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Abiomed Inc. (NASDAQ:ABMD)
Q2 2011 Earnings Call
November 4, 2010 8:00 AM ET
Aimee Maillett – Investor Relations
Mike Minogue – Chairman, President and CEO
Bob Bowen – Vice President and CFO
Tim Lee – Piper Jaffray
Marie – Lazard Capital Markets
Duane Nash – Wedbush Securities
Bob Hopkins – Bank of America
David Lewis – Morgan Stanley
Good day, ladies and gentlemen and welcome to the Second Quarter 2011 Abiomed Incorporated Earnings Conference Call. My name is [Kietena] and I'll be your co-ordinator for today. At this time, all participants are in a listen-only mode. We will facilitate a question-and-answer session towards the end of this presentation. (Operator Instructions)
As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call, Ms. Aimee Maillett with the Corporate Communications Department. Please proceed.
Aimee Maillett
Good morning. And welcome to Abiomed's second quarter of fiscal 2011 earnings conference call. This is Aimee Maillett of Abiomed's Corporate Communications Department. I'm here with Mike Minogue, Abiomed's Chairman, President and Chief Executive Officer, and Bob Bowen, Vice President and Chief Financial Officer.
The format for today's call will be as follows. First, Mike will provide you with strategic highlights for the second quarter. Next, Bob will provide details on the financial results, outlined in today's press release. And we will then open up the call for your questions.
Before we begin discussing the second quarter, it is necessary to remind you that during the course of this call, we will be making forward-looking statements, including statements regarding future financial performance, product development efforts, Abiomed's strategic operational initiatives, market response to our new products, our progress towards commercial growth and future opportunities.
Abiomed's actual results may differ materially from those anticipated in these forward-looking statements, based upon a number of factors, including uncertainties associated with development, testing and related regulatory approvals, competition, technological changes, anticipated future losses, complex manufacturing, high-quality requirements, dependence on limited sources of supply, government regulation, future capital needs and other risks detailed in our SEC filings. Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of today's conference call. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this conference call or to reflect the occurrence of unanticipated events.
Lastly, comparative references made financially in this call, to revenue, expenses, gross margin or other increases or decreases will be indicated by references to second quarter of fiscal 2011 as compared to the second quarter of fiscal 2010 or second quarter of fiscal 2011 as compared to the prior first quarter of fiscal 2011.
I am now pleased to introduce Mike Minogue, Abiomed's Chairman, President and Chief Executive Officer.
Mike Minogue
Thank you, Aimee. Good morning, everyone. The second quarter of fiscal 2011 was outstanding. It was highlighted by the release of the USpella results at TCT in September, record revenues and number of patients supported and positive operational performance. Despite the industry summer slowdown, Q2 confirmed that our momentum is growing both year-over-year and sequentially, on revenue, patients and clinical evidence.
In summary, the company executed and had our best quarter in our 29-year history, specifically, we had our best ever or first ever results on total revenue of $23.4 million, up 17%, worldwide Impella revenue of $17.6 million, up 33%, U.S. Impella commercial reorders of $13.7 million, up 108%, U.S. Impella commercial patients of 597, up 77%, the highest independent Impella implantations of almost one in three, the first ever heart recovery hospital partner with PinnacleHealth system in Pennsylvania and last, the first ever patient supported with our Impella RP for the right side.
On today's call, we will highlight year-over-year progress on three of our four corporate fiscal year 2011 goals. So first on goal number one of increasing Impella utilization. In Q1, we supported 597 Impella patients plus 39 Protect II patients. All the patient usage trends increased year-over-year including high-risk PCI by 55%, AMI by 170% and all other applications by 76%.
Of the total reported cases, the mix is comprised of 55% high-risk PCI patients, 25% AMI patients and 20% all other patients. Based on the positive independent usage trend, it is likely there are patients that are receiving Impella and not included in our account.
Our second goal of advancing the education of the science and benefits of heart muscle recovery made progress. We had a landmark TCT because the USpella registry was well received. And we had three successful live cases. The USpella registry for high-risk PCI incorporates an extremely sick patient population, which includes new patients for the cath lab.
For example, more than half are New York Heart Association Class III or IV, turned down for surgery, had prior heart attack or have diabetes. We believe Impella support during high-risk PCI allows for better outcomes and cost effective treatment and the registry data reinforces our position. Over 500 customers have seen the USpella data presented in person or on webcast by the physician committee leading the registry and the formal paper has been submitted.
For prophylactic Impella supported PCI, on average patients displayed a baseline increase of 17% in their ejection fraction or EF and 61% of the New York Heart Association Class IV patients improved their heart classification post treatment by at least one category. There is a recent publication in CRM titled low ejection fraction documented during cardiac catheterization is significantly associated with long-term all-cause mortality Abiomed had. And it includes almost 2000 patients.
This study estimated 3 to 4 million people have coronary artery disease with decreased EF and the number is increasing by 400,000 cases per year. From a hospital charge perspective, PCI on average cost $48,000 as compared to surgery at $100,000 and avoiding an ICD because of an EF improvement saves an additional $105,000 in the hospital charge.
Now, turning to an acute myocardial infarction or AMI cardiogenic shock in USpella, approximately 42% of these patients were already failing conventional therapies including the intra-aortic balloon. To recapitulate what was reported in the USpella registry, Impella provided better hemodynamic support compared to the IAB and Impella is not dependent on dangerous inotropic drugs or perfect timing with the heart.
