JetBlue Airways Q3 2023 Earnings Call Transcript

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November 7, 2023

There are 9 speakers on the call.

Operator

Good morning, and welcome to the Innovus' Third Quarter 2023 Earnings Conference Call. All participants will be in listen only mode. Please note this event is being recorded. And I would now like to turn the conference over to Kyle Rose, Innovus' Vice President of Investor Relations. Please go ahead.

Speaker 1

Thank you, Marilise, Good morning, everyone. Thank you for joining us today for our Q3 2023 results conference call. I'm Kyle Rose, Enovus' Vice President of Investor Relations. Good morning everyone. Today are Matt Serratola, Chairman and CEO as well as Ben Barry, our Chief Financial Officer.

Speaker 1

Our earnings release was issued earlier this morning and is available in the Investors section of our website, innovus.com. We will be using a slide presentation in today's call, which can also be found on our website. Both the audio and the slide presentation of this call will be archived on our website later today. During the call, we'll be making some forward looking statements about our beliefs and estimates regarding future events and results. These forward looking statements are subject to risks and uncertainties, including those set forth in the Safe Harbor language in today's earnings release and in our filings with the SEC.

Speaker 1

Actual results might differ materially from any forward looking statements that we make today. The forward looking statements speak only as And we do not assume any obligation or intent to update them except as required by law. With respect to any non GAAP financial Measures referenced during the call today, the accompanying reconciliation information relating to those measures can be found in our earnings press release and in the appendix of today's slide presentation. With that, let me turn it over to Matt, who will begin on Slide 3. Matt?

Speaker 2

Thanks, Kyle. Hello, everyone, and thanks for joining us today. As we previously announced, we had a very productive Q3 with continued share gain, solid margin expansion and we announced the Let's go to Slide 3 and talk about these highlights. We grew organically by 6% in the quarter with 10% growth in recon and 4% growth in P and R. That brings our year to date organic growth to 8%.

Speaker 2

We continued our trend of double digit growth in share gain on the recon side versus a strong Q3 compare. We saw a return to more normal third quarter seasonality with some summer volatility and procedure volumes from vacations, which was in line with our expectations. We believe the elective surgery markets we serve remain healthy With higher than normal procedural demand in 2023 overall, a trend we expect will persist through 2024 and likely 2025 as pandemic related patient backlogs are gradually worked down. In P and R, we had another strong quarter showing our reestablished leadership in these markets with a bit of share gain in a stable market environment. We expanded our adjusted EBITDA margins by 80 basis points reflecting strong gross margin expansion from productivity, Mix and the scaling of recent acquisitions.

Speaker 2

In September, we announced a definitive agreement to require Lima Corporate, which expands our global reach in recon taking that segment to about $1,000,000,000 in sales with close to 50% exposure The faster growing Extremities market. Overall, we remain on track for a great 2023 with strong momentum versus our strategic goals. Digging a little deeper in Recon on Slide 4. We had double digit growth in the U. S.

Speaker 2

Led by 18% organic growth in hip and knee. Extremities grew 7% against a tough Prior year comp of 17% in Q3 of 2022. Outside the U. S, we grew almost 12% organically in a resilient market. I'm excited about the international growth opportunity as we expand our market position with good initial traction for our industry leading Ultivate and Empower products.

Speaker 2

Importantly, we have a strong pipeline of innovation in recon that we believe will allow us to continue to take share for many years to come. The ramp of our Empower Revision D remains in the early innings And we also have launched an updated ARVUS 2.0 with full Empower capability. Additionally, in foot and We recently launched the EVOLVE-thirty four Lapidus correction system for bunions, one of the fastest growing market segments in the U. S. We've had terrific feedback from surgeons on all three of these great new products.

Speaker 2

Turning to Slide 5, I want to take a moment to remind everyone about the exciting opportunity we have to advance our business with the acquisition of Lima. I was recently in Italy and Switzerland meeting with Alina and Mathis leaders and teams. We're making good headway on our integration planning And I came away with increased conviction and excitement about the strength of the talent and the big opportunity that we have ahead. We have a lot of experience and track record doing acquisitions well and are following our proven EGX playbook to make sure this one gets off The addition of Lima represents the next step in the evolution of Innovus as we execute against our strategic goal to build a high growth MedTech Innovator with a clear pathway for sustained operating margin expansion. This transaction which is expected to close in early extremities.

