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Portola Pharmaceuticals Inc (PTLA)
Q3Â 2019 Earnings Call
Nov 5, 2019, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Jennifer Zibuda -- Investor Relations, Portola Pharmaceuticals
Thank you and good afternoon everyone. Today we released our financial results for the third quarter of 2019. The press release and accompanying slides which you can advance through the webcast are available on the Investor Relations section of the Portola website. In the room with me are Scott Garland President and CEO; Mardi Dier Chief Financial and Chief Business Officer; and Sheldon Koenig Chief Commercial Officer. Also with us this afternoon for the Q&A portion of the call are Pam Conley Senior Vice President of Research; Jeff Myers Senior Vice President of Medical Affairs; and Jeet Mahal Vice President Strategic Marketing. Before we begin I would like to remind you that remarks on this call will contain forward-looking statements. Please take a look at the risk factors discussed in our Form 10-K and 10-Q and other SEC filings for additional detail. These forward-looking statements apply only as of today and we undertake no duty to update any of the statements after the call. I'd also like to remind you that we will be using non-GAAP financial measures which we believe provide useful information for the understanding of our ongoing business performance. Reconciliations of our financial results and these financial guidance are included in the press release. These non-GAAP financial measures should be considered in addition to but not a substitute for our GAAP results.
With that I will hand the call over to Scott Garland.
Scott Garland -- President and Chief Executive Officer
Thank you Jen. Hello everyone and thank you for joining us on our Third Quarter 2019 Financial Results Call. This is a pivotal time for Portola, the patients with and our shareholders in q3. We delivered the strong index of revenue growth in the United States and achieved that important milestone of our first European sales as a global organization. We remained confident in our ability to build long term growth and value. This confidence is driven by three key factors I want to talk more about today. First, we continue to execute on our launch and achieve key milestones. Second, the rapid growth of the large factor today and amateur market in the United States and Europe. And third, our success and further establishing index as the standard of care. Let me expand on each of these items. First, our teams strong execution on the launch of indexes in the United States, and now on Dexia in Europe is continuing to drive revenue growth. In the third quarter net product revenues for index were 35.7 million. This includes $33 million in net product sales for Andexxa in the United States and $2.7 million in net product sales of Ondexxya in our Wave 1 countries in Europe. As a reminder our Wave 1 countries include Germany Austria the U.K. The Netherlands Sweden Denmark and Finland.
We also hit an exciting revenue milestone in the third quarter surpassing $100 million in cumulative net sales since our launch in May of 2018. Andexxa remains on track as 1 of the top 5 hospital drug launches in the last 30 years. As these results demonstrate the demand for Andexxa is strong. And as Sheldon will highlight our revenue is being driven by new customer additions and positive utilization trends. Turning to Europe. The market opportunity and demand for Andexxa is significant. In our Wave 1 countries alone the number of patients taking apixaban or rivaroxaban is equal to or even greater than the number in the United States. Early indications of demand for Andexxa is high particularly in Germany. The European team is executing well and we're pleased with the initial results we're seeing there. A second driver of growth is the large and growing Factor Xa inhibitor market globally. For the 12 months ending September of 2019 approximately 5.5 million patients in the United States were taking apixaban or rivaroxaban. Of these approximately 150000 patients were hospitalized with serious life-threatening bleeds. In Europe we estimate that there are over 5 million patients taking apixaban and rivaroxaban in our Wave 1 countries and this number is continuing to grow. Just last week Bristol-Myers Squibb reported 30% demand growth for Eliquis over the third quarter last year.
With the underlying market growth combined with label expansion plans and the future genericization of Factor Xa inhibitors we estimate that by 2025 over 700000 patients will need Factor Xa reversal in the United States and Europe. The third key factor I'll touch on today is establishing index as the standard of care, the value of index it as the only approved agent for the reversal of factor 10. inhibitors of exit band and river ox event continues to be recognized by key medical societies and government agencies. index is now on a total of 17 Medical Society guidelines in the United States and Europe. guidelines from organizations like the American Heart Association, European Society of Cardiology and the American College of chest physicians are particularly important because they are written by experienced practitioners based on a body of clinical evidence. Physicians refer to these guidelines as best practice and providing quality care to their patients. These 3 factors launch execution an expanding global market and establishing AndexXa as the standard of care continued to drive our business forward and reinforce our confidence in the long-term growth and value of Portola. Finally I want to provide a few updates on our label expansion plans for Andexxa as well as an update on our Syk/JAK inhibitor cerdulatinib. I'll start with Andexxa. We remain on track to initiate an urgent surgery study later this year or in early 2020 and look forward to updating you on our progress.
