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Motus GI (MOTS)

Participants
Paul Arndt LifeSci Advisors
Tim Moran CEO
Andrew Taylor CFO
Mark Pomeranz President & COO
Steven Lichtman Oppenheimer
Ben Haynor Alliance Global
Matthew O'Brien Piper Jaffray
Kyle Bauser Dougherty & Company
Call transcript
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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Motus GI Holdings Inc.

First Quarter 2020 Fiscal and Operational Update. At this time, all participants are in a listen-only mode. There will be presentation by the Motus management team followed by a question-and-answer session. I must advise you all that today's conference is being recorded.

turn over to of Paul like Advisors. LifeSci now the to call Arndt I'd sir. ahead go Please

Paul Arndt

Thank thank update GI. of operator. Executive Mark Motus the you, Pomeranz, And are Officer; GI for joining company Chief Financial first the Andrew us President Taylor, quarter Officer Moran, and Motus XXXX Tim call Chief Representing you today. Chief everyone and for Officer Operating

subjects risks only results opinions you these are opening a statements These cause statements the note turning statements could forward-looking call remind uncertainties as this actual of company. Before minute differ. that Please I take to like to call. and the our about that management date and reflect the to this over call would of remarks, for forward-looking to webcast that conference contain to will the

We an will XX-Q results statements or the materially or our the in cause that or results these recent X-K implied publicly light discussed forward-looking could any revise future of release to are our forward-looking statements in on differ revisions detail new outcomes with information greater to to on in those Factors reports in Form periodic not Form of obligation events. or undertake filed XX-K filings expressed other SEC. by and such from and actual most

Moran, to With GI. those prepared remarks, call to CEO of Tim Motus turn I'd over now like the Tim?

Tim Moran

the for our for to Q&A the results joining we Thank open turning of a you, QX our today to update providing you to earnings good quarter. the over the first Andrew us would remarks business Thank and call like calls. by for At session. for financial start end Bob everyone. afternoon prepared will XXXX call our review I before

the on and reduction new be are XX. execution like the through program announced launch then and of progress progress first March we cover in our key the update with an the our have normal three on successful we cost preparing topics the to to quarter, view impact made provide share COVID-XX of today, I'd how discuss of

XXXX continued System. inpatient we be group further believe We of hospital very Pure-Vu who and is care utilizing quarter early begun adopter feedback while the value providing hospitals as has we patient offers these positive our colonoscopies. the GIs to of entered have system costs what from health confirming the efficiencies relates positive a first The and improved built to reducing systems momentum large foundational it also hospitals with influential increasing that as in

driving system four building of Pure-Vu targeted influence is value into provides hospital generating U.S. the on networks, GI at at Pure-Vu Pure-Vu awareness the the of labs. utilization technology value System institutions a as focused for that launch institutions, committee accomplishing the leading demand at market assessment market Our brand target top developing health these systems can approval and key in in the national solution the hospital busy objectives;

I'm at the it market conditions. these pace report a are pleased again of we that reflects each though four to current executing objectives

at of pursue call equipment customer's our severely new our hindered back to of quarter or the last in investments. the colonoscopies ability the progress on As using perform half and to product constrained we COVID-XX end the our discussed momentum gained as Pure-Vu, commit evaluations March, pandemic first was new

sales requiring the complied and social of we customers from safety pronounced more our distancing to employees As in and work the CDC guidelines to threat clearer our health ensure and home. of COVID-XX thereby order and became team a with enacted and

Each hospitals XXXX hospitals includes centers United the including These of Despite Clinic, to these continue top-ranked six in prestigious have building approval since the system launch. ranges System. challenges, of in the Geisinger Texas, four our of sales to of major we from University Cleveland QX to through months. the several move the placement typically GI UCLA, these Center from which process approval Hermann hospitals States Pure-Vu Health utilization Medical to gained Memorial evaluation the and XX and

the as labs role of losing pleased to am more champions and reactivate now believe part due to QX towards COVID-XX the non-elective that first ramp begin trained begin to will quarter lockdown, the the XX of on to Pure-Vu back important the Pure-Vu procedures Despite crisis on sites has elective can the COVID-XX amplify we've their hospitals end GI and potential report that I the Systems. have broader that up. We than that assisting physician to

