Hi, everyone. My name is Rohin Patel. I cover medical devices at J.P. Morgan. Just welcome you all to the Minerva Surgical presentation today, where I'm happy to introduce Todd Usen, newly appointed CEO. Todd, I'll leave it to you to provide introductory remarks and your presentation.
Thank you. Morning. Not sure I really need a microphone, I appreciate you all attending. Thank you so much. My name is Todd Usen, CEO of Minerva Surgical. I've been in med tech for 30-some odd years, I cut my teeth back in the day. I was about 13 years at Boston Scientific. My last role, I did everything from GI and commercial roles and marketing and sales, global roles. My last role, I moved out actually here and ran the United States for the Neurovascular division, which has since been divested to Stryker, a great space. From there, I moved to Smith & Nephew, I ran the United States in sports medicine. I moved down to Memphis, I ran...
I was the general manager for total implants and trauma. My last role there, I was the president of all of orthopedics for Smith & Nephew, so I had a great opportunity to learn to do some things hopefully the right way. From there, though, I was recruited to Olympus as the president of all the medical divisions. I became a first president that was recruited from outside of the company in growth and started with six divisions and moved that six to 11 divisions. One of those including starting an adjacent market for the GYN space, which I've always been a big believer in women's health.
When I was at Smith & Nephew, actually, one of the things, even though it was an orthopedic company, one of the divisions that was under my responsibility when I joined was the women's health, the GYN division, which is TRUCLEAR technology, which it was since divested and sold out to Medtronic. I have a good feel for the space and been in it for a while. Then the last four years, I was the CEO of Activ Surgical. Activ Surgical started from a first foray into startup technology and moved from a startup company over to brought the company to commercial from FDA to commercial, raised about $100 million.
Company's in great hands now with our former COO that I was lucky enough to bring on, who's taken that over as CEO, and I'm staying on the board. Really happy to be here at Minerva and excited to get started. I just gave you my introduction real quick, and then I'd like to introduce Joel Young, our CFO, will be here to answer any questions at the end as well. Key thing for me when you join any new team, you have to make sure you understand a few things.
First, it's gotta be about the people. I'm a big believer in people, and if people can help you win in the organization. We have a great breadth of knowledge in this space from Dr. Skalnyi, someone that's just won an award at the AAGL, one of the I think it was the first industry person, physician to win a specific award that he won in the space, and someone who just has a lot of knowledge about the technology. The rest of the team here has been in medical for a long time and really understands the space and provides great guidance and leadership. Same thing. This is one of the reasons I also joined the organization. Coming from a startup world where I had a great board where I was prior, but it's more of an investor board.
Now I have a group of operators that I really believe in, and they have a great vision of where they believe the company can go and the things that we can do together. I'm very excited about that opportunity. Little on the company. The next reason why you join a company is you have to believe in the technology. One of the things about this technology is I'm not gonna go through everything on a slide, but our. The technology was founded by Csaba Truckai. Csaba actually founded the technology that is the NovaSure technology many years earlier, which is the market-leading technology. When,
You know, I've met Csaba over the years, it's always exciting to me to say, "You invented that's leading the market, you came out and invented this, and why?" I knew everything that we did really well, which is that it's a great technology, and I knew the things that I can do to make it better. That was very exciting to me overall and understanding. We had some acquisition of technology from Boston Scientific to fill the bag and make sure that we're providing our physicians and our sellers out in the field, more technology to work with, and it's exciting. The company went IPO in October of 2021. Couple of new things have happened.
It's similar slide, but other than myself and experienced management team and bringing in a new CEO, so I guess that's nice. I have. I started on January second, so I'm gonna provide you all some really in-depth knowledge of nine days of deep, deep learning. I hope you're really ready to take some good notes and learn a lot. But in all seriousness, understanding the space, we just had the pleasure in a sense and great fortune to partner with Accelmed Partners and an existing investor that we've had in NEA.
