Cardiovascular Systems (CSII) 8 Aug 212021 Q4 Earnings call transcript

Good day. Welcome to the Cardiovascular Systems, Inc. Fiscal Year 2021 Fourth Quarter Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. Nielsen. Jack ahead. go Please

Robb, Good we Conference welcome are Call. President fourth Approximately Officer; CSI Zenith. Points, results. and XXXX Financial quarter a Chief Scott our press Fourth Chairman, Officer. Rhonda Executive Chief Quarter With minutes and Operating afternoon, you, Officer; to Jeff ago, and XX Fiscal Ward, Chief issued Thank me announcing today release

corporate on find the this Investor website. a of section may You release our copy Relations of

earnings will supplement June performance quarter an includes for you additional a remarks, our find Here, year XX, may fourth on that and prepared our few we details also ended the After fiscal and moments, discuss will In XXXX. questions. outlook. entertain CSI management results your

or we materially and stated other are make forward-looking differ Act provisions of uncertainties, will as result CSI duty otherwise. to any a disclaims safe harbor of could our statements In These risks information, our update results statements. quarterly developments and Form recent on Form not we regarding covered of statements including by operations, the include Actual call. the our and this has reports results certain CSI's which call, results business, Private Litigation statements revise XX-Q. in XX-K forward-looking and of are described forward-looking on particular, those pandemic that most our COVID-XX prospects, for statements risks the future due XXXX discuss subsequent will During future or forward-looking created or new uncertainties from events, condition and Securities financial to financial Reform under today's operating statements historical those implied or facts. and

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

reported results us for quarter. strong of Jack, we This everyone. a Thank today. good afternoon, afternoon, Thank you very and joining you,

prior the our key new sequentially we contributed including peripheral sales our $XX coronary versus to pipeline, accounts grew Three high-volume year. and revenues XX% new accounts. QX, our and in in of factors strong XX% and users recovery, in execution With and million, COVID versus QX growth

a double-digit in coronary revenue sequential sale with unit coronary, peripheral In third sequential franchises sequential devices. at As solid International achieved hospital and labs. support compared XX% we a we of our our to achieved quarter. a result, Diamondback U.S. growth to increased in million peripheral, increased both increase our revenue office-based and in rebound compared from continued we and business in revenue $X.X generated momentum In sales year. XX% procedure our the achieved revenue last growth XX%

contributed account the coronary both growth in our successful – of EU New better-than-expected launch in results. our Japan of and to

year, revenues revenue about a fiscal over For while coronary to X%, million. XXXX XX%. increased X.X% increased increased the record $XXX full U.S. peripheral revenue

the migration in the fiscal service Our XXXX with OBL to fiscal full site in over strategy high-volume, $XX of or XXXX fiscal a increase revenues pandemic, patients peripheral, our in pre-COVID to million increase office-based labs, of target our reflect an resulted results. XX% during XXXX. also X.X% year-over-year revenue In year combined this

claudication. to procedures for Our for of COVID-related about with peripheral year referral deferral patients the flat the pipeline hospital business due acuity in was and weakness the lower

for year, we cath focus In franchise. increased demand physician remained our labs resiliency are grew even in encouraged has drove the versus as international space. increased strong throughout year, robust last that XXX new the the entered we For to unit a programs increase recovery, by and pandemic, full at certifications, certified deeper of our fellow million. of Despite new complex high-volume XX% orbital education and coronary adoption year, by COVID Revenue users, in new competitor U.S. over U.S., customers, coronary coronary including in on volume of Outside FYXXXX, strong. X% atherectomy this XX% products driven the the the treatment revenues artery increases and a $XX.X disease. demand XXXX the for fiscal

will market Our model model coronary same education in market We strong revenue adoption in expansion. of strong built has resulted launch, peer-to-peer accelerate Japan foundation the three a launch. deployed have growth and the accounts EU we years in the new and and education share since that OAS for

