Hello, everyone, welcome to the 41st annual J.P. Morgan Healthcare Conference. My name is Alex Kramer, and I'm an associate in the healthcare investment banking group here at J.P. Morgan. It is my pleasure to introduce our next presenting company, TELA Bio. I'll now turn it over to our presenter, CEO, Tony Koblish.
Thank you, Alex. Thank you to J.P. Morgan as well for the invitation and the opportunity, and thank you for everybody listening, both present and out there. First, I'll acknowledge the forward-looking statement, and next, we'll get into the company. TELA Bio is a soft tissue company that's focused on the preservation and restoration of tissues in the operating room in the surgical suite. We work with general surgeons, plastic reconstructive surgeons, colorectal surgeons, and trauma surgeons. We have an advanced portfolio of tissue-reinforced matrices. We're the only company on the market that has the intellectual property and the technological capability to interweave synthetic polymer fiber with biological materials or indeed any substrate that's biological in nature.
We have the ability to reinforce these materials with both permanent reinforcement for long durability and then resorbable reinforcement for short-term durability. The two areas that we apply this technology to are number one, hernia repair with our OviTex Reinforced Tissue Matrix, and then plastic and reconstructive surgery with our OviTex PRS product. We're in the process of launching a third category that's more aligned with the plastic and reconstructive platform called NIVIS. We just put a press release out on Monday announcing the rollout of that product, and that product is focused on operating room-based surgical wound care as applied to plastic and reconstructive procedures. There's a very strong product portfolio here. It's very broad. It allows us to work across many different procedure types, many different types of surgeon preferences for technique.
We have a big market opportunity, well over $2 billion, we are a commercial company that I'd say is in the sweet spot for investment. We are a proven technology in terms of clinical performance data, reimbursement, payer, very solid. We have a commercial organization that is very productive. A very large percentage of our reps are well over $1 million, and in fact, we are building 2 million-dollar reps on a regular basis. We have rep productivity heading in the right direction, and we're scaling our sales force aggressively. Our target at the end of last year was to be around 60 reps, up from about 45 reps the previous year.
We think we can continue to scale this sales force by feeding it products that are high quality with clinical data and continuing to build out our GPO presence, which is a key platform for this business. Up until recently, till October of last year, we really had 1 main GPO, and that was HealthTrust. That represents about 36% of our business. It shows you the importance of what GPO access is in plastic and reconstructive and hernia repair. As of October, we just got Premier on contract, and we're about to announce another GPO contract in the next month or so.
With these three contracts, we should have more than enough access to continue to grow this business, in a durable, and high, high growth fashion for the next 24-36 months and beyond. We've got an excellent intellectual property portfolio. It's 13 patents and counting. All of our IP is centered around the ability to insert these polymer fibers through matrices to adjust properties, represents a moat around the company's technology, and these are freshly issued patents, so there's a long runway on them. We've licensed two base patents from our manufacturing partner, for the tissue type, and this allows us to have both the matrix and the technology platform for assembly and design, under intellectual property coverage. The last but not least, we've got a leadership team here that's done this before, in several different capacities.
We've got a very deep bench from a company called LifeCell, which went from zero to about $500 million in these types of markets. I ran a company previous called Orthovita, which went from zero to about $100 million in biologics as applied to orthopedics. That company was sold to Stryker. LifeCell's been sold to Allergan and many other times since. We also have a core group emerging through our new chief commercial officer from Pacira Pharmaceuticals. He was the VP of sales there, and that company has gone from 0 to about $500 million in sales with a very sophisticated, complicated sale. We have a deep bench. We have a team here that's gone from 0 to well over multiple hundreds of millions of dollars in the past.
We understand how to do it. We understand what it takes with these types of biological mechanism of action style products. It's what we do. I think it's a specific skill that's beyond most basic medical device. We're a very specialized company working in a high-value area. First, we're gonna talk about hernia. It's a very heterogeneous, complicated set of procedures. A very common procedure. It's driven by demographics. You know, I think once we stood up vertically in our evolutionary process, we got bad backs and bad bellies, right? That's just what happens. Very high volume procedures, but very complicated array of procedures. Simple things from hiatal hernias to inguinal and simple ventrals to very complicated ventrals and ab wall reconstructions.
