Thank you, operator, and good afternoon. Thank you for joining The Beauty Health Company's 2025 Second Quarter Conference Call. Our earnings press release was issued this afternoon and is available on our Investor Relations site at beautyhealth.com. Joining me on the call today is BeautyHealth's Chief Executive Officer, Marla Beck; along with our Chief Financial Officer, Michael Monahan. Before we begin, please note that today's discussion includes forward-looking statements, including guidance and underlying assumptions, which are subject to risks and uncertainties. Actual results may differ materially. For a further discussion of risks related to our business, please refer to our SEC filings. We may also reference non-GAAP measures with reconciliations available in our earnings press release furnished to the SEC and available on our website. Following management's prepared remarks, we will open the call for a question-and-answer session. With that, I would now like to turn the call over to our CEO, Marla Beck.

Thank you, Norberto. Good afternoon, everyone. Q2 marked another strong quarter, demonstrating the momentum of our transformation strategy and disciplined execution. We exceeded both revenue and adjusted EBITDA guidance for the third consecutive quarter, driven by our consumables revenue, margin expansion and operational improvements. During the quarter, we successfully launched the HydraFillic with Pep9 booster, which has quickly become our top-performing HydraFacial branded booster. We expanded to over 35,000 active devices globally. We saw significant gross margin improvement, GAAP at 62.8% and adjusted at 65.9%. We completed our transition to a distributor model in China, and we restructured our debt. These achievements fueled $78.2 million in revenue and $13.9 million in adjusted EBITDA, both above expectations. Our consumables business, now over 70% of revenue, remains strong, demonstrating the impact of our razor-razor blade model. A favorable mix, judicious cost control, and inventory optimization continue to enhance profitability. We reduced operating expenses by nearly 18%, lowered inventory, and closed the quarter with $212 million in cash following a strategic debt restructuring. While we've made significant progress on adjusted EBITDA and cash flow, device sales remain pressured due to macroeconomic headwinds. That said, we're confident in the long-term opportunity and in our ability to improve performance through strategic execution and innovation. Over the past year, we've taken several steps to drive equipment sales growth in the future. These include a strengthened sales organization with new leadership at every level, including a new Chief Revenue Officer to install a data-driven approach to pipeline management and execution, an upgraded CRM to better leverage field and lead data to target new providers, and improved alignment between sales and marketing around shared initiatives to expand our global presence and footprint. Our strategy continues to center on three pillars: commercial execution and operational rigor, innovation acceleration, and provider-centric growth. Regarding commercial execution, our razor-razor blade model continues to scale with consumables driving recurring revenue and margin expansion. Providers consistently see strong ROI from HydraFacial devices, evidenced by exceptional loyalty. Over one-third of U.S. providers have partnered with us for over five years, contributing significantly to consumables revenue. We ended the quarter with over 35,000 active devices, up from 33,500 last year. Our good, better, best offering is resonating with Syndeo sales accounting for two-thirds of device sales and non-Syndeo sales accounting for the remaining one-third. Booster sales in the Americas rose over 8% year-on-year, led by the HydraFillic booster launch, a booster clinically proven to address fine lines and wrinkles. This demonstrates the end consumer demand for our premium treatments. We plan to build on this momentum with more innovation in the back half of 2025. In EMEA, increased booster adoption and expansion in the medical channel are positive signs for us to capture future market share. In addition, during the second half of the year, our global commercial teams will begin rolling out a new strategic engagement program to deepen account relationships and drive growth. Moving to science-backed innovation. Through our MedTech Meets Beauty strategy, we're advancing clinically validated innovation building on our 28-year legacy. HydraFillic with Pep9, our most successful booster launch to date, exceeded 30-day targets and outpaced Hydralock HA's strong debut. Hydralock adoption and penetration continue to rise. One-third of U.S. providers have now purchased Hydralock HA boosters. The performance of these two booster launches demonstrates that our strategy to invest in HydraFacial branded clinically backed consumables resonates with our providers and the end consumers. We're continuing to implement our wrap to treatment room strategy to support our providers in enhancing patient and consumer outcomes and generating revenue. This includes the launch of HydraFacial back bar product in the fourth quarter of this year aimed at boosting in-office treatment results and provider revenue, a new retail skincare line debuting with a single hero product also in the fourth quarter of this year, along with more SKUs planned for 2026 and upcoming launches of two new scalp tips for Keravive and a lip tip, both now expected in 2026. This rapid treatment room strategy includes boosters, back bar, and skincare, which work together to enhance treatment outcomes and extend the benefits of a HydraFacial treatment. This strategy helps to deepen engagement, increase utilization, and drive revenue for our providers. All of our innovation remains grounded in clinical rigor and will be supported by our talented team of business development managers and our extensive provider network, all of which are part of our competitive edge in the physician-dispensed topicals market. As it relates to strengthening provider partnerships, providers are the backbone of our success. In the U.S., our largest market, we're seeing continued strength in national accounts. Excluding Sephora, consumable sales in the first half of 2025 increased by 6.1% over last year, partially driven by double-digit growth from our largest national accounts. We're also seeing continued traction in Europe, evidenced by double-digit growth in consumables this quarter. To support our providers, we're enhancing business development tools and preparing to relaunch our loyalty program in early 2026. The redesign aims to reward long-term commitment and drive incremental sales. Given the recent report that shows expected compounded annual growth in the specialty facial sector to be 7% through 2029, we are uniquely positioned with our device installed base and recurring revenue consumables model to drive profitable growth. HydraFacial is one of the most in-demand skin health treatments globally with five million treatments delivered in 2024, over 175 patents, a 96% worth-it rating on RealSelf, and a Net Promoter Score of 52, the second highest in our industry. We're also the second most recognized facial treatment in the U.S. and the number one brand driving new patient traffic to med spas in our category. In summary, Q2 highlights the strength of our recurring revenue model, the growing reach of our brand, and the meaningful progress of our transformation. We're grateful to our global team and our provider partners. Our focus remains on driving sustainable growth and long-term value creation. Now, I'll hand it over to Mike.

