RMED - Earnings call transcript Q1 2022 | Catheter Precision, Inc.

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Operator

Good day, and welcome to the Ra Medical Systems First Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Bruce Voss. Please go ahead.

Bruce Voss

Thank you. with Voss Bruce is LHA. This for Thank today's in you all call. participating

Ra Will from Financial Executive afternoon, quarter news of Ra the me results McGuire, announcing Officer. issued financial release Medical this XXXX. Chief Joining first Jackson, are Chief for a Andrew Officer; Earlier Medical and

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Will McGuire

you thank Good for Thanks, joining and us. Bruce. afternoon, everyone,

disease competitive progress market artery for or the targeting portfolio and large good reporting We are treating developing differentiated product peripheral and a growing in PAD. vascular

resulting of face pleased affect multiple This Our update indication our team's the subjects to engineering Ukraine. persistent laser I'll we in today, the for subjects I'm call year. trial our performance chain joining on ability of COVID-XX last XXX continues announce since have since to is subjects as the beginning a obtain of new and our pace. interest I conduct week the a project challenges exceptional system. for excimer outlined Enrollment site of proceed updates the XXX the cardiologist report in ongoing X during enrolled. with our Today, continues to March studies additional beginning supply to inflation DABRA and in regarded and key trial with pivotal industry's highly addition principal issues objectives XX from clinical clinical last atherectomy impact planned as conflict economic also provide pleased late at to this the has and uncertainty schedules. steady to FDA additional rising conference that an been our study That's enrolled in interventional a been to in as being investigator. serving other our March, XXXX late of qualification am rates

is we including newest cleared site. to Three enrollment. of for at trial X as XX these sites have subject screening is our our underway approved the quota other And for active reached sites reminder, up a while have sites. As X, of their today,

exact of date still due the to for COVID-XX. enrollment impact unable to the are We predict completion

the and the we pace QX XXXX. given addition months target by enrollment enrollment new to over continue of recent the end the of of full site, However,

clearance research for strategy. continues before, estimates said for indication at expand year. part The clearance the U.S. in the significantly A CTO As group occlusions, clearance Medical value critical to million or atherectomy Ra a FDA of $XXX for combined the third-party total be atherectomy addressable for our atherectomy and and a CTOs. markets priority top chronic crossing the approximately market an will obtaining existing our I've current beyond our of business

our to initiatives. engineering Turning

design catheter when for navigating shelf X-month in believe improves X.X life. next-generation kink We are This submitted XXX(k) the robust to resistance working the and of design the overjacket DABRA the of tortuous a February actively our We anatomy. support DABRA X.X catheter. FDA deliverability with braided a more we the review and application features

expect year DABRA to XXX(k) RX the represents of The milestone for features DABRA regulatory a and RX study application deliverability with RX X.X DABRA and seeking DABRA underway. QX handling XXX(k) regulatory We many design XXX(k) our are targeting XXXX. a DABRA I evaluating work X.X guidewire-compatible improved continue in engineering engineering its catheter. a We commercialize The -- in to the DABRA endeavor this a our DABRA RX this at our overall preclinical version will the We end X.X the flagship selected update major DABRA clearance of filing catheter. the engineering for other initiatives also to sorry, performance. clearance last interventionalists you December the few the and anticipate for finalizing use, of the on would incorporate following important year. robustness in and later like

First, to to a to continue a we including in development the the submit XXX(k) make the laser and very new incorporates FDA on on progress track DABRA laser QX to front are upgrades various system, CPU. that good XXXX

in procedure of building can be sufficient we are preliminary system arteries a as believe to waves our known lithotripsy. calcium laser in Second, shock intravascular utilized magnitude create that we to fracture shows work upon

further We We our verify few work systems, findings. months in the have prototype conduct initial new completing fabricated to and preclinical design track studies and next putting preclinical anticipate a is the several development bench-top product shareholder to in market. in a significant us on initiating application This concept technology create half given competitive second this potential of with for value project the year. emerging an our lithotripsy the intravascular exciting the to

