Good morning. Thanks for joining us again at the 20-bit annual Needham Healthcare Conference. I'm Mike Mattson, and I lead the MedTech and Diagnostics Equity Research Team at Needham and Company. I'm pleased to introduce NGR Dynamics. Presenting from NGR Dynamics today, we have CEO Jim Clemmer. He's going to give a presentation on the company, and then we should have some time for questions at the end. If you do have any questions you'd like to ask, you can submit them electronically through the conference website, or feel free to email them to me at mmadson at meetumco.com, and I'll do my best to fit them in. So with that, I'll turn things over to Jim, and then I'll come back on to facilitate Q&A, Dan. Thanks, Jim. Great. Thank you, Mike,

and thank you for the invitation to join today. We appreciate the invitation to your conference. So folks, thanks for joining us today. Let me start off by reminding everybody as intelligent investors to check through what you'll hear today. We'll do our job in giving you the best view we can to our ideas, our strategies, our plans, and our projections. But as you know, there's no guarantee that we can deliver everything we say here today. So do your work. Make sure you do good research as an investor and make sure you know who you're investing in. And we'll stand proud with the record we have, but please do your work on your investments. So folks, let me talk to you about angel dynamics. And we're really proud of the journey we've gone on. A lot of companies talk about transforming or the need for transformation? Well, we've done it successfully. So about five or six years ago, we set off on this journey to change our company. Historically, we're proud of where we've been, but where we've been won't be where we should be in the future. So we decided to change that. We made three divestitures of categories of products or areas that we thought were commoditized, becoming more commoditized, or spots that we couldn't win in long term for our shareholders. We changed our company. So you see on the left-hand side, what we did was a few divestitures. We accelerated innovation internally with our R&D team, and we made sure that our balance sheet is strong. Today, we're sitting here as a company with no debt on our books, significant cash position, a revolver if needed, but the ability to do what we want to do on our terms. You look at the bottom left too. While doing this, we actually performed really well. We report our numbers in two operating segments. And the one we talk the most about is our med tech segment. That's our future. That's our growth engine for years to come. And oh, by the way, while we've done this, we've actually grown it at a 25% CAGR while trying to get us on label in some areas, getting global indications and expansion work done. We've delivered on growth. So from this point on, going forward, what you'll see from us on the right hand And part of the slide shows we're going to continue to invest in our products, our portfolio, market expansion, global opportunities, and our commercial teams to support the use of our products around the world. There's more opportunity for today in the current pipeline we have in expanding the TAMs and the weighted average market growth rates in the TAMs we play in to create really compelling, exciting investment opportunities. And some of that we've seen. You're going to see our products in a moment. You'll see we compete with companies, some of whom have been bought for really high multiples. So the market is kind of responding to the areas we're in and showing that these are valuable areas. So we've changed this company, done a lot of hard work. We're still going to go through some work, but we've done a lot of work to make this company far more valuable than we think it is today. So here's how we're structured today. We look at the two disease states we've chosen to focus on, the two leading causes of mortality globally, cardiovascular disease and cancer. So that's the left side and the right side of the slide. Top to bottom, you'll see our two reportable segments, our med tech segment on the top, showing you the spots and the areas we play in. On the bottom, our med device, our more historical products. They still provide us with cash and EBITDA. They've helped fund this transformation. We don't invest a lot of things into that area, and our team is really good who runs it so they can operate with really high efficiency levels and give us a stable foundation as we work on growing the top part. But this really gives you kind of a nice little snapshot to look at how we run the company, how we report our numbers. So let me jump in to share with you what we're doing in our cardiovascular arterial business. Treating peripheral arterial disease is our goal. Well, we entered this market September of 2020 after making an acquisition in 2019 to buy what is today the Arian system. The Arian system really entered the market as the sixth player to treat this disease in this manner. We were really confident in how the device worked and how we thought we could take share and disrupt this category. Five years later, we did, and we are disrupting the category. The product uses laser energy to disrupt the calcification of plaque inside the diseased artery, enabling the artery to open up and for blood to flow safely and effectively. It can also treat instant restenosis. About 10% of the treatments we do are treating ISR. That's a really big problem. So it's safe. The laser is powerful, can work above and below the knee, hard calcification, hard plaque, or soft. And it can treat way down to the foot, really tiny, small, diseased arteries that are hard to access with other products. That's why we've grown. So today, we've gone from the sixth entrant to the three, share position. We'll continue to take share in this marketplace. We're taking share from each of the other five players here because the product is that much better, can treat safely and effectively, and can also be supported by a really great team we built. So we've also learned how to create a startup within this older operating company and have done really, really well. So proud of what Arian has done. Proud of what it can do in the future. We've got a CE mark now and our team overseas is working globally to expand the use of Arion. And over time, we think we can treat the coronary arterial market, which is even larger than PAD, with this same safe, effective device. It's a really great business. It's really the foundation of our cardiovascular business going forward. When we look at what we define as cardiovascular, we treat our diseased arteries and venous disease as well, arteries and veins, keeping blood