All right, we can kick things off. Mike Kratky, I'm our senior med tech analyst. Very thrilled to be hosting CEO Jim Clemmer of AngioDynamics today.
Thank you.
... appreciate you joining us.
Welcome. Thank you, Mike.
Jim, maybe to kick things off from your perspective, you know, a lot's happened with AngioDynamics over the last few years.
Mm-hmm.
How would you kind of characterize the evolution of the business, and how have you kind of set the company up for successes look out moving forward?
Okay, thanks. AngioDynamics is about a 40-year-old company. And I was asked to be CEO about eight years ago. I was the fourth CEO in an eight-year period. We knew there was something wrong, we had to dive into and figure out. My team did a great job. We decided we needed to get out of certain markets that were slower, more commodity-based, and where science and technology didn't make a difference and growth didn't matter. We really shaped the company over the last five or six years and transformed it to a tech company, in larger, faster growing addressable markets where outcomes matter in patient wellness and care, you can measure outcomes and change behavior to grow in these markets. We really did that.
We did 3 divestitures to divest areas that we didn't think we were the best owner or the best fit for. We invested in 3 areas that are our future, 2 of which are cardiovascular platforms that we're really excited about, and 1 of which is interventional oncology. While we did all that sounds easy, it's complicated. We also had to invest in, you know, market changing opportunities to get expansion of our TAMs, to get these products to markets, open up indications, get global regulatory approvals while building out the R&D behind the products and even clinical and sales people in the field to support the products. We did that, we also simplified our supply chain to take some unnecessary costs out of our business and made sure we had a pathway to our future.
During this process, Mike, it was complicated, but we knew the outcome was worth it to change our company. I think today we still have a few more moving parts than some investors are used to looking at. That's part of our challenge going forward, is to be transparent and direct in our future. I think there's a lot of upside when we deliver on what we said we'd do and people understand what we do.
Yeah. Yeah, no question, but, really helpful background color there. It might be helpful if you could just start with the most recent quarter, walk through the guidance increase.
Mm-hmm
... maybe talk about some of the factors that have been driving that in terms of your recent commercial momentum.
Sure. We have a unique fiscal year. To remind investors out there, we start our fiscal year on June 1 every year. I think we're the only company I've still come across to do that. We just actually completed our third fiscal quarter on February 28th. We'll report that out publicly on April 2nd. Up till now, just our first two quarters have been reported, both of which have hit or exceeded the guidelines we gave or I think what the Street was expecting. We're excited to do that, yet we think that's also part of what we're doing going forward, you know, pointing to where we think we should go, delivering, then giving you guys new transparency to our future. To us, some of the most important parts of our delivery has been the shift in our revenue.
Today, we report our business in two segments. Our Med Device segment is more of our historic products, older products that are in smaller markets. Not as profitable from a gross margin basis, but they're actually profitable for us because we manage them really highly efficiently, and they've actually generated cash and profit for us, helping us to guide this transformation for us. Our Med Tech products are really our growth enablers. That's our future. I think we've been able to beat or exceed expectations in both over the first two quarters, Mike. Getting our Med Device products to a growth perspective, 'cause we expect that to perform kind of flat over prior year, we'd be happy with that, but our team has done a good job in exceeding our expectations there.
On our Med Tech platforms, each of the three in that space have performed really well, getting us off to a good start this year. We're growing, nearly 20% after six months, which is ahead of our expectations even. It really shows how good the markets are and how well our products are being received. We think that's a great start to the year. Gross margin came in a little ahead of expectations, and I think our overall bottom line profit is a little ahead of expectations. We guided up a little bit after second quarter.
Understood. Why don't we dig in a little bit on the Med Tech side of the world.
Mm-hmm.
You know, why don't you talk about kind of the three main segments there and then we can drill down into each of them.
