AAPL » Topics » Gross Margin

This excerpt taken from the AAPL 10-K filed Jan 25, 2010.

Gross Margin

Gross margin for the three years ended September 26, 2009, are as follows (in millions, except gross margin percentages):

 

     2009    2008    2007

Net sales

   $ 42,905    $ 37,491    $ 24,578

Cost of sales

     25,683      24,294      16,426
                    

Gross margin

   $ 17,222    $ 13,197    $ 8,152
                    

Gross margin percentage

     40.1%      35.2%      33.2%

The gross margin percentage in 2009 was 40.1% compared to 35.2% in 2008. The primary contributors of the increase in 2009 as compared to 2008 were a favorable sales mix toward products with higher gross margins and lower commodity and other product costs, which were partially offset by product price reductions.

The gross margin percentage in 2008 was 35.2% compared to 33.2% in 2007. The primary contributors of the increase in 2008 as compared to 2007 were a favorable sales mix toward products with higher gross margins and lower commodity costs, which were partially offset by higher other product costs. In 2007, gross margin was impacted by higher than expected costs associated with the initial iPhone product launch.

This excerpt taken from the AAPL 10-K filed Oct 27, 2009.

Gross Margin

Gross margin for the three years ended September 26, 2009, are as follows (in millions, except gross margin percentages):

 

     2009    2008    2007

Net sales

   $ 36,537    $ 32,479    $ 24,006

Cost of sales

     23,397      21,334      15,852
                    

Gross margin

   $ 13,140    $ 11,145    $ 8,154
                    

Gross margin percentage

     36.0%      34.3%      34.0%

The gross margin percentage in 2009 was 36.0% compared to 34.3% in 2008. The primary drivers of the increase in 2009 as compared to 2008 were significantly lower commodity and other product costs and a favorable sales mix toward products with higher gross margins, which were partially offset by product price reductions. Gross margin percentage was relatively flat in 2008 as compared to 2007.

The Company expects its gross margin percentage to decrease in future periods compared to levels achieved during 2009 and anticipates gross margin levels of about 34% in the first quarter of 2010. This expected decline is due largely to the anticipated impact of product transitions, flat or reduced pricing on new and innovative products that have higher cost structures, and both expected and potential future cost increases for key components.

The foregoing statements regarding the Company’s expected gross margin percentage are forward-looking and could differ from anticipated levels because of several factors, including but not limited to certain of those set forth below in Part I, Item 1A, “Risk Factors” under the subheading “Future operating results depend upon the Company’s ability to obtain key components including but not limited to microprocessors, NAND flash memory, DRAM and LCDs at favorable prices and in sufficient quantities,” which is incorporated herein by reference. There can be no assurance that targeted gross margin percentage levels will be achieved. In general, gross margins and margins on individual products will remain under downward pressure due to a variety of factors, including continued industry wide global product pricing pressures, increased competition, compressed product life cycles, product transitions and expected increases in the cost of key components including but not limited to microprocessors, NAND flash memory, dynamic random access memory (“DRAM”) and liquid crystal displays (“LCDs”), as well as potential increases in the costs of outside manufacturing services and a potential shift in the Company’s sales mix towards products with lower gross margins. In response to these competitive pressures, the Company expects it will continue to take product pricing actions, which would adversely affect gross margins. Gross margins could also be affected by the Company’s ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products. Due to the Company’s significant international operations, financial results can be significantly affected in the short-term by fluctuations in exchange rates.

This excerpt taken from the AAPL 10-Q filed Apr 23, 2009.

Gross Margin

Gross margin for the three- and six-month periods ended March 28, 2009 and March 29, 2008 was as follows (in millions, except gross margin percentages):

 

     Three Months Ended    Six Months Ended
     March 28, 2009    March 29, 2008    March 28, 2009    March 29, 2008

Net sales

   $ 8,163    $ 7,512    $ 18,330    $ 17,120

Cost of sales

     5,192      5,038      11,827      11,314
                           

Gross margin

   $ 2,971    $ 2,474    $ 6,503    $ 5,806
                           

Gross margin percentage

     36.4%      32.9%      35.5%      33.9%

The gross margin percentage for the second quarter of 2009 was 36.4% compared to 32.9% for the second quarter of 2008 and the gross margin percentage for the first six months of 2009 was 35.5% compared to 33.9% for the first six months of 2008. The gross margin percentage for the second quarter of 2009 and the first six months of 2009 increased largely as a result of significantly lower commodity and other product costs, which were partially offset by price reductions and a strengthening U.S. dollar.

