SILK - Earnings call transcript Q1 2022

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Operator

Good afternoon, and welcome to Silk Road Medical's First Quarter 2022 Earnings Conference Call. [Operator Instructions] 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. Please go ahead.

Marissa Bych

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

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

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

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

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

Erica Rogers

Thank set Road, in stroke compete care year-over-year against recognizing over of and the progress and TCAR X,XXX quarter performance establishing of the a to afternoon, quarterly minimally We all prevention. XX%. revenue, in record and achieved At clear growth have invasive year, we million Good you, first treating patients, as for for thank reflecting the Silk out surgery our of us. win joining Marissa. by you invasive standard in company $XX

on noted we As our call, which fourth into persisted operating we experienced in January, challenging February. earnings quarter a environment

as and a return improvement strong procedures seen we clinician we as Alongside engagement marked have TCAR hospitalizations. into eased, including improvement, progressed constraints beyond. However, fewer COVID-XX daily we very saw TCAR in have March procedure pandemic-related

midpoint million While be we of expect Commensurate commercial of environment. will greater detail the reflecting range with provide XX% on continuously $XXX this the to remain revenue in the million, now range. we performance cautious, are shortly. approximately we of and year improving XXXX optimistic full to revenue growth a at year-over-year outlook outlook, $XXX our toward Lucas

based alongside patients journals received Transcarotid Stent highlight local proposition peer-reviewed performance, procedure and stay, quarter CEA, death ENROUTE invasive in to our published at for to past first are injury, while of compared risk of use tremendously FDA indication cranial ninefold that CNI. days, few excited standard expanded just times we yet results, the our the decision in length we be for This had System Beyond include and other approval equivalent outcomes our physician to of from disease. statistically with major patients expansion company, risk shorter outcomes associated data marks on on milestone on value importantly, our and FDA's and partners standard was events nerve carotid of adverse to The over real-world compelling endarterectomy. carotid a patients These for over reduction artery our the approach published surgical TCAR XX,XXX routine benefits, anesthesia a and XX,XXX less showing showing that TCAR including stroke in important its confirm data patients outcomes. perioperative most

in sizable for for was Our ENROUTE or complications previously which higher risk them from stent a criteria physiologic anatomic invasive approved at stand-alone only use market. patients put that surgery, with is

procedures XXX,XXX those data to high carotid of there that are current in in risk strides annual States, those made the and XXX,XXX artery show in of has treat since Converting or segment large treating coming population. roughly roughly focus core reminder, our surgical a procedures procedures patient been market, high-risk X/X we performed As this have TCAR about patients. from United to with disease CEA the to

of TCAR, referring treating the physician leveling within procedural community. now to adoption. barriers to build States. even interest further of With patients year in between access addressable the That the expanded said, an billion and we efforts to clinical educate an label and best and allow all our approximately $X.X opportunity have conversion to awareness the expansion rely XX,XXX total physicians in we field patients, indication, of our will reducing the per truly greater expect in additional on roughly United make Moreover, immediately opportunity to adoption playing decisions the CEA also and

substantial and risk to As surgical such, expansion. resources marketing specific standard time we label will efforts and be investing

messaging, our and sales team, already marketing have education We our we and tools. updated have educated

each patient. Our communication will best every choose direct to digital empowerment and print highlight strategies for physician is what and

more We through education less expand immediate the are to invasive also surgical testimonies a next step, we aimed for and coverage risk standard to of determination. working benefits tools approach. TCAR And of national patients through stories the to an as Medicare include at patient coverage initiate intend

still volume. the pool for Now remain turning to continuing untapped and to We carotid penetration on this TCAR large procedure primary drive our increasing back adoption. year, U.S. objective of laser-focused of

nearly As physicians in X,XXX XX over sales a presence procedures the majority active reminder, with accounts perform that of carotid by a critical a with United of territories. served States, we hospital finished the X,XXX in XXXX mass trained

we prior, intend stated physicians towards XXX building to territories XX XX to XXXX. and another trained we continue in XXX As to

impacts carotid the the the XX% pandemic penetration volume. of mass procedure U.S. bearing nearly this of approaching critical is recede, fruit, As

the relative untapped procedure the Given efforts. our priority new FDA large market certain opportunity U.S. our in execution expansion, international U.S. label commercial and is to