Thank you, Marla. Good afternoon, everyone. I'm pleased to report we once again exceeded our initial expectations this quarter, driven by the hard work and disciplined execution of our global teams. The business is undergoing meaningful change to drive value, and our teams are delivering. While there is still work to be done to grow equipment device sales, we are successfully controlling our costs to drive increased adjusted EBITDA and cash flow. As a result of our favorable performance in the first half of 2025, we are increasing the low end of our net sales full year guidance range to $285 million to $300 million and increasing both the top and bottom end of our adjusted EBITDA guidance range to $27 million to $35 million. For Q3, we expect net sales between $65 million and $70 million and adjusted EBITDA between $2 million and $4 million. This guidance reflects the seasonally slower third quarter in our industry, along with strategic R&D investments we are making behind device and consumables innovation, including back bar and skincare. Revenue for Q2 came in at $78.2 million. GAAP gross margin was 62.8% and operating loss was negative $2.7 million. Adjusted gross margin was 65.9% and adjusted EBITDA was $13.9 million. Our global footprint continues to expand, which adds to the recurring consumables revenue stream. In the second quarter, we sold 957 total units worldwide at an average selling price of approximately $23,362. As of June 30, 2025, total active machines in the field increased to 35,193 units versus 33,504 units at the end of Q2 2024. Consumable sales for the quarter totaled $55.8 million, up 0.8% year-over-year, driven by growth in the Americas and EMEA, offset by declines in APAC, primarily driven by the transition in China from a direct business to a distributor model. As with recent prior quarters, macroeconomic pressures continue to impact capital equipment purchasing decisions, contributing to a 36.5% year-over-year decline in global device revenue. Our good, better, best device strategy aims to address this by expanding provider access by offering select systems at lower price points. This initiative continues to deliver results as non-Syndeo systems represented 37% of total devices sold globally, up from 28% in Q2 last year. We continue to believe we will be well positioned to capture additional market share when the macro environment improves. From a regional perspective, Q2 consolidated revenue in the Americas was down 9.8%, while revenue across APAC and EMEA declined 43.4% and 4.2%, respectively. Contributing to the decline in APAC is the planned go-to-market strategy change in China. We have transitioned the business from a direct to a distributor model. As part of this plan, we ensured that we warehoused enough capital equipment inventory in China to satisfy expected equipment demand for the remainder of the year that will not be subject to tariffs. We will have some exposure to tariffs for consumables sold in China. However, we are working through this with our new distribution partner. As a reminder, we closed our China production facility in Q4 of 2024 and centralized production in the U.S., minimizing our global tariff exposure. Gross margins were in line with our expectations with the strong improvement year-over-year driven primarily by disciplined demand planning and overall management of inventory, a favorable mix shift towards consumable net sales, and improved operational processes. Specifically, gross profit for the second quarter was $49.1 million, comparing favorably to $40.9 million in the prior year period. Adjusted gross margin for the quarter was 65.9% compared to 49.4% in the prior year period. GAAP gross margin for the quarter was 62.8% as compared to 45.2%, improving significantly versus the prior year period. Total operating expenses for the second quarter decreased by 17.8% to $51.8 million as we continue to manage our expenses. Selling and marketing expenses were down approximately 24.2% to $23.1 million, reflecting lower personnel-related expenses, including share-based compensation, lower sales commissions, marketing, training, and events expense. R&D expense was roughly flat at $1.3 million, while G&A expense was $27.5 million, down 12.6% year-over-year, driven by lower personnel-related spend and bad debt recoveries. These factors led to an operating loss of $2.7 million in Q2 2025, an improvement versus a loss of $22.1 million in the comparable prior year. Adjusted EBITDA of $13.9 million was above our implied guidance, reflecting lower operational spend and higher gross margin. Moving to the balance sheet. We ended the quarter with $212 million in cash and equivalents, down from $370 million at year-end 2024. This decline primarily reflects the completion of our convertible note exchange in which we repurchased approximately $20 million in principal and exchanged a total of $413 million of 2026 notes for a combination of cash and $250 million in new 7.95% secured notes due in 2028. This transaction meaningfully extends our debt maturity profile and enhances our long-term financial flexibility. In addition, we incurred typical working capital and restructuring investments as we continue executing on our transformation strategy. Inventory declined to $59.2 million from $69.1 million at year-end, demonstrating improved demand planning and supply chain efficiency. Additionally, we continue to make progress on selling through our Elite fair market value devices. We now have 235 devices remaining and expect to sell the remaining units this year. As previously stated, our U.S.-based manufacturing footprint is fully operational and remains a strategic advantage geared toward enhancing quality, increasing agility, and helping mitigate tariff exposure in the U.S., which we are projecting to be approximately $4 million for the remainder of the year. We took an average overall price increase of nearly 5% across our consumables portfolio effective July 3. This marks our first price increase in three years. We have factored this increase into our budget and for the full year 2025. As a result, this is already included in our 2025 guidance. I'll now turn the call back to Marla.

