Henry Schein at Leerink’s Conference: Strategic Growth Insights

On Tuesday, 11 March 2025, Henry Schein (NASDAQ: HSIC) participated in Leerink’s Global Healthcare Conference 2025, where CFO Ron South outlined the company’s strategies amidst both opportunities and challenges. While the dental market remains stable, patient volumes are not significantly increasing. However, strategic acquisitions and partnerships, such as those with SIN and KKR, are poised to enhance growth and operational efficiency.

Key Takeaways

• Henry Schein is focusing on digital tools to boost patient volumes in dental practices.
• European implant business is experiencing mid-single digit growth, outperforming the market.
• Recent acquisitions, including SIN and Biotech, are contributing positively to the portfolio.
• The partnership with KKR aims to enhance value through margin expansion and sales growth.
• Innovations like Curadont gel are expected to transform the dental patient experience.

Financial Results

• Growth Areas:

- European implant business is leading with mid-single digit growth.

- Home healthcare solutions in the medical segment are seeing high-single digit growth.

- Value-added services, including eAssist, are achieving high margins.

• Areas of Underperformance:

- Core dental merchandise is facing trade-downs to lower-priced products.

- PPE pricing remains under pressure, though tariffs may stabilize glove prices in 2025.

Operational Updates

• Digital Dentistry:

- Increased adoption of intraoral scanners due to attractive pricing, with some under $15,000.

- Focus on cost-effective existing technology rather than new features.

• Implant Portfolio Expansion:

- Acquisition of SIN has added value to BioHorizons’ product offerings.

- Emphasis on training general practitioners for more implant procedures.

• Acquisition Integration:

- Successful integration of Biotech, with a transition from Reveal to Smiler for clear aligners.

Future Outlook

• KKR Partnership:

- KKR brings fresh perspectives and aims to drive value through margin and sales growth.

• Innovation Focus:

- Products like Curadont gel, with a 95% success rate in treating pre-cavities, highlight Henry Schein’s commitment to innovation.

Q&A Highlights

• Intraoral Scanners:

- Attractive pricing has led to increased adoption.

• Medical Business Normalization:

- Patient behavior is returning to pre-pandemic patterns, affecting diagnostic kit sales.

• Specialty Portfolio Expansion:

- Clear separation between Henry Schein’s specialty products and those of partners.

For more detailed insights, please refer to the full conference call transcript.

Full transcript - Leerink’s Global Healthcare Conference 2025:

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: Perfect. Afternoon, everyone. Welcome to this session of Leerink Partners Global Healthcare Conference. I’m Mike Cherney, the health care tech distribution analyst.

It’s my pleasure to have Henry Schein, senior management team here. With me is Ron South, CFO. In the audience, we have Graham Stanley and Susan D’Onofrio from the IR team. I have a whole bunch of questions, and hopefully, we’ll keep this really informal. I’m gonna try to start high level and work my way down.

So may maybe, Ron, let’s just level set. Like, where do you see the state of the dental markets right now? And I know we talk about this all the time, but how do you juxtapose the health of the patient volume and patient traffic versus the health of dentist demand for buying products from you, both ranging from high-tech to low tech to obviously consumables.

Ron South, CFO, Henry Schein: Certainly. Thank you, Mike. I would say in spite of some of the results you see out there from various aspects of the dental business, we still see the dental business and the dental markets as being quite healthy. The market went through a lot of volatility during and kind of on the tail end of the of the pandemic, both negative and positive. From a positive perspective, there was a lot of churn of of patients resulting in, practices taking on some new patients, adding investment, adding a chair.

We had very good we had a period of time there where we had very good standard equipment sales growth year over year. We had multiple quarters of double digit standard equipment growth, which was really a sign of of investment coming, you know, through the market, that has since somewhat stabilized now. And and so, you know, there was there was this churn of patients that that has occurred that that you now begin to see this this fairly standard, volume of patients going through, the dental practices. It’s stable, but one could argue that’s also a polite way of saying it’s not growing. And so the next stage of this is really to try to get to, you know, more sustainable growth in the end markets.

