Cutera Inc (CUTR) 2022 Q2 法說會逐字稿

Thank you for joining Cutera's Second Quarter 2022 Earnings Conference Call. (Operator Instructions)

感謝您參加 Cutera 的 2022 年第二季度收益電話會議。 （操作員說明）

The discussion today includes forward-looking statements. These forward-looking statements reflect management's current forecasts or expectations of certain aspects of the company's future business, including, but not limited to, any financial guidance provided for modeling purposes.

今天的討論包括前瞻性陳述。這些前瞻性陳述反映了管理層當前對公司未來業務某些方面的預測或預期，包括但不限於為建模目的提供的任何財務指導。

Forward-looking statements are based on current information that is, by its nature, dynamic and subject to change. Forward-looking statements include, among others, statements regarding financial guidance, regulatory approvals, productivity improvements and plans to introduce new products and expand into additional geographies.

前瞻性陳述基於當前信息，就其性質而言，這些信息是動態的並且可能會發生變化。除其他外，前瞻性陳述包括有關財務指導、監管批准、生產力提高以及推出新產品和擴展到其他地區的計劃的陳述。

For words that may identify forward-looking statements, we encourage you to refer to the safe harbor statement in our press release earlier today. All forward-looking statements are subject to risks and uncertainties included in those risk factors described in the section entitled Risk Factors in our Form 10-K as filed with the Securities and Exchange Commission, and updated on our Form 10-Qs subsequently filed. Cutera also cautions you not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Cutera undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances or to reflect the occurrence of unanticipated events. Future results may differ materially from management's current expectations.

對於可能識別前瞻性陳述的詞語，我們鼓勵您參考我們今天早些時候發布的新聞稿中的安全港聲明。所有前瞻性陳述都受到風險和不確定性的影響，這些風險和不確定性包含在我們向證券交易委員會提交的表格 10-K 中的風險因素部分中描述的風險因素中，並在隨後提交的表格 10-Q 中進行了更新。 Cutera 還告誡您不要過分依賴前瞻性陳述，這些陳述僅在發表之日發表。 Cutera 不承擔公開更新任何前瞻性陳述以反映新信息、事件或情況或反映意外事件發生的義務。未來的結果可能與管理層目前的預期大相徑庭。

In addition, we will discuss non-GAAP financial measures, including results on an adjusted basis. We believe these financial measures can facilitate a more complete analysis and greater transparency into Cutera's ongoing results of operations, particularly when comparing underlying results from period to period. Please refer to the reconciliation from GAAP to non-GAAP measures in our earnings release. These non-GAAP financial measures should be considered along with, but not as alternatives to the operating performance measures prescribed by GAAP.

此外，我們將討論非公認會計準則財務指標，包括調整後的結果。我們相信這些財務措施可以促進對 Cutera 的持續經營業績進行更全面的分析和提高透明度，特別是在比較不同時期的基本結果時。請參閱我們的收益發布中從 GAAP 到非 GAAP 措施的對賬。這些非公認會計原則財務指標應與公認會計原則規定的經營業績指標一起考慮，但不能作為替代指標。

With that, I would like to turn the call over to our CEO, Dave Mowry.

有了這個，我想把電話轉給我們的首席執行官戴夫莫里。

Thank you, Ariel. I'd like to welcome each of you to Cutera's Second Quarter 2022 Earnings Call, and I'm glad that you're able to join us for this important update. With me on today's call is Rohan Seth, our Chief Financial Officer.

謝謝你，愛麗兒。歡迎大家參加 Cutera 的 2022 年第二季度財報電話會議，我很高興你們能夠加入我們的這一重要更新。今天與我通話的是我們的首席財務官 Rohan Seth。

Before I dive into a recap of the quarter, I'd like to mention that during the period, we successfully raised $240 million in convertible debt financing, allowing us to retire 50% of our prior convertible debt and add to our existing cash position. This activity places Cutera in an exceptionally strong cash position and provides us with the flexibility to bring other innovative first-mover products to market.

在我回顧本季度之前，我想提一下，在此期間，我們成功籌集了 2.4 億美元的可轉換債務融資，使我們能夠償還 50% 的先前可轉換債務並增加我們現有的現金頭寸。這項活動使 Cutera 處於異常強勁的現金狀況，並為我們提供了將其他創新先行產品推向市場的靈活性。

Turning now to the second quarter 2022. During the remainder of the call, I will provide an overview of our second quarter performance, along with some operational highlights, including an update on our experience to date with the AviClear during the initial quarter of our limited commercial release. Rohan will then provide a detailed review of our financial results and our updated fiscal 2022 financial guidance, after which he will turn the call back over to me, and I will spend a few minutes discussing our plans for the remainder of the year, along with some specific details on our plans to expand customer access to our AviClear device in the second half of 2022. After these remarks, I will hand the call over to the conference operator so that we may take your questions.

現在轉到 2022 年第二季度。在接下來的電話會議中，我將概述我們第二季度的表現，以及一些運營亮點，包括我們在有限的第一季度使用 AviClear 的最新經驗。商業發行。然後，羅漢將詳細審查我們的財務業績和更新的 2022 財年財務指導，之後他會將電話轉回給我，我將花幾分鐘時間討論我們今年剩餘時間的計劃，以及關於我們計劃在 2022 年下半年擴大客戶訪問我們 AviClear 設備的一些具體細節。在這些評論之後，我會將電話轉交給會議接線員，以便我們回答您的問題。

As I have done in previous updates, I will begin by sharing our high-level observations of the energy-based aesthetics market, and how we expect current geopolitical and macroeconomic factors to impact customers and patient patterns. During the prevailing uncertainty around the macroeconomic environment, and elective procedures. I am pleased to say that Cutera continues to thrive as you will hear reflected throughout our business results. Underlying market fundamentals remain robust and our customers continue to maintain approximately 2 months of forward-looking demand in their schedules. Patient traffic remains intact with no signs of weakening beyond expected third quarter seasonality. And as mentioned in previous updates, aesthetic practitioners continue to see demographic shift in their patient base with younger career-oriented individuals with access to greater disposable income seeking routine procedures. This expanded patient group prioritizes aesthetic procedures within their spending plans each month, providing greater resilience in the overall demand and a more stable patient traffic forecast. We anticipate that the capital selling environment will remain robust with this continued level of patient treatment volumes. This is further enforced by some early capital equipment demand we service in third quarter '22 as some deals flowed into this period from second quarter 2022.

