Establishment Labs Holdings Inc (ESTA) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the Establishment Labs reports second quarter 2024 financial results call. (Operator Instructions) As a reminder this call is being recorded.

下午好，歡迎參加Establishment Labs 報告2024 年第二季財務業績的電話會議。（操作員說明）作為提醒，本次通話正在錄音。

I would now like to turn the call over to Raj Denhoy, Chief Financial Officer. Please go ahead.

我現在想將電話轉給財務長 Raj Denhoy。請繼續。

Thank you, operator, and thank you everyone for joining us. With me today is Juan Jose Chacon Quiros, our Chief Executive Officer. Following our prepared remarks, we’ll take your questions.

謝謝運營商，也謝謝大家加入我們。今天與我在一起的是我們的執行長胡安·何塞·查孔·基羅斯。在我們準備好的發言之後，我們將回答您的問題。

Before we begin, I would like to remind you that comments made by management during this call will include forward-looking statements within the meaning of federal securities laws. These include statements on Establishment Labs financial outlook and the company’s plans and timing for product development and sales. These forward-looking statements are based on management’s current expectations and involve risks and uncertainties.

在我們開始之前，我想提醒您，管理層在本次電話會議中發表的評論將包括聯邦證券法含義內的前瞻性陳述。其中包括有關Establishment Labs 財務前景以及公司產品開發和銷售計劃和時間表的聲明。這些前瞻性陳述是基於管理階層目前的預期，並涉及風險和不確定性。

For a discussion of the principal risk factors and uncertainties that may affect our performance or cause actual results to differ materially from these statements, I encourage to review our most recent annual and quarterly reports on Form 10-K and Form 10-Q as well as other SEC filings, which are available on our website at establishmentlabs.com.

為了討論可能影響我們業績或導致實際結果與這些陳述有重大差異的主要風險因素和不確定性，我鼓勵您查看我們最新的 10-K 表格和 10-Q 表格年度和季度報告以及其他SEC 備案文件，可在我們的網站setuplabs.com 上取得。

I’d also like to remind you that our comments may include certain non-GAAP financial measures with respect to our performance, including, but not limited to, sales results, which can be stated on a constant currency basis or profitability of the company’s business, which can be stated as EBITDA or adjusted EBITDA. Reconciliations to comparable GAAP financial measures for non-GAAP measures, if available, may be found in today’s press release, which is available on our website.

我還想提醒您，我們的評論可能包括與我們業績相關的某些非公認會計準則財務指標，包括但不限於銷售業績，這些業績可以按固定貨幣基礎或公司的盈利能力來表示。可以表述為EBITDA 或調整後的EBITDA。如果有的話，可以在今天的新聞稿中找到非公認會計原則財務指標與非公認會計原則財務指標的對賬，該新聞稿可在我們的網站上找到。

Please also note that Establishment Labs receive an investigational device exemption from the FDA for Motiva Implants and is undergoing a clinical trial to support regulatory approval in the United States. We continually seek to expand the geographies in which our products are regulatory approved. Please check with your local authority for product availability.

另請注意，Establishment Labs 已獲得 FDA 的 Motiva 植入物研究設備豁免，並且正在進行臨床試驗以支持美國監管機構的批准。我們不斷尋求擴大我們的產品獲得監管批准的地區。請諮詢您當地的主管機關以了解產品的可用性。

The content of this conference call contains time-sensitive information accurate only as of the date of this live broadcast, August 6, 2024. Except as required by law Establishment Labs undertakes no obligation to revise or otherwise update any statement to reflect events or circumstances after the day of this call.

本次電話會議的內容包含時效性訊息，僅截至本次直播之日（2024 年 8 月 6 日）準確。除非法律要求，Establishment Labs 不承擔修改或以其他方式更新任何聲明以反映本次電話會議之後發生的事件或情況的義務。

With that, it is my pleasure to turn the call over to our CEO, Juan Jose.

至此，我很高興將電話轉給我們的執行長胡安·何塞。

Thank you, Raj and good afternoon, everyone. Revenue in the second quarter of 2024 totaled $44.1 million. Global demand for our products continues to stabilize and was reflected in the strong sequential improvement we saw in revenue this quarter. Quarter-over-quarter our revenue improved by 18.7% and this increases our confidence about our return to growth in current markets.

謝謝拉傑，大家下午好。2024 年第二季的營收總計 4,410 萬美元。全球對我們產品的需求持續穩定，這反映在我們本季營收的強勁連續改善中。我們的營收季增了 18.7%，這增強了我們對當前市場恢復成長的信心。

I am sure a recent FDA pre-approval inspection is top of mind for many of you on the call and I am pleased to tell you that during the week of July 22, the FDA conducted and completed their PMA pre-approval inspection of our manufacturing facility in Costa Rica.

我確信最近的 FDA 預先批准檢查是你們中許多人最關心的事情，我很高興地告訴您，在 7 月 22 日這一周，FDA 對我們的製造進行並完成了 PMA 預批准檢查哥斯達黎加的工廠。

The investigator had three observations listed in a single 483 report, each of which are unrelated and non-systemic in nature. This is not unexpected for a PMA pre-approval inspection and should not meaningfully impact our timeline to launch in the United States. We have already submitted our responses to the FDA to address their observations. The process towards approval should now move forward to closure.

調查人員在一份 483 報告中列出了三個觀察結果，每一個觀察結果本質上都是不相關且非系統性的。這對於 PMA 預批准檢查來說並不意外，並且不會對我們在美國推出的時間表產生重大影響。我們已經向 FDA 提交了我們的答复，以解決他們的意見。批准過程現在應該進入結束階段。

As a reminder, we have already received an approvable letter where the FDA stated that pending a satisfactory review of our facility our PMA would be approved. We are confident that after the inspection and our timely response we have satisfied that final step and we believe that the final approval will be issued soon.

提醒一下，我們已經收到了 FDA 的一封批准函，其中表示，在對我們的設施進行令人滿意的審查之前，我們的 PMA 將獲得批准。我們相信，經過檢查和及時回應，我們已經完成了最後一步，我們相信最終批准將很快頒發。

All regions showed sequential improvement in the second quarter with the exception of Latin America and in particular Brazil. As we noted in previous calls, the Brazilian market continues to suffer from softer underlying demand and we do not expect to see improvement this year. We have a number of initiatives to strengthen our market position in Brazil, while making sure that during this slowdown we have a cost base that reflects our current demand.

除拉丁美洲（尤其是巴西）外，所有地區第二季均出現季比改善。正如我們在先前的電話會議中指出的那樣，巴西市場繼續受到潛在需求疲軟的影響，我們預計今年不會出現改善。我們採取了許多措施來加強我們在巴西的市場地位，同時確保在經濟放緩期間我們的成本基礎能夠反映我們當前的需求。

The rest of Latin America is stabilizing at a slower pace than other regions and we think the current environment in the region will continue to be challenging for aesthetics in general.

