Establishment Labs Holdings Inc (ESTA) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the Establishment Labs first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded. I'll now turn the call over to Raj Denhoy, Chief Financial Officer. Thank you. You may begin.

下午好，歡迎參加 Establishment Labs 2025 年第一季財報電話會議。（操作員指示）提醒一下，今天的通話正在被錄音。現在我將把電話轉給財務長 Raj Denhoy。謝謝。你可以開始了。

Thank you, operator, and thank you, everyone, for joining us. With me today is Peter Caldini, our Chief Executive Officer; and Juan José Chacón-Quirós, our Founder, former CEO and a member of our Board of Directors. 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 meanings of federal securities laws. These include statements on Establishment Labs' financial outlook and the company's plans and timing for product development and sales.

謝謝接線生，也謝謝大家加入我們。今天與我一起出席的是我們的執行長 Peter Caldini；以及我們的創辦人、前執行長兼董事會成員 Juan José Chacón-Quirós。在我們準備好發言之後，我們將回答您的問題。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所定義的前瞻性陳述。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。

These forward-looking statements are based on management's current expectations and involve risks and uncertainties. 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 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. 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. The content of this conference call contains time-sensitive information accurate only as of the date of this live broadcast, May 7, 2025.

這些前瞻性陳述是基於管理階層目前的預期，涉及風險和不確定性。如需了解可能影響我們業績或導致實際結果與這些聲明有重大差異的主要風險因素和不確定因素，建議您查閱我們最新的10-K表和10-Q表年度和季度報告以及其他美國證券交易委員會（SEC）文件，這些文件可在我們的網站establishmentlabs.com上查閱。我還想提醒您，我們的評論可能包含某些與我們業績相關的非公認會計準則財務指標，包括但不限於銷售業績（可按固定匯率計算）或公司業務盈利能力（可採用息稅折舊攤銷前利潤或調整後息稅折舊攤銷前利潤））。如果有非 GAAP 指標與可比較 GAAP 財務指標的對帳表，可以在今天的新聞稿中找到，該新聞稿可在我們的網站上找到。本次電話會議的內容包含時間敏感訊息，其準確性僅限於本次直播之日，即 2025 年 5 月 7 日。

Except as required by law, Establishment Labs undertakes no obligation to revise or otherwise update any statement to reflect events or circumstances after the date of this call. With that, it is my pleasure to turn the call over to our Founder, Juan José.

除法律要求外，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日期之後的事件或情況的義務。我很高興將電話轉給我們的創辦人胡安·何塞 (Juan José)。

Thank you, Raj. Along with our first quarter earnings, we also announced today the appointment of Peter Caldini as permanent CEO of Establishment Labs. Since my retirement was announced in January, the Board of Directors has undergone an extensive review of potential candidates. And following that process, the Board was unanimous in their endorsement of Peter to take the role of CEO. Peter is the right CEO at the right time for our company.

謝謝你，拉傑。除了第一季的收益之外，我們今天還宣布任命 Peter Caldini 為 Establishment Labs 的常任執行長。自從一月份宣布我的退休以來，董事會對潛在候選人進行了廣泛的審查。經過這項程序，董事會一致支持彼得擔任執行長一職。彼得是我們公司在適當時機出任適當執行長的合適人選。

As the Founder and CEO for the past 20 years, I've seen our company evolve from an idea that could revolutionize breast aesthetics and reconstruction by prioritizing science and data to where we are today. We've grown that idea to a suite of products and technologies with unmatched clinical performance. Our products are available globally. And we've moved the industry into a new era by making the implants better and safer and by bringing new technologies and techniques like minimally invasive to market. The next phase of growth needs a steady hand to help us achieve the financial potential of what we have put into motion.

作為公司創始人兼首席執行官，在過去的 20 年裡，我見證了公司從一個透過優先考慮科學和數據來徹底改變乳房美學和重建的想法發展到今天的規模。我們將這一想法發展為一系列具有無與倫比臨床性能的產品和技術。我們的產品遍佈全球。我們透過製造更好、更安全的植入物並將微創等新技術和技巧推向市場，將這個行業帶入了一個新時代。下一階段的成長需要穩健的推動來幫助我們實現已實施措施的財務潛力。

With healthy growth for many years to come, our task now is to reach profitability. Peter's experience running large multinational organizations over the past 25 years as well as the seamless way he has become an important member of our management team made the choice for the Board quite easy. As I have said before, I am not going anywhere. I'm going to continue to work tirelessly for Establishment Labs in the role that has always been my first love, working with plastic surgeons to elevate the specialty, strategizing the launch of new products and techniques, supporting our R&D to make even greater strides in advocating for a company to be a leader for women's health. I'm proud of the team at Establishment Labs, and I am excited for Peter to lead our organization in this next chapter of our story.

隨著未來多年的健康成長，我們現在的任務是實現獲利。彼得在過去 25 年中管理大型跨國組織的經驗以及他無縫地成為我們管理團隊重要成員的方式使得董事會很容易做出選擇。正如我之前所說，我哪裡也不去。我將繼續孜孜不倦地為 Establishment Labs 工作，這是我一直以來最熱愛的工作，與整形外科醫生合作提升專業水平，制定新產品和新技術的推出策略，支持我們的研發工作，在倡導公司成為女性健康領導者方面取得更大進步。我為 Establishment Labs 的團隊感到自豪，並且很高興 Peter 能夠帶領我們的組織開啟我們故事的下一篇章。

With both Peter and Raj as well as other members of our management team, I look forward to seeing you on June 12 at our Investor Day in New York City. Peter, I will turn it over to you.

我與 Peter、Raj 以及我們管理團隊的其他成員一起期待在 6 月 12 日在紐約舉行的投資者日上見到您。彼得，我將把它交給你。

Thank you, JJ. I am honored to be taking over as CEO and grateful for your continued support. I look forward to working with you as we continue on the journey that you started two decades ago. I am also pleased to report a strong start to 2025. Revenue in the first quarter totaled $41.4 million.

謝謝你，JJ。我很榮幸能夠擔任首席執行官，並感謝您一直以來的支持。我期待與您合作，繼續您二十年前開啟的旅程。我也很高興地報告 2025 年的一個好開始。第一季總收入為4,140萬美元。

Our first quarter sales included $6.2 million from the United States. This was above the $5.5 million we previously guided in late February and reflects the strong adoption that has continued into the second quarter. Outside the United States, first quarter sales met our expectations with the markets generally stable to improving. We are reiterating guidance of $205 million to $210 million, and this does take into consideration the past several months of tariff-related impacts. To date, we have not seen any impact on our sales and our conversations with plastic surgeons around the world suggest they are continuing to have consultations and book procedures at a similar pace.

在我們第一季的銷售額中，有 620 萬美元來自美國。這一數字高於我們在 2 月底預計的 550 萬美元，反映出這一強勁勢頭持續到了第二季度。在美國以外，第一季的銷售額符合我們的預期，市場整體穩定並有所改善。我們重申 2.05 億美元至 2.1 億美元的指導價，這確實考慮了過去幾個月與關稅相關的影響。到目前為止，我們的銷售尚未受到任何影響，我們與世界各地整形外科醫生的對話表明，他們仍在以類似的速度進行諮詢和預約手術。

Our guidance is designed to be conservative, and we continue to expect our OUS revenue to have single-digit growth this year. Our U.S. revenue should meaningfully exceed the $35 million we guided in February. And as such, we are highly confident in our outlook. In the first quarter, we made good progress in leveraging our operating expenses and improving cash flow and continue to forecast our first positive EBITDA quarter in 2025 as well as cash flow breakeven in 2026.

