize. We're really thinking that we're positioning ourselves for sustainable growth over the long run. In the future, we think that we can drive adoption, which I think is the biggest part of the market, which there is some share gain, of course, but driving adoption of that 25% is really, really critical. We think the economics of the practice can be greatly improved with our digital platform, which doesn't require a capital investment. It's basically a per-click, kind of a feature, which is, which is great. And we have a couple of geographies that we think we can address, that are suitable to our segmented customer base, that we aren't in, and we're making progress in there as well. So that's it. I wanted to leave more time, Jon, for for Q&A with you. So I'll stop sharing the unshareable slides, and we'll take it from there. All good. No, that, that was great. Thanks for the overview, and let's just jump right into questions, as you mentioned. You know, look, you obviously see a big opportunity in dental, right? You sold Spine, dental is now the company's sole focus. I think going back and, you know, following the company a little bit from afar, you've actually laid out there's the actual implant, there's the biomaterials, there's the digital dentistry, when you sort of break down the market. Can you just give us approximate long-term growth rates that are associated with each of those? And then, where do you feel you guys are best positioned to capture share if we break it down between those three sort of subsegments? Right. So, biomaterials and implants should be in the low mid-single digits over the longer term. Again, that's until you really pick up the... We think we can, we think we can do better than market there, but that's gonna be the market kind of growth rate there. And then digital is very underpenetrated. So if 25% of procedures that require an intervention, only 25% get an implant. Of the 25% that get an implant, only about one in five are using a guided surgery, right? So, that is very underpenetrated, and those that use guided surgery do many multiple times more implants than those that don't. Again, this is both good for us and good for the economics of that plan because they're spending 15 minutes—they're spending a very, very short amount of time with the patient, where they would have all that chair time in the past. So that growth rate is to be determined, but right now, it's over 30%. Wow! is the growth rate there. Okay. And in terms of competitively, how you're positioned between those three, I mean, you talked about it seemed like a high level of differentiation, maybe down the digital side. Do you think you're best positioned to gain the most share in that particular segment, which, you know, is growing multiples faster than the other two that you alluded to? Yeah. I think the digital is very differentiated because, again, we've addressed the economics of the practice. We don't require capital, so we do it all cloud-based, which is money in the pocket of the practice. So that's really important. And then we've combined it with the new implants, which have, you know, durability and stability right off the bat, which I think is, you know, it's an aggressive design. It's done really well. You know, in most of my career, if you could get that much share, upon, you know, one year of a launch, you've done a pretty good launch, and those are real leaders for us now. So I think the implants are in the premium segment category, very differentiated now. And most of the fighting has been in the very, very low price implant area, so we've been able to hold on there, and we've been able to drive a lot of value by new implant, the digital, which I said is differentiated, and then the training capabilities that we have in bringing people in and sending them back really works well for specialists, and it also really works well with the DSO market. That, that again, is a really, really big market. So let's go right into that. It's funny, I had a question for later, but I'll sort of pull it forward in my mind. You guys have mentioned good success with the DSO market. I think for me, it's a little counterintuitive. I cover companies such as Dentsply Sirona and Envista that have very broad portfolios, which seem well-situated to offer that broad portfolio to a DSO, and really, leverage that broad portfolio of the implant traction. You've got a narrower portfolio, maybe more of a focus, and again, you're winning with the DSO. So, you know, what's the approach that's leading to success? Is it that the digital component that you just mentioned, and why would it be hard for them to replicate and try to fight back when we think about their positioning with DSOs longer term? Right. So the DSO has a couple of goals. So first, you know, I think you're kind of referring to the concept of bundling, right? Like, like- Yep. Would they not be able to bundle more? So having had worked at the largest med tech companies, two of the largest ones in my career, we would go to the bundling when we were running out of ideas, and the problem there was you had to discount everything unless there was a single player out there that wasn't that was overly priced, and you were able to make greater margin there. So bundling doesn't always work if there are competitors out there selling, you know, individually, for