Patients on average improved their baseline EF by 19% and 90% of the survivors recovered their heart muscle functions. What was most illuminating was the significant reduction of the 30-day mortality from 56% down to 23% for patients that had Impellas inserted before the PCI. Furthermore, the impact of the quick setup kit was evident in that the percentage of patients that had Impella inserted before PCI, nearly doubled from the update at last year's TCT. Again from a hospital charge perspective, recovering heart muscles and discharging heart attack patients with their native functioning heart, immediately improves patient quality of life and potentially saves over 500,000 in the short term and over $1.5 million in the long-term.
And last, on our goal number four of driving operational excellence in product quality and customer satisfaction, we continue to excel. Gross margin for the quarter was 77%, partially driven by our best recorded Impella manufacturing yields with the highest volume ever produced year-to-date.
On customer satisfaction, we supported a record number of patients at our highest independent usage to-date and scored our best on Impella quality metrics and performance due to the new product enhancements and training protocols. We also remain disciplined on our budget and prioritization of the Impella U.S. field support.
In conclusion, by the year 2020, greater than 40% of the population in Japan and the United States will be aged 45 and over and prime candidates for heart attacks and high-risk complex PCI and EP procedures.
The public and managed care providers will gravitate towards the most minimally invasive treatment with heart recovery options. Abiomed's mission is to provide breakthrough heart support technologies for all high-risk patients in order to enable safer treatment and better outcomes for heart muscle recovery and cost effective patient care.
Abiomed's vision is to revolutionize hemodynamic support on multiple applications in the cath lab, EP lab, hybrid lab and surgery suite.
Recently, a physician referred to Impella as the iPod of heart pumps. I thought that sums it up well, because Impella is a platform technology that enables an exclusive capability that is easy to use, allowing more people to reap the benefits. This is why we are the exclusive heart muscle recovery company and with only approximately 4% of the IAB conversion in quantity, we already shipped more heart pumps in the U.S. than any other company.
In the second half of our current fiscal year, we will celebrate our 4000 U.S. Impella patient and 500 U.S. hospital. The most exciting part is that we are just beginning to see the opportunity and I'm proud to report to the shareholders that our company is very confident in our future.
I will now turn the call over to Bob.
Bob Bowen
Thanks, Mike and good morning everyone. Before I get started, I would like to refer you to the Safe Harbor language noted at the outset of the call as well as the risks and uncertainties noted in our SEC filings, particularly our most recently filed 10-K.
I would also like to bring to your attention the GAAP, non-GAAP reconciliation that we provided in the earnings press release, which is intended to aid investor understanding of our financial results.
Mike has pretty much covered the revenue highlights. So I am going to briefly focus on providing a little more detail on the P&L and balance sheet and then move to Q&A.
Gross margin percent for the quarter was 77% compared to 73% in the year-ago period, representing a 400 basis point improvement due primarily to a higher portion of revenues from Impella disposables, higher production yields and a smaller number of Impella console placements.
In Q2 fiscal '11, consistent with our stated strategy, we opened 27 new U.S. Impella 2.5 sites compared to 50 new sites in the prior year. As a result, we placed fewer Impella consoles and had less than half the initial stocking order revenue which was more than made up by reorder revenue growth of 108% to $13.7 million from $6.6 million.
Impella U.S. commercial reorder revenue growth of 108% outpaced Impella patient growth of 77%, as the higher priced Impella 5.0 and LD reorders represented a greater portion of U.S. Impella commercial reorder revenue in Q2 fiscal '11 compared to Q2 fiscal '10, the first full quarter following Impella 5.0 and LD FDA clearance.
R&D expenses of $6.6 million was slightly below the $6.8 million in the prior year. Our R&D expenses are largely focused on continued development of the Impella platform, the Protect II clinical trial, the USpella registry and other clinical study and regulatory efforts.
Impella product development expenses were lower and clinical trial expenses were $2.5 million in the most recent quarter and $1.9 million in the year ago period.
Selling, general and administrative costs were $14.1 million compared to $14.8 million in the prior year. SG&A expense was lower in Europe reflecting our core commercial focus on U.S. market opportunity.
In Europe our strategy has been to scale back and focus on targeted direct accounts largely in Germany, France and the Netherlands for clinical studies and first in man experience. Additionally, SG&A related stock compensation expense was lower year-over-year.
In other income, we recorded a gain of 217,000 from the sale of our remaining holdings of World Heart Stock. We have completely liquidated our investment in World Heart and we realized total proceeds of $7.2 million on our original $5 million investment in World Heart.
The GAAP net loss for Q2 fiscal '011 was $3.2 million, a 58% improvement, compared to last year's GAAP net loss of $7.7 million. On a per share basis, the Q2 fiscal '011 GAAP net loss per share was $0.09, compared to a loss of $0.21 in the prior year.
The non-GAAP net loss for Q2 fiscal '011, as defined in our press release, was $1.7 million, a 69% improvement, compared to a non-GAAP net loss in the prior year of $5.4 million. On a per share basis, the Q2 fiscal '011 non-GAAP net loss per share was $0.05, compared to a loss of $0.14 per share in the prior year.
Turning to the balance sheet, we continue to do a very effective job managing our working capital. Inventory turnover was 2.3 this quarter, a 77% improvement from 1.3 in the prior year and day sales outstanding were 59, compared to 65 in the prior year.
We ended fiscal Q2 with cash, cash equivalents and short-term marketable securities of $54.1 million, compared to $54.9 million at June, 30, 2010. The change represented a usage of $0.8 million, including $0.2 of proceeds from the sale of World Heart Stock.
