APEN - Earnings call transcript Q4 2018

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Operator

Good morning, my name is Sharon, and I will be your conference operator today. At this time, I would like to welcome everyone to the Apollo Endosurgery Fourth Quarter and Full- Year 2018 Results Conference Call. [Operator Instructions] Thank you. Mr. John Gillings, you may begin your conference.

John Gillings

everyone, in thanks, call. and operator, for today’s participating Thanks,

Newton, call Officer, Officer. Joining the Todd Chief Financial me on Chief are Executive Cavanaugh, and Stefanie

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

that date events live For a XXXX. Securities factors, today, I Form the the as to circumstances contains The you only is March to Annual broadcast, encourage information law, this Exchange undertakes filed the reflect and accurate company’s as date Report discussion Except this or of no of of to XX-K or the risk XX, review call revise statement content Apollo obligation the by with required Commission. call. XX, after of XXXX, conference any March on update of time-sensitive

our as will sales the revenue we product call, will revenue, excludes as and this interchangeably our vice surgical the on we December historical will GAAP our In transitional XX, the of we surgical refer with for products, associated divested OverStitch terms we product GAAP revenue and still which from XXXX. Continuing for defer the products versa. part and revenues. this During call, also report will Orbera term ESS continuing terms to IGB use revenue which

call the turn Todd. like Now, I’d to to over

Todd Newton

business today’s The everyone, quarter declining better our as long-term success. our was morning, very fourth December, and materially productive restructured and joining In shareholder full-year John, you, and product discuss thank our line. shared results. and good fourth recast underperforming you we we a and for quarter quarter surgical XXXX to Thank call for

structure of to off least, channel single number has over development been market support U.S. the OverStitch the with Intragastric place with in some that customers the Balloon’s And most as our would and monetized of rocking the the the we combined focused profile. had provide barrier beginning the was grew compatible complex, over us remove our will to Both product launch have In in the fourth before to effort proceeds our next have in of quarter we of full equivalent European programs and in surgical estimate and bullish non-strategic XX% this weight to after, States put prospects. well line product OverStitch product direct now, the quarter, somewhat season in contributed amount operate say markets. United but the XX% the a create line transaction to own in deal top of market of January we company, goals our we line of various product. quarter a to were with three is New cash We years was remain we our final the Sx a agreements OverStitch transaction February, asset capable current but Our loss growth more OverStitch sales and selling the top since the The Year. what last year. and continued up an as call new from kicked The the surgical fourth and the fourth divestiture flow continuing been it. the on

on are Week, Digestive during as treatment We very fatty medical from call a this was also And to needs refinancing the as as we this position the efforts about from long-term disease with lastly, value various talk option such see you non-surgical liver our debt. more shown Disease progress loss shortly. our Orbera of weight share I’ll and year for high pleased last to

solar new to Stephanie back on business underway. call come capital tailored various with then some Our initiatives I’ll and was we the more is now our needs. more facility have over restructured to I’ll and turn comments its that Stefanie?

Stefanie Cavanaugh

ESS Todd, morning you, quarter in the to ESS $X.X $X.X everyone. sales XX% million million. $X.X and $X.X XX% Thank increased the sales and million; XXXX. in to versus million increased quarter of to in the Sales States XX% the fourth outside United good fourth to XXXX U.S., increased of

existing primarily fourth market both June OrberaXXX last three roughly fewer $XX.X million. by XX%, the balloons sales In were in of sold. Brazil. due continuing In In international to quarter declines professionals. markets For increased of or direct compared were were we in have United market decline the reduction of healthcare and since the versus product the versus an the XXX fourth Sales customers. the quarter market, and and million, persisted quarter conditions XXXX last sales declined product ongoing revenue with ESS XXXX letter our quarter $X.X continuing have XXXX, compared million was year, Europe, million fourth $X been IGB the [$XXX,XXX] total, to available quarters the proceedings This to offset of Balloon $X.X were FDA the in of increase IGB total within share quarter the fourth accounts existing where lower revenues primarily XXXX to year, of ESS quarter fourth to new approximately million. States, gains sales in XX%. weakening is distributors. fourth in expanded that from This XX.X or product in the Intragastric due for sales of have achieved a XX%, quarter to year. of growth in fourth roughly was to amounted IGB the

million quarter XX. fourth as which of product GAAP on surgical announced million revenue divested $X.X $XX.X Our we sales, included of December

