IIN - Earnings call transcript Q1 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to IntriCon First Quarter 2020 Earnings 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. [Operator Instructions]

to Salvo, conference Investor like speaker to now Leigh today Relations. would hand over the your I Thank you. Please go ahead, madam.

Leigh Salvo

Thank you, Christine.

Before preface to changes our assumptions of Harbor would uncertainty based on like and the statements management estimates statements. I call Safe and current forward-looking conference statement. we customary Today’s and are in certain These IntriCon’s circumstances. the remarks begin, with contains to are subject

vary statements. materially should you place reliance Actual not in results forward-looking call. may the Given these uncertainties, today’s from on undue contained expectations these

SEC. For and annual a Factors business, to the respectively, on list section and description the and quarterly Risk and uncertainties please of risks XX-K the recent our associated XX-Q, Form with most reports of our Form refer with

now introduce we’ll that company’s the financial cover questions. Gorder, Mark? I the results to detail, of review in that, then CEO, at call a and first IntriCon’s quarter point Scott With company’s more the open your CFO, the will for would for performance. Mark COO Longval, like and

Mark Gorder

Leigh, for joining us you, and everyone thank today. Thank you

I’d begin continue to the we battle. fight to today professionals appreciation like health discussion the deep tirelessly first express that COVID-XX to front-line Before our care

inspiration. grateful to each impressed entire other. We dedication, are customers thank as well flexibility our as your I for would and to compassion resilience, IntriCon truly like and by also I'm your the team. commitment to

several extraordinary months many past The have been undoubtedly levels. on

limiting well-being in our the by update COVID-XX. supporting our release in IntriCon’s and and the highlighted we As communities of transmission our employees, protecting of April focused and first business early potential priority our health customers on

employees transitioned work environment. our and Following healthcare recommendations government remote and from agencies to we quickly federal most local

including operation assembly supporting distancing who were social best and recommendations and employees practices other related our in our modifications. shift processes we followed critical For manufacturing, essential and

we for our furloughs COVID-XX and and directors including In well as strengthen of balance impact cost reductions employees business. investments, took year in salary as And started on to what reduce on addition steps components had of we to by see non-strategic sheet our customers turn the began deferral several mid-March the and our management. structure we the track our of

million to a adjustments revenue million do the was to revenue adverse change adverse $XX.X our impact from the $X.X quarter $X.X anticipate We’ll for occurred one-time customers. million addition from this We estimated in in quarter adjustment forward. first million certain medical any $X.X Total reflected it COVID-XX. for going additional recognition methodology a in not action of

demands our leverage beating best presented to priorities the challenges strategic and and opportunities intact, the competencies unprecedented core recently and the growth set by trajectory on new remain confident We customers importantly business pandemic diversify partners, a that global Despite partnerships volume of I pursuing number business accelerate us our success. our and completed that have actions positioned best am base. transformational growth exciting an for of revenue key

Services of expands that Starting important medical I'd know of many activities manufacturing today. As take drug the market highlight minutes segments. few Emerald of several like platform growth strategic hearing in you next in our navigation, This to our these and opportunity provides and capability joint Medical currently announced markets surgical health acquisition addresses including high development markets, exciting synergistic diabetes, several delivery. to technology surgical with acquisition navigation. earlier our

end building to Diversifies Singapore privately and Medical is Emerald conveniently operations. to revenue access as be catheters. complex existing in Systems based located growth manufacturing high medical services facility with our platform is immediate a XXXX. a earnings held markets Singapore with in It same in organization serving engineering its and the our accretive customer expected and base interventional provides to new technology

catheters interventional range pulmonology has a of radiology cardiology, an by EMS of neurology, team markets. in and applications robust engineers and Driven delivering history complex manufacturing a capabilities addressing peripheral excellent of the successful vascular,