Sure. Our Med Tech segment is made up of 2 cardiovascular areas that we decided to compete in, which are really arterial disease and venous disease. Part of our company's mission is keeping healthy blood flowing to and from the heart. We wanted to make sure we can keep arteries safe and open as well as treat venous disease. The third area we compete in is really interventional oncology, a unique product called NanoKnife, which uses a non-thermal way to ablate or treat certain solid tumors. After our first 6 months, Mike, we really had a good response in our PAD business, our Auryon business, which treats peripheral arterial disease. You know, we launched our Auryon system a little over 5 years ago into the PAD treatment market.
It's a laser-based atherectomy system using a different nanometer wavelength than any other products that were currently on the market. We entered a space that was already, you could argue, crowded. There were 5 other players, really good, big companies that all of us know really well. I worked for one of them before. I know the space well. Our product Auryon technology is so unique and different the way it uses a certain wavelength of laser energy that can break up hard plaque or calcification in the diseased artery and not risk perforation to the vessel wall. It's unique from whatever else anything else can do. We can also treat in-stent restenosis, and we think over time treat coronary disease and maybe even other forms of disease with this unique platform. Since launch just over 5 years ago, we've sold over ...
We'll do over $60 million, well over $60 million in revenue this year from 0 in 5 years, competing against 5 really big companies. It shows how great the Auryon platform is and how AngioDynamics can build a business actually within its older business, built kind of a startup to go after these bigger companies. We learned a lot about ourselves, how to create the startup, how to support it with clinical data and expertise, and how to support our customers in a new space. Really pleased with the growth in Auryon. It's been important for us to kind of get credibility in that cardiovascular space, we think, for our company.
Maybe we can dig in there. Just, you know, 18 consecutive quarters of double-digit growth. How much of that is coming from expanding the market, you know, new accounts versus deepening penetration and utilization within your existing hospital and other presence?
Yeah. That's a great question. We launched Auryon in September of 2020 when the pandemic was still kind of treating us all a little differently, and hospitals told all of us device companies to stand down a little bit and not bring new products in. It was difficult to get access to product, new products at that time. We focused on the OBLs, the Office-Based Labs that do a lot of PAD treatment, and gained a lot of share there quickly because the device was so unique and fresh for them. That was important. When the hospitals opened back up a couple years ago, we wanted to expand our hospital usage. That's really our future. We get higher ASPs there. We have other areas to drive more sales in the future.
Early on, Mike, a lot of it was adopting new customers to get our platform in there and then getting efficiencies in those customers, getting as much of the share of wallet we can get within each customer to get more and more of their PAD usage, which we do really well, then finally crossing that threshold to get the hospital usage now. Up over 40% of all of our revenue is now in hospitals. That's a really good place for us to be. A good combination by our team in doing each of those things, getting new customers, then growing the share of wallet in those customers, expanding out into the hospital market. The final piece as well, we got our CE mark approval last year as well.
for the first few years, most of our revenue was U.S.-based, which was fine, but now with our CE mark, and we're doing a lot of awareness campaigns with our global scientific platforms that we sponsor.
Mm-hmm.
We have one coming at the end of this month off the coast of Italy, where a lot of caregivers will share with us what their unique experiences are with our science and technology platforms. Really helped us, enable us to cast a bigger shadow globally than we could do internally with the company form that we have. We're really pleased with Auryon.
Understood. In terms of the most important points of sensitivity for that business moving forward, you know, how would you characterize some of the most important growth drivers for the product?
Yeah. It's. What's unique about Auryon is it can enable us to do, as I said earlier, in-stent restenosis, which is about 10% of all procedures that we do.
Mm-hmm.
The way that the laser delivers energy within the arterial wall is it breaks up the calcification and plaque. We can remove it. It's really safe. It does its job, not risking any additional damage to the patient. It really opens up that diseased artery really quickly. We've gained a lot of confidence in the physician community in how the product works. We think it can work as well in coronary arterial disease. We've had some doctors do studies for us in Europe where they've gotten a blessing from the Ministry of Health in certain countries. We've seen great results. We're working now with an FDA process to look at what it will take for us to get CAD on label. We think there's a pathway that exists now. It's a PMA pathway.
