Perfect. I think we can get started. Thank you everyone for joining so early in the morning. I'm really pleased today to be joined with Tim and Ezgi from Inspire. Good dinner last night?
Thank you very much for hosting us last night for dinner and for giving us the 7 A.M. tee time, which is fantastic. So it gets everybody up, gets everybody active, and then we can get on with our day, and a lot of meetings today. So thanks for having us.
Pleasure. So let's start with Q2 results. Nice sequential step-up in utilization from Q1. Would be great maybe to spend some time talking about the core growth drivers through the quarter, specifically in the U.S. Market seems to be in a healthy place overall, but any trends in particular that caught your eye through Q2?
I don't wanna make it sound so simple, but I think it's about execution.
And I think the field team did very well with the patient demand remained strong. That's, that's been a constant for a long, long time. And, and just having the execution to be able to get the patients scheduled, get them through their prior authorization, and really kind of play it out. And, that's what we're very happy about, and that's shows consistency going all the way back, but also allows us to project with consistency going forward, and I think that's a key trait. Anything you want to add to that?
No, that covers it.
Perfect. We're naturally starting to receive questions on Q3. Seems to get earlier and earlier each year. You mentioned on the Q2 call you were hoping for that sequential step up in utilization. Is that something you're still comfortable with into Q3? And then maybe as well, if you could touch on Q4, because I know there's quite a big jump, at least from the consensus side at the moment.
Well, I think, we always aspire to continue to grow and continue to take care of the patients, and, and again, the patient demand remains very, very strong. So we will continue to encourage ENT surgeons to spend more time in the operating room and build efficiencies to allow them to do so, train more surgeons, open new centers. And yes, we wanna continue to grow utilization as we progress through the year. As we get into the fourth quarter, we have our seasonality, right? And that's the high deductible insurance plans, where the patients have covered all their out-of-pocket expenses, and they wanna get their procedure done before the end of the year because the $3,000 or whatever it is, resets on January first. So we already plan to have the high seasonality.
We work with our sales reps or our territory managers to make sure that they're booking the OR time now. They know the patient demand will be there. We're already scheduling cases into Q4 now. So yeah, we anticipate a big push at the end of the year, and we do every year, and so we're already working forward on it.
Through July and August, anything that stood out, trend-wise, or are you pretty comfortable with what you were saying back on the Q2 call there?
Yeah, I think that when we went through the earnings call, we did an increase in our guide. We showed confidence going forward, and we still have that same confidence today. And teams continue to perform well, and again, the patient demand is still there.
Fantastic. And then in terms of center adds, you've been adding a lot. I think 81 in Q2 was a joint record. How does that procedure ramp process look like within these centers? And what is it you've learned or are doing differently now to enable those centers to become more productive from earlier on?
I think the way that we recruit and the way that we train centers and the way that we set expectations has evolved over time. In the early days, where you're really focused. The early days is 2014. That's how long we've been around now. You're really focused on the academic centers to try and establish the therapy and work through the, the reimbursement, as everybody, a lot of people in the room have been here for, with Inspire for quite some time, and remember the long time it took to get an individual prior authorization, where now we can achieve that in just two to five days. So the challenges that the academic centers saw in the early days, the new centers don't experience that.
Insurance is not a challenge anymore, and what it's all about is making sure that they have a team in place, starting with the C-suite. We wanna make sure they understand the expectations, they need to understand the economics, and then you got to build a core team, having surgeons to be able to do the procedures and having sleep physicians to be able to do the longitudinal management, and so we're more prescriptive on the centers that we open today with the expectation that they will be a Quadrant One, Quadrant Two center, right? We're not looking to just open up a random centers, and then we take them through a training process, and there's six modules that they have to go through to get up and running. It sounds like an arduous task, and it's challenging to make sure that they stay committed.
We don't open a center until they have several cases already, patients identified and have cases scheduled. And so that's why we have quite a pipeline of centers that want to open, but it's a process to be able to work through the logistics and get them active. And so the new centers that we open just have a higher expectation to grow utilization.
Got it. And then you called out on the Q2 call that the top centers were performing over seventeen procedures a month. I think last night you mentioned one was doing, was it eight in a week?
We said.
Eight?
a center set a record last week. They did eight procedures in one day.
Yeah.
