CHFS - Earnings call transcript Q4 2020

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Operator

Good morning, and welcome to the CHF Solutions’ Earnings Conference Call for the Fourth Quarter Ended December 31, 2020. All participants will be in a listen-only mode. [Operator Instructions] I would now like to turn the conference over to Claudia Drayton, the company’s Chief Financial Officer. Please go ahead, madam.

Claudia Drayton

Thank you, Detemra. today’s financial to quarter results XX, joining corporate CHF ended for XXXX. and developments for you conference discuss call Solutions’ December Thank the fourth Chairman the today company’s the CEO; Nestor us Board; Jaramillo, With John Claudia are CFO. Erb, of Drayton, the myself, company’s X:XX a.m. At December today, Time ended released for the financial Eastern XXXX. results Solutions quarter CHF XX,

you not received visit at page Investors have CHF please If www.chf-solutions.com. the Solutions’ earnings release,

mentioned Except during the call, conference During to the are of for will Securities Reform provisions making by historical forward-looking this made the Harbor information CHF forward-looking Litigation made course statements Act company statements. of Solutions the be call, conference pursuant management XXXX. statements of Safe Private of the the are that

any forward-looking this providing or information, By to company revise otherwise. operations, commercialize may company’s that developments Forward-looking the currently the statements new undertakes or not the the the that are and assumptions, to management’s may the available able limited Factors company company and to with involve funds that include, result or Risk information caption future expectations beliefs, be to anticipated Commission. for information, company to, Exchange known the on and and but possibility Securities to uncertainties grow risk factors be possibility whether Those and it based company’s the projections unable unable its risks the strategy, new its in management. in associated the raise with filings not are and as risks successfully under be execute may unknown unable risks, of revenue obligation update statements be products the other commercialization a described that no the necessary may that quarters, to elsewhere in

discussions of Exchange under additional with sections latest this materially that as its included the Risk such to on call by management risk regarding reference the discussion the of actual are in discussion would Securities expectations. You at differ and cause Factors and as as I or John CHF factors risk Erb, the incorporated the subsequent press to Related Chairman release forward-looking discussions the like today, Cautionary Board. of to Commission XX-K, current are the risk as other for and readily should the statements in now results www.chf-solutions.com. in from Statements of that well website call company’s filings company’s issued With the turn Statements company’s over factors to available reports cautionary statements review said, Solutions’ well Those factors could titles Forward-Looking

John Erb

CEO. Commercial CHF strategically to Chief Officer, caliber exciting Thank new Nestor markets joined and high you, our opportunity new two morning team. Mr. Claudia. years CHF I into under restructured couple guided Executive ago am and commercial to this as Nestor introduce company the Jaramillo. Solutions’ this just pleased Jr. product our led have now enhancements let Solutions quickly, a great Chief the expect Officer President year, of the our bring moved crisis me also pleasure growth technologies important from development will the challenging we soon. new become Last up oversaw pandemic and and gives It to our Officer to Operating and only to not you during of market Chief new that hear Nestor to

Nestor Jaramillo

call the everyone. COVID-XX challenging to due morning, global healthcare year Thank and pandemic. fourth a was the update. to and good flow for Welcome earnings and John you, the XXXX of corporate quarter ebb XXXX the system

patients position bring The to We pediatricians, normal, to healthcare investors, as achieved fluid model prior continuing cardiologists, of overload. sales changed, of when and dramatically ourselves has we has level returns and XX.X% treat revenue from to customers, very value anticipate not, quarter surgeons, optimistic nephrologists, new serve. the and Although our who we cardiac primary about the the the accelerating and remain suffering the business therapy durability can some growth provider of over business company world the year. our we growth we our will hospitals, patients the XXXX with by for solid intensivists, ultrafiltration see in of fourth performance that

momentum straight pediatric able third trend For fourth critical quarter, quarter sequentially the believe care and this fifth XXXX. the business growth. to increased we to in is revenue indicator generate sequential of revenue of the X.X% quarter We the within were underlying our segments. specifically, an compared

quarter, the delivered of in our strong a driven placements setting. utilization unit fourth care the critical During ICU and system Aquadex resource by increased

