Loading...
Docoh

Motus GI (MOTS)

Participants
Garth Russell Managing Director-LifeSci Advisors, LLC
Tim Moran Chief Executive Officer
Andrew Taylor Chief Financial Officer
Mark Pomeranz President and Chief Operating Officer
Matthew O’Brien Piper Sandler
Steven Lichtman Oppenheimer and Company
Jeffrey Cohen Ladenburg Thalmann
Kyle Bauser Colliers Securities
Ben Haynor Alliance Global
Boobalan Pachaiyappan H.C. Wainwright
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
Operator

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

Third 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. that today you being advise must the is conference recorded. I over to Russell turn like to the I'd call Garth Advisors. of LifeSci Please sir. ahead, go

Garth Russell

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

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

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

Tim Moran

XXXX, highlights call, key conditions. difficult on upcoming the third excited business in believe even Thank accelerate today. our will our we to our update that on also continued you XXXX. an I market and significantly for which everyone. momentum, in of focus joining I'm Thanks, the today's Garth, progress quarter catalysts through On will call good share morning, these our

we by and will Andrew started. take to I continued ability open for to as allowing I'm financial your into U.S. start with convert provide the System overview to of that the our questions. in saying pleased get then our hospitals, customers. want active that an hospitals performance targeted Following let's drive my of more placements Pure-Vu With our call will updates, us quarter, outline, new commercial an to teams

from $XXX,XXX COVID-XX have potential to equipment As workstation. as Through their consecutive end license QX, revenue for of $XX,XXX earned quarter, a of third hunt of In of approximately this incremental customers now Herman the Pure-Vu recurring a second fifth XX% of an systems’ which purchased customers to of compared quarter quarter a procedure the Notably, the basis. result we of on included In new agreement with customer ongoing we Houston, the closed their pandemic. up and revenue efforts, delivered represents growth a XXXX than our Hospital purchase in despite fourfold year-over-year more headwinds key XX outright Memorial growth and win which met in either agreement. Pure-Vu with revenues signed strategic that volume committed now we disposable expansion we annually. expectations, valued of are capital This or important affiliated within hospitals. the QX, have compliance key have QX, the our is have the all XX between approximately

use quarterly As of in of agreements capital purchases Pure-Vu committed require we've sleeves previously, for equipment. discussed our these return

Pure-Vu. grow the ability Motus more use agreements to higher to on revenue, commitment In long-term volume offer additional to training hospital predictable reference volumes key sites, gross margins, levels several the physicians GI, and these recurring procedure by benefits stronger addition, including of additional

the recurring capital agreements lay the cumulative growth. waterfall contribute revenues to Pure-Vu either we a foundation through the beginning to on bring outright or more for volume we future purchases, As System, company's that of of will are users

we are intermittent accomplished certain sales salespeople, during footprint important and momentum, including of unpredictable colonoscopy a rep through small access I tumultuous with commercial and the everyone in procedure just we've While comprised it's to remind volumes markets. market this building very four conditions that think pandemic, the associated in

excited these position Given associated ahead us business company's our where about we significant COVID-XX growth in period very hurdles challenges, a We compelling can in initiate we we with are have a the as this take lesson. of believe new of our future. opportunity to

important market. into this of in uptake such with more preparing are in to the we proprietary As an U.S. way goal the opportunity XXXX, lean rapid our to in drive technology

and the lean coverage local customer-facing key commercial I footprint the into growing define strategically hospitals bandwidth say By optimize what gain sales needed of engage we'll reach markets. to able in to expansion expanding intend to mean U.S. thoughtfully long-term more be me invest our our revenues. volumes faster team, Pure-Vu EVS, more the have and our To the our introduction at extend we opportunity. I accounts, and commercial of time these procedure Let when in to enhanced spend greatly

Now value creation let's our additional progress discuss drivers. on

more provide me product our development. a bit exciting detail new let about First,

for EVS ease-of-use that As launch to System year. We improve mentioned our filing current submission we XXX(k) Pure-Vu EVS, significant the of the is the EVS the FDA I our speed will deployment. by a generation calendar provides the third earlier, device the end The to compared anticipate enhancements both Pure-Vu which System. and believe of of Pure-Vu for this we version pending of of are preparing

procedure is for for in to have our been X. expect designed of launch customers room. related asking done rapid Pure-Vu and than our we is take First, since setup, which will Gen less EVS something easily seconds XX This be ease-of-use, the can