And they did that with two different operating rooms. So they'd do a case, and while they're cleaning that room, they would do the second case. The message there, though, is to show where we expect utilization to go. And we know that the time it takes to do a procedure and the patient demand is there, that we can continue to grow that into the future.
Got it. And, you know, we get tied down on utilization, but on the center ads, how are you expecting those to trend? Because obviously, the data we probably won't be receiving next year. So from the number we're at today, maybe talk through the penetration of centers and how you think those could trend, across the midterm.
Sure. I think even though we had a record quarter of 81, as you mentioned, it's still a lesser % of the overall number of centers. So we're still growing, we're still adding centers. There's still significant demand out there in the U.S. to be able to continue to open centers, and we're going more smaller communities. And people want to be treated in their own community. They don't want to travel to the big university hospital in the big city. And I think that's a trend that we're going to continue to see, and we are no longer a specialized therapy that you have to go to Northwestern. I'm picking on Chicago here.
Northwestern and I think going to the Advocate Systems, which are the community-based hospitals, that's where you see the higher utilization, and that's where we're going to continue to grow. So we still have quite a ways to go to expand the number of centers. And yeah, we haven't really nailed down what's the total number of centers out there as we really get into the communities.
Perfect. And then had a number of clients reach out after those Q2 results on the GLP-1 slides. They found them very helpful. Maybe for those that didn't read them, just give us a high-level overview, on what the key takes from those.
Here's the punchline. We are excited about GLP-1s. What GLP-1s can do to our business is significant. We have so many patients that just cannot qualify for Inspire therapy because they have high BMI, and they have a lateral wall collapse, and we need them to lose weight. We need to have tools to help them lose weight, to relieve the lateral wall, so we can treat the tongue-based obstructions, which the majority of those patients have. Today, we could go ahead and implant those patients and move the tongue out of the way, but with a lateral wall collapse, they're still going to have significant obstructive sleep apnea, and we will have accomplished nothing. So these GLP-1s are really significant.
In our slide deck that we put out at the Q2 call, we put four slides in the back that talked about the trends of obesity in America. And one of the key slides is how many patients what the slides are, we contracted with a company to go pull the billing records or the CPT claims with insurance payers. And the number of patients who received Inspire therapy over the last two years, who were actively on a GLP-1, was about 1500 ? Almost 1600 . Almost sixteen hundred patients. That's significant. That's showing the system is working already today and it's not even through the FDA review process.
Right.
But people are getting
Moving
the GLP-1s to lose weight, and it does have secondary benefits, and one of those is reductions in their severity of their sleep apnea. So that's really going to help us out. We think there's patients in the SURMOUNT trial
Maybe
that did have a reduction in their sleep apnea-
We don't yet.
and resolved. But these are patients that had lateral wall collapse and didn't have tongue-based collapse anyways. They're not in our pool of potential patients. So again, we are working with our physicians to make sure they understand the benefits of the GLP-1 and what that can do to help their patients lose weight and thereby qualify for Inspire. So again, we're really encouraged by the results, and we're excited to have GLP come to the market and really help patients with a high BMI.
Got it. And we do get a lot of questions. Maybe good to go back to basics. How do you think the label would look? Is there going to be a requirement, do you think, to try and fail PAP beforehand or I'm just curious or any high-level thoughts there.
For a GLP-1?
The GLP-1s for SA, yeah.
That's above my pay grade. I think that the FDA needs to review that. I think what's important to note, and the FDA will certainly highlight this, is GLP-1s are not designed to take care of obstructive sleep apnea. Reducing the severity of sleep apnea is a secondary benefit from their weight loss. And we know that patients with high BMI have a large neck circumference that's related to the lateral wall collapse, and we need those patients to lose weight. And so it should have some discussion around use of GLP-1s to help patients lose weight, with a secondary benefit in a reduction of their obstructive sleep apnea.
Where do you think the prescriptions would primarily stem from? Is that the sleep doc, the PCP?
I think probably more so the PCP. I think a lot of our sleep docs are pulmonologists. I don't know if they want to get into the business of managing weight loss. We do have several doctors who both are sleep specialists, but they also manage the weight management clinic. And so if we have patients that the ENT performs a sleep endoscopy, and the patient has complete concentric collapse, which again, is a combination of tongue-based collapse and lateral wall collapse, it means their BMI is a little too high. They will refer those patients to the weight management clinic, where they'll put them on a GLP-1 and have them come back around once they lose weight and resolve their lateral wall collapse. So I think it's probably more the general practitioner is going to do the prescriptions for those.
