Cardiovascular Systems (CSII) 4 Aug 202020 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the Cardiovascular Systems, Inc. Fiscal Year, 2020 Fourth Quarter Earnings Conference Call. At this time all participants are in listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Jack Nielsen, Vice President Investor Relations and Corporate Communications. you. Thank sir. ahead, go Please

quarter Rhonda you, our Medical Christine. XXXX are to fiscal we press dr. Executive and Ward, Chief a Jeff Financial issued Officer; year Approximately Good quarter conference XX results. and afternoon and fiscal Officer; Chief fourth and today Egeland, Chairman, welcome Operating call. XXXX Officer; CSI Points, full Chief our fourth Ryan President, Thank announcing Robb, Officer. With Scott ago, release me minutes

You find this on may copy a release our the of of section website. Investor Relations

Here, After includes fourth management our you outlook. prepared entertain will our will our may In also details and XXXX. for results quarter, find remarks, an we which earnings presentation performance questions. CSI discuss your additional ended that a on moments, few XX, on June

of XX-K financial those pandemic to any or result prospects, In or results on regarding reports of and financial disclaims particular, forward-looking for and our Actual those call, condition described Act developments by has statements future call. our implied today's the under Securities uncertainties and duty harbor information, During including not operating These events, otherwise. update discuss and statements. forward-looking certain will stated or which XXXX uncertainties, we forward-looking of are the created recent materially in are other could and as future operations, Litigation we forward-looking risks new differ our will the covered results statements statements results revise CSI statements due on most provisions a this CSI's from Private Reform to or business, statements Form our COVID-XX of quarterly subsequent Form safe XX-Q. risks historical and make include facts. that

reconciliation provide Ward. call now We for useful results. to information investors. refer to release non-GAAP they believe Scott a to over will turn measures our will the Today's contains table we press GAAP a because also I

afternoon are of our and compared your The joining us Good and I revenue quarter. $XX.X you this everyone improves Jack. that better hope to quarter thank we encouraged pandemic. we for continuing navigate revenue QX today. Thank reported you, a last healthy and that decline successfully the are you families than steadily to expected, came are throughout year. million and in Today XX%

our We are of responded very crisis. proud has the how to coronavirus company

against pandemic. them that care survive never how responded forget will as this to took exceedingly to continued engage for we and QX a we action we and financially during a offered education community how and throughout customers CSI and to stood support. we their optimize knew how protect Our our help customers occasionally them their how them all we to programs have enhanced support needs, our with odds, brand assure cases grateful during We came our customers crisis. together been our to safety

hospitals quarter revenue and decreased [indiscernible] as are $XX.X the elective remained the programs performing limb peripheral ischemia critical limb performed throughout the active salvage worldwide better million is patients than For Hospital-based and quarter procedures. of expected. treatment and more XX% rebounding to

back channels so decline the and anticipate stayed having role cath contracting the are forward. important with and have patients avoided the a pandemic, Fourth going they an play and even peripheral quarter west improve artery attack. in The decreased was heart had regions will they the outset At has average there In of worldwide when the recovery activations we based the slowly we disease south and that daily $XX.X much a recovery of in hospitals up ramping year. that remainder capacity coronary been STEMI lab Consistent country. United expectations improvement with steadily asymmetric they about procedures across coronary the and home throughout the helped labs the anxiety XX% referral calendar of well-documented were our to revenue million. a virus States will in lead addition, sales increasingly the office and treatment of believe stronger our

has Although recent in a seems both healthcare hospitalized are it procedures and have the cases, that country COVID-XX. around been caring successfully for there surge patients coronavirus with performing and emergent elective adapted simultaneously facilities while

and first of in in in In experienced in million is to our will pipeline favorable in Jeff June $XX the So and April sales. that XX% will additional our and forecast you revenue and to May, In now details prior and July, this we steady revenue $XX taken with results I additional recovery guidance Jeff? factors will QX the revenue to our we regarding R&D procedure confidence influence to chaos subside revenue, first ask considered March ability financial year the and unfavorable But a increased our in think our we guidance provide our information Rhonda will have provide commercial number million. to moment issuing the of to sales. for of total underway. but to range approximately volumes XX% And has progress. Due begun have regarding we we quarter a our have improvement rebound issued guidance.