As for unmet are on encouraged to the it accounts as gain approach our we target by ability our we the the approvals significance relates need market in list. of to our technology, evaluation

thousand We clinical the overall a Pure-Vu batting been VAC so by approval are have pleased and far in of and acceptance System. utility economic, the

pipeline Center targeted as evaluations implemented reduction build Although of strong a announced part of program, number the during Medical July. to of the and Clinic, downsizing our these note June A evaluations. of significant evaluations UC Northwestern Center. we University pending begin Medical anticipate to University have particular currently a our Mayo we continue upcoming Pittsburgh including previously cost Irvine, and We

champions to active the COVID-XX their the reduction postponed we've hospitals During as elective COVID-XX we dedicated most wait has meaningful limiting been It bleeding other patients departments. the at the cases for hospital. not of that their Well, are a patients hospitals on activities typically COVID-XX the have in out last to colonoscopies safely patients procedure level addressing seen of is at procedures exhibiting of have despite fully Most a communication our hospital their understanding to the plateau. an have few keep impact sites. non-COVID-XX months with in high had order had cases inpatient not severe GI maintained our that

that us to reactivate coming when informed discussing from Pure-Vu unusual at the their has it initially with extended advantages the have patients the of than afforded be working and expect can in the least spend department. physicians begin the in some resulting they usual sick provide procedures normalcy to many that time a of lull opportunity With to more us System GI return to home them number as treating they larger degree months. GIs in they

for we've bowel been to that the of has concern boarded procedures We avoiding remind due successful shared through. belief is first their benefit Pure-Vu messaging the prep. allow them System insufficient or time extended heard and of largest amplified canceled importance largest to procedure the of to any hospitalizations our The our the a single concern have

to GI I value-added a have example potential they the our GIs team to hospitals find the team directive be solution commercial not instead a the up. way made our lead new This one ramp wait and of for is for partner how back solutions hospital expect and for to are as proactive I a for just normal. offering to it to approaching impact their with as customers a begin the adapt hospitals but as we high activities Motus

Let enacted and me to we've a beginning out. few share are new initiatives roll now

a flexibility. a their and access being a appreciation virtual not limited to for level visits become of on-site procedures. for GIs we for tool program of result or can us have support This inpatient valuable expressed As available, program this have initiated

and available app part that and now the our mobile narrated just support As use Android System. of of and a support setup virtual covers devices. both video new iOS on Pure-Vu provides the is we This that launched chaptered app

our utilizing discussions on meetings System a we about Pure-Vu hours in-person hospitals have room five As Florida eight with where system Pure-Vu and currently established are real-time are week virtual for available based that day not live target the demonstrations technology. a demand new in-services a possible training video days facility

even opportunity convenient believe are training ambulatory from evaluating hospital or more hospitals hospitalizations. Pure-Vu a improve GI have in off-site either more of to as an an we Pure-Vu training We center of We position a the their valuable consider systems and in suite eliminate and nearby this the the proactively to to the the it GIs extended with patient flow costly also burden conduct an goal providing where tool environment. idea maybe to safer staff and how as

announced CE System. U.S., mark in approval Looking well generation we recently as as the outside Pure-Vu approval Israeli receiving for second the Europe

device are footprint scale. that and distributors established evaluating We opportunities and actively partnership medical also a commercial potential global with have strategic companies

While right opportunity the Europe markets we partnerships to continue opportunities potential should for the itself. both evaluate and to market accelerate interesting are our present also U.S. Asia launch in

fashion. terms we together the reduction of announced tell am has this In in team to pleased plan program cost on the XX, you rapid to execute I March rallied that

unprecedented objective confident navigate We time strategic of during $X program approximately achieve advance by XXXX. allow This will quarterly uncertainties market this the to X, and burned July beginning million cash that per our was our us commercial of reducing quarter to the on successfully approximately are designed while or objectives. XX% continuing we to our

to over our Andrew call me recent accomplishments. the turn let summarize I Before

We objective the continue generating importantly key support and progress demand KOL by building across to centers of make a solid of reference foundation U.S. commercial our steady against most

adjusted continue And the company ensure the approach. to taken pandemic an finally for to to decisively stability access with financial have environment prepared during these have new to by We are created times. the the and the necessary innovative COVID-XX market we steps

now turn financials. quarter to the first will our discuss Andrew? I over call to Andrew

