Quarterly ...Install base of 24 - one shy of goal ? Lost track of where they should be.
World-wide install base is now 30.
Some lingering side-effects on the logistics side.
Pace of utilization will increase in second half.
UT SW Center - TULSA is best way to implement focal therapy and can be used to treat melignancies anywhere in the prostate. Slow and steady at UT SW - ensure promising results - then increase usage.
Q3 - two more GE MRI sites will be added.
CAPTAIN - finish enrollment in 2nd half of 2023 and first readout of early data in Q4 of 2023.
FARP - single site level 1 study comparing similar technologies - readout July 2022.
If data outcomes match in CAPTAIN and FARP then clear superiority of TULSA in focal therapy.
AUA - Profound at meeting in a few days - more news coming before AUA meeting ???
Over 2000 procedures with over 100 physicians.
More activity coming in international markets.
CPT 1 - apply this June (on track) - effective by January 2024 if achieved.
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Utilization rates - building opinion leading results - revenue coming from the 24 unit install base - should see significant improvements to utilization in the 2nd half of the year.
Funnel - 10 agreements that we have not installed - ordering new MRIs and waiting on delivery.
UT SW was a good example how things roll-out slowly - slow in the beginning - seeing cancer is not coming back - then start the ramp-up.
Sales Funnel
- imaging centers - 3 to 6 months to start producing nicely but cash only
- more focused on hospitals (coverage with c-code)
Getting $8,300 - $8,500 new per operation - over longer term, will keep our business model simple.
No push-back from our partners.
Hired Ken - making changes on the sales/marketing side - will see significant implact in the 2nd half of the year.
15 new POs (stated at Bloom Burton) but said they signed 10 agreements in this conference call - note, there are multi-site agreements in the 10 agreements.
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My thoughts:
First they said the bottleneck was COVID/hosipitals
Now it's the MRI installations
I'm going to say ... the bottleneck will always be reimbursement (to some degree) until they get permanent CPT 1 coverage. As customers start to demand TULSA - that's when hospitals will get serious about MRI shortages/purchases and plans to make TULSA part of their operations. We are counting on the industry thought leaders to get our initial install base going. It all revolves around reimbursement and things get better the closer we get to CPT1 coverage.
Slow accumulation is/was the name of this game - all IMO.