Elutia Inc (ELUT) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Elutia second quarter 2024 financial results call.

您好，歡迎致電 Elutia 2024 年第二季財務業績電話會議。

(Operator Instructions) Please note this conference is being recorded.

（操作員說明）請注意本次會議正在錄製中。

At this time, I'll turn the conference over to Matt Steinberg with FINN partners. Please go ahead, Matt.

這次，我將把會議交給 Matt Steinberg 和 FINN 合作夥伴。請繼續，馬特。

Thank you, operator, and thank you all for participating in today's call. Earlier today, Elutia released financial results for the quarter ended June 30, 2024. A copy of the press release is available on the company's website.

謝謝接線員，也謝謝大家參加今天的電話會議。今天早些時候，Elutia 發布了截至 2024 年 6 月 30 日的季度財務業績。該新聞稿的副本可在該公司網站上取得。

Before we begin, I would 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 provisions 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. Our forward-looking statements include, without limitation, those relating to our operating trends and future financial performance are based upon our current estimates and various assumptions.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，其中包括聯邦證券法含義內的前瞻性聲明，這些聲明符合 1995 年《私人證券訴訟改革法案》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、結果或績效的預期或預測無關的陳述均屬於前瞻性陳述。我們的前瞻性陳述包括但不限於與我們的營運趨勢和未來財務表現相關的陳述，這些陳述是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 Elutia's annual report on Form 10-K for the year ended December 31, 2023, that's accessible on the SEC's website at www.sec.gov. Such factors may be updated from time to time in Elutia'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 SEC 公開提交的文件中的風險因素部分，包括 Elutia 截至 2023 年 12 月 31 日的 10-K 表格年度報告，可訪問在SEC 網站www.sec.gov 上。這些因素可能會在 Elutia 向 SEC 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 7, 2024. Elutia disclaims any intention or obligation, except as required by applicable law to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise.

該電話會議包含時間敏感訊息，僅截至今天（2024 年 8 月 7 日）直播時準確。除適用法律要求更新或修改任何財務預測或前瞻性聲明（無論是由於新資訊、未來事件或其他原因）外，Elutia 不承擔任何意圖或義務。

Also during this presentation, we will refer to gross margin excluding intangible asset amortization, which is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure is available in the company's financial results release for the second quarter ended June 30, 2024, which is accessible on the SEC's website and posted on the Investor page of the Elutia's website at www.elutia.com.

此外，在本簡報中，我們還將提及不包括無形資產攤銷的毛利率，這是一項非公認會計準則財務指標。該非GAAP 財務指標與最直接可比較的GAAP 財務指標的對帳可在該公司截至2024 年6 月30 日的第二季財務業績發布中找到，該財務業績可在SEC 網站上訪問，並發佈在在該公司的投資者頁面上。

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

接下來，我會將電話轉給 Elutia 的執行長 Randy Mills。

Thank you, Matt, and thank you for joining us today on this conference call. Starting out as we always do, let’s just really quickly review the mission of Elutia, why we exist as a company. It’s humanizing medicine so that patients can thrive without compromise. When we talk about this concept of humanizing medicine, we’re talking about combining traditional therapeutics with biologics so that the actual implant, for the first time ever, isn’t some type of synthetic or plastic or polymer or metal that simply elutes a drug or a therapeutic, but instead is this living implant that can remodel and incorporate and become the patient’s own living tissue over time with the addition of this sophisticated therapeutic payload and we do that so that our patients can thrive without compromise.

謝謝你，馬特，也謝謝你今天參加我們的電話會議。首先，像往常一樣，讓我們快速回顧一下 Elutia 的使命，以及我們作為一家公司存在的原因。它是人性化的醫學，使患者能夠在不妥協的情況下茁壯成長。當我們談論人性化醫學的概念時，我們談論的是將傳統療法與生物製劑相結合，以便真正的植入物有史以來第一次不是某種類型的合成物、塑料、聚合物或金屬，可以簡單地洗脫一種藥物或一種治療方法，而是這種活體植入物，隨著時間的推移，透過添加這種複雜的治療有效載荷，可以重塑、整合並成為患者自己的活體組織，我們這樣做是為了讓我們的患者能夠在不妥協的情況下茁壯成長。

This word humanizing medicine also means another thing to us, and it means that we recognize and realize that every single customer out there, every single market demographic out there is also a mother, a father, a husband, a brother, a son, a loved one. And we take that very seriously, and we care for those patients and provide them with quality products as if they were our own.

人性化醫學這個詞對我們來說還意味著另一件事，它意味著我們認識到並意識到每個顧客、每個市場人口也是母親、父親、丈夫、兄弟、兒子、所愛的人。我們非常重視這一點，我們關心這些患者，並為他們提供優質的產品，就像他們是我們自己的產品一樣。

If you are new to Elutia, let’s start off really quickly with a high-level investment summary and why we think you should be interested in what we think is a very compelling story. So our -- this is about EluPro now. Elutia’s EluPro envelope is the first and only antibiotic-eluting envelope on the market. We designed it really specifically to protect patients by combining this idea of an active biological matrix with drug deployment technology. And what we’re talking about when we say drug deployment with EluPro, we’re talking about the powerful antibiotics, rifampin and minocycline.

如果您是 Elutia 的新用戶，讓我們快速開始進行高級投資摘要，以及為什麼我們認為您應該對我們認為非常引人注目的故事感興趣。所以我們的——現在是關於 EluPro 的。Elutia 的 EluPro 包膜是市面上第一個也是唯一一個抗生素洗脫包膜。我們將活性生物基質的概念與藥物部署技術結合，專門設計它來保護患者。當我們談論 EluPro 的藥物部署時，我們談論的是強效抗生素、利福平和米諾環素。

We build EluPro on our earlier successful track record of selling our CanGaroo product, which was like EluPro, but it didn’t have the drug elution technology. This monumental event for us happened in the second quarter. This was a June-2024 event and we were very, very excited and deadly focused on the planned commercial launch of this product, soft launch, starting in the second half of this year, full launch starting in January of 2025.

我們在早期成功銷售 CanGaroo 產品的基礎上建立了 EluPro，該產品與 EluPro 類似，但沒有藥物洗脫技術。這對我們來說具有里程碑意義的事件發生在第二季。這是 2024 年 6 月舉行的活動，我們非常非常興奮並全神貫注於該產品的計劃商業發布，即從今年下半年開始軟發布，從 2025 年 1 月開始全面發布。

So why is it such a big deal to have an antibiotic-eluting envelope for pacemakers and the like? Well, the pacemaker device protection market is a $600-million market with only one other competitor. There is $350 million of white space out there that’s uncontested, but I’ll say that’s not enough for us because this isn’t a me-too product. We believe EluPro to be a fully superior product to the other competitor on the market and we look forward to that challenge.

