CorMedix Inc Common Stock (CRMD) Q4 2021 Earnings Call Transcript

CorMedix Inc Common Stock (CRMD)
Q4 2021 Earnings Call
Mar 29, 2022, 4:30 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good afternoon, and welcome to the CorMedix fourth quarter earnings conference call. Today's call is being recorded. There will be a question-and-answer session at the end of today's presentation, and instructions on how to ask a question will be given at that time. I would now like to turn the conference over to Daniel Ferry from LifeSci Advisors.

Please go ahead.

Daniel Ferry -- Investor Relations

Good afternoon, and welcome to the CorMedix fourth quarter and year-end 2021 earnings conference call. Leading the call today is Dr. Matt David, interim chief executive officer and executive vice president and chief financial officer of CorMedix. He is joined by Dr.

Phoebe Mounts, executive vice president and general counsel. Before we begin, I would like to remind everyone that during the call, management may make what are known as forward-looking statements within the meaning set forth in the Private Securities Litigation Reform Act of 1995. These statements are subject to certain risks and uncertainties and include, but are not limited to, any of the following: any statements other than statements of historical fact regarding management's expectations, beliefs, goals, and plans about the company's prospects, including its clinical development program, manufacturing activities and marketing approval for DefenCath in the U.S. and other product candidates; future financial position; future revenues and projected costs; and potential market acceptance of DefenCath, Neutrolin and other product candidates.

More specifically, forward-looking statements include any statements about our clinical development goals; clinical development plans; and the cost progress, results, estimates, and interpretations thereof; projections as to the company's future capital raising and spending and cash position; expectations as to the timing and nature of anticipated regulatory actions; possible product licensing, business development or other transactions; any commercial plans and expectations; market projections for our product candidates; and expectations as to the manufacturing and product component costs. Actual results may differ materially from these projections or estimates due to a variety of important factors, including, but not limited to, uncertainties related to the clinical development, regulatory approvals and commercialization. These risks are described in greater detail in CorMedix filings with the SEC, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from CorMedix. CorMedix may not actually achieve the goals or plans described in these forward-looking statements, and investors should not place undue reliance on these statements.

Please note that CorMedix does not intend to update these forward-looking statements, except as required by law. At this time, it is now my pleasure to turn the call over to Dr. Matt David, interim chief executive officer and chief financial officer of CorMedix. Matt, please go ahead.

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Thank you, Dan. Good afternoon, everyone, and thank you for joining us on this call. While it has been an incredibly busy time, we are excited to be here this afternoon to discuss CorMedix updates as well as reflect on our priorities as a company over the coming months. On today's earnings call, we will discuss the fourth quarter and full year 2021 financial information and the overall progress CorMedix is making in bringing DefenCath to the U.S.

market for its first indication for use as a catheter lock solution for the hemodialysis patients to reduce catheter-related bloodstream infections. Let's begin with the topics for discussion today. On February 28, we announced that CorMedix had resubmitted the DefenCath NDA to the FDA in parallel with our third-party contract manufacturer or CMO, submitting responses to the deficiencies identified at the manufacturing facility in the post-application action letter issued by the FDA concurrently with the CRL in 2021. The CorMedix team, led by Phoebe, worked tirelessly in conjunction with our CMO in order to reach that important milestone for CorMedix.

Yesterday, we were very pleased to share that the FDA has accepted the NDA resubmission for filing and begun the review process. Phoebe is here to provide details on our progress on the regulatory and manufacturing front since our last update. As we continue to chart a course toward the potential DefenCath approval and launch, CorMedix announced recently that the board has appointed Joe Todisco as chief executive officer. Joe brings significant experience in commercial operations, leadership, and business strategy to our organization and has spent the last 10 years building and leading commercial organizations globally across multiple therapeutic areas.

Most recently, Joe served as chief commercial officer of Amneal's specialty business, where he was responsible for managing and growing a $400 million run rate business with roughly 200 employees. Everyone at CorMedix joins me in welcoming Joe, and we look forward to working with him when he joins on or before May 16. We have continued to balance our preparations for launching DefenCath while limiting our cash burn so that financially, we have the resources to efficiently bring DefenCath to patients in the U.S., following an anticipated FDA approval. With the NDA resubmission now being reviewed, we expect to see some increases in spend in the coming quarters as we ramp pre-commercial activities and manufacturing activities and planning for a potential launch.

