AtriCure Inc (ATRC) 2025 Q1 法說會逐字稿

Good afternoon and welcome to AtriCure's First Quarter 2025 Earnings Conference Call. This call is being recorded for replay purposes. (Operator Instructions)

下午好，歡迎參加 AtriCure 2025 年第一季財報電話會議。本次通話將會錄音以供重播。（操作員指示）

I would now like to turn the call over to Marissa Bych from the Gilmartin Group for a few introductory comments.

現在，我想將電話轉給 Gilmartin Group 的 Marissa Bych，請她做幾點介紹性評論。

Thank you. By now, you should have received a copy of the earnings press release. If you have not received a copy, please call 513-644-4484 to have one emailed to you.

謝謝。現在，您應該已經收到了一份收益新聞稿的副本。如果您尚未收到副本，請撥打 513-644-4484，以便我們透過電子郵件發送給您。

Before we begin today, let me remind you that the company's remarks include forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond AtriCure's control, including risks and uncertainties described from time to time in AtriCure's SEC filings. These statements include, but are not limited to, financial expectations and guidance, expectations regarding the potential market opportunity for AtriCure's franchises and growth initiatives, future product approvals and clearances, competition, reimbursement, and clinical trial outcomes. AtriCure's results may differ materially from those projected. AtriCure undertakes no obligation to publicly update any forward-looking statement.

在我們今天開始之前，請允許我提醒您，該公司的言論包括前瞻性陳述。前瞻性陳述受多種風險和不確定性的影響，其中許多超出了 AtriCure 的控制範圍，包括 AtriCure 不時在 SEC 文件中描述的風險和不確定性。這些聲明包括但不限於財務預期和指導、對 AtriCure 特許經營和成長計劃的潛在市場機會的預期、未來產品批准和許可、競爭、報銷和臨床試驗結果。AtriCure 的結果可能與預測的結果有重大差異。AtriCure 不承擔公開更新任何前瞻性聲明的義務。

Additionally, we'll refer to non-GAAP financial measures, specifically constant currency revenue, adjusted EBITDA, and adjusted loss per share. A reconciliation of these non-GAAP financial measures with the most directly comparable GAAP measures is included in our press release, which is available on our website.

此外，我們將參考非公認會計準則財務指標，特別是固定匯率收入、調整後息稅折舊攤提前利潤 (EBITDA) 和調整後每股虧損。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳包含在我們的新聞稿中，您可以在我們的網站上查閱。

With that, I would like to turn the call over to Mike Carrel, President and CEO.

接下來，我想將電話轉給總裁兼執行長 Mike Carrel。

Great. Good afternoon, everyone, and thank you for joining us. Our first quarter performance reflects the strength of our broad platform of products and continued focus of our team on expanding patient treatment worldwide. For the quarter, we achieved total revenue of $124 million or 14% growth, led by outstanding performance in both our pain management and appendage management franchises. We also drove increasing profitability, reporting $9 million of adjusted EBITDA for the first quarter, which represents an improvement of more than 200% from the first quarter of 2024.

偉大的。大家下午好，感謝大家的參與。我們第一季的表現反映了我們廣泛的產品平台的實力以及我們團隊對擴大全球患者治療的持續關注。本季度，我們的總收入達到 1.24 億美元，成長 14%，這主要得益於我們的疼痛管理和附屬物管理特許經營的出色表現。我們也推動了獲利能力的提高，第一季調整後的 EBITDA 為 900 萬美元，比 2024 年第一季成長了 200% 以上。

In addition to our strong financial performance, we're excited to host our Analyst and Investor Day at our company headquarters in Mason, Ohio on March 26. At this event, we outlined our vision to remain the leader in each of the multi-billion dollar markets we serve, with investments in product development, clinical research, and therapy development being fundamental to our strategy. Complementing this vision is our goal to deliver double-digit revenue growth and expanding profitability and cash flow through the rest of this decade.

除了強勁的財務業績外，我們還很高興於 3 月 26 日在俄亥俄州梅森的公司總部舉辦分析師和投資者日。在這次活動中，我們概述了我們的願景，即在我們所服務的每個數十億美元的市場中保持領先地位，而對產品開發、臨床研究和治療開發的投資是我們策略的基礎。與此願景相輔相成的目標是，在未來十年內實現兩位數的收入成長，並擴大獲利能力和現金流。

While we were thrilled to share our vision and our goals for the business, we were even more excited to bring perspectives of four key opinion leaders in the field of cardiac surgery and electrophysiology. These physicians delivered first-hand insights on our groundbreaking LeAAPS trial for the reduction of stroke in non-Afib patients in cardiac surgery using our AtriClip platform; our upcoming BoxX-NoAF trial, studying prophylactic ablation to reduce post-operative Afib; and the importance of AtriCure's hybrid AF therapy as the only FDA-approved and effective solution for patients with long-standing persistent Afib.

雖然我們很高興分享我們的願景和業務目標，但我們更高興的是帶來心臟外科和電生理學領域四位關鍵意見領袖的觀點。這些醫生就我們開創性的 LeAAPS 試驗提供了第一手的見解，該試驗使用我們的 AtriClip 平台減少心臟手術中非心房顫動患者的中風；我們即將進行的 BoxX-NoAF 試驗，研究預防性消融以減少術後心房顫動；以及 AtriCure 的混合心房顫動療法作為唯一獲得 FDA 批准的、針對長期持續性心房顫動患者的有效解決方案的重要性。

Each KOL echoed what we have been saying for years. Afib is a debilitating and devastating disease that remains undertreated. Further, their views and the evidence presented support the use of our ablation and left atrial appendage management products to reduce the risk of Afib and stroke concomitant to cardiac surgery and in standalone treatment of Afib.

每位KOL都呼應了我們多年來一直在說的話。心房顫動是一種使人衰弱且具破壞性的疾病，目前仍未得到充分治療。此外，他們的觀點和提供的證據支持使用我們的消融和左心耳管理產品來降低心臟手術和獨立治療心房顫動時發生心房顫動和中風的風險。

We also highlighted the science and market behind the vast opportunity of our Cryo Nerve Block therapy for patients undergoing thoracotomy, sternotomy, and now, amputations. Pain after surgery slows recovery, increases healthcare costs, and reduces quality of life. We articulate our vision for our Cryo Nerve Block therapy, can help nearly 1 million patients globally, and our strategy is to expand even further in the coming years with both new products and approaches.

我們也強調了冷凍神經阻斷療法為接受開胸手術、胸骨切開術以及現在的截肢手術的患者帶來的巨大機會背後的科學和市場。手術後的疼痛會減緩康復速度、增加醫療費用並降低生活品質。我們闡明了冷凍神經阻斷療法的願景，可以幫助全球近 100 萬名患者，我們的策略是在未來幾年透過新產品和新方法進一步擴展。

Now I'd like to turn and provide updates on our business and the highlights from the first quarter, beginning with our appendage management franchise. Worldwide, appendage management revenue grew 19%, driven by 23% growth in our open AtriClip devices and 7% growth in MIS appendage management devices. We continue to see accelerated growth in our open appendage management business in the United States, where our latest generation of the AtriClip, the FLEX-Mini, is quickly being adopted. The AtriClip FLEX-Mini device features the smallest profile of any open chest LAA closure device on the market today, and continues to garner positive feedback from physicians on the increased visibility in procedures.

現在，我想介紹我們的業務更新和第一季的亮點，首先從我們的附屬管理特許經營開始。在全球範圍內，附屬物管理收入成長了 19%，這得益於我們的開放式 AtriClip 設備成長了 23%，以及 MIS 附屬物管理設備成長了 7%。我們在美國開放式附屬物管理業務持續加速成長，我們最新一代的 AtriClip FLEX-Mini 正在迅速被採用。AtriClip FLEX-Mini 設備是目前市場上外形最小的開放式胸部 LAA 封堵器，並且因其在手術中可視性增強而不斷獲得醫生的積極反饋。

Following our launch in late in the third quarter of 2024, we experienced an acceleration in adoption of AtriClip FLEX-Mini this quarter, with the number of accounts purchasing more than doubling, and contributing over 15% of our US open appendage management revenue. We are focused on further expanding the utilization of AtriClip FLEX-Mini as the year progresses, and believe this device will be a strong tailwind for growth well into the future.

繼 2024 年第三季末推出之後，本季 AtriClip FLEX-Mini 的採用率加速成長，購買帳戶數量增加了一倍以上，並貢獻了我們美國公開附屬管理收入的 15% 以上。隨著時間的推移，我們專注於進一步擴大 AtriClip FLEX-Mini 的使用率，並相信該設備將成為未來成長的強勁推動力。

Also during the first quarter, we received 510(k) clearance for our minimally invasive AtriClip PRO-Mini device. Like the AtriClip FLEX-Mini, our PRO-Mini device offers significant benefits to surgeons while maintaining the exceptional performance of our AtriClip platform.