The Company expects its gross margin percentage to decrease in future periods compared to levels achieved during 2008 and the first half of 2009, and anticipates gross margin levels of about 33% in the third quarter of 2009 and about 30% in the fourth quarter of 2009. This expected decline is due largely to the anticipated impact of product transitions, flat or reduced pricing on new and innovative products that have higher cost structures, both expected and potential future cost increases for key components, and a stronger U.S. dollar.

The foregoing statements regarding the Company’s expected gross margin percentage are forward-looking and could differ from anticipated levels because of several factors, including but not limited to certain of those set forth below in Part II, Item 1A, “Risk Factors” under the subheading “Future operating results depend upon the Company’s ability to obtain key components including, but not limited to microprocessors, NAND flash memory, DRAM and LCDs at favorable prices and in sufficient quantities,” which is incorporated herein by reference. There can be no assurance that targeted gross margin percentage levels will be achieved. In general, gross margins and margins on individual products will remain under downward pressure due to a variety of factors, including continued industry wide global product pricing pressures, increased competition, compressed product life cycles, product transitions and expected increases in the cost of key components including, but not limited to microprocessors, NAND flash memory, dynamic random access memory (“DRAM”) and liquid crystal displays (“LCDs”), as well as potential increases in the costs of outside manufacturing services and a potential shift in the Company’s sales mix towards products with lower gross margins. In response to these competitive pressures, the Company expects it will continue to take product pricing actions, which would adversely affect gross margins. Gross margins could also be affected by the Company’s ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products. Due to the Company’s significant international operations, financial results can be significantly affected in the short-term by fluctuations in exchange rates.

This excerpt taken from the AAPL 10-Q filed Jan 23, 2009.

Gross Margin

Gross margin for the three months ended December 27, 2008 and December 29, 2007 was as follows (in millions, except gross margin percentages):

 

     Three Months Ended
     December 27, 2008    December 29, 2007

Net sales

   $ 10,167    $ 9,608

Cost of sales

     6,635      6,276
             

Gross margin

   $ 3,532    $ 3,332
             

Gross margin percentage

     34.7%      34.7%

Gross margin percentage for the first quarter of 2009 and 2008 was flat at 34.7%.

The Company expects its gross margin percentage to decrease in future periods compared to levels achieved during 2008 and the first quarter of 2009, and anticipates gross margin levels of about 32.5% in the second quarter of 2009 and about 30% in the second half of 2009. This expected decline is due largely to the anticipated impact of product transitions, flat or reduced pricing on new and innovative products that have higher cost structures, both expected and potential future cost increases for key components, a stronger U.S. dollar, and higher logistical costs.

The foregoing statements regarding the Company’s expected gross margin percentage are forward-looking and could differ from anticipated levels because of several factors, including but not limited to certain of those set forth below in Part II, Item 1A, “Risk Factors” under the subheading “Future operating results depend upon the Company’s ability to obtain key components including, but not limited to microprocessors, NAND flash memory, DRAM and LCDs at favorable prices and in sufficient quantities,” which is incorporated herein by reference. There can be no assurance that targeted gross margin percentage levels will be achieved. In general, gross margins and margins on individual products will remain under downward pressure due to a variety of factors, including continued industry wide global product pricing pressures, increased competition, compressed product life cycles, product transitions and expected increases in the cost of key components including, but not limited to microprocessors, NAND flash memory, dynamic random access memory (“DRAM”) and liquid crystal displays (“LCDs”), as well as potential increases in the costs of outside manufacturing services and a potential shift in the Company’s sales mix towards products with lower gross margins. In response to these competitive pressures, the Company expects it will continue to take product pricing actions, which would adversely affect gross margins. Gross margins could also be affected by the Company’s ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products. Due to the Company’s significant international operations, financial results can be significantly affected in the short-term by fluctuations in exchange rates.

This excerpt taken from the AAPL 10-K filed Nov 5, 2008.

