PDLI - Earnings call transcript Q1 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to the PDL BioPharma First Quarter Conference Call. At this time, all participants are in a listen-only mode.

Following management’s prepared remarks, we’ll hold a Q&A session. [Operator Instructions] As a reminder this conference is being recorded today May 7, 2020.

I would now like to turn the conference over to Jody Cain. ahead. go Please

Jody Cain

Investor Cain in Jody presentation Thank all on you accompany website the This pdl.com. at call. with Please participating the available is today’s prepared slide section note for of management’s PDL is remarks LHA. Relations that to a

me PDL Monnet, are Joining President Ed and CEO; today Officer. President Vice from Imbrogno, and Dominique and Chief Financial

of financial call statements and expressed pandemic. Please me the remind materially company’s this Slide regarding about there during COVID-XX particular forward-looking making X differ let statements. a and forward-looking and management to in matters be the significant turn that will may impact by other actual uncertainty performance the and you duration is In or results implied those from potential

any available outlook best is Factors today’s available PDL’s the are the change that of impact could described which pdl.com. are information on a that company’s and in at and cause This between means in SEC and the operations, for section results results filings, of on sec.gov Investor current time and expectations financial differences the actual discussion. results may based at estimate COVID-XX

made the XX, considered should conference this only as broadcast accurate of The call XXXX. statements date forward-looking live during the of be May

other Although the so do even the statements future, occur forward-looking any company in the or may becomes in obligation to as or elect from the available disclaims time-to-time events to future. update information duty company specifically new

of information business. with certain about PDL greater financial Today’s vary with results supplemental provide may the performance of financial measures to operating conference GAAP by performance metrics non-GAAP enable the investors of both used transparency key and non-GAAP and call the independently in items management will believes allow of periods, business between its where financial results. discussion for remarks respect include a useful business the financial comparison

a and today. the found non-GAAP regarded should and for financial financial earlier financial be GAAP the measures. Reconciliation purposes between of comparative that release GAAP information the as news not at replacement solely These end for presented be non-GAAP and can results issued was measures corresponding measures are

turning Monnet, filed May X the I’d you PDL’s Dominique reference Slide preliminary direct with to in over statement X, to SEC the Before like proxy XXXX. call to to on

I’d over Now, the like turn call Dominique. to to

Dominique Monnet

Thanks work, Jody. Good by thank begin for during at Thanks would thanking PDL their adaptiveness. to perseverance and you pandemic. afternoon and for my engagement colleagues everyone at and teams us. joining the and the and COVID-XX their hard like Noden dedication to LENSAR I

to safe good corporate our working pandemic. to of managed our are from to report have progress while most the to continue we that today home make have the priorities during pleased continued ensuring I advance We to offices. entire working their am whom conditions team,

monetization X, fully the Slide our to of Turning the executing engaged stockholders. our we in for company assets the of to unlock are value full

As attractive on confident they companies. and/or you remain of high We with in believe may monetize or form our stockholders. proceeds individually maximizing plan cash of the to assets. sell or operating to approach as or or buyers net in whole a We are public standalone assets quality as to disciplined with the our assets a company know, our the focus is financial strategic

vote. entitled Meetings Moving week. earlier related that statement may on of of Slide SEC record XX, May our be the close this filed preliminary you to to will to by proxy the X, business the XXXX read Stockholders with have now at we Annual XXXX

Time. We annual XX:XX will in meeting stockholders of at be our Pacific XXXX format a virtual on XX, beginning holding July a.m.