那麼，為什麼為心律調節器等配備抗生素洗脫膜如此重要呢？心律調節器保護市場是一個價值 6 億美元的市場，只有一個競爭對手。市場上有 3.5 億美元的空白，這是無可爭議的，但我想說這對我們來說還不夠，因為這不是模仿的產品。我們相信 EluPro 是一款完全優於市場上其他競爭對手的產品，我們期待這項挑戰。

Worth noting, we also received FDA clearance for indications beyond pacemakers and implantable defibrillators we collectively call the CID market, and these include the other aspects of neurostimulation. So pain management incontinence, both fecal and urinary; sleep apnea; and epilepsy, and we’re talking about an additional $8-billion device market. So one that is collectively equal in size to the cardiac indication. So we’ll talk a little bit more about our efforts going into exploiting those markets as well.

值得注意的是，我們還獲得了 FDA 的批准，用於除起搏器和植入式除顫器（我們統稱為 CID 市場）之外的適應症，其中包括神經刺激的其他方面。因此疼痛管理大便失禁和尿失禁；睡眠呼吸中止症；和癲癇，我們正在談論另外一個價值 80 億美元的設備市場。因此，其大小總體上等於心臟指徵。因此，我們也將更多地討論我們為開拓這些市場所做的努力。

And lastly, I’d like to point out we didn’t develop EluPro to end with EluPro. We developed EluPro as a platform technology of drug-eluting biologics that we are actively growing and building over time. So we’re super excited about all that. We’ll go into that more, but that is a snapshot of the investment summary of Elutia at a high level.

最後，我想指出，我們開發 EluPro 並不是為了結束 EluPro。我們開發了 EluPro 作為藥物洗脫生物製劑的平台技術，我們正在積極發展和建立該技術。所以我們對這一切感到非常興奮。我們將對此進行更多討論，但這只是 Elutia 投資摘要的高層次快照。

So today with our conference call, I actually wanted to share more granularity with the plan as we talk about it and as we execute it internally. So these are actually the words we use internally. So I’m inviting you into the company to take a look at how we’re executing on our plan to continually build the value of Elutia.

因此，今天在我們的電話會議上，我實際上想在我們討論和內部執行該計劃時分享更多細節。所以這些其實是我們內部使用的字詞。因此，我邀請您加入公司，了解我們如何執行我們的計劃，以不斷打造 Elutia 的價值。

So we go through it very methodically. The first thing we had to do was clear it. Last quarter was all about clearing it. Then we have to make sure that we can produce the product, make it, we have to introduce it to the hospital systems, and then lastly, it’s not enough for us to introduce it, we’ve got to grow it so that this technology can reach every patient that it’s needed, but also this technology can reach every indication that it’s needed.

所以我們非常有條理地進行它。我們要做的第一件事就是清除它。上個季度就是要清理它。然後我們必須確保我們能夠生產產品，製造它，我們必須將其引入醫院系統，最後，我們僅僅引入它還不夠，我們還必鬚髮展它以便這項技術能夠惠及每一位需要它的患者，而且這項技術也能夠惠及每一個需要它的跡象。

And in order to do all of that great stuff that I get to be super involved in, we also needed to have a strong sound financial position. And I think we made really tremendous progress this quarter solidifying our financial position so that we have the resources that we need to go and execute on this strategy.

為了完成我超級參與的所有這些偉大的事情，我們還需要擁有強大而穩健的財務狀況。我認為本季我們取得了巨大的進步，鞏固了我們的財務狀況，以便我們擁有執行此策略所需的資源。

So this is going to be the game plan for the call today. We’re going to go through each of these different boxes in some granularity. So let’s kick it off with clear it. And under the category of clear it, this was monumental for us. We received regulatory approval for the first drug-eluting BioEnvelope product that was in June as we talked about. We were really happy for a couple of reasons. One of them was that we received all of the shelf life we asked for this product. So we received the full nine-month shelf life. We received a great indication, and again, a great product.

這就是今天電話會議的遊戲計畫。我們將在一定程度上仔細研究每個不同的框架。因此，讓我們從清除它開始。在清除這一類別下，這對我們來說具有里程碑意義。正如我們所說，我們在 6 月獲得了第一個藥物洗脫 BioEnvelope 產品的監管批准。我們真的很高興有幾個原因。其中之一是我們收到了該產品要求的所有保質期。所以我們收到了完整的九個月保存期限。我們收到了很好的指示，並且再次收到了很棒的產品。

On the right, if you’re new, this is what EluPro looks like. It has the extended-release powerful antibiotics, rifampin and minocycline, all wrapped up in this biological matrix. That matrix from a primary standpoint prevents that device from migrating and moving down the patient’s chest wall and eroding out. We have an indication that allows it to be used both in de novo procedures. So as soon as the pacemaker is put in and change out procedure. So when it comes time for a battery change, if there’s a lead problem, it could be used in both of those.

右邊，如果您是新手，這就是 EluPro 的樣子。它具有緩釋強效抗生素、利福平和米諾環素，全部包裹在這種生物基質中。從主要角度來看，此矩陣可以防止該裝置沿著患者胸壁遷移和移動並被侵蝕。我們有跡象表明它可以在從頭手術中使用。因此，一旦安裝起搏器並更換手術。因此，當需要更換電池時，如果有鉛問題，則可以在這兩種電池中使用。

Physicians love this product because you can kind of see from the picture there. This is a product that perfectly and completely conforms to the underlying pacemaker. And as it’s reconstituted in the wet, it is really like a beautiful, slippery, we call it lubricity of the product, allows it to just simply slide easily into the patient’s chest wall with absolutely no need to upsize the pocket. And when we hear from the physicians that we’ve talked to at HRS and others, this is a really, really big deal for them.

醫生喜歡這個產品，因為你可以從那裡的圖片中看到。這是一款完美、完全符合底層心律調節器的產品。由於它是在濕的情況下重建的，所以它真的就像一種美麗、光滑的，我們稱之為潤滑性的產品，讓它可以輕鬆地滑入患者的胸壁，完全不需要增大尺寸。當我們從 HRS 和其他機構的醫生那裡得知，這對他們來說是一件非常非常大的事情。

And then lastly, this is an envelope that regenerates. This is not a synthetic, this is not a plastic, this is not a polymer, this is not a metal that sits there or dissolves over time. But instead, it remodels into the patient’s own healthy vascularized tissue. And you can’t have a foreign body response, you don’t have a foreign body anymore, and so it completely eliminates in the long term that type of problem for taking place.

