Allurion Technologies Inc (ALUR) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is John, and I will be our conference operator today. At this time, I would like to welcome everyone to the Allurion third quarter earnings call. (Operator Instructions)

謝謝你的支持。我叫約翰，今天我將擔任我們的會議操作員。此時此刻，我歡迎大家參加 Allurion 第三季財報電話會議。（操作員說明）

I would now like to turn the call over to Mike Cavanaugh, Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係部的 Mike Cavanaugh。請繼續。

Good morning, and thank you all for joining us today. Earlier today, Allurion Technologies Incorporated issued a press release announcing financial results for the quarter ended September 30, 2024, as well as a review of the company's recent business highlights. You can access a copy of the announcement on the company's website at www.investors.allurion.com.

早安，感謝大家今天加入我們。今天早些時候，Allurion Technologies Incorporated 發布新聞稿，宣布截至 2024 年 9 月 30 日的季度財務業績，並回顧了該公司近期的業務亮點。您可以在公司網站 www.investors.allurion.com 上存取該公告的副本。

With me on the call today are Shantanu Gaur, Founder and Chief Executive Officer; Brian Conyer, Vice President of Digital Health; Adrian Wild, Senior Vice President, International Commercial; and Chris Geberth, Chief Financial Officer.

今天與我一起參加電話會議的是創辦人兼執行長 Shantanu Gaur； Brian Conyer，數位健康副總裁； Adrian Wild，國際商務資深副總裁；和財務長 Chris Geberth。

Before we begin, I'd like to inform you that comments mentioned on today's call contain forward-looking statements within the meaning of federal securities laws, including but not limited to the financial outlook for 2024, and our expectations regarding profitability in the future, the market and demand for our products and elective procedures, the impact of cost reduction initiatives on cash burn and runway, the ability to compete with GLP-1 drugs or use of the Allurion program in combination with GLP-1 drugs, timing and expectations regarding our ongoing clinical trials and expectations regarding our ability to launch our products in new markets and growth and procedure volumes.

在我們開始之前，我想通知您，今天電話會議中提到的評論包含聯邦證券法含義內的前瞻性陳述，包括但不限於 2024 年的財務前景以及我們對未來盈利能力的預期，我們的產品和選擇性手術的市場和需求、成本削減措施對現金消耗和跑道的影響、與GLP-1 藥物競爭的能力或與GLP-1 藥物結合使用Allurion 計劃、時機和期望我們正在進行的臨床試驗以及對我們在新市場推出產品的能力以及成長和手術量的期望。

Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are described in detail in our Securities and Exchange Commission filings, including our most recent 10-K filed on March 26, 2024. Our SEC filings can be found through our company website at investors.allurion.com or on the SEC's website. Investors are cautioned not to place undue reliance on such forward-looking statements and Allurion undertakes no obligation to publicly update or release any revisions to these forward-looking statements.

由於某些風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。這些風險和不確定性在我們向美國證券交易委員會提交的文件中進行了詳細描述，包括我們於 2024 年 3 月 26 日提交的最新 10-K 文件。我們的 SEC 備案文件可透過本公司網站 Investors.allurion.com 或 SEC 網站找到。請投資人不要過度依賴此類前瞻性陳述，Allurion 不承擔公開更新或發布對這些前瞻性陳述的任何修訂的義務。

Please note that this conference call is being recorded and will be available for audio replay on our website at allurion.com under the Events & Presentation section on our Investor Relations page shortly after the conclusion of this call. Today's press release and supplementary financial data tables have been published to our website.

請注意，本次電話會議正在錄音，並將在本次電話會議結束後不久在我們的網站 allurion.com 投資者關係頁面的「活動和演示」部分進行音訊重播。今天的新聞稿和補充財務數據表已發佈到我們的網站上。

And with that, I'll turn the call over to Shantanu.

然後，我會將電話轉給尚塔努。

Good morning, and, as always, thank you for joining us today. While we've had a challenging year financially, I have clarity and excitement about the path forward we are announcing today, composed of five tangible levers for Allurion to maximize shareholder value given our products, our team, and the massive opportunity in weight loss, which we have not truly capitalized on to date. We will also discuss the success of our AI product, which I've only touched on in the past, but believe can have a significant impact for shareholders in 2025. You will also hear us talk about a more efficient commercial strategy for our Balloon business, both globally and in preparation for the US market given our AUDACITY trial readout slated for the end of this year.

早安，一如既往，感謝您今天加入我們。雖然我們在財務上度過了充滿挑戰的一年，但我對我們今天宣布的前進道路感到清晰和興奮，該道路由Allurion 的五個有形槓桿組成，以最大限度地提高股東價值，考慮到我們的產品、我們的團隊以及減肥方面的巨大機會，迄今為止我們還沒有真正利用這一點。我們還將討論我們的人工智慧產品的成功，我過去只談到過該產品，但相信它可以在 2025 年對股東產生重大影響。鑑於我們定於今年年底發布的 AUDACITY 試驗結果，您還將聽到我們談論我們的氣球業務在全球範圍內以及為美國市場做準備的更有效的商業策略。

I have deep conviction that our Balloon platform works very well as we have ever-increasing data that demonstrates its effectiveness and we have a plan now to realize its full potential. First, let's discuss financials. Third quarter revenue was $5.4 million, which includes a reduction to revenue of $1.2 million for product recalled during the third quarter that was sold in France in prior quarters. Our performance this quarter was adversely affected by the suspension of the Allurion Balloon in France, macro headwinds in certain markets, and the launch of compounded and in some cases counterfeit GLP-1 drugs in the UK. In addition, while no similar action has been taken by any other regulatory authority outside of France, we believe we did incur some temporary disruption in other markets as patients and providers became aware of the actions taken in France.

我堅信我們的 Balloon 平台運作良好，因為我們有越來越多的數據證明其有效性，我們現在有一個計劃來充分發揮其潛力。首先，我們來討論一下財務問題。第三季營收為 540 萬美元，其中包括因第三季召回的前幾季在法國銷售的產品而導致收入減少 120 萬美元。我們本季的業績受到法國 Allurion Balloon 的暫停、某些市場的宏觀逆風以及英國推出複方藥物（有時是假冒 GLP-1 藥物）的不利影響。此外，雖然法國以外的任何其他監管機構都沒有採取類似的行動，但我們相信，隨著患者和醫療服務提供者意識到法國採取的行動，我們確實在其他市場造成了一些暫時的干擾。

In the third quarter, we worked with ANSM on a remediation plan which we completed in October. We remain optimistic about resuming commercialization in France as soon as possible. We had certain areas of strength in the third quarter, particularly in the Middle East where procedure volumes grew by 20% compared to last year and growth in parts of Latin America that appear to be recovering from a macroeconomic standpoint. We believe that what is occurring now in the Middle East, approximately one year after the introduction of GLP-1 drugs is driven in part by patients who have tried GLP-1s, churned off and returned to their doctors for a second line therapy like the Allurion program. We believe that we may see a similar phenomenon play out in other markets in the future, lending more credence to our belief that GLP-1s may be a short-term headwind, but a long-term tailwind for Allurion.

