TransEnterix, Inc. (NYSE MKT:TRXC) Q2 2018 Earnings Conference Call - Final Transcript

Aug 07, 2018 • 08:30 am ET


TransEnterix, Inc. (NYSE MKT:TRXC) Q2 2018 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen. Welcome to the TransEnterix Second Quarter Financial and Operating Results Conference Call. As a reminder, this conference call is webcast live and recorded. It is now my pleasure to introduce your host, Mr. Mark Klausner of Westwicke Partners. Please go ahead, sir.

Mark Klausner

Good morning, and thank you for joining us for TransEnterix's second quarter conference call. Joining us on today's call are TransEnterix's President and CEO, Todd Pope; and its EVP and CFO, Joe Slattery.

I would like to remind you that this call is being webcast live and recorded. A replay of the event will be available following the call on our website. To access the webcast, please visit the Events link in the IR section of our website,

(Forward-Looking Cautionary Statements)

During the call, we will also present certain non-GAAP financial information relating to adjusted net loss and adjusted earnings per share. Management believes that non-GAAP financial measures taken in conjunction with US GAAP financial measures provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the Company's core operating results. Management uses non-GAAP measures to compare our performance relative to forecast and strategic plans, to benchmark our performance externally against competitors, and for certain compensation decisions. Reconciliations between US GAAP and non-GAAP results are presented in the tables accompanying our earnings release, which can be found in the IR section of our website.

With that, it's my pleasure to turn the call over to TransEnterix's President and CEO, Todd Pope.

Todd Pope

Thank you, Mark, and welcome to our second quarter 2018 conference call. On today's call, I'll start by discussing our recent accomplishments, then turn the call over to Joe for a second quarter financial update. We'll then open the line up for your questions.

Second quarter was strong commercially, as the continued development of our global pipeline drove four system sales, one in the US and three in the EMEA region. In addition, we continued to make meaningful progress toward our key goals for 2018. As a reminder, those goals are maximizing the effectiveness of our global commercial sales infrastructure, expanding the portfolio of instruments available for use with Senhance, expanding Senhance's indications for use, and continuing to obtain regulatory clearances in key geographies.

I'd now like to update you on our progress and will begin with an update on our commercial and clinical activities in each of our geographic regions. Starting in the US, in the second quarter, we sold a system to LSU Health with the system being installed at UMC New Orleans. UMC New Orleans is home to a well-respected academic research hospital and has partnerships with a number of colleges and universities in the New Orleans area, including LSU Health New Orleans and the Tulane School of Medicine.

UMC New Orleans plans to utilize the Senhance in gynecologic, colorectal and general surgery, and multiple surgeons have already been trained. And I'm pleased to announce that UMC New Orleans