SNWV - Earnings call transcript Q2 2018

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Operator

Greetings, and welcome to SANUWAVE Health's Second Quarter Financial Results and Business Update. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to turn the conference over to your host, Lisa Sundstrom. Thank you.

You may begin.

Lisa Sundstrom

morning. good and you, Thank We appreciate in call. SANUWAVE interest in and today's your update now most second XXXX will provide of as quarter results. SANUWAVE an financial our well our as recent activities,

be quarterly filed XX, Our Form on XX-Q XXXX. with SEC today, report the August will

would section added to like at of please our distribution the to go be XXX-XXX-XXXX at website SANUWAVE or to the you Company’s list, If call Investor Relations www.sanuwave.com.

encourage will conference results contain like you XX-Q, review Company’s to events accurate CEO, statements materially caution the or reflect comments and conference that over date of time-sensitive call XXXX. those or With said, information Furthermore, begin, to of the by August broadcast, no which from content and SANUWAVE turn we any this without including Securities management of is filings like statements SANUWAVE. with risks operations this factors as I would forward-looking circumstances to statements. XX, Richardson. undertakes Kevin in call involve to that or obligation contains Exchange to described to the the We Before the differ revise Commission, live and XX-K and the only this our identify forward-looking actual of results the made that Forms cause limitation that of conference after that our regarding update call. to during Kevin? uncertainties specific events the may I’d date call future the

Kevin Richardson

progress. undertaking update of and second April today. our and number on the rollout initiatives XXXX you Today joining dermaPACE as XXXX we call on ensure you for in us a U.S. we on everyone last Thank and QX an quarter We are success on provide internationally. we'll thank to you, Lisa the our our updated

combine usage in treated show device strive with DFU, Our then to is diabetic have QX U.S. device is ulcer we indications to drive and in of and other the anywhere SANUWAVE goal have become this a number stated ability treatment foot a to making have treatable with a vision to modalities. the is growth the as that’s our reality. results

established have achieve revenue support goals priorities more massive in market allow importantly XXXX and us these continued will which the in with show beyond. to goals other to penetration We from growth and platform groundwork and XXXX establish along to which five strong topline growth and the the

second a Let spend to these me of each goals. review

in second in revenue care wound our senior market. expand the the management initial the U.S. First U.S, specifically team in

markets, our international work next Directors supportive begin finally our new forward Advisory and enter expand and clinical Third, Science Board Board. of

Looking executing is on quarter plan. achievements, it are we second clear at business our our

to have and Administration Indian devices U.S. Veterans revenue as vertical they We with the generated Premier their Health penetrate markets of to VA. the began sales

out more matter We get the Health, all it of think reaped a Indian when has they the is are truly seeing I native this population, like currently it I diabetes sounds if disease. underestimated interest not of devastation American

little on a we relationships. year these made providing in We of plan expected this very within making in VA the we strides progress but team great are When our and detailed more call. the size back end announcement mentioned QX, update on channel potential this during bureaucratic, and using dermaPACE market. them. help is interested The they to So the as is that

over rockstar feels invaluable the units in truly XXX He senior wound U.S. like you him. over did comes to member is here Shri we surgical to new other lot to second which from from team Parikh. He time far who the or from million direction. the has in Lisa led companies reporting three In so on interest want Shri Molnlycke introduce momentarily. top more this of the board, senior Shri annual care management with and wound right a become is globally. a us Second, a XXX off. that hire takes him revenue one two We’ll will as a and after also everyone has hear we're of we’re the quarter. headed seeing team professionals he his to it of ship With on details leadership jump of

quarter the markets and in we entered U.S. countries XX outside Next coverage of announced three providing new new the additional an second