use incorporated our to can eliminated reusable facilitate onto X Pure-Vu simple during from allows used the meaning our loading fixture can Gen a to make pre-planning dirty procedure necessary. a part As a on of as no should enhancements, decision along case. This loading a with the This broader to Pure-Vu and in the demand the load a disposable sleeve of design. use Pure-Vu of of be setup we've the technology number rapid they system a scope, physician complete with cases

the greater five the excellent Second, sleeve to of existing our difficult to ability added of single irrigation we've now that and have and removed sleeve and moved an additional doing enhance bulk tubes channel four and despite a removes possessing capabilities, even also provides over we've multi-channel even the consist ergonomics through water physician's suction so, enhanced design an from jet. larger to navigate suction already anatomy. which for tube, and control In

streamlined upper as sensitive for approximately overall which our the channel blood stomach the cases to our gastroscope. for the GI feedback treating rooms. of segments, purpose To-date, Pure-Vu an we've while demand and can as of of the flexibility cost the provides sleeve markets. working demonstrate clinical also now into when on Third, significant of such to XX%, goods, in Pure-Vu clots that transportation a had we’ve controlled for GI gaining allows is margins the The as lack finally, O-U.S. procedure this utility positive began GI disrupting like fit be physician’s EVS smaller contents. for blood, important QX. without and Outpatient design size upper bleed provides provide more by substantially an procedures is workstation new our to easier real-world challenge that more And which This visibility as we visualization of reduced of series well procedural and price I’d learnings. greater update pilot enhanced on lowers a due

diagnosis visualization Sense during Our the needed and utility treatment. to Smart Pulsed Vortex improve provide Suction Irrigation and

validating While of upper we plan cases our of to enhancements technology. application we the feedback making will the new in the through beneficial is Pure-Vu be pilot the remainder continue we’re and initial the EVS in GI design expect QX,

additional as anticipated next XXXX. Pure-Vu timing on it We upper updates GI provide quarter, will to launch of in relates the

of strategy Next, and outpatient clinical let for generation discuss me data. new reimbursement our the

have discussed secure screening strategy into further payers. to secure commercial multi-pronged it we help system by would the reimbursement, can our developed for previously, large market reimbursement we the Pure-Vu and public expansion both of cancer accelerate colorectal time, if As outpatients. private to Over a

an As clearly eventual be necessary submission are plan endpoints our support the design randomized help one a we working Generating in CPT XXXX, level robust an multicenter November of data code. leaders assist on such, a and study identified currently trial. the opinion for convened to optimize In to will design to with add-on key controlled appropriate to CMS advisory planning application market board efforts. our of of we the large outpatient in

begin procedures endpoint European patients approximately pleased bowel complete patient’s adjunct of to with GI in results in faster with This this get without the Cleveland XX am their current using is of independent assessed the Pure-Vu enemas I of that patients completion prep. help utilize performed we diagnosis hours, critical conducted clinical study could Texas. bowel to benefits to In by the the U.S., being evaluating XX the the a diet as baseline the initiated limited compared this from clinical any enrolling of Pure-Vu Pure-Vu or European using of completed, continues actually we’ll patients. clinic. the study current recently studies. and prep care in study the University lower to an condition. to to receive patients. the typically at primary GI Union economic announce traditional to post-procedure patients to system were on with the announced track. investigator preparation XX this volume emergent completed clinical were was adequately will an patients. who used the a is study with could Texas and three bowel XX standard centers for Preparation Pure-Vu, study age physician active patients receive for preparation bleeding tap at the clinical prepared this to not as outcomes of remains the allowing of evaluating independent lower who as study Of Moreover, low just study to is for outpatient And is study finally, The GI the prep water an of with If two poor patients Center Medical system to for traditional outcomes system. time conjunction will The lower to bleed of Boston bowel XX history presented colon struggled we in the in the bowel two a in Pure-Vu prep in and due medical Galveston, study the enroll allow In procedures challenge patients restrictions standard change Scale. required successful Bowel now from the that improvement Moving management The at colonoscopy bleeds. the and health preparation

have October. to Gastroenterology’s used XX of able completed Meeting were study the American this on study, inpatients presented this XX procedure. in in findings Pure-Vu Also were Annual patients The in of a late procedures. College was the of XXX% So note at and outpatient

Now potential partnerships. to turning strategic

We the commercial efforts continue exploration this pathways with potential to partners. expand that engage U.S. and could our regions and strategic The to accelerate outside potential evaluate focus the several of is in targeted U.S.

