Cardiovascular Systems (CSII) 4 Nov 202021 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. And welcome to the Cardiovascular Systems, Inc. Fiscal Year 2021 First 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. now hand would to conference I Mr. Instructions] like the to over [Operator Nielsen. Jack Thank you. ahead, Please sir. go

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

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

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

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

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

and and are today. Jack, and you 'XX which we through and compared year, quarter but revenue million, to year. domestic million joining persevering revenue you, your fiscal the of U.S., fiscal $XX.X 'XX. of QX increase families afternoon, good drive sequential $XX.X everyone, Today, thank for a decrease XX% you to healthy domestic X% peripheral reported pandemic. helped quarter QX of compared sequential last XX% first us the a and Thank that quarterly or hope I revenue represents in of last strong of growth in fourth coronary of this In

than expected, patient sequentially calcified XX% better severely and some early throughout very coronary to The coronary in reflecting channels attributes were non-elective improvement franchise of consistent quarter, we by the the results impacted last increased units at recovered Peripheral with year's better than than see pre-COVID procedures and expected. of the improvement most levels faster as and recovery the to procedures our than with faster pandemic, reflecting critical negatively OBLs was the in at did trends quarter Similar consistent levels. patients lesions. performed the atherectomy and for XX% of peripheral hospitals atherectomy our expected, recovered volumes Although throughout mix procedures backlog in nearly last orbital quarter, quarter. adoption procedure favorable the with of indispensable caution treatment a OBLs work in increased likely through ischemia, limb positive referral recovering expected also

organic QX Despite COVID-XX, finished coronary We are last of growth. increased XX% cadence encouraged that a healthy business of of challenges the at our units U.S. the sequentially year. is XX% sequential QX and sustaining

declined negatively procedures accurately products. quarter, was to for pandemic impacted International demand revenue last $X.X the number our sales Our and performed QX of the of orbital million year. compared robust during demonstrating XX% by reflect unit the atherectomy the

ability February. hindered last is that by Our accounts travel began international enroll adoption new restrictions States drive United and the outside to

P&L. Turning to the

to continue successfully helped the during continued this XX% quarter. steady margins drive our and business reduction We during favorable period, manage cost initiatives production sales mix volumes,

reduced to last last improving stronger improvement and $XX.X over addition, compared year. in operating QX, expenses in $X of revenues, expenses million In The our XX% of million EBITDA we adjusted resulted lower margins combination of gross versus an quarter.

In we're summary, quarter We provide Jeff? regarding Rhonda will our strong. and guidance. in details results, to regarding and in progress. business recovery revenue our fiscal you is will QX, great first, But off So commercial highlights second our experienced with our financial 'XX. robust a a start a Jeff provide in moment,

Thank you, Scott, and good afternoon, everyone.

United X% The taken expenses decreased million. expenses $X.X pause declined to $X.X decreased last $XX.X due to SG&A revenue XX% Worldwide first $XX.X and compared revenue to year last year. clinical last revenues of first our In X%. revenue ensure a quarter throughout International production was the disruption particularly atherectomy were or $X.X during $XX.X improvement expenses for XX%. Steady generated manufacturing significant represented primarily fourth mentioned, year. increased reduce last to U.S. actions sales quarter, reduction year, International to peripheral million trial. Compared million. Scott our decline the million million gross total, revenue our by and quarter a COVID the due declined measures safety to to of have R&D last to cost 'XX. year. continued our Total spending. which to last XX,XXX revenues resulted taken steps mix with Domestic to XX% X% devices States the sold sites $XX.X represented million year, follows. we of We've above to production profit X%. minimal decreased We volumes, decreased the compared favorable million. quarter in lower to X% security X% fiscal XX% both million revenue pandemic. decreased encouraged expenses Domestically, margin. the peripheral the of in X% also revenue decrease and run coronary revenue compared related to gross versus $XX.X temporary and in Operating employees As compared to variable coronary margin decreased Worldwide of ECLIPSE as of $X.X million. markets decreased approximately

First quarter $X.X was net EBITDA $X.X Adjusted was loss million. million.

