Alex David : And then just lastly, 2024, it should be a good year and should be building up into, I think, a very strong 2025. If you put together the core Ig business, the [indiscernible] Japan launch, the 50-millimeter prefilled, the rare disease launch. What is a realistic view on what the longer-term growth can start to look like for KORU? Is the growth that provided in the 2024 number, the longer-term growth? Or could we get above that?
Linda Tharby : I would say thank you because you just named off all of the key areas that we’re looking at, right? And I would say in addition to that continued strength in the Ig market, our share gains here in the U.S., the NT progression and successful commercial entries, all of which I laid out today, 6 shots on goal coming into ’25 and ’26 and then incremental expansion internationally, that’s become a real driver for us. So overall, we believe our numbers can be 2025-plus percent growth is what we’re looking at for ’25 and a little bit stronger. Sorry, the only thing I missed was new products, obviously. Those new products launching add to that share gain perspective.
Operator: The next question comes from Caitlin Cronin with Canaccord Genuity.
Caitlin Cronin : Just to start off with 2024 guidance, what does that really imply from a quarterly cadence perspective for both revenue and gross margin?
Linda Tharby : Maybe I’ll let Tom handle that question.
Tom Adams : Sure. So we typically don’t guide by quarter, Caitlin. But you can expect increasing revenues throughout the quarter. And I would say that on the novel therapies side, as you know, that business is rather lumpy and revenue is reflected as work has performed and the milestones were completed. But I would say on the core side, that’s more of an increasing type of revenue that you can model out. And then in terms of gross margin, yes, I mean, gross margin, there’s three things that are impacting the year. And the first thing is we are launching new products, and we’re ramping up our facilities in the second half of the year. And when you do that, you typically have some inefficiencies within manufacturing as you start up a new facility.
Again, that’s the second half of the year. And then I would say also with that, we are growing internationally. And those ASPs are generally at a lower ASP than what you’d see in the U.S. market. So I would say, all in all, you can mile out of gross margin that would be pretty consistent with maybe a little bit of a drop in the Q3 time line and then a bounce back up in Q4.
Linda Tharby : And Caitlin, maybe the only additional thing that I would add to what Tom had to say is you would expect that our quarterly revenues would follow prior year patterns. We typically tend to have a stronger Q1 generally driven by new insurance so where people switch providers and we’ll get new pumps and/or new consumables with that provider.
Caitlin Cronin : And then just on gross margin again, are the supply chain inflationary pressures that you noted in the press release? Are these new or are these just pressures that have been going on for some time and you’ve noticed them in the guidance?
Tom Adams : I’d say a combination. As you know, inflation has not gone away. It’s still out there. And so we still anticipate some pricing pressures from some of our vendors. And also, we just completed our budget and typically, a lot of our new contracts, they renew in the first quarter. So there are some pricing increases from those renewals that we’re working with.
Linda Tharby : Operator, further questions?
Operator: Our next question comes from Jason Bednar with Piper Sandler.
Jason Bednar : I want to maybe follow up on some items that have been touched on, but just hopefully unpack a few things a bit more. Caitlin’s question there around cadence, maybe if I string that together with a prior question around acceleration to ’25, I mean it would seem like your comps first half versus second half, you should have an acceleration, first half, second half and the growth rate this year so that we’re not looking at such a large step-up in the growth rate heading into ’25. So I guess, is that the right way to think about it on that side? And then, Tom, on your gross margin points there, again, it was Caitlin’s question, the supply chain costs ticking a little bit higher. Is this — do we need to have like a little bit of a downshift in how you’re thinking about gross margins in your ’26 plan? Are those incremental to that ’26 plan? Or are those contemplated within there? Just trying to understand if anything has changed.
Tom Adams : So let me start with the gross margin since we were just on that topic. I would say that there are some onetime gross margin impacts. Again, as I mentioned, the starting up of a new production line, it definitely creates inefficiencies when you do that as you’re trading off volumes from one site to the other. So that’s one piece that I would imagine will resolve itself in future periods after this year. And then just in terms of your question around the revenue growth, sure. We will see increasing, and we will see — as we see the prefilled syringes uptick over the quarters, we will see upticks. We also will see — we are expecting approval for the Japanese market and there are some other drivers that are included in the back half of the year, which will help our revenue.
Linda Tharby : And maybe the only other thing I would add to that is given the revenues we carried in on novel therapies this year, you can expect a more even cadence in our novel therapies revenues throughout the year. They will not be as back-end loaded as what we anticipated last year because of what we carried into this year.
