Aytu Biopharma Inc (AYTU) 2023 Q3 法說會逐字稿

Greetings. Welcome to the Aytu BioPharma fiscal 2023 Q3 results conference call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎來到 Aytu BioPharma 2023財年第三季度業績電話會議。 （操作員說明）請注意正在錄製此會議。

I'll now turn the conference over to your host, Roger Weiss. You may begin.

我現在將會議轉交給主持人 Roger Weiss。你可以開始了。

Good afternoon, everyone, and thank you for joining us for the Aytu BioPharma's third-quarter fiscal year 2023 financial results conference call for the period ending March 31, 2023. Joining us on today's call is Aytu's CEO, Josh Disbrow; and the company's Chief Financial Officer, Mark Oki. At the conclusion of today's prepared remarks, we will open the call for a question-and-answer session.

大家下午好，感謝您參加 Aytu BioPharma 截至 2023 年 3 月 31 日的 2023 財年第三季度財務業績電話會議。與我們一起參加今天電話會議的是 Aytu 的首席執行官 Josh Disbrow；以及公司的首席財務官 Mark Oki。在今天準備好的發言結束時，我們將開啟問答環節。

I'd like to remind everyone that today's call is being recorded. A replay of today's call will be available by using the telephone numbers and conference ID provided in the earnings press release issued earlier today.

我想提醒大家，今天的通話正在錄音中。可使用今天早些時候發布的收益新聞稿中提供的電話號碼和會議 ID 重播今天的電話會議。

Finally, I'd like to call to your attention to the customary Safe Harbor disclosure regarding forward-looking information. The conference call today will contain certain forward-looking statements, including statements regarding the goals, strategies, beliefs, expectations, and future potential operating results of Aytu BioPharma. Although management believes these statements are reasonable based on estimates, assumptions, and projections as of today, these statements are not guarantees of future performance. Time-sensitive information may no longer be accurate at the time of any telephonic or webcast replay.

最後，我想提請您注意有關前瞻性信息的慣例安全港披露。今天的電話會議將包含某些前瞻性陳述，包括關於 Aytu BioPharma 的目標、戰略、信念、預期和未來潛在經營結果的陳述。儘管管理層認為這些陳述基於目前的估計、假設和預測是合理的，但這些陳述並不是對未來業績的保證。在任何電話或網絡廣播重播時，時間敏感的信息可能不再準確。

Actual results may differ materially as a result of risks, uncertainties, and other factors including, but not limited to, the factors set forth in the company's filings with the SEC. Aytu undertakes no obligation to update or revise any of these forward-looking statements.

由於風險、不確定性和其他因素，包括但不限於公司向美國證券交易委員會提交的文件中規定的因素，實際結果可能存在重大差異。 Aytu 不承擔更新或修改任何這些前瞻性陳述的義務。

With that being said, I would like to turn the event over to Josh Disbrow, Chief Executive Officer of Aytu BioPharma. Josh, please proceed.

話雖如此，我想將活動轉交給 Aytu BioPharma 的首席執行官 Josh Disbrow。喬希，請繼續。

Thank you, Roger, and welcome, everyone. Thanks for joining the call.

謝謝羅傑，歡迎大家。感謝您加入電話會議。

Our core prescription segment continues to perform at a high level with record total prescriptions of more than 153,000 during the third fiscal quarter. Our ADHD scripts were up 27%, while our pediatric scripts were up 55% compared to the year ago period. The combined 32% growth in total prescriptions is a testament to the continued strong execution of our commercial team, along with the unique capabilities of the Aytu RxConnect platform. Further to that, we've done an exceptional job maximizing the opportunity presented by the ongoing ADHD market supply disruptions, most notably the Adderall XR generic shortages and more recently the methylphenidate disruptions.

我們的核心處方部門繼續保持高水平表現，第三財季總處方超過 153,000 份，創歷史新高。與去年同期相比，我們的 ADHD 腳本增長了 27%，而我們的兒科腳本增長了 55%。處方藥總量增長 32%，證明了我們商業團隊持續強大的執行力，以及 Aytu RxConnect 平台的獨特能力。此外，我們還做了一項出色的工作，最大限度地利用了持續的 ADHD 市場供應中斷所帶來的機會，最顯著的是 Adderall XR 仿製藥短缺和最近的哌醋甲酯中斷。

But as you likely saw in the press release, there's a little bit of a disconnect between the prescription growth especially within our ADHD portfolio and net revenue reported this quarter. Let me dive in for some details. To be responsive to market dynamics and to keep up with rising costs, we implemented a price increase for ADHD products effective April 1. As a result, we recorded a one-time channel adjustment which resulted in a reduction of revenue of $1.2 million during the third quarter.

但正如您可能在新聞稿中看到的那樣，處方藥增長（尤其是在我們的 ADHD 產品組合中）與本季度報告的淨收入之間存在一些脫節。讓我深入了解一些細節。為了響應市場動態並跟上不斷上漲的成本，我們從 4 月 1 日起對 ADHD 產品實施了價格上漲。因此，我們記錄了一次性渠道調整，導致本季度收入減少 120 萬美元第三季度。

Excluding this adjustment, Rx segment net revenue would have increased 8% year over year. The remaining difference relates to payer changes in the resetting of the underlying patient insurance deductibles at the beginning of each calendar year that impact our patient savings offers and gross to nets this time of year. Absent these items, the reception to our ADHD products continues to be robust against a market backdrop that continues to provide tailwinds for the company.

排除這一調整，Rx 部門的淨收入將同比增長 8%。剩餘的差異與付款人在每個日曆年年初重置基礎患者保險免賠額的變化有關，這會影響我們的患者儲蓄優惠和每年這個時候的淨額。如果沒有這些項目，在繼續為公司提供順風的市場背景下，我們的 ADHD 產品的接受度繼續保持強勁。

On the pediatric side, our portfolio continues to perform at a high level with prescriptions at 55% compared to the year-ago quarter and net revenue up 81% to $5.3 million during the fiscal year's third quarter. I'll expand on peds and Rx segment in more detail momentarily, including the new line extensions we have planned for the multivitamins.

在兒科方面，我們的產品組合繼續保持高水平表現，與去年同期相比處方藥佔 55%，本財年第三季度淨收入增長 81% 至 530 萬美元。我將暫時更詳細地擴展 peds 和 Rx 部分，包括我們為複合維生素計劃的新產品線擴展。

On the consumer health side, we continue the strategic transition we implemented as we phase out of the direct mail channel with a focus on OTC medicines through the e-commerce channel. This shift resulted in sales on Amazon increasing 13% compared to the year-ago period. We're planning the launch of our C'rcle Health branding initiative later this year and had begun a soft launch with various products and several are now in the channel.

在消費者健康方面，我們繼續實施戰略轉型，逐步淘汰直郵渠道，通過電子商務渠道專注於非處方藥。這一轉變導致亞馬遜銷售額與去年同期相比增長了 13%。我們計劃在今年晚些時候推出我們的 C'rcle Health 品牌推廣計劃，並已開始對各種產品進行軟啟動，其中一些產品現已進入渠道。

We believe branding will build more equity, improve our return on ad spend, and lead to higher customer repeat purchases. We will see future improvement within this segment as we focus squarely on getting the consumer health segment profitable. I'll expand a bit more on this in a moment.

我們相信品牌將建立更多的資產，提高我們的廣告支出回報率，並帶來更高的客戶重複購買。隨著我們專注於讓消費者健康部門盈利，我們將看到該部門未來的改進。稍後我將對此進行更多擴展。

So due to the pricing, channel, and payer timing dynamics that I mentioned, we didn't achieve positive adjusted EBITDA during the third quarter, but we are still EBITDA positive year to date for the Rx segment. That said, we believe the absence of pricing effects and the improvement of these items coupled with the overall momentum in the business we have in Q4 should allow us to achieve positive company-wide adjusted EBITDA and end the year on a strong note.

