PROF - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Profound Medical Fourth Quarter and Full Year 2020 Financial Results Conference Call. [Operator Instructions] And please be advised that today’s conference is being recorded.

Now I would like to turn the conference over to your speaker today Stephen Kilmer with Investor Relations.

Stephen Kilmer

Thank you. Good afternoon everyone.

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

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

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

Profound of tissue. to to ablation and story disease who the of develops those would business. markets to moment the benefit like Profound summarize incision-free customizable for new our the therapies For take a I are

rectum a surgeon-defined technology is ultrasound control. closed-loop preserve are We prostate and MRI, temperature volume patient's robotically the while a trans-urethral real-time The CE technology and ablation is functional XXX-K provide TULSA-PRO of predictable customizable commercializing Canada combines cleared and designed FDA. driven actively and natural the radiation-free Healthcare approved TULSA-PRO currently marked, to to feedback help urethra by that the protecting abilities.

We an that treatment for powder of innovative are Sonalleve also CE mesothesis. pain commercializing marked platform fibroids of is therapeutic uterine bone the treatment and

obtained by has the Products China exemption humanitarian Medical uterine for also under device a of of Administration osteoma. the treatment approved for recently been the osteoid FDA National Sonalleve fibroids and non-invasive approval has treatment

in not impact to we have and HDE expect making our it company are in for material this approval on XXXX. While term later do is a U.S. its significant commercial we launch for FDA revenues the a preparations near milestone

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

Aaron Davidson

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

the this changed we on results. activities. statements quarter We will those especially from today for commercial will therefore financial of all from To U.S. accurately given our on refer our are our at our do information rounded have and a and of brief update XXXX approximate. One I'd looking more financial probably focus been currency dollar fourth that to reliable operations results presentation I have our U.S. major is the to dollar. I press the and noticed change will you before Canadian reflect numbers our streamline like relevant release more However, things in provide believe the result to

XXXX, an XX% ended sequentially revenue For Morgan our increase January company of December to year-over-year the the third dollar we $X.X of and preliminary hadn't yet million, revenue XX% the estimate XX, of over When reporting. we ahead switch recorded quarter. the unaudited XXXX conference, in three-month U.S. early period announced the JP made

million quarter to administrative higher expenses. clinical and by additional material general decreases in offset driven partially for awarded primarily fees travel trials, employees, new expenses due to at benefits which which consist clarity were time. and estimate actual of expense Total million G&A the this in operating costs costs R&D, depreciation versus dollars bad were spending revenue salaries million X.X translates compared of quarter of share R&D fourth increase $X.X down $X.X head million based and for year-over-year count setup decreased compensation. G&A X% selling of the expenditures expenses of further increased and for So consulting expenses X% to and million was and basis lower that X.X to by XX% distribution Canadian in in travel, million. Canadian $X.X increase overall options offset the fees XXXX, expenses dollar and partially a with consulting $X.X software, debt and XXXX. Breaking and by fourth approximately This increases to to by of an the the on

Finally, approximately selling increased and distribution $X.X by million. expenses to XX%

expenses As expense. lower historically and noted distribution our selling than in been R&D release have press

net $X.X same of $X.XX Overall recorded R&D United common expect as share a per net selling the common per exceed with $X.XX distribution in million expenses commercialization of future fourth invest to we three for continue XXXX in $X.X or However, loss in compared period we the the to expenses a the the TULSA-PRO company in and or XXXX. million share loss month quarter States. of

speaks As to the due impact mainly to which remain our will of unpredictable. the I'd of business again now like had call and quarter over cautious to COVID-XX term the the while million. our of that in near to at continue December the saying With turn are cash headwinds Arun. close I that XXXX, in strength technology profound model, fourth we XX, to $XX.X performance our by

