Silk Road Medical (SILK) 26 Jul 222022 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standingby, and welcome to Silk Road Medical’s 2022 Second Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Marissa Bych with Investor Relations.

Hi, thank you, and thank you all for joining today's call.

Rogers, and Officer; Chief Erica Chief Lucas are Officer Financial Operating me Chief and Executive Buchanan, Joining Officer. XX, Earlier financial today, June results released XXXX. for the Silk three months Road Medical ended is of copy the the release A available press company's on website.

like Act begin, include to that Any that results management remind we and expectations limitation, predictions laws international pursuant not within statements financial of physician organization, these statements safe material these penetration, results and in future the expense and from statements undue risks regulatory All and actual Before that upon statements performance, harbor the Reform are this of expansion, trends hiring, approvals, that relate to or development including, commercial this which cause materially in and could to you growth opportunity events those statements. our for on competition federal or our current anticipated assumptions. made Litigation make expectations involve call adoption, our securities during operating Accordingly, product of you Securities Private should without statements. the provisions XXXX. to forward-looking and or and are would estimates I market based training statements, management, call forward-looking reliance forward-looking or contained implied relating those will various to forward-looking statements. and by uncertainties meaning These place events, reimbursement, of future the performance are differ

on XX, July contains This refer is to of whether projections on of Factors and and with with revise description risks as business, uncertainties future our only new live to or events any Form time-sensitive or disclaims please XXXX. of forward-looking by intention list May accurate the filed statements, today, section and because Commission otherwise. Securities required a or XXXX. or For call Risk XX-Q Exchange associated any obligation, broadcast conference financial except information as Road XX, of quarterly report the Silk the law, Medical the and update our information,

Rogers, Now call I will Executive to the Officer. Chief over turn Erica

Thank and afternoon, all Good you, for thank us. joining Marissa. you

you our pleased significant Silk are second to quarter performance share Medical a the with of recent in and Road achievements series highlight today of at year. We the

revenues First drove the and reflecting adoption foremost, XX% we procedures TCAR and by and for in million marked $XX.X XX% X,XXX growth strong year-over-year quarter, respectively.

patients. in we our expanded TCAR results approval our reviewing greater invasive to expand region our efforts widen across entire at Before the Surgical all include Standard me Early Stent Transcarotid successful to patients eligible Risk. the currently minimally the of let for in Carotid second events upon addressable Artery impact indication of U.S. from XXX,XXX the quarter, FDA our procedures. detail, market procedure standard market Carotid System ENROUTE of approximately opportunity Endarterectomy This for adverse to opens approval annual or risk received

TCAR More expansion field, importantly, playing levels between and this CEA. the

elligible have procedure. treat physicians TCAR As patient any with discretion now the to a

coverage valuable on for surgical individuals, we supporting presents compelling preventing weight has FDA efficacy expanded TCAR Within more by risk of the of Surveillance an of in standard TCAR within as the TCAR in population. use the alternative demonstrated Surgical treatment for TCAR Vascular and of And Surgery also to health families opportunity teams require for all that in offers TCAR used supporting weeks contribution from excellent for in Vascular press patients this Society under determination FDA, Ensuring and recognizing minimally expanded coverage and the approach. their the the carotid the data the have patients to it As and safety who patient stroke CEA. invasive the their captured significance a as real approval, Medicare clinicians at national Society adopt the Standard both in partnership benefit the release technology a reason recent received and We're the grateful Risk Surgery, widely evidence patients, Project. to debilitating system CMS world for whole. impacts to

including the death, plus ipsilateral through research days primary composite myocardial Lastly, we X day enroll to XX study XXX infarction formally XXX adverse to major from designed This June, ROADSTER clinical treatment endpoint real-world procedure. our post-approval sites. is patients stroke XX announced And post maximum study TCAR. risk prospective of stroke patients of roughly single-arm assess leading a procedure standard surgical of or across events, in will XX the with a