poised peripheral on we Rhonda additional to a milestones. commercial in drive R&D Finally, launch moments. provide on few and and we XXXX. our XXXX details strong our But And are first, to revenue year continue progress growth details Jeff provide results our the progress Jeff? fiscal financial balloons, JADE our make fiscal will WIRION our regarding in with of guidance. will

a Scott, provide now you, afternoon, Thank good review I and brief QX will financial everyone. our results. of

comparisons on revenue I substantial our business' last results Before please and pandemic begin, year's the impact the that year-over-year. note of

the details, in supplement revenue combined the in result million QX. to addressed additional For slide $X.X by coronary increased Japan, XX% coronary million. the to In Worldwide generated by were million. XXX% successful revenue. and revenue in that from increase hospital of led increase sold Outside revenue late that total, units uplift In coronary Embolic XX% and Europe. products $X on peripheral customers QX and from peripheral a XX% U.S., coronary, a angioplasty in believe XX%, XX% benefited $XX.X revenue. up to We in believe favorable our U.S., as Worldwide million observed peripheral support $XXX,XXX backlog to Coronary in website. in continued contributed XXX% a We increased launches refer earnings deck to we In revenue revenue U.S., in deferred $XX.X revenue $XX.X may WIRION with peripheral incremental in XX% procedures to system growth franchise please products. OBL in of our have cases have JADE increased the generated as revenue in XXX% up to led the Similar a a that of revenue segment. the may revenues of cases launch strength OAS $X increased support QX peripheral the of of increase contributed coronary U.S. balloons. million backlog COVID also increased over hospital QX from QX. the deferred Protection recovery coronary to million, a

gross Turning in two due XX% Gross would We XX.X%, to factors. forecasted in margin to to XX% that expectations. expenses. was with range profit margin line the be our QX

XX margin incurred This is pumps reaching the be that charge First, XX a goods upgrade sold one-time saline decision cost end to of to months. we to will service over a coming recent to to our in normal related time, assure of generation action fiscal the older Upgrading now benefit several for replace these over course remaining support uninterrupted pumps our our we of gross quarters will XXXX. customers. while over beginning pumps

facilities related the pandemic. months that of to customers Additionally, of disruption. of XXXX, at goals the pandemic, business one of in as the of we and were the Throughout first a in our we was pandemic ensure production primary safety the operated fiscal duration stock nine patients our we the outset to our support invest that adequate experienced to one throughout our both ensure facilities stated maintained our event of we able to

a on expect levels long-term of quarter, to these and expenses now million launches the overall margin R&D of a million. due marketing products. conference the longer marketable to included charge impact not the higher ended that XX%, expenses underway, borrowings. the ongoing increased compared no were commercial $XX.X reduced an related activity and year. to XX% factors to associated With to cash our sales quarter in our totaled Both SG&A ago year going have gross primarily and revenues, comparable and and related build our We forward. fourth QX period last stock. peripheral we the were do in to $X.X we them with patents securities the lowered to non-cash safety million declined participation, isolated recovery and increased during $XXX support compensation with The related Operating fiscal accumulated year million activities. increase $X.X no

fiscal expect the growth. however, and be execution, in COVID to uncertain persist may product could and the dynamics is fiscal sustained in increase healthcare over to revenues of that strong to that note, $XXX expansion XXXX, we XX%. new will that the our state ahead Looking range With sales improvement XX% our pandemic forecast. U.S. international that in XXXX of system, market with XXXX We combined impact a million accelerate the of not forecast introductions, representing fiscal to we an million, mind, $XXX

increased to to next and result Increasing are of procedure approximately in sales international in XX%. margins gross of procedure Turning peripheral the expected expansion products, expenses. support ongoing OBL distributed

positive adjusted revenues. of forecast to X% we line, X% X% equal to to of and net the On loss revenues bottom of X% a EBITDA

timeframe. year revenue in typically First due X% seasonality volumes the to lower and is the quarter lowest procedure is that QX. August typically lower QX in This to approximately revenue X% our than results of quarter July

