Eugene Scherbakov: Definitely, our goal to optimize our cost. First of all, for production of some of components like fiber blocks and others for our lasers. And of course, working [indiscernible] this way. By the way, in Poland, we will increase our production dramatically and we will increase further to the end of this quarter. The same situation in Italy. We also increased our production for these components and also in Germany. And every time we — of course, it’s under our control to cost of these components because it’s influenced finally exactly to our gross margin. Situation in the United States, much more farther because it’s an expensive country. But nevertheless, we are looking forward to make the final optimization of our cost first of all, for fiber components production.
Michael Feniger: Great. And then just on Europe, Europe, we’re hearing from other industrial companies that kind of are flagging a weakening in Germany and Europe, the last month or so. Your growth was pretty resilient, even up a little bit in Germany. Just curious what you’re kind of seeing there with the underlying demand versus your ability to offset that it looks like in some areas?
Timothy Mammen: Yes. I mean, certainly, during the quarter, Europe was performing pretty reasonably and particularly compared to a year ago. The weaker guidance reflects some of the softness that other people are seeing. For us, that’s translating into Q3. There are positives and negatives, right? Some of the industrial OEM business is a bit weaker, where some of the welding applications have held up quite well and things like cleaning are also performing well in Europe. But yes, I mean the PMIs in Europe are at 43%. They’re some of the weakest they’ve been for quite a long time. And I think that the German economy is quite weak at the moment. So we’ll have to see how long it takes for that to turn around.
Operator: Our next question comes from Mark Miller with The Benchmark Company.
Mark Miller: You mentioned there was a large customer inventory adjustment in the U.S. Could you give a little more color what type industry was that from?
Timothy Mammen: Yes. Mark, obviously, medical applications, which we’d called out on Q1 would be weaker in the second quarter, and now we’re expecting a recovery in medical application sales in Q3, the customers worked through their inventory adjustment that they’ve signaled to us would happen in the second quarter.
Mark Miller: Any opportunities such as in the consumer or consumer electronics area related to AI UC coming up?
Timothy Mammen: I mean there’s some announcements out there that there’s one of the major smartphone manufacturers — is going to be using more additive manufacturing in their processes. That would be an opportunity for us, given the strength that we have within the additive manufacturing processes around the world. I think — I mean that would be one of the more significant opportunities that’s been talked about. As you mentioned, the consumer electronics investment cycle overall with QCW lasers and even pulse lasers being relatively anemic is not strong outside of that right now.
Operator: We have reached the end of the question-and-answer session. I would now like to turn the call back over to Eugene Fedotoff for closing comments.
Eugene Fedotoff: Thanks for joining this morning and for your continued interest in IPG. We will participate in a number of investor events this quarter and are looking forward to speaking with you over the coming weeks. Have a great day, everyone.
Operator: This concludes today’s conference. You may disconnect your lines at this time, and we thank you for your participation.
