Avinger Inc (AVGR) 2017 Q1 法說會逐字稿

Welcome to the Avinger Inc. Q1 2017 Earnings conference call.

歡迎參加 Avinger Inc. 2017 年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this call maybe recorded.

提醒一下，此通話可能已錄音。

I would now like to introduce your host for today's conference, Caroline Corner.

我現在想介紹一下今天會議的主持人 Caroline Corner。

Thank you, all, for participating in today's call. Joining us today are Avinger's CEO, Jeff Soinski 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 和首席財務官 Matt Ferguson。

Earlier today, Avinger released financial results for the first quarter ended March 31, 2017.

今天早些時候，Avinger 發布了截至 2017 年 3 月 31 日的第一季度財務業績。

Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

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，其中包括聯邦證券法含義內的前瞻性聲明，這些聲明是根據 1995 年《私人證券訴訟改革法案》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. All forward-looking statements, including, without limitation, our future financial expectations, are based upon our current estimates and various assumptions.

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。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。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. 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.

這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述預期或暗示的結果或事件存在重大差異。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 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.

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。

When we held our call a few weeks ago, I outlined some of the changes we would be making to our company and our business priorities. Today, I'd like to update you on our progress and also review some of the exciting plans we have ahead of us. After that, Matt will then walk you through our first quarter financial results and then we'll be happy to take your questions.

幾週前我們召開電話會議時，我概述了我們將對公司和業務重點進行的一些改變。今天，我想向您介紹我們的最新進展，並回顧一下我們前面的一些激動人心的計劃。之後，馬特將向您介紹我們第一季度的財務業績，然後我們很樂意回答您的問題。

As we discussed on our last call, we undertook an organizational restructuring last month in order to reposition our company for growth in 2018. We anticipate that by the third quarter, the restructuring will enable us to reduce quarterly cash usage by 48% compared with our average quarterly cash usage in 2016. And we believe it will better position us in front of our plan new product introductions late this year and early in 2018 depending upon FDA clearance timelines.

正如我們在上次電話會議上討論的那樣，我們上個月進行了組織重組，以便為 2018 年的增長重新定位我們的公司。我們預計到第三季度，重組將使我們能夠將季度現金使用量減少 48%，與我們相比2016 年平均每季度現金使用量。我們相信，根據 FDA 批准的時間表，這將使我們在今年晚些時候和 2018 年初的新產品推出計劃中處於領先地位。

We're very pleased with our team has pulled together following the restructuring and there's a high level of focus and commitment throughout the company on achieving our product and commercial priorities. Immediately after the restructuring, we pulled our sales team together in Chicago to reinforce priorities and finalize operating plans for the quarter post restructuring.

我們很高興我們的團隊在重組後齊心協力，整個公司都高度關注和承諾實現我們的產品和商業優先事項。重組後，我們立即將我們的銷售團隊召集到芝加哥，以加強優先事項並最終確定重組後季度的運營計劃。

As discussed on our last call, this group is made up of our best performing and for the most part, most experienced reps in our strongest territories. They are focused on driving utilization within our base of loyal users, bringing on new users and existing accounts and strategically growing within existing territories. All of which we believe is important to maintain a strong commercial presence in advance of our new product offerings.

正如我們在上次電話會議上所討論的那樣，該小組由我們最強大的地區表現最好的代表組成，並且大部分是我們最有經驗的代表。他們專注於推動我們忠實用戶群的利用率，帶來新用戶和現有帳戶，並在現有領域內實現戰略性增長。我們認為，所有這些對於在推出新產品之前保持強大的商業影響力都很重要。

We're gratified to see a similar level of commitment and support from our key physician customers and we're excited to continue to partner with them to evolve this important technology and fulfil our mission of radically changing the way vascular disease is treated.

我們很高興看到我們的主要醫生客戶提供了類似水平的承諾和支持，我們很高興能繼續與他們合作以發展這項重要技術並實現我們從根本上改變血管疾病治療方式的使命。

From conversations with Pantheris users, it's clear that our positive interim two-year data from our VISION trial and the demonstration of long-term effectiveness and durability of outcomes is resonating with the physician community.

從與 Pantheris 用戶的對話中可以明顯看出，我們 VISION 試驗的兩年中期積極數據以及結果的長期有效性和持久性的證明正在引起醫生社區的共鳴。

We're excited to follow up with interim data release with the presentation of data from the full cohort of patients available for follow up at two years at the New Cardiovascular Horizons or NCVH annual conference at the end of this month.

