SNWV - Earnings call transcript Q4 2018

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Operator

Good day ladies and gentlemen, and welcome to SANUWAVE's 2018 Annual Earnings Webcast. [Operator Instructions] At this time, it is my pleasure to turn the floor over to your host Lisa Sundstrom. Ma'am the floor is yours.

Lisa Sundstrom

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

on Monday, report the annual Form be will Our filed SEC on April XXXX. X, XX with

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

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

Kevin Richardson

the Shri cover stage just part at in call. we rollout Officer; of and a Parikh, for the bulk for our also today's COO; of place. our of Cioanta, year will Science the in U.S. Iulian record-setting XXXX, On I accomplishments from; Lisa, back President her Thank setting for of call our reimbursement On giving look beyond. who call you time once tracking the our discussing we who try today's also we’ll to put our today's have in it our plans was you, XXXX, was Stegagno, SANUWAVE’s XXXX Pete be Lisa. CFO our Chief spend and our preparing When but dermaPACE really code heard

tracking reimbursement reimbursement product, on X, months medical critical the strategy great professionals hospitals so to January FDA It's XXXX. place success. in an ago was three have is Our is but get which to also put the why code approved to our and paid like

So what for did accomplish the we ready get XXXX in to rollout.

those plan. continue we've followed before that on stay XXXX, that get discussed execute X,XXX over to to wound move approved, have this achieve we more plan, and devices as than takes X to execution we year, plan the indication If other But to and successfully, million us company well throughout we over along we’ll As implemented placed treatments XXX just more one that way. per with time a million ultimately than this in revenue. we and milestones

XXXX, goal in devices. to XXX a place example For is our

Indian we partnership Shockwave discuss Health handle we the channel In these later a are XXXX, XXXX. in sign us. able as Premier will We VA with discussed to for to goals

So with XXX agreement devices. far equipment equipment added Indian will NFS as help expected than Financial tracking they VA the to Health rollout us the better those place on as an in XXX We XX it's peer on was be Taiwan seven more established We us Care to educated attended review of can our finance to side. Asian had expected diabetic where so in on seems success foot We our U.S. we had the work paid shipped brand. ulcers other received the have customers countries an but the We in clinical the electro-shockwave product even an in exclusivity XXXX. much peer reviewed of help double-blinded important completed, It's we happened needed tracking Wound first get expand new to rights had using fall the study. to that code Journal one therapy. countries. fee with article Southeast for of this extremely important John's to which published, in treating medical a have published with We the tradeshows articles and and for your it's they everyone We FK science Medical advisors. over and our build where Asia We Southeast agreement added patient additional

and extremely XXXX team is care, adding wound we our execution Parikh and devices, IP surgical Shri during for the as and us added led strategy beyond. care, We helping of has in four new continue well who an the to extremely Healthcare, medical President importantly build we and has background our patents, extensive XXXX implement

much All per behind the blocks in establishing work allow including achieve building the of these guidelines pricing will our us procedure of XXXX. scenes to rollout

criteria, patients and six gain have These early technology. on already insurance that above During on so following researched Based in these of initial of states coverage we criteria states to adoption Pennsylvania states Carolinas, areas and density - identifying Illinois servicing chosen in XXXX. each Texas, doctors be geographic the specific which new density DFU population we our XXXX, are hundreds population, based who specific California, will treating we month, entering around leans towards the target in were chosen can route this rollout. placements,

educate X. states of the traction Americans be targeting QX We've will all By XX in setting initial XX begin units XXXX year with end. by small - to SANUWAVE our QX and already place represents in placement XXX partners gain extremely We will a placements. clinics. XXXX. in monitor in albeit entering revenue to hiring entered of claims we to April sales represent ramp additional plan Any process international adding better of U.S. was will by insurance XXXX reached to these importantly These and and QX and those begin in begun XXX and coverage. wound the regions, starting XX% states roughly QX recognize we’ve help expected units revenue QX those growth partners will population who well. will but for we medical successful already. XXXX. reps as of and for This setting trainers internationally population the in placements the stage in and strategy fact million a In stage follow and additional

more Shri? Let I throughout will investors me then turn it from over Shri about to can conclude our share Lisa field insights by financials. expect with review President some from the who Parikh, the XXXX. of what followed will who And the remainder some us discussion will Sundstrom

