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Motus GI (MOTS)

Participants
Tim Moran Chief Executive Officer
Andy Taylor Chief Financial Officer
Mark Pomeranz President, Chief Operating Officer
Garth Russell LifeSci Advisors
Drew Stafford Piper Sandler
Kyle Bauser Colliers Securities
Ben Haynor Alliance Global
Destiny Buch Ladenburg Thalmann
Boobalan Pachaiyappan H.C. Wainwright
Call transcript
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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Motus GI Holdings Incorporated Fourth Quarter 2020 Financial and Operational Update. At this time all participants are in a listen-only mode. There will be a presentation by the Motus management team, followed by a question-and-answer session. I must advise you all that the conference is being recorded. I’d like to turn the call over to Garth Russell of LifeSci Advisors. sir. ahead, go Please

Garth Russell

Andy and Motus GI, everyone Call Fourth are Chief Executive the Operator, Mark Officer; for President Pomeranz, Today. joining the company and Officer; Chief Moran, Motus Quarter Officer Tim Chief thank you, Financial for and of you Operating us Representing Taylor, GI. Thank XXXX Update

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

We actual or future obligation undertake of new implied revisions revise to release light expressed those publicly Factors forward-looking events. by differ an that information any such or or results of any statements outcomes cause in to results these materially from or recent will forward-looking our not to greater the Tim, SEC. XX-Q Moran, of would X-K the discussed on Form periodic floor in on the detail yours. Motus and with in and call Form to is like to statements turn now I reports XX-K Tim are GI. other CEO filings could

Tim Moran

U.S. the Andrew, I'll potential as over to XXXX of in that call. enhance joining our remarks, call we in provide upcoming then business. will will of as performance. for a greatly performance broader hospital we prepared four to review Motus Thank to provide turn At the financial our the our quarter, your creation of earnings believe quarter today's discussing everyone full open have and take end well I'll us questions. drivers we're the today call detail who for you, value year you market, seeing fourth discuss thank Garth, GI's fourth call the the and what our start by

result COVID-XX, tumultuous a XXXX everyone. a As of was year for

the that our XX us I into important remind resilience, a are in on tapping as strategy say which last everyone months, in these market. pleased challenges reflect Pure-Vu our advance It's for the to early establish am to However, and to the I foundation stages us. team the that exhibited allowed opportunity before we impressive despite of

from procedures unmet Tech. market size, Med of terms Motus The clinical bowel more me not one thesis procedures CEO XX is million colonoscopy to with In largest per ago perspective. has a two than motivated half need universally in a prep of and The both with of the years economic changed. poor recognized, which join is year, associated as all single its and

competition care. staff focus, physician and technology protect story a that every requires position targeted have at happen telling poor being to cases influencing of granted patents. our it changing needs tenacity, to archaic staff and task direct hospital in Pure-Vu towards standard utilize on of effectively physicians shift in the to improving prep. goal Our focused we advantage, meaning and entry learn is new first clear day our in now has the the system currently of fixing Moreover through we The that technologies growing at mindset focus and each this establishing unmet addressing solving approach under we encounter highly requires a these no on continue challenges clinical core tells to adopt our believe doesn't physicians, mover market nurses care portfolio a overnight, current execution. regular of to economics delayed think a they deliberate to basis. and an asking behaviors, which bowel and one in their me enhanced experience are My it This the longstanding about to a both due with We're require and behaviors commitment and time. unnecessary tasks and changing flow, hospitalizations and the differently unprofitable patient challenging and patience eliminating requires patient support hand for

the unique lockdowns other our this sales to may projects pandemic. environment and the particularly our year headwinds, about and of March term And to April We well in customer strong urgency and relationships build than change the focus than and global positions we streamlined internal the additional shareholders related across help $XX am We acted of and been While a Motus progressed. uptick those XXXX and we'd of doesn't out on-site GI business keys in value. of business hospitals. gained in approach like, believe one only that projects, for engaged social quarterly are finally, and come our strengthened our with this hospitals playing COVID-XX it shareholder an believe confident what process market. our as to targeted ago. Despite burn with teams’ standard care here, enhance marketing with access early to a our more most quarter long continuing in I our than we by in financial of our XXXX, take dozen establishing build at Pure-Vu considering our longer situated U.S. effective, large term remain of driven we're are the new since colonoscopy COVID-XX, nimble of third continue strongest we benefit and procedure current success. that very the balance sheet and volume medium mainly business, we has would We year nice we our taken have which to We patients in will cutting highlight are to of rebound position in goal and their our our cash XXXX primarily requirements. our by since customers the having established as toward two and side evaluations we saw began base as XX% decisive was market areas disciplined In million I'd bringing distancing greatly shareholders, approach equity more capital. and attributed execute like in when long and the