因此，由於我提到的定價、渠道和付款人時間動態，我們在第三季度沒有實現積極的調整後 EBITDA，但迄今為止，我們在 Rx 部門的 EBITDA 仍然是積極的。也就是說，我們認為沒有定價效應和這些項目的改善，加上我們在第四季度的業務的整體勢頭，應該能讓我們在全公司範圍內實現積極的調整後 EBITDA，並以強勁的勢頭結束今年。

And to get perspective on how the current quarter is shaping up and how much momentum we do have through yesterday May 10, which is to say through the first 27 shipping days of the quarter, ADHD product factory shipments are up 30% over the same number of shipping days last year -- last quarter, excuse me. And peds factory shipments are up 41% over last quarter.

為了了解本季度的情況以及我們在昨天 5 月 10 日之前的勢頭有多大，也就是說在本季度的前 27 個發貨日，ADHD 產品工廠出貨量比同期增長了 30%去年的發貨天數——上個季度，不好意思。 PEDS 工廠出貨量比上一季度增長了 41%。

When looking at shipments from April 1 to May 1 this year versus those same dates last year, the growth numbers are even larger. ADHD shipments are up 60%, and ped shipments are up 104% and illustrate just how well Adzenys is currently performing. Adzenys April estimated Rxs are up an impressive 48% over last April. So to say the least, we're quite pleased with our continuing momentum.

從今年 4 月 1 日到 5 月 1 日的出貨量與去年同期相比，增長數字更大。 ADHD 出貨量增長了 60%，而 ped 出貨量增長了 104%，這說明 Adzenys 目前的表現如何。 Adzenys 4 月份估計 Rxs 比去年 4 月份增長了 48%，令人印象深刻。所以至少可以說，我們對我們持續的勢頭感到非常滿意。

Let's dive into the commercial business a bit more beginning with our Rx segment and our ADHD portfolio, which includes a Adzenys XR-ODT and Cotempla XR-ODT, the first and only FDA approved amphetamine and methylphenidate extended-release ODTs respectively for the treatment of ADHD. These novel extended-release stimulant medications are formulated as orally disintegrating tablets that utilize a proprietary microparticle modified release drug delivery technology platform.

讓我們從我們的 Rx 部分和我們的 ADHD 產品組合開始更深入地研究商業業務，其中包括 Adzenys XR-ODT 和 Cotempla XR-ODT，這是 FDA 批准的第一個也是唯一一個分別用於治療多動症。這些新型緩釋興奮劑藥物被配製成口腔崩解片，利用專有的微粒改良釋放藥物遞送技術平台。

As I mentioned, we had an extremely strong prescription growth quarter during this third quarter with ADHD scripts up 27% year over year. The long-term trends we've talked about the last few quarters continue to remain intact, including overall growth in the ADHD market as we see an increase in diagnoses and the impacts from the various generic Adderall XR manufacture delays and supply disruptions we've discussed over the last few quarters.

正如我所提到的，我們在第三季度有一個非常強勁的處方增長季度，ADHD 腳本同比增長 27%。我們在過去幾個季度討論的長期趨勢繼續保持不變，包括 ADHD 市場的整體增長，因為我們看到診斷的增加以及我們已經看到的各種通用 Adderall XR 製造延遲和供應中斷的影響在過去的幾個季度中進行了討論。

Also, we're continuing to hear of methylphenidate shortages and Johnson & Johnson's confirmed discontinuation of the Concerta-authorized generic. So now, both of our ADHD brands have significant market factors providing tailwinds that we believe may persist for some time and present a compelling growth opportunity for these brands.

此外，我們繼續聽到哌醋甲酯短缺和強生公司確認停止使用 Concerta 授權仿製藥的消息。所以現在，我們的兩個 ADHD 品牌都有重要的市場因素提供順風，我們認為這可能會持續一段時間，並為這些品牌提供令人信服的增長機會。

We continue to see an increase in both ADHD awareness and treatment. The CDC reports that approximately 6 million children ages 3 to 17 have been diagnosed with ADHD based on survey data from 2016 through 2019. This patient population has grown by approximately 36% since 2003's 4.4 million figure. The CDC cites various states estimates that of these 6 million figures, somewhere between 58% -- 92% of the kids actually receive treatment through medication and/or behavioral therapy.

我們繼續看到 ADHD 意識和治療的增加。 CDC 報告稱，根據 2016 年至 2019 年的調查數據，約有 600 萬 3 至 17 歲的兒童被診斷患有多動症。自 2003 年的 440 萬數字以來，這一患者人數增長了約 36%。 CDC 引用了各個州的估計，在這 600 萬個數字中，大約有 58% - 92% 的孩子實際上通過藥物和/或行為療法接受了治療。

Interestingly, a recent study of almost 12,000 kids ages 9 and 10 found that only about 26% of kids with parent-reported ADHD had ever received outpatient mental health care. Thus, the study suggests that pervasive gaps exist in the treatment of children, especially girls, with parent-reported ADHD and especially in this post-COVID period, a potentially larger population is in need of treatment.

有趣的是，最近一項針對近 12,000 名 9 歲和 10 歲兒童的研究發現，只有約 26% 的父母報告患有多動症的兒童曾接受過門診心理健康護理。因此，該研究表明，在治療患有父母報告的多動症的兒童，尤其是女童方面普遍存在差距，尤其是在這個後 COVID 時期，可能有更多的人群需要治療。

While the study suggests debate about the actual size of the childhood ADHD population, there are also questions concerning adult sufferers. ADHD among adults has also been increasingly recognized over the years. A March 2023 report from the CDC showed a large uptick in stimulant prescriptions to treat adult ADHD concurrent with the COVID pandemic.

雖然該研究建議對兒童 ADHD 人口的實際規模進行辯論，但也有關於成年患者的問題。多年來，成年人的多動症也越來越受到人們的認可。疾病預防控制中心 2023 年 3 月的一份報告顯示，在 COVID 大流行的同時，用於治療成人多動症的興奮劑處方大幅增加。

Insurance claims from employer-sponsored plans from 2016 to 2021 showed a 14% increase with the largest single year increase in the 2020, 2021 timeframe. Yet even as the diagnosed population expands, the current market supply disruptions persisted. In the first three months of this year, media attention on these disruptions continued with numerous news articles reporting on this. Fortunately, our supply has remained uninterrupted.

從 2016 年到 2021 年，雇主贊助計劃的保險索賠增長了 14%，其中 2020 年和 2021 年的單年度增幅最大。然而，即使確診人數增加，目前市場供應中斷的情況依然存在。今年前三個月，媒體繼續關注這些中斷，大量新聞報導對此進行了報導。幸運的是，我們的供應一直沒有中斷。

I believe the supply disruptions over the past few quarters have enabled Adzenys to gain market and mindshare, and we expect this to persist as new prescribers and patients find their way to Adzenys. As a reminder, Adzenys is approved as bioequivalent to Adderall XR, so our brand is well-positioned to continue to capture additional share as the remnants of the extended-release amphetamine shortage remain.