我們的指導方針是保守的，我們仍然預計今年我們的 OUS 收入將實現個位數成長。我們在美國的收入應該會大幅超過我們二月預計的 3500 萬美元。因此，我們對我們的前景充滿信心。在第一季度，我們在利用營運費用和改善現金流方面取得了良好進展，並繼續預測 2025 年我們將首次實現正 EBITDA 季度，並在 2026 年實現現金流收支平衡。

Raj will provide additional details on our results and outlook in a moment. The launch of Motiva in the U.S. continues to exceed our expectations. As of May 1, we had over 900 accounts fully on board and over 700 have already placed orders with 84% reordering. Our daily orders for the month of April exceeded 120, up from 100 in March.

Raj 稍後將提供有關我們的結果和展望的更多詳細資訊。Motiva 在美國的推出繼續超越我們的預期。截至 5 月 1 日，我們已擁有超過 900 個帳戶，其中超過 700 個帳戶已下訂單，其中 84% 已重新訂購。我們四月的日訂單量超過120份，高於三月的100份。

A couple of things to note here. While we felt it was important to provide metrics to allow investors to track our early progress, we are moving towards a more normal cadence, so you should expect updates in line with our quarterly calls. Also, I would remind you that you cannot calculate monthly or quarterly revenue from our daily order number. We generally account for revenue when a doctor uses the device, not when it's ordered. We provide this information so you can directionally appreciate how well our launch is going and appreciate that we are on track for one of the best launches in aesthetics history.

這裡有幾點要注意。雖然我們認為提供指標以便投資者追蹤我們的早期進展非常重要，但我們正在朝著更正常的節奏邁進，您應該期待與我們的季度電話會議一致的更新。另外，我要提醒您，您無法根據我們的每日訂單數量來計算每月或每季的收入。我們通常在醫生使用設備時計算收入，而不是在醫生訂購設備時計算收入。我們提供這些資訊是為了讓您能夠有方向性地了解我們的發布進展如何，並欣賞我們正朝著美學史上最好的發布之一邁進。

As a company, we are focused on becoming the market share leader in the U.S. We are off to a very good start. And with our pipeline of innovations making its way through the regulatory process, we expect to be an unparalleled leader for a very long time. Our engagement with plastic surgeons continues to be very high. We hosted over 100 U.S.

作為一家公司，我們專注於成為美國市場份額的領導者。我們已經有了一個很好的開始。隨著我們的創新管道逐步通過監管程序，我們預計在很長一段時間內成為無與倫比的領導者。我們與整形外科醫生的合作一直非常密切。我們接待了超過 100 名美國人。

surgeons in Costa Rica in 2024, and we'll have over 120 attending training events in 2025. We have groups coming down almost every month. We also have regular master classes in the United States that have had very high interest and attendance. Surgeon excitement is mirrored by women who are interested or have had augmentation with Motiva. We constantly hear from surgeons that women are entering their clinics specifically asking for Motiva Implants by name, which is fairly unprecedented in the industry.

2024 年我們將在哥斯大黎加舉辦 100 位外科醫生培訓，2025 年我們將有超過 120 位參加培訓活動。我們幾乎每個月都有團體來。我們也在美國定期舉辦大師班，引起了很高的興趣和出席率。對 Motiva 隆乳有興趣或已經使用過 Motiva 隆乳的女性也對外科醫生的興奮之情不禁流露出來。我們經常聽到外科醫生說，有些女性走進他們的診所，點名要求植入 Motiva 植入物，這在業界是前所未有的。

Perhaps most interesting, numerous plastic surgeons have reported that women coming in for breast revision surgeries covered under competitor warranties have specifically asked to pay for Motiva Implants rather than use free implants covered under their warranty. The testimonials from women that have had other implants and now have Motiva are compelling. We continue to see new organic content posted online, including from celebrities and other influencers. In March, we announced our first sponsored partnership with Meghan Trainor. She mentioned in November on her podcast that she was ready for a breast augmentation after breast feeding her children and losing weight.

或許最有趣的是，許多整形外科醫生報告說，接受競爭對手保固範圍內的乳房修復手術的女性特別要求購買 Motiva 植入物，而不是使用其保固範圍內的免費植入物。那些曾經接受過其他植入物、現在又接受 Motiva 植入物的女性的評價令人信服。我們不斷看到網路上發布的新有機內容，包括來自名人和其他有影響力的人的內容。今年三月，我們宣布與梅根特雷納 (Meghan Trainor) 建立首個贊助合作關係。她在 11 月的播客中提到，在母乳餵養孩子並減肥後，她準備進行隆乳手術。

When we were put in touch with her, Meghan, in consultation with their plastic surgeon had already chosen Motiva Implants. She has been an excellent spokesperson for our brand and her experience has resonated with countless women. In just a few weeks, there have been over 75 press articles on Meghan's journey with Motiva. The partnership has generated over four billion impressions. The ROI on this initiative is very clear, and we are certainly considering more opportunities.

當我們與她取得聯繫時，梅根在與整形外科醫生協商後已經選擇了 Motiva 植入物。她一直是我們品牌的優秀代言人，她的經歷引起了無數女性的共鳴。短短幾週內，已有超過 75 篇新聞文章報導了梅根與 Motiva 合作的經歷。此次合作已產生超過四十億次的曝光量。這項措施的投資報酬率非常明確，我們當然正在考慮更多的機會。

It has been notable to see how much this partnership has resonated with the plastic surgeon community. This is the first A-List celebrity sponsorship in the category and many surgeons have been enthused that a company is finally focused on increasing awareness after years where the incumbents have done no real innovation and no real marketing specific to breast aesthetics. Plastic surgeons have felt left behind for years as the aesthetics industry focused on dermatologists and med spas perceived as more lucrative group as the Establishment Labs sole focus on board-certified plastic surgeons is highly appreciated. In reconstruction, our tissue expander is continuing to gain traction, and we have completed the VAC process at more than 60 of the premier cancer centers in the U.S. and we have initiated processes at over 100 additional hospitals.

值得注意的是，此次合作在整形外科醫生群體中引起了極大的共鳴。這是該類別中第一次有 A 級明星贊助，許多外科醫生都感到興奮，因為多年來，公司一直沒有進行真正的創新，也沒有針對乳房美學進行真正的營銷，現在終於可以專注於提高知名度了。多年來，整形外科醫生一直感到被拋在後面，因為美容行業專注於皮膚科醫生和醫療水療中心，而醫療水療中心被認為是更有利可圖的群體，因為 Establishment Labs 只關注經過委員會認證的整形外科醫生，這一點受到高度讚賞。在重建方面，我們的組織擴張器正在繼續獲得關注，我們已經在美國 60 多個頂級癌症中心完成了 VAC 流程，並且已經在另外 100 多家醫院啟動了該流程。

With our recent launch of Preserve in Latin America and Europe, our minimally invasive platform continues to build momentum, both in terms of revenue and changing the industry narrative from a patient and doctor perspective. The foundational technology platform behind both Mia Femtech and Preserve allows plastic surgeons to create natural results by preserving the breast anatomy and function. We have termed these approaches breast tissue preservation as they both reduce the amount of tissue damage done during the procedure. That said, they differ in notable ways in terms of what patients they are designed for. Mia is intended for primary augmentations with a one to two cup size increase with injectable implants.