A very interesting aspect of this $1.5 billion market is a big chunk of it is heading towards the robot. I'm happy to say that we've aligned our entire natural repair OviTex platform with the robot. It can go down tubes, it sticks well when you're sewing it, and it's very easy to sew with robotic arms, no deflection. This technology platform is highly robot compatible. In fact, about 60% of our hernia units for the last three quarters have gone down either a robotic tube set or a laparoscopic tube set. Last quarter, 40% of that 60% was done robotically. We're quite proud of that.
We have excellent clinical data in combination with the robot. I think the future of hernia is gonna be non-plastic materials, non-permanent plastic materials, I'll say, in combination with robotic surgery. We are super well-positioned in this space. To do that, we've got a very wide array of products. The LPR product, laparoscopic robotic, that's what that stands for. We're gonna announce fairly soon additions to this product portfolio that's gonna give us a very, very broad robotic system. Our base OviTex product is a workhorse product that can be used in a variety of procedures, from open to minimally invasive to ventral to inguinal. The 1S and 2S products are sort of our high-tech complex products for complicated ventral and ab wall. These can be put up against the bowel.
They can be used in virtually any tissue plane, and they compete with both all gen one biologics, such as LifeCell's products, Integra LifeSciences products, et cetera. They also compete with the resorbable synthetics that are emerging and may be one of the fastest-growing segments, such as Bard's Phasix products. If you look at the competitive set, we've aligned ourselves below with resorbable technologies, and with biologic gen one technologies. We are starting to work our way into the displacement of permanent polypropylene plastic. It's been a big problem. It's the subject of many, many lawsuits that are aggregated in a class action. The publicity around polypropylene meshes is quite negative, and we're starting to see a big drive towards having a complete portfolio that can do those procedures as well. The reason is simple.
You know, well over 60%, I think at this point, of surgeons agree that permanent synthetic mesh can cause long-term complications. Virtually every patient that shows up for a hernia comes with a long Google search that shows litigation and problems with plastic mesh. It takes probably 30-40 minutes for every patient for the surgeon to walk them through. We can provide a tool set, a product set to help surgeons get patients comfortable with the fact that they'll get a natural repair solution from TELA Bio and the surgeon without having to worry about the downstream complications of plastic. There's well over 33,000 lawsuits aggregated between Rhode Island and Ohio. The bellwether cases have gone off.
There's been a big win for the plaintiffs, loss for the defendants recently, almost a $5 million settlement. If you spread that type of risk across 30,000+ procedures, you can see that that's a big liability number. We see one of the biggest players and sellers of plastic mesh, Bard, shifting their customers over to a product called Phasix, which is a resorbable polymer. The reason they're doing this is to start to set the stage for living in a minimal or a post-permanent polypropylene world when it comes to implants. The clinical data is critical here to be able to do this, right? Our first step out of the gate was to displace generation one biologics, and we are well on our way to doing that.
If you look at our data set, to the right, the red numbers are our recurrence rates at various follow-up points from 12 months to 59 months and beyond. The black numbers there are competitive gen one biologics, right? If you look at the left, that's a very interesting series done independently by a surgeon group out of Indianapolis, where they compared 50 OviTex patients in a more complex patient set versus polypropylene, and we had half the recurrence rate. The signal so far with our data set and our product set is extremely low recurrence rate, which means low revisions. If you look at our BRAVO data, which is our flagship clinical study, 24 month follow-up, it's a very similar design to the studies that are in blue to the right.
A 2%-2.6% recurrence rate at 24 months is exceptional. I really wanna point to the ATLAS trial to the right. That's Phasix. That's Bard's product. That's almost a 32% recurrence rate. Most of those procedures were done robotically. I wanna point you to the J. Scott Roth study. Most of those procedures were done open, about an 18% recurrence rate. Right now, our signal is very strong, even versus Strattice, which is a LifeCell product, exceptional recurrence. Ventralight probably is the top polypropylene mesh on the market right now. Superiority versus that product set as well. This is a heterogeneous type of procedure volume.
This slide really represents the data set of, I don't know, it could be close to 2,000 patients at this point in various series across all of these procedures, from hiatal, very complicated bridge cases. A variety pack of inguinal cases, both open and robotic. We have a very large series, probably approaching around 1,000 robotic, inguinal patients, which is exceptional. All of the ventral and ab wall reconstructions on the right. Those recurrence numbers in the red box, they confirm the signal very, very low, right? 1 single digit, exceptionally positive results. You see that higher number there in bridge cases, that would correspond to the 40% on the previous slide here.There, right? That's a complex bridge set of patients, 40% versus 16% in the worst of the worst.