EMS confident the have core activity, our M&A a criteria directly meets but we our selective been successful with candidate. We that identified for

navigation. access customer Furthermore, record. we management technology and expand would into for existing The deliver importantly markets rapidly proven team and our business us strong skills, ability platform, diversification, existing enable This for businesses. property, included our expand curves, the with with strong with intellectual a a to complementary in a capabilities technology development steep potential to leverage specifically technology to synergies existing key and track look opportunity most a that our to surgical platform

Emerald Medical our met Systems criteria. all

market present a molding significant and precision meaningful and identified previous we technologies. in to opportunities upside broad coil As calls, navigation highlighted for leverage that surgical micro-miniature electronics, near-term medical we we’ve our capabilities segment confidently is will existing

in primarily for today this ablation. pulmonology biopsy an lung and electrophysiology consists in heart business an Our for market interventional precise mapping

approximately we stock common event specific these $X.X three-year of we EMS transaction. share shares upfront million revenue sales provide XX,XXX Systems based the the will you some shortly of with acquire can can a over drive of financial generating Medical a IntriCon enhance The cash and achievement growth. earn-out has potential Each details to which on markets. the Scott additional believe signifies includes milestone to the milestones period. an content substantial long-term which agreement of Emerald payment a to

meet navigation in complementary support medical a base. attractive testing full An growth The consists EMS assemblies and and immediately development our packaging EMS skills production design, of immediately This our demands engineering non-sterile customers. of of acquisition to acquisition and services. and range to to manufacturing catheter be adds is includes ability component current revenue that capability capacity diversify the of to coil also surgical

predictable, group, is that controlled balloon Medtronic’s to including Medtronic clinically manufacturer portfolio peripheral it and sole largest key EMS balloon for by which as has serves PTA is product providing catheter and a its the customer reduce customers currently cardiac vessel XX designed a in vasculature Medtronic’s than proven Chocolate, and for Chocolate uniform. more currently trauma vascular catheter. inflation

knowledge we rate $X.X acquisition annual to XX%. of the EMS believe a anticipate earnings. XXXX through integration, were from and revenues brings and the and to approximately by in XXXX and our intellectual to XXXX plan business team be to ERP million accretive XXXX and of such With maintain a growth in this leveraging ensure most facilities to our We Singapore as continuity systems. QMS EMS the space compound scalability with operations in regard property revenues wealth

innovation, clean space foot business The includes to assembly From square manufacturing plan facility development storage. ISO and the a perspective room offices, X,XXX while feet along X square approximately with of X ISO and we leverage X,XXX a expansion higher for the and our Asian into team markets. EMS profile us in location region excellence medical center the provides the in with for device the reputation of quality considered in U.S., Singapore

obviously this forward to delighted are with We acquisition. transformational move truly

business. Next to like hearing discuss I'd health our

last to peer on quarterly end more year, consumer channel. Earlier securing our our platform software includes high reprioritizing that began call, to investments we partners will highlighted ability this we success which and profile our by aids, this on customer an long-term superior market value care self-fitting ecosystem clearly believe in largely focus hearing be As the of market. to deliver our we U.S. to indirect our driven

entities resulting to and engage And for from Despite and pharmacies. continue hearing the commercial discussions we market, pandemic several specifically initiatives. with in retailers, the healthcare end COVID-XX branding health solutions consumer including are widespread actively pursuing partners disruption

draft the uncertain. of timing FDA of the virus Hearing legislative an and the the and make resulting Aid attention from priorities guidance on shifts update However, OTC Regulation

We high this hearing enthusiasm today consumer change of tremendous are potential aids given in however that there confident the market. and cost remains for ahead

our direct-to-consumer pursue decision to following support to to a transition to approach quarter last Hearing made longer solely health hearing at our initiatives. no Importantly Help direct-to-consumer our recently remaining partnership operations market, we the decision Express the

a synergistic have anticipate greater termination we quarter million addition the providing associated and for later severance, his growth restructuring, more losses operations in expenses. anticipate also As to $X.X these in second million charge Scott to accelerated this substantially as will in opportunities a inter related focus will comments. high incurring reduce on detail actions we We $X.X lease