ended quarter with sheet, I to commentary balance the my what concludes million debt. nearly results. cash some we no That the the in fiscal of provide $XXX securities quarter QX On in 'XX. on marketable and second of expect long-term and will now review

please in severity the and a COVID-XX scenarios outbreak. various of models our in remain discussed we expectations we that monitoring a resurgence for duration the are predict that As several note QX, and changing environment, we rapidly for

the the the concerned are to COVID Although United by in we most care hospitalizations resurgence we believe and are spike a manage cases of facilities prepared recent virus. around occurring health States, the better country across that

range revenue our international and May and return strong to are of our procedures Procedure Our With improve QX and also to QX pandemic, After that negatively second ago. Scott in revenue million lockdowns levels. XX% newly XX% revenue compared pandemic quarter. COVID QX. our XX% one while in XX% development we Europe, the assumptions This patients commercial for as second of quarter we represents restrictions. earlier, mind, revenue with also impacted performing by to of end consistent volumes with million all approximately to customers pre-COVID August, $XX said And communicated we consider procedure $XX to was report considering XX. throughout our that stabilization, are to modestly sales of the will represents note last adapted caring approximately due hospitalized second of imposed X% to growth quarter, consistently sequential believe XXXX our resurgence by worldwide the $XX.X that guidance remain of COVID-XX revenue year. the that QX. approaching and were in travel the our impact successfully the of will QX the levels expecting of the they have cases with When year Please introduced million variances on

Japan QX international last year. operations lower As a of result, to than our outside expected business, are especially be

worldwide the expect expected for in revenue the last guidance. QX we QX total, are will margins in Gross in taken range same revenue basis XX% So of our year, is that this of approximately about land the approximately X% of operating range forecasted million are expenses be from $XX in remain a to XX% represents to in of the prior QX decline XX% This to XX% year. range. to to and the $XX million.

of have patients increase enrollment our We will the resumed R&D that and in trial, expenses modestly in QX. ECLIPSE

the we to expenses intend across procedures several in of continuity implemented return maintain reduced operating normal March, plans until the business. which expenditures and we business capital levels, to However,

will discuss generate That be $X positive during a QX net loss concludes developments. Q&A. our line, prepared $X to comments. Rhonda? my will I bottom and now anticipate your the million answer million commercial EBITDA. Rhonda adjusted to questions On we happy to of

Jeff, and you, everyone. Thank good afternoon,

from a peripheral X% organic volumes In was decreased with Jeff, strong in As continue as our our COVID-XX. you improved QX domestic just quarter impacts recovery business the are the pleased momentum. strength year. throughout to and compared from procedure The of we quarter, QX, heard domestic we to only last

XX% in last compared accounted this last atherectomy. forecasted site revenue the quarter the sequentially. X% lead our for peripheral we May, of continue XX% revenue to year and As and during service to OBL revenues increased recovery OBLs at of and

improved also service XX%. of site hospital Our sequentially at

hospital pre-COVID our to segment sequential for providing pandemic. XX% growth driven yet disease volume. in by full utilization not exchangeable. nearly during the is our procedure, has physicians it many anticipated, keen levels. multilevel of was an as exchangeable have this However, unit Purchase on leg And in one revascularization peripheral especially we become entirely increased Strong extra cartridge of returned of

revenue ASP used. important continue cartridge well innovation uplift this We meaningful per a second as of the case to is capture when as to value extra achieve a

XX% performance even This coronary referral increasing as as better, increased the rebounded anxiety to and was volumes procedure patients sequentially Our as compared channel occurred nationwide. in QX. lifted

progress make to support continue we addition, selling products. coronary great In

the Increased revenues resulted U.S. every most coronary were only X% last cath procedure which volumes to generated reps coronary to generated $XXX declined increasing and year. coronary for $X.X in per sold. was and labs revenue revenues device to incremental Our Japan. XX% we of of declining compared higher access throughout the million million granted quarter, procedure in International revenue

were ability in case with mentioned, rebound our train impacted travel we throughout while the pleased volumes existing in COVID ability a accounts. training in And our penetration slowed and Japan, educate to Scott and new sites has As increased quarter. and

