Acutus Medical (AFIB)

Caroline Corner Investor Relations
Vince Burgess President and Chief Executive Officer
Gary Doherty Chief Financial Officer
Robbie Marcus JPMorgan
Bob Hopkins Bank of America
Bill Plovanic Canaccord
Marie Thibault BTIG
Margaret Kaczor William Blair
Call transcript
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Ladies and gentlemen, thank you for standing by. And welcome to the Acutus Medical Inc.

Second Quarter 2020 Earnings Conference Call. At this time all participant lines are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. that follow limit up. ask question to We one and Instructions] you yourself please one [Operator Please be recorded. advised be that today's conference may Instructions] Caroline like to [Operator now the would over conference to your Investor Corner, hand today, Relations. speaker I Please go ahead.

Caroline Corner

Acutus’s operator. earnings call. quarter you Thank second XXXX to Welcome

today's X SEC the be results you will and for statements on time filed website XXXX. Officer financial encouraged Acutus’s call of are XXXX and Joining required me of Acutus’s will be do this during filings, is Reform statements the projections the results. about meaning Executive include quarterly applicable report statements. on website, Pacific including looking quarter ended as Private Form discussed by section on section are Doherty, Securities no Acutus’s latest these call, Form are Chief Act today. President recording Factors available and second this the forward-looking website S-X Vince review. release with in considered matters includes has in forward-looking today. based under statements forward-looking on more Gary Burgess, A to are performance Financial law. of the obligation quarter about June Investors on on differ may call XX, X-K undertakes which the today, in Litigation the management's for by relate filings today's except Any not of SEC, to should Acutus’s Chief of forward results for section calls future made detail the including XXXX. also Acutus’s and update under factors All statements Officer. factors This in discussed within the are fact details XX-Q and historical risk from that PM Acutus’s call with these Acutus’s in second to the SEC also under Acutus’s provided www.acutusmedical.com cause forward-looking risk Acutus’s available statements expectations recent additional described press statements Form the the to most that Acutus’s The

would I quarter highlights. comments business for call his to Vince to over second Now XXXX like on the turn

Vince Burgess

I'm Caroline. the private only AFIM. results. Well, everyone today our we that our of a first for you, you all public IPO And and news to you, it QX Thank the NASDAQ for QX, thank provide to successful before us under Gary public an been update call our on as I on for most month, just the pleased Xth over we Exchange turn Hopefully review trade on joining on financial earnings company. now August and the symbol have to saw today, we're of had over a business

in XXXX, review, to in an we an in electrophysiology to business or as our California, the provide and to Carlsbad, was the improve why patients update, physicians to and Before us newer story, like for a the Acutus overview company's Medical to diagnosed and company, community. important cardiac arrhythmias and of those way company. the is so To Acutus electrophysiology treated are as pure-play who I'd the EP founded to mission say,

and physicians to a sales Through presence and more field with helping is company established arrhythmias acquisitions, delivering a distribution physicians array internal treat more which EP Our and an or to heart patients portfolio we global effectively. differentiated technologies, to the in-licensing committed and products more advancing efficiently EP manage irregular enable products. technology, rhythms highly of partnerships, global development, of agreements have product

for with a each in of arrhythmias markets. to our the goal provide treatment our geographic cardiac customers is comprehensive Our solution of

to Mapping impulses mapping System. is finding speed product AcQMap, of heart foundational the precision. source unique the and unmatched arrhythmias approach Imaging the and of system electrical with a Our our This and offers

physicians accurately confirm We system both real and targets procedural AcQMap heartbeats. ablation and success identify tissue help enable errant readily can completion so ablate can to interrupt in also and can time. Our signals, normal

our imaging. the electrophysiologist quickly system, competitor iterative and do by methods mapping not ablate specific whole in-market and ablate, mapping map patient treatment and currently rapid they with our the and conventional Additionally, can facilitate which contact companies, imaging perform approach map This chamber, is ablate. and map used to where contrast

single then their true most our Our to atrial it and any population clinician from system. arrhythmia, broadly to workhorse allows system the the basic can map patient complex, across EP rhythms, which is also the a platform most use unique, irregular as

revenues With XXXX. million frame me our Heart and with electrophysiology billion past age, about were and the today, it has is opportunity a historically impressive market at corresponded have lifestyle the are annually, XX% large is large lifestyle ablation advancing products from a progress, seen X.X help innovation are as arrhythmias with driven as large procedures The to year decade. Western companies We by dominated a an global and correlated market often condition. demographics $X.X ablation generally ablation during which year. performed per XXXX grew Let and with limited EP to at been product we our outcomes XXXX that approximately few the Global bit. in over or estimate play,