正如我在之前的更新中所做的那樣，我將首先分享我們對基於能源的美容市場的高級觀察，以及我們預計當前的地緣政治和宏觀經濟因素如何影響客戶和患者模式。在宏觀經濟環境和選舉程序普遍存在的不確定性期間。我很高興地說，Cutera 繼續蓬勃發展，正如您將在我們的業務成果中聽到的那樣。潛在的市場基本面依然強勁，我們的客戶在他們的日程安排中繼續保持大約 2 個月的前瞻性需求。患者流量保持不變，沒有超過預期的第三季度季節性減弱的跡象。正如之前的更新中所提到的，美容從業者繼續看到他們的患者群的人口結構發生變化，年輕的以職業為導向的個人可以獲得更多的可支配收入來尋求常規程序。這個擴大的患者群體在每個月的支出計劃中優先考慮美容程序，從而為整體需求提供更大的彈性和更穩定的患者流量預測。我們預計，隨著患者治療量的持續增長，資本銷售環境將保持強勁。我們在 22 年第三季度服務的一些早期資本設備需求進一步加強了這一點，因為一些交易從 2022 年第二季度開始流入這一時期。

Moving on now to an update on the global macroeconomic environment and its impact on Cutera. Cutera, unlike many other companies, has limited exposure to the lockdowns and movement restrictions in China associated with COVID. However, we do have a material exposure in Japan as seen in our skincare results within the period. With significant exchange rate movement over the last 7 months, the Japanese yen has fallen to multi-decade lows against the U.S. dollar. As a reminder, our skin care line, a distributed line we provide only in the Japanese market is purchased in U.S. dollars, but sold in Japanese yen. This arrangement arranged when has resulted in a painful currency squeeze that we feel on both our top and bottom line performances.

現在繼續更新全球宏觀經濟環境及其對 Cutera 的影響。與許多其他公司不同，Cutera 在中國受到與 COVID 相關的封鎖和行動限制的風險有限。但是，從我們在此期間的護膚結果中可以看出，我們確實在日本有重大風險敞口。由於過去 7 個月匯率大幅波動，日元兌美元匯率已跌至數十年來的低點。提醒一下，我們的護膚系列，我們僅在日本市場提供的分銷系列，以美元購買，但以日元出售。這種安排何時導致我們在頂線和底線表現上感受到痛苦的貨幣緊縮。

Global foreign exchange rates had a significant impact, and we expect that this will continue into the second half of the year. With these market conditions and economic pressures as a backdrop, let me share Cutera's commercial highlights during the second quarter of 2022. In the period, we delivered a total revenue of $64.2 million, representing approximately 10% growth over prior year's period as reported and a 15% growth on a constant currency basis. Discounting the impact of foreign exchange rates in the period, top line revenue would have eclipsed a previous all-time high revenue of $65.6 million in our seasonal peak in the fourth quarter of 2021. This top line performance was driven by the continued momentum in our capital and considerable businesses, offsetting the aforementioned economic challenges we saw in Japan.

全球外匯匯率產生了重大影響，我們預計這種影響將持續到下半年。在這些市場條件和經濟壓力的背景下，讓我分享一下 Cutera 在 2022 年第二季度的商業亮點。在此期間，我們實現了 6420 萬美元的總收入，比報告的去年同期增長約 10%，在固定貨幣基礎上增長 15%。扣除該期間外匯匯率的影響，收入將超過我們在 2021 年第四季度的季節性高峰時創下的 6560 萬美元的歷史最高收入。這一收入表現是由我們的持續發展勢頭推動的。資本和大量業務，抵消了我們在日本看到的上述經濟挑戰。

During the second quarter of 2022, we posted $43.7 million in capital equipment revenue, a record result for the company in this segment. Our capital equipment revenue performance was led by our truBody family of products. In addition to strong capital equipment sales, we nearly matched record revenues for consumable products as well within this period. Looking forward, we intend to further expand our body contouring offering as well as increase our marketing and promotional efforts around the truBody product family during the back half of 2022.

在 2022 年第二季度，我們公佈了 4370 萬美元的資本設備收入，這是該公司在該領域的創紀錄業績。我們的資本設備收入表現由我們的 truBody 系列產品引領。除了強勁的資本設備銷售外，我們在此期間的消耗品收入也幾乎達到了創紀錄的水平。展望未來，我們打算在 2022 年下半年進一步擴大我們的身體輪廓產品，並增加我們圍繞 truBody 產品系列的營銷和促銷力度。

Specific to our capital revenue performance, our North American sales team continued to demonstrate momentum in the period, posting $25.2 million of revenue, representing a 27% growth over prior year period. These results come from the investments in sales force expansion during the second half of 2021 in combination with the continued focus from sales leadership on improved productivity through sales process execution. International capital equipment sales were $18.4 million, representing a 17% growth as reported and a 26% growth on a constant currency basis compared to previous year's quarter.

具體到我們的資本收入表現，我們的北美銷售團隊在此期間繼續表現出強勁的勢頭，實現了 2520 萬美元的收入，比去年同期增長了 27%。這些結果來自於 2021 年下半年對銷售隊伍擴張的投資，以及銷售領導層繼續關注通過銷售流程執行來提高生產力。國際固定設備銷售額為 1840 萬美元，與去年同期相比增長 17%，按固定匯率計算增長 26%。

International capital performance was strong in aggregate as well as across the key regions. As expected, our European capital sales rebounded sharply from the decline reported in first quarter 2022, posting second quarter revenue of $5.3 million or 36% constant currency growth over the prior year period. Following the second quarter results, the European capital equipment revenue now represents an 11% growth year-to-date on a constant currency basis.

國際資本的總體表現以及主要地區的表現都很強勁。正如預期的那樣，我們的歐洲資本銷售從 2022 年第一季度報告的下降中大幅反彈，第二季度收入為 530 萬美元，比去年同期增長 36%。在第二季度業績之後，歐洲資本設備收入現在代表了 11% 的增長，以固定貨幣為基礎。

We benefited from favorable trends in our distribution markets as well, posting 26% growth during the quarter. And Australia and New Zealand also provided healthy year-over-year growth with $5.2 million in capital equipment revenue, representing 17% growth and 26% constant currency growth over the prior year period. Similar to our 2021 capital purchasing trends we believe that the third quarter capital revenue will be impacted by the timing of our CUCF event conducted during the second quarter. These professional education events typically pull forward a handful of deals that would have normally flowed into 3Q 2022. As such, we anticipate a slight step back in capital sequentially.

我們也受益於分銷市場的有利趨勢，本季度實現了 26% 的增長。澳大利亞和新西蘭也實現了健康的同比增長，資本設備收入為 520 萬美元，同比增長 17%，固定匯率增長 26%。與我們 2021 年的資本購買趨勢類似，我們認為第三季度的資本收入將受到我們在第二季度進行的 CUCF 活動時間的影響。這些專業教育活動通常會推動一些通常會進入 2022 年第三季度的交易。因此，我們預計資本將依次略有回落。

Our recurring revenue category defined as the combination of skin care service and consumable products was $20.6 million in the period, a decrease of 11% over prior year period as reported and a decrease of 2% on a constant currency basis. Skin Care, the largest contributor to our recurring revenue delivered only $9.6 million in revenue during the period. Representing an 18% decline from prior year's quarter on a reported basis and a decline of 6% on a constant currency basis. In comparison to the previous period, (inaudible) foreign exchange rate was responsible for 2/3 of the decline, while the remaining 1/3 reflects the impact of the regional economic headwinds on buying patterns. Without near-term relief from these issues, we believe that our skin care revenue for the back half of 2022 will reflect a similar run rate to our second quarter results.

