Avinger Inc (AVGR) 2016 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen.

女士們先生們，下午好。

(Operator Instructions)

（操作員說明）

Please note that this call is being recorded today, Thursday, November, 3, 2016 and will be available one year on the investor relations section of Avinger's Web Site at investor.avinger.com.

請注意，本次電話會議將於今天（2016 年 11 月 3 日，星期四）進行錄音，並將在 Avinger 網站 investor.avinger.com 的投資者關係部分提供一年。

I would now like to turn the meeting over to Mark Klausner of Westwicke Partners.

我現在想將會議轉交給 Westwicke Partners 的 Mark Klausner。

Thank you all for participating in today's call. Joining us today are Avinger's CEO, Jeff Soinski; Founder and Executive Chairman, Dr. John Simpson and Chief Financial Officer, Matt Ferguson.

感謝大家參加今天的電話會議。今天加入我們的是 Avinger 的首席執行官 Jeff Soinski；創始人兼執行主席 John Simpson 博士和首席財務官 Matt Ferguson。

Earlier today, Avinger released financial results for the third quarter ended September 30, 2016. Before we begin, I would like to remind you that management will make statements during this call that may include forward-looking statements within the meaning of the Federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

今天早些時候，Avinger 發布了截至 2016 年 9 月 30 日的第三季度財務業績。在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，其中可能包括聯邦證券法含義內的前瞻性聲明，這是根據 1995 年《私人證券訴訟改革法》的安全港條款制定的。

Any statements contained in this call that are not statements of historical fact should be deemed to be forward-looking statements.

本次電話會議中包含的任何不是歷史事實陳述的陳述都應被視為前瞻性陳述。

All forward-looking statements including without limitation our future financial expectations are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results to differ materially from those anticipated or implied by these forward-looking statements.

所有前瞻性陳述，包括但不限於我們未來的財務預期，均基於我們當前的估計和各種假設。這些陳述涉及重大風險和不確定性，可能導致實際結果與這些前瞻性陳述預期或暗示的結果存在重大差異。

Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please see our filings with the Securities and Exchange Commission. Avinger disclaims any intention or obligation except as required by law to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

因此，您不應過分依賴這些陳述。有關與我們業務相關的風險和不確定性的列表和描述，請參閱我們向美國證券交易委員會提交的文件。 Avinger 不承擔任何意圖或義務，除非法律要求更新或修改任何財務預測或前瞻性陳述，無論是因為新信息、未來事件還是其他原因。

I'd now like to turn the call over to Jeff.

我現在想把電話轉給傑夫。

Good afternoon and thank you, all, for joining us. We're pleased to report that during the third quarter, we made good progress on the growth plan we outlined on our last call, achieving the highest quarterly revenue in Company history with $5.3 million for the quarter.

下午好，謝謝大家加入我們。我們很高興地報告，在第三季度，我們在上次電話會議上概述的增長計劃方面取得了良好進展，本季度實現了公司歷史上最高的季度收入 530 萬美元。

During the quarter, we increased our installed base by 17 accounts and are now selling into 143 Lumivascular accounts. Based on this continued strong performance and building our installed base, we're now very confident we'll exceed our goal of 150 Lumivascular accounts by year end. We also increased catheter utilization within our Lumivascular accounts despite the typical slowdown in case volume experienced in the summer months.

在本季度，我們的客戶群增加了 17 個，現在正在銷售 143 個 Lumivascular 客戶。基於這種持續強勁的表現和建立我們的安裝基礎，我們現在非常有信心我們將在年底前超過 150 個 Lumivascular 客戶的目標。儘管夏季月份的病例數量通常會放緩，但我們還在我們的 Lumivascular 賬戶中增加了導管利用率。

During the quarter, we completed a significant equity financing, which allows us to focus on continued execution of our growth plans as we continue to increase penetration of our Lumivascular platform and drive utilization of our proprietary catheters for the treatment of PAD.

在本季度，我們完成了一項重要的股權融資，這使我們能夠專注於繼續執行我們的增長計劃，因為我們將繼續提高我們的 Lumivascular 平台的滲透率並推動我們專有導管用於治療 PAD 的利用率。

Our recent successes underscore the progress of our sales force and our commercial leadership's ability to reignite momentum. Our recently appointed Senior Vice President of Sales and Marketing, J.D. Simpson, has focused his team on personal accountability and executional improvement in all areas of his organization.

我們最近的成功凸顯了我們銷售隊伍的進步以及我們商業領導層重振勢頭的能力。我們最近任命的銷售和營銷高級副總裁 J.D. Simpson 將他的團隊重點放在組織所有領域的個人問責制和執行改進上。

We see continued progress in the fourth quarter and are confident these efforts will lay a strong foundation for growth in 2017.

我們看到第四季度繼續取得進展，並相信這些努力將為 2017 年的增長奠定堅實的基礎。

In the third quarter, the size of our sales force decreased modestly, but sales rep productivity increased. At quarter end, we had 57 sales professionals compared with 59 at last update as we continue to refine our organization and provide greater focus on high opportunity markets. Looking forward, we plan to grow our sales force incrementally as we increase penetration in existing markets and extend geographical reach. We expect to have a sales force in the low to mid 60s by the year end assuming we identify the correct high quality candidates in that time frame.

第三季度，我們的銷售隊伍規模略有下降，但銷售代表的生產率有所提高。在季度末，我們有 57 名銷售專業人員，而上次更新時為 59 名，因為我們繼續完善我們的組織並更加關注高機會市場。展望未來，我們計劃隨著我們提高對現有市場的滲透率並擴大地理範圍，逐步擴大我們的銷售隊伍。假設我們在那個時間範圍內確定了正確的高質量候選人，我們預計到年底將有一支 60 年代中期的銷售隊伍。

Our sales force has done as excellent job leveraging our recent national agreements with the V.A. and HealthTrust Purchasing Group. These agreements make the contracting phase of negotiations faster and more efficient. Even though the agreements just became effective in September, we were able to close an additional Lightbox sale within each of the V.A. and HealthTrust groups prior to the end of the third quarter.

我們的銷售團隊利用我們最近與 V.A. 達成的國家協議做得非常出色。和 HealthTrust 採購集團。這些協議使談判的簽約階段更快、更有效。儘管這些協議在 9 月份剛剛生效，但我們還是能夠在每個 V.A. 內完成額外的 Lightbox 銷售。和 HealthTrust 集團在第三季度末之前。

While our sales team has been driving revenue growth, our R&D team has also made solid progress. We've launched new iterations of products that have been designed to respond to some of the physician input that we received. We are proud of the rapport that we've developed with our customers and will continue to nurture these relationships and build on this informed design process looking ahead.

在我們的銷售團隊一直在推動收入增長的同時，我們的研發團隊也取得了穩步進展。我們已經推出了新的產品迭代，這些產品旨在響應我們收到的一些醫生意見。我們為與客戶建立的融洽關係感到自豪，並將繼續培養這些關係，並在這一明智的設計流程的基礎上展望未來。

On our last earning's call, we said that we expected to launch a version of Pantheris with an enhanced plaque cutting capability. In the third quarter, we completed market preference testing of this new device in 10 Lumivascular accounts. And based on positive experience in the clinic, we initiated commercial launch of this enhanced cutting device in mid-October.

在我們上次的財報電話會議上，我們表示我們希望推出具有增強的牙菌斑切割能力的 Pantheris 版本。第三季度，我們在 10 個 Lumivascular 客戶中完成了這款新設備的市場偏好測試。基於臨床上的積極經驗，我們於 10 月中旬啟動了這款增強型切割設備的商業發布。

We also recently received 510(k) clearance from the FDA recognizing Pantheris as a technology that can be used for diagnostic purposes as well as its primary use as a therapeutic device. This speaks to the added value of the real time imaging provided by our Lumivascular platform and the important clinical information it provides to physicians during interventional procedures.

我們最近還獲得了 FDA 的 510(k) 批准，承認 Pantheris 是一種可用於診斷目的的技術，並且主要用作治療設備。這說明了我們的 Lumivascular 平台提供的實時成像的附加值，以及它在介入手術期間為醫生提供的重要臨床信息。

Just last week, we announced the launch of our upgraded Lightbox imaging console, the L250. This new console provides for deeper integration of our OCT imaging technology into the cath lab environment and streamlines processes with a touchscreen interface and simplified software workflow. Here again, we conducted a market preference test in five of our more active accounts in the third quarter. And based on our experience in the field, we are confident this upgraded platform will contribute to improved performance, usability and reliability.

就在上週，我們宣布推出升級版 Lightbox 成像控制台 L250。這個新的控制台將我們的 OCT 成像技術更深入地集成到導管室環境中，並通過觸摸屏界面和簡化的軟件工作流程簡化了流程。同樣，我們在第三季度對五個更活躍的賬戶進行了市場偏好測試。根據我們在該領域的經驗，我們相信這個升級後的平台將有助於提高性能、可用性和可靠性。

Later this quarter, we expect to file a 510(k) application for an upcoming software release that will add vessel measurement capabilities to the L250 platform. We believe this added capability will be valuable as we seek to enhance diagnostic applications and, over the longer term, build a case for incremental reimbursement for OCT diagnostic capabilities on our therapeutic catheters.

