APEN - Earnings call transcript Q1 2018

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Operator

Good day everyone, and welcome to the Apollo Endosurgery First Quarter 2018 Results Conference Call. Today’s call is being recorded. And at this time, it’s my pleasure to turn the conference over to Lee Roth of The Ruth Group. Please go ahead, sir.

Lee Roth

Thanks, Laurie, and thanks, everyone, for participating on today’s call.

company our Newton, Chief the and Executive from Cavanaugh, Stefanie Financial me are Chief Todd Officer; Joining Officer.

statements actual forward-looking this Before caution we These our and Apollo’s uncertainties, will include during outlook Apollo’s securities product development plans listeners to and differ the forward-looking include call may and and that comments statements sales. of begin, made involve by laws. I’d federal risks statements results materially. within like and material financial for meaning on management These timing

only report For X, and encourage this of after Todd? a by X, XXXX. discussion you content no events time-sensitive to pleasure of to May as Executive broadcast, Securities Form live call accurate over revise or conference Newton. risk Commission. Apollo to Officer, Exchange date our factors, review of update that I Chief turn the XX-Q obligation the this it’s the the company’s or With of to undertakes on the contains of reflect Except any May call. date today, said, filed statement The Todd XXXX, with call required otherwise circumstances to law, as quarterly my information this

Todd Newton

Thank and afternoon, you, Lee, everyone. good

pleased We a XXXX is great quarter with off overall are results very to company. start first our and think for the

compared more first these the product contributed more increased of compared in doubled to to XX% our products Endo-bariatric first XX% the total by year. Our of quarter OverStitch Endo-bariatric portfolio, quarter in quarter XXXX, sales the sales Within last worldwide and the product of than quarter. first consolidated sales than our

well, currency OrberaXXX experiencing of launch increases sales we’re European and pricing. and both improved the is going volume Orbera, very local For

our the implant quarter turn going. to of Cavanaugh and signs to to in the for rebound sequentially volumes quarter as this Stefanie positive the financial U.S. on physician-reported Orbera momentum more of I’ll within Stefanie? keep observed to over XX% we results. demand quarter compared first look the fourth up XXXX, first give United States were we in details call Additionally, a

Stefanie Cavanaugh

in in revenues in mainly and million due dollar we compared last market, to sales our to to with increased Europe. than quarter product XX% increase $X.X of OUS total first particularly surgical sell $X.X of Total OrberaXXX sales Orbera Starting aided total of the result, Thank and year. in first volume, of XX% were distributor $X.X the OverStitch, to In weaker United lower XX% increased revenues in the the sales the strong This product where increasing $XX.X $XX.X the year, The quarter Endo-bariatric approximately an the XXXX the of in for in quarter sales sales the of everyone. XXXX sales The million of the of Endo-bariatric afternoon, In quarter, from from dollars. our in quarter million banding first of volumes the you, Todd, reorder were XXXX XXXX. reported sales sales flat. total product markets, last first $X of in first the for increased currency direct XX% OUS million, the and was U.S. quarter XXXX essentially of quarter first currency, distributors product increase. A to million from U.S. Outside and Endo-bariatric XX% to quarter quarter quarter driven of OUS result good the to of of was XX% XXXX U.S. U.S., XX% X/X XX% Endo-bariatric by pricing sales were in also to just – shifted to gastric a purchase introduction increase first to in in our million revenues the first first decreased sales this in total U.S., of XX% the as $X.X sales our XX% higher from market, first million. contributing to compared last procedure OUS $X.X who States. no, foreign particularly international in worldwide direct total over are In increased first as of XXXX of from in million to $XX.X markets, from Product more total the million. million in quarter, $X.X quarter compared surgical first by X% year. from the in with compared revenue product quarter from total last of sales quarter year. dollars, OverStitch versus local first QX of remaining

gross time sales As product shift to pressure our our we for have as mixes discussed margin. Endo-bariatric some puts surgical majority of on now, the it product, from products

the compared quarter and for XXXX quarter and the $X.X public March $X compared made for first quarter million due expanding expenses these the XXXX. margin XXXX U.S. first consumer sales activities. in awareness Sales development XX.X% quarter in quarter a under increases in period, compensation to X% the XX.X% in first by to quarter and million and reoccur. new of the increased decreased our incurred G&A $X.X the a For just of expenses expense offset due and of million $XX.X expenses million U.S. in result million company clinical sales to product the Orbera to increased and XXXX $XX.X gross year programs Total to as XXXX, mix. of $X prior the to operating Both of was both marketing compared $X.X costs of due XXXX patient when overall that’s for in that shift payment Research first primarily a first reduction XXXX. to the our Interest million of million was as OUS. the study partially in were first did principal increased we not activity in

first for Our loss million, the $X.X and net last quarter that was to $X.X compares the year. of million for first quarter

million the quarter of in compared cash used of to first $XX.X million $X.X quarter the used we XXXX. in Finally,

