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Hansen Medical, Inc. (HNSN)
Lazard Capital Markets Healthcare Conference Call
November 13, 2012 1:30 pm ET
Bruce J Barclay – President and Chief Executive Officer
Karen C. Koski – Lazard Capital Markets LLC
Karen C. Koski – Lazard Capital Markets LLC
Previous Statements by HNSN
» Hansen's CEO Discusses Q3 2012 Results - Earnings Call Transcript
» Hansen Medical Management Presents at UBS Global Life Sciences Conference (Transcript)
» Hansen Medical's CEO Discusses Q2 2012 Results - Earnings Call Transcript
» Hansen Medical's CEO Discusses the Receipt of 510(k) Clearance for the Magellan Robotic System Conference (Transcript)
Bruce will give a brief presentation, and then we can open up to questions at the end. And Bruce, I’ll turn it over to you.
Bruce J Barclay
Great, thanks, Karen. Good afternoon, everyone. Thank you all for being here this afternoon, nice to be back. Thanks for Lazard again for inviting us to be here. So some of the statements I make today may be considered forward-looking statements the slide, as well as our securities filings contain important information and then I would ask you to consider this information very carefully.
So Hansen Medical is the leading provider of intravascular robotics poise for growth in the $2 billion plus medical robotics market. While intravascular robotics is truly a platform technology we believe, where many clinical applications could apply really focusing ourselves on two applications; the first is electrophysiology or EP and the second is vascular. For EP, we launched our first product in 2007 called the Sensei Robotic System. Clinical use of that system is growing and we now use to more than 9,000 patients worldwide. We generate a very significant days of systems having shift over 110 systems since first commercialization.
Our strategy is to leverage this robotics technology into new markets and we’ve made a significant step forward in that by launching, but we considered a very much for platform technology called the Magellan to access much larger vascular market.
In June of this year, we received 510(k) clearance to market that product in the United States for peripheral vascular disease and coupled with our prior CE Mark in Europe. We’re very excited about that opportunity in front of us and we’ll talk more about that a little bit later.
Finally, we continue to invest heavily in R&D. We are developing a full suite of catheters for use in multiple electrophysiology and vascular applications. We’re also developing what we considered to be a game changing technology, which we called FOSSL or Shape Sensing technology and we’ll talk all those in just a minute.
There are number of clinical segments within the medical robotics industry, which we think makes it a new and very exciting business to participate. And as I said earlier, it will be about $2 billion with medical robotics sold in 2012. Most of those sales come from the company on the right with Intuitive Surgical. We’re also in good company with MAKO Surgical, who is focused on the orthopedic space.
Our intravascular robotics platform supports multiple clinical specialties including electrophysiologist, but also minimally invasive peripheral vascular interventions, endovascular surgeons, interventional radiologists and interventional cardiologist. Our technology is uniquely situated to meet the needs of clinicians in that intervascular space.
So we are found in 2002. We went public in 2006. Since that time, we’ve accomplished a number of very significant milestones and develop a number of very important relationships with both large and small companies to help us commercialize our products as well as develop new products for future applications. Our partners are listed here on the slide and include Philips, Siemens and GE in the capital space, St. Jude Medical Intuitive Surgical and others were access to product channels, intellectual property and new technolgies.
Our business model is a classic a razor/razor blade model, not in like that of intuitive in MAKO. Revenue comes from capital, but it’s a robust set from the left hand side. Recurring revenues come from deposable catheters and accessories and then service contracts on the right.
Our leadership team at Hansen Medical has focused the organization around three strategic initiatives to grow our business, which in our path to profitability. The first is to launch and grow our new Magellan Robotics System for vascular. And as I said, we’re in the early phases of that with recent clearance from FDA in June of this year.
The second is to continue to grow our EP business, and I’ll discuss how we are doing that shortly with compelling clinical data, new products, improved execution and outside the U.S., where we have products and our benefits not yet available to us in the U.S., we are looking to expand both our direct and distributor relationships.
And finally, we are focused on achieving operational excellence in all that we do by improving our product margins, lowering our expenses, reducing our cash burn and again charting our path to profitability. So [4.47 with that] I go into more detail on the company I believe Hansen represents a compelling investment opportunity. We have a large and growing installed base in the EP market. We are launching new products with improved commercial execution and a body of positive clinical data continues to grow.
All this is supported by our broad and very deep intellectual property base and our new Magellan platform interest of much larger vascular market, where interventionalists perform complex into good procedures that can benefit from the precision and the predictability of direct control of the catheter. This product has been used by multiple specialists in a broad range of procedures. It’s gaining recognition by key opinion leaders in the industry and clinical and executive interest is growing in the product.