本季度晚些時候，我們預計將為即將發布的軟件版本提交 510(k) 申請，該版本將為 L250 平台增加容器測量功能。我們相信，隨著我們尋求增強診斷應用，並從長遠來看，為我們的治療導管的 OCT 診斷能力的增量報銷建立一個案例，我們相信這種增加的能力將是有價值的。

While we're very pleased with the improved robustness and clinical performance of our current version of Pantheris, we are also making rapid progress on a new version of Pantheris with an even more comprehensive set of new and improved features, which deliver improved pushability and handling, an improved occlusion balloon, a longer nose cone option and longitudinal markers on the shaft. We plan to submit a 510(k) application for this device in the first quarter of 2017.

雖然我們對我們當前版本的 Pantheris 改進的穩健性和臨床性能感到非常滿意，但我們也在新版本的 Pantheris 上取得快速進展，具有更全面的新功能和改進功能，可提供改進的可推動性和處理性，改進的閉塞球囊，更長的鼻錐選項和軸上的縱向標記。我們計劃在 2017 年第一季度為此設備提交 510(k) 申請。

Turning to our below-the-knee atherectomy device, we are on track with our previously disclosed plan and we continue to expect to file a 510(k) application for this product in mid-2017. This device has a lower profile than our existing Pantheris products and should enable greater penetration of the sizable below-the-knee market.

談到我們的膝下旋磨設備，我們正在按照我們之前披露的計劃進行，我們繼續期望在 2017 年年中提交該產品的 510(k) 申請。該設備比我們現有的 Pantheris 產品低調，應該能夠更大程度地滲透到相當大的膝蓋以下市場。

I'd now like to ask Dr. Simpson to elaborate on our recent progress. And then, following Dr. Simpson's remarks, Matt will review our Q3 financial results and discuss guidance for 2016. I'll offer some closing remarks, and then we'll open the call for questions.

下面請辛普森博士詳細介紹一下我們最近的進展。然後，在辛普森博士的講話之後，馬特將回顧我們第三季度的財務業績並討論 2016 年的指導意見。我將發表一些結束語，然後我們將開始提問。

Obviously Jeff has done a really good job in summarizing Avinger's current state of affairs, if you will, in all relevant areas, so I'll just provide some additional perspective on some of our most unique clinical and R&D achievements. And thus, we'll have a little bit more time for question and answers.

顯然，傑夫在總結 Avinger 目前的狀況方面做得非常好，如果你願意的話，在所有相關領域，所以我將提供一些關於我們最獨特的臨床和研發成就的額外觀點。因此，我們將有更多的時間來提問和回答。

From a clinical perspective, we're seeing increased utilization of the current 7Fr Pantheris; a little of a surprise to me. In small vessels, most frequently those vessels are below-the-knee where imaging has been easier and more dramatic because of less blood interference.

從臨床角度來看，我們看到當前 7Fr Pantheris 的利用率有所提高；有點讓我吃驚。在小血管中，最常見的是這些血管位於膝蓋以下，因為血液干擾較少，因此成像更容易、更顯著。

So, as the vessels become smaller, they sit more snugly around the catheter, and it improves the quality of the images with less requirement for flush, if you will, or removal of the blood. The high quality images have already shown to improve the safety profile for below-the-knee treatments interventions. And I think that this - these will continue to improve as the devices get smaller, which is happening as we speak.

因此，隨著血管變小，它們會更緊貼導管，從而提高圖像質量，減少對沖洗（如果您願意）或去除血液的要求。高質量的圖像已經顯示出可以提高膝下治療干預的安全性。而且我認為，隨著設備變得越來越小，這些將繼續改進，這正在我們說話時發生。

My opinion is smaller devices combined with a new, more efficient cutter that Jeff has just described and ongoing improvements in torque shaft performance and nose cone capacity will drive continued peripheral Pantheris adoption. And ultimately, to me very important, leading to the coronary arteries and the treatment of coronary artery disease.

我的意見是將更小的設備與 Jeff 剛剛描述的更高效的新型切割機相結合，以及扭矩軸性能和鼻錐容量的持續改進將推動 Pantheris 外圍設備的持續採用。最終，對我來說非常重要，導致冠狀動脈和冠狀動脈疾病的治療。

These technology enhancements along with new data from our collaborative study with the Highmark Health and the Allegheny Health Network, I believe, will be favorable and show a reduction in overall radiation exposure and a reduction in adjunctive stenting. And these are two very important drivers of adoption for the Pantheris.

這些技術改進以及我們與 Highmark Health 和 Allegheny Health Network 合作研究的新數據，我相信，將是有利的，並顯示總體輻射暴露減少和輔助支架術減少。這是 Pantheris 採用的兩個非常重要的驅動因素。

As the Pantheris is not contraindicated in ISR - I remind you of that - we are seeing remarkable outcomes with the Pantheris. When Pantheris has been used to treat in-stent restenosis, particularly in the SFAs.

由於 Pantheris 在 ISR 中並不禁忌——我提醒你這一點——我們看到 Pantheris 取得了顯著的成果。當 Pantheris 被用於治療支架內再狹窄時，特別是在 SFA 中。

So, with that, I'll now turn the call back over to Matt.

因此，有了這個，我現在將電話轉回給馬特。

Total revenue for the third quarter ended September 30, 2016 was $5.3 million, a 95% increase from the third quarter of 2015 and a 14% increase from the second quarter of 2016.

截至 2016 年 9 月 30 日的第三季度總收入為 530 萬美元，較 2015 年第三季度增長 95%，較 2016 年第二季度增長 14%。

Revenue related to our Lightbox imaging consoles was $1.4 million, a 65% increase compared to the third quarter of 2015 and a 43% increase versus the second quarter of 2016.

與 Lightbox 影像控制台相關的收入為 140 萬美元，與 2015 年第三季度相比增長 65%，與 2016 年第二季度相比增長 43%。

Within the 17 Lumivascular accounts we added in the quarter, eight purchased Lightboxes and nine net accounts acquired a Lightbox through our rental or placement programs.

在我們本季度添加的 17 個 Lumivascular 賬戶中，有八個購買了燈箱，九個淨賬戶通過我們的租賃或安置計劃獲得了一個燈箱。

Revenues from disposable devices were $3.9 million, which was a 110% increase compared to the third quarter of last year and a 5% increase from the second quarter of this year.

一次性設備的收入為 390 萬美元，與去年第三季度相比增長了 110%，與今年第二季度相比增長了 5%。

Gross margin for the third quarter of 2016 was 30%, which is down from 36% in the comparable quarter of 2015 but up from the 22% in Q2 of 2016. The improvement compared to the second quarter of this year related primarily to reduced warranty costs and the higher gross margin associated with revenues related to Lightbox imaging consoles.

2016 年第三季度的毛利率為 30%，低於 2015 年同期的 36%，但高於 2016 年第二季度的 22%。與今年第二季度相比的改善主要與保修減少有關與燈箱成像控制台相關的收入相關的成本和較高的毛利率。

While the year over year decrease was mainly due to the growth of the Company's manufacturing infrastructure associated with the launch of the commercial introduction of Pantheris and a higher proportion of Lumivascular accounts participating in the company's placement-to-purchase and rental programs.

雖然同比下降主要是由於公司製造基礎設施的增長與 Pantheris 商業引進的啟動以及參與公司安置購買和租賃計劃的 Lumivascular 客戶比例增加有關。

Operating expenses for the third quarter of 2016 were $13.0 million, compared to $10.8 million in the third quarter of last year. This growth was primarily attributable to the expansion of the Company's commercial organization and marketing expenses associated with the launch of Pantheris.

2016 年第三季度的運營費用為 1300 萬美元，而去年第三季度為 1080 萬美元。這一增長主要歸因於公司商業組織的擴張以及與 Pantheris 上市相關的營銷費用。

Loss from operations for the third quarter of 2016 was $11.4 million, compared to $9.9 million for the third quarter of 2015. Net loss for the third quarter of 2016 was $13.0 million, compared to $13.3 million in the third quarter of 2015. Loss per share for the third quarter of 2016 was $0.73, compared to $1.08 for the third quarter of 2015. The decreased loss per share primarily reflects the issuance of 9.9 million shares in the Company's follow-on public offering which closed on August 16, 2016.

2016 年第三季度運營虧損為 1140 萬美元，而 2015 年第三季度為 990 萬美元。2016 年第三季度淨虧損為 1300 萬美元，而 2015 年第三季度為 1330 萬美元。每股虧損2016 年第三季度為 0.73 美元，而 2015 年第三季度為 1.08 美元。每股虧損減少主要反映了公司在 2016 年 8 月 16 日結束的後續公開發行中發行了 990 萬股股票。

Adjusted EBITDA, a non-GAAP measure, was a loss of $9.3 million for the third quarter of 2016, compared to an $8.3 million loss for the third quarter of the previous year.

調整後的 EBITDA 是一項非 GAAP 指標，2016 年第三季度虧損 930 萬美元，而去年第三季度虧損 830 萬美元。

Turning to our balance sheet, cash and cash equivalents totaled $43.3 million as of September 30, 2016, compared to $43.1 million as of December 31, 2015. During the quarter we raised $31.5 million of additional capital through the follow-on public offering previously mentioned. Total debt at quarter end was $40.7 million.

轉到我們的資產負債表，截至 2016 年 9 月 30 日，現金和現金等價物總計 4330 萬美元，而截至 2015 年 12 月 31 日為 4310 萬美元。本季度，我們通過前面提到的後續公開募股籌集了 3150 萬美元的額外資本.季度末的總債務為 4070 萬美元。

Turning now to our financial guidance for the remainder of 2016, now that we have completed the third quarter, we are narrowing our range of anticipated revenues to $20 million to $21 million, representing year over year growth ranging from 86% to 96%, compared to our previous guidance range of $19 million to $23 million.