we as time can as safety health quarter self-fitting until participants. included in the we our software addition ensure trial such of first postponed our we In clinical anticipated preannouncement, trial have and

largest first in Lastly turning sales customer to XX% diabetes total to the our revenue represented our quarter. market of

our anticipated of COVID in an further sales with XX impacted resulting onset decline. anticipated growth signaled tempered the As in on XXXX had we we call, approximately last XX% year-over-year

presented growing remained pandemic resulting notably In from patients sensors interest COVID-XX pump in signaled seeing in transmitters. challenges further continued glucose disposable remote hospitals by home. that and system standalone the diabetes Europe, monitoring challenges and in starts CGMs insulin the starts new insulin to In we keep safely U.S. Medtronic continued provide that enable carry impacted. at pump also Encouraging, are strength

expectations that impact our anticipated in noted an on second impact ordering inventory already quarter. pre-announcement, As we we and our QX would

half improvement However, second that the of we year. we in will continue expect to see the

business, to a addition by staff Express employees, the in In administrative offset reduction a workforce we Help reduction have with Hearing hires. completed support few global approximately associated and XX of partially net key our

made our transformational and complex and on volumes. require and effect growth design decisions reduce and planning value expertise taken company micro-miniature We by significant in of million. we time anticipate delivering further approximately shareholder that order position execution do devices through production has focusing the best long-term was best IntriCon for to actions careful of by a what operating strategic expense these over specialized to the $X.X net high of each these Undoubtedly, actions number with

partner quality miniature in accessible serve. remain devices joint assemblies medical life including our the steadfast micro-miniature affordable and of that commitment micro-mechanical for to complete products enable a leading and those development improve and we for We healthcare assemblies be manufacturing micro-electronics,

Our year meet leveraging Medtronic’s volume two, revenue of one, of accelerate core non-diabetes the platforms. business; technology remain by our continued diversification include: the priorities unchanged to for our demands diabetes the and

aid to continue software care customer partnerships can that hearing our pursue technology utilize expertise. self-winning technology, secure and and Thirdly,

highlight joined a addressed for Human and and opportunities. structure, the this than of in wealth integration. and years to HR an the with sustainable domestic March, She point, I in In our finally best medical of Rider leader more two Board a both And this last international our XX of global experience reliance pipeline priority. a and brings Heather organizational industry. team to practices growth additions key Global driving best our technology want as On specifically Resources implementing leadership recent focus

Sara Officer. IntriCon role. in proud newly this team I'm furthering these to high Hill global member executive growing Resources the Chief look has contributions goals. as our Sara the IntriCon in teams the more our month last landscape challenges made And the and wake unprecedented created of Human and progress of performing years her substantial team forward of to XX COVID-XX. its incredibly we for Despite than as a joined towards healthcare

call I'd financial our turn over to results discuss Now and like to Scott guidance. the to

Scott Longval

Thank you, Mark.

first legacy quarter, of $XX.X comparable reported in XXXX of our prior on adjustment the our the our impacts the million to to one-time absence customers. due HealthInnovations for to and change hi methodology recognition a we net period. Turning hearing from revenue and $XX.X to million primarily financial channels, The results year the diabetes million versus revenue medical was decrease COVID-XX in of certain reflect health $X.X revenue

business million, segment, by Medical demand. a partially core of this one-time the year-over-year XX% coil decrease offset largely business total was $XX.X our in adjustments, were the revenue to medical recognition By impacts on decline XX% strong quarter the for COVID-XX diabetes, revenue. represented due Again, revenue and

decrease segment, our the no this over health legacy was the hi and quarter to Once HealthInnovations business on a impact hearing was Health Hearing year from first quarter. our COVID-XX down $X.X channel. XX% revenue revenue due largely in prior million, again, first In total