此外，在第一季度，我們的微創 AtriClip PRO-Mini 設備獲得了 510(k) 許可。與 AtriClip FLEX-Mini 一樣，我們的 PRO-Mini 設備為外科醫生帶來了顯著的益處，同時保持了 AtriClip 平台的卓越性能。

The AtriClip PRO-Mini is 60% smaller than the next lowest-profile device, enabling enhanced visualization and precise placement, which is particularly important in minimally invasive procedures. Once again, early physician feedback has been remarkable, and we expect to launch the AtriClip PRO-Mini device in the coming weeks.

AtriClip PRO-Mini 比下一個最低輪廓的裝置小 60%，可實現增強的可視化和精確的放置，這在微創手術中尤其重要。再次，早期醫生的回饋非常出色，我們預計將在未來幾週內推出 AtriClip PRO-Mini 設備。

Next, I'd like to provide an update on our groundbreaking and market expanding LeAAPS trial. We continue to enroll at an extremely fast pace, with even more sites around the world actively engaged in the study this quarter. Earlier today, we reached the total enrollment of 5,500 patients, and plan to complete full enrollment of 6,500 patients in the third quarter.

接下來，我想介紹一下我們具有開創性且不斷擴大市場的 LeAAPS 試驗的最新進展。我們繼續以極快的速度招募，本季全球有更多的站點積極參與這項研究。今天早些時候，我們的患者總入組人數已達到 5,500 名，併計劃在第三季度完成 6,500 名患者的全部入組。

As many of you heard from Dr. Whitlock at our Analyst and Investor Day, there's only one chance to manage the appendage in patients with no additional risk, and that is at the time of cardiac surgery. More than half of cardiac surgery patients have risk factors for atrial fibrillation or stroke, and we believe our LeAAPS trial will ultimately show the benefit of managing the appendage with an AtriClip device for the millions of patients globally that undergo cardiac surgery every year.

正如你們許多人在我們的分析師和投資者日上聽到惠特洛克博士說的那樣，只有一次機會可以在沒有額外風險的情況下管理患者的心臟附屬物，那就是在心臟手術時。超過一半的心臟手術患者俱有心房顫動或中風的風險因素，我們相信，我們的 LeAAPS 試驗最終將向全球每年接受心臟手術的數百萬患者展示使用 AtriClip 設備管理附屬物的益處。

Now touching on our Afib ablation franchises. We experienced growth of 14% in our open ablation franchise in the first quarter, including more than 47% growth in sales of the EnCompass Clamp. Adoption of the EnCompass Clamp has remained incredibly strong, particularly the short version of the clamp, which further improves ease of use.

現在談談我們的心房顫動消融特許經營權。我們第一季的開放式消融特許經營業務成長了 14%，其中 EnCompass Clamp 的銷售額成長了 47% 以上。EnCompass 夾具的採用率一直非常高，尤其是短版夾具，進一步提高了易用性。

During the first quarter, we saw approximately 25% growth in the number of accounts from the first quarter of 2024, including new sites in Europe. We remain diligent in our efforts to expand treatment in cardiac surgery, reaching new positions and driving increased use across procedures.

在第一季度，我們看到帳戶數量比 2024 年第一季成長了約 25%，其中包括歐洲的新站點。我們將繼續努力擴大心臟外科手術的治療範圍，達​​到新的治療效果，並推動整個手術過程中的更多使用。

As we discussed in detail at the Analyst and Investor Day, we are also developing a PFA-enabled version of the EnCompass Clamp, and expect first-in-human later this year, followed by a clinical trial to study this new device. As a leader in the treatment of Afib in cardiac surgery, we believe it is important to provide the option of PFA for our surgical ablation devices, and expect that we will be successful in further reducing procedure time when coupled with our EnCompass Clamp.

正如我們在分析師和投資者日詳細討論的那樣，我們也正在開發支援 PFA 的 EnCompass Clamp 版本，預計今年稍後將首次進行人體試驗，隨後進行臨床試驗來研究這種新設備。作為心臟外科手術中治療心房顫動的領導者，我們認為為我們的外科消融設備提供 PFA 選項非常重要，並期望與我們的 EnCompass Clamp 結合使用時能夠成功進一步縮短手術時間。

Our commitment to addressing the global Afib epidemic is now evolving to include the preventative treatment of Afib in cardiac surgery. It is widely understood that cardiac surgery patients experience an elevated risk for developing Afib following their procedure. Post-operative Afib is damaging to the patient, their family, and the healthcare system overall.

我們致力於解決全球心房顫動流行病的承諾正在不斷發展，包括心臟手術中對心房顫動的預防性治療。眾所周知，接受心臟手術的患者在手術後罹患心房顫動的風險較高。術後心房顫動會對患者、患者家屬以及整個醫療保健系統造成損害。

Our previously announced BoxX-NoAF trial will evaluate the benefits of treating patients without preoperative Afib with our EnCompass Clamp and the AtriClip devices. The study has been approved by the FDA, and we will begin initiating clinical trial sites and enrolling our first patients later this year. We expect that completing the BoxX-NoAF trial will greatly expand our market for the devices worldwide and pioneer a new standard in cardiac surgery.

我們先前宣布的 BoxX-NoAF 試驗將評估使用我們的 EnCompass Clamp 和 AtriClip 設備治療術前無心房顫動的患者的益處。該研究已獲得 FDA 批准，我們將於今年稍後開始啟動臨床試驗地點並招募首批患者。我們預計，完成 BoxX-NoAF 試驗將大大擴展我們在全球範圍內的設備市場，並開創心臟手術的新標準。

Turning to minimally invasive Afib treatment, which includes the Hybrid Afib therapy. While the excitement around PFA is understandable and has put pressure on our near-term growth, it remains clear that patients with long-standing persistent Afib require a more robust procedure to address their disease. As shown in the three-year follow-up of CONVERGE and CEASE-AF randomized trials, these differences get stronger and more pronounced as time progresses, demonstrating Hybrid AF therapy to be incredibly durable over time.

轉向微創心房顫動治療，包括混合心房顫動治療。雖然人們對 PFA 的興奮是可以理解的，並且給我們的近期增長帶來了壓力，但很明顯，長期持續性心房顫動 (AFib) 患者需要更強有力的程序來治療他們的疾病。正如 CONVERGE 和 CEASE-AF 隨機試驗的三年追蹤結果所顯示的那樣，隨著時間的推移，這些差異會變得越來越強烈和明顯，表明混合 AF 療法具有令人難以置信的持久性。

Hybrid AF therapy procedure revenue experienced another outstanding quarter in Europe, with nearly 50% growth while we faced downward pressure in the United States. We expect this pressure to continue in the near term in the US, but remain steadfast in our belief that with time, EPs will begin to identify segments of the population of patients for Hybrid AF therapy, leading to long-term adoption and success of this procedure in treating patients with advanced Afib.

混合性心房顫動治療手術收入在歐洲又經歷了一個出色的季度，成長了近 50%，而我們在美國則面臨下行壓力。我們預計這種壓力在短期內會在美國持續下去，但我們堅信，隨著時間的推移，EP 將開始確定混合 AF 治療的患者群體，從而導致這種程序在治療晚期 Afib 患者方面的長期採用和成功。

And finally, our pain management franchise saw an acceleration in growth to 39% in the first quarter. Pain management performance reflects the rapid adoption of our latest cryoSPHERE MAX and cryoSPHERE+ probes, where we are experiencing broader use within existing accounts, as well as interest from new accounts. To that end, total accounts grew 12% in the first quarter, showing our continued development of Cryo Nerve Block therapy worldwide.

最後，我們的疼痛管理特許經營業務在第一季實現了 39% 的加速成長。疼痛管理表現反映了我們最新的 cryoSPHERE MAX 和 cryoSPHERE+ 探頭的快速採用，我們在現有客戶中得到了更廣泛的使用，並且引起了新客戶的興趣。為此，第一季總帳戶數增加了 12%，顯示我們在全球範圍內持續發展冷凍神經阻斷療法。

While we deepen our penetration in thoracic surgery procedures, we're also excited to expand our addressable market with the recent FDA 510(k) clearance of our cryoXT probe, designed specifically for extremity amputations, more than 180,000 of which take place annually in the United States. We expect to launch our cryoXT probe later this year.

在我們不斷深化對胸腔外科手術的滲透的同時，我們也很高興能夠擴大我們的目標市場，因為我們的 cryoXT 探針最近獲得了 FDA 510(k) 批准，該探針專為肢體截肢設計，每年在美國進行超過 180,000 例肢體截肢手術。我們預計將於今年稍後推出我們的 cryoXT 探測器。

Based on our research and experience to date, the cryoXT probe will offer a new solution for preventing or treating phantom and residual limb pain in an easy-to-use and opioid-free device. Traditional opioid-based therapies present a litany of issues related to misuse, addiction, and elevated healthcare costs.