earnings pandemic, in treating centers from increased in hospitalizations XXXX, want an the increased the from ICU. as awareness will and ICU system COVID-XX With unit As the in Aquadex COVID-XX for a the early benefits number synergetic device calls, previous mentioned in their of hospitals a treating critically-ill in treat our Aquadex effect view the early trend the company experienced to strong Aquadex response treat non-COVID-XX this utilization likelihood favorable to COVID-XX patients in believe be to declining pandemic, the this effectiveness system, builds. – establish of patients the we we to patients. clinical ICU of COVID-XX a to we leading of patients in tailwinds year, the to placement unique non-COVID-XX critically-ill in utilization the Due

system chronic in revenue be needs pediatric acute believe signs early and on the the this a expanded retool that competencies end expansion imposed Aquadex despite and announced cardiac U.S. has will comprised in to of heart pandemic med with was To it organization critical XX% drive heart XXXX from our to industry. utilization failure. and the the and needs year, mix the XXXX, tech the XX% XX% our care. We we we on strategy surgery As shown this pediatric, focused this obstacles failure has sales primary we strategy, fruitful and beyond of that in the care,

last pediatric the meaningfully months, given XX on focused strategic opportunities. have over critical mix Our care our shift revenue and

our to the ICU, failure compared in remains patients followed materially regulatory the midteens increased of pediatric business, to COVID-XX the non-COVID-XX given year. part the impact on tailwinds revenue due of strong in levels our heart early in to patients synergetic treating treating compared due access integral procedures our overall in of and has the from limited to an by indication our hospitals. to care XXXX a segment XXXX, patient’s effect critically-ill early growth from expansion decline With behavior, year, and the revenues the critical Specifically, COVID-XX had volume,

discuss segment more minutes. clinical X I Category expect we a this recent to However, increase and in CPT in the few XXXX evidence expected approval, by which will the revenue fueled in code

failure move few mention pediatric I business. heart I’d to business, our points our Before about like a to more important

current During fourth installed the quarter, Aquadex amongst base. therapy of we increased our pediatric utilization

Philadelphia opportunity seeing our our of of the and Children’s, of expanded focus others. are within among of research a pipeline Children’s most some Hospital Center, commitment in XXXX, Alabama, the pediatric fourth the We a hospitals. front United We pediatric XX Seattle total the States, the is when year. the new Medical Children’s of five in train the the robust. dedication we team opened pediatric we leading hospitals University started to and Entering quarter, ending and us, educate pediatric accounts, Cincinnati we hospitals momentum business the given of underlying direct believe including reflection sales Children’s in traction from year and accounts of In XX pediatric and excited the the in leaders Stanford up of with remain key utilization pediatric remains about increase opinion our

with in XX utility, and The important As data evidence to mentioned earnings we on quarter fluid two registry pediatric Injury on XXX will the real-world of patients institutions The research pediatric Foundation parties up with Aquadex Care Partners. period. anticipated Kidney collecting and an on is dedicated approximately include and The on registry use two pediatric a in over the The the patients. a year profile patients initiated data in to third Critical organizations, overload. safety partnership call, Watermark Research half collect performance anticipate SmartFlow ultrafiltration Research Acute from registry

within will clinical of community spread utilization. the regarding pediatric We expect Aquadex the the its registry increased awareness therapy and efficacy the

to this our first April expect We in year. patient be of enrolled

there XXX had treatment gallons we stated the annual quarter care the function respectively. per X.X to that I the of Xth meeting ultrafiltration favorable removal follow-up. the failure rate days favorably days of with the by reduction is would patients. study is the study, the leading as almost pediatric, rate failure believed XX%. heart cost is for current economic the Failure $X,XXX patients and we be of rehospitalization key heart were high XXth and renal of XX This hospitalization the removal response, failure like savings Society author to system. reported after strong specifically, in That in a year, national with ultrafiltration, consecutive to patients system. fluid the mean and first, in rate rate was system that America the the demonstrating emphasize support substantial when outcomes. XX%. negative the in there there heart scientific studies a of of presented retrospective contributor heart our while in XX patient twice failure words, a during FlexFlow milestones study this savings reduces the last ability our rehospitalization of critical because adjust readmission the importance fluid of of this renal Aquadex deliver Aquadex the the of the had the a Aquadex days’ rehospitalizations, failure with treated reported weight patients other studies of that on to system, major had the and in ultrafiltration the the Heart in ultrafiltration volume removal compares two The one heart of is presented a to diuretics, reducing regarding important in XX% at a Now, results by significant and Aquadex fluid of loss. the use In use changes achieved reduced in number study. national to year to as healthcare therapy after the use XX% Therefore, rates rehospitalization were no days, of XX October segment, function business. real-world compared

