ClearPoint Neuro, Inc (NASDAQ:CLPT) Q1 2020 Earnings Conference Call - Final Transcript
May 12, 2020 • 04:30 pm ET
Joseph M. Burnett
However, if a surgeon feels the postponement could be six months, then stakes get much higher in postponing a very beneficial surgery for that [Phonetic] long, and these patients may move to the front of the line.
Taking these factors into account, we do not [Technical Issues] recovery will be like flipping a switch by any stretch; rather, we believe that will be a month-by-month improvement in volumes with the potential of some starts and stops along the way. In the most recent month of April, we did not see that recovery begin. However, we have seen hospitals begin to schedule elective cases in May, June and July. We will be watching very closely how many of these elective cases stay on the schedule or end up being postponed for one or more of the reasons already mentioned.
As a company, we have done what we can to reduce expenditures and cash burn. This includes eliminating trade shows and advertising, stopping travel pretty much all together except for surgical case support, and slowing hiring for key development and field clinical roles. We are looking at every spend in our budget and identifying which ones are essential to keep our overall strategy intact and continue to make progress on our four-pillar growth strategy, which remains our compass during this time.
And three [Phonetic], if I have to leave you with a key message, it is that our strategy and our excitement is intact. COVID-19 is not the first challenge that we'll overcome and it will not be our last. We believe it has certainly impacted our current business, however, it doesn't [Technical Issues] from the long-term potential of the strategy of the company. To some extent, we have simply had to hit the pause button for a yet to be determined amount of time. However, we very much look forward to the day when we take our finger off of that button and start off treating [Phonetic] up to speed once again.
With that I will turn the call over to our operator to begin our question-and-answer session.