So we saw a lot of announcements at the beginning of January, and not just the fourth quarter pre-announcement, the 2025 guide, but also a management change. And I thought a good place to start today's conversation would be if you could sort of address some of those changes and how you're thinking about them. And Pete, if there's anything you'd like to sort of jump in now, assuming you're the permanent CEO, you can correct me, and what you might do in that position.
Okay. All right. So first off, in terms of when you look at our strategy and our priorities, I don't think externally you're going to see a fundamental change. I think when you look at this company, we have the best products in the industry, certainly from a safety profile. We have the best innovation, and we have tremendous growth opportunities when you look at our priorities. When you talk about scaling in the U.S., when you continue to expand the minimally invasive platform, the innovation that we have, so those priorities are not going to change. My focus is really going to be on ensuring that we deliver and maximize the revenue potential of those priorities, and at the same time, delivering on our profitability targets. And a lot of that is just really going to be around operational discipline.
I think as a company, over the last 12-18 months, we've done a lot to right-size the business, strip out a lot of operating expenses. And we're going to continue to look at that. But I think we're going to be a little bit more selective and look at ways that we can actually streamline a lot of the back end of the business. And I think the closure of B15 is a great example of that. So we'll continue to look at different opportunities in that area. But it's really around instilling the operational financial discipline targets. But from a strategic standpoint, I don't think you're going to see a lot of changes.
Yeah. And I'd like to add to that that you should also think about the evolution of Establishment Labs over the last few years. And through that angle, what's coming next? And what's coming next is this big push by the board to make sure that we become a profitable company in the very near future. So having Pete, who's got amazing experience scaling companies globally, managing profitable business is a very important thing while I continue to support the company in the entire innovation space.
Sounds good. Before we get into some more specific things, there's a lot coming out of Washington, and we're looking at tariffs, we're Medicaid cuts, changes at the FDA, NIH funding changes. Can you address any or all that may or may not impact your business?
I think we've been looking at all the risk factors related to the current state of affairs, let's call it, and one of the most important things is that we were able to get our PMA approved before all of that, so I think the uncertainty is more around the specifics of how that transition is going to take place, but I think when it comes to the PMA supplements that we are already undergoing, we have seen no change in the cadence and the frequency of our communications with the FDA, so I think on that side, the supplements that we are doing are fairly simple, including the one for breast reconstruction that we should have three-year data this summer.
So as we look into the other risk factors like tariffs, I think what the current administration is focused on is on countries that have tariffs on U.S. products and making that a retaliatory strategy to kind of even the playing field. And when it comes to Establishment Labs, we manufacture all of our products in Costa Rica. There's a big medtech hub in Costa Rica. You see some of the best companies in medtech doing manufacturing in Costa Rica. So I think the important thing is to realize that at this point, there are zero tariffs on U.S. products coming into Costa Rica. So there's no real reason for the current administration to single out that country for a retaliatory target. I think they have other bigger targets on their mind.
Fresh off of earnings, Raj, would you like to sort of give us a state of the union of what was reported last night?
Sure. Thank you. Yes, we did report our fourth quarter numbers last night after the market closed. I think generally we view it as a very positive update for us. Revenue was $44.5 million. It was up a little above 40% from the fourth quarter of 2023. Again, we saw some slowdowns in the market over that period of time, but we're seeing a nice recovery in the business overall there. Importantly, within that revenue number, there was $3.3 million of sales into the United States for Motiva post-approval, which again, given that it was only for a short period of time in the quarter, it was actually a very positive result for us, we think, and we could talk certainly, I'm sure, about some of the benchmarks in that business.
Gross margins, 68.5%, the strongest we've seen in years for us as a company, frankly. And that's being driven, as Pete noted, by the closing of one of our three manufacturing facilities, as well as some of the early benefits we're seeing from pricing in the United States. And so we expect gross margins will continue to improve over time. And then on the expenses, I think over the course of 2024, as Pete noted, we have reduced operating expenses dramatically. And so for the full year, our overall operating expenses were down over $12 million. And that's despite a period of time when we were standing up a significant operation in the United States. And so we really did reduce quite a bit internally in terms of our spending.
And then in terms of the outlook, which we can talk about, we reaffirmed the guidance for 2025, including $170 million-$175 million outside the United States, which is mid-single-digit growth, which we feel very comfortable about. And then $35 million in the U.S., which we'll talk, I'm sure, about some of the metrics we're seeing there, but we view that as a very achievable target as well. So overall, for us, we viewed it as a very positive update for us on the fourth quarter of last year.
