UTRS - Earnings call 4 2021 | Minerva Surgical, Inc.

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Operator

Good day. And thank you for standing by, and welcome to the Minerva Surgical, Inc. Fourth Quarter and Full Year 2021 Earnings Call. [Operator Instructions] Please be advised this call is being recorded. [Operator Instructions] I would now like to hand the conference over to your host today, Caroline Corner, Investor Relations.

begin. may You

Caroline Corner

Welcome XXXX operator. Fourth and Quarter Thank Call. to Year Earnings Full you, Minerva's

Joining call Financial on Officer; me today's and Chief President Joel Executive and Jung, Chief Officer. are Dave Clapper,

operations statements the historical impact This operations. call These and Securities Reform expenses in fact market not guarantees and nor and the performance outlook statements this of Act unknown relate statements, are which the on of and XXXX, expectations of All that made considered that neither for the Litigation from forward-looking position financial statements actual including trends within products results, XXXX. its and fiscal call differ will Private achievements promises and Minerva or the meaning to forward-looking could and from statements. or include do Minerva's any operates, Minerva's by matters be year COVID-XX expressed customers' and the expected in statements cause uncertainties on for materially should markets involve demand achievements and implied Surgical trends Minerva's forward-looking to and performance results, risks Minerva's Minerva's of known or technology, in regarding variants products, performance,

reflect occur circumstances future today, of XXXX, today. Any Minerva additional required filings to applicable will Please during after report statements for update described obligation XX, performance, provided except based as in events or year by be the on the month including expectations review undertakes Minerva's this filed are that call, statements this information. Form Minerva's law. exist as particularly projections which recent SEC, with December to on that for ended annual no most later the risk management's factors forward-looking these XX-K for

the has call be by latest Time results. full about which fourth SEC website and also you Minerva's are includes section, website, on available available Minerva's review. XXXX of the A www.minervasurgical.com, X:XX Minerva's release details will Minerva's today's on press Minerva's financial of Pacific is encouraged Investors today. to results under p.m. and year quarter additional filings, recording website

I over hand Dave. the will With that, to call

David Clapper

Caroline. you, call public company. our a us of on thanks joining for you earnings Thank as And first all to

Since story, and are a future. company brief begin new the to recent you many like plans our before to for updates of of I'd move our overview into with we our

dysfunctional women's treatment Bleeding Minerva Surgical of is few line uterine is the by and or line The for or either are Uterine by medical one fibroids the for current of of indication or of Abnormal the have companies on Abnormal fibroids polyps. either of called lining now called the solely uterine AUB. a a complete Uterine We of polyps. the device resection tissue is and products ablation structures, the endometrium product that product Bleeding our uterus, the focused health. X caused endometrium,

the leading of XX the AUB hysterectomies. This sadly, and years AUB XX and cause American women. the X of in XX old. X is in affects million women according to to U.S. Gynecology College equates between And Obstetrics

mortality X-week night X,XXX Next to most in in rate surgery XXX,XXX requires procedure, women the to to surgery U.S. to anesthesia, C-sections, up the cases, X- approximately attributed time surgical the general year. per recovery major that, and is hysterectomy hospital, directly highest-volume a X.X with is patients of a in Hysterectomy hysterectomies. hysterectomies every multiple the a performed stay a

Abnormal hysterectomies was performed to eliminate Surgical for the XXXX the unnecessary in founded with Bleeding. Uterine mission Minerva

complete. whom indicated for childbearing Uterine women Minerva in for flagship ablation and product Our approval, the Abnormal Bleeding product received July XXXX is FDA PMA, endometrial premarket or with is

approval, Objective the In than The to uterine the significantly yielded heavy bleeding. or that for reduce efficacy Minerva determined cavity, our menstrual the lining of FDA eliminate FDA the Minerva greater the ablates product statistically group, endometrial clinical market-leading endometrium, treatment which was ablation a comprised the significant study OPC was time, including products Minerva product. leading study at OPC, of group FDA-approved approval. the our the This for compared data or to competitor's previously from Performance X Criteria FDA clinical

