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Motus GI (MOTS)

Participants
Garth Russell Managing Director-LifeSci Advisors
Tim Moran Chief Executive Officer
Andrew Taylor Chief Financial Officer
Mark Pomeranz President and Chief Operating Officer
Simran Kaur Piper Sandler
Jeffrey Cohen Ladenburg Thalmann
Steve Lichtman Oppenheimer & Company
Boobalan Pachaiyappan H.C. Wainwright
Call transcript
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Operator

Ladies and gentlemen, thank you for standing by. And welcome to Motus GI Holdings, Incorporated Second Quarter 2021 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 today is being recorded. turn call to of Garth like Advisors. LifeSci would over to the Russell I sir. ahead, go Please

Garth Russell

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

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

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

Tim Moran

our we to our commercial start then continues in quarter. update an open of data at each to generation, today. the will creation second prepared I'll our discuss of remarks, take the positive your Garth, the performance by excited an which Thanks, business everyone. to include Andrew value to provide afternoon, an pleased I'll drivers, clinical which then I will to each overview commercial the our product And you team progress, overview the our of build our partnerships. strategic end that and new market. good on ask questions. providing XXXX. financial I'm of and of U.S. continues for our quarter I'm reimbursement, innovation, joining quarter. call four share build momentum Thank to share for call through

As targeted we convert more incremental quarter, revenue into growth. represents of compared second the growth Pure-Vu first In quarter delivered consecutive the Notably, our quarter of XXXX. hospitals active procedure revenue of our to customers. we fourth XX% this and of

the remained being this reminder, on focused through a securing commitment targeted from accomplished prominent opinion U.S. key laser team very a support momentum hospitals. that As is and at has lean commercial leaders

reflects our growth initial the from year. for Our most ongoing the on had that impact of COVID-XX last launch commercial recovery an

I've stable exciting including among quarter’s our success previously, volumes as GI perseverance access mentioned hospitals, determination, this of A to units. market. and since XXXX, and increasingly U.S. an is As team’s environment we seen we the driver have beginning create big procedure behind this unyielding

of the second initiating the part during agreement with LifeBridge addition which Hospital, Health closed In Sinai system. quarter, customer new the we important to several evaluations is also

showcase the As is Sinai the capital them example pleased we in System, our largest Pure-Vu another System. see are of the our equipment. purchase hospital the Maryland, ability to community of value outright fully including to of Pure-Vu adopt the

for Pure-Vu minimum of in quarterly hospital purchases sleeves upper physicians We well length and priorities equipment. now require critical return the the signed hospitals major have of outcomes, reduced and that time to improved can comprehensive volume benefits solution and agreements, offer which administrators. faster we five addresses stay. a visualization Each our provide GI visualization committed procedures. of use a patient with Enhanced resonate poor XX-month of As capital during colonoscopy of a these diagnosis

such recurring which volume additional revenues $XX,XXX two commitments negotiating $XXX,XXX close actively ranges typically annually. quarters. of these of anticipate between We initial to the disposable we will The are over value next agreements,

As can close it the outright relates also XXXX. in half second currently deals of expect to we capital are negotiating that additional purchases, we

positive encouraged funding While commitment customers our System on capital obtain to are flexibility volume to movement their we see spending, believe released. workstation purchase the option some the the offer once we Pure-Vu with immediately needed agreements capital to is

agreements volume Motus addition, long-term commitment In several to GI. key these benefits offer

us reasonably provide predictable quarter. each with sleeve they recurring First, revenues

sleeves. gross higher disposable Next, margins on they typically provide for our

gives marketing as have and acceptance, Pure-Vu committed minimums the requirements. achieved responsible the back XXXX. Third, sales in the proprietary began City System a renowned for York growing awareness, of tri-state physicians finally, long-term To be adding believe further reported We market we we strategy and the these half quarter focused leading in these agreed continue of cultivate from confidence improvement some this utilization us hire hospitals effort maintain seasoned engagements and customers up And we help additional met these sites. sales who resources and among growth, utilization the relationships, all success. perspective, continued hold our we GIs setting significant upon mutually exceeded potentially train sequential to each establish to director, commercial a for or with and additional To-date, are protocols is our New customer Pure-Vu that of agreements taking company exceeded us at quarterly of in in QX This area. and have the expect now support their revenues is we have that U.S. anticipate we

return have additional sales will we will positive we While remain diligent spending, about near-term on investment. expect resources