And one of the things that I thought was really notable from the call last night, the discussion of some of the stability that it sounds like you're seeing in those, and we lump it all as outside the United States. And that's not exactly fair because there are so many countries that you participate in. And so not country by country, but if you could give us sort of a highlight reel of what you're seeing in.
Certainly, yes, so if you think about really the three regions outside of the United States or North America, Asia-Pacific has generally been pretty good. It feels stable, if not even a bit better. We do have an interesting dynamic in our Chinese market where we're seeing good end market growth there. Our market share is increasing. But because we have a distributor in that market and the first year of sales, which was in 2024, we sold into that distributor. What we've been pretty clear about is that for the first part of 2025, we expect that distributor is going to sell out some of that product that we sold. And so we do not expect to have sales into that distributor in the first half of the year. But that's really a normal dynamic you see as any distributor is setting up in a market.
But overall, I think Asia is feeling pretty good. Similar with EMEA, I think it's feeling better than it's been. There's still some pockets of softness in some markets, but overall, it feels pretty stable, if not improving a bit. And then Latin America remains a little bit, it's the difficult region, frankly, of the three, right? And we've seen really a dramatic slowdown in demand really across aesthetics in that market over the last 18 months or so. In the fourth quarter, we did see some stability in the markets. And so we don't feel like it's declining, but at this point, we're not really projecting much of an increase either. So we're going to watch it. But Latin America remains a little bit of a struggle.
Okay. How do you measure progress in those particular? It's really, frankly, very hard for me sitting here in the United States and in New York City.
I think one of the most important metrics is market share. When markets are down, what you want to do is make it an opportunity to take market share from others. And then when markets recover, then it gives you an extra push. That's one thing we're constantly looking at: the number of accounts. Are accounts growing or not? One of the things that's notable about Establishment Labs is that we've been able to create this pretty important network of countries in which we sell into. I mean, we're talking about 90 countries wide, including the United States. And over time, and we saw this during the pandemic, you see regions that are up, others are down. It tends to, as a whole, be a positive for the company.
That's when you look at the low, mid-single-digits growth for this year, it's an achievable target when you look at all the potential that we have. It doesn't include new product launches like Preservé. It doesn't include the halo effect that the FDA approval has been having on our OUS business. So there's a lot of things that can go positive within the macroeconomic softness that you might see in some countries.
And maybe just adding to that point too, what JJ was saying in terms of this market share gaining strategy that we have, if you look over the last 18 months in some of these markets around the world, there was softness. I mean, clearly, it's not just us. You look at luxury goods, you look at other aesthetic companies, these markets have been a little challenging. And yet in the face of that, we were able to still put up growth in all of our markets. And so we are taking share. It's pretty clear against a pretty difficult backdrop over the last 18 months. And again, it's feeling a bit better as we're moving here into 2025, but certainly the last 18 months, we've outperformed our markets.
One of the things I was impressed by last evening was when you were talking about market share in certain regions, and I think it's worth sort of pausing on that. I mean, you have majority share in, I think it was Thailand and a couple of other areas, but I'll leave it for you to remind.
No, I think what we wanted yesterday is some reference points of markets that have characteristics that may be similar to the U.S., for instance, that most of those markets are smooth implant markets, high priced. And we referred to Taiwan, to Switzerland, and to Korea as good reference points of how we grew our market share over time. And for instance, Taiwan has been our latest launch in an important country. The majority of the Taiwanese surgeons are U.S. trained. And what we have seen is a pretty linear increase of our market share over the first four years from 0 to 40% market share. And when we look at the U.S. market, we absolutely believe that there is an opportunity for us to eventually get to the market share numbers that we are seeing in those reference markets.
So let's talk about the U.S. launch. What has surprised you and what has not surprised you?
Probably, I think the most important things for us has been the level of excitement of the U.S. plastic surgery community. I think that has been fantastic for us in terms of how quickly they've been able to really verbalize the attributes and benefits to patients of our technology. And in that, perhaps our biggest risk factor was how our biggest competitor, AbbVie, was going to use their bundle against our technology. And frankly, it has not been an issue at all, which shows you the power of technology. The fact that they would come and tell plastic surgeons, "Don't use that technology because I'm going to lower your prices here and there," has not really had an effect on the decision-making process of these plastic surgeons, which tells you, number one, the importance of safety and our safety numbers from our U.S. clinical trial.