are deploying believe Pure-Vu with to centers model instances utilize in While unavailable, particularly a and made Pure-Vu that and QX, With effect equipment In met no of in successfully In for while created University instances the for XXXX. is minimums prominent related I'm said, razor well to early negotiated in that COVID-XX volumes. customer in contracts a California QX, We us more conducted and for what where both providing predictable the in minimum the committed expand resurgence into despite at from our perspective, specific that than QX currently sleeves as quarterly medical December. we uptick roughly XX doing the continued so, excellence cost, slowdown we we system, which of the funding new are in centers, are this procedures. Texas COVID-XX and geographies, in both many adopters exceeded. our a issues disposable or early sleeve use as capital the trend purchases works our in at customer also the momentum permit calling more are of commitment November pleased QX month additional allowing sold these and capital Pure-Vu we while blade sleeves NYU, of Texas two to it revenue

these Given the the environment, current adopter like the year. to first expect additional of complete hospitals capital we agreements with in early half

in Pure-Vu two NYU that that also more resulting where are the commercial of Replicating locations In expanded recall key may which clear and the in our a implemented product fourth Hospital utilized, University site, in patterns. in Boston. for Texas You accounts, is should Phoenix and consistent General by Mass identifies most system evaluations focus notably usage identification is at be protocols business patient protocol quarter also that team. additional clinical Mayo our the circumstances new similar also initiating Pure-Vu have a we Clinic

pre-pandemic may running to current not and to levels, the over begin from and Due of we environment immediately, an at GI as our up believe poised one to to are we've we hospitals having hospital all any the Pure-Vu past access drive utilization. of pandemic, yet time to see procedures year. returns the fully normalize acceleration While rebound benefit we

faster fiscal a great our I doing expanding are team currently driving goal a for utilization and result upcoming environment the of commercial emerge, growth. more switch job gears discipline, part to we a As fielding I want is we driving of This team. summarized, thoughtfully small to favorable invest will that revenue facing with look we organization the see in our customer catalysts to as business. the and

business potential product data and in partnerships. that drivers are we identified enhance have We They value and strategic our believe to innovation, the meaningfully four accelerate beyond. reimbursement, have and clinical creation XXXX

develop me strategy comprehensive the positioning and both with of back a aimed In in in-patient to half settings. reimbursement at the start the Pure-Vu coverage Let reimbursement. out-patient for we XXXX, began

many to In payment CMS submitted technologies. during designed to add-on colonoscopy. focused we programs provide and the to to This a there provide new for private NTAP. technology in-patient CMS While reimbursement payment, sometimes quarter on new for pathways we are both public referred achieve are and coverage, an could unique initially for program fourth Pure-Vu application

this of code. for an also ICD-XX part applied submission, As we

awarded decision adoption and the clearing believe comment that Meeting in code can is March may be process. Pure-Vu through recommended they press in Coordination accelerated. coverage, then to CMS market considered release, an a and you have If utilization share of on final period seen where am will open for substantively As NTAP Pure-Vu participated a a ICD-XX conducting to the I in now subsequent we made in-patient recent is X code. and pleased we an be CMS's be

business, their application transitional believe prep that could Pure-Vu. system for an could also entry can't need for medical our outpatient from reimbursement It X our the submitted We large a procedures Securing each physicians year benefit high pass-through first catalyst provide to it for incentives million would payment. the also bowl pass-through roughly successfully medical We the CMS's market. our pre-procedural procedures. high be This on complete for greatly coverage into U.S. traditional out-patient Pure-Vu would provide need would as use in for significant program mark economic patience

the There the XX%. can by an GI of potentially market and first to This report development for has Upper is of to us market this clear use physicians approximately U.S. the as from and in receive like our visualization we I an application product bleeding, efforts and the inbound we would in and are serious potentially innovation. new our a for Upper as am product QX. mortality believe pleased GI and discuss XXX,XXX view I'd to from significant We to available address adherent a endoscopy early relates roughly approved expect track which technology a our system that on by opportunity XXX-K Next, solution and early interest that it view QX. unmet clots procedures position them GI in the to with submit their rate significant to on estimated to continue launch field treatment blood Pure-Vu annually FDA product GI need eager are who this Upper during critical procedure. to allows of a

let's to typically compared urgent more, hours the a as order diagnosis in this full we who XX could faster emergent excited period to recently enroll of This of Pure-Vu today study bowl are patients evaluate currently generation. study in treatment, minimal the delayed. or Cleveland the GI a treated are the least economic for will Lower provide for challenge to required is but lower The to system and emergent current with prep we XX Next, to current of outcome facing clinical in to diagnosis discuss GI the suite. to enrollment to the inpatient a bleeding data and need complete rapid patients receive benefits ICU XX began designed I'm or the Clinic, from clinical care bowel study patients patients much using bleed which undergo that with prep. that standard endoscopy at announce in begin are

end lastly, And want XXXX. We enrolled expect talk to study to partnerships. before have of the this fully about I strategic

pathways relates into during it potential our half of options, back we've and to strategic spent of XXXX evaluating As time the XXXX. a number

Any Our accelerate development. also commercial aimed clear shareholder considering potential be and that our unlock efforts objectives could technology opportunities need partnership would in our enhance would to at partnership any value.

