Q1 2025 Sotera Health Com Earnings Call

May 1, 2025

Unknown Executive: Good morning, and welcome to the Sotera Health first quarter of 2025 earnings call. All participants will be in a listen-only mode for the duration of the call, and should you need any assistance, please signal a conference specialist by pressing the star key followed by zero.

Good morning, and welcome to the Telehealth first quarter of 2025 earnings call.

All participants will be in a listen only mode for the duration of the call and should you need any assistance. Please signal a conference specialist by pressing the star key followed by zero.

Unknown Executive: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To withdraw from the question queue, please press star then two. Please also note that this event is being recorded.

After todays presentation, there will be an opportunity to ask questions to ask a question you May Press Star then one on your Touchtone phone.

To withdraw from the question queue. Please press Star then two.

Please also note that this event is being recorded.

Jason Peterson: I would now like to turn the conference over to Vice President of Investor Relations and Treasurer Jason Peterson. Jason, I turn the call over to you. Good morning and thank you.

I would now like to turn the conference over to Vice President of Investor Relations and Treasurer, Jason Peterson, Jason I turn the call over to you.

Good morning, and thank you welcome to the Terra Health's first quarter 2025 earnings call you can find today's press release and accompanying supplemental slides on the investors section of our website at so Terra health Dot Com. This webcast is being recorded and a replay will be available in the investors section of the <unk> health website on the call with me today are chairman.

Jason Peterson: Welcome to Sotera Health's first quarter 2025 earnings call. You can find today's press release and accompanying supplemental slides on the investor section of our website at soterahealth.com. This webcast is being recorded and a replay will be available in the investor section of the Sotera Health website.

Jason Peterson: On the call with me today are Chairman and Chief Executive Officer Michael Petras and Chief Financial Officer John Lyons. During the call, some of our comments may be considered forward-looking statements. The matters addressed in these statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied. Please refer to Sotera Health's SEC filings in the forward-looking statement slide at the beginning of this presentation for a description of these risks and uncertainties. The company assumes no obligation to update any such forward-looking statement.

And Chief Executive Officer, Michael Peters, and Chief Financial Officer, John lines.

During the call some of our comments may be considered forward looking statements.

The matters addressed in these statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied.

Please refer to <unk> SEC filings and the forward looking statements slide at the beginning of this presentation for a description of these risks and uncertainties.

The company assumes no obligation to update any such forward looking statements.

Jason Peterson: Please note that during the discussion today, the company will present both GAAP and non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, tax rate applicable to net income, adjusted net income, adjusted EPS, net debt, net leverage ratio, and free cash flow, as well as constant currency comparison. A reconciliation of GAP to non-GAP measures for all relevant periods may be found in the schedules attached to the company's press release and in the supplemental slides to this presentation.

Please note that during the discussion today the company will present, both GAAP and non-GAAP financial measures, including adjusted EBITDA adjusted EBITDA margin tax rate applicable to net income.

Adjusted net income.

EPS net debt net leverage ratio and free cash flow as well as constant currency comparisons.

A reconciliation of GAAP to non-GAAP measures for all relevant periods may be found in the schedules attached to the company's press release and in the supplemental slides in this presentation.

Unknown Executive: The operator will be assisting with the Q&A portion of the call today. Please limit yourself to one question and one follow-up so that we can give everyone an opportunity to ask questions.

Speaker Change: The operator will be assisting with the Q&A portion of the call today.

Speaker Change: Please limit yourself to one question and one follow up so that we can give everyone an opportunity to ask questions. If you have any questions. After the call. Please feel free to reach out to me in the Investor Relations team I will now turn the call over to Sutera health, Chairman and CEO macro pietrus.

Jason Peterson: If you have any questions after the call, please feel free to reach out to me and the investor relations team.

Michael Petras: I'll now turn the call over to Sotera Health Chairman and CEO, Michael Petras. Good morning, everyone. And thank you for joining Sotera Health's first quarter 2025 earnings call. Today we announced a solid start to the year as we met or exceeded our expectations across each of our lines of business to deliver mid single digit, top line growth and double digit bottom line growth on a constant currency basis compared to the first quarter of 2024. Total company revenues increased 2.6% or 4.4% on a constant currency basis and adjusted EBIT increased 8.8% or 11.2% on a constant currency basis compared to the first quarter of 2024.

Macro Pietrus: Good morning, everyone and thank you for joining sutera helps first quarter 2025 earnings call today, we announced the solid start two years, we met or exceeded our expectations across each of our lines of business to deliver mid single digit top line growth and double digit bottom line growth on a constant currency basis compared to the first.

Speaker Change: Quarter of 2024.

Speaker Change: Total company revenues increased two 6% or four 4% on a constant currency basis, and adjusted EBITDA increased eight 8% or 11, 2% on a constant currency basis compared to the first quarter of 2024.

Michael Petras: We delivered adjusted EPS of 14 cents for the quarter, a one cent improvement versus the same period last year. Sterigenics, our largest reporting segment, delivered top-line growth in line with what we communicated during our fourth quarter 2024 earnings call, with margin expansion of approximately 30 basis points versus the first quarter of 2024. Sterigenics has a leading position in a $4.5 billion sterilization service addressable market with positive underlying trends driven by aging population, health care spending, product innovation, and stringent regulatory requirements. The Sterigenics team excels at delivering on these requirements, which is a critical source of advantage in capturing and retaining customer volume.

Speaker Change: We delivered adjusted EPS of 14 cents for the quarter, a one cent improvement versus same period last year.

Speaker Change: <unk>, our largest reporting segment delivered top line growth in line with what we communicated during our fourth quarter 2024 earnings call with margin expansion of approximately 30 basis points versus the first quarter of 2024.

Speaker Change: <unk> had a leading has a leading position in a $4 $5 billion sterilization service addressable market with positive underlying trends driven by aging population health care spending product innovation and stringent regulatory requirements.

Speaker Change: To stare Jack's team excels at delivering on these requirements, which is a critical source of advantage in capturing and retaining customer volume. We are in a strong position and are optimistic as today's sterilization volumes continue to improve.

Michael Petras: We are in a strong position and are optimistic as today's sterilization volumes continue to improve. NORDAN delivered higher revenue for the first quarter than anticipated as some Cobalt-60 shipments originally scheduled for the second quarter of this year shifted in the first quarter at the request of our customers. This shift in timing will impact second quarter revenues, but the full year outlook for NORDAN remains unchanged. Nelson Labs outperformed the expectations for the first quarter that we outlined during our fourth quarter 2024 earnings call. Improved first quarter core lab testing volumes partially offset the revenue headwind from expert advisory services.

