ShockWave Medical, Inc. (NASDAQ:SWAV) Q4 2022 Earnings Call Transcript

Imron Zafar: Okay. And then one quick follow-up. And depending on your answer, this might be a little bit of necessary question. But the CTO PCI segment, seems some pretty compelling case series published recently on showing some pretty good outcomes with IVL usage. And I’m just wondering how big that opportunity is. Is it pretty niche or is it potentially pretty meaningful in terms of addressable market for IVL?

Doug Godshall: It’s important because the top operators spend a disproportionate amount of their life dealing with those cases. So when we first launched, like when Isaac and some of our colleagues flew over to Europe when we first got approved and launched the product because we didn’t have any sales infrastructure. We started with those CTO operators. Now it’s also the kind of case that tends to get referred because other people don’t want to deal with it because it’s not the routine PCI. So it’s a niche. It’s in the single-digit percent of the total cases, but it’s being part of that and being part of the solution for those CTOs is meaningful because of the sort of how it enhances the reputation of the technology. It’s important to us, if it all went away, we’d still have a very robust business.

But it — and it’s certainly an area where we want to continue to get better because it does what we try to do all the time. If we can make those cases go more smoothly, more predictably, we will increase utilization overall, pull more cases out of surgery and expand utilization of IVL.

Isaac Zacharias: I think to that point — and just to that point, from an investment standpoint, we have a significant amount of R&D dollars going into programs that are intended to make IVL products that are very crossable. And much more crossable than we have today. And that’s really going and tackling that CTO or wire crossable but not balloon crossable type of lesion.

Imron Zafar: Thank you for taking my questions.

Isaac Zacharias: Thank you.

Operator: We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Doug Godshall for any closing comments.

Doug Godshall: Yes. Thanks, everybody, for your time. And hopefully, it was helpful, particularly on the reimbursement side, which I know there were lots of initial and follow-up questions. So appreciate the interest and attention. Look forward to chatting with everybody in the near future.

Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.