PROF - Earnings call transcript Q2 2021

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Operator

Good day and thank you for standing by. Welcome to the Profound Medical Second Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. now today, hand Stephen would to conference I speaker your Kilmer, Instructions] like the to over [Operator Investor Relations. ahead. go Please

Stephen Kilmer

Thank afternoon, Good you. everyone.

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

forward-looking or or described results from cause revise can to other required actual be important law. obligation as differ could statements, actions, there made any may that No are the update as results required undertakes be to actions, guaranteed. statement of a most or or on otherwise attempted and events events result no in has Profound identify statements, to cause other Profound laws, that only forward-looking intended. estimated speak differ or new forward-looking whether Although of than materially as anticipated, applicable statements which publicly to by from those securities as factors future events Except date they forward-looking information, by factors

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

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

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

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

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

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

Aaron Davidson

like Profound, I second everyone. and would everyone XXXX And welcome to call. management Good behalf for conference afternoon, to company. your the ongoing you in at thank quarter interest of On our team our

call I update over your for in turn commercial on interest the continued are will support. For you activities. an our a who those appreciate of Arun shareholders, to we and moment

financial XXXX a provide I second quarter before I’d like to However, do, update results. brief our on

rounded have As all things referred approximate. from of have her a numbers the currency been reminder, Canadian we are changed the to dollar to we streamline to so the presentation U.S.

For up quarter the XXXX. ended the from three month in period million, XXX% of June second of the million $X revenue XX, company XXXX, recorded $X.X

that accounting release, consists As second press XXXX. by sequential with $X.X options million. we removed, and through and travel awarded were the count clinical R&D expenditures R&D down by primarily further, employees. decreased to selling XXX% G&A expenses and of increased mentioned by salaries general partially head $X.X fees additional TSX U.S. to awarded increase compared options second headcount, recurring today’s expenses, XXXX increased on and initiatives increase increases quarter distribution higher TULSA-PRO to XX% XX% in year-over-year directors for and a approximately to in spending March to R&D, business the XX% increased fees. additional million was and overall trials, projects, second in consulting driven for listings $X.X fees, expenses started increased restrictions expenses employees, of operating an to million, offset Breaking the increased and $X.X Total due in million quarter, revenue. rebound being existing driving NASDAQ quarter, continued the which This legal fees, in of increased basis G&A and new that and

company same share, XX% per quarter by $X net million loss $X.X common a Finally, period of XXXX. with share per million second approximately net compared distribution to three million. of the a month XXXX the for $X.X or in common selling recorded and expenses loss $X.XX $X.XX or increased Overall,

of at I cash As $XX.X Profound to the that, had now XX, million. With will turn June over call XXXX, Arun.

Dr. Arun Menawat

Thanks, Aaron.

translated On the our this less disruption bullish I reiterate our explaining call, our to would on through severe of across second being U.S. followed my remarks by business. in impact That but quarter. I into which call, was space. negative on you last continued MedTech As the a rebound, in many March late not Aaron as Profound, mentioned, beginning the of was know, for the focused QX had that. like not why only XXXX any COVID-XX’s On

you will continuing drive our to fact, progress minutes, serves that In United TULSA in I share with utilization TULSA-PRO represents. in let me laying States. data update real-world really first, opportunity believe the groundwork tremendous adoption the the to But in on a you that few underscore of some I

pillar a building of that early of end installed adoption. independent center are is expected targeting types high play these teaching first roles major users, and U.S. companies, quality adopters, of Each short-term imaging base, three different both The opinion-leading hospitals. long-term to in supporting and

also Hill adopter number early Our is of an imaging after patients. continued respect increasing across to treating TULSA-PRO companies, agreement West sites patients in to growing Los related U.S. center to treat Midway have currently clinics multicenter a network Akumin, Angeles seven states. has total which and Pacific QX, operating we announced initially With Florida a of TULSA through COVID-XX. in and sites RadNet’s its in Center delays XXX using Liberty a variety the with experiencing XX TULSA-PRO

TULSA-PRO to be installations, We Florida, in the site the include men’s fourth the the up hope XX we to in operational centers. or quarter centers expect our to Akumin so, and systems install of Texas anticipated with additional over Pennsylvania to Akumin of relationship first future health expand XX success an XXXX. the upon first the to across next year Based

user, call, Rochester Prostate and Southwestern, Cancer with WellSpan and and UT have list That nicely. end of Stanford, we type Hopkins, Mayo Cancer Mayo like UCLA, I Yale Memorial Cancer San institutions continues agreements Center, Jacksonville our renowned Advanced to as GH now third Johns the to highlighted Antonio. Center, Moving Hermann in last Center, grow Methodist

continue in plus hand of we or year. In this with for installs this fact, I have installed by price of base about treating The TULSA-PRO systems am were XX hospitals later all remains to anticipate per XX team in XX higher QX United approximately months. over summarize, of pleased status patients Based XX the that new additional the have installs over end To enough United on our for States, QX, sites we in the agreements that, the the and installations upon TULSA at next in agreements to of year. patient. States $X,XXX today report signed new same XX six installed those contracts we point

