Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Executives

Barry Jenkins – CFO

Joseph Chiarelli – CEO

Daniel Jorgensen – Chief Medical Officer

Peter Stegagno – VP, Operations

Iulian Cioanta – VP, Research and Development.

Analysts

Brian Marckx – Zacks Investment Research

SANUWAVE Health, Inc. (OTCQB:SNWV) Q1 2013 Earnings Call May 15, 2013 10:00 AM ET

Operator

Greetings and welcome to the SANUWAVE Health Incorporated First Quarter 2013 Financial Results and Business Update Conference Call. At this time all the participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instruction) As a reminder this conference is being recorded. It is now my pleasure to introduce your host, Mr. Barry Jenkins. Thank you Mr. Jenkins you may begin.

Barry Jenkins

Thank you. Good morning. I am Barry Jenkins. I am Chief Financial Officer with SANUWAVE. Thank you all for participating in today’s call. Yesterday after the market close SANUWAVE announced our Q1, 2013 financial results. And on Monday we announced the completion of the investigator meeting for the dermaPACE clinical study. If you have not received these news releases, or would like to be added to the company’s distribution list please call SANUWAVE at 678-578-0103 or go to the investor relations section of our website at www.sanuwave.com.

Now before we begin I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of SANUWAVE. I encourage you to review the company’s filings with the Securities and Exchange Commission, including without limitation, our forms 10-K and 10-Q, which identify specific factors that may cause actual results or events to differ materially from those subscribed in the forward-looking statements.

Furthermore the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast May 15, 2013. SANUWAVE undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call.

With that said I would like to turn the call over to our Chief Executive Officer, Joseph Chiarelli. Joe?

Joseph Chiarelli

Thanks Barry. And good morning everyone. And we appreciate you taking the time to join us. I am going to lead off and update you on how we are progressing against the most immediate of the corporate goals that we identified for you about six weeks ago, and that immediate goal of the second quarter enrollment and the supplemental pivotal trial for the use of our dermaPACE device in treating diabetic foot ulcers. In that regard we are pleased to report that we are making very positive strides towards achieving our goal.

Now since our last call we’ve hired a Chief Medical Officer, Dr. Dan Jorgensen, who has already become a very integral part of our team. His experience and skillset are really great assets and we expect him to advance the critical development of dermaPACE in the U.S. as well as to advance our efforts to expand our other device, the orthoPACE into additional indications, both within the U.S. and abroad.

Little bit about Dan. He’s an accomplished physician executive with more than 15 years of experience in biotech and large cap pharma companies, including Pfizer. We benefited from the unfortunate circumstances at his last employer which was PolyMedix, but where Dan took on the responsibility of an ongoing trial. Under his leadership additional sites were added to rapidly complete enrollment and the result was a successful trial and submission to the FDA so that they could move forward.

Now he has a wealth of experience, as you can tell, from in overseeing the design, conduct and management of late-stage clinical trials and an impressive track record with FDA approvals. He’s also formed really close relationships with investigators and contract research organizations and all of that has led to the timely completion of trials, with high quality data, not only at PolyMedix, but at the locations in which he served before them.

Right, I want to turn to our dermaPACE trial. This past weekend we held our investigator meeting here in Atlanta to bring together representatives from the participating clinical sites, the CRO, the data collection agency and members of the SANUWAVE team. The meeting provided the clinical sites with the detailed information and training that’s essential to conduct a successful clinical trial, and also allowed us to emphasize a number of key elements in the trial particularly rapid enrollment. Dan’s going to address the specifics of the meeting later in the call. But what I wanted to do right now is just share with you how this trial is different from the initial trial

In the original Phase 3 clinical trial it was designed to enroll up to 12 sites. When the trial started they only had three sites engaged and decided not to use an investigator meeting as a forum for training or educating clinical personnel in the trial detail. Now in addition as additional sites were engaged that created the situation in which there wasn’t an opportunity to conduct a training session in which the investigators at those sites could share thoughts on standard-of-care as we did on Saturday or to benefit from some of the other discussions that you do at an investigator meeting.

In contrast this supplemental trial is designed to enroll up to 20 sites, 18 of them are already under contract and as a result of the investigator meeting we held on Friday night and Saturday they have already been trained and educated on protocol details.

Now these 18 sites are already beginning to screen and enroll patients, to screen patients not yet enroll, so I don’t want to get ahead of myself here. I might add that the additional sites that will get included in the trial are in the process of being scheduled for training and that will occur shortly and we expect them to also benefit from the detailed discussions we had on Saturday on standard of care as well as on patient treatment and enrollment.

