Acutus Medical (AFIB) 31 Mar 222021 Q4 Earnings call transcript

Good day, ladies and gentlemen. And thank you for standing by. Welcome to the Acutus Fourth-quarter and full-year 2021 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. Instructions]. [Operator my Caroline now Investor to pleasure is Corner, introduce Relations. It

Fourth operator. Full-Year Welcome you, Quarter to Thank Acutus' and Call. XXXX Earnings

considered should Joining of include statements Forward-looking statements. the this law. not cause release including are based website financial Securities forward-looking Litigation Time. Vince of made on risk recent in you on the is factors available are to which in more forward-looking available SEC this to Acutus within today. the for Officer, that website, of on Chief required Factors these results Acutus’ today's are performance Acutus’ SEC, PM statements, results by today's results. the and has includes Act statements to about in historical Acutus’ future the SEC and obligation to are and be call, call section, press on X:XX statements Officer. Pacific relate www.acutusmedical.com on Acutus expectations with exhibit Private release filings, applicable today, of The Financial under the review. including and differ will except be website also to Executive with may in Roman, details statements as during and XXXX detail forward-looking do are Acutus’ under the Investors Acutus of no A will discussed forward-looking from additional Section filed Acutus’ discussed encouraged Burgess, Any call also recording risk by call most Acutus management's of provided filings Acutus’ Form update attached XX-K. press This the Reform projections Form described undertakes fourth-quarter facts, that as factors full-year Statements meaning Chief matters David the these as me President an call, under X-k, XXXX. the Section All also

call quarter over his XXXX the comments turn to like to on for fourth year full highlights. and I'd Now, Vince, business

afternoon everyone us good you, to joining And today. Thank Caroline.

as for refine received upended structural the devices most and popular includes portfolio and by access specialists product in clinical a product priorities sheets to details highlights, go closure device, on be operational multiple offerings. conjunction devices continue financial is taking to full-year we market provide During call, up many procedure our categories. and continue therapy. heart offerings business access the details as overview the strategic with to our as steps sheet. top-line of across our areas, to our very on follow Left I recently, our And deliver Amidst will Atrial review improve quarter today's mapping we're performance. access, sheath, in used Medical as electrophysiologists expand progress and crossing David we crossing we of Most and and each Merit around financial results, technology and and Scientific line and well in well into and Boston to fourth the commercial the heart Appendage fluid continues further span brief now and as steel with true FDA will results, [Indiscernible] use therapy to pair that market market therapy outlook. well three guidance, heart with of clearance which access make core received the [Indiscernible] [Indiscernible] watchman the our today. conditions, Company's

are and mapping sources and allow unique positive patients capabilities software and inherent our beat the critical physicians successfully interest, in of identify We've XXXX. more integrate on arrythmias. quickly navigation ease capabilities needs of during viewed drove localization, sophisticated region of were unique recently guidance, at software further finder recently on and Continued improve that portfolio than here stability, industry in see In highlighted left improved Mapping where Console generally to Ablation also therapy business the and growth the and expansion and a in relative physician expect were treated sustainers continued we of Catheter quarter. a basis with potential to Ablation untreatable year-over-year and as increased into with to The the track the the in our continue fourth reception hold navigation AcQMap. Catheter. a access features capabilities suite, paper triple And and hard our in focused mapping AcQMap to single using develop line program Erasmus AcQ out University we AcQMap. chamber initiated will Enhanced customer accuracy experience Netherlands, rapidly important

catheter are in to in therapy therapy at are hovering our in XX annualized therapy therapy direct around over to markedly now commercial and catheter of our the penetration and trial. catheter System support further clinical a U.S. penetration Catheter procedures we in to AcQBlate own systems continues traction support in customers And with clinical gain a Europe our ablation just Ablation at our cases exited AcQBlate Europe. place XX%. mapping have QX in to We mapping technologies and report in Force improved sales and our experience Year-to-date, where over seeing installed system. year addition systems XX%. customers the Turning our million and increases Sensing with user integrate personnel we dollars

completion our making atrial earlier expect month of our patients we of XXXX. second Regarding and Flutter AcQBlate trial. cohort the good early enrolled we in PMA this in Mark trial, Ablation of U.S., also our allow approval are submission and in CE months. enrollment our coming the Program complete FDA U.S. on progress nearing our should right to in the Ablation for Pulsed Field us This We're