根據我們迄今為止的研究和經驗，cryoXT 探頭將透過一種易於使用且不含鴉片類藥物的設備為預防或治療幻肢痛和殘肢痛提供一種新的解決方案。傳統的鴉片類藥物療法存在一系列與濫用、成癮和醫療成本上升有關的問題。

Through our organic development efforts in pain management, our goal is to reach every patient suffering from post-operative pain and reduce the dependency on pharmacological solutions for managing that pain. Our pain management franchise remains an exciting and truly innovative component of our business, and we expect continued strength throughout 2025 and well beyond.

透過我們在疼痛管理方面的有機發展努力，我們的目標是幫助每一位遭受術後疼痛的患者，並減少對藥物治療疼痛的依賴。我們的疼痛管理特許經營權仍然是我們業務中令人興奮且真正創新的組成部分，我們預計在 2025 年及以後將繼續保持強勁勢頭。

So in closing, our results reflect another robust quarter of progress throughout our business, from strong worldwide growth to exceptional activity in new product launches and clearances, the continued advancement of research and development programs, and execution of our plans to improve profitability. I am truly proud of the efforts of the entire AtriCure team in delivering an outstanding start to the year, and remain confident in our shared vision to establish our products and therapies as the standard of care in each of our markets.

總而言之，我們的業績反映了我們整個業務又一個強勁的季度的進步，從強勁的全球增長到新產品發布和清倉的異常活動，研發計劃的持續推進，以及提高盈利能力的計劃的執行。我為整個 AtriCure 團隊的努力感到由衷的自豪，他們為今年取得了出色的開局，並且我們對我們的共同願景充滿信心，即將我們的產品和療法打造為我們每個市場的護理標準。

And with that, I'll turn the call over to Angie Wirick, our Chief Financial Officer. Angie?

說完這些，我將把電話轉給我們的財務長安吉·威里克 (Angie Wirick)。安吉？

Thanks, Mike. Our first quarter 2025 worldwide revenue of $123.6 million increased 13.6% on a reported basis and 14.1% on a constant currency basis when compared to the first quarter of 2024. We experienced robust growth across most of our franchises and geographies, demonstrating in total the strength of our business and a solid foundation to begin the year.

謝謝，麥克。我們 2025 年第一季的全球營收為 1.236 億美元，與 2024 年第一季相比，以報告基礎成長 13.6%，以固定匯率計算成長 14.1%。我們的大部分特許經營店和地區都實現了強勁增長，充分展現了我們業務的實力和年初的堅實基礎。

First quarter 2025 US revenue was $101.1 million, a 12.1% increase from the first quarter of 2024. Open ablation product sales were $33.3 million compared to $29.3 million, up 13.7% over the first quarter of 2024. Growth in open ablation was once again led by our EnCompass Clamp in both new and existing accounts.

2025 年第一季美國營收為 1.011 億美元，比 2024 年第一季成長 12.1%。開放式消融產品銷售額為 3,330 萬美元，去年同期為 2,930 萬美元，比 2024 年第一季成長 13.7%。無論在新客戶或現有客戶中，我們的 EnCompass Clamp 再次引領了開放式消融術的成長。

US sales of appendage management products were $42.1 million, up 17.3% over the first quarter of 2024. We saw strong demand for our new AtriClip FLEX-Mini device in the first quarter, driving our US open appendage management products to an overall growth rate of 23.5%.

美國附屬物管理產品銷售額為 4,210 萬美元，比 2024 年第一季成長 17.3%。我們在第一季看到了對新款 AtriClip FLEX-Mini 設備的強勁需求，推動我們的美國開放式附屬物管理產品整體成長率達到 23.5%。

Minimally invasive ablation sales were $8.5 million, a decline of approximately 31% over the first quarter of 2024. As Mike mentioned earlier, our MIS ablation sales continue to experience pressure as more patients are treated with PFA catheters, resulting in fewer referrals for Hybrid AF therapy.

微創消融銷售額為 850 萬美元，比 2024 年第一季下降約 31%。正如 Mike 之前提到的，隨著越來越多的患者接受 PFA 導管治療，我們的 MIS 消融銷售持續面臨壓力，導致混合 AF 治療的轉診減少。

Finally, US pain management sales were $17.3 million, up 35.6% over the first quarter of 2024, and propelled by outsized contribution from our cryoSPHERE MAX probe, which drove roughly one-third of the first quarter revenue. The cryoSPHERE MAX probe launched in the fourth quarter of 2024, and we are extremely pleased with the pace of adoption of this device early in the year.

最後，美國疼痛管理銷售額為 1,730 萬美元，比 2024 年第一季成長 35.6%，這得益於我們的 cryoSPHERE MAX 探頭的巨大貢獻，該探頭貢獻了第一季約三分之一的收入。cryoSPHERE MAX 探測器於 2024 年第四季度發射，我們對該設備在年初的採用速度感到非常滿意。

International revenue totaled $22.5 million, up 20.8% on a reported basis, and up 23.9% on a constant currency basis as compared to the first quarter of 2024. European sales accounted for $14.2 million, up 25.1%; and Asia-Pacific and other international markets accounted for $8.3 million in international sales, up 14%. Overall, our international business performance remains very strong as we continue driving therapy adoption across all key franchises and geographies.

國際營收總計 2,250 萬美元，與 2024 年第一季相比，以報告基礎計算成長 20.8%，以固定匯率計算成長 23.9%。其中，歐洲銷售額達1,420萬美元，年增25.1%；亞太地區及其他國際市場國際銷售額達830萬美元，較去年同期成長14%。總體而言，隨著我們繼續推動所有主要特許經營店和地區的治療採用，我們的國際業務表現仍然非常強勁。

Gross margin for the first quarter of 2025 was 74.9%, up 27 basis points from the first quarter of 2024. The increase was driven primarily by product mix, along with operational efficiencies.

2025年第一季毛利率為74.9%，較2024年第一季上升27個基點。成長主要得益於產品組合以及營運效率的提升。

Moving on to operating expenses for the quarter, total operating expenses increased $6.4 million or 6.9% from $92.2 million in the first quarter of 2024 to $98.6 million in the first quarter of 2025. Continued robust enrollment in our LeAAPS clinical trial, along with increased headcount focused on product development and clinical trial initiatives resulted in a 14% increase in research and development expense from the first quarter 2024.

談到本季的營運費用，總營運費用從 2024 年第一季的 9,220 萬美元增加 640 萬美元（6.9%）至 2025 年第一季的 9,860 萬美元。我們的 LeAAPS 臨床試驗的持續強勁招募，以及專注於產品開發和臨床試驗計劃的員工數量的增加，導致研發費用較 2024 年第一季增加了 14%。

Within SG&A, we continue to drive leverage with a modest increase of 5% from the first quarter of 2024. Further down the P&L, first quarter adjusted EBITDA was $8.8 million compared to $2.8 million for the first quarter of 2024, representing more than a 200% increase.

在銷售、一般及行政開支方面，我們持續推動槓桿率，自 2024 年第一季起小幅成長 5%。進一步查看損益表，第一季調整後的 EBITDA 為 880 萬美元，而 2024 年第一季為 280 萬美元，增幅超過 200%。

Overall, trends this quarter reflect our investment strategy of prioritizing the cultivation of future growth drivers while expanding operating margins and profitability. Our loss per share was $0.14 in the first quarter 2025 compared to a loss per share of $0.28 in the first quarter 2024, while the adjusted loss per share each period was $0.14 and $0.25 respectively.

整體而言，本季的趨勢反映了我們的投資策略，即優先培養未來成長動力，同時擴大營業利潤率和獲利能力。2025 年第一季我們的每股虧損為 0.14 美元，而 2024 年第一季的每股虧損為 0.28 美元，而每期調整後的每股虧損分別為 0.14 美元和 0.25 美元。

From a balance sheet perspective, we ended the first quarter with approximately $100 million in cash and investments. Our cash burn for the quarter declined $8 million from the first quarter of 2024 and reflects our normal pattern of cash usage driven by share vesting, variable compensation, and operational needs.

從資產負債表的角度來看，第一季末我們擁有約 1 億美元的現金和投資。本季我們的現金消耗比 2024 年第一季減少了 800 萬美元，反映了我們受股票歸屬、浮動薪酬和營運需求驅動的正常現金使用模式。

We expect to generate positive cash flow for the remainder of 2025, resulting in a modest gain for the year in total. Overall, we remain in a very solid capital position to fund the current and future operating needs of the business.

我們預計 2025 年剩餘時間將產生正現金流，使全年整體實現適度收益。總體而言，我們的資本狀況仍然非常穩固，可以為業務當前和未來的營運需求提供資金。

And lastly, we'll close with our outlook for 2025. We are reiterating our expectations for full-year revenue of $517 million to $527 million, reflecting growth of 11% to 13% over the full-year 2024 results. Consistent with our first quarter results, we anticipate performance throughout the rest of the year will be driven by our pain management, appendage management, and open ablation franchises.

最後，我們將以 2025 年的展望作為結束。我們重申對全年營收 5.17 億美元至 5.27 億美元的預期，這比 2024 年全年業績成長 11% 至 13%。與我們第一季的業績一致，我們預計今年剩餘時間的業績將由我們的疼痛管理、附屬物管理和開放式消融特許經營權推動。

For the second quarter, we expect normal seasonality implying mid-single-digit sequential growth. Within this outlook for the second quarter, we do anticipate minimal sequential improvement in US MIS ablation and MIS appendage management revenue from the first quarter of 2025.

