Establishment Labs Holdings Inc (ESTA) 2024 Q3 法說會逐字稿

Good afternoon. Welcome to Establishment Labs, third quarter, 2024 earnings conference call. At this time, all participants will be in a listen-only mode. At the end of this call, we will open the line for a question and answer session and instructions will follow at that time.

午安.歡迎參加 Establishment Labs 2024 年第三季財報電話會議。此時，所有參與者將處於只聽模式。本次通話結束後，我們將開通熱線進行問答，屆時將會提供說明。

As a reminder, today's call is being recorded. I will now turn the call over to your host, Raj Denhoy, Chief Financial Officer. Please go ahead.

提醒一下，今天的通話正在錄音。現在我將電話轉給主持人、財務長 Raj Denhoy。請繼續。

Thank you operator and thank you for joining us with me today is Juan Jose Chacon Quiros, our Chief Executive Officer following our prepared remarks. We'll take your questions before we begin. I would like to remind you that comments made by management during this call will include forward-looking statements within the meetings of federal securities laws.

謝謝接線員，也謝謝您今天與我們一起加入我們，我們的執行長 Juan Jose Chacon Quiros 在我們準備好的發言之後發言。我們會在開始之前回答您的問題。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會議中的前瞻性陳述。

These include statements on Establishment Labs', financial outlook, and the company's plans and timing for product development and sales.

其中包括有關 Establishment Labs 的財務前景以及公司產品開發和銷售計劃和時間表的聲明。

These forward-looking statements are based on management's current expectations and involve risks and uncertainties for 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 you 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

這些前瞻性陳述是基於管理層目前的預期，並涉及討論可能影響我們的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的風險和不確定性。我鼓勵您查看我們最新的 10-K 表和 10-Q 表年度和季度報告以及其他 SEC 文件，這些文件可在我們的網站 establishmentlabs.com 上查閱。

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 EBITA or adjusted EBITA 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某些與我們業績有關的非 GAAP 財務指標，包括但不限於可以以固定匯率表示的銷售業績或公司業務的盈利能力，可以表示為 EBITA 或調整後的 EBITA 與可比 GAAP 財務指標的對賬，對於非 GAAP 指標，如果有的話，可以在該網站上找到的新聞稿，可以在該網站上找到的新聞稿，可以在該網站上找到，可以在該網站上找到的新聞稿，可以在該網站上找到，可以在該網站上找到的新聞稿，可以在該網站上找到的新聞稿。

The content of this conference call contains time sensitive information accurate only as of the date of this live broadcast. November 7th 2024. The acceptance required by law Establishment Labs undertakes no obligation to revise or otherwise update any statements to reflect events or circumstances after the date of this call.

本次電話會議的內容包含時間敏感訊息，且僅截至本次直播之日準確。2024 年 11 月 7 日。法律要求的接受 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召開之日後事件或情況的義務。

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

我很高興將電話轉給我們的執行長胡安·何塞 (Juan Jose)。

Thank you Raj and good afternoon everyone.

謝謝 Raj，大家下午好。

The approval of Motiva implants on September 26th was a watershed moment for our company and for the plastic surgery industry. The launch has exceeded even our high expectations, the pace at which we are onboarding new accounts and the orders we are seeing validates what we have shown in many other countries around the world that safer and better technology that offers new options can move markets. I'll provide some additional details in a moment with the launch in the United States going so well. We have taken this opportunity to strengthen our balance sheet following FDA approval. We accessed $25 million under an existing credit facility today. We are also announcing that we have completed a registered direct offering to invest $50 million at a 5% discount to our closing price.

9 月 26 日，Motiva 植入物獲得批准，這對我們公司和整形外科行業來說都是一個分水嶺。此次發布甚至超越了我們的高期望，我們接納新帳戶的速度和我們看到的訂單驗證了我們在全球許多其他國家所展示的情況，即提供新選擇的更安全、更好的技術可以推動市場的發展。由於美國的發布進展順利，我稍後會提供一些更多細節。我們藉此機會在獲得 FDA 批准後加強了我們的資產負債表。我們今天根據現有信貸安排獲得了 2500 萬美元。我們還宣布，我們已經完成了一項註冊直接發行，以比收盤價低 5% 的價格投資 5000 萬美元。

This equity raise was done in conjunction with an amendment to the Oaktree credit facility where we can now access the remaining $25 million until the end of 2025.

此次股權融資與 Oaktree 信貸安排的修訂同時進行，根據修訂，我們現在可以在 2025 年底之前使用剩餘的 2500 萬美元。

With the capital infusion or perform a cash position at the end of the third quarter was $114 million. And with the amendment, we have access to an additional $25 million through the end of next year.

隨著資本注入或截至第三季末的現金狀況為 1.14 億美元。根據該修正案，到明年年底我們可以獲得額外的 2500 萬美元。

This will allow us to fully invest in our us growth initiatives as well as fund other programs that support the long term vision of our company.

這將使我們能夠全力投資於我們的美國成長計劃以及資助支持公司長期願景的其他項目。

The third quarter. We again saw the tangible results of the efforts we've undertaken over the past year to reduce our operating expenses and cash use. Our cash loss in Q3 was $14.9 million down more than 60% from a year ago. This is all the more significant considering that we have been stepping up our investments in the United States.

第三季。我們再次看到了過去一年來為降低營運費用和現金使用所做的努力所取得的實際成果。我們第三季的現金損失為 1,490 萬美元，較去年同期下降了 60％以上。考慮到我們一直在加大對美國的投資，這一點就顯得更為重要。

Among the recent initiatives was the Decommissioning of one of our three manufacturing facilities. On September 3rd. We closed B15, our first facility we opened 15 years ago. Our operations team has been working to move capacity to our other two manufacturing facilities in Costa Rica including our new Sulayom campus. And these efforts are expected to drive additional cost savings. As a reminder, Peter Caldini joined us in August as President and he's very focused on expanding our efforts to find efficiencies across the organization.

最近的舉措之一是關閉我們的三家製造工廠之一。9月3日。我們關閉了 B15，這是我們 15 年前開設的第一家工廠。我們的營運團隊一直致力於將產能轉移到哥斯達黎加的另外兩個製造工廠，包括新的蘇拉永園區。這些努力預計將帶來額外的成本節約。提醒一下，彼得·卡爾迪尼 (Peter Caldini) 於八月加入我們擔任總裁，他非常注重擴大我們的努力，以尋求整個組織的效率。

The loss improved to $7 million this quarter from over $16 million last year, our successful launch in the United States and the gross margin expansion. It will bring along with our continued focus on cost reductions. Should take us to the first positive ebida quarter in 2025 revenue in the third quarter of 2024 totaled $40.2 million in line with our expectations and reflecting the normal seasonality we see in our markets. Overall, global demand remains uneven due primarily to macroeconomic pressures. The breast implant industry has seen periods where the market ebbs and flows but is much more about the ability of women to pay for these procedures, not their willingness to get them over time. These trends invariably normalize and we expect they will in this case as well.