我們很高興能在本月底的新心血管視野或 NCVH 年會上發布中期數據，展示兩年後可隨訪的全部患者隊列的數據。

We also remain enthusiastic about our two new product offerings, Pantheris 3.0 and Pantheris BTK expected in coming quarters. Our R&D and manufacturing teams remain on track to ready the next generation of Pantheris for 510(k) submission in the third quarter.

我們也對預計在未來幾個季度推出的兩款新產品 Pantheris 3.0 和 Pantheris BTK 保持熱情。我們的研發和製造團隊繼續按計劃在第三季度為下一代 Pantheris 的 510(k) 提交做好準備。

As we've described before, the Pantheris 3.0 device is a true upgrade, which brings a host of additional improvements and important new features and benefits to the Pantheris franchise, including a more robust shaft, an improved handle design, a redesigned single balloon system for both apposition and occlusion as well as an improved nose cone and longer nose cone option.

正如我們之前所描述的，Pantheris 3.0 設備是一次真正的升級，它為 Pantheris 系列帶來了許多額外的改進和重要的新功能和優勢，包括更堅固的軸、改進的手柄設計、重新設計的單氣球系統用於並置和咬合以及改進的鼻錐和更長的鼻錐選項。

We believe that the multiple improvements in this next generation device will significantly improve device reliability and usability and will result an increased utilization compared to current levels. We also continue to make good progress on our sixth franch, Pantheris BTK catheter, and continue to expect to file a 510(k) application for this device in the fourth quarter of 2017.

我們相信，這一下一代設備的多項改進將顯著提高設備的可靠性和可用性，並將導致與當前水平相比更高的利用率。我們還在我們的第六個分支 Pantheris BTK 導管上繼續取得良好進展，並繼續期望在 2017 年第四季度為該設備提交 510(k) 申請。

To remind you, Pantheris BTK has a lower profile and longer length that are existing Pantheris products and will enable treatment of smaller vessels including those below the knee where we believe our outstanding safety will be key.

提醒您，與現有的 Pantheris 產品相比，Pantheris BTK 具有更小的輪廓和更長的長度，並且能夠治療更小的血管，包括膝蓋以下的血管，我們相信我們出色的安全性將是關鍵。

We believe this new device will expand our available market opportunity by as much as 50%. And therefore, will also result an increased utilization by our customers. We're also excited that much of the R&D work for this lower profile device would be directly leverageable to the coronaries which represents another future market for us.

我們相信這款新設備將使我們的可用市場機會擴大 50%。因此，也將提高我們客戶的利用率。我們也很高興，這種低調設備的大部分研發工作將直接用於代表我們未來另一個市場的冠狀動脈。

So, while those products remain on track, we've also had an exciting new development on the clinical front. Last week, FDA approved our IDE application for out pivotal clinical study for in-stent restenosis or ISR.

因此，在這些產品保持正常運行的同時，我們在臨床方面也取得了令人興奮的新進展。上週，FDA 批准了我們的 IDE 申請，用於支架內再狹窄或 ISR 的關鍵臨床研究。

While Pantheris is currently not contraindicated for ISR, this study will support a filing with the FDA to expand the product label to specifically include treatment of ISR and enable us to directly promote Pantheris for this purpose.

雖然 Pantheris 目前不是 ISR 的禁忌症，但這項研究將支持向 FDA 提交一份文件，以擴大產品標籤，特別包括 ISR 的治療，並使我們能夠為此目的直接推廣 Pantheris。

We're optimistic about Pantheris's potential role in this challenging area which represents approximately 20% of PAD procedures in the U.S. Our trial is approved for up to 140 patients and up to 20 sites. We're readying the initial site, trial sites now and following IRB approval, we expect to begin enrollment in the third quarter of this year.

我們對 Pantheris 在這一具有挑戰性的領域中的潛在作用持樂觀態度，該領域約占美國 PAD 程序的 20%。我們的試驗已獲准用於多達 140 名患者和多達 20 個地點。我們正在準備初始站點和試驗站點，在獲得 IRB 批准後，我們預計將在今年第三季度開始註冊。

We continue to believe that our Lumivascular platform including Pantheris will be an important therapy in the treatment of PAD. And our product development, regulatory and operations teams are all working hard to ready our new products, which we anticipate will drive our growth in 2018 and beyond.

