Good day, ladies and gentlemen, and thank you for standing by. Welcome to Masimo Corporation Third Quarter 2015 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's presentation, Mr. Eli Kammerman, Vice President of Business Development and Investor Relations at Masimo Corporation. Sir, please begin.

Thank you and hello, everyone. Joining me today are Chairman and CEO Joe Kiani, and Executive Vice President of Finance and CFO Mark de Raad. This call will contain forward-looking statements which reflect Masimo's current judgment, including certain of our expectations regarding fiscal 2015 financial performance. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Risk factors that could cause our actual results to differ materially from our projections and forecasts are discussed in detail in our SEC filings, including our most recent Form 10-K and Form 10-Q. You will find these in the Investors section of our website. We will also discuss certain non-GAAP financial measures. A description of each non-GAAP financial measure and a reconciliation of each non-GAAP financial measure to the most comparable GAAP financial measure can be found in our earnings press release. I'll now pass the call to Joe Kiani. Joe E. Kiani - Chairman & Chief Executive Officer: Thank you, Eli. Good afternoon and thank you for joining us for Masimo's third quarter 2015 earnings call. We are happy with our results for the quarter, as we again surpassed our targets for product revenues, rainbow revenues and shipments of our SET and rainbow SET oximeters. Despite negative currency effects, our product revenues rose by more than 5% and increased by nearly 9% on a constant currency basis. We realized solid gains across all of our product lines, led by a 30% increase in rainbow revenues. Our market share continues to rise as evidenced by record oximeter shipments. Our third quarter GAAP EPS of $0.36 per diluted share, up by 33% versus a year ago, is clear proof of the value of our 10-year plan that we initiated in 2007 when we went public. Our outlook for the…

Our first question or comment comes from the line of Bill Quirk from Piper Jaffray. Your line is open. William R. Quirk - Piper Jaffray & Co (Broker): Great, thanks, and good afternoon, everybody. First question, Joe, if we back out the initial impact from the Middle East deal, it looks like you had a really solid quarter in rainbow despite that. So can you maybe speak to some of the other components there that helped drive the performance of that business? Thank you. Joe E. Kiani - Chairman & Chief Executive Officer: Sure. Yes, we saw an 18% increase in rainbow revenues without this Middle East large order and that strength came from both hemoglobin sales around the world as well as carbon monoxide and methemoglobin sales through two of our OEMs both in the U.S. and Europe. William R. Quirk - Piper Jaffray & Co (Broker): And Joe, just help us a little bit about rainbow in terms of I guess the recurring side of the business versus some of the I guess the more one-time nature of that, kind of where are we in that split right now? Thanks. Joe E. Kiani - Chairman & Chief Executive Officer: Well, the recurring revenue side is there, and where also – for the increase that you see is from both recurring revenues, from customers we had before, as well as new customers that are coming online. William R. Quirk - Piper Jaffray & Co (Broker): Okay, got it. Thanks, guys. Nice quarter. Joe E. Kiani - Chairman & Chief Executive Officer: Thank you, Bill.

Thank you. Our next question or comment comes from the line of Larry Keusch from Raymond James. Your line is open. Larry S. Keusch - Raymond James & Associates, Inc.: Thank you. Good afternoon, guys. Joe, I just wanted to touch on one comment that you made as it relates to rainbow, and I guess what I am curious about is how would you think about the sort of opportunity/traction of hemoglobin and reception to the technology in the U.S. versus the OUS? Because it sort of sounds like you are starting to feel like there could be a very good opportunity overseas for this technology. Joe E. Kiani - Chairman & Chief Executive Officer: Yes, Larry. First of all, I think U.S. and Europe probably are most close together in terms of cost-containment measures and cost worries. So for these two regions, despite very successful hemoglobin evaluations clinically, where the clinicians saw great differences in their ability to do the care that they give, they've been having difficult time getting administrations buy-in to do large-scale implementations. You have certain regions of the world like the Middle East where the cost-containment pressures are not there. So what we are seeing in certain parts of the world where you don't have the same cost pressures, the technology seems to be going from clinical evaluation wins to purchase, as you would expect, and sort of the constant delays we have been getting in both U.S. and Europe. Larry S. Keusch - Raymond James & Associates, Inc.: Okay. That's definitely helpful. And then, not sure what you can say here but just sort of curious in sort of the next steps, any thoughts you can provide for us on the inter partes review that was filed by Medtronic/Covidien? Joe E. Kiani - Chairman…

Thank you. Our next question or comment comes from the line of Tao Levy from Wedbush. Your line is open.