as to commercial of We confidence U.S. is subset is previously, confirms suggests our and utilization are than larger, that than this that not flexibility growing it initial a if available that patients. in used of TULSA the saw large, we a market Europe we patients. what accustomed a using will in limited believe range small adopted analysis, technology, in on are more a first becoming doing as and TULSA-PRO’s tool highly the be can wide Based As technology physicians TULSA envisioned. rather only confident be specialized of mainstream with launch as they a

user from the all, the X% of received of types the prostate, the XX% raw gland, patient of patients data only of X% some treated ablations all this three actively of greater XX% end of share salvage. sites me gland, first of patients TULSA XX% composed partial whole than comes U.S. BPH with Let received and that half XXXX. XX% in you characteristic

an and with put the the patients XX% vast were to grades X to prostates TULSA of much especially the Of intermediate than from we high risk, or having X greater treated of Group risk the mainstream world weeks patients prostate risk, Group successfully To a than XXX distribution. were group low and undergone patient cc. risk categories cc all ability XX all relative few were shows treated in or low respect X size As the real BPH cancer of of the than high patients risk. were with prostate in with Grade ranging patients many Group that become patients or respect X% Summarizing, X, that considered majority risk as or XX% intermediate used prostate make to to up what XX% highest I risk roughly and are aside population X that which analysis very percentages was TULSA or XX and XX% to high know, some greater personally were corresponded the perspective, ago. part equal treatment, is respect Grade and cc. a cancer greater Group pretty of to Grade in that to BPH were of in Grade see TULSA’s of low those treated, cancer With

Tulsa anticipate, requirements procedure gland ahead we societies, the end, on that need will question of flexible. meet our the year application of we widest their the prostate I Based anticipate we in mentioned us, such demonstrated addition, that increase support that dialogue the qualify the minimal this file opportunity to urinary end get get erectile have relevant to believe to is maximize the likely partial or strategy most Urological key. technologies clinical American disease, who in the as the for treated initial of we effects, execution emerging disease patients can the as superior initiated publications later dysfunction. and that we continues we we TULSA to the to used have show as call, whole our patients incontinence or with upon order recent treatment including all no to Society see the American the severe TULSA confidence the clinical outcomes. that College CPT-X continued will is It two, have the experienced usage this that we that feedback adoption XXXX. increasing by In reimbursement of To Coupling for side real-world year. and prostate last publication to of for If continue outcomes successful publications setting on be Radiology to the of may customized been application. in TULSA of In there that variety feedback, requirements the be our the be of for in with sufficient on

exists Our planned strategy the data CPT-X CPT-X with published of combination application to parallel that of be called likely CAPTAIN not in the year, the that pursue clinical will already will continue of and only run by level but is X support application. end also the with to filing that a this study

Patients trail procedure be will CAPTAIN time. support also the and before the over sites. include clinical primarily side and enroll In primary patient measurements endpoints begin obtain to recruitment progress efficacy, This and code, will provide XX study survival of States will to completed and coverage safety While prostate may randomized this a significant X.X cancer adoption. that year. TULSA the in TACT will payers XXX will patients well prostatectomy. The receive the of The approximately patient planned to and end continue year. additional further effects to the by across is continues including the United we of it a support be radical not or XX the this anticipate meantime, we progression-free end to to by CAPTAIN to data be insurance will trial anticipate non-inferior run recruitment requirement

anticipate the trial TACT from also data published three-year will later We year. this initial that be

In additional that study addition, study and level later this we for be publication will Xa are submitted two of level one Xb aware additional year.

summarize, our has executing to well. So team been

additional site been pace TULSA-PRO over signing XXXX. have at increased We an agreements

strategy data We new opportunity apply additional to we install systems per broader specific prepared ends continuing of questions both into code, utilization CPT and might a Operator? reimbursement procedure any is points to rate remarks adoption with see are TULSA large to expect a by of types a TULSA TULSA-PRO determination. treatment a of progressing XXXX. are we mainstream that, a for terms we With volumes once This are in becoming conducting fully reimbursement With going our to providing at us the six accelerating, and quarter behind that happy to treated, for you four today. us, take TULSA-PRO’s market COVID to studies patients U.S., and in ultimately, have.

Operator

comes [Operator question with Sarugaser the Instructions] James. of Rahul you. first from line Our Raymond Thank

go Please open. is line Your ahead.

Rahul Sarugaser

Thank Arun for so my strong questions. results taking on today. you and Aaron, very much, thanks Congratulations Operator. much

Dr. Arun Menawat

you. Thank

Rahul Sarugaser

I my of more the is of -- guess, the detail in question about. just you new that talking sort a sites details bit were little first terms

we through TULSA-PRO as well XX How sites you the installed coming about visibility online to that being ones there then are should -- and the on through be these recognize mentioned as are the website. with are online be nine total of remainder to the that the we treating, So XX installed, also on come about you expect year? listed sites that thinking installed, XX that