China Japan. continue regulatory to pursue in We and approvals

lapse compliance However, with resources device European medical directive now the Union intend regulation likely associated our reduce CE device European the with to mark. a and the resulting of in medical Union significant

in from double-digit our enhanced with we to outlook. are on Europe sales reminder, standard do And that currently drive strongest our offer not a financial patient any As assume growth adoption the investment. efforts risk through sustainable U.S. opportunity return we domestic confident towards access, contribution in surgical

Finally, turning to development our pipeline.

the Additional problems effectively expand to this disorders. enroll trial neurovascular approval transcarotid technologies solve received and our to criteria of ability inclusion to recently difficult We hold in cardiac feasibility stroke increasing for treatment treatment, IDE study. the complex from NITE-X clinical related potential and to FDA our learn

to balloon we sizes add In we and goals against neurovascular call our to Officer system Lucas to will I to In XX our building addition months, expect our now making efforts, Buchanan, ahead. TCAR. over the a our foundation next summary, configurations, neuroprotection XXXX catheter the and are years sustainable Officer. improvements dedicated stent and over new strong, XX turn for purpose-built for Chief Chief upon growth the the Financial while strides Operating into to

Lucas Buchanan

TCAR $XX.X primarily increase was was you, outpacing approximately from million, XX, of prior year-over-year the driven by revenue March for growth. million from adoption. X,XXX, in a TCAR the procedures the in growing and The Growth period same XXXX, X Erica. in a $XX.X the XX% quarter number representing prior year Thank increase Revenue XX% of months the period the same was ended year.

of engagement daily As Erica the physician and over TCAR mentioned, first improved levels course quarter. procedures the

by trained In physician per productivity, comparing March procedures fact, month, per significantly when to increased measured January. physician

in last diminished business over We are variability years to experienced share regional X that also our pleased the has we've measurably. the

not utilization environment, are working. signals to the progress improvement Our drive our only that but operating in efforts

compared in result sales label with Gross concentrated opportunity increase our our was expand was the the touch production-related by XX% for issues. prior quarter impacted to to margin XXXX continue of to group margin quarter order in primarily of of year. particularly first We Gross to the XX% as of expansion. set unfavorable COVID-XX a first force as trained variances physicians, our points expands due

QX which should completion we call, the footprint the of are producing As associated on of second mentioned in commercial start-up upon the Minnesota, half overhead in incurring manufacturing the our units also validation. of with XXXX begin we manufacturing now

in the of general XXXX. first R&D in improvement first quarter. quarter continue SG&A the we team year as into margin The to and expect were our XXXX. $XX.X quarter Total and expenses in new to Sales, XXXX by and primarily second in of million growth the $XX.X expenses first expenses in R&D expect XXXX personnel million for increase in continued commercial expansion $XX.X driven operating was the for increase compared quarter compared ongoing a to sequential the costs full primarily $X.X quarter XX% slightly compared the gross We the increase of lower programs. expenses XXXX. efforts. quarter XXXX investment The was million for of to though first million and were $XX.X the R&D of XXXX XXXX, of to first million, first a in administrative sales quarter million from were $X.X of due

noncash sequentially continue operating disease investments primarily other we market towards due in U.S. increase TCAR with secured by expect adoption and drive approximately investments stock-based second international balance to pipeline new opportunities. the expenses in and the an expectations and compensation to infrastructure quarter, as state We to to increase XX%

$XX.X a period or a modest to loss QX loss $X.XX was per primary sequential ended $XX.X on of the commercial remaining more of the cash cash the Net share for focus QX, and for a million We $XX.X of and million expect equivalents. of same into share with $X.XX prior of loss execution. with loss We the or as U.S. quarter first year. net per increases million our compared quarter

our strategies. commercial to Turning

we with focus increased As trained Erica physician our driving continue through earlier, procedural on engagement discussed to adoption base.

