PROF - Earnings call transcript Q3 2020

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Operator

Good day, ladies and gentlemen and welcome to the Profound Medical Third Quarter 2020 Financial Results Conference Call and Webcast. [Operator Instructions] At this time, it is my pleasure to turn the floor over to your host, Stephen Kilmer. Sir, the floor is yours.

Stephen Kilmer

And apologies, let me start by pointing out that this conference call will include forward-looking statements regarding Profound and its business, which may include, but is not limited to, expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer, BPH, uterine fibroids and palliative pain. Often, but not always, forward-looking statements can be identified by the use of words such as plans, as expected, expects, scheduled, intends, contemplates, anticipates, believes, proposes or variations including negative variations of such words and phrases or states that certain actions, events or results may, could, would, might, will, be taken, occur or be achieved. on expectations based management. are statements the of current Such could this circumstances may equity and risks dates The and a uncertainties and risks risk and the company, the and in of or materially conference with known associated competition. result all affecting specified forward-looking events factors, factors certain and medical discussed growth device call markets unknown economic as generally by not at including the differ regarding occur industry,

identify to events events attempted other as as except has statement factors differ that from those actions, Profound – Although cause by in or guaranteed be actual cause important differ forward-looking from can securities there anticipated, or materially be actions, by could to factors required except applicable that may to estimated guaranteed, results results No laws. forward-looking or those described statements, intended.

or Profound required whether information, made, or Forward-looking obligation to statements they which other future speak are update any only on law. as undertakes as of than new no date otherwise, a result the revise forward-looking and by events of publicly as statements,

company’s Development. call Financial Vice will company today representing the Arun and call Dr. Profound’s Officer now Executive With over Corporate that the the Officer; said, Aaron President turn Davidson, are of Chief Senior and Aaron. On Menawat, the Chief I to

Aaron Davidson

would a on activities. call at continued interest over of moment are I in XXXX On ongoing your we turn behalf who shareholders, call. the you I our Profound, for Arun third to of for update support. our an for conference those everyone team afternoon, company. And commercial appreciate to quarter Good management and welcome to everyone our and thank in the your like you will

and provide However, things, rounded To before quarter mention I therefore financial the XXXX I’d our approximate. results. third have all numbers streamline been to are will a brief I on like update do,

of XXXX in onetime or related restrictions. in with net share awards quarter $XXX,XXX the share September for projects administrative third ended per an XXXX due costs XXX% and employees period for options $X.X personnel, options option XX, ineligibility employees, This for was a of compared third upgrades, The credits Experimental the million per Development attributed fees common decreases spending awarded from XX, attributed credits, addition R&D of for research recorded decreases annual loss loss and were Overall, period quarter higher insurance September same – the in recorded expenses Research and tax consulting to the with X – was higher the $X of for to XXXX, $X.XX costs Expenditures quarter common $XXX,XXX the X-month in COVID-XX of salaries, XXXX. increased increase September $X.X NASDAQ-listed million of to government General improvements listing to $X.X company COVID-XX to XX, months consulting revenue For development awarded $X.XX the the was to to was to from materials the XXXX. increase by months in offset in with to and in X fees ended and company associated higher incurred and costs X-month period being by increase million, technology third net and same and software NASDAQ scientific subscriptions. associated of or XXXX. research and compared The This XXXX, R&D and expenses of SR&ED education or by million XXXX and a on travel the Scientific the offset compared Canada. travel. ended XXXX. and

proceeds underwriters’ over-allotment of quarter of commercialization approximately shares, exercise launch aggregate gross TULSA-PRO common offering third including the TULSA-PRO be fund Net the of resulting of globally. underwritten the U.S. commercial in an full the million. of used Sonalleve of XXXX, and the $XX continued proceeds the will During in we to closed option, and

September I to I like quarter saying now technology With performance of uncertainty by speaks close XXXX, we call model, million. over mainly the of the but near cautious our to in would surrounding of Arun. to had remain our our that $XXX.X cash to turn XX, As will strength term this Profound business the the COVID-XX. and due that,

