Question-and-Answer Session
Operator
(Operator's instruction) Your first question comes from the line of Steven Crowley - Craig-Hallum Capital.
Steven Crowley - Craig-Hallum Capital
First of all, congratulations on just a sparkling performance, I know a lot of people throw it out around lightly but this was truly an exceptional quarter. Congrats. You have given us a lot to work with between the numbers in you 10-K, that is a good thing and your discussions. In terms of picking a place to start: Phonak, congrats on the newly disclosed relationship. It sounds like they have been a customer for a while here and this is a furthering of the relationship, is that the correct inference?
Daniel Baker
Yes, that is right, Steve. The agreement notes that Phonak has and continue to develop manufacturing cell hearing system using NVE's medical sensors.
Steven Crowley - Craig-Hallum Capital
In terms of what the relationship provides you with relative to the previously established business relationship, is it just more visibility? Is it a more formal relationship, well certainly a more formal relationship but in terms of? does it open the door to significant additional business potentially?
Daniel Baker
Well, it is hard to say whether it leads to additional business. It does formalize a number of areas that are listed in the 8-K and in our files with the contract itself but there are a lot of provisions that are now formalized relating to intellectual property, relating to confidentiality and things like that. I presume that they wanted the contract because we are an important supplier and so we are proud of that. We are proud we accounted our customers a number of leading companies and Phonak is one of the world's leading suppliers with hearing aids.
Steven Crowley - Craig-Hallum Capital
Now, are they part of [Tunova_28.25] or is it not a completely different because they have got a Phonak entity and I apologize for my [naiveness] about the hearing aid market especially the European players but?
Daniel Baker
I do not think so, Steve. I think they are an independent corporation or privately held so they are probably is not a lot of MPEG model.
Steven Crowley - Craig-Hallum Capital
Alright because it seems like Tunova has a Phonak along with another named operation and it was not clear to me how it all falls in together but in terms of the profile with Phonak, they are one of the top five, if not the top three hearing aid companies in the world, is that correct?
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