Thanks for attending the Southwest IDEAS Conference hosted by Three Part Advisors. Next up is Nature's Sunshine, traded on Nasdaq under the ticker NATR. Excuse me. Presenting on the company's behalf is Terrence Moorehead, their CEO, and I'll go ahead and hand it over to him. Thank you.
Okay, thank you. Thanks, everybody, for joining today. I want to walk you through our IR presentation, share some insights on the company, and then hopefully we'll have some time for questions at the end. That's this, so Nature's Sunshine has been around since 1972, originally founded by a couple named Gene and Kristine Hughes to really start getting into herbs, and there was no wellness industry in 1972, so Gene and Kristine were literally filling capsules by hand around their kitchen table, originally to help with their own health needs, but then as people found out about what they were doing, they were doing this for friends and neighbors and family, and then they started traveling around the country.
The company was truly an American success story, starting with one product and really just one customer in the U.S., and grew to be a business, 40 markets around the world. We've got over 600 products, close to 800 products, actually, in our portfolio, and we are fully integrated. Again, from that humble beginnings of filling capsules around their kitchen table, we have our own R&D capabilities led by PhDs. We have our own sourcing team that travels around the world and sources products from you know, farmers and from processors and other producers. We do our own testing. We actually perform over 600 tests on products, in order to ensure the safety, but also the purity and effectiveness of the products as well. Then we do our own manufacturing. So it's fully integrated.
We sell through an omnichannel platform and have some pretty sophisticated digital capabilities to drive our company as well and to grow our customer ranks. So globally, the supplements industry is a strong and vibrant industry, growing about 6% a year over the last 10-15 years or so. So pretty stable growth. The penetration of supplements worldwide has grown to the point where the majority of consumers, now over 60%-70% of consumers, use supplements daily. So that's reflected in the growth.
In terms of the share of sales around the world, North America, and this is industry sales, North America is the largest marketplace with about 36% of the market, followed by Asia Pacific, which is 34%, followed by Europe and the Middle East at about 20%, and then Latin America and Africa kind of round out the total. In terms of our business, again, we have a presence in over 40 markets around the world, so a fairly significant footprint globally. So we have a nice, diverse, portfolio of markets to where we do business, with Asia Pacific being the largest, 45% of our sales, largely driven by Korea, Taiwan, and Japan. China is only less than 10% of our total portfolio, and then followed by North America at 31% of our sales, then Europe around 20%, and then Latin America about 5%.
Okay, so that's the overall footprint that we have as a company. When it comes to who buys our product, we really do sell to a premium consumer. We like to call them prosumers. You know, these are customers that really care about where their products come from, how they're made, the type of company that they're doing business with. These consumers would probably spend more time on the back of the label trying to understand what's in the product and why they should take it as opposed to just the front of the label. So it's a higher-end consumer. They can be a very knowledgeable consumer, and whether they have health concerns or performance concerns, you know, that's the type of consumer that we would be going after. So we're not a mass market company.
You won't find us in big box stores. You won't find us, you know, when you're kind of next to your average products. You know, we really are sold with, you know, the prosumers, we like to call them, will find our products with pro sellers. And so to talk about that a little bit, well, let's first go, before I get into kind of where we sell our products, just talk about our portfolio overall. So largest bulk of our products are what we would call general health-focused products. That's about almost 40% of our products, but then 23% are coming from digestive health, so gut health type of products. Again, that's a lot of where we kind of started our company originally was around kind of gut health, measures and detox type of products and programs. So that was about 23%.
Cardiovascular is almost 20%, and then immune, sports, energy, and weight management kind of round out the rest of the portfolio, but those first three really represent the lion's share of where our sales come from and where we would focus the business. Our in-house manufacturing and capabilities and our kind of end-to-end how we bring product to market really does kind of define and drive the quality of our products and why Nature's Sunshine is so very different from other companies out there. Only about 5% of the companies, or excuse me, it's about 10% of the companies in the marketplace actually manufacture their own products, and we believe it makes a big difference when it comes to, you know, the results that you can deliver for consumers. We use the highest quality ingredients, and we know that we use the highest quality ingredients.