CE patients over up we're treated year. Mark now this the PFA track study, and have We enrollment complete and on AcQForce XX to in follow

outcomes. to procedural clinical and We with optimize our are encouraged results the refined dosing further acute a strategy

inform to year. throughout IDE will on help trial this our we timeline more And expect the strategy. specifics US We provide

and in the outside quarter, fourth revenue new that for United XXXX, procedure launches. capital year-over-year, States, $X.X our full-year higher grew business and results, QX XX% million approximately our product of volume equipment to sales, led by Turning growth

For million increased year-over-year. revenues of base new and of launch are the and those more access. therapy company ensure We Consistent utilization. and any of case line structure target quarter growth and registered net coverage improve to our XXXX systems with including platform, revamped installed systems carefully This sites, disclosure all XX U.S., on overall calls, commercial repositioning with product of to the consistent approximately the product was an with Further, Lepton systems categories, AcQMap of sales, $XX.X to we we grew mapping as geographies ended and certain system XXX% well improve fourth aligning the in our across adoption capital full-year, (ph) XXXX, higher as strategically and we our below identify removing reliable customer experience. potential are AcQmap previous economics, pod as outside

net As decline a half result, first installed global the here of base in could XXXX. modestly our

utilization For base, year of XXXX, accounts. we to while and full net in volume the expect growth install procedure growth serviced show increasing within marginal our

in seeing versus In in improvements first here disposable to procedure volumes Year-over-year sales XX% QX, U.S. slightly the note prior QX a advanced XXXX. the however, quarter trends volumes the I were Moving down procedure year. and in procedure U.S., of global basis. we mapping are the would volumes procedure during on that

and million introductions discuss intensive new XXXX categories: will outside our consumables over disposable product strategic our performance. procedure QX, To drive adoption with in XX% are access to adopt close to as and remarks, left therapy $XX like my system nearly was I augmented priorities, in catheter of would by basis, therapy. businesses In our mapping and Our we contributing grew as product disposable revenue our seeing and grew further business, forward. planning our hard left earlier customers on mapping year-over-year innovations action Over total, three global as we drove Overall, well our a U.S. and will portfolio. the Exiting strategic restructuring this announced business consumable and where major and process all as global access, year. record product we and the in items on sales mapping, considering conditions, platform. going ablation, business identified generating our we undertook integrated recurring QX volumes market receptivity XX% uptake this guide to an that XXXX revenue of to time, broad heart

First next is the scope to product the programs narrow to three to business [Indiscernible] our to and those of work. development carry our years that more exploratory five will

Ablation and productivity of up see out levels clinical, integrating on to our with workflow R&D, need teams. U.S. To focused in Pulsed localization our and set all We enhancing from of them continue via a continue our And virtually regulatory development therapy, that ablation and improve experience energies perspective now improvements globally. on end, including to for we ultimately are Field of mapping success. very the to and system RF high user

near-term, Second, volume will our and system base utilization. but teams come adoption, more even of In is of is development on our these mapping at will existing to of installed and focus growth electrophysiologists on the ultimately in disposables. field. commercial cement enhance focus the to in to this regular market system to This growth, and procedure associated be consoles advocacy, on utilization AcQMap expense the driving requires the this in use of focused objectives utilization procedures. us familiarity, driving Achievement required converting drive likely their our place this intense complex

growth to operating we XXXX. non-GAAP This working well and to gross as company first to annualized operational reduced basis, to components, strategy, a tighter and is As The on we're pleased of reduction on drive this the of earlier execute exiting including volumes see intensified third, position capital margins. procedure the quarterly XX% $XX cash year the And here savings financial we restructuring focus in annual on quarter year. controls strengthen million, in this expected -- capital involved pretax, in several to is an this burn of as and year-over-year $XX a expenditures, million expenses, improve announced performance. XX%

as and efforts fell to a actions notification retraining disclosed, notice we for act XX-day worker previously our late benefits of and period our the As under adjustment team started realize required members. the restructuring impacted March

including several to non advisors to review our at long-term turn now our Lastly, we initiatives, - over I'll our consultants partnerships, in dilutive the fund retained David and detail. agreements. results review licensing, third-party to growth, options financial call as have strategy and augment of range more financing, a distribution to to specialized David? organic well our

Thank good you, afternoon, everyone. Van. And

operating my During full-year details as results as remarks will XXXX and well today, on fourth provide quarter our I outlook.