Speaker Change: Nordson delivered higher revenue for the first quarter than anticipated as some cobalt 60 shipments originally scheduled for the second quarter of this year shifted in the first quarter at the request of our customers.

Speaker Change: A shift in timing will impact second quarter revenues, but the full year outlook for <unk> remains unchanged.

Speaker Change: Nelson Labs outperformed expectations for the first quarter that we outlined during our fourth quarter 2024 earnings call improved first quarter core lab testing volumes, partially offset the revenue headwind from expert advisory services.

Michael Petras: The Nelson team continues to do a great job with lab optimization and price performance, which resulted in 479 basis point margin expansion versus the first quarter of 2024. This marks the third consecutive quarter of year-over-year Nelson Labs margin expansion and demonstrates continued progress towards our low to mid-30s margin target. This morning, we are reaffirming our outlook from our February earnings call. As a reminder, our 2025 outlook calls for revenue growth in the range of 4% to 6% and adjusted EBITDA growth in the range of 4.5% to 6.5% on a constant currency basis versus 2024. John will update you on FX, which is improving, versus our prior outlook.

Speaker Change: The Nelson team continues to do a great job of lab optimization and price performance, which resulted in 479 basis point margin expansion versus the first quarter 2024. This marks the third consecutive quarter of year over year Nelson Labs margin expansion and demonstrates continued progress toward our low to mid <unk>.

Speaker Change: Margin target.

Speaker Change: This morning, we are reaffirming our outlook from our February earnings call. As a reminder, our 2025 outlook calls for revenue growth in a range of 4% to 6% and adjusted EBITDA growth in the range of four 5% to six 5% on a constant currency basis versus 2024.

Speaker Change: John will update you on FX, which is improving versus our prior outlook.

Michael Petras: I want to take a moment to touch on the topic of tariffs. We do not expect the current tariff policies to have a material impact on our business at this time. Approximately 85% of total company revenue is service revenue and we believe the strategic service based structure positions a company well to navigate the current tariff environment. Nordeon, our one product business sells Cobalt 60 from Canada into the United States. Currently, Cobalt 60 is exempt from tariffs under the US MCA.

Speaker Change: I wanted to take a moment to touch on the topic of tariffs, we do not expect the current tariff policies to have a material impact on our business at this time approx.

Speaker Change: Approximately 85% of total company revenue is service revenue and we believe this strategic service based structure positions the company well to navigate the current tariff environment Nordion or one product business sales cobalt 60 from Canada into United States. Currently cobalt 60 is exempt from tariffs under the U S. MCA.

Speaker Change: Hey.

Michael Petras: Before I hand it over to Jon, I'd like to share a recent example that touched the lives of so many and demonstrates the important value we deliver to our customers across our businesses. Together, our teams across Nelson Labs and Sterigenics recently played a critical role in securing FDA clearance for the first ever bionic pancreas. At Nelson Labs, our scientists performed the biocompatibility testing, while our regulatory experts helped our customers navigate the numerous requirements to get the product to market. Our team at Sterigenics then provided the mandated product sterilization, which is crucial for device use and patient safety.

Speaker Change: Before I hand, it over to John I'd like to share. A recent example to touch the lives of so many and demonstrates the important value we deliver to our customers across our businesses.

Speaker Change: Together, our teams across Nelson labs, and stare Jenks recently played a critical role in securing FDA clearance for our first ever Bionic pancreas and Nelson Labs are scientists performed the biocompatibility testing our regulatory experts helped our customers navigate the numerous requirements to get the product to market our team.

Speaker Change: <unk> provided the mandated product sterilization, which is crucial for device shoes and patient safety.

Michael Petras: Our integrated expertise in science, quality, and navigating the regulatory environment provides our customers with the peace of mind that their products will be safe. For insulin-dependent diabetic patients, this means 100% of their insulin doses can be fully automated, and this innovative device can connect to numerous continuous glucose monitors. This is a great example of how we get involved early in the development phase for new products to serve our customers and grow our business.

Speaker Change: Our integrated expertise in science quality and navigating a regulatory environment provides our customers with the peace of mind that their products will be safe.

Speaker Change: For insulin dependent diabetic patients, which means 100% of their insulin doses can be fully automated and this innovative device can't connect to numerous continuous glucose monitors.

Speaker Change: This is a great example of how we get involved early in the development phase for new products to serve our customers and grow our business ultimately shifting product mix to higher growth and higher value segments.

Michael Petras: Ultimately, shifting product mix to higher growth and higher value segments. Our mission of safeguarding global health comes with great responsibility and every day I'm proud to see our teams living our mission.

Speaker Change: Our mission of safeguarding Global Health comes with Great responsibility and every day I'm proud to see our teams living our mission now John will take us through the financials in more detail.

Jonathan Lyons: Now John will take us through the financials in more detail.

Jonathan Lyons: Thank you, Michael. I will begin by covering the first quarter 2025 highlights on a consolidated basis, and then provide some details on each of the business segments along with updates on capital deployment and leverage. I will then finish with additional details on our 2025 outlook. On a consolidated total company basis, first quarter revenues increased by 2.6% to $255 million or 4.4% on a constant currency basis compared to Q1 2020. Foreign Currency presented a headwind of 180 basis points for the quarter, which was most pronounced in our Canadian-based Nordium. Also, as a reminder, there was one less selling day in the quarter versus Q1 2024.

John: Thank you Michael I will begin by covering the first quarter 2025 highlights on a consolidated basis and then provide some details on each of the business segments, along with updates on capital deployment and leverage.

John: I will then finish with additional details on our 2025 outlook on.

John: On a consolidated total company basis first quarter revenues increased by two 6% to $255 million or four 4% on a constant currency basis compared to Q1 2024.

John: Foreign currency presented a headwind of 180 basis points for the quarter, which was most pronounced in our Canadian based Nordion business also as a reminder, there was one less selling day in the quarter versus Q1 2024.

