Q1 2025 ZimVie Inc Earnings Call
Good afternoon, and welcome to Sandys first quarter 2025 earnings Conference call. Currently all participants are in a listen only mode. We will be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes, I would now like to turn.
Web Campbell: The call over to web Campbell from Gilmartin group for today's introductory and disclosures.
Speaker Change: Thank you all for joining today's call earlier today.
Speaker Change: We released financial results for the first quarter ended March 31, 2025, the copy of the press release is available on the company's website <unk> dot com as well as an SEC dot com.
Speaker Change: We begin I'd like to remind you that management will make.
Speaker Change: Comments during this call that include forward looking statements actual results may differ materially from those indicated by the forward looking statements due to a variety of risks and uncertainties. Please refer to the company's most recent periodic report filed with the SEC and subsequent SEC filings for a detailed description of these risks and uncertainties.
Speaker Change: In addition, the.
Speaker Change: The discussion on this call will include certain non-GAAP financial measures reconciliations to these measures to the most directly comparable GAAP financial measures are included within the <unk>.
Speaker Change: Earnings release, and our Investor deck issued today found on the Investor Relations section of the Companys website. This conference call contains time sensitive information and is accurate only as of the live broadcast today may eight 2025, zombie disclaims any intention or obligation except as required by law to update or revise fine.
Speaker Change: Projections or forward looking statements, whether because of new information future events or otherwise with that I will turn the call over to <unk>, President and Chief Executive Officer.
Speaker Change: Good afternoon, and thank you all for joining us in the first quarter of 2025, we delivered $112 million in total revenue.
Speaker Change: Highlight of our first quarter was continued progress on improving the margin profile of the business and generating over $17 million of adjusted EBITDA.
Speaker Change: Our team delivered over 350 basis points reduction in adjusted total cost of products sold.
Speaker Change: As a result, we achieved adjusted EBITDA margin of 15, 7%.
Speaker Change: Over 500 basis points of improvement over the first quarter of 2024.
Speaker Change: This was ahead of our previously announced goal of 15% plus EBITDA margin first year post our sale of the spine business.
Speaker Change: And represents over 40% year over year increase in EBITDA.
Speaker Change: Despite our topline being challenged by an overall soft market.
Speaker Change: Our performance in terms of profitability is coming in better than expected. This was a result of executing our strategy to improve and streamline our manufacturing and supply chain.
Speaker Change: Reducing corporate infrastructure and refocusing sales in R&D on our proprietary premium line of implants.
Speaker Change: In relation to tariffs.
Speaker Change: We're keeping our guidance unchanged for the year and have incorporated the impact of any potential tariff related costs. We.
Speaker Change: We have plans in place to mitigate tariff costs, which we estimate today to be roughly $3 million per year, largely attributed to the EU USA tariff rates.
Speaker Change: We have supply chain and manufacturing flexibility, which will allow us to absorb these possible cost to more commercial and operational efforts.
Rich: Rich will provide greater clarity shortly.
Rich: We will remain focused on driving continued margin improvement and cash flow as we are committed to delivering shareholder value.
Rich: I'd like to provide a brief update on our commercial strategy.
Rich: On our fourth quarter call, we announced that we appointed a new vice president of Americas sales.
Rich: I am pleased to report that is quickly making an impact in his expanded role.
Rich: As been making a number of changes to our sales process and strategy to ensure we are expanding our customer base and increasing customer share.
Rich: Our overall commercial strategy is beginning to play out we have focused our sales and R&D teams are proprietary implant sales and development versus low margin distributed products.
Although less contribution from third party scanner sales in North America will be reflected in top line and overall improvement in mix is favorable to Zambia and will allow us to focus on our core area of strength and differentiation.
Rich: We are very confident that our strategy plays out we will continue to see outsized returns.
Rich: I look forward to providing additional updates in sharing the results of these changes as the year progresses.
Rich: I will now give additional details on each piece of our portfolio starting with dental implants.
Rich: Implant sales declined low single digits in Q1 at a roughly stable pace for the fourth quarter of 2024 as a result of continued macro pressure.
Rich: We believe our implant growth is consistent with the markets overall performance and maintain that an improvement in the macro environment will result in the adoption of our implants.
Rich: At the same time as mentioned earlier, our U S sales execution is showing tangible signs of success.
Rich: March implant volume showed improvement in April showed growth in implant unit sold year over year.