現在轉向我們對 2016 年剩餘時間的財務指導，既然我們已經完成了第三季度，我們將預期收入範圍縮小到 2000 萬至 2100 萬美元，與去年同期相比增長 86% 至 96%我們之前的指導範圍為 1900 萬美元至 2300 萬美元。

This expected range for revenue has caused us to revisit one of the covenants that exists in our current loan agreement with our lender, CRG. This agreement originally contained a set of revenue covenants which included a minimum revenue level for 2016 of $23 million. Since this amount is above our new guidance range, we recently approached CRG to discuss an adjustment to this covenant and they have agreed to reduce this minimum revenue level to $18 million for 2016.

這一預期的收入範圍使我們重新審視了我們與貸方 CRG 的當前貸款協議中存在的一項契約。該協議最初包含一套收入契約，其中包括 2016 年 2300 萬美元的最低收入水平。由於這一數額高於我們的新指導範圍，我們最近與 CRG 接洽，討論對該契約的調整，他們同意將 2016 年的最低收入水平降至 1800 萬美元。

CRG has also indicated a willingness to discuss adjustments to the revenue covenants beyond 2016 once we complete our 2017 budgeting process. We sincerely appreciate the spirit of partnership with which CRG has conducted these discussions. We expect gross margin to continue to increase in the fourth quarter to the 40% to 45% range and this will translate to a gross margin for the full year in the low 30s%. We continue to expect adjusted EBITDA for 2016 to be a loss in the range of $40 million to $43 million.

CRG 還表示願意在我們完成 2017 年預算編制流程後討論對 2016 年以後的收入契約進行調整。我們衷心感謝 CRG 開展這些討論所表現出的合作精神。我們預計第四季度毛利率將繼續增長至 40% 至 45% 的範圍，這將轉化為全年毛利率在 30% 的低位。我們繼續預計 2016 年調整後的 EBITDA 將虧損 4000 萬至 4300 萬美元。

With the completion of our August financing, our basic and diluted share count now stands at 22.8 million shares which we expect to result in a weighted average share count for all of 2016 of 16.5 million. Applying this new share count, we expect net loss per share for 2016 to be in the range of a loss of $3.28 to a loss of $3.46, compared to our previous guidance range of a loss of $4.35 to $4.55, which was based on a pre-financing share count of 12.8 million.

隨著我們 8 月融資的完成，我們的基本股和稀釋股數量目前為 2280 萬股，我們預計 2016 年全年的加權平均股數為 1650 萬股。應用這一新股數，我們預計 2016 年每股淨虧損將在 3.28 美元至 3.46 美元之間，而我們之前的指導範圍為 4.35 美元至 4.55 美元，這是基於-融資股份數為1280萬股。

And at this point, I'd like to turn the call back to Jeff.

在這一點上，我想把電話轉回給傑夫。

For the balance of the year, Avinger will be focused on increasing utilization of Pantheris, making additional product improvements to Pantheris, training physicians in the benefits of our Lumivascular technology and continuing to improve the productivity of our sales force.

在今年餘下的時間裡，Avinger 將專注於提高 Pantheris 的利用率，對 Pantheris 進行額外的產品改進，培訓醫生了解我們的 Lumivascular 技術的好處，並繼續提高我們銷售人員的生產力。

We're encouraged by the continued strong growth in new accounts which speaks of the appeal of our Lumivascular approach to the treatment of PAD. We've implemented a plan to further penetrate and increase utilization in each account and while we continue to execute on our commercial and product development initiatives, we also remain committed to developing additional data proving out the clinical efficacy and outstanding safety profile of our Lumivascular platform.

我們對新客戶的持續強勁增長感到鼓舞，這說明了我們的 Lumivascular 方法對 PAD 治療的吸引力。我們已經實施了一項計劃，以進一步滲透和提高每個客戶的利用率，在我們繼續執行我們的商業和產品開發計劃的同時，我們也將繼續致力於開發更多數據，以證明我們的 Lumivascular 平台的臨床療效和出色的安全性.

We're very pleased to be back on track and excited about our path forward. In addition, we have several milestones ahead that I'd like to review. We expect to file a 510(k) application for adding vessel measurement capabilities to our new L250 platform later this quarter. We plan to file for 510(k) clearance of our next version of Pantheris in first quarter 2017 and we plan to file for 510(k) clearance of our below-the-knee atherectomy device in mid-2017.

我們很高興回到正軌並對我們前進的道路感到興奮。此外，我們還有幾個里程碑，我想回顧一下。我們預計將在本季度晚些時候提交一份 510(k) 申請，以便為我們的新 L250 平台添加容器測量功能。我們計劃在 2017 年第一季度為我們的下一版 Pantheris 申請 510(k) 許可，併計劃在 2017 年年中為我們的膝下旋磨設備申請 510(k) 許可。

In the clinical arena, we'll continue to make good progress in enrollment of the VITAL Study with interim data expected to be available in late 2017. We also plan to submit an IDE application for an ISR study -- in-stent restenosis -- early in 2017 and hope to begin enrollment in the first half of the year.

在臨床領域，我們將繼續在 VITAL 研究的註冊方面取得良好進展，預計將於 2017 年底提供中期數據。我們還計劃提交 IDE 申請以進行 ISR 研究——支架內再狹窄—— 2017年初，希望上半年開始招生。

We look forward to updating you on our progress and we'll lay out additional milestones for you for 2017 when we report our fourth quarter and full year 2016 financial results.

我們期待著向您介紹我們的最新進展，我們將在報告 2016 年第四季度和全年財務業績時為您列出 2017 年的更多里程碑。

And with that, we'd be happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Jason Mills, Canaccord Genuity.

Jason Mills，Canaccord Genuity。

Congratulations on a good quarter bouncing back from what you guys considered to be a difficult quarter in the second quarter. I have a few questions, Jeff. I wanted to start with the Lightbox placements and certainly getting those out is a leading indicator, your welcome tour of growing catheter sales down the line. You're up over 50% inflations in the first three quarters of the year relative to where you were actually last year.

祝賀你從你們認為第二季度的困難季度中恢復過來的好季度。我有幾個問題，傑夫。我想從燈箱展示位置開始，當然，把它們拿出來是一個領先指標，歡迎您參觀不斷增長的導管銷售。與去年實際情況相比，今年前三個季度的通貨膨脹率超過 50%。

I wondered if you could give us a sense for not only your pipeline of potential new Lightbox placements, but also the composition of the new placements you've brought on this year. I think it's 48 in total this year now with this strong number in the third quarter. How do they compare in terms of number of atherectomy procedures maybe per year or per month versus the 98 or 95 that you had in place last year?

我想知道您是否可以讓我們了解您的潛在新 Lightbox 展示位置管道，以及您今年帶來的新展示位置的構成。我認為今年總共有 48 個，第三季度這個數字非常強勁。他們如何比較每年或每月的粥樣斑塊切除手術數量與您去年進行的 98 或 95 次？

Yes, so obviously Jason, we are pleased with the way the sales force is developing not only our installed base but also their pipeline. This has been something that continues to be a strong emphasis from J.D. and his sales leaders to their people in the field -- to generate and qualify the appropriate leads -- to develop physician champions. And to work through a very well-defined sales process to not only get the box installed but also to drive utilization once the box is in place and the training is completed.

是的，很明顯 Jason，我們對銷售人員不僅開發我們的安裝基礎而且開發他們的管道的方式感到滿意。這一直是 J.D. 和他的銷售領導對他們在該領域的人員的強烈強調——以產生和限定適當的線索——以培養醫生冠軍。並通過一個非常明確的銷售流程來工作，不僅要安裝盒子，還要在盒子就位並完成培訓後提高利用率。

In order to drive that, we've increased our presence in the field by adding more clinical specialists, which is a very efficient way to extend case coverage. I don't have a direct comparison between utilization of new boxes versus past boxes because Pantheris was really new to everyone starting in March of 2016. So, even for folks who had been using our Ocelot catheter prior to launch, there was a lot of excitement and anticipation for our Pantheris atherectomy catheter.

為了推動這一點，我們通過增加更多的臨床專家來增加我們在該領域的存在，這是擴大病例覆蓋範圍的一種非常有效的方式。我沒有直接比較新盒子和過去盒子的使用情況，因為從 2016 年 3 月開始，Pantheris 對每個人來說都是新的。因此，即使對於在發布之前一直使用我們的 Ocelot 導管的人來說，也有很多對我們的 Pantheris 粥樣斑塊切除術導管感到興奮和期待。

And as you also know, there are many more atherectomy procedures than there are CTO crossing opportunities. So, we're pleased with the way utilization is building across our base. This quarter, we really didn't benefit from stocking orders or initial orders into our existing accounts. All of our catheter volume was driven by either utilization reorders in accounts that already had Pantheris or the initial orders to the 17 new accounts we talked about.

正如您所知，粥樣斑塊切除手術的數量遠多於 CTO 交叉機會。因此，我們對我們基地的利用率提高方式感到滿意。本季度，我們確實沒有從存貨訂單或現有賬戶的初始訂單中獲益。我們所有的導管數量都是由已經擁有 Pantheris 的賬戶中的利用率再訂購或我們談到的 17 個新賬戶的初始訂單驅動的。

So, I think good progress all the way across the board, real focus on targeting the right accounts and following up, launching those accounts correctly and driving and improving utilization. As we continue to not only get more experience with the device, our physicians the more they use it get more confidence with the device -- and as Dr. Simpson has talked about on this call and past calls -- more comfort in going to more difficult anatomies, tougher lesions, especially with the introduction now of our enhanced cutting device.

