Penumbra, Inc. (NYSE:PEN) Q2 2023 Earnings Call Transcript

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Adam Elsesser: Yes, it’s a great question and an appropriate one, given that you’re right in the middle of SNIS right now. Let me just – a couple of terminologies to make sure we’re all on the same page. And then I really, really want to – because this seemed like the third or fourth question that is being asked. And I’m not sure why – what I’m saying is not registering. Cyclic aspiration is something different. We don’t do cyclic aspiration. That’s turning a pump on and off. It means nothing. It doesn’t have any real effect. Modulated aspiration is very different and that’s what Thunderbolt does. It’s also what Lightning Bolt does. And obviously, we’ve treated like 1,000 patients now with Lightning Bolt. And it’s – as I just said, it’s extraordinary.

It’s amazing technology that is changing people’s thoughts about treating patients after years of doing something else. So – there cannot be any misunderstanding about my level of enthusiasm and excitement about modulated aspiration to get clot out of the body. I want that to be crystal clear. Now there’s a question – as neuro of Thunderbolt large bore aspirations, large bore aspiration catheters have been around for a while. None of them are – in my understanding are actually cleaner, they’re either in a trial or they have a guide catheter or an indication that are being used off label. Because they’re in a trial. There’s a bunch of those trials going on. Those are typically guide catheter sizes where they’re trying to push them up to the M1.

You can ask around whether that’s currently inside or not, I think the answer is fairly, obvious. So let’s focus on the most important thing to start a stroke case. You got to get there. You got to get there. We now have a technology that brings appropriate sized catheter up to the clot faster and easier than any other product we’ve ever had or anyone else has ever had. That should be something we’re excited about. At the same time, we’re also excited about Thunderbolt and the results of that, and we can’t wait for that to come out, because we already know both in the trial and obviously, with Thunder – Lightning Bolt being used so much how it works. That’s learning process. It doesn’t happen immediately. It will take a little longer for Thunderbolt.

But in that time period, we don’t have to wait to do what we’re doing, which is taking significant share and likely growing the market at the same time. And I was just there yesterday, I apologize for missing you. But the level of enthusiasm is at an all-time high. It’s back pre-pandemic levels of enthusiasm. We had meetings with physicians who are talking about going into the community and doing the work necessary to drive this. And in a large part, it’s around idea that access getting to the clot with an appropriate size catheter like RED 72 with SENDit is the answer. So I want to – there is a terrible misunderstanding if anyone thinks I’m – what I’m saying about Thunderbolt is a negative. Thunderbolt is great. It’s also nice to have something equally great that does something else which is RED 72 with SENDit.

Ryan Zimmerman: Crystal clear, Adam. Thank you for saying that. Last question from me. You talked about pricing and the benefit you’re getting in vascular for Lightning. Or you talked about the benefit you’re getting on SENDit with RED 72. Can you give us any color in terms of the pricing benefit relative to, say, a volume mix assumed in your guidance given that you are getting some premium on price for these technologies when we think about guidance for the remainder of the year?

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