Rich: Our innovation pipeline also paint a positive picture for growth, we just launched our immediate molar implant system in the middle of March and it is progressing very well in fact, we've exceeded internal expectations for growth.
Rich: This line will remain a growth driver for the remainder of the year.
Rich: The immediate Mueller system expands our clinically proven <unk> and Q3 pro implant systems with an immediate molar solution for new and existing customers simplify channeling clinical scenarios for providers and shortening treatment times for patients.
Rich: Commercially speaking advancing innovation across our implant portfolio sales profitable portfolio gaps.
Rich: Our sales team to sell something new to existing customers.
Rich: It gives us a stronger competitive position when negotiating larger deals.
Rich: Next shifting to biomaterials.
Rich: Our biomaterials portfolio continues to gain recognition for its quality and breadth showing just over 1% growth during the quarter. This performance reflects our ongoing investments in innovation and our ability to deliver high quality and industry leading solutions.
Rich: You're ahead, we're excited about the continued potential in this space and we are confident that our momentum will sustain our leadership and deliver long term value.
Rich: Lastly, I'll provide an update on the continued success of our digital portfolio.
Rich: Excluding oral scanner sales, which are distributed products. We saw continued uptake in growth in our digital dentistry business.
Rich: Our <unk> digital solutions, excluding scanner sales grew high single digits in the first quarter.
Rich: Our in play Concierge service performed especially well growing 11% year over year, helping clinicians safe hours of time and reducing costs by improving workflows.
Rich: Looking ahead, we're excited to expand the reach of implant concierge service in 2025.
Rich: With an exciting launch in Japan in the second quarter.
Rich: Additionally, we've really continued strength in sales of surgical guides with a real guide software sales growing in mid teens for the first quarter.
Rich: We're optimistic about continuing this positive momentum.
Rich: We continue to believe that workflow improvements are critical to adoption of implant dentistry and we're extremely pleased with the strength of our portfolio.
Finally during the quarter. We also made a strategic decision to acquire a distributor partner located in Costa Rica.
Rich: Costa Rica, as a premium dental implant market that caters to dental tourism.
Rich: The transaction closed on April 7th Rich will provide more color on the benefit to our financial portfolio.
Rich: By bringing this distributor in house, we can leverage the infrastructure customer relationships and the number one market position to expand our local footprint and reduce or eliminate third party selling costs.
Rich: The acquisition provides an immediate benefit to our margin profile.
Rich: I'll now turn the line over to rich to review, our financial performance and forward outlook in greater detail.
Rich: Thanks, Pat and good afternoon, everyone.
Rich: Begin by reviewing our first quarter 2025 results and will close by providing commentary on our outlook for the full year of 2025. In addition to providing our expectations for the second quarter.
Rich: As a reminder, we finalized the sale of our spine business on April one 2024.
Rich: Our legacy spine segment is reflected in discontinued operations in our financial statements.
Rich: Please refer to our 10-Q4 financial results from discontinued operations.
Rich: Beginning with our results for the first quarter 2025.
Rich: Net sales for the first quarter were $112 million.
Rich: A decrease of five 2% in reported rates and a decline of four 1% in constant currency.
Rich: When normalizing for the exploration of the transition manufacturing agreement with our prior parent.
Rich: One less selling day and the shift in focus away from oral scanners in China sales constant currency net sales declined one 4%.
Rich: In the U S net sales for the first quarter of $65 8 million <expletive>.
Rich: <unk> declined two 8% compared to the prior year.
Rich: Driven by lower implant sales oral scanners, and the impact of one less selling day.
Rich: When normalizing for scanner sales and one less selling day sales declined <unk>, 5%.
Rich: Outside of the U S net sales of $46 $2 million decreased eight 5% on a reported basis and five 9% in constant currency.
Rich: Driven by lower implant sales and headwinds totaling 430 basis points from the exploration of a transition manufacturing agreement with our prior parents.
Rich: One less selling day and lower China sales.
Rich: When normalizing for these headwinds sales decreased outside of the U S. One 6% in constant currency.
Rich: First quarter 2025, adjusted cost of products sold was 33, 6% as a percentage of sales.
Rich: Decreasing 360 basis points versus 37, 2% in the prior year period.
Rich: The reduction is driven primarily by manufacturing efficiencies and cost reductions, but also includes a mix benefit as we prioritized higher margin implants, and digital sales versus a lower margin scanner business and the elimination of the low margin transition manufacturing agreement with our <unk>.