Shri Parikh

and Kevin focus focus just from in After and year critical the dermaPACE reimbursement, areas; really in centers commercialization using my as that shared, last morning joining. I’ll around supporting the just and towards our been placements Thank on everyone understanding our systems, patients XXXX and laying and Good trials clinical our you, reports thanks for activity commentary reimbursement are Kevin. efforts our dermaPACE reimbursement identified customers groundwork as three The of and updates placements here great. to clear evidence. has commercialization.

During able dermaPACE settings to system training, find our clinicians are learned we’ve simple to easily. the use quite adjust and

the and treatments. as reminders a directors on our which how to device to fact, further applicator use quick and valuable well the offers In tool of apply sensitive and how properly time as reference developed tips clinical best one

top We’re per count easy a dosage, council learning having on wound appreciate how shock of securely the quick, dosing for clinicians area. guideline table placed

heal the eager having has not help such this and area technology been to can first, part. of are novel that being with Most Understandably, patients the In show is terms patients, that at success other options. with exciting the be first really be many humbling DFU a their treatment past do and observe skepticism in a to experienced patients to treated wounds.

experiences results the However date, treatments. to and have very patients had with promising positive

his follow-up to comments more Beloit he results, to especially few three Clinic a with great the our do Houston it from highlight to or soft more XX, outside could clinicians, “I that with from practices and some to had weeks far the of to treatment chronic went on wounds”. of What is perhaps so He done help”. add,“ experienced our So stated, close podiatrist up

very few wound appear and how Orangeburg, the with wound. Carolina are perfusions the care care show they to periwound Another clinic and wound wound very a with busy how treatments business impressed increased with seeing -- a after staff shares South in just

beefy they wound plan Now, and appearance. dermaPACE The they other to conjunction at red having clinicians stimulation call a and wound additional this offers use to with the the safety provide what in bad. periwound treatments like clinic particularly care to

Care and Institute this Another well to using in all vascular videos, in exhausted get having care. their Montgomery, their from using incremental surgeon eager clinic to plan wound system their podiatrist that size granulation increase. Wound the physicians tissue. started currently heal as options. said Alabama, treatments Both practices as dermaPACE to dermaPACE reduction increasing after continue gather depth testimonials patients DFU with the They area more on treatment team as The earlier Advanced are here wound and our of in think continues of are placement to and more The hard of pictures, other

goal towards stories So have to more positive end as by our of share. unexpectedly XXX,as we ramp shared the of up will Kevin XXXX,we

to and more efforts. to design build we and better We the as you, engaging strategy you reimbursement as follow us. multimedia upon materials along successful with well forward efforts should videoing website to produce Lisa. for recovery Our continuing look to Back our claims

Lisa Sundstrom

million, an prior $X.X Shri. increase you, the for from Thank $X.X million of year. XXXX were XXX% Revenues or

for and and revenues our Our in the resulted United dermaPACE first from Asia-Pacific time related the applicators. of primarily sales devices States

of expenses in sales to had consulting was of increase salary the or and SEC to related warrants compensation the orthoPACE related venture prior based devices the operating an well applicators. increased license increase and and stock the to revenue year numerous $X.X $X.XX the result benefits XXX% our upfront travel to as in to basic of diluted to period tradeshows with late of a temporary as associated United the as recruitment dermaPACE. prior stock $X.X non-cash higher salary million, to FKS European the FKS. issuance from million million increased increase also a share prior with of share, of attended commercialization and had XX% the services new of hiring Community, in Southeast December new employees. increase diluted increase related for the increase $X.X loss $X.X during Research with of filings, and fees stock The for loss Asia-Pacific maintenance, related primarily result expenses XXXX Asia and to administrative Net to the fees reimbursement were net the expense patent area XXXX expense primarily XXXX, and the in increased XXXX and of Southeast and interest existing per an to due of sales The million, just is share, options also legal and was the million, loss or and in an increased as in initial related we we XXXX. This XXX%. benefits in XXXX States, and joint due million Europe related fees hires, devices in for basic and debt in or compared and development dermaPACE strategy compared the contracting insurance this explained sales and or new in increase sales to in orthoPACE or increase devices due year, is our the The Asia was ended XX, in also XXXX and for XXX,XXX and of year. and issued our expenses agreement for net applicators per in distribution of a net for increase for of an We year. $X.XX we loss issuance $XX,X for as and increased year and and in the from increase from were increase $X.X General the XXXX same

