Jim Clemmer: Steve, we’re not sure if you’ll see any data published by our customers prior to 2025. We hear anecdotes too where people try it in different areas are so confident in how it works. We’re focused on our internal R&D process. And the research has shown, we’re really, really excited about what it does. There’s a good aspiration device on the market today that does a really good job in small vessel DVT. But we think the — what Auryon does in addition to aspiration, the way our laser can disrupt and break up some of the clock, we found that our testing is really significant. So we’re going to continue to focus on our internal testing, get the product ready for launch. In the meantime, doctors are always free to do their own research, but I wouldn’t expect to see anything I don’t believe, prior to our launch.
Steve Lichtman: Okay. Got it. And then just lastly, as you’re thinking about the Med Tech) business, how are you thinking about balancing the potential benefits of additional sales on top line gross margin versus, I think you mentioned again, Jim, some of the cash benefits that those products provide to the overall company. So should we be thinking about potential additional product line divestitures ahead, or just how are you thinking about balancing those two? Thanks.
Jim Clemmer: A couple of things, we’ve always talked about our role as an active portfolio manager as we grow our Med Tech businesses. But the Med Device segment does a terrific job in providing us that cash and stability to invest in the other side of the house. And we really love what the business does. We mentioned today, we highlighted our ports. Here we compete against a really great company. The number one company in that market is a strong, great company. Our ports are better. And our company is better, and our team is strong. So although, we’re a small guy here, David versus Goliath, we’re going to continue to win in categories like ports, our mid-line did really well as well [indiscernible] will always be a battle, and we know that.
But it’s a good business, Steve. We like the balance, it provides us today. Let’s go back two years ago, when we first talked about our transformation into the Med Tech business that we want to be. Med Tech was only 15% of our revenue. Now you see it about a third of our revenue. So as that continues to grow, we’ll be less reliant on the device cash and stability. But today, we still think it has a good mix over time that could change.
Steve Lichtman: All right. Thanks, Jim.
Operator: Our next question is from the line of John Young with Canaccord Genuity. Please proceed with your question.
John Young: Hi, Jim, Steve. Thanks for taking our questions this morning. First for us just on Med Tech gross margin. It was a great number to see. I know you guide to 65% on the high end of the fiscal guidance for the year from Med Tech specifically, but it feels a bit conservative. Can you just talk about the puts and takes here on the gross margin for Med Tech? Thanks.
Steve Trowbridge: Yeah. So John, as we’ve talked about, right, the overall gross margin kind of long-term strategy for Angio is that you’re going to see gross margin accretion coming from this mix shift as we have the Med Tech products comprised a larger portion of our overall revenue base. We’ve seen that, but we’ve seen it at the corporate level be chewed up a little bit by some of those inflationary pressures that we’ve talked about. So on the Med Tech side specifically, increased sales in NanoKnife as we’ve stabilized, as Jayson talked about, the mechanical thrombectomy business, those are both going to be pretty good tailwinds for us on the gross margin. And then you’ve also seen, as we’ve talked about pulling back a little bit on brand-new lasers being put in the field and trying to increase utilization with those lasers on the Auryon business.
All of those things are going to be supportive of that continued shift with the Med Tech business kind of driving that shift over overall gross margins.
John Young: Great. Thanks. And then on APEX too, getting enrollment now, I saw on the slide, it’s now guided for complete by early calendar ’24. It feels like a bit of a push there. Have the other ongoing PE studies in the space impacted the ability to get patients enrolled?
Jim Clemmer: Hi, John. It’s Jim. No, I don’t think so. I think if you take a look at when we started enrollment and to when we think we finish enrollment, it’s about an 18-month window, we believe, from start to finish. I think if you go back and look at the market leader, I think, is what they took a few years ago when there’s nothing else in the field. So we were a little cautious coming out knowing that we’d be third in behind the other two players there. We thought it might be a little challenging. And it probably was initially, I think there’s a lot of momentum building in the product and physicians, their peers that use it, talk about great outcomes and shared some great outcomes along the way. So I think the momentous building, John, we’re really pleased with the schedule.
It fits what we internally had projected, and we can’t wait to get on label next year, but we’ll do the work to finish it right now. Your question is a good one because it is a space now, we’ll be third in. And it probably will be harder for others. I can’t speculate for them, but we have a unique novel device we’re bringing into that space with two other good products there. So we think we’ll really get people in choice.
John Young: Great. Thanks, Jim. And maybe just my last one I just sneak it in. Just on the strategy on capital allocation. Just thoughts on stock buyback given the strength of the balance sheet and current stock price? Thanks.