Gross Margin

Gross margin for the three fiscal years ended September 27, 2008, are as follows (in millions, except gross margin percentages):

 

     2008    2007    2006

Net sales

   $   32,479    $   24,006    $   19,315

Cost of sales

     21,334      15,852      13,717
                    

Gross margin

   $ 11,145    $ 8,154    $ 5,598
                    

Gross margin percentage

     34.3%      34.0%      29.0%

Gross margin percentage was relatively flat in 2008 as compared to 2007. Gross margin percentage of 34.0% in 2007 increased significantly from 29.0% in 2006. The primary drivers of this increase were more favorable costs on certain commodity components, including NAND flash memory and DRAM memory, higher overall revenue that provided for more leverage on fixed production costs and a higher percentage of revenue from the Company’s direct sales channels.

The Company expects its gross margin percentage to decrease in future periods compared to levels achieved during 2008 and 2007, and anticipates gross margin levels of about 30% in 2009. This expected decline is due largely to the anticipated impact of product transitions, flat or reduced pricing on new and innovative products that have higher cost structures, both expected and potential future cost increases for key components, a stronger U.S. dollar, and higher logistical costs.

The foregoing statements regarding the Company’s expected gross margin percentage are forward-looking and could differ from anticipated levels because of several factors, including but not limited to certain of those set forth below in Part I, Item 1A, “Risk Factors” under the subheading “Future operating results depend upon the Company’s ability to obtain key components including, but not limited to microprocessors, NAND flash memory, DRAM and LCDs at favorable prices and in sufficient quantities,” which is incorporated herein by reference. There can be no assurance that targeted gross margin percentage levels will be achieved. In general, gross margins and margins on individual products will remain under downward pressure due to a variety of factors, including continued industry wide global product pricing pressures, increased competition, compressed product life cycles, product transitions and expected increases in the cost of key components including, but not limited to microprocessors, NAND flash memory, dynamic random access memory (“DRAM”) and liquid crystal displays (“LCDs”), as well as potential increases in the costs of outside manufacturing services and a potential shift in the Company’s sales mix towards products with lower gross margins. In response to these competitive pressures, the Company expects it will continue to take product pricing actions, which would adversely affect gross margins. Gross margins could also be affected by the Company’s ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products. Due to the Company’s significant international operations, financial results can be significantly affected in the short-term by fluctuations in exchange rates.

This excerpt taken from the AAPL 10-Q filed Jul 23, 2008.

Gross Margin

Gross margin for the three and nine-month periods ended June 28, 2008 and June 30, 2007 was as follows (in millions, except gross margin percentages):

 

     Three Months Ended    Nine Months Ended
     June 28, 2008    June 30, 2007    June 28, 2008    June 30, 2007

Net sales

   $ 7,464    $ 5,410    $ 24,584    $ 17,789

Cost of sales

     4,864      3,415      16,178      11,725
                           

Gross margin

   $ 2,600    $ 1,995    $ 8,406    $ 6,064
                           

Gross margin percentage

     34.8%      36.9%      34.2%      34.1%

Gross margin percentage for the third quarter of 2008 was 34.8% compared to 36.9% for the third quarter of 2007. The gross margin percentage for the third quarter of 2008 was down 2.1 percentage points from the third quarter of 2007 primarily as a result of pricing actions, more richly configured products, and higher manufacturing and support costs.

The Company expects its gross margin percentage to continue to decrease in future periods compared to levels achieved during 2007 and the first three quarters of 2008, and anticipates gross margin levels of about 31.5% in the fourth quarter of 2008 and about 30% in 2009. This expected decline is due largely to the anticipated impact of product transitions, flat or reduced pricing on new and innovative products that have higher costs, both expected and potential future cost increases for key components, and higher logistics costs.

The foregoing statements regarding the Company’s expected gross margin percentage are forward-looking and could differ from anticipated levels because of several factors, including certain of those set forth below in Part II, Item 1A, “Risk Factors” under the subheading “Future operating results depend upon the Company’s ability to obtain key components, including microprocessors, NAND flash memory, DRAM and LCDs at favorable prices and in sufficient quantities,” which is incorporated herein by reference. There can be no assurance that targeted gross margin percentage levels will be achieved. In general, gross margins and margins on individual products will remain under downward pressure due to a variety of factors, including continued industry wide global product pricing pressures, increased competition, compressed product life cycles, product transitions and expected increases in the cost of key components, including, but not limited to, microprocessors, NAND flash memory, dynamic random access memory (“DRAM”) and liquid crystal displays (“LCDs”), as well as potential increases in the costs of outside manufacturing services and a potential shift in the Company’s sales mix towards products with lower gross margins. In response to these competitive pressures, the Company expects it will continue to take product pricing actions, which would adversely affect gross margins. Gross margins could also be affected by the Company’s ability to effectively manage product quality and warranty costs and to stimulate demand for certain of its products. Due to the Company’s significant international operations, financial results can be significantly affected in the short-term by fluctuations in exchange rates.