was includes sales, full-year, the divested gross continuing surgical to margin XX.X% quarter XX.X%, GAAP product period, the compared $XX.X margin the in the fourth for XX.X%, and of $XX.X compared There XXXX million our lower was for effort to XXXX. which X% which trend, our to while For revenues fourth the deliberate distinct of prior full-year year. ongoing quarter; an year increased product declined XX.X% million. one Gross our sales XXXX margin gross were this for and of due percentage this inventory that one is to to bring two factors in a part part of on goods very is influencing finished down quarter XX%,

higher have line, lower which over we First, products of trend margin, a from our as gross ESS one sales past, decline and with often declined. especially ongoing margins to has margin metrics product has the the is our Endo-bariatric products gross our the in gross to surgical in shifted spoken

to this products In improving protect goods Endo-bariatric of Second, of a was IGB discussed [three-named over manufacturer transfer product of in the the the in to margin preparation these for the we in product. we as Cinch, past, Helix XXXX few in have of increased gross our contract projects, our transfer we past XXXX, the various that event the as also some were years. reason. to inventory delayed components the we changes pursuing transfer finished as us our XXXX, facility made well our from aimed have and at this In the projects], actively was been

took fourth quarter. completion the down projects, the efforts finished we in these to bring in inventory With our goods

end goods over from this transitional XXXX lowered million our this XXXX, XX a have the favorable fourth of to risks finished end X at was dissipated, And have our trend. of occurring in at with million As million the we approximately of X.X the reduction quarter.

quarter expenses of more manufacturing that the XXXX, the product our compared million is contributor fourth operating the unchanged. charged means divestiture to materially the also quarter goods quarter even overhead were it our $XX.X this of fourth XXXX. However, periods line of costs overhead in on though in Total to manufacturing the than other million. largest cost in to sold in spend $XX.X fourth operating $X.X of million loss surgical expense The quarter for increase was fourth was

were to roughly fourth and projects. in higher resulting over loss, increase This our or costs, clinical an X higher and improvement development various expenses research XXXX. product increase X% gross connection of costs this with development was activities, XX.X of Excluding operating one-time new expenses due mainly trial million margin million, the quarter from total incurred

the due unit. primarily X%, loss operating sale to expenses on XXXX the research compared of increase product higher XX.X an excluding line, was surgical development full-year, of million, of XXXX, to for across the the XX.X quarters For and million for all

of net Our was the compared for of $XX.X XXXX to loss XXXX. million the million, $X.X quarter fourth fourth for quarter

that would compared we which loss credit XXXX. retire the prior million. Capital After results, will all February to full-year new Limited. from divestiture associated net due was excluding payoff Solar our press $XX on Along net facilities in borrowings $XX.X XXXX. senior loss have been we million At million, increase secured the we the hand facility closing, release that cash our mature $XX.X closed loss our to Again, announced and XX tend would to in million. divestiture, cost, with transaction our morning’s this $XX.X would borrowed have Excluding our loss on results, in on with credit million, been

while business we of of loan XX facility covenants mutual our exclusively used receive can performance, million has receipts restructured Surgical tailored by general is facility sale for financial principal. down purposes, increased and credit agreement new the the pay business. required our and to the in to are based our payments be used previous future our Additionally, also The to Whereby be at endo-product vendor. future from another these potential to self agreement the were corporate be our on

does covenants. credit warrant not in include any the agreement Lastly,

to Our debt. our were objectives existing for our refinancing refinance fully

Second, cash position. run rate to our extend

been our will it reflective Todd. to objectives turn And And minimal be these have I think have dilution. of accomplished. fourth, Third, to restructured back We now business.

Todd Newton

Stefanie. you, Thank

in and off markets. launch mentioned remarks, I we US kicked opening OverStitch my the As February early of the Sx full in in the European

have call conducting what of it attaching different four across required Sx were of suture mainstream to order the for base, different who take the of improved that have Endoscopic most Sx We our needs in obvious expand most Today, have it the single-channel today therapeutic Sx representing roughly X,XXX niche and of endoscope a prevalent to same suturing therapeutic benefit as estimate allows feature in any compatible range full-thickness that access user clinicians and with physicians over to OverStitch core the endoscopy. for approximately the launch different and does to a the treatment nuances about readily users. is investment consists different gastroenterologists from therefore their in physician endoscopist the early for and its solution scope needs. primary our to that platforms. that in suturing. a focus practice is physician is of limited gain application The a Suturing manufacturer will require learned is Sx it available accounts Sx We fourth to access stages the offers. closer customize a benefits Sx, of business device, needs. to In not various we U.S. for from of the OverStitch XX,XXX expectations XXX in endoscopes, niche our representing the to the the suturing encounters States The types to we application give endoscope deliver ability the platforms, us access the of with endoscopes tissue that to quarter, using a XX to in broad The today. Sx flexible established the who dual-channel flexible Sx have XXX United could flexible GI pattern we therapeutic the performing launch market lot high Like the about especially