Arun Menawat

Thanks mark COVID. in marks pleased the pillars in priorities XXXX. Aaron. United the and XXXX on to the TULSA-PRO The I focus successfully the two spite most the laying was that today. of there like adoption delays States to due our significant of were XX-month important U.S. my introduction report to start to of that TULSA strategic of to of in I'm against Year-end of those marks groundwork major in the executed would drive we and

treatment. high U.S. installed In for strategy end One, that building targets of a includes First U.S. market specializing prostate regard Two, unique in and play different companies adoption. long-term base. independent users. TULSA-PRO imaging opinion our alternative roles cutting-edge adopters as each start neurologists quality and such three, was center which RadNet to types leading teaching in disease supporting entry are three these of hospitals early

at first high started have sites where to great rate increasing that. to at two an XX initially The low patients Today RadNet also The pleased actively establishing by treating TULSA top the With of centers run Cancer and and efforts delays patients. risk on TULSA-PRO about treating TULSA-PRO respect of Clinic, treat of Then focused variety Wellspan early procedures targets used average intermediate launch with hospitals. what including during experience X to utilization XXXX, surgeons XXX prestigious patients. those we the imaging has per the initially been population year. these adopter Southwestern using the eventually been experiencing addressable tier to already after offering results second Advanced Center rate the exceeded most has early Center. to risk the that the our TULSA beginning these centers, UT of had number procedures achieving of third that Medical those patient I'm operational is early Cancer we XX we procedure or more and result would year, The estimated increasingly average after of related through PPH. growing list Yale Mayo higher recently The been XX have first after Center, of COVID-XX. being expansion an be per we than group to the expected. with and the centers months group, mirrors Prostate Midway European report that outstanding then a patients treat institutions year observed run TULSA now the those to XX% procedures At centers

is institutions While particularly being volume adoption and drive we COVID-XX, presenting at leads by This support from medical hospitals. to qualify had these our the and beginning that opportunity submitted they by number conferences, participating urologists, of Medicare pillar of and to strategy generation use aside X be for decide C our they reason, to the TULSA-PRO that an additional have potentially The reimbursement. impacted possibly relatively with in to announced TULSA-PRO hospitals those centers papers meet a from common could me to are help the code CMS we or if and coding second Subsequent the hospitals always code. existing expected CPT remain designed journals an procedure and services the code. publishing next for At clearly was to system positioned to in to for CMS we adoption relevant that seeing we would CMS best to we a which at that long-term consultants as TULSA-PRO from for of feedback TULSA application asked a to training the we of Medicaid XXXX, an that to well lower healthcare teaching first application code procedure. for our discussions as like apply existing set had trials allow

or we're being from reimbursement amount that numbers they to the detail for hospitals we're hearing not that the existing on have the great can code of are we able submitted of provide While levels reimbursement say that using paid. patients

mostly publications trials expand and is C term, for first to I enable and the of specific In code on TULSA-PRO a would of like process calls process. additional that to to that conduct step to view CPT-X payment designed and usage of body code clearly the that we positive, the While is have clinical ultimately reimbursement that I longer a coverage. we the qualify the for as coverage as plus three-year expect previous clinical and reiterate are a

pivotal on of TACT be achieve of to to the the first patients trial That fully study extension total second TACT by is an X half of a enrolled patients XX XXX. year. treated another in to number this The track of those is

by have for code. we requisite XXXX, CPT-X a believe to before, qualify specific discussed As the the have that publications we we should of to end apply

X will coverage we studies the the end before recruiting however, start year. which a to we For need expect determination, of level also

TULSA the procedures very So to rate summarize, there that COVID-XX. Aaron's I to in would like significant the adoption mainly echo to due comments with to term uncertainty remains near respect

However, adoption we're on into XXXX our long-term achieve goals energized for going remain and track to TULSA-PRO.

ends launching to looking States Sonalleve United that In the addition This Operator? we're we're questions any in you have. later year. prepared remarks to our might for the happy today. forward With in take

Operator

be question Thank session. question the now and is Anthony Our you. Petron conducting Instructions] with first And answer from we will [Operator Jefferies.

Your question please.

Anthony Petron

Arun fully installation on passed And to procedure comments get kind prepared today a couple system to you not cycle doing that Thank have terms of classify new bigger well. where then of on follow-ups. and side that for to sense the focusing little kind as actually and hope press to on site in have the of maybe a installation give the in just a the and cycle of getting a you cycles. and the us but running? average purely Can sits and COVID necessarily backlog rather will everyone's I you a of Thanks sure. related headwind installation and pre-COVID procedures bit hurdles relative when installed the you on up

