Hi, everyone. Thanks for coming today. My name is Rohan Patel. I'm on the Medical Devices Research Team at J.P. Morgan. It's my pleasure to have the Haemonetics management team here today. And I'd like to introduce CEO Chris Simon, just to kick things off with a presentation. And then we'll do a quick Q&A afterwards.
Thanks, Rohan. It's a pleasure to be here. We appreciate all of you joining us, both here in the room and via webcast. We are pleased and grateful for the invitation from J.P. Morgan, and particularly now that they most recently initiated coverage with what we thought was both a thoughtful and very comprehensive note. At the end of my presentation, I'll be joined with our CFO, James D'Arecca, and our VP of Investor Relations and Treasury, Olga Guyette, to handle any questions. Just a few necessary disclosures upfront. My remarks may include forward-looking statements, non-GAAP numbers, so the usual safe harbor and risk factors apply. Please refer to our SEC filings for more details and for any of our additional guidance.
We will report out on February 6th, so we're going to limit our conversation here today to strategy, to execution, and to long-term shareholder value creation, with the notion that we can talk after the earnings call on the 6th about how things finished for the quarter. So this is the classic snapshot. I think a lot of companies show a slide like this. The company's been around for five decades. I think historically had the moniker of the blood company. However, we've significantly outgrown that title, evolving into a leader in innovative Med Tech, diversifying well beyond our original scope. We have achieved $1.3 billion in revenue in the last fiscal year, and we've had new record financial performance here this fiscal year, diversifying and growing accordingly. So we're quite excited about that. The reality is I don't love a slide like this.
I think it implies inadvertently that bigger is better. It is not. Too many employees may be a sign of antiquated manual processes that need to be streamlined and/or automated. Too many countries dilute focus from the top markets where the majority of our value resides. We are leaner and more focused, and that's better for profitable growth, which is our overarching goal. So our strategy over the last eight years of my tenure remains unchanged. We aspire to compete successfully in attractive segments with the best products to deliver superior results. We have set and are achieving lofty goals, accelerating revenue and earnings growth, expanding our margins, generating strong cash flow, and sustaining momentum. I encourage you, if you have not, to review our June 2022 long-range plan posted on our website for more specifics. These are our goals.
While not everything has gone exactly as planned over the last two and a half years, they never do. As we approach the final year now of our four-year plan, we are over-delivering. Let me just say that again. We're approaching the final year of the four-year plan. We are over-delivering on all of our primary metrics. Double-digit revenue, earnings growth that is twice that, meaningfully ahead of schedule for our internal plans at this point. Q2 FY25, our last quarter, our operating income margin was 24.2%, representing a 540 basis points expansion since FY22 when we began this plan. We have further margin expansion planned for the second half of this fiscal year and FY26 in order to meet our lofty high 20s operating income margin goal.
We have ample and growing free cash flow to fund our growth profitably, and we anticipate what in the end will be a five-fold capacity increase to approximately $2 billion, which helps us fund the ongoing growth. We are building a robust foundation for sustainable long-term growth that will continue well beyond this four-year LRP. So there's a lot going on with the company. I'll break it down into these three broad buckets: portfolio evolution as we expand our reach and our relevance in attractive, fast-growing markets through both organic and inorganic growth. We're pursuing operational excellence in every facet of the business, reducing complexity, enhancing agility and resilience to enhance productivity to improve product quality and our overall operating margins.
We are hyper-focused on resource allocation to further accelerate growth and value creation by aligning our people, our capital, and our time to win in the most attractive markets where it matters most. This is the most important slide in the document today. When I joined, fully half of Haemonetics' revenue came from what we now refer to as non-core products. Today, profitable, fast-growing, high total addressable market products generate fully 80% of our revenue, even more so now that we've actioned the Whole Blood divestiture that was announced earlier today. This evolution will continue to propel additional profitable growth at attractive top quartile MedSurg margins. By rationalizing businesses that don't align with our strategy and reallocating those resources to high potential products, we've ignited growth and overcome disruptions.