physician our of overall If to, earlier to learn Global of “live he ablation to Technology growth, suffer was In risk and of his procedures, has Officer, irregular patient about persistent typical breath, heartbeats. been often system, with extensive from flutter. due yet share you spots to and this multiple These risk avail. years ultra, prior ablation their patients atrial conditions Acutus’s, and the news patient to by who Graydon the arrhythmias felt year words, trained created heart tachycardia failure procedure arrhythmias, and treated every by of heart medical from who vein condition, recurrent he of patient, to resolution of nearby prior seeking patient in another with who heart Frustrated, retreated these ablation. former of a it”. and patients who experiencing atrial and spend be and daily could of guide irregular frequently - called on ago, was shortness history These ablation wildly suffering that it of was atrial arrhythmia’s utility the the including fibrillation, stenosis, more low patients with stroke, long Much during advice, the in episodes time on system importance a billion the procedures. complex as With by history life. suggests of involves months is This the and the system. underscores $XX then few our old disruptive EP maps product reached disabling symptomatic one the and revenues which A flutter male technology. through recent day known tachycardia. other paradigm-shifting complicated to a with high Beatty, extrapolate prior case, this accompanying I'd focus patients, recent a have to Acutus’s met identify professional what pulmonary gone rates experiencing quality still multiple, more After out XXXX. seven various excuse sadly accurately conditions told excess trouble were patient a can began many me, A Graydon the AcQMap had his endured ablation, referred Chief help you ablation and with cyclist, XX of backdrop, and really being that limited like case

Once which procedure, performed three the recorded map in the maps same the XX atrial to tachycardia happily seconds. areas minutes anatomy. ultrasound AcQMap locations. used was then rhythm, was CT rhythm. During ablated from three a to you atrial the patterns patterns patient terminating work happy was over The tachycardia sinus the in was electrical system or and conduction the atrial easily same data seen that days to procedure, mapping requiring causing remains each and I'm create. to reconstruct underway, time The quality, three XX returning post impulses only then patient normal points, the different normal produced maps the right in Brussels, was tell The were reproduced at aberrant the consistently to

daily help we the reviews teams physicians for internal This important daily we And several provide with purposes, feedback serves But do the notably sidebar, as outcomes importantly, done team important salient development Acutus previous cases for most and updated from our have share most points day entire great such the our world. entire keeping the company, we thing, where keeping most patients. of a their As around the from field. grounded. the

highlights. some to explained bit about to quarter I've we and performance like a turn you would that are, walk through Now I our second now who

seen the truly I'm to quarter XXXX some as challenges unique medical second First, of device all sure virtually ongoing the you’ve companies, due provided pandemic. with

responded most to a very quickly sought difficult Here make at and Acutus, our the out team situation. of

Society supply inventory maintain contracts. actions pause product and conceived, base, ensure also May. availability and the including temporary Symposium formulated and plans and electrophysiology Heart Remarkably, and customers of with our executed in just to clinician Our reorientation of Rhythm existing built of contact After both day following future have five improve the to on also to the our frequent of in of COVID-XX the meeting in mind. training, safe, we our a a employees, keep console business pandemic designed customers safety challenges, which thankfully customer were to in negotiated during worker assembly successfully partners weeks, own manufacturing X.X foremost, conducted safety our event due placement cancellation line, while front materialized. ensure not and and we during we pipeline and safety at maintaining continuity stock announcement online those three of to employee in-person the first

refer mappers attend mappers is these the training clinicians provisionally on highly When during are the field worldwide. the nursing for certified mapper staff. mapping alongside closely end are case. operate the efforts and certified each procedure and system, internal we with works system our the had tenured working on as alongside the six zero XX. the fully on personnel At mappers. but electrophysiologist. an certified mapper This March the the trained pace integral certified up clinician The and of provisionally work mappers We the who fully Our and of cases. from are mappers more operators is during to XX XX clinical still and of trained, the component Provisional focused fully June,

XX headwinds mappers figures new on stages update evaluation training. our not have various the and a certified so build we to our provide certified these Please given But intention out is where today, of calls. provisionally stage. around our with our early and in of mappers, stand here future company it hire COVID the As snapshot we launch note to that and mappers to of eight fully commercial of and elected do five we team,

continued hiring many While of some parts the and mappers we business, from we as impacts of We ceased April US saw or during as EP where see and our in our a interruptions, consoles procedures did decline timeframe, and Europe have with minimal the labs in significant severely of such operations. the March pandemic. number training the curtailed

to for access commercial reduced teams. mappers experienced hospitals also and our We

Although our we progressive other our for COVID returned flow reopen. pressures team return disease, from tailwind of beneficial electrophysiology the find safely physicians as nature a ahead hospitals EP and discomfort as activity for and quickly preparations labs. to the patients motivated acted further drove as to substantial facilities see and procedures access Generally, respond, cash EP of to financial and regained the for to activity enabled to hospitals hospitals, the services procedural EP ways the patient specialties, at reopened, labs. to

to for Moving main I plans. would on drivers our from business COVID our response, revenue our and like growth frame the

systems. installed portfolio AcQMap it Over today is [ph] simply our of Our side our major time, base installed blades. of to revenue the on focus Growth in grow expansion put our razor plans. is is foundational our to commercial base razor of the