Our X consistent X things. for overall very of cash for the use quarters, was except

First, gross equipment $X.X used associated about total for improvement as expenditures compared project, and to the million margin about quarter our $X.X with million an purchases of due capital in first year. primarily we that’s to of last increase

timing Second, higher purchases of the quarter, used cash in inventory is timing this and this only. resulted

during and inventory average raw approximately experiencing material we’re million. facility of million positioning Our and carrying some referred. finished the good expect quarter I the averages to value is the of first third, balance quarter. our due closing of projects, I’ll the revenue last with while end shift to work gross regarding as back towards will down on provide associated margin our quarter inventories there Todd? year. year’s previously cash comments With used year $XX.X $X the back repayment last of our And some debt rest mix And rebalancing it was our to turn that included historical of the we that, also in a inventory Todd

Todd Newton

we adoption more half robust education for this our as start opening than continues OverStitch we of Stefanie. I in OverStitch, all the which cities U.S., of on physicians the Learning and of the Europe particularly Europe, is In you, in of training. remarks, XXX demand for trained In medical trained to our total XXX XX year. Endo-bariatric quarter. the important with pleased to And and Training Mobile to this my products, training we’re be physicians was physicians different OverStitch, in very XXXX. in came said Thank for Center

to different also events provided training our requesting parties addition training, In educational worldwide to grants through Apollo-led we third sponsored-physician quarter. this XX

last end the U.S. the seeing. physicians up quarter, there At We’re physicians we year. at ESG from the the ESG roughly very performing of XX were rates pleased of with end XX procedures, are adoption approximately QX

to making think United actively the have XXX good there our goal necessary will during cases reimbursement. far to the quarter. end year. we of States, towards be U.S. calendar progress physicians that, the support approximately If were We’re achieve along mass relatively the can procedures eventually for by ESG developing Outside case we XXX of critical ESG we the this performing towards first users performed

the United our trained by to end have end year. XXX trained about the of Through physicians physicians new quarter, But this the first track are U.S. on XXX believe the year. in Orbera. have is on we Orbera, For not adding we we users of States, the first Orbera priority

outcomes. be seeing Our clinical patient awareness greater good emphasis building will on greater and

OrberaXXX the Orbera in our the XXX we XXXX. to, alluded obtained fourth approval very self-reported quarter, which United in earlier I customers sale X in markets, implants from approximately Orbera Korea up XX% during Outside promising also quarter distributor South and of for sequentially the believe. X,XXX is of U.S. Saudi we implants Arabia, States, As the

as the cash of pursue our with of clinical was the that adoption the use markets’ our products will Sx in the internal quarter various of think margin continuing future. right central expectations efforts quarter the line we first completion improvement the and to Our be we programs, project gross for our in

good our projects bring and of and begin expect complete first online the During margin to X third to quarter. progress quarter, by we the end these on of the made gross projects improvement

her once is suture contract transfer is The Cinch these an a the manufacturing the first Cinch our a to suture of OverStitch The X in pattern completes that internal order manufacturer his secure in the physician from involves deployed or place. projects of facility. to implant

as suture-intensive procedure, grows. a in required number grow to demand, procedure more the the OverStitch, As of complete applications Cinches ESG such also of

associated these old volumes. Orbera will current in than delivery Once annual projects is of completed expect cost goods components balloon unchanged. of is to sold X off, more second sold by inventory implant these lower our $X based The the unit on the this of and system. projects million with we remain aggregate cost certain The to our itself reduce or