我們仍然相信，包括 Pantheris 在內的我們的 Lumivascular 平台將成為治療 PAD 的重要療法。我們的產品開發、監管和運營團隊都在努力準備我們的新產品，我們預計這些產品將推動我們在 2018 年及以後的增長。

At this point, I'd like to Matt to review our Q1 financial results and then we'll open the call for your questions.

在這一點上，我想請馬特回顧一下我們第一季度的財務業績，然後我們將開始徵求您的問題。

Total revenue was $3.5 million for the first quarter ended March 31, 2017, a 23% decrease from the first quarter of 2016 and a 25% decrease from the fourth quarter of 2016.

截至 2017 年 3 月 31 日止第一季度總收入為 350 萬美元，較 2016 年第一季度下降 23%，較 2016 年第四季度下降 25%。

Revenue from disposable devices was $2.9 million for the first quarter of 2017, a 12% decrease compared to the first quarter of 2016 and a 22% decrease from the fourth quarter of 2016. Revenue related to Lightbox imaging consults was $0.6 million, a 50% decrease compared to the first quarter of 2016 and a 40% decrease from the fourth quarter of 2016.

2017 年第一季度一次性設備收入為 290 萬美元，與 2016 年第一季度相比下降 12%，與 2016 年第四季度相比下降 22%。與 Lightbox 成像諮詢相關的收入為 60 萬美元，同比下降 50%與 2016 年第一季度相比下降，與 2016 年第四季度相比下降 40%。

In the first quarter, we increase our Lumivascular install base by five accounts and ended the quarter with a total of 161 accounts. Gross margin for the first quarter of 2017 was a loss of 17% down from positive 26% in the comparable quarter of 2016 and down from 21% in the fourth quarter of 2016.

第一季度，我們將 Lumivascular 的安裝基數增加了五個賬戶，本季度末共有 161 個賬戶。 2017 年第一季度的毛利率從 2016 年同期的 26% 和 2016 年第四季度的 21% 下降到 17%。

The decreased gross margin was primarily attributable to $2.1 million in charges for excess, obsolete and scrapped inventories during the quarter. If we were to exclude those nonrecurring expenses, gross margin would have been approximately 44%.

毛利率下降的主要原因是本季度 210 萬美元的過剩、過時和報廢庫存費用。如果我們排除這些非經常性費用，毛利率將約為 44%。

Operating expenses for the first quarter of 2017 were $13.2 million compared to $16.2 million in the first quarter of 2016. This decrease was primarily attributable to higher sales in marketing expenses in 2016 as the company expanded its commercial organization in conjunction with the commercial launch of Pantheris.

2017 年第一季度的運營費用為 1320 萬美元，而 2016 年第一季度為 1620 萬美元。這一減少主要是由於公司在 Pantheris 的商業發布的同時擴大了其商業組織，從而導致 2016 年營銷費用的銷售額增加.

Loss from operations for the first quarter of 2017 was $13.8 million compared to $15.0 million for the first quarter of 2016. And net loss for the first quarter of 2017 was $15.3 million compared to $16.2 million for the first quarter of 2016.

2017 年第一季度的運營虧損為 1380 萬美元，而 2016 年第一季度為 1500 萬美元。2017 年第一季度的淨虧損為 1530 萬美元，而 2016 年第一季度為 1620 萬美元。

Expenses related to our restructuring occurred in April. So, were not included in the Q1 numbers I just mentioned but they will be recognized in Q2. Loss per share for the first quarter of 2017 was $0.64 compared to $1.28 for the first quarter of 2016. The decreased loss per share includes the impact of the issuance of 9.9 million in the company's follow-on public offering which closed on October 16, 2016. And 1.1 million shares issued throughout 2016 under the company of ATM program.

與我們的重組相關的費用發生在 4 月份。所以，沒有包括在我剛才提到的第一季度數字中，但它們將在第二季度得到認可。 2017 年第一季度每股虧損為 0.64 美元，而 2016 年第一季度為 1.28 美元。每股虧損減少包括公司在 2016 年 10 月 16 日結束的後續公開發行中發行 990 萬美元的影響. 以及公司在 ATM 計劃下於 2016 年全年發行的 110 萬股股票。

Adjusted EBITDA, a non-GAAP measure was a loss of $11.9 million for the first quarter of 2017 compared to a loss of $12.7 million for the first quarter of 2016. Cash and cash equivalence totaled $23.0 million as of March 31, 2017 compared to $36.1 million as of December 31, 2016.