Speaker 2

This accelerates our progress against our long term strategic pillars of sustainable high single digit organic growth, Continuous margin expansion and global scale. In P and R on Slide 6, our 4% organic growth A healthy market environment and disciplined execution. This business is performing in line with our strategic plan. Global bracing growth is over 4% year to date with share gain from strong customer service, improving innovation and MotionMD Clinic Conversions. We have a strong pipeline of innovation to drive additional growth, including a new OA knee brace called Rome and the next generation of clinical electrotherapy products for our Recovery Sciences team.

Speaker 2

Gross margins in this segment Expanded by 150 basis points as we continue to sustain traction on price versus cost and rollout additional ETX Business System Tools which are driving notable productivity improvements. Moving to Slide 7, before I hand it over to Ben, I want to reiterate Our confidence in the team's execution year to date. We have a diverse global business and while 2023 has thankfully been a bit more normal than recent years, It takes a lot of day to day execution from our team members around the world to consistently deliver the way we have. Our execution in 2023 shows our commitment and capability to create compounding shareholder value through high single digit organic growth and continuous margin expansion. The high single digit growth comes from our demonstrated ability to consistently grow recon double digits along with our stable low to mid single digit P and R Growth.

Speaker 2

The margin expansion comes from the structural gross margin expansion as we grow recon faster, supplemented by EGX productivity and scale, partially offset by growth investments and in year headwinds. We will provide a more formal update for 2024 guidance on our Q4 call, but we are confident our ability to continue to drive this compounding growth in margin formula and also ramp up the impact of recent acquisitions. Now I'll let Ben take you through the P and L details and the guidance increase. Ben?

Speaker 3

Thanks, Matt, and hello, everyone. I'll begin my remarks on Slide 8. We're pleased to report 3rd quarter sales of $418,000,000 up 9% versus prior year and 6% organic. Our growth was fueled by strong demand for our products and solid commercial execution in both of our business segments. Additionally, our 3rd quarter sales results include a combined 260 basis point positive contribution from foreign currency and recent acquisitions.

Speaker 3

3rd quarter gross margin was 58.2%, up 140 basis points year over year. The growth was driven by leverage from higher sales, strong mix and cost discipline. We continue to leverage our EGX business system to stabilize and Drive productivity in the supply chain and the results continue to read through in gross margin. Adjusted EBITDA grew 14% And adjusted EBITDA margin was 15.7 percent, up 80 basis points versus prior year. This growth was driven by gross margin expansion and partially offset by growth investments in R and D and dilution from recent acquisitions.

Speaker 3

Q3 results build on a strong first half, resulting in year to date adjusted EBITDA margins up 100 basis points versus the prior year. 3rd quarter effective tax rate was 19%. This is compared to 6% last year, which included benefits from one time items that significantly lowered the rate. Interest expense was $6,000,000 for the quarter versus $5,000,000 in 2022. Overall, we produced Strong adjusted earnings per share of $0.56 or 12% underlying earnings growth after normalizing for the tax and interest impacts from the prior year.

Speaker 3

We're extremely pleased with these results and the momentum we've built thus far in 2023. I want to congratulate all the Innovus team worldwide in delivering another strong quarter. Let's move to Slide 9. Considering our Q3 performance, we are raising our organic sales growth outlook for the year to 7.4% to 7.6% versus the previous guidance of 7% to 7.5%. We are seeing consistent performance in both of our business segments We are excited about the momentum we are creating as we shape the business and build on our commercial execution efforts.

Speaker 3

We expect full year sales to be roughly $1,700,000,000 with approximately one point of additional growth from recent acquisitions. For For the year, based on the latest rates, we expect foreign currency impact on sales to be relatively flat. We are raising the bottom end of our adjusted EBITDA range to $264,000,000 to $270,000,000 reflecting our solid Q3 performance. We're updating our interest outlook to approximately $22,000,000 and lowering our estimated tax rate range to 19% to 19.5 Based on our strong performance in the 1st 9 months and these adjustments, we now expect our adjusted EPS to be in the range of $2.30 to do $2.40 versus our previously guided $2.22 to $2.36 I'd like to spend the next few minutes discussing recent steps we've taken to optimize our balance sheet in a challenging capital markets backdrop. On Slide 10, we have solidified and secured our financing for the Lima Corporate acquisition.

