CVRX - Earnings call transcript Q2 2021

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Operator

Good day and thank you for standby. Welcome to the CVRx Second Quarter 2021 Earning Call. At this time, all participants' are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded. to call like to now would turn over the Mr. I of Westwicke. Vallie Mike Please go ahead.

Mike Vallie

and joining Good CVRx’s you thank afternoon for XXXX conference second us earnings call. quarter for today

and time. expectations Chief Financial based These over Jared today's may the call forward-looking Joining will remarks statements as on Officer, which Officer, about statements change me and company's are including Oasheim. on statements President of Yared; today, Nadim Chief today are and contain The plans Executive guidance. financial

In could uncertainties, a those call to Officer to Chief like release SEC. results XX-Q company's addition, of identified number call will CVRx’s the Form to President turn and upcoming the prior that earnings the to I actual SEC be due would materially differ the Nadim Executive with over filings, the risks now Yared. this including and in issued including and in filed

Nadim Yared

everyone our as us and Thank joining this for Mike, public for afternoon a thank you, call earnings company. you first

First, Directors, to all I'm of the our our investors, importantly our our partners, healthcare patients. my CVRx, customers, to to very colleagues and our Board most at grateful providers, to

are trusted us, on shoulders be in time the for us, of patients you we your group, long results will has stood way forever this of that, tall we been It the from I point joined believed going for the and the change grateful. company a all to in You journey XXXX, the and this of continued which I am heart incredibly efforts proud to failure. are treated

like giving our not overview you to of story. for who with our performance are by of Before those the an is during I overview providing would of quarter, an who familiar CVRx start

on commercializing markets. compelling and and believe medical patients a a the offer we cardiovascular and invasive diseases value We device of focused large significantly proposition by minimally innovative under-penetrated neuromodulation are which manufacturing developing, solutions, lives company suffering from transforming for

million failure. suffer million heart million the estimate one the patients including is XX treatment X.X failure, of countries. US system. the X.X million the diseases. in focus heart the on Heart are Our most and European million patients largest X.X X.X of five people usually nervous the people failure imbalance prevalent Every failure Europe. from heart of in in US largest new with and develops in diagnosed failure approximately in primary We the globally, people Heart approximately from an cardiovascular is five autonomic countries year, that

accepted Barostim technology, designed of the a utilizes proprietary widely pulses Barostim action. It to brain works sending by therapy is leverage response. activity, on digest to mechanism the brain known the power this decrease address the and receptors sympathetic Our of mechanism, to imbalance. platform to carotid better fight increase as parasympathetic referred to the signal or rest activity, the which also to electrical flight commonly is artery as and

HFrEF patients basis. a treated three medical that includes outpatient that Our and device implanted HFrEF. available therapy are ACE diuretics, symptoms commercially second-generation on and Reduced improve medications, often Ejection minimally with which to one of procedure guideline Barostim products typically neo invasive performed for during with neuromodulation only Barostim with beta-blockers indicated is Failure patients is the refer hour inhibitors. an is Fraction, Heart directed we first to classes

but proven what that are device with the majority patients HFrEF is HFrEF effective biventricular pacemaker. Some patients for CRT therapy, actually short, These are an CRT and eligible to we are to indicated be now CRT that an our option. which estimate is resynchronization have be therapies, cardiac in not devices treated of

our market We heart not $X.X quarter less heart estimate Revenue the increase the which US million. XXXX $X.X in In are of from population NT-proBNP and and per strong failure annual second CRT, solution, encouraging. of billion of HFrEF performance in approximately strategy our of picograms second continue the generated is the XXXX, US entirely opportunity growth Europe. Our by is approved the than was the countries to FDA commercial five patients, in over we was commercial significant second driven Barostim largest $X.X HFrEF initial billion is and to quarter build $X Total for the in in in quarter by failure, million, results address neo XXXX. for early This continued out millilitre. an of indicated the is XXX% who that the our organization, symptoms in

the early during first adoption by half of We Barostim the are XXXX. happy of physicians very with

are seen patients a that more that from the coming and they patients first US past. We treating growth from have the in are have treating that in that centers new centers existing