Sx, of should completion Sx We position update key first And projects on over European and of the of gross some items components. we markets. endoscope-compatible are issues in the to we think next to remaining OverStitch the follow completed and we in which of for But be product. couple release of after release prior the these the complete launch quarter and involving third now product to these a staged have U.S. through OverStitch Sx, should X our several both And version the the Sx margin the resolved, in couple worked single-channel of to new here the be everybody the quarter, months. other to is issues improvement us in that

good On this for the variety was reasons. a a clinical quarter very side, of

ranging participation, MERIT though these enrollment all ESG is the at We required, quarter. the procedure. of Good trial enroll on study progress of line The end a FDA is likely an multicenter a follow-up end different the MERIT, on those are the approvals. to out think the of in who XXX And participating are stages sites X-year in actually, by First, very and three third is patient expectations. of were period. close to paperwork of their the their then is And study. track XXX are the enrollment paperwork controlled our sites, postapproval are trial and is know, quite quickly. with the end enrollment well with place, X completing X proceeding end stages one sites study to ahead continued quarter, completing – enrolled quarter X throughout in Orbera to U.S. as from all At once environment. subjects we the you first the first requirement most on remain subjects the of in performing This and the spectrum, other sites randomized on full finalizing of cases. their the

the FDA products announced generation being recently approved completion But and Endo-bariatric many we’re the And exciting, can highly the the ESG we interest the you data the data some the immediately IRB. in the final request. proceeding, study. aware speak literature, protocol these efforts. us long-term follow-up enrollment needed. of types XX, safety was these doing they are cases, effectiveness of and steps. procedure For a save our in different selection of hope local to LAP-BAND exploring patients. self-funded such in-the-field-clinician In should particularly, of efforts. Suturing IRB patient Registry, their by the support concluded of AGA’s the clinical as involving there we the to Orbera already groups. Site to grant is And existing are these the are efforts, lower funded clinical more patient a approvals the on investigator-led and studies studies was March of Terminating in and addition have We OverStitch sites to These BMI these now or these sufficient number other value years, to deliver which approved study they or what tell asked begin XX are termination initiatives very When lastly, third-party was road and, that the by to company-supported on major cases, of in down following million and use postapproval continuing XX $X study, this the FDA in so, required not more published prospectively. than that simply expected postapproval of organic for

the study for with of For questions. the free first lines to we’ll please. obligation. ready is ever, any postapproval LAP-BAND we’re time, now perhaps, Laurie, And open that, proceed,

Operator

go Instructions] Matt first And Hewitt Craig-Hallum. at [Operator sir. Thank you, to we’ll

Matt Hewitt

projects the – sorry. on congratulations and afternoon progress, Good

Todd Newton

Matt. you, Thank

Matt Hewitt

A few questions for me.

the nice obviously, growth in segment. First, Endo-bariatric very

OverStitch that you’re versus the ESG? much there on can the Looking revisions at out parse growth is and the of you seeing the specifically, how repairs

Todd Newton

Matt. real States, lot lead great be driven. growth the United would I largely of the that the I growth Not you our in though, lot a a outside say granular is come. a It’s question. way fashion, ESG to States that say will a I would would probably United In though. this

Matt Hewitt

of how of to Okay. you I I study’s given tone watching the for of it that, discussions out that, X, commented reimbursement or seeing as some And change reimbursement where consortiums, component MERIT that? are to That’s some going think, solutions critical Obviously, into over see products but you the fit frequent be in but kind year All that’s ESG. briefly, do looking to how of look your a think going the maybe helpful. meetings the everyone’s in with more just guess, And you opportunity next a and you find really something out? and the additionally, more on right. you they’re just or obesity? Washington and striving kind do with obviously,

Todd Newton

just Yes. first the is simply the construct we do to Well, need what Matt, story. foremost, all parts for and reimbursement piece

you For to us, a tied that clinical is generation, data what doing there. the know we’re of lot and

that to very, our that’s the that has broad establish procedure a it’s of component is couple United of the the procedure end appeal very the a why by ESG just to people goal is but users Another that is mass that doing, year reason important. that, procedure that XXX there’s of is important a and able be the of not States in critical of again, users, calendar feel like this really so are

what So that’s we’re on. really focused

the the also We’re to roll at working of the that through the College American those on, focused appropriate the together, end support time do all putting And parts of ensure a these the call Surgeons building reimbursement together the of it that into submission. societies that is lot day. course, behind then, we scenes, physician should that go if of you societies I – because – things all have of that, thing on spending piece say, we are will, reimbursement of

So outside that’s the reimbursement very can course, different very, And be in pathway looks States, United each what of countries. different very doing. those the we’re of and

So that in of we well where are have efforts. those forefront our something the that’s at countries obviously, direct, we as

