Electromed Inc (ELMD) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Electromed third-quarter fiscal 2025 earnings call. (Operator Instructions)

您好，歡迎參加 Electromed 2025 財年第三季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce you to your host, Mike Cavanaugh, Investor Relations. Thank you, Mike. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向你們介紹主持人、投資者關係部門 Mike Cavanaugh。謝謝你，麥克。你可以開始了。

Good afternoon, and thank you for joining the Electromed earnings call. Earlier today, Electromed, Inc. released financial results for the third fiscal quarter of 2025, the quarter ended March 31, 2025. The press release is currently available on the company's website at www.smartvest.com.

下午好，感謝您參加 Electromed 收益電話會議。今天早些時候，Electromed, Inc. 發布了 2025 財年第三季（截至 2025 年 3 月 31 日的季度）的財務表現。新聞稿目前可在本公司網站 www.smartvest.com 上查閱。

Before we get started, I would like to remind everyone that some of the statements that management will make on this call are considered forward-looking statements, including statements about the company's future operating and financial results and plans. Such statements are subject to risks and uncertainties that could cause actual performance or achievements to be materially different from those projected. Any such statements represent management's expectations as of today's date. You should not place any undue reliance on those forward-looking statements, and the company does not undertake any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to the company's SEC filings for further guidance on this matter.

在我們開始之前，我想提醒大家，管理層在本次電話會議上做出的一些陳述被視為前瞻性陳述，包括有關公司未來營運和財務業績和計劃的陳述。此類聲明受風險和不確定性的影響，可能導致實際業績或成就與預測有重大差異。任何此類聲明均代表管理層截至今天的預期。您不應過度依賴這些前瞻性陳述，且本公司不承擔更新或修改前瞻性陳述的任何義務，無論由於新資訊、未來事件或其他原因。有關此事的進一步指導，請參閱該公司向美國證券交易委員會提交的文件。

Joining me on the call today are Jim Cunniff, Electromed's President and Chief Executive Officer; and Brad Nagel, Chief Financial Officer. As on previous calls, Jim will provide color around operational highlights from the quarter. Brad will then review the financials, and we will close with a question-and-answer session. With that, I will now turn the call over to Jim Cunniff, President and Chief Executive Officer of Electromed.

今天與我一起參加電話會議的還有 Electromed 總裁兼執行長 Jim Cunniff 和財務長 Brad Nagel。與之前的電話會議一樣，吉姆將介紹本季的營運亮點。布拉德隨後將審查財務狀況，最後我們將進行問答環節。現在，我將把電話轉給 Electromed 總裁兼執行長 Jim Cunniff。

Thank you, Mike, and welcome, everyone, to Electromed's third quarter earnings call. With me today is Brad Nagel, Electromed's Chief Financial Officer.

謝謝你，麥克，歡迎大家參加 Electromed 第三季財報電話會議。今天和我一起的是 Electromed 的財務長 Brad Nagel。

As we usually do, I will share some comments and observations about our operational highlights for the quarter, and we'll follow with a detailed review of our financials, and we'll wrap up with a question-and-answer session.

像往常一樣，我將分享一些有關本季度營運亮點的評論和觀察，然後我們將詳細審查我們的財務狀況，最後進行問答環節。

I am happy to report another strong quarter today, and I'm proud to share that the quarter ended March 31, 2025, marked our 10th consecutive quarter of year-over-year revenue and net income growth, a rarity among small-cap medical technology companies. To be more specific, revenue for the third quarter came in at $15.7 million, a 13.1% increase from the same period a year ago. Operating income increased in the quarter 16.2% to $2.1 million, and net income increased 26.7% on a year-over-year basis to $1.9 million or $0.21 per diluted share. As most of you are aware, Electromed is laser-focused on the airway clearance space, specifically bringing relief to thousands of patients who are being treated for the chronic disease of bronchiectasis is our mission to be the most trusted airway clearance solution for both patients and the health care providers treating and managing this awful disease. At a high level, we pursue this goal through a strategy consisting of multiple initiatives, which taken together have proven to be cohesive and effective in delivering revenue growth.