第三季度，我們與 ANSM 合作制定了一項修復計劃，並於 10 月完成。我們對盡快恢復在法國的商業化仍持樂觀態度。第三季我們在某些​​領域擁有優勢，特別是在中東，其手術量與去年相比成長了 20%，而從宏觀經濟角度來看，拉丁美洲部分地區的成長似乎正在復甦。我們認為，在引入 GLP-1 藥物大約一年後，中東目前正在發生的情況部分是由嘗試過 GLP-1 的患者驅動的，他們放棄了並返回醫生那裡接受二線治療，例如奧魯里昂計劃。我們相信，未來其他市場可能會出現類似的現象，這更加堅定了我們的信念，即 GLP-1 可能是短期的逆風，但對 Allurion 來說卻是長期的順風。

One of the most exciting things I have to announce today for the first time is that we have seen significant growth in recurring revenue from our AI native platform, the Allurion Virtual Care Suite, or VCS, for a third quarter in a row. This business line is led by Brian Conyer. And I will pass it over to him to provide further details.

我今天必須首次宣布的最令人興奮的事情之一是，我們的 AI 原生平台 Allurion 虛擬護理套件 (VCS) 的經常性收入連續第三季顯著增長。該業務線由 Brian Conyer 領導。我會將其轉交給他以提供更多詳細資訊。

Thanks, Shantanu. I've been with Allurion for almost a year now and have a track record as a digital health entrepreneur. I've always looked at Allurion's rich dataset and global footprint as right for digital product lines. We've been very quiet about our AI products until we add traction, but it's clear to me now that our digital business could be a driver of value for shareholders. Our AI product revenues have grown more than 80% year-over-year, despite having invested minimal resources into the team thus far.

謝謝，山塔努。我已經在 Allurion 工作了近一年，並且擁有作為數位健康企業家的記錄。我一直認為 Allurion 豐富的資料集和全球足跡非常適合數位產品線。在我們增加吸引力之前，我們對我們的人工智慧產品一直非常安靜，但現在我很清楚，我們的數位業務可以成為股東價值的驅動力。儘管迄今為止向團隊投入的資源很少，但我們的人工智慧產品收入年增了 80% 以上。

We're on track to double revenues from our AI products by year end. This growth was driven by expansion in the United States. We reonboarded our first patients who are taking GLP-1s and in Europe where we're seeing growth in GLP-1 prescribing and a growing need for remote patient monitoring and 24/7 coaching. With revenues increasing at this pace, we believe we can expand this business further in 2025 and plan on testing Coach Iris, our verticalized conversational AI agent for weight loss in different use cases in the coming months, including for patients seeking GLP-1s as a first line option.

到年底，我們的人工智慧產品收入可望翻倍。這一增長是由美國的擴張所推動的。我們重新接納了第一批正在服用 GLP-1 的患者，在歐洲，我們看到 GLP-1 處方的增長以及對遠端患者監測和 24/7 輔導的需求不斷增長。隨著收入以這種速度增長，我們相信我們可以在2025 年進一步擴展這項業務，併計劃在未來幾個月內測試Coach Iris，這是我們的垂直對話式AI 代理，用於在不同用例中進行減肥，包括尋求GLP-1 作為減肥藥物的患者第一行選項。

I look forward to exploring these exciting use cases in the near future, and I'll now turn the call back over to Shantanu.

我期待在不久的將來探索這些令人興奮的用例，現在我將把電話轉回給 Shantanu。

Thanks, Brian. Our performance in the third quarter calls for a decisive and clear strategy for 2025 to maximize value for shareholders. Our new plan is built around five pillars. Number one, a new commercial plan focused on deeper penetration in a smaller footprint, direct markets and business to business to consumer, or B2B2C marketing versus direct to consumer or D2C marketing. Number two, scaling our now proven AI product platform through a variety of business models. Number three, gaining FDA approval for the Allurion Balloon and preparing for US launch. Number four, achieving profitability for the US business by the end of 2025. And number five, resuming commercialization in France.

謝謝，布萊恩。我們第三季的業績要求我們為 2025 年制定果斷而明確的策略，以實現股東價值最大化。我們的新計劃圍繞著五個支柱構建。第一，新的商業計劃專注於在較小的足跡、直接市場和企業對企業對消費者或 B2B2C 行銷中更深層的滲透，而不是直接對消費者或 D2C 行銷。第二，透過各種商業模式擴展我們現已過驗證的人工智慧產品平台。第三，Allurion 氣球獲得 FDA 批准並準備在美國發射。第四，到 2025 年底美國業務獲利。第五，在法國恢復商業化。

While macro headwinds and other pressures outside of our control remain a reality, what we can control is the execution of our new plan. Before I expand on certain aspects of the new plan, I think it's helpful to reflect on the commercial strategy that we have employed historically and how I see it changing. In 2021, we shifted our marketing strategy to be more heavily reliant on DTC advertising primarily through online channels. While this strategy stimulated strong top line growth initially with the rise of telehealth companies offering GLP-1s, these DTC channels became more crowded and less efficient. This year we dialed back our spending in DTC.

雖然宏觀阻力和其他我們無法控制的壓力仍然是現實，但我們可以控制的是新計劃的執行。在詳細闡述新計劃的某些方面之前，我認為反思我們歷史上採用的商業策略以及我如何看待它的變化是有幫助的。2021 年，我們調整了行銷策略，更加依賴主要透過線上管道進行的 DTC 廣告。雖然這項策略最初隨著提供 GLP-1 的遠距醫療公司的興起刺激了強勁的營收成長，但這些 DTC 管道變得更加擁擠且效率較低。今年我們縮減了 DTC 支出。

In the third quarter, our DTC marketing spend reduced by 77% compared to the prior year, but procedure volumes still increased by 2%, indicating that the demand lost to the drop in DTC was being replaced at least in part by organic growth. Our performance in the third quarter underscores that in order to return to growth in 2025, we need to deploy a strategy even less reliant on DTC with a team well-versed in more sustainable and profitable B2B2C strategies.

第三季度，我們的 DTC 行銷支出比去年同期減少了 77%，但手術量仍增加了 2%，這表明因 DTC 下降而損失的需求至少部分被有機成長所取代。我們第三季的業績強調，為了在 2025 年恢復成長，我們需要部署一種更少依賴 DTC 的策略，並擁有一支精通更具永續性和獲利能力的 B2B2C 策略的團隊。

Our new commercial strategy will be led by Adrian Wild, Senior Vice President of International Commercial. I'll now hand the call over to him to provide further details on the strategy.