I will provide an update on our fourth quarter and full year 2021 financials and provide color regarding our cash position. During our earnings call in November, we discussed some of the work that CorMedix team had completed to highlight the magnitude of catheter-related bloodstream infections in the hemodialysis patient population via abstracts that were presented at industry conferences. The last topic today is to provide some color on the continuing work by our commercial team and medical affairs team as we prepare to bring DefenCath to patients following an FDA approval. While we are a modest-sized team, this important work leverages consultants, market research firms, and thought leaders as we continue to expand our understanding of, one, the hemodialysis market opportunity across the spectrum of care; two, reimbursement dynamics; and three, pharmacoeconomic considerations that will each factor into our commercial strategy for DefenCath.

Now let's move to the first topic. Phoebe will provide the regulatory and manufacturing update. Phoebe?

Phoebe Mounts -- Executive Vice President and General Counsel

Thank you, Matt, and good afternoon, everyone. I am very pleased to be able to report that FDA has accepted the DefenCath NDA resubmission for filings. I would like to start with my gratitude to the resubmission team of Ray [Inaudible], Amaru Sanchez, Jessica Vaughn, and Sibu Varghese and express my appreciation for being able to work with dedicated individuals whose hard work and expertise have enabled CorMedix to move DefenCath a step closer to FDA approval and reducing life-threatening catheter-related bloodstream infections in patients. As we had announced late last month, we believe the resubmitted NDA for DefenCath provided the data requested by FDA in the Complete Response Letter, or CRL.

In parallel, we worked collaboratively with the company's third-party contract manufacturer and believe it address the deficiencies identified at the manufacturing facility in the post-application action letter issued by FDA to the manufacturer, fund currently with the CRL. FDA reviews the NDA resubmission for completeness and made a filing decision. In accepting the resubmission for filing, FDA informed CorMedix that the resubmission is complete and considered a Class 2 response to the action letter. FDA's policies and procedures defined Class 2 resubmission essentially as a resubmission that includes any item not specified as a Class 1 item, which is an explicit list of nine items, such as minor reanalysis of data previously submitted.

The DefenCath resubmission has new manufacturing data that has not been previously submitted to FDA and is therefore considered Class 2 with a six-month review cycle. As we had previously discussed, FDA had stated that resolution of the deficiencies may require a pre-approval inspection of the manufacturing facility. We have learned from our manufacturing partner that it has been notified by FDA already that the FDA will conduct an inspection. We believe that CorMedix and the manufacturer have adequately addressed the concerns identified by FDA, and we remain committed to working jointly to ensure successful inspections.

We believe that FDA will complete the pre-approval infection within the six-month review period. FDA has begun its evaluation of the NDA, and we will continue to respond promptly to FDA's requests for additional information, which have already begun to ensure a timely review of the NDA. As a reminder, CorMedix had not been asked to resubmit any information relating to clinical data from the LOCK-IT-100 study. I can assure you that we will continue working diligently to demonstrate to FDA that the manufacturing facility is ready to support commercial operation for DefenCath and to secure FDA approval of the DefenCath NDA.

We are committed to providing updates to investors as appropriate over the coming months during the review process. I would now like to turn to our activities directed toward ensuring that CorMedix has secured adequate manufacturing capacity for DefenCath to meet the unmet medical need of reducing catheter-related bloodstream infections. CorMedix is planning for clinical trials following an anticipated FDA approval to be in a position to expand the indications for use of DefenCath. We also believe it is important to anticipate potential supply chain challenges and ensure multiple sources are in place to provide adequate inventory.

Accordingly, as CorMedix has previously discussed, we are engaged in identifying additional potential manufacturers of DefenCath in the United States, while we work to obtain marketing authorization from FDA. We are actively engaged in discussions with potential manufacturers and in the process of conducting appropriate due diligence at the facilities to ensure a good track record of FDA compliance, appropriate technical expertise, and available capacity to meet our manufacturing goals. We anticipate being able to complete our diligence process in the coming weeks. Thank you.