我很高興今天報告又一個強勁的季度，我很自豪地告訴大家，截至 2025 年 3 月 31 日的季度標誌著我們連續第 10 個季度實現收入和淨收入同比增長，這在小型醫療技術公司中實屬罕見。具體而言，第三季營收為 1,570 萬美元，較去年同期成長 13.1%。本季營業收入成長 16.2% 至 210 萬美元，淨收入年增 26.7% 至 190 萬美元或每股攤薄收益 0.21 美元。大多數人都知道，Electromed 專注於氣道清除領域，特別是為正在接受支氣管擴張這種慢性疾病治療的數千名患者帶來緩解，我們的使命是成為患者和治療和管理這種可怕疾病的醫療保健提供者最值得信賴的氣道清除解決方案。從高層次上講，我們透過一項由多項措施組成的策略來實現這一目標，事實證明，這些舉措在實現收入成長方面具有凝聚力和有效性。

We continue to thoughtfully expand our team of direct sales reps who promote our SmartVest airway clearance technology and ended the quarter with 55 reps, up from 51 reps in the prior year.

我們繼續深思熟慮地擴大我們的直銷代表團隊，以推廣我們的 SmartVest 呼吸道清除技術，本季結束時我們的直銷代表人數為 55 人，高於去年同期的 51 人。

I say we do this thoughtfully as we want to ensure a good return on our investment in incremental hires while also avoiding the pitfall of hiring too many people too quickly, which has caused many companies to stumble operationally. To highlight another initiative on the marketing front, we recently launched a Veterans Administration direct-to-consumer outreach program in 11 cities designed to demonstrate the benefits of our technology to veterans whose breathing may improve from airway clearance therapy. We customize the initiative specifically for the veterans' experience and includes a web landing page, blog and social post. We've also created a VA-specific informational packet for those veterans who wish to explore our therapy beyond the website and social media. This program generated 1,200 clicks with 1,100 page views since being launched last quarter.

我認為我們這樣做是經過深思熟慮的，因為我們希望確保在增量招聘方面的投資獲得良好的回報，同時也要避免過快招聘過多人員的陷阱，這種陷阱已經導致許多公司在運營上陷入困境。為了突出行銷方面的另一項舉措，我們最近在 11 個城市啟動了退伍軍人管理局直接面向消費者的外展計劃，旨在向那些可以透過氣道清除療法改善呼吸的退伍軍人展示我們的技術的好處。我們專門為退伍軍人的體驗量身定制了該計劃，其中包括網路登陸頁面、部落格和社交貼文。我們還為那些希望在網站和社交媒體之外探索我們的治療方法的退伍軍人創建了 VA 專用資訊包。該計劃自上個季度推出以來，已產生 1,200 次點擊和 1,100 次頁面瀏覽量。

We continue to invest in raising awareness of the widespread challenge of bronchiectasis, and I will spend a few minutes sharing several examples with you today. Most people have heard of COPD and cystic fibrosis, but very few Americans have heard of bronchiectasis. In fact, the number of people suffering from bronchiectasis is many times larger than those suffering from cystic fibrosis and happens to be a common comorbidity with COPD. Furthermore, it is estimated that there are over four million Americans who have bronchiectasis but are undiagnosed. To address this knowledge gap, in late 2024, we launched the Triple Down on Bronchiectasis campaign, which is designed to raise awareness of the disease as well as the important function our SmartVest therapy plays in successful long-term disease management.

我們將繼續致力於提高人們對支氣管擴張這一廣泛挑戰的認識，今天我將花幾分鐘時間與大家分享幾個例子。大多數人都聽說過慢性阻塞性肺病 (COPD) 和囊性纖維化，但很少美國人聽說過支氣管擴張。事實上，患有支氣管擴張症的人數比患有囊性纖維化的人數多很多倍，而且恰好是 COPD 的常見合併症。此外，據估計，有超過四百萬美國人患有支氣管擴張但未被診斷出來。為了彌補這一知識差距，我們於 2024 年底發起了「支氣管擴張三重防治」活動，旨在提高人們對該疾病的認識以及我們的 SmartVest 療法在成功的長期疾病管理中所發揮的重要作用。

