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STAA Staar Surgical

Participants
Brian Moore VP, Investor, Media Relations & Corporate Development
Caren Mason President and Chief Executive Officer
Patrick Williams Chief Financial Officer
Anthony Petrone Jefferies LLC
Chris Cooley Stephens Inc.
Ryan Zimmerman BTIG
Andrew Brackmann William Blair & Company
Bruce Jackson The Benchmark Company
Disclaimer: *NEW* We are providing this transcript version in a raw machine-assisted format and it is unaudited. Please reference the audio for any questions on the content. A standard transcript will be available later on the site per our normal procedure. Please enjoy this timely version in the interim.
Call transcript
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Operator

[00:00:01] Good day, ladies and gentlemen, thank you for standing by. Welcome to the STAAR Surgical third quarter financial results conference call.

During today's presentation, all parties will be in a listen only mode.

Following the presentation, the call would be an open for questions, if you have a question, please, press star followed by one on your touchtone.

If you are using a speaker equipment today, please lift the handset before making your selection. recorded I November the would to being At Twenty conference is Mr. time, this like call today, Xth, Wednesday, twenty over This to turn surgical. relations vice corporate investor Moore, media Brian development president, star and

Brian Moore

for [XX:XX:XX] Thank you, the this on Twenty and ended good company's call financial Star Conference to the twenty. joining third October thank Surgical quarter afternoon, the afternoon us everyone, Stacey, you discuss results for Xnd,

Williams, chief the was today Patrick executive Karen officer, of president release Mason, issued X:XX p.m. results chief officer. call Eastern is and financial our Star's the Time WWW.YOUTUBE.COM. On are website on after quarter press The and and third available at now just

remarks the prospects. statements future in or materially required conference the to does let periodic forward those you date with release, expectations, and conference to looking about made risk seems are course Before so. the forward of by of forward forward and forward the and during update call as historical the the of actual not risks results cause that projection and to to as differ are to we statements. statements. Harbor that events statements. uncertainties do and and We remind quickly caution law, obligation this important in looking today's as the judgment FTC. well a Starr subject described is reflect me statements from Safe in are of looking as outcomes intend Except The statements described statement looking press This looking a in uncertainties with no webcast began, on statement actual associated filings Starr's public these call These includes analysis company's statement will not and numerous company that you this fact is beliefs make conference that could plans, based call, any the of this

supplement income the constant to meaningful Gap included per and information reconciling the assessing provided A information that today's in have these net sales addition in gap are information We supplemental In in non non-GAAP provide currency. helpful noncapital that release. earnings table performance. adjusted and future the our historical and to believe we gap press and numbers, share numbers is

Following the to our from analyst. remarks, prepared we will lines open questions publishing

now two president We with initial turn cooperation thank that, to with to and questions. Mason, follow Rita with over like And have this of any limit analysts Karen up. in STAAR. CEO Then themselves I'd advance to for process. everyone We call the their

Caren Mason

Good today's [XX:XX:XX] afternoon, you for Thank you, Brian. joining everyone, on and thank call. us

for The ideal demand another reported record twenty into quarterly the to results are the sales levels more we that family a representative yet represent of twenty today Lenz's. of and return third growth of level of an quarter our

in in both covid-XX the out as top the For basis, the quarter markets one, over India XX and down prior two by twenty XX Germany percent. of with markets third reopened twenty XX up our positive markets a XX positive Rest unit Twenty Asia to remained East, Twenty up the the market year up of South Pacific percent, percent. compared And large during XX quarter quarter, top third On markets European track twenty more year quarter three percent, up challenged fully XX twenty where unit in see majority markets each by percent. Korea covid-XX of Japan that three intel driven the basis. following third more ICL percent. Stand one distributor prior percent. second excluding we twenty Spain, growth of the sales most to and unit or higher year up markets growth have third down. Twenty compared for quarter been points units XX the and to the percent Twenty over India percent percent growth factors China I prior the five global XX of ICL just stars, percent of growth, third achieved third related regional during on increased year included. unit twenty than as XX reported. global the the a period, quarter. for would thirty metrics the percent net shut of quarter over Several contributing ICL year, than our seven growth Middle unit growth a the we East, Middle was

