Anika Therapeutics Inc (ANIK) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Anika's second quarter 2024 earnings conference call. (Operator Instructions) I would like to remind everyone that this call is being recorded.

女士們、先生們，下午好，歡迎參加 Anika 的 2024 年第二季財報電話會議。（操作員說明）我想提醒大家，此通話正在錄音。

I will now turn the call over to Mark Namaroff, Vice President, Investor Relations ESG and Corporate communications. Please proceed.

我現在將把電話轉給投資者關係 ESG 和企業傳播副總裁 Mark Namaroff。請繼續。

Thank you. Good afternoon, everyone. Thank you for joining us for Anika's second quarter 2024 conference call and webcast.

謝謝。大家下午好。感謝您參加 Anika 的 2024 年第二季電話會議和網路廣播。

Our Q2 earnings press release was issued after the close of the market today and is available on our Investor Relations website located at anika.com., as our supplementary PowerPoint slides that will be used for the discussion today.

我們的第二季財報新聞稿是在今天收盤後發布的，可在我們的投資者關係網站 anika.com 上獲取，作為我們今天討論的補充 PowerPoint 幻燈片。

With me on the call today are Dr. Cheryl Blanchard, President and Chief Executive Officer; and Steve Griffin, Executive Vice President, Chief Financial Officer and Treasurer.

今天與我一起參加電話會議的是總裁兼執行長 Cheryl Blanchard 博士；史蒂夫‧格里芬（Steve Griffin），執行副總裁、財務長兼財務主管。

Please take a moment and opened the slide presentation and refer to slide number two.

請花點時間開啟投影片簡報並參考第二張投影片。

Before we begin, please understand that certain statements made during the call today constitute forward-looking statements as defined in the Securities Exchange Act of 1934. These statements are based on our current beliefs and expectations and are subject to certain risks and uncertainties. The company's actual results could differ materially from any anticipated future results, performance or achievements.

在我們開始之前，請先理解，今天電話會議中所做的某些陳述構成 1934 年《證券交易法》中定義的前瞻性陳述。這些陳述是基於我們當前的信念和期望，並受到某些風險和不確定性的影響。本公司的實際結果可能與任何預期的未來結果、業績或成就有重大差異。

We make no obligation to update these statements should future financial data or events occur that differ from the forward-looking statements presented today. Please also see our most recent SEC filings for more information about risk factors that could affect our performance.

如果未來的財務資料或事件發生與今天提出的前瞻性陳述不同，我們沒有義務更新這些陳述。另請參閱我們最近向 SEC 提交的文件，以了解有關可能影響我們業績的風險因素的更多資​​訊。

In addition, during the call, we may refer to several adjusted or non-GAAP financial measures, which includes adjusted gross margin, adjusted EBITDA, adjusted net income and adjusted earnings per share, which are used in addition to results presented in accordance with GAAP financial measures, we believe that non-GAAP measures provide an additional way of viewing aspects of our operation and performance.

此外，在電話會議期間，我們可能會參考一些調整後或非GAAP 財務指標，其中包括調整後毛利率、調整後EBITDA、調整後淨利潤和調整後每股收益，這些指標是除了根據GAAP 提交的結果之外使用的財務指標，我們相信非公認會計原則指標提供了另一種方式來查看我們的營運和績效的各個方面。

But when considered with GAAP financial measures and a reconciliation of GAAP measures, they provide an even more complete understanding of our business. A reconciliation of the adjusted non-GAAP financial results to the most comparable GAAP measurements are available at the end of the presentation deck and our second quarter 2024 press release.

但當考慮 GAAP 財務指標和 GAAP 指標調整表時，它們可以讓我們更全面地了解我們的業務。簡報和 2024 年第二季新聞稿的末尾提供了調整後的非 GAAP 財務業績與最具可比性 GAAP 衡量指標的調整表。

And now I'd like to turn the call over to our President and CEO, Dr. Cheryl Blanchard. Cheryl?

現在我想將電話轉給我們的總裁兼執行長謝麗爾·布蘭查德博士。謝麗爾？

Thanks, Mark. Good afternoon, everyone, and thanks for joining us.

謝謝，馬克。大家下午好，感謝您加入我們。

Please turn to Slide three. Now midway through 2024, we're making great progress on the execution of our strategy to refocus the business on the areas that deliver the greatest value to our shareholders and drive results that accelerate our path to profitability.

請翻到幻燈片三。現在到 2024 年中期，我們在執行策略方面取得了巨大進展，將業務重點重新集中在為股東提供最大價值的領域，並推動取得成果，加速我們的獲利之路。

Our efforts in the first half of the year set the stage for the rest of 2024 and beyond, as we announced the full market release of our newest regenerative product integrity and have completed our cost savings initiatives to realize significant operating expense savings this year. Let me walk you through the key highlights of the quarter, and then I'll turn the call over to Steve to review the financials and our guidance for 2024.

我們上半年的努力為 2024 年剩餘時間及以後奠定了基礎，我們宣布了最新的再生產品完整性的全面市場發布，並完成了成本節約計劃，以在今年實現顯著的運營費用節省。讓我向您介紹本季度的主要亮點，然後我將電話轉給 Steve，以審查我們的財務狀況和 2024 年的指導。

Overall revenue for the second quarter, was lower by 5% due to the timing of very strong US Orthovisc and Monovisc units ordered in the second quarter of 2023. I'm very pleased to say that we delivered healthy adjusted EBITDA margins of 15% during the quarter, as we're making meaningful progress on our refocused business strategy and our path to profitability.

由於 2023 年第二季美國 Orthovisc 和 Monovisc 設備訂購量非常強勁，第二季的整體營收下降了 5%。我很高興地說，我們在本季度實現了 15% 的健康調整後 EBITDA 利潤率，因為我們在重新調整業務策略和獲利之路上取得了有意義的進展。

In joint preservation and restoration, we delivered 7% growth as we're seeing the results of our new product launches, particularly X-Twist and our new regenerative hyaluronic acid or HA based integrity implant system, which I'll speak to more in a moment.

在關節保存和修復方面，我們實現了7% 的成長，因為我們看到了新產品發布的結果，特別是X-Twist 和我們新的再生透明質酸或基於HA 的完整性植入系統，我將在片刻。

This quarter, OA pain management was lower by 9%, as we expected on higher US revenue last year, offset by strong international growth, which is up 17% year to date. The strong OUS growth continues to be driven by market share gains as well as new country expansion across all three brands of single Monovisc and Orthovisc.