flowing healthy to and from the heart. On the venous side, many folks are familiar with the venous thromboembolism opportunity, VTE, which is the combination of DVT and PE, pulmonary embolism. Sorry, it's a lot of acronyms to throw out there. But in the last five or six years, a lot of investors have become comfortable with looking at how large that PE market may be now that companies like ours have decided to offer really safe and effective treatments to use as what we think should be a first-line tool to treat PE instead of the historical treatment of using drugs or lytics. We think this market is only about 20 percent penetrated today by the likes of Linari, Penumbra, and Angiodynamics in this space. So each of the three of us will compete amongst each other about who's got the best device, but we'll also grow this market. It's why investors are really watching this space, because we think the TAM expansion is dynamic, and the opportunity for all of us to win here as we grow this market is large. We think we have the best product. We're the smallest of those three companies, but we've done the best job, I think, in developing a really great device. If you look to the right side of my slide, you'll see the foundation device, the angiovac device we've had on the market for about 10 years, really well known by cardiovascular surgeons around the globe. It's used in very kind of high profile cases. It uses simultaneous reinfusion circuit in the hospital to safely extract clot or diseased vegetation in the body, in the heart, around the heart, and also re-infuse the blood back in the body during these complex procedures. It's a really amazing product. We're going to work to expand that TAM over time into other areas to grow that market that we really control with this unique product. But what we learned about six or seven years ago, when doctors started to get familiar with Anari, who did a good job with their device in getting this innovative device to be used for PE treatment, Doctors said, hey, we love your large bore catheter, love the Vortex funnel tip. Can you give us a purpose-built handle that we can control the aspiration, steer it, and get it to where we want to do, kind of like Inari did, but maybe better? And I think we did. So Alphavac, son of AngioVac, is our PE device. Alphavac has that big, large funnel tip to pull mass clot burden out. And we gave the doctors what they asked for, a really powerful device on the other end. they can control aspiration. They have a lot of skill and talent. We gave them a tool to use it, to extract more clot in a safe and effective manner, do it more efficiently. That's what AlphaVac does. If you look at the middle of the slide and the bottom, we're kind of really proud of what we do every day. This is an actual case result. That amount of clot was pulled out during a PE procedure. It's amazing. Hopefully that that person made it to the ER, made it to the table, and we treated them and able to get up and go home afterwards. That's why this category is important to us and as you've seen others by the acquisitions made in this space. The APEX trial is what we used to get our product on label for PE. The APEX trial mimics what the other two companies did before us, so it follows the predicate pathway that was established. What we did was we beat them, showing the effective design elements we put into Alphavac actually work in the real world. We pull out more clot, as you see in the light blue bar in the bottom. We do it faster, and the safety and efficacy were proven through APEX. So we had to be better. We're third in, and we're the smallest of the three companies. We've got a really great special device here. We'll focus on utilizing how it works, convince more doctors to pick it up and try it, and we think we'll expand our piece of this really large market. You've seen that already in our results. We're growing this market and growing our share in this market. Again, we think the cardiovascular market is a really compelling market. We're a major player with these three devices, Ariane, Angiovac, and Alphavac. They're winning today, and they've got a long runway in the future for other future expansion. The other category I mentioned earlier was oncology, and we really look at our NanoKnife device to be an ideal way to treat men with intermediate-risk prostate cancer. about 40 to 50 percent of the men identified every year with some level of prostate cancer fall into what's called an intermediate risk would be a gleason seven score if you talk to a urologist a lot of times today those men either get told you've got to get the cancer out of your body and usually need a radical prostatectomy which has two side effects that are really undesirable for that patient or they're told go home and wait we'll watch it and see what happens And people thought focal therapy, keeping the prostate in the body and treating it with another way to treat the disease was a good way to do it. And they're actually right. But we don't think a great focal device has really entered the market until now. We received our FDA clearance just over a year ago, December of 24. And we got a CPT1 code that went live just over three months ago, January 1 this year. So today we're in this market now. The NanoKnife design works really, really in an unique manner, deliver electrical pulses of energy safely to that diseased tissue, creating nano-sized particle holes in the tissue, letting that tumor die naturally in the body so we don't affect or disrupt the other functions of the prostate or the organs around the prostate. So we can treat the prostate, and the man can go home, and he can recover, and he's not going to have incontinence or impotence at the rate you get in other treatment options. This is a really large market. We're really excited by this. We're seeing our sales grow sequentially quarter over quarter, month after month. We think they'll do that for years to come as more and more urologists get knowledge about this device, get trained on it and start to use it. And more men, my age and a lot of our ages, learn about this new option they have to be treated in a safe and effective manner. So we're really excited by what can happen in this market. It's nearly a billion-dollar U.S. TAM and over $2 billion global TAM to treat men in this manner. Over time, again, we had to prove it was safe and effective to get on label, and we did. The PRESERVE study was done. It wasn't an accident. The study was called PRESERVE. Another unique element of nanolife is when it's used in a situation like this, we actually preserve the body, preserve the functions of the body. We don't cause more incontinence or impotence than men have in a normal