We are well-positioned to further enhance our growth, reliably delivering value-adding innovation in plasma collections and driving commercial momentum in our expanding hospital portfolio. The Whole Blood divestiture I mentioned just a moment ago further streamlines operations, improves our focus, and expands our margins. This evolution of our portfolio is at the core of our strategy and a core aspect of our investment thesis for Haemonetics. Our leading position in plasma collections profitably and durably funds the investment in our fast-growing, high-margin hospital-based businesses while growing corporate earnings. To start with plasma, our collections business is both durable, and we remain very confident in our ability to continue to drive growth forward. Market demand overall, yes, there is a short-term pullback underway. It's natural as collections growth will reignite to meet the 6%-8% long-term demand for IgG-based therapies.
We are confident in this because of the growing incidence and prevalence, the thousands of clinical trials our customers have underway, the lack of cost-effective alternative therapies, and what we estimate is a 7% compound annual growth rate in fractionation capacity across our nine largest customers, all of whom have an equal emphasis on lowering their cost per liter. The pandemic clearly disrupted collections and significantly increased our customers' cost per liter. Through the robust recovery, there have been numerous improvements in center collections. However, the pre to post comparison, there's still roughly an 80% recovery. So the same store sales, if you will, give a meaningful gap where our customers can continue to grow within their current footprint, provided that they're supported with the right technology.
We expect our revenue growth to outpace growth in collections as it has in each of the past several years as we continue to pursue market share gains and expand our leadership through additional innovations. We sound confident when we talk about this for a reason. In fact, three reasons. We are the market leader. We are the company the industry knows and trusts. We were there for them through the pandemic. Equally important, we were there for them through the recovery. We never stocked out. We never missed an order, and we never backed off of a commitment. NexSys PCS, our primary device for plasma apheresis, is superior to any other offering in the market. It's safer, higher yielding, faster, and the usability and reliability is unrivaled. And thirdly is our NexLynk DMS, the donor management system. It's not only the best donor management system.
It is the only proprietary DMS available with 80% share of the US market. That, among other things, is our secret sauce. The R&D pipeline that we have under development in conjunction with our customer alignment. These are enhancements that are going to help customers continue to achieve best-in-class plasma center operations, meaningful cost savings without compromising donor safety. Through share gains and diversification, no one customer in our portfolio accounts for more than 10% of our revenue, and the top three plasma customers, as important as they are to us, account for less than 25% of our revenues. Diversification is well underway. Hospital, importantly, is now our largest and fastest-growing, highest gross margin business. There are two roughly equal parts: Blood Management Technologies and Interventional Technologies. Blood Management Technologies is by far the less discussed.
It is actually the larger of the two franchises, and it is driven by our flagship product, TEG 6s. More on that in a moment. Interventional Technologies is the largest market opportunity, the largest expansion opportunity, and the IVT franchise that we operate was acquired through the acquisition of Cardiva Medical back in 2021 and recently enhanced by the acquisitions of OpSens for their sensor guidewires and Attune for their esophageal protection device. We're enhancing clinical development and commercialization capabilities to drive enabling technology to ensure continued contribution to revenue growth and margin expansion. That's our niche. When I think about viscoelastic testing, TEG is the flagship, as I said. It's greater than $150 million in revenue this fiscal year, growing again this year as it has for each of the past several years in the mid-teens, despite meaningful geopolitical challenges in China.
Organic growth at work here is the primary tagline for TEG. As we've been on the market now for several decades, but through clinical, regulatory, and commercial development, we are continuing to propel profitable growth. The total addressable market for this opportunity is about $800 million. However, roughly only 25% of the procedures are done using advanced viscoelastic testing. We have 70% share of that market, but much room to run. The goal that we have set forth for ourselves is to make viscoelastic diagnostic testing the global standard of care, providing quicker, more detailed, more actionable information to clinicians across a broad spectrum of procedures. TEG 6s platform will remain a key driver of revenue growth, having delivered consistent double-digit growth over each of the last five years, with meaningful growth opportunities still to come. IVT is the largest inorganic growth opportunity driven principally by vascular closure.
In fiscal 2024, approximately 80% of our vascular closure revenue was in electrophysiology, with the U.S. serving as the primary market. However, our recent international expansion is progressing well, allowing us to extend our reach into high-potential markets beyond the U.S. We have already achieved significant success here in the U.S., but it remains the largest growth opportunity in the near to midterm where we are strategically positioned to win. We are now on 80% of the top 600 accounts, accounts that in total are responsible for 90% of total procedure volume. However, in those accounts, advanced closure utilization is still just less than 50%, suggesting the market has substantial opportunity to grow from a relatively under-penetrated base.