We are excited risk TCAR compelling to forward the in as patients. And for you evidence updating look clinical real-world add we progresses. surgical already prospective data to to study the standard

strategic greater are testimonials, that patient-first investing primary efforts of resources and and specific commercial surgical risk U.S. digital execution. standard print second We sales focus I'm now including our in as incorporating our of mentality, detail. With note, time in expansion. on review part stories priority to our patient in the direct to pleased quarter and and marketing communications all label material, On and broader substantial a marketing progress updated commercial

goals of As new procedure physicians toward territories the second and year-end toward way are evidenced we XX are of well through to our progress making untapped our QX XX active we penetrating volume. the and results, pool quarter, large carotid to our trained. XXX still reaching steady on Exiting XXX

pleased and across meaningfully the year, to deeper year-over-year growth procedures engagement Based our territories. yielding Our U.S. increasing strong strong frequent million midpoint reflecting XXXX guidance million, outlook half and first our $XXX customer to the efforts of raise on XX% of the at procedure over range. drive of we to $XXX trained are to our physician revenue per more our sales results, growth are the TCAR remainder

into surgical holistically come intend the of do distinguish gradual in and surgical-risk from we to the expansion procedures majority TCAR said, the continue by vast to risk high not XXXX our XXXX future. our sub-population expect in effect to That expectations population and legacy our beyond. patient We revenue the with patient opportunity view layering from standard

their are to risk TCAR take complication In XXX% for and XXX% invasive at to continue stroke As risk financial we and outlook from finding surgery share shortly. a prominent of these at to of continuum. would from disease are will like say, is summary, process patients our a greater CEA. in from carotid regarding provide Lucas expect detail we treatment place a the

we from be devastating broader an its the celebrated of environment. patients care and patients does excited fact, stroke testament and that to-date, XX,XXX to TCAR not performed health their on In regardless stop procedure that lives we're risk the recently We our consequences incredible to impact know families. share our protected operating need to of

We now business we opportunity are looking ahead over Lucas forward I of the Chief next initiatives Operating initiatives progress With executing expand Officer. will complementary and our over well us, to providing both to longer-term as quarters. at these and against several term the opportunities. Buchanan, longer to over to our the We're on that, tangential the turn substantial call updates Financial looking continue Officer Chief

$XX.X TCAR representing the period Growth in of three year. procedures XXXX XX% TCAR Thank you, increase was XX% of the the from X,XXX, period prior adoption. in ended million, quarter the $XX.X driven the by was Erica. same year. Revenue same for growing June primarily was prior XX, number a a million The increase the of months from

driver we've trained consecutive continue our despite trained of procedures to growth quarters, three of the of dilutive this adding seen the each primary physician, the that to sequential physicians And be we effect the For growth to denominator expect metric periods per ahead. in newly in past quarter. trend

our demonstrated margin of Our whose procedure business was four base from year. benefit tenure to quarter with by TCAR years in XXXX physicians, XX%, Gross and increase. compared our rates the to second of physician of to prior the for XX% quarter the continues of the second three experience continue and increasing experience,

costs expansion we year. unit this in we a facility are facility activities are commercial business. which new to completion, Minnesota as As starting should our invest reminder, lead this production in our later incurring at Validation nearing manufacturing

expenses $XX.X increase and in and the to the well were quarter million slightly XX% million general million, and growth expenses. stock-based the personnel as in compensation expenses operating XXXX. XXXX $XX.X margin, administrative growth and $X.X travel We second quarter continue of was to a new R&D of XXXX compensation, second continued compared of of to in The second expect was programs. R&D training by $XX.X quarter compared increase XXXX. of physician increase a as by driven million, investments second compared increase XXXX $XX.X second spending as modest and million, R&D were the Total Sales, The driven XXXX second in SG&A year-over-year for XXXX. were in in $XX.X the in full-year to expenses the lower of XXXX. million in quarter in for for stock-based personnel, gross from a quarter ongoing quarter spending

year. expect total on bolstered share and The to a to of share, period Net the May, ended million we late sequential loss and very net modest $XXX continued path growth short million of prior a of facility continue with $X.XX loan in We million QX. provides compared million into debt QX up provided of of profitability. drawn access which loss invest quarter per loss cash, our to down. $XX by terms, the cash as to loss million us per as or $XX.X same investments flexibility quarter our for capital second We a was the with long-term additional for short-term $XX.X and equivalents along or $X.XX operating in for we to have $XXX.X which increases financing of expenses favorable substantial the in

we TCAR share as our to eclipsed Erica progress, procedures globally. to commercial earlier, that proud we recently are mentioned XX,XXX Turning

drumbeat our world-class increasingly progress. standard of proposition physicians XXX per care. the engagement improved tenured XXXX. track territories compelling organization, deeper TCAR our exited and would of we are commercial growth We roughly and year toward on trained goal FDA and and highlight on physicians our XXXX equipped more clinical our and economic as training in broad evidence, driving with environment, trained also XXX trained of to toward With with initiatives as with compelling, and of X,XXX a to operating the XX established I coverage, well frequent track end coupled laser-focused to labeling physician the we base. and a operational an continued like of base physician on are procedures new value physician are We medicare and we goal XX by expect

augment addition our to objectives. facility foreseeable California and cost is TCAR the well over mitigation positioned quality, risk future meet the demand With and our activities, of and our achieve manufacturing Minnesota our capacity to distribution

experienced longer of the macro from despite have year, chain are not safer our disruptions We to some major vendors. environment, this times our supply fortunate in lead

turbulent the far. with through Our manage solid results environment thus working ops teams are hard to

