CeriBell, Inc. (CBLL) 2026 Q1 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the CeriBell first quarter 2026 earnings call. (Operator Instructions)

感謝您耐心等候。此刻，我想歡迎各位參加 CeriBell 2026 年第一季財報電話會議。（接線員指示）

Thank you. I will now turn the conference over to Brian Johnston, Investor Relations. You may begin.

謝謝。我現在把會議交給投資人關係部的 Brian Johnston。您可以開始了。

Good afternoon, and thank you all for participating in today's call. Joining me from CeriBell are Jane Chao, Co-Founder and Chief Executive Officer; and Scott Blumberg, Chief Financial Officer.

各位下午好，感謝大家參與今天的電話會議。與我一同出席的 CeriBell 團隊成員包括共同創辦人兼執行長 Jane Chao，以及財務長 Scott Blumberg。

Earlier today, CeriBell issued a press release announcing financial results for the quarter ended March 31, 2026. A copy of the press release is available on the Investor Relations section of the company's website.

今天稍早，CeriBell 已發布新聞稿，公布截至 2026 年 3 月 31 日止季度的財務結果。新聞稿可於公司網站的投資人關係專區取得。

Before we begin, I'd like to remind you that management will make remarks during this call that include forward-looking statements within the meaning of federal securities laws and that these are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒各位，管理層在本次電話會議中的發言將包含符合聯邦證券法定義的前瞻性陳述，並係依據 1995 年《私人證券訴訟改革法案》的安全港條款作出。

Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. 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.

本次電話會議中任何與對未來事件、結果或表現之預期或預測相關的陳述，均屬前瞻性陳述。此等陳述涉及重大風險與不確定性，可能導致實際結果或事件與這些前瞻性陳述所預期或暗示者出現重大差異。

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 refer to the Risk Factors section of our public filings with the Securities and Exchange Commission, including our annual report on Form 10-K filed with the SEC on February 24, 2026.

因此，您不應過度依賴此等陳述。有關與本公司業務相關之風險與不確定性的清單與說明，請參閱我們向美國證券交易委員會提交之公開文件中的「風險因素」章節，包括我們於 2026 年 2 月 24 日向 SEC 提交的 Form 10-K 年度報告。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 11, 2026. CeriBell 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.

本次電話會議包含具時效性的資訊，且僅以今日（2026 年 5 月 11 日）直播時點為準。除法律要求外，CeriBell 不承擔亦不表示有任何意圖或義務更新或修訂任何財務預測或前瞻性陳述，不論係因新資訊、未來事件或其他原因。

And with that, I will turn the call over to Jane.

接下來，我把電話交給 Jane。

Good afternoon, and thank you all for joining us for our first quarter 2026 earnings call. Q1 was a strong quarter. We delivered revenue of $26.5 million, growing 29% year over year and 7% sequentially. Growth was driven by record headband utilization and our largest quarter of net new account additions. We also delivered 87% gross margin and expect to maintain gross margin in the high 80s range throughout 2026.

各位下午好，感謝大家參加我們 2026 年第一季財報電話會議。第一季表現強勁。我們實現營收 2,650 萬美元，年增 29%，季增 7%。成長主要由頭帶使用量創新高，以及本季淨新增客戶數創單季新高所帶動。我們亦達成 87% 的毛利率，並預期 2026 年全年毛利率可維持在 80% 後段的區間。

Beyond continued progress in penetrating our core seizure market, we delivered two major milestones that mark inflection points in the evolution of our platform. First, following a successful pilot, we have initiated the full commercial launch of our neonate and pediatric products. We are privileged to now offer our seizure monitoring solution to some of the most vulnerable patients. Second, we activated the first site in our delirium pilot in April, signifying our entry into the $1 billion market where we offer the only FDA-cleared diagnostic tool. I will discuss both milestones in detail shortly.

除了在核心癲癇發作市場持續取得滲透進展外，我們也達成兩項重要里程碑，標誌著我們平台演進的拐點。第一，在成功完成試點後，我們已啟動新生兒與兒科產品的全面商業化上市。我們很榮幸如今能將癲癇發作監測解決方案提供給部分最脆弱的病患。第二，我們於 4 月在譫妄試點中啟用第一個站點，象徵我們進入規模達 10 億美元的市場，且在該市場中我們提供唯一獲 FDA 核准（cleared）的診斷工具。我稍後將詳細說明這兩項里程碑。

First, let me start with our performance in our core market. Our goal is to become the standard of care for seizure management across 6,000 US hospitals that offer acute care services. We are pursuing this through two paths, adding new accounts and deepening utilization within our existing installed base. On account acquisition, we ended Q1 with 680 hospitals actively using CeriBell System.

首先，讓我先從我們在核心市場的表現談起。我們的目標是成為全美 6,000 家提供急性照護服務的醫院在癲癇發作管理上的照護標準。我們透過兩條路徑推進：新增客戶，以及在既有裝機基礎中深化使用量。在客戶取得方面，我們於第一季末共有 680 家醫院正在積極使用 CeriBell 系統。

With 33 net additions, this marks our strongest single quarter of account growth since becoming a public company. We remain confident in our ability to increase the number of new adds in 2026 above the level seen in 2025. Our confidence is reinforced by three strengths in this part of the business, the continued maturation of our recently expanded sales organization, deepening penetration within the VA and other health systems, and our strong account backlog.

本季淨新增 33 家，為我們成為上市公司以來單季客戶成長最強的一季。我們仍有信心在 2026 年將新增客戶數提升至高於 2025 年的水準。我們的信心來自此業務面向的三項優勢：近期擴編的銷售組織持續成熟、在退伍軍人事務部（VA）及其他醫療體系中的滲透加深，以及我們強勁的客戶積壓（backlog）。

The account acquisition team expansion we launched in Q4 2024 is delivering. Among the new hires with at least 12 months of tenure, over 85% have contributed to the active account base and 100% have generated purchase orders. Given the timing of our sales cycle and the time required to launch new accounts, this level of productivity is encouraging. As more of our new hires mature throughout 2026, we expect a further step-up in productivity with additional acceleration in 2027.

我們於 2024 年第四季啟動的客戶取得團隊擴編正在展現成果。在任職至少 12 個月的新進人員中，超過 85% 已對活躍客戶基礎做出貢獻，且 100% 都已產生採購訂單。考量我們銷售週期的時程以及啟動新客戶所需時間，這樣的生產力水準令人鼓舞。隨著更多新進人員在 2026 年持續成熟，我們預期生產力將再上台階，並在 2027 年進一步加速。

Beyond growing the territory manager team, we are also gaining momentum in two initiatives focused on accelerating hospital system acquisition. First, we expect continued momentum within the VA system, where we remain in the early stages of penetrating the 170 hospitals unlocked by our FedRAMP High Authorization last year.

除了擴大區域經理團隊之外，我們在兩項聚焦加速醫院體系取得的計畫上也正累積動能。第一，我們預期在 VA 體系內將持續保持動能；我們仍處於滲透去年取得 FedRAMP High 授權後所解鎖之 170 家醫院的早期階段。

Separately, leveraging our success from the VA, we launched a pilot at select US military hospitals. The opportunity is incremental in scale, but nonetheless, it is a compelling validation of our product and our position as a category leader.

另外，憑藉我們在 VA 的成功經驗，我們已在部分美國軍方醫院啟動試點。此機會在規模上屬增量，但即便如此，仍是對我們產品以及我們作為品類領導者地位的有力驗證。

Second, we have successfully hired a small team focused on top-down engagement of regional hospital systems. This complements the bottom-up activity of our TM organization and opens additional pathways to system-level adoption. Overall, we are encouraged by the growing market receptivity to our technology and are pleased with our team's momentum in adding new accounts.