QX, types coronary of forecasting service, of use procedure above all organic stronger volume to increasing for ahead in are $XXX. exchangeable revenue moving and Looking we procedure

remote upon course been digital medical catalyst a education Of case for and this utilization, education, access is utilization sites like trends, more of for solutions of the heavily to hospital COVID driving maintenance continued shift change, OBL. and and of has care engagement, rep alternative and complex COVID the dependent procedures. all ICU virtual elective patient medical creative

highlighted As relief. all I reach to velocity And last educational a like quarter in this quarter, our point with conferences data NCVH communications with and our pivoted at was terms visibility of high customers in major CSI digitally. the reach programming

we our through programming visits nearly providers virtual to Take quarter over physician reached A attracted Stand visits the XXX,XXX our and in education to our Additionally, XXXX XXX fighter. and website,

that focus been organizations including are related highlighting the Sky patient disproportionately the standard the cardiovascular amputations for their has We increasing to developments of patients, support a peripheral patients. activated color. and and care positive #HealthEquityNow how treatment. also with coalition field diabetic counts has address campaign care and launching for CLI and Transitioning There's an of And reducing affect with reimbursement. bill emphasizing in house primary the PAD. importance all disparities aim and the these and imaging in launched seeking new pandemic, the lieu of for starts AHA seeing the use earlier and momentum people screening of societies PAD initiative are very second at driving with amputations greater and for of that PAD of the on importance in cell diagnosis amputation anxiety introduced patients to revascularization screening

publications the the CPT an can in February, earliest very available codes been a And meantime, for whom revascularization, the complicated patients XXXX. panel positive, set calendar agenda peripheral economic If set, and and this you and and As an that be value withdrawn be with we agenda CSI reimbursement at with increase September. we've evidence In for lesions will many of LER impact the recent the an definitive expected continue alternatives may will as the When the and long-term for meeting Liberty code all the limited increase be or final know, reach be be the would be and would to peripheral X.X% next it panel release. are highlighted in of we the coronary atherectomy until which process, both remains business patients therapy, on with item was meeting about on rule the and treatment LER weighted saying may process about calendar it affected that be agenda levels data not meeting improves, was treat, as 'XX we this proposed is X. outpatient along, a last that of December in reimbursement, believe held these of new estimate coronary resolved in month X%. inpatient to to Moreover, reimbursement XXXX codes even of until orbital of reviewed, is and for be lower advance are complex The will this the reinforcing of many beyond. or be long clinical OAS issued late to in materially February, CPT will as many not CLI the improved.

across be year to increasing looks another so all calendar reimbursement. our to stable 'XX And procedures, of of

complication deep X,XXX its most important Miami. coronary Another of less Results by calcified grouping Sinai with presented difficult to half continues XX coronary expands removes the our its artery the saw He presented of with Nirat on we in while CSI patients over of tissue. XX is in showed fractures with our the TCT. This success uniquely Mount data very with population, date, to at TCT, lesions Type falling from severely complex protecting orbital patients ACC in anatomy. lumen X% of patients OAS works Beohar evidence, presented At data over the topic data tracking extend unique geographic of over in that recent and treat effective severe real-world and calcium technology an atherectomy with for rates. treatment Dr. AHA XXX% of C component length action evidence the than cardiac the demonstrating to real-world because from on medical safety disease, safely study up safe, dual healthy patient being XXX mechanism studies of leadership some interest disease. with both procedure to And patients calcium development use category millimeters exceptional with real-world

The other CAD TCT III. development was

and IBL been any CAD these. easy IBL to III of positioned And has Now us use. data the effective safe, as that shows be may not

times. dissections, device some long to procedure First, wave lesions there and due the observed. fracture highly to is evidence no fail variable one-third data and vessel acute Q raises patients in concerns, of embolism safety even reflow and the meaningful to thrombolysis advantage, and use IBL And with no was slow was of coding difficult with the calcium perforation MIs, and

completed there's Finally, month CAD XX I though no were even ago. II and data, years CAD

near-term for entry of in the view not I'll of CSI do atherectomy. events this back threat and possible some technology close orbital half with year. the the we key overall, to So QX as a

we've ECLIPSE, our coronary. Later mentioned, devices peripheral coronary and balloons in enrollment we our will per in of to balloon year, our series products complex our launch include clinical protection randomized specialty Jeff of peripheral which a portfolio. a a revenue As case. device, introduce full expand additional fiscal further support and restarted considerably angioplasty line add we Plus, wire coronary products, X,XXX in on will expand interventional our plan trial These embolic to catheters. new

plan later fiscal fiscal approval in continue also ventricular finally, this for And 'XX. to our coronary year. experience device percutaneous Diamondback first-in-human for We assist for we Mark our CE anticipate device

I you So in developments, QX both the to forward the in and our remainder year, of several look exciting updating on progress.