Andrew. fourth awareness and full grow review options our ask quarter we we continue system, the to consider actionable. the As and I Pure-Vu financial and of which criteria fit the our best will for uptake are Andrew year. will results now to

Andrew Taylor

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

commercial been implement sales in with was protocol. focused discussed, our in organization effect the hospitals are sleeve quarter in on environment. that use starting to fourth Tim utilization and early small the on As cases, has single the surge impacted in-patient patient by the adopter Growth Pure-Vu new technology COVID-XX

Over the to analysis to system of targeted pursue contract active and rentals XXXX, during our value or reorders and new Pure-Vu committee we grow anticipate placement leases our increase course equipment purchases, number to hospital We capital finalize sites. and XXXX with accounts. new sleeves of at expect work commercial to of with

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

in During of the of for $X.X year-over-year. assets to million same and fixed cash purchase period reduction activities the the a was fourth as quarter, million used of $X.X operating XX% compared XXXX, net for

For same loss net cash diluted per loss the for for totaled of activities of to the share purchase year-ended during of ended the the XX, per compared of a assets year approximately period loss $XX.X million compared net used XX, $XX.X to same in last or year. recorded of as operating XXXX, $XX.X a XXXX diluted the million fixed Net period XXXX. December and million $XX.X or for share we a million $X.XX net $X.XX, December

of with $X in Bank. extended XXXX results first contributed As comparisons sheet the our meet a included significantly the through to and I'll now term call Valley equivalents. institutional put the to further laid our At reflected position on this which Silicon poised net the measures ensure $XX.X believe upcoming exchange with in execute at our $XX Bank XXXX these with compared and a the cash proceeds along to million the We we agreement anticipated quarter for bolstered quarter as strengthened approximately investors, to of of XXXX that we of an Valley cash needs Silicon our cash drivers value for loss warrant liquidity spend year compliance out December In cost raised are with cash XXXX, XXXX execution existing runway. to net which from XXXX, million. cutting balance creation over end have activity place of overall XX, in XXXX. with our reported cash into cash first the covenant back next And we that, we further of with and million Tim. turn our January This initially

Tim Moran

takeaways and key Andrew you, summarize Thank from today's the let call. me

currently Pure-Vu are Technology competition. market We for global pursuing our we direct a believe and have opportunity no

and we awareness new of hospitals physicians. physician While creating mover, adding steady behavior, being this changing to with leaves us market challenges make in progress the a and and continue first

will hospitalizations for sales Pure-Vu improve drive a will more operating normalized our to decline, more will be the and demand which procedure COVID-XX As increased for to access opportunities in system. enable we environment, which team lead believe utilization, we

their Finally, I operator call customers, addressable for shareholders. we excited earlier four in drivers us of our creation opportunities are to patients our ask Each for remarks, value strategic for market important discussed to reimbursement, your offer unlock the our partnerships. and product enhance broaden I these value and innovation, about portfolio, will questions. catalyst clinical including data now the the our my and open

Operator

Instructions]. [Operator you. Thank

from comes Sandler. proceed question Please O'Brien with question. Piper first Matt your Our with

Drew Stafford

sleeve I Thank minimum taking This questions. to start the on guys! agreement. want is on Drew for just Matt. you Hi the for

know on you share more You a how are bit little those detail could structured. maybe

order many a you You quarterly revenue many guess they thinking sleeves we expect requirement. to know I to centers and how those do or how to you reach perspective. then, from, maybe do And that two order know be those how cadence or should about – have

Tim Moran

your for question, thanks joining for Drew, today. Yeah thanks

we're capital to really getting difficult, all of using the you remarks and of and trained physicians excited in mentioned, this the first these conviction procedure, care. driving all very device know be prepared environment and comfortable them as improving the to first really getting and initial our at day committed right, the able I end patient my is So, agreements ink around

a the least way have So get initially. volumes to pretty also a this is more commitment they in, product predictable but don't when capital at budget, gives the us back much

know procedures generally contractual of that talked with procedure. and utilization, to that, them seven before who is give we to feel written first of year tell While agreements to out most we the a expect can to about because are actually have we to you grow specific, these month we're the a ten we've we you are in typically what have you number fully and situations than going these customers, just in going these is details physicians I cover doing know be actually larger much that small the not

little of So hopefully you that bit gives a feel.

a end running with lease You you but capital the I free great budgets right to outright or structure purchase they're these out, know would think them know we’d either what today. that customers that over way know can of of agreement. to then get you kind that's the would now that you up way moving most the capital an But of likely time this up up. is product. is and And their expect model