第二，我們已成功招募一支小型團隊，專注以自上而下方式與區域性醫院體系互動。這可補足我們 TM 組織自下而上的推進活動，並開啟更多通往體系層級採用的途徑。整體而言，我們對市場對我們技術日益提升的接受度感到振奮，也對團隊在新增客戶方面的動能感到滿意。

Meanwhile, same-store growth trends remain strong. Q1 marked our strongest quarter ever in terms of headband usage per account. Our growing CAM team continues to drive utilization through departmental expansion, provider engagement across all shifts, and support of protocol development.

同時，同店成長趨勢依然強勁。第一季在每個客戶帳戶的頭帶使用量方面創下我們史上最強單季表現。我們持續擴大的 CAM 團隊透過擴展至更多科別、跨所有班別的醫護人員互動，以及協助制定流程（protocol），持續推動使用量提升。

We believe we have a significant opportunity to increase utilization even further. In accounts that have adopted our best practices, the results speak for themselves. Our top accounts routinely monitor approximately three times as many patients as average comparable accounts.

我們認為仍有顯著機會進一步提升使用量。在採用我們最佳實務的客戶中，成果不言自明。我們的頂尖客戶例行監測的病患數約為平均同類客戶的三倍。

We are also increasingly encouraged by what we are hearing from our users in real world. As our user base expands and real-world data accumulates, recognition of the clinical imperative of quantifiable brain monitor at the bedside continues to grow.

此外，我們也越來越受到使用者在真實世界回饋的鼓舞。隨著使用者基礎擴大與真實世界資料累積，對於在床邊提供可量化腦部監測之臨床必要性的認知持續提升。

In March, I had the opportunity to experience this firsthand at the Annual Meeting of the Society of Critical Care Medicine. There was strong excitement for our technology far beyond what we have experienced at past industry events. It is clear that we are moving closer to achieving our goal of helping to redefine the standard of care for seizure management.

3 月時，我有機會在重症醫學會（Society of Critical Care Medicine）年會上親身體驗到這一點。對我們技術的熱度遠超過我們在過往產業活動中的感受。很明顯，我們正更接近達成目標：協助重新定義癲癇發作管理的照護標準。

Turning now to our neonate and pediatric seizure programs, we have initiated the commercial launch of both products. Neonate is a population where improvement in seizure management can change the entire course of an individual's life. Our pilot was conducted at five sites, including both new and existing customers. All five of these hospitals are now moving forward from pilot to full implementation.

接著談到我們的新生兒與兒科癲癇發作計畫，我們已啟動兩項產品的商業化上市。新生兒族群中，癲癇發作管理的改善可能改變一個人一生的整體走向。我們的試點在五個站點進行，包含新客戶與既有客戶。這五家醫院目前皆正從試點階段邁向全面導入。

This momentum reinforces both the clinical case for use of our technology in younger patients and the commercial opportunities ahead. We're still early in our pediatric launch, but the feedback we are hearing from parents and physicians has already been profoundly meaningful.

這股動能同時強化了我們技術在年幼病患使用上的臨床論證，以及未來的商業機會。我們的兒科上市仍在早期階段，但我們從家長與醫師那裡聽到的回饋，已經極具意義且令人深受感動。

I'd like to share a recent case involving a pediatric patient in the emergency department. A two-year-old boy was brought to the ER unresponsive by his mom. It was his second ER visit of the day. The bedside provider initially struggled in identifying the root cause until the neurologist requested the Ceribell System.

我想分享一個近期在急診部門涉及一名兒科病患的案例。一名兩歲男童由母親送至急診室時呈無反應狀態。這是他當天第二次到急診就醫。床邊醫療人員起初難以找出根本原因，直到神經科醫師要求使用 Ceribell 系統。

Clarity immediately identified seizure activity, which neurologists confirmed. This avoided the need for a lumbar puncture and potential ICU admission while waiting for a conventional EEG. The team was able to initiate treatment promptly, and the little boy gained full alertness later that day. He was discharged the next morning.

Clarity 立即辨識出癲癇發作活動，並由神經科醫師確認。這避免了在等待傳統腦電圖（EEG）期間進行腰椎穿刺及可能入住加護病房（ICU）的需要。團隊得以及時啟動治療，該名男童於當天稍晚恢復完全清醒。他於隔天早上出院。

This case reflects what Ceribell system is designed to do, quickly identifying seizure activity, guide treatment decisions in real time and help patients get the care they need faster.

此案例反映了 Ceribell 系統的設計初衷：快速辨識癲癇發作活動、即時引導治療決策，並協助病患更快獲得所需照護。

Moving now to delirium, in April, we were thrilled to have activated the first site of our delirium pilot. This marks the beginning of a new chapter for CeriBell as we continue moving towards our goal of establishing EEG as the new vital sign. As a reminder, following FDA 510(k) clearance in December, CeriBell was the first and only company with an FDA-cleared delirium monitoring solution.

接著談到譫妄（delirium），在四月，我們非常高興已啟動譫妄試點計畫的第一個站點。這標誌著 CeriBell 新篇章的開始，我們持續朝著將腦電圖（EEG）建立為新的生命徵象之目標邁進。提醒一下，在去年十二月取得 FDA 510(k) 核准後，CeriBell 成為第一家且唯一一家擁有 FDA 核准之譫妄監測解決方案的公司。

Delirium is the most common neurological complication in the ICU, yet the standard of care for assessment remains subjective, labor-intensive and intermittent. Our solution offers something fundamentally different, objective, consistent and continuous insight into a patient's neurological state.

譫妄是加護病房（ICU）最常見的神經學併發症，但目前的評估照護標準仍然是主觀、耗費人力且間歇性的。我們的解決方案提供了根本不同的價值：對病患神經狀態提供客觀、一致且連續的洞察。

Our pilot is designed to build real-world experience, validating the right patient populations, optimizing clinical workflows, refining our commercial strategy and generating clinical evidence. What we are hearing from the field is encouraging. Interest in our delirium solution has been strong. And notably, that interest is amplified when delirium monitoring is paired with seizure detection.

我們的試點計畫旨在建立真實世界的使用經驗，驗證合適的病患族群、最佳化臨床工作流程、精進我們的商業策略，並產生臨床證據。我們從第一線聽到的回饋令人鼓舞。市場對我們的譫妄解決方案興趣濃厚。值得注意的是，當譫妄監測與癲癇偵測搭配時，這份興趣會更為提升。

This interest is further validated by our recently launched study with Vanderbilt Medical Center to examine the overlap between seizure and delirium across ICU patient populations. While the standalone value of delirium algorithm is clear, we are convinced that addressing seizure and delirium together has the potential to transform ICU care.

這份興趣也因我們近期與范德堡醫學中心（Vanderbilt Medical Center）啟動的研究而進一步獲得驗證，該研究將檢視在 ICU 病患族群中癲癇與譫妄之間的重疊情形。雖然譫妄演算法本身的價值已相當明確，但我們深信同時處理癲癇與譫妄有潛力改變 ICU 照護。

We are also pleased to share that in April, we received a supportive CMS proposed rule for a New Technology Add-on Payment, or NTAP, for our delirium monitoring solution. The rule proposes up to $2,171 in incremental reimbursement per patient. This is a positive indicator of the potential for a favorable final rule in August 2026. If adopted, the NTAP would become effective October 1, 2026.

我們也很高興分享，在四月，我們針對譫妄監測解決方案收到 CMS 對「新技術加成給付」（New Technology Add-on Payment，NTAP）的支持性擬議規則。該規則提議每位病患最高可增加 2,171 美元的增量給付。這是對 2026 年 8 月可能出現有利最終規則的一項正面指標。若獲採納，NTAP 將於 2026 年 10 月 1 日生效。

We believe that a positive final rule would supplement the significant clinical interest in our technology, helping to pave the way for its adoption. Looking ahead, we remain on track for a full commercial launch of our delirium solution in Q4 2026 or Q1 2027.