We are of we it to will guidance, perform by of over into mentioned, to Understanding the year-over-year to for back some also an remain our I procedure the we year. that, Closing Erica goals. pleased total U.S. penetration back XXXX now the of anticipate Erica help double-digit revenue with $XXX our With that representing growth range. her long-term potential for will operational We seasonality, XX,XXX continue comments. market. procedures hand midpoint the be people acceleration a deliver attract implying to talented to base XX% confident that year-end, half into expect and continue million to $XXX the million, carotid us revenue on we vacation closing of at the physician range near the in our as

Thank you, Lucas.

reflect by engagement combination and artery engagement years an pleased carotid team's are establish of of through physician to quarter, with disease. management which partnership in a accomplishments them We the rigorous second efforts, of our the training in unmatched

to to Our better this employee their their are clinical as Silk XX% to XX% a at of renowned for company. Road certified Road U.S.-based a diverse the we year say outcomes is employees engagement work highlight work, a as for second that to typical at Silk of employees survey. and in a base great Medical place great was we commitment end, show place great global a providers. recently Medical compared place to excited it's acumen that driving row, and Results patients carotid for deep to To work

and listed We workplaces by the are XXXX workplace the XX top small in the medium rea in conjunction Bay best particularly be category. to in magazine pleased Fortune in in

With that, built are quality talent to through open have we of Operator. the that incredibly and the of come the We doors. will team questions. to continues high the proud we line

Robbie you. Instructions] first comes Thank from Our Morgan. line J.P. [Operator question the Marcus of with

question. taking Hi, so on is Robbie. this Lily the actually Thanks much for for

ramping risk for a talk you bit contribution? how thinking could about time First, mind frame the should course sort keeping year? standard in we more meaningful over the be what you're And revenue about of of

joining community, Which Thanks the training us. much risk, Lily. for the the education take our one for to among physician our that surgical coverage part so takes one Hi, first is is time hearts least. that has our a that of that influencing the on Yes. exist look, around focus at standard physician customers, as customers label I'll us and surgical at awareness risk. include it’s been and before standard said and minds of is or we've And building near-term and time. broadened

adoption believe to that experience continue more that with adoption surgical-risk probably and the patient translates We higher and population. rapid time into into standard

patients gradual all reasons, layering that latter into half but continue start of of all that those of to XXXX. the kind utilization in more this importantly for see we will increased is to believe across so effect of there And year, a

that's then though it, you $X beat And helpful. $X really the guidance, so million. by raised in on million just Got by quarter,

there expectations is any Thanks So half so of by the back And change why the raised of much. not to size beat? for the the year? your

the question, for Thanks Lily.

form kind loaded bit we around the of takes half factor great impact around in and factors You obviously, that population, half QX back you're kind kind for in more in data in or some season We leading and of vacations look your typically, Thanksgiving we broadly, QX and our in inputs in kind training combination been of year of Obviously, the road into that QX guidance. surgical a or January the whether context. point. terms a February. it's just the and holiday at patient that front in of then not of kind had deeply and pace new adopt but the of expansion still physician little is seasonality, know, always points we've standard of the this look, TCAR always a which and territory Omicron this experience of And for And of and physician got middle QX. of of sales a at anecdotes inform risk, of

that too soon until a it's get extrapolate under quarters but confident, we're So belt. of we our few to the pace more

we're varying still well to normalization. So degrees things we're think those all is hospital the the in, a the business system which performing are in we on regionally, the about, the in obviously that path pushing but environment friction as is been. is There through we have

