In terms of the cadence of innovation, you really have to take a long view, and it really takes multiple years ago from concept to product launch and then from product launch to adoption. I mean there’s a long period in which we’re really driving our product marketing message to gain penetration with those products. So we tend not to think in terms of economic cycles. We believe that if we’re consistently launching good products if we’re consistently disrupting our own product by bringing better innovation, more value to our consumers, then that’s the right way to build a consumer brand. And so we’ll just — we will continue independent of macro cycles to bring product to market because if we delay a current generation, that will simply delay a future generation when the macro may be more favorable to high-ticket consumer discretionary.
I would also — just speaking to — we launched this week a new MEATER product, the MEATER 2 Plus. And I think it’s important for us to just acknowledge that is another market that’s very large. If you look at the U.S., for example, there were 20 million meat probes sold per year. We are a small percentage of those. We have a very, very passionate and engaged consumer of meter. The product, which includes a digital experience, and we will continue to innovate there. The innovation that we launched on Monday, by the team started working on that long before I had met the team. They started working on that product six or seven years ago. And so it took that mall to perfect something that is technically complicated but very simple and elegant to the consumer.
And so we bring product to market. Innovation is not always predictable in terms of cadence. We bring it when it’s ready.
Joe Feldman: Okay. That’s really helpful. And just a quick follow-up. With regard to cost savings, I know you guys have done a lot over the past year. Is there more room to flex if the environment remains pretty challenging in ’24?
Dom Blosil: Yes, there’s always room to flex. I think that our approach to planning for 2024 is to start in a very conservative manner. And I think that’s where there’s benefit in thinking prudently about what the category is doing and the fact that it may be that we expect it to be down in 2024. So we want to ensure that there’s cushion to absorb that without having to make dramatic shifts or pivots within our investment strategy and our OpEx configuration. That said, to the extent that we see trends emerge that require further cuts to ensure that we protect profitability, especially in light of the fact that we do have high leverage on the balance sheet, we have fairly deep insights into where we would kind of manage that.
And I think that at the end of the day, we’re performance managing the P&L monthly. So we’ll never get caught on our heels and we’ll be able to react to trends. And I think building in that conservatism around how we plan OpEx will certainly support that.
Joe Feldman: That’s great, thanks guys. Good luck with this quarter.
Dom Blosil: Thanks, Joe.
Operator: Our next question comes from Brian McNamara with Cannacord Genuity. Please go ahead, Brian. Your line is open.
Brian McNamara: Good afternoon, guys. Thanks for taking the questions. Another publicly traded company with the Grill business reported earlier today and pushed out an inflection for the Grill business another quarter or two. So can you provide some color on the competitive dynamics you’re seeing giving retailers hesitancy on restocking in some of the recently destocked discretionary consumer durables?