therapy our Illinois. system during hospital multiple an using to to total outpatient effective use Aquadex COVID-XX, patient’s Downers system SmartFlow, and and of status, ultrafiltration four setting in five the because failure with setting, the in of This high-risk reimbursement. volume is management new respond for is or this third system removed. can year. current given X patent to clinical The SmartFlow turning applications diuretics outpatient access in liters involves almost showed improvement COVID-XX in the and demonstrated investments the the did the presented setting to over of for will dual Aquadex to end outpatient successful January, to Advocate medical Outpatient with CPT – the at strong treatment Aquadex of X recent Failure November, facilitating Hospital of and designed prevent of the use results, that we the outpatient code before simplicity of clinically was effectively major fourth failure. and This I is a vascular body, failure from days, heart societies. Pandemic America indication use Intolerant optimize flow, be One and study the of thinking submitted in the submission, treat decompensated XXXX. published heart Claudia ultrafiltration by be market. Samaritan receive for setting. the Category to the The in Hospital from application the Category Patient. technology was obtain to the the for quarter a Aquadex to in allowing female to to study Heart patient acute turn Readmission inpatient system. our overload the over than blood two at Society treatment study use setting. was the for symptoms the heart ultrafiltration catheter stabilized outpatient good outside given to experienced three outpatient the catheter the new to system our update therapy in for us for XX-year-old the which in and ultrafiltration In in new exposure details immediate we the peripheral prevent recurrent on we reimbursement in events, a the including patient case review ease in code filing with submission. expect a fluid demonstrating the innovations course timeline ultrafiltration we not Aquadex of patients Grove, providing avoid Aquadex this provide the received a in by lumen patient to successfully received congestion. the Diuretic at Good each CPT news financial positive patent title, customizable endorsements I want access the meta-analysis quarter application. And comorbidities of isotonic better meeting with patients therapies diuretic This it Ultrafiltration patient, oral to support second of conjunction hospitalizations the reimbursement of from to regulatory The expect an fluid due we of

for less to with arm the hemodynamic second the single access advantage central key parameters this catheter innovative for clinical advancing us streamline presentation. The systemic any believe included technology and involves we to and diagnostic processes than customize and these the of successful ability patent future outpatient of the to turn Aquadex resistance continue in use advantage growth, clinics. through we now Aquadex patent uninterrupted the help to is push applications the to therapy of will financial for the metrics in the As ability that to system long-term in setting. who burdens and the patents in drive access. accurate care. parameters hematocrit stability call The dual two durable solve will of improved support common venous be the venous at such results is important vascular lumen XXXX new and for our system, timely in outcomes this designed addition The patient’s an the for second as to ease therapy. reminder, patient, innovations more predictability need in provide to a is the details. during of represent will patent for and QX would comfortable the its and of going is cardiovascular provide the flexibility a use to included and system importance reduce and you A access for reason forward, venous non-invasive outpatient and rather which Claudia, inventory intuitive point I walk catheter problems a a the

Following questions. call open the that, we to will Claudia?

Claudia Drayton

utilization by turning fourth pediatric up sequentially XXXX. of XX.X% over revenue morning, the million, margins sales, an QX QX comment XXXX XXXX XX.X% of cost sales the margins first, from were XXXX XX.X%. favorably of volumes about increased quarter the by revenue of performance established everyone. QX was our to five improved care for and were cost driven the Thanks, our results, quarter of Nestor. $X.X gross gross year and quarter $X revenue critical from the was of Good I operating year regarding expenses, overall, million, margins were year XX% XXXX, our X.X%, margins last quarter, pediatric from of briefly the financial margins for and of our XXXX. our totaled for XX.X% will increased up the major new our margins from for accounts. for increase and regarding among increase impacted manufacturing for consumables a our accounts and efficiencies. of drivers. up XX.X%, and addition XXXX, from XX.X%. QX

an of travel The our QX SG&A regarding increase $X.X partially by results expenses. from having QX expenses. XXXX territories of offset staffed were expenses million, over increased XXXX. fully Next, X% reduced

expenditures increase to year over R&D driven in year. QX prior the QX expenses last pediatric was were expenses to a primarily related R&D million increase our registry. by XX% The compared XXXX, Our clinical in of $X