Andrew Taylor

of you We suites. for quarter us the first Thank the sales of Tim today. approximately from you for single-use everyone revenue reported thank and joining $XX,XXX Pure-Vu

of to impact GIs system evaluation centers the placements in operating continue were As Tim gain an under COVID-XX. training early during the not we but were the quarter majority discussed for Pure-Vu which several of paying to our disposable workstation. and The increase of these prior new period

work of or to leases We through purchases, accounts. equipment many rentals continue capital with these

loss For for diluted $X.X XXXX diluted net share the per we loss $X.XX per million for XX, net the net a ended same to of of $X.X months compared a or approximately loss three period year. share million $X.XX last a reported March of

principally expenses The to $XXX,XXX same period non-cash expenses first XXXX. XXXX the $X million compared stock-based included non-cash of approximately of for of of to quarter compensation related

the certain cash these in cash case totaled specific approximately the from insurance XXXX flows one-time included of period other related fees. amount this to first personnel, million. activities was expenditures The outflows $X.X As annual the operating compliance and quarter company's of

of on basis. to in cash and respect our cost-cutting a implemented are significantly plans resulting rate are as quarter reduced end be largely tracking With the these second run the to mentioned, go-forward by a burn to measures, expected Tim

charges we one-time will total a estimate We of as the these expensed with end of that in as March to in charges. cash the first $XX.X associated approximately range. cash approximately million At continue $X.X the this million portion equivalents be XXXX. held and of $X XX, to $XXX,XXX million We program quarter

the to loan the with June interest whereby XXXX to recently only deferral Silicon was providing we June now additional financial extended XXXX a by flexibility place our term Bank with agreement period entered company. through Additionally Valley six months in into

call that the with Tim. I'll And now turn over back to

Tim Moran

you we see this during And GI to Andrew. delayed GIs COVID-XX pleased them and GIs who closing up our patients System to have In with are team with hospitals and plan effectively unique had while in stay would benefit sales engaged of an the our train colonoscopies pandemic. are influx we they slowdown We Pure-Vu hospitals Thank hospitals. from system.\ continues ways working innovative inpatient find with the procedures at-risk their to ramping work and through opportunity the engage additional for and on an target Pure-Vu to their with

have addresses of a can a as pandemic. the with market. in improving mover believe patient are established wake relates technology and COVID-XX economics positive We've to we impact procedural that health pleased first created it compelling the the particularly and we advantage We've care large

I open the to call questions. will ask the now operator for

Operator

this Oppenheimer. you. with Steven a we'll of time Our be question. [Operator first Instructions] line session. Please Thank comes conducting question the proceed your with Lichtman from question-and-answer At

Steven Lichtman

not in certainly falling Can you percent you Hi, thanks. that into would patients as bleeding emergent getting others? of inpatient active category? the through mention much as colonoscopies the What referred estimate

Tim Moran

thanks question. for Steve, So the

[reserves] has physician these patients Let or date. actually XX% to seen if XX% patients down me a bleed assessed saying anywhere in up they've is talking our and to of units us overall procedure treat postponed head we've due COVID focus but colonoscopy they've roughly patients basically is many we place either well exist what if on talking was just colonoscopy their by and by bleed. them for in been postponing procedure an to time. later total so you to you outpatient period many significant their told volume between physicians these the though redeployment during in general start what of okay of colonoscopies the and our cases kind What seen, as we've take those are not the a to at inpatients scratch center in which XX% That your of they've critical of said know to look this their about at you say still

critical their it changed they as have managing relates to So they've colonoscopies wouldn't protocols discharged. even that typically these

Steven Lichtman

Okay. it. the bucket? Can pipeline. And you Got the out you weeks that opportunity us just new few you last how build a define a then in pipeline in you to continue as hospital remind put

Tim Moran

Yes. Sure.

So had interaction there and XXX are prioritize terms that our we think evaluation where those from with the well profile their as in we've about strategic to the we've objective accounts that prioritize universe degree based that at product. ability hospitals on targeted meets we the of as best Motus my in mind the it's of you are general and some then a if look Steve, hospitals but pipeline of

that that those So move as say in I and backlog to continue are accounts just add would forward. we our XX we now have probably we

which So as we've Mayo that been these the earlier system and we've a Houston. as large We UPMC we've I about forward at with before remarks is an couple approval now to talked a I places move evaluation with have very in dialogue as opportunities added and but in we that Clinic know mentioned my northwestern. you well cultivating system Methodist as don't new think in been ones like

focus initial ones pipeline relates approval GIs to really do evaluation we take as contact, accounts. their actually and are it those discussion So continue the through on them we to an to with VAC that from to

Steven Lichtman

Got it.

and just queue, many hospitals those one the where Okay you how of XX place full VAC through gone of jump I'll in this? back many how last have a at

Tim Moran

Yes sure. questions. Great

that. everyone capital on the the found there's received of approval in are accounts purchase that little evaluation through have But in starting earlier say as we gives so VAC those. and now not they're in of VAC are more most funding processes accounts available those the required about gone you and obviously What working generally the disposable on through the initial at site have equipment we've what I of sleeves VAC color would an approval is the that and to an gone half I the through the bring to approval those full speaking far alluded So of process, of still time will each is always to those a bit hopefully as we know note capital cases most of I approval. you Steve conversions. do

Steven Lichtman

Tim. Thanks helpful. That's Yes.