With the addition of Dan and the enthusiasm that was clearly evident at the well-attended investigator meeting we are really confident that the management of this supplemental pivotal trial will greatly be enhanced as compared with the initial trial.

Let me turn this back over the Barry to quickly review the highlights of the financial results for the quarter. And then once that’s finished I am going to do a quick – we are going to let Dan and then Pete Stegagno talk and then I will do quick update of our business objectives. Barry?

Barry Jenkins

Thank you, Joe. For the quarter we remained focused on keeping our expenses low while we prepare for the start of enrollment phase of the dermaPACE clinical study. Revenues for first quarter of 2013 were $201,000, a decrease of 16% from last year. Gross profit as a percentage of revenue was 72%. That was up two basis points from last year. The slight decrease in revenue was due to the continued impact of the European economic downturn on our largest distributors and they are in Europe which reduced the sales of our devices for the quarter. But the improvement in our operating margin was due to increased sales of higher margin applicators for devices as more devices were in use this year as compared to last year.

Total operating expenses and that includes our clinical related as well as research and development expenses decreased by 34% or $645,000 to $1.3 million for Q1, 2013. We implemented significant cost saving measures last year with our headcount reduced from 22 employees in Q1 of 2012 to 11 employees this year. We also reduced expenses this year through the consolidation of our operations in to one office which was effective in November of 2012, and we’ve reduced legal expenses related to our patent portfolio. This was partially offset by additional consulting expenses incurred in 2013 for financial advisors and other consultants.

For the quarter total expenses were significantly impacted by a large non-cash accounting expense related to the common stock conversion feature included in the $2 million senior secured notes that we issued during the quarter. The increase in our stock price during the quarter resulted in the accounting fair value for the conversion feature to increase. As such we were required to record a non-cash loss of $3.7 million on the embedded conversion feature in those secured senior notes.

We also recorded $428,000 as the accrual of non-cash interest expense which included the amortization of the debt discount related to these notes. These notes will convert into SANUWAVE common stock when we complete a qualified financing for at least $4 million. Now due to that $3.7 million loss on the senior secured notes in Q1 of 2013 the net loss for the quarter increased by $3.5 million to $5.4 million from $1.8 million last year. The net loss for Q1, 2013 was $0.25 per share as compared to a net loss of $0.09 per share last year.

Now turning to cash flow; for Q1 of 2013, net cash used by operating activities was $1 million which was 30% less than last year’s use of $1.5 million. So a decrease of $500,000 in the use of cash. This decrease in the use of cash for operating activities was due to reduction in headcount and operating expenses that we discussed earlier.

We’ve reduced our monthly cash burn rate from operations from $497,000 per month in Q1 of 2012 to $345,000 per month in 2013. We currently project our cash burn rate from operations once we get well into starting this supplement dermaPACE clinical trial and enrolling patients to be approximately $575,000 to $625,000 per month. And as of March 31, 2013, cash on hand was $601,000.

As we discussed a little earlier starting in late 2012 we began working with select accredited investors to raise capital, and through the issuance of senior secured promissory notes which we completed that $2 million offering on March 8 of 2013. This month we received additional funding from current shareholders in the form of some short term promissory notes. We anticipate completing a larger funding in the second quarter to fund our ongoing dermaPACE clinical work as well as to provide working capital.

Now let me turn it back to Joe Chiarelli for business update.

Joseph Chiarelli

Thanks Barry. Yeah, I want to emphasis that effectively what’s going on now is we are doing a lot more with less and that Barry and the rest of the team have done a wonderful job of not only controlling expenses but finding new ways to move forward in lot of areas. And we’ve been very well supported by our shareholder base who continues to work with us so that we can complete everything that we do need to do. The other aspect I do want to emphasize is we get a pretty good margin in Europe. I mean 72% is the gross margin and we are growing that business albeit it been very slow, and that is one of our corporate goals going forward.

Now what I want to do now is basically introduce our newest member of our team, Dan Jorgensen, who is now our Chief Medical Officer. Dan’s led over 25 clinical trials into his career and his trial experience as I mentioned before will be exceptionally helpful to the investigators as we get into the patient enrollment phase of the dermaPACE study. And as I also discussed earlier we just completed the investigator meeting and Dan is going to provide you some color on some of the events that occurred over the weekend. Dan, it is all yours.

