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Shockwave Medical (NASDAQ: SWAV)
Q4 2023 Earnings Call
Feb 15, 2024, 4:30 p.m. ET

Highlights of Earnings Call

• Prepared Remarks
• Questions and Answers
• Call Participants

The Company’s View

Operator

Good afternoon, and welcome to Shockwave’s fourth quarter and full year 2023 earnings conference call. At this time, all participants are on a listen-only mode. We will be facilitating a question-and-answer session toward 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 Debbie Kaster, vice president of investor relations at Shockwave for a few introductory comments.

Debbie Kaster — Vice President, Investor Relations

Thank you all for participating in today’s call. Joining me today from Shockwave Medical are Doug Godshall, president and chief executive officer; Isaac Zacharias, president and chief commercial officer; and Renee Gaeta, chief financial officer. Earlier today, Shockwave released financial results for the quarter and year ended December 31, 2023. A copy of the press release is available on Shockwave’s website.

Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call other than statements of historical fact are forward-looking statements. All forward-looking statements, including, without limitation, statements relating to our sales and operating trends, business and hiring prospects, financial and revenue expectations, clinical trials, reimbursement proposals, and future product development and approvals are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties, including the impact of global business, political and macroeconomic conditions that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

Sharp Focus on Financials

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Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our annual report on Form 10-K on file with the SEC and available on EDGAR, and in our other reports filed periodically with the SEC. On today’s call, we will refer to both GAAP financial measures and adjusted EBITDA, a non-GAAP financial measure. Please refer to today’s press release for a reconciliation of net income to adjusted EBITDA and additional disclosures regarding this non-GAAP financial measure.

Sharp Focus on Financials

Shockwave disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, February 15, 2024. And with that, I’ll turn the call over to Doug.

Doug Godshall — President and Chief Executive Officer

Growth and Expansion

Thanks, Debbie. Good afternoon, everyone, and thank you for taking the time to join us to review Shockwave’s results for the fourth quarter and the full year of 2023, which proved to be another banner one for the company. During the year, we launched C2 in Japan. We converted to direct sales forces in Spain, Portugal, Italy, and Canada.

We launched two new products, L6 for peripheral vessels and C2+ for the coronaries. We were granted DRG codes specific to coronary IVL in the inpatient hospital setting, which pay on average about $9,000 more than codes for PCIs without IVL. We acquired and integrated Neovasc and the Reducer product, which is the first device that addresses refractory angina, an often debilitating condition that impacts a large patient population that has no good treatment options, and we raised $750 million in a convertible debt offering. We achieved record revenue of $203 million in the fourth quarter, which was a 41% increase from a year ago, and a 9% sequential increase from the third quarter of 2023.

Our revenue for the full year of 2023 was $730.2 million, a 49% increase from 2022 revenue. We witnessed excellent performance in all areas of the business, with U.S. peripheral and coronary businesses growing 47% and 41%, respectively, and our international IVL business growing 75% compared to 2022. Really stellar performance.

The team continues to execute at a high level, and we now have over 1,500 global employees. Our products are approved in 70 countries, and we are pleased that we now have EU MDR certification for M5+, S4 and C2+ catheters and our generator. The MDR process was a long journey and required a major effort by the team.

A Positive Outlook for the Future

The Yin and Yang of Shockwave’s Success and Setbacks in 2024

Facing Industry Pushback

In a move that sets itself apart, Aetna has come under fire for a controversial policy that many deem excessive. Despite the ripples in the industry, no other players have followed suit, leaving Aetna in a uniquely isolated position. The resistance to this policy shift has prompted an alliance of medical societies to rally together, applying collective pressure on Aetna in the hope of inciting a reevaluation. Simultaneously, Medicare Advantage has found itself under the spotlight recently. At the federal level, CMS announced stringent new rules to curb the prolonged nature of prior authorization practices, indicating a shift in the regulatory landscape. Additionally, there has been a significant movement in the commercial payer space with HUMANA, the second-largest Medicare Advantage payer, issuing a favorable coverage decision for IVL for their Medicare Advantage plans, set to be effective from January 1, 2024. This decision brings a glimmer of optimism to the table, signaling potential shifts in the reimbursement landscape. Moreover, CMS has also invigorated the sector by amplifying hospital reimbursement for peripheral IVL through the introduction of new MS-DRGs, effectively uplifting inpatient hospital payments by $4,000 to $10,000 over previous levels. This development bodes well for the field, particularly given that the bulk of peripheral interventions are conducted in an outpatient setting. The positive adjustment sits in harmonious contrast to the upcoming advances in the below-the-knee product offering, set to debut later this year.