addition companies. helping large to and to strong we forward commercialize growth for appointment leveraging brings to July, innovations critical of in continue our of experience our to operational this a Martha In both leadership long we the business. success In Shadan add performance, our of talent we the to track medtech record early the And announced during her of Martha Board phase look Directors. of startups organization. to

with is plan advantage diseases. first-mover improve HFrEF and health that minimally our in global the solutions to of to utilize become Our other neuromodulation the invasive leader patients cardiovascular

the to sales our are pursue our proposition. innovation our body value specialized new over platform international team into and direct markets. Two new of adoption neo clinical physicians drive following: four, Three, commercialization force strategic our of upon Barostim to marketing expand technology and accelerate long-term, promote evidence and one, significant to our strategically growth enhance the building expand of Barostim continue levers neo. indications the leverage infrastructure the main with awareness Our US in patients and among a to continue to

is of key lever, in first the direct a the our Regarding sales in of infrastructure, particular, commercial our drive US. adoption to component our strategy the expansion force

XX territories of of group The are second field by of clinical mapped for by XXXX, XXXX, to is total reimburses the US X, of role the which new XXXX. The procedure to national Managers of bringing supported the expertise added the end have total X technical to of approximately. provide During Centre quarter a to CMS APC we a clinical territories providers. and healthcare expect to we at engineers is Territory Medicare average $XX,XXX Services, outpatient medicine whose currently the

CVRx addition, pass In patient granted cover estimate Medicare patients payment, in three a through of HFrEF years, effect XX% January took covered addon the CMS our for population. represents transitional of that device TPT cost XXXX. We to which the

our by be initial practices. encouraging. from covered requests The best prioritization of are patients estimate program to results we program private our had the industry's this on patient implemented the population, which XX% For team our market support access payers, to modelled

the that XX% Regarding growth patient of of IPG a the of longer expand I'm could the new implant our continuous about first developing is expected average. development This our generator population by we inclusion be We lever, excited that believe on toolkit battery very of But of ultrasound new generation half our BATwire pulse life R&D new XXXX. program more second innovation guided released to patients. the are addressable allowing potentially a call products, BATwire. implantable is that frail the in has we

electrophysiologist, this simplified would the physicians procedure XXXX, BATwire clinical implantation performed process, In more was using addition of we the June a as US. including In BAROSTIM be first NEO. here result comfortable implanting believe in

is the have demonstrate of of of evidence, designed study randomized This the the post levels, growth clinical third our mortality and body market study BeAT-HF. the we morbidity control the a expansion Regarding allows to better The follow for entered has stem up the and population. events. has of which the study in patient completely phase benefit HFrEF morbidity mortality accrual been market post enrolled and of

needed events the for by accrue end unblinded We early data the the expect in final XXXX to and of all analysis XXXX.

designations for heart we additional with resistant two the level, growth term FDA hypertension failure into Finally, breakthrough received ejection by new preserved regarding or long and indications, fraction indications HFrEF. expanding have

we to chronic in in the as arrhythmia hypertension, our to our benefits efforts focus grow disease. expanding such or any in before is kidney new exploring short indications, resistance begin clinical for or Our potential clinical HFrEF the penetration or term HFrEF

resilience We as has that over excited have Failure able during recognize not the our We about accomplish organization first importantly, journey But our are been exceptional straight in are we progress shown incredibly the to this more reach early to It Heart our still has efforts, by XXXX. encouraged organization of we is team the half what line. but an US years. commercialization and been our point. a

based We a to will over review. relief in we put to believe a huge before. that would device failure like turn now, option patients, have foundation call And heart for treatment help tremendous to a financial not Jared place the a to allow had bring of who have I population us

Jared Oasheim

Thanks, Nadim.

generate We in and devices in countries. distributors an on other our revenue components we of to and I sales to be will key direct update lesser US revenue a going outline turning to wanted Germany disclosing to forward. extent Before to what information and through hospitals the European our of performance,