to allow continue may us also GI. call to line leverage opportunities also which screen We for in product expansion, synergies points

we to financials. to strategic to our provide and the that actionable that, QX I’ll Andrew will Moving appropriate. criteria options are ahead, as continue updates on now and fit evaluate turn With detail provide Andrew? our call

Andrew Taylor

same compared And to revenue Xx for everyone XXXX quarter for joining last us $XX,XXX today. We Thank as more the approximately reported thank of third you, year, a for than increase. you $XXX,XXX period Tim.

mentioned, an approximately to XXXX. represented XX% this increase quarter of quarter compared reported our also second revenues Tim As the

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

net third as September million the $XX.X facility in of activities used assets reported for of for At XXXX, was was credit This and financial cash Kreos operating put XX, $X to with with fixed During There compared million and million the $X.X equivalents. in and this in quarter, period million we $X.X XXXX. the facility. purchase same $XX credit third covenants are place associated the cash quarter. cash Capital, to liquidity balance during up million which or includes no

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

Tim Moran

I and Thanks, beyond. propel are that important to market marked company. capitalize XXXX disciplined us build Andrew. to can in the approach and ask we and growth for the allowed to moving position ahead. another on the catalyst upcoming questions. development We QX open during creation In business for our commercial now excited and And in pandemic our the summary, drivers key business of value call the emerge quarter strong look as believe we has your focused operator to a the will forward our

Operator

line Thank you. proceed question. Please comes from [Operator of Piper Instructions] Our Matthew Sandler. O’Brien the first question with with your

Matthew O’Brien

Good Thanks things, on what questions. the sales you taking bit leaning as can little of commentary the just morning. for into side the marketing XXXX Tim, provide far as about and that mean and more color XXXX. a really in the you’re business here another said now really may I count like prepped head in in intended terms it or of seems drive guess, to way, growth

business? that what into in about the line terms the outlook top of translates think for we do how So

Tim Moran

Yes, you hear the for comments. my Thanks Matt. Thanks, can question.

at this we’re and in into we XXXX. lean on fronts to as about where of very We’re ability kind several culminating it’s get excited

the bit brings So barriers I a foremost, faced really several system, faster little we in device to as today, market more the the a EVS much of development deploy first down start the and speed. think detailed can of that the at outlined and that we’ve

to we So to start time organization considering now think to a also build out and sales and with that the broader COVID, scale. it’s commercial

As gone to fourth added last and color you bit salespeople primarily throughout year most with just there. of know, But a give quarter. little three a you of last we’ve

adding salespeople speak. couple as additional we We’re a

a year, metrics some to before system. continue EVS having expecting the anticipate, forward-looking then kind mid have add getting a digits the I’d of launch the to basis of the end we’re see So plan of on we and kind to quarterly – of of single as the the upon that

folks. a it to updates way roughly to about we’ll as had the and was that kind around sales when go, give we levels back team maybe pre-pandemic XX So of but we think getting

the way deployment. But We expecting. into lean Matt, if now XXXX. COVID we’re that, lingers, So really to about And the be if can we ready cautious ready it acceleration thinking we’re the that’s go to just opportunity a now. see the than faster with certainly lot we’ll then right – for that we’re

Matthew O’Brien

talk Herman, Okay, Herman, you right given about to then just but back any then excellent. accounts Memorial ability it’s And for going now, can And the I know a your access environment. Memorial to license hunting about started have we from how sense been system then do placement for a other what in And And could Thank you how sale technologies versus a that they’ve that there? adopted? you. can think perspective?

Tim Moran

Sure. Yes.

heard the So surge impact a probably country. through a bit the of end the think expecting really of your just by for first for – of part lessening feedback parts on year. question, I from of of the this the surprised were of in continued some certain some in the the COVID others We you’ve of we’re And industry.

some have that other the Texas So Arizona, COVID. and delays we we we in Midwest with do specifically Texas, mentioned but obviously, Herman, and Memorial put you in saw some where have pressure installations on in just occurred

and impact with at we the some that continue to and get accounts within Herman. for main at did the the to said, quarter. some extent procedural finalized access But that process of least volume hospital able were So Memorial those to

a of seen hunt. in we because As we typically our which own the day one, you institution, mentioned, have have the that within and and work that have it to champions, terms then way license within they at we get nice of can their that our said we’re of and kind data with approval system. we they location that grow phase the to it a technology. it’s we purchased And is, easier have VAC more to commitment looking strategy from the And they is primary capital, they’ve grow second

great. of cultivating One of facility conducting the we’ve the a would our now it. meetings share experience Matt cross which benefit relationships behalf, device seen have is I done in say the of, that with powerful to and now very things used They’re already technology, specifically, KOL their it couple kind Memorial the Herman on of with that seen

about organization together ready customer’s and for Memorial the but those within an GI get getting Pure-Vu, the try facilities mouth, that the system, will community with we our benefits go and follow next So of visibility, right? the from sales on opportunities up giving So talking then evaluation. to couple the

into So grow to think that’s absolutely XXXX. our we’ll to intent system. I within see we as And that get the able you’ll that do be

