Good day, ladies and gentlemen, and welcome to the Quarter Four 2015 Teleflex Incorporated Earnings Conference Call. My name is Emma, and I'll be your operator for today. At this time, all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of this conference. As a reminder, this call is being recorded for replay purposes. And now, I'd like to turn the call over to Mr. Jake Elguicze, who is Treasurer and Vice President of Investor Relations. Please proceed, sir. Jake Elguicze - Treasurer & Vice President-Investor Relations: Thanks, operator, and good morning, everyone, and welcome to the Teleflex Incorporated Fourth Quarter 2015 Earnings Conference Call. The press release and slides to accompany this call are available on our website, at www.teleflex.com. As a reminder, this call will be available on our website, and a replay will be available by dialing 888-286-8010, or for international calls, 617-801-6888; passcode 70373672. Participating on today's call are Benson Smith, Chairman, President and Chief Executive Officer; Liam Kelly, Executive Vice President and Chief Operating Officer; and Thomas Powell, Executive Vice President and Chief Financial Officer. Benson, Liam and Tom will make some brief prepared remarks, and then we'll open up the call to Q&A. Before we begin, I would like to remind you that some of the matters discussed in the conference call will contain forward-looking statements regarding future events as outlined in our slides. We wish to caution you that such statements are, in fact, forward-looking in nature and are subject to risks and uncertainties, and actual events or results may differ materially. The factors that could cause actual results or events to differ materially include, but are not limited to, factors made in our press release today, as well as our filing with the SEC, including our…

. Okay, the first question comes from the line of Larry Keusch of Raymond James. Please proceed. Lawrence Keusch - Raymond James & Associates, Inc.: Hi. Good morning, everyone. Benson F. Smith - Chairman, President & Chief Executive Officer: Good morning, Larry. Liam Kelly - Chief Operating Officer & Executive Vice President: Good morning, Larry. Lawrence Keusch - Raymond James & Associates, Inc.: Good morning. So, for Benson or for Tom, just on the announced manufacturing footprint consolidation, I think if I just do the very high-level math, it's sort of 70 basis points or so benefit to gross margin. And I recall that in totality, you had anticipated that there were items that could improve gross margins by maybe 300 basis points, 350 basis points. So, when I add the two programs together, you're probably 250 basis points, somewhere in that range. So, A, I want to check and see if that math still holds and then if there are still further opportunities to improve the gross margin. Benson F. Smith - Chairman, President & Chief Executive Officer: So, this is Benson, Larry. Your math is correct and the right assumption around that is that even including the second phase which we've announced does not represent the total sum of our footprint consolidation opportunities. As we did with the first phase, we've made the decision that the least risky way to proceed here is to do this in a phase effort. So, we are still confident about the overall sum that we'll get from footprint consolidation and you are right that there's more on the table than what is represented by these first two plants. Lawrence Keusch - Raymond James & Associates, Inc.: Okay. And then just on that point, just as we think about the gross margin expansion for 2016, are there, as we think of it through the year, are there any inflection points or specific events that occur that might cause a step up or is it sort of ratable through the year? Just any help as we think about that would be great. Benson F. Smith - Chairman, President & Chief Executive Officer: So, Tom and I both talked a little bit about the first quarter with two less shipping days that is going to have a volume impact to us of at least 2%. Volume is a component of what drives gross margin and our expenses don't go down as a result of those two less shipping days. So it has an impact on operating margins as well. Excluding just the impact of first quarter as a result of the two less shipping days, it's going to be essentially ratable through the second quarter, third quarter and fourth quarters. A little more heavily weighted towards the fourth quarter, but not substantially so as the new products we're introducing have higher margins. Lawrence Keusch - Raymond James & Associates, Inc.: Okay. Terrific. Thanks very much guys.

