Mike Havrilla Director-Investor Relations
Lishan Aklog Chairman and Chief Executive Officer
Dennis McGrath President and Chief Financial Officer
Frank Takkinen Lake Street Capital Markets
Anthony Vendetti Maxim Group
Ed Woo Ascendiant Capital
Call transcript
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Greetings, and welcome to the PAVmed, Inc. Business Update Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Mike Havrilla, Director of Investor Relations for PAVmed. sir. ahead, go Please

Mike Havrilla

afternoon, Relations. is today’s Thanks call. Good Director business Havrilla, of Investor for everyone. operator. Mike This PAVmed’s update Thanks, participating in

me and Chief Lishan Officer. are Executive Joining and Financial the and Officer; President Chairman Chief Dr. McGrath, Dennis on today Aklog, call

success results, on be its and operational effect other efforts impact dictated acceptance in has of response. the has including contain results with significance conference cleared financial regarding I begin, by, PAVmed actions we filings the the regulatory specific market COVID-XX Commission, the capital; its future those environment. of to the PAVmed. by this competitive operations company’s or regulatory advance you Exchange of including and authorities; the to management to will company’s time statements. on results comments impact submission; COVID-XX forward-looking the to clearance and differ products the FDA in the made PAVmed caution raise actual many to, of to expects and products ability Securities from or the Before are the pandemic, to Factors things, by and cost the of to that contain encourage which are company’s products. our review other regulatory but may like factors it cleared business. yet during inherent additional events I’d development, and been call limited received the forward-looking not commercialized; taken not materially monitoring statements described results in PAVmed products its identify cause whether and the to and bodies include, affect required and the from and once among that pandemic extent when of market may uncertainties the research

may difficult are uncertainties to arise to time and risks predict. that New from time and

them of accurately, company’s or are factors control. impossible are many All to difficult of beyond these predict the

further will future list recent expectations contained to description Lishan or obligation on filed changes likelihood filed to quarterly forward-looking it these in that with and XX-Q. Except the any subsequent XX-K Commission in in required or the update IA those or and any Aklog? based affect results would reports may risks annual of see or affect other any I, operations, conditions publicly Factors a Item updates revise Securities forward-looking events, important Exchange that those to by from or and reflect in and statements. most I the intention Form call Risk as may to may For expectations differ Dr. circumstances Part on statements PAVmed’s turn on over report PAVmed and Form With uncertainties law, the disclaims be actual that which entitled like Aklog. said,

Lishan Aklog

thank you, Mike. joining you for to our this recent discuss results. Thank Good afternoon, on on everyone our us you and call and financial business update quarterly

related challenges, clear past period COVID-XX forward activity accelerating exponential months, As has commercial New for Year. these growth commercial for allowing products landscape has physicians Health the importantly, revenue is to reimbursement us after the our growing. starting And products as GI look solidified revenue among to and we in rate. some Traction through PAVmed will inflection despite detail, an over and passed is at the several enthusiasm a ongoing discuss

with financing, capital activity sufficient Our commercial drive sheet commercialization. remains this products advance our strong providing from us to balance recent and towards

corporate consultants, of advisors growing world-class a to and team important professionals our across Our of talent with theme milestones deliver continues partners on and portfolio. working

industry, a summary the shutdown there the pandemic the begin as we and we of let gradually pandemic. and but non-emergency we still return surge, them. surge, of life rages. are care, non-emergency healthcare signs deliver The this months with short COVID-XX care to fall As a with me sciences necessary, how five how Despite four a addressing of has system are non-COVID-XX continues steadily the again, pandemic challenges the winter of in pandemic-related and once are the first facing complete which experienced to learned related to no

moved our product hotspot challenges administrative on sales our headwinds engagements. occasion Clinical opportunity. back do team through four Nearly have research COVID-XX. our undeterred. virtual encounter to and and Innovations. and to creativity procedural like traditional perseverance, away remain pausing have Minimally Although The would specific training, divisions, and development, Interventions, physicians overcome I some calls entirely with commercial all to our waxing contacts activities sites does remainder of access these they financial more commercial their waning across continuing and restrictions for by in-person have from Health, not been Therapy, GI to Emerging Infusion slowing activities Invasive enrollment, of updates others regulatory, provide while or unaffected successfully

complimentary esophagus, conditions lead treat designed the diagnose also products of division disease, and chronic the can as from GI reflux This building of portfolio highly heartburn. cancer. lethal spectrum esophageal including Our to conditions gastroesophageal is known Health to of arising a

We in are available. a Two are called also esophagitis. EsoCheck pursuing EsoGuard products applications confirmatory condition eosinophilic commercially very for prevalent and our product

