That is great. How have those developed in terms of share of cycles? What does the market share of cycles look like between these different types of clinics that you just mentioned?

Currently, the estimates are that around 40% of clinics in North America belong to one of these networks. The networks have typically bought the bigger clinics, so more than half of the cycles are performed within a network. In Europe, it's probably less than that, around 30%.

That is great. How have those developed in terms of share of cycles? What does the market share of cycles look like between these different types of clinics that you just mentioned?

In some markets like the UK, the vast majority of private cycles are performed within one of these networks. In the UK, it's probably 65% of cycles performed within a clinic owned by a network with private equity involvement. In other places like Germany, it's much less. Spain is relatively high, so it's a fragmented picture in Europe.

So in terms of the percentage cost of a cycle, how much is roughly spent on consumables and equipment?

Equipment falls under capex, so it goes into a different bracket. It gets messier now because many services like genomic services and embryo options are added in. If you take the core business of any of these companies, which includes basic consumables like dishes, pipettes, media, and cryopreservation, you're probably looking at maybe $250 to $300 per cycle. In the US, a cycle can cost anywhere between $10,000 and $20,000. Europe is a bit more fragmented, but you could take an average of around $4,000 to $8,000 per cycle, probably closer to $8,000 in the UK.