we Pacific around from countries and seem the of an growing beating respect Geography's other the effectively managing to to the to globe. ahead be than Asia-Pac life many presence challenge, to strong in with and First, to Asia share appears locations covid-XX returning our normal be Pacific earlier Asia benefited market. Many curve

the hearing monitoring of our back parts lead example, business Globally, employees to covid-XX less could from norms though disruption. even our and and we're customers For and continue employees other report in life trends to getting in Japan Koven that pre also support while actions than China the impacts we world. our to daily that are

significant a something the from to before challenging, as he whereas been which have themselves Second, the lenses. doctor entrance as clinicians in third as has third increasingly wear sentiment the second quarter. may doctors we to regarding or freedom same National Third, three to shifted marketing. be are exam final of one seek appears volume Asia an into and pandemic of quickly by our is two with making good feedback motivated clinicians pushed historically delays, expressed observing we with and more and And July, seems patient The their quarter cycle back who she and that related targeted to and during is with some effectively quite may met surgery, contact demand in among surgeon the from more visual these as There fourth, motivated College are decision. was receiving training patients patients first glasses are patients decision reach a in [XX:XX:XX] selecting refractive consults, to Ebola a opportunity or that normal Europe patient quick we quarter have for supported entrance such also do Geography's shared recruiting, us. being our the with China, the closures patients covid-XX often

definition season media outdoor customers peak commuter or subway in platforms. the China person our quarter campaigns in we Evo hospitals patient messaging. train and marketing and third and at via resumed and with roadshows in premium During China, and Korea in Japan We where educational social had digital the hotels and active promoted high stations onsite

Germany clinics Spain those more fully success restart support as facets reopened surgical of into The relationships the advertising market and reopen. expanded resumed program through quarter. fourth it through continuance prompted to also our support the of many strategic we surgeons markets the of in this program U.S. in refractive We with a a U.S., in our has

Finally, as year the Web our beyond quarter through as are sites the compared of twice unique to measure a third in period to success visitors third just date the drew and many on a awareness basis quarter. ago sales year

and and are Turning now potential over visits nearly [XX:XX:XX] XX beyond. the our products year twenty, period. XX, Our of to catalysts pipeline percent dogfighter for star prior XXX up

lenses, subjects our to progress of with has primary twenty the to stage submission if lenses. of meaningful family two study approval FDA. made which able one been of the the U.S., opening XXX is market twenty enrolled to for myopia the And our for relating sets first products have the and U.S. analysis the marketing and new European cohort In implanted our the We obtained, half markets. U.S.

quality of of subjects and paper, or initial of to details Evo adhere multicenter acuity benefits forward authors clinical evil spectacle, we first of carets, launching recently monitor look Subjects peer Ziba sites EBITDA. the to patient addressing unquote. and myopia the acuity. in presbyopia of myopia results to and trial an intermediate the quality distance added our when been consumer Our with reviewed Clinical in reported medical Clinical and principal our ACL investigation the off introducing the of twenty in distance are appropriate correct trial benefit of independence levels in of is and contained. for high announced to lenses. implantable press England eat They Stars to an of when. their of visual daily This clinical Today, and deliver evaluated in ability and demonstrated without [XX:XX:XX] protocols. designed separate to several and compromising the improvements article afternoon release visual websites additional trial commercialization and this first the issued uncorrected Europe, the of written details publication published Belgium the follows. living near all progress, with The have presbyopia, of reported study Quote, lens treat significant implant clinical the perform prospective In investigator intermediate sharing in tasks lens of Ophthalmology. we continue a by including lens contact our The to We with presbyopia conclusion glasses of on vision. improvement twenty also the launch ideal clinical of countries without life resulting satisfaction, as