We delivered a strong second quarter marked by disciplined cost management, expanding profitability, and solid execution. With that, we'll open the line for questions. Operator?

The first question comes from the line of Allen Gong with JPMorgan.

Congrats on the good quarter. I guess, when I look at your guide, you're raising the bottom end after maintaining after a good first quarter, you've had another good quarter. But when I look at your third quarter guide, it looks fairly cautious, right? Like I guess there's some seasonality in there. But given the momentum you have, given easy comps, what are you seeing in July and August? And how does that factor into your confidence in the guide?

Allen, thanks for the question. I'm going to have Mike answer that.

Let me address the second half kind of the guide more specifically because it's really driven and includes the third quarter. It's driven by three factors. The first is we're projecting revenue, the year-over-year trends to be down similar to what we saw in the first half. And it's mainly driven by the switch to China along with the current trends we're seeing. And we're expecting to see more ASP pressure in the back half of the year, and that's really putting some overall pressure on revenue and pressuring in the near term the gross margin. The second piece, it does relate to gross margin. It's projected to be down in the second half versus the first half due to overall ASP primarily because we're selling more Elite and Syndeo factory refurbished devices, because they're more accessible and providers are taking advantage of that price point. Additionally, we're still projecting most of the tariff impact that I mentioned of $4.5 million to impact the back half of the year in both the third and fourth quarter. We're hopeful that, that can be conservative, but we've been managing through that and still are leaving that in the guide. And then the third piece is we're making some meaningful R&D investments in the back half of the year. And approximately, it's $4 million to $5 million, and that's mainly to support launches late in 2025 and in '26 around both consumables and devices.

I understand. For a follow-up regarding the installed base, you experienced net growth by placing a significant number of systems this quarter, which contributed to the increase in total system sales. However, the installed base grew considerably less, suggesting that many of the systems sold were upgrades, replacements, or possibly due to churn. What factors influenced this, considering the trends we've observed in other quarters?

