Hansen Medical, Inc. ( HNSN) Q2 2011 Earnings Call August 3, 2011, 5:00 p.m. ET Executives Matt Clawson – IR, Allen & Caron Inc. Bruce Barclay – President and CEO Peter Mariani - CFO Analysts Brooks West – Piper Jaffray Jeffrey Cohen – Laden, Burke, Thalmann Financial Services Bill Carlisle – Morgan Stanley Presentation Operator
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OperatorLadies and gentlemen, I apologize for the technical difficulties. Mr. Clawson, please continue. Matt Clawson Thank you, Alicia. I’m sorry folks. It seems that the provider had a system-wide failure, so anyway, without further ado and apologies here, we’ll begin over with forward-looking statements to make sure we got that all covered. 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. Examples of such statements includes statements about the expected timing of commercial availability of our Magellan Vascular Robotic System, the level of clinical interest in our Vascular Robotic System, and expectations regarding commercial success of our Lynx irrigated catheter. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements, include among others, the development of new products and applications of technology are subject to design, engineering, and manufacturing challenges that could delay clinical studies, regulatory filings, and commercialization, potential safety and regulatory issues could delay, suspend, or terminate clinical studies, regulatory approvals, or 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, and our ability to maintain our remedial actions over previously reported material weaknesses and internal controls over financial reporting. These and other risks are described in greater detail under the heading risk factors contained in our periodic SEC filings including our quarterly report form 10-Q filed with the SEC on May 10 th, 2011. Given these uncertainties, you should not place undue reliance on the forward-looking statements retained in this conference call. We take no obligation to revise or update information herein to reflect events or circumstances in the future even if new information becomes available.
Now 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 second quarter 2011 conference call. Before I discuss our second quarter results, I want to take a moment to introduce our new Chief Financial Officer, Pete Mariani. We took our time in conducting our CFO search, but having completed a very thorough search process, we are thrilled to have Pete on board here at Hansen. The deliberate pace of the search was designed to make sure that we found the right person for the role. And I can speak for the entire board including me that Pete is that person. We were adamant about finding an executive that had impeccable integrity, exceptional financial skills, applicable medical device experience, and importantly had significant success in scaling a business… [technical difficulty] … process we have not received a response to 510K submission. We are still targeting a U.S. commercial launch in the second half of this year. We understand that this is of interest to you in the investment community and so we will update you on any material news that comes out of the FDA when it is received. As you read today’s press release, financial results in the quarter representing only the EP business were solid and showed areas of improvement year-over-year. We are especially pleased that we are on pace with ten systems recognized as revenue thus far in 2011 to break through the 12 systems we recorded for all of 2010. We are encouraged that the pipeline in that business has beginning to show some positive momentum. Further, there is growing third-party clinical work by physicians as the total number of procedures performed on patients with our products is now in excess of 6,000. Read the rest of this transcript for free on seekingalpha.com