XX%. In that hysterectomy at bleeding bleeding approval. the totally patients. X-year competitor a X.X% trial, the through in X% the clinical total in than years just success compares competitors' of our to or of X follow-up treatment This the treatment with XX% Minerva product our hysterectomy. successful just follow-up, to rate compares study patients reducing This was of elimination favorably and XX.X% less treated had rate of normal a of Plus, in level rate and very FDA less its eliminated a bleeding Minerva XX% in of patients for

The market the only XXXX, to was to product endometrial procedure. believe Minerva it we cuts product additional in was resection tissue after XXXX, both only the now product resection. the and product is overload products product Prior coagulates May for from In we is removing bleeding. uterine the ablation for best to uterine the Boston on the the and endometrial acquired most reduce of to had Symphion only sought dangerous health. have we This patient the that We May today fluid and uterine occurring X eliminates available during acquired with our offering expand that possibility product uterine fibroids tissue today products And product on the sell. the market polyps. Scientific tissue both ablation the same that device

Similar to devices of normal appear be society, things in month. Overall, success one past we the operations companies medical by January up. business be and variables variant. affected reported environment. reported environment is is situation years. AAGL, has from recently back other A improving. leading every being picking that was selling far gynecology very changing But in likely Omicron will pre-COVID biggest be to and a are impact the the back to affecting on term, the short the negatively our But the elective still used significant the surgery, X COVID to had over a

Our so we are accordingly. daily are sales averages our optimistic that growth respond increasing cautiously will

to macro due we COVID, to that tell XX,XXX challenging and proud I'm XXXX, spite of over women in alone. environment the QX treated over In in XX,XXX you

In Symphion endometrial we we sell device XXX over in to resection Minerva positive established that results accounts. device for Minerva our saw tissue into And strategy the new were or accounts very ablation time. we the XXXX XXX added cross-selling as ordered addition, Symphion the able with in XXXX first

other XXXX million Minerva in with endometrial growth ablation in the the revenues logged and quarter. of turn QX, updates million $XX to Symphion Let's both now lines. and some XXXX, $XX.X saw fourth performance annual versus for for double-digit product We over a

product account from As a rate-limiting of company has mid-XXXX, single in absence our acquisition of the prior in step additional ability Scientific a go been the contracts to after to hospitals. products the many Boston

hospitals do were doing In not business with single many with locked who to choose out of product a business company. short, we

Now and enter complete are us. to into with with the full product expressing contracts lineup, hospitals interest

we for In Organizations, Networks, or and contracts signed or Group contract Purchasing XXX GPOs, represent accounts with fact, XX under IDNs, over new X us. in XXXX, that Independent Delivery

pursuing current business strategy continue national our as under XX% of We is contract. contract will only accounts our

tissue product are we Symphion accounts. seeing With product existing Minerva the our full into with line, some early resection our cross-selling success solid

surgeons' observable all While marketed currently efficacy features sold Minerva sold in superior readily the benefits products, on outcome on Symphion and hands. is clinical data to is and

new speed our a to are midyear. sales sales XX change regard our representatives. the for With representative may closing X X we to of We target and up this that expanding to takes right It XX to on force, months productive. but size in get feel field is become now, between

we'll monitoring expanding where So productivity sales be and rep appropriate.

out We X very years. getting sales in-person will we a We're month, in together we're of COVID. page we over as on also holding excited this our the looking that forward are first meeting team so to report same all national be to come

AUB and we many and marketing options over our of a you test versus expect their on a others treatment compelling. may advantages to build results months. we Educating XX pilot, to know, Direct-To-Consumer, or As initiative This marketing AUB treatments patients and the the awareness DTC, is of very of build products. is Minerva coming are

per over keywords. Internet symptom respond to Our searches AUB utilize goal that to is the month XX,XXX U.S.