We estimate that approximately 60000 patients on rivaroxaban or apixaban in the United States must undergo urgent surgery each year and could benefit from the use of Andexxa. In addition we plan to discuss the inclusion of other Factor Xa inhibitors into the existing label with the FDA. We also continue to generate new data that support Andexxa's unique position as the only FDA- and EMA-approved agent for the reversal of apixaban and rivaroxaban. We recently presented a new exploratory analysis of a subset of the ANNEXA-4 data in patients with acute gastrointestinal bleeding. These data demonstrated that 82% of evaluable patients achieved excellent or good hemostasis adding further support for Andexxa across all patients and various bleed types. In July we presented compelling in vitro data at ISTH demonstrating that PCCs did not restore thrombin generation in plasma treated with Factor Xa inhibitors except at very low levels of anticoagulation. In contrast data from the same thrombin generation assay demonstrated that Andexxa fully corrected the inhibition of thrombin generation by apixaban and rivaroxaban across a broad range of inhibitor concentrations.
These data further support the unique mechanism of action of Andexxa as distinct from PCCs which are effective at reversing warfarin but are not approved for the reversal of Factor Xa inhibitors. We plan on submitting these data for full publication by year-end. We'll be presenting abstracts for Andexxa at the American Society of Hematology or ASH Annual Meeting in December. Moving to cerdulatinib. We plan to start our registrational trial CELTIC-1 in peripheral T-cell lymphoma or PTCL in early 2020. In addition we'll be presenting updated cerdulatinib data in PTCL and follicular lymphoma at ASH in December. These abstracts for both cerdulatinib and Andexxa will be posted tomorrow at 9:00 a.m. Eastern Time on the ASH website.
And with that I'll turn the call over to Sheldon for a detailed update on our launch progress.
Sheldon Koenig -- Executive Vice President, Chief Commercial Officer
Thank you Scott and hello everyone. Our performance in the third quarter is a testament to the strong growth since launch and long-term potential of our business. At the end of the third quarter approximately 550 hospitals in the U.S. had ordered Andexxa. This was our second consecutive quarter of incremental hospital adds that exceeded our initial expectations. Along with increasing new account adds existing accounts continued to show strong pull-through with 76% of sales in the quarter coming from utilization or reorders compared to 74% in the previous quarter. This is an important metric because it reflects demand and significant pull-through in hospitals where Andexxa is being used to treat patients. Also inventory in the channel remained steady at approximately 2 weeks of demand. The reorder rate also remained steady at 56% for the quarter. While this is encouraging we believe this metric is impacted by the variability in the timing mix and number of our new hospital additions each quarter. Therefore in the future we will no longer be providing this metric but will continue to provide quarterly hospital adds and the percent of revenues from the orders as well as evaluating any other metrics that we believe would best show our traction in the market.
Additionally we are making important progress expanding access to Andexxa. In September Andexxa was added to the VA National Formulary with no restrictions and is listed as the first-line therapy for the reversal of apixaban rivaroxaban. The VA has 170 hospitals across the U.S. with more than 8 million patients utilizing their healthcare services. Approximately 260000 of these patients are taking Factor Xa inhibitors. In fact a number of VA hospitals are already utilizing Andexxa now that it's on formulary. As we mentioned on our last quarterly call the Centers for Medicare & and Medicaid Services increased the NTAP reimbursement from 50% to 65%. This increase went to effect on October 1. And in an effort to help hospitals make the most of this reimbursement program we continue to help educate hospital administrators on how to easily apply for the NTAP. Moving to our progress in Europe. We have established an agile and focused European team across our Wave 1 countries. Due to solid execution by this team we are able to report our first sales of Andexxa in Europe in the third quarter. These initial revenues of $2.7 million reflect demand since the majority of sales to date are direct to hospitals unlike the U.S. where we distribute via wholesalers. All of this underscores the unmet need and demand in Europe for Andexxa.
