Hansen Medical, Inc. (HNSN)

Q2 2010 Earnings Call Transcript

August 4, 2010 5:00 pm ET


Lasse Glassen – IR, Financial Relations Board

Fred Moll – Co-Founder and Executive Chairman

Bruce Barclay – President and CEO

Peter Osborne – Interim CFO


Chris Pasquale – JP Morgan

Bill Carlisle – Morgan Stanley

Tim Lee – Piper Jaffray



Good evening, ladies and gentlemen, thank you for standing by. Welcome to the Hansen Medical second quarter 2010 results conference call. During today’s presentation, all parties will be in a listen-only mode. Following the presentation the conference will be opened for questions. (Operator instructions) This conference is being recorded today, Wednesday, August 4th of 2010. And I would now like to turn the conference over to Lasse Glassen from Financial Relations Board. Please go ahead, sir.

Lasse Glassen

Thank you. Good afternoon everyone. Welcome to Hansen Medical’s 2010 second quarter results conference call. With us today are Hansen Medical’s Co-Founder and Executive Chairman, Fred Moll; President and CEO, Bruce Barclay; and the company’s interim Chief Financial Officer, Peter Osborne.

Before I turn the call over to management please remember that our prepared remarks and responses to questions will contain forward-looking statements. Words such as may, will, should, could, expects, believes, estimates, targets, plans, projects, goals, opportunity, outlook, and variations of these words and similar expressions are intended to identify forward-looking statements that are subject to a number of risks and uncertainties. Examples of such statements include statements about our expected operational and financial results, the expected number of Sensei systems to be sold and recognition of revenue on systems, the timing and results of our clinical studies, the receipt and timing of future regulatory approvals, the expected results of our cost reduction initiatives and the timing of future product introductions.

Actual results may differ materially from those set forth in these statements due to the risks and uncertainties inherent in our business, including enrollment, delays and uncertain timelines, costs and results of clinical studies and of developing new products, potential safety and regulatory issues that could slow or suspend sales, the rate of adoption of our system and the rate of the use of our catheters at customers that have purchased our systems, our ability to successfully manage our manufacturing and operating expenses, the scope and validity of intellectual property rights applicable to our products, competition from other companies, the effect of credit, financial and general economic conditions on capital spending by potential purchasers of our systems, additional cost and resources necessary to address existing and potential claims and proceedings related to the restatement of our financial statements, our ability to remediate material weakness in internal controls over financial reporting and other risks detailed in the Risk Factors section of our periodic SEC filings, including our quarterly report on Form 10-Q for the three months ended March 31, 2010 as filed with the SEC on May 10, 2010.

We undertake no obligation to revise or update information herein to reflect events or circumstances in the future even if new information becomes available.

With that, it’s now my pleasure to turn the call over to Hansen Medical’s Executive Chairman of the Board, Fred Moll. Fred?

Fred Moll

Thank you, Lasse. Good afternoon everyone and thank you for joining us for our second quarter conference call. As you know, on June 9, Bruce Barclay joined the company as President and CEO, and I transitioned to the role of Executive Chairman of the Board.

Before I hand the call over to Bruce, I would like to make a few introductory remarks indicating why our board with my strong support determined that Bruce is the absolute right choice to lead Hansen Medical going forward. As a result of the vision, creativity and hard work of all our employees, thousands of patients have access to a better way of delivering medical care and many more exciting Hansen products and procedures are coming down the road.

With that said, the company has evolved rapidly in the past couple of years, and the time is right to bring in new leadership that can take the company to the next level of commercial success. The board sought out Bruce Barclay specifically as the right executive to lead the company going forward. Bruce has more than 30 years of experience in the healthcare industry with most of that experience in companies focused on the development and sale of products to treat vascular disease.

He has spent over 10 years of experience leading companies in this industry, most recently at SurModics, where he was President and CEO. He has been on the job at Hansen almost 2 months and the transition is going well. As those of you who have had the pleasure of meeting and working with Bruce will already know he is an experienced and talented executive. Beyond that there are a number of attributes that he brings to Hansen that made his recruitment a priority here.

First, Bruce is a natural leader, a credible voice of the company to the industry, and all of our stakeholders and you, our analysts and shareholders. He also shares our passion for the potential of Hansen’s technology. Secondly, in his last position Bruce led the company in sales growth and diversification, while maintaining financial discipline. This required making tough decision at times understanding the need to distinguish good science from good business.

Third, he knows the markets for treating coronary and peripheral vascular disease well, having significant experience in this area and finally he has a proven ability to partner with top medical technology firms in joint development and commercial programs. As you know, Hansen has several key partnerships with leading companies. Bruce has the skills to make sure that those programs move forward on schedule and thrive [ph], and the ability to identify and create new partnerships.

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