Jonathan Lyons: Adjusted EBITDA increased by 8.8% to $122 million, which equates to an 11.2% growth rate on a constant current. All three businesses expanded margins, translating to a total company-adjusted EBITDA margin of 47.9%. is a 276 basis point increase from first quarter of 2024. Interest expense for Q1 2025 improved to $41 million versus $42 million in Q1 2020. Net loss on a gap basis for Q1 2025 was $13 million, or $0.05 per diluted share, inclusive of the pending and previously disclosed $31 million settlement of EO claims in Illinois. That compares to a net income of $6 million, or two cents per diluted share in first quarter 2024.

John: Adjusted EBITDA increased by eight 8% to $122 million, which equates to an 11, 2% growth rate on a constant currency basis all.

John: All three businesses expanded margins translate into a total company adjusted EBITDA margin of 47, 9%, which is a 276 basis point increase from first quarter of 2024.

John: Interest expense for Q1, 2025 improved to $41 million versus $42 million in Q1 2024.

John: Net loss on a GAAP basis for Q1, 2025 was $13 million or <unk> <unk> per diluted share inclusive of the pending and previously disclosed $31 million settlement of claims in Illinois.

John: That compares to a net income of $6 million or <unk> <unk> per diluted share in the first quarter of 2024.

Jonathan Lyons: Adjusted EPS increased to 14 cents per share, which is a one cent improvement versus Q1 2016.

John: Adjusted EPS increased to <unk> 14 per share, which is a <unk> improvement versus Q1 2024.

Jonathan Lyons: Now let's take a closer look at our segment. In the first quarter, Sterigenics delivered 1.9% revenue growth to $170 million, or 3.9% on a constant current. which was consistent with the expectations we communicated during our Q4 2024 earnings Revenue growth for the quarter was primarily driven by favorable pricing of 4.1%. Partially offset by unfavorable foreign currency exchange rates of approximately Segment income grew 2.5% to $88 million. Driven by Favorable Pricing, Partially Offset by Inflation and Changes in Foreign Exchanges. Nordeon's first quarter revenue increased 36% to $33 million compared to the same period last year, or 40.6% on a constant.

John: Now, let's take a closer look at our segment performance.

John: Yeah.

John: In the first quarter <unk> delivered one 9% revenue growth to $170 million or three 9% on a constant currency basis, which was consistent with the expectations. We communicated during our Q4 2024 earnings call.

John: Revenue growth for the quarter was primarily driven by favorable pricing of four 1%, which was partially offset by unfavorable foreign currency exchange rates of approximately 2%.

John: Segment income grew two 5% to $88 million driven by favorable pricing, partially offset by inflation and changes in foreign exchange rates.

John: <unk> first quarter revenue increased 36% to $33 million compared to the same period last year or 46% on a constant currency basis.

Jonathan Lyons: As Michael previously mentioned, revenue came in higher than expected as some Cobalt-60 shipments originally scheduled for Q2 2025 occurred in Q1. Total volume and mix improved 39.3% in a quarter, partially offsetting this News, and Approximate 500 Basis Point Headwind from a Stronger US Dollar vs. Nordeon's segment income increased approximately 62% to $17.4 million. versus Q1. 2020-2024, and segment income margin expanded nearly 860 basis points, primarily driven by volume. Nelson Labs first quarter 2025 core lab testing by in the mix modestly exceeded our expectations, which were tempered by the expected decline of expert advisory Nelson Lab's revenue of $52 million declined by 9.3% As stable pricing of 2.7% and improvement in core lab testing was offset by the expert advisory services impact and unfavorable changes in foreign currency exchange rates of approximately segment income increased by 7% to $60 million while segment income margins expanded nearly 480 These increases were driven by favorable volume and mix from improved core lab testing.

John: As Michael previously mentioned revenue came in higher than expected at some cobalt 60 shipments originally scheduled for Q2 2025 occurred in Q1.

John: Total volume and mix improved 39, 3% in the quarter, partially offsetting this increase was an approximate 500 basis point headwind from a stronger U S dollar versus the same period last year.

John: <unk> segment income increased approximately 62% to $17 $4 million versus Q1 of 2024 and segment income margin expanded nearly 860 basis points, primarily driven by volume and mix growth.

John: Nelson Labs first quarter 2025 core lab testing volume and mix modestly exceeded our expectations, which were tempered by the expected decline of expert advisory services revenue.

John: Nelson labs revenue of $52 million declined by nine 3% as favorable pricing of two 7% an improvement in core lab testing was offset by the expert advisory services impact and unfavorable changes in foreign currency exchange rates of approximately 80 basis points.

John: Segment income increased by 7% to $60 million with segment income margins expanded nearly 480 basis points.

John: These increases were driven by favorable volume and mix from improved core lab testing.

Jonathan Lyons: Pricing, and Lab.gov. partially offset by the expected decline in expert advisory.

John: Reising and labs optimization, partially offset by the expected decline and expert advisory services.

Jonathan Lyons: Now we'll touch on the balance sheet, cash generation and capital. The company's liquidity position remains strong. As of the end of Q1 2025, we had $715 million in available liquidity, which included more than $300 million of unrestricted cash and $410 million of available capacity under our revolving line of credit.

John: Now I will touch on the balance sheet cash generation and capital deployment.

John: The company's liquidity position remained strong as of the end of Q1 2025, we had $715 million of available liquidity, which included more than $300 million of unrestricted cash and $410 million of available capacity under our revolving line of credit.

Jonathan Lyons: As you may have seen in our press release this morning, I'm pleased to announce that we have successfully closed an amendment to our revolving credit. The amendment added approximately $175 million in liquidity while extending the maturity to April of 2030. We'd like to thank our bank group for their continued support of the. We delivered positive operating cash flow in the quarter of approximately $56 million. Capital expenditures for the first quarter of 2025 totaled $20 million. Finally, we finished the quarter with a net leverage ratio of 3.6 times, an improvement from net leverage of 3.7 times at the end of 2024.

John: As you may have seen in our press release. This morning, I am pleased to announce that we have successfully closed an amendment to our revolving credit facility. The amendment added approximately $175 million and liquidity, while extending the maturity to April 2030 wed.

John: We'd like to thank our bank group for their continued support of the company.

John: We delivered positive operating cash flow in the quarter of approximately $56 million.

John: Capital expenditures for the first quarter of 2025 totaled $20 million.

John: Finally, we finished the quarter with a net leverage ratio of three six times an improvement from net leverage of three seven times at the end of 2024.