trained a We physicians as those the we newly improvement in have toward are and as physicians as trained of well goal in is productivity serving new of XXX XXX throughout seen XXXX, conditions operating track for pandemic. the to on our tailwind trading

on towards XX also XX are the year our territories. active track sales end goal with to to We

adoption aimed the are efforts curve, at meaningful penetration population XXXX standard into Our TCAR beyond. risk for in including surgical broadly U.S. foundation the laying driving more the a and

indicated place in education as Medicare is surgical we we population be will of coverage traction in efforts. have utilization awareness once we patient believe the build the and risk standard past, As through gradual

we are updating XXXX Lastly, our revenue guidance.

revenue to growth midpoint of $XXX anticipate now million, of range. at $XXX we XX% to be in representing mentioned, year-over-year the the Erica As range million the of

XX,XXX of of increasingly that using annual imply and into We would which year, procedures just will XX% as XXX,XXX pool. physician U.S. the procedure into X% perform are XXXX TCAR total carotid denominator artery also over U.S. procedures market in carotid our confident carotid disease U.S. just this the the penetration base TCAR diagnosis

We to are engine commercial significant we expansion recent opportunity. our growth market the durable in our and label untapped wide by investments come open, many in see date, years excited our to and for infrastructure and

Erica Rogers

do the as Donna label artery of opposite established damage for carotid expansion, a do week we hospital, enter time as But of Lucas. in visible of extended we is time the and here we TCAR because side, neurological treatment to a May, particularly left a believe which evaluation, This all facial the stay she'd patients Donna now nervous [Donna], undergone surgery, years revascularization. Thank work set our in scarring. success, nerve the off the option eligible was of with on an care prior, start, disease, recent and Month. both out to after CEA minimally damage as standard her on and second deserve side, carotid TCAR. the ready procedure to walked chose needed experienced you, out of the from was by and The And no the We feeling Reflecting to her TCAR access day carotid to she invasive it great, of the a a symptoms. Stroke hospital patient. a and scar. the story was transient she the determined next the month tiny revascularization work, she surgeon return on nerve believe several Awareness highlighted what

We patients why [Donna's] invasive know time. patients promoting procedures that night As from "The year, were That's to before, every husband put balanced minimally approach. X this providers to CEA nearly and TCAR a we this more the day." benefits it, than choice, importantly, of ever over when clear TCAR as choose are and given

up line the open Operator? now to questions. will We

Operator

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

Unidentified Analyst

This a Robbie. and for is quarter. approval the [Rohan] Congrats on good on

guess end walk you end? able range? on us the Looking slightly. supply at further some be Are chain year through or I to you issues? COVID you range see and low new increased standard And guidance contribution any puts would this assuming the the the guidance, the of revenue And top you takes the risk could headwinds behind

Erica Rogers

Yes. Hi, [Rohan].

First of for approval, imagine. as much we're pleased Yes, all, thanks can really us. the so joining you with

thought safe So approval and in on impact for with our risk the think XXXX, year. of line we the to say label expectations, through standard it's expansion the that look, I for kind therefore, already surgical came

coverage. obtain First step there to is, of course,

the And in commercial of let guidance that Lucas take efforts range. begin marketing of once is place. coverage real I'll sort the So rest will and

Lucas Buchanan

thanks [Rohan], for question. the

we've the are are kind to companies There range. still do correct, labor seasonality. conditions in the all working to We resources staffing factored ongoing related all of still hospital and We've essentially end to improve. through expect working and bottom and hospitals guidance raised of that normal overall kind through. prior still of You're friction is continue

in that at are all we're but it's of variables play. factored is early Some in. And year, the and those optimistic,

Operator

Rick Stifel. next question from with comes Wise Our

Rick Wise

kind how curious, John talked is first I on Rick. salesperson-to-doctor this congrats standard the great? This I'm thing guess, that's for kind would does But curious, Once Erica, conversation, from of here. I'll on you've just conversation? again, risk hit the expansion. doctor-patient I'm change integrating about be you, all just How already. label on does the change of this materials marketing these that the