Dr. Arun Menawat

Rahul. Yes,

to that procedure provide do So we to in really imaging put sites which permission there public or certain are name the so have what we where sites website be TULSA-PRO hospital we the the permission I center the think have on yet. those from and domain able are not

start have to treated a And tend some want and they indicator, to be they patients cases, installation. in a wait some So sort would some can to in sites can until recruiting out, be their so before sites, to because put name leading there. of go they few to it pretty prior they like have honest start even good they a

that we where not indicator, I as up commercial listed as are the think signed I other using and stream, you in names this that to couple it’s of at look site name half number list, cancer suggest new you continue announcing name leading hospitals, would centers. hospitals to this at -- technology. on when And as a tell our and of hospitals at only I place will see did the I either big So, is big we as honest full be come is that the think this a but these leading a I very year, of company I that are I point. mention that early can taking second be impressive will or stage site of activity what

to with hospitals, a as companies. adopters you with early two we only imaging It’s companies leading the good early with where to of sort we sites on have also that and you will not the the us have center more see get three about coming So see up signed and for you imaging know, adopters additional will center with and channels these off talked channels. but those important start just stream

anything. talk see fact we three that will really have So, excited four all I hate I through about. we representing am I word new be And you never but six and strategy time almost put are of the together. about or it, sites we to use channels excited that pretty full think to clearly, that use they the every that the continue I honest, to the quarter marching to the be will range

Rahul Sarugaser

have first then type broader great scenario device time are of is really talked about been question Thanks, course of initially workhorse Terrific. my broad utility really this talking here. you cancer is, But you patients. BPH then and you next That’s clarity. the about prostate would and really salvage Arun. talking the a guess I the about much

you out So with XX% just talked et whole, that of illustrate et everything those numbers you cetera, cetera. see we the data about? about to When XX% coming should partial, to of talking some were expect this

Dr. Arun Menawat

Yes.

So as of they to adjust producing -- confirm be anticipated actually if to better we fit to that are are better is that, provide we kinds ourselves you hey, everything we able and what the doing know, results analyze not to execution.

your usage. directly, will next out which that variety six So question coming will months, include see to first additional this you the be answer broader within will publications patient of

will treating CAPTAIN the to are that larger more data on more smaller the see, subset difficult but side, start patient to patients, pleased full will other be we not patients. trials which announce the to we part variety tends we focusing prostate seeing the addition these see are treat. is that population You that patients are of also see that are Because will trial, additional we the that the to the of only on our in we that quite

So treat patient. treat to will diseased patients if we average can difficult certainly the more able we be

this this patients who the And complicated comfortable are only the the the that we subset we And more the can of critical you larger effects effects where the coming you prostates That’s really prostates. and larger of where the from larger will pretty fact, phenomenal we are we unravel the results an XX that -- think larger see very in this population almost we to additional in cancer is that we everything has to tend feeling treat with analysis on in full the more a so side community confidence you of range quite is. absolutely large to even will side community BPH that larger of in as those find no months, in the population. in not that data become will adoption. when prostates delivering, if finding data, fact, -- of and procedure trials analyze prostate, I make fact do sort last more sure we But comfort urology and more support also in to we our more drive complicated, and specific sense the begin the be need they that publications, are

Rahul Sarugaser

utilization the Great. four given have that Thanks, essentially very rates initial the now XX Arun. the one -- you initial just coming breadth and Can of would indulge you four you installed be that you been question, sites applications? so broaden that And seeing given specifically and of that speak if utility the ultimately to last are have soon. maybe treating on

Dr. Arun Menawat

Of the applications? Yes.

remarks. good those historically is talked we have tell run question, So, number you But in rate, it in certainly the one, good. the the XX, have because I that number originally reality pretty early in about But we seeing that XX. prepared can I increasing sites. are would was thought XX it adopters, that of yeah, didn’t be in we

the urology about provide, will have than that from So I deviate think talked of they typically those anticipate sites. the able guidelines upon those rate from run will one that in will higher you the and six that now agreed to teaching a they sort XX not in hospitals, things of guidelines. that department are number give I in the In I months I be be

be criteria fact. the for developed patient that But the of starting of what broaden beginning. they initial they you I in tell have TULSA sort will treating installs, to so, type in already of can And are they an those,

that at in the we anticipate XX we range it the in be second so better, one of of and be that I are the the which know, will procedure we first even as the couple bit a in already grow before, faster pace, goal is little hospitals with term the three teaching to hospitals, and of you will day, longer XX-ish to XX, go doing an teaching in our rate hospitals procedures And example, day. months, teaching I this point, as four sort think At six you at also. about thought per and maybe already year per will day that the a first the year. we -- as talked -- the would as at teaching in least couple at three within starting But are hospitals of have are see procedures to

think continuing I we that, cautious, anything. the we speaking, again, is good to we overshoot think between better revenue So, or generally anticipated. would it dollars. as or good don’t at reflecting a -- want the least, in generally, story is in certainly utilization as say, I QX QX a be recurring certain fact we I that saw increase and wanted be And pretty But to the to

Rahul Sarugaser

much, in you I the queue. Arun, get the congratulations Thank Great. will so and on quarter. back

Dr. Arun Menawat

Thank you you. much, Rahul. Thank you. Thank so

Operator

Thank of And line Cowen. Jennings from next question our the with you. Josh comes

Your is go Please ahead. line open.