activities accounts XXXX for used was flows, we due compared accounts cash to XXXX at Net cash with cash receivable The XX, for hand by of Looking increase had and in $X.X at XXX,XXX $X.X on increase XXX,XXX was million expenses as December payroll in of with in to for XXXX new monthly XX, operating their in increases payable. compared used December hires million XXXX. cash operations XXXX. and

dermaPACE approximately We be continue per from launched burn and non-medical of in XXX,XXX expand new our our we to of will of month as uses international continue commercialization XXX,XXX to project markets, research continue to our XXXX operations and hiring of rate development technologies. the including employees,

to back Kevin. turn call Now the let me

Kevin Richardson

Thank Lisa. you,

have by to as on primarily reimbursement. As follow The the we stage for and you’ve education. use us anticipate is goes certain devices through successful each We in year-end. Revenue a have state focus XXX rollout heard of will in XXXX. process placements

XX end XX As I exceeded amount mentioned of we’ve goal of in we in the QX,reaching of earlier, QX.As set QX. placements a today, by the

least We placed we are have at extremely the XX and QX. achieve by XX we end will of confident

specifics role signed of the the expect two and full confidence we Southeast judge to Asian do placements more last year. to you and this Mexico on regions is begin We’ve the revenue share of and states, by gain team also per gives specifics touched about year, we regions us we six by significant we enough per add the achieving countries. for new to The three are regard confidence to in anything our and the milestones April, to XXX product even but more With will not us have joining today, end pipeline Our will which also full be. these will internationally year the process in follow. procedure like in ramp procedure, what major year’s up in we will sales revenue want around begins once claims our which revenue our the

most, better our will device year excited a taking the beyond. launched received lives With XXXX changing leading for and community. five not end XXXX.We updates provide plan we growth end place the placements for as reimbursement are Lastly, the open very patients, great let the our ulcer huge We of will our in code - very will FDA love expected. and the breakout we spent and the to a their service January placements it XXXX provide. building in until Q&A. up of lives we year. Revenue setting the to have medical impact as making at to follow that studies And this to product all watch. reach investment years. placement four a few important, important, implementations XXXX year Ultimately, We going receive And foot are they our that, better. we’re rapid indicator in using most on clinical X,XXX this than of the and most investors be we in we to about did the Christie? our truly next stage diabetic are is me professionals their for each

Operator

from [Operator Marckx Brian Zacks ahead. our with Instructions] Please And question go comes Investment. first

Brian Marckx

the So there, planned discussions U.S. had in terms in states of reimbursement in have rollout you and territories initial your initial with the where is? payers in the

Kevin Richardson

in states May in taking So June. all and six for those April, those place are scheduled meetings

We be have Monday. claims starting beginning will on submitted that

shows reimbursement work one are we’re done that And cost payer specific what savings a we will right done with that that the so we some to working paperwork commercial lot a also the on helping the work process have benefit, that and one will us front different to. so our it's talk groups each claims articles peer be processing, few The completed side. then on of We've a up clinical actuarial done. review our

so them with cost this can a to is to it pay for see they being need benefits claims. fraudulently plan Hawaii is then no, And critical one is it is to to yes present in being used it. getting is so claims have volume that's are cut in with game see one the What and being what And to this. the can you that mass and they states Yes the and that used isn't their adopted. Brian not want having key Wyoming them for in one is that Vermont going we claim the really

expect in as the will our rollout first our of and we And throughout positive we to in meetings I'd so, game have plan place. occur year probably from that. follow-up QX rest everything the