本季度，OA 疼痛管理業務下降了 9%，正如我們去年美國收入成長的預期，但被今年迄今成長 17% 的國際強勁成長所抵消。OUS 的強勁成長持續受到市場佔有率成長以及單一 Monovisc 和 Orthovisc 所有三個品牌的新國家擴張的推動。

International growth across our OA pain portfolio has been a key value driver as single becoming the treatment of choice in many countries, while Orthovisc and Monovisc continue to perform very well. In our US OA pain business, we maintain our market leadership position with Monovisc and north of this despite softer pricing dynamics as the impact of the ASP legislation begins to normalize. This business remains a key foundation for Anika and will continue to drive profitability and cash flow as our US sales and marketing partner works to improve market access, balancing both price and volume.

我們的 OA 疼痛產品組合的國際成長一直是關鍵的價值驅動因素，因為單一藥物已成為許多國家的首選治療方法，而 Orthovisc 和 Monovisc 繼續表現出色。在我們的美國 OA 疼痛業務中，儘管隨著 ASP 立法的影響開始正常化，定價動態趨於疲軟，但我們仍然保持了 Monovisc 的市場領導地位。這項業務仍然是 Anika 的重要基礎，並將繼續推動獲利能力和現金流，因為我們的美國銷售和行銷合作夥伴致力於改善市場准入，平衡價格和銷售。

In other key updates, we announced the full-market release of integrity in July in conjunction with the American Orthopedic Society of sports medicine or AOSSM. annual meeting with tremendous surgeon interest marking an important step in the continued expansion of our regenerative portfolio.

在其他重要更新中，我們與美國骨科運動醫學學會 (AOSSM) 共同宣佈於 7 月向整個市場發布誠信。外科醫生對此表現出濃厚興趣的年度會議，標誌著我們再生產品組合持續擴展的重要一步。

During the limited market release, we completed over 300 surgeries with over 60 surgeons across the shoulder and foot and ankle spaces, setting the foundation for our growth in the regenerative space in the second half of 2024. Customer response exceeded our expectations during the limited market release with the completion of more than double the cases than originally expected.

在有限的市場發布期間，我們有 60 多名外科醫生在肩部、足部和腳踝部位完成了 300 多例手術，為我們在 2024 年下半年在再生領域的成長奠定了基礎。在有限的市場發布期間，客戶的反應超出了我們的預期，完成的案例比最初預期的多了一倍多。

This demonstrates the strong pull from the marketplace with about 25% of the surgeons who have used integrity representing new customers to Anika. In fact, we saw more than 40% increase in integrity cases from Q1 to Q2, while still in limited release, and we expect this growth trend to continue through 2024.

這表明市場的強大吸引力，大約 25% 的外科醫生以誠信為 Anika 代表了新客戶。事實上，我們看到從第一季到第二季度，誠信案件數量增加了 40% 以上，但仍處於有限發布狀態，我們預計這種成長趨勢將持續到 2024 年。

With our ongoing focus on growing our differentiated regenerative products, we've also seen great initial success in adding new distributors who are specifically focused on and excited about Anika's regenerative solutions. As we continue to build a presence in the market for integrity, developing high quality clinical evidence is very important, both for market expansion and surgeon adoption. As such, we started the process of initiating a prospective multicenter MRI and outcomes-based clinical study on integrity to assess pain function in rotator cuff tendon healing.

隨著我們持續專注於發展差異化的再生產品，我們在增加新經銷商方面也取得了巨大的初步成功，這些經銷商特別關注 Anika 的再生解決方案並對此感到興奮。隨著我們繼續在市場上建立誠信地位，開發高品質的臨床證據對於市場擴張和外科醫生的採用都非常重要。因此，我們開始啟動一項前瞻性多中心 MRI 和基於結果的完整性臨床研究，以評估肩袖肌腱癒合中的疼痛功能。

Investigator sites have been identified and enrollment is expected to start by the end of the year. This study will provide the clinical data needed for the MDR filing, ultimately to support our plans to launch integrity in the EU as well as reinforce our positioning strategy in the US.

研究地點已經確定，預計今年底開始招募。這項研究將提供 MDR 備案所需的臨床數據，最終支持我們在歐盟推出誠信計畫並加強我們在美國的定位策略。

In addition, we have post-market follow-up studies currently ongoing that will yield clinical papers on the results of integrity next year. The integrity implant system will drive significant near-term growth for Anika's regenerative portfolio. With respect to highly fast, we remain on track to file the first PMA module by the end of this year.

此外，我們目前正在進行上市後後續研究，明年將產生有關完整性結果的臨床論文。完整性植入系統將推動 Anika 再生產品組合的近期顯著成長。就速度而言，我們仍有望在今年年底前提交第一個 PMA 模組。

I'm also pleased to report that we recently obtained positive feedback from FDA regarding the presentation of our clinical data. We'll work closely with them as part of the modular PMA submission process in order to best position ourselves for an effective review.

我還很高興地報告，我們最近從 FDA 獲得了關於我們臨床數據展示的正面回饋。作為模組化 PMA 提交流程的一部分，我們將與他們密切合作，以便為有效的審核做好最佳準備。

Our regenerative technologies represent a key enabler for Anika's growth as we bring integrity to market and prepare for the launch of Hyalofast by 2026.

我們的再生技術是 Anika 發展的關鍵推動因素，我們將誠信推向市場，並為 2026 年推出 Hyalofast 做準備。

With respect to Cingal, we continue to make progress on our regulatory strategy and are having regular communications with the FDA on the non-clinical work required before we can submit the NDA, we receive feedback from FDA and the data required and are planning an additional meeting to clarify their request. We aim to provide further updates by the end of the year.

關於 Cingal，我們繼續在監管策略上取得進展，並在提交 NDA 之前與 FDA 就所需的非臨床工作進行定期溝通，我們收到 FDA 的反饋和所需的數據，併計劃進行額外的研究開會澄清他們的要求。我們的目標是在今年年底之前提供進一步的更新。

Cingal now sold in more than 40 countries outside the US, remains a key driver as the next-generation non-opioid OA pain product of choice. We continue to see strong international growth that increases our confidence that Cingal will truly be a game changer when it is approved in the US.

Cingal 目前在美國以外的 40 多個國家銷售，仍然是下一代非鴉片類 OA 止痛產品的主要推動力。我們繼續看到強勁的國際成長，這增強了我們對 Cingal 在美國獲得批准後將真正成為遊戲規則改變者的信心。

Lastly, on this slide, I'd like to reiterate our focus on delivering value to our shareholders. We continue to explore all strategic alternatives for the business to generate shareholder value, including refocusing our business strategy to accelerate profitability and deploy capital towards our highest opportunities.