In the addition unit sales of sales sold Europe. of The be the active providing metrics, the the providing XX we and completed of our revenue least one is at to revenue on includes units the of active which commercial as heart number we total centers, final in revenue US will And territories also units, heart metric that failure last US commercial implant key end key European implanting customers territories, in updates revenue next quarter. are will have which the revenue, drivers and US which failure be in sold metric months. is

Gross revenue compared year. As the million was generated XXX% $XX,XXX of and quarter, current the $X million relatively patient The launch X.X the $X.X failure the of a of Gross $X of the quarter XXXX, increase same when to the for quarter. to territories The from quarter. by decreased last performance in quarter, million or is and treating units. period quarter generated pandemic is last this eight increased last in XX year. in current of quarter of the during revenue for total million of units quarter, an the decreased compared Revenue The quarter. continued last of new two heart At last million, in an current over same XXX% number flat a in was the increase physician year. second consistent US six sensors was QX profit XX total the lower, active of the in in units was the in XXXX Revenue to million patients. $XX,XXX percentage which the QX, compared total in Europe in XXXX. period margin from sales for period revenue in a revenue last patients, a to continued in year. for number as $X.X coming current in to current the over quarter Revenue from quarter, to XX existing is during is in second of which year. Total an US was current current in same to margin US XX.X% failure quarter, battery the the implanting generated the the current sales awareness Europe impact XX Heart in on decrease the million following the $X.X the year remains which to which driven Gross increase Europe period end six of current we $X.X primarily US the for current the territories X.X% versus over compared larger QX in XX.X% quarter had totaled XXX% to was increase due new same into is replacements only of increased due resulted $X.X Barostim. in commercial or of of current growth XX for of revenue in sales same expansion COVID-XX results, the year at our or The Europe which the the primarily in period million Germany. or territories units

compensation increasing This by negative lead, a devices New We of for impact will margin an was $X.X lower new time. production, that average therefore patients replacement. the partially by have a treating increased down demand, term, our more were to X.X%, expense primarily which our the quarter, QX receive in from used a will stock due gross point price. million standalone million the XXXX to stimulation SG&A the last is increase a an of which the an selling be was current IPG IPG and change a same offset than turn for in to of to XXXX. $X.X year. an QX This when that drive offset in patients or $XXX,XXX approximately million million in increase and compensation gross based includes period of of full over increase $X.X believe for system R&D period driver a increase increase compared when in the to meet margin cost primary expenses for in was near battery salaries of quarter, or increased and headcount. an including which year. is as an mainly expenses commissions, same X.X XXX% the The compared current last the to were in $XX,XXX result

quarter the for the were per to $XX.XX of quarter increased X-for-XX.XXX loss warrants. to stock addition, In $XX.X QX year. to for increase shares from $XX,XXX loss period primarily became This driven current net in June an The by the second a $XX.X million, in of reverse last outstanding or per compared of million, the non-cash average to share XXXX. weighted shares preferred Net QX of value average XXX,XXX compared as or split for compensation income net and stock adjusted per in based XXXX. in based XXXX. was outstanding for outstanding that Net QX approximately was Other current $XX,XXX for change share, the increase on fair $XXX,XXX quarter weighted of stock $X.X expense expense of million current share, loss average the approximately effective of was related XXXX the XXXX. quarter a same $XX.XX the in for was of the $XX.X million shares XXX,XXX weighted expense, for

across which discounts issued $XX.X of offering balance of update. to shares all outstanding full expenses increased approximately of $XX the to the result activities driver including the sheet the after as cash stock. of deducting end of of IPO of public of the for At $XXX.X offering compared we equivalents three of the X,XXX,XXX XX, is offering an of $XX million. underwriters commissions, current into June our for compensation, and million as the aggregate last of we common of exercise was from on $XXX.X X,XXX,XXX X, entire adjusting cash XX.XX million price also July increase approximately shares the ended cash a used the common million XXXX. stock the were convertible quarter months mainly the stock share, closed $X.X after and at and the the at million cash had pro headcount stock XX, operating of including stock an in common shares XX, shares into cash current shares. in and proceeds salaries shares million, XX.X to of to Turning of net investing approximately of the The equivalents of the of sale million upon and Pro primary stock per shares as preferred March outstanding $X.X Net after triggered The common common in XXXX a forma of million compared common the On additional IPO. was XXXX same included underwriting option preferred the and conversion from conversion purchase proceeds June ideal net year. the IPO, period forma, stock outstanding The shares were was and stock shares of other XXXX, end organization. our This quarter. for