期內，我們定義為護膚服務和消費品組合的經常性收入類別為 2060 萬美元，比報告的去年同期下降 11%，按固定匯率計算下降 2%。皮膚護理是我們經常性收入的最大貢獻者，在此期間僅實現了 960 萬美元的收入。表示按報告的基礎上比上一季度下降 18%，按固定匯率計算下降 6%。與上一時期相比，（聽不清）匯率造成了 2/3 的下降，而剩餘的 1/3 反映了區域經濟逆風對購買模式的影響。如果這些問題沒有短期緩解，我們相信我們 2022 年下半年的護膚品收入將反映與我們第二季度業績相似的運行率。

Service revenues of $5.6 million in the quarter represented a decline of 17% as reported and a decline of 13% in constant currency. As discussed previously, we expect to recover our service part inventory and book higher volumes of time and material work orders in the second half and expect to return to approximately $6 million per quarter. Consumer revenues of $5.3 million in the quarter represent approximately 20% growth over prior year's quarter as reported and 23% on a constant currency basis, driven by the growing demand for treatments from the truBody family of products. We anticipate strong patient traffic in the second half, bolstered by the continued expansion of the installed base.

本季度服務收入為 560 萬美元，據報導下降 17%，按固定匯率計算下降 13%。如前所述，我們預計將在下半年恢復我們的服務零件庫存並預訂更多的時間和材料工作訂單，並有望恢復到每季度約 600 萬美元。本季度消費者收入為 530 萬美元，較上年同期增長約 20%，按固定匯率計算增長 23%，這主要是由於對 truBody 系列產品的治療需求不斷增長。我們預計下半年患者流量將強勁，這得益於安裝基數的持續擴大。

Shifting now to our AviClear limited commercial release. As discussed during our previous earnings call, we crafted a very thoughtful initial entry into the market for AviClear. As a reminder, the introduction of AviClear represents the launch of a new and disruptive technology, a vastly different business model and a device bringing multiple customer disciplines, bridging multiple customer discipline to include medical dermatologists. Due to the disruptive nature of this product and its positioning, we intentionally focused on a very targeted introduction to test our assumptions using a few dozen sites. This limited release was aimed at gaining a fully informed perspective on how to best expand into a full national launch by the end of 2022. As expected, we generated a very small amount of revenue from the patient treatments during the quarter, but gained significant insights into the product performance, product acceptance and practice onboarding processes.

現在轉移到我們的 AviClear 有限商業版本。正如我們在之前的財報電話會議中所討論的那樣，我們為 AviClear 精心設計了一個非常周到的初始進入市場。提醒一下，AviClear 的推出代表著一種新的顛覆性技術的推出，一種截然不同的商業模式和一種帶來多種客戶學科的設備，將多個客戶學科聯繫起來，包括醫學皮膚科醫生。由於該產品的破壞性及其定位，我們有意專注於非常有針對性的介紹，以使用幾十個站點來測試我們的假設。此次有限發布旨在就如何在 2022 年底之前最好地擴展到全國范圍內獲得全面的了解。正如預期的那樣，我們在本季度從患者治療中獲得了非常少量的收入，但獲得了重要的見解進入產品性能、產品驗收和實踐入職流程。

We are pleased with the progress we've made with the field placements and energized by the clinical outcomes our physician partners have shared with us. Many physicians who adopted AviClear into their practice have already begun to see results with their patients. And in some cases, early clearance results seem to exceed those results that we witnessed in our own trials. These data serve to boost physician confidence and increase their comfort in selling the procedure to their patients suffering from acne.

我們對我們在實地安置方面取得的進展感到高興，並為我們的醫師合作夥伴與我們分享的臨床結果所鼓舞。許多在實踐中採用 AviClear 的醫生已經開始在患者身上看到效果。在某些情況下，早期清除結果似乎超過了我們在自己的試驗中看到的結果。這些數據有助於增強醫生的信心，並增加他們向患有痤瘡的患者出售該程序的舒適度。

During the second quarter of 2022, our AviClear physician partners treated over 100 individual patients. We were especially delighted with the patient survey data we received after the AviClear treatments from 53 different respondents captured via the Cutera smartphone app. As of today, patient respondents have rated the AviClear treatment with an average reported score of 4.9 out of 5 with no patients rating below 4. The survey prompts patients to provide ratings in areas such as general procedure satisfaction, pain levels, procedure tolerability, their value proposition as well as the overall ease and convenience of this procedure. To date, we now have over 500 treatments under our belt, and we continue to learn from each and every treatment provided.

在 2022 年第二季度，我們的 AviClear 醫師合作夥伴治療了 100 多名個體患者。我們對通過 Cutera 智能手機應用程序捕獲的來自 53 位不同受訪者的 AviClear 治療後的患者調查數據感到特別高興。截至今天，患者受訪者對 AviClear 治療的評分為 4.9 分（滿分 5 分），沒有患者評分低於 4 分。該調查提示患者提供一般程序滿意度、疼痛程度、程序耐受性、他們的價值主張以及此過程的整體簡便性。迄今為止，我們現在擁有超過 500 種治療方法，我們將繼續從所提供的每一種治療方法中學習。

One of our critical learnings was that normal practice patterns, coupled with patient queues of roughly 2 months directly impacts the speed of account conversion. However, once AviClear is adopted and incorporated into these practices, patient conversions and device utilization ramps up very quickly as physicians build confidence in the procedure and recognize their own patient satisfaction.

我們的一項重要經驗是，正常的實踐模式，加上大約 2 個月的患者排隊，直接影響了賬戶轉換的速度。然而，一旦採用 AviClear 並將其納入這些實踐中，隨著醫生對手術建立信心並認識到他們自己的患者滿意度，患者的轉換率和設備利用率會迅速增加。

With that, I'd like to turn the call over to Rohan to provide you some additional color on our financial performance.

有了這個，我想把電話轉給 Rohan，為您提供一些關於我們財務業績的額外信息。

Thank you, Dave. As I review my prepared remarks, I want to note that I will be discussing some non-GAAP results. The complete reconciliation of GAAP to non-GAAP is included in our earnings release. We encourage listeners and readers to review our non-GAAP metrics in conjunction with the GAAP results as contained in this earnings release.

謝謝你，戴夫。當我回顧我準備好的評論時，我想指出我將討論一些非公認會計原則的結果。 GAAP 與非 GAAP 的完全對賬包含在我們的收益發布中。我們鼓勵聽眾和讀者結合本財報中包含的 GAAP 結果審查我們的非 GAAP 指標。

Total revenue for the second quarter was $64.2 million compared to $58.6 million for the same period in 2021, representing an increase of approximately 10% and 15% in constant currency. During the quarter, we continue to face meaningful foreign currency headwinds, particularly in Japan with the Japanese yen accounting for approximately 70% of the impact. Based on current exchange rates, we expect that we will continue to face ongoing headwinds from foreign currency throughout the remainder of 2022.

