Q3 2023 Nyxoah SA Earnings Call
Speaker 1: You.
Okay.
Okay.
Good day, and thank you for standing by.
Speaker 2: Welcome to the NXOA third quarter 2023 earnings conference call.
Welcome to the Nextera loved third quarter 2023 earnings conference call.
Speaker 2: At this time, all participants are in a listen only mode.
At this time all participants are in a listen only mode.
Speaker 2: After the figures presentation, there will be a question and answer session.
After the speaker's presentation, there will be a question and answer session.
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Ask a question during the session you will need to press star one one and you spoke to them.
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Speaker 2: Please be advised that today's call is being recorded.
Please be advised that today's call is being recorded.
Speaker 2: I would now like to hand the conference over to your first speaker today, Michaela Kirkwood, Investor Relations and Corporate Communications Manager. Please go ahead.
I would now like to hand, the conference over to your first speaker today, Makayla Kirkwood Investor Relations and corporate Communications manager.
Go ahead.
Okay.
Speaker 3: Good afternoon and good evening everyone and welcome to our earnings call for the third quarter of 2023. I am the Kayla Kirkwood Invest Relations and Corporate Communications Manager at NXELA. Participating from the company today will be Olivia Tailman, Chief Executive Officer and the week where I'll, Chief Financial Officer.
Good afternoon, and good evening, everyone and welcome to our earnings call for the third quarter of 2023, I am Akela Kirkwood Investor Relations and corporate communications manager at next seller.
Participating from the company that will be Olivier Hillman, Chief Executive Officer, Emily morale Chief Financial Officer.
Speaker 3: During the call, we will discuss our operating activities and review our third quarter financial results, released after U.S. market closed today. After which, we will host a question and answer session.
During the call we will discuss our operating activities and review our third quarter financial results released after the U S market closed today after which we will host a question and answer session.
Speaker 3: Press release can be found on the Investor Relations section of our website. This call is being recorded and will be archived in the events section of the Investor Relations tab of our website.
The press release can be found on the Investor Relations section of our website.
This call is being recorded and will be archived on the events section of the Investor Relations tab of our website.
Speaker 3: Before we begin, I would like to remind you that any statements that relate to expectations or predictions of future events, market trends, results or performance are forward-looking states.
Before we begin I would.
To remind you that any statements that relate to expectations or predictions of future events market trends results or performance are forward looking statements.
Speaker 3: Also, we're looking statements are based upon our current estimates and various assumptions.
All forward looking statements are based upon our current estimates and various assumptions.
Speaker 3: These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking states.
These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements.
Speaker 3: All forward-looking statements are based upon current available information and the company assumes no obligation to update these statements. Accordingly, you should not place un...
All forward looking statements are based upon current available information and the company assumes no obligation to update these statements.
Accordingly, you should not place undue reliance on these statements.
Speaker 3: For a list and description of the recent uncertainties associated with our business, please refer to the risk factor section on our Form 20F filed with Securities and Exchange Commission on March 22, 2023. With that, I will now.
List and description of the risks and uncertainties associated with our business. Please refer to the risk factors section on our form 20-F filed with Securities and Exchange Commission on March 22023.
With that I will now turn the call over to Olivier.
Speaker 4: Thank you, Michaela. Good afternoon and good evening everyone. And thank you for joining us for our first quarter of 2023 earnings.
Thank you Micaela good afternoon, and good evening, everyone and thank you for joining us for our first quarter 2023 earnings call.
Speaker 4: During the third quarter, we maintained focus on clinical execution in our open label US pivotal study dream, ensuring a study course to complete data readout in March 2024.
During the third quarter, we maintained focus on clinical execution and open label U S pivotal study dream.
Ensuring a steady course to complete the data readout in March 2024.
Speaker 4: Based upon the dream data published back in June , in combination with commercial patient outcomes in Europe , or confidence is strengthened for a positive dream out.
Based upon the Dream data published back in June.
Combination with commercial patient outcomes in Europe.
Thanks, Doug for positive Dream article.
Speaker 4: In anticipation of our U.S. launch, we have made great progress as we continue to work with the AI role.
And anticipation of a U S launch we have made great progress as we continue to work with.
Speaker 4: on our interim and long-term coding strategy.
On the interim and long term coding strategy.
Speaker 4: Next, we continue to invest in gradually building or leadership in the US Commercial Organization, including market access to facilitated Riembe.
We continue to invest in casually building our leadership in the U S commercial organization.
Including market access to facilitate reimbursement.
Speaker 4: In Europe , we recently introduced a novel patient-centric approach by initiating a partnership with Rasmat Jorm.
In Europe, we recently introduced a novel patient centric approach by initiating a partnership with <unk>, Germany.
Speaker 4: Together we will strengthen or adapt understanding of the obstructive sleep-up near-patient journey, increasing patient overall OSA awareness and guiding them from diagnosis to treatment.
Together, we will strengthen our in depth understanding of the obstructive sleep apnea patients in Germany.
Increasing patient overhaul, OSA, who atlas and guiding them from diagnosis to treatment.
Speaker 4: While C-PAP remains the golden standard, there is a large spool of patience, not tolerating it and needing therapy due to the severity of their O-S-C.
While seep up he means the Golden standard that is a large pool of patients not tolerating it a meeting therapy due to the severity of their OSA.
Speaker 4: Through this partnership, we aim to increase the process of North stimulation penetration and accelerate genio adornment.
Through this partnership we aim to increase the proposal nerve stimulation penetration and accelerate <unk> adoption.
Speaker 4: No, with that said, MiXOA is entering one of the most exciting times in the company.
So with that.
<unk> is one of the most exciting time in the company's history.
Speaker 4: In less than six months, we will report data for more dream US spiritual trial.
In less than six months, we will report data from our Dream U S pivotal trial.
Speaker 4: We recently filed the third module in our modular PMA and continue to anticipate submitting the fourth and final module, which will include Dream 12 month safety and efficacy data. Short the after the following.
We recently filed the third module model of BMA and continue to anticipate submitting the fourth and final module.
Which will include Dream 12, months' safety and efficacy data.
Shortly after the follow up period is completed.
Speaker 4: We remain on track for FDA approval before the end of 2024.
We remain on track for FDA approval before the end of 2024.
Speaker 4: In anticipation of this, Niksova continues to expand its US footprint.
In anticipation of this <unk> continues to expand.
U S footprint.
Speaker 4: and current hints on present follow-up and dream. As previously stated, our confidence in dream outcomes is supported not only by the roughly 500 commercial and clinical gym obelies, but also by the dream a sicker C&C's data released in a late breaking post-recession at sleep 2023 in June .
