Establishment Labs Holdings Inc (ESTA) 2025 Q2 法說會逐字稿

Good morning. Welcome to Establishment Labs' second-quarter 2025 earnings call.

早安.歡迎參加 Establishment Labs 2025 年第二季財報電話會議。

(Operator Instructions) As a reminder, today's call is being recorded.

（操作員指示）提醒一下，今天的通話正在被錄音。

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

現在我將把電話轉給財務長 Raj Denhoy。請繼續。

Thank you, operator. Thank you, everyone, for joining us.

謝謝您，接線生。謝謝大家的參與。

With me today is Peter Caldini, our Chief Executive Officer. Following our prepared remarks, we'll take your questions.

今天和我一起的是我們的執行長 Peter Caldini。在我們準備好發言之後，我們將回答您的問題。

Before we begin, I would like to remind you that comments made by management during this call will include forward-looking statements within the meaning of Federal Securities Laws. These include statements on Establishment Labs' financial outlook and the company's plans and timing for product development and sales.

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 establishlabs.com.

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。有關可能影響我們業績或導致實際結果與這些聲明存在重大差異的主要風險因素和不確定因素的討論，我建議您查看我們最新的 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 establishedlabs.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 EBITDA or adjusted EBITDA.

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，包括但不限於銷售業績（可以以固定匯率表示）或公司業務盈利能力（可以以 EBITDA 或調整後的 EBITDA 表示）。

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.

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。

The content of this conference call contains time-sensitive information accurate only as of the date of this live broadcast, August 7, 2025. 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.

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 8 月 7 日。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。

With that, it is my pleasure to turn the call over to Peter.

說完這些，我很高興將電話轉給彼得。

Thank you, Raj.

謝謝你，拉傑。

Revenue in the second quarter totaled $51.3 million, a growth of 16% over last year. Our second-quarter sales included $10.3 million in the United States, exceeding the $9.5 million to $10 million range we provided at our Investor Day in early June.

第二季營收總計5,130萬美元，較去年同期成長16%。在我們第二季的銷售額中，美國的銷售額為 1,030 萬美元，超過了我們在 6 月初投資者日提供的 950 萬至 1,000 萬美元的範圍。

With Q2 behind us, we can now comfortably say that our US revenue will exceed $40 million. With this clarity, we are raising our revenue guidance to $208 million to $212 million for a growth of 25% to 28%.

隨著第二季的結束，我們現在可以輕鬆地說，我們在美國的收入將超過 4000 萬美元。基於此明確性，我們將營收預期上調至 2.08 億美元至 2.12 億美元，成長率為 25% 至 28%。

It's also worth noting that our US sales momentum has carried into Q3. We are expecting sequential growth from Q2 to Q3 in the United States despite the traditional Q3 lull in plastic surgeries.

另外值得注意的是，我們在美國的銷售動能延續到了第三季。儘管第三季美國整形手術傳統上處於低迷狀態，但我們預計第二季至第三季美國整形手術將持續成長。

We continue to make good progress on improving our operating profitability and cash flow. Our adjusted EBITDA loss for the quarter was $8.5 million, an improvement from the $12.1 million in the first quarter. Our cash use fell to $14.5 million from $21.2 million last quarter. As discussed in our Q1 call, we expect cash use to reduce by approximately $5 million each quarter.

我們在提高經營獲利能力和現金流方面繼續取得良好進展。本季調整後的 EBITDA 虧損為 850 萬美元，較第一季的 1,210 萬美元有所改善。我們的現金使用量從上一季的 2,120 萬美元下降至 1,450 萬美元。正如我們在第一季電話會議上所討論的，我們預計每季現金使用量將減少約 500 萬美元。

Our US business continues to do exceedingly well. We have assembled a best-in-class organization in the US, under the leadership of Jeff Ehrhardt, and we're seeing the results.

我們的美國業務持續表現優異。在傑夫·埃爾哈特 (Jeff Ehrhardt) 的領導下，我們在美國組建了一支一流的組織，我們已經看到了成果。

Our team has successfully leveraged the superior product benefits of Motiva to drive account acquisition and the number of procedures continues to exceed our expectations. We are executing at a high level and should achieve a leadership position in the market.