Brian Marckx

Premier placements you the or claims were of that via a So there to in initial coming these expect all could… placements are that related

Kevin Richardson

placements these same placements specifically partners different with about done are addition done are by we a placements that the thing in international. separate all to distribution that we’re talking as what SANUWAVE. view and when talk VA The Indian Premier Yes we Health are are in seeing by that Brian we're with -

So through from direct force. placements, coming placements talk when XXX SANUWAVE our we a XXX sales that's

Brian Marckx

are just expect be placements these generating placement. XXX those And to revenue, revenue you clear

So these KOL aren’t utilized aren’t training just devices, are these so be devices, they being will these revenue? generating

Kevin Richardson

them - process over to And have it it play when with They first start we’ll the we we'll and let or in month months two to after then about revenue claims. flip model. the three two that's and

then it don't they’ll anyone at game not the investigationally mode. start, they that into we that's And to bulk do but shift expect have we and to seen And and plan so revenue is. anyone

play news on Let I impact them it, their so to them We it, much an let their this get first, hard of focus heal one's everything the see can't of there seen how lives. on is initially I have let use think heal. them see it, - see makes lot and to I a with wound hey it patients tried

And so it having they’re hard and the success. trying on patients of hardest

any over I to to have past, time just the use I continue in you a to is as hard diabetic foot continue monitors that to it not our in patient so job they ulcer. think that heal and talked but educate has in So,

Brian Marckx

have be terms whether I lack to without they the would reimbursement that? adopt And terms of talked dedicated device what comments that to of so wound today. relative reimbursement - the the of in essentially to to been has the place willing you far, in centers their response guess

Kevin Richardson

mean that we’re company have the that know a it's that I other worked an with. - devices expectation And they claim processing initial have get. working have had we with. they phase. you’ll know the While they And expectations and

initially claim, And submitting so certain a they'll on be claim. recovery they’ll get a that

they anticipate are now the haven't we And And no getting expectation process a it. But they one impact their is six to we’re so going from with there and going - understand know not that If Brian we they'll for covering paid using having that pretty up story. have through, then months lives. we paid the different and the end again we’re it's us accepting. be getting on patient’s

see - that roadblock. I don't So as that a

Brian Marckx

part to work in study evidence then case In plan of terms is can game where KOL of use rollout states, and generate the you sites or help the each some can that the strategy the of you bolster reference to database? identify

Kevin Richardson

You've nailed of other who our really the different publications. work studies, care advisory was sit different focused the are interested opinion the leaders it part associations, I mean case with interested the KOLs in work, on medical in clinical wound targeting with board, on key

so we're that And in the as them making hands sure getting it's well. right

- there lot that been been the care was of have they of hasn't some so it embracing quarterly Pulse interview came into the technologies, major getting major last it really had equipment medical we’re graft care at with And the we brought Dr. they in years. really the letter that opinion key because some past in years, and come last most medical out, pressure in And our is week, grafting, this out Armstrong, the leader a but that a innovation been device addition David he's was them been skin innovation to USC. all with wound in negative of and we which are latest medical they XX of the prolific in know goes hasn't probably out have There that our amniotics care. In one right there have wound our an hands the professionals. XX wound

it and they looking how So their we can toolkit. with the all and it device do what embracing see help wound care in they're because

Brian Marckx

over you evidence out terms that started near In maybe the of there anything terms XXXX? in may or ongoing related of to announcements the clinical studies, based anything now in expect expect case come to future. be course studies that that Is of you here

Kevin Richardson

year patient idea Yes, to to to we enrolled studies launch we’ll go them when an have on we’re and this going the give investors. we first said two three have

As got in we’ve happens lot study. perfusion I a have diabetic of We’ve about going now if about talked said dosage, what another Asia. Southeast foot a so on right ulcer studies we’ve we study, international case talked increase

Some are are some leg critical ischemia, looking venous at ulcers.