aging process. That's unique to our device. We also preserve other opportunities to treat later in life. If a man maybe goes up the scale or gets reincurrence, we preserve the opportunity for other treatment options. Not every other device does. So Nanolife is unique. The facts show that. The data supports it. We have a unique opportunity to grow in this important market for us. So now our largest challenge is getting more urologists knowledgeable about this product, getting them trained in the device, getting them to try it into their practice and to use it, and also getting the men who are just diagnosed to understand this new option. So we're going to work on those market development and educational aspects of our opportunity over time. You see we've already been identified by time in 2025 as one of the top interventions, inventions of the year. And we've done some co-marketing with AARP, and you'll see us in other areas, aggressive social media campaigns, spreading awareness and education. Nanolife is an important device for us. Each of the three devices I talked about are creative to our corporate gross margins. So as we grow these devices at a higher rate over the next three to five years, we're also going to be pulling our gross margins up, giving us opportunity to reinvest in the future and make our company more profitable along that journey. When we reinvest, we've got a really compelling pipeline. The three products I talked about today are winning today in the market. If you saw the results we just posted, you'll see them again in a minute, we're winning. But we want to make sure we have a runway to win for a long time, and we do. So here's a little snapshot into our pipeline. It's not everything we have, but it's a snapshot for you to see what we can do with this current portfolio. These are platform devices. These platforms offer opportunity for TAM expansion into the three markets I've just talked to you about, or markets really closely adjacent to the markets we compete in today. To give you an example, look at the bottom of the slide, the NanoLife slide. It shows the prostate cancer TAM in the first purple line you see there. and right below it is the BPH opportunity, much larger opportunity. Well, a few years ago, we weren't even sure that that was an opportunity. Now that we've treated thousands of men with this device, we're hearing afterwards from the urologist, hey guys, by the way, we controlled their cancer. They have the limited side effects. We've also controlled their BPH. You guys have something here that's unique. So we're now seeing what we can do to explore that end of the market to become another option for men with BPH disease, as we know, a much larger opportunity. So one example of what we have here across the board with our pipelines, expanding opportunities, growing the TAMs we're playing today, creating more opportunity for our company. So we think investing in our own technologies is a good use of our cash and capital that we'll raise over the next number of years as we grow to fund these opportunities. We know the products. We know the spaces. So we think we take a lot of the risk out of it because we're not going to buy someone else's device. We don't need to, you know, do something different to grow the markets we compete in. We can play with our devices that we know already. So over time, we've got a really compelling company, we believe here, going through a transformation. We're still going to work to make it better. But look at what we've just reported. Our company has a unique June 1 fiscal year start each year. So February 28th was the end of our operating Q3. We just announced those results about a week and a half ago, and the market didn't respond that well. We'll talk about that in a few minutes later with Mike. But look at what we did. We hit or beat what people were looking for. We've raised guidance for the third time this year. We grew our MedTech segment at nearly 20%. Our MedDevice segment is growing above flat, which is a win for us. And we're winning in the categories I just talked about, winning today, because our products are that good. Our teams are really strong. and the market opportunity is ripe. It's there. So we'll continue to execute on the plan we have, which is growing these products in these markets. When we do so, the growth we throw off does drop through better gross margin through our P&L, giving us more operating leverage, creating more opportunity for us to reinvest the cash we generate or drop it to the bottom line so investors can see a company that will grow top line and bottom line for years to come. the outlook we gave we even raised guidance we've got a really compelling company early on in the slide I showed you a five-year CAGR of our medtech products growing at a high rate well years ago we started this journey our medtech segment was less than 20 percent of our overall revenue it's now nearly 50 percent we may pass that 50 percent next year become the larger of our two operating segments, and it'll grow way beyond in the future. So we've really changed this company. We've made sure that we have the technologies to compete in markets that are attractive, not just clinically, but for investors. Investors have shown that and supported that by some of the prices that they've invested in other companies, some of the valuation levels, and even some of the trading that's happened with strategics, buying some of the assets like ours for really high multiples. So we think we did a good job putting our company in a place that we can thrive and grow for years to come and give investors the returns they expect and deserve. So as I sit here today, I'll kind of look back on what we've done. There's really a nice little scorecard here showing we've done the things that matter in our marketplace. If you talk to our customers, we're delivering on their expectations, giving them innovative, unique devices that treat these three disease standpoints in unique manners, that creates an opportunity for us to grow our sales, compete with really big companies that have clout and power or really small, fast ones that aren't disciplined but work really hard to grow their sales. We can win in both of those categories because our products are that compelling and that good. We also have a pathway to our future. Keep investing in commercial expansion, in our strong clinical teams, and the R&D process that we have to expand the teams we're in. We think Angiodynamics is set up well for today and for tomorrow. We'll do our job to make sure that each of you as investors have an opportunity to look at a company like us, we hope offers a compelling opportunity. Thanks for joining. And Mike,