Thank Good everyone. afternoon, you, Scott.

and to total quarter unit peripheral revenue revenue U.S. nearly $XX.X volumes million. $XX.X sold quarter coronary revenues declined we XX% million a Domestic was other coronary progress million. XX% decrease margin or sales our has as declined result to $X.X decreased XX%. that As variable million $XX.X volumes. million. million, non-cash driven by international compensation, to lower XX% In The compared decreased lower million. markets. to versus Worldwide year to devices atherectomy XX% decreased unit $X.X $XX.X revenue year, last XX% Worldwide our generated no approximately a Travel of primarily peripheral million in to $X from compared last longer representing decreased compared a XX,XXX within in as million decreased includes our atherectomy XX% decreased decrease and and $X.X of to to revenue profit are year R&D reduce charge revenue year. to compared expenses total, during Domestically to last Scott markets gross volumes. last QX incentive the year. XX% Operating to XX%, $XX.X mentioned last of of represented patents as fourth restrictions revenue U.S. International activities. follows: new to $X.X taken well international portfolio slowed the a last pipeline due related actions increased expenses lower to support million current and year. or inability XX% In as on product commercial accounts to SG&A tied future dipped spending.

atherectomy orbital loss trial. products As non-cash in million. a partially EBITDA Fourth of a our know, we net million. This offset over the Adjusted lower expenses by development. have quarter you charge ECLIPSE path XXX patents portfolio was of pausing was related was clinical growing and for $XX.X to $XX.X negative

we pandemic. $XXX well related with On the and of debt. our quarter cash to no proceeds. balance we June, in an equity ended This capitalized we sheet, in and marketable remain QX issuance raised long-term the issuance sheet compared our and $XXX assures strengthens million million balance net The to the further was securities over cash in in throughout the position increase where recovery

decreased loss to million basic the year the diluted $XX.X or and $XXX.X the Gross million. June $X.XX per by to fiscal loss year to $X.XX margin XXXX ended but increased Operating as Net prior year. XX.X% to and share review growth declined caused share compared expenses expect my lower in some office support by in I fiscal interventional diluted XX.X% That $X.X year, million. first commentary now or segments pandemic. primarily volumes full and of a revenues X.X% the financial slightly quarter per to such on with of strong, driven lower net XXXX. and XX, the X.X% QX prior of for remained full labs, For the compared $XXX.X or was will devices million $XX.X margin based to basic international, provide along million concludes for year in results. what

As continue please scenarios monitor many we of duration the dynamic and models expectations in very the along for various rest predict with that for remain the note QX, to COVID-XX outbreak. we environment and severity the of we country, discussed our that a the

procedure and elective mentioned, emergent improved resume throughout We a this Scott strong, procedures. revenues to volumes as steadily and However, QX will our QX. hospitals as continue even in sequential trend for July are compared believe forecasting, into QX increase we and

sequential $XX range QX of to million XX% of represents XX% revenue million, to growth represents $XX QX. revenue This compared of our first ago. XX% to to approximately XX% revenue Our year also one quarter guidance

pandemic. the of our continue Japan, impacted business, to international by negatively addition, outside In to are operations be expected especially

we of to operating Similar a as international anticipated maintain CSI business. will to approximately to year. may this represents the our the returned impact two trajectory from significant margin. modestly As next in volumes Recall Rhonda? to challenging poised expect the Rhonda remain to have will result, discuss million QX across our to approximately XX% developments. on balance year XX% This intend result continuity strong we compared negative expect decline now digit manufactured levels. combined prior commercial QX resume QX reduction Active XX%. between we and XX% gross goods which expenditures plans volumes several with we range a and time of the non-urgent margins, and to of through gross in expenses to manage operating slightly in QX a to cost revenue management to to implemented March, portion and a $XX and double reduced that over and procedures total, related sold to prior a our A our of business of the quarters. expected returned burden. to procedure growth million. decline $XX fewer is is expenses, previous operating Until levels at normal devices equal elective In expenses positions capital sheet

