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The company attributes a 16% quarter-over-quarter Q3 revenue drop in the U.S. to prevailing macroeconomic conditions. Meanwhile, revenue in Europe saw a sharper decline of 34% quarter-over-quarter, due to high inventory at the company’s distribution partners along with a softening in demand in the key markets – the Netherlands, France, and Germany.
For Q4/23, the company expects revenue to be in the range of $300-$350M, significantly worse than the consensus estimate of $601.24M.
