Q2 2020 Shockwave Medical Inc Earnings Call
At this time, all participants are no listen only mode.
We will be facilitating a question and answer session towards the end of today's call.
As a reminder, this call is being recorded for replay purposes I.
I would now like to turn call over to Debbie Kaster.
Head of Investor Relations at Shockwave for a few introductory comment.
Thank you all for participating in today's call. Joining me are Doug Shaw, President and Chief Executive Officer Medical Dan Pocket, Chief Financial Officer. Please.
Earlier today Shockwave released financial results for the quarter ended June Thirtyth 2020.
A copy of the press releases are available on company's website.
Before we began it let me remind you that management will make statements. During this call that include forward looking statements within the meaning of federal Securities laws, which I made pursuant to Safe Harbor provisions Private Securities Litigation Reform Act of 1995.
Any statements contained in this call that relate to expectations or predictions of future events.
I'll start before Mr. forward looking statements.
All forward looking statements, including without limitation statements relating to our sales and operating trends business and learn prospects mutual in revenue expectations and future product development in the proposals are based upon our current estimates.
Assumptions.
These statements involve material.
Uncertainties, including the impact of coconut kingpin Dennis.
Cause actual results or that's material Jefferson does interest in it or implied by these forward looking statements.
Accordingly, you should not place undue reliance on these statements.
Well listen description of risks and uncertainties associated with our business. Please refer to that risk factor section of our annual report on form 10-K, a child FCC available on Edgar and in our other reports filed periodically with the FCC.
Shockwave disclaims any intention or obligation, except as required by law to update or revise any financial projections or forward looking statements, but because of new information future events or otherwise.
The conference call contains time sensitive information and accurate.
As of the life broadcast today August 11.
In each money and with that I'll turn the call it written it down.
Thanks, Debbie good afternoon, everyone and thank you for taking the time to join US to review shockwaves results for the second quarter of 2020.
I hope this call funds you all in good health and doing your best to adjust to this new normal we're all stages.
We reported 10.3 million in revenue for the second quarter, representing a modest increase from 10 million in sales in the second quarter 2019.
As we mentioned in our last quarterly call people with the low watermark for procedures pencils and we've seen a consistent recovery each month since then.
I will go into a bit more recovery specific commentary leader and Dan will of course provide more details regarding our financials. During his portion of the call.
But first I'd like to start with a quick snapshot of some recent operational achievements.
We completed enrollment cadthree, our U.S. coronary pivotal trial in March.
April we completed enrollment in CAD for our coronary pivotal study in Japan.
Yeah early June de center for Medicare and Medicaid services CMS issued codes for I.B.L. procedures performed in peripheral artery didn't both the hospital outpatient and inpatient setting.
In preparation for our coronary launch we continued our expansion of our U.S. field team ending the quarter with 85 individuals in the team in the field up from 78 on March 31st.
We completed a very successful 89 million dollar follow on financing to priced at a positive fall to offer value.
Much appreciate your support.
The continued to be highly impressed with the dedication of our team members, who have consistently executed and successfully hit milestones after milestones despite having to operate under new rules and challenges due to the impact of the global pandemic.
Many companies have already described the recovery of procedures throughout the second quarter and what we're saying it's similar to what you have heard from our peers.
Throughout the second quarter, our international and U.S. business is followed remarkably similar patterns.
Meaningfully in April and then steadily increasing month over month.
To give a bit more detail.
Using February has the peak month in terms of demand.
Deeper was down 60% from February on an average daily sales basis.
By June or average daily sales number was almost double the April the April average daily sales.
Only about 20% from the February peak.
We continued to see an upward trajectory in July.
In the U.S. specifically the cases performed in the early part of the quarter were of course, the most urgent and non elective cases.
Particularly tougher access and critical limb ischemia.
As the quarter progressed, a broad spectrum of pad cases can back that's positions were able to start treating the symptomatic patients that had been put on hold.
As you as hospitals continue to learn how best to manage covert patients and to balance the need to continue elective procedures.
We believe volumes will continue to grow through the remainder of year.
However, we also believe the broader resurgence of co bid what caused some dampening of U.S. activity.
Whether it be two hospital due to hospital bed capacity for inpatient procedures.
Or patient anxiety about entering the hospital.
Internationally.
Coronary drove the procedure return with peripheral lagging a bit as we expected to be the case.
With nearly half our global revenue coming from the 46 countries outside the U.S., where we commercialize.
We are fortunate to be in a position to benefit from the more capable cobot management that most other countries displayed.