我們相信，正面的最終規則將可補強市場對我們技術的高度臨床興趣，並有助於為其導入鋪路。展望未來，我們仍按計畫於 2026 年第四季或 2027 年第一季全面商業化推出譫妄解決方案。

Finally, turning to LVO stroke, we received Breakthrough Device Designation for this indication in January 2026. We are continuing to push our clinical programs forward and look forward to sharing more in the coming quarters.

最後，談到大血管阻塞（LVO）中風方面，我們於 2026 年 1 月取得此適應症的突破性醫療器材認定（Breakthrough Device Designation）。我們將持續推進臨床計畫，並期待在未來幾季分享更多進展。

Stepping back, I could not be prouder of what our team have accomplished in the first quarter of the year. Q1 reinforced the confidence in our trajectory, and I'm energized by the momentum we are carrying into the rest of 2026. Execution across the business is on track with several key initiatives running ahead of schedule.

回過頭來看，我對團隊在今年第一季所達成的成果感到無比自豪。第一季強化了我們對發展軌跡的信心，而我也因我們帶入 2026 年其餘時間的動能而備受鼓舞。公司各項執行均按計畫進行，且有數項關鍵計畫進度超前。

We estimate our total addressable market at approximately $3.5 billion in the US alone, nearly double what it was just a year ago. We believe CeriBell is best positioned to lead this market with an integrated platform, established trust from physicians and administrators, and a growing body of clinical evidence.

我們估計僅在美國的整體可服務市場（TAM）約為 35 億美元，幾乎是僅一年前的兩倍。我們相信 CeriBell 具備最佳定位以整合式平台領導此市場，並已獲得醫師與管理者的既有信任，以及日益累積的臨床證據。

Our goal is a single brain monitoring platform that sets a new standard for neurological care, and we are executing against that vision. We remain committed to make EEG a new vital sign, and the early progress in 2026 only strengthens our conviction in the transformational nature of what we are building.

我們的目標是打造單一的腦部監測平台，為神經照護建立新標準，而我們正依此願景推進執行。我們仍致力於讓腦電圖（EEG）成為新的生命徵象，而 2026 年的早期進展更強化了我們對所打造事物具變革性本質的信念。

With that, I will now turn the call over to Scott Blumberg, our CFO, to provide a review of the first quarter results and 2026 guidance.

接下來，我將把電話會議交給我們的財務長（CFO）Scott Blumberg，請他回顧第一季業績並提供 2026 年展望指引。

Thank you, Jane, and good afternoon, everyone. As Jane highlighted, total revenue for the first quarter of 2026 was $26.5 million, which is a 29% increase from $20.5 million in the first quarter of 2025. The increase was primarily driven by increased adoption of the Ceribell System across new and existing accounts.

謝謝你，Jane，各位下午好。如 Jane 所強調，2026 年第一季總營收為 2,650 萬美元，較 2025 年第一季的 2,050 萬美元成長 29%。此成長主要來自 Ceribell 系統在新舊客戶中的採用率提升。

Product revenue for the first quarter of 2026 was $20.2 million, representing an increase of 29% from $15.6 million in the first quarter of 2025. Subscription revenue for the first quarter of 2026 was $6.3 million, representing an increase of 29% from $4.9 million in the first quarter of 2025.

2026 年第一季產品營收為 2,020 萬美元，較 2025 年第一季的 1,560 萬美元成長 29%。2026 年第一季訂閱營收為 630 萬美元，較 2025 年第一季的 490 萬美元成長 29%。

We ended Q1 with an account base of 680 hospitals, representing an increase of 33 accounts in the quarter. This includes a number of accounts that are part of our ongoing expansion within the VA system. We continue to anticipate incremental addition of VA accounts over the course of the year.

第一季結束時，我們的客戶基礎為 680 家醫院，該季淨增加 33 家。其中包含多個屬於我們在退伍軍人事務部（VA）體系內持續擴張的一部分的客戶。我們仍預期在今年內將逐步新增 VA 客戶。

We are pleased with the continued sequential momentum in headband purchasing trends in the first quarter, which we believe reflects the success of our same-store growth initiatives as well as our focus on high-quality new account launches. While we expect to continue to drive deeper within our accounts, I'll remind you that we typically see a sequential moderation in Q2 and Q3 volumes driven by a reduction in ICU census during the warmer months.

我們對第一季頭帶（headband）採購趨勢持續呈現逐季動能感到滿意；我們認為這反映了同店成長計畫的成效，以及我們對高品質新客戶導入的重視。雖然我們預期將持續在既有客戶中深化使用，我也提醒各位，通常在較溫暖的月份因 ICU 住院人數（census）下降，第二季與第三季的量會出現逐季趨緩。

Gross margin for Q1 2026 was 87% compared to 88% in the prior year period. This was achieved despite relying on inventory acquired from China at an elevated tariff rate. We were able to nearly fully offset this expense through a variety of cost reduction initiatives undertaken in 2025.

2026 年第一季毛利率為 87%，相較去年同期為 88%。即使我們仍仰賴自中國取得、適用較高關稅稅率的庫存，仍達成此表現。我們透過 2025 年推動的多項成本降低措施，幾乎完全抵銷了這項費用。

As we move into the back half of 2026, we will begin shipping inventory sourced from our fully operational line in Vietnam, which is subject to lower tariff rates. Consequently, we feel confident in our ability to maintain gross margins in the high 80% range throughout 2026.

隨著進入 2026 年下半年，我們將開始出貨由越南全面投產產線所供應的庫存，該來源適用較低的關稅稅率。因此，我們對於在 2026 年全年將毛利率維持在 80% 後段（high 80%）區間的能力充滿信心。

Total operating expenses for the first quarter of 2026 were $43.9 million, an increase of 36%, compared to $32.2 million in the first quarter of 2025. Noncash stock-based compensation expense was $3.7 million in the first quarter of 2026.

2026 年第一季總營業費用為 4,390 萬美元，較 2025 年第一季的 3,220 萬美元增加 36%。2026 年第一季非現金的股份基礎給付（stock-based compensation）費用為 370 萬美元。

The increase in sales and marketing expense in the first quarter was attributable to investments we made in our commercial organization as previously detailed. Further, we typically hold our national sales meeting in Q1, resulting in elevated non-headcount sales and marketing expense during the quarter.

第一季銷售與行銷費用的增加，歸因於我們如先前所詳述，對商業組織所做的投資。此外，我們通常在第一季舉辦全國銷售會議，導致該季非人事編制（non-headcount）的銷售與行銷費用較高。

G&A expense increased in Q1 as a result of expenses related to our ongoing IP litigation, which totaled $5.6 million. This is considerably higher than what we've seen in prior quarters, which is a reflection of the nonlinear nature of litigation-related activities.

由於與我們持續進行的智慧財產權（IP）訴訟相關的費用，第一季一般及行政（G&A）費用增加，該等費用合計為 560 萬美元。這明顯高於我們在先前幾季所見，反映了訴訟相關活動的非線性特性。

Research and development expense in Q1 increased as a result of headcount expansion to support enhancements to our product platform, including developing and improving our new product pipeline. Net loss was $19.7 million for the first quarter of 2026 or a loss of $0.52 per share compared to a loss of $12.8 million or a loss of $0.36 per share in the first quarter of 2025. An average weighted share count of 37.7 million shares was used to determine loss per share in Q1 2026.

由於擴編人力以支援我們產品平台的強化（包括開發並改善我們的新產品管線），第一季的研發費用有所增加。2026 年第一季淨損為 1,970 萬美元，或每股虧損 0.52 美元；相較之下，2025 年第一季淨損為 1,280 萬美元，或每股虧損 0.36 美元。2026 年第一季用以計算每股虧損的加權平均流通股數為 3,770 萬股。

Going forward, we will begin reporting adjusted EBITDA, which we believe is representative of the ongoing operating performance of our business. Adjusted EBITDA reflects our net loss before interest, taxes, depreciation, and amortization expense and also excludes noncash stock-based compensation expense as well as legal expenses associated with our ongoing IP litigation.