And I will now turn the call back to Matt to cover financial results, cash guidance, and commercial strategy updates for DefenCath. Matt?

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Thanks, Phoebe. Next, I will provide an overview of our fourth quarter and full year 2021 financial results as well as an update on CorMedix' cash position. The company has filed its report on Form 10-K for the full year ended December 31, 2021. I urge you to read the information contained in the report for a more complete discussion of our financial results.

With respect to our fourth quarter 2021 financial results, the company has cash and equivalents and short-term investments of 65.5 million as of December 31, 2021, including approximately 3 million in net proceeds from our ATM program in first quarter of 2022, CorMedix has December 31, pro forma cash and equivalents of 68.5 million. Our net loss was approximately 7.8 million or $0.20 per share, compared with a net loss of 6.1 million or $0.19 per share in the fourth quarter of 2020. The higher net loss recognized in the fourth quarter of 2021 compared with the same period in 2020 was driven by increases in costs related to the manufacturing of DefenCath prior to its potential marketing approval and noncash charges for stock-based compensation. We recorded an increase in SG&A and an increase in R&D expenses.

Operating expenses in the fourth quarter of 2021 increased approximately 28% to 7.8 million, compared with 6.1 million in the fourth quarter of 2020. R&D expense increased by approximately 41% to 3.2 million, driven primarily by an increase in costs related to the manufacturing of DefenCath prior to its potential marketing approval, and, to a lesser extent, by an increase in consulting fees and an increase in noncash charges for stock-based compensation. SG&A expense increased approximately 21% to 4.6 million, compared with 3.8 million in the fourth quarter of 2020. This increase was driven by an increase in noncash charges for stock-based compensation and an increase in personnel expenses as a result of additional hires, partially offset by a decrease in costs related to market research studies in preparation for the potential marketing approval of DefenCath and a decrease in consulting fees.

With respect to our full year 2021 financial results. Our net loss for 2021 was approximately 28.2 million or $0.75 per share, compared with a net loss of 22 million or $0.77 per share in 2020. The higher net loss recognized in 2021 compared with 2020 was due to higher G&A costs as well as a smaller tax benefit received in 2021. Operating expenses in 2021 increased approximately 8% to 29.5 million, compared with 27.3 million in 2020.

R&D expense decreased by approximately 2% to 13.1 million, driven by net decreases in costs related to the manufacturing of DefenCath prior to its potential marketing approval and a reduction in clinical trial expenses due to the closing of our LOCK-IT-100 clinical trial. These decreases were offset by increases in noncash charges for stock-based compensation and increases in consulting fees and personnel expenses. SG&A expense increased approximately 18% to 16.3 million, compared with 13.9 million in 2020. This increase was driven by an increase in noncash charges for stock-based compensation and increase in personnel expenses, partially offset by decreases in consulting fees and costs related to market research studies in preparation for the potential marketing approval of DefenCath.

We recorded net cash used in operations during 2021 of 21.2 million, compared with net cash used in operations of 22 million in 2020. The difference was primarily driven by an increase in accounts payable compared to the same period in 2020, partially offset by an increase in net loss, mainly attributable to lower cash received in 2021 from the NOL sale versus the same period in 2020. CorMedix remains in a good position from a balance sheet perspective. We believe our pro forma cash and equivalents of approximately 68.5 million gives the company flexibility to fund its operations through the first half of 2023, after taking into consideration costs related to commercial supply and costs related to the initial stages of the potential commercial launch for DefenCath.

We remain optimistic about our progress toward an anticipated FDA approval for DefenCath in 2022. As highlighted previously, we believe that our current cash and equivalents as well as the potential mechanisms available to us for capital raising allow us to be prepared for the future, given we are facing what we hope and believe will be a pivotal time ahead for CorMedix, as we seek to bring DefenCath to patients in the hemodialysis setting. As a last topic today, I would like to highlight the continued efforts by the CorMedix team to expand our understanding of, one, the hemodialysis market opportunity across the spectrum of care; two, the reimbursement dynamics; and three, pharmacoeconomic considerations that will each factor into our commercial strategy for bringing DefenCath to patients upon its approval. CorMedix has continued to work with outside consultants and market research firms to further develop our views on the hemodialysis market across all settings of care.