最後，這是一個可以再生的信封。這不是合成物，這不是塑料，這不是聚合物，這不是隨著時間的推移而放置或溶解的金屬。但相反，它會重塑為患者自身的健康血管組織。而且你不會有異物反應，你不再有異物了，所以從長遠來看，它完全消除了發生的此類問題。

So as we talked about, we were going after and we were super excited about the cardiac rhythm management market. That device market is an $8-billion market, meaning the devices that get implanted there are currently doing about $8 billion in sales and that was the primary approval we were seeking. But there’s also this neurostimulation market that we went after for strategic purposes, just so everyone realizes that is an additional $8-billion device market that we have now opportunity and we have label claim in order to be able to go in and protect.

正如我們所談論的，我們正在追求心律管理市場，我們對心律管理市場感到非常興奮。該設備市場是一個 80 億美元的市場，這意味著植入那裡的設備目前的銷售額約為 80 億美元，這是我們尋求的主要批准。但我們也出於戰略目的而追求這個神經刺激市場，這樣每個人都意識到這是一個額外的 80 億美元的設備市場，我們現在有機會，並且我們有標籤聲明，以便能夠進入並保護。

And so, I want to really make sure we describe both of these markets adequately. Let’s first start for us with the most important market and the one we’re focused on, which is cardiac rhythm management. So let’s dig into that a little bit. This is a market that only has four players -- four primary players in the pacemaker and defibrillator space. Medtronic is the largest of this at 40%. Behind them, we have Boston Scientific and Abbott at 25%, and then lastly, Biotronik at 10%.

因此，我想真正確保我們充分描述了這兩個市場。讓我們先從最重要的市場和我們關注的市場開始，即心律管理。那麼讓我們深入探討一下這一點。這個市場只有四個參與者——起搏器和除顫器領域的四個主要參與者。美敦力（Medtronic）是其中最大的，佔 40%。在他們後面，是波士頓科學公司 (Boston Scientific) 和雅培公司 (Abbott)，佔 25%，最後是百多力 (Biotronik)，佔 10%。

Now, Medtronic from a competitive standpoint introduced a product, they actually acquired a product line in the company called TYRX back in 2014. TYRX is a pretty interesting story in that this is a product with very little sales when it was acquired and it’s a fully synthetic antibiotic rooting envelope. And so, it’s -- after it’s implanted, the envelope dissolves over time. And as it dissolves, it liberates the same antibiotics we use like rifampin and minocycline.

現在，美敦力從競爭的角度推出了一款產品，他們實際上早在2014年就收購了名為TYRX的公司的一條產品線。TYRX 是一個非常有趣的故事，因為這是一個在收購時銷售很少的產品，而且它是一種全合成的抗生素生根包膜。因此，在植入後，包膜會隨著時間的推移而溶解。當它溶解時，它會釋放我們使用的相同抗生素，如利福平和米諾環素。

And what Medtronic was able to do is they acquired this product and they went out into the pacemaker and defibrillator market space. And they said, hey, this is a really good idea for you guys to have this product as you’re implanting them. And they were right. And they did a really beautiful job creating this market. And we estimate their sales right now are somewhere between $250 million and $300 million a year with this product. And so, they have really derisked the marketplace around this idea of will an antibiotic-eluting pouch be accepted? The answer to that is definitively yes.

美敦力能夠做到的是他們收購了這款產品，並進入了心律調節器和除顫器市場領域。他們說，嘿，這對你們來說在植入時擁有這個產品真是個好主意。他們是對的。他們在創建這個市場方面做得非常出色。我們估計該產品目前的年銷售額在 2.5 億至 3 億美元之間。因此，他們確實圍繞著抗生素洗脫袋是否會被接受的想法消除了市場風險？答案是肯定的。

Now, it’s a product we think that can be improved upon. And so, when we look at this, we look at these market dynamics, that means 60% of the market, really uncontested right now, 60% of the market that doesn’t have access to a pouch. You might look at those favorable market dynamics and say, that’s really pretty good. If all you did was have a me-too product to that, you have 60% white space in this, this is pretty fantastic.

現在，我們認為這是一款可以改進的產品。因此，當我們考慮這個問題時，我們會考慮這些市場動態，這意味著 60% 的市場目前確實沒有競爭，60% 的市場無法獲得造口袋。您可能會看到這些有利的市場動態並說，這真的非常好。如果你所做的只是仿製產品，那麼其中有 60% 的空白，這真是太棒了。

But I’m here to tell you, we do not have a me-too product. We believe fully that we have a far superior product to Medtronic’s TYRX product because of we’ve taken those same powerful antibiotics, rifampin and minocycline, and we have paired them with this biological envelope that has all those great things that biologic does and we hear this over and over again from physicians. It is a product they love to use. And so, we’re really excited about going after the rest of this market space.

但我在這裡告訴你，我們沒有模仿的產品。我們完全相信，我們擁有比美敦力（Medtronic）的TYRX 產品優越得多的產品，因為我們使用了同樣強效的抗生素、利福平和米諾環素，並且我們將它們與這種生物包膜配對，這個生物包膜具有生物製劑所具有的所有這些偉大的東西。這是他們喜歡使用的產品。因此，我們對爭奪這個市場的其餘部分感到非常興奮。

Okay, that’s the cardiac market. We also picked up this neurostimulation market, which is another $8 billion in devices and we’re just briefly looking at what that market looks like. So this neurostimulation market is growing at 12%. So quite a healthy rate. It has four major components to it: pain management; incontinence, both urinary and fecal; epilepsy market; and sleep apnea.

好吧，這就是心臟市場。我們也選擇了神經刺激市場，這是另一個價值 80 億美元的設備，我們只是簡單地了解這個市場的情況。所以這個神經刺激市場正在以 12% 的速度成長。所以這是一個相當健康的比率。它有四個主要組成部分：疼痛管理；尿失禁和大便失禁；癲癇市場；和睡眠呼吸中止症。

And here’s the thing you’ve got to look at across all of these markets, 30% complication rate, 41% complication, 21% -- 27% complication rate, 42% complication rate in sleep apnea, with 24% of those devices requiring revision. These are markets that are screaming for EluPro and where we think we can go in and not -- and really add significant values, not only to the procedures and the underlying devices, but frankly, to the patients they’re having these put in. They’re having devices put in for a reason. They need the underlying technology we believe we can make that under tech -- underlying technology more successful as it relates to compatibility with the patient.