Neil Chatterji

Sorry for about on the is mute. Josh. questions. This taking Thanks was I Neil for actually on that,

Dr. Arun Menawat

Neil. afternoon, Good

Neil Chatterji

you and are quarter. the congratulations How on

in process a talking provide looks terms like You you are the with Can about of detail reimbursement a XX societies little you maybe the more bit about? talked just what path. little those

Dr. Arun Menawat

it’s key off start the situation that want we Absolutely. topic that Absolutely. from have, Part important -- a we that us. pretty that in is with reason good main our the is getting to of to but a priority -- things one for current a of convey CPT-X the are the perspective that, an is we that,

the both September with Meeting Association with up and which American up, meeting process coming in Vegas So have multiple association Urological radiology coming this are American that the and Las the a with we the Urological organization a is is that year. in RSNA, the working, sister been with had we meeting the is meetings way annual has is

with planned meeting another have them. We

are we we are progress are positive them look quite abreast we to like. coming that they data out. -- is the publications way that And doing making of are of generally clinical look And information, finding keeping both we presenting are what societies the that is the clinical these -- they the data that that so what are are we fully in

these goal, important Medical And be as are look that -- is prepare half terms society least adoption of interpretation support for the is a the the process, to really so of likely from at because supportive decision societies application we of and technology, of both that the the comes our in once the And support that in a first the ultimately new these they the American societies. the AMA, Association from the if XXXX.

a we the be takes is, position about and come to in June RV year. it’s current cannot If a support that process with with then of that, and co-sponsor, so I fourth based it, support or work would obviously, goes. provide we societies, they letters, will but and but would be provide the we over what in to dialogue, we and certainly in the quarter is of meeting societies how that AMA. the it that once determine right file sent our positive, for see may XXXX would have typically guarantee will letter process a So, will they it then decision Typically, if the that upon the committees that positive, looks know then either use that we to decision, fact on

become by the will they XXXX. for And are effective January assigned be treatment so effective if codes

the will they do well, analysis. XXXX, So

year from about So today two half it’s process. a and

Neil Chatterji

Great. for Great. detail. that Thanks

the the Just with one terms visibility terms imaging any of your your follow-up, into RadNet? in partnerships funnel Akumin the updates center and for sales of there site, in

Dr. Arun Menawat

Yeah.

our be have are said leading pipeline and the quarter, and fact I feedback. good of think in strong us the that treating the to as overall, hospitals I continues last some now giving

but wanting more I starting able urologists authorized and to to the relatively hospital though it’s days, still it’s to am little of in to bit starting are sort know, experience take firsthand is as I will that covering, what be you sites so we dialogue get trained dialogue place small, even existing to able and is to users, you they talk using call own we then more their become technology then take even to be meaning see like I place. think beginning early to think and if and as they know, that that have to a work And urologist system to they that the the be with technology. want adopt able whenever in to to start can travel their get possible, colleagues

So, pipeline is better. overall, certainly, would I say, the

the to the Our that number it, will we sales And imaging -- that even. months ago today necessarily the one methodology able of drive urologist in more six than it will was that without stronger is that think you sites. than channel I using see concept adoption old the increasing original center be over so start that will the long-term

you technology. six towards will using that other to compared more will think that I have they And start gravitate as a see other using who will you to think reality. to the been number to months that in start of start early I become adopters specialized to see technologies begin next TULSA will also specialized

of So bit landscape. am that’s sort the giving know I I here, a you general am more we sorry but a of look I response how at

Neil Chatterji

That’s you. jump No. will in back queue. I helpful. Thank

Dr. Arun Menawat

you. Thank

Operator

Petrone of from Anthony you. Jefferies. And with our line comes question the Thank next

open. line go Please Your is ahead.

Anthony Petrone

procedure few went everything all Great. glad the ago. luck well and to glad good that to is with health Thanks. a And hear going weeks and well hear your with Arun

Dr. Arun Menawat

Thank you. you. Thank

Anthony Petrone

our half think you XQ how in as the little have How the heavy last think and midpoint evolve back look be of the XQ, the the a when even of we how go about of I end mentioned that multiyear toward bit And -- question just will do second A would How that between you sort into be of quarter funnel sort period. at contracts installations end. of year, to at funnel about one you will at assume nine represent I they multiple total the XX on look installed, could more and then follow-up. a XQ. would of should a TULSAs would over you more year eight XX should a weighted to we units

Dr. Arun Menawat

Sure. very good are Anthony, these questions.

So I get we is think plans pretty to place not in our to and achieve goal can has contracts by talked detailed in have that about XX do. the terms of goals the team is of unlimited it’s that one we and to need the certainly we

six that We able achieve have more hand have to on to goal and we enough to be months go.