going guidance, revenue. formal forward full-year guidance turning we of and quarter revenue will gross margin as Now expenses a next operating total fact on providing to matter and that’s be total

total million expenses and million. year between full $XX between million. XXXX, margin between and operating $XX.X and $XX revenue of million and XX% expect For $XX.X the XX% Gross we

expect we now I and total million. For the quarter would million to over report to $X.X $X.X between revenue call XXXX, back the like turn to third of Nadim.

Nadim Yared

Thanks, Jared.

failure, get We lives the tasks, playing walking and back. the basic grandkids, with up have do on of chance CVRx. life. like like patients patients impact optimistic heart a tremendous most future their are their diseases, stairs. enjoy, down alone quality patient's day-to-day Cardiovascular about to the we Barostim, things the offer very of they a let With in particular These cannot

focused as this We on as are its laser patients many of benefits possible. widespread to the to therapy adoption bring driving

the now, recent in growth the the to we would of But for early like to believe years acceleration will are influx We come. commercialization. I help of the line our fuel our stages for capital of And open questions.

Operator

[Operator from Instructions] the Markose Your question comes line Robby first of with JPMorgan.

is now line Your open.

Robby Markose

first Hey. questions question. quarter two just Thanks public. from taking Congrats for on me. the the Really

them ask front. I'll and -- First up

nice hospitals came you for training the on you're in what field the be sense of we seeing going getting be a board? nice How qualitative and a great you is quarter performance. Thanks. really above year far and about any in pricing street. seeing I'll really get how And what for full it's heart price in ask, then sense, reception comments quarters just First, US one, second field, it doctors about year? just the It'd US? And great in a out quantitative second in to summer. so thinking to over implanters, the should from the little rear or got the the the of could balance failure be in give the the what the you're It’d and get second

Nadim Yared

Thank question. you, Robby for the

Rhythm will regards in to ask me the pricing. the Society had feedback last meeting Let and we regarding answer field, listen, first Heart the customers Jared from question the week. one, I answer In the

perspective, the we are, here I important my it to attendance. From seeing devices, one-third from in an In never to week is lower years-plus medical of medical think we're I that which ever have have. XX last group the was estimate busy customers been to usual, would interest than experience as my conference. that the I in be as electrophysiologists, Although a it of testimony attendance one quarter

more important the comment. understand One I the we shows goes of was feedback key pulled BeAT-HF And to of enough. three what enough. I've a which respect a with visible trials the what in the And opinion I leader and patient on his XX We impact was an to Minnesota of the impressed that in life. is bit like And XX, patients to treated seen of the confidentiality is data he scale. would have visible, patients on is improvement with Failure Questionnaire about from Heart beyond visible this. he And data from This Living talk we're another that quarter Barostim. quality at, feedback was he came about relate, electrophysiologist. the The little with mean, his I key last very actually a will data. But very me leader, show looking the data it. numbers his what them the And has seen he I depending on opinion our the improvement to points comment electrophysiologist impact. talking is seeing a XX,

the So And attendance. overall obviously, reception The will exceptional, positive. here. feedback from HRS excited perspective, receive low the I'm in so at very was is despite far my

So be answer I don't the know, questions to pricing. regarding if may you have to if I Jared any or it turn question follow-up

Jared Oasheim

jump has. Sure, question in on pricing the that Nadim. Robby Yes. I'll

for US. and the comes have base of number the our main with the quarters plans shy the commercial selling internal about and seen just not And unit. a of And, shifted revenue what out US internally. above ramp just back where higher Heart really, new to for of we Failure expectations price selling reason our committees. next modeling to that centers a price yes, on come on couple couple we've So, We Robby, to business. did have That average of of we for average the in price is XX $XX,XXX plan for value for this the seen of we've be selling that years. know and Heart But analysis we an per $X been then is focus to that US now area going over works price Failure bring units continue the we the million

a to And our still at we're price. internal models to point, ready shift higher this so not

Robby Markose

Great. both Thanks answers. the Appreciate for it.