Arun Menawat

Thank you, Aaron.

results, with strategically in and in and combined hospitals As the release the interest drive enables we us groundwork our imaging lay the significant recent mentioned to from of responsibly opinion-leading increasing adoption to QX announcing press today’s procedure. our independent the technology financing, centers, TULSA

global worked Sales management XX including at Business leading-edge our marketing our experience relationships and respect was management have recently personally partners. with Jacques. and and other force, years. the I and knowledge Philips, of Healthcare each care senior leading care welcomed United of as leadership and over years development, development Marketing health Welcome, health together for we than two more the Most to from team, has is recruitment in MR States. adding manufacturing the importantly, and within one of Jacques known bolstering joined of IT patient where team hospitals division. a programs he network organizations our broad digital as global have VP in-depth in With experienced talent, and Jacques contacts Marketing clinical roles, members. and Cornet, imaging well new XX field of very He past strategies us VP We’re of capacity. of systems market Jacques

has was of joins Global strategies Access for the dedicated welcome take of to joins the reimbursement us on the led the will to am and In where Market role SpaceOAR TULSA’s that, Michael VP and addition, Prior leading of Michael strategies. Head Scientific, he developed Global company’s who Market Boston Augmenix, from Reimbursement I Michael of which reimbursement of at urologic products. Access as all very VP, Mydra, Monday as a device us pleased and experience. and management team medical reflects company senior reimbursement resulting with complement And reduce necessary plan to Michael. high-performance feel such of experience side The health effects in lead mix more a Michael to startup sets XX homegrown Welcome, device prostate team. Profound good I large cancer. years success. the at and associated than to experience full a Profound’s particularly and support honored of talent, of relevant skill

As you probably types market includes strategy entry three of know, our users. U.S. end

adopters, We continue early treatment. among to see prostate traction disease in cutting-edge specializing includes alternative which urologists

I independent includes experiencing despite their am delays as companies group first initially RadNet, still to patient current second The to COVID-XX. track pleased to quarter which on center related is report, in the imaging such treat

the hospitals, with are delighted visit number TULSA the The of caliber invite of procedure, offering the website third to to are is TULSA you group that and is hospitals comprised of and tulsaprocedure.com the which offering centers, teaching the now we updated I list see regularly. our opinion-leading procedure.

Clinic, Southwestern As the Center. Medical Advanced Prostate Center of you can Texas now see and Prostate today, Mayo University includes the site Cancer

also of contracts in to year. We expect public this the be that by not additional that have but end are operational domain yet we

will adding the website as begin to We them tulsaprocedure.com they be treating patients.

the TULSA-PRO clinical disease. QX is imaging our for important published customized hospitals, of in early flexible top-tier now were segment, group as update core an technology segment working. indicator safe, front. of an the also the on and prostate business studies like recurring impressive that tool added center traction Continued model and in adopting has to revenue a progress would provide ablation early is I in that evidence to Four an effective establishing the adopter

marks of outcomes Journal year, of supported the Urology, the for important was low as the of American side rate trial, life FDA XX-month TULSA-PRO Journal clinical the Profound TULSA-PRO minimal effective First, pivotal of published our Urological the a procedure ablation in Association. last prostate TACT minimally-invasive on This profile, which appearance quality Society of impact as a residual favorable disease. and cancer publication an milestone for establishes the of with effect official