Rich: Parents.
Rich: First quarter adjusted research and development expenses of $5 4 million or four 8% of sales compares to $6 $3 million.
Rich: Or five 3% of sales in the prior year.
Rich: The decrease is primarily due to lower clinical expenses in the period.
Rich: First quarter, adjusted selling general and administrative expense of $58 $7 million decreased two 7% from $60 $3 million in the prior year driven by reductions in head count and related expenses.
Rich: Other income of $1 $7 million.
Rich: Primarily reflects income from transition service agreements, resulting from the sale of our spine business and offsets stranded costs that remain in SG&A expense.
Rich: As of the end of Q1, our transition ARY service obligations to support our prior spine organization are effectively complete.
Rich: First quarter adjusted EBITDA attributable to continuing operations was $17 $6 million.
Rich: Translating to a 15, 7% adjusted EBITDA margin.
Rich: This reflects a 41% increase or $5 $1 million.
Rich: And 520 basis points of margin expansion versus $12 5 million or 10, 5% margin in the same period last year.
Rich: Not only are we pleased with our Q1 EBITDA margin of 15, 7%, we exceeded our previously communicated commitments to deliver 15% plus EBITDA margins one year post <unk> sale.
Rich: Furthermore, we achieved GAAP operating income and pre tax income positive in the first quarter also exceeding our expectations and external commitments.
Rich: Our strong profitability underscores our ability to drive optimization in our cost structure during a time of transformational change in a challenging market environments.
Rich: We believe this hard work positions us well for continued value creation as our end markets continue to show signs of stability in what is widely viewed as a cyclical trough in our industry.
Rich: First quarter adjusted earnings per share attributable to continued operations of 27 per share on a fully diluted share count of 27 7 million shares reflects a 238% increase from eight <unk> per share in the prior year period.
Rich: Turning to the balance sheet.
As of the end of the first quarter 2025, consolidated 70, continuing operation's cash was $67 million.
Rich: Gross debt at the end of the quarter was approximately $220 million, yielding net debt of approximately $153 million.
Rich: As a reminder, our cash balance does not include a $60 million seller note from the sale of spine, which continues to compound interest.
Rich: This note matures in October of 2029 that could be received earlier under certain circumstances.
Rich: Additionally, we maintain our $175 million revolving credit facility, which remains undrawn.
Rich: Quickly touching on our disclosure regarding the acquisition of our Costa Rica distributor.
Rich: During the first quarter, we made the strategic decision to acquire a local dental distributor located in Costa Rica, we expect the transaction to be beneficial to <unk>.
Rich: As it converts our sales presence in Costa Rica to a direct sales force and also leverages our existing footprint in the country.
Rich: Funded the transaction with $3 $3 million in cash inclusive of $1 $3 million in book value of inventory and accounts receivable.
Rich: Transaction closed in April of 2025.
Rich: With respect to capital allocation, we will continue to prioritize debt reduction as our number one objective.
Rich: However, we've always maintained an opportunistic stance towards potential tuck in activity and with a revitalized balance sheet and in the current environment. We recognize that some compelling opportunities may arise that tactically and strategically makes sense.
Rich: Now shifting toward our 2025 guidance.
Rich: Beginning with our expectations for our full year 2025.
Rich: We are reiterating our full year 2025 revenue guidance range of $445 million to $460 million.
Rich: Reflecting a 1% decline to 2% reported growth for the full year.
Rich: The low end of our guidance range assumes the dental market remains the same while at the high end implies a moderate market recovery.
Rich: Commercial strategy execution and success of new product introductions in the back half of 2025.
Rich: We also are reiterating our adjusted EBITDA guidance of between 65 million to $70 million.
Rich: 8% to 17% improvement over 2024.
Rich: As Beth mentioned, we anticipate that we can absorb the approximately $3 million annualized impact of tariffs within our existing guidance.
Rich: By leveraging the flexibility of our manufacturing and distribution global footprint, we've already taken actions to optimize our supply chain and replenishment nodes. We acknowledged the situation is dynamic and will continue to assess opportunities to further reduce the impact.
Rich: We are also reiterating our earnings per share guidance of <unk> 80 per share to <unk> 95 per share on a fully diluted share count of 29 million shares.
Rich: Moving on to our expectations for the second quarter 2025, we expect net sales in the second quarter of 2025 to be in the range of $112 million to $114 million inclusive of two headwinds.