第二季度總收入為 6420 萬美元，而 2021 年同期為 5860 萬美元，按固定匯率計算分別增長約 10% 和 15%。在本季度，我們繼續面臨重大的外匯逆風，尤其是在日本，日元約佔影響的 70%。根據目前的匯率，我們預計在 2022 年剩餘時間內，我們將繼續面臨來自外幣的持續逆風。

Second quarter North American capital equipment revenue of $25.2 million increased 27% over the prior year. International capital equipment revenue for the second quarter was $18.4 million, up 17% as reported and 26% in constant currency from the second quarter of 2021.

第二季度北美資本設備收入為 2520 萬美元，比去年同期增長 27%。第二季度國際資本設備收入為 1840 萬美元，較 2021 年第二季度增長 17%，按固定匯率計算增長 26%。

Recurring revenue, defined to include our consumables, global service and skincare product lines was $20.6 million in the second quarter, down 11% as reported and down 2% in constant currency. The decrease over the prior year was driven by skin care revenue of $9.6 million, down 18% as reported and down 6% in constant currency as well as a decline in services revenue of $5.6 million, down 17% as reported and down 13% in constant currency.

第二季度的經常性收入（包括我們的消耗品、全球服務和護膚產品線）為 2060 萬美元，按報告下降 11%，按固定匯率計算下降 2%。與去年相比下降的原因是護膚品收入為 960 萬美元，按報告下降 18%，按固定匯率計算下降 6%；服務收入下降 560 萬美元，按報告下降 17%，按固定匯率計算下降 13%。恆定貨幣。

Services revenue continued to be impacted by parts availability. These declines were partially offset by growth in our consumable products, up 20% as reported and 23% in constant currency. Non-GAAP gross profit for the second quarter of fiscal 2022 was $35.7 million, with a gross margin of 55.6%, representing a decrease of approximately 250 basis points compared to the same period last year. Excluding acne program impacts of approximately 180 basis points and an additional 180 basis points in foreign exchange headwinds. The non-GAAP gross margin in the second quarter would have been 59.2%, an approximately 110 basis point increase as compared to the same quarter last year. While we did experience supply chain and macroeconomic inflationary pressures as well as FX headwinds at the gross margin level during the quarter, we were able to offset them with ongoing cost improvement initiatives as well as leverage on our fixed cost base.

服務收入繼續受到零部件供應的影響。這些下降被我們消耗品的增長部分抵消，報告增長了 20%，按固定匯率計算增長了 23%。 2022財年第二季度非GAAP毛利潤為3570萬美元，毛利率為55.6%，與去年同期相比下降約250個基點。不包括大約 180 個基點的痤瘡計劃影響和外匯逆風中額外的 180 個基點。第二季度的非美國通用會計準則毛利率為 59.2%，與去年同期相比增加了約 110 個基點。雖然我們在本季度確實經歷了供應鍊和宏觀經濟通脹壓力以及毛利率水平的外匯逆風，但我們能夠通過持續的成本改進舉措以及利用我們的固定成本基礎來抵消它們。

Total non-GAAP operating expenses for the second quarter of 2022 were $37.3 million compared to $27.2 million for the same period last year. Included within this number are $6.4 million in expenses related to our acne device. Non-GAAP sales and marketing expense for the second quarter of 2022 was $24.6 million compared to $16.7 million for the same period last year, driven by continued expansion in our sales force, higher commissions, increased travel as well as $4.4 million in expenses associated with the launch of AviClear.

2022 年第二季度非美國通用會計準則運營費用總額為 3730 萬美元，而去年同期為 2720 萬美元。這個數字中包括與我們的痤瘡設備相關的 640 萬美元費用。 2022 年第二季度非 GAAP 銷售和營銷費用為 2460 萬美元，而去年同期為 1670 萬美元，這是由於我們的銷售隊伍持續擴張、佣金增加、差旅增加以及與相關費用相關的 440 萬美元AviClear 的推出。

Non-GAAP R&D expense for the second quarter of 2022 was $5.7 million compared to $4.5 million for the same period last year, driven by increased investments in AviClear and additional clinical studies. Finally, non-GAAP G&A expense for the second quarter of 2022 was $7 million compared to $6.1 million in the same period last year, driven by inflation and expansion in our head count. For the second quarter of 2022, our non-GAAP operating income, which we refer to as adjusted EBITDA was a loss of $1.6 million compared to a profit of $6.8 million in the prior year period. As anticipated, our investment in AviClear was the most significant driver of EBITDA decline on a year-over-year basis. Excluding acne program impacts of $7.5 million for the second quarter of 2022 and foreign exchange headwinds over the prior year of $2.4 million, adjusted EBITDA would have been $8.3 million.

由於對 AviClear 的投資增加和額外的臨床研究，2022 年第二季度的非公認會計原則研發費用為 570 萬美元，而去年同期為 450 萬美元。最後，由於通貨膨脹和我們員工人數的增加，2022 年第二季度的非公認會計準則 G&A 費用為 700 萬美元，而去年同期為 610 萬美元。對於 2022 年第二季度，我們稱為調整後 EBITDA 的非公認會計準則營業收入為虧損 160 萬美元，而去年同期為利潤 680 萬美元。正如預期的那樣，我們對 AviClear 的投資是 EBITDA 同比下降的最重要驅動因素。不計 2022 年第二季度 750 萬美元的痤瘡項目影響和上一年 240 萬美元的外匯逆風，調整後的 EBITDA 為 830 萬美元。

As I mentioned earlier, embedded within our non-GAAP OpEx is $6.4 million spent on our acne spend -- on our acne program, 70% of which is in sales and marketing, and the majority of the remainder is in R&D. Finally, there were no material or significant changes to our tax position.

正如我之前提到的，在我們的非 GAAP 運營支出中嵌入了 640 萬美元用於我們的痤瘡支出——我們的痤瘡項目，其中 70% 用於銷售和營銷，其餘大部分用於研發。最後，我們的稅務狀況沒有重大或重大變化。

Turning now to our balance sheet. As Dave mentioned earlier, during the quarter, we raised $240 million from a convertible debt offering announced in May that will net $154.6 million of incremental cash, after accounting for the extinguishment of 50% of our 2026 notes at $45.8 million, capped calls of $31.7 million, which were done to limit dilution and $8 million in issuance costs. With this addition, we ended the quarter with $278.2 million of cash and marketable securities compared to $131.8 million at the end of the first quarter. The sequential increase of approximately $146.4 million was primarily driven by the cash raised in our convertible debt offering.