We have $54.1 million of cash, cash equivalents and short-term marketable securities with no debt. We are very close to reaching a defining milestone for Abiomed. And we are making excellent progress towards our goal of cash neutrality or better.
Turning to full year revenue guidance, we are very pleased with the performance of the business during the second fiscal quarter and we are particularly pleased to have achieved sequential revenue growth, during what is a seasonally slower summer quarter.
Impella grew sequentially both in and outside of the U.S. Following a very successful TCT, we are more confident than ever that Impella will at least continue this momentum with our continued focus on data and training to independents at existing accounts.
We previously indicated that we expected Impella to grow 25% to 30% for the full year. We now believe Impella will grow for the full year at the upper end of that range.
Revenues from our non Impella products and service showed sequential improvement in Q2 as compared to Q1. However, we expect to see continued cannibalization of the legacy products from Impella 5.0 and LD in the surgery suite.
Even though we continue to believe that the 85,000 will be a successful niche surgery suite product. We've previously indicated that our non Impella revenues would decline in the 25% to 30% range. We now believe non Impella revenues will decline near the 25% side of the range.
Taking together, we are increasing the top end of our total year revenue guidance and we now believe that total year revenues will be in the range of $93 million to $97 million as compared to the $93 million to $95 million range provided previously.
We will now open the call to questions.
Question-and-Answer Session
Thank you. (Operator Instructions) Your first question comes from the line of Tim Lee representing Piper Jaffray. Please proceed.
Tim Lee – Piper Jaffray
Hi, guys. Good morning and thanks for taking the question. Just first, if you can just touch on Protect II, has the investigators, have they had their interim look, anything come out of that or just business as usual or just any color you could provide on that front please?
Mike Minogue
Sure, Tim. So the way it works is, the CRO is supplying information to the DSMB and I believe that's been ongoing. It will likely -- the process will likely continue to -- just probably till the end of December. And as we've consistently stated in the past, we expect to move forward and continue the existing study.
Tim Lee – Piper Jaffray
Now, I think on the last call I think you had stated that you always reserve the right to add to the number of patients for that study. Is that the expectations there at this point or are there expectations to maintain your current patient count?
Mike Minogue
We expect to move forward with the existing study right now.
Tim Lee – Piper Jaffray
Okay. And just one follow-up on the P&L, I mean, you have very strong gross margins, you'd mentioned you had some positive yields, I mean is that a temporary positive variance or is that a sustained positive variance that we could see gross margins maintained at this level or even higher?
Bob Bowen
Yeah. Hi Tim. It's Bob. We were very pleased with the results this quarter and I think we generally don't forecast our gross margin rates. But we don't see why the business would not generally continue to perform at around this level.
Tim Lee – Piper Jaffray
Great. Thanks. I'll jump back in queue.
Bob Bowen
Thanks, Tim.
Your next question comes from the line of Sean Lavin representing Lazard Capital Markets. Please proceed.
Marie – Lazard Capital Markets
Hi, this is Marie [Sybelline] for Sean. Thanks for taking the questions and congrats on the strong top-line results. I had a couple of questions regarding procedures in heart replacements, the 27 heart replacements in the quarter was higher than we had expected. And I wondered if you see heart replacements tracking higher than you had expected for the year?
Mike Minogue
Marie what we had said at the start of the year was going to try and keep the range in the 20s, and we are going to continue to maintain our go-deeper on existing account focus for the remaining of the fiscal year.
Marie – Lazard Capital Markets
Okay. All right. That's helpful. And then on procedures, the 597 procedures you have in the quarter was just slightly higher than last quarter though it is still high, despite more heart replacements. Can you give us any more color on how penetration is progressing at your existing accounts?
Mike Minogue
Sure, so the question on the utilization over sequentially in this quarter to summer quarter, so it's very slow in the cath labs, plus we had TCT within September. So that was -- that obviously takes time and energy away from the cath labs and the physicians that are out there.
That being said, PCI volumes do slow, but it was offset by the 170% increase year-over-year in AMI and the 76% increase in all others. So, as these emergency patients and as independent usage ramps up, that's why we are able to somewhat grow sequentially in the summer quarter as compared to our Q1.
And then on a raw number, if you look at the growth of independent usage from a penetration perspective, the raw number of patients that were actually treated with Impella without Abiomed onsite support grew at 217%.
Marie – Lazard Capital Markets
Mike Minogue
Yeah. The other thing I would add to that is, there is a fairly good uptick in that metric in this summer quarter compared to last summer quarter, which I think probably is the better way to look at it since the summer is seasonably slow.
Marie – Lazard Capital Markets
Okay. Understood. Thanks that's so helpful.
Your next question comes from the line of Duane Nash representing Wedbush Securities. Please proceed.
Duane Nash – Wedbush Securities
Sure. Good morning and thanks for taking the questions. Mike, I believe you mentioned during your prepared remarks something about a one-third usage of Impella devices. I was hoping you might elaborate on what that meant?
Mike Minogue
Sure, so. Of all the patients supported, the actual number is 28% of the patients that received Impella did so without Abiomed's onsite support. So, that's an independent usage. And, as we got closer to the end of the quarter it was ranging in the one out of every three Impellas was put in independently at hospitals.
Duane Nash – Wedbush Securities
Any thought on where that may track in the near-term?
Mike Minogue
Well the trends is, we're – we keep moving up several percentage points per quarter, and I think that's what we expect to continue.