PSA, nanograms From precision And findings, I little serious options. study bowel be a quality no to adverse months. safety, new From with was XX X data or based year durability to outcomes X from year no X, my published, events. life repeat rare those TULSA-PRO consistent as predictor predictability results any were quality treatment urinary, PSA X-year at onset as were events of precluding good of demonstrating millimeters sexual Phase at salvage life. in mild there of results or reported efficacy, change or perspective, Second, with of oncological X adverse seemed the biopsy new functional were X all follow-up previously of potential years and follow-up at and after of and end well treatment. imaging of the ablative early with per year X.X of at without years stable upon safety

so the among IPPS, Urinary adverse on XX.X or X.X, early data decreased from Quality first life XX during with review bowel IPPS prospective treated average initial outstanding granted line second, number flow cancer. have patients decreased that from patients procedure sorry, the X.X IPSS received improvements I’m the in patients will Prostate or patients. per International small. month with TULSA-PRO I X.X. peak who we rate is primarily events study functions. seen X even to Score, follow-up, or of to are for Symptom Third, that of milliliters – function improved The QMAX, X in seen XX.X in sexual and These from no BPH far XX.X a from increased TULSA of results to the treated prostate and

as forward total the more a a is in to looking We XX subjects study are ongoing and data of recruit of larger patients. number will also

base severe in Turku blood results advanced Finally, TULSA palliation of XX an catheterization of suffering safety hematuria TULSA, X-month trial, in catheter-free, and or complications were X-month all the loss. announce total ablative versatile for from to continuous another To grow, and hospitalization is building hematuria undergoing Notably for investigator-initiated for only period men the committed urinary the At Prior a deployed gross to continues patients men our conclusion, sites Profound treatment XXX. clinical TULSA. average of procedure, the and gross post TULSA-PRO that have the in time protocols local from trials study. had of core XX% University of hospitalization. period investigators and to prostate flexible studies evidence clinical trials before importantly, additional strategy continue we future. to published Hospital hematuria men both that It United X.X a Finland and blood the from symptomatic, were cancer. are TULSA-PRO requiring retention the after had parts are from additional that be intractable a X.X recruiting feasibility is In loss, days localized, customized end, to additional XX% to in in X at to improved XX in TACT or are among significant the of the treated trials prostate already University frequent in X free for finalized. extending patients days achieve other catheterization. of and and that States evidence TULSA supporting The to the disease plan UCLA year to world, number Johns and the are and company reduced technology the completely remains trial the of and TULSA of as in we [indiscernible] Hopkins this XXX% demonstrating can support and

echo in would concluding to procedure’s the uncertainty that there respect rate TULSA very So adoption like COVID-XX. to primarily summarize, near-term, with first, significant due remains to to I the comments Aaron’s

respect are performance TULSA sites in that programs. now we energized to particularly QX, their However, have started new with with the the

And capacity that, strengthened the prepared might for reinitiation clinical proceed. and This our have. business. delighted of we trial. questions leadership we’re to the investing take that Second, increasing to any you our and and Operator, With grow we remarks please today. with the TACT the recent have are in publications happy our continuation third, team ends are

Operator

And Go Thank you. comes [Operator from Instructions] Denhoy our from Raj ahead. question first Jefferies.

Raj Denhoy

the I want to those I or had and for do have talk Arun, using and you could There some any procedure, of build yet had on have with codes. they been – hospitals paid Hi, been successful share start not under updates if, today? or heard any established good codes been we TULSA afternoon. you Have some the wonder hadn’t front. changes whether try maybe to you that reimbursement

Arun Menawat

are I thinking. share that only Raj, think today up that consistent the newer continue recommendation hospitals with – signing think making to can is certainly, that, we’re the that I their are we

that hearing other certain the in ancillary we that they recommending. use addition to there are code We are C can codes also are

expect by to of – respect don’t would been I say, update of where that may I So that would codes patients and – there have with didn’t now. any be the would yet. been be have I I we these to used have honest, number as

So that a think and we call, will you update for you. I in would say that we time, will by front the better on do have update year-end that I

Raj Denhoy

a just of sites at of is year? right? or mentioned you’re you Maybe rest helpful. Do a healthy the new year, or out you might into for mentioned sites. back half the that’s sense months still Okay, left. the question, X second pipeline of You month We you year have settle where pretty the the this have a so, X

said when remarks they you’ll you your also them prepared think in that I start that treating. add

So you get patients? treating when will that be do we sites additional think will

Arun Menawat

bit be of said install the XX to if started, Raj, movement okay, when would to months we X. think and think it’s – than frame that, certainly time like, cautious, I we performance, backwards. And all year, Having X And closer remain could that But additional we this rather it’s our was I to felt we because a do hospitals COVID have and to think I’m team, could I be up open possible good train, certainly that what of to of but on based can we again, months little resurgence, it a agreements. but in I kind that not of sort originally, QX it’s a thing felt say, has X the sites concerned. commitment still, X get possible. terms

Raj Denhoy

leave helpful. for That’s others. Okay. will I there it

Thank appreciate it. you. So

Arun Menawat

Thank you, Raj.