Second, the new options, like putting the implant above the muscle, which is not something that was commonly done in the U.S. because of capsular contracture. These things are probably, I would say, when you think about the long-term leadership of our technology in the U.S., some of the most important things.
Yeah, just to add to that, I think, as JJ mentioned, I mean, the excitement for what we're seeing in the marketplace, because in essence, it's been starving for any type of new news and innovation. And I think because of that, I think we were able to take advantage of the opportunity and with that type of excitement. And I think also going into it, we were very confident. I think it's really exceeded our expectations. And we've been able to put together a world-class organization. And we've made sure as we talk about managing the operating expenses, that was around the corporate, but we've fully funded the U.S. business. And I think we continue to put ourselves in a position to maximize that opportunity by giving it the resources that it needs.
One of the things as being a student of medtech for a while is that companies usually lean in on their expenses as they're launching a new product. Yet you're managing pulling back on expenses while you launch the new product.
Well, it's where we're pulling back, so we pull back from a corporate, so we were very surgical in terms of how we manage the expense. We actually reduced a lot of expenses from a corporate standpoint. I think as we looked at the overall business, we thought maybe we're a little bit too large in that area, so there were certainly opportunities, but we were very clear in terms of where we're going to put our resources, and the number one priority was to put it in the U.S., so in essence, a lot of this was reducing the expenses. It was reallocating the resources where we saw the greatest opportunity, so I don't think in any area did we kind of shortchange the opportunity in the U.S. Actually, I think we did the opposite.
So you've built a sales force at this stage up to 40, 50, 40 individuals. And one of the things we were thinking about last night is you're looking to expand beyond that, but not necessarily dramatically, if I understand the messaging correctly.
That is correct. And I think it's also about the quality of our commercial team. And we're sitting with 40 sales reps. And throughout this year, in certain metro areas, as we increase the number of accounts in those areas, we may add a sales rep here and there opportunistically and depending on the situation. But we feel very comfortable with the team that we have right now. We don't think that there's an urgent need to expand that group to be able to achieve our $35 million target for 2025.
Let's talk about how do you achieve that $35 million target. What's the pathway from $3.3 million in the fourth quarter to guidance, I think, of $5.5 million in the first quarter to get to the full year guide?
I think one of the metrics we provided yesterday was the daily sales we're seeing and the ramp we're seeing in those. What we talked about is in January, we were averaging about 70 orders per day. In February, we were at 90 orders per day. If you do the math, just simply on what 90 orders per day is, that's two implants at the ASPs we charge. The runway we're on, and again, we're still only four months into the launch, gives you a pretty good line of sight that achieving that target, even if nothing improves from here, is likely doable, right? As JJ and Pete mentioned, the enthusiasm and the interest we're seeing from the community in the United States, I mean, it's only building, right? We do expect that metric will continue to go higher.
And so it's really about signing up accounts, but then it's also about getting that pull through, that utilization, the reordering patterns, and all of that so far has been very, very positive for us.
I think there's an impression among investors that most of the physicians that are right now are on the coasts, and there's just a handful of high-volume folks that are just really embracing it. Is that the right perception?
We are very happy with some of our biggest accounts. I think it's a testament to the power of our technology. When you look at 650 accounts, that's not a small number. That is only in four months. I think when you see the ramp and the number of accounts that we've gathered all over the country, I think it's a good sign of how this ramps up. Of course, you still have part of the accounts that are yet to come over, more conservative, perhaps haven't had the time to speak to their peers about their early experience. We're going to have those opportunities. In March, we have the American Society of Plastic Surgeons meeting in Austin. That's the biggest aesthetic meeting for plastic surgeons in the year. We're going to have many opportunities there. We're holding many events.
So that's how many of these next group of accounts will take place because then they'll get reinforced by people who are ready.
So what makes revenue go above your $35 million guide and what makes it go below? I sense this is a conservative number.
We look at it as achievable, and we are doing everything we can to beat it. As noted, we're still adding new accounts. Yesterday, we talked about more than five accounts per day. We're still signing up. I think it's important to note that when an account signs up, oftentimes surgeons have already booked out their schedule, sometimes months into the future. And so some will do the work to go back and change cases they've already scheduled to swap another company's implants for ours, but some will not do that. And so in a sense, it takes a little while to ramp up into these practices. And so we're still early in that. And that gives us some confidence. I think the other really interesting aspect is that we have not at this point done any direct-to-consumer marketing or any work that's sponsored directly by us.