you. Thank

you. Wise question line Rick our comes next Thank the And Stifel. of from from

and How also two Good questioner, both. -- quarter modest your quarter it's pushing by I'm just how one step an up about taking afternoon mean, and And doc done to and just X,XXX us to of what was we procedures sounds quarter, done? but procedure your your based I I if like the hey, about midpoint the to not conversations, on to the bit. little fairly great the sort I the I a maybe in that little a appreciate previous and was know, I focus guiding careful thinking say to and standard XXX doctors you, by me. mean, expected what we're don't a talk take a can more for correctly? conservatism TCAR more in thinking I in and as hearing to, Lucas third work at experienced thinking beat us. kind on the reimbursement when fourth talk more from good that to XXX it I apologize frankly, and would I mindset, we you've their about of you’d fascinated I it raised the on survey seems we've cautious volume this approach meaningful I see by that risk also ongoing quarter, bit, another guidance hand. angle. But in -- am about that’s like mean, our assume

I and just the ASPs adoption not an how physician. appreciate conservatism and procedures hospitals that much have environment ordering the all units I and patterns about, think of there's ordering more all kind kind it's to about so human of fundamentally. on many macro Rick. revenue in little probably behavior bit it's in we procedures And curve of gets reflected of, our they're a per certainly trying question, strong, predict of the I'm divided by mean, to kind all I stable sure remain we're also add, metric.

appropriately So all going if we'll accordingly. very we the into update opportunities will same a and we for on of talk risks think trends here translated as not guidance obviously, it things of that metric you're that and today the hearing. that drive We that's ahead influenced But see anecdotes obviously news accounts sit the positive our yet, action by with risk. for to data we lot are in want recent the the change, standard hearing

out say, I'll I’ve always legitimizes what are I and you're just as And we expansion high, therapy right. talking can customers approval the to absolutely that jump coverage of is as TCAR Endarterectomy. do Rick, stand in and and enthusiasm been is think against hearing Carotid And, look, really they the this the

you're in practical just, just We're it's few purposes here. early is the all seeing days weeks a guidance on So in what coverage. for

that observe so tide by that. we rising go to will actually want that this a effect And -- time make to little sure will more

Got you.

go people it's Couple little better. I Did want miss all I I answer mention getting may jump -- us Silk in? -- much. just more and color And and that better I things what living just and sense challenging? did understand accelerant think make a ahead more maybe of last Help new also long tell trained train of for maybe you ahead. how I we're you're a to the doing get TCAR just how complicated number you know, Is you us, it, environment when can And just have. given And on of you Did be me, easier it know it Thank You and that to of sure from those when just very takes as And I'll early. understood us remind it the you it that and takes? for territory sense some make will it an us quarter? and more long give get you this is docs to productive? in the to expansion maybe adoption? territories Road

so is Thanks, Rick. said front-end trained. X,XXX with take I did the last be question. that to We demand. We that not on don't trained. training of even probably that physician the XXX has XXX, would we servicing news, the are we and about on year No, -- roughly typically number of I'll We basis. so were strong we continues recent guide talk a more track. quarterly always mention demand to say physicians with our been and exited

And rounding out Yes. that. on color just some

yes, in just to that it's better. the COVID stand has train, easier in sense on that the together You I’d getting people know, person overall, Rick, say gears in the gotten

brand we're terrific innovation from taking The feedback has that on full the physicians been training new itself. just of didactic together extraordinarily bringing well. models advantage hands in and center for on, those and the the sessions in are facility facility We the physicians are going Minneapolis, our gorgeous

territory XX was as your of question the going territories. the expansions, get Now planned. to XX that's to active on part track to We're on second

And we're these territories really Road increasing are it to with take long ground and territories, Silk splitting more have deeper reps is, not frequent good These a these and how the accounts denovo these had effective. points, that we're asked, become are touch and physician You going opening sales we into our the hospital professional by for customers. news does anymore.

sure world-class are and to training We sales fully prepared. they professionals take time invest our continue in to we make our and

remarks clinical our renowned Rick, my for field. heard, in and we remarks, -- in in expertise my you As the acumen prepared are

disease. We treatment the of partners are artery considered unmatched carotid clinical in

sales training not so let of keys we as going And they level. sales participate to of on when to the them at the hand believe to up the we that a our And professionals. we're professional territory quality are the ready

think they this are So these factored the how are about back year. say all is in to of to of accelerating they into are known us, things half factored all guidance, our the that into we