Matthew O’Brien

Great. Thank you.

Tim Moran

Thank you, Matt.

Operator

Lichtman with and proceed the comes line Company. Please Our Steven of with from question. next your Oppenheimer question

Steven Lichtman

any getting studies aware that customers? larger Tim other conferences center potential other see that are their we at share institutions. [indiscernible] single larger you’re as institutions for these some or that experience there these Are to of able of plans presented with could

Tim Moran

thanks Steve, for Yes, question. Sure. the

Medical in So, which on saw that you’ve this. because place technology Texas patients user out single saw, completed in XX have in the of just I that was the earlier. all probably seen they’re study center was of University And as We did and October, the results took and it’s on about that put active the others done Conference, talked Really Galveston. the ACG nice, branch heels an of at fantastic. were study. study you independent, They hopefully the a release we a

encouraging So those absolutely efforts. and we’re supporting

us. peer-to-peer think can that education independent I be is very for very, helpful

there’s it kind just else strategy to GI. broader and to clinical Pure-Vu over if Steve’s Motus kick you of want question. these we add Mark, other that now ready the not a larger a that are active centers have in probably So outline. But that of to few actively we’re are things right of the in I’ll customers in works couple close to anything you

Mark Pomeranz

Yes.

in and in it inpatient several investigator looking that outpatient but both I opportunities and that centers do even ultimately initiated at talking the we’re to think are have Tim, indication well, well. as you upper we studies, pretty hit

So think activity see of you’ll a I us. lot for

of in active clinical our think with to the us the to part clinical more footprint enhance our lean well. as to group work is in I new the side out device being coming physicians, really especially EVS too, commercial with

Steven Lichtman

look patients then Is outpatient number what Great. study, you provide set may like? it’s provide of long can broad Thanks terms follow-up on to the And that in guys. need how can parameters I be. know of anything any terms potentially you there of not but might yet, in that initially and

Tim Moran

provide some just today. Steve, also strategic and study at this can important let Yes. Mark tell investment what of obviously important a kind that approach, I’ll I’ll you detail But provide company. we for is the an

this putting at convening So board, together we this had as protocol. meeting will endpoints and get We be it advisory the we right. power which and actually making ACG ultimately what that necessary we group. said, think We It’s to our our about kicked and how about I with the physician sure around just all potential that off optimize get to first reimbursement. think

very is the that we’re that and about we Mark, to you want RCT. this maybe about detail being provide we’re little how something So thoughtful thinking just get But more about bit ensure it careful a right. to

Mark Pomeranz

hopefully we clear Yes, code. absolutely. we’re And I pretty around because reimbursement the what level interactions to had one key see on really with outlined, is with the them aspects CMS drive think from that to and really they as have of we’ve will us ultimately need some that guidance Tim from one happy of

most can not it the basically well. get the of constipation study to facilitate inadequate litany a to higher is to have and which opioid have on really of So targets use for reimbursement, really key as focusing be colonoscopy that predisposed comorbidities, And kind of colonoscope going want other need make to that issues as on really against impact that a of then a only patients us motivated an of like but to really just a and tend technology is those and prep, the diabetics, where users portion well. trial the care, a to to randomized which population, and most physicians it’s are also the folks need cleansing a are can those chronic significant after like standard

we see trial. it So being a significant do

finished will the GI the you especially large will community. trial, for it fully to But design haven’t what exactly a We the tell end be. be fairly

at don’t nice again, to which what endpoints suffice is any looking we’re us, for with long-term post-procedure we design. this month we But I a follow-up, as do safety what As within think need believe, But showing at. that’s probably type weeks not should haven’t more point. thinking a us completed we few we’re

Steven Lichtman

Thank helpful. guys. you, That’s

Tim Moran

Thanks, Steve.