We just completed a $30 million PIPE to make sure that we continue with the technology that we need, continue to commercialize our technology to market and grow and expand. That's very comforting when you're walking in as a new CEO to make sure that there's you're well funded and with good vision and good direction. The key other thing is, we're in a space that has great reimbursement, and we're very lucky. It's when you go to our physicians and talk about endometrial ablation or tissue resection, we know that it's well covered and that's not an issue within the hospitals. The procedure is accepted, and it makes a big difference for us. This is the real reason you come to a company.
I'm not looking to have a solution looking for a problem. A lot of technologies are, we have this great solution, and we're gonna go hunt for a problem. There's a real problem here. One out of every three women will seek treatment for heavy menstrual bleeding. That's a real problem. Many patients are given the direction to just go have a hysterectomy. There's options before you have a hysterectomy, and that is some of the treatment options that we have. An Abnormal Uterine Bleeding is the leading cause of hysterectomy in this particular case. There's one out of three, which in the U.S. alone, based on the U.S. Census Bureau, is 18 million women between the ages of 25 and 50. That's a big market. I look at that, there's a problem that's big. With that problem, we have a solution.
That problem is broken into two. There's structural and non-structural. There's fibroids and polyps, and then there's dysfunctional endometrium. We have technology that treats them both. We have the technology to handle the problem that's facing many women in the world, and that's one of the reasons why you come in. What's the market look like? This is based on the U.S., in the two largest segments, are uterine surgery technology. Just what's out there today, not a total addressable market. What's out there today is about a $600 million market in the United States, and the U.S. is representing anywhere between 34% and 37%. It's really much higher than $1.5 billion globally, but the opportunity is real. I have a team. There's a real problem.
We have technology that we can treat, and there's a real market to make sure that we're doing the right things. Let me tell you a little about who we are and some of the things. I'm not gonna go through every product that. Basically, like I said, we're gonna really focus on our two flagship products, the Minerva ES and the Symphion, and I wanna share a little about those technologies with you today. The Minerva ES is the key here is the proprietary technology of our PlasmaSense technology. The PlasmaSense technology is basically targeted ablation to unablated tissue. What do I mean by that?
That means that, compared to existing technology out there today, we're providing 40 watts of argon gas ionized, but it's going to specifically, through the case, it's selective targeting. Automatic selective targeting of unablated tissue, which means 40 watts compared to 180 watts, which is out there today in uniform ablation, throughout the uterus. Targeting the areas, again, unablated. That is proprietary technology with the plasma. Here's really the money slide, if you will. The other reason when you talk about clinical advantages.
They were originally when Minerva went through the FDA, the opportunity to go to the FDA, there were five other technologies that had been through the FDA. The FDA works with their objective performance criteria group, and these are the measurements that they go by in all the clinical data. To me, at the end of the day, if a woman experiences heavy bleeding and the goal is to eliminate the bleeding, not reduce the bleeding, that's amenorrhea rate. Minerva Surgical and amenorrhea rate is 2x, the market-leading technology. That's a big deal to eliminate bleeding. I look at it even bigger, knowing this from personal experience and the women in my life. When you look at it, if you're going to get these procedures, you do not wanna get a hysterectomy.
With 7x, the outcome at three years of the reduction of the opportunity for a hysterectomy, 0.9% after this procedure with the Minerva ES, get a hysterectomy compared to 6.3 and 8.3 of the next two technologies that are out there. To me, those are results that make a difference. These are results to the FDA. This has came directly from the FDA at that time. That's a big deal. Second, as we move forward, Symphion technology. This is one of the technologies for tissue resection that we acquired through Boston Scientific acquisition through this technology. What makes this technology very unique is two things. First, it's the first technology in the industry that does both cut and coag and has a fluid management system. What do I mean by a fluid management system?
