You’ve heard us talk in the past about the market development specialist team that we’ve deployed to begin to understand how to identify chronic venous disease patients who are out being cared for in wound care centers, and in some cases, primary care, podiatry. Those are the same places where we believe many of these no-option CLTI patients are also being cared for. So you can imagine some obvious synergies in some of that work, which I do think will cross over between the two sales organizations.
Adam Maeder : That’s great color, Drew. Thank you for that. And I guess for my second question, I’m going to actually sneak in a third here. Just one clarification, the DVT and the NTAP that came up, I guess I wanted to clarify that. Have you or the LimFlow team submitted for those, and you think there’s a good likelihood of those being accepted and going into effect next year? I just wanted to clarify that. And then for the follow-up question, just any kind of early thoughts on the VTE market as we look ahead to 2024 and potential pace of growth for the category. Thanks again.
Drew Hykes : Yeah, so on your first question on TPT, yes, the LimFlow team has submitted for both NUTEC [ph], APC, as well as NTAP. So those submissions are underway. They would take effect here most likely next year in 2024. We’re confident or optimistic that those will come through, but until you actually get the approvals, there is some uncertainty there. Keep in mind, they do have established reimbursement already, and those would be additive or incremental on top of that. In terms of your second question on the underlying growth rate, I think the market is as healthy as we have seen it. Really robust growth, increased awareness, lots of really good traction, momentum from an overall market standpoint. And obviously, we think our efforts on VTE Excellence and clinical data are driving some of that market growth.
No reason for us to expect any change in that as we look out from here. As we roll out our formal 2024 guidance, we’ll certainly put some context around the market. But as we exit at Q3 here, really nice, healthy market backdrop.
Adam Maeder : Thanks, Drew.
Drew Hykes: Thanks, Adam.
Operator: The next question comes from Mike Sarcone from Jefferies. Please go ahead.
Mike Sarcone: Hey, good afternoon, and thanks for taking my question. I’ve got two follow-ups on the LimFlow acquisition. You know, the 12 reps to start, you mentioned you anticipate adding to the group going forward. I was just wondering, what is a sufficient amount of reps to address that initial $1.5 billion U.S. opportunity? And is that $2 to $3 million of cost that you expect to decline over time, does that incorporate, you know, the expectation for additional reps for LimFlow?
Drew Hykes: Yeah, the $2 to $3 million certainly incorporates our anticipated investment in the field organization. Like I said, we’re someplace in the neighborhood, or LimFlow is someplace in the neighborhood of 12 reps today. Keep in mind, this is a much more concentrated market landscape than what we’ve faced in VTE. We think there’s maybe a couple hundred high-volume limb-salvage CLTI centers of excellence in the US, and these are non-emergent cases. So, as a result, I don’t think we would anticipate needing to build anywhere near the size of the channel that we have established in VTE. Hard to put a, you know, number on it this early in the process, but I think some of those dynamics are certainly worth considering, and I think it will certainly be much smaller in scope to what we’ve established and built on the VTE business.
Mike Sarcone: Got it. Thank you. And just to follow up on, you know, not to get ahead of ourselves here, but the incremental opportunities for less severe CLTI patients and the OUS opportunity, what do you think about timing on those efforts, and, when could we hear more, start to see contributions on that front?
Drew Hykes: Yeah, I think those are both likely longer-term opportunities for us. The expansion to less sick, you know, less severe CLTI would likely involve a study and likely another PMA path regulatory approval into Rutherford IV patients. Some of that may happen on its own, off-label, but for us to get an on-label indication for that would require some additional clinical work and navigating back through a regulatory path. Likewise, international, certainly a spectacular unmet need with the same population as we look internationally, but work to do there, certainly from a reimbursement standpoint, first and foremost. So, you know, we will assess and begin work likely in both of those areas, but I think pragmatically speaking, both of them are likely a longer-term opportunity for us over time.
Mike Sarcone: Okay. Thank you. Thank you.
Operator: The next question comes from Richard Newitter from Truist Securities. Please go ahead.
Richard Newitter: Hi. Thanks for taking the questions, guys. A couple for me, maybe just starting with LimFlow, congrats on the deal. I may have missed it, I’ve been juggling calls. Did you mention anything about how this will impact the profit profile dilution and, modest revenue, I think I heard, modest revenue contribution in 2023, but what about on the profitability?
Mitch Hill : Sure, Richard. It’s Mitch. Appreciate the question. We previously, as you know, talked about operating profitability in the first half of 2024. This is for Inari, and I’m not sure if you caught it, but we actually reported an operating profit here in Q3, so we feel like we’re a little bit ahead of schedule. We may have some fluctuations in Q4 and Q1 of upcoming, but that’s kind of been the game plan for the core business. When we layer the LimFlow acquisition on top, you know, because of this 2 million to 3 million a month of cash support that you’ve heard about a couple times during this call, we need to move the sort of the operating profit target for the combined business out into the second half of 2025. That’s our sort of the current outlook for it, so hopefully that’s helpful to your question.