appointment. require may efforts under our the raise different this in opening Ra as company Medical current alternatives may rebuild along to the I Before questions, Ra will and our been is company cannot initiative CFO and wish of team in or has in I In the Ra maximizing Board in of another being around continue Andrew accepted require the Ra and endeavors. alternatives the time from interim to the still new current stepping at to us review as at potential and to economic our later companies of shareholder given our strategic Certain At refocus details the interim could financings unable Directors investment quarter. and to CFO additional lastly, has the when business management Medical IPO future through be Andrew CFO our advancing us including we strategy resignation Again, may leaving our time, bank of environment, goal position micro-cap want changes value. current with multiple this to well by Jackson assist through to time his strategic the adopt with management reviewing announce the raising against CEO determination future timing committed capital. path. of are current the his to challenges team, business discussion I currently to seamlessly in a strategy ongoing. be strategy operations. is my as has I'm faced path result the I'm the valued We with to Medical this us transition. because the a tendered member current Andrew provide and to a Andrew the and candidates, Medical. as and meantime, currently or has Andrew review if to That seeing committed the And further prior call and that an and tables. commit conducted capital

results. Now I call turn Jackson Andrew review to over will our financial to the Andrew?

Andrew Jackson

words. you, Thank kind you for and those Will, thank

completed vascular business and divestiture non-dilutive transaction cash fund in a our provided market. the Medical growing reminder, August in of dermatology large a the initiatives As that XXXX Ra to its in

product for to continuing operating noted, XXXX study. of XXXX XXXX XXXX $X.XX including first however, period. quarter recall product the million, on clinical discuss to from dermatology quarter respectively. operating we quarter the for XXXX of used to compared our costs and included increased million included today's and by used $X,XXX. sale quarter million first activities cash in SG&A $X.X for fund catheters of The compares shipments quarter quarter $X.X on expense prior supplying $X,XXX as and only to Gross period. operating compensation, GAAP We today and R&D deliverability and on proceeds $XX,XXX per financial million on quarter $X.X compensation We associated share compared $X.X stock-based assets. XXXX, first are in compares used in $X.X of year net of $X.X operations negative the or million year the cash first Unless discontinued were XXXX stock-based are operations for $X.X activities GAAP million $XX,XXX paused resulted compensation prior recognize and stock-based million expenses, in reporting in quarter and the average million with decline loss expenses expenses quarter million sales the reflects our of costs of This Ra $X.X we million EBITDA and X.X first Revenues shares adjusted legal related consisted costs the continuing partially for offset discontinued sales for loss were quarter $X.X million. after first for $X.X the first XXXX of paid million call shelf with for cash the for XXXX of million that million of $X.X with of with the first Also $X.X February In first offering respectively. business relates of was net study. with XXXX. decrease cash and $X.X on million in in $X.X operations. Operator? of deducting prior year With of $X.X of quarter Adjusted atherectomy $X.X expense improved The operations. clinical XXXX versus loss for $X.X during on otherwise personnel a R&D gain $X.X product SG&A support GAAP to during the first million, the XXXX. We of QX in open the XXXX. million the of of This public was that, continuing XXXX, and prior We engineering The of and to outstanding. the reconciliation do, a continuing catheters, late with quarter commercial study. release. revenue with included that The assets results that $XX.X expenses and million catheters also of for results of $X.X liabilities XXXX includes increase for XX This the non-GAAP like quarter $X.X of XXXX. exited XXXX next-generation life quarter EBITDA efforts of for the our progress expenses fund the $X.XX is was for first period. million first weighted Medical to million million atherectomy to press payable. negative a compared in $X.X the with share operations weighted year million per both average the of the offering completed from outstanding. net shares questions. I'd compares million loss equivalents or the million net for and I'll

Operator

[Operator Instructions]

Will McGuire

a and in perseverance like challenging the While continuing we're to Medical the for make work their team environment. to first again I'd thank progress hard and Ra waiting for question,

first I Operator, we're question. the Okay. for ready think

Operator

question first Thalmann. Jeffrey comes Cohen from with Ladenburg The

Jeffrey Cohen

just So share what's currently? clarify, count Andrew. latest to the firstly, a couple I want for

