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Hansen Medical CEO Discusses Q1 2011 Results - Earnings Call Transcript

For a review of the details of our Q1 results, having just completed my third full quarter since joining Hansen, I want to reflect on my short tenure with the company. Less than a year ago I joined Hansen Medical with the expressed desire to spend my first several months analyzing and understanding the business, identifying those things that the company was doing well and those things where improvement was needed and creating an organization focused on execution. Following that initial period of analyzing and understanding, I communicated our strategy, plan for growth and specific metrics from which our progress should be measured by our shareholders.

Since implementing our growth plan I’m proud of the progress the organization has made. For example, I brought in new senior leadership to several parts of the business and together we have grown our EP business to record product utilization, launched new products, improved our training and clinical trial expertise, accomplished multiple key milestones to advance our vascular robotic system to what we now believe is the brink of commercialization. And generated a significant inflow of new non-diluted capital through the sale of non-core intellectual property and generally focus the organization on execution.

You will see from our financial results we are continuing to invest heavily in this business but importantly with the clear understanding that we are doing so with a focused strategy and measurable goals that I believe will strengthen and grow our business long-term. While proud of our progress, the job is far from finished. But I can sincerely tell you that I’m more optimistic today about the eventual success of our company than when I joined just a few months ago.

Turning now to our Q1 results, momentum in our EP business continues to build as we generated consecutive quarterly records in both catheter sales and product utilization. For the third quarter in a row a record number of (Inaudible) procedures were performed with Hansen products. And we broke through the 5000 clinical procedure milestone. That is more than 5000 procedures have been performed on patients with Hansen products since the launch of our initial Sensei Robotic System in 2007.

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