Health was was Hearing business revenue Express $X million revenue revenue our and $X.X OEM the was direct-to-end through consumer indirect-to-end-consumer Within segment, Help Hearing million. $XXX,XXX, legacy

were down due XX.X% were quarter. gross First year primarily to margins excess capacity quarter prior XX.X% the constrained first manufacturing in from Margins

the XXXX first posted net to $X.XX We were diluted the the $XXX,XXX share $X shareholders - $X.X and reduction diluted million, period, decrease attributable substantial the at million Help versus Hearing stem Express. in or administrative loss Operating expenses a share to from quarter. per of for $X.X for net attributable income compared or per expense first $X.XX in year advertising million quarter of to the prior shareholders

time Turning however restructuring to efforts. we first quarter to was more metrics. color in HHE April confidently accelerated enough We guidance, on preannounced X, key as IntriCon visibility financial on did this to our suspended provide until such want communicated have forecast our guidance

cost During savings eliminated certain administrative resulting $XXX,XXX. further sales, annual in marketing, HHE the we approximately second the quarter, positions of

$X.X our advertising resulting million from second continued significantly current was in million compared XXXX decrease that addition, the we loss actions of In additional $X expenses in profile in remain XXXX. pandemic charges limit. HHE roughly our million with $XXX,XXX in in anticipate Furthermore, Based impairment we reducing cut reduction to our investments of we want spending to the XXXX $X.X operating of many expenditure XXXX. XXXX COVID-XX to we've on the consumer these to to as highlight steps in uncertainties while half taken which attributed excluding and

In an salary workforce savings and of temporary early reduction completed incurring resulting including in In $X.X physicians of restructuring annual last and million the charge week, workforce reduction, reductions and we furloughed physicians $X.X the $X.X in XX April, we for instituted quarter. HHE connection management. many furloughs the doctors second And a of global net million. restructuring we previously million anticipate with to global approximately

for initiatives. guidance without And the Emerald We that financials. an did some impact or acquisitions year actions our have Medical we’re P&L, on were ability done color want XXXX on will time. long-term providing this other to factors these at impeding full not execute compromising our additional comprehensive Importantly, lastly, including Systems strategic to however, highlight our

First, from as customer quarter our noted results. X largest our on level anticipate we will impact April a negatively second that adjustment novel Update, inventory

in to Emerald Medical $X.X of XXXX. previously grow revenue Mark XXXX mentioned in the in As it this business We million. as posted they double-digits anticipate low relates Systems to

anticipate to year. the accretive also net for be to We income acquisition the

quarter, balance associated incurred million. approximately transaction fees we our During $XXX,XXX the second lastly transaction. in And is with approximately professional $XX the post cash

over take so and I'd the Now questions. to your to operator like call can turn I the back Mark

Operator

the question Block first of from comes Jon from line Your Instructions] Stifel. [Operator

Your line open. is

Jon Block

was why you in you the maybe things mentioned seems Singapore. longer low mean term? to for Scott I for to to EMS tack XXXX, like off mid-XX building the of was these now growth sort acquisition, alluded were for that kick And known think there same Mark EMS, CAGR topic I guys for that just to there a number same on have it while, just in you on may sort double-digit literally but you a of

COVID versus mean and double-digit given that growth clarity on the call of of it, I follow should low is accelerate So growth back ups? Thanks. the the to on because was a rate then, CAGR end and the couple just de-sell guess that is we more I've expect got I that

Mark Gorder

the rest for it Jon, the acquisition just I'll - Scott. the on over then your to reason question of turn

electrophysiology of the criteria to our in then. a for about catheter navigation going and importance back And our making I we quarters of couple raised think pulmonology money that since interventional into we started future. XXXX we’ve were surgical August part assemblies our inroads right and well been as mentioned that ago as into And we talk good the of designing of partner were medical as acquisitions, in looking have at others. applications looking coils

more growth them a type we grow it in them position vascular allow give into sometime core in expertise the and applications was the some realized we and look platform their only excellent And that the neurovascular, to going would us substantial and able business into us potential at accelerate to grow during we to that as that but catheters their of not cardiovascular, became would in surgical aware the our to platform be and more peripheral Medical the a could And us candidate. new Emerald we EMS of navigations, interventional the with got applications began in area. electrophysiology earnestly technologies pulmonology XXXX that help also

a and we perfect we fit. about think this are So excited it’s very

Scott Longval

the we little to comfortable and could product environment. the felt wanted XXXX And than do could on over there growth again this want with very low timing put be what to months. we that think obviously we launch with it what some we view number in transaction question but COVID-XX the that first a conservative if in bit X.X to that uncertainly number could with the to in for also mean And able and double-digit that a Jon related we've is stronger a impact outlined, make come