the voting of to at We meeting. the of results end expect announce the

available timing, to dissolution. viability PDL accounting and legal – board a dissolution interest determined strategy there the risks, sale is company and plan of financial consulting advisors to the is our consummated, the to the the statement whole with all and carefully add Board on As the our impact is and preliminary stockholders. not alternatives the previously potential best management our proxy of respect stockholders, within stated, in considering the with event After dissolution outlining

allow down of Dissolution factors shareholders discussion from by the the stock. the after its is during is of considered this preliminary the operations shares liquidation an or due of common after will A process maturity wind the company’s the holders proxy liability of to of plan and key subject outstanding for the the to period. of protect our included dissolution both statement. during company Approval assets efficient of many approval in dissolution the claims

of In shareholders. dissolution goal will overhead expenses a our distributions total ultimately with reduce to allow addition, the increasing to company

and I’d any review operated. is plan several period in of certificate of Inc and Delaware the dissolution. company for at filing will key potential required the Delaware The State disputes exist assets. of like to proposed allows managing still remaining time and the PDL where with It of claims for solidly resolving least distribution and three any of monetization litigation, points years the wind-down the dissolution laws after This is facilitating purposes. for

It dissolution of also The strategic State of the do with not running when the stockholders is These approve period begins the remaining of of Delaware. first filed provides certificate the and for issues distribution. for dissolution. shareholders club and a dissolution plan handling the any on final

our explore stockholders. returning We continue to will the alternatives will capital corporate continue board to and for existence

process. last legal all a by stated our and how management On and with rights, monetization and Noden, goals stockholders the key LENSAR, advisors deliver analyzing sale the financial board or to company have Our four the assets, Evofem namely best completing ambitious been of XXXX. maximize outside of call, from holding of we our our value royalty our together whole we end our monetization to

be it potential While assets not buyers assets probable that of disposition other timing the delayed progress or some makes business of on may recognized could date, possible of of process impact we are beyond if and COVID-XX to of the pandemic by that XXXX. sales our cause our certain other encouraged the we delays, which of monetization our the these

stockholders. our dissolution delay our the In interest of the that affect view to PDL capture best both value to due of dissolution shareholders’ will The believe of this dissolution not for of dissolution, filing permits plan changes the of if the certificate for circumstances in regarding implementation in monetization our the we abandon decision that approval dissolution can the of the and process. and and we through asset of timeline flexibility the board or getting plan or

leading us in the have to our of advise announced X, investment banks on this as call, Now Slide engaged on we process. execution last monetization conference an

the million Let of dividend of me PDL May our been XX.X Evofem on in Evofem the of average that We announced special totality stockholders. ownership Evofem to board Biosciences. investment. draw progress our review distribution the date our has common us our of approved of with stock on Torreya shares advising Xth to starting directors one-time of sale interest a

aggressively mentioned explored the the all sale press this our our beginning the financial careful decision release, of year, made advising we we a Leerink management monetization private and and and a Tuesday’s in after letter and of via matters. pursue advisors: with Evofem SVB board Since As of consideration Torreya alternatives the shares number consultation with sales.

in in the stock they number we best is of the came PDL current through of COVID-XX, this shareholders regarding that impact the their For conclusion environment, receive the shares distribution a make distribution. This distribution including shareholders. interest to the own investment will reasons, of decisions enable to all Evofem

XXXX this of Subject process May distribution. May XX, XXXX. the the XX, review close be record business me of will the Let of certain to PDL as Evofem of to stockholders shares distributed on on conditions,

shares rata Evofem PDL a common May the stockholders stock to form record XX. So of place distribution of will dividend take of in on of pro each

May As of PDL of XXXX, shares common million approximately XXX.X has outstanding. X, stock

estimate ratio based we PDL of PDL X.XXX distribution of number, final be that for the will determined PDL they common this on outstanding stock approximately number Evofem on hold. shares on shares stockholders The the date. share record common receive will each stock common of Based

shares to be of lieu registered period freely Instead, any PDL and will be state, local federal, not that fractional that in distributed. would consult otherwise stockholders shares they received. tax will Please of receive stockholders We'll of to Evofem have be Evofem non-U.S. respect tradable. share a Distributed PDL recommend of stock U.S. fraction no with and Evofem of the will lock-up and note common cash that subject their any consequences fully will tax advisors distribution.