turn it back to you. Yeah, thanks, Jim. So I do have a few questions here. I guess, you know, starting with Orion, maybe you could talk about kind of, I assume it's just peripheral now. So, you know, what's the mix of kind of above the knee and below the knee use? And then, And, you know, I haven't paid a lot of attention to the atherectomy market lately. So, you know, how is that market looking kind of in the peripheral category with the, you know, introduction of, you know, IVL a few years ago into that area?

Yeah. So, Mike, Arion works, the unique way it works. Because we can treat instant restenosis, we're finding from our customers about 10% of our actual procedures are ISR. will the treat that that occluded stent first so if i take those out then you look at above the knee and below the knee it's about 50 50 which is really really good for us and unique whereas the other there's only one other laser-based product that's been in the market for a while it really is more effective above the knee so at first we had to get customers used to the fact that no we have a laser that works in the full leg we can do the hardest calcification below the knee and now that they've seen that they see how safe and effective it is we're getting that really nice mix of above and below the knee about 50 50 from there because it can do the hard plaque and calcification uh there as well we've also learned we've seen studies being done by investigators or by uh some of our customers that there's an ivl like effect or someone told us you guys have a shockwave like effect we use light energy instead of audio energy but we're able to crack that medial calcification and offer a new flexibility back to that diseased artery in a manner like IVL does. So it was on my slide two slides ago, we have an investigation process to see how we can enter that market over time. Today, we know the product works. We've got to find the right commercial opportunity to expand the market there. But Mike, Ariane is a really unique product based on the science that it sits in. The unique laser profile it has gives us the opportunity to win in this large market. Okay, got it.

