Elutia Inc (ELUT) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Aziyo Biologics' Second Quarter 2023 Financial Results Conference Call.

女士們、先生們，大家好！歡迎參加Aziyo Biologics 2023年第二季財務業績電話會議。

(Operator Instructions)

（操作員指示）

Please be advised that today's conference call is being recorded. I would now like to hand the conference over to Matt Steinberg of FINN Partners.

請注意，今天的電話會議正在錄音。現在，我想將會議交給FINN Partners的Matt Steinberg。

Thank you, operator, and thank you all for participating in today's call.

謝謝接線員，也謝謝大家參加今天的電話會議。

Earlier today, Aziyo released financial results for the quarter ended June 30, 2023. A copy of the press release is available on the company's website.

今天早些時候，Aziyo 發布了截至 2023 年 6 月 30 日的季度財務業績。新聞稿副本可在公司網站上查閱。

Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws, which are pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that do not relate to matters of historical facts or relate to expectations or predictions of future events, results or performance are forward-looking statements.

在我們開始之前，我想提醒您，管理層將在本次電話會議中做出聲明，其中包括聯邦證券法所定義的前瞻性聲明，這些聲明符合 1995 年《私人證券訴訟改革法》的安全港條款。本次電話會議中包含的任何與歷史事實無關或與對未來事件、結果或表現的預期或預測無關的聲明均為前瞻性聲明。

All forward-looking statements, including, without limitation, those relating to our operating trends, future financial performance and expectations for our product development and sales are based upon our current estimates and various assumptions.

所有前瞻性陳述，包括但不限於與我們的營運趨勢、未來財務表現以及對我們的產品開發和銷售的預期有關的陳述，均基於我們目前的估計和各種假設。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our public filings with the SEC, including Aziyo's annual report on Form 10-Q for the quarter ended June 30, 2023, to be filed with the SEC, accessible on the SEC's website at www.sec.gov. Such factors may be updated from time to time in Aziyo's other filings with the SEC.

這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述中預期或暗示的結果或事件有重大差異。因此，您不應過度依賴這些陳述。有關與我們業務相關的風險和不確定性的清單和描述，請參閱我們向美國證券交易委員會 (SEC) 提交的公開文件中的「風險因素」部分，包括 Aziyo 截至 2023 年 6 月 30 日季度的 10-Q 表年度報告（該報告可在美國證券交易委員會網站 www.sec.gov 上查閱）。這些因素可能會在 Aziyo 向美國證券交易委員會提交的其他文件中不時更新。

The conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 14, 2023. Aziyo 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.

電話會議包含時間敏感信息，並且僅截至今天（2023 年 8 月 14 日）的現場直播時準確無誤。 Aziyo 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，除非法律要求，無論是由於新資訊、未來事件或其他原因。

And with that, I will turn the call over to Aziyo's CEO, Randy Mills.

說完這些，我將把電話轉給 Aziyo 的執行長 Randy Mills。

Thank you, Matt. Today, I will discuss our second quarter results and the progress we continue to make on our strategy to transform Aziyo into a drug-eluting biomatrix company. Matt Ferguson, our CFO, will then discuss our financial results in more detail. After that, we'll open the line up for your questions.

謝謝，馬特。今天，我將討論我們第二季的業績，以及我們在將 Aziyo 轉型為藥物洗脫生物基質公司的策略方面取得的持續進展。之後，我們的財務長 Matt Ferguson 將更詳細地討論我們的財務表現。之後，我們將開始回答大家的提問。

First and foremost, I would like to address the recent events surrounding our viable bone matrix products within our Orthopedics business. Patient safety is and always will be our priority. Patients are at the heart of our organization's mission and motivate us each and every day.

首先，我想談談我們骨科業務中活性骨基質產品近期發生的一些事件。病人安全始終是我們的首要任務。患者是我們組織使命的核心，也是我們每天工作的動力。

Last month, we were contacted by the Centers for Disease Control regarding a patient who had developed symptoms consistent with mycobacterium tuberculosis or MTB infection, following the implantation of one of our viable bone matrix. We immediately initiated a voluntary withdrawal of these products and opened an investigation in cooperation with health and regulatory authorities.