Okay. So, the next question comes from the line of Brooks West of Piper Jaffray. Thomas J. Bakas - Piper Jaffray & Co (Broker): Tom on for Brooks. Benson F. Smith - Chairman, President & Chief Executive Officer: Good morning. Thomas E. Powell - Chief Financial Officer & Executive Vice President: (41:19) Thomas J. Bakas - Piper Jaffray & Co (Broker): Morning. I just wanted to start with M&A. You guys did some smaller deals in 2015. But I'm wondering just, if you're seeing the environment change given the change in valuations and valuation expectations, if that might impact a potential larger deal in 2016 and just sort of – some high-level comments in the M&A pipeline. Benson F. Smith - Chairman, President & Chief Executive Officer: So, the clearest answer I can give you is that we remain absolutely committed to continue to do Vidacare and LMA-size and type acquisitions. It's very hard to give any clearer guidance in that since we can't announce something until the deal is essentially consummated from an agreement on both our parts. The overall, I would say the overall market environment has been a little affected by increased valuation expectations. But we still look for those opportunities where – because of the synergies we're able to bring to the table, we're the most likely buyer. So, that's – I wish I could provide more clarity, but we continue to remain committed. We have a very active identification list of companies that we have an interest in. And at the very least, I think you can expect a continued deployment of capital at the level we did in 2015 on those smaller acquisitions. Thomas J. Bakas - Piper Jaffray & Co (Broker): Okay. Great. Thanks. And then just one more if I may. There's a nice tick-up in revenue in Asia, or the growth rate there this quarter. I'm wondering how sustainable that is, and if that's just the function of – I guess just a little more color on that would be helpful. Liam Kelly - Chief Operating Officer & Executive Vice President: So, we did have a good – it's Liam here. We just have a good comparable in the fourth quarter as we outlined during our quarter three earnings call. And for 2016, as we've said, we expect in the high-single-digit growth out of APAC and that will be our expectation. The pickup in China was pretty solid in the fourth quarter. And our overall Asia growth was 18%. China for sure was accretive to that. Our overall business as we go direct, places like Australia become a bigger part of the overall APAC numbers. So just as a term of reference, you don't get the double-digit growth out of place like Australia as you would out of China, Southeast Asia, for example. So high-single digits is our expectation out of Asia in the coming year. Thomas J. Bakas - Piper Jaffray & Co (Broker): Thanks, guys.

Next question comes from the line of Kristen Stewart of Deutsche Bank. Please proceed.

Hi. Thanks for taking the question and congratulations on the results. I was just wondering if you could actually comment on the broader, just kind of dynamics as you see them, just across the different geographies. I know that you had been expecting some weakness within Latin America. Maybe if you could just comment on what you're seeing more broadly just across like North America, in the U.S. in particular. Benson F. Smith - Chairman, President & Chief Executive Officer: So, North America, we continued to see robust growth and expect that to continue into 2016. Of our major business franchises, the one that was at the low end of the scale was our Anesthesia business throughout three quarters of 2015. We started to see a nice pickup at the end of 2015 in the fourth quarter and expect that to continue. We do not expect any negativity in U.S. results stemming from the ACA and haven't seen any evidence that that's likely to be the case for our particular product portfolio. Other device companies may have more exposure there. Latin America certainly continues to be a problematic area for us as a result of the low prices for oil revenue. We have, looking at our 2016 guidance, discounted much growth from that area so we don't see any vulnerability there. But we certainly don't see the situation improving. Liam? Liam Kelly - Chief Operating Officer & Executive Vice President: I'll just add a little bit of color to that, Kristen. If you look at what happened in North America through Q2 to Q4, we went from 4.3% to 5.6% to 8.2%. Now, there are some billing days moving there, but nonetheless progression. And in particular, in Latin America and in particular, in regard to Venezuela, we have very little recovery forecast for Venezuela in our 2016 numbers. Thomas E. Powell - Chief Financial Officer & Executive Vice President: Europe, we have characterized as stable. We have a good organization in Europe so I think that we'll probably see some modest uptick even in a stable environment there. And Liam has commented on Asia. So, I think the sum total is, more of what we've seen in the latter half of 2015, are the trajectories we expect to see in 2016.