Gameplan for the Future

The anticipation of two new peripheral launches in the latter half of the year marks a strategic focus for Shockwave. The introduction of an upgraded version of L6, equipped with two pulses per second, is slated to be unveiled. High hopes surround this upgrade, especially given the laudatory reception its predecessor, M5+, received. Following the L6 rollout, the stage will be set for the launch of the E8 peripheral catheter – designed with an eight-centimeter-long treatment zone, doubling the length of the current S4 offering. This fine-tuned product is tailored to address more extensive diffuse lesions, commonly encountered in below-the-knee cases. Furthermore, the pending approval of the JAVELIN peripheral catheter later in the year, coupled with the ensuing limited market release, sets the scene for an exciting period of product expansion.

Facility Triumphs and Tribute

A testament to remarkable progress, Shockwave’s facility in Costa Rica has swiftly evolved from its initial development phase in June 2022 to a validated clean room and C2+ line by December 2023. The echo of accomplishment reverberates through the company as it readies for regulatory audits and the anticipated release of finished products into inventory by the third quarter of this year. Amidst this trajectory of achievements, the company has bid farewell to its outgoing CFO, Dan Puckett. Recognizing his colossal contribution in steering the company from its nascent stages to a publicly traded entity with a revenue north of $700 million, the departure of Puckett leaves an indelible mark on Shockwave. The mantle is set to be taken up by the newly appointed CFO, Renee Gaeta, heralding a fresh perspective and steering the company into its next chapter.

Global Business Outlook

Moving beyond domestic landscapes, Shockwave’s international business has been rife with triumphs. The European market has witnessed an upsurge in IVL sales, with a particularly notable doubling in revenue in Germany, propelled by improved coronary reimbursement. The direct presence in key European markets has bolstered the company’s position, with incremental uptake in smaller German accounts emerging as a promising, underexplored frontier. Embracing the success of the Japanese market, Shockwave’s strides in surpassing initial targets for account launches and revenue in coronary sales reflect an auspicious beginning to this venture. The company’s collaboration with interventional cardiology society CVIT in Japan underscores a concerted effort to entrench IVL as a pivotal intervention. Amidst various wins, the impact of the anti-corruption campaign in China has posed hurdles, dampening IVL adoption at new centers. However, centers that had previously factored in IVL on their pricing lists stand as beacons of promise, indicating a resurgence in adoption. Wrapping up the international outlook, the prowess of the European Reducer team is a testament to the resilient spirit permeating Shockwave’s global operations.

Charting the Financial Landscape

Transitioning to the financial front, the company is poised to embark on an ambitious trajectory, buoyed by a robust revenue forecast of $910 million to $930 million for the full year of 2024. This projection underscores a substantial 25% to 27% growth over the previous year, establishing a solid foundation for financial ascension in the year ahead.

In summary, Shockwave Medical’s journey is a tale of deftly navigating industry headwinds, planting seeds for future growth, and honoring the luminaries who have sculpted its trajectory. With anticipation mounting, the company stands at the precipice of a transformative phase, armed with resilience and readiness to conquer the evolving healthcare landscape.

Shockwave Reports Explosive Revenue Growth and Expansion Over Q4 of 2023

Record-Breaking Revenue Surge

Shockwave Medical Inc. boasts a phenomenal 41% increase in revenue during the fourth quarter of 2023, totaling a staggering $203 million, compared to $144 million in the same quarter of 2022. The U.S. revenue rose to $158.1 million, marking a 34% increase from $118.3 million in Q4 of 2022. An outstanding performance was observed in the contribution from coronary products, which surged to $115.2 million, an impressive 40% increase from $82.1 million in the fourth quarter of 2022. Furthermore, the peripheral products also witnessed a significant upward trajectory, reaching $42.8 million in the fourth quarter of 2023, a 19% increase from $36 million in the fourth quarter of 2022. This explosive growth is attributable to the increased utilization in existing accounts, further supported by the persistent expansion of the sales force.

