Richard Newitter: Congrats on the quarter. Maybe just following up on the margins here. For 2024, looking ahead, Ray, do you still feel comfortable getting to a 20% plus EBITDA margin? And I’m just wondering if you could give us a sense as to timing or cadence of OpEx as we think out the next couple of quarters, specifically with the fourth quarter, it looks like there’s a little bit of deleveraging as I think your applied sales growth is going to grow a little bit below OpEx. I’m just trying to think, should we be thinking about the operating leverage year-over-year disproportionately weighted in any part of the year next year?
Kari Keese: So look…
Raymond Cohen: I can give you some general comments but we would rather wait to talk about 2024 until we finish Q4. As you know, consensus is $105 million in the quarter in terms of total revenue. So I think we’ve provided some pretty good inputs that one can riddle out what adjusted EBITDA is going to look like and so forth. In terms of cadence for next year, I think we’ve been very, very clear and really tried to message this beginning earlier this year that Q1 is the softest quarter for a company like Axonics given that our product is an elective — represents an elective procedure. So we see that Q1 will be the lightest quarter. Q2 is always strong and then you hope that Q3 is roughly equivalent to what you’re able to do in Q2, given that there is momentum in the business but then you have the holidays to deal with.
And then, of course, Q4 is the strongest quarter of the year. So that’s kind of the way that we’ve seen it work out the last couple of years, okay? There was a product launch that was a big deal in 2022, that maybe skewed the numbers a bit heavily in a particular quarter. But that’s about — that’s the cadence that we expect. And we don’t see us slipping back if that’s part of the question that you’re asking, right? In other words, given the increasing revenue and the ability for us to manage things in terms of our build plan and all the rest of the things that Kari was talking about, I think we’re in pretty good shape. But we’d rather wait, if you don’t mind, until early next year, likely in the January or February period and we’ll provide solid guidance for 2024 at that time.
But I appreciate the question, Richard.
Operator: The next question comes from Adam Maeder with Piper Sandler.
Adam Maeder: Congrats on the nice quarter. I’m going to maybe go a little bit off script here and ask about the international business and, Ray, specifically the comments on F15. If I look at my sacral neuromodulation model which admittedly is not perfect, I show the OUS market at a little more than $100 million and I have your market share at roughly mid-single digits internationally. Curious if you could comment on those figures. And with a product like F15 in the market, I mean, how quickly do you think you can go more on the offensive like we’ve seen here in the United States?
Raymond Cohen: Yes. Thanks, Adam. I appreciate the question. Look, to start with, you’re talking about we have in effect, 10% of the personnel internationally that we have in the United States, right? So I mean we got to kind of start there. I think we’re appropriately staffed, considering the modest revenue that we currently have. In order for us to compete and to really grow our business internationally, we need the non-rechargeable SNM product. We need that product approved. With that approval, I think we’re in a much better position to compete, honestly, in these various different markets. I can’t — I don’t know what Medtronic’s international number is. The only thing that we know was that it represented about 10% of their overall revenue according to public remarks that they made back in 2018 when we were first going public.