Duane Nash – Wedbush Securities
And, is there a breakdown for this as far as, high-risk or I assume you probably have less people there for the acute MI and more frequently for the high-risk, because those are scheduled, is that fair?
Mike Minogue
That's correct Duane. So, as you look at utilization for hemodynamics, the majority of patients are emergency patients. And that's where independence is very important if we want to get to the AMI patient population. And as I mentioned in my comments, if you look at the registry data, the amount of patients that had Impella put in before the PCI nearly doubled from last year's TCT showing that the quick set up kit is having any impact both in when they place it but how they place it without support.
Duane Nash – Wedbush Securities
Great. Well, thanks very much and congratulations on the quarter.
Mike Minogue
Thanks, Duane.
Your next question comes from the line of Bob Hopkins representing Bank of America. Please proceed.
Bob Hopkins – Bank of America
Hi. Good morning. Can you hear me okay?
Bob Bowen
We can, Bob.
Bob Hopkins – Bank of America
Oh great. So, just a quick question actually on the base businesses, I know you've given some specific guidance to that, but I was just wondering if you could comment as we think about modeling your company a little longer term, is something in the neighborhood of $5 million to $7 million per quarter, a decent way to think about where the base business will bottom out?
Bob Bowen
I think I would probably be more towards the lower end of that range $5 million to $6 million is probably how I would model it.
Bob Hopkins – Bank of America
Okay. And I hear --
Mike Minogue
This is Mike. Just a comment on that is we think about how we look at the patient population. There will be patients that are treated in surgery in the future, and we will continue to support our surgical customers, just the mix may change from BVS to the Impella 5.0 or the Impella RP and ultimately we believe that the surgery business will be greater than it is today based on some of these new products.
Bob Hopkins – Bank of America
Right. I understand, I mean, we want to see Impella keep growing but I am just wondering from just -- to your modeling perspective, at what point you guys are comfortable with that bottoming, but that was helpful. And just a quick question on the quarter in TCT, I was just wondering do you guys have any kind of specific sense as to the number of implants that perhaps didn't happen in the quarter because of TCT or is that not a number that you have a good handle on?
Mike Minogue
Well, the easy estimate is what is our weekly run rate, and we saw a decline in the weekly run rate during TCT because we had a lot of our customers there, and we had a lot of our people there. So, that's just the way we look at off weeks.
Bob Hopkins – Bank of America
No, I understand, but is there a specific number you would be willing to share, and I realized we are just kind of getting in the weeds here, but just wondering if you had a number handy?
Mike Minogue
Sure, at a high level take the number of patients divided by 13 fiscal weeks and then take a portion of that off by discounting it down.
Bob Hopkins – Bank of America
Okay. All right. Thanks so much.
Mike Minogue
Thanks, Bob.
(Operator Instructions) Your next question comes from the line of David Lewis representing Morgan Stanley. Please proceed.
David Lewis – Morgan Stanley
Good morning.
Mike Minogue
Hi, David.
David Lewis – Morgan Stanley
Mike, a quick question here on ASPs. I'm assuming this maybe because your international revenue in the quarter was a little higher than we are looking for, but ASPs looked to be down sequentially about 4% or 5%. Can you just talk about your U.S. and global ASPs for Impella?
Mike Minogue
Yeah. Our ASPs are not down. So, I'll turn the rest of the answer over to Bob.
Bob Bowen
Yeah. Our ASPs have been consistently in a very, very close range. Our average ASP for the two, for the 2.5 is about 22.5 and for the 5.0 is 27 to 28. So, we track that and I don't see, I don't think the change in ASP has had us any substantive impact on the business.
David Lewis – Morgan Stanley
Okay. Very helpful. And then, Mike your comments on your kind of unsupported procedures probably approaching 32% at the end of the quarter. I am just looking at your SG&A number which just came in much lower than we were expecting. As you think about these unsupported procedures, I'm imagining that's putting up some capacity on technical training reps. What are you doing with those reps? Are you still supporting those accounts, have you shifted those to new customers, or are you focusing them on existing accounts for utilization is sort of below which you would like?
Mike Minogue
So David, this is a great question and this is what we've talked about in the past as we are trying to really increase our commercial productivity specifically in the U.S., that's our third corporate goal, and we're doing exactly what we've commented there as they get freed up they can go to other centers or they can train more physicians at existing centers. So where we may have two to three docs using, we want to now get to five to six, so that we always have somebody whose is on call, who is able to utilize Impella for those emergency patients.
David Lewis – Morgan Stanley
Okay. And then Bob, in the past six years, sort of, what is the level of cash and GAAP profitability. I wonder if you could share with us given the SG&A trends in the quarter, has that view changed or do you believe your timing to profitability has moved up perhaps a quarter or two?
Bob Bowen
Yeah. We're going to change that view David. We said $25 to $27 million is where we would be on a quarterly basis consistently cash flow neutral.
David Lewis – Morgan Stanley
Okay. Thank you very much.
Ladies and gentlemen, that concludes the question and answer session for today's call. I will now like to turn the call back to Mr. Mike Minogue for closing remarks.
Mike Minogue
Thank you everyone for your time today and I look forward to seeing many of the upcoming conferences. Have a great day.
Ladies and gentlemen, thank you for your participation in today's conference. This concludes your presentation. You may now disconnect. Good day.
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2 posts tagged with Family by Bageena.
Displaying 1 through 2 of 2.
Both of my wife's parents died. Her dad first in January, now her mom in September. My wife is the oldest child. No will was left. What do we do? [more inside]
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Page: 1


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I lurked here for ahwile, but I'm a member at ASF. I figured I mineaswell expand my family, and I've heard good things about this forum!