這是您在所有這些市場中必須關注的事情，30% 的併發症發生率、41% 的併發症發生率、21% - 27% 的併發症發生率、睡眠呼吸中止症的併發症發生率42% 、24% 的併發症發生率那些需要修改的設備。這些市場對 EluPro 需求旺盛，我們認為我們可以進入，但也不能進入——並且真正增加了顯著的價值，不僅是對程序和基礎設備，而且坦率地說，對他們所投入的患者而言。他們安裝設備是有原因的。他們需要基礎技術，我們相信我們可以在技術基礎上使其更加成功，因為它與患者的兼容性有關。

Okay. So that wraps up clearing why we were so excited about having EluPro finally cleared. Now, let’s move on. The next step we’ve got to do is we’ve got to make that product. I am -- let me just take you in really quickly. First, we manufacture EluPro in the same place we manufacture CanGaroo, which is our facility -- manufacturing facility in Roswell, Georgia. We’ve had operations there since 2013 and have turned out 75,000 units.

好的。至此，我們就清楚了為什麼我們對 EluPro 最終得到清除如此興奮。現在，讓我們繼續前進。我們要做的下一步是生產該產品。我是——讓我很快地帶你進去。首先，我們在生產 CanGaroo 的同一地點生產 EluPro，也就是我們位於喬治亞州羅斯威爾的工廠。我們自 2013 年起就在那裡開展業務，已生產 75,000 台。

So this isn’t a risky thing for us, like, are you going to be able to manufacture this product this first time you’re doing it? We’ve been at it for a long time. To be sure, the addition of antibiotics into this manufacturing process increases the complexity, but we’re not new at this. We’ve been at it for a while. We have a facility that has really great clean rooms. It also has a lot of capacity.

所以這對我們來說並不是一件冒險的事情，例如，你第一次做這個產品就能製造出來嗎？我們已經為此努力了很長時間。誠然，在製造過程中添加抗生素會增加複雜性，但我們對此並不陌生。我們已經研究了一段時間了。我們的設施擁有非常棒的無塵室。它還具有很大的容量。

So we’re talking about the ability in the current facility to manufacture at a run rate of $140 million of EluPro, and to build out from there actually doesn’t require a whole lot of sophisticated space. So we certainly have the capacity to be able to launch and get this thing going, and when the time comes, we will be able to efficiently expand and open that up and increase that capacity. And by the way, we do think we will need more capacity in time beyond $140 million of revenue.

因此，我們談論的是目前工廠以 1.4 億美元的運行速度製造 EluPro 的能力，從那裡進行擴建實際上不需要大量複雜的空間。因此，我們當然有能力啟動並推動這件事，並且當時機成熟時，我們將能夠有效地擴展和開放並增加該能力。順便說一句，我們確實認為，在收入超過 1.4 億美元之後，我們將需要更多的產能。

Lastly, and something I’m really proud of the team is, while we were going through review of EluPro submission at FDA, the site also went through a complete FDA audit and inspection in the month of June. It was an inspection that lasted about a week. It was comprehensive and I’m super proud of the group down there. Completed that inspection with no deficiencies, no observations noted from the FDA whatsoever. So we’ve got a clean bill of health on the approval side, and we’ve got a clean bill of health on the facility side, and we are ready to manufacture products.

最後，我真正為團隊感到自豪的是，當我們在 FDA 審查 EluPro 提交時，該網站還在 6 月接受了完整的 FDA 審計和檢查。此次檢查持續了一周左右。它非常全面，我為那裡的團隊感到非常自豪。已完成檢查，沒有任何缺陷，FDA 也沒有提出任何意見。因此，我們在審批方面得到了一份乾淨的健康清單，在設施方面也得到了一份乾淨的健康清單，我們已經準備好生產產品。

And so, let’s talk about that. This, ladies and gentlemen, I am super happy to say this is the first unit of EluPro that has ever been manufactured for commercial use. Hannah Le, our Senior Operations Associate in Roswell, Georgia, manufactured it, and to say, she was a proud parent is an understatement. There was applause and cheers that went up in this facility. I will also say the entire leadership team was there to see this monumental event and so there you go. We are well underway on manufacturing of this product. It’s currently in the first lots or in QA review and are expected off the line shortly.

那麼，讓我們來談談這個問題。女士們先生們，我非常高興地說這是第一台用於商業用途的 EluPro。漢娜·勒 (Hannah Le) 是我們位於喬治亞州羅斯威爾的高級營運助理，她製造了這款產品，說她是一位自豪的父母是輕描淡寫的。這個設施裡響起了掌聲和歡呼聲。我還要說的是，整個領導團隊都在那裡觀看了這項具有里程碑意義的活動，所以就這樣吧。我們正在順利生產該產品。目前正處於第一批或 QA 審查階段，預計很快就會下線。

All right. We’ve cleared it. We’ve made it. Now we’ve got to introduce it into the hospital system, and you maybe -- have heard me talk about this before, but the introduction of this product in the hospital system is not trivial and we actually think it’s a rate-limiting step.

好的。我們已經清除了它。我們成功了。現在我們必須將其引入醫院系統，您可能 - 以前聽過我談論過這一點，但是在醫院系統中引入該產品並不是一件小事，我們實際上認為這是一個費率 -限制步驟。

So the first thing we needed was all of the collateral in order to do that. And so, you can see over there, whether it be packaging or promotional material for it or value analysis committee packages, this is what the new look of EluPro looks like. We love it. We think it’s with the brand. We think it’s very differentiated and really talks about the freshness that this product brings to really what’s been a stagnant market for the last 10 years.

因此，我們首先需要的是所有抵押品才能做到這一點。所以大家可以看到，無論是包裝還是宣傳資料，還是價值分析委員會的包裝，這就是EluPro的新面貌。我們喜歡它。我們認為這與品牌有關。我們認為它非常與眾不同，真正體現了該產品為過去 10 年停滯不前的市場帶來的新鮮感。

So where are we on this? Well, we currently have CanGaroo out there in the market, and as we talked about before, we continue to add new hospitals. And so, it says approximately 400 active accounts. I like specificity, 398 accounts are active, which is a significant increase since the last time we’ve talked and we continue to build out this hospital network.