Governance on patient follow up and drill <unk>.
As previously stated confidence in dream outcomes is supported not only by the roughly five pharmaceutical Knoxville and Clinton.
Jim globally, but also by the dream of efficacy and safety data released in a late breaking poster session at sleep 2023 in June.
Speaker 4: In the poster we report a sick as the data on the first, third, fourth, three patients reaching 12 months follow-up, which demonstrated 65% and each child is under 76% on the air response rate and 50 data on all 116 patients enrolled in the study.
In the poster we reported efficacy data on the FERC thirsty for dream patients, reaching 12 months follow up which demonstrated a 65%.
Sure.
And the 76% ODI piece from the health and safety data.
115 patients enrolled in the study.
Speaker 4: as a reminder for the trial to be successful of the 116 patients, at least 62.9% need to be EHI and KodiI responders at 12 months following.
As a reminder for the trial to be successful.
One almost 15 basis at least 60, 249% due to be HIV and <unk>.
The IV pumps at 12 month follow up.
Speaker 4: Next, the US Access Pivotal Study, focused on complete contemporary collapse spaces, continues to enroll.
Next the U S excess pivotal study focused on the complete concentric collapse basin continues to enroll.
Speaker 4: with implants expected to be completed in 2024. As a reminder, purple C-Pasions represent approximately 30% of riprochemental stimulation, eligible to treat OSA patients who are contracted to commercially available A.G.N.A. therapy in the US.
With <unk> expected to be completed in 2024 as a reminder.
<unk> represented approximately 30% of it are also not stimulation eligible to treat OSA patients who are contra indicated to commercially available <unk>.
Therapy in the U S.
Speaker 4: and do not have suitable treatment options other than major palipsur.
Do not have suitable treatment options, although the major pellet surgery.
Speaker 4: The access primary endpoints are similar to the dream study primary endpoints, as Genie was demonstrated similar results in both complete contemporary collapse and non-CCC patients, which resulted in a level at function in Europe .
The excess primary endpoints of similar to the Dream study primary endpoint as Gino has demonstrated similar results in both complete concentric collapse and non CCC patients, which resulted in a label expansion in Europe.
Speaker 4: While entering Germany, Nikso Wadrof reports on North-Emmulation Awareness and Therapy Penetration increasing market growth from an estimated 15 to 35% over the last two years.
What else in Germany makes Soma drove April also another stimulation awareness and therapy penetration increasing market growth from an estimated 15% to 35% over the last two years.
Speaker 4: This clear the industry, the benefit of having multiple liberal national financial treatment options and having multiple companies on the market.
This clearly illustrates the benefits of having multiple April wholesale nerve stimulation treatment options.
Having multiple companies on the market.
Speaker 4: To further our patient's centric approach to treating more OSA patients with the right solution, as I mentioned earlier, we partner with Rasmuth Jorni.
To further patient centric approach to treating more of OSA patients with the right solution.
As I mentioned earlier, we barclift with Germany.
Germany.
Speaker 4: This mobile partnership creates an OSA continuum of care that will shorten the time from diagnosis to treatment and ensure patients are no less with all the appropriate therapy. As an example, there are approximately 1.1 million C-PAR patients in Germany.
This novel partnership creates an OSA continuum of care.
It will shorten the time from diagnosis to treatment and onshore basins are not left without an appropriate therapy as an example.
There are approximately $1 1 million CPAP patients in Germany.
Speaker 4: of which up to 35% fail within 3 years.
Of which up to 35% fail within three years.
Speaker 4: This collaboration should increase the number of patients in Germany receiving and staying under OSA tariff.
This collaboration should increase the number of patients in Germany, receding and staying on the OSA therapy.
Speaker 4: Completely to increase patient awareness, we will collaborate through all say help lines and DTC marketing and issue
Concretely to increase patient awareness, we will collaborate to OSA helplines and DTC marketing initiatives.
Speaker 4: We will run joint Salesforce efforts towards ENT surgeons, sleep physicians and dentists as well as educational programs.
We will have joined Salesforce efforts towards E&P surgeons sleep physicians and dentists as well as educational programs.
Speaker 4: Both companies will work closely with scientific societies to further optimize space and care guidelines.
Both companies will work closely with scientific societies to further optimize special care guidelines and cold.
Speaker 4: In conclusion, this initiative exemplifies or mission to make sleep simple again.
This initiative exemplifies our mission to make sleep simple again.
Speaker 4: Commercially, this war was reported sales of 1 million euros and increased the number of German centers in planting in January to 46.
Commercially this quarter with reported sales of 1 million Euro and increase the number of German Santa Implanting genial to 46.
Speaker 4: Or direct to consumer campaigns, stored in the second quarter this year, resulted in a strong website traffic with approximately 55,000 monthly website sales.
Our direct to consumer campaigns.
Other than the second quarter. This year resulted in a strong website traffic with approximately 55000 monthly website visits.
Speaker 4: We are anticipating the first result from these initiatives already in Q4 later this year with strong, year-old rear implant growth.
We are anticipating the first results from these initiatives already in Q4 later this year with strong year over year implant growth.
Speaker 4: We continue to position ourselves as an innovation leader in the OSC space with always putting patience at the center and listening to our service.
We continue to position ourselves as an innovation leader in the OSA space with always putting patients at the center and listening to acceptance.
Speaker 4: As a result, Genio is a different approach to AGNAs compared to their existing implanted battery with lead solution technology.
As a result journey with a disciplined approach to <unk> compared to the existing implanted battery with Leeds solution technology.
Speaker 4: Genial of Space, Elite Less, Full Body Rompon 5 Tesla and 3 Tesla Amoreil Compatibility.
<unk> offers patients a little less.
Full body, one five Tesla and three Tesla MRI compatibility.
Speaker 4: non-implanted battery solutions. Powered and controlled by a variable.
Not implanted battery solutions, both and controlled by a wearables.
Speaker 4: or vision of an implant for life concept, power and control by a wearable component, allow patients to always have the most advanced technology without the need for another surge.
Our vision of an implant for life concept, both are controlled by a variable component, although specials to always have the most advanced technology without the need for another surgery.
Speaker 4: Independent patient market research confirmed preference for the system with genial features and foreign facts.
Independent patient market research consortium pressure until the system regional features and form factor.
Speaker 4: The recently launched Genio 2.1 wearable enables greater stimulation adjustability and gives patients the autonomy to adjust stimulation amplitude within predefined boundaries.
