was Jody. Thanks, of XXXX transformation and sharing everyone I’ll for Ra of and highlights progress. this us. the some Medical, for Good you call by joining our afternoon, thank begin recapping and the year
experiencing have through we reported, while our catheter data two measures can one sterilization. satisfactory As were catheters year, were from observed been months field well more as to and inconsistencies had those testing, collected the sterilization with from internal within taking catheters corrective the from performance DABRA we performance months than a perform up non-calibration two of than that significantly that rate higher as from
to in labeled We we costs two-month quarter, replacement third our recall voluntary As be XX-month catheters a initiated a a estimated result the shelf to life approximately associated with with of a with with $XXX,XXX. life. warranty shelf the the labeled recall catheters
replacing physician the usage the to are costs We final monthly match be our catheters sites average at estimates. within and to expect
following we seen a this decrease encouraged the as have the of rate recall. We significant by in are results non-calibrations voluntary
business expenses, operating better efficiency with of cost our and five strategy, XX, XX, XXXX In and of down operational specifically, sales our of teams. marketing reduce workforce specialists and align reductions addition, More XXXX. our manage as XX cash reduced as our employees size These cost within we certain our the resources clinical we sales December force targeted of to DABRA quarter initiatives in the our its third implemented efficiency to savings include flows. from June XXXX, initiatives intended
a are our overjacket refocused design us that upgraded to to adoption exchange strategy are market. have longer catheter, our are ultimately improvements broader business to manufacture keys on designed help to enabling guidewire. rapid a our core complete large re-launch Given we continuing engineering provided include activities us inputs re-launch over and the track in Key of life gain in feedback widespread driven physicians the these designed a from supporters by to initiatives to shelf platform provide allow market. to These for on reduce physicians, accounts we service kinking DABRA and DABRA product have of technology to our changes strategy DABRA part while to catheters who developments, components strong
atherectomy component of FDA strategy obtaining is Another indication. our key the commercial approval for
As clearance for you XXXX FDA in CE occlusions recall, the mark we received atherectomy crossing in for and Europe may total XXXX. chronic in
trial We safety. have XX pivotal success will measures will technical XX be that a atherectomy followed up and trial patients initiated for enroll clinical and include months XXX between acute the clinical patients to Patients sites. procedure; outcome post primary for at six
before the for in at announce and primary is first February, stenosis on sales trial mean day endpoint to initiatives incidence in to when efficacy stenosis in late adverse prior treatment to expanding less percent pleased the re-launch. in include XX% the incidence commercial intend these The primary of were following DABRA, angiography therapy. the the trial’s achieving percent subject lesion towards to a of completion; enrollments each progress measured than we of preparation diameter a equal target our treatments. adjunctive adjunctive of treatment diameter of XX-day force the any in In the major or primary we residual begin the of trial’s the as endpoints if lesion any endpoints primary with patient’s six-month The immediately reduction incidence lesion the follow-up events, by revascularization secondary safety
is which As treatments peak an update Pharos laser optimize Pharos product platform the our the optimize, DABRA, excimer to laser performance. of and next business, on focus patient same our enhance extended offering designed we increased in XXXX, physician utilizes we as and with our segment, experience dermatology in this Pharos faster system. generation on excimer launched
the enhanced business code third-party strengthening announced remedial and and now advisory disclosed and related the of committee, certain additional and personnel, ethics and to to actions and former our last former These regulatory respect consulting, to implementing for of training committee. we related the audit matters of took. agreements quality conduct, whistle-blower adopting bolstering separation and findings internal by investigation complaints policies qualified the certain the previously year, to included executives requirements employees, the investigated employee. including and audit our enhanced Late Turning controls hiring with systems, documentation by training we
XXXX, team concluded of the and related remediation management the disclosed that previously in result to voluntarily internal controls a December and have material Commission Securities remediated place SEC investigations Division, as We’ve we of and Department these the the activities As and company. XX, the are Enforcement in previously Exchange contacted announced Justice the as weaknesses conducting of our controls.
continue with intend and do to cooperating investigations are We these to so.