The results significant we increase the are reflected encouraging, are traffic in that seeing. website in Minerva as to date

For had example, website January, visitors those visitors X,XXX and X,XXX January to minervasurgical.com Of ago. over year we X,XXX new, XXXX, this a in first-time websites. compared were our X,XXX over aubnme.com just to visitors

installed not waiting marketing pandemic procedures, business our to and keenly and our sitting product in executing accounts; line disposable on foundation sales building we in While focused both as the we across accounts; hands existing team; to subside. the base key for are new controllers less expanding initiatives are growth versus we GPOs pilot effects overall Instead, increasing of complete and both our by contracts driving continuing and still IDNs; of for new with our of invasive our our procedures hysterectomies. on seeing impact the and DTC the awareness are sales established follows: COVID on signing increase marketing our

share by thanking our appreciate $XX very about and proceeds for In a products who future, we excited by deploy we of to the revenue. market growth top IPO and investors supported I'll IPO. approximately net patients support. nutshell, at market October our our finish up million We're driving bringing to line us your excited and more expansion are our

Joel Jung financial to for results. Joel? the that, hand With things I'll over

Joel Jung

Thanks, Dave, and afternoon, good everyone.

fourth for XXXX. the from up fourth was million, quarter the XXXX of revenue Total quarter $XX.X nominally

an XXXX forma of adjusting in revenue pro For Boston and year, Scientific acquisition XXXX. the was product total the full May million over of $XX.X of $XX.X reported over XX% $XX.X million, revenue after XX.X% XXXX increase for revenue increase million,

revenue XXXX, in or of or XX% revenue revenue And XX% total level, versus of total million product $XX.X versus XXXX in million million $XX.X Genesys for or revenue year-end of revenue in HTA total XXXX. of was in revenue XXXX was the million XXXX. total or $XX.X XX% Symphion the total million million XX% versus of $XX.X was ES $X.X total in or $XX.X Minerva or of XX% XX% At XXXX.

the in by an as single-use ordinary the the levels. expense and Symphion of the offset life -- reduced year XX.X% by Gross baseline baseline was XXXX. margin following XXXX. positively gross XX.X% of versus And inventory above where gross The customers over the customer placed XX.X% some that by increases. was instrument XXXX in be Boston controllers year, of sale that for will above impacted QX over year, margin with increase that future margin the during that the full depreciation QX were years and revaluations the XX.X% the Minerva in ES full for margin assets handsets recognizes XXXX fourth year gross quarter versus in QX X of integration Scientific full company XXXX the increased was in The was use margin

gross well contract expect improvements reduction customers, placed initiatives over We years with increased cost pursued being volume of with of controllers increased as manufacturers. coming fixed the utilization sold margin projected being in single-use costs spread through a as handsets

Total quarter $XX.X operating expenses in the of million million versus in were $XX.X QX XXXX. fourth XXXX

sales We public the sales physician spending due general to have our and force expenses for administrative and patient now of due and a the outreach preparing increased increased increased to and as expenses, company. expansion marketing and and primarily operating in

Noncash included depreciation quarter operating $X.X fourth in million amortization in were expenses XXXX. of expenses approximately the and

Boston full amortization in of in intangible compensation XXXX operating Scientific Noncash $X.X XXXX. XXXX. amortization assets in year acquired $X.X XXXX expenses in increased versus depreciation million was expenses the million XXXX, $XX.X million assets million were versus total were year the operating acquisition included XXXX. stock-based For versus total in with in expenses and noncash million $X.X $X.X by costs May $XX.X driven the XXXX, operating within million in primarily expense Full

of debt. extinguishment for profit refinancing embedded loss derivative in profit as quarter our XXXX. $XX.X of a reversed the QX versus net result million third-party debt in XXXX, primarily to a liabilities following liabilities of loss recently the conversion onetime part XXXX the was prior completed Reported previous with of IPO of the our equity derivative of of and were QX that million versus $X.X was This year the

our loss in net $XX.X for EBITDA of XXXX. On we million $XX.X reported reported For an in million $X.X adjusted versus net non-GAAP million year the loss XXXX a of basis, QX full $X.X adjusted a loss a profit QX EBITDA million XXXX. versus XXXX, of was

year EBITDA full adjusted loss an million in loss $XX.X versus EBITDA adjusted XXXX, For $X.X XXXX. of million was the our

was the and were to acquisition a embedded of May fourth converted have quarter the from that long-term number amortization Genesys we of the related preferred prior As the notes the to fourth in HTA, recent related the reminder, of intangibles stock the the common liabilities the quarter. that expenses derivatives and our to a debt derivatives in and IPO significant the from previous convertible of reversal refinanced Symphion noncash XXXX, resector of in embedded income in XXXX assets, with