Program highlights the three-pronged treatment paradigm of airway clearance with SmartVest to remove mucus from the lungs, along with treating infections and reducing inflammation, thereby helping break the vicious vortex. We have now generated over 27,000 views to our Triple Down on Bronchiectasis landing page, and we are confident these efforts will result in greater awareness and more prescriptions over time. And while the campaign has been successful thus far, we made a subtle yet important enhancement to the program by emphasizing that the three-pronged treatment should focus on clear airways first. We did this because clearing the airways of mucus plays a critical role in reducing the fuel for future infections and allows patients to breathe easier. Another example of our leadership in raising awareness around bronchiectasis is the presentation we made in March to the California Thoracic Society, where we hosted a Product Theater Breakfast presentation, which highlighted the importance of airway clearance as an important part of the bronchiectasis treatment continuum.

該計劃強調了使用 SmartVest 清除肺部粘液、治療感染和減少炎症的三管齊下的治療模式，從而幫助打破惡性漩渦。目前，我們的「三重支氣管擴張症」登陸頁面的瀏覽量已超過 27,000 次，我們相信，隨著時間的推移，這些努力將提高人們的認識並開出更多的處方。雖然這項活動迄今為止取得了成功，但我們對該計劃進行了微妙但重要的改進，強調三管齊下的治療應首先關注疏通呼吸道。我們這樣做是因為清除呼吸道中的黏液對於減少未來感染的誘因起著關鍵作用，並使患者呼吸更輕鬆。我們在提高人們對支氣管擴張症認識方面的領導作用的另一個例子是，我們三月向加州胸腔科學會所做的演講，我們在會上舉辦了一場產品劇院早餐會，強調了氣道清除作為支氣管擴張症治療過程重要組成部分的重要性。

Similarly, in partnership with Respiratory Associates, our clinical team delivered a continuing education unit titled Bronchiectasis Overlap Syndrome, What s the Big Deal? That was approved by the American Association of Respiratory Care or AARC. The session was attended by over 120 registered nurses and registered therapists and the response was overwhelmingly positive with 64% of the attendees saying that the information gained during the session would lead to an adjustment in their practice habits. Due to strong demand, we have two more presentations scheduled for fiscal Q4.

同樣，我們的臨床團隊與呼吸協會合作，舉辦了一場繼續教育課程，題為“支氣管擴張重疊綜合徵，有什麼大不了的？”這已得到美國呼吸護理協會 (AARC) 的批准。超過 120 名註冊護士和註冊治療師參加了此次會議，與會者的反應非常積極，64％ 的與會者表示，會議期間獲得的資訊將有助於調整他們的實踐習慣。由於需求強勁，我們計劃在第四財季再舉辦兩場演講。

In the spirit of continuous improvement, we refreshed the product page on our website to make it more user-friendly. We had over 1.3 million visits to our website this fiscal year, which shows the impact our market development initiatives are having on driving interest in SmartVest. Additionally, we upgraded our SmartVest luggage to make it more ergonomic and spacious to better accommodate the device, pose and vest.

本著不斷改進的精神，我們刷新了網站上的產品頁面，使其更加用戶友好。本財年我們的網站訪問量超過 130 萬次，這表明我們的市場開發措施對推動人們對 SmartVest 的興趣產生了積極影響。此外，我們升級了 SmartVest 行李箱，使其更符合人體工學且空間寬敞，可以更好地容納設備、姿勢和背心。

Additionally, we are supporting our prescribing clinics and moving them from the dark ages of order submission to us via fax to the new age of submitting orders via our smart order E-Prescribe solution. This is an efficiency enhancement for our clinics and provides Electromed with complete prescription documentation, enabling us to ship product to our patients sooner so they can breathe easier. In Q3, 35% of our orders were submitted through our smart order E-Prescribe solution.

此外，我們還支持我們的處方診所，將它們從透過傳真向我們提交訂單的黑暗時代轉變為透過我們的智慧訂單電子處方解決方案提交訂單的新時代。這提高了我們診所的效率，並為 Electromed 提供了完整的處方文件，使我們能夠更快地將產品運送給患者，以便他們可以更輕鬆地呼吸。在第三季度，我們 35% 的訂單是透過智慧訂單 E-Prescribe 解決方案提交的。

Given our strong operational performance this fiscal year, we have a healthy cash position on our balance sheet. And as many of you know, we are always looking for ways to better utilize our cash and deliver value to our shareholders. To that end, on March 6, 2025, our Board approved a share repurchase of up to $5 million worth of Electromed stock. In Q3, approximately $1.4 million worth of stock was repurchased through this latest authorization, bringing fiscal year-to-date repurchasing up to $6.4 million.