This excerpt taken from the AAPL 10-Q filed May 1, 2008.

Gross Margin

Gross margin for the three and six-month periods ended March 29, 2008 and March 31, 2007 was as follows (in millions, except gross margin percentages):

 

     Three Months Ended    Six Months Ended
     March 29, 2008    March 31, 2007    March 29, 2008    March 31, 2007

Net sales

   $ 7,512    $ 5,264    $ 17,120    $ 12,379

Cost of sales

     5,038      3,415      11,314      8,310
                           

Gross margin

   $ 2,474    $ 1,849    $ 5,806    $ 4,069
                           

Gross margin percentage

     32.9%      35.1%      33.9%      32.9%

 

26


Gross margin percentage for the second quarter of 2008 was 32.9% compared to 35.1% for the second quarter of 2007. The gross margin percentage for the second quarter of 2008 was down 2.2 percentage points from the second quarter of 2007 as a result primarily of pricing actions, more richly configured products, and higher other manufacturing, logistic, and support costs.

The Company expects its gross margin percentage to continue to decrease in future periods, as compared to levels achieved during 2007 and the first half of 2008, due in part to the anticipated impact of product transitions, reduced product pricing and both expected and potential future cost increases for key components.

The foregoing statements regarding the Company’s expected gross margin percentage are forward-looking and could differ from anticipated levels because of several factors, including certain of those set forth below in Part II, Item 1A, “Risk Factors” under the subheading “Future operating results depend upon the Company’s ability to obtain key components, including microprocessors, NAND flash memory, DRAM and LCDs at favorable prices and in sufficient quantities,” which is incorporated herein by reference. There can be no assurance that targeted gross margin percentage levels will be achieved. In general, gross margins and margins on individual products will remain under downward pressure due to a variety of factors, including continued industry wide global pricing pressures, increased competition, compressed product life cycles, product transitions and expected increases in the cost of key components, including, but not limited to, microprocessors, NAND flash memory, dynamic random access memory (“DRAM”) and liquid crystal displays (“LCDs”), as well as potential increases in the costs of outside manufacturing services and a potential shift in the Company’s sales mix towards products with lower gross margins. In response to these competitive pressures, the Company expects it will continue to take pricing actions with respect to its products. Gross margins could also be affected by the Company’s ability to effectively manage product quality and warranty costs and to stimulate demand for certain of its products. Due to the Company’s significant international operations, financial results can be significantly affected in the short-term by fluctuations in exchange rates.

This excerpt taken from the AAPL 10-Q filed Feb 1, 2008.

Gross Margin

Gross margin for the three months ended December 29, 2007 and December 30, 2006 was as follows (in millions, except gross margin percentages):

 

     Three Months Ended
     December 29, 2007    December 30, 2006

Net sales

   $ 9,608    $ 7,115

Cost of sales

     6,276      4,895
             

Gross margin

   $ 3,332    $ 2,220
             

Gross margin percentage

     34.7%      31.2%

 

24


Gross margin percentage for the first quarter of 2008 was 34.7% compared to 31.2% for the first quarter of 2007. The year-over-year increase in gross margin percentage during the first quarter of 2008 was primarily due to higher software sales, favorable costs of certain commodity components, favorable product mix, a weaker U.S. dollar and higher overall revenue resulting in more effective leverage on fixed production costs.

The Company expects its gross margin percentage to decrease in the second quarter of 2008 from the first quarter of 2008. The decrease in gross margin percentage is expected mainly from a decline in software sales as Mac OS X Leopard enters its second quarter and reduced leverage on fixed production costs due to expected seasonally lower revenue following the holiday season.