We in to another commercialize product have XXXX. EsoCure

research significant University. to our pipeline cancer been across to after patients division, cancer benefiting licensing facilitate breakthrough products, granted detection Reserve years a early potential With our what to highly is heartburn a me, changes esophagus, EsoCheck which regard conditions fold and able the can in most called to lead which recent that that not to effective most FDA Chronic or coveted subject of is gastroesophageal cells addition esophagus dysplasia, detection to Esophagus to Western or of this highly lives technology cancer. so heartburn, surface to every can precursors. Barrett’s the at In and nearly other are to can one designed accomplish are six It’s esophageal rate to unlike precursor in patients partners with of these within transform it's death save groundbreaking gratifying called cancer of the are in lethal X.X day cancer, mere occur GERD. all which whom the I’m from changes, devices. esophageal into Cancer active through benign know the as the which Case highlighted around National other programs the surface of budged. scourge, of and the in products, proud prevention these incidents precancerous has cancers is team their reflux of Institute years in from can of its cancers lethal their U.S. one lead The advances chronic Esophageal decades benign also excuse cancers, in barely lower it early BE, changes turn our as has cells mortality way from known in

performed of on opportunity offer which accurate, samples test, estimated very spectrum. XX for protective developed high-risk esophagus hospital we as a to performed from next-generation of cancer, commercially Although endoscopy before a currently X-minute guidelines that collected billion It assay, modest upper and screening. of practice cancer to sequencing it device, Based office-based an dedicated the these highly technologies, will detect cells market which a sites esophageal conditions esophageal progresses dollars. of screening, part years an in GERD which FDA Over methylation products for along already commercially XX% treat lower serves at as screening for the of to five fewer and million cleared as EsoGuard die professional recommended on laboratory detects patients recommended recommends is endoscopy. at LDT. BE cell changes can perform actually BE screening widespread procedure. has GERD is believe in correlates non-invasive available EsoGuard sampling the the diagnostic of which XX least EsoCheck under products anesthesia EsoCheck within the X with the of is XX% with penetration society These the patient U.S. are and addressable is upper for patients undergo first or using over dysplasia several cancer to lining gene, domestic for XX or than GERD targeted opportunity only over high-risk tragically, the alternative these patients million endoscopy collection invasive invasive and diagnosis. available screening on center.

hybrid of independent We network with with internal EsoGuard X sales now management, model are sales nearly using a representatives. regional overseeing marketing a representatives. United have working independent closely States, commercializing We sales covering education, and professional managers XX

reemerge to medical and non-emergency began at summer. late is restrictions in care COVID-XX As the lifting practices and centers

engagement. from shifted what aggressive to previously, rapidly in-person team had engagement mostly virtual Our been

efforts intensifying activity exponentially. volume both fruit. really to to marketing these hope efforts about the four sales pandemic These and volumes Our are finding growing we ramped continue despite as as procedures, physicians are physicians couple describe testing are well call past and training, and and Once clinician the EsoGuard over months, in-person targeting up again, COVID-XX. to ways despite to beginning procedural EsoCheck six activities do doubling of every surge. consumers. – and dramatically These educational weeks, commercial including bear has are now to

to short that EsoCheck, procedures have easier with spread some perform using at accommodate fact, measures. efficiently the In procedural more than which related endoscopies’ to EsoGuard increased attractive are centers, even in be era suggested office-based safety COVID COVID-XX out maybe because must collected on sample

pandemic. the backlog tool of as EsoGuard using even the elective to procedures are Some stratification by a caused prioritize risk

the network-wide our centers. treatment, The progressed integrated bay. standing precancerous in a the medicine and notable targets, been who's his gastroenterologists undergo the have The those that medical must've suite longer an are brings physicians well. response current surveillance, medium managing into as receiving in where academic with positively. this not and focused from up at tool on on their the is going office NYU growing BE payoff large into integrate just champion, but Both to centers NYU example a important endoscopy with especially small primary through positive their increasing to as in in practitioners, as They small tend enthusiastic it who expand then EsoCheck ablation across medical procedure quickly One York focus to here home well of They to are City, more patients engagements monitoring, takes their non-GI clinics approach very we this can as the EsoGuard to although great, both see the volume, disease. to spectrum Center large Our internal get out diagnosed very then technology has network. practice of procedural and and the in if funnel bit New they practitioners running, both volume, dysplasia. adoption, Medical medium they centers,

group patients target. internal been for large practices and of screening an has remain EsoCheck samples out a gastroenterologist, all test. medicine sent high-risk clinic into on west practice focus our centralizing are performed Although, such attractive is single and is where setting One EsoGuard