And then just, you know, another thing in the slides mentioned was you're looking at taking it into coronary as well. So do you have any plans to run a trial there and what would that trial look like for coronary?

Yeah, so we've gotten really good feedback. We had a study run in Europe about a year and a half ago where in Italy they ran a study sponsored by the Ministry of Health to support the use to show that it was safe and effective. So we've gotten data back showing it is safe and effective. We believe it is. So we're working with the FDA now on potential study design. We haven't announced it yet. There's a protocol in place already, how other companies have gotten to market. We'd love to speed it up, but we think it's going to be a PMA process. It'll take a few years to get that done. When we have it ready to announce, we will give investors that transparency. But we think it'll be a PMA device going through a process like that.

Okay. And then do you, to get into the IVL category, do you have to kind of redesign the catheters or is it, you know, a capability you can add to kind of the existing design?

And that's what we're not sure about. We'll talk to you guys about it soon. What's unique is most other IVL devices are kind of balloon based or use other delivery techniques. You know, our device is a unique catheter that allows energy to exude from the catheter and the energy is what It creates the cracking and the benefit that you can get through what our product does. So, Mike, we'll get more there, too. We want to see what the regulatory hurdles could be, what the commercial opportunities are, and how we can best go to market with this device in the space. So, as of now, we've not built it into any of our plans or talked about sizes of market or our space yet. But we'll give investors more look in the near future as to how we think we could be a player in that space.

And then just AlphaVax, a similar question there. So where is it mainly – I mean, I know you have PE labeling now, but where is it mainly being used, which types of procedures? And then I think you had DVT on the slide, so I assume you don't have the DVT labeling currently.

Is that right? Yeah, so today the AlphaVac is labeled for PE. That was what the APEC study showed. And that was the largest target market for us. You look at – I think we agree. I think Inari and Penumbra and us all kind of say it's about a $3 billion potential TAM in the U.S. when we can grow through market development, more people using these devices. So we agree. So the TAM was what's important to us. That's why we did the PE work first. And Alphavac is uniquely designed, I think, to treat that market with the funnel tip, the steerable handle, and other things it does. So over time, Alphavac will be using other opportunities as well to clear vegetation around the heart and other spots. but the PE market is the largest. It's where we're most focused. Each month we look at the procedures that we've done. They grow each month sequentially and more and more are done in the PE space. So to us, that's the largest and most compelling opportunity.

Okay. And let's see. So then, you know, two of your, the two major competitors are getting acquired, you know, so Nari was acquired by Striker. Sounds like they've had some challenges since they bought it. and then Penumbra is going to be acquired by Boston. The deal hasn't closed yet. So has that created opportunities? Have you seen any disruption as these bigger companies have bought your competitors?

