Specifically, we now expect combined product revenue from our SurVeil, Pounce, and Sublime products of at least $14 million, an increase from the $13.5 million we communicated last quarter. Revenue associated with our medical device performance coating offerings and IVD business is expected to grow in the low-to-mid single digits from the $88.3 million of combined revenue generated in fiscal 2023. Our fiscal 2024 diluted loss per share guidance reflects the following full-year assumptions; product gross margin is expected to be in the mid 50’s, we expect operating expenses excluding product costs to decrease in the low to mid-single digits. We expect R&D expense to range from $40 million to $41 million, representing a decrease of 14% to 12%, we expect SG&A expense to range from $54 million to $55 million representing an increase of 4% to 6% as we invest in our commercial organization.
Interest expense is expected to be approximately $3.5 million consistent with the prior year. Finally, our EPS guidance reflects full-year tax expense of $2 million to $3 million. With respect to our revenue growth in the second quarter, we expect second quarter total revenue to range from approximately $28.5 million to $29.5 million representing an increase of approximately 5% to 8%. Lastly, with respect to cash utilization, at the end of fiscal 2023, we had $45.4 million of cash and investments, which included $3.9 million of available-for-sale securities. In fiscal 2024, we expect to finish the fiscal year with approximately $28 million to $32 million of cash and investments. Let me take a moment to walk through what this means for our anticipated cash use in fiscal 2024 compared to 2023.
In fiscal 2023, our cash and investments increased by $26 million year-over-year. Importantly, this included an influx of cash from both a milestone payment for obtaining SurVeil PMA approval as well as debt proceeds drawn from our term loan and revolving credit facility. As we discussed on last quarter’s call, when we set aside the $27 million from the SurVeil PMA milestone payment and the $19.3 million in net debt proceeds, cash and investments decreased by approximately $20 million for fiscal 2023. By comparison, in fiscal 2024, we expect the year-over-year decrease in cash and investments to range from approximately $17 million to $13 million, reflecting an improvement in total cash used of approximately $3 million to $7 million compared to the $20 million in fiscal 2023.
As a reminder, our expectations for cash use in fiscal 2024 reflect the following assumptions; the receipt of a $3.4 million cash tax refund from the IRS, associated with the CARES Act Employee Retention Credit. Capital expenditures of up to $5 million compared to $2.9 million in fiscal 2023, which includes certain investments postponed last year as a part of our spending reduction plan and payments totaling approximately $2.7 million to satisfy obligations related to previous acquisitions. As Gary mentioned, cash efficiency continues to be a top priority for our organization in fiscal 2024. We remain focused on disciplined expense management and optimization of working capital. And importantly, our fiscal 2024 guidance continues to assume no borrowings under our credit agreement.
With that, operator, we’d now like to open the call to questions.
Q – Brooks O’Neil: Good morning and thank you for all that detail. I’ll try to limit myself. As you expect, first, can you give us any color at all with regard to the market response to SurVeil that has been seen so far?
Gary Maharaj: It’s very early innings, and we chatted with Abbott team last week at [inaudible] meeting. We’re excited, but it’s early innings for this. We don’t have that feedback loop associated yet. What I will say, it was exciting to see at least a social media post of the first patients treated. And Brooks, remember we also — our job is really respond to Abbotts demand and support them with whatever materials. So I’m sure we’ll be hearing more in the weeks to come after this early innings period.
Brooks O’Neil: That makes sense to me. Okay, the second question I have is, obviously you and Tim provided a lot of detail about the clinical superiority of some of the new products and in particular pounce, maybe Tim can help us think about what the commercial impact of new products and growth for pounce is likely to be in terms of maybe the number of products that you’re offering to the marketplace and maybe the price points of some of the newer products and how that might impact performance for you guys this year.
Gary Maharaj: Yeah. I’ll now turn it over to Tim. Just to calibrate a little bit products like pumps LP and sublime micro catheters and limited market evaluation right now sort of launch window of those is the second half of the year. Unlike anything that’s free commercial, we want to be very careful of what when we trigger that full commercial revenue stream. But right now we’re excited with how the limited market evaluations are progressing.
Tim J. Arens: Right, thank you, Gary. Brooks, as I mentioned on the call we have at least $14 million of total product revenue coming from the likes of pounce SurVeil and sublime in fiscal 2024. So, we just raised that from $13.5 million as you can imagine, it’s a combination of factors, including pounce, but as well as SurVeil the guidance that we’ve provided does reflect a modest amount of revenue coming from the introduction of new products once they follow limited market evaluations, I would say more towards the second half of fiscal 2024, you had asked about the selling prices will remain somewhat silent here on pounce Venous we’ll talk more about that as we get that into the market, but as you can imagine these products run have ASPs. From a market perspective, competitive offerings anywhere from $2,500 per unit to about 4000, 4000 plus per unit. You can imagine our pounce technology given our value proposition is on the upper end of that range.
