Craig Bijou: Good afternoon, guys. Thanks for taking the questions. So, just wanted to ask on maybe some utilization trends at the individual practices. I know you guys have talked about seeing maybe faster adoption with the newer surgeons, faster utilization relative to some of the surgeons that were added a couple of years ago. So wanted to know, is that still kind of what you’re seeing, is that what you expect for ’24? And maybe just color from you on why you do think that’s the case, why a newer adopter is going to move faster or ramp faster with the LALs?
Ron Kurtz: Thanks for the question, Craig. I think maybe I’ll take the broader question, and then ask Shelley to pontificate more about the future. But the — it’s not — it’s kind of understandable that as time goes on, two things happen. One, we get better at initiating customers. We’ve learned our processes; we’ve refined our processes. The customers themselves have experienced vicariously through their friends and competitors the LAL experience. And so it’s just a better process for them. The second is, I think, a little bit the characteristic of people who are adopting not at the initial rollout, but a little bit later, still early, but a little bit later in the process. And those people, as you typically see in an adoption curve, tend to be a little bit more thoughtful about what they’re trying to achieve, they’re more focused on getting an ROI, as soon as possible.
Obviously — and so they’re more likely to, once they are convinced of the value of the technology, to implement that a little bit more quickly.
Shelley Thunen: Yeah. The only thing I would add is that our goal has become standard of care. And the first place we need to become standard of care is inside of each individual account. And other than a few customers, we haven’t gotten there yet. And that’s why it’s so important for us to continue to penetrate our existing customers, and we’re just not at that level yet. And so that is a major emphasis for our LAL sales people and our clinical personnel, as well. So we would expect, and it’s certainly our goal, to continue to get further penetrated in each account.
Craig Bijou: Thank you, guys. And maybe just a follow-up on that. When you think about an individual practice, are you guys, obviously, Shelley, you just mentioned it’s not standard of care yet or only with a few practices, but what is that percentage of penetration? Is that trending above the 20% of the broader market for premium. Maybe just a little bit of color on how you see an individual practice evolving in terms of percentage of IOLs that they’re using LALs for?
Shelley Thunen: I think that that’s voice of customer. And I have to tell you that is not information that we ask customers on quarterly or even an annual basis. What we do look at is trends by account and trends by doctor. And so our clinical and account managers, which are LAL personnel, look at each one of the accounts that they’re responsible for on a weekly and monthly basis. And if they see something up or down, they’re going to talk to the practice. If they’re down, maybe a doctor is on vacation. If they’re up, they’ll try and find out what’s driving it. What can we do to continue to drive it for you. So we really go bottoms up in the accounts, but we do know overall, if we talk to a particular customer, that they’ll say to us if they’re very heavily penetrated, hey, I’m using you for 50% of my premium cases, or I’m using you for 80. Other people aren’t saying that yet. So I would say mostly it’s anecdotal overall. Ron, would you add anything to that?
Ron Kurtz: The only thing I would add is that, and it goes to the previous question, I think a little bit, is that overall, while the earlier customers may be getting up to speed more quickly, all of our customer cohorts are continuing to grow. And that’s driven by all the factors that we’ve already discussed, pulling in patients from the monofocal category by realizing that the technology can also provide excellent range of vision and extending it into that realm of their practices as well. So I think it’s adding additional doctors within the practice once the infrastructure is there to support them. So there are just a number of factors, that help to drive adoption within a practice. And our team is looking at all of those, both the internal team and, of course, the R&D team here as well.
Craig Bijou: Great. Thanks for taking the questions.
Operator: Thank you. One moment for our next question. Next question comes from the line of Patrick Wood from Morgan Stanley. Your line is now open.
Patrick Wood: Amazing. Thank you. Just two quick ones for me. I guess maybe to jump off on the kind of the health of the customer and the practice side of things. I mean, I guess US refractive is probably down 20% in Q4. Trifocal and EDOF has been a little sluggish as a market. How much more opportunity is there for you today, given, to your point, you’re still additive to a practice given 44% also going from monofocal to LAL. How much more of an opportunity is there to help the practice improve their economics given the environment seems a little trickier than it has been in the past?
Ron Kurtz: Well, thanks for the question, Patrick. I think that we always have to remember that the market is complex in private pay and we don’t want to conflate the refractive — the corneal refractive markets, that are generally a younger population, much more sensitive to overall economic factors, than the patients who are the demographic for our technology, which quite frankly have done quite well over the last five years and are probably, they’re sitting on the bulk of the wealth in our country. So, I think that potential is still very strong and the underlying desire of patients in that demographic to maintain their functionality, their ability to participate in work and leisure activities at the same levels, through great eyesight and without glasses, that’s a durable trend.