Jon Block

self-fitting follow and again on and just back this approval as would once the postponed also that time initiated to Got maybe be you but is it pick it was you the on up just helpful. you it mentioned reiterated disclosed when that trial up more And two trial very might trial to call helpful?

Mark Gorder

original The required to of the was date for August this FDA provide year. guidance

short-term methodologies a guidance However, FDA just we relative factors, pandemic going of realized to testing the the equipments, think number COVID-XX to priority that vaccines the overwhelming that OTC the get the in demands And on overwhelming. we is here. a don't from lot is of

So good this as reengaged. anyone to we're anticipating be going now from when to have is any I don't data

able might planning next April around get X July that We're to X. April by be - between year we able might of done be it X just - somewhere they to and

And ready so, can’t technology the ecosystem get this. our control by April X But FDA’s can we ready we're care doing really attention our planning control. that and to we our date on of to

definitely is much delayed guess it's I delayed. be know. my don’t So How going to

Jon Block

next sure Mark time, sorry, around might the I'm the that that that think to - was and think I've be year want correct? just it Okay, self-fitting of FDA push and I got - clarify early same mid your was just in you and until that to might you question make to answering

Mark Gorder

Yes, that's correct.

year. doing most to aid hoping average the XX start we're COVID later somewhere the trials The in with So virus. problem around the our group, to can with group hearing the that's potentially vulnerable doing XX trials that we age were age

our will an to recruit be issue. So ability

as we - we year we're get this later more doing start hoping something can the clarity. thing as So, in

Jon Block

I'm forma don't in know Scott, you and length way through. talked about a I some think about OpEx number that one the Yes, at that I you for trying - guidance. to a $XX there is back for to levels give burn just initiatives want of balance about the think final cash yes. the into for you not EMS year? final pro explicit guys revenue one, thanks But going are mentioned And million you to of

do of how time for So balance your we burn guys. for about XXXX? Thanks the think

Scott Longval

some obviously, structure. steps that, our business positioned question. same to our the Thanks, time, done we've drive At Well, pretty we've really to taken great we've cost reduce ourselves Jon. Yes forward. aggressive

the in generating of it’s where moving at look year, be believe will second half cash. a we that business be position in to So the our we

perspective - that the the year. have from and P&L positioned very seven So taken protecting enter the sheet and feel last we me, we’ve as steps in taken excuse months some the balance well aggressive of we

Operator

comes next Your from line Andrew question B. FBR. from D'Silva of Riley

open. Your line is

Andrew D'Silva

I'm glad congratulations to hear healthy everybody acquisition. the is on and sounds

there start for? quick me. bookkeeping quarter? to one-time then comp, stock-based Just flow a any were amortization CapEx also couple was What and quarter that first from for should severance the depreciation and questions or from the cash we of operations costs in other And account

And traction pulled have away that's anything been business from hearing due seems gaining that decided with just was if you curious then while that significant approach since to with initiatives changed tele-health to pivot it HHE? being and that DTC that aid your I just COVID-XX

Mark Gorder

Assist People of out the other We like supply direct-to-consumer MDHearing, a you'd lot names these there. see people. Hearing Eargo,

providing are Intel with We so Inside. technology them like

order to with out closely However, what that and branding feel business very to proven that position our we're retailers like. that comfortable figure as our model a now HHE scalable test is no model a we look platform. approach positioned work we with scalable has might best potential And think our and very we've one in yet partners

which and capability going branding to retailers. both they And is have support currently essential capability partners customer and be service tele-audiology to -

care, of branding ecosystem building necessary into we we quality So build through a a an the care key blocks ecosystem maintain to to retailer. partner work think high hearing aids supply with of an

that believe So position there the we're be approach. very comfortable a we market with to that and in going for approach are