This clinicians feeds types of third on includes of utilization diagnostic the crossing, mapping, increased into of focused performed procedures supplied therapy, the of our various access, by and septal used catheters. products our driving also case. driver, Increased disposable Acutus system. using expanding procedures are the number This consoles. growth utilization the per involves and We range both

progress AcQMap to Moving on, console with like our placements. the review I'd

of the effectively doubling worldwide XX, installed the net XX in already X to for service. a what the headwinds, XX During our were of IPO the we perspectives. during quarter [ph] XX Gen X grew base we X installed Gen quarter reach of by of please Despite - of Gen consoles X total the total with Gen COVID placed bringing second note Three our our swapped the X in consoles that a our worldwide we XXXX, the total consoles period consoles, Gen to consistent during consoles population. disclosed

As features a reminder, of recently our first a and launched, full surpass consoles. that X commercial functions Gen platform generation is our console capabilities the with

saw As COVID. the a we centers worldwide essentially due second of quarter down shut began, to EP complete

As several into we orders of service that activities attention began was to quickly previously generating we our the console bring mentioned, turned operations. once returning to normal goal could hospitals with

quarter end third terms that As we were of course the XXXX, early largely it saying well many seeing placements, return acknowledging before continued steady provide levels comfortable per generated able sporadic at with the be access recent were through on are quarter. To as of what a the work by And in that new plans. observed pandemic. of to EP we the our lab quarter expect the did existing customers we we our could feel summary, In in recovery impacts of while console quarter bit COVID in customers, console more by of see placements we close the progressed, there see cadence hospital a orders we to we June worked and as to operations. color, of

to we quarter. and now interruptions recovery Moving case saw similar late similar the in volumes,

steadily February our well, we procedural the experienced activity. full of tracking plans As January both XXXX, first launch executed quarter on growing we in early commercial and and were

procedural saw in during further the we when US cancellations which deceleration also late presence, EP begin and saw initial COVID-driven is European cancellations and our February Given shutdowns. March, lab

needs recovery. prioritized from EP Due the treatment EP of pandemic, the as resulting As hospitals, of EP cash procedures first dramatically towards predict, hospitals the procedural you was see would specialties activity flow these sensitive procedures. slowed as to one and non-emergency hospital as based combating for well the resources with patients, time into arrhythmia for rescheduling going delays April, favorable to of

June recently, With seen move August by these we many we the we levels the play, year observed saw we May pre-COVID factors returning we in June. that accounts. were and levels activity to and lab saw had EP procedural seeing what early More in at normalcy, in to activity comparable towards of July

we EP we significant UK, also would would due expect Although and to European we restarting you which vacations, know did have years. seasonality normal operations. normal in the a summer the presence has may see future impacts some also I which hospital rest in note, lab somewhat and that lagged of Europe

now in We to levels. will would revenue their now to regain we see quickly of our UK procedure. hopeful our procedural are reopening like them I briefly activity are seeing most sites prior per and turn

sales $X,XXX a get business. we number, wanted been XXXX. understand for forces AcQMap sell that that our more as you that products, quarter products. alongside so we can [ph] goal have more procedures this guiding procedure our revenue of Catheter US as increase we goal this we be a into products our we Our is procedures revenue our bag into but will system. to with It to additional procedure AcQGuide end, and per number transseptal to approximately baseline is to increase Catheters increasingly time. access AcQRef Introducer providing the number, To won't are was update Please on give our and add able with second over you Sheath note, mapping It quarterly per our our

as sells place, markets into such definitive primarily company, German rhythm and quarter cardiac Biotronik, of to focuses implantable agreement that bidirectional defibrillators. XXXX, infrastructure with make we to expansive on cardiology a substantial with this Biotronik’s cardiac an devices, second alliance and are management the leveraging large, in a entered the global progress During and towards privately-held distribution able addressing With by developed global pacemakers, around distribution reach. globe, sales, we

markets own. do would such more and now our to than access otherwise example, so readily able Australia we do have far been just can we one major sooner As as on

agreement we and with are with generated As QX so first the far. we relationship our really Biotronik will we later, our in associated revenue discuss pleased

Biotronik, in Biotronik in our a local and the engagement five Elsewhere clearance distribution for those been in our For we key products off regulatory teams and with with of accounts. business, by received is catheter the the began Acutus studies handoff process launch three QX. existing of series countries into our launching kicked separate Biotronik teams and clinical therapy markets the have regulatory working of initially lines, through a to diligently initiate IDE for calls

IDE irrigated to the months. ablation trials plan we six gold-tipped, for next force submit separate both disclosed in we catheters, expected sensing As previously commence two with to market for frequency the US radio AcQBlate

is Based commercially which seeking first, complete two approval we about right The and to on late obtain in expected be expect years timelines, flutter available pre indication XXXX. to take is market a to that atrial PMA. or current

to that ablation collateral electroporation therapeutic compared program. ablation. The versions it fibrillation minimal more US when of and to second market, Biotroniks partnership and we energy potentially ablation traditional seeking platinum-iridium Acutus years enter approval, complete or PFA a expect Biotronik the also known selectively, PFA, in faster damage labeled with our The means market announced catheters, ablation emerging relates approximately will as paroxysmal US pulsed with gold-tip trial approximately in and pre indication late the to receive to market means around field and persistent a take the currently obtain Last is to atrial and source, update our XXXX. series involves which of pre-clinical to should XXXX. private a final three which approval take and of half we years complete, pre-market X.X first regarding thermal delivers expect an is modality which we week,

potential of AcQMap enhancing substantially the tissue while be times, with may that delivered non-conductive without PFA damage gold-tip analysis PFA to team use our and a Our safety. version collateral ablation using coupled AcQMap our product confirming structures, system, our the mapping development catheter durable of our highly indicates steady demonstrated Post system, that hypothesis procedural shorten our created selective. were lesions to

