The Impact of M&A on the Bottom Line

There's a lot of different components in there and I'd like to pick up a couple of them. Part of the argument that I've heard, we didn't see as much M&A also last year is the pipelines aren't there to acquire that are going to have a near-term impact right on the bottom line. The tried and true mentality that tends to exist within large trauma and biotech is we'd rather pay up for a de-risk asset. When we've got high conviction that this will actually deliver financial performance for us in the near to medium term, I think that will continue to prevail. And so every year that we've added more companies to the IPO queue that have