因此，我認為全面取得良好進展，真正專注於瞄準正確的賬戶並跟進，正確啟動這些賬戶並推動和提高利用率。隨著我們不斷獲得更多使用該設備的經驗，我們的醫生使用它的次數越多，對設備的信心就越大——正如 Simpson 博士在本次電話會議和過去的電話會議上所談到的那樣——他們更願意去更多的地方困難的解剖結構，更堅硬的病變，尤其是現在我們推出了增強型切割設備。

Let me follow up on that; I appreciate the color. I guess I completely understand Pantheris launching March 1 last year. This time they didn't have the access to that particular catheter -- your technology. But I'm curious, just last year versus this year or the progression over the last nine months -- relatively speaking when you're thinking about the accounts that you're selling a Lightbox or placing Lightbox in, in general for vascular procedures that they're doing, atherectomy procedures, just however you want to look at it.

讓我跟進一下；我很欣賞這種顏色。我想我完全理解去年 3 月 1 日發射的 Pantheris。這次他們無法使用那個特定的導管——你的技術。但我很好奇，就去年與今年或過去九個月的進展情況而言——相對而言，當你考慮銷售 Lightbox 或放置 Lightbox 的帳戶時，通常用於血管手術他們正在做粥樣斑塊切除術，就看你怎麼看。

As you're getting into these new centers, are they centers that have done other atherectomy -- are they high volume, are they low volume? And then, as a follow up on the catheter utilization comment that you made, you've been -- or total revenue estimate this quarter is on the disposable revenue side, so I'm assuming the majority of that became Pantheris. Is Pantheris the bestselling catheter in the product line at this point? In other words, are you doing more revenue on that than you are on Ocelot at this early stage?

當你進入這些新中心時，他們是否做過其他粥樣斑塊切除術的中心——他們的治療量大還是小？然後，作為對您所做的導管利用率評論的跟進，您已經 - 或者本季度的總收入估計是在可支配收入方面，所以我假設其中大部分變成了 Pantheris。 Pantheris 是目前產品線中最暢銷的導管嗎？換句話說，在這個早期階段，你在這方面的收入是否比你在 Ocelot 上的收入更多？

Yes, so the growth is driven by Pantheris. That really is the growth driver and that is the larger of the dispose to primary disposable device families. As it relates to targeting, our group is primarily targeting facilities that are currently doing atherectomy, that do have a high volume of peripheral procedures and these are physicians who really buy into Dr. Simpson's vision of providing a great luminal gain and therapeutic outcome without damaging the healthy artery and also frankly want to be empowered by visualization.

是的，所以增長是由 Pantheris 推動的。這確實是增長動力，也是主要一次性設備系列中較大的一個。就目標而言，我們小組的主要目標是目前正在進行粥樣斑塊切除術的設施，這些設施確實有大量的外圍手術，這些醫生真正認同辛普森博士的願景，即在不造成損害的情況下提供巨大的亮度增益和治療結果健康的動脈，也坦率地希望通過可視化獲得授權。

And so, as we continue and you even see this with now our new diagnostic claim, that allows us to more aggressively train to the value of that visualization. And so, again, to more directly answer your question, targeting more accounts that do have a high volume of atherectomy and peripheral procedures, that does not mean we aren't adding accounts who are interested in adding atherectomy. Especially, we see a lot of interest from vascular surgeons who are drawn to the ability to see inside the vessel while they perform an endovascular procedure.

因此，隨著我們的繼續，您甚至可以通過我們現在的新診斷聲明看到這一點，這使我們能夠更積極地訓練該可視化的價值。因此，再次，為了更直接地回答你的問題，針對更多確實有大量動脈粥樣硬化切除術和外圍手術的賬戶，這並不意味著我們不會添加對增加動脈粥樣硬化切除術感興趣的賬戶。特別是，我們看到血管外科醫生對在執行血管內手術時能夠看到血管內部的能力非常感興趣。

And as Dr. Simpson has talked about many times and as I know with you specifically, Jason, is the extraordinary safety profile of this device is very differentiating. So, if you can provide this aggressive gain in luminal flow but not damage the healthy artery, there's real clinical benefit to that that physicians recognize.

正如辛普森博士多次談到的那樣，傑森，我特別了解你，這個設備非凡的安全性是非常與眾不同的。因此，如果您能夠在不損害健康動脈的情況下提供這種積極的管腔流量增加，那麼醫生就會認識到真正的臨床益處。

That's helpful color. And then lastly from me, and I'll get back in queue. From our due diligence, Jeff and John, maybe you could weigh in on this, the Pantheris catheter early days is being used a lot in complex lesions. I think you've talked about this in the past and you're launching an ISR study earlier than we thought presumably because you're seeing its use maybe by physicians of their own volition in those complex arteries.

這是有用的顏色。最後是我，我會回到隊列中。從我們的盡職調查來看，Jeff 和 John，也許你可以權衡一下，Pantheris 導管早期被大量用於復雜的病變。我認為您過去曾討論過這個問題，並且您比我們想像的更早啟動 ISR 研究，大概是因為您看到它可能被醫生自願用於那些複雜的動脈。

Is it a case where given that there's three or four atherectomy reps [in the lab], there's a lot of competition, that you're sort of being tested with the real hard stuff first and do you have confidence that if you do well with the harder lesions that perhaps you'll gain more share of the bigger part of the bell curve which is more of the easier lesions down the line? Just maybe give us a sense for what you're seeing in the field. Thanks.

在這種情況下，如果 [在實驗室] 有三四個斑塊切除術代表，那麼競爭很激烈，你首先要接受真正困難的測試，你是否有信心如果你做得好更嚴重的病變，也許你會在鐘形曲線的大部分中獲得更多的份額，而更容易的病變則更多？也許讓我們了解您在該領域看到的情況。謝謝。

Yes, Jason, I would say that that is in fact the case. It's a very competitive space. We see a large number of competitive sales people in every one of our cases and I feel like that we're frequently relegated to some of the most difficult lesions. The fascinating thing to me about what I'm seeing in terms of utilization is how often the physicians are making the decision to give this a try because of imaging and because of safety. And that particularly drives the below-the-knee technology.

是的，傑森，我會說事實確實如此。這是一個非常有競爭力的空間。我們在每個案例中都看到大量有競爭力的銷售人員，我覺得我們經常被歸入一些最困難的病變。就利用率而言，令我著迷的是，由於成像和安全性，醫生們決定嘗試這種方法的頻率有多高。這尤其推動了膝下技術。

A perforation below-the-knee is almost as bad as a perforation - well, not quite as bad as a perforation of the coronaries but it's worse than a perforation of the SFA. So, I think that we're seeing this safety profile drive and push utilization in sort of that direction that maybe I might not have anticipated in our early goings. And to see the 7Fr device which I still think is a little bit large being used in some very difficult anatomy down below-the-knee is really, I think, very reassuring but not only driven by safety because the efficacy's of course very important.

膝蓋以下的穿孔幾乎與穿孔一樣糟糕 - 好吧，雖然不如冠狀動脈穿孔那麼糟糕，但它比 SFA 穿孔更糟糕。因此，我認為我們正在看到這種安全概況推動並推動利用率朝著我在早期可能沒有預料到的方向發展。看到我仍然認為有點大的 7Fr 裝置被用於膝蓋以下一些非常困難的解剖結構中，我認為這真的非常令人放心，但不僅僅是出於安全性的考慮，因為功效當然非常重要。

The neatest thing about what we do is that I think in our previous experience with some of the other technologies even dating back maybe to the early days of atherectomy in the coronaries with the DVI device, the dilemma for us there was that we could frequently in follow up of the patients, we could see that our problems came from either not getting enough tissue or getting too much tissue and all of that was because we couldn't see what we were doing. And now that we can see what we're doing, the physicians can immediately gravitate toward getting sort of just the right amount.

關於我們所做的最巧妙的事情是，我認為根據我們以前使用其他一些技術的經驗，甚至可以追溯到使用 DVI 設備進行冠狀動脈粥樣斑塊切除術的早期，我們面臨的困境是我們可以經常在跟進患者，我們可以看到我們的問題要么來自沒有獲得足夠的組織，要么來自獲得過多的組織，所有這些都是因為我們看不到我們在做什麼。現在我們可以看到我們在做什麼，醫生們可以立即傾向於獲得恰到好處的數量。

So, we definitely avoid getting not enough, let's say, or maybe even more so not getting too much. So, that's how we're achieving the success that we've achieved so far. Of course, I expect it to get better and I think it will in the near term.

所以，我們絕對要避免攝入不足，比方說，或者甚至避免攝入過多。所以，這就是我們如何取得迄今為止取得的成功。當然，我希望它會變得更好，而且我認為它會在短期內實現。

Chris Cooley, Stephens.

克里斯庫利，斯蒂芬斯。

Good afternoon, everyone. Thank you for taking the questions and congratulations on a really solid quarter here. Just would like to follow on maybe a couple of points that Jason made there. When we think about the increase in utilization that you saw in particular with Pantheris during the course of the quarter, could you maybe further characterize that for us a little bit? Are you seeing greater utilization within the existing operators, are you seeing more operators at those existing facilities utilizing the device?

