4Q Dental Practice Volume, Revenue Retrenches, but NTM Outlook Improves: According to our proprietary survey of 75 US dental practitioners, almost two-thirds (62%) of practices experienced greater than 5% declines in revenue in 4Q, suggesting tempered Dental demand relative to the 3Q experience (51%), potentially due to an uptick in COVID- 19 cases throughout the winter months, as well as a falloff of pent-up demand experienced in 3Q. In 4Q, practice revenue is estimated to have fallen 20.2% y/y on a weighted average basis, also a sequential deceleration relative to 3Q (-13.6%), albeit still meaningfully better than 2Q lows (-56.5%) with preventative (-19.4%) representing the most meaningful driver, followed by cosmetic (-19.2%), routine visits (-18.6%), and existing patient traffic (-17.5%). Respondents remain cautiously optimistic going forward, with expectations of a steady, but slow recovery, with practitioners expecting an 8.5% decline in 1Q, which would still represent a notable sequential improvement, as well as a 4.4% rise over the NTM, reflecting the expectation of broader vaccine distribution throughout the year following recent EUAs, easy comps, as well as some potential medium-term increase in acute care cases following practice visit deferrals throughout 2020. All in, the pandemic has driven a meaningful deterioration in dental demand, with likely a measured recovery going forward, consistent with historical experiences following macroeconomic pullbacks as well as survey commentary.