隨著我們最近在拉丁美洲和歐洲推出 Preserve，我們的微創平台繼續保持強勁勢頭，無論是在收入方面，還是從患者和醫生的角度改變行業敘事方面。Mia Femtech 和 Preserve 背後的基礎技術平台使整形外科醫生能夠透過保留乳房的解剖結構和功能來創造自然的效果。我們將這些方法稱為乳房組織保存，因為它們都可以減少手術過程中的組織損傷。話雖如此，但它們針對的患者類型存在顯著差異。Mia 旨在透過注射植入物來實現罩杯增大一至兩個尺寸的初步增大。

It allows for no visible scars on the breast and offers a faster recovery without the use of general anesthesia at top certified centers. Mia is a premium offering designed to appeal to the women who have not been interested in traditional breast augmentation but are using padded or push-up bras. So by definition, Mia should be market expanding. For 2025, Mia remains on track to achieve $8 million to $10 million in revenue we have forecasted. Preserve builds on the learnings from Mia and is designed for the day-to-day procedures that make up the majority of breast augmentation cases performed by plastic surgeons.

它不會在乳房上留下可見的疤痕，並且無需在頂級認證中心使用全身麻醉即可實現更快的恢復。Mia 是一款高端產品，旨在吸引對傳統隆乳不感興趣但使用加墊胸罩或聚攏胸罩的女性。因此根據定義，Mia 應該進行市場擴張。到 2025 年，Mia 仍有望實現我們預測的 800 萬至 1000 萬美元的收入。Preserve 以 Mia 的經驗為基礎，專為整形外科醫生進行的大多數隆乳手術的日常程序而設計。

It leverages the minimally invasive tools and techniques pioneered with Mia, but is more flexible for the surgeon and can be used in a wider cross-section of cases and larger sizes. It is designed to be the premium choice for women who are already considering breast augmentation surgery and early experience tells us that it may also be market expanding. With the launch of Preserve, we now have options for surgeons and women that range from our core implant offering of Round, Ergonomix and Ergonomix2 to Preserve and Mia at the premium end of the market. Each step-up provides increased value and benefit to patients and surgeons as well as to us with higher price points and gross margin. We expect that both breast tissue preservation options will dramatically change the surgeon's approach to breast aesthetics and will have a significant impact on our future growth.

它利用了 Mia 首創的微創工具和技術，但對於外科醫生來說更加靈活，並且可以用於更廣泛的病例和更大的尺寸。它旨在成為那些已經考慮進行隆乳手術的女性的首選，早期經驗告訴我們，它的市場也可能正在擴大。隨著 Preserve 的推出，我們現在為外科醫生和女性提供了多種選擇，從我們的核心植入物 Round、Ergonomix 和 Ergonomix2 到高端市場的 Preserve 和 Mia。每次升級都會為病患、外科醫生以及我們自己帶來更高的價值和利益，帶來更高的價格和毛利率。我們預計，這兩種乳房組織保存方法將極大地改變外科醫生對乳房美學的態度，並將對我們未來的發展產生重大影響。

We launched Preserve in Brazil in February and in a select group of countries in Europe in April. Most recently, we launched Preserve in the first group of countries in Latin America at the SAPS Conference in Colombia. The early adoption by plastic surgeons is quite promising and appears that breast tissue preservation will be a meaningful part of our future growth and will even contribute to our numbers this year. We will continue our rollout into additional countries and regions over the coming quarters. I will turn the call over to Raj.

我們於二月在巴西推出了 Preserve，並於四月在歐洲的部分國家推出了 Preserve。最近，我們在哥倫比亞舉行的 SAPS 會議上向拉丁美洲第一批國家推出了 Preserve。整形外科醫生的早期採用是相當有前景的，並且看來乳房組織保存將成為我們未來成長的重要組成部分，甚至將有助於我們今年的數位成長。我們將在未來幾季繼續向更多國家和地區推出我們的產品。我將把電話轉給 Raj。

Thank you, Peter. Total revenue for the fourth quarter was $41.4 million, an increase of 11% from the year ago period. Excluding the negative impact of foreign exchange in the quarter, growth would have been 13.5%. Sales from Motiva in the United States were $6.2 million. There were several items that should be considered in comparing the results this quarter to a year ago.

謝謝你，彼得。第四季總營收為 4,140 萬美元，比去年同期成長 11%。若不計入本季外匯的負面影響，成長率將達到13.5%。Motiva 在美國的銷售額為 620 萬美元。在將本季的結果與去年同期的結果進行比較時，有幾點需要考慮。

As we have previously communicated, we generated minimal sales into China in the first quarter. Our distributor purchased approximately $10 million of inventory last year to begin commercial operations and is now selling out that inventory as our procedure share grows. As demand in the market matches supply, we expect to see additional orders. This is a normal trajectory for a new distributor market, particularly one the size and complexity of China. Brazil has stabilized with revenue in the first quarter up from the fourth quarter, but we still experienced a meaningful reduction from the first quarter of last year.

正如我們之前所傳達的，第一季我們在中國的銷售額極低。我們的經銷商去年購買了價值約 1000 萬美元的庫存以開始商業運營，現在隨著我們程序份額的增長，這些庫存正在銷售。由於市場需求與供應相匹配，我們預計會看到更多訂單。對於新的經銷商市場來說，這是一個正常的軌跡，尤其是對於像中國這樣規模龐大、複雜程度高的經銷商市場來說。巴西第一季的營收已經趨於穩定，高於第四季度，但與去年第一季相比仍出現了大幅下降。

Also of note, we benefited from the purchase of our Benelux distributor in the fourth quarter. When factoring these items, revenue growth outside the U.S. was approximately 5% in the first quarter, in line with our expectations. Our gross profit for the first quarter was $27.8 million or 67.2% of revenue, a 160 basis point increase compared to 65.6% of revenue for the same period in 2024. We expect our gross margin will continue to improve over the course of the year as sales in the United States become a larger part of our business.

另外值得注意的是，我們在第四季度收購了比荷盧經濟聯盟經銷商，並從中受益。考慮到這些因素，第一季美國以外地區的營收成長約為 5%，符合我們的預期。我們第一季的毛利為 2,780 萬美元，佔營收的 67.2%，與 2024 年同期的 65.6% 相比增加了 160 個基點。我們預計，隨著美國銷售在我們業務中所佔的比重越來越大，我們的毛利率將在今年繼續提高。

We expect gross profit margins in 2025 will be approximately 200 basis points to 300 basis points higher on an underlying basis compared to 2024. As it relates to tariffs, the proposed duties on goods imported from Costa Rica to the United States would represent less than a 50 basis point gross margin impact on a consolidated basis and do not change our trajectory for margin improvements this year. SG&A expenses of $39.7 million were approximately $10.8 million higher than in the first quarter of 2024. R&D expenses for the first quarter were $5.1 million. Total operating expenses for the first quarter increased approximately $11.5 million from the year ago period to $44.8 million.