we’re [four XX taken our Rica, expansion SANUWAVE past with a It and act years have initial in Eastern relationship the our to America. of our in announcement is a deal region despite three is well, recent has us much sold Asia. argue the have would the I and Tarbaca rollout I be the these this and with here listed The FKS as expertise I is with Central It out conference. the most Convatec Central being large. in FKS. right two team Costa will for signed, for working size him and a and and remains foothold have His came business patient at As and if all America quarter as soon Fei with as small over training Southeast to Malaysian already July occurred treated. They sales of The covers international with with before, had could Mare. part driven base revenue. as the that CEO as fruition. family. them covers company my agreement two one partners contribution Most end insights began recently be their they in years product given and was across our of relatively Asia. Di in in years. small deal big the activities now Gustavo will Guatemala. Romania to agreement come XXX mentioned they be groundwork FKS, markets into publicly members was range] across nice in and of Mare asked of The then be place markets. will is funding coming Europe. countries to now bringing South in into is in Panama important Di growth Brazilian the being The excited was away the over Gustavo from it largest and bigger million and having I Southeast of training range could

this making healing. ability is started to having support medical studies clinical area perfusion with we on professionals. appropriate work vascularize our we we growth Next, but the critical the areas on discussed study. We to our our our to QX plan on have trouble call exploit One our wounds sure plan we’ll where briefly

On he and plan novel global entire a the also us XX so our to one while treating eight increase is significant September at calls Shockwave. XX SANUWAVE we will of of patients year-end. help we the quarter, the by as have many which will add develop. from global the you'll all to the our we’re educate again potentially board mean by This reach pulling members accomplishment to team in unique XXXX. plan very throughout headcount He most we in is some to science accelerating will this it on Malaysia Mayer and then was invited doubling work to which prolific runs quarter of a XX the clinicians our and growth of see in added exciting differentiate been and of behalf. from advisory XXXX year in beginning the speak year are in together. to we Dr. clinics everyone that on day. Perry for in at XXXX. fronts additional and to will Internally we revenue the second All link We where and last future. our grow this beginning in detailed on XX Canada team end this tripling us between Also during developing and main grow the out the was The has our a is and call conference areas platform we’re establishing

is an going do is to most and to we a - talk As this. toxic more on about management do are or people they mind investors money senior we with studies pay stock. and anything overseas going we how are additional question and expansion sales How the to that raise for additional going

have. years up and gave the fortunate board the base have to thrown very the over all times investor we on up have and We frankly you reality. the given never we of didn't. this know lot there actually Most that quite dreams making been on We’re through hope a but could a towel been of have we we've when

primary about thinking we approach thoughtful risk. made the also sure XXXX needs. toxic could especially which coupled we We and those from put have achieved. taking payment enter sources. as or with details who milestones will actually usually as We not money exclusivity right our funding then way upfront in in regards involve sort come the some are in company of to future at International milestone investors were payment, XXXX funding did and the two

of helped late company in have XXXX warrants our our and and that These will the to come company balance exercise. the an on cash March amounts The is investors asset The expire that sheet million we XXXX. run others warrants. upon warrants who will XXXX in X.X in received into

investors then We to warrants are those exercise incentivizing contemplating those earlier expiration. and their

on discuss few have this to next more We the in weeks.

and some not be be warrant and XXXX position likely warrant an platform we’ll most to already, Between exchange. when announce officially full XXXX. the the add amount take the we our a should to revenue to we in holders build will oversubscribed deals I targets am where good the for Having in the confident infrastructure, spoken today. and meet situation We international warrants will have extremely in

update to will people Lisa questions the various and to growth. Today to the summarize we allow undertaking will turn show discuss had the said hiring All over pace will that we've throughout burn then it us but the conference. to won't growth Q&A that year. on will the revenue I be we've revenue tomorrow our financials cash are we with will As we at along, cash XX the and you the steps means Lisa? normal success these we’ll it And manage accelerate all end at dilution for and the QX initiatives of we’ll conferences. so minimize try then