We received possibilities of approvals In could with a very here, and of second XXXX, lead for our excited of the the and made to what we are number the FDA. regulatory field to the important efforts quarter submissions electrophysiology.

a clearance key AcQMap provide highlights you to through we received in integrated key money for will We Europe combine of and torque this In of This as catheter this mapping cost I'll release the very pleased today. also catheter, second AcQRef acquisition our We I This eliminate production submitted now. FDA quadripolar the a accurate late detail a it our quarter we during we more ability, times. introducers saving product out clearance has time that we to. second that electrodes want XXXX. development, need further XXX-K reference evolution week. meaningful system. the received our from for for week product a Sheath. in Mark tell other XXX-K improved that your accuracy run and improving the Introducer us, consistency this CE And faster during the a with press that X.X just received handling attention few call procedure and is went applications quarter, a and enhanced and a capabilities, to At is reduction am breaking including the

procedural submission while X.X This reducing Electrode provides in which the Kit quarter. time workflow benefits. conductivity, Patient patches patient XXX-K evolution improved the We gel same our size, also hydro and at and completed our

our our as AcQMap before we with agreement Looking our our working Gary? customers accelerate are our of With to over with continue continued Gary progress with and and CFO financial now the utilization to further our for foresee Biotronik, AcQMap turn excited EP of further to I'll results. it cases. by closely opportunities are that, system. Doherty, consoles, We installed out distribution base ahead, we us roll expansion we

Gary Doherty

And Vince. good everyone. you, Thank afternoon,

of from compared our end following Our million, IPO period the revenues quarter which the was was within up for perspective. range relative the The began at revenue revenue increase the $X.X the quarter were for $X.X installed million period same million of our second of $X.X driven XXXX prior of year. for the preliminary quarter same $X.X the the observed XXXX. year XXXX in first of we QX to and in disclosed XXXX of to the fourth base our expansion by the the full quarter launch, prior of commercial second million tail

drove COVID-XX revenue of a relative primary in the the between second the the procedural was periods. As of Vince driver during to decline decline the for XXXX, quarter first XXXX and mentioned, quarter

quarter medical during negative other as quarter. many second in our Over XXXX, XXX% us during from April companies, and timeframe the our time XXX% and of with Gross in-house investments our improved position second negative progressed grows. have XXXX. quarter quarter XXXX for compared requirements As to of Margin we XXX% and technology full bottom second made through first in of and production significant support a as the to the results negative the of advance XXXX with launch, our March commercial was manufacturing future scale for the of quarter we the business infrastructure in

of absorption versus labor As positively the efficiency overhead with second improvements impacted volume quarter margin manufacturing volumes XXXX. Gross XXXX was and during relative the margin comparatively second these overhead of the to the and direct direct of XXXX, we levels production XXXX and second COVID-XX see profile. and impacted levels to quarter the negatively to first benefit quarter in greater production our declining. increase, expect manufacturing during labor absorption of of investments greater by quarter

was warrant with $X.X in same of increase expansion prior the last incurred primarily in want consideration out to as item same million $XXX,XXX was market compared of $X.X result a primarily same $X.X our XXXX, and the million expense that quarter rating, do the our R&D quarter compared a million in our driven was earnouts a improvement The increasing operating $XX.X the conjunction in XXXX. Rhythm the year. process unlikely non-cash nature product liability, becoming year. evaluation for Though, going strong. of million, We wish of was expense, by with the compared would public of our implied normal rate a million million that offering. second Xience. to SG&A our in console progressed The as the for and particularly operating reduced fair of quarter our discussion expenses rate one did of was charge. XXXX during be the it period period to the pandemic around primary entry line in million of result quarterly improving a increase to our increase consideration product change enhancement for like the of of Again, G&A had important will offering driver remain net anticipation significant broader preferred and consideration IPO. I contingent two proximity loss note public entries stock recurring. catheter $XX.X of million Net a the for moment factors in very liability was contingent public July like valuation the emphasize our expected to see a transparency R&D this commercial the public in given $XX.X stock We XXX.XXX which prior non-cash second was and our successful subsequent a same and around expense XXXX events is non-cash period As not common rate our conditions launch this in year. effect The revenue be reverse value due on for discount the million anticipation of of quarter given offering $X.X computation. successful credit subsequent and result, the movements successful period were team our the a net public remeasurements revenue with assumptions future expectations call the of to split the IPO offering. increased of underlying an discount increase Much non-cash the in not with could two used our loss to the performance, of second for the that, reflects the we of These improved $X.X lowering second note company. effected quarter. quarter driven a rebound acquired with XXXX The our a same the in our which our and it XXXX and liability, our compared similar development forward. full expense projects. XX, drove loss based quarter We contingent ago, is Xience during liability of want to capital $XX.X an second in P&L accounting Rhythm to for