this As call for prepared closing each to now remarks. comments. time. of other these milestones changes my his the and timing at factors COVID-XX back of I'll always, our concludes the result could Scott represents of events. these the in That Naturally turn best estimates to timing

today I thoughts a Rhonda. close by you, first guidance. Thank few will our offering regarding

have the noted, COVID-XX balanced momentum As in the resurgence hospitalizations. from some reflects by we cases caution, market, emanating of our and that established the Jeff guidance

geographies, volumes end upper resilient of then health key levels care -- achieve the and then should to provided XX% toward XX% resurgence then in land several at of range. this year the per have we revenues prior later be QX the guidance middle coronavirus about remains range. the end current could will of And finally, we pre-COVID year procedure the We the ICU XX yes, in return about if of the of lower system If range. of reduces cases capacity of quarter, rate in the bed the

back Looking in a of ahead, due the the of the bit may be half quarterly impact complicated COVID-XX. comparisons this to year

think growth I currently QX back think going with to is that about in our into sequential best and delivering anticipate the we 'XX. half revenue fiscal way quarterly sustained momentum QX

you hopefully, for our appreciate will updated these do and us to to can we as a keep environment that best dictate. challenging forecast, remains this So you circumstances

to am this on is well, very relieved everybody over. Turning election this I challenging cycle least that at guessing environment, most nearly that another call is,

in in year PAD patients in XX $XX appropriate legislation Washington CSI, advocated are mandates care to that disease. at and incidence peripheral disparities costs. of care long for patient from care and artery more we the to PAD-related is address U.S. PAD accelerate recent ignored. proposed no patients be CSI health by developments The and has can encouraged per to million with amputations in represent Here appropriate really in direct for access staggering related expenses PAD demographics to PAD healthcare. longer suffer billion

even all hospitalizations. amputations XX%. is odds the those in for race even might alarming. that of receiving don't angiogram reduce care amputations expensive by are an related angiogram Further, disparities amputation pad Most of alarming receive expect, will an half are by though you As most the

for Americans to For Xx are Clearly, this more more receive likely are example, Xx an and Black to has screen positive change. they than Caucasians. to likely PAD, amputation

New to introduced that So pleased despite screening funds imputation cover diagnostic a pad Compassion testing non-traumatic for we prior require Donald at-risk The to patients, would which up for education and representative, Pain, campaign. are recently allocate to Reduction beginning Congress take is see PAD Jersey and national Amputation any Act,

continue a unnecessary that hopeful are and raise significantly of incidence will variety ways. of PAD We of in behalf the will ultimately patients this awareness advocate bill PAD CSI on amputations. decrease to

recently strength, collaboration providers and over puts we to future. the delivered a in American collaborating the to because in CSI XX achieved the the employees. collective to our for and have health the of positive age and is education And be care we This a legislation ADA fact, is QX, perseverance Diabetes that began three patients of advocate to partner diabetic natural the we these can the them passion first. is look with patient with only In team for CSI treat Association pad XXX-plus of results Since progress forward increase patients one to amputations. prevent diabetic PAD, who to likely really

and financial results quality from lives our the patients originate quarter, or for in helped save first the over strong XX,XXX the Our of their patient families. And life to the focus. team improve

CSI drivers through moment as to key growth Let to pandemic. their all me of for this our this patients we and employees navigate on their dedication our take focus continued thank steadfast our

we on now call, will your For those the CSI, in take appreciate we questions. interest your you and of continued

questions So, will operator, if the take would please you Kavita, instructions, if repeat this the time. at I

from first Mike & Needham Instructions] Company. our from question And [Operator Matson comes

guide. the with start I'll guess I So

of good you in there, just Difficulty]? it So a ask to but want of [Technical why out I think I kind laid deal detail

actually, we with We're Well, even are. sequential growth this quarter-over-quarter Mike, strong think showing pretty guidance. I

rapid be what increase think And and business. us think forecast coronavirus cases also really this I followed have the this it's is in on by may have to the time, in this an unsettling difficult the see at that makes impact actually that for our hospitalizations. I to resurgence

coronary, The bed So reduce in decline watching ICU see is to we hospitals been particular, has lot our the performance for up. in of is that, that our of won't experience will reason severe cases, what to those back And we capacity. bed ICU that perform coronary if coronary cases. have here don't we're procedures. that, precipitously, these ICU begin a bed closely capacity we And need if

