Good afternoon, everyone. Thank you for joining the Terumo's, Terumo Corporation's financial results briefing for the first quarter of the fiscal year ending March 2025, despite your busy schedule. Today, Mr. Hagimoto, our Executive Officer and CFO, will present an overview of the financial results, followed by Q&A session. We have 45 minutes in total. This webinar can be viewed in either English or Japanese using the Zoom simultaneous interpreting function. Please click a button at the bottom of the Zoom screen to select your language as needed. Please note that the presentation slides are shared on the screen will be in Japanese only. English language materials are available on our website. Just in case, if we have any technical problem during this webinar, we will contact you by email. Before we begin the presentation, we'd like to remind you the following: today's presentation may include some outlook information based on the current assumptions, and it all has risks and uncertainties. Please be mindful that the actual result may differ from the outlook we present today. Without further ado, I'd like to invite Mr. Hagimoto to present the overview of the financial results. Mr. Hagimoto, the floor is yours. I'm Hagimoto, Terumo's CFO. This presentation will provide thank you for joining our financial result briefing. My presentation will provide an overview of the financial results for the first quarter of the fiscal year ending March thirty-first, two thousand and twenty-five. These are the highlights of the financial statement that in the first quarter, revenue, operating income, and net income all reached record quarterly highs. Revenue growth was about 20% company-wide due to continued demand in all companies and the contribution of the exchange rate. Profits grew faster than sales growth due to profit improvement measures and appropriate cost control. Next slide, please. So these are our P&L results. Revenue growth was double-digit in all companies, reaching a record high of JPY 258.2 billion. While some one-time demand contributed to the increase in revenue, pricing measures also contributed alongside a continued demand in generally favorable business environment. I will cover the details in the following region and the company pages. Operating income also grew, outpacing sales growth, reaching a record high of JPY 44.6 billion. This was due to improved profit margins achieved through appropriate cost controls in response to increased sales. Although inflation has eased, we will continue to monitor changes in the macro environment, such as rising raw material prices and transportation costs. Next slide, please. This is an analysis of changes in profit in the first quarter compared to the same period last year. Overall, the sales increased largely due to sustained demand. First, GP increase, increment by sales increase, despite including some one-time factors, was driven by cardiovascular, especially TIS and neurovascular. The gross margin benefited from the effect of easing inflation and cost reduction measures, such as efficiency improvement in manufacturing. As for price, the effect of measures to revise pricing, which were expanded in the previous year, has become evident. The price review implemented in the second half of last year in Japan will have a positive impact over the first half of this fiscal year. The SG&A increase is a healthy increase due to business expansion and is in line with planned figures. Effects were positive JPY 3.8 billion in flow and positive JPY 2.5 billion in stock. JPY 2.2 billion of this positive JPY 2.5 billion increase in stock is the effect of a change from this fiscal year in the exchange rate used to calculate estimation of unrealized gains on inventory. I shall explain the details of this in the following slide. Next slide, please. Here, I explain the effects of the exchange rate on P&L. The recent increase in exchange rate volatility has a significant, significant impact on the business performance. Until FY 2023, we have calculated the unrealized profit using the spot rate of the closing date, and this has had a positively, you know, a positive but significant impact on the profitability. But from FY 2024, we have changed the exchange rate from the spot rate to the average rate during the inventory months supply. As the unrealized profit included within the inventory is the total of all the internal profits recorded throughout, the inventory month supply period, we believe this change will be able to enable us to more accurately capture the profit situation for the given period. As a result, due to the depreciation of Japanese yen, we have recorded an uplift of JPY 2.2 billion. This, this change, will not contribute to raising profitability at all times, but we believe it will contribute to stabilizing the impact of foreign exchange rates to the profitability. Next slide, please. ... This slide shows earnings by region. Although some sales growth was due to transient demand, all regions are making steady progress. In Americas, all companies posted a double-digit growth, even when excluding the exchange rate effects. In cardiovascular, the sales of neurovascular and the vascular products were strong, as was the recovery of TIS, which had experienced supply issues with some access products in the same period of the previous year. In blood and cell technology, the blood center business led the way. In Japan, medical care solutions grew substantially. This was due to the effect of the pricing measures in hospital care