Jonathan Lyons: As Michael mentioned, based on the first quarter and what we see for the remainder of the We are reaffirming all outlook items we provided in February, with the exception of our foreign currency assumption, which has improved. To recap, for full year 2025, we expect total revenues to grow in the range of 4-6% on a constant currency. We expect to generate operating leverage resulting in margin expansion and adjusted EBITDA growth in the range of 4.5% to 6.5% on a quarterly basis. In February, we indicated an approximate foreign exchange headwind of 2.25% on revenue and 2.5% on adjusted EBIT.

John: As Michael mentioned based on the first quarter and what we see for the remainder of this year. We are reaffirming all outlook items. We provided in February with the exception of our foreign currency assumptions, which has improved.

John: To recap for full year 2025, we expect total revenues to grow in the range of 4% to 6% on a constant currency basis.

John: We expect to generate operating leverage resulting in margin expansion and adjusted EBITDA growth in the range of four 5% to six 5% on a constant currency basis in.

John: In February we indicated an approximate foreign exchange headwind of 2.25% on revenue.

John: Two 5% on adjusted EBITDA with the first three quarters of the year, having the most pronounced impact.

Jonathan Lyons: with the first three quarters of the year having the most. Based on average March exchange rates, we now expect a foreign exchange headwind of approximately 1.25% on 1.5% unadjusted. with the first three quarters of this year still having the most pronouncements.

John: Based on average March exchange rates, we now expect a foreign exchange headwind of approximately one 5% on revenue and one 5% on adjusted EBITDA.

John: With the first three quarters of this year still having the most pronounced impact.

Jonathan Lyons: We do not anticipate the current tariff policies to have a material impact on our business at We continue to expect total company price to be near the midpoint of our long-term stated range of three to four percent. We expect sterogenic volumes to improve throughout the year. For Nordeon, we still expect revenues for the first and second half of 2025.

John: We do not anticipate the current tariff policies to have a material impact on our business at this time.

John: We continue to expect total company price to be near the midpoint of our long term stated range of 3% to 4%.

John: We expect <unk> volumes to improve throughout the year with.

John: With full year constant currency revenue growth in the mid single digits versus 2024.

John: For <unk>, we still expect revenues for the first and second half of 'twenty five to be similar to 2024 with constant currency full year revenue growth in the mid single digits.

Jonathan Lyons: Similar to 2024 with constant currency, full year revenue growth in the I also want to provide an update to the revenue risk associated with Russian supplied coal. We have not experienced any disruption in the supply. And as of today, there's an approximate risk of between zero to 2% of total company 2025. We expect Nelson Labs Q2 2025 revenue to decline in the low to mid-single digits versus Q2 2025. This is an improvement over the decline we saw in Continuing to expect full year 2025 constant currency revenue growth of low to mid. and Margin Improvement at Nelson.

John: I also want to provide an update to the revenue risk associated with Russian supplied Gopal.

John: We have not experienced any disruption in the supply and as of today. There is an approximate risk of between zero to 2% of total company 2025 revenue.

John: We expect.

John: We expect Nelson Labs, Q2, 2025 revenue to decline in the low to mid single digits versus Q2 2024.

John: This is an improvement over the declines we saw in Q1, we continue to expect full year 2025 constant currency revenue growth of low to mid single digits and margin improvement at Nelson labs.

Jonathan Lyons: Interest expense is expected to be between $155 million and $165 million based on the current forward rate. We are projecting an effective tax rate applicable to adjusted net income in the range of $33 to $35. adjusted EPS is expected to be in the range of 70 to 76 cents. And we expect a fully diluted share count in the range of 286 to 287 million shares on a weighted average.

John: Interest expense is expected to be between $155 million and $165 million based on the current forward rate curve.

John: We are projecting an effective tax rate applicable to adjusted net income in the range of 33% to 35%.

John: Adjusted EPS is expected to be in the range of 70 to $72 76.

John: And we expect our fully diluted share count in the range of 286 to 287 million shares on a weighted average basis.

Jonathan Lyons: From a capital deployment standpoint, we will continue to prioritize organic growth and deleveraging, as well as opportunistic M&A. Continue to expect capital expenditures to be in the range of $190 million to $210 million. As we have previously stated, we expect capital expenditures to decrease over the next few years to approximately $110 million. We expect this decrease in CapEx along with revenue growth will help us achieve our goal of generating between $500 to $600 million of free cash flow over the next five years. Our guidance does not assume any M&A.

John: From a capital deployment standpoint, we will continue to prioritize organic growth and deleveraging as well as opportunistic M&A.

We continue to expect capital expenditures to be in the range of $190 million to $210 million in 2025 as.

John: As we've previously stated we expect capital expenditures to decrease over the next few years to approximately $110 million in 2020, we expect this decrease in Capex along with revenue growth will help us achieve our goal of generating between $500 million to $600 million in free cash flow over the next three years.

John: Our guidance does not assume any M&A activity.

Michael Petras: Finally, we anticipate continued slight improvement in net leverage ratio in I'll now turn the call back over to Thank you, John. We've consistently demonstrated the ability to sustain growth and navigate challenges through varying market conditions. And we expect to do so again in 2025.

John: Finally, we anticipate continued slight improvement in net leverage ratio in 2025.

Michael: I'll now turn the call back over to you Michael.

Michael: John we've consistently demonstrated the ability to sustain growth and navigate challenges through varying market conditions and we expect to do so again in 2025 in this quarters earnings presentation posted to our website <unk> Com. We included a slide for reference illustrating telehealth 19 consecutive years of revenue growth going back to two.

Michael Petras: In this quarter's earnings presentation posted to our website, SoteraHealth.com, we included a slide for reference illustrating Sotera Health's 19 consecutive years of revenue growth, going back to 2005, which is as far back as our audit financials go. This includes growth during the Great Recession of 2008 and 2009, as well as the COVID pandemic pandemic, which all demonstrates the resiliency of our business model and diversity of our customers.

Michael: <unk>, five which is as far back as our audit financials go. This includes growth during the great recession of 2008, and 2009 as well as the Covid pandemic.

Michael: All demonstrates the resiliency of our business model and diversity of our customer base.

Michael Petras: We continue to focus on the priorities we highlighted during our November 2024 Investor Day. These priorities, again, are one, excellence in serving our customers with end-to-end solutions. Two, winning in growth markets. Three, driving operational excellence to enhance free cash flow. And fourth, disciplined capital deployment.