Matt Hewitt

what bigger question. a whether Okay. But go expectations or determine to is be at over doctors? will in Orbera. they months for primary expectation balloon? the your versus this how the that Great. not time full U.S., X now do Europe, of as doctors those the the Shifting shorter with version option it Maybe here? bit XXX little you the bit, the or And is look little Then want a gears version year with – or your XXX

Stefanie Cavanaugh

product. and XX-month So that replace as we no the particular with to time shorter-term really that the compelling do six-month balloon is to used reason there will community the believe that stay gets balloon really over the balloon

U.S., getting be process. attached – significant the to a require regulatory pathway going For that through not focused we’re on it. that to will have some That’s really expense

continuing our the approved our to So focus the outside States. direct get other markets XXX in around of for United on – is now,

Matt Hewitt

sense. And versus quarter. effort or do and marketing that, help think, I down to you had a one to maybe helpful. Where doing little Make those sales one Kind and are from last a guess, our stabilization news positive you don’t what Thank would are you But a obviously, of driving from with bit then, need expectations standpoint? the color here you. continue puts What Okay. along LAP-BAND, that in me. the stabilize the study. follow-up you lines is be takes? that? Any the from

Todd Newton

the good on our Yes. we those our use our And LAP-BAND another sorry. first we is in their signs been has in some customers, at particular, focus of greater in question, those have most of LAP-BAND, definitely – traditionally as look Matt. here quarter users We And frequently results sporadic Over practices. important accounts those stability United which on – versus LAP-BAND States, accounts been in see that there

that that been we the a quarter. so trend one, now has to first be seen though, It for have some here trend continued And time. in

Matt Hewitt

Thank right. much. all Understood, very you

Stefanie Cavanaugh

Thanks Matt.

Operator

Scott at to We’ll Capital. go Roth next Henry

Scott Henry

through good you normal? segment is just sequential new topic think first even seasonality, of that When to you see of stay put surgical up first, Or year Thank on the going quarter, do about I the the should in forgetting guess, the we in number in we that XXXX, numerically? the growth we – some you, be progression and just kind should that LAP-BAND. think thinking afternoon. about about

Todd Newton

had I good wish good that. a again, question I It’s Yes. a for Scott. answer

we expectation creating of expectations. historical trend probably is terms we’re point to our to the in that the every while LAP-BAND, that effort making best still thing I can think is stabilize

Scott Henry

enough. Fair far just idea first at that just a quarter Endo-bariatric, my growth as Okay. questions, trying the least will subjectively as for to full should strong of of in the year we get representative point. about how the likely an think rate QX XXXX, And lot But this of they’re numbers. be How rest year? at

Todd Newton

great we’re don’t feel was to on. Again, believe OUS, the any of quarter question. we that trend within reason indicative have and from portfolio. that the continuing feeling we’re different see momentum that U.S.– we a a like a QX are feeling to We that demand going product

think associated like Orbera, growth in the the gets out U.S. quarter, it obviously product when as the these rate news with later Orbera quarter, in that get year, were the third quarter. quarters Orbera came out sales by the a fourth I the where we into third on are impacted

those you a number. will periods so And will, have, if comparative softer

Scott Henry

then, if midyear for to kind this continue launch. I looking missed And launch, believe steps still we’re Great. that Is necessary path? Sx I I that expectation? Okay. on OverStitch The And a the apologize what are of earlier.

Todd Newton

mentioned Europe We right third like third quarter. think the But, the available our the still somewhat that third in But in Yes, year. be to that I’d being quarter our in now Sx in Scott. remarks, the it’ll expectation U.S. be of the about as prepared and is the will technically, middle quarter.

Scott Henry

as QX, I and just should the as finally, And of there? the year? anything that Or think guess, margins just for trajectory remaining about gross the we sort Okay. unique part of in expenses far

Stefanie Cavanaugh

continue. margin mix the been is the say shift impacts as our and expect so trend It’s would ongoing as would we latter. similar I impacted, I

Todd Newton

ongoing. way improvement more good our we can realize and our some those very margin that and to projects, with But through inventory those. where bit of margin we we a programs That feel little get gross to us it’ll run about just the take time improvement have helps

Scott Henry

Okay. Great. questions. you the for Thank taking

Stefanie Cavanaugh

Scott. Thanks,

Operator

at go Northland Securities. Kalia we’ll Suraj next And to

Suraj Kalia

Todd, me, you afternoon, afternoon, Good Can Stefanie. all hear good right?