The recently launched the <unk> $2, one variable enables greater stimulation adjustability and gifts specially the autonomy to adjust emulation amplitude within pre defined boundaries.
Speaker 4: while the Genio 3.1 implantable stimulated is on the regulatory review and will further report or implant for life.
While the general three one implantable stimulator is under regulatory review and will further support our implant for life concept.
Speaker 4: We are also working on regulatory approval to activate existing sensors in the wearable component that will adjust stimulation based upon sleeping position.
We are also working on regulatory approval to activate existing Samsung and the variable component that will adjust the stimulation based upon sleeping position.
Future generations of the <unk> system will provide patients with real time feedback to data collection and offer remote monitoring that will improve the patient experience and provides physicians the ability to optimize patient care more efficiently.
Speaker 4: Future generations of the Genial System will provide patients with real-time feedback through data collection and offer remote monitoring that will improve the patient experience and provide physicians the ability to optimize patient care more efficiently.
Speaker 4: All this should further increase patient access to a progressive North stimulation technology and have a positive impact on the company's growth model.
All this should further increase patient access to repo collateral nerve stimulation technology and have a positive impact on the company's gross margin.
Speaker 4: of European commercialization experience, early dream data, and genius-differentiated design, reinforced confidence in a successful US.
While the European commercialization experience early dream data and genius difficult stated design it reinforces our confidence in a successful U S.
Speaker 4: We commissioned independent clinician and patient service, which demonstrate significant demand for Genio and support of you that we can move and replicate our European performance when entering commercially in the US.
We commissioned independent clinician and patient service, which demonstrate significant demand for <unk> and support our view that we can more than a replicate of European performance, while entering commercially in the U S.
Speaker 4: To ensure we are fully prepared at launch, we continue to invest in our UAS commercial infrastructure and securing reimbursement.
To ensure we are fully prepared at launch we continue to invest in our U S commercial infrastructure and securing reimbursement.
Speaker 4: last month an advisory panel for the ENT scientific society discussed the CPT code that would best support Genial.
Last month, an advisory panel for the E&P Scientific Society discussed the CPT code that will best support genial.
Speaker 4: While the outcome of the meeting, we expect reimbursement to be at the minimum in line with the current AGMF statement rates in the U.
While the outcome of the meeting we expect reimbursement to be at the minimum in line with the current Ags payment rates in the U S.
Finally, we are making steady progress with our answer regardless program two of our exclusive licensing agreement with <unk> University.
Speaker 4: Finally, we are making steady progress with an amphacircical program for our exclusive licensing agreement with the Grand Rebuild Universe.
Speaker 4: Under the lead of Professor David Kampton, close collaboration with the Niksova-Oran D team, we are evaluating stimulation of the antitheticals north to address current EGNAs non-response.
Under the lead of Professor David comes in close collaboration with an external Oregon lithium.
We are evaluating stimulation of the anthracite, regardless notice to address Scotland Ags non responders.
Speaker 4: We have under the detailed design phase and anticipate beginning of visibility study short.
We have the detailed design phase and anticipate beginning a feasibility study shortly.
Speaker 4: In summary, we continue to advance of key objectives for 2023, which are to focus on patients follow up in the dream study, resulting in reaching the primary end point.
In summary, we continue to advance our key objectives objectives for 2023.
<unk> off to focus on patient follow up in the Dream study, resulting in reaching the primary endpoint.
Speaker 4: Begin preparations to enter the US market with regulatory manufacturing, commercial and market access readiness and rise further revenue growth in Germany while opening new European markets.
Begin preparations to enter the U S market with regulatory manufacturing commercial and market access readiness and drive further revenue growth in Germany, while opening new European markets.
Speaker 4: To that end, we implanted for first patients in it.
To that end we implanted.
First patients in Italy.
Speaker 4: With that, I am pleased to turn the call over to Orcia Follouik Moro, who will provide a financial update.
With that I am pleased to turn the call over to our CFO Luis <unk>, who will provide a financial update.
Thank you all again.
Speaker 5: Good day to everyone and thank you for joining us today.
Good day to everyone and thank you for joining us today.
Speaker 5: Revenue for the third quarter and its September 30, 2023 was 1 million euros.
Revenue for the third quarter ended September 32023 was 1 million Euro.
Speaker 5: Total operating loss for the third quarter was 11 million, the ASUS 8.8 million in the third quarter of 2022, driven by an acceleration in clinical activities, as well as commercial investments in Europe .
Total operating loss for the third quarter was 11 million versus $8 8 million in the third quarter of 2022, driven by an acceleration in clinical activities as well as commercial investments in Europe.
Speaker 5: As of September 30, 2023, cash and financial assets totaled 73 million compared to 95 million on December 31, 2021.
As of September 32023, cash and financial assets totaled $73 million compared to $95 million.
On December 31 2022.
Speaker 5: During the third quarter, our monthly cash burn was 4 million.
During the third quarter, our monthly cash burn was 4 million and.
Speaker 5: and based on our current cache position, we have a runway into late 2024. With that, I will turn the call back.
And based on our Q1 cash position, we have a runway into late 2024.
With that I will turn the call back over to ward.
Thank you Luis.
Speaker 4: As I opened with, we are entering one of the most exciting times in the XOA system. I cannot emphasize this enough. We are less than six months away from the dream clinical data readout, which should result in obtaining FDA approval in late 24th. Calzysta.
As I opened with we are entering one of the most exciting times in <unk> history I cannot emphasize this enough we are less than six months away from the dream clinical data readout, which should result in obtaining FDA approval in late 2004.
<unk>.
Speaker 4: Let's use the freedom of atri haem borsmond comparable to competition
And with reimbursement compatible to competition.
Speaker 4: The uniqueness of the genius system resonates well with both physicians and patients as well.
The uniqueness of genius system, resonates, well with both physicians and patients as well.
Speaker 4: in the company and other market where we are available. Also conformed by independent market risk.
In other markets, where it'll be all available also confirmed by independent market research.
Speaker 4: I look forward to continuing to scale the company in Antony. The operational as market and continuing to grow in Europe .
I look forward to continuing to scale the company.
The <unk> market and continuing to grow in Europe.
Speaker 4: This concludes the formal poll of our presentation. Operator, I will turn the call over to you to begin our presentation.
This concludes the formal part of our presentation, operator, I will turn the call over to you to begin with.
Okay.
Yes.
Thank you very much.
Speaker 2: As a reminder, to ask a question, you will need to press star one one on your phone and wait for your name to be announced.
As a reminder to you after.
And you will need to press star one on your phone and wait for your name to be announced.