Michael: We continue to focus on the priorities we highlighted during our November 2024, Investor Day. These priorities again, our one excellence in serving our customers with end to end solutions to winning in growth markets three driving operational excellence to enhance free cash flow in fourth disciplined capital deployment.

Unknown Executive: At this point, Joe, let's open the call up for Q&A. Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touchstone phone. Speakerphone, please pick up your handset before pressing the keys. And to withdraw from the question queue, please press star then two.

Michael: At this point, Joe let's open the call up for Q&A. Thank you.

Michael: We will now begin the question and answer session.

Michael: To ask a question you May Press Star then one on your Touchtone phone.

Michael: Speakerphone, please pick up your handset before pressing the keys and to withdraw from the question queue. Please press Star then two at.

Unknown Executive: At this time, we will pause just momentarily to assemble our roster.

Michael: At this time, we will pause momentarily to assemble our roster.

Michael: Okay.

Patrick Donnelly: And our first question here will come from Patrick Donnelly with Citi. Please go ahead. Hey guys, thanks for taking the questions. Michael, maybe one for you on the tariff side. Seems like you guys are navigating that pretty well. Can you just talk through, it sounds like very minimal, if any impact. It sounds like Nordion is exempt. Just the confidence level, all of that is the case. Are there any small impacts that you guys are offsetting, price, anything like that? I just want to talk through the backdrop. And again, it sounds like you guys are navigating it pretty well here.

Speaker Change: And our first question here will come from Patrick Donnelly with Citi. Please go ahead.

Patrick Donnelly: Hey, guys. Thanks for taking the questions.

Speaker Change: Michael maybe one for you on the tariff side.

Speaker Change: Seems like you guys are navigating that pretty well can you just talk through it sounds like very minimal if any impact it.

Speaker Change: It sounds like Nordea.

Speaker Change: And just the confidence level all of that is the case are there any small impacts that you guys are offsetting price or anything like that just wanted to talk through the backdrop is again it sounds like you guys are navigating a pretty well here.

Michael Petras: Good morning, Patrick. Yes, I would say at this point, we're pretty confident based on the current regulations that are out there and policies, we're confident will not have a material impact on the company. The largest component that we're following was Cobalt from Canada to US as I referenced, and that falls under USMCA. We have some smaller direct and indirect, but we don't see as a material item for the company. Okay, that's good news.

Patrick Donnelly: Yes, good morning, Patrick.

Patrick Donnelly: Yes, I would say at this point, we're pretty confident based on the current regulations that are out there and policies. We're confident we will not have a material impact on the company. The largest component that we're following with cobalt from Canada to U S as I referenced and <unk>.

Patrick Donnelly: Falls under U S. MCA, we have some smaller direct and indirect but we don't see it as a material item for the company.

Patrick Donnelly: Okay. That's good news.

Michael Petras: And then maybe one just just on kind of the the backdrop here, you know, Sterogenics, the recovery continues, which is nice to see. Any changes to how you're thinking about it? I know it's the expectation has been pretty gradual, essentially what we're seeing on the volume side, but would love to just pull the curtain back a little bit on what you're seeing on that front, how you're thinking about volumes, both for Sterogenics and Nelson, and where we are in the recovery path. Yeah, I would say, you know, we're more optimistic on the volumes, as we've signaled here, we'll see continued improvement throughout the year, we did see improvement throughout the quarter.

Speaker Change: And then maybe one just on kind of the backdrop here Sarah <unk> recovery continues which is nice to see any changes to how you're thinking about it I know you.

Speaker Change: Expectations been pretty gradual essentially what we're seeing on the volume side, but would love to just pull the card back a little bit on what you're seeing on that front, how you're thinking about volumes both for <unk> and Nelson.

Speaker Change: And where we are in the recovery path.

Speaker Change: Yes, I would say, we're more optimistic on the volumes as we've signaled who will see continued improvement throughout the year, we did see improvement throughout the quarter and we're optimistic based on what we're seeing here, even beginning early stages of the second quarter.

Michael Petras: And you know, we're optimistic based on what we're seeing here, even beginning early stages of second quarter. You know, as we said, these businesses are well positioned with our customers. As a matter of fact, we just got our customer survey results again, which came back very strong. And both Nelson and Sterigenics, we're starting to see volumes improve, which is giving us confidence to reaffirm our guide as we communicate. All right. Good to hear. Thanks, Michael.

Speaker Change: As we said these businesses are well positioned with our customers matter of fact, we just got our customer survey results again, which came back very strong in both Nelson <unk>, we're starting to see volumes improve which is.

Speaker Change: Given us confidence to reaffirm our guidance we communicated.

Speaker Change: Alright, good to hear thanks, Michael.

Speaker Change: Okay.

Speaker Change: Yeah.

Brett Fishbin: And our next question will come from Brett Fishbin with KeyBank. Please go ahead. Hey guys, thank you very much for taking the questions. Just wanted to follow up on some of the Nelson Labs margin trends, you know, notable year over year improvement and better than we were expecting. So definitely understand the favorable mix element at play.

Speaker Change: And our next question will come from Brent <unk> with Keybanc. Please go ahead.

Brent: Hey, guys. Thank you very much for taking the questions just wanted to follow up on some of the Nelson labs margin trends.

Speaker Change: Notable year over year improvement and better than we were expecting so definitely understand the favorable mix element at play, but maybe if you could just expand on some of the other factors that you're calling out that have been driving some of the improvement there and how youre thinking about the trajectory from <unk> levels for the rest of 2025.

Michael Petras: But maybe if you could just expand on some of the other factors that you're calling out that have been driving some of the improvement there, and how you're thinking about the trajectory from like one Q levels for the rest of 2025. Yeah, Brett, I'll take that. You know, as we've said multiple times, what drives that business is new regulation, new product spend, you know, sterilization volumes. We're seeing that we're seeing that in this business, you know, there's a couple key regulatory pieces that we've been working on and monitoring with our customers for several quarters. You know, things around reprocessing, testing around some of the bioprocessing products.

Brent: Yes, Brian I'll take that.

Brent: As we've said multiple times, what drives that business is new regulation, new product spend it all.

Brent: Sterilization volumes, we're seeing that we're seeing that in this business. There's a couple of key regulatory pieces that we've been working on and monitoring with our customers for several quarters.

Brent: Things around reprocessing.

