AtriCure (ATRC) 2 May 232023 Q1 Earnings call transcript

Good afternoon, and welcome to AtriCure's First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode.

We will be facilitating a question-and-answer session towards the end of today's call.

As a reminder, this call is being recorded for replay purposes.

I would now like to turn the call over to Marissa Bych from the Gilmartin Group for a few introductory comments. ahead. go Please

you have thank release. us. now, By Great, a for copy should received press of you and joining the earnings

If to a to you received call have XXX-XXXX (XXX) copy, have you. please e-mail one not

Before company's include the you remarks today, we forward-looking let begin remind that me statements.

not of AtriCure's growth potential include, and therapy are market from uncertainties publicly subject many update time opportunity undertakes risks to, SEC initiatives, clearances, outcomes. for AtriCure's including statements. product statements materially beyond limited to forward-looking future any and numerous statements are may and are control, adoption regarding in AtriCure's filings. reimbursement expectations described AF AtriCure but franchises from These Hybrid Forward-looking the results obligation clinical projected. uncertainties, time trial guidance, and AtriCure's no of to to which financial including approvals, risks and the and expectations differ those

constant reported available to Additionally, reconciliation non-GAAP refer measures a is with share. non-GAAP per adjusted of website. our we adjusted the specifically these A comparable in release, financial press financial revenue EBITDA is directly our GAAP loss measures which and on currency on most measures, included basis,

over I to that, would And with Carrel, turn to the like President call Mike CEO. and

Marissa. reflecting revenue, sequential exceptional to in XXXX start growth Good to everyone We am an share $XX for year-over-year thank million growth. you, afternoon Thank you and I at and to joining us pleased today. XX% achieved X% AtriCure.

are and markets. extensive treat in remain patients robust excited physicians the from opportunities to We for our experiencing demand

while depth market testament their what our This is for franchises by globally. of driven momentum is portfolio strategy execute and and right doing broad-based considerable all was opportunities. our Our product and people to growth the geographies, reflecting our across patients a of drive a to performance strength

a positive which contributed few line will discuss top robust also first in quarter, nearly further growth Angie for million of the adjusted to minutes. EBITDA Our $X

As XXXX we momentum first performance year XXXX beyond. over XXXX to $XXX quarter $X year year ongoing a our of growth improvement full and and the million revenue XX% across to into EBITDA with approximately result million full and of XX% reflecting prior the business, expect $XXX of now adjusted million,

in procedures. seen faster turning one-third to simpler EnCompass our a quarter. remarkable to Synergy the the recently proven Now heart our United the the launch, full ablation we release anniversary quarter Ablation cardiac surgery first surgeon for ablation and Clamp the incorporating with procedures. EnCompass franchise, open in users System provide adoption States. our we've accounts our and U.S. of by in Since in the of Clamp In highlights of one-year new roughly EnCompass the approach market open celebrated Clamp The to ended the the technology leverages

franchise open year-over-year in our sales the in remains XX% the vastly cardiac quarter, U.S. surgery ablation progress, by Globally, the with underpenetrated. market EnCompass growth first outstanding saw primarily our Even driven

leading market in We further our confident ability through achieve are innovation to a penetration differentiated position. our in

our devices, our worldwide activity foundational for year prior the expansion. Exclusion first over to management durable appendage continues technology strong show appendage the all of XX% the grew management, Atrial to quarter, family in revenue with Left of Shifting AtriClip Appendage In markets.

to We focus patients a in committed the providers. space leadership on are extending with to management appendage the our and benefits expanded

use to to multi-year clinical easier of our of surgery preoperative invasive diagnosis. the to patients, on patients prophylactic examine randomized eye in we we time, controlled with use technology AtriClip To devices bring patients. trial same towards devices At AtriClip In without X,XXX more we XXXX, of the LeAAPS, cardiac landmark Afib sites to devices. a trial an trial introduced XXX are a transform benefits the to that continue end, investing less the

systemic frontier in in worldwide, the new The study reflects the of annual LeAAPS a expected trial Laying investing of Afib and the and trial embolism. surgery prevention, the through with demonstrated expansion reduction well major groundwork we over arterial X size is patients more capture expect is million for having stroke a LeAAPS two-thirds in we cardiac endpoint than of a ischemic The in immense a of enrollment sites the robust remainder are primary we opportunity underway, not the to stroke XXXX. clinical of preoperative diagnosis.