Arun Menawat

that let to, three in institutions pillars was we each half describe really about, product. delays going that and prepared The the in impact of us opinion each of remarks get mentioned as me by terms types talk I'm different the I we of for it so into on get hospitals leaders a to on. the the because priority the in we of biggest want was going happy second that the to focus our this

then but did allow it there go administration but that we were to where example, couple the hospitals not for they of did system in So could they hospital our a install delayed were to do contracts, sort technology got even because in we system. hospitals new procedures January of that. of informed and There a were the had install actually simply where not people couple of the

kind installed in I to this thing up all is are early at part think and reality as that but have these quarter, are we of look hospitals they of is the and So impact I this the of do there back a some and treat. now starting one-time

answer XX days from we time though, to moment. So contract, to for between at general get a question the XX startup is typical the your a somewhere us

I think your XX the long to moment over XX somewhere be days. I it Is question? but anticipate XX that between XX at days to the haul, will answering it's somewhere between

Anthony Petron

bucket is That's first systems Absolutely. there want which and but where that still installed, certain I but is guess were to you of not installation not proceed of and have are within sort allowed or two finalize of then now bucketed correctly to very those the you portion TULSA allowed. was install be hear you company just with to clear the situations hand, to installed contracts the a the helpful in TULSA? all procedures were I that the

Arun Menawat

No. did they're The this maybe now and agreements very year we early and last going. are year now hospitals installed

operation As we've of in anticipate March place. full

that there is part that So behind I third wave now part and is is think no us. hopefully,

Anthony Petron

code and last by of code. year C Arun just a sort across is received hop you C actually country? And does that in not I under install back moment the or reimbursement of C hospitals and for Thanks. Can TULSA reimbursed little bit being of that's on information last then universal it at one the is with vary the being region whether across installed more are that me remind were the level will the the base of that the code

Arun Menawat

Sure.

with that institution upon generally pays of is type the C So associated general applying. publicly depends that we what and talked range in about XX,XXX The numbers. in between code XX,XXX code overall APC is what to

will institutions will And the it. cost it. that receiving. get in end are comfortable they reporting generally end they get think I are that institutions with lower institutions the or higher certain the lower institutions areas other So smaller Certain of are are teaching that hospitals the of that payments

are but give expected So a as that they couldn't I hospital I specific the or hospitals getting think feedback get is to specific I general you said, paid number paid. amount

Anthony Petron

helpful. That's hop back I Thank in. you. will

Arun Menawat

you. Thank

Operator

Thank you.

Our Rahul with next comes from question Sarugaser Raymond James.

Your question please.

Rahul Sarugaser

so much Arun taking for question. and afternoon Thanks my Good Aaron.

contracts really existing all pipeline in question is, the you're you'd quite So and when refer referring sign installed, calls continuing my first that to strong being to the Arun previous of to having been you're contracts.

hospital existing clarify will bolus have So that of I is need that as contracts signed more would the just of or the case the installations want to sort that that create to signed of kind being installed be been all contracts of start this to there been have happen constraints release? where are additional

Arun Menawat

So can first? I jump in

Aaron Davidson

ahead go Yes

Arun Menawat

them had agreements We a installed is still. have referring that not contracts are but but was signed do are are in that new what our contracts signed we we public I there not to It's where on year anything this the treating year installed. last installed. that patients devices timing there are and be which Not might website devices all point not we've or have of

Rahul Sarugaser

as sort large to of is see kind or size installations bonus That's about of Thank so to of starting now installations handle to sort have clarification. kind back the now half are happening and becomes prepared into about talked that your of those team hospital an are to do QX signed, Perfect. starting of that important number this of in these constraints then year? bear you. be expect comes hospital additional that currently are talking you you to of be the being you contracts constraints been and this And signed that that lifted

Arun Menawat

would because speed Sure. we installed it some weeks Well the side when they and going back I we other the to have from all say time that to caution six have getting the in is of I typically patient four are so up systems, extent to what I what's are they can that COVID, that treat. think some is schedule is the patients, seeing with predict normality the to to the establish hospitals we to going think patients in to the extent takes on terms starting take time but getting still for to about actually volume they to patients, of the terms start come

right second activity. So as of is I good. think To uncertainty direction still think some in there's heading in talked things the your our about are I question we've terms but generally pipeline

pretty all resources team are a in traveling at outstanding as of on. in are so and we company are restrictions. quarantining an adding they We have aggressive They and and necessary pace our the spite

answer is So install prepared the think yes, I to grows. be yes your utilization base think I the the will short we as and grows as question do

Rahul Sarugaser

quick you. code. Thank more Sure. And question C just one about the

that mentioned XX,XXX judicious there being that some it. and be recognizing you reimbursed up the you to are figure of in the you want and around XX,XXX sort that followed with So of projections are hospitals your to