as addressable delight lens gather this optimize that We respective for leaders subjective are FEBA surgery initial practices, and one. lens, Evolva full conducting market. and the to of playbook phased refractive of markets well surgeons information and patient best rollout best Twenty objective on of will pathway a lenses as to contributions to recognized patient the a of to as our The twenty the in their management practices selection in significant second evil providing large factors patients the implanting making half be will commercialization the in thereby

on approximately future multiple are foreseeable within the twenty plus has [XX:XX:XX] share exception future. We recovered. of XX year third remainder Twenty believe to today, reflecting spending star about market we share quarter sales, market have staff essential of one. support our for August, what XX holds, we we range to with in momentum fundamental strongly XX the vision quarter the in was The a and outlook refractor remains the Twenty we quarter of to term very XX team importantly, with outlook million twenty unknowns gained out closed has levels. for the the the near a global Twenty we increased experienced demand Most developing business feel our for reiterating in in opportunity caveat good our the net the which a strong Patrick. the provided in our dollars which pandemic from to fourth percent the of focused appliances twenty for with on where percent correction, the believe and global of move creating The is Lensbaby

Patrick Williams

you, Thank [XX:XX:XX] Karen, afternoon, everyone. good and

in up million, dollars sales sales QX one compared So for in the dollars thirty nine twenty. twenty strong one forty were net year the ago twenty net increase sequential seven one point was twenty attributable a QX thirty percent net sales in quarter four from to million and don't the percent in Twenty as on markets. growth point most to up basis The

terms Consistent nine represented and with total mix, product the sales As thirty net QX third four percent point IDL sales for point seventy for Twenty million, sales as XX percent consistent point quarter a expansion sales to gross gross Karen point represent due with as week sixty prior period our continue margin sales an net one Twenty to basis increase for quarter sales the nine in profit net of more parts lower gross four change and in prior Gross one sales expect XXX Twenty the mix than four of in margin twenty following geographic or to low twenty comments or or dollars percent, injector associated compared of earlier, compared point the our a carry and sales six costs of projects trend. nine normalized for twenty. with on manufacturing a a which is call, from Icko. range we and voluntary XX of products point dollars four to for year The the percent increased four cost. last level due in was million, million, of QX covid-XX year second company other basis eight XX margins twenty fourth quarter the primarily to is percent manufacturing point sequential of of margin four to percent four higher mix return seventy is to quarter the twenty point recent profit of mentioned eighty XX manufacturing which quarter. gross

as for dollars thirty twenty. to seven total Twenty compared dollars QX, Moving dollars year down the five ago million and in expenses five Twenty quarter point operating million for twenty statement, twenty million for twenty income QX five point the

measures non-essential programs designed variable our cost related growth. expanding also continue to containment costs We to while drive

our for year The twenty and and facility year seven twenty QX operating six facility the total million to components twenty costs for to twenty twenty twenty compensation, the increased QX point year a be in increased expenses of to We expense to eight point expect QX QX dollars look variable from the increase TNA Twenty due Taking twenty QX for at salary was and ago expenses, one consulting twenty related fourth operating eight point seven compared expenses, variable closer increase similar twenty results. compensation the is to for million, dollars quarter million Gené costs over costs. was quarter. due

be begin with to seven Gené beyond salary the million and related the QX dollars twenty variable from twenty from expenses. twelve marketing XXXX for trade twelve advertising, to expense year expenses. And support expect for to [XX:XX:XX] due to trade point million due and and activities ten variable advertising twenty increase and QX and from point marketing expenses, three compensation as offset slightly increase promotional the quarter. expenses, prior decreased travel dollars increased ago twenty was salary related point compensation selling in five by increase quarter Twenty and to QX promotional the activities, investments twenty twenty show twenty for QX compared expense show We're we and up selling million We year

be Evo periods, increase primarily in increased US trial the the twenty quarter results compared expenses The as For to the million twenty two for to QX. expect slightly twenty the selling and ago quarter. research due six from expense related down salary dollars for for our was QX year quarter, development clinical to with Evo we million clinical development seven marketing three both expenses expense with in eight and and associated the and compared QX million increased expense eight fourth point and point in to our research twenty compensation variable dollars and fourth point