最後，在這張投影片上，我想重申我們致力於為股東創造價值。我們繼續探索業務的所有策略替代方案，以創造股東價值，包括重新調整我們的業務策略，以加速獲利能力並將資本部署到我們的最高機會。

We've taken significant cost actions in 2024 to improve our profitability to enable investments into our highest growth areas of OA pain management and regenerative solutions, while returning capital to shareholders through a new $40 million share buyback program. These actions that focus our investments, combined with our continued strategic assessment of alternatives to position Anika to deliver outsized shareholder value.

我們在2024 年採取了重大成本行動，以提高盈利能力，以便能夠投資於骨關節炎疼痛管理和再生解決方案等增長最快的領域，同時透過新的4000 萬美元股票回購計劃向股東返還資本。這些行動集中了我們的投資，再加上我們對替代方案的持續策略評估，使 Anika 能夠創造巨大的股東價值。

Please turn to Slide 4. Before I turn the call over to Steve to review the results of the quarter, I'd like to review our strategy to drive value with our OA pain management franchise and our HA-based regenerative products.

請翻到幻燈片 4。在我將電話轉給 Steve 審查本季業績之前，我想回顧一下我們透過 OA 疼痛管理專營權和基於 HA 的再生產品推動價值的策略。

HA is at the core of Anika's 30 plus year heritage, and it's what will drive differentiated product innovation and shareholder value moving forward. HA and Gel form is essential to our OA pain injection portfolio including Orthofix, Monovisc and Cingal, with Cingal continuing to be a strong grower OUS and representing $1 billion addressable market for a next-generation OA pain therapy in the US.

HA 是 Anika 30 多年傳統的核心，它將推動差異化產品創新和股東價值向前發展。HA 和凝膠形式對於我們的 OA 疼痛注射產品組合（包括 Orthofix、Monovisc 和 Cingal）至關重要，Cingal 仍然是強大的 OUS 成長者，代表美國下一代 OA 疼痛治療的 10 億美元潛在市場。

Importantly, though, our proprietary HA technologies allow us to uniquely transform our highly regenerative HA into various forms that are already clinically proven. One of those forms is our highest technology, which is AH that we modify to turn it into a biopolymer.

但重要的是，我們專有的透明質酸技術使我們能夠將高度再生的透明質酸獨特地轉化為已經經過臨床驗證的各種形式。其中一種形式是我們的最高技術，即我們對其進行修改以將其轉化為生物聚合物的 AH。

This technology allows us to develop numerous resorbable regenerative products. For example, we use Hyaff to create fibers that can be knit woven and woven with other materials as we've done with integrity and even used to create products that are non-woven such as Hyalofast.

這項技術使我們能夠開發出多種可吸收再生產品。例如，我們使用 Hyaff 來製造可以針織和與其他材料編織的纖維，就像我們誠信所做的那樣，甚至用於製造非織造產品，例如 Hyalofast。

Our highest technology is clinically proven with the success of Hyalofast, our single-stage cartilage repair product sold in over 35 countries, with over 40 clinical publications, and 15 year data coming soon. We recognize the unique abilities we have to create meaningful products driven by HA in both the OA pain and regenerative solution spaces.

我們的最高技術已透過 Hyalofast 的成功得到臨床證明，我們的單階段軟骨修復產品銷往超過 35 個國家，已發表 40 多篇臨床出版物，15 年數據即將發布。我們認識到我們擁有在 OA 疼痛和再生解決方案領域創造由 HA 驅動的有意義的產品的獨特能力。

Products that solve real unmet clinical needs for surgeons and the patients they treat. Using our proprietary technology, we have now transformed our new product pipeline of innovation that leverages what we've already done with both integrity and Hyalofast.

解決外科醫生及其治療的患者真正未滿足的臨床需求的產品。利用我們的專有技術，我們現在已經轉變了我們的新創新產品線，充分利用了我們在誠信和 Hyalofast 方面已經完成的工作。

We'll talk about our pipeline in more detail in the future, but I'll give you one highlight now. With the immense commercial pull we're seeing with integrity and real-time feedback we're getting from our direct engagement with surgeons.

我們將在未來更詳細地討論我們的管道，但現在我將給您一個重點。憑藉著巨大的商業吸引力，我們從與外科醫生的直接接觸中獲得了誠信和即時的回饋。

We are currently working to expand that portfolio with different shapes, sizes and configurations to address additional tenant repair unmet needs. These products will use the same Hyaff base needed structure as integrity, but will be designed specifically to treat additional tendon repairs all over the body.

我們目前正在努力擴展具有不同形狀、尺寸和配置的產品組合，以滿足其他租戶維修未滿足的需求。這些產品將使用與 Hyaff 基礎所需的結構相同的完整性，但將專門設計用於治療全身的額外肌腱修復。

I can't wait to tell you more about how our proprietary HA technologies will be driving Anika forward into an exciting future. I'll wrap up by saying that I'm thrilled to have Steve now part of the Anika leadership team. He's made tremendous progress coming up to speed on the business and has brought a fresh set of eyes on our key initiatives.

我迫不及待地想告訴您更多關於我們專有的 HA 技術將如何推動 Anika 邁向令人興奮的未來的信息。最後我要說的是，我很高興史蒂夫現在成為 Anika 領導團隊的一員。他在加快業務發展方面取得了巨大進步，並為我們的關鍵舉措帶來了新的視角。

Now I'll turn the call over to him to review our financial results and guidance for 2024. Steve?

現在我將把電話轉給他，以審查我們 2024 年的財務表現和指導。史蒂夫？

Thank you, Cheryl. Before I begin with an overview of the quarter, I'd like to take a moment to reflect on my early impressions. After joining Anika in June, I joined Anika because of the opportunity to partner with this leadership team on developing and commercializing the next generation of regenerative solutions built on the rich history of HA technology that exists here at Anika.

謝謝你，謝麗爾。在開始概述本季之前，我想花點時間回顧我的早期印象。六月加入 Anika 後，我加入 Anika 是因為有機會與這個領導團隊合作，開發和商業化基於 Anika 豐富的 HA 技術歷史的下一代再生解決方案。

Each employee, I've had the opportunity to meet with his mission oriented and passionate about unlocking the full value of these products and technologies for patients around the world. It's an exciting time to join this energized team as we refocus our attention on our highest returning programs to deliver great patient and shareholder outcomes.

我有機會見到每位員工，他們都以使命為導向，熱衷於為世界各地的患者釋放這些產品和技術的全部價值。加入這個充滿活力的團隊是一個令人興奮的時刻，因為我們將注意力重新集中在回報率最高的計劃上，以期為患者和股東帶來巨大的成果。

Please refer to slide five, in the online presentation, where I'll walk through the results of the second quarter of 2024. Anika generated $41.9 million in total revenue in the second quarter, down $2.4 million as compared to the same period in 2023, and in-line with prior expectations driven by the timing of US OA pain management orders.