大家下午好。感謝您提出問題並祝賀您在這裡度過了一個非常穩固的季度。只是想跟進 Jason 在那裡提出的幾點。當我們考慮您在本季度期間特別是 Pantheris 看到的利用率增加時，您能否為我們進一步描述一下？您是否看到現有運營商的利用率更高，您是否看到更多運營商在現有設施中使用該設備？

And then similarly, I think what maybe Jason was kind of getting at in one of his prior questions as well - you kind of took the gloves off at the end of the last quarter in terms of the types of lesions that you are openly - or should we say supporting use in. Are you seeing broader utilization in the types of lesion subsets that you're seeing the Pantheris device utilized in in the course of the quarter? And I've just got one quick follow-up.

然後類似地，我認為傑森在他之前的一個問題中可能也想表達什麼——你在上個季度末就你公開的損傷類型脫掉了手套——或者我們應該說支持使用嗎？您是否看到在本季度使用的 Pantheris 設備所使用的病變子集類型中有更廣泛的使用？我剛剛得到了一個快速跟進。

Yes, so let me start with that, and then we'll get Jeff to weigh in on perhaps maybe the kind of the business side of it. But I would say that overall we are seeing more utilization of the current technology in lesions that are moderately - perhaps still not yet heavily calcified, but additionally fibrotic and lesions that would have been difficult to treat with some of our very, very first generation devices. And yes, sometimes even the earliest generation device can cut calcium. It's the mystery of this disease process, right?

是的，所以讓我從那開始，然後我們會讓 Jeff 來權衡它的業務方面。但我要說的是，總的來說，我們看到當前技術更多地用於中等程度的病變——也許還沒有嚴重鈣化，但還有纖維化和很難用我們的一些第一代設備治療的病變.是的，有時即使是最早期的設備也可以減少鈣含量。是這個病程的奧秘吧？

We'd like to say that we're really smart and we know by looking at the angiogram exactly what's going on. We frequently do not, so I think that overall we're just seeing as physicians have more experience. I'm not wording it very well, but there's something about just there's more comfort associated with knowing with certainty what they're actually doing. To me, that's what's sort of driving - but also to Jason's question, I mean, we are still so incredibly early with our experience that making gross extrapolations from the small numbers of the data that we currently have, you have to be really cautious in doing that.

我們想說我們真的很聰明，我們通過查看血管造影圖就知道到底發生了什麼。我們經常不這樣做，所以我認為總的來說我們只是看到醫生有更多的經驗。我的措辭不是很好，但是確實知道他們實際在做什麼會帶來更多的安慰。對我來說，這就是驅動力——但對於 Jason 的問題，我的意思是，我們的經驗仍然非常早，以至於從我們目前擁有的少量數據進行粗略推斷，你必須非常謹慎這樣做。

What I can say with absolute confidence is that we are growing. We are doing better. We are seeing more adoption. Is it the Lightboxes that go out the - or we see a lot of cases the first day, and how's that all changing. It's impossible with these small numbers to know exactly what that is. But I would say that with certainty, we're developing a foothold that is going to be very hard to displace us because of the safety profile.

我可以絕對自信地說，我們正在成長。我們做得更好。我們看到更多的採用。是燈箱熄滅了 - 或者我們在第一天看到了很多案例，這一切發生了什麼變化。這些小數字不可能確切地知道那是什麼。但我可以肯定地說，由於安全狀況，我們正在開發一個很難取代我們的立足點。

If I can show you that you can go in and treat an artery and there's no chance that you're going to cut a hole in it that is going to get the attention of a lot of doctors over time. And I feel like that's where we're definitely headed. I have no numbers. And Jeff, maybe you have some numbers on early installations of Lightbox, and trends, and things along those lines. And I don't have any numbers, but I will promise you that at part of it, in my mind, look good.

如果我能告訴你，你可以進去治療動脈，而且你不可能在它上面切一個洞，隨著時間的推移，這會引起很多醫生的注意。我覺得那是我們肯定要去的地方。我沒有數字。 Jeff，也許你有一些關於 Lightbox 早期安裝的數字、趨勢以及類似的事情。我沒有任何數字，但我會向你保證，在我看來，部分看起來不錯。

Yes, maybe just even to add a little bit towards the types of lesions that are getting treated is - I actually just heard our Chief Medical Officer, J.J. Desai, taking about this the other day at TCT is that when you really look at a lot of the lesions where there's a lot of excitement to try Pantheris, it is in these more difficult cases such as in-stent restenosis because of the value of visualization to not interfere with the stent struts such as the CTOs, a lesion that's first crossed with our Ocelot device and stay inside the true lumen across the CTO.

是的，甚至可能只是對正在接受治療的病變類型增加一點——我實際上剛剛聽到我們的首席醫療官 J.J. Desai，前幾天在 TCT 上談到這個問題時，當你真正看到很多病變時，有很多嘗試 Pantheris 的興奮，正是在這些更困難的情況下，例如支架內再狹窄，因為價值可視化以不干擾 CTO 等支架支柱，這是一種首先與我們的 Ocelot 裝置交叉並留在 CTO 真正管腔內的病變。

And you're very aware, Chris, of the strong clinical data from the CTO subset that we generated as part of our VISION IDE trial. The popliteal, a difficult anatomy where the visualization really adds a lot of value to a physician. So, we think that will continue to grow.

克里斯，你非常清楚我們在 VISION IDE 試驗中生成的來自 CTO 子集的強大臨床數據。膕窩是一個困難的解剖結構，可視化確實為醫生增加了很多價值。因此，我們認為這將繼續增長。

And as Dr. Simpson said, with the more comfort, the more usage, the more the device will be used in an even broader set of lesions. We also are making continued improvements on the device to make it even easier to use. We have launched the L250 that has dramatically simplified the process of getting into a case with just touching a couple of buttons on the touchscreen as well as better integration into the cath lab environment. So, this will all continue to build on itself.

正如辛普森博士所說，隨著舒適度的提高，使用次數的增加，該設備將用於更廣泛的病灶。我們還在不斷改進該設備，使其更易於使用。我們推出了 L250，它極大地簡化了進入病例的過程，只需觸摸觸摸屏上的幾個按鈕，並更好地集成到導管室環境中。因此，這一切都將繼續建立在自身之上。

But to answer your question about where is the kind of increase in utilization coming from, and where is the growth coming from, I'd say it's really coming from two primary areas. One is increased utilization in our current Lumivascular accounts. And the other is bringing on new accounts that have been well targeted and well trained and launched and prepared for using our devices for CTO crossing and atherectomy.

但是要回答您關於利用率的增加來自何處以及增長來自何處的問題，我想說它實際上來自兩個主要領域。一個是我們當前 Lumivascular 賬戶的利用率增加。另一個是引入新的客戶，這些客戶目標明確、訓練有素、啟動並準備使用我們的設備進行 CTO 交叉和斑塊切除術。

And one of the things that I think we're all so very pleased with is how J.D. has approached his leadership role for sales and marketing is really I'd say kind of two words; focus and accountability. And focus on improving utilization in a current account by training, by bringing new users within the account, identifying new users and bringing them on board, and getting them up to speed, and by continuing to broaden the lesion set that current users are comfortable with.

我認為我們都非常高興的一件事是 J.D. 如何擔任他在銷售和營銷方面的領導角色，我真的想說兩個詞；重點和問責制。並專注於通過培訓提高當前賬戶的利用率，方法是將新用戶引入賬戶，識別新用戶並讓他們加入，讓他們跟上速度，並繼續擴大當前用戶熟悉的病變集.

As it relates to new accounts, I think we've talked a lot about that already. But it really all starts with proper targeting of accounts, removing impediments and barriers to entry, and kind of speeding that process. That's one of the reasons we were so pleased with both the agreements that we put in place during the third quarter with the V.A. and the HealthTrust Purchasing Group or HPG. It accelerates that process and it makes it a much more straightforward from the time you still have to sell the account, get the physician champion, get the executive support. But then the negotiation of the terms and conditions, and the pricing is much accelerated.

由於它涉及到新帳戶，我認為我們已經討論了很多。但這一切實際上都始於正確定位賬戶、消除進入障礙和壁壘，並加快這一進程。這就是我們對第三季度與 V.A. 達成的兩項協議感到非常滿意的原因之一。和 HealthTrust 採購集團或 HPG。它加速了這個過程，並且從你仍然需要出售賬戶、獲得醫師冠軍、獲得高管支持的那一刻起，它就變得更加直接。但隨後條款和條件的談判以及定價就大大加快了。

So, we're obviously still really early in the process. We're making improvements in our process, how we sell, continuing to improve the devices, continuing to learn from our physician partners. But we're really happy with the progress we're making and the trajectory we're on.

所以，我們顯然還處於這個過程的早期階段。我們正在改進我們的流程，我們的銷售方式，繼續改進設備，繼續向我們的醫生合作夥伴學習。但我們對我們正在取得的進展和我們所走的軌跡感到非常滿意。

Great. I really appreciate all the additional color there. And then just lastly from me, and I'll get back in queue. We all were just a TCT. I know we met briefly while there. A little bit of noise from some of the existent players in this space with some new sizes and occasional new offerings there. But really no one coming to market with a disruptive technology like this.