But we also spend a lot of time educating
Yeah
general physicians these days because that's where the referral patients come from. That's when the patient comes in and says, "My spouse says I snore and I gag. What do I do?" "Well, you probably have sleep apnea. We need to diagnose that." And so it's very important for the GPs to really have a good understanding of the disease, as well as the therapy options out there.
Okay, I'll stop on the GLP-1s for now.
Okay. That's okay.
UnitedHealthcare removed, I think, the oral appliance requirement and then relaxed the wording around CPAP.
Yeah.
Talk us through that. Was it even a headwind in the first place? 'Cause it didn't seem to be an issue through the start of the year.
It's not a headwind in the beginning. It's not as much a tailwind now. It's a good discussion for our meeting. UnitedHealthcare is good friends of ours. In Minneapolis, they cover the therapy, and they're very supportive.
They had a third party actually write their procedure for what their coverage was going to be, and they included the oral appliances. They had done that on a regional basis for several years. It was not a barrier in that we would just document that during the prior authorization process. And then UnitedHealthcare does do internal reviews of their coverage policies, and they reviewed this one and said, "Yeah, that's not an appropriate coverage." So they just removed the oral appliance altogether, and then while they're there, they look at the CPAP. They know people don't fail CPAP therapy. They know people are not tolerant to CPAP or flat out refuse it.
And so they changed their language to say, "It's okay if patients simply refuse to have therapy." And so that, that's an important change for that policy and for them being supportive of their patients who need treatment for their sleep apnea.
Got it. So no headwind then or a tailwind now?
I think it's People feel much better that it's not there.
Sure.
So from that standpoint, it may be a little bit of a tailwind. We, our prior authorization team, no longer have to check the box to make sure that they document the oral appliance trial, or at least the defining why the patient is not qualified for oral appliance, is really what we're doing. So it does ease our process. So from that standpoint, yeah, it's a tailwind.
Okay. Got it.
United also updated its coverage policy to match our updated FDA indication. They brought the lower limit on AHI down to 15 from 20 previously.
Understood. When was that exactly?
Same time.
Same time.
Uh, well
Perfect
effective September 1st.
Got it. Yeah. And then on the catalysts ahead, a lot of excitement around Inspire V. Limited launch in Q4, but how quickly are you expecting to roll the product out in 2025? And how easy of a transition is it for the doctors to get trained up, and I guess for the reps to get comfortable as well with the new device?
We're excited about Inspire V. We had a very good interactive review with FDA, and it's a thick submission. This is a new neurostimulator. It was a 12-13 thousand-page submission with follow-up questions, probably of an equal number of pages. And so the FDA really put the resources to it to do a timely review of it. Very detailed questions back and forth, and they did give us approval, so we're very excited about that, and thank FDA for all their time and commitment to get through this pretty extensive review. Inspire V is pretty exciting. It takes the external pressure sensing lead that we had, and it puts that sensing inside the neurostimulator can, using an accelerometer. Very similar technology to cardiac pacemakers and that people are familiar with.
That's one less product that we have to manufacture. That's one less product the surgeon has to implant. That's one less product that the patient has to have in their body. And so that really is a win-win-win for all parties. I think from a surgeon adapting to the procedure, it's gonna be quite easy because the new stimulation lead is the same, the neurostimulator is the same. They just don't put in the sensor, and so it's just it shortens up the procedure. What's unique about it, if you think about this pressure sensing lead, it's an ENT, ear, nose, throat doctor, putting a sensor between the intercostal muscles. It's the one unnatural part of the procedure.
So if they don't have to put that sensor near the chest wall, and they get worried about it, "Well, if I poke too hard, can I cause a pneumothorax?" We've done 75,000 procedures, it's a safe procedure. Surgeons can do that, but if they don't have to do that, I think that opens the door, that you will see more ENTs not hesitate to step up and say, "You know what? I'm ready to do Inspire today." So I think that really kinda opens the door for another group of ENT surgeons, and they will be able to adapt to that quite quickly.
The reps are pretty quickly adapting? Have you started those discussions with them around the new product?
