Financial Data and Key Metrics Changes - The company reported a gross margin increase from the mid-fifties to the low sixties on an adjusted basis, excluding non-cash amortization [23][24] - The cash balance at the end of the last quarter was $8.5 million, with expectations of bringing in non-dilutive cash through strategic transactions [38][50] Business Line Data and Key Metrics Changes - The company has successfully launched EluPro, which has shown strong commercial traction, with expectations of reaching an annual run rate of $18 million to $20 million by year-end [41][44] - The company is actively adding accounts for EluPro, with 161 accounts currently ordering and an addition of 12 to 15 new accounts per month [16][19] Market Data and Key Metrics Changes - The U.S. pacemaker protection market is valued at approximately $600 million, with the company targeting a significant portion of this market due to its differentiated product offering [11][12] - The breast reconstruction market presents a significant opportunity, with 151,000 procedures performed annually in the U.S., and a high rate of postoperative complications that the company's products aim to address [26][27] Company Strategy and Development Direction - The company aims to scale the success of EluPro while also focusing on the upcoming launch of NXT 41X, a drug-eluting version for breast reconstruction, which is expected to address unmet medical needs [41][46] - The partnership with Boston Scientific is seen as a key driver for accelerating growth and market penetration [21][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of EluPro and the potential for NXT 41X, emphasizing the importance of scaling operations and maintaining focus on execution [41][58] - The company is optimistic about the regulatory pathway for NXT 41X, expecting to bring it to market efficiently by 2027 [36][46] Other Important Information - The company has established seven GPO contracts, which are expected to facilitate faster market access [18] - Management highlighted the importance of their manufacturing capabilities in maintaining competitive advantages in the drug-eluting biologics space [45] Q&A Session Summary Question: What is the expected impact of non-dilutive capital on cash runway? - Management indicated that non-dilutive capital could extend the cash runway from a few quarters to potentially reaching cash flow breakeven [50] Question: Will Medtronic users switch to EluPro? - Market research indicated that 80% of TYRX users expressed interest in switching to EluPro, but Medtronic's bundling strategy currently limits this transition [52][53] Question: How does the company view the competitive landscape? - Management believes EluPro is a superior product compared to existing offerings, and once physicians use it, they tend to prefer it over older technologies [56]