Alex Woodward: No. Well, that’s correct. I mean it was all three categories grew, but it does seem like with supply chain constraints using raw materials would come down, the work-in-process increase. I believe one of the gentleman earlier asked about if we could continue to see the 20% growth. But just looking year-over-year, both finished goods and work in process, they’re up 20 in — almost, what, 30% or 40%. So it would seem that your inventory, at least is positioned for the company to continue to grow. Is that correct that’s at a pretty rapid rate?
Joseph Schmitz: We’re not going to get into the business of projecting future sales, but that has been one of the things we’ve talked about on these calls over the past year is having the inventory ready to meet customer demand. So yes, that’s our intent.
Alex Woodward: Very good. Thank you.
Operator: We have a follow-up question from the line of Jeffrey Bernstein with Cowen. Your line is open.
Jeffrey Bernstein: Just a couple of quick follow-ups. So Dan, I think you have said in the past that you guys might actually be the dominant player in sensors used in the new generation of hearing aids. And those OTC hearing aid regulations came out, I guess, in October after a lot of delays, et cetera. I know it’s very early in the development of this market. What are your thoughts about what kind of traction you’re seeing from customers? Is this a needle-moving event next year or the year after? Or how are you thinking about this at this point?
Daniel Baker: Well, we certainly see it as an excellent opportunity in the long term and the chance to help serve a large underserved market. There are statistics that the FDA has cited that only about 20% of those who could use a hearing aid seek hearing aids, presumably because many are discouraged by the prices and the dispensing inconvenience. We have seen that there are large retailers now offering OTC hearing aids, which on our last call in October, we couldn’t quite say that. We are starting to see signs of it. So there have been a number of announcements by brick-and-mortar and online suppliers that they’re going to be offering OTC hearing aids. So we do see it as an excellent opportunity to grow a market. And for us, we look at — we’ve developed products that are geared for that market.
So these products are probably going to be rechargeable or more skewed towards rechargeable as opposed to primary batteries that are — that tend to dominate the legacy hearing aid business. So our goal is to serve both markets, the OTC hearing aid market, the traditional hearing aid market. And also we see a broader hearables market as more and more companies are developing consumer wearables and hearables. So we’ve developed rechargeable compatible sensor devices, and those parts have received some very positive feedback in that industry. So we do see that as an excellent market.
Jeffrey Bernstein: Great. Thank you. And then just a couple of others. You guys did some development work on a Spin-Torque diode. I think it was like a gigabaud kinds of data rate and with implications that there was government interest, of course, they funded the research, I think, and then potentially some commercial interest at some point. Whatever happened with that?
Daniel Baker: So yes, you’ve got an excellent memory, Jeff. So those were some devices, some research that we did in 2018, we completed a contract with the Army that successfully demonstrated the feasibility of a Spin-Torque microwave diode spectrograph. So that has military usage and — but we also invested in the technology because it could increase speed and also plays into the anti-tamper or physical unclonable function market. And I think one of the other areas that, in fact, I think you might have pointed out is that there’s some fascinating research going on in probabilistic computers. And we’ve demonstrated stochastic magnetic tunnel junctions which are similar to the technology that was used that we developed for those Spin-Torque diodes.