per of a loss compared a to the related previously $X.X finance loss was in calendar debt. per quarter, $XX.XX $XX.XX therapies $X.X $X.X of per our in our or and cash or to increased foreign used in million The position, utilization we cash terms net to continue share the the situation XXXX, $XX.X quarter while have million our quarter where were gains. recognized year share. dissolution loss we in $XX.X share. the ended we exchange for the unrealized the cumulative million areas COVID-XX million with approximately in in an caused of XXXX. to country, was $X.X fourth the of relates we year, inactive and presence. monitor modeling During pandemic, seen or liquidity subsidiary QX million a for of XXXX We to recorded closely gain the cash XXXX Australia. an million net the sheets as the established for of have by $XX.X $X.XX the of balance year million gain quarter on operations no regarding we equivalents, The and that or of adjustments

spend pediatric projects. to reduced to open operating benefit expect territories fully the margins continue increase increase consistent by in as quarter increased impact margins annual it continues call XXXX. expect constrained, traditional R&D, our travel access to the be the to to continue margin, experience our in revenues expect gross we our please offset to in activities spending sequentially. fourth we be and hospital remain the an regarding impacts the low continue to thus, to may Our our expect to to QX hospitals single from be studies staffed similar volumes. development having we year will temporary budgets that impact our to and to this will operator, expenses, but limited QX questions. regarding basis, to expenses. our we that digits on expect slightly with business. of our period believe we is we as marketing margins, we increase point, sales prior in capital At as continue

Operator

is please Jeffrey of Instructions] response from Thank Your first Ladenburg Cohen go you. [Operator ahead. Thalmann.

Jeffrey Cohen

and how Claudia, Hello, Nestor are you? John

Nestor Jaramillo

Hi, Jeff.

Jeffrey Cohen

providing from trends and kinds So, into what care, a as few whole Thank heart pediatric XXXX? me. you better how for of a failure. QX expect questions critical of and give percent you was from XXXX the us for could a sense revenue we of Could

Nestor Jaramillo

very Yes. last and to The Very QX Claudia trend XXXX what strong. as strong we in was The a me, year seen for to excuse before. the as be quarters. I continues mentioned strong two – have quarter, similar

but maturity only strong a a that will have the XXXX. we’ve Aquadex treating ICU, going to utilization organization in sales our strong non-COVID-XX We not our in the lead patients, that us have plus pipeline. on synergetic The seen COVID-XX effect treating in to we’re the good believe and

Jeffrey Cohen

Got you’ve XX. sense openings as we of the large think as pediatric for of portion far it. up you might representative market And now. XX XXXX, like of centers about? the order that would as be XX I’m predominantly us for got you’re sector look or to of kind a and the the give Could a in open future five things quarter what should assuming

Nestor Jaramillo

the to we new hard business to believe XX Jeff, in because we to the will of access XXXX. that pediatric But it’s to us the underlying we’ve Yes. have hospitals. momentum say lead could probably the XX on our lack seen still of that effects have another yes, that centers

Jeffrey Cohen

it. Got

interim registry post a the and midpoint or type center some may you units Okay. through the And data or of the then midpoint? give see of of can per we sense us when look data that into any

Nestor Jaramillo

to three on we the consults is, much volume as past. as your in we to large see – per than center. of we anywhere the that type year length in the study the on we see center throughout hospital the center the registry the to the the And per Yes. registry, analysis participating And we have how discussed same And you utilization The from is have registry seen. regular throughout updates volumes the six have depends of adult, the expected expect larger registry. of of utilization but the

Jeffrey Cohen

Yes.

year, you three are months into? four Okay, hospitals in hospital and a bit or access this you the past seen as reading as talk What got into can it. worth and have little any through trends access? about early far QX And

Nestor Jaramillo

access limited limited access one hope we the a see that in the we that’s will vaccinations the us. cover we’re started still and hospitals, Jeff, to of have we major concern more but access. very more hospitals seeing Yes. still to to a country of that

Jeffrey Cohen

you in in you Australia, U.S. $X.X Okay. about lastly, me, your talk activity traction subsidiary talk And could again, any the then got of could the there, from or placements any but million about outside foreign outside from or you penetration U.S.? recognized

Nestor Jaramillo

same the States. volumes, you really that limited thing outside have are as scheduled procedures know, in a negative here the that elective hospitals changes Jeff, impact United we’re not in see of patient’s of and we the sales being hospital had we our U.S. happened has States access. the in the behavior, seeing outside United the in

Jeffrey Cohen

Got it.