We'll probably follow that, but we're still working on our final study design, and we'll let you know when we know that.
I was gonna say, so in terms of timing.
Yeah
... and how we think about the path to commercialization there.
Yeah
any details on how investors should think about that?
Yeah, we think it's probably a three to four-year process. We'll give you more details when we have them, when we have an approved study design that we're working on. The market's double the PAD market for us, so we think it's a really important market for us to grow. We think doctors have used it under their own auspice in the CAD markets. We've heard that they're interested in a device like this, that they think it's safe and effective, and the studies that have been done in Europe I think show that as well. We're worried about patient safety first, efficacy second, and then the economics behind the care delivery third. We think that Auryon will hit all three of those in the coronary market like it does today in the peripheral arterial market.
Anything we can do to speed up that process, we'll do it. In the meantime, we think we've got a great platform that can grow double digits for the next 3-4 years in the current PAD platform, then adding in the regular expansion we have in Europe and around the globe and then coronary. We're excited that this will be a long-term growth platform.
Understood. The area that we've had the most overlap in coverage on covering-.
Mm-hmm
... Inari and Penumbra has been in the mechanical thrombectomy space. Would love to shift the focus there.
Mm-hmm.
you know, you've called out that the market overall is still 15%-20% penetrated between yourself and really two main competitors.
Mm-hmm.
Can you talk a little bit about how you think about that market, that competitive landscape today, and your right to win there with your two products?
It's a great market. It's also highly competitive, and it can be challenging for many companies. A few years ago, we looked at the platform that we had. We have a product called AngioVac, which is probably the most expensive catheter-based device in this area. AngioVac sells for over $15,000 per catheter. It's a specialty product that enables the doctor to pull mass burden of clot from a diseased artery or around the right heart, right atrium, and do so returning the blood back to the patient using a centrifugal pump that exists already within the hospital, so the patient can have their blood returned in a safe and effective manner during this complicated procedure.
AngioVac was so well received by certain interventional cardiologists, they asked us to take the basics of AngioVac, the large bore catheter, the Vortex funnel tip, and design it with a purpose-built handle so we could maybe go after the PE market and do something like Inari had done. We give Inari a lot of credit for being first in on a catheter-based way to treat PE, and they did a good job. Sometimes first in doesn't mean you get everything right. I think Inari did a good job breaking the ice and really showing all of us what we can do with a purpose-built mechanical way to aspirate that clot in a PE situation. We did a better job listening to doctors to see what we could do better.
We had the blessing of our Vortex funnel tip large bore catheter design, then we built a purpose-built handle around it. We created what's now known as the AlphaVac. With a handle device we can minimize blood loss, we promoted steerability, we can make sure we reduce time in the procedure, and get the most clot burden out. When we did our APEX study following the same predicate pathway that Inari and Penumbra followed, I think the APEX study showed we did a good job. We pulled more clot out than Inari and Penumbra. We did it in less time, and we had good safety and efficacy. We're really proud of the design elements our team did building the AlphaVac and giving us a platform to compete with those two really good companies in this fast-growing space. It's exciting.
We're excited by it, and I think the market has seen too. Obviously, those two companies have been acquired by much larger players. We know it's a space that everybody's watching. We think we have the best device on the market. We're the smallest of the three in the space. We're gonna grow for years to come in the space. We're also gonna watch others who are trying to enter the space as well and make sure that we do the best job we can keeping our business in the forefront.
Yeah, I'll probably have a couple follow-up questions.
Sure
... kind of the evolution of the competitive landscape. You know, maybe since AlphaVac has been approved by the FDA in PE mid-2024, you know, how have the sales evolved since then? As you think about the configuration of revenue from AngioVac versus AlphaVac, how would you kinda expect that to shift over time?