Operator

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

Jeffrey Cohen

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

Tim Moran

morning. Hi, Jeff. Good

Jeffrey Cohen

for couple a our questions end. Just

if same you would for workstation talk So as for that the GI the the next-gen EVS well? could about be or upper workstation,

Tim Moran

you Yes. specific really to this about excited commentary, workstation. in Jeff, as we’re could our hear the but

The redesigned completely approximately some footprint’s removed device. XX%. from complexity So much it’s smaller, workstation. the of the as said, We’ve a we first

well nature, yes, the So of benefit downstream equipment. GI support GI a But faster piece there’s both as pumps in that then, number so and less of colonoscopy set things up. capital which one of upper that points, this connection workstation is of as lower will

Jeffrey Cohen

you Okay. introduced, that out platforms? that there replacing And expect do current will be when

Tim Moran

Yes, that’s our intention.

a putting expect. a plan as you’d together rollout We’re plan –

we pipeline. that going But both are yes, and that on for customers, new to customers will market devices long. new then anticipate in all existing the and obviously, having all be wider our we much them to device broader upgrade the don’t So

Jeffrey Cohen

Great.

your Okay. will. focus organization current of focus And more you pipeline, or into talk with your into to you then go the commercial Is be about your both will if deeper can wider accounts? and accounts now

Tim Moran

Sure. Yes.

be the to reality. both. That’s going it’s So

the deeper but also the of the of assigned places are right, the development be to But trying on to that people a done covering it And hospitals today, for we’ve because other lined the in had going that of because there’s strategic COVID deeper, starts a to that and number U.S. street that’s these it’s focus other oftentimes territory. we’re been of had requires because to which training But a folks on we’ve across us and during is in to travel, and from over you strategic of put to lot XXXX go a over an to evaluation daily kind relative contact look well the basis, here limited we in market the got covering schedule sure getting adding the and able up perspective We’ve to huge. the occurring that last more already are upside opportunities kind XXX parts markets a colonoscopies the on approach the team We’ve sites our right saw But positions people got to EVS. if – for pipeline year, at country, So going broader already a remain with go we’ve in small at was wider product in with stops places. where purchased, of have also now been visibility. allow more them year going opportunity and the GI with we team, the access. accounts on for flying half.

I say a both, of combination would So Jeff. it’s

Jeffrey Cohen

of for lastly, that hospital is referenced currently pipeline inpatient And on all you or the Okay. on it’s outpatient networks. focused then some us that percentage

Tim Moran

outpatient procedures with current this back we hospital characterize we’ve being absolutely But it So Pure-Vu. look some established hospital if every base we’re way. getting our The over in almost networks. hospitals I that with here, is focus would that and customer instance said,

start get that wheel GI visualization focus or they’ll our device arsenal, once poor to hospital-based so or and flyer become to prep away, a outpatient and procedure doc tool gotten can procedures, difficult that they far medical that kind is delayed be it’s complete able can’t just that primary co-morbidity So well, and that have history of inpatient has case. if frequent comfortable needs on or over you using the the and has to to been device of prep to about they’ve done. in the immediately technology prep But the they their and the think will, the a due condition outpatient,

being I of we’ve into combination system, So to here the more EVS with potentially And think see a some workstations both. hopefully the at that you’ll hospital. even start things of deployed see the deployed

between having that we’ll to just But think move So you’re of happening. it both But care the I see line within there. not draw I the wanted sites two institution. of to

going the as today is focus if So you hospital, the ASCs, into opposed to will.

Mark Pomeranz

our to hospital bit procedures a of About departments. Yes. third in a that, Jeff. outpatient are Add close to outpatient little

still to portion a rather have somebody a refer lot more to market patients, the difficult they’d with and large longer times. ASC, the any hospital because they there’s the So, got And of that, all if have there. in comorbidities because don’t to taking issues the folks the tend also of them they want procedure

in we of hospital, of cases utility So percentage ASCs. the from will outpatient greater think amount the a the department also be for than us

Jeffrey Cohen

questions. our taking for Thanks helpful. very Super,

Tim Moran

Thanks, Jeff.