調整後的 EBITDA 是一項非 GAAP 指標，2017 年第一季度虧損 1190 萬美元，而 2016 年第一季度虧損 1270 萬美元。截至 2017 年 3 月 31 日，現金和現金等價物總計 2300 萬美元，而 2017 年第一季度為 36.1 美元百萬，截至 2016 年 12 月 31 日。

Based on the company's recent organizational restructuring and other expense reduction measures, the company excepts cash utilization to decrease to approximately $7 million per quarter by the second half of 2017 compared to an average of $13.5 million per quarter in 2016 and $13.1 million in the first quarter of 2017.

根據公司最近的組織重組和其他費用削減措施，公司不包括現金利用率，到 2017 年下半年將減少至每季度約 700 萬美元，而 2016 年平均每季度 1350 萬美元，第一季度平均為 1310 萬美元2017 年。

And with that, I'll turn the call back to Jeff.

有了這個，我會把電話轉回傑夫。

Looking ahead, we're focused on readying on the company for the launch of our new products while we drive utilization of our current devices and also expand our clinical program. As a reminder of our key upcoming milestones, we plan to file for 510(k) clearance of a next generation of Pantheris in the third quarter.

展望未來，我們專注於為公司推出我們的新產品做好準備，同時我們推動現有設備的利用率並擴大我們的臨床計劃。作為我們即將到來的關鍵里程碑的提醒，我們計劃在第三季度提交下一代 Pantheris 的 510(k) 許可。

We plan to file for 510(k) clearance of our below-the-knee atherectomy device in the fourth quarter of 2017 and we also look forward to beginning enrollment of our ISR trial in the third quarter of this year.

我們計劃在 2017 年第四季度申請 510(k) 批准我們的膝下旋磨設備，我們也期待在今年第三季度開始我們的 ISR 試驗。

We look forward to updating you on our progress on future calls. But at this point, we'd like to open for our questions.

我們期待在未來的電話會議上向您通報我們的最新進展。但在這一點上，我們想開放我們的問題。

(Operator Instructions)

（操作員說明）

Josh Jennings, Cowen and Company.

喬希·詹寧斯、考恩公司。

Just wanted to start off on some of the comments that you made on the preannouncement call just on strategic initiatives and just see if there's any update, I know it's only been a month, but any updates there?

只是想從您在關於戰略計劃的預告電話會議上發表的一些評論開始，看看是否有任何更新，我知道這才一個月，但有任何更新嗎？

Our strategic initiatives are really similar to what we just laid out as our milestones on this call.

我們的戰略舉措與我們剛剛在本次電話會議上提出的里程碑非常相似。

Our business priorities, our -- on the commercial side to be much more focused in geographies, strongest performing reps as well as physician customers who are continued to have excellent experience and deliver excellent clinical outcomes with our devices so that we're maintaining a commercial presence in preparation for the launch of our next generation devices either very late this year or early next year.

我們的業務優先事項，我們的 - 在商業方面，將更加關注地理位置，表現最出色的代表以及繼續擁有出色經驗並使用我們的設備提供出色臨床結果的醫生客戶，以便我們維持商業準備在今年晚些時候或明年初推出我們的下一代設備。

From a product's standpoint, we focus our R&D efforts on our next generation Pantheris, so our 3.0 device and our lower profile device for below-the-knee. And then as we mentioned on the last call, we had filed an IDE application but we now have approval of that application and are getting ready to begin enrollment in the third quarter on our initial sites.

從產品的角度來看，我們將研發工作集中在我們的下一代 Pantheris，因此我們的 3.0 設備和我們的膝蓋以下的低剖面設備。然後正如我們在上次電話會議中提到的那樣，我們已經提交了 IDE 申請，但我們現在已經批准了該申請，並準備在第三季度開始在我們的初始站點上註冊。

So, really a very focused program and plan, making good progress in all areas and expect that that will result in a return to growth in 2018 and you know, and certainly improve commercial performance as well.

因此，這確實是一個非常有針對性的計劃和計劃，在所有領域都取得了良好進展，預計這將在 2018 年恢復增長，你知道，當然也會提高商業業績。

I'm sorry; I didn't word the question correctly, Jeff, but thank you for that download. But I would just estimate in terms of the corporate strategic plan, you guys have laid some options on the table about distribution agreements, et cetera. And I don't think you addressed that in your prepared remarks. So this was--

對不起;傑夫，我沒有正確回答問題，但感謝您的下載。但我只是根據公司戰略計劃進行估計，你們已經在桌面上提出了一些關於分銷協議等的選擇。我不認為你在準備好的發言中提到了這一點。所以這是——

-- no, that's right. And so, we do -- we are actively engaged in discussions, both on the strategic side as well as in the standalone financing side and pursuing both concurrently. You know, I believe we're making good progress over the last month and of course, as things develop further and we have more clarity, we'll share publicly but it's pretty immature to discuss at this time.

