Tony Kamin: Ray, I kind of wrote this down, hopefully, I copied what you said correctly, but I think you said that the pipeline is filled with solid opportunities. Can either of you sort of comment a little bit or give a little more color on the pipeline? Is it for — is it across a range of products? Is it
Peter Gaccione: Yes, I can outline that very easily for you. And we have been talking about the expansion of our product offerings and what’s our strategy and a little bit more diversification than just the provision to Gamma Knife and proton beam. So let me comment in a couple of different ways about what is in our pipeline. It contains many different product offerings. It contains Gamma Knifes, linear accelerators, MR LINACs, and even the provision of proton beam systems. And that’s consistent with the expansion of everything we’ve been talking about, let’s expand our product offerings. We have opportunities domestically, and we have opportunities internationally as well. We have opportunities with new business clients, new clients we’ve not had, and we got opportunities we are pursuing with our existing clients, expanding those relationships.
We have business model structures that could vary. They could be, I will say, the traditional agreements that we’ve had in the past, where we provide Gamma Knife, let’s say, for x dollars for every treatment. Or maybe we provide that Gamma Knife for some percentage of the revenue that the health care system collects off that Gamma Knife. We also are pursuing joint ventures where we have ownership, sometimes majority, sometimes minority in a joint venture relationship. And one of the great features of that type of relationship is those relationships don’t have contracts or agreements that expire that have a contract expiration date. So they’re very long-term oriented. That and all those types of opportunities exist within our pipeline.
Tony Kamin: No, that sounds great. Two more quick questions. One, recently in the press, I’ve been reading an increasing number of articles talking about Gamma Knife. Gamma Knife is, in general, growing. And if I’m not sure quite what they’re saying, whether it’s procedures or capabilities or something growing in ’23. It feels like for a few years, I didn’t really see much about that. But again, there’s been some press about growth. Is that something you’re seeing? Or is that just — is that correct?
Raymond Stachowiak: I’m going to direct that question to Peter. He’s our resonant expert on the Gamma Knife market.
Peter Gaccione: Yes, you’re absolutely correct in what you’ve been seeing. For a while there in the early days for radiosurgery, the Gamma Knife was doing extremely well. And then as everyone knows, with linear accelerators radiosurgery started to catch up a little bit there. But not only do we, also other vendors, do see an uptick in the Gamma Knife modality and Gamma Knife treatment. And a lot of it has to do with the advantages that are offered in software, in treatment planning, in same day imaging and treatment. So there have been a lot of things done to that system, and it has really taken an upturn. So you’re correct when you say you’re hearing that that there’s an increase in the Gamma Knife type treatments, not only in the U.S., but worldwide. And this, of course, filtrates to the installed base as well when it comes time to do upgrades as well.
Tony Kamin: No, that’s exciting. And then last question, which I feel I have asked for many years, but it’s so important in terms of size. Can you kind of characterize the appetite now for new proton systems? Obviously, it’s been several years since you installed in Orlando and I know shareholders are really hoping for an encore somewhere else. Can you just kind of talk about proton in general?