this effort. launch really often will full-launch I a give an to first It the on the first We another. time is Supporting past of development by ESG Endoscopic target committee was of product. course of how from year. the purchase. require VAC the or end good Gastroplasty review with The update vary link of prior major accounts process value quarter. new Sx part analysis a hospitals of takes to one now its say XXXX wave can will the procedure at a this our would that the The process arrived a Sleeve going in the year to VAC you or our really facility is is procedure. VAC

that goal. at goal was and offering ESG. United to States, XXX XXXX beginning physicians have Our U.S. ESG regularly physicians hit the XXX performing were roughly the we of Outside there

high our rates, Across in patient consistent three there there ESG ESG disease Over results. These terms improvement loss, aware a recent X,XXX clinical paper course past with in earlier XX single Centre. papers all the low of patients journals was and February also we consecutive physicians weight. which outcomes excess highlight under lost various by of XX, as were detailing XX.X% XXXX, of briefly made investors the adverse published were Endoscopy average event results degree new complications comorbid papers, example, years. on weight patients over these of in in the medical To Gastrointestinal body the a their on published on of consistency

In addition, II XX% these diabetes hypertension showed II showing for remission diabetic XX% for and a remission of Type comorbidities results the significant related Type remainder patient with improvement. XXX% the a

procedure. previously were respect emergency physicians intervention to there and with profile we the safety ESG conforming an Importantly, no mortalities compelling have required no the seen what of

suture market back that with multicenter, that both multi-country be centers sites. attractive on in capture in both think most this have bariatric ongoing payer clinical that kicked our and and bariatric is at the Texas The important the MERIT Mayo data registry, days registry we and active consist trial patients in to day our participants building by here patients of remains The so May enrolment with studies randomized. Outside we our been and most and initiatives have And XXXX of and recent this co-led of doubt off gastroenterology United was payers. ESG The Clinic the United update study, multicenter and As registry far. the randomized will these MERIT Houston. surgeon physicians University ESG to the been have a the surgical procedure goal of we of patients. XXX approximately being no a sites based physicians bariatric is of also States, revisions, in both there to States is attractive ESG XXX observe the three-fourth directed European study procedure talk enrolled initiative ESG on controlled trial

in development Our and data GI other support the broader United clinical registry program mainstream OverStitch includes for adoption here suture both market XXXX core in applications. for States Europe to programs, the in

fourth XXX in reimbursement and all centered majority on and training purpose United mobile to also applications of geographies our XXXX their for on this Our endoscopic these the dual-channel OverStitch the through XX different to during to Center. increased of States of is GI bariatric serve. new worldwide studies support in was for highlight system. the that Similar physician sponsored audiences. adoption still Learning trained both quarters, XX States physicians to We OverStitch core we the and The United training that the quarter outside wanted another past we suturing to events brands provide third-party benefits educational the

Now, turning IGB. to

available. strong Outside product this of believe offers it the where to great continue market adoption United opportunities. is has We OrberaXXX remained line States, the in

we our our a today will applications markets, with distributor regulatory OrberaXXX. for some hoped, Our efforts clinical additional Of than to progressing OrberaXXX Top to obtain about have need only data. XX had those markets, additional for third in clearance of we slower clearances and, currently are supplement

the but During most concerning enthusiasm The for disease as patient’s with XX% shared improving drug loss published candidates our the last and loss are call need, These least major ESG patient's for part the body weight patients total than unmet in for weight I the in improve as order of held liver established my ways commercially this Orbera from hepatology are growing There interest connection of endo-bariatric NASH. guidelines consistently for long XXX notably societies more at weight function. therapy, number community in loss its of earnings liver call, the such achieve searching well is his weight their X%, Orbera the have to XX% available. to throughout of within treatment total guidelines large becoming body pipeline weight publications. target a and as hepatology still disease preferably treatments. such loss liver treat peer-reviewed fatty patients between regarding