As you know launching in Europe is a country-by-country process and it happens in stages. Let's talk first about Germany. Submitting our AMNOG dossier ahead of schedule in September allowed us to launch in Germany a key EU country. Remember there are a number of ANNEXA-4 sites in Germany given physician familiarity and experience with Andexxa and their use of Factor Xa inhibitors is among the highest in Europe. In Germany alone there are approximately 300 hospitals with stroke specialization and about 2.7 million patients on Factor Xa inhibitors. It is clear that there is significant potential for long-term growth. Germany allows for a free pricing period while pricing negotiations are under way. The overall process takes about one year so we expect this to be completed in the second half of 2020. Hospitals are also making progress in applying for the NUB which allows for hospitals in Germany to receive supplemental payments for Andexxa. Moving to the U.K. We have submitted our clinical and economic dossier to NICE and we are on the agenda for review and a meeting late in the first quarter of 2020 with publication of the NICE report planned in mid-June.
Outside of Germany and the U.K. we are also making progress in our Wave 1 countries which together represent a large market with at least an equal number of patients on Factor Xa inhibitors as in the U.S. In closing the market for Andexxa is large and growing. Our teams continue to be focused on exceptional execution given the significant opportunity in front of us. To put this in perspective we are about 25% penetrated into our 2100 U.S. hospital targets and we are just beginning to scratch the surface in Europe with our first sales in Q3. We remain confident that we have the right strategy in place to ensure this novel therapy is available to patients globally.
With that I will turn the call over to Mardi for a review of the financials.
Mardi C. Dier -- Executive Vice President, Chief Financial Officer and Chief Business Officer
Thank you Sheldon and hello everyone. Please refer to our press release issued today for a summary of our financial results for the third quarter and I will touch on the highlights. Our third quarter results reflect strong execution and growing demand for Andexxa. Total gap operating expenses for the third quarter 80.4 million down from 83.3 million for the same period in the prior year. This is the result of a decrease driven primarily by our Gen two manufacturing costs and being capitalized into inventory and offset by investments in the launch of the both index app and on Dexia. For the nine months and September 30 2019, total gap operating expenses for 268.5 million, which include 41.2 million in stock based compensation. We remain on track for our 2019, r&d and SGM that as DNA expense guidance, please see slide 12 For a more detailed breakdown. Research and Development expenses for the third quarter were 25.6 million and parent at 40.2 million for the same period of 2018. The year-over-year decrease in R&D expense is mainly due to the Gen 2 manufacturing costs I just mentioned. SG&A expenses for the third quarter were $52.1 million compared to $38.8 million for the same period in 2018.
This increase is mainly due to the expansion of our sales force and other commercial-related activities for the launch of Andexxa in the U.S. and Ondexxya in Europe. In August we completed a follow-on equity transaction adding a net $245 million to our cash balance making our cash cash equivalents and investments at September 30 2019 total $476.8 million compared with $317 million at December 31 2018. We also plan to exercise our option for the remaining half of our senior debt loan with HealthCare Royalty Partners and Athyrium next week bringing in an additional $62.5 million. We now have cash on hand to continue to fund our launches maximize our opportunity for Andexxa and Ondexxya and to meet our current business objectives. Our financial results reflect strong growth of Andexxa in the U.S. and an initial demand in Europe. Our operating expenses continue to be in line with our 2019 expense guidance and we are in a strong cash position. As we look forward to the end of the year we are excited to build on this momentum.
With that I will turn the call over to Scott for closing remarks.
Scott Garland -- President and Chief Executive Officer
Thank you Mardi. As we look back on the first 3 quarters of 2019 I'm impressed with our team's progress and execution. We are executing on our launch operating in a strong and expanding global market and establishing Andexxa as the standard of care. Heading into the fourth quarter and 2020 we will look to build on these accomplishments and continue to expand access and awareness of Andexxa in the United States and Ondexxya in Europe. We have built a world-class team that is passionate about our mission to help patients. Before we turn the call over to Q&A I want to share that we'll be hosting an Analyst and Investor Day on November 14 in New York. This event is Andexxa-focused and will highlight the long-term market opportunity for Andexxa and in particular provide a framework for the opportunity in Europe. We will feature presentations from key opinion leaders and practicing physicians in the United States and Europe. Please refer to slide 13 for additional details. I want to thank you for your continued interest in Portola.
And with that I'll turn it over to questions. Operator?
