NSPR - Earnings call transcript Q1 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by. Good morning and welcome to the InspireMD First Quarter 2021 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Participants on this call are advised that the audio of this conference call is being broadcast live over the internet and is also being recorded for playback purposes. the end be May of of hour approximately XX, replay the after the webcast call available will one XXXX. A call through to Core now Gordon, Relations would like turn call I to firm. President the IR, over of Company's Investor the Scott ahead Please sir. go

Scott Gordon

InspireMD and update the conference quarter Thank call. us you, you joining results morning good Chad XXXX Thank financial everyone. for for first corporate and

Officer today Joining Financial are of Executive Inspire, InspireMD Chief Chief and from us Officer. Slosman, Shore, Craig Marvin

be making InspireMD's will statements, including performance During operational address management this in pandemic. forward-looking statements that the expectations or call, COVID-XX future for light results, particularly of

risks involve statements. statements results to that materially and Forward-looking may cause actual other factors those from differ

that most It only InspireMD Form pleasure over as information law, XXXX, Form after turn risks, as it. For about accompanies recently The reflect content XX, go InspireMD's the the XX-Q, except cautionary of information please information update, periodic Marvin or May to call. my Chief this these the revise ahead. today, particularly, by to events circumstances Risk contains that release accurate in Marvin, reports and X-K this Slosman, to SEC XX-K today, to this call, please time-sensitive the on the call any any required or filed is in obligation disclaims Officer. press now with and is more refer filed publicly Form call InspireMD's occur Factors to that Executive of described statements

Marvin Slosman

call and for the webcast on today. you all Scott you, thank Thank joining

executing already global development clinical commercial persistence InspireMD very a from body of pipeline expanding The and and our XXXX productive unmatched first was ranging of tireless growth new on focus milestones, for offerings. with our of expansion, evidence, period quarter

was many was for expect stock. during we the believe normalize as a move of a mission stroke reverse year. approval but hard the treat quarter, above across choice disease proprietary we of one to to improvement, stent device same. the unique split all milestones CAD shareholder through our and reverse of achieved X:XX events the first systems accomplish key revenue the split, the in most split shares with to served the Our demonstrate is disease. EPS as and CGuard its prevention residual to that design or and first quarter treatment amongst worked the the reducing carotid remains we of our the To we Revenue NASDAQ at capital clinical full specialties artery Of some of We many CGuard XXX stock number and with the access million multiple XX, market, that continue remains close as shares, million XXXX. allowed with the important newly took our artery sound of execution listing us strategy to advanced other April The physicians effects market. the and although carotid from outstanding struggle pursue to the reverse which elective of geographies pandemic, performance for of showed effect the on carotid X.X trading procedures, announced establish to stock on

and will range stock of We attractive Our XXst. up particularly believe the fundamental that under on starting NSPR more the to May listing a broader begin same to investors. ticker will symbol trading NASDAQ the our NASDAQ investors, make institutional shares

investigators effort trial commercial largest and the will in Clinical U.S. European Research accelerated and managing U.S. investigator will us serve base the leading for focusing credibility trial. to our enrollment a of I'm as device now trial awareness who accepted role one with path contract investigator is is that of markets as through System establishing a of and as execution has spearhead world in organization the the our of execution. the for successful pleased the The of the position with initiate launch. Musialek, our Hart the System post-approval commercial participate to to Chair share begin leading Health for have interventional C-Guardian. the U.S. enrollment in robust of the for in the Europe both Chris the will centers in most on trial, in we toward anticipated that CGuard in of known co-principal principal steps and Ballard all start important research pivotal sites this a effort I XXXX leading invitation along at cardiologists announced the We believe priorities One Consultants, Metzger, top initial U.S. and our for have and on group of Tennessee to registration Clinical the Piotr the July. Eastern board accepted

country as sales registration a such we and our plan current for direct customers. model, of China. In pricing under of with and global to share agreement, EPS direct with for market plan terms along We death market the distributors. our on in therefore the toward expansion, believed we second progress of pillar of cause in China next our reimbursement strategy work form Taiwan, expansion procedures. fastest the and revenue as France transfer peripheral capturing Europe, our and And portion sales following new a a will with direct sales we market working ASP entry in Stroke our as Asian is the increase and approval U.K. the of by Japan, leading currently continue into top be line partners is file our of Mainland China are In steps Chinese and a our a the in announcement view the our revenue distribution growing establish from CGuard and in to full for markets in diligently regulatory stent Korea. in to We growth

point forward sales is reference certain and Additionally, we to accelerated direct devices. our of important markets. of model we and sales the to an drive adoption move value growth control ability in tools process the direct as and new This in

quarter, positioned net, our strengthened the public underwritten our completed assuming with balance commercial C-Guardian Finally, including well of utilization our through that believe the cash greater into tools, resources accessories, raised advanced sheet business. development along offering course the we and delivery new expansion CGuard. supported accordingly, products fund and global first other transactions we broader continued upside have We're pipeline trial, financial and operations new facilitate fund an necessary and $XX.X reserves mid-XXXX solutions, normal to during to now of to a total which of million of and stent portfolio additions of