International Expansion

The international revenue during the same quarter reached $44.8 million, reflecting an astounding 74% increase from $25.7 million in the fourth quarter of 2022. The surge in international revenue is primarily driven by the company’s expansion efforts, particularly in Japan, as well as the enhanced productivity of direct sales teams in Europe. The robust momentum from the C2+ launch has also contributed significantly to this remarkable growth. Specifically, coronary products constituted $37.7 million of international revenue compared to $20.6 million in the same period of 2022. Moreover, the revenue from peripheral products in the international market surged to $5.3 million in the Q4 of 2023, marking a substantial 19% increase from $4.5 million in the fourth quarter of 2022. The Reducer product itself contributed $1.8 million to international revenue during this period.

Product Line Triumph

Delving deeper into product specifics, the peripheral products, such as Shockwave M5, M5+, S4, and L6, collectively generated a revenue of $48.1 million in the fourth quarter of 2023, compared to $40.5 million in the same period of 2022, constituting a 19% increase. The coronary products, including Shockwave C2 and C2+, demonstrated a commendable performance, accumulating a total revenue of $152.9 million in the Q4 of 2023, marking a substantial 49% surge from $102.7 million in the same quarter of 2022. Furthermore, the revenue from the Reducer product contributed $1.8 million to the company’s total revenue in Q4 of 2023.

Financial Overview and Future Outlook

Gross profit for the fourth quarter of 2023 stood at a remarkable $177.7 million, reflecting an exponential growth compared to $126.5 million in the Q4 of 2022. Shockwave maintained its robust gross margin of 88% for the fourth quarter of 2023, consistent with the previous year. However, the total operating expenses for the fourth quarter of 2023 surged to $134.4 million, representing a significant 60% increase from $84.1 million in the same period of 2022. The company pointed out that this increase was primarily driven by the expansion of the sales force and amplified investments in Research and Development (R&D).

Shockwave evidently projects a thriving trajectory into 2024, envisioning substantial investments to bolster and perpetuate its growth. Anticipating an operating margin expansion of up to 100 basis points from the full year of 2023, the company surmises a promising future despite the anticipated Q1 operating margin dip. The conclusion of the fourth quarter of 2023 discovered a whopping $990.6 million in cash, cash equivalents, and short-term investments. This stalwart financial position set the stage for a promising future.

Doug Godshall, President, and Chief Executive Officer, concluded: “2023 was another great year at Shockwave. The team continues to execute at the highest level as we achieve our mission to help treat underserved patient populations around the globe with our innovative solutions, and we’re excited to continue this work in 2024.”

Insights from the Q&A Session

The ensuing question-and-answer session revealed a multitude of inquiries from industry analysts. The session unveiled an intriguing discussion around the guidance construction, regulatory challenges, and market expansion strategies, offering investors valuable insights into the company’s future endeavors.

Optimistic Outlook for U.S. Coronary Contribution in 2024

Strong Year Anticipated for U.S. Coronary Contribution

The U.S. coronary business is expected to make a larger percentage of the overall business in 2024 compared to 2023, indicating a positive trajectory for the upcoming year.

Resilience in International Performance

Despite facing a deficit in China, the international segment is poised for another robust year. Although there will be a shortfall of revenue from China, the international business, excluding China, is expected to perform admirably, with low single-digit revenue projections.

Forecasts for Outpatient Payment in the U.S.

The expiration of the TPT on July 1 is not anticipated to pose significant headwinds for the coronary business. Behavior patterns are expected to take time to change, and the company does not foresee a major impact on its momentum in the U.S. market based on this development. Anticipated up-leveling to 5194 on Jan 1, 2025, will further bolster prospects.

Insight into Operating Margin Expansion

The company is expecting up to 100 basis points of operating margin expansion for the full year of 2024 compared to the levels in 2023. While this projection is slightly below the street’s pre-call estimates, the company’s philosophy around leverage and the embedded assumptions in these projections are elucidated.

Investing Aggressively in Pipeline

Through increased investment in the global sales footprint and significant clinical trial expenses, the company is poised for expansion. The cardiovascular powerhouse remains committed to augmenting its pipeline and is fortifying its position by increasing spend on impactful trials and global sales, with special emphasis on the U.S. market.

The Future of Aetna and Market Dynamics

The impact of Aetna’s policies and the prior authorization disruption on patient treatment timelines remains uncertain. Responses from medical societies and the gradual stabilization of the situation suggest an eventual return to a more consistent operating environment.