complete. The trial to will take several years

increasing and over However, market the the appendage procedures near-term of management in we in all long-term. of meaningful awareness addressable expect a our cardiac extension

in continue We had hybrid the to longstanding the with To European to outcomes, of and the the addition fibrillation. CONVERGE therapy procedure in atrial unmatched Turning outcomes a quarter in on trials published deliver several were presented this solid showing therapy. to were quarter, next AF – in persistent advanced there consistently for patients hybrid point randomized which ablation and catheter first advanced to population. superiority alone

EPi-Sense patients. procedure XXX% ablation our showing with reminder, technology longstanding the catheter durable Afib a combines over persistent and ablation over for As CONVERGE outcomes improvement alone catheter

trial ablation effectiveness of hybrid technology approach ERA versus primary superior over XX.X% the option is an April XX.X% AtriCure’s ablation epicardial ablation demonstrated to robust hybrid ablation using presented only. at the ERA endocardial the clinical showed this XX.X% alone. or relative hybrid the data endocardial catheter only Synergy Similarly, presented CEASE-AF The endocardial that at of benefit and ablation endocardial

forms control with results highlights more This the CAP with options atrial and results CONVERGE of seen trial of fibrillation. X,XXX patients the importance over combined randomized patients hybrid treatment in groundbreaking randomized with trial heart advanced the of data therapy non-RCT for we’ve

engaging of hospitals. to CEPs, identification, patient consequences Also U.S. and It to with Afib persistent how team AF patients the was care deliver approaches to experiences our to providers the Hybrid striking assembled hybrid education those Therapy programs their best in at to nurses effectively treatment, discussing treatment physician quarter, top with with learning suffer solutions stories, surgeons, discuss teams evaluating and longstanding professional and delaying early to how who the first implement Afib.

focus build our for many to the support expect future stages for the growth. have in providing early foundation on XXXX continue of the we comprehensive and adoption programs We to

frequently and the are to in therapies. ablation AF Now, or for potential asked we of pulsed field the about cardiac impact PFA innovation ablation

thought a importance a would on more focus tailwind The PFA. worthwhile. it conversations to statement I are is in and medical of brings is endocardial ablation efficient a the topic market. treatment brief innovation for paramount encourages progress field the device and on Afib the and with So believe be We in this this by robust activity encouraged awareness everyone the

positives remains energy shown the sources. other approach For all AtriCure, our complimentary, it is hybrid are and all these much with like

building market Afib needs impact potential the the for excited in momentum on today. are broader the We and unmet substantial

there the Finally, management Worldwide Across engagements first our to revenue XX% can from accounts quarter increased to and growth. therapy outcomes of for of for that the contribution and outstanding giving with XXXX come. in achieved pain, a the post-operative is in the physicians excitement for trajectory and existing this continues franchise demand with over tangible new be pain U.S., solution years Australia. the with deliver us Europe confidence

in for process of programs and awareness We’re enhanced training of thoracic surgery. the implementing

for probe pain limited our sternotomy applications rollout making of evaluation differentiated are in the the Surgery opportunity procedures virtual Associate experience post-operative invite Stephanie to to Dr. this education and of sheds are I their using patient of Cardiothoracic Professor very physician Nerve of important patients management device. AtriCure the for XX, where would Block therapy into experience. outcomes for of Chang, more practice. The at for we sit on we a pos-toperative pain. is cryoSPHERE we thoracic Department and implements with beginning that the on on receive School compelling excellent continue phase like Grossman We join hope our the Medicine existing her the Cryo will Additionally, series May and management To our sternotomy to and truly next of down light community incredible us end, everyone how the to with drive and NYU this awareness progress event discuss

are strong with a closing, XXXX. start such pleased to In we

opportunities. expanding beyond large Our the market framework extends for underpenetrated business targeting

diverse being drivers, about while We are building profitability our intentional complimentary spending portfolio in business. a we as thoughtful about enhance our with

Our accelerated to the for first come. because for years to we quarter of potential results these meaningful, growth making AtriCure the profitable progress are highlight and drive efforts and

for I will to Wirick, Chief Officer Angie Financial our our over regarding details financial the more call now turn performance.