Questions and Answers:
Operator
[Operator Instructions] Our first question comes from Jay Olson with Oppenheimer.
Jay Olson -- Oppenheimer -- Analyst
Oh, hey, thanks for taking the question. I'm curious if you're still conducting your quarterly chart review and if you could comment on what sort of bleeds you're seeing Andexxa is used for in the U.S. and how that may be evolving over time. And then I had one follow-up question if I could please.
Scott Garland -- President and Chief Executive Officer
Sure Jay. I'll turn that one over to Sheldon.
Sheldon Koenig -- Executive Vice President, Chief Commercial Officer
So we do still continue our chart review on a quarterly basis. And similar to what we've reported in our previous quarters Andexxa is being used in all ranges of bleeds. So not only intracranial hemorrhage but also GI bleeds trauma-related compartmental bleeds. So we're seeing it being used across all bleed types.
Jay Olson -- Oppenheimer -- Analyst
Okay. Great. And then I'm curious about in Europe when you extend your launch to the Wave 2 countries how the pricing in those countries will be influenced by your Wave 1 countries. Will the Wave 2 countries reference the price in the Wave 1 countries? And how do you expect your net price overall in Europe to evolve over time?
Sheldon Koenig -- Executive Vice President, Chief Commercial Officer
Right. Right. So right. So we haven't really commentated officially on our development of the Wave 2 markets but let me focus on what we are doing in Wave 1. So as you mentioned in the Wave 1 markets we currently have an established price of EUR 16000. That's for the low dose. And it's approximately double that for the high dose. So as we mentioned in our script we submitted our AMNOG reimbursement process on September 1 to Germany. And in June of 2020 we'll actually be meeting with NICE to have discussions as it relates to reimbursement in the U.K. So until then we actually will continue to utilize this EUR 16000 price. And as we move forward we'll be updating you on future calls.
Jay Olson -- Oppenheimer -- Analyst
Okay, great. Thanks for taking the questions.
Operator
Our next question comes from Yigal Nochomovitz with Citigroup.
Yigal Nochomovitz -- Citigroup Inc -- Analyst
Hi, guys, thank you very much for for taking the questions. Just a question regarding the VA. First of all can you just clarify whether the 170 hospitals in the VA network are part of the 2100 hospital target? And then more generally could you just comment -- I think you mentioned that some of the hospitals were already stocking -- that some of the VA hospitals are already stocking but could you just comment more generally on the trends in terms of uptake at the VA and stocking of that network?
Sheldon Koenig -- Executive Vice President, Chief Commercial Officer
Sure. So the VAs they are currently within our target list of the 2100 hospitals. Just a couple of things. It's important to just reiterate the fact that this is really an important add very significant add for Andexxa because it also truly differentiates Andexxa and the use of Andexxa from 4-factor PCCs. There is -- as we mentioned there's 8 million veterans that actually take beneficiary -- or take advantage of VA benefits. But more importantly and something that we haven't had before until now we know that approximately 260000 veterans actually are taking Factor Xas. Now as it relates to the VAs coming onboard etc. there are 170 of them. Those additions will be phased over time. We have not given a specific number but we have seen some of these VAs already come onboard and use Andexxa.
Yigal Nochomovitz -- Citigroup Inc -- Analyst
Okay. And then with respect to the Mexico side of -- on the 76% of sales revenue driven by reorders can you just comment on where you see that number trending? And it seems like it's leveling off a bit. Is that how -- what you expect at this point in the launch?
Scott Garland -- President and Chief Executive Officer
Yigal we haven't and won't be providing any sort of forward-looking guidance on the reorder rate. It obviously went up quarter-over-quarter. I do expect though that that number is not going to be 100%. Clearly as we are still in the phase of adding these hospitals a percentage of those sales every quarter come from new customers. So I would expect it's going to be a while before that number starts to approach 100%. In fact it will certainly be below 100% until all hospitals have purchased. We think the number is great. It's a real sign of great pull-through with the product.
Yigal Nochomovitz -- Citigroup Inc -- Analyst
Great. Thank you very much.
Scott Garland -- President and Chief Executive Officer
Thank you.
Operator
Thank you. Our next question comes from Matt Phipps with William Blair.
