But then over the course of year, the overall expense base is going to be significantly lower than where it was last year.
Sam Eiber: Yeah. No, that’s super helpful. Thanks for that. Maybe I can ask just my follow-up here. I know we’re getting close to maybe when we’d expect you guys to have maybe 4-year data from the pivotal trial. I know considering a lot of the back and forth with the FDA right now, I don’t know if that’s something you’re looking to present or is that something maybe we should hold off on maybe saying you guys present until you get approval?
Juan José Chacón Quirós: So it is important to remember that the FDA per guidance document on breast implant requires 3-year data which we have provided. However, as a women’s health company we’re always been super transparent with data. We were the first company ever to provide data pre-approval on the trial, and we will continue to do so. So, yes, the idea is to provide the full year data to the market after the FDA has received that data for our periodic interactions. And, yes, and I think this data will show as – it has shown in the past, that we have an amazing technology with superior safety results.
Sam Eiber: Great. Thanks for taking the questions.
Operator: [Operator Instructions] Our next question is from Anthony Petrone with Mizuho Group. Please proceed.
Anthony Petrone: Thanks. Apologies, just having between calls here. So maybe first just on the geographic sort of split for the aesthetics market. Are there any regions where you’re starting to see green shoots, where perhaps distributors are seeing more activity on the ground and are re-upping on inventory stocking? So that would be question one, just geographically how the market is playing out? And then maybe any thoughts on where the underlying aesthetic market in the United States just ahead of a potential launch on Motiva into the second half? And then, I’ll have one follow-up for Raj, on the middle of the P&L.
Juan José Chacón Quirós: Yeah, so if you want to think about it by regions, I think that probably Latin America and, most importantly, Brazil have not recovered as quickly as other markets. Like in Asia, we’re starting to see – that’s a full distributive region for us, by the way, but we are starting see some of activity coming back. And we are also seeing that across Europe and especially in our direct markets where we see that in real time. So we expect this to continue taking place at different speeds in these regions, but when we think about guidance for this year, I think what you should think of is conditions improving throughout this year. And the U.S. was actually hit quite strongly by this global slowdown in aesthetics, but from different indicators, we know the situation is improving.
By the time we go to market, I think that we’ll be in a good position to take over demand, and the fact that if we might go the market with one less competitor, of course, adds up to the opportunity.
Anthony Petrone: No, absolutely. And, Raj, just on the expense outlook, when you think about the Motiva trial eventually rolling off, I mean, what is the cost burden on trial itself? And then when you think of reinvesting those dollars, is that happening now ahead of a launch or will it happen post-FDA clearance? Thanks.
Raj Denhoy: Yeah, it’s a fair question. We are still incurring costs relative to that trial as we’re moving through the FDA process. We were getting close to the approval, but there’s still costs associated with it. Once the improvement happens, we don’t stop our clinical activity in the United States. We have products coming after that. Mia is an important one that’ll come to the United States, and the Ergonomics 2 platform. So there will still continue to be costs associated our regulatory activity in The United State. But I think in general, as we noted earlier, we’ve taken quite a bit of cost out of our base here in 2024. And so, again, we’re operating on a much more efficient basis and it does give us some flexibility as you move through the year to take advantage of some of these opportunities, if we can. So I wouldn’t expect that that event of the U.S. approval is really going to step down our spending here too dramatically.
Anthony Petrone: Helpful. Thank you.
Operator: That is all the time that we have for questions today. I will now turn the call back over to Juan José for closing remarks.
Juan José Chacón Quirós: Thank you for joining us in today’s call. We look forward to providing our next quarterly update in May, and we wish everyone continued good health and happiness.
Operator: Thank you. This will conclude today’s conference. You may disconnect your lines at this time, and thank you for your participation.