From year milestone $XX May a after acquisition for million cash in balance with payment and paying the product our sheet from perspective, receiving we $XX cash million $XX unrestricted million million due to payment for $XX October finished the development IPO deferred Scientific purchase back them Boston million in $XX.X in to the and XXXX. in

Our long-term liabilities IPO been the long-term previous debt of substantially following refinancing have and facility. restructured our

of October by X-year million a debt new with final beginning maturity, years X large has of interest-only The $XX years new term with in last commercial Our straight-line of in year was October a liability finalized of amortization XXXX. followed X debt bank.

to into XXXX quickly we on ordinary post operations revenue. can when return COVID grow cash our and well customers believe depending We position our on us last how more will current

we the additional need XX XX not to to do to within such, months. capital As the have expect next raise

of between this we for terms for $XX half center-based procedures. -- In said, growth million. $XX outpatient being revenue be year, revenue still expected second in to year, ambulatory expect guidance of to see disruption year million COVID and focused significant primarily surgery from a hospital with surgical we our amount the see That and total this of the we

Q&A. our I'll listening for that, operator turn say and and you the With back update year to full the thank for call to quarterly

Operator

from to JPMorgan. Instructions] first come Marcus Robbie question [Operator is going And from our

Lilia-Celine B Lozada

Lili you've what assuming Robbie. for what guidance And This trended in hoping trends. recovery? I COVID into first terms is bit was in quarter How are just a deeper been dive seeing could you on into near-term of you of on the XXXX? actually the things

David Clapper

thought December. And hit. place Dave. year a most because Lili, big a fall, and big big but surgery was same and then up. to this going kind With Delta we COVID regard copays in then women's big, had the deductibles at February, we're quarter were a elective XXXX are we this fourth COVID, had March. last And variant the And this everybody paid is big November, won't away October, of when we the last call always -- is in a good

opposed the So to of year the done waiting to procedures their they year. like the at until right the after have end of first as

I to the I are levels and now operating affecting a sense, staffing said room. So we then always If have I think the a be patients variant wasn't back are they I'd big less come QX the Omicron hospitals flow. that so if than that But willing is handle patient in activity small but this problematic our honest QX. mean, still in can't

happens year, hope that it surgery a we we're of last last the let's we're in So still hope again did in of of And we kind -- are first seeing March, seeing still here week out this March, significant interruption schedules and because broke as let's we year. COVID. that,

Lilia-Celine B Lozada

helpful. That's Okay.

about DTC website? part quick that progressing year, you through especially story a bigger the walk advertising the becomes Can thinking over Just how now us you're as expenses launched you've a the follow-up. of

David Clapper

Hey, Joel?

Joel Jung

Yes.

and expenses growth up of in starting marketing. from what experience the company part some have is to cost think of that And were in they sales being that been I historically. that part of then a just of and public we're is QX

the so year. marketing I still I would the some grow, will going that and substantially we cost throughout think sales full test But his had in throughout I we're operating not the mean, as sales of phase team is to year and a efforts up that more complement -- ongoing and marketing marketing referred to of the in a company. the some Dave say, bit expense prepared public expenses nominally will DTC the outreach will the get ramp just experience up. we remarks to little the as of

of year. the So overall operating the rest in nominal for -- throughout growth expenses

Operator

Sandler. comes from question And Piper our O'Brien next from Matt

Andrew Stafford

could thinking mean disruption is given recovery in This to regarding seeing rate a it it it to the of think about teens growth basis? simply, the put the second quick QX mean, Matthew. how I view half. that, we business? accelerate in then And that to context just a longer-term in guidance should QX, you're from you're follow XXXX, first on levels discussing it second the probably the year just of fair half? with up mean, is still to the seen the comments you've just is the high here is I on in guess the to Drew think question, the want year-over-year just the the How down growth pressure fair this for in I fiscal growth I on your I bit

David Clapper

think of And having yes, disruption the definitely big So a diminished we in the Hopefully, QX. up QX. it's we're in planning really will on show half second year.