偉大的。我真的很感激那裡所有的額外顏色。最後是我，我會回到隊列中。我們都只是一個TCT。我知道我們在那里短暫見過面。這個領域的一些現有玩家有一些噪音，有一些新尺寸和偶爾的新產品。但真的沒有人帶著這樣的顛覆性技術進入市場。

I just want to I guess kind of throw this out there. When you think about the very robust pipeline that you clearly have here now going into the end of this year and into early 2017, the unparalleled safety profile, do you feel comfortable with the team that you have in place there from a sales and marketing standpoint and from an R&D perspective that you can push through this and hit these objectives as we start to basically just sustain the momentum that you've established here in this quarter.

我只是想把它扔出去。當你考慮到今年年底和 2017 年初你顯然擁有的非常強大的管道，無與倫比的安全狀況時，從銷售和營銷的角度來看，你對你在那裡擁有的團隊感到滿意嗎？從研發的角度來看，你可以推動這一點並實現這些目標，因為我們開始基本上只是維持你在本季度在這裡建立的勢頭。

I'm assuming the answer there is yes, but I just would like to hear some of your thoughts on maybe some of these newer offerings and how they do or don't alter the landscape. Thanks so much.

我假設答案是肯定的，但我只是想听聽您對這些新產品中的一些以及它們如何改變或不改變景觀的一些想法。非常感謝。

So, maybe I'll start on kind of the commercial organization and then turn it over to Dr. Simpson to speak a little bit about our developed and our R&D capability. But from a commercial side, as I said, we obviously took a little time to get our management structure right in sales. And we're very pleased with not only what J.D. brought to the table right at the beginning of the quarter because of his past experience. And not only our - PAD, but also specifically with Lumivascular.

所以，也許我會從某種商業組織開始，然後將其轉交給辛普森博士來談談我們的發展和研發能力。但從商業角度來看，正如我所說，我們顯然花了一些時間來調整我們在銷售方面的管理結構。我們不僅對 J.D. 由於他過去的經驗而在本季度初帶來的東西感到非常滿意。不僅是我們的 PAD，而且特別是 Lumivascular。

As you saw, we brought down our number just a little bit in our sales force in the third quarter as we went through the organization and really chose and refined that organization by focusing on the players who we think can really be a bright part of our future. We also tightened up a little bit the geographies we're in to make sure that we are focusing our resources on areas with the greatest potential so that we can drive deeper penetration, greater utilization in those areas, and then build from there.

正如你所看到的，我們在第三季度略微降低了銷售人員的人數，因為我們經歷了整個組織，並通過關注我們認為真正可以成為我們的聰明人的球員來真正選擇和完善該組織未來。我們還稍微收緊了我們所處的地理位置，以確保我們將資源集中在潛力最大的地區，以便我們能夠推動更深入的滲透，提高這些地區的利用率，然後從那裡開始建設。

We now are in a process of building and bringing more folks into the organization, primarily -- well, really everyone we hire will be either territory sales managers or clinical specialists so they relate directly to increasing our case coverage capability. And we are being very picky as we hire these folks. And there's a lot of interest, especially as we get more and more known, and get more data out there, and build our pipeline in being part of the Avinger team.

我們現在正在建立更多的人並將其帶入組織，主要是——好吧，實際上我們僱用的每個人都將是區域銷售經理或臨床專家，因此他們直接與提高我們的案例覆蓋能力相關。我們在僱用這些人時非常挑剔。並且有很多興趣，特別是當我們變得越來越知名，並獲得更多數據，並建立我們的管道成為 Avinger 團隊的一部分時。

So, I believe that we do have the right team in place. I think we'll continue to improve and grow it. We'll continue to train. They'll continue. Many of our sales force just joined us in the very latter part of 2015 and early 2016. These people are now starting to get their stride, be very comfortable with Lumivascular image interpretation, and it's a great solid base to build upon in a reasonable and measured way.

所以，我相信我們確實擁有合適的團隊。我認為我們會繼續改進和發展它。我們會繼續訓練。他們會繼續。我們的許多銷售人員剛剛在 2015 年下半年和 2016 年初加入我們。這些人現在開始大踏步前進，對 Lumivascular 圖像解釋非常滿意，這是在合理和合理的基礎上建立的堅實基礎測量方式。

I'll turn it over to John here in a moment. But when you look at the way our pipeline has developed, I think that speaks very well of our R&D organization and the rest of the team here in our clinical group, our manufacturing operations group who really all work together to make these products happen.

稍後我會把它交給 John。但是當你看看我們的管道的發展方式時，我認為這很好地說明了我們的研發組織和我們臨床團隊的其他團隊，我們的製造運營團隊真正共同努力使這些產品成為現實。

Honestly I think Jeff's done a great job of summarizing that. And I suppose if I had to add anything, I would say that if we're bringing on the new sales people, that's always everybody understands that that can be a little bit difficult. Bringing on new engineers can be equally difficult. The engineers that we get, none of them have experience with OCT guided atherectomy since no one has ever done that before.

老實說，我認為傑夫在總結這一點方面做得很好。而且我想如果我必須添加任何內容，我會說如果我們要引進新的銷售人員，那總是每個人都明白這可能有點困難。引進新工程師同樣困難。我們得到的工程師，他們都沒有 OCT 引導的粥樣斑塊切除術的經驗，因為以前沒有人做過。

So, it's exciting in a way to bring on the really new engineers. They're all really young; looks like they're all about 12 years old to me. That tells you a little bit about how old I am. But while it's exciting to see where these young people really become energized for doing something totally unique and treating patients with incredibly serious problems and making them better. That part is very exciting. I think that's one of the things.

因此，從某種意義上說，引進真正的新工程師是令人興奮的。他們都很年輕；在我看來他們都只有 12 歲左右。這告訴你一點我的年齡。但是，看到這些年輕人真正變得充滿活力，去做一些完全獨特的事情，治療患有極其嚴重問題的患者並使他們變得更好，這令人興奮。那部分非常令人興奮。我認為這是其中之一。

We have two issues with recruiting engineers. One, we compete with Apple. And they're just down the road, so that's difficult. But also we are providing such a unique opportunity, particularly for the young engineers, that part is really exciting. And I think Himanshu Patel - he and I have worked together for a long time - would really support that conclusion.

我們在招聘工程師方面有兩個問題。第一，我們與 Apple 競爭。而且他們就在路上，所以這很困難。但我們也提供了這樣一個獨特的機會，特別是對於年輕的工程師，那部分真的很令人興奮。而且我認為 Himanshu Patel——他和我一起工作了很長時間——真的會支持這個結論。

Would I like to have a larger R&D staff? Would I like to have more engineers? Yes, of course. But I think we're really well positioned to do what we need to currently.

我想要更多的研發人員嗎？我想要更多的工程師嗎？是的當然。但我認為我們真的有能力做我們目前需要做的事情。

Steve Lichtman, Oppenheimer.

史蒂夫·利希特曼，奧本海默。

Hi, guys. This is Dennis in for Steve. Thanks for taking the questions. You talked about in recent calls altering messaging with physicians, not these restrictive in targeting new patients. Just wondering what kind of progress you're seeing with the new messaging.

嗨，大家好。這是史蒂夫的丹尼斯。感謝您提出問題。你在最近的電話中談到改變與醫生的信息傳遞，而不是這些針對新患者的限制。只是想知道您在新消息傳遞方面看到了什麼樣的進展。

I'm sorry. You're breaking up a little bit. Can you repeat the question?

對不起。你有點分手了。你能重複這個問題嗎？

Yes, absolutely. Is it any better?

是的，一點沒錯。好點了嗎

So, the question is targeting new lease in subsets?

那麼，問題是針對子集中的新租約？

Actually the messaging. You talked about kind of changing messaging for the sales force you use when approaching physicians, not be as restrictive in targeting new patients and just how progress has been with that effort?

實際上是消息傳遞。您談到了在與醫生接觸時為您使用的銷售人員改變信息傳遞方式，而不是在針對新患者方面限制太多，以及這種努力取得了怎樣的進展？

Yes, okay. I understand the question now. And progress has been really good. So, originally the message was let's go with the lesions that are perhaps the simplest that you would do with the competing technologies. Avoid any calcification for the most part. And they're the more shorter, the more discreet lesions.

是的，好的。我現在明白了這個問題。進展非常好。因此，最初的信息是讓我們處理可能是您使用競爭技術所做的最簡單的損害。在很大程度上避免任何鈣化。而且它們是更短、更隱蔽的病變。

And the message now is that the lesion length is no longer an issue. Gross calcification perhaps is a limitation, but we still do much, much more calcium currently. And we no longer have to say the short, really discreet and focal lesions as originally - I mean, I'm just repeating myself. But it's interesting that we message that through the sales force. But the real message about all that of course comes from peer-to-peer training.

現在的消息是，病變長度不再是問題。總鈣化也許是一個限制，但我們目前仍在做更多、更多的鈣。我們不再需要像原來那樣說短的、非常隱蔽的局灶性病變——我的意思是，我只是在重複自己。但有趣的是，我們通過銷售人員傳達了這一信息。但關於所有這一切的真正信息當然來自同行培訓。

So, doctors who're showing each other, the cases that they've done - and when we get together with the physicians, they show it. I know Arne Schwindt did this below-the-knee case in Germany. The next day they did one in the U.S. because they had seen that case over the internet.

所以，醫生們互相展示他們做過的病例——當我們和醫生們聚在一起時，他們會展示出來。我知道 Arne Schwindt 在德國做過這個膝蓋以下的案子。第二天他們在美國做了一個，因為他們在互聯網上看到了那個案例。

So, maybe to address this, as much as we'd like to think, and I would credit the sales force, they're doing an amazing job and I'll tell you, J.D. is doing a good job of leading the sales force. A lot of the information that drives new utilization and new anatomy comes also from the information that comes from peer to peer experiences.