This is obviously with, you know, with reference to the the core dental markets. On the specialty side, you had, you know, we had a period of, again, very good growth in implants. We think that there was likely some pent up demand for people who put off getting implants during the pandemic, who then got it, kind of raising that base of business. Since then, we’ve seen relatively flat markets for implants in The US with some, at least with with our business, some mid single digit growth in Europe. We think that’s actually exceeding market we think they’re taking market share in Europe.

You know, you said juxtapose that with, you know, how does the dentist then react to what they should be doing with their practice. And what we’ve been focusing on is helping the the practices see more patients in a day. How can you how can you work with dentists so that they are able to increase the volume of patients to see over the course of the day by introducing, whether they be digital tools to them, other aspects of their business that may allow them to, to to increase patient traffic. We do believe that there is a demand for dentistry services that exceeds the supply right now. So to the extent you can get a practice to expand their capacity, they’re able to fill that capacity and make the practice more profitable.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: And along those lines, I mean, when you think about the dentist and the dentist profitability, clearly dentists are also dealing with some of the same financial constraints that plenty other small businesses are, including the interest rate environment. You mentioned the uptick in basic equipment from office build out. Where do you see dental capacity right now in terms of what your customers are telling you and and and and kind of from that perspective the health of the kind of the dental service market in terms of how many dentists are to satisfy the current demand levels? Well, I

Ron South, CFO, Henry Schein: mean, you know, at a minimum anecdotally, what we’re hearing from our our patient base is that they’re busy. You know, many are selectively picking days to expand their hours so they can see more patients. And so they are busy. They’ve not all practices are going to be equally busy, obviously. But there is a lot of opportunity for them to expand their practices for the same reasons I was saying before.

But we do think that demand for dentistry services does exceed their ability to supply it. So how does that translate back to, you know, the their investment in, you know, that’s so much going to be in standard equipment, but it might be more so in digital equipment in areas that, we are seeing. For example, believe it or not, there’s a lot of practices out there who are still investing in intraoral scanners for the first time. And that investment in intraoral scanners does make that practice ultimately more efficient but also allows them to at least consider future investment in other digital equipment such as three d printers, chairside mills, other areas that quite frankly is not even a, there’s no opportunity to invest in that if in fact you don’t have that scanner to kind of start the whole process. So you do see a willingness to invest in some of these in some of these tools that can make the, you know, the practice more efficient.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: And maybe use intraoral scanners as an example because we’ve just been through a few years of a broad base of new introductions. There wasn’t necessarily a meaningful pricing degradation as much as just a different pricing level introduced across the board, it seems like. When you think about your sell through on iOS and what you’ve seen, how has that demand changed in terms of this trade off of the quality of the product, the new innovation, the new software, workflows versus price points being point of sensitivity for dentists?

Ron South, CFO, Henry Schein: Certainly, I think what’s been interesting is we’ve seen, you know, I mentioned before you do have practices investing in in scanners now. A lot of that is because the price point has become more attractive to them. You know, scanners were, you know, call it a $30,000 item that is now, you know, can be sub $20,000 some that are even, you know, below $15,000 You also see practices who maybe went from having one scanner to having multiple scanners, so they have one per chair. Yes. But Stanley, you’ve heard him perhaps analogize this to the calculator.

At some point, the calculator is functional. It can do a lot of different things. But if you don’t make a lot of changes to it, you can figure out how to make a calculator really cheap. And it’s still a very useful and attractive product for people. And I think you have some some entries into the intraoral scanner market such as Medit and a few others that have come in at that very attractive price point.

And they’ve put pressure on some of the more traditional players there on scanners who have since developed, you know, a similar product and brought down their price point as well. So, like I said, is it a horrible thing? No. I think the more practices that invest in scanners, in the long term, the better off it is. It means we have more and more practices going, you know, more towards a digital practice.

But, you know, right now the innovation seems to be slanted more towards how to take something that’s preexisting and make it cheaper as opposed to simply trying to find ways of making it better by adding features and doing some other things.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: I want to go back for now at least to your implant comments. You have a bigger implant business, I think a lot of people recognize at times. And as you talk about the potential to take share, seeing share gains in Europe in particular, where does your implant fall along the product portfolio, that’s allowing driving that growth?

