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Financial report summary
?Competition
Abbott Laboratories • Teleflex • Canada • Boston Scientific • Lemaitre Vascular • Avinger • Shockwave Medical • Catheter PrecisionManagement Discussion
- Net revenues. Net revenues increased by $2.3 million, or 3.9%, from $59.1 million for the three months ended December 31, 2021 to $61.5 million for the three months ended December 31, 2022. U.S. peripheral revenues decreased $0.6 million, or 1.6%, while U.S. coronary revenues increased $1.5 million, or 8.8%. Both therapies continue to be adversely affected by labor shortages and turnover in the health care workforce. We have also been adversely affected by an increasingly competitive environment and reimbursement pressures in the office-based lab setting. Increased revenue from increased customer adoption of interventional support products offset the revenue declines from decreased case volumes, competitive pressures, and reimbursement pressures in the peripheral and coronary franchises. International revenue was $5.1 million for the three months ended December 31, 2022, compared with international revenue of $3.7 million for the three months ended December 31, 2021. Increases in international sales were driven by increased adoption in Europe and Canada, and the commencement of sales into other territories, as well as an increase in deferred revenue recognized. In the third quarter of fiscal 2023, we expect to continue growing revenue, driven by increasing the number of physicians using the devices we sell; increasing the usage per physician; the use of new and improved products, such as the Scoreflex NC scoring balloon, JADE balloons, ViperCross Microcatheters, and the 2.00 Max Crown for Peripheral OAS; and continuing expansion into new geographies, partially offset by potential decreases in average selling prices and foreign currency exchange impacts. However, ongoing factors such as staffing and supply shortages and competitive and reimbursement pressures may continue to have an adverse impact.