everyone. Thank you, And good Great. Jeff. afternoon,

our supported mentioned, the quality customer services to footprint and products our customers. communications patients Scott expanded in high have support and cases and consistently we've and our We throughout all increased serve engagement. efforts our to delivered our increased digital customers As we pandemic

through finder to locate physicians in X,XXX salvage patients our take launched website, identify patients a QX, physician can that In clicked pandemic. performing a community updated the throughout physician. procedures Our so scan limb a

our CSI of representatives field need have to each with in of to enable each close These one us. CSI our meet frequent remained they Our conversations understand their customers needs. and where sales customers contact executives

at customers, During expanded programs due near-term reduced the our cash We and to pandemic to their with employees, Lower and offering the facilities. contracting to action took financial flow pricing teams. of assure based help the responded quarter, safety constraints. many procedure we volumes, by facilities

person in serve. programs needs virtually cases Our supporting individual Demand physician professional flexing for to each and that the are field dramatically. we sales representatives also increasingly of education increased

times with During X,XXX many our nearly In attendance. quarter, course we customers the to we develop physicians over our specialized societies attended programs content, knew our fourth normal content desired. cases, X partnered virtual

the engagement these education We brand expand our and OASIS leverage to understand partner are salvage the programming, CSI to forward. and through the of key our coronary For of professional lab example, to help a an deliver produced we financial [indiscernible], efforts actions customers new the With interest with total, a operating developed customers we a demonstrated resources specific education and of our programs. their remains to of programs by With care Each SCAI, outpatient available and these In our partnered we pandemic. program virtual program. a during in in wake pandemic. going managing that in continue educational limb to level strengthened of we to to the look a COVID patients. encouraged

demonstrated resonating During are their access treat help that allow related low with seeking while of physicians for profile how to QX, our we a time bleeding In also to physicians innovation and access. treat effectively peripheral can lesions, variety femoral peripheral, devices complications patients. procedure reducing points traditional

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and time key short pandemic. the demonstrated patient study Additionally, at satisfaction factors length particular in which interest this a stay, are during of recovery

increasingly in full the During we are physicians one also in performing quarter, procedure. found interested that leg revascularization

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are is fiscal may this made one AHA, in and lengthen also and [ph] We continue believe term late We developing our target Nevertheless, in of pivotal last study patients study. cognizant number in the of and with pleased requirements the increase we we presented of projects. space the that IDE PCI process alignment to with first-in-human the pVAD data that and progress FDA completed XXXX. fall In a in meeting our follow-up the we high-risk protocol. pre-submission QX, on EFS innovation FDA successfully longer remain support our

three issued claims rulings key an and Turning ago Board development of challenge invalidate patent patents of we three XX related key July to the to its across In efforts. invalidated One-year patents. out to the Patent set System. the XX and our IVL out IVL final Appeal Trial

number our the In resume beyond. position important to growth CSI an we've provides leadership and during to some revenue double-digit market challenge discretion. our and fiscal brand a XXXX IP of development successful at business areas pursue and that IVL strengthened of Our optionality System in our expand CSI position

Turning to radial XXXX; peripheral half innovation mentioned our exchangeable first and our key revenue platform. and the fiscal previously drivers with of in our I

this debris, to will used available these incredibly [indiscernible] demonstrate will commercially including when all of we Wirion, the be offering The distal any forward. distal versatile filter because system be atherectomy to We support could products with protection capture cases liked of is that of can can thrombus. also be can benefit only embolic continue peripheral with device launched the going We we system it embolic devices, forms This where the used begin any higher. risk in the an making also peripheral that embolic used fall embolization device. filter be it