對於第二季度，我們預期正常的季節性意味著中等個位數的連續成長。在第二季的展望中，我們確實預期從 2025 年第一季起，美國 MIS 消融和 MIS 附屬物管理收入將出現微小的連續成長。

From a gross margin perspective, we continue to expect 2025 gross margin to be consistent with 2024, with the potential for varying impacts from cost savings initiatives, product, and geographic mix.

從毛利率的角度來看，我們仍然預期 2025 年的毛利率將與 2024 年保持一致，但成本節約計畫、產品和地理組合可能會產生不同的影響。

With our strong first-quarter performance in mind, we are raising our expectations for full-year 2025 adjusted EBITDA to $44 million to $46 million, translating to an adjusted loss per share of approximately $0.50 to $0.55. Based on normal top-line cadence and timing of R&D spend, we would expect improvements to adjusted EBITDA to be spread across the remaining quarters with a slightly greater improvement in the third and fourth quarter of 2025 against the comparable quarter in 2024.

考慮到我們第一季的強勁表現，我們將2025年全年調整後EBITDA預期上調至4,400萬美元至4,600萬美元，相當於調整後每股虧損約為0.50美元至0.55美元。基於正常的營收成長節奏和研發支出的安排，我們預期調整後EBITDA的改善將延續至剩餘季度，2025年第三季和第四季的改善幅度將略高於2024年同期。

And finally, we understand that tariffs and trade restrictions are top of mind for many investors. Our guidance for 2025 considers the potential modest impacts based on current information. However, the situation remains fluid. We are proud to produce every AtriCure device in the United States, and source the majority of our components from suppliers in the United States.

最後，我們了解到關稅和貿易限制是許多投資者最關心的問題。我們對 2025 年的指導意見根據當前資訊考慮了潛在的適度影響。然而，局勢依然不穩定。我們很自豪能夠在美國生產每一台 AtriCure 設備，而我們的大部分組件都來自美國供應商。

In closing, our first quarter results reflect the collective strength of our franchises, distinct value of product and therapy innovation at AtriCure, and strong discipline of our team to execute our plans. I'm excited for the year ahead, which will be marked by continued financial and operational progress throughout our business.

最後，我們的第一季業績反映了我們特許經營權的集體實力、AtriCure 產品和治療創新的獨特價值以及我們團隊執行計劃的強大紀律。我對未來的一年充滿期待，我們的整個業務將在財務和營運方面持續取得進展。

With that, I'll turn the call back to Mike.

說完這些，我就把電話轉回給麥克。

Thank you, Angie. The completion of another well-executed quarter reflects our team's persistence and unrivaled devotion to our patients, our people, and our partners. We have a best-in-class product and clinical pipeline, that, coupled with our existing platforms, will increase our ability to impact patients around the world and propel our business to achieve the vision we outlined. The future at AtriCure is bright, and I look forward to providing more updates as the year progresses.

謝謝你，安吉。又一個出色季度的完成反映了我們團隊的堅持以及對患者、員工和合作夥伴的無與倫比的奉獻精神。我們擁有一流的產品和臨床管線，加上我們現有的平台，將增強我們影響全球患者的能力，並推動我們的業務實現我們概述的願景。AtriCure 的未來一片光明，我期待在未來的歲月中提供更多更新的資訊。

And with that, we'll turn it over to questions.

接下來，我們將開始提問。

(Operator Instructions) William Plovanic, Canaccord Genuity.

（操作員指示）William Plovanic，Canaccord Genuity。

Just -- I know you did address this, but I just wanted to clarify on the tariff, it has been a big topic on a lot of the other companies' calls this earning season, and, I think you mentioned 100% US manufacturing, some sourcing OUS. Like if we stick where we are, this does not have any impact or small impact? And can you change the OUS sources elsewhere in the US to mitigate all of it, if you had to in the future? And then I just have a follow up. Thanks.

只是——我知道你確實提到了這一點，但我只是想澄清一下關稅問題，這是許多其他公司在這個財報季電話會議上討論的一個大話題，而且，我認為你提到了 100% 美國製造，有些採購自美國。就像如果我們堅持現狀，這不會有任何影響或影響很小？如果將來有必要的話，您是否可以改變美國其他地方的 OUS 來源以減輕這一切？然後我只需要跟進一下。謝謝。

Yeah, we understand the question here. As we said in the prepared remarks, we expect a very modest impact to gross margin. The majority of our suppliers are within the United States. When you think further into the supply chain and a couple that are outside the US, we do expect a pretty modest impact. You're talking in the kind of 10s of basis points to overall full-year gross margin, the effects felt in the later part of the year.

是的，我們明白這個問題。正如我們在準備好的評論中所說，我們預計這對毛利率的影響非常小。我們的大多數供應商都在美國境內。當你進一步考慮供應鏈和美國以外的一些因素時，我們確實預期影響會相當小。你說的是全年整體毛利率將下降數十個基點，這種影響將在下半年顯現。

From a top-line perspective, fairly well-insulated. Majority of our revenue is within the US. I think we're all keeping eyes on the situation in China, but that's a very small component of our overall business. And again, just would reiterate, it's contemplated within the guide that we gave, based on kind of what we know today.

從頂線角度來看，絕緣效果相當好。我們的大部分收入來自美國。我認為我們都在關注中國的情況，但這只是我們整體業務的一小部分。再次重申，這是我們根據目前所知所提供的指南中考慮到的。

Okay, that's great. And then just on appendage management, that seemed to accelerate. Is that just because physicians want to make sure they're included in the trial? Or are you seeing -- I think you talked about just garnering more doctors using it, just trying to get a handle on that, because that's a nice acceleration. And we've seen the LAA market in general kind of accelerate. Thanks.

好的，太好了。然後僅在附屬物管理方面，這一進程似乎有所加速。這只是因為醫生想確保他們被納入試驗嗎？或者您看到——我認為您談到的只是讓更多的醫生使用它，只是試圖掌握它，因為這是一個很好的加速。我們看到 LAA 市場總體上正在加速發展。謝謝。

Yeah, that's purely based on the fact that we launched our FLEX-Mini that opened the new kind of profile that's about 60% smaller than anything else on the market right now. And the feedback we're getting is fantastic. It's great visualization with it when they're placing it, and so we're having massive adoption of that going on. We're probably about -- growing about twice as fast as we had expected from the launch. We're getting a lot of net new accounts coming on board, and then net new surgeons treating more as well.

是的，這純粹是基於我們推出的 FLEX-Mini 這一事實，它開闢了一種新型的外形，比目前市場上的任何其他產品都要小 60%。我們收到的回饋非常棒。當他們放置它時，它的視覺化效果非常好，因此我們正在大規模採用它。我們的成長速度大概是預期推出時的兩倍。我們獲得了大量的新帳戶，同時也獲得了大量的新外科醫生來提供更多的治療服務。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Just maybe on the guide real quick, why not take up the low end of the range just a little bit? I know it's early in the year, but on the top line, just given the strength you're seeing in a couple of key areas. And then if you can just be a little bit more specific on where the source of the EBITDA upside comes, it's always great to see there. And then I do have a follow up.

也許只是在指南上很快，為什麼不稍微佔據範圍的低端呢？我知道現在才年初，但就營收而言，我們已經看到了幾個關鍵領域的強勁表現。然後，如果您可以更具體地說明 EBITDA 上漲的來源，我們很樂意看到這一點。然後我確實有一個後續行動。

Yeah, on the question relative to the guide, it's early in the year, Matt. I think it's as simple as that. Relative to the upside on the bottom line in this quarter, SG&A, the leverage that we're seeing within SG&A, feel confident that we'll continue to execute and be able to deliver and beat the numbers that we put out there for our guidance for the rest of the year.

是的，關於指南的問題，現在還為時過早，馬特。我認為就這麼簡單。相對於本季底線的上行，銷售、一般及行政費用，即我們在銷售、一般及行政費用中看到的槓桿率，我們有信心繼續執行，並能夠實現並超越我們在今年剩餘時間內所預測的數字。

I think our team deserves a lot of kudos here, I think, really controlling and evaluating discretionary spend. And you're also seeing the benefit of AtriCure operating at a bigger size and scale at this point.

我認為我們的團隊值得稱讚，我認為，真正控制和評估可自由支配的開支。而且您現在也看到了 AtriCure 在更大規模和範圍上運作的好處。

Understood, thanks. And then on the pain management side again, very good quarter here. Mike, you've been talking about -- you were talking a little bit about just further penetration into existing accounts. I don't know if that's -- we're starting to see more on the orthopedic side or other areas. Can you just maybe tease out a little bit more in terms of where some of that improvement is coming from a volume perspective?