Speaker 2: To withdraw your questions, please press star one one again. Stand by while we compiled.
Your question. Please press star one again.
Standby, while we compile the Q&A roster.
Speaker 2: Our first question today comes from John Block with Cyphe. Your line is open.
Our first question today comes from Jon Block with Stifel. Your line is open.
Speaker 6: Hi everyone, this is Joe Federico on for John . Thanks for taking the questions.
Hi, everyone. This is Joe Federico on for John Thanks for taking my questions.
Speaker 6: I guess to start, I wanted to ask, I know GLP1 has been a hot topic lately.
I guess to start I wanted to ask I know <unk> has been a.
Hot topic lately.
Speaker 6: Do you have any expectations for this amount of LSA data that is supposed to be?
Do you have any expectations for the surmount OSA data that is supposed to be released early next year.
Speaker 6: Early next year we've heard some commentary from other players in this space and was just curious to get your thoughts.
Heard some commentary from some other players in the space. So I was just curious to get your thoughts there.
Speaker 4: Yes, no, thank you for the question. And to confirm there was a lot of, there is a lot of conversation around GLP1 impact. So I keep giving the same, providing the same answers, meaning that
Yes, no. Thank you for the question.
To confirm there was a lot of there is a lot of conversation around <unk> impact so I keep giving the same and providing the same answer meaning that.
Speaker 4: By having GLP-1's lowering extreme high BMI's, we think and we know that we will have more patients that will become eligible for a successful AGNA treatment. Because if we look at literature, AGNUS is shown the most effective with the BMI up to 35.
By having <unk> lowering extreme high BMI will.
We think and we know that we will have more patients that will become eligible for a successful a G&A treatment.
If we look at literally chose <unk> has shown the most effective with the BMI up to 35.
Speaker 7: So high BMI lowering in the range of 30 to 35, we will provide those patients with an optimal treatment of AGS. And if you look at it not, not, we do believe that we will have more patients entering in that range than we will have patients that will go in a range below 15.
So <unk> lowering in the range of 30 to 35, we will provide those patients with an optimal treatment of Ags and if you look at it net net we do believe that we will have more patients entering in depth range. Then we will have patients that will grow in the range below 15.
No longer be eligible for treatment.
Speaker 6: Okay, great, that's really helpful color. And I guess the follow up, I just wanted to...
Okay, Great. That's that's.
Really helpful color.
And I guess to follow up.
Just wanted to.
Speaker 6: to follow up on the resmed partnership in the quarter. What are you seeing after implementing that partnership? Is it still early to tell or have you seen any benefits from that so far in Germany?
To follow up on.
On the RASM Ed partnership in the quarter or are there. What are you seeing you know after implementing that partnerships. It's still early to tell or have you seen any any benefits from that so far in Germany.
Speaker 7: So through the partnership, we aim to further our patient centering approach by developing a complete OSA ecosystem where patients can be guided to which effort OSA therapy best suits them needs. I think this is really important. We will collaborate on DTC initiatives, sales and marketing efforts to target both street physicians and EMT sites.
So to the partnership we aim to further of patient centric approach by developing a complete OSA ecosystem, where patients can be guided to which ethical OSA therapy best suited our needs I think this is really important.
We will collaborate on DTC and it initiatives sales and marketing efforts to target both sleep physicians, an ELT services. The goal of this partnership to expand OSA therapy penetration and increased market shares.
Speaker 7: The goal of this partnership, or to expand co-ST TARGAPY Panifation and increase mass.
Speaker 7: The collaboration just kicked off. And we expect to start to see the battlefield beginning next.
The collaboration just kicked off and we expect to start to see the benefit beginning next year.
Speaker 6: Okay, okay great, that makes sense. And then if I could just sneak one last one in here on Access in the US.
Okay. Okay, great that makes sense and then if I could just sneak one last one in here on access in the U S.
Speaker 6: Are there any other data points from the trial that you can provide maybe, you know, patients implant at the date or number of active sites just any more colors?
Are there any other data points from the trial that you can provide maybe patients implanted to date or number of active sites just any any more color there would be would be great. Thank you.
Speaker 7: No, so when it comes to the access study, I will be staying confident that you will close the enrollment by the end of 2024. So that's why that's when we anticipate completing the implants. We continue to make progress with the study. We will not be disclosing number of patients then planted, but that being said, I repeat myself, we do feel confident that you will close all implants by the end of 2024.
So when it comes to the access study.
Ill stay and confident that we will close the enrollment by the end of 2024, So thats why.
When we anticipate completing the implants, we continue to make progress with the study we will not be disclosing the number of patients implanted.
But that being said I repeat myself, we do feel confident that you will close all the brands by the end of 2024.
Okay, great. Thank you for the questions.
Thank you.
Thank you very much.
Speaker 2: Our next question is from Adam Mater with Piper Sandler. Your line is open.
Our next question is from Adam Maeder with Piper Sandler Your line is open.
Adam Your line is open.
Speaker 8: Hi, hi, Olivier, hi, Louis. This is Simran, on for Adam. Thanks for taking the questions.
Hi, Hi, Olivier highly Zimmerman on for Adam Thanks for taking the question.
Speaker 8: I guess first I wanted to just start off with the Q3 kind of commercial print. So could you elaborate on maybe what you're seeing in terms of just commercial trends?
I guess first I wanted to just start off with.
The Q3 kind of commercial print so could you elaborate on may.
Maybe what youre seeing in terms of.
Commercial trends it looks like volumes did take a step back sequentially, so any particular item to call out or.
Speaker 8: Volumes did take a step back sequentially. So any particular items to call out or a seasonality impact, I guess I'm just trying to reconcile some of the disconnect between what the street was expecting versus the print.
Even <unk> impact I guess I'm, just trying to reconcile some of the disconnect between.
You know what the street was expecting versus the print.
Speaker 7: Yep, no, no, definitely. So while we do not provide revenue guidance, it is important to mention that Third Quarter is seasonally weak due to summer holiday.
Yes definitely.
So.
While we do not provide revenue guidance. It is important to mention that first quarter is seasonally weak due to summer holidays.
Speaker 7: However, volume planting accounts continue to increase, now being 46, which boasts well for the future growth.
However, both implanting accounts continue to increase <unk>, 46, which bodes well for the future growth.
Speaker 9: We do anticipate also a sequential increase in the fourth quarter driven by the DTC initiatives that we explored in the second quarter driven by the helpline outcome that we have seen. And of course, although it may be come a little bit early, but also about the collaboration that we have initiated with Rasmussen.