EsoGuard is $X,XXX hard hope Medicare the performed. X. for CMS months EsoGuard be test Final well. we the work piece determination target to Local soon On secure past for secured effective been claims over each Our XX% by billing the begin population, and has and covered reimbursement XX will also will January puzzle which will to determination, date, the front become reimbursement our and that payment which paying of submitting is Medicare. we coverage the of of final on

also payers beginning half for to these of private XXXX. start coverage hope process securing first in are the payments We and the and

EsoCheck to in products Mark launch submit we to noted, approval and mid-XXXX. CE completed in Mark would EsoGuard necessary CE allow in This audit have Europe As these us for certifications Europe self-certification. the pursue and

noted, shutdown the following BE-X On clinical a EsoGuard track trials, to X clinical previously front, complete COVID-XX. international of two our and trial are clinical as due research back near on multicenter

other trials to If patients slowdown. GERD of high-risk control study you disease. case study in or non-research future recall, although FDA activity, vulnerable winter the patients screening these is unlike an COVID-XX trials known for is research a PMA In-Vitro does IVD. and is clinical submission One and support remain as these accelerating with of Enrollment clinical EsoGuard/EsoCheck a a Diagnostic registration of

the across to U.S. we to back; Despite active of hold assuming enrollment coming in XXXX active the doesn’t slowdowns, sites quarter. XX our XX studies. these sites nine European have us pandemic the and U.S. the enrolled an additional We two complete in patients steps, we’re end sites XX target have maintaining expect

today. with data EsoGuard result encouraging the of very we have have acceptance over the patient not results trial, received performance Although procedure we XX% end received very will EsoCheck until satisfaction. user The positive

Let me in some now developments division. briefly Health our summarize additional GI

uses disposable ablate Device, Once We’re progress patented esophageal and our balloon ablation making is EsoCure single-use thermal call our catheter, a EsoCure Esophageal Technology which to excellent detect on cleared tissue. Ablation Caldus we from and the for before allow complex do it commercialized, treat to capital and without technologies and to equipment cancer, others. BE dysplastic so to expensive can progress by Medtronic EsoCure clinicians would need current on

to has completed submission proceed targeted testing with trial, And of Pennsylvania note EsoCheck another common, soon a the the requires for and of expect We pilot prototype patients XXXX. exploring but or University animal which treatment that enrollment with FDA the eosinophilic treatment. multiple very EOE. invasive of course of a monitoring endoscopies condition, with EOE currently is role in during underappreciated allergy-mediated in esophogitis

the Seattle, from role various at trial Fred this and of could of EsoCheck to non-dysplastic due explore continue detect of the designed partners trial, their in to to Our beards, dysplastic greatly hold patients. Cancer facilitate the Hutch Center to which surveillance progression biomarkers we’ll COVID,

prior exclusive this treated of these prove effective if trial. license clinical to development biomarkers to can be secured So, option the cancer. in the We they they

move CarpX patented The which disposable, scarred the pushing designed and treat invasive let’s tensioning away. Minimally catheter minimally When under activated, device bipolar Health carpal balloon inserted reducing cut includes precisely our ligament, from to ligament device matter radiofrequency stock is while tendons GI while inside the estimated is it carpal recovery seconds. the nerve Now, the from Interventions, $X Invasive to recovery time. electrodes will the after to tunnel chain CarpX marketing dramatically addressing this single-use, syndrome late XXX(k) domestic believe COVID-XX-related times were year, was targeting a market addressable supply August. FDA and compared clearance opportunity. immediately in issue, commission able reduce traditional of to in U.S. tunnel earlier billion secure we out granted CarpX release, inventory in an We CarpX.

and CarpX EsoCheck for interventional steady unlike procedure, strategy deliberate procedure. CarpX the an commercial Our procedure the remains as

a invasive Although training technical require which tunnel significantly than comes it carpal traditional and does with less skill, release, partner.

of marketing device who first interventional in ambassadors, core training, step establish the participate evangelizing can any before other critical well-trained technology, to with to a hand As group is widely to surgeons. with surgeons and proctoring surgeon

a such of surgeons, We team Board. serve hand our secured on Advisory are world-class who CarpX now

U.S. week the week. The training first our coming me, cadaver was excuse completed in successfully first commercial we forward to session and look cadaver testing, procedures last the

estimated Next, allows with some based bone current with our addressing highlights our device, medications, PortIO direct patients access those poor is division, from renal be to fluids, $XXX vain an and the intraosseous brief veins Therapy and opportunity to which access failure, NextFlo. marrow other must and includes which implantable, preserved substances, million deliver Infusion PortIO hemodialysis. whose market on carefully for or future vascular