Okay. Then – sorry if you had already addressed this, but just in terms of medical device facts, are you guys reinvesting that back into the business? And if so, where are those investments going back? Is it more of the marketing? Is it more for R&D? Benson F. Smith - Chairman, President & Chief Executive Officer: So, the answer to the question, it's primarily being reinvested. We went through a list of internal projects that we wanted to fund this year and our total increase in R&D spending is up about $10 million to $12 million. So, that's about the number that we save from the medical device tax. In terms of where it's going, we're advancing some of our efforts in terms of our MAD Nasal product that requires some regulatory approvals. And we're expanding our Clinical Education group in order to get more mileage out, and we have withheld a little bit of that for some cushion for FX. If we learned anything over the past few years, is nobody seems to know exactly what the currency is going to be in a given year. So, we thought that was prudent to protect ourselves from the downside if FX turns out to be a little bit more negative than we thought it was.

Okay. Great. Thanks very much. Benson F. Smith - Chairman, President & Chief Executive Officer: Thank you, Kristen.

Next question is from the line of Dave Turkaly of JMP Securities. Please proceed.

Thanks. Looking at your biggest business in North America, Vascular leading the way in growth this quarter. I mean, I know, we've been monitoring sort of Vidacare and how that's done, but any color in terms of share gains or anything else you'd point to there? And then, looking forward, do you think this is sustainable, that this could be sort of the leading growth division of Teleflex in 2016? Liam Kelly - Chief Operating Officer & Executive Vice President: So, I'll take this. It's Liam here. So, you're right to point that Vidacare – obviously, Vidacare, over the year, grew by 20%. So, that's a part of the story. Also on our CVCs, if you look at our CVC growth globally, that was in the mid- to high-single digit. CVCs were up close to 7% in that timeframe. And also, we see nice opportunity in PICCs. And now that we have the Chlorag+ard PICC with the positioning systems that we announced on the call today, we think that puts us in a very strong position to address the areas of thrombus and infection with our products. So, we see this as sustainable for sure. We don't see any reason why Vidacare growth would soften. We continue to see opportunities to expand within our CVC and we see, in particular, growth opportunities within our PICC portfolio, and we see Vascular continuing the trend in 2016 and beyond as it did in 2015.

Thank you for that. And then... Liam Kelly - Chief Operating Officer & Executive Vice President: So, we made it sustainable. We made it sustainable.

I appreciate that. Thank you. And just for those of us that – recall the VasoNova deal and the position system, now, you're adding Nostix. I guess that we think of that as – you mentioned affordable for Nostix, is it a similar technology that's at a lower price point that you're going to use? And you really – can you really sell these both in the same hospitals? I guess I'd just love a little more clarity on how you're going to put those two together or how they sit together? Benson F. Smith - Chairman, President & Chief Executive Officer: So, I would say there's more of an international interest in the Nostix product. Once you go outside the United States, most PICCs are placed by physicians particularly in Europe. They are more than capable of reading the ECG wave and making the determinations where the catheter is. So they're reluctant to pay a premium to have a simplified bull's eye system that is almost an insult to their clinical capability. So, this really enables us to provide a more cost-effective system that's very directly competitive with the largest competitor out there. And also, I think importantly, allows us some future potential to develop targeting systems that will work with CVC catheters and hemodialysis catheters. So, we still see our VasoNova system at the high end and most accurate system available, we're really delighted that we now have a VasoNova stylet that can work with our Chlorag+ard PICC products. So now customers don't have to choose between targeting and infection control and we can wrap that out. So, we see a strong rationale for good, better, best strategy. And it's the same thing we're doing with LMA masks in terms of a low-cost, mid-cost and high-cost alternative.

Thank you very much.

Next question comes from the line of Matthew Mishan of KeyBanc. Please proceed.

Good morning. And thank you for taking my questions. Benson F. Smith - Chairman, President & Chief Executive Officer: Good morning. Liam Kelly - Chief Operating Officer & Executive Vice President: Good morning. Thomas E. Powell - Chief Financial Officer & Executive Vice President: Good morning, Matt.