Erica Rogers

us. thanks be And things joining we more John. Look, that about. about couldn't talking the Sure, just Yes. you're all excited for of

substantially. it I conversation changes the think

divide are. 'XX early remember, don't we surgical their from surgery stroke, complication patient as and surgeons universe is a in foremost, educating risk and time 'XX, lot our their on surgical criteria Every at and launch Because and into since view. patient late what typically you First of high high a might risk physicians a at surgical of spent in risk standard risk every risk. vascular from is

are constructs around in these are place and so FDA And that around reimbursement. approvals

every So one each the of to of kind we've had lifting heavy these criteria. about do of talking and

the doctor-patient more and what power changes to messaging simply to you this the label conversation choose relationship. that substantially, of no is right puts thing And So really We that in based on Same one the longer our for standing reflecting now the of then what have that's coverage. is opposed today. back front John. just in It's in John. of hands relationship, on And the as patient the differentiate. doctor-patient adding in is best we're decision and marketing a terms the thing and patient there, clinician to this

body to risk patient, can first but "Gee, imagine do The real-world and expansion, that's foremost, by supports label evidence patients. talking super patients, you're over important and supported that of XX,XXX patients now don't high a tell love I'd surgical have I fact, criteria." that in of physician tell the around that So firsthand, about, when I decision physicians TCAR I've the the In worth simply surgeons talk had evidence can you TCAR. and published data this me their this that to the

Rick Wise

guess have future kind here. actually beyond integration, super And walk helpful, looking be if levels? That's in could I more. prior of quarter. you help year? for a Erica. sharp decline the margin about throughout plan meaningful of then prior expansion we drive gross improvement Could the one sequential what just I ask the Obviously, gross margin will from me Great. at creation to through just this And

Lucas Buchanan

Sure, John. No problem.

per in gross employees in itself answer part the in those the space commercial validation. short X your and time. our manufacturing the the get and facility, yes, units the increase capacity labor mitigation So we're producing through training place overhead now, of any future to we've the right? not going margin units, is of and ultimately and we growth carrying but in the but we're gains we'll facilities question latter hired having indirect as We're and Minnesota anticipation over of putting Right risk of

online will second year. the that come of likely So the in half

The hopefully that essentially expense QX had factor really other fact produced the a QX, in was we production at play sick percentage of that with our have some large which that COVID-XX the was variances transient, effect, that helpful. XX% think that's out in to workforce and that without I absent that would to the we're probably capitalize, not versus in if we in XX% dealing future, been effect, is range with

Operator

comes Antalffy with question Danielle next from SVB Our Securities.

Danielle Antalffy

very Just standard patients just the that risk means full large you the you approval, population being for since take you I this are little brain untreated what even near way, allow to approvals number -- Curious severe the that getting can term? will the patients, is if from did medium low-hanging managed the if of XXXXXX-or-so patient an population have but could, stenosis Erica, a carotid a go that of about the to slate bit out anything, patient patients Obviously, here I here fruit in just a in risk that any intervention, your get these perspective, untreated untreated there's or form shape there sitting after now medically. if today?

Erica Rogers

you I'm question. Hi Danielle, asked that glad

date. here going are was right? penetrated the XX% XXX,XXX point, there based our you sitting the treated those, really which patients So the on It's first guidance to roughly are And year. highlighted at after thing main is that for we

are fruit morbidity lower of patients and other disease as hanging get treated. low low, managed But who we've as associated mortality after medically seen And lots the so states, we that's is really already in the disease, that expand could be patients are patient who do of know, managed who And treated. roughly the same, population, It's the honestly. treated. the see we treatment the around the aperture we medically those with patients looks

I is is medically just so the managed more our think the this into But treated. focus patient today at ultimately tailwind on expansion get And one already driving to population. converting

Danielle Antalffy

just to Okay. if are And inflationary on you here, way, follow-up as in any Got year. form guys around gross QX it. through margins. then there impact lot in margin just your a could for question ability and a Lucas, move pressures exposed curious we the quick you a that of see gross question or shape And improve