拉丁美洲其他地區的穩定速度比其他地區慢，我們認為該地區當前的環境將繼續對整體美學構成挑戰。

EMEA on the other hand performed well and the second quarter was notable as there are markets that have fully recovered from the slowdown last year. We are also seeing a good recovery in demand from our distributors in the APAC region. Our second quarter results showed the tangible results of the cost reduction and efficiency improvement activities we undertook in the second half of last year.

另一方面，歐洲、中東和非洲地區表現良好，第二季表現引人注目，因為有些市場已從去年的放緩中完全復甦。我們也看到亞太地區經銷商的需求出現良好復甦。我們第二季的業績顯示了我們去年下半年所進行的降本增效活動所取得的實質的成果。

Adjusted EBITDA loss was approximately $4 million. This was similar to 1Q despite increasing investment in our US commercial organization in preparation for a launch. The loss this quarter was less than half of what we reported in the second quarter of last year and we remain on a good trajectory to reach positive EBITDA over the coming quarters.

調整後的 EBITDA 損失約為 400 萬美元。儘管我們增加了對美國商業組織的投資以準備發布，但這與第一季相似。本季的虧損不到去年第二季報告的一半，而且我們仍處於良好的軌道上，在未來幾季實現正 EBITDA。

Before Raj provides more on our financial results and outlook, it is worth highlighting several recent events. As we expect FDA approval is very near, we are moving forward with our preparations for entry into the US.

在拉吉提供更多有關我們的財務業績和前景的資訊之前，有必要強調一下最近發生的幾件事。由於我們預計 FDA 的批准即將到來，我們正在為進入美國做準備。

While we are careful not to market Motiva Implants in the US until they are approved, the interest in our company and our technologies among US surgeons is reaching an inflection point. There are a good number of US plastic surgeons in our FDA study, and they have obviously talked with many of their colleagues about their experiences.

雖然我們謹慎地在 Motiva 植入物獲得批准之前不會在美國銷售，但美國外科醫生對我們公司和技術的興趣正達到一個轉折點。我們的FDA研究中有很多美國整形外科醫生，他們顯然與許多同事談論過他們的經驗。

Last month, we hosted a medical advisory board of US plastic surgeons at our headquarters and the feedback from this group has been nothing short of amazing. That there is such strong interest for a new breast implant in the US, is not surprising.

上個月，我們在總部主辦了一個由美國整形外科醫生組成的醫療顧問委員會，該小組的回饋令人驚訝。美國對新的乳房植入物有如此強烈的興趣，這並不奇怪。

The US market has seen no real innovation in decades. Surgeons have had to adapt their practices to sell commodity devices, developed decades ago. What we are bringing to the US, is not a commodity offering and is designed with the knowledge gained from years of scientific and clinical studies.

美國市場幾十年來沒有出現真正的創新。外科醫生不得不調整他們的做法來銷售幾十年前開發的商品設備。我們帶給美國的不是商品，而是根據多年的科學和臨床研究所獲得的知識設計出來的。

The four-year data from our Motiva US IDE Study presented earlier this year at the Aesthetic Society meeting, showed less than 1% device-related complications with Motiva implants. These low complication rates are a confirmation of an entirely new standard for breast implants. It is worth noting, that the FDA data from the two largest manufacturers in the US, showed that between one in seven and one in 12 women developed a Grade three or Grade four capsular contracture, at four years. These device-related complications are serious and in many cases require reoperation.

今年稍早在美學協會會議上公佈的 Motiva US IDE 研究的四年數據顯示，Motiva 植體與設備相關的併發症率低於 1%。這些低併發症發生率證實了乳房植入物的全新標準。值得注意的是，美國兩家最大製造商的 FDA 數據顯示，七分之一到十二分之一的女性在四年內出現三級或四級包膜攣縮。這些與裝置相關的併發症很嚴重，在許多情況下需要再次手術。

In the Motiva study, it was only one in 200 women. This month, we will complete the fifth year of follow-up in the FDA study for breast augmentation and the buzz is palpable, and it is growing.

在 Motiva 研究中，這一比例僅為 200 名女性中的 1 人。本月，我們將完成 FDA 隆乳研究的第五年隨訪，人們的討論顯而易見，而且還在不斷增長。

Jeff Ehrhardt, who leads our North America business has been moving quickly to build out a team that will support our commercial effort. We are receiving inbound calls daily from some of the most experienced and highly regarded people in our industry, which is another data point to suggest that the industry recognizes, what a game changer the Motiva implant is going to be in the United States.

領導我們北美業務的傑夫·埃爾哈特 (Jeff Ehrhardt) 一直在迅速組建一支團隊來支持我們的商業工作。我們每天都會收到來自我們行業中一些最有經驗和最受尊敬的人士的來電，這是另一個數據點，表明該行業認識到 Motiva 植入將在美國帶來多大的遊戲規則改變。

With this kind of talent, eager to come to Establishment Labs, Jeff continues to put together an absolutely all-star team. With this tailwind, we have our back office functions ready to go and we have a handful of reps already hired and trained, with the next group already identified.

憑藉這種渴望來到「建立實驗室」的人才，傑夫繼續組建一支絕對全明星的團隊。有了這個順風車，我們的後台職能已經準備就緒，我們已經僱用和培訓了一些代表，下一組也已經確定。

We will be ready to put our devices into surgeons hands very quickly after approval. It is helpful as we prepare for the US, that Flora our unique tissue expanders continues to gain traction. Flora's RFID-enabled nonmagnetic port is the first and only one of its kind in the industry. This combined with our patented SmoothSilk surface technology, puts Flora into an entirely new class of tissue expanders.

在獲得批准後，我們將準備好將我們的設備很快交給外科醫生。當我們為美國做準備時，我們獨特的組織擴張器 Flora 繼續受到關注，這很有幫助。Flora 的支援 RFID 的非磁性連接埠是業界第一個也是唯一一個此類連接埠。這與我們專利的 SmoothSilk 表面技術相結合，使 Flora 成為一種全新的組織擴張器。

We have completed the VAC process at a number of the premier cancer centers in the US and more are pending. As the benefits of this device are demonstrated and shared in the clinical community, the number of hospitals offering Flora will grow.

我們已經在美國許多主要的癌症中心完成了 VAC 流程，還有更多的流程正在等待中。隨著該設備的優點在臨床界展示和分享，提供 Flora 的醫院數量將會增加。

The momentum with Mia Femtech continues to build. Mia is creating an entirely new category within breast aesthetics, where a plastic surgeon can shape the breast in a 15 minute minimally-invasive procedure, without the need for general anesthesia. The result is natural and discrete, with a one to two cup proportionate result.