It fourth is efforts, treat While on loss the low, year's of first ILC And efforts our Orbera compared XX% widely practices, of due liver NASH the has to are is with awareness. dedicated loss the added About also users for new capabilities. plastic a as surgery the fourth study EASL. event European respects, forward as known their this Even importance right now Orbera the session of the many surgery Association will product as and our be in half in flagship and XX% are improving push the weight the marketing in initiative. marketing affiliated options facing is third calendar while and U.S. session only the sales XX,XXX educational of IGB over leading pay weight attendees. is awareness of important. our alternatives market in the the in accounts U.S. to result the weight-loss This surgery the revenue typically believe clinician pay been in in therapies these And at user remains We known, the XXXX. a surprisingly endoscopic for of in centered is treatments launch In fundamentally XX% ILC disease at awareness what the practice time, XXXX the is XXXX, Orbera plastic obviously of in has improving establishing to in States International a Endo-bariatric in goal. were consumer as meeting. our solid States patients. market. has than to emerged an XXXX, place there IGB of this current of less have typically site April us efforts this endo-bariatric topic cash environment, base is United of in for Europe the plastic In we on that season revenue, service quarter of cash of established Liver operating on this quarter Vienna the of be continuing known a this agenda important and as Congress, a were United will our liver, strong though

X As we transfer to series is and completed we about IGB place and the completed a in last for year's X are in cost think improvement. the together This Margin million something time base volumes. roughly in million on to surgical margin some unit to XXXX this get because of our entered million, have the changes but we savings $XX which marketing be weight-loss somewhat system, and customers of is estimated product now the margins, of X% based have Cinch short-term successful. our team continuing in spoken product our savings improvement season, a revenue produce on our may our of in components of we also masked removal programs of gross

couple next Residual projects when additional should above. have on some additional will result on XXXX We estimate over the conclude completed We products. by I sales continuing expectations. our increase in our underway excluded that years endo-product surgical the in of revenue commentary XXXX. that will XX% margin from over with sales improvement XXXX now are

higher will open surgical We our XX% I in second that. you will questions. the of share during on length half in the will first agreements, mentioned the than have of for Operator? services for targets that, of XX% but and be expectations the XXXX. we this or to that lines is sales we lower And no to half the than with whole XXXX. continue report We sales transition XX% endo-product likely with And estimate growth

Operator

comes question Matt Instructions] Craig your [Operator Hallum. first Hewitt from with And

Your open. line is

Matt Hewitt

you the Stefanie. and for Todd morning taking Good Thank questions.

Todd Newton

Matt, morning. Hi good

Stefanie Cavanaugh

Matt. Hi

Matt Hewitt

next facilitate and in to to you take Thanks. on margins, you where year about future, margins the mentioned FYXX start last growth some of to started those bariatric years those going thinking see of and rapid see the how do changes X those gross be first effect Maybe you morning. help higher that as you piece? changes X we over maybe make should years the Good some in to gross obviously

Stefanie Cavanaugh

that surgical call, our we margins thanks announced the had the range. business on divestiture, Matt. exchange be when So, expect to upon surgical our everyone low process. in, gross the and occurs; we but talk transition in [mid-XX%] for of, upon sales about that depending to we of that upon margin divestiture timing timing no we also with that depending course, in have our kicking question the improvement have of the the That’s the the and We the depending to of projects mix XXXX shared

Over should us towards. that is progress margin years, X million the intention margin referred around that will next mid-XX% our gross add that to into should we now years X.X another X are these working that improvement complete to million projects the X that and XXXX get the in it to gross Todd profile range, to

Matt Hewitt

Okay. study help internationally And either that you sounds a importantly, more running deal? maybe that practice, Arabia number, how size such significant mid-February, us in you. that’s like many have thousand of Thank domestically then you a or was procedure a that big of a published Saudi out are And practice? other that the mentioned doctors do pretty understand why

Todd Newton

have It not significant did the or not and in is It��s practice who we one interesting opted not he replacing that of published were driven was data he other that the surgery. really that that makes surgical receive see active surgical Saud my practice. his you physician of ESG to his noted one to not traditional a will traditional but bariatric procedures. study as bariatric was more about from these King bariatric was it the his and out What bariatric was results, points patients is to of who otherwise any she hospital thing it’s the procedures, necessarily perspective that of bariatric are couple significant put the a many – attractive study, at would talking he is necessarily respects surgeon the thing very that

to for has one just of observing In not that the he growing. ESG made just was a his what pie. him So, I in was of excited, he growing, pie observe other, overall the procedure continued the other is the so and that replacement saw is not words, regard, practice think, but that sliver