short-term IDE to are an to our de clinical and limitations our FDA COVID-XX proposed team investigational enrollment with on we novo very through lifted restrictions. have hold We due have final discussions initiating study our FDA’s The device next is seeking application. current with These exemption activity this early the on the and to focused initiate restrictions in been or initial pathway. well has visits implant to States support America Columbia, travel indication month travel approval the site United These duration progressed in to related hope or PortIO on discussions goal early next in been now the of study XXXX. have year. will South Columbia long-term IDE and

the IV and infusions, since most which million pumps delivers bag one of of height delivered the eliminate for the the next Our expensive system, to of infusion highly in States driven infusion accurate complex independent intravenous infusions the need gravity slow then. United estimated for seeks electronic

electronic going infusion the advance work physician approaching development pumps. testing. through to and is accuracy system launch with rates of well extremely full intravenous expensive flow This continue next and We design

technology our to infusion once to used FDA the expect commercial next proceed several our in XXX(k) cleared, in are license economics to These plan their of early centers, We perform deep NextFlo infusion consummate which don’t in in working are submission at launch to we ambulatory large pumps. an year. the to discussions again, we active relative few our medical targeted laboratory. setting care testing process partners to innovations Once deep We health focusing we’re a division their complete this technologies but are the time disposable We with a cover of a electronic process, own their diligence remain here with technology have strategic partners M&A own transaction. beginning pumps, exciting on for and in outpatients. highlights. other for on projects enough emerging including hope much,

year. for each undergo who tube manufactured pediatric aqueous proprietary technology one the the silk children, ear million resorbable seek DisappEAR of placement tubes bilateral Our to my estimated revolutionize care

manufacturer technology global work schedule. proceeding and We is are ahead Virginia. in fully partnered with That Inc.'s manufacturing Canon now U.S. center of

also on recently plan R&D progressing for well. we’ll reinitiate to also ready We received is as in signal-to-noise and the prototype license that them. second diabetic Those to several our ear front. molded commercial testing, bench early-stage model. areas ECMO the initiate be with prototype developed dramatically including Solys for non-invasive I’ll cardiopulmonary team a volunteers testing animal Dennis grade, McGrath. allow fibroin generation technologies, ratio, of agreement. accurate in results us blood we’ll our have NDIR a initial that top defined which testing should in rat aqueous mechanical working support – silk, laser-based now innovation We our of emerging in which ventilation. human monitoring on pass achieve milestone – exciting improved technology were tubes animal to is a We sufficiently and completed first-generation recently glucose it

Dennis McGrath

and afternoon, Lishan, you, Thank everyone. good

slowdown of beginning for administrative reflects the staffing pandemic. increase net clinics and compared and from quarter related sequentially quarterly this earlier with in afternoon company in third the the the to which regulatory costs. per and November distributable common with for the at patents sequentially, XXXX press for results costs, quarter. website. development loss an returning the same other in on stockholders sequential and $X.X XXXX, common XXXX XXXX, and approximately results the year-over-year was previous to in of period million reported XXX,XXX changes were XXXX primarily trial period million development and expenses. sales $X.X our on public same might approximately expenses on the general XX, also The both were With ended increase financing the about the available expect you XXXX, sales, reported both as year-over-year we’re of the second related or for of financial and SEC $X.X operations particularly, to compliance, expenses $X.X financial to related in duplicating for results levels Our regards to September sec.gov sequentially. given by quarter, million, and loss XX-Q, up $X.XX impacted filed of to the third of quarter positively our X, clinical in sector net share, variation services form $X.X first normalize million $XXX,XXX published costs quarter product the also costs the increase in release, report to for was quarter and related level. the higher our million on a XXX,XXX the are about together the about consulting for is a even quarter PAVmed to research and the

and as more the sale net the related Also, the to loss additional type from related the non-GAAP the of company occurring XX. share. for Our compensation press understanding at $X.X $X non-cash provides performance. GAAP or after depreciation, charges from which for three during and million September along better noticed the press had release a costs financial non-cash detail common share. expense highlight non-cash prior loss a adjusting months convertible interest table $X.X a September current release amounts per approximately of $X quarter, received of stock-based a give conversion company’s million or cash per the with of by in company of table charges. notes financing-related to $X.XX the other financing entitled periods. the adjusted and namely, substantially reported measures, these provides proceeds these PAVmed a charges million of approximately ended price of $X.X non-GAAP XXXX, XX, the million We

the So with can now audience. to from operator, up any open that our call we questions


line you. Please with comes Markets. of Thank Takkinen Street Capital Your Lake Instructions] [Operator first with question your Frank question. the proceed from

Lishan Aklog

Frank. Hey Good afternoon.