I know everybody says that, right? We actually source our own products. We have relationships, as I mentioned earlier, with farmers and with producers and the processors. We source, we go around the world to source our own products. We do over 600 tests on our products. Just to give you an example of, you know, why this makes a difference for us, you know, if I think about a product like Ashwagandha, you know, 90%. I should be 100% of the value of the Ashwagandha is in the root. That's where all the medication is. That's where all the kind of the source delivered is. When you go to processors and to people who are trying to sell you Ashwagandha, they'll sell you blends of roots, stems, and leaves. The leaves can be actually toxic to you.
So we're one of five companies in the marketplace that have the equipment that allows us and the testing protocols that allow us to say, no, you're trying to sell us a 50/50 blend or a 70/30 blend when our specification is 99% root. So people wonder why our Ashwagandha, which is a simple product in the marketplace, why ours works and others' don't. It's because we know how to source the product. We do this type of testing, and it really does make a difference out there. And I often say to people, we probably reject and throw away more Ashwagandha than other companies sell in a year simply because of the high standards that we have. So doing this type of test and knowing how to source, source product really does differentiate Nature's Sunshine from most of the companies out there in the marketplace.
Obviously, we apply to, you know, have strict compliance with FDA standards. And, you know, we manufacture in our state-of-the-art 270,000 sq ft manufacturing facility. And we have a host of different certifications, probably more certifications than anyone in the marketplace. And we don't have these simply to just have them. They really do speak to the level of effort and the level of focus that we put into bringing products to market. And of course, we have the basic certifications of NSF and GMP. And those are truly just the absolute basics. But we go well beyond that to have USDA organic certified facility, TGA certification, which is like pharmaceutical-grade certification, ISO 9001 quality testing certification, and ISO 17025. Actually, the first one is quality, and then ISO 17025 is a quality testing certification.
Again, these certifications by outside companies just validate the fact that Nature's Sunshine is operating at a higher level than other companies out there. Here's what we was talking about earlier in terms of how we bring product to market. This is an example just using the North America business as an example here. About 30% of our products come from what we would call specialty retailers. When I say specialty retailers, I'm talking about local independent herb shops that you might find in your neighborhood or natural grocers, right? Again, locally operated. You're not going to find Nature's Sunshine in GNC or Walgreens, Walmart, or The Vitamin Shoppe. It really would be from a pro seller that kind of knows the brands that are in their shop. They know what's on the, they know the ingredients.
They know, if someone has a question, they can answer those questions for them. About 25% of our sales come from what we would call nutritional health practitioners. Those would be naturopaths, other dietitians, herbalists, chiropractors, herbal healers. Again, these would be people who are calling on clients on a day-to-day basis and then making an assessment of their health and then making recommendations about the type of supplements that they might want to add to their diet and the type of regimen that they might need to have in order to improve their health. About 25% comes from direct consumer. Direct consumer would include our own website and Amazon, our business on Amazon. So that's a significant and growing portion of our business.
And then finally, the other 20% or so is a mix of influencers and business builders that would be, you know, kind of knowledgeable and enthusiasts in the area of people's health, and then tapping into their social networks or digital networks in order to promote the company and promote the brand. So that's how we go to market. It's an omnichannel approach. We think that it's not just different. We think it's better. We think it gives us a competitive advantage. You know, one of the things that we know is that at any point in time, consumers want to either shop or buy from at least two to three different channels at any point in time. So they might go in to see a practitioner, you know, at one point in their journey.
And then as a follow-up, they might in order to either to buy and to learn what they need to do, but then they might actually shop online from us. And then that practitioner would get credit for those sales. So it's really a dynamic opportunity for us to meet the consumer where they want to be and meet them on their level and on their terms at any point in time. In terms of our growth strategies, we have three growth strategies that drive the company and drive our business. The first strategy is something we call Digital First. And that's all about, you know, kind of leveraging digital capabilities and digital technology to drive consumer activation. Second is something we call Field Energy.
Field Energy is really about kind of just recruiting and training and making sure that our field coverage and our channel strategies are as effective as possible. Then Brand Power really is about driving customer acquisition by having our marketing mix fully meet consumer needs, depending on what market we're in. Want to talk about each one of these in turns? We'll start with Digital First. Again, Digital First is all about using digital tools in order to drive customer growth, build loyalty and engagement in the marketplace. We do this by having our own websites and having our own Amazon business as well. So we drive traffic to Amazon business. But really, it's really about creating a digital ecosystem across our business.