Andrew D'Silva

then… And great. Okay

Scott Longval

equipment of in any and We quarter was CapEx million amortization purchase $XXX,XXX. of. stock-based Andy one-time $X.X from in of of in terms in and first was Scott, unusual cash the quarter was much in was and operations terms depreciation used of this quarter the million is there the had $XXX,XXX, to first expenses $X.X speak

Andrew D'Silva

the or second is something heard M&A related was costs I quarter But in that quarter? that first in the about

Scott Longval

quarter all will quarter. the will incurred in professional second $XXX,XXX That second be in that be of fees the expense the

Andrew D'Silva

or Act go then then, Okay, Aid it out OTC relates guidance great. three the it get period? it. ahead. August possible final even just the the in sort all to Okay figure of by rules year point I drop right, at could deadline And Hearing commentary to as And the is this

Mark Gorder

to well because would by I allow say a would into six-month And they were - now period six to statute. have months they they just if even it's fall. that put not comment by them the have it issue

Andrew D'Silva

and And that's launched point? I you're just curious at Phonak Okay competitive the off what it remote does any what holding to this that figured. trials, was had and landscape self-fitting on a I but recently I platform on then you know thoughts fitting if the

Mark Gorder

consumer. in the of partners. serves some through put a retailer the The the all of going or has audiologist would manufacturers the out what then audiologist that's shops an ecosystem is serve the into through both large in that we're traditional to branding And tele-audiology audiologist point the through still market of platform directly oligopoly traditional that out I model each care anticipating and centers type the through we to are going through the a that that

unique So that how takes it and figure into particular to environment. that think get somewhat retail is expertise that out channel we to

- the It's dominate of the channels. no traditional the through oligopoly only any implemented would doubt technology type that

retailers. think ecosystem don't the care do into long So, ability run we affects that an to of our the in

Andrew D'Silva

consider any in that if that thinking metrics the quarter much. the that be that should you second first it or Was have is an second largest you adjustment the X.X we though talked rev level quarter about adjustment, that additional customer your inventory you quarter. about Thank be fact have adjustment mentioned color. an might you useful? Good or very that And rec thanks. during should then, the Okay, impacted we

Scott Longval

our $X.X first to the non-Smiths of separate, of recognition is relates Andy, was we at the The from had recognized that largest beginning Sure. with again April change in our adjustment That today the highlighted that non-Medtronic, to revenue. revenue in million do quarter [ph] the back methodology customer to be upwards But that $X and the be. and to we're exposure of that could into be going the quarter, it kind quantifying anywhere still too of quarter. we'll what number work we but million is second as throughout to that early move would tell continue max

Andrew D'Silva

first Okay. And with can just that their And the between of diabetes you I'm context level their you're we They that quarter is bridge patients COVID-XX. supplies help CGM revenue? I how I the very diabetes said to to to group translated second guess seeing be provided? quarter on-hand supplies gap the would then, that kind Medtronic have curious that and of what components of increase, involved assume the with some correct? your discussed due

Mark Gorder

Andy. question, great Yes

it revenue, well our related quarter as that that do revenue Medtronic. something that and we diabetes performing see into electric wasn't COVID products how is you'll look we’ve the on if was and about and [ph] they back disposable their break some the was the part of one impact April down at had various And Diabetes impacting and update what you groups. look have on that is you was highlighted. go of you it at the first XXst necessarily if So the diabetes and group supplies frankly translated for the

the elective more Unfortunately, new that transmitter. that products that know, of some faced insulin come pump group electric pump with sold some headwinds more And faced continuous that headwinds starts. are a products systems of of as you insulin were these the

is directly it’s to starts percentage growth So, pumps Medtronic. have going we largest the headwind us, that which new with into of that's a affect go the

move the believe will opening start continuing the to pump insulin are But and we starts. we we and economies pressure some right new year So to up as forward will improvement. the they now, some that throughout see the of for begin feel fall of