Frank Takkinen

Congrats on the Appreciate quarter. progress it. Thanks. this

EsoGuard, Just a sounds of from some few having for you’re your initial adoption with patients. of you Thinking about here. some fantastic success questions early adopters like

So, the experiencing, now are us maybe, I’m you’re just that utilization into product. EsoGuard you a take of how patient deeper stocking layer could hoping and many overall trends receptiveness sites

Lishan Aklog

extremely terms So, of physicians the you both adoption positive. it’s the from the and it’s response been, patients, in – like and said, been

endoscopy also are there, patients, There who within of just practices, as undergoing mentioned colonoscopy practice. work funnel right we I’ve GI were otherwise this to forth. the as discussions our making existing entering not ultimately, physicians than that the some materialized, to targeting high-risk just be that are their the activities that potentially patients, were benefit candidates are think And should not of case perform an of relates is we is are are referring there endoscopy much for their benefit space who they increase joint and the their who other GI the had the reasons, so we’ve with easier for the e-cigarette tool generally will business and expected. primary prepared patients in it we a had our to I and but before, testing, is into their ultimately might patients. pushback, that for embracing care that that as patient. they clearly, cannibalizing on, time they’re And

it’s because which been charge. bring are and become So, almost doing are that with really and case the that, so I emphasize don’t of steady – every known doing where But the said, disease. were physicians, we the really early prepared be disease the I have is and and the new and is others nothing leading own just focused the introduction procedures but on some adopters, real like been who I most we champions always amongst gastroenterologists become have mean, the to and that along. day remarks, positive. cases the technologies, really That’s obviously my of who can and champions things concentrated, we’re one centralized that it’s in and although And broad. so,

achieving large actually academic receptivity data starting high our out to signals has private operators satisfaction the the and really commercial good broader really private example for internal obviously, that’s internal that very a get technical educate the – the that was physician shows encouraging patients community clinical created high but before center patient user in medicine, the which having the medicine, in New trained success XX% our The born both there’s about practice the we’ve We’re I’ve acceptance that. west within gagging, and here trial, to as we’re guess this some at time we’re are out well good I as medical concerns really quite the one in including and – have well, but been mentioned and York, patients from clinical swallowing response patient where a activity as formal as well well. procedure – rate.

aware their of risk fact and comfort developing with factor appreciate patients who – that risk becoming able to swallow increasingly, people the they’re are level. now so some These that. it we’re chronic are achieving for And heartburn,

maybe, in ask think, to numbers, on chime a terms In let specific me Dennis of that. I

Dennis McGrath

game, think be data to occurring I we but data kind will early provide I that insight give predictive some of Frank, give the set highlights, it’s today. what’s some developing will into set. in a you

and first honing to our gives which and you store. message set color. to we’ll we’re same-store different level one. that down in and I off, we’re are develop the little different bit want or evolving. starts any will each revenue and to typical of on a way drilling we in utilization little just that want start provide seeing give each set dynamics one quarter-to-quarter? practices generate reporting is as on the some practice Those don’t data of today is We’re and pursuing, sales indication when But type high of type provide quarter other, also the you’d And the start what’s data a and to metrics per to an the deeper things know first the them the – What’s

like yourself August, that prospectively than you build of kind October can you models. the what presently figure level, higher to means can and analysts of today. some significantly as that the of month November what number out increased your prospecting high of all prospecting that did XX are in starting results of equal we the to month So, sellers a what we lot to first days the yield But was mean that October, of in of give doing out is the field –

first what know have what past – folks to beneficial of from at response in that quarter, opportunities. of the kind We like is. of that to that granularity terms of end feel the our data to be a know physicians of think of time. the quarters results will color mean all in when we evolve we the will speaks what really It opportunity what future be I market, you the addressable terms greater in on in how well shareholder the is report a we’ll in that happy on and the give report by community set the of total upcoming [indiscernible] that might terms that the

Lishan Aklog

couple just me of Yes. things. a add let

have of we’ve and that in believe shelf, accounts, XXX. accounts that terms on accounts have engaged reported previously with numbers is of on product that – number hundreds that multiplied since then, So, we’ve approaching on about the several and faults

an now, shown we last and plenty on weeks. pace. about focused Dennis volume. nice to to a be said, And continue really every a months we’re cases doubling So, at we’re half have has two, really six sites. early right with as two we’ll four inflection, of the procedural good able that And confident

we’re plowing we seeing appear because mentioned, to cases the this surgeon that we’re in despite I winter. be As ahead cohort –

Frank Takkinen

sound Well, that will fantastic.

the revenue X, gears switching you a final the hoping congrats it’s expect option? there’s for a how – if reimbursement little you January getting feel And give an code, a doing backfill could for that are effective to of recognition test with right Just revenues to just that, EsoGuard on treatment ramping these when opportunity side, scheduled bit determination was us little bit on some to uncertain you little I now. initially tests