鑑於本財年強勁的營運業績，我們的資產負債表上擁有健康的現金狀況。正如你們許多人所知，我們一直在尋找更好地利用現金並為股東創造價值的方法。為此，我們的董事會於 2025 年 3 月 6 日批准回購價值高達 500 萬美元的 Electromed 股票。第三季度，透過此次最新授權回購了價值約 140 萬美元的股票，使本財年迄今的回購額達到 640 萬美元。

Before I turn the call over to Brad, I'd like to comment on the current tariff situation, which has become an area of concern for many companies. Electromed is a U.S.-based company with all of our manufacturing operations located in the U.S. and 99% of our net revenues are generated in the U.S. Given the concentration of our business operations in the U.S., we feel we are well positioned to maintain our strong track record of on-time delivery to our customers and maintain our mid-70s gross margins. However, this is a fluid situation, which we are monitoring with our primarily domestic suppliers who may have exposure within their upstream supply chains.

在我將電話轉給布拉德之前，我想評論一下當前的關稅情況，這已成為許多公司關注的問題。Electromed 是一家美國公司，我們所有的製造業務都位於美國，99% 的淨收入都來自美國。鑑於我們的業務集中在美國，我們認為我們完全有能力保持向客戶按時交付產品的良好記錄，並保持 75% 左右的毛利率。然而，這是一個不穩定的情況，我們正在與可能在其上游供應鏈中受到影響的主要國內供應商一起監控這種情況。

With that, I will turn the call over to Brad to discuss our financials. Brad?

說完這些，我將把電話轉給布拉德，討論我們的財務狀況。布拉德？

Thanks, Jim. Unless otherwise noted, all amounts I'm about to review are for the three months ended March 31, 2025, or Q3 FY 2025 and compared to the three months ended March 31, 2024, or Q3 FY 2024. Net revenues grew 13.1% to $15.7 million from $13.9 million. Revenue in our direct homecare business increased year-over-year by 14.8% to $14.1 million from $12.3 million. The growth in revenue was due to incremental referrals and approvals driven by an increase in direct sales representatives and efficiencies within our reimbursement department as well as higher net revenues per approval.

謝謝，吉姆。除非另有說明，否則我將要審查的所有金額均為截至 2025 年 3 月 31 日的三個月或 2025 財年第三季的金額，並與截至 2024 年 3 月 31 日的三個月或 2024 財年第三季的金額進行比較。淨收入從 1,390 萬美元增長 13.1% 至 1,570 萬美元。我們的直接家庭護理業務收入年增 14.8%，從 1,230 萬美元增至 1,410 萬美元。收入的成長是由於直銷代表的增加和報銷部門效率的提高以及每次批准的淨收入的增加所推動的推薦和批准的增加。

The annualized homecare revenue per weighted average direct sales representative in the quarter was $1,028,000, slightly higher than Electromed's annual target range of $900,000 to $1 million. Revenue in our non-homecare businesses remained consistent year-over-year at $1.6 million. Homecare distributor revenue of $696,000 grew 32.8% and was offset by a 7.5% decline in hospital revenue, which decreased to $724,000 and a 41.5% decline in other revenue, which decreased to $162,000. As a reminder, our non-homecare revenues can be affected by timing quarter-to-quarter, but year-to-date, our non-homecare revenue has grown 24.5%.

本季每位加權平均直銷代表的年度家庭護理收入為 1,028,000 美元，略高於 Electromed 的年度目標範圍 900,000 美元至 100 萬美元。我們的非家庭護理業務收入與去年同期相比保持穩定，為 160 萬美元。家庭護理分銷商的收入為 696,000 美元，增長了 32.8%，但醫院收入下降了 7.5%，降至 724,000 美元，其他收入下降了 41.5%，降至 162,000 美元，抵消了這一增長。提醒一下，我們的非家庭照護收入可能會受到季度時間的影響，但年初至今，我們的非家庭照護收入成長了 24.5%。

Gross profit increased to $12.2 million or 78.0% of net revenues from $10.4 million or 74.8% of net revenues. The increase in gross profit dollars was primarily a result of increased overall revenue and the increase in gross profit percentage was a result of higher net revenue per device.

