Apyx Medical Corp (APYX) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Apyx Medical second-quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, August 7, 2025.

女士們、先生們，下午好，歡迎參加 Apyx Medical 2025 年第二季財報電話會議。（操作員指示）此通話於 2025 年 8 月 7 日星期四錄製。

I would now like to turn the conference over to Jeremy Feffer, LifeSci Advisors. Please go ahead.

現在我想將會議交給 LifeSci Advisors 的 Jeremy Feffer。請繼續。

Thank you, and welcome, everyone, to our second-quarter 2025 earnings call. Representing the company on the call are Charlie Goodwin, Chief Executive Officer; and Matt Hill, Chief Financial Officer of Apyx Medical.

謝謝大家，歡迎大家參加我們的 2025 年第二季財報電話會議。代表公司參加電話會議的有執行長 Charlie Goodwin 和 Apyx Medical 財務長 Matt Hill。

Before we begin, I would like to remind everyone that our remarks and responses to your questions today may contain forward-looking statements that are based on the current expectations of management and involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated, including, without limitation, those identified in the Risk Factors section of our most recent annual report on Form 10-K, our most recent 10-Q filing, and the company's other filings with the Securities and Exchange Commission. Such factors may be updated from time to time in our filings with the SEC, which are available on our website. We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events, or otherwise.

在我們開始之前，我想提醒大家，我們今天的評論和對你們問題的回答可能包含前瞻性的陳述，這些陳述基於管理層的當前預期，並涉及固有風險和不確定性，可能導致實際結果與所示的結果存在重大差異，包括但不限於我們最近的 10-K 表年度報告、我們最近的 10-Q 文件以及公司向美國證券交易委員會提交的其他文件中確定的風險因素和不確定性因素中確定的風險因素和美國證券交易委員會的其他不確定性。這些因素可能會在我們向美國證券交易委員會提交的文件中不時更新，這些文件可在我們的網站上查閱。我們不承擔因新資訊、未來事件或其他原因而公開更新或修改我們的前瞻性聲明的義務。

This call will also include references to certain financial measures that are not calculated in accordance with generally accepted accounting principles or GAAP. We generally refer to these as non-GAAP financial measures. Reconciliations of those non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in the earnings press release on the Investor Relations portion of our website.

此次電話會議也將提及某些未依照公認會計原則或 GAAP 計算的財務指標。我們通常將這些稱為非公認會計準則財務指標。這些非 GAAP 財務指標與依照 GAAP 計算和呈現的最具可比性的指標的對帳可在我們網站投資者關係部分的收益新聞稿中找到。

I would now like to turn the call over to Mr. Charlie Goodwin, Apyx Medical's President and Chief Executive Officer. Please go ahead.

現在我想將電話轉給 Apyx Medical 總裁兼執行長 Charlie Goodwin 先生。請繼續。

Thank you, Jeremy, and thank, you, all, for joining us today. First, with our focus on returning to growth, I am excited to announce the appointment of two senior sales leaders for the domestic and international markets. John Featherstone will head North American sales and has over 20 years experience in the aesthetics industry, along with Simon Davies, who will head Europe and Asia and has over 30 years' experience in the industry, most recently with VASER.

謝謝傑里米，也謝謝大家今天加入我們。首先，隨著我們專注於恢復成長，我很高興地宣布任命兩位負責國內和國際市場的高級銷售主管。John Featherstone 將負責北美銷售，他在美容行業擁有 20 多年的經驗；Simon Davies 將負責歐洲和亞洲銷售，他在美容行業擁有 30 多年的經驗，最近在 VASER 工作。

Per our usual format on these quarterly calls, I will be providing a review of our performance in the second quarter of 2025, and then I will turn the call over to Matt for a review of our second-quarter financial results as well as our updated full year 2025 guidance. We will then open the call for questions.

按照我們季度電話會議的慣例，我將對我們 2025 年第二季度的業績進行回顧，然後我將把電話會議交給馬特，讓他回顧我們第二季度的財務業績以及我們更新的 2025 年全年指引。然後我們將開始提問。

Let me begin with a review of our second-quarter performance. We reported total revenue of $11.4 million compared to $12.1 million in the same period last year. This slight decline was anticipated and primarily driven by a decrease in sales of our OEM products. Importantly, this aligns with our strategic shift in focus and resource allocation. Sales of our Advanced Energy products were $9.7 million, reflecting continued customer interest and steady demand in an overall market that remains challenged.