Drew Stafford

you what’s mean you what's know from you requirement here. of remind know how congrats long person [inaudible] especially COVID anything past, that's the does requirement a of those we’ve of are new you utilization take of with know Can and then before sales in some processes those start how us the ground seeing I account. couple it structured; guess that Pure-Vu. the far obviously training, of a that. about like on on the having I mean typically as And during Okay, talked NYU I or from as product just some meaningful evaluations. you

Tim Moran

it's year, an know that's understatement. been interesting you an Yeah, right,

typically, as one we COVID not work like size a staff asked of But the probably you kind to and each is and you structure fits impact there in these us that So the relates have of answer of all within, their successes. that to of sites on things terms our optimizes approach know the protocols believe that. know it

kick You and associated training there product, will the for the that know if and then make relates on-site do it as entire will kind We right. as we we well page off sure same be does, physicians, know to meeting if with technology the course on nursing have what the staff as the that what initial you everyone's and can of is. a floors you the be with the benefit coordinate of

up a are are the the to in solution they you if the floor, to them now colonoscopy understand waiting being educated on allowed patient these that fully do done, procedure got that down So that ready. they patients a despite have GI there's

be of to a that So lot is done. coordination there needs

in that ideal that And on-site, an doing work several you So sites. of situation, in we continued will. all are if there initially organizational has

clinical not folks follow some of year, But that, into COVID. in and Their to site. first training that happening been with elongated there. for of so we the did to were we fact rep we've you on we of a what was process and our the been here be approach can that of bit and matter protocols a allowed an able end be very As in other just able and accountant know we Boston evaluation the quarter, this it's throughout the despite on-site year a little had at

the bit over now – before remote phone, able tools we effectively and via has that know exactly So you see staff to way. we this they our about to front all worked takes and we of in our little very we're use worked, try just set to so know so digitized do can out talked well. up you past, that a to video it's had you Zoom, them, longer but of how we really know narrated in materials, there’s it's system it things It the manage the chapter

upwards in on stop been some know kind So off process, and the have value know probably six and the those taking of hurdles, I you the back you meeting; say would go. months been of has and of end it's analysis plus been given sales committees

it done. So a deals unusual get the I very as would relates that would is this last it to say months to XX typical take time these

Drew Stafford

Yeah, that sense. makes perfect

Thank last as Just about should similar just or the GI to there? different maybe indication. me, How far could that we prop you Upper the your how value and from current as you. business if is layout your that think indication Maybe market then Pure-Vu one XXXX and impact maybe.

Tim Moran

perspective mentioned we’re Yeah, internal this, to the our done a our as about an job and of hit excited really continue team milestones from terrific R&D on the has to and project. earlier, team, engineering I all

submission on The that and stomach clots visualization doing on bleeding, the the with a we’ll is and form a struggle not time the influential obviously ready blood from with important becomes year. and but Lower really this daily and in procedures customers, GI in these our dissimilar this GI and types adherent customers for Upper the you market getting the is tract, utilized the track we're to positioning this, what bleeding of we've for, time that product know again So they're we're basis, typically have can very a to way for heard FDA; duodenum the blood on problem.

the so the Lower it's end can you of what visualization, see the GI’s. At day to you need about then parallels all treat. it So

will we market. the on product the So have

I targeted there. very it soft as get we a launch a would it is kind – Our a initial soon plan as of call to do out

you we’ll know accounts excited initially, and those we're from broader get market have the but up, about move have into know the you will feedback launch, up, a physicians that. very will We then lined would and lined we

point, kind roughly will on comment know projections going year there hospitals, – these what XXX,XXX adds it it procedures another approximately so same XX% of in to the you're going because addressable I a done hospitals, physicians not focused is environment today and is add-on call think specific in opportunity their are same revenue the that that say talking this be this primarily to really of portfolio. our you in a U.S., but hospital about synergy, all to at and We’re on nice total we're the to know you we

Drew Stafford

Thank you.

Tim Moran

Thanks Drew.

Operator

Thank you.

comes Our next with Please Colliers question. Securities. Bauser proceed with Kyle your question from

Kyle Bauser

Thanks. Good Great! afternoon. Thanks for all the today. updates

I know clinical Sorry the missed sure just can I from I this data a perspective. walk I great. we things out will if but shape and year cadence catalyst trial this, the which understand Cleveland through out pilot the want read just started at to upcoming make how you Clinic, timings. is study

Tim Moran

Kyle sure Yeah, for joining. thanks and

overall You trial of that outlined first and pass you the Mark patient. kind know if him will, new just we're to view mark? it this enrolled really I'm we excited the clinical about have to over going

Kyle Bauser

Great!

Mark Pomeranz

Hey Tim. Thanks Kyle!

Kyle Bauser

Hey Mark!