Lisa Sundstrom

increase prior months of Thank from or you, were an XXX,XXX XXX% XXX,XXX, XXXX the June Kevin. year. for three the Revenues XX, ended

cost revenues and engineers. the $X.X to hiring issued. of Net of expenses XX, to the devices the options the stock primarily the was of with and for ended revenue XXXX related consultant The interest increase company warrant Our and and XXXX dermaPACE the compensation result to submission Human promissory for partially States due lower also The was from dermaPACE from of million to General FDA to increase an related convertible months or in three a XXXX, to increase higher and Europe was expense already related XXXX administrative full offset loss applicators. United and compared our three the of higher and related XXX%. Director of the in June product Resources resulted was related was was $X.X to increase a in sales due hiring Relations, expense that a from XXX% administrative related to by year. valuation XXXX orthoPACE were cost and was in and both software in of President the expenses Higher related ended XXX,XXX expense as higher applicators devices net adjustment. of non-cash a partially notes June million loss or XX% that were Research The to the expenses conferences, as loss XX, travel the ended leasing discussed, million, and development XX, months or of the the to the prior in XXXX increase system. XXXX the decrease on June the by sales for decrease public year. higher which Investor year. to $X.X due fees net prior new consulting higher compared as expense $X.X million the of and XX,XXX general three refurbish for higher gain $X time net The an offset for follow-up of related prior related million months loss and for commercialization well

December XXXX hand was at cash cash used the of operating from XXX,XXX use cash increase was XXX,XXX with compared year-to-date The XXXX XXXX XXXX. payables. flows million for due with by June period operations of as primarily had cash expenses a Net in for operating XXX,XXX XX, we at compared on XX, XXXX. activities X.X Looking decrease to same and in in increase

cash our to research market, technology. per we dermaPACE of XXX,XXX continue our non-medical approximately XXXX commercialization expand that and for prepare and rate We in operations to continue to burn of project the international XXX,XXX from use our will as be development month of continue

Parikh the me turn let himself. Now the call to to Shri introduce

Shri Parikh

technology. past the two Lisa. during would more enthusiasm like most research capabilities my supporting and attracted confidence learnt our for introduce a you morning growth the and you, hope I few increase with good and With I what receive have SANUWAVE months all to with these helping take from at my to what they my heightened our of I everyone about here meaningful joining more, and and this towards short myself, what patients Thank lifestyle a here to share positive result you, my during minutes me SANUWAVE, therapy first being thank time a opportunity you have Hello to as which us. here learnt importantly I call our explains just doing

interest. backgrounder having witnessing away As in with for the then the for past the disease, was diabetic as really commercial pharmaceuticals It years years was recently XX suffering that it care to shared my was being to with a the and corporate to business a which in for seriously. I emotional past ago remember. global devices of II me range and end XX the endured to more experience within as of a My a wound The parents, vertical. business, pressures also as surgical role kidney life. related mother years the healthcare a the leading I to work more just healthcare challenges was long research I choosing stage connection most a but in one from and accounts complications. mostly national more then failure, have personally cardiovascular part result surgical med for XX of of companies This both responsibility been healthcare path was career who years interesting with five in engaging can From renal physician however SANUWAVE consider family as Where GM teams. Ultimately by personal peaked included this Molnlycke. diabetes pursuing type passing Kevin a five and as her an and encouraged diabetes orthopedic

type passionately by data, the demonstrated by my compounded capable, committed the value spark helped differentiating I loyal clinical become all feedback only and helps researched excitement SANUWAVE more As of came dermaPACE evidence, towards results the to the there. and the the that compelling shockwave wanting from of technology, side part revealed significant me Then of team family. remarkable provides the the in clinical advisors, attraction benefit, the business and a a and This the very join opportunities SANUWAVE.

SANUWAVE. felt U.S. strategy And and foot well be within opportunity, commercializing role, accountability dermaPACE what in in Given offering excites This I commercialize in feeling this drew global confident increasingly the the to to with successfully market be existing dermaPACE my and a of $X beyond U.S. me DFUs grant our treatment potentially billion continues ulcer ability worldwide the FDA successfully for help to each and part clearance and focused, our potential and what reach. diabetic here me this supporting with grow to for with a execution and $XX ultimately and confidence every is day. markets billion and and DFU it that

as best quality ultimately and studies DFU responsible prevention. amputation failing choices SANUWAVE’s Diabetes dietary soda the well efforts dermaPACE provider know a increasing is enhancing XX-year reimbursement for the we as as the both with clinical healthcare technology we can approached to ongoing With every DFU our global for are epidemic is exercise and the for for and I increase and patient. society commercialization critical on economically very an we for diabetes. the every choice when treatment into life support and restoring was As mobility guidance and anniversary one responsible syrup of introduced functionality, the corn the become lifestyle front