It's a good point. AngioVac today has a indication to be used in the right atrium of the right heart. We just announced a study called PAVE. The PAVE trial is to show that we can do more work in right-sided infective endocarditis to open up that space even further. We'll have more to share with you on that soon. We also think that AngioVac can work in the left heart as well. We're being told by a lot of interventional cardiologists that the left side offers a much larger opportunity, that a lot of companies are playing into the interventional space today, and more opportunities are being uncovered. We think AngioVac may compete in a much larger space over time, but today where it competes we wanna be very careful to compete on label.
It's a smaller market than what the PE market could be. AngioVac got us here. If you go back just two years ago in 2024, combined AngioVac and AlphaVac we did about $30 million in revenue. Last year in 2025 we did over $40 million, and this year in 2026 we'll do nearly $50 million, we believe. You're seeing really good strong double-digit growth in this combined category for us. AlphaVac at some point is gonna pass AngioVac. The market's much larger, so probably a year or two away from that. We think the AlphaVac PE market, which we all estimate's about a $3 billion TAM in the US, is a much larger opportunity, and we think AlphaVac will be the larger product over time.
Understood. You talked about having potentially, you know, one of the better fundamental products in this market, and, you know, I'd say that, like, today the nominal sales dollars are, you know, third in position and in strong third place.
Mm-hmm
... but still maybe not quite to the level of your competitors. What helps you bridge the gap there and really help unlock some more meaningful sales growth for this business?
When we designed AlphaVac, we had a couple goals in mind. As I said earlier, we were able to watch what the other products did well and where there were gaps. We think we filled those gaps well with the design of our product. One area that we designed specifically into the AlphaVac was the way that we could minimize blood loss during a procedure. A lot of interventional cardiologists or other surgeons who do these procedures are concerned about potential blood loss. I think if you look at the Inari device, the way they designed it, they do lose a lot more blood because it's a 60 cc, I think, BD syringe on the end. A lot of 60 cc pulls, all of a sudden you've got a lot of blood out. Inari did a good job.
I think they launched a blood return product afterwards, so they can kinda have a good argument as to why their product should be used. I also think the market's gotten conditioned now to expect high blood loss when you do a procedure like this, even though we designed AlphaVac differently with a 10 ml and a 30 ml switch to limit blood loss during the procedure. The APEX study even showed we lose less than 250 ccs of blood during procedures. That's not convincing to the market till everybody tries it and does a few cases. At this point, the largest sales hurdle we believe we have is convincing doctors to try AlphaVac. Don't worry about blood loss. We're concerned like you are too. That's why we built it into the product.
Over time we wanna take that hurdle away, so you see that we just recently launched a study to launch our own AlphaVac product.
Mm-hmm
giving doctors the chance to return that blood if they so choose. The study was just approved. We only need 39 patients. We've already got sites enrolled, and we'll give you guys some feedback in a few weeks at our Q3 earnings call as to how the enrollment's proceeding. We think we can complete the study, submit our data, and maybe be on label by the end of this calendar year. We'll see. Working with the FDA is always a challenge, but we've done a really good job with them as far as what's expected by our study and what's expected on their end when we input our data. When we clear that hurdle, Mike, I think it really opens up really a lot more access to us to this market.
Let our product be judged with the other two in a fair way, and we think we'll win more than our fair share.
Understood, you know, maybe I'd be curious. I don't know if you've clarified this, but, like.
Mm-hmm
...of your sales force and how that compares with some of the other players in the market.
Mm-hmm.
You know, do you see that that might be an area that gives you more right to-?
Yeah
... to compete and win in that market? Would be helpful to get your thoughts there.
Yeah, it's a good point. It was in, again, our fiscal year starts June every year, June of 2024 when we launched the sales force to go after the PE market, we started with 40 sales reps in the US. Last summer we talked to you guys about the market we expanded to 50. Since then we've probably expanded a few more. We'll probably be over 60 by the end of this calendar year. We're growing and expanding as we're seeing AlphaVac being really widely received in the marketplace. Now I'm not sure how many sales reps Inari has today. You know, Stryker bought them. They're doing things differently I'm sure. I'm not sure how many Penumbra has. We know they have more than we do. We don't count their reps, but that's okay.
