Cardiovascular Systems (CSII) 1 May 192019 Q3 Earnings call transcript

Good afternoon. My name is Emily, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cardiovascular Systems Fiscal Year 2019 Third Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator President, conference. and Vice may Communications, begin your Investor Nielsen, Corporate Relations you Jack

Emily. afternoon, today of Vice you, Officer; Chief quarter CSI’s Thank Financial Good President Medical Rhonda conference XXXX our Chairman, Dr. Officer; call. Affairs. third Robb, fiscal Officer; Chief With Jeff Chief and President me and are Operating Ward, and Scott Executive welcome Points, to Egeland, Ryan

risks provisions recent under those in of make revise as XX-Q. forward-looking update events, Private those statements. of forward-looking the stated During Safe or our Act XX-K implied call, Form could CSI covered or Harbor to new future financial statements otherwise. Reform information, include by reports to we uncertainties, our disclaims described will Litigation or and and this our and operating not are on most differ or Actual subsequent statements the historical forward-looking due that CSI’s forward-looking statements quarterly Securities results and These from XXXX materially duty results Form developments result are any of statements including a future facts. statements other regarding

believe will table I investors. non-GAAP We to because provide turn this a measures now our Scott will refer information useful to to for Today’s we Ward. contains also release results. news they reconciliation GAAP over call

everyone, you well. joining for thank us afternoon, continues and exceptionally Jack. to CSI Good perform Thank you, today.

revenue Revenue continue both coronary representing driven to last gain $XX.X in growth we market franchises. by launches achieved domestic by and orbital quarter where to atherectomy domestic in and specialists gain our business strength CSI new atherectomy businesses, key by markets our disciplined characterized nearly atherectomy product compared exceptional $X.X ongoing to Notably, of unit and double-digit Asia, peripheral increase international our product double-digit support by commercial pace clinical market report expansion execution to international quarter our We in Middle Europe, was from rapid growth and pleased markets increased fourth to revenue continues East QX launch The and the growth a for our the on momentum. performance coronary achieved XX% objectives. cadence next XX% million, our where now core customer Our in teams. in consistent XX%, was powered a I’m that financial consecutive sales growth of share driven within achieve robust launches million third with in we by of domestic businesses, in primarily international share revenue XX months. strong the atherectomy in strong the year. in Japan, in are capture and of and

we also margin QX, again addition remained at executing gross are strong XX%. were In strong to and revenue key We in on profitable objectives. financial growth, our has

relationships outcomes that operations exceptionally to to manufacturing with volumes. to patient-centric drive important services best perform a are strive partners we collaborating teams we Our quality and patients. for deliver increased and unit well, products, to our CSI high the organization, continue and delivering customer-focused healthcare, our the as customers cost in assure reductions possible required be is

care outlook conducting to We enhance with on and was and key cases, our and growth In Jeff? company. execution the the drivers together QX information discuss worldwide, strong straightforward significant world. provide quality quarter commercial regarding and for our for will a physicians our a and summary, Rhonda we in will marked are few results moments. provide now first, in progress by leader around atherectomy X,XXX in additional milestone enabling physicians achieved coronary But the solid QX. QX patients Jeff and growth throughout details market over peripheral QX, a XX,XXX atherectomy, the over of orbital

everyone. afternoon, good and Scott, you, Thank

In a mentioned, $XX.X Scott XX% sequential $XX.X representing increased compared to compared sold during the revenue year. increase second quarter compared represented of growth atherectomy million. XX% to also quarter, last revenue quarter. Worldwide devices XX,XXX It third we X% of represents peripheral to XX% million last a revenue total, year. increase over As orbital to

Our compared the unit XX%. worldwide prior peripheral volumes year. peripheral Domestically, units increased XX% increased to