Our German region, where we are direct with the least impacted by Kobin, which is not a fixed price in Switzerland in Germany, where amongst the best attempting down the outbreak.
Our distributor sales largely maps the elective procedure pattern in their respective countries.
And there has been variability in the recovery rate given the different levels of disease transmission by country.
Most countries or better in a better position in the U.S. now, but there will be cobot flare ups as we're already seeing sporadically and.
And those will likely have local impact on procedures, but we don't expect to see brought new disease outbreaks.
We are quite encouraged by recent trends in the business and are confident the procedure volumes will continue to increase generally.
The ongoing cobot wave in the U.S. and the pockets of challenges internationally makes it difficult to confidently predict the procedure volume returns at the end of the year.
And while we have the navigating uncertain the I'm certain waters of coated.
We remain focused and continue to execute against the key milestones in front of us.
Our CAD three activities are progressing very efficiently.
And we remain on track to file or final P. M. A module it in the month.
As anticipated approval in the first quarter 2021.
We are optimistic that the data from this study will be accepted as a late breaker TCT and look forward to discussing the results at that time.
Turning to our peripheral studies, we continue to enroll patients in our Petrie registry with an exclusive focus on has four cases.
And as previously announced we completed the randomized arm of pad three at the end of last quarter with 308 patients enrolled in our currently compound with data from the study.
We look forward to sharing the result of this trial potentially as soon as people are later this year.
To be prepared for first quarter coronary approval in the U.S., we are expanding our sales seem more aggressively now and we'll continue to do so even if there is more of a could slow down than we anticipate.
We are well underway to having or 100 people in the field in the first quarter 2021, and fully expect to have a team of at least 100 and and come January 1st.
Our territory manager and clinical specialists hiring has progressed very well since June and we continue to continue to add exceptionally strong new team members to the excellent group, we haven't placement U.S.
On the international front, we are starting to put some infrastructure in place in Japan, where we are pleased to have just hired a strong country manager to oversee our operation there as our clinical and regulatory activities progress.
We restarted the S for launch in the U.S. with a series of Okay, well meetings and advisory Board.
All of which turned out to be highly productive and help validate the various use cases for us for from the odds of both IPO users as well as several non users.
And a nice side benefit of these sessions is that a few of the non users have now become customers.
We're also beginning a limited launch of that's four in Germany.
May recall that the two smaller size of S. Four had been held up during the European unions moved from MDD to the new NDR rules.
But an unanticipated benefit from the current Kobin situation with the European Union its decision to delay the transition.
Which allowed our notified by to approve S. Four under the previous Mbd rules.
As we launch that's four in Germany, we will build off this experience and expand to other key European pet markets.
Some of the busiest critical limb ischemia upper years in the world are in Europe. The vast majority of their cases are done with clean angioplasty.
So we believe that's four will be a valuable clinical tool for them.
Another very positive change for our business NRC U.S. sales team in particular.
That's been CMS is recent approval of new codes for ideal procedures performed in peripheral arteries, but the hospital outpatient inpatient settings, which we announced in June.
As a reminder, CMS issued for I'd be able specific outpatient codes, which matched to the current endovascular payment levels for above the knee procedures and 17 inpatient I C. D 10 codes, which mapped into your genes in the same manner that that's recchi procedures doing inpatient setting.
With these new IP LCOS.
CMS has validated the intervest fewer lithotripsy is a unique procedure and thus far the customer response to these new coach has been quite positive.
They are encouraged that they can now see a pathway to improve payment overtime.
As a reminder, while the codes we were granted by CMS relate to hospital procedure payments or level to CPT code.
Level once CPT codes, which also include physician payment are dependent on the C.P.T. panel, which has overseen by the American Medical Association.
The next CPT panel meeting is in early October and the agenda was published on July 31st.
The various societies that performed peripheral procedures submitted a proposal to eliminate the current 16 codes that are used for lower extremity procedures and requested that they read be replaced with 32, new codes to reflect current endovascular technology and practice.
That's all we know with certainty at this time.
But as an interested party we will request details around this proposal under a confidentiality agreement.
And participate in the process consistent with the rules of the name.
That said the details will not be public until the CPT panel meeting in October.
As a reminder of the CPT process timeline.
If the meeting in October.
Result in these 32 codes being approved they would then go through evaluation process with the rock.
This would then lead to approval next October and the codes would go into effect in January 2022.
If the panel requested more work be done on the codes then everything floods by year.
The new basket would be proved in October of 21.