Ron South, CFO, Henry Schein: Well, you know, with the the acquisition we did of SIN in Brazil in, in mid twenty twenty three, in addition to giving us a that presence in Brazil in the implant market, SIN also had a value implant that was already FDA approved that we were able to add to the product portfolio of BioHorizons, our US implant, subsidiary. So when you say, you know, where are we on that spectrum, that spectrum has gotten wider for us. BioHorizons was selling an implant or is selling an implant that I don’t refer to it as a premium implant. I refer to it as a sub premium implant. So it’s it’s it’s not a value implant, but it can sell at a price point below that of a premium implant that perhaps you might see from a Straumann, for example.

So it is it is very price competitive in the market. We have other offerings kind of working their way down the spectrum, including this value implant we now have from from SIN, which has been a very popular offering to our DSO customers. A lot of the of the implant growth in the market is coming from general practitioners who want to do, implant procedures within their practices as opposed to referring the work toward oral surgeon. But typically, if you’re a general practitioner, you’re gonna focus on the more straightforward single implant, which is really ideal for a value implant. You don’t require a lot of follow on service, a lot of surgical planning that comes with the purchase of a premium implant.

So we now have that value implant we can offer up, to that general practitioner. We can help them through the training process. We work with a lot of our DSO customers to assure that their general practitioners have been adequately trained, have the right types of products, and and that is an avenue of growth for us. I think a lot of what you see in in, you know, when you read about what’s happening in the implant market, you know, there’s we get a lot of questions around, are you seeing a lot of trade down from the premium to the value? I don’t think that’s necessarily the case.

I think a lot of your seasoned oral surgeons out there like to work with the same implant they’ve always had. But I do think the people who are new to the market, who are coming into the market, may be more inclined to buy that value implant as opposed to the premium.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: I think the new term is challenger in terms of that in between category, which we’ll start to use. So maybe turning back to the kickoff to the year, you provided fiscal twenty five guidance a couple weeks back. You talked about this being a new base year off of just return to your typical long term growth rates. Within that though, there are a lot of moving pieces. So maybe if you can just recount for us where are the areas baked into guidance where you think you’re outgrowing the market versus other areas where you might be undergrowing the market?

Ron South, CFO, Henry Schein: I’d say the highlight areas and I’ll since I already mentioned it, I’ll start with our European implant business. We’re very confident that they’re taking market share on a consistent basis by growing in that mid single digit range. So that’s really been a bright spot and one that we expect to continue into ’25 in terms of being able to continue to outgrow the market. Within some of the more core business in medical, our our expansion into home solutions has been, you know, very successful for us. What we’re seeing we’re experiencing, you know, good high single digit growth with the businesses we acquired that that are serving the home health providers with product.

And that in addition to growing at that high single digit level, which we know exceeds kind of the standard medical market, they also bring operating margins which exceed that of the core medical business. So it’s also very profitable for us. So that’s another, you know, highlighted area that we’ve been looking at. Other areas within our value added services, we’re just we’re seeing a lot of if if you if you sit down with the dentist and ask them, you know, where’s your biggest pain point, they’re not gonna start with, I wish I could, you know, buy cotton balls, you know, 10¢ cheaper. Their their bigger pain points are, I wish I could get reimbursed more quickly from the insurance company.

I wish I could improve my reimbursement rate from the insurance company. And so we’ve really put a lot of focus on investing in value added services businesses that are really growing very well for us. We’ve invested a couple years ago in a company called eAssist. It was started by a dentist who grew so frustrated with, you know, fighting to get his money from the insurance through through the insurance reimbursement process and that he got really good at doing it and he realized he could make more money helping other dentists with that service and and improving the revenue cycle management that he could being a dentist. And we ultimately bought the business and it has been a very good grower for us.

So those are the areas that that we really are pushing because they can be, you know, very high margin for us. They can they continue to grow. And if you are helping your customer with something like insurance reimbursement, you’re you’re you’re making that relationship with the with the customer that much more sticky. So it’s not just helping them with it and and and selling them that service, but it’s also addressing a pain point for them, which makes that customer much more loyal. And you’re gonna sell them more merchandise and more equipment down the road as well.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: And then the flip side, where are some of the areas that you think are you’re undergoing or obviously, we all know that the dental markets right now have their share headwinds too.