We do anticipate also a sequential increase in the fourth quarter.
Given by the DTC the initiatives that we slowed in the second quarter.
Driven by the outlined multiple that we're seeing and of course, although it may become a little bit early but also about the collaboration that we ask any sales that we have initiated with customers.
Thank you very much for your question.
Yeah.
Your line is open please.
Yeah.
Yeah.
Speaker 2: Our next question comes from Ed White with H.C. Winglight. Your line is open.
Our next question comes from Ed White with H C. Wainwright Your line is open.
Speaker 10: Hi, thanks for taking my questions. So I just want to get your thoughts on the DTC activity in Germany. You mentioned in the call that you have about 55,000 monthly hits. And I was just wondering how you're thinking about that converting into commercial sales. And then I wanted to get your thoughts also on DTC potential DTC activity in the US.
Alright, thanks for taking my questions.
So I just wanted to get your thoughts on the DTC activity in Germany.
You mentioned in the call that.
You had about 55000 monthly hits.
And I was just wondering how you're thinking about that convert converting into commercial sales and then I wanted to get your thoughts also on DTC potential DTC activity in the U S.
Speaker 7: Yes, so thank you, thank you for the questions. So to your point, we in in dedicating and building up a dedicated digital marketing team focused on Germany, as we launched the Niksoh Health Lab in Germany last year.
Yes. So thank you. Thank you for the questions.
To your point.
Thanks.
Dedicating one building up a dedicated digital marketing team focused on Germany, as we launched <unk> in Germany last year.
Speaker 7: We engaged resources in the search engine optimization and the search engine advertising. This is really driving more patients to Nick's one. So that's already a first part of the investment we did. And the next or DTC advertising campaign was launched in March and has raised awareness for A.G. and us, and Genial. As a result, we have seen rapid growth in appointments request through our health life.
We engaged our resources in the search engine optimization and search engine advertising. This is really driving more patients to make sure. So thats already a first part of investment we did.
And then next of DTC advertising campaign was launched in March and has raised awareness for <unk> in general.
As a result, we have seen a rapid growth in appointments request to outline.
Speaker 7: The current time from patient identification to genio implant or the conversion time as it's from time to in Germany is 6 to 8 months. So we anticipate beginning next quarter to see a real strong benefit.
The current time from patient identification to implant order conversion time is it sometimes referred to in Germany is six to eight months. So we anticipate beginning next quarter to see a real strong benefit.
When it comes to the U S.
Speaker 7: I think I have to start with saying that inspired from a DTC perspective did or has done a tremendous job establishing the AGS market for patients, physicians and peers in the US.
I think I have to start with saying that inspire.
From a DTC perspective that has done a tremendous job establishing the ags Marquette for patients physicians and payers in the U S.
Speaker 7: In this regard it is sometimes nice to be number two and drink the market. We anticipate having our full sale for highs and trend by the time of launch.
In this regard it is sometimes it's nice to be number two and.
The market, we anticipate having a full sales force hired and trained by the time of launch.
Speaker 7: these reps of the authority at both in planting E&T's and referring sleeve physicians supported by focused DTC investments. And I think that's really important. So we are planning to invest in DTC, but it will be very focused. Additionally, we are currently investing in market access to ensure CMS reimbursement is secured at launch and to expedite commercial costs.
<unk> target boat implanting E&ps Henry floating sleep physicians.
Posted by focused DTC investments and I think that's really important. So we are planning to invest in DTC, but it still does very focused. Additionally, we are currently investing in market access to ensure CMS.
Reimbursement is secured at launch and to expedite commercial coverage.
Speaker 10: Sorry for being a little bit long, but we're also two questions. No, that was great. Thanks so much for taking...
So if we're being a little bit loan books.
Also two questions.
No that was great. Thanks, so much for taking my questions.
Thank you.
Alright.
Speaker 2: Our next question comes, let's again, from Adam Mater with Piper Sandler.
Our next question comes once again and Adam <unk> with Piper Sandler.
Speaker 8: Hey, I just wanted to follow up with another question on the free version. So from a reimbursement perspective, can you remind us one on the
Hey.
I just wanted a follow up.
Another question.
And just real quick.
So from a re.
<unk>.
Back to you.
Remind us.
One on the coding.
Speaker 8: It sounded like last quarter that you would have a clear idea of what that code is by year end. Is that still the case? And then two, just what is the strategy in terms of garnering a payer coverage and what kind of initiative are you guys putting in place to kind of work up to that. So that everything is weird away or, you know,
It sounded like last quarter that you would have a clear idea of what that code is by year end.
Is that still the case and then co.
Why is the strategy in terms of garnering payer coverage and.
What kind of initiatives.
You guys, putting in place to kind of work up to that.
So that everything is squared away or.
Yeah.
By launch.
Speaker 11: Like that.
Yes, yes, so last month at the <unk> meeting in Nashville, and Advisory panel for the E&P Scientific Society discuss the CPT code that would best support <unk> and to your point. This is one of the scenarios that I was mentioning earlier that is knowable put more focused so multiple.
Speaker 7: Yes, so last month at the AEO meeting in Nashville, an advisory panel for the ENT Scientific Society discussed a CPT code that would best support Genial. And to your point, this is one of the scenarios that I was mentioning earlier that has no been put more forward. So multiple CPT codes were evaluated and while I can not yet disclose the complete outcome of the discussion, we expect reimbursement will be at minimum in line with the current AGMF payment rates. So that is already.
CPT codes were evaluated and while I cannot disclose the complete quarterly discussion, we expect reimbursement will be at minimum in line with the current Ags payment rates. So that is already I think the first answer.
Speaker 7: Next, I have to again say that competition has done a terrific job educating the commercial pairs about the benefits of EGNAs, resulting in all having EGNAs coverage policy.
Next I have to again say that competition has done a terrific job educating the commercial payors about the benefit of Ags, resulting in all having ags coverage policies.
Speaker 7: We have already engaged in informal discussions with Pairs and expect to be able to leverage those policies.
We have already engaged in informal discussions with pace and expect to be able to leverage those policies.
Speaker 7: At launch, we anticipate being reimbursed through prior authorizations, and we would expect to be included in coverage policies within 12 months' artwork.
At launch, we anticipate being reimbursed through prior authorizations.
We would expect to be included in government coverage policies within 12 months afterwards.
Speaker 7: No, very concrete from a market access perspective. We have a team in place that is working to secure investment from both CMS and commercial pay.
For a complete from a market access perspective, we have the team in place that is working to secure reimbursement from both CMS and commercial payers that team will also work with customers to the prior authorization process. When we launch in the U S.