Nadim Yared

thank as very and earnings first public both release Again, you company excited. your for Thank Yes. you, comments about Robby. our a I are Jared

Operator

Your line O'Brien Matthew next Piper question Sandler. comes of with from the

now is line open. Your

Matthew O'Brien

out taking my Afternoon, on me thanks the comments quarter first let And questions. on for -- of the good here. Robbie's gate reiterate

And the coming is the on-schedule. any Nadim, just busy of mentioned interest IPO you're So ramp out having accelerating all -- sales you getting, level to were the how again, thought you capital that more to at with there of HRS. the kind available

thoughts seen I and of think given at six, in to that eight Any territories qX, accelerating going number capital recently ahead up you're with the feedback the just you're now, you've now. in US? the sales

Nadim Yared

I And Matt. you me in wonder right. question, here, know excellent Oh,

a right. not are We going to on growth, cap put our

Now, when assays we talk about ramp.

of to the base. happy and very Actually, the the quickly become results we the to response technology it. are US new as physicians no ramp, our First, that now are account seeing expected getting we we with as physicians, with aware as speed question early commercial to are we NEO. in up related from hire getting managers And are the BAROSTIM seeing continuing the great about

said, outstanding have excellent Absolutely, Now, any been color far. be Jared see you will take with that account. we put opportunistic. able in that place. there, to to Number two out course, we'll of matches that the we above talent that has course, plan go when of one, so an into attract And things have

our the saw us here go reps interested plan above two, the in that -- help that the once among creating, it in the that physicians the helped other, will they not and and industry Jared only meetings, participate from interest adding put see we're in that in. and HRS has recruitment very has in level So heavily we at network strategy. are and can was quarter, we already terms per we we buzz each three these that they easily saw of talent that Number us

about the have another street is feet when on one account puzzle. take elements extremely to the but is talk element strategy, an of into element, you important commercialization there well, You a matters,

we increase to which We or creation. the doing. that have hand-in-hand. to sure same marketing and invest absorb headcount, make We awareness to are those And training capacity at to go absorb level the able least in we be have the at need in also

tell we So you, stop. I will not can

We go zero gap. with anything do that can in to and from Jared, a ramp assume we expectations don't and be you will be not infinity, vertical and There same attraction? time, But careful here, talent the to has add want retention lineup. have to in we to the for. at a here about the

Jared Oasheim

No, I think, Yes, it. Nadim, it. of mean I you've had most

of So a within far happy on have able a lot of we've level pretty steady that the recruit, interest been number There's said, That industry of really been we others the to obviously as of the CVRX. to that reps as well. we being inbound with talent with state IPO. as we've the far like the from publicity bring at

right as way So effective possible. as in the sure up training them we we getting make and are can them quickly that that

be case So the to I think that's that us. still for base going

Matthew O'Brien

Okay, starting see very is of year. exiting the mentioned getting where last on just some in bit of you XX conditions you that touch up are in me, that just really do those three, US QX, like Are in What Nadim at starting sites of guys that you when more alone. those of QX the But us ramp implants I XX can much. sites, what were you to had really that or end of you Thanks more helpful. at of you so for quarter. really some a majority is, briefly one four, importantly can then, quarter get you Appreciate world. I'm -- class on did of the you the to OUS clinician to so the can sites three really see start ever later don't did touch number, really these of that some per remodeling, and a these more comfort last which little think some it's the the of that. And

Nadim Yared

plural excellent Matt, questions, here. in

You questions. have many so

So one any if me them, I forget answer know, of let to right.