XX. May get Evofem, FDA about yesterday. of case now in not their did to for chance product a you date earnings currently PDUFA share pregnancy the under prevention call first a review to with is a candidate, by Phexxi quarter Evofem’s listen brief of lead me U.S. the Let update

This Evofem of label their they the guarantee Phexxi. progress with that Evofem nonetheless, announced plans the also FDA FDA, regarding on is by April this XX, in approved is not listen at to discussions are yesterday you Phexxi recording launch for Phexxi, encouraging. that but proposed webcast but a may the its evofem.com. reported will be for

potential path Finally, our monetize of Evofem continue to to up purchase to stock. X.X shares we to pursue common Evofem warrants million

price strike of warrants Evofem Our $X.XX. at

monetization turn our processes X. me to other on now Let Slide

sale our its royalty sale previously has the As of Both and work in royalty the is robust. or portfolio announced, company financial whole Securities portfolio. whole as advisers the company on acting BofA with been of connection the streams

process competitive are sale the royalty of we on of a the and with We track have execution. its assets

This have are to COVID-XX of have been subsidiary received. noticeably Noden to Pharma track. sell we on and been of will the the affected encouraged remain has Torreya and leading of by so process maximizing leads the our number pandemic we quality process by

committed maximize we the to pursue while and appropriate of development the technology path for value its fully are to We success stockholders. next-generation its PDL LENSAR

opportunities between ultimately cash to value of engaged to LENSAR, our distributed sale options that monetization liabilities non-cash million. our and SVB and $XXX be proxy, Leerink present, the LENSAR stockholders evaluate public lead we estimate million that In settling our the of have be and assets after PDL at spin-off. to available process may to other our this $XXX the two We or

$X per to of based XX, between stockholders a non-cash of our share the shares approximately $X on of dissolution. and This PDL cannot amount in connection outstanding as with cash broad available certainty, is This because the April cash in form the XXXX. a to current distribute we assets and range predict distribution implies of the of number

predict say our calculating we assumptions if to with and range of and We liabilities. I distributable dispose review in proxy number of preliminary you to to our refer both value, of are of non-cash the statement it’s the value or all substantially we all made any, able assumptions. a of all certainty until estimated these Now the assets liabilities, and can the assets,

considered with beginning XX% X, now Let the prior-year net some to $X and surgeries, We U.S. elective LENSAR, our our key markets, world. elective provide assets. cases Slide heart cataract period. Europe million me the complete and and Korea on are progressively both over of across pandemic the an the almost COVID-XX across declined quarter including key advanced most which China sales updates the for Asian started in and On with surgeries first The South

expect in the reopen to lined part participants, In we second begin the market other cataract that with surgery of the industry later quarter. will progressively

to not fourth First, in up to position the are at In in guidance year. the returning rest third for the ramping levels this hopefully in LENSAR in to revenue world, of considerable in time. and in pre-COVID-XX market, of close provide quarter Asia uncertainty this of in subsequently then we XXXX the a light the before quarter the

company COVID-XX’s said, In technology. That LENSAR. view its market, cataract the is what timeline makes extend expect impact we monetization for of LENSAR a the attractive surgery particularly of on to customization. positioned rebound a treatment well for downturn, and effectively, is procedure as an accuracy building its upon cataracts the LENSAR greater that to from innovator but of position COVID-XX the require

technology with management visually XX% remains the surgery, this treatment laser, the tissue-specific to uncorrected and patients enables treatable astigmatism post-surgery. astigmatism cataracts which best-in-class IV significant astigmatism. of the of surgeon XX% and Streamline features cataract largely but prior Between have LENSAR optimized of

ability which system, a in compact combine seamlessly we we to its laser GENX we the a switch to will substantially as providing system believe GENX; competitive and phacoemulsification position. Importantly, between the state-of-the-art referred two next-generation LENSAR’s the that enhance surgeons technologies. femtosecond workstation, single

pursue to in the is well of LENSAR Further, and opportunities. development GENX end capitalized of LENSAR the ensure of commercialization. position commercial with the XXXX. GENX intellectual technology GENX and with debt by conduct development progressing the secures application of any financing. a and well. GENX be a LENSAR’s would premier without operates expected spinners, for is submission public that XXX(k) other LENSAR we business, case XXXX The launch third-party targeting property of to its USFDA would In growth