Insights into Financials and Future Direction

Amidst significant other income in the quarter, the company’s financials are under scrutiny. An exploration of one-time occurrences is sought to understand the quarter’s financial performance. The company is positioned for a positive trajectory, backed by an optimistic outlook and strategic investments for future growth.

Medical Technology Innovator Maintains Strong Financial Position

Interest Income and Cash Reserves

During a recent earnings call, the chief financial officer of a medical technology company expressed confidence in the company’s financial position. When asked about the amount of cash on the balance sheet, the CFO mentioned that the number is nearly as impressive as the balance in a personal checking account. The acknowledgment of approaching $1 billion raised eyebrows and instigated inquiries about the company’s updated thoughts on capital allocation.

As the President and CEO of the company explained, the decision to raise funds was not for immediate investment purposes but rather to ascertain strategic flexibility and seize opportunities when they arise. The exec emphasized the importance of prudence and the potential downsides of making rash investments merely because the cash is available. Touting their unique position within the industry, the CEO hinted at the company’s willingness to smartly explore external opportunities when they align with the company’s growth and add value for shareholders.

Market Expansion and Evidence Requirement

The discussion then shifted towards the company’s potential to unlock markets through clinical evidence. Analysts posed questions about the necessary evidence to penetrate various markets. The Chief Commercial Officer responded with insights into the unlikelihood of amassing enough evidence to prompt increased payment for certain systems within national health systems. He indicated that large, randomized studies demonstrating cost-effectiveness in comparison to other products would be critical for unlocking certain markets. The officer expressed that it was unlikely that payment for certain systems would increase without incremental evidence, conceding that they were still working on market expansion in various regions.

The CEO then added further explanation, pointing out that success in a significant study could potentially increase the chances of reimbursement in certain systems, hinting at the dynamic nature of payment structures in healthcare systems worldwide.

Continuing positively, the CEO highlighted the undeniable potential of a successful study, noting the product’s capability in a stand-alone procedure as opposed to being part of existing procedures that are already paid for. The CEO concluded with a note on the potential difficulty of obtaining incremental payment in systems not structured for such reimbursements, offering a comprehensive look into the dynamics of the industry.

Outlook and Revenue

Amid questions about the company’s outlook and revenue trends, the President and CEO provided affirmations of a strong fourth quarter, expressing encouragement in the face of concerns about market contagion. The company’s revenue in the first quarter was reported to be picking up sequentially after a robust performance in the previous quarter.

The insights shared in the earnings call sum up to reinforce the company’s commitment to strategic advancement, financial fortitude, and responsible growth. With a strong financial position and a clear commitment to identifying opportunities thoughtfully, the medical technology innovator continues to chart a positive trajectory in the realm of innovative healthcare solutions.

Medical Tech Firm Sees Positive Growth Across Key Market Segments

Outlook on Procedures and Payer Impact

During a recent conference call, Kalamazoo Inc. executives discussed the impact of Aetna’s policies on their business performance. Analysts were particularly interested in understanding the influence of Aetna on Kalamazoo Inc.’s peripheral sales and the acceleration in U.S. coronary procedures.

Kalamazoo Inc.’s President and CEO, Doug Godshall, acknowledged that Aetna had a significant impact, but clarified that it wasn’t the sole contributing factor to the fluctuations experienced in peripheral procedures. This stance suggests a broader view of market dynamics, reflecting the interconnectedness of various industry players.

DRG Implementation Impact

As analysts probed Godshall further on the influence of new Diagnosis Related Groups (DRGs), he highlighted that the impact of DRGs on procedure volumes is akin to a dimmer switch, gradually affecting the dynamics of the industry over time. His insights offered a nuanced understanding of the complex interplay between policy changes and market trends.

Further, the conversation shed light on the broader implications of DRG implementation, with Isaac Zacharias, Chief Commercial Officer, emphasizing the impact of inpatient uplift in DRGs on cath lab budgets, thus influencing physicians’ decision-making processes.

Insights on Recent Trials and Future Market Expectations

Analysts probed into the potential implications of the late-breaking ORBITA-COSMIC trial at ACC on Kalamazoo Inc.’s COSIRA-II study. Godshall expressed caution, emphasizing the need for careful consideration due to the trial’s small sample size, highlighting the intricacies of deriving meaningful conclusions from such studies.