首先，我來回顧一下我們第二季的業績。我們報告的總收入為 1,140 萬美元，而去年同期為 1,210 萬美元。這一小幅下降是預料之中的，主要是由於我們的 OEM 產品銷售下降所致。重要的是，這與我們的策略重點和資源配置轉變一致。我們的先進能源產品的銷售額為 970 萬美元，反映出在整體市場依然充滿挑戰的情況下，客戶持續的興趣和穩定的需求。

While we experienced a modest decrease in the volume of single-use handpieces sold domestically, this was due in part to a decline of overall procedures and our sales rep focus on the presales of AYON in preparation for its commercial launch. This was a strategic decision to support the rollout of our most advanced system to date and that investment is already paying off. I am pleased to report that early results from the AYON presales have exceeded our expectations, which I'll discuss in more detail shortly.

雖然我們在國內銷售的一次性手機數量略有下降，但部分原因是由於整體手術量的下降以及我們的銷售代表專注於 AYON 的預售以準備其商業發布。這是一項策略決策，旨在支持我們推出迄今為止最先進的系統，而這項投資已經獲得回報。我很高興地報告，AYON 預售的早期結果超出了我們的預期，我將在稍後詳細討論。

Taking a closer look at our financial performance this quarter, we are beginning to see meaningful benefits from the cost reduction and restructuring initiatives that we implemented in November of 2024. In just the past nine months, these efforts have driven significant improvements, resulting in a leaner operating structure and a substantial reduction in our cash burn. These improvements have strengthened the overall financial health of the company, providing the flexibility to invest in our growth strategy with greater confidence.

仔細觀察本季的財務業績，我們開始看到 2024 年 11 月實施的成本削減和重組措施帶來的顯著效益。僅在過去九個月裡，這些努力就帶來了顯著的改進，使我們的營運結構更加精簡，現金消耗也大幅減少。這些改進增強了公司的整體財務狀況，使我們更有彈性、更有信心地投資我們的成長策略。

As a result, we are now better positioned to scale substantially and deliver long-term value for our shareholders. While the global aesthetic market remains challenging, our Apyx team has continued to execute with focus and resilience, identifying key growth opportunities and implementing the disciplined long-term strategy that is already delivering meaningful results.

因此，我們現在能夠更好地擴大規模並為股東創造長期價值。儘管全球美學市場仍然充滿挑戰，但我們的 Apyx 團隊繼續專注且堅韌地執行，發現關鍵的成長機會並實施嚴謹的長期策略，該策略已經取得了有意義的成果。

At the center of this momentum is Renuvion, our innovative, minimally invasive surgical solution for treating loose and lax skin. Renuvion provides durable, transformational outcomes and is rapidly gaining traction among surgeons. We believe it represents best-in-class option for skin tightening and should be considered as the new standard of care, particularly for patients experiencing skin laxity after significant weight loss, including those using GLP-1 medications.

這一勢頭的核心是 Renuvion，這是我們治療鬆弛皮膚的創新微創手術解決方案。Renuvion 提供持久、變革性的治療效果，並迅速受到外科醫生的青睞。我們相信它是緊緻皮膚的最佳選擇，應該被視為新的護理標準，特別是對於體重大幅減輕後出現皮膚鬆弛的患者，包括使用 GLP-1 藥物的患者。

This expanded patient population presents a tremendous opportunity. With more than 15 million people currently on GLP-1 drugs in the US alone, we're still in the early innings of this powerful market shift. We believe Apyx is uniquely positioned to meet this demand and to help lead aesthetics market into this next phase of growth.

患者群體的擴大帶來了巨大的機會。目前僅在美國就有超過 1500 萬人服用 GLP-1 藥物，我們仍處於這一強大市場轉變的早期階段。我們相信 Apyx 具有獨特的優勢來滿足這一需求，並幫助引領美學市場進入下一階段的成長。

We were thrilled to see Renuvion take center stage at this year's Miami Swim Week, generating strong buzz and meaningful engagement. As part of our campaign, we've shared powerful real-life stories from patients who have regained their self-confidence through Renuvion treatments, culminating in a runway moment where these individuals proudly showcase their transformation. It was an emotional and inspiring celebration of what Renuvion can help people achieve.