We've seen a tremendous amount being done organically in terms of social media posts by surgeons, press coverage, these types of things. We have some very exciting programs coming in that, and so as we start to lean into that a bit more, I think there's some positive aspects you'll see develop from that as well.
Okay. So you didn't quite answer the question. What makes it go above and what makes it go below?
At this point, what makes it go below is the things that we probably don't know, right? It's the unknown around that. So far in the first four months, as Pete and JJ mentioned, it's exceeded our expectations. The demand is there. We haven't seen a really strong response from the competitors yet, but we don't take them for granted. And so it's early. We're tracking it. And so far, everything is good. So we have a lot of confidence in where we are. What would drag us down is something that I think we simply don't know at this point. And what takes us above is the momentum continues, that the adoption, that the interest, that the surgeon community just continues to embrace the technology. And then some of these things we're doing. And we noted yesterday we have this interesting campaign.
We're going to be kicking off here very soon with an A-list celebrity, first time in, I think, the breast augmentation arena that a celebrity of that stature has been willing to talk about her experience with breast augmentation and specifically talk about the brand that she chose and why she chose it, and so I think that's going to be a very powerful message for us coming here in the next few weeks, and so we have a lot of good things coming.
And you can share her name.
Not at this point, but I think people will be pleased, especially because when we think about what Motiva is doing, it's in a technology-starved environment bringing the new options. And I think part of these celebrities' journey into this was supported by our technology. And people don't understand perhaps yet how important it is to women, for instance, to put the implant above the muscle, not sacrificing the pectoralis muscle, especially if you're physically very active. It's a big thing. And the other part is the move towards breast tissue preservation. Breast tissue preservation starts at the cellular level. Our surface has been proven to be the least inflammatory surface of any implant in the market. So these are the things that matter. People these days, they talk a lot about inflammation in their health checks. So having a low inflammatory implant is a big thing.
As the story evolves and some of the communication that we see from the plastic surgeons on different social media is about these things that are so important to women.
Excellent. There was a question last night that I thought was really interesting. Where are you taking share from?
At this point, it's early. We can't specifically say one or the other, but definitely, I think there's a clear market leader in the United States. It's Allergan Aesthetics in the breast implant space. A lot of it comes by definition from them because of their share that they have right now. Eventually, I think it's across the board. It's every single surgeon who's interested in attracting more patients through the safety and the new options from our technology.
Asking the question slightly a different way. Does this accelerate market growth? You already commented on a halo effect outside the United States. So do you think this accelerates U.S. market growth?
It's a potential accelerator for U.S. market growth.
Okay. Well, it can't be a decelerator. All right. That's cool. Anything else we should talk about when it comes to the U.S. market? You gave some great stats last night.
I think one of the important things as well is what's coming next. And I think we gave a very good understanding of the pipeline and how that's going to develop over the next few years. Our three-year data from the recon cohorts is coming at the end of the summer. So later in the second half, we'll be giving the supplement to the FDA, which brings about a potential launch into breast reconstruction in 2026. Breast reconstruction is a very important market, not only because of the amount of breast reconstructions that are undertaken in the United States, but also the price point that these are recognized. So that's particularly important. Also, we have this amazing tissue expander technology that is unique because it allows for MRIs during the expansion process.
And being able to focus both technologies into breast recon brings about a lot of efficiencies and potential growth. But beyond breast recon, we have our Preservé, which is our latest launch of our minimally invasive platform, and eventually the Ergonomix2 platform, which brings about the possibility of Mia, which is the minimally invasive breast harmonization suite that we have now in about 20 countries worldwide.
Okay. A lot of questions to unpack there. I had not heard, and maybe this is my fault, about Preservé somewhat recently. How is that differentiated from how should we think about that market positioning?
I think that's a really important thing because in a way, Preservé was born from the Mia experience, so when we created the minimally invasive platform, we first created Mia, which is a market expansion play. Really, what you are attracting are mostly women who are currently using padded bras, push-up bras, or other compensatory behaviors to look at an option that they never thought about because they're not interested in breast augmentation, and already early on the launch of Mia, we have seen that more than 40% of women getting Mia were not interested at all in breast augmentation. Preservé basically uses that experience and brings breast tissue preservation and a less invasive procedure, not a fully minimally invasive procedure, less invasive procedure into the day-to-day of the plastic surgeon, so there we are talking about breast augmentations of more than two cups up.