example. So I think you could buy all the things you want at a competitive price if you wanted to. But the piece that helps us the most is that the DSO would like to get more value out of their constituents. So they would like to see more implants done than any other procedure, because, again, that's a profit driver for them. So if you think about some of these procedures, which can get into the $20,000 or higher range, if you really kind of pull out the cost of materials, it's really de minimis. It's not something that would really make a difference if you shave 10%, 15% off of it. But if you can do those procedures, you're driving a whole lot of value. So what we typically see with the DSOs is we are told that we are not the cheapest, we are always told that. And then they're saying, "Can you train our team?" And then we do, and then we generate implant sales. So that works really, really well, and I think, again, this concept of the practice economics is really, really vital here. All of us who have sold into hospitals always had a hard time understanding, how could I convince you that this was the case? But in dental, because the office is typically run by the person with the economic benefit, and is also the practitioner, we can have those conversations, and once they agree to that, then you all of a sudden have a great profit motive for them as well. You know, that was great. I mean, I guess maybe to put in my own words that, you know, you're dealing with DSOs and sophisticated entities that realize, "Hey, we're probably a lot better off doing another $15,000-$20,000 full arch procedure than trying to strip out X% of material costs that are only Y% of the overall, and get some nominal savings there." And you have the tools at your disposal at ZimVie to train them and bring them up to speed, and then you also have a new implant portfolio behind it and leverage that, and are seeing good traction with those entities. Is that sort of a good takeaway? That's absolutely it. I mean, that's absolutely it, and again, it sounds easier than it is because, again, like I said, it's only about the adoption isn't quite there yet. But I do believe that when we do have the chance to have those conversations and the light goes off, we are very successful. So that's just a matter of time and working them all, but I do think that's exactly the way I see it. Okay, maybe one more sort of, you know, strategy or market share related and Rich, then maybe I'll try to move to a couple more P&L focus. But you sell spine, you're focused on implants. Implants is at, you know, and we've heard about an $8 billion implant market. It's got, you know, a huge segment of the market that is under-penetrated, right? So hopefully, long-term growth rates are healthy. But you have said low- to mid-single-digit in two of those areas, right? In the biomaterials and the implants. Was the thought here, sell spine, focus on implant, move into adjacencies of dental over time? Or is the thought, sell spine, focus on implant, and keep very focused, and we feel like that's the winning strategy and no need to move into the adjacencies? So adjacencies are great if they're not dilutive. But if all of a sudden you went into some procedure that was being done in the mouth, that is not related to your customer or your product line, then it is frankly no more accretive than buying a spine business, because all of the costs associated with it. And then you also have to decide on, do you wanna be the number tenth player into a particularly new segment that's the flavor of the day? So for us, we think that we can beat that mid-single digit growth rate, market rate, by focusing on adoption. And again, if I think 25% of that market's adopted, and that 75% opportunity out there is not so price sensitive, they might be more, "Can I do the procedure? Can I drive economics in my practice? Can I learn how to do it, and do I have really great outcomes?" That's probably where you see us spending more of our time. So think about us looking at procedures that could radically change full arch, or software and procedures that could help with the full arch procedure, right? Again, if the $25,000 is only a fraction of its material, and if I can save a whole bunch of costs there, then potentially I can disrupt that market. So look at us going more procedure-based than actual product adjacencies that really, really have to be adjacency for it to be accretive for us. Otherwise, it's very dilutive to a company our size. Okay. Does that appropriately answer-- Did I get to the answer of your, your- Yep. No, you certainly did. You certainly did. I'm gonna pivot, and I might go more to the P&L and then come back to the market. You know, Rich, to pull you in a little bit, just talk to us near term, right? You unload a big asset, you're gonna have stranded costs, you've got to sort of like normalize the entity. Maybe if you could walk us through the timing. I know you've been down that road, but maybe just bring us up to speed there. And then more importantly, longer term, how do we think about the margin structure for ZimVie, right? And I'll go back to some of the companies I cover. You've seen EBITDA margins. I think off the top of my head, you know, they're high teens for some of those companies. But then you've got pure play implant provider, Straumann, right? I