展望未來，我們將開始揭露調整後 EBITDA，我們認為其能代表本公司業務持續性的營運表現。調整後 EBITDA 係以淨損加回利息、稅項、折舊與攤銷費用，並排除非現金的股份基礎給付費用，以及與我們持續進行之智慧財產權訴訟相關的法律費用。

Adjusted EBITDA loss for the first quarter of 2026 was $11.2 million as compared to $10.9 million in the first quarter of 2025. Our cash, cash equivalents, and marketable securities as of March 31, 2026, were $141.2 million. We remain committed to our objective to achieve cash flow breakeven with cash on hand and the strength of our balance sheet and strong gross margin profile give us a high degree of confidence in our ability to do so.

2026 年第一季調整後 EBITDA 虧損為 1,120 萬美元，2025 年第一季為 1,090 萬美元。截至 2026 年 3 月 31 日，我們的現金、約當現金及有價證券為 1.412 億美元。我們仍致力於達成現金流量損益兩平的目標；手上現金、資產負債表的穩健性以及強勁的毛利率結構，使我們對達成該目標的能力具有高度信心。

Turning now to our outlook for 2026, we expect full year 2026 total revenue to range from $112 million to $116 million, up from our prior guidance of $111 million to $115 million. This represents annual growth of 26% to 30% over 2025. This change to guidance reflects the momentum we're seeing in our core business with success driven both by new account additions and usage within our established account base.

接著談 2026 年展望，我們預期 2026 年全年總營收將介於 1.12 億至 1.16 億美元，高於先前指引的 1.11 億至 1.15 億美元。這代表相較 2025 年的年增率為 26% 至 30%。本次指引調整反映我們在核心業務所見的動能；成長動能同時來自新增客戶，以及既有客戶基礎內的使用量提升。

With that, I will turn the call back to Jane.

接下來我把電話交回給 Jane。

Thank you, Scott, and thank you all for your time today. We are pleased with our first quarter performance and the trajectory of our business. We continue to make tangible progress towards establishing the use of our system as the standard of care for seizure detection in acute care setting. With less than 4% penetration in our core seizure market, we have a sizable runway ahead of us.

謝謝你，Scott，也謝謝各位今天撥冗參與。我們對第一季的表現以及業務發展軌跡感到滿意。我們持續在推動具體進展，朝向在急性照護場域中，將我們系統的使用建立為癲癇發作偵測的照護標準。在我們核心癲癇市場的滲透率仍低於 4% 的情況下，我們前方仍有相當可觀的成長跑道。

At the same time, we are advancing our platform into new indications with urgency and purpose, building towards a comprehensive brain monitoring system. Our mission to establish EEG as a new vital sign remains our North Star.

同時，我們也以緊迫感與明確目標推進平台至新的適應症，朝向打造一套全面性的腦部監測系統。將 EEG 建立為新的生命徵象，仍是我們的北極星使命。

I will now turn the call over to the operator for Q&A. Operator?

我現在把電話交給接線員進行問答。接線員？

(Operator Instructions) Stephanie Elghazi, Bank of America.

(接線員指示) 美國銀行的 Stephanie Elghazi。

Just wanted to ask about Q1 and the guidance. Q1 came in a little better than The Street, and you raised the guide by $1 million, a little bit more than the beat. So can you just talk about the decision to raise the guide and your confidence in the outlook for the year?

我想請教第一季以及指引的部分。第一季表現略優於市場共識，而你們把全年指引上調了 100 萬美元，幅度也略高於超預期的部分。能否談談上調指引的決策，以及你們對今年展望的信心來源？

Sure. Hi, Stephanie. When it comes down to 2026, there's really two core drivers of our business. It's account acquisition and same-store growth, and we're doing quite well on both. We just had our largest quarter of net new adds since we've been a public company and record usage per account. So that really forms the foundation of our confidence in the business and gives us the ability to raise guidance coming out of Q1.

當然。嗨，Stephanie。談到 2026 年，我們業務其實有兩個核心驅動因素。一是客戶取得，二是同店成長，而我們在這兩方面都做得相當不錯。我們剛創下自成為上市公司以來單季淨新增客戶數最高的一季，且每個帳戶的使用量也創新高。這些因素構成我們對業務的信心基礎，也讓我們在第一季結束後有能力上調指引。

Got it. And then just to follow up, I wanted to ask about OpEx. It was a little higher than expected. Was that mostly from higher litigation? Or was there increased commercial investments versus what you expected as well?

了解。接著追問一下，我想問營業費用（OpEx）。它略高於預期。主要是因為訴訟費用較高嗎？還是商業端投資也比你們原先預期增加？

And does Q1 change how you're thinking about the full year? Or is it more a change in timing of expenses?

另外，第一季是否改變你們對全年費用的看法？或者只是費用認列時點的變動？

We don't provide OpEx guidance. But as it relates to Q1, we saw a little bit of elevation in sales and marketing and R&D, and I'd bucket those more as investments in the business. We continually look at the facts in front of us and make investments to drive future growth, and that includes expansion of the sales team. As Jane outlined, a portion of that was related to our regional health systems function. And we continue to invest in R&D on the basis of our new product adds as well as improving our current product.

我們不提供營業費用（OpEx）指引。但就第一季而言，我們看到銷售與行銷以及研發費用略有上升，我會把這些歸類為對業務的投資。我們會持續根據眼前事實做出投資決策，以推動未來成長，其中也包括擴編銷售團隊。如 Jane 所述，其中一部分與我們的區域醫療體系職能相關。此外，我們也持續在研發上投入，基於新增產品導入，以及改善現有產品。

G&A is really where the IP expense came in. That was a detailed $5.6 million, higher than what we've seen in prior quarters. That's a result of the cadence of the lawsuit where we're right now in Q1 and Q2, really at the heaviest expense as we prepare for and go to trial. So we'd expect that to moderate as we get towards the back of the year.

一般與行政（G&A）才是智慧財產權相關費用進來的地方。該項費用為 560 萬美元，高於我們在前幾季所見。這是訴訟進程節奏所致；目前在第一季與第二季，我們正處於費用最重的階段，因為我們在準備並進入審判。因此我們預期，隨著接近年底，該費用將趨於緩和。

Robbie Marcus, JPMorgan.

摩根大通的 Robbie Marcus。

This is Lily on for Robbie. I was hoping you could talk a bit more about what you're seeing so far in pediatric and neonate. I know it's still early, but could you share a bit on the early feedback and utilization trends you're seeing so far and how meaningful of a contributor it's assumed to be in guidance for this year?

我是代 Robbie 提問的 Lily。想請你們多談一些目前在兒科與新生兒方面看到的情況。我知道仍在早期階段，但能否分享目前看到的初步回饋與使用趨勢？以及在今年指引中，假設它會成為多大程度的貢獻來源？

Yes. Overall, as I mentioned in the call, we see very positive momentum. We see the initial all the neonate pilot sites has committed to move to full execution. We are also seeing both in existing accounts as well as our new accounts showing strong interest in neonate expansion as well. So that could potentially drive both utilization as well as new account add.

可以。整體而言，如我在電話會議中提到的，我們看到非常正向的動能。我們看到最初的所有新生兒試點站點都已承諾轉為全面執行。我們也看到，不論在既有客戶或新客戶中，對新生兒擴展同樣展現強烈興趣。因此，這可能同時帶動使用量提升以及新增客戶。

On the pediatric ER front, that case I shared during the call is not an outlier. This is a very vulnerable patient population when they go to ER, physicians often have to deal with the situation that they don't get EEG and they cannot get EEG. So we see physicians and nurses see that opportunity for improvement. So overall, I would say the clinical validation has been very strong.