我們的團隊成功利用 Motiva 卓越的產品優勢來推動帳戶獲取，流程數量不斷超出我們的預期。我們的執行水準很高，應該在市場上取得領導地位。

Outside the US, our results are improving as well. Growth in our direct markets has been a major focus for our team, as we manage these markets within our own organization and have greater economics. We have restructured the OUS organization, reallocated resources, and applied improved operational processes to support our direct markets. We're already seeing the benefits of these changes.

在美國以外，我們的業績也不斷改善。直接市場的成長一直是我們團隊的重點，因為我們在自己的組織內管理這些市場並擁有更大的經濟效益。我們重組了 OUS 組織，重新分配資源，並應用改進的營運流程來支援我們的直接市場。我們已經看到了這些改變帶來的好處。

Excluding the benefit of currency and the acquisition of the Benelux distributor, our European direct market sales increased by approximately 27% this quarter. This reflects a new sales record. We believe these trends will continue.

不計貨幣效益和收購比荷盧三國分銷商的影響，本季我們歐洲直接市場銷售額成長了約 27%。這標誌著一個新的銷售記錄。我們相信這些趨勢將會持續下去。

There is good early demand for Preservé. Mia is tracking to plan. We're seeing an increase in the number of accounts in which we sell. All very good signs for our trajectory.

Preservé 的早期需求良好。米婭正在按照計劃進行。我們發現，我們銷售的帳戶數量正在增加。對於我們的發展軌跡來說，這些都是非常好的跡象。

There is certainly continued areas for improvement. For example, China has been affected by a number of factors. That is a particular focus for the team. We are working with our distribution partner and their investor to ensure success in China. Motiva is the leading implant across Asia. We expect to achieve the same position in China.

肯定還有需要繼續改進的地方。比如，中國就受到多種因素的影響。這是團隊特別關注的重點。我們正在與我們的分銷合作夥伴及其投資者合作，以確保在中國取得成功。Motiva 是亞洲領先的植入物。我們期望在中國取得同樣的地位。

On the operational side, we are focusing our resources on the areas with the most financial potential, like the US and our minimally invasive portfolio. We're reducing expenses in other areas that we can operate as efficiently as possible. This can be seen in the improvement in the EBITDA and cash use we posted this quarter.

在營運方面，我們將資源集中在最具財務潛力的地區，例如美國和我們的微創產品組合。我們正在削減其他領域的開支，以便盡可能有效地運作。從我們本季公佈的 EBITDA 和現金使用情況的改善可以看出這一點。

We expect our first positive EBITDA quarter later this year and remain on track to be cash flow breakeven in 2026.

我們預計今年稍後我們的首個 EBITDA 季度將為正，並且預計在 2026 年實現現金流收支平衡。

As noted, our progress in the United States is tracking well ahead of plan. At our Investor Meeting in June, we confirmed we had reached 1,000 accounts in the US. That number continues to grow.

如上所述，我們在美國取得的進展遠遠超出了計劃。在六月的投資者會議上，我們確認我們在美國已經擁有 1,000 個帳戶。這個數字還在持續成長中。

It is important to remember: there's a difference between procedure share and surgeon share. While there are about 6,500 board-certified plastic surgeons in active practice, a much smaller percentage are responsible for the vast majority of the breast augmentation and revision procedures done each year. To put that in perspective, if the 1,000-plus accounts we currently have were to fully adopt Motiva, we would have approximately 50% of the breast augmentation market in the United States.

重要的是要記住：手術份額和外科醫生份額之間是有區別的。雖然目前有大約 6,500 名委員會認證的整形外科醫生在職，但每年負責絕大多數隆乳和修復手術的人卻很少。從這個角度來看，如果我們目前擁有的 1,000 多個帳戶全部採用 Motiva，我們將佔據美國隆乳市場約 50% 的份額。

The most important factor in increasing surgeon utilization is time and surgeons getting comfortable with the Motiva implant. Once a surgeon gets introduced to Motiva, they follow a typical adoption curve: completing a few cases at first and then, waiting to see the results.

提高外科醫生利用率的最重要因素是時間和外科醫生對 Motiva 植入物的適應程度。一旦外科醫生接觸到 Motiva，他們就會遵循典型的採用曲線：先完成幾個病例，然後等待結果。

Once past that, they will start building Motiva into their consultations. But remember: a busy plastic surgeon could be booking cases out for six months. Further, it's likely that a plastic surgeon will build Motiva into their practice over time. So what starts as two initial cases could become 25% of their business after four months and then, 50% after six months. This is what we're seeing.