We are working to build our understanding of each of the key steps of a patient's journey, including the initiation of hemodialysis treatment, the placement and maintenance of the central venous catheter, and the chronic hemodialysis treatment in an outpatient setting and, at times, in an inpatient setting. Changing the status quo rarely comes without costs, without compelling data and without a coordinated effort around education. The CorMedix team is spending time and resources on developing our understanding, our relationships and our strategy around all the key constituents of the hemodialysis landscape in order to be prepared to bring DefenCath to patients following its approval. On the reimbursement side, we are working with consultants and engaging with decision-makers to inform our strategies around DefenCath's reimbursement.

This includes CorMedix interfacing with a broad consortium of groups, including various types of dialysis providers; Centers for Medicare and Medicaid Services, or CMS; hospitals and patient advocacy groups, such as National Kidney Foundation and Dialysis Patient Citizens. On the medical affairs side, recall that CorMedix presented at a pair of conferences in the fall of 2021 and highlighted work that was done integrating multiple clinical and claims databases that CMS and dialysis providers use to track patient care and quality metrics in end-stage renal disease patients. The conclusions from those retrospective studies underscored the significant incidence of, and mortality related to, CRBSIs and economic costs related to these infections. These findings are especially important since approximately 80% of patients undergoing hemodialysis start with a central venous catheter as their first vascular access.

We also noted that approximately 29% of the patients in the cohort had a CRBSI post-CVC insertion, and we discussed how CRBSIs lead to more hospital admissions, longer stays, and a more complex clinical course. The team at CorMedix is aiming to update and expand the breadth of this work based on available data, and we'll look to have a presence at relevant conferences as we look ahead. With Joe joining the company this spring, we will aim to leverage his significant experience in commercial strategy as we further the efforts I have described and continue to prepare to bring DefenCath to patients in the U.S. following its approval.

The CorMedix team is enthusiastic about our recent announcements and is highly focused on our commitment to patients in need of alternatives that reduce CRBSIs that contribute to significant levels of morbidity and mortality. To summarize what Phoebe and I have discussed today, we continue to focus our efforts on the following: first, we are pleased to be able to share the updates regarding the recent submission -- the recent resubmission of the DefenCath NDA and its acceptance for filing by the FDA. With a six-month review period, we look forward to sharing updates as appropriate. There is much to do in the interim to ensure that CorMedix has launched inventory and has secured sufficient manufacturing capacity for the longer term.

In addition, we are carefully balancing our cash burn while preparing for the commercial introduction of DefenCath once we have approval of the NDA by FDA. As the commercial strategy continues to take shape with our incoming CEO, we look forward to discussing in greater detail in the future. Also, we are continuing to plan to broaden the opportunity for DefenCath following its approval and continuing to expand our understanding of opportunities to benefit patients with central venous catheters such as hemodialysis across the spectrum of care, total parenteral nutrition, and, oncology. I would like to take a moment to recognize the broader CorMedix team, many of whom have been instrumental in our achievements over the past several months.

We remain confident that we have a strong team and appropriate resources in place to continue to advance DefenCath toward potential regulatory approval later this year and bring DefenCath to hemodialysis patients in the U.S. Thank you for your continued support of and interest in CorMedix. Operator, please open the call for questions.

Questions & Answers:

Operator

[Operator instructions]. Our first question comes from Jason Butler with JMP Securities. Please proceed.

Jason Butler -- JMP Securities -- Analyst

Hi. Thanks for taking the questions, and congrats on the progress, great to say. First one, Matt, have you received a PDUFA date from the FDA yet? And can you share that with us? And then on the reimbursement side of things, are you still planning to pursue reimbursement under the TDAPA program? And what would the time line be based on your PDUFA date? Thanks.

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Jason, first on the PDUFA side, I'll pass things to Phoebe to start. Thanks.