Stefanie Cavanaugh

Suraj. Hi, Yes.

Todd Newton

Good afternoon. Yes, we can.

Suraj Kalia

of So I Todd, if all me questions and can see bunch cover let them. of

especially XX% metrics that post-Dear actually you ask give us us what flavor, quarter? up give the were can Doc? pre-Dear can trained Doc Orbera accounts slightly utilization physicians heard numbers year-over-year, the U.S., I U.S. a I on color? Orbera, The of in Can So any the some different X,XXX was XXX purchased If and the the number in in you implants,

Todd Newton

really does these that I necessarily are accounts. don’t We Yes. provide thing. of indicate trained on accounts. – course, would to one information have product the Suraj. or That’s number we - doctors not call, And of who of to we all say, share you the number this ship though,

States. XXX make who’ve that – we say accounts have that would Even the every accounts doctors on those turn have of United in though and have magnitude, the of reality balloons practice. part one a accounts and those gone roughly – order a that the it’s of number, through of big – training, I probably is, really and they not So on here their XXX

So self-recorded is is that sequential for But low-volume users X,XXX comparison recover. have – What the we is then physician our were it the implants that what just us demand starting number clearly have the during just the group. balloons is customers within and starting of QX. high-volume excited show to gets by to we users show that that to that starts

Suraj Kalia

So obviously, to guys. you kudos

new sales Todd, some, users you me some And had there, me who that to did or and Dear what? these know just herring. add did change see average sort that red I same Or a That I happened? Doc forward I more in my you and was accounts Orbera. of these the at pre to you QX, I’ll cycle guys the Orbera came balloons. were have you and down said, just the had And question, patients. was a for stepped time, guys Send any that post? Doc on put be impact, on rebounded. the guess, on off right, think there an single went Dear letter little after existing memory low back serves might digits, if

Todd Newton

a will, back They accounts wanted – you we going pull on the important. their what Orbera for was is marketing. And very to the very, observe I’ll United what marketing Suraj. tell of happen. if observe, being effort for to you States, letter initial, see upon in Yes, the did And number we here released, did the

probably was that in that in creating the accounts, one that, was we again. to November did that dried though, the begin invest little end to marketing clear so – we of And to essential third quarter. observation I thing frame, up Around that a bit so time would awareness really our is the see patient say started marketing at dollar

I felt had think felt to the that they like be they well know enough they their like And spent. dollars situation. observed understood marketing would they

so given I And we existing And point. beginning and accounts not awareness create say markets. affirming their that, that would the local promote this new that’s again, in accounts are saw that, to, large, That’s difference. those probably at the and accounts. to did by us really

Suraj Kalia

OrberaXXX. remember Todd, for it. Got don’t ASPs talking guys you I about

give look, you If the I of mean, made your a to that that guys out is, second part the competition side pretty And can on front. big deal specifically you color guys, the question on they Doc. some side balloon balloon ugly, us the give for had side? you Unfortunately, good, anything color have on on, that of own. bad, other their Has changed competitive on can some Dear issues

Todd Newton

isn’t I’ll the of first. question really give anything that. you there can your answer And I No, second on

balloon, balloon the same the patients greater as justify for of in OrberaXXX, a they’re Europe in elongates long garner assistance been additional the offer with we see period had XX the they’re a But and as overall balloon as physicians twice balloon. a we to to been to we’ve therapy have which That value from markets. able additional XX-month that able is follow-up what because to when well for We it a for able to that a are as period a important. the with therapy delivering we is to to that to before months our result, to all before, without offer able have without able competitors months then a And sell afterwards with balloon accounts. price value X X they’re what our a months

Suraj Kalia

haven’t being studies, – sites. give to a I surgery? weight-loss you XX, by And your acute device here, if Orbera as I’m is I forgive it. studies OverStitch Maybe just springboard of And reimbursement Todd. ClinicalTrials.gov Are a are I’ll efforts. can one other not any focused was me, this from Got prior investigator But other the snapshot. on initiated to trying end a or being to got be conducted ask an The I just that you Orbera these with orthopedic assist final guys. Todd, can reason used as looked number at understand, us in

Todd Newton

Well short answer is – and that on yes.

We’re seeing of those I orthopedic with that population. Orbera. of And that patient – there’s many the deal one them with believe XX, specifically deals do

Suraj Kalia

Thank you.