gears creation our drivers. to four Now I'd value to like shift

product with solution. controlled market GI new commenced of First, Pure-Vu the where upper are In our launch we innovation. mid-June, let's discuss we

lab. us GI world the while procedural of further Our System utility initial performing opportunity focus is new evaluations market real utility clinical an that enhances that This the allow Pure-Vu on targeted also gaining experience. is to exciting the overall in demonstrate

system initial irrigation GI in the are method from the working be this time-consuming believe broader ease physician Pure-Vu opportunity to Today the the performed to expect the the announce to of plan target position Pure-Vu procedures you the commercial to calendar Pure-Vu system months under to procedures allow new the applying We in called is later a same third-generation related this pending This up, EVS extension development product. new off key the target to has launch by of rapid constant disrupting of update set hospitals. control procedural We've physician. the use at natural overall offer capital plans end best anticipate which source even existing same upper Pure-Vu to XXX(k) and the for a use, also support the suction, capabilities. EVS. will upper the by and GI and our enhancement we us The without reminder, to FDA navigation we only system a Pure-Vu feedback to indication. feedback the our year. XX on our take valuable for We're without we'll colonoscopy I system sleeve visualization and stages as product sleeve a early to during that that mechanical launch GI This The for tools which been physicians of same the of like than bleed physicians, for enable system, seconds. particularly execute and is ability And gaining this continue will the benefit our enhanced Pure-Vu our burdensome. the which and key works the indicated upper to strategy. working of this learnings existing Pure-Vu, our will provide is for can market would As QX, channel has approval controlled during year. between of channel And and and moving take greater we both a will lower provides launch less is last design access gastroscope. XX equipment

strategic markets during our commitment the our our gives international and flexibility as to pleased substantially our expect system even lower. for key outpatient be our we leverage and such we that benefit us With provide cost advantage. plan additional Another EVS we enhancing said, entrance innovation mover I’m to This offering calls and goods we into of driving continued segments events. as next-generation greater more with price-sensitive first of details overall system future the as expansion. team's to about plan is and

Now update let's an on move to reimbursement.

we As would can private discussed secure our previously, by we if it of to payers. commercial secure reimbursement have strategy a procedure the reimbursement, multi-pronged further time, and expansion. Over accelerate to help public System Pure-Vu both

code, ICD-XX new Pure-Vu will the X, the will XXXX, in technology not request Centers As we On XXXX. Services Pure-Vu system an Meeting. for for Medicare was payment Medicaid as definitely X, and a code the inpatient a granted submitted on commence CMS of ICD-XX part a selected Unfortunately recall add-on system XXXX, permanent procedures. August for you at October March, which

this for necessity Pure-Vu not in procedures we have, remember do have hospital fast headwinds not tracked inpatient inpatient previously payment nice the for as opportunity, a we as environment. You to been but would a gaining which stated, was face add-on was a we believe reimbursement

to keep execute our continue on you our reimbursement strategy, will and holistic quarter. progress We each will updated

presented BMC reduced value to third peer-reviewed preparation have In in article, XX% the we colonoscopy. the publication announced clinical was the study clearly article the in presenting rate. from in the bowel study claim driver, the new we overwhelming important Pure-Vu of quality supports believe is the hospitalized our of data an outcome Among to our clinical system’s Gastroenterology. the since creation system findings the patients improves Moving from that success undergoing June, emphasize continued journal announced generation Pure-Vu this reduced first data. which data in We

in while potential sales to lowering payers. help and educate costs we enhance continue patient the hospitals, drive also on the for publications to care is that market us hospitals the for As this it Pure-Vu commercial like system

publication motusgi.com. reading the outlined article, standard-of-care current the of lifetime be cancers, this generate found analysis outcomes system avoidance you quality and allocation. of we savings show the resource there We our effectiveness can a colorectal data from to standard-of-care it to were cost-effectiveness website, outpatient company Pure-Vu interested new use sponsored costs, on screening. findings peer-reviewed system has this cost the current Also peer-reviewed outpatient journal cancer for and announced article If compelling in in colonoscopy. and colorectal compared the published the data Pure-Vu during of life the the of second and believe titled important quarter, are compared of allocation that of resource to on potential the was the for in This as

helpful Pure-Vu system. the can for outpatient side we in a reimbursement our efforts believe new note, As data potentially this to gain be