Our products are best in class, and since acquiring Cardiva Medical in early 2021, we have successfully grown our market share across EP from just over 12% to 38%, as depicted here on the slide. This represents approximately 80% of the market share for all procedures using closure devices. We believe the EP market continues to remain a very attractive market with multiple venues for growth. We play broadly in AFib. We represent the majority of EP procedures there, and we have a key focus for us to do to drive strong growth in procedure volume at a higher participation rate, 3.1 devices per procedure at the current time. The recent introduction of our MVP XL device, featuring a 58% larger collagen plug, significantly strengthens our ability to capitalize on emerging trends in catheter-based ablation technologies across modalities.
The device has also enabled us to unlock growth in the previously under-penetrated left atrial appendage closure market, still growing in the double digits. So although the market indeed has been highly dynamic with multiple technological advancements entering the space in the last 12 months, with more still expected, we are confident in our ability to fully participate in the accelerating growth of the market and continue strengthening our leadership position in both EP and interventional cardiology. We are evolving our hospital portfolio both through R&D and M&A, consistent with our corporate strategy: attractive segments, leading products, superior results. Our specific niche in IVT is therapeutically agnostic enabling technology. We aspire to acquire substantially de-risked assets relatively late in their development cycle. We'll create value by driving that final development, the regulatory landscape, launch, and commercialization.
We are evolving and building our skills in this area to solidify our position as a serial acquirer in product development and commercialization that is second to none in our niche. We are proud of the pipeline we've created through thoughtful R&D spend. It's focused on our growth areas, and we are on track to nearly double our product revenue in FY26 from new developments, things like the Global Hemostasis heparin neutralization cartridge , which enabled TEG 6s to grow 35% here in the US last quarter. VASCADE MVP XL launched back in August to address the unmet needs in PFA and LAAC, and we expect to grow commensurate with that market. NexSys PCS with Express Plus, which is enabling faster plasma collections and plasma center efficiency overall. In parallel, we're enhancing our growth through acquisitions.
We've allocated over $1 billion since 2020 on enabling tech to complement our portfolio, driving diversified growth technology. We have made an investment in Vivasure, which we've talked about previously, which over the past several years has further advanced a meaningful opportunity for us for closure in both TAVR and EVAR procedures, further strengthening our presence in structural heart. So this slide is directly out of our June 2022 presentation. I just want to revisit the LRP goals that are highlighted here in the first column in red. Revenue and earnings growth are tracking meaningfully ahead of plan, as I said earlier. Robust growth of plasma collections, that 43% and 14% respectively over the first two years, have been a tremendous positive for us. The delayed transition of CSL, while we supported the recovery and reaped the benefits, has also been a further windfall.
And because of our success, we've accelerated the launch of vascular closure and our global expansion, which promises to put us further ahead of schedule there. Secondly, we're on track for our adjusted operating margin expansion and free cash flow. Inflation, for sure, was a compounding factor, particularly through the first two years of the plan, driving our cost base significantly higher than anticipated. In addition, we had to expedite purchasing and logistics to meet unforecasted demand, particularly in plasma. And while operational excellence has delivered for us to help offset these costs, it's come at a reduced net savings. All that said, last quarter, our operating income margin, as I mentioned earlier, improved 300 basis points from the midpoint in our LRP to 24.2% due to more high-margin hospital and NexSys revenue and less low-margin PCS2 sales. This is our LRP at work.
Margins will continue to improve due to volume, mix, and increasingly operating leverage. free cash flow is probably the only goal at this point in the plan that is lagging slightly, and that's entirely because we felt it was prudent to build more inventory and invest more CapEx, given how well we were proceeding ahead of schedule on original plans. That said, we fully expect to be well within our LRP free cash flow guidance range. So during this portfolio, during this period, we reshaped our portfolio and transformed our operations. IVT has become our fastest-growing segment through strong commercial execution, new product launches, and several acquisitions. We made investments that will allow us to further augment growth, as I mentioned Vivasure earlier. And we divested or phased out underperforming assets, including the Whole Blood deal that was announced today, to further accelerate growth and margin expansion beyond the LRP.