He by rock and 22 and implemented in January of 2023.
Well, we would be delighted to find Ivy Hill in the propose basket of goods, we see that as an upside to our trajectory as we will continue to sell our devices based on the unique ability to treat calcified vascular disease more effectively and more safely than other technologies are able to.
Better payment is always better of course.
There was a bit of attention a tour Patton trust for a while ago when I wanted to reiterate our confidence in the strength of our portfolio.
And our ability to protect are proprietary ideal technology.
We are pleased the profitability due to very broad an important claim in our 371 patent.
And we'll be appealing what we believe were erroneous decisions by the P. tab on other claims.
During the appeal process all the claims on all the patents remain valid.
We expect to prevail on appeal given the gaps are council has identified but even if we're wrong, we're still in a great position.
We have 41 patents in total in the U.S. government to design and use of our technology.
And continue to file more cases to build upon the sound Foundation.
Additionally, an underappreciated aspect of our portfolio is the strength and breadth of our 50 international patents, which cannot be challenged with IP ours.
Anyone who has the mistaken impression that the initial IP our findings somehow opens the door to copy Ivy Hill, you'll realize how challenging it will be to navigate the many layers of our patents in the U.S.
And it certainly won't be any easier to deal with our formidable international portfolio.
We take great pride in our patents of course, but.
But put us in this leadership position was our ability to create exceptional technology.
Uniquely treats patients with complex cardiovascular calcification.
That is what allows our customers create sustained value and what drives us every day.
Lastly, well, we spend a lot of time speaking about our sales regulatory and clinical activities.
I would be remiss not to mention the superbowl work of our R&D operations in quality teams.
Throughout the cobot challenges those teams have continued their steady performance without disruption.
We produce more catheters with fewer hours last quarter.
Our R&D projects are moving very efficiently and we have made impressive strides on our pipeline projects. Despite cobot.
Greg work on all fronts bakery team.
And with that I'll turn the call today.
Thank you Doug Good afternoon, everyone shark week Medicals revenue for the three months ended June Thirtyth 2020 was $10.3 million.
3% increase from $10 million in the same period of the prior year.
You asked revenue was $5.5 million in the second quarter 2020, representing a 7% increase from $5.2 million in same period of last year.
The modest increase was driven by the fact that although the U.S.C. as had been growing nicely through 2019 and into early 2020, as we expanded into new sales territories. The Q2 2020 growth was muted by by the impact from the pandemic.
As Doug noted April was a low point in terms of sales and since then.
We've seen activity increasing back towards the levels. We saw earlier this year before coded.
International revenue was $4.8 million in the second quarter in was consistent with $4.8 billion missing breed of last year similar to the U.S.. We've also seen a gradual recovery from the international market since April low point.
In sales activity in the second half of Q2 has steadily recovered towards level similar to earlier this year.
Looking at a product lines, our peripheral products and five an S. Four accounted for $6.5 million or the total revenue in the second quarter 2020, compared to $6.2 million same period of 2019, a 4% increase.
Our coronary product see two accounted for $3.7 million total revenue in the second quarter. This year compared to $3.5 million in same period last year, representing 5% increase Oliver see to revenues currently international.
In addition, the sales of generators contributed $135000 in revenues in the second quarter 2020.
Sorry to $300000 in the same quarter last year.
Gross profit for the second quarter, 2020 was $6.7 million compared to $5.9 billion in the second quarter in 2019.
Gross margin for the second quarter tool 2020 was 65% as compared to 59% in the same period of last year.
Contributors to gross margin expansion included continued improvement in manufacturing productivity and process efficiencies.
Total operating expenses for the period were $24.7 million, a 44% increase from $17.1 million in same quarter last year.
R&D expenses in the recent second quarter, <unk> $8.1 million compared to $6.9 billion in the same greed of last year.
The increase was primarily driven by headcount increases to support product development regulatory and clinical efforts.
Sales and marketing expenses were $11.2 million in the second quarter, this year compared to $7 million missing freedom to prior year.
The increase is primarily driven driven by sales force expansion.
General and administrative expenses for the second quarter, 2020 were $5.4 million compared to $3.2 million at the same period of last year.
The increase was primarily due to headcount increases to support the growth of the business.
Net loss for the second quarter, 2020 was $18.1 million compared to net loss of $10.6 million missing period of last year.
Net loss per share for the period was 56 cents.
We ended the quarter with $231.4 million in cash cash equivalents in short term investments. This number includes net proceeds of $83.4 million from the follow on financing completed in June.