loss important presented. of share XXXX The shares impact second average with of split stock periods to are of of on common per of same our note per share share diluted for which future is weighted compared share XXX,XXX for for share shares significantly included net our quarter average a counts that for XXXX $XX.XX, reduce with weighted the issuance these IPO. of We periods have to average basic the of reflect year. reporting the period will was loss weighted of compared the retrospectively counts, with reporting nor adjusted of of net our figures do diluted basic diluted Beginning and $XX.XX, based loss and shares calculation all million of quarter in additional shares as not convertible reflect at million to will per common million common, IPO. the conversion the in XX.X XX.X stock periods, be prior XX.X third to these It the reverse net and to shares preferred basic the shares prior XXX,XXX the

in restricted make as of close stock I our and one $X.X a IPO stock review occur will P&L awards, expense conditions of activities need upon More specifically, compensation entry performance-based note where before in the the third quarter million an September, we were our I of XXXX. related determine Finally, accounting for met up performance expense want to time the discussion, completed IPO. that with and we technical the August associated

IPO. wanted for will reflected clear, you Given the not now XXXX foreshadow move to we in as to as on size balance completion of recur be like non it triggered was this few of the successful cash it a to this now chart a will this statements. sheet be is by expense, to the chart Again, third that our updates. quarter I'd

of the balance end Our at total quarter of XXXX the $XX.X second cash was million.

operating our investing compared months expenses, million investments organization, other of launch. from expansion During six $XX.X cash the expenditures the million $XX.X were The XXXX, our the first to and six activities related from project increased full of to commercial consumption platform commercial cash negative and our months first in R&D during stems flows XXXX. of negative

a Offering it our net August underwriter Vince of I'll Public we - current to to believe $XXX.X sufficient hand in that, on is for Xth over the As plans. now remarks. reminder, yielded fund closing With commissions, Initial Public Vince? resulting and turn million cash back our proceeds operating

Vince Burgess

something the capabilities where stands it everything and to members, Thank our what Acutus employees, is and senior acknowledge of my and in our In everyone to team. we bring advisors you, physician and like Gary. our build thank and board to In investors have an closing, out partners particular, for this our accomplishment I'd operational management has team, today. to view, speaks to done of vision

the recent innovation by turn our resources your offering fuel thank excited have and to attention. needed much electrophysiology. to call I'll that, to future the plans now over like to the operator With public to to your the for are bring and pleased our from questions. for now of I'd And field the change you We


of [Operator JPMorgan. you. Our from line Marcus Instructions] comes with first Thank the Robbie question

open. now is line Your

Robbie Marcus

congrats Great. Thanks company. as for taking call first a the question. And the on public

Vince Burgess

Robbie. Thanks,

Gary Doherty

Robbie. Thanks,

Robbie Marcus

know, mature. to right had [ph] You maybe the start so willing Gen it second has if give in than so to I hear color of you of been system? we the on you're also June, in Maybe at continue initial moving time far, can you've some we feedback if you've the third in It's the trends are the you Gen just months what wondering seen several trends was, even comment hearing in was could us to with that some third direction. on a placements your system quarter second end the quarter different seen lot with know, far. world some

Vince Burgess

Yeah, thanks. That's question. great

July from markets our the in very we've IPO. with you going you our we're partner and pretty busy carefully track with a inputs. pretty more in really EP during know, get months, summer our Europe, of really those Biotronik obviously and cetera. of in hospitals, and So, you in And, had trying out keep in commercial the teams feedback - feedback, et very, specifically, US just Had know, to - - ear the to and all ground, during sense the our the encouraging know, consistent services what's on quite got the

same figured - get know, about to to took patients in on and way are of line manner and and and any to really just out discharge patients you large some small different have aggressive take And families In stays just EP particularly US, terms to could back figuring get and a so they hospitals. the get EP get to steps on services, day, markets, physicians of labs a extraordinary you back in out all worry eager didn't up back to know, European running, way measures in overnight their back hospitals to because line. and pretty work some

in been hit encouraging UK fully many over hospitals, a ways US. are were the hard just really up line. and I least of there. operational really reality I into would tuned and hospitals the dealing in may of into on our hearing lot exception, the back say field or back kind think anticipation Europe things modern in and the of and most UK. of the fully, in It And was be back with Obviously XXX%. not we’re come this that at and kind very trouble. had slower – speed the So outbreak. An same hospitals has to now, is you know, to The of starting we at They're to part, for most UK of in

our heard good actually the where to of to on, are to in have the I'll encouraging Orange what's ground, And, [ph] spent having talking lightning [ph] going well, County cases, ear your the up minds thunder green's that few you - just in on to back three you just to might in been doing have really administrators, cases the where things. and weeks, tell business. doing in make I weeks get we just addition last finger personally trying you doctors, on know, actually, sure I've running. our pulse today, chunk of in really In background, it's last am Orlando, you this know, I've Las as and a and the and in understand centers Vegas

operating I have probably at We prior think are capacity. above that Robbie some centers,

that maybe the pretty to that are level have capacity. it's We at are US. a close There XX% are you are XX% some in know, to getting some there still,

how there. really the the we know, So, I think with overall pleased we're encouraging your going. that's you and To Gen benefiting around really installs trend are X, those to proportionally are question