We've had our challenges, but we've responded and consistently found ways to deliver at or ahead of schedule. As we approach the final quarters of our LRP, it's clear that our strategy is delivering the desired results, and we are well positioned to drive continued growth and enhanced profitability. A strong balance sheet, as depicted here, enables us to generate returns and help drive portfolio evolution needed for the final phase of the LRP and make this transformation sustainable for the longer term. Done correctly, this is a virtuous cycle. Since FY22, we allocated $700 million to R&D, new launch products, and expanded sales and marketing, primarily in the hospital business. These investments enabled us to enhance market-leading positions and capitalizing on emerging trends in the industry as we saw appropriate.
M&A has been a close second priority, and we've put over $1 billion to work there to strengthen products and enhance our portfolio. We will continue to use the balance sheet to pursue additional tuck-in acquisitions that complement our hospital portfolio and leverage our infrastructure more fully. Since FY 2022, we've also repurchased approximately $150 million worth or two million shares of stock to help offset dilution from performance-based comp. We'll continue to explore additional opportunities for share repurchase and debt repayment as appropriate. With $2 billion in capacity expected by the end of FY 2026, we believe we're well positioned to fund new growth opportunities and deliver value for our shareholders.
This is essentially the motto that we've adopted for our long-range plan: evolutionary steps, things like the portfolio rationalization and the broader company transformation to achieve revolutionary results, like I just highlighted: high single-digit revenue growth, mid-teens earnings growth, high 20s operating income margin, and strong free cash flow to fund that virtuous cycle of profitable growth. This, as I said earlier, is the essence of our strategy, our LRP, and Haemonetics investment thesis: durable, growing EBITDA and free cash flow from plasma collections, funding diversification and expansion into high growth, high-margin, MedSurg hospital segments while growing corporate profits. That concludes my presentation. If James and Olga would please join me, we're happy to take your questions.
Thanks so much, Chris, for the presentation, and I guess just to kick things off, I want to talk a little bit about plasma. I know you mentioned that it's obviously historically been a core engine of growth for Haemonetics. It enables you to invest in these newer products within the interventional portfolio in the hospital business, and it's still a very healthy underlying market, and obviously, you have new products launching. So maybe if you could walk through the outlook for plasma, both in the short term as well as over the long run, I guess starting with maybe the collection hiccup that you saw earlier this year and how that's trending, and specifically what gives you confidence that this business will eventually normalize beyond fiscal 2026.
Do you want to start?
Yeah, sure. So I think broadly, if you just take a step back and look at plasma collection volume over 10 years, you're going to see that it was never linear, right? You had ups and downs, even on the chart Chris just showed, and that's continued. Now, I've been here for three years, and in the first two of them, plasma grew like 43% and 14% respectively. And there's an awful lot of pressure now on the fractionators to reduce cost per liter. So they're going to look for opportunities to do that. The biggest way or the biggest impact that you can have is lowering donor fees, but then you run the risk of having too low a level of collections. So that's where they'll start, and we saw that. We see it happening right now to try to lower that cost per liter.
But the other place that you can go is like our technology, right? Improving yield and getting more plasma out of every collection. So they certainly have taken advantage of that too. And essentially, when you do that, you almost get a free, if you will, almost up to 10% collection volume increase by doing nothing else other than adopting our technology. So that is happening right now. And if you're under a lot of pressure, that's the approach that they're taking. Now, longer term, though, all of those factors that make this such a durable business, like Chris talked about, are still there. So fractionation growth, for example, which is the most important metric to look at, is in the 5.5%-6% per year range. We still see the demand for IgG increasing at probably at least 6% per year.
It's fueled by the nearly 10,000 clinical trials that are out there. 2,000 of them are active. So there's no slowdown. So the overall fundamentals are good. And if you look at our positioning, Chris highlighted the most important parts of it: our technology, our durability, and most importantly, the connected software that we have. We're in a great spot, right? And so while the short term may scatter a bit, the longer term, the fundamentals are still strong, and we still consider it to be a very durable business, which will contribute to the overall value creation here.
Great. No, thanks so much for that. That was very helpful. And I guess even beyond, I mean, how are you thinking about plasma fitting within the business, like strategically? I guess, is this an area where we could potentially see some M&A down the line, or is this an area that's kind of where you're content with the sizing at the moment, and it's kind of just going to grow at a steady clip?
Yeah, I think the options for M&A are somewhat limited. If you look, what this really will be about is some continued innovation. Yield and speed, I think, will eventually reach a point where you get to their natural limits. You can only take out plasma out of somebody so quickly and put it back in so quickly. And you can only collect the actual volume of collection has got to be limited, right? So over the next few years, we'll probably hit those limits. But then where to go from there? And that's really where I think the technology comes into play and our software comes into play. How do you choose donors more carefully? Which donors can yield better quality plasma or higher concentrated plasma? How do you entice the donors that you want to come to come?