明白了，謝謝。然後再次談到疼痛管理方面，這是一個非常好的季度。麥克，你一直在談論——你只是談論了進一步滲透到現有帳戶。我不知道這是否是我們開始在骨科或其他領域看到更多。您能否從數量角度進一步說明一下這種改進來自哪裡？

And then just anything on price? I don't know if price is a big updraft for you guys or not, I don't think so, but just anything there. Thanks.

那麼價格方面還有什麼問題嗎？我不知道價格對你們來說是否是一個很大的上漲趨勢，我不這麼認為，但任何價格上漲都是如此。謝謝。

Yeah, price is not a big updraft, as you kind of alluded to. With the cryoSPHERE MAX and reduction in time, what we're seeing is just much more adoption in pretty much all of our accounts. We're getting people that were hesitant to do it before. If they can cut the time in half, they're now starting to adopt the therapy and thoracotomies. They just think that it's -- the benefit to the time is that much more worth it for them at this point. And I'd say that's probably the biggest reason you're starting to see some of that growth. That means new surgeons. It also means surgeons that may have punted on a case or two here or there are now not punting on any of their cases and doing it in most of their cases.

是的，正如您所暗示的，價格並沒有大幅上漲。隨著 cryoSPHERE MAX 的推出和時間的縮短，我們看到幾乎所有帳戶的採用率都有所提高。我們吸引了那些之前對此猶豫不決的人。如果他們能夠將時間縮短一半，他們現在就開始採用這種療法和開胸手術。他們只是認為──此時此刻，這對他們來說更有價值。我想說，這可能是你開始看到這種成長的最大原因。這意味著需要新的外科醫生。這也意味著，那些可能曾經放棄一兩例病例的外科醫生現在不會再放棄任何病例，而是在大多數病例中都這樣做。

John McAulay, Stifel.

約翰·麥考利（John McAulay），Stifel。

I just wanted to take a deeper dive on CONVERGE and MIS this quarter specifically. Seems to have declined again on a sequential basis, but you're talking about -- I think I heard you say a slight improvement in the second quarter. Can you just talk a little bit about your confidence that it's bottomed out here and we can begin to start to see sequential improvement again?

我只是想特別深入了解本季的 CONVERGE 和 MIS。似乎再次連續下降，但您說的是——我想我聽到您說第二季度略有改善。您能否簡單談談您對經濟已經觸底並且我們可以開始再次看到連續改善的信心？

Sure, I mean, what we're seeing in accounts in the United States, we saw it in Europe a little bit, where you definitely saw kind of a bottoming out relative. We do think there's going to be pressure for the rest of the year, but we have many accounts, they're now starting to see failures.

當然，我的意思是，我們在美國帳戶中看到的情況，我們在歐洲也看到了一點，你肯定看到了一種觸底的相對現象。我們確實認為今年剩餘時間將會面臨壓力，但我們有很多帳戶，現在開始出現失敗。

PFA has been out there now for about a year, and so you're starting to see many of those failures at 9 months and 12 months start to come through, and they're asking themselves, do I do another ablation at this point, or if I've already done a full ablation with the back wall and the PVI, what more is there for me to do? Maybe I can get the benefit of doing CONVERGE with the AtriClip and kind of getting a much more robust, long-term, more durable solution.

PFA 已經存在大約一年了，因此您開始看到許多在 9 個月和 12 個月時出現失敗的情況，並且他們會問自己，我是否在此時進行另一次消融，或者如果我已經對後壁和 PVI 進行了完全消融，那麼我還能做什麼？也許我可以從使用 AtriClip 進行 CONVERGE 中獲益，並獲得更強大、更長期、更持久的解決方案。

And so you're starting to see some of that come to fruition here at many accounts. Many accounts that, if you look back three years ago, were really robust accounts for us, died down quite a bit during kind of the PFA kind of initial onslaught, and you're now starting to see them refer more patients. That's really why we've got confidence to kind of look out for the rest of the year.

因此，您會開始看到其中的一些內容在許多帳戶中取得成果。如果你回顧三年前，你會發現很多帳戶對我們來說都是非常強勁的帳戶，但在 PFA 最初的猛烈衝擊期間，這些帳戶的數量大大減少，而現在你開始看到他們轉診了更多的患者。這就是為什麼我們有信心展望今年剩餘的時間。

That being said, we do see pressure. I mean, PFA is out there. They're doing a lot of it. It's taking up a lot of time and a lot of mental mindshare for EPs right now. But as you saw with Europe, you saw that there was a big bounce back. We anticipate that is going to happen. Maybe not this year, but we do think it's going to happen in the future.

話雖如此，我們確實看到了壓力。我的意思是，PFA 就在那裡。他們做了很多這樣的事。它現在佔用了 EP 大量的時間和精力。但正如你在歐洲看到的那樣，你會看到出現了大幅反彈。我們預計這將會發生。也許不是今年，但我們確實認為它將來會發生。

That's helpful. And just one more on AtriClip here, strong quarter. I heard you say that I think it was 15% of US sales are FLEX-Mini, and you're still sort of working up that adoption curve. Could you just sort of frame out what the longer-term goal might be there and what would be a regional expectation of contribution from FLEX-Mini in the future?

這很有幫助。這裡還有關於 AtriClip 的一則消息，本季表現強勁。我聽您說過，我認為美國 15% 的銷量是 FLEX-Mini，而且您仍在努力提高這一採用曲線。您能否簡單概括一下長期目標是什麼，以及未來 FLEX-Mini 對區域貢獻的期望是什麼？

I think with any new product launch, our long-term goal is for that to take dominant market share. I mean, we obviously leave -- have left our existing AtriClip products on the market for a couple of different reasons. I think difference in approach with an open-ended clip with our FLEX-V versus the FLEX-Mini, as well as a competitively priced option with the original AtriClip device, but we'd expect, very similar to what you saw with the launch of the FLEX-V six-plus years ago, over a number of years, that became the dominant product in the market. And I think that would be one of our goals longer term with the FLEX-Mini.

我認為，對於任何新產品的推出，我們的長期目標都是佔據主導市場份額。我的意思是，我們顯然出於幾個不同的原因而將現有的 AtriClip 產品留在市場上。我認為我們的 FLEX-V 與 FLEX-Mini 在開放式夾子方面的做法有所不同，而且原廠 AtriClip 設備具有價格競爭力，但我們預計，這與六年前推出的 FLEX-V 非常相似，經過幾年的發展，它成為了市場上的主導產品。我認為這將是我們 FLEX-Mini 的長期目標之一。

Lili Lozada, J.P. Morgan.

摩根大通的莉莉‧洛札達 (Lili Lozada)。

Maybe just to follow up on the question on MIS, I think that international business declined for the first time in a long time, and it sounds like things were starting to turn around there with failures coming back. So are you starting to see greater pressure internationally as well from PFA? And how should we be thinking about the international MIS business trending over the rest of the year?

也許只是為了跟進 MIS 的問題，我認為國際業務在很長一段時間內首次出現下滑，而且聽起來情況開始好轉，失敗再次出現。那麼，您是否也開始感受到 PFA 在國際上面臨的更大壓力了？那麼，我們該如何看待今年剩餘時間國際 MIS 業務的發展趨勢呢？

Yeah, that really has two different components to it. One is that there was just one country, the Netherlands, which was kind of the old approach, the TT approach, and then also some sales. There's a little bit in Japan, where they have historically used, even in an open case, they use some more minimally invasive products, and they switched to using more of those open products. You saw a little bit of that in the overall MIS number, but does not reflect the growth of Convergent in Europe in particular, which is really where we're seeing a lot of that growth.

是的，它確實包含兩個不同的組成部分。一個是只有一個國家，荷蘭，這是一種舊方法，TT 方法，然後還有一些銷售。日本也有類似的情況，他們過去即使在開放性病例中也使用一些微創產品，但現在他們轉而使用更多這些開放性產品。您可以在整體 MIS 數字中看到一點這樣的情況，但這並沒有反映出 Convergent 在歐洲的成長，而我們實際上在歐洲看到了很大的成長。

Yeah, the conversion procedure for the international business in totality, Lili, was up 27% this quarter. It was about 50% growth in Europe and slightly below that. Obviously, once you move outside of Europe, offset by pressure being down 20%-plus in our legacy minimally invasive products, like Mike described.

是的，Lili，本季國際業務的轉換流程整體成長了 27%。歐洲的成長率約為50%，略低於這個數字。顯然，一旦走出歐洲，我們的傳統微創產品的壓力就會下降 20% 以上，就像 Mike 所描述的。

Got it. That's helpful. Then maybe staying on the topic of the international business, it looks like the open ablation business accelerated, and I know you're launching EnCompass there. That's obviously been really impactful in the US. So should we expect the same sort of momentum in the international business and open as this rolls out, and how are you thinking about the impact there? Thanks so much.

