Edward Woo: Yes, congratulations on the quarter. My question is, do you have any idea of how much of the percentage of sales of Waterlase is financed? Have you seen any issues with the test is getting financing in the wake of what happened with Silicon Valley Bank and all the midsize and smaller banks?
John Beaver: So in the U.S., where we sell directly to dentists versus international where we go through distributors. In the U.S., well over 90% of Waterlase purchases are financed through a third party. And for the dentists, that’s either a credit union, their bank or a third-party financing company. We have not seen any from a financing standpoint, really any pullback there. It really is dependent on the individual dentists credit rating, credit score, credit history and so forth than it is a macro banking. I think when I mentioned SVB is really more market sentiment around the dentists, whether or not they wanted to pull the trigger yet or not that caused some negative impact in Q1, but I haven’t seen any reduction in the amount of dentists who can get qualified for the credit.
Edward Woo: Great. And then tying to that, obviously, with the higher interest rate, which is probably going to factor into higher payment costs or leasing costs. Have you seen any pullback from debtors saying, hey, wait a minute, the lease rates are much higher because we’re no longer in a zero interest rate environment, so the monthly cost is higher than expected. Have you seen any pullbacks from that?
John Beaver: Not really because there’s so much benefit from a revenue enhancement standpoint when you purchase the Waterlase for most dentists. Before the interest rate hikes of — let’s go back year, year and half ago, the dentist was on average, paying $1,000 to $1,100 a month for their Waterlase if they financed it because most of them finance it over a 84-month period. Waterlase last a long time, so that’s easily done. Now that number is closer to $1,300 to $1,400. So it’s $200 to $300 extra a month, which is less than one procedure. So the calculus that we show and what we’re showing in the trial program and I said we’re well over 50% so far this year is that two procedures a week that you’re doing that you weren’t doing before, and getting a 200% ROI, the fact that the payments went from $1,000 to $1,300 because the interest rate spike hasn’t impacted calculation meaningfully.
Edward Woo: Great. Thanks for answering my questions. And I wish guys a good luck. Thank you.
John Beaver: Thank you, Ed.
Operator: We’ve reached the end of the question-and-answer session, and I will now turn the call over to management for closing remarks.
John Beaver: I want to thank everyone for being on today’s call. Also, I want to thank the BIOLASE team for their continued commitment and dedication to delivering an elevated standard of care and safety through laser industry. Jennifer and I look forward to reviewing our first quarter results on our next call in May. Thank you, operator, and thank you, everyone, for your interest in BIOLASE. This concludes our call. Have a great day. Thank you.
Operator: Thank you. This concludes today’s conference, and you may disconnect your lines at this time. Thank you for your participation.