Today, in a procedure, if you're doing a tissue resection, you see the bag that's hanging. Right now, the assistant, a nurse, a tech, someone in the room is constantly changing that bag and monitoring the fluid that is the intake into the patient. With the Minerva's, excuse me, with the Minerva's company, I was gonna say the Minerva ES. With the Symphion system, basically the bag, the fluid goes into the uterine cavity. It's then goes back into the controller, the device. It's filtered to sterility, and then it goes back up to the bag to continually be reused. The nurse and the tech do not have to monitor. We know exactly that we're giving the patient exactly the same amount of saline and never too much saline in a given case. Let me show you a little about what happens during this procedure.
If you watch what you're going to see here, in a cold knife cutting, this is existing technology that's out there. We're going to cut, and then what this is actually doing, it breaches the integrity of the microvasculature that's happening, and what that leads to is active bleeding and fluid intravasation. That's today's technology that's out there called cold knife. When we move to the system that the proprietary system that Symphion has, we're actually when we cut, we're sealing the microvasculature. We're reducing bleeding and intravasation. We're trapping that in, and then at any time that we want, we have the option to coag. It's the first system with the press foot pedal that you can not only cut, but you can coag. At the end of the day, that means less bleeding, means better vision.
That means better outcomes and quicker procedure, that's a big deal for our patients. Every company that probably presents at the J.P. Morgan has a chart that shows why they're the greatest in the world and everyone else is no good. These are the things that are proprietary to the Symphion technology. I'm not saying that nobody else is good in the market, but at the end of the day, I actually know the TRUCLEAR very well 'cause I had it in my bag when I was at Smith & Nephew. I know the MyoSure because we know the creator and the inventor of the technology. At the end of the day, these proprietary advantages of Symphion make a difference.
Cutting and coag and the fluid management system and its better patient outcomes overall. Real quick, we go into two other. Not every uterus is normal. There's abnormal shaped uterus for those procedures, you can't use the Minerva ES, you can't use the NovaSure technology. We need to have a device that can fit into abnormal uterine cavity, and that's what the Genesys has been around for a while. Physicians have used it for years, believe in the technology when you have an abnormal uterus. One of the big advantages of it is direct visualization. It's the only system that actually has a scope inserted so the physician can actually see what she is working on in that patient. Finally, there's the Resectr. Resectr is a great procedure for tissue resection in the office.
It's an office-based procedure, and it's well reimbursed. It's simple to use, and physicians believe in this technology. Like I said before, the reimbursement for this procedure and these procedures is well-funded in the industry, so it's not, it's a nice to have when you're walking out there and you have your sellers and your organization working with physicians, whether it's in their office or whether it's in hospitals or ambulatory surgical centers. That's a big advantage. What are we doing? As a company, we're focused on a handful of things. Now that the bag, if you will, is full and it's a great opportunity for the company to do the things they need now that it's taking from the great technology of Minerva and adding a handful of other technologies, we've been able to expand our U.S. commercial structure.
That's not only sellers, that's clinical people, that's marketing, making sure we're doing the right things for the organization and working closely with our surgeons in the world, starting in the United States. We do what we call cross-selling. Obviously you inherit or you acquire new technology. You wanna make sure you bring some of that technology to where you already have your business. Vice versa, you wanna bring the business and the technology that we have to places that already use this technology. In the last year, we've converted in cross-selling 132 accounts in the United States to go, whether they were Minerva or Symphion users, to the other one to make sure that we can fill that bag.
Once you have a bag, as anybody in medical understands, your national accounts and corporate development and corporate accounts becomes larger. You can sit with hospital administration, you actually have some breadth, you have a little leverage, and you can work together. 50% of our accounts are under a GPO contract now. That's a big advantage, something that we didn't have the opportunity to do in the past. We've done direct-to-consumer marketing, AUB and Me it's called, abnormal uterine bleeding. Not everyone knows what AUB means. If a patient goes in and write heavy period, heavy bleeding, AUB and Me will come up. Not everyone knows the clinical terms for everything.