With all the digital tools that we create, we actually give those same digital tools to our health practitioners and to our specialty retailers. They can tap into those same tools. They can email, they can use social media, they can do whatever they want to do to take their analog businesses and make them digital as well. As their consumers purchase from them, that's fine. If they also come online and we know who those consumers are, we'll certainly give them credit for those sales, as I mentioned earlier. We also have full funnel marketing that we use to drive customers to our website and to attract new customers to the business.
And we have a full CRM team and full CRM capabilities so that once we have customers kind of in the fold, we'll reach out to them on an ongoing basis. And whether that's through email, text, direct mail, whatever the technique might be, remarketing, we'll go back and generate repeat purchases for those people. Another powerful digital tool that we have is something that we call Subscribe and Thrive, which is our auto ship program. And it's not just about saving. It really is about thriving. And that's why we call it Subscribe and Thrive, because the only way that people are going to get healthy is if they take our products on an ongoing basis. It's like if you sign up for the gym and you only go in January when you're all excited, right?
And then you don't go for the rest of the year, you're not going to get healthy. You're not going to get in shape. Well, the same thing is true with supplements. And so Subscribe and Thrive is really, I call it, you know, we call it a win-win situation where the clients win because they get the best products that we have, at the best prices, free shipping, and then the products come automatically every single month. We try and make it as easy as possible for them to get into the program, but also if they want to pause or stop for whatever reason, we make it easy for them to get out of it as well. So we're not trying to trap anybody. We're just trying to make it easy for them to get healthy. That's our kind of approach to things.
Obviously it helps us because we know that if we get people into Subscribe and Thrive, just as an example, they're 9x more likely to place a fourth order with us than they are if they're not in Subscribe and Thrive. There's a 9x uplift on that fourth purchase all the way out to the fourth purchase. It's just a powerful way for us to drive the business and move forward. To give you an example of how far we've penetrated this in our business right now, Subscribe and Thrive, about 25% of our sales, about 24% actually of our sales in North America come through Subscribe and Thrive. In a place like Japan, they've already kind of raced out and they get about 50% of their sales from Subscribe and Thrive.
So again, you can imagine the power if you're getting 50% of your sales from subscriptions, every single new customer that you're bringing in is highly incremental to your business. So it's a great driver, growth driver, for our company. And it's a great way for consumers to just get healthy. Our next strategy, Field Energy, really is all about just putting in place the right field discipline, field analytics, having the right sales tools in people's hands. So, you know, whether it's helping us kind of support and manage our health practitioner business more effectively, or whether it's making sure that we have the right tools in the hands of our specialty retailers. You know, a lot of times they need to have point of purchase displays. They might need training on certain products, whatever it might be.
Our Field Energy strategies really help to make certain that our sales force has in their hands kind of what they need at any point in time. And I just want to use as an example of some of the power of our Field Energy strategies, our business in Taiwan and Japan. And over the past five years, you can see our business in Japan has grown 141%. Taiwan has grown 141%, with Japan growing about 23% over the past five years. Strong, sustainable growth driven by good, solid field fundamentals, good field follow-up, and again, making sure that the people have the appropriate tools in their hand at any point in time and that we're driving field, you know, kind of field activation and just on an ongoing basis. So a really important strategy for us that can drive a lot of power.
Finally, Brand Power is our last strategy. And it's, again, it's about making sure that we just have best in class product that, that people love, and, and branding that speaks to people. You know, I like to talk about our, our Power Line that we, that we launched about, just about a year ago now. The Power Line is, our three separate products, Power Greens on the left, Power Meal in the middle, and Power Beets. Each one of these products are breakthrough innovations in each one of their respective categories. You know, Power Greens is the only, greens product on the market, for example, that has two full servings of vegetables in it.
Doesn't sound like a big deal, but, you know, just taking full servings of vegetables every day is probably one of the single best things you could do for your health. But in addition to that, it actually has clinically therapeutic levels of adaptogens, clinically therapeutic levels of nootropics, all of which help people kind of feel better, have better mood, have better mental acuity, have better kind of state of mind to the point where you can really feel it because they are at those types of levels where it's meaningful. So it's an incredible product, really doing well. Power Meal is another kind of innovative meal replacement product. The purpose of taking a meal replacement is to get your calories and to get clean protein. Everybody needs to have clean protein, right?