Operator

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

Kyle Bauser

feedback the was Maybe XXX(k) application, by Or the more EVS progress. end? see of physician that device, guess, that design? kind broadly you you helped and function inform that expect was administrative it to just for is Thanks that a year updates Great. special traditional? And this here the I and to on it nice new of a got largely the submit a on next-gen

Tim Moran

the feedback. But for procedure and Yes. helpful would would so we’re is, the felt I development But knew regulatory there little better. to iterations Kyle, we’ve even roadmap, way me the yes, actual of let also and that want changing take bit the the be able gen done about a talk we were be things a had that how part second would thinking always this And would second and can during kind of how be kind period procedure. We that product things submission. of market we’re for Mark we right? can the take of the quantify the colonoscopy then time,

And just they’ve a for day difficult. they and say different do every I procedure would years. has to change years that getting in been always do is willing the done something change being and biggest hurdle single However, and management folks

something as device that we’ve this very in the very, significant about a think ease-of-use would I So way. iterated

little we heard but pieces So we couple and earlier, we first didn't we've Gen right, just the of one a commercialize. with X yes, nursing feedback talked things generation, that a that, always simpler of from than about it of the which tech a bit has been, it's perspective,

taking to reusable well still as in it's get have this to it's room, loading fixture. as scope me ready minutes because load a to different I several the a However, go

room to get bring room procedure. that procedure then got a to in they've the where loaded So into they're different doing the actually

one as okay, was into this said, our suction well simple worked clearly was day have to one, which make right. extremely as irrigation, from as then that built we possible to deploy, next-generation. And our hurdle fast possible and we have other is that the as So capabilities this

the sleeve which So a more purpose clean us scope. efficient have been could in really scope. navigating that shining the safe and being the number of which bulk would the and even to very however, physician a improve, primary the or was has is of and less felt have to and we them device, through, star the manner ability able of through broader get We through call-in the area to the giving that an allow on colon comfortable outer navigate with to physicians

remarks, have prepared one gotten lumen, an much that we've tubes So our bulk, bear much animal is a as scope navigate can sleeve today more of which physicians inner between four just has the feels of I our been, very we more and the multichannel mentioned going control. in early to much from feedback in I scope. I removed labs really removal this the five incredible easily, are

customers. ease-of-use deployment. feedback So and at the to to about way that, excited the it's really so to look speed lower it's absolutely barriers We this adoption from as built but all very around of

So hopefully, kick let on XXX(k). that's device. it helpful how thinking about you the the color of Mark, we're terms me over in to

Mark Pomeranz

colonoscopies usually months or kind and get we just of more the of plus into bit all we in that do do to day-to-day to with Gen start over And entry making technology EVS and realized last Sure. we've mentioned, point you and aren't is, add used with kind I improvements the day less just learnings guys to to are more Tim our something. to of new with to get big those with colonoscopies X, the little used learn of new hospital technologies because a with is kind adopt started we're therapeutic the We you a of one of your as think advanced as technology. XX what all guys lot the that that importance got and X new Gen more

And really and incorporated we us your special a XXX(k), that a looking going of colonoscopies will mechanism the the into this I we of strategy, done and we've was actions same is as as just kind predicate key EVS, learning we've a the of think So works the as are back use we criteria, kind device. basic at which basic think system changed, as described. huge are the as with action indications the feedback the which mechanism you of market how the then has big what of Tim think in the regulatory general for that difference cleansing make long to not

can XXX(k). a drive You usually special

Kyle Bauser

And just I prep was hurdles, then clinical things, colonoscopy. your of of side to that. is pretty tip Appreciate changes, efficacy I guess administrative you. just a the answer evidence the workflow the a moving out to poorly hospital distal Pure-Vu, the bottleneck it it – you clear there Perfect. have new sleeve, compelling on does smaller cetera. have diameter. is always been all function from seems clinical would that on given mean, of my still Tim, maybe et I guess data follow the up then are more I over any data? highly sense reimbursement, about and adoption to physicians Thank that pushback completing wondering, a administrators getting for And guess,

Tim Moran

Absolutely, question Yes. Great reduced overall the we've distal regarding the diameter. Sure. tip.

than the tip device. material. the XX% the So is current about smaller also We've changed

applications. helpful be in a So which certain more it's a material, will softer, malleable

important be well it well, lot today as So of even that's Kyle. that other change putting But here as scope. will and provide detail to obviously relates important an an detail of these to change that's we're more visual of more there'll and the information changes And as market. forums navigation the out kind a

it's made. data an you clinical question, of intuitive terms that In the comment

kind a year months visualization deployment it been So to yes, primarily in I There's customer keeping that change to procedural important provide an hey, get like, which of workflow, you're of over been last behavior then the factor change. has of me of lastly, would And lean volume, like speed said, of to telling kind this can real tell influencing time. better at standpoint, what a a lot a right, doesn't COVID XX it's say, has do the scaling do. period is you it that organization device from of management, a role of the the to adoption played you not obviously this through and place and access or our pushback

this I our are about, I physicians upcoming So optimize to very compelling, much helpful eventually ensure influence break would board always as and data market. can just have we the data, so clinical around independent but on look is do. clinical additional outpatient do large very reimbursement how at listen, investments clinical is get to very, we to would studies that with think into in them The very, something I

expansion I as look people need So of data more or at this would more say a opposed helpful. market that it working either to to is investment

