[Music] Thank you. I They call me Joe Greer. My actual name is Pedro Jose Greer.I grew up here in Miami in the uh I was actually born here in the mid-50s and then went back to Cuba, came here and so there wasn't a whole lot of people that could pronounce Pedro say so I thought Joe was easy. That's anybody can do that one. Except of course my own Cuban family which kept calling me Hoey.I'm here today to talk to you about health equity and how do we improve health equity in this country by changing medical ed ...

Financial Data and Key Metrics Changes - The company reported revenue of $201.3 million for Q1 2025, a 23% increase compared to $164 million in Q1 2024 [20][12] - Net income for the quarter was $3 million, translating to diluted net income of $0.10 per share, compared to a net loss of $10 million or $0.34 per share in the same quarter last year [22][12] - The company reiterated its full-year 2025 revenue guidance of $940 million to $955 million, representing a growth of 17% to 19% year-over-year [12][23] Business Line Data and Key Metrics Changes - U.S. revenue for the quarter was $193.6 million, a 24% increase from $155.8 million in the prior year [20] - Revenue outside the U.S. was $7.7 million, reflecting a 6% decrease year-over-year [20] - Gross margin remained stable at 84.7% compared to the prior year [21] Market Data and Key Metrics Changes - The company has incorporated the new CPT code 64568 into policies covering approximately 80% of over 300 million covered lives, including commercial payers, Medicare, and the VA system [15] - The company plans to submit for regulatory approval of the Inspire V system in Europe and Asia within the year [15] Company Strategy and Development Direction - The company is focused on expanding the limited market release of the Inspire V system and is preparing for a full launch [11][12] - The strategy includes increasing patient marketing and education programs to raise awareness of the Inspire V system [15][16] - The company aims to drive high-quality patient flow and increase the capacity of provider partners to treat more patients [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Inspire therapy and the ability to meet patient needs despite a transition period for the Inspire V launch [29][30] - The second quarter is expected to be a transition quarter, with revenue growth anticipated in the mid to high single digits sequentially [14][24] - Management remains optimistic about the second half of 2025, expecting strong performance as the full launch of Inspire V progresses [14][19] Other Important Information - The company hosted over 300 physicians in Inspire programs during the first quarter, including training for new ENT residents and advanced practice providers [18] - The company ended the quarter with $414 million in cash and investment balances, despite a reduction due to share repurchases and operating activities [22][23] Q&A Session Summary Question: What happened with the Q2 revenue guidance and the destock? - Management noted that increased awareness of the Inspire V technology led to patient warehousing, affecting Q2 revenue guidance [29] Question: How confident is the company about Inspire IV inventories in the marketplace? - Management indicated they have close knowledge of existing inventories and expect high-volume centers to work through their Inspire IV inventory quickly [35] Question: What is the expected impact of the new CPT code on procedures? - Management is confident that the new code will not hinder adoption, as the procedure has become simpler and more efficient [74] Question: How is the company addressing the transition to Inspire V? - Management is focused on ensuring a smooth transition and expects to complete the transition by the end of the year [96] Question: What is the company's strategy for marketing Inspire V? - The marketing strategy will include outreach programs to increase patient awareness and direct communication with previous website visitors [119]