現在轉向我們的資產負債表。正如戴夫早些時候提到的，在本季度，我們從 5 月份宣布的可轉換債券發行中籌集了 2.4 億美元，這將淨增 1.546 億美元的增量現金，在考慮到我們 2026 年票據的 50% 的 4,580 萬美元，上限為 31.7 美元之後百萬美元，這是為了限制稀釋和 800 萬美元的發行成本。加上這一增加，我們在本季度末擁有 2.782 億美元的現金和有價證券，而第一季度末為 1.318 億美元。大約 1.464 億美元的環比增長主要是由我們在可轉換債券發行中籌集的現金推動的。

We continue to expect cash burn to be approximately $20 million for the remainder of the year. We do not expect cash consumption to be linear as we build and place initial inventories to launch AviClear. With a strong balance sheet in place, we are well positioned to continue supporting the growth of our business while ensuring a successful launch of AviClear.

我們繼續預計今年剩餘時間的現金消耗約為 2000 萬美元。我們預計現金消耗不會是線性的，因為我們建立和放置初始庫存以啟動 AviClear。憑藉強大的資產負債表，我們有能力繼續支持我們的業務增長，同時確保 AviClear 的成功推出。

Before I turn the call back over to Dave, I would like to provide you with an update on our outlook for the full year of 2022. Starting with revenue. We are reiterating 2022 guidance of $255 million to $260 million, entirely absorbing the impact of the unprecedented foreign exchange headwinds of $15 million annually, implying constant currency growth of 17% to 19%. This guidance does not include revenue from our AviClear device as we continue with its limited commercial release.

在我將電話轉回戴夫之前，我想向您提供我們對 2022 年全年展望的最新信息。從收入開始。我們重申 2022 年 2.55 億美元至 2.6 億美元的指導，完全吸收了前所未有的每年 1500 萬美元的外匯逆風的影響，這意味著貨幣不變增長率為 17% 至 19%。本指南不包括我們的 AviClear 設備的收入，因為我們將繼續其有限的商業版本。

Moving on to adjusted EBITDA. FX pressures have continued to worsen and we now expect a further impact from FX of around $3 million on the full year adjusted EBITDA, bringing the full year impact to approximately $11 million. As a business, we are continuing to respond to these pressures, and we expect to offset most of these headwinds. Therefore, we are reaffirming our full year adjusted EBITDA guidance to be in the range of $5 million to $10 million.

繼續調整後的 EBITDA。外匯壓力繼續惡化，我們現在預計外匯對全年調整後 EBITDA 的進一步影響約為 300 萬美元，使全年影響達到約 1100 萬美元。作為一家企業，我們將繼續應對這些壓力，我們希望抵消大部分不利因素。因此，我們重申全年調整後的 EBITDA 指引在 500 萬美元至 1000 萬美元之間。

I would like to now spend a few minutes discussing the acne business model and the related accounting in greater detail. As Dave mentioned in his remarks, we are launching this innovative product under an equally innovative business model to maximize its reach with patients and clinicians alike. Instead of selling the capital, we will instead be licensing the device over a period of 3-plus years. The licensing fees we collect will be ratably recognized as revenue over the term of the lease and treatment revenue will be recognized as earned. As the units will remain on Cutera's balance sheet on the PP&E line, we will depreciate these units over their useful lives. Finally, the treatment and licensing fees will be considered recurring revenue.

我現在想花幾分鐘更詳細地討論痤瘡的商業模式和相關的會計。正如 Dave 在他的講話中提到的，我們正在以同樣創新的商業模式推出這款創新產品，以最大限度地擴大其在患者和臨床醫生中的影響力。我們不會出售資本，而是會在 3 年多的時間里為該設備授予許可。我們收取的許可費將在租賃期內按比例確認為收入，而治療收入將確認為已賺取。由於這些單元將保留在 Cutera 的 PP&E 線資產負債表上，我們將在這些單元的使用壽命內對其進行折舊。最後，治療費和許可費將被視為經常性收入。

During the second quarter, our acne-related revenue was recognized within the consumables category and was approximately $0.1 million. As the business grows, we intend to create a separate line for acne.

在第二季度，我們與痤瘡相關的收入在消耗品類別中得到確認，約為 10 萬美元。隨著業務的增長，我們打算為痤瘡創建一個單獨的生產線。

With that, I will now pass the call back over to Dave.

有了這個，我現在將把電話轉給戴夫。

Thank you, Rohan. Cutera continues to prepare for the full launch of the AviClear device in North America by the end of 2022. We believe that this product and its novel business model will drive unprecedented growth at Cutera, accelerating the transformation of our business.

謝謝你，羅漢。 Cutera 繼續為 2022 年底在北美全面推出 AviClear 設備做準備。我們相信，該產品及其新穎的商業模式將推動 Cutera 前所未有的增長，加速我們的業務轉型。

AviClear's recent Health Canada approval in combination with the previously secured FDA 510(k) clearance eliminates any additional regulatory risk and secures our ability to launch across the entire North American footprint. As we continue our rollout, we expect to significantly accelerate placements each quarter with over 100 placements planned for the third quarter of 2022. We expect to further increase upon those placements in the fourth quarter and scale our device footprint throughout 2023.

AviClear 最近獲得的加拿大衛生部批准與之前獲得的 FDA 510(k) 批准相結合，消除了任何額外的監管風險，並確保了我們在整個北美地區推出的能力。隨著我們繼續推出，我們預計每個季度將顯著加快佈局，計劃在 2022 年第三季度進行 100 多個佈局。我們預計在第四季度進一步增加這些佈局，並在整個 2023 年擴大我們的設備足跡。

Additionally, we intend to work closely with our customers to accelerate their patient conversion processes. We are delighted to be in such a strong position at the midpoint of 2022, fortified by the strength of our core business performance backed by a strong balance sheet and energized by the building momentum of the AviClear opportunity.

此外，我們打算與我們的客戶密切合作，以加快他們的患者轉換過程。我們很高興在 2022 年中處於如此強勢的地位，我們的核心業務表現的實力得到了強大的資產負債表的支持，並受到 AviClear 機會的建立勢頭的推動。

With that, I'd like to turn the call back over to the conference operator to open the call to your questions. Ariel?

有了這個，我想把電話轉回給會議接線員來打開你的問題的電話。愛麗兒？

(Operator Instructions) Our first question comes from Jon Block from Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Jon Block。

Dave, maybe I'll just start on the base business. You mentioned a pipeline of 2 months. I think that's largely unchanged from your talk track in 1Q. You talked about a step down sequentially for 3Q capital, which is normal. But just to push you, you're not seeing any weakening of the capital environment.

戴夫，也許我會從基礎業務開始。您提到了 2 個月的管道。我認為這與你在 1Q 的談話內容基本沒有變化。你說三季度資本依次降級，這很正常。但只是為了推動你，你沒有看到資本環境有任何減弱。

Maybe just talk to us about the pipeline, what you're hearing from sales reps? Does it remain robust, the pipeline? Are you witnessing any more trepidation from the docs? I'm just trying to push you a little bit there because obviously, there's been a lot of questions or incoming from investors just due to the overall environment. And then I'll ask a follow-up.