毛利從 1,040 萬美元（佔淨收入的 74.8%）增至 1,220 萬美元（佔淨收入的 78.0%）。毛利潤的增加主要是由於總收入的增加，而毛利潤百分比的增加則是由於每台設備的淨收入增加。

Selling, general and administrative or SG&A expenses were $9.8 million, representing an increase of $1.4 million or 17.2%. The increase in the current year period was primarily due to increased salaries and incentive compensation related to the higher average number of sales, sales support, marketing and reimbursement personnel to process higher patient referrals. Operating income was $2.1 million or 13.6% of net revenues compared to $1.8 million or 13.3% of net revenues. The increase in operating income was primarily due to an increase in revenue and gross profit. When putting all these Q3 results together, we're excited to have executed a great quarter with pretax income of $2.3 million, net income of $1.9 million and quarterly EPS for our shareholders of $0.21 per diluted share.

銷售、一般及行政費用（SG&A）為 980 萬美元，增加 140 萬美元，增幅 17.2%。本年度的成長主要是由於銷售、銷售支援、行銷和報銷人員平均數量增加，處理更多患者轉診，導致工資和獎勵性薪酬增加。營業收入為 210 萬美元，佔淨收入的 13.6%，去年同期為 180 萬美元，佔淨收入的 13.3%。營業收入增加主要由於收入及毛利增加。將所有這些第三季度的業績放在一起，我們很高興看到我們取得了一個出色的季度業績，稅前收入為 230 萬美元，淨收入為 190 萬美元，股東季度每股收益為 0.21 美元。

As of March 31, 2025, Electromed had $15.2 million in cash, $23.4 million in accounts receivable and no debt, achieving a working capital of $35.7 million and total shareholders' equity of $43.9 million. The cash balance reflects a decrease of $0.8 million for the nine months ended March 31, 2025, compared to an increase in cash of $4.3 million in the same period in the prior year. The decrease in cash in fiscal 2025 was driven by share repurchases of approximately $6.3 million of Electromed common stock and $2.3 million of taxes paid from net share settlement of vested stock, offset by $7.5 million of positive operating cash flow.

截至 2025 年 3 月 31 日，Electromed 擁有 1,520 萬美元現金、2,340 萬美元應收帳款且沒有債務，營運資金為 3,570 萬美元，股東權益總額為 4,390 萬美元。截至 2025 年 3 月 31 日的九個月，現金餘額減少了 80 萬美元，而去年同期的現金增加了 430 萬美元。2025 財年現金的減少是由於 Electromed 普通股回購了約 630 萬美元，以及已歸屬股票淨股份結算支付了 230 萬美元的稅款，但被 750 萬美元的正經營現金流所抵消。

With that, we'd like to move to the Q&A portion of the call. Operator, please open the call to questions.

接下來，我們想進入電話會議的問答部分。接線員，請打開電話詢問。

(Operator Instructions)

（操作員指示）

Brooks O'Neil, Lake Street Capital Markets.

布魯克斯‧歐尼爾 (Brooks O'Neil)，湖街資本市場 (Lake Street Capital Markets)。

Another terrific quarter. Congratulations on that. I guess I'll start by asking Jim mentioned your thoughtful approach to adding sales reps, and I appreciate that. But maybe you could comment on what the environment is and what your appetite is for continuing to build your organization through adding additional salespeople.

又是一個出色的季度。恭喜你。我想首先請吉姆提到您對增加銷售代表的周到方法，我對此表示感謝。但也許您可以評論一下環境是什麼樣的，以及您希望透過增加銷售人員來繼續建立您的組織。

Brooks, thanks for the question, and thanks for being on the call. When I say thoughtfully, and I think we've been pretty deliberate about the fact that we want to continue to add sales reps, but having a single product as a company and making sure that we don't add sales reps too quickly, which can be very disengaging for our sales reps. We're taking a very deliberate approach. And so even as we enter Q4 and prepare for the next fiscal year, we're already in the process of hiring for next year. So we want to be thoughtful about it.