所以，也許要解決這個問題，正如我們想的那樣，我要感謝銷售人員，他們做得非常出色，我會告訴你，J.D. 在領導銷售人員方面做得很好.許多推動新利用和新解剖的信息也來自於來自點對點體驗的信息。

And that's what I think we -- we've got to work hard to share more of that information as well.

這就是我認為我們 - 我們必須努力工作以共享更多信息。

Great, I appreciate the color and just one quick follow up coming out of a --

太好了，我很欣賞這種顏色，而且只是一個快速的跟進——

At TCT, we had several presentation and posters. All of those were driven by physicians. Those were not any Avinger sponsored studies. This was data that they developed in their own labs and wanted to share with their peers because of the excitement about some of the results that they're getting with our Lumivascular technology.

在 TCT，我們有幾個演示文稿和海報。所有這些都是由醫生推動的。這些不是 Avinger 贊助的任何研究。這是他們在自己的實驗室中開發的數據，並希望與他們的同行分享，因為他們對我們的 Lumivascular 技術獲得的一些結果感到興奮。

A couple of posters were quite interesting as well because they were focused on the reduction and radiation provided by Lumivascular, since as you know, optical coherence tomography generates no ionizing radiation as well as the reduction in exposure to contrast media for patients, which is critically important in this patient population, many of which have impaired renal function.

幾張海報也非常有趣，因為它們專注於 Lumivascular 提供的減少和輻射，因為正如您所知，光學相干斷層掃描不產生電離輻射以及減少患者對造影劑的暴露，這至關重要在這個患者群體中很重要，其中許多患者的腎功能受損。

So, we continue to see data being developed, the word getting out but not necessarily, as Dr. Simpson said, just from us. It's building in the physician community.

因此，我們繼續看到正在開發的數據，這個詞正在傳播，但不一定像辛普森博士所說的那樣，只是來自我們。它正在醫生社區中建立。

I would also say that there's a certain confidence that's maybe -- and this came through in some of the earlier questions that we answered, but I just have to talk a little bit about Arne Schwindt's case where using fluoroscopy and using the angiography, it confirmed that a below-the-knee vessel was badly diseased on the left side of the artery, if you will. And he put the Pantheris down in the -- and aimed it toward the left side of the artery and it was totally normal.

我還要說的是，可能有一定的信心——這在我們回答的一些早期問題中體現出來了，但我只需要談談 Arne Schwindt 的案例，其中使用熒光檢查和使用血管造影術，它證實了如果您願意的話，膝蓋以下的血管在動脈左側嚴重患病。然後他把 Pantheris 放在 - 並將它對準動脈的左側，這是完全正常的。

So, everything that showed up on the angiography and the fluoroscopy totally led the physician and would have the led the physician in the wrong direction. That's how I know with confidence that imaging now has driven dramatically the safety profile because then that -- Arne turned the device, aimed it in the other direction, that's where all the disease was, took it out and the vessel looked like it was normal.

因此，血管造影和透視中出現的一切都完全引導了醫生，並且會把醫生引向錯誤的方向。這就是我自信地知道成像現在已經極大地提高了安全性，因為那時 - Arne 轉動設備，將其對準另一個方向，那是所有疾病所在的地方，將其取出並且容器看起來正常.

So, all of our historic tools that physicians, and I'm guilty of that perhaps more than anyone else. I've used fluoroscopy and have absolute confidence that it tells me where to aim and frequently it is really, really, really wrong and that drives an understanding of the lesion subset selection that drives the physician to treat the lesions differently than any remessaging of the sales force if that makes any sense. I probably did not make much sense but hopefully you get the gist.

所以，我們所有的歷史工具都是醫生，我對此感到內疚，也許比其他任何人都多。我已經使用過透視並且絕對相信它會告訴我瞄準的位置並且經常它真的，真的，真的是錯誤的並且推動了對病變子集選擇的理解，這促使醫生以不同於任何重新傳遞信息的方式來治療病變銷售人員，如果這有意義的話。我可能沒有多大意義，但希望你能理解要點。

Yes, no that was great, just one follow up after [Tom]. Just coming out of TCT, your kind of latest thoughts on concomitant use of drug-coated balloons in atherectomy?

是的，不，那很好，只是 [Tom] 之後的一個跟進。剛從 TCT 畢業，您對在斑塊切除術中聯合使用藥物塗層球囊有何最新想法？

Yes, I think the -- I have a huge prejudice and a bias and so I know that for sure it's going to happen, it's already happening, you see a lot of it. I think that many times we do not need the drug-eluting balloon -- drug-coated balloon, but it is going to be a part of their reality and we'll have to see over time if that's really -- if anything, I think more people will get -- I think everybody's going to get atherectomy because you have to prep the vessel first.

是的，我認為 - 我有很大的偏見和偏見，所以我知道肯定會發生，它已經發生了，你看到了很多。我認為很多時候我們不需要藥物洗脫球囊——藥物塗層球囊，但它將成為他們現實的一部分，我們必須隨著時間的推移看看它是否真的——如果有的話，我認為更多的人會得到——我認為每個人都會進行粥樣斑塊切除術，因為你必須先準備血管。

I don't think anyone believes that the drug-coated balloons by themselves are an effective way to treat peripheral artery disease. So, atherectomy and it has to be done, in my mind, first.

我認為沒有人相信藥物塗層球囊本身是治療外周動脈疾病的有效方法。因此，在我看來，首先必須進行旋磨術。

After that, I think probably more drug-eluting balloons are going to be used and needed but it's certainly at the discretion of the physician. I do believe that there is a growing enthusiasm for drug and in spite of my reluctance, I suppose a growing enthusiasm for drug-eluting balloons post atherectomy and you see a lot of that work being sponsored by some of the other companies that are involved in atherectomy and have drug-eluting balloons.

在那之後，我認為可能會使用和需要更多的藥物洗脫球囊，但這當然由醫生自行決定。我確實相信人們對藥物的熱情越來越高，儘管我不情願，但我想在斑塊切除術後對藥物洗脫球囊的熱情越來越高，你會看到許多其他公司贊助的工作粥樣斑塊切除術和藥物洗脫球囊。

No, and kind of building on that, there seems to be and really we saw this from NCVH last year and building, continuing to be present and building in the cath lab environment, is there's a lot of interest in this combination of atherectomy and a drug-coated balloon and especially the significant debulking provided by directional atherectomy prior to application of a drug-coated balloon. And we think that that will continue to be supported by marketing from other companies as well as by some of the studies that are out.

不，在某種程度上，我們似乎確實在去年從 NCVH 看到了這一點，並繼續存在並在導管室環境中建立，人們對這種斑塊切除術和藥物塗層球囊，尤其是在應用藥物塗層球囊之前通過定向旋磨術提供的顯著減瘤效果。我們認為，這將繼續得到其他公司的營銷以及一些已經完成的研究的支持。

But I think we directly benefit from that. Since we do provide that debulking, we provide the real time visualization and really our message is about empowering the physician to decide what they believe is best for their patient and to provide that real time imaging as a real time tool for them to do so.

但我認為我們直接從中受益。由於我們確實提供了減瘤，我們提供了實時可視化，實際上我們的信息是關於授權醫生決定他們認為對患者最好的方法，並提供實時成像作為他們這樣做的實時工具。

Great, thanks so much guys.

太好了，非常感謝你們。

Neil Chatterji, Cowen and Company.

Neil Chatterji, Cowen and Company。

Hi guys, thanks for taking the call. I'm just calling in for Josh. Just going back to, I guess the commentary on the sales force. You know that you mentioned some of the changes and the geographic changes there. In terms of the actual productivity, I know some of the reps kind of came in latter part of 2015 and early 2016, can you just talk about maybe the specific either initiatives or things you're doing to help them kind of accelerate that productivity ramp?

大家好，感謝您接聽電話。我只是打電話給喬什。回過頭來看，我猜是對銷售人員的評論。你知道你提到了那裡的一些變化和地理變化。就實際生產力而言，我知道一些代表是在 2015 年下半年和 2016 年初出現的，你能談談具體的舉措或你正在做的事情來幫助他們加快生產力的提升嗎？

Yes, I think that there is a real focus on continued training and continuing to bring up the clinical capabilities of our sales force. There's a focus as well on training and retraining and refining our sales process and how we approach new accounts, how we launch accounts. So, really J.D. and his sales leaders bringing a lot of discipline to the process.

是的，我認為真正的重點是繼續培訓和繼續提高我們銷售人員的臨床能力。還有一個重點是培訓、再培訓和改進我們的銷售流程，以及我們如何處理新客戶、如何啟動客戶。所以，真的 J.D. 和他的銷售領導給這個過程帶來了很多紀律。

Also, I do believe that we're benefitting just by folks being involved with Lumivascular longer. You know even those who have been involved with treating PAD, which is most of our group, or even atherectomy in the past, the combination of real time imaging and atherectomy is new for everyone and so the longer they're on board, the more efficient they get. I do believe that there is some good strategic moves happening as it relates to focusing on high opportunity markets and kind of building out from a position of strength.