在兒科急診（ER）方面，我在電話會議中分享的案例並非特例。當這個非常脆弱的病患族群進入急診時，醫師往往必須面對無法取得 EEG、也無法安排 EEG 的情況。因此我們看到醫師與護理人員都認為這裡存在改善的機會。總體而言，我會說臨床驗證非常強勁。

In terms of the second part of your question, how this implies to the revenue implication, it's still very consistent with what we have been guiding because even getting to a new department or adding a patient population still can take months for new accounts, can still take the same amount of effort and timeline. So we would see some impact in 2026. We'll see the much more meaningful impact would come in 2027 and beyond.

至於你問題的第二部分，也就是對營收的意涵，目前仍與我們先前的指引非常一致，因為即便進入新的科別或新增一個病患族群，對新客戶而言仍可能需要數月時間，所需投入的努力與時程也可能相同。因此我們會在 2026 年看到一些影響。但更顯著的影響將會在 2027 年及之後出現。

Perfect. And then just a follow-up on gross margin. That came in really strong, above what we were thinking and above the range that you were guiding previously to for the full year. So can you talk a bit more about what drove the strength in the quarter and in the guidance? And how much of that, if any, is driven by tariff refunds?

很好。接著追問毛利率。本季毛利率表現非常強勁，超出我們原先的預期，也高於你們先前對全年所給的區間。能否多談談本季以及指引中毛利率走強的驅動因素？其中有多少（如果有的話）是由關稅退稅所帶動？

I'll answer the back half of the question first. None of it is driven by tariff refunds. We have not reflected that in our financial statements and will if and when we get the refund. But it's really driven by investments we made in mitigating costs last year. Those were things we did both as an ordinary course of business but also invested more as tariffs were coming down the pipe.

我先回答問題的後半段。這完全不是由關稅退稅所驅動。我們尚未在財務報表中反映該項目，並且會在我們取得退稅（若且唯若取得）時予以反映。但這其實是由我們去年為降低成本所做的投資所驅動。這些措施一方面屬於日常營運的一部分，但同時在關稅即將上路之際，我們也加大了投入。

So we were able to almost fully offset the cost of the increased tariffs from China. We also, as I mentioned, are now manufacturing in Vietnam. We have that inventory in-house. But based on our first in, first-out accounting, that hasn't flown through our income statement yet. So as we move towards that towards the back of 2026, we've got some opportunity for upside as well.

因此，我們幾乎能完全抵銷來自中國的關稅上調所增加的成本。另外，如我提到的，我們現在也在越南生產。我們已將該等庫存納入內部。但依據我們的先進先出會計處理，這些尚未反映到損益表中。因此，隨著我們在2026年下半年逐步轉向那一部分，我們也有一些上行空間的機會。

Brandon Vazquez, William Blair.

Brandon Vazquez，William Blair。

First, I just wanted to stick on neonate for a second and just talk a little bit more -- try to get more details on how things are going there. Jane, you had mentioned that the first -- I think it was the first five accounts went from a pilot to a full launch. Talk to us a little bit about what did those accounts see that made them comfortable that you guys and the accounts could go to a full launch. What do you see in the early days once this goes into a full launch? And once you go into that broader commercial stage, is there any impact and pull-through on the seizure side as well?

首先，我想先在新生兒（neonate）這塊多停留一下，再多談一些——試著取得更多細節，了解那邊的進展。Jane，你提到前——我想是前五個客戶從試點轉為全面上線。能否跟我們多談談，這些客戶看到了什麼，讓他們有信心你們以及這些客戶可以轉為全面上線？在全面上線的初期，你們看到了什麼？而一旦進入更廣泛的商業化階段，是否也會對癲癇發作（seizure）端帶來任何影響與帶動效應（pull-through）？

Yes. For the new accounts, the pilot accounts conversion, often a couple of things we learned. One is the neonatologists or the neonate nurses. They are even more protective of their patients. So when they roll out new technology, they are very cautious and make sure the new technology does no harm and it's actually safe.

是的。針對新客戶、試點客戶的轉換，我們通常學到幾件事。第一是新生兒科醫師或新生兒護理師。他們對病患的保護意識更強。因此在導入新技術時，他們非常謹慎，會確保新技術不會造成傷害，而且確實安全。

So over the past couple of months, they all validate very strong safety, especially related to skin integrity of this patient population. They also validate the ease of use and some of them also validated the accuracy of Clarity. So with all that, that translates to the very strong clinical buy-in.

因此在過去幾個月，他們都驗證了非常強的安全性，特別是與這類病患族群的皮膚完整性相關。他們也驗證了易用性，其中一些也驗證了Clarity的準確性。綜合以上，這就轉化為非常強的臨床端認同（clinical buy-in）。

On the health economic front, some of these sites are not Level 4. They can be Level 3. So they used to transfer patients out because they cannot get EEG. And of course, they lose the reimbursement with the patient, and they were able to show that they could potentially use this to reduce those transfers. So that's a very strong health economics driver in addition to the strong clinical driver, not to mention not having patients move.

在健康經濟（health economic）層面，其中一些院所不是第4級（Level 4）。它們可能是第3級（Level 3）。因此他們過去會把病患轉出，因為他們無法提供腦電圖（EEG）。當然，病患轉出後，他們也會失去該病患所帶來的給付（reimbursement），而他們已能證明，可能可以用這個來降低那些轉診/轉院。因此，除了強勁的臨床驅動因素之外，這也是非常強的健康經濟驅動因素，更不用說病患不必移動。

So it's very encouraging that we are seeing early on our hypothesis of clinical and health economic drivers doing our market research translating into the reality that what we see in the commercial pilot. And now our goal is to also further implement and roll out our playbook. And the last thing I will mention is we also see that the pediatric epileptologists are very supportive because our montage is consistent with the ACNS guidelines, that's the full montage. And they are very encouraged to see that they can see the full picture as well and happy with the Clarity Assistant. So overall, we remain optimistic about the full launch.

因此非常令人鼓舞的是，我們早期看到：我們在市場研究中提出的臨床與健康經濟驅動因素假設，正在轉化為商業試點中所見到的現實。而現在我們的目標是進一步落地並推廣我們的作戰手冊（playbook）。最後我想提到的是，我們也看到小兒癲癇專科醫師（pediatric epileptologists）非常支持，因為我們的導程配置（montage）符合ACNS指引，也就是完整導程配置。他們也很受鼓舞，因為他們能看到完整全貌，並且對Clarity Assistant感到滿意。因此整體而言，我們對全面上線仍然保持樂觀。

Great. Maybe switching gears a little bit to the account add side. You guys had a great quarter there and a record quarter. I know you mentioned a couple of different buckets, but you guys have talked also about investing in some of these corporate focused teams, if that's the right terminology for it, that kind of push demand from the top down. Maybe talk to us a little bit about what are the one or two most incremental drivers that are supporting that level of account adds and just to understand durability of that going forward.

很好。也許稍微換個話題到新增客戶（account add）這一端。你們這一季表現很強，也是創紀錄的一季。我知道你們提到幾個不同的類別，但你們也談到投資於一些以企業/集團為重點的團隊（如果這樣稱呼正確的話），也就是從上而下推動需求的那種。能否跟我們多談談，支撐這種新增客戶水準的最增量的1到2個驅動因素是什麼，並幫助我們理解未來的可持續性？

Yes. So this model was built upon the success we saw last year. We noticed some of our very top TMs, they were able to close a much bigger number of accounts because they really focused on the system -- regional hospital systems. So that's why we decided to expand the proven success model. So what this team does was build a few folds.

是的。這個模式是建立在我們去年看到的成功之上。我們注意到一些最頂尖的TM，他們能夠成交更多的大型客戶，因為他們真的聚焦在系統層級——區域醫院體系。因此我們決定擴大這個已被驗證成功的模式。這個團隊所做的事情包含幾個面向。

One is they would more focus on the hospital system level often administrators or the CMOs, the VP in charge of patient transfer, the CFOs and because the TM level, usually, they don't get to the regional system level.