QX results will on year. move line financial Rhonda, the We we our commercial and improve fiscal results, will will a both top I loss who turn that As update. call over as anticipate now Rhonda? typically the fiscal the largest to in result, quarterly of throughout a bottom year. the provide sequentially the

with developments. fiscal the Thank my recent Today, some will XXXX, In share you, peripheral, the results, franchises. for of Jeff, quarter provide the drivers afternoon, momentum that we QX discuss we everyone. are throughout across international regarding total, and thoughts coronary, and reimbursement encouraged our good I key achieved and

in high-volume compared recovery, new sequential revenue sequentially was accounts, of deeper the atherectomy orbital the peripheral, accounts. success users in the growth addition grew high-volume with and success and achieved market In adoption OBL total, and users the new driven In new of of and QX XX% addition hospital segments, accounts, in by new introduction double-digit Our to we products. COVID of QX.

patients COVID-related light lower peripheral Our of visits, depend including is deferral and The remains referral the fear staffing improved weakness tunnel, the shortages hospitals to this of fatigue, but situation. business QX, very claudication. manage the multiple to recovery We a by confidence at see Delta, the continued of on procedures for and through ability the pace vaccinations, but of surges. patient do dynamic and return in hindered hospital to acuity of with factors, will still of pipeline end clinic speed in

of commercial data balloons. this owards the our will we end known. we continue JADE of quarter, and completed updates and Protection Embolic full Device are more course, the peripheral launch the to WIRION trends as Of angioplasty provide

products, mentioned, products sale support of revenue believe As from June. in growth over these Physician will products this sequential the our generated consistently we to is going we Jeff strong, and peripheral strong revenue with much these response of drive $XXX,XXX generated forward. being

continued the and offering, adoption the with was our customers U.S. support artery growth by case that United our and hospitals, and sales Turning on product. strong train focus treat trained continues product customers, we we and XXX our our revenue new case high-volume and driven users coronary per the support of now increased new to coronary procedure of complex QX, coronary coverage the hospitals grow. coronary our coronary. increased In in differentiated of execution, on to use coronary and penetration of We and products. coronary users With addition new revenue coverage certified States. disease, fellows

States. quarter quarter. QX, $X.X X,XXX sold cases and in outside total, revenues were first $X.X a OAS for over marked the United of every In performed in of stronger-than-expected During coronary were million support we support QX of the OAS products the sales $XXX products were sold. time coronary million international

Our case is addition, OAS ahead volume COVID in Japan pace. of the despite Europe in lockdown. remained of in launch coronary stable the And

experience We QX, during fiscal case the to using We XXXX, strong international outside markets. our nearly remote continue and and physician United training all XX support. including in over training certification in certified demand XXX States for coronary interventionalists of exclusively

our fiscal revenue to Protection are XXXX. In introduction driver to have growth devices the growth. peripheral of Device, continue in fiscal of support ahead components we place and XXXX, our peripheral, be Looking in peripheral the expected we top-line to Embolic believe WIRION substantial strong a

deeper we and we to In pandemic of focus to leverage and and look reintroduce new wanes, to our recently increased offering the unit of exceed increased PAD support upper level that drive total, to as peripheral while we adoption volume channel peripheral utilization Diamondback accounts In expanded capturing we coronary, atherectomy the within Finally, physicians existing of is to our treatment expected will can devices. expect single-digits, trained products, grow we from in our adoption drive our the of of growth. believe interventionalists.

physicians will train to physicians, We challenging enable with we high-volume, hospitals technology nearly continue focus be patients. will coronary to U.S. certified fellows. adoption and on specialized XXX of newly new closely and their the working these our With users most for full

growth plan on to support the to that our And CSI. new share. in attractive OAS as and Turning drive many desired train We finally, Japan we of countries confident In growth physicians to imaging plans will we in certify yield market driving as XX look in and we the sustainable international. Europe, are remotely revenue increased use XXXX. continue results, to build and cases. In and fiscal launch to new for total, will

first. provides closing procedures. before while others complex briefly And a Starting topic his to are is recent rather reimbursement of our Now rates this topic I Scott decreasing. reimbursement some developments comment with remarks, with will increasing, related as easiest atherectomy on always, the the