Slide received to of impact of cash in $XX.X priorities believe In rights $XX.X assets that our ethical in mainly million of quarter. the are royalty related quarter X. treatment our X on portfolio assets up be to our from from of the net diabetes. royalty year-ago to some Turning XXXX, much on assessing in million We all essential the pandemic impacted of likely less products words the our are these to in We Type by the portfolio COVID-XX. are first

Pharma on Noden to Switching XX. Slide

quarter profitability generated Tekturna off. mitigate operating of and income in XXXX. generic the the of million impact Our U.S. of Noden of paying strategy to the competition increase in $X.X first the is

by approximate an products control their unique used pleased XX% of are target who our U.S. need Tekturna to and are Noden and life hypertension. Pharma share the maintaining generic are advancing We Tekturna patients, threatening these Rasilez drugs market. authorized that

any We dependent values. haven’t from income seen impact significant

So, in PDL’s In connection opportunity losses XXXX opportunity with a carryback paid recognize years. they certain Cares loss process, carrybacks. to Act carry significant income monetization XXXX years. XXXX and the years to cash provides taxes back easy and made eligible PDL, in tax certain taxable the incurred five

program of Turning at convertible stocks XX.X of million common share our aggregate the on per shares million $XXX.X average XX. XXXX, our million share. to cost notes of and $XXX.X stock. we X.X repurchase issuance an $XXX first million repurchased of shares million we the for March of principal purchased in $X.XX Through XX, amounts XXXX, our an million $XX.X of quarter In of common for Slide

million As had $XX.X we of program. March repurchase our XX, remaining under

financial discuss With to our to that, the turn Ed? I’d over like Ed call results. to

Ed Imbrogno

resolve Dominique. Board quarter of resolution the the the of first and Due of to to of with and initiation company’s you, to assets. the the stockholder Thank approval of seek a company complete Directors approval certain liquidation the of processes in to sell XXXX plan

the royalty and hard Our as assets Pharma sale for as be and met did operations. to assets held criteria Noden discontinued

PDL XXXX. first criteria, XXXX the of of XXXX quarters presenting operations for and the as is of on December assets balance discontinued. meeting and The the XX, and these of the as report In statement two as these liabilities operations sheet March results separately of XX, XXXX

results with fourth release of reporting on GAAP, presentation a the comparative are due to in While applicable from in period current has reporting our period quarter earnings accounting basis the and changed prior presented the the accordance guidance. XXXX GAAP financial and

from performance Without his background, prior-year revenue we on XX% Total the will procedure now turn to an million update LENSAR the of XXXX declining Side X%. our beginning revenues of QX revenue. primarily volume over consisted of decreased first product operations $X and with for LENSAR financial continuing period quarter XX. were

due COVID-XX deferral elective procedures to the sales mentioned, and Dominique associated negative of As of decrease the medical primarily the lower impact is and driven the procedures. system by pandemic

overhead of expenses historically were $XX not expenses acceleration quarter as first allocated costs. cash equity first million the Plan is quarter awards XXXX. The from service and primarily result of professional the retention severance payments increased segments. individual general corporate for Operating to operating to for from costs XXXX increase our Operating of increase for the administrative a been an these $XX.X under continuing Turning accrual of $XX.X Wind include million, operations expenses. in expenses million for and and totaling have Retention Down a

a liability the the Retention awards with this plan a remaining adoption action being recorded Divesting the of the Plan, incentive In in complete control under accelerated the employees. of equity equity for the plan. company’s Wind is over change period board service constituted as was Down when participating the of severance approved liquidation connection