Daniel Jorgensen

Thank you, Joe. By all accounts this was a successful investigator meeting. To ensure its success much of the work had to be done ahead of time, especially the selection of high quality sites. Of the 24 sites used in the last dermaPACE trial the top seven were selected for this trial. They were chosen based on quality, efficiency, geography and patient referrals as well as the knowledge and experience of the site personnel. These sites accounted for 70 patients or 34% of the total enrollment in the past study and we estimate that these seven sites will enroll over 75% of the 90 patients in the current study.

Using two more criteria we selected 13 additional sites for the study for a total of 20 sites. In the unlikely event that enrollment is slow we are also enlisting several back up sites that can fill the enrollment gap if necessary without losing time. We are confident that our selected sites will perform at a high level. Careful site selection is necessary but not sufficient for successful clinical trial. Sites still have to be trained properly on the details of the study protocol and they still have to forge strong working relationships with the sponsor site team. This was accomplished at the recent investigator meeting, as reflected in the following. We had a very high attendance, 18 of 20 sites as Joe mentioned are in all members of the study team attended this investigator meeting, and it is rare to have such a high percentage of the invited attendees.

There was active discussion on patient inclusion and exclusion criteria, this was done after my screening and enrollment. There was strategy session on how we can minimize patient drop out such as having close patient follow-ups between scheduled patient visits. There was an interactive session of where dermaPACE training device training was done. That was extremely important. There was ample time to address study related questions including one on one conversation during the breaks. And I would say most importantly there was a very high level of engagement and enthusiasm. Because there was no investigator meeting prior to the last dermaPACE study that Joe had mentioned, strong relationship were not forced at that time, standardized training and the study protocol did not occur and no forum existed to address question and concerns.

This may have contributed to the outcome of that study. The fewer number of dermaPACE treatments as well as the definition and timing of the end point analysis may also have contributed to the outcome of that study. The current study in contrast has been sufficiently de-risked and therefore has a higher probability of success. And that’s milestone after completing the investigator meeting with screening. This is scheduled to begin next week.

Finally, other sectors are important for a successful study and FDA approval. We have a new CRO and restructured clinical team which I am now leading together we have a proven track record of executing studies on time, on budget and with top qualities submission ready data. I am excited to be part SANUWAVE at this time, and we have the opportunity to work on this important study.

Joseph Chiarelli

Hey, thanks Dan. And we are exceptionally happy that you are with us, and that we started the dermaPACE trial and we will continue to work for the regulatory approval on our other device, the orthoPACE in the United States and in that regard this is one of our other goals for this year. I want Pete Stegagno, who is our VP of Operations and Regulatory to provide a quick update on how we are progressing in that area. Pete?

Peter Stegagno

Thank you, Joe and good morning to everyone out there. I’d like to update everyone regarding FDA’s regulatory pathway, FDA regulatory pathways beyond the dermaPACE. We have confirmed a visit in the next several weeks with FDA and in this meeting we will be discussing with the physical medicine and neural therapeutic devices branch, it’s a mouthful, the various pathways we can use to bring our orthopedic device, orthoPACE to market in the U.S. Our intent is to leverage the existing EMA approval for OssaTron which is our legacy device approved for treating Plantar Fasciitis and heel pain. The intent for this meeting is for SANUWAVE to find the quickest route possible for approval for the much smaller orthoPACE under the same indication in the Plantar Fasciitis. Joe?

Joseph Chiarelli

Thank you Pete. Yeah well I just want to tell everyone we are very sensitive about discussing this until we have closure with the FDA on trial protocols. So please accept our apologies with regard to the brevity about this important milestone which we see as the first step in continuing the expansion of our product line in the U.S. Now that does not impact how we intend to further develop relationships outside the U.S. and as I mentioned before and as Barry mentioned which currently generate a 72% gross margin.

So I just want to close out our formal comments with a refresher on what we are striving to accomplish in 2013. First was to complete patient enrollment of the supplemental trial to obtain FDA approval for the use of the dermaPACE device in the U.S., to treat diabetic foot ulcers. Second was to expand our distribution network in Europe Asia and the Pacific for the two approved devices in those respective areas, dermaPACE and orthoPACE. Also it is our intent this year to identify opportunities for the use of our patented shockwave technology in other areas including regenerative medicine, other areas of healthcare and in industry’s outside of healthcare and I can say that we are definitely progressing in those respective areas.