approximately outpatient X%. X% proposed XXXX, and in-patient and increase the payments atherectomy coronary peripheral by to for For would

proposed July summary, comment peripheral CPT all after unexpectedly including rate. labs. the impact in physician the based and CMS hearing codes. proposed of cost to fees increase payment physicians Now proposed in for CMS rate from proposed released procedures to currently a rates XXXX or reduce proposed and labor offset providers public CMS reduction device XX% in by in and the changes, rule direct categories, for they numerous In the intensive reverse rule general reducing clinical fee about reduction The this may procedure the physician unrelated office and is the schedule, open incremental societies, performed vascular

review for calcified sustained be November we meeting listed panel scheduled of high learned approved, currently endovascular physician we However, also will week, the we hospital over October. and codes the that become lower in peripheral treatment performed the for effective if Last published is editorial negatively a final agenda the on January of the PAD on case, the vascularization X. do for the atherectomy on although And of is have using balance, And In schedule disease. OAS stratified changed, limb not is be the the critical how peripheral that know will approximately will patients favor case they the rule difficulties caring complexity, where which years. reflect changes addressing impact fee remains proposal XX% artery possible ischemia, these possible to disease it codes setting cases. for believe of intact. any be share our interventional we do may not for CPT with adoption is this that market of in The relative value will the in the it may be of more

how As process, may we've these be still a or believe before could are Scott? we remarks. franchise. impact my for this that been now, peripheral look And That completes saying few not can to or we implemented. later and years a new prepared codes long be learning it codes XXXX arduous may forward new the our and

near-term many set efforts, let to pipeline catheters, the years opportunities product emerging attractive innovative our a hemodynamic me open you, that company, DCBs, am also Thank are of development parallel by initiatives closing, in markets will peripheral these we Well, say an as such and are caused the growth Rhonda. for we that other you to our growth. of and with products support to with important course to bolstered several of next as continue over rate we CTO to disruptions great In products I designed stronger long-term accelerate a all COVID sustain products, the with that new confident XX the share come. months. crisis these Each from further coronary and

want the an I CSI sharing their of patients to and XXXX that fiscal with forward. going these opportunities, for employees our believe to progress energized Our mission thank CSI and our our is serve. care. entire year, customers improve our patient execute support and will We exciting I we to organization be all commitment to look at on you forward

those today, attendance your CSI. of in we interest For in you continued appreciate

will questions. We your now take

So, repeat Zenith, the please if you instructions, please. would

Antalffy of the of line [Operator comes Leerink. from Instructions] first question Danielle Our SVB

Thanks afternoon the Good another one on on have competitive the question landscape, the everyone. then physician question. to the potential fees. for I Hi. OBL and cuts taking question

top I the with obviously, start landscape. I'll competitive mind. Scott, maybe, mean, So that's of

You competitive it alluded customers fact, wondering adopt remarks, it how being OAS? give in to not your can color pace any the are the – And is product? same same prepared not but you're you the if you in it, just on your seeing as patient population seeing

Thank you for the question, Danielle.

think the I we seeing the is are is what product IVL that expanding marketplace. really

to we in launched, grow, where continued we've We accounts crossover, are and albeit to and have continued seeing cases. has get some limited, our IVL

course we think to look continue. So, And I we future, very to well. results if quarter, our continue that fourth at you as we the to over grow looked of expect the

days, I So, grow this coexist expect the would early forward say going to time, but to future. I think still IVLs in continue we at with that and

But if from just on And it's of cuts I has area helpful. imagine in what see last about, how area for because mean, site That's lot the of the Ronda a on been happens these. you question Okay. an think did still don't there's care proposed is really pushback the of final, this I growth field then, but know growth, maybe, been week, an we'll the has but shifted. I of this