XXXX. of in first loss to product due in development a quarter loss cost from first the and LENSAR decreases from marketing of research XXXX and while revenue, quarter due expenses decline for increases Net G&A of GENX. was and were primarily million the with $XX.X modest operations revenue reflected sales and of continuing to expenses million for of There $X.X compared LENSAR’s net development

the which the royalties revenues royalty cash to in $X.X and operations. product of royalty were in Discontinued prior-year to Assertio from XXXX, fair record value include $XXX of a sell rights, rights XXXX, million The discontinued royalty decrease quarter the received, $XX.X first consist the estimated on of net of Moving related estimated the we acquired value our is acquired cost the assets with Net following in the million classification the operations up diabetes royalty carrying the million of cost requires a items. million compared quarter the primarily in in for to the X royalty deduction as $X us cash In asset. sell million asset Therapeutics. the We rights in fair the to from all first of held from $XX.X anticipated of Type asset the recorded to to period. for value the The products decrease received as sale rights assets. prior-year period. from change

million revenue $X.X Noden it $XX.X with million criteria. the $X.X first Product the the estimated quarter in million, compared of generic were revenue period. the of the the The million of million the upon million result XX% December $XX as XXXX. and the aliskiren world sell $XX sale as of Tekturna million respectably U.S. prior-year share launch we first $X.X for in to Tekturna cost generic approximately as by for the of of form XX% million market U.S. down in XXXX. March as quarter and XX, the of Tekturna branded and Revenues held of in of was of generic authorized launch with respectively third-party recorded a decline authorized of of of is for for In share from the XXXX. primarily market rest the the compared met in and and first Noden quarter an XXXX U.S. decline $X.X Noden, a XXXX, the well determination, $XX.X

$X.XX discontinued due $XXX,XXX from to million and for write the down $XX.X $X.X Noden for operations compared of XXXX. the the primarily million classified estimated loss Net was is of $X.X fair The of an quarter the as On of for per sell was reflect basis, upon GAAP as first $X.XX share XXXX. the quarter first net loss of compared $X.X value million for share approximately $XX.X sale its first or with or cost a sale. with reclassification assets the held GAAP income XXXX XXXX income quarter of to to million, asset the the of diluted net a decrease for held first quarter per for million

financial the on The Moving of PDL’s quarter of first income for compared on was for adjusted non-GAAP XXXX, non-GAAP the Slide loss net results to $X.X XXXX. net adjusted with attributable million non-GAAP to the $XX.X our XX. stockholders of first million quarter

on XX. of used $XXX.X $XX.X cash was partially cash of operations $XX.X the $XX.X sheet December The of compared $XX Turning had repurchase repurchases XX, of XXXX. cash by We million from stock with March million. cash rights the was Slide million million primarily for of as The to common million debt $XXX and equivalents reduction net of used as balance This proceeds of our from the in reduction million. convertible offset royalty million. $XX.X result of net operations of continuing XXXX, and XX,

call that, Operator? With for a questions. open to ready we’re

Operator

Max comes Your from Edison Instructions] question [Operator Jacobs with first Group.

Max Jacobs

Hi for my questions. taking Thanks guys.

on was before I like to Evofem just distribute what thinking the just is PDUFA wondering right date. distribution. the First question the it was

will and to the on is I Monday. distribution PDUFA going believe Thursday be So, the happen

Dominique Monnet

Hello, Max. that take question. let me

focused try Torreya. Plan recently, we of we by by to managed private sell was was we of as stayed sales, on shares this which to until and Evofem kind – into first our So, really our A,

apt quoting As to that just be – it conclusion to own we we own preferable Evofem came done their not on shareholders financing this to much make and following and able could did, that investment to was be our favorable are leave we their terms the to decide the to it decision. under thought

mean, time, product. and these share, prior would can now. that for at think we by be to first the prior is as in I we We or upside hoping there as we’re to the to share are approval them is trust. essentially quickly could the a distributing just PDUFA of we enable where confident I it do what receive the date a

for are never but sure, You we confident. know

not the and would significant volume to where upside volume. is the Evofem, increasing around approval opportunity in a the with the the hopefully on traditionally increase of our the indeed period, greater and news shares we may most – we both be rate they and sell of them, shareholders there maybe to for price receive secondly and approval previous in and share importantly, shares trading hold decide, with during would

Max Jacobs

Okay. totally Yes. That makes sense.

on just LENSAR. is question second my So,

the of going flu aware in just on for of wave a also surgeries in coronavirus have space I’m just I what we – – like procedure cataract plans the kind pandemic kind cold was general. wondering season. of in of contingency So, second of what’s and a coronavirus are the if