I don't know if you ever need a 300, but we need more than 40. Somewhere as we grow, we're gonna grow to opportunity. What we learned in the Auryon program over the last 5 years is we're gonna invest into opportunity. We're not afraid to do that. We're gonna do the same model here with AlphaVac that we did with Auryon. Hopefully see similar results of really great organic growth along the way. Over time, expect our sales force to get past the 50 or 60 it is now, maybe closer to 100 or so. I'm not sure exactly when, but we're not gonna leave opportunity on the table. The device is that good. The market is ripe. Our other 2 competitors that are really great companies are going through their own transformations, you know, being acquired by new companies.
They'll probably be run a bit differently. I can't control that. I can only control our company.
Totally.
Make sure we're ready to compete and win in these markets. We will do that. We'll communicate with you guys as to how and when we add new new resources.
Understood. You know, you talked a little bit about just the PE market and mechanical thrombectomy. We saw Penumbra's STORM-PE data last fall. I mean, it seems like that could be something that might be a market structural catalyst for the space.
Mm.
I'm curious if you think that could be kind of a rising tide lifts all ships kind of approach. Yeah, might start there.
We do. We think they did a good job with the STORM trial. It really validated these mechanical interventional tools as good, safe devices to use in these situations. We applaud the work they did. We'll do similar work on our end as well, supporting the general usage in this space. We all have the same goal. We all wanna take that 15%-20% compliance rate today in physicians choosing a catheter-based intervention and get that compliance rate much higher over time. That's probably why those two companies went for high multiples, 'cause people think there's a lot of opportunity. We agree. We'll do our work as well. We think that trial also will kind of be the rising tide that lifts all boats.
I have to tell you too, being that it's been a few months in market, I don't see doctors running to it yet. I don't see doctors saying, "That's changed my mind." I think it's gonna take a combination of trials like that validating the science, but also more and more usage with any of our three devices, getting more confidence in the devices. I know on our hand when we love when we see a doctor try AlphaVac the first time. They see the safety and efficacy that we designed into it, and then we love to stand back and watch the results when they see how much clot they get out. I get every morning on my little iPhone, I get a little picture of clot, and I wake up. We're all clot junkies here.
We're proud of what we did to help a patient who probably barely made it to an ER the night before, when I see the amount of clot coming out, how the next day they're home, and they're not in the ICU, they're not on drug therapy, they're home with their families. That's gonna win doctors over, when their colleague is standing next to someone who did it or the guy that just did it shows a picture to his colleague, says, "You've gotta see what this just did, and I did it in less than 1 hour, and the patient's now going home." That's gonna win, combination of the data, studies like STORM, but I think overall more and more of that confidence that we're all 3 built together.
Mm-hmm
... in that space. It's gonna take a little bit of that to change standard of care.
Yeah. Yeah, super helpful. Maybe just one of the last ones on this side, but, you know, in terms of where your wins are coming from, do you see this as kind of a market greenfield accounts expansion type story today, or is it really, you know, you have these established PERT teams, they're using some combination of Inari and Penumbra, and you can shift market share, you know, more towards AngioDynamics?
Today I bet the business we've gained up till now has been more taking share from some of the Inari and Penumbra users who've tried the device, already believe in using a catheter-based interventional tool in these situations, who now try ours and say, "Wow, I love the features you built in and it's great. I'll buy yours." We've won a lot of share from the other two guys, and they're starting with a much bigger platform. I don't think we've damaged their business too much. There's enough room for everybody. Over time, the way we're all gonna win though is getting what you said at the end, that opportunity created to get more people over to use these devices. We'll win doing both. We're gonna win competitive accounts. We're doing that every day.