我們很高興看到 Renuvion 在今年的邁阿密游泳週上佔據中心位置，引起了強烈的反響和有意義的參與。作為我們活動的一部分，我們分享了透過 Renuvion 治療重拾自信的患者的真實故事，最終在 T 台上，這些人自豪地展示了他們的轉變。這是一次令人感動和鼓舞的慶祝，慶祝 Renuvion 能夠幫助人們實現目標。

Our presence in Miami is just one element of a much broader integrated direct-to-consumer marketing strategy that has significantly exceeded expectations in 2025. This campaign has delivered exceptional results in terms of reach, engagement, and earned media coverage. At the heart of our message is a clear and consistent theme. Renuvion is the most trusted body contouring technology among aesthetic professionals backed by compelling clinical data and real-world results.

我們在邁阿密的業務只是更廣泛的綜合直接面向消費者行銷策略的一個要素，該策略已大大超出了 2025 年的預期。這項活動在覆蓋面、參與度和贏得媒體報道方面取得了卓越的成果。我們訊息的核心是一個清晰而一致的主題。Renuvion 是美容專業人士最信賴的身體塑形技術，擁有令人信服的臨床數據和真實結果作為後盾。

As many of you are aware, expanding Renuvion's footprint in new international markets is a key strategic priority. Just last month, we announced its launch in China following receipt of an initial market clearance for the system from the National Medical Products Administration of China. Subsequently, we entered a distribution agreement with GlamMoon Medical Technology, the wholly owned equipment distribution division of BeauCare Clinics Investment Company, a leading platform company in China's medical aesthetics industry.

正如你們許多人所知，擴大 Renuvion 在新國際市場的影響力是一項關鍵的策略重點。就在上個月，我們宣布該系統在中國上市，此前我們已獲得中國國家藥品監督管理局的初步市場許可。隨後，我們與中國醫療美容產業領先平台公司BeauCare Clinics Investment Company的全資設備分銷部門GlamMoon Medical Technology簽訂了分銷協議。

We are excited by the early success GlamMoon has had with its initial marketing campaign for Renuvion in China, which quickly ramped up activities and immediately resulted in a tremendous response from surgeons and patients alike. With initial sales already completed and growing interest, we foresee an exciting new growth driver and look forward to providing updates to you all.

我們很高興看到 GlamMoon 在中國開展的 Renuvion 初步行銷活動取得了成功，該活動迅速開展，並立即引起了外科醫生和患者的強烈反響。隨著初步銷售已經完成並且人們的興趣日益增長，我們預見到一個令人興奮的新增長動力，並期待向大家提供最新消息。

Building on the success of Renuvion, it brings us great pleasure to share the strong progress we have made in introducing the AYON system to the market over the past two months. This all-in-one platform seamlessly integrates Renuvion, ultrasound-assisted liposuction, infiltration, aspiration, electro coagulation, and fat transfer into a single streamlined device and look forward to expanding our indications to include power liposuction later this year. Considering the major shifts in the market with the rapid adoption of GLP-1 drugs, we are confident it will further differentiate us as the surgical aesthetics company and a trusted surgical partner for the next era of aesthetic care.

在 Renuvion 取得成功的基礎上，我們非常高興地分享過去兩個月我們在將 AYON 系統推向市場方面取得的重大進展。這個一體化平台將 Renuvion、超音波輔助抽脂、浸潤、抽吸、電凝和脂肪轉移無縫整合到一個流線型設備中，並期待在今年稍後將我們的適應症擴大到包括動力抽脂。考慮到 GLP-1 藥物的快速應用為市場帶來的重大轉變，我們相信它將進一步使我們成為外科美容公司和下一個美容護理時代值得信賴的外科合作夥伴。

As I may remind you, we only just introduced the system publicly during our quarterly call in March. We then went to the aesthetics meet in Austin, Texas later that year to offer board-certified plastic and cosmetic surgeons an early look at the system and gathered valuable initial feedback as we were planning out the commercial launch. This was followed up in May when we were pleased to announce AYON has received 510(k) clearance from the US FDA. We have since focused on executing a soft commercial launch.