So go to love population in-patient where is into isn't that, do going perception I you the much. these if curious Would we're change where Thank so my in playing place. hear world out really they're I'm you to about, here how hypothetical just getting see a guess treated. this cuts

there's can take tremendous that. energy. amount Danielle, I'll I go ahead Yes, of you and a as mean, imagine,

last out these of to of and But at as we into And a my see really we the share not may standpoint. migrate, cuts, by well. a the as migration societies, things they reevaluate that's and strong But the prepared physicians, physicians the OBL from expectation if our future. have is the XX% stretch. coming to that see to history year. think continuing happen a then the any as in here there more which again position what this is I and information dramatic that through where will will decrease patients ultimately back said has We drag really take of improve. some expecting I Yes, and look they rally, a continued a were to hospital, are comments market proposed of there clearly,

So very dynamic.

I think be treated, we're reducing treated to really is on need the key and thing abdication. that just who patients getting focused

very you Thank much.

Next line of question comes from the Steed Travis of Barclays.

for get is This of able on one expectations XX% Maybe is a you're get much there? share of time the How couple kind asking trajectory the and in tracking relative that to Japan relative actually Ian Hi. the you've shorter able in international to Travis to share on today. Were you Any launch? to Is just how of European here. here? of been idea years? on amount a launch

efficiency Japan last really the physician exceptionally days, it training. say, for our pleased strong. though, successfully question. pleased with And reception, of the Europe, been you share so I We're the pretty Europe quarter. understand We're to about in the do early particularly is able able in Thank We're excited in the And will that be has Yes. progress this remotely. position. to we're the to and in

now really there reception. strong ask of momentum share so well. also where have maybe and a mark us XX% in again but quarter, understanding crossed have the there, kind strong in progress better fit Japan, So, things and of we as continued Japan, a we'll continued

COVID maybe a Thanks. then bit. just And Perfect. little on

moving the Has specific sort you kind during in still which OBL as few kind last Just of of pre-COVID is sort the happened more that seeing certain – maybe any in all? COVID in reversal helping months? back said last seeing cases that at of to the of there? of regions, gone market as quarter, environments? drop-off Just pandemic? been, lean manner. you think anything ever is manufacturing are manage a away as then it's kind back seeing inventory in I operations are of also the Is dynamics Like field And from cases the that dynamics you're that you a

for Ian, Thanks, question. the

that done may inventory safety inventory the up And our a ultimately, would good Regarding build what one have during as up we stock in that the the management, safety we served inventory, company. manufacturing had that really as we have outlet an was COVID-XX possibility to that against stock, facilities. and of for a outbreak protect we so our build

no As that longer slowed line out market, more we inventory flowed into moved retain into the inventory. normal our needed inventory really back basically factories we expectations. as situation our of get And fourth to quarter, that we and with production felt we in to our and result, a balance that our

COVID So, that to since the been is really it what our as crisis. commentary has relates the adjustment

of to site prefer regards hospital change. of mean they patients, well. preferred much to be are is not in labs in a it they not the have really I and Patients into obviously physicians office-based treated for it more service, choose reasons. Now as by having the seen to go number we –

So we not perhaps to office-based lab unlike that have to medical this migration other what continue, characteristic. seen technology markets same the in you've the see expect

not segment. those patients in in there about the really, versus hospital for the ratio So equal of has much our OBL being change. We cared an been see post-COVID-XX,

Congratulations in you. quarter. Thank the Okay.

Thank you.

Next William question of Vazquez Blair. Brandon line comes from the of

question. for Thanks Hello. the taking

like – – is, sense First of their there quarterly more all you're as quarters tailwind backlog couple I a the that in tech trickle patients expecting that small or less in but think next one, a question that helpful described of in get med it in. have guess of your maybe they commentary, XXXX? the fiscal as talking backlog in kind peers you treated that DO some some provided. other bolus, was is the on of the all you just I color though accounts to really terms backlog the

all backlog? you're assuming So, curious terms remaining what of any in guidance for

that similar that our circumstance. say very Yes. I is would to

cases. that the of in most specifically throughout of that that similar came to we when in the in claudicant rise improvement, likely patients acuity July in some followed in rebound of I the quarter very And last significant Most what of we consistent saw these saw that we our from kind we a lower cases, just peripheral, think last recovery. segment. – year, in hospital by was a saw saw

circumstance. So similar we saw a very

in where the we slight think uplift coronary, the of a just occurred experienced circumstance over the course quarter. same I

