Cardiovascular Systems, Inc.

Good day, and thank you for standing by. Welcome to Cardiovascular Assistance, Inc. Fiscal Year 2021 Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 1 on your telephone. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Jack Nielsen, Vice President, Investor Relations. Please go ahead.

Thank you, Christine. Good afternoon and welcome to our fiscal 2021 third quarter conference call. With me today are Scott Ward, CSI Chairman, President and Chief Executive Officer, Rhonda Robb, Chief Operating Officer, Jeff Points, Chief Financial Officer, and Dr. Ryan Eglin, Chief Medical Officer. Approximately 30 minutes ago, we issued a press release announcing third quarter results. You may find a copy of this release on the investor relations section of our corporate website. Here you may also find an earnings supplement that includes additional details on our performance and outlook. In a few moments, CSI management will discuss results for our third quarter, which ended on March 31, 2021. After our prepared remarks, we will entertain your questions. During today's call, we will make forward-looking statements. These forward-looking statements are covered under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include statements regarding CSI's future financial and operating results or other statements that are not historical facts. Actual results could differ materially from those stated or implied by our forward-looking statements due to certain risks and uncertainties, including those described in our most recent Form 10-K and subsequent quarterly reports on Form 10-Q. In particular, the COVID-19 pandemic has created risks and uncertainties for our business, results of operations, financial condition and prospects, which we will discuss on this call. CSI disclaims any duty to update or revise our forward-looking statements as a result of new information, future events, developments, or otherwise. We will also refer to non-GAAP measures because we believe they provide useful information for our investors. Today's press release contains a reconciliation table to GAAP results. I will now turn the call over to Scott Ward.

Thank you, Jack. Good afternoon, everyone, and thank you for joining us today. This afternoon, we reported third quarter revenues of 63.3 million, a 3% increase compared to last year. As anticipated, the increase in vaccinations and simultaneous decline in COVID cases in February and March resulted in improved procedure volumes during the second half of the quarter. Our third quarter revenues were led by our coronary franchise, which generated strong procedure volume domestically, increased sales of procedure support products, and growing adoption of orbital atyrectomy internationally. Peripheral revenues were flat as strong growth in the OBL was offset by the temporary deferral of above-the-knee procedures for the treatment of claudication. Office-based labs represented nearly one half of our peripheral unit purchases during the quarter as an increasing number of complex peripheral procedures were performed outside the hospital. Throughout the pandemic, we have seen the office-based lab emerge as an important site of service for complex procedures, and we expect this trend to continue even as the pandemic subsides. As we look to the healthcare landscape today, Most markets we serve have either returned to pre-COVID procedure levels or are now poised to do so. As a result, the momentum in our business that we built towards the end of Q3 has continued through early May, and we are optimistic that we will benefit from sustained growth in peripheral and coronary procedure volumes throughout the rest of Q4. The improving healthcare environment aligns well with the planned commercial launch of our peripheral support devices. As we have stated, the introduction of peripheral angioplasty balloons, support catheters, and embolic protection devices will become an important growth driver for CSI, and we are preparing for the full launch of this portfolio this quarter. Rhonda will provide additional details on this launch and our commercial progress in a few moments. But first, Jeff will provide the details regarding our financial results and our fourth quarter guidance. Jeff.