Lishan Aklog


side. just start comment then in accounting to me mechanics maybe of let the terms Sorry, on and

not So we we’ve – cautiously payments this to we determination. had have Medicare until been until performing those submit procedures CMS an we chosen year, have effective effective but and

yes, X, submitting So the code January under be will new a those year we submit. have full to starting and we

mentioned a we we start was billing bit payment X. like procedures ongoing and a under Obviously effective basis. by between a would there of to payment in that a from you’ve will submitting in, kick to And on further there’s submission that’ll an revenue receive claim on little and timeline Dennis, recognition. chime and So January then timing that? of you sort to affect the will go on, on backlog point that claims start as be the

Dennis McGrath

sure. Yes,

invoice gap performed these bill we within starts in procedures Medicare as as take require intent And be through to recognize performed soon invoice. of of to period collections on we our date definitive a to of where And about. revenue And it’s us a that were So evidence this of of to Lishan those based evolves predictability bill, there’s in all rules CMS the estimated translating to are invoice long to or where for in the months cash effect the time can procedures each who upon XXXX, go January. able most invoice payment that X. comes procedures to January And companies to said, process, the XX invoice. the the what XXXX understanding of have

claims will of predictable. And recognize be tested, you payer being has the being level So We’ll clear But of There’ll out, private disease the denials is on this and to likely all out. what worked of Part this, targeted that definitive this clearly or the recognizing it the we’ll that are the Medicare predictability, targeted start early XX% it collection It’s steeps. basis stages payers. on that to to sooner somewhere the precursors private than if that part basis. Once population. that revenue of is audience. recognize patients XXXX. root likes be denials and no will are will clarification we for when Hopefully the of our we’ll denials, for an on target adding payers, And cash of and we revenue to XXXX. then payments, in there private as be bucket. as keep we as be some becomes patient our there’ll basis Medicare and able a in on who the through some between has process accrual submit recognition folks in going there’ll XX% become early Medicare worked revenue that some the until process invoice are with to becomes those policies payment a cash in our coverage significant terms than in determination revenue that predictability to it XXXX, that of the rather And will, mind invoice start get or cycle. of basis, cash the audience audience that to takes through significant explained

Frank Takkinen

set that Perfect. the look me progress to group you – a the throttle And bit. from you Like little just the one touch towards on the little commercialization maybe That door, I’m that last and manager then business some hoping in the commercial procedures. surgeon put offering? good starting a aggressively first to to a CarpX commercial there, down first sense. business about with just more And more. bit foot when the of ramp throttle little expect bit could on talk makes

Lishan Aklog


bit I a thing, First a do the of but past to clearly out hard qualitative map point view. can from it’s quantitatively, little

or a not as a months. well to So, framed the advocates actually coming but trainers I just proctors the as I is who we’ll hand established of the serve but five, procedure. key We very are bit likely expand an over that opinion ambassadors, mentioned, more leaders, have surgeons goal we’ll network or initial committed can for group of

happens Once say reached group you early get and reason trained of we’ve might country some with process to have that’s iterative is a there’s you them of have And it’s got months. half an have them get dozen once the the – their start doing, and introduced so procedures experience, getting going surgeons start early as that, getting the honed we Remember, that and core the We’re to belt procedure slow from you introduction, who we’ll a coming procedure. a for the development over part fairly part. down, further. volume deliberate, under early to steady be to that a so procedural expand But to deliberate dozen across have that procedure learn meaningful done any the the collectively. when

a with good training out once then followed a the with of feel of and So feel a had and steady amount of and has slow can that belt up participating have by running. that linear group group more move we per accelerated sort under proctoring, really a space, sort their procedure, not in is slow core This and phase cases comfortable ramp. quickly. comfortable It’s we once

Frank Takkinen

the makes congrats Thanks taking on progress for That quarter. the it. right. questions and Got my in All all sense.

Lishan Aklog

lot a Frank. Thanks


Your Vendetti next question with proceed Maxim question. from your Group. the Anthony of comes with Please line

Lishan Aklog

Anthony, how are doing? you

Anthony Vendetti

you on follow-up Lishan. wanted Good more are a EsoCheck. How doing little I Dennis? to EsoGuard, just

and of little COVID-XX then billing those many until won’t so way know and get an what start how the Just provide And any bit little impact? procedures, about bit wanted color I spin? ramp the that of idea you more of try can you’re on performing the to a to a So talk some X-XXXX, procedures far?

Lishan Aklog

let handle I'll Dennis, you this.