Jeff up As some it's of into deferred probably less the probably uplift treatment said, million, in an than do that case saw of an that were somewhere But gives the to we QX idea to think $X we coronary, that. you somewhat it from due quarter was of throughout that cases QX. that

get it. better you And well, Curious is seasonality. know of for tech talked pronounced also your patients. be some seasonality, kind more vacations you're lot physicians little Got in heard we've I then in for bit accounts? both vacations peers med been to more all your – demand both potential historical first first expecting had in what something and rumors talk maybe there's seasonality a Or this ways pent-up more Are pronounced quarter? given a all between We've but as expecting we've there for fiscal about is about and pretty typical with hearing? fiscal trying of you that terms a in sense. been quarter, to from a of your line

business And anticipating I our mentioned what in impacts in can't that are QX. more past, August your in I normally we a a the most it normally typical been frame commentary, relatively country. our time July that think for in our is. you pronounced that Thanks say The I do in and typically but it's question. reduction the see think Yes. time traditional has cathodes slower business. And and across Jeff, than summer we that season, seasonality is

just I'll let you respond So that. to

you three thanks something question. that's down COVID, for to Normally, so our QX, versus QX. you Brandon, X% we the a see are your QX revenues seasonality Typically, to if want last about model. into at usually effect X% in the in that to prior years factor look Yes,

remind in are might up helpful. That's it. catalysts one. meeting. just Meeting, if all be CPT the coming Got And could terms last the just next It ask helpful Panel you I of what Editorial of can this after one us

that's it, are in Thank on that they think for I of forward looking decide the kind at If move September. lines what code we're set? to next time happening month you. with like updates

process actually really remains rather least The it process won't gets is whole able process you, we opaque. this at proposed. share in is a in specifics lot But fact, It cloaked of regarding that after And confidentiality. about been what's Thank the be to started. Brandon. a

and remain that into XXXX XXXX. even If of XXXX, expect would later. to then effect also by in an is timing, this which expect these delayed COVID terms ultimately to for happen the approval new In we and be even likely maybe a months will see of agenda study with group the special that, is October, codes that probably what of a will followed this codes, concerns. most that the in all a of rock on go that will but meeting set lead take of will And maybe in process, we would to will some number required probably

in that you I for timing. I is So, think should terms can what best of about expect give the you

Got it. you. That's very helpful. Thank

Okay. Thank you.

[Operator comes of Suraj Instructions] the line Our Kalia of from next question Oppenheimer.

on Perfect. quarter. the Congrats

that see OUS, question. a but side, utilization specifically versus We you out down coronary the overall I numbers, Scott, the metrics, same-store accounts, is, that, me you business versus So new store so U.S. what for can let these the generic seeing, on are additional step, of drill through we if many give of many one are all start with the just maybe can these trend characters case. kind Could line i.e., us glean the where a sense sales.

Yes.

of as a and peer-to-peer educate trains others. colleagues, educates who United us Suraj, to or to and particular the But using then in all almost key in training technology, thank refer his really approach. train we local well, launching our her that leader, – markets a And who opinion think question. we that first, then particular, allows outside States, utilize I remote for are educates what you, in

the watch who users, So new important and then to within then and is most able be our account, our use that accounts we new say, that then that will open metric their up, additional then we we accounts treat account, a can patients. because let's to in training are trained technology really, physicians new but

we those use. are really that the So key metrics

ahead Now we as look actually of how a her when performing, coronary in Europe, Japan. were are bit in is if we remarks, at Rhonda said little originally launch launched to we in Europe how where in we comparison particular, pace

accounts new Europe Were for we're of and that that your question. that little you in more European launch. addresses something seeking? now our actually the progress pleased ahead hope is bit you're the – coronary there are with with right So, very specific we're making I pace, a

a One process if up versus price the I and because OAS was I case, great. with are No, throw give a the was I I'm if of an of ultimately is, at appeals that's even sales could out at fair price surface. the is being talked I'll coronary understand the least mean, side the elasticity framework here that a take you that field it this map us And quickly at at really demand, two the of get second right or is, enough. other we below any factor per and now? IBL Scott, OAS huge the at of – in of questions. to update picking on could IBL, you certainly guys would i.e. just way is be Any least color what take stage Scott, try kind this it trying case put curious thing I at end offline. to but about offline. it, can differential IBL? to the it is, And