Yes. So, we had device sales continue to be pressured because of the macro environment that we've seen in interest rates. Churn was a little bit higher in the second quarter than we've seen in the past. And that's been the last kind of couple of quarters. It's not occurring in any one channel over another. It's spread across both kind of medical and nonmedical. But we're in the process now of developing an action plan, and we're reaching out to those providers with the expectation to reverse some of those trends in the back half of the year.

Next question comes from the line of Jon Block with Stifel.

This is Joe Federico on for Jon. I guess, I'll just maybe try to get a little more detail on the EBITDA dynamics in the guidance in the back half of the year. And I think, Mike, you've just touched on it, but you've done roughly $21 million year-to-date. And then at the midpoint of the updated guide, that implies $10 million in the back half. Is that step down just the combination of the tariff headwinds that you just outlined and the increased R&D spend? And any more color other than that would be great.

It's the combination of both of those and the assumption around product mix, specifically how we're continuing to project increased sales around factory refurbished Syndeos and Elite that's pressuring gross margin as we move through that product and clear it out of our inventory.

Okay. That's helpful. I have one more question about EBITDA. The gross profit in dollar terms was pretty much in line with our expectations for the quarter, but EBITDA significantly exceeded our projections, indicating a very strong quarter. You've mentioned some factors in operating expenses that might explain the discrepancy, particularly in sales and marketing. Can you share any additional specific actions you're taking that you want to highlight? Also, what kind of run rate can we anticipate moving forward?

Yes. Sales and marketing played a significant role in driving our operational expense savings. General and administrative costs were also lower, as we've implemented initiatives over the past 1.5 years to control these expenses. Additionally, we've seen some recovery in bad debt, which has contributed positively as we collect on overdue accounts that we had previously reserved for. As a result, we reversed some of those reserves in our G&A. In particular, sales and marketing is the largest contributor, as our team is focused on ensuring a return on investment for their expenditures. We have been careful in deploying this spend to ensure it effectively generates new leads, enhances lead conversion, and promotes the HydraFacial brand to attract consumers. This is what is driving our results. Looking ahead, I expect our sales and marketing costs to remain consistent, similar to what we experienced in the second quarter. In the second quarter, our GAAP number was just above $23 million, and I anticipate that for the remainder of the year, we will remain in that range of $23 million to $24 million for the back half of the quarter, with percentages fluctuating based on revenue seasonality.

Next question comes from the line of Oliver Chen with TD Securities.

Marla and Michael, as we look forward with delivery systems, what do you think it takes to grow positively there? Will the compares ease enough and the changes in Asia also ease such that you can get positive consistent growth? Or any thoughts around that? Also, as we think longer term about consumables, what are your thoughts on the long-term growth rates here? And then the regions, you spoke about the regions at length. I think there's quite different things happening in Americas versus Europe. If you could comment on the consumers and the macros there and how that's interplaying with your numbers, that would be helpful, too.

Thank you for the questions. I'll begin and then Mike will add to my remarks. We are very focused on boosting device sales and have launched an ambitious customer engagement program worldwide aimed at improving lead and pipeline management to enhance device sales. Although we are disappointed with the current numbers, we believe we have a solid strategy in place to achieve our goals. Regarding consumable sales, we are optimistic about our current position and future prospects. They showed slight positive growth year-on-year, and when excluding China, consumable sales increased by 5.3%. In the non-APAC markets, our signature treatments remained stable while we experienced strong adoption of boosters, with global booster revenue growing in double digits this year. We are very confident in the future of our consumable sales, especially with new launches in back bar and skincare, which we see as key growth areas for the company. I'll let Mike continue with the rest of the question.

I think you addressed most of the points, but there are a few regional aspects to mention. On a regional level, we're observing similar declines in equipment. The trends in EMEA compared to the Americas, excluding APAC, show comparable pressure points and year-over-year percentage declines. In terms of consumables, EMEA performed particularly well, experiencing strong growth in this segment with double-digit increases. This region has executed well, especially in the medical channel, where they are gaining significant traction.

Okay. Marla, you are making some prudent changes to the sales organization. What are your thoughts on the timing? What should we expect in terms of timing for driving positive growth? Also, how do you separate what's happening in the background, considering the macros and delivery systems, from what seems like solid execution on your part?