Mia Femtech 的動能持續增強。Mia 正在乳房美學領域創建一個全新的類別，整形外科醫生可以透過 15 分鐘的微創手術塑造乳房形狀，而無需全身麻醉。結果自然且離散，具有一到兩杯的比例結果。

The procedure requires minimal downtime with women returning to most activities the same day. By providing a solution that overcomes, many of the obstacles of traditional breast augmentation, we are opening up a whole new group of women to breast aesthetics.

該手術需要最少的停機時間，女性可以在當天恢復大部分活動。透過提供克服傳統隆乳的許多障礙的解決方案，我們為一群全新的女性開啟了乳房美學的大門。

As the group of women who have experienced Mia grows, the level of activity on social media and in other channels is increasing. Consumers are sharing their experiences and highlighting the positive outcomes of their journey with Mia. This word of mouth, supported by our marketing activities, brings more women into the category.

隨著經歷 Mia 的女性群體不斷壯大，社群媒體和其他管道的活躍度也不斷增加。消費者正在分享他們的經驗並強調他們與 Mia 的旅程所取得的正面成果。在我們的行銷活動的支持下，這種口碑將更多女性帶入這個類別。

We then also share their positive experiences. This flywheel is picking up speed and we are seeing it in the number of cases increasing quarter-over-quarter. We now offer Mia Femtech in 22 cities across the world, with 63 plastic surgeons now fully certified to provide the Mia experience. Seven Mia experience centers in the Middle East are now fully live, offering a tailored end-to-end experience for consumers in five cities across that region. We are in active negotiations with 41 clinics and we'll be able to increase considerably the number of cities by the end of this year.

然後我們也分享他們的正面經驗。這個飛輪正在加速，我們從案件數量逐季度增加中看到了這一點。現在，我們在全球 22 個城市提供 Mia Femtech，共有 63 位整形外科醫生獲得完全認證，可以提供 Mia 體驗。中東的七個 Mia 體驗中心現已全面投入使用，為該地區五個城市的消費者提供量身定制的端到端體驗。我們正在與 41 家診所進行積極談判，到今年年底我們將能夠大幅增加城市數量。

In China, we remain on track to achieve our targets this year and are building a foundation for continued growth. Medical education, training, and marketing events are taking place on a regular cadence across Tier 1 and Tier 2 cities with the support of our exclusive Chinese distribution partners and in collaboration with our global team.

在中國，我們仍有望實現今年的目標，並正在為持續成長奠定基礎。在我們獨家中國分銷合作夥伴的支持以及我們的全球團隊的合作下，醫學教育、培訓和行銷活動正在一線和二線城市定期舉辦。

As a reminder, we have leading market share positions in surrounding countries across Asia including South Korea, Taiwan, Singapore, Thailand, Vietnam, and Japan. Our early experience in China suggests that we can achieve similar market share. And given the high ASPs and the fact that China is the second largest market for breast implants globally, our success will meaningfully add to our profitability.

需要提醒的是，我們在亞洲週邊國家（包括韓國、台灣、新加坡、泰國、越南和日本）擁有領先的市場份額。我們在中國的早期經驗顯示我們可以實現類似的市場份額。考慮到較高的平均售價以及中國是全球第二大乳房植入物市場的事實，我們的成功將有意義地增加我們的獲利能力。

I will now turn the call over to Raj.

我現在將把電話轉給 Raj。

Thank you, Juan Jose. Total revenue for the second quarter was $44.1 million, a decline of 9.3% from the year ago period and 8.5% excluding the impact of foreign exchange. As Juan Jose mentioned, sequentially, this is 18.7% quarter-over-quarter growth.

謝謝你，胡安·何塞。第二季總營收為 4,410 萬美元，年減 9.3%，剔除外匯影響則下降 8.5%。正如 Juan Jose 所提到的，季增 18.7%。

From a regional perspective, sales in Europe, Middle East, and Africa were approximately 48% of the global total, Asia-Pacific 32%, Latin America 20%, and North America was less than 1%.

從地區來看，歐洲、中東和非洲的銷售額約佔全球總量的48%，亞太地區佔32%，拉丁美洲佔20%，北美地區不到1%。

We saw improving demand in Asia-Pacific in the second quarter as our distributors in the region are reordering following a period of working down inventory. Europe is stable and as Juan Jose noted earlier, several markets have fully rebounded from the softness we saw in the second half of last year. Results in Latin America in the second quarter reflected the ongoing softness in Brazil and other markets in the region.

我們看到第二季度亞太地區的需求有所改善，因為我們在該地區的分銷商在經過一段時間的庫存削減後正在重新訂購。歐洲穩定，正如胡安·何塞早些時候指出的那樣，一些市場已從去年下半年的疲軟狀態中完全反彈。第二季拉丁美洲的業績反映出巴西和該地區其他市場的持續疲軟。

Our gross profit in the second quarter was $28.9 million or 65.6% of revenue compared to $30.3 million or 62.3% of revenue from the same period in 2023. Our gross profit in the second quarter reflected an increase in average selling prices year-over-year. Foreign exchange rates between the US dollar and Costa Rican Colón continue to be a headwind. As we report in US dollars, the strengthening of the Colón results in higher reported costs.

我們第二季的毛利為 2,890 萬美元，佔營收的 65.6%，而 2023 年同期毛利為 3,030 萬美元，佔營收的 62.3%。我們第二季的毛利反映了平均售價年比的成長。美元和哥斯達黎加科隆之間的外匯匯率仍然是一個阻力。正如我們以美元報告的那樣，科隆的走強導致報告成本更高。

SG&A expenses for the second quarter declined approximately $4.2 million to $32.8 million compared to $37 million in the second quarter of 2023. R&D expenses for the second quarter declined approximately $1.4 million from the same quarter a year ago to $5.5 million.

第二季的 SG&A 費用減少了約 420 萬美元，至 3,280 萬美元，而 2023 年第二季的 SG&A 費用為 3,700 萬美元。第二季研發費用較去年同期下降約 140 萬美元，至 550 萬美元。

Total operating expenses for the second quarter were $38.3 million, a decrease of approximately $5.7 million from the year ago period. The decrease in operating expenses in the second quarter were primarily the result of the cost reduction initiatives we undertook in the second half of 2023, offset by increasing investments in our US commercial operation. Net loss from operations for the second quarter was $9.3 million compared to a net loss of $13.7 million in the same period of 2023.

第二季總營運費用為 3,830 萬美元，比去年同期減少約 570 萬美元。第二季營運費用的下降主要是我們在 2023 年下半年採取的成本削減措施的結果，但被美國商業營運投資的增加所抵銷。第二季營運淨虧損為 930 萬美元，而 2023 年同期淨虧損為 1,370 萬美元。

Adjusted EBITDA was a loss of $4.3 million in the quarter compared to a loss of $9.3 million in the second quarter of last year and was flat compared to the first quarter. We are pleased with the reduction in our operating expense loss as we are increasing investments in preparation for the launch of Motiva implants in the United States. Cash used in the second quarter was $18.4 million.