OAS support a peripheral During sold. introduce the access representing devices angioplasty second peripheral of fiscal of incremental radial to to we half every revenue of including plan lines catheter, up full support balloons, and XXXX, for complement products, $X,XXX of full

this six products every $XXX atherectomy of of And last XXXX for peripheral know fiscal over strategy OAS XX% of we Now sold. unit support remember months sold. works. we sold coronary our the represents In

growing leveraging to selling channel So our sales products by is number of accelerate revenue expected domestic large growth. peripheral a

events. could of our Internationally, in Japan by the timing this product allows factors facilities time. of our and milestones and fiscal device to encouraged we grounded surgical Naturally XXXX, course, to we a first COVID. with timing This we to Europe, can educate other development to and these does coronary Of onsite recent Mark conduct training anticipate for half during changes COVID-XX XXX. expands the over best CE in now our without from of at the estimates result ruling atherectomy backup are atherectomy the due where professionals potential coronary launch our of dramatically most of facilities XXX that represent number procedures. train In

coronary for near we term submitted recently international look OAS on Also our to We are revenue to once approval peripheral in Overall, our we expectations continue on modest. approved. plans strategy. our Our execute Canada. you expansion forward updating and

during However, by half reduce in fiscal disruption XXXX Trial clinical, effects the first resume the we caused the ECLIPSE patients we will in of the subsides. pandemic for fiscal later XXXX. revenues do of anticipate international our further the will pandemic that In when

status to-date the calcified to we with be of semi-urgent country patients our with answer readouts we'll the renewal and we'll make is this but not the severely engage ECLIPSE, enrolled investigators treat important the of We we push data of activities procedures will This best timing ensure study, monitoring to X,XXX definitively coronary and sure the that’s the will out certainly and research by influenced across on patient how can principal question that remain in will pandemic. lesions. and our

generated revascularization real and data outcomes that lower studies peripheral category effective lower With the a under in treated solution. safe, sustaining and events, proven from patients code has proven CSI life When to competitors, all world extremity lesions know rates than with XXX, rates. endovascular that compared surgical It's amputation important stay, X,XXX sets that shorter evidence life cost real more include starting study device adverse have major October. and OAS These to and PTA bypass. taken important changing leadership unprecedented LIBERTY atherectomy and durable role is medical over of in clinical as X,XXX peripheral apart both largest set a interventions. lower the of length world review, stent, has mortality and CSI safety decreased an

well lesions a economics will as for to the see device long-term evidence you calcium, further world term, CTOs with to overall leverage more support of use OAS. will OAS. to the and timeframe, complex to lowers more as outcomes. OAS LIBERTY OAS that the the show patients, lesions study at procedure real In peripheral and knee complex for treating of years endovascular the one two to the below It addition ongoing XXX, continue on focused provide will technologies. other study data drive We LIBERTY more This fall payers reflecting term, important well OAS will largest a publication compared that very the data like interventions long positions to severe of costs from and

opaque editorial there's be complicated Although CPT can process and a panel process.

will updates. We apprised of our to keep everyone do best

seek the In work group, advocate and push several require We continue code differentiation into development which case protect societies believe new meantime, we the XXXX severely may set technology now turn to later. comments. back codes of below closing I our anticipate the my the reimbursement for or that Scott calcified a the that to remarks. treat based could complexity, of of call on lesion and length lesions which and long new above concludes a may is the knee. atherectomy to That introduction may will his favor to will prepared used

you, our And Well, are shared we information with when subsides. Thank growth previous crisis that exceptionally resume the managing Rhonda. we've trajectory we illustrate should poised you are this this to that today pandemic well.

has business, with do focused treating Although we and it strategic the our patients on disease. has coronary complex intent peripheral an how changed not medical the changed global innovative pandemic artery living company of aspects many become device most to

strong market revenue we our accelerating and business from a making launches stronger per our are on in delivering objectives higher consistent We as emerge in and our and globally. crisis cadence continue positioned to the achieving a progress to these business, the sustaining company. well of this attractive, procedure growth coronavirus, growth core broader steady of and growth product Despite by driving we portfolio, are through commercial our incremental expanding core invest leadership

products. the we two new over For have launched example, years, past XX

published peer We greater manuscripts have in with our significantly evidence than reviewed XX journals. expanded based

delivered now in have rapidly have been XXX at we share. presentations market And major including in Japan, over medical XX presence internationally Our with countries, expanded have products podium highlighted conferences. we where gained a

our be completed an resources required and financial additional opportunistic in flexibility financing capital. portfolio. June the through additional to the million $XXX products to In we in addition, have provides This coronavirus new adding equity to generated we in strength that that assures endure an crisis