第一，他們會更聚焦在醫院體系層級，通常是管理階層或CMO、負責病患轉診/轉院的副總、CFO等；因為在TM層級，通常接觸不到區域體系層級。

And the second factor they can drive the business is they can coordinate across our TM as well as CAM organization. because even, say, a 10, 20 hospital system, some of them are our existing accounts. So we have CAM responsible for it. Some of them are split across different territories. To have someone centralized and coordinated efforts is also a significant driver.

第二個他們能推動業務的因素是，他們可以在我們的TM以及CAM組織之間進行協調。因為即便是一個10家、20家醫院的體系，其中有些是我們既有客戶。因此我們有CAM負責。其中一些也分散在不同的區域。由一個集中角色來統籌並協調投入，也是一個重要的驅動因素。

And the third driver, I would say, this is the first time we are managing this regional system in a more sophisticated way. So internally, we are monitoring the pipeline movement. We are making sure the CAM and TM work closely together to also develop the pipelines for this hospital system close. It's too early to report the actual result because this process takes longer. Regional system can take even a little bit longer than individual accounts.

第三個驅動因素，我會說，這是我們第一次以更精細、更成熟的方式來管理這些區域體系。因此在內部，我們會監控管線（pipeline）的推進。我們確保CAM與TM緊密合作，也共同為這個醫院體系的成交來建立管線。目前要報告實際成果還太早，因為這個流程需要更長時間。區域體系甚至可能比單一客戶還要更久一些。

But from the early indicator, we are very optimistic.

但從早期指標來看，我們非常樂觀。

Josh Jennings, TD Cowen.

Josh Jennings，TD Cowen。

Congratulations on a nice start to the year. And I wanted to just ask on the utilization front. It seems like trends are continuing to get stronger. You put forward the systematic department expansion initiative last year, and you're seeing -- it seems like there's been more and more improvement. Any quantitative or qualitative color -- additional color you can provide just on this effort and how it's impacting utilization at same-store accounts?

恭喜今年有個很好的開局。我想就使用率（utilization）方面提問。看起來趨勢持續轉強。你們去年提出系統性的科別擴張（department expansion）倡議，而你們看到——似乎改善越來越多。關於這項努力，以及它如何影響同店客戶（same-store accounts）的使用率，你們能否提供一些量化或質化的補充說明——更多細節？

Yes. I can add more -- probably more qualitative color to it. Overall, our strategy remains consistent. It is departmental expansion, physician and provider engagement across all shifts and also driving verticalization across different patient population.

是的。我可以補充更多——可能是更多質化的說明。整體而言，我們的策略保持一致。也就是科別擴張、跨所有班別的醫師與照護提供者（provider）參與度提升，以及推動在不同病患族群之間的垂直化（verticalization）。

I would say the strong quarter, partially, as Scott mentioned, Q1 is the high seasonality, but we also believe that a significant portion is because of execution. And last year, we also significantly invested in building up a very strong regional leader -- director leadership team and build up the CAM team accordingly and strengthen our execution and playbook. I think we are seeing a lot of these efforts we have put in and just seeing the team executing in an excellent way. So very proud of what we have accomplished, what the team has accomplished here.

我會說，這一季表現強勁，部分原因如Scott提到，第一季具有較高的季節性，但我們也相信相當一部分是因為執行力。而去年我們也大幅投資於建立非常強的區域領導——總監層級的領導團隊，並相應地建置CAM團隊，強化我們的執行與作戰手冊。我想我們正在看到我們投入的許多努力所帶來的成果，也看到團隊以非常出色的方式在執行。因此我們對我們所完成的、以及團隊在這裡所完成的成果感到非常自豪。

I also wanted to -- I was hoping to better understand what you -- Jane, you described as a potential synergy or not potential, but there could be and will be a synergistic interaction between the delirium and seizure indications. You got this Vanderbilt study going. Can you build out on how you expect results or even what's in the current library of evidence, how once the delirium launch is in play, how it can also drive deeper penetration for the seizure indication?

我也想——我希望能更了解你所描述的內容，Jane，你提到譫妄（delirium）與癲癇發作（seizure）適應症之間可能存在的協同效應，或不是可能，而是可能會、也將會有協同互動。你們正在進行Vanderbilt的研究。你能否進一步說明，你預期研究結果，或甚至就目前既有的證據庫而言，一旦譫妄的上市推進後，將如何也能推動癲癇發作適應症更深的滲透？

Yes. Thank you, Josh. Clinically, delirium and seizure are heavily intertwined. If I maybe can use one example patient population to illustrate that. If you pick up sepsis patient with altered mental status, which is many of them, about 20%, 30% of these patients, if you monitor them with EEG, would have non-convulsive seizures.

是的。謝謝你，Josh。在臨床上，譫妄與癲癇發作高度交織在一起。如果我可以用一個病人族群的例子來說明。如果你接觸到敗血症且精神狀態改變的病人（很多都是如此），其中約20%、30%的病人，若以腦電圖（EEG）監測，會出現非痙攣性癲癇發作。

And then 40% to 50% of these patients would have delirium. But their symptom, if you don't have EEG, it's the same patient just altered mental status.

接著其中40%到50%的病人會有譫妄。但如果你沒有EEG，他們的症狀看起來是一樣的——同一位病人只是精神狀態改變。

And to make things even more complicated for the 20%, 30% seizure patients, about 40% of them later would have delirium. And for the delirium patients, if you monitor them with EEG, a good portion of them would later develop seizure. So that's on from prevalence rate, some existing publication showed how intertwined they are.

而讓事情更複雜的是，在那20%、30%有癲癇發作的病人中，約40%之後也會出現譫妄。而對於譫妄病人，如果用EEG監測，其中相當一部分之後會發展成癲癇發作。所以從盛行率來看，一些既有的發表文獻顯示兩者交織得多麼緊密。

Now when you go to the treatment, as many of us know, benzo is the first-line treatment for status epilepticus for the inpatient and often physicians use it empirically treat seizure. However, benzo is also the #1 deliriogenic agent. So if patients have delirium, you want to keep them away from benzo. And right now, without an objective tool, physicians again have to guess. So this is why as we show this clinical evidence and start connecting the dots for the physicians, the life bubble goes on.

現在談到治療，如同我們許多人所知，苯二氮平類（benzo）是住院病人癲癇重積狀態的一線治療，且醫師常會以經驗性方式用它來治療癲癇發作。然而，benzo也是排名第一的誘發譫妄藥物。所以如果病人有譫妄，你會希望讓他們遠離benzo。而目前在缺乏客觀工具的情況下，醫師又得再猜一次。因此，當我們展示這些臨床證據並開始替醫師把線索串起來時，那個「靈光一現」的時刻就會出現。

And for many physicians would wonder -- I wonder how many of the delirium patients I'm treating actually have non-convulsive seizures. So that's really the initial discussion that lead to the study that we are initiating with Vanderbilt.

而且許多醫師會想——我在治療的譫妄病人中，有多少其實是非痙攣性癲癇發作？這正是促成我們與Vanderbilt啟動這項研究的最初討論。

Bill Plovanic, Canaccord Genuity.

Bill Plovanic，Canaccord Genuity。

I wanted to start out with the launch of delirium as you go into the pilot here, do you think that you're going to be able to charge separately for delirium? Or do you think that this will be part of the offering that you're measuring two metrics and it just enables you to build your installed base and your defensive moat against other players? Just any general thoughts as you're going into this? Is this going to be incremental revenue? Or is it just kind of help you continue to land, expand and really dominate the market?

我想先從你們在進入試點時推出譫妄（功能）談起，你們認為能夠針對譫妄另外收費嗎？還是你們認為這會成為整體方案的一部分——你們在量測兩個指標，這只是讓你們能建立已安裝基礎，並對其他競爭者形成防禦性護城河？在你們準備推進這件事時，有沒有一些整體想法？這會帶來增量營收嗎？還是只是幫助你們持續落地、擴張，並真正主導市場？

Yes. Thanks, Bill. You're pointing out two potential drivers underneath your question. One is we could charge more or separately for delirium so that could be a revenue driver. And the other driver is by offering delirium solution, even in existing accounts, we could drive more patient usage.