Hey. I believe you said that 9 out of the 10 initial customers that were testing Percuvance committed to the product after the evaluations. Could you give us a sense of how they're progressing moving forward? I'm assuming you had some early adopters in the hospital testing the product. Are they the ones moving forward or are they now migrating it across the hospital through larger training programs? Liam Kelly - Chief Operating Officer & Executive Vice President: So, what's happening at the moment is the 10 that were part of the trial, as I said in my prepared remarks, 9 have moved forward. Four of them have already added as the formulary and the others are going through the value analysis committee. And as you know, going through the value analysis committee can take anything from three to six months depending on the questions being asked. The product is broadening within those institutions and we have another 15 institutions that are waiting to trial the product and to go through the exact same process. So we're broadening of beyond the early adopters, Matt, to answer your question. And we are broadening into a greater sphere of customers. The same approach we're taking in EMEA. We got the CE mark, so we're all set to go with our launch within EMEA in quarter one. Everything we continue to learn about the products keeps us highly enthusiastic about its long-term potential.

And of the 200 basis points to 250 basis points of growth, how much of that are you attributing to Percuvance this year? Benson F. Smith - Chairman, President & Chief Executive Officer: In 2016, it's very little, very little. As Liam said, we've only been in 10 accounts at this point in time. We will be expanding that number during the course of the year. But it does take between three months and six months to get to the value analysis committees. Liam Kelly - Chief Operating Officer & Executive Vice President: And if you wanted to look, Matt, at our minimally invasive package, you would look at that at about 50 basis points to 60 basis points between our minimally – that includes Percuvance and Mini-Lap.

All right. Thank you very much.

Next question comes from the line of David Lewis of Morgan Stanley. Please proceed. David R. Lewis - Morgan Stanley & Co. LLC: Good morning. Benson F. Smith - Chairman, President & Chief Executive Officer: Good morning. Liam Kelly - Chief Operating Officer & Executive Vice President: Good morning, David. David R. Lewis - Morgan Stanley & Co. LLC: A couple of questions on guidance, one for Tom, one for Benson. I guess, Tom, the first question is, as you're probably aware, the last four years, your fourth quarter margin is always lower than your third quarter margin. Obviously this year, it was the opposite of that. So, what I can figure out with guidance is, your guidance basically implies no improvement in gross or operating at the low-end of the range of the four quarter level. Just given the progression of cost restructuring, how is that possible? And then I have a quick follow-up on organic growth. Thomas E. Powell - Chief Financial Officer & Executive Vice President: Well, when we look at our gross margin, we're not perhaps as focused on any one particular quarter because there can be pluses or minuses that happened. We're really looking at the longer-term kind of growth of a year or multiple years. And so as we look at the fourth quarter, it's a quarter that had very, very significant volumes and that created some significant leverage for us. As we look at the year overall, we're seeing a nice progression in 2016 relative to 2015 and there's a number of drivers behind that and we pointed to a number of them in the prepared remarks. First of all, the footprint consolidation. The first phase of that will actually begin delivering some meaningful savings in 2016 of about $15 million. Overall, we…

Next question comes from the line of Brian Weinstein of William Blair. Please proceed. Brian D. Weinstein - William Blair & Co. LLC: Hey, guys. Good morning. Thanks for taking the question. Benson F. Smith - Chairman, President & Chief Executive Officer: Good morning, Brian. Brian D. Weinstein - William Blair & Co. LLC: My question is on emerging markets. I think you mentioned in one of the slides, decreased investment there. Can you be more specific about where you're decreasing investment, what it's around? And is this a permanent reduction or is this kind of hitting the pause button for right now? Liam Kelly - Chief Operating Officer & Executive Vice President: As we think about where to deploy resources in any given year, we think about where the growth opportunities are. And if you look back a couple of years, we saw some nice growth across Asia and China and other markets and we upped the investment there to increase our sales penetration. For now, we're not continuing to up the level of investments that we had in the past. But just to be clear, we're not looking to scale back and exit markets, but rather just to divert resources to where we see some of the greatest growth. And right now, we see good growth in the U.S. and we see good opportunities behind some of our new product offerings, including Percuvance, Mini-Lap and as well as Vidacare where we're going to continue to divert resources to develop those potential opportunities. So again, it's not as if we're exiting any markets, but rather just curtailing the level of increase in those markets. Brian D. Weinstein - William Blair & Co. LLC: Okay. Great. And then on GPOs, you guys constantly talk about significant wins there. But how…

Next question comes from the line of Jason Wittes of Brean Capital. Please proceed.