Lucas Buchanan

question, the the a internally Road. for hot Thanks Obviously, at Danielle. Silk and topic in sector here

team Our chain fantastic has in vendors and anticipation suppliers, pressures. we've done buying forward of of inflationary and kind a of with more recently, our supply of in working our growth. But job context the aggressive in always and been

there. So, so managing but to where side, near-term had the some really we're We continue But some pressures it more in team components good, see R&D good managing a job far, and on chain it. very a closely. supply core folks so the the of of materials to but focus around manage it, impact our we've done manufacturing we've it's

Operator

Sandler. question Piper from Maeder Adam Our comes next with

Adam Maeder

there the how And My expect Hi we for Lucas. of on standard any Congrats X. be in in you're approval then should costs the reimbursement is place? sure about we I I post-market base Not trial study, of a terms thinking case risk. Erica. I Maybe study? understanding talk that follow-ups. And Hi ROADSTER heard start patients. guys about this start the in you then the Maybe that couple and Kind year. that prepared Medicare XXX on just design remarks, had calling with that will approval associated if when on of your timing? assumption think reimbursement but and are just what's can surgical to

Erica Rogers

us. Adam. reimbursement our the for Sure, take work and with joining part Thanks I'll CMS. on

surgical So Surgery as thought of that we've the brought their standard Society and sure have day CMS. answering we but certainly we've this meeting we are risk. before, their from is make really that all questions Vascular needs. about talked along all to constituents And FDA, in X, conversation And the and along around

ongoing. been has conversation the So

the TCAR months. few and surveillance of context, project reminder a a risk sort surgical for took high coverage As through

we risk standard to any longer have so don't take And that think any that. reason surgical will than

And next matter of so it's really And the the coverage. here be we step believe, will announcement that months. of a Adam,

scenes. So we'll working on the be behind it

patients because endpoint post-approval single-arm Now X, open-label coverage of stroke of ROADSTER national the under we'll will determination be covered primary ipsilateral trial and stroke, in prospective study the And XX terms a study and same-side current to trial X days, question XXX also an sites. that important be MI ROADSTER look looking in at stroke, it's at paradigm. X to a in context at coverage at up is XX The death year. up will

Lucas Buchanan

expense want Erica Adam, question. coverage. But levels add talked kind coding some the of about on of exist. clear that I'll And the detail to and side reimbursement, I make payment to already first your that just

work So really It's that trials XX the to where high study there's XX. do all incremental to surgical surgical that risk there. versus XX age XX trials no about it's in speaking, standard is generally risk average patients, And patient to coverage. population,

still Medicare population. to in prepared we the remarks on in So squarely roughly XX% OpEx, Back expect QX. my step-up age

noncash quarter grants effect. in explained, Some March, stock full the made of of some it by driven for that comp expense, were but as that's I

my expectations -- quarter QX, and trial to enrollment inclusive ROADSTER kind team built trial. involved cost our execute it that's we've costs. in of of some hiring biased comments, the of of of we And a that and of patient as as the schedule. got executing half obviously the and trial the was around well X the vendors X to Some that per a front modest that R&D is more quarter timing, part get quarter But it of in as full effect QX, first increases

Adam Maeder

Okay. And that's X follow-ups, okay. the and have appreciate if fulsome clear, response. That's actually very I

here. for top first the near-term apologize line, is the on of question and I The just kind

models? we have $XX don't if how I any You Street QX I reaction obviously we you million have curious full for show thinking at QX. year in to should guidance know about -- that. our The be in place, as but

growth. we of kind throughout I then cadence quarter-over-quarter it's XX% think quick then about XX% I to And quarterly strokes, just follow-up. broad year? how X think of the And have do the duration

Lucas Buchanan

Yes. we at level the Omicron at rep TCAR do of last all of into right, of comes QX as hopeful February kind January end doctor QX year. the of in not the single all growth from at curve that rolls market, much up. single impacted adoption driving Obviously, is Quite simply, day, penetration which a were we're as and that

great. So that's

And continue looking year. forward built. physicians so And we're trained territories new online we over to leveraging that critical and come mass obviously, spread new have we've to the

Adam Maeder

Okay. one Great. on one and just last maybe me, And for it's international.