由於我們在美國成功上市且毛利率有所提高，本季的虧損從去年的 1,600 萬美元改善至 700 萬美元。我們會持續關注成本降低。應該會讓我們在 2025 年首次實現正 EBIDA 季度收入，2024 年第三季的總收入為 4,020 萬美元，這符合我們的預期，並反映了我們在市場中看到的正常季節性。整體來看，全球需求仍然不均衡，主要原因是宏觀經濟壓力。隆乳植入物產業經歷過市場起伏的時期，但更重要的是女性支付這些手術的費用的能力，而不是她們隨著時間的推移是否願意接受這些手術。這些趨勢必然會正常化，我們預期在這種情況下也會如此。

Once women make a decision to have a breast augmentation, they generally convert. At some point when there are microeconomic concerns, pressuring demand women that are considering augmentation but that do not have the money to do so will create demand in the future, Latin America and Brazil in particular continue to underperform right now. Demand for breast procedure is down as much as 50% in certain regions of Brazil.

女性一旦決定做隆乳手術，通常就會改變主意。在某些時候，當存在微觀經濟問題時，對那些考慮增大但沒有錢的女性施加壓力將在未來創造需求，尤其是拉丁美洲和巴西目前的表現仍然不佳。巴西某些地區對乳房手術的需求下降了 50%。

Despite the challenging macro conditions in some markets, we were able to successfully grow our OUS business behind the introduction of Motiva in China, continued growth in procedures and the market share gains afforded by our differentiated product portfolio.

儘管某些市場的宏觀條件充滿挑戰，但憑藉 Motiva 在中國的推出、程序的持續增長以及差異化產品組合帶來的市場份額增長，我們仍能成功發展我們的 OUS 業務。

Most important to our company's future right now is the United States and plastic surgeons in the US have welcomed a new entrant and new technology to the market with open arms. The community is incredibly active on social media, stalling the benefits of our technology to their patients. There has been a similar response in the press, all of which creates inbound calls to plastic surgeons, some of which have been trained on Motiva and some of which are now actively reaching out to us so they can offer Motiva as well.

目前對我們公司的未來來說最重要的是美國，美國的整形外科醫生張開雙臂歡迎新進入者和新技術進入市場。社區在社交媒體上異常活躍，將我們的技術的好處推廣給他們的患者。媒體上也有類似的反應，所有這些都為整形外科醫生帶來了來電，其中一些人接受過 Motiva 的培訓，還有一些人現在正積極與我們聯繫，希望他們也能提供 Motiva。

We began shipping to accounts two weeks after approval and as of last Friday, three weeks into the launch, we already had over 250 accounts on board and more than 70 had already placed orders right now. We are signing up to 50 new accounts every day and several accounts have already exceeded 25 orders. We may do as much as $3 million in the last two months of the quarter alone, putting us on a strong trajectory for growth in 2025.

我們在獲得批准兩週後就開始向帳戶發貨，截至上週五，也就是推出三週後，我們已經擁有超過 250 個帳戶，目前已有 70 多個帳戶下了訂單。我們每天簽約多達 50 個新帳戶，其中有幾個帳戶的訂單量已經超過了 25 個。光是本季的最後兩個月，我們的營收就可能達到 300 萬美元，這將使我們在 2025 年的成長軌跡強勁。

We now have 32 sales reps in the field supporting our commercial activities. And we expect to be at 40 by the end of the year, we are attracting the most experienced and highly regarded sales people in our industry, the people closest to the markets are recognizing what a game changer Motiva implants are going to be in the United States and they are joining us at Establishment Labs, Florida. Our unique tissue expander continues to gain traction. We have completed the vac process at 29 of the premier cancer centers in the US and more are pending. It is notable that many of these centers have expressed interest in Motiva implants and have inquired about the potential approval dates for the breast reconstruction indications.

我們目前有 32 位銷售代表在現場支援我們的商業活動。我們預計到今年年底員工人數將達到 40 人，我們正在吸引行業內最有經驗和最受尊敬的銷售人員，最接近市場的人員認識到 Motiva 植入物將在美國產生怎樣的行業變革，他們將加入我們在佛羅裡達州 Establishment Labs 的工作。我們獨特的組織擴張器繼續獲得關注。我們已經在美國 29 家頂級癌症中心完成了疫苗接種過程，還有更多過程正在等待完成。值得注意的是，許多中心都對 Motiva 植入物表示了興趣，並詢問了乳房重建適應症的潛在批准日期。

This strong broad interest we are seeing for Motiva in the United States is not surprising. The market has seen no real innovation in decades, surgeons have been forced to adapt their practices and their surgical techniques to legacy devices developed with technology from last century and US. Surgeons and patients are recognizing the difference with Motiva, the success of the launch in the US and the recent Decommissioning of one of our manufacturing facilities have created some short term supply challenges. We are scaling manufacturing and expect inventory pressures to abate in the first quarter. With this strong start to sales, we are confident that US revenue in 2025 will exceed $35 million.

我們看到美國民眾對 Motiva 的廣泛興趣並不令人意外。幾十年來，市場沒有真正的創新，外科醫生被迫調整他們的實踐和手術技術以適應上個世紀和美國的技術開發的傳統設備。外科醫生和患者都認識到了 Motiva 的不同之處，該產品在美國成功上市，而我們最近關閉了其中一家製造工廠，這給短期供應帶來了一些挑戰。我們正在擴大生產規模，預計第一季庫存壓力將減輕。憑藉強勁的銷售開局，我們相信 2025 年美國的收入將超過 3500 萬美元。

Mia Femtech continues to build a new category in breast aesthetics by providing a mainly invasive solution that overcomes many of the obstacles of traditional breast augmentation. We are opening up a new group of women to breast aesthetics. It has been important for us to roll out Mia in a way that establishes. It as a new category that delivers on the significant potential it has for patients clinics. In our company, we have collected a number of data points over the past few quarters showing that Mia is doing just that.

Mia Femtech 透過提供主要以侵入性方式進行的解決方案，克服了傳統隆乳手術的許多障礙，繼續在乳房美學領域打造全新類別。我們正在向新的女性群體開放乳房美學。對我們來說，以既定的方式推出 Mia 非常重要。它是一個新類別，為患者診所發揮了巨大的潛力。在我們公司，過去幾個季度我們收集了大量數據點，表明 Mia 正在這樣做。

The average consideration time for Mia Femtech is two months compared to 3 to 7 years for traditional breast aesthetics. The premium price point at these clinics for Mia is 30% to 50% higher than the traditional breast augmentation at the same center. Throughout this year, over 40% of women who chose Mia were not seeking a traditional breast augmentation with the experience to date. We now have proof that Mia is bringing new women into the category at higher price points and with a shorter consideration period, we are moving beyond the proof of concept phase and we expect to see a steady increase in the number of clinics globally over 2025.

Mia Femtech 的平均考慮時間為兩個月，而傳統乳房美容則需要 3 至 7 年。這些診所為米婭進行的隆乳手術的收費比同一中心的傳統隆乳手術高出 30% 至 50%。今年，超過 40% 選擇 Mia 的女性並未尋求迄今為止的傳統隆乳體驗。我們現在有證據表明，Mia 正在以更高的價格和更短的考慮期將新的女性帶入該類別，我們即將超越概念驗證階段，我們預計到 2025 年全球診所數量將穩步增長。

We now offer Mia Femtech in 29 cities across the world with 78 plastic surgeons fully certified to provide the Mia experience. 47 clinics are currently under negotiation to become Mia Certified centers. This past week at the ninth World symposium on ergonomic implants in Barcelona. We shared the three year data from the Mia Femtech study.