like to before able give for of some caused just point MR delay make, We would of that are a need impact six-week with our in we And and but important behind point. install one vendors big install example, we of about you COVID But and has there’s it’s I of see So impact see an a site. think because the that base. to specific COVID bit us on can driving routers the do in of new we installed the be utilization still an of to driving us is operational. his router site actually it order so a little has one sites to I the terms back of TULSA, a the

of bit that supply And slowness little appropriate labor to modifications. and so the to in we able place of content delays in be related bit are sluggishness little hospitals the even a seeing do in or a getting

the think more current XX have the we in we so in of maybe will even right is goal capacity reasonable are C-code terms of resources I patient think looking year. that’s apologize, are And is why and plan or is eight I XXXX, even per we though this the that at to think yet, are add contract, quarter. more than able still interested I be patient cannot But range still to reasons that capability, give you the To robust one many a And of ultimately, our XX in do I increase end I two to procedure. our that there by to -- be, who next we reasonable think the six looking pay then, the is at so answer four is then least, we just perhaps the in that but be. and is quarter per quarters of question the your in I timings a installs place terms -- is to seven it quarter, that way of to specific seeing the the per to with into population that that think demand for

we So will XXXX. increasing that be in do that that think I capacity

Anthony Petrone

That’s I study And and TACT like calls, this then follow-ups may the have two looks missed completed X helpful. it between enrollment, may you have enrollment. but quick extension

by publication the anything expect note collaboration years? the still should how expect end? And we we play if of GE couple the year of that over out wondering sort then collaboration, on should Just next of to

Dr. Arun Menawat

Yeah.

Anthony Petrone

again. Thanks,

Dr. Arun Menawat

Anthony. questions, Great Yeah. Yeah.

trial X include it closed well. are Yale felt there the So of the TACT not been we into really that because recruiting is good has only a to couple have TACT The them would we reason like X. be sites

independent to for your respect that. more originally little they than we a the saying in QX they to than where are it in -- out So be we will would we do to so to be But are thought TACT. the is will well earlier with publication, a key AUA able will recruitment and presenting likely three-year be the close recruiting this we data September the question as compared why publication investigators coming will as bit at now

sort that and looking in things another we so on is confident trial, were well that IRBs in and And is data milestone feel level is And the so are also well. the coming again CAPTAIN good QX generally are place then actually very the CAPTAIN so the year are we be the and for will sites identified. trial for The be moving focus already survival of that those as up. pretty the the we will three X recruiting progression-free with of those side three-year trial be three considered most which will in and effects

Anthony Petrone

Thanks, again.

Dr. Arun Menawat

Thank you.

Operator

Street Lake question the from Takkinen with Thank you. Markets. of Capital And our comes line Frank next

open. ahead. Your line Please go is

Frank Takkinen

or with the who you patients Thank reimbursement those procedures first quarter. me, those in will the not chance partial Operator. utilized whether cash hand you, and mix start have pay the the Aaron mix versus I of the the Arun, that thinking Couple C-code in quarter. had were purely about on on by congrats progress successfully from of Do were cases…

Dr. Arun Menawat

Yeah.

Frank Takkinen

to the procedures… full feel and reimbursement cases? for trying get a … Just

Dr. Arun Menawat

Yeah. No.

Frank Takkinen

quarter? the in happened that …

Dr. Arun Menawat

a do which have interesting We the are are continue is travel. to bother -- of see use we as It’s do you access be pay it probably XX% continue hospital know kind sites fact, And have XX% enough we is, out in say the ratio to cash also of a look, figure do HIPPA even paid. to educated population when -- of an to trying are they are for is -- we insurance perhaps -- we they need getting as codes, said in very the rest bit on, is a little or it’s every XX% we question. don’t case. that, the we that C-code, with data. where what or great change, is that apply as we seeing -- absolutely. and reasons to And C-code to for private willing are I generally that difficult see guess might We And don’t that We -- as patients we we it’s handle a see number a do in trying so C-code honest, the It’s cash to category. seeing to the also. Having are XX% what unlisted can imagine that of to range everybody because pay. aggregate ratio to of and saying, my in get perhaps would

is encourage C-code in the the seem up moment, to our our here. the on -- educate, use strategy double to at often, really be be systems to it seem fact. particularly really and in the bottleneck So But on one of to doesn’t them that more plans, really hospital to doesn’t fact, there

Frank Takkinen

it. Got

seeing severe lot that of early the this Okay. talk kind you of more just Thinking a low seeing of pattern to That but case the cancer, use -- sense. are trends in that from mix about start understanding lower it them into days, you makes the trending the of limited grade little they some cases and start once bit are data versa? higher grade Are in they you to to-date? established. in grade vice have could prostate move is or more to a trends I was you hoping is Just is then how the when

Dr. Arun Menawat

Very good Yeah. No. question. Yeah.

as So biggest example, salvage are intermediate unmet compelling every And -- sort because with now they that of and need with think we encourage we see their to was of to but need. on based their upon then unmet sort plan moving risk. sort they spot. And WellSpan nothing, what started patient sweet of I their they and so site, cases, most the and start the them customize for population

millimeters some doctors, cases. to seeing gravitate that started X.X they what accuracy to dial-in, they this we ablate what to therapy, I that see that with, they starting can is as What but whole we a which towards from data I starting this it, where in to are dial-in they millimeter because we do are literally focal happen X example can And ablate. are wanted wherever to know start, recognize to to an start not pixel-by-pixel amazing they analysis that You therapy and more really gland it see. are they they pleased call did more quarter to

are necessarily boundary we that question And prostate there is higher the we able even bundle. when demand why be at is after of early And the sort of risk that to there -- are be is example risk, my so external be the really some were starting higher the might least that to so ability And patients. seeing which going there nerve when they just that to are incorporate anticipating we see not involvement into involvement, of in is able cases would they that cases boundaries think believe in they beyond is, and where I to certain go why to the to that and are your capsule able this regarding ablate. for hey, really define those answer some that patient cases the

cancer are and have we bundles on the are where So, it. going involved in examples side to they seen the ablate one nerve

they dialing from perspective cancer can other they are what’s seen now bundle same of patient to time, nerve quite really, the the where in have places. outcome And the make The flexibility side and at driving believe the I to these functions have customize right it still to they that completely we that intact. erectile to save sure really able the treatment change. a function so few be the is procedure by that make able that will vital clinical this prostate the save sure can But is cases

with some will I a again, And before, it over So, attention I but more pay is certainly encouraged. little bit are said XX the you agree will next you months. or as see that I that early, in we towards start we to think, that