In regard to guidance due to the continued uncertainty around the impact of the Kobin pandemic I'm procedures for the fourth quarter. We do not feel is <unk> be prudent to reestablish guidance at this time.
I'll now turn the call back to Doug.
Thanks, Dan and thank you all for joining us today for our call.
Well the uncertainty in turmoil brought upon us all by cobot are tough to navigate.
One silver lining for Shockwave is that this time is really brought to light Hello, hi, how highly valued or intervest fuel. That's true see technology continues to be as a safe effective efficient option for our customers, who treat severely calcified artery disease.
These are challenging times for everyone and thus far the Shockley team has continued to rise to the challenge as we seek to positively impact on another our customers and the communities we live in.
Take care, everyone and have you will that I will open the call the questions.
Ladies and gentlemen, if you'd like to ask a question at this time. Please press the star and the number one key on your Touchtone telephone to withdraw your question press the pound key.
Again that Star then one to ask a question.
Our first question comes from David Lewis with Morgan Stanley. Your line is now open.
Oh good afternoon. Thanks for taking the questions I'm just a couple from me here just hi, it sounds like based in prepared remarks. The yesterday said been sort of not surprisingly was sort of kind of lagging recovery I just wanted to share with us or would that particular segment was as a percent of normal in June and how that's sort of trended in July and I'm, what I'm. Most interested in is that sort of beginning to catch.
The other vessel beds or is it still lagging behind and then just give us some broader sense of how you're thinking about recovery as we head to the deeper part of this year you. Most of your peers have sort of suggested fourth quarter is some percent of normal how do you kind of shake out relative to that expectation then just one quick follow up.
Ah yes, so that's a pay was particularly light and in the April may timeframe. Most that's that pays are.
For Colocation not critical them, although some are critical and.
So we were more heavily biased towards.
Either below the knee are critical them as up a.
And and then are so large for access cases for whatever as as Weve.
Seen the return of cases, a survey and we don't we don't breakout percentage by vessel anymore, because got an increasingly.
Challenging to track them and I was particularly challenging to tractor and cobot, because we didn't get is going in many cases.
But but that's okay has seemingly return back to.
Or a primary a vessel bad for us, albeit not anywhere close to a majority of our of our peripheral cases.
And.
And iliac as I think gains from Q back in your conference last fall back when we got to do conferences iliac has been the real pleasant surprises vessel still.
Not not so much because of large more access, but symptomatic iliac continues to.
We really do a meaningful sweet spots that plus common femoral in terms of the symptomatic disease.
And then the fourth quarter.
We are as as Dan noted, we're we're cautious about.
Little uncomfortable guiding and given the pretty good given the.
A rate of Kobin expansion in the U.S. two to say with certainty, okay, there's not going to be in.
Another slow down on an elective we've been very pleased that even in places like Houston, where.
There was a push to reduce electives it.
We continued to see cases in Houston has seen more of a.
Have a inpatient selective that was being put off versus outpatient elective. So so we didn't really see in an effect in the in the few spots where there there were pushing back.
So we are hopeful that the fourth quarter does sort of better approximate normal obviously, we all.
A head of the had a bit of a step back in terms of the procedure acceleration and new account penetration during the April may timeframe. So.
Thats still has to to get back to normal, but vac committees and the like seem to be meeting now not all of them and there's still sorting out how they're going to process, new technologies et cetera, but but that is that also is starting to to <unk> to become somewhat more normal.
Our next question comes from Larry Biegelsen with Wells Fargo. Your line is now open.
Hi, Good afternoon, and this is Kevin on for Larry today. Thank you for taking the questions. My first one is a doug's since you completed enrollment in CAD three in April the follow up its 30 days I assume you've probably seen the data by now I'm. The question is where there any surprises.
Positive or negative from the trial experience or any safety efficacy differences that were inconsistent with the data already published on Ivy L. in your previous two coronary studies and I just have one follow up.
We look forward to everybody joining us virtually at TCT to review the data, we're not going to speak to speak to the data or will it didn't carry out because presented to them.
At TCT.
Okay totally fair. So you know earlier this year, Doug you had announced some plans to initiate a continued access program in coronary we didn't hear any updates about that on the call. What is the status of that currently thanks. So much.
Yeah. The the continued access.
Study became sort of illogical in a co would era when enrolling any trial would be chat was challenging.
And initiate it can do trial that was simply a sort of nice to have.
Opportunity to maintain access to it to.
See two for our customers.
The.