一旦過了這一關，他們就會開始將 Motiva 融入他們的諮詢中。但請記住：一位忙碌的整形外科醫生可能會預約六個月的病例。此外，整形外科醫生很可能會隨著時間的推移將 Motiva 融入他們的實踐中。因此，最初的兩個案例可能在四個月後成為其業務的 25%，然後在六個月後成為 50%。這就是我們所看到的。

In short, while some plastic surgeons move their practice to 90%, plus or minus, to Motiva immediately, most take several quarters to get comfortable and to work through previous consultations where a different implant was already selected.

簡而言之，雖然一些整形外科醫生會立即將他們的業務轉移到 Motiva，大約 90%（或多或少），但大多數需要幾個季度才能適應，並完成之前已經選擇了不同植入物的諮詢。

Our team is very focused on high-volume practices as well as industry leaders. Whereas industry leaders used to be defined as the key opinion leaders who spoke frequently on podiums at conferences, it means something quite a bit broader today: there is a new group of surgeons whose podium is social media through platforms like Instagram and TikTok.

我們的團隊非常注重大批量實踐以及行業領袖。過去，行業領袖被定義為在會議講台上頻繁發言的關鍵意見領袖，但如今它的含義更為廣泛：有一群新的外科醫生，他們的講台是透過 Instagram 和 TikTok 等平台的社交媒體。

Establishment Labs is attracting surgeons and patients through our digital and social media efforts. We're seeing the results. Surgeons consistently tell us that patients regularly come in asking for Motiva implants by name, something they have not seen before in the industry. Surgeons also tell us that patients are walking away from the competitor warranties that cover their previous surgeries, instead opting to pay for Motiva implants rather than get replacement implants for free. This behavior is unprecedented in the aesthetics and medical device industry.

Establishment Labs 正在透過我們的數位和社群媒體努力吸引外科醫生和病人。我們正在看到結果。外科醫生不斷告訴我們，患者經常點名要求植入 Motiva 植入物，這是他們在該行業以前從未見過的情況。外科醫生還告訴我們，患者正在放棄競爭對手為其先前的手術提供的保修，而是選擇購買 Motiva 植入物，而不是免費獲得替換植入物。這種行為在美容和醫療器材行業是前所未有的。

Our team continues to add high-volume practices and industry leaders, making Motiva implants more and more available across America. Early data suggests that surgeons who offer Motiva implants are seeing an increase in their business. In other words, as patients carefully choose their surgeon, a new factor in their decision process is the availability of Motiva.

我們的團隊繼續增加大量實踐和行業領導者，使 Motiva 植入物在全美範圍內越來越普及。早期數據表明，提供 Motiva 植入物的外科醫生的業務正在成長。換句話說，當患者謹慎選擇外科醫生時，他們決策過程中的新因素是 Motiva 的可用性。

Our efforts are working. As of this call, the growth trajectory continues. Orders have increased each month from April through June. That trend has continued into the third quarter. As such, we expect to see sequential growth in the third quarter, a period that is seasonally down for the industry.

我們的努力正在奏效。截至本次通話時，成長軌跡仍在繼續。從四月到六月，訂單量每月都在增加。這一趨勢一直持續到第三季。因此，我們預計第三季將出現環比成長，而第三季是該產業的季節性低迷期。

Continued growth in our core business should continue for many years. Our robust pipeline should add to that growth, as well.

我們的核心業務將持續成長多年。我們強大的產品線也應該會促進這一成長。

Our ultimate goal is to have surgeons prefer our implants in all their cases. Our pipeline should help get us there. In early 2026, we should have expanded range of sizes approved by the FDA. This will help drive utilization as well as new surgeons to our products. This is just the start of a cycle of innovation we'll bring to the US market over the next couple of years, led by our minimally invasive portfolio, as well as our efforts in reconstruction.

我們的最終目標是讓外科醫生在所有病例中選擇我們的植入物。我們的管道應該能幫助我們實現這一目標。到 2026 年初，我們應該會擴大 FDA 批准的尺寸範圍。這將有助於推動我們產品的利用率以及吸引新的外科醫生。這只是未來幾年我們將為美國市場帶來的創新週期的開始，以我們的微創產品組合以及重建方面的努力為主導。

In July, we hosted 36 US plastic surgeons in Costa Rica to introduce them to Preservé. Preservé is an advanced, less-invasive breast-enhancement technique designed specifically to preserve natural breast tissue functionality, including nipple sensation and chest muscles. It also provides for a fast post-procedure recovery.

