William Cozy: Steph will take that.
Stephanie Bolton: Hi David, I’ll take that. So in regards to the epilepsy business for U.S. MPI, so we’re continuing to forecast that we’ll be mid-single-digit. You’re right when you talk about the U.S. sort of end of service elements. So we expect to return to a more normalized low-single-digit rate, but we still expect to see the international region continuing to grow low-double-digits. So that’s why you’ve got the sort of 6% to 7% there. We do continue to model end of service and every quarter we do a bit of a refresh on some of our expectations there. And as I say, our latest data tells us that we’ll be experiencing more normalized end of service in 2024. As a reminder, 2022 was a really favorable comparison to 2023 and our performance in 2023 has been very positive. So we do expect to see the growth rate become much more normalized as we move through 2024.
David Rescott: Okay, and then just to follow-up, I know it’s been a while since we talked about the Italian reserve. So just wondering where we stand and can you give us an update around what the timeline is there, and then maybe what you’re potentially thinking about longer-term around the flexibility, the balance that that could open up if and when that kind of moves to the rear view? Thank you.
Alex Shvartsburg: Hey, David, it’s Alex. So with regard to the SNIA litigation, we’re awaiting a binding decision from the European Court of Justice. We actually expect that readout in 2024. That will then funnel its way into the Italian Supreme Court and so we expect the Italian Supreme Court to incorporate and issue a decision in response to all the appeals of LivaNova and the counter appeals. So that may make its way into 2025. With regard to the capital structure around this, as you know, we took on the term — in 2022. That was the funding that we kind of ring-fenced to serve a potential liability. At this point in time, from an accounting perspective, we haven’t booked the liability because we do not have any indication that we will be liable. But we have the appropriate funding and cash to support a negative judgment against us.
David Rescott: Okay, thank you.
Operator: The next question comes from Matt Miksic with Barclays. Please go ahead.
Matt Miksic: Hey, good morning. Thanks for taking the questions and congrats on a great finish to 2023. I had one follow-up on the neuromodulation business and epilepsy and just wondering if you could give any sense on following up on the comments on market trends and sort of market sort of stabilization, I guess, normalization in 2024, where are we or how are you feeling about the changes that you’ve made to the sales organization, to the selling process, to the way in which you’re focusing your folks on different centers around epilepsy in the U.S. and the benefits that you’re seeing there, how sustainable they are, and I had one follow-up?
Stephanie Bolton: Sure, thanks for that, Matt. I continue to be really pleased around the consistent execution and our financial performance certainly reflects that. And I think when we look towards how we’re structured, I’ve dug in a lot over the past nine months since being in this role. And where we are fully staffed and disciplined in our execution, we do see consistent growth over the base business with our key accounts and how we’ve structured ourselves over the past couple of years. So I’m really pleased to see that group continuing to perform well and perform over the base. But one point I would like to make is our strategy is sort of broader than the salesforce structure. And in combination with our territory design, we’ve been making big efforts around expanding our partnerships with our physician base.
In fact, we have our first scientific advisory board coming together for the first time over this coming weekend. And you’d be highly impressed by the caliber of those members. So more to come. So consistent execution is the way forward for us in the epilepsy side of the business. But also more to come in regards to our partnership with our physician base as well.
Matt Miksic: Well, thanks for that. And I’ve been hopping back and forth here between a couple of calls. So I apologize, Bill and Alex, if you’ve already kind of talked about it. But we’d love to get a sense of where things stand with the STRAP plan as Vlad gets ready to step into his new role, is that a first quarter call kind of communication for us or is that a second quarter, any kind of update and again apologies if you’ve already gone through that, Bill?
William Cozy: No, no, Matt, glad to take that call. At this point, we’re just a little over a week away from Vlad starting. All the orientation discussions we’ve had, he seems pretty comfortable with the current state of the company. But he will, of course, be fully encouraged by the Board and personally by me to bring any and all ideas forward. The company would traditionally go a little deeper on its strategic planning effort as the early summer approaches. So the timing for him is great. He gets here in May. He’s got a couple of months to get grounded. That process starts up pretty active in June, July. And to be clear, he has full CEO responsibility, including strategy. And so the process and the approach that he wants to bring on March 1st is going to get full support from the Board.