Sort of millions more than $1 million that it wouldn't take to run that trial for maybe dozens of patients fruit and been able to accrue just didn't make a lot of sense. So we we elected to Ah.
Ah to pass on on moving forward that study.
I'm just sort of been lot of money for my lot of return.
That makes sense. Thank you.
<unk>.
Our next question comes from Cecilia for long with Canaccord Genuity. Your line is now open.
Great. Thanks for taking your questions I'm, Doug I wanted to start with.
The S. Four market launch in the U.S., just the impact you've seen recently from having the smallest bloom the 2.5 millimeter and really what you've been able to do in this covert area era in terms of either opening new accounts or what you're seeing from utilization standpoint, and then how you're thinking about second half of this year.
Ah yes, so so as I mentioned, we read a brief we just think differently about how we were.
Maintaining some momentum on the that's for launch certainly in April awfully hard to do much of anything when you can't even go to hospital.
With that customer.
So towards the end of the corridor, we well middle of the quarter, we held a and advisory panel on us for a and below the knee generally we mixed.
A collection of.
Strong shockwave advocates as well as decent number who had a certainly we're aware of the company, but had not started using technology yet.
And and and use that opportunity both for them to learn from the users, but also for us to learn from the some of the Nonusers how can we better target.
Second or what are their concerns like how concerned are they about embolism for a win when treating with other technologies and potential for no flow when they're trying to save somebody's foot.
It seems obvious to us that that would be a concern for them and yet.
Got it.
It was helpful to be able to validate.
Even though they're not start using our technology as they thought about it like Oh, yeah that would be.
Oh real advantage to have a technology for that kind of situation and.
At least in our stores are are experienced historically once you start dabbling with Shockwave and I'd be l. use you find more use cases. So we started with that advisory group and then branched out to.
A a series of multiple okay, well meetings generally with with folks who.
Our our familiar but not yet.
Adopting our technology and we again use that both to learn from them and for them do you learn from us and.
And that has been a supplement to the great work that our sales team has been doing now that they are sort of able to get out of their basement and actually go me with customers. So the k. all meetings of have already.
Gotten some of those folks to start using shockwave, both above and below the knee, which they had not been many of them enough and doing before so it was a.
A nice benefit to what was for us a and outreach and educational process. It also has has turned into a supplement to the the grid effort of our sales team.
To your question on the two four in the three out its pretty evident that it would have been very hard for us to muscle through a launch without the smaller sizes.
They are.
Although the vessels are delicate you really don't want to sections or embolization or any complications that you can avoid.
Bigger blends makes people nervous and so the smaller the smaller sizes.
We're.
Sort of necessary to can continue to rollout.
And we continue to sell the whole, we're now able to sell the sort of the complete iliac down to the ankles.
Solution for the severely calcified patients and.
Oh, we see we see that's four as becoming an essential tool within a broader armamentarium of tools that the fees.
Sort of high end critical limb ischemia operators.
We'll be able to pick from.
So I guess, if I could follow up just as you do things about this year continued focus within yourself on that BTT opportunity, but then rolling into 2021 have you balance that with the coronary launch and I guess, where are you targeting I'm, having some of your new.
New reps, you're planning to higher back half of this year really focus their initial thank you.
Ah, yes, so the clinical specialists and territory managers were hiring now are certainly.
Their mandate is to become the the console tito's partner expert et cetera, with our current.
Vascular surgeons cardiologist radiologists, who use our devices and obviously.
Continue to strengthen our our business on the peripheral side.
We're starting training very soon on coronary so.
We will we'll be adding.
In their spare time to to to their sort of to do list.
When they're not selling we're going to want them learning about coronary. So that's can come early next year. They are ready to start selling both and a stronger they are and we are on the peripheral side.
Above the knee envelope any.
The better that will serve as a springboard for power.
Coronary business, we're where we are launching us for but where we're making sure that we are not.
Sort of saying you have to sell S. Four at the expense of them five it became pretty evident pretty early in the launch.
That you have sort of deferring opportunities by by accounted by physician if somebody is.
Doing a lot of work in the eve, our space, but not a lot of work on.
Peripheral side, you're probably going to sell that Dr and them five core iliac access and large where access versus trying to come in somebody's desk or bloody Conversely, if you.
I have somebody who is 80% below the knee are going to be talking about us for.
While we hope.
Sorry, interventional skews shot uses shockwave for every appropriate.
Calcified case, we don't want to legislate to our reps you must go sell us for at least exclusion of them five or vice versa. So.
What we're seeing so far there are highly highly complementary to one another and in some ways enables you to have.