Brent: Testing around some of the bio processing products, we're starting to see that volume start to play in which is what Joe and the team have been calling out all along and we're getting more and more comfortable as these volumes improve as we said we expected to happen throughout the year. So we're seeing routine and validation volumes improving.

Michael Petras: We're starting to see that volume start to play in, which is what Joe and the team have been calling out all along. And, you know, we're getting more and more comfortable as these volumes improve, as we said, we expect it to happen throughout the year. So we're seeing routine and validation volumes improving. As far as the margin rates, you know, we've we've messaged consistently here for the last several quarters that we see this business in the in the 30s, and continue to improve. And we've seen it the last several quarters improvement, you know, they continue to deliver price, they got the labor piece in place.

As far as the margin rates, we've messaged consistently here for the last several quarters that we see this business in the in the 30 and continue to improve and we've seen it.

Brent: The last several quarters improvement continuing to deliver price. They got the labor piece in place as you know over the last several quarters, we have been very stable on the labor side and we've been able to show the margin improvement as we predicted and said would come through so.

Michael Petras: As you know, over the last several quarters, we've been very stable on the labor side. And we've been able to, you know, show the margin improvement as we predicted and said would come through. So, you know, the team's doing a really nice job with that all while keeping service at very high levels. I just saw some net promoter scores yesterday that were probably some of the highest I've seen in several years. So, you know, really, really proud of what that team's doing. And listen, the customers value what we do. We have one customer right now, for example, that we're seeing some volume come in that we expected.

Brent: The team is doing a really nice job with that all while keeping service at very high levels. I just saw some net promoter scores yesterday of a price of a highest I've seen in several years. So really really proud of what that team is doing and listened to customers value. What we do we have one customer right. Now for example that we're seeing some volume come in that we expected.

Michael Petras: They've had some challenges with the regulators, we've been there to help them solve those challenges. And we're seeing that volume play out in the quarters ahead, which is which is great. So the team's doing a really nice job. And it's proven out exactly what we said we saw with this business. Regulation helps this business customers get in the in the challenges and need our expertise, you know, routine volume coming in from sterilization, and then also new product spend, you know, from VC or wherever it may be. So really proud of what the team continues to do there.

Brent: They've had some challenges with the regulators we have been there to help them solve those challenges and we're seeing that volume play out in the quarters ahead, which is which is great. So the team's doing a really nice job and it's proven out exactly.

Brent: What we said we saw with this business regulation helps this business customers getting it and the challenges and need our expertise.

Brent: Routine volume coming in from sterilization, and then also new product spend from D C or wherever it may be so really proud with the team continues to do there.

Brett Fishbin: All right, thanks for that color.

Brent: Alright, Thanks for that color and then just for my follow up just wanted to maybe kind of ask a similar question on the <unk> volume growth I think you had just like your comment that youre starting to see some signs of improvement.

Brett Fishbin: And then just for my follow up, just wanted to maybe, you know, kind of ask like a similar question on the stereogenics volume growth. I think you had just like a comment that you're starting to see like some signs of improvement on the volume front.

Brent: If on the volume front.

Michael Petras: Are there any particular like end market to the more med tech or like recovery and bioprocessing or like modalities, like any, any more like detail and like where you're starting to see like signs of improvement that, you know, are expected to drive? You know, what you've said is continuous improvement for the rest of 2025. Thanks. Thanks very much. Yeah. But, you know, stereogenics team throughout the quarter saw proven in volumes. We see that continue as I mentioned in my comments. Bioprocessing has had a significant growth over prior year and sequential growth. But again, it's a small portion of our total business.

Brent: Are there any particular like end market is the more in med tech or recovery in bio processing ore.

Brent: Like modality that any any more detail and like where you are starting to see signs of improvement that are expected to drive.

Brent: What <unk> said is the continuous improvement for the rest of 2025. Thanks. Thanks, very much yes, yes, Brian <unk> team throughout the quarter solid proven in volumes, we see that continue as I had mentioned in my comments bio processing has had significant growth over prior year and sequential growth, but again, it's a small portion of our total business.

Michael Petras: You know, we mentioned to you that there were a couple customers that had some challenges that we are working through with them. But when you take those out, the underlying trends on that on a core customer base is pretty strong. So we feel we feel pretty good about where we're at in the outlook at the volume continue to improve throughout the year as we as we communicate. Thank you very much.

Brent: We mentioned to you that there were a couple of customers that had some challenges that we're working through with them, but when you take those out the underlying trends in our core customer base is pretty strong.

Brent: So we feel we feel pretty good about where we're at in the outlook of the volumes continue to improve throughout the years.

Brent: <unk> communicated.

Thank you very much.

Matt Sykes: And our next question will come from Matt Sykes with Goldman Sachs. Please go ahead. Hi, good morning, thanks for taking my questions.

Mac Sykes: And our next question will come from Mac Sykes with Goldman Sachs. Please go ahead.

Mac Sykes: Hi, good morning, Thanks, taking my questions.

Michael Petras: Maybe just, you know, it's great to see the recent settlement on the Illinois cases, maybe just talk through how your kind of legal strategy has evolved and how do you assess the risk on ongoing cases, your strategy differs from state to state, just maybe a sort of an update on on that process. Yeah, I would just tell you, you know, I'm not going to get into a ton of details. We have plenty of disclosures out there in our filings that you could see. But listen, we are confident that at this level of emissions from our facilities, we're not causing cancer.

Speaker Change: Maybe just it was great to see the recent settlement on the Illinois cases, maybe just talk through how you are kind of legal strategy has evolved.

Speaker Change: How do you assess the risk on ongoing cases strategy differs from state to state just maybe sort of an update on that process.

Speaker Change: Yeah, I would just tell you I'm not going to get into the details we have plenty disclosures I'll turn our filings that you could see but.

Speaker Change: We are confident that this level of emissions from our facilities, we're not causing cancer, okay and listen we have empathy for patients that have cancer, that's very tough and family, we're going to get into the court system and we're going to vigorously defend ourselves as long as we have the opportunity to put out a case with the science and the facts, which we proved in the foreign trial.

Michael Petras: OK, and listen, we have empathy for patients that have cancer. That's that's very tough on family. We're going to get in the court system and we're going to vigorously defend ourselves as long as we have the opportunity to put on a case with the science and the facts, which we proved in the Forte trial. We feel we'll be victorious and we'll continue to look at that situation. You know, every one of these jurisdictions are slightly different. The judge, the plaintiff, the circumstance around that, what's allowed in the evidence and will continue to evolve our strategy.