Kyle Bauser

I'll jump for queue here. That's all in great. Thanks back updates. the

Tim Moran

Kyle. Thank you,

Operator

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

Ben Haynor

just Good kind big It's a couple of picture of morning, Thanks follow-up questions. for type taking guys. question. kind the of

chronic what sure regard or that's certainly that that attractive to the sufficient outpatient reimbursement, the that outpatient hospital does it diabetics, these the but and market make the So to the like the about would And be on product things like Mark basis? sound fraction certain to opioid it attract to facilities with the when say an other are performing sounds the ACS users mentioned. constipation, colonoscopies you

Tim Moran

the Yes, question. for Ben, sure. Thank you,

about reimbursement's for going ambulatory way So right. surgery be to centers, we're very important. this thinking the ultimately The data and then

profile just They're on have right. procedures traditionally a procedure If their you kind room. business, more if money not when patient they per day run to, per the eight, lot they're doing spend about looking to will, you and they how of a don't XX think

through outpatient, and that the in getting surgery So have through reimbursement the center, they're population centers a becomes same barrier third based much, is right. to about an surgery outpatient an the dealing running part initial issues technology. with, U.S. as ambulatory have deploy very important Mark the ambulatory new of but rest hospital But of was saying they earlier through these the runs a

So the about you complaining highlighted to, the prep about associated prep, issues that it's co-morbidities right. to about wanting it's patients able not not being with the just or not that drink true

keep or market, issues. XX motility before market. they've overall of about we it So that so percent or we've got can't of they is kind characterize outpatient mobility And either down the said or as

quality So you're be talking X can these patients million million they preps their exam. where so patient assisted about market identified an clearly a with to a high for there's X need to get

on colonoscopy adenomas a and not scheduling. normal stay they misses can of their in current So there's interval

terms both we more it. reimbursement enter well as over So becomes value the hospital-based behind of and time. ASCs the it resources we about And just that when in market in think put that the can sits as

Ben Haynor

to have how once be Okay. additional internal this something say. an models by whatever of we would you on beachhead kind different hospitals kind or internal a able well, three is of a additional do question, we That's can me, type then that Matt's and or there's is think for a think Herman color situation, say, way just there not kind get is of helpful. Any full of might to have you a and I very hospital system follow-up might every but that helpful. little And Memorial on kind that's secondly, penetrate be bit to do really year you penetration model

Tim Moran

Sure.

right, more requirements do the examples But are forward-looking. possible think you hospital this, the different, I to a about And think talking is employ right. efficient of system, one trying you're right. I as as we're I'm every that dynamics get really and how of

hopefully with better. account system, kind over not team So we've I manage few into got the do you've lot of then right. XXXX, we and think as flying time awareness appropriate I right. a we a one the territories, we'll which the we we're so the just XXXX, right commercial country, the How you're not doing and folks, to people think as also COVID appropriate considering hopefully But at accelerate when get get impact, be sized into within in trying So a the of all a got the just opportunities device?

do with others, level conduct interest their allow then much So we update quickly, your becomes, within ability next move we're that can system, the share this of a can hey, colleagues say, on you things and that it approach that town kind practices, with that right. to us where technology hall to get discussion to really the system more based deployed, across to of evaluate. on where a this special kind earlier, Because okay, is we've best things want Memorial with just to physician go mentioned working I Herman, their a meeting just want champions to we

we'll so approaches And that. take like

strategic environment COVID and to-date, I the Ben, that very less think and do about really all to makes having that, or know-how tactical just more things, to be sense. if with it's the Just way about not the to but the able been accelerate that resources

Ben Haynor

all helpful, That makes And the sense. Very progress. congrats on questions. perfect the and thanks for that's guys had taking really I

Tim Moran

Thanks, Ben.

Operator

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

Boobalan Pachaiyappan

you Yi Boobalan Can okay? hear this dialing me in is Hi, Chen. for

Tim Moran

Boobalan, good to Yes, with speak you.