Speaker 3

We will maintain our existing revolving credit facility and add a new term loan at our current interest rates. Additionally, we've completed a convertible debt offering at a 3.875 Given the challenging capital market conditions, we believe we have put ourselves in a strong position to drive and create value from this acquisition. Our effective interest rate of the company will be around 5.25% to 5.75% based on current rates. This will allow us to deliver accretive earnings in year 1 with meaningful accretion in year 2 and beyond. We will also have the flexibility to progress our integration plans and quickly position ourselves for more M and A in the future as the business scales.

Speaker 3

To summarize on Slide 11, we've had another strong quarter leading us to again raise our full year guidance. We grew 8% sales per day in the 1st 9 months of the year and we remain confident in our strategy and our capability to build a sustainable High single digit growth company. We took another step forward in expanding our margins and we continue to execute on our clear plan for continued margin growth. We continue to accelerate the company through M and A and have demonstrated strong execution of recent deals. We are very excited to welcome the Lima team into the Innovus family in early 2024 and look forward to creating better together.

Speaker 3

Now we'll move to Q and A. Marliese, please open the call for questions.

Operator

Thank you very much. We will now begin the question and answer session. And our first question comes from Vik Chopra from Wells Fargo. Vik, please go ahead.

Speaker 4

Hey, good morning and thanks so much for taking the questions. Congrats on a nice print. Just two questions to me. Matt, maybe first one for you. GLP-1s remain front and center for investors.

Speaker 4

And it will be remiss of me if I didn't ask you about this. So I just want to get your updated thoughts on how you're thinking about the impact of GLP-1s on auto procedures and then I had a follow-up question, please. Thanks.

Speaker 2

Okay. Hey, Vic, thanks a lot. Thanks for the kind words. Let me address your first question and Legg asked the second. Certainly, we're paying close attention to all the discussion about GLP-one and the potential impacts.

Speaker 2

Yes, as we've taken a look at it so far, really the demonstrated impact from GLP-one is on obesity and the path Of obesity and being able to reduce obesity. And when we look at our portfolio and we look at the portion of the portfolio that That might be have some headwinds from less obesity versus the portion that might have some tailwinds from less obesity. We would see it as somewhere between neutral And potentially a small positive in terms of the kind of impact that GLP-one can have on obesity. So that's kind of how we view it at this point based on the demonstrated impacts that are out there. We're going to continue to monitor the situation.

Speaker 2

But in our business, in our recon business, we get most of our growth from share gain, not from the market growth itself. And so even if there was a little bit of impact on the market growth in recon, Our diversification as well as our small share position in hip and knee will be a good thing in terms of enabling us to still drive very strong growth.

Speaker 4

Great. Thanks for that comprehensive answer. And then my second question was just on the backlog in orthopedic procedures. We're Sort of coming up towards the end of 2023, I'm just curious as to how you think about the backlog heading into 2024? Do you expect to work with that backlog Next year or do you expect that to be a tailwind for some time?

Speaker 4

Thanks so much for taking the questions.

Speaker 2

Yes. Thanks, Vik. I think the way we look at this backlog topic is that if you look at the overall industry growth since 2019, There is still a year or 2 missing in the math and so of growth. And so That really gives an opportunity even with some of the tailwind this year that came from some backlog. We still see the opportunity for a Tuni, for a little bit of tailwind in each of the coming years, if people create the capacity and the staffing to be able to Work off some of that backlog.

Speaker 2

And so we're pleased that this year has had a little bit of tailwind in it, particularly in the first half of the year In terms of recon procedures and we would expect there's a real possibility to have that tailwind continue for the next couple of years. But obviously, it's going to be kind of situation on a year to year basis and we'll share the assumptions that we're making when we give our guidance.

Operator

Okay. We'll proceed with our next question, which is from Jeff Johnson from Baird. Jeff, please go ahead.

Speaker 5

Hey, good morning guys. Nice quarter. Appreciate all the commentary. I guess, Matt or Ben, just on the extremities business up 7%. I know it came up against that very tough 17% comp.

Speaker 5

Just would like to hear what you're seeing maybe from a competitive standpoint. I know a couple of your competitors have launched some new shoulder products So what are you seeing out in the field and your confidence in maybe getting that number? I think comp fees a little bit over the next Few quarters, although stay pretty high. Do you think that gets back to a double digit number or are we kind of in this upper single digit range for the foreseeable future? Thanks.