back to you hand Now over let it Kevin. me

Kevin Richardson

Shri. Thanks

can from you commercialization. us a R&D our Shri's As great company found from as to we to leader a on switching next leg background, see help one

growth summarize to our began earlier met well. quarter, over goals process of lot which to of developing talking of that have year in Just the of very we of we’re the future time the was topline we the outlined didn’t as many we the platform XXX% for in and you Included the a QX proud that growth. spend about really

to that The other strategically have and continuously wound and operationally working people, marketplace we clinical the have work branding. dermaPACE, will indication, today a companies the prioritization hiring are introduced a technology global support we by when infrastructure educating in to tomorrow. plan, arena, successful Success successfully plan and use gets globally from the technology. do the that We performing always the proper care so involve right how refined explained exercises reimbursement new our navigating plan support on thinking to about used

of all more. above doing We’re the and

record We’re of devices. a number shipping

clinicians We’re before. ever than training more

We’re job smooth SANUWAVE does everyday has any done perfectly is device have anywhere a one here DFU a but basis mean the and getting goal runs the daily on the at to treated mind not in in without glitch team that U.S.

meet and company on Q&A. team, With we’re year. the of that, shy the headed. beginning thank near visited I and Lastly us by to let’s by the of facility those see the what head today dozen working who Rob? visited We is where a many encourage since and of us to to the stop get stop have want just are where have shareholders again to investors the helped you we -

Operator

Please Brian Investment Our Zacks with Instructions] question. with Research. your Marckx from [Operator proceed question first comes

Brian Marckx

[indiscernible]?

Kevin Richardson

interference. question there was your repeat some because to going just I'm Brian,

I’ll it do maybe you line if what is, the cleaner. back And in will get will the so question, repeat and maybe be queue answer then

as U.S. U.S. was with some revenue, So to there from was of already seen throughout to we Premier quarter, the fourth revenue up in the the Premier the question base there extent in the We've regards in expected. the expect revenue any quarter based any and the some was quarter year. Premier usage in some out Premier So progress quarter? usage was in revenue see what were third go there we’ll revenue,

the small U.S. from In partners revenue as patients and of a quarter our performed this in our the of coming the that's the where It most of percent quarter, agreement, so first very came in have from Brazilians We again. was non-premier. the small. was treatments U.S. FKS, well revenue Europe. the the out on bulk saw revenue international you FKS

The in have revenue first year up Fourth to ourselves revenue to half of we we’ll even international. Premier as start for mostly quarter both placements see and the be third begin will we positive. see U.S. really turning when the for quarter ramp

Brian Marckx

happy I’m back to get queue. in

Kevin Richardson

Brian. keep better No, you’re much now going

Brian Marckx

probably the you've the In incremental that. And are terms personnel tell? that that of what a cost in XXXX. the then of us of new Can to the sense you will personnel that give of additional related the functions you fulfill in terms remainder expect mentioned of what add you they’ll in terms functions

Kevin Richardson

Sure.

today you to not out looking step know have to three, and we Let down but budget is a it years back benefit going the you roles us so place in for immediate what me is and place, and take road. go we're good just plan whose five a a in have start good strategic two, for just before hiring,

it's your your talent. to a the best which a a game bit want best like get again position we in So taking going time - the kind team sure little its why put And our of we’re on here best to taking team make draft athletes forward. playing you to is we’re long get

already is on kind a to of - of people Some be already that over everything begun and underway. need the domestic be we bring next the areas that on process months six will sales that’s will

sure I've to have talked a that what is XX people we’re there that go through on trying about additive coming the we're to talked about make be don’t expenses the to that on on, nature will We we’re on to not It's bring want and - roof. a a looking say who positive is tomorrow value are identified Lisa to having bringing bring bringing roles balance on. really I people of when net aspect them the have present but there so we’re

doctors clinical people give of us, an to people bring will we’ll focused the area process And over of can support we this back areas One our - actually I'll an third use our that the one it identified as a on the example things June, go we boarding bottleneck the device. quarter. nurses, then in summer on clinicians, train who how began in on was the and and was train

on start that that out a a global new So because rapid need we fairly then is it’s it rate, we can a device and educate rolling at to company.