Over time there's so much more upside by getting people to believe in trying.
Mm
... doing the market development part of this business. Mike, it's been a combination, more share shift first, and second more the market development.
Understood. Very helpful. Maybe shifting the focus to NanoKnife. I mean, it feels like that's been something that's been you know, a great source of momentum for you. Curious how you'd kind of characterize the value proposition of that product, the adoption you've seen since 2024, and what seems to be resonating most in some of the early wins.
Yep. NanoKnife is a unique tool. I'll take a minute to describe complex science, but it uses energy, electrical energy pulses to create nano-sized particles in cell walls of a tumor, a solid tumor cancer. To make a long story short, you use probes that deliver our energy from our generator into the body. A doctor would use image guidance to get the probe around the tumor, and then they create a small electrical field around that tumor where they wanna treat and zap it and create those nano-sized particles in the cell wall. Let the tumor die naturally. Let the body flush it out. That's how the science works in a simple manner. It's really unique. Nothing else can do that.
Why we think the prostate market is important for us is because there's no good focal therapy option today that's been widely adopted in this marketplace. We've got a couple things going for us. Over time, I think the urology community is realizing they've gotta have a good focal option for men. There's a lot of men out there who don't need to have a radical prostatectomy. We're not gonna go after and compete against the robot or the radicals. You look at the Gleason 7, is what a lot of our urologists tell us, the intermediate-risk patient. That's nearly 40%-50% of the men who are diagnosed every year in the U.S. About 300,000 men in the U.S. will be diagnosed every year with some level of prostate cancer. About half of those are the Gleason 7s or below. That's what we're focused on.
If someone needs a radical, let them have that. Radicals work well. Unfortunately, the side effects are no good for the patient. What our product does and why we win is because we can give the patient the clinical expertise that they expect. We can limit the cancer. We saw that in our PRESERVE study. Then we reduce the effects of the side effects. You've got something here, the sales pitch for us is actually pretty easy. You've got something where the patient wins. We've controlled that cancer. The doctor wins because it's a quick procedure. They can do it in less than 1 hour. You've seen the other focal modalities that are trying to get share take 3 hours or 4 hours, tie up MRI machines for a while, or are very complex.
Ours takes less than an hour, the patient doesn't have the incontinence or impotence that they can gain from the radical prostatectomies. We got the approval, as you guys know, about 14 months ago from the FDA for the solid tumor indication. We just got our CPT 1 code that kicked in in January. Our biggest hurdle now is working with the providers, healthcare providers, whether they're the private insurers or the Medicare MACs, trying to get patients', you know, the payments consistent. That's gonna take a while. That's a complex world. Anybody that knows healthcare economics knows how hard this is. We're starting with a great base. The product works really, really well. We think we can do what another focal, no other focal device has been able to do yet, which is become a industry standard of care in this space.
We're gonna work hard, and we'll give you guys good transparency into our progress. In a couple weeks at our Q3 results, we'll share with you what we've learned so far and why we're so bullish on how this will be a really important part of our future over time. Sorry I said a lot there.
Yeah.
There's a lot to talk about.
Very, very helpful.
Yeah.
I appreciate that. just going back to the CPT code-
Yeah
... I think you've warned against this being...
Yeah
... like, a step change-
Yeah
... type catalyst, but how would you kinda characterize what it means and the potential commercial impact it could have?
It's really important right now. If you go back about 15 months, you know, in December of 2024, we got our 510. Two months prior to that, we had two separate work streams, one team working on the 510. They did a great job. The team working our healthcare economics team got our CPT 1 code approval actually two months prior in October of 2024, which kicked in. We got a really good set of teams here that worked really hard. I gotta tell you, I've been doing this for 36 years in this industry, and I've never seen the frustration level so high. Now that we have the CPT 1 code available, we've got a product that's on label, a product that works really well, and people that should be paid well.
