Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
|---|
| I think we feel really good about the activity in the fourth quarter |
| MIS revenue was $44.6 million, reflecting single-digit growth in our legacy device sales, bolstered by approximately 18% growth in EPi-Sense sales, where we are successfully laying the groundwork for long-term growth |
| Our full year revenue of $399 million represents 21% over 2022, our third consecutive year of above 20% revenue growth, and globally, we saw increasing adoption of our broad portfolio of products for the treatment of atrial fibrillation, the left atrial appendage, and postoperative pain |
| So the product, by being so -- the profile being so small, it can go through those smaller trocars, and there's a big benefit on that |
| In addition, our top line performance and increasing leverage drove $19 million of positive adjusted EBITDA in 2023, making significant progress towards sustained profitability throughout our business |
| And we think that we're really well positioned across all of our product lines on that and welcome the competition and also welcome the validation of the markets that we're in |
| The existing products that we have work incredibly well |
| So, I think I feel really good about the progress |
| AtriCare is in a unique position as a leader in each of our markets, with every market still significantly underpenetrated |
| It's much better than we ever expected |
| And so, we feel like we're in a really good position relative to the growth there |
| In the fourth quarter, we surpassed 10,000 patients treated with our EnCompass clamp and achieved the best quarter yet for EnCompass clamp sales, which accounted for nearly half of our U.S |
| I think you know based on years here that we start the year and we want to make sure that we're putting out a guide that we feel really good about executing against and gives us -- positions as well to kind of beat and raise as we go throughout the year |
| Related to price, we feel like we've got a really good pricing strategy today |
| More importantly, I think what informed our guide through 2024 is just the strength of our portfolio and the momentum that we're seeing as we exit 2023 and start a new year in 2024 |
| Michael Carrel I mean, we're definitely seeing people trial it across the country, but we feel really good about the strength of our franchise out there, Matt, and feel like people really love the AtriClip |
| We're seeing great growth there |
| I think that to be able to continue to grow on the kind of baseline numbers that we've got at that kind of rate in cardiac surgery the way we are, we feel really good about it |
| We are excited to have seen the STS, AHA, and ACC all elevate surgical LA exclusion to Class 1A within their guidelines recently and we expect this evolution in guidelines to propel strong continued growth for our business |
| Overall, our appendage management business grew 21% in 2023 and we closed out the year with an acceleration in quarterly growth at 24% for the fourth quarter |
| Our growth was driven primarily by sales of AtriClip FlexV, Pro2, and ProV devices reflecting strong attachment to both open and minimally invasive procedures and is indicative of the immense opportunity that is still ahead |
| It's under investigation for this particular disease in the United States right now, and we're making great progress on enrollment there |
| In fact, we've got seven new products coming out over the next two years, combining that with exceptional clinical evidence to demonstrate why our products work incredibly well |
| We were talking about around a 75% attachment to our CONVERGE procedure and now we're, I'd say, kind of mid-80s at this point in time and continue to receive really good, strong feedback from accounts that are starting CONVERGE programs or have adopted CONVERGE programs, the interest in treating the appendage surgically during the CONVERGE procedure |
| And we feel like with the innovation we're coming out with the FLEX Mini and others, we're really well positioned to manage competition that comes into the market |
| But we also feel very confident that we have a superior product today in the market with our FlexV product |
| We think it's actually a really good thing and validates the market |
| Since the launch in 2019, the cryoSPHERE device has exhibited remarkable growth with full year 2023 revenue exceeding $50 million worldwide reflecting growth of 26% year-over-year |
| That was a nice byproduct of the strength of our MIS business in the fourth quarter |
| business growing for the MIS business growing 16% sequentially, 30% year-over-year |
| Statement |
|---|
| We had quite a few headwinds coming from the mix of our international business |
| But we are expecting some headwinds given the mix anticipation in 2024 |
| We anticipate headwinds from product and geographic mix as well as increasing material costs to be offset by continued production efficiencies and leveraging scale within our operations as we grow |
| So I guess -- I'd say right now I'm cautiously optimistic on that one |
| Also included in our guidance are market dynamics that include increasing competition |
| Our loss per share and adjusted loss per share was $0.21 for the fourth quarter 2023 compared to a loss per share and adjusted loss per share of $0.09 for the fourth quarter 2022 |
| So, long-winded way of saying it's not 10 points of or that kind of loss relative to Medtronic share |
| Our loss per share was $0.66 in 2023 compared to a loss per share of $1.02 in 2022 |
| Is that the right way to characterize the amount of pressure that you're anticipating? Is it only in the Clip business? Then if I do the math on it, it would seem like you're incorporating in around 10%, maybe a little bit north of that share loss |
| Adjusted loss per share was $0.75 and $1.02, respectively |
| So, I don't know if this is for Mike or Angie, but I think Angie mentioned that you're factoring in some competitive pressure here in '24 into your guide |
| It does sound like things are really starting to click there |
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