此外，我確實相信，我們只是因為人們更長時間地參與 Lumivascular 而受益。你知道，即使是那些參與治療 PAD 的人，這是我們團隊中的大多數人，甚至是過去的斑塊切除術，實時成像和斑塊切除術的結合對每個人來說都是新的，所以他們在船上的時間越長，就越多他們得到的效率。我確實相信有一些好的戰略舉措正在發生，因為它涉及到專注於高機會市場和某種程度上從強勢地位出發。

Using I think more effectively, clinical specialists in combination with territory sales managers to extend case coverage in a given market and enable the territory sales managers to spend more time prospecting or developing new accounts. So, nothing exotic here but just, I think, very good disciplined sales process and a lot of emphasis and focus on training and accountability.

我認為更有效地使用臨床專家與區域銷售經理相結合，以擴大特定市場的案例覆蓋範圍，並使區域銷售經理能夠花更多時間探索或開發新客戶。所以，這裡沒有什麼異國情調，只是，我認為，非常有紀律的銷售流程以及對培訓和問責制的重視和關注。

Got it. Got it, great. And just going back to the enhanced cutting ability that you spoke about. What was kind of the feedback in the marketing testing? I think you mentioned in 10 Lumivascular accounts. You know what kind of feedback did you get and what kind of impact do you expect for that to have on the utilization?

知道了。明白了，太好了回到你所說的增強切割能力。營銷測試中的反饋是什麼樣的？我想你在 10 個 Lumivascular 帳戶中提到過。你知道你得到了什麼樣的反饋，你希望它對利用率產生什麼樣的影響？

Yes, I mean I think we've disclosed that it's the increased efficiency of the cutter has to do with some changes in the cutter edge and it can be characterized in a lot of different ways. Some people characterize it as more of a scallop cutter but it is more efficient.

是的，我的意思是我認為我們已經透露，刀具效率的提高與刀具邊緣的一些變化有關，它可以用很多不同的方式來表徵。有些人將其描述為更多的扇貝切割機，但效率更高。

The physicians uniformly have said that it cuts more, engages the tissue more effectively. It cuts with less pressure, less force required to [devest] the device through the lesions. Across the board, is it still aggressive enough to cut -- it cuts moderate calcium in many settings.

醫生們一致表示，它可以切割更多，更有效地接合組織。它以更小的壓力和更小的力量進行切割，從而使設備穿過病灶 [devest]。總的來說，它是否仍然足夠積極地削減——它在許多情況下削減適度的鈣。

It -- does it deal with real aggressive calcification, seems to be pretty effective in that study, but we do not have a wide experience in that setting either but we know how to -- we know what the advantages are of building this device and how we need to -- maybe even need to make some of the -- now that the cutter is so good, we need to make some of the drive systems and the torque shaft and maybe those need to be a little bit more robust but I think the feedback of the new device has been profoundly favorable.

它——它是否處理真正的侵襲性鈣化，似乎在那項研究中非常有效，但我們在這種情況下也沒有廣泛的經驗，但我們知道如何——我們知道構建這種設備的優勢是什麼，我們如何需要 - 甚至可能需要製造一些 - 既然刀具非常好，我們需要製造一些驅動系統和扭矩軸，也許那些需要更堅固一些，但我認為新設備的反饋非常有利。

And maybe if there has been one complaint is why the cutter is so good now, the device -- we're able to challenge the device and now then sort of the drive system needs to be more aggressive.

也許如果有一個抱怨是為什麼切割機現在這麼好，這個設備——我們能夠挑戰這個設備，然後某種驅動系統需要更具侵略性。

And that is, as we talk about the next version of Pantheris, which we intend to file a 510(k) for in the first quarter of 2017. That is the device Dr. Simpson's talking about and that will have only this new, as John said, scalloped cutter, will be in that -- both sizes of that device. So, the increased pushability, a new drive coil, et cetera. That will all incorporate the new scalloped cutter.

也就是說，當我們談論下一個版本的 Pantheris 時，我們打算在 2017 年第一季度提交 510(k)。這就是 Simpson 博士正在談論的設備，並且只有這個新的，因為約翰說，扇形切割器，將在那個設備中——兩種尺寸。因此，增加的可推動性、新的驅動線圈等等。這將全部包含新的扇形刀具。

But the scalloped cutter, within our current Pantheris configuration is now available everywhere. Based on the positive experience in the third quarter in our market preference test, we have launched that. We still have our original cutter out as well but the scalloped cutter is now fully available to the market.

但是，我們當前的 Pantheris 配置中的扇形刀具現在隨處可見。基於我們第三季度在市場偏好測試中的積極經驗，我們推出了它。我們仍然有我們原來的刀具，但扇形刀具現在已完全上市。

Great, great and then just one other follow up before I jump back in queue. Just in terms of the V.A. and the HealthTrust, I guess partnerships or agreements, I think you mentioned maybe getting one additional Lightbox for each of those, or through each of those agreements. Can you just talk about what, you know what are those agreements -- really open up? I mean are they hunting licenses in the preferred vendor in those opportunities and what kind of expectations you have for those going forward?

太好了，太好了，然後在我跳回隊列之前只有另一個跟進。就 V.A. 而言。和 HealthTrust，我想是合作夥伴關係或協議，我想你提到過可能為每一個或通過每一個協議獲得一個額外的燈箱。你能談談什麼，你知道那些協議是什麼——真正開放嗎？我的意思是，他們是否在這些機會中尋找首選供應商的許可證，您對這些機會有什麼樣的期望？

Yes, so both agreements, you know one is obviously, we have a government contract so that we now have access to the V.A., which is the largest integrated healthcare system in the country with 1,700 hospitals, clinics, et cetera.

是的，所以這兩項協議，你知道一個顯然是，我們有一份政府合同，這樣我們現在就可以使用弗吉尼亞州，這是該國最大的綜合醫療保健系統，擁有 1,700 家醫院、診所等。

The pricing and terms and conditions are prenegotiated both for the catheters and also for the Lightboxes. So, it makes it very efficient once a physician desires the product and the funding is approved. But to use your word, it is a hunting license to go in and sell the benefits of Lumivascular technology, get physician adoption and then bring this really important new technology to our veterans and through this healthcare system.

導管和燈箱的定價和條款與條件均已預先協商。因此，一旦醫生需要該產品並且資金獲得批准，它就會非常有效。但用你的話來說，這是一個狩獵許可證，可以進入並銷售 Lumivascular 技術的好處，讓醫生採用，然後通過這個醫療保健系統將這項真正重要的新技術帶給我們的退伍軍人。

It certainly streamlines the process and it makes it easier but you still have to sell the accounts. HealthTrust, as you probably know, is one of the largest and most compliant GPOs with I think over 1,400 members. And unlike a lot of other GPOs, HealthTrust actually owns many of their hospitals so one of the reason they're so compliant.

它當然簡化了流程並使其變得更容易，但您仍然必須出售帳戶。您可能知道，HealthTrust 是最大、最合規的 GPO 之一，我認為它擁有超過 1,400 名成員。與許多其他 GPO 不同的是，HealthTrust 實際上擁有他們的許多醫院，這是他們如此合規的原因之一。

We went through a process with them, presenting to their interventional radiology committee, their cardiovascular committee and really getting buy-in from not only their clinical kind of advocates but also their corporate gatekeepers and partners to vet this technology and for them to decide they wanted to make it available to their customers.

我們與他們一起經歷了一個過程，向他們的介入放射學委員會、他們的心血管委員會進行了介紹，並真正從他們的臨床倡導者以及他們的公司看門人和合作夥伴那裡得到了支持，以審查這項技術並讓他們決定他們想要使其可供客戶使用。

Same type of process where we now have contracted pricing, deal structures and catheter pricing, which we can leverage. We also have access to information as to atherectomy procedures performed or PAD procedures in the different hospitals or regions where we can identify targets for each of our territory sales managers and our Lumivascular sales managers for accounts that they should be going after and we can hold them accountable to reaching out to.

我們現在可以利用合同定價、交易結構和導管定價的相同類型的流程。我們還可以訪問有關在不同醫院或地區執行的粥樣斑塊切除術或 PAD 手術的信息，我們可以在這些信息中為我們的每個區域銷售經理和我們的 Lumivascular 銷售經理確定他們應該追求的客戶的目標，我們可以持有他們負責接觸到。

So, again, getting the agreements in place is a long process which we celebrate. You know it took over a year in each case but it's now how we leverage them, what we do with them and can we work in partnership with HealthTrust and the V.A. to bring this life and limb saving technology to their -- the patient population served by their institution.

因此，再一次，達成協議是一個我們慶祝的漫長過程。你知道每個案例都花了一年多的時間，但現在是我們如何利用它們，我們用它們做什麼，以及我們能否與 HealthTrust 和 V.A. 合作。將這種挽救生命和肢體的技術帶給他們的機構服務的患者群體。

Great. Thanks for those answers.

偉大的。感謝您的回答。

Thank you, and that concludes our question and answer session. I will now turn the call back to Jeff Soinski for closing remarks.

謝謝大家，我們的問答環節到此結束。我現在將把電話轉回 Jeff Soinski 的結束語。

Well, I wanted to thank you all for joining our call this afternoon. As always, we very much appreciate your interest in our Company, your questions today and look forward to updating you on our progress when we report our fourth quarter results. Thank you.

好吧，我想感謝大家今天下午加入我們的電話會議。一如既往，我們非常感謝您對我們公司的興趣，感謝您今天提出的問題，並期待在我們報告第四季度業績時向您通報我們的最新進展。謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. You may all disconnect. Everyone, have a great day.

女士們，先生們，感謝你們參加今天的會議。今天的節目到此結束。你們都可以斷開連接。大家，祝你有美好的一天。