Domestic million revenue $XX.X strong million. million. efficiencies In the clinical segments. R&D $X.X to reductions unit with was domestic As revenues follows. XX% increased X% margin anticipated, revenue with XX%. flat remained product Domestic were compared $X.X remained last a achieving between decline, in breakdown gross revenue to grew and primarily year. QX, associated and ASPs, new profit ASP to our increased XX% volumes. totaled ECLIPSE we to coronary XX%, The XX%. Total million. revenue as nearly of We coronary lower increased recent peripheral Worldwide and mid-single million. million, peripheral focused trial expenses which last in International expectations international U.S. and by $XX.X the $XX.X ASPs increased million, and coronary revenue lower domestic or of cost to XX% offset at investments $XX.X experienced increased expenses and $XX.X enrollment with digit U.S. the Operating driven is growth margin manufacturing consistent increased periods. of year. approximately product about impact XX% increased development Coronary to revenue on

of product We net Adjusted expand education to to medical EBITDA broaden are support $X.XX due physician were training to share. use X% expansion. drive our SG&A $XXX,XXX offering, in value. atherectomy, investment increased increased our investments to the million. or quarter We accelerating in R&D and of $X.X profitable and again our international per with long-term income the orbital third

tightening maintain borrowings debt financial balance and no cash and in in guidance. $XXX equity. XXXX as to strength line fiscal financial remaining financial With issue shelf to annual fiscal flexibility place are by a now in summary of updated in up up to will million, and months a QX credit long-term our concludes two up continue our guidance. This million, $XXX million evidenced our $XX I our We my of we of a to year, results. place registration discuss for

revenues million and now an in to breakeven range Rhonda? developments. XX% the annual million, to loss anticipate we fiscal For positive discuss growth XX%. XX%. and revenue XX% X.X% of of of EBITDA. adjusted $XXX revenue Net of commercial margin our to $XXX will between representing profit Gross XXXX, Rhonda now

Thank you.

As you Jeff, achieved again financial in strong just heard from we QX. performance

ongoing evidence growing with the resonates strategy clinical innovation, medical orbital with of As acumen, demonstrated picture, our throughout results deep to quarterly fiscal case domestic our customers. driver we’ve the atherectomy of support, been franchises. XXXX, our our continuous has Bigger exceptional financial success provide medical education and key

the based the sustained the we on business have in following over four factors. can and sustained past future core in growth We our quarters, be XXXX believe strong momentum in the achieved fiscal

lesions First, treat to one our long short use turned and severe can the device due moderate physicians calcification atherectomy to orbital its increasingly Physicians throughout vasculature. to flexibility. to of ease and with use

Second, supportive orbital atherectomy supported preparation safe outcomes. evidence is stable in provider the and and that remain patient strong for in economics and improve market reimbursement product effective journals only peer-reviewed atherectomy. And demonstrates the by published calcium and finally, atherectomy medical removal, vessel

peripheral the the peripheral and peripheral several business continued provider the success rules access device in of our our for in increased the in last volume increased With market. remain XX% new domestic office-based the OBLs access core slightly use office-based for grew that in I factors growth proposed quarter, In lab stable may by results. unit QX, atherectomy economics procedures accelerating atherectomy on and positive procedures, programs focused business. today. those account initiatives XXXX. atherectomy to detailed contracts, delivering proposed for growth inpatient generate both that care based new procedures XX% by and education over in development are lab OBL new strategy Last of and XX% French atherectomy our accounts coverage, And In approximately market. Execution reimbursement and was peripheral We medical patient and key users. peripheral, five driven fact, long-term case worldwide radial driven are coronary released DRG or week. improved reimbursement in rates for CMS atherectomy mind, market of

combined to OBL working. six strategy quarters high have now, volume-based sites our volume XX% This we revenue increased grew QX. over similar support. is offering contracts with long-term in For And QX, targeted OBL procedure

and to peripheral continue in new also evidence business win medical Compelling is OBLs hospitals. both We we win. way one

advance trials Our body evidence support the help of in field and the clinical investments of atherectomy. ongoing in for orbital specifically

can orbital data atherectomy peers. of build sales XXX Our CSI look published published LIBERTY another technology channel publication on added our were We introduce Therapy. one new as economic that discussing in We benefits and atherectomy. Journal of large results the data. our future the by the this of quarters clinical Endovascular QX in new to clearly landmark physicians supports This peer-reviewed year study from in study our with differentiates to

device Finally, access a This of new are extended acceleration support using In QX, our the in large the French Flex business traction radial of radial VIPERCATH only vessels and XC experienced the increasingly in can with Tip as access, XX% worldwide growth On centimeter Since have CSI launch the low the will with believe catheter. for effectively in peripheral March, accommodate we and is XX% coronary, we XXX grew five in performed business. ViperWire catheter the the With is only add physicians radial peripheral four, their market. like on access core an lesions above embrace we radial radial offering strong coronary revenue. gaining procedures we to atherectomy we VIPERCATH offering, to also the devices our company exchange treat procedures. the profile access that domestic our launched portfolio. knee.

