Jason Mills: Sure. It’s a great question. As you know, we manufacture all of our products here in California. California, like every state has wage and hour laws. California has an additional aspect of a private attorney general action, which sometimes can make those complicated. We believe very strongly that we have run and follow the rules. There were some technical violations, and we settled those claims pretty quickly for a scale. This is a onetime settlement this captures it all, and we can move on to making our products and doing the things that matter the most.
William Plovanic: Thanks.
Adam Elsesser: Thanks, Bill.
Operator: Next question comes from Robbie Marcus from JPMorgan. Your line is now open.
Robert Marcus: Great. Thanks for taking the question. Maybe, just to start really good growth in thrombectomy in the quarter. Access and Embo was weaker. Maybe you could just talk to the trends you’re seeing. How much is stocking, destocking versus underlying trends, and how to think about some of the nuances between the different products there moving forward?
Adam Elsesser: Yes. Robbie, it’s Adam. I appreciate very much the question. Obviously, as you know, we broke out the numbers differently so people could sort of accurately view what I think everyone agrees is, what’s driving our growth and what’s valuing the business. Obviously, that in the U.S, our — we have market leading products in both peripheral Embo and neuro access, and that business is something we’re particularly proud of. But we’ve said, obviously, that what’s driving our growth is going to be the thrombectomy. That’s where our focus is going to be moving forward. In addition, on the call in Q4, we specifically called out that we would be leaving certain markets with our Embo and Access business in international markets where they weren’t financially viable for us as products, reimbursements changed and moved down over time.
So we sort of said that going forward. That’s what happened. We also are particularly proud of the way the Thrombectomy business has gone. And remember, in Jason’s prepared remarks just today, we did say that we’ll expect to see growth in our U.S. Embo and Access business as the year progresses, and we move with our new larger commercial team. On the thrombectomy side, we’ll have the scale and the capacity to focus on multiple things, as well as some new launches. We just had one with Midway, which is a neuro access tool, the beginning of this quarter. So the business is strong. It’s just not going to be the thing that drives the growth in an outsized way like our thrombectomy business will.
Robert Marcus: Great. Maybe, just one extra. As we think about now U.S. thrombectomy and OUS thrombectomy, which like I said, had really good quarters. How do we think about some of the underlying trends in neuro versus peripheral, and is there any way to size the two? Thanks a lot.
Adam Elsesser: You’re talking about within, the various vascular beds in thrombectomy.
Robert Marcus: Correct.
Adam Elsesser: So, obviously — yes, obviously, if you look at our U.S. numbers, the bigger growth came from VTE, on the venous side with Flash. Obviously, now with launch of 2.0, that will continue as the market grows and we catalyze adoption, and of course, take share with that. The arterial side is continuing to also do well. And stroke did really, really well. We were pleasantly surprised. I think I answered another question earlier just now that our stroke growth was sort of within our range that we put out there, which is pretty significant now having multiple quarters, where the Stroke businesses continue to grow. Some of that is market, a lot of that still share, and I think that will continue as a nice setup, as people get more and more excited about Thunderbolt.
Robert Marcus: Thanks a lot.
Adam Elsesser: Thank you.
Operator: Our next question comes from Larry Biegelsen from Wells Fargo. Your line is now open.
Larry Biegelsen: Good afternoon. Thanks for taking the question. So Adam, you’re counting on international sales of peripheral devices to drive growth next year. The issue has been internationally reimbursement. So what proof points can you provide that give us confidence that the reimbursement will be in place next year to drive that revenue?
Adam Elsesser: Yes. I appreciate the question. Let me without being inappropriate, we’re not counting on international to drive our growth. I think I’ve tried to say over and over that our U.S. thrombectomy business is what is going to drive our growth. I think I even said it just in the last question. So that is what is going to drive our growth, not just this year, but for many, many years as we continue to catalyze the adoption of that. The conversations we’re having, the reaction we’re having, not just with physicians, but in a larger context is very, very encouraging. International adds to that, but it is not the centerpiece of our growth going forward. And obviously, it will be slightly, I won’t say slower is the wrong term, but it will be less all at once because of what you just said.
Certain markets, certain countries will have reimbursement already in place. Some systems have a difference between private and public where we can start to go on the private side, but public won’t come as fast. All of that’s taken into account as we look out in the future. But I think we have many, many years of growth being driven in our U.S. thrombectomy business.
Larry Biegelsen: Okay. That’s helpful. Just for my follow-up, Adam, on THUNDER, the comments you made on enrollment and encouraging outcomes, I think you said, what’s the latest on when you expect to complete enrollment? Is this clinicaltrials.gov accurate, which says I think primary endpoint completion? I think last time I looked March 2025. Thank you.
Adam Elsesser: Well, Larry, I think you know that I’ve learned my lesson to be too predictive on predicting on this trial. So we’ll leave the where clinicaltrials.gov is right now. Needless to say, obviously, we’re excited about it. It’s progressing. We’ve seen a lot of engagement, a lot of discussion and excitement about it. And so, I think we’ll leave the exact timing, the way it is for now.
Larry Biegelsen: Thank you.
Adam Elsesser: Thank you, appreciate it.
Operator: Our next question comes from Matthew O’Brien from Piper Sandler. Your line is now open.