目前，我們在全球 29 個城市提供 Mia Femtech，擁有 78 位經過全面認證的整形外科醫生，可提供 Mia 體驗。目前有 47 家診所正在協商成為 Mia 認證中心。上週，在巴塞隆納舉行的第九屆世界人體工學植入研討會上。我們分享了 Mia Femtech 研究的三年數據。

This IRB approved prospective study enrolled 100 Mia cases between December 2020 April 2021. The three year analysis, there were no reports of capsule contracture and no ruptures. There continues to be no reports of infection hematoma or seroma and more importantly, no reports of inferior implant malposition and no changes in nipple or breast sensation.

這項經 IRB 批准的前瞻性研究納入了 2020 年 12 月至 2021 年 4 月期間的 100 例 Mia 病例。在三年的分析中，沒有關於囊攣縮和囊破裂的報告。目前仍未有關於感染性血腫或血清腫的報告，更重要的是，沒有關於植入物位置不當以及乳頭或乳房感覺變化的報告。

This means that with Mia Femtech, both device related and technique related complications are almost nonexistent. After three years, Mia is ushering in a new era of minimally invasive breast aesthetics. The three year data and the outcomes we are seeing in the real world have proven that maintaining breast tissue has advantages beyond the pure procedural benefits of a minimally invasive procedure by not cutting the breast tissue but rather preserving it as the tools used in Mia allow the results can be much more predictable and stable.

這意味著，使用 Mia Femtech，與設備和技術相關的併發症幾乎不存在。三年後，米婭開啟了微創乳房美容的新時代。三年的數據和我們在現實世界中看到的結果已經證明，保留乳房組織的優勢超出了微創手術的純粹程序性優勢，因為 Mia 中使用的工具不會切割乳房組織而是保留它，可以使結果更加可預測和穩定。

This concept of breast tissue preservation is starting to resonate with plastic surgeons and you will hear us talking more about it in the coming months in China, we remain on track to achieve our targets this year. As we are building a foundation for continued growth. Our exclusive Chinese partner in coordination with our global team is conducting medical education training and marketing events across tier one and tier two cities. Importantly, our Chinese partner has also signed an agreement in principle with our bridge fund, an affiliate of CBC Group for strategic financing of up to $50 million in non diluted capital to fund commercial activities in support of the continuous growth of Motiva in China. As well as development towards regulatory approvals for our innovation pipeline including ergonomics too and Mia Femtech, we are very confident that this investment will help us become the leading technology in China subject to customary conditions. We anticipate this financing to close within the current quarter.

乳房組織保存的概念開始引起整形外科醫生的共鳴，未來幾個月您會在中國聽到我們更多地談論這個話題，我們仍有望在今年實現我們的目標。因為我們正在為持續成長奠定基礎。我們在中國的獨家合作夥伴正與我們的全球團隊合作，在一線和二線城市進行醫學教育培訓和行銷活動。重要的是，我們的中國合作夥伴也與我們的過橋基金（CBC集團的附屬公司）簽署了一項原則協議，將以高達5000萬美元的非稀釋資本進行戰略融資，資助商業活動，支持Motiva在中國的持續發展。除了我們的創新產品線（包括人體工學和Mia Femtech）獲得監管部門批准外，我們非常有信心這項投資將幫助我們在符合慣例條件下成為中國領先的技術。我們預計這筆融資將在本季完成。

I will now turn the call over to Raj.

現在我將電話轉給 Raj。

Thank you, Juan Jose.

謝謝你，胡安何塞。

Total revenue for the third quarter was $40.2 million. An increase of 4.5% from the year ago period, foreign exchange had a negligible impact on sales results in the quarter.

第三季總收入為4020萬美元。與去年同期相比成長了 4.5%，外匯對本季銷售業績的影響微乎其微。

From a regional perspective. Sales in Europe, Middle East and Africa were approximately 49% of the global total Asia Pacific, 27% Latin America 24% and North America was 1% Latin America and in particular, Brazil remain challenging. 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.

從區域角度來看。歐洲、中東和非洲的銷售額約佔全球總銷售額的 49%，亞太地區佔 27%，拉丁美洲佔 24%，北美佔 1%，拉丁美洲尤其是巴西的銷售額仍然具有挑戰性。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。

Gross profit for the third quarter was $25.7 million or 63.9% of revenue compared to $26.1 million or 67.7% of revenue for the same period in 2023. Our gross profit in the third quarter was impacted by the revaluation of our EUR denominated inventory at quarter end which had a negative impact on our cost of goods. This lowered our reported gross margin by approximately 80 basis points. Average selling prices in the quarter were similar to last year.

第三季毛利為 2,570 萬美元，佔營收的 63.9%，而 2023 年同期為 2,610 萬美元，佔營收的 67.7%。我們第三季的毛利受到季末歐元計價庫存重新估價的影響，這對我們的商品成本產生了負面影響。這導致我們報告的毛利率降低約80個基點。本季的平均售價與去年同期相似。

Expenses for the third quarter declined approximately $5.9 million to $34.1 million compared to $40 million in the third quarter of 2023 R&D, expenses for the third quarter declined to approximately $2.3 million from the same quarter a year ago to $4.8 million.

第三季的支出較上年同期的 4,000 萬美元下降約 590 萬美元至 3,410 萬美元。

Total operating expenses for the third quarter were $38.9 million. A decrease of approximately $8.2 million from the year ago period.

第三季總營運費用為3,890萬美元。較去年同期減少約820萬美元。

The decrease in operating expenses in the third quarter was primarily the result of cost reduction initiatives we undertook in the second half of 2023 which we have continued into 2024 offset by increasing investments in a US commercial operation.

第三季營運費用的下降主要是由於我們在 2023 年下半年採取的成本削減舉措，而這些舉措將持續到 2024 年，但透過增加對美國商業營運的投資來抵銷這一影響。

Net loss from operations in the third quarter was $13.1 million compared to a net loss of $21 million in the same period in 2023 just that I thought was a loss of $7 million in the quarter compared to a loss of $ 16.3 million. In the third quarter of last year.

第三季的營業淨虧損為 1,310 萬美元，而 2023 年同期的淨虧損為 2,100 萬美元，我認為本季的虧損為 700 萬美元，而去年同期的虧損為 1,630 萬美元。去年第三季。

We have taken tangible steps to reduce spending over the recent quarters and we have reduced our operating loss meaningfully, even as we have increased spending on the launch of Matev in the United States, cash used in the quarter was $14.9 million. This compared to $38 million last year in the third quarter, inventory increased in preparation for the US introduction of Motiva and accounts receivable were also higher. As we saw higher sales to distributors.

在最近幾季，我們採取了切實可行的措施削減開支，並大幅減少了經營虧損，儘管我們增加了在美國推出 Matev 的開支，但本季度使用的現金為 1,490 萬美元。相較於去年第三季的 3,800 萬美元，為了準備在美國推出 Motiva，庫存增加，應收帳款也增加。我們看到分銷商的銷售額增加。

Our cash position on September 30th was $39.7 million.

截至 9 月 30 日，我們的現金狀況為 3,970 萬美元。

Following FDA approval of motif implants. We drew the next $25 million tranche of our credit facility on October 8th.

遵循 FDA 批准的主題植入物。我們於10月8日提取了下一筆2500萬美元的信貸額度。

The net proceeds put our pro Forma cast position at approximately $64 million.

淨收益使我們的預測投資部位達到約 6,400 萬美元。

After the market closed today, we announced completion of a registered direct offering. The offering was priced at a 5% discount to today's closing price. And before expenses, we raised $50 million with the proceeds. Our pro forma cash position at the end of Q3 was approximately $114 million.