Thank Got much. so you. you

Thank comes Mike you. from Research. And question next Polark our Wolfe with

a the [indiscernible]? of Hey, the of good for today? for Thank on afternoon. are updated physicians I'm question. years. interested TCAR have say that productivity kind for you hoping those quick three Where just taking four reminder on or I using levels been in the view was

question. Good I'll part you. hear to that Mike, from take of

look X,XXX we we pre-pandemic just the back had back if all kind roughly then. of -- you So to docs way XXXX, the shy trained end of of

not And, business, investments investment an some starting in physician yield a that's docs of we've as two, point experience is we're training point those don't they've gone four solely even a in new in adoption of long-term. more get is noise to continue population. my of, And -- remarks last more prepared training. as of patient is is, that obviously, physicians of there it's the in of just three lot the are the kind one, with fruits all the climbing of the a the initial surgical driver But couple from And physician made over kind immediate starting through function of training, and tenure XXXX, all saturation, progress. risk they we've the years that, that the years, two, of to They curve. of XXXX. it's been time, always ago high think, has wall. no of hit are up that cohort, real no a the And reaching kind trained in years are the of So said the XXXX, from four an I a three their in there comments and there steady

the main takeaway. this the like we so trends is we see, And

we're follow-up about production this year. watermark high of -- hear gross gross beyond. volumes the remind and the bit Appreciate on a facility back comment that little scales P&L, ramp the to if guess, one we're Minnesota commercial down the prior color, down for site that margin just Maybe year by you and the that expectation the facility is that just potentially margin as I headed me the the expectation Lucas. end

can Just say, headed glide where of you up quarters? frame we're kind of in path next sort to, what and the two six over

Yes.

So an product it all making also be pricing, commercial sure augmented to team level. able job in just have that pricing continues excellent our -- two capacity, product risk and do starts both, the with And obviously, locations. Minnesota, same at build of to it's the build kind with but order we then in to mitigation

And that But said, facility augment to though over significant the as to time and through capacity long-term. got Minnesota. so we've reduction volume the about happy hard-working with in facility, and second at with come capacity house. even kind we've we against looking California, the we'll I we've online is the on design fixed we're cost benefit two And got made of wanted and that from sites. efforts quality through teams But side across overhead investments other of over then the

questions. taking the Thank you for

Thank of our the Wuensch comes from Joanne question And with you. next line Citi.

staffing/nursing on good resource quarter. of, questions Anthony macro impacts. out hospital zoom sort second of, Are of seeing and taking is first for our any congrats I shortages, for to headwinds? headwinds just shortages, you those be contrast and this Hi, want on from focus My for any may still, dye sort shortages, is Thanks Joanne. a

the for appreciate us. we're and much excited And yes for joining sure. so Yes, the question super quarter, thanks about

continues like and that but seeing. look, continue we infected, the normalization go safe to So out the of exacerbated they answer people shortages, think variant, in be BA.X takes it's obviously, be be there when are -- Omicron to say we I that staffing trends question, the to by continued which return we're to pockets to seeing work there that to can't pocket they're and

severity there anyway. disease, the whole were contrast are with prioritizing largely And to shortage, was in using that a some but behind luckily our relates us. around does of, kind but contrast not issue there carotid that that of the it As of an ways, get only is procedure quarter, lot like feel of

trends. while say I the environment think to labor we're operating shortage persisting, to fully with soon we And back health in too still normalized so, it's care the a like

then and my second few just a updates. Great,

in regulatory China Japan, First on don't X the update heard the and then an Study. this quarter I I think on and processes NITE

So if call be there that there anything would out to is helpful?

Yes, was the which answer think of did of. good meet observation. real quarter commercial incredibly second Look, the short the is the -- we're meaningful forward the both performance, we've to in in on look more meet pleased proud I We And and NITE both. China to X and we're Japan regulatory substantive progress we and progress with the made updates the quarters make come.

Great. Thanks.

Adam Piper question Maeder Sandler. next our And from comes of line with the you. Thank

on for P&L just the questions. Lucas, to and Lucas. OpEx spend. Hi, start, Erica. quarter one Congrats thanks Maybe the the taking Hi, and on

bit ramp prioritize of continue further up. think I you and And top-line pathway expect to how where think, little how had profitability the commentary to half I to to out in were planning if year. you investors to But heard about a we growth should follow a back the versus look Thanks. leverage? the then are I

for Adam question. the Thanks,

lot to across out potential mentioned, med team. have talked largely growth little marketing, cetera. the support on out, we of G&A a commercial kind investing is infrastructure still et affairs, as the bit [Technical on to HR, sales side, to functionally we've Same been touched and the built top-line of about leverage to thing physician growth finance, obviously we from of board Erica we've manufacturing a to side. on build are And work to quarters. do, to [Technical the IT, path and support the prior So Difficulty] I've training of, operating Difficulty], the this because the

built So lot going to across kind well us quarters long-term variability ahead. also the programs years mid- be those investments is number to want the and out sequentially behind things are that There the expect OpEx in modest always it's team now But people of to multiple more on of we short, and whether or do overall we is do and of the terms of R&D line. drivers.