Tim Moran

Thanks.

Operator

Thank you.

Thalmann. Our from line question. Cohen with your Please with comes next Ladenburg proceed question of Jeffrey

Unidentified Analyst

COVID million is Hi would that this that real $X for one-time Am charges quick approximately QX taking just Thank to I $X.X Jeff. Destiny question. the I in to actually we in wanted on to related reductions. see million confirm the expense for correctly? you understanding

Tim Moran

Yes.

in $X Destiny will of that million the come on expected So right we we had anywhere between say million]. end I would we now range. that charge outlined be and the that to total [$X.X low

Unidentified Analyst

Thank for Perfect. Okay. clarifying. you

Tim Moran

Yes.

that to sorry, the in close was the range. about with just one booked was $XXX,XXX that loop. to one-time point, There associated charges of QX Just clarify that

it's incremental. So not

Okay.

Unidentified Analyst

Yes. mentioned very of it. your much. And release. you for on I I I'm press what Got they the to you then may levels. just Okay. want briefly remainder know touch look wondering inventory the like in year? Thank

QX to similar wondering if be or So it'll I'm slightly above?

Tim Moran

Sure.

make first, just a Destiny. commentary a of that kind color me Let on

made also inventory if meet the that just a facilities. we're slowdown needs appropriate in we we to please terms you I as more little we as with program, we of Mark what feel both needs. were balancing and to new will to both as possible slim sure of As with running to ensure have to both meet comfortable in that these an well number reduction was the as at tell bit looked the we free. the disposable happening as our very of want the our terms of work business impact cost but detail part conversions existing chime have relates efficiently but enough and as of stations that COVID that upcoming in it you adult at what in that facilities expected we expect

Mark Pomeranz

Tim. Thanks

well. I think it said you

perspective. in any at think a on chain all have extending supply and this we perspective with life in good a I happened so that no ups very position it we and inventory we're a shelf be position concerns really our an that good good very from product downs from have and should

Unidentified Analyst

Got then kind Okay. using are understanding And a And these that are looking curious been seeing physicians get also considering it have or Thank training number you program, then like talked seeing you as maintaining far virtual Are I'm companies of been of you. have to for that? we've to options attendees? just are virtual it. as physicians? you mix and doing additional your accounts? better pipeline know and seeing a that more I you what

Tim Moran

Yes. That's you it's look and works digitized of if COVID. the go-to-market will We've exciting at in really some actually the Destiny. our was I this. way really -- prior model this

the without provide looked we things there. on the Pure-Vu to the time daily a with no and business self-sufficient of the the site training be to that hospitals One cases at all procedure we've at want appropriate on always in basis done do longer this to is doing and us allow come tools we've once are getting to them able over

with I is effort COVID the accelerated would what these here and in say time is areas. So it lining our silver

some imagine Zoom the we standard like earlier mentioned have I as tools So webinars. you'd as and of been utilizing

demonstration call can there. in a We very virtual having think and where going I see is room training created which have rep this live a to you interesting without also sales be to

we terms put gotten we've the which an fact app tremendous about we've chaptered device what that with content but and commentary. you of that through on on into talked in can go app the early in-service the I feedback it

So whiteboard up importance both the and a other case new at that weeks or next the part but good some get disposable removal just mentioned to outlines a you it we refresher we we if it's there's level have that want in a clip. system, to going system set on but get that at go that things to few that's end watch of section you right think can just XX-minute remind media. There's yourself hadn't in one the or specific launched hospital two be the animation and going utilized is attention really the this the also to here studies of and social how call tool

they're So and be of that the these things lot there's utilized in now ready starting a they're to market.

absolutely say will support it I would continue to to add even We time. this and over

because In this, of at an facilities this the of where difficult the in can market having had do to getting technology now evaluation. need time unmet need, not that right terms I've we've have our only that the are the we I we interest a as before targeted pipeline and fact of and look want said and because business this meet this

ongoing now bit a before focused deeper we're So you wider we go will. if

of through of remainder the the well on to kind process the as trying on existing get a has the them So the of work focus been immediate sales remote this customer. of lot customers as

spent a the facilities and had received our with the start XX starting most be our these days. on-site those time or folks for now So We will to in and trial either are of July. trial we're of device that a approval last about course over have and June

Unidentified Analyst

queue. I'll you back so Thank much. Perfect. in Okay. jump

Tim Moran

Thank you.