We have it approved from the FDA, but we have not started the discussions yet. We do not market Inspire V. We're coming up on the big AAO meeting, American Academy of Otolaryngology, which is the ENT meeting in Miami this year. You will not see advertisements for Inspire V. You will not see big banners on Inspire V. We won't advertise this, we won't promote it until we launch it, and so you'll see those promotions happen next year. Yes, physicians are very wise, and they're investors, and they will listen in and read your notes and be aware of Inspire V, but we don't believe that's gonna change their practice patterns, or they're gonna continue to fill their OR slots, especially in the fourth quarter, with the high-deductible plans and the patient demands that we have.
And so yeah, we don't expect to see any softness in patient flow, and we look forward to sitting back, talking to you, and after we launch 5. But right now, it's about operational readiness. And the key to it is, we're not small anymore. So now when we launch this product, we need to have sufficient inventory to make sure that when we start, we have continuous supply, and that's really what we're working on. We're firing up the production line and keeping a focus on that when we have proper inventory, that's when we're gonna launch.
And how are you thinking about reimbursement? We seem to be getting a lot more questions on it at the moment, on the facility and physician fee. So talk us through maybe how you're looking at that internally at the moment.
Sure. Two different things. Let's separate those out, and so let's talk about physician fee. The good news for the physicians is the procedure is gonna take less time. We previously talked about the average day is between 60 and 90 minutes for an Inspire IV procedure, depending upon your experience level and how many procedures you've done. When we go to Inspire V, those same physicians should be able to do Inspire in 15 to 30 minutes less, or the OR time will be between 45 minutes and an hour. That's a significant cost savings. And with the same reimbursement level, you're increasing the reimbursement per minute to $10-$15 a minute. That's significant, right? So from a surgeon standpoint, Inspire V is really gonna be a bonus to them because they can do more cases in a day, right?
Look at the case last week, where the doc did eight procedures in a day with Inspire IV, right? Now, in this case, if he could take 15 minutes off eight procedures, I mean, that's two hours. How many more can he do in a day? So the key is building efficiencies for the surgeons to do more procedures in a day, thereby increasing the revenue to their practice and increasing their reimbursement per minute. It's a really strong boost there. From a facility standpoint, all neurostimulators get lumped into a APC. It's called an ambulatory procedure code. It's a level five neuro APC, and the payment level is very consistent. And so our national average payment is just over $30,000. Remember, the hospital has to pay us $24,800, right?
So it leaves the hospital with just over $5,000. Now, that's the national average Medicare payment for a hospital, so even then, it's a profitable procedure, and we don't see that changing either, right? So we're gonna still stick with the level five neuro APC for the reimbursement of the hospital. So we're in. We had challenges with reimbursement in 2014. We don't have challenges with reimbursement today. We're well established. We have coverage policies with all payers. We're in communication with the payers right now on Gen 5 with Inspire V, in preparation for the launch, so we're in good shape.
Great. And then another potential tailwind we'll see more evident in 2025 is the replacement procedures. From our channel check, seems to be a healthy number of initial consultations today. Yeah, do you believe the sensors have the capacity to deal with these replacements as well as new patients coming through?
They will. I think it's a replacement therapy. It's a new revenue stream for the company that is just starting to evolve, right? We were approved in 2014. That's when we did the initial launch. The battery of the neurostimulator is eleven years. Simple math, in 2025, all those patients are starting to come through to have a new battery put in. Now, in 2014, we did a whopping $3.8 million in revenue, right? That was really an exciting year for us. And so it's gonna start a little bit slow, but we expect about a 80% replacement rate for these patients. We certainly have a lot of older patients receive Inspire therapy, so over the years, we will, unfortunately, lose patients 'cause they will pass.
But, we do expect a high replacement rate, and what we expect is physicians will, maybe at the end of a day, just kinda quickly go through those. And it should take twenty minutes to do a battery replacement. So they'll do their procedures during the day, and at the end of the day, they'll quick do the replacement procedures. But this is something that's gonna start out now and just continue to grow. And we train the surgeons today, saying, "You're gonna see patients coming in, and if it's not from the clinical studies, it's gonna be the first early commercial patients, and this is how you do it." You just...
A lot of times, they can do it under local anesthesia, just make an incision, pull the device out, unscrew the set screws that hold the leads in, and unplug the leads, and plug the leads into the new device. When we go to Inspire V, remember, the patients coming in will have both a sensing lead and a stim lead. We will unplug the two and plug the stim lead into the device, and the sensing lead, we're just gonna leave that behind. It won't have any impact on MRI, and it's a lot safer to just leave it in the pocket than trying to retrieve it, because that gets a little bit messy.