我可以提醒您，我們只是在三月的季度電話會議上公開介紹了該系統。同年晚些時候，我們參加了在德克薩斯州奧斯汀舉行的美學會議，讓委員會認證的整形外科醫生和美容外科醫生提前了解該系統，並在我們計劃商業發佈時收集了寶貴的初步反饋。今年 5 月，我們很高興地宣布 AYON 已獲得美國 FDA 的 510(k) 許可。從那時起，我們就專注於進行軟性商業發布。

As part of our limited release, we have installed a number of systems under our ambassador program. This program will place 20 systems with key opinion leaders in critical geographies throughout the US. It has also allowed our sales and customer service teams to refine their processes and optimize the customer experience, ensuring we are well prepared to scale the broader commercial rollout.

作為限量發行的一部分，我們在我們的大使計劃下安裝了許多系統。該計劃將在美國各地的關鍵地區部署 20 個系統，並配備關鍵意見領袖。它還使我們的銷售和客戶服務團隊能夠改善流程並優化客戶體驗，確保我們做好充分準備來擴大更廣泛的商業推廣。

We have also been taking preorders from surgeons outside of our ambassador program and look forward to the commercial launch in September. Again, I can't express it enough. The interest in AYON goes beyond anything that we were anticipating just a few months ago, which is what pushed us to update our revenue targets for 2025, which Matt will detail in a moment.

我們也一直在接受大使計畫之外的外科醫生的預訂，並期待 9 月的商業發布。再說一遍，我無法充分錶達這一點。AYON 受到的關注超出了我們幾個月前的預期，這促使我們更新了 2025 年的收入目標，Matt 稍後將詳細介紹。

For some of you that might not follow the industry closely, the activity around AYON's launch, while still early in the process, looks to be indicative of a broader shift in the market. What I mean by this is that over the past few years, capital equipment spending across the aesthetics market has generally been subdued, a trend experienced by nearly all manufacturers in the space. However, we believe AYON sales are going against the pattern, the energy and enthusiasm from customers around this system is unlike anything we've seen in recent years.

對於那些可能沒有密切關注該行業的人來說，圍繞 AYON 推出的活動雖然仍處於早期階段，但似乎預示著市場更廣泛的轉變。我的意思是，過去幾年來，美容市場的資本設備支出普遍低迷，幾乎所有該領域的製造商都經歷了這一趨勢。然而，我們認為 AYON 的銷售情況與以往的模式相反，客戶對該系統的熱情和活力是我們近年來從未見過的。

Surgeons are recognizing the value of a comprehensive next-generation platform designed specifically for today's body contouring needs, and we are thrilled to be delivering it to them. While we were still in early stages of the launch, this momentum brings us significantly closer to realizing my long-term vision to walk into almost any surgical practice and see an AYON system at the center of the operating room. With the trajectory we are on, we believe that future is well within reach.

外科醫生認識到專為當今身體塑形需求而設計的綜合下一代平台的價值，我們很高興能將它提供給他們。雖然我們仍處於發布的早期階段，但這種勢頭使我們更接近實現我的長期願景，即走進幾乎任何外科手術，並在手術室的中心看到 AYON 系統。憑藉我們目前的發展軌跡，我們相信未來觸手可及。

I will now turn the call over to Matt for a review of our second-quarter 2025 financial results in more detail, along with our updated financial guidance for 2025.

現在，我將把電話轉給馬特，讓他更詳細地回顧我們 2025 年第二季的財務業績，以及我們更新的 2025 年財務指引。

Thank you, Charlie. Before I get started, please note that all references to second-quarter financial results will be on a GAAP and year-over-year basis, unless noted otherwise. As Charlie mentioned, total revenue for the second-quarter '25 decreased 6% to $11.4 million compared to $12.1 million in the prior-year period. Revenue for the Advanced Energy segment was relatively flat at $9.7 million compared to $9.8 million last year.

謝謝你，查理。在我開始之前，請注意，除非另有說明，所有對第二季財務結果的引用都將基於 GAAP 和同比數據。正如查理所提到的，25 年第二季的總收入與去年同期的 1,210 萬美元相比下降了 6%，至 1,140 萬美元。先進能源部門的收入相對持平，為 970 萬美元，而去年同期為 980 萬美元。

As Charlie referenced, the flattening of our sales growth curve in this quarter reflects a decrease in the volume of single-use handpieces domestically. We expect to resume growth with the launch of AYON ramping in the third quarter, which is reflected in the updated guidance I will provide in a minute.