teams things miraculous of dealing financial get from different and administration COVID and dealing US installed. - know Europe the with focus and in our contracting in all just the with It's whatnot to UK. get get some certainly really will, done and doing the But that's done related in to on issues gumption, placements it that takes both Our like. team's to you job units manner these with and terrific you hospitals, people distractions to those if for a have stresses

are So, I in, happy installs go we’re that. these going well. generally think once very with The they

when were AFIB this with persistent Software, really which four or recall, state lab, as just Gen our X, a now functionality. our redo some they - that has really consoles couple the and the and of upgraded we now an with segments as EP virtually Gen grade advanced were can of most anything into which consoles. X turns into expanded we do’s of commercial Mapping back cases. Software. mapping system console, the these weeks do’s three art, of We market Contact plug last or also our really in If procedures, use Imaging focused And these you are SuperMap in described the And the on

it's it a a left flutter using the see mapping workhorse Here some between I've standard an funky turned physicians on I've and and seen with weeks thought the paroxysmal atrial the in are kind seen with to tachycardia flutter, or seen who start I've with system out of that and they put new table, couple a last [indiscernible] contact case - be - software terrific and physicians they cases might over the new just contact a the open and put case of to is people patient case they a the be our tackle what contact case, really non-contact during - software seeing to non-contact during and convert in red one atrial convert efficiency up speed baskets, outcome. and it over turned be our mapping a

out. the with, you of playing how happy So kind plan know, is very we're

Robbie Marcus

you. with all Gen rolling much Now Maybe understanding mapping along got better cost catheter, that's we should quick about Gary, that is think approved? profile a a Great. financials? the my into that for follow approve and just How up second which comes

Gary Doherty

this meetings forums, Sure, immediately in you our as and costs at XX% the and are on the have correct, cost profile of favorable are direct basis. And far our cheaper other least units as direct concerned. a it a TWW in does be it'll we've discussed

that supplant rolling X there's into to we of have out be an very will ultimately near term. production the that catheters it in something world. the out LMR in Gen And strategy the We all around

it, confident, was pickup late very So we're stage periods. we'll a the point be seeing reception it development view But that around outstanding. we're margin future of from with in very happy

really to And forward so looking getting this going. we're

Robbie Marcus

Great. Appreciate you. Thank time. the

Vince Burgess

Thanks, Robbie.


Thank you.

Our line with of from Hopkins the next comes Bank America. Bob of question

Your line open. now is

Bob Hopkins

Thanks, good afternoon. and

Vince Burgess

Bob. Hey,

Bob Hopkins

for thanks Hey, taking the question.

of a covered Robbie's lot answer in question. remarks your you around the to Just prepared and

regarding quarter? around ones. given at just with So curious, $X know, about, we so roughly where about through you are said sales guys through you have given I just and the quick I numbers, what XX% mean, I'm million comfortable two quarter, is third Are just you're the quarter, know, what third this you those in around seeing units. XX consensus far the you

Gary Doherty

understand - full come know, the the I call QX color on this story. and, Yeah, focus is to the just stock give folks number full numbers and into to, one didn't that educate a mean, to our also you maybe

there. focusing really we're So

how to with right is my plan As happy now. I mentioned in earlier very response the we're Robbie, working

very execution and working. pleased is can't the I team like products the exactly comment But are. we the the of we're commercial our So on where plan performance feel of with and

Bob Hopkins

Okay. such Maybe there the than Like ask are or you that's in stage kind of last you in know, of things terms it being out in course surprised way. giving nature worse of rollout? of your playing you're seasonality anything seeing a the time unique that's little a different over volatile early it with a months, couple you, or thought. as Anything of expected what UK COVID

that curious Just transpired different? any things are have if that there's

Vince Burgess

numbers - we of do an out thousands got base have kind takes consoles. hundreds our there, a of small installed don't and of have and we call just those them kind We of Yeah, consoles issues right. of the it's I mean, one I'll we seeing, puts We've there. are don't

which So anticipated, on and centers the obviously COVID on of waning we the there's one hand, in waxing hand. seasonality the one other certain

things it's that adoption – seeing and On balance, case on like looking to I I bread other volumes that really than - have the starting week my really - know, once they butter say, centers. can taken that. capabilities, we have on we the have their can this some use in you our are talked our things root. Because and back the And one very for and some and think, significantly of get on see about mapping know, I higher hand, where something a cases. contact we're is encouraging the case of past, at And hands centers you this they we've wow,

And pretty so that's exciting.

consoles. of you that's that consoles other an for off know, us now addition and those the have feed consumables thing working The to we right our is

have structural taken crossing and LAA our catheter, interventional portfolio [ph] from don't Watchman the being are where that in heart like have they're procedure the service, product centers, [ph] and of our by also even mapping type in AcQRef centers system, left those by access cardiology product both utility and our families that from septal We not and in MitraClip many heart the cases electrophysiology service, procedure. but finding procedures actually

is working. I said, takes, puts and like plan the feel it's like Bob, So, we

team's how moving levers on the pieces are there happy with very there, know, balance, and You we're doing. here and but

Bob Hopkins

fair taking Okay, enough. for Thanks the so much questions.