7 月份，我們在哥斯大黎加接待了 36 位美國整形外科醫生，向他們介紹了 Preservé。Preservé 是一種先進的、微創的豐胸技術，專門用於保留乳房組織的自然功能，包括乳頭感覺和胸部肌肉。它還可以促進術後快速恢復。

The Preservé procedure is designed to be performed with minimal anesthesia and uses the Motiva channel separator to create a tunnel without cutting any tissue and the Motiva inflatable balloon, which gently pushes the tissue structure aside to create a precise pocket that matches the size and creates space for the breast implant.

Preservé 手術旨在以最少的麻醉進行，並使用 Motiva 通道分離器在不切割任何組織的情況下創建隧道，並使用 Motiva 充氣球囊輕輕地將組織結構推到一邊，以創建一個與尺寸匹配的精確口袋，並為乳房植入物創造空間。

Many surgeons who attended commented, for the first time in decades, there is a fundamentally different way to perform breast augmentation surgery. Preservé is not just a way to do an existing procedure differently, it is an entirely new procedure with real advantages for many patients.

許多與會的外科醫生評論說，這是幾十年來第一次有一種根本不同的隆乳手術方法。Preservà 不僅是一種以不同方式執行現有程序的方法，它還是一種對許多患者俱有真正優勢的全新程序。

The reception from surgeons who are part of this training has been overwhelmingly positive. It's hard to overstate how meaningful it was to bring together this specific group of surgeons, which not only included some of the highest-volume surgeons in the United States but also current and past leaders of major plastic surgeon societies.

參加此次培訓的外科醫生的反應非常積極。將這群特殊的外科醫生聚集在一起的意義怎麼強調也不為過，他們不僅包括美國最傑出的一些外科醫生，還包括主要整形外科醫生協會的現任和前任領導人。

If you haven't, I would recommend following some of their social media. Their enthusiasm and content is already changing the narrative and conversation around breast implants.

如果您還沒有，我建議您關注他們的一些社交媒體。他們的熱情和內容已經改變了有關隆乳的敘述和討論。

We expect to begin shipping in August so that the early experience group can perform their first Preservé cases. We will collect their feedback to support the launch of Preservé in the US, which we anticipate will be in the first half of 2026. We expect Preservé to command a premium, which will not only add to gross margins but also expand our TAM on a dollar basis, as well.

我們預計將於八月開始發貨，以便早期體驗小組可以執行他們的第一個 Preservé 病例。我們將收集他們的回饋，以支援 Preservé 在美國的推出，我們預計將於 2026 年上半年推出。我們預計 Preservé 將會獲得溢價，這不僅會增加毛利率，還會以美元為基礎擴大我們的 TAM。

Preservé highlights perhaps the most important point. All the technological advancement that has gone into Motiva implants allows for new procedures and techniques that were previously technically inadvisable with competitor devices.

Preservé 強調了也許是最重要的一點。Motiva 植入物的所有技術進步使得以前競爭對手的設備在技術上不可行的新程序和技術成為可能。

For example, we've seen a rise in the use of prepectoral implant procedures, which can offer more natural outcomes and faster recovery time. This has dovetailed nicely with the increasing interest in smaller implants, a trend that was covered recently in the article of Wall Street Journal.

例如，我們看到胸肌前植入手術的使用增加，這種手術可以提供更自然的效果和更快的恢復時間。這與人們對小型植入物日益增長的興趣完美契合，《華爾街日報》最近的文章也報導了這一趨勢。

While Motiva implants have clear benefits across the board in breast procedures, the use of smaller implants in prepectoral positions is a segment which Motiva is uniquely able to support.

雖然 Motiva 植入物在乳房手術的各個方面都具有明顯優勢，但在胸肌前位置使用較小的植入物是 Motiva 能夠獨特支持的一個領域。

In breast reconstruction, our Flora tissue expander is now in use at over 90 hospitals in the United States, with more being added every month. For Motiva implants in reconstruction, we are close to completing the three-year follow-up in this cohort. We will lock the database for a supplement in September and expect to submit for approval and reconstruction before the end of the year.