本季調整後 EBITDA 虧損 430 萬美元，而去年第二季虧損 930 萬美元，與第一季持平。我們對營運費用損失的減少感到高興，因為我們正在增加投資，準備在美國推出 Motiva 植入物。第二季使用的現金為 1840 萬美元。

In the second quarter, our inventory days improved to more normalized level and days payable also came down. Accounts receivable were higher in the second quarter versus the first as we saw improving sales results and a higher proportion of sales through our distributors. Our DSOs were flat compared to the first quarter.

第二季度，我們的庫存天數改善至更正常的水平，應付天數也有所下降。第二季度的應收帳款高於第一季度，因為我們看到銷售業績有所改善，並且透過經銷商進行的銷售比例提高。與第一季相比，我們的 DSO 持平。

Our cash position on June 30, was $54.6 million. As a reminder, we have two remaining tranches on our debt facility, which total $50 million. We can access the first $25 million on US FDA approval of Motiva implants and the second with the additional milestone of achieving $195 million in trailing 12-month sales.

截至 6 月 30 日，我們的現金部位為 5,460 萬美元。提醒一下，我們的債務融資還有兩期，總計 5,000 萬美元。我們可以獲得美國 FDA 批准 Motiva 植入物的第一筆 2500 萬美元，第二個的額外里程碑是在過去 12 個月的銷售額中實現 1.95 億美元。

Our revenue guidance this year remains $174 million to $184 million, representing growth of 5% to 11%. We are seeing good performance in most regions, however, as Juan Jose noted earlier, Latin America has not recovered to previous levels. Brazil remains our largest single market in terms of revenue and revenue in 2Q was less than half of what it was a year ago and we don't expect to recover meaningfully this year.

我們今年的營收指引仍為 1.74 億美元至 1.84 億美元，成長 5% 至 11%。我們看到大多數地區表現良好，但正如胡安·何塞之前指出的那樣，拉丁美洲尚未恢復到以前的水平。就收入而言，巴西仍然是我們最大的單一市場，第二季的收入不到一年前的一半，我們預計今年不會有有意義的復甦。

Following the FDA inspection, our confidence in a US approval for Motiva this year has increased where we are comfortable including US revenue in our outlook. The exact timing of approval is not certain, but we remain comfortable with the guidance range we provided for 2024. For 2025, we expect revenue growth to accelerate significantly as we expand in the United States.

經過 FDA 檢查後，我們對 Motiva 今年在美國獲得批准的信心有所增強，我們對將美國收入納入我們的前景感到滿意。批准的確切時間尚不確定，但我們對 2024 年提供的指導範圍仍然感到滿意。到 2025 年，我們預計隨著我們在美國的擴張，收入成長將顯著加速。

We continue to expect gross margins in 2024 to be approximately 100 basis points higher than 2023 to a range of 65.5% to 66%. We remain very focused on managing operating expenses, which can be seen in the more than $10 million reduction in operating expenses so far this year compared to last year. However, with the FDA approval of Motiva Implants in the final stages we will see increased commercial and operating activity in the United States. As such overall operating expenses in the second half will increase modestly from first half levels.

我們繼續預期 2024 年毛利率將比 2023 年高出約 100 個基點，達到 65.5% 至 66% 的範圍。我們仍然非常注重管理營運費用，今年迄今營運費用比去年減少了超過 1000 萬美元，這可以看出這一點。然而，隨著 FDA 對 Motiva 植入物的批准進入最後階段，我們將看到美國的商業和營運活動增加。因此，下半年整體營運支出將較上半年小幅成長。

Achieving positive adjusted EBITDA and positive cash flow remain important goals for us as a company and our targets are unchanged. With the favorable selling prices and overall economics that are generated in the US market we expect to have our first positive EBITDA quarter soon after US launch expect to be cash flow positive for the fiscal year of 2026. Importantly, the cash we currently have on hand and which is accessible to us under our credit facility can fund our business to profitability without the need for additional capital.

實現正向調整 EBITDA 和正向現金流仍然是我們公司的重要目標，我們的目標沒有改變。憑藉美國市場有利的銷售價格和整體經濟效益，我們預計在美國推出後不久將迎來第一個正 EBITDA 季度，預計 2026 財年的現金流將為正值。重要的是，我們目前手頭上的現金以及我們可以透過信貸額度獲得的現金可以為我們的業務提供盈利，而無需額外的資本。

I will now turn the call back to Juan Jose.

我現在將把電話轉回給胡安·何塞。

Thank you, Raj. When we founded this company almost 20 years ago we knew that entering the US market was the ultimate validation of our technology, but it was also the highest mountain we had to climb. We now find ourselves on the cusp of that achievement.

謝謝你，拉傑。大約20年前，當我們創立這家公司時，我們知道進入美國市場是我們技術的最終驗證，但這也是我們必須攀登的最高峰。我們現在發現自己正處於這項成就的風口浪尖。

The effect on our business will be transformative. US has the highest ASPs in the world in some cases 3 times to 4 times higher than we realize in other markets. As a standup of our commercial efforts the profitability of sales in the US will quickly move us down the path to becoming EBITDA positive and soon thereafter cash flow positive.

這對我們業務的影響將是革命性的。美國的平均售價是世界上最高的，在某些情況下，比我們在其他市場意識到的高出 3 到 4 倍。作為我們商業努力的體現，美國銷售的獲利能力將迅速推動我們實現 EBITDA 為正值，並很快實現正現金流。

The US approval will be a catalyst for our sales globally. The FDA remains the gold standard for regulatory clearances. Many surgeons in countries outside the US will only use products with the FDA stamp of approval. In some markets this opportunity is significant.

美國的批准將成為我們全球銷售的催化劑。FDA 仍然是監管許可的黃金標準。美國以外國家的許多外科醫生只會使用具有 FDA 批准印章的產品。在某些市場，這個機會意義重大。

We cannot wait to introduce Motiva to women and surgeons in the US. As a company focused on women's health access to the US market will strengthen our foundation and further position Establishment Labs as a global leader in breast aesthetics and reconstruction.

我們迫不及待地想向美國的女性和外科醫生介紹 Motiva。作為一家專注於女性健康的公司，進入美國市場將鞏固我們的基礎，並進一步將Establishment Labs定位為乳房美學和重建領域的全球領導者。

I will now turn the call over to the operator for your questions.

我現在將把電話轉給接線員詢問您的問題。

(Operator Instructions)

（操作員說明）

Allen Gong, JPMorgan.