it So looking going we that be at that’s different place internationally. to and four in for something of of average to to three we were have training. numbers two the be XX months days had domestically, locations the We're training like on in a sites take next training we’ll

how manage that through the have needs place. of we And time the people that type we third sure do should and quarter. We're forward all director the them. these someone talking going so very the us area end so if the can before a in on can we’re we we now which. we in on of so Part ramp of with bring keep ramp and making A right trials us have I of we’ve - about practiced that that seen manufacturing we the reimbursement with think we’ll that is we’re about an that internally, up, before clinical who these have to some never moving players we speed and have that's being see on clinical meet you’ll side. that area help an But

at type hirers think are in the training more third you’re clinical level. to going see reimbursement, I the the quarter So,

be people, sales out to throughout in that probably roll October XXXX. then for time coming ramping going we’re we hire the people of it’s front resumes see in year on cool going want there’ll be September, precise. And getting with involve opportunity they three to it lot like to see be end isn’t that the of sales coming some us. go we’re are of XX a frame. Again as probably very the background in You’ll people It because

QX/QX year so growing it so we’re of that expense fast and that revenue quarter more about five to an and comes think that we think that's the going of way again of going to will the next trying same make are - XX good the same Brian we people stay the from sure balanced that additions implementation come we’re inflection we're finance people. to it all and in stays. point bringing Shri, on visibility we fourth brought probably you third there The things on know to is a So standpoint same I lot help on on ahead And get now a a to type are And and I here. who of you’re pretty Sales it way we - a issue and culture it's see here. again And of in so sure bringing more to to ahead we’re probably revenue other again revenue have make down. sudden all as and people got right people that can ahead too trying six-figure make also plus more get not the where bring want on people to we’re offset of operations. way people many have we

we any tight we - you together. family from cry family, anytime laugh grow and We’re a like and can can

culture grow So important that I think it's everyone to. it embraces as we that

Brian Marckx

they that had that a probably number out MiMedx and there. backyard there's I really your problems MiMedx few [indiscernible] are I a in people quality sales resumes or sales essentially had know issues, interest are the anyway clearly from in side have you side ex-MiMedx may joining management any the are people other had functions? the seeing potential that on but some assume

Kevin Richardson

Yes, length had the companies. so the I have America all that of is we you i.e. and at because we're wound together fortunate to different have if of blocked where Brian it, things you even here look one to of North that, located part more that kind Advantage clump here. are

You lot are this Helio have a [McKesson] that some of have old in a folks have territory. forayed MiMedx, you the into this, guys

opportunity within it’s is area. hotbed recruiting a U.S. of So well. a Southeast a really Atlanta community is schools far as and nice Atlanta go fantastic as great for as

they Specifically MiMedx, to regard people. with own their their through they’re own going pains, restructuring broaden

We’re is a we and good our lot landing are people activity people. family are They mean at management of culture of a here great come made that of part them. were think I are board, have and for number seeing interviewed you poor a spot really decisions mean SANUWAVE growth part I resumes bad on they people the actually of for really, doesn’t looking out as some and pointed who just because them. our good home that

Brian Marckx

getting getting commercialize Premier the they process schedules. - what provide so that's and where so channel? are Premier before a Health needs detail you Indian with on happen analogous clear to of start selling more that is terms Indian is before any to the can before something you - then can Indian in there And on on GSA can you schedule that Health Can hurdle the terms Health you to GSA start that to of before have in

Kevin Richardson

a year the probably for go by Around and it’s I’ll what region so kind next by into community. around specifics. how Indian we’ll Premier about is on a next the - call into with Health rollout community probably their year go detail know more more it little and and I of Yes, or region gone this

And their dependent lies. proposition pricing the so really on where value and is

modalities. good very that of in meaning they of that to And in treating with that than management way a a value we’re we’re pricing better the would money the comfortable is to the offering diseases way in them have getting advanced wound other saving them so some of the getting we’re they're closure,

I And lot on so this, if that to a some Brian more specific get all punt be the but don't lot more are around And answered I it try schedules. next had better call. a on those would and of know detail we have mean this the with where we I’ll

Brian Marckx

about Okay one think that And gross that Is pretty forward? think a about you forward just it a expect should in great going we level XX% was quite QX it and to margins, bit talk I going QX. healthy the up that anything was is margins Is I maintainable there – relative appreciate on is from that. this what you margin quarter.