我相信過去幾個季度的供應中斷使 Adzenys 獲得了市場和思想份額，我們預計隨著新的處方者和患者找到 Adzenys 的途徑，這種情況將持續下去。提醒一下，Adzenys 被批准與 Adderall XR 具有生物等效性，因此我們的品牌處於有利地位，可以繼續獲得額外的份額，因為延長釋放苯丙胺短缺的殘餘仍然存在。

We're on a strong trajectory and have reset our average weekly TRx levels higher than ever before, and we believe that will persist long after the supply disruptions have dissipated. As we have discussed for a few quarters now, in the pursuit of continued profitability, one of the key initiatives we have undertaken has been the goal of outsourced manufacturing of Adzenys and Cotempla. This is a lengthy process, but we've hit on a number of important markers of late.

我們正處於強勁的軌道上，並將我們的平均每週 TRx 水平重新設置為比以往任何時候都高的水平，我們相信在供應中斷消失後，這種情況將持續很長時間。正如我們幾個季度以來所討論的那樣，為了追求持續盈利，我們採取的一項關鍵舉措是 Adzenys 和 Cotempla 的外包製造目標。這是一個漫長的過程，但我們最近發現了一些重要的標誌。

One of the two key milestones we achieved was the FDA approval of the Adzenys prior approval supplement, PAS. This approval enables the transfer of manufacturing of Adzenys to our designated third-party manufacturer. The second milestone, the Cotempla bioequivalence study has been successfully completed, and we expect to submit the Cotempla site transfer PAS to the FDA in mid calendar '23. This could enable FDA approval by late calendar '23.

我們實現的兩個關鍵里程碑之一是 FDA 批准 Adzenys 事先批准補充劑 PAS。該批准使 Adzenys 的製造能夠轉移到我們指定的第三方製造商。第二個里程碑，Cotempla 生物等效性研究已經成功完成，我們預計在 23 年年中向 FDA 提交 Cotempla 現場轉移 PAS。這可以使 FDA 在 23 年底之前獲得批准。

As we have communicated, upon the completion of the site transfers of both products and exiting the Grand Prairie Texas facility, we expect to realize an estimated 15% margin improvement of the ADHD brands. Another key step we took in the interim was the sublease of a portion of the Grand Prairie manufacturing site. This is another significant step forward in our goal of improving the margins of our ADHD products in both the short term through overhead expense reduction and longer term as we fully exit the facility. I'm definitely pleased with the progress made on this front and look forward to continued progress throughout this calendar year.

正如我們所傳達的那樣，在完成這兩種產品的場地轉移並退出德克薩斯州大草原工廠後，我們預計 ADHD 品牌的利潤率將提高 15%。我們在此期間採取的另一個關鍵步驟是轉租大草原城製造基地的一部分。這是我們在短期內通過減少管理費用和在我們完全退出設施後長期提高 ADHD 產品利潤率的目標向前邁出的又一重要步驟。我對在這方面取得的進展感到非常高興，並期待在整個日曆年中繼續取得進展。

Let's transition to our pediatric portfolio which includes Poly-Vi-Flor and Tri-Vi-Flor. Two complementary prescription fluoride-based multivitamin product lines containing combinations of fluoride and vitamins in various formulations for infants and children with fluoride deficiency.

讓我們過渡到我們的兒科產品組合，其中包括 Poly-Vi-Flor 和 Tri-Vi-Flor。兩個互補的基於氟化物的處方復合維生素產品系列包含氟化物和維生素的各種配方，適用於缺氟嬰兒和兒童。

We also market Karbinal ER, an extended-released carbinoxamine-based antihistamine suspension indicated to treat numerous allergic conditions for patients 2 years and older. These products serve established pediatric markets and offer distinct clinical features and patient benefits over both branded and generic competitive products.

我們還銷售 Karbinal ER，這是一種基於卡比沙明的緩釋抗組胺藥混懸液，適用於治療 2 歲及以上患者的多種過敏性疾病。這些產品服務於成熟的兒科市場，與品牌和仿製藥競爭產品相比，具有獨特的臨床特徵和患者益處。

During the quarter, we achieved 81% growth in revenues from our prescription pediatric line, with revenues ramping to $5.3 million compared to $2.9 million in the year-ago quarter. The key drivers here are the ongoing commercial execution and increasing product awareness as well as the Aytu RxConnect platform leverage. These improvements are providing tailwinds for the products' prescription growth trajectory. Since we added PVF and TVF to the RxConnect platform, we have grown prescription significantly and continue to demonstrate remarkable growth.

本季度，我們的處方兒科產品線收入增長了 81%，收入從去年同期的 290 萬美元增至 530 萬美元。這裡的關鍵驅動因素是持續的商業執行和提高產品知名度以及 Aytu RxConnect 平台的槓桿作用。這些改進為產品的處方增長軌跡提供了順風。自從我們將 PVF 和 TVF 添加到 RxConnect 平台以來，我們已經顯著增加了處方，並繼續表現出顯著的增長。

The most recent CDC data show that only 63% of the US population has access to fluoridated water. And in some states like New Jersey, that percentage is in the mid-teens or less. We are continually evaluating growth opportunities for the fluoride multivitamin line as we look to additional areas in need of fluoride supplementation.

CDC 的最新數據顯示，只有 63% 的美國人口可以獲得氟化水。在新澤西州等一些州，這個百分比在十幾歲左右或更低。我們正在不斷評估含氟複合維生素系列的增長機會，因為我們正在尋找需要補充氟化物的其他領域。

In addition to the tailwinds, we're also launching a line extension Poly-Vi-Flor and Tri-Vi-Flor with a novel folic acid ingredient Arcofolin. Arcofolin offers an improved profile over Metafolin as a body-ready L-methylfolate. Arcofolin's low water content and low molecular weight of the counter ion yield higher levels of assay folate than other forms of elemental folate currently available on the market. It also has an improved purity profile, enhanced water solubility, and an excellent overall stability profile.

除了順風之外，我們還推出了帶有新型葉酸成分 Arcofolin 的產品線擴展 Poly-Vi-Flor 和 Tri-Vi-Flor。 Arcofolin 作為一種身體準備好的 L-甲基葉酸，提供了比 Metafolin 更好的配置文件。 Arcofolin 的低水含量和低分子量的抗衡離子產生比目前市場上其他形式的元素葉酸更高水平的測定葉酸。它還具有改進的純度、增強的水溶性和出色的整體穩定性。

The transition to Arcofolin also extend the multivitamin brands' patent life and provides further differentiation with this novel ingredient. We believe the addition of Arcofolin to the Poly-Vi-Flor and Tri -Vi-Flor product lines will improve these products' profile, and we look forward to continued growth and adoption of our unique pediatric portfolio going forward.

向 Arcofolin 的過渡還延長了多種維生素品牌的專利壽命，並通過這種新成分進一步實現差異化。我們相信將 Arcofolin 添加到 Poly-Vi-Flor 和 Tri-Vi-Flor 產品線將改善這些產品的形象，我們期待著我們獨特的兒科產品組合的持續增長和採用。

Overall, I'm pleased with the traction we're achieving across our Rx segment. ADHD scripts are at record levels, and we experienced 81% net revenue growth in our pediatric portfolio. With positive trends expected to continue coupled with the successful execution of our various margin enhancement strategies, I believe the long-term outlay for the segment is very bright and can carry the company to consistent profitability.

總的來說，我對我們在 Rx 細分市場取得的牽引力感到滿意。 ADHD 腳本處於創紀錄的水平，我們的兒科產品組合的淨收入增長了 81%。預計積極趨勢將繼續，加上我們各種利潤率提升策略的成功執行，我相信該部門的長期支出非常光明，可以使公司持續盈利。

Let's transition now to our consumer health segment. As a reminder, within consumer health, our core product focuses on branded, value-based products competing in large categories such as hair regrowth, digestive health, diabetes management, and allergy, all competing with national brands. We sell directly to consumers through e-commerce platforms, including branded websites and the Amazon platform. Additionally, the consumer segment has historically sold products through direct mail.