龔艾倫，摩根大通。

Thanks for the question. Definitely great to hear that the US approval looks like it's finally cleared that final hurdle but I have a question on that. But first I just want to touch on the guidance. You talked about how your guide now includes the incremental benefit from US pretty marginal given the time of approval. But you've now had two quarters where you beat by a little bit and chosen to reiterate the guide and now you're adding on US revenues on top of that. So what are you seeing so far in the third quarter that makes you confident that this is still the right range to be using for the full year? And I guess like how much US is really in there right now?

謝謝你的提問。很高興聽到美國的批准看起來終於清除了最後的障礙，但我對此有疑問。但首先我只想談談指引。您談到您的指南現在如何包含考慮到批准時間而從美國獲得的增量收益相當微不足道。但現在你已經有兩個季度稍微落後了，並選擇重申該指南，現在你還在此基礎上增加了美國收入。那麼，到目前為止，您在第三季度看到了什麼，讓您確信這仍然是全年使用的正確範圍？我想現在美國到底有多少人在那裡？

Hi, Allen. Thanks for the question. Generally, when we give guidance we try to provide an outlook that reflects the current dynamics in the market. As we noted on the call Brazil is still weak. However, we are very confident now in the US approval and so we've kind of baked those things into the guidance and hence the range that we're still comfortable with for the year.

嗨，艾倫。謝謝你的提問。一般來說，當我們提供指導時，我們會嘗試提供反映當前市場動態的前景。正如我們在電話會議中指出的那樣，巴西仍然疲軟。然而，我們現在對美國的批准非常有信心，因此我們已經將這些內容納入了指導，因此我們今年仍然感到滿意的範圍。

We do expect us to be back towards sort of a more normalized seasonal pattern here in the third quarter. But overall I think the outlook in the back half of the year is sort of tracking with where we had thought again with the caveat that Brazil is tracking a bit lower, but now we're extremely confident in the US approval.

我們確實預計第三季將回到更正常化的季節性模式。但總體而言，我認為今年下半年的前景與我們再次考慮的情況一致，但需要注意的是，巴西的成長速度略低，但現在我們對美國的批准非常有信心。

Got it. And then when it comes to the 483s it's great to hear that you already have the responses in but what gives you the confidence that you'll kind of be able to get this through the FDA in a first pass and this won't become a more drawn-out process? Is there -- are there any more specifics you can kind of provide? I know Juan Jose described them as being non-systemic but any other color you could provide there would be really helpful. Thank you very much.

知道了。然後，當談到 483 時，很高興聽到您已經收到了回复，但是是什麼讓您有信心能夠一次性通過 FDA，而且這不會成為一個問題過程更漫長？您可以提供更多具體資訊嗎？我知道胡安·何塞將它們描述為非系統性的，但您可以提供的任何其他顏色都會非常有幫助。非常感謝。

Yeah. Thanks, Allen. And no I think it's the nature of those observations which gives us confidence that our quick response already tells you how we feel about them. One of them was the timing of the submission of 10 medical device reports from the Flora tissue expander that we sell outside of the United States. That's a different tissue expander than the one we sell in the United States. And of course it has no relevance to the safety of Motiva implants in our PMA.

是的。謝謝，艾倫。不，我認為這些觀察的本質讓我們有信心，我們的快速反應已經告訴你我們對它們的感受。其中之一是我們在美國境外銷售的 Flora 組織擴張器提交 10 份醫療器材報告的時間。這是一種與我們在美國銷售的不同的組織擴張器。當然，它與我們 PMA 中 Motiva 植入物的安全性無關。

The second one was the tracking of the training of a production employee that was performing at validation. And the last one was the job description and role of an internal auditor. So as you can see those are really isolated. They're minor and we don't believe that's going to affect our timing for approval.

第二個是追蹤驗證時執行的生產員工的訓練。最後一個是內部稽核師的職位說明和角色。正如你所看到的，這些確實是孤立的。它們很小，我們認為這不會影響我們的批准時間。

Anthony Petrone, Mizuho Group.

安東尼‧佩特龍，瑞穗集團。

Thanks and good afternoon everyone. Maybe to stay on US Motiva with the description now that FDA clearance potentially looks imminent, maybe walk us through what an early launch phase looks like. Will that happen sometime in the third quarter? Is that a reasonable expectation? And then you mentioned Juan Jose that there has been build-out of the team in the United States. So just maybe an update there. How many sales reps are already hired and how many will have to be hired going forward? And I'll have one quick follow-up. Thanks.

謝謝大家，下午好。也許留在 US Motiva 上並描述 FDA 的批准可能迫在眉睫，也許可以帶我們了解早期啟動階段的情況。這會在第三季的某個時候發生嗎？這是一個合理的期望嗎？然後你提到胡安·何塞，美國的團隊已經得到了擴充。所以也許只是那裡有更新。已經聘用了多少銷售代表，未來還需要聘用多少名銷售代表？我將進行快速跟進。謝謝。

Yeah. I think most importantly is the quality of the people that Jeff is bringing on board to lead our North America business. And I think when you put people like Anne and Ben and that team and some of the sales reps that are coming in and some will come in the next few weeks, we will have really an all-star team for the US. The back office as we've said before is ready. We've been already shipping and invoicing the Flora tissue expander, so all of that is ready to go. In addition to that, I think it's important to say that we already began manufacturing the first batch of Motiva implants that are planned to be sent to the US after approval.

是的。我認為最重要的是傑夫所聘請來領導我們北美業務的人員的品質。我認為，當你把像安妮和本這樣的人以及那個團隊以及一些即將到來的銷售代表和一些將在未來幾週內到來的銷售代表納入其中時，我們將擁有一支真正的美國全明星團隊。正如我們之前所說，後台已經準備就緒。我們已經發貨了 Flora 組織擴張器並開立了發票，所以所有這些都已準備就緒。除此之外，我認為重要的是我們已經開始製造第一批 Motiva 植入物，並計劃在獲得批准後發送到美國。

That's helpful. Maybe to flip over to just Mia and looking at some of the existing centers that are out there you mentioned 63 surgeons are active with Mia Femtech. Maybe just a little bit about the dynamics at those centers. How is their surgical capacity expanded? Is it the surgeries are being done in much less time? And when you think about those Femtech centers, how much share is Establishment able to sort of command once Femtech goes live at those centers? Thanks, again.

這很有幫助。也許翻到 Mia，看看現有的一些中心，您提到有 63 位外科醫生在 Mia Femtech 工作。也許只是了解一些這些中心的動態。他們的手術能力如何擴大？是不是手術時間大大縮短了？當你想到那些女性科技中心時，一旦女性科技在這些中心上線，當權者能夠控制多少份額？再次感謝。

Yeah. Thanks, Anthony. I think it's really important to backtrack to what we are trying to do in this first phase of the launch of Mia which is to establish a list of clinics so that we are present with it in the most important cities around the world. So one of the important things that I think it's looking well is the fact that we are now in 22 cities across Europe, Middle East and Japan. So, as we add more centers, the capillarity will get us to be more efficient with the awareness and then that leading to more Mia treatments taking place.