Operator

question from Go And Uddin. our comes ahead, next Andre Andre.

Arun Menawat

Andre. afternoon, Good

Unidentified Analyst

Uddin. Andre two Toby questions. is this have Hi, just for Ma I

quarter? QX? my you the in second number about the average can Arun, in in number performed how per per QX increased for the if the talk second quarter question I week of first procedures center for was was is And R&D question expense to And wondering compared that QX. imaging Aaron. then First and And

will about here. R&D next you. we in Thank So stop how and think I QX year? the should expense And

Arun Menawat

Sure.

your Let question perspective per of me answer the from site.

I start-up quarter, total comfortable of of QX, at which what But of and we we in at procedures we way in procedures. actually approximately quite the is think meaningful per the moment, So factors think that, last this because all what’s is fairly XX the we number and certainly, QX. XX we originally, had than site again, months the look utilization thought site that, macro higher in of the think number first be that it, I that we’re are is will these

talked think that about that to the maybe at is I call, closer we number last XX.

year. probably the to I for be think closer at moment, actually we’re the feeling that number XX might XX,

So sites to patients the be The patients of continue to the continue variety they are increase treating. treated. the

is think again, be the the of sort I after with of the factors, obviously ride numbers is to think and the in with might overall about long might those might basis, there it. these months talked of we downs, macro installs think your XX to think higher that Aaron, you answer ups that in are And that haul, direction your want I goals. certainly what still I So we all some and go realistic trajectory question. I than But minor through will additional procedure. achieving question continue

Operator

Jennings Our comes next Go from question Josh. Cowen. from ahead, Josh

Unidentified Analyst

sorry, this on Neil actually Josh. Yes, is for Yes.

procedure think process, model, was potentially my the, per I to if payment just But that’s have I I updates enhancing was like answered going ask questions any guess, color the of the a one got already. just how sales about there. or couple thing you

Arun Menawat

No, Yes. to. happy we’re

are sense in But And bit in to bit, the or higher least but move cases, little I cases move scientists the modeling. where at moment, these a a gland to very start then Services a Sales, with that scientists at treated was on. model we in is way TULSA and when utilization. support the are to model you the much and clinical actually feedback – ultimately support And to on can them rent are at now, received, and come was the up wanted and our Abbey, that VP that flexible. more If X,XXX with the generally, model, so that of we’re the time, of to – and salvaged conservative prepared this model so recurring is a range. upfront. and business great designed January prostate that way system, that investors, our can factors the to you variety offering present sort And first we joined she moment so presenting, to on. we we inclusive Aaron addition rigorous we’re think would Genius to down were go so she but question higher And marketing is we the to And I more obviously, have a and prostate there much of a think they a just to when utilization hospital the that think and that they’re using on are the help And I do hands higher the started conduct strategy patient be we them they’re because drive it’s the that, in little Profound or agreements a we sales gone we in revenue year, partly seeing, business patient all not our whole per all strictly really the option an patient. your in is and only But upon analysts there the the based risk at with X a strong our to model that that the and that I is market. up team and we start. do

recruitment additional with underway, helping our efforts so patient on. through also, We’re and website and tulsaprocedure.com

support us as with joining well. reimbursement have We Michael added

and do bundled comments? are this set offering, any we this that other model settled revenue have recurring have a is of as offering service there Aaron, So we That’s with charge. you a on. the