Ron South, CFO, Henry Schein: Well, you know, core dental merchandise markets are really experiencing some level of the trade down. Right? So a couple years ago, we had a higher inflationary environment and you did see more customers looking at the opportunity to buy either other branded merchandise of a similar SKU but at a lower price or by private label. And that’s bringing down revenues a little bit, but we’re seeing volumes perhaps tick not significantly higher, but we are seeing volumes grow while revenues don’t necessarily reflect that. So but nevertheless, that’s creating this kind of flat environment in that core merchandise market.

Plus, we’re still seeing some pressure on PPE. PPE pricing did, you know, stabilize somewhat, not completely over the course of 2024. One of the things that may help stabilize glove pricing in ’25, ironically, could be the tariffs. If to the extent that you have a lot of online discounters who are, sole sourcing from China, it it may create a little more pressure on them to to raise prices and it could stabilize PPE pricing, in The US environment.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: And then we talked a lot about dental. What’s going on in terms of the moving pieces you see within your medical business? You mentioned the At Home Solutions, which is performing well. What are the behavioral changes that you’ve seen that are embedded in guidance across the traditional non acute care segment where obviously you have one of the largest market positions?

Ron South, CFO, Henry Schein: Certainly. So if you go back to, like, 2022, you know, when we were really still in in kind of the heart of the pandemic, you know, coming out of the the severity of it, but still in a period where, when when people were got ill, they went to their physician, perhaps more so than they did prior to the COVID, pandemic. And that really showed up in our medical numbers in 2022 and into 2023 when we were getting quarterly growth XPPE of double digits, 10% a year or 10% of year over year each quarter. And a lot of that was driven by point of care diagnostic kits. Point of care diagnostic kits, you know, put COVID aside, you still sell we sell a lot of flu diagnostic kits, strep, RSV, and others.

With that influx of additional traffic going to the physician, we saw it was because people wanted to know I’m sick, I wanna know what I have. When prior to the to, to the pandemic, you were more likely to see people not go to the physician if they if they didn’t feel well. If you unless you felt really bad, you, you know, you took some Tylenol, you did what you had to do, and you stayed and you stayed home. What we’re sensing, and I think McKesson has said something similar to this as well, I think culturally that’s changing a little bit. I think people are kind of returning to that behavior prior to the pandemic.

And so it’s only in in in more severe situations that we see more and more people going to the physician. February was a period of time where that what that did spike and that that was more significant. And we talked about that a little bit in our prepared remarks when we released earnings on on the twenty fifth. So, you know, you do see a little more volatility there That that base of business in medical was really elevated, coming out of the pandemic, but we have seen it level off a little bit. I think if you look at the CAGR of the medical business going back to ’21, you do see still see a pretty good line of growth, but year over year, you’re going to get a little more volatility.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: And are you getting any sense from your customers on when this period of call it renormalization could settle itself out? Obviously, you can see in your own comps at some point, you’ll comp against, when you start to see that change in behavioral pattern. But what are you hearing from your customers on outside of the recent elevated respiratory season? How they’re thinking about where volume should fall within the businesses?

Ron South, CFO, Henry Schein: Yes, I think that they kind of see this as the normal level, the normal volumes that one would get. I think the thing that’s hard to assess is the timing of when should you anticipate a respiratory disease season. Right. You know, that’s becoming increasingly difficult. So there will be quarter to quarter you’re going to see a little more volatility with that.

I think it’s a you know, I always say a quarter is a thirteen week period. It’s hard to it’s hard to you know make these things consistent, you know, all the time. But I do think that they kind of feel like from my understanding and talking to our medical team, it talks to the customers that this is kind of the, you know, what they would expect going forward and this can be the base from which we can now try to achieve, you know, greater medical growth going forward as well.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: Turning back to dental and and the specialty side as well. This has been a least recently elevated level of M and A to continue to build the business. You mentioned SIN, it’s been some other acquisitions. Obviously, the last couple of years are elevated from a spend level. When you’re making considerations for further specialty portfolio expansion, how do you think about that expand versus partner?