So a patient undergoing a replacement could have an Inspire V put in, right?
Absolutely.
Yeah.
Inspire V is designed to be able to accommodate the new patients coming through.
That's better for you guys, right, as well?
Absolutely.
Okay, got it. And maybe some numbers around that, roughly? What would the payment be for a replacement relative to Inspire V? I know ASP is something we haven't touched on yet for Inspire V, but...
I think the neurostimulator cost is a significant part of the system cost.
Yeah
of 24,800, and I think that the codes are in place already. It's all neurostimulators use the same replacement codes for that.
Yeah. Yeah.
And so we'll be using those same codes to be able to do the replacements, and everybody should be fine.
Fantastic. And then again, 2025, probably gonna see a couple competitors pushing in, potentially, for the first time.
Let's highlight potentially.
Yeah. Okay. Have you, y ou know, the docs you speak with and you spend time with, any high-level thoughts on those products, or whether they're gonna be intending to trial these new devices, or you're pretty comfortable, you know, that they're gonna be sticking with Inspire?
First off, we've done a great job in developing Inspire therapy. We have a very safe and effective therapy. We have a very large TAM that we're addressing. With the success that we've had, there's no question we're gonna draw competition. We know that, right? We make sure that we stay on top of our game. We just spent how much time talking about Inspire V and advancing our technology. We spent significant amount of R&D dollars on our digital program, in specific, called SleepSync. All centers are using our digital program to manage their patient flow, and we already have line of sight to Inspire VI and VII and VIII going forward, not to mention our dual-channel device. We're not resting on what we've developed to date. We have significant R&D investments going forward.
That said, there's a couple competitors that are getting closer, and there's several others that are in the very early stages, just doing early financing right now to develop technology. So number one, we monitor everybody very, very closely. It's our job to know what's happening in our market, so we know the competitors very closely. We know their technology, we certainly know the physicians they're working with. But if you kind of look at the centers that take care of patients with Inspire therapy, we go through the quartiles. Quartile one and two are the high-volume centers. Quartile three tend to be the academic centers. And the physicians at these academic centers, their job is to do R&D, and their job is to experiment with new technologies.
So yes, we expect that those physicians will do a trial with the competitor technology, which we're comfortable with, 'cause we know our technology and those centers still are very active in taking care of patients with Inspire therapy, and we know we stand up well against the current competitors, and so I think that you can expect trialing in the academic centers if they get approval or when they get approval, but you still have to worry about the reimbursement aspects of it and working through those challenges. Again, academic centers are set up to be able to handle reimbursement challenges. The surgeons and the physicians tend to be salary-based, so they're allowed to be able to focus on that.
So I think that you'll see some trialing in the academic centers, but when you get into the community health, I don't think you're gonna see a big penetration there for years until the therapies are more established.
Got it. And on Predictor, where are we at, on that?
Exciting. Predictor, we have the data in-house. We're working with the physicians. They are putting together the publication, and they do have a presentation we're working on that'll be coming up at AAO. That's not as important as the publication itself, but what we're able to do is take that data under disclosure and have had communications with payers. And we've already had several payers change their policies to not specifically require drug-induced sleep endoscopy. That's the message we want in. It's important for the physicians to determine if a patient has complete concentric collapse, not for the insurance company to say which physician determines it and which procedure they use to determine it. And so I think that the key is the payers are saying...
are being consistent with the FDA language that says, "The patient should have the proper anatomy for Inspire therapy or should not have complete concentric collapse," right? We can do that with sleep endoscopy, and we can do that with the Predictor. What Predictor is looking at is patients with a lower BMI, and I'm basically talking about patients with a BMI less than 32. They don't have large neck circumference. They don't have significant lateral wall collapse. They don't necessarily need to go have a sleep endoscopy, 'cause the probability of them having complete concentric collapse is not that significant.
Those patients who are above 32, they should continue to have a sleep endoscopy, 'cause we wanna be a little bit more careful about which of those patients go straight to Inspire, and which of those patients probably may need to go to weight management and possibly get on a GLP-1 to lose weight to qualify for Inspire. We're already seeing some headwinds already. We're able to work with the physicians to do different procedures to submit to the insurance companies, and we've seen some success already. We think this is really good for the patients with a low BMI. They really don't need to have that sleep endoscopy, and they don't see a lot of value adding that. They have to take a day off work. They're gonna get anesthesia.