上個月，美國疾病管制與預防中心（CDC）聯繫了我們，表示一名患者在植入我們的一種活性骨基質後出現了與結核分枝桿菌（MTB）感染相符的症狀。我們立即主動下架了這些產品，並與衛生和監管機構合作展開調查。

A review of the production records indicated that samples from the specific lot of bone matrix have been tested and found negative for MTB prior to release. This prerelease test is part of our standard operating procedures and exceeds guidelines set by both the AATB and FDA. It was also conducted by an independent laboratory using a nucleic acid assay specific for MTB.

生產記錄審查顯示，此批次骨基質樣本在放行前已進行檢測，結果為結核分枝桿菌（MTB）陰性。此項放行前檢測是我們標準作業程序的一部分，其結果超出了美國藥品管理局（AATB）和美國食品藥物管理局（FDA）制定的指導方針。此檢測由獨立實驗室使用結核分枝桿菌（MTB）專用核酸檢測方法進行。

So far, additional testing of this same lot, both by independent laboratories as well as the CDC, have not detected the presence of MTB via either nucleic acid testing or culture methods optimized for TB. We continue to work closely with the FDA and the CDC to further investigate the circumstances surrounding this event.

到目前為止，獨立實驗室和美國疾病管制與預防中心對同一批次產品進行的額外檢測，無論是透過核酸檢測或針對結核病優化的培養方法，均未檢測到結核分枝桿菌的存在。我們將繼續與美國食品藥物管理局 (FDA) 和美國疾病管制與預防中心 (CDC) 密切合作，進一步調查此事件的相關情況。

Now let me turn to our progress of transforming Aziyo into a high-growth drug-eluting biomatrix company. As previously communicated, we are focusing the company on what we believe to be our highest value-creating assets, namely CanGaroo and SimpliDerm. Here's what we are doing to make this vision a reality.

現在，我想談談我們將Aziyo轉型為一家高成長藥物洗脫生物基質公司的進展。如同先前所述，我們將專注於我們認為最具價值創造能力的資產，即CanGaroo和SimpliDerm。以下是我們正在採取的措施，以實現這一願景。

First, we signed an exclusive distribution partnership with LeMaitre Vascular for our Cardiovascular product lines. And as you can see from our second quarter results, the partnership is off to a strong start.

首先，我們與LeMaitre Vascular簽署了心血管產品線的獨家分銷合作協議。正如您從我們第二季的業績中看到的那樣，這項合作開局良好。

Second, we engaged an investment bank to help divest our Orthopedics business. We have received strong interest and are negotiating multiple LOIs at this time. We are working through the process to find the best home for this business, one where the acquiring entity appreciates the value of our stellar Orthopedics team. Our goal is to get this divesture wrapped up as quickly as possible.

其次，我們聘請了一家投資銀行協助剝離骨科業務。我們收到了強烈的收購意向，目前正在就多份意向書進行談判。我們正在努力為該業務尋找最佳的歸屬，收購者必須能夠欣賞我們優秀骨科團隊的價值。我們的目標是盡快完成此次剝離。

These moves enable us to focus on what we think will drive both short- and long-term value for the company, our drug-eluting biomatrix technology. This is our unique and proprietary platform that combines the benefits of biological matrices for soft tissue repair with powerful drug-eluting activity designed to target specific surgical needs.

這些措施使我們能夠專注於我們認為能夠推動公司短期和長期價值的領域—藥物洗脫生物基質技術。這是我們獨特的專有平台，它將生物基質在軟組織修復方面的優勢與強大的藥物洗脫活性相結合，旨在滿足特定的手術需求。

We are building this platform on 2 established biologic product lines: CanGaroo, our extracellular matrix product line for CIED placement; and SimpliDerm, our acellular dermis product line used in breast reconstruction. Both are safe, sterile and ready-to-use implants with years of clinical data to support their use.