布魯克斯，感謝您的提問，也感謝您接受我們的電話訪問。當我說深思熟慮時，我認為我們已經非常慎重地考慮了我們想要繼續增加銷售代表的事實，但作為一家公司，我們只有一個產品，並確保我們不會過快地增加銷售代表，這可能會讓我們的銷售代表非常失望。我們正在採取非常慎重的方法。因此，即使我們進入第四季並為下一個財年做準備，我們也已開始為明年招募員工。所以我們要認真考慮這個問題。

We want to make sure that our existing reps are prepared if their territory is going to get cut. And so that we don't add too many reps too quickly. And actually, we've -- this past -- well, this quarter and a little bit in the tail end of last quarter, we've hired some really talented folks, which are joining our roster. So I'm excited about that. And we're going to continue to add reps over time.

我們希望確保我們現有的代表在他們的領土被削減時做好準備。這樣我們就不會太快增加太多的次數。實際上，在過去這個季度以及上個季度末，我們聘請了一些非常有才華的人才，他們加入了我們的名冊。所以我對此感到很興奮。而我們會隨著時間的推移繼續增加代表。

The other thing that we're going to do going into next year is we're going to add another sales representative for our hospital business. And today, we have just a few people that are doing that, and we feel like there's growth opportunity there. So we're going to make an investment in that area as well.

我們明年要做的另一件事是為我們的醫院業務增加另一位銷售代表。如今，我們只有少數人在做這件事，我們覺得這是一個成長機會。所以我們也將在該領域進行投資。

And how do you feel about the $900,000 to $1 million per rep kind of target range? Is that still suitable in your mind?

您對每位代表 90 萬至 100 萬美元的目標範圍有何看法？您覺得這樣還合適嗎？

Yes, Brooks, actually, we've exceeded that two out of three quarters so far this year. And we don't want to lose ground there. I think part of what Jim is talking about with the thoughtful additions to sales reps is we'd like to be at that $1 million plus, and you'll probably see us revise that as we come into our new fiscal year. But finding that right balance between growing our sales rep force and being able to maintain that strong revenue per rep of about $1 million. We're slightly over that on average this year.

是的，布魯克斯，實際上，今年到目前為止，我們已經在三個季度中有兩個季度超過了這個數字。我們不想在那裡失去地位。我認為 Jim 所說的對銷售代表進行深思熟慮的補充部分是我們希望達到 100 萬美元以上，而當我們進入新的財政年度時，您可能會看到我們修改這一目標。但我們需要在擴大銷售代表隊伍和維持每位銷售代表約 100 萬美元的強勁收入之間找到適當的平衡。今年我們的平均值略高於這個數字。

Cool. And then my last question is, how do you feel about the reimbursement environment? Obviously, a lot of volatility in the government, a lot of volatility in the states, a lot of volatility everywhere. So I'm just curious if you have any thoughts or outlook on what we can expect from the reimbursement environment.

涼爽的。我的最後一個問題是，您對報銷環境有何看法？顯然，政府內部存在著許多波動，各州內部存在著許多波動，各個地方都存在著許多波動。所以我只是好奇，您對我們對報銷環境的期望有什麼想法或看法。

No, that's a great question. I mean it's almost akin to the discussions that are being had with tariffs. But quite candidly, we've been insulated from that right now. And in fact, this year, Brooks, one of the investments that we did make is in a leader for our payer relations area of our business. And that individual is doing a fantastic job actually opening up more opportunities for us to get payer coverage in certain geographies where up until now, we haven't had coverage.

不，這是一個很好的問題。我的意思是，這幾乎類似於正在進行的關稅討論。但坦白說，我們現在已經擺脫了這種影響。事實上，布魯克斯，今年我們所做的投資之一就是為我們業務的付款人關係領域尋找領導者。這個人做得非常出色，實際上為我們在某些地區獲得付款人覆蓋開闢了更多機會，而在此之前我們還沒有覆蓋這些地區。

So we've actually seen an uplift there. And really, we don't really see that as a risk to the business right now. But obviously, that's an area we want to keep a close eye on.

所以我們確實看到了那裡的提升。事實上，我們目前並不認為這會對業務構成風險。但顯然，這是我們想要密切關注的領域。

Anderson Schock, B. Riley.