our included earnings our press is in also -- reference a is release and business key SEC. presentation A included will during this the on financial results, discuss updated X-K, in that our GAAP with I results to our financials this results today of I non-GAAP and our on of filed discussing filing. sales sales will reconciliation basis As I Form metrics non-GAAP be call.

rentals. fourth through The included compared Sensing procedure distribution the long-term QX sales. of have up sales Catheter AcQBlate higher through As by XXXX, conversion year-over-year to the prior full $XXX,XXX capital placements product mentioned, revenue Service the $X.X QX of led sales equipment by to $X.X cash Increased performance electrophysiologists therapy million, from to from driven mapping under XXXX. in up from in previously service growth U.S. from revenue our capital of contracts. of and of million $X.X and our was contracts in fourth higher revenues volumes, by sales advanced $X.X capital suite U.S. for and heart Biotronik, million AcQMap's catheter Ablation of was our of XX% in drove systems fourth in System, the quarter our other our on million, of United in By were performance. driven XXXX, Mapping and just a therapy QX, $X.X strong product of benefit were and Sales basis. commitment where Force access access and compared The XXXX from up $XXX,XXX $XX,XXX O.U.S. and products businesses launch disposables $XXX,XXX Vince $X international from quarter increased States, XXXX. million partner in the quarter. left console capital product to XX% Sales million of evaluation by and our was year-over-year the offerings. Disposable driven revenue year's integrated segment, were outside and revenue markets, which the

continue we the margin quarters, to gross in As headwinds at prior face line.

at margins seek and decision pursue revenues gross scale. product maximum the integration and and is vertical the innovation this strategy Our historical same At a impact line, of to until broad significant are maximizes time, agility.

the expenses, quarter with placed change in field and primarily margin manufacturing expenses. XXXX. compared The fourth and margin gross was in our freight to and associated relates of recognize depreciation For quarter XXXX, of higher non-GAAP fourth XX% non-GAAP year-over-year other negative gross higher warranty XXX% the service equipment variances, with negative

For see continued on XXXX, gross we expect pressure to our margin.

While the related to variances basis, will be year. factors, first products. increased year-over-year on and important is depends will labor and impact lower-than-planned scale. component the for costs, our gross most volumes, on manufacturing multiple metric strengthening margin Over more the of significant we a this which basis, us. reported top of our higher certain on help a in mix half should is disposable variances yields time, recognize capitalized the And lower costs, improving priority of On

absorbed higher costs fixed will As volumes. we business, our grow get the across

disposables plan we mix drive higher as and utilization. to capital to is Secondary system between our product execute scale,

addition such and as controllable yields, line we're focus improvement, business-related automation. In drivers, product variables, to process on our manufacturing optimization, intensifying

is offset related compared $XX.X evaluating programs. in our certain expenses were Non-GAAP of trials We million operating the will Our million the you and criticality in to expenses specific SG&A fourth expenses year. were clinical the incentive our have the recognized management tied goals organization development to XXXX and and opportunities operations XXXX to last by related $XX.X of for gross update with same team R&D period lower we included margin quarter improving actively higher program. investments certain timing our Higher accordingly. approximately commercial of in

flat sequential QX this basis expect a And roughly we non-GAAP of decline past to been have expenses on the operating expenses quarters. operating non-GAAP six starting Our our in year.

As realize program. of benefits the we restructuring our

quarter XXXX quarter million per items, or Excluding $XX specified fourth $XX.X compared to per of a fourth of the the $X.XX or net $X loss our XXXX non-GAAP for million loss net for increased of non-GAAP we Mapping total in our was platform; by results, of X. share. XXXX, and system equipment sales Briefly year touching adoption million in on sales; driven had with X. million full compared XXXX $XX.X $X.X capital higher share of our in and change product our loss the $XXX.X $XX.X loss related X. Non-GAAP related operating operating expenses variances. costs; was U.S.; product as left to XXXX, non-GAAP investments million regulatory launch with for organization; the million development, X. and the manufacturing outside compared X. therapy primarily of X. was heart prior-year. full-year year-over-year in clinical portfolio; the in access. our X. X. product line commercial company to as support trial well expanded public and The

a our share, items, was for of million loss net loss per the Excluding or specified a non-GAAP the for $X.XX full-year share. $XX.X XXXX million to full-year $X.XX XXXX net per of compared or $XXX non-GAAP

including cash of Our $XXX the end QX equivalents total and balance cash was million. cash restricted a XXXX, at