我們基於兩條成熟的生物製劑產品線來建構此平台：CanGaroo，用於CIED植入的細胞外基質產品線；以及SimpliDerm，用於乳房重建的去細胞真皮產品線。這兩種產品線均安全、無菌且可立即使用的植入物，並擁有多年的臨床數據來支持其使用。

Our most advanced drug-eluting biomatrix product is CanGaroo RM, for which we hope to have cleared in the first quarter of 2024. CanGaroo RM should be the second entrant into the drug-eluting pouch market for pacemakers and implantable defibrillators. Currently, the only antibiotic-eluting pouch on the market is TYRX, a synthetic product marketed exclusively by Medtronic. Medtronic acquired the product line for approximately $200 million back when TYRX was early in its launch. Since the acquisition, Medtronic has done a nice job developing the market, and it's now estimated that worldwide TYRX does between $200 million and $300 million in revenue and currently addresses about 1/3 of the U.S. market.

我們最先進的藥物洗脫生物基質產品是CanGaroo RM，我們希望它能在2024年第一季獲得批准。 CanGaroo RM將成為起搏器和植入式除顫器藥物洗脫袋市場的第二個進入者。目前，市面上唯一的抗生素洗脫袋是TYRX，這是一款由美敦力獨家銷售的合成產品。美敦力在TYRX上市初期以約2億美元收購了該產品線。自收購以來，美敦力在市場開發方面做得非常出色，目前估計TYRX的全球收入在2億至3億美元之間，佔據了美國市場的約三分之一。

Because of these dynamics, we think that CanGaroo RM will become a highly valuable asset that can help capture, not just pouch, but CIED market share for a strategic partner. We also think that it is a product that physicians will prefer, given the benefits of a biologic envelope that turns into a patient's own healthy tissue instead of one made from a synthetic polymer.

鑑於這些動態，我們認為 CanGaroo RM 將成為一項極具價值的資產，不僅能幫助策略夥伴搶佔儲液囊市場，還能搶佔 CIED 市場份額。我們也認為，鑑於生物包膜的優勢，它可以轉化為患者自身的健康組織，而非合成聚合物製成的包膜，因此醫生會更青睞該產品。

Therefore, we believe that the approval of CanGaroo RM should represent the creation of several hundred million dollars of value for Aziyo, making it our greatest near-term opportunity. And behind CanGaroo RM, we see a similar opportunity for our SimpliDerm product in breast reconstruction.

因此，我們相信 CanGaroo RM 的獲批將為 Aziyo 創造數億美元的價值，使其成為我們近期最大的機會。在 CanGaroo RM 之後，我們也看到了 SimpliDerm 產品在乳房重建領域的類似機會。

Given that background, let me provide a more detailed update on our progress towards obtaining FDA clearance for CanGaroo RM. We had previously submitted a 510(k) for CanGaroo RM that resulted in the issuance of a Not Substantially Equivalent or NSE letter. The silver lining of that letter is that we were given the explicit list of outstanding items needed for us to demonstrate substantial equivalence and to gain market clearance.

有鑑於此，請允許我更詳細地介紹一下我們獲得 FDA 批准 CanGaroo RM 的進展。我們之前曾為 CanGaroo RM 提交過 510(k) 文件，但最終收到了一封「非實質等同」或 NSE 信函。這封信函的亮點在於，我們獲得了明確的清單，列出了需要證明實質等同性並獲得市場許可的未完成事項。

In total, there were 4 items listed. 2 were administrative in nature. The FDA requested that we provide them with information on a test method and requested a few specific document numbers. The other 2 items that were more substantive in nature related to our in-vitro elution method performed as a quality control step in the device manufacturing process. This test is used to show a consistent rate of drug release from batch to batch.

總共列了4項。其中2項屬於行政性質。 FDA要求我們提供有關測試方法的信息，並提供一些具體的文件編號。另外2項內容更為實質性，與我們在器械製造過程中作為品質控制步驟執行的體外洗脫方法有關。此測試用於顯示不同批次藥物釋放速率的一致性。

FDA requested that we, one, develop an accelerated IVE method that can be completed within 48 hours or less; and two, establish lot release criteria of greater than 80% elution within that time frame. Now this is challenging for an extended release product such as CanGaroo RM, since the product is designed to elute the drug over days and weeks, not hours.