Thanks, Mike. results quarter. for with financial the I will start our

XXXX currency quarter constant revenue the quarter basis, reported increased worldwide of basis when $XX.X a first XXXX. XX.X% of a Our to on XX.X% on million first compared and

underscoring across the product basis, XXXX. key we As geographies, growth and many first depth experienced lines a from Mike XXXX the of sequential drivers. noted fourth of X.X% the growth quarter of On worldwide our broad-based revenue saw to quarter growth earlier,

quarter across first and quarter growth increase nearly and existing continued to market product new that up that To XXXX, $XX.X XX% to EnCompass volume First penetration Clamp of ablation XX.X% million $XX.X U.S. both of the sales accounts ablation Open million, XX.X% the grew favorable in we quarter was were product point, open estimate million, XXXX. first compared pricing. the by driven from XXXX. a $XX over revenue XXXX

U.S. were $X $XX.X million, compared sales quarter of management XX.X% $XX.X of up of appendage management XXXX. million first products quarter over were million, and the XX.X% to sales over up pain XXXX, the first

$X.X sales the XXXX, sales of Minimally on XX.X% invasive were growth in ablation and system. solely Epi-Sense up from million, our

this we of in foundation expansion build moderate as future therapy for in relatively expect franchise. to continue We Hybrid AF growth the XXXX

$XX.X volume sales the first throughout and compared International the XX.X% revenue all $X.X a basis, constant on XX.X% over to and million, of up key currency XXXX. XX.X% quarter accounted increased for on markets. product was basis reported lines up million, on major year as prior a European

international Asia-Pacific over accounted period, by for XX.X% in and and same other activity million Australia. mainly driven in markets up $X.X the international sales,

quarter quarter the is for was XXXX. Gross first flatten margins which the comparison for to XX.X%, in

the throughout chain with sales continue seeing volume are to mix supply we we leverage Although cost from product increases production our pressure higher experienced and quarter. in modest efficiencies, along

a several of result a on $X.X investments enrollment. changes to partially the spend. along as product million initiatives quarter. of our quarter increased operating settlement offset by spend of as X.X% $XX.X spend later These first clinical as in discretionary education our million as for in proceeds Total the a to Overall, efficiency, legal $XX.X to XXXX programs, areas in received in first strong legal XXXX, trial quarter on and expenses reduced development operating increases shift were with in well expenses the quarter the first million training for Moving XXXX. with well or headcount and notably XXXX of from

EBITDA for Adjusted settlement quarter. of that EBITDA million our gain the of Note million the positive $X.X XXXX. legal compared the first first EBITDA adjusted quarter in adjusted $X.X for to recorded a negative excludes quarter was the on

the first $X.XX to per of the a compared $X.XX loss per period Our each $X.XX of XXXX, was in while XXXX quarter share share per quarter was first in $X.XX loss loss share adjusted and respectively. the

Cash $XXX.X our capital We ended to than a cash cash first position in we the future that the fund in typically moderate the initiatives. quarter expect the With do first in mind, to the strong million quarter higher of year. business current burn is coming remainder and with in burn investments, in quarterly quarters.

finally, turning our outlook XXXX. And for to

current earlier, Mike given anticipate the our and between $XXX to XXXX now progress, we year mentioned full of As strength to $XXX be million underlying revenues million. business

reflects guidance revenue XX% approximately to updated annual growth XX%. Our of

modest sequential in to first trends seasonality quarterly normal XXXX. the in reflect with revenue we quarter a from anticipate For second more to cadence, increase

the from with to XXXX expect impacts gross costs to varying mix. for We be XXXX continue potential to increasing margin and comparable

research line, will our enrollment growing key level awareness our business, commitment areas programs. the opportunity The with of of we accelerating progress and balancing expanding activities including the ensure pipeline and to our evidence trial across bottom profitability and in a therapy robust clinical to platform. development investment clinical On are

our Additionally, our further teams programs along of a training our drive in expansion to market. disciplined plans commercial with anticipate adoption

expect positive XXXX, million share approximately approximately for $X.XX of EBITDA per full adjusted $X corresponding adjusted to year of the loss to We $X.XX.