The foregoing statements regarding the Company’s expected gross margin percentage are forward-looking and could differ from anticipated levels because of several factors, including certain of those set forth below in Part II, Item 1A, “Risk Factors.” There can be no assurance that current gross margin percentage will be maintained or targeted gross margin percentage levels will be achieved. In general, gross margins and margins on individual products will remain under downward pressure due to a variety of factors, including continued industry wide global pricing pressures, increased competition, compressed product life cycles, potential increases in the cost and availability of components and outside manufacturing services, and a potential shift in the Company’s sales mix towards products with lower gross margins. In response to these competitive pressures, the Company expects it will continue to take pricing actions with respect to its products. Gross margins could also be affected by the Company’s ability to effectively manage product quality and warranty costs and to stimulate demand for certain of its products. Due to the Company’s significant international operations, financial results can be significantly affected in the short-term by fluctuations in exchange rates.

These excerpts taken from the AAPL 10-K filed Nov 15, 2007.

Gross Margin

Gross margin for each of the last three fiscal years are as follows (in millions, except gross margin percentages):

 
  September 29,
2007

  September 30,
2006

  September 24,
2005

 
Net sales   $ 24,006   $ 19,315   $ 13,931  
Cost of sales     15,852     13,717     9,889  
   
 
 
 
Gross margin   $ 8,154   $ 5,598   $ 4,042  
   
 
 
 
Gross margin percentage     34.0 %   29.0 %   29.0 %

Gross margin percentage of 34.0% in 2007 increased significantly from 29.0% in 2006. The primary drivers of this increase were more favorable costs on certain commodity components, including NAND flash memory and DRAM memory, higher overall revenue that provided for more leverage on fixed production costs and a higher percentage of revenue from the Company's direct sales channels.

The Company anticipates that its gross margin and the gross margins of the personal computer, consumer electronics and mobile communication industries will be subject to pressure due to price competition. The Company expects gross margin percentage to decline sequentially in the first quarter of 2008 primarily as a result of the full-quarter impact of product transitions and reduced pricing that were effected in the fourth quarter of 2007, lower sales of iLife and iWork in their second quarter of availability, seasonally higher component costs, and a higher mix of indirect sales. These factors are expected to be partially offset by higher sales of the Company's Mac OS X operating system due to the introduction of Mac OS X Version 10.5 Leopard ("Mac OS X Leopard") that became available in October 2007.

The foregoing statements regarding the Company's expected gross margin percentage are forward-looking. There can be no assurance that current gross margin percentage will be maintained or targeted gross margin percentage levels will be achieved. In general, gross margins and margins on individual products will remain under downward pressure due to a variety of factors, including continued industry wide global pricing pressures, increased competition, compressed product life cycles, potential increases in the cost and availability of raw material and outside manufacturing services, and a potential shift in the Company's sales mix towards products with lower gross margins. In response to these competitive pressures, the Company expects it will continue to take pricing actions with respect to its products. Gross margins could also be affected by the Company's ability to effectively manage product quality and warranty costs and to stimulate

47



demand for certain of its products. Due to the Company's significant international operations, financial results can be significantly affected in the short-term by fluctuations in exchange rates.

The Company orders components for its products and builds inventory in advance of product shipments. Because the Company's markets are volatile and subject to rapid technology and price changes, there is a risk the Company will forecast incorrectly and produce or order from third-parties excess or insufficient inventories of particular products or components. The Company's financial condition and operating results in the past have been and may in the future be materially adversely affected by the Company's ability to manage its inventory levels and outstanding purchase commitments and to respond to short-term shifts in customer demand patterns.

Gross margin percentage of 29.0% in 2006 remained flat compared to 2005. The Company experienced more favorable pricing on certain commodity components including LCD flat-panel displays and DRAM memory and higher overall revenue that provided for more leverage on fixed production costs, offset by an increase in lower margin iPod sales and other music-related services.

Gross Margin



Gross margin for each of the last three fiscal years are as follows (in millions, except gross margin percentages):























































































 
 September 29,

2007

 September 30,

2006

 September 24,

2005

 
Net sales $24,006 $19,315 $13,931 
Cost of sales  15,852  13,717  9,889 
  
 
 
 
Gross margin $8,154 $5,598 $4,042 
  
 
 
 
Gross margin percentage  34.0% 29.0% 29.0%




Gross
margin percentage of 34.0% in 2007 increased significantly from 29.0% in 2006. The primary drivers of this increase were more favorable costs on certain commodity components, including NAND
flash memory and DRAM memory, higher overall revenue that provided for more leverage on fixed production costs and a higher percentage of revenue from the Company's direct sales channels.