知道了。這很有幫助。那麼也許繼續討論國際業務的話題，看起來開放式消融業務加速了，我知道你們在那裡推出了 EnCompass。這顯然對美國產生了很大影響。那麼，隨著這項計畫的實施，我們是否應該期待國際業務和開放領域也出現同樣的動能？您如何看待其影響？非常感謝。

Yeah, we've said before, we are very hopeful that the EnCompass Clamp, the success that we've seen in the US can be replicated outside the US. We think that this is an area that can drive growth for a number of quarters, and if not years, to come there. It's early inning, still, in Europe, as the team works through getting the EnCompass Clamp on shelf at each one of our hospital customers. The feedback is exceptional. Like we've heard in the United States, they're excited to be able to incorporate this into their treatment, and again, expect this to be a driver of growth on a long-term basis.

是的，我們之前說過，我們非常希望 EnCompass Clamp 在美國的成功能夠在美國以外複製。我們認為，這個領域能夠推動未來數季甚至數年的成長。現在，在歐洲，一切才剛開始，團隊就正在努力將 EnCompass Clamp 放到我們每家醫院客戶的貨架上。反饋非常好。正如我們在美國聽到的那樣，他們很高興能夠將其納入他們的治療中，並且再次期望這將成為長期成長的動力。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Hi, maybe I could ask a high-level question on some of the newer products you've seen, tremendous uptake with FLEX-Mini, the new cryo, and then of course, EnCompass Clamp and the short version continue to perform well. As we think about those new products, how many quarters would you say you still have sort of tailwind from these new launches coming? Should we think about it two, three, four quarters? Is this multi-year? I'm just trying to understand sort of the tailwinds from some of these launches.

你好，也許我可以就您見過的一些新產品問一個高級問題，FLEX-Mini、新型低溫產品得到了極大的歡迎，當然，EnCompass Clamp 和短版也繼續表現良好。當我們考慮這些新產品時，您認為您在多少季度後仍能從這些新產品的推出中獲得某種順風？我們是否應該考慮二、三、四個季度？這是多年的嗎？我只是想了解這些發表會所帶來的順風因素。

I think it's a great question, Marie, and one I love answering, because I think we've got -- the latter part of your your question, which is we've got multiple years with the tailwinds on this. If you look at -- Angie referred to it before, where we saw a lot of acceleration, we did the FLEX-V the product into the market, and we saw that continued acceleration as we got more and more adoption. We think the same thing's going to happen with FLEX-Mini. It's much more approachable for so many different surgeons to be able to utilize it. Combine that now with getting PRO-Mini out there, we think that it's -- there's just a lot of demand, and that's going to be for many years to come.

瑪麗，我認為這是一個很好的問題，我很樂意回答這個問題，因為我認為我們已經得到了——你問題的後半部分，也就是說，我們已經在這方面順風好幾年了。如果你看一下——安吉之前提到過，我們看到了很大的加速，我們將 FLEX-V 產品推向了市場，並且隨著我們得到越來越多的採用，我們看到了持續的加速。我們認為 FLEX-Mini 也會發生同樣的事情。它對於許多不同的外科醫生來說更容易使用。結合現在 PRO-Mini 的推出，我們認為它的需求量很大，而且這種需求將持續很多年。

EnCompass -- and we're still -- while we've made tremendous improvements over the last three years in terms of adoption, so if you really think back, we were at about 25%, 22% to 25% before we rolled out EnCompass. We're now probably 35%, 40% or so that have kind of adopted it in Afib surgery. And when you think about that, we've obviously got 60% still to go. We've made a lot of movement in the last three years, more movement than we'd ever made before relative to that. And then moving kind of the cardiac surgeon to kind of make that change, we're seeing that, and we're seeing that begin to really kind of get a really nice traction.

EnCompass——我們仍然如此——雖然我們在採用方面在過去三年中取得了巨大的進步，但如果你認真回想一下，在我們推出 EnCompass 之前，我們的採用率大約是 25%、22% 到 25%。現在大概有 35%、40% 左右的患者在心房顫動手術中採用了這種方法。如果你考慮到這一點，我們顯然還有 60% 的路要走。過去三年我們取得了許多進展，比以前任何時候都取得了更多的進展。然後讓心臟外科醫生做出這種改變，我們看到了這一點，我們看到這種改變開始真正獲得良好的進展。

On top of that, EnCompass is a core platform for the BoxX-NoAF piece, which is a prophylactic treatment, because that really is utilizing kind of the EnCompass Clamp plus the AtriClip at that point in time, and we anticipate that that's obviously going to have a lot of tailwinds for many years to come.

除此之外，EnCompass 是 BoxX-NoAF 產品的核心平台，這是一種預防性治療，因為它實際上正在利用 EnCompass Clamp 和 AtriClip，我們預計這在未來許多年裡顯然會有很多順風。

So you combine all of those on the ablation and cardiac side, I'd say you've got many years to come. MAX is just rolling out. I think that you're starting to see that impact on the thoracotomies right now. Maybe someday, I think we're getting some traction within sternotomy. I don't want to get too far ahead of ourselves on this call today, but I definitely -- we're getting more attention to it because we reduce the time so much, that that might extend it for many years to come as well.

因此，如果你將消融和心臟方面的所有內容結合起來，我想你還會有很多年的時間。MAX 剛推出。我認為您現在已經開始看到這種對開胸手術的影響。也許有一天，我認為我們會在胸骨切開術方面取得一些進展。我不想在今天的電話會議上說得太遠，但我肯定會——我們會更加關注這個問題，因為我們大大縮短了時間，這可能會在未來很多年延長它。

Okay, that's encouraging. Let me ask my follow up here then on cryoXT. Congrats on that FDA clearance. How should we think about your sales force build up? Well, you need a separate sales force to target some of those surgeons? Or are those folks you can be talking to the operating room directors and things to get the XT in the hands of those surgeons?

好的，這令人鼓舞。那麼，讓我在這裡詢問一下有關 cryoXT 的後續情況。恭喜獲得 FDA 批准。我們該如何看待您的銷售隊伍建立？那麼，您需要一個單獨的銷售團隊來針對其中一些外科醫生嗎？或者您可以與手術室主任等進行溝通，以便將 XT 交到外科醫生手中？

Yeah, great question. At this point, we don't plan on adding an additional sales force. We probably are going to need additional clinical support out in the field as we kind of get into those accounts. We have a lot of coverage. As you know, we're in pretty much 100% of the accounts in the United States, so we already have coverage clinical people, but we are going to have to add clinical people as we roll that out, but not necessarily a brand new sales force for the new call point because we've already got relationships with a lot of those people already through the work that we're doing in the hospital with the OR staff, as you kind of mentioned as well.

是的，很好的問題。目前，我們還沒有計劃增加銷售人員。當我們進入這些帳戶時，我們可能需要現場額外的臨床支援。我們有很多報道。如您所知，我們幾乎涵蓋了美國 100% 的客戶，因此我們已經擁有覆蓋臨床的人員，但在推廣過程中，我們將不得不增加臨床人員，但不一定是為新的呼叫點組建全新的銷售隊伍，因為我們已經通過在醫院與手術室工作人員合作的工作與其中許多人建立了關係，正如您所提到的。

Danny Stauder, Citizens JMP.

丹尼·斯托德（Danny Stauder），公民 JMP。

I just had a quick one on pain management. I think you noted that accounts grew 12%. I think you put that number last quarter at about 800 customers utilizing Cryo Nerve Block. Do you have a relative target number for accounts in 2025? And could you give us any more color on US versus international, any expectations of new adds? Thank you.

我剛剛快速進行了一次疼痛管理。我想您已經注意到帳戶增長了 12%。我認為上個季度使用冷凍神經阻斷療法的客戶數量大約是 800 人。您對 2025 年的帳戶數量有相對目標嗎？您能否向我們詳細介紹美國和國際的情況，以及對新增內容有何期待？謝謝。

Yeah, Danny, the 800 accounts was for our open business. In the fourth quarter last year, we were just under 600 Cryo Nerve Block accounts, about 800 for the full year. We saw another quarter, I think we're 19 straight quarters now of adding accounts who are using Cryo Nerve Block products, around 600 or so. The goal here would be -- you're talking about 1,200 to 1,300 accounts in total in the universe in the United States, and then about half of that, we think, are good targets when you move outside of the US.

是的，丹尼，這 800 個帳戶是用於我們的營業的。去年第四季度，我們的冷凍神經阻斷客戶數量略低於 600 個，全年約 800 個。我們看到另一個季度，我想我們已經連續 19 個季度增加了使用 Cryo Nerve Block 產品的帳戶，大約 600 個左右。這裡的目標是——你談論的是美國境內總共 1,200 到 1,300 個帳戶，然後我們認為，當你移到美國境外時，其中大約有一半是好的目標。

The launch, from both perspectives, both the US and the international launch, is progressing incredibly well. The team is going where they've got good momentum. The tactic tends to be find a physician who uses it, has great outcomes, and have them help us kind of spread the word within their account. They can see it within the recovery of patients when they compare to their physician partners, and we're going to continue to drive deeper adoption within our existing accounts, as well as broaden to the base of customers who haven't yet adopted.