The company has felt well before my nine days here, that it was really important that somebody needs to be educating patients. We're doing that. We wanna make sure that we're educating patients to realize that there's treatment options before you need to go get a hysterectomy. If you need to go get a hysterectomy, we wanna make sure that we're doing that. Finally, it's land and expand new and existing accounts. That's our job. With the commercial organization, you get to go make sure that we're presenting the case. We have great clinical data as you've seen. We have more products to leverage, and it just gives us an opportunity to be a big boy and girl company, if you will, and that's what's really nice about this.
Again, the AUB and Me website, it's something that patients can go. They get a nice listing of some of the data. There's also physician locators on there so you know in your geographic area, which physicians are utilizing technology, which physicians you can go to to get some answers and some help. Obviously, when you come to a company and you're the new CEO, you like to know that your technology is well-protected, and it's very comfortable to have 139 globally issued patents. Feel really good about that. Since the Minerva ES technology started selling in 2016, this is the CAGR of the technology, and obviously we'll report our earnings in the first quarter for 2022.
It's, it's a, it's a great opportunity, and this is including obviously a time when the whole world was struggling with COVID. If a patient has these problems, the patient can go to her doctor's office, the patient can go to the operating room, the patient can go to ambulatory surgical center. It's our job to make sure that these physicians have the technology and the opportunity to continue to grow. The CAGR speaks for itself. With that, we're open for some questions, and I really appreciate your time.
Well, thanks so much, Todd, for joining us, and I also wanted to wish you, congratulations on the new role.
Thank you.
I guess just to start off, given your background, it's kind of spanning multiple different sub-sectors within med tech and this is an interesting time for Minerva, obviously coming off of a challenging couple of years with COVID and then last year as well. I guess, just wanna get your perspective on why now, why you chose to join the company at this time, and also just how you hope to kind of weave together some of your experience and what you hope to accomplish with that in this new role?
Sure. Thank you. The why now is, I've actually known this technology, probably started digging into it in 2017, when I was the president of Olympus. Just, you know, as you're building your own women's health organization, you wanna know the technology that's out there, and you look at it. The opportunity arose when the CEO was retiring and, you know, you get those phone calls, and I've been very loyal to the companies that I've been. I've spent good amounts of time at each one, and I really believe in the space, but I've always had a passion, because I believe women's health, to be honest with you, is underinvested. I think it's under penetrated. I think it's pushed to the side.
Until someone tells me that 50% of people in the world are not women, to me, I don't need to really be a great marketing person to understand the opportunity and the market opportunity. It's up to us to make sure that we're delivering product. Then one out of three, when you see that data, you realize I believe I can make a difference. I understand we have some really strong commercial people out in the field, and I wanna make sure that the organization now knows with the influx of new products in the bag and the opportunity to put new things in the bag, and make sure that we're working with our physicians. I think the growth opportunities are tremendous, and I just think it's.
I was very impressed, like I said, with the board, and I was very impressed with the executive team on staff and realizing. To be honest, you also identify things that you believe small differences can make a big difference and small changes, and that's part of coming in as a CEO. I'm gonna do my formal evaluation. I'm gonna spend time with the team, the technology, understand everything about it. From what I've seen, I just believe that I can make an impact. But I wanna make sure that we're doing right. The last thing from that is I just believe in healthcare. My mother had MS for her entire life. That's my why. My entire life, not her entire life, my entire life.
The last 10 or 12 years of her life, she wasn't even walking. I used to sit there and say, "How do people have these athletic children and healthy people in their life, and they can't do simple things?" Even. It's interesting. I don't know why I always felt that even the doctors then would give better talking points to my father than they gave to my mother. I get it. I'm a man. I just wanna make sure that women's health and women are getting the treatment, the information that they need and that they deserve, because I just believe in this space, and I believe in growth.
I have a son, but I have two daughters who will rule the world, and, you know, I wanna make sure that they're in a world that they even equal treatment in medicine, I don't sense has always been there. The GYN surgeons are fantastic. They treat everyone equal. This was my own personal belief back in the day, so that's one of the reasons. Sorry for the long answer.