Frank Takkinen

it. Got

will Thanks there. off I answering cut questions. my Okay. for it

Dr. Arun Menawat

Thank you.

Operator

Alliance with Thank Ben Global our of comes next Haynor line from you. And the question Partners.

line Your is open. Please go ahead.

Ben Haynor

gentlemen. the afternoon, questions. Good for Thanks taking

more I of housekeeping is, kind guess, me from of a one. off First

of? of the like look in was that thinking the revenue, that about the And Europe, is then mean for pipeline remainder just what that Sonalleve? I capital On capital is TULSA-PROs comprised is what the that year? from

Dr. Arun Menawat

Did want Yeah. on Aaron, take call. you to the one? this you are

Aaron Davidson

Sure. Yeah.

and not this be are to provided TULSA. small is the too numbers predictable because the on So, we revenue Ben, it for by point, anywhere the of predictable provide sales our the enough. remainder gets Sonalleve don’t as policy such, not of guidance Again, provide At to-date do we point, And don’t the outside predictable. at we will have capital versus when this breakdown we year outlook that.

people get So we don’t want rabbit down chasing rabbit to holes.

we going to been that start. doing haven’t we and not So are

Ben Haynor

or come. data what Okay. there’s But out I you from and of the types that I And there’s and some obviously been that that mean folks understand. what’s of the cryoablations are out the publications there, treatment then the that to doing seen out other like have things progress TULSA-PRO? to or have there? made reaction are you HIFU from more there modalities

Dr. Arun Menawat

Yeah. Sure.

those TULSA that have are used have with seen well, think, actually salvage salvage pleased let’s Cryo is patients in generally typically we who that. patients I for and quite So, with cryo. start used

I TULSA the And rights. gravitating that, And for think control were volumes. niche that think, procedure we I it’s small are think area, the relatively the so, that I is here salvage. a I towards encouraged think very But do difference certainly big urologists

for design literally tend and irregular have and because each patient. shape prostates in quite each behave for whole You been can radiated -- the uniquely they patient, very to they be those unique

one So are to the that draw boundaries HIFU, I And go are and been HIFU. that guess going we with precision the I pretty have the -- on quite can that’s I next is the seeing things the that understand companies dialogue that more to fact maintain them. to of we marketing aggressively. HIFU one, think still intricate driving providing

the may space, what to technologies need I you defeats because data have range generally any prior what a terms to cryo, been they because technology, distance think in trance -- distance And has and for And which the these I seven there least, XX are you to maybe be for that -- and that, and the types in our years ccs of you have prostate TACT that versus have XX -- or bit. of you think, treating of travel, prostates other larger of certain has HIFU seen of to technology to prostates sort you out rectal that the is me, in fact. historically, the that years limitations less. at in are tend clinical little from a that purpose smaller to may

is rotate difference can can prostate. because gland ultrasound about center speed quickly. We the are and we that we X times faster, do right the other whole with that, the pretty in the the which is of X Now blast times catheter to we

a when you a these that is talking I technology superior think think that you I are whole are to when inherently about gland, technologies. number talking I prostates, think TULSA larger niche is So of about

the Now, I we think, work are would boiling large gland the same that at see not sense least be is in if goes. the will no whole or historically, means single I But procedure, ability virtually a marketplace, the having how to I able to think, gentle basically afternoon, the in it morning. say, technology heating procedure -- that which are and charring you no prostates, pain treat literally high tissue, we the speed, it’s and evolved

like tool benefits to are tool that be you think they clinical don’t treat that a want and a versatility or those month. they the that They because they can use I patients, more to functional that treat would have have has I to TULSA the able and twice several can technology to to fact a there a of full use just range, urologist benefits want the that to the learn will once month a routinely. think

Ben Haynor

lot tend sense. are just standpoint, the these imaging color to of of a a economics makes imaging of to margins, they grasp it from of then, do Thanks TULSA-PRO ton fairly That thinking for just relatively center doing the procedures... lot studies the kind there. used guys low about a And am I

Dr. Arun Menawat

Yeah.

Ben Haynor

or and how does do that they kind -- of I it the you something need to that lead look ... get is horse water to immediately? mean that

Dr. Arun Menawat

so so shift in on, a is investment historically millions Ben, companies. mindset important But These great it a and right, volume wanted more substantial the paradigm cost ground. -- them. is has the imaging have volume, actually. to to center question for have really of Because, their you that’s are been right? they They really, MRIs dollars and

their historically. thin so, make volume how money their are is And margins they and

diagnostic when to do XX for talk that MR. diagnostic take reimbursement about this that, is XX typical nationally MR, And kind to minutes about minutes will it. under so a of And doing it typically if are explicitly you is $XXX now we now

amazing from where about you a patients, two get of So XX patient, if patients per to they Think do tend XX is that. paradigm XX you XX are in patients. an to patients $X,XXX going shift. $X,XXX patients, $XX,XXX. treatment, $XX,XXX also make charge those you It now If TULSA can

Ben Haynor

Yeah.