——不對，沒錯。因此，我們這樣做 - 我們正在積極參與戰略方面和獨立融資方面的討論，並同時進行。你知道，我相信我們在上個月取得了良好的進展，當然，隨著事情的進一步發展和我們更加清晰，我們會公開分享，但現在討論還不成熟。

And it sounds like you have this sales meeting and you still have your core base of the community. But has there been any physician feedback just in terms of the awareness of these corporate initiatives? And you know, what is -- what are you doing just to -- if there are any concerns out there to alleviate those amongst your users?

聽起來你有這個銷售會議，你仍然有你的社區核心基礎。但是，就這些公司舉措的意識而言，是否有任何醫生反饋？而且你知道，你正在做什麼 - 如果有任何擔憂可以減輕你的用戶中的那些問題？

Our users and especially those that are continuing to drive and have been driving great clinical outcomes and continued usage and volume are very interested in continuing -- for us to continue to evolve this technology.

我們的用戶，尤其是那些正在繼續推動並一直在推動出色的臨床結果以及持續使用和使用量的用戶，對繼續發展這項技術非常感興趣。

Most of the changes, as you know, are based upon direct input that we receive from our physician customers. And so we are in active dialogue with them, we -- they have their same reps in their same territories supporting them especially in those areas that have higher volumes and more actively engaged users.

如您所知，大多數變化都是基於我們從醫生客戶那裡收到的直接意見。因此，我們正在與他們進行積極對話，我們 - 他們在同一地區擁有相同的代表支持他們，特別是在那些擁有更高數量和更積極參與用戶的地區。

And I think there's a highly (inaudible) confidence in the physician community that we're doing the right things, that we'll continue to fund this company and that we will continue to be a good partner with them as we develop and as we pursue these different strategic opportunities.

而且我認為醫生社區對我們正在做正確的事情有高度（聽不清）的信心，我們將繼續為這家公司提供資金，並且隨著我們的發展和我們的發展，我們將繼續與他們成為良好的合作夥伴追求這些不同的戰略機遇。

Thanks. And just my last question, congratulations on the approval for the IDE design for in-stent restenosis. You mentioned 20 sites. I was just wondering, are those 20 sites going to consist of your current user base? Are you looking to get new centers involved and exposed to the Pantheris platform?

謝謝。最後一個問題，祝賀支架內再狹窄的 IDE 設計獲得批准。你提到了 20 個站點。我只是想知道，這 20 個站點是否包含您當前的用戶群？您是否希望讓新中心參與並接觸 Pantheris 平台？

And then also, what is -- what do you expect the cost of this trial to be?

然後，什麼是 - 你預計這次試驗的費用是多少？

As it relates to the sites, we are focused on the existing users of Pantheris, not bringing in new sites into the trial. And we will start with our principle investigator sites and then expand through the back half of this year with further expansion early in 2018.

由於涉及網站，我們專注於 Pantheris 的現有用戶，而不是將新網站引入試用版。我們將從我們的主要研究者站點開始，然後在今年下半年擴展，並在 2018 年初進一步擴展。

I don't, Matt, if you want to provide some color on the cost.

我不知道，馬特，如果你想提供一些關於成本的顏色。

Yes. On the cost of the trial first of all, it will extend beyond 2017, we expect, in terms of both the enrollment and follow up. But the overall cost, we approximate just a little bit over a million dollars for the entire trial. So it would be relatively light level expenditure during the current year.

是的。首先，在試驗成本方面，我們預計，在入組和跟進方面，它將延續到 2017 年以後。但是整個試驗的總成本，我們估計略高於一百萬美元。因此，今年的支出水平相對較低。

One thing that's really exciting to us as it relates to this study as well is, as you know, we are not currently -- we are not contraindicated for ISR. So, while we cannot and do not promote the usage of Pantheris in ISR cases, physicians have access to the device for that purpose.