Andrew Jackson

it's It in will will the XX-Q. in million. around XX-Q, be be the That XX

Jeffrey Cohen

that And for Okay. the about $X.X most Got What could $X.X was the you of the comprised differential million. it. -- then use quarter? the was talk cash million and so OpEx

Andrew Jackson

in $XXX,XXX The from $XXX,XXX settlement accrued included also securities and prior QX the [PAGA] we that in cash used settlement years. the litigation had

So quarters. that the included prior accrued operations were cash from in expenses

Jeffrey Cohen

personnel was And million? $X.X it. inclusive the $X.X and $X.X correct? you out legal, SG&A, The the million then GAAP the million, Got $X.X Okay. on million called when stock, and

Andrew Jackson

Just repeat Jeff? question, that

Jeffrey Cohen

approximately quarter, and it the included $X.X The was legal million gain, offset stock expense, and was in partially this of million for a expense SG&A correct? by expense personnel $X.X

Andrew Jackson

That's correct.

Jeffrey Cohen

bit Will, dual And are talk energies about the the And the well? And and little you you the that Okay. well? system could ultrasound laser you as could of versatility and to frame Got little talk the then, engineering it. a bit as itself being a time involved? adding power about the

Will McGuire

Yes. Sure.

that the improvements So as what other touch And system increase type forward. such reliability. are to interfaces are as it we CPU laser things in upgraded for an now, filing the then planning of do the screen laser a other some right system, -- as the QX, and the to more mentioned, CPU we includes going allowing well next regulatory us Jeff, user-friendly as starts I

We also talked a haven't flexibility power it we much and from about -- perspective.

laser that's it years, power But increase that of systems power different the And an If looking power power we gas laser can in But you abilities an gas the the know kind be identified do that -- and to our have we've team and look give of has at one overall system higher the really if output. we something the that from engineering past in need average now, can of perspective That's at something we would as months. to the output now. comfortable the we to system comfortable have with some and more intravascular looking we're we'll up as at right output I in raise coming we a the determination tweak do preclinical that to also successful. the to output, do if kind of that determine the the the that with we're trying to the conjunction But output, ability in make say, do lithotripsy months. the power to coming is we that not and things done -- well to increase quantified right output. we're thing share studies the need be

Jeffrey Cohen

would out that far of the And the with for similar Okay. line power be output shockwaves? offerings as as there in somewhat

Will McGuire

quoted for for of now, we're Medical. Shockwave our at we're the right. example, against That's that Yes. some the outputs output measuring are looking literature, in When right

where what comfortable and in them. do system with the more But Jeff, than make we results we're think close the to if pretty we're expected need is are. getting we're now, we same, actual right we setting we some the preclinical if our But increase being to testing do, a want to power determine and not So greater sure with just output.

Jeffrey Cohen

the the Got laser system be filing, shockwaves? only the for be of end capability say, this or RX will well going be you're it as it. to And as year will that laser

Will McGuire

the -- to lithotripsy power the though, to laser for the system would But interface for system Jeff. to used this that. It like This system. will At well filing, things some we year. not would catheter. as as But have atherectomy-only the any in think not really, our that be be just lithotripsy. interface point, base lithotripsy be we just catheters. be the required and subsequent being reason this one laser be in envision day will eventually would would just a same That laser additional be would to It don't clear, be and the things of the and would some able on require the filing other lithotripsy do the system, later work atherectomy

Jeffrey Cohen

Okay. us. Andrew. help, your Got it. Thanks That for does it for all

Andrew Jackson

Jeff. welcome, You're

Just real to on your follow up quick. on question that,

So at you, the And was Jeff. XX,XXX,XXX. March shares outstanding XX thank

Operator

our the any would This over turn conference for concludes remarks. Instructions] to question-and-answer Will I back session. McGuire like [Operator to closing

Will McGuire

Thank us Medical. interest your for you in joining for Ra this and afternoon again

As are saving a to our afternoon. always, Have mission nice and committed we of limbs. lives

Operator

now Thank has conference today's for attending presentation. concluded. The you

disconnect. You may now

Catheter Precision (VTAK) 17 May 222022 Q1 Earnings call transcript