Hansen Medical, Inc. (HNSN)
Q4 2011 Earnings Call
February 22, 2012 5:00 pm ET
Bruce J Barclay – President and Chief Executive Officer
Peter J. Mariani – Chief Financial Officer
Jeffrey Cohen – Ladenburg Thalmann & Co.
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I’d now like to turn the conference over to Mr. Pete Mariani, Chief Financial Officer. Please go ahead, sir.
Peter J. Mariani
Thank you, Camille, good afternoon everyone. Welcome to Hansen Medical’s 2011 fourth quarter and year end results conference call. With me today is Bruce Barclay, Hansen’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, believe, 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 call and are subject to risks, uncertainties, changes and circumstances and other factors that may cause actual results to differ materially from the information expressed or implied by such forward-looking statements.
Examples of such statements include statements about the potential timing of FDA clearance of our Magellan Robotic System in the U.S., the timing of future clinical cases to be performed with the System, the potential benefits of the System on vascular procedures, and the timing of commercializing our Magellan System; as well as statements about the anticipated increase in adoption of our Sensei platform for electrophysiology procedures.
Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others: engineering, regulatory and sales challenges in developing new products and entering new markets; potential safety and regulatory issues that could slow or suspend our sales; the uncertain timelines, costs and results of pre-clinical and clinical trials; the rate of adoption of our systems and the rate of use of our catheters; the scope and validity of intellectual property rights applicable to our products; competition from other companies; our ability to maintain our remedial actions over previously reported material weaknesses in internal controls over financial reporting; the effect of credit, financial and economic conditions on capital spending by our potential customers; our ability to manage expenses and obtain additional financing; 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, 2011 filed with the SEC on November 7, 2011, 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 included in our remarks and responses to questions. 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 year end 2011 conference call. In today’s call, I will provide an update on our strategic imperatives, our achievements for the fourth quarter and 2011 calendar year, and a discussion of our outlook for 2012. I’ll then turn the call over to Pete, he’ll provide a review of our financial results.
As you’ve seen from the summary of last year’s business highlights set out in today’s press release, 2011 was an exceptional year for Hansen Medical, and the fourth quarter demonstrated continued momentum in the execution of our strategy. For example in the fourth quarter alone, we shipped six systems, four Sensei systems, one Magellan System in Europe and one Vascular Research system in the U.S., and recognized revenue on eight systems. This brings us to 13 systems shipped in total during 2011 with revenue recognized on 23 systems, a 92% increase over the 12 systems recognized in 2010.
Revenue for the quarter were $6.2 million, which is up 77% from the year ago quarterly period. These results flow from our three strategic imperatives, developing and launching the Magellan Robotic platform, growing the electrophysiology or EP; and driving operational excellence. We executed well against these three imperatives in 2011, and we remain focused on continuing the momentum in 2012 as we chart our path towards profitability.
Let me discuss these imperatives in a bit more detail starting with Magellan and our vascular platform. As we’ve discussed before, flexible robotics in vascular applications is a key growth driver for the business, and we believe it will be a catalyst to transform the way endovascular procedures are performed.
The Magellan Robotic platform’s most significant competitive advantage is that it allows for independent individual robotic control of distal tips of both the outer sheath and the inner leader catheter, as well as robotic manipulation of standard guidewires. It is also designed to allow more precise and predictable catheter navigation of peripheral vessels while reducing procedure time, lessening radiation exposure and lowering procedural fatigue countered by physicians.