我們預計，2025 年的毛利率將比 2024 年高出約 200 個基點至 300 個基點。就關稅而言，對從哥斯達黎加進口到美國的商品徵收的擬議關稅對合併基礎上的毛利率影響不到 50 個基點，並且不會改變我們今年利潤率改善的軌跡。銷售、一般及行政費用為 3,970 萬美元，比 2024 年第一季高出約 1,080 萬美元。第一季研發費用為510萬美元。第一季總營運費用較去年同期增加約 1,150 萬美元，達到 4,480 萬美元。

The increase in operating expenses was due primarily to the ramp-up of commercial activity in the United States following approval of Motiva Implants in late September as well as the operating expenses in the Benelux subsidiary we acquired in the fourth quarter. We continue to expect operating expenses will be approximately $45 million to $46 million per quarter this year. Adjusted EBITDA was a loss of $12.1 million. Our loss was approximately $1 million lower than the $13.1 million in the fourth quarter. This was despite sequentially lower revenue in the first quarter.

營業費用的增加主要是由於 9 月底 Motiva 植入物核准後美國商業活動的增加，以及我們在第四季度收購的比荷盧三國子公司的營業費用增加。我們繼續預計今年每季的營運費用將約為 4,500 萬至 4,600 萬美元。調整後的 EBITDA 虧損 1,210 萬美元。我們的損失比第四季的 1,310 萬美元減少了約 100 萬美元。儘管第一季收入環比下降，但仍然取得了這一成績。

We expect to see further improvements into the second quarter and to reach our first EBITDA positive quarter in the second half of this year. Our cash position on March 31 was $69.2 million. We have an additional $25 million still available under our credit facility, putting our total accessible cash balance at approximately $94 million. Our cash use in the first quarter was $21.2 million. As we noted previously, the fourth quarter of last year and the first quarter of this year should be the highest for us in terms of cash use as we launch in the U.S.

我們預計第二季情況將進一步改善，並在今年下半年實現第一個 EBITDA 正值季度。截至 3 月 31 日，我們的現金狀況為 6,920 萬美元。我們的信貸額度下還有 2500 萬美元可用，使我們的可用現金餘額總額達到約 9,400 萬美元。我們第一季的現金使用量為 2,120 萬美元。正如我們之前提到的，去年第四季和今年第一季應該是我們在美國推出業務以來現金使用量最高的季度。

Our cash flows will improve meaningfully as we leverage these investments against higher sales expected in the United States over the coming quarters. We expect to see sequential improvement in our cash loss each quarter over the balance of the year, and we should reach cash flow breakeven in 2026. Cash use should come down by approximately $5 million a quarter each quarter over the course of 2025 as we approach profitability. Under our current outlook, we expect to get to cash flow positive in 2026 without the need for any additional equity raises. Our revenue guidance for 2025 remains $205 million to $210 million, representing growth of 23% to 26%.

隨著我們利用這些投資來應對未來幾季美國預計的更高銷售額，我們的現金流將會顯著改善。我們預計，今年餘下時間裡，每季的現金損失都會有所改善，到 2026 年，我們的現金流量將達到收支平衡。隨著我們接近獲利，2025 年期間每季的現金使用量應會下降約 500 萬美元。根據我們目前的展望，我們預計 2026 年現金流將為正，而無需任何額外的股權增發。我們對 2025 年的營收預期仍為 2.05 億至 2.1 億美元，成長率為 23% 至 26%。

We expect to see good sequential growth both in the United States and OUS in the second quarter. We are very mindful of the current dynamics in the global economy and the uncertainty recent trade policies are creating. Our thinking on guidance includes the impact of tariffs as currently proposed. Importantly, to date, we have not seen any impact on demand. As we have shown in past periods, we will react to any slowdown that might develop and we'll reduce our expense base as needed.

我們預計第二季度美國和澳洲都將出現良好的連續成長。我們非常關注當前全球經濟的動態以及近期貿易政策所造成的不確定性。我們對指導的思考包括目前提出的關稅的影響。重要的是，到目前為止，我們還沒有看到對需求的任何影響。正如我們在過去時期所表明的那樣，我們將對可能出現的任何經濟放緩做出反應，並根據需要減少我們的開支基礎。

We are committed to achieving our revenue, profitability and cash flow targets and are confident in the outlook we have provided. I'll turn the call back over to Peter.

我們致力於實現我們的收入、獲利能力和現金流目標，並對我們所提供的前景充滿信心。我會把電話轉回給彼得。

Thank you, Raj. I am excited to be taking over the leadership of Establishment Labs at such a seminal point in our company's history. We have now launched our products into the largest and highest value markets in the world. We have brought forward a number of significant advances from our minimally invasive platform. Both Mia and Preserve continue to make good on the promise of expanding our markets as women are drawn to more natural and safer breast procedures.

謝謝你，拉傑。我很高興能夠在公司歷史上如此重要的時刻接任 Establishment Labs 的領導職務。我們現在已經將我們的產品推向了世界上最大、價值最高的市場。我們的微創平台取得了許多重大進展。隨著女性越來越被更自然、更安全的隆乳手術所吸引，Mia 和 Preserve 都繼續兌現擴大市場的承諾。

With this as a foundation, we are now tasked with driving efficiency in our organization. As we progress through the year, we are focused on four main priorities: driving growth in the U.S., increasing efficiency and profitability across the organization, the ongoing launch of our minimally invasive portfolio and advancing our innovation pipeline. We continue to make significant progress on all fronts. We will provide updates on our progress across our major initiatives at our upcoming Investor and Analyst Meeting, which is being held on the afternoon of June 12 in New York City. If you would like to attend, please e-mail ir@establishmentlabs.com.

在此基礎上，我們現在的任務是提高組織效率。隨著時間的推移，我們專注於四個主要優先事項：推動美國的成長、提高整個組織的效率和獲利能力、持續推出我們的微創產品組合以及推進我們的創新管道。我們在各方面繼續取得重大進展。我們將在 6 月 12 日下午於紐約舉行的投資者和分析師會議上介紹我們主要舉措的進展。如果您想參加，請發送電子郵件至ir@establishmentlabs.com。

Operator, we are ready to take questions.

接線員，我們準備好回答問題了。

(Operator Instructions)

（操作員指示）

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Peter, congrats on the official appointment here. Glad to be working with you. I wanted to use my first question here on the OUS outlook. Definitely appreciate that you've given us this commentary that you haven't seen an impact on demand that bookings are normal. Can you confirm for me the mid-single-digit guidance that I think you've talked about in the past and maybe break down consumer sentiment by region, and we're particularly interested in hearing about Brazil, Southeast Asia and China, if you can.

