Hansen Medical, Inc. (HNSN)
Q4 2012 Earnings Call
February 27, 2013 5:00 pm ET
Peter J. Mariani – Chief Financial Officer and Head-Investor Relations
Bruce J. Barclay – President and Chief Executive Officer
John Demchak – Morgan Stanley
Jeffrey S. Cohen – Ladenburg Thalmann Securities
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I would now like to turn the conference over to Pete Mariani, Chief Financial Officer. Please go ahead, sir.
Peter J. Mariani
Thank you, Britney. Good afternoon, everyone. Welcome to Hansen Medical’s full year 2012 and fourth quarter results conference call. My name is Pete Mariani and I am the Chief Financial Officer for Hansen. With me today is Bruce Barclay, Hansen Medical’s President and CEO.
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 number of risks and uncertainties. All statements other than statements of historical facts 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 the Company's management as of the date of this 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 the forward-looking statements made in this call. Examples of such statements, includes statements about the potential benefits of our Magellan Robotic System for hospitals, patients and physicians, expectations of shipments and installations of our Robotic Catheter Systems, catheter sales and procedures, expectations regarding gross margins and operating expenses for 2013, and the sufficiency of the Company’s cash resources for supporting the Company’s operations, expected efficiencies from cost saving initiatives, and the anticipated timing of commercially launching a 6F vascular catheter.
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 activities in developing new products and entering new markets; the commercial viability of our products in vascular markets; potential safety, and regulatory issues that could slow or suspend our sales; the effect of economic conditions on capital spending by our potential customers; the uncertain timelines for the sales cycle for newly introduced products; the rate of adoption of our systems, and the rate of use of our capitals, regulatory constraints on our ability to promote our robotic systems for specific uses and our ability to manage expenses and cash flow, and other risks more fully described in the risk factors section of our quarterly report on Form 10-Q for the quarter ended September 30, 2012 filed with the SEC on November 9, 2012, and the risks discussed in our other reports filed with the SEC.
Given these uncertainties, you should not place undue reliance on the 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.
Bruce J. Barclay
Thank you, Pete, good afternoon, everyone. Thank you all for joining us today for our fourth quarter and full year 2012 conference call.
2012 was a strong year for Hansen Medical as we continue to develop new markets for intravascular robotics around the world, built momentum in our base EP business and continued the fundamental transformation of the organization, positioning us for long-term commercial success.
During today’s call, I will provide a review of the fundamental transformation that began in Hansen Medical in 2010 and continued year, to provide an update on recent business highlights, and report on the progress being made with the initial launch of the Magellan System.
As part of the Magellan update, I will review how we have gone from just one installed clinical system, less than six months ago to an expected nine installed clinical systems by the end of Q1, 2013.
In addition I will detail the recent enhancements we’ve made to our management team and board, provide a top line review of our financial results for the fourth quarter and full year 2012, and discuss our outlook for 2013 including a review of our strategy. I will then turn the call over to Pete, who will review our financial results for the quarter and full year 2012. Pete and I will then take your questions at the conclusion of our prepared remarks.
We achieved a number of important accomplishments in 2012; in particular we delivered one of the most significant milestones in the Company’s history, with the receipt of FDA clearance for our Magellan Robotic Systems, and the subsequent first sale in clinical cases in the U.S. This was the first new Intravascular Robotic System in the U.S. since the Sensei Robot was launched in 2007.
With the strong physician interest and positive clinical experiences and data that followed, we continue to build a strong pipeline of future system placement by partnering with influential physicians through our thought leaders in the space and who are known as early adopters of new technology.