can on out know, on isn't variant some to Let's We're the force, accounts this, people here But expanding but and Direct-To-Consumer trying on. there we the build sales I of another over in do Matt, very doing rapid And know the everything we're independent hope with that successful the program, COVID yes, and having by not. you big so second of there. year. signing piloting to delivery our foundation half may recedes for XX a national been planning the really We've call as networks. last other our awareness contracts growth months

a but in of we're So immediately to away, ready COVID, we goes to we second lesser super foundation COVID certainly big doing hit hopefully, mid-summer, run. COVID half. But to and second once get -- And these, these in a with because blocks roll, first quarter. place all so big just degree we're yes, finished then we're trying probably you summarize, the ready the benefit really and to don't things of quarter, them, see call to affected

to you add do Joel, anything? want

Joel Jung

No.

think This going seems again. about fingers the crossed to seeing away. of be that's way I variant And releasing Omicron We markets a the lot think up in that, the parts mask to country. right keep case. of in open fact, our are many see to We're it. start we'll the mandates that's

out in that getting have care thereafter. it procedures shortly of the And and the hospital COVID think hope were levels just that the so follow staffing that throughout the really and And back patients confidence experience. taking the is we'll hospital deferred staffing of some levels things in and the I in

Andrew Stafford

just website? helpful. do? the up your comments utilize Very evaluate Okay. And attention. they the And to definitely intend your on then I caught success physician? my follow do have does get to do to wanted What how could Who a What to the look those to do once that patients potential to because on you of DTC like What you those do you to have get products? campaign? funnel

David Clapper

idea as and call whole is their our that that, measuring the people result a the knowledge AUB so And the they to So marketing of direct click-throughs. website digital their increase of we'll condition. to what patients be can

people interested code physicians how finding to. how out your And were So were not go on codes many which in website, in their zip they visit joining that procedures? zip just doing there, they but were the Minerva how ultimately, they or pages then many long

right other Walmart hour not if -- -- later, that them will to difficult or to Particularly are did. to you the in allowed unlike give ultimately, see search and go correlation all visits where do Depot collect allowed the the that other it's digital that treatment. types you between the direct it's any is the for reasonable we're that. someone you and which that's some Home it's how if or you area to that's very identifying draw It's Amazon patient really to a that's information, things anybody marketing not last ads website to tell Unlike where pop-up when of measured. do, operates everything, not -- So getting your who you advertising, thing companies an these get

can't business. the You do in that medical

us We them we that feedback think But that, of little have products. a from up too our we'll office will say calling so coming. tissue and think endometrial resection they the the to thank track. show patients your you, hey, it directed that were harder we it's in So and by When that website, to get ablation saying sales. keep they users

So that's for. we're hoping what

with increase traffic keyword companies is And the so in mentioned the us of But first the contracted pretty the kind monthly were I -- a effort, how to in searched uterine this they thing were in words the the bleeding. went out XX,XXX as done abnormal website the help many earnings, and is alone searches far, is did for to of month. of they -- the phenomenal. we the that website searches average and overview And that out key we've find surprised symptom key for in U.S. number

So that gets excited. us

pursue to want this. we So

Matt, We has the advertising media though most surgery and marketing an -- company the digital less and be a running that putting in -- think invasive digital effective at we -- sure marketing hopefully a to another even will we're digital And also dollars from company areas. experienced most so -- the she's our firm, the and manager up end year. hired hired a digital of make buying agency

Operator

from comes question UBS. Taylor from next our And Matt

Matthew Taylor

little a of ones. couple I had

any categories. was there And the about the and wondering, in are any know color first percentage units you of give the So the information one could sales gave different you to was, you going provide I quarter? for going forward? I ASPs

David Clapper

Yes.

small far much same know because like average And company to, as units selling from who to that really into the prices, we'd sold, As you benefits when you're our as as that, give hesitant out category a we're falls have because our the competitors -- has up really determine XX% if report lines, do product make sales. -- quickly were. ASPs unit those sales, could what and of those, we division When that reported to our us X like we we competitors.

that of been than on we the far, our in our products. out that we've because products to endometrial data ASP show anything our FDA in to sell else approved equal to competitors. at that's goal able ablation So or have equivalent terms to higher product our marketplace an it do is better is or to Thus that's the

And we pay resection this on XXX(k) outcome how to evaluate have ask data them to any of cuts. well This a because the there doctors was attention then on But cuts it. it, plasma-cutting product, simply things, that tissue side a isn't when with mechanism. we