As you know, before I worked here, I worked at a really large company that bought other small companies and integrated them. When you do that, there's always change. So we kind of watched that setback, but we also decided we're going to play our game. We think we developed the best product. We're the smallest company. You know, we've added to our commercial footprint, our clinical support footprint. We'll keep adding to that to expand our field presence. But we wanted to make sure we did it our way because the product is that good. And we're doing it that way, Mike. But we have seen some change, some disruption, as you identified. The most important part is sometimes we're finding if we have, you know, we offer a sales rep opportunity or expansion to grow, we're getting interest from those other companies Reps who worked in other companies were well-trained, knowledgeable, and made a lot of money probably in the past. They wouldn't leave somewhere and come here if they thought they'd be less successful. So they must believe our product is really good. It's a good sign for us. We don't hire everybody there, but it's nice to know that people want to come from one of those really good companies to our company because they believe in our device.

And then kind of the other, you know, recent news in the PE space has been some of these RCTs. So, you know, we saw StormPE last year from Penumbra, and then more recently we saw HyPytho from Boston for their ECOS. And I know ECOS is kind of a different product, but not exactly thrombectomy. And then Peerless 2 will be coming at some point. So, you know, do you think you need to run that type of trial, or do you think that it's kind of a rising tide that, you know, as these trials come out, it just generally supports the use of thrombectomy to treat PE

generally? A little bit of everything, Mike. We believe in the rising tide effect. We think those studies are well done, well designed, and we think that it gives more credibility to the space of using a mechanical intervention instead of lytic. So we agree. We think those companies did a good job. And we've announced our own. We're going to run one actually overseas in Europe to get that market energized a bit. So we're going to run a study overseas to show the effectiveness this of how not just someone else could then latch on to ours. That's okay. But we think the intervention is a better way to go. You also look at then how you intervene. And we're seeing, you know, as you guys know, cardiologists are unique, unique people. They want to see some data. They're scientists, but they also want to see real world evidence. And the picture I showed in that slide, some of these guys are fun when they do it. They'll pass it around on, you see them on LinkedIn or other places or show their colleagues. And that's as compelling as data. Many times when someone sees what you actually did, the amount of clot that was pulled out, and when a doctor says, well, how long did that take? And they say, 20 minutes. They go, 20 minutes. To an interventional cardiologist, that's gold. If we just save them another 20 or 30 minutes from a different procedure. So there's a patient effect. That's a benefit. Patient doesn't have to stay in the ICU, have drugs put in their body. There's a caregiver effect. They can do it quickly and safely. And then, you know, the caregiver itself wins because they can do more work that they have. So, Mike, we think there's different ways to win there. Data always wins, but then also real-world evidence drives change, too.

And then just Nano Knife, I'm not as familiar with that product, but can you maybe just talk about where does that fit in the treatment paradigm for prostate cancer? I imagine it's competing with surgery, radical prostatectomy, as well as radiation. Is that right? And, you know, where does it fit in that market?

It's a great question. So we're really going to treat, Mike, the intermediate risk patient. You know, the gentleman who's been identified as a Gleason 7 is a good score if you know that space. So if someone has a more advanced prostate disease, they're going to probably need a radical or advanced radiation treatment. And we're going to kind of stay out of that fight. Let that happen over there. And the man knows they're probably going to have some side effects that are undesirable because of those treatments. But we think the right spot for NanoKnife to play is where people have tried to develop this focal therapy market. There's a couple other companies that have focused on the focal therapy arena, and they've not really grown it that much yet for different reasons. But keeping the organ intact limits the side effects that a man can face. Not damaging the surrounding tissue limits the side effects, and Nano does both of those So we're unique. We may not be able to compete in every one, but the market is so large. 300,000 men in just the U.S. this year will be diagnosed with some level of prostate cancer and nearly half of them we think fall into where we can treat. That's what creates such a large TAM and then the opportunity we have because the other products in this space haven't really grown that much yet because they don't offer what we offer which is a clinical benefit, a patient benefit, and the caregiver benefit. If you can do this procedure in less than one hour as a urologist they're interested if the reimbursement rate is good for the provider for the hospital and for the doctor they're interested and the patient wins as well so mike it's a unique combination of clinical evidence wins clinically and the patient and the caregiver also win as well that's why nano knife is going to take a lot of share and grow yeah and then um it looked like

