Hansen Medical, Inc. (HNSN)
Q3 2012 Results Earnings Call
November 7, 2012 5:00 PM ET
Pete Mariani - Chief Financial Officer
Bruce Barclay - President and CEO
Brooks West - Piper Jaffray
Jeffrey Cohen - Ladenburg Thalmann
Chris Pasquale - JP Morgan
John Demchak - Morgan Stanley
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This conference is being recorded today, Wednesday, November 7, 2012. And I would now like to turn the conference over to Peter Mariani, CFO. Please go ahead, sir.
Thank you, Macula. Good afternoon, everyone. Welcome to Hansen Medical’s 2012 third quarter results conference call. My name is Pete Mariani. I’m the Chief Financial Officer of Hansen Medical. With me today is Bruce Barclay, Hansen Medical’s President and Chief Executive Officer.
As we begin today’s call, please remember that our prepared remarks and responses to questions will contain forward-looking statements that are subject to a number of risks and uncertainties. All statements other than statements of historical fact could be deemed forward-looking statements, including statements containing the words, plan, expects, potential, believes, goal, estimate, anticipate and similar words.
These statements are based on the current estimates and assumptions of our management as of the date of this conference call and are subject to risks, uncertainties, changes in circumstances and other factors that may cause actual results to differ materially from the information expressed or implied by forward-looking statements made in this conference call.
Examples of such statements include statements about the potential benefits of the Magellan Robotic System for hospitals, patients and physicians, expectations of shipments of our Magellan Robotic System and of our operating expenses, and the sufficiency of the company’s cash resources for supporting the initial launch of the Magellan Robotic System.
Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, engineering, regulatory, manufacturing, sales and customer service challenges in developing new products and entering new markets, the commercial viability of our products in the vascular markets, potential safety and regulatory issues that could slow or suspend our sales, the effect of credit, financial and economic condition on capital spending by our customers, the uncertain timelines for the sales cycle of newly introduced products and the rate of use of our catheters, and our ability to manage expenses and cash flow and other risks more fully described in the Risk Factor section of our quarterly report on Form 10-Q for the quarter ended June 30, 2012 filed with the SEC on August 9, 2012, and the risks discussed in our other reports filed with the SEC.
Given these uncertainties, you should not place undue reliance on forward-looking statements in this conference call. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future even if new information becomes available.
And, with that, I’ll turn the call over to Bruce.
Thanks, Pete. Good afternoon, everyone. Thank you all for joining us today for our third quarter 2012 conference call. Today’s call will consist of an update for our commercial launch activities around the Magellan Robotic System, a discussion of our achievements in the third quarter and recent business highlights and a look at our plans for remainder of 2012 and beyond.
I’ll then turn the call over to Pete, who will provide a review of our financial results for the quarter, and at the end Pete and I will take your questions at the conclusion of our prepared remarks.
As you’ve seen from this afternoon’s press release, we’ve experienced growing momentum in our U.S. launch of the Magellan Robotic Systems and FDA clearance in June.
While we’ve completed only one full quarter since receiving 510(k) clearance in US, I’m very pleased with the significant and growing clinical and executive interest we’re seeing with the Magellan System and this is where I’ll begin today’s call.
As we’ve said previously, our strategy for the initial launch of the Magellan in the U.S. is to partner with influential physicians who are thought leaders in this space and who are known early adaptors of new technology.
In doing so, we expect to generate positive clinical experiences and data to drive both interest and adoption among other physicians and hospitals. We also expect these thought leaders to publish their experiences and discuss their results in major conferences to generate interest from other physicians.
Five robotic systems were shipped in the third quarter, three of these were Magellan Systems that have been installed in the U.S. and are generating procedures at prestigious hospitals with key opinion leaders.
These hospitals are the DeBakey Heart and Vascular Center at The Methodist Hospital in Houston, Texas, the UC Davis Medical Center in Sacramento, California and the Baptist Hospital of Miami in Miami, Florida. The other two system shipped are one Magellan in Europe and one Sensei in the U.S.
Additionally to help sell more systems sooner, Hansen Medical recently initiated a new limited commercial evaluation program to allow certain key accounts to install and utilize our systems for a limited trial period, while the purchase contract is being evaluated by the hospital.
While hospitals participating in the limited commercial evaluation program are not obligated to purchase the system, they all actively evaluating this purchase and they must purchase the catheters used during the evaluation process.