Although imminent, on commercial you for will footprint I to the technologies. patients, that core nothing In products strength, and growth remains cardiovascular enhance robust. consider closing, adding care we want is day when our address focus pandemic key our business today disease, quality and may of assure which other still leverage vibrant called our to the our our mission and We the we expand drivers that capacity that to look for remain States. forward to delivering can all employees customers number exceptional please mortality of also Christine, and and you. cause this support we instructions like and for be dedication perseverance, would their our time. CSI you repeat I Thank your continued United like you the the your one interest CSI, compassion for to in the all and now thank of thank of to great. questions. our take in that patients would during would would extraordinary will solely I if

Thank the question from line Chris [Operator comes Your you. of Guggenheim. from Pasquale Instructions] first

Your line is open.

can shed sales taking ago. stand Appreciate if improvement. be Scott, where to in get July better things sense you love Thanks. incremental year to curious with, to how June on and the for assumed guidance to start light today? That's questions. compared relative any a I'd I'd the

reports advisory well. think on committee I that have actually been comment you've can June, an think served based issuing and you have you it, they I and upon I Yes. Chris, assembled,

range. estimating had and I that that I think recovery you've to XX% year, to range would prior climbed in that versus about say been XX% we in June

Okay.

the continue say that slows, the So that sequential to to fair for first but make of do month-by-month. quarter improvement assumed pace guidance recovery the you

Yes.

I think that's fair.

we I it'll see really actually but – flatten that out. believe think slow, we don't we it'll think

surprising aspects pandemic. How more the days saw what like in dynamic the or Okay. particular of was And of has then lagging of a much the still that It improved? in admissions one is bit. seems STEMI decline early STEMI we the changed coronary

Yes.

talk Dr. I'd we And still dynamic fundamental Ryan, has STEMI Medical our Egeland, want just do have Officer, to the So referral coronary that think the is like briefly. the a bit, issue to I improved Chief address channel. think about you but that? in I

Sure. Yes. thanks No, Chris. the for question,

is think, I ultimately there's diagnostic outside of diagnosed And are resources is a and then reduces ACS these the of pandemic, in are with I as but non-emergent in urgent the disease. they number of with apparent that complex result a that that patients, an course of the that of that part patients issue reduction obviously the second more inciting patients think advanced disease, significant may that the thing procedure. incident present have has an necessarily become symptoms, creates disease, emergent not

And so some pandemic. although not come of effectively to may not the elect, of those patients managed elect in may course they they're medications, with the

And effect. so contributing another that's

both We less to, expect of to those time. over really become pronounced

Thanks.

next line from of Kristen Barclays. from Stewart Your question comes

open. line Your is

Hi. question. Thanks for taking the

opening treat more back positive that go as that treated as codes more procedures a of you number feel you we kind of in thoughts kind the door thing in codes here just a just number of are of reimbursement you long time. variation maybe in that be XX to well? lesions the peripheral, changing in XX, you I being from wondering to could the your maybe codes and the were complex feel not the guys too opens like that comments the of share could type on reflecting of decision if whether was of being more for terms good and of of just terms helpful, in open The maybe October. the some taking to this or Just to if

the Quite a welcome honestly, you. We've pleased appreciate here opponent on I for lower Kristen. boxing we Thanks, in that, against shadow are and codes Yes. that unknown to been an extremity really October. while. are now agenda really the that

question, should the what's a indicated this increased of the This visibility a clearly that are gaining at with medicine of forward of to different products is don't used in to very different of when your we and time we a care exactly complex patients. lot of a you've these procedures area planned. lot – in clarity. lot I number codes to So say, look regards when of have

and So disease. generally to much patients have out treating however on it's have been point a I that at specifically. on mix difficult we of unique that comment burden that focused a would case CSI really have higher we

on have are severely we cases. patients have focus that we These usually treating lesions. really So on complex calcified focus lesions, that patients longer treating and