I’ll regarding Europe. the turn will I can So we the take there. on go address second Jared to to then and question question, And from it

Germany. of is, new Europe started Europe on QX, And struggling still in until was there. Vice and able to sales first with the year Germany President from saw and with this coming Thomas us, question the hired June, he January are the for It COVID first X So of us. half QX most Marketing, to We with face we face. were wasn't that own of Sales the a Hengstele. Thomas his team move our

everything much can So limit a there is remotely being and on the phone, done was how you of do.

perspective, So focus customers and interest, this he's carried in from that has our back bag been and going QX, meet is slowly that the US and to us team gap. area with to now covered that of for start has Luckily, hopeful will Europe face-to-face, able was the slow QX, we're but back Jared? his things which QX with normal. for us

Jared Oasheim

I revenue can kind heart unit. failure XX the breakout cover of US of Matt, Yes, the

commercial the early the ramp. data. been we're simple trying we've And dice So to slice this in answer still is that I and think

done it's And quarter. XXXX. that so implanting here just the active us And end quarter reminder to segregate, had implants implanting fourth a centers we of their so this last centers just were hard just for Of versus those as the just had X for leaving first early well. everyone in those XX really active joining

the mean, in months. So, last case doing implanting XX XX, first nine their talking of I centers, the we're

XX we of least have handful phone, seen goal us start little And being That accounts before seeing what at for have to we time exceed long-term year. have these of or month, our on term have patient are started for long-term segregate longer think said, term exceed started these bit seeing they're that patients long-term to longer just and a for accounts sites them. we're really expectations at we productivity can everyone that sites treating of So we one each that from goals. more a already. need handful one I our accounts that And the to per a levels the our seen of a newer

the but of So, too breaking new start positive ones. little the there's is signs, just out think versus data to existing centers some the a I early

Matthew O'Brien

sense. much. so makes Thank it, Got you

Nadim Yared

you, Thank Matt.

Operator

Your next question comes Blair. from with Margaret the line of William Kaczor

Your open. line is now

Margaret Kaczor

taking planning question. afternoon. come active good centers to guys, with wanted Hey, the I to the and Thanks our above because in it Maybe, seemed for expectations. start

give pipeline, within I like forward, of success, accounts? you look does both of go profile us drove as look within how guess your these of that what as these them? maybe So, implanting and that clinician could that base a the And you some in deeper sense some we

Nadim Yared

for Margaret. question you Thank the

in So, this we're focusing the ICD growth we and that simply, done in started next per consider earlier, we accounts less this Jared mind, would that. get of long-term the our number we we number phase targeting some account implants. than with on more patients one an this as to in have actually two, is And the year we number one growing goal wave, company; which mentioned more, doing have XXX volume center doing the existing of have of element. to With month our so to have are per some one average, highest would

go now they embark of know it value through right the new process part You committee. before a that like on to has through assessment contracting going Barostim, therapy it customers a many is and

panic certain by it's months. the time. is me six they your excited X, the be then and back a right? second time see not months some months. token, three wait that until at to the of number here very three to in profitable value then should of situations of same part quickly will sites units, we And the about see very an at then with ask question. for where coming will institutions in the to the slow not to down X next three We do we to time, five the verify payment have the the ramp, period turn moving we'll so answer they their it assessment a let when X, the for of this, x should a Jared design, accounts almost first It's when very nothing committee physicians But quick resume the So, seen it, not about and same period in you we'll

Jared Oasheim

as new And long think planning shifts we the July. this our come centers able just over QX. on new a as on versus sensors in far first comes don't those did academic haul. implants so plans quickly doing sites to Part Yes. how bring planting being some XX of it to couple active Margaret, to in June of the patients early treat timing implanting we're down I see their with in

to we're term, at necessarily changing expecting we're coming longer on. so, the new implanting rate be And centers which not

Margaret Kaczor

half Okay, on that's year about around second think we useful. And as versus the more utilization you're little the a it's first And touching bit. the half.

or hire them strong continue should understand then And be front, know, same I is should pretty and quarter. on to these I doing procedures a maybe this three, down utilization are You coming token, few new obviously, say. you to back. slowing of add going centers, the up four But

your little we saw to in sort look relative model a bit in guidance, utilization, our of overall we implies what the second at So, coming quarter. at least down it

six math So some guys, continue you that I'm sites of higher. months to ago if nine curious, the just maybe as ramp that out works especially months, for