Aaron Davidson

negotiate we would listen. and that we’ll it. our with consistently. we being been paper And Arun’s things that we’re procedure. and second time, per else. that Yes. first anything paper over model, there just was rental deal procedure. has Since pleased single saying, Arun’s say was procedure. a and price We XXX% hard, anticipate somebody trying only $X,XXX be the I not that was doing deal commitments – then paper don’t or �� have a the our volume conservative we’ve done procedure the amount to may and – on very may But that’s our It

a great progress. equipment model We these that for making we relieved, and real We’re to choosy in a associated with is that capital the to startup are being winner our entry believe been have new program to to times and we’re as very requirements The barriers that minimal. want and a where be happy make confident to they up our because term, site. And to happy model, we’re physicians to their they’re set and very it’s it, Services to have procedures, own sure going utilization make patients. long high Genius through and we’re in successful we going interest sure want Profound best

Operator

our from And from Takkinen Capital. Street comes next Frank question Lake

ahead. go Sorry,

Frank Takkinen

thanks questions. my taking Hey, for

centers, and hoping the line interest, at seeing potentially you albeit couple where about the today. for with bit funnel bit more even can kind majority are on give little that on potentially even into XX you into by COVID. talk if a hospitals uncertainty specialized could granular But a looking of I that of is basis year, your little could whether a commentary about you sales or urologists? just funnel, see you be go Starting teaching of getting little term So XXXX. you how the bit heard the And the longer many sight to was sites for us could due of imaging end what a you to here

Arun Menawat

point. Good think at in afternoon. but I to a Frank. will well chime I share want of Sure, as might some couple thoughts, Aaron

if users the credibility our into just will that center so who the to the that think with them. the same we we I haul, long start are And with we we and of strategy all Frank, technologies of alternate opinion-leading was at see felt strategy imaging have And XXXX, then us the the over with adopters convert and then really – way and can we get on. the I can current – see XXXX what hypothesis strategy, quickly traction together needed put So reality? early let it that sites for to in because time, drives go

we So feel are this this is is we so far taking, the three pronged strategy that working. that and approach

excited sites sales additional with than even now we the guidance or have what are you we but each of to see early opinion-leading see so of traction adoption their larger on forward, And days that I and so. want to additional is continue hospitals, we would these start of them seen with likely that I them, own and XX companies sites, And our then call within are pipeline there imaging some do we I about other segments, each or next year, the additional call see teaching will who that to hear like additional we’ll in a have the that is of adopters our team next quite it to think we them in adoption could think starting channels have provided in And in to center you come going pipeline, these. that three, – programs. will enough now about who more

but of contracts think doesn’t can yet. number it the us It that tell I what ability cannot out the as give are even is difficult numbers, fact have the But I gaining comments. in you as started get year, able bit signed. again, third forecast moment, the so And that the the this us Aaron, give traction And COVID you confidence. in were to really we numbers the you the might opened fact quarter specific year, at we gives a additional little a window I we to

Aaron Davidson

well, we commercially bigger think are add the imaging don’t in opportunities centers. term, than, other our actually long – lot have I commercial the a – we to

that level leader believe carefully believe, seeing those The pleasantly a at be as well. most ones and academic activity We are selecting and part, are high high-volume will we the well. as of we sites for opinion centers sites

at so optimistic point. And this we are

Frank Takkinen

then about of between tail end calls, TACT the And extension it. talking you apologize, I the I but Got the I at jumping trial. was heard right

I just to line for what follow up I time So being XX as then well around want wanted that another if enrolled to said you on there that as you how said see exactly. a and the temporary code? patients applying coincides with reimbursement

Arun Menawat

Yes.

you starting need idea to parallel particularly we parallel So us, And a the I a this we of at apply because for The is as from hear is do able right. and and come quite be on of be to a all the spend have we patients, out, time. it that able to continue designed to to certain want that, clinical Frank, purpose patients, is, explicitly where now the is code U.S. clinical In time number CPT additional right will is – you side publications. data today are we and to approach, more to could on impressive.