medical the complex coronary last of investments sales Our toolkit dedicated strengthened stems and education coronary international representatives, launch including initiated programs, from we growth. our in the year, strategies expanding coronary commercial

coronary recall, high we accounts. in drive in to sales you existing markets, coronary our rep dedicated As certain direct adoption volume

the to increasingly we excellence. that finding are treat complex of aggregating that centers coronary helped at patients We’re

volume reason, this in makes providing these day. coronary and customer and lab For and support reps sense supporting specialists procedure have high accounts cath every exceptional it dedicated clinical the to

users medical new increases current for these in within In locations education accounts. addition, penetration providing

angioplasty lesion Glide We of the and are procedure Together the products to Assist to also to to site. the the a of Teleport toolkit. launch physicians anatomy. the this were that continue In complicated crown QX microcatheter Sapphire includes currently emerging receive for Diamondback millimeter an market feature the due with the balloon, coronary patients our X.X Diamondback not enabling which response candidates these kit cases, improves to their previously some treat atherectomy deliverability positive

over one now of of XX% our our incorporate coronary or balloons catheters. are cases seeing at We least

and end the continues now in launched Europe, reception QX, across have had one we enthusiastic physicians the Turning the orbital Middle receive certified East. to worldwide. an At Asia, to outside orbital to U.S. year, atherectomy countries international, use of In over just XXX important atherectomy orbital reviews In in ViperWire nine we XX of over the have atherectomy, our and we Japan, track to from classic receiving coronary QX certified by this continues of to the June. are with over rave growth and Flex launch is Tip accelerate market. physicians, Advance end on the

QX to will support Before make mechanical drivers, In a clinical our progress mention on hemodynamic pre-submission discussing constructive February, continue I we our quickly and that for with discuss initiatives. the very device. our FDA just to pre-clinical we R&D meeting had requirements critical

calcific execution received in And plan Mark. and is New strong establish artery with our of we XXX later excited we are the Europe we LIBERTY And We forward XXX This to guidelines finally Cardiovascular for look month. are at orbital and We is upon market. presentation of Horizons XXXX ECLIPSE over to in standard change to the expanding important patients add sites as and coronary patients, for the also and human. trial. target in investigators that data we to are we to new disease. economic the globally this CSI announce evidence care for ECLIPSE fiscal trial produce the Japan Conference CE thankful atherectomy to first now to the intend ECLIPSE their for enrollment and continued for an required continue

questions Teleport to ahead atherectomy increased by include medical peripheral, including business, education Sapphire core balloon. Europe. internationally, incremental Looking higher an thoughts. in my and the Japan finally to VIPERCATH drivers radial in our be CE continued for expected volumes and in along support. led driving coronary expansion, prepared traction X.X-millimeter QX, provides especially I’ll XC the support Scott Mark your case and address his Coronary case happy remarks. device That concludes growth and after And closing with will sales

Great. Thank you, Rhonda.

emphasize points. just I conclude now to want prepared a As we few our key remarks,

great a executing done our job think I plan. First, we’ve

We revenue have versus successful period successfully in operating that with delivered across during XX.X% the the of have organization. Consistent of one year double-digit CSI with and plan, accelerated employees profitability revenues fiscal revenue X.X% growth, growth. first nine ago. comparable objectives months And performance key increased during QX execution strong our the XXXX,

Importantly, QX momentum entered strength. we with and financial

single for transformation initiatives performance a leading am orbital successfully the innovative leader geographic an expanding products growth will an reach key by under of from way. technology, we with market single come. atherectomy to is company new launching CSI innovative devices years propel are into portfolio Second, pleased developing our new new driving and our that with geography I well growth of markets, worldwide to that executing

was by CSI the financially growing U.S. strong added some combined recognized the that and equity of are We equity steady financial index growth companies includes in S&P have the In recognized XXX. now SmallCap discipline to markets. are as fastest efforts pleased to March, been This broader the companies SmallCap strong market. with that emerging our deliver

would thank to I CSI Finally, all for and we like commitment their to mission that dedication our extraordinary patients serve. employees the and our of

disease build motivated We continued the you improve our interest your excited cardiovascular to forward this of quality care you as Thank for around are and for patients employees collaborate to we and updating look progress. with world. CSI. in Our the to on our customers company with

your questions. take now will We

the would So you. Emily, if you instructions. Thank please repeat

with from [Operator of comes Instructions] Stifel. line question Your Mathew first the Blackman