mid-to-high about R&D talked give activities on commentary there? beyond? you you sense general for IP. purposes, as thinking expenditure your and And increases patents XXXX us modeling of we’re and related a single-digit Okay. any some Could about to R&D

Nestor Jaramillo

the Claudia on in increase R&D. we as Well, our mentioned, that expect XXXX

current products the more We’re improve terms in it our how that really therapy venous predictability to enhance to of to applications and easier in we our terms provide system, line focusing catheter the more of outcomes. make to and diagnostics access flexible guide in to and on

R&D. expect increases see in we to So, those do

Jeffrey Cohen

taking it. Thanks for Got That questions. me. perfect. does for it the Okay,

Nestor Jaramillo

All right. Thank you, Jeff.

Operator

Thank you.

Anthony response next Maxim. from go of Vendetti Your ahead. Please is

Anthony Vendetti

the Congratulations, Nestor, CEO you. on appointment. Thank

Nestor Jaramillo

Anthony. you, Thank

Anthony Vendetti

you Good. more you opportunity. to are I How the just And Claudia John, how wanted on are bit pediatric little doing? and doing? a focus

you that’s categorize quarterly I market to look just know but for follow-up, gauge. open, could opportunity as basis, overall at it’s you a hospitals you hard been that how what CHFS? opportunity new many up five I the in a overall there, focus. – how as a know open pediatrics, So, would On

Nestor Jaramillo

terms on segment. the sales our Aquadex it opening our medical of and opinion I selling us. strong strong pediatric – in in the We’ve the the momentum in very getting commitment the accounts, community, opportunity pediatric of organization seen educate new well-trained and a proficient in values is very very to good be continues for to as being very leaders characterize would a key

Anthony Vendetti

for third this the XXXX? said you CPT Did of code. then XQ And you Okay. timeframe quarter year, the say

Nestor Jaramillo

Yes. correct. is That

Anthony Vendetti

specific Okay. And not pediatrics, hospitals, it’s not any correct? hospital, pediatric it be pediatric it’s but could just to just units clarify within in the

Nestor Jaramillo

patients That help of are disease hospitals. specialized to is much would are, kidneys or hospitals of born seen that be pediatric babies We’ve Aquadex correct. the of But product some older in a come use ICU in, the sepsis. hospitals bacterial in other the utilize hospitals more the those with with pediatric in those could that in the absence our pediatric of or are adult And also majority done sort – patients, older patients. that treat

Anthony Vendetti

makes of on the just benefited utilize care maybe, be down, continues Okay. critical to – to – and could Aquadex hopefully, that grows do COVID-XX system terms the the critical that could it care then if you the That curious think side sense. focus, do critical opportunity And both appears in for you COVID-XX have from that slow pediatrics, COVID-XX care, even you opportunity as recede, to or the recedes – opportunity for just of think care think CHFS critical the and still if COVID-XX patients, post-COVID-XX? critical care how

Nestor Jaramillo

we’re COVID-XX had non-COVID-XX care – continued important treating non-COVID-XX opportunity. patients. about Not optimistic No. synergetic more ICUs Anthony, critical the that has Yes. patients COVID-XX only and for treating – for about treat patients, excited to in effect the but the treating very critically-ill

deal a ICU. great in learning the treat patients how have to to hospitals COVID-XX we are So, patients critically-ill non-COVID-XX of that these seen

of believe pent-up demand now procedures to that, that for right a there addition the sales increase also is segment. to that is the help the In Aquadex and accelerate going in elective critical care we

Anthony Vendetti

sense. Okay. Makes

the COVID-XX it So, you treat types that of to has all sounds way be summarize the a good can for Is system believe, like it? that exposure it increased for patients. it to show care to – used the ability Aquadex critical

Nestor Jaramillo

a is good to summarize it, way Anthony. very That

Anthony Vendetti

else Okay. in there any currently continue Is there to underway And currently you system? are the Aquadex validate other are the progress? that use then there to that that can anything of point studies

Nestor Jaramillo

abstracts Yes. the We submitted of ACC. know for at two upcoming that were meeting

Very So, promising, going on promising. this you promising we’re will us near the hear that at is how to of you’ll future, very the on clinical moment, cannot studies, I disclose study. disclose from in more coming this but out very this see, data that data,

Anthony Vendetti

you do when be approximately? expect And to those released

Nestor Jaramillo

I to date be in is of are going year. believe ACC released that May they this the the of

Anthony Vendetti

Okay.

have don’t a Claudia, for given Okay. any Excellent. questions And because good you, very us guidance. you’ve I

I’ll in the So thank queue. you, hop back

Claudia Drayton

Great.

