The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst
: I'll add my congratulations on a nice start to the year as well. Maybe a follow-up on Larry's question. I was hoping to get a better sense of where
some of the bottlenecks are in the patient recovery here. In some of, let's call it, the easier to schedule and diagnose procedures. We're seeing a
little faster recovery or maybe a little more positive commentary. So maybe walk us through where you're seeing the biggest bottlenecks here.
And I imagine it's not a patient demand issue. It's probably more a logistics issue. So I think that would be helpful just to hear from you.
Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst
: Got it. And maybe for Scott on the P&L. You mentioned in gross margin that supply chain and costs were a little bit of a headwind. But the way I
look at Edwards is I don't necessarily see a lot of pain points for the big-ticket items for inflation or cost. So maybe if you could just size that for us
and how you're thinking about inflation and supply chain for the rest of the year?
Question: Travis Lee Steed - Barclays Bank PLC, Research Division - Analyst
: Congrats on the good quarter. On the backlog, it sounds like the backlog is probably a lot smaller than it was last year. But curious if you've got
any of that baked into the Q2 guidance? Or if you're leading that as upside from here?
Question: Travis Lee Steed - Barclays Bank PLC, Research Division - Analyst
: No, that's helpful. And looking at U.S. versus OUS TAVR trends, it's kind of the second quarter in a row where OUS has done a bit better than U.S.,
at least versus what the Street models. So I don't know -- I know there's COVID impacting that, too. But curious how you're seeing in the U.S. versus
OUS dynamic for TAVR. And if you think we can still see an inflection from low risk or if that's still on the table?
Question: Travis Lee Steed - Barclays Bank PLC, Research Division - Analyst
: Just curious if you have any thoughts in general on the low-risk penetration, if that's still a bolus that could be worked through or any color?
Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst
: I just wanted to circle back on one of the comments just on the international TAVR business, I think, approaching 20%. I'd be a little surprised that
-- that would be a pretty significant change for Europe if it's starting to approach 20%. I'm just wondering if you could give us a little more clarity
on kind of how that growth rate between Europe, Japan and maybe rest of the world looks?
Question: William John Plovanic - Canaccord Genuity Corp., Research Division - Analyst
: Excellent. And then if I could, just on the U.S., I mean, I think as we're looking, the comps seem pretty tough as we get into Q2 on U.S. TAVR. U.S. --
the first quarter for U.S. was, looks like it was kind of flattish sequentially. And I'm just trying to figure out, do you expect something similar that
you're seeing in TMTT is where we'll get more of a kind of keep recovering in Q2 on TAVR and then maybe that really steps up as we get into the
back half of the year even in the U.S.? Is that how we should think about it?
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