Clearly, you have a number of key suppliers that have their own specialty portfolios, you know, whether they go director or work with you. How do you think about drawing the line on where you will feel like you want to be the supplier, the manufacturer?

Ron South, CFO, Henry Schein: Well, I think when it comes to the specialty side, you know, there is a clear wall between when we are going to market with our specialty products versus when we are partnering with our manufacturing partners and selling their merchandise as well. So we’re I think the phrase I’ve heard at other investors use when talking to me is, are they your frenemy? And I guess, yes, they are. This they are we are, you know, they are valued partners of ours in a very important part of the business. But at the same time, we do compete with them on not just the implant side, but also in endodontics and to a lesser extent in orthodontics.

So our investment and what we do in on the specialty side is done independent of what we, you know, of our of our arrangement or our our relationship with our manufacturing partners. When we did in 2023, we had two very large, for us very large implant acquisitions when we bought biotech based in France, SIM based in Brazil. And we didn’t do those with anything specific in mind outside of how do we make our implant business more competitive in the broader market.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: And I mean, you talked about SI in a bit and the expansion out in value. How is the biotech deal going kind of looking back at it now, looking back what your hurdle rates were? Are you gaining the market penetration you hoped for and is the product delivering the business delivering what you want it to? I mean, obviously, Shine has a long history of m and a as a core competency. So did this check the boxes you wanted to check?

Ron South, CFO, Henry Schein: Yeah. I mean, biotech’s been, you know, a successful acquisition for us. And I think we continue to, you know, look for ways of expanding its its its product portfolio. They’re they’re the leader in France. We have converted I think the thing that people kind of forget about what biotech is, in addition to the implant business, they also had have a clear aligner, and we are converting in the process of converting and nearly completing it.

You know, our our clear aligner that we were selling in The US was a brand called Reveal and we are converting that, that brand from Reveal to the Smiler brand that we bought through biotech. We thought it was a superior brand to what we were selling in The US. So they brought more than just implants to us. They also brought the clear aligner business. They also had the digital workflow product that we are working with a lot of our customers on, which is an agnostic digital workflow.

Our customers can use any scanner they want. They can be on any software. They can have any brand of chairside mill, any brand of three d printer, and they can send images through this through this digital workflow that was developed by biotech. So there’s there’s a lot more to the business that goes beyond just the implants that we that we got access to.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: Yep. Turning back to some recent events, obviously, you made a release, earlier this year about a new large ticket investor with KKR. In addition, you having three new board members to partnership with them and then another. When you think about what the company is focused on operationally, Shine has been a company that’s gone through consistent process improvement, numerous restructuring plans, numerous operating efficiency programs over time. What do you think is different about the opportunities you’re pushing forward with this time?

And where does the support come from in terms of you know, even if it’s just from having an outside perspective, but the additional areas that you hope to really hone in on and tighten in for for Shine?

Ron South, CFO, Henry Schein: Certainly. So, yeah, so the KKR investment is one we’re really excited about. I think that, first, I think some of the fresh perspective and expertise they’ll bring to the board with Max Lin and Dan Daniel joining our board and Dan especially bringing some some specific industry experience as well can be nothing but beneficial for us. And we’ll bring our board, I think, you know, it’s like I said, a fresh set of eyes, you know, to challenge some of the things we’ve been doing, which I think is is is always good. And, and as but also having some resources to back that up whether the, you know, we’ve mentioned Capstone, we’ve had meetings with KKR already where we’ve shared with them some of the initiatives we’re working on and so that they can get a feel for where they might have resources that could help us, you know, with those initiatives that we’re working on.

The, but I think in other areas, this isn’t just a, you know, KKR can come in and help us reduce costs, but also how does it they just help us drive greater value, whether it be finding areas of driving increased gross margin expansion, increased sales growth, as our product portfolio one that could be expanded. So there’s an, you know, are we going to market in all the most efficient ways? These are all things that we want to have a robust discussion with them. The HSR period literally ended midnight last night. So that was a mile that was kind of the first milestone we needed to get past.