And then finally to initiate discussions with companies and individuals to develop the appropriate channels and business models to allow us to initiate our technology in those areas where we can generate a satisfactory return for our shareholders based on risks taken. We do intend to create a network of partners as we move forward and we will get more into this as the year progresses.

So I am going to stop here and we are all very happy to answer any questions that you may have. So I will turn it open to you, operator, Janet to get a roll call.

Question-and-Answer Session.

Operator

Thank you. At this time we will be conducting our question-and-answer session. (Operator Instructions). Our first question comes from the line of Brian Marckx with Zacks Investment Research. Go ahead with your question please.

Brian Marckx – Zacks Investment Research

Good morning guys and congratulations on all the progress in doing it efficiently and doing it rapidly. First one it’s probably for Dan, is the inclusion and exclusion criteria in the supplemental trail any meaningfully different from the initial trial and can you frame any potential difficulties in finding the appropriate enrollment base?

Daniel Jorgensen

This is Dan. Thank you for the question. To answer the first part of your question there really is no substantial difference between the two trials in terms of inclusion and exclusion criteria. And this was important in our discussions with the FDA that we try to replicate as much as possible of the design of the two trials. As far as perceived challenges in terms of enrolling this type of patient, that is the patient base that you mentioned, we feel that we’ve addressed some of these challenges not only during the investigator meeting but in our discussions prior to the meeting and we will continue to address those during the study.

That is as you pointed out, these patients can sometimes be difficult to recruit and/or retain in the study. And knowing that at the time we had very frank conversations about this, we talked about again standardizing the type of patient as much as possible, that enters the trial. Also reaching out to different members of the community and having a good referral base to draw those patients into the sites. But in addition and this is very important retaining these types of patients in the trials, especially a trial that has many visits. And we very confident we will be able to do that this time around with the heightened sort of activity around getting these patients back for follow-up visits and making sure that they have all of their needs met basically, so that they can fully participate in the trials.

Brian Marckx – Zacks Investment Research

What is the anticipated rate of drop out?

Daniel Jorgensen

We first of all in my experience I have always kept the goal of 0% drop out. Of course we should always strive for that. Of course it’s due to a number of circumstances that, that really can’t be achieved very often. So we are trying – our realistic goal is less than 10% to 15% drop out. But we hope it will be even less than that.

Brian Marckx – Zacks Investment Research

Okay, any projections on when you will have enrollment at all those study sites?

Daniel Jorgensen

We are striving as Joe mentioned we are actually beginning the screening process at many of the sites coming up early next week. And of course once you screen, you have a high probability of actually enrolling those patients we have screened. So we foresee enrollment to occur shortly thereafter screening. And if we are lucky we may even get possible enrollee in the next week or so. But to answer your question about when all of the sites will be up and running in terms of screening and enrollment that is occur within the next several weeks.

Brian Marckx – Zacks Investment Research

Okay. And then I know this is somewhat of a guess at this point, but can you give us an idea on what your expectations are relative to when you will see initial results?

Daniel Jorgensen

I may have to defer to Pete and/or Joe on this in terms of the planned analysis and so either one of you want to chip in on that?

Joseph Chiarelli

Yeah, I will step in. This is Joe. We have publically indicated that we expect full enrollment somewhere in early 2014. If you run the math, right the range of when we will be fully enrolled can be substantially earlier if we do get the pace of enrollment that does appear to be occurring now. But it also could be substantially less if you hit a dead spot shall it call it over the summer as either sites are on vacation or patients are on vacation, potential enrollees are on vacation. So the range is fairly broad but we do expect full enrollment by, I believe it’s first quarter of 2014. Pete you can be more specific than that, probably.

Peter Stegagno

All right. No you hit it, that’s exactly it.

Joseph Chiarelli

I want to make one other comment here. Remember that we are using Bayesian statistics which draw the results of the first trial together with this trial and our Head of R&D, Iulian Cioanta describes it very, very well. It’s as if we are all running a mile race at SANUWAVE the starting at the quarter mile point. We have that much of an advantage because of the results, the positive results of the first trial. So that’s to be kept in mind here as to one, the risk factors; two the probability of success; and three the time frames that it will take to complete the initial 12 week treatment period and then 12 week follow up period. Brian anything else?

Brian Marckx – Zacks Investment Research

Just one quick one on Australia, New Zealand, have you started shipping products?