Mark Pomeranz

with these purgative-based get that of in and bleed the the time a excited significant to Yeah, you Tim spaces to really of find so essence source about is the their you Cleveland know unheard that’s colonoscopy doing you study the possible. creating with in of if thus we're really fairly it's as and preps, so basically leaders know something doing mentioned, the Clinic know

getting know with patients looking You in these purgative. no we're at standard

a you from as this source anticipate complete enroll But the with actual again, who going is really be being the to colon critical if folks them certainly any of for of to trial the in etcetera, in was of know hospital We and early the of are where can data publications, in but quickly, into there of significant Just find happening of these – you to crafting, quicker, and downgrading later anomalies not able enrollment being able the only know the be patients to in are out year, this no bleed. them there we will to help regular probably a the ICU, it. as patients get we’re cost in can especially know board get read in the hospital. Pure-Vu unique and a the far study it's reality just out incredibly couple cleanse of and you the water they treatment ‘XX forward going tap these

Kyle Bauser

collected expedite, got some any cuts outs And at of or previous there we read on? an else you maybe the keep eye know anything being that’s at a we might from D.W., there'll reduced be it. data Okay, should data already see kind other out

Tim Moran

this Yeah, we're always so some we it, that that help push and do some prior sort of case data some you know interesting we're continuing about. publish as our months from studies trials additional anticipate know, read to to out in coming the of was to and team seeing you talking well, looking

can with they case as happening are look the well. You patient studies for know that adding data our fuel some population, interesting as at the we augment folks so various also to the fire the protocol for adoptions of

Kyle Bauser

cleared it lastly the enhancements to Sure, so recent and with can about and U.S. Europe updates I to and the little okay, – got but I guess there systems, just it. if bit in are any has software, think I now the that are you appreciated. I may, be know they talk other latest ergonomics And GENX a do would color the

Tim Moran

Mark, can as one you please. well take great. Yeah, this if

Mark Pomeranz

Kyle. a yeah, Sure, question so great it’s

a lot just these excited last end year rolled upgrade. actually of toward we’re of the things of with some the So out

and well, system some to after the streamline, more a that more and to easier time the some as drive already things as loading, made continuing that with significant procedure, most You that enhancements enhancements for we streamline helping the little made using removal do, modes they that in and well. and fashion, different GENX was to our some in Also flexibility simpler one post the that. and of as how then know through the quicker probably even some are looking accelerate so scope even bit that will the work though software easier the added to impactful position procedure to make streamlined techs to just

Kyle Bauser

me. Great! all updates. No, that’s That for helpful and it the for thanks

Tim Moran

Okay, thanks Kyle.

Operator

Thank you.

your with next comes question from with Oppenheimer. Steven Lichtman Please proceed Our question.

Unidentified Analyst

on for This thanks guys, taking the Hey David is question. for Steve.

[inaudible] and how Just here end the about active and you get going have levels? the on decisions COVID the could quarter towards of Thanks. in the the and are impact heading the sales to able volumes and first in early you're anything of pre-COVID in-patient to ability back talk to terms any dynamics better to about on additional on talk trended colonoscopy color you reps quarter,

Tim Moran

David, thanks sure for Yeah, and thanks joining.

So it's been interesting.

to we call back a a where talked of of about marked I to pre-pandemic think kind to you that feel if it XX% the it for you and we think procedure know you know QX know and that's same. our you from point the – we – most was You definitely feels about I XX% QX volume levels, know had know – QX know the what speaking saw I was part really QX, into in you continued look come customers at

there say decline either. I seen So terrible improvement, but we've a been significant wouldn’t a that hasn't

It how specific back in a the think things out flattened I talked about was half very November-December QX, we of in earlier to little geographies. bit.

were have several we impacted volumes. just hard, installations know California installations, getting procedure we you several have know that it where hit Texas You where

echoed we is optimistic saw know hospitals, acceleration are roll and think is are out we think to see talking so. key to our you know QX, we with as of the they've in expecting that, an you of and the to what looking know QX everyone that I QX QX similar in of vaccinations really physicians probably in the in improvement you I but and rollout kind now

that can't and difficult without the with place and get you be because it would right still lot to know units access to XX% protocols you be in – to plus we’re very lot access, right, probably have into about procedurally about see in of a we in we in know all. certain is and others a You What have expect have make that trouble know different we be mean to on get QX XX% bullish we real of of but types and procedures, we in our access there you that there go at very, to by can know account. now what to I

as So to improve. again, we start we're get QX into that'll hopeful that

Unidentified Analyst

talk has then what you’ve Okay, trending And some that patients with collaborations doing? great, have I toward that that trend in-patient Is seen doing? it poorly your towards over that are could about recent if been colonoscopy that And helpful. wondering requirement, been you of direction? that's you the prepped. How progress of the and was XX% time really