那我們在這方面的進展如何呢？嗯，目前市場上有 CanGaroo，正如我們之前談到的，我們繼續增加新的醫院。因此，它表示大約有 400 個活躍帳戶。我喜歡特異性，有 398 個活躍帳戶，自上次我們交談以來有了顯著增加，我們將繼續建立這個醫院網路。

We are also, though -- so just because we have a hospital on account with CanGaroo, it’s important though, doesn’t mean they one-for-one just transfer over with EluPro. EluPro has to go through the value analysis or VAC committee submission, and that process is underway. So we have completed that assembly of the packages that you need to do in order to submit to VACs. So that is being done. It’s done on an account-by-account basis.

不過，我們也是如此——所以僅僅因為我們在 CanGaroo 上有一家醫院，這很重要，但這並不意味著他們會一對一地通過 EluPro 轉移。EluPro 必須經過價值分析或 VAC 委員會提交，該過程正在進行中。我們已經完成了您提交給 VAC 所需的軟體包組裝工作。所以這件事正在做。這是逐個帳戶完成的。

Our KOLs, our physician champions, that these are going in hand-in-hand with the reps in those territories, and they are personally submitting them into the VACs. We are obviously prioritizing that from a standpoint of we are going to our key accounts first for our launch. So our soft launch in the second half of this year is starting now. In conjunction with that is the initiation of a registry where we’re beginning to collect clinical data, and the full launch of this product starts in the first quarter of 2025 -- January of 2025.

我們的 KOL、我們的醫生擁護者，他們將與這些地區的代表攜手並進，並親自提交給 VAC。從我們推出產品的角度來看，我們顯然會優先考慮我們的主要客戶。所以我們今年下半年的軟啟動現在就開始了。同時，我們開始收集臨床數據，該產品將於 2025 年第一季（即 2025 年 1 月）全面推出。

All right. So it wouldn’t be complete without talking about the reception that we’re receiving out there, and I’ve gone through this before where 88% of TYRX users basically want to become EluPro users. This was a market survey that we did where we were pulling 50 TYRX users and explaining to them about the benefits of having a biologic envelope instead of a synthetic envelope and asking them if they would switch some or all of their business. 88% said yes, and so that was really gratifying as we were building this product because we thought, hey, we’re on the right track here. We’re on to something that physicians care about.

好的。因此，如果不談論我們所收到的回饋，那麼這就是不完整的，我之前已經經歷過這一點，88% 的 TYRX 用戶基本上都想成為 EluPro 用戶。這是我們進行的一項市場調查，我們吸引了 50 名 TYRX 用戶並向他們解釋使用生物信封而不是合成信封的好處，並詢問他們是否會轉換部分或全部業務。 88% 的人說是，所以當我們開發這個產品時，這真的很令人欣慰，因為我們認為，嘿，我們走在正確的道路上。我們正在研究醫生關心的事情。

But I think what’s validating this more for us is the enthusiastic reception we are receiving since approval. So not only treating physicians, and by the way, if you’re a treating physician out there, I appreciate the enthusiasm. No need to text me in the middle of the night. That is happening, and actually, text me in the middle of the night, I love it. That is going on.

但我認為對我們來說更能證實這一點的是我們自批准以來所受到的熱烈歡迎。因此，不僅是主治醫生，順便說一句，如果您是主治醫生，我很欣賞您的熱情。不需要在半夜傳簡訊給我。這種事正在發生，事實上，在半夜給我發短信，我喜歡這樣。這就是正在發生的事情。

Hey, how can I get my hands on this? How can I bring this into my hospital system? How can I show this to my colleagues? But also other industry partners out there are -- we’re receiving inbound calls of interest saying, hey, we’re super interested and excited about this product, and we are evaluating all of that the way we should responsibly and sorting through making those kinds of decisions.

嘿，我怎樣才能得到這個？我如何將其引入我的醫院系統？我如何向我的同事展示這個？但其他行業合作夥伴也有——我們收到了感興趣的來電，說，嘿，我們對這個產品非常感興趣和興奮，我們正在以我們應該負責任的方式評估所有這些並進行分類做出此類決定。

But the important thing to understand is what that’s telling us and what that’s validating for us is that this is a product that the industry thinks can move the mark, right? This is a product that the industry thinks can move the CIED market and the neurostim market, and therefore, we think that is clearly validating the value of the product that we’ve developed. So we’ll work through all that responsibly as we should, but it’s a very, very exciting time as we get ready for launch.

但重要的是要理解它告訴我們什麼，以及它向我們證實的是，這是業界認為可以改變市場的產品，對吧？業界認為該產品可以推動 CIED 市場和神經刺激劑市場，因此，我們認為這顯然驗證了我們開發的產品的價值。因此，我們將盡我們所能負責任地完成所有這些工作，但在我們準備發佈時，這是一個非常非常令人興奮的時刻。

Okay, and then the last thing we need to do, it’s not enough for us to introduce it and stay stagnant. We’ve got to grow it. And when I say grow it, I mean the brand, I mean the team, I mean the value of the company. So let’s talk about how we’re doing that right now.

好吧，然後我們需要做的最後一件事是，僅僅引入它並保持停滯狀態是不夠的。我們必須種植它。當我說成長時，我指的是品牌，我指的是團隊，我指的是公司的價值。那麼讓我們來談談我們現在是如何做到這一點的。

First thing is we are methodically, systematically building out our commercial teams. We are now up to 26 reps for the EluPro team and growing, and I put in parentheses there, intelligently. I want to be really clear that we’re not just doing this indiscriminately. We are not throwing reps at this thing and hoping a market come. We are adding them methodically. We are adding quality people to places where we think they can have a significant contribution.

首先，我們正在有條不紊、有系統地建立我們的商業團隊。現在，EluPro 團隊的代表人數已達到 26 人，並且還在增加，我很聰明地將其放入括號中。我想明確表示，我們並不是不加區別地這樣做。我們不會在這件事上派出代表並希望市場到來。我們正在有條不紊地添加它們。我們正在將高素質人才添加到我們認為他們可以做出重大貢獻的地方。

Same thing as it goes with SimpliDerm. So we haven’t talked much about SimpliDerm. It’s largely been the EluPro show today, but SimpliDerm is a great product and it continues to be a great product, and it’s one where we are investing more and more on a direct sales team and really controlling the diversity of that asset as well.

與 SimpliDerm 的情況相同。所以我們還沒有談太多 SimpliDerm。今天主要是 EluPro 展會，但 SimpliDerm 是一款出色的產品，而且仍然是一款出色的產品，我們在直銷團隊上​​投入越來越多，並真正控制了產品的多樣性。

We can’t do any of this sales stuff if we don’t have the product on hand to make, and so towards that end, we’re really excited about adding Ryan Marques to the team as Vice President of Operations to oversee the manufacturing and production of both of these product lines. Ryan is a really solid guy that we’ve, as a leadership team, got to spend a lot of time with and really think he’s going to be a really quality add to this organization.