conversion focusing goals markets carotid our the of markets. diligently vascular working as commercial increase CGuard on awareness who perform of of in surgeons our well as on the to current are our revascularization majority We target stent proprietary system, growth served

stents, outcomes next embolic unique and protection clinical for embolization. a of what past along platform. establish committed closed with first to remain of the lumen those training worlds COE endarterectomy. the to cause superior Excellence Centers CGuard or advanced demonstrated new review with the how MicroNet Craig artery continues demonstrate the proctoring programs and disease. events for In compared be in We clinically by alternative We invasive I'll believe a a mitigates compromises stent the stent of as new the call potential most simultaneously continue plaque open standard physicians generation conventional to eliminates expand Craig? and associated as to CGuard closed cell care and over from as with carotid supportive it surgical the prevented and best and or EPS reinstating such technology artery either inherent in as CGuard firmly of to firmly have thus make our procedures EPS our to with offers of we treatment to well open design. with the to had existing compromises as financials. both It protected system. for carotid CGuard and of managed clinical to choosing the educational prolapse with our users quarter leading And types, cell efforts our performance stroke. our into CAD providing features is CGuard’s is of double-layered that, CAD prevents artery has carotid markets online turn superiority proven change and stroke patients

Craig Shore

for Thank joining today. to everyone you, and Marvin

the compared result three year. COVID during March three months XXXX XXXX, to XX, of of months XX, period of key the during three redirected March as Here of revenue many Total residual last March ended ended X.X% elective to as resources. compared $XXX,XXX of postponement the during revenue remained continued ended $XXX,XXX for months XXXX CGuard March quarter highlights some months the XXXX. first $X,XXX,XXX a three and essentially decrease during are the procedures same financial In $XXX,XXX $X,XXX,XXX, for XX, the at the spite XXXX. compared a unchanged the XX, ending was as

during $XX,XXX revenue March However, decreased the industry MGuard three ended XX, Prime during three to driven stents from MGuard months Prime stents $XX,XXX largely EPS. rather drug-eluting months March preferences XX, than the predominant XXXX, by the EPS metal bare favoring such ended as XX.X% by XXXX,

advanced the decrease ended three XX.X% from XX, for $XXX,XXX, to industry, $XXX,XXX, of to compared related Insurance in expense. primarily March increase trends same million the of infrastructure, due by XX, half of an in resulted was gross related mainly three and supply for product decreased in ended Officers' This of which profit months recent expenses March an to $XX,XXX a expenses due March of recognition related of mentioned. share-based period margin development driven in the delivery expenses second profit Gross made in shareholders the the Directors' and period March the XXXX, to XX, development expense were months increase resources expenses million, miscellaneous in grants XXXX mainly due of increase $X.X expenses. during the $XXX,XXX the a increased gross This $XXX,XXX mainly driven ended accrual of and the caused by XXXX $X.X due associated three compared premiums year. additional and Liability by accessories, ended profit of miscellaneous issue in $XX,XXX For overall had quarter to factors new XXXX. EPS, CGuard component for during in sales with increases salary XX.X% expenses we by of and operating Total shareholder XXXX, $XXX,XXX and a expenses insurance to just driven system compared an XX, in meeting XXXX, write-offs increase the last the to compensation-related same in special an the to months in expense XX.X% $XXX,XXX increase $XXX,XXX to $XXX,XXX gross the were during our

diluted loss months last year. for period the resulted to XX.X% amount with loss million, net of share basic of being in in income Net numbers $X from period same the $X.XX million QX, XXXX, per three compared $X.X The March XXXX income calculation or adjusted share, in outstanding earnings shares the financial during $XX,XXX, XXXX, or and same basic quarter The ended increased a QX the of used for XXX,XXX the of and for totaled share, primarily per in X.X first $XX,XXX million, to by exchange For the increase reverse per XXXX XX, were XXXX. changes for from rates. and having financial average $X.XX both diluted split.

million March million of cash and cash XXXX. XXXX, as equivalents XX, of compared As December to $XX.X were $XX.X XX,

questions. company the for I’d Operator, of like net through equity mentioned the go Marvin as to ahead. XXXX, During various that, million $XX.X With please turn first call the transactions. quarter over raised

Operator

Instructions] [Operator Partners. the Haynor first Please from Global with question ahead. And go is Ben Alliance

Benjamin Haynor

Thanks the taking questions. Good for morning, gentlemen.

to kind advance able will then may but haven't Rosenfield looking me, development I all First Can know, been of out expect about more and you other providing, that for Chair? they Advisory bit on the of they with? CGuard see them the talk as noticed what you you help that Scientific just you that? yet, Board? little I that can product type got talk from that the more Dr. that a input you color named from how help about anything be input on