Speaker 2

Yes. Thanks, Jeff. Appreciate the question. We continue to be very confident in our leadership in shoulder. We've shown that leadership for a long time that we've been able to outgrow the market based on the great Ultivate shoulder and the different innovation that we've been bringing through.

Speaker 2

And certainly in the quarter, the 7% is more like in the neighborhood of market growth versus The above market rate growth that is normal, but then if you stack it on top of 17% last year, then you'd see kind of 2 years of Comfortably above market growth. So we continue to be confident in our leadership there even in a little bit more competitive field. We still Advantage product and a tremendous innovation pipeline. Yes, we've got a couple of quarters of strong comps starting this quarter. And at the same time, we've got some really exciting innovations coming through as we work our way through the first half of next year.

Speaker 2

So we feel comfortable that we're going to continue to show consistent above market growth in shoulder over the medium term here.

Speaker 5

All right. That's helpful. Thanks. And then you mentioned summer seasonality. I think that's pretty consistent, I'm sorry, with everything we've heard from others as well.

Speaker 5

But I'm sure you don't want to give month by month trends, but maybe just any thoughts from that summer seasonality how September and now into October has trended? Are you seeing kind of some normalization of that seasonality and a recovery in volumes? Just kind of your update on recent trend line.

Speaker 2

Yes, sure, Jeff. Yes, I mean, again, it's sort of a new kind of summer seasonality set in last year with more vacations The normal as sort of the new normal and that repeated itself this year, even probably a little bit heavier In July this year than last year. So the 1st couple of months of the summer definitely were slower. September was a good healthy step forward and October is another good healthy step forward. And so we're expecting Sequential acceleration in Q4 versus Q3 and a pretty normal run to the finish for Recon as we head through the coming months that will set things up well for how things roll over into next year.

Speaker 5

Awesome. Thank you.

Operator

And we'll take a question from Yong Li from Jefferies. Yong, please go ahead.

Speaker 6

All right. Thank you so much for taking the questions. I guess to start, maybe wanted to hear a little bit about the early feedback From your European team, Lima customers, Innovus customers on the deal, what do they like About it, anything that they're cautious of, in general, just how excited are they about the deal?

Speaker 2

Yes. Thanks for the question, Young. We've certainly we've spent a lot of time getting out and getting feedback from customers and the channel In terms of that really important combination in our recon business and a lot of very positive feedback. I mean, if you look at The Lima customers and channel, for example, here in the U. S, they've had kind of some Limitations on how much breadth of product line they've had.

Speaker 2

They've had some great products, but they've had some limitations on how much breadth of A product line they've had and so that's a great real positive opportunity. Same goes for Outside the U. S, Lima has some tremendous strengths in certain areas of the product line, but also has had Some weaker areas that we will fill in very quickly. And so again, the customers outside the U. S.

Speaker 2

And the channel outside the U. S. Are excited about the opportunity. And on the Innovus side, there's some technologies that will come with Lima that our customers are quite excited about as well. So I'm very pleased by the feedback we've gotten from the marketplace and really excited About the team, the time I've been able to spend with the Lima team and that our other other leaders have been spent, been able to spend with the Lima team, Just a lot of great talent there and a lot of excitement and energy about joining our company.

Speaker 6

Okay. That's great. I guess maybe just to follow-up on P and R. They don't get enough attention sometimes, but Pretty strong growth in the Q3 year to date off of pretty tough comps. It sounds like the market growth Drove a lot of that.

Speaker 6

But just wanted to hear a little bit about some of the other key drivers of growth in the 3rd quarter, Any key products to call out and the sustainability of that mid single digit growth rate going forward, can comment on it. I mean, pretty strong expansion, 150 bps, driven by a lot of the things you talked about before. Where are you on the P and L gross margin expansion curve?

Speaker 2

Yes, let me thanks, Jon. Let me talk a little bit about the growth and I'll let Ben talk a little bit about The gross margin there, we're certainly pleased with the consistent 4% growth. As a leader there, we've consistently We said, we don't need to outgrow the market by a lot. Our strategic plan is to outgrow the market by a little bit It gets us into that kind of low to mid single digit growth range for P and R. And so certainly pleased with the consistent execution there.

