Unidentified Analyst: This is Thomas on the line for Anthony. I appreciate you taking the time to answer my questions, and I’ll just jump right into it. So firstly, could you guys provide a little bit more color? I know you guys spoke on it briefly on the call. But could you provide a little more color on the initial sales trends you’ve seen with the Truvaga product? And then just maybe a little bit looking forward, when do you expect to have a full commercial launch? And just kind of your strategy or how you’re looking at making sure you guys have enough in a way of sales and marketing team to meet demand. Is that going to be 10.99 reps or are you guys going to start to build out an internal team to meet the demand that you’re expecting with the Truvaga product?
Dan Goldberger : So truvaga.com went live in late December of last year, so January and February were the first — the two first full month of sales through that channel. And it is exclusively an e-commerce business model for a product that treats anxiety and sleep and stress in healthy people. It is not a medical device, it’s a wellness product and so does not need a prescription. And for 2023, we are going to stick primarily to that e-commerce model. We’ve been spending some money on Google Search. We’ve been building out various social media assets, surprising number of influencers have started to pick up the story. It turns out that vagus nurse simulation, vagus nerve therapy is somewhat topical in the wellness community right now. So we’re pretty excited about how that can grow as an e-commerce business model as opposed to a traditional med tech sales rep business model.
Unidentified Analyst: And do you have any insight on when you expect to do a full commercial launch with the Truvaga products?
Dan Goldberger: We’re not going to comment on that right now.
Unidentified Analyst: And then just kind of going back to the topic of e-commerce, I was just kind of curious to see where you guys were at. I know you guys were trying to launch or relaunch your e-commerce platform. And I know that a couple calls ago you spoke about, and you just mentioned that you were spending on Google, because the number of hits had gone down or just like the order in which you guys were listed had decreased. So I was just kind of wondering where you were at with that, has that gotten back to historical levels and then again, just where you’re at with relaunching the entirety of the platform?
Dan Goldberger: So in 2021, we launched with a telehealth partner for our prescription headache therapy and that was frankly disappointing for a variety of reasons. So we shut down that relationship, took a deep breath and chose instead to launch this completely new direct to consumer wellness product that does not require a prescription.
Unidentified Analyst: Those are all the questions I have for right now, and I appreciate you taking the time. I’ll jump back in the queue.
Operator: Next question is coming from Kemp Dolliver from Brookline Capital Markets.
Kemp Dolliver: First with regard to Kaiser. What level of efforts in terms of additional 10.99 reps do you think you’ll need to pursue that opportunity?
Dan Goldberger: So we’re going to be very systematic about it. We already have a small number of vocal clinical champions in the neurology department of Kaiser. The challenge has been the supply chain bureaucracy, for lack of a better term, and as you know Kaiser is a big animal. And once we demonstrate that we’re reliably getting prescriptions through the Kaiser bureaucracy then we’re going to be much more aggressive about scaling up the number of sales assets that we apply in California. So it is event based, not calendar based.
Kemp Dolliver: Well, you mentioned California, which is their largest footprint, but they do have some density in some other markets. So it sounds like you’ll focus on California initially and then go to the other markets or California exclusively?
Dan Goldberger: Exactly. No, we’re going to make sure that things work in California before we go to Colorado and Georgia and the other states where they do have a significant footprint.
Kemp Dolliver: Second question relates to NHS and the currency. So it’s in a way two questions, but sounds like NHS is still going to be, say, a stable contributor in 2023. And how are you — how does currency look for you at this point neutral, negative or any help?
Dan Goldberger: That’s a good question. My quick
Kemp Dolliver: Let’s assume steady state and go from there
Dan Goldberger: So currency, I’m not going to try to hedge on. But our NHS business is driven by the number of headache specialists that are authorized within the National Health Service. And the good news is we have got robust coverage through NHS. The bad news is that it is effectively rationed by the relatively small number of headache specialists and the waiting time in under that NHS system to get to see a headache specialist. So those logistics sort of keep a throttle on how quickly our business can grow. Our team in the United Kingdom is lobbying NHS to open up prescription to a larger cohort of neurologists, not just the headache specialists within the system. But that’s a Sisyphean, a Herculean task to get NHS to pay attention to us much less change their way of doing business. So we keep trying but it’s going to grow high single digits until or unless we can convince NHS to open up the number of prescribers that are available to us.
Operator: Thank you. We reached end of our question and answer session. I’d like to turn the floor back over to management for any further or closing comments.
Dan Goldberger: Yes. Thank you, everybody. We greatly appreciate you’re making time today. I want to give special thanks to all of our employees who have been working tirelessly to not only grow the headache business but launch two entirely new product lines. I encourage everybody please go take a look at our new consumer product offerings at truvaga.com. Of course, I also want to thank the healthcare professionals and their patients for their loyal support of our vagus nerve stimulation technology. Thanks, and have a good day.
Operator: Thank you. That does conclude today’s teleconference webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.