The hospitals and healthcare providers are pleased with their payments. Getting the coverage in place is frustrating, takes a while. We'll work on that, get it more consistent. If the guy who heads up our sales team was here with you right now, he would tell you that's our biggest hurdle. Getting awareness, getting education, getting adoption at the clinical level is going really well. We're sponsoring once a month now new formats for training. Master class programs we're sponsoring, and they're being sold out. People wanna come and use this device. Getting awareness and education at the patient level or the urologist level is going really well. Getting that payment structured is our final hurdle that we're gonna work on really hard this year. We'll give you guys transparency into the year, but it won't be that light switch we expect overnight.
It'll be a grind going forward.
Understood. Well, we'll stay tuned on that.
Mm-hmm.
You know, in terms of some of the R&D initiatives that you have, I mean, you've mentioned a few already, but a really deep pipeline and, you know, clinical progress that you have going on. Are there any in particular that you'd keep an eye on that you think are gonna be most important for kind of inflecting near-term growth?
There are. I, you know, I didn't publish a deck here today with our conversation, and we're in a quiet period. If you go back to my JPMorgan presentation 2 months ago, I put a nice pipeline slide that's available to our investors on our website. You'll see a really healthy pipeline. Part of the reason I'm so bullish on our company's run for the next number of years is we don't have to go buy something right now. We've got so much internal opportunity to expand the TAMs we have, where we play and how we play in our current science. Give you a couple quick examples. We just talked about Nano. The intermediate-risk prostate market I just talked about is about a $1 billion TAM in the U.S., about a $3 billion TAM globally. That's a giant market to go after.
That's just treating prostate cancer. What we're finding now that men are being treated on device, urologists are calling us saying, "Oh, by the way, I shrunk his tumor. I reduced his PSA to a 0, and you controlled his BPH." The BPH market is much larger than the intermediate-risk prostate market. We have a device, and that makes sense to us because of how Nano works. We figured it would, but now we know it's working. What do we do with that? We wanna get on label. We wanna have a BPH program. It's a really large market, and the product works. What you'll hear from us over time is how we're gonna go after that market, how we're still gonna do the best we can to maximize our effect in the prostate market, which is great.
BPH is such a large opportunity for us. We wanna figure out how to go into that market, commercialize it, and make that a part of our growth enabler for the next years to come. That's one quick story in there. I've got others like that, whether you go back to Auryon with coronary joining peripheral. We also talked about Auryon or AlphaVac. We have an internal bake-off happening here in our own company between two different R&D teams to look at our next DVT device. We're really happy with AlphaVac as a PE device and Auryon as our PAD device.
The way each of those things work, we think we can actually enter the DVT market with either a smaller version of AlphaVac or even a little larger version actually of the Auryon probes, and both can be effective in that DVT market, which is another multi-billion-dollar market opportunity.
Understood.
Our guys are busy. We got a lot on our plate, but that gives us a lot of runway for our company to create value over time.
Yeah, no question. maybe just, you know, with the 30 seconds.
Yeah
... or so.
Yeah
... left, you know, for investors that are new to the story or taking a fresh look at it, is there any one thing that you'd kinda highlight being underappreciated as a source of value moving forward?
Thanks again for the opportunity today. Our company's delivering what we said we'd do. Here's something I get frustrated with. Five years ago, I did an investor day. I told everybody about the next five years, how much I was kinda selling futures. Stock hit $32 that day, an all-time high when I was selling futures. Here we are today, actually delivered on those futures, and the stock is a third of that. We'll do our best job to maximize the opportunity for investors. We'll deliver on what we said. We'll try to be transparent with what we're doing. We've made this company a more valuable med tech market, and usually investors that invest in good med tech companies have great returns, and that's our job to make that happen.
Understood. Well, thanks again, Jim. Really appreciate you joining, and thanks everyone else for joining.
Good. Thank you. Appreciate it.
Appreciate it.
Thanks again. Thank you. Thank you, guys.