Finally, we ended the first quarter of 2024 with $176.5 million in cash, cash equivalents and investments. We remain confident in our ability to achieve profitability with our existing capital. Turning to our 2024 revenue outlook. Our teams are focused on driving TCAR adoption while continuing to execute on our balloon, tapered stent and NPS Plus launches. As previously communicated on our fourth quarter 2023 earnings call, we project full year 2024 revenue of $194 million to $198 million, reflecting 10% to 12% growth. We plan to revisit our 2024 guidance on the Q2 earnings call. Ending with our commercial strategy. Our go-deep focus remains our priority. We are actively dedicated to increasing usage among our current pool of over 2,800 trained physicians served by our 85 sales territories and over 200 professionals in the field, and we eagerly anticipate broadening our influence on patients as we implement our 2024 commercial strategy as the only at-scale full capability carotid company.
At this point, I would like to turn the call back to Chas for closing comments.
Chas McKhann: Thanks, Lucas. So in conclusion, I just want to express my heartfelt appreciation to everyone who’s been involved in the journey here at Silk Road. Tomorrow marks the beginning of Stroke Awareness Month and we are reminded of our core mission, to reduce the devastating burden of stroke on patients and their families. Together, we’ve greatly improved the quality of life for thousands and thousands of patients suffering from carotid artery disease. And as a company, all of us at Silk Road Medical are uniquely focused on the treatment of carotid artery disease, and we’ll continue to see the opportunities ahead of us and position ourselves for sustained success in this market. And with that, I’d like to now turn it back over to our operator for Q&A. Carmen?
Operator: [Operator Instructions] And it comes from the line of Robbie Marcus with JPMorgan.
Rohin Patel: This is actually Rohin on for Robbie. I just had a question on guidance. And congrats on a nice quarter. Just wanted to get a sense for why you didn’t choose to raise guidance here. You mentioned there was — there could have been a bit of stocking dynamic, obviously, from the auxiliary products as well as potentially competitive pressures. I just wanted to kind of get a sense for how much you factor that into the guidance as well as any ongoing contribution from new product launches?
Chas McKhann: Look, overall, clearly, we’ve got an exciting opportunity in front of us and we’re focused on building that for the long term. As we report out on Q1, just really felt it’s still pretty early in the year, right? I just completed my first full quarter with the company. Q1 was our first full quarter under the new reimbursement environment post NCD. As we discussed on our prior call, a significant portion of our sales organization are still relatively new to Silk Road and in their roles. And it’s only been two months since we initiated guidance for the year. So I would summarize what you said with it. We’re pleased with how we started the year and we made good progress. We did see solid growth in cases and that was higher than expected revenue per procedure.
And a lot of that, as Lucas said, really was driven by the tapered stent launch. And so a little bit was pulling some in, putting some forward. But the customer reaction has been very positive and we look forward to continuing progress with that and just really want to get a little more runway under our belts. And then when we get to the summer, we’ll provide a full update on guidance at that point.
Operator: One moment for our next question, please. It comes from the line of Rick Wise with Stifel.
Rick Wise: I wanted to talk about the price performance. I mean, clearly, 5% price not quite what it was in the fourth quarter, but still very solid. How do we think about the sustainability of that kind of pricing dynamic throughout the year? And I assume that’s what’s baked into guidance. And maybe that’s more for Lucas. And Chad, maybe you could sort of add to that with some perspective on — so where are we with the tapered stent and the ENROUTE launch, and sort of what’s incorporated into your thinking and your guidance for the year from those two points?
Lucas Buchanan: Rick, I’ll take the first part of that question. So let’s just quickly delineate between kind of we think about price performance at the product level. ASPs continue to be strong. Our commercial organization continues to do a great job with existing products, new product launches and driving really good price at the product level. At the procedure level, we think about units sold overall in the period relative to procedures in the period as we’ve talked about ad nauseam in the past, there is a timing element. And so revenue in the period divided by procedures in the period or revenue per procedure, to your point, was just over 7,200, some of that was the normal kind of reorder. We had strong utilization in Q4.
So some of those reorders happen in Q1. And additionally, in early March, we started the rollout of the tapered stent. And I don’t want to over index on that. It was very modest but it did provide a lift. Hospitals are essentially now have an expanded size matrix. And so our sales team and hospitals are kind of establishing new par levels and we may continue to see the variation and the timing of putting units on the shelves and when they get used and when they get reordered. So when you’re in a product launch phase with an expanded size matrix that can serve as a temporary lift. But I would expect normalization in future quarters, and likely to dip back down towards the 7,000 kind of longer term bogie.
Chas McKhann: And Rick, I think you asked sort of how that plays out over the year. We just started the launch for tapered in March. And so we got a nice reaction to it, we’ve got sort of more work to do there as it goes forward. Most importantly, in clinical reaction has been really good. So we’re happy with that. And then we’re just starting — really truly just starting the launch of our NPS Plus. And so those really are factored in collectively into our guidance. And as Lucas said, over time, we see things moving more towards kind of that 7,000 level. But there may be a period, as we said, where we’re buying a little higher revenue per procedure as people are adjusting their par levels and things.