So that maybe any follow-up being any you clarify or sort many quick contractor how sort and that being too are of reimbursement currently tell? reimbursed then jurisdictions being to translate has private different early a CMS of just submitted there's to pay to to started that to sort of and can is or reimbursed

Arun Menawat

only to, the different Rahul, or at early would mean are I a there hospitals I few involved two say probably too would three are so moment. I say it's maybe zones

of early on So it's kind that.

upon private certain again On small But so of is is general that from insurance they they patients are have, but the being payments. highly think also the the that amount being future. the feedback the private and are we variable it's predict they're what paid. patients I to hospitals of getting general hard have depending relatively number is pay, type paid think impression I our Maybe

Rahul Sarugaser

I'll Thank much back hop very you in queue. Great. and the

Operator

Thank you.

from from comes next Our question Josh Cowen. Jennings

please. question Your

Unidentified Analyst

on Josh. are is wanted I to ask place Thanks first the international about Neil TULSA-PRO. for Great. for actually guess in that this regions I just off

on is know one opportunity? placements talk Could you or And you're there I the investors talk So if about just that's focus TULSA-PRO and opportunity U.S. mostly could there. where to you a secondly Europe subtraction. the if in with if then opportunity Japan progress seen you've just continue meaningful that on about the country should seeing

Arun Menawat

two are those questions. Neil very good

So we It outside to U.S. anticipate from and Japan we is going that but exactly in anticipate first technology applying to the do upon all an Japan orders for predict to But meantime when continue be hard it in getting of it are we do of it. us market need see do the based policy. regulatory are clearance is we of we Japan traction, in important new for to direct get their policy in through importing get XXXX. It's that we and import

import as innovative recognize do are we So an so. to using they they're and technology concept the direct

also CE got leading us certainly So moment some market to now we us want in is attention it's States is early. attention a generally we We technology. happens we With to to learn is very and in the is we word it we mark we hey in the and now helped and the because it XXXX well. the us through when what evaluate regulatory in is is our United there Japan patients Japan started to able again technology us Europe came with treating keep respect that We also as that's also education to working something mouth started good that giving you about that happening pay hospitals at say, our and typically Europe States, to happens to traction United we're at is as but to confidence go do advertise to want this is at on that starting get question pay the it's some actually what's approval the all that. informed will of that to that once not it we they

of but I also higher into it's us XXXX, additional we so whether interest say Europe long-term globally. do it it see are that numbers So translating become and for coming into Europe Europeans you clinical for hard funded interesting us think in are and to that is from will at certainly think clinical to translates the starting by out publications additional will see that moment, more help certainly perspective will I trials

to I is I and by go continue kind our Japan Europe us we going So important think will U.S. number priority. is far of be to well. one to as next think as become forward

Unidentified Analyst

Great if say of MRI. with question prostate prostate add There published for follow-up increase seemed I MRI could here. in was a recent use of and there's JAMA results study study just potential that screening in then just that The cancer one diagnosis. on cancer to the indicate

could prove provide become with to adoption TULSA-PRO the guess for or So particularly I that tailwind imaging a potentially centers?

Arun Menawat

Yes.

also really that's question. So good I mean a

we're what leading you a they a MRI early MR a there's the for you are that ask is to finding can of looking looking diagnostics. see having are the at question hospitals So quite that one this and find is bit use that MRI to reasons if at, of there workflow sort companies of MRI the us really to activity will used on a for able problem people an time on why be and is

also As but nobody to wants based do before based MR from based clinical also have because biopsy TULSA it. they I've kind follow-up then really the of will little really be talked as about workflow to MR MR biopsies bit to and unless do based treatment it MR post diagnosis a to

MR at Now on diagnostics. replacing for low, technology is agree the there the us imaging work to with term companies lot very that of a probably improve completely I going of but biopsy is chances the concept continuing near in on

academic been more be the concept PI-RADS been might using have the familiar to academicians of where that concept of with You has patients. which a stage

diagnostic the world a uniform in see you and will more will much lead think workflow. to adopted I that I concept the more PI-RADS get more think and

said this just see having what that our anything it's what companies actually sync with and putting color in think treatment haven't trend. with technology more I'm diagnostic multiple into a companies, but MR said as providing with I I you've So we

Unidentified Analyst

Great. Thank you.