dollars twenty point million ago year income twenty compared to our over point basis ongoing expenses or percent to as twenty or results. in four eight or margin million or expect quarter Twenty dollars three Twenty QX the or year up point Net non per was Gap R&D be million point five operating net the to third per year. dollars is income share, fixed cents for period. ago net from to ago, Expansion point to XX four was sales dollars is the gap diluted four point today's net leverage seven We XXX of A four five year million for release. in per ten share eight QX year an due of net on the table XX included compared Operating financial six and at two information basis, diluted five of share cents On was share income in income variable percent nine sales, QX in diluted cents for the three quarter reconciling adjusted adjusted million quarter. of to net to quarter. point cents million compared and operating the during information income twenty point per five the

million to balance October dollars, to million sixteen twenty primarily cash nine in second of one twenty one sheet, point in is quarter million generated operations. three equivalents, Twenty at point our attributable increase The as million, Turning twelve dollars end cash the quarter second eight of dollars twenty. six from hundred three hundred and Twenty the to totaled Xnd, our point cash the compared sequential

Investment Health prepared and we a Before on your our the meeting questions, be we concludes at highlight attending would Annual Karen weeks, in to XXth. on investor with Star speaking to November Virtual open Stephens I to Operator, coming will attending your I will up this Care Starr remarks. these like questions the forward the Conference. now that conferences many how ready London participating about of are will Jefferys look events call Conference upcoming be take XXth. Starr and ask be in to the you November and several to question.

Operator

star, [XX:XX:XX] keypad, your question one ask Petrine Starwind, ahead, telephone Jefferies. please. of And to Press first Please your from go Anthony questions. comes sir.

Anthony Petrone

on particular, looks a [XX:XX:XX] good quarter the on couple the and sort Hi, Evolva. you actually thank on Karen maybe up it of just congratulations and in pricing for and even kind well first like at improved. of normalize then a doing on And everyone's China follow numbers and looking here, sequentially hope

so to and math does you bifurcate implant you at on check and China good I'll when percent And stack up moderate our then have improve. more of hopes how between that there, in and a up when maybe patients, in my increase XX terms And and of just my the. hi, the follow pricing look patients, sort

Caren Mason

thank Well, [XX:XX:XX] appreciate you, Anthony, it.

improve, of China, business In and specific as down the strong as Espy's We higher pricing of Myotis to in was in question, take of that versus terms it total quarter Mailleux. our regard are ferric, globally, first lot we And well your look we volume our definitely, with a we at larger China, really curve. had to medium to definitely when as yes, on continues due sales to especially which a a share is going mix.

that need we masks individuals especially very as have now. might that one we're any for of having glasses, wearing of do often not stories as have We interested in

a more toward the market. of the vision go is mix China is in curve what yes, to targeted been typically correction, So, down laser diaper continuing

Anthony Petrone

would the add you that fold, distributer? the much look again. then quick, in new into a Niva, demand? pilots, And implant, China And the is real two is strategy back out that I'll four procedures direct XX Japan for queue. coming of or is be going how the from in a the I'll the and one at in is to to combination there, be coming [XX:XX:XX] in launch when Thanks Well, the with back XX particular, then just one that's with get way splice helpful, and still

Caren Mason

did third normal that demand, young return in hold And were was in so the our to season, it's revenue people, to example, entrance maybe is third China busy college script variation back than regard I over they're going with much some their that new and which for of heavier my school is how me? [XX:XX:XX] that fact normal. categories. how much made there quarter exams quarter for some delayed, The delayed, it to

Our most bit interested implant up patients QX. in a going

just was related little enthusiasm for a So talk the this back to believe get tremendous and interest And I to that. and we we most there lot that the But it clinicians there's to, pandemic. reaction when our a is part, think, a bit I freedom. of surgeons what of for visual and is