在乳房重建方面，我們的 Flora 組織擴張器目前已在美國 90 多家醫院投入使用，每月都在增加。對於用於重建的 Motiva 植入物，我們即將完成該群體的三年追蹤。我們將在9月鎖定資料庫進行補充，並預計在年底前提交審批和重建。

Outside the US, we saw sequential growth in all our geographic regions in the second quarter. As I indicated previously, we have taken a number of actions to improve the performance of our direct markets. We are seeing the benefit of these activities.

除美國以外，我們第二季所有地區均實現了連續成長。正如我之前所說，我們已經採取了一系列措施來改善直接市場的表現。我們看到了這些活動的好處。

As previously noted, our European direct markets grew approximately 27% versus last year. Core markets like the UK, Spain, Germany were key drivers for that growth. In our Latin American direct markets, we continue to see stabilization of our Brazilian affiliate and continued strong growth in Argentina.

如前所述，我們的歐洲直接市場較去年增長了約 27%。英國、西班牙、德國等核心市場是這一成長的主要動力。在我們的拉丁美洲直接市場中，我們繼續看到巴西分公司保持穩定，阿根廷繼續保持強勁成長。

These results are being supported by our minimally invasive platforms and by the halo effect of the US approval and initial success. The number of accounts we have in many markets is increasing, clearly a positive sign.

這些結果得到了我們微創平台以及美國批准和初步成功的光環效應的支持。我們在許多市場擁有的帳戶數量正在增加，這顯然是一個積極的信號。

Our distributor markets are generally doing well. Latin American distributors grew double digits in the second quarter. In other regions, the timing of orders to several of our partners impacted results. We believe these are short term and our market position, overall, globally continues to strengthen.

我們的分銷商市場整體表現良好。拉丁美洲分銷商在第二季度實現了兩位數的成長。在其他地區，我們向幾個合作夥伴下訂單的時間影響了結果。我們相信這些都是短期的，我們在全球範圍內的整體市場地位將繼續加強。

For 2025, Mia remains on track to achieve $8 million to $10 million in revenue. Mia is appealing to a new group of women who had not previously considered breast augmentation. We continue to see the strong interest from clinics to offer the procedure.

預計到 2025 年，Mia 的收入將達到 800 萬至 1,000 萬美元。米婭正在吸引一批以前從未考慮過隆乳的新女性。我們持續看到診所對提供該治療程序表現出濃厚興趣。

Preservé also continues to build the momentum outside the US and is going to be a meaningful contributor this year and next. We have clinics in Europe and Latin America already routinely performing this procedure and more being added, regularly.

Preservé 也繼續在美國以外保持勢頭，並將在今年和明年做出有意義的貢獻。我們在歐洲和拉丁美洲的診所已經定期執行此程序，並且還會定期增加更多診所。

With that, I will now turn the call over to Raj.

說完這些，我現在將電話轉給 Raj。

Thank you, Peter.

謝謝你，彼得。

Total revenue for the fourth quarter was $51.3 million, an increase of 16.3% from the year-ago period. Excluding the positive impact of foreign exchange in the quarter, growth would have been approximately 14.3% versus a year ago.

第四季總營收為5,130萬美元，比去年同期成長16.3%。若不計入本季外匯的正面影響，成長率將達到約 14.3%。

Sales from Motiva in the United States were $10.3 million. On a geographic basis, sales in the United States were 20% of the global total. Sales in Europe, Middle East, and Africa were 40% of sales. We saw double-digit year-over-year growth overall in the region. Latin America was 19% of sales with mid-single-digit growth, including stable results in Brazil compared to the first quarter. Asia Pacific was 15% of sales. While we saw sequential growth in the region, results were down year over year, mostly due to China and some one-off timing of orders from other distributors.

Motiva 在美國的銷售額為 1,030 萬美元。從地理來看，美國銷售額佔全球總銷售額的 20%。歐洲、中東和非洲的銷售額佔總銷售額的40%。我們看到該地區整體實現了兩位數的同比增長。拉丁美洲的銷售額佔 19%，實現中等個位數成長，其中巴西的業績與第一季相比保持穩定。亞太地區佔銷售額的 15%。雖然我們看到該地區的連續成長，但業績同比下降，主要原因是中國和其他分銷商的一些一次性訂單。

Our gross profit for the second quarter was $35.3 million or 68.8% of revenue, a 320 basis points increase compared to the 65.6% of revenue for the same period in 2024 and 160 basis points higher than the 67.2% in the first quarter of this year. The increase reflects the higher margin sales in the United States. We continue to expect gross margins in 2025 will be approximately 200 basis points to 300 basis points higher compared to 2024.