Operator

Thank you.

your proceed from Global. line comes Ben Please Haynor Alliance next with of Our question question. with

Ben Haynor

question. just gentlemen. Good taking afternoon I had one. Thanks the for

a well. done bit job color have of good a far so quite You providing

that there to of ultimately mean length same being commercialization pushed that you outpatient strategy color and hospital would be can some centers to You are just really the to at outpatient these the do worry the mentioned provide centers come do not getting to that back pushed procedures of shift you the I these stay centers at or helpful. of you're outpatient some Pure-Vu more time resonate out not maybe with improvements seeing time in need you hospitals. all towards the these any

Tim Moran

the Yes. Thank this one from number say that talked of you would lot period been the docs a in I of our large of a working of GIs have has Ben. time benefits home. been we've to

much in cases So would that our I ability them remarkably as to outpatient have to up high. of the routine been a center. more has these basis the interact been have with majority say opposed been on postponed picked

and to and a they we're was start significant think that what with is expecting which and they influx exposure I to docs we've yet ramp our of haven't from they what sicker it know if up share put we or some they're had told do existing they've patients touch guys of hearing these us were is back now to did able basically but both always shared catch our it the the significant technology they're as to docs fact in that's there. you to professionals healthcare that as the the into number if as COVID with risk be environment, them do a one patient think there's while the their going done, there's the bringing thing that going these they they're you testing want PPE virus that and ensure to well is that can if a risk, the patients about consumed patient has to hospital by that the be

that want is thing last canceled. The do or procedure be they prolonged to that have

value importance So stay of the the is length and the likely post-COVID will on even now we've be prop reduction. awareness received feedback the important more of

we the that what this we've even market in been think So to about COVID really before terms well of works talking hit.

Ben Haynor

just definitely for and more helpful actually one quick me. one That's Okay.

market. Any would that have is mentioned that You route great. on strategic and you the there likely discussions help here you how the be may a Any color an that those going? been the sign provide opportunities Whether partnership anything? can U.S. for be potential agreement think

Tim Moran

Yes. Sure.

on only the with that gotten now attention market speaking very can there's so with but in the listen this, say interest is, just as pleased and generally I our what we've will You you product. comment I'm that much know I Ben

folks or try nearby hospital GI either the other it's by think the a being I recognized into of in play directly get this in part to that space. space look to

I a a it's a and nine that procedure is perfect allows think today well much we've us taken that not to eight controlled costly hospitals. that to the years physician they see that's technology got or really control very

We also advantage. first mover

as So I competing earlier time asset. to think we've us. mentioned We this some someone quite before in market protected be going with is the it's

companies. some I think attention that's the gotten of these of larger

dialogue. So provide we just there's to move bring focused which continuing an to forward but on continue large that on be When we active these an think update I to right us these of have will continue centers and course I as we're really more board gives discussions. leverage now

Ben Haynor

Very Okay. approvals. VAC the the batting taking average up that keep and Thanks questions helpful. for for

Tim Moran

Thanks Ben.

Operator

you. Thank

line with Matthew your Piper comes question. question from next with please proceed of O'Brien Our Jaffray,

Matthew O'Brien

outside are Good questions. there's those that those system facilities for XX some XX or the XX? where afternoon, are are have Of thanks taking you doctors at they those a of trained all

Tim Moran

of are So we would a go Matt at do give we have spent little we our with reps training. few have units sites the that that that bit out they the to that majority a There's I loaner system. -- have and that can time we some say a

not facilities physician the large at to going but and if are train they're that it when device the on-site we're not they'll would leave they're a how market say utilize but majority have on creating a meeting obviously ready So we're today. to the working with the interest I may to trial in then they

Matthew O'Brien

then about lot They're lot year, other about things we moment. Tim, as hemorrhaging and hospitals have currently. of I the money progress definitely they they a Okay of the these think course things is of mean as constrained. worry the to capital at A throughout