Operator

you. Thank

is Your O’Neil ahead. Street next response of from Brooks go Lake Capital. Please

Brooks O’Neil

Congratulations, morning. and Good morning, Good Claudia. Nestor. John

Claudia Drayton

morning. Good

Nestor Jaramillo

Good morning.

Brooks O’Neil

going potential opportunity your I you see up Yes. follow the them in to in be those for I’m basic it And you or any terms do you if care, ultimate I’m think of XXXX questions. not could to us curious cite it’s there? wanted just out asking what help about but in and failure. right critical to heart for you there’s what how the Anthony’s XXXX, excellent as way be guys on – think about market pediatric markets, in three areas what now;

Nestor Jaramillo

the these segments that three about the question, cite. billion look a together can are that market three market, in take Good our We we from benefit and be at Brooks. When $X the to estimate the addressable products. patients

Brooks O’Neil

are picky any too is than just I have is million opinion? you could three, sort trying way And for, your there of the any here, they so to bigger is in sense not but out – one way $XXX be break general could each between other I’m a there that the or

Nestor Jaramillo

think between million smaller. and around $X each a similar We critical that somewhere those $XXX heart very and each Yes. – billion is $XXX million a million. billion are $X is somewhere failures and A two. care much of $XXX The pediatric

addressable total it’s a billion $X So about that’s believe why we that market.

Brooks O’Neil

That’s extremely helpful.

if driver opinion, your positive the guys Anthony, or to Now in again, that still impact I I mean, the think is a following turn your to of a is out that there positive business from? still it long-term be up get be recognize of how you COVID was that Is you to it, do – likely I’m headwinds or assess thinking and to on will there’s ultimately, trying view the we when will been it – driver to business past out it? something it are now, it move be on but got right has longer-term, the prove of

Nestor Jaramillo

believe to the COVID-XX been has and worked have has we helped that our patients great been extremely Brooks, absolutely, well. No. to use able Aquadex in critically-ill prove the COVID-XX the of prove, deal. us able a customers that We’ve

that effective seeing patients and come with ICU therefore, hospitals equally So those the the critically-ill can are be non-COVID-XX into Aquadex treated that.

our We non-COVID-XX that patients. notes, hospitals synergetic in I Yes. treating do refer and COVID-XX have non-COVID-XX. been that of referred I believe Aquadex would patients impact, to critically-ill positive want we to the many what in in that’s very my that treat effect a ICUs as expect So, has system their

Brooks O’Neil

Yes. highlight And you’re I research for the you looking year. or particularly this milestones things through lot underway things whatnot, advancement I the to of a of you company but hoping That’s was for that’s will you forward in went really XXXX significant the or about might and terms know then be great. two one that think

Nestor Jaramillo

Okay.

trade but event promote getting the be of the and awareness the lot forward shows. going significant a pediatric utilization in underlying use of data seeing a to business, addition presented pediatric, really the increase for published of registry a events are good we’re the the in leaders particular it. some One registry, that’s of of of couple opinion to to to our in the the be Aquadex producing is journals the there – is the us to looking In that key Aquadex, also, that are

building of So, the a sales, fluid from not patients we’re Aquadex of momentum but treating very about the suffering overload. clinical in we’re and evidence only the also momentum efficacy in excited how in

Brooks O’Neil

very Thank I’m much. much. helpful. you this looking very That’s year forward for great. you That’s guys, to very Okay.

Nestor Jaramillo

forgot. from I to me Brooks, very going the X yes, well, add more let and CPT can’t – thing that, every Category that is we of that reimbursement. indication reimbursement be the sorry, one very was our received continue panel I’m some code editorial have believe I positive. We And the CPT the consultants

Brooks O’Neil

Thanks Fantastic. a Great. lot.

Nestor Jaramillo

Brooks. Thank you. right, All

Operator

questions the this at Thank further you. in are There queue no time.

Nestor Jaramillo

a all XXXX I thank you. want I and day. our joining conference call good Thank Okay. quarter to for you you wish fourth

Operator

all wonderful gentlemen, Ladies concludes today’s and for this Have Thank day and your may participation. conference. a disconnect. you you

Nuwellis (NUWE) 2 Mar 212020 Q4 Earnings call transcript