Speaker Change: We will be victorious and we'll continue to look at that situation.

Speaker Change: Every one of these jurisdictions are slightly different the judge the plaintiffs.

Speaker Change: Circumstance around that what's a lot of evidence and we will continue to evolve our strategy. There are certain things. We look forward as we go through this process and we will continue to play that out, but we're going to vigorously defend ourselves because this company operates in a safe and compliant manner and if the science is front and center, we feel very confident of our position.

Michael Petras: There's certain things we look for as we go through this process and we'll continue to play that out. But we're going to vigorously defend ourselves because this company operates in a safe and compliant manner. And if the science is front and center, we feel very confident of our position. Great, thanks for that.

Speaker Change: Great. Thanks for that and then just maybe an update on sort of cross selling initiatives between Nelson and Sarah <unk>.

Michael Petras: And then just maybe an update on sort of cross-selling initiatives between Nelson and Sterigenics. Kind of what have you done in terms of better coordinating those sales touch points and kind of anything that you've kind of done on the incentive side to encourage that cross-selling opportunity? Yeah, so we've had incentives in place for the last couple of years. As we've mentioned at Investor Day, this is an area we're going to continue to grow at our XPU with some of our key strategic customers around key categories. You know, BJ is leading that effort across the company.

Speaker Change: What have you done in terms of.

Speaker Change: Better coordinating those.

Speaker Change: <unk> touch points and kind of any anything that you've kind of done on the incentive side to.

Speaker Change: To encourage that cross selling opportunity.

Speaker Change: Yes, so we've had incentives in place for the last couple of years as we mentioned at our Investor Day. This is an area we're going to continue to grow at our SBU with some of our key strategic customers around key categories. BJ is leading that effort across the company. He is building out the team around that we're making nice progress on the service side of it our embedded labs within <unk>.

Michael Petras: He's building out the team around that. We're making nice progress on the service side of it. Our embedded labs within Nelson Labs, it gets a lot of volume from the stereogenics side, continues to grow and deliver significant margin, which has been very good. And I gave an example on today's call of, you know, one product example. We're working end-to-end with our customers on solutions in a growing segment of the market. And remember, approximately 70% of the stereogenics in Nelson Labs revenue comes from shared customers. So, you know, we feel good about the continued progress we're making there, and our customers are responding and reacting in a positive manner as well.

Speaker Change: <unk> labs it gets a lot of volume from the <unk> side continues to grow and deliver significant margin, which has been very good and I'll give you. An example on today's call of one product example, we're working on end to end with our customers on solutions and a growing segment of the market and remember approximately 70% of the stair Jackson Nelson Labs revenue comes from shared <unk>.

Speaker Change: Customers so.

Speaker Change: We feel good about the continued progress, we're making there and our customers are responding and reacting in a positive manner as well great.

Michael Petras: Great.

Michael Petras: Thanks, Michael.

Speaker Change: Great. Thanks, Michael.

Luke Sergott: And our next question will come from Luke Sergott with Barclays. Please go ahead. Great, thanks, guys. I just wanted to touch first on the kind of the margin here from, you know, I understand that he had elevated one cue from from Nordy on, but as you pulled that forward, you know, just help us frame what what we should be looking at from a two cue margin perspective. I would just say just, you know, on the Nordeon side, recognize that, you know, that volume just shifted from second quarter to first quarter. One other point, you know, Luke, that I want to make sure we call out is there's one last day in the quarter, in the first quarter, all right, so, you know, I think that's important to note as well.

Speaker Change: And our next question will come from Luke <unk> with Barclays. Please go ahead.

Luke: Great. Thanks, guys.

Speaker Change: I just wanted to touch first on the kind of the margin here from <unk>.

Speaker Change: They had elevated <unk> from from Nordea on but as you pulled that forward.

Speaker Change: Help us frame, what we should be looking at from a <unk> margin perspective.

Speaker Change: Okay.

Speaker Change: I would just say just minority.

Speaker Change: Minority onside recognize that that volume just shifted from second quarter to first quarter. One other point, you'll look I want to make sure we call out as far as one last day in the quarter and the first quarter.

Speaker Change: I think that's important to note as well, but when we look at overall, we expect the margin improvement throughout the year to really come from the Nelson side pretty consistent margin rate in the other businesses. That's how I would think about it going forward.

Jonathan Lyons: But when we look at overall, you know, we expect the margin improvement throughout the year to really come from the Nelson side, pretty consistent margin rate in the other businesses. That's how I think about going forward. All right, great.

Speaker Change: Alright, great. Thanks, and then on stared staring in the volumes like your guide here implies.

Michael Petras: Thanks. And then on stare, you know, on staring in the volumes, like the your guide here implies. I think that you said previously, kind of holding this pricing level flat. So that implies that the your your volume kind of steps up to that low to mid single digit growth by the end of the year. I'm just thinking about in the out years of like how much of this is just due to the comp dynamic. I assume there's some of that in there. But, you know, should we expect that, you know, with the elevated device utilization that's been going on, you don't have any more destocking or anything.

Speaker Change: I think you said previously kind of holding this pricing level flat. So that implies that your volume kind of steps up to that low to mid single digit growth by the end of the year just thinking about in the out years.

Speaker Change: How much of this is just due to the comp dynamic I assume there is some of that in there but.

Speaker Change: Should we expect that with the elevated device utilization that's been going on you don't have any more destocking or anything is this kind of like.

Michael Petras: Is this kind of like a should we be thinking about volumes resetting a little bit higher? Yeah, so think about what we said on the long range guide in the business, scary would be mid single digits to high single digits, they'd be in the price right in the middle on the price range of that three to 4% or on the higher end of that if you actually think about so you can kind of plug it from there what we expect volumes to look like over the longer range. Cool, thank you.

Speaker Change: Should we be thinking about volumes resetting a little bit higher.

Speaker Change: Yes, so think about what we said in our long range guide in the business Terry would be mid single digits to high single digit state B in the price right in the middle in the price range of that 3% to 4% on the higher end of that if you actually think about so you can kind of plug it from there what we would expect volumes will look like over the longer range.

Speaker Change: Thank you.

Dave Windley: And our next question will come from Dave Windley with Jefferies. Please go ahead. Hi, thanks for taking my questions. Good morning.