I just want to say, most of these terrible complex procedures are done because plastic, synthetic polypropylene mesh has been removed once, twice, 3, maybe 4 times, right? The more times you have to remove these materials that tend to create a foreign body reaction, contraction, and erosion, the bigger the problem gets. Fixing that problem becomes tougher and tougher and tougher. The fact that our product can do exceptionally well in those procedures, along with the simple procedures, shows that it is a broad platform for all procedures. You look at how this market has been evolving, right? It was really a 2 material market in 2013 when we started this company. The dark blue is polypropylene mesh. You know, 85% of the procedures were using polypropylene mesh. It accounted for half of the revenue.
The light blue was biologic materials. Only 15% of the procedures, half of the revenue, which shows you very high price materials that were ripe for disruption. No patent life left on them, ripe for disruption, particularly with our Reinforced Tissue Matrices. As you see the years unfold, you see the emergence of the red and the orange from the center of these bar charts. First, these resorbable synthetic materials, orange, and our product, red, work their way towards the right, which is displacing generation one biologics. Once we prove ourselves there, we're starting to work our way to the left, to displace the polypropylene materials. The key factor here is strong clinical data. Yes, we have it. Robot compatibility. The robot will eat hernia over time.
The entire market, except for the most complicated opens, we believe, will be dominated by robotic procedures. Robot compatibility, we have designed our products to be robot compatible. 60% are used robotically today, and our clinical data set supports excellent recurrence rates equal to open procedures using the robot. Cost effectiveness, finally. Our product set offers between a 30%-40% cost savings versus gen 1 biologics, and perhaps a 20%-25% cost savings versus those resorbable synthetic leading products from Bard. It's rare that you have a technology and a company that has the ability to provide better outcomes, better results, in conjunction with a very strong economic value proposition. Everything I just said about hernia can be applied to our plastic and reconstructive business as well.
We can use our technology to sew these products into very specific formats. We're approaching a $700 million market. There's a variety of plastic and reconstructive procedures, but the main procedure here is breast reconstruction after cancer. Post-mastectomy, implant-based reconstruction is predominantly where surgeons choose to use these materials. The leading product set here is human acellular dermal matrices derived from cadaver materials. Again, LifeCell is a leader here, but there are many clone products that are essentially the same, the process of cadaver skin. Our goal here is to displace the use of cadaver materials. We have a more a product that is more steady in terms of its characteristics. It's the same every time you open the package.
We can design some very interesting features in through this layering constructs and sewing similar to we do in hernia. Right now, we have 2 flavors of PRS. We have a permanent reinforced PRS for difficult and complex procedures. Sounds familiar. We have a resorbable reinforced PRS for the more basic procedures. We are on the cusp of launching, hopefully this year, second half of the year or so, a 3rd version of our PRS product, which will be a medium-term resorbable product. Surgeons will have 3 choices, and we are currently working on a resorbable polymer technology that should be out within the next 18-24 months. We have a wide array of choices.
In the end, we're gonna have the biggest, strongest product portfolio around plastic and reconstructive in the business with four different products, and we'll have three certainly by the end of this year. There's many things we have not been able to control. What we have been able to control are what we call the five factors, right? We can control our sales force size. We've scaled it. We can control our rep productivity. We've done intensive training, lots of surgeon labs. We can control our product portfolio. We're launching 3 new products this year, robot compatibility, a new category of product called NIVIS, and a new PRS product.
These are three high-value product technologies, we've gone from minimal GPO access to tremendous GPO access, especially when we announce the third one later in the year. Our clinical data has matured exceptionally. It's starting to be presented. There's gonna be more pre-presentations at SAGES, et cetera. Our data in comparison to competitive products is exceptional. We can control these five factors. We try to make it a mechanical, controllable system, almost an equation, and the product of each one of these things drives revenue growth. There may be ups and downs with nursing shortages, procedure volume dips and ebbs and flows, but we will grow. With the discipline of running these five factors and optimizing each one of these.