我們的新商業策略將由國際商務資深副總裁 Adrian Wild 領導。我現在將把電話轉給他，以提供有關該策略的更多細節。

Thanks, Shantanu. I'm excited to be leading Allurion's commercial efforts at this pivotal moment. Our new strategy is inspired by the successful approaches taken by other cash pay medical devices, especially Invisalign, where I oversaw expansion in overseas markets for over a decade and achieved significant growth in a profitable manner. This new strategy involves three major shifts in our commercial approach. First, we are retooling our sales team from top to bottom with individuals who are experienced in deploying sustainable and profitable B2B2C strategies.

謝謝，山塔努。我很高興能夠在這個關鍵時刻領導 Allurion 的商業工作。我們的新策略受到了其他現金支付醫療設備（尤其是Invisalign 隱適美）所採取的成功方法的啟發，十多年來，我負責監督海外市場的擴張，並以盈利的方式實現了顯著增長。這項新策略涉及我們商業方法的三個重大轉變。首先，我們正在自上而下重組我們的銷售團隊，招募在部署可持續和盈利的 B2B2C 策略方面經驗豐富的人員。

We have already mapped the profiles and skill sets we need in our commercial team and implemented a plan to ensure we have the right talent in each role. Second, we will focus on going deep rather than wide. This will entail a number of changes, including that we exit less profitable markets and doubled down in markets with high potential. Deploy a consultative sales approach that is focused on growing account productivity and increase our focus on core channels including bariatrics where we have built strong relationships in the past decade. Third, we are deploying rigorous sales management processes throughout the commercial organization related to account planning, execution and forecasting.

我們已經制定了商業團隊所需的個人資料和技能組合，並實施了一項計劃，以確保我們在每個職位上都有合適的人才。其次，我們將注重深入而不是廣泛。這將帶來一系列變化，包括我們退出利潤較低的市場，並在潛力較大的市場加倍投入。部署專注於提高客戶生產力的諮詢式銷售方法，並加強對核心管道的關注，包括過去十年中我們在減肥治療方面建立了牢固關係的管道。第三，我們正在整個商業組織中部署與客戶規劃、執行和預測相關的嚴格銷售管理流程。

We believe this will enable us to make more informed decisions, ensure that our commercial efforts are yielding the desired outcomes and more reliable forecast for the business. We have already begun to pilot several of these approaches this quarter and are seeing positive traction. I look forward to expanding this strategy globally in the near future.

我們相信，這將使我們能夠做出更明智的決策，確保我們的商業努力產生預期的結果和更可靠的業務預測。本季我們已經開始試用其中幾種方法，並看到了積極的推動力。我期待在不久的將來在全球推廣這項策略。

With that, I will turn the call back over to Shantanu.

這樣，我會將電話轉回給尚塔努。

Thanks, Adrian. As we implement these changes, our goal is to create a resized and more focused sales team that can return us to growth. Given the depth and breadth of the changes we are making, we expect it to take several quarters to fully realize the many benefits that will come from it with some short-term disruption as the changes are implemented. As a result, we expect 2024 revenue to be in the range of $30 million to $35 million and procedure volume to be flat compared to 2023.

謝謝，阿德里安。當我們實施這些變革時，我們的目標是創造一支規模調整後、更專注的銷售團隊，幫助我們恢復成長。考慮到我們正在做出的變革的深度和廣度，我們預計需要幾個季度的時間才能充分實現其帶來的諸多好處，並在實施變革時帶來一些短期幹擾。因此，我們預計 2024 年的收入將在 3,000 萬至 3,500 萬美元之間，手術量與 2023 年持平。

In addition to the changes we are making in the commercial team, we have also strategically streamlined our operational structure, which we believe will result in a significantly lower cost base and allow us to focus on a narrow list of high impact initiatives, bolster profitability and decrease cash burn.

除了我們在商業團隊中所做的改變之外，我們還策略性地簡化了我們的營運結構，我們相信這將顯著降低成本基礎，並使我們能夠專注於少數高影響力舉措，提高盈利能力和減少現金消耗。

Through this restructuring, we have reduced our global headcount by approximately half and consolidated functions under centralized leadership. Taken together, we expect these changes to result in a reduction in operating expenses of approximately 50% in 2025. We have strong conviction that the combination of the change in commercial strategy and more streamlined operating structure is the right move for our business over the long term.

透過這次重組，我們將全球員工人數減少了約一半，並在集中領導下整合了職能。總的來說，我們預計這些變化將導致 2025 年營運費用減少約 50%。我們堅信，商業策略的變化和更精簡的營運結構相結合對於我們的業務長期而言是正確的舉措。

Turning to our FDA pathway, we are very pleased to share that the last patient has exited the AUDACITY trial, putting us on track for data readout at the end of the year. I'm also very proud of our team for achieving another critical milestone in October when we submitted the first three modules for our premarket approval application or PMA to the FDA.

談到我們的 FDA 途徑，我們非常高興地告訴大家，最後一位患者已經退出 AUDACITY 試驗，這使我們預計在年底讀出數據。我也為我們的團隊感到非常自豪，他們在 10 月實現了另一個重要里程碑，當時我們向 FDA 提交了上市前批准申請或 PMA 的前三個模組。

In a modular PMA application, the FDA allows applicants to submit discreet sections of the application for review to improve the efficiency of the process. We expect to submit the fourth and final module of the PMA containing the clinical data for the AUDACITY trial early next year. We believe that if approved by FDA, the Allurion Balloon can capitalize on the massive opportunity in the United States that has been created by the availability of GLP-1 drugs.

在模組化 PMA 申請中，FDA 允許申請人提交申請的謹慎部分以供審查，以提高流程的效率。我們預計將於明年初提交 PMA 的第四個也是最後一個模組，其中包含 AUDACITY 試驗的臨床數據。我們相信，如果獲得 FDA 批准，Allurion Balloon 可以利用 GLP-1 藥物在美國創造的巨大機會。

In addition to the data we have published on the benefits of combining the Allurion Balloon with GLP-1s, we believe there's an even bigger opportunity for the Allurion Balloon as a second line treatment after GLP-1 discontinuation. In a recent study by Prime Therapeutics, a PBM, only 25% of patients who started either Wegovy or Ozempic remained on it two years later, and healthcare costs for patients taking GLP-1s actually increased over this 2-year period.