我們第二季的毛利為 3,530 萬美元，佔營收的 68.8%，與 2024 年同期的 65.6% 相比增加了 320 個基點，比今年第一季的 67.2% 高出 160 個基點。這一增長反映了美國更高的銷售利潤率。我們繼續預期 2025 年的毛利率將比 2024 年高出約 200 個基點至 300 個基點。

As it relates to tariffs, the duties on goods imported from Costa Rica to the United States is expected to result in less than a 50 basis points gross margin impact on a consolidated basis and do not change our trajectory for margin improvement this year.

就關稅而言，預計從哥斯達黎加進口到美國的商品的關稅將對合併基礎上的毛利率產生不到 50 個基點的影響，並且不會改變我們今年利潤率改善的軌跡。

SG&A expenses of $44.2 million were approximately $11.4 million higher than in the second quarter of 2024. R&D expenses for the second quarter were $5.2 million.

銷售、一般及行政費用為 4,420 萬美元，比 2024 年第二季高出約 1,140 萬美元。第二季研發費用為520萬美元。

Total operating expenses for the second quarter increased approximately $11.1 million from the year-ago period to $49.4 million. The increase in operating expenses this quarter was due primarily to the ramp-up of commercial activity in the United States, including the Meghan Trainor campaign where the majority of the expenses fell in 2Q, as well as higher shipping costs.

第二季總營運費用較去年同期增加約 1,110 萬美元，達到 4,940 萬美元。本季營運費用的增加主要是由於美國商業活動的增加，包括梅根·崔娜 (Meghan Trainor) 宣傳活動，該活動的大部分費用在第二季度下降，以及運輸成本的增加。

Shipping costs were the result of shipments sent by air in the second quarter to the US and other markets to match the stronger demand. We also saw higher last-mile shipping costs in the US on the higher volume of sales. We expect operating expenses will moderate in the second half of the year.

運輸成本是由於第二季度為了滿足更強勁的需求而透過空運向美國和其他市場發貨的結果。我們還發現，由於美國銷售量增加，最後一哩的運輸成本也隨之增加。我們預計下半年營運費用將會下降。

For 2025, we continue to expect operating expenses will be approximately $45 million to $46 million on average per quarter, which is where we are trending through the first half of the year. So as we saw in the first and second quarters, there can be fluctuations based on the timing of expenses.

到 2025 年，我們仍然預計平均每季的營運費用約為 4,500 萬至 4,600 萬美元，這也是我們上半年的趨勢。因此，正如我們在第一季和第二季看到的那樣，根據支出的時間安排，可能會出現波動。

Adjusted EBITDA was a loss of $8.5 million, an improvement from the $12.1 million in the first quarter. We expect to see further improvement into 3Q and to reach our first EBITDA positive quarter this year.

調整後的 EBITDA 虧損 850 萬美元，較第一季的 1,210 萬美元有所改善。我們預計第三季將進一步改善，並實現今年第一個 EBITDA 為正的季度。

Our cash in the second quarter was $14.5 million, which is down from $21.2 million in the first quarter. As we have noted previously, the first half of 2025 should be higher for us in terms of cash use, as we funded investments in the US commercial platform as well as increases in working capital to support the strong demand.

我們第二季的現金為 1,450 萬美元，低於第一季的 2,120 萬美元。正如我們之前所指出的，2025 年上半年我們的現金使用量應該會更高，因為我們為美國商業平台的投資提供了資金，並增加了營運資金以支持強勁的需求。

Cash use is expected to come down by approximately $5 million a quarter for the next several quarters, including an expectation of approximately $10 million in the third quarter. We expect to get to cash flow positive in 2026 without the need for any further equity raises.

預計未來幾季的現金使用量每季將下降約 500 萬美元，其中第三季預計將下降約 1,000 萬美元。我們預計 2026 年現金流將為正，無需進一步增加股權。

Our cash position on June 30 was $54.6 million. We have an additional $25 million still available under our credit facility, putting our total accessible cash balance at approximately $80 million.

截至 6 月 30 日，我們的現金狀況為 5,460 萬美元。我們的信貸額度下還有 2500 萬美元可用，使我們的總可用現金餘額達到約 8000 萬美元。

As a reminder: our