彼得，恭喜你獲得正式任命。很高興和你一起工作。我想在這裡提出有關 OUS 前景的第一個問題。非常感謝您給我們這樣的評論，您沒有看到對需求的影響，預訂正常。您能否確認您過去談到的中等個位數指引，並按地區細分消費者情緒，如果可以的話，我們特別想了解巴西、東南亞和中國的情況。

Yes. Thank you. As we highlighted in the beginning of the call is the OUS business, we haven't seen any impact in terms of demand, and we continue to be very confident that we'll continue to drive the business in those markets. As it relates to the different regions, it's very similar to what we've said in the past. Asia has stabilized last year.

是的。謝謝。正如我們在電話會議開始時所強調的那樣，對於美國以外的業務，我們尚未看到需求方面受到任何影響，我們仍然非常有信心繼續推動這些市場的業務。至於與不同地區相關的，它與我們過去所說的非常相似。去年亞洲已經趨於穩定。

We're starting to see different areas of growth. Europe also stabilized in different pockets of growth. And I think the one market or one region where we continue to see some challenges is Latin America. And I think for our business in Brazil, I think we've really stabilized. We're starting to see some growth, but the market itself continues to be challenging.

我們開始看到不同的成長領域。歐洲不同成長領域也趨於穩定。我認為我們繼續面臨一些挑戰的一個市場或地區是拉丁美洲。我認為我們在巴西的業務已經真正穩定下來。我們開始看到一些成長，但市場本身仍然充滿挑戰。

Okay. That's very helpful. And then I want to dig in a little bit more on Preserve. Congrats on launching that in some countries. You mentioned it could be market expanding.

好的。這非常有幫助。然後我想更深入地探討一下 Preserve。恭喜您已在一些國家推出此項服務。您提到這可能是市場擴張。

I'd love to hear a little bit more about how that population, how you sort of characterize that implant population and how it's being positioned versus Motiva? And also any time lines you might give us for both Mia and Preserve in the U.S., if you can?

我很想進一步了解該人群的情況，您如何描述植入物人群以及它與 Motiva 相比的定位如何？另外，如果可以的話，您能給我們提供 Mia 和 Preserve 在美國的時間安排嗎？

Okay. Yes. So I'll start off with Preserve. So it's actually -- we've gotten very strong response where we rolled it out in Dusseldorf, also in Brazil as well as in Colombia most recently. What we're seeing is and what we have really positioned, it's really for day-to-day use.

好的。是的。因此我將從 Preserve 開始。所以實際上——我們在杜塞爾多夫、巴西以及最近在哥倫比亞推出這項服務時得到了非常強烈的反響。我們所看到的以及我們真正定位的是，它確實適合日常使用。

So really leveraging the technology of Mia, the minimally invasive approach, but it really expands the market opportunity by continuing to have for the day-to-day use. What we are seeing in some of the markets is there's such strong interest that I think we're able to attract more consumers to this area and actually bring in increased market share as well. And then as it relates in terms of timing, I'll let JJ add a little bit more to the Preserve and the launch.

因此，真正利用 Mia 技術，即微創方法，但它確實透過繼續日常使用擴大了市場機會。我們看到一些市場表現出如此濃厚的興趣，我認為我們能夠吸引更多的消費者到這個地區，實際上也能帶來更大的市場份額。然後，就時間而言，我會讓 JJ 對保護區和發布會進行一些補充。

Yes. I think it's important to realize that we are currently in the supplement in the United States for additional sizes to Motiva SmoothSilk Round and Motiva SmoothSilk Ergonomix. So we are working through the additional supplements that we talked about back in January. So the potential is that one of those supplements will include the tools necessary to be able to perform Mia and eventually as well as Preserve in the United States. OUS, I think it's going to be mostly in select countries in Latin America and EMEA first.

是的。我認為重要的是要認識到，我們目前正在美國補充 Motiva SmoothSilk Round 和 Motiva SmoothSilk Ergonomix 的附加尺寸。因此，我們正在研究一月份討論過的額外補充內容。因此，這些補充劑之一可能會包含在美國執行 Mia 以及最終執行 Preserve 所需的工具。OUS，我認為它將首先主要在拉丁美洲和歐洲、中東和非洲地區的部分國家開展。

And I think perhaps later this year, we'll see some additional markets in Asia Pacific.

我認為也許今年晚些時候，我們將看到亞太地區的一些其他市場。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

Peter, congrats on the confirmation of the [CEO seat]. That's great news. I was hoping to just initially touch on the U.S. launch, very strong signals, strong metrics, and you called out meaningfully exceeding $35 million guidance that's on the table. Maybe just talk about the strategy.

彼得，恭喜你確認[執行長席位]。這真是個好消息。我希望先談談美國市場的發布，非常強烈的訊號，強勁的指標，而且您還提到了超過 3500 萬美元的指導金額。也許只是談論策略。

I think it's just conservatism and you've mentioned that, but maybe talk more about the strategy of keeping the guidance where it is despite the first four months of the year outpacing that range.

我認為這只是保守主義，你已經提到了這一點，但也許可以更多地談談保持指導不變的策略，儘管今年前四個月的增長速度超過了這一範圍。

Yes. So thanks. I mean, as we mentioned, we're very happy with the performance in the U.S. I mean, it's all the metrics that we laid out. We've been exceeding what we had originally forecast.

是的。所以謝謝。我的意思是，正如我們所提到的，我們對美國的表現非常滿意。我的意思是，這符合我們列出的所有指標。我們已超出了最初的預測。

So we're very pleased with the launch. And I think the real drivers for that is we have a best-in-class organization. We have a superior product, superior safety profile, and we're also investing in terms of driving the business with the Meghan Trainor program. So we see a lot of opportunities to continue to expand that. I think we're going to continue to see sequential growth.

因此我們對此次發布感到非常高興。我認為真正的驅動力是我們擁有一流的組織。我們擁有優質的產品和卓越的安全性，我們也正在透過 Meghan Trainor 計畫投資推動業務發展。因此，我們看到了許多繼續擴大這一範圍的機會。我認為我們將繼續看到連續成長。

And we're trying to be conservative in terms of how we're managing our guidance, but all the performance to date is exceptionally good, and it's exceeding what we had originally thought in terms of when we launched the product.

我們在管理指導方面盡量保持保守，但迄今為止的所有表現都非常好，並且超出了我們最初推出產品時的預期。

Excellent. Just one more question on the U.S. Motiva launch. Just what are you guys seeing in the field in terms of competitive response? Anything to call out, any competitive pricing or any pipeline products from competitors that are on your radar?

出色的。關於 Motiva 在美國的發布，我還有一個問題。就競爭反應而言，你們在該領域看到了什麼？有什麼需要注意的嗎？有任何有競爭力的定價嗎？或有任何來自您關注的競爭對手的管道產品嗎？

Yes. I mean -- yes. So I think in terms of the competitive response, we haven't seen anything I would say, significant. There has been some pockets of price discounting. But in a lot of cases, that's when already the clinic has converted to Motiva.

是的。我的意思是——是的。因此我認為，就競爭反應而言，我們還沒有看到任何重大的進展。已經出現了一些價格折扣。但在很多情況下，診所已經轉用 Motiva 了。

So it hasn't really had an impact. But so far, I think the competitive response has not been that significant, and we will continue to monitor it, and we'll make adjustments if things do change. But so far, it's been very positive for us. We're ready for the next question, operator. Matt, you're there?