請參閱線上簡報中的第五張投影片，我將在其中介紹 2024 年第二季的結果。Anika 第二季總收入為 4,190 萬美元，比 2023 年同期減少 240 萬美元，符合美國 OA 疼痛管理訂單時間推動的先前預期。

Revenue in our largest product family OA pain management decreased 9% in the second quarter to $26.7 million. This was primarily due to lower US sales as a result of a higher than normal shipments in the second quarter of 2023, as previously disclosed.

我們最大的 OA 疼痛管理產品系列第二季的收入下降了 9%，至 2,670 萬美元。如同先前所揭露的，這主要是由於 2023 年第二季的出貨量高於正常水平，導緻美國銷售額下降。

In the quarter, international sales grew by an impressive 19%, representing growth in all three brands, Monovisc, Orthovisc and Cingalas, as we continue to enter new markets and gain share with our international distributors.

本季度，國際銷售額成長了 19%，令人印象深刻，這代表著 Monovisc、Orthovisc 和 Cingalas 這三個品牌的成長，因為我們不斷進入新市場並與國際經銷商爭奪市場份額。

Joint Preservation & Restoration revenue increased 7% in the second quarter to $13.5 million. This growth was led by our limited market release of integrity as well as contributions from X-Twist, partially offset by lower sales of more mature products. Our regenerative solutions portfolio including integrity, continues to be an important avenue for total revenue growth as we expect to see continued revenue growth into the second half of 2024.

聯合保護與修復第二季營收成長 7%，達到 1,350 萬美元。這一增長是由我們有限的市場發布完整性以及 X-Twist 的貢獻帶動的，但部分被更成熟產品的銷售下降所抵消。我們的再生解決方案組合（包括完整性）仍然是總收入成長的重要途徑，因為我們預計收入將持續成長到 2024 年下半年。

Lastly, our non orthopedic revenue, decreased 26% to $1.7 million, in-line with prior guidance given lower mature product sales. Gross margin in the second quarter was 65%, in-line with the prior year, and adjusted gross margin was 66% in the quarter, down from 69% in the prior year period.

最後，由於成熟產品銷售量較低，我們的非骨科收入下降了 26% 至 170 萬美元，與先前的指引一致。第二季毛利率為 65%，與去年同期持平，本季調整後毛利率為 66%，低於去年同期的 69%。

Year over year, the change in gross margin was primarily driven by the mix of US OA pain management sales in 2023. Sequentially, gross margins improved by 40 basis points versus the first quarter of 2024, driven by stabilized operations.

與去年同期相比，毛利率的變化主要是由 2023 年美國 OA 疼痛管理銷售額的組合所推動的。隨後，在營運穩定的推動下，毛利率較 2024 年第一季提高了 40 個基點。

Now, moving to operating expenses, operating expenses in the second quarter totaled $27.2 million, down $5.4 million from 2023. This lower operating expense profile includes a full quarter benefit associated with the cost restructuring actions taken in the first quarter of 2024. The company remains on track to achieve the $10 million of cost savings from these initiatives.

現在，轉向營運支出，第二季營運支出總計 2,720 萬美元，比 2023 年減少 540 萬美元。這種較低的營運費用狀況包括與 2024 年第一季採取的成本重組行動相關的整個季度收益。該公司仍有望透過這些措施節省 1000 萬美元的成本。

The net loss for the quarter was $100,000, compared to a net loss of $2.7 million in the prior year. Adjusted net income was $2.5 million in the second quarter, and was down from an adjusted net income of $4.5 million, primarily due to the timing of US OA Pain Management orders in the second quarter of 2023.

本季淨虧損為 10 萬美元，而上年度淨虧損為 270 萬美元。第二季調整後淨利為 250 萬美元，低於調整後淨利 450 萬美元，主要是由於美國 OA 疼痛管理訂單的時間安排在 2023 年第二季。

Anika generated adjusted EBITDA in the quarter of $6.3 million, in-line with the prior year as cost savings generated from the recent restructuring activities offset the lower US OA Pain Management sales in the quarter.

Anika 本季調整後 EBITDA 為 630 萬美元，與去年持平，因為近期重組活動產生的成本節省抵消了本季度美國 OA 疼痛管理銷售額的下降。

Now turning to cash and liquidity. In the quarter, we used $1.1 million in operating cash flow as an improvement versus the $8.3 million used in the second quarter of 2023, primarily as a result of improved profitability and lower working capital.

現在轉向現金和流動性。本季度，我們使用了 110 萬美元的營運現金流作為改進，而 2023 年第二季度使用的是 830 萬美元，這主要是由於盈利能力提高和營運資本減少。

Capital expenditures were $3.4 million, up $1.9 million, as we continued making investments in our Bedford, Massachusetts based manufacturing facilities, to support growth in our OA pain management and HA regenerative solutions portfolio.

資本支出為 340 萬美元，增加 190 萬美元，因為我們繼續對馬薩諸塞州貝德福德的製造工廠進行投資，以支持我們的 OA 疼痛管理和 HA 再生解決方案組合的增長。

As Cheryl referenced, we initiated a 10b5-1 stock repurchase plan in May, and in the second quarter, we purchased $1.4 million of common stock. As of this week, we have purchased approximately $3 million cumulatively year to date and expect to complete the initial $15 million share repurchase plan before June 2025, in-line with our prior commitments. We ended the second quarter with $62.8 million in cash and no debt.

正如謝麗爾所提到的，我們在 5 月啟動了 10b5-1 股票回購計劃，並在第二季購買了 140 萬美元的普通股。截至本週，我們今年迄今已累積購買了約 300 萬美元，並預計在 2025 年 6 月之前完成最初的 1,500 萬美元股票回購計劃，這符合我們先前的承諾。第二季結束時，我們有 6,280 萬美元現金，沒有債務。

Now, turning to slide 6, I'll provide a review of our full year financial outlook for 2024. We are maintaining our total revenue estimate of $168 million to $173 million, a growth of 1% to 4% versus 2023. OA pain management remains on track to deliver between $102 million and $104 million, roughly flat to 2% growth versus 2023.