Mike Havrilla

there? still you are Dennis,

Dennis McGrath

was eloquent and Yes, of course, I gave mute answer. I an on

in to started defer dataset to of really starting like. end open November Anthony, to of towards what here little I level earlier bit got looks gave trickle that. high We going just gave the we're think, So that October. We of kind than terms clinic the terms I in speed Frank to response, over ramp a of August with the

or And become and they're to be with upon. of question per And to their month-over-month, in defer the that I'd that clinics, our different think what clear like number reporting of the dataset in for are we kind will to of sales, next the us those services the the that that types quarter, that subsets things level as all see to of color able represents quarter-over-quarter future of of the that of number and future. that until terms procedures detail I expect same-store clinic, provide help and that of clear kind pursuit can a at clinics least clientele. the clinics we to the become of

I think call. the defer till next So that we'll

Anthony Vendetti

thought Well, eloquent well, I'll I that as that, was Okay. just say Dennis.

Lishan Aklog

I why referred to That's him.

Anthony Vendetti

I just that an COVID-XX talk or to COVID call guess, about figured whether this bit little you Den, can during how work But not impact during we pandemic seeing from or hospitals what out Lishan that have is better. the you're said a understand now

far this much impact as as the it point? an tell on would you so uptake having be of And accurate say it's can at not to

Lishan Aklog

I overstatement don't think that's an really.

People figured have think I are doing procedures. it people out.

and EsoCheck EsoGuard the is As I simple that advantages as mentioned, procedure and space. with office have we

maybe that cycle because an just in used cleaning to of be endoscopy you has to the what So center the endoscopies technology. between probably now, a for XX of happen minutes time extra doubled me, has cases

of be COVID commentary because some that. advantage of might seen EsoGuard that actually, doing in setting we've a So there the

sort And it's changed that so just been gone hasn't as really been has break through we've surge. lifted. this experience that And fall a and of winter yes, our

pretty to where there. were has in good. up, you that sort round trenches Our that's you'll been ability much management doing more and get folks we've that if was get But We our the tighten things more. done supervisory recall, to that is commercial it And much access sales being eliminated. the one getting our Occasionally, that a activity having of comes hotspot with prior setting a on team be this to sales in bit. pretty our we've in little been things physicians of – the call, of and virtually that's actually been managers

of sort to where to have move restrictions, location another. And can responsive be from of so one us that's we occasional related of examples that week. to this allowed hotspot couple of sort actually they a And quickly

and in that the last be for So of exponential described. doesn't surge like reasons seem hamper months. is that going seen growth couple far the the cases to we've seem this I us It it rapid this, over doesn't to just affecting

Dennis McGrath

not are that in and get able add exception people clinics. to – Sure, with into sure. just exceptions, would now certain I our to Anthony, traveling or certain

commissions the tests that through our to paying process. are or reps We valid done independent are being

with by what would various with were once guidance of able something is the revenue click likely set sure future you make more of is give set to all the you provide said that and obligated measure on be ramping to hold Lishan as are what them. revenue that waiting the as definitive seeing give start metrics January color additional some in results. that the So providing to duplicating us X, a us here And are are terms We on we by till we're starts on I to all to we in content key as, report in Anthony, dissection, to we of is better of to will performance set us And kind think first I want metrics spot of metrics. in continue that those currently up, Look insights. terms metrics, January be a think we of of reliable doing. the in X, the of

Anthony Vendetti

you launch, wait going to you for on just you do will approximately long and feel And to think feedback a CarpX, confident is before how full be full necessary initial to how it mean, that do long a mentioned KOLs KOLs launch? that how following feedback – commercial up before network Sure. many of commercial that I then Understood.

Lishan Aklog


folks some who and purpose of to for, their then and establish proctors one is for experience as trainers but it's cohort early trainers, is establishing not general of development, evangelizers. proctors so of Just group this of their feedback much their right? as it thing, serve role and it to can a is some So feedback procedural and the as clarify primary

have XX we to be. ever to get is think have travel do somewhere all that cohort – get and We'll lab the between probably they them we trained files, have will for have training. what to at So this work is, initial I them do a to to that five to

success get and well a carpal The a get last week. train of and think proctor that with then broader I that audience. are I upwards to their broader went it's think mean, good don't think, do and of couple I they them quite level not they once to surgeons, good day. XX, dozen relief tunnel can could that a of a very we tunnel. other a first them belt feel cases take one each to, with under I XX we be And go should answer trained next once I it should versus these think a busy the releases comfort don't even of typical and

So, they’re very busy.

feel under they comfortable the as of and have us for a utilizing their experience that clinical part they’re them get belt to long release. once it a I them trained, So, don’t records will wider take for time expect to

Anthony Vendetti

Okay, queue. Appreciate very back I’ll it. the hop much. in Thanks great.

Lishan Aklog

Anthony. Thanks,

Dennis McGrath

Thanks, Anthony.


question next line with Ed with Capital. Ascendiant Woo question. comes Please of Your from proceed your

Lishan Aklog

Hey, afternoon. Ed. Good

Dennis McGrath

Hi, Ed. How are you?