solutions, as well as a temporary sales decrease in the same period of the last fiscal year, due to a delay in deliveries, leading to steady progress in pharmaceutical solutions. In Europe, cardiovascular, neurovascular and vascular grew at a double-digit rates, excluding exchange rate effects. In blood and cell technology, the blood center business and apheresis therapy performed well. C&V led the way in China. Neuro showed a significant growth as there was a decrease in sales in FY23 Q1 due to inventory adjustments by distributors. In addition, TIS access products exceeded planned figures due to a rebound from order holdback, induced by start of the application of a new centralized purchasing best pricing. In emerging markets like Asia and the Middle East, while revenues declined in the TBCT blood center business, which performed well in FY23 Q1, C&V's cardiology and medical care solutions, pharmaceutical solutions led the way with a double-digit growth, even when excluding exchange rate effects. Next page. I will now explain our performance by company. First is the cardiovascular company. Excluding an exchange rate effect, sales revenue grew by 80% and was strong globally, especially in Europe and the U.S. In terms of the growth by business segment, neurovascular and vascular led the way. In addition to continued strong demand, neuro showed a significant increase in the revenues, partly due to one-time factors in the same period of the previous year. In the vascular business, strong stent grafts and the surgical grafts enjoyed a strong sales growth, and hybrid products also expanded steadily, especially in North America and Europe. In addition, some access products that had some supply issues in North America have recovered. Profits increased due to an increase in the sales, including a one-time factors, as well as the effects of the product profit improvement measures and steady progress in controlling SG&A expenses. Next slide. This is the TMCS Medical Care Solutions. Revenue growth was strong in hospital care solutions and in pharmaceutical solutions. In hospital care, the effects of pricing measures and the strong sales of infusion sets and syringes continued. The price revision implemented in Japan in the second half of last fiscal year is expected to take effect in the first half of this fiscal year. In addition, a temporary increase in demand in North America was a factor that boosted sales. In the pharmaceuticals business, the CDMO business is making steady progress against the plan, which also factored in lower sales due to the delay in the deliveries in the same period last year. Overseas projects in North America performed well. These increases in the sales and effects of pricing measures resulted in an increase in profit. Next slide, TBCT, Blood and Cell Technologies. Our revenue was driven by the blood center businesses and therapeutic solutions. In the blood center business, sales of apheresis collection systems and whole blood collection-related products were strong in Europe and the U.S. Rika is also developing well. Therapeutic solutions saw strong sales, mainly in the U.S. and Europe, as a result of a growing demand for cell collection for cell and gene therapies. Profits, excluding exchange rate effects, remained on par with FY23 Q1, with profit margin at 14%. Next slide, please. Finally, I will review our assessment of the environment surrounding Terumo. First, Terumo's fundamentals are generally sound. Demand and growth potential remain unchanged, and the overall growth potential of the cardiovascular company and other companies is unfaltering. On the other hand, the macro environment, including inflation and exchange rate fluctuations, remain volatile and will require close monitoring. Due to the uncertain outlook, we plan to revise our guidance cautiously as we assess these situations. We will be accelerating our strategy. In addition to steadily implementing the strategies outlined in GS26, we will thoroughly re-examine our business portfolio and then work to rapidly optimize that. In addition, as part of our efforts to strengthen innovation, we have begun corporate venture capital activities. This will accelerate the speed with which we can acquire new technologies and create an M&A pipeline. This is all from me. Thank you very much for your attention. Now, we are going to take questions. Please press the Zoom webinar hand up button if you have a question. If you wish to cancel your question, please click on the Hand Up button on the Zoom webinar again, and please limit your questions to two per person so that we can take questions from as many people as possible. Hagimoto and IR Manager Miyoshi will participate in the Q&A session. ... from Citigroup Securities, Yamaguchi. Is it okay to ask question? This is Yamaguchi speaking. Can you hear me? Yes, we can hear you, Yamaguchi. Thank you. So you did not revise your full year guidance or forecast, but your progress has been very good so far, as that's how it looks like, at least. Your expectation for Q1, do you have any, you know, expectation? And the result in Q1, was it better than expectation or not? Do you have such a situation segment by segment? Can you explain segment by segment? That's my first question. For that question, Hagimoto is going to answer. Concerning the entire company, of course, we have the impact from FX rate, but looking at the overall situation, it has been, and our performance was good. On the other hand, thinking of a projection on a full year basis, we came up