our patients to is bleed to evaluating active This XX Cleveland our GI evaluating Pure-Vu, clinical have In benefit compared clinical study with hours traditional clinic this is GI study challenge to lower In terms could begin will to in The bleeding. at system Europe. outpatient patients. physician the system and condition. patients this required standard that have outcomes protocol diet study the bowel the for to at uses in in will lead to an enroll diagnosis volume colon we announced we enrolling poor Germany. study quality critical bowel to bowel sites XX faster studies, baseline post-procedure, the tap prep adequately in for study of study economic had study of to struggle receive the the least prep. June, Netherlands study Pure-Vu we the assessed both age low primary Pure-Vu begun preparation restrictions. approximately to also current the their improvement a The The and the of clinical across or a could history in key with bowel endpoints detection who prepped prep. Boston Pure-Vu limited critical The way as the enroll for clinical allowing initiated current study undergo The patients This management enemas the of Bowel two get in bowel two who patients. due to successful, using standard-of-care endpoint continues also including is the change emergent is of conjunction the combination from pathology enroll of the Patients XX of as in colon. by utilize in If medical complete with lower time to from water just XX the not study study outcomes Preparation related typically will This at and the patients. Scale. designed for the exam, to look preparation, will investigator outpatients

to Let me now turn strategic partnerships. potential

with several partners. dialogue advance our potential to continue We strategic

expand our outside and finding to efforts in Our U.S. pathways commercial and regions in focus targeted is accelerate the U.S. the

of value also our being for are the shareholders. able development unlock with aim We our for to technology enhancing opportunities discussing

to may we fit continue of for As and that in Pure-Vu criteria become strategic we utilization market, our drive consideration. available options the U.S. believe greater are actionable

and seeing procedures. making In announcement important the greatly have of are enhance creation by of XXXX highly strategics which deployed and capitalize and on launch four summary, potential and GI focused for following and we the drivers, approach upper build interests each to believe of value Additionally, new beyond. progress, we're commercial our Pure-Vu market the if business trajectory of our disciplined in to the momentum we a the

Committee. and our Audit Andrew, briefly are call to excited to to I want our Sonja of as on join Directors Finally, we the have Nelson of before Chair turning how over the call, mention today's Board

more Financial us leadership pleased our to the and additional GI. joined to have XX to turn board. I will fortunate is currently Chief over We're the and you. of of years join now accomplished her Ambrx the to expertise board have Andrew, financial Sonja call executive brings than Motus Officer of operational an and

Andrew Taylor

for everyone quarter XXXX Tim; the revenue $X,XXX for of approximately $XXX,XXX year. today. the last thank you Thank compared We and us reported you, as period second same joining for to

to represented revenues Tim quarter the quarter almost of XXXX. compared also an reported As mentioned, this doubling first

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

cash XX% period this operating the in July, There loan $XX.X equivalents, are covenants million credit During was term and Silicon XXXX, with execution a $XX facility Valley reduction assets for XX, same activities of cash XXXX our the loan through our with cash with reported Bank. up from increased of compared Capital. of fixed million as approximately we net second the credit agreement million $X.X to in this used associated by quarter, for financial balance XXXX, $X and year-over-year. refinanced we facility. purchase of In Kreos At $X.X million million XXXX, liquidity no loan included XX% new this June or and the a to

and Additional material exchange this in to the X-K be related the transaction commission. company's found can terms with filed securities

overall is needs creation over that, to on cash with to continue through call turn expected our XXXX. current balance cash us Our allows I'll executing now And value to drivers the and our meet anticipated back Tim.

Tim Moran

continuing supporters our Thanks, a Pure-Vu Andrew. In closing, strong loyal we large remain committed we of capitalize on build as first-mover to this market. and to advantage foundation build

the to hospitals, continue to of on We now call to for encouraged will ask to operator expect by We U.S., back your our I'll as volumes GI to ensure procedural intend and are ramp the access to-date, the with questions. monitor to work half customers our procedure as impact the in well the closely our variance access physicians. XXXX. in technology U.S. to to open in we volume rebound of but hospitals continue and COVID the the

Operator

at Thank [Operator be Our will you. And question this and ladies time, Sandler. session. with Instructions] conducting from Please state question. comes Piper first gentlemen, a your O'Brien Matthew we question-and-answer