Dave Windley: And our next question will come from Dave Windley with Jefferies. Please go ahead.

Dave Windley: Hi, Thanks for taking my questions. Good morning, I'm going to try a slightly different twist on the on the Steri volume questions.

Michael Petras: I'm going to try a slightly different twist on the on the starry volume questions. I'm wondering if if your expectation of continued improvement is Normalization of the two customers, Michael, that you called out, is it? Continued rising volumes in the market generally and you ride with that is it You know, improving market or wallet share with your customers. I'm just trying to better understand. You know, what causes your volume, you know, what's the disconnect essentially between what has been pretty good med device volumes and yours, and how does that narrow or converge? Yeah, David, thank you.

Dave Windley: I'm wondering if if your expectation of continued improvement is.

Michael: Normalization of the two customers Michael that you called out is it.

Michael: Continued rising volumes in the market generally and you ride with that is it.

Michael: Improving market, our wallet share with your customers I'm, just trying to better understand.

Michael: What causes your volume.

Michael: What's the disconnect essentially between what has been pretty good med device volumes and yours, and how does that narrow or converged. Thanks.

David: Yes, David Thank you.

Michael Petras: Pretty much all those that you all the above play into it, right? So we've got a couple of customers whom in particular that I referenced in the past that had some challenges. We'll work through that as the year progresses. We are seeing volumes continue to ramp up in other areas across multiple categories. We haven't talked about inventory resets or anything like that for quite some time. And we feel that that's in a stable environment. And our facilities are running pretty darn well, right? You know, also, David, somebody comes into when you have a shutdown and things of that nature that all play out.

David: Pretty much all of those that you all of the above play into it right. So we've got a couple of customers who are in particular that I referenced in the past that had some challenges we'll work through that as the year progresses. We are seeing volumes continue to ramp up in other areas across multiple categories, we haven't talked about.

David: Inventory resets or anything like that for quite some time and we feel that that's a stable environment and our facilities are running pretty darn well there.

David: Also Dave if somebody comes into when you have a shutdown and things of that nature that all play out, but overall, Mike and the team are optimistic of what they are seeing the execution with the customer base and the facilities is playing out so it's kind of a combination all of those questions.

Michael Petras: But overall, you know, Mike and the team are optimistic with their scene, the execution with the customer base and the facilities is playing out. So it's kind of a combination of all those, you know, a question was asked earlier about bioprocessing. That's playing into it. But again, it's a small portion for our business. But that's had a that's had a good a good rebound as well. So overall, you know, we feel pretty good about where we finished out of the quarter. It played out as we expected on the on the starry side. We continue to see acceleration, which is what we expect for the rest of the year.

David: A question was asked earlier about bio processing, that's playing into it but again, it's a small portion of our business, but that said that's had a good.

David: A good rebound as well so overall, we feel pretty good about where we finished out in the quarter. It played out as we expected on the military side, we continue to see acceleration, which is what we expect for the rest of the year got it you segue to my second question, well and acknowledging that you just said that bioprocess seen in life science related.

Michael Petras: Got it.

Michael Polark: You segue to my second question. Well, and acknowledging that you just said that bioprocessing and life science related activity is relatively small in your business. I'm wondering if, if or how you think about pressure on the broader biopharma kind of R&D product development cycle? How much? How should we think about that filtering through your business? and maybe, you know, on a longer term basis. I mean, you know, there's there's just a lot of noise in in biopharma right now, particularly on the persistency of their R&D spend. Yeah, you know, so we're not, you know, Lorient is, you know, is the business that has the most visibility for longer term.

David: <unk> is relatively small in your business.

David: I'm wondering if.

David: If or how you think about.

David: Pressure on the broader biopharma kind of R&D product development cycle.

David: How much how should we think about that filtering through your business.

David: And maybe on a longer term basis I mean.

David: Theres just a lot of noise in in Biopharma right now, particularly on the persistency of their R&D spend.

David: Yes.

David: So we're not ignoring on as you know is the business that has the most visibility for longer term stair Jenks would be ness, and the least would be Nelson I'm going to turn it on you a little bit here today because in particular some testing we do on Bioprocess, Inc. Within within the Nelson Labs business. That's one of the if you will longer cycle relatively longer.

Michael Petras: Sterigenics would be Ness, and the least would be Nelson.

Michael Petras: I'm going to turn that on you a little bit here today, because in particular, there's some testing we do on bioprocessing within the Nelson Labs business. That's one of the, if you will, longer cycle, relatively longer cycle businesses. Some new regulations come into place, USP 665. And the Nelson Labs team has executed pretty darn well on that. We're seeing some good visibility from customers around the things that they need to do to get their products to market and make sure they're safe and compliant. So we're seeing testing like that continue to improve. And on the R&D side, we continue to see, you know, some validation work come through on the Nelson side overall.

David: Cycled businesses.

David: Some new regulations come into place USP 665.

David: And then Nelson labs team is execute pretty darn well and that we're seeing some good visibility from customers around the things that they need to do to get their products to market and make sure they're safe and compliant. So we're seeing testing like that continue to improve and on the R&D side. We continue to see some validation work come through on the Nelson side overall, so we're not expecting.

Michael Petras: So we're not expecting a big step back in bioprocessing as we look forward at this point in time. But again, we don't have super long visibility in these businesses. But from what we can see today, David, we feel pretty optimistic about it.

David: <unk>, a big step back and Bayou processes as we look forward at this point in time, but again, we don't have super long visibility in these businesses, but from what we can see today, David we feel pretty optimistic about it.

Michael Petras: We appreciate that. Thank you.

Speaker Change: I appreciate that thank you.

Jason Bednar: And our next question will come from Jason Bednar with Piper Sandler. Please go ahead. Hey, good morning. Thanks for taking the questions, guys. Nice start to the year.

Speaker Change: And our next question will come from Jason Bednar with Piper Sandler. Please go ahead.

Jason Bednar: Hey, good morning, Thanks for taking the questions guys.

Speaker Change: Nice start to the year.

Jason Bednar: I'll start and stare a bit, asking more, maybe more of a pricing question. I think we're looking at maybe seven quarters now where price has been slowly getting back to what may be more of a normal level, but seven quarters sequential step downs. I know it was minor here this quarter. So, you know, first part of the question, do you think we're at a defensible level now on price? Or do we see a little bit more erosion from here?

Speaker Change: <unk> and Stary, but asking more.

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