現在讓我們過渡到我們的消費者健康領域。提醒一下，在消費者健康領域，我們的核心產品側重於品牌、基於價值的產品，在頭髮再生、消化健康、糖尿病管理和過敏等大類別中競爭，所有這些都與民族品牌競爭。我們通過電子商務平台直接向消費者銷售，包括品牌網站和亞馬遜平台。此外，消費者群體歷來通過直郵銷售產品。

As we touched on the last few quarters, our objective has been to improve the profitability of the consumer health segment with a focus on historically more efficient higher contribution margin online sales channels. As a result, we are phasing out the direct mail channel in order to focus on higher profit over-the-counter or OTC medicines and specifically through our e-commerce channel. This shift may negatively impact revenue growth in the near term but will drive improved EBITDA within the consumer health segment in the long run. Very clearly across the entire company, our focus is on driving segment and company-wide positive EBITDA and profitability.

正如我們在過去幾個季度談到的那樣，我們的目標是提高消費者健康部門的盈利能力，重點是歷史上效率更高、邊際貢獻率更高的在線銷售渠道。因此，我們正在逐步淘汰直郵渠道，以專注於利潤更高的非處方藥或非處方藥，特別是通過我們的電子商務渠道。這種轉變可能在短期內對收入增長產生負面影響，但從長遠來看將推動消費者健康領域的 EBITDA 改善。很明顯，在整個公司，我們的重點是推動部門和公司範圍內的正 EBITDA 和盈利能力。

During the quarter, revenue was down 14% compared to the year-ago period. However, our e- commerce sales through Amazon were up 13%. We did encounter incremental sales and marketing costs during the quarter primarily driven by increased ad spend. Also, we benefit from a shortage of Rogaine last year, which was a bit of an anomaly, and gave us a big pick-up for our competing product, Regoxidine, back in 2022.

本季度，收入與去年同期相比下降了 14%。然而，我們通過亞馬遜的電子商務銷售額增長了 13%。本季度我們確實遇到了主要受廣告支出增加驅動的增量銷售和營銷成本。此外，我們受益於去年 Rogaine 的短缺，這有點反常，並在 2022 年為我們的競爭產品 Regoxidine 帶來了巨大的回升。

A big part of consumer health's future growth plan is the establishment of a value brand family called C'rcle Health, which we expect to officially launch later this year. You may have seen that we've already begun rolling out products under the brand on our Amazon storefront. C'rcle Health will represent a brand family of value-based OTC medicines addressing a range of conditions. We believe showcasing our OTC medicine product through a single recognized family brand will build more collective brand equity and help to drive improved return on ad spend, repeat customers, and overall segment profitability.

消費者健康未來增長計劃的很大一部分是建立一個名為 C'rcle Health 的價值品牌家族，我們預計該家族將於今年晚些時候正式推出。您可能已經看到，我們已經開始在我們的亞馬遜店面推出該品牌下的產品。 C'rcle Health 將代表一系列以價值為基礎的非處方藥品牌，以解決一系列問題。我們相信，通過一個公認的家族品牌展示我們的非處方藥產品將建立更多的集體品牌資產，並有助於提高廣告支出回報率、回頭客和整體細分市場的盈利能力。

We still have work to do to fully recognize the benefits within our consumer health segment, but incremental progress is being made.

我們仍有工作要做，以充分認識到我們消費者健康領域的好處，但正在取得漸進的進展。

So with that overview, let me turn it over to our CFO, Mark Oki, to add some additional color to the numbers. Mark?

因此，有了這個概述，讓我把它交給我們的首席財務官 Mark Oki，為數字添加一些額外的顏色。標記？

Thank you, Josh, and welcome to everyone joining us on this call. Let me build upon comments Josh has already provided, starting with revenue.

謝謝你，Josh，歡迎大家加入我們的電話會議。讓我以 Josh 已經提供的評論為基礎，從收入開始。

Net revenue for the fiscal '23 third quarter was $22.7 million compared to $24.2 million for the fiscal 2022 third quarter. Looking at the component parts, net revenue from prescription product sales in the fiscal 2023 third quarter was $13.8 million compared to $13.9 million in the same quarter last year. As Josh noted, ADHD experienced a 21% reduction in net revenue to $8.3 million in the fiscal 2023 third quarter against $10.4 million in the fiscal 2022 third quarter. The ADHD net revenue decline occurred as quarterly ADHD filled prescriptions were up almost 27%.

23 財年第三季度的淨收入為 2270 萬美元，而 2022 財年第三季度的淨收入為 2420 萬美元。從零部件來看，2023 財年第三季度處方產品銷售淨收入為 1380 萬美元，而去年同期為 1390 萬美元。正如 Josh 指出的那樣，ADHD 在 2023 財年第三季度的淨收入下降了 21%，至 830 萬美元，而在 2022 財年第三季度為 1040 萬美元。 ADHD 淨收入下降是因為季度 ADHD 處方藥增加了近 27%。

The net revenue decline resulted from three factors. First, we enacted a planned price increase effective April 1, 2023 that resulted in additional gross to net accruals of $1.2 million for future returns, rebates, and discounts related to the channel inventory. This adjustment will not be repeated in the fourth quarter and will result in higher per unit net sales.

淨收入下降是由三個因素造成的。首先，我們實施了一項自 2023 年 4 月 1 日起生效的提價計劃，導致與渠道庫存相關的未來退貨、回扣和折扣的毛淨額增加 120 萬美元。這一調整不會在第四季度重複，並將導致單位淨銷售額更高。

The second item impacting ADHD net revenue involves the dynamics of our Aytu RxConnect program. As we've discussed, the program provides patients comfort that they will not pay more than a fixed out of pocket per prescription price. Even if they have not satisfied the prescription drug plans deductible, our third quarter is the first calendar quarter and the period when many insurance plans reset deductibles. This is the quarter when we historically incur additional saving offers to fulfill our Aytu RxConnect price promise.

影響 ADHD 淨收入的第二項涉及我們 Aytu RxConnect 計劃的動態。正如我們所討論的，該計劃讓患者感到安心，因為他們支付的費用不會超過每個處方價格的固定自付費用。即使他們沒有滿足處方藥計劃的免賠額，我們的第三季度也是第一個日曆季度，也是許多保險計劃重置免賠額的時期。從歷史上看，這是我們為履行 Aytu RxConnect 價格承諾而產生額外優惠的季度。

The third impact to this quarter's lower gross to net was PBMs pushing more prescription drug costs down to the consumer level even when those products are covered by a rebate agreement with the manufacturer. The prescription pediatric portfolio experienced 81% growth in net revenue to $5.3 million in our fiscal 2023 third quarter compared to $2.9 million in 2022.

對本季度淨利潤率下降的第三個影響是 PBM 將更多的處方藥成本推低至消費者水平，即使這些產品包含在與製造商的回扣協議中。與 2022 年的 290 萬美元相比，處方兒科產品組合在 2023 財年第三季度的淨收入增長了 81%，達到 530 萬美元。

For the third quarter of 2023, net revenue from the consumer health segment was $8.9 million compared to $10.3 million in the same quarter last year, a decrease of 14% which is attributable to the channel strategy shift Josh described. We continue to have a small amount of other prescription revenue. This other pertains to discontinued or deprioritized prescription products. During this year's third quarter, it totaled $267,000 in revenue against last year's $514,000. In general, we expect other revenue to continue to decrease going forward.