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1989 posts tagged with sex.
Displaying 101 through 150 of 1989. Subscribe:
It Really Has Been That Easy For This Pretty Boy
So, I am married to a very pretty guy. We are both mid 30s. His entire relationship history includes women just throwing themselves at him, so he hasn't had to ever make any effort to learn how to be romantic or initiate foreplay. His current method is to just tell me he wants to have sex. When I complained that his method wasn't enough for me, he asked me what I want him to do. It is like I'm dealing with an adolescent boy. What resources could I steer him towards that don't include a sex therapist?
How do I tell s/o they need to change everything they do in bed, for me?
I'm wrestling between not trying to date this person - who's one of my best friends - and trying to make it work. The problem is the sexuality - either the chemistry is off, or it needs to be adjusted. I just don't know *how* to do that, without hurting his feelings, or if I should at all. [more inside]
How is babby is formed, 1980s edition
"When a Mummy and a Daddy love each other very much..." is the default amusing quote for pretending to explain the facts of life to children. It is enough of a meme it must come from somewhere. But where? [more inside]
How do you define a sex addict?
A close friend and confidante of mine has started a new relationship, but she's questioning what's "normal" for sexual appetites. [more inside]
Boyfriend extremely pushy with sex
I have been seeing someone for 4 months. Quite a few times he was very pushy with having sex while I am sick or during period when I made it clear that I don't want to. He never actually crosses the line in forcing me to do it but I still feel weirded out. [more inside]
Navigating the tricky waters of an ever-changing dating status tide.
Dear Mefites, this is my first question! I'm excited to hear from the community i've been reading since forever. Here's an issue I'm facing that's bothering me: someone i'm seeing has a some-what change of heart/mind towards me in terms of how he envisions our future/potential. I've been confused from the beginning as it started sexually quickly, then to possibly serious, to suddenly somewhat possibly just casual now. Grateful if any of you could advise me on what you observe his character/behavior/mindset to be, from the descriptions that I will best try to relate. Please excuse the extremely long post. [more inside]
Are rebound relationships (and rebound sex) really often helpful?
Looking at the end of a significant LTR that's probably going to be crushing once I get over the shock. They say that the best way to get over someone is to get under someone else. I have no experience with this. Is it really often true? (they also say that low-fat deserts and education debt are good for you). [more inside]
Why might people want more sex in my writing? Why don't I?
I'm no prude. But I don't like writing sex scenes. I've been told on multiple occasions that my writing suffers from a lack of detail when it comes to getting it on. Are you a writer? Did you face a similar issue? How did you resolve it? [more inside]
How to talk about sexual dissatisfaction
My partner of twelve years is kind of selfish in bed, but also pretty sensitive about talking about it and hasn't taken any initiative after previous discussions. How should I approach this? Am I asking for too much? [more inside]
My 8 year relationship lacks passion... should we move on?
I am in my early 30s and have been in a loving relationship for over 8 years. We live together and our lives are very intermingled. But the passion is gone, and I am beginning to wonder whether we'd be better apart. [more inside]
How do I deal with this intimate relationship with my ex?
Today is the 1 year anniversary of my divorce. The ex, our child, and I just spent the weekend with his extended family, visiting them in another state. We laughed, played darts, had a great time. We have been doing many things together (volunteering, gardening, walking, watching shows, going out) over the last month or so. Today he broke up with his girlfriend, because, among other reasons, he and I spend so much time together. But there is a problem. [more inside]
a big ole bag of confusion, a possible engagement, and me
When faced with sexual confusion, mental health struggles, and a possible engagement, what is a guy to do? [more inside]
Name for science fiction writers ramping up sexual content?
There are numerous shorthand descriptions of various phenomena, like Rule 34 and Godwin's law and Sturgeon's law. Is there a shorthand term for the tendency of science fiction writers to ramp up sexual content over time? I know Heinlein did it over time. Niven did it in the Ringworld series. Simmons apparently did it. Now I find out that Herbert did it in the later Dune books. It seems to be a common phenomenon, but is there a specific name for it?
How can I communicate about intimacy issues?
I've been actively dating and having intimate encounters, but it's hard for me to address my sexual limitations and lack of experience with new partners. How to deal? [more inside]
How to meet guys while gay and trans
I am ftm trans and while I am not on hormones & have not had surgery, I still pass a decent amount of the time. Sometimes I get long, cruising looks from guys who I am sure are gay (on the street, in a mall). I have no idea how to move forward in these situations; porn is my entire frame of reference and I'm sure it's not that simple. How do guys meet guys in public? [more inside]
What's going on? How can we best enjoy sex?
We've been in a relationship for some time - I am 24 and she is 28 - but we only recently started having sex regularly because we used to live a distance from each other until we (finally!) moved in together. Both of us have physical challenges that seem to be making sex less enjoyable. [more inside]
boyfriend refuses to talk about sex
special snowflake details and lots of confusion within... [more inside]
I just want to hit my crotch until it starts working again
My partner just broke up with me, and I'm pretty sure it's because I have no desire to have sex. Can I be fixed? What do I do about us? [more inside]
First time woes...
Short version: I had sex for the first time with someone I thought I really liked, but it didn't quite go the way I expected it to and now I'm completely panicking about it. Long version inside. [more inside]
Sex-positive advice books on consent for prospective college kid
Asking for a friend: looking for recommendations for a book on relationships, sex, and consent that a 27-year-old brother can give to his 18-year-old sister before she leaves for university in September. [more inside]
How do I find out my boyfriend's secret desires?