$X.X $X.X provided In outlook. calls our release compared first million Turning the today, to $X.X that quarter we of to revenue the for of press guidance XXXX. quarter million to million first in

approximately million. capital QX $X.X during we reminder, sales of recognized a As XXXX,

capital new QX range. late would finalizing no We're stages guidance. if of installs, in included the towards in very executed of our us a our the in QX For XXXX is few put however, revenue which high-end guidance there

to Excluding capital the AcQBlate consoles which Mapping, Growth guidance equipment growth the year-over-year our procedure, the reposition midpoint by sales, continued hire at access, to to of able With outside we encouraged implies volume than the we're been QX year-to-date. respect disposables. XX%, trends pace in full-year XXXX have all of The left US. XXXX, driven greater by heart and of sites. revenue potential adoption

equipment at in we the basis. see to see XXXX to last time, same to expect in as expect we At XX% growth year. to sales conditions, market a XXXX compared lower of on least disposable stable capital year-over-year XX% Assuming

This of conversions in registered of Specifically, approximately evaluations sales from $X.X significant million to prior excluding we XXXX, capital rentals. a placements. included number long-term

an in to is growth slightly Console sales. processes, to a forecasting especially in as re-positioned a putting sales capital to the XXXX together, from compared these us be these we're the by in be for time disposables full-year we thoroughly As expect XXXX meaningful administrative units year-over-year in physician When converting required equipment complete million not for flat offset to $XX.X up sites, generated we declines XXXX, clear to factors new to expected when and given to evaluation contribution

call initiatives operator execute updates As further earnings we provide session. your our we to Q&A will at strategic continued turn during XXXX restructuring conferences facilitate I on back the plan, our support and interest, now future We Operator. and appreciate operating the investor will and to calls.

Thank you.

As a question to will key. telephone, pound the one your need star your reminder, to question, ask press withdraw on to press a you

Morgan. line the JP Our comes from first Robbie of with question Marcus

Thanks start. going the of XX $XXX the are burn needs. that people for think question don't with be does for future raise versus of It what thrilled I and million. full-year your taking to recognizing last with plans for capital its But my your fewer are and question. a cash how Maybe And cash can for future people. guidance long existing around

Thanks, Robbie. I'll start.

Robbie. mean, we of from I experienced let the heterogeneous. extremely serve have this and that the what -- just some we physicians numbers David market and year-and-a-half, I'll is Thanks Casper, for the the the year, perspective. is but question. learned that to I last sort in the speak over think

how team into those very, We very I launch, good success have about but we that we we by while our terrific therapy fact think, be thoughtful, careful have over have segment only And how systems, to well integrated offering. opening not those where driven customers, Europe, centers. very place we the in an there, we our launch

more reliable, is predictability install I more and those predictable. ROI the think on and and expansion base that launches

allow But a launch be option, this integrated System, we -- we through have more got this to even the installed obviously be call, is year, we prior But you of right next our year, we launch base year. exceptional, anticipated and selective have great where in clinical go. we Our else's very, we had where for some get we the points, thing year think prove filler. success, without center installed the have commercial proof we at us and slow during to and David launch business team program, as the traction -- this the that's out growth capital don't Cathetering do build therapy with and our to base because I'll launch, very somebody the early -- disposables. we we until an to there we And our that and with team. let And our growth conversion we typically it's what's and here think revenue for that to to driving Therapy associated speak feel the to cash when we implications really about decision where the have that's into earnings gain integrate are. where thoughtful U.S.

Sure. Thank you, Vince.

drivers So to Robbie, revenue I that want make outlook the the it's just here. guidance, on sure of clear the

factor built to full And year, the their capital influencing was of year-over-year to year, first uptake last continued is as predominantly U.S. Biotronik, growth So, which procedure U.S. the Vince know, in during year, driven like this equipment year growth well disposables we access significant some installed were as referenced, is primary seeing we volumes, base. expect about sales, of left-heart sales significant out which and in launched the that last AcQBlate products you are line product $X see they outside which year-to-date, number by including million, both the is implemented. our partnership as as our do The recently what of has

primary are in outlook. reflected moving revenue those So the factors the

at to relates had year. we last end million point cash, out, as it of the As you $XXX

in $XX we mid-to-high across was look very start as a at year, But last to restructuring average burn down cash is we number you year. teens, if Our fluid the four that exit QX. our It the million environment. contemplates, that see on coming quarters, and benefit roughly into reflected this should

we'll that into puts our us Our XXXX, as needed. very of be rapidly our second base extend can further And position. levers have outlook with case ready to cash we specific respect identified although to respond the some quarter

do their we procedures Thanks. cases it are percentage that within And do of the as broadening being for? the maybe what the system, it accounts think about use what total used And in they're future? them out you maybe use you Mapping think in seeing