Your line open. is

or for Rhonda, I atherectomy referrals feedback on just anecdotal of start paclitaxel, and in guess thanks the and on from but starting field any to the everyone, on impact my afternoon, Scott Maybe questions. Good general? maybe interventions, taking volumes

that Yes. I’ll afternoon. take Matt, and good

of paclitaxel really effective First, balloon new really the I marketplace. I came in a been positive us. for in aren’t and we continuing into bit our to much six it’s issues think out in to seeing point neutral the coated of environment week have about time, this would that At the an little drug say weeks maybe This March, this we’re impact of really first so probably evolve. now,

will course see the months. the changes this of next we So several over how the market

reason the really company paradigm changed. For patients for that neutral treating I probably say CSI, our not is for it’s has the these

As patients balloon on The may drug-coated use that angioplasty you’ll now recall, see lesion hasn’t physician much not a place atherectomy, is a ballooned, stent, may or or then But paradigm they checked the device interchangeable basic an an a are balloon that. receive old really is impact changed. otherwise, and a really plain of there. we don’t of

are balloons in that The is coated peripheral where our is widely setting, other not are the probably use thing – XX% been and States. have plus approved is drug and United not reimbursed in our XX% not of below been Also widely where business the really balloons not of the used for OBL drug-coated knee, used. peripheral business have

explanation and some over that how So see right you probably it’s gives it’s neutral now why of we’ll for a evolves this bit just answer long probably of time. think but – you, a we

And have of could quick Okay. I just the one couple – in then landscape, normal any comment rates for have atherectomy the long quick peripheral changes you change broadly just think Scott, if follow-ups. beyond in on levels? I seen and Jeff. market answer. Rhonda, Again I either important, appreciate competitive just a and you just most repatriation above notable dynamics? one, your And And any follow-up the

Okay, good.

of landscape, obviously really competitive hasn’t So the in terms it changed. peripheral

against and all also dynamic a a these think and companies. environment, we from or in one – pipeline. see balloons. bit Medtronic drug-coated their We balloon and Scientific We’ll somewhat impact that compete the against remember, it’s of companies by how drug-coated Philips, become Boston these happen at big I large have compete to point driven a at the this had least

environment we this are, players course, change not and the yet into now, emerging that There they their to to and market So coming react forward. segment. the how are players potential in smaller the see competitive to gaps are has that pipeline going of

of time. those expect point our in really see is seeing we stable. fairly this future, competitive We an and is coming rapidly we so are large in growing to any do at the companies from impact much but this – at market, not a This stage, of landscape competition

difference. sales In really terms of no our attrition,

attrition really Our with sales years and rep stays quite is stable consistent past. where in been we’ve

and motivated say also So more of thus headed. may you excited, one we in I the vision Jeff. and sales well company question have very very would I think continue reps had retention, for And but that rep only are to do by company far, our their by terms there in where not the sales and future our for we’re performance

One Yes. Jeff. for

Rhonda growth right? And think the OBL think was double-digits. backs said that just I clarify still Could that that? Am XX% the XX%. you either or way, math growth I doing I either hospital into in

Yes. thanks for question. Matt, the

So growth for grow XX% rates. did were service well still growth both quarter. the hospital second was so We as our side again stated the and as consecutive OBL Rhonda above healthy of year-over-year

Appreciate Okay. Thanks guys. so it. much,

Thanks, Matt. Great.