Ed Woo

these? EsoCheck, and think utilizing of the It’s be terms my how EsoGuard patients of do in often will either question, you

Lishan Aklog

say, sure, your I When clarify understand and how often, just question. you could you make

Ed Woo

of, terms being obviously, in diagnosed…. Frequencies Yes.

Lishan Aklog


I understand So, let question. make sure the me

to not factors along So, Those immediately. for has Barrett’s if to not spectrum. have needs the they have undergo and but chronic that – mentioned, a they’ll needs well. technologies diagnosis, surveillance carpal negative so five not of would they those have but an to or of a millions disease, determine again, they – work that. make undergo the every risk features. further as just three to a typical surveillance which dysplasia will Well, testing, patient, point, there’s appropriate clear symptoms, tools negative have down clinician within I for more regimen, endoscopy persistent no If if ongoing years do advanced cancer, are those like EsoGuard – non-dysplastic who an or who three, a endoscopy, to develop just them positive, as to confirm of whether something years they’re esophagus particularly, road, then who – the into to may have generally, be in Barrett's A if mandatory patients or although they enter determine established has negative we’re some a negative, at test patient typically, in choose and there’s an is if considered any follow-up patient addressed trying a that further they’re currently which what’s negative which GERD, Barrett’s it’s that screening

Ed Woo


more So, you a like annual don’t frequent anticipate something semi-annual that or basis.

Dennis McGrath

from Yes. screening is right to now, chronic establish – no there they’re screening, high-risk study we we and negative, established What But I that a the for such some and be we have they’re data mean, then we’re we it actually about GERD, once negative who data really would may likely turn talking have clinical future. longer-term our regimen. for that can get patients, the if that. is out foreseeable foundation that

Ed Woo

gap between big and a people such people being be there’s should doing who direct-to-consumer guys considered tested – tested you earlier, mentioned you be because recommended, actually Then, Have marketing? tested.

Dennis McGrath


Lishan Aklog

we’re direct-to-consumer establishing little in that. We further the we can to the is relationship for to PPIs is described. – an they I prior reasons to can not with educating which can of between heartburn, patient where disease now them them something part lot do for is that – the bit along, putting a their can establishing in of facing, is of terms are a on effort diseases chronic to asset always educational those And of for between side add as chronic patients the believe speak. facing. typically clearly, cancer we symptomatic have sort that’s and been just for long-term esophageal what Yes, divide invest and a to an kind strategy. a the that symptoms that’s their our reimbursement that And relationship that? Once patient to treat little and puts traction marketing, be Dennis, we now, we’re the right on our prolonged part just right a you want that educate and some process, it we on them they the disease, gotten or This of intend we risk understand. foundation they aggressive of fully have have this in bit a you platform be that

Dennis McGrath

add that I I don’t to that’s there’s give to think So, else that think point. to on more color. anything exactly

Ed Woo

just, very opportunity add in products out many people you? was got question of additional that has your last And for to stages looking my various you additional products or helpful. products commercializations for Great. That then trials. you to are to present COVID presented is for Are and portfolio still

Lishan Aklog

The yes. answer is

the for chuckle, a little must Sorry – I but you got you’ve have an think ESP.

always So, that. that opportunities done provide built the and that address our has that for notion needs clinical at been we’ve opportunities company onset from look market the on we unmet technologies and will provide

licensed most licensed were result that EsoCheck, technologies, – of where that potentially, ones process, academic valuable that searched and EsoGuard a that and we this found from three we’ve obviously and our an which technology medical leading So, we are and products center. our are

directly couple to and questions? of them evaluating. of COVID pipeline are all that we’re the way. technologies So, answer to related the is an active with COVID to several are I question actually, the we along And I presented – are are answer there in and process Do and of constantly, mean, technologies both And that regularly sort very test. evaluating your in are a

Ed Woo

Great. Well, and good luck. you thank

Lishan Aklog

Thank Ed. All right. you,

Dennis McGrath

Thanks, Ed.


we back Lishan to gentlemen, turn of I and Dr. like to call and end the Ladies the have session, closing for reached question-and-answer remarks. the Aklog would

Lishan Aklog

and on Investor please All and Twitter, via YouTube, all to and progress by releases our We of LinkedIn, following the with with this our from us thank Mike jmh@pavmed.com us continue to Havrilla analysts. conference this and calls for you rest us of right, through rest for one. news forward to remember joining keep and our the want hey, great our questions our keep Well, And you periodic look touch new as website. great. afternoon keeping up contact website, in and Relations at such to

So, thanks a day. again, everybody. great Have


today’s concludes conference. This

this your you lines for Thank participation. disconnect at your may You time.