Simran Kaur

of in Hi questions. everyone. on the feedback I hearing your previously. to taking Do Simran as signed for XX the want I agreements? expect robust expect with think we from of later we contributions relatively GI. This physicians mentioned off hospitals uptake meaningful sites you it especially five be XXXX QX cases, upper then, And rapid to the thinking start you're once Thank QX? possibly to that had is you the you Matt. year? major customer event revenue a Or you on any accelerations those the should throughout a Based on XX in launch, are product for in can pilot

Tim Moran

Thank question, that. Great. appreciate for you you. I your Thank

So just one let clarify me point.

market our kind controlled so So GI to period perspective, in we're time release. in upper XX feedback. get from real-world this targeting learnings you mentioned to procedural We're XX of feedback, correctly, an procedures as

XX we to upper today. So have wanted in just not GI sites do clarify,

expect provide over like in a that. and timing next more the launch and how of terms the things that we'll do complete QX two. position better during in plans think broader of see detail we we to month be to And I or work However, the going revenues call

it's a physicians that critical about enthusiasm think lot I premature, need been the these really GI now, unmet these really that right important to is learnings product, clamoring I bleed this it's belt. is, there we under for. get visualization procedures our continue say is during what very something have in upper will terms of of But

early the providing is Pure-Vu constant visualization. of some we've And is seen that feedback

port, So the through site getting our gastroscope. bleed suction our the us of of at the they're irrigation obstructing channel the working and constant without visualization

as important So, through have the everything. that they reason so in mentioned working remarks, my I prepared that's is, today channel to for work

wanted So break mechanical to then suction connect large they up irrigation using pump, an be pump if to can't a they obviously tool a or a clot.

different back up constantly Pure-Vu channel they're it for the channel So between going with of through consistently. let work use them the that their opens tools modalities working and

but So – said, provide it's to I continue And and early. most the quarterly likely more next detail update. we're as we'll at excited,

Simran Kaur

for helpful. clarification Very Thank on the that. Okay. you

was per month sleeve Next purchase have that Is the accounts. you these XX of you minimum agreements, think on be uptake? each to utilization your going still faster roughly had seen seven or in I first mentioned case, to year procedures

Tim Moran

that analysis physicians day an committee still for first two get we have that running. through reason is, one. typically accounts and product, on up very or trialed have these approval the with they the as supported one have And are value when and key us the that comfortable we're active that of So early prediction

particularly bringing organization these last quarters out with on now has back of has at the that Pure-Vu. to new physicians focus driving access now purchasing sites been that and over accounts the and two been our However, we've more sales training are approved our

So more what say each year. docs. of we than that number accounts a I the to but converted to that We're more train think these over And number absolutely seven will month expect sites part our good XX well starting in each got we to the start, I to and do is sites that tick first quarter time. as is earliest up see the

customers, the also absolutely on accounts – into you looking So obviously new bringing deeper our driving if so way but it, driving we're at will.

Simran Kaur

it. base Okay. at the XX%.Is gross so street for we of the XX% QX, modeled should guys Got And looking system And which products see generation you roughly upper higher margins, rate you your off the a that the lastly at and had launch eventually as be of handle Pure-Vu at do year. it evolving you run next volumes? you for remainder at how that GI

Tim Moran

Sure.

move what of this a products. steady is what and this when time, help? at well, gross that, but terms want our as current you're guidance, of I tell I'll where to there lower account as noise I – say the in be over the margin deem I'll a see doing we way evaluations quarter you margin the comes – to So that forward yes, on the cogs what don't it, quarter. gross specific here us is get state of number There for that in is generation. we than into and next still I think we into then have will still process XX% of certainly lot still the because But Does evaluation actually you to expect see is,

Simran Kaur

Yes. That does. you. Thank

Tim Moran

you. Thank Great.

Operator

Thank you.

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

Jeffrey Cohen

Mark. How you? Hi, are Tim, and Andrew

Tim Moran

Hey, Jeff, you? how are

Jeffrey Cohen

fine. doing I'm

bit few through organization firstly, from talk that could coming you and think two then commercial may little a how the I me, us us size Just advance now, about through focus geography, and and the and walk over quarters?