正如查理所提到的，本季我們的銷售成長曲線趨於平緩，反映了國內一次性手機銷售的下降。我們預計，隨著 AYON 在第三季的推出，我們的業績將恢復成長，這將反映在我稍後提供的最新指導中。

Turning to the OEM segment. Sales decreased 29% or approximately $1.7 million for the second quarter of '25 when compared to the second quarter of '24. The decrease in OEM sales is due to decrease in sales volume to existing customers, including Symmetry Surgical under our 10-year generator manufacturing and supply agreement. Domestic revenue decreased 11% year over year to $7.8 million and international revenue decreased 4% year over year to $3.6 million.

轉向 OEM 領域。與 24 年第二季相比，25 年第二季的銷售額下降了 29%，約 170 萬美元。OEM 銷售額的下降是由於對現有客戶的銷售量下降，包括我們 10 年發電機製造和供應協議下的 Symmetry Surgical。國內營收年減 11% 至 780 萬美元，國際營收年減 4% 至 360 萬美元。

As a reminder, the medical device industry typically experiences some seasonality with revenue trends generally the lowest in the first and third quarters and strongest in the second and fourth. That said, the timing of new product shipments, particularly related to the AYON launch, could influence the revenue distribution in the second half of the year. Depending on the pace and timing of these deliveries, we may see a different seasonal pattern in Q3 and Q4 compared to historical norms.

提醒一下，醫療器材產業通常會經歷一些季節性，收入趨勢通常在第一季和第三季最低，在第二季和第四季最強。也就是說，新產品的出貨時間，特別是與 AYON 發布相關的產品出貨時間，可能會影響下半年的收入分配。根據這些交付的速度和時間，我們可能會看到第三季和第四季與歷史常態不同的季節性模式。

Gross profit for the second-quarter '25 decreased to $7.1 million compared to $7.5 million in the prior-year period. Gross profit margin for the second quarter of '25 increased slightly to 62.3% compared to 61.7% in the prior-year period.

2025 年第二季毛利下降至 710 萬美元，去年同期為 750 萬美元。25 年第二季毛利率略為上升至 62.3%，去年同期為 61.7%。

With respect to tariffs, we continue to monitor trade policy and tariff announcements, including the recent executive orders issued by the US federal administration regarding tariffs on imports from various countries. At this time, the overall impact on our business related to these or any other tariffs that may be imposed, remains uncertain and depends on multiple factors.

關於關稅，我們持續關注貿易政策和關稅公告，包括美國聯邦政府最近發布的對各國進口產品徵收關稅的行政命令。目前，這些關稅或任何其他可能徵收的關稅對我們業務的整體影響仍不確定，並取決於多種因素。

Operating expenses decreased to $9.7 million for the second-quarter '25 compared to $13 million in the prior-year period. The decrease in operating expenses was driven by a $1.6 million decrease in salaries and related costs, a $0.7 million decrease in selling, general and administrative expenses, a $0.6 million decrease in research and development expenses, and a $0.5 million decrease in professional services expenses. We are pleased to see the results of the cost-cutting measures taken in the fourth quarter of '24 in our current numbers.

2025 年第二季營運費用下降至 970 萬美元，去年同期為 1,300 萬美元。營運費用的減少是由於工資和相關成本減少 160 萬美元、銷售、一般和行政費用減少 70 萬美元、研發費用減少 60 萬美元以及專業服務費用減少 50 萬美元。我們很高興看到 2024 年第四季採取的成本削減措施在我們目前的數據中取得了成果。

Loss from operations decreased $3 million or 54% to $2.6 million. Net loss attributable to stockholders was $3.8 million or $0.09 per share for the second quarter of '25 compared with $6.6 million or $0.19 per share in the prior-year period. Adjusted EBITDA loss decreased 54% to $2 million compared to $4.3 million in the second quarter of '24. As a reminder, we provide a detailed reconciliation from net loss attributable to stockholders to non-GAAP adjusted EBITDA loss in our earnings press release.

營業虧損減少 300 萬美元，即 54%，至 260 萬美元。25 年第二季歸屬於股東的淨虧損為 380 萬美元或每股 0.09 美元，去年同期為 660 萬美元或每股 0.19 美元。調整後的 EBITDA 虧損較 2024 年第二季的 430 萬美元下降 54% 至 200 萬美元。提醒一下，我們在收益新聞稿中提供了歸屬於股東的淨虧損與非 GAAP 調整後 EBITDA 虧損的詳細對帳。

For the three months ended June 30, 2025, cash used in operating activities decreased to $1.2 million compared to $4.3 million used in the prior-year period. We were pleased with the cash and working capital management in the first half of '25, with cash burn returning to more normalized rates in the back half of the year as a result of the impact of changes in working capital as a result of the AYON launch.

