Nadim Yared: Hi Margaret, yes, thank you for the question. Actually, we had recently another scientific meeting, the Heart Failure Society of America, where in my opinion and the opinion of our team, this has been by far the best scientific meeting that CVRx has even been participant to. We were the darling here of that congress. And there was another couple of opportunities during that scientific session to have the CVRx data presented again to heart failure specialists. So that is increasing, the exposure of this data through those scientific meetings to centers. Questions so far, I can’t comment on it specifically one-by-one, but we have not seen any negative impact. And all I can point out, is to the results here, the addition of centers to say that, if there was an impact so far, it has been positive net-net.
Margaret Kaczor: Okay. Fantastic. Thank you, guys. Appreciate it.
Nadim Yared: Thank you.
Operator: And our next question comes from the line of Alex Nowak with Craig-Hallum. Please proceed.
Alex Nowak: Okay. Great. Good afternoon, everyone. Congrats on the really nice results here. I want to ask on GLP-1. It’s obviously all the talk out right now in med tech. There’s been some talk about what it can do around heart failure symptoms with these patients. There’s some studies that are ongoing right now, about assessing it in the preserved ejection heart failure side of it. How do you think about GLP-1s changing the potential patient pool for Barostim longer term?
Nadim Yared: Yes, Alex, again, thank you for joining. I know it’s a busy week for you, too. Listen, regarding GLP-1, we’re excited about the positive impact of that therapy on obesity and type 2 diabetes. Clearly, patients needed some solution. And this is, from our perspective, a welcome solution to many patients. However, one of the early results from that drug in heart failure, was to note that the heart rate unfortunately increases with this drug. And we all know that in heart failure with reduced ejection fraction, an increased heart rate is considered a safety concern. So, we’ve seen some publications, particularly in more recent one by Dr. Murray, among others and Dr. Butler highlighting this fact and raising the question whether this drug can be studied safely in the HFrEF patient population.
The other thing I would like to note is that paradoxically, when a patient has a heart failure with a reduced ejection fraction, heavier weight is not necessarily a negative outcome as, compared to lesser weight i.e., patients who have more or larger weight actually have better outcome in HFrEF than patients who are super lightweight or super thin. It’s a paradox. This is one of those disease areas where a weight-reducing drug might not necessarily be beneficial. Now – but all that said, we don’t know until they are on clinical trials. So. we will keep a watchful eye on all of these developments. But no matter what, we do not expect any material impact to our business.
Alex Nowak: Okay. It makes total sense. And I might have missed this in the prepared remarks. The pullback in OpEx spend, even amid the new rep hires, the R&D side makes sense. But G&A, sales and marketing, why are some of the cost reductions there? What happened? And is that pretty sustainable those — is it I guess a good cost basis to continue for 2024 on your path to cash flow breakeven?
Jared Oasheim: Yes. Alex, I’ll take that one. Yes, I wouldn’t call it necessarily a pullback in our, spend. But more pointing towards seasonality in the second quarter, we often see some additional spend related to trade shows in our sales and marketing line. So, seeing us move into the third quarter with more revenue and a little bit less in overall sales and marketing isn’t a surprise necessarily. So, I do think that the leverage we’re seeing in this model on the sales and marketing side is definitely sustainable as we move forward, continue to grow and see more of that total coming down to the bottom line to help us out and reduce that cash burn number. On the R&D side of the house, this is planned, right? So, we expected BeAT-HF spend to start slowing down after we left the second quarter. So seeing that reduction in research and development was in line with expectations for us.