Phoebe Mounts -- Executive Vice President and General Counsel

Thanks, Jason. Thanks, Matt. As I'm sure most folks know the Prescription Drug User Fee Act, or PDUFA, set performance goals for FDA for completion of agency review. And those are goals, performance goals and not statutory time lines imposed on FDA.

So everyone is cognizant of issues that can develop during the review process that may impact the time line. And given the COVID-19 pandemic, everyone is acutely aware of when foreseeing disruption of travel and planned activities. So given the potential for changes, we are prepared to work within the six-month review cycle, and we're hoping for the best. So we will provide updates to investors if there are significant delays that occur in the review time line, but we're hopeful that the six months of review will be sufficient.

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Thanks, Phoebe. And I'll just jump in on your other part of your question, Jason, which was about TDAPA, I think. Yes, as you know, we're evaluating all the alternatives, but continue to believe TDAPA route is an important one for products in the renal space. We've talked about the timing before, which is that you apply following an approval.

And so it takes -- depending on the timing of the quarterly cycle, it takes one to two quarters.

Jason Butler -- JMP Securities -- Analyst

Got it. Great. And then just a second one for me. You said that you were -- forgive me if I'm not quoting you exactly, but confident that the planned inspection, manufacturing inspection can happen within the six-month window.

Is that inspection already scheduled? Or what gives you the confidence that FDA can get that done within the six-month period?

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Phoebe?

Phoebe Mounts -- Executive Vice President and General Counsel

We learned from the manufacturers that FDA has reached out to them about scheduling the inspection. So based on the discussions that are ongoing, I'm confident that we'll get it done in the six months.

Jason Butler -- JMP Securities -- Analyst

OK. Great. And then just last one for me. As you work through the commercial preparations, are you having any direct interactions with the leading dialysis providers? Or can you just give us any more color there about how you're building awareness of the products and the data set?

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Yes. No, absolutely. Thanks, Jason. Yes, as we touched on, there's a number of things that the CorMedix team is doing to prepare for commercial launch.

The team has been expanding our understanding of the DefenCath opportunity through market research, payer research and really continuing that work on the pharmacoeconomic side. We have broadened our understanding of the patient journey for a renal failure patient. That includes all the components from placement of essential venous catheter to initiation of hemodialysis to inpatient visits and beyond. And so we will begin to recruit.

I think some of the key commercial roles as we prepare for a potential launch, but we're just really continuing on that work and laying some of the groundwork at this point. I think once Joe gets up to speed and really begins on the CorMedix side, we'll talk a little bit more about the commercial strategy. So you'll get some of that detail in the future.

Jason Butler -- JMP Securities -- Analyst

OK. Great. Thanks again for taking the questions, and, again, congrats and more progress.

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Thanks, Jason.

Phoebe Mounts -- Executive Vice President and General Counsel

Thanks, Jayson.

Operator

Our next question is from Joon Lee with Truist. Please proceed.

Joon Lee -- Truist Securities -- Analyst

Thanks for taking our questions as well. I believe the wording in the prior press release was that the on-site inspection has been scheduled. If and when that happens, would you consider that to be a disclosable item, given the deficiencies related to the CMO?

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Phoebe?

Phoebe Mounts -- Executive Vice President and General Counsel

That's the conversations that occur between FDA and the manufacturer. That's not information that CorMedix is that we're willing to disclose.

Joon Lee -- Truist Securities -- Analyst

Got it. And when Mr. Todisco joins the company, what will be his first order of business? And in fact, when is he actually going to be joining the company? I know that he has some obligations to his current employer, but just curious what the timing could be.

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Yes. No problem. Thanks for the question. Thanks for joining today, Joon.

Yes. So as we've said before, I think in our press release and today, Joe is expecting to join on or around May 16. And really, in terms of priorities, I'll certainly let him go through that with you, but I believe some of the very first orders of business is to kind of get in there and start setting the tone from a commercial strategy perspective. As Stevie walked you through today, we have a time line, right? We've got some great news that we received this week that we were so excited to share as it relates to the acceptance of the submission and our six-month review cycle.

So I think it really is going to be figuring out step one, two, three, four and beyond, making sure that we are prepared upon that anticipated approval to bring DefenCath to patients.

