IIN - Earnings call transcript Q4 2017

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Operator

Good day and welcome to the IntriCon Fourth Quarter 2017 Results Conference Call. Today's conference is being recorded. And at this time, we would like to turn the conference over to Scott Longval, Chief Financial Officer. Please go ahead, Sir.

Scott Longval

Thank you, operator.

call Gorder, today's CEO. on me is IntriCon's Mark Joining

statements. our like the conference Before management based and forward-looking and of I'd to in and preface current call statements remarks estimates on certain are Today's we begin, IntriCon's statement. circumstances. to with assumptions are Harbor customary contains uncertainty subject These changes Safe

headings today's that materially Given statements. Actual forward-looking cause and XX-K these a on at IntriCon's from and filing Condition expectations and like XXXX. Risk include those reliance our year-ended strategic the Results these among uncertainties, look factors you the set the I'd Factors undue should for call. XX, December contained Management's Analysis differences of such introduce quarter. forth in may for in fourth could With Discussion of not vary Operations Important that, place Financial others, to results under

Mark Gorder

everyone to the key us and quarter sales. of record a year in Scott, joining from By health today. to then for more you, After drove detail quarter. our The review in of fourth and value like fourth I'd cover highlights net your most traction had Scott and you that, in thank leading the the Thank medical sales Gains this the performance, questions. annual take will financials release. reviewing hearing by results you, we'll period. market chance million reported begin in time, $XX.X to for company XX.X% up prior strong million press $XX.X the and continued

healthcare and to deliver channel advanced further acquisition deliver quarter-over-quarter our of superior HHE In direct-to-consumer continuing addition, during we our quarter outcomes-based hearing affordable completing the to progress. by fourth new

key Soundperience, a further made selffitting investments of also We technology. provider German-based in

systems. by the Medtronic's quarter monitoring was MiniMed wireless driven XXXX Looking business glucose three the XX.X% period. year gain our medical from primarily ongoing fourth The production the prior businesses, in increased at our of

key throughout to providing as Medtronic continuous strengthening. for assembly positioned medical accessories. demand for our We other monitor sensor Overall, are related Medtronic system and medical increase glucose the XXXX. components, well key system well is customers XXXX, with as demand including anticipate We

commitments Over have $X footprint. In the expanding commitments, manufacturing in we in or plus million response made last months, our equipment. invest medical capital to invested to in customers these six are --

First, we facility in our legacy to lines space. health up floor phasing are manufacturing out select existing product Minnesota free hearing

components are additional our Second, in Minnesota our the to secure current with locations systems. added space, the and we near medical conjunction current we quarter, manufacturing space accommodate molding in to intend In of capacity. assembly floor increasing robotic also

meet fourth next molding to XXXX presses and added over half us the for and of delivery XXXX. equipment presses the space several will five six another enable During have years. in molding first additional order on we The the quarter, demand

addition declines We direct-to-consumer expect partners our primarily XX% by HHE acquiring of channel health, direct-to-consumer contribution aid XX.X% acquisition in Health, fully we Hearing of and in sales, sales additional quarter, in from label a private remaining million HHE, of partially completed offset order new XXXX, in of expected $X.X stake the from December provider. hearing the In sales. conventional traction mail be fourth grew from mid-XXXX. including the the to business insurance-based value growth the to prior-year operational Turing growing from XX% hearing space this our stemming by

In debt in $X.X repayment holder. of terms in XX% to million cash approximately the and transaction, HHE's $XXX,XXX of included

progress make to continue HHE. optimizing We and integrating

professional by fourth and hiring designer. quarter, and marketing web a sales the assets we our further During developer graphic increased

which aid helped quarter metrics in customers increase XX% a continue orders, advertising we These addition, to sales. leads, aid to the new represents growth. XXX% firms we over successful be spend XXXX metrics modestly net advertising our increase a and drive fourth-quarter hearing strategic increase submitted investments drive In sequential intend fourth our XXX% marketing quarter the new over X% increase demonstrate in efforts relationships accelerate with further to a hearing prior-year new third-party during that including direct quarter. increase in first and to These a of key the

to addition made to during payments the equity XX% In quarter we interest secure in Soundperience. HHE, our

in Our it the impact States financial but the in not will critical will software technology. to this exclusive million. We anticipate provide results, business a current investment us organization operating rather notable do $X.X is on with Soundperience have access United