Jared Oasheim

Kaczor, Margaret can one. Yes. that I take

reimbursement what couple pass treat the to coming then we transitional that some a level. come centers through cleansing just be patients, to So Nadim's see of they academic the can of seen they positive on bit the go reimbursements these back like, assigned out at I see have including once looks mean, governor able hospital on the new to through and a a point step restart with And earlier, payments. back, saying

get each trying we really QX some expect one to make results significant QX, as we're in here not ourselves at what in productivity each of patient to per ahead moment. seen of of one just have at knowing we goal sites, at I a positive QX, far And we far utilization as one least have so, treating so QX. just that long term in And for these that this But month. necessarily shift and want don't

Margaret Kaczor

No. patient last the centers. you growth That's release, press me, at implanting question I increasing flow for in guys fair by mentioned guess, driving enough. And just

the a and Congrats And little implanting clinicians driving some more other wanted we bit sites? ramp doing on? guys, thanks. to this? medical as network to so it And that Is I of patients why how color these shouldn't to process of go those with get that quarter you're continue the getting improve on

Nadim Yared

who It's model, at ICD already focus looking to the visits. of the prevalence of right, an the Number the follow-up seen patients patients. the excellent in clinic question flow back six coming is Margaret. or Again, drive for so month listen, here the the have three one to device areas

is the model. The second incidence

hear they the have to that awareness a physicians no encourage about And them. to same ignorance that to the who their So now two element they're strategy. to leg world of going sales talk providers were patients healthcare patient, vascular and to the about experimented with try talking sense cardiologist at once medicine. models. one, time to our some the they surgeon they the from is And or they if it educate hear the a an or an That's mention sure third in their of to Number the medicine the patients to have not of token, medicine. department community about right referral from them treated the ICD therapy. with they don't And reminding or one make may to electrophysiology the educate outside be are the every send

a The second is with campaign. education direct-to-consumer experimenting we're as well, leg

media, and sometimes HF. social in others. XXXX on rolling that we we XXXX in XXXX the when were XXXX, but when and program. Now, did conducting Facebook were in more We recently, hypertension It's back also the and days clips of TV a we and did whole trial advertisements other some and

follow-up link patients. on patient a convert implanted hand that it's take not and treated in generate engagement an a and that getting only So the into and patient's the split website. to everything the the after happened It's lead patient to

examples looking device, as of law. answers Scientific experimental their that are from We're your with still here doing, phase we're about at know looking Watchman. those the those at and the with question we're don't us. with programs. And So example, learning very closely Boston I good companies two if to Inspire Medical, for other referral what

it as got will continue. so that waiting go At through we're we're You that well, to of patients ask time, for three that about shouldn't continue? payment. the dynamic same adding initial that you've and why talking for that six will nothing Well, the then that months, so sites bolus many

that in looks all into Jared getting here get of and with you comfortable issued. So the guidance really that play dynamic has

Operator

question, Your the comes Bill Plovanic last from next with or your question Canaccord. line of

Your now is line open.

Bill Plovanic

commercialization, reps, you At my Hey. for Great. stage, Thanks. right have making more this Good evening your about it's sure rep profile, questions. right. and probably thanks taking the

at reproducible. a the they’re this have activities and handful doing eight up You then repeatable to you're point, are and

where a question terms in feel different one, would the in so, kind down, board, profile you you you in, And And my couple are of assume. dialing I process? that lies the of rep of do on of have

any that I take -- XX mean, this can when then so getting a force? months, repeatable, reproducible you're that. two think into really launch, think do you're So help is, months, be little a significantly the six real And appreciated Does second of start since that. have model you for Thanks. XX would on months? I you the kind a quarters feel essentially to sales adding better greatly you

Nadim Yared

I experience side, that cardiovascular in we hiring as well or had with not here, the rep in vast, also no on are surprise anybody We're limiting here, not who to a the from on a the medtech other this previous here hybrid company, And majority. I'm has relevant it medtech large they not with Bill. absolutely, the operating research being but companies. recall come side. electrophysiology talking shows who hiring, companies profile Yes, a industry are the investment Listen, have your CRM, space. do experience in vast particularly vast, companies the