FDA 要求我們：一是開發一種可在 48 小時或更短時間內完成的加速 IVE 方法；二是製定批簽發標準，確保在此時間內洗脫率超過 80%。這對於像 CanGaroo RM 這樣的緩釋產品來說是一個挑戰，因為產品的設計目標是在幾天甚至幾週內洗脫藥物，而不是數小時。

So to better understand this request, we met with the FDA soon after receipt of the NSE letter. And FDA provided helpful clarification in their request and expressed to us that their interest was in the tool to assess lot-to-lot variability that ensured the label claim was represented accurately. Importantly, they did not have concerns about the actual in vivo performance of the product.

為了更好地理解這項請求，我們在收到NSE信函後不久就與FDA進行了會面。 FDA在請求中提供了有益的澄清，並向我們表示，他們感興趣的是評估批次間差異的工具，以確保準確體現標籤聲明。重要的是，他們並不擔心產品的實際體內表現。

FDA also clarified that certain conditions could be adjusted to facilitate the acceleration of the test and provided options, such as changes in pH, the addition of detergents and agitation that were acceptable to the agency. With this information, the teamwork could generate elution profiles under these accelerated conditions.

FDA也澄清，可以調整某些條件以加速測試，並提供了一些FDA可接受的選項，例如改變pH值、添加清潔劑和攪拌。基於這些信息，團隊可以在這些加速條件下產生洗脫曲線。

For the sake of time, and because they represent new intellectual property, I'll spare you the details, but here's what matters. This graph represents a curve that we had under the original conditions. Notice that the curve plateaus in the 70% range with 48-hour results of only 75% drug release.

由於時間原因，也因為它們代表了新的智慧財產權，我就不贅述細節了，但重點來了。這張圖代表了我們在原始條件下所得到的曲線。請注意，曲線在70%左右達到穩定狀態，48小時後藥物釋放率僅75%。

Now here's a curve that we were able to create under the accelerated conditions. As you can see, drug release exceeds 80% -- exceeds the 80% threshold by the 24 hours and reaches 93% at 48 hours. We believe this new method to be fully responsive to FDA's request and are now in the process of completing the work necessary to put the new test into practice. We will be discussing this data with FDA prior to resubmission to make sure our filing is fully responsive to their needs.

這是我們在加速條件下繪製的曲線。如您所見，藥物釋放率超過80%——24小時內超過80%的閾值，48小時後達到93%。我們相信這種新方法完全符合FDA的要求，目前正在完成將新測試方法付諸實踐所需的必要工作。我們將在重新提交申請之前與FDA討論這些數據，以確保我們的申請完全符合他們的需求。

We expect to have all of this work completed, compiled and submitted for review by the end of the year. Since the review clock for the 510(k) is 90 days, and we are only updating the specific items in the NSE letter, we hope to gain clearance sometime in the first quarter of next year. We will, of course, provide you with updates along the way.

我們預計在年底前完成所有工作、整理並提交審核。由於510(k)的審核週期為90天，而我們目前僅更新NSE信函中的具體內容，因此我們希望在明年第一季左右獲得批准。當然，我們會隨時向您提供最新進展。

And with that, I'll turn the call over to Matt Ferguson, our CFO, for the financial update.

說完這些，我將把電話轉給我們的財務長馬特·弗格森 (Matt Ferguson)，聽取財務更新報告。

Okay. Thanks, Randy. For the second quarter, we generated net sales of $10.3 million as compared to $12.6 million in the corresponding prior year period. The Q2 2023 result included a revenue reversal of $3 million in our Orthopedics business related to the viable bone matrix recall and market withdrawal.