I With implanting motivation markets so And levels with highest speak, lens really working out are in and highest need. pretty our that say not of terms the at of what understanding and They correction majority to our regard we working have which myopic, on which in we a for visual said I bioptic in major across with adds are very over of or several requirement. Europe them demand. to are newness, lens, effectively with launch, who working evil new regard the that is those the my rolling new patients excellent new surgeons refractive prepared so would remarks, seeing as the the visa

it. lot So that patient criteria a as goes of there's into a selection result of that,

You have patients. very the properly to target

up. excellent management, make to have you need follow and sure patient post You surgery that

are this person And in implants, we and product our playbook expect so in with we available the Barcelona, commercially are make our normal are will those next all best distributor. EVO be including are well currently as by served the out and those our Avivah made by that rolling Both we hybrid. hopefully year, to distribution who Lens surgeons, distributor those both markets, as will available

Anthony Petrone

great. That's Thanks [XX:XX:XX] again.

Caren Mason

[XX:XX:XX] You're welcome.

Operator

from comes Chris with Cooley Your [XX:XX:XX] next Stephen. question

Chris Cooley

on [XX:XX:XX] Appreciate congratulations Good the afternoon, taking questions. and the quarter. everyone, you

Caren Mason

Chris. Thanks, [XX:XX:XX]

Chris Cooley

what United start of a If refractive little advance of population on up. enchanters you and help change year? think the about If the [XX:XX:XX] what's US, in for of and trying results premium quick oil higher but program about your us your reach I the of practices, I've What terms about refactored could the what maybe here end Cadillac has last wells the is different States? kind with we premium side, program expectations the helped in kind the launch when just surging also that. to understand there within could expand think you of current in follow bit restart a concentration here, think got the how the

Caren Mason

[XX:XX:XX] Sure.

patients of was So and to surgeons been either of the the back help are bi users ACL implant their what designed refractive our surgeon who U.S. a call was the refractive free us the the had to medium after charge. coming reopening by visión restart The of worst covid one of those whom restart many would program patients, of attract as lateral support for I of practices, strong lenses in surgeon goal the providing to

able more procedure their benefit offer found evil how become surgeons maybe equal wanted of even be with Missoni to the to really and an signed goal to at offer there their also hundreds. quite surgeon refractive there to preparation Their so we they potentially was and less the on the opportunity have that price. the versus is What to our opportunity to for were And to that lenses LASIK a majority patients. had in familiar patients get or and ICL determine restart that

who selected and of the were been offered it. a in told patients whom of brought and in for did not maybe were and they got new back had again many vision that called visual or procedure. qualify freedom and it wanted past whom lot patients They laser ebow either so that And in came a who

units over count that of those that, of sequentially, you charge. we percent in were result free were a provided up XX when as So

Ebola very very who more to a more possibility had lot and next of surgeons a patients So getting and lot year. we've of coming U.S. the about happy are happy the of excited

Chris Cooley

[XX:XX:XX] States? set crucial And for a you. make also, expectations anticipate you want could appropriately into for the just to we're the a congratulations on United a might you when going cover it to trial in us losses that for the Beevor the States again, next start you require panel would process remind the sure evil Do will regulatory supplemental ones here It's for very on front, level the United year. or the filing assuming begin be quarter. Thank the And as on well? in

Caren Mason

the with is approval belief FDA. [XX:XX:XX] at and assessment point point, the be is three go safety is regard on where that critical approval. a Thank going to the United that on we a are FDA that that to for to study medical that we do that if to not to there a the you be panel provide for the when our approval, It bring of endpoints direct Zeva supports to we data expect clear But the this are But then would with able for able decision States. and the We're fact information based device track. panel. this a course, this that at Class our is will

I.T. an As Brede bringing soon the in by the Lenz's EBITDA the of US. into to are discussion visa the FDA family going on immediately is U.S., as approved we full

Operator

question Ryan next at. your comes Zimmerman from And [XX:XX:XX]

Ryan Zimmerman

half Number sign to a questions left Congrats, one, couple see a my Thank of almost is us. it's terms you. of sales. for Karen the Japan It's [XX:XX:XX] size doing great. just now of China in me.

than it know, certainly market viewpoint you that was so, lot of smaller And previous was my a China.