今天市場收盤後，我們宣布完成註冊直接發行。此次發行的價格較今天的收盤價有 5% 的折扣。在扣除費用之前，我們籌集了 5,000 萬美元。我們第三季末的預期現金狀況約為 1.14 億美元。

We also announced today that we have amended our existing credit facility where we extended the time when we can draw the final $25 million. Tranched to December 31st 2025.

我們今天也宣布，我們已經修改了現有的信貸安排，延長了提取最後 2500 萬美元的時間。分期至 2025 年 12 月 31 日。

We are updating our revenue guidance for the year to 165 to $168 million while we are seeing good performance in a number of regions and continue to take market share. Underlying market demand remains uneven and is down in some markets, Latin America, especially Brazil, in particular, continue to underperform.

我們將今年的營收預期更新為 1.65 億美元至 1.68 億美元，同時我們看到多個地區表現良好，並繼續佔據市場份額。潛在市場需求仍不均衡，部分市場出現下滑，拉丁美洲，尤其是巴西，表現持續不佳。

We've also taken into consideration that while the US is off to a great start, the approval came about 6 to 8 weeks later than we had expected.

我們也考慮到，儘管美國開局良好，但批准比我們預期的晚了 6 到 8 週。

We will give a more detailed view on 2025 when we report our Q4 results. However, for budgeting purposes, we are planning on our business outside the US to grow in the mid single digits next year. And as JJ noted, we expect the US will exceed $35 million in revenue.

當我們報告第四季業績時，我們將對 2025 年做出更詳細的展望。然而，出於預算目的，我們計劃明年美國以外的業務實現中等個位數成長。正如 JJ 所說，我們預計美國的收入將超過 3500 萬美元。

Our outlook for next year is also built with the intent of having our first EBITA positive quarter in 2025.

我們對明年的展望也是基於這樣的目標：2025 年我們的第一個 EBITA 季度將實現正值。

Thus, our budgeting assumes a conservative first cut. We're not assuming a significant rebound in Brazil or other markets starting with the conservative view and setting our internal spending targets against them should allow us to confidently reach our profitability targets.

因此，我們的預算假設了保守的首次削減。我們不認為巴西或其他市場會大幅反彈，我們從保守的角度出發，並根據這些市場設定我們的內部支出目標，這應該能讓我們有信心實現獲利目標。

Gross margins in 2024 should be approximately 100 basis points higher on an underlying basis. However, on a reported basis, we expect gross margins to be similar to 2023 levels with the higher selling prices in the US and with our other new products, we expect gross margins will be meaningfully higher in 2025.

2024 年的毛利率應比基本水準高出約 100 個基點。然而，根據報告，我們預計毛利率將與 2023 年的水平相似，因為美國的銷售價格更高，隨著我們其他新產品的推出，我們預計 2025 年的毛利率將顯著提高。

We remain very focused on managing operating expenses which can be seen in the almost $19 million reduction in operating spending over the first nine months of this year compared to last year.

我們仍然非常注重管理營運費用，今年前九個月的營運支出與去年相比減少了近 1,900 萬美元。

With the FD approval of motif implants and the strong demand we are seeing in the United States, we will see increased commercial and operational activity as such, overall operating expenses will increase in the last couple of quarters.

隨著 FD 對主題植入物的批准以及我們在美國看到的強勁需求，我們將看到商業和營運活動的增加，因此，過去幾個季度的整體營運費用將會增加。

Achieving positive adjusted ebita and positive cash flow remain very important goals for us as a company. And as I noted, we are on track to turn Ebida positive in 2025. I will now turn the call back to Juan Jose.

實現正的調整後息稅折舊攤提前利潤和正的現金流量對我們公司來說仍然是非常重要的目標。正如我所說，我們預計在 2025 年實現 Ebida 正成長。我現在將電話轉回給胡安·何塞。

Thank you Raj.

謝謝你，拉吉。

The FDA approval of Motiva has opened the door to the next phase of growth for our company. Not only do we have access to the largest global market, but the US commands among the highest gross margins in the world as such, we expect to not only see growth accelerate meaningfully in 2025 and sustain at a high level, but with the spending discipline we have shown over the past year and with the economics of our business in the United States, we are on a clear path to profitability.

FDA 對 Motiva 的批准為我們公司進入下一階段的發展打開了大門。我們不僅可以進入全球最大的市場，而且美國的毛利率也位居全球前列，我們預計，2025年我們的成長不僅會顯著加速，而且會維持在較高水平，憑藉我們過去一年表現出的支出紀律，以及我們在美國業務的經濟狀況，我們已走上盈利之路。

Our balance sheet has been strengthened to where we are fully funded to take advantage of our US launch and to continue to launch innovations for years to come, all of which will create value for our shareholders. When we founded this company 20 years ago, we always knew that entering the US market was the ultimate validation for our technology. We now have the entire global market open to us and we look forward to many years of very strong growth ahead. I will now turn the call over to the operator for your questions.

我們的資產負債表已經加強，我們有足夠的資金利用我們在美國推出的優勢，並在未來幾年繼續推出創新，所有這些都將為我們的股東創造價值。當我們20年前創立這家公司時，我們一直都知道進入美國市場是我們技術的最終驗證。現在，整個全球市場都向我們開放，我們期待未來多年的強勁成長。現在我將把電話轉給接線員來回答您的問題。

Thank you. (Operator instructions)

謝謝。（操作員指令）

Our first question comes from Allen Gong with JP Morgan. Please proceed with your question.

我們的第一個問題來自摩根大通的 Allen Gong。請繼續回答您的問題。

Hi. Thanks for the question I had, you know, the first question on the US launch. It's great to hear that it's off to a stronger than expected start. You know, when we think about the, $30 million, $35 million plus expectations for next year. What does that really, you know, contemplate when it comes to the ramp this quarter and your ability to kind of sustain momentum next year?

你好。謝謝你的提問，第一個問題是關於美國發射的。很高興聽到它的開局比預期的更好。你知道，當我們想到明年 3000 萬美元、3500 萬美元以上的期望。您知道，當談到本季的成長以及明年維持成長動能的能力時，這到底意味著什麼？

Thanks Alan. And if I hear you correctly, I think I think you, you, you want to get our view on how we ramp this business. And I think I will point out to, you know, the fundamentals. Number one, the quality of our sales reps, these are the best in the industry. We have now 32 and we'll have 40 by the year end. You know, the speed at which we are onboarding new accounts, basically an average between 15 and 20 per day already on boarded at 250 accounts, 70 have ordered more than 25 times social media. Pr everything that is going on speaks of the shift, the paradigm shift that we are seeing in the US market. So of course, you know, the first few months, you're building your base of accounts, but these accounts are already ordering and reordering and that tells you where this is going. So I think when we speak of, you know, our ability to bring at least $35 million next year, it shows our conviction that, you know, this is a market that we can take based on the quality of our technology and the differentiation.

