SYK
#Thank you.
Sure.
I think if you looked quarter to quarter, Q3 to Q4, our margin is fairly consistent, and I've talked about this before.
There's ---+ like you mentioned, there is lots of variables that impact our margin, not only price, but FX, acquisitions.
And certainly, one of the biggest factors is mix, and the mix plays out in two ways.
It plays out in geographic mix, but also sort of business and product mix.
And so, as I look year-over-year for at third quarter, really probably the biggest impact that we had, was related to business mix, in terms of how much MedSurg versus Orthopedics versus international, we had last year versus this year.
And then, on the FX front, we entered the hedging program back when foreign currency was a lot more volatile, and the whole idea was to lock in the predictability of foreign currency for us.
So like you had mentioned, currencies move up and down.
Our hedging program provides stability and predictability to us.
And so for, the third quarter, I think as I said, there will be sort of a nominal impact on sales related to translational.
But that we'll have a potentially minor impact similar to this quarter, related to transactional FX.
And that's where I think we'll come out.
Yes, I don't know.
I wish I had the currency crystal ball to figure out what ---+ how things were going to flow.
But it's hard to say, because it's not only impacted by say, what we've done in hedging, but what the underlying transactions are.
So I don't think I can really comment that far out at this point.
Thank you all for joining our call.
Our conference call for the fourth quarter 2016 results will be held on January 24, 2017.
Thank you.