截至 2025 年 6 月 30 日的三個月，經營活動所用現金減少至 120 萬美元，去年同期為 430 萬美元。我們對 25 年上半年的現金和營運資本管理感到滿意，由於 AYON 推出導致營運資本變化的影響，下半年現金消耗恢復到更正常的水平。

As of June 30, '25, the company had cash and cash equivalents of $29.3 million compared to $31.7 million as of December 31, '24. We believe, based on our projections, including the uptake of the AYON platform, working capital management and our strict cost controls, we will yield cash through 2027.

截至 25 年 6 月 30 日，該公司的現金和現金等價物為 2,930 萬美元，而截至 24 年 12 月 31 日為 3,170 萬美元。我們相信，根據我們的預測，包括 AYON 平台的採用、營運資本管理和嚴格的成本控制，我們將在 2027 年之前產生現金收益。

Turning to our '25 guidance, which we updated in the second-quarter '25 financial results press release issued earlier today. For the 12 months ending December 31, '25, we expect total revenue in the range of $50 million to $52 million, up from our previous guidance of $47.6 million to $49 million. This is compared to $48.1 million for the year ended December 31, '24.

談到我們的 25 年指引，我們在今天稍早發布的第二季 25 年財務業績新聞稿中對其進行了更新。截至 2025 年 12 月 31 日的 12 個月，我們預計總收入將在 5,000 萬美元至 5,200 萬美元之間，高於先前預測的 4,760 萬美元至 4,900 萬美元。相比之下，截至 24 年 12 月 31 日的財年為 4,810 萬美元。

Our revenue guidance assumes Advanced Energy revenue in the range of $42 million to $44 million, up from our previous guidance of $39.6 million to $41 million. This is compared to $38.6 million for the year ended December 31, '24. OEM revenue is expected to come in at approximately $8 million as compared to $9.5 million for the year ended December 31, '24. We still anticipate gross margins of approximately 60% for the year and total operating expenses not to exceed $40 million.

我們的收入預期是假設先進能源的收入在 4,200 萬美元至 4,400 萬美元之間，高於我們先前預期的 3,960 萬美元至 4,100 萬美元。相比之下，截至 24 年 12 月 31 日的財年為 3,860 萬美元。預計 OEM 收入約為 800 萬美元，而截至 24 年 12 月 31 日的年度收入為 950 萬美元。我們仍預計今年的毛利率約為 60%，總營運費用不超過 4,000 萬美元。

This completes our prepared remarks. Charlie and I will now open the call for questions. Operator?

我們的準備好的演講到此結束。查理和我現在開始提問。操作員？

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Hi, Charlie. Hi, Matt. Thanks for taking the questions this afternoon. Maybe I can start here on AYON. It sounds like a lot of enthusiasm and pent-up demand is building here. Charlie, you also talked about the existing market environment that we're in. So I guess, how should we be thinking about the customer receptivity at this point to AYON going forward, maybe beyond this early group of customers and general receptivity to capital purchases in this market environment?

你好，查理。你好，馬特。感謝您今天下午回答問題。也許我可以從 AYON 開始。聽起來這裡正在累積大量的熱情和被壓抑的需求。查理，您也談到了我們所處的現有市場環境。所以我想，我們應該如何看待目前客戶對 AYON 未來的接受度，也許超越這個早期客戶群以及在這種市場環境下對資本購買的普遍接受度？

Yeah. Thanks for the question, Sam. The reaction from the doctors has been nothing short of spectacular so far since we've launched AYON. And there has really not been a lot of innovation in this space. There hasn't been anything to update the technologies and to combine the technologies and to work on the workflow.

是的。謝謝你的提問，山姆。自從我們推出 AYON 以來，醫生們的反應一直非常熱烈。但這個領域確實沒有太多創新。還沒有任何內容可以更新技術、結合技術並改善工作流程。

And remember, this system was designed by surgeons for surgeons. We just facilitated their wishes, if you will, in the nicest possible way. And it seems that the team did an incredible job of meeting the doctors' needs and the doctors have been obviously overwhelmingly positive to the thing -- to AYON. And obviously, the presales show that. And that's obviously the reason that we were very comfortable to raise our guidance today with that.