Thank you.

question comes the next of with Leerink. Your from SVB line Antalffy Danielle

is Please ahead. go line Your open.

the so afternoon, Thanks and a question, good good congrats guys. for [indiscernible] taking quarter. for (XX:XX). much Thanks Hey, on so much

balloon XX% coronary about in over ancillary cases changed procedure some the and level – guys as Can a incremental how Just added or you’ve quarters talk using over devices? at catheter. coronary talked the last has in these per you both least of you mentioned you the revenue the higher one peripheral few at of

launched in this early. year. think, we’re launched little support a our think and about ago, first now, bit fully a still year it’s fiscal of our Yes, quarter devices I really We that I

now. with early, a the uptake but we in still bit are coronary pleased it’s So

balloon line. a Our coronary full where businesses we have

catheter out We there. line the also have

full think line Danielle, the of product see is uptake XX% with got we’ve kind and there you so And good. now, can penetration I the

because doing in there. space cath labs. do We We’re well there’s up against challenges limited run obviously

our be getting our take But balloon, difficult full we’re time. so And progress. accounts making into can balloon and it these line does

we next balloons we perhaps and devices, peripheral coming slower line, as to Now, our slower, we’ll support will from peripheral look than so our growth through is we particular late fiscal that little peripheral head But bit fiscal a peripheral the it’s has. continue coronary at year, add would see and with online progress in next segment. and bit as little and we coming a year, incremental anticipate

peripheral Thank very the there follow-up That’s of just and momentum still helpful. would but was And knee, OBL – seem you. for be bread the quarter CLI knees. between shift it. below a Got quarter fewer there OBL, in mix the think example, really Can your it that the this growth butter logically then you it about talk XX%, on lots patients the XX% and does there last plus. above because seeing you’re like less below is I

types a to mix Just the you procedures How how trying get that’s are in Thanks of and attacking changing the much. so sense shift OBL? that? of of

Yes. Thanks, Danielle.

last we I with that patients and peripheral CLI about really you are and physicians cases. remind and complex to is really our kind of quarter, approach think just work spoke as to here everybody, remind treating

are out them. procedures we’re is of to in performing So let’s the more physicians who the say following these what complex with beginning care we’re these patients, adopt, and to doing are moving as OBL setting hospital are they

procedure Really, We’re segmentation overall about think, support. putting same contracts supporting with I at these place of XX%. in the has them remained greater cases the we’re XX%, and

XX% because these difference largely the the that with probably XX% OBL right procedures kind I is so much the that’s tracking also And who OBL consistent of performing and we’re our not are in segment. customers caseload below now with there. above Our knee knee, at think

answers So your hope that I question.

Yes.

comes question from the Matson Company. of from next Needham Mike Your & line

Your line is open. Please go ahead.

is This David Mike. on afternoon. the good Thanks taking for for Hi, questions.

it First is and to of radial just what peripheral to think wondering drive faster become will in missing the on adoption? what you for just care radial, standard take

consider it a be my but coronary question. of longer Yes, been important ultimately patients us primarily ultimately route as wires, exchange be the has support of It’s for, continue additional there world, the it’s with complications with we’re the and coronary of even important and due needed course that mentioned that realize uptake. to about anticipate I’ve procedures for access. we’ll I the parts we with XX% coming those higher products of that route improved XX make to are the today. think, ambulation in than this and the market to the in to catalyst comments, reduction help and We’d And that an other the devices, the over represents to I’ll to take early access and further, And it still on take launch today the existing by the Thanks pleased but the available have of sheets months excited route catheter to progress. that we’re that. access, next get balloons really launch products we VIPERCATH longer relatively going States United one, the XX size that of in of months, of progress are

Okay, have guess can there the an just been pipeline, thanks. And changes summer’s and update since, I if significant give Day? Analyst any last on you

were last the and mean portfolio plan that executing to are communicated I Summer. timing expectations we per No,

So lot make meeting that wanted went. but the early with with more articulated pump a kind biggest days pleased that of to to FDA quarter, the work track. I think everything that meeting is on were sure how the this that big hemodynamic else updates we was really we and on we and update there’s this support exceptionally the the that’s but It’s do, quarter

much. very you Thank Great.

Capital. Street the Your with Brooks next question comes of O’Neil from line Lake

go open. ahead. is line Please Your

Good more helpful. various on review the prepared much robust for was you and quarter, That across all initiatives. in your great a thank your over afternoon, and congratulations remarks

So...