So you how until the be moderated more be so for difficult and really back the plug recovery in more is it half to the ‘XX model? we here year going or things have can think do about business with you of flexible your you or guys during

Tim Moran

Yes.

existing at this of have accounts course. and can funds now capital with to capital will the and I in on releasing I the really a we've may able kind these terms I number we and hit how been actually creative has commitment things of our that structure said do detail with as Matt say even bit I temporarily workstation we'll have the value in we've the partner will make we've said been you that least sites purchase heard we just discussions those of we're and in sites and always some talk hey have know but the has our and there's be we to put areas programs as this, agreements be capital pay about the I've that and some and in before is, volume for they had enacted of procedures of more in not on we of least particularly flexibility are the some got now hold already mean and of that's but based on hardest our and where been mind tighter think think So but a what tight it feedback, talked to cusp at

and where orders sites disposable and they where getting we're product However, our the just lab be doing focused we are these to what point getting to GI is in repeat a repeat has on. within procedures need their we're the standard toolbox become really tool

partnership including we these way So let the disposables. as go it capital relates creative down to conversions about can we and will slow but the get we the we think not

Matthew O'Brien

how majority Okay. into where you those Andrew and on as the of then definitely of level to far trying cuts necessary on. one that for cut you are ‘XX then business? Thanks talk just and is the about given grow as Can the could head focused impact really what's as you going

Andrew Taylor

general commercial our talk I'll but objectives to comment answer is over Matt I short the the strategy across and about will generally Tim impact hand to and on it board. really

anywhere As in and the we between the XX% across sort a want up it than that XX% you we cuts bit if Tim that nearly for of in the of had ‘XX? comment was in commercial department quarter remainder more then earning other last some board talked to XX% on the regard little us to how for and about areas sets

Tim Moran

What get of was through We didn't weather is this terms one be tenets us to Yes. of that to one meaningful and was most this made and back decision things say will would we hospitals that wanted want also I to kind the ensure line when unknowns in it the to the of of period of storm enough the to important the be on allow ongoing. was to get decisive. when wanted to we time we process start of we

doing the comfortable additional now a with and best little right there wouldn't that ensure wouldn't have of that cuts. the our that least additional getting So be at clearer we cuts view feel there ability be that's I

Matt we that's do objectives bet we salespeople organization at for be what one and we overall though of did number look we What commercially a with is and out is okay proxy more Motus hospitals that trimmed where partnership. in our immediate really the that we the or our much is placing building can market that then business be either GI demand meet as this generation strategic we objective immediate ourselves areas and in this product and the become grow for add market back does we looked may the foundational a at said longer-term group

that's critical priority. think the I

we that the expertise that where company of that the we objective we the ensuring nearer thought of drive opportunities key cuts when we some the are about in see that technical can term. The the other made

about we in disposable as upper call. opportunity our in works next GI talked last been well So that around sleeve generation have as ideas the the which

So to on things that those that make as very key to some priorities did objectives. the market. But but more we we bit I in have things we're add we decisions achieve didn't we back hard see a important able we made most impact positive that little can feel the comfortable getting

and whether weather and action can terms worse heard pleased much and if of look they I'm makes you really we and to have that are took quick had So storm questioning from make and sense did. what hopefully others we that decisions that in of some market the around I've this that colleagues

Matthew O'Brien

Okay.

do Tim that. you the sales thinking year? And moment? on you follow-up how about quick end many the of have at how Just reps are

Tim Moran

Yes.

-- XX% our in made a think last we terms I, headcount. we I So this of mentioned call, about the reduction as in

Matt, on roughly and have we've East five and in them of our key those focused people sites. customer So really relationships field facing we many West Central, with

product have we've also of support good some where We installations of head our sales. course in and got of Texas

areas we've there. off the terms the a way few but of team key the our key now that's in and structured then marketing kept peeled support So commercial employees we've folks and other is

Matthew O'Brien

it. you. Got Thank

Speaker

Thanks Matt.