You're talking about augmentation mastopexies. Mastopexies are like these surgical lifts, which happens often as a mommy makeover, and Preservé allows for us to be able to de-escalate therapeutically those procedures because you are making the procedure less invasive, and that's the day-to-day of the plastic surgeon, so being able to bring them this is going to help the adoption and also the move into the world of minimally invasive.
Okay, so just to simplify, you have Mia, which is maybe an outpatient procedure, maybe one cup size, two cup size. You graduate to Preservé to three cup sizes, I think you said, and then you have a full implant. Is that the right way to think about the portfolio?
So the way to think about it is within the minimally invasive platform, the most premium offering is Mia. And then Preservé is more for the vast majority of plastic surgeons. And that's why when you think about over time, we will have a group of surgeons that goes into minimally invasive breast tissue preservation through the Preservé brand and a group of surgeons that are more boutique, more premium who will go through Mia. So both of them create growth and in the case of Mia, market expansion.
Okay. And there are tools that go along with both of these MIS opportunities.
Exactly.
And the tools get FDA approved separately?
It's a separate approval from the implants.
Okay. From a sales and marketing perspective, the tools and the implant are sold as part of a box?
They're part of a system. They're not packed in the same box, but they're part of a system because they're intended to be used together with the techniques that we have put forward.
You have really cool packaging. That's why I was asking.
Thank you.
Okay. Where to go from here? I think we just went into a whole Mia direction I had fully planned on. Preservé was launched in Brazil. It was the first country of the rollout. Can you sort of think about where it goes next?
Yeah. And actually, we talked about it at the J.P. Morgan conference earlier this year is that the plan is to then bring it to Europe and, of course, move it worldwide. So you're going to see a lot of launches of Preservé throughout this year. And the level of excitement from the plastic surgeons is tremendous because it simplifies their work. It makes each one of these procedures simpler for them and the recovery faster for the patient and hence the excitement from them.
Then to backtrack on Mia, can you remind us which geographies have already been launched in and the timing to bring that to the U.S.?
It's been launched in Japan and Europe, and we're going to continue expanding into more countries this year. We have over 60 clinics. We talked about more than doubling the amount of clinics this year and cities in which you have those clinics for Mia. For the U.S., we're in that cadence of supplements, eventually going to propose to the FDA the supplement of the Ergonomix2 platform, which is necessary for Mia because it's which allows for these implants to be injected. And that is necessary for the minimally invasive procedure to take place.
Okay.
So we're not sticking to a particular one. I think it's more like you think about it not as a 2026, but potentially more like beyond that. Also important to understand is that with the cadence of launches that we have, it's going to be pretty packed. So you want to make sure that you do it in a way so that each one of these launches gets its proper time and resources.
Maybe describe or catch us up on Ergonomix2 , and what is differentiated about that and why that's important to the Mia?
Ergonomix2 , is basically the world of the super silicones. It's this new type of arrangement of the molecules in the dispersions that are necessary to make these implants. And that's what allows for these extreme mechanical properties, the elongation potential of these implants so that you can actually inject them. Also, it provides a softness never seen before without creating rippling or wrinkling of the implant. And this is particularly important as well in breast reconstruction because it gives you the opportunity to really improve the quality of the breast reconstruction. So it has an impact in aesthetics because it creates that world of minimally invasive procedures that are done in 10 minutes without any general anesthesia. And then in breast reconstruction, absolutely by bringing about this concept of aesthetic breast recon.
Okay. One of the things you talk about is a premium pricing strategy. It may be related to one product, but not broadly. How do you think about pricing your products versus the competition?
So, we're a women's health company, so we never tax the adoption of our technology. So, what we do is we call it a good, better, best pricing strategy. We'll price our products at the base without sacrificing any pricing from the others so that people don't have to pay more for our products. And then, a product like Ergonomix, it's more patient-driven. I want the softness. I want the ergonomics, the comfort. So, they're willing to pay for that extra amount. And then, as you add more technologies, they'll come on top of that. But one of the things that we've seen is that in this market, our expectation was early on we were going to be selling more the SmoothSilk Round, which is comparable in price to the most expensive offerings of our competitors. And then, Ergonomix was going to come later.
But so far, we've been surprised that the percentage of use of Ergonomix is higher than we had expected for the first year by far. In fact, it's about 60% of our sales right now when we were expecting probably 20% to come from there.
