Good morning and thank you for your participation. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. As a reminder, this conference call will be recorded. I would now like to turn the call over to Lee Roth, President of Burns-McClellan, Investor Relations Advisor to Lenzar. Mr. Roth, please go ahead.

Thanks, Josh. Once again, good morning, everyone, and welcome to the Lenzar fourth quarter and full year 2025 financial results and strategic update conference call. Earlier this morning, the company issued a press release, providing an overview of its financial results for the fourth quarter of 2025. This release is available in the Investor Relations section of the company's website at www.lensar.com. Joining me on the call today is Nick Curtis, Chief Executive Officer, and Tom Staub, Chief Financial Officer of Lensar, who will provide an overview of recent developments, our go-forward strategy, and our Q4 financial results. Following these prepared remarks, we'll turn the call back over to the operator to answer your questions. Before we begin, I'd like to remind you all that today's conference call will contain forward-looking statements, including statements regarding our future results, unaudited and forward-looking financial information, as well as information on the company's future performance and or achievements. These statements are subject to known and unknown risks and uncertainties, which may cause our actual results, performance, or achievements to be materially different from any future results or performance expressed or implied on this call. We caution you not to place any undue reliance on these forward-looking statements. For additional information, including a detailed discussion of the risk factors, please refer to our documents filed with the Security and Exchange Commission, which can be accessed on the website. In addition, this call contains time-sensitive information accurate only as of the date of this live broadcast, March 31, 2026. Lenzar undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this live call. With that said, it's now my pleasure to turn the call over to Nick Curtis, Chief Executive Officer of Lenzar. Nick?