Rich: First a $3 million or 260 basis point impact from order timing differences for an outside of the U S. Distributor order that occurred in Q2 of 2024 and second the exploration of the transition manufacturing agreement with our prior parent is a $640000.
Rich: Impact or 60 basis points in the second quarter.
Rich: When normalizing for these two items, we expect Q2 sales to be a 1% decline to 1% growth.
Rich: We expect adjusted EBITDA margin in the second quarter of approximately 15% of sales.
Rich: With that I'll now turn the call back over to wrap up.
Speaker Change: Thank you rich.
Speaker Change: As we wrap up the first quarter I am excited about the continued progress towards improving our portfolio with new product introductions like the immediate molnar our.
Speaker Change: Our commercial focus on what matters most recently.
Speaker Change: And our focus on improving profitability.
Speaker Change: We're building a strong foundation for success.
Speaker Change: We've maintained our position in the global dental market and our biomaterials in digital dentistry markets are growing.
Speaker Change: Continuous improvements in practice workflow are critically important element to driving dental implant adoption.
Speaker Change: Our focus on continuously innovating our portfolio and driving progress in digitizing dentistry will continue to yield benefit.
Speaker Change: Im optimistic about the year ahead and look forward to sharing our progress as we execute on these plans.
Speaker Change: With that I would like to open it up to questions.
Speaker Change: Thank you at this time, we will conduct a question and answer session.
Speaker Change: Our first question comes from the line of Kevin Kelly and Bill of UBS. Your line is now open.
Dylan Canlay: Thank you very much. Good afternoon. This is Dylan can lay on for Kevin.
Speaker Change: I'd love to start by double clicking on your comments about the uptick in implant unit sold in April.
Speaker Change: Any expanded color there and whether this might be attributed to higher utilization same store sales or new accounts.
Speaker Change: I don't factor here, yes, we are starting to see.
Speaker Change: Felt like Q1 looked a lot like Q4.
Speaker Change: And then March we steadily getting better.
Speaker Change: And yet to really write home about and then April started to just show a little more resilient. So our number one.
Speaker Change: Piece that we've been looking for is essentially same store sales and that improving and thats what were seeing.
Speaker Change: Improving right now we have a number of commercial strategies in place that could help the other side of that as well with respect to new customers right now both the immediate molar, which is a new launch that we had is growing really much better than expected.
Speaker Change: And.
Speaker Change: Overall, our endpoint units, where we're up.
Speaker Change: Very helpful. Thank you and then just as a follow up on kind of pricing dynamics.
Speaker Change: Overall in dentistry, there was a bit of uptick in pricing coming out of the pandemic. It seems like pricing is sort of kind of moderated in court and now things are pretty stable I guess as it pertains to your portfolio in implants specifically.
Speaker Change: How is how is pricing trending today and follow up to that do you have any capacity to.
Speaker Change: Offset any tariff impact.
Speaker Change: Price increases.
Speaker Change: So I'll start and then Richard if you can just get into some more of the detail it would be great.
Speaker Change: So we obviously we are in the premium market and the premium implant market has been less price competitive than where.
Speaker Change: There's a lot of battles for price happening value minds, and even the challenger lines. So we have largely not bidding.
Speaker Change: Very large competitive competitive price situations, there are occasions, where we would like to do that where it might be a DSO or a larger deal or a larger specialists, where we would want to be very very competitive and I think the broader our portfolio is the more Andrew.
Speaker Change: Capacity it gives us to actually package deal does that is very good for the customer and is also very good for us without having to significantly.
Speaker Change: Price. So that's that's kind of how I see the premium market and rich give you the specifics and then in terms of.
Speaker Change: Your second question, which was capacity I think in times like this you need to be really selective on where you put price did where you don't so segmentation of the market is going to be really critical I believe there are segments of the market segments of our portfolio, which we could.
Speaker Change: Raised price.
Speaker Change: And probably we'll raise price and theres, others that it probably wouldn't be to our benefit it might actually put us at a competitive disadvantage. If we do so we will be really selective there.
Speaker Change: And.
Speaker Change: We rely heavily on very very accurate segmentation of our customer base.
Speaker Change: Great. Thank you very much.
Speaker Change: Thank you.
Speaker Change: Our next question comes from the line of Anderson shock of B Riley Securities. Your line is now open.
Speaker Change: Hi, Thank you for taking the questions and congrats on the progress.