Okay. I want to go back to the numbers for a second. Last night, you talked about adjusted EBITDA positive in 2025, cash flow break even in 2026. So the questions that I've received include, is that one quarter of adjusted EBITDA is the full year? How do we think about that? And a sister question to that, gross margins were impressive last night. How much of that is Motiva in the United States and how much of that is sustainable?
Yeah, so I'll take the gross margin question first, so I think you saw a very strong increase in the fourth quarter, and I think that was a reflection primarily of two things, right, so we closed one of our manufacturing facilities, and so the overhead of that facility essentially went away, right, and we moved the volume into the two remaining facilities we have, and we also increased the volume of production to support the United States, and so you're having a lower fixed overhead against a higher volume of production, right, so that's driving our gross margin naturally higher, layer on top of that, the early contribution from the United States, and as we've noted, the ASP increase for us in the United States is on a blended basis, more than 2x what we sell implants for outside the United States.
It's a very significant increase in realized price for us against the same cost of manufacturing. So the benefit there is quite substantial. We do expect gross margin; it's going to increase. We talked about 200 to 300 basis points of increase in 2025 alone. We expect by the fourth quarter, we'll be above 70% blended as a company. It'll continue to go from there as the U.S. becomes a bigger part of the equation. On the EBITDA question, it is that we will cross over at a quarter this year into positive EBITDA. What drives us to that is that in the fourth quarter, we saw a step up in our operating expenses as we have now stood up our U.S. commercial operation. But as we've noted, we have the 40 salespeople in the field.
We have the back office, all the distribution. Everything has been put in place now. We'll see a little bit of increase over the course of the year. We'll opportunistically add salespeople as we need to, need working places as these big markets where you need to put one or two more people into the field. We will do that as the growth supports it, but the infrastructure is largely there. And now that is generating increasing revenue for us, and we don't need to increase a lot more spending into that. And as Pete described, we're still looking at additional ways to find efficiency outside the United States. We don't expect our operating expenses are really going to change too much over the course of this year.
And as the revenue increases against that and the gross margins improving with the United States, that's what pushes you towards EBITDA positive. And as you move into 2026, those trends continue and we start to cross over into the cash flow break even zone as well.
Okay. So EBITDA positive at least one quarter this year. Mostly it sounds like next year and then that you'll cross over into cash flow.
Yes. And so at one point this week, we'll become an EBITDA positive company at one quarter, likely in the second half of the year. And then next year, we will cross over at some point to be a cash flow positive company.
Excellent. What are you going to do with your cash? What a unique question.
That's a good question.
Yeah, it's a good question. We got to get there first, right? Which again, we have a lot of confidence we will. But I think as Pete noted, I mean, this company is very much focused on efficiency and becoming self-sustaining. And so that is the goal right now. And when we cross over to that, the problem you describe is one we're looking forward to having.
What are your thoughts on M&A?
I think one of the most important things is our innovation pipeline is organic, is rich, and we have everything that we need there for the next few years. When you think about some of the things we've done, it's like we talked about tucking in our latest distributor from Benelux, which was an opportunistic decision. But we're not going out there looking to buy growth by incorporating other technologies. We're very focused in this world of breast aesthetics, breast reconstruction, and what we have talked about is moving into contour aesthetics with GEM. GEM is basically another vertical from our minimally invasive platform, which allows for gluteal ergonomic modeling, which is a market right now. It's about 800,000 procedures worldwide, all of them done with not the most advanced technology, not the best of technologies. You have this super high reoperation rate, up to 100%.
You even have a mortality rate, so as a women's health company, it's something we are focused on fixing, and eventually, I think that move from just doing breast into contour aesthetics is going to open new possibilities, so when we get there, we'll see.
Okay. Now, my favorite question. When we're sitting here a year from now talking, what do you think we're going to be talking about?
Oh my God!
No pressure, and it's being written.
Okay.
I think, as JJ laid out, I think there's a lot of opportunities for us to grow, especially with our innovation platform. For us today, it's just about executing. That's a lot around the financial and operational discipline. I think we want to piece together good quarters. I think we want to really build the confidence that we have the capability of delivering with the pipeline. I think people are going to look at that 12 months from now, which for me right now seems a long time away, that, hey, listen, the company is in a different trajectory. We have an opportunity. We're exploiting the market opportunity we have in the U.S. I think we're going to see other platforms that we can continue to build on.
Terrific. Well, JJ, Pete, and Raj, thank you so much for coming, and I hope you have a great day.
Thank you.
Thank you.