So, these difficult are patients treat. to

We course, critical ischemia patients involved on of that below very patients many heavily we're, have procedures. our limb in a have we're limb the and knee high focus of salvage lesions and have

and based do this do number may this think if codes by my that that make limb for these doesn't CSI. advantage If view high we we will reimbursement real in for reducing on complex they burden. and It of So an CLI disease by and be lesion large complexity of And just stratify think salvage some codes to other with the that, cases AMA sense. the seem length.

our pricing. would So and would utilization affect we're confident that probably not any and reduction that may come not small along would reduce be

this about you information we can much based the right now. upon It's available. that's as We'll say, as we're more. updated we know keep at is where So as certainly

we'll have about an as a – filed have as as address interested As can perhaps we people at that's time we this topic. few but weeks, learn many indicated, more and that's in this much party,

much. very Thanks

Kristen. you, Thank

the comes Matson next Your question from from Mike Needham. line of

open. is line Your

This afternoon. on the David Good Hi. taking for is Mike. Saxon for question. Thanks

You sales. called out OBLs as daily the recovery leading average for

OBLs, So that? And could durable? little you just to shift more to implications wondering you longer just for as pricing the see some what be proves and are put if numbers that mix that wondering a term if margins behind

Yes.

certain more seen question Jeff in and hospitals actually in, address led our OBLs healthcare the I'm Texas moment, Florida, straight continue based this but in, We've in office OBLs like affected. the a be not places community, where severely Our have recovery peripheral. really have through the shutdown. labs to and going seen OBLs, the perhaps in We have we've been

benefited to the have we've certainly in they, continued from rebound So that. that OBLs the lead context, and

So do the... you Jeff, to address want

Yes.

and Just actually trend the that? we decline space, You – saw out expect to on would any just peripheral continue business we into so low-XXs follow-up mentioned in the if peripheral XX% it in that to QX. in but as break saw U.S. year-over-year, the the you here was in OBL that we we upper-XXs, space down go

like And patents, final. I it on sounds mean, you. then is Thank this the Okay. just IVL

So helpful? there can you so on confirm your Thank that? developing planning And I any own and be like would mean, very it you're you. sounds color device, that maybe

Yes. R&D the decision at really at time. know time, say the also open if nature The of IVL. will this pipeline appeal. appealed We are for it our that PTAB as we can on don't be not to commenting relates I is it this

stay ask you on that. So to tuned we'll

Okay. Thank you.

Thank you.

David. Thanks,

question comes line from Danielle the of SVB next Antalffy from Your Leerink.

line is open. Your

everyone. good Hey, so for taking Thanks afternoon, the much question.

even volume level follow-up. questions, around the I of a from question. of the this the have lot it how that, is of view, of how there's much much And the I Scott, much you aspect a actual first would OBL? moneymaker in does perspective you one this. my really end high that's the – a do your at impact for on does that fit and/or but mean, debate day, if devices? hospital like How But the Just adoption reimbursement a of these

that. thank Danielle, you for Sure.

contributor it and large atherectomy revenue. utilization hospitals and think – is you the consider a to actually of OBLs, the I the in atherectomy when not

revenue their hospitals and contributor on the our you would that many revenue – find the a higher a speaking, salvage CLI. atherectomy those overall course, it's focus not If OBLs, who use portion total. for to in focus it are is streams. I OBLs. devices who this the set, percentage sites, of for major the at hospitals limb the is a of you look generally of streams these And as But in or of There and those percentage a of in simply on just think spending overall code smaller

that's helpful. So hopefully

here? is, inhibit another that No, that Yes. guess to of come from what I I reimbursement and question, sort were ask so get trying it I detract use? way the if would to that's would I'm it to guess much at be down, so revenue mean,

No.