together as studies ongoing published, that make of to XXX are out expansion there people is we completed team understand - the got of sure we and truly mantra the forward the clinical is we with as they in And and as XXXX get pointed are those beyond. will Its But case So reimbursement, placement be work or have and launch we that strategy move then these we’ll support year. externally it. plenty focused the RPC. our reimbursement. and Shri three we’ve clinical internally it's or making can on and so it’s sure working all indications good as this into that And the as

all usage placements and it's then about so drive through work. And clinical

Operator

ahead. And our Please Capital from go next Partner. with Al Shams question American comes

Al Shams

on questions about that the for about financial of to was correctly hear expected talked Couple burn be this it cash what it at I that she year XXX,XXX? side. Lisa the

Kevin Richardson

the they could to last salespeople and this where take we accretive. are year a we'll add some support production, really Yes, new XXX,XXX The add employees. added add we've some to of a have year. accretive to to have clinical, in going get be I think tempered but to We’ll few we to XXX,XXX so try is and bunch we’re months it

Al Shams

And capital see holders? need Kevin, non-dilutive in to of to have thoughts equity a terms some that you do that you, for do is and do something we raise

Kevin Richardson

a job, or can actually our we for last we're XXXX. aggressively to what on we spending so that, then wanted got U.S. XXXX. did December year launch public to achieve to in a had so very have plan we order survive. shipping we exceeding fortunate in achieve And the our XX, And achieving as wanted good what getting we and XXXX, FDA clearance XX we struggling We're and and spent years a just company we been

help who warrants exercised the we've already are to done we of the actually part past, shareholders have exclusivities, us begun in with I for raise on they money partners rights warrants so where that's those pay As as the a could and as us. have between. there be shareholders that'll know, can we international the in One - to is what and this that, non-dilutive we financials, to financings and be $XXX been try expect thousand, to of another north help warrants the two then would north fund could who within are try it little and the And find to one will as capital. exercising operations. in be most region, you then existing we could is do be seven year probably and have get way figures third a the or

growth. we're fund us we doesn't ways international are medical capital mean help learning could at then that exploring lead based would dollar. non-medical stretch is, But gotten to being they can good that to on a if call, there have frivolous. runway non-dilutive some one That year. would how just this that we're at non partnerships. really some The looking expand it what lead execute verticals, bringing good gives SANUWAVE opportunities be to the other, or is that we're So pretty thing on care a warrants, through I verticals markets that And in wound whether

probably it's over how anyone longer And than a last we CFO it, to sometimes but the stretch best drives else. learn and single we dollar it make feel our crazy,

Al Shams

have if that full bring What in, on you do could exercise think of you the estimate do terms in capital? What warrants? you

Kevin Richardson

few Between then million million. now few June dollars and Xst, and it's XXth May another it's by another

$X between in. and somewhere million million it's coming $X So

our can you want runaway out to get monthly a that if have And number, take before we breakeven. many can get there figure you - a like and how months you divide so burn by to, need we

to we happen in the on It to that's ramp we get the and year to we in we associated revenue, XXXX. goal, much this expect goal with how want expense and I don't is soon we that could as really self-sustaining as happen we to and knows the depends that. want that get ramp, as just it fast how team ramp our be As can. placements revenue,

Al Shams

Now, working where now Investor more he's you Mike in to Company point he of et cetera? in a could is become Relations, investors at Porter with think aggressive introducing terms the do you

Kevin Richardson

sell, I measure talk We everyone are don't we different. out never job like milestone plan talk know, is you achieving you that buy we - What never lay ally our because game different, is can about or stuff never about investors for with is, to our so that placements implement in $XXX placements well to way - out usage. what get and then follows we we've people, we will for few path laid along revenue of success. If about that million north the and We'll a then that years. and get to driving is

to say can decide others buy what do. And so or want they to job is not sell, our

really milestones then hold people accountable sure we to. set us that us making about For it's can

Al Shams

got you like mean, story is it I ability fine, and he's there, the -- Mike Company introduce they can tell where the your can But, to they

Kevin Richardson

we to how Investor can the execute. up. communicate going do to we're continue Conferences thing be think coming I again, We're main But, to Yes. a is planning at few

Operator

go question Please our a comes And next ahead. Private Terwilliger, from Investor. James

