“As we look forward to 2023, we expect our operating expense growth will be lower than the growth for this year.”

In context

“roved in the quarter but remained well below pre-pandemic levels. Pro forma operating expenses increased 24% compared with third quarter of 2021, driven by increased headcount, higher R&D related project costs and higher travel costs. Growth in operating expenses has been primarily in support of our Ion platform, next-generation robotics capabilities, our digital capabilities and expansion of our infrastructure to allow us to effectively scale. We are also seeing higher regulatory costs as a result of increased regulatory requirements globally and expansion of our new platforms into OUS markets. As Gary mentioned earlier, during the quarter, we slowed our hiring pace, adding approximately 530 employees lower than the 700-plus employees we have added per quarter in the last three quarters. As we look forward to 2023, we expect our operating expense growth will be lower than the growth for this year. The slowing growth rate of operating expenses reflects the completion of some of our infrastructure and business process improvement investments and planned leverage in our enabling functions. As part of our planning process, we are also conducting a review of our capital expenditure priorities and we will provide an update as to the outcome of this review on the next call. Within this framework, we will continue to invest in our new platforms, Ion and SP, next-generation capabilities and our digital ecosystem, given the return profiles we see for those investments. Pro forma other income was $7.2 million for Q3, lower than $10.4 million in the prior quarter, primarily due to the impact of foreign exchange losses from re-measurement of the balance sheet resulting from the continued streng”