Barry Jenkins

No, we have not started shipping product. We have still on the table a potential sale of one particular site. They are waiting on actually glance money as opposed to money coming out of their internal budget. I do know there is a second offer going out this week to a hospital in Sydney, Prince of Wales Hospital. It’s actually having a wounds care center, and it’s with the wound care nurse who is actually heading that up, that’s site is actually very exciting for us. They do see a number of patients and not just diabetic, number of lower leg ulcers as well.

Australia’s annual fiscal year starts in June and we are actually working with our distributor now to find out what their projection are for their fiscal year June 2013 to June to 2014, so we will have updates on that in a little while.

Brian Marckx – Zacks Investment Research

Okay, thanks a lot guys

Joseph Chiarelli

Thanks Brian.

Operator

Our next question comes from the line of (inaudible). Go ahead with your question Mr. (Kelsy). Your line is live.

Unidentified Analyst

Okay I didn’t know if they can hear me or not, all right.

Operator

Go ahead with your question Mr. Kelsey. Your line is live.

Unidentified Analyst

Okay, I do not know you can hear me alright but I was kind of interested in pursuing information on fields away from the healthcare field, so you talked about all your field application at one time, municipal water treatment, are there any developments there yet or not?

Joseph Chiarelli

Yeah, this is Joe. The answer is yes. We actually are in active discussion with the company that services I call it the hydrocarbon industry apparently as they like to be called from the standpoint of the effluents that comes out of that fact wells as well as other sites. And we expect to have a conversation, a follow up conversation not only in a very, very short period time this week and then prospectively to show them our third model.

We have built two models two demonstration model that clearly indicate our ability to achieve the separation of particulate matter from water. And we are actually in the process of building the third one for I call it the stuff my favorite word that comes out of the fact world, and then next stage will be to build a true working model which will occur rather shortly and then assuming that works we also have work up demand for scale up. So we are pretty far along from the standpoint of at least showing, being able to show people working model having discussions in those areas. We have also initiated discussions is some other low leaded areas which I don’t want to get into because we haven’t yet, we want to make sure science is right and got some conservations about that, so on the non-healthcare areas we have moved up there forward. And we do continue to have discussions within healthcare for the use of our devices outside of new generative or wound care medicine. As a matter fact we are working with a particular distributor who is working for our device in a called vertical and we are working out of schedule for them to actually come and test and demonstrate the machine.

So it is moving along, we are as a next quarter or the quarter after that have more firm information with regard to where we stand in those areas.

Unidentified Analyst

Good, I noticed too that you have been able to get fellow that heads up the department that are extremely knowledgeable and experienced in these various areas, have you had anybody under consideration for specifically areas such oil field or water treatment plants away from the healthcare industry that you have decided to go after to head up a team like that.

Joseph Chiarelli

We haven’t gotten that far into a recruitment process I’ll call it, we do have a couple of people that we have talked to and so for as let me back one step, our intention in all of these areas is to form partnerships. We believe that the smartest thing to do is to partner with experts in those areas who are distributor, capable of sales and marketing, we will retain the science and we will retain the ability to develop core additional generation into these areas.

So from that standpoint until we narrow the field to whom we will partner with in specific areas we have not yet approached anyone to I call it lead that efforts, it’s kind of between Iulian, Pete, myself, Barry and Dan only to the extent that there might be something that could be a health related issues. And Dan what we haven’t mentioned has an extensive background in infectious diseases and to the extent that our machines are able to destroy bacterium and biofilms there is a whole concept of how this could be worked and play off using Dan’s expertise and knowledge of infectious diseases in the communication of those disease.

Unidentified Analyst

Okay and certainly if you are going to you apparently already created a model that works. So in field away from the medical field you are not going to be up against the FDA or other agencies, all you have to do is show those private industry individual that your process works, and that you can supply with them with that product, is that correct?

Joseph Chiarelli

Yes, the only thing I add to that is a question of cost efficiency, how cost efficient is shock wave technology relative to others, and in the conversations we had with one particular party, we have demonstrated that our technology should be substantially less expensive in achieving a result than the technology that they are currently using. And they are currently delivering a technology to the (inaudible) well and two mobile fields. So that’s the third component, but yes you are correct.

Unidentified Analyst

Okay, and the additional time has been taken regarding the medical side. Is that going to have any effect on the time or protection from the patents that you have already? In another words it’s apparently these patents do protect the device for certain period of time but because it has taken longer with the second trial and so on, it’s taken longer to get those things in to operations way, is that going to cut down the time of somebody else been able to knock off the machine and so on.