So everybody, your mom told you you needed your vegetables. All right. So Power Greens, check. That's foundational. But Power Meal is giving you clean protein. Our bodies need protein. And ideally, again, it would be clean. What's so special about the Power Meal product is that the source of the calories is coming from whole food roots and whole food, other whole food, kind of, herbs, as opposed to what the competition was, it would offer. The calories from other products are coming from things like starches and sugars. So me personally, if I'm going to get my calories, I'd much rather get them from food as opposed to starches and sugars. So it really is an incredible product. Great tasting. Comes in two flavors, chocolate and vanilla. A great way to start the day. And then finally, Power Beets.
Everybody's body needs good cardiopulmonary health, good circulatory response. And Power Beets is an incredible innovation. The beets are harvested and sourced from the mountains of Tibet over 10,000 feet. They're very rare. 2% nitrate beets. Give you a perspective. Most beets that other companies are sourcing or that you might find in the grocery store have about 0.5% nitrates in them. And so what those nitrates are doing or that nitric oxide is doing is giving you good blood circulation in your body, right? Which is giving you good cardiovascular health. So if you've got issues with high blood pressure or cholesterol, this is a great product for you. If you're an athlete and you want to, you know, perform, this is an incredible product for you. So really outstanding products.
And the Power Line altogether, as I mentioned, individually, these are breakthrough products, but collectively they're designed to transform your metabolic performance and your metabolic health, which is just foundational. So these are three products that were designed for everybody to take every single day, you know, and for a company that has 600 products, you know, to have something like the Power Line where it could appeal to everybody and there's a reason why everyone should take these products. It's a great way to introduce the company to anybody at any point in time. So again, we've got full-blown marketing initiative against each one of these products. On the left, you can see Power Greens. And this is just a mobile execution that you can see that we put out in digital.
On the left, we're comparing our Power Greens product to AG1, which is a popular product on the marketplace. I often say to people, if you're taking AG1, I hope you like it because you'd have to take three glasses of AG1 to equal one glass, one serving of Power Greens. So like that's how potent that product is. And that's how good it is on the marketplace. See Power Meal in the middle and then Power Beets on the right. Again, if you're a fan of something like Super Beets, which is a popular product that people might have heard of, you'd have to take three glasses, three or four glasses of Super Beets to equal one serving or one glass of our Power Beets.
So again, that's just the difference when it comes to how we source our product, how we manufacture it and how we put it all together. It's a really transformative brand for us. This is our management team, and I'm not going to go through and introduce everyone on the management team. Our CFO, Shane Jones, is right here in the front row. Shane, want to say hello, Shane. But we know we've got a great management team. They're dedicated to the task. They're focused. They're all highly experienced executives in the space and are really dedicated and committed to our strategy, but also, very importantly, they're committed to delivering shareholder value to our shareholders. Our capital allocation plan is. It's actually very strong. We have strong cash flow that will allow us to continue to invest in our growth strategies.
We have spent $8.4 million in shares year to date. We still have about $9 million left on our authorization. So we do have an ongoing program to buy back shares from the company. We're also investing in process improvements and supply chain improvements. We've made some significant improvements to our supply chain as part of something we call Vision 2030, designed to upgrade our capabilities and automate our processes to ultimately drive out costs and improve our gross margins. So there's a complete and pretty in-depth program that we have to improve our gross margins over the next several years. We'll have ongoing investments in organic growth opportunities, and those things might include things like digital.
So we're going to continue to invest in digital every single year, to make sure that we're on top of the marketplace and building out our digital capabilities globally. And despite the fact that, you know, North America is our kind of lead digital market, we actually have a digital footprint in all of our markets around the world, and they're at different phases of kind of what I would call kind of the spectrum of where they are in terms of digital, with North America right now being the most advanced, in terms of actually having full funnel DTC investment combined with an Amazon business. But, you know, we're going to continue to invest in that because that is, creating that digital ecosystem and building out our capabilities is an ongoing, opportunity for us. And then, of course, we would certainly entertain strategic M&A.
You know, we have a clean balance sheet and generate a significant amount of cash. So if the right opportunity came along, we would certainly entertain that. It would have to be something that would help us accelerate our strategies and really align very closely with the business. But we would certainly, you know, entertain the right opportunity at the right price at the right time. So again, we're well positioned to drive shareholder growth with the amount of cash that we have, as well as an overall, pretty solid capital allocation strategy. This is our performance over the past five years. So solid revenue growth. You see a drop on the left side in 2022. That's simply in response to the global supply chain crisis, war in Ukraine, things like that.