studies. is Operating Dallen manufacturing orthopedic with obtaining the years We’ve June, closure systems implementing quality Vice Al and on Al, of our management XXXX, clearances company President clinical In has strengthened and also tremendous which key Clinical, a joined devices. Regulatory. experience us XXX(k) as and Chief team previously hires. and sternal served as focused Medical, Officer of Quality seven for Al running Memmolo FDA ISO
Quality held significant and quality Al Affairs. improvements atherectomy has Before in several and environment To Regulatory positions he’s control made companies for our medical that, he our in Clinical, senior date, responsibilities study. device overseeing with
Chris to are requirements programs generation and at design, where January, the XXXX, primarily Medical Covidien successes. three Chris Engineering, his development the Chris as from Vice consistency shelf with of experience as has led more focused we developing devices on catheters. catheter medtech; leading and has performance Neurovascular/evX, and commercial years Dr. improve next the significant launch of manufacturing as Folk startups the experience from firms catheters managed welcomed of improving his and commercial responsible than Ra XX life, to than development medical multinationals. In He its Chris has for teams to more in team XXX(k) extended President engineering devices. Notably, our novel device design well he at of DABRA to of led highly-specific XX with with design ranging engineering years
and permanent juncture, progressing hire working with hires, at critical we significant addition expertise. for that In is this to to industry is search candidates ensure right a these operational our the key Board our and knowledge, CEO experience commercialization
for and This of quarter XXXX, of and and consisted consisted service financial review compares results $X.X the the $X.X for other XXXX of our of the other followed fourth sales sales of for $X.X of service fourth $X.X quarter product the quarter $X.X million. million and with $X.X revenue revenue which revenue million. million net by of million, full-year. Now, XXXX of fourth I’ll million of product of Net revenue was and
the Revenue with $X.X positive the million, Revenue for for XXXX margin year $X.X from fourth compared period. $X.X compared million, the the $X.X of vascular million segment quarter was prior year negative for XX% XXXX. of fourth profit fourth XXXX the compared the quarter of prior quarter from for with XX% with period. was was for the Gross dermatology segment million
SG&A investigation expenses of XXXX were fourth expenses million for period. million for $X.X $X.X for the fourth million the compensation quarter of compared of and XXXX prior stock-based quarter primarily to XXXX included with quarter respectively. of SG&A included and SG&A year due the with $XX.X increase XXXX securities litigation. and $X.X compared committee $X.X the expense for XXXX million of quarter fourth an million legal the fourth audit expenses in the of
XXXX R&D of fourth personnel compared respectively. quarter inconsistencies $X.X to $X.X with performance the quarter of in $X.X the of next DABRA million increase supplies in expenses period. XXXX the million R&D compared the XXXX included stock-based catheter $X.X the for of our and and with and an and efforts of quarter XXXX compensation the for expenses on million fourth quarter generation costs, products. fourth $X.X expenses understand in of in consulting XXXX included expenses million million the year R&D were of fourth prior
the loss or per loss $XX.X with The for the quarter million GAAP share. for or fourth compares XXXX to of net prior This share. GAAP attributable $X.X per stock year was of holders a $X.XX net common million $X.XX quarter
million fourth year is XXXX press the non-GAAP the The loss was negative period. of $X.X for net GAAP to million release. today’s in with EBITDA compared negative included EBITDA reconciliation prior for quarter Adjusted $X.X of table
Product million, XX% X% million in million year. Turning $X.X XXXX. sales XXXX. to results. for service was full-year from $X.X XX% million increase for million a other were revenue up $X.X for prior $X.X XXXX up and from financial from our $X.X And $X.X the revenue million, for XXXX Net was
million Revenue XX% from XXXX compared $X.X compared the revenue with million gross with XXXX in compared XXXX. the dermatology vascular for for XXXX. segment negative was XXXX. $X.X was to in from for XXXX, positive $X.X profit million $X.X in segment million was margin XX%
in expenses SG&A in increase $XX.X in and of with stock-based were million million million compared XXXX an $XX.X XXXX the due primarily audit included litigation. in $XX.X expense with expenses legal expenses million XXXX. and compared $XX.X SG&A to $X.X respectively. SG&A of XXXX and million investigation securities XXXX committee included in compensation XXXX
for costs, inconsistencies and included the understand stock-based R&D an XXXX R&D XXXX XXXX DABRA million in increase expenses personnel and for expenses compensation of to performance compared in million of and consulting million supplies $X.X expenses generation on versus of catheter R&D in and expenses $X.X were the million respectively. products. $X.X next for our efforts included with XXXX million XXXX $X.X XXXX. $X.X
$X.XX to negative attributable adjusted or to for $XX.X per the XXXX negative million, XXXX. $XX.X was was with $XX.X compared million or net XXXX net for loss of for million; share, $X.XX XXXX. compared EBITDA loss for share GAAP GAAP per million, $XX.X common stockholders
cash activities $XX.X $XX.X used operating We for in XX, short-term of cash million fund reported investments of XXXX December and We equivalents million. cash, XXXX. as to
catheter and margin the and be reduced by our our We DABRA the force in as revenues we efforts expect in inconsistencies to gross impacted sales short-term continue negatively to our remedy performance.
strengthened we experienced highly management and qualified our with In team have closing, professionals.
of conducting an taking broader core to device the improve catheter we as disease. to the are to clinical artery laser on DABRA re-launch our We the of accounts of actions are pivotal atherectomy evaluate a the for use customer effectiveness focus and the and system excimer and servicing DABRA trial treatment safety base a design we peripheral while for
its and a these For peripheral DABRA advantages disease and artery excited in I’m about market. opportunity for system reasons, the for our large growing competitive
for disease coronary include pursuing indications. indications and Our including longer-term potentially DABRA, vascular-related plans artery other additional
are toward and our focused way limbs. We will value. engineering and mission saving We re-launching to key clinical market shareholder on lives our pave this are DABRA year building believe and that long-term of a initiatives efforts broader the
up questions. Operator? comments, With these the like I’d call to for open