也許只是和我們談談管道，你從銷售代表那裡聽到了什麼？它是否仍然強大，管道？您是否看到文檔中的更多恐懼？我只是想把你推到那裡，因為顯然，由於整體環境，投資者提出了很多問題或收到了很多問題。然後我會問一個後續。

And I totally understand that the backdrop -- the economic backdrop certainly would kind of cause that question to be -- to come to the forefront. No, we check regularly and routinely with our physician customers on what's going on in their practice, how are things going? And what's the bookings for them. And the other thing we asked them about occasionally is cancellations because sometimes they'll see cancellations indicative of maybe some nervousness on the patients we have. And we're not hearing anything that would be even remotely concerning to us at this point.

而且我完全理解背景——經濟背景肯定會導致這個問題——成為最重要的問題。不，我們會定期與我們的醫生客戶一起檢查他們在實踐中的情況，情況如何？他們的預訂是什麼。我們偶爾問他們的另一件事是取消，因為有時他們會看到取消，這表明我們的患者可能有些緊張。在這一點上，我們沒有聽到任何與我們無關的消息。

I think that certainly makes us feel very, very good about patient traffic, about the underlying business and the volumes of patients seeking treatment. In fact, we believe it continues to grow. I think the only concern I would hold out there is what does the capital environment look like? What do leasing look like? What does financing look like for some of these physicians. But I just want to remind folks that generally speaking, we're a little bit more of a higher-end provider and we provide more to the higher-end customers. And generally, they don't have credit concerns. But that being said, we're always watching, we're always looking and we are -- we are a little bit paranoid, Jon, and that's why we check so often.

我認為這肯定讓我們對患者流量、潛在業務和尋求治療的患者數量感到非常、非常好。事實上，我們相信它會繼續增長。我認為我唯一擔心的是資本環境是什麼樣的？租賃是什麼樣的？對於這些醫生中的一些人來說，融資是什麼樣子的。但我只想提醒大家，一般來說，我們更像是一家高端供應商，我們為高端客戶提供更多服務。通常，他們沒有信用問題。但話雖如此，我們一直在觀察，我們一直在觀察，而且我們是——我們有點偏執，喬恩，這就是我們經常檢查的原因。

All good. I'm paranoid as well. And maybe the second question, I'll shift over to AviClear. So just talking about the next steps, maybe for more AviClear data. We've come across some sites that I believe are seemingly enrolling for post-market studies. Is that specific to acne? Is it for longer-term data? Or is it on the acne scarring side of things? And maybe just to tack on, if you can take a step back, Dave, what are you seeing from the practices that are running at the call it, the high end of the utilization scale versus those that are running at the lower end? What are they doing differently to separate one versus the other?

都好。我也很偏執。也許第二個問題，我會轉到 AviClear。所以只是談論接下來的步驟，也許是為了更多的 AviClear 數據。我們遇到了一些我認為似乎正在註冊上市後研究的網站。是專門針對痘痘的嗎？是為了更長期的數據嗎？還是在痤瘡疤痕方面？也許只是為了繼續前進，如果你能退後一步，戴夫，你從正在運行的實踐中看到了什麼，利用率規模的高端與低端運行的那些？他們在將一個與另一個分開時有何不同？

Yes. Sorry, I just was taking notes, so I didn't forget your questions, Jon. So let's take them in order. Let's talk first around the ongoing studies. We are really quite bullish. The feedback that we continue to get, and mentioned in the prepared remarks suggest that our physicians are seeing even better results than we did during our trials. And I think that comes from just getting it out there in the hands of experts and having them think about it beyond just the monotherapy that we did in our treatments. So they're seeing great results.

是的。抱歉，我只是在做筆記，所以我沒有忘記你的問題，喬恩。因此，讓我們按順序排列它們。讓我們先談談正在進行的研究。我們真的很看好。我們不斷得到的反饋以及準備好的評論中提到的反饋表明，我們的醫生看到的結果甚至比我們在試驗期間所做的還要好。我認為這來自於將它交給專家並讓他們思考它，而不僅僅是我們在治療中所做的單一療法。所以他們看到了很好的結果。

In fact, I was on a conference call earlier this week with 4 physicians. And one of them is in the process of treating his own daughter, right? So there's great confidence and great kind of bullishness, if you will, in both med derms which this person was as well as with the aesthetic practices. So I think that has really made us quite bullish frankly, in what's going to happen and how it's going to happen. I think the concern, as you talk about the high and the low, some of this is timing based I think, is certainly something we've learned through this process. In many cases, you've got people that are booked out 2 months. So when somebody comes in and they present the AviClear and then send that patient home to think about it, it's 2 months before they come back or 1.5 months before their scheduled visit to come back in. So there's a big delay that we've seen in kind of that kind of that pickup, that ramp. So we're working with different physicians and different practitioners to understand how we can maybe start to affect that gap and that lead time.

事實上，本週早些時候，我與 4 位醫生參加了電話會議。其中一個正在治療自己的女兒，對吧？因此，如果您願意的話，在這個人的醫學和美學實踐中，都有很大的信心和極大的樂觀。所以我認為這真的讓我們非常坦率地看好將會發生什麼以及它將如何發生。我認為，當你談到高點和低點時，我認為其中一些是基於時間的，我認為這當然是我們通過這個過程學到的東西。在許多情況下，您的人被預訂了 2 個月。因此，當有人進來，他們出示 AviClear，然後將患者送回家考慮時，他們會在 2 個月前回來，或者在他們預定的就診前 1.5 個月再回來。所以我們已經看到了很大的延遲那種皮卡，那種坡道。因此，我們正在與不同的醫生和不同的從業者合作，以了解我們如何才能開始影響這一差距和交貨時間。

In other cases, we've got some early adopters that really are fundamentally full believers and they have ongoing patient traffic that they're able to harvest very, very quickly, which was some of our assumptions with some of these med derms and larger practices where the patients are already sitting in the waiting room and it becomes a conversion effort from isotretinone to some other treatment to the AviClear. And the ones that are having the greatest success are the ones converting at the highest rate and have probably the greatest belief in the product. And there's always that bell curve of early adopters, mid-level adopters and late adopters. And I think we see that firsthand.

在其他情況下，我們有一些早期採用者，他們從根本上完全相信，他們有持續的患者流量，他們能夠非常、非常迅速地收穫，這是我們對這些醫學和更大的實踐的一些假設患者已經坐在候診室裡，這變成了從異維A酮到其他治療到 AviClear 的轉換工作。那些取得最大成功的人是那些轉換率最高並且可能對產品最有信心的人。早期採用者、中級採用者和晚期採用者總是存在鐘形曲線。我認為我們親眼目睹了這一點。

Our next question comes from Chris Cooley of Stephens.