with... You know, we had, you know, our initial assumption for the FX rate is close to our current rate. So I think, you know, our performance has been in line with our expectations so far, but Q2 onwards, we want to be prudent. Thank you. Or we want to be conservative in Q2 onwards. Next, about Rika. It was 60 centers in the U.S. according to your disclosure last time, and how many you have installed at how many centers? And are you replacing—like, speed of replacing your centers, I want to know the progress. Yamaguchi, thank you for the question. So I want to entertain that question. About Rika, our current status as of today, 98 centers. We were able to open 98 centers until today. So it's, you know, just, you know, we have only a few more to reach 100. So we have been making good progress so far. 2025, bit from spring to summer, we want to complete our installation. That means it's on track or in line with our schedule. Thank you. That's all. Thank you very much. On behalf of SMBC Nikko Securities, Tokumoto, you have your floor asking questions. Okay. Thank you very much. My name is Tokumoto, SMBC Nikko Securities. Thank you. I joined the meeting halfway through, so I'm sorry if you mentioned it. Regarding sales revenue, there are some one-time demand. What kind of a one-time demand has been there, and how big is such a one-time demand? Okay, thank you very much for your question. Let me respond. So one time, one of the factors including some China VBP refraining from purchasing. Because of that, compared against a typical year, the sales revenue was a bit low. In addition, in North America, there was instability in the supply, so TIS business in North America suffered from some decrease last year. So, against that, this particular year, things are generally recovering in terms of the trend. So as against the last fiscal year, we see that there have been some one-time factors. And Miyoshi will talk about some numbers. Thank you. As Hagimoto mentioned it, last year had some one-time special factors. So last year, Neuro products suffered from some supply issue, and China VBP was there. And because of that, the distributors refrained from purchasing, say, in the size of $1.5 billion. And some access product suffered from some delay in the deliveries. So these factors were there. So last year, about JPY 2 billion in sales revenue was the shrinkage because of the one-time factor. Compared against that, in terms of one-time factors, there have been some special factors. At TIS, at China business, well, as I mentioned, the VBP, the pricing, has been a bit lower, but the distributors have been increasing, their inventory. They used to suppress the inventory, but they're now increasing their inventory. So, more than, our expectations, they have an inventory, more inventory, say JPY 900 million. And last year, there was some new product delay, and this year, there has been some recovery, say, JPY 700 million. So all in all, we are seeing a recovery in the trend. So let's say 30, without the mention of the unit currency, we see better figures. Okay, so regarding the TMCS in North America demand, what do you have to say about that? Oh, I see. That question is about that. So TIS at North America, the veterinary market is performing very nicely. The veterinary distributors are increasing their inventory, say, JPY 700 million. So that is a one-time factor, say, for recovery. Okay. So all in all, the total will be, say, three billion? Yes, JPY 3 billion. Okay. In relation to the second question, the cardiovascular, the vascular business, I understand that things have been very good. Your performance has been very good since last year. Say, the cardiovascular or the catheter business, you're performing it nicely, and because of what? Well, I understand that China numbers have been a bit small, but in terms of the vascular business, what is particularly noteworthy? Okay, regarding vascular, the business has been is progressing smoothly globally, especially in North America and Europe. A very good progress, I should say. Since last fiscal year, the sales force has been picked up. TREO, Relay, and Thoraflex Hybrid have been deployed very smoothly. Things have been growing very steadily. If you look at Europe, TA, the stent graft, the type of the products, say, for special, particular, fenestrated products, I call, say, customized to the individual patients, that business has been progressing very nicely. Compared against the standard products, they are higher ASP, they are more value-added. That type of a product has been progressing very nicely. Okay, I see. Thank you very much. Thank you very much. Let's move on for Mizuho Securities, Kotani, it's your turn. Thank you. This is Kotani speaking. Can you hear me? Yes. Earlier, you said that, like, in a one time, you know, our sales increase, would you please give me a breakdown on that TMCS and C&V? Out of the JPY 3 billion, how much is from C&V? As a special impact in the previous year, it was like JPY 2 billion. As I said, out of that, neuro, JPY 1 billion, TIS access, JPY 500 million, all together, JPY 1.5 billion, and remaining JPY 500 million, that's from MCS. That's a PS-related portion. Sales was declined slightly in the area, and JPY 3 billion as a special effect this year for C&V. TIS China, that's, plus JPY 900 million, in Europe, plus JPY 700 million all together. MCS, as I said, North America, ACS, VET, distributors, plus JPY 700 million. In April, BSN, like stocking, we were marketing those, too, but now it was transferred to