從美國和國際兩個角度來看，這次發布都進展得非常順利。球隊正朝著擁有良好勢頭的方向前進。這種策略往往是找到一位使用該藥物並取得良好效果的醫生，並讓他們幫助我們在他們的帳戶中傳播該藥物。與他們的醫生夥伴相比，他們可以在患者的康復過程中看到這一點，我們將繼續在現有帳戶中推動更深入的採用，並擴大尚未採用的客戶群。

Great, thank you. And then just following up on the cryoXT product, how should we think about the launch of this product compared to your two more recent launches? Is it safe to assume the launch -- the ramp speed will be a little bit slower just getting this new area? Or just how you think about it, a little bit more color would be would be great.

太好了，謝謝。然後繼續討論 cryoXT 產品，與您最近推出的兩款產品相比，我們應該如何看待這款產品的推出？是否可以安全地假設發射——進入這個新區域時坡道速度會稍微慢一點？或者只是您這樣想，如果顏色再多一點就更好了。

Yeah, it's a really good question. I'd say for this year, we don't have -- it's all upside. We don't have any dollars really in the plan relative to XT for this year. We anticipate doing a kind of a beginning of a slow launch into this area because it is such a new therapy.

是的，這是一個非常好的問題。我想說，就今年而言，我們沒有——一切都是好的。我們今年的計劃中實際上沒有任何與 XT 相關的資金。我們期望在這個領域慢慢開展，因為這是一種全新的療法。

I think it's going to be not as much like these two launches, but really like the original cryoSPHERE launch, where you saw, at first, we're really methodical over that first 6 to 12 months of just making sure every case went perfectly well, learning from those cases. A lot like EnCompass as well, where in that first six months, we were doing a lot of learning about how to best optimize the procedure, et cetera, how to work in the operating room with the staff. And then from that, we anticipate some acceleration coming off of that.

我認為它不會像這兩次發射那麼相似，但很像最初的 cryoSPHERE 發射，在最初的 6 到 12 個月裡，我們非常有條不紊，只是為了確保每個案例都進展順利，並從這些案例中吸取教訓。與 EnCompass 非常相似，在最初的六個月裡，我們進行了大量學習，以了解如何最好地優化手術過程，以及如何與手術室中的工作人員一起工作。然後，我們預計會出現一些加速。

So you should start to see some major contribution sometime middle to the end of next year with it, even though we are going to get some accounts this year. And if it goes a little bit faster, there could be some upside this year and the beginning part of next year.

因此，儘管我們今年只會獲得一些帳戶，但你應該會在明年年中到年底開始看到一些重大貢獻。如果速度稍微快一點，今年和明年年初可能會有一些上漲。

Mike Matson, Needham & Company.

麥克‧馬森 (Mike Matson)，Needham & Company。

I guess just want to ask one on the US minimally invasive business. So given the kind of sequential decline headwinds there, are you doing anything different in terms of your sales force or how you're going about kind of marketing the product? I mean, are you maybe pulling back a little and just kind of waiting things out, or are you trying to maybe push harder there, or just kind of maintain the status quo?

我想問的只是一個關於美國微創業務的問題。那麼，考慮到那裡連續下滑的不利因素，您在銷售隊伍方面或產品行銷方面會採取什麼不同的措施嗎？我的意思是，您是否會稍微退縮並等待事情發展，或者您會嘗試更加努力，或者只是維持現狀？

It's a great question. I think the most important thing for us to do is to make sure we continue to be relevant and have great relationships within the EP community. We can't push them away from PFA. It's here. They're using it on as many cases as they possibly can. And so I think we're kind of in the process of making sure that we're relevant and we're learning with them. We're having conversations about what does that process and that recipe and fomula look like, meaning are they going to do PFA and then a second PFA before they go to CONVERGE? Are they going to go one PFA and go directly to CONVERGE because they did everything in that procedure?

這是一個很好的問題。我認為我們要做最重要的事情是確保我們繼續與 EP 社群保持相關性並保持良好的關係。我們不能將他們從 PFA 中驅逐出去。它就在這裡。他們正在盡可能多地使用它。所以我認為我們正在確保我們與他們息息相關並且正在與他們一起學習。我們正在討論這個過程、配方和公式是什麼樣的，這意味著他們是否會在進入 CONVERGE 之前進行 PFA，然後再進行第二次 PFA？他們是否會進行一次 PFA 然後直接進入 CONVERGE，因為他們已經完成了該程序中的所有事情？

I think you heard multiple of those from -- at the Analyst Day with Dr. Makati and Dr. Sood, they each had a little bit different recipe, but effectively, working with them to try to figure out what's that formula going to look like when they start to see those failures and make sure that we're relevant. That means we've got to maintain our team, which is a very seasoned and excellent team that has great relations with EPs.

我想您已經聽過很多這樣的觀點——在 Makati 博士和 Sood 博士參加的分析師日上，他們每個人都有一點不同的方案，但實際上，我們與他們合作，試圖弄清楚當他們開始看到這些失敗時，這個方案會是什麼樣子，並確保我們與時俱進。這意味著我們必須維持我們的團隊，這是一支經驗豐富、非常優秀的團隊，與 EP 保持著良好的關係。

I was just at HRS this past weekend, of course, PFA was the topic of conversation in many of the reports, but we had a -- it was the busiest HRS we've ever had. We had a tech suite where we had over 70 people visit. Many of those people were touching and getting access to our EPi-Ease product, which really kind of gives them access to the epicardial area for EP for different procedures. Building those types of relationships and making sure we're staying in front of the customers is the most important thing.

上週末我剛剛去了 HRS，當然，PFA 是許多報告中討論的主題，但我們——這是我們有史以來最忙碌的 HRS。我們有一個技術套件，有超過 70 人來訪。許多人都在接觸和使用我們的 EPi-Ease 產品，這款產品實際上讓他們能夠進入心外膜區域進行不同的 EP 手術。建立這種類型的關係並確保我們始終站在客戶面前是最重要的事情。

And we do anticipate, as I mentioned, that it's going to come back for us, but if we're not there, then we're not going to be there to catch that. And so we have to make sure that we're maintaining those relationships, staying in the field, and building relevant and value-added relationships with those customers.

正如我所提到的，我們確實預計它會回來找我們，但如果我們不在那裡，那麼我們就無法在那裡抓住它。因此，我們必須確保維持這些關係，留在該領域，並與這些客戶建立相關的、增值的關係。

Yeah, thanks. And just, the EPi-Ease products, so I mean I see it highlighted on our website, but I don't think you said much about that at the Investor Day. Maybe I missed it, but can you just tell us more about that product and kind of how it fits in what -- to what degree it could maybe help that part of the business?

是的，謝謝。還有 EPi-Ease 產品，我的意思是我看到它在我們的網站上被重點介紹，但我認為您在投資者日上並沒有談論太多。也許我錯過了，但您能否告訴我們有關該產品的更多信息以及它如何適應什麼 - 它在多大程度上可以幫助該部分業務？

Yeah, it's a great question. It's not a big revenue driver for us, but what it is is it's a product to get access, kind of the subxiphoid area and the epicardium of the heart. So that's really kind of what it is, to kind of get through the pericardium there. It's a really unique and novel device. Like you said, you can see it on our website, and you can get access to it. We use it as a point to talk to EPs, to be relevant with them, and they're starting to use it a little bit, and especially with some of the high-profile KOLs on the market.

是的，這是一個很好的問題。它對我們來說不是一個很大的收入來源，但它是一種可以進入心臟劍突下區域和心外膜的產品。這就是它的真正意義，即如何穿過心包。這確實是一種獨特而新穎的設備。正如您所說，您可以在我們的網站上看到它，並且可以訪問它。我們利用它作為與 EP 對話、與他們建立聯繫的一個點，他們也開始稍微使用它了，尤其是與市場上一些知名的 KOL 對話。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Congrats on a good quarter, especially on EBITDA. Just two questions for me. Number one, on the clip, it looks like that business has now completely grown through competitive headwinds, I guess, Mike, I'd love to hear you talk a little bit about how you -- what you've learned about the competitive moat around the AtriClip and whether a major competitor launching a product there, and I have one follow up.

恭喜本季取得良好業績，尤其是 EBITDA。我只有兩個問題。首先，就 AtriClip 而言，看起來該業務現在已經完全克服了競爭阻力，我想，邁克，我很想聽你談談你對 AtriClip 的競爭壁壘的了解，以及主要競爭對手是否在那裡推出了產品，我有一個後續問題。

Yeah, I mean, I think when the competition first came into the market, the first thing I said was competition helps the market. It creates awareness, it helps people understand that this is a very important thing to be doing for these patients. And I think all you're seeing right now is that it's the result of that consistency and watching the market continue to grow on that front, number one.