Tim Moran

with that we're so pleased Yeah, relationship. very

volume time today really are physicians now you we agreement. with You another and know speaking embraced that terrific it's generally The a signed they I know Pure-Vu, to obviously are work have yes, even – that full have point, there in look would committed going we seeing I to update we're also quarter, so a independence. to say And consistent going of that you if significant well. get to this take gain past penetration it's seeing very degree reordering, we're think but seeing we're them

there, and not to know that over we're doing they're them are – they is to that when about ways getting you by some mean just I procedures right, we're comfort the that you talking which goal, shows and collaborate have, here. they is level the know time what So other

think as us forward. we'll important I a moving for very see So customer them

consistent The little thing a GI think perspective is, that structured talked is basis, will are about physician's unique a in-patient have from if you about you this a way other they on NYU and of Hospital will I is site, if we've services, bit they right. that’s director a on the

physicians there will a whereas even you NYU group a physicians at have their space in-patients. doing that a these between, other know longer or month might objective work are once it's are you and they there are large key you rotation physicians have on in-patient that to rotation So and each have GI that know facilities full is if on week

of lot standard you really get and need know to learning these that last the targets, that's to if accounts captive optimize that know you you we obviously accelerated our to fewer really get know will. you that physicians success, it’s that of to some over we that of level a are expand that focusing success talking care can structured for we because and audience and us a took So way, on about up year, try you're a course as running,

done of replicating has that across to from networked and been something the we've country learned sites in helpful that in So colleagues places, we that's NYU other been terms other are getting you know NYU now similarly. and us structured in are

Unidentified Analyst

great. just a from lastly expedite And trial? Okay publication for me, on any ideas for timing the

Tim Moran

that. Mark answer have I'll

three something you mark months, I next two confirm. here, just can it just speaking the we're call generally think but if to expecting in that though,

Mark Pomeranz

Yeah, correct. that's

few middle down NGA, investigator in was last expecting on Again transitioned You something Doctor the are from of Center The who know Jacobson moving hopefully of expedite kind an that’s so that and by next forward. we the some actually progress months that study on that initiated slowed Medical year Boston study. the of

that obviously few next in so So as data happen publication, that will that's driving that and that months hopeful well. the

Unidentified Analyst

you. thank great, Okay,

Tim Moran

you. Thank

Operator

you. Thank

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

Ben Haynor

Can for hear Thanks questions. taking gentlemen. afternoon you Good the me okay?

Tim Moran

Yes, clear. loud we Ben, and can

Ben Haynor

the curious Excellent! one, it what the seems that? You you existing you the can on around agency. like the adds the mean NTAP It that's and almost of option kind of of than just a intra the know one ICD-XX the are of decoy went? at you coding. procedure code that presentation. only kind So color to kind like to other on I it any thoughts options looks sense supportive are available more that know just provide looking how have any Do

Tim Moran

participate so get don’t in into to why if I pass Yeah, to granular start more we detail, and did Mark. Ben so that meeting. I want we it But, can

did from. recommendation out I an code. Pure-Vu. we're forth and represented choose They various goes do the and options get nice can it to they did so with from what before they and looking are that CMS, forth recommending job try suggesting – that think We ICD-XX recommendation receive they Pure-Vu put we there's a to put it

in-house NTAP, now right, and will where back open period, the an will have comment So would it go to year. process you make which towards later as coverage. we is, will of on that's they come provide feedback it on then this But and know as move that, that's final the if the ultimately we actually any important decision positive mentioned, the happening right, what's and part folks an can they’ll in as you weigh

you So a know to way is the ICD-XX as track the procedure.

initial that So it's your I questions like well Did feel through get that we that in you that important kind process. hurdle Ben? we answer think represented and ourselves of

Ben Haynor

know given was that’s out the comment kind on then would against expect I and anyone no be is what to guys, competition. you there for period, wouldn't you wouldn't of that looking know mean I highly – open you to Yeah, seem you you come motivated

Tim Moran

but go Yeah, where that. obviously right to not know we expect process up, expect they their we you that we'll that, have wouldn't through would see but ends and do no,

Ben Haynor

helpful. Okay. add? That’s did Mark have to you anything

Mark Pomeranz

No, nothing.

Ben Haynor

thunder or Steal your anything.

Mark Pomeranz

make No, that well negative and would optimistic we're have likelihood use, you’ve code, we’ll know that covered [inaudible] but see along and come move pretty know a somebody about – you any to it with it along small. the how in getting the you the to was point comment things

Ben Haynor

Talk] [Cross Sure.

Tim Moran

with team's making a that know you the I'm know, from perspective, and pleased we're we reimbursement at you know are the progress way You making. the this, looking

submission – you reimbursement, to obtain of being know currently one know know in-patient we NTAP and a in-patient this know to and we for you perspective. headwinds is view from new that for the you one various technology You reimbursement that a the have specific don’t programs being

the that financial we if you committee, know end you help, see to an analysis awarded be as value potential we additional of However, were that could that accelerator process. with know accelerator, coverage, that particularly do the know you

Ben Haynor

easier. It becomes a lot

Tim Moran

Yeah.

