Acutus Medical, Inc. (NASDAQ:AFIB) Q2 2023 Earnings Call Transcript

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David Roman: Sure. So let me go through each of those. In terms of being used in more routine procedures, the way we’ve thought about the market, if you think there’s like 1.1 million for so ablation procedures and maybe 500,000 of those would fall into this category of more complex. The vast majority of those are de novo persistent and first-time redo cases. We had previously found and what we had previously kind of evaluated was that AcQMap was really getting used and what – like second and beyond redos, they’re only about 20,000 of those a year, sometimes getting used in transient nonsustained rhythms, like transient atrial tachycardias, again, a fairly small percentage. But that was I think, largely a reflection of the fact of some key user interface and user experience gaps that needed to be solved with software.

And that’s where we kind of embarked first as we recalibrate our product development road map. So we’ve seen, as we’ve brought much – a significantly improved user experience as well as some improved procedural efficiency capabilities to the system. That’s getting us into these real de novo persistent cases. And that’s where ultimately we need to be. And we’ve now seen that pretty consistently, especially in the U.S. In Europe, we continue to be used a lot for redo cases. About 80% of the procedures we do in Europe are redos. In the U.S., which is obviously the largest single market and will be the key growth driver for the business going forward. We are seeing good adoption across an increasingly broad spectrum of procedures. Still a decent concentration around redos, but definitely moving much more into that first time redo and de novo persistent.

And we’ve seen that pretty consistently hired in the past four or five months. The RECOVER study definitely helped. We have seen a pickup in procedure volumes subsequent to the publication of that study in late April. In that – and that’s kind of first time redo cohort, which was the sort of target population there and the population that’s all the greatest benefit in that study. So it’s been an increasingly consistent trend and one that we expect to continue when we launch map AcQMap 9 and AcQBlate and then ultimately, AcQMap 10, which allows us to do contact and noncontact mapping and just switch between the two in a very seamless way. Once you add that with an ablation solution, we have a very, very strong case to be made that you could – that AcQMap should be used in sterling those de novo persistent cases on a very regular basis to do both pulmonary vein isolation as well as to treat areas outside the pulmonary veins, which is pretty well established at the source of most complex disease.

Margaret Kaczor: Okay. And any kind of details you can give in terms of kind of procedures per clinician, whether it’s kind of new clinician or kind of an established physician just to kind of support that, that thesis would be great.

David Roman: Yes. So right now, in the U.S., we are pretty much tracking at about 3-ish procedures per console per month. And that’s close to probably double what we were doing a little over a year ago. So we had – our U.S. installed base has gone from 42 to 27. And in the last time, we did about 250 procedures this quarter in the U.S. And the last time we had that level of procedure volumes in the U.S. was when we had that installed base of 42 So we are seeing a pretty nice uptick in procedures per console per month, which is what I think is probably the best metric I can give you to help corroborate that. The other thing I mentioned is that we did cross over 100 AcQMap users globally. We are seeing – our U.S. user base in terms of number of physicians and have to grab the number was up also even with the smaller installed base. So those are – hopefully, those metrics give you some clarity.

Margaret Kaczor: That’s great. Really appreciate it.

Operator: Thank you. I am showing no further questions at this time. So this will conclude today’s conference call. Thank you for participating. You may now disconnect.

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