2023 年第三季度，消費者健康部門的淨收入為 890 萬美元，而去年同期為 1030 萬美元，下降了 14%，這歸因於 Josh 描述的渠道戰略轉變。我們繼續有少量的其他處方收入。這另一個與停產或取消優先級的處方產品有關。在今年第三季度，它的總收入為 267,000 美元，而去年為 514,000 美元。總的來說，我們預計其他收入將繼續下降。

Gross margins grew to 56% in the 2023 third quarter compared to 52% of net revenues in the year-ago quarter. This move in the gross margin percentage was primarily driven by improved manufacturing efficiencies, higher sales of our higher product, higher margin pediatric product lines, and the decision to discontinue low-volume, low-margin products in fiscal 2022.

2023 年第三季度毛利率增長至 56%，而去年同期為淨收入的 52%。毛利率的這一變化主要是由於製造效率的提高、我們較高產品的銷售額增加、利潤率較高的兒科產品線以及在 2022 財年停止生產低產量、低利潤產品的決定。

Gross margin percentages can vary from period to period for various reasons, but we remain bullish on continued improvements in our margins as we get out of the high deductible period, improving our net unit price. And as we complete the manufacturing transfers we've discussed, which we believe will add 15 points of margin to the ADHD product line.

由於各種原因，毛利率在不同時期可能會有所不同，但我們仍然看好我們的利潤率會隨著我們走出高扣除期而持續改善，從而提高我們的淨單價。當我們完成我們討論過的製造轉移時，我們相信這將為 ADHD 產品線增加 15 個百分點的利潤。

As Josh mentioned, we've already received the FDA's approval of the Adzenys prior approval supplement opening the door to the transfer of manufacturing. We anticipate submitting the prior approval supplement for Cotempla in mid calendar 2023 and to receive approval by the end of calendar 2023 or shortly thereafter.

正如 Josh 提到的，我們已經收到了 FDA 對 Adzenys 事先批准補充的批准，這為製造轉移打開了大門。我們預計在 2023 年中期提交 Cotempla 的事先批准補充，並在 2023 年末或之後不久獲得批准。

On the OpEx side for the third quarter of 2023, excluding impairment expense and amortization of intangible assets, operating expenses were $20.8 million compared to $20.6 million in the same period a year ago. Research and development expenses were $856,000 in the third quarter of 2023, compared to $3.3 million in 2022 third quarter. Approximately $401,000 of this $856,000 is associated with the suspended pipeline programs. Net loss for the quarter of fiscal 2023 was $7.2 million or $1.93 per share compared to $53.3 million or $35.90 per share for the same quarter last year.

在 2023 年第三季度的運營支出方面，不包括減值費用和無形資產攤銷，運營費用為 2080 萬美元，而去年同期為 2060 萬美元。 2023 年第三季度的研發費用為 856,000 美元，而 2022 年第三季度為 330 萬美元。在這 856,000 美元中，大約有 401,000 美元與暫停的管道項目有關。 2023 財年季度淨虧損為 720 萬美元或每股 1.93 美元，而去年同期為 5330 萬美元或每股 35.90 美元。

Finally, on the balance sheet, cash and cash equivalents at March 31, 2023 were $19.2 million compared to $19.5 million on December 31, 2022. Let me note that we implemented a 1-for-20 reverse stock split effective January 6, 2023. This action enabled the company to regain full compliance with Nasdaq's listing requirements effective January 20, 2023.

最後，在資產負債表上，2023 年 3 月 31 日的現金和現金等價物為 1920 萬美元，而 2022 年 12 月 31 日為 1950 萬美元。請注意，我們自 2023 年 1 月 6 日起實施了 20 比 1 的反向股票拆分。此舉使該公司能夠重新完全符合納斯達克的上市要求，自 2023 年 1 月 20 日起生效。

With that, let me turn it back over to Josh.

有了這個，讓我把它轉回給喬希。

Thank you, Mark. So let me just conclude were I started.

謝謝你，馬克。因此，讓我總結一下我是否開始了。

At a high level, our core Rx segment continues to perform at a high level with record total prescriptions showing combined 32% growth. The various factors we discussed particularly within our ADHD portfolio created some disconnect and some noise between script growth and net revenue, but we believe that will become more closely aligned in the go-forward quarters.

在高水平上，我們的核心 Rx 部分繼續保持高水平表現，總處方量創歷史新高，顯示合併增長 32%。我們特別討論的各種因素在我們的 ADHD 投資組合中造成了腳本增長與淨收入之間的一些脫節和一些噪音，但我們相信這將在未來幾個季度變得更加緊密。

As a whole, we remain highly focused on profitability. We had two consecutive positive EBITDA quarters during Q1 and Q2 of this year, and the Rx segment is EBITDA positive through our first three quarters. Our Rx products have numerous tailwinds as I discussed. So with these trends coupled with the actions we have taken to put us in a position to end the year on a high note, with a return to those levels achieved in the first half of the year.

總的來說，我們仍然高度關注盈利能力。今年第一季度和第二季度，我們連續兩個季度的 EBITDA 為正，而 Rx 部門在前三個季度的 EBITDA 為正。正如我所討論的，我們的 Rx 產品有很多有利因素。因此，有了這些趨勢，再加上我們採取的行動，我們能夠以高調結束這一年，並恢復到上半年實現的水平。

And to reiterate, we are off to an excellent start this quarter based on both our quarter-to-date product shipments and our prescription trends with aggregate unit demand up 30% sequentially on the ADHD products and up 41% sequentially on the peds brands, we certainly have the wind at our back.

重申一下，根據我們季度至今的產品出貨量和我們的處方趨勢，我們本季度開局良好，ADHD 產品的總單位需求環比增長 30%，peds 品牌環比增長 41%，我們當然有風在背後。

We appreciate everyone's participation on the call today and will now be happy to answer any questions. Operator?

我們感謝大家今天參與電話會議，現在很樂意回答任何問題。操作員？

(Operator Instructions) Jennifer Kim, Cantor Fitzgerald.

（操作員說明）Jennifer Kim，Cantor Fitzgerald。

Hi. Thanks for taking my questions. I have two here. The first is taking the inventory pricing adjustment into account, I think that still translates to like around a 9% decline. And I'm wondering how much of the impact outside of the pricing adjustment is expected to continue through the rest of the year, and how much does the price increase offset that? And then my second question is, could you give more color on what drove the increase in the selling and marketing costs? And is that expected to continue? Thanks.

你好。感謝您回答我的問題。我這裡有兩個。首先是考慮到庫存定價調整，我認為這仍然意味著大約 9% 的下降。我想知道今年餘下時間預計價格調整之外的影響有多大，價格上漲抵消了多少？然後我的第二個問題是，您能否詳細說明是什麼推動了銷售和營銷成本的增加？預計這種情況會持續下去嗎？謝謝。

Yes, thanks, Jennifer. Appreciate your questions.

是的，謝謝，詹妮弗。感謝您的提問。

So first and foremost, we absolutely do expect improvement as the year goes on. The reduction in net selling price per unit, Jennifer, is in large part attributable to the deductible resets and patients working their way through those deductibles this time of year, relatively customary, as you know, in pharma and really every company faces that this time of year.

因此，首先，我們絕對希望隨著時間的推移有所改善。 Jennifer，每單位淨售價的降低在很大程度上歸因於免賠額的重置和患者在每年的這個時候努力通過這些免賠額，如你所知，在製藥業和實際上每家公司這次都面臨著這種情況。年。

So as the year goes on, we certainly expect to see price per prescription improve. We're actually already seeing signs of that in the data in relative real time, so we're encouraged by that. It was a $1.2 million hit obviously on the price -- the price increase, as you indicated. Obviously, that's not going to be repeated in the immediate next quarters. So that will obviously be out of the way.