studies. Therefore, quarter for XXXX, the quarterly as clinical Our as trial variability increase guidance registries of in first spending the from we the some remainder well reflect would discretionary an rest expect XXXX. to shift EBITDA to and adjusted enrollment a of reflects in

the we of beginning As the in focused ahead. on years business commented the we year, are growing at profitable a

drive are in and many broaden To with impact pleased the start in demonstrate our each innovative on to business. and to leverage AtriCure, patients we our as markets at achieve this of results our end, incredibly diverse ability quarter’s catalysts XXXX our

now Mike turn call closing will for the comments. I back to

commitment business. and Thank mission. you, deep begin AtriCure with excellent We to thank throughout outstanding collaboration Angie. the to XXXX team momentum for I’d patient-first our our entire like

goal the at to And as improving The opportunity the unique after while future is further we science affected of our a AtriCure achieve both we Afib together to to growing Our by across work impact, innovation efforts this of those and pain quarter have surgery. bright. and patient expand markets progressing operations. clinical and advance leverage lives heal our continue

And over operator. to with it the that, I’ll turn

first JPMorgan. The question Instructions] comes [Operator Robbie with from Marcus

now is open. line Your

this Hi. and much know Robbie. year. good on here in This the procedure us MIS, can taking sort with normalized? you of any of for guidance is staffing doesn’t an in terms actually and starting But quarter. for really Maybe question Thanks I environment traction seen Lily a improvements have on how uptake assume progressed have on give you congrats the CONVERGE volumes update as has and just

call, comes talked continued it bit things platforms working kind about the we’ve We’ve the and we’re as definitely great Yes, appreciate the talked had little on to getting lot a a place, educational lot mean, MIS of and the as about momentum. – seen of of I putting on in feedback we’ve made we good progress. question. I a workflow.

If so feel and a year-over-year, we air is saw the talk all But about, an really building as we this number in spot. we’re good a increased force. you was overall like

expect building not getting to as We’re depth more of and a and throughout at on continue be really us really to patients, to to year into getting for work going a working really good from these going XXXX quarterly at that. much basis on accounts to on workflow really and look the kind focus a XXXX block that’s

of And with quarter year over the nice to profitability the put the That’s EBITDA follow losses that just it. you see up especially and implies so number helpful. it balance year. to Got on up, was in hit you the again in guidance the early

thinking XXXX? Thanks and conservatism about that of so be progression over much. how and the So is just profitability should we your spend balance of the

think I you’re some Lily, variability so going each quarter. see with to

across with in results really by We’re the pleased business. first driven our strength line the really quarter, the top

in activity mentioned As bigger but think but operating year. I in throughout strong in part of line, some the this shift are discretionary top I my seeing the a spend was R&D comments, later efficiencies business, we mainly

point We the than we which also spend point that the a clinical is to trial gets overall and with kind of off at great of the the the enrollment our for balance of start anticipated, are kind expecting to year for higher year. are this you had of

$X to I think you’re going full of to see some variability in bottom EBITDA. line, year but the the to positive adjusted get million guide

way rest the We’ve emphasize I particular like taken are off trial the this of enrollment great we’ve next accelerate got of year. for sites and to enrolling we XX in really terms that in year of over trial But enrollment. want to talked we’ll and already a feel momentum. trial spot into has about really in on great in We built and patient that clinical ahead it. plan really LeAAPS in

Got so much. Thanks it.

from question O’Brien The with Sandler. by our stand next question. Please Matthew comes next Piper for

is now line open. Your

afternoon. And by you Mike, guidance just Goof questions. on I about quarter. for million you’re side the this taking of the mean maybe – $X things, beat Thanks

taking up the year. $X about You’re for things million

conservative people So a I maybe to know you’re or are QX little Is with we here O.U.S,. business? don’t there a sure things little just or specifically great should keep long the a to little great. in you’re beat way across like make really go? bit pressure maybe pointing trying than the in open’s towards and you more are it’s U.S. mind if being something seems take doing a less seeing Why up higher? doing not clips bit to

that a said I is long to you go. way mean, QX

we’re great in there’s more spot. about business. of But had QX We the remarkable good in momentum really think feel every aspect a a I still the to go. quarters We Matt. three business,

beat, had weigh so, quarter. but, when and on have you you know $X million the And we earlier have million never obviously $X that, the in the you range a when a year, we