我們的下一個問題來自斯蒂芬斯的克里斯庫利。

If I could just follow up on Jon's line of questioning there kind of coming back to the current economic environment and what you're seeing there. Could you maybe give us some additional color just with regards to the types of procedures that seem to be in demand? Are these body contouring? Are you seeing greater focus on maybe some facial type procedures. Just trying to further parse out what's driving that step up in demand? And if that those types of procedures are being done predominantly at a med derm type location that may be is diversified throughout the COVID pandemic into a little bit more cosmetic application or a high-end cosmetic practice as opposed to maybe a more economical med spa, just want to get some clarity around that. And then I have a follow-up.

如果我能跟進喬恩的提問，就會回到當前的經濟環境以及你在那裡看到的情況。您能否就似乎需要的程序類型給我們一些額外的顏色？這些是身體輪廓嗎？您是否看到更多的注意力集中在一些面部類型的程序上。只是想進一步分析推動需求上升的原因是什麼？如果這些類型的程序主要在醫療類型的位置進行，那麼在整個 COVID 大流行期間可能會多樣化為更多的美容應用或高端美容實踐，而不是更經濟的醫療水療中心，只是想弄清楚這一點。然後我有一個跟進。

Okay. Thanks, Chris. Look, I think one of the points I tried to stress in the prepared remarks is this business is as strong as it's ever been, and the pipeline is exceptionally strong in our view. And that goes across the entire portfolio, quite frankly. So as I think about your question and wonder about the treatment volumes, certainly, we track those on the consumable side of the business, in particular, and we've seen great uptake and continued uptake in the body and the truBody portfolio, our truSculpt portfolio, if you will. We also see strong presence in the Secret RF as people continue to use Zoom and want to look their best and feel their best when they go into work, even if they Zoom from one cubical to the next, they're still looking and trying to look their best as they invest in themselves. So I would say that the truBody and the Secret microneedling, had probably had great uptake.

好的。謝謝，克里斯。看，我認為我在準備好的評論中試圖強調的一點是，這項業務與以往一樣強大，而且我們認為管道異常強大。坦率地說，這貫穿了整個投資組合。因此，當我考慮您的問題並對治療量感到疑惑時，當然，我們會特別跟踪業務消耗品方面的那些，並且我們已經看到身體和 truBody 產品組合（我們的 truSculpt）的大量吸收和持續吸收投資組合，如果你願意的話。我們還看到 Secret RF 中的強大存在，因為人們繼續使用 Zoom 並希望在工作時看起來最好並感覺最好，即使他們從一個立方體縮放到另一個立方體，他們仍然在尋找並嘗試當他們投資於自己時，看起來最好。所以我會說 truBody 和 Secret 微針可能已經被廣泛接受。

But in addition to that, with Zoom, we've seen a lot of XLV and vascular laser work an interest in -- across the board. Now as we think about AviClear and the rollout of AviClear, I think the one thing I would point out to you is as you get into the med derms, the access to a device like XLV in combination with having AviClear allows you not only to treat acne, but to effectively treat rosacea, which is another large obviously, indication in pathology. So we believe that there's a little bit of a halo effect with AviClear to potentially bring more XLV into the market, specifically around the med derms.

但除此之外，通過 Zoom，我們已經看到很多 XLV 和血管激光工作都引起了人們的興趣 - 全面。現在，當我們考慮 AviClear 和 AviClear 的推出時，我想我要向您指出的一件事是，當您進入 med derms 時，使用 XLV 之類的設備與 AviClear 相結合，您不僅可以治療痤瘡，但要有效治療酒渣鼻，這顯然是病理學上的另一大適應症。因此，我們相信 AviClear 有一點光環效應，有可能將更多 XLV 帶入市場，特別是在真皮周圍。

I appreciate all that color. And then maybe just quickly as well on AviClear. I know there was a lot of buzz around this when we were back at ASLMS earlier in the year. I'm just curious, as you've been rolling this out, seeing the adoption kind of fine-tuning the go-to-market plan, kind of what you're seeing in terms of the initial patient commentary on the out-of-pocket aspect of this. And similarly, I think you said 100-plus locations in the third quarter are new clinics, I should say, in the third quarter with a further acceleration in the fourth that would still, I think, imply a pretty big backlog of potential demand. So just trying to think about how you can start to address that as you come into the first half of next year from an inventory perspective.

我欣賞所有這些顏色。然後也許在 AviClear 上也很快。我知道當我們在今年早些時候回到 ASLMS 時，有很多關於這個的討論。我只是好奇，因為你一直在推出這個，看到採用對上市計劃進行微調，就像你在最初的病人評論方面看到的那樣- 口袋方面。同樣，我認為您說第三季度有 100 多個地點是新診所，我應該說，在第三季度，第四季度進一步加速，我認為這仍然意味著潛在需求的大量積壓。因此，只要從庫存的角度考慮如何在明年上半年開始解決這個問題。

Yes, great series of questions. So let me start with your first comment around patients and their willingness to pay. I really do believe that one of the learnings we have is that the med derms, who are not used to asking patients to pay out of pocket are probably a little bit more concerned on that price point than the patients are, frankly. And our market research beforehand certainly indicated that patients would be willing to pay the up to that amount or a little bit higher than that amount. And I think we've seen that. We had some pushback early with some of the med derm saying that it was too much, and they didn't think they could get it get people across the finish line. And every chance that we've had to intervene into those accounts with the physician, we've been able to get them and their staff more comfortable with the process and ultimately converting patients at the price point that we've talked about.

是的，一系列很棒的問題。因此，讓我從您對患者及其支付意願的第一條評論開始。我真的相信，我們所學到的一個教訓是，坦率地說，不習慣要求患者自費的醫生可能比患者更關心這個價格點。我們事先進行的市場調查肯定表明，患者願意支付最高金額或略高於該金額的費用。我想我們已經看到了。我們很早就遇到了一些阻力，一些醫學專家說這太過分了，他們認為他們不能讓人們越過終點線。每一次我們不得不與醫生干預這些賬戶的機會，我們都能夠讓他們和他們的員工對這個過程更加滿意，並最終以我們談到的價格點轉換患者。

So we don't really believe that to be assembling point in the long term. We think it's something we can train people through and they can adopt too. But it does change. It does create a little bit of that hesitation early in the process. And we've learned through our limited commercial release thus far and intend to imply those learnings in the third and fourth quarter to help accelerate some of these practices on net adoption. So that being said, we also have fundamentally gone into patient financing with the view that, that will help accelerate this. And we'll be a lot more aggressive in the rollout of that in the back half of 2022. So we're trying to take away all of the obstacles and all the hindrances and resistance to adopt because frankly, the clinical results have been so overwhelming, we want to make sure that everyone has access to this treatment.

