Hansen Medical CEO Discusses Q1 2011 Results - Earnings Call Transcript

Hansen Medical, Inc. ( HNSN)

Q1 2011 Earnings Call

May 4, 2011 5:00 pm ET


Matt Clawson – IR, Allen & Caron Inc.

Bruce Barclay – President and CEO

Peter Osborne – Interim CFO


Jeffrey Cohen – C.K.Cooper



Good afternoon, ladies and gentlemen, thank you for standing by. Welcome to the Hansen Medical 2011 first quarter 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 question. (Operator instructions)

I would now like to turn the conference over to Mr. Matt Clawson, of Allen & Caron. Please go ahead sir.

Matt Clawson

Thank you, Jeremy. Good afternoon, everyone. Welcome to Hansen Medical’s 2011 first quarter results conference call. With us today are Hansen Medical 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 that are subject to a number of risks and uncertainties, the examples of such statements include statements about the expected timing of commercial availability of our vascular robot system, the level of clinical interest in our vascular robotic system, expectations regarding commercial success of our Lynx irrigated catheter and expectations regarding the final accounting treatment in the company’s first quarter transactions with Philips.

Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include, among others, that the development of new products and applications of technology are subject to design, engineering and manufacture challenges that could delays clinical studies.

Regulatory filings and commercialization, potential safety and regulatory issues that could deploy the spend or terminate clinical studies. Regulatory approvals for sales, uncertain timelines, costs, and results of clinical trials and development of new products; our ability to plan, and manage cost reduction or operational efficiency initiatives; the scope and validity of intellectual property rights applicable to products being developed. Our ability to maintain our remedial actions over previously reported material weaknesses and internal controls over financial reporting and our estimates for the relative fair values on the recent agreements with Phillips. May change and change our final reporting financial results.

These and other risks are described in greater detail under the heading Risk Factors contained in our periodic SEC filings, including our annual reports on Form 10-K filed with the SEC on March 16, 2011. Given these uncertainties, you should not place undue reliance on the forward-looking statements in this 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.

With that, it’s now my pleasure to turn the call over to Hansen Medical’s President and CEO, Bruce Barclay. Good afternoon, Bruce.

Bruce Barclay

Thank you, Matt. Good afternoon everyone. Thank you all for joining us for our first quarter 2011 conference call. We continue to make excellent progress at Hansen Medical in implementing our strategic initiatives. Growing our EP business and developing and eventually commercializing our vascular robotic system.

As we noticed in this afternoon’s press release, the first quarter of 2011 was a solid start to a year that promises to be very important to us as we created a strong position for us to deliver to continue to deliver on our previously stated goals. I will go over some of the highlights of the quarter and then outline some of the expectations we have for the year before I turn the call over to Peter for a detailed look at our financial results.

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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