Yes, it's a good question. I mean the macro still pressures, and it's mainly because of the uncertainty in the market, right, which is just uncertain with where tariffs are going, where the economy is going. So, I think once we get through that, we feel good. Our team is executing well. We have a lot of new leaders on the team. And so, we're really excited. We can't predict exactly when it will turn, but we're excited about the team and the initiatives they are implementing right now and implementing in the back half of the year.

Okay. And Michael, as marketing and demand creation as a percentage of sales or dollar, what's the outlook and framework and timing of how that makes the most sense to optimize against changes and such?

So is your question more specifically on kind of how we think about sales and marketing as a percentage of revenue in the guide?

Yes, both. And I think if there's any other strategy thoughts, too, that's relevant to modeling that and also the changes underway, that could be helpful as well.

Yes. I mean, I think the selling and marketing line, we were a little under 30% of revenue in the second quarter. I would expect that to increase, but the dollar amount to stay relatively stable, but it's increasing because of the seasonally low revenue in the quarter. And then I would expect that to come back down into kind of the 30%, 31% range, give or take, in the fourth quarter. I think one of the important things about what we're seeing in sales and marketing, if you take the sales component, obviously, our sales team, large expense that runs through that is around kind of commissions. So, it's a variable cost that runs through that line. When you look at the marketing spend, that's where our marketing team is very disciplined around deploying money to bring in more leads. They measure the effectiveness of those leads. And as they're effective, we're willing to deploy more money back into that line to drive revenue. And if not, then we end up pulling back on some of the marketing costs until we see an appropriate ROI.

And then strategically, our marketing team is acutely focused on the provider and where the patient or consumer is. And so, I think over the last year, we really shifted into allocating more dollars over to provider marketing relative to consumer marketing. We do think the launch of back bar and skincare will halo overall of our marketing for both provider and consumer.

The last follow-up was innovation sounds exciting as well as R&D. There was previously thinking around exosomes as well as a really good hair product. But what's on your mind, as you mentioned, R&D and investing there?

Yes. I mean I think in terms of R&D, we're investing in consumables innovation and device innovation. You'll hear more about specific categories as we get closer to launching each product, but the categories you're talking about are compelling. We see exosomes as a long-term opportunity. We also see hair and our Keravive treatment as a long-term opportunity for investment.

Next question comes from the line of Bruce Jackson with the Benchmark Company.

Just a follow-up on that last one. You've spoken about the importance of keeping up a new product cadence. When is the next booster or new product expected to launch?

So, we will be launching back bar and a hero skincare SKU in the fourth quarter of this year, and then we'll be following on with a significant expansion in both those categories in 2026. And then, the booster cadence, we think one to two a year is the right cadence. If you look, I think the company did a lot more previously, but we really need time to get the full benefit of each launch, and we're still picking up penetration from the Hydralock HA launch, which was from last year. And so, we think this strategy of really leaning into launches over a long period of time to get the full adoption makes the most sense.

Okay. That's helpful. And then one follow-up, if I may. Looking at the other income, with the refinancing of the debt, are there going to be any changes to your net interest expense or net income, other income lines going forward?

Yes. We restructured our debt, which stood at $557 million at the end of last quarter. We refinanced $250 million, extending the maturity from 2026 to 2028. The interest rate is slightly below 8%, so starting this year and continuing into next year, you will see an increase in interest expense due to the new notes.

Next question comes from the line of Olivia Tong with Raymond James. Please go ahead.

Good afternoon. I want to start with the consumables price increase that you talked about. Could you tell us when you implemented that? What's been the feedback from your aestheticians and your view on demand elasticity? Does this cover the tariff pressure? Or is there more that needs to be done with productivity or other offsetting measures to offset the headwind?

Thank you, Olivia. We implemented the price increase on July 3. Initially, we were a bit concerned about the response, but it turns out there were several price hikes in the medical aesthetics sector around the same time that were significantly higher than ours. Consequently, we didn't receive any negative feedback regarding our price increase. Mike, would you like to discuss the tariff headwinds and our thoughts on that?

Sure. Yes, Olivia, the price increase has been beneficial and somewhat offsets the impact of the tariffs. However, we are still anticipating approximately $4 million in expenses for the latter half of the year. We hope this estimate is on the conservative side. We've managed to navigate this situation, primarily due to purchases from the APAC region for the consumables segment of our business.