Hi, guys, this is actually Matt (27:23) filling in for Tao. Congrats on another strong quarter. Joe E. Kiani - Chairman & Chief Executive Officer: Thank you. Mark P. de Raad - Chief Financial Officer & Executive Vice President: Thanks, Matt (27:28).

No problem. So I was just wondering with regards to the record quarter for driver shipments, I was wondering when do you expect those pulse ox units to start really driving sensor revenue? Joe E. Kiani - Chairman & Chief Executive Officer: Well, typically when we get the order it takes about three months for the deployment into the field and consumption of sensors, and then the rate of sensor consumption has a lot to do with census. So if there is an increase in census, whether it's due to the flu season or people taking advantage of their deductibles and co-pays and so forth before the year-end, we might see a bigger boost. And if there isn't, then we might not see as big of a boost. So I think within Q4 we should start seeing the impact of what happened for us as far as driver shipments in Q3. But just to remind you, I think this is now the ninth quarter that we have shipped over 40,000 oximeters, excluding the handheld devices. And we see that trend continuing.

Okay. Thank you. That was helpful. And just going back to rainbow again, you know, how do you think we should think about this going forward? You know, with rainbow sales being higher this quarter due to the Middle East, but are you still expecting to be a little bit lumpy? Joe E. Kiani - Chairman & Chief Executive Officer: Yeah. I think rainbow, because of just the size of where we are revenue-wise and installed base-wise, will remain lumpy. I think that hopefully will get less and less as they move forward. The good news is with this large Middle East order, it's not supposed to be a one-time order. So we do expect it to continue hopefully for years, and it might end up being just half of what ultimately it will be. And this is just one of several large businesses we're after with our technologies, including rainbow.

Got it. And just my last question, just a quick clarification. What did you say we should be expecting for rainbow sales next quarter? Thank you. Mark P. de Raad - Chief Financial Officer & Executive Vice President: Sure, Matt. (29:58) In general when we started this year we had provided GAAP revenue rainbow guidance about $57 million or so. I think based upon the strength that we saw in the third quarter, right now we're predicting that number to be in about the $60 million range for the full year. So we'll see about $3 million higher partly due to the Middle East order that Joe was just alluding to. So about $60 million is the range of where we expect our full-year rainbow revenues to come in at.

Okay. Great. Thank you, guys. Joe E. Kiani - Chairman & Chief Executive Officer: Thank you. I think we have one more question...

I think they just added one other. Joe E. Kiani - Chairman & Chief Executive Officer: Okay. All right. Next question, please.

Our next question is from the line of Skip Klein from Gauss Capital. Your line is open.

Great execution. I just was eager to get an update on where things stand with the Philips patent litigation, update on timelines or court dates. Joe E. Kiani - Chairman & Chief Executive Officer: Sure, Skip. We expect that the next phase of trial, which will be additional patent litigation as well as anti-trust and patent misuse litigation, to happen in Q1 2017. We recently had a hearing that we felt that went well. We should get a ruling from that soon. And based on some of the things that are going on at both the Supreme Court and other items that we may have to go the long course or we may not. But next thing is Q1 2017.

But we need to go through the next phase before we get any settlement on the first phase. I guess settlement can occur at any point in time, I guess is the way to think about it, but... Joe E. Kiani - Chairman & Chief Executive Officer: Yes, unless there is some settlement between now and then, yes, because until we go through the next phase, both the jury verdict and the judge's ruling is not considered final, so we can't go to the Court of Appeals nor can they I guess; we would not have much to appeal. But they would not go to Court of Appeals until the final ruling, which is expected to happen after the Q1 2017 trial.

Great. Thanks a lot. Joe E. Kiani - Chairman & Chief Executive Officer: Thank you, Skip. Joe E. Kiani - Chairman & Chief Executive Officer: I think we are done. So I want to thank you all for joining us for this call. And we hope you enjoy the rest of your year and look forward to our call in February. Thank you, bye-bye.