That was you. Brooks. Thank great,

specifically? you was Obviously uptake, I’m thing just one about that The I you’re sure, that’s much going? on seeing Sure. relationship and with heard could how but not comment the some OrbusNeich,

of OrbusNeich our there United relationship doing sure. well. and OrbusNeich of the job distributor is a outside States exceptionally is is going and us. our great for Yes, Japan, outside

we I partner think frankly, very since as have as just been that we August last our in OrbusNeich. Middle in described we launched stronger of not time, have have and in could year, short a Asia, launched really business in have Quite we’ve without Europe. now done period of East a

an So excellent they global infrastructure. have

are We leveraging for and We who to OrbusNeich and the of and collaborating the the that. provide of continue physicians, adopting for are orbital procedures, course sale physical training distribution education we’re our atherectomy with medical the product.

So, go continues preparing make exceptionally Europe, we’re looking in approval as well. coronary along to OrbusNeich, well, – for and that great to grow that with make the to and forward now a we’re success happen

collaboration So to continues exceptionally the go OrbusNeich well.

mentioned you investor guess, of environment And the be those I comments. you’ve to Great. attention. little curious I’m them seen had Shockwave noticed I markets? a if seems your getting company, competitive appreciate that in and of a lot I then much

the in tell We year. They’ve market as in you couple in been segment share the in the of here. States our they market can not results United we of a the have the really see growth affected or our course And in markets them particular over commercial the for years. our don’t from past peripheral –

we from no, an at much of Shockwave really So, this had haven’t impact point.

you Thank very Cool. Okay. much.

Okay. Thank you.

William of line Blair. Kaczor comes question next with from Your Margaret the

Your open. line ahead. Please is go

is This for taking Thanks on everyone. my Brandon question. for Margaret. Hi,

just the you to looking like really the benefits Can its Or about, of of feel at of terms execution you’re is it’s continued doing talk doing the are momentum, well. well for vessel where of First, more I a seeing more your the focus of level there. starting there growing business, just is in which own pockets kind OAS market strength particularly you And do internal wanted there its high to on things – more plans. on going on and realize prep? of own

Yes, that. take ahead will go I and

think place our coronary and And different I between in the XX%. was articulated the we business. dynamics unit there’s taking I as think peripheral growth the comments,

And gets development. the it really in really we’re back market. well market doing So, to peripheral

I office-based the think to driving is that the of more lab really care. emergence receive patients

hospital office-based of very service, place the a we the place, volume-based to lab. our of just segment. I think, only concept the significant stable, market, ability if positive capture stable has The but affected in be to And not moving case the put course, recent more to discussed our both that in as additionally, came the reimbursement. that to put even presence that in that two and that’s So going positively The – support the suggest positive forward. presence very with people share sites well out continue of dynamic, to in we information grow coverage not we that really as that’s contracts

just tool And So that representatives different. planted to exactly lot the physicians has taking education We cases. still under addition to I work our think and clinical differentiation we market, we in position those medical that. later to little but specialists this to in on really of on and more procedures, coronary strong with also complex it’s dedicated And there, focus and of exceptional really do their launch the our the of with have strategy a on kit, been in think, due top us of on really bit a combined amputations these centers international large sales where and is things, then coronary of combination occur. and the put see that’s the mentioned there lot a which the a that of I clearly there’s strength more significant really degree this quarter. to Coronary excellence have penetration of peripheral market a

coronary of So segment. dynamics in those the are really kind

of or all kind Is envision the at you. had XX%? OBL then growth or getting the what’s a terms And maybe prepared on opening of remarks, the of guys centers Are going And do from in OBL Thank market? penetration were growth you there. stay setting thank And from it in peripheral more OBL seeing Great, be growing, quarter new that market growing? that now. it in it’s XX% cases another accounts guys Does you rate OBL you you. two? if you account would of are to? Where the growth touching of and plus new mix good mentioned XX%

great Yes, question.

growth think So to going continue I OBL we’re the preferentially see in to do segment.

can that States United I that think United look way only around If estimated the can And the care the alone, patients. in there’s or managed capacity of And there’s as and critical perhaps these is patients. and physicians world, more Rhonda access having X it’s limited we PAD by mentioned ischemia. epidemic we’re the States who the segment. for in-hospital CLI be in really limb facing million really at an limited

So to alternative mechanism an going segment these I to where for continue managing of there patients. this is the is care And the OBL to. go think, be has to

we’re collaborate higher we here that come where segment the to patients in OBL can closely play get Now what where that physicians circumstance where more those decide is have treat we when disease. burden a into and is we seeing involved and of That with accounts.