Kevin Richardson

Yeah as year next of the to heading and we a rollout we as specifically U.S. lot year. going this

think we going kind future. same just it’s think on over the on. other There comes of accounting clinical in see international the drive and using about high are field XXs royalty a based of But old old, Brian margin a the and piece a in XX% per are number. there margin device to a some the shifting to And on they’re only I margin we is policy equipment. revenue good a you’re the of very accounting life revenue in recognize the like how new make same is front money clinical I that that in around some on procedure a it's

touching day XX% a in so many of XX% should basis. And But number kind good driven I learn we per of a going more now going as, using procedures to bit probably procedure XX% then a in on is a margin always kind forward. be per at be mature XX%, lots basis the it's a U.S. how facility the think and So of forth. stage even a maybe by more on we’re for a little once the gross margin but mix,

end we a So but the as to that understanding we'll of get it with to. better have the a I think year, of policies towards the do lot of accounting has

Brian Marckx

all countries the JVs what I relative national in then is healthcare on regulatory the terms lump Tarbaca of many like I’ll reimbursement that look JVs. then aggregate or those two can commercialized need payers private environment the they how and new there as it is approval congrats well? to the And FKS some sought And nine before of believe altogether through questions you of that in is in there on the kind and it's countries

Kevin Richardson

use answer by the the new device. country a approve kind country, to medical of and we’re a new and every country device So

in behind of we all XX% Guatemala Panama, answered will like how Rica room we’re Costa ton SANUWAVE incremental people fortunately And mix all it's this probably - on in of we lot going XX/XX schedule of as Asia are with placing take Rica done. the example – Costa we’re can questions we've what right of now then chuckling we of So on I easier into a when we machines. have pricing are XX% a each here They country on inside of in done a two then already With once that’s Costa country. us lot that’s it very, fast fold it as approval the it at think as they’re FDA assembling that like because get which work, Security that this paid kind is required region then copy gets there's a Brazil we to go adding in. the easily they reuse moving far payment need streaming quickly Southeast enter to years. the pretty for regard very it depends example documentation of Social kind we And been And process because per the order and that work right just for Rica. to

because just going they’re smiling We’re fast. really

over So yes it’s thing, you’re there going a fun split well. but as XX/XX see a to

Brian Marckx

regulatory countries require then responsible terms And partner? for regulatory, who that the terms in of specifically in And their country. your studies do activities for process is other is clinical any then of

Kevin Richardson

have currently with we the handle we So don't They end do our do any we partners all from that backend need to support. the work. clinical

So document come they're they’re presenting translating the us. from

market. spent on reality capacity as wouldn’t we we a we’re you’ll XXXX process, which be of Those handle market, countries boarding. which far clinical pretty right We’ve time lot can behind big constrained what longer. FDA to need us year. tomorrow They a now spending of the Japan of is China approval board on a this The see a at have take little looking to is at as for support China may them. kind able that. they Some lot different and time a If is have pretty like a we’re came of big handle

with So us right really that's focus, of focus, what and thing they’ll the next we’re regulatory anticipate to Brian. foot regions. focused clinical diabetic would that’s rollout. international partners will year internationally diabetic partner work We on going percent about how to that’s work we’re it's year-end I by plus doing here growth the those ulcers in more on likely is ulcers identifying and And continue U.S. have partners XXX clinical. us on a about right the on something with all with foot our it's We’ve focus us achieve where They’ll potentially got to in stuff in where now one accelerate. a But think work we type they’ll kick

Brian Marckx

is an visa you us that then and update And the have last MundiMed on approval one stands? and can on process I give where

Kevin Richardson

in been I devices being back a consultants were QX. a do have a been can again it like how in all QX QX have that looks October probably probably they it I submitted event more be training hopeful paid. have would it won't on it trainers broad-based anticipate and Documents comes these would happen in QX know locations. have to more in this be many where we we We’ll

are great October in now. right And will we relationships are again probably they get they till identified KOLs. there So excited fantastic have be communication board mean but to I they down on some

Operator

from comes Please Private Terry question with Investor. a proceed Johnson, your next Our question.