another vendor or company, and we posted some sales in Q1 about JPY 600 million. So that's JPY 1.3 billion, that's about MCS. So JPY 2 billion last year, that was one time, and there was a reduction. It was, but not recovered this year. That's why JPY 3 billion on it. That's right, I understood. The second point, other than Rika, you had other, we had other, other expectation CDMO. You used to, you know, push that business in Japan so far, but maybe there is a potential business outside of Japan. So on top of the progress there and, you know, projects in North America, your business is going well. But Hulio, I think it was sold in Takasaki, but it's posted in Japan. For the one sold in North America, maybe those are more minor, you know, products using projects. That's my assumption. But as far as I know... like generic products, which were launched lately, and those are the ones being used, or how can I interpret that the projects business is going well in North America? So when you can announce the new CDMO business, and what do you mean by, you know, projects business in North America? Can you give me more color on that? Thank you for the questions. To answer your first question, the first CDMO business overseas, to give you the update on that business, in July, we, concerning the agreement on the contract, it was the contract has been signed already in July, but, you know, since we have partner, the name of the companies and other information, we want to refrain from disclosing that today. But CDMO business, you know, we have been talking about finding a partner outside of Japan for CDMO business, and finally, we were able to sign an agreement with our partner. So, you know, please look forward to this business going forward. Plus, one more. Projects business in North American market. Pharmaceutical company in the U.S., and so they want to commercialize this, so we are supplying our products to them. Not CDMO. ... but like CD, the syringes for projects syringes, those are the products we are selling. Just to confirm with you, the CDMO business, you said you signed a contract with them. Is that like an antibody, medicine or any other business? And the projects in North America, you said your performance is strong. It has been commercialized already, right? Yeah, first question, I'm sorry, but we cannot give you clear or direct information. The second question, it will be commercialized on a fruitful basis going forward. That's what I heard. Thank you. Thank you very much. Now let's move on from UBS Securities, Yoshihara San. The floor is yours. Thank you very much, Yoshihara San at UBS Securities. Thank you very much. This is Yoshihara, UBS Securities. Well, regarding SG&A, well, in your presentation, you mentioned that you will maintain a tighter control of SG&A. So as I look at the SG&A rate in Q1, that remained pretty low, I think, and there are some transient or one-time factors. I just wonder, so, what is the level you're going to maintain the SGA at into the future? What do you have to say about the level of the, the SG&A? Okay, thank you very much for your question. Regarding SG&A, the, the HR cost, the labor cost is trending to go up, and in relation to sales, of course, we're going to enforce, emphasize the sales. So the performance has been pretty good, so there has been some remuneration and the bonuses, and that explained it for the increased labor cost. And in terms of the one-time factor or the transient factor, R&D is one such factor. And once analyzed, of course, it is trending to slightly go up, and in Q1, it is pretty well contained. So I think we can call it a transient. But whatever we can control tightly, we are willing to keep controlling it tightly. So the variable cost, we are always thinking about how to push down the range of the fixed cost, and well, we're not going to spend more than the inflation rate justifies it. Okay, let me ask a confirmatory question. In terms of additional project, am I right to understand that you are running an additional project? Yes. In terms of the VC2 square, we have been implementing a cost cut initiatives. All, of course, all of them will not take effect immediately, but the cost cut initiatives are continuing. Okay, thank you very much. Let me ask you a second question. U.S. market environment, say, centering around the TIS, no big change, I understand, but your specific factors can be excluded, but the number of the patients and number of the subject have been shifting very nicely. But what do you have to say about your outlook towards the end of the year-end? And U.S. presidential election is just around the corner, so what do you have to say about that kind of factor? Well, in the near term, in the market environment, well, as I mentioned towards the end of the presentation, there's no particular concern in our understanding. So in the TIS business, things are, things should proceed smoothly in our opinion. Okay. Regarding the number of the subjects, the number of the patients, well, when it comes to the cardiovascular, let's say somewhere between a 1.5% is the current progress, I've been told. And when it comes to peripheral, the neural arenas, somewhere between the 6% and the 10%, higher single digit. So the market, the patient count should not change dramatically. Okay, I understand. Thank you very much. Thank you. If you have any more questions, please show your hand. From Mizuho Securities, Kotani San, please go ahead. Yes, this is Kotani speaking. Can you hear me? Just one additional point. Kofu