Hansen Medical, Inc. ( HNSN)

Q3 2011 Earnings Conference Call

November 2, 2011 5:00 PM ET


Peter Mariani – Chief Financial Officer

Bruce Barclay – President and Chief Executive Officer


Brooks West – Piper Jaffray

Jeffrey Cohen – Laden, Burke, Thalmann

Chris Pasquale – JP Morgan



Good day, ladies and gentlemen, thank you for standing by. Welcome to the Hansen Medical 2011 third quarter results conference call. During today’s presentation, all parties will be in a listen-only mode. Following the presentation conference will be opened for questions (Operator Instructions).

This conference is being recorded today, Wednesday, November 2, 2011. I’d now like to turn the conference over to Mr. Pete Mariani, Chief Financial Officer of Hansen Medical. Please go ahead sir.

Pete Mariani

Thank you, Camille. Good afternoon everyone. Welcome to Hansen Medicals 2011 third quarter results conference call. With me today is Bruce Barclay Hansen Medicals President and CEO.

As we begin today’s call please remember that our prepared remarks and responses to questions will contain forward-looking statements that are subject to a number of a risks and uncertainties. All statements other than statements of historical fact are statements that could be deemed forward-looking statements including statements containing the words plan, expects, potential, believes, goal, estimate and similar words. These statements are based on the current estimates and assumptions of our management as of the date of this call and are subject to risks, uncertainties, changes in circumstances and other factors that may cause actual results to differ materially from the information expressed or implied by such forward-looking statements.

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 first cases to be performed with the system, the potential benefit of the system on vascular procedures and the timing of commercializing our Magellan System.

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 caused and results of preclinical 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 right applicable to our products, competition from other companies our ability to recruit and retain key personnel, our ability to maintain our remedial actions over previously reported material weaknesses internal control 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 factor section of our quarterly report on Form 10-Q for the quarter ended June 30, 2011 filed with the SEC on our August 8, 2011 and the risks discussed in 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 circumstance in the future even if new information become available.

And with that I will turn the call over to Hansen Medicals President and CEO Bruce Barclay.

Bruce Barclay

Thanks Pete good afternoon everyone and thank you for joining us today for our third quarter 2011 conference call. I will spend the next several minutes providing an update on the quarter and on recent developments with our new vascular robotic system called the Magellan Robotic System. Pete will then return to provide a review of our third quarter financial results.

As you can see in the press release issued earlier today Hansen Medical had a strong third quarter as we continued to drive momentum in our EP business, enhance our commercial organization and achieve important milestones with our Magellan system. As we have discussed before flexible robotics for vascular applications is a key driver to the growth of Hansen Medical going forward we are focused on launching for vascular platform.

With that in, we are pleased to have now secured CE part for the Magellan Robotic System the NorthStar Robotic Catheter and related accessories. Clearly highlighting the progress we’ve made towards bringing a robotic platform for vascular applications to market. Our initial launch in Europe is well underway.

I’m also pleased to announce the first commercial installation of our Magellan Robotic System at St. Mary’s Hospital in London. The Magellan system accesses peripheral vessels with a proprietary technology that delivers independent distal tip control of a catheter and a sheath, as well as robotic manipulation of a standard guidewire from a centralized, remote workstation. This system has the potential to transform the way endovascular procedures are performed for patients with Peripheral Vascular Disease. The system was designed to assist physicians to effectively and efficiently treat a variety of peripheral diseases, while reducing procedure time, lessening radiation exposure and enabling new procedures. With this installation we will now receive a $3 million from Philips for the final milestone of our joined development agreement.

St. Mary’s is pioneer in the use of flexible robotics in vascular interventions and this is a tremendous opportunity to generate physician experience in order to raise the profile of the Magellan System in advance on a full scale of commercial launch. Several of St. Mary’s physicians and their staff have completed our extensive training program on the system and we expect the first clinical cases will be performed in the coming weeks. We remain very excited about the opportunity in front of us in the vascular market. We spoke with several leading clinicians about the Magellan system many of whom have driven the robot and have expressed strong interest in acquiring one for their hospitals. Our targeted launch is well underway with our European commercial team and many of these positive clinical discussions have transitioned to conversations with hospital administration regarding the potential purchase of a system.

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