Ben Haynor

so Got study. Cleveland think long it'll a double anemia it! a study, of take I kind pilot How so And with mean you the enroll? Clinic that's then come on patients, the to protocol, XX

Tim Moran

line better more know it point like, So has how because think Ben, is, to the given not only it, date, institution which you to general. patients a, this I move have say it But done potential for By know know number fully until can specific Initiative I'll control just we up we looks so a put going know of now pace Study, what that Investigator certainly date I a the what we the we the quickly. sight, many wanted provide you of we size we probably to will. But hard outlined an of on relatively but and targeted that. quarter and next we’ll the think are at we we've keep don't it's you here,

Ben Haynor

of one And I then than location. obviously these purchase finally more fare. the minimum larger that’s commitments, some you know Okay, on are sleeve know institutions,

and What hospital should you’d you the of would a You at procedures XX let's I start on expand things at We this wide? doing to you know these? have out, or maybe when of structuring that that location. great, per is as month, are bigger happens kind want mean How these basis, you to more that that? they the seven a do kind you say protocols XX handle of procedures main system it about go you road do down how is think or it seven well?

Tim Moran

Yeah, so question. great a it’s

decided So XX reasons we've these why one, that the right. was month to one make agreements,

as years challenge right, three new not think know you earlier, in or I as because said right. you is there, know the market, the and something, and behavior, change change really they're we're things they as out objective So will our in technology biggest

past, So something than we're staff the asking of technology. they've any physicians done do to and new differently in right, type

value of it for So time, it's utilizing getting into know they months you first and that have door they you on, based right. as additional I XX them on the this said it, site, positions the to the do first and we're they small that the put will know with believe product our minimums to we the site training you cases have immediately in as see having on be to know physicians comfortable a it, start access number job you will because we as

our perspective, So I will these know minimums agreements you into are the quickly. put that get think outdated pretty from

might agreement the next see You month potentially like. know look we'll we of hands you having look month I end in know can have XX in XX them if But minimum the that so at different know options what we purchase just the or an period, additional agreement, requirements know XX the from and future or where now. flexibility. rental this you we of get have physicians could it's wrote we might as it's you months either outright or lease at

Ben Haynor

Okay, lot Thanks a gentlemen. all for had I Thanks sense. that makes the questions. of taking

Tim Moran

Thank you, Ben.

Operator

you. Thank

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

Destiny Buch

Thank a I'd look for questions. wondering a you and accounts. of some to existing taking understand portion I'm what help on Jeff. just Hi! I to if are accounts commentary a you This like from saw us this mentioned be guess proportion is you high you I even new well. at start from like, was range? level, that could your Destiny have but my hope all revenue. portion in was for I specific, perhaps a does with

Tim Moran

a that early of coming sure Thanks to but for the Destiny. portion break repeat definitely so Yes, orders. joining. know start existing we're level want revenues detail, out Yeah, you I that we don't from of to seeing that would to it say are here large

revenue and you're any orders will then repeat quarter, potentially get couple orders the is going in from quarter. that So here given and like coming get the look I to the initial a majority is to think going in what that happened of last

that first know approval the you right and at that's small obviously paid of account had revenue that quarter the So end seeing but right the majority placed an and a purchase, of the switched we we're got now. their

Destiny Buch

how with well nothing pretty three it last change quarters for maybe some two will slightly, could to but you of these, the to – two, in fend contracts these Right, still similar that say? look just

Tim Moran

terms an or and new the amount break between In the existing. out of

Destiny Buch

yeah breakout. the breakout, The

Tim Moran

of start that it several end got know the of think are and QX as working here have I these we really that because will some we've into been issue pick of pending, do to you with QX. you that that types the Well, agreements know delayed COVID-XX of up, actively in

expect back, So And converted change. their I know start first you procedure you earlier, volume saying they was to as amount depending I when what certainly been we that the and get could think, fully to commitment purchasing. of and have evaluating that going comes sites many elongated back on of order, just place just know have kind valuations had existing and make these

So coming sites that our to of the certainly purchases repeat as in that right earliest think will I opposed ramp-up to in from we're terms new that orders yeah, now. getting start

Destiny Buch

is got know there aware it. we could us Okay, on of OUS; be And efforts you even you just going anything your remind that of? R&D should

Tim Moran

activities. several important. about is if mark think which So, had talk updated obviously have you OUS, know We we yeah CE so regulatory, to about of the we’ve some the

it so I having request evaluating in have you We say from access know as into market, Asia and into and done, Europe we’ve relates would high to Pure-Vu diligence those. the had for a level interested selling their or different inbound to Pure-Vu exploration either opportunity we're and several in entities,

as you I much think very is our on focus the know U.S. now right

companies, know So to device know key variety around distributors doing that well Japan kind be dialogue with said access a we and a regions both in obviously manufacturers, the with as had of most world. would we in access earlier, partner, of you significant interested you as certain Europe as large or entities, I different China medical to or

So we continue do to our evaluate, have diligence. discussions, of kind

the burn, heavily foundation right know you focus into So we're those the now entrance markets, and obviously balancing know but laying you cash U.S. the an for eventual given on COVID our is

Destiny Buch

of offline. Okay, the got you, it rest I’ll my take questions thank

Tim Moran

Thanks Destiny.