you're also looking at developing uh application for bph um from the nano knife so can you talk about that. Is that something that you're just kind of exploring, like you mentioned with some of the other products, or is that something you know will work? It's just a matter of bringing

it to market. It really is, Mike. I wanted to talk about it with investors. We're investigating what we can do now. We're getting more and more convinced each day because we're getting reports from our physicians. And they'll say, hey, I treated someone a year ago. Now I'm doing their follow-up. And we see that their level went down, right? Their number is lower now. So they're safer they're better they don't have the side effects they didn't have incontinence or impotence and oh by the way you know you've also treated the bph we've shrunk the prostate and now he's not having the same side effects so we're learning that seeing what do we do about it now what's the regulatory pathway what kind of studies should we do to show we could be a safe and effective treatment and how do we get the regulatory process engaged for us to then enter a commercial phase so still early here mike but the good news is we don't have to do nor r&d we don't need a new product. This product seems to work here. So we're going to see what we need to do to clear that regulatory hurdle. We want to do it right. We want to get a label and then to make sure we have what we need commercially. So more to come, but it's a really large opportunity that we're

very interested in. Okay. And then just on the device business, so are you now at the point where you're happy with that portfolio? I mean, is there any potential additional rationalization or divestitures there?

Yeah, early on when I talked about our transformation, I mentioned that we have done three divestitures to get the company to this point today. And I think over time, we're not afraid of using portfolio management to guide us to where we want to be and where maybe someone else should be. So over time, Mike, that's a category that we'll probably always consider. That's area we're not going to invest in. Today, the team that runs it does a great job keeping us above water, competing in good categories. But over time, if somebody else were to be more interested in one of those than we are, we'd always think about that and talk about it. We don't want the company to be closer to a pure play. We're always going to have a few moving parts here, but having this many, it's probably more than we want as an operator to run the company with. And even as investors, we want to make our story more clear, more concise, and better for investors to understand. So Mike, watch that space. You might see us doing some other things there.

And then I guess, conversely, on the med tech side, you clearly got some huge TAMs that you're going after and label expansions and things like that. But would you consider any additional M&A? Like, for example, I know you think your RN can maybe do IVL, but there are some private IVL companies out there. And we saw Striker acquire one this week, early stage private IVL company, for example, or anything else in the kind of cardiology area, which any potential for M&A,

No, it's a great point. We'll always consider that. You look at how we got here today, these three spots, one we bought, one we developed from scratch, one we built from a baseline. So we're not afraid to grow with any of those options. Our R&D team is terrific. Our clinical teams are really good. So are the regulatory teams. So I think what these three products offer is the expansion opportunities to grow these TAMs in a dynamic manner. And what you've just identified is the market have also shown you're in valuable spots. People are paying a lot of money to get into these spaces. Sometimes with products that haven't worked out or they paid a lot of money to take a risk, we're taking some of that risk out for our investors. We've already proven the products are safe and effective in the markets they play in. So over time, Mike, we have access and a strong balance sheet to capital if we need it. You may do something to maybe add on a small adjacency. But as far as a platform, we've got three really strong platforms in large terms. And again, as the market's showing us, people are paying a lot to get into these spaces. we're in with products that work. So I think, Mike, if you see something, it'll probably be smaller adjacent and we'll continue to build these platforms.

Okay, got it. I think we're going to have to wrap up there. I don't see any questions from the viewers. So thanks for your time, Jim. I hope you have some good meetings. Thanks, Mike. Have a great day.