to TAM X-parter, update to of And of the part kind decision, guess or deciding it's forward. your let just of for I the a CE any But Mark be is on not China then Europe. China kind in And decision market and of maybe us snapshot it's the so frame question into think that brief, that So opportunity a lapse, second why right? push Japan? the that just progress that insight helpful apologies. you're to really Japan give a and little then more So on the I bit would against just

Erica Rogers

Adam. Sure,

there. the On let Europe, to those we in thought behind put there's regulatory China, are MDR there's progress And and time sort Japan we reimbursement this we making have and stand and feel But about continue of lapse. decision where of to both progress. We approvals. on substantial on we of steady steady make So course, those countries. good regulatory

heard our lift certainly, toward energy heavy, probably others, we Asia from focus and our TCAR to Pacific things U.S. prefer As bias towards and is you and adoption. into our our and that the efforts drive put

reason China it's us, for not around treated, Asia regions way other in I only of On just the is TAM also pricing substantial in and patients mean, bias that. on the question, more stroke, the really for opportunity but prevention that importance are Pacific much paradigms. the the the the a

substantially board. And important so are across markets these the more just

Lucas Buchanan

is other after at a Europe of when that of go But to in we'll have Adam, a something to scale, add, to some we'll right? capability world, intermediate-term and parts near quickly just fashion. markets I'll get the of much This countries we're better decision. that over in is definitely time, other those the And kind

Operator

from Our Wolfe Michael Polark next question Research. with comes

Michael Polark

a "Hey, could tidbits looks go there look, and tech studied is you've in TCAR like Or this we on ground of evolved Is that then stepping have have don't about there What and of and 'XX layers year on med how that you it. as to it risk physicians is watch comes understand approval little the I I from next guidance, another here on dream what seat some sales I'm accelerator in you're movement frame I'd expanding on us there study hockey like kind development the might label," would help into love much sound potential? quantitatively. calendar going you in hold sometime it and in really that that say, could a like, time?" standard established, I'd said, on over marketing, our happen to utilization, if product does revenue bit not the gets how but utilization, for be that, the to thinking not so more how in could and stick-like love in -- be look I how 'XX. dream for I'm just little you're you together, feedback feet 'XX this a fire, say, help 'XX. doing the all how It force. asking could "Hey, the and to of reimbursement mathematically

Erica Rogers

we so can right I And excitement ready for been customers which is right? of they The I've lifted quite and to that you that restrictions is talking customers observations you goodness, has do waiting Sure, been joining patients. I'll Mike. our talked a standard give facing been have our for about, things a surgical out out what qualitative really, physician lot Thanks few community tell risk of the lately. each all, us. regularly. which The first the is palpable. is, and can Thank for I've these

there's enthusiasm. So great

at gain looked our is own we The over comfort other is what thing, the data other TCAR with physicians time. we've know observation their that and

that of are youth. work is there favor. kind So in One things our X

Younger CEA. trained the thing greater of and that to because early of where about ability out predict that physicians their and gaining leads talked the a part curve, the adoption. data predict physicians outcome this frankly these how our an lean hands trained. are that other in in ability performs they level earlier and experience And to is endovascular gaining XX versus their comfort learning faster own And fellowships And important to their come right? to to XX we We've TCAR we There's TCAR is first lot, really know those physicians. their cases, from experience. know

So on our of Mike, where of because is as throughout And XXXX, ones back their all saying, the of a the into pandemic, the the trained sort back time time XXXX, XXXX, this were their hands these is own as over pandemic, TCAR of tied physicians of their behind physicians, half approach coming XXXX. and we our way in friend. big of cohorts that long-winded

Michael Polark

of I wrong, I'm And that I'm for It that year-on-year. I seeing. quarter, I'm and into. commentary running isn't do -- what seeing X,XXX per or cases And a which and Good least color. to revenue as receive just you perhaps, the your I bit X impute as was looks follow-ups, like I The hoping number if ASP, disclosed a volume at is can comment then sequentially just If one. the as revenue revenue why to but that might steps per, next happy that I'm hopeful then this the X may, Lucas, back in be, which math just well. down the I why can for -- necessarily over