Something to talk to different doctors about depending on what there.
Personal practices versus only having an M. When a doctor my do a level of any work and that we can do both.
Great. Thanks, Doug.
Yes.
As a reminder, ladies and gentlemen that is star then one if he'd like to ask a question.
Our next question comes from at a major with Piper Sandler Your line is open.
Hi, guys. Thanks.
Question I'm just started on the Oh, U.S. coronary business, just hoping to get a little bit more color there.
You know how are you guys thinking about that segment going forward.
And just the recovery kind of in the back half the year I'm guessing it varies greatly by country, but maybe you could comment just on expectations, even at a high level for a the key markets in Europe, and then IDACORP Hello.
Ah yes so.
Your your comment about.
Varies by market is so accurate even this morning, we were looking at.
Some countries that.
Like Germany, and Switzerland, Yes, they were down in the second quarter.
But.
A relatively speaking it was more like they were off a little bit.
ER and and then you look at a at our last call. We've talked about India, India went from and encouraging start to the launch to basically zero in the second quarter because the.
They were late to get Kobin, but when they got it they shut everything down pretty effectively on the electric procedure side and so it's as you look at cross the.
All the different distributors and all the different countries that we serve its yeah in the second quarter was sort of a range from off to to shutdown [laughter] and and we're starting to see through June.
And and into July for sure.
Almost everybody is turning back on and then it's just a degree of.
Of how how close it is back to normal.
We Oh it was it was a fascinating because I I had assumed international would.
Spring back pre before the U.S. because of our of my presumption, which.
I think the data suggested the internationally they got the disease earlier, and then and then addressed it earlier, so I thought they would come back faster, but I think they also lot of countries. Just stayed stayed shutdown longer to make sure things were really contain.
So the.
The reduction was incredibly similar in April and the return in May that started a claim at almost the same rate in the U.S. International and saying June.
And then both continued to showed encouraging signs of improvement in July and stuff and we're certainly anticipating.
That growth will continue.
Through through the year and and the challenges of course as a.
One of my first questions Tonight was sort of will it be quote unquote normal in the fourth quarter.
We certainly anticipate and expect procedure growth to return and that will accrue to our benefit.
It's so hard to define what normal is now a sort of whats your baseline for normal.
And and can you predict with confidence.
If any countries will suddenly have to pause again, we'll parts of America pitfalls again.
It's just some challenging to.
To predict this disease right now Korea.
Pre vaccine.
Got it that's helpful color, Doug Thanks, and just for the follow up maybe I could flat shall it just some of the commentary earlier on the call just around Vac committees here in the states.
Yes, So I guess my my question as you know at at present day, how receptive.
Our backs to new technology, you know, obviously that the large for strategy has worked really well in the past.
But we're just it would be helpful to kinda here, just real time kind of what that environments like and maybe how you're thinking about the pace of just brought her new account adds in the second half. Thanks, so much.
Ah yes, so it's it's.
Like so much of this recovery it it's a bit depends so it varies bye bye.
By geography, and where the the quote unquote reopening has been.
More aggressive earlier and has not had a setback yet.
Vaccine has been receptive surgery meeting and starting to process, a new product introductions. So.
Certainly in April may it was a.
They were.
They were not meeting they were not planning on meeting a they've ever been was just in a hunker down but.
June into July we started to see new accounts come onboard.
And we anticipate that that will continue to thaw and we also anticipate that we will.
Continue to benefit from common femoral.
Logic or iliac since of symptomatic and now supplemented by the ability to.
Tougher solution for both the need to use as well and not that we ignore I say, but it's really more.
We pull essay through once we're in <unk> versus.
Leading explicitly what would that but that's a phase or commercial strategy. So we are anticipating.
Continued new customer ads and a benefit of having the expanded.
Sales in clinical specialist force that we are a we aren't we now have in place and we'll continue to augment.
Enables us to expand to additional sites, where where some of our new hires have relationships that they can.
That they can leverage from from their prior prior sales experience.
It also just give us better.
Better account coverage generally as where.
Leading into the pretty coronary launch phase.
Got it it's very clear thanks, Doug.
And that concludes today's question and answer session I'd like to turn the call back to Mr. got shelf for closing remarks.
Ah. Thank you very much and thanks, everyone for taking the time this afternoon.
Everyone's very busy and ER and hunkered down and.
Probably working remotely I'm looking forward to chatting with many of you over the next quarter and.
And hope your summer ends a wealth and safely ticker.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating may now disconnect.
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