loss to the designed high-quality market U.S. Look and used XXXX. in low-cost ultra-low-power highlighting Sentibo system, step wireless barriers in being software significant Shifting Smart help These access ecosystem. the near for announcements advances to OTC been significant that lower hearing solutions was Brain our our barriers to law, includes accessible access with We of lower is public we is hearing affordable step By President, at hearing over-the-counter The is device training wireless healthcare. important at aid new health technology into market. provide health. hearing will to effort have Aid provide and to provide a The being there the in forward law in cost. greater the enable without creating and hearing previously this with an the before, hearing entered sophisticated to as Trump, developments legislation greater that designed brain public law or Aid access of signing OTC a As Act policy, is new designed that Hearing to create has can XXXX. Having solutions innovative reminder, aids said by today, German -- ultra-low-power remove hearing hearing a have healthcare to Donald adoption millions prevent discussed, IntriCon of initiatives. or an in HHE OTC signed technologies we've of Hearing our today. during in cost. Soundperience technologies, seen that Americans. care customer a Hearing unserved in which into Legislation existing underserved coupled Act innovation and the is innovative mild believe forefront future, much by aids eliminate at Aid Echoing adults era hearing Act moderate the a a cost self-fitting self-fitting a access the hearing spearheading professional. service this and is care OTC OTC other what to critical

this commence issued years mid-XXXX. in visited we the regulation draft week While the believe up I move it in Senators' and three was again bill through when could to for necessary to last XXXX, government August a just take channels, office signed Warren's legislation will will be from

the to Now turn over call I'd Scott. to like

Scott Longval

begin our I'll financial Mark. you, fourth Thank detail. results by reviewing quarter in more

million fourth $XXX,XXX in as prior $X.XX For sales traction was net the in we year from as due as IntriCon volume a XX.X% attributable XX% devices shareholders XXXX to being XX.X% prior-year medical and IntriCon $X.XX income from continued $X.X or value XXXX The net attributable increase this XXXX quarter, primarily for primarily margins up posted greater loss quarter were versus profit stem customer or significantly up shareholders The to million the per increase largest million revenue diluted per in of hearing net well more stronger HHE sold share $XX.X the in the gross margins fourth health. reported year-over-year Fourth quarter. fourth through gains our of period. channel. of share quarter. from $XX.X to for

of drive We to inclusion increase trend were due prior-year growth. for XXXX. the expect compared full HHE to XXXX largely this and in business to fourth initiatives the the quarter The expenses to the million $X.X quarter the Operating was continue fourth key in million $X increase. for

For margins from XX.X% reported net in $XX of loss year XX% $X.X and up diluted shareholders net XX, versus XX.X% ended or attributable XXXX. million million share $XX.X The gross the from $X.X the of of income in or delivered XXXX, record XXXX diluted December we of per sales $X.XX million in attributable company XXXX. $X.XX net to share a million to per shareholders up

the The financial quickly CIBC business PrivateBank formerly related Turning move arise growth gives flexibility our with value Bank facilities requirements. lending Trust and structure us thriving amended working quarter, credit capital opportunities highlights, during on that health our medical to revised to Company. supports USA, we hearing the and and other

mentioned, approximately impact of HHE. in of The the Terms resulted acquisition cash in million of $XXX,XXX acquisition but XX% shareholders income. XXXX, on of included in transaction $X.X $XXX,XXX and completed in repayment have reduction As the Mark an equity, we holder. not debt December to HHE's did net

XXXX Lastly, on $XX of terms first-quarter net currently we information based between to recognition new million and the range anticipate incorporated standards sales million. revenue that's in $XX available, the guidance,

For to $XXX range the are we million. sales increasing as now year, between $XXX and million estimates, our we anticipate

operator, call back the Now we I'd any like over to can so take questions. the to turn

Operator

from question first our take HMTC. we'll And Haimovitch instructions] [Operator you. Thank Larry with

Larry Haimovitch

Good afternoon, gentlemen.