Speaker 9: that team will also work with customers through the prior authorization process when we launch in the US. There's a lot of confidence though, truth is everyone here works with communication
Okay, great. Thank you so much.
Thank you very much.
Speaker 2: Our next question comes from Sarah's Kalia from Oppenheimer and Company. Your line is open.
Our next question comes from Suraj Kalia from Oppenheimer <unk> Company. Your line is open.
Speaker 10: Stay your LAVERO-LD, this is Shemus Ampr is Raj. t
Hey, Olivia Louie this is seamus on for Suraj.
So.
Alright.
Speaker 10: So I believe it earlier you said that you had submitted the third module to the FDA. Have you received any questions on the submission so far, any feedback yet that you can share with us?
So.
I believe earlier, you said that you had submitted the third module to the FDA have you received any questions on the submission so far or any feedback yet that you can share with us.
Speaker 7: So the short answer is yes. We did receive some deficiency questions on module one and two. We answered them and they will also be submitted shortly.
So the short answer is yes, we did receive some deficiency questions on module, one and two we also have them and they will also be submitted shortly.
Speaker 7: So just to summarize, and as a reminder, you know that there were four modules in total, the first module was followed to overview and pre-clean the content.
So just to summarize.
In mind that in order to afford modules in total the first the first module of our small product overview on preclinical data we.
Speaker 7: submitted, we got some questions, nothing that is worrying us, and the sense that we do feel extremely confident, and we also have answered all these questions. Second module, same thing, remaining pre-flammable data. Also there, we got, I think, I can say, the normal or the expected questions that we are answering, and then know it's a perfect module, it's more on manufacturing and the manufacturing validation. So it was, it was a minute a week ago.
Submitted we got some questions nothing that is worrying us into some that we do feel extremely confident and we also have answer all these questions.
Module same thing remaining preclinical data also there we go I think.
Can say at the moment the expected questions that we're answering and the lowest tough module, it's more on manufacturing and the manufacturing validation. So it was it was submitted.
A week ago.
Speaker 7: No, the last one and that's why it's got really exciting. So, module 4, it will be the final module and that is the one we can submit with including clinical data review and I have you labeling and we expect to do this somewhere. End of March beginning April , after we have the time to analyze the data that we will have the first week of March of the winter.
The last one that's it's got really exciting so module for which will be the final module and that is the one we can submit with including clinical data have you and I have a few labeling and we expect to do this somewhere end of March beginning of April after we get the time to analyze the data that will be the first week of March of the GBM study.
Speaker 10: Got it. Thank you for that. Looking at, you know, Germany and kind of the competition there, there's some overlap. I know you've discussed it before between you and a competitor. So in those sites, you know, what's the driving factor for those accounts saying I'm going to implant a patient with genio versus, you know, want to be your competitor's systems?
Got it thank you for that.
Looking at Germany, and kind of the competition. There there is some overlap I know you discussed it before between you and a competitor.
So in those sites.
What's the driving factor for those accounts, saying I'm going to implant a patient with Jennie O versus you know one of your competitors systems.
Awesome.
Speaker 7: So I first, I would like to point out that in quarter three, we are still estimating that our market share stays in the range of 20% market share during the quarter. I think this is a first really important point, because as you know, since we entered the German market,
So I first I would like to note that in quarter. Three we are still estimating that our market share stays in the range of 20% market share during the quarter I think this.
Really important point because as you know since we entered the German market two years ago with having also CPT codes, we were able to immediately capture 20% to 35% market share.
Speaker 7: Two years ago with having also CPT codes, we were able to immediately capture 20 to 25% market share. And this has been continuing always being in this range with a strong Q4 where we were slightly above 30%.
This has been continuing always being in this range with a strong Q4, who battery was slightly above 30%. So that is already the first I talk to your question. So if you look at inbound sites that we're going after as a fast follower inside Tibet inspired already for several years at this we see that.
Speaker 7: So that is already the first I approach to your question. So if you look at implant sites that we are going after, as a fast follower, in fact, where inspires already was several years active, we see that in those sites, or in all sites, we are able to take market share in a significant way. That's number one.
In those sites and all sites, we were able to take to take market share in a significant way.
Number one.
Speaker 4: Point 2 what we are seeing is when you go to high volume side
To what we're seeing is when you go to higher volume sites. We also saw that in the top five we were able to take more market share at under 20%. So that was even stronger uptake in some book implanting sites in Germany.
Speaker 7: We also saw that in the top five we were able to take more market share than the 20%. So there was even strong rub take in some top in planting sites in Germany.
Speaker 7: No, I think when you have competition and ring and there is a monopolistic market, you also can increase overall age-year-old penetration. And I'm really pleased to see that we are driving this. Because that is something that we are hearing back from service as well. First, you are extremely pleased that there is no option to choose between two therapies.
I think when you ask competition entering and there is a monopolistic market. You also can increase overall ags penetration and I'm really pleased to see that we are driving this because that is something that we are hearing back from surgeons as well first we are extremely pleased that there is no an option to choose between two <unk>.
Please.
Speaker 7: second by having this option, and also seeing that more patients are being treated with one of those two of themselves to be an increased target.
Second by having this option that also seeing that more patients.
Being treated with one of those tools.
So clean on increased therapy penetration.
Speaker 7: And I keep repeating and I have to come back to the uniqueness of our system that a single incision, a CCC indication, a full body, amoreic compatibility and also a real patient centric approach is really something that is speaking very positively to physicians.
And I keep repeating and I have to come back to the uniqueness of our system that are single incision.
<unk> indication of full body MRI compatibility and also real patient centric approach is really something that is speaking very positively to physicians and patients.
Speaker 7: So forward to the next quarters. We are looking forward to beginning 2024 also in Europe commercially to see the impact of
So for the next quarters.
Looking forward to beginning 2024 also in Europe commercially to see the impact of the.
Speaker 7: And of course, to also further expand into new and other countries. And to that point, I'm sorry that I keep going, but to that point, we also have some good news coming from the UK, where we are now officially allowed to participate in an NHS Tamer, so that will also definitely help us accelerating our new in Europe , coming from more countries than many jobs.
And of course to also further expand into new and other countries and to that point.
So I think that I keep going but to that point. We also have some good news coming from the U K, where it will be no officially allowed to participate in the NHS standards. So that will also definitely help us accelerating Avenue in Europe coming from more companies done mainly Germany.