如果我們手頭上沒有可生產的產品，我們就無法進行任何銷售工作，因此，為了實現這一目標，我們非常高興將 Ryan Marques 添加到團隊中，擔任營運副總裁，監督這兩條產品線的製造和生產。瑞安是一個非常可靠的人，作為一個領導團隊，我們必須花很多時間與他相處，並且真的認為他將成為這個組織的真正優秀人才。

I also talked a lot about these new adjacent markets that we all of a sudden have indications for EluPro and what we’re doing there is we’re going on and we are starting and intensifying BD efforts into these adjacent markets so that we can see if these makes sense to have different partnerships or other types of arrangements there.

我還談到了很多關於這些新的相鄰市場的問題，我們突然發現了 EluPro 的跡象，我們正在做的就是我們正在繼續，我們正在開始並加強對這些相鄰市場的 BD 努力，以便我們可以看看在那裡建立不同的夥伴關係或其他類型的安排是否有意義。

And then lastly, we didn’t develop EluPro to get to the finish line. We developed EluPro to get to the starting line. This is the first Drug-Eluting BioMatrix that is out there. We think all of the success that we’re going to have with EluPro really just validates the sector.

最後，我們開發 EluPro 並不是為了到達終點。我們開發 EluPro 是為了回到起跑線。這是第一個藥物洗脫生物基質。我們認為 EluPro 所取得的所有成功確實驗證了該行業。

We have a platform technology that our R&D teams are aggressively building on, and as they do that from a product level, they are also building out a very broad and robust intellectual property position, which we think makes the products and make the company disproportionately more valuable.

我們擁有一個我們的研發團隊正在積極建構的平台技術，當他們從產品層面做到這一點時，他們也在建立一個非常廣泛和強大的智慧財產權地位，我們認為這使得產品並使公司更加不成比例地更加強大。

So all in all, really exciting times at Elutia. Couldn’t be more proud of the team, and I thank them so much for an incredibly successful quarter. We couldn’t do any of this, though, without the financial resources that we need and so we went to pretty great extents to make sure that we had a solid financial position in which we can really execute on this growth plan.

總而言之，在 Elutia 度過了非常激動人心的時光。我為這個團隊感到非常自豪，我非常感謝他們這個季度取得了令人難以置信的成功。然而，如果沒有我們所需的財務資源，我們就無法做到這一切，因此我們竭盡全力確保我們擁有穩固的財務狀況，以便我們可以真正執行這項成長計劃。

And I will now stop talking and turn it over to our Chief Financial Officer, Matt Ferguson, who will go through some of the financial details.

現在我將停止演講並將其移交給我們的財務長馬特·弗格森（Matt Ferguson），他將詳細介紹一些財務細節。

Okay. Well, thank you, Randy. It is no doubt a very exciting time to be in Elutia and Q2 was really an extremely important quarter, and even what’s happened in the week since then has been a very important time for us as well. I’m just going to hit a few of the highlights of our financials. Of course, the full financials are available in our earnings release, and our 10-Q will come out early next week.

好的。好吧，謝謝你，蘭迪。毫無疑問，Elutia 是一個非常激動人心的時刻，第二季度確實是一個極其重要的季度，甚至從那時起一周內發生的事情對我們來說也是一個非常重要的時刻。我只想談談我們財務狀況的一些亮點。當然，完整的財務數據可以在我們的財報中找到，我們的 10 季財報將於下週初發布。

So from an overall net sales point of view, there was little change this year in Q2 compared to the prior year, coming in at $6.3 million, less than $100,000 difference from $6.4 million last year.

因此，從整體淨銷售額的角度來看，今年第二季與去年相比變化不大，為 630 萬美元，與去年的 640 萬美元相差不到 10 萬美元。

But what that masks a bit is the growth that we saw in our two most important product lines, CanGaroo and SimpliDerm. CanGaroo, we had a 19% increase to $2.6 million. SimpliDerm also came in at $2.6 million, which is an increase year over year of 7%. That will, as you may know, that was a decline from Q1 of this year, which really related to the dislocation associated with our US distributor that went through bankruptcy and a sale during the quarter, and is now being integrated into that new organization and we’ve actually seen a nice return to those earlier levels of production that we were getting out of that distributor. So we’re doing a number of things in the SimpliDerm area to drive growth that we will keep you apprised of. But overall, we feel very positive about that part of the organization, and of course, we’re very excited about what will occur when we have EluPro actually on the market here in the second half of the year.

但這掩蓋了我們在兩個最重要的產品線 CanGaroo 和 SimpliDerm 中看到的成長。CanGaroo，我們的營收成長了 19%，達到 260 萬美元。SimpliDerm 的銷售額也達到 260 萬美元，年增 7%。正如您可能知道的那樣，這將比今年第一季有所下降，這實際上與我們的美國分銷商相關的混亂有關，該分銷商在本季度經歷了破產和出售，現在正在整合到新的組織中，並且事實上，我們已經看到我們從該經銷商獲得的早期生產水平得到了很好的恢復。因此，我們正在 SimpliDerm 領域開展多項工作來推動成長，我們會及時通知您。但總的來說，我們對組織的這一部分感到非常積極，當然，我們對今年下半年 EluPro 實際上市時將會發生的情況感到非常興奮。

So in addition to that, cardiovascular, which we don’t focus on quite as much, that is exclusively distributed in the US by our distribution partner of LeMaitre, had a good quarter with $1.1 million in overall sales. We put that relationship in place during the second quarter of 2023. So on a year-over-year basis, that was a decline, but some of the sales last year were at a full end-user price, whereas this year they’re at a transfer price. So that was a decline, but we actually were quite pleased with the $1.1 million performance, which was up sequentially from earlier in the year.

除此之外，我們不太重視的心血管產品，由我們的分銷合作夥伴 LeMaitre 在美國獨家分銷，季度銷售額也不錯，總銷售額為 110 萬美元。我們在 2023 年第二季建立了這種關係。因此，與去年同期相比，這是下降的，但去年的部分銷售是按最終用戶的全額價格計算的，而今年則是按轉讓價格計算的。所以這是一個下降，但我們實際上對 110 萬美元的業績感到非常滿意，該業績比今年早些時候有所上升。

On a gross margin basis, we came in on an adjusted gross margin basis, which excludes non-cash amortization expense overall at 58% versus 56%, so we’re seeing some nice gains in efficiency overall there. And then I would like to note, while people are not quite as focused usually on our net loss, we had a large number there, but most of that was from a non-cash charge associated with the warrants that were exercised in July of this year. But because it does change with our stock price, the warrant liability charge, we had an $18 million non-cash charge, which will primarily wash out of the P&L if we move forward here.