現在，轉到投影片 6，我將回顧 2024 年全年財務前景。我們維持 1.68 億至 1.73 億美元的總營收預期，較 2023 年成長 1% 至 4%。OA 疼痛管理仍有望實現 1.02 億至 1.04 億美元的收入，與 2023 年相比大致持平於 2% 的成長。

US OA pain sales are slightly below initial expectations, as a result of lower end user pricing, offset by stronger first half performance and full year expectations for international away pain sales. Joint preservation and restoration remains on track to deliver between $58 million and $60.5 million of revenue, up 6% to 10% versus 2023, as a result of the anticipated contributions from the full market release of integrity, partially offset by softer legacy product sales.

由於終端用戶定價較低，美國 OA 疼痛銷售額略低於最初預期，但被強勁的上半年業績和國際客場疼痛銷售額全年預期所抵消。由於完整市場發布的預期貢獻，聯合保護和修復仍有望實現 5,800 萬至 6,050 萬美元的收入，比 2023 年增長 6% 至 10%，部分被較疲軟的傳統產品銷售所抵消。

Non orthopedic revenue is expected to be between $8 million and $8.5 million a decrease of 14% to 19% in line with prior guidance. We now anticipate adjusted EBITDA to be towards the lower end of the $25 million to $30 million range previously provided.

非骨科收入預計在 800 萬美元至 850 萬美元之間，與先前的指引一致，下降 14% 至 19%。我們現在預計調整後的 EBITDA 將接近先前提供的 2500 萬美元至 3000 萬美元範圍的下限。

This change is driven by the mix shift of OA pain management revenue with modestly lower higher-margin US sales, offset by stronger, lower-margin international sales. We expect, full year adjusted EBITDA margin to be approximately 15%.

這項變化是由 OA 疼痛管理收入與利潤率較高的美國銷售小幅下降的混合變化所推動的，但被強勁、利潤率較低的國際銷售所抵消。我們預計全年調整後 EBITDA 利潤率約為 15%。

Please note that we have decided to remove projected gross margins -- projected adjusted gross margins from our guidance framework as the predictability of this metric is highly dependent upon the mix of products sold between US and international. We continue to focus on total company profitability as the key measurement performance to deliver shareholder value.

請注意，我們已決定從我們的指導框架中刪除預計毛利率——預計調整後的毛利率，因為該指標的可預測性高度依賴美國和國際之間銷售的產品組合。我們持續關注公司整體獲利能力，將其作為衡量股東價值的關鍵績效指標。

In summary, we had a second quarter that demonstrates the strength of the international sales for our market-leading OA pain management products. The opportunity for outsized revenue growth from our regenerative solutions portfolio, including integrity, which will continue to grow in the second half of this year and the realization of cost savings as we work to improve the long-term profitability and focus our investments in a highly differentiated HA products in our portfolio.

總之，第二季展示了我們市場領先的骨關節炎疼痛管理產品的國際銷售實力。我們的再生解決方案組合（包括完整性）將帶來巨大的收入成長機會，這將在今年下半年繼續成長，並且隨著我們努力提高長期獲利能力並將投資重點放在高度關注的領域，實現成本節約。

With that, I'll now turn the call back over to Cheryl.

這樣，我現在將把電話轉回給謝麗爾。

Please turn to slide seven. In closing, the second quarter was strong, where we demonstrated our commitment to delivering for customers, their patients and shareholders while advancing the next-generation of pain management and regenerative technology.

請翻到第七張幻燈片。最後，第二季表現強勁，我們展現了為客戶、他們的患者和股東提供服務的承諾，同時推動下一代疼痛管理和再生技術。

The Full-market release of integrity provides Anika with a highly differentiated product that enables us to control our market access and engage directly with surgeon customers to continue to develop new products that advanced early intervention orthopedic care.

誠信的全市場發佈為 Anika 提供了高度差異化的產品，使我們能夠控制我們的市場准入並直接與外科醫生客戶接觸，以繼續開發推進早期幹預骨科護理的新產品。

Our OA pain management franchise, remains a foundational pillar for Anika, and our recent international growth demonstrates the value of Cingal and opportunity set that lies ahead in the US. Our refocused business strategy provides clarity on our highest ROI initiatives while we continue to strategically assess our value creation opportunities.

我們的 OA 疼痛管理特許經營權仍然是 Anika 的基礎支柱，我們最近的國際成長證明了 Cingal 的價值和美國未來的機會集合。我們重新調整業務策略重點，明確了我們最高投資報酬率的計劃，同時我們繼續策略性地評估我們的價值創造機會。

Lastly, our progress to date wouldn't be possible without every member of the Anika team. I'm proud of their resilience and hard work, and we look forward to sharing more about our progress in the coming months.

最後，如果沒有 Anika 團隊的每一位成員，我們就不可能取得迄今為止的進展。我為他們的韌性和辛勤工作感到自豪，我們期待在未來幾個月分享更多有關我們進展的資訊。

With that, we'll open up the line for questions.

這樣，我們將開放提問熱線。

(Operator Instructions) Jim Sidoti, Sidoti Company.

（操作員說明）Jim Sidoti，Sidoti 公司。

Good afternoon. Thanks for taking the questions. So sounds like are there some headwinds in the US on the pain management business? Is the growth internationally for those products? Is that enough to offset those headwinds?

午安.感謝您提出問題。聽起來美國的疼痛管理業務是否有些阻力？這些產品在國際上有成長嗎？這足以抵消這些不利因素嗎？

Yeah. Good to talk to you talking to Jim. The short answer is yes, we are reaffirming our total revenue guidance on OA pain, and you'll see that the outsized growth that we saw in the first half of this year, up 17%, has done really, really well, and it will continue here into the second quarter, somewhat moderately lower than how it performed in the first quarter -- the first half, but we do expect that that will be able to offset some of the softness that you referenced on the US side.

是的。很高興與你和吉姆交談。簡而言之，答案是肯定的，我們正在重申我們對 OA 痛點的總收入指導，你會看到我們在今年上半年看到的大幅增長，增長了 17%，做得非常非常好，而且將持續到第二季​​度，略低於第一季（上半年）的表現，但我們確實預計這將能夠抵消您提到的美國方面的一些疲軟。

And then, some of the new products that you expect that in the next couple of years, like how fast and signoff, any initial comments on how you plan to distribute those products?

然後，您期望在未來幾年內推出一些新產品，例如多快和簽收，對您計劃如何分發這些產品有任何初步評論嗎？

Hi Jim. Thanks for the question. Yeah. So for Hyalofast, that's obviously, regenerative product and very core to that early intervention portfolio that we've put together, it's a product that we already sell that we're very excited about, that has lots of clinical data, 40 publications will have 15-year data this year.