The
Company anticipates that its gross margin and the gross margins of the personal computer, consumer electronics and mobile communication industries will be subject to pressure due to price
competition. The Company expects gross margin percentage to decline sequentially in the first quarter of 2008 primarily as a result of the full-quarter impact of product transitions and
reduced pricing that were effected in the fourth quarter of 2007, lower sales of iLife and iWork in their second quarter of availability, seasonally higher component costs, and a higher mix of
indirect sales. These factors are expected to be partially offset by higher sales of the Company's Mac OS X operating system due to the introduction of Mac OS X Version 10.5 Leopard ("Mac OS X
Leopard") that became available in October 2007.



The
foregoing statements regarding the Company's expected gross margin percentage are forward-looking. There can be no assurance that current gross margin percentage will be maintained or targeted
gross margin percentage levels will be achieved. In general, gross margins and margins on individual products will remain under downward pressure due to a variety of factors, including continued
industry wide global pricing pressures, increased competition, compressed product life cycles, potential increases in the cost and availability of raw material and outside manufacturing services, and
a potential shift in the Company's sales mix towards products with lower gross margins. In response to these competitive pressures, the Company expects it will continue to take pricing actions with
respect to its products. Gross margins could also be affected by the Company's ability to effectively manage product quality and warranty costs and to stimulate



47











demand
for certain of its products. Due to the Company's significant international operations, financial results can be significantly affected in the short-term by fluctuations in exchange
rates.



The
Company orders components for its products and builds inventory in advance of product shipments. Because the Company's markets are volatile and subject to rapid technology and price changes, there
is a risk the Company will forecast incorrectly and produce or order from third-parties excess or insufficient inventories of particular products or components. The Company's financial condition and
operating results in the past have been and may in the future be materially adversely affected by the Company's ability to manage its inventory levels and outstanding purchase commitments and to
respond to short-term shifts in customer demand patterns.



Gross
margin percentage of 29.0% in 2006 remained flat compared to 2005. The Company experienced more favorable pricing on certain commodity components including LCD flat-panel displays
and DRAM memory and higher overall revenue that provided for more leverage on fixed production costs, offset by an increase in lower margin iPod sales and other music-related services.



This excerpt taken from the AAPL 10-Q filed Feb 2, 2007.

Gross Margin

Gross margin for the three months ended December 30, 2006 and December 31, 2005 was as follows (in millions, except gross margin percentages):

 

Three Months Ended

 

 

 

12/30/06

 

12/31/05

 

 

 

 

 

 

 

Net sales

 

$

7,115

 

$

5,749

 

Cost of sales

 

4,895

 

4,185

 

Gross margin

 

$

2,220

 

$

1,564

 

Gross margin percentage

 

31.2

%

27.2

%

 

Gross margin percentage for the first quarter of 2007 was 31.2% compared to 27.2% for the first quarter of 2006. The year-over-year increase in gross margin percentage during the first quarter of 2007 was primarily due to favorable costs of certain commodity components including LCD flat-panel displays and NAND flash memory, along with higher overall revenue resulting in more effective leverage on fixed production costs.

The Company anticipates that its gross margin and the gross margin of the overall personal computer and consumer electronics industries will be under pressure in the future due to competition. The Company expects its gross margin percentage to decrease in the second quarter of 2007 from the first quarter of 2007.  The decrease in gross margin percentage is expected mainly from reduced leverage on fixed production costs due to lower expected revenue, a shift in product mix to lower margin products including the updated iPod shuffle that only shipped for a portion of the first quarter of 2007, and an increase in iTunes Store sales partially due to iTunes gift card redemptions.

The foregoing statements regarding the Company’s expected gross margin, forecasted revenue, product mix shift, and iTunes Store sales and gift card redemptions for the second quarter of 2007 are forward-looking. Gross margin could differ from anticipated levels because of several factors, including certain of those set forth below in Part II, Item 1A., “Risk Factors.” There can be no assurance that current gross margins will be maintained, targeted gross margin levels will be achieved, or current margins on existing individual products will be maintained.

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