I'm afraid of boring my boyfriend in bed. He's a decade older and has had quite a few relationships in his past. I can't imagine he's as vanilla as he professes to be--I'm willing to do ANYTHING, and he wants missionary every time. Does he view me as too innocent for anything else? [more inside]
Any recommendations for a good sex therapist in the SF East Bay?
I am looking for a good sex therapist in the SF Bay Area, preferably the east bay, as that's where I live. I need someone who identifies as female and is queer friendly. Bonus points for can talk from experience about lesbian sex. Also prefer someone who is very, very smart and who can handle the idiosyncrasies of PTSD-ish reactions. Thanks for your help!
Unprotected sex after second mirena insertion.
My doctor didn't know the answer to this, looked at me deadpan, and said "you can wait". Obviously. I'm just curious though, having immediately replaced one mirena with another, is there still the prerequisite seven day alternative contraceptive wait time?
Hands around my throat
My partner and I have discovered that he likes to choke me sometimes during sex and I like to be choked. How do we learn to do this safely? [more inside]
Monkey sexual politics documentary scene
A few years ago I watched a David Attenborough nature doc in which he narrated a scene that took place in an ancient, overgrown jungle temple. An alpha male monkey was surrounded by females, and a smaller, cheeky, male monkey waited nearby. A scene unfolds where a particular female waits for the right moment, calls the cheeky monkey over when the alpha isn't looking, and quickly mates with him, before he runs off into the jungle. What is this scene from? I would LOVE to find it again. Thanks.
My wonderful Mr. Right sucks in bed and I don't know how to tell him
I am in love with my wonderful boyfriend of 3 months. The only problem is that he doesn't seem to care that I am not having ANY orgasms with him, he's not into oral sex (the only thing that has worked for me in the past), he's not into foreplay, he barely kisses me, and he doesn't even realize that I'm unhappy because I am too wimpy and unassertive to voice a word of complaint. He's a very macho "alpha male" old-fashioned chivalrous type and I am afraid to emasculate him by giving him directions in the bedroom or telling him that I'm not satisfied. [more inside]
How do I meet men now?
I'm a straight, overweight but otherwise generally considered attractive, woman in her early 40's. I got out of a LTR a year and a half ago. I am more than ready to date, but having major problems finding anyone interested :( [more inside]
booking sex-related work as a woman
How does one navigate sex work or sexological bodywork as a female client in the United States? [more inside]
Preparing to leave marriage, how to deal with sex in meantime
I am in an abusive relationship. Not physical, but mental, emotional and verbal. I want to stress that there is no physical abuse. I am getting my ducks in a row & working on an exit strategy. It will be ugly when I leave, so I really need to have things in order when I do. Problem is - I haven't had sexual relations with my husband due to the fact that his treatment of me over the past year has repulsed me to the point that even the thought of it makes my skin crawl. [more inside]
The Feminist sexually active man- a reading list?
I'm making up my spring and summer reading list for a new project and I need books that look at the concepts of masculinity, dating and sex (for boys/men) written from a feminist perspective. Specifically, books that tackles the following subjects: Gender and sexuality spectrums, dating and relationships (anti Game stuff), teenage boy/young men psychology, parenting feminist boys, sex education, whatever, the whole deal. Ideally, I'd like more academic texts- but give me anything you like. Even things that you think are tangentially related or reading list links that you think might fall in line. Thanks!
How to find a compatible, welcoming kink environment?
After getting burned on our first try, we're trying to look at finding someplace to let our kink flag fly a bit more outside the bedroom. We could use some help/suggestions, though! [more inside]
How might my body be thwarting my libido?
I'm female, mid-twenties, and over the past 3-4 months have lost almost all interest in sex. What might be going wrong? [more inside]
Absolutely no sex drive what to do?
I have trouble wanting to have sex. Considering that we just got married 1 year ago this is really a problem for my relationship. Did this happen to you and how did you fix it? I am overweight with like 30 pounds extra so obviously loosing the 30 pounds would help I think I also take birth control- sprintec now- but was put on loestrin maybe that will help better. I don't know what else to do. What helped you? Thanks
How do I communicate better when I'm about to, erm, get my freak on?
Exactly as it says on the tin. How do, without faking it, I be more upfront about my dating/sexual inexperience with my potential partners, and when? [more inside]
Sex Therapy Books or other resources
My wife told me last night that she has lost interest in sex. We'd like to go see a couples sex therapist, but that's not something we can afford at the moment. Until that changes, can you recommend books or online resources that might be able to help us?
Big difference in age/experience on a first date and if something more.
So I am a 34 male and I knowingly asked a 19-20-21-ish-year-old on a coffee date. I mentioned the age difference to her when I did so. She said, "Sure." If we go on more dates after this date and/or become physically intimate, how can I minimize the chance that she will retrospectively feel preyed upon or taken advantage of in X years? [more inside]
Low on $$, need help deciding on doing nude photography...
I've been unemployed for some time, receiving unemployment, savings dwindling. I got a seemingly lucrative offer to model for nude, specificly fetish-art modeling pics, and need help deciding whether to take it. [more inside]
Sensual Songs
Tell me about some songs that are sensual in the way that "Take Me to Church" is, but aren't overtly, explicitly sexual the way that "Do Me!" or "Let's Get It On" are. [more inside]
Help me want to have sex
Mid 30s heterosexual man wanting to learn how to desire and enjoy sex with a partner (not masturbation). While I have a healthy libido/masturbate regularly/etc, I have little emotional interest in having actual sex. Let me first say that I understand therapy is likely needed, but I would very much appreciate feedback beyond go see a therapist. Throwaway email: email@example.com [more inside]
How can I (male) delay orgasm?