謝謝艾倫。如果我沒聽錯的話，我想你想聽聽我們對如何發展這項業務的看法。我想我會指出一些基本要點。第一，我們的銷售代表的素質是業界最好的。我們現在有 32 個，到年底將會有 40 個。您知道，我們新增帳戶的速度基本上是平均每天 15 到 20 個，目前已有 250 個帳戶，其中 70 個已經訂購了超過 25 次社交媒體。正在發生的一切都顯示了我們在美國市場看到的轉變、典範轉移。因此，當然，您知道，在最初的幾個月裡，您正在建立自己的帳戶基礎，但是這些帳戶已經在訂購和重新訂購，這就告訴您這將走向何方。因此，我認為，當我們談到明年我們至少能帶來 3500 萬美元收入的能力時，這表明我們堅信，我們可以憑藉我們的技術品質和差異化佔領這個市場。

Got it. And then kind of my follow up is on the other 2025 commentary that you gave the kind of 5% growth. Should I basically be thinking about that as you know, your current business minus the $3 million that you expect to generate from the US and fourth quarter and growing that mid single digits. If so, I think that's, you know, kind of a good bit slower than US on you know, on the street was thinking especially with China still in the early stages of launch and it looked like the rest of AAC and they are doing better even if Latin is going to continue to be weak. So, you know, one is that the right way to think about it and two, why, why would that be the case? Why wouldn't you be able to do better than the news?

知道了。然後我的後續問題是針對您給出的另一個 2025 年評論，即 5% 的成長率。我是否應該基本上考慮這一點，正如您所知，您目前的業務減去您預計從美國和第四季度產生的 300 萬美元，然後增長中等個位數。如果是這樣的話，我認為這比美國要慢得多，華爾街認為，尤其是在中國仍處於發布初期的情況下，看起來 AAC 的其他地區表現得更好，即使拉丁語將繼續疲軟。所以，你知道，一這是正確的思考方式，二為什麼會這樣？為什麼你不能做得比新聞更好？

Yeah, Alan, thanks for the question. You know, as we noted in the commentary, you know, this is really a first cut at 2025 for us, right? And you know, we're setting a conservative outlook to start the year. But importantly, we're also building our, budget against that, our expense budget against that because we've also commented about the goal, we have to have a positive quarter next year, right? To break into that profitability phase of the company. And so for us to start with a conservative view on the top line and then build an expense base against that is what we're trying to accomplish. But absolutely, it's a conservative number to start the year and everything you're describing will play out, I think for us next year. But again, we want to start at a place where, you know, where we can build a reasonable expense base against that.

是的，艾倫，謝謝你的提問。你知道，正如我們在評論中指出的那樣，這對我們來說真的是 2025 年的第一次削減，對吧？你知道，我們在年初就制定了一個保守的預期。但重要的是，我們也在根據此制定預算，根據此制定支出預算，因為我們也對目標發表了評論，明年我們必須有一個積極的季度，對嗎？使公司進入獲利階段。因此，我們首先對營收持保守觀點，然後據此建立支出基礎，這就是我們想要實現的目標。但絕對是，這是年初的保守數字，我認為您所描述的一切都會在明年發生。但是，我們再次希望從一個可以建立合理支出基礎的地方開始。

Our next question comes from Matt Taylor with Jeffries. Please proceed with your question.

我們的下一個問題來自 Jeffries 的 Matt Taylor。請繼續回答您的問題。

Hi, thanks for taking the question. I was hoping to get a little bit more color on China if you could talk about how you're progressing against your goals this year to get the initial stocking orders and reordering there and understand anything that you can give about China growth in, in 25 and really want to dig into what this $50 million investment does. What do you think it's going to do for the ramp of me Motiva products in China?

你好，謝謝你回答這個問題。我希望能進一步了解中國的情況，您可以談談今年您實現目標的進展情況，獲得初期庫存訂單和重新訂貨的情況，並了解您能提供的有關 25 年中國增長的情況，並真正深入了解這筆 5,000 萬美元的投資有何作用。您認為這對 Motiva 產品在中國的推廣有何幫助？

Yeah, thanks Matt. So you know, one of the important things is that, you know, China, you know, in general, when it comes to consumer spending, it's been a tough year in China in 2024. But as you well know, you know, the Chinese government is undertaking a series of measures to really prop up consuming consumers across all of China.

是的，謝謝馬特。所以，你知道，重要的事情之一是，你知道，總體而言，就中國消費者支出而言，2024 年對中國來說是艱難的一年。但眾所周知，中國政府正在採取一系列措施來真正提振全中國的消費。

And and we think it's the right time for this type of of investment into the Chinese market. So we are very happy to see Motiva China, our partner, you know, joining our bridge fund part of CBC for this investment and this investment is to, you know, basically advance the growth of Motiva and China. And also more importantly, bring the ergonomic ST platform and Mia to China when it comes to Mia, China was the number one market in our market studies.

我們認為現在正是向中國市場進行此類投資的最佳時機。因此，我們非常高興看到我們的合作夥伴 Motiva 中國加入 CBC 的過橋基金部分進行這項投資，這項投資基本上是為了促進 Motiva 和中國的發展。更重要的是，將符合人體工學的 ST 平台和 Mia 帶到中國，就 Mia 而言，中國是我們市場研究的第一大市場。

So you know, as we look at what we have done this year, we're very happy with you know the things that we have undertaken in terms of the deployment of inventories into Tier-1 and Tier-2 cities, medical education across the board, and continuous improvements that we are seeing in the pace of our marketing activities. So, you know, as we go into 2025 and beyond, we think that this level of investment shows the commitment of our partners into making China just like the other countries in the periphery in Asia, you know, a leadership market for Motiva.

所以，回顧今年我們所做的事情，我們對我們在將庫存部署到一線和二線城市、全面開展醫學教育以及持續改進行銷活動步伐等方面所做的事情感到非常高興。因此，你知道，當我們進入 2025 年及以後時，我們認為這種程度的投資表明我們的合作夥伴致力於將中國打造成像亞洲其他邊緣國家一樣的 Motiva 領導市場。

And that's great. I guess just to help with the modeling, could you be any more specific on how China has done this year? You talked about a $10 million stocking over the, you know, the course of the year. Are, are you going to go beyond that reordering? And can you give us any color on how China could contribute next year?

這太棒了。我想只是為了幫助建模，您能否更具體地說明中國今年的表現如何？您談到了全年價值 1,000 萬美元的庫存。您是否要超越重新排序的範圍？您能否向我們介紹中國明年會做出哪些貢獻？

So I think it's a little bit early.

所以我認為現在還有點早。

To talk about next year, but clearly we're on track to do the $10 million that, that that our distributor there has, has committed to doing you know, as we move into next year, we'll start to see the pace of reordering. But as Juan Jose noted this investment that they're receiving from CBC and the excitement we're seeing about the products there. We have, you know, we, we have high hopes for what they'll do next year. But I think it's a little bit early to talk about the contribution in 2025.

談論明年，但顯然我們正按計劃完成 1000 萬美元，我們的經銷商已經承諾這樣做，你知道，隨著明年的到來，我們將開始看到重新訂購的速度。但正如胡安·何塞所指出的，他們從 CBC 獲得了這筆投資，而且我們看到那裡的產品令人興奮。你知道，我們對他們明年的表現寄予厚望。但我認為談論 2025 年的貢獻還為時過早。

Alright, thanks Raj.

好的，謝謝 Raj。

Our next question comes from Marie Thibault with BTIG. Please proceed with your question.

下一個問題來自 BTIG 的 Marie Thibault。請繼續回答您的問題。

Hey, good afternoon. This is Sam from Marie. Thanks for taking the questions and the formal congratulations on the US approval. Maybe I can start on some of the non-Latin markets want to better understand maybe what you're seeing in Europe and maybe some of the non-China APAC markets. And then the other thing about direct versus distributor, you know, are, are we at a point where maybe distributors are back to normalized inventory levels or do you think maybe there's still some more catch up that needs to happen?