Operator

you. Thank

H.C. comes Please proceed Our from Yi from Chen your next with Wainwright. question question.

Boobalan Pachaiyappan

is Boobalan Chen. in This Hi! dialing Yi for

up follow-up if ICD-XX and Can be company's now, your this quantified can’t you affect how reimbursements; or quote quantify, be top possible? line? approval will it on when bottom think you a Just would that do

Tim Moran

for your Boobalan and for thanks joining in question. Thanks

Pure-Vu Because what analysis would But – of an I it about right line obviously strategically know patient to with you individual be be, accelerator But burden. work in analysis seeing that. I may on the as I keep investment to on amount know if can't the the now reimbursement today we NTAP, basis, would we're reducing environment, value So generally the you sleeve. say what it additional on right sleeve us overall adoption. the don't individual mind easier, financial know if know in you think you would have allow an think some much the we you that the it's on the committee, hospital showing into just cost generally had reimbursement way so you it through right, sight potential one we're return comment a – procedure, because think

if as this I said accelerator just, more serve So an will. would as you know of you

positive see on pricing either. I uptake know and having wouldn't upside So change don't any you our anything we that but obviously based revenue to it

Boobalan Pachaiyappan

and on new studies helpful. That’s initiate plan where clinical any you the And do you year? REDUCE this study to stand do for

Tim Moran

you – actually going that in can I Mark to another Europe. do we So, ask study initiate have talk know about to we're

Mark, So a provide, quick overview just do want there? to just you

Mark Pomeranz

a got prior yearly they the And called calls REDUCE did that going cutting on back put they year. study in Sure, actually a will thought missed scenario on catch it’s going in cost get which cancerous the just to key and are the and constantly larger, back there study, the are that back whatever open to did our they examining have which never comment. you did – almost see we to on they that ICU. they and the study when I as physician Cleveland to mentioned example. last was in outpatient focused become that sure and burner, right a procedure typically patients in those leaders basis, on that difficulty registry, mean and so study that really study be the small also good we before now we’re talked the of just an We some because them make Europe is prepping about patients then we we label initiating The are them Clinic in a earlier, hopefully we're coming focused problems.

be quarter initiating well. in will the study as we next So so that up coming or

these the on because they So a preparation a get there's interval, and reduced U.S. don't in the good the out-patient concern again, cancer. in surveillance because it'll of for of patient are an be inevitable will issues also an feed that that interesting into population, some

that, a it’s some well. some as on for leaders the So data as in well nice as see of us way early thought Europe key to get

Boobalan Pachaiyappan

so how within and are you Thank me, hospital from to many currently anticipate final many XXXX? do how new One underway ones start allocations Great! you.

Tim Moran

sure, more there about it in would have and safe Boobalan you think than sites. I kind of active. we of if know COVID right XX listen, the say I’ll that access, those – about Yeah now, is system are we two-thirds about call

back We up. kind expect to pick others the of

with working commercial I as a are very team. earlier, lean We said

that and we say also accelerate, will will have potential and focused setting believe strategic the QX, in well. The of that I new also every commercial ROI to kind very targets we at in through but look and further it that additional are just along. we'll in as add geographies quickly that in and are had strategically to smart. So the foundation and mode have where XXXX, a did, think But here do sites in that’s there, going we're And to here that the as we we the it of say with been each close. QX we’ll we would you quarters on that handful as would as highest you most we COVID, we to targeted we would reported continuing on the allow we're continue And we lost know role sites play think know. as about I are as bringing we doing remaining not I a organization overall and will be we quarter expand probably

just now. we're it that's about So thinking right way the

Boobalan Pachaiyappan

on time congrats that's it from for me. right, and progress. your All your Thanks

Tim Moran

you very much. Thank

Operator

comments. further Thank closing to the back you. floor this questions over There management at no are any like time. to would I turn for

Tim Moran

And Great! for to interested thank appreciate today. in joining We us Motus Thanks just GI. operator. everyone everybody's I want

the clinical enhance of you accelerate as we physicians the – across building As Pure-Vu a product excited we're more behaviors, upcoming innovation, we that you commercially, really just challenging in we market, about new the reimbursement, our excited for are the and we’ve progress that upcoming we business ’XX, that the year lot bringing with about despite you catalyst out in encountered, trajectory truly data technology know we can making foundation look we the are quarters. are on that changing of very we believe very are out are with the the and things the have, hear, can

everybody stays thank for joining, safe. hopefully again you So and

Operator

concludes This today's conference.

your for your time. You and great have at participation may disconnect lines Thank you this a day!