是的。謝謝你，Bill。你指出了你這個問題底下的兩個潛在驅動因素。其一是我們可以對譫妄收取更高費用或單獨收費，這可能成為營收驅動。另一個驅動因素是，透過提供譫妄解決方案，即使在既有客戶中，我們也能帶動更多病人使用量。

So it is true both are potential drivers of launching delirium. At this point, we know that we have both options. We are not making the decision and are not ready to discuss how we're going to price it yet. However, that's exactly why we're doing delirium pilot and just both to study the price elasticity or sensitivity as well as the potential impact of delirium on the number of patient expansion we could achieve. So we look forward to probably discuss more about the question you asked down the road as we are ready to launch delirium fully.

所以確實，推出譫妄（方案）這兩者都可能成為驅動因素。在此階段，我們知道我們同時擁有這兩種選項。我們尚未做出決定，也還沒準備好討論我們將如何定價。不過，這正是我們進行譫妄試點的原因：一方面研究價格彈性或敏感度，另一方面評估譫妄對我們可達成的病人數擴張之潛在影響。因此，隨著我們準備好全面推出譫妄，我們也期待未來能就你提出的問題再做更多討論。

Excellent. And then just I really want to come back to the guidance question. I mean it's rare that you see a company beat by $600,000, $700,000 and then raise guidance by $1 million, especially after the first quarter. And so you've given us the reasons of the sales force gaining traction. But then the commentary on the seasonality in Q2 and Q3 has me a little confused.

很好。接著我想回到財測（guidance）問題。很少看到一家公司超預期60萬、70萬美元，然後在第一季之後就把全年財測上調100萬美元。你們已經給了我們原因：銷售團隊開始取得動能。但你們對第二季與第三季季節性的評論讓我有點困惑。

And I think the best way to ask it is, for a cadence standpoint, consensus is $27.2 million for the second quarter. Are you comfortable with that number? Or any thoughts or comments would be greatly appreciated.

我想最好的問法是，就節奏（cadence）而言，市場一致預期第二季為2,720萬美元。你們對這個數字感到安心嗎？任何想法或評論都將非常感謝。

I think the comment on seasonality is nothing new. It's more of a reminder. And I believe most of the Street has appropriately modeled the seasonal impact of Q4, Q1 being higher than Q2 and Q3. So I won't comment specifically on the specific quarter of consensus other than that I think people understand the seasonality. And I would disconnect the two.

我認為關於季節性的評論並不是新訊息。比較像是提醒。而且我相信華爾街大多已適當地把季節性影響納入模型：第四季、第一季通常高於第二季與第三季。因此，除了我認為大家理解季節性之外，我不會針對特定季度的市場一致預期做具體評論。而且我會把這兩件事分開看。

The guidance, of course, is full year guidance, and we have very high confidence in the full year. We just want to make sure that people are appropriately thinking about the transition from Q1 to Q2, which has always been, and we expect to continue to be sequentially down in terms of usage per account. But of course, that's offset by the growth initiatives we're pursuing both in terms of new adds and the impact of the [cadence].

財測當然是全年財測，我們對全年非常有信心。我們只是想確保大家在思考從第一季到第二季的轉換時是恰當的——就每個帳戶的使用量而言，這一直以來都是、我們也預期將持續呈現季對季下滑。但當然，這會被我們正在推動的成長計畫所抵銷，包括新增客戶（new adds）以及[cadence] 的影響。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

I wanted to circle back here on sales force productivity. You gave us some great stats, very encouraging that of your folks that have 12 months or more of tenure, over 85% have contributed to the account base, 100% of them have generated purchase orders. Just wanted to double check since that's the first quarter that we're getting these sorts of stats. Is this all pretty new once they hit that 12 months that they start to be able to contribute in this way because of the length of the cycle? And I guess it's a long-winded way of asking how long does it take for a rep to kind of hit peak productivity in terms of tenure and maybe there's not even a ceiling.

我想回到銷售團隊生產力。你們給了我們一些很棒的數據，非常令人鼓舞：在任職滿12個月或以上的同仁中，超過85%對客戶帳戶基礎有貢獻，且其中100%都產生了採購訂單（purchase orders）。我只是想再確認一下，因為這是我們第一次在第一季拿到這類統計。這是否代表一旦他們達到12個月，因為銷售週期較長，他們才開始能以這種方式做出貢獻？我想用比較繞的方式問：一位業務代表在任職多久後，才能在生產力上達到高峰？也許甚至沒有上限。

Just any details on kind of where this could go from here?

能否提供一些細節，說明接下來可能會如何發展？

Yes. Sure, Marie. First, I want to make it clear that we don't intend to introduce new reporting metrics here. We wanted to quantify something that we've talked about qualitatively for a while because we just got to the point where reps who've been a part of that expansion that we really started towards the end of Q3 2024, the beginning of Q4 are just getting to the phase.

是的。當然，Marie。首先，我想說清楚，我們並不打算在這裡引入新的揭露指標。我們只是想把我們談了一段時間的質性描述量化，因為我們剛好到了這個時間點：那些參與我們擴編（我們大約在2024年第三季末、第四季初真正開始推動）的業務代表，現在正進入那個階段。

We generally have expected reps to generate their first new add at about one year. And that's been consistent. We last expanded our sales org pretty broadly back in 2021. But of course, we've added reps along the way. And the math there is essentially two or three months to train the rep, six or so months to acquire a purchase order, three or four months to launch.

我們一般預期業務代表大約在一年左右產生第一個新增客戶（new add）。而這一直都很一致。我們上一次大幅擴編銷售組織是在2021年。但當然，我們一路上也持續增聘業務。而那個時間拆解基本上是：兩到三個月訓練、約六個月拿到採購訂單、三到四個月上線（launch）。

So that adds up to about a year.

所以加總起來大約是一年。

And throughout the course of the past 1.5 years since we started that expansion, we've been tracking the precursors to that, which, of course, is the CRM measurement of the activities that we know are associated with purchase orders. And we've now gotten to the point where we can actually translate that into tangible for you. So we thought we'd give you a little bit behind the curtains in terms of how that's translating.

而在過去1.5年、也就是我們開始那次擴編以來的整個過程中，我們一直在追蹤其前置指標，當然也就是CRM中對各項活動的衡量——我們知道這些活動與採購訂單相關。而我們現在已經到了可以把這些轉化為你們看得見的具體成果的階段。所以我們想稍微讓你們看一下幕後，了解這些是如何轉化的。

And I do want to point out, it's a relatively small group since we did that expansion over the course of a year, and it's the first portion of those, but the rest are tracking as well. So that's one of the things that gives us confidence in the ability to drive more growth this year than next year because we got than last year because we got a number of folks aging into productivity throughout the year.

我確實想指出，因為我們是在一年期間完成那次擴編，所以這是一個相對較小的群體，而且這只是其中的第一批，但其餘的人也都在追蹤中。因此，這也是讓我們對今年相較於明年、以及今年相較於去年能帶動更多成長的能力更有信心的原因之一，因為我們有不少人會在一年當中逐步進入具生產力的階段。

All right. Great detail there, Scott. Just one quick follow-up for me, a clarification on seasonality. Of course, I understand utilization per account might be impacted by ICU census. But would we expect any impact to account adds?

好的。Scott，你這裡的細節很棒。我只有一個很快的追問，想釐清一下季節性。當然，我理解每個帳戶的使用率可能會受到 ICU 住院人數影響。但我們是否預期帳戶新增也會受到任何影響？

It seems to me that you'd be able to still be selling into these departments. Just want to clarify that.

