Shannon Cross: That’s very helpful. I guess the last thing, if I could just touch on it. I realize this was a prior administration. But just with regard to the settlement agreement, I think it was about a $15 million fine and then you have some more expenditures over the three years. Is there anything else that we should be aware of related to it or that could have any impact on your business just to sort of close the loop on it? Thanks.
Jeffrey Graves: No, Shannon. We’re obviously happy to settle with the government. We’ve done that span in 2012 to — late 2018, early 2019. Since that time, I would tell you, we’ve made tremendous progress in our compliance infrastructure. I’ve personally been involved with it since 2020, and it’s first-class, and we’ll make it even better. The cash payments that we owe the government are spread out over several years. You can see — you’ll see the details in the K and then in the publication. So that — no ongoing impact on the business. And then to top it off, Shannon you go way back in this industry, we exited that the business that was largely the cause of these issues back in 2020. I think we closed the deal in 2021 through the sale of that Quickparts business, that OEM business.
That was machining work we were doing in China as a part of that business. We sold that business and got out of it. It wasn’t the business for us. And we’ve since that time also, in parallel, enhanced our compliance program. So I’m very pleased with our position going forward. I’m pleased to settle with the government, and it’s all behind us.
Shannon Cross: Great. Thank you so much.
Jeffrey Graves: Thanks.
Operator: Thank you. Your next question today is coming from Brian Drab from William Blair. Your line is now live.
Blake Keating: Hi. Good morning. This is Blake Keating on for Brian. I’ll just ask a quick one here since we’re at it’s been an hour. I just wanted to talk about you mentioned in the medium-term, your breast scaffolding and tissue products. I was just looking to dive into that a bit. Is this the application that you’ve partnered with CollPlant on? And then along with that, what do you think is going to differentiate your product versus the others? There are some private companies that are focused on breast scaffolding with 3D bioprinting. What do you think going to differentiate that product versus theirs?
Jeffrey Graves: Blake, thanks for the question. No, this program has nothing to do with CollPlant. And in fact, we developed most of our own materials that we believe are better suited the application, quite frankly, which is why we’ve gone our separate way right now there. And their college of material may find a home in certain applications. I hope it does. We’re not dependent on that at all for our human tissue work. The way to think about the breast tissue work is this one example of large volume tissue applications in the body. So you can think of a lot of trauma examples where someone gets a — have some damage to their body that resulted in large amounts of tissue being removed. And this — the ability to print vascularized scaffolds, that’s really what distinguishes us.
Vascularized scaffolds that you can then embed human cells into in the case of the breast tissue work, and I’d say probably many other parts of the body, you’re actually using the patient’s own fat cells for implanting in the scaffold. So these are 100% biocompatible scaffolds and implanted cells. They’re kept alive, obviously, indefinitely by the vasculature that’s printed into it. And it’s a natural addition back to the human body of their own tissue material basically. So we love the solution. I think it highly differentiates us from anybody else in the market. And it’s just one example of various parts of the body that we’ll end up moving into as we run with this technology.
