Financial Data and Key Metrics Changes - Total revenue for the second quarter of 2025 was $339,500,000, representing a year-over-year growth of 13.4% on a reported basis and 12.7% on a constant currency basis [6][19] - Gross margin for the second quarter was 66%, up from 54.4% in the same quarter of 2024, which included a one-time $33,400,000 inventory write-off [22][23] - Operating income was $40,800,000, or 12% of revenue, compared to an operating loss of $1,600,000 for the same period last year [25][26] - Adjusted EBITDA was $61,400,000, or 18.1% of total revenue, compared to $13,000,000, or 4.3%, in the second quarter of the previous year [26] Business Line Data and Key Metrics Changes - U.S. Thrombectomy revenue increased by 22.6% year-over-year to $188,500,000, driven by a 42% growth in the USVTE franchise [8][19] - Global thrombectomy business revenue grew to $230,300,000, an increase of 13.1% reported and 12.6% in constant currency [21] - Revenue from the Embolization and Access business was $109,200,000, an increase of 13.9% reported and 12.8% in constant currency, primarily driven by U.S. Embolization sales [22] Market Data and Key Metrics Changes - The U.S. region reported growth of 19.5%, driven by the strong performance of the thrombectomy franchise [20] - International regions saw a decrease of 3.2% reported and 5.8% in constant currency, primarily due to a decline in China revenue [20] - Excluding the impact of the China region, international thrombectomy revenue grew by 14.4% compared to the same period last year [21] Company Strategy and Development Direction - The company is focused on continuous innovation and expanding the total number of patients treated globally with its technologies [6][7] - A separate peripheral embolization sales force has been established to enhance focus on thrombectomy and embolization, with over 50 new sales representatives added [11] - The company aims to achieve a gross margin profile of over 70% by 2026, with operating margin expansion expected to outpace gross margin expansion [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about easing headwinds in China, anticipating a return to growth across all international regions [20] - The company is committed to running high-quality clinical studies to support its product offerings and market access initiatives [12][17] - Management highlighted the importance of the STORM PE trial, which is expected to provide significant evidence for the treatment of pulmonary embolism [12][34] Other Important Information - The company ended the second quarter with cash, cash equivalents, and marketable securities of $424,600,000 and no debt, reflecting strong operating profitability [26] - Due to outperformance in the second quarter, the company increased its revenue guidance for 2025 to a range of $1,355,000,000 to $1,370,000,000, representing 13% to 15% year-over-year growth [27] Q&A Session Summary Question: Importance of STORM PE study - Management emphasized that STORM PE is the first randomized study comparing anticoagulation and mechanical thrombectomy, which is significant for the field [32][34] Question: Update on Thunderbolt FDA review - Management stated that the FDA review process is thorough and ongoing, and they remain excited about the product's potential impact [38][39] Question: Impact of Salesforce split on margins - Management clarified that the investment in the commercial team does not impact gross margins but is expected to support long-term margin goals [52][54] Question: Anticipated slowdown in U.S. thrombectomy business - Management acknowledged a potential deceleration in the stroke market but remains optimistic about continued growth in the thrombectomy business [48][72] Question: International market performance and China - Management noted that international markets are beginning to show signs of recovery, particularly with the launch of new products [80][82]