請記住，該系統是由外科醫生為外科醫生設計的。如果你願意的話，我們只是以最友善的方式滿足了他們的願望。看來，團隊在滿足醫生需求方面做得非常出色，醫生們對 AYON 的態度顯然非常積極。顯然，預售情況已經證明了這一點。這顯然就是我們今天非常樂意提高指導的原因。

And yes, it does fly in the face of a little bit of what's going on in the marketplace. But when you really look at it, body contouring procedures are the procedures that are in focus for these doctors. They are obviously taking care of the patients that have the loose and lax skin. A lot of them have been on GLP-1 drugs for weight loss. But we really believe, as I've said before, that the next decade is going to be a huge boom for surgeons, and we're just incredibly grateful and incredibly proud that we can be their surgical partner and be that surgical company that helps them take care of their patients' needs.

是的，它確實與市場上正在發生的一些事情相反。但如果認真觀察就會發現，身體塑形手術才是這些醫師關注的重點。他們顯然正在照顧皮膚鬆弛的病人。他們中的許多人服用 GLP-1 藥物來減肥。但正如我之前所說，我們確實相信，未來十年將是外科醫生蓬勃發展的十年，我們非常感激和自豪能夠成為他們的外科合作夥伴，成為幫助他們滿足患者需求的外科公司。

Yes, makes a lot of sense. Maybe I can use my follow-up here on some of the new commercial hires. Really glad to see John and Simon come in here ahead of some of these product launches. I guess what are they bringing to the table here that's maybe different or positions you guys to take advantage of this opportunity in front of you?

是的，很有道理。也許我可以在這裡跟進一些新的商業招聘情況。真的很高興看到約翰和西蒙在這些產品發布之前來到這裡。我想他們能帶來什麼不同的東西，或是讓你們能夠利用眼前的機會嗎？

Yeah, Sam, I'm glad you're thrilled that they're here. Remember, I've been doing this job, too, for the last nine months. So nobody is happier than I am to have them here. But we are incredibly fortunate to have their expertise and their knowledge to help us drive AYON and Renuvion, both in North America and in Europe and Asia. And obviously, John Featherstone brings over 20 years of experience in the aesthetic space, setting up procedures, driving sales forces, building high powerful teams, and we're very fortunate to have him on board.

是的，薩姆，我很高興你對他們的到來感到興奮。請記住，過去九個月我也一直在做這份工作。所以沒有人比我更高興他們能來這裡。但我們非常幸運，能夠擁有他們的專業知識和技能，幫助我們在北美、歐洲和亞洲推動 AYON 和 Renuvion 的發展。顯然，約翰費瑟斯通 (John Featherstone) 在美學領域擁有超過 20 年的經驗，能夠制定流程、推動銷售力量、打造強大的團隊，我們非常幸運能有他的加入。

Simon Davies comes to us, obviously, with a lot of experience, too. But remember, he just got -- he was the leader of VASER in Europe and the Middle East for the last quite a few years. And his passion and his knowledge in body contouring is, quite honestly, almost second to none of anybody out there. And so we're very happy with the people that we have on board, and we obviously expect big things out of them to keep driving the adoption of AYON worldwide.

顯然，西蒙戴維斯 (Simon Davies) 也擁有豐富的經驗。但請記住，他剛剛——在過去的幾年裡，他一直是歐洲和中東地區 VASER 的領導者。坦白說，他對身體塑形的熱情和知識幾乎是無人能及的。因此，我們對所擁有的員工感到非常滿意，我們顯然對他們抱有很高的期望，希望他們能夠繼續推動 AYON 在世界各地的普及。

If I could just squeeze one last question here for Matt on the comments about seasonality. Is it -- are those comments really referencing typical seasonality, we think of a sequential dip in Q3 and then a rebound in Q4. Are you saying that we might see Q3 step up because maybe some of the initial orders from AYON and then decline in Q4? Just want to make sure I'm thinking about those comments correctly.