好的。謝謝，蘭迪。第二季度，我們的淨銷售額為1,030萬美元，去年同期為1,260萬美元。 2023年第二季的業績包含因活性骨基質召回和市場退出而導致的骨科業務300萬美元的收入逆轉。

In our other 3 segments, growth was led by our SimpliDerm product line with a 32% increase compared to Q2 2022. Sales of our CanGaroo product line in our Device Protection segment were relatively consistent versus the prior year quarter, despite the significant reduction in sales headcount that we implemented earlier this year.

在我們的其他 3 個部門中，成長由我們的 SimpliDerm 產品線引領，與 2022 年第二季相比成長了 32%。儘管我們今年稍早大幅減少了銷售人員數量，但我們設備保護部門的 CanGaroo 產品線的銷售額與去年同期相比相對穩定。

Lastly, we completed the handoff of our Cardiovascular products to LeMaitre Vascular during the quarter. This resulted in a significant increase in volume, but largely a distributor transfer pricing rather than the previous end-user pricing. We're really pleased that the LeMaitre partnership is off to a good start. It's allowing us to focus on the higher growth parts of our business, and we believe it will also improve the bottom line contribution from this Cardiovascular segment.

最後，我們在本季完成了心血管產品與LeMaitre Vascular的交接。這顯著提升了銷量，但主要體現在經銷商的轉移定價上，而非先前的終端用戶定價。我們很高興與LeMaitre的合作取得了良好的開端。這使我們能夠專注於業務中成長更快的部分，我們相信這也將提升心血管部門的獲利貢獻。

Gross profit for the second quarter of 2023 was $1 million and gross margin was 9.5%. The substantial decline in gross profit and gross margin was directly attributable to the viable bone matrix recall and market withdrawal, which decreased gross profit by $5 million and gross margin by 35 percentage points.

2023年第二季毛利為100萬美元，毛利率為9.5%。毛利和毛利率的大幅下降直接歸因於活性骨基質產品召回及市場退出，導致毛利下降500萬美元，毛利率下降35個百分點。

Total operating expenses were $10.1 million for the second quarter of 2023 compared to $13.1 million in the corresponding prior year period. We realized nearly $4 million of expense reductions across sales and marketing, R&D and G&A, primarily as a result of organizational streamlining, enabled by our strategic partnerships with LeMaitre and Sientra as well as reduced spending on CanGaroo RM development as that project approaches completion.

2023年第二季總營運費用為1,010萬美元，去年同期為1,310萬美元。我們在銷售與行銷、研發以及一般行政管理方面的費用減少了近400萬美元，這主要得益於與LeMaitre和Sientra建立策略合作夥伴關係所帶來的組織精簡，以及隨著CanGaroo RM專案接近完工而減少的開發支出。

The decreases were offset by approximately $900,000 in increased FiberCel litigation expense, which, to date, has been covered by insurance and therefore has not resulted in cash outlays by the company.

這些減少被 FiberCel 訴訟費用增加的約 90 萬美元所抵消，迄今為止，這筆費用已由保險承擔，因此並未導致公司產生現金支出。

Factoring in all of the above, our net loss in the second quarter of 2023 was $10.6 million as compared to $9.4 million in the corresponding prior year period. As of June 30, 2023, our cash position was $9.3 million. This reflects cash usage of $2.5 million for Q2, down significantly from $5.2 million for the first quarter of 2023.

綜合以上所有因素，我們2023年第二季的淨虧損為1,060萬美元，而去年同期為940萬美元。截至2023年6月30日，我們的現金狀況為930萬美元。這反映了第二季現金使用量為250萬美元，較2023年第一季的520萬美元大幅下降。

With the loss of revenue from our viable bone matrix products, we do expect cash burn to increase somewhat in the current quarter, but we expect to moderate that impact through ongoing optimization efforts across the business and continued growth in our SimpliDerm and CanGaroo product lines. We look forward to sharing these results as we continue to execute on our growth strategy in coming quarters.

由於活性骨基質產品收入的損失，我們預計本季現金消耗將略有增加，但我們預計透過持續優化整個業務以及持續成長SimpliDerm和CanGaroo產品線，可以緩解這一影響。我們期待在未來幾季繼續執行成長策略，並分享這些業績。

And that concludes our prepared remarks. Operator, you may open the line for questions.