Anderson shock: So first could you just provide more color on the regional performance differences. The international segment saw about an eight 5% decline versus two 8% in the U S. I guess, what's driving the greater decline internationally.
Speaker Change: Richard will take that one yeah, yeah, hey, good afternoon Ashwin.
Anderson shock: Yes, so in the U S.
Anderson shock: We've had outside the U S. Right, we had a number of headwinds that we called out in the Q in the Q4 call that materialized, obviously in the first quarter and so for US data specific impact from the U S was.
Anderson shock: FX impact of a euro to dollar primarily was about 260 basis points impact.
Anderson shock: The impact of the termination of our low margin transition manufacturing agreement with our prior parent and.
Anderson shock: In the first quarter is 270 basis points and then we had one less selling day, which is 100 basis points and then and then were de emphasized our focus on China.
Anderson shock: Given kind of the situation.
Anderson shock: Currently and so that's about 60 basis points. So when you normalize for those items the O U S sales modestly declined about one 6% versus the headline eight and a half because we have those headwinds.
Anderson shock: That will called out in year over year.
Anderson shock: To us in the first quarter.
Speaker Change: Okay got it that's helpful. And then could you talk about your current position in the Japanese market and then maybe the size of that opportunity for the launch of implant on Sears here.
Speaker Change: Right. So we're our presence in Japan is.
Speaker Change: Relatively similar to where it is.
Speaker Change: In the U S in terms of our of our share position.
Speaker Change: Pricing in Japan is good so it's a good pricing market for premium premium implants in the premium implant market is still healthy there.
Speaker Change: The idea of implant concierge is that it.
Speaker Change: It essentially can double the size of your business, because thats kind of the.
Speaker Change: <unk>.
Speaker Change: The rate at which a full program would cost them to your customers essentially a premium implant.
Speaker Change: So we obviously don't extrapolate it that way, but we do think that it will be one of the top three growth drivers for for Japan in terms of just really really solid revenue growth and then what you're also doing is you are improving the workflow, which is usually a big barrier for for practices.
Speaker Change: No different than Japan.
Speaker Change: States. So we think that can really accelerate the growth of the overall impact adoption. So that's kind of how we see it haven't haven't really put a number on it yet I will and we'll launch it over the next couple of weeks. Yes. Just in addition to that just Anderson just on Japan, we had talked a little bit last year around.
Speaker Change: Round, our recovery in a little bit in Japan, and we do have a strong market position in in that country to the point, where we actually grew in the first quarter.
Speaker Change: Mid single digits and so.
Speaker Change: When you take a good fundamental foundational business like we have in Japan, and then you add something as differentiated as implant concierge on top.
Speaker Change: We feel as though we haven't quantified the numbers that I mentioned, but we should be able to continue to accelerate momentum in that geography.
Speaker Change: It will obviously be local for local to Anderson.
Speaker Change: It will have a good customer.
Speaker Change: Intimacy aspect to it as well.
Speaker Change: Okay got it thank you for taking our questions.
Speaker Change: Thank you.
Speaker Change: Our next question comes from the line of Matt mixed sick of Barclays. Your line is now open.
Speaker Change: Hi, Thanks, so much for taking the questions.
Speaker Change: So.
Speaker Change: Bob I wanted to maybe follow up with you on <unk>.
Speaker Change: Your thoughts on it.
Speaker Change: Bill down on that question on geographic performance to.
Speaker Change: Maybe talk about end market trends.
Speaker Change: Where you think things are in terms of pick.
Speaker Change: Picking up if at all or anything that you can do to sort of to sort of improve continue to improve top line performance and I have one follow up right.
Matt Mixed: Alright, So hi, Matt so.
Speaker Change: So when we really look at.
Speaker Change: And over index on the U S market for <unk> and that's good in a sense if that is the most profitable market with the highest prices.
Speaker Change: That has been the area that's been slower for all of Us and remember that we're premium we don't play in the <unk>.
Speaker Change: The value of the Challenger line. So it really does rely on largely on our specialist returned to action, so more and more specialist and more complicated cases are really what boost us and thats, what we started to see.
Speaker Change: In.
Speaker Change: March and we started to see in April so overall I think that that market is.
Speaker Change: Good.
Speaker Change: And getting healthier.
Speaker Change: I think that Europe, as a whole bunch of countries and each of them a little bit different.
Speaker Change: So we are very very high performance in France keeps do exceptionally well and then we have some cost threats.
Speaker Change: Relative threats that we experienced in Iberia, which which specific <unk> Portugal.