There's many, many things we can do in the future to continue to optimize these five factors and continue to grow sales, which is why we have a lot of confidence in the next 24 to 36 months of durable, strong, sustainable growth in these high-value markets. To date, that's exactly what we've done. Our last quarter was 46% growth year-over-year. We're growing sequentially. We've got great cash position at this point. I think by any measure, you know, we're a company that's very interesting, very low valuation for whatever reason, going public right before the pandemic. We have the table set for this business to thrive and grow, and we feel very confident in our ability to manage those five factors and build this business.
Each piece is maturing nicely, and we have an excellent team that knows how to do this. With that, I thank you.
Great. Thank you, so much, Tony. I appreciate it. Now we're gonna kick off the Q&A portion of the presentation. Reminder for those of you either in the room or on the webcast, there's two ways to ask questions, either through the web, the webcast link, or just the old-fashioned way by raising your hands and there'll be mics for you around the room. Tony, I think it'd be great to kick it off with just a question about the five factors that you discussed. You repeatedly discussed these. Could you just describe those in a little bit more detail and more specifically, how leveraging one or each of those guides performance for the company?
I'm gonna introduce Roberto Cuca, our Chief Operating Officer and CFO, and he'll start that discussion, and then I'll add.
Thanks, Tony. One of the keys with the five factors is that, you know, we intend to optimize them all, and we're increasing them all, but you don't wanna max out one before you develop the others. For example, it wouldn't make sense to have a full field force with no GPO access. We think about how to grow them all in concert to maximize the year-over-year revenue growth. For example, we ended 2021 with about 45 sales reps. The target was to grow the sales force to about 60 at the end of last year. We were at 57 mid-year, so that was well in hand. We've been adding GPO contracts, and expect to be pretty close to the optimal set of GPO contracts in a year or two.
Our sales force is something that we expect to, at maximum, to grow to something like 90 to 100 sales reps. As we increase all those, growing out our product portfolio and developing clinical data, to help our sales reps sell to physicians, we should continue to see a significant year-over-year growth. That increase in sales force size in particular means that there will be, you know, continued step-ups in the total amount that we can sell.
Awesome. Thank you very much. Just another question. You mentioned a little bit in that answer there. Can you just talk a little bit more about the status of GPO access? As GPOs come online, how is that impacting penetration?
Yeah. GPOs are not all the same, and contracts are not all the same, right? There's a hierarchy where certain GPOs are highly compliant, which means, you know, if you're on contract, you have a big advantage versus anyone not on contract. We have felt the brunt of, you know, 60% of our business today, having to go through the high friction of developing that business off contract, so we understand that difficulty. There are other GPOs that are less compliant in driving those contracts, and those are more like, you know, traditional licenses to hunt. The 3 GPOs that we will have landed, you know, by the end of the next month or so are of the variety that are high compliance contracts, right?
You could see that even though our HealthTrust contract started right when the pandemic started, it's a three-year contract. We realistically only were able to implement into that space for half of the time, maybe 15, 16, maybe generously 18 months, you know, given what was going on at hospitals. Even with that limited, you know, implementation period, it's still about 36% of our business. That contract is up for renewal. I think we have great signals that we'll get that renewal, and it may even be a better form of the contract. The Premier contract, which started in October, is similar, except it's a bigger organization that is probably gonna take a little bit more time in terms of driving it and implementing it.
I think it's gonna take at least six months for us to see the benefits of access to those 4,400 hospitals. We're already starting to see good traction. The reception has been great. We still have to get in there and organize with the clinical staffs and develop the interest with the surgeons, but it's a heck of a lot easier on contract than without, particularly with our value proposition. This last contract is gonna be very similar, maybe even tighter. Both the Premier and this new contract really favor us in that they are limited the number of vendors, right?
In fact, the last contract may be a dual source contract, just two players, in our big category of natural repair, not biologic, not synthetic, but natural repair, which is the fastest-growing segment. What's interesting is that we have an opportunity to win 80% of that business, in any hospital, right? Between the two players, there's gonna be an 80-20 split. With our clinical data and value proposition, I really like where we stand. We went from a very simple contract, with a great compliant GPO, put us in the biologic category, which can be limited. We had limited time to implement. We've done well.
These next contracts are gonna be much more open to us in terms of structure. You know, we're actually in there with the big boys in terms of tiered compliance for discount, volume for discount, which means we've graduated to the next step. We're gonna emerge as a very strong GPO platform player, which I think, as Roberto said, allows us to then build off of as the base so that we can maintain productivity for our sales force.