And so grow we're really so cost of kind today. we're significantly durably as at position be the set growth, continuing revenue that leverage rates, at up to for modulating here operating we to able but high sit and

Our per focused a cetera. We're percentage couple focused margin over quarters the OpEx on territory, that. we're ticking has of sales down contribution et and of been et as on last cetera,

very follow-up that. asymptomatic That's bit of Appreciate is a published at just therapy patients that a first few then maybe weeks this in for ago was wanted prevention there a the question, color, disease. little And to for data side, stroke a two-part medical was helpful to clinical switch Lucas. paper the is looking it. with but over Got Kaiser the

Just curious a if of you ahead has on we primary as particular completion think, I then paper that look CREST had clinicaltrials.gov and X, any thoughts 'XX. date December

study? see much being the So do practice for what taking my are it so you can your that particularly or Is for impactful? study that clinical inform not expectations that Thanks questions.

Kaiser the on so the with paper. for call. Thanks Sure, I'll much being start Adam.

been topic, this last broader, concluded. that what on have since The course different even first trials al you're very of think JAMA. topic. Chang best topic is that publications X referring al to dawn Chang more XX-months was controlled whether larger, are not paper had There therapy one a and of from the randomized been treat there has in this beyond of even say this the comprehensive referencing versus and about I multiple you're about ongoing medical have the the asymptomatic that et time. old is to And very this disease thing et it CREST to conclusions debate or been

medical the [Technical needed got intervention for reflects the patients great carotid the of, but that were and respect did observed in So, the and decision-making. have flaw have intervention But here, and an Kaiser. think patient some place. all, a real very in over The we not there’s contained paper, Difficulty] who kind clinical not them population the needed of who were patients therapy fundamental to authors deemed across first the them it's first I deserved I is flaws mean design.

on analysis a is United States. a Kaiser. this when same carotid the of across the And fundamental per patients year across And XXX,XXX look with treated, utilization the are intervention so is our is rate at a diagnosed in will there number In to and words, it really the disease, all be other percentages those at quite all business patients of about so patients carotid And artery as in we and flaws are zero of the will the our flaw frankly. this that paper about the in retrospective against of is short reasons, other same. noticed hardly impact be minimal for answer the

CREST Kaiser been paper. study study a for has are the rate. that, On time years. design. about very we've enrolling talking X this X, been very This reason for long there eight is that's challenges a So slow CREST in for Adam, And at real the

which to that CEA equipoise in the embedded best those al, two believe in can randomize therapy. [indiscernible], there firmly RCTs patient, a medical medical have talked about of first the enrolling things disease based to that if And and best you challenge randomize as a believe or it's them. be disease, transform you the not you before is going comparing two patient of as real needs et As you're treated on therapy severity to one clinician, Chang in is progression in to the you means we again know,

randomized are patients is that optimal patients And the do to in with. so the begin what therapy on well that we'll really of medical whom means getting

so, namely, evolved has And when carotid artery course, reason for in TCAR criticized the said all this years of beginning since done. And technology stenting, the highly that it's around and going eight is massively to think the be of I trial.

the enrollment it December, I that for our you're is years. estimates suggesting website the is trying that closure years. if than current, that out the out kind And of, While based and remind, period of discern date do run is at medical put the the it to on to much follow-up to the Adam, longer four therapy a end reason rates. treatment, difference you have between four And want

XX-day be arm. may but on this definitive four that's the outcome, be patient that meaningless will medical a therapy in enrolled, on short-term question. years from so before answer data interim And utterly there last There some the the

response. so color. I appreciate very the Erica, helpful Thanks much,

Thanks, Adam.

you. further showing Thank no I'm questions.

Erica remarks. will So CEO, with over closing any I the that, to turn back call Rogers for

want much, Thank I again and Thanks you very proud Silk are of very our Medical. to reiterate we how team Road much. at

you disconnect. call. you today's and Thank gentlemen, call. may today's Ladies now concludes participating and for this this conference Gentlemen, conference concludes