So, have lockdowns cetera. if this additional et winter we

Dominique Monnet

the GENX is our fund we that I organization, I line. development continue and approaching to is LENSAR the of stage. we before XX% And to capability at laid to make say the assumption the try the the that the on pre-COVID of are point, schoolers. Curtis market the maintain protect ramping would the to as Nick quarter to sure progressively recover hopefully, its or this indeed on turn and But organization we would more out Nick, third up CEO basis of back in of the to on being

second there total This are second we open, most the right. centers, going whether cataract would will be have be is would satisfy again, meaning their would and with to customers be us, to the to plans. and work kind to most you’re Because never number would is they��re be lockdown continue capability. very business. that back wave. we being and and keep get And then it we we we to know the frankly, surgery if a matters fund those what said, And to case there market protect to do of is of quickly And team able we capable then expect a important hope was what reconsider We first team will that for one to, us that capability want maintaining that LENSAR intact. which their operation, they – into that continuing the to to these that so once those can needs the to a

basically interrupted of in at that’s So the through maintaining double-digit future attack. only growth, GENX development, future course, this plan to got continuing market in the point. that LENSAR of That’s February this because And for and cataract the surgery was shut is of a LENSAR its part big down. which value when actually addition the the year, of

So to anything? with want do add you this, Nick,

Nick Curtis

couple just a little data of things, a Just – points.

or back might sites be. come week. saw of had It’s we be volumes. elective because opening conservative new week of surgeries interesting, sites dozen their terms this to half a our those we’ve up then actually and trying the of we those week and XX to appeared normal of And sites what with XX to for again, U.S. sites reopen pre-COVID a opened So, in understand what to so, last their much this between kind a more seen of rest very close

happening as sites. We’ve from redeployed haven’t of flown substantial group. to sites these those site some to any driven and measures let’s to up to these accounts employees. to we’ve we many their on of and they’ve into most of these yet. been sites been servicing We’ve that been getting practices We’ve patients are our or and running. say consideration the anything are their taking untoward try There safety keep to,

that with us, our working employees the travel So, their the PPPs and optimistic the with PPE their employees – protecting situation. can by we’re by them, we’re patients we and current with protect that market cautiously to that they to everything adapting we’re and practices doing

Dominique Monnet

of Max the that for business comes part LENSAR that And outside thank of Max, mind a U.S. – bear significant Nick. from you business, the in I Nick’s And

isn’t think I Nick, it’s – me it? XX%, if I’m it’s correct wrong, on

Nick Curtis

Correct.

Dominique Monnet

ahead, And Nick. so go you

Sorry.

Nick Curtis

started it, South and China business we in believe this we do And Asia in system see coming back and China have we a in specifically, in in quarter. sales actually to Korea,

we’ve few so systems shifted to China. And

good in back robust So as in as we Germany, quite well. that a get up. to And sort so they’ve started under normalcy – India there sign we’re And seen we’ve sites at there to back moment. reopening They’ve attempting starting parts other surgeries South is – shutdown Korea, business. some that’s of there. a where have the still with and they’re a well. we’ve see opened to of a

Dominique Monnet

a a case think do protecting able truly, point clearly, is doing better. And I really I think is So of I’ve in risk. quite for it has And geographically which because this LENSAR countries, frankly that which in being side, the any diversified, impressive it other but will be the actually vacation Germany company, generally not crisis. LENSAR company is of to or potential I mean, manage are they been outreach,

confident to in that But to LENSAR’s biggest is going capability. the future. I tremendous opportunity is be a are everybody focusing for recognizing to and continue is that team that we’re thing and connected Now, again, we us the tremendous on protect think

It bear offer we long their point. quite cataract that too point, systems it we’re is and no on LENSAR and they some also customers market operationable surgery the in now, patients’ as elected. up at needs. longer and service wait a know when to to there will that high-quality go is So, patients mind can is elective satisfy immediately that rely still

Nick Curtis

Yes. That’s a point. good really

Dominique Monnet

Yes.