Mark Gorder

How Larry. Hi you? are

Larry Haimovitch

really Thank happy blowout Doing you. congrats a And for guys. I'm you great. on year.

that's worked not very front of You've really hard, computer. in I'm Couple questions. great. my of

So, year-end tell I couldn’t that cash see what was. Would the please Scott? me you

Scott Longval

position in we're net So, $XX approximately of a million. debt

Larry Haimovitch

you're Okay. raised that balance. and running of cash you the in tight cash position? companies growing And feeling that feel very which you with a the my CFO, money when of as in one the of do I business part feel the kind how position. about CFO know because company, about felt about running rapidly the a cash very such how are with How does such comfortable thin is Board just

Scott Longval

very we're very excited how the the excited opportunities in say we ended. would obviously Yeah, XXXX. with I year We're this have with Larry,

we at those our structure right As those the we look to ability have under current needs. we think lending growth now meet opportunities,

the would those table, different allow decisions date, always moving sheet. Now us made that at we're to how different no said, being restructure nimble want have on all I exploring we activities say as to forward to ways be but to to are and been looking balance the

Larry Haimovitch

And a reiterate said they was to it and be ducks quacking mid I a going capital more one at thought comment recall stocks guys quacking as Okay. time, in your will I had company you the is I never I fall although have shareholder money see and I my am we and run. my raise you been in some that fed Minnesota loudly equity last to which wholeheartedly ought to support prices. and there. like I The were time raising tremendous these talked, ducks

really would and cash a you nicely comfort growing business. and It's extra beautiful got day. give You've day to flexibility

Scott Longval

consideration. and into different comments we're all those appreciate we aspects Yeah, taking again

Larry Haimovitch

quick me to aid the one you and out going hearing added backing mistaken I please? purchase of the Will therefore very, ask if very I back up back not to incrementally for to HHE me am well, am but more apples-to-apples going was business am jump The did that question the in that contribution I growth. queue. number because and accounting give

Scott Longval

have looking Well, apples-to-apples you'll Larry, comparison. so an if just quarter-over-quarter you're

quarter of little Hearing XXXX, year, roughly Health from in and So, in we did fourth did revenue this we million. of million over the $X.X Express then a $X

Larry Haimovitch

Okay.

was XXXX So million, QX year's million. $X fourth last XXXX quarter was QX was $X.X

Scott Longval

Correct.

Larry Haimovitch

because that. Okay. -- XXX% That at acquisition was the anything And that all all was growth. of that consolidating or wasn't like organic

Scott Longval

Correct, laid the growth all led why the it's out to metrics that organic had that growth. impressive, were so Mark and those reasons

Larry Haimovitch

Great.

thanks I'll queue, Okay. guys. back jump in

Scott Longval

Larry. Thanks

Operator

we'll with go to next, Levine And [Sam Webco.]

Unidentified Analyst

corollary gentlemen Hi, like to previous and I'd of that's lack the just cash a comment and question to equity. about the make

get that You to funds is incredibly hard Is now at stock is if feels very the is of so float because cash get time and float. low ideal that low, considering flow an to to involved all? raise you're it's like very because something increase certain

Mark Gorder

considering aspects. we're all again Yeah,

has for help we bringing our base have additional It of look it than in think type at with capital, would accessing I equity float. markets to idea presumably for cover investor and just us right the in as of the funds. the expand bring to the investors, more

into and aspects of on discussions have we we So, ongoing those consideration all kind an that again on take basis.

Unidentified Analyst

the a it I because that aid a store to visual thought do getting they were would if and more company the eye of you you'll and sales few questions, approaching about see them with like have of do wear. like your tuck to had kind a explode corollary optometry company if thing our Costco, to section a go in to Have Costco that you just to a dramatically? the hearing to store Costco, kind section any you devoted the of just up devoted

Mark Gorder

the that the store concept Well, panel exist built today. is retail bricks that mortar and to with is the store Costco the and basic issue

same does to channel is alternative we very is the cost manufacturer very out model. on as contract as is we Costco with the system. a is large customers, that's a the way the traditional only build they the volume pass exactly method buy the and inefficient to in large Our still cut pull that of of can feel What that approach basically an the distribution but they

different we're efficient that's HHE into much is focused more a other and direct-to-consumer and driving thinking type channel growth businesses. primarily similar on our So, build to

Unidentified Analyst

of explode the that developing retail simultaneously Channel the your Costco channel or other growth? couple like you're plus which would

Mark Gorder

Well, our real channel, other controls that dominated businesses to six providing model aid products with where oligopoly manufacturers. opportunity think The traditional basically and the don't our by we're Costco hearing the that's channel the is and HHE direct-to-consumer large technology conflict that we lies.