Tim Moran

director since we what XXXX site They're larger COVID. the that March New Jeff, and three just remarks, yes. in is then currently And a on, with organization I is we of quarter, on of coming you'd the metro the we as to into all have in sales this California, the areas, in covering as first area. expect some Northeast brought due been Texas the kind say directors April York that of I'll greater new Sure of Midwest. running brought City that's quarter we've resize the prepared tri-state this said we

from So the strategy done with think has first and board, But all with we team we job the that about sites, outcomes. we've gets about as launch talked we of KOLs discussed That of lean about the data talked and been kind team a the if obviously getting validation on getting going to-date. our large we've clinical back this original just year terrific to building the that supports foundation, upon being Pure-Vu, efficacy COVID. back that

we the that think So XXXX the into organization. opportunity, But kind that year, we of into we really commercial lean become end the to has at believe work. this now finalize of I look get the as we year start – we to as

be to this in even I going we're very said, situation, I dynamic so. weeks or as variant four would COVID a is last say very cautious, just So, the obviously

where Texas, the that we we to of think in to that, people can hear. we're point But most obviously made to were start I which is comments that concerning getting believe saw I us a will on people few Jeff, year it this want to team into see scale opportunity. really before specific don't but to numbers out. the is put this add you

Jeffrey Cohen

Got it.

studies in And about centers many was you study also or Thank – for number it talk be? Perfect. I will patients about about general? in you. a And others the could the in in missed How as talk centers, us secondly, far and Germany. or Okay. study – Netherlands speaking as little Europe the involved bit outpatient you're other two then other actual that

Tim Moran

Sure. Yes.

Mark the provide on wants that a to Germany. it to any – be additional I'll the So hand color and XX will study. that Mark, study, be expected on patient XX he it's you. center study one European to in let Netherlands, one a ask me – between I'll two if the it's in answer centers,

Mark Pomeranz

Yes.

with study history controls that XX population Tim, you hit correctly, historical think it I prep. this is patients, it inadequate a against in of the powered has a

we do get to nice this in improvement patient expect statistics So the ability population. on some for

Jeffrey Cohen

we Okay. When expect might that?

Mark Pomeranz

by of year. targeting enrollment end We're the this completion of

Jeffrey Cohen

us. That Thanks for taking perfect. the Okay, does questions. for

Tim Moran

Okay. Yes. Thanks, Jeff.

Operator

Lichtman question. state Our with & your Oppenheimer Please Steve Company. next question comes from

Steve Lichtman

you. accounts things. you Hi had you to And and guys. were do Can to still accounts some getting capital – Tim, last how you open? purchase. about purchases, were currently those potential the of the you know you minimum mentioned did also Thank up also talk many free And the either two number to then during evaluating looking not five or are paths as that a decided are of that of quarter, I they have one go evaluating? quarter one of one that those

Tim Moran

Yes. I as very focused We’ve we've Sure, listen, taken said, approach. – a Steve.

I accounts we a But think we went were team lean think how to we've this have talked about deeper encouraged get we that I've utilizing see that, we've have. these been quarter, to several able and bit committed. what smart I of we the about is so been

were to in get As remarks to capital mentioned the we movement some with volumes prepared quarterly Sinai. we able

VAC obviously in between year. pipeline final And pending approval for the or their a say, that will would evaluation pending – an occur that double-digits say, in would evaluation then evaluation finished kind call we We a move eight I this four now from approval of are and are have that And actively. have low forward. just accounts I handful, it either have to and

I a move new question, clearly accounts that size the the team outweighs we have, the last with at people completed and then number as that with have. as the very to and organization, ones very, get we started. So, through, get size But the we the far to able commercial they've of funnel kind the look of opportunity been the of said, pleased of that

year into for I'd start So some about we which be think now next-generation of why the to launch talk the even and Particularly, okay, year. be the the is going system, opportunity putting due of system. as easily about, end get more the enhancements into this I start we system, this of important scaling as we the time, to the into which EVS think of we will that's today to into think that mentioned adopted that next we're first

expect be if that We well goes regulatory. everything XXXX launch, to with an early

together comes of think, commercial So nicely, that I kind scaling for organization. the all

Steve Lichtman

And us. then second a Thanks. just question Great. for

On about the that for talking quarters been you've couple strategic a now. partnerships,

I'm characterize bit Just – wondering to there see has expect any term? – there. from go that as such if wait in then something and medium could movement Obviously, more, near little commercially you been sort the a it specifics, we or guys and see don't I you but could that a is still and progress of

on, front generally? better trying on of to Just of going get a sense of kind what work has kind gotten that