Great. Expanding a little bit on that, just in terms of the progression of the sales force, could you just touch a little bit on your productivity targets for this upcoming year?
I joined the company about a year and a quarter ago, and one of the questions I asked when I first started digging in was, is it possible for us to increase our revenues without negatively affecting the bottom line within a year, i.e., can our sales reps pay back for their incremental costs, you know, within a year so that we can hit our IC targets and continue our growth significantly?
We did the analysis and what we discovered is that about two years ago, the time to break even was something on the order of 18 months, but that with the implementation of what we've called Playbook Ninety, which is a training session based on the top performers over the last couple years, we've gotten that down to three to six months, in part by managing out less productive sales reps and in part by training all the sales reps on all of the tools available to them to sell within the company.
With that sort of productivity, we've been able to justify accelerating our hiring, which is what got us from the 45-60 over the course of last year, and have a robust discussion with our board about what sort of growth for the sales force we're gonna do this year.
Great. Very helpful. Switching gears a little bit, just to talk a little bit more about the product portfolio. Obviously, as you mentioned, announced the commercial launch of NIVIS. Can you just talk about how it's differentiated from others in the market, and then expanding on that, how it complements the rest of the portfolio?
Yeah. Like all of our other products, when we developed NIVIS with our partner, we focused on innovation, a value proposition that was both clinical in nature and economic in nature. Excellent price point in comparison to what's on the market today was part of the equation, very similar to what we've done in hernia and plastic and reconstructive. In our last company, we had very interesting experience with a hemostasis product that was derived from a very pure cut of collagen called fibrillar collagen. It has very interesting handling properties as well. We decided to make this wound care product, again, for the operating room, for the current surgeon population that we service, out of fibrillar collagen. It has a very interesting absorbent hemostatic characteristic when it's used.
It handles better than anything on the market, dry or wet, and it actually has a multiphasic capability, i.e., surgeons can change its form to suit their preference. It can be used in a dry putty-like form, which is why we call it PAC. It can be progressively used in a wetter and wetter, putty-like form until it actually creates a gel, and it can be spread over larger surface areas. There's no other product on the market that can do that. Most of the other products are dusty, difficult to handle. Our early clinical usage has shown that these handling properties are a distinct advantage. You know, we're very early days. We just trained our sales force at the start of the new year. I already see, you know, cases starting to happen.
Most of them are in the trial mode, but the feedback has been very good. I expect NIVIS to evolve over time into a third leg of our product portfolio that we can then build off of just like we've built off of the PRS and hernia portfolios.
Great. Then talking a little bit about the broader pipeline, I guess building off of that again, obviously you got a lot of new products coming in, but when we think about the transition into more of a platform or portfolio company, how should investors think about the move in a broader soft-tissue reconstruction?
Yeah. In the next 24 months, maybe even longer, 36 months, the product portfolio of this company is gonna expand greatly. We have a very interesting intellectual property portfolio that is centered around reinforcement with a variety of different polymer fibers. Right now, we're embroidering biological materials. We can very easily embroider resorbable synthetic polymer materials that come in a variety of configurations and flavors for reinforcement. There's gonna be a wide range of products that will be coincident with what we have today, all with this reinforcement capability centered around our intellectual property. When we're done, I expect us to have the widest natural repair product portfolio for both hernia and breast reconstruction in the world.
We will look a lot like Bard looks today, except rather than being centered on polypropylene and synthetic polymer, we're gonna be centered on Reinforced Tissue Matrices and then reinforced synthetic resorbables. It's gonna be a natural repair version of a very broad portfolio. That's sort of the core. On the peripheral of the core, we're working on a wide array of ancillary products that we consider to be preservation of tissue and restoration of tissue, right? Things like fluid management, hemostasis, absorption of seroma, the management through drains, et cetera, we are working and developing products in all of those areas. Every one of those products is designed to work in synergy and concert with our reinforcement technologies, right?
The goal here is to be able to have a synthetic bundle that's all designed to work together to get a better outcome for our OviTex, our PRS, and our coming resorbable reinforcement products. I think that's the two legs of what we're gonna build here. And, you know, it's gonna be an exciting run, and I think we'll have it in place roughly, you know, over the course of the next 24 months.
Great. In your presentation, you touched a little bit upon the BRAVO study results. If there's anything that you could expand on further there, I think that would be helpful. Sort of a related question there: How do you convince general surgeons and hospitals to actually use the product?