As particular, don't down atherectomy all, I relates is reimbursement it going we for that just I much. believe because And come those in where think are think lesions longer of takes the complex, said, to first reimbursement as more more is patients advocating – managing these societies that complicated. actually don't to on and longer focused we're for company, increased our payment I

care really to that complex would we reduce is doesn't for don't sense the going It So that down these reimbursement much. of reimbursement you come patients. more make think just

In product, lesions. have device it product. terms like down product, of unique unique these come our affect really treatment patients and severely calcified We're we for and set utilization the to I a I think, the our the of because it would a lot of sells a company have only a we very treat of long to that very said,

none. So many there as a result care just there's frankly, patients, simply in for the marketplace alternatives these aren't of the

result a much. strong very that treatment patients CLI. the so And the a that, have believe that in we place Thanks of will continuum so for have as we Got to continue of it. care

Thank you, Danielle.

question comes of line next from the Your from Kalia Suraj Oppenheimer.

Your open. line is

right? can afternoon, hear Good Scott, me everyone. all you

Thank can. you. I Suraj Yes,

healthy. and safe hope everyone is Perfect,

in question I to is forgive Scott, concerned the inventory between being stage? whether should specifically calls. inventory, me, given attention situation paying any field in aspect So its of don't this related just know seeing jumping the specific the we hospital are it's more in just but whether to any, be that was a asked question, you if financial of broader shifts is ideal, atherectomy in

our you're replenished think run at loads. so would our really a very March, beginning say, much – to yes, I correlates case very streams, over Suraj I revenue what and current it hospitals in organic And to now Well reflects our cash really inventories. that look as revenue And is seeing their they rate have conserve began much not growth. you

talk Scott about status? you ECLIPSE enrollment it. did Got

ECLIPSE? that. Yes, question you Did related specific have Rhonda to did a address

curious, Just number or… number last the patients wasn't a week sure was I X,XXX if updated an you gave around enrolled.

we the hits suspend Sure, COVID when decision, enrollments. to actually made

during to focus customers for hospital really Our patients their want pandemic. on caring resources it the COVID

ECLIPSE. And so to when to identify would we are be working with PIs restart our best

and our remained stable our And best hospitals, But at likely the last just not comfortable updates. has in resume FYXXXX to rate since doing anticipate enrollment QX. so. some and in timing the investigators we'll at the So physicians time are look when

are And X,XXX patients. about at we currently

Yes.

a the is high on pretty I of rates, at bench specifically, high information for documented we [indiscernible] now and well or And later much one any and of glimpse are I the otherwise asked FYXXXX, hemolysis risk more could maybe, reason mortality. to testing is right I secrecy in your FIM element Rhonda pretty published in pre-clinicals And scientific give but don't presentation. doing appreciate too because, purposes between to squeeze this existing you want PCI, and if now, see commercial devices and now

to before translational step there see – perspective people and love relative first a get For just to basis, us, are would on take some like [indiscernible]. but obviously a leisures, how your back

So any great. would color be

any Yes, to we or engineering have testing our release data. bench currently plans of don't

productively laser-focused protocol. in FDA with work on EFS the alignment comments, in that We my And we continuing have I as that. mentioned are to to

exciting may information forward. to focused we and our pivotal, regard and would with And the be moving there of of that So just that's moving really device. at EFS as put more begin through which step kind to out publish and on then that get we a performance pathway more time information subsequently the

question the next from William Vazquez Blair. Brandon Your of from comes line

is line open. Your

for thanks the question. taking Hi,

noticed just pockets next feel First, the there's some have pandemic through is And comfortable so patient maybe of and back move back not few ongoing diagnoses that you of of coming do as the [indiscernible]? your patients we kind pipelines that you in quarters? that of guys kind during are coming the of patients into pipeline volatility terms

pockets the see we'll of that country. volatility caused outbreaks Well, COVID-XX just will rolling and certainly of some the across I think of by be