Kalamazoo Inc.’s executives effectively navigated questions, exhibiting a well-informed and cautious approach, providing an opportunity for investors to gain insights into not only the company’s specific performance but also the broader industry landscape.

Regulatory Engagement and Coding Expectations

The discourse extended to Kalamazoo Inc.’s engagement with the Centers for Medicare & Medicaid Services (CMS) regarding outpatient coronary reimbursement and coding complexities. Rob Fletcher, Senior Vice President, Marketing and Market Access, detailed the firm’s engagement with CMS, shedding light on the typical course of engagement with regulatory bodies. This glimpse into their interface with regulators provided investors with a sense of the company’s proactive approach to regulatory matters.

Kalamazoo Inc.’s careful balancing act, steering through questions around payer impact, regulatory engagement, and market dynamics, offered investors a comprehensive view of the company’s operations and its stance within the broader healthcare market.

Riding the Waves of Medical Device Penetration and Global Expansion: A Deep Dive into the Current Landscape

In the ever-evolving landscape of medical devices, companies like Shockwave Medical Inc. continue to navigate the choppy waters of market penetration and international expansion. These endeavors are not without their challenges, but recent discussions paint a picture of optimism and determination.

Complexity Adjustment: Navigating the Regulatory Seas

During a recent call with industry analysts, Shockwave’s executives discussed the complexity adjustment mechanism—a pivotal factor for increased payment. The crux of their sentiment revolved around the identification of certain combinations of codes that qualify for complexity adjustment, hinting at a high level of confidence in these combinations and the potential for increased payment.

The German Push: Breaking Ground in the Land of Precision

As the company sets its sights on Germany, they are met with a unique challenge—the intricately woven relationship between hospital administration and physician behavior. With a mere 2% penetration in Germany, Shockwave faces the task of navigating the tight linkage between administrative decisions and product utilization. The insightful disclosure of utilization patterns and the impact of financial constraints within the German healthcare system provided a clear indication of the vast headroom for growth in this market.

Trials and Tribulations: Navigating Regulatory Hurdles

Amidst the regulatory landscape, discussions also turned to trial timelines and regulatory milestones. The revelation of an adjusted timeline for a pivotal trial underscored the company’s commitment to meticulous trial design and the pursuit of irrefutable clinical data. The nuanced challenges of trial enrollment and its profound impact on market creation and reimbursement were laid bare, offering a candid glimpse into the arduous journey of medical device validation.

Affirming Value: Product Pricing and Procedural Integration

When quizzed about pricing for new peripheral products, Shockwave’s leadership emphasized a prudent approach, aiming to strike a balance between clinical significance, customer affordability, and the value of technology. The strategic integration of products within procedures was underscored, shedding light on the potential revenue-driving capabilities of innovative medical tools.

The Future of Shockwave Medical: A Cost-Effective Endeavor

Doug Godshall — President and Chief Executive Officer

Looking at the future, Shockwave Medical is setting its sights on leveraging cost-effective manufacturing to boost gross margins. In a recent update, the company indicated a strategic move to decrease its cost of goods by shifting manufacturing operations to Costa Rica from Santa Clara, one of the highest-cost locations in America. The transition is expected to result in a significant reduction in business expenses, with an optimistic outlook for the long-term financial health of the company.

Cost-Effective Manufacturing Strategy: A Long-Term Vision

Isaac Zacharias — Chief Commercial Officer

For the year 2024, Shockwave Medical plans to retain the manufacturing of its products in Santa Clara. This decision means the company will not immediately witness a direct impact on gross margins. However, the pipeline is primed for a transformation post-2024, promising an anticipated boost in gross margins for the future.

Penetrating the Japanese Market: Progression and Potential

Imron Zafar — Deutsche Bank — Analyst

Japan stands as a crucial battleground for Shockwave Medical. The company has been strategically working towards expanding its presence in Japan’s highly regulated medical landscape. By navigating the requirements set by the cardiovascular society in Japan, Shockwave Medical has been steadily gaining ground. With meticulous planning and a focus on generating essential trial data, the company is gradually penetrating a significant portion of the PCI market in Japan, setting the stage for substantial future growth.