除了我們發布的關於 Allurion 球囊與 GLP-1 結合的益處的數據外，我們相信 Allurion 球囊作為 GLP-1 停藥後的二線治療有更大的機會。在Prime Therapeutics（一家PBM）最近的一項研究中，只有25% 開始使用Wegovy 或Ozempic 的患者在兩年後仍繼續使用該藥物，而服用GLP-1 的患者的醫療費用在這兩年期間實際上有所增加。

We believe that the Allurion Balloon can be a highly attractive therapeutic alternative for the millions of people in the United States who are trying GLP-1s, churning off and then regaining their weight. Before I turn the call over to Chris, I want to touch on the impressive data that has been published or presented recently on the Allurion Balloon. In August, we announced the publication of a study in 486 patients showing that with ongoing virtual guidance and support through the VCS, patients can actually continue to lose weight even after the Allurion Balloon passes.

我們相信，對於美國數以百萬計正在嘗試 GLP-1、減掉體重然後又恢復體重的人來說，Allurion 氣球可以成為一種極具吸引力的治療替代方案。在將電話轉給 Chris 之前，我想談談最近在 Allurion 氣球上發布或展示的令人印象深刻的數據。8 月，我們宣布發表了一項針對 486 名患者的研究，顯示透過 VCS 進行持續的虛擬指導和支持，即使在 Allurion 氣球通過後，患者實際上也可以繼續減肥。

In September, we announced the publication of three studies that underscore the advantages of the Allurion program over other therapies and areas in which we could potentially expand our indication, including, first, a study in 91 adolescents who achieved a 13% weight reduction without any serious adverse events. Second, a meta-analysis of 11 studies in 2,107 patients reporting an average weight reduction of 12.5% and significant improvements in comorbidities.

9 月，我們宣布發表三項研究，強調了Allurion 計劃相對於其他療法的優勢以及我們可能擴大適應症的領域，其中首先包括一項針對91 名青少年的研究，他們在沒有任何治療的情況下實現了13% 的體重減輕。其次，針對 2,107 名患者的 11 項研究進行的統合分析顯示，平均體重減輕了 12.5%，並存疾病顯著改善。

And third, a study in 167 patients showing a 15.7% weight reduction after just four months, 94% weight maintenance at one year and no significant change in muscle mass. Recently, at the Obesity Society's annual conference, we presented the largest-ever real-world experience of 19,428 patients treated with the Allurion program across 72 countries.

第三，一項針對 167 名患者進行的研究顯示，僅僅四個月後體重就減輕了 15.7%，一年後體重維持了 94%，並且肌肉質量沒有顯著變化。最近，在肥胖協會的年度會議上，我們展示了 72 個國家/地區 19,428 名患者接受 Allurion 計畫治療的有史以來最大規模的真實經驗。

In this real-world experience, patients lost an average of 12.2% of their total body weight in just four months with remarkable consistency across geographies. We now have 26 peer-reviewed journal publications that collectively validate the safety and efficacy of the Allurion program. Very simply, our program works, and I am more bullish than ever on the role the Allurion program can play in a dynamic and rapidly growing obesity market.

在這個真實世界的經歷中，患者在短短四個月內平均減輕了 12.2% 的體重，並且在各個地區的情況都非常一致。我們現在擁有 26 篇經過同行評審的期刊出版物，這些出版物共同驗證了 Allurion 計劃的安全性和有效性。很簡單，我們的計劃有效，而且我比以往任何時候都更加看好 Allurion 計劃在充滿活力且快速增長的肥胖市場中所發揮的作用。

I will now turn the call over to Chris Geberth, our Chief Financial Officer. Chris?

我現在將把電話轉給我們的財務長 Chris Geberth。克里斯？

Thank you, Shantanu. Our revenue for the third quarter of 2024 was $5.4 million compared to $18.2 million for the same period in 2023. The year-over-year decrease in revenue reflected destocking, macroeconomic headwinds in certain markets, leading to lower reorder rates during the period, the temporary suspension of sales in France and the resulting reduction to revenue in the period for product recalled in the third quarter of 2024 and reductions in sales to certain accounts to manage credit risk.

謝謝你，山塔努。我們 2024 年第三季的營收為 540 萬美元，而 2023 年同期為 1,820 萬美元。收入同比下降反映了去庫存、某些市場的宏觀經濟逆風導致期內再訂購率下降、法國暫時停止銷售以及第三季度產品召回導致期間收入減少2024 年，並減少對某些賬戶的銷售以管理信用風險。

Gross profit for the third quarter was 58% compared to 77% for the same period in 2023, negatively impacted by the reduction to revenue in the period related to the product recalls in France and lower production volumes, which resulted in less manufacturing, labor and overhead being absorbed into inventory costs. We expect gross profit to expand in the fourth quarter with the product recall in France now complete.

第三季的毛利為 58%，而 2023 年同期為 77%，受到與法國產品召回相關的期間收入減少和產量下降的負面影響，導致製造、勞動力和生產成本減少。成本中。隨著法國產品召回現已完成，我們預計第四季毛利將擴大。

Sales and marketing expenses of $5.2 million decreased by $8.8 million or 63% for the quarter, driven largely by increased operating efficiency, reduced DTC marketing and our cost reduction initiatives implemented in the fourth quarter of 2023. Research and development expenses decreased by $4 million to $3.2 million in the quarter, driven by reduced costs related to our FDA AUDACITY trial. General and administrative expenses of $7 million decreased by $11.9 million, driven by $10 million of transaction-related expenses and stock-based compensation expense related to the business combination with Compute Health recognized in the third quarter of 2023 and less bad debt expense recognized in the third quarter of 2024 compared to the third quarter of 2023.

本季銷售和行銷費用為 520 萬美元，減少了 880 萬美元，即 63%，這主要是由於營運效率提高、DTC 行銷減少以及我們在 2023 年第四季度實施的成本削減計劃。由於 FDA AUDACITY 試驗相關成本降低，本季研發費用減少了 400 萬美元，至 320 萬美元。一般和管理費用為700 萬美元，減少了1,190 萬美元，原因是2023 年第三季確認的1,000 萬美元的交易相關費用和與Compute Health 業務合併相關的股票補償費用，以及減去2023 年第三季度確認的壞帳費用。

Loss from operations for the third quarter decreased by $13.8 million to $12.3 million compared to $26.2 million in the same period in 2023. The decrease in loss from operations was driven by $10 million of transaction-related expenses and stock-based compensation expense related to the business combination with Compute Health recognized in the third quarter of 2023 and our efforts to reduce operating costs, partially offset by lower gross profit from less sales. As of September 30, 2024, we had cash and cash equivalents of $28.7 million.

第三季營運虧損減少 1,380 萬美元，至 1,230 萬美元，而 2023 年同期為 2,620 萬美元。營運虧損的減少是由於 2023 年第三季確認的與 Compute Health 業務合併相關的 1000 萬美元交易相關費用和基於股票的補償費用以及我們降低營運成本的努力，但部分被毛利率下降所抵消從銷售減少中獲利。截至 2024 年 9 月 30 日，我們擁有現金及現金等價物 2,870 萬美元。

I will now turn the call back over to Shantanu.