所以它實際上並沒有產生影響。但到目前為止，我認為競爭反應還沒有那麼顯著，我們會繼續關注，如果情況發生變化，我們會做出調整。但到目前為止，對我們來說一切都非常積極。接線員，我們已準備好回答下一個問題。馬特，你在那裡嗎？

Mike Matson, Needham & Company.

麥克‧馬森 (Mike Matson)，Needham & Company。

I guess to start with one on the U.S. sales force. I think you said before it was around 40 reps. So is that still the case? And just talk about your plans to maybe expand that this year into next year?

我想先從美國銷售隊伍說起。我認為你之前說過大約是 40 次。那麼情況仍然如此嗎？能否談談您今年和明年是否計劃擴大這一範圍？

Yes. So as we mentioned before, we are at 40 reps. What we also highlighted in the previous earnings call is that we will be expanding that in certain markets, certainly, the larger cities where we've had good penetration like New York and South Florida, we're going to be adding additional reps throughout the course of the year. As we go into 2026, as a part of our planning process, we're going to continue to evaluate and look at increasing the number of reps. Certainly, we do not have any white spaces, but it's a pretty broad coverage that some of the reps have to handle in terms of the territory.

是的。正如我們之前提到的，我們重複了 40 次。我們在先前的財報電話會議上也強調，我們將在某些市場擴大業務，當然，在紐約和南佛羅裡達州等我們已經有良好滲透率的大城市，我們將在全年增加更多的銷售代表。當我們進入 2026 年時，作為我們規劃過程的一部分，我們將繼續評估並考慮增加代表的數量。當然，我們沒有任何空白，但覆蓋範圍相當廣泛，一些銷售代表必須處理該領域。

So we're going to look at adding more reps during the course of the year. And obviously, we're going to be doing this in a very financially prudent manner. So making sure that there is an opportunity for that. Also looking at -- when we look at the innovation coming down the line, making sure we have the right sales support to drive that business into 2026 and beyond.

因此，我們將考慮在今年增加更多的代表。顯然，我們將以非常審慎的財務方式來做這件事。因此要確保有這樣的機會。當我們展望未來的創新時，我們也要確保我們有正確的銷售支援來推動該業務進入 2026 年及以後。

Okay. Got it. And then just Flora, I wondering if you could give us some feedback on how things are going in the U.S., what you're hearing from the surgeons?

好的。知道了。然後，弗洛拉，我想知道您是否可以給我們一些關於美國情況的回饋，以及您從外科醫生那裡聽到了什麼？

Yes. So I mean, Flora is going well. Our -- obviously, our priority with the launch in the U.S. is around the augmentation with Motiva. We strategically in each of the territories have been identifying or trying to onboard at least one or two major clinics that will help us drive that Flora business.

是的。所以我的意思是，弗洛拉一切順利。顯然，我們在美國推出產品的首要任務是增強 Motiva 的功能。我們在每個地區都有策略性地尋找或嘗試與至少一到兩家大型診所合作，以幫助我們推動 Flora 業務。

But it really gives us a foundation. So once we do get the recon indication that we'll have a good foothold and continue to expand it. So what we're getting in terms of the performance of Flora is very positive. Clearly, we don't have the reconstruction indication, which kind of limits the potential there. But what we're seeing so far has been very positive.

但它確實為我們提供了基礎。因此，一旦我們獲得偵察跡象，我們就會有一個良好的立足點並繼續擴大它。因此，就 Flora 的表現而言，我們得到的評價非常正面。顯然，我們沒有重建的跡象，這在某種程度上限制了那裡的潛力。但到目前為止我們看到的情況都是非常正面的。

Allen Gong, JPMorgan.

摩根大通的艾倫龔（Allen Gong）。

Just like starting off, I had a quick question just on the spend profile. I think this quarter, you came in a little bit better than expected, especially on the SG&A front. You had previously talked to, give or take, $45 million, $46 million of operating spend per quarter. Is that still kind of the right place to be going forward? Or given, as you mentioned, first quarter is a little bit heavily weighted because of the U.S.

就像剛開始一樣，我有一個關於支出概況的簡單問題。我認為本季的表現比預期好一些，尤其是在銷售、一般及行政開支方面。您之前曾談到每季營運支出約為 4500 萬美元至 4600 萬美元。這仍然是我們繼續前進的正確方向嗎？或者，正如您所說，第一季由於美國的影響而承受了較大的壓力。

launch, we could actually see improvement over the rest of the year?

推出後，我們實際上可以看到今年剩餘時間內的改善嗎？

Allen, that's the way to think about it. So we were a little bit lower in the first quarter. However, there's always some timing questions. So I think modeling at that $45 million to $46 million a quarter is the right way to do it. And as you build out over the course of the year and you see the revenue, particularly driven by the United States doing very well, that's what starts to drive the leverage and allows us to see those EBITDA and cash flow improvements we're expecting over the balance of the year.

艾倫，這就是思考的方式。因此，第一季我們的業績略低一些。然而，總是存在一些時間問題。因此我認為以每季 4500 萬至 4600 萬美元為目標進行建模是正確的方法。隨著一年內業務的不斷增長，您會看到收入不斷增加，尤其是在美國市場表現良好的推動下，這就開始推動槓桿率，並讓我們看到我們預期的全年餘額中的 EBITDA 和現金流改善。

And then I suppose you reiterated the guide during the preannounce, you're kind of reiterating again this quarter. It sounds like the language on the U.S. launch has remained really positive. It's even getting a little bit more positive this quarter. So I guess with FX being now potentially a tailwind to the full year and the U.S.

然後我想您在預告中重申了該指南，您在本季度再次重申了該指南。聽起來有關美國發布的言論仍然非常正面。本季的情況甚至變得更加積極。因此，我認為外匯現在可能會成為全年和美國的順風。

launch seeing such really strong momentum. How should we think about the -- I think kind of the $205 million to $210 million, right? Like how realistic is it that we could see some upside to that range?

看到如此強勁的勢頭。我們應該如何考慮——我認為是 2.05 億美元到 2.1 億美元，對嗎？例如，我們能夠看到該範圍的一些上漲空間有多現實？

Yes, it's a good question. As we've noted on the call, our guidance is intended to be conservative. The Motiva sales in the U.S. are tracking to meaningfully exceed the $35 million, as you noted. Outside the U.S., our expectations are unchanged.

是的，這是個好問題。正如我們在電話中指出的那樣，我們的指導方針是保守的。正如您所說，Motiva 在美國的銷售額預計將大幅超過 3500 萬美元。在美國以外，我們的預期沒有改變。

We're not seeing any slowdown yet. We are choosing to be conservative in our outlook, clearly. It's early in the year. We just don't see any need at this point to raise the guidance. We remain very confident in the outlook we've given.

我們尚未看到任何放緩。顯然，我們選擇在觀點上採取保守態度。現在是年初。我們只是認為目前沒有必要提高指導價。我們對於我們所給予的展望仍然非常有信心。

I'd offer that in an ordinary environment where there wasn't a lot of concerns around the macroeconomic outlook, we would likely take things up, but there's just a lot of uncertainty at this point, and we're just being mindful of that.