Hi. Thank you and good morning. Benson F. Smith - Chairman, President & Chief Executive Officer: Good morning. Thomas E. Powell - Chief Financial Officer & Executive Vice President: Good morning.

I just wanted to ask, you guys have done a tremendous job in sort of brining your growth rate up to sort of I think what was your original target of 5% to 6%, which is sort of the upper end of hospital supply names. However, if I look at your outlook, you're still benefiting from some slight positive pricing pressure, which, compared to some of your peers, is actually – they're normally seeing pricing pressures. I'm sorry, you're seeing price increases and they're seeing pricing pressures. So, I'm wondering if you think that over the long term 5% to 6% is still the right number, especially as pricing sort of becomes more reflective of some of your peers, or if pricing – when pricing starts to become a more negative impact that it's a lower outlook than the 5% to 6% that we're seeing sort of for 2016 for organic growth. Benson F. Smith - Chairman, President & Chief Executive Officer: Yeah. So, in 2016, we're only counting on 10 basis points to 20 basis points coming out of pricing. And I would characterize that as, again, a relatively conservative approach. Our real longer-term strategy is actually to move as much of our product portfolio into product categories, which don't have the same pricing targets on their back. So, Vidacare is a great example of a product, where there's really no significant competition. Products like Chlorag+ard – as a coating for both PICCs and CVCs really doesn't have much competition. So, we think in many ways, we're better protected against a very extreme cost environment that we might be moving into. And we still have the opportunity of dealer and distributor conversions, which show up in pricing, but we tend to think of them more as an acquired opportunity. All of which is helping our margin. But you're right, we have not seen the same negative price elements that other device manufacturers have had. But we've paid a lot of internal attention to pricing on every product code up and down the catalog.

Okay. That's fair. And then, I think last year, you did actually call out that there would be some distributor conversions. This year, you're a little less – I guess, you're a little more opaque about it. I mean, should we expect some this year or is it just depending on how the year progresses, et cetera? Benson F. Smith - Chairman, President & Chief Executive Officer: So I'll go back to my earlier comment that I made to a question and that is that our revenue guidance assumes only things that were closed in or are...

Okay. Benson F. Smith - Chairman, President & Chief Executive Officer: Our revenue guidance assumes things that are largely closed. There are certainly elements to where we think that we'll do better than that and we did better than that in 2015. So we don't expect a slowing down. It's just that that's not in our 5% to 6%. Liam Kelly - Chief Operating Officer & Executive Vice President: If I could just add to that, if I look at the environment for dealer to go-direct. And we've said in the past, you can expect to see the same level of dealer-to-direct between 16% and 18%, as you've seen in the past, and we would be consistent with that. The environment is still rich there for us to do more dealer-to-direct. We just don't have them in our guidance numbers because we only have in our guidance numbers the ones that are closed.

Okay. That's helpful. And then, I believe, you said the LMA Protector was going to be one of the drivers this year, if I heard correctly. I know that you were doing some work to extend the label beyond two hours for that with some data collection I think you did last year. Has that concluded, and is the new label improved from what it had been in the past? Liam Kelly - Chief Operating Officer & Executive Vice President: That work is not concluded. That work is as part of our launch because in order to make any change to the label, we need to make a 510(k) submission to the FDA. And as part of our launch, we are actually working with our customers to gather the data that would sustain such a submission. I wouldn't want you to anticipate that the Protector has a massive impact on our new product portfolio. From a new product revenue generation, it is. We're rolling it out in a limited market release, and we continue to roll it out slowly and steadily to our customer base, in particular in North America, Australia and Europe and the UK where we have significant users of the laryngeal mask and in particular, on the second generation. And we'll use those customers to gather the information for the submission. What I should have said was the UK in the European Union, so.

