Minerva Surgical, Inc.

Greetings and welcome to the Nerva Surgical Q2 2023 earnings call. At this time, all participants are in listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Caroline Korner, Investor Relations. Thank you, Mel. You may begin.

Thank you, Operator. Welcome to Minerva's second quarter 2023 earnings call. Joining me on today's call are Todd Youssen, President and Chief Executive Officer, and Joe Young, Chief Financial Officer. This call will provide forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the markets in which Minerva Surgical operates, trends and expectations for Minerva's products and technology, trends and demand for Minerva's products, Minerva's expected financial performance, expenses and position in the market, and outlook for fiscal year 2023. These statements are neither promises nor guarantees and involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from any results, performance, or achievements expressed or implied by the forward-looking statements. Please review Minerva's most recent filings with the SEC for additional information, particularly the risk factors described in Minerva's quarterly report on Form 10-Q for the quarter ended March 31, 2023, which was filed on May 3, 2023, and will be updated in the company's quarterly report on Form 10-Q for the quarter ended June 30, 2023, which is expected to be filed with the SEC on August 3, 2023. Any forward-looking statements provided during this fall, including projections for future performance, are based on management's expectations as of today. Minerva undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after today, except as required by applicable law. Minerva's press release for second quarter 2023 results is available on Minerva's website, www.minervasurgical.com, under the Investors section, and includes additional details about Minerva's financial results. Minerva's website also has the latest SEC filings, which you are encouraged to review. A recording of today's call will be available on Minerva's website by 5 p.m. Pacific time today. With that, I will hand the call over to Todd.

Thank you, Carolyn, and thanks to all of you for joining us on our second quarter earnings call. As I have now completed my first two quarters with Minerva Surgical, I continue to be optimistic about the company's mission and future in meeting the distinct health care needs of women. Our commercial team has a deep level of talent that is responding to the changes introduced this past quarter to develop and deliver our products for the benefit of our customers and the women they serve, our investors and our employees. While there is still much work that lies ahead to build the company that we all believe we can be, I continue to be extremely impressed with the talent we have on board and the team's willingness to change the playbook and implement new thoughts and ideas. Last quarter, we completed a small reorganization of the commercial team to realign some of our operating costs, more effectively deliver our products to our customers, and we have progressed our operational review of our production activities with the goal of improving costs and increasing our gross margins. We have continued to evaluate both internal and external opportunities to drive commercial success, and I look forward to updating you on those efforts when we have more tangible results to report. I've spent a great deal of my time and effort meeting with our customers and society partners, as well as key suppliers, contract manufacturers, while digging into our overall operations to identify areas and opportunities for efficiency improvements. The entire organization has focused on aligning our internal resources with our external customer needs. And while it's still early days, I'm pleased with how the team is progressing. In my time in the field, what I'm hearing from our customers, echoing my prior conversations, is Minerva's technology provides outstanding solutions and outcomes and is solving real problems in uterine health. People are a number one asset, and I have enjoyed spending time with small groups of employees throughout the organization from all functions to dig deep to understand what makes our individuals tick and to listen and hear some wonderful thoughts and ideas to continue to grow Minerva Surgical. Turning quickly to some financial highlights. This past quarter, we recorded revenues of $13.4 million, increasing from $13 million in the same period of 2022 and from $12.5 million in the first quarter of 2023. We believe that our system continues to outpace growth in the tissue resection market. Symphion revenue increased 7% this past quarter compared to the second quarter of 2022, and it has increased 13% year-to-date during the first half of 2023 compared to the same period in 2022. We believe this indicates that we are successfully increasing our market share in this important segment. Exclusive product efficiency and safety features unique to Symphion and our ability to compete with a full suite of products for abnormal uterine bleeding are continuing to show results. In the ablation market, we were pleased that revenue from Minerva EF this past quarter increased 7% compared to the same period of 2022. While outpacing the growth of the overall market, we believe this product has additional room to grow in coming quarters. Our entire team today is keenly focused on execution and delivering value to our customers, shareholders, and other stakeholders. I look forward to updating you all on our progress over future quarters. With that, I'll hand things over to Joel for a deeper dive into our financial results. Joel?