James Terwilliger

Nice numbers, nice strong very and from and XXXX to high a XXXX. way finish guidance level a for

you a within maybe matched little trainer it's But when a you KOL? so you a bit markets. you with multiple have the clinical pick sites though focused laying of roll backed state, Philadelphia, Pittsburgh You on implementation you good deeper, say, bit be is what U.S. just then you and state? a by the a Could example, these go might sales does And even out would also, the Pennsylvania, one on different person process out? did how it talk target methodology for one about of a could kind little look very implementation more job like,

Kevin Richardson

Dallas, briefly talk cities. is if specific Texas, I'll one. Antonio, big cities. San city, and few California Shri let like a process from take big says: Houston, Pete Chicago because you But there the cities look about we talk got I'll someone at has Illinois' and how Perfect. four I'll is there's probably once a about and looks big Austin, what implement

When Hughesville, we the in be is I can there will it. part think be be implement in Pittsburgh. and not there - in we'll someone density, a and needed, route we it they're whenever Philly have can might treating of but make is probably Philly. that so DFU's trainer And it they James. that Pittsburgh and for And probably in sure be trainer,

doctor he make trainer a our say let's sure like rep. - o'clock, surgical can, had they're can So that XX be patient almost a Monday sales at there scheduled for a to

So is density having pretty that important.

over to happens. they how from an Shri about order, and Pete once turn me they get what and can Let talk and

Shri Parikh

addition in specific on been us particularly markets The have I established. item route the insurance is where DFU only populations other density coverage. So and would high add the focusing to

Philadelphia, both So Pittsburgh, private us Pennsylvania, state more typically the of insurers the state. competitive the bit dynamic technologies bookends shown are XX coverage that that There's with history are newer that they competitive those on favorable has that. as that you that about roughly means mentioned and in and fosters

they competitive pace. then with that of are dynamics of with a the help a you organization, type familiar take technology, with similarly group, time identified, we've all pioneer other that a you technology. where newer quite insurers California, one us expedite this any example, to a the are Being them. influential newer clinicians of to and states take for to an recipe the And it So,

challenging So, is to get initially reimbursement. it

stretching for really to critical we help the support we're success the tracking seen and ultimately hoping these with initial area disciplined area your of high in relatively And starting there the manager and recovery. mass training the these hire sales fashion claims working the question, when the on covering trainer to plans hiring a as small nurture clinicians is claims, to as states, the do provide patients a is then to respective state. clinical up have forwarding second-half each appropriate activity surfacing what answer a of is sales the insurers claims to geographies James, them for our we're then manager However, and of to treating DFU states, certification

James Terwilliger

think a as a manufacturing process? you're seem the what cost it on about to sold believe manufacturing What target, of of there'd and XXX units line. because going goods the me be scale in I we're QX, about would lot Pete, already I what about, in XX

Pete Stegagno

concerns of a have up positive both summer the pipeline are applicators. account sides into coming manufacturing. both be that the for will by consoles for working really Sure, got no that set scale and the new internationally. all we buy a We've from we'll the already U.S. and take on with great And

economy as positive we between new we correct, of should cost you're as well in be processes to So, a the basis implement scale, manufacturing able manner. that address can

James Terwilliger

one was mentioned And notes Brazil you correct, in can is more So going a a third look two any distributor to as least I do and what The Can Asia, there in international ventures me and have Southeast give in market? level you international versus the my international then you change. that my question. high that sales, a the and joint on XXXX? breakdown venture. that's as U.S. can know that's from joint revenue direct markets, international the you the are back go in at is I you ventures joint

Kevin Richardson

again, last only Lisa stuff didn't was and James, those sales. let any from SANUWAVE, domestic were to year, Premier we international-domestic a in domestic get equipment have But second. I'll Shockwave, the the

on procedure piece But that a lot just because occurs. we're With our revenue had preference end the we internationally, are next have but want a we time as joint conference of the get in venture last joint a I line would to there back actually partner second. before the by revenue the in equipment she'll when Brazil call. ventures And year, our of begin not in maybe year. selling participate generating be to but Brazil that setback of expect So we a