我們的準備演講到此結束。接線員，您可以開始提問了。

(Operator Instructions)

（操作員指示）

We have a question coming from the line of Ross Osborn with Cantor Fitzgerald.

我們有一個問題來自 Cantor Fitzgerald 的 Ross Osborn。

Congrats on the progress on the RM resubmission. So starting off on the product recall and regarding the $3 million in reversal of revenue related to VBM during the 2Q, does this reflect an entire quarter's worth of revenue and a good way to think about the loss revenue for the 3Q and 4Q, assuming the business is not divested?

恭喜 RM 重新提交工作有進展。那麼，先從產品召回開始，以及第二季與 VBM 相關的 300 萬美元收入沖銷來看，這是否反映了整個季度的收入？假設該業務沒有被剝離，這是否是計算第三季和第四季收入損失的好方法？

Ross, that's exactly right. The recall reflected the outstanding viable bone matrix product for the quarter and sales associated with that, and that is just about the amount for the entire quarter. So in terms of ongoing reduction in that segment of the business, that is about the right assumption going forward.

羅斯，完全正確。此次召回反映了本季未完成的活性骨基質產品及其相關銷售額，而這幾乎就是整個季度的銷售額。因此，就該業務部門的持續下滑而言，這大致是正確的假設。

Okay. Got it. And then turning to your partnerships. Where do you believe LeMaitre and Sientra's sales teams are in terms of productivity levels and selling your products?

好的。明白了。接下來談談你們的合作關係。您認為 LeMaitre 和 Sientra 的銷售團隊在生產力水平和產品銷售方面處於什麼水平？

Ross, this is Randy. So LeMaitre is further ahead, obviously, because they've started the transition process and are further along into it. And they're doing -- I think they're doing a beautiful job and either at or beyond where we had expected and hoped they would be. So we're really excited about the LeMaitre partnership.

羅斯，我是蘭迪。 LeMaitre 顯然走在了前面，因為他們已經開始了過渡進程，並且進展順利。而且他們做得非常出色——我認為他們做得非常好，達到甚至超越了我們的預期和期望。所以我們對與 LeMaitre 的合作感到非常興奮。

We're also super excited about the Sientra partnership, too. It's just much, much earlier on. That is a partnership that, as we said on previous calls, would really start launching the product in the second half of this year. And with that said, even more so in the fourth quarter than in the third quarter.

我們對與 Sientra 的合作也感到非常興奮。只是時間早得多。正如我們在先前的電話會議上所說，這項合作實際上會在今年下半年開始推出產品。而且，第四季的推出速度甚至會比第三季更快。

We do love their coverage. And so they do represent a very significant increase in surgical coverage for us, actually about fivefold increase in surgical coverage for us as they get up and running.

我們非常喜歡他們的覆蓋範圍。因此，他們的覆蓋範圍確實顯著提高了我們的手術覆蓋率，實際上，隨著他們的運營，我們的手術覆蓋率將增加約五倍。

But I would be remiss if I didn't congratulate the existing team on what, again, was another blowout quarter, another 32% increase, and that was done by the existing team. So we're super excited about both of those partnerships. LeMaitre is well underway, and Sientra is getting up and running. And our existing commercial team, both for SimpliDerm as well as our team for CanGaroo are doing beautiful jobs as well.

但如果我不祝賀現有團隊，那我就是失職了。這又是一個井噴式的季度，再次實現了32%的成長，而這一切都是由現有團隊完成的。因此，我們對這兩個合作夥伴都感到非常興奮。 LeMaitre 進展順利，Sientra 也逐漸恢復營運。我們現有的 SimpliDerm 和 CanGaroo 的商業團隊也都表現出色。

Got it. And then last one for us. One of your goals for '23 is to strengthen your relationship with Boston Scientific regarding the synergies between their CRM products in your current CanGaroo offering. Do you have any update there on how that's going?