Boobalan Pachaiyappan

on Congrats Great. Hi. progress. your

end. our from couple a just So

help reimbursing engaged you So drive partner execution. strategy to a consulting and recently

provide you can any updates on that So front?

Tim Moran

and the order. into kind pathways stakeholders part we're right talking that's an about obviously to understanding the right reimbursement we're right, mean, ensuring I the important in influence today, appropriate folks everything the Sure. of plugged investment, getting clinical the of, right that

to don't about kick bit strategy to you of how reimbursement of why support us. the we're thinking to Mark, So it little provide and detail resources I outside a

Mark Pomeranz

we've be Hi, doing we'll a There's and Boobalan, already going bunch things that doing a question. forward. lot great Sure. for so been of that

help locked a code. trial and with and go our really to interaction we that of it we even to support which achieve inform opposed us are to things applications our create add-on the code we've the push It's with to CPT the formal moving helping we've into. code code for add-on a some earlier, for forward informal add-on in garner really too. mentioned well, been straight into to discussions an CMS CPT group, what to through I one level so their an some of need key interactions that with consultant to right as as do So also of and us data a good with the really getting as strategy IGI That's that had some again consultants strategy. societies We've informed support try

ICD-XX So with very we issued. support, that's I an think get for also as their helpful code did that, aware, been you're

go in them payer is opportunities helping private the CD, typically claims. inform the early putting payment in put So we'll you really some we'll coverage private of and to you'll on the commercial of utilization will folks have a then well. be And step things kind built with to on, the for in of supporting appeal to information again pushing begin first CMS momentum many payers, utilization the to of then that claims process the decisions, cases, able And accounts at coding, with for of device. side be to an potential some we device, be after which looking able you're realized to cetera. for how be then as you other future through and which push out use and to to that help works In with the as et

has as in So help EVS to well. with all that the aligned support putting we're infrastructure

Boobalan Pachaiyappan

for Thanks the clarity.

running you're clinical actively one from European so us, in the Union. trials So more

what's might that, in to be to Pure-Vu addition increase in this the visibility So Europe? required

Tim Moran

Yes.

with the running entrance We're the right. it focus a down very and into the and really we physicians that the Europe, the institutions running pleased trials. from study to But perspective and Boobalan, actually resources, So yes, about we at. are it, commercialization way the European comes were think

commercial now we opportunity a new big today, So such that of being be U.S. obviously a the and deployed think can culmination adding kind resources. with quickly, product of the

is scale, and partnership. U.S. adoption revenue thinking focus market. a we're the Europe through accelerate one about the the to entrance broader a number into potential is Europe Our How in on driving

So to, have alluded we evaluate to continue discussions partnerships. as I

Some our lease which that next without allow putting specific the product own take our obviously we infrastructure engine, I wouldn't a future, that XX the point think a to the others market is can to also time in would build could some be expensive. wouldn't at And not having near-term, sales an say Europe, Europe that global months, right, can into where I do in time, that. that i.e. the in envision and to us XX But our that. be geographic resources already commercial relationship, into force, there's us to get direct

strategically for continue that we'll sense we actionable way that of comes, kind certainly the detail, about opportunity make more win. that And we'll think can and when to we're partnerships for the we us So but evaluate that's provide it. partner thinking

all trials, in it's Europe around doing and CE gotten we're that market. work in of seeding our the clinical the So having now just Mark getting, doing these terms

through So an comes I we infrastructure there's awareness market, a partnership. the in have at commercial point champions and resources some and but the most think likely really

Boobalan Pachaiyappan

taking Thanks for my questions.

Tim Moran

Great. Thank you.

Operator

call Tim for the the back I'd There hand remarks. in closing Moran are to no questions queue. to further like over

Tim Moran

we're got here, today we're an thank to and and joining Obviously, Pure-Vu. we hopefully else build market difficult developing what move period with one We've ahead continued into in about of excitement There's our Yes. the this through focused moving want ours. market accomplish, the like and market but advantage. saw a incredible opportunity beyond. XXXX no Thank with the got we Listen, progress. and we've for with us, of trying you, to first as what We call I mover our what know today. heard device you can dynamics, We've on everyone really pleased stayed just for Doug. disciplined

next call talking safe. everyone quarterly So we'll healthy on stays and forward look to to and hope everybody

Operator

this teleconference. conclude participation. today's you your gentlemen, and Thank for Ladies does

And have time. this at lines your disconnect day. wonderful may You a