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 commercialization 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-K filed for the quarter ended December 31st with the FCC on March 15th, 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 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.
Bruce J. BarclayThank you, Pete. Good afternoon, everyone. Thank you all for joining us today for our first quarter 2012 conference call. In today's call I will provide an update on our strategic initiatives, discuss our achievements in the first quarter, and review our plans going forward. I'll then turn the call over to Pete who'll provide a review of our financial results. Finally, we'll open up the call to your questions.