安德森·肖克，B.萊利。

On the strong first quarter -- or sorry, third quarter and all the progress. I guess, can you just provide an update on the implementation progress of your new CRM system and when you expect to complete that? And I mean, I guess, has there been any learning curve observed there that may have reduced productivity?

關於第一季的強勁表現——或者抱歉，第三季以及所有進展。我想，您能否提供有關新 CRM 系統實施進度的最新資訊以及預計何時完成？我的意思是，我猜，在那裡觀察到的學習曲線是否可能會降低生產力？

No. That's actually -- it's actually something which our sales team is eagerly awaiting. This is one of the key initiatives that they wanted us to invest in, which we have. And Anderson, quite candidly, we're in a really good position to launch that at the beginning of next fiscal year. So just a couple of months from now.

不。這實際上是——這實際上是我們的銷售團隊熱切期待的事情。這是他們希望我們投資的關鍵舉措之一，我們也確實投資了。安德森坦白說，我們完全有能力在下一個財年初推出這項計畫。距離現在僅剩幾個月的時間。

And we're giving ourselves enough time to really make sure that we have user acceptance training that's done in advance of going live. We also are cognizant of the fact that our fiscal year ends at the end of June. And so we don't want to launch it two days after the end of the fiscal year, but we are intending to launch that first part of Q1 of fiscal year '26. And we're very excited about it. The team has done a fantastic job.

我們給自己足夠的時間來確保在上線之前完成用戶驗收培訓。我們也知道我們的財政年度在六月底結束。因此，我們不想在財政年度結束後兩天推出它，但我們打算在 26 財年第一季的第一部分推出它。我們對此感到非常興奮。該團隊做得非常出色。

And this will actually start to tie together several of our other systems, which have somewhat been disparate. So we're very excited about the benefits it's going to give us.

這實際上將開始把我們的其他幾個彼此獨立的系統連結在一起。因此，我們對它將為我們帶來的好處感到非常興奮。

Okay. Got it. And then your Triple Down on Bronchiectasis campaign. I think you engaged in 10,000 clinicians in -- or I guess, last quarter. I guess how many did you engage this quarter?

好的。知道了。然後是您的「三重抗支氣管擴張症」運動。我認為你們在上個季度就聘用了 10,000 名臨床醫生。我猜你本季參與了多少次？

And have you seen any measurable impacts from this initiative in terms of prescription growth and market awareness?

您是否看到這項措施在處方成長和市場知名度方面產生了任何可衡量的影響？

Well, yes. I mean, I think one of our -- when you take a look at some of our key initiatives for growth, one of them is market awareness. And between us, some of our competitors and some people that are entering the market, predominantly on the drug space, I think collectively, we've done a good job of illuminating the fact that there's a very large cohort of patients that can benefit from this technology that have this disease state. And as I mentioned in my prerecorded comments, this is a disease state that there just hasn't been a lot of awareness.

嗯，是的。我的意思是，我認為我們的一個——當你看看我們的一些關鍵成長舉措時，其中之一就是市場意識。在我們之間，我們的一些競爭對手以及一些進入市場的公司（主要是製藥領域），我認為，總的來說，我們已經很好地闡明了這樣一個事實：有大量患有這種疾病的患者可以從這項技術中受益。正如我在預先錄製的評論中提到的那樣，這是一種尚未引起人們足夠重視的疾病狀態。

So to date, we've had over 27,000 views on our Triple Down on Bronchiectasis landing page. And it's hard to tie together, Anderson, exactly how that's correlating to new prescriptions. But I think the results kind of speak for themselves when you take a look at what our revenue growth has been, and we're really excited about the referral growth that we're seeing as a company as well. So -- and the referrals then over time do translate into revenue.

到目前為止，我們的「三重支氣管擴張症」登陸頁面的瀏覽量已超過 27,000 次。安德森，很難將這與新處方究竟有何關聯連結起來。但我認為，當你看到我們的收入成長時，結果就不言而喻了，而且我們對公司所看到的推薦成長感到非常興奮。所以——隨著時間的推移，推薦確實會轉化為收入。

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

我們的問答環節到此結束。我想將會議交還給 Jim Cunniff 做最後發言。