EDAP TMS S.A. (NASDAQ:EDAP) Q2 2023 Earnings Conference Call August 24, 2023 8:30 AM ET
Company Participants
John Fraunces - Managing Director of LifeSci Advisors, LLC
Ryan Rhodes - CEO
Ken Mobeck - CFO, U.S. Subsidiary
Francois Dietsch - CFO
Conference Call Participants
Michael Sarcone - Jefferies
Frank Takkinen - Lake Street Capital Markets
Jason Bednar - Piper Sandler
Swayampakula Ramakanth - H.C. Wainwright
Operator
Greetings, and welcome to the EDAP TMS Second Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to turn the conference over to John Fraunces, Managing Director of LifeSci Advisors. Thank you. Please go ahead.
John Fraunces
Good morning. Thank you for joining us for the EDAP TMS second quarter 2023 financial and operating results conference call. Joining me on today's call are Ryan Rhodes, Chief Executive Officer; Francois Dietsch, Chief Financial Officer; and Ken Mobeck, Chief Financial Officer of the U.S. Subsidiary.
Before we begin, I would like to remind everyone that management's remarks today may contain forward-looking statements, which include statements regarding the company's growth and expansion plans. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in such forward-looking statements. Factors that may cause such a difference include, but are not limited to, those described in the company's filings with the Securities and Exchange Commission.
I would now like to turn the call over to EDAP's Chief Executive Officer, Ryan Rhodes. Ryan?
Ryan Rhodes
Thank you, John, and good morning, everyone. I will start today's call by providing highlights from the second quarter of 2023 and then turn the call over to Ken Mobeck, our U.S. CFO, who will then present the corresponding details of financial performance.
I'm pleased to report that we achieved record second quarter and first half revenues, reflecting strong underlying demand for Focal One high food technology. Second quarter revenue of €14.3 million was predominantly driven by new U.S. capital placements at leading academic and community hospitals as well as from increased procedure volumes leading to higher disposable sales.
We are very encouraged by the higher utilization trends of Focal One HIFU amongst our existing customers, which helped EDAP generate strong year-over-year HIFU revenue growth of 63.6% for the quarter. There are several factors contributing to increased adoption. As a reminder, Focal One Robotic HIFU is a noninvasive outpatient procedure that demonstrates excellent oncologic control with minimal patient downtime and does not require use of surgery or radiation.