No, no, thank you. That was a great answer. I guess just turning to near-term trends now that you're seeing closing out the year. I believe on the third quarter call, you called out kind of record or increasing sales sequentially day by day, kind of maybe an improving outlook for staffing. Is that something that you're seeing closing out the year? Maybe if you could provide some color on that, and then also just what your outlook is for 2023.
Yeah. We have seen easing in the marketplace. As we look at staffing trends in the hospital, they're getting a little better. There are still challenges out there. One of my daughters is a nurse. She works at a large hospital in Boise. They're still dealing with a lot of traveling nurses. It's creating a lot of disruption in the provider space. Most of the procedures, the Minerva procedures, are done in the hospital setting, in an ASC or in a hospital outpatient setting. Things are getting better, but they're not back to what they were before COVID.
I think that the hospitals will continue to struggle in 2023, though we are seeing women get back to having more procedures done. We are seeing the procedure counts trending up. We're also seeing our daily sales in the fourth quarter trending up. We'll talk about 2023 when we announce earnings, that's scheduled for early March. I would say that we're cautiously optimistic at this point in looking at trends for 2023.
No, great. I guess just kind of piggybacking off of that, and please correct me if I'm wrong, but I guess one of the things that you talked about prior was how during COVID and a lot of this work from home dynamic, women were better able to manage their condition from home, through medical management or self-care. There were less procedures being done as a result of that as well, which was compounded with, obviously, the staffing shortages. Is that a dynamic that you see as being fairly sticky, and do you think that that should recover at all? What if you had to kind of quantify it, what percentage of the slowdown is probably due to that versus just the general macro staffing issues?
Yeah. Todd . You wanna take it?
I mean, the hospital environment right now, there's a 28% nursing shortage, so procedures are getting pushed back and, unfortunately, elective procedures in some areas. I'm not really excited or interested in using COVID as an excuse for anything. Everyone in the world went through it, no one knows how to sell post-COVID yet. There's no one that has the years of data, right? Because we're all learning together. With that said, I absolutely do see procedures picking up and the volume is picking up, and I absolutely believe that trend is gonna continue. It started to pick up at the tail end of last year, the trend is gonna continue through 2023 and 2024. I believe. Yes, I don't necessarily know...
I mean, you asked a really good question of women were home, maybe more remote. I don't think that was medical management. I think it was they're dealing with their problem in the privacy of their home. We still have to make sure that we're getting treatment, the only way to get that treatment is they need to go see their physician and have these opportunities, and not just the opportunity of a hysterectomy. Part of the reason, again, I can't really comment too much on anything that happened prior, I'm not gonna start throwing great forward-looking statements out. What I will say is I see the trend in hospital elective procedures and procedures of need are starting to increase at a pretty good rate.
Procedures are up, hospital budgets are down. That's the unique thing. Incumbent technology seems to be safe. New technology is taking 12 to 18 months of value analysis committee and product committee meetings. That's across the industry, which also means we get a chance to protect our existing business too. That's where I see.
No, thanks for that. At this point, if anyone in the audience has a question, I can open it up. If not, I can also keep going. Yeah, I think we have one right here.
Thank you for a great presentation and mission and visions. I have two questions. Given the rising power of women and awareness of this is our current society, how will your company tap into the social trend? The second question is, what are the unique fundamental, unique insights that investors haven't caught up that you want to share with us? Thank you.
I think that the company on social trends was really trying to think ahead. Number one, it was first to make sure that we're putting education out there because it's been known for years that women make the medical decisions in the household, and they make a lot of the budgeting decisions in the household anyway. Clearly they need to make the decisions about their own personal health, but there's not always the information that's available. The biggest trends for investors is, you got a really cool, rambunctious CEO ready to go. You know, let's see what happens. In all seriousness, I believe the.
another year now, post the global pandemic with a full bag and a team that is out there educating physicians and back in hospitals, quicker and with a greater presence and that national account opportunity that we have, I really believe that that's the key. The market has a lot of room to grow, overall. It's up to us to take ours.