是的，我的意思是，我認為當競爭首次進入市場時，我說的第一件事就是競爭有助於市場。它提高了人們的認識，幫助人們理解這對這些病人來說是一件非常重要的事情。我認為您現在所看到的就是這種一致性的結果，並且觀察市場在這方面持續成長，這是第一點。

Number two, it's also to have great products. Like, even when there's no competition, invest in innovation, things like the FLEX-Mini device. We started investing in building that product well before we knew there was competition coming into the market. We listen to customers to come out with something super innovative. And I think when you combine that with competition coming in, that's obviously been something that's been a tailwind for us in the market as well. So when you combine those two things, I think that's what you're seeing in the market today.

第二，也要有優秀的產品。例如，即使沒有競爭，也要投資創新，例如 FLEX-Mini 設備。在我們意識到市場出現競爭之前，我們就開始投資打造該產品。我們聽取客戶的意見，推出一些極具創新的產品。我認為，如果再加上競爭，這顯然也會成為我們在市場上的順風因素。因此，當你將這兩件事結合起來時，我認為這就是你今天在市場上看到的情況。

Longer term, it's leaks. When you actually get clinical evidence and data that demonstrates that your product and your product alone can reduce stroke in all patients basically that are basically going into the operating room, that is a huge advantage that we'll have over any competition coming into the market, whether they're there today or in the future.

從長遠來看，這是洩漏。當你真正獲得臨床證據和數據，證明你的產品和你的產品本身可以減少所有進入手術室的患者的中風時，這將是我們相對於任何進入市場的競爭對手的巨大優勢，無論他們是現在還是將來。

So I think the combination of those three things, competition is good, it makes us all better, it makes it that that validates your market. Innovation within that is super important. And then getting clinical evidence to further differentiate and create, as you mentioned, the moat.

所以我認為這三件事的結合，競爭是好的，它使我們都變得更好，它使你的市場得到驗證。其中的創新非常重要。然後獲取臨床證據來進一步區分和創建護城河，正如您所提到的。

Got you. Okay, thank you. And then my follow up's on the open business. I mean EnComass in the US has been a tailwind here for a few years now. And I guess I'm just curious about how long you think that runway is from here. I don't know if it's best to talk about it from penetration into the different procedure areas, perspective number of users, but anything you can say to that, because it's the gift that keeps on giving. I want to know how much longer it's giveth. Thank you so much.

明白了。好的，謝謝。然後我繼續跟進公開業務。我的意思是，美國的 EnComass 幾年來一直是這裡的順風。我只是好奇你認為那條跑道離這裡有多長。我不知道是否最好從滲透到不同程式領域、從使用者數量的角度來談論它，但你可以對此發表任何看法，因為它是一份持續給予的禮物。我想知道它還能維持多久。太感謝了。

Another good question. It's interesting. We're not in the first inning, so I'm not going to say like EnCompass is like at that first inning, that was probably a year or so ago, but we still have a long way to go. While we've made improvements in 25% to 40% or so penetration in the United States, we still have 60% to go just for Afib patients. And as we talked about the Analyst Day, we're now going to expand that market by two or threefold with the BoxX-NoAF trial, of which the EnCompass Clamp is the kind of foundation of that procedure.

另一個好問題。這很有趣。我們還沒有進入第一局，所以我不會說 EnCompass 就像第一局那樣，那大概是一年前的事了，但我們還有很長的路要走。雖然我們在美國已將滲透率提高到 25% 至 40% 左右，但對於心房顫動 (AFib) 患者，我們仍需達到 60% 的滲透率。正如我們在分析師日上所討論的那樣，我們現在將透過 BoxX-NoAF 試驗將該市場擴大兩到三倍，其中 EnCompass Clamp 是該程序的基礎。

So I think we've got a long way to go with the EnCompass Clamp, both in Afib patients today and then longer term in the non-Afib patients for postoperative Afib and kind of prophylactically treating them, as I mentioned in my comments. So I think the EnCompass is going to be the gift that keeps giving for many years to come.

因此，我認為 EnCompass Clamp 在我們身上還有很長的路要走，無論是對於當今的房顫患者，還是對於非房顫患者的術後房顫以及預防性治療，正如我在評論中提到的那樣。所以我認為 EnCompass 將會是一份在未來許多年持續贈送的禮物。

Suraj Kalia, Oppenheimer.

蘇拉傑·卡利亞（Suraj Kalia），奧本海默。

Hey, Mike, your points on PFA, so-called turnaround and being a tailwind for you all on the open side, on the MIS side, well taken. And I know that was one of the salient points made by a panel of clinicians also at the Investor Day. Mike, when should we expect to see the slope of the MIS curve, the first derivative change sign, i.e., things reversing back into positive territory? Is it this year, sometime later, or is it next year?

嘿，麥克，你關於 PFA 的觀點，即所謂的轉變，以及在開放方面、在 MIS 方面對你們所有人的順風作用，我非常贊同。我知道這也是投資人日上臨床醫師小組提出的突出觀點之一。麥克，我們什麼時候可以看到 MIS 曲線的斜率，也就是一階導數變化符號，也就是情況反轉回到正值區域？是今年，還是以後，還是明年？

Yeah, I'd love to tell you that I can be an absolute -- the best forecaster in the world and tell you that it's going to be in a particular quarter or not. I think what we're anticipating is that we're going to still -- even though we've got a lot of bright spots coming through, because there are definitely bright spots and customers coming back, there are still people just getting into PFA, et cetera. We anticipate this year to be a pressure year for us. And I think it's too early to tell for next year, but likely, next year should be something where you'll see some more upside.

是的，我很想告訴你們，我絕對是世界上最好的預測者，我可以告訴你們它是否會出現在某個特定的季度。我認為，我們預計我們仍然會——儘管我們已經有很多亮點出現，因為肯定有亮點和顧客回來了，但仍然有人剛剛進入 PFA 等等。我們預計今年對我們來說將是壓力很大的一年。我認為現在判斷明年的情況還為時過早，但很有可能明年你會看到更多好處。

Fair enough. And, Mike, as my follow up, obviously, again on the Investor Day, you all emphasized your investments -- AtriCure's investments in LeAAPS and other trials. Mike, we have seen in some other areas, maybe a dumb analogy, but like painful diabetic neuropathy and some other medtech categories, the companies that put in the resources to do RCDs, gotten an indication, only to have other companies piggyback and kind of dilute the net impact. Would LeAAPS specifically give AtriCure and AF ablation indication and basically set AtriCure aside versus others in the field?

很公平。麥克，作為我的後續提問，顯然，在投資者日，你們都強調了你們的投資——AtriCure 對 LeAAPS 和其他試驗的投資。麥克，我們在其他一些領域也看到過類似的情況，這可能是一個愚蠢的比喻，但就像糖尿病疼痛性神經病變和其他一些醫療技術類別一樣，投入資源進行 RCD 的公司得到了指示，結果卻讓其他公司搭便車，從而削弱了淨影響。LeAAPS 是否會專門給出 AtriCure 和 AF 消融指徵，並將 AtriCure 與該領域的其他產品區分開來？

Yeah, so the LeAAPS trial very specifically will create great differentiation by giving us a stroke label, and so that is what's going to basically be the differentiation. And nobody else will be able to have that label.

是的，LeAAPS 試驗將透過給我們一個中風標籤來具體地創造巨大的差異化，所以這基本上就是差異化。其他人將無法獲得該標籤。

And as Dr. Whitlock talked about at the meeting, there's really no class effect to that, because we will be the only ones who will have gone through a 6,500-patient randomized control data trial, with our clip being the only one used in that trial. So you're not going to be able to look across and say, oh, other methods of closure are similar. You can't do that because that has proven not to be the case. And so we will have proven it out with our AtriClip. And I feel like that's going to be a really big differentiator, in the market, not only with customers, but also with regulators throughout the world as well.

正如惠特洛克博士在會議上談到的，這實際上沒有什麼階級效應，因為我們將是唯一經歷過 6,500 名患者隨機對照數據試驗的人，我們的剪輯是該試驗中唯一使用的剪輯。所以你不會能夠縱觀全局並說，哦，其他的關閉方法也是類似的。你不能這麼做，因為事實證明並非如此。因此我們將透過 AtriClip 來證明這一點。我覺得這將成為市場上一個非常大的區別因素，不僅對客戶如此，對於世界各地的監管機構也是如此。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Mike Carrel for closing remarks.

謝謝。我目前沒有其他問題。現在我想請麥克卡雷爾作最後發言。

Great. Well, again, everyone, thank you for joining us today. As you can tell, we continue to be excited about the future of the business. We do really appreciate many of you making the trip to Mason, Ohio, getting a chance to meet many of the colleagues that we've got here and to see the products firsthand, go through some of the demos and meet some of the physicians that are utilizing our products today. So we just wanted to again thank you for coming out. Thank you for coming out today. Have a great evening. Bye now.

偉大的。好吧，再次感謝大家今天加入我們。正如您所知，我們繼續對業務的未來感到興奮。我們非常感謝你們中的許多人來到俄亥俄州梅森，有機會與我們在這裡的許多同事見面，親眼看到產品，觀看一些演示，並與一些正在使用我們產品的醫生見面。所以我們只想再次感謝您的到來。感謝您今天的到來。祝您有個愉快的夜晚。再見了。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。