will clinical coverage straightforward think continue the trial. now having so started. But we payers that additional code will by becomes of us them, shortens hear sort to for the extending we for time, is this will have data that I CPT were a we advancement properly will do to decision this to apply drive than need rather from to paying as be – evidence And significant I you on for think as on at So time trial. trial, it procedure quarter every separate to we do well see the what trials where able same new that think the a you

CPT And certainly your second your of heard different that fact they patients now variety prostate this even that these are the who use we’re that’s additional a purpose to on mid-level me behind who we cancer you the technology those main certainly, So and part able – code and number advanced radiorecurrent clinical are fact the the saw are palliative, what so of extreme is treated are on and the of about you talk to trials as publications, question, call have have well prostate who treated cases, we as been patients DPH. cancer it.

All of achieve this that’s and is broad ultimately coverage, our designed to strategy.

Frank Takkinen

a was then Okay, one if the guys that I business, this And understand curious quarter. But makes are in. how some Or I was as completely whatnot, up expected, just products on as more trials expense that. little you XXXX? as the there as R&D well bit baseline? X there a Do over you could investing basis. next view about feeling of X come a we you’re sneak And one-off maybe that go-forward in R&D in sense. as see the more and where quarter could just so and in on

Arun Menawat

took if Aaron, you of care question. that I appreciate

Aaron Davidson

Sure, yes.

the the of improvement generational the of was for part trials the systems. discussion July, around in through accelerating accelerating financing support that clinical reimbursement the with and So our

there XX over be course some the trial R&D and months. both in uptick clinical engineering will next So R&D the of

Frank Takkinen

Okay, for questions, quarter. taking my on progress that the this congrats and all makes Thanks sense.

Aaron Davidson

you. Thank

Arun Menawat

you. Thank

Operator

from comes question Go Raymond next Rahul ahead. our James. And from

Aaron Davidson

Hi, Rahul.

Unidentified Analyst

taking Aaron. Thank afternoon you question. much good Hi for my so

you my on I guess starting I So out are noticed service. first products, is revenue question to break based recurring and that revenue

recognizing Now – able more you and with know become the has us provide resolved, are been going are that, course, that’s to time, evolving model us course, let how of to of with it like back an we underestimate actual you it as them if about – is. utilization supposed of seems numbers are does rate Because out, now. we right to your the seeing what think

more So maybe you little can clarity us give there? a

Aaron Davidson

Yes.

would the way consistent too that’s in we you wouldn’t read – into actually breaking have quarterly go back have through out we Rahul, yet. you the been it tell So I materials. much if I

this of We almost And between then is confusing capital some wouldn’t providing point. that read and a disposables capital, procedure that per much guidance Japanese all and U.S. those frankly, are not are into lines it isn’t revenues that numbers model revenue. little European procedure I because, and are at are too disposable but per

and We very a people be various revenue little be just with The to so to break sale And the descriptive. before down at to it It’s before want much to lumpy next this be months, more able in lumpiness point. treating, to revenue understanding. little read to installed have or would able year we’ll in it and a the this be something, to and going at probably contract I Japan it’s – don’t you be lumpy people. point XX and we’ll able look we point, then granular more XX between generically. start it. – too more to if I the misleading capital were capital to too don’t think much look be under too sites be lumpy a more at able it buckets. want giving when try you I into confuse or to we’ll and at you But revenue creates to hopefully sales, to would a

Unidentified Analyst

patient additional up thinking are the just in a be little being right. has so to use the sort little about a you the it’s with existing to burn continuing are are to salvaged continuing data going question starting the then you there bit R&D from that that in more be clinical And a indications published should that because to is we of also these is, the utility That you a trials? that question in support about second Arun, bit, to Right, in broadly makes hear in sites little in sense. shoot gone now my and over also then they on higher device that And more quarter. those other and R&D Thank procedures? pay the BPH much. broadened is second so patients, great hearing And last