是的。謝謝，安東尼。我認為回溯到我們在 Mia 推出的第一階段正在努力做的事情非常重要，即建立一份診所清單，以便我們在世界上最重要的城市都有它的身影。因此，我認為看起來不錯的重要事情之一是我們現在遍布歐洲、中東和日本的 22 個城市。因此，當我們增加更多的中心時，毛細現象將使我們的意識更加有效，從而導致更多的米婭治療發生。

One of the really important things I think from Q2 is the fact that 47% of women who received Mia in Q2 were not considering a breast augmentation and that's real market expansion. And I think in a category like breast aesthetics that has been pretty much flat over the last two decades those are really good news for plastic surgeons. Those are really good news I think for aesthetics in general, because we can get this category to be vibrant again.

我認為第二季度真正重要的事情之一是，在第二季度接受 Mia 治療的女性中有 47% 沒有考慮隆胸，這是真正的市場擴張。我認為，在像乳房美學這樣的類別中，過去二十年一直表現平平，這對整形外科醫生來說確實是個好消息。我認為這對整個美學來說確實是個好消息，因為我們可以讓這個類別再次充滿活力。

And when you see the number of centers that we have under negotiation, 41, that tells you also that there's a lot of interest. And the more they talk to their peers, these 63 surgeons of course are talking about what this is doing to their practices. So definitely I think that as we go into 2026, we will be able to give more specifics on the number of cases market share and things like that related to the traditional category of rest augmentation.

當您看到我們正在談判的中心數量（41 個）時，這也告訴您有很多興趣。這 63 名外科醫生與同行交談得越多，他們當然就會談論這對他們的實踐造成的影響。因此，我肯定認為，當我們進入 2026 年時，我們將能夠提供有關市場份額病例數量以及與傳統休息增強類別相關的更多細節。

Josh Jennings, TD Cowen.

喬許·詹寧斯，TD·考恩。

Hi, good afternoon. Thanks for taking the questions and congratulations on getting the inspection completed. I wanted to just ask about your comments Juan Jose on the medical advisory board you hosted and the buzz that I think you suggested was kind of percolating in the plastic surgeon community. Any incremental color you can add to those prepared comments. And maybe just to ask from your team's checks, what do you think awareness stands within the US plastic surgeon community? Do you think there's 25%, 50%, 75% of plastic surgeons are aware of Motiva, aware of the four-year data and the premier safety profile?

嗨，下午好。感謝您提出問題並祝賀您完成檢查。我想問一下您對胡安·何塞（Juan Jose）對您主持的醫療諮詢委員會的評論，以及我認為您所建議的嗡嗡聲在整形外科醫生社區中有所滲透。您可以將任何增量顏色添加到這些準備好的註釋中。也許只是想從您團隊的檢查中詢問一下，您認為美國整形外科醫生界的意識如何？您認為有 25%、50%、75% 的整形外科醫生了解 Motiva、了解四年數據和首要的安全狀況嗎？

Yeah. I think the fact that we hosted this first group of American surgeons for an advisory board was very telling to us, because what we wanted to do in this advisory board is to expose them to the technology and get their views on the potential adoption of Motiva implants.

是的。我認為我們接待了第一批美國外科醫生組成顧問委員會這一事實對我們來說非常有意義，因為我們想要在這個顧問委員會中做的是讓他們接觸技術並了解他們對Motiva 的潛在採用的看法植入物。

And it really went beyond our expectations, the way they understand that this is going to open up new ways of doing surgery the fact that you can save the pectoralis muscle of so many active women who currently have no option because they would eventually have a capsular contracture in that anatomical placement.

這確實超出了我們的預期，他們理解這將開闢新的手術方式，事實上，你可以拯救許多活躍女性的胸肌，這些女性目前別無選擇，因為她們最終會患有囊膜該解剖位置的攣縮。

So while we are being super careful not to promote. Motiva implants ahead of the approval. I think this type of advisory boards really give us the confidence that we are on track with our strategy.

因此，雖然我們非常小心，但不進行促銷。Motiva 在獲得批准之前進行植入。我認為這種類型的顧問委員會確實給了我們信心，讓我們相信我們的策略正在走上正軌。

Thanks for that. And then just a follow-up, you mentioned that FDA approval could spark increased adoption internationally. You mentioned that there are some countries that rely on the FDA approval regulatory process for their own regulatory hurdle to clear or setting the regulatory bar.

謝謝你。接下來，您提到 FDA 的批准可能會激發國際上更多的採用。您提到有些國家依靠 FDA 審批監管流程來清除或設置監管障礙。

But do you think in those CE Mark countries are there surgeons out there waiting for FDA approval? Anything you can share there just in terms of, is there this pent-up demand surgeons out -- in CE Mark countries where FDA approval will kind of get them over the hump and drive a little wave of adoption in the countries where Motiva is already improved? Thanks a lot.

但您認為在那些具有 CE 標誌的國家中，是否有外科醫生正在等待 FDA 的批准？您可以分享的任何內容，就是外科醫生是否存在這種被壓抑的需求——在 CE 標誌國家，FDA 的批准將幫助他們渡過難關，並在 Motiva 已經採用的國家推動一小波採用浪潮改善了嗎？多謝。

Yes, of course. There's a group of more traditional, more conservative surgeons outside of the United States that have always seen FDA approval as a gold standard that they should aspire to.

是的當然。美國以外有一群更傳統、更保守的外科醫生，他們始終將 FDA 的批准視為他們應該追求的黃金標準。

And because of that, after Allergan pulled out of most markets around the world, all of these surgeons went to the only other option that they had. So this is going to basically give us the ability to start calling on these surgeons who before said, until you have FDA approval please don't come in.

正因為如此，在艾爾建退出全球大多數市場後，所有這些外科醫生都轉向了他們唯一的其他選擇。因此，這基本上使我們能夠開始呼籲這些外科醫生，他們之前說過，在獲得 FDA 批准之前，請不要進來。

But that's a really strong statement also to the rest of the industry, because it is not only the fact that we are going to get FDA approval, it's the numbers of our clinical trial for the US approval that tell a completely different story.

但這對於該行業的其他公司來說也是一個非常強有力的聲明，因為這不僅是我們將獲得 FDA 批准的事實，而且我們獲得美國批准的臨床試驗的數量也講述了一個完全不同的故事。

And that combined, I think is going to have eventually a lot of traction for our sales in many markets around the world not just Europe. It's also true in Latin America, and it's also true in several areas of Asia.

我認為，綜合起來，最終將為我們在全球許多市場（而不僅僅是歐洲）的銷售帶來很大的吸引力。在拉丁美洲也是如此，在亞洲的幾個地區也是如此。

Great. Appreciate that.