Nick Curtis

an the positioned the enhancing patients, that the services just motivated back China, visual the to away fact in terms to these system. in billing the going do healthcare makeup of to for is different The of for where employees is certain so they and during and in of issues to into doctors, these aren’t not necessarily and staff trying come of U.S., where faster; there The to are for elderly pay patients this of In to markets procedures. will outcomes balanced terms work hard more, instance, a provide time there better elective bigger time. are ways. lost There get your people are backlog continue in approach variety population have a but there’s to doctors say their They’ll on speak. let’s patients

markets, little different. In it’s a other bit

future just we’ll position – sort to to we’re GENX that’s a we and responsive And that need incredibly that. want of as that our so to we very more those as pretty track, a provide to position the make to size. in they customer given a help to our just to a attitude have a good to and with quality we’re in think going of we’re our customers it relationship customer the support that us all centric partnership because partnership that we in and right move important this our our sure on being continue now, when And and forward. we’re continue And no that to project keep of as long is view they than accounts I are of where do – overall we run being service we matter

Dominique Monnet

question. you for Max thank Hey, you, Nick the and thank

opportunities that are the you is The from we think you the wonderful. business, long team getting answers think are saw us about wonderful. As from that and very I

for ready questions, We other be are Any there reopen and capability mentioning in that opportunities the up. Max?

Max Jacobs

answered. you. That’s Thank

Dominique Monnet

Thank you.

Operator

Company. next from comes Atkins Instructions] question Kenneth of Cowen Your [Operator &

Kenneth Atkins

questions. for taking my Thanks Hi.

expect you of business potential more resolves elective essentially and surgeries, that you of that think confidence impact dramatic given you be that can epidemic the do that engage cataract do a until buyers? delayed buyers the such sale ongoing business? build performance LENSAR the the in will there’s Just with can still been Or on

Dominique Monnet

both your no question almost down the the XX%. actually in closer mean, closer and app every When by way on that the same is that this not was overnight, time, the of overnight everybody business time. There’s saw is tricky demand answer that was time. you this it shut it one honestly. overall, I in market and But The

a was the XX% or consideration U.S. in we of – is have what March, in the sharp and growth but was clear in even quarter the in very into taking first that which there first growth that it’s already there XX%, business. was matters reduction So the that that in is very the impressive of LENSAR, discussion all,

So, year. what if we have with line look was January-February, in previous it been at you in

So, of that to for. And well the we investing the anybody interested technology very that dynamic that strength streamlined was in established. speaks LENSAR in

interacting them with measures team, it still his of that’s distancing – be from advance The system to my the are have would is do proper to some with continue interested took working able always second which really this what to next everyone to kind important put all-in-one head for has talk thing, program. And the manage when being frankly, GENX, LENSAR’s off that generation this we in people of leadership potential can I mean Nick have workstation just And not social a establishing to is to and Most see possible. and been in other. then with they because femto-phaco each been home, able teams when to strategic, to halt. whether but this people

track. program that much on been So has pretty

LENSAR, streams, The little would – take to it needs figure think answer the is everything happen make of said now then I have to on not here of the everybody will, not nine process, the know spin-off This trying clear we We were I will that don’t to when make this now, bit out the And more market we decided we surprised but more work questions what’s time happen not not be. is accelerate it this market. is our whether discussions a the fit of start have, to everybody’s would think all to we or I I to right does going a of your why is all track why, important, XXXX. to strategic going a be the of contacts them we track. to This timeline, we what to it’s into think, sure forgot be I right on on if whole. that transaction and is briefly the are because are it’s wait-and-see as certainly most going here impact to is, what’s

Kenneth Atkins

Okay. Thank you. That’s it.

Operator

further questions no are this There at time.

Dominique Monnet

in Thank you to progress that updating our In look your August. Well, Stay we of day. are us today. rest hope safe. families the again thank well, your we for you once call meantime, during you a forward quarterly on wonderful joining you and next our you. We and all wish

Operator

Thank in you participating for conference. today’s

now disconnect. You may

PDL Biopharma (PDLI) 8 May 202020 Q1 Earnings call transcript