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 |
|---|
| We are very pleased with our partners at Goldman |
| But I am pleased, cautiously so, that we're still able to move things forward even in the midst of a challenging time |
| And Rick, to your point, we have had some success on the order and commercial front, pushing things forward |
| They are inspired by the clinical data that our customers generate, and there's a whole bunch of positive things to look forward to in the midst of a difficult time of taking the cost-cutting actions that we have taken |
| MRIdian has treated over 30,000 patients, thousands of them with reported clinical outcomes that according to key opinion leaders, are unmatched in the industry |
| I would say we have had very modest success on that front, candidly, over the past many months of efforts there |
| The cost-down project that we are pursuing, it is one of the highest priority things that we are doing as a company |
| I am grateful for his efforts and wish him well as he returns to retirement |
| Patients and customers deserve and demand proven, highly effective, short course treatment, and this is exactly what we deliver |
| These cost savings actions taken to date allow us to maintain that flexibility, while reducing cash burn in 2023 and beyond |
| On the OpEx and cash preservation fronts, we have taken several important steps to reduce costs, while maintaining key research and clinical programs as well as preserving strong customer service levels |
| What will change is the life-enhancing patient impact of our technology |
| Jason, our track record from a bad debt perspective, I think you and others probably know it well |
| That is one of the challenges that we face commercially, is the time and expense that it currently takes to put a MRIdian system in the ground, and we think we expand the opportunity meaningfully with the cost-down project |
| And best of luck |
| We have always been able to gain payment from our customers |
| Our Board is focused on the importance of bringing clarity to the market, and we are acting with all due speed to optimize value for our investors and provide this leading product to a growing list of customers |
| And we're -- we feel as though we've made prudent decisions there that are consistent with this strategic process that we're in the midst of, but also very cognizant of our need to manage expenses very carefully and preserve cash |
| We have done that scenario planning, and I feel as though we're poised to make those decisions, again, if facts and circumstances warrant |
| And we think the impact that, that's going to have on our ability to compete in the market, adding all of the clinical data, all of the capability that we have and taking those barriers down, we think that changes things materially for the company |
| Jason Bednar Good afternoon |
| We believe these actions are consistent with our strategic alternatives review process, but also maintain flexibility for the wide range of outcomes our process may yield |
| Our cost-saving efforts, to date, are designed to address these cash flow shortfalls, while preserving and prioritizing our R&D pipeline, clinical pipeline and customer service efforts |
| Understand |
| Good afternoon, everyone, and thank you for joining our call |
| So we have put forward significant effort |
| So hopefully, you can appreciate that |
| But part of the overall work that we are doing is to consider capitalizing the company should that be the best path for shareholders |
| At the same time, I would tell you, our team believes so fervently on the patient impact that we're having on cancer patients every day |
| Regarding our strategic process, we are working diligently with the Goldman team and potentially interested parties |
| Statement |
|---|
| They've been a challenge, revenue cycle management has been a challenge |
| So it is a challenging environment |
| The net effect has been delayed revenue and increased working capital demands for the company |
| In addition, rising construction costs have delayed installation cycles for certain customers |
| And I think it's also important for investors to know some of what we do is incredibly difficult from a software perspective |
| Our innovation in clinical pipelines have never been stronger |
| As part of our announced reductions, we had to make the difficult decision to ask Bill Burke to step down as CFO |
| Finally, given the range of outcomes related to our strategic review, we believe it's appropriate to suspend our guidance for the remainder of the year |
| You said prospective orders -- earlier in this call, prospective orders are in some cases being paused |
| This challenging macro environment is a reality, but one that will improve over time |
| Suraj, we were confronted with a situation that changed pretty rapidly |
| Very difficult to project precise timing |
| I know over the last several years, you've been emphatic about the quality of your backlog and removing orders that seemed uncertain and some -- I'm intrigued that you're emphasizing that no custom orders have been canceled, you're still working on new orders |
| Since the time of your pre-announcement and this public disclosure of this process, your stock has lost more than 70 -- almost 70% of its value |
| And actually, I think, I'm right in saying, the backlog went up a little bit |
| It doesn't sound like anything today is an indication of further deterioration in revenue recognition process or the backlog |
| Why don't I flip the order and invite Zig to chime in on the customer part? It's difficult, Jason, to be candid with you |
| I understand the focus on the strategic alternatives with Goldman, but I just wanted to maybe ask some questions on the headwinds |
| In some instances, the timing of shipment is a bit difficult for us to forecast, and I think that's in line with us to spending guidance |
| Given that we have taken the decision to suspend guidance |
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