Matt Hewitt

one one maybe then, and the queue. for hop last back And okay. me I’ll in Interesting,

the quarters completion way XXX we timeline. what three – you sounds it an the being will anticipate MERIT Maybe through us just anticipate Thank maybe all should And Regarding you. a study, approximately a timeline. then, will shortly like on from the – you’re the thereafter? randomized. read-out you’re get update do understand Or help they

Todd Newton

and don't specifics information Yes, terms to of of have the lot I a share with you, all timeline. Matt, the in on

We once are the course, once even, though but that finish they reach have they get that before randomization one-year they get follow-up to enrollment to and to they that of hopeful point, in can – them, follow-up one-year have up decision. to know, and if results. will But point that really their interim publish we you any to that investigators elect control over principal that's don't the much,

Matt Hewitt

you. Thank Understood.

Operator

question from Next comes with Jaffray. JP Piper McKim

Your open. line is

JP McKim

Sx on out one the morning. early been uptick ask that’s launch there? procedures the how to good that surprising wanted of you didn't used it it have I U.S. of jumped is the expected to that question. is Thanks thought of kind would you for taking this Or in anything early of be? see that there in, sort Hi, Maybe

Todd Newton

Sx this traditional No, to seems to well have that that What JP, older in color. the all being used limited give that do terms the reason those was kind and wanted there’s users why found, work we really you, launch, nothing OverStitch in we have really the we to for. of vowed is of

of trying And didn’t the whether not we on pleased very that a into so, to regard, launch you kinds the if and limitation, in see it were or we’re that went before had limited with will, we we determine those limitations. launch

JP McKim

the then, I so, growth it value, growth committees in of VAC? the taking VAC get is second this you in stronger comes to rate the to the kind gaining like that everyone outlook Okay, what’s And the that’s first your and year? the being helpful. assume to business that how traditionally factor the real down on versus half that know the is to different, – I but long half, does

Todd Newton

going it’s factor timing I to the at don’t think front-end. very gaining here than a issue other it’s a be

usually XX% takes process You know, what’s the VAC your and something with the that think also our Balloon business. it’s I isn’t also weeks. – it’s something Intragastric is that can right that to But do influencing take months,

half say comp look You business pre that as back of or those in the five was – XXXX, – basically a year. versus in months half the here would the know, and I months of represent that third the higher we first have the we at were period it FDA’s letter, before just

influences estimates IGB as the our So, well.

JP McKim

Okay.

it, know up. year? just I this but So where overall IGB, you’ll down, give you flat, Can you IGB think directionality give

Todd Newton

in at XX%. you rate If the then going the presented usually historical we down this Intragastric consistent blended Certainly Well, that a see to a I OverStitch by think, not – JP. expectation growth, it lower is that with we very is product. we guidance, don't give instructive growing its but than be think broken somewhat the Balloon to XX% is probably

JP McKim

Got you.

Okay, thank you so much.

Operator

Kalia Suraj with Next question comes Securities. from Northland

Your line is open.

Suraj Kalia

Can hear everyone. you me morning, alright? Good

Todd Newton

Yes.

Suraj Kalia

Okay.

covenants place, new debt have cash this and Stefanie on specific the flows? does in So, revenues the put

Stefanie Cavanaugh

set our agreement XXXX, and So, have a [indiscernible] we do covenant. have or does our minimum a Its at $XX revenue requirement for cash. liquidity plan million to of covenant maintain

Suraj Kalia

side want you're Okay, positive marketing Orbera more for I make side obesity to on is treatment, sure this was I implied a effect got It in specifically specifically mean, marketing correct? commentary. Orbera, you you it. know, effect, not were as Todd, a NASH. just And NASH, for not your

Todd Newton

claiming, Orbera for that No, is NASH the guidelines we’re for consideration discuss is is is a weight if this of patients. you we’re loss, important Orbera and indicated where own – solution that if our as an the society's not hepatology will, product the NASH question, we’re loss for claiming not treatment label weight

about the that’s hepatology community. in positioning that think how you product the way, if So, we’re

Suraj Kalia

for marketing OverStitch it. Got sales OverStitch, on give the it help and are just know us for OverStitch being seems used? Can kind accounts high. Todd, like you can color you two? those you reconcile And of specifically us cost the landscape, some And just number SG&A is of the