Yeah. I'll start with the latter. I think the BRAVO study, there's not much more I can say than 2.6%. You know, I think the broader array of the thousands of patients that we have across all the different procedures are still low single digit. The signal is consistent across the range, right? I think there's confirmation that flows both ways between the BRAVO study and the rest of our series. You know, clinical data is very important, but in this day and age, you know, being able to tell that story and present that clinical data to surgeons with the blessing of supply chain and hospital administration is super important. I expect we'll become much better known.
We're gonna increase our social media presence, and we've built a marketing team for the first time. We're gonna be very well-known to both patients and surgeons in supply chain, I think, in the next 24 months. The centerpiece is gonna be the clinical data, but the breadth of the product portfolio and our ability to bundle the bundle with the GPOs in these specialized areas is also gonna play a big factor, along with a very talented sales force that we're creating.
Very helpful. Then also in the presentation, you touched upon the size of the hernia market being about one and a half billion dollar market opportunity. What do you do in terms of starting to get into the more mild to moderate cases in that area?
I'll start. Robots, right? Robot, robot. You know, you can see clearly that plastic mesh, particularly polypropylene mesh, works well with the robot. The real irony here is that a $2 million robot that is designed to get a better outcome for the patient in terms of minimally invasive access, being able to do a primary closure of the repair, being able to sew in the prosthesis, the implant exceptionally well, all that stuff is 100% true. It makes no sense to sew in a piece of polypropylene from 1965, when I was born, that has 33,000 class action lawsuits aggregated around that basic technology. It makes no sense. The ability to use a natural repair product that's modern and innovative in concert with the robot has to be the winning hand.
It has to be the winning hand for patients. It has to be the winning hand if there's justice in the universe, right? It just has to be. We've positioned ourselves very well. Our robot compatibility, even though we're small, in terms of overall market share, our market share is growing every single quarter we track it. The fact that we've gone from 30, 35 to now 40% of our procedures being done robotically and 20% of our procedures being done laparoscopically, that tells you that we're doing the simpler procedures. You generally do not do the large complicated procedures with the robot.
I'd add only two things. The first is, historically, the company began in those larger procedures with very large sheets where physician surgeons saw how well it's performed compared to plastics, and then began migrating down into smaller pieces. You know, the second point I'd make is one of the things we need to do is just get traction with physicians, get in front of them. We aren't anywhere near the full size of our sales force. There are a lot of surgeons who aren't familiar with the product yet. Just getting the product in front of them, explaining the 2.6% recurrence rate, and getting them to start using the product as a test, is one of the things that will drive a lot of the growth going forward.
Got it. That makes a lot of sense. Then just more of a broad brush stroke question? What are you guys most excited about in 2023, and what are your top priorities for the company?
Our top priority for 2023 is to work those five factors and optimize each one of them, right? We have taken really great steps in 2022 through the end of 2022 to make sure that we have as much of those five factors in place for the start of 2023 as possible so that we have a good long strong run, right? I think, you know, full GPO traction, frustratingly, you know, it doesn't happen instantly, but certainly in 6 months, we should start to see that start to take off. I'm really excited about the new product range and product portfolio that we're developing. I think our commercial organization is gonna be best in class for this soft tissue preservation and restoration. I look forward to continuing to optimize and build that.
I feel like our clinical data is gonna take care of itself. You know, we're through that early phase, where you're worried how well, you know, how well does it work. You know, every piece of data that comes in across, done by surgeons or done in concert with us and surgeons, it's very consistent. I'm also very bullish about being the only company in the soft-tissue space with four plastic and reconstructive products. We're also taking steps to develop the label within that space with retrospective data collection that we've done under the auspices of FDA. There's a lot going on here.
I think there's, a lot of value that this company has in place right now, a lot of value that is gonna be unlocked in the next 24 to 36 months, and, for whatever reason, underappreciated right now. We look forward to getting more appreciation as we go forward.
Great. Those are all the questions that I had. I think unless there's any questions from the audience, I think just any closing remarks you have would be helpful. You sort of already touched on it.
I think that was it.
Yeah.
What more can I say other than being repetitive?
A lot to be excited about.
Yeah.
It's early days for us, so.
I think, you know, look, we're a $40+ million business with 40+% growth. We think that can continue.
Great. Thank you very much, Tony and Roberto.
Thank you.
Thank you.
Mm-hmm.