Operator

Daugherty Kyle Bauser comes from from question of next & Your line Company.

line open. Your is

Kyle Bauser

taking Thanks for thanks the for updates my and questions here.

design the status before forward? been ahead what up I just about on - the I think be But you the following trial you put XX realized green was Jon's your mean, the finalized? targeting across and well. hold were had for light postponed trial on can patients So have then I to was trials clarity, prior question of was software received self-fitting COVID-XX and like kind move to have as you talk board

Mark Gorder

had Yes, in the trial to kicked nod from were recruiting. and start go COVID we FDA ready with we had set design of a trial Kyle. We we're up was - the when and all the in on to to launch the trying line process and doing

it really you But in know threw deal there. we monkey So wrench with. a - we’ll

Kyle Bauser

Right.

Mark Gorder

we'll it to can it, start we recruiting. back when With get

Kyle Bauser

Right makes was And the sense. lower? about was it XX-patient or level it that, higher than

Mark Gorder

we are what shooting XX is for. No.

Kyle Bauser

Okay.

Mark Gorder

end XX. to recruit had would a with few than more up we that Probably

was - best it's goal. XX but the design So,

Kyle Bauser

you which predicate Bose Right. And a regulatory a bit Got makes perspective, the there, it. which is it from great. out easier have

ongoing your sense? for be XXXX(k) of sense is the kind in other just the for any interested Bose as using trials what So, that of a will predicate number

Mark Gorder

a product. some NDA of one was them. heard that was to supply - working we're We've them There we’re under of couple with

aware looking I'm of one So But least at other sure others. at be that's one self-fitting. there I'm will

Kyle Bauser

in Sure. EMS deals of you Right. is even midst accretive the being COVID-XX. and talked of course about this Thanks. And that

PTCA the I several this there, maintain color from not able just has it over a function any will of that's selling a But their down like be So here to know tough of only kind a wondering sounds hang in non-elective little into to how profile. CAGR mean, procedures they’ve a environment? past been there, grow actually is the sales like in AAA, of neuro, but able double company kind great? and years. been just I strong bit growth digit EMS

Scott Longval

prevent mentioned Yes. back line was Most with imputation. are you that and of of PTCA procedure there as to something kind they the that your type coming which is products have offer would from of know those Medtronic procedures product occur elective and really

they go going rates. that what believe continued - in that's we terms of and achieve can what very of that bullish types we but that growth so that And this strength of those And environment seeing where in achieve growth they're even in to business. is can feel of we we types believe type

Operator

no showing Gorder, time. to Mark I like CEO. this I'm turn now questions to would the back further conference at

Mark Gorder

us Thank the and been on have you you. pandemic past months is environment. several the impacted extraordinary many today. undoubtedly Thank business the joining broadly for again levels Well

strides to important secure future We have made the IntriCon. for

with structure revenue align to First, our better we significantly levels. current cost reduced

we without compromising our on impeding Importantly execute have this term ability or strategic initiatives. done to long

our acquisition Second, base. immediate to through diversified gained growth with Medical new high end Emerald access and Services customer we Emerald our Medical our acquisition of markets Services of -

are pandemic advertising. Lastly our term securing emerging the and these higher investments longer partners on to environment successfully approaching focusing such the channel actions enable business eliminating positions of risk as us sustain investments the We consumer OTC/DTC prudently we with current by strong growth. manage through believe combination and us

and for thank coming evening. as our you quarters progress shareholders support. your the on our We look as great in to well meantime like stay would forward continued IntriCon a healthy updating have I team to the the over

Operator

conference participating. for today's gentlemen, call. Thank and concludes Ladies this you

disconnect. now may You

Intricon (IIN) 19 May 202020 Q1 Earnings call transcript