我可以在這裡向馬特提出最後一個問題，關於季節性的評論。這些評論是否真的指的是典型的季節性，我們認為第三季會出現連續下滑，然後在第四季出現反彈。您是說，我們可能會看到第三季業績上升，因為可能是來自 AYON 的一些初始訂單，然後在第四季度業績下降？只是想確保我對這些評論的思考是正確的。

No -- Sam, it's a great question. So what I'm looking at, you normally see a dip from Q2 to Q3. We're launching -- commercially launching AYON in September. So depending on the timing of those orders, you might see a change between Q2 and Q3. We're still going to have a very strong Q4 as most of AYON shipments are going to go out October through December, that are currently in the backlog, yeah.

不——薩姆，這是一個很好的問題。所以我看到的是，你通常會看到從第二季到第三季的下滑。我們將於 9 月正式推出 AYON。因此，根據這些訂單的時間，您可能會看到第二季和第三季之間的變化。我們的第四季業績仍然非常強勁，因為大多數 AYON 的貨物將於 10 月至 12 月發出，目前這些貨物都處於積壓狀態，是的。

Okay. Very good. Thanks for taking the questions, guys.

好的。非常好。謝謝大家回答這些問題。

Our pleasure.

我們很高興。

(Operator Instructions) There are no further questions at -- one moment, please.

（操作員指示）目前沒有其他問題－請稍等。

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Yeah. Maybe I'll just squeeze in a final question here on the China opportunity because that's new here also. I'd love to understand maybe the market opportunity there, how to think about revenue contribution either this year or maybe next year? And then as a third part of the question, why GlamMoon is maybe the right partner to really be successful with Renuvion? Thanks for taking the questions.

是的。也許我會在這裡擠出最後一個問題來詢問中國的機會，因為這也是一個新問題。我很想了解那裡的市場機會，如何看待今年或明年的收入貢獻？然後作為問題的第三部分，為什麼 GlamMoon 可能是 Renuvion 真正取得成功的合適合作夥伴？感謝您回答這些問題。

Yeah. No, look, we've obviously been after China for a while. We've got the joint venture over there and obviously are very happy that we're now starting commercial operations in China. And the China opportunity is a big opportunity. There's about 5,000 plastic surgeons in China. So it's a very good market, a very good middle to upper class is obviously emerging there. And so we've got a lot of hope -- we got a lot of future in China for the next few years.

是的。不，你看，我們顯然已經追蹤中國一段時間了。我們在那裡有合資企業，顯然我們很高興現在開始在中國開展商業運營。中國機會是一個巨大的機會。中國約有5000名整形外科醫生。所以這是一個非常好的市場，那裡顯然正在出現一個非常好的中上階層。因此，我們充滿希望——我們對未來幾年在中國的發展充滿信心。

The partner that we've got, we think we've got an amazing partner in GlamMoon. They've -- they're looking at this in the long run and taking a really nice approach. But they own a lot of facilities over in China, a lot of aesthetic facilities. And so we believe that they will be able to obviously get the technology into those right away and then obviously branch out from there. And so we're very happy with our partnership so far. It's obviously in the early innings of that, but we expect China to be a revenue driver for years to come.

我們認為，GlamMoon 是一位非常棒的合作夥伴。他們——他們從長遠角度考慮這個問題並採取了非常好的方法。但他們在中國擁有很多設施，很多美容設施。因此，我們相信他們顯然能夠立即將這項技術應用到這些領域，然後從那裡拓展業務。到目前為止，我們對合作關係感到非常滿意。顯然，這還處於初期階段，但我們預計中國將成為未來幾年的收入驅動力。

There are no further questions at this time. I will now turn the call over to Charlie Goodwin for closing remarks.

目前沒有其他問題。現在我將把電話交給查理古德溫 (Charlie Goodwin) 做結束語。

Thank you, everybody, for attending the call. I really want to thank the entire Apyx team for their dedication, their tireless execution over the past few months. It has been an incredibly exciting time to be with the company as we see our vision and plan turn into reality, and we appreciate all the support we've received from our shareholders during this time, too. So just thank you, all, and it couldn't be a better time to be with Apyx. So thank you.

感謝大家參加此次電話會議。我真的要感謝整個 Apyx 團隊在過去幾個月的奉獻和不懈努力。當我們看到我們的願景和計劃變成現實時，我們在公司度過了一段無比激動的時光，我們也感謝在此期間從股東那裡得到的所有支持。所以，非常感謝大家，這是加入 Apyx 的最佳時機。所以謝謝你。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。