Operator

you. Thank

line next Our question. Company. your with Kyle question proceed & Please comes from the of with Dougherty Bauser

Kyle Bauser

the Andrew pushed important and out. it's colonoscopies ever than more that thanks inpatient try for the you are the in here now taking I inpatient updates and to mentioned, the first get understand as I Hi these being done Tim the questions. non-elective know and setting colonoscopy even on

the all into the docs in. support sure size staff GI get new the and stay have serviced and making early been hospitals like busy to quite reps sales of it it's hospitals but given So trained hard the could adopting seemed the in

So curious what just if roughly you of been that these targeted XX kind hospitals hospitals clinicians Gen X these trained have in? percentage with look the of at

Tim Moran

had question physicians these Yes. home. many I Kyle, kind mentioned of that's we of a the of as working luxury good at and earlier

midst their not in questions we've that started been had ensure through can University our So we've one the or of to system, that I either from be to through ones process working an walking like contact the touch the in earlier on those the an confidently even say say the we've also places that I regular a purchasing of and in them just doc every with all of in but we're GI analysis docs the on UCLA the doing we once committee evaluations to evaluation and on setup the Texas, those the yet on of key efficient been that touch be with able sleeves get anticipation with, to basis. on We've got value back procedures were that be facilities facilities been about have that ensuring staff and doing would data of their set almost regular Champions check necessary back basis. in are able track. that to accounts a to they're talking

mind in So size period lot reduced we've done overall pretty a and in effective available team when has get of can got phone. the time my of we're are been terms a you this things a but people over doing

were early at to of procedures we that Hospital our in and remotely one place past about in we evaluation Baltimore and in without that procedures And were taking sites them perspective did of a month this think you there. even account. Sinai seven, able eight us If they're support kind from that evaluation it had

was So positive. that very-very

Kyle Bauser

rental That's like they process to of with And willing long how here accounts you about accounts sort option sign are once Interesting. offering to the minimum timeline? the up do but you sounds volumes there's helpful. disposable It typically? flexibility can rental talk

Tim Moran

is whether these an really based volume a different approval. some type a VAC lease be trying get creative program to it on facilities outright priority program the the So rental of right to or capital a following purchase, or

times to that the on hospital. able at dynamics is not the be depending done of Now

basis, So to type we've the the agreement. under at had three you us volume next an try monthly okay we instances of but you're a workstation on get we've months committed will on and going give say we to point to to now the here some that leave quarterly based that for where need

flexibility two a mind call and kind was which we're month into that We're our in of shown we've it's impacted. quarters launch So early. it, keep

process. final So these most through facilities getting about portion really of the talked of their that are we

of will. So really when will dialog you if rental, move of the real-time is a lot they terms in of timing happening to a

Kyle Bauser

can Got we I put And but for then upcoming largely trials keep through plans your the the on? of has clinical bit should lastly you board ongoing the little on each hold studies eye and it. across know detail a that more an been just just in walk

Tim Moran

Sure. Yes.

a general comment. make me Let

seen impacted activity. has So the market just in study everyone been else as all yes they've in terms of clinical

they of it relates close we're and course running study that yet back really with and had in know You we and Jacobson number up Boston in to but continue the close are and very as the of we've expedited large in running not cases been to contact. Dr. contact clinical stay a study Boston

as focused this clinical studies think are As you to and the said commercialization also we've all know investment are that about make you on our we XXXX we efforts. to advance around want

we associated yet with the working are these and that bleeds. have to the will GI the of that us GI Pure-Vu we using So are when economics we for when with couple centers is, largest bleeding details U.S. additional construct the the time a in give when approved the will we don't haven't around but revealed studies data today

GI timeline So that bleeder a physicians done we've have talked about getting with a some already prep. very reduced with into and minimal

that that. provide of So some you'd we'd like if bit we're to please it ask to like do clinicals with and to to more working a add. the largest as formalize I little can centers Mark color relates

Mark Pomeranz

more already issues don't really those COVID to only developing data patients accentuated patients looking you fairly To so the critical Tim. want around think and Tim's well, delight that it have that. at we I are we that Kyle everyone's covered aware in point

bleeds overnight economic also benefits whole some that for to to but benefits show to to move well. significant prep large those driving those patients waiting the really as rapid for the that clinical more to especially experience not colonoscopy try try even point really to but So to critical only to much really have potential not

Kyle Bauser

Mark. Appreciate Thanks Andrew. updates here. Thanks it. and the Tim Got

Tim Moran

Thanks Kyle.

Operator

you. Thank

Our [indiscernible] proceed comes with of from your line question. please question next

Unidentified Analyst

couple this Hi have I got dialing for [indiscernible] a is questions. in [indiscernible]. of

not are have some plans clearance? make to indication heightened planning use study you for study you expansion to the to I So I the initiated, plan And just future sort when mean you correct? of special do Rescue data wanted any have or sure you any initiate case that?