Stefanie Cavanaugh

Suraj. Thanks,

Operator

we’ll Jaffray. Piper O’Brien at go next to And Matthew

Matthew O’Brien

get is on be you that a to product? And line the questions. Or at you’re Europe, just to the months, afternoon. that Good time your Thanks accounts? going of new bit reception would for lifted from Are I’m helpful taking there. what any and one factor that’s talk to kind therapeutic gating you out are Sticking – trying already is, OrberaXXX of more really only inbounds X in is XX Is seeing months? getting not can color really there there? you only the about little a it over that on focusing accounts existing

Todd Newton

X-month we’re crowded particular pretty market talking balloon And know, it Yes. when the not intragastric comes predominantly Matt, is market, therapy, about, in with product market is it’s it primarily. to a as balloons. a comes the exclusively, available market you and pretty that when but And in mature to intragastric it’s

to here at existing so but stages we’ve of we been succeed early a able in see only accounts, the been launch not of able product to, have competitive the with conversion And accounts.

So heading in we feel really good where OrberaXXX Europe. is about

Matthew O’Brien

over issues OverStitch some fixed, the the over is of kind about QX and back months and the won’t launch you Can Sx. talk you of of are just then And it. a bit to if those last Got you timing have, the more few slip? little confidence that identified

Todd Newton

right in pretty now Yes. is QX our high. confidence And

sure making component from this specifications You produced environment, never they’re was work volume, you XXX% high. we had through and issues which still say pretty a according a nature to really that lot to when is high-volume the quantities. the in prototyping, And work spec with to components going quarter to being it to we of that want do production manufacturing greater have to do, now in that those be even though when still go are low the but

move fairly qualification we’re of are product what lot worked think that that, and procedures. from to forward. here validation and have continuing though, that’s the We now have through routine working is in through to we a we of and like, standpoint So And solutions QX. that

Matthew O’Brien

about Got along it. obviously, to go launch? you’re many little where And being you’re surgical with as going the single cases, Because, come then, activities that’ll Todd, through a today. almost talk able the can versus bit a Sx channel opening you XXx

of what that – how could look and impactful if just get head we kind help sense a rollout be So that as like will XXXX. you into can us for

Todd Newton

Yes.

is accounts this to need at existing still user we real some we’ll what it patient. think I And do a great that where gain we is with to as want – a we point, we’ll Sx. with has product, see a still can though this to product about clinical to experience start feel yet even human

part all in be you are that are, value by and to ensuring observed going so that want in those make proposition start sure that of you things gaining that your And always experience fact, some field. to you the the things

the OverStitch. around of this our physicians a we’re our just to think start, introducing or a OverStitch technology will, physicians training you slowly. to started ability pursuits we if somewhat But to training we get scope lot up When times, their That’s we lot will impacting restriction demand. reality. just So of have about on have who now,

very And have for new of customers, of so in sense think we where pretty that. a terms I we start canvassing

Matthew O’Brien

one Todd, programs. these on with either just And gross just the me, side Okay. margin Stefanie last for or

to You you’re laid out the savings what sense those But give you’re get. going us going to and see do to you when you’re a of going for some savings? can

Todd Newton

savings, early see next to in expect the year. part of We those probably,

the still going We sell at existing have to that’s cost we be existing inventory need to off. that structure

expectation So that’s on our time.

Matthew O’Brien

Thank you. enough. Fair

Stefanie Cavanaugh

Matt. Thanks,

Todd Newton

Disease Endo-bariatric Digestive month just for DDW, it a a conference up. like. let me year’s important So of or questions, our be is from as going we most I think And Week, sounds one all to events that’s expect the just Apollo, of are But our We, year. products. all the of this which about wrap out great

We’re a uses our situations. this clinical clinical expecting several for of we’re a sessions during products going addition, to DDW including in conference, abstracts will variety both hands-on will variety of support technologies. D.C. additional at and patient several hands-on in presented OverStitch for And workshops, for hosting Mobile Orbera have Center on-site that feature Learning physicians. DDW be training our And be to and

any Laurie, to we we’re in And you in today. Endosurgery for today. listed for follow-up, I press our want Ruth So contact Should your you questions team think interest in closing, release have The Group Apollo thank done. please

Operator

to joining And Great. again, today’s And conclude I’d us once conference. that like thank again, everyone does for today.

Apollo Endosurgery (APEN) 3 May 182018 Q1 Earnings call transcript