因此，從長遠來看，我們真的不相信這是一個集合點。我們認為這是我們可以通過培訓人們並且他們也可以採用的東西。但它確實改變了。它確實在過程的早期產生了一些猶豫。到目前為止，我們已經通過有限的商業版本了解到，並打算在第三季度和第四季度暗示這些經驗，以幫助加速其中一些關於網絡採用的實踐。話雖如此，我們也從根本上進入了耐心融資，認為這將有助於加速這一進程。我們將在 2022 年下半年更加積極地推出該產品。因此，我們正在努力消除所有障礙、所有障礙和阻力，因為坦率地說，臨床結果是如此壓倒性的，我們要確保每個人都能獲得這種治療。

Kind of moving on to kind of the backlog and the pent-up demand, I think it's totally true. We know that there is pent-up demand. We have inbound leads that would suggest there's a lot more placements we could make. But taking it slow and understanding what we've understood to date and teasing out some more insights are going to help us be a lot more effective in the rollout of this in the long term. And we're not playing this for a quarter or 2 quarters. We're playing the long-term transformation of the company with this device. So my view is learning a little bit more and taking the time to do it right is the correct approach here. We've already learned quite a bit. You'll see some of those learnings applied in the third and fourth quarter.

有點繼續積壓和被壓抑的需求，我認為這是完全正確的。我們知道存在被壓抑的需求。我們有入站線索表明我們可以進行更多的展示位置。但是，慢慢來，了解我們迄今為止所了解的內容並梳理出更多的見解，這將有助於我們在長期推出時更加有效。而且我們不會玩這個季度或兩個季度。我們正在使用該設備對公司進行長期轉型。所以我的觀點是多學一點，花時間把事情做好是正確的方法。我們已經學會了很多。您將在第三季度和第四季度看到其中的一些經驗。

And I think we should be in a really strong position to apply all of those going forward with a full commercial lease no later than the end of this year.

而且我認為我們應該處於非常有利的位置，可以在不遲於今年年底之前通過完整的商業租賃申請所有這些。

(Operator Instructions) Our next question comes from Louise Chen of Cantor.

（操作員說明）我們的下一個問題來自 Cantor 的 Louise Chen。

Congratulations on the quarter. So I wanted to ask you, do you have any metrics to look at repeat customers? Or is that still too early? And what is the exact out-of-pocket cost for patients? And last question I had for you as we get this question a lot is how to think about the magnitude of sales for 2023?

祝賀本季度。所以我想問你，你有什麼衡量回頭客的指標嗎？還是現在還為時過早？患者的確切自付費用是多少？當我們經常收到這個問題時，我問你的最後一個問題是如何考慮 2023 年的銷售量？

Okay. Thanks, Louise. And as always, I appreciate I had my pencil in hand very quickly knowing that you're going to give you a multipart question. So thank you. We do have a lot of metrics that we track. I can tell you that this launch far exceeds any other launch in Cutera's history in the amount of focus, energy and data that we're collecting along the way. Each and every site is monitored. Our devices are kind of tracked individually. So we know firsthand when treatments are happening and how they're happening to the point where we can see not only a patient but a patient being -- whether it's their second or their third treatment starting in the process, if you will. Keeping in mind, there's 3 treatments to each and every patient procedure. So we can track that detail. And we know when it's first treatment and when it's a repeat treatment.

好的。謝謝，路易絲。和往常一樣，我很感激我很快就拿到了我的鉛筆，知道你會給你一個多部分的問題。所以謝謝。我們確實有很多我們跟踪的指標。我可以告訴你，在我們一路上收集的關注、能量和數據的數量上，這次發布遠遠超過了 Cutera 歷史上的任何其他發布。每個站點都受到監控。我們的設備是單獨跟踪的。因此，我們第一手知道治療何時發生以及它們如何發生，以至於我們不僅可以看到患者，還可以看到患者的存在——如果你願意的話，無論是他們的第二次還是第三次治療。請記住，每個患者手術都有 3 種治療方法。所以我們可以跟踪那個細節。我們知道什麼時候是第一次治療，什麼時候是重複治療。

In terms of the cost, we don't set costs. That's something we can't do and something we won't do. However, we have been very clear with our customer base on our expectations for revenue associated with their conducting a procedure. And we've set that at kind of $1,500 minimum at this point in our initial release. And we'll continue to monitor and adjust that upwards if need be, as the value of this procedure continues to improve. So at this point, we have not seen a whole lot of anxiety from the patient side of that payment. And with financing, we think that will reduce even further.

在成本方面，我們不設定成本。這是我們不能做的事情，也是我們不會做的事情。但是，我們對客戶群非常清楚我們對與他們進行程序相關的收入的期望。我們在初始版本中將其設置為最低 1,500 美元。我們將繼續監控並在需要時向上調整，因為此程序的價值不斷提高。因此，在這一點上，我們還沒有看到這筆付款的患者方面有很多焦慮。通過融資，我們認為這將進一步減少。

In terms of the magnitude, I think we've been slow and steady this year and we intend to be slow and steady this year. But we have the capabilities and the capacities to ramp this very, very aggressively. We've made arrangements with external manufacturing to ramp and have access to greater device placements in 2023, and that should not -- that in itself should not be a barrier for us.

就規模而言，我認為今年我們一直緩慢而穩定，今年我們打算緩慢而穩定。但是我們有能力和能力非常非常積極地提高這一點。我們已與外部製造商做出安排，以便在 2023 年增加並獲得更多的設備放置，這不應該——這本身不應該成為我們的障礙。

In terms of capacity in the sales organization, obviously, as this ramps, we can continue to hire and expand and get a greater footprint. And that obviously will pay for itself in the variable costs. So we do have the ability to ramp this pretty aggressively in out years. But I think what's going to be most important is that we get it right this year to all of those to be able to accelerate in kind of in an optimal fashion in (inaudible) years. And that's what we're focused on.

就銷售組織的能力而言，顯然，隨著這種增長，我們可以繼續招聘和擴大規模，並獲得更大的影響力。這顯然會在可變成本中收回成本。因此，我們確實有能力在未來幾年內非常積極地提高這一點。但我認為最重要的是，我們今年要讓所有人都能夠在（聽不清）年內以最佳方式加速。這就是我們所關注的。

This concludes the question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

問答環節到此結束。我想把會議交還給管理層，以便發表任何結束語。

Thank you very much, Ariel. I just want to leave the conversation with this. This business has never been any stronger than it is right now on both of the core capital and consumable side of the business. We believe that headwinds in FX is a transient issue that we'll move through quickly. And the results thus far and AviClear have given us great, great expectations for what the future holds for this company. With that, we couldn't be more excited to be where we are right now with what we have. So we look forward to giving you an update in third quarter with those results and until such time, be healthy, and thanks for the following.

非常感謝你，愛麗兒。我只想就此結束談話。這項業務在核心資本和業務消耗方面從未像現在這樣強大。我們相信，外匯逆風是一個暫時的問題，我們將迅速解決。迄今為止的結果和 AviClear 讓我們對這家公司的未來抱有極大的期望。有了這個，我們對現在擁有的東西感到非常興奮。因此，我們期待在第三季度為您提供這些結果的最新信息，在此之前，請保持健康，並感謝以下內容。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。你可以斷開你的線路。感謝您的參與，祝您有愉快的一天。