偉大的。很欣賞這一點。

Joanne Wuensch, Citi.

喬安妮‧溫施，花旗銀行。

Good afternoon. And thank you for taking the question and congratulations on the FDA inspection. Two quick questions, the first is you've put some US revenue and guidance as you pulled some Brazilian revenue out or revenue from Brazil out. Is there a way to quantify how much US revenue is now in your guidance?

午安.感謝您提出問題並祝賀 FDA 檢查。兩個簡單的問題，第一個問題是，當您提取一些巴西收入或來自巴西的收入時，您已經投入了一些美國收入和指導。有沒有辦法量化目前您指導下的美國收入有多少？

And then the second question is, gross margins really improved nicely year-over-year. How do we think about the trajectory of those not just this year but next year as Motiva in the US gains traction? Thank you.

第二個問題是，毛利率確實比去年同期改善了許多。隨著 Motiva 在美國獲得關注，我們如何看待這些公司今年和明年的發展軌跡？謝謝。

Hi, Joanne. Thanks for the question. Yeah. In terms of the US there's still some uncertainty around the exact timing. We're extremely confident it is coming and coming soon, but the exact timing is still not known.

嗨，喬安妮。謝謝你的提問。是的。就美國而言，具體時間仍存在一些不確定性。我們非常有信心它即將到來，但確切的時間仍然未知。

And so we still left the range fairly wide for the balance of the year which reflects that. We do expect there will be revenue this year. And as you noted, we did take Brazil or some of Brazil out given the softness we're continuing to see there.

因此，我們仍然為今年剩餘時間留下了相當寬的範圍，這反映了這一點。我們預計今年會有收入。正如您所指出的，鑑於我們繼續看到那裡的疲軟狀態，我們確實將巴西或巴西的部分地區排除在外。

But overall we're still very confident in the outlook in the back half of this year and in particular as we move into 2025 and the significant growth we expect to see, as we start to expand in the United States.

但總體而言，我們對今年下半年的前景仍然非常有信心，特別是當我們進入 2025 年時，隨著我們開始在美國擴張，我們預計會看到顯著的增長。

And then, on your second question relative to margins, we did see a nice step-up in the third quarter. Average selling prices were up as we mentioned. We're still dealing with a little bit of headwind from the Costa Rican Colón, but that's also starting to turn as well.

然後，關於與利潤率相關的第二個問題，我們確實在第三季看到了不錯的提升。正如我們所提到的，平均售價上漲了。我們仍在應對來自哥斯達黎加科隆的一點逆風，但情況也開始轉變。

As you look out over the next couple of years, really even not just next year really everything we're doing as a company the launch in the US, Mia. Our expansion in China even Flora the tissue expander all of these are gross margin-accretive endeavors for us.

當你展望未來幾年時，甚至不僅僅是明年，我們作為一家公司在美國所做的一切，Mia。我們在中國的擴張，甚至是組織擴張器Flora，所有這些對我們來說都是增加毛利率的努力。

And so I think that margin will continue to go higher overtime. It's not going to be linear, but we should see nice improvement over that over the next couple of years.

因此，我認為隨著時間的推移，利潤率將繼續走高。它不會是線性的，但我們應該在接下來的幾年裡看到良好的改進。

Thank you.

謝謝。

George Sellers, Stephens.

喬治·塞勒斯、史蒂芬斯。

Hi. Good afternoon and thanks for taking the question. Maybe going back to Mia and apologies if I missed this, but I was just curious if you could give us some color on the growth there driven by procedure volume versus any revenue you've received in the second quarter from licensing fees. And then also with the clinics that you're speaking with and maybe that have recently signed on to partnerships, could you give us any additional color on licensing fee revenue that you're expecting to see in the back half of this year and in early 2025?

你好。下午好，感謝您提出問題。也許回到米婭，如果我錯過了這一點，我表示歉意，但我只是好奇你能否給我們一些關於程序量驅動的增長與你在第二季度從許可費中獲得的任何收入的信息。然後，還有與您交談的診所，也許最近已經簽署了合作夥伴關係的診所，您能否給我們提供有關您預計在今年下半年和年初看到的許可費收入的任何其他信息？

Yeah. Thank you, George. I think it's really important to note that as we are putting together the onboarding of these centers, we provide in exchange for that license revenue the medical education, the practice development, and it takes time to get those two together. So it's -- one of the bottlenecks that we have right now is getting clinics onboarded quick enough.

是的。謝謝你，喬治。我認為值得注意的是，當我們整合這些中心的入職時，我們提供醫學教育和實踐發展作為許可證收入的交換，而將這兩者整合在一起需要時間。所以，我們現在面臨的瓶頸之一是讓診所足夠快地加入。

And as you saw we have 41 clinics in negotiation, and we're working to be able to onboard these clinics more quickly, so they get to be doing cases more quickly, because what we see is that some of the clinics that were launched last fall are already tracking to that aspirational goal of 24 cases per month, because if we get to that goal and we can do that in a consecutive 12 months period, we will be basically recognizing $1 million of revenue approximately in a center.

正如您所看到的，我們有 41 家診所正在談判中，我們正在努力更快地加入這些診所，以便他們能夠更快地處理病例，因為我們看到最後推出的一些診所秋季已經實現了每月24 例病例的理想目標，因為如果我們能夠實現這一目標，並且我們可以在連續12 個月內做到這一點，那麼我們基本上將在一個中心確認約100 萬美元的收入。

And that's really how Mia grows. So at this point it's about creating the capillarity. The number of clinics in each city continues to grow. And also what we see is that every month we are doing more cases of Mia in those different cities.

這就是米婭的成長方式。所以此時要創建毛細管現象。每個城市的診所數量持續增加。我們也看到，每個月我們都會在這些不同的城市做更多的米婭病例。

I'm not going to be giving any guidance on how that revenue looks for the back half of the year. But I think for 2026 as this grows, we will be able to be a lot more precise in terms of revenue as it becomes more material.

我不會就今年下半年的收入狀況提供任何指導。但我認為，到 2026 年，隨著收入的增長，我們將能夠在收入方面變得更加精確，因為它變得更加物質化。

Okay. That's helpful color. And then maybe just one clarifying point on the accounts receivable line that you touched on in the opening remarks. There was a fairly significant step-up sequentially this quarter. I'm just curious if there's anything unique to read into there.

好的。這是有用的顏色。然後也許只是您在開場白中提到的應收帳款行的一個澄清點。本季環比出現了相當顯著的成長。我只是好奇那裡是否有什麼獨特的東西值得讀。

There is not. I mean, if you look at the days it's flat on the first quarter. We did see a nice rebound as we noted in the commentary in Asia-Pacific, which is all distributors right? So we're seeing strong orders that channel which typically have longer terms. So generally I think it's just a recovery in the business is what you're seeing.