因此，隨著時間的推移，我們當然希望看到每張處方的價格會有所提高。實際上，我們已經在相對實時的數據中看到了這種跡象，因此我們對此感到鼓舞。價格明顯下降了 120 萬美元——如您所說，價格上漲。顯然，在接下來的幾個季度中不會重複這種情況。所以這顯然會被排除在外。

And look, there's always dynamics around payers in terms of how they are modifying formularies. And this is the time of year where some shifts do occur. We work every single day to find out how we maximize really value per prescription, obviously, because of the fact that we do underwrite these prescriptions. This quarter can be more pronounced just because we want to maintain the RxConnect promise but fully expect gross to nets to improve as time goes on.

看，就付款人如何修改處方集而言，付款人總是動態變化的。這是一年中確實會發生一些轉變的時候。我們每天都在努力找出如何最大限度地提高每個處方的真正價值，顯然，因為我們確實承保了這些處方。本季度可能會更加明顯，因為我們希望保持 RxConnect 的承諾，但完全預計隨著時間的推移，總淨值會有所改善。

On the second piece, maybe, Mark if you want to talk through the increase there and kind of what drove that?

在第二部分，馬克，如果你想談談那裡的增長以及是什麼推動了這種增長？

Yes, there were some marketing programs and also with the record scripts that we had, we had a little more competition to our sales force.

是的，有一些營銷計劃以及我們擁有的記錄腳本，我們的銷售人員面臨更多競爭。

All right. Thanks.

好的。謝謝。

Naz Rahman, Maxim Group.

Naz Rahman，馬克西姆集團。

I was just kind of curious. On your consumer health OTC business, how do you see the margins for that is fine progressing through the course of the year? And is there any point here that you need to reduce, I guess, associated marketing and promotional expenses further down the line to potentially accelerate those margins?

我只是有點好奇。在您的消費者健康非處方藥業務方面，您如何看待這一年的利潤率增長良好？我想，這裡有什麼地方需要進一步減少相關的營銷和促銷費用，以潛在地提高這些利潤率嗎？

So a couple of things that are at play. So one of the things that is occurring in real time as we're making the shift from the direct mail tactics to the OTC medicines and selling those OTCs through Amazon, you will see a decline in gross margin, just by virtue of these OTC medicines are slightly lower price points. So we are dealing with a GM sort of decrease in favor of a net contribution margin increase.

所以有幾件事在起作用。因此，當我們從直郵策略轉向非處方藥並通過亞馬遜銷售這些非處方藥時，實時發生的事情之一是，您會看到毛利率下降，僅僅是因為這些非處方藥價格略低。因此，我們正在處理一種通用汽車的減少，有利於淨邊際貢獻的增加。

And to get to your second question, Naz, what really will drive that increase margin is a much more efficient sales and marketing spend. So those sales and marketing numbers will come down really just by virtue of the fact that it is much more efficient. Direct mail is quite costly. It's difficult frankly to make a reasonable margin on that side of the business, which is why we're transitioning out of it. So we will begin to see that gross margin come down in favor of a higher contribution margin and obviously, ultimately, in favor of getting to profitability in that segment, which of course is the express goal.

關於你的第二個問題，納茲，真正推動利潤率增長的是更有效的銷售和營銷支出。因此，由於效率更高，這些銷售和營銷數字實際上會下降。直郵是相當昂貴的。坦率地說，很難在這方面的業務上獲得合理的利潤，這就是我們要退出的原因。因此，我們將開始看到毛利率下降有利於更高的邊際貢獻率，顯然最終有利於在該細分市場實現盈利，這當然是明確的目標。

And we're being much more focused around a core set of assets. When we acquired Innovus, gosh, a little over three years ago now, there was an excess of 30 consumer health products. We, over the last several years, have scrutinized the profitability profile of every one of those and really determine that there's a core set of assets that we really need to focus on. And so that's what we're aiming to do.

而且我們更加關註一組核心資產。當我們在三年多前收購 Innovus 時，天哪，現在有超過 30 種消費者保健產品。在過去的幾年裡，我們仔細審查了其中每一個的盈利狀況，並真正確定有一組我們真正需要關注的核心資產。這就是我們的目標。

Get squarely focused on the OTC channel, get squarely focused on driving profitability, and focusing on launching C'rcle Health and growing that in a real disciplined controlled manner.

專注於 OTC 渠道，專注於提高盈利能力，專注於推出 C'rcle Health 並以真正有紀律的受控方式發展它。

Got it. If I may also ask, could you talk a little bit about what are the costs associated with shipping your manufacturing process? And I guess like the facilities, and I guess, long-term, what do you think the margins for ADHD portfolio could be?

知道了。如果我也可以問，你能談談與運輸製造過程相關的成本是多少嗎？我想像設施一樣，我想，從長遠來看，您認為 ADHD 產品組合的利潤率是多少？

I'll give you just generally speaking and, Mark, you can kind of weigh in with specifics. We've said that we expect to improve the margins on Adzenys and Cotempla in the neighborhood of 15% and potentially more, and I'm optimistic that we may realize some upside to that. But generally speaking, I've said it's going to be about a 15% margin improvement. And so Mark can give you a sense of what that improves them to.

我只是籠統地給你，馬克，你可以考慮一下具體情況。我們已經說過，我們希望將 Adzenys 和 Cotempla 的利潤率提高 15% 左右，甚至可能更高，我樂觀地認為我們可能會實現一些上行空間。但總的來說，我說過利潤率會提高 15% 左右。因此 Mark 可以讓您了解將它們改進到什麼程度。

And then in terms of costs that really remain to get out of the facility, it's going to be relatively minimal in the scheme of things because, as you may have seen last week or so, we announced that we have shifted -- that we've sublet about a third of our footprint in the Grand Prairie facility to a relatively new company called AMT. It's a contract manufacturer, and they over time expect to step into our space. And it'll actually be at our option how quickly we accelerate, enabling them to fully step in. I say that all to say, there were going to be some costs associated with taking -- so the lease of the Grand Prairie facility expires at the end of 2024 calendar.

然後就離開設施真正剩餘的成本而言，它在事情的計劃中將相對最小，因為正如你上週左右可能已經看到的那樣，我們宣布我們已經轉移 - 我們'我們將 Grand Prairie 設施中大約三分之一的佔地面積轉租給了一家名為 AMT 的相對較新的公司。這是一家合同製造商，他們希望隨著時間的推移進入我們的領域。實際上，我們可以選擇以多快的速度加速，使他們能夠完全介入。我說的是，有一些相關的成本——所以大草原城設施的租約將於2024 年日曆結束。

And there was going to be a relatively substantial expense in taking that facility, not quite down to the studs, but really restoring it back to its relatively original state. With AMT now stepping in, a lot of those costs, virtually all those costs go away. And so we're very excited about that, and how much -- what that means in the relative near term to reduce some of our operating costs.

拆除該設施需要花費相當大的費用，不完全是對立柱的影響，而是真正將其恢復到相對原始的狀態。隨著 AMT 的介入，其中很多成本，幾乎所有這些成本都消失了。因此，我們對此感到非常興奮，以及多少 - 這在相對短期內意味著減少我們的一些運營成本。

But then really, when we think about the wind down costs associated with getting out of the facility, it'll be relatively de minimis at this point. There are some costs in scaling up the manufacturing to the new manufacturer. A lot of those have already been realized and recognized, but we'll have some of those costs as we scale up Adzenys and Cotempla at that facility.

但實際上，當我們考慮與離開設施相關的逐步減少成本時，此時它相對微不足道。將製造規模擴大到新製造商需要一些成本。其中很多已經實現並得到認可，但隨著我們在該設施擴大 Adzenys 和 Cotempla 的規模，我們將承擔其中的一些成本。

And would you add anything to that, Mark?