I'm a mid-40s male and my entire life I've been a hair-trigger. Not a premature orgasm, but over very fast. Google-fu came up with scams and creams, but is there any way to fix this? [more inside]
My husband will not have sex with me. Can I hear it from the men?
I have been married for 8 years. We have one son, he is 6. I would love to give him a sibling, but it is very hard to get my husband interested in sex. Apart from the procreative goal, it is very lonely and hurtful living with someone who to all intents and purposes does not find me attractive. I am slim, reasonably fit and look good for my age (late thirties-he is a few years older). He is otherwise loving and affectionate. What do you men say? Why would you go off your own wife sexually? [more inside]
Redirecting sexual energy
I have a healthy sexual appetite, but can't have sex right now. What do I do with all of this energy in the meantime? [more inside]
Help me fulfill my partner's fantasy in the most creative ways possible
NSFW. My SO recently confessed a sexual fantasy of his which requires some advance brainstorming on my part, as it centers around a sexy game. Any suggestions are much appreciated! [more inside]
Great connection, terrible sex
I asked a friend on a date recently. The date went really, really well, until we tried to have sex. Now I'm not sure if I should try again, or see if I can get out and save the friendship. [more inside]
Is my marriage so unusual?
The other night I asked my husband if he is happy and, after about 30 minutes of thoughtful consideration, he said he feels the concept of a long happy marriage is overrated and that he "isn't not happy." He is satisfied. [more inside]
Can tantra be therapeutic?
I've been seeing a therapist for a while for various reasons, including coming to terms with rape and a generally traumatic sexual history. My issues with sex have basically made any relationships impossible and at this point I've been single and celibate for five years. I would like to change this - or at least to feel like I have the ability to have a fulfilling sexual life if I want to. My therapist has suggested that I look into tantra and has recommended a practitioner for one-on-one work and also an organization that runs weekend courses for groups. Is this legit and/or a good idea? [more inside]
Sex Anxiety Ruining Dating
How do I - healthy 20-something male - have a normal dating life when my libido seems to wax and wane? [more inside]
Help me blow him away...
I'm no stranger to blow jobs, and I'm not bad at them by far, but I still want to know: what is the move that blows you/your partner's mind out of the water?
Is there a safe way to make lube smell better?
So, I ordered some lube online (Please Cream) and while it works fine, it doesn't smell the best. Is there anything I can add to it to make it smell better? [more inside]
Promiscuous Male Artists
Can you give me examples of male visual artists who are and were known for their gratuitous sexual behavior? Sexuality doesn't matter, and neither does period or style. I'm very curious. Thank you.


text:
Check in from 15h / Check out prior to 12h
Hampton Inn & Suites Bay City: Find photos, reviews, information, amenities and compare prices for 2 stars hotels in Bay City, United States.
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text:
The Curriculum
The Smith faculty have approved a list of essential capacities that should guide your education during your time at Smith. Because reflection is an essential part of a true liberal arts education, Smith will ask you to consider your development through experiences both in and beyond the classroom.
Throughout your time at Smith, you will be encouraged to reflect on your progress in each of the following areas and to identify opportunities for further growth.
Develop the ability to think critically and analytically and to convey knowledge and understanding, which require
- writing clearly
- speaking articulately
- reading closely
- evaluating and presenting evidence accurately
- knowing and using quantitative skills
- applying scientific reasoning
- engaging with artistic creation and expression
- working both independently and collaboratively
Develop a historical and comparative perspective, which requires
- learning foreign languages
- studying the historical development of societies,
cultures, and philosophies
- understanding multi- and inter-disciplinary
Become an informed global citizen, which requires
- engaging with communities beyond Smith
- learning tolerance and understanding diversity
- applying moral reasoning to ethical problems
- understanding environmental challenges
Seven Major Fields of Knowledge
Each discipline within the liberal arts framework offers students a valid perspective on the world's past, present and future. Therefore, we recommend that students pursue studies in each of the following fields.
- Literature, either in English or in some other language, because it is a crucial form of expression, contributes to our understanding of human experience and plays a central role in the development of culture;
- Historical studies, either in history or in historically oriented courses in art, music, religion, philosophy and theatre, because they provide a perspective on the development of human society and culture and free us from the parochialism of the present;
- Social science, because it offers a systematic and critical inquiry into human nature, social institutions and human relationships;
- Natural science, because of its methods, its contribution to our understanding of the world around us and its significance in modern culture;
- Mathematics and analytic philosophy, because they foster an understanding of the nature and use of formal, rational thought;
- The arts, because they constitute the media through which people have sought, through the ages, to express their deepest feelings and values;
- A foreign language, because it frees one from the limits of one's own tongue, provides access to another culture and makes possible communication outside one's own society.
We further recommend that students take performance courses offered in exercise and sport studies, because they provide opportunities for recreation, health and the development of skills for the complete person.
Latin Honors
Students who wish to become eligible for Latin Honors at graduation or who wish to have Liberal Arts Commendation indicated on their transcripts must elect at least one course (normally four credits) in each of the seven major fields of knowledge.