one feel kind about of you the and other the about good through rest being way you I about lot of numbers So year. But feel of think down, it’s business rest a conservative the we’re mean, feel I being kind in really the where overall. we that we there we’re the this, great look putting quarter out long great come that the how out for we look the and term companies about prudent of year. it, at the as momentum going guidance of we’re if as just guide you and we’re think for And

parts. has And two Makes sense. the follow-up then

you in would Did growth? in because any that U.S. growth sorry, So get the that the CONVERGE, forgive guys last was in timing so quarter accelerated. one, of Is just sense clarification. MIS most Angie, these the these, XX% about business really beat of say for next clips, me you of the clips just then And about number generation right? new time introduced that

when trying sense big saw sure going and those we just color So get I’m helpful? they’re for come not out may that but just any around you. recently, a be [indiscernible] as would as Thank be to I’m

close the you’re so number. on Yes, MIS

relative using about. the in given came the first All did thinking the what about each of to CONVERGE our we from the clip, timeframe next year-over-year XXXX in It’s good a of quarter, of in the to procedure Epi-Sense U.S. generation XX% the that device. business growth is launch and quarter be

working launch XXXX product and activities would year. development sometime through in expect the clearance to We’re and next

you. Thank Excellent.

our Bill The comes Canaccord. from question next by next stand question. Plovanic Please with for

now Your line open. is

in seasonality pain the just expecting, a you start, than little It think Hi taking rest this on trends first questions. but bit tonight. for start they seeing about how John Angie, it’s Bill for should the quarter? and Was in the the you quarter? just Can lighter the growth on throughout what [ph] Mike management our we were year? and came of Thanks were

kicked overall, think really we about sternotomy opportunity it still it the look We overall, strong for feel for on know you are at numbers in robust as think still When growth I that year type good remainder anything? hasn't to kick for going Angie, if I are basis a getting of likely year-over-year yet. position a really XXXX, and If add really about anticipate good till larger we that's above deliver of had we the to don’t average you'd corporate business just if that. growth in it. in you that the the kind grow, not business.

No.

Great. Thanks. of mindset EPi-Sense, the out of foundation to by And education what efforts just in on the company you year then try business? I other or the good has as mean, this for the make just to build changed most terms

Yes, been far, we've and question. conversations, our people EP had a my around, be time number the been the it's what mentioned a found, at expectations is the a that comments on like? and there to to mean expect the I they And we've run of gotten And well into mean, surgeon we've managing education they are time we them to so have lot conversation are of how we've so managing look best actually them really from does brought – we we're there. kind training. both what lot that a lot back people a programs the have an really hands is, putting beyond the One about them to and the great them they in there's of spending and talking about patients great surgeon EP, and pivoted of what by sites, how practices bringing of their that that to I two-fold. I workflow feedback in have meet and

then other have within follow say take We follow have make is from big year. learning that through both it. going where the that's next they've through. establishing they're they're number programs. The on those really on trained, gone and And two focus deep to we're accounts up that to getting patients two doing and actually really, keep – then in, the I'd well front. – of area there's gone one. and the accounts those need and been So And those good into each throughout to first they're we're already go sure moving really they're that sure those that make

a look continue and got get, time, to trained any in I hospitals. at beginning were it. why making fashion lot we And that time were got lot they've is a will confidence set when why up XXXX out maybe they those our going really XXXX. they a us more of a at of year so hiccups new and growth spending more well be teams have workflow are kind the nice we've worked getting counts the that so don't building of way, sure for really than That's robust in in that

thank Great, you.

question. The from comes stand Please next next Marie by for question our BTIG. Thibault with

Your open. now line is

volume to be soon. with But seeing the benefit pricing the Hi, to a for that question enjoyed Certainly open launch on sound ago, the and does and sounds strong a anniversary ask questions. strength? congrats Mike you'll the nice year here new you you're to Want ablation year taking start fairly like in the like thanks Angie, addition the it a clamp. on growth

and we you have that does It segment more with should think maybe strength to of how about demonstrating? new accounts sustainability the you've clamp. that some the sound go So into been like that