mean, considerable more scale, but certainly north of the 20s and higher. So how do we walk that back in terms of what it means for ZimVie when we look out a number of years? Yeah, sure. Yeah, thanks, Jon, for the question. So over the shorter term, with the sale of spine, obviously, we have to rightsize the organization, and we made a number of strides in the first quarter before the spine business was finally sold to take out costs. And we actually over exceeded our expectations in the first quarter. What we're looking at from the first quarter, where we put up 10.5% EBITDA margin, is we're fully committed to achieving 15%+ EBITDA margins, you know, after the first quarter of 2025. And, you know, and that's gonna come from a couple of different areas over the short term. The first one is we have our volume manufacturing facility is in Valencia, Spain, and that is less expensive than our flagship facility, which is in, which is in South Florida. And we're in the process of moving production from Palm Beach Gardens to Valencia, Spain, in order to drive, you know, manufacturing cost reductions through Valencia and turning, you know, turning Palm Beach Gardens into, you know, a focus factory around, you know, R&D and our flagship, and then Valencia is the higher volume manufacturing. The other side to that equation, of course, is around expense management and expense reduction. You know, we kind of operated in a holding company after we spun out from Zimmer Biomet with the spine business and the dental business and a corporate overlay. And now that we're gonna be pure-play dental, there's a great opportunity for us to collapse those organizations together. And so we fully have clear line of sight to the 15%+ EBITDA margins that we've talked about, externally. When you look at it, more long term, you know, you're exactly right. You know, Envista used to be 20%, you know, they're a little bit lower now. You know, Dentsply, roughly the same. You know, we feel as though we don't have the capital equipment, you know, overlay that they do, so... And you mentioned Straumann, and we really look at Straumann, even though they have higher scale than we do, as really kind of our benchmark. And so there's a lot of opportunity we have to automate manufacturing, you know, drive production around our facilities and really, you know, focus on where we have the right to win and where we can be successful. And so, you know, we think that, you know, our business should be 20%+ EBITDA margins, you know, over the medium term, which we're defining as kind of the next 3-4 years. And then, of course, that timeline can be accelerated, you know, as end user markets become stronger. And, you know, because we have a direct, a global—basically a global direct sales force, we have most of our own manufacturing. And so we drop over 50% of incremental sales to the bottom line due to favorable operating leverage profile for us, and so that should be able to further accelerate that pathway to 20% plus. That's a great caller and probably a good segue to my last question. You mentioned, you know, in greater detail if the market accelerates or comes back, and we've heard a lot of different commentary here for the past two days. Vafa, any lay of the land, you know, that you're seeing? I think you guys obviously broadly compete in the market, but you have a premium implant portfolio. You might be a little bit more overexposed to full arch relative to some of your competitors. What are you seeing there? Any thawing, any improvement around the edges, yes or no, in terms of end market demand? Yeah, I think there are a couple of dynamics that happened over the last, let's say, six months, that were difficult. One was, you know, there was end-user demand that was kind of slowing down, and then there was a bit of a race to the bottom at some of these full-arch centers that, again, we're not participating in. But that was both price and volume getting down. So that was bad for the market. I see us getting better. I feel like things are getting better right now at the end user. We aren't really looking for a dramatic increase to kinda meet our guidance. But I do think that, again, we've experienced maybe a 1.1% price decline, largely on the back of just good DSO deals that we've done, so not a significant one. Volume is sort of stabilized. Again, this is, Jon, this is all related to the U.S. market, right? Got it. We've had a pretty good run in Europe. So, the U.S. market, we feel like it's getting better. There's a lot of confidence at the sales force level. It's just that it's not so visible when, you know, that you haven't lost your customer, but if the customer did 10, they're now doing nine. It's not so evident until you get your, you know, the invoice back or whatever, however you wanna characterize that. So I do think it's getting a bit better right now, into this quarter, but again, not enough to say we're through it. But, you know, if I was gonna you know, I do think that we went through a pretty tough last six months, and I think that we're through the worst of it. Okay, that's great. That's a great way to end. Guys, we've got to stop there, but I really appreciate you joining and taking the time, and look forward to continuing the communication and chatting soon. Thank you. Thanks for accommodating us, Jon. Appreciate it very much.