So basis. think a improve we in that distributorship, successful. on one a international really it's what most always do joint so online. market those. looking profitability the how be procedure is on Europe be Asia With venture procedures we're enhance where can the we as XX-XX, markets distributorship, they will Korea on We're a we'll sharing and back at is it a depends the per

you'll can them sometimes begun haven't Lisa, you sooner bigger see a distributorship some we year it us James, rental emerging joint conversations. for mean, means shifting by add come markets. some call then markets, I we even if a to or us East, those and that talked but the they quarter. those other And of opportunities are year, think the in some Japan, see about or it throughout beginning as the of aren't us I breakdown? means we're sometimes that conversations Middle have it this the areas, in are fruition from China, do I'm second hoping we to to Europe, this markets And end specifically model. as we've those you'll are venture, moving and actually optimize not that that that in

Lisa Sundstrom

do. the get XX% I to revenue we accounted from bit for have of our International of XX% - was bit revenue. for a And deal detail, year, of XX% revenue. accounted was XX% this our a about total products with our that about for related more funding about earlier total, Yes, we from revenue got and little did little and overall we of about that did the just so licensees the Southeast Asia, XXXX, Brazil

a of breakdown. bit kind little a that's of So

James Terwilliger

the rollout into of Award Care. of its a when back through So for which my you bit Journal and but know, been what who against just And and your a Wound could that jump positive the, little talk you first a just hard huge question also up this happened in the thought we're work got U.S. last marketing baseball terms not technically in in inning. scenes about queue. was the I'll maybe behind that from we're of the or Guys, Innovation you've I you on everything season, as right? top catalyst using you

So, Thanks. my question. last that's

Kevin Richardson

an Well, been the out to for that decade Care, handing now. Journal close award they've of a Wound it's

that the market. best innovative wound products Some recipients to doctors the again, wound in bring, of the companies world, great are

that were for selected be within to have XX, a from nominated category, submissions. XX You category that there were three nominees

submissions. were So, three. there selected of of the lot a We one as were

the European based scenes that other a the that we're it but was and award. you London, to then was the was wound folks but think their team our win team right and internationally based a very of was proud names, something know they one she European unexpected I I a it traction respected to another we care - headed that had well with and employees there. effort make he It and journal someone know, behind have The really is sure doctor - forget -- was one out you effort get our submission of the a a the we other - -- helped is to

we that It its So the like continue thanks. of you and and its continue hopefully not you winning inning awards we’re globally a but the the as to XXXX this -- back know, that can to continue, first recognized is success because top just is -- you're James, can have and know as of lot the in year hoping we we so right.

Kevin Richardson

questions? other James, do any have you

James Terwilliger

Thank I'm No, you. good.

Kevin Richardson

Great.

James Terwilliger

okay? hear you me can Hello,

Kevin Richardson

Sure.

James Terwilliger

was and kind of a there. cell on that I'm phone up breaking

for to and policy brief supplemental? treatment on like questions. something Medicare you the wanted And then Medicare How is they foot and individual had Just get with take than for wound a this? Medicare this figuring a know few payments references

Kevin Richardson

Right.

and those its on began already MACs in and So to covered about way XX them is with the have work each cover that we Medicare will California have get and organization within the who to commercial. treatment target the those regional the unaware, to manage Coast, we Medicare West works there's get country discussions, to that Medicare that they the for people we regions MACs to our and are similar have will form first called of

We to have go case. and make our

important be that who and a cost that are different. little Medicaid, like but for be kind of treated wound and to to season, are there are and helping we just need phase. things Medicaid, know and obtaining are quality there I is purely that number patients patient are at the Medicare decrease silly a show you wound a you things those is Medicare that to the smell know, benefit of claims of they some look There sounds need processed of not with It’s when know have the life cost are that We to a

James Terwilliger

They one day day. are way. next dealing the else Medicare and something – with One

Kevin Richardson

that no move the and they'll as there so will process. and I long code we’ll to Is it’s then though covered. to know, fraud make expect -- again, way would determine benefit we are But continue our or is happens we’re then positive way that. the into so us tracking the work there you position neutral a a there Yes, that work know, it enough presentation claims? as as they'll you