Thanks. Any more questions from the audience? Okay. I guess another trend that has been kind of called out widely across this sector and many others is inflation. Given your preliminary guidance, I believe, the guidance at this point of mid-50% gross margin for 2022, do you see that beyond 2022? Obviously without providing formal guidance, how do you see that trending over the next several years? If you could provide some color then just in general, how are inflationary headwinds at this time?
Yeah. Inflation is, I mean, it's a factor for us just like it's a factor for everyone. I think the challenge now is gonna be managing the cost side of the house in light of those inflationary pressures. I think there's also opportunities with that, as we look at the price side of things. That being said, as Todd mentioned, the hospitals have their budgets to deal with as well. We do have, I think, very attractive reimbursement for these procedures, I think there's probably some room in there for both sides to continue to operate. We'll be looking very kind of specifically at our costs in the coming year.
At the same time we'll be taking a look at the revenue side of the house with the prices that we, the prices we can get on it for our, for our products.
Then another kind of question related to the growth trajectory. I guess this is just for a reminder for people that may not be as familiar with the story. How are your revenues split between the four devices and how do you see this trending? Then if you could just remind us specifically for Genesys, what the market opportunity is there with kind of these.
Mm-hmm.
abnormally shaped, physiologies.
The two endometrial ablation with the Minerva ES and tissue resection with the Symphion are roughly in goal at 50/50 now with the Symphion and tissue resection gonna continue to grow because it's just such an elite product in the space as is Minerva. That market is growing because we now continue to treat the fibroids and polyps that are out there. About 10% of women have, based on data, abnormal uterus, and that's where the Genesys plays. It fits comfortably. It's definitely into that niche, but you have to make sure you're treating those patients because you can't use the Minerva from Minerva, and you can't use a NovaSure from Hologic for those patients.
Do you have kind of more specific numbers? I guess 10% of women, but maybe kind of what % of women who have AUB would fit into that category?
If you take the overall market for AUB, it's roughly 50/50 between structural and non-structural, so the ablation versus the tissue resection. Today tissue resection is a larger market. It's also a market that is growing, and that's because you're not just treating women with abnormal uterine bleeding. You're also treating women who are trying to get pregnant. The REI docs are using this as a tool to remove fibroids and polyps, which may be preventing women from getting pregnant. That market is a little larger than the ablation markets. It's growing. The ablation markets have been flat, I would say. Part of the reason that that's flat, I think is because of the educational aspect.
There's still a lot of women getting hysterectomies, and they don't have to get hysterectomies in order to be treated. We believe there's room to grow that ablation market. The tissue markets are demonstrating growth, and it's a larger market in total. We're also a smaller player in that tissue resection market today. We're arguably somewhere in the, you know, mid single digit market share. We have a lot of room to grow that product. On the ablation side, again, we're Minerva competes head to head with the market leading product. Genesys, it's a niche product. It's a 10% of all ablations kind of market.
It tends to go up and down with the procedure counts in the market, where Minerva has the opportunity to take market share in a market that is arguably has been flat to down in the last couple of years, mainly with women working from home and COVID. I think as women get back to the marketplace and as we can help educate women in alternatives, we believe that there's room for that product to grow as well.
Great. Then also one of the things you talk about, a lot about is the cross-selling opportunities between the products. I was wondering at this time, obviously I think it's been about a year plus since the IPO. Can you talk about any specific examples here with accounts or any new kind of insights you can share?
Well, the good thing about medical technology, we can throw you the 132 accounts and give you the list. Those are the first accounts that then will get called by people that compete against us and say, "Hey, give us our products back." In all seriousness, we've had some large both IDNs, systems. Like I said, in the last 12 months, last 14 months, about 132 accounts. I believe at the last earnings call, we actually had a map in there. It was put up with the name of accounts. I chose to take that out. Not that I'm afraid of that. I just, you know, the market is realizing what it...