Just might business? understand of year in us help go how that the rest the

Marie. question, fair a it's Yes,

been has quarters rates. two kind last It's particular, in you'll historic really the the think second declining what's been points, activity of see this, encouraging cardiac we of pure about kind As to beginning the or our surgery in our contribution effect two the of above just I'd exceptional. been in pricing. volume the of kind start data a business quarter, growth from say,

we're start not quite this say, about but a seeing as to average grower, really, really activity. we're thinking above So ready strong

launch but lapping grow, our we're short that procedures. the as and third the number There's are of us, using of got of room early for drivers of the be still year's their kind stickiness year. have to to on, this timeframe, for that cardiac the we've kind of about accounts us the continues seeing growth other U.S. tells plenty And a in that just EnCompass was a strong confidence of the that rest accounts point a good adopted

good. comments you about you trials some to awareness, of made near-term awareness this revenue? this material very sort to is And materially AtriClip and increased just of Okay, that is related to sustainable the myself, translating this orient it think? this the is Is Do to revenue?

pinpoint It's AtriClip, every the how to revenue in single sometimes Afib tough concomitant the obviously to prophylactic of not any concomitant an we're are to with or for on and one especially many exactly side. not used how Because overall are many just is. what activity in, we're cases know the one the

that towards combined of tough we that to to clinical pinpoint awareness data, and with in the what's need work really do around for doing exactly, appendage innovative that do, patient. sense it's on it So you're for cardiac Makes general better the but awareness when kind conversations undergoing me good even this think we happening just the the the contributes surgery. and is better endocardial side, all manages that area

so Thanks Makes much. sense.

for from by question Wise The stand next Rick our Please with question. next Stifel. comes

is now line Your open.

to guess, from in any of quarter, a get a or up of backlog and of quarter I strong of patients was feel healthcare in on kind kind accelerating for built a XXXX? on throughout trend from backlog as This kind into benefit the did and start there's Hi the just really general, the congrats first is there Rick up you I quarter sense, that the John Angie. off, rest Mike. wanted a built fourth system go seeing you're exceptional, like here. today. Hi to sequentially of if you

or Yes, a we backlog. did of much not see anticipate

managing else they efficiency lot better staffing much they're think Those time, the in COVID but the that seeing more the time remain, issues so just with at dealing can ICU we're at of et OR manage They spent time, issues. both I what gains hospitals. cetera. is still them than the a

se. robust into volumes quarter per backlogs going too. and the no so just And really markets It's new we're throughout

to so much us see to for about going that you're talking backlog So, standpoint. not that there's we're necessarily penetration the from have, way gained

strong you Thanks. a really business seems like here. XXXX? about And this as we just second ahead? clip you're me how for thinking I'm helpful. for had wondering it is quarter Can of setup O-U.S. and kind the the That's question just international frame look It a

Yes, we results international really were pleased, in the John, with business. our

which think think saw a It's operating the the of another outside really to stable. We've franchises the across a I broadly good to the that able environment the numbers probably growth, they activity. you seen most good achieve U.S., I was contribution did. be

about on our gives approaches. significantly there in encouragement penetration for put maybe I and continue in It a they new really lot numbers that tailwind Mike new is international place just our a expand quarter as and think nice drive the markets They're discipline and activities I we've consistency and think the for previous business. call markets. international their low entering talked to are us last us a leadership so of that with and think I

questions. taking Great. for Thanks my

Please next question. by Matson our The comes question for stand next with from Needham. Mike

open. now is line Your

is is this Mike. it little on you was Hi, are a positive? Joseph flow to flow cash talk cash you becoming for Could to close how quarter bit guys I in usage, free the free what and guess, maybe about

that overall burn. in $XX of the kind first vesting. typically are highest an you has lot terms Yes, our so of that to burned first paying comp is do stock we drivers little with the of then cash seasonality a the quarter Those big and A of typically Dip], [Audio quarter. two million see variable in over out

relative And when question quite of to burn. or a bit of that’s we magnitude, million that cash ready gain give settlement was the that not timing your overall activity kind the a bit that the about yet. of of to of an inflow the kind the guidance offset free from we’re an legal of had terms to positive, we’re in $X Given flow

on a and to the profitable delivering focused be would and quarters that. expect near-term on able We’re to sustainably in update profitable year