And as you can see, we've kind of recovered from that and had some nice growth following that hit. On the right side, you see our EBITDA going from about $31 million- $40 million. Same impact in 2021. Foreign exchange was a big hit there, as well as the global supply chain and the other things that I talked about that impacted our top line. But we again continue to drive good solid growth on the top line and bottom line. And our margin generation initiatives, as well as our focus on managing SG&A, should allow us to significantly improve our EBITDA going forward.
Our goal is to drive our EBITDA from about 9% where we are today to get to that high. I call it mid- to high-teens, three to four years out, three to five years out. So we have a runway to do that. We have a plan to get us there and are kind of really on the case on that one. In terms of our full year guidance that we've provided thus far, net sales guidance was $443 million-$448 million on the top line, and adjusted EBITDA guidance was $40 million-$42 million. So that's what we've published in the marketplace. So just to wrap up, why Nature's Sunshine?
You know, we have an incredible line of products that really is differentiated from others that are in the marketplace simply because of the way we bring products to market and who Nature's Sunshine is and what we've represented for over 50 years. We have enormous market opportunity again because of that portfolio. Our brand repositioning that we did a couple of years ago really has allowed us to not only speak to the consumers that historically would love Nature's Sunshine, but also to a new generation, and when we look at the growth that we're seeing and the incredible growth that we're seeing around the world, whether it be in Asia Pacific, Central Europe, or North America with digital, it's driving this new generation of consumers to Nature's Sunshine.
It's really incredible and it's created tremendous growth opportunities for us as the brand is now able to speak to a much broader range of consumers, but again, it's speaking to those prosumers that really care about, you know, where their products come from and how they're brought to market and what type of company, you know, kind of they're doing business with, that they can trust. Boy, Nature's Sunshine really delivers on that and our repositioning and our rebranding allows people to kind of understand who we are in a much better way. We've got three very powerful strategies to drive growth and we're very well positioned financially, with significant cash, healthy EBITDA generation, and no debt on our books, so that's Nature's Sunshine in a nutshell. Do we have time for questions?
I was asking our administrator and he stepped out of the room. I guess we can do whatever we want, right? He's not here. Yeah. That's a little less transparent to us because, you know, they have, they're dealing with their customers on their own face to face. We certainly know what our relationship is with them and so our relationships with our retailers is long term. So I'm not sure if I can answer your question fully effectively. Yeah. Once I'm getting down to the consumer, because they're managing many of those relationships themselves. Yeah. Yeah. Bill.
So if high teens EBITDA margin, three to five years out, what does that assume from currency from this year's like?
Yeah. Shane, you want to comment on that? Because assume we're getting worse. Yeah.
But what it is like to no assumption of it improving.
No, no, no, no, no. Yeah. Yeah. We're not bringing FX into it. Yes.
What do you call this space? I just looked at my Amazon orders and I found Nature's Bounty, Nature Made, Nature's Way to order.
Nature's this, Nature's that. Yeah. And that's where, again, going prosumers looking, talking to pro sellers. So when we go and talk to health practitioners, when we go and talk to specialty retailers, but then also when we're using our marketing materials to actually talk to consumers, we would be speaking well on that first group. We would be educating them on the differences with Nature's Sunshine and how we bring products to market. And that really does resonate with them.
They appreciate, like, and that, and that's why I spent a little bit of time talking to you about the work that we do to bring a simple product like Ashwagandha. I'm sure most of you have heard of Ashwagandha, right? It's very popular now. You know, the work that we would do to bring a simple product like Ashwagandha to market is completely different from what other people are doing, and the product that we bring to market is completely different from what the product they're bringing because, and we know it is because we're rejecting the ingredients that other companies are buying, so the way you do that is by educating our sellers on here's what we do. These are the capabilities that we have. These are the instruments, the tools that we use, the testing that we do.
So educating them on all those things and then speaking to prosumers kind of again in a voice that would resonate with them. The people that are buying, you know, kind of Nature's Bounty, it's a perfectly fine company, but that's a very different, you know, kind of mass market approach than what we would do. Our focus also would be very different in terms of the types of products that we might offer to consumers within our portfolio. Ashwagandha is something very simple, right? Relatively simple. But we would, you know, I'd say 300 of our herbs are wild-crafted. You know, we would be doing things like horsetail or red clover and these rare ingredients that really do have incredibly powerful healing properties and performance properties.