Unidentified Analyst

Well into you go store the here ear, is devoted then a hear a is for that's a and and to devoted eye all. section section the

Mark Gorder

by large oligopoly. the Yeah and that's totally controlled

Unidentified Analyst

for to investment? One synergy you I and any in tend companies like that am wonder in trying to terms what take is rationale more of [Quest] have? I and won't investment understand Germany, last already I the started but What question just time, the about to that the

Mark Gorder

that to based develop channel is two trying Well, on the we're aspects.

the of the remotely the like of of low-power to allows this where And call technology us. us it aids to even create we clinics. an passes, use We an locations to future by the and to our us centers allow or like will allows legislation innovative themselves clinics when medic drugstores allow in infrastructure to have with wireless, other be our ecosystem individual's first the home build technologies OTC self-fitting care directly for the direct-to-consumer coupled hearing consumer all, quick that's think to fit or lies that linking accessible

Unidentified Analyst

a little elaborate you on that? Can bit

Mark Gorder

your call you use -- allows to the do you or or smart we PC is a or have on phone What aid. app and be load with would app to able software an either to our device your on fit technology either access center on to an would would self-fitting you to directly smart the and the interact hearing PC

have science the in through all so, majority trials show the that and audiology attributable better than model as that hearing loss or so to Germany is traditional the going to manipulating you're algorithm, done ageing. into a the aid built you're of hearing we fitting And of app, is for as basically methodology that vast extensive good the

Unidentified Analyst

Thanks. Okay.

Operator

with from Ryan Dougherty. And next our we'll question take Dick

Dick Ryan

other million at we Thank of been generator. see look medical you. you if Hey Mark, mentioned there year you think that some that kind growth revenue business? a of the inflection $XX can investments in million you you it's channels, I more? at in some $XX per little cusp elaborate where Are space, the

Mark Gorder

We've Smith that seen our growth of customers in area other that and business like area. with in customers

from medical there's very provide our and miniature assemble we're tight which products. think a tremendous to high and those the of Some seeing road we robotics opportunity something people demand assemblies of use We're to quality as increasing competencies, automation well do micro only as growth tolerance products. from Medtronic medical we're at but miniaturization That's down includes and good end. facility assembly not our devices, well But that a the of that there. also and core to seeing to like what of and in trying tremendous of to coils take that is customers, existing new devoted primarily support opportunities the assembly like we're support The Smith be of to companies invest expansion area. medical of bring Medtronic. we're additional short-term robotic as assemblies will new seeing and we handling customers, expand the to capacity capability our would on growth but as the In would components for our enhance

Dick Ryan

the the know are but you early, selling HHE reads success Okay. any on still a it's channel? early of your there? aids digital how Could us sense hearing I Great. give through probably

Mark Gorder

year-over-year aids the number period, almost transitioned was during were purchased I and the when Hearing think we Digital that portfolio their aid growth has IntriCon hearing saw HHE the analog of to hearing Aids. quarter time from XXX% old that you use entirely -- showed Well, in them that

year course and in growth aids for growth that of I in So responsible has been increase would the say. -- during hearing the place taking digital been is that primarily has

Dick Ryan

you sort digital with of have had What on Okay. the experience aids? returns hearing

Mark Gorder

our is Well, things not product our segment from an we quality of that with the issue. work insurance know one is

Our are less due issues. return to product X.X% any than rates

gain is know that And with devices to hearing new primarily your we consumers with what HHE, a aids hearing difficult have going is to so, adapting users. problem acceptance working be and time of existing than much to users more

So, as we're you're driving you return to rates users. existing will new customers going into with our see database, higher than

companies rate return any numerous verify Amazon also look in the market been Street Sergei MD was by at get for hearing if on or expert So, XX% health users. or where a to it's First whether studies Hearing That's going he's documented with Kochkin, HHE, you example, offering leading who or you're first-time that like to number. a direct-to-consumer done

the the do where from that additional that return. X.X% the improve have rate. we return rate can further, and segment your improve less but or to return users, that using we we wireless Dick? product get those XX% insurance know and today, self-fitting like our sit product is but answer that put the numbers a same that because XX% significantly number technology nothing far that's Does we returns is those about only rate With the even question quality with existing think we connectivity as keep We can

Dick Ryan

Yeah, yeah. sure It does.

should that So, and that do through dependent on FDA expect sequence prior see? to draft moving the can self-fitting like what's to we is that the to U.S., then getting or you the that