Matt Phipps -- William Blair -- Analyst
Thank you, Two things. Now we've had 2 quarters of adding 125 hospitals. Is this starting to see an inflection point there? Do you think that kind of goes back to your original guidance maybe the VA helps kind of keep that on an elevated level for a couple of quarters? And then now with a year of experience on the U.S. market I'm just wondering if you could start to give us some kind of comparison or if it's high level even about the current utilization at some of those hospitals that have been online for at least a year maybe even over a year versus maybe some that have come online in the past six months. So are there any trends that you can at least kind of expand upon?
Scott Garland -- President and Chief Executive Officer
Yes Matt. So on the first question around the hospital adds. So you are correct. We've got a couple of quarters in a row that have exceeded the 100 quarterly adds that we've been providing as guidance for folks in the past. I do think there's going to continue to be variability on a quarter-by-quarter basis so we're still sticking with the 100 as the right number to use in our opinion going forward. And then your second question was around now that we've got a couple of years under -- or a year under our belt how does the utilization look. We aren't giving any detailed information around utilization per hospital per month. What we have seen is that that utilization per hospital per month stays -- has been staying consistent in 2019. That is with -- in the context of us broadening the hospital base to include more Tier 2 and Tier 3 accounts. But in terms of giving any specifics beyond that we won't be providing that detail.
Matt Phipps -- William Blair -- Analyst
Okay. And if I can ask one more. What are some of the gating factors to getting the surgery cohort up and running? Do you have any sense on that right -- as of now what that trial will look like or how you're thinking about dosing in a surgical patient?
Scott Garland -- President and Chief Executive Officer
Yes. It's a great question Matt. We literally just had a meeting with the FDA last week. It was a very productive meeting got some great feedback from them. We're still in the process of incorporating that feedback. We actually haven't even gotten the final notes for the meeting yet. So in the absence of having that solidified I don't want to provide any specific details. But certainly we'll give you an update once we have things finalized.
Matt Phipps -- William Blair -- Analyst
Thank you.
Scott Garland -- President and Chief Executive Officer
You're welcome.
Operator
Thank you. Our next question comes from Vikram Purohit with Morgan Stanley.
Vikram Purohit -- Morgan Stanley -- Analyst
Thanks for taking the question. So I wanted to focus on Europe. So I think that quarterly sales figure for Europe for Andexxa may have come out a little ahead of where many people expected. So understanding it's still early days I wanted to see if it's possible to get a sense of roughly how many centers of demand this roughly $3 million of sales may be reflecting. And then a follow-up on Europe. Wanted to learn a bit more about how you're thinking about prioritizing Wave 2 countries and by when roughly we could expect to hear about what those countries could potentially be.
Scott Garland -- President and Chief Executive Officer
So Vikram I'll turn that one over to Sheldon. Sheldon?
Sheldon Koenig -- Executive Vice President, Chief Commercial Officer
Thank you for your message. So let me just focus on your questions regarding Europe. And again we're very excited about what we're seeing in Europe and it's important because the majority of the sales are direct to hospitals. This is happening in multiple countries. It definitely also represents the significant unmet need and the opportunity for Andexxa. Again just to remind Andexxa as it's known in Europe as -- this is the only drug indicated for the reversal of DOAC specifically apixaban and rivaroxaban. To your point it's early but we are really encouraged. We've already seen reorders in some of the institutions. We haven't given specific numbers as it relates to the actual amount of accounts. This is something we'll be monitoring as well. As you know in the U.S. it could be very data-rich and tracking etc. It's not the same essentially in Europe. But as we move forward we of course will continue to inform you. But I just want to reiterate this is something that we're going through on a country-by-country basis. And -- but again very very happy with what we're seeing in the early days.
Scott Garland -- President and Chief Executive Officer
And maybe Vikram just to add a couple of other points. I mean one of the reasons why we decided to go at it alone in Europe was because of the very large market opportunity that's there. As I said in my opening remarks there are as many Factor Xa patients in just these Wave 1 countries as there are in the United States alone. So a very big market opportunity. We've also talked about the fact that the ANNEXA-4 trial enrolled patients in Europe including Germany. So there's an awareness among thought leaders. So overall we're impressed with what we're seeing. As Sheldon did mention it's a country-by-country process. Europe can take time. But the demand we believe is there.
Sheldon Koenig -- Executive Vice President, Chief Commercial Officer
And just to follow up on your second question related to Wave 2. We haven't commented yet on our plans for Wave 2. Of course we are putting together our business cases etc. for Wave 2 markets and we'll be updating you on future calls as it relates to Wave 2.