So you're blade how with end surface also won't you're device that's like not bleeding a with a the behind. cutting you'll of but when you only less it calcified fibroid. using dull never or a the this now up break you product blade do X, coagulates left the because to is much pay there tissue cuts, area attention

bleeding. So you see less

patient that up actually the if will, And high-pressure you're veins intravasates of many saline you over wherever going using can procedures into are the into blow fluid you to, do X surgery, uterus about of there that tissue so has the into serious fluids into you ends And how me, a into much you're because the vascular nurses think a distention operating cut system. -- And then calculating you're have arteries liters underwater, don't up lot during takes vascular to this patient's When they under in patient, system the saline. intravasation the on -- surgery. the doing which been much or ask the patient's The fluid case third, they very is product. safety continually whenever the intrauterine what there effect, excuse system. keep problem and how where

take patients. high, so getting that with fluid to get to when from danger to intravasation you're have And died Patients lightly. not you it's something the the level

case the does see things. doctors we those readily can So every tell they're And case, look time a you observable. things for the doctor you're these because when doing

well that bodes the features appreciate that we for us, and when benefits readily of can the doctors So think -- products. and

Matthew Taylor

look generally wanted to I Are customers. they does talk And thanks just as expanding years? in new follow-up understand. XXX maybe new additive And that? the explanation medium, those Cool. in material Are on differentiation. upside of you disclosures and out is the high hospitals made for to a the volume? composition I coverage for you give the the low, XXXX today future, How about And I material about you your really the XXX. this ask to on potential guess, they the base? through Okay.

David Clapper

Matt, know I you're Well, -- I that know spreadsheet a guy.

let's So quick if do just math. some --

product XXX month you If the accounts those per XXX either month. tissue accounts bought reception about ablation Minerva past endometrial spend never Multiply generates $X annual accounts, in endometrial that go we company. that are or and one one $X,XXX a month month million for month, per in performed per and right? just those doing month, per resection doing one after per one resection accounts revenue in tissue $X,XXX had endometrial one and they'll ablation product, a in tissue ablation the XXX, And that had don't product procedure

much much, many bigger these are that. accounts of So than

and should forward. on impact count a have our positive revenue accounts new going a is really lot -- XXX So

all see off that, pent-up we these them away have put of demand them Unfortunately, for or from procedures won't goes that until patients comes back. with benefit the COVID COVID, the and cancel

and yes, COVID and growth away. accounts, that turn XX,XXX month, we're But So foundation building when month? gee, XXX rapid around if a a some $X,XXX for You're talking big say, did dollars. they the that again, goes is what

So we're of And financial know done we'll once that our excited and reps kind what impact of about such the COVID, has. job out get in fact that will so we sales good that you a have respect.

Matthew Taylor

I last to ask spreadsheet you I bit you about am Great. in QX And appreciate a numerical in the talked that know my more. is more growth Or in I can you tears the or a QX? second you bringing one half. I little eyes. Are answer, a -- guy. whether you I want willing just grow to guess, really just characterize think say,

David Clapper

history March, a variant I last a one. away. Delta Then up, we have million that -- bad on $X before over hit. I popped going mean, That's did that's COVID, was tough when the sales in Matt. have variant the I COVID Delta And a in history month.

as soon hit then But that possible, COVID. that hit. to to want to get been then it's before. level we So level Delta but all kind that Omicron really of as and bigger We've about back and

to get as we want soon So back that possible. as to

think, QX. the this first company, surgery for in compared So the the know the particularly down I when you year, quarter business quarter from as elective always covering been to has

compared has the XX%. last been X So historically, QX QX over years to down

So revenue QX. been down compared XX% quarterly to historically

how we'll down March things months just have see always has February kind and come roaring are January and year. to back. historically this So of wait and then go

that if happens So we're see waiting to this again year.