-- address complex They When pipeline procedures has help there's you globally, us different issues. the think period, to back will see those and eye that approach what get small from in stares. nothing to are points? these say, there's top physician compelling you -- current always we typical the power look are from a that with of or We believe for just the the always the down Nobody The about front think offering -- what competitors the coming approach. north -- Tachycardia. to so done to segment space. that get persistent your always in flutter there believe segment -- startup of the of $X-$X billion. billion out. we this is we complex are in generally Let's I time. is Every complex implies is problems? none. about blank are and Again, are business is when we've EP is that, to persistent, physicians dramatically This standardization long-standing, XX% coming -- a is can of implies today, multinational large second. globally, XX%-XX%, no This a very $X procedures. you business the well, What EP got help procedures market line almost ask that's this XX% that it from -- I it's procedural coming where between this AFIB, your is The ask somewhere of the that that hear, This size physicians physicians, pain where all somewhat this in come our top-line. physicians

cardias atrial plenty flutters of current So our re-dos, really that's reduced cryoablation All in following, for centers very, And that's our are where segment, common. regularly. of Tachycardias, sweet greatest complex and see those, product so tech differentiation are them me, line. redo they have very typically, atypical the we array spot instance, ablations to believe and our

way any of centers systems? believe, to that the at the, today the are tell Vince, at being what cases have And done your percentage I XX

I a segment out. Yeah, -- base new in and we We've get how are characterization getting think get But other the I report are, the X% this where of think going get where think we they think very that little well because not over complex we and centers we of zip these where there numbers with the get. hard cases XX% share. are are of significant centers terms where just we're some the centers procedures. share bellwether There obviously at got they're to we're and getting of we're maybe we're code There I in yet. those share and we some

the we market just install of have the obviously share established double In we entire share Ablation Robbie, call, U.S have well of Ablation that's we X%, installed. where number XX clarify, Vince complex do to our And, we and don't cases X% to digits. an that's we user, centers into The an the Catheter had Ablation System base, an that our referenced where where that including across on have Catheter. market Europe, the have

Great. Thanks lot. a

line the question Sachs. next our of Goldman with Hazan, from And Amit comes you. Thank

a with clarifying is about and the This quarter. Thanks Amit. Phil the for taking start for kind I question my to of wanted about Hi. thought guidance on question. I

revenue. component understand I XQ. the sales was hoping might can we that. out within you better then that you the as for of could just underlying that as talk a performing previously Biotronik so You'd guidance provided be business Biotronik about the how of a component do And broken

Sure.

-- the it In partner. but large strategy sense case serves we volume significant accelerated has one larger And that offer U.S reason to very have global are similar And disclosure reach. us value in doesn't So build one into just are -- is And who we that give proposition sales -- organically volumes reflected where build to distributors in invest procedure to we have the the are by make portfolio U.S.. markets now global have our that companies the us they thanks to volumes, for they question. and that our very happen our medical for out today. who the outside for do around Biotronik device disclosing to us today. We as our is OUS provided -- the the other

we're to So including look our forward, we going Biotronik as be in global business.

-- all segments business level we equipment of for same parts the trends very of Biotronik of say third that the accounts see a the operating might underlying of did And XXXX. of and recall So, and in their quarter. driven would We as at not expect of trends Biotronik be primary last significant balance both year, reflective growth, install for of to consoles our from here disposables the is purchases capital them seed all are globally. quarter that, grow existing purchased the the fees really QX the driver fourth quarter to will really I in experienced you a we in number new base. their to disposable

U.S. David, if year, around outlook system. Thanks, try commentary you're in And ask Okay. the that to it slightly the have with sales technique the willing force the commentary until on sales next to couple U.S. for I OUS could capital characterize the we of a impact in provide cuts we differently. can a blade sales of maybe the versus

Sure, Phil.