The best way to answer the question is, the 132 is real. I believe now that you have opportunities, it was as much the national accounts. When you walk into a hospital with a one technology, no matter how good it is, it's very difficult to compete when you're talking about dual source, multi-source, or sole source across the board. You can't be a sole source if you only have one in a space of multiple technologies that are needed. You, even it's tough to be the duals. You can get on a multi because you have one. Now that we have the breadth of line, in the uterine health space, we can go after whether it becomes sole, multi or dual.
I think I'll be able to give you a much better feeling of real specifics as we go across the quarter now. That's something that I actually believe in and I'm very comfortable working with the CEOs of hospital groups and the value analysis and procurement groups at hospitals. It's what I've been doing for so many years, and I think it's up to us to create those programs and make it worthwhile.
Great. I guess pivoting now to the capital raise, $30 million gross. Can you, I guess, comment a little bit about how you're thinking about spend after this, some of the priorities moving forward and maybe if you could discuss kind of the OpEx and your outlook for that in 2023. Any preliminary color would be helpful.
I can give you the, some of the thoughts. Joel can obviously give you some of the OpEx discussions. What it does is it gives the company the opportunity to grow and expand, to continue with commercialization efforts of our organization, our national accounts. It gives us the opportunity to talk to, I'm not making any commitments, other technologies in women health. It gives the opportunity to grow our portfolio and do some R&D. Continue to grow our R&D, both iterative and innovative opportunities. We now have that freedom to do that and make sure that we're building the team in the spaces that we need it the most.
That freedom is really important, and Accelmed and NEA are absolutely wonderful partners and have similar thoughts and beliefs in the things that we can do to grow the business. Obviously, we'll be sharing more as the year goes on.
Yeah. Yeah. No, I think, you know, clearly that capital gives us some additional runway. It's interesting our salespeople report back that our competitors are telling the hospitals that, you know, Minerva's going out of business, we're not gonna be around, and that's, you know, obviously not true at this point. That capital gives us that flexibility to go out and continue in the marketplace. We'll be looking at OpEx this year very closely and realigning some of the spend. To Todd's point, we have some new product enhancements that we're gonna be rolling out this year. We're gonna continue to fine-tune the commercial organization. We'll be looking for new products to put in the bag.
Again, with Accelmed as a partner, I think we have that additional capital that we've put on the books will close this quarter. Additional capital even behind that they have indicated that for the right opportunities they're willing to put to use.
I guess closing off here, that it's interesting how you kind of are now talking more about R&D. I guess prior the strategy from our understanding was just more boots on the ground commercial execution for your existing product base and across your existing market.
Mm-hmm.
Obviously, I'm assuming it's still fairly early stage, but can you comment on any new areas that you're looking at, some of the product enhancements perhaps that you hope to kind of roll out and how that should impact the business moving forward?
Sure. It's hard for me, even though I sometimes pretend I think I'm smart, that I have all these answers in nine days. Moving forward, R&D is very important. We're a commercial stage medical device technology. I need to be iterating at a rapid pace, and I need to be innovating to make sure that we're delivering the market, the products, and the technology to the patients and the women all over. Where I can tell you is the enhancements to the existing line as well as some other bolt-on opportunities with R&D in uterine health. It gives us the opportunity to make sure that we're paying attention to women's health.
Didn't say that we're, you know, that, you know, we'll go through our pipelines, but I wanna make sure that we're become over time a one-stop shop for women's health. There's more disease states. We're the expert at uterine health, and we have an opportunity to continue with our R&D, both internal and external, to continue to grow that pipeline for our physicians and our patients.
I guess with that, we may have time for one last question from the audience, if anyone has anything to say or any last-minute question. No. If you have any final comments to close it out.
Well, first of all, thank you for Thursday session at JPMorgan. It's so I now know who my friends and family are, and I appreciate you all being here. It's great. Thanks for having us. Thanks for joining and listening and, you know, hold me accountable, and we're ready to go.
Thanks. Thanks so much, Todd and Joel.
Thanks.
for joining us today.
Thanks, Rohin. We appreciate it.
Thanks, everyone.