嘿，下午好。我是來自瑪麗的山姆。感謝您回答這些問題並對美國的批准表示正式祝賀。也許我可以從一些非拉丁市場開始，希望更了解您在歐洲看到的情況，以及一些非中國亞太市場的情況。然後關於直接銷售與分銷商的另一個問題是，您知道，我們是否正處於分銷商可能已恢復正常庫存水平的階段，或者您是否認為可能還需要進行一些追趕？

Yeah, thank you. So, you know, over the course of this year, we have been talking about market stabilizing at different speeds across the world, but we continue to see macroeconomic pressures notably in Latam and especially in Brazil and the environment is not deteriorating further in that region. But our hope for a rebound in the second half of this year has not really taken place. Now, you know, to your question, when you look at EMEA, that's a region where you know, where we have seen markets stabilizing with actually some markets even growing. And that's a region in which we have a combination of both direct markets and distributor markets.

是的，謝謝。所以，你知道，在今年，我們一直在談論世界各地市場以不同的速度穩定下來，但我們繼續看到宏觀經濟壓力，特別是在拉丁美洲地區，特別是巴西，而且該地區的環境並沒有進一步惡化。但我們對今年下半年經濟反彈的期望並沒有真正實現。現在，對於您的問題，當您查看 EMEA 時，您會發現這個地區的市場趨於穩定，實際上某些市場甚至還在成長。在該地區，我們同時擁有直接市場和分銷商市場。

Then when you look at APAC , APAC has also been stabilizing, but we believe there is still room for improvement in certain markets in the region. And that is a pure distributor region for us. I also want to point out that there's no structural change to demand for breast aesthetic procedures. The economic picture has made it harder for women to access it at this time in some regions in the world. But II I really want to emphasize something, make no mistake. We will grow this year in the EMEA region and APAC regions in our core business compared to 2023. And we continue to gain market share across the globe. So it is important that we say these things because you know, we don't want the picture of our business to be one that is not based on growth as we have pointed out in the script. And now.

然後當你看看亞太地區時，亞太地區也已經趨於穩定，但我們認為該地區的某些市場仍有改善空間。對我們來說，這是一個純粹的經銷商區域。我還想指出的是，對於乳房美容手術的需求並沒有結構性變化。目前，世界某些地區的經濟狀況使得女性更難獲得社會安全保障。但我確實想強調一點，千萬不要誤會。與 2023 年相比，今年我們的核心業務在歐洲、中東和非洲地區以及亞太地區將成長。我們在全球範圍內的市場份額持續擴大。因此，我們說這些話很重要，因為你知道，我們不希望我們的業務圖景不基於成長，正如我們在腳本中指出的那樣。現在。

Really helpful Juan Jose, thanks for the added color there. Maybe just a follow up question on some of the short term supply challenges. I just want to clarify. Is that going to have any impact on, on your ability to maybe meet, you know, near term demand or is that something that should be worked through without any impact?

真的很有幫助，胡安·何塞，謝謝你添加的色彩。也許這只是關於一些短期供應挑戰的後續問題。我只是想澄清一下。這會對您滿足近期需求的能力產生影響嗎？

Yeah, I think that's an important point. You know, we had planned for a long time the Decommissioning of our B15 manufacturing facility, that facility had been, you know, manufacturing for the last 15 years. And it had a date for Decommissioning. So we are moving capacity into our two other manufacturing units. So, in that process, there are some pressures so there will be an impact into Q4. So hence the, you know, the change in the guidance for this year. But we think that this will abate by you know, by Q1, we are adding manufacturing capacity in both of these sites in one of them, including a third shift. So we will be ready.

是的，我認為這是一個重要的觀點。你知道，我們很久以前就計劃關閉我們的 B15 製造工廠，該工廠已經生產了 15 年。並且它有一個退役日期。因此，我們正在將產能轉移到另外兩個製造部門。因此，在這個過程中，會出現一些壓力，對第四季產生影響。因此，您知道，今年的指導方針發生了變化。但我們認為，到第一季度，這種情況將會逐漸減輕，我們將在其中一個工廠增加生產能力，包括第三個班次。因此我們會做好準備。

Thanks for taking questions.

感謝您的提問。

Our next question comes from Joanne Wench with Citi. Please proceed with your question.

下一個問題來自花旗銀行的 Joanne Wench。請繼續回答您的問題。

Hey, good afternoon. This is Anthony on for Joanne. Thanks for taking our questions. Do you in the US? Do you have a Target Us account number? You're hunting towards that we should be thinking about, and then on the 40 reps. Do you think that's sufficient to serve the US market or how should we be thinking about potentially the expansion of that sales force in 2025?

嘿，下午好。這是安東尼 (Anthony) 代替喬安妮 (Joanne)。感謝您回答我們的問題。你在美國嗎？您有 Target Us 帳號嗎？您正在尋找我們應該考慮的事情，然後進行 40 次重複。您認為這足以服務美國市場嗎，還是我們應該如何考慮在 2025 年擴大銷售團隊？

Yeah, thank you. Well, not long ago, we were talking about having 12 sales reps and you've seen how fast we've moved to 32 and these are not just any sales reps. These are the best in the industry as you can see by the speed and the quality of the accounts that we are onboarding the speed at which they are ordering for the first time and then reordering and then, when we look at from now to the end of the year, we will be adding eight more sales reps and we will be adding more sales reps next year. As you know, our base of accounts expands, we will be having more sales reps and that is natural.

是的，謝謝。嗯，不久前，我們還在談論擁有 12 名銷售代表，而您已經看到我們已經快速增加到 32 名，而且這些並不是普通的銷售代表。這些都是業內最好的，您可以從我們接手帳戶的速度和品質看出，他們首次下單的速度很快，然後再次下單，然後，從現在到年底，我們將增加 8 名銷售代表，明年我們還將增加更多的銷售代表。如您所知，我們的客戶基礎不斷擴大，我們將擁有更多的銷售代表，這是自然的。

On top of that, I think that, you know, our entire infrastructure in the US continues to get strengthened. You know, we are adding people in the back office, we will be adding inventories necessary for the growth. And that's what the company is focused on because if you look at next year, our plan is to take significant market share in the US market and it will be one of the key factors for growth next year.

最重要的是，我認為美國的整個基礎設施正在不斷加強。你知道，我們正在增加後台人員，我們將增加成長所需的庫存。這正是公司關注的重點，因為展望明年，我們的計劃是在美國市場佔據相當大的市場份額，這將是明年成長的關鍵因素之一。

Thanks for taking the question.

感謝您回答這個問題。

Our next question is from Josh Jennings with TD Cowan. Please proceed with your question.

下一個問題來自 TD Cowan 的 Josh Jennings。請繼續回答您的問題。

Yeah, question and wanted to focus on the recently held ergonomic symposium that you guys announced Mia three year data. Can you just talk about whether or not that those data will be enough to submit to the, to the FDA for through a supplemental Mia pathway? And have you had any discussions on the media pathway with the FDA? And then the second question is just if you could maybe just give us some color on what, what occurred out over in Barcelona. Any new pipeline updates that you can relate or or anything else. Maybe even just the the buzz that was out there for the from the clinical community. Thanks for taking the questions.