to large fair that’s of order for in procedure because has our course we’ve And proper most having So of couple of deeper would our where that existing we patients. focused. these from past growth amount a of quarters, the over accounts. device support clinical and penetration the going outcomes say our the specialists come largely probably out the that’s our and in And really in OBLs in we’re provide or put I of deeper – accounts good number a of assure use

So that’s OBL We good strong see expect I to in over growth segment continued time. pretty guess, that summary. do a

thank Great, you.

line the with Your last question Bob from of America. Bank comes of Hopkins

Please Your line is ahead. go open.

a kind just from update appreciate I big technology design the early the me, on two a would be One, pump. FDA? picture a things questions. was on We But the guess, I big Well, like, thanks, the remind meeting picture just you would key are that with the quarter. really helpful? anything to disclose to need phase? Or here? be of just And then from you I willing to of from happen the perspective, in that perspective what still afternoon, and good congrats with what maybe could the and want purpose just solid ask the

Bob. Sure. Thanks,

the our testing intend that So these collaborative pre-submission to design and we this the a and very the pre-clinical intend the features pre-sub FDA our always to we do, of work We the meetings. then animal device, meeting as feedback, we to plans. with that of just last validation and reminder, that our we them our in meeting introduced program the the took do, very case we indicated good review Had done, to clinical had quarter. first We in device, research is them. the pre-clinical research as the through had clinical call

is were in our the pleased And so indicated Bob, think, track in-human, really to use and with to now, first are the focus outcome. achieve first in-human on Rhonda as Right on continuing be I we we XXXX.

at not think look key to I objective at, that the So, that’s and away. this next point, really it’s far

And major then so the Okay. then animals? next into in going is step process the

in animals are now. We

that and future. is testing. So animal started we into the a that hand. near hand testing in And entering design things the design We’ve go obviously validation doing anticipate all we’re would basically GLP – in and animal yet those we where performing not work, phase, are

Great. helpful. a good Obviously, has big super momentum. the you And perspective. for That’s Scott, more business then one from picture

your plan. to well revenue about and confidence executing maybe you double-digit delivering the You at in next guys guys the been in being on growth momentum a year talk the just beyond? level business you late that into and and high your have of sustain Can able are maintain

range, next think, project continued and me core growth with to it’s that plan we our Yes. new beyond. leveraging pipeline are product for in our in drive But from business. executing a our presented combined to against as The deliver organization great in good the I year executing we’ve support, of our That said, now, marketplace. just that to and the service, action projecting solid orbital continue last key and mean can we into job our mode strategic international that’s the doing have sales our Those of customer as what strength of really and expansion, in where we toward. we’re the proud and mid well. continues a this milestones. that job teen probably by evidence hard we at. good to And spoke medical extremely we think, on we’re are go of is executing a bit combined year that Rhonda our internal And we year. our about, impact the I momentum. delivered right QX just great We strong atherectomy provide little into strength I’m unique We’ve are customer impact that really doing key programs. I sales factors, the

the started radial that to an I good to same that? think lastly, you’re later Is look would Rhonda at but then that mentioned right business, results get about obviously an early as or what’s maybe that side, driving maybe see in Is you you way the that to the mean, And kind days, the could today? quarter. path opportunity of But it’s the growth – place. just on to to alternative incremental growth incremental some

to core we in growth the radial the to in Well, that contributor peripheral success. I would of just of cautionary peripheral just are again look But XX% those. that. And business saw. factors there the of United point to market procedures a I contributing XX% We unit the like lots Obviously, coronary as back in one is States. to segment being radial the of see our

so a that differentiator, support radial to complement fully think again the pleased with time, the far. being full having So, products significant company of point a at it’s in this only ways uptake the but of pretty offer but really radial terms in we’ve go to procedure, been I can a

for time. Thanks great. the Okay,

Thanks, Bob. That’s great.

time, his over at I further for Ward call have now Scott back final We questions will comments. turn no to this the

look everybody continued again you in you and to for very We Great. Thank updating CSI. day. Have much, thanks forward interest great your next a quarter.

concludes This today’s conference.

Have You great now day. a may disconnect.