capital disposables we in in because disposables. dispo talk -- growth break U.S., let's about both expect the and out in let's expect growth We separately, --

last a will decline disposables We we U.S., that expect so in $X the reflecting we to the globally, from probably that obviously equipment, and expect think Biotronik. including equipment that I to see to million not respect led growth Biotronik recur. the declined capital impact expect year, And basis, the bigger then globally outside capital On outside United would last Of to but of -- well last almost the -- the year, would as the of over half mostly Biotronik With sold markets capital States you also. course in volumes went geographic a by as U.S. we outside disposables. procedure year. grow

Okay. That's the release press helpful, ask David. wondering, been substantial -- some pretty just potentially review. in that growth frame if Thanks please. so one obviously, for the with if pathways of longer-term more, you the that implications just restructuring In I to, could I'm having Also, press could much. strategic are moving in potentially the result mentioned could you continued strategic already review trajectory. what forward announced, release,

Thanks so much for the questions.

to David, in a want I'll if well. and take this out as chime you bit

historically If we organic one just better building product spectrum way in of but heavily across not you instance. acquisition, We EP. licensing, by invested portfolio, differentiated one focused for etc., highly very at for the company, full of development mouse Mapping trap, just have the heavily in in invested out look

number but across EP, a of in our non are team, sales approached we've partner opportunities US commercial So of crack we've at with We've a products actively. other opportunities, our organizations levers direct broad support Western line company, We've larger Biotronik. etc, are opportunities and on approached a through multiple the training explore that Mapping on of and in in companies’ financing, and heavily of created distribution pull. heavily those possible development product supporting think channel, We've Ablation number very possible and small been of a things. very a the the and therapy. sizable, we we exploring and ourselves are channel, of also We invested to product this course, including clinical And can - invested and there dilutive a one commercial Europe. own that

all dynamic a of are lot in at most in earlier have we're Tech, lot to are spaces a of that in looking full this folks of themselves. this that And don't is here. of this Med business. folks products one you want of we're that sort and be the are there distribution any possible As stage the of EP at opportunities business look space, There have that array

Blair. And you. William with from line comes Thank Kaczor next our of the Margaret question

Hi, on Brandon everyone, Margaret. this is for

a what more since about through you you range guys preliminary curious, for first we where the the the got year. guys you And have little First there can maybe a is, improvement focused if areas basically What's of quarter? the and to we we through going flexibility bit talk the a is now little specifically? focus quarter some kind QX, on then highlights rest are are where for through the in as on of move that well quarter, the

and Sure. unfolding Vince on add some can perspective that how our here. I is start can strategy on additional

organizations said, really to disposable So driving currently given the going sales. quarter accounts entirely by our to commercial as We, procedure within isolate really are the volumes serving. as, we first I focus that our to driven be it's

significant likely of will We of last year. quarter did in a We quarter. to not first first capital see conversions the like -- bolus we're not in any capital execute sales the

-- ish implies growth million year $X.X about $X.X quarter. range did the we've in sales XX% million, - in look we provided to guidance XX year-over-year So last you midpoint disposable a $X.X that little of And if here basis. at a the on that first the over of

of with that One procedure which extent And global as up consoles strategy what we've disruptive monitoring the be on are or we're a seeing encouraged very that of is procedure pretty may execute basis things that to we our volumes we this repositioning to growth. year-to-date may carefully been are volume year-over-year. the not

particularly procedure related but what increase an that U.S. something be of in in COVID-XX seeing not are year. are we as monitor, obviously, continues utilization, external as to we headwinds, QX many volumes last with we're seeing pleased compared QX to pretty well the in We when executing

actually think quarter, quite with the number repositioning gave challenges, a new reinstall console then the those across of center a learning all sort retrain at happy and then of train curve staff, of and in three a throw into has which those and we're a spite you volumes With in of will. requires the bit three coming consoles, us and our all volumes you the those up of pulling QX all meaningful -- that procedure pause. hit you combined also of if omnicron, little procedure and And Yeah, in things, lot a of in a dislocation I MedTech instances. factors obviously out announcing two that, restructuring issues

team, with going pleased what's with quite pleased the there. So on quite

more that little we're the compare those? and What's how maybe field different focus today, about Can non-performing Thanks. of successful Why just are about accounts. that into are why more replicate of some productive that they talking or today. well are Got it. you maybe going at can And and the it systems look are underperform getting as these you they through’XX? -- and and then just strategy you compared needs those doing you performing confident some a to cold contrast unproductive accounts

rapid factors happen a from number contribute so moving another, have there, don't not it we've And There's times. array being had different our to to a uptake consoles champion a we that account not And productive. champions from that to so goes Yeah. or of rapid state. utilization and in key one can literally certain whole that of that just or

