Olympus Corp Ord

Now we would like to open the floor for questions.

Thanks for taking my questions. So the first question is on a new guidance on page 9. The revenue guidance on constant currency basis was revised down by 2%. So we understand the ship hole in the SIS division is kind of unfortunate, but I think, as Bob said, it is a one-off. But looking at page 35, it also looks like the GIS division forecast has been revised down. And I'm assuming the weakness is mainly in the U.S., maybe a little bit in Japan, but... Olympus launched a really competitive GI scope that no other player has in the U.S. market, yet the third quarter came in flattish on constant currency basis in the U.S. So could you talk to us about what went wrong in the third quarter that you had to revise your forecast? Why was there a delay? in the demonstration scopes, or possibly is a certain competitor offering price to gain share as the other competitors suggested on their call? And are we sure we're going to see growth in the U.S. in the fourth quarter? I'm asking this because I'm really struggling with how this downward revision reconciles with the discipline and execution that Olympus has repeatedly stressed in the recent quarters. That's my first question.

Thank you for the question. This is Bob. I'll start, but then I'll ask Keith actually to comment both what we saw in GI in Q3 in the U.S. and then what gives us confidence in Q4 moving forward. But before I do, you were right to frame it that ship holds, and I'm sure we'll talk about that, dramatic impact. On the SIS business, there was some ship holds as well in GI, not nearly as significant. And we saw good GI growth around the globe. So we got confidence in Q4. But Keith, why don't you talk about execution in Q3? And then what gives us confidence in Q4?