Good afternoon, ladies and gentlemen, and welcome to Masimo's Second Quarter 2016 Earnings Conference Call. The company's press release is available at www.masimo.com. At this time, all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. I'm pleased to introduce Eli Kammerman, Masimo's Vice President of Business Development and Investor Relations. You may begin.

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 2016 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 Investor section of our website. 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 second quarter 2016 earnings call. We're happy to again report results that surpassed our projections. As in the first quarter, we continue to see strong worldwide adhesive sensor growth, which we believe was attributable both to increase in hospital census and our growing base of new customers as evidenced by the prior two quarters' growth and another strong quarter of driver shipments as we shipped 45,300 additional SET and rainbow SET oximeters in Q2, excluding our handheld and finger (sic) [fingertip] (01:56) pulse oximeters. Here are some of other highlights from our second quarter. Our product sales grew by nearly 12%. Our second quarter 2016 GAAP earnings per share was $0.55, including an $0.08 per share gain related to the new accounting rules for gains realized on stock option exercises, and an approximate $0.04 FX benefit. This is a 58% increase from our GAAP earnings a year ago – 57%, excuse me. Important new clinical studies (02:32) were published during Q2 continuing to validate the growing list…

Thank you. Our first question comes from the line of Lawrence Keusch from Raymond James. Your line is open. Joe E. Kiani - Chairman & Chief Executive Officer: Hello. John Hsu - Raymond James & Associates, Inc.: Good afternoon, everyone. Hi, this is – hey, Joe. This is John Shu in for Larry. How are you? Joe E. Kiani - Chairman & Chief Executive Officer: Oh, good. Hi, John. How are you? John Hsu - Raymond James & Associates, Inc.: Doing well, thanks. Doing well. Hey. So, obviously, a very nice quarter, obviously, looking at Mark's comments on the strong operating margin expansion, maybe we could start there, three straight quarters at 21%. Obviously, you want to get up closer to 25% over the next year couple of years. So, again, can you just remind us outside of the gross margin opportunity on the product side with value engineering, kind of what gets us there, and your confidence around the timing for that? Joe E. Kiani - Chairman & Chief Executive Officer: Certainly. Certainly value engineering work that we've been doing the last few years is resulting in some of those gains. Our value based – our pricing (22:51) with our customers and our discipline with that, along with the expansion of the new products. Obviously, we've been talking about rainbow for a while, but we're seeing excellent growth with SedLine, excellent growth with capnography, and now O3. So, adding SET, rainbow and now Root, which have these new modalities together along with the open connectivity and creating the connective hub for the hospitals, we think will help us drive strong revenue gains as we manage our expenses to what we believe are sustainable, given the initial investment we made in the first 60%, 70% period of the 10-year plan.…

Thank you. And our next question comes from the line of Bill Quirk from Piper Jaffray. Your line is open. William R. Quirk - Piper Jaffray & Co.: Great. Hi. Thanks. Joe E. Kiani - Chairman & Chief Executive Officer: Hello, Bill. William R. Quirk - Piper Jaffray & Co.: Good afternoon, everybody. Hi, Joe. Joe E. Kiani - Chairman & Chief Executive Officer: How are you doing, Mr. Quirk? William R. Quirk - Piper Jaffray & Co.: Doing very well, sir. And it sounds like, based on the quarter, I think you guys are as well. Quick question, I guess, for perhaps Mark. If I'm doing the math correctly here, Mark, when I net out the change from the accounting treatment, as well as FX and of course, your organic EPS upside in the quarter, it looks like you're assuming – again, outside of accounting and outside of FX – that the incremental upside is going to be driven by the core business. It looks like it's a couple of pennies over the next two quarters relative to previous guidance. Am I doing the math right there? Mark P. de Raad - Chief Financial Officer & Executive Vice President: Yeah. Yeah. Directionally, that's exactly right. William R. Quirk - Piper Jaffray & Co.: Okay. Mark P. de Raad - Chief Financial Officer & Executive Vice President: The success we had in the second quarter made us confident enough to take up our projected revenue guidance for both Q3 and Q4 in the range of about $2 million. We also, though, because of the higher amount of weighted shares, ended up essentially you could say effectively losing $0.01, because of the impact of the now projected higher share number for Q3 and Q4. So, the combination of that, the higher…

We have a question from the line of Brian Weinstein from William & Blair (sic) [William Blair] (32:58). Your line is open. Brian D. Weinstein - William Blair & Co. LLC: Hey, guys, how are you? Joe E. Kiani - Chairman & Chief Executive Officer: Hello, Brian. Brian D. Weinstein - William Blair & Co. LLC: Hi. And so... Joe E. Kiani - Chairman & Chief Executive Officer: Good. How are you? Brian D. Weinstein - William Blair & Co. LLC: Good, thanks. So, question for you on market share, where do you guys think you are in market share in pulse oximetry? And what percentage of the available market are you taking every year at this point? Joe E. Kiani - Chairman & Chief Executive Officer: We don't really know what our market share is, those are difficult to assess. We do believe we are growing two times, three times the rate of growth in the pulse oximetry market given that we're now – we've been growing for almost two years at above 10% rate. So unfortunately, that's all I have for you. I know there is surveys that are done by independent surveying companies. I don't know how much I can trust those, so therefore I don't want to state what they say because I know there are ways of guessing at (33:54) those numbers is not a scientific as how sometimes they're truly done when economists get involved in big case trials and so forth. Brian D. Weinstein - William Blair & Co. LLC: Okay. Mark, question for you on operating expenses, and I guess, Joe, for you as well. You answered various questions, just talking about kind of controls there. But in general, what are you guys doing on the operating expense side to kind of…

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect. Everyone, have a great day.