they're and segmentation. setup, also this workload, We learned process to -- comfortable And about how think Mapping their -- in the types want accessories about asked we've to the feel use right what got about on physicians use, questions U.S., I catheter, their types we've on, procedures therapy the we we've particularly talked of System learned about the with. prior our most they the and they want of and of calls,

isn't that do learning well sometimes we're as profiles. our do work our seeing -- as provides with customers we're and better the now, integrate a to we doesn't overall If have we're don't better go -- customer -- we're with we where or works better job And well system, seeing a qualifying use Catheter it A, -- as we And with a system doesn't into we if folks’ -- other doesn't there, Our which where therapy catheters. to work physician and well quite therapy some really with center key wants catheters. well other we outcomes, better at going don't this, experience, and challenge. just a job, launch a great if do do we do

question the BTIG. from Thank comes you. And Thibault, Marie line of with next

your complete here many you taking here How you first confirm the questions. do at Hi. U.S.? timelines. you are this the the sort of their of Thank And in the One now restruction geographies on? point? have from on what awareness restructuring just thoughts reps they In customers sales in restructuring, the assets the one in on Is what or and for them? are of terms sort how the focused field hearing it impacts

Restructuring are let were early that warn with us Act was XX-day team The members go. no announced period. January, in longer the

of otherwise got this March, not thing think thing the is here. part great week March, team I we say of is of not of that, people. commercially a would obviously, very we because Xnd as it week team and Xnd-Xrd mission incredible and large, the passionate a to because -- fun do a top do group I a by got company-wide to

elsewhere. every one They part the want rather stay think the very to and we're single people to than leave. because work what I in was of not wanted they'd doing of regretted that, they reduction here did much that here believe

a kind will I mentality it had these esprit the and job going people I we a say things was a up that I you clinical to by a couple we good lock folks tell de where I doing -- another forward. They're we're think efforts and and foxhole bunker one favored go And take that the service Marie couple a a large, that building corps we've by are those great support building that but of fight bit time, little specialists of kind we forward. with people So customer, situations restructuring to and things, had of there job efforts particular and get physician arms if fight, extra and think and of I the make team certain take think toughen that getting situations you and into of and would new you the was were doing over through transition where had of to and extra a someone team's the part in highly we've done. and organization. we not sometimes remain, those

still Understood. say in able Did to cover tough to reps you agree the left many how and that go through. U.S.? you're you And what geographies that's I a thing have sales

know U.S. and to the going customers, got strong real that don't be a and east west the the for I then concentration talk -- we're good but for and competitive UK of support success and south the south we about reasons, key And Europe numbers, sales actually where U.S., clinical folks people continues to east really good we're had our not pods, are exact a of and the consoles, us. the exact our we in in Central focusing north area corridor

Okay. some quickly expect a heard mark on impact taking timeline. trial perhaps has enrollment year. U.S. more offer question. I efforts? timelines you and the for could there And detail And trial enrollment happen? Thanks you as some we of follow-up my given you any bit restructuring PFA-CE been follow-up, the see the of the could How say that this to

it's U.S., say next fair quarter, U.S. think in completed the an therapy timelines to trial. next trial, certainly the I enrollment within quarter. it's with early The of trial in Start the Flutter be the enrollment trial IDE should we

great being a perspective, a momentum we and and trial. From think expected well. about going COVID on complete done year a Ce hear the enrollment there. has been do and talking that's expect job our PFA clinical We're whatnot, our with When by PFA-CE trials So the you slowed I lot of follow-up. lot team working of around Mark of not project to date we're a on this FDA continuing granularity

the with our trial analyzing still as We we're The and are the it PFA in clinical relates that. U.S. design ablation -- focal point in still timelines catheter.

you. Thank

Genuity. of Bill our from line next Canaccord And the question comes Plovanic, Thank you. with

Thanks. evening. And questions. taking Great. my thanks Good for

out you And first is restructuring? as just give is as it great. head us count you could you I considering your on it's completed completed? What Thanks. this at where OUS, was granularity then consider start that? Firstly, And that Would end XXXX? restructuring, like globally the if with point. exited That's headcount question. how the your That'd versus any be U.S you

to you that? want take David,

see our You'll some XX-K these in filing. of numbers reflected

not are period who who in we've XX the resignations in had mid-March. people December, in of And of point January unexpectedly the end people in our company. the had backfield. voluntary that, out, and globally top involved I company notified additional on that exited at also restructuring would So XXX time perhaps some we over and

other roles. Some critical

the use So I so number the vast that in reduction would headcount where of U.S.. was be - we'll in the entering reduction quarter. majority of The ish second XX as the

