Rick Eiswirth: No. There shouldn’t be any disruption there. We’re actually — there’s no change to the field territories. We’ll still have roughly 30 territories. We’re just going from four regional directors to five. So we’re reducing the span of control from seven or eight reps per regional director to five to six, and that’s to allow a little bit more flexibility in those regional director schedules to focus on key accounts, right? So in our Challenge ’22 program this year, we really tried to focus that cross-functional effort around 18 to 20 accounts. We think we can expand that 30 to 35 accounts next year. And I’m really pleased that the fifth regional director was an internal promotion. It’s a gentleman that has run sales team in the U.S., ran global training for us, is very, very familiar to the entire U.S. sales team and has actually been a regional director in other organizations in the past.
So he’s a perfect fit for us, and it should be a very seamless transition for our team as we sort of reallocate the reporting lines there.
Alex Nowak: Okay. That makes sense. And maybe can you talk through month by month what happened throughout Q3? Typically, we do see end-user demand increase sequentially in Q3. It didn’t look like it happened, excluding all the FX impacts and whatnot. So just what are you seeing in the market? And then obviously, October sounded pretty good, but what are you seeing in October, so far in November? And then just lastly, it looks like there’s $21 million in debt that went into the current line on the balance sheet. Just curious, was there some sort of covenant that was tripped? Or what was the reason for the move from long-term debt to current debt?
Rick Eiswirth: Yes. Sure. So Alex, to be honest with you, Q3 was a little bit inconsistent. We had a strong July. We had a record in August. I think August in the U.S. was the strongest August — strongest month we’ve ever had in the history of the Company. And then it dropped off a little bit in September. One of the things we think we are seeing a little bit is being — phased through is there are a lot of Vabysmo or faricimab samples out there in the marketplace. And we do think that there are a few doctors that are trialing the sample faricimab units in a patient for one more shot at the anti-VEGF before they switch over to steroid. And so we may be dealing with a little bit of a cycle there. Revenue popped back up pretty strong in October again, but we also know they put a lot of samples out there this month.
So that may be one issue. We’ve got to cycle through temporarily, let them try this faricimab. We don’t think and a lot of the doctors we talk to, and specifically our Chief Retina Specialist, that there’s really any difference now that’s going to perform, but it’s perceived as a stronger anti-VEGF. And if you got a free sample there, we think they’re giving that a shot. So I think that is having a little bit of an impact — did have a little bit of impact on the third quarter. With respect to the debt, the debt is listed as current there because technically, the debt starts to amortize early next year. We’re in the process of working with our lender — our existing lender, Solar, who we’ve had a really strong relationship to address that going forward.
And I think we’ll be able to solve that. I think our business from a global demand standpoint, as we’ve talked about today, is — it’s really stronger than it’s ever been despite the little bit of challenges there with faricimab. So, we feel real good about going into 2023. We feel real good about the ability to manage the cash and are comfortable that we’ll be able to work something out with Solar in the — by the end of the year.
Operator: The next question comes from Laura Sorel of Alliance Global Partners. Please go ahead.