Mark Gorder

in not the quite The And as strict is but similar. Germany very is way in that today acoustician. Germany, as technology the using through U.S. we're the market

have aid. are device. still Once there has self-fit the So, adopted prevents that distribution without having the sale state the lost phase legislation being issues the hearing legislation, no into pass of OTC enacted the regulation state that regulations, without an and hearing shall consumer been any regulation you that a or the FDA, and by the their written OTC

So, use the for this this wireless door aids. us and for opens the to OTC market the sale and allows hearing -- technology of distribution in self-fitting

current anyone's then not three adapt the will all that to a than we're regulation surveillance have mentioned, regulation. full on calling goings-on. As based but midyear and later, whether FDA there be draft that's it's guess the we our up-to-date We years think the keep that it ongoing XXXX sooner doing DC on in they expecting the take we're to to until will principals as on the rather

Dick Ryan

one What's you us on give on going me, can last One update for there? an Okay. over the NHS? currently

Mark Gorder

we mentioned have think in I was year that new I September on of our the on hearing last is a a that we last the XXXD product, which call versatile aid. contract very think device first

started the U.K. we've marketing So, device that in just

software. We have we're system. the get on some the run into are issues There computers with initial trying old to lot outdated software. orders very A some that NHS of

aids hearing technology. on based current are the Our software latest

think we're we're So, selling X.X a that hearing would hearing the is into Slower but per aids largest we progress is in aid and is still U.K. the position issues hearing in run. goal to build market year software million there. market; on for the feel world, aids making long than there have aids to we like, have the having we to what still we we single which call but allow to some what getting a drivers older hearing the our try there PCs, the program position

Dick Ryan

you. Okay. Thank

Operator

next, go Walrus Partners. Scott Billeadeau And to we'll with

Scott Billeadeau

out you recognition flush quarter. those? with question. the Good my Hi mentioned wondering of I revenue -- could for you was if guidance impact some guys. Scott, am those there what's you and QX Thanks that changes. for Could taking

Scott Longval

minor. It's very

we that be the revenue have business than material. to any us to revenue be but changes We requires have those streams envision couple different revenue of within don't our to past, or of recognize a we in slightly streams

Scott Billeadeau

Okay. Great and sorry… then,

Mark Gorder

it recognition. No. in I we with there complying were just clear want new to XXX revenue that make the

Scott Billeadeau

Yeah.

Okay.

of being a of to where much maybe the IntriCon HHE And so mix terms speak? I going give distributed, us that what's now is HHE guess it forward, now that is it, catalog so is is devices in in pretty all

Mark Gorder

XX-XX device portfolio that's an but amplifier that within overall devices not may devices. that the are There does all the nearly actually devices. be there we be is but in a IntriCon the IntriCon keep our device, will device IntriCon have select There within

Scott Billeadeau

solving to And a Great. of personal hammer kind a maybe nail to to but market self or a to what in way there then of a apply terms is but enter you it where is the there? -- put the using to hearing it can with you aid"? a can that instead in, hearing software, put a personal how and device, certain on device, assist sledgehammer -- little can tunable the extent it's of quote Where drawn the "hearing apply unquote, a device line assist you do software is

Mark Gorder

not amplifier that make FDA The sound that claim a loss. address defines personal a one as it hearing does will

by loss, between of a a but market sound claiming technology, apply could they're address answer regarding personal using that as the In hearing product hear sound is to a the in claims line difficult self-fitting technology as amplifier and FDA. buy products audio aid marketing better hearing trying So, for one used the people amplifier and defined one question to in to personal was environments. you the as your clearly long to not

better a in someone with hearing environment. to listen even trying could noisy good You envision

apply claims using to as it for are you Scott, could hearing technology make this you And as so clearly careful like long loss. that about not

Scott Billeadeau

do up thinking you that on to works now you're wondering that them help of buying it by start can as could let Right you're you sitting making going kind I'm but claim least Is before that's sound way amplifier that. learning to if many remotely if -- to software helping someone and tune at technology if could just you personal a engage having the you that know you one something I'm I how your see actually again try to to the the curve try that of? that don't saying us and hey, play with just sell, could implement you -- curious but or that knowing is

Mark Gorder

sound do sound is it, personal past both we've and amplifiers clearly amplifiers for same product the we with and can done personal the what really use in aids. You hearing

specifications the market nothing there's and product about acceptable. it that's as illegal and personal a there's we sound built -- it FDA is who perfectly people that, to amplifier under nothing sell So,

we amplifier personal can those claims. marketed a providing their accessories marketing own sound as and on do aid So, have all to clearly be the hearing self-fitting to to a consumer allow We to adjustments satisfaction. just careful the develop their

