Weave Communications, Inc. (NYSE:WEAV) Q1 2024 Earnings Call Transcript

And I think that’s really what’s moving the needle.

Tyler Radke: Helpful. Thank you. And follow-up on the specialty medical, good to see the encouraging commentary there. Can you just remind us, I imagine it’s still pretty small, but any way of sizing that revenue base today? And then as you are going into this specialty medical vertical, I guess is it fair to say that that might be slightly more discretionary in terms of consumer SMB spending than what you are seeing in kind of the core dental and veterinary, or maybe it’s less discretionary. And just any comments on what you are seeing, macro environment, any changes across the customer base? Thank you.

Brett White: Sure. So, on the sizing, historically our mix of business has been dental, opto, vet and specialty medical. And we have always said that dental is just north of 50%. And we have now switched orders, so now we are dental, optometry, specialty medical, and then vet. So, that gives you a little bit an idea of the size. But we haven’t reported revenue mix. It is our – specialty medical is our fastest growing segment in ARR. And then as far as discretionary versus subject to economic trends, the four where we are really focused, physical therapy, medical aesthetics, plastic surgery, primary care. I think physical therapy and primary care are not discretionary. If you need the services, you go and get them. Medical aesthetics and plastic surgery, you could argue, are discretionary, but they are very, very successful businesses.

So, we are early in this space. We don’t have years of data to look at here and see how trends move, but those businesses are very successful, and they are doing well, and then they are choosing Weave, so that’s terrific.

Tyler Radke: Thank you.

Operator: Thank you. There are no further questions at this time. I would like to hand the floor over to Brett White for any closing comments.

Brett White: Okay. Well, thank you all. Thank you again everyone for your continued support and thank you to the Weave team for delivering yet another terrific quarter.

Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.