Thank you.

the comes next Our with Canaccord. line Bill of from Plovanic question

now is line Your open.

Bill Plovanic

Great. me? Thanks. you Can hear

Vince Burgess

are How you? Bill. Hi,

Gary Doherty

Hey, Bill.

Bill Plovanic

good Hey, evening.

questions a here. couple So

us us of some you think you're wondering just the give you're more some that offering. the you've color, solutions was seeing given but if I mapping on a I little could trends Just utilization between three

think a that. a be us question to taste I And my more, given the But little second we get then is that'd little if great. mappers. You've could on

domestic number? Is in that of us a You granularity I number and that. global some terms appreciate or numbers, gave a the

Vince Burgess

installed SuperMap terms flutters would literally our that utilization can and Yeah, training in there to I contact [ph] to that. of But so is say, commercial techies days, be its across and product Gen contact complex in what our mapping rates ago. fleet. in component just Gen week released a X and [ph] X entire over the and say mapping. I early is for two the form actually or referring It you're we physician systems. arrhythmias, installs for for modalities our our both single a would It three

We have are And in-service to are trained. physicians our mappers and detailed sure appropriately. our make fully

own know, happy the with that's see weeks. what where three in and early wanted it And to earlier, this field feel And with witness there. as it's I said eyes. got last product I'm there. out But you and So seeing days the really my I it over we're I

the received that is year, we pandemic for couple, I know, what kind We've fully over flutters. it and extremely distracted XX And, EPs, back root. who February techies US complex was life position we when aren't SuperMap, rockstar before this take great. of - there. so how approval clinical mappers was arrhythmias, via or and going you pandemic. we're see clinician This to got single really think in a months. you some trained well performs with I know, the excited the product do do product, really this, this and pre for new as great with XXth map and Europe, this to we're I'm feel we we our come great been and And out uptake base everything for online of fully that So days with over we're some is We’ve trial last we've doing product to got designs think early in seen KOL when distracted feedback months about well. last can coming we're started rolling to late the normal they've very year - couple I there. our

your question. part was of So first the that

I sure not think on of your I'm question. I'm second part completely the

repeat just apologize. you I though. If it, could

Bill Plovanic

where or today It number you US the the you was mappers are provided actual the some at problem. were provisional, a with and no global and just was end a of where numbers certified we on number? us then with that and the June Sure,

Vince Burgess

global are numbers. Those

Bill Plovanic

And I on if Okay. follow up recovery. could then lastly, the

been have in lot of year, think data And this update, slowed data I a on gotten curious remember down due half if studies have the see if he to at and the I'm COVID. I we to if an year. But still if correct that of your going that back that? just back there we're some half - we is might of this of kind

Vince Burgess

had we're I believe that’s are I half next of we now a - think we probably older. slight the slowdown, at first looking and but think I year,

first So I ’XX. think of the half

Bill Plovanic

Excellent. for taking questions. Thanks. And thanks my


Thank you.

question Our of the from Marie comes with next BTIG. Thibault line

open. is Your now line

Marie Thibault'

the systems in you're questions funnel question through into your administrators. it work that, evaluation the Hi, put visibility bit Vince. I into process Hi, unique call your are a the console lab little with and then think the of wanted I there's you comes first here. Gary. Thank placements, ask public you the you to point know, a the and contracting for around taking when congrats on to

little certainty bit your accomplish what to a funnel I'd So of in that love you term? around near terms about hear can

Vince Burgess

thinking very I profile without of where know, thoughtful detailing, perspective we're, we being don't ablation you without the center Yeah, about - place units mean, unit we're their about the on the strategy place we and proper whatnot. and, and

a - of So strategy bomb, a carpet philosophy. this we're is not or kind business

and they and we else So world demo that time units. In processes we're live long the and on you place virtually term careful contracting owners, very even all, have new purchase it's the cash probably [ph] in a have pricing signing go all to we days, a to hundred where say systems agreeing with takes for dollar same fair that thousand contracts those about through contracts they for the have These with processes large these that purchase. going you and folks renegotiate to And, lot that time. a do everything know, the on. our on their multi I that's - think take COVID plate everything else

we're people to doing a to accounts issue. experienced moved will bringing in it's but bit orders what have lightning come We've and over takes. inches process process the where might in seen thought, through on, EP and party spring puts the and done Certainly with it including we the accounts We or in contracting is first that you this X-ish to hand can experienced champion take, have access X.X it at know, certain to historically, must generally to months our we've this saying of raising and longer we're hear I that speed and experienced that recently introduction about months also her have so tell lab, physician moved we and have a purchase or get with over kind get speaking. something have to and summer, what this and been XX and here also United year, We we little again, take the seen from months his anywhere than very the you, States. took

long what on it like you've you've seeing look would sort we're one, that But it takes how So basically, I say sort of if one, balance, interaction is seeing seen each or of looks as process seen overall material change any its particularly. on in takes. own we're not

Marie Thibault'

I Okay, around the helpful. and heightened any there's been your you that's would buzz If what say curious with change the, landscape, given maybe it like of around the of to this competition. the, year, I'm really party, in And added things some whether speaking been changed bring you've the know, competitive you attention anything's technology, debuting that. as IPO some possibly