Unidentified Analyst

the new on Congratulations numbers.

kind question long you a time? lines. the other earlier patents how hold now is And of other mentioned I many my present of number You patents. know those along at have game do you

Kevin Richardson

I about announced we’re think if we specific turn all. I them know haven’t right can over And we more to he of can Iulian get XX. but it I now answer it we’re and north

European, in mix going have that again both in U.S. announced - to those We’re between probably regard. summer non-medical that it the September pursue medical continue but and summer we’ll to timeframe-ish and still October. The

Unidentified Analyst

ones one development as a long thought I understand in on Do given first are moving understand you'll But this as do to that can you game. be a which going you said any out? when branch to which have and I have be again itinerary you

Kevin Richardson

now domestically right care again so on focus, wound I think the foot. diabetic focus, team about focus

think can is would the achieve everything bring going non-medically. point to objectives I things us their so I team more that right on that healthcare view as get when pursue jump the resources the as see and begin we they growth aggressively implementing comfortable that to you're some

There's go this great it's Montana of mix I these now and say and right work We've there again around for It the just back diabetic time, excitement the stay we We us of let’s their opportunity around group has a to ulcers. too find, we focused find that wonderful center continue to try things to. is do right can't we’ll sponsors, not on these that foot that had things mean of big to But on right But around is and it’s it with the had capacity meetings, Shockwave the once I a doesn't and point to do can Montana know an great a so other There on is lot level. a comfort medical that. partners. partners a lot mean just got pursue we in nonmedical the we some to email meeting and time, table certain Bozeman proposals of and proceed trying the look could now with State some now state there right in go get of of all we different corporate applications. to biofilm. traffic really okay July. work forth the there team's

Unidentified Analyst

obviously And just way congratulations to everybody right the so I I at was done some curious, the down patents you aspects. thought and again, even Atlanta I to only was medical that's of appreciate you it it point. news. I on hope was surprised exactly very get and I Thank meet much. to concentrate some course XX better

Operator

proceed Terwilliger question. comes question James next Paulson with with Investment Please from Our Company. your

James Terwilliger

just me you of Fantastic Can could business from percentage U.S. questions. much revenue growth is QX quick coming for numbers you give ballpark quarter, by the QX QX or and for your combined? a couple that either of the how do and current

Kevin Richardson

now. So, of again still really Premier it’s that And if James. first probably and the only thing doing right on the following QX is I'm year about it look we're the you in half XX%, QX at here U.S. XX% U.S.

as But move year being exit Asia majority. we to which weren’t the to we’re if we as and growing so don't U.S. catch the that fast this able be Southeast think at speed it. flip the say and I year, think we're of out probably as FKS is I’d I exit going FKS growing, to

able next not the Premier, under just So And this the over XX% because see going we’ll then U.S. to all you’re be I'm achieve goals remain that guessing we’re other going device I to in half the just to with channels. year year of think by of back XX% begin our way. revenue out in in And but still rolling

James Terwilliger

little was teed in question up, it’s good since the press question. on and the is Again press me concerning to actually new language an That payment, release it’s release a and in initial you the though, FKS talk shipments. second detail. the it Can in have kind of about you. on you you the of thank very structure I'll about Well, bit ask My you a initial FKS? bit just talk kind little the release expand