Speaker 10: You got to appreciate all the color there. And if I can sneak one more in, just kind of looking when you do the US launch. I know it's a little ways that way, but I know you've said about 100 to 150 reps. How many sites are you looking to initially launch at? How many centers? Just trying to tie the color of centers to reps, so to speak. Yep.
Got it I appreciate all the color there and if I can sneak one more in.
Just kind of looking one year to the U S launch I know, that's a little ways away, but I know you said about 100 to 150 reps. How many sites are you looking to.
Initially launch out how many centers just trying to tie the color of <unk>.
Centres to reps so to speak.
So.
Speaker 7: Although I would really love to answer your question, I think you can understand that I do not want to be going too concrete to that question for the simple reason that 24 will be the year where based on successful dream data, we will have FDA approval later at the end of the year and hopefully also start commercializing. Currently we are looking at a couple of scenarios. One scenario is where we would go, of course with a kind of focused launch and try to
Although I would really love to answer your question I think you can understand that I do not want to be going to concrete two to that question for the simple reason that 'twenty four it will be the year, where based on successful dream data. We will have FDA approval later at the end of the year and hopefully also start commercializing currently we are looking at a couple.
Scenarios, one scenario is whether we would go of course with the kind of focused loans and 22.
Speaker 9: I go immediately after that, roughly half of the inspired side that we have today. On the other hand, it's also not a secret when you look at productivity for a sales gap. Whether it's with, with, with, with, with, not so long, with, and all of your, simulation company, we would be aiming to have one million sales by, by, by sales gap. Got it.
The go immediately after let's say roughly half of the inspire sides that we have today on.
On the order and it's also not a secret when you look at productivity from a sales rep, whether didn't always submit to <unk> with multiple Neuromodulation company, we would be aiming to us $1 million of sales bye bye bye sales hub.
Yeah.
Got it.
You very much for taking our questions.
Thank you for the question.
Sure.
Thank you.
Speaker 2: Our next question comes from David Ruscott with FAIR. Your line is open.
Our next question comes from David Ross, Scott with Baird. Your line is open.
Speaker 12: Oh great. Hey guys, thanks for taking the questions. I wanted to start off on the partnership that the you know, it's a couple weeks ago. I'm curious. I know it's, it's like it's going to be pretty, you know, pretty exciting. I know it's a couple weeks or so, you know, into it since the announcement. I'm just curious.
Oh, great Hey.
Thanks for taking the questions.
Wanted to start off on the partnership that you announced a couple.
Weeks ago, I'm curious I know.
If it gets done that can be pretty.
Pretty exciting I know, it's a couple of weeks or so.
Since the announcement I'm just curious.
Speaker 12: You know, if you're at a point yet where, you know, things are kind of established and maybe, you know, you're starting to see some patients start to either roll in specifically to NICSOA, maybe through the partnership at all. Or if there's anything you anecdotal that you can provide just around how that maybe already is starting to impact the business or maybe if it's a couple more quarters still before the potential benefits from that partnership could be realized.
If you are at a point yet where.
Things are kind of established and maybe you're starting to see some patients start to either roll and specifically to <unk>, maybe through the partnership at all or if there's anything anecdotal that you can provide just around how that maybe already is starting to impact business or maybe it's just a couple more quarters before.
The potential benefits from that partnership could be realized.
Speaker 4: Yeah. So first send it to me Raymond.
Yes.
So first since it to medium.
Speaker 7: I think it's difficult to exactly predict when we will see what kind of impact
I think it's difficult to exactly predict when we will see what kind of impact, but what I would like to come back to and I think this is something that I also would like to give a lot of credits to the estimates colleagues in Germany.
Speaker 7: But what I would like to come back to, and I think this is something where I also would like to give a lot of credit to the restmat colleagues in Germany, it is really putting a patient at the center, really further looking beyond C-POP, a pro-North stimulation, mandible device treatment. No, what is exactly and precisely the best solution for a patient suffering from OSA?
It is really putting a patient at December who really further looking beyond seep up if the wholesale nerve stimulation mandibular device treatment.
What is exactly and precisely the best solution for patients suffering from OSA.
Speaker 7: And therefore I keep repeating, C-POP is the golden standard.
And therefore, I keep repeating seaport is the Golden Star.
Speaker 7: It works excellent, but the issue is that a lot of patients
It was excellent but the issue is that a lot of patients simply quit except up after the period of time, though if these patients are suffering from moderate to severe OSA. It is so important to offer them a treatment. We all know the cardiovascular risks that are associated with the risk of stroke.
Speaker 7: simply quit the C-pop after the period of time.
Speaker 7: Now if these patients are suffering from moderate to severe OSA, it is so important to offer them a treatment. We all know the cardiovascular risk and other social in it is for stroke.
Speaker 7: The cost for healthcare systems if you do not treat patients.
Cost for healthcare systems, if you do not treat patients suffering from moderate to severe OSA. So.
Speaker 7: suffering from more retouching the virus. So I am really proud in one hand that we can say that together with Rasmussen in Germany, we are really looking at what is best for the patient.
I'm really proud in one and then one of them that we can say that together with <unk> in Germany. We are really looking at what is best for the patient. So that being said, it's also clear that we need to first of all stores them get used to each other a little bit that is ongoing sales teams of talking with each of our marketing teams of talking with each other we are looking at.
Speaker 7: No, that being said, it's also clear that we need to first of all start and get used to each other a little bit. That is ongoing sales teams of talking with each other, marketing teams of talking with each other. We are looking at DTC and initiatives. We have a first major congress coming up in Berlin, where we both will be present and interacting with several KOL.
DTC and initiatives, we have our first major Congress coming up in Berlin, where we both will be present in interacting with several kols and I think realistic approach would be that you would see the first impact in overall patient penetration increase and genial specific increase as of Q1 next year.
Speaker 7: And I think a realistic approach would be that you would see the first impact in overall patient penetration increase and junior specific increase as of Q1 next.
Speaker 12: Okay, great. A tough one. Just an access in the U.S. I'm wondering the level of visibility maybe you have into that trial. I know that with this, you know, kind of complete concentric collapse patient population, there, you know, maybe is a higher concern around, you know, those patients having higher BMI's and maybe they're being a bigger impact from JLP ones. So just wondering what, you know, the level of visibility you have into that and whether or not you have a better informed view, maybe on what the potential impact could be, either into that specific patient population or just broadly across.
Okay great.
Helpful and just on <unk>.
Access in the U S. I'm wondering the the level of visibility maybe you have into that trial I know that with this kind of complete concentric collapse patient population there may be at a higher concern around those patients having higher BMI and maybe there being a bigger impact from from <unk>.
