EDAP TMS (NASDAQ:EDAP) Q1 2024 Earnings Call Transcript May 16, 2024 8:30 AM ET
Company Participants
John Fraunces - LifeSci Advisors
Ryan Rhodes - Chief Executive Officer
Ken Mobeck - Chief Financial Officer
Conference Call Participants
Michael Sarcone - Jefferies
Frank Takkinen - Lake Street Capital
Jason Bednar - Piper Sandler
Swayampakula Ramakanth - HC Wainwright
Operator
Greetings and welcome to the EDAP TMS First Quarter 2024 Earnings Conference Call. At this time. all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, John Fraunces. Thank you. You may begin.
John Fraunces
Good morning. Thank you for joining us for the EDAP TMS first quarter 2024 financial and operating results conference call. Joining me on today's call are Ryan Rhodes, Chief Executive Officer; Ken Mobeck, Chief Financial Officer; and Francois Dietsch, Chief Accounting Officer.
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. Following our strong fourth quarter, I'm pleased to report that we continue to maintain our positive momentum through the first quarter of 2024, driven by additional Focal One system placements and robust year-over-year procedure growth, which clearly indicates that adoption of robotic HIFUsion for the management of prostate cancer continues on its growth path.
In the first quarter, we reported total revenue in U.S. dollars of $16.1 million. HIFU grew over 10% year-over-year in Q1 to $6.3 million, which reflects continued procedure growth, as well as the placement of new systems. In the quarter, we placed seven Focal One systems which included five capital sales. Similar to the prior quarter, demand for Focal One is growing across multiple geographies and amongst both academic and community urology practices.
We placed a Focal One system with the Thomas Jefferson Hospital in Philadelphia, Pennsylvania. The Jefferson Health Network is comprised of 18 hospitals and physician practices and is the largest health system in the Philadelphia region by total licensed beds. In addition, the Mount Sinai Hospital system acquired a second Focal One, which further expands our relationship with one of the most widely recognized cancer research and treatment institutes in the world. Mount Sinai's Tisch Cancer Center is a well-known center of excellence for prostate cancer under the direction of Dr. Ashutosh Tewari, System Chair for the Department of Urology at Mount Sinai Health System.