Okay. That's helpful. And I mean, assuming that you can extend the label, could we expect more significant growth from the product? I mean, is that a major milestone to look for? Liam Kelly - Chief Operating Officer & Executive Vice President: Well, in the future, we're quite optimistic that once we get the change in the label, we should be able to move more of the endotracheal tube market over. Just to give you a reference point, the endotracheal tube market globally is about a $150 million market. Sales price of an endotracheal tube is $1 to $2. The sales price for a second gen or a Protector is in the region of $16 to $25. So, once we get that indication, obviously, and some of our customers that have used the product have told us that they believe that that indication should be within line of sight. But we need the clinical data to support that.

And I guess last question on this, is there an expectation that sometime in 2016 you would be able to have the data collected and potentially submit or any kind of timeline you could provide on when we should anticipate that? Liam Kelly - Chief Operating Officer & Executive Vice President: We would expect to collect the data during 2016 and do the submission sometime in 2017.

Okay. Great. Thank you. Very helpful. Thank you.

Next question comes from the line of Richard Newitter of Leerink Partners. Please proceed.

Hi. Good morning. This is Ravi in for Rich. Can you hear me okay? Liam Kelly - Chief Operating Officer & Executive Vice President: Yes we can. Benson F. Smith - Chairman, President & Chief Executive Officer: Yeah. Good morning, Ravi.

Thanks for taking the questions. Good morning. So, just one question on the guidance and then one on the restructuring if I could. The 20 bps to 30 bps from previous M&A, if you could give a little bit more clarity around what you consider previous M&A. I mean, if I apply that to just Vidacare, I'm looking at Vidacare growth of about 5% in 2017. That seems a little bit low versus what we were thinking. Is that the right way to think about it? And then on M&A, understandably it seems you're being conservative on the gross margin and operating margin potential. I'm sorry, not M&A, restructuring, on the $12 million to $16 million savings. Now, is that – do you see some portion of that realized, or what's reasonable for 2017 realization and understanding that, is that going to be mostly in gross margins? And if so, the – moving around the manufacturing facilities, could that have a benefit on your tax line? Thank you. Benson F. Smith - Chairman, President & Chief Executive Officer: So, let me talk about how we view M&A. we only count M&A as M&A revenue for the first 12 months that we've acquired the product. So, Vidacare has already passed its 12 month number. So, once that happened – in fact I think it passed it in January of 2014. Thomas E. Powell - Chief Financial Officer & Executive Vice President: (70:16) Benson F. Smith - Chairman, President & Chief Executive Officer: Yeah. So, that wasn't – that had – really didn't have impact in our 2015 numbers and no impact in our 2016 numbers. And Vidacare continues to grow substantially. As Liam said, the growth in – for the year was 20%. So, these constantly expire. We obviously still get benefit from acquisitions long after they're – long after we count them as M&A growth. But quite frankly, the reason Vidacare is growing is because we're putting a lot of sales energy in clinical education around it. Most of the acquisitions that we're talking about having an impact in 2016, again, just to reiterate what I said a few minutes ago, are things that have already closed; they tend to be relatively minor in nature and collectively, are going to produce that 20 basis points to 30 basis points. Do we expect the year to finish stronger than that? Our history suggests that that's the case. We continue to remain committed to both the smaller acquisitions and larger acquisitions as well. And excuse me, I forgot the second part of your question, if you could repeat that?

Sure. Thanks for the clarity on that. It was just around the restructuring, should we consider most of this in gross margins, given the comments on facility consolidation? And then second thing is, is there a potential tax benefit as you look to relocate plants, that's not contemplated in that number? Thomas E. Powell - Chief Financial Officer & Executive Vice President: So, the savings would be in the gross margin line and taxes could see some minor benefit, but not a meaningful change to the guidance that we've got out there for 2016.

Great. Thank you. Thomas E. Powell - Chief Financial Officer & Executive Vice President: And then just to further the point on M&A. So, just for clarity, it is past 12 months, what's included in there, as I mentioned in my prepared remarks, is we've got Truphatek, an OEM acquisition and then Nostix. The Truphatek and OEM probably were closed in the second quarter of last year. So, we really only have a quarter of additional growth in this year. Then we had two distributor conversions included in M&A. And again, it closed early in 2015. So, the incremental kind of M&A impact with 2016 is very minimal. And that's why it appears to be on the lower end of the range.