So just wondering what level of visibility you have into that and whether or not you have a better informed view maybe on what the potential impact could be either into that specific patient population or just broadly across all nerve stimulators. Thank you.
Speaker 12: All nurse humiliators. Thank you.
Speaker 7: Yes. So let me start with the first with some facts. So in the access study, by protocol, we have to 40 sites that were implant, although we do not anticipate activating that many. We have so far activated four sites, but we can go up to 40. Step one.
Yes, So let me start with the first with some facts so in the access study less political.
Up to 40 sites that will implant, although we do not anticipate activating that many we ask so forth activated <unk> sites, but we can go up to 40 Thats step one.
Speaker 7: Second fact is that when you are feeling comfortable that you will close the enrollment by the end.
Second effect is that.
When you're feeling comfortable that we will close the enrollment by the end.
Speaker 7: 2024 everything is going in this direction so it's it's it's it's it's trending really in a positive way
Of 2020 for everything is going in this direction. So it's it's by extending really in a positive way so multiple factors that in the access study.
Speaker 7: Another fact is that in the access study, or BMI, or BMI, the patients BMI, cannot be above 35. I think this is important, as I already was commenting earlier, we believe, and we see this in clinical literature, that you have an optimal therapeutic effect from AGS.
<unk> patients BMI cannot be above 35% I think this is important as I already was commenting earlier, we believe and we see this in clinical literature that to have an optimal therapeutic effect from Ags a patient should not be having a BMI that is higher than 35.
Speaker 7: patient should not be having a BMI that is higher than 35.
Speaker 7: What we also learned is that patients suffering from CCC and also the correlation with their...
What we also love in this that patients suffering from CCC and also the correlation with that with this.
Speaker 7: BMI is present. So we see that we have a lot of patients with a BMI somewhere in the range of 30 to 35.
BMI is present, so we see that we us a lot of patients with a BMI somewhere in the range of 30 to 35.
Speaker 7: No, what you can expect is that there are also quite some patients with a BMI above 35, that are starting from CCC. And that is precisely while we, while we were seeing a very positive impact from GLP1s, because, and if you speak to KOLs, what we did extensively, we're also hearing there that it's clear that,
What you can expect is that there are also quite on patients with a BMI above 35 that are suffering from CCC.
And that is precisely wildly wildly.
We are seeing a very positive impact from <unk>, because and if you speak to kols, but we did extensively we're also hearing data, but it's clear that.
Speaker 7: Lower a BMI, there is a buff 35, bring the patient in range of 30 to 35, implant with AGNS and have a successful therapeutic response. Physicians are more behind that concept than increasing or implanting patients with a BMI of Buster of the Fives.
Lower BMI that is above 35, bringing the patient in a range of 30 to 35 implant with Ags and have a successful therapeutic response.
Physicians of more behind that concept than increasing implanting patients with a BMI above 35.
Speaker 9: and where there is a risk that there will be more strong therapeutic response. So I'm welcoming, honestly, the GLP1, impact to lower and to bring those really obese patients into this range below 35. And then regardless if they suffer from CCC or non-CCC with Genio, we know that we can offer them a successful therapeutic solution.
And whether there is the risk that there will be modest strong therapeutic response, so I'm welcoming.
Honestly, the GOP, one impact to low and to bring those really obese patients into this range below 35, and then regardless if they suffer from CCC of loan CCC with <unk>, we know that we can offer them a successful therapeutic solution.
Okay, great. Thanks.
Okay.
Thank you for your question.
Speaker 2: Our next question comes from Ross, Aubord with Cantor Fitzgerald. Your line is open.
Our next question comes from Ross Osborne with Cantor Fitzgerald. Your line is now open.
Speaker 13: Hi guys, thanks for taking our questions. In terms of commercialization activities outside of Germany, would you provide an update on how Spain is receiving your system following first implants in summer? Additionally, it would be curious to hear what other countries you had implants in during the quarter in addition to Italy, and where are we should be thinking about for the bounces this year and 2024. Thank you.
Hi, guys. Thanks for taking my questions in terms of commercialization activities outside of Germany would you provide an update on how Spain is receiving your system. Following firsthand plants. The summer. Additionally, I would be curious to hear what other countries, you've got implants and during the quarter. In addition to Italy, and where we should be thinking about for the balance of this year at 2024. Thank you.
Yes so.
Speaker 7: To your point, so today we are reimbursed in Spain, in Spain, in Switzerland, and also, of course, in Germany, where we generate like 95% of our revenue. In going...
To your point. So today, we are here in Boston spin and.
In Spain and Switzerland.
Also of course in Germany, where we generated like 95% of our revenue.
And going forward we did.
Speaker 7: Italy because in Italy in order to obtain reimbursement there was a demand for country specific data and that's why we did the first patients already. We are going up to 10 patients in Italy and then based on these data we will submit them together with the existing data and hopefully this will result also in a reimbursement in Italy.
Italy, because in Italy in order to obtain reimbursement there was demand for country specific data and Thats why we did the first patients already we are going up to 10 patients in Italy, and then based on these data we will submit them together with the existing data and hopefully this will result also in the reimbursement.
Speaker 7: In the Mordek countries, same thing goes for Finland, so there we did some implants already, and based on these data, we are trying to secure hospital reimbursement, hospital by hospital, and also generate more commercial implants in Finland.
Great.
In the Nordic countries same thing goes for Finland. So there we did <unk> already and based on these data we are trying to secure hospitals' reimbursement hospital by hospital and also generate more commercial implants in Finland.
Speaker 7: And while I was mentioning earlier on, I think a very important market will be the UK.
And what I was mentioning earlier on I think a very important market will be the U K first step to enter the UK is to being a load by NHS to participate in Denver. We have received his official communication that we all know the next steps will be how to compete in the stomach and also make a case to answer that we can address.
Speaker 7: First step to under the UK is to being allowed by NHS to participate in the tender. We have received this official communication that we all know the next steps will be how to compete in the standard and how to make your case strong so that we can end.
Speaker 7: So that's in a nutshell where we are and where you can expect us to be the most shortly.
In a nutshell, where we are and where you can expect us to be reimbursed shortly.
Great. Thank you.
Speaker 2: Thank you very much for your questions. I am showing no further questions at this time.
Thank you very much for your question.
I'm showing no further questions at this time.
Speaker 2: Thank you for your participation in today's conference. This does conclude the program. Enjoy your evening and you may now disconnect.
Thank you for your participation in today's conference.
Does conclude the program.
Enjoy your evening and you may now disconnect.
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