我現在將把電話轉回給尚塔努。

Thanks, Chris. We are making significant and difficult changes in our people, our processes and our commercial strategy to create a profitable and sustainable business around the Allurion Balloon. We are also firmly convinced that these are the right steps to return Allurion to meaningful, sustainable top line growth. The obesity market continues to grow. And as demonstrated by the growing library of clinical data in support of the safety and efficacy of the Allurion Balloon, the opportunity ahead of us remains firmly intact.

謝謝，克里斯。我們正在對我們的人員、流程和商業策略進行重大而艱難的改變，以圍繞 Allurion 氣球創造一個盈利且可持續的業務。我們也堅信，這些是使 Allurion 恢復有意義、可持續的收入成長的正確步驟。肥胖市場持續成長。正如支持 Allurion 氣球安全性和有效性的不斷增長的臨床資料庫所證明的那樣，我們面前的機會仍然完好無損。

We also believe that the growth we are experiencing in our VCS SaaS business, driven by a nimble and entrepreneurial team inside of Allurion and the rise of GLP-1s could accelerate our return to top line growth. Our AI-native platform has become vital to our customers, managing patients on a number of different weight loss therapies, and I look forward to the different use cases we will be testing in the months to come.

我們也相信，在 Allurion 內部靈活且富有創業精神的團隊的推動下，我們在 VCS SaaS 業務中所經歷的成長以及 GLP-1 的崛起可能會加速我們恢復營收成長。我們的人工智慧原生平台對我們的客戶至關重要，可以管理多種不同減肥療法的患者，我期待著我們將在未來幾個月測試的不同用例。

Finally, I'd like to thank Chris Geberth for his service and dedication to Allurion. I could not have asked for a better partner to navigate the past four years with. During his transition period, Chris will remain on as a consultant and will assist [Tara Brady], who will be serving as our interim CFO as we conduct our search for a permanent replacement.

最後，我要感謝 Chris Geberth 對 Allurion 的服事和奉獻。我找不到比這更好的合作夥伴來陪伴我度過過去的四年了。在過渡期間，克里斯將繼續擔任顧問，並將協助 [塔拉·布雷迪]，塔拉·布雷迪將擔任我們的臨時首席財務官，因為我們正在尋找永久替代者。

With that, I will now turn the call over to the questions-and-answer portion of the call. Operator, please open up the call for questions.

這樣，我現在將把通話轉入通話的問答部分。接線員，請撥打電話詢問問題。

(Operator Instructions) Josh Jennings, TD Cowen.

（操作員說明）Josh Jennings，TD Cowen。

Chris, sorry to hear about your departure, but I'm sure your next chapter will be exciting. Thanks for the thorough download as well. And I wanted to just start on the PMA filing, three out of four modules submitted. Shantanu, can you just talk, just remind us, I mean, have those three modules been signed off on, just waiting for the clinical data module to be submitted once that data is in hand and packaged up? And interactions with the FDA? Any details you can share would be appreciated.

克里斯，很遺憾聽到你的離開，但我相信你的下一章將會令人興奮。也感謝您的徹底下載。我想開始 PMA 歸檔，提交了四分之三的模組。Shantanu，您能談談嗎？以及與 FDA 的互動？您可以分享的任何詳細資訊將不勝感激。

Absolutely. Thanks for the question, Josh. The first three modules of the PMA cover a variety of topics, including benchtop verification, validation testing related to the product, an assessment of our quality system and certain regulatory controls and also an assessment of our manufacturing processes and SOPs. And so all three of those modules have now been filed. They are being reviewed by the FDA.

絕對地。謝謝你的提問，喬許。PMA 的前三個模組涵蓋各種主題，包括桌上型驗證、與產品相關的驗證測試、對我們的品質系統和某些監管控制的評估以及對我們的製造流程和 SOP 的評估。所有這三個模組現已歸檔。FDA 正在對它們進行審查。

So far, the conversations with the FDA have been very positive around those three modules, and we've addressed some minor questions that have been posed to us. Our plan with the AUDACITY readout at the end of this year is to package that data up early next year as part of module four and then complete the submission. Once we do have acceptance of modules one, two and 3, we may very well communicate that externally as well.

到目前為止，與 FDA 圍繞這三個模組的對話非常積極，我們已經解決了向我們提出的一些小問題。我們計劃在今年年底公佈 AUDACITY 讀數，以便明年初將這些資料打包為模組四的一部分，然後完成提交。一旦我們確實接受了模組一、二和三，我們也可以很好地向外部傳達這一點。

And it sounds like your team is in the process of unleashing the Virtual Care Suite. I was hoping to just better understand the revenue generation model where it stands today? I know you called out first GLP-1 patients onboarded in the US.

聽起來您的團隊正在推出虛擬護理套件。我希望更了解當今的創收模式？我知道您召集了美國第一批 GLP-1 患者。

And so I guess it's just a high-level question about more details on revenue generation. And then just the path in the US prior to the Allurion Balloon approval and with this Medtronic collaboration as well in terms of onboarding their patients. Sorry, it's a general question on Virtual Care Suite, but looking just for a little bit more detail would be great.

所以我想這只是一個關於創收更多細節的高階問題。然後就是 Allurion 球囊獲批之前在美國的路徑以及與美敦力 (Medtronic) 的合作以及在病人入職方面的路徑。抱歉，這是有關 Virtual Care Suite 的一般性問題，但如果能了解更多詳細資訊就太好了。

Yes. Our AI product or the Virtual Care Suite or VCS is really a quite versatile product. It allows providers to follow and coach and monitor patients who are going through a variety of different weight loss interventions, whether it's the Allurion Balloon outside the United States, GLP-1s. Now we're seeing patients on our platform, both in the US and outside the US ramp up with GLP-1 therapy or even bariatric surgery.

是的。我們的人工智慧產品或虛擬護理套件或 VCS 確實是一個非常通用的產品。它允許提供者追蹤、指導和監測正在經歷各種不同減肥幹預措施的患者，無論是美國以外的 Allurion Balloon、GLP-1。現在，我們看到美國國內外的患者在我們的平台上接受 GLP-1 療法甚至減重手術的人數不斷增加。

And that, if you recall, Josh, was also the subject of part of our partnership with Medtronic, expanding the use of our virtual care suite in the bariatric surgery channel. And so all three of those device, GLP-1s and surgery, all three of those patients can be served on our Virtual Care Suite. The way we monetize the Virtual Care Suite is really twofold. One, we work directly with the providers who are using the Allurion Balloon today, and we offer a basic VCS version and also a premium VCS version that gives the provider access to more AI features and also more monitoring features.