text:
NXT 11 14 14 download free id:8n4B full version
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12/12/2014 All rights belong to the WWE Entertainment Company Strictly for entertainment usage only.- Thanks to Tara for the following WWE NXT spoilers from tonight's tapings at Full Sail University: 11/13/2014 episode: * Finn Balor kicks off the show to a huge pop.12/14/2011 Property of World Wrestling Entertainment. I claim no ownership.11/15/2012 NXT's 2nd Match Of The Night: WWE NXT 1/16/13: International Airstrike vs Damien Sandown and Antonio Cesaro Highlights! by southboi04Sami Zayn wins the NXT Title, Kevin Owens debuts, recap of the 12/11/14 WWE NXT Takeover: R Evolution live special on the WWE Network from Full Sail University.WWE NXT is the professional wrestling developmental branch for WWE, based in Winter Park, Florida. From its inception in August 2012 to June 2013, it was a distinct ...Adrian Neville looks to win back the NXT Championship from Sami Zayn.Watch WWE NXT video highlights for Jan. 14, 2015. NXT Champion Sami Zayn defends against Adrian Neville. Tyson Kidd battles Finn Bálor. Baron Corbin fights Bull Dempsey.LEGO Mindstorms NXT is a programmable robotics kit released by LEGO in late July 2006. It replaced the first-generation LEGO Mindstorms kit, which was called the ...
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text:
Irreversible investment and R&D spillovers in a dynamic duopoly
Investments in new production processes usually involve a significant amount of R&D, generating spillovers that lowers the second comer's investment cost. We show that these spillovers substantially affect the equilibrium of the dynamic game. Even for low spillover values, the leader delays her investment until the stochastic fundamental has gone past the level such that the follower's optimal strategy is to invest as soon as he attains the spillover. This bears several interesting implications. First, because the follower invests as he benefits from the spillover, in equilibrium the average time delay between the two investments is short, as it should be expected. Second, in case of a major innovation, an optimal public policy requires an intervention in favor of the investment activity; an increase in uncertainty - delaying the equilibrium - calls for higher subsidization rates. Third, numerical simulations show that the spillover reduces the difference between the leader's and the follower's maximum value functions. Accordingly, our model can help generate realistic market betas.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
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Volume (Year): 35 (2011)
Issue (Month): 7 (July)
Pages: 1061-1090
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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2001-95, Tilburg University, Center for Economic Research.
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DISCE - Quaderni dell'Istituto di Teoria Economica e Metodi Quantitativi
itemq0955, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
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- Grenadier, Steven R. & Weiss, Allen M., 1997. "Investment in technological innovations: An option pricing approach," Journal of Financial Economics, Elsevier, vol. 44(3), pages 397-416, June.
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UC3M Working papers. Economics
we023213, Universidad Carlos III de Madrid. Departamento de Economía.
- Ornaghi, Carmine, 2006. "Spillovers in product and process innovation: Evidence from manufacturing firms," International Journal of Industrial Organization, Elsevier, vol. 24(2), pages 349-380, March.
- Murto, Pauli, 2007. "Timing of investment under technological and revenue-related uncertainties," Journal of Economic Dynamics and Control, Elsevier, vol. 31(5), pages 1473-1497, May.
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352-248-0218- Did this number call you? If yes, leave your comment/complaint below.
Phone number: 352-248-0218 is located in Gainesville, Florida.
Its exchange 248 is managed by ITC DELTA COM - FL.
The number is currently on switch number OCALFLDBDS1.
Around 33% of people reported it as "Unknown".
You are the 13th person to search for it here.The number has a total of 9 complaints filed against it.
Latest people reported the number as that of "U.S. Government (according to caller ID), US Government"
- Where to complain
- Check caller's name/address
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calls several times a week, I do not answer since they present them selves as "private caller" and if you do not identify yourself, you have something to hide...and I don't want to talk with you !!
Called several times in a short amount of time. Hung up after three rings. Left no message.
I have received 5 calls today from this #. Since the calls are coming in on a line I don't use I haven't answered them.
Poll asking if I'm a registered voter to ask me questions about our fl government
This number called six times in a row. The government would not call six times in a row, incessantly. I am on the "Do Not Call List"; why aren't they stopped?
called at 6:29 pm, Aug 8; no one home; left no message on answering machine.
called and left no message . called back 5 minutes later and I answered its a recording about our government. caller id says anonymous. waist of my time


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What could be more fun than a Tiki Ukulele? Kolohe (the mischievous rascal) has turned the world upside down with these ukuleles. The completely amazing Tiki bridge is just the start. The Kohala Tiki ... Click To Read More About This Product
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I don't have any prior experience with a uke, just guitars and bass in the past. That being said, I was playing tunes acceptably well inside of an hour. This instrument is geared for beginners, extremely portable, and the added tuner and literature are a nice touch. For the price, one could do far worse!
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- 02-17-2013, 12:46 PM Thread Author #1
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Step By Step Backup and Restore Instructions for Factory Reset
We keep hearing that factory resets are what cures everything, but I have yet to see any step by step instructions for non-rooted users on how best to back up everything on your phone in order to make a factory reset as painless as possible.
I've been struggling with freezes since upgrading to 4.1 and want to factory reset, but not if it's going to take hours to restore my phone to its previous state.
- Posts
- 5,469 Posts
- Global Posts
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Re: Step By Step Backup and Restore Instructions for Factory Reset
No way. Apps will restore but not settings & that's what takes hours. Some apps allow you to backup settings but then you'll need to copy those folders to a computer or sd card then back again in order to restore the settings.... Which might be part of the problem so you really are better off starting from scratch after all.
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