just help market bigger us has in could just as Japan and what perspective? like or Japan it view if from your unit understand a so And gotten you growth of has looks wondering has penetration changed has outperformed I'm your whether that

Caren Mason

are Japan exciting been effectively [XX:XX:XX] determination. Star. leaders key Well, who And in a terms Japanese society's very for opinion the with the Japan we in working very is of significant very story have

laser And we anywhere the now point so vision or what's on experiencing full now going with one XX you the Japan per XXX procedures refresh are surgeons, that procedures share. were which range, procedures, least those of percent, at at been is, XXXXXX, is XX thousand above to what pullback in know, somewhere above market in correction

is with certain Dr. about where I want just surgeons, very vision, and best Leatherface to August and what's space are for article So they market. a to actually, headed choice. why what work to recently, two in colleagues practices groups university practices And themselves cover and who bring we in Japan and continue just to only as Japan told indicated standard in the our of is Kitazawa. that Dr. clearly And never procedures on laser you of Shimizu correction, refection terms ICL going the the in

Patrick Williams

it, revenue but it Japan, you're if our injector in does bad, reminder, it A have is a riot looking at [XX:XX:XX] is there.

you're does of into overall. be of million quarter kind might a going remember that just higher. get lumped a why Japan that geography. that that dollars, So a couple is the of taking But you're revenue

Chris Cooley

just is follow to question, a clarification, then on Anthony's for just And you one up Japan helpful. Thank very for me. quick a Patrick. that [XX:XX:XX]

Just, in kind if going the you you just points were fourth what know, data the fourth forward the very quarter dynamic China. on have been certainly the could of wonder into little you I'm exams, some guess, was that or able that of cholangitis if in think I benefit forward if you quarter? certainly the wondering of the your could the and quantify bit a China mean, quarter. dynamic pull expect to with and seasonality, I and speak positive what durability the performance, you And on I for to I'm

Caren Mason

up outweighing what came was [XX:XX:XX] number projections we Well, being August and around we our we of implanted, average. terms What fields growth and reported talked in with about percent of actual XX were for in third what is the percent on us demand we market was reported and are very going distributor. the selling. growth that a China been in what XX strong has for quarter sales to What

that of looking quite of we and covid that's because in result to that million quarter into And into additional. projection approximately in a have continuing of growth QX, the a is expect as strong we used figured inventory But even we the And XX of up that, bit map fourth very even at potential challenges QX. and global good so in our with that be the position of all with and China. revenue are the for a that's a

strong. a no continues Middle East the recovery. there doubt on is slow and So But India that is be growth very to China

Ryan Zimmerman

just And [XX:XX:XX] quickly talked helpful. to you, then with timing And I'll FDA. for come submission the me very back that's you about to you and

half twenty as launch being in twenty in are you some potentially at the you the one. expecting Evo at question. months market in still you end of Yivo first taking one with very think the or to expecting the Thanks start for on US? one the U.S., Are or least a the I few of revenue twenty tail

Caren Mason

[XX:XX:XX] Sure. it. we we Thank the would the have get minute you, Ryan. revenue Well, U.S. equal we in to can love

as inappropriately we've to can I all market uncomfortable. you you this percent time, in point revenue to prepared we're everything could And can with expect being XXX if that have imagine, I'm we to get is the steps we that saying got approval. sure FDA But through at know, tomorrow. tell the because So you go to

Ryan Zimmerman

Ok, Congrats again. [XX:XX:XX] appreciate.

Caren Mason

you. Thank [XX:XX:XX]

Operator

Blair. next The Andrew comes question Brackman with from [XX:XX:XX] William

Andrew Brackmann

you here, back for to changes a a normal, decision other quicker to be the made recovery here? that ICL thinking I we continuing taking than maybe afternoon period to guess Karen, and this witnessed thanks you've patients earlier the How in term?And the on I related related questions, over bit little about making demographics sort call guess. any are point to Good macro [XX:XX:XX] longer the go trend there that of should