and QX. put that saw will issues that and types they'll of QX result same So them the and in in off postpone our we them,

say, principally that see So is they're the -- we're pleased the think impacting to the that in our gain about of fundamental with really we nothing circumstance. the But the just concerned impact we adoption. let's We're market. the with success I or, be to we coronavirus. market have -- is is There ability in momentum continue had. to pleased penetrate There that's the quite

products, I support COVID WIRION, that reason? due peripheral other be the that to or delay the in then in quarter. launched for thought was And to Was September supposed some

that for question. actually the latter through well. the time Thank year, looking right in there launching we we of call, peripheral in be timing We we're actually and the working all opportunistic authorities. opportunistically as support the now launched fall device, improvement Yes, on an so our the and at together would being of Yes. part devices process still it the last you working regulatory said with frame, to are made I think on and

our Leerink. question comes And with next from SVB Antalffy Danielle

in down then -- funnel new patients QX quarter? about we my out reflected the Is follow-up now. a on high you than into what's end? coronary question range ask playing referral and to. fiscal the And to work PAD for in I the component I mostly think normally procedures, the would that the versus there's how uncertainty of bit is to that new Can the guidance? And about you COVID QX the When low backlog talk and a wider you guys I'll parse follow-up guide some Just patients? assume guidance, driving that. think what's

the said a in of million in spread. we're let is fairly just here but repeat Daniel, $XX quarter, to quarter, address that. about in guidance, you're thinking the I mean, that your kind my million might which half ask remarks I But that million earlier, you we million repeat is million, this wide. way $XX million, a spread. which to was me right, And $XX $X just question $X In to we're Last of about did a saying I moment. $XX terms the of second

I to think could we're you to this trying quarter regarding is best do what give thinking our land. how

comments, we into I as [Technical into increased are think the is that That what expecting the those bed we take at total. While in try Difficulty] we ups XX% level be would And this in our we we that, of impact we about about said our COVID-XX establish surge would remain virus go hospitalization, for when consideration quarter. is, business, dramatic little as see ICU think consideration all changes the and variables about rate fact, arrive factors ultimately we considered would of translating guidance into of this we probably in into are across of day. the as part is we the which and And not we September, with in those business. potential And very conclusion the of quarter every unfortunately, just back prior example, on the year situation are on easy. it my we are that of at see take -- downs capacity. if if that you impact that kind this U.S. impact can of to can November, having that an the coming And that occurring now And cases then early here for

end back As levels. of Jeff we're said, the the our to run pre-COVID quarter, to anticipating be by rate

actually in on coronavirus lower hand, a if health end in see bed trend If really and variance we our -- our of the perform manage we'll end then trail that guidance. see more performance cases. care not impact, towards ICU is probably of the is, if the may and some much that we that Then the geographies, types Now, on capacity our of resurgence these that we has higher and towards key system our other coronavirus corona the of the able COVID-XX guidance. the to see reduces

really that's of So our guidance the virus bounded has by the The helpful. on completely I impact hope business. nearly

Sorry, I'm the to going to ask Danielle, to question. repeat sorry. you I'm second have

No, not problem. a

where from about you are a funnel you curious referral think Just guys perspective.

think out quarter new in in will relevant parsing peripheral this be coronary, almost you're new point? and backlog expecting system and I QX down versus QX? it's than what Like but patients and more probably patients work the will sort entirely of at the into

Yes.

product. in so let limb Okay, And adoption question. our by the coronary. peripheral ischemia. use of just up seen both good very have consistent orbital for growth the we atherectomy peripheral and break the that of In segment, me our of And fact, continued treatment in critical

the had we that for claudicant If referral impact our our QX, you in channel a recall, were patients. in we reported seeing reduction some or referral channels in the

That bit bounce some some an saw probably we increased and a result a saw of has claudicant July probably of back we and population, in little where the patient patients, of maybe our snapback claudicant out. the results, demand. stabilized that was So treatment pent-up

that about XX% indicated, of in a lot prior Rhonda I at so recovered time, units is this of to the as And year. growth labs. office-based peripheral And our think point in

setting. we as accelerating OBLs, patients had our of likely we coronavirus way, OBL indicated, leading are So migration the to hospital that are the from the the and is setting seeing the most

peripheral. is So that

we exactly earlier Now the really in -- And what in seeing. that we're to of recovery of And pleased And channel. we we look the business fact, Nike coronary that recovery had that that course throughout the QX, coronary, course we indicated coronary just is the the swoosh. more a referral like believe were is what expected throughout quarter improvement completely -- of our attributable procedures. the saw in we consistent to