Vikram Purohit -- Morgan Stanley -- Analyst
Okay, great. Thanks for taking the questions.
Operator
[Operator Instructions] Our next question will come from Kenneth Atkins with Cowen.
Kenneth Atkins -- Cowen -- Analyst
Hi, guys, thank you very much for for taking the questions. So at this point in the launch for Andexxa do you think you have enough confidence in the predictability of sales that you'd be providing revenue guidance for 2020? Or is it too early to be thinking about that?
Scott Garland -- President and Chief Executive Officer
We're still evaluating that. Obviously we now have a year underneath us. What we'll do is let you know at JPMorgan whether or not we'll be providing that guidance going forward.
Mardi C. Dier -- Executive Vice President, Chief Financial Officer and Chief Business Officer
I'll just add Ken that what we've said previously is we wouldn't do it before a fourth quarter call which is at the end of February. So we'll -- but we're still evaluating since this is really -- we're still just nine months into our Gen 2 launch. We're still not committing to whether or not we'll give guidance looking forward.
Scott Garland -- President and Chief Executive Officer
Mardi corrected me. It's fourth quarter call. Thank you.
Kenneth Atkins -- Cowen -- Analyst
Got it. Okay. And then given that the NTAP for Andexxa was increased at the beginning of October are you starting to see the impact of that on usage? Or is it still too early to tell about at this point?
Sheldon Koenig -- Executive Vice President, Chief Commercial Officer
Yes. So it's still too early. It takes a while. Any type you have a government reimbursement it can take nine months to 12 months. But one thing that we are doing and that we spoke about in the script as well is of course we're out there educating institutions as it relates to not only the increase that we see from 50% to 65% which we're extremely happy about but also how an institution should apply and what they need to do in order to satisfy the requirements to bill for the NTAP. So we're involved with that as well. But unfortunately we can't see those claims and won't see those claims until later in the future.
Kenneth Atkins -- Cowen -- Analyst
Okay, thanks.
Operator
Speakers I'm showing no further questions in the queue at this time. I would now like to turn the call -- actually we do have a follow-up from Matt Phipps with William Blair.
Matt Phipps -- William Blair -- Analyst
Thank you. On C-code utilization. Did you see any of the C-code utilization I believe that came online fairly recently maybe over the summer? Is that -- how much -- I know that was supposed to be a small part but just curious.
Sheldon Koenig -- Executive Vice President, Chief Commercial Officer
Sure. So actually it came online April 1 2019. And similar to NTAP we're somewhat at the mercy of when the government actually gives us for the lack of better words "chargeback data." We hear of it yet from the field and we know that there's institutions out there utilizing the C-code. So there's the saying of trip and chip which I don't think any of us like because these are patients that are -- who are in great need and need this drug. But they're getting the drug at a community-based hospital being shipped to for instance a Level 1 trauma center. And we have heard from our folks in the field that they are utilizing the C-code but we cannot quantify until we actually receive that data set from CMS.
Matt Phipps -- William Blair -- Analyst
Thank you.
Scott Garland -- President and Chief Executive Officer
Sure.
Operator
Thank you. Speakers I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Scott Garland for any closing remark.
Scott Garland -- President and Chief Executive Officer
Great. Thank you so much for the time and attention. Just a reminder we'll be having our Investor Day on November 14 in New York. We've got a great lineup of speakers. We'll be going into a little bit more detail in Europe. So I think it will be an opportunity for folks to see a little bit more about the opportunity there as well as some other great physicians. So we look forward to seeing some of you there. Thanks again. Bye-bye.
Operator
[Operator Closing Remarks]
Duration: 31 minutes
Call participants:
Jennifer Zibuda -- Investor Relations, Portola Pharmaceuticals
Scott Garland -- President and Chief Executive Officer
Sheldon Koenig -- Executive Vice President, Chief Commercial Officer
Mardi C. Dier -- Executive Vice President, Chief Financial Officer and Chief Business Officer
Jay Olson -- Oppenheimer -- Analyst
Yigal Nochomovitz -- Citigroup Inc -- Analyst
Matt Phipps -- William Blair -- Analyst
Vikram Purohit -- Morgan Stanley -- Analyst
Kenneth Atkins -- Cowen -- Analyst