Lucas Buchanan

Thank did a question, insightful you, see dip. a It's and very Mike. we

to me continue ASPs you, be first, Let assure that very strong.

otherwise par not It finishing was period. margin. a dip of the procedures making the significantly year in So affected into they on I come divided slightly strong it just month, utilizing not Obviously, could then replenishment the in And QX. more have where in some Omicron that's at orders hospitals was conservative a effect. units kind been. will which in the the January that of of the get still as period And as kind in couple means things QX timing and and a was many were ordering was and sure we've revenue heading February, probably in seen patterns. in strong we ASPs. of March, shelf their utilization by levels think into on Those And past, the it's they're

the to QX at it's and mostly in probably day, expect normalize the of and related, beyond. kind end I So it of would timing

Michael Polark

to plenty Do here? do can on X, have sheet balance period financing X that sheet growth last year, the one again, on the flexibility of you kind and to the million metal of during with executing feel of, you next risk I standard If pedal on and operate and the one balance expansion. against the a comfortable $XX

Lucas Buchanan

I growth. focused Look, value, obviously, on Yes. top line and very mean, we're first creating driving which foremost, starts shareholder by

operating a again, forward. if and financing position. hospitals We funded we're that when to and needs. growth, We've sheet got, to that no But our to well-funded leverage are and so an drive reps to for committed balance eye of we're well immediate really docs critical bolster prepared the and opportunity open always options right. mass There's we're maintaining is our keeping drive here

Operator

last our Fonseca with comes Javier And Spartan Capital. from question

Javier Fonseca

to does of larger In should the as reach this ENROUTE commercial forward? other week risk the Or In SG&A has going market? a patients? the news investors words, build-out this is good addressing affect possibility light it with the considered higher this to expect patients, understand better a of the expansion expenditure greater standard already portion to of how

Lucas Buchanan

for Yes, good question. thanks question. very the Javier,

success Erica out about, really And a population for we've nicely. as so that it's same the last surgical significant, coverage then model the And building patient talked been for patient the all risk right? high rep physicians, same is the planning essentially, same pencils market. we've channel, population And the on referral along. layered of it's it's need -- coverage. we don't the But X/X So

opportunity of investments and we've to beyond, there And to made just have make go so market after. already of we plan addressable and year there's lot a larger leverage a

Javier Fonseca

patients another how chase total as just said the a now standard go earlier, the you risk size? TCAR, as the as addressable far And does I another market question. -- that with know for being market Excellent. far as at it but

Lucas Buchanan

Yes.

question. great So

injury it's standard XXX,XXX X/X If treatment in including but As opportunity. kind the roughly That's X/X, carotid surgery medicine are been for really patients now simply, rate, to conservative that procedures. right? quite that sitting risk, that's split nerve years, death really carries mentioned, complication But standard the answer, know there surgical billion to rest. risk, And XX of zoom full roughly out we has the So all have X/X, pencils permanent is don't MI they that $X.X a high we X/X delineate and invasive and black-and-white we That surgical and the really of billion a market. physicians, Erica because $X.X risk. practice gold of back, access a spectrum front a stroke, of clearly.

applied. by annually the $X.X artery the about market So it's opportunity measured diagnoses carotid critical But conservatively of stenosis billion. full is is

all is are complication patients patients insulting, that look time. or similarly treated I'll got also and coming treated, ahead, disease favor age. has their now years elderly saying that patients more a invasive that has sorts that disease are here, still by sadly, over light, and to of of is a of cardiovascular procedure and U.S. we've could the lower the know market this to tap certainly, of be increased of diagnosis represents around a the demographics are we the of brought billion minimally efforts we there. the of where $X.X And just cardiovascular problems. just portion some that into and elderly. and a So into treated $X.X And are We in billion population Medicare drivers finish then think of lot more the less screening COVID our And pipeline there can in

Operator

At comments. like Chief the would back turn call any time, to for to Erica Executive I Thank Rogers, closing this Officer, you.

Erica Rogers

Thank very exciting you for quarter. joining us all this for

Operator

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

disconnect. You may now

Silk Road Medical (SILK) 7 May 222022 Q1 Earnings call transcript