嗨吉姆。謝謝你的提問。是的。因此，對於Hyalofast 來說，這顯然是再生產品，也是我們整合的早期幹預產品組合的核心，這是我們已經銷售的產品，我們對此感到非常興奮，它擁有大量臨床數據，40 篇出版物將有今年15年的數據。

And we have a really strong process, as you heard me talk about on the call is we're starting to engage with FDA on that product. So I think you can expect to hear more from us on Hyalofast regarding Cingal that is a product that, I think fits more into that.

我們有一個非常強大的流程，正如您在電話中聽到我所說的那樣，我們正在開始與 FDA 就該產品進行接觸。因此，我認為您可以期待在 Hyalofast 上聽到更多關於 Cingal 的信息，我認為 Cingal 更適合這一點。

It's a pain management portfolio, and we obviously haven't announced anything relative to how we would consider distributing that in the United States. But we clearly have a different model that we deploy today, with our other OA pain products. I think more to come on that relative to Cingal.

這是一個疼痛管理產品組合，我們顯然還沒有宣布任何與我們考慮如何在美國分配該產品組合相關的資訊。但我們今天部署的其他 OA 疼痛產品顯然有一個不同的模型。我認為相對於 Cingal 來說，還有更多的事情要做。

All right. And it seems like the -- the cost savings initiatives have really made a difference. Were there any one-time cost savings in the quarter or should we expect these levels going forward?

好的。成本節約措施似乎確實發揮了作用。本季是否有一次性成本節省，或者我們是否應該預期未來會達到這些水準？

Yeah. I mean, when you take a look at the press release, you may see the one-time adjustments as non-recurring items. But when you back those out you just look at on a year-over-year basis, I think your conclusion is right. We're seeing about $3 million of real cost savings on the OpEx lines, driven by the actions that were taken in the first quarter, those will continue as we move forward here driven by the actions.

是的。我的意思是，當您查看新聞稿時，您可能會將一次性調整視為非經常性項目。但當你把這些數據拿出來並逐年查看時，我認為你的結論是正確的。在第一季採取的行動的推動下，我們看到營運支出線的實際成本節省了約 300 萬美元，隨著我們在這些行動的推動下向前推進，這些成本將繼續下去。

Okay. All right. Thank you.

好的。好的。謝謝。

Thanks, Jim.

謝謝，吉姆。

Harrison Parsons, Stephens.

哈里森帕森斯、史蒂芬斯。

George -- Good afternoon and thanks for taking the questions. I wanted to just dig in a little bit about the your comments around the more mature products and the joint preservation restoration segment. What percentage of that segment did those products make up and are they declining or is it just slower growth that you're seeing from those?

喬治——下午好，感謝您提出問題。我想深入了解您對更成熟的產品和關節保存修復部分的評論。這些產品在該細分市場中所佔的比例是多少？

Yeah. Hi, George. Thanks for the question. We have talked about this in prior quarters, there are some, I would say, legacy products in that JPR business that are either kind of flat, a couple of them to declining. It's not all the products for sure. We certainly haven't broken them out with any kind of percentages. And that's obviously largely being offset by some higher growth in new newer products like X-Twist and integrity, as we've talked about it today.

是的。嗨，喬治。謝謝你的提問。我們在前幾季已經討論過這個問題，我想說，JPR 業務中的一些遺留產品要么持平，要么有一些正在下降。肯定不是所有的產品。我們當然還沒用任何百分比來細分它們。正如我們今天所討論的，這顯然在很大程度上被 X-Twist 和 Integrity 等新產品的更高成長所抵消。

So I think you'll see us going forward continuing to focus on the new products as we really leverage the expertise that we've got here at Anika around hyaluronic acid and the new products is really where we've made a lot of our investments. So we look forward to continuing to report out on the growth of that business relative to the new products in particular.

因此，我認為您會看到我們繼續專注於新產品，因為我們真正利用了 Anika 在透明質酸方面擁有的專業知識，而新產品確實是我們進行了大量投資的地方。因此，我們期待繼續報告該業務相對於新產品的成長。

Yeah. And the only thing I might add to that is, specifically the regenerative piece of the JPR business is performing quite well, as you can tell, and that's really where you're going to start to see the benefits of the integrity launch come through. So the first half of the year, we saw mid-teens growth coming from that regenerative part of the portfolio. We expect that to pick up now as we head into the second half of the year.

是的。我唯一要補充的是，正如您所知，JPR 業務的再生部分錶現得非常好，這確實是您將開始看到誠信發布帶來的好處的地方。因此，今年上半年，我們看到投資組合的再生部分實現了十幾歲左右的成長。我們預計，隨著進入今年下半年，這種情況將會有所改善。

Okay. Great. Yeah, that's helpful. And then I just wanted to just staying on that segment. Just kind of dig into -- any products beyond X-Twist and integrity that are driving that, that growth to get you to the full year guide?

好的。偉大的。是的，這很有幫助。然後我只想留在那個領域。只要深入研究一下——除了 X-Twist 和完整性之外，還有什麼產品可以推動這一增長，讓您獲得全年指南？

Sure. There are other products that are driving growth. But I think we've chosen to focus on exquisite integrity just because those are the newer products. We obviously just got to full market release on the bio composite some version of X-Twist that allows us now to address that full $600 million plus rotator cuff market on the soft tissue fixation side.

當然。還有其他產品正在推動成長。但我認為我們選擇專注於精緻的完整性只是因為這些是較新的產品。顯然，我們剛剛在某種版本的 X-Twist 生物複合材料上全面向市場發布，這使我們現在能夠滿足軟組織固定方面價值 6 億美元以上的肩袖市場的需求。

And now it's early days but we're in about a month into the full market release of integrity. So those two products are really, I would say, the higher growing portions of that JPR part of the business and why we chose to point those two out.

現在還處於早期階段，但我們距離完整的市場發布還有大約一個月的時間。因此，我想說，這兩種產品確實是 JPR 業務中成長較高的部分，也是我們選擇指出這兩種產品的原因。

We'll obviously continue to update as we go forward. I will tell you, though, that the regenerative portion of the business, if you want to think about it that way, which includes also Hyalofast and [Intactaset] is a piece of that JPR business that is doing very well.

我們顯然會繼續更新。不過，我會告訴您，如果您想這樣考慮的話，業務的再生部分（其中還包括 Hyalofast 和 [Intactaset]）是 JPR 業務中表現非常好的一部分。

Steve, I don't know if you've got anything to add to that?

史蒂夫，我不知道你還有什麼要補充的嗎？

I think that covers it.

我認為這涵蓋了它。

Okay.

好的。

Thanks for the color.

謝謝你的顏色。

Mike Petusky, Barrington Research.