如果你還記得的話，喬什，這也是我們與美敦力合作的一部分主題，擴大我們的虛擬護理套件在減肥手術管道的使用。因此，所有這三種設備、GLP-1 和手術，所有這三名患者都可以在我們的虛擬護理套件中獲得服務。我們透過虛擬護理套件獲利的方式實際上是雙重的。第一，我們直接與目前使用 Allurion Balloon 的供應商合作，我們提供基本 VCS 版本和進階 VCS 版本，使供應商能夠存取更多 AI 功能和更多監控功能。

That revenue generation happens on a per patient per month model where providers are paying us a fee to use the software on a per patient per month basis. What we're doing in the US is very interesting because, obviously, we don't have any balloon providers in the US using the balloon today. Once the product gets FDA approved, that will change.

這種收入產生是按照每個患者每月的模式進行的，其中提供者向我們支付按每個患者每月使用該軟體的費用。我們在美國所做的事情非常有趣，因為顯然，我們今天在美國沒有任何氣球供應商使用氣球。一旦產品獲得 FDA 批准，這種情況就會改變。

But for now, what we're focusing on are busy high-volume weight loss practices that are seeing an increase in patient volume because of the rise of GLP-1s, but really don't have the infrastructure to follow those patients. we actually call these GLP-1 patients GLP-1 orphans. They're given a drug, but they're not given any sort of coaching. They're not given any sort of behavior change program. And as a result, the results are nowhere near as efficacious as you would see in a clinical trial and the adherence rates really suffer.

但目前，我們關注的是繁忙的大批量減肥實踐，由於 GLP-1 的興起，患者數量有所增加，但實際上沒有基礎設施來追蹤這些患者。我們實際上將這些 GLP-1 患者稱為 GLP-1 孤兒。他們得到了藥物，但沒有任何形式的指導。他們沒有接受任何行為改變計劃。結果，結果遠不如臨床試驗中所看到的那麼有效，而且依從率確實受到了影響。

And in the US as well, that's on a per patient per month type of model. So we see a lot of potential in the US with our software because there are now millions. In fact, one in eight US adults have now tried a GLP-1 and the vast majority of them are not getting the coaching, the follow-up and the treatment that they actually need in order to lose weight and keep it off in the future.

在美國也是如此，採用的是每位患者每個月的模型。因此，我們在美國看到了我們的軟體的巨大潛力，因為現在有數以百萬計的軟體。事實上，現在有八分之一的美國成年人嘗試過 GLP-1，但他們中的絕大多數人沒有得到他們實際需要的指導、後續行動和治療，以便減肥並在未來保持體重。

Excellent. Maybe just one more. Know you're not giving 2025 guidance, but a multilayered question. Just thinking about the recovery in France, probably impossible to forecast at this point, but that the France business was a $5.5-plus million franchise in 2023. Maybe just help us think about the recovery trajectory in 2025 as we're updating our models?

出色的。也許只剩下一個了。要知道您給的不是 2025 年指導，而是一個多層次的問題。想想法國的復甦，目前可能無法預測，但到 2023 年，法國業務的特許經營權將達到 550 萬美元以上。也許只是幫助我們在更新模型時思考 2025 年的復甦軌跡？

And then also, anything you can just share on the virtual care suite revenue contributions in 2025 and maybe a high level or even detailed color on how we should be thinking about revenue contributions from the AI platform?

另外，您可以分享關於 2025 年虛擬護理套件收入貢獻的任何內容，也許是關於我們應該如何考慮人工智慧平台的收入貢獻的高水準甚至詳細的顏色？

Yes. With regards to 2025, we're not offering any guidance to date. With regards to France, we have had very productive conversations with ANSM. As you heard earlier, we did submit our remediation plan to ANSM in August and completed it in September. We're now awaiting feedback from ANSM, but remain very optimistic about getting the product back on the market in France and resuming commercialization.

是的。關於 2025 年，我們迄今尚未提供任何指導。關於法國，我們與 ANSM 進行了非常有成效的對話。正如您之前聽說的，我們確實在 8 月向 ANSM 提交了修復計劃，並於 9 月完成。我們現在正在等待 ANSM 的回饋，但對於讓產品重新回到法國市場並恢復商業化仍然非常樂觀。

We're not providing any sort of time line at this point about when the product would get back on the market in France. And hence, it's difficult to really provide any sort of contribution in 2025 from France at this point. With regards to VCS, we're not breaking out VCS revenue separate from our Balloon revenue just yet. But I will say that the potential for VCS and our AI product in general is massive.

目前我們沒有提供任何關於該產品何時重新回到法國市場的時間表。因此，目前法國很難在 2025 年真正提供任何形式的貢獻。關於 VCS，我們還沒有將 VCS 收入與 Balloon 收入分開。但我要說的是，VCS 和我們的人工智慧產品總體上潛力巨大。

When you look at how many people in the US and outside the US are now onboarding on to GLP-1s, when you look at how these busy practices are failing to really keep up with that volume and you see all of the benefits that an AI product like ours brings to a busy weight loss practice, I think the potential is massive. So we're not breaking it out for now, but I believe it's a very high potential part of our business and could accelerate our return to top line growth.

當你看到美國和美國以外有多少人正在加入 GLP-1 時，當你看到這些繁忙的實踐如何未能真正跟上這個數量時，你會看到人工智慧的所有好處像我們這樣的產品為忙碌的減肥實踐帶來了好處，我認為潛力是巨大的。因此，我們暫時不會突破它，但我相信這是我們業務中非常有潛力的部分，可以加速我們恢復營收成長。

Matt Taylor, Jefferies.

馬特泰勒，杰弗里斯。

So first one I wanted to ask was, do you think you may be able to produce any revenue in the US in 2025? And if you could help us with a little bit more specificity on gross margins in Q4 and whether that is a jumping off point for how to think about them in 2025, that would be very helpful for the model.

所以我想問的第一個問題是，您認為 2025 年您能夠在美國產生任何收入嗎？如果您能幫助我們更具體地了解第四季的毛利率，以及這是否是考慮 2025 年毛利率的起點，這將對模型非常有幫助。

Yes. In terms of 2025, we're expecting some US revenue to come on the virtual care suite AI product side of our business. At this point, it's difficult to assess what the FDA timing is going to look like for the Allurion Balloon. So for now, that's really all we can offer in terms of 2025. And with regards to your question on margin, I'll hand it over to Chris.

是的。到 2025 年，我們預計美國的一些收入將來自我們業務的虛擬護理套件人工智慧產品。目前，很難評估 FDA 對 Allurion 氣球的時間安排。所以目前來說，這就是 2025 年我們能提供的全部。關於你關於保證金的問題，我將把它交給克里斯。

Hey, Matt, it's Chris. So as far as margin goes, it was negatively impacted by the reduction in revenue for the charge we took related to the recall and also just lower volume as we could see our numbers were down. Margin would have been in the low 60s without that France recall. And I would expect that in Q4, without those France adjustments, margin would still be in that low to mid-60 area. And then with the restructuring that we implemented in November, that goes across all departments, including operations, and we're looking at our volume, our forecast. And I would expect that margin to accrete back up to the mid-70s through the year, mostly towards the end of 2025.