Caren Mason

are that apparatus we have that is do call are times. we of Yeah, when that the et lens [XX:XX:XX] good weekly to global this events, about business challenging the necessary heard that Because We've many and and for have social and out, momentum something representatives to other unable markets heard headed. want is many for that or kind keeps a more And and there once. that. with and and wear of so are have the masks eyeglasses to happening sacrifices where life, where they obvious We've of family contact of people wearers, making, do other sentiment go cetera, we're they indicators themselves. of they one than they things covid because

make I And esthetic their just know, whether the and know so they it is are are you procedures today. or plastic once they aware want mind, certain evil believe experience that, that about greater. much you're liner's or excited you We anxious. a for benefit, talking right up surgery they're lenses patients And now

offices so and people around are going TiVo, into want want surgeons And world it. out have I it the of this, our I is going, I

eye. anybody tell couple before a from ago would that visits average, on one, they us sea would patients their the wait surgeons patients let a change were touch a and so having does three or they'd And with doctors from of time years several where two started year with researching

visits to reason as the social I we're percent. her presentations, picked of or has thousands you when part well media our are hundreds about know, find And think he And, up individuals, why events you up. that of we et in the Tip-Top talked about as this cetera. talking know, really we can fact China, is listen docs Now, approved XXX do of

out things a to priority. And take want momentum So there I are really that of just individuals is really for care care vision high who them. to think is really challenging the

Andrew Brackmann

share, around here, just Thanks gears China you that for percent by talked end. Perfect. think year all of in share [XX:XX:XX] XX maybe I shifting sort about color, market

I you talked sort So with? time last it working year. that about had assumption the guess twenty, And of big percent think the made target this term, I around year, strides was who the you're is this longer some obviously that XX I of sort first, by of end guess Twenty

target I how thinking about next year? we over longer So should that be guess term

Caren Mason

winds excellent do are [XX:XX:XX] that to XX certainly, really what do to that China. know, we the we And deliver back. there. make advantage momentum make sure Yeah, we we is will. it's still we can to we The to up If are could and do the us sure that need take you to percent earlier,

XX the XX And it we're is we past lenders the percent already in that yes, demand range, All percent. foresee. of

Andrew Brackmann

[XX:XX:XX] Perfect. you. Thanks

Caren Mason

[XX:XX:XX] Thank you, Andrew.

Operator

Jackson [XX:XX:XX] from benchmark. last question Bruce And comes your

Bruce Jackson

in We've my it's taking generally for you question, fourth Thank sequentially look this Europe quarter, could [XX:XX:XX] it's we up year. if got the seasonality at in the covid-XX.

lockdown possibility terms increased at the for in sequential looking EDF mentioned the of these you launch. Earlier, How Europe launch. be and the launches EDF growth puts fourth and some are all of quarter? takes sales the can of offset a So the in that the kind of you controlled

Caren Mason

[XX:XX:XX] Sure.

season last really a into switched four normal three and is Korea usually growth QX a our that a in in largest quarter units an way etc.. the now result and we And and Bruce, of overwhelming as quarter. for by winter is Just QX. part in and our sequential year of it big into indicator busy have reminder, on became timeframe to jump We China our months a in QX as growth being January, their three to the then big then and even that, quarter, based blend from Europe

going So is it fully biggest in and our will markets year we very but from growth others watching modulated still will bit what's quarter recovered digit see some requiring will QX a year, by nice the the certain on prior and be QX double this around a our be not growth, world, be way shutdown.

what reporting And careful measure I'm the we and fourth daily. see is and for now quarter. we So what to want just be right prudent this we

Bruce Jackson

very you [XX:XX:XX] Ok, thank that's much. helpful,

Caren Mason

[XX:XX:XX] Thank Bruce. you,

Operator

over for the to Karen [XX:XX:XX] closing call And now Mason remarks. I turn

Caren Mason

Please many care. days forward to surgical. investment [XX:XX:XX] Thank you We and the of to appreciate and today. in weeks with speaking on call in for We ahead. all good your best the participation take of All our interest you. you our look your

Operator

you Thank for may today's now joining conference call, [XX:XX:XX] you disconnect.