cryoSPHERE. And Okay. Thank maybe on you. I you. then Thank guess

Looking kind into launch And to or be, design the is the done future that the I question be there to obviously you have second possibility to on of involved I price is case? guess of with with innovate the if a there may a guys that kind a X.X be that Clip? guess similar would iterate of higher to what cryoSPHERE

same sure kind we’ve increase. we about probably on feedback increase will I the of a won’t a of have mean, kind have might we gotten probe price sure have from from the cryo that price the not new with It right release Yes. of same customers. Clip have standpoint. price now some based won’t technology – our it are we’re in it for anticipating – the kind seen historically of It that yet that advancements

it sternotomy it to But see in the And positive it that going that’s easier underpenetrated use market as we we probably expansion, to for the it. overall. is which we to into a make the applying anticipate But move – going innovations be from surgeons and area. be have to impact jump as – impact bigger biggest to we’re just to obviously is sternotomy coming move impact XXXX we the and some still anticipate is you’re going so going they’re when in really new other do more that’ll areas,

absolutely. Yes,

talked declines? another in is large that I makes DEEP just And procedure Okay, invasive, quick the that stabilized? in had guys believe squeeze and sense. seeing still past. you that one. Has The if I about AF minimally that could then

this and a guiding U.S. the It that’s million as the a of the MIS around investors in $X.X rate has. We’ve of revenue. quarter, kind been contributed about within roughly quarter in what first U.S. think to run

Okay.

our you much Thank Perfect. very Okay. for taking questions.

Thank you.

Please The question last by Oppenheimer. for comes stand Kalia our question. last from Suraj with

Your now open. line is

Mike, Angie, me right? can you hear all

Yes, we can.

Perfect.

lot have a Mike, of questions been So asked.

to rate ischemic Will time is primary strokes events event. first me versus ask arterial least let says I the on embolic correct and literature to Mike? ischemic the low stroke is of study the is, wrong. ask carotid me First LeAAPS split endpoint incident reason efficacy secondary large Mike. stenosis. embolism, at And contributor is is I’m out or quite and if the The Please

are curious to in is it lumped be I’m going or So to that give trial? split y’all together if the going

be it that. and to disclose to terms it things how going going both in obviously like we’re of Well, actually tracking externally we’re separately,

I the think back determined probably shows. the what feel the trial to to on like good time. comes is very over piece and what we period be in depending But and endpoints going data the the to of being meet look those able about is combination overall

Do guys. I’m strong to cryoSPHERE obviously perspective any to Mike, you potential in enough. for you discussion competition? that I’m it, been iovera this get especially could you your Fair potentially that up Thank your competition. Biosciences’ if client is be item being envision has to how do Because curious Pacira a up comes for line questions. perspective. talked get on deal my pricing? with if curious taking so, And and you

and going are we businesses the Yes. any It’s that in to people the Clip, business. of ablation of great it’s anticipate side competing question. mean, us, one against whether a cryoSPHERE, the I up our wind coming our

I’ve the as tip we the today. in number are at of and in this call that we’re mentioned serve markets spear before, one We the

as in out to of build those those we expect come markets result we’re in that, markets, a at some up building As time. competition we point

like. always competition could look preparing we’re So that for what

in. many And everybody going else know, to that going look seen and prepared you continue at when the into you’re than benefits. literally of cryoSPHERE, other market, to markets anticipate come different And we device of we’ve you’re think are growth, we everybody the do market, establish point would so no in at benefits, come strength have I whatever show some somebody the that that you definitely when we to markets, have in others think what medical I great

The grow both will at market is does that out more continue there. market awareness The to expand, be there’ll and that expand obviously will parties point.

do come so And I yes, somebody this anticipate will into that area.

as overall. at being at similar is anticipate But to understand. market to and for are different delivery mechanism it’s that be Pacira it’s from that as today area done And into we’re come today. I replacements. gas, going doing the As it for a again, that in And some really knee a used relates in far knee that that really areas replacement very that iovera it’s difficult do is somebody’s but really we device technology with that that area the point type would specifically to targeted ready

I no further this I at remarks. time. questions show Carrel to call the closing back would now turn like to for Mike

And QX joining evening. Have you to look thank forward great after wonderful a a today at we the after Bye seeing Great. for quarter call. now. Again, you us AtriCure. everybody here

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

disconnect. You may now