I don’t want to speak about the numbers themselves, but really a strong year. And that’s based on kind of an excellent launch by that team, the JV. They has done a fantastic job with promotion, physician education and marketing as they launched the product. They’re currently going — doing the yeoman’s work of getting provincial listings. So you get a code for the product, then you get — you need to get that code listed and then hospitals can start buying. So they’re working through that, and that’s just going to be work this year. But within the procedure, most — all provinces pay some amount for a PCI procedure. So there is payment for the procedure. And then if you get the listing, the hospital can buy the product. And then we’ll work on with the provinces getting additional payment on top of the PCI procedure payment for IVL.
So this is going to be a multiyear run, but there’s a plan in place and it’s being executed. On the local product, we are not yet ready to say when we expect that to be ready.
Cecelia Furlong: Great. Thank you for taking the questions.
Operator: Our next question is from Imron Zafar with Deutsche Bank. Please proceed with your question.
Imron Zafar: Hi, good afternoon. Thanks so much for taking my question. First on Germany and the new coronary reimbursement you got there, obviously, a huge PCI market. And generally, for reimbursed medical devices, you see pretty fast and pretty extensive adoption. So I’m just wondering how we should think about how big that market could be and how quickly in terms of 2023 revenue contribution. It also sounds like you have some market development work that still needs to be done there in terms of sales force expansion, et cetera. So if you can just frame that opportunity both near term and long term, that would be great. Thank you.
Isaac Zacharias: Sure. And welcome abroad, Imron. Good to have you. Actually I can tag team on this. So for perspective, we talked a lot about Japan at 250,000 per PCIs a year, and Germany is actually north of that at 330,000. Prices generally for devices are lower in Germany than they are in Japan. They are really, really good at putting the screws to company to keep prices down, and it certainly constrained utilization of IVL because when a controller pulls a doctor aside and says, stop using that product, you’re causing us a loss, they are very good at putting pressure on physicians to constraint use or get prices reduced. We took the strategy in Germany as we did in the U.S. of sort of understanding the system and understanding that it was a cost base system.
And fortunately, utilization was high enough, similar to what we’ve seen in the U.S. that we stood a very good chance of having an uplift in our DRG, which thankfully did come to fruition this past January. The size of the market may not be quite as large as Japan even though the volume is higher just because of that sort of ASP differential, but it is a — it stands to be our largest opportunity, not just incremental opportunity, but total incremental opportunity in Europe, and it ought to be our second largest or, I guess, the third largest country, sort of China, Japan, Germany, somewhere in that neighborhood, whereas now IVL utilization is sub-1% of PCIs in Germany, whereas it’s sort of north of 3% in countries like the U.K. So we’ve got sort of a manifold increase in utilization that we ought to see in Germany.