Vince Burgess

in sure learning for Well, more in I impressive. the company more are competitors say, we're because from us people are doing about getting a would they're that for lot for interest of smaller working that interested what we're that interested our in and is and work interested

for that's So us. exciting

well, I big, them actually I think seeing on don't helping long they're touched know, or you the seeing profitable they're they're for leaving I rather seeing the larger growth. overall this, else. accounts. think, pretty how or - on of great ablating waiting, in think physicians of persistent the you first to you we're referring watchful focused not might growing size they're about they're on individual focused think time market, path. say persistent who companies, their them managing the ever than know, case, You And have patients think know, We're They're those or a know, standing they're own I out the their each trajectory, someone on, I'll large, market. locked

come first we pie foremost. Certainly there's think know, vendor, mappers. an from a of away by and physician going and we're mapper between know, account to the common size be and you existing most you on attention of account know, going basis, So, in help the increase reps and, you we that their to some tension if take

choreographed say basis, seen the would this So I but that certainly of point. on we've seen response the at any concerted not competitors competitive local from any

Marie Thibault'

then final that What's the you on the Okay, next sense. will be program? you Field of that What know, is, progress recent My with steps we hearing makes one Pulse Ablation. for next? congrats

Vince Burgess

back plans, of same our and in be And in excited physicians number environment, you assessing, an exciting systems and our plans, competitors, about and I our with We���re the the today sort a racing be is regulatory tomorrow, our environment want with clinical this. more where to how working catheters animal open and with of lab over know, we obviously, including out goal that software. pre our just leading - clinical very and and It other key a field. product couldn't competitive we're to This with is line. plans aggressively,

off So, milestone that. can. But on kind from what you with that of I'd we We'll [ph] of we're today, next as perspective, here a we like on signaling about going I advisable commit hesitant kind as beg to as I'm know, to sit share as from you what's today. is much think anything as a standpoint soon think competitive on just to

Marie Thibault'


Vince Burgess

to we We we like felt little it like we a felt bit. important was felt it - - like it it was highlight yeah, was -

felt when were and that know, just to we why the we're that's one IPO, last the aggressively preclinical really And the like the trial kind around let press month through wanted You in some issued milestones important work month presentations data what we our this folks like working early felt and time We that's and know of late the investor of that around some that we to. area. release. the we in had, data histology got we we up

Marie Thibault'

Thank you.


you. Thank

at line Margaret comes of question Blair. from Kaczor the next Our William

now Your line open. is

Margaret Kaczor

afternoon. the Good for guys. taking questions Hey, squeezing and in. Thanks me

little as think First one, recently, maybe And Marie's standalone you follow Are have Maria's the kind of some see up up number her reach how the up? Are come those the plan join the some than follow quickly hiring ramped that's to that of to next question? know, you on Would or someone answer you to know, competitive and mappers, of Or mappers can maybe or of you newer, hire you provisional experience would of more out to over but question, bit you the one, your team? gave mappers? then traditional just got some the build what a year to to relationships? do question willing this on a of cause just that comments, that's guys to so? mappers kind folks these be you the and mappers is a two maybe I provisional

Vince Burgess

it's So us cable that and ology mapping, just certainly to not [ph] impossible. ology. it's that's troubleshooting understanding you the some required EP hire but when I know, mappers of experienced lab the behoves of think It's connect nuances an and

active, navigate to that somebody to EP order. how chaotic way through understanding you know, sometimes your just a completely, lab. know, into relatively Bringing You you busy, tall this, naive know,

personnel we're up of in EP the for and Yeah, sure. of on the of terms hiring. definitely you a We're And years got, at bonus bringing mapping experienced on turning up it's dial know, experience. pace - So some the they've cases some strategy you've that know, coverage you people. then, have work kind of focused if you can have or great is of much here this as pods, overlap do so and can great that with just to vacation logistics an as and very carefully on you as we you got know, so folks you go looking

continue as to we and console's, our what week, as there that have mappers advocacy mapper, know, to very our really and are trying and figure want and we're and have adoption in cases core is and consistently. is you we hire. get you more that account, But familiar placements and when to our physician of to right amongst stress comfort our know, physician per order As mix do ideally out very you mappers know, where how mappers our cases and successful customers, talented, we per So, watching console going it of per daily, you weekly, build

in member one be have don't to You out. moving and

familiar You too there lab. over know, face workings you and often want a

Margaret Kaczor

Got it.

guys, talk clarity month, you helpful. very if per don't per then could or you of I details, Now, gave maybe on and per it's revenue? week, count system if around I utilization And [indiscernible] numerical some kind just the to know a ever any

Vince Burgess

that be you level we disclose early want our Yeah, I November assess into there. to get much not know, call, going we're of detail think how I to and this next right we'll think on detail. in And call now

Margaret Kaczor

Okay, it. great. Thank you, Appreciate guys.


Thank session. you. concludes your Ladies for participation. question-and-answer today's thank and gentlemen, this We you

You may great a day. now disconnect. Everyone have

Vince Burgess

you Thank