Tim Moran

to? just of repeat referring you the question, study which first you Can the are part

Unidentified Analyst

Rescue study.

Tim Moran

I The color do you study, it am Rescue little bit as the Mark to sorry. It a try want was cutting relates of out. Rescue? to

Mark Pomeranz

Sure.

study have which later an begin open things probably to the study, we area into development outpatient that's or outpatient expansion any the regulatory put Rescue focused we're to help more focus for the more up on. depending setting. eventually just any we or year we want to was into with how not That on is whether study determine So of into indication currently that was going as get and on an study that to That process. reasons that any hold claims market a

term us more a shorter focus. for longer in critical the study a So not term; for

seeing at COVID pick the up we'll we're in even the on it redesign time and that So based may what appropriate world. happening

Unidentified Analyst

you. Thank Okay.

the the have of look [indiscernible] Maybe like can impacts? and the to after does year of sales the So the you or for expectations give and some Pure-Vu? any [indiscernible] Pure-Vu how number also sleeves before guidance the in XXXX you with rest do respect

Tim Moran

Surer. Yes.

Pure-Vu have said nor at and as to I guidance what this not revenues you then bit that Champions a two of are physicians have would to that approval the feedback. part of we have with account can point clinical So VAC to sales the out tell have conversion process supporting we expect this broke three and given to but little in the publicly we've provide part GI mix that what of makes color just we we typically their a initially been evaluation when site obviously it relates before an

up there's early as obviously but of in trained those volume procedures we to to kind we time and them five have longer-term and month increased at then year to each per had focus calls expect accounts in two to we about drives sites million that we we out a done expand ago, level put just that XX to and about terms think talked U.S. additional can that X expect initially We sleeve bringing initially hospitals. would ten somewhere then site per is modeling and get in, think then detail we half at macro what you is physicians between a ramp of what procedures I continue if a do and month on these over procedures and

the critical are These inpatient procedures.

to XX% upwards we've of a we the delayed product us the for after. procedures real that XX% perfect for world launching a two in about are and opportunity half go are of night literature has So is as these a and shown the seen or million which indeed to here procedures target and the

the belt. revenue guidance our the in look of -- So that quarters get as are but things you XXX,XXX couple it's can course rates the think provide more until we of you at immediately us market U.S. premature couple for over model specific of call target under that XXX,XXX years and penetration to then next a we various procedures course

Unidentified Analyst

Great.

Just question. final one

Assuming steps you the the to pandemic continued what your are of for the rest business? to might have take year protect of some

Tim Moran

Yes.

about hopefully as largely are think step program. half more reduction XX cost We go-forward taken just the announced market. the get gives on allow runway to a we've you of I that, March in quarter to little that talked the we already a the bit basis, I on So taking burn aware big our out things more concrete us of think

and over for June. the accounts of will we've got you last looks in of the look like the get installations of at back in large I concentration am speaking group Texas those the California. those Midwest working couple pleased of start facilities of We've here to it up our majority we're running if have first a see also in that weeks, parts and to that and number of half the starting nice in we got accounts, with of a been

cities facilities think that New to later get a little Chicago normal of up anticipating time. in to York, larger of over like start the some the some volume are going Boston facilities the but back be in Northeast, I our their year may these we're to bit

July of few as potentially influx the XXX% that at this volume of had their centers We've of a expecting to a even patients. back by they're they be us telling bring larger

be perspective. from do So of on get story we things and for future that side understand strategic of financial to the our have better but as side as folks financial we're financial continue that course expecting going get the We but stabilized in are the partners summer both dialogue we've discussed terms could commercialization on I us. in a into to things think the we partners with also

are seeing now get the parts trajectory that the think some and in we're about back before on signs it's and I hit. execution right we're that all hopeful going can that to of COVID So we're we states continue the on

Unidentified Analyst

you Thank for much. That's me. so Okay. it

Tim Moran

Thank you.

Operator

concludes Ladies Mr. this question-and-answer for our to you. gentlemen I'll turn any the and Moran back Thank final comments. session. floor

Tim Moran

into for Thank early got the are this you. technology just everyone the Great. look in developing for phases today we I time the want Motus. We've overall at in to interest two but able continued their it's our thank incredible really an procedural very of market, when opportunity to that we'll market you to the about mover get the forward look quarter. future providing just we're in remain company that quarters updates first product and our bullish of advantage into. next We

today. everyone thanks for participating So

Operator

conference. Thank you. This today's concludes

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