我認為，在宏觀經濟前景沒有太多擔憂的正常環境下，我們可能會採取行動，但目前存在著許多不確定性，我們只是注意到了這一點。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

You previously talked about a halo effect that the FDA approval has had. I think you've called out over 100 new account wins OUS related to it. I was curious if you'd just be willing to update us on that dynamic, maybe how it's trended in the U.S. And ultimately, do you have visibility into the number of OUS clinics that maybe state that they only utilize FDA-approved products in their practice just as we kind of think about that opportunity?

您之前談到 FDA 批准產生的光環效應。我認為您已經提到了與此相關的 100 多個新帳戶勝利。我很好奇您是否願意向我們介紹一下這一動態，也許是它在美國的發展趨勢。最後，您是否了解有多少美國診所可能表示他們在實踐中只使用 FDA 批准的產品，就像我們在考慮這個機會一樣？

Yes. So thank you for the question. I mean in terms of the FDA approval, clearly, there's a number of clinics OUS that have communicated that's what was the driver for their resistance. But what we're seeing in each of the markets, we continue to convert a number of these clinics. I don't have the specific number, and it's always difficult to know what's the real reason why they don't convert to our implants, but we're continuing to see strong momentum, especially with all the positive momentum in the U.S.

是的。謝謝你的提問。我的意思是，就 FDA 批准而言，顯然，有許多 OUS 診所已經表示，這就是他們抵制的原因。但我們在每個市場都看到，我們正在繼續轉變一些診所。我沒有具體的數字，而且很難知道他們不改用我們的植入物的真正原因是什麼，但我們繼續看到強勁的勢頭，特別是在美國的所有積極勢頭。

with some of our campaigns and with the surgeons, what they're doing in terms of social media, it continues to really expand the opportunity, and we're seeing a lot more of those clinics converting. But the specific number is really difficult to put a finger on.

透過我們進行的一些活動以及與外科醫生在社群媒體方面所做的事情，它繼續真正擴大了機會，我們看到越來越多的診所實現了轉變。但具體數字確實很難確定。

Okay. That makes sense. And then could you just talk about the different utilization rates you're seeing from surgeons, maybe those who are onboarded earlier in the launch versus more recently? Any color on the ramp you're seeing once new docs get onboarded?

好的。這很有道理。然後，您能否談談您所看到的外科醫生的不同利用率，也許是那些在早期啟動時加入的外科醫生和最近加入的外科醫生？新文件加入後，您會看到坡道上的任何顏色嗎？

Yes. So I think what we're seeing is, obviously, when a clinic or a surgeon first uses Motiva or has accepted Motiva, there's also this consultation period. So it's not always immediate. There is a lag. And once they use Motiva, one of the procedures, you start seeing more and more and quicker conversion.

是的。所以我認為我們看到的是，顯然，當診所或外科醫生首次使用 Motiva 或接受 Motiva 時，也會有這個諮詢期。所以它並不總是立即的。存在滯後。一旦他們使用其中一種程式 Motiva，你就會看到越來越多、越來越快的轉換。

We have a number of accounts that are doing over 100 specific Motiva orders and then some accounts at 50. So we're continuing to see a strong growth as we're in the market and as we start converting more of those clinics and they start using Motiva. So it continues to accelerate.

我們有許多帳戶正在處理超過 100 個特​​定的 Motiva 訂單，還有一些帳戶正在處理 50 個訂單。因此，隨著我們進入市場並開始轉化更多診所並讓他們開始使用 Motiva，我們將繼續看到強勁的成長。因此它繼續加速。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Peter, congratulations. I just want to spend -- I have two questions. One is sort of boring gross margins. I want to make sure that I understand your commentary for 2025. You talked about progressing according to plan.

彼得，恭喜你。我只是想花——我有兩個問題。一是有點無聊的毛利率。我想確保我了解你對 2025 年的評論。您談到了按照計劃進行。

Could you please sort of lay out how we're going to look at this over the next couple of quarters and then use it to jump into 2026 given the tariff environment? And then my second question, which I hope is more interesting. For the accounts that are really engaged and really using Motiva and displacing other products, what are you seeing sort of as a -- if I can ask, peak penetration/market share amongst Motiva versus other products?

您能否闡述我們在接下來的幾季中將如何看待這個問題，然後根據關稅環境如何將其應用於 2026 年？然後是我的第二個問題，我希望它更有趣。對於真正參與並真正使用 Motiva 並取代其他產品的帳戶，您認為 Motiva 與其他產品相比的峰值滲透率/市場份額如何？

I'll take the first one, Joanne. So the big driver behind our gross margin improvement is the United States. And as we've talked about before, the realized price in the U.S. is significantly higher, really more than 2x what we get outside the United States at this point. So as that becomes a larger portion of our mix, it will pull our gross margin higher.

我會選第一個，喬安妮。因此，我們毛利率提高的最大動力是美國。正如我們之前所討論的，美國的實際價格明顯更高，實際上是目前美國以外價格的兩倍多。因此，隨著它在我們的產品組合中所佔的比例越來越大，我們的毛利率也會跟著上升。

And you saw that already in the first quarter. And so as we progress through the year and we see the U.S. being a bigger contributor, you'll naturally see that gross margin going higher. We talked about a 200 basis points to 300 basis points improvement over the course of the year. We're very comfortable with that outlook.

您在第一季就已經看到了這一點。因此，隨著時間的推移，我們看到美國成為更大的貢獻者，你自然會看到毛利率上升。我們談到了全年 200 個基點到 300 個基點的改善。我們對這一前景感到非常滿意。

As it relates to tariffs, as we commented, the way that we import product into the United States, it has very little impact on our overall consolidated gross margin. There are certain rules as you've seen in the tariffs about excluding U.S. sourced raw material into the value you're exporting into the U.S. at. So we have a lot of things we can do to offset the impacts of tariffs.

正如我們所評論的，就關稅而言，我們將產品進口到美國的方式對我們的整體綜合毛利率影響很小。如您所見，關稅中存在某些規則，要求將美國採購的原材料排除在出口到美國的價值之外。因此我們可以做很多事情來抵消關稅的影響。

And so it's really going to be a very little impact on our gross margin trajectory over this year and into next.

因此，這對我們今年和明年的毛利率走勢影響很小。

Yes. In terms of the clinics, what we're seeing is over time, and our expectation is to get close to 100% in terms of the share within that clinic. I think there are -- in certain situations, since we don't have the full metrics or matrix, we don't have all the sizes. So there's still going to be situations where they're going to be using competitive products. But what we're seeing is just almost over time, just close to 100% conversion.

是的。就診所而言，隨著時間的推移，我們預計診所內的份額將接近 100%。我認為——在某些情況下，由於我們沒有完整的指標或矩陣，所以我們沒有所有的規模。因此，他們仍然會使用競爭產品。但我們看到，隨著時間的推移，轉換率幾乎接近 100%。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

Can you hear me okay?

你聽見我說話嗎？

Yes, we can hear you fine.

是的，我們能聽清楚。

Okay. Sorry. So ask a different penetration question. You've talked in the past about some of these other similar markets where over time, you've achieved 40% to 70% share over sort of like a 5-year period. With your early success here in the U.S., are you feeling like you could be at the higher end of that range, the lower end, the middle?