Those kinds of things, I think, is sort of the next frontier. And then, of course, we hear it every day. What does artificial intelligence bring? That, to me, is sort of the next frontier in plasma collection. We, of course, are always out there looking if there's something that we can do to make the collection of plasma easier, better, cheaper in some way for fractionators. We'll always be looking out there for innovative ideas. But I will tell you that the number of those is pretty limited.
Thank you.
If I can just add to that, what I would say is exactly as James highlighted. Nothing interesting in plasma apheresis happens without passing through Boston and the dialogue with us, given our market leadership. We think the real growth is probably more on the software side. It'll come from organic investment that is well underway, and we do see meaningful opportunity to further advance. In terms of the pullback, the thing I'm most proud of is our team has used that pullback this year to complete the upgrade cycle. We now know, in very short order, certainly by the end of our fiscal year, we will have upgraded all of our customers to NexSys with Persona and slate it for Express Plus as well. And now we're benefiting from additional share capture, which will continue well into FY26.
We've made good use of the opportunity and good use of the time while we continue to build out that product development roadmap on software.
That's helpful. Thanks. And I guess just another last one, and forgive me, I have to ask, but I know you're not providing any color on the quarter for formal guidance or any commentary like that. But if you could just maybe talk through some of the qualitative trends you're seeing in collections closing out or entering, I guess, the second half of the year and fiscal third quarter. Obviously, I know you guys updated the CSL revenue guidance for the year, and that implies an acceleration in plasma growth in the second half of CSL. So maybe just talk through qualitatively what you're seeing there and if there's any improvement that you can point to.
Yeah, I think the story varies by customer, which is the other reason we won't get into a lot of detail just given the confidential nature of it. But I think each of our customers in different ways have put an emphasis on lowering cost per liter while they continue to drive and feed their need for fractionation. Again, I think that bodes well for us. As James said, we're a little bit a victim of our own success, which is by adopting our technology, you gain 10% plus or minus overall. That's a nice bump. That will lap itself here in short order, which I think bodes well for the latter part of the LRP. In terms of the overall demand, they continue to signal that whatever pullback we've seen is temporary, and there's nothing systemic or structural about it.
With our technology in hand, we'll have a fantastic base from which to resume more aggressive growth going forward.
Great. I guess now shifting gears to the hospital business. Obviously, now your largest business, your highest margin business, your fastest growing business, there are obviously a lot of exciting product launches underway and in the future. But just want to start off with vascular closure. I think this is obviously the most pressing and near-term opportunity within line of sight. You're guiding to roughly our high 20s organic growth in vascular closure for the balance of this fiscal year. Obviously, the market remains still underpenetrated, but you talk to 80% of the 600 or so centers in the U.S. So I guess maybe if you could just talk about what's driving growth both in the near term and over the long run from maybe a penetration standpoint, is there opportunity for price or anything else that we should focus on just ahead?
Sure. I would love to add some color. So as I think Chris has highlighted, we also provide an additional slide that breaks the market down into the main components on electrophysiology. The majority of our growth vascular closure still comes from electrophysiology. So this continues to be, I would say, the largest opportunity for us, especially in the US, and as you could probably see from the chart that was on one of the slides, the opportunity is still largely underpenetrated. I would say the majority of the procedures still continue to utilize manual compression or figure-eight stitch. So that still leaves us with plenty of room, I would say, to continue to penetrate into the top 600 accounts in the US.
Because even if you look at the accounts that have been penetrated, the utilization is still not at the levels that we would ideally like to see for our business, so plenty of room there with the penetration. I would say plenty now that we have MVP XL on the market as well, that really allows us to play a role in some of the emerging trends that we have seen, specifically in atrial fibrillation, so we're very excited to have launched the product, and the success we've seen so far has been very much in line with some of the expectations we've had for the product internally, and also, I would say open up additional opportunity within the LAAC as well, which has been a very lightly penetrated market for us prior to the MVP XL launch.