They are now in the process of converting the swaps they have, so they will be actual equity holders, you know, here very soon. And so that then kind of triggers their ability to join our board. And I think a lot of the kind of high level discussions we’ll be having, we’ll be able to get into more detail with them very soon.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: I’ll ask you tomorrow for an update then. So, so in the interest of time, I I wanna make sure I don’t lose this question, but we had a conversation after earnings about the whole idea of innovation. And and I know there’s been an ongoing debate on what constitutes innovation in dental. We touched on a bit earlier, intraoral scanners. There’s improvements, but it’s like how much more can you do?

Yeah. And and you had mentioned a company or maybe Graham mentioned it, Vivartis, as a area of innovation that we don’t always think about.

Ron South, CFO, Henry Schein: You know,

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: we’re all looking for the next iOS, the next three d printer, whatever it might be. There’s but there’s hidden piece of innovation that you’re able to sell through to your customers, whether it’s on the product side, the technology side, whether this is the right example or others. Can you talk about the areas of innovation that are actually flowing through your model right now beyond just what we think about about what’s seen in these dearth of innovation, the traditional high-tech equipment that we’ve long followed?

Ron South, CFO, Henry Schein: No. And and, you know, VIVARDUS is, I think, a great example of where there is, you know, innovation out there that can really change the experience for the patient and also be be very beneficial to the, to the practitioner. So VIVARDUS has a product called Curadont. Curadont is a gel that the the dentist can apply to a carry. And, you know, if you’re not familiar with the term of carry, a carry is essentially what I call a precavity.

It’s, you know, identification of some decay in the tooth right now or prior to the, you know, curedot. If you’re at your dentist and the dentist says to you, you got a little bit of a carry here, you got or you got a little bit of decay here we’re gonna keep an eye on, that’s code word for you’re eventually gonna get a cavity, and we’re gonna drill your tooth and you’re gonna get a filling and it’s never a great experience. Right? With Curadont, they can apply this gel and it’s simple. The hygienist can do it.

The dentist doesn’t have to do it. You apply the gel. It has a ninety five percent success rate of restoring, and and eliminating the decay, to the tooth. And and so as a result, you don’t get the cavity. You don’t go through the process of the drilling and the filling and everything else that goes with it.

We’ve been able to kind of pair this up with our Detect AI product that we sell. They were licensed with Videa Health to sell, you know, to our to our customers. Detect AI can take an x-ray of of a customer and immediately identify caries that may be not necessarily identifiable by the naked eye. So it it really, expands the the ability of the dentist to to diagnose the carry. So we’ve been we’ve been, you know, kind of training up our our field sales consultants on on Detect AI with CuraDOT because the two of them go together quite well.

If you have a if you have the technology to identify a carry, it’s going to be tooth decay before it can even be seen and treat it with Curadot, it’s a much better outcome for the and you can do it right then. You don’t have to make another appointment and come back. You can do it right there and it’s a much better outcome for for the patient. We really first started promoting this internally working with Vovartis. Vovartis is a bit of a startup, European based.

We we helped them through some, quite frankly, through some working capital loans to make sure they could generate enough inventory for us to sell. We do have what I’ll call a semi exclusive with them in The US to sell the product. But it is a, when when we had our Thrive Live event, which is an event that we host, annually, our Thrive Live event last May in Las Vegas, where a lot of our customers are there, a lot of our field sales consultants are there, and others in the dental industry, we asked the people from Vivartis to provide a presentation. And when they were done and they went back to their booth, it was just swarmed upon. It was all the all of our dental customers wanted to talk to them.

All of our FSCs wanted to understand the product better. And it’s but it’s an indication of, you know, there’s a bit of a thirst out there for what’s that next new thing. What’s that next new product that my patient’s gonna love me for if I have it. Right? You know, as a practitioner, that’s the kind of thing that builds a great bond with your, you know, with your your patient that you can offer this up to them.

We had one of the analysts that’s here, participating in the conference told us today he got it. He got carried on. We’re hoping it works. Right? But it’s, like I told him, it’s a ninety five percent success rate.

So, you know, odds are in his favor.

Mike Cherney, Health Care Tech Distribution Analyst, Leerink Partners: Well, I’m hoping I don’t need it, but, I appreciate that as an example of your channel reach, you know, to help drive a new product. So I was hoping that’d be the last question, and we are out of time. Ron, Graham, Susan, thank you so much for being here.

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