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	COST OF GOODS SOLD & OPERATING EXPENSES
	All costs driven by percentage-of-revenue assumptions
		Historical			Projected
	($mm)	FY2023	FY2024	FY2025	FY2026	FY2027	FY2028	FY2029	FY2030
	REVENUE REFERENCE
	Total Revenue	440	477	510	550	595	643	688	735
	COST OF GOODS SOLD
	COGS (% of Revenue)	58.0%	57.5%	57.0%	56.5%	56.0%	55.5%	55.0%	54.5%
	Cost of Goods Sold	255	274	291	311	333	357	378	401
	Gross Profit	185	203	219	239	262	286	310	334
	Gross Margin (%)	42.0%	42.5%	43.0%	43.5%	44.0%	44.5%	45.0%	45.5%
	OPERATING EXPENSES
	SG&A (% of Revenue)	18.0%	17.5%	17.0%	16.5%	16.0%	15.5%	15.0%	14.8%
	Selling, General & Administrative	79	83	87	91	95	100	103	109
	R&D (% of Revenue)	6.0%	6.0%	6.0%	6.0%	5.8%	5.6%	5.5%	5.4%
	Research & Development	26	29	31	33	35	36	38	40
	Other OpEx (% of Revenue)	2.0%	2.0%	2.0%	1.8%	1.8%	1.7%	1.6%	1.5%
	Other Operating Expenses	9	10	10	10	11	11	11	11
	Total Operating Expenses	114	122	128	134	140	147	152	159
	OpEx (% of Revenue)	26.0%	25.5%	25.0%	24.3%	23.6%	22.8%	22.1%	21.7%
	EBITDA
	EBITDA	70	81	92	106	121	140	158	175
	EBITDA Margin (%)	16.0%	17.0%	18.0%	19.2%	20.4%	21.7%	22.9%	23.8%
	EBITDA Growth (%)		15.2%	13.2%	15.0%	14.9%	15.0%	12.9%	11.0%
	Notes:
	- All cost items are driven by % of revenue assumptions from the Assumptions sheet
	- D&A is excluded from operating expenses here and shown separately in D&A Schedule