Scott Longval

would foresee of that But regulated other on side. just FDA would that be at The to don't and we prefer reason, getting all is and some ledger have into we thing to hearing in be would FDA stay the quality the that add on hearing what happening, timing a sort I their something the stay on health would we to the competitive of here of have but do top that's amplifier. this be for regulated where and marketplace look clearly going option feet regulation regulation, we sound know advantage. today of I say we That's doing any drug want on side place. management the with need the that we the that with the would by to personal that if the healthcare the that to we

Scott Billeadeau

three-month -- going be it's months -- at it's use probably be I certainly just six that to and thinking in wasn’t would six another it will saying you common the period. market. was want to regulated out go could Gee, I you before you Yeah,

was the would be So, ultimate is, that we're in to year use people build that's just it way talking it's that and I to knowledge learn of there, end a the regulation how just get, the meantime, able before not thinking a be to… your thinking out market. just base

Mark Gorder

agree you. I with

expensive that's existed the though has has I EC think once much this legitimate need I legislation for to was looking is guess found simply because solution. category, less the that channel quasi FDA gone of affordable -- we old an think that. is comment sound solution looking at around do only thing reason only the the pretty the worth that personal a this people regulated I will The kind to on my one amplifier that passes, OTC and channel. the feel eliminate category go

Scott Billeadeau

Okay. Thanks it. Appreciate guys.

Mark Gorder

Thanks Scott.

Operator

once hear HMTC. from Larry we'll with Haimovitch again And

Larry Haimovitch

bill in any tax Scott, particular that changes IntriCon? a impact have the noticeable on

Scott Longval

has Obviously, No. part device Not was effect the tax the us we're out supply because medical chain. of on an that really. kicked more

be NOLs could I that going only we is what any can say two for balance, little I'd business. overall a we year. on positive items, that bit past the main those use only say our and for a impact So given none use can the are forward But than on where different material had would percent a

Larry Haimovitch

haven't now second, then any And Relations we've I and quick heard Investor time that you Okay. updates talked for update? hiring some about firm on recently. Could give a us

Mark Gorder

activities one. of kind and -- have number that's going on we into this clearly a think of I again, plays Yeah

we've We put more we area getting through focus. to legislation Health need offering. to place in direct-to-consumer and all better move we in us know now we As forward the that put Express got got on the XXXX, the asset Hearing passed, and that do attention to in for

have to something team and So is an important the Board that like of that that's the for we that's issue XXXX. management first the half

Larry Haimovitch

Great. Thank you.

Mark Gorder

Thanks Larry.

Operator

we're And Billeadeau with back Walrus with Scott Partners.

Scott Billeadeau

Oh. guys. Hi

quick capital. Just on a comment the

to -- I'm can that. it, from assume the you it and equity back, you shareholders. I don't the pay value wouldn't us, just have of in cash accretes favor I I can flow raise your capital way you borrow other capital that. all get that, lenders If than

Mark Gorder

comments to dear heart and I to shareholders obviously largest one I near of and on update. all that. appreciate taking I largest, think business be want the those and sure he the made the we're just this both account. holds assume grow your that can constant I'll factors discussion we're equity that in are the we're and a about. arguments to next to, not these position sides in make into on if We very and things quickly

Scott Billeadeau

Thanks. Great.

Mark Gorder

Thanks Scott.

Operator

Chief the And to to turn Mark for back Officer over call Gorder, like now, remarks. Executive I'd closing

Mark Gorder

appreciate for topline to business with record in And excited the We based, we superior that importantly, unserved for XXXX you We affordable HHE, day medical In or next through we're hearing we're strip medical to deliver transformational now significant of I'm our forward XXXX in headed. a to again, health with you reiterate Thank our care value outcomes health value. year visiting assets and like growth hearing of call. in and millions prevent taking position you, shareholders our time underserved businesses hearing our the closing, a to reward IntriCon. away solutions. place join that in direction barriers I'd your Thanks enter innovative and Look accessible participating key with growth the and with posted call. the began Once affordable operator. we to out again to in Americans. healthcare, drive quarter. again to continued was provide

Operator

Thank for And call. participation. this all you conference your concludes today's

may disconnect. You now

Intricon (IIN) 12 Feb 182017 Q4 Earnings call transcript