與這項研究相關的一件真正令我們興奮的事情是，如您所知，我們目前不是——我們不是 ISR 的禁忌症。因此，雖然我們不能也不會在 ISR 病例中推廣 Pantheris 的使用，但醫生可以為此目的使用該設備。

And we've had a number of very strong cases and that's an important part of our post market surveillance, which actually was reported to FDA as part of our IDE application with an extraordinarily high success rate and very, very positive safety profile.

我們有許多非常有力的案例，這是我們上市後監督的重要組成部分，實際上作為我們 IDE 應用程序的一部分向 FDA 報告，成功率非常高，安全性非常非常積極。

So, I think we are in a unique position to go into this study with a very good visibility on strong clinical outcomes and very, very confident that we'll deliver those strong clinical outcomes both in terms of restoring patency as well as extremely safety device with good long-term results in the study.

所以，我認為我們處於一個獨特的位置來進入這項研究，對強大的臨床結果有很好的可見性，並且非常非常有信心我們將在恢復通暢和極其安全的設備方面提供這些強大的臨床結果在研究中取得了良好的長期效果。

(Operator Instructions)

（操作員說明）

Jason Mills of Canaccord Genuity.

Canaccord Genuity 的傑森·米爾斯 (Jason Mills)。

This is actually Cecilia Furlong on for Jason.

這實際上是傑森的塞西莉亞弗隆。

I just wanted to ask how we should be thinking about the revenue run rate for the balance of 2017? And does relatively flat with Q1 levels continue to seem reasonable based on what you've seen productivity wise out of the reduced sales force so far?

我只是想問一下我們應該如何考慮 2017 年剩餘時間的收入運行率？根據您到目前為止從減少的銷售人員中看到的生產力明智的情況，與第一季度水平相對持平是否仍然合理？

And do you see potential for upside as you focus on going deeper in those kind of strategic higher volume accounts?

當你專注於更深入地研究那些戰略性的高容量客戶時，你是否看到了上漲的潛力？

Cecilia, we made the decision to not provide guidance given the number of changes that we are making in the company and given the focus here on our R&D milestones, clinical milestones and maintaining a strong commercial presence.

塞西莉亞，考慮到我們在公司中進行的變革數量，並考慮到這裡的重點是我們的研發里程碑、臨床里程碑和保持強大的商業存在，我們決定不提供指導。

As we said on the last call that the -- both the reps and the territories where we're still focused make up a large percentage of our previous volume on a quarterly basis. So we feel like we are going to bring increased efficiency and productivity but we're not providing guidance. At this point, really don't plan to through the balance of this year.

正如我們在上次電話會議上所說的那樣——銷售代表和我們仍然關注的地區都佔了我們之前季度銷量的很大一部分。所以我們覺得我們將提高效率和生產力，但我們沒有提供指導。在這一點上，真的不打算度過今年的餘額。

And then, I guess, just looking out to 2018 when you have both the next gen Pantheris platform as well as the BTK device approved, how involved do you anticipate your sales strategy will change?

然後，我想，展望 2018 年，屆時您將同時獲得下一代 Pantheris 平台和 BTK 設備的批准，您預計您的銷售策略將如何改變？

As it relates to our sales strategy we believe that developing strong physician champions, developing confidence and you know, confidence with the device and our sales rep's ability to effectively support cases, we'll continue to always be a core of what we do.

由於它與我們的銷售策略相關，我們相信培養強大的醫生擁護者，培養信心，你知道，對設備的信心以及我們的銷售代表有效支持案例的能力，我們將繼續始終是我們工作的核心。

We will launch these products into our existing territories, existing sites, get experience and then expand from our success. And I'm not sure if this is what your question is getting at, but we don't plan on significantly expanding our sales force in advance of the launch of those products but instead, the launch into our geographies and current sites and then expand from there.

我們將把這些產品投放到我們現有的領域、現有站點，獲得經驗，然後從我們的成功中擴展。我不確定這是否是您要問的問題，但我們不打算在推出這些產品之前顯著擴大我們的銷售隊伍，而是在我們的地區和現有網站上推出，然後擴大從那裡。

I am not showing any further questions at this time.

我現在不顯示任何進一步的問題。

I would now like to turn the call back over to Jeff Soinski for closing remarks.

我現在想把電話轉回給 Jeff Soinski 作結束語。

I just want to thank you, all, again for joining our call today, for your interesting questions, and we look forward to updating you on our progress on our second quarter call. Thank you very much.

我只想再次感謝大家今天加入我們的電話會議，感謝您提出有趣的問題，我們期待著向您介紹我們第二季度電話會議的最新進展。非常感謝。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program. You may all disconnect.

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。