是的，問題想集中在最近舉行的人體工學研討會上，你們公佈了 Mia 三年的數據。您能否談談這些數據是否足以透過補充 Mia 途徑提交給 FDA？您是否與 FDA 討論過媒體管道的問題？第二個問題是，您能否向我們介紹一下巴塞隆納發生的事情。您可以參考任何新的管道更新或其他內容。甚至可能只是來自臨床界的一些熱議。感謝您回答這些問題。

Yeah, thank you, Josh and Barcelona was once again a phenomenal opportunity for Establishment Labs to showcase its latest technological improvements. And you know, the three data of Mia is, you know what we are about showing with data that, you know, not only we can improve device related complications, but now with Mia, which is, you know, changing the way surgeons are doing breast augmentation and breast harmonization because of breast tissue preservation and that what it does and you know the results for the study show it is that basically you are also almost eliminating technique related complications and that is a very powerful combination.

是的，謝謝你，喬希，巴塞隆納再次為 Establishment Labs 展示其最新技術改進提供了絕佳的機會。您知道，Mia 的這三個數據表明，我們不僅可以改善與設備相關的併發症，而且現在有了 Mia，它還可以改變外科醫生進行隆乳和乳房協調的方式，因為它可以保留乳房組織，研究結果表明，它基本上還可以消除與技術相關的併發症，這是一個非常強大的組合。

Our future is based on breast tissue preservation across the board. You will see us talking more and more about it. We have we had more than 500 people in attendance. And you know, that included not only some of the best plastic surgeons around the world, but also our business partners. So I think everyone is powered up not only by the FDA approval, which of course has an effect on the image and the credibility of our entire platform across the world, but also, you know, on the things that we are bringing to market because Mia will continue to expand.

我們的未來取決於全面的乳房組織保護。你會看到我們越來越多地談論它。我們的出席者超過 500 人。你知道，這不僅包括世界各地的一些最好的整形外科醫生，還包括我們的商業夥伴。因此，我認為每個人不僅因 FDA 的批准而獲得了動力，這當然會影響我們整個平台在全球的形象和信譽，而且也對我們推向市場的產品產生了影響，因為 Mia 將繼續擴張。

You know, we talked about, you know, 29 cities now, which is seven more cities than last quarter, 15 more plastic surgeons, 47 clinics in the pipeline. And I think most importantly, and I think that gets perhaps a little bit lost is that, this year it's only been 12 months really since the first clinics launched in only six months and three months since a big chunk of those clinics have launched. And yet what we see is that so far in this 1st 12 months, more than 40% of patients getting Mia are new to the category, which means that we're not looking for a breast augmentation premium pricing 30% to 50% over the same price in the same clinic for traditional breast augmentation, two months versus 3 to 7 years, consideration time. So that's what we wanted to show that this is really a new category.

你知道，我們現在討論的是 29 個城市，比上一季增加了 7 個城市，增加了 15 名整形外科醫生，還有 47 家診所正在籌備中。我認為最重要的是，我認為這一點可能有點被忽視，今年距離第一批診所開業只有 12 個月，而大部分診所開業才只有六個月和三個月。然而我們看到的是，到目前為止，在前 12 個月中，超過 40% 接受 Mia 手術的患者都是新患者，這意味著，我們不希望隆乳手術的定價比同一家診所的傳統隆乳手術高出 30% 到 50%，考慮時間是 2 個月而不是 3 到 7 年。所以我們想要表明這確實是一個新的類別。

2025 will be, you know about expanding the Nordics clinics, bring the capital of Mia across the board by adding cities and countries. So, you know, we will be seeing and gauging and giving more data about how we grow the number of clinics and the number of procedures per clinic in 2025 because that will be the focus.

2025 年將是擴大北歐診所的一年，透過增加城市和國家，將米亞的首都擴展到更廣泛的地區。所以，你知道，我們將觀察、衡量並提供更多數據，了解我們在 2025 年如何增加診所數量和每個診所的手術數量，因為這將是重點。

Great and thanks for all that and just maybe anything you can share just on the US regulatory path and whether supplemental Mia is, is a possibility and any discussions with the agency.

非常好，感謝您提供的所有信息，您能否分享一些有關美國監管路徑的信息，以及 Mia 補充品是否有可能，以及是否可與該機構進行任何討論。

Yes, I'm sorry for, for not answering before. We are looking at having a conversation with the agency regarding not only Mia but the Ergonomics two platform and you know, Mia has other components in addition to the breast implant that is part of it. So, you know, we're working hard with our regulatory team to have this conversation soon enough. So, you know, we're not trying to rush things, but at the same time, we do want to get it done.

是的，很抱歉之前沒有回答。我們正在考慮與該機構就 Mia 和人體工學兩個平台進行對話，您知道，Mia 除了乳房植入物外，還有其他組件。所以，你知道，我們正在與我們的監管團隊努力合作，以便盡快進行這次對話。所以，你知道，我們並不想急於求成，但同時，我們也希望完成它。

Thanks and my apologies for multilayered question there. Thank you.

謝謝，對於這個問題涉及多個層次，我深表歉意。謝謝。

No problem.

沒問題。

Our next question comes from Anthony Petrone with Mizuho Group. Please proceed with your question.

下一個問題來自瑞穗集團的 Anthony Petrone。請繼續回答您的問題。

Thank you and appreciate that. And thanks for fitting us here in here for a question. I know a lot has been asked But, but just a couple maybe on as we think about salesforce building the United States and the cadence. If you could maybe just give us an update on where you sit in the US for the sales force exiting the quarter.

謝謝您，我對此表示感謝。非常感謝您抽出時間在這裡回答我們的問題。我知道已經問了很多問題，但是，當我們考慮在美國建立銷售團隊和節奏時，可能只問幾個問題。您能否向我們介紹本季末美國銷售團隊的最新情況？

And as you think about, you know, building that out through 2025 how should we be thinking about that from a Headcount edition and just layering that into the SG&A line and then, you know, secondly, maybe just a little bit of an update on next catalysts for additional FDA clearances following ergonomics following round in ergonomics. When could we expect ergonomics too? And anything you can share on Mia in the US I know it's a little bit further in the calendar, but any other color there would be helpful. Thanks.

當您考慮到 2025 年時，我們應該如何從員工總數版本來考慮這個問題，並將其分層到銷售、一般和行政費用 (SG&A) 行中，然後，其次，也許只是對人體工學之後的下一個催化劑進行一點更新，以獲得額外的 FDA 批准。我們什麼時候才能期待人體工學呢？您可以在美國 Mia 上分享任何內容，我知道它在日曆中的位置稍遠一些，但任何其他顏色都會有幫助。謝謝。

Yeah. Thank you, Antony. I think it's, it's important to, to realize that, you know, we've really been speeding up the number of sales reps not long ago, we were at four, then eventually 12 in the last two months, it's gone to 32 and we'll be at 40 by the end of the year. So we will continue to add more sales reps throughout next year, quarter to quarter and, you know, we will do so at the speed that is required.

是的。謝謝你，安東尼。我認為，重要的是要意識到，你知道，不久前我們確實一直在加快增加銷售代表的數量，最初是 4 名，然後在過去的兩個月裡最終增加到 12 名，現在增加到 32 名，到今年年底我們將達到 40 名。因此，明年我們將逐季繼續增加銷售代表，而且我們將按照所需的速度進行。

It is important to understand that, you know, Motiva is a special type of of game changing technology and it requires, you know, the time and the quality of the surgeons. So, for us, it is important to, you know, to be mindful of how we grow. So we talk about, you know, we've done in the last 14 years, over 85 countries launches. So that's a lot of experience.