在毛利率基礎上，我們採用調整後的毛利率（不包括非現金攤銷費用），整體毛利率為 58%，對 56%，因此我們看到整體效率取得了一些不錯的提高。然後我想指出的是，雖然人們通常不太關注我們的淨虧損，但我們有大量淨虧損，但其中大部分來自與今年 7 月行使的認股權證相關的非現金費用。但由於它確實隨著我們的股價、認股權證責任費用而變化，我們有 1800 萬美元的非現金費用，如果我們繼續前進，這筆費用將主要從損益表中沖走。

More importantly, and more reflective of our actual operating performance on an adjusted EBITDA basis, we came in at $2.9 million for the quarter, and that was an improvement compared to $3.4 million last year. So we’re seeing with the revenue growth and the improvement in gross margin and control of operating expenses, we’re seeing nice results on the adjusted EBITDA bottom-line level.

更重要的是，本季我們的營收為 290 萬美元，比去年的 340 萬美元有所改善，這更能反映我們在調整後 EBITDA 基礎上的實際經營業績。因此，我們看到，隨著收入的增長、毛利率的提高以及營運費用的控制，我們在調整後的 EBITDA 底線水平上看到了良好的結果。

And then last, but certainly not least, we’ve made a lot of progress in terms of the overall cash position for the company. We did a financing that brought in $13.3 million during the second quarter of the year in a registered direct offering. And then, as I mentioned, the warrants that were exercised in July of this year, so following the end of the quarter, actually brought in an additional $13.8 million, which is not reflected in our quarter-end cash balance, but if you think of it more on a pro forma basis, that would put us a little over $30 million in cash on our balance sheet, which is quite an improvement for where we’ve been over the last year or two, really. So excited about what we are looking at here for the second half of the year and beyond.

最後但同樣重要的是，我們在公司的整體現金狀況方面取得了很大進展。今年第二季度，我們透過註冊直接發行融資籌集了 1,330 萬美元。然後，正如我所提到的，今年 7 月行使的認股權證，因此在季度末之後，實際上帶來了額外的 1380 萬美元，這並沒有反映在我們的季度末現金餘額中，但如果你認為如果按預計計算的話，這將使我們的資產負債表上的現金略多於3000 萬美元，這對於我們過去一兩年的情況來說確實是一個很大的進步。我們對今年下半年及以後的情況感到非常興奮。

And with that, I think we are going to open it up to your questions.

至此，我想我們將開放回答你們的問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Russ Osborne, Cantor Fitzgerald.

拉斯·奧斯本，康托·菲茨杰拉德。

Hi, guys. This is Matthew Park on for Ross today. Congrats on the progress and thanks for taking the questions.

嗨，大家好。我是馬修·帕克，今天為羅斯發言。恭喜您的進展，並感謝您提出問題。

I just want to start off with EluPro and get some additional color on how conversations with VAC have gone. How are you guys feeling about the overall adoption as you ramp towards the full commercial launch?

我只想從 EluPro 開始，了解與 VAC 的對話進度。在全面商業發布的過程中，你們對整體採用的感覺如何？

Hey, Matthew.

嘿，馬修。

It was a little hard to hear, but I think the question was, how is the process going with our VAC submissions, the Value Analysis Committee submissions? Is that correct, Ross -- Matthew?

聽起來有點困難，但我認為問題是，我們的 VAC 提交、價值分析委員會提交的流程進度如何？這是正確的嗎，羅斯——馬修？

Yes.

是的。

Okay. Yeah, no. It’s going exactly as we expected it. So our VAC submission strategy is a very methodical targeted one. And so, the first hospitals that we are submitting to are ones that are part of our soft launch, pilot launch process for the first half. They’re ones where we have very, very strong physician champions in. Those physicians want this technology in their hospital system. They want to be the ones using it first, and they’re aggressively walking it -- walking the packages through, so we’re really excited about that.

好的。是的，不。它的進展完全符合我們的預期。所以我們的 VAC 提交策略是一項非常有條理、有針對性的策略。因此，我們提交的第一批醫院是我們上半年試運行過程的一部分的醫院。他們是我們擁有非常非常強大的醫生冠軍的地方。這些醫生希望在他們的醫院系統中使用這項技術。他們希望成為第一個使用它的人，並且他們正在積極地遍歷它 - 遍歷包裹，所以我們對此感到非常興奮。

With that said, there will still be a range just based on how each individual hospital’s VAC process works and how long it takes. But we think we will basically have full demand for the quantities that we’re targeting in the soft launch from the hospitals. And then more importantly, preparing and starting the VAC submission process so that when our commercial -- the full commercial launch comes January 1, that will have a much broader universe of hospital systems, so very positive.

儘管如此，仍然會有一個範圍，具體取決於每家醫院的 VAC 流程如何運作以及需要多長時間。但我們認為，我們基本上將滿足醫院軟啟動目標數量的全部需求。更重要的是，準備並啟動 VAC 提交流程，以便當我們的商業廣告——全面的商業發佈於 1 月 1 日到來時，將擁有更廣泛的醫院系統，因此非常積極。

Got it. That makes sense.

知道了。這是有道理的。

And then I guess just one more from me moving down to P&L. In terms of OpEx cadence in the back half of the year, how should we think about sales and marketing spend in the second half? Should we expect more of a gradual buildup of reps or would these additions be more skewed towards the fourth quarter?

然後我想，從我轉到損益表的角度來看，這只是一件事。就下半年的營運支出節奏而言，我們該如何看待下半年的銷售和行銷支出？我們是否應該期待更多的代表逐漸增加，或者這些增加是否會更傾向於第四季度？

Thanks.

謝謝。

Yes, I could speak to that, Matthew.

是的，我可以這麼說，馬修。

I would think we are actively recruiting for new sales representatives, both in the EluPro and the SimpliDerm categories. So we may see some additional expense there. Maybe some additional marketing expense would also show up on that line. However, probably the biggest driver would be as we continue to grow, we will see additional sales commissions associated with that. So I would expect to see some increase in that line as we move through the year, but it will be roughly -- it will be generally in line with increased revenue, I would say, as we go through the second half of this year and certainly into 2025.