馬克，你會添加什麼嗎？

Yes, just kind of in the ballpark, we would expect margins to get to the 65%, 75% mark once we are fully integrated with our CMO. So we're excited about that future and are working hard to get there.

是的，在某種程度上，一旦我們與 CMO 完全整合，我們預計利潤率將達到 65%、75%。因此，我們對未來感到興奮，並正在努力實現這一目標。

Thank you. Thanks for taking my questions.

謝謝。感謝您回答我的問題。

(Operator Instructions)

（操作員說明）

Josh, while we're waiting to see if we have any more questions, you had indicated in your prepared comments that shipments in this current fourth fiscal quarter are up fairly substantially both year over year and sequentially. Can you give us any additional product level color to the growth that you're seeing here in this quarter?

喬希，在我們等待查看是否還有其他問題時，您在準備好的評論中表示，當前第四財季的出貨量同比和環比都有相當大的增長。您能否為我們在本季度看到的增長提供任何其他產品級別的顏色？

Yes, happy to. And we really are very encouraged by the momentum that's continued into the spring. And it's really encouraging, to say the very least so. If you look, for example, at Adzenys, if you want to compare it to say, obviously sequentially, it's up about 40% over just the last quarter. If you look at -- so it's our fiscal Q2. So our December quarter is -- March was up literally 40%. If you compare March to last March, Adzenys is up 91% which is obviously a staggeringly big growth number.

是的，很高興。我們真的對持續到春季的勢頭感到非常鼓舞。至少可以這麼說，這確實令人鼓舞。例如，如果你看一下 Adzenys，如果你想比較它，顯然是連續的，它比上個季度增長了大約 40%。如果你看——那就是我們的第二財季。所以我們的 12 月季度是——3 月實際上增長了 40%。如果將 3 月與去年 3 月進行比較，Adzenys 上漲了 91%，這顯然是一個驚人的大增長數字。

Poly-Vi-Flor, which is obviously a key product that we point to and really the lead product in the ped side, is up sequentially 40% as well, but it is up 119% when you compare it to the same quarter last year. So really tremendous growth when you look at it. Now these are factory units, what I'm not -- what we don't have insight to is gross to nets of exactly where things are going to come in because a lot of adjustments occur really at the end of the quarter on the basis of rebating savings offers and so forth.

Poly-Vi-Flor 顯然是我們指出的關鍵產品，也是 ped 方面的領先產品，也連續上漲 40%，但與去年同期相比上漲 119% .當你看到它時，真的是巨大的增長。現在這些是工廠單位，我不是——我們不了解的是粗略的淨值，因為很多調整實際上是在季度末發生的回扣儲蓄優惠等等。

But on aggregate gross demand, so to speak, we're literally up almost 100% on Adzenys and over 100% on Poly-Vi-Flor, which are obviously key products. Cotempla is also up tremendously over the same period of time. And Karbinal, just to give some perspective, is up about 40% sequentially as well. It's a little bit of a seasonal effect nevertheless.

但就總需求而言，可以這麼說，我們在 Adzenys 上幾乎增長了 100%，在 Poly-Vi-Flor 上增長了 100% 以上，這顯然是關鍵產品。 Cotempla 也在同一時期大幅上漲。而 Karbinal，只是為了給出一些觀點，也連續上漲了約 40%。儘管如此，這還是有點季節性影響。

So all our products are up sequentially. And all the Karbinal are up when you look at them year over year and Karbinal, frankly, it's just a timing issue. So very encouraged by the -- and that's really kind of up to the minute. If you essentially look again through yesterday's shipments, you just see that tremendous growth quarter over quarter and then sequentially, so very encouraging.

所以我們所有的產品都按順序上線。當你年復一年地觀察它們時，所有的 Karbinal 都在上升，而 Karbinal，坦率地說，這只是一個時間問題。非常受鼓舞 - 這確實是最新的。如果你從本質上重新審視昨天的出貨量，你就會看到季度環比和環比的巨大增長，這非常令人鼓舞。

And then with respect to prescriptions, as you might expect, prescriptions obviously keep company with factory units. Adzenys when you look at it compared to last April compared to this April, so we've just really gotten to kind of our preliminary April prescription numbers, Adzenys XR is up almost 49% over the same month last year. Poly-Vi-Flor and Tri-Vi-Flor combined, they're up almost 19% over April of last year. So we're just continuing the momentum we saw in that March quarter right through April into May, where you're seeing kind of an uptick into May over April. So very, very encouraged by the growth.

然後關於處方，正如您所料，處方顯然與工廠單位保持一致。 Adzenys 與去年 4 月相比，與今年 4 月相比，所以我們真正了解了 4 月的初步處方數據，Adzenys XR 比去年同期增長了近 49%。 Poly-Vi-Flor 和 Tri-Vi-Flor 加起來比去年 4 月上漲了近 19%。因此，我們只是繼續我們在 3 月季度看到的勢頭，一直到 4 月到 5 月，你會看到 5 月比 4 月有所上升。增長非常非常鼓舞人心。

Got it. And you had mentioned this a couple of times, we've seen both in the just reported quarter and the numbers that you've just discussed just some impressive sales growth coming out of the prescription vitamin area, and you discussed the enhanced formulation. And I was wondering, how do you think about this future growth and where it can ultimately go?

知道了。你已經多次提到這一點，我們在剛剛報告的季度和你剛剛討論的數字中都看到了來自處方維生素領域的一些令人印象深刻的銷售增長，並且你討論了增強的配方。我想知道，您如何看待這種未來的增長以及它最終會走向何方？

Yes, we're excited about both portfolios in the Rx side, Roger. Adzenys and Cotempla obviously are growing off of a higher base of revenue and higher script count, and they are competing in larger categories. But the multivitamins, they're really sleeper products in that I think they can go tremendously from here. These compete in a $200 million-plus multivitamin category.

是的，我們對 Rx 方面的兩個投資組合感到興奮，羅傑。 Adzenys 和 Cotempla 顯然是在更高的收入基礎和更高的劇本數量的基礎上成長起來的，而且他們在更大的類別中競爭。但是複合維生素，它們是真正的睡眠產品，因為我認為它們可以從這裡發揮巨大作用。這些產品在價值 2 億美元以上的複合維生素類別中競爭。

Market share is still not that huge, all things considered. Still, many areas that are not fluoridated, where just given our relative size, we have not gotten to yet. So a lot of land across this big country of ours that we can still cover, so we think there's more upside. I think that portfolio, it's basically annualizing at 20%. I think we're just beginning to see what that portfolio can become.

考慮到所有因素，市場份額仍然沒有那麼大。儘管如此，許多沒有氟化的區域，只是考慮到我們的相對規模，我們還沒有達到。在我們這個大國，我們仍然可以覆蓋很多土地，所以我們認為還有更多的好處。我認為該投資組合的年化率基本上為 20%。我認為我們才剛剛開始看到該投資組合可以變成什麼樣。

And as we bolster it with renewed IP around Arcofolin, which, if I didn't mention, I'll state the obvious, we have an exclusive license to the Arcofolin ingredient, which is really exciting. We've got a long-term supply agreement with Merck and German Merck and their subsidiary in Switzerland.

當我們用圍繞 Arcofolin 的更新 IP 來支持它時，如果我沒有提到，我會很明顯地說，我們擁有 Arcofolin 成分的獨家許可，這真的很令人興奮。我們與默克公司和德國默克公司及其在瑞士的子公司簽訂了長期供應協議。

So we've bolstered the IP, we've lengthened the runway of exclusivity around that. We've improved the product profile by virtue of the fact that Arcofolin really is a better alternative. And it's really the best elemental folate out there. So I think there's a lot of headroom and a lot of rooms for growth on the multivitamin franchise.