好的。對不起。因此，請問一個不同的滲透問題。您過去曾談到過其他一些類似的市場，隨著時間的推移，您在大約 5 年的時間裡取得了 40% 到 70% 的份額。憑藉您在美國早期的成功，您是否覺得自己可以處於這個範圍的高端、低端還是中間？

Do we not know yet? I'd love for your thoughts on the longer term.

我們還不知道嗎？我很想聽聽你對長期的看法。

Yes, Matt, I mean it's early in the launch, right? So we have to be mindful of that. But all the metrics we're seeing are exceeding our forecast at this point, right? And so clearly, we're tracking very well. Where we end up over time relative to that, we expect to exceed at least dominant share in the market.

是的，馬特，我的意思是現在還處於發布初期，對嗎？所以我們必須注意這一點。但我們現在看到的所有指標都超出了我們的預測，對嗎？顯然，我們的追蹤進展非常順利。隨著時間的推移，我們預計至少會佔據市場的主導份額。

That's what we ascribe to in every market we go into. And so things are going very well. Ultimately, we'll see where we end up, but we have high hopes to get to a dominant share and beyond in the United States.

這是我們進入每個市場時所秉持的理念。事情進展得很順利。最終，我們將看到結果，但我們對在美國佔據主導地位並取得更大份額抱有很高的希望。

And just a follow-up on that guidance. Any different assumptions on Preserve or Mia relative to before?

這只是對該指導的後續行動。與以前相比，對 Preserve 或 Mia 有什麼不同的假設嗎？

Sorry, Matt, can you repeat the question?

抱歉，馬特，你能重複這個問題嗎？

Yes. I was just wondering for your guidance, are there any different assumptions or trends that you would call out for Mia or Preserve relative to before?

是的。我只是想知道您的指導，相對於以前，您對 Mia 或 Preserve 有什麼不同的假設或趨勢嗎？

No, I think we talked about $8 million to $10 million for Mia this year. It's tracking well. Preserve, we hadn't included a tremendous amount of that in our guidance. And so far, it's doing well. Again, still early there.

不，我想我們今年為米婭談了 800 萬到 1000 萬美元。跟踪良好。保留，我們的指導中並沒有包含大量的內容。到目前為止，一切進展順利。再說一遍，現在還早。

So we'll see how that develops over the course of the year. But as we've tried to communicate on this call that so far, the business as it -- through the first quarter is tracking very well. And so the guidance remains where it is. And so far, things are playing out as we expected.

因此，我們將觀察這一情況在今年如何發展。但正如我們在這次電話會議上試圖傳達的那樣，到目前為止，第一季的業務進展非常順利。因此指導意見保持不變。到目前為止，事情的發展正如我們所預期的。

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Congrats on the quarter here. Strong start to the year. Congrats, Pete, on the appointment and lots of luck heading in here. Maybe one on just the U.S. account penetration expectations, obviously, adding at a robust rate with the existing sales force, but also there's intention to add feet on the street.

恭喜本季取得的成績。今年開局強勁。皮特，祝賀你獲得任命，並祝你好運。也許只是對美國帳戶滲透率的預期，顯然，現有銷售團隊將以強勁的速度成長，但也有意圖增加員工數量。

So maybe a recap again, you're exceeding expectations on the number of accounts open and the reorder rates within those accounts. But maybe a refresh, is the target here to eventually get to the top 2,500 plastic surgeon accounts in the United States? And then how quickly do you think you can get kind of everyone where you need to be in terms of reordering within a reasonable time frame? And then I'll have a quick follow-up on Mia.

因此，也許再次回顧一下，您在開設帳戶數量和這些帳戶內的重新訂購率方面超出了預期。但也許需要更新一下，這裡的目標是最終獲得美國排名前 2,500 名的整形外科醫生帳戶嗎？那麼，您認為在合理的時間範圍內，您能多快讓每個人都到達需要重新排序的地方？然後我會快速跟進米婭的情況。

Yes. So thanks for the question. In terms of -- like we said before, and we keep reiterating, the growth and the -- how we're penetrating the U.S. market is exceeding our expectations. And in terms of where we expect to see, we do expect by the end of this year to be close to having that -- the high end of the total number of accounts and also be in a position to continue to get that reordering.

是的。感謝您的提問。就我們之前所說的，並且不斷重申的而言，我們的成長以及我們對美國市場的滲透超出了我們的預期。就我們預期看到的情況而言，我們確實預計到今年年底，帳戶總數將接近這一水平，並且能夠繼續重新排序。

So I think we're making progress in that area. We will -- as I mentioned before, in terms of the sales force, we'll continue to add sales force in the markets where we want to add additional penetration, making sure we get the right coverage. So in terms of how we're tracking, it's exactly not only just what we expected, but it's far exceeding what those expectations were.

所以我認為我們在該領域正在取得進展。正如我之前提到的，就銷售隊伍而言，我們將繼續在我們想要增加滲透率的市場中增加銷售隊伍，以確保我們獲得正確的覆蓋範圍。因此，就我們的追蹤方式而言，它不僅僅是我們所預期的，而且遠遠超出了我們的預期。

And then the Mia accounts in Europe, it seems like good movement in the right direction. I think the viewpoint there was per Mia account, you can eventually get up to [$1 million] in production at those sites, just considering the premium offering and end-to-end sort of solution. Is that still the same way to think about it? Do you have any of the Mia accounts on track to meet that [$1 million] level per year in contribution? Congrats again.

然後是歐洲的 Mia 帳戶，這似乎是朝著正確方向邁出的良好步伐。我認為，根據 Mia 的說法，只要考慮到優質服務和端到端解決方案，你最終可以在這些站點獲得高達 [100 萬美元] 的生產收入。還是以同樣的方式思考嗎？您是否有任何 Mia 帳戶能夠達到每年 [100 萬美元] 的供款水準？再次恭喜。

Yes. So we keep on making progress in terms of the number of accounts. We were up to 75 accounts at the end of the first quarter. We continue to expand and add additional accounts. We're now in 42 cities.

是的。因此我們在帳戶數量方面不斷取得進展。第一季末，我們的帳戶數已達 75 個。我們將繼續擴大並添加更多帳戶。目前我們的業務已覆蓋 42 個城市。

In terms of the performance, we have two accounts that are actually at $1 million a month, and they're progressing very well, and it takes time to get there. But we continue to see that as a good projection for how we're performing with Mia.

從業績來看，我們有兩個帳戶的月收入實際上達到了 100 萬美元，而且進展非常順利，但要達到這個目標還需要時間。但我們仍然認為這很好地反映了我們與 Mia 合作的成果。

Thank you. This is all the time we have for questions today. I'd like to turn the floor back to Peter Caldini for any closing comments.

謝謝。今天我們回答問題的時間就到這裡了。我想把發言權交還給 Peter Caldini，請他發表最後評論。

Yes. Thank you, operator. We look forward to seeing everybody at our Analyst Meeting on June 12 and at the Jefferies Conference on June 4. And once again, thank you, everybody, for joining the call.

是的。謝謝您，接線生。我們期待在 6 月 12 日的分析師會議和 6 月 4 日的 Jefferies 會議上見到大家。再次感謝大家參加此次電話會議。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。現在您可以斷開線路。再次感謝您的參與。