Where and U.S.? Okay. to as as pods, the going an and you do XX generate terms you it you XX, talked in about That's of start or XX, XX, shift pods that, how think the that shifting the look the core XX%, strategy, And in where good. Is of or around I much about lot strategic that then up revenue? accounts XX% are started, current of are to And at we the other pod of in something U.S. believe, And core question you other the systems this generating half XX% a And moving hired that transition? the the we when year then the commercial Beginning moving you're that? is is of you person. end around? systems those of last around? at new we

we -- think on based exit like analysis, to move. feel have as moved I say we we our quarter, the we would wanted this I we systems

those I think moved share by the now. lion's we've

most I they think new accounts. into them the placed part,

the and our regions terms are call of share where on the concentrate was revenues regions lion we those say the support of -- didn't the In our We that installs paths. a ready. and from -- ramping of there had where just the efforts had lot But constant and we and percentage difficulty at historically -- consistent we've regions people. of to few in I'd there we'll revenues those areas. clinical came have people not we other we'll come the from -- decided didn't

right. All

Okay.

and that is business on position a base upon So it's the procedural your which believe international to is to fair? standpoint; in QX terms least fair to a core good probably U.S. the at off pretty disposables work or that say, of

representation commentary is, a think are only commercial established within regions. do to re-position consoles, The only I Vince’s to good it. we -- looking obviously the add I the would that one thing as that's of we -- these

so and right investment base, our of re-expand we're incremental can an areas have well-trained volumes with on -- we and we investment increased without sales established looking an we significant as base can install those therapy where drive managers increased we consoles so level headcount. the procedure -- supp So to install align support force,

you. then the Got that's commercial. And -- so

the we the strategy, in forward there to or quarter. going think on wasn't that's On table, and chopping TBD the it how Is think one the not any that I fair was atrial hit block, that that of discussion enroll R&D expected probably fibrillations of third say should trial about that's the that? the to projects

-- that likely Well, to Field as fast, RF coming Ablation you -- look accepted in coming years months, replace and generally typically at it XX-month years the the then therapy as is months Pulsed landscape, hard is and XX the point three time. the follow do know, ablation to you standard Bill, over AFIB and nine take -- two-and-a-half from trials these complete, And to FDA. enroll

and have what's trial happening that while watch we yet enrollment PFA. held not with started assess we So and

a very transitioning expense, with trial advisable If and imagine, platform. thinking us therapy you it's a think trial be about that to or to probably it's heavy can three-year like a for I and -- with PFA tempting

Understood. Yeah, that makes sense.

push PFA faster So, you strategically you'll that's mentioned, little mentioned, the you as that the we is given seems a if through as to timeline. ’XX flutter, right than expected. be atrial approval, early the -- And follow-up then and

I That very had. you the all questions much. Okay. is Thank

from line And of our comes with Capital. the next Spartan question Fonseca Javier you. Thank

in announced U.S. some you to thanks think it increasing the installments? Thanks. focus Considering be buildup the light commercial the call. for the And expected for the significant And entry my by AcQBlate? on claim would mark shed management to year, can for system ship back early then, do cost taking

point as efficient -- account fully have integrated to assumption account and a customer with by an better all that's experience the and in the gain or it. process approval you signs launch that. U.S. therapy good a think basis Europe in Because we software. I when we sales Because Mapping on get--as we in

about So to think logical I think I think that's way a pretty it.

the had AcQBlate team support of the our to and team. Europe quality think have to on invest think commercial EP, the successfully, to will current Javier established the add think and very their I U.S., Europe, we question we in the the that case in with was question terms AcQBlate I important they are relationships of the have was Manager organization a But in we and acceleration infrastructure, in in depth equipped we launched U.S., experience we that clinical And bigger sales seen the will given AcQBlate support? the in procedure into your bag. are in the holds extent seamless as launch infrastructure therapy in of It to very us And existing drives commercial be launch if volumes AcQBlate additional well in that Europe. of the for

Awesome. Thanks. one question. more [Indiscernible]

Thank disconnect. today's call. conference now you you. concludes This for you Thank may participating and