The next question comes from the line of Anthony Petrone of Jefferies. Please proceed.

Thanks. Maybe a follow-up on restructuring, Benson. Can you maybe walk through the prior programs and maybe this new 2017 program? If indeed there's any product divestitures that are included in there and maybe a quick follow-up after that? Benson F. Smith - Chairman, President & Chief Executive Officer: So there's no product divestitures that are included in that per se. We are typically always engaged and looking at minor segments of our product line that either should be harvested or, in many cases, they're even too small to be divested, but what essentially that does not play into the restructuring element at all. The first restructuring effort, most of the savings, although, there were other small plants involved. Most of the savings came from a relocation from our Vascular product line manufactured in Asheboro to Chihuahua. We are in the final stages of that, so we expect to start to see some benefit of that starting to kick in at the end of 2016 and more substantially in 2017. The second stage of restructuring since we haven't made our employee announcements yet, we're not in a position to be able to give much detail until we do that. But similarly, it's steered around moving product from high-cost labor areas to low-cost labor areas where we already have plants and facilities in place and their principal savings comes from the hourly labor rate and the overhead cost.

That's helpful. And maybe shift over to M&A. I mean when you look at sort of the strategy it's been adding the Vascular, Surgical and Anesthesia. Is that still the strategy here or would the company be open to a new vertical? And sort of a follow-up to that would be just a recap for Tom where the debt ratio is today and how high the company would be willing to bring that debt ratio up in order to facilitate a larger deal. Benson F. Smith - Chairman, President & Chief Executive Officer: So, I'll let Tom talk about the debt ratio. Thomas E. Powell - Chief Financial Officer & Executive Vice President: Okay. Well, in terms of our leverage per our credit facility definition, we're at 2.4 times at the end of the year and we have the ability to go up to 4 times under our current financing arrangements. Now, we've talked previously about our willingness to go up to 3.5 times. So, long as there is a pathway to get back to what we consider to be a longer-term target of 3 times. So, we've got ample capacity from a leverage standpoint to do additional acquisitions. We've also got cash on the balance sheet of over $300 million. Benson F. Smith - Chairman, President & Chief Executive Officer: And to answer your question, our preference is certainly to look at product areas where we have an existing sales force that can sell the product and is already making a call on the existing customers. In some cases, our own product development efforts lead us into some different areas, Percuvance for example will have a substantial opportunity within the gynecological market as well as other laparoscopic markets. But that opens the door for example for us to have additive products that get use by that same customer. So, we are opened to the idea of adjacencies as long as they're strategically consistent with where we want to move our product line in any way.

That's helpful. And last one real quick, would just be – I believe you had some recalls in a facility a couple of quarters ago, I believe in Vascular, specifically within PICCs. I'm just wondering if that is kind of cleared up. And if it is, what sort of kind of growth boost do you get from that, bringing those products back in? Liam Kelly - Chief Operating Officer & Executive Vice President: So, I'll answer that. As I said in my prepared remarks that the PICC product recall is behind us in Q4. So, we saw the recovery in Q4 of our PICC products. As we start to go back to those customers, we expect to see that rebound continue in Q1 and Q2. It does take a quarter or two because those customers will have stocked up with a competitor product. What we're hearing from the marketplace is that the most of them, if not all of them, will come back to us, that's very high percentage, are moving back to our product. But it just takes a while to restock, and we saw a mid-single-digit pickup in the first – in the fourth quarter. And we expect to see that accelerate through Q1 and Q2. Just on recalls, just in 2015 versus 2014, we saw our recalls numbers have from 44 to 22. So, even though they did have a bigger financial impact, the overall number of recalls would indicate that our processes are improving and our quality system is getting better.

Thank you.

I would now like to turn the call over to Jake for closing remarks. Jake Elguicze - Treasurer & Vice President-Investor Relations: Thanks, operator, and thanks for everyone that joined us on the call this morning. This concludes the Teleflex Incorporated fourth quarter 2015 earnings conference call.

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.