So yes, we're half. second counting big on a

Operator

question Antalffy next Danielle SVB Leerink. comes from Our from Instructions] [Operator

Priya Sachdeva

is Danielle. on a And This Priya for solid congrats on quarter.

think one maybe bulk And this the a bit from. could if first where discuss quarter's performance. maybe came I growth little you the is of here on

is kind of it within quarter. you market gains expansionary? if saw So cross-selling versus the dynamics And more social any

David Clapper

access we -- right time. cross-selling, the reps those you operating doctors in the picking of most our of Minerva are the accounts of room that the with COVID, for when take familiar up wanted and well we endometrial ablation line those products all round the already the Scientific accounts coming revenue is The gains that are aren't we're big from cross-selling Yes. Boston acquired from define in And first how thought with of efforts. product of, May into to heat in have loyal or XXXX of the our the where we

really resistance So And the acquired we wanted there. fastest that to figuring those newly take can was proven we our path into get and accounts, it's be uptake those to true. to least products

picking well in or many are what is that new we're call -- strategy of cross we for accounts and where up these And us. gone cross-sold that we've done working really cross-selling. the So accounts

arrangements cases, heavy that many ablation bleeding at or before area new endometrial under because we that had patient have where well to alternatives in the their go you tissue it's menstrual comes signing is -- the efforts quo have And either we and up not a that really products how And about in for use most her in worked under finding also hey, greatest latest example they've hospitals try the would like purchasing and a our we're status has over are to these when been And of once? of say, for had where business years. and to looking accounts accounts you us, endometrium. and too. What contract the in complaints resection dysfunctional we

you fibroids to polyps, want causes, a is endometrial do you tissue case there And In an case, resection. want in ablation. that structural to or where do the

have we categories be to what both believe in best now. products the We of those

cases. needs come like the you And if endometrial the So you're your And help ablation that standby I'm after let's on of are resection, of got evaluation. need -- hospitals interested, we an products. the first do patient we're a friendly. do and what we've a because very is kind surprised a of these both few you Minerva in won't to user getting And anymore Part let's or we're it few nurses, going. do how to reception at competition. me systems each, tissue get and whether And of But that.

welcomed many with we're now accounts, another player Minerva really there's Surgical, complete being in that So open arms. a with or line, now full

I the positive that side good by away, that's we're really And again, that very starts go going that help? some Does by optimistic dampened So being much But think is of once we're encouraging, COVID to that to show Omicron. too. growth.

Priya Sachdeva

one, as wane, running? new benefit But to that from we starts -- a I from how then appreciate little of these That force and see What last start super can on new And sales to ground in kind of helpful. to COVID's new of kind an of the are start another a question a level initiatives centers Matt's created a a the maybe bit kind to that place from new on perspective. and a of centers? hit access kind cloud was of centers. piggyback access see kind quickly

David Clapper

Yes.

marketing thing So increase is to footprint. sales us our and for the key

So from now we're we've gone XX, ago, in just up our a over people to having year XXX. group, and and marketing sales XX

a we us, for And it's one about all coverage. virtually point So major country. -- in the at area in that had every salesperson metropolitan

the doubling have Ohio, cetera, can in or state X in But representatives X cetera, we're in Louis, or X or where to of in X X St. Atlanta, up reps now reps X we're X now. we or reps where actually et Chicago, X point the et

the the we be nurses equipment keys. representatives sure in to reps our beneficial coordinated the the procedures the industry. standard between tissue of of And that resection Every make to not that's in doing the sales and and their trained evaluate have the first doctor agrees our X, us, so procedure operating only and physicians a have Minerva ablation for But the medical them desktop, has for well is device actually operating that is setup goes endometrial fine. everything in products, also room, room or with everything to X to it's very one X, the the which cases on but

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of under it's some of business. their is where business that XX% competitors, under a contract of And contracted contract over So Minerva their only is versus our I'm portion the now XX%. sure business is

a growing in hired in so we Director ago, of also hospitals. so these Accounts staffing area. that So and can National up area with or a we're that get contracts We we're that year

those ablation that as contracts can't the commit they these of of XX% to the have a because are quarterly meetings don't numbers will if a to will are a licenses, actually actually you some contract. are for into on for products, XX%, and say make resection facility. commitment verified. actually contract, attractive contract, are of they hunting contracts a where get their tissue company we Others there volume the products will, company, you And endometrial you committed the hospitals and volume where where signed if Now XX%, discount part that

those, starting to we're So sign too.

Omicron of recedes, watch ramp good we the again, dampened we'll But So -- position of a really again, the COVID take these really in to up these. we off. be think the has from see sales that as benefits

Operator

you no participating. concludes Thank today's I'm conference questions. further for call. This And showing

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Minerva Surgical (UTRS) 8 Mar 222021 Q4 Earnings call transcript