I would say putting all of these puzzles together, the U.S. will continue to be the primary market with a lot of opportunity still yet to come, definitely helping us to sustain a meaningful growth trajectory of this business going forward, and then in the meantime, we'll continue to build out the international opportunity, which we've also started over the course of the 12-plus months at this point with meaningful success in some of the markets like Japan, where we've had a lot of success with our vascular closure devices and also continuing to penetrate some of the more fragmented markets in Europe, but definitely a lot to come out in vascular closure and a lot to be excited for, as there's a lot of opportunity for us to still capitalize on.
Yeah, one of the things I would just add to Olga's comments, our VASCADE product family is now in excess of $175 million in revenue by base hospital standards. That attracts a lot of attention. And so we do have competition. That's not all bad. Our primary challenge right now, as Olga has highlighted, is utilization. Less than half of the procedures involve an advanced vascular closure device. That's the biggest opportunity. Occasionally having a second or third runner on the track helps us all run faster. And I think that's the dynamic that you'll see going forward as we push into that second half of utilization.
Great. And how do you balance, I guess, the growth in procedures? Obviously, you're entering LAAC, which is fairly underpenetrated for you. Obviously, EP and PFA specifically is growing quite well. But at the same time, you're kind of seeing potentially the concomitant procedure maybe lowering the number of access points over time for some of these procedures. So maybe if you could just talk through kind of how you're viewing that from a projection standpoint and just balancing those considerations.
Yes. This has been a very popular question that we've been getting, actually. So I'm glad you asked. I would say that we are, first of all, obviously, we're conducting our own research to make sure that we're staying on top of everything that's happening. This has been a really dynamic market with a lot of innovation, I would say, coming on the market at the same time. Well, like dynamic markets, they usually tend to grow well, so it's a good market to be in. I would say the way we think about the access points is that there are certain segments of the market, right? So the one we've been getting a lot of questions on, and I think probably where you're going with your question is the atrial fibrillation, which is approximately 60% of the electrophysiology procedures today.
We have been able to participate pretty broadly in the average access points in that market as of right now at approximately 3.1, which means every atrial fibrillation procedure on average requires about 3.1 access points where we can participate in all of those access points with our vascular closure devices. I would say we believe as the market continues to evolve over time, and again, there's a lot of unknowns in that market still. We're monitoring the PFA adoption. There's a lot of additional technology with the integrating catheters coming on the market at the same time. We do believe that most likely there could be a change in the access points. But with all that being said, there's also a lot of demand for more procedures since a lot of the technology is proving to be more efficient.
So all in all, we believe that the acceleration of the procedures and the growth of the procedures in the market will turn all these emerging trends into more of a net positive effect for us, and not even if there is any change to the access points related to those procedures.
Great. And I guess Blood Management Technologies, like you rightfully said, it's sometimes overlooked, but it's a very good, healthy, durable business for you. So maybe if you can just talk about TEG 6s, the value proposition that you're seeing there within hemostasis management, and just generally what your outlook is for innovation moving forward from a cartridge standpoint and just your ability to take share and price ahead.
Yeah. So we joke internally that TEG 6s is the oldest launch product on the market. Haemonetics acquired that product 22 years ago. We saw real potential in that $800 million TAM, and we've aggressively supported the product's development to broaden the shoulders to other applications like trauma and heparinase neutralization that plays pretty well in transplant and cardiology more broadly. From our vantage point, viscoelastic testing is essentially an in vitro diagnostic that gives the clinician a view into hemostasis. Is the body clotting, and how fast and how strong is that clot formation, which, as you can imagine, is exceptionally helpful in a whole broad array of procedures that may involve bleeding, surgical, and trauma-related. So we continue to push to make sure that that 25% penetration grows to something meaningfully larger than that by advancing medical education.
It's actually one of the commonalities that all of our hospital products have. The primary opportunity is medical education to advance the standard of care. All of those products also have the dual factor, which is they lower the overall cost of care. When a clinician adopts TEG 6s, it gives them better insight to whether any intervention is necessary and if they're going to intervene with what set of products so they no longer default back to the standard six-pack of blood products. It is a very purposeful intervention, which in aggregate has been proven to lower the total amount of blood products used and the cost of care. And then I think the other part of it is just making sure, and the 6s really helps us do that. It is a site-of-care product. It can be in the OR.
It can be in a makeshift lab immediately outside the OR. It can be wherever the clinician or their staff are in need of that information.
Great. And it looks like we are out of time, but I appreciate everyone taking the time today, and thank you all for joining.
Thank you.
Thanks for the questions.