Silk Road Medical, Inc (NASDAQ:SILK) Q4 2022 Earnings Call Transcript

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Lucas Buchanan: Yes. Short answer is mid-20s growth. And we don’t have specific OpEx guidance, but the things to think about, again, the biggest line item in the company is people cost and compensation costs across all functions and we did we did a fair amount of hiring in 2022. So we will get the full-year effect of salaries and bonuses and stock comp and things like that. The second is the continued expansion of the number of sales territories and then the human resources to drive those territories. I think from a G&A perspective and R&D perspective, as I have said prior, those are really at steady state, there is always quarter to quarter variability. But I think that all pencils out to roughly mid 20s growth, including non cash stock compensation expenses, where they are always things, things going on that line item specifically.

Unidentified Analyst: Great, that is helpful. And then just one more for me, kind of from a bigger picture perspective, you are talking about kind of reaching a critical mass of doc’s trained of clinical data. I mean, what other factors, what else do you need in place do you think Lucas or Erica, to accelerate CAGR growth to the 20%, 30%, 40%, 80% penetration just kind of looking for your big picture thoughts there. Thanks for taking my questions.

Erica Rogers: Yes, absolutely. And you are right, John, recognize that the setup for success is really there with trained physicians, open territories, open hospital accounts and access to the full market. So I think that the short answer to your question is we are growing and we are growing meaningfully in procedures per physician and overall. And the business of treating the brain is one where time and experience matter. And we have said this before that it takes an individual physician a year to year and a half just to get comfortable with switching more and more patients to TCAR versus carotid endarterectomy. And we know from our own experience, that increasing the touch-points, the number of times the quota caring professionals are in front of their physicians, that that helps to drive adoption, which is one of our key areas of focus for this year and beyond.

And I also said in my prepared remarks that more and more returning our attention to patients. And we know that patients are doing more work than ever, on informing themselves around treatment decisions. And this is true of any disease state, not just here and carotid artery disease. And so we have really up leveled our engagement in this area, both in terms of providing patients with the educational material that they need, but also really assessing how patients think about TCAR and particularly patients who have had both TCAR and carotid endarterectomy and taking some results of some early work that we have done there and capitalizing on patients prefer TCAR. And that is just one example of many on our focus to have patients asking for TCAR more and more.

Operator: Thank you. At this time, I would now like to turn the call back to Erica Rogers for closing remarks.

Erica Rogers: Thank you all for joining us.

Operator: Thank you for your participation in today’s conference. This does conclude the program you may now disconnect.

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