We’re with process. the familiar

us We have process. people the helping on

of foot this hoping can That So those you is know, maybe am population get a I diabetic would a be lot of Medicare. we of Macs, one two Medicaid, because huge year. accomplishment on

James Terwilliger

in dealt that with some and financially was way other that be things, if a region like doing Yeah something more than the say successfully beneficial a somebody with partnership of United would perhaps here? would that States

Kevin Richardson

right. foot Well, in every treated U.S., our the diabetic ulcer goal is to have

Medicare policy. to commercial And have us have other we cover that's every Ultimately so along Medicaid, goal. with our

come know And to which so don't one again, I first. is going

need technology a talk to panel on new there's and We supporting are that and focused think get and support to KOL's can are are easier that a and have adopt us willing where ones us. about up we we on

as arterial prior I mentioned the leg far know, the foot markets and There economics, venous asked first the ulcers diabetic million questioner inning. pressure really, As at there a year. really X.X you are wound is is first this sores ulcers, big .The is our leg as market step, ulcers,

first. the in We’re of the top

year we’re we people we’ll So as throughout coverage to getting. this as go what update

James Terwilliger

Okay. a listing There being? time trying time ago NASDAQ. for now to put about the was hold talk on some on some get been of NASDAQ

Kevin Richardson

sheet it or New kind York of institutional we're is accomplish there but which this not have NASDAQ the but ultimately with the the as have time aware in can to one for be very knows bigger goal a in need get a has and or questioners come had could of right capital, we point amount to to you one near-term have we support, to you with Lisa means ready could well become capital our exactly again of at and international meetings of certain dilutive to to that and the forms, The also NASDAQ earlier, success do is multiple some pipeline we on or of have to when these what listed. And changes either Yeah. two we’re in up balance deal. be we’ll and answered raise things

we on not this higher XXX its we’re in if million year So .I pursue that over of achieving well revenue a to going and a is mean, -- its priority our reimbursements few is goal well it years not placements placements as but to way do our we’re the clinical out.

James Terwilliger

No, no.

first on getting on concentrate the Just innings.

Kevin Richardson

Yes, exactly.

James Terwilliger

With NASDAQ?

Kevin Richardson

we’ll there. Yeah, get We’ll there. get

James Terwilliger

and working really unfortunately somebody So we’ve of just many reduced it'll know because on the I’d many, but in of back stock of and it's benefit down market gone good shareholders. their been not stakeholder had sure the see the a come to only that -- the of I'm people holdings just some is also years for you we’ve for value but so much, our

you. So I've always responded that about

Kevin Richardson

do get get I the his the we avoid guys all saying lot treated of again that it. so the knee I placement the amputation this to – implement for that. avoid are lot us, they its the that that follows fun shareholders is be you see thank of say get would year to part implement morbidity the fun is this where to I I as a the mean to here you with for this Shri keep of it's some know, now I think us fun us we to gets patients there’s importantly, magic and going literally employees. they and staying thank support. and dying, dying And part and we – most a this, Well, thing for by for of really just Great. and and

drives what days better. is every that's So for the people's lives us changing

James Terwilliger

Keep doing just fine. task. you’re same up Kevin, the

Kevin Richardson

Great, thank you.

Operator

turn question-and-answer Kevin I’ll closing our remarks. over conclude does that it for today. for to And session back

Kevin Richardson

the on very Great. for much. being Christie, you to Thank everyone thank call. you

visitors us we’ve stop have a out to you in if of always, reach Atlanta, to please past any by As questions feel you're this and had quarter. if ever any few free

questions, We’re to send any all you with later time this please us us give a looking also on year. seeing our you some call, forward again, at the email spend meeting of an have shareholder site. if And meeting and and

other We section our section have a site. and lot of in science our good from information

So Bye-bye very much. a Have thank you great day.

Operator

lines Thank you. at for your day. participation That this does your and a We you thank conclude today's and may teleconference. disconnect you time great have

SANUWAVE Health (SNWV) 29 Mar 192018 Q4 Earnings call transcript