Thank The There's you, the no been IPR really is Suraj. appeal the on update process change. same.

We on IPRs. are decision still three a awaiting all

two then some calendar hear year. of and the of We the coming at third, course expect those to the by end on year period next over in of this probably least the

segment. tell do can – time then, you update stable pricing be about large to the is there. NTAP and that. But that, We published, marketplace, that incur in coronary as the surprised course, they over We probably out coronary that anyway. pricing has thing means pricing been some only our and very the of that's in look So, there. I And out as so. price at in our will not other has of ASP in were erosion IBL been continues balance the know the The by is it accounts, we

So has of been the this we've far, our pricing and grow that continued pleased thus introduction stable, product. competitive we're despite to

Scott. Thanks,

talking Or or focal is at anecdotal, a physician more the is subliminally, Scott, lesions I with treated, in we're to I'm right maybe the bit? Just is, quickly, Is being OAS OAS IBL, early one IBL? game, field the too any you. seen say, longer, you versa? where into this now? least would in the this lesions you versus I've question? cases used market And have used have reason the ask more vice seeing just what, this can says, the game think, I more Thank in ask diffuse but by shorter, is I trying early know too far the let's

Thank Suraj. you,

definitely, that stenosis that's were lesion the to most be case think being seen cases the back thought of the largely that balloon IBL cases. to I to orbital from atherectomy fundamental And reason treated. is what is have converted we have due behind

down, they think expand wire So, thinking in some that this with is present, cardiologist may about if detect fact, can and an be a looking at that they a that, balloon. you lesion interventional calcium angiogram drop

and then patient. even and those need circumstances, under maybe to they cross it, atherectomy can't And the and to they the they As orbital that treat convert find open then with can't lesion that they really that to they try position balloon. balloon

Following the course, healthy they a of and use use to the stent further atherectomy would expand that their would drop then to lesion stent then, of healthy lesion, and tissue. from the balloon

to technology that more is get a across see sophisticated the percent that that to common happens. So a In decide balloon. will have use which sites, a based We upon to they be experiencing. stenosis oftentimes very thing in they're other able words, that to they use balloon the

– that calcification. you nearly have concentric the important Secondly, it's

wave pulse the you effective. So, sufficient there's of containment to the for if IVL be calcification, have XXX-degree

uncalcified the might generated less you lesion, have If then energy IVL of portion otherwise you lose don't that, a the the out effective have you, by and of course, than portion of you response can say, let's as the as of, have.

and that IVUS time. present use treat OCT is are are I and imaging, to also nodules reluctant, these length, that's lesion for sites Finally, in calcified those important the use because to of IVL using or The these to, XX% it an are indication use When balloon both presence XX% case. orbital also for through is lesions, of the than present, the severely sites atherectomy. physicians time nodules, and oftentimes referred them, a one device important to the has atherectomy you detect to a can cost considerations, and more more of as nodules primary been in think are

across so those the using that's helpful come Hopefully So treat still orbital cases. they're you generally long again if lesions, they atherectomy question. thank for coronary to and

would questions further Scott Please time. ahead. I at to this Ward. to no the are go now There like back call turn

QX, Okay. Thank everyone, quite are our I We you, we you plan and FY for the confident joining in for we you, we today's proud way executed very and tell thank outlook that – about are think can of our XXXX. call.

time, for So, you your thank we look to Thanks, you updating soon. everyone. forward and again

today's you participating. for conference Thank concludes This call.

You may now disconnect.