我認為我們正在積極招募 EluPro 和 SimpliDerm 類別的新銷售代表。所以我們可能會看到一些額外的費用。也許一些額外的行銷費用也會出現在這條線上。然而，最大的驅動因素可能是隨著我們的不斷增長，我們將看到與之相關的額外銷售佣金。因此，我預計隨著今年的進展，這條線會有所增加，但我想說，隨著今年下半年的到來，這將大致與收入的增加一致，當然要到 2025 年。

Got it. That makes sense.

知道了。這是有道理的。

Thanks for taking the questions and congrats again on the progress.

感謝您提出問題並再次祝賀我們的進展。

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，湖街資本市場。

Great. Thanks for taking the questions, guys. Congrats on an exciting quarter. Happy to see EluPro make it to market. I will apologize up front. I’ve been bouncing between a couple calls. So if I ask a repetitive question, I apologize up front.

偉大的。謝謝你們提出問題，夥伴們。恭喜您度過了一個令人興奮的季度。很高興看到 EluPro 進入市場。我會提前道歉。我一直在幾個電話之間來回切換。因此，如果我問重複的問題，我會預先道歉。

I wanted to first start with clarifying. Randy, I heard you say 26 reps. Is that today or the goal?

我想先從澄清開始。蘭迪，我聽到你說 26 次。這是今天還是目標？

And two, how should we think about the right rep count over a longer period of time, say 12, 18, 24 months, and what the adequate size selling organization looks like?

第二，我們該如何考慮較長一段時間內（例如 12、18、24 個月）的正確代表人數，以及適當規模的銷售組織是什麼樣的？

Yeah. Frank, that is 26 reps as of today that are on board. We are using a hybrid of direct reps, and we also will add the 1099 reps. That’s what Matt was alluding to in terms of why we don’t have a real significant hit to the P&L that doesn’t scale really nicely with revenue because a lot of those are just commission-based reps. But we’re taking that number up, and I -- Frank, I don’t want to be more specific than that right now, but it will continue to climb as we approach January and launch.

是的。Frank，截至今天，船上有 26 名代表。我們正在使用直接代表的混合形式，我們還將添加 1099 次代表。這就是馬特所暗示的，為什麼我們的損益表沒有受到真正重大的打擊，而損益表並不能很好地與收入掛鉤，因為其中許多只是基於佣金的代表。但我們正在提高這個數字，弗蘭克，我現在不想說得更具體，但隨著一月份的臨近和發布，這個數字將繼續攀升。

Okay. Fair enough. That's helpful.

好的。很公平。這很有幫助。

And then maybe shifting over to some pricing discussion. I’m sure you don’t want to speak too clearly about it for competitive reasons, but any thoughts on directional pricing versus CanGaroo classic or versus TYRX on the market today for EluPro?

然後也許會轉向一些定價討論。我確信您不想出於競爭原因說得太清楚，但是對於 EluPro 的定向定價與 CanGaroo classic 或與當今市場上的 TYRX 相比，您有什麼想法嗎？

Oh, I can talk directionally about it, no problem.

哦，我可以定向講一下，沒問題。

It’s obviously CanGaroo plus the addition of rifampin and minocycline, so it’s a better product. We think it’s a much better product than TYRX. It does more -- it has the biological features and so we expect directionally it will be priced as a premium to both of those.

顯然，它是 CanGaroo 加上利福平和米諾環素，所以它是一個更好的產品。我們認為它是比 TYRX 更好的產品。它的作用更多——它具有生物學特徵，因此我們預計它的定價將優於這兩者。

Got it. That's helpful.

知道了。這很有幫助。

And then maybe last one, just an update on SimpliDerm. I think last quarter there were discussions around the partnership with now Tiger and whether or not that partnership made the most sense for Elutia on a go-forward basis. What’s the latest update on that? And any other thoughts around any partnership opportunities in that side of the business?

然後也許是最後一個，只是 SimpliDerm 的更新。我認為上個季度，我們就與 Tiger 的合作關係進行了討論，以及這種合作關係對於 Elutia 的未來發展是否最有意義。最新的更新是什麼？對於這方面業務的合作機會還有其他想法嗎？

Well, right now we have a partnership with Tiger, and because of that, that is a result of Tiger acquiring the distribution contract from the assets of Sientra. So they paid money to acquire that agreement. So right now we have an agreement in place. As Matt said, there was, as you would expect, significant disruption when a company goes bankrupt and gets sold at an auction and acquired and integrated all in the second quarter, that’s a lot, and it’s a lot to expect that there wasn’t going to be some disruption there.

嗯，現在我們和Tiger有合作關係，正因為如此，這是Tiger從Sientra的資產中獲得分銷合約的結果。因此他們花錢獲得了該協議。所以現在我們已經達成協議。正如馬特所說，正如你所預料的那樣，當一家公司破產並在拍賣中被出售，並在第二季度收購和整合所有這些時，就會出現嚴重的混亂，這是很多，而且令人期待的是那裡不會有任何干擾。

And also, as Matt said, we’re seeing, I would say in general, a return to more [significance]. With all of that happening, we still had -- the product still grew in the second quarter and that’s largely due to our own distribution network. But right now we have both of those distribution networks in place and they’re both performing reasonably well, but we are putting a lot of emphasis on growing our own distribution network.

而且，正如馬特所說，總的來說，我們正在看到更多的回歸[意義]。儘管發生了這一切，我們的產品在第二季度仍然成長，這很大程度上歸功於我們自己的分銷網絡。但現在我們已經建立了這兩個分銷網絡，而且它們的表現都相當不錯，但我們非常重視發展我們自己的分銷網絡。

Just because they’re doing so well, why wouldn’t we do more of that? It’s proprietary. For a lot of reasons, it makes sense for us to do that. But right now we have both of those in place and we’re seeing the product actually return to, I would say, more SimpliDerm-like growth numbers, so.

正因為他們做得這麼好，我們為什麼不做更多？它是專有的。出於很多原因，我們這樣做是有意義的。但現在我們已經做到了這兩點，而且我們看到該產品實際上恢復了，我想說，更多類似 SimpliDerm 的增長數字，所以。

Got it. That's helpful. Thanks, and congrats again.

知道了。這很有幫助。謝謝，並再次恭喜。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. And this also concludes today's conference. You may now disconnect your lines at this time. Thank you for your participation and have a wonderful day.

謝謝。女士們先生們，我們的問答環節到此結束。今天的會議也到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。