Joon Lee -- Truist Securities -- Analyst

Great. And then last question. What's assumed in your cash burn guidance through -- first half of '23?

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Sure. No, it's a great question. So as we said, the cash guidance includes items such as commercial supply for launch and the initial stages of the commercial launch. And so that factors in that.

I think what you'll see, as you think about the rest of the year, is that things will -- less so in the beginning of the year, but really as you get toward the second half of the year begin to dial up from a spend perspective as we need to ramp up each of those components to ready the company for a commercial launch.

Joon Lee -- Truist Securities -- Analyst

Right. Thanks for the questions, and looking forward to the updates.

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Thanks, Joon.

Operator

Our next question is from Rohit Bhasin with Needham & Company. Please proceed.

Rohit Bhasin -- Needham and Company -- Analyst

This is Rohit on for Serge. Thank you for taking the question. Is there anything you can tell us in terms of pricing of DefenCath? And have you had any recent discussions with payers?

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Sure. No, thanks, Rohit, and thanks for joining us today. Yes, on -- for pricing, I think I mentioned during the call, we have discussions with payers, including CMS, obviously, a very significant payer for the renal space often and all the time. So that's ongoing.

In terms of specific pricing as it relates to DefenCath, we continue to work through the pharmacoeconomic data that we described before, and hopefully, we'll share more this year. and continue the dialogue with payers in the space. So we really would plan to discuss pricing around the time of a potential approval.

Rohit Bhasin -- Needham and Company -- Analyst

OK. Thank you.

Operator

Ladies and gentlemen, there are no further questions at this time. I will now hand the call back to Daniel Ferry for questions from the audience.

Daniel Ferry -- Investor Relations

Thank you, operator. Matt, our first question is regarding Joe's joining in mid-May. Matt, does that mean you will stay on at CorMedix and focus on CFO responsibilities?

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Thanks for the question. Yes, I am planning on continuing to serve as CorMedix' CFO, as I have since May 2020. I am proud of what we have accomplished as a team over these past six months and look forward to working with Joe as we guide the company strategy going forward. Thanks.

Daniel Ferry -- Investor Relations

Thanks, Matt. OK. And another one here on the commercial side of things. Can you comment on plans for additional indications like pediatrics, TPN, oncology?

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Sure. We have discussed in the past that CorMedix plans to pursue opportunities to broaden the use of DefenCath following an approval. And we've continued to expand our understanding of the various patient groups that use central venous catheters. We'll aim to discuss these in more detail during subsequent calls.

Daniel Ferry -- Investor Relations

Excellent. And on the balance sheet, Matt, will CorMedix need to raise money in order to launch DefenCath? And what options are available to the company?

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Thanks, Dan, and thanks for whoever submitted the question. It has always been a priority to make sure that CorMedix has adequate funding to accomplish our strategic goals. As we mentioned, our cash guidance through the first half of 2023 includes costs related to the initial stages of a commercial launch. Despite the turbulence in the markets, I think that we will have access to a similar range of alternatives as other commercial stage companies.

So equity, convertible debt, royalty financing, etc.

Daniel Ferry -- Investor Relations

Understood. Thanks, Matt. I'd like to turn the floor back over to you for closing remarks.

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Thanks, Dan, and thanks, everyone, for the questions and your continued support of CorMedix. We are pleased to be able to share these updates with you today. CorMedix remains committed to bringing DefenCath to the U.S. market to help patients in need of protection from life-threatening infections.

The importance of reducing the incidence of infections and keeping patients out of the hospital had been even more apparent during the ongoing COVID-19 pandemic. Thank you for your time and attention and have a good evening.

Operator

[Operator signoff]

Duration: 0 minutes

Call participants:

Daniel Ferry -- Investor Relations

Matt David -- Interim Chief Executive Officer, Executive Vice President, and Chief Financial Officer

Phoebe Mounts -- Executive Vice President and General Counsel

Jason Butler -- JMP Securities -- Analyst

Joon Lee -- Truist Securities -- Analyst

Rohit Bhasin -- Needham and Company -- Analyst

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