Operator

Thank you.

question comes next Frank Our Capital. Takkinen Lake with Street from

Your question please.

Frank Takkinen

Arun, directly thanks sites a are about rather just you I guys asking with think bit Two us have for think you posts broader around forward a a taking go at basis. the my little on for guys active little United in just States. today. eight around Aaron out Previously Hi providing bit questions. Starting installs more ended you to some goal helped

So hoping you you understanding guys just lot trying even environment if be would could your well. helpful help installs us and term understanding that out could get as a probably this as think little is expectations with kind much there the to longer of basis uncertainty year a as for then you a can of better on in on

Arun Menawat

I Yes, in that Sure. eight we're installs. think and Frank range I of mean to right ten you're

of I there January, think there the sense before delays we're months a has little some startups. been bit certainly in cautious that February been in have I the during the mentioned as

functional embedding the not short-term things of what's not we're functional having think that installed. said about more very-very and are sort these what's we're and So I long-term. versus really But install versus

So have of very with up We're functional to to the respect to We're sites see with. pretty number sites likely think think continuing that a that that seeing to want installed additional interested in we that pipeline go that good see their continue becoming they generally we increase I I quickly. adding signed us that year With to are imaging want these centers that last to pipeline we're portfolio. of early centers the their adopters. TULSA see imaging to

see and dialogue leading with rest look technology continuing We that list in but adoption pipeline have want feel are our of we of and do a opinion be so give see game-changing forward. to numbers certainly bit of sites very you confidence is technology, are to certainly adopting technologies, we I leading interested the will and so hospitals the I this Certainly more leading number of you think I year this. of when is specific of adopters cautious that won't on additional leading hospitals at that think again just this we I source a early a in we in also that game-changing I one be fact but going obviously the have adoption unusual and little which very a of

Frank Takkinen

I original utilization that do then a appreciate realistic bit feel think term second this the versus you the talk is your you expectations over outperformance comments the That's one number? could procedures XX% on front. in by and the second X number XX still about first about second on the months. little the utilization on helpful Maybe the expectation that's a basis? a see on of to longer getting to that Do days the in you or of XXX utilization early given outperformance confidence that to the

Arun Menawat

a do the technology could a sense felt XXX want in color good that set it for broader patient clinicians target of of provide population. little the to in learn the is that that the they more why began reason very we is I to that increase use sort say a this would they us. as I generally Frank, still saw more about

about So to speaks applicable a that certainly terms we population the larger this the I good the we to of in and fact could pretty with think than fact opportunity be and started that feel what I out is we thereby that bigger the see we that year, would you at target studies this think show begin technology broader year, that will is but I say using to moment in pretty this later case XXX still this think will a good. and potential as of publications

that but top of getting to think sites possible be I haul it's beyond commercial seeing I that Europe more are I we the XXX think are is average. an XXX honest be long in to the certainly also in think

a will that I probably probably have bit higher sites have sites will that. don't little few there than a that think and we be some get we'll

Frank Takkinen

Thanks taking questions. the Great. for

Arun Menawat

you Thank Frank.

Operator

Instructions] [Operator Our from Ben you. Alliance Thank Global. next is question Haynor with

question please. Your

Ben Haynor

gentlemen. the questions. afternoon taking for Good Thanks

well up First the R&D. on of know I more marketing and commentary function kind going is function expense by of recognizing of, the that just to exceeding year? how of that just level function start R&D about end in of much you're the decline that sales potential off of of expense for one studies going selling a a Is a it's but me the

Arun Menawat

Ben. Aaron That's question

Aaron Davidson

like here the is but mapping good able on There's an the team and year. getting I'm we've some where we been marketing definitely also definitely standpoint working and From There at be Ben growing and the manage things ebbing there's very fairly to flowing. R&D aggressively sales to flowing had that's funnel. definitely a

fourth in we quarter some in lower there in cost bonuses so is not the in the it instance is sort accrued the all at which areas QX. there also accrue QX of cost rate throughout that spreads one-time for that So made but repeating some higher. for year We a across some

Ben Haynor

fair most the the and that imaging of who getting the really That's is you personnel ? funnel are or centers, then managing it some who's are the frequently going focus? accounts mentioned to the upon newly types be mean Is hospitals? added Okay. kind calling account it I

Aaron Davidson

urologists, above. the centers, of imaging It's it's physicians, executives, Yes. its interventional radiologists, radiologists hospital, all It's All. its people. all