麥克佩圖斯基，巴靈頓研究中心。

Good evening. Cheryl, the international growth that you guys called out for OA sort of set new country expansion, which countries did you guys recently and there were -- and I guess, were any of them in second quarter?

晚安.謝麗爾（Cheryl），你們呼籲 OA 的國際成長有點設定了新的國家擴張，你們最近在哪些國家/地區進行了擴張——我猜，其中有哪些是在第二季度進行的？

Yeah. We -- I'll tell you, Mike. We typically don't break out specifically when we launch in a new country, unless it's material to the business. But I will tell you that we've continued to expand on in Europe and Canada, the South America and Latin America regions going forward.

是的。我們——我告訴你，麥克。當我們在一個新的國家/地區推出產品時，我們通常不會專門進行突破，除非這對業務很重要。但我會告訴你，我們將繼續在歐洲和加拿大、南美洲和拉丁美洲擴張。

And we -- I would say we haven't expanded into a new country that's really going to change our numbers materially. When when that happens, I'll certainly let you know. I think the good news is that the bigger portion of that growth has really come from continued market share capture of the countries in which we already sell.

我想說的是，我們還沒有擴展到一個真正會實質改變我們數量的新國家。當這種情況發生時，我一定會讓你知道。我認為好消息是，這種增長的很大一部分實際上來自我們已經銷售的國家的持續市場份額佔領。

And even when we launch in a new country, it takes a little bit of time for those distributors to kind of get their feet on the ground and get up and running. So I think we're really starting to see some sort of a nice impact as we launch in new countries and they have a chance to really get grounded in the products and and drive into those markets, that's really what we're seeing, propel much of that significant growth number with that OUS business. Its' actually very exciting for us.

即使我們在一個新的國家/地區推出產品，這些分銷商也需要一點時間才能立足並開始運作。因此，我認為，當我們在新的國家/地區推出產品時，我們確實開始看到某種良好的影響，他們有機會真正紮根於產品並進入這些市場，這確實是我們所看到的，推動其中大部分的顯著成長來自OUS 業務。這對我們來說實際上非常令人興奮。

Okay. On Cingal, the regular communication with the FDA that you called out. It has the last 90 or so days. I mean, are there learnings there where you say, okay, we've pretty much got this dialed in in terms of what we're going need to do or are there still a lot of, I guess, the additional communication that needs -- to needs to happen there?

好的。關於 Cingal，您提到的與 FDA 的定期溝通。它有最後 90 天左右的時間。我的意思是，有沒有學到的東西，你會說，好吧，我們已經基本了解了我們需要做的事情，或者我想仍然有很多額外的溝通需要 - - 需要在那裡發生嗎？

Yeah, it's a great question. And it's a topic that, we would love to have it be going faster, we're in constant communication with FDA. We reported out last quarter that they had come back to us with some feedback. We went back to them with some additional questions, and the feedback they gave us from those questions was go ahead and schedule another meeting.

是的，這是一個很好的問題。我們希望這個主題能夠進展得更快，我們一直在與 FDA 保持溝通。我們上個季度報告說，他們向我們提供了一些回饋。我們向他們提出了一些其他問題，他們從這些問題中給我們的回饋是繼續安排另一次會議。

So we're in the process of doing that. And we feel like that represents good progress just because we're really starting to, I would say, hone in on the topics that we want to make sure we get full clarification around before we begin any additional non-clinical testing. So there is progress being made and we look forward to providing a more fulsome update by the end of the year relative to how we're thinking about that timing.

所以我們正在這樣做。我們覺得這代表了良好的進展，因為我想說，我們真的開始磨練我們希望確保在開始任何額外的非臨床測試之前得到充分澄清的主題。因此，我們正在取得進展，我們期待在今年年底之前提供關於我們如何考慮這項時間表的更全面的更新。

And then on the study guys, I guess, are planning to enroll for integrity. And I just want to make sure I understand that the primary reason for this is sort of two for your MDR filing. And I understand also to sort of strength the value proposition that you asked.

然後，我想，在研究方面，人們正計劃為了誠信而報名。我只是想確保我了解您的 MDR 備案的主要原因有兩個。我也理解您所提出的價值主張是有一定強度的。

But can you guys I guess, first of all, I just want to make sure I understand what the motivation for that is, and then confirm that I understand what the motivation for that is? And then what do you think that costs and over time frame?

但你們我猜，首先，我只是想確保我明白這樣做的動機是什麼，然後確認我明白這樣做的動機是什麼？那麼您認為成本和時間範圍是多少？

Yeah, absolutely. So we're excited to be able to get that study going. It's been in the planning stages. As we've been in limited market release, it really is twofold. We know that we need a good set of high-quality clinical data to really drive market access in the United States in the way that we know is possible with this superior technology.

是的，絕對是。因此，我們很高興能夠進行這項研究。它已處於規劃階段。由於我們的市場發行量有限，因此它確實是雙重的。我們知道，我們需要一套良好的高品質臨床數據，才能真正推動美國市場准入，我們知道這種先進技術是可能實現的。

But in Europe now, because this is a Class III device, we have to have high quality clinical data for the MDR filing prior to marketing, which is different than it used to be. So it's really twofold in nature. And again, we're excited to get it started. I will tell you, though, we have a couple of post-market studies already ongoing in the United States that are going to yield some clinical publications next year.

但現在在歐洲，因為這是III類器械，所以在上市之前我們必須有高品質的臨床數據進行MDR備案，這與以前不同。所以它本質上是雙重的。再次，我們很高興能夠開始它。不過，我會告訴你，我們已經在美國進行了幾項上市後研究，這些研究將於明年發表一些臨床出版品。

So we'll begin to have some clinical data coming out for US marketing and market access purposes before we get to the what I would consider kind of the higher quality clinical data that we're going to need for the MDR filing?

因此，在獲得我認為 MDR 備案所需的更高品質的臨床數據之前，我們將開始提供一些用於美國行銷和市場准入目的的臨床數據？

Yeah. And we don't necessarily share the details on the breakdown of the cost for each study. But what I'd say is we'd expect it to start in the second half of this year and continue into next year as well. It will be a little bit of an offset to some of the cost savings that we've seen on the operating expense line.

是的。我們不一定會分享每項研究的成本細目細節。但我想說的是，我們預計它會在今年下半年開始，並持續到明年。這將稍微抵消我們在營運費用方面看到的一些成本節省。

And so while I mentioned this earlier, we've seen about $3 million of operating expense savings in the second quarter alone. It will eat into that to some degree as we work our way into the fourth quarter here as a little bit of a drag against some of those cost savings. But it will take a number of years to play out associated with the overall study expense.