Tim Moran

much it's a provide with. a right. hard it's one so too And detail to good Yes, question,

kind level. just for progress So you, several. deem active very these I I and asking high with appreciate they continue would as to the conversations of

on own. nice Part which in to timeline might accelerate to that kind way maybe from markets our obviously us O-U.S. they year alluded than though, for the earlier. validation very discussions obviously around could to also range which COVID think I a get could I a particularly yes, be we to global of quicker relationships into set it specific as Steve work relationships, us done geographic first do be didn't broad that is of back, allow interesting

and as this did accomplished. had with of cleanest the well no got lot put we're I QX mean, we've COVID-related a would progress, now quarter I So the holdups showing that I terms in team like think issues and

value of But my they the give That always course, you outlook the it. into end XXXX, actionable, we I think not things towards as that. for for become to where continue us, that's on remains can can timeline they're terms think could or So shareholders. be probably the seen. get the a we our I of right that the in of that's early whether to for generate probably And do some best part year of I

Steve Lichtman

Got appreciate Thanks. I it. color, the Tim.

Tim Moran

Sure.

course. Steve. Of Thanks,

Operator

comes [Operator Instructions] next Please Wainwright. Chen from H.C. question. question your you. with Yi state Thank Our

Boobalan Pachaiyappan

in Hi, this Yi is Chen. dialing for Boobalan

Just a few questions.

X is firstly, Gen So pretty intriguing.

So Gen X if I you state Gen kind of some versus X? differences was wondering could between

Tim Moran

to you. nice speak Boobalan, Sure. with

I can had development what of So say roadmap. is, right product now part this we've our as

is when knew to gen, launched we the to that to continue we've and drive but we their customers, time, even So listen advance and iterate something that the platform. get we continue first our this our over feedback innovation, –

and use. been to around that mentioned GI focus specialty. the the I allows just As significant across And we've adoption here has done continuing of I kind broader think it easier for earlier, make easier that really to

the use setting of XX now referred terms scope. scope mentioned get as be able be earlier, up to load I has ease to expect be that down sleeve to sub onto can that So what to device and we our up. a set a in utilize, of seconds dirty

case, starts Pure-Vu They back scope complete physician the the and and say they theoretically use in take to the right So could that go use realizes and case. isn't patient Pure-Vu. the want clean, load that Pure-Vu, out,

where as into like eventual our segments important staff. development we the outpatient So physician our COGS. advancements the relates more some places will the we of user, as set price nice But really market outside sights entrance it sensitivity that U.S. also the would have end very about critical or out, usability for reduce thought to to and become the

provide I do we end get further that updates detailed the year. So earlier, And closer of this we'll as both. this will said towards as we believe

Boobalan Pachaiyappan

been And some question to also, helpful. That's physicians have general use Okay. how far? really Pure-Vu trained so just many

Tim Moran

closed important is I'll question having at So will we've – of accounts. you that growth our tell we're is probably the more physicians what the you if

what we've and this year, that, seen tracking of right. from been beginning we've the So

So the in access be really end environment stable quarter. with ability of we've we in January sales the double to had more team and number past a of the accounts, the users till this seen of that from

higher into going I update over more time, to and most is quarter every in train want is So to that we quarter each we think sites. to what but disposable signed each are physician these revenue we're don't we recurring and that on traction these more accounts, which getting translate give important continue for an is seeing

Boobalan Pachaiyappan

And pretty a question me. Okay. Yes. final That's understandable. from

the R&D the evolve expect you year? the remainder do costs to of how So during

Tim Moran

you Let costs? R&D did clarify, me just ask about

Boobalan Pachaiyappan

Yes.

Tim Moran

let that Andrew question, I'll sure. Boobalan. take Okay,

Andrew Taylor

the the general, for burn for Tim. expectations quarter. Thanks now third our fourth Sure, In and cash P&L question. and our

of remainder maybe But first stable, pretty budgeted be expect the we higher for than it'll activities percentage So and the year. say be insignificant, what to the of in place seeing that points area. a have I'd pretty few for you're certain in clinical the R&D in the year, quarters that a couple we've growth

Boobalan Pachaiyappan

much. so Thanks Okay.

Tim Moran

for Thanks you. your Thank questions.

Operator

Moran no are I'll questions at back it closing There remarks. you. this you. to Mr. time. for Thank Tim turn further Thank

Tim Moran

Thank you, Thanks call Diego. everyone today. the joining for

And know We stays hope everybody very and on will to the the COVID to very everybody next execution intact. this commercial speaking situation focused that and we pleased and seeing with quarter. safe look remains we're forward that hopeful are performance that

to look forward speaking quarter. So next to everyone

Operator

great parties evening. Thank you. disconnect. This may today's conference. Have a concludes All