明白了。最後一個問題。您23年的目標之一是加強與波士頓科學公司（Boston Scientific）的合作關係，使其CRM產品與您目前的CanGaroo產品產生協同效應。請問您能透露一下進度嗎？

Yes. So we had a great meeting at the Heart Rhythm Society meeting in New Orleans where we were at. There was a lot of data that was presented around CanGaroo and the clinical benefits of CanGaroo in CIED placements. I think it got the attention of a number of clinicians, but it also got, I think, the attention of representatives at Boston Scientific.

是的。我們在新奧爾良參加的心律學會會議期間進行了一次很棒的會議。會上展示了大量關於 CanGaroo 的數據以及它在 CIED 植入中的臨床優勢。我認為它引起了許多臨床醫生的關注，同時也引起了波士頓科學公司代表的關注。

And I think there was a -- sort of a light went off and said, hey, this actually could be a pretty strong offensive tool. And so with that said, I mean, again, as we think about the use of CanGaroo. CanGaroo is a great product in and of its own right, but its -- tremendous value comes from its ability to help drive CIED business. And so we really like the leverage that it's able to bring.

我覺得當時我突然靈光一閃，覺得這真的可以成為一個非常強大的攻擊工具。話雖如此，我的意思是，當我們再次思考 CanGaroo 的用途時，CanGaroo 本身就是一款很棒的產品，但它的巨大價值在於它能夠幫助推動 CIED 業務的發展。所以我們非常欣賞它所能帶來的槓桿作用。

We think there's sort of a light went off said, we can actually use CanGaroo and then, to a much greater extent, CanGaroo RM, to really help guide cardiologists' preference around the actual placement of the pacemaker or defibrillator.

我們認為，我們實際上可以使用 CanGaroo，然後在更大程度上使用 CanGaroo RM，真正幫助指導心臟病專家對起搏器或除顫器的實際放置位置的偏好。

So with that said, coming out of that meeting, it actually led to additional interaction between the leadership of Aziyo and Boston Scientific. And our Head of our CanGaroo business regularly participates with the commercial organization at Boston Scientific on their different strategy and tactic meetings.

話雖如此，那次會議實際上促進了Aziyo和波士頓科學領導層之間的進一步互動。我們CanGaroo業務的負責人定期與波士頓科學的商業部門一起參加各種策略和戰術會議。

So very good partnership, very good relationship on our current CanGaroo business. And really, we look forward to the work -- to getting the work our R&D teams have now done to get the rest of the questions buttoned up on RM, so we can get that product in front of FDA and get a really, really great drug-eluting biologic on the market.

所以，我們在目前的 CanGaroo 業務上建立了非常好的合作夥伴關係，關係也非常好。我們非常期待接下來的工作——期待我們的研發團隊能夠完成目前的工作，解決 RM 的其餘問題，這樣我們就能將該產品提交給 FDA，並將一款非常優秀的藥物洗脫生物製劑推向市場。

If I could just add one thing to that, Ross. I think it kind of combines your previous question about LeMaitre and Boston Scientific. The fact that this is now the first quarter, Q3 that is, it's the first quarter where the focus of our sales force is really 100% on CanGaroo as opposed to selling the cardiovascular patch products.

羅斯，我想補充一點。我覺得這有點結合了你之前關於LeMaitre和波士頓科學的問題。現在是第一季度，也就是第三季度，這是我們銷售團隊真正100%專注於CanGaroo，而不是銷售心血管貼片產品的第一個季度。

We're already starting to see the benefit of that. So while we're really pleased with what LeMaitre is doing with the cardiovascular business, it's also having associated positive effects on the CanGaroo business as a result of the additional focus there.

我們已經開始看到這樣做的好處。因此，我們對LeMaitre在心血管業務上的表現非常滿意，同時，由於對CanGaroo業務的額外關注，這也對CanGaroo業務產生了積極的影響。

This will conclude our question-and-answer session, and this will also conclude our call. Thank you for dialing in today and joining us. Thank you for your participation, and have a wonderful day.

我們的問答環節到此結束，我們的電話會議也到此結束。感謝您今天撥通電話加入我們。感謝您的參與，祝您有美好的一天。