plant, you invested about JPY 52 billion, including projects. You want to strengthen the supply of projects and others, but with the new contract you signed, you will need to spend more CapEx, I believe. What is going to be the size of CapEx you're going to spend, and also the timing around which point of time you are planning to announce the CapEx? I just want to know the size of your investment. Concerning the concrete details, my sincere apologies, but I cannot share that information with you today. But you are right. As I mentioned already, finally, we were able to sign the contract. Going forward, we need to work with the partner together, including our R&D initiatives. We need to make more to move forward. If we have more concrete views or more specific information about the investment, we want to able to share. ... with you, you know, that our existing plans, you know, basically we are going to spend more CapEx at our existing plants. That means Kofu and also Yamaguchi. You will manufacture at those plants, but you need to add more facilities. Yes. You know, what you said is correct, as I understand. Thank you. Thank you. Thank you very much. Saito, JP Morgan Securities, please ask your question. Uh,. Do you hear me, Saito? We're not hearing you. Well, then, I'm sorry, but, let me skip to the next person with the question. So next, BOA Securities, Watanabe, please ask your question. Thank you very much. This is Watanabe speaking. Do you hear me? Yes, we do. Thank you. Well, regarding the margin, TDCT, TBCT, OP margin, I want to ask a question. So 14%, which is a great number, I see, and, correct me if I'm wrong, but analyze the what's the plan... If I remember correctly, you're shooting for a 12 or a 12.5? Yes. Okay, so in this case, so in later quarters, the margin will get better? Am I? Well, I understood that way, but as of Q1, there's been so much. So what's going to happen to the margins in the subsequent quarters? There may be special factors, but what do you have to say? What's your outlook? Are you saying a discrepancy between what's real and what you expected, or it is just as you expected? And then what do you have to say about the percentages? Okay, thank you very much for the question. Regarding the numbers, the PI business-wise, the profitability is not that high as the core business. As the PI business expands, and then the overall, the average profitability may trend slightly down, but the business goes up and running, and is a greater scale, more contribution in terms of the profitability. But, regarding this particular year, compared against the core business, the profitability is a bit lower, so probably because of the allocation. Well, regarding the BCT, the rate may slightly go down in the future. Okay, so let me ask you a confirmatory question. 14%, this is not too good in your opinion, or you expected this much figure in Q1? Yes, right. Well, it's a few percent different from our expectations, but it is not hugely different from what we initially expected. Okay, thank you very much. That's all I have. Thank you from Jefferies Securities, Mr. Barker, please ask your question. This is Stephen Barker from Jefferies. I have some questions. Based on the promise with the sole source, you cannot sell to others. That's your current situation. But when do you think such restriction will be lifted? About market share, next year, by summer next year, all our sole source centers, based on your calculation, by then, how much global market share you think you can acquire? Would you please answer my questions? Thank you for your questions. As I said, about 100 centers, that means about one third of the contract with CSL, and we have been able to roll out smooth as we planned. April, so before spring or summer 2025, I think, you know, we will finish implementing this. But even after that, CSL partnership will continue even after that, and within the market, our machines, you know, our machines must be used by the users, and both parties have been committed to trying to achieve that. So that's what we are going to do. For the others, we have about the other potential partners. First of all, we want to make sure we can complete the rollout with the CSL, and after we install our machines in the market then, and after FY 2026 or thereafter, that will be, you know, the next step. With the CSL, after the rollout, with the CSL is completed, then we should be able to gain about one-third of the total markets in the U.S., so it will be about 20%-25% market share. That's our assumption. That means in the future, with the CSL, and you will install your machines in their all centers in the U.S., and you will be able to sell to other customers, too, in order to expand your global market share. The question is. I understand that there is anti-monopoly law that you need to, you know, consider, but how much market share can you achieve eventually? Like the Rika platform and also partners which are relevant to that. I mean, we can offer excellent value to those customers, and with those partners, we want to, you know, keep discussing with them so that we can think about how to, you know, expand the business in the market. Thank you. That's all. Thank you very much. Next, with Nomura Securities, Mori, you have a question? Thank you very much. This is Mori speaking. I'm with Nomura Securities. Do you hear me? Yes, we do. Let me just ask you one qualitative question about the M&A. Well, the BOD and the shareholders, after the shareholders general meeting, the board makeup