在我看來，你們仍然可以持續向這些科別銷售。只是想確認一下。

Yes. There's no specific seasonality. We see there is a little bit of quarter-to-quarter lumpiness, and that may be increased down the road with the addition of the new regional health system function because they'll get accounts in bigger chunks. So it's not -- there's no consistent trend, but you can see that move up or down as long as the kind of direction is up and to the right. We saw that last year where I think Q2 was lower than Q1 and Q3 was much higher than Q1.

是的。沒有特定的季節性。我們確實看到季度之間會有些許不均勻波動（lumpiness），而且未來隨著新增區域健康系統職能，這種情況可能會更明顯，因為他們會以較大批次取得帳戶。所以並不是——沒有一致的趨勢，但你會看到它上下波動，只要整體方向是往上、往右就好。我們去年就看到這種情況，我記得 Q2 比 Q1 低，而 Q3 則遠高於 Q1。

It's a little bit up and down, but the trend is that we'll add more.

會有些上下起伏，但趨勢是我們會新增更多。

Jeffrey Cohen, Ladenburg Thalmann.

Jeffrey Cohen，Ladenburg Thalmann。

Firstly, could you talk about military hospitals and talk about the opportunity and TAM perhaps as it relates to the size and scope of the VA network?

首先，你能談談軍醫院，並談談相關機會與 TAM（總可服務市場）嗎？也許可以對照 VA 網路的規模與範圍來說明。

Yes. The military hospitals in terms of number of hospitals, our understanding is more around 30 hospitals. So that's significantly lower than 170 VA hospitals. But still it's a very meaningful opportunity. And they have actually slightly different cybersecurity compared to VA.

可以。就軍醫院的數量而言，我們的理解大約是 30 家左右。因此，這明顯低於 VA 的 170 家醫院。但這仍然是一個非常有意義的機會。而且他們的資安要求其實與 VA 略有不同。

However, there's more overlap between the cybersecurity. So we were able to leverage the success we had from VA and have both physicians and administrators support and use -- leverage the cybersecurity we gain through FedRAMP hike as well as the success in VA to start this pilot.

不過，資安方面的重疊度更高。因此，我們能夠運用在 VA 的成功經驗，並獲得醫師與行政人員的支持與採用——同時也運用我們透過 FedRAMP High 所取得的資安能力，以及在 VA 的成功，來啟動這項試點。

In terms of the clinical unmet needs, they face many similar challenges as VA, the under-resourced neurologist availability of neurologists being one of them and the EEG technicians as well. So for now, we focus on the military hospitals, and we are excited about the potential upside this can bring.

就臨床未被滿足的需求而言，他們面臨許多與 VA 類似的挑戰，其中之一就是神經科醫師資源不足、神經科醫師可用性不足，另外也包括 EEG 技術員。所以目前我們聚焦在軍醫院，我們也對這可能帶來的上行潛力感到非常興奮。

Got it. That's helpful. And could you talk a little bit further about your comment regarding CAT scans? Just curious on some of these pathways and triage monitoring as stroke and LVO patients are being looked at as far as CTs and MRIs.

了解。這很有幫助。另外，你能再多談談你提到的 CT 掃描嗎？我想了解在這些流程、分診與監測路徑中，當中風與 LVO 病患接受 CT 與 MRI 檢查時，實務上可能會怎麼進行。

Just to make sure I understand the question, you mean how our LVO monitoring algorithm would work in terms of being complementary to CT and MRI, other imaging tools.

我確認一下我是否理解你的問題：你是指我們的 LVO 監測演算法在與 CT、MRI 等其他影像工具互補時，會如何運作？

That's right. And in practice, what might you envision be a protocol or standard of care.

沒錯。以及在實務上，你可能會想像的流程或照護標準會是什麼樣子。

Yes. We are, of course, still a little bit early to talk about the exact workflow. However, the way we see the value proposition of the product is we do not replace any CT or MRI as the gold standard of LVO detection. Where we see for the inpatient setting, the value proposition for our product is the continuous monitoring element so that we can potentially triage and detect LVO faster.

是的。當然，我們現在談到非常精確的工作流程還稍微早了一點。不過，我們對這項產品的價值主張是：我們不會取代任何 CT 或 MRI 作為偵測 LVO 的黃金標準。我們認為在住院場景中，我們產品的價值主張在於「持續監測」這個元素，讓我們有機會更快分診並偵測 LVO。

And because for CT and MRI, you can't just constantly send patients to CT and MRI, right? So if we can have a continuous monitor, we can say this patient have a very, very high likelihood to have large vessel occlusion, and that can potentially trigger a workflow to send the patient for CTA or MRIs as needed to confirm LVO. And so that could significantly shorten the delay of LVO detection. I hope that answers your question.

因為對 CT 與 MRI 而言，你不可能一直不斷把病人送去做 CT 和 MRI，對吧？所以如果我們能進行持續監測，我們就能判斷這位病人發生大血管阻塞的可能性非常、非常高，進而可能觸發一個工作流程，視需要將病人送去做 CTA 或 MRI 以確認 LVO。因此，這可能大幅縮短偵測 LVO 的延遲時間。希望這回答了你的問題。

Jayson Bedford, Raymond James.

Jayson Bedford，Raymond James。

Maybe just a couple here. I realize this may depend on -- well, it will depend on hospital size, but utilization in VA hospitals compared to non-VA hospitals, how would you expect that to trend if it's different at all?

我這邊可能有兩個問題。我知道這可能取決於——嗯，確實會取決於醫院規模，但 VA 醫院相較於非 VA 醫院的使用率，你預期會如何變化？如果兩者有任何差異的話。

We don't disclose hospital system level utilization because even though we talked about VA as an opportunity mostly because of FedRAMP High that opened a large system. But externally, we just do not disclose specific system level utilization.

我們不揭露醫院系統層級的使用率。因為即便我們談到 VA 是一個機會，主要是因為 FedRAMP High 打開了一個大型系統。但對外我們不會揭露特定系統層級的使用率細節。

Okay. Okay. In terms of just the $5.6 million in litigation expense in the quarter, Scott, is this peak spend -- and just so I have it, is this relative to the $5.6 million is relative to about $1 million a quarter over the last few quarters? Do I have that correct?

好的。好的。關於本季 560 萬美元的訴訟費用，Scott，這是否是支出高峰——另外我想確認一下：這 560 萬美元是否相較於過去幾季每季大約 100 萬美元左右？我理解得對嗎？

We were running at about $1 million to $2 million a quarter before. And as we kind of move through the year and you've got the comparison period and adjusted EBITDA, you'll be able to track that. So Q1 was outsized. Q2 also will likely be higher. We're right in the kind of peak part of the action with depositions and upcoming trials.

我們之前每季大約在 100 萬到 200 萬美元左右。隨著我們逐步走過今年，並且有可比較期間與調整後 EBITDA，你就能追蹤到這個變化。所以 Q1 是偏高的。Q2 也很可能會更高。我們正處於行動高峰期，包含證詞錄取（depositions）以及即將到來的審判。

So I'd expect Q2 to be elevated too, and then it will start to moderate as you move later into 2026.

所以我預期 Q2 也會維持在較高水準，之後隨著你進入 2026 年後期，費用就會開始趨於緩和。

There are no further questions at this time. I will now turn the call back over to Jane Chao, Co-Founder and Chief Executive Officer, for any closing remarks.

目前沒有進一步的問題。我現在把電話交回給共同創辦人兼執行長 Jane Chao，請她做結語。

Well, thank you, everyone, for joining our call. I'm very proud of what we have accomplished as a team and very excited about what's on the horizon and look forward to sharing more milestones in the coming quarters.

好的，謝謝各位參與我們的電話會議。我為我們團隊所完成的成果感到非常自豪，也對未來的發展感到非常興奮，並期待在接下來幾個季度分享更多里程碑。

Ladies and gentlemen, that concludes today's call. Thank you all for joining and you may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與，現在可以掛線。