Pat Mackin: Yes. So, just on the stent business, so the GAAP growth was 23%. We typically talk about constant currency was like 19%, obviously very strong. I think I mentioned it a little bit earlier. I mean I think what’s driving this, we have got strong channels kind of around the globe. But we have also got a very differentiated unique portfolio. For example, AMDS, we had the U.S. ID trial PERSEVERE presented at the beginning of the quarter, kind of the end of January with phenomenal data. I have mentioned at a 72% reduction in mortality, a 52% reduction in major adverse events, no dams [ph]. So clearly, the AMDS is proprietary, nobody has it, and we just released great data. We have also got two very significant technologies in the branch stent graft area, the Frozen Elephant Trunk in the arch and then the branch thoracic abdominal in the kind of the mid-section of the aorta.
And those are growing very rapidly. So, again, we have a – it’s the whole strategy, right, is we are an aorta company, we can treat from your aortic valve to your iliac with a bunch of different technologies and the majority of them are very proprietary with a strong sales force. So, I think that’s what’s driving the stent graft side. I think you had a question on margin for Lance.
Lance Berry: Yes. So, overall, we are qualitative saying you expect gross margin to be relatively flat year-over-year. There is a lot of mix in our gross margin. I mean you have – we have four different product lines at different margins in four different regions with different margins. And so there is a lot that goes into it. I will say specifically on the SynerGraft pulmonary valve portion of our preservation services. Now, pulmonary [ph] service has historically been our lowest gross margin. But our pulmonary valves are actually north of company average. And so specifically with that, as that grows faster, that’s a tailwind. It’s not a headwind. Now, I don’t want you to take those comments and say, oh, that means mix should go up because there is a lot of pieces, but that part growing faster isn’t a negative for gross margin.
Unidentified Analyst: Thanks. That’s helpful.
Operator: Our next question is from Frank Takkinen with Lake Street Capital Markets. Please proceed.
Frank Takkinen: Great. Thanks for taking the questions. Pat and Lance, congrats on the quarter. I was hoping to start with one on On-X as well. In light of all the data packs that have came out consistently higher market share. How do you think about pricing opportunity? Have you taken any recent price increases? And do you think you have the ability to continue to take price?
Pat Mackin: Yes, it’s a good question, Frank. I mean it really is kind of evolving where it used to be mechanical valves and tissue valves, like two discrete buckets. But what’s really kind of evolving from this data is that there is kind of a new category in between a mechanical valve and a tissue valve, which is On-X. So, I mean we have really got – the primary objective here is that we feel like this is the best mechanical valve out there. And I do think it should be the only mechanical valve being used. So, that does, I think bring with it some pricing power that we will exploit. I am not going to get into specifics on the call, but I do think there is an opportunity for that.
Frank Takkinen: Okay. That’s helpful. And then maybe just one more for me for Lance on the free cash flow commentary. I heard your comments about the negative $9 million for the quarter. How should we think about free cash flow cadence for the remaining quarters of the year?
Lance Berry: Cash, it can kind of jump around quarter-to-quarter. So, we are not really committing to positive for every single quarter. But definitely expect it to be positive for the full year, probably stronger in the back half. There is just some heavy cash outlay things that occur in the first half of the year. And the second half is just a little bit lighter on that. But definitely expect to be positive for the full year.
Frank Takkinen: Okay. That makes sense. Thanks for taking the questions.
Pat Mackin: Thanks Frank.
Operator: Our final question is from Jeffrey Cohen with Ladenburg Thalmann. Please proceed.
Jeffrey Cohen: Hi Pat and Lance. Just a couple from our end, could you talk about EMEA a little bit as far as any macro views and any pricing that’s been taken or planned to be taken and some of that uptake and a strong quarter from new users, new surgeons that are coming onboard or is there more in respect of higher utilization per surgery or per facility?
Pat Mackin: Yes. So, Neo, we are not going to break out specific products underneath the kind of aortic stent umbrella, if you will. But I will say that Neo is growing very rapidly. It’s a combination of expansion, geographical expansion. We are selling Neo in Asia. We are selling Neo in Latin America, many markets in Europe. It’s obviously not approved in the U.S. or Japan, but it’s doing extremely well. And as I mentioned earlier, it’s a proprietary technology. We have a very unique stent system on that device, which we feel has better outcomes than the other devices out there, and we are being very aggressive kind of going after that business. So, it’s a product that’s done well and continues to do well.
Jeffrey Cohen: Got it. Okay. And then secondly, first, Lance, can you talk a little bit about the SG&A and maybe cadence for ‘24. It seemed like it was light in the first quarter and how we should think about the leverage on the overall spend from Q2 to Q4?