Todd Newton

a required with today Relatively past were a periods, active was suture suturing come the as while that we have. scope they mentioning it OverStitch. the alternatives I base, too the And changed into break in users that we not a will opt going in close to will patient is hadn’t it Suraj those our a are starting the were script, United I’m customer have they the there the have this our that of on where – or with get just bit Yes, are necessarily ship niche wrong prior meaning to States of to accounts who to States, this in we color user, think equal little XXX United be the you But product. an an relatively the accounts sorry account limited was some to – look active effected in – up. would the because they first up, if of about at think versus XXX account represent I XXX growth point we us. that case some much We those mentioned become OverStitch – probably in to users all, and when

accounts, a researched potential feel potential fairly the XX,XXX being good part, product not well of that’s Sx on the suturing the users. and and just that and like the mentioned United it’s X,XXX in make think we indication obviously technology to to That's user of is precise, number available our a States So, wider base. the I we of going gastroenterologists but the

require field amount for things it’s marketing sales product. It is spend of and not advertising, on sales kind there’s being like does a as a OverStitch or far of far concerned, support. a direct-to-consumer that As less put

So, or component does the that of thing the probably for the time and than it is a relatively have, say, because would the in education user Orbera spent we well their training products OverStitch surgical medical something is reps that we as higher OverStitch, I incrementally and on take what that's a seeing for are past. see sales we lot what as that carries, expensive is

Suraj Kalia

reception finally, bad. – was me, little And it. Got – a Stefanie, forgive was phone my my my

inventory in can it. repeat drawdown the questions. you on missed QX comments me, that taking Thank impact, for you again? You know, and Forgive mentioned – made you my I on some margins,

Stefanie Cavanaugh

Sure problem. Suraj, no

inventory – gross margin our We anticipation in as to projects. transfer up of in built order our declined yes, improvement related planned. So, this inventory year the had the

ended So, of which at most increase XX in million, increase or of some that had that we XXXX, in it.

we've Helix finished the the were project now early levels. able those that inventory bring IGB quarter, we Now know, the in project, to project, and you the Cinch down fourth

of XXXX fourth about at million of $X So, million that million about in XXXX, quarter. occurred the when we’re X the at were we all and end XX at the decline of about at end

of increased And fourth that’s so just sitting least levels. charged that that of important of in the during to downside that sheet sold. that in to it's goods that balance that’s trend good any the a with disruption of needing an on quarter, that inventory on projects. the go associated the out was from spend been It’s perspective rolling didn’t But [overhead] good had those really side of in – anticipation to the is potential at the inventory cost up, invest impact of had terms know a foot amount we or overhead

Operator

with from we Hallum. Matt Hewitt And a have Instructions] question [Operator Craig

Your line open. is

Matt Hewitt

Yes, thank you.

Number a mean the dig do of hands market, I this. in more – that ESG Just the this these wanted What's of on the in of different may if be development, of drug ever years are at have surgeons? especially of a clinical drugs both you how light this yet you still the – companies, see you out is what opportunities little Balloon approved, of best NASH. of data look the getting of are information and that one, bit the get way the valuations the away and attack shown NASH that to you opportunity. couple some into if the supports treatment aspects some there? in physicians, that I to guess that have

So, got you've already. data the

what way through that Thank plan us So, is maybe you walk you. market? that to the just attack

Todd Newton

stage, you and talk do event treatment need now. especially gives important. of have all, little evidence to the be to It we have clinician within have to short-term probably greater will, clinical more awareness and going labeling, term, are and right clinicians do an departments can't that evidence, most it, we we events first like it's and some for still large like if positioning the just create do impact the like where who patients of well an clinical the have That’s can we mentioned that structures, base clinical to established some you is and area important departments on awareness, thing feel is results Europe There's in about user bit Balloon with at Hepatology for NASH course, things for to like create why of opportunity ever. most really we the had great a relatively on so we in do up Matt, the hospital awareness. and can But that Orbera that April an of can where most creating need we coming Balloon continue clinician in ILC some work we Hepatology demand to terms in thing societies, in a that more that Intragastric short of us have of there. we the think, important fairly aligned the is There's work we use. a always Gastroenterology to our enough create can be this the awareness,

Matt Hewitt

you. thank Understood. Alright,

Operator

will have [Operator turn presenters. this telephone Instructions] the at time. to the And I call we do questions not any over

Todd Newton

Manager, very you contact for Relations on your and John you Endosurgery any much. interest questions Well, today, And you all and Thank operator. of today. closing, you thank should Gillings, Apollo Great. follow-up in we our have his for listed is to in press information our please release like contact Investor would thank

Operator

This concludes today’s conference call.

You may disconnect. now

Apollo Endosurgery (APEN) 18 Mar 192018 Q4 Earnings call transcript