重要的是要明白，Motiva 是一種特殊類型的改變遊戲規則的技術，它需要外科醫生的時間和品質。因此，對我們來說，專注於自己的成長方式非常重要。所以我們談論的是，你知道，我們在過去 14 年裡已經在超過 85 個國家開展了發布會。所以這是很多經驗。

So we really know how to do this. And if you look at, you know, the team that we have in place with Jeff and Anne leading that team and all of their experience, they know exactly what they are doing. And you know, if you look at what's coming, over the next few years, we're going to see, you know, a super cycle of innovation in the United States.

所以我們確實知道如何做到這一點。如果你看看我們現有的團隊，你會發現，傑夫和安妮領導著這個團隊，他們擁有豐富的經驗，他們非常清楚自己在做什麼。你知道，如果你看看未來幾年會發生什麼，我們將會看到美國出現一個創新超級週期。

We're going to get, you know, the breast reconstruction approval indication for, you know, breast reconstruction. On top of that, you know, we will be working towards getting the ergonomics two platform. And from there, not only do you get, you know the program related to Mia but also the program related to joy and breast preservation. And of course, we have all the things coming that we've talked about before with gem, which is for ergonomic modeling of the glut area and also our sen sensor technology. So a lot of things will be coming to plastic surgeons in the United States. But I'll also point out something else you know that I think people should not forget. And that's part of what we are talking about today is the road to profit.

我們將獲得乳房重建的批准指徵，你知道，乳房重建。最重要的是，我們將致力於獲得人體工學雙平台。從那裡，你不僅可以了解與米婭相關的計劃，還可以了解與快樂和乳房保護相關的計劃。當然，我們之前談到的 gem 都具備，包括臀部區域的人體工學建模和 sen 感測器技術。因此，很多事情都會交給美國的整形外科醫生去做。但我還要指出另一件我認為人們不應該忘記的事。這就是我們今天所談論的獲利之路的一部分。

If you look at, you know, the improvements over the last 12 months, you know, not only we talked today about an increase in revenue but also you know the improvement in EBITA 58% cash use, 60% improvement, OpEx 18% improvement. And we've done this while reducing our entire employee base by 20% and adding, you know, U employees and investing in the US market. So I think that's a pretty impressive way to describe, you know, what this company has been doing and now that we have the FDA approval, you know, we will be getting into the market with the highest gross margins. And I think that that's what signals not only our first a bit that positive quarter next year, but eventually how we get to cash flow positive as a company.

如果你看看過去 12 個月的改進，你會發現，我們今天不僅談到了收入的成長，而且 EBITA 的現金使用量也提高了 58%，營運支出提高了 60%，營運支出提高了 18%。我們在實現這一目標的同時，將整個員工隊伍減少了 20%，增加了美國員工，並投資於美國市場。所以我認為這是一種非常令人印象深刻的方式來描述這家公司一直在做的事情，現在我們獲得了 FDA 的批准，我們將進入毛利率最高的市場。我認為這不僅預示著我們明年第一個季度將出現正現金流，而且也預示著我們公司最終將實現正現金流。

Helpful, I wanted to follow up just on the OUS commentary, guiding to 5% OUS growth. Maybe when we think about, you know, just the inputs into that, that forecast and you know, potential areas of risk, but also on the flip side where it potentially can be conservative and really where I'm going is, you know, trends on the ground in China versus trends on the ground in Brazil. What gives you some encouragement in each of those regions? And where is there a potential risk? Thanks again and congratulations on the US Motiva clearance.

很有幫助，我只想跟進 OUS 評論，指導 OUS 成長 5%。也許當我們思考時，你知道，只是將預測輸入其中，你知道，存在潛在的風險領域，但另一方面，它可能會比較保守，而我真正要說的是，你知道，中國的實際趨勢與巴西的實際趨勢。在每個地區，什麼給了您一些鼓勵？哪些地方有潛在風險？再次感謝並祝賀您獲得美國 Motiva 清關。

Yeah, I mean, as, as I noted earlier, Anthony, I mean, it's, it's a conservative start to the year, right? It's really a budgeting number for us. And so as you described, there's lots of puts and takes in the next year, right? We're not expecting anything heroic out of China, but, but certainly the size of that market and the investment that our partner has received really set that up for a nice potential run in that market.

是的，正如我之前提到的，安東尼，我的意思是，這是今年保守的開始，對吧？對我們來說這實際上是一個預算數字。所以正如您所描述的，明年還會有很多事情要做，對嗎？我們並不期待中國能取得什麼驚人的成就，但是，這個市場的規模以及我們合作夥伴獲得的投資確實為我們在這個市場上的良好發展潛力奠定了基礎。

Certainly the US, right, which I guess you're asking about O US, but the US is going to be the big driver for us next year overall for growth. And then outside, you know, we continue to see pockets of macroeconomic softness but, you know, things can improve which we expect they will. You know, as Juan Jose mentioned, we are seeing, decent growth in EMEA right now, pockets of growth there. APAC is stabilizing but there's still room for, you know, and Latin has been the, you know, the big weak spot for us this year. And so there's a lot of room for that to start to step up. And so for us, I think that the, that, you know what we're setting up for for 2025 is really just a conservative way to start the year and we, we actually expect to do better.

當然是美國，對吧，我想你問的是關於我們的事情，但美國將成為明年我們整體成長的主要動力。從外部來看，我們繼續看到宏觀經濟出現疲軟跡象，但情況可以改善，我們預計情況會有所改善。你知道，正如胡安·何塞所提到的，我們看到，歐洲、中東和非洲地區目前出現了不錯的成長，那裡出現了一些成長點。亞太地區正在趨於穩定，但仍有成長空間，而拉丁市場一直是我們今年的一大弱點。因此，還有很大的提升空間。所以對我們來說，我認為，我們為 2025 年制定的目標實際上只是一種保守的開年方式，我們實際上期望做得更好。

Yeah, and Anthony to, to give you more precision on you know, path for you know, Mia in the US. I just want to reinforce that we are in discussions with the FDA on pursuing the quickest pathway for it. And of course, we're going to leverage the already completed data globally like the one we showed at the world ergonomic symposium. And we will target via a supplement. Of course.

是的，安東尼，為了給你更精確的訊息，讓你知道米婭在美國的路徑。我只是想強調一下，我們正在與 FDA 討論尋求最快的途徑。當然，我們將利用全球已經完成的數據，就像我們在世界人體工學研討會上展示的數據一樣。我們將透過補充的方式進行定位。當然。

That is all the time we have for questions today. I will now turn the call back over to Juan Jose Chacon Carros for closing remarks.

今天我們回答問題的時間就到此為止。現在我將把電話轉回給胡安·何塞·查孔·卡羅斯 (Juan Jose Chacon Carros)，請他作最後發言。

Thank you for joining us on today's call. We will be at several conferences over the next couple of months including the U BS Global Healthcare Conference, the Jeffries' London Healthcare Conference, the Stephens Investment Conference, the City Global Healthcare Conference, and the Mizuho Healthcare Conference. We look forward to seeing you at any of these events. We wish everyone continued good health and happiness.

感謝您參加今天的電話會議。我們將在接下來的幾個月參加幾場會議，包括瑞銀全球醫療保健會議、傑弗里斯倫敦醫療保健會議、史蒂芬斯投資會議、城市全球醫療保健會議和瑞穗醫療保健會議。我們期待在這些活動中見到您。我們祝福每個人都健康、快樂。

This concludes today's conference. You may disconnect your lines at this time and we thank you for your participation.

今天的會議到此結束。您現在可以斷開您的線路，我們感謝您的參與。