因此，雖然我之前提到過這一點，但光是第二季我們就節省了約 300 萬美元的營運費用。當我們進入第四季時，這將在某種程度上侵蝕這一點，對部分成本節約造成一點拖累。但與整體學習費用相關，需要數年時間才能發揮作用。

Okay. Any sense of patient enrollment number?

好的。對患者入組人數有任何了解嗎？

I'll tell you what, once we get all the details posted on clinicaltrials.gov. I'll be in a better position to provide you with those details, if it's a study that we have very clear line of sight to around excitement from the clinicians for enrollment. It doesn't have any complexities in a clinical trial design that's going to make it difficult to enroll. And as soon as we get that posted, I'm going to look forward to going through in a little bit more detail about what it looks like number of patients and timing.

一旦我們獲得在 ClinicalTrials.gov 上發布的所有詳細信息，我會告訴你什麼。如果這是一項我們對臨床醫生對入組感到興奮的研究有非常清晰的視野，我將能夠更好地向您提供這些細節。它的臨床試驗設計沒有任何複雜性，不會導致招募困難。一旦我們發布該訊息，我將期待更詳細地介紹患者數量和時間安排。

Cheryl, I totally understand. It's very, very, very early days for the full market release of integrity. But I'm just curious, I mean, is there anything you can share in terms of, hey, some of these 60 surgeons that were that were in the limited market release a save they've already done cases in the last 30 -- 35 days or how reliant you guys have been launched. Is there anything you can share just in terms of the last four, five, six weeks, however, ever long integrity has been in full market> Thanks.

謝麗爾，我完全理解。誠信的全面市場釋放仍處於非常、非常、非常早期的階段。但我只是很好奇，我的意思是，有什麼可以分享的嗎，嘿，這 60 名外科醫生中的一些人在有限的市場中發布了他們在過去 30 年內已經完成的病例 - 35 天，或者說你們已經推出了多少依賴。在過去的四、五、六週內，您有什麼可以分享的嗎？

Yeah, absolutely. I'm excited to -- it's something that I track multiple times a day. And I think there are some interesting factoids that I'd be happy to share. I mean, first of all, the feedback that we're getting is tremendous, we're getting videos of patients that are rapidly rehabilitating and healing that surgeons are posting on LinkedIn and other sourcing, social media outlets. They're talking about it.

是的，絕對是。我很興奮——這是我每天多次跟踪的事情。我認為有一些有趣的事實我很樂意與大家分享。我的意思是，首先，我們得到的回饋是巨大的，我們收到了外科醫生在 LinkedIn 和其他採購、社交媒體管道上發布的患者正在迅速康復和癒合的影片。他們正在談論它。

They're excited about the fact that it's a higher strength to construct even one way that it has increased regenerative capacity that they're seeing play out clinically. They are really appreciative of all arthroscopic instrumentation and the Streamline surgical technique and the fact that it's not using Athena graft or an allograft.

他們對這樣一個事實感到興奮：即使是一種增強再生能力的方式，它也具有更高的強度，他們在臨床上看到了這一點。他們非常欣賞所有關節鏡器械和 Streamline 手術技術，並且不使用 Athena 移植物或同種異體移植物。

So that's some of the feedback we're getting. But I'll tell you the poll is real from surgeon community and even with some of the distributors you heard you heard me mention that we're signing on some new distributors that are focused on the regen products.

這就是我們收到的一些回饋。但我會告訴你，這項民調是來自外科醫生社群的真實調查，即使是你聽到的一些經銷商，你也聽到我提到我們正在與一些專注於再生產品的新經銷商簽約。

The fact that we increased even in a limited market release where we had kind of constrained supply 40% from Q1 to Q2, I think is a sign. The fact that we're getting feedback from surgeons immediately saying, boy, I'd really like to use this in this tendon. I'd like a different geometry. I had like a different shape factor.

事實上，即使在有限的市場釋放中，我們的產量也有所增加，從第一季度到第二季度，我們的供應量受到了 40% 的限制，我認為這是一個跡象。事實上，我們立即收到外科醫生的回饋，他們說，我真的很想在肌腱上使用它。我想要一個不同的幾何形狀。我喜歡不同的形狀因素。

These are all things that are terribly exciting for us and really give us a lot of confidence around our product development pipeline and our ability to make these investments in the regenerative portfolio in a way that there's a real ROI here. And again, this leverages our proprietary HA technology, which is really where Anika has the expertise and the right to win.

這些都是讓我們非常興奮的事情，並且確實給了我們對我們的產品開發管道以及我們以真正的投資回報率方式對再生產品組合進行這些投資的能力的信心。再次強調，這利用了我們專有的 HA 技術，這確實是 Anika 擁有專業知識和獲勝權利的地方。

Okay. Lot of good stuff there. Cheryl I'm going to give one more shot, though. Any numbers and sort of surgeons that have actually done cases since the fall market?

好的。那裡有很多好東西。謝麗爾 不過，我還要再試一次。自秋季市場以來，有多少外科醫生實際做過手術？

Oh, yeah, I mentioned it in the script, we've had over 60 surgeons in LMR. I would say (multiple speakers) in the limited market release, that's right. If you think about the fact that, I also mentioned that we're looking at kind of 40% quarter-over-quarter growth and about 25% of the surgeons are new to Anika, you can kind of think about it that way.

哦，是的，我在劇本中提到過，我們 LMR 有 60 多名外科醫生。我想說（多個發言者）在有限的市場發布，沒錯。如果您考慮到這一事實，我還提到過，我們預計季度將環比增長 40%，並且大約 25% 的外科醫生是 Anika 的新手，您可以這樣想。

I have seen already just this week at the beginning of the month, a good number of very new customers doing cases just at the beginning of this month. So again, it's a different type of product and a different level of pull with totally new customers to Anika.

就在本月初的這週，我已經看到很多新客戶在本月初做案例。再說一遍，這是一種不同類型的產品，對 Anika 的全新客戶具有不同程度的吸引力。

The 40% sequential growth is what we've experienced and what we expect to continue here for a short period of time. So we're excited to share more as we get to the back half of the year.

40% 的環比增長是我們已經經歷過的，我們預計這種增長將在短時間內持續下去。因此，我們很高興能在今年下半年分享更多資訊。

And I just want to make sure I understand that cases, correct or surgeons?

我只是想確保我理解這些病例，正確的還是外科醫生？

40% is cases.

40%是案例。

Okay. All right. Very good. Thank you.

好的。好的。非常好。謝謝。

Welcome. Thank you.

歡迎。謝謝。

Thank you. There are no further questions at this time. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。目前沒有其他問題。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。