Thank you, Lee. Good morning, everyone. I appreciate you joining us today. It is no doubt an understatement to say 2025 was a unique and unprecedented year for Lenzar. We take great satisfaction knowing that the leading eye care company in the world, Alcon, publicly recognized the value of Ally and Lenzar, given the joint acquisition announcement made in March of 2025. This validates our statement that Ally is the best next-generation technology, delivering significant and relevant performance improvements in each of the critical elements of laser-assisted cataract surgery, including advanced ergonomics, efficiencies, imaging, and automated treatment planning with a dual-modality laser. Ally is the only system that employs machine learning and compute power during treatment planning and optimized treatment to deliver outcomes that are better than any first-generation competitor. The termination of the acquisition agreement was a mutual, pragmatic decision made after a year of focused effort and considerable expense from both sides. While this acquisition was approved overwhelmingly by our stockholders, ultimately we made the decision to terminate because the Federal Trade Commission would seek to enjoin the merger. While both parties worked towards offering acceptable accommodation to allow it to close, it became clear the FTC was not open to changing their position. We were disappointed in the outcome, however, the upside of this process is the validation of the Ally robotic laser cataract system superiority compared to all other first-generation lasers available today, as well as the value attributed to Lenzar based on the success the product has achieved since its launch and its future potential. Therefore, with new resolve and new purpose, we're excited to emerge and re-engage as an independent company picking up where we left off 12 months ago. We've spent the last two weeks working on initiatives and jump-starting relationships with key stakeholders. I'll briefly discuss the last two weeks and share our high-level go-forward strategy today. relationships are important and before I present our strategy I would like to take a minute to thank our partner vendors agents and suppliers who not only provided excellent support and counsel ultimately shared that disappointment and financial burden with us through granting reductions in fees as well as extended payment terms these partnerships are beneficial to in lens are returning to our prior operating cadence allocating more of our financial resources and attention to operations we can immediately start getting back to our business as usual and smooth return to focusing on growth and expanding our presence with increased install base and procedures we appreciate their collaboration and contribution to our future success additionally in association with the termination of the acquisition we received the 10 million dollar transaction deposit that had been an escrow in the last three quarters of 2025, we operated with an increasing degree of uncertainty among our partner customers, potential partner customers, and distributors regarding our future and the timing of the close of the acquisition. Despite the uncertainty that delayed U.S. customer decision-making on Ally and Lenzar and halted OUS distributor activities and purchasing systems, we expanded the Ally install base by nearly 50% compared to year-end 2024, while achieving 20-plus percent year-over-year growth in procedure volume for both the fourth quarter and full year 2025. There's no question the last nine months of 2025 were negatively impacted by the acquisition process and extended timeline, and not just by the increased SG&A expenses associated with supporting the transaction. While our 2025 results include a 9% revenue growth, I need to be transparent and clear. We expect, through the next several quarters of 2026, a gradual return to our historical operating performance. When you consider our longer-term growth metrics, the trajectory has been impressive. Our full-year 2025 procedure volumes are up 50% compared to 2023, the first full year of Ally commercial availability. By reflecting on a longer-term vantage point, you get a much better picture of what we see as the future opportunity for Lenzar and Ally. Since the launch in August of 2022, we grew our install base to approximately 200 Ally systems and grew our procedure volume, gaining market share from 14% procedure share in the U.S. to 23.4% as of the end of 2025. I want to say we gained almost nine and a half percent of market share points in three and a half years. These market share gains come from three specific areas. First, it comes from competitive accounts, replacing first-generation lasers with our Ally Robotic Laser Cataract System counts for the largest gain in share. Second, the gain in share is demonstrated by what happens after we replace a competitive system. Lenzar, on average, performs 27% more procedures annually than the national average per laser, providing evidence that we are growing the overall market for robotic laser cataract procedures. Third, nearly 50% of our systems in Q4 2025 were from Fenton-naive surgeons, further expanding the market for laser cataract-assisted surgery. The data provides evidence Lenzar is addressing the shortcomings of the first-generation laser-assisted cataract surgical lasers by delivering the most technologically advanced, next-generation robotic laser for cataract surgery in multiple ways. Significantly improving efficiencies in patient throughput, allowing for more procedures with faster treatments and fewer staff interactions, leading to the potential for fewer mistakes, less anxiety, and a better overall patient experience. Second, customizing precise, specific, reproducible treatments optimized by utilizing features such as machine learning and surface anatomy recognition, imaging, and optimizing data for treatments by communicating with preoperative devices in the surgeon offices, leading to better outcomes in refractive cataract surgery using astigmatism management. To put in perspective, our competitors have the ability to bundle more products using cataract procedures, more feet on the street, and much deeper financial human and operational resources. Despite this, we've been incredibly successful in increasingly growing Ally's market share. Why? Lenzar is a small, nimble, and resilient organization. We're known for innovation that aligns with surgeons' practices and patients' objectives. Lenzar is and always will be a surgeon and practice-centric organization. We have extensive clinical evidence that is giving surgeons the confidence to make the decision to implement Ally in their practice. Over the last three years, Ally's performance, placements, and procedure volume speaks for itself. All I can say as we start the second quarter of 2026, we expect to compete as we have in the past. Listen here, we're back. I'd like to spend a few moments talking about our business outside the United States. As a reminder, while Lenzer started commercializing Ally in the U.S. in August of 2022, it wasn't until two years later that we received the European certification and began to sell Ally internationally. Looking at the timeline, Ally had been on the market outside the United States for roughly seven months when the transaction was announced. The uncertainty over the post-acquisition Ally distribution landscape had a greater impact on our outside United States distributors than our U.S. customers and that uncertainty caused a meaningful slowdown in our international business expansion over the last year. With our distributors, the Ally launch got off to a very successful start, quickly gaining acceptance with new sites and meaningful momentum, which came to a hard stop. After meeting with the distributors post-acquisition termination announcement, I believe we will begin to return to significant system growth in these international markets over time. Most, if not all, the distributors were both happy and relieved with the termination of the merger. Although they have all indicated their enthusiasm and are ready to support the business going forward, their conservative immediate forecasts indicate this will take some time. We will work together on the transition timing to regain the lost momentum and begin to contribute to an increase in worldwide system and procedure market share. I'm confident in our ability to drive long-term success and create value for our surgeon partners in the United States, our distribution partners overseas, our global customers, the patients they serve, and our shareholders. We also continue to rely on our long-term existing physician partners and private equity groups as they are our partners in success. These partners recognize we are working hard to deliver and provide the most responsive service, support, and and best product in the market going forward we'll be focusing on a few key areas continuing to grow our procedure volumes and recurring revenue will be critical to our success this will come through a combination of additional system placements and increased utilization on the 200 ally systems currently in the field our procedure revenue is recurring in nature it is stable it has a predictable trajectory following and install, and importantly, carries a significantly higher margin than system revenue. The acceleration of system growth discussed in my remarks will contribute to significant long-term growth in procedure volumes, which will further strengthen our recurring revenue An important statistic to consider here is system utilization rates, another area where we are well-positioned for success and driving overall market growth. Once again, Lenzar systems in the U.S. perform an average of 27% more procedures than the national annual average of lasers currently installed. There is not another robotic femtosecond laser available in the marketplace. We're excited to speak with you, answer your questions, and we appreciate the confidence and support you put into the Lenzar team. Now, let me turn the call over to Tom, and he'll cover our financial highlights for the Thank you, Nick.