Dr. Arun Menawat

story. Right. Amazing revenue

can really mindset with application bring follow-up. in invest treatment have and urologists for They and quality back to to volume that anesthesia. for high really long-term have they putting then patient from their they high Now change working to specialize and

start sort they that with really connect to So of patient.

-- not very believe center happen that So from of strong They I center that’s us. imaging in financial proposition a quite top we yes, And mean And understand is I they think that, also are think point long-term proposition. is to -- the I going yes, view imaging the is proposition. But, I amazing. it’s think also day. there the working for two companies one of why a reasons one

Ben Haynor

changes mindset. to of everything it a a from of more kind mindset -- a of kind transactional So relationship

Dr. Arun Menawat

right. right. Absolutely. That’s exactly Exactly

Ben Haynor

mentioned not as then a procedure, too TULSA-PRO? And but you recently you underwent just a your lastly and what Okay. personal, of for experience get me, was patient that to obviously,

Dr. Arun Menawat

about it talk can about pretty But went it I I in say there a would and Ben, through So, happy I are am things that are really my I to emotional too. couple that get interesting of mind.

maybe patients the So at first home woke next day way. five and or there’s When saying work they really really in literally no after I on pain and you about was want happened side really the a the you I woke am up afternoon. really about that was, so it really -- they in it I because pain of side delay heard the to more be all, Because years, go which some aging can that get the could not and is, going woke really, sooner that unfortunately, But happens up, a the are were story is I me mindset that honest. another up those amazing. And really going through anesthesia. bother later and really have is was condition, age don’t have within than minutes less upon all. mind want of no that condition, TULSA and did that I effects what is, more from to dinner given if to going would later, just maybe wait some than those mindset what well, if there there mean, went else. progressive procedure really was it this is five you I be I that based to today in really morbidity diabetes, so side when in and lot XX% -- the paradigm really conviction of And me bothered everybody But like effects, I people these minutes patients. has didn’t because the heart the avoid UTI, be me happens. It was that I history, through side which And effects. to hotel get it is and almost were I the another we you have are a conditions XX done has car, room. my

really that shift I one get things that needed am sooner shift paradigm those done to, have oh I Why was, that resonated waiting wait? So, would excited absolutely God, let would effects. than know about. God, the I to I That’s me that really So paradigm side my I of from my until it the me later. not

Ben Haynor

those there’s outcomes this to And benefit Right. that Overall, -- and that working probably there. better patients see are a show will younger type…

Dr. Arun Menawat

Yeah.

Ben Haynor

you .. it for be good will guys.

Dr. Arun Menawat

Exactly. Yes.

Ben Haynor

Well, Thanks the color personal for on and I great. both That’s life. have. business all

Dr. Arun Menawat

you. Thank you. Thank

Operator

Private the And our John next comes you. Investor. Thank from Hikey line [ph], of question

line Your go Please is open. ahead.

Unidentified Analyst

other Hi. your Thanks. week. physician... fantastic. I I the a viewed video It’s am

Dr. Arun Menawat

Thank you.

Unidentified Analyst

was I an investor. early ...and

of So works. the COVID getting well that I And beds. and in they beds South calling each hit. some ICU were my down with colleagues aware have with population, ageing system corresponding an I are hospitals going nuts Texas for looking how already am been of reflect I other’s ICU premium before

the about because any ask to and installation, system I going than selling ask the point big another to rate, rather complication about So hospital the to be administrator. that’s want

there admission depth? to look a your system and at the that the when is we are something larger know other prostatectomy to days highly or robotic rate. performed radical center the operator ICU prostatectomy are lower dependent complication is if at they opposed you as number So more that in complication know CAPTAIN of admission and that the rate systems and wonder occur hopes I with

Dr. Arun Menawat

you minor, thank settings, that. particularly have I in heard commercial John, Also not tell days ICU you. incredibly just the post-TULSA color. that we are the can you for Sure. the if any, thank

basically typically between infected admitted. work. We away -- have UTI a those do bacteria antibiotic days range somewhere up XX been XX%. maybe It’s heard maximum customizing, the end who and of X% to And is a has five not the has need be of days. which go patients And of with to they -- identifying patients within which patient to would

seen not patients hospital. to needing back So we have to go the

X% which of where some During the the trial. was trial, I original that. the care just say, post-treatment, setting have, we needed patients We we but TACT not did seeing in would commercial are

and prevalent And So to quite also than surgical key have dependent, -- think even think Once the on is is who who it part. point really planning as more planning really you surgical said, the that today are done tend have the this there autonomous other in dependent an X,XXX I -- I your cases better have outcomes is Versus recognize is than data the a that done, physicians robotics is done robot. here the procedures that important quite that physician. sufficient are those to less.

about of the you perform over the fly. ago the is, year on design technology ability ablation one a actually things we a the are introduced ago boundaries, the treatment that the during And a watching process. change a that and year it So little the to or of

some coming able when So literally of heat prostate fly swelling the they boundaries the edema erase are on to and of in, the change. there’s or because the

that know we And part that with make I if have that overtime. any in is that from continue continue enough reduce and will our it innovations if the precision variability physician goal and of to them newness will those to think So come to that case. know who physician reduce well impact this allows to really out so to me of

I reproducible the your -- So and haul, an treatment. premium think a the but have I predictable don’t that right, will we to question, and and long are point, that ICU, I impact I continue you are be think, we will I really absolutely think, I your on over more much appreciate also to they think that

Unidentified Analyst

Okay. Thanks.