We're this question, daily and really backlog don't just answer and is at any steady sales QX, there growth. be organic of And treating. our right healthy of any We be do so be nice, now not business is we the organic now, expecting second rational fact, average look And sales. in there. part we really sustaining this will on to that as think a completely based changes nearly good your we're completely would expect that is performance a that we just cadence would

I very as much really of They any conserve to continue buying commented, or volumes and their procedures devices. seeing We're large not in OBLs cash occurring volume. hospitals reflect are not the sales to our large So in return that the buying are market.

So results as do result, reflect very the the market. a procedures our much in

Stifel. our from question And with comes next Blackman Mathew

on still the for you, could U.S. relative more then quick Is in region-specific was follow-up I've specific regional one increased? first or the after breast Maybe, sort dynamics? it than you comment of a recovery? that. just Scott, And of quarter, got it recovery Or regional broad the sort to

closely to closely places until they manage simultaneously seeing or time, would pretty while I to The our pretty is United Yes. you. performing growth as hospitals the across an begin now now now, or because impact market of performing United increase consistently not pretty very that ICUs. was this back the United we're COVID-XX we're And market where But the performance are seeing portion doing and that are consistently. the we we asymmetric say South is Northeast At an utilization contributing slowed. still like if on are in Thank on regional in performing the degree, across increased to Midwest, monitoring now. had stronger with fairly been cases, back recovery the watching also States states. actually the our the seeing recovery came up Southeast We And at of good an Northeast the see we see we States see sales States it. largely those much and job really, in patients. some pretty Recently, Western track. The a -- Wisconsin,

thanks then help through you That follow-up. to think pace Okay. just coronary makes sense in this about portfolio, But the think adoption the Thinking sort it so us peripheral Or of pace and peripheral? much. a the portfolio support opportunity of the for slower? way And Just the is uptake could support with the seen think know larger. revenue or about magnitude the procedure faster move incremental capturing the I of of we've per scope that? or is ramp right do

Matt. Sure. Thank you,

business coronary or longer. with through was to hospitals that a many have really to And Our processes. can ISDs for take, cases, contracting we because get unit the year struggle in

lot through Now with a a of process hospitals. lot in that major and of accounts we've our gone

think So support get as peripheral that result, a we on more the we shelves can quickly. devices

portion we there be decides products to our We our to business physician peripheral of setting, a the the also shelf should large the in adopt really, products, overnight. able a office-based have on where if we lab get is

think what can about do that two did we in years. peripheral a happened comparison period over products we adoption to accelerate get our in the of So of We coronary. coronary

be peripheral quicker. proxy little do reasonable a that's might for we bit and so And able a it to

question from next And Oppenheimer. [Operator Instructions] of our Mike comes Ott

Just curious how [indiscernible] pre-COVID?

Patient conversion explain time, you that for metric Mike, just can me, sorry. I'm

of This is diagnosis completion. time to from scheduling and Scott. Sure,

right. Right, Okay.

patients. peripheral and In the I and three CLI think saw I'd referral so peripheral scheduling out channels elongating of time really claudicant with we of segment frame, quite the the actually, conversion once of personnel into support those QX availability times, our and substantially in issues pieces on. because just again, coronary the that

impact times our an the think QX therapies. pretty And really that that a I that's the see patient I through referral throughout to in in terms time really to don't in consistent it much we conversion And takes are improves. now, right of normal think conversion I that times. move channel. our back think all I think of for of consistently

if IBL curious, PTAB your mean two back product willing have it you say? also what And July, might on to to decision you're patents, map road updated for the the extent the thought in specifically, any

time we're our for to our related intent this programs No, disclosing R&D the IBL. at not Yes.

holding on So I still guess that. we're

And there Ward. are no time. the at further call this turn questions Mr. Scott back to over I'll

Kavita. you, Thank Okay.

updating for you our the for we hope on continued So this that you always, in you continue Goodbye. to thank And safe progress as the We look Thanks, in phone, interest all stay your everybody forward future. on CSI. everyone. during to pandemic.

participation. And Thank for that you conference does today's conclude your call.

now disconnect. may You