Speaker Change: Was with a very low cost.
Speaker Change: Value implant and import.
Speaker Change: Those are areas that we are working on strategies right now to mitigate those.
Speaker Change: Within our within our portfolio within partnerships that we're forging right now, but those are some specific areas where price is more acutely.
Speaker Change: Required than others. So in those cases, we've got a little bit of a different strategy in the U S. I believe that we've got the right strategy and like I said the commercial team is really focused on the right things and because of that I do I do feel very optimistic that the U S producers.
Speaker Change: Richard strong.
Speaker Change: Okay.
Speaker Change: That's helpful. Thanks, and then maybe a follow up on.
Speaker Change: As we speak the different companies and try to understand.
Speaker Change: Obviously things like the economic sensitivities to tell us what you've talked about.
Speaker Change: As well as the <unk>.
Speaker Change: Economic or.
Speaker Change: Logistical sensitivities.
Speaker Change: Supply chain, if you could maybe talk a little bit about.
Speaker Change: Where are you.
Speaker Change: Any any actions that you've taken to shore that up or any color or commentary you can express about the confidence.
Speaker Change: And how is that business is operating logistically in terms of supply chain and manufacturing.
Speaker Change: To the extent that that we can get a sense of how you know how you may be able to react as things kind of essentially stopped moving around or.
Speaker Change: Or or fluctuating here given the volatility we've seen in the last couple of months.
Speaker Change: So I'm extremely confident in our manufacturing capabilities, we have really demonstrated that we've worked on it for quite a while since we kicked off project off.
Speaker Change: And we have been able to demonstrate a tangible demonstration of.
Speaker Change: Of results in terms of gross margin et cetera, et cetera, we also have flexibility of manufacturing.
Speaker Change: We have a site in.
Speaker Change: Florida, we have a site in Valencia and that gives us great amount of flexibility like rich said, we've already moved.
Speaker Change: A lot of the nodes distribution nodes for O U S. Our Valencia, so that way we can.
Speaker Change: We don't we skipped the.
Speaker Change: Tariffs of the U S tariff part of it.
Speaker Change: And that has given us a lot of flex and we will continue to give us an opportunity. So we will constantly measure.
Speaker Change: If theres labor arbitrage in one side versus the other.
Speaker Change: Is it outweighed by the tariff cost or not but we do have that flex and because we've largely exited China.
Speaker Change: We don't have that risk, which I think right now poses the greatest threat to our combi to our segment in our industry.
Speaker Change: But that one is the one that we don't have a lot of aligned so we moved Manny.
Speaker Change: Manufacturing is part of our one of our strategies early was to in source a lot of third party Manny.
Speaker Change: 3rd party manufacturer from China into Valencia. And obviously if we didn't have that that would be a project we were working on right now, but that's so.
Speaker Change: That's been a great part of the margin improvement and also just if you frankly think about it retrospectively, a great tariff avoidance, if not.
Speaker Change: If we had the best hit of foresight, but it never the last was a positive move. So I think I'm confident that we're able to do that.
Speaker Change: Again, no one can predict exactly what will happen and what the end tariffs will be, but based on what we know right now and what we see every day, we think we've got to plan to communicate it within our out with our guides.
[inaudible]
That's very helpful. Thanks, Baba.
Thank you, Matt.
Speaker Change: Thank you. I'm showing no further questions at this time, so I would like to turn it back to Vafa Jamali for closing remarks.
Vafa Jamali: Great. Thank you very much. So we're really proud of our accomplishments towards driving over achievement and profitability, most notable in our gross margin. This is...
Vafa Jamali: The result is a lot of hard work. Having a lot of hard work with no result is not fun. In this case, thanks to my fantastic colleagues, we've shown great effort and generated great results. So I really want to thank our employees.
Vafa Jamali: I also feel very optimistic that the same energy and the same focus is being directed right now towards our commercial strategies, and they'll yield similar results in this dynamic end market. So, I'm really, really proud of our team, we're focused on the very vital few priorities that will drive the most impact for our company.
Vafa Jamali: and you know, our better than expected performance from launch of this new implant, the immediate molar is really a reflection of that focus.
Vafa Jamali: We believe the dental market is the implant market for resilience and we think that dental implants are still very much under-adopted so we do believe that this is still the greatest growth driver for our market. So I respectfully for your attention today and I wish you a great evening.
Vafa Jamali: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.
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