沒有。我的意思是，如果你看看第一季的日子，情況是持平的。正如我們在亞太地區的評論中指出的那樣，我們確實看到了不錯的反彈，這是所有經銷商的權利嗎？因此，我們看到了強勁的訂單，這些訂單通常期限較長。所以總的來說，我認為這只是你所看到的業務復甦。

Okay. Got it. Thanks all again for the time.

好的。知道了。再次感謝大家抽出時間。

Matthew Taylor, Jefferies.

馬修泰勒，傑弗里斯。

Hi. It's Michael Toomey here covering for Matt. Thanks for taking my question and congrats on the quarter. You mentioned China remains on track. I just wondered what you have baked in for China in 2024 whether anything's changed there?

你好。邁克爾圖米 (Michael Toomey) 替馬特 (Matt) 做掩護。感謝您提出我的問題並祝賀本季。你提到中國仍走在正軌上。我只是想知道你為2024年的中國做了什麼準備，那裡有什麼改變嗎？

Nothing has changed. We've been talking about $10 million of revenue this year. We're still tracking to that. It's still -- we're two quarters into the launch there and everything is moving as we expected.

一切都沒有改變。我們一直在談論今年的收入為 1000 萬美元。我們仍在追蹤這一點。仍然如此——我們在那裡發布已經兩個季度了，一切都在按照我們的預期進行。

Okay. Great. And can you give us any idea how we should think about 2025? Is ESTA's ramp in other markets in Asia a good way for us to think about the sales growth in China?

好的。偉大的。您能否告訴我們應該如何看待 2025 年？ESTA 在亞洲其他市場的擴張是否是我們思考中國銷售成長的好方法？

Yeah. The way I would put it is that China is a much bigger market. And although, in many of these markets with significant Chinese population like Singapore and Taiwan we have become market leaders after three to four years. China is different. So our aspiration is to get there in the next few years to that market leadership.

是的。我想說的是，中國是一個更大的市場。儘管如此，在新加坡和台灣等許多擁有大量華人人口的市場中，我們在三到四年後已成為市場領導者。中國則不同。因此，我們的願望是在未來幾年內達到市場領先地位。

But how it grows I think it's part of the question at this point. We are happy the way we are tracking for this year. It's been already two quarters of information that we have. But it's a little bit early to say that it's going to be the same. I think potentially it could be even quicker but we're just beginning. At this point, I think we'll just leave it at that.

但我認為它如何成長是目前問題的一部分。我們對今年的追蹤方式感到高興。我們已經掌握了四分之二的資訊。但現在說一切都會一樣還太早。我認為可能會更快，但我們才剛剛開始。在這一點上，我想我們就這樣吧。

Okay. That's great. Congrats again.

好的。那太棒了。再次恭喜。

Marie Thibault, BTIG.

瑪麗蒂博，BTIG。

Hi. Good evening. Thanks for taking the questions, and nice quarter. My first question really just has to do with seasonality and helping us think about how to model Q3. As I look at it maybe Latin America remains weak. We think about US contribution maybe coming a little later in the year. I don't know if that's the right way to think about things. But if you can help us just think about getting a little more granular with the back half of this year.

你好。晚安.感謝您提出問題，祝您季度愉快。我的第一個問題確實與季節性有關，並幫助我們思考如何對第三季進行建模。在我看來，也許拉丁美洲仍然很弱。我們認為美國的貢獻可能會在今年稍後到來。我不知道這是否是思考問題的正確方式。但如果你能幫我們考慮一下今年下半年的具體情況。

Yeah, Marie, I think in a normal seasonal year we could see the third quarter down about 10% from the second quarter and I think that's not a bad way to think about it. We saw a good recovery probably a little faster in the first half of the year. Now we're moving more towards sort of normal trends in the business right? So I think down 10% in the third quarter is probably the right way to think about it. And then in the fourth quarter again it's a lot dependent on the timing of the US approval, but we do expect a nice step-up in the fourth quarter to finish the year.

是的，瑪麗，我認為在正常的季節性年份中，我們可能會看到第三季比第二季下降約 10%，我認為這不是一個糟糕的思考方式。今年上半年我們看到了良好的復甦，可能會更快一些。現在我們正朝著業務的正常趨勢發展，對吧？所以我認為第三季下降 10% 可能是正確的思考方式。然後在第四季度，這在很大程度上取決於美國批准的時間，但我們確實預計第四季度會出現很好的進步，以結束今年。

Okay. That's perfect, Raj. Thank you. And then just to get a little bit more in the weeds on distributors reordering glad to hear that things are coming back. Are these distributors -- to your understanding are they back to full stock? Are they still adding bit by bit? I guess I'm sort of asking do they reorder a lot in the first half and we wouldn't expect to see as much in the second half? Or how to think about those trends from the reordering standpoint?

好的。太完美了，拉吉。謝謝。然後只是為了了解經銷商重新訂購的情況，很高興聽到事情正在恢復。據您了解，這些經銷商是否已恢復滿貨狀態？他們還在一點點添加嗎？我想我有點想問他們是否在上半場重新訂購了很多，而我們預計下半場不會看到那麼多？或是如何從重新排序的角度來思考這些趨勢？

I think it's important to understand that for distributors it's always this balance between having the right product at the right place at the right time because you don't want to lose an account because you didn't have that. On the other hand they're careful with their cash. But I think what we've been trying to comment today is basically that we are seeing for instance in Asia a very healthy reordering cadence. And that tells you what is happening in those markets and how the recovery is going.

我認為重要的是要了解，對於分銷商來說，在正確的時間、正確的地點提供正確的產品之間始終存在這種平衡，因為您不想因為沒有帳戶而失去帳戶。另一方面，他們對現金很謹慎。但我認為我們今天一直試圖評論的基本上是，我們在亞洲看到了非常健康的重新排序節奏。這可以告訴您這些市場正在發生什麼以及復甦進展如何。

I think Latin America is different. Latin America is having a lot of challenges in terms of the political cycle and what have you Brazil, especially. But I think it's good to see that our distributors feel the confidence to begin adding to those inventories again.

我認為拉丁美洲是不同的。拉丁美洲在政治週期方面面臨許多挑戰，尤其是巴西。但我認為很高興看到我們的經銷商有信心再次開始增加這些庫存。

All right. That's very helpful. Thanks so much and good luck with things.

好的。這非常有幫助。非常感謝，祝一切順利。

And that does conclude the question-and-answer session. I would like to turn the floor back over to Juan Jose Quiros for closing remarks.

問答環節到此結束。我想請胡安·何塞·基羅斯致閉幕詞。

Thank you for joining us on today's call. We look forward to providing our next quarterly update in November and we wish everyone continued good health and happiness.

感謝您參加今天的電話會議。我們期待在 11 月提供下一個季度更新，並祝福每個人都保持健康和幸福。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。