“We are now slightly expanding the range of our pro forma, gross profit margin to be within 69% and 70.5% of net revenue.”

In context

“rld decline throughout the remainder of 2022 and there are no additional significant impacts from further resurgences. As noted last quarter, the range does not reflect significant supply chain disruptions. The steep increase in infections and subsequent recovery in the quarter from the Omicron variant in the US and the trend in procedure volumes, we have seen exiting the quarter in China, highlight the risk to the number of procedures that may be performed. In the second quarter of 2022, our year-over-year procedure growth rate will likely be lower than recent quarters, as Q2 2021 results reflected a strong recovery in procedures as COVID began to subside. Turning to gross profit. On our last call, we forecast our 2022 full year pro forma gross profit margin to be within 69.5% and 70.5%. We are now slightly expanding the range of our pro forma, gross profit margin to be within 69% and 70.5% of net revenue. The lower end of the range was updated to reflect the impact on input costs related to supply chain inflation and some impact from a stronger US dollar. Our actual gross profit margin will vary quarter-to-quarter, depending largely on product, regional and trade-in mix and the impact of new product introductions. With respect to operating expenses, on our last call, we forecast pro forma operating expense growth to be between 21% and 27%. We are refining our estimate and now expect our full year pro forma operating expense growth to be between 23% and 27%. We continue to expect our non-cash stock compensation expense to range between $510 million and $550 million in 2022. We expect other income, which is comprised mostly of interest income, to total between $50 million and $60 million in”