Kevin Richardson

get it the of signed us one is With think venture. not of was and nearly have not. revenue in pieces that are and amount recognized the this it to recognize a of money, case quarter. its there that certain two different So of second with FKS, exclusivity of some there business the over Part a period pays majority I joint the that to FKS exclusivity us to we exclusivity. similar Brazil In the of they

in piece as third revenue all the that a and standpoint, third And quarter, third into in in then Then well. some the well of that you'll payment Those in venture. quarter see to are a to fourth it that quarter recognize from recognized the the trying things payment. FKS may first still us that in exclusivity they payment work third beginning year period part the through. more the made see be make quarter we’re received as is there when From venture fourth an revenue may are another recognized and the of that the pretty beginning and that joint the into be the see They specifically so that devices negotiate You'll as from joint they’ll we from quarter began quarter for SANUWAVE will lot with slip joint this us revenue much accounting to already well. venture you're signed have shipped as placing immediately.

going they’ll are they we are We with regard do how that we’ve of exclusivity profit then said the again through milestones. get to the devices and at we the some. half looking profitability, haven't that this And this comfortable venture payments much do disclosed in back once XX as the or split rate joint XX-XX situation they're again very that we’re what least year at and we

James Terwilliger

starts regulatory third your approval the stay they the to you the some is actually declined at here reassess of tightened half back R&D year? Should R&D expenses. marketing you should as expenses. probably expenses could shift R&D level focus sales think belt on to My and this and question accelerate the we They in with or really that

Kevin Richardson

as and to going the year. too, in is two different in product accelerate will it pure think of right. half go always be into it R&D Part is that product. development want so And next back we keep so to of Yes, - the kind of we research then especially innovating there

to because we’re rest happening to on development product X.X medical and to we’ve X.X, your what’s specifically dermaPACE X.X, listening in always the devices, customers, in what dermaPACE, forward. you science be dermaPACE out healthcare where your come innovate moving dermaPACE we with is the continue listening have continually the product there can’t seen to So and going to laurels,

going balanced out help ideas we’re way us we’re That well. through will will you'll other research and a on So doing that then some there on us working that do medical are that and there. again flow to continue is to projects see new as understanding

State, Montana separate at what of have we which do that worked And the in as looking and we above is is as can we the Other R&D Some could get up as colleges happening indications, the we as vascular stated do add help the I'm other easier pure we and on before again more Augusta wound this we we’re just at in level this - where clinical understanding work. add things This of delivery. do drug we not to that work including more will wounds exactly is do what some humans that things go are we've that with. in other treated. what's clinical like at being

crazy, approach. will So, be a I in or wouldn’t quadruple anything expect [quad measured it triple] but it to

James Terwilliger

too the you that’s much R&D future. want No, to cut don't because

with the for job questions thanks nice again well growth. and Take taking care revenue So my

Operator

Investor. [Operator Instructions] a your from Please question. with proceed Our Private next question Terry comes Thompson,

Unidentified Analyst

plans Do or date a meeting? any for stockholder's have you

Kevin Richardson

January, difference us be at I later with to that. November it have early if get meaning priority late docket It been getting on the us for is it our But helping probably into or a December. to this year, legal up. one guys on We've through schedule until year slips a teed looking is just meeting probably right not board we’re then think Yes, it in on timing and pools all show got September on our few calendars this days going today - medical everybody working travel these mean customers. is hard don't come end, questions, you everyone email, again it's always but have hoping be call know just get can upset visit by on I'm one I conferences. the we’re out in please surprised, the with in any don't something get year - the It's to docket we in if of same you be not and schedules, road of front the being

good to So all the it's here everyone. we’re in see and office

Unidentified Analyst

chance maybe I Well obviously that when everybody. important so sales get it the thing. - most curious I comes I a to meet just was that's first, understand,

new I'm thank for you and So, and I watching again and be will excited congratulations developments. you. Thank

Operator

back closing we I’d the comments. gentlemen, for to of session. to end and the turn like the Richardson call reached question-and-answer Ladies Kevin

Kevin Richardson

you, thank Rob. Great,

please have anyone any news the on we’ll free between visit, to talk. feel everyone. time hopefully down call, and have always now and next As questions more come we Thanks

Operator

concludes today's This conference.

disconnect participation. we at you and time may your lines this You your for thank

SANUWAVE Health (SNWV) 14 Aug 182018 Q2 Earnings call transcript