嘿，馬特，我是克里斯。因此，就利潤率而言，我們收取的與召回相關的費用收入減少，而且銷量下降，因此我們的數字下降了，這對利潤率產生了負面影響。如果沒有法國召回，利潤率可能會低至 60 美元以上。我預計，在第四季度，如果沒有法國的這些調整，利潤率仍將處於 60 左右的低至中區域。然後，隨著我們在 11 月實施的重組，該重組涉及所有部門，包括營運部門，我們正在研究我們的數量和預測。我預計這一利潤率將在今年 70 年代中期回升，主要是到 2025 年底。

Okay. Great. And then I did want to ask one about the restructuring. When you're talking about the 50% reduction in expenses, can you help us with a little bit more specificity of where that's coming out of between sales and marketing, R&D and G&A? And I guess the follow-up to that is that you have historically relied a lot on DTC to drive demand.

好的。偉大的。然後我確實想詢問一位有關重組的問題。當您談到費用減少 50% 時，您能否幫助我們更具體地說明銷售和行銷、研發和一般管理費用之間的關係？我想後續的情況是，您歷來都非常依賴 DTC 來推動需求。

I know you grew volumes 2% with a 77% DTC reduction this quarter. But as you look at next year, I guess I'd love for you to comment on whether you think you can grow overall from the revised guidance midpoint of $32.5 million.

我知道本季您的銷量成長了 2%，DTC 減少了 77%。但當你展望明年時，我想我希望你能評論一下你是否認為你可以從修訂後的指導中點 3250 萬美元實現整體增長。

Yes. So let me start with the reason why we did the restructuring. I mean, considering the revenue levels that we've achieved to date and then the forecast going forward, we really evaluated the entire structure across all departments, and we looked at ways to gain efficiency and work towards profitability at the end of 2025. So expense reductions are across all departments. And that 50% really does kind of equal what you would see from a change in each department, but we are really cautious about what we reduced, especially in the sales side of the department.

是的。讓我從我們進行重組的原因開始。我的意思是，考慮到我們迄今為止所實現的收入水平以及未來的預測，我們確實評估了所有部門的整個結構，並研究了提高效率並在 2025 年底實現盈利的方法。因此，所有部門都在削減開支。這 50% 確實相當於每個部門的變化，但我們對減少的內容非常謹慎，尤其是在部門的銷售方面。

For instance, we did lower a lot of our marketing expenses, like you just pointed out with DTC, but we have increased the number of heads in the sales department in order to work more effectively with our customers. So I think we positioned ourselves to work through the plan that Shantanu laid out in the prepared remarks regarding the commercial strategy going forward in order to get back to growth.

例如，我們確實降低了許多行銷費用，就像您剛才在 DTC 中指出的那樣，但我們增加了銷售部門負責人的數量，以便更有效地與客戶合作。因此，我認為我們將自己定位為完成尚塔努在準備好的評論中製定的有關未來商業策略的計劃，以恢復成長。

But I mean, I would expect that without France in our numbers for the first half of 2025, say, versus last year, I would expect that our revenue growth would be more weighted towards the second half of the year, especially as we complete the restructuring efforts. And also, as you know, with any change in commercial plans, there's a ramp-up period. I think as Shantanu said, it could take several quarters to really get the full benefit of those changes. So I think for next year, we're looking at is a base sort of business in Q4 and the first half and then growth in the second half.

但我的意思是，我預計 2025 年上半年的數據中沒有法國，與去年相比，我預計我們的收入成長將更集中在下半年，特別是當我們完成重組努力。而且，如您所知，隨著商業計劃的任何變化，都會有一個過渡期。我認為正如尚塔努所說，可能需要幾個季度才能真正從這些變化中充分受益。因此，我認為明年，我們關注的是第四季和上半年的基礎業務，然後是下半年的成長。

(Operator Instructions) Jason Wittes, ROTH Capital.

（操作員指令）Jason Wittes，羅斯資本。

Just if you could maybe, you said this in the beginning, can you quantitate the impact from France and destocking in the quarter?

您一開始就說過，您能否量化法國和本季去庫存的影響？

So for France, we haven't acknowledged before that France used to be about 15% of our revenue. I would say it's, just to give it some numbers, over $1 million that we would have had in France, plus we had a recall adjustment of $1.2 million that went against revenue. So that was not related to sales in this quarter, but for sales related to prior periods where we had to take back the inventory and for accounting purposes that requires an adjustment against revenue in the current period.

所以對法國來說，我們之前沒有承認法國曾經占我們收入的15%左右。我想說的是，只是給它一些數字，我們在法國的資金將超過 100 萬美元，再加上我們進行了 120 萬美元的召回調整，這與收入相抵觸。因此，這與本季度的銷售無關，而是與前期相關的銷售相關，我們必須收回庫存，並且出於會計目的，需要根據本期的收入進行調整。

Okay. Great. Got it. And then in terms of the cost reduction plan, did I hear that correctly that, that will be implemented over the next few quarters? Or is that something that kind of completes by the end of the year? What is the staging on that reduction?

好的。偉大的。知道了。那麼就成本削減計劃而言，我是否正確地聽說，該計劃將在未來幾季實施？或者說這會在年底前完成嗎？削減的階段是什麼？

Sure, Jason. So we actually already started the implementation of this with a reduction in force and expenses. So most of that will come in the fourth quarter. We will have a charge in the fourth quarter of approximately $3.5 million that is above the normal trend in operating expenses. But most of that should be done. There will be some in Q1, just some costs not people related, but contracts that need to complete in the first quarter. But most of it will be done in the short term.

當然，傑森。所以我們實際上已經開始實施這項計劃，並減少了人力和費用。所以大部分將在第四季實現。我們第四季的費用約為 350 萬美元，高於營運支出的正常趨勢。但其中大部分都應該完成。第一季會有一些，只是一些與人員無關的成本，但需要在第一季完成的合約。但大部分都將在短期內完成。

Okay. Got it. And then again, another sort of follow-up question here. Did I hear correctly that you're still kind of committed to reaching breakeven sort of by the end of 2025, especially with this new cost structure? Is that the right way to think about it?

好的。知道了。再說一遍，這是另一個後續問題。我沒聽錯吧，你們仍然致力於在 2025 年底之前實現收支平衡，尤其是在這種新的成本結構的情況下？這是正確的思考方式嗎？

Yes. What we're looking at measuring is a late 2025 adjusted EBITDA target of profitability.

是的。我們正在考慮衡量的是 2025 年末調整後的 EBITDA 獲利目標。

Okay. Great. And then I don't know if you can give any kind of regional discussion in terms of how revenues look. Were there certain regions that were stronger than others and maybe some commentary around what the drivers might be?

