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Hello everyone, I am Krish Sankar of BOF/ Merrill Lynch, I am the analyst who covers IPG Photonics which is the next company presenting. IPG is one of the leading providers of fiber lasers and we are fortunate enough to have Tim Mammen, the CFO here. He is going to give a short presentation and then we will open up it for Q&A after that, Tim.
Okay. Thank you Krish. Just before I start I want to draw your attention to our Safe Harbor statement, fact that we will be maybe making a forward-looking statement during the course of this presentation. These forward-looking statements involve risks and uncertainties and I also want to draw your attention to the risk factors that are outlined in the quarterly reports we file with the Securities and Exchange Commission.
As Krish mentioned IPG is the company that has been credited with commercializing fiber laser technology. This is a unique new laser technology that is rapidly gaining share against traditional technologies like gas lasers predominately CO2 and solid state lasers that use crystals for example ND:YAG lamp-pumped lasers.
We sell our product all around the world, primarily to own equipment manufactures as well as end users. There is a tremendous amount of leverage in our business model, which drive some of our profitability and we really are a global company with operations all around the world and now over 2000 employees as well.