The way that we source our beets, you know, that's why I spent a little time talking to you about our beets product, you know, that those 2% beets that are grown in the Himalayas and then, you know, kind of fed by the snow runoff from the Himalayan mountains, that's a completely different way of sourcing product than, than, you know, kind of the other product companies, companies that are out there having beets. So, you know, the way you do that is again, by communicating this to people, by getting influencers who know what they're talking about, who can amplify our voice. But that's how you do it, you know, kind of, and you have to come at it from multiple angles because it's a crowded marketplace and consumers can get confused. Yeah.
That's what keeps me up at night, by the way. That's the, that's the thing that keeps me up at night.
Marketing channel or is that in the past?
Most of our business in North America, that's why I tried to walk you through kind of how we sell. We do have kind of an earnings opportunity for much of the business and especially in places like Asia, we would have that. I like to think of it kind of largely as a customer kind of focused club. It's very much of a customer oriented, customer driven business. It is not our business, it is not, a Herbalife or a, you know, Amway or anything like that. It's a professional business driven by keeping the customers at the forefront of the business. Our model is not recruit people to recruit people who recruit people. That's a kind of different model from ours. Okay. Yes. Hi.
What your company does and/or other resources out there will be, let's not say a novice public, but the general public out there in terms of the benefits of these various supplements.
Mm-hmm.
How can one be assured that you're reading the proper material so that you can really appreciate the quality of your product?
Sure. Yeah. And in general, I would say we are not a mass market, you know, company. So we're not necessarily using mass market techniques and mass market tools. We would be targeting and talking to forums of people who would be likely to want to affiliate with Nature's Sunshine because again, our price points would be higher, right?
So, you know, the mass market and the general consumers are often more price sensitive and value sensitive. We're talking to people who are result sensitive, right? And so, there are a whole host of ways that we would communicate that to people either directly, right? So we have blogs, we would have presence on things like podcasts. We do something called Herbal Hours. And that's actually how the company was started. Gene and Kristine Hughes literally got in the RV, went around the country. We're talking in the 1970s, right? There was no wellness industry. They got in their RV and went around the country and they do these things called Herbal Hours. And they'd have hundreds of people.
I see the photographs of them and hundreds of people in a room and they're just talking about, you know, this herb or that herb. And then next week they'd have another one. They go to another town. So we do those today. Of course, we do them digitally and we invite consumers to these herbal hours so they can think about how they might improve their health. And we'll have different topics on whether it be gut health. So we'll talk about gut health. Another topic might be on a particular herb or a particular ingredient. And so there are a whole host of things that we would do. And I'm just speaking, you know, herbal hours is just one thing in particular.
It's kind of a fun thing that we've done historically, but we would do many things and we would tap into many different sources. Hopefully that answers your question. How does the individual tap into those sources? Either they would, so again, we invest in search. If someone is online and they're searching for a certain thing, Nature's Sunshine might pop up. You can go to Nature's Sunshine. You could find it on our blog. You could tap into. I couldn't give you every single thing that we do, but there are things that we push out into the marketplace and then there are other ways where people can kind of find us through other pull activities. Okay. But there's no single source way for somebody to find us.
We've got, you know, again, our thousands and thousands of network of distributors and especially retailers are generating ongoing discussions. We do things to push out to the marketplace. And then of course, there are ways that people could find us simply by searching online and different forums. Okay. Yeah. Other questions? Yes.
Either in the medical community or just individual patients being heard, understanding that they can be prescribed supplements. And how has that changed over time?
What I would say is what we're seeing is more of the medical community is engaging in alternative medicine. Absolutely. They don't necessarily get prescribed because you don't need a prescription for them, but a much larger percentage of the medical community and kind of traditional Western medicine is getting engaged in supplements and starting to like believe in the power and the healing power of nature.
All of the kind of prescription side though, like they would be able to, you know, use their insurance, typically pay for it, right?
I'm not familiar with any insurance. I would love it. Don't get me wrong, but I'm not familiar with anything linked to insurance. Yeah. If you could tie your Medicare into that, that would be awesome. Yeah. Any other questions? I'll take one more if you have. Okay. Well, thank you very much. Thank you.