Speaker 2

And it is above market growth, but it's a healthier market environment than in recent years. And then we've also driven nice above Growth and really some of that we've had very nice price performance there that is helping in terms of the growth. 2nd, our supply chain is very strong, a lot of great EGX work in the supply chain. And so the consistency of our delivery to Customers there in a demanding market has been very strong and that's helping us Well, 3rd, we've come up the curve a little bit on innovation in our P and R businesses and that's helping the team in terms of giving them Some good new products to sell. And then 4th, we continue to demonstrate Some growth through MotionMD Clinic conversions, that is a piece of our share gain in any given year.

Speaker 2

And so that formula is consistently working and getting us Into the kind of growth range that we need from this business. And we're confident that as we go forward, we have more innovation Coming through at the same time as a little bit of that price will start to roll off. And so that should be able to keep us In the low to mid single digit growth range for P and R on a sustainable forward path.

Speaker 3

Yes. And Young, on gross margins, I mean, as Matt Indicated, we are taking some ground on price versus cost in terms of our ability and kind of our capabilities now to continue to try to manage Through some of the inflationary impacts that we've had, you're seeing some of those pressures roll off a little bit. I mean, we're getting improved freight rates As we kind of work through the supply chain, that's helped us a little bit. The other thing is we've got some positive mix that's happening within the P and R business itself. Some of our Just growing parts of that business actually are carrying higher gross margins.

Speaker 3

So we're getting the benefit of that on top of some of the kind of price cost Head or efforts that we've done to continue to drive improvement. So overall, you put those together with all the EGX work that's Certainly in kind of our view, we've seen really strong performance there and kind of feel really good about the progress on gross margin and P and R.

Speaker 7

All right.

Speaker 6

Thank you very much. Appreciate the company and the answer.

Speaker 1

Thank you.

Operator

And we'll take a question now from Bill Plucianich from Canaccord. Bill, please go ahead. Great.

Speaker 8

Thanks. Good morning and thanks for taking my question. I'm going to focus on strategy. So in terms of M and A, there's a lot of moving Parts going on with interest rates up and valuations down. You got a big deal you're closing in front of you.

Speaker 8

I was wondering if you could help us understand, 1, what do you think of M and A going into next year given those dynamics? 2, Will you buy anything with Lima kind of until that gets done? 3, what do you think about valuations in the marketplace? Does that shift whether you go into earlier stage assets or later stage assets? And then lastly, how much actually post The Lima deal and the recent financings, do you have dry powder?

Speaker 8

Do you actually have to buy anything? Thanks.

Speaker 2

Hey, thanks. Thanks for the question. Very thoughtful, Bill. I think We're certainly very excited about the Lima deal as well as some of the really important foot and ankle and technology deals that we've done this year. And it's definitely been a better environment in terms of being able to get Better valuations on acquisitions as you've seen as we've shared the kind of multiples that we paid for those deals.

Speaker 2

So we feel like We've taken advantage of this period of time, where it's a little more of a buyer's market and we had the firepower and we've made some great strategic moves for the company. M and A is going to continue to be a part of our strategy, but clearly for the next Year, we're going to be primarily focused on continuing the integration and ramp of the And ankle acquisitions that we've made, making sure that the Lima acquisition integration is a tremendous success. And I would expect very likely that any acquisitions that we do in the next 6 to 12 months are Smaller strategic acquisitions versus anything of any scale and size. At the same time, we're constantly doing the strategy work to prioritize where else we'd be interested to make acquisitions, whether it's things that strengthen and accelerate Strategies in our core markets or whether it's things that would move us further into attractive Other attractive ortho markets or whether it's things that would move us into attractive adjacencies that would be logical for us. And we've a little bit of firepower over the next year or so as we start to kind of bring back down our leverage, But probably less than around $500,000,000 ish.

Speaker 2

And then in the coming years, we'll build that back up and can certainly consider larger and Attractive strategic moves at that point in time.

Speaker 8

Thanks.

Operator

Our next question comes from Mike Matson from Needham and Company. Mike, you may proceed.

Speaker 7

Yes, thanks. So I guess first, given the number of acquisitions you've done in recent years and the Upcoming close of the Lima deal, I imagine you've picked up quite a few implant product lines. Just Wanted to ask about if there's any plans to sort of try to rationalize some of those product lines over Time and how you go about doing that. I know that these types of things products tend to have really long life Sometimes it's difficult because of the customer loyalty aspect to certain products, but

Speaker 2

Yes. Thanks for the question. For sure, we're taking a look at that. Now to be honest, until the Lima The majority of stuff that we have done has not had much product overlap. The Mathis acquisition in our core Recon products It was largely complementary, a little bit of product overlap, but largely complementary and our foot and ankle acquisitions have almost all Been kind of new and complementary additions.

