Bucking against that entrenchment is going to be difficult for anyone else. But let’s be very clear that the real competitor and the real thing we’re going after every day is carotid endarterectomy which is still the majority of procedures today and the bar against which everything else will be measured. And when that is the bar, TCAR wins.
Joanne Wuensch: Okay. Let me ask a different question. Let’s just knock some of these out. Do you think you’re going to have to lower your ASP comparing the TCAR ASP versus CAS?
Erica Rogers: No.
Joanne Wuensch: And then my final question. Do you think you’ll be generating international revenue next year?
Erica Rogers: Joanne, we haven’t really sort of guided yet on where international revenue is going to come in, when it’s going to come in. I’ll just reiterate that we’re making really good progress on all fronts in both Japan and China. We’re very pleased with that progress. But I think we’ll hold the cards a little longer — I know that’s not very satisfactory — on revenue from international markets until we flip a couple more cards.
Operator: And our next question comes from Robbie Marcus of JPMorgan.
Unidentified Analysts: This is actually Rohin [ph] on for Robbie. Thanks for providing the background and your perspective on the NCD. Just to follow up a bit on that as Joanne’s question. What do you expect from cash adoption if the NCD is finalized? And do you have a plan in place to maintain share, whether that’s through price, further innovation or more evidence generation? And then I also had a follow-up.
Erica Rogers: Yes. Well, thanks for joining the call. I’ll take the first part of that which is that I’ll reiterate that the competitor here for everyone is carotid endarterectomy. And carotid endarterectomy has 70 years of history of a very low, exceedingly low, periprocedural stroke rate. Competition is at the procedural level. So it’s TCAR trying to unseat that inertia of CEA that’s been in place for 70 years. And we’ve been doing that and we have been winning. So anyone else who wants to come into this market or reenter this market, I should say, is going to have the same fight, right, against those outcomes. Now, we know a lot about transfemoral CAS because it’s, in fact, 30 years old. And in those 30 years, what everyone has learned about transfemoral CAS is that the periprocedural stroke risk is unacceptable.
It is twice that of carotid endarterectomy. So it starts there in terms of whether or not we think transfemoral CAS is going to make significant headway. We know from learning curve, transfemoral CAS is very hard to learn and get good at. It takes 70 at least procedures before you can get over a stroke and death hurdle. So I think the question everyone needs to ask is, how many cardiologists are going to go over that hurdle against all of the other exciting and interesting and well-paying things that cardiologists do all day every day. How many are going to take that risk? Well, the ones who are already doing it, who are successfully — the handful of interventionalists who are good at, who have been doing it for the last 20, 30 years. Those physicians we believe will continue to do transfemoral CAS as they always have.
Unidentified Analysts: That was really helpful. And I guess one more for me is that you mentioned the priority moving forward will be leverage down the P&L. So how are you thinking about sales growth versus OpEx growth moving forward? And when do you think investors can see the company breakeven.