Dr. Arun Menawat

you, Thank John.

Operator

Capital. next our of And line McAuley with question from you. comes Paradigm Thank Scott the

Your Please line ahead. is go open.

Scott McAuley

signed quarter. the to in an more taking Hi, I on Arun these timing hopefully you kind as impact and Thanks wanted of COVID forward? how these quickly installations you get and touch is to more how the that process are between and to kind away get of processes for as the change on Aaron. of the again installation kind you evolve and them going congrats of potentially of lessening from those moving and call agreement just and signing the and operation seeing contracts or see

Dr. Arun Menawat

that very good Scott, and Yeah. question about day. we every think

fact, XXXX. of remember when So in started, we talking last in QX it I about year

running was the related and are that there is like that that all been closer about of and could not felt not various to XX has the we even days. if they from At days we time about patient up is will that have to minor based them, actually it upon programs it all of we think XX to things COVID, running contract sort the to some are reduce bottleneck is -- and moment, that of because pop up and about. them, four first the transitory of that anticipation abnormally, things that months some are shows expectation factors we treated, that our Our that our our plan we were

still expectation XXXX long reduce XX it days, in to between we think I to somewhere the at a at than that. a higher will reasonable team expectation. So we is days perhaps running be XX over is little anticipated But I very and adept will pretty the is able getting out overcome we to haul, that bit the it that moment original think, doing what and

Scott McAuley

That’s And great. clarify to or the operational of just you kind of XX XX -- like, sites? Definitely. XX that then see with are as end installations, mentioning by Do year. No. you the operational installations

Dr. Arun Menawat

the the least we a patient weeks. couple once that think is almost it be framed more time I installed to from at But than installation never of really installations. that, honest the -- -- to treating first are as I

we probably the are that within point. So of the on here range [inaudible]

Scott McAuley

it. Got it. Got

succession? So quick most for installations contract of from end is that four it’s once process turnaround the months a to installation,

Dr. Arun Menawat

Yeah.

Scott McAuley

it. Got

Dr. Arun Menawat

all the to to About so usually first we once works at they that mean, patient invested they focuses are firm know -- focuses typically, three date, be treated screen because dates the and sort point. patient starting Yeah. would to that’s usually they the date first that that will be be because the the because the it seem I treated, and they on patient and a system obviously backwards actually that, from date prior physicians work and really they interested date weeks so team, typically the are they already are and time, of have pretty the and when and on hospital assign the our well really ready.

Scott McAuley

Are impact, kind July, kind of as No. or quickly, looking volumes Perfect. Florida. the are South mean, of when tugging procedure relatively procedure they and variant seeing wiles the things like along into you were a I Texas any of then, the a numbers And in kind that August of maybe are of in low? QX kind in the current Delta and That’s wonderful. of terms especially bit but crystal ball,

Dr. Arun Menawat

bit Journal this even more ball ever right, certainly, Florida a and Yeah. are the It’s the hospitals in a It’s crystal the that I patients ICUs Scott. read morning moment the in Texas, in at of of epidemic. You and has -- beginning than Florida,

of willing So continuing We far travel. not are we But unpredictable. is to to see who a number the impact. we one cautious have seen any it’s it are of because reasons be patients major certainly why do

and parts the is in are if we country. if coming big So, hopefully, opening would to impact even of the on other Florida the sites it patients

areas because to that be So well. will we if I other of to as see there do one down, region being transfer think some patients the ability

certainly are we this. So very diligent in

-- starting situation at really managing really, is actually. team that sales Our really good to become pretty

Aaron Davidson

disease our benefit Florida most shutting the And couple again or have we so bad. states Texas they in And to and not have we the factors intended where prostate good the like tend a age be states have do then that on of of of working men like for to operate seem the is shown far government’s vaccinated. demographics down

Scott McAuley

Yeah. That’s guys again Definitely. for Thanks No. me. all congrats. and

Dr. Arun Menawat

you. Thank

Aaron Davidson

you. Thank

Operator

to I am further you. you. over for this and no Dr. at questions to remarks. the I turn back like would any Thank Menawat And conference further time showing Thank

Dr. Arun Menawat

much you the for Thank thank so and questions. you

and Thank continuing Our we see great QX. and forward a I really to gain presenting to evening. to continues are from company rise in what you. to we strength you look Have

Aaron Davidson

Thank you all.

Operator

concludes conference participating. for today’s call. you This Thank

You disconnect. may now

Profound Medical (PROF) 9 Aug 212021 Q2 Earnings call transcript