has changed, so, M&A has been progressing in a more active way or any change in the pursuit of the M&A? Just answer qualitatively. Thank you. Okay, let me respond to the question. Thank you very much for the question. Regarding M&A, of course, the discussions may get more active or less, but say, in the executive management meetings and other meetings with executive members, we often talk about the potential M&A. And at this time, there is nothing we're ready to make announcements about specifics, and after the new executive makeup, more or less, kind of discussions about M&A have been progressing. Okay. After April, no big announcements, and after the board member makeup change, no big development? Well, of course, in June, there was some change in the board members, but there has been a new executive member recently launched, and among the members, there has been even more active discussions about the M&A. Okay. Thank you very much. JP Morgan- Next. Next, from JP Morgan Securities, Saito. My apologies for earlier. If you are ready to start asking questions, please go ahead. My name is Saito with the JP Morgan Securities. My apologies from my side. Can you hear me now? Yes, we can. Thank you. About China, VBP impact in the country, that's my question. In our plan for this year for access products, there is no big impact from VBP. That was what you planned. But you know, situation differs by province, and on a quarterly, every quarter, you know, I think impact is going to progress. So impact in Q1 and also your future outlook, would you please share that with us? Thank you for the question. About impact from VBP in China, our TIS products have heavier weight in China, and access products have a larger share among that too. So access products, and we have relatively large impact from VBP on our access product business, so that's the guidance. And we, our guidance includes that impact. And from April, we started to apply new prices in 19 provinces. In July, for all access products, we have new prices. On each quarter, we have about JPY 1 billion of impact from lower price. That was our assumption. But for this particular impact, in Q1, impact was negative JPY 800 million. On the other hand, as I said, the customers are trying not to place orders, and the distributors, they are trying to destock, and we have, you know, there is an ease in the situation. But TIS revenue in China, the VBP-related sales, that's almost flat. That has been flattish so far. But going forward, our dealers or distributors, they bought more than they needed, and, you know, it will be normalized going forward. And also the pricing, we will still have some impact remaining on the price. So for access products, we will have some negative effects. Thank you. That means compared to your initial plan for this year, so there is no revision in your full year guidance. Your understanding is correct. Thank you very much. That's all. Thank you very much. Let us now move on to the SMBC Nikko Securities, Tokumoto. Please ask your questions. Okay, thank you very much. Let me ask you questions again. And regarding a gross profit, let me ask you a question. In Q1, the 53.3% was mentioned, so it's been quite a number after quite a while. So Rika advanced investment has been made, and that's a pretty big number considering the demand. And towards the second half of the fiscal year, do you expect more improvement in the GP? The gross margin and Rika will be even stronger? And then, do you expect a greater margin? And let me ask you a question about the primary, well, the sales number. You mentioned the JPY 3 billion, so I just wanted to get a bit more details. Okay, GP, could you repeat, please? Regarding a GP, well, as of now, say Q1, there's no big problem in operation, and the production has been pretty stable. So, it's been quite a good number after quite a while. And what's going to happen in the future? Well, of course, in terms of our business structure, well, I'd say it's been pretty stable as of now. So GP will not change dramatically due to internal factors. But when it comes to higher prices for raw materials and the Middle Eastern situation, we'll say the ocean freight may suffer the changes in the situations for which we need to keep watching. So these could negatively impact the GP, we understand. Okay, so let me add. So regarding the possible margin improvement, there is so much impact that can be exerted from the Forex. And as Hagimoto mentioned, the GP rate has been positive. And last year there was a heavy inflation impacting the freight and utility, the electric power, and it's settling it down, thankfully. And we have been pursuing a VC square, producing a positive impact, also helping it with GP. And you also mentioned a question about the JPY 3 billion. Well, let me streamline. What TIS China is about, say, additional JPY 900 million, in Europe, additional JPY 700 million, in MCS, say North America, in the veterinary, and that's a plus JPY 700 million, in UNS, the stocking, plus JPY 600 million. Is that okay? You mentioned the sales revenues? Yeah, the revenue. Oh, okay. Thank you very much. Thank you. We have other people raising their hands, too, but it's already time for us to finish, so we want to conclude our Q&A session. The questions we are not able to entertain today, would you please contact our IR department separately. This concludes the Terumo Corporation first quarter financial result meeting for the fiscal year ending March 31, 2025. Thank you very much for your participation.