所以我們加強了知識產權，我們延長了圍繞它的獨家經營權的跑道。由於 Arcofolin 確實是更好的替代品，我們改進了產品概況。它確實是最好的元素葉酸。所以我認為複合維生素特許經營有很大的上升空間和很大的增長空間。

Got it. And one thing that has been coming up, I guess, for at least two or three quarters now, if not more, has been the various drug supply issues that clearly have not abated and in some cases have actually expanded, and now we're hearing that penicillin is now scarce. Do you have any thoughts on how long the supply imbalance can last out there?

知道了。我猜，至少有兩到三個季度（如果不是更多的話）已經出現的一件事是各種藥物供應問題，這些問題顯然沒有減輕，在某些情況下實際上已經擴大了，現在我們聽說青黴素現在很稀缺。您對供應失衡會持續多久有任何想法嗎？

Yes, it's interesting, Roger, because we heard about this really in the late summer, early fall. And it really took until this calendar year and really into February and March before it started to get realized at the patient level to the point that they were literally not able to get their prescriptions. And we're now hearing -- and so that was, of course, with Adderall XR generics primarily -- mostly it was a combination of issues, some of which was labor related, some of which was raw ingredients.

是的，這很有趣，羅傑，因為我們真的在夏末秋初聽說過這件事。直到這個日曆年，真正進入 2 月和 3 月，它才開始在患者層面實現，以至於他們實際上無法獲得處方。我們現在聽到——當然，這主要是 Adderall XR 仿製藥——主要是一系列問題，其中一些與勞動力有關，一些與原料有關。

The bottom line is because of the sort of the latency of that effect from essentially call it Labor Day to the springtime before it really got realized, it may take another several months to get it fully back up to the point that physicians feel comfortable. And we're hearing that in real time as we have conversations with thought leaders and clinicians that they're not entirely confident that it is out there and it remains spotty.

歸根結底，由於這種影響從本質上稱為勞動節到春天才真正實現，可能還需要幾個月的時間才能完全恢復到讓醫生感到舒服的程度。當我們與思想領袖和臨床醫生進行對話時，我們實時聽到他們並不完全相信它就在那裡，而且它仍然參差不齊。

Now we're hearing -- well, of course, we now know that J&J's Patriot division discontinued the Concerta-authorized generic, and that creates disruption for numerous reasons. You've got a patient that has been on the AG, they have to get switched to the Concerta brand. Many times the brand is not covered. And so now you've created this huge issue for this patient, and they have to scramble and get something else.

現在我們聽到——嗯，當然，我們現在知道強生的 Patriot 部門停止了 Concerta 授權的仿製藥，並且由於多種原因造成了破壞。你有一個病人一直在 AG，他們必須切換到 Concerta 品牌。很多時候品牌沒有被覆蓋。所以現在你為這個病人製造了這個大問題，他們必須爭先恐後地得到別的東西。

And the physicians just get fed up with it. So we think we really are at this perfect cross section of, okay, when sort of one problem seems to abate the other than, now the methylphenidate issue is coming on. And it's just creating this overarching concern of when is this going to happen again? And to what degree can I rely on any of these sort of older trusted brands or generic.

醫生們受夠了。所以我們認為我們真的處於這個完美的橫截面，好吧，當一個問題似乎減輕另一個問題時，現在哌醋甲酯問題即將出現。它只是製造了這種情況何時會再次發生的總體擔憂？我可以在多大程度上依賴這些較老的值得信賴的品牌或通用品牌。

So I think it will eventually get sorted out. But we're using this as an opportunity to say, look, this product -- none of these products have been, specifically the ADHD brands, have been in short supply. We've always been able to go back and get additional quota from the DEA. We've got a great team there in Grand Prairie that has always stayed on top of supply.

所以我認為它最終會得到解決。但我們藉此機會說，看，這個產品——這些產品，特別是 ADHD 品牌，都沒有供不應求。我們總是能夠返回並從 DEA 獲得額外的配額。我們在 Grand Prairie 有一支很棒的團隊，他們始終保持供應充足。

So we're able to go to physicians and say you can get predictability in multiple ways. First of all, you can actually get it. You're not going to have to have patients racing all around town to try to find their Cotempla or their Adzenys. You can get it at a place that is reliable and provides good white glove friendly service, and you can get it at a price that you can predict irrespective of whether you're in that time of year like now when people are still working through the deductibles.

所以我們可以去找醫生說你可以通過多種方式獲得可預測性。首先，你真的可以得到它。您不必讓患者在城裡跑來跑去尋找他們的 Cotempla 或 Adzenys。您可以在可靠且提供良好的白手套友好服務的地方獲得它，並且您可以以可以預測的價格獲得它，而不管您是否處於一年中的那個時候，就像現在人們仍在努力工作一樣免賠額。

And just to be able to go and overlay the notion of certainty and reliability is a huge factor on top of the fact that these are obviously great products with a great clinical profile. We really have the added benefit of the RxConnect platform. So it's a long wind I'd have to say, Roger. I think there will be a continuation of at least some level of disruptions one way or another. And it's to our benefit at this point because we've been able to stay in stock and be consistent with our customers.

並且僅僅能夠去覆蓋確定性和可靠性的概念是一個重要因素，除了這些顯然是具有良好臨床特徵的偉大產品這一事實之外。我們確實擁有 RxConnect 平台的額外好處。所以我不得不說這是一場漫長的風，羅傑。我認為至少會有某種程度的中斷以某種方式繼續存在。在這一點上這對我們有利，因為我們能夠保持庫存並與我們的客戶保持一致。

Very good. I really appreciate the answers. I'm not seeing any additional questions out there. So I think it's time probably to wrap up.

非常好。我真的很感激你的回答。我沒有看到任何其他問題。所以我認為可能是時候結束了。

Okay, that's great. Thanks, Roger. Well, thank you, Roger. Thanks, Naz. Thanks, Jennifer, for your questions. Thanks, everyone, for listening in to today's call. Appreciate your support and your interest.

好的，那太好了。謝謝，羅傑。好吧，謝謝你，羅傑。謝謝，納茲。詹妮弗，謝謝你的問題。謝謝大家收聽今天的電話會議。感謝您的支持和興趣。

We are very enthusiastic about where we're positioned today, more enthusiastic about where we're headed. Future is bright, we have great products, we've got a great team that's working hard. We've got great initiatives underway to dramatically improve our margins as we move forward.

我們對今天的定位非常熱情，對我們的前進方向更加熱情。未來是光明的，我們有很棒的產品，我們有一支努力工作的優秀團隊。隨著我們前進，我們已經採取了重大舉措來顯著提高我們的利潤率。

A lot more to accomplish here between now and the end of the calendar year as we hopefully get the PAS for Cotempla approved. But we are confident that we are on the right track. A lot of the key initiatives that we had put in place over the last couple of years are starting to bear fruit. We're excited to see that. So my thanks to the team for all they're doing to enable that, and thanks to all of you.

從現在到日曆年年底，我們還有很多工作要做，因為我們希望 Cotempla 的 PAS 獲得批准。但我們相信我們走在正確的軌道上。我們在過去幾年中實施的許多關鍵舉措開始取得成果。我們很高興看到這一點。因此，我感謝團隊為實現這一目標所做的一切，並感謝你們所有人。

With that, I'll close out and say thank you and have a great evening.

有了這個，我會結束並說聲謝謝並度過一個愉快的夜晚。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。