Speaker 2

With the Lima acquisition, we certainly will get into an area where we've got a little bit more product line overlap. We still like the Complementarity of the technologies and product lines and geographic positions, and so there's not a lot of geography and product line overlap, But there certainly will be opportunities to simplify the product line over time. We're going to really from a We're going to focus on growth first and really focus on how and where we can cross sell and how we retain as much as possible the customers and channels. The cost efforts that we'll take at the outset will be more around sort of Combinations of the businesses and the back office and the businesses and processes. And then over time, we'll be thoughtful about how and when we might be Doing some simplification of the product lines that will scale us and make us make our growth more cash Efficient over time, but we're going to do that with an eye towards making sure that we deliver very strong growth, 1st and foremost.

Speaker 7

Okay, got it. And then as far as the Lima acquisition goes, we've done some modeling and Particularly with the convertible debt having a bit lower interest rate than we had originally kind of expected when we announced the deal, You were coming up with sort of double digit accretion in 2025 and beyond EPS accretion, sorry. Does that seem reasonable?

Speaker 3

Yes, very much so, Mike. And we even put, I think, some of that in our materials today. I mean, we expect accretion in year 1 and then meaningful double digit

Operator

Our next question comes from Jason Wits from ROTH MKM. Jason, please go ahead.

Speaker 1

Hi. Yes, thanks for taking the questions. You mentioned some pricing. Some of your larger peers are talking about getting better pricing concessions In an inflationary environment, are you seeing that as well? And also in terms of gross margin, you did see some improvements.

Speaker 1

How much of that is Related to inflation or subsiding of inflation?

Speaker 3

Yes. I'd say, Jason, we're seeing on both sides The business, I'd say favorable pricing momentum, 1 on the P and R side where we're the market leader and we can Put price increases in selective product lines, we've continued to do that over the last couple of years and we've seen some benefits there. On the recon side, Given we're a smaller player, we generally kind of follow what the market's doing. What we're seeing is some stabilization there in terms of pricing. So we're not seeing Much of the erosion that maybe we've seen in the past, but not a whole lot of increase either.

Speaker 3

But overall, we would expect that to continue in like in an inflationary environment Then probably revert back to more normalized views, kind of in more normal times. In terms of gross margins, it really kind of lines up with our Kind of our expansion goals that we've really laid out, which is 1, kind of getting the mix improvements So kind of the Recon business becoming a bigger part of our company, it's getting the read through on the price versus cost, the productivity Programs that we can continue to drive the leverage that we're getting from the volume growth and then the scale of the acquisitions as well. That's a key component Of driving our increases in gross margins as well. So all of those are contributing to the 140 basis points of expansion that we saw in the quarter.

Speaker 1

Okay, great. And on Lima, if you could maybe just review kind of sort of the key products that we should be focused on. I mean, obviously, The shoulders are important, but and distribution is very important, but just curious in kind of how you rank, sort of the contributors from Lima And how we should be thinking about it?

Speaker 2

Yes, sure. Yes, first of all, being a very strong shoulder position with their SMR shoulder And that's going to be something that is valuable and extendable. The second would be They really have had a very strong revision position and that's a good product in hip and knee, but very strong Revision position and revision is a very attractive part of the market. And we've been earlier days in terms of our revision Position in hip and knee and so that's attractive and complementary. And then 3rd, they've got just great technologies Around 3 d printing, they've been a pioneer really in designing and manufacturing With metal 3d printing and have done everything from having Custom implants that are 3 d printed for very complicated cases, which is a great Tip of the spear to be able to bring to surgeons to get them interested in the product line.

Speaker 2

And at the same time, they've also Use those technologies to design some great products like their revision cones for knees that take advantage of that Tridecular titanium proprietary metal 3 d printing. So those are the that's the kind of hierarchy of some of the great products they've got and technologies that I would share.

Speaker 1

Great. Thanks. I'll jump back in queue.

Operator

At this time, we are done with our question and answer session, and we will then finish the conference as well. We thank you very much

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