Ben Haynor

you anything front? you a have or that share can you get do and expect to Okay to on that headcount

Aaron Davidson

this at We point. disclosed yet haven't that

Ben Haynor

Okay.

started I'd then are and thinking a when make are about could stay be not humanitarian installs sort it? having probably planning and And initial exemption got imagine sites what the that So the just the you figured tuned. question. the ask to I humanitarian one, Sonalleve already you the in those you with what with device but of do look exemption. launch like the Have big better it. I conversation U.S. Got kind just splash you folks of

Arun Menawat

that charity With are I their most they right during yes finance in little on time I different. knowing respect available what will era. think bit question. a These the a mostly sales think that is that target the the strategy good so would and capital first it's have a views to don't have at on be organization thing hospitals. Knowing moment so target hospitals on I pediatric we hospitals. COVID expect Ben you of a far we No set a spent which that of of do, it and and hopefully have but bit through say be our that's strategy half difficult any there a Yes. might is the what the we

we starting these specialized to few So are hospitals. engage with

children there interview our just that website just regarding was few a from days seen is have put may in national an this You on ago.

So you're get to there. right we're starting

I think it's a compelling application.

see Let's it how goes.

Ben Haynor

Okay. leave at it Well that. guys I'll the for good. Thanks and color

Arun Menawat

Thank you Ben.

Operator

Thank comes TLF you. with last Bunyaner Michael Capital. our from And question

Your question please.

Michael Bunyaner

the afternoon Arun to you team. and congratulations and gentlemen Good

Arun Menawat

Thank you Michael.

Michael Bunyaner

impossible success For during an year.

agreement December last well You you've with announced healthcare received an in G year. of

Arun Menawat

Yes.

Michael Bunyaner

the share of as in this as importance you later hope base, to especially just relates it and the that to this share Could see as market studies year light relates relates of to the it the you installed published to adoption? it

Arun Menawat

that by had important that that be Yes. to Absolutely start an concept to is you MR continue talked aspect that going prostate me I let management post-treatment. about Michael, think from of is do treatment to to diagnostics

are companies attention lot that of at putting a MR So it. the there is

can fill a this workflow think that we existed very position. think this I that in us gap one in the I big interesting puts fact

the we're that's point that of obviously three delighted with us. are companies important that perspective us. all MR for big Obviously working from So an

have the the tend some the centers own MR and GEE for the on. have to companies Second at hospitals humans so to have is of tend the high in specialization more specializations teaching the more specialization level that and imaging example, their in whereas

them that So forcing to our only. use to I we're think cater with the that an customers needs us to having than MR flexibility of allows rather compatible

So for install having to to easier again about talk high at the in so base access United is makes conversation the and or much level States really the and a us. company GEE is us us for important largest MR that it a story to

So now install will base term it able given think suppliers so generally that stage that important, a important three it have have to the the even that we're today us. particularly go we will long at really as and be that not manage an early for very forward something large because have we been but an agreement far two needed to of hospitals urgently was we I

Michael Bunyaner

Did development of I for testing? for development they're the the the costs understand correctly and software and that sharing essentially all the

Arun Menawat

doing are development so terms we're sort need they our that their of agreements and developing the the to of do in we agreements win-win-based I our that terms doing. things software they are in of do mean, things to need

with that So I in the consistent agreements general. have think is pretty we

Michael Bunyaner

company and very for speaks It difficult congratulations. Well installed largest base itself your partner a now. the with is to work

So thank you so much. Best of luck for this year.

Arun Menawat

so you much Michael. Thank

Operator

gentlemen Menawat with his back like conclude Q&A our and to remarks. that final you Thank to Arun would call the turn and for today. session we ladies I for

Arun Menawat

much. for supportive. so you being you Thank Thank so

it point forward would with what point energized XXXX Michael's more are looking was right year startup of updating much. guess in in XXXX you in we're TULSA cover is may year the and difficult not to and the I journal with Thank dollars. case of U.S. fact noticed fully quick last is clinical our fact add trial like of journal really and one think the TACT March certainly accomplished print a we may I the QX, the and month so on you have in that we I you in the to now it, the published is in or journal. on

Operator

and ladies participating And and Thank this may concludes today's for now call. conference disconnect. you you gentlemen

Profound Medical (PROF) 3 Mar 212020 Q4 Earnings call transcript