好的。偉大的。然後我不知道您是否可以就收入情況進行任何類型的區域討論。是否有某些地區比其他地區更強，也許有一些關於驅動因素的評論？

Yes. One thing we did note this quarter, and we've actually seen it in previous quarters as well is that in the Middle East, we're starting to see a recovery of both the Balloon business, also overall bariatric surgery volumes. What we have witnessed in that part of the world where GLP-1s launched approximately one year ago is that they launched with a lot of excitement and, frankly, a lot of hype. And over the past 12 months, what we've seen is patients start a GLP-1, churn off, regain their weight and then come back to their doctor looking for a second-line therapy. So that's, I believe, one phenomenon we may see in other territories as the GLP-1 markets mature.

是的。本季我們確實注意到的一件事，實際上我們在前幾個季度也看到了這一點，那就是在中東，我們開始看到氣球業務以及整體減肥手術量的復甦。我們在大約一年前推出 GLP-1 的地區見證了它們的推出充滿了興奮，坦白說，還有很多炒作。在過去 12 個月中，我們看到患者開始服用 GLP-1，體重逐漸下降，體重反彈，然後回到醫生處尋求二線治療。因此，我相信，隨著 GLP-1 市場的成熟，我們可能會在其他地區看到一種現象。

In Latin America, we saw some abatement of some of those macroeconomic headwinds that we have talked about previously, which led to more favorable growth in parts of Latin America. And I'd say, more broadly, what we are seeing in almost every territory in the world is that we're starting to see tangibly how GLP-1s can really help our business. More of our providers are using the Allurion Balloon in combination with GLP-1s. 33% of our patients now have previously tried an anti-obesity medication. That's up from 25% last year.

在拉丁美洲，我們看到我們之前討論過的一些宏觀經濟阻力減弱，這導致拉丁美洲部分地區出現了更有利的成長。我想說，更廣泛地說，我們在世界上幾乎每個領域都看到，我們開始切實地看到 GLP-1 如何真正幫助我們的業務。我們的更多供應商將 Allurion 氣球與 GLP-1 結合使用。我們有 33% 的患者先前曾嘗試過抗肥胖藥物。這比去年的 25% 有所上升。

And what we're seeing now is that Allurion is increasingly being positioned as a fantastic second-line therapy for someone who has tried a GLP-1, churned off and regained the weight. So from a macro perspective, we're seeing some really positive trends which related to a question that was asked earlier, could actually help us fuel procedural volumes in the future without a significant investment in DTC marketing.

我們現在看到的是，Allurion 越來越多地被定位為對於那些嘗試過 GLP-1、體重下降並恢復體重的人來說是一種極好的二線療法。因此，從宏觀角度來看，我們看到了一些非常積極的趨勢，這些趨勢與先前提出的問題相關，實際上可以幫助我們在未來增加程序量，而無需對 DTC 行銷進行大量投資。

Okay. That's very helpful. And then maybe just one last one. In terms of those patients that are going on GLP-1s plus your product, what kind of profile is that patient?

好的。這非常有幫助。然後也許只是最後一件事。就那些正在使用 GLP-1 加您的產品的患者而言，該患者的情況如何？

Typically these are patients that have a body mass index between BMI 27 and 40. They are trying GLP-1s as a first-line therapy. They may very well have heard about GLP-1s either through their doctor or online. Many of them are right in our target demographic, mostly female in their mid-40s who are looking to lose weight quickly, safely and effectively. And what we have found with the combination therapy is that when they start a GLP-1, either they experience a plateau in their weight loss or they're just not losing as much weight as they had expected, and that's a perfect opportunity to bring the balloon online.

通常這些患者的體重指數在 BMI 27 至 40 之間。他們正在嘗試將 GLP-1 作為一線療法。他們很可能透過醫生或在網路上聽說過 GLP-1。他們中的許多人正是我們的目標族群，其中大多數是 40 多歲的女性，她們希望快速、安全、有效地減肥。我們透過聯合療法發現，當他們開始 GLP-1 時，要么他們的體重減輕出現平台期，要么他們只是沒有像預期那樣減輕體重，這是一個絕佳的機會氣球在線。

We're also seeing the reverse in certain practices where the provider likes to start with the Allurion Balloon, they may tack on a GLP-1 in combination with the balloon near the end of our Balloon residency so that the patient can continue to lose weight or at least maintain their weight loss over a longer period of time. And when I think about the United States, for instance, where our Balloon is not present, one of the things I'm very excited about with the launch of our VCS platform in the US is that if a patient is onboarded on our VCS and is taking a GLP-1, it's very likely that they may very well churn off of that GLP-1 and then potentially be ready for the Allurion Balloon if and when it's FDA approved and we launch in the US. So that's another interesting thing that we'll be watching in the US as we expand the footprint of our software here in the United States.

我們也在某些實踐中看到了相反的情況，即提供者喜歡從 Allurion 氣球開始，他們可能會在我們的氣球住院治療結束時將 GLP-1 與氣球結合使用，以便患者可以繼續減肥或至少在較長時間內維持體重減輕。例如，當我想到沒有我們的 Balloon 的美國時，我對在美國推出我們的 VCS 平台感到非常興奮的一件事是，如果患者登上了我們的 VCS，並且正在服用GLP-1，他們很可能會大量使用該GLP-1，然後如果Allurion 氣球獲得FDA 批准並且我們在美國推出，那麼他們可能會為Allurion 氣球做好準備。因此，當我們擴大我們的軟體在美國的足跡時，這是我們將在美國關注的另一件有趣的事情。

As there are no further questions at this time, I would like to turn the conference back over to Shantanu Gaur for any closing remarks.

由於目前沒有其他問題，我想將會議轉回給尚塔努·高爾（Shantanu Gaur）進行閉幕致詞。

Thank you very much. As we close our call here, I'd just like to extend my thanks to everyone who joined us today. We really appreciate your time and interest in Allurion. I appreciate the continued support and loyalty of our shareholders, all of our clients and customers around the world and certainly our employees. Your belief in our mission and commitment to our company is really inspiring and is going to be instrumental to our future success. And we look forward to updating all of you on our progress in the next quarter. Thank you again, everyone. Have a great day.

非常感謝。在我們結束通話之際，我謹向今天加入我們的所有人表示感謝。我們非常感謝您花時間關注 Allurion。我感謝我們的股東、世界各地的所有客戶和顧客，當然還有我們的員工的持續支持和忠誠。您對我們使命的信念以及對我們公司的承諾確實鼓舞人心，並將對我們未來的成功發揮重要作用。我們期待向大家通報下季的進展。再次謝謝大家。祝你有美好的一天。

That concludes today's meeting. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。