You coalition a that will or therapy. hiring see from a our similar us will companies other have paradigm with referral like -- what have that we as well building

So explain let this little more. me a bit

coalition that substitute if an a versus requires hospital, that developing those therapy you in existing building for are If a you're the selling two a is sets. are a new skill different sometimes therapy therapy,

And an look who sales have demonstrated good more than of at look reps those been other them clients territory example, success Jared doing between existing eight or a those coalition, a Jared? a therapy who to forming and the regarding from what by are have mentioned I territories. stent for I'll those is these, who difference done we of said, from And rep. a companies So reps to the B, up. A what sales and explain let just while reps, B. a That at latter, right, building had we answer have your A stent eight you rep rather is? sales then will very shifting question creating at therapy And the

Jared Oasheim

Nadim. in chime that I can Yes, Yes. on

months, gotten everybody's of kind a and so, account we've at them. so these can ramped point we full a to for seat least the process now gotten managers in on six for that been where out up. have here education have training And are And discussion, carve gone territory for just through the territory

in account been territories number those have And of we're seat the here to had and assigned least months the so, eight six managers at are have territory that that them. presenting for

Nadim Yared

So the anytime training. this we're is like quoting for months six number, the Plus, net-net. for a number, it's ns

is account have know or to in add here. reps detail color any we our Jared don't I Otherwise, you any And hire per comfortable this as So can very quarter. with feel take comfortable. Bill. into three this you well, plan to ramp,

Jared Oasheim

is mentioned of territories the remarks thing prepared is Nadim only kind expectation end that XX our other the with Yes, I'll US. point back the year to in the to that in

Bill Plovanic

theatre approved That this well does reps for you volume. And HRS. was the of meeting, medical leads -- or in able kind to a presentation then time given I'm after curious that of pull the first really my live think of thank an pretty the in was really -- room timing impressive at you. folks is and And the that to just question then this lot were They attended. thinking? a attendance, is, final terms -- got change profile the this product at this of you was

kind kind anyways in thoughts if performed? change at lead -- this does does pipeline, of So this the we look of have you your

Nadim Yared

thank you stopping sometimes it's slides system, going hard job that be without the slides and you to over if their to load standards. but by operator the recall, support correlate was did able at -- were the not very them. way by fantastic the first the And them. Anyway, he resolve. to felt hospital the presenter, We to Yes, a excited story would And who's excitement for about on the loaded Bill, theatre. even

hotel this he the says, rooms back book not and everybody to And team leadership -- of our the for early your everybody, and is to translate Officer, excitement Paul have He see which a at knows And introduce us whatever investment, I at into asked see wish different excitement, more beginning indicators. was the hotels well, got conference. on, many you've said, we do he year. come the tell the sometimes midnight I discussions, Marketing And could you weapon. hired the with key leaders do may that secret adjacent Chief That Jared one I about we and Verrastro him. and that knows side him. some going and way indicators CFO to early opinion I field. hats of hotel -- in to electrophysiology So need after numbers the here we our had the so the We at

have commit So number your anything. here, numbers. to look I time, But see I excited. don't We left well, at the we Jared Nadim, would meeting higher need doesn't of says, indicators at early before this very, and mean same excitement very the leads. the the the

dynamic, know that right? You

Bill Plovanic

Yes. very Yes. Thank much. you

Operator

call our remarks. closing question-and-answer back the for to for now Yared concludes session turn I will Mr. That today.

Nadim Yared

earnings operator. you, company. We was Thank public our a join as appreciate call to that everybody us first hear able for

very a tone from learning a the here, go. we time company. we're my of the voice. I CEO of heard to as You at am same in public be excited But

on us. patience our support. we with night. next you. look We our progress quarterly Thank do updating So ongoing Have here thank on good And your you for forward a appreciate your you earnings call.

Operator

participating. Ladies and Thank today's gentlemen, this call. you concludes conference for

disconnect. now may You

CVRx (CVRX) 5 Aug 212021 Q2 Earnings call transcript