Arun Menawat

Rahul. Yes,

the very the Certainly, prostate recognition site, even technology. this for I older be are But a for that beginning of cancer. moving sites, the again, to is think question of a we I there variety quarter newer your flexible sites on with U.S., to a the the is short So think sites worth that answer yes. question in experience. is with site than six But have months the third current BPH the and product the is about two more only

Service I our that before, question one as suited of to to technology. is as of so do slightly on, is of Profound the R&D that our your better anticipated. utilization the breadth our second better data, upon I why, we – the strategy am. was of And broaden think – the Aaron we spend yes, Genius I think respect had on the to So actual technology than use think the think educate should is certainly part based I certainly the this sites to what think the is reasons I or originally them I to I saying help than With continue flexibility

Aaron Davidson

Thanks, Arun. Okay.

It’s it’s us a over treating been from and BPH symptoms So see, in patient, doc. Rahul, to and nice, say and just start even sites well." will in second, One, my and hands, BPH, come cancer, as hear seeing or It’s to I very my the would and we’re the I’d feedback self-reinforcing. resolving a one thanks over, most physician’s a as market and in I go nice with and builds them all "Gee, Patients this it the And hear say for cancer. we fairly positively it’s But BPH in back is that say, very the twofold. confidence consistent my for to opportunity. consistent physician back see of amazing. they treating message

in over release to in stand, it we the conscious and it’s XX the you an our We marketing made made press as R&D After spending remarks, will conscious in uptick decision, to you see mentioning in the was will have on and next accelerate sales our there. with completing decision in level investment Cowen’s we support see July, us the financing increase the months. believe a and very Secondly, saw of of thought-out our and to course growth. well have questions, prepared XX – a and I you careful, investments

Unidentified Analyst

much queue. very including me Thanks great. That’s the for in question

Aaron Davidson

We interest. appreciate Rahul. really Thanks your

Operator

from Jefferies. moment Go Denhoy And are one live. we ahead, from you have question Raj another

Raj Denhoy

coming Sorry thank to something for in, up. you. I clear but just Apologies back wanted

you that if that looks procedures revenue at given USD the reported, procedure their procedure doing paper was procedure math CAD about X,XXX If equates XX for about a the to that a correctly. you’ve I’m in XXX,XXX. that So it mentioned basis, one on

think when And And you about... is that then so right? one

Aaron Davidson

no. No,

Raj Denhoy

Okay.

Aaron Davidson

meaningful and now sites because in No, one first a really two, had have procedures our doing on. coming of sites and remember three way only more we we one

was rate. a them procedure at of per One lower a rental and

now, the unfortunately, right will can take numbers. you XX So It small start those into numbers confusing months are things. to XX reading before

apologize. and right it But and Some it’s said, no confusing. We not that more after that okay, that. is So as in locked in revenue of unfortunately, was rentals. I rental bucket, recorded being

it’s We are into numbers the try right paper doing if it. you But only to read inappropriately to now, skewing procedures.

Raj Denhoy

some actually in actually quarter? doubt But Understood. go I that is in of directionality in procedures us are might clear will how would did you you there, I many you something terms terms what what doing. is provide if but you perhaps up the give guess could of procedures

Aaron Davidson

Again, the to a think I that. XX XX of because early next the little I think are we will in do course we months,

Arun Menawat

that And can just I only will. numbers you significantly real today, higher we you We are say what than mentioned. think

Aaron Davidson

Yes.

Raj Denhoy

okay. I appreciate it. Understood

clear Just you. it Thank wanted to up.

Operator

there [Operator to any to floor over be Instructions] back now further appears I no closing turn to like remarks. for questions. the And management would

Arun Menawat

listening us. Thank you. for you to Thank

you, a call was little bit up, messed guess, we at to Sorry, year-end but looking the Thank updating year. the are next forward you. I start

Operator

This you participation. We you. Thank for does today’s your conclude thank conference.

time, wonderful day. this disconnect You at may your have a and lines

Profound Medical (PROF) 8 Nov 202020 Q3 Earnings call transcript