Joseph Chiarelli

There is two aspects to that question, of foundational patents still have about 10 years to run, we have additional patents that surround the foundational patterns, so yes clearly the longer it takes to get out in the market place, the less time you have on the original patents. But the other aspect is that as we improve our technology as we create next generation devices and patent those changes that further protects us from the time of when someone can effectively compete within the focused shock wave technology arena, and Iulian can talk to this better than I because he does see – he has actually worked on two what I call it subsequent ideas that would apply and enable us to extend our competitive advantage for a while. Iulian, you want to add anything to that.

Iulian Cioanta

What I would say is that we are continuing to progress with the new patents and what we have done to reduce the cost, we took loan on us in such a way that we provided the data for a more complete application and so like that. And that we are presuming to do new patents including the non-medical and the medical ones.

Joseph Chiarelli

So we think some of our patents run out to 2031 already. We think that as we progress down the I will call it generational line that we will continue to have a competitive advantage beyond the initial patent life.

Unidentified Analyst

So you are going to be protected for some time against any kind of duplication of this process.

Joseph Chiarelli

Legal duplication. One always worries about reverse engineering and we actually our business model prospectively is designed to allow us to tract anyone who does attempt to reverse engineer our products.

Unidentified Analyst

Good, what a world we live in. Okay, one last question, I guess Barry had talked about additional financing that will be necessary, $4 million, is that going to have any effect on the shares themselves or any dilution of the shares or is that going to come from you trying to get that from some of the existing shareholders or private situations.

Joseph Chiarelli

We have filed an S-1, that is public information. We have received comments from the SEC, which we are responding to. Clearly and in that S-1 we did indicate we would raise $6 million or up to $6 million. So clearly that would have a dilutive effect on existing shareholders. At the same time one has to look at it from the standpoint of if we create a bigger pie even though you may have a few less shares the value of that bigger pie can be greater than what you had before.

We are truly striving to move everything forward so that current shareholder value is enhanced. So I don’t see any of this lately.

Unidentified Analyst

No, I, in fact we are just a small shareholder but we have been with you for many years, I was not since the start but for quite a while and I really appreciate the fact that you, the entire team that you have and the new team in pace yourself included is continuing that the honesty with which you are conducting business affairs. Stocks are very difficult, there is a lot of people out there who are not honest at all, but your whole team and yourself are making excellent efforts, I love the use of the word shareholder, it comes up many, many times during the conference calls. So I think you really do have a concern for shareholders and that’s all you can hope for, really.

Joseph Chiarelli

Well, I appreciate that. And look, the bottom-line here is that shareholders own the company and yes, we are the custodians, we are responsible for delivering I will call it a whole economic value but it’s more than that. It’s also ethical value and it’s being able, the way I put it on Saturday to the investigators was we want to do well by doing good. And we keep that as our precept. We will continue to move this forward and everyone benefits and quite frankly it’s not only shareholders but it is the management team, which does have the very vested interest in seeing this succeed.

It is also those with whom we partner and that is our vision and strategy here, partnering with those where we can help them do well so that together we all achieve a benefit and value.

Unidentified Analyst

Well partners are…

Joseph Chiarelli

A good concept.

Unidentified Analyst

No, it’s a great concept because they are going to be concerned about what’s going on as partners why they are part of everything that takes place. So just keep up the good work and thanks for having these conference calls and thanks for giving out information whenever you have some that’s pertinent to what’s going on. That always helps us here feel that you are interested in us and give some information. So keep up the good work, you are doing just wonderfully.

Joseph Chiarelli

Thank you and we appreciate the feedback.

Unidentified Analyst

All right thanks.

Operator

There are no further questions at this time. So I’d like to turn the floor back over to Mr. Chiarelli.

Joseph Chiarelli

Barry.

Barry Jenkins

Go ahead Joe.

Joseph Chiarelli

Well I want to thank you all for joining us. As you can tell we are very most – we are very definitely committed to moving us forward against the goals that we’ve identified for 2013 as well as beyond and we truly appreciate your interest in SANUWAVE and please don’t hesitate to contact us with questions you may have. Remember we do have an exceptional amount of information out on the website, including presentations, references to the science and to those journals in which the science has been published, which are actually quite prestigious, I will add. So thank you all for joining us and we hope to be able to deliver additional news when we have our next call.

Operator

Thank you. This will conclude today’s teleconference. You may disconnect your lines at this time. We thank you for your participation. Have a great day.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: SANUWAVE Health's CEO Discusses Q1 2013 Results - Earnings Call Transcript
This Transcript
All Transcripts