Hansen Medical's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Hansen Medical, Inc. (HNSN)

Q2 2012 Earnings Call

August 8, 2012, 05:00 pm ET


Peter Mariani - CFO

Bruce Barclay - President & CEO

Nick Cheshire - Professor, St. Mary's Hospital, Imperial College Healthcare NHS Trust


Chris Pasquale - JPMorgan

Misha Dinerman - Piper Jaffray

Jeffrey Cohen - Ladenburg Thalmann

Robert Carlson - Janney Montgomery Scott



Good day, ladies and gentlemen. Thank you for standing-by. Welcome to the Hansen Medical 2012 second 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 questions. (Operator instructions)

I would now like to turn the conference over to Peter Mariani, CFO. Please go ahead, sir.

Peter Mariani

Thank you, operator. Good afternoon everyone. Welcome to Hansen Medical’s 2012 second quarter results conference call. I am Pete Mariani; the Chief Financial Officer of Hansen Medical and with me today is Bruce Barclay, Hansen Medical's 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 certain risks and uncertainties. All statements other than statements of historical fact could be deemed forward-looking statements, including statements containing the words, plan, expects, potential, believes, goal, estimate, anticipate 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 benefits of the Magellan Robotic System on vascular procedures, expectations of shipments of our Magellan Robotic System, the company’s ability to improve margins, lower expenses and improve cash burn and the sufficiency of the company’s cash resources for supporting the initial launch of the Magellan Robotic System.

Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, engineering, regulatory, manufacturing, sales and customer service challenges in developing new products and entering new markets; potential safety and regulatory issues that could slow or suspend our sales; the effect of credit, financial and economic condition on capital spending by our potential customers, the uncertain timelines for the sales cycle of newly introduced products, 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 previous reported material weaknesses and internal control over financial reporting, our ability to manage expenses and cash flow and obtain additional financing and other risks more fully described in the Risk Factors section of our quarterly report on Form 10-Q for the quarter ended March 31, 2012 filed with the SEC on May 07, 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 in 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.

In addition, today’s call includes comments from an invited physician speaker, and his comments also contain forward-looking statements that are subject to risks and uncertainties. The comments of the speaker are his own and should not be attributed to the company.

And with that, I will turn the call over to Bruce.

Bruce Barclay

Thanks Pete good afternoon everyone. Thank you all for joining us today for our second quarter 2012 conference call. Today’s call will consist of an update on the initial commercial launch of our Magellan Robotic System with particular emphasis on our US launch, a discussion of our achievements for the second quartet, a review of the EP business and lastly a look at our plans for the remainder of 2012 and beyond. I will then turn the call over to Pete, who will provide a review of our financial results for the quarter. Pete and I will then take your questions at the conclusion of our prepared remarks.

But before we get to our review of the business, we are fortunate to have on the phone with us today from Europe Professor Nick Cheshire, M.D. of St. Mary's Hospital part of the Imperial College Healthcare NHS Trust in London, an academic health science center. Professor Cheshire is also head of Circulation Science at Imperial College Healthcare. Under Professor Cheshire’s direction, multiple physician disciplines including vascular surgery and interventional radiology have been pioneering the use of intravascular robotic.

St. Mary’s was the first hospital in the world to have a Magellan Robotic System and to begin successfully treating patients with it. As a reminder, Professor Cheshire is an Independent Clinician and Professor of Medicine and has no direct affiliation with Hansen Medical. Professor Cheshire will speak today on his experiences with the Hansen Medical intravascular robotics technology in both preclinical and clinical settings, the benefits he has seen to patients and his hospital using this system and his views on the potential value of intravascular robotic.

Professor Cheshire first let me thank you for letting us interrupt your holiday with your family and for joining us for what is very late in the day in Europe. Please go ahead when you are ready.

Nick Cheshire

Thank you Bruce and good evening everyone. I have a number of comments to make and I will address them under several headings.

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