I'd like to discuss our fourth quarter in fiscal 2025, fiscal 2025 results. However, my remarks will be succinct and pointed for two reasons. One, our fourth quarter in 2025 results were impacted by conducting our operations under the previously contemplated acquisition by Alcon. And two, we start the second quarter as a standalone company tomorrow. So I'll highlight the relevant aspects of Q4 and our 2025 results as they relate to our future results and operations. In association with the termination of the merger, there are some significant adjustments to our future financial statements that I'd like to highlight. First, the $10 million merger deposit that was being held in our bank account becomes ours. Thus, the cash that we report at December 31st of $18 million is ours with full title, and the $10 million deposit liability will be eliminated in our first quarter 2026 results. Second, we recorded $17.1 million in total acquisition costs in 2025, with 14 million of those expenses unpaid as of December 31st. With the termination of the merger, approximately $4.3 million of the unpaid balance will be eliminated or written off by concession of our acquisition advisors, and then $5 million of the remaining liability will be payable starting in May, 2027, a significant payment deferral. Lastly, and importantly, as Nick has mentioned, we have reengaged with our key stakeholders, including our distributors, and we start today with the help of these key stakeholders to reestablish our standalone operations at an operating cadence more similar to prior to the announcement of our acquisition. Our performance in the fourth quarter was solid, with a total revenue of $16 million, representing a 4% decline year over year, primarily as a result of lower system sales. As you look at regional sales, U.S. Ally sales were 12 systems, increasing one system from Q4 2024. However, there was only one Ally sale outside the United States in the fourth quarter of 2025 compared to 10 Ally systems sold outside the United States in the fourth quarter of 2024. We attribute the fluctuation in Ally unit sales year over year, largely due to our distributors' uncertainty as to when their collaboration with Ally and Lenzar would end. You can understand our excitement as initial conversations with distributors demonstrated their willingness and enthusiasm to re-engage. This will be an important growth driver to top-line revenue, recurring revenue, as well as enhanced cash flow. The quicker our distributors reach out to potential Ally customers and re-engage in Ally's promotion, the faster our operations outside the United States begin to meaningfully contribute to our total system sales and enhance our cash flow. Another important aspect of our business is recurring revenue. While total 2025 revenue increased a respectable 9% over 2024, 2025 recurring revenue increased 15% over 2024, offsetting the decrease in system sales for the year. The decrease in system sales for 2025 was entirely due to sales outside the United States, decreasing to 20 systems in 2025 from 23 systems in 2024. This is especially noteworthy as eight systems, 40% of our fiscal 2025 system sales, occurred in the first quarter of 2025 prior to the acquisition announcement. And the comparable 2024 period, as Nick mentioned, was only five months of activity as we did not receive regulatory approval and launch in Europe and Taiwan until August 2024. Recurring revenue grew 17% in the fourth quarter of 2025 to $12.7 million, annualizing to over $50 million, and we exited the full year 2025 at $46.3 million, up 15% compared to the $40.1 million in 2024. This performance reflects the continued expansion of our installed base as well as increased system utilization, with procedure volume remaining a key driver. Fourth quarter procedure volume increased approximately 20% year-over-year, and full-year procedures grew 22%, surpassing 206,000 globally. We placed 15 Ally systems in the fourth quarter, bringing the installed base to just over 200 Ally systems, up 48% year-over-year, while our total combined installed base of Ally and LLS systems grew to approximately 435. an increase of 13 percent we exited 2025 with a backlog of 13 systems pending installation gross margin for the quarter was 6.9 million dollars and represented a gross margin percentage of 43 percent compared to a 42 percent gross margin in the fourth quarter of 2024. Our gross margin for the full year was 46% versus 48% for fiscal 2024. The decline in margin percentage represents the impact of inflationary cost increases to our raw materials and production process accompanied by tariffs assessed in 2025. We did not pass on tariff costs to our customers. We are forecasting an increase in our gross margin percentage and expect it to be in the 46% to 49% range for fiscal 2026. The more successful we are with system sales, the lower we will be in this gross margin range. However, increased system sales will have a more beneficial impact on our recurring revenue as gross margin percentage and recurring revenue factors are inversely correlated when it comes to Ally sales. Other than the recurring revenue, another important aspect of our 2025 results is that we maintained a positive adjusted EBITDA for the year with a fourth quarter adjusted EBITDA of $595,000, thereby indicating operating cash flow positive operations, excluding any working capital impact. We are proud of our positive adjusted EBITDA operations for the year, considering we operated nine-plus months under the pending acquisition, and during that period, we were missing top-line revenue and cash flow from our typical system sales outside the United States. From an expense perspective, our fourth quarter results were impacted by approximately $3.5 million in merger-related costs, which drove a 51% increase in SG&A year-over-year to $10.3 million and a 41 percent increase in total operating expenses to 11.9 million in the fourth quarter. Going forward, we expect that the underlying expense profile of the business will become more stable with our cash-based operating expenses being a reasonable guide for 2026, with us expecting no more than a 10 percent increase in cash-based operating expenses and the majority of this increase devoted to commercial activities. As we look ahead, our focus is on transitioning from this 12-month period of disruption to one of execution and growth, with three clear priorities. First, accelerating revenue growth. We expect continued expansion of our installed base and increasing system utilization, thereby increasing recurring revenue. Second, maintaining our cost discipline. This priority continues and has been a focus since launching Ally. Third, enhancing cash flow, especially as it relates to increasing system sales, particularly outside the United States. We believe that the combination of cash on hand, as well as the discounted and extended payment terms of acquisition costs, provide us with the necessary flexibility and financial resources to effectively restart our operations and return to our previous growth run-run an operating success. We will now like to turn this call over to Josh for Q&A. We're happy to answer your questions.

Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. One moment for questions. Our first question comes from Frank Tickinnon with Lake Street Capital Markets, you may proceed.

Great. Thank you for taking the questions. A lot to cover. So maybe I'll start with the distributor commentary. Nick, it sounds like the conversations you've had over the last few weeks have been really positive, but did hear the comment of exercising a little conservatism as you re-engage with those folks and think about kind of how that's going to actually translate to OUS system revenues. What more can you tell us there and how should we be thinking about reading into that commentary and applying it to our models as we think about growth re-accelerating throughout 2026 or 2027?

Sure. Hey, Frank, good to hear from you. It's been a while since we've done these calls. So the business outside U.S. is different in a lot of cases, particularly in a few of the countries where you don't have as many private practice and let's say ambulatory surgery center owners where they can make the decision or a private equity group that makes the decision for example in Germany where we have a large private equity group and we and we are you know one of the the primary suppliers there and so in some of the particularly Southeast Asia some of these go on tenders and given the uncertainty they were hesitant to engage in a tender because they're over an extended period of time. So for example, they'll start re-engaging in these tenders, and those tenders take time. And quite frankly, we may have lost a few renewals in the short term, you know, from some of these deals, not our deals where they had our systems, but where we had an opportunity to, let's say, quickly replace a competitive system. And so I just expect that it's going to take us, you know, several quarters to really reinvigorate, get out and assess where some of those tenders are, where we have opportunities and begin to do that as well as participating in some of the various conferences like we do here. And so I just, you know, caution to say that, you know, because we had this massive quick start when we got, you know, the Ally approved two years later, you know, now essentially there's been zero activity for the last nine months. And so, you know, there'll be some restart up. And it's not like there's a backlog sitting there because essentially these distributors didn't, again, were planning for life without Lenzar that they didn't expect to be distributing on a going forward basis. So they're really enthused. And I just say it's going to take us a little time to get back to that sort of momentum that we had, you know, in the last quarter of 2024.

Yep, very helpful. And then as we think about placements going forward, it's, to me, it seems like there's two phenomenons going on. OUS likely more capital placement oriented, and then in the U.S. with each incremental placement gets incrementally harder. So maybe there's less upfront payment and more kind of lease-based placements. How should we think about that throughout the year and a mix of maybe kind of more lease-based or usage-based placements versus actual capital sales throughout the year?