Somebody has to drive them, so it's two people taking time away from their day to have a fifteen-minute procedure to say, "Yeah, you're good to go." And we don't screen out that many patients with a BMI less than 32. So more to come on that, but really looks strong.
Perfect. And I'll be told off if I don't ask this. So 2025, a lot of catalysts in play. Street's at 19% next year. Are you comfortable with that number, growth-wise?
We're still looking through that. We're just starting our planning process, our AOP, annual operating plan, right now, and looking at what we're gonna do with the revenue, how we're gonna scale the operations. We're doing all the early work of the catalyst, but yeah, we're not gonna argue against that.
I would say it's very early. We're still kicking off our budgeting process, but from where we sit today, consensus estimates for next year are not unreasonable.
Got it. And we've only left five minutes to talk about profitability, which is a shame.
Very important. We're so excited about that.
Exactly. Let's talk about that, right?
Okay.
What are the core drivers gonna be of scaling up those margins? Because it's been a really strong start to the year, a lot of outperformance, at least from our estimates originally on that side. So talk to us about the key drivers there, looking ahead.
We've had pressure to become profitable, and we said, "Well, we need to run our program." There's certain things that are important for us to develop as in the market or in the market, in treating patients in the healthcare market, that we really focus on. We've had a significant investment in R&D with the Inspire V and the digital program coming through, not to mention the dual channel and subsequent. We're gonna keep our R&D levels significant, but it's becoming a lesser percent of our overall revenue. Direct-to-consumer is one that everybody kind of leaps for right away. We talked about how direct-to-consumer spending or direct-to-consumer program has evolved over time, from early radio to TV, early TV, to national TV buys, to now more targeted digital streaming.
We continue to evolve DTC. We continue to focus on DTC, and it's gonna be an important part of it. But again, the investment in DTC is not growing at the same level as the revenue's growing. We continue to scale our field team, but if you look at the number of reps that we've hired over the last several quarters, it's a lesser percent of the overall total, right? And so we're building efficiencies into our overall system, and we're becoming profitable because of the revenue growth and because of the strong gross margin that we have, not because we're changing our business to become profitable. And that's what gives us comfort going into the future.
Absolutely. So it's obviously primarily being driven by revenue, but when you look at each and every line item in our P&L, there's room for operating leverage with each line.
Cadence for the rest of the year, anything we need to be looking out for on the profitability side?
On our Q2 call, we noted we were generally comfortable with where estimates l aid for the back half, and that still stands.
Perfect. Okay. Question for each of you, same question.
Yeah.
Tim, we'll go first. What are you surprised you're not asked more about that you think is relevant to the Inspire story?
Patient outcomes, and I make sure I lead that every meeting that we're in. I talk about patient outcomes. People ask me, "What's a..." Go through the slide deck, "Which one is the keep me up at night slide?", and it's patient outcomes, and that's what we focus on, every employee at Inspire. 'Cause our job is one thing, and that's to take care of patients, and with strong patient outcomes, nothing's gonna slow us down, and the key's gonna be that we know that we need to continually monitor the safety and efficacy of our therapy, and we set a bar so high that should any competitor be approved, they got a high bar to be able to come up and match, but we get to also talk to our patients, and we get to see the positive impact they have on their business.
And we bring patient ambassadors into the company every year to meet the employees, and the employees that are manufacturing quality engineering get a chance to see the impact of what they do in their jobs, what impact that has on society and on individual patients, and that's a big deal. So everybody in the, in the company, everybody knows the number one priority is patient outcomes. That's, that's the number one priority across the board. I think hopefully, people just take that for granted that that is our number one objective, and therefore, that's why we never get that question, right? It's hard to put numerics around patient outcomes, but it's by far the It's why we do what we do.
For me, I would say it's really just how large the market opportunity is, but how underdiagnosed OSA is today. And we do have a lot of tailwinds at our back. So obviously, GLP-1s are going to be driving awareness. There are a lot of wearable technologies coming to the market that can diagnose OSA. And I would say, sleep studies, so home sleep tests have gotten much better, and they're much more widely accepted today than ever.
Perfect. Okay, that takes us to time. Tim, Ezgi, thank you so much for joining us.
Thanks, everybody.
Thank you.
Very good. All right.