Olympus Corp Ord (OCPNF) Q3 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.571 -- 00:00:03.953 Now we would like to open the floor for questions. 00:00:04.296 -- 00:00:08.342 Thanks for taking my questions. So the first question is on a new guidance on page 9. 00:00:08.342 -- 00:00:12.408 The revenue guidance on constant currency basis was revised down by 2%. 00:00:12.408 -- 00:00:17.997 So we understand the ship hole in the SIS division is kind of unfortunate, but I think, 00:00:17.997 -- 00:00:20.320 as Bob said, it is a one-off. 00:00:20.320 -- 00:00:24.847 But looking at page 35, it also looks like the GIS division forecast has been revised 00:00:24.847 -- 00:00:29.233 down. And I'm assuming the weakness is mainly in the U.S., maybe a little bit in Japan, 00:00:29.233 -- 00:00:33.846 but... Olympus launched a really competitive GI scope that no other player has in the 00:00:33.846 -- 00:00:39.014 U.S. market, yet the third quarter came in flattish on constant currency basis 00:00:39.014 -- 00:00:43.841 in the U.S. So could you talk to us about what went wrong in the third quarter that you 00:00:43.841 -- 00:00:46.562 had to revise your forecast? 00:00:46.665 -- 00:00:51.768 Why was there a delay? in the demonstration scopes, or possibly is a certain 00:00:51.768 -- 00:00:56.794 competitor offering price to gain share as the other competitors suggested on their call? 00:00:56.794 -- 00:01:00.018 And are we sure we're going to see growth in the U.S. 00:01:00.018 -- 00:01:04.404 in the fourth quarter? I'm asking this because I'm really struggling with how this downward 00:01:04.404 -- 00:01:10.111 revision reconciles with the discipline and execution that Olympus has repeatedly stressed 00:01:10.111 -- 00:01:12.948 in the recent quarters. That's my first question. 00:01:12.948 -- 00:01:17.173 Thank you for the question. Thi...