Yeah, great question. So as you know, and as Tom had indicated, when we sell a system outside the U.S., when it leaves our dock, we essentially, we recognize revenue on the system sale itself. And so it's a very quick recognition. In the U.S., the REV REC is different. You have to get the system installed. You have to begin training, and the system is accepted by the customer, the end user, before you begin to recognize revenue. And on procedure deals or when we do placements, and really even when we sell a system in the U.S., usually you're looking at in the neighborhood of close to 60 days before, you know, before you really start getting into the revenue phase that, you know, they get to some normal procedure volume because you're training people and, you know, you're getting the systems put up in place and procedures and whatnot. Traditionally, we've been in the neighborhood of somewhere north of 50% sold systems in the US and in let's say you know 50-50 or or perhaps even a little bit more on the sold versus the placed and I would expect that that's probably gonna drop a little bit what we've seen is is it the competition you know they did they lack the system they go out with with with procedures and they try to drive you know the price competitive versus you know what we do with a value proposition which a much more efficient faster better treatment overall so I think that over the next couple quarters you'll see us go from that sort of 50 55 percent sales sold systems versus place systems in the US to a lower percentage, particularly as OUS takes a little time to sort of ramp up there. Does that help you in terms of the percentage?

Yeah, no, that's very helpful. Appreciate that. And maybe just the last one for Tom, I heard the comment, 10% increase in cash OPEX. So I just want to make sure I understand that. Essentially, if we look at 2025 OPEX and back out the $17.1 million of M&A-related expense, and then grow that 10%, is that what you're inferring? So you would be in the neighborhood of kind of $38 million, $39 million of operating expense for 2026? That's exactly right, Frank.

The only thing that I'll say is the way we look at things is cash-based operating expenses. So we throw out sort of amortization as well as stock-based comp, and it's the 10% off that base. But, yes, you're correct. Okay, perfect. Thank you, guys.

Thank you. Our next question comes from Ryan Zimmerman with BTIG. You may proceed.

Hey, guys. Thanks for taking the questions. So maybe just to start, I don't think I heard. The procedure growth was still really good, you know, worldwide. And I'm wondering if you'd comment, Nick, on U.S. procedure growth, because I think you also faced a tougher comp there. You saw a bit of a slowdown in cataract volumes, you know, through much of 2025. I think it's common and kind of, you know, where that stands. And then, you know, as you think about the business going forward, I appreciate that the system dynamics will be choppy as, you know, you kind of get the train out the station. But talk to us about the recurring revenue side of things, particularly around procedures and how you think that will, you know, kind of function as we look ahead to 2026.

Yeah, thanks. Good to hear from you, Ryan. Appreciate your questions. So, as Tom had mentioned, we exited the year with $46 million, approximately $46 million in recurring revenue, and that was ramping closer to $50 million when you look at the fourth quarter and a rolling forward basis. And so, really, our business is becoming very healthy on the recurring revenue side with 79% of our revenue in the fourth quarter. And so, as we go forward, we expect that those 200 installed systems will continue to produce, we're doing approximately about 600 procedures a year or so on average on the ally units in the U.S. on a going forward basis on average. And so that's quite a bit higher than what the average install base is. We expect that that's actually going to continue. And because of what we do with astigmatism management, we started to see more femtosecond laser naïve, we refer to as femtonaïve, which represented 50% of our new business in the fourth quarter. So we expect that to continue and to continue to grow as well. Now, those accounts, a caution, take a little bit longer to get to the – they take longer to ramp because they've never done lasers before, and they're putting in a new system, and they're getting trained, and they have to train staff and educate patients and whatnot. So, you know, that will take us a quarter, two quarters to get those folks sort of up to speed as more new customers come on. But representing a pretty large segment in a lot of, particularly when you look at cataract surgery reimbursements and the need to deliver better outcomes, our astigmatism management, you know, over 65% of procedures that we do involve some form of astigmatism management. So I think you'll see the mix of customers that heretofore are replacing older competitive devices. And so on average, we do 27% more procedures than the national average of systems. And so we take about a 60-day ramp, and you see those procedures coming up to where our averages are or more. And then you'll see a mix of newer customers and maybe some of the office-based surgery centers, which is trending, moving into office-based suites, where those are lower-volume accounts, take a little more time. So you may see the average number of procedures drop slightly, but you'll see more systems doing those, whereas the current install base will continue to grow.

Okay. Very helpful. You know, just to circle back, Tom, on expenses, I appreciate the math and commentary that you gave. It's very helpful. But I guess my question is, you know, in this transitory period, I imagine, you know, expenses came down artificially. You know, now you do also need to, you know, kind of, again, get the train out the station, if you will. And so when you think about kind of the cadence of expenses and appreciating kind of where it's going, shouldn't we see some type of kind of acceleration, foot on the gas pedal, if you will, to get things, get kind of operations coming again? I'm just wondering if the 10% is the right number as I think about kind of into 27 and beyond, I guess. I know it's a little premature, but it just seems like there's kind of multiple vectors here, cross-currents around operating expenses for 26.