Got it. And then can you talk about what drove the higher churn versus your expectations? And does that continue to contribute in the second half?

Yes, that's a great question. We're examining the churn. As I mentioned earlier, it's not confined to any specific area. It affects both medical and non-medical sectors. I haven't identified anything in the data that indicates a particular issue. So, the short answer is that we're still investigating specific customers and reaching out to them. We're quite optimistic that we can reactivate some of these customers through targeted initiatives. We'll keep you updated on our progress.

Next question comes from the line of Sydney Wagner with Jefferies.

Just wondering if you can give a little bit more color on the variability of performance between the provider channels or provider types.

Yes. Happy to talk a little bit about that. We saw some nice growth in the nonmedical channel this quarter, especially among single-room STs and med spas. So that was exciting to see given that our good, better, best strategy was really designed to expand the market. And so, I think with our Elite FRC devices and other more accessibly priced devices, the market felt comfortable buying in. So really nice growth in that sector. In terms of the medical and med spa, we continue to feel good about the potential there. And a lot of them are incredibly excited about the HydraFillic booster launches and our more clinically backed booster strategy. And so we had great adoption within that channel.

Next question comes from the line of Susan Anderson with Canaccord.

Alec Legg on for Susan. On the consumables, I think I heard, did you say that consumables was up 6%, excluding Sephora? And then when should we expect that headwind to roll off?

Consumables were up 5.3%, excluding China. That's the big because as we moved from a distributor model or from a direct model to a distributor model, the business in China is going through a transition period. So that's one of the key pieces. I think in the U.S., the 6% was referenced around our U.S. National Accounts. In particular, Sephora, we're no longer in anymore. So when you factor that out, we saw National Account growth in the US grow the 6%.

Got it. And then on the China distributor transition, how should we think about the ASPs across both the equipment and the consumables business? Is the current rate the right way to think about it? Or will there be more pressure in the back half?

We take that into account. In our distributor business, we have various agreements, but typically, there's an average discount of around 30% to 40% on the product. We also don't have the operating expenses that come with it. For this year's guidance, the distributor we've partnered with in China is primarily focused on supporting the existing providers and ensuring a smooth transition. Thus, we are not expecting significant growth in China this year; we see it as a transition year. Moving into next year, you will start to see the distributor model and its related economics, which involve a discount leading to lower gross margin and lower gross profit, but with very minimal operating expenses impacting EBITDA.

Next question comes from the line of Navann Ty with BNP.

Sorry if I missed it, but could you discuss the general trends across the med spa, plastic, and derm channel in the U.S. this quarter? And are you seeing end consumer weakness in the low end of the market? Or is that still on luxury treatments?

It's a good question. Thank you. The specialty facial category remains strong in medical aesthetics. Our consumable sales clearly indicate consistent consumer demand, and our growth in consumables reflects that. Our providers, which include med spas, doctor's offices, and large US chains, are effectively using HydraFacial to attract customers. Some of our leading US national accounts with substantial presence are even experiencing double-digit growth. This success is supported by our series of booster launches that capture the attention of providers and aestheticians, as well as pique the interest of consumers in seeking additional HydraFacial treatments. The notable revenue growth from boosters illustrates the appeal of our premium treatments to consumers. We feel positive about our category. Additionally, if there's any slowdown in patient spending on more expensive treatments, the med spas leverage HydraFacial to draw in patients and consumers in hopes of upselling them to other services. The trends we're observing with treatment stacking and recommending HydraFacial prior to other treatments are particularly encouraging.

That's very helpful. And I don't know, if you can discuss the 2026 loyalty program, at least broadly, how will that be structured versus other aesthetics companies' programs?

Yes. I think for us, what we are doing is really simplifying our program and adding more incremental levels to really add more perks and benefits for our base and for our provider base. Currently, 93% of our providers are in our program. And so, we're really leveling up. We're also relaunching it to prepare for skincare and back bar so that we can add additional benefits for buying into those programs. So, for us, it's really about simplifying and then preparing the program so that we can add additional benefits.

This concludes our question-and-answer session. I would like to turn the conference back over to Marla Beck for closing remarks.

Thank you all for joining today, and thank you to the Beauty Health and HydraFacial team for everything you do and your hard work on execution this quarter. Thank you.

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.