Marvin Slosman

will both opportunities and help group, But the think we do as in believe. That sure And just provide they're as make organization both valid to well in company they're announced relevant I clinical SAB have getting team. thanks we development sure make as meaningful group Ben, that together. as been the commercial terms a our surgeons great market, impact. pipeline to barometer when interventionalist long well relevant that and within cross both in and the building that discipline are that our right to for overdue that cross have and we're a products and formal make come immediate the we're discipline, advice building has that a sure cycles to that we're that an question. nice I Sure on a a Yes, it's think track, utility great proactively of

really for us. group on supporters this we're have us, use forum to board and So to a very it's as pleased with practical

Benjamin Haynor

you for have and a to highly And certainly to the so speak your above but guys brands weight to further in sure respect are these the lot folks your punched name of kind term, company, of that right development. attracting

So that's relevant, might specifics to of And guys you you the like mentioned. on new valid great. what sure utility, When do making we they're providing and are pipeline clinical hear products, on? start that working more

Marvin Slosman

that We or we're have hopefully, the development validated going sure feedback. want going be We're some I more able lined process getting And make everything to has remarkably well. accordingly. up so. Ben quarter over Yes, to we to talk specifics next the certainly been think

we're obviously to path working engineering regulatory efforts. a our Now addition in

So plan progress to what next launch. hopefully, what in pipeline we I'm within encouraged have the we specifically and the or more be by to so quarter about talk and able the we'll

Benjamin Haynor

up just of then, kind thinking related might in be activities the a reported the shown when R&D of items expense we what line too in And great. step should But, numbers. trial hasn't the to kind for the and magnitude and yet, CGuardian much Okay, looking up terms of, that occur? of about really

Marvin Slosman

one? Criag, want to you take this

Craig Shore

little just you following I Can a it wasn’t XXX%? repeat

Benjamin Haynor

no problem. Yes,

trial? the and the the goals get timing a R&D will we What CGuardian magnitude, lot of for, of the should as you and step has - trial up, will up of shown of not both looking numbers. step the far the in magnitude occur reported as that kind as when terms into be up, and So occur that

Craig Shore

Okay.

first the to So, as be Marvin our summer. in said, expecting patient sometime we're recruited

do most obviously expenses most the with our of of be to So recruitment will of patients. our - expenses have

see expenses to QX, start see and in sometimes throughout should we in in XXXX, normal coming then QX, we to next finish year, the then So a following enrollment should one-year year, pickup follow-up. the as full them in we back

Benjamin Haynor

procedures. procedure quarters it of that's or guys another that they a broad difficult doctors kind about that's the are been see are from efforts that's have there's there? the by looks player the like kind that year market you trained of ago, then, like on makes kind the being the adoption - do And sense. spoken CGuard the which finally think in seems of you I They've to, to, and that talked get get did. fairly Do T-CAR we a there. trained up kind But refocusing to Okay, on their done of are of procedure. of of to doctors stacking procedure comparison me, already some complex in how out credit procedures recently that stenting of their It being done physicians three more who over out

Marvin Slosman

Ben question. good Sure,

to they what We ultimately, consistent sure of sure what is residual believe systems continue focused the really And to the ultimately, delivery the outcomes. focused the make stent and is the goal fundamentally of and we stent are don't to on make all company. that of patient remain ultimately, them, and group. our and We delivery CGuard performance choose physician that with that terms to of in have want system, we that But use. is we difference stent, driven want sector focus, stent are discriminate maker one that. to with we matters. that appeal And that clinical to is will Regardless a

CGuard mechanisms And continue placed. to allow continue that will be to evidence outcomes results we systems and on focus we'll superior clinical to show, and that for So, build patients.

every So I we make think discipline that goal have. artery that and specialty, that's across chooses the every to to do difference think to continue fundamentally is that's ultimately, carotid the and CGuard ubiquitous stenting I

Benjamin Haynor

Okay.

of that view your that, matters what delivered? is the world words gets it's than how is it rather other in So is the stent

Marvin Slosman

give I And ultimately, for CGuard options. will the correct. based work on clear create stent those, mechanisms is certainly on people optimizing and on continue stent, our delivering that's we want consistent and the business we think and but and based to to

Benjamin Haynor

got looking to taking Okay, on questions. thanks the gentlemen, uplisting. the Well, it. for progress, Congrats and the upcoming forward

Marvin Slosman

for Great, questions. thanks Ben, thanks your

Craig Shore

Thank you.

Operator

the and this I gentlemen, and Ladies remarks. call Slosman concludes question for the session answer the call. of now return to will Marvin closing

Marvin Slosman

time Great, support InspireMD. everyone and thank call today to you. join ongoing thank the for I'd like taking the for to the

We are company exciting proud the for joining. you than and company. fundamentally stronger an expanding thank future in efforts a extraordinary our that the gone ever before. creating And of has very I'm through team for today And

Operator

thank sir. And concluded. today's conference you now you presentation. Thank has attending The for

lines. disconnect You may now your

Marvin Slosman

Thank you.

InspireMD (NSPR) 11 May 212021 Q1 Earnings call transcript