So very astute question and a very good observation, Ryan. I mean, yes, you know, our expenses did go down over the last 13 months just because of being under the acquisition process. And even though our advisors discounted and extended the payment terms, you know, that's still a big nut for us to cover as a small company. And so we're being very judicious in our expenses, and the increases are all going to be commercial for the most part in 2026. And then as our distributors come online and we see a larger contribution of sales outside the United States and more cash flow coming in, I fully envision ramping up our commercial activities in 2027 well beyond 10%. But we're kind of, you know, we're kind of in this moderation phase until we're certain and how quickly our distributors can come back after this 13-month lag where they effectively put their pencils down.

Right. No, understood. And when you think about kind of what's entailed, and this is more direct to that, Nick, I guess, like, you know, yes, you've had conversations with the distributors outside the U.S. You know, they understand, you know, where you guys are at as a company now, you know, not going through with the merger. Does your thinking around, you know, your OUS efforts, you know, change? Does it, you know, do you see bigger opportunities than maybe you thought about before? And, you know, is there room to go beyond kind of the markets that you were in, you know, kind of pre-merger? You know, some of those approvals were really good. We saw a really good uptake in Europe, but now the question is, you know, as a standalone, you know, does your aperture change, I guess, you know, particularly outside the U.S.?

Yeah, so a really, really great question. So you're starting to delve a little bit into some strategy here. So I've seen – it's really interesting because in terms of especially replacing some of the older systems from competition that are out there. And so I've seen some interest in a few other countries that heretofore we have not gone into. And so I'm going to be looking at a few opportunities such as Australia and New Zealand in particular, where there's actually quite a bit of interest in replacement of older systems there. And that would be one market that we haven't been into that we may look into. I think that we'll see in Southeast Asia our activity come back there. Like I said, there's more of a tender business there, and so it's going to take us a little more time. But where I see there'll be some systems there this year, but I think that really as we get into 2027, into, you know, first, second quarter, 2027, we'll see quite a bit more growth in that Southeast Asia market and I think there's a lot of a lot more expansion growth in Europe into countries where heretofore we haven't been in because again not to not to under emphasize or overemphasize you know Ally addresses a lot of the shortcomings as to the reasons why people abandon you know femtosecond laser-assisted cataract surgery before. And because we have this good install base in the U.S. and our business is growing, it's almost been an advantage getting the approvals later outside the U.S. because it's helpful for the distributors where they see that there's uptake here in the replacement of competitive devices. And so there's a lot of systems outside U.S. where they're sitting in accounts that are just not very productive and I feel like you know competitive systems and if so we'll have some opportunity there I don't see the opportunity coming back in South Korea anytime soon as you know they've got big issues around reimbursement and insurance company reimbursement there but that's been away from us for quite a while so it doesn't impact our business negatively or positively if you will and I think we probably need to look at some other markets in south america latin america we're here to four weeks we haven't been either but i think now yeah you know we we can address some of these things but those are longer term you know i think we'll see europe come back and we'll have some opportunity outside of of germany that we hadn't really gone after before i think our distributors are interested in doing that and we've made some additional relationships there and i think we'll see Southeast Asia in various countries there. We do business come back strong, and then we'll look at a few of these other markets.

Okay. I appreciate it. I know that, you know, again, this call was maybe a change in plan from what everyone expected, but it's good to hear from you guys, and you know, we'll get the dust off and move forward.

Hey, Ryan, you know what? that's life and life throws you curves and the reality is it's what you do to adjust and how you pivot and how you decide to move from there you've got two choices, you can quit or you can come out fighting I've never quit and I have to come out fighting very nice thank you guys thank you, I would now like to turn the call back over to Nick Curtis for any closing remarks I really appreciate everyone joining us today it's been invigorating to do a call after not having a call for for about a year now while the termination of the merger was not the outcome that we anticipated I think it really positions us to the positive there is it positions us to move forward with a much greater focus and control with an independent company as a standalone company we certainly know we have the best product available I think it was came out loud and clear through the process here and we're ready to capitalize on the significant market opportunities that lie ahead rebuilding momentum is going to take several quarters but our priorities are very clear and I believe our team is aligned to deliver we're confident that on the path it really is enabling us to unlock even greater long-term value for our surgeons patients and shareholders and we look forward to sharing our progress with you all as we move forward. And so in closing, I just want to say once again, Lentar's back. Thank you.

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.