International Expansion: Tapping into India’s Potential

Imron Zafar — Deutsche Bank — Analyst

India’s vast PCI market presents a promising opportunity for Shockwave Medical. The company’s distributor presence in India has laid the foundation for establishing a strong foothold. Bolstered by compelling post-market data and robust momentum in the coronary segment, Shockwave Medical is positioned to capitalize on the burgeoning potential of the Indian market.

Innovative Product Development: A Promising Horizon

Doug Godshall — President and Chief Executive Officer

With a relentless focus on innovation, Shockwave Medical is gearing up for a landmark development in the form of its aortic lithotripsy product. The projected timeline for human cases with this product represents a significant step forward. As the company forges ahead on the path of product development, the future holds the promise of groundbreaking advancements, arming Shockwave Medical for sustained growth and success.

Steady Growth: Navigating the Road Ahead

Danielle Antalffy — SVB Securities — Analyst

Amidst the ongoing strides of Shockwave Medical, the focus remains on adoption and steady growth. By targeting existing users and propelling them to use the company’s technology more effectively, Shockwave Medical anticipates a resilient trajectory forward. The company’s approach underscores a strategic shift, paving the way for sustainable growth and enhanced market penetration.

Conclusively, Shockwave Medical’s ongoing endeavors showcase a commitment to leveraging cost-effective manufacturing, expanding its global footprint, and driving innovation. With a strategic eye on the future, the company is aligning itself for sustained success and financial prosperity.

Unleashing Shockwave Medical: A Clearer Path to Utilization

Removing Barriers to Adoption

Shockwave Medical, renowned for its innovative medical devices, has been tackling some significant hurdles. Joining the earnings call, Doug Godshall, President and CEO, highlighted the challenges hindering widespread adoption. During the discussion, he elaborated on the historical impedance inhibiting the increased usage of Intravascular Lithotripsy (IVL) and physicians’ hesitation.

Overcoming Economic Concerns

Mr. Godshall pinpointed economic concerns as a major hindrance. The premium pricing strategy was perceived as an obstacle, causing apprehension among physicians. However, the company’s successful efforts in securing favorable reimbursement positions, coupled with strategic pricing, may alleviate this economic anxiety in the upcoming year.

Addressing Procedural Reluctance

In addition to the economic apprehension, physicians have historically been reluctant due to procedural challenges. The need for multiple catheters to treat long, diffuse lesions and the perception of Shockwave’s limitations in specific cases have deterred adoption. However, Shockwave Medical is addressing these concerns through innovative solutions, such as the C2+ device, which aims to dispel these procedural hesitations.

Enhancing Device Deliverability

Another obstacle discussed was the ease of device deliverability, with physicians sometimes opting for alternatives due to concerns about bulkiness. Shockwave Medical’s future solution, Arrow, targeting improved deliverability, is poised to address this issue by 2025, further unblocking barriers to utilization.

Positive Outlook for the Future

Despite these challenges, Mr. Godshall expressed optimism, reaffirming the company’s commitment to overcoming these impediments systematically. As the company continues to tackle each challenge, it anticipates unhindered utilization of its innovative medical devices in the years to come. Additionally, the addition of Renee Gaeta as Chief Financial Officer was noted with excitement, exemplifying the company’s commitment to strategic leadership.

Closing Remarks

As the call concluded, Mr. Godshall expressed gratitude to the participants and shared his anticipation of another fruitful year in 2024. The call underscored the company’s determination to surmount obstacles and sustain growth in the medical technology sector.

Call Participants

• Debbie Kaster – Vice President, Investor Relations
• Doug Godshall – President and Chief Executive Officer
• Isaac Zacharias – Chief Commercial Officer
• Renee Gaeta – Chief Financial Officer
• Adam Maeder – Piper Sandler — Analyst
• Bill Plovanic – Canaccord Genuity — Analyst
• Rob Fletcher – Senior Vice President, Marketing and Market Access
• Patrick Wood – Morgan Stanley — Analyst
• Travis Steed – Bank of America Merrill Lynch — Analyst
• Larry Biegelsen – Wells Fargo Securities — Analyst
• Michael Polark – Wolfe Research — Analyst
• Mike Kratky – Leerink Partners — Analyst
• Mike Matson – Needham and Company — Analyst
• Imron Zafar – Deutsche Bank — Analyst
• Danielle Antalffy – SVB Securities — Analyst

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