restoration our pipelines the a States see we say which did at the impact of of normalize ischemia across Certainly if look are the there. look an patient patient not in limb referral that critical as a our we you I at knee, much in below pipelines we United – peripheral. population, in patient we that would seeing As mainly total, is

to But that others and in patient continuously disrupted at we say remainder probably of For depleted a a referral to improve that improve continue as and bit And in are expect some our beginning referred time, see let's of to knee, see coronary continue channels the population, the coronary. in year. well. will channel do earlier, we we've as to Dr. Egeland market a and of restoration And we the disruption mainly we in segment. reported as above chronic over recovery that or before, referral her this been in operating this our a by the course has yes, see that said calendar segment as

commercial about then help you of this a forward? always And capital bit little any over maybe quickly have Do balance pipeline And I'm think of you recent stronger. the the the it. uncertainty raise made investments that turning your kind sheet any pull your further capital forward strong is capital healthy, or to Got in you forward can additional should the had just a – sheet. put guys the think of that of recent more products, pull weather recent initiatives balance raised just to this we of going some that

we weather security to assure storm. for will actually to think additional assure financial and this positioned our I use us, the we capital Yes, are that is that to

gives and to capital are are for that new to before, per our talked think company, that quality right dislocated now. And might also the our that adding also improve bring we procedure. we consider considering potentially market our of care we've potentially add that revenue this We portfolio the would assets patients us products additional about in technologies are, flexibility as additional to

well So drawn debt, to of our have additional flexibility that million although updating $XX intent that, financing. And that this last quarter I in debt we in as successful don't we we to. upon we have now would using haven't have. financial also our that's intention note were about access we

you. Thank

[Operator next line of from comes Instructions] the Raymond from question Bedford Jayson James. Your

Your line open is

Good afternoon. squeezing for thanks And in. me

guess, business Just, can percent peripheral? the OBL just questions remind how us site-of-service, a of few a on as you big I is

Yes Jayson, our of business. it remains XX% peripheral about

mentioned forward. in are Can And we important play shorter, will assume less the you lesions Okay. the increasingly setting that treated complex an then OBLs lesions? going role

complex reasonable Jayson. we I generally, us, are who on a focus patients. think treating But mainly Yes, more I think that's assumption, office space labs for

really So and centers most focused our more treatment, they the longer sites lesions. the they're are are on of these of limb treatment salvage more focused complex, on more frankly,

is that are continued OBL has in focused to we the So segment. and be,

Okay.

so much going your And around expectation AML in the to are terms codes lesion, and by not expectations that so setting. by stratify AMA Scott, length just of the panel, your complexity,

focused of appears this Yes, on the based complexity of that care just of the the interests that's be any We societies We right the information the length lesions treated. the that's on We think correct. Jayson. have interest medical case. patients stratifying now, the to upon don't these and understand

Okay.

or quarter, terms your we Okay, in so last add in ability was couple, steady? assume you that that centers of pretty the to new centers added can fewer

fewer added do centers? centers. the number address you definitely Jeff, we No, want to of

corner and we we Yes, then centers. OBL XX, exactly side, the added the of the majority added side right were which Jayson, XX peripheral of on that's

Okay.

me, characteristics clearly you're M&A for M&A? And us Can thought you bit just enough. some just well-funded. help of in the hinted then are little with you around a and some you balance business. you cash last size grow with Fair to the parameters for Okay. guys kind I it, hinted at potentially looking but give the

not. rather I'd No,

I fit the current we adding new our use characteristics as that currently looking care are think indicated, finally, within portfolio. see. kind Jayson, And described we we are that the footprint, generally, obviously the of would products we it's I for commercial wholesale to our currently products then just of be technologies patients that at

you. Thank Okay.

Okay.

back turn further call Scott Ward. over There questions; to I are no the will

thank the we you update I we'll all your will And interest Great. Well, very for thank And of end you next quarter. you. CSI. in call. that another give you much. with Thank

Ladies and conference gentlemen today's call. this concludes