Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
|---|
| Our ports, which grew over 22%, illustrate the strength and leadership of our vascular access product portfolio and our commercial team |
| And the research has shown, we're really, really excited about what it does |
| Second, the AlphaVac, we love the product and the physician feedback is really strong |
| Again, AngioVac, we're really confident in -- obviously, how the device works and what it does and gaining the breakthrough designation from the FDA is important because they've acknowledged an area of unmet need that we think AngioVac can fit or work with them on the study design and get that communicated soon |
| We do have a good strong balance sheet with cash |
| So we've seen really strong growth, both sides of the ocean |
| I think today, given that the external market kind of disruptions and where things have gone, we want our investors to say, hey, we have a strong balance sheet |
| NanoKnife use is quite strong |
| Our NanoKnife business performed very well and grew approximately 36% during the first quarter, with sales of probes growing 35% |
| NanoKnife growth was strong again internationally, as our international team continues to establish new relationships with partners who assist in supporting our procedures and our strong U.S |
| We think it's sustainable, that was a really strong number in Q1 |
| We believe that NanoKnife has the potential to be one of the most important breakthroughs for men who qualify for a focal treatment approach to their disease by driving beneficial outcomes and offering significant quality of life benefits |
| In the first quarter of FY ’24, our international businesses grew 26% year-over-year with impressive growth from both our Med Tech and our Med Device segments |
| We're really pleased in the -- take-up of the product |
| We also understand that investors expect us to be a company that will grow at attractive rates, while improving profitability and cash generation |
| We were encouraged to see that AngioVac revenues well down year-over-year, grew sequentially, and we believe that the steps we are taking to drive this business are gaining positive traction |
| So I think the momentous building, John, we're really pleased with the schedule |
| In our first quarter of FY ‘24 was highlighted by the attainment of important milestones in our long-term strategy and is a solid start financially against our fiscal year goals |
| We have been very pleased with the clinical feedback that we've received regarding the success that physicians have had with AlphaVac |
| This gives AlphaVac an advantage over other competitive options |
| Over the last few quarters, we've outlined for you several areas, where we were focused on improving, and I'm happy to say that we are seeing improvements here during the first quarter, although there's still more to come |
| We are confident that we will be one of the top three players in this large and growing market for years to come |
| There's a good aspiration device on the market today that does a really good job in small vessel DVT |
| During the first quarter, we saw continued strong growth of our Auryon platform, up 26% year-over-year |
| This solid growth is a result of the unique way, we deliver laser energy and safely treat diseased vessels |
| We continue to gain share because physicians are gaining confidence in our technology, while they are also getting exposure to data generated by their peers, which is evidence of how special Auryon is as a treatment tool |
| But the Med Device segment does a terrific job in providing us that cash and stability to invest in the other side of the house |
| As we've discussed, our strategic business model contemplates gross margin expansion as our high-margin Med Tech segment continues to become a larger portion of our overall revenue base |
| Med Tech gross margins were positively impacted by sales mix, driven by our NanoKnife performance |
| So on the Med Tech side specifically, increased sales in NanoKnife as we've stabilized, as Jayson talked about, the mechanical thrombectomy business, those are both going to be pretty good tailwinds for us on the gross margin |
| Statement |
|---|
| Mechanical thrombectomy revenue, which includes AngioVac and AlphaVac sales, declined 5.8% over the first quarter of FY '23 |
| Our mechanical thrombectomy business, which includes AngioVac and AlphaVac declined roughly 6% year-over-year |
| Our gross margin for the first quarter of FY '24 was 50.8%, a decrease of 20 basis points compared to the year ago period |
| AngioVac revenue was $6.3 million in the quarter, representing a decline of 7.7% over the prior year, but up sequentially from the fourth quarter and trending in the right direction |
| Med Device gross margins were negatively impacted by raw material inflationary pressures and sales mix driven by growth in our international markets |
| Our adjusted pro forma EPS was a loss of $0.13 and was in-line with our expectations |
| Adjusted EBITDA in the first quarter of FY '24 was $0.4 million compared to negative EBITDA of $1.6 million in the first quarter of FY '23 |
| We thought it might be a little challenging |
| We've seen that, but we've seen it at the corporate level be chewed up a little bit by some of those inflationary pressures that we've talked about |
| So we were a little cautious coming out knowing that we'd be third in behind the other two players there |
| The results of a large GAAP loss in the fourth quarter of FY '23 and a larger GAAP gain in the first quarter of FY '24 |
| Our adjusted net loss for the first quarter of FY '24 was $5.2 million or adjusted loss per share of $0.13 compared to an adjusted net loss of $6 million or adjusted loss per share of $0.15 in the first quarter of last year |
| The impairment resulted in a loss of $14.5 million or $0.37 on a per share basis |
| As a result, we recorded a goodwill impairment during the fiscal fourth quarter ended May 31, 2023 |
| And then you've also seen, as we've talked about pulling back a little bit on brand-new lasers being put in the field and trying to increase utilization with those lasers on the Auryon business |
| AlphaVac still seems like it's kind of stuck in first year |
| And it probably will be harder for others |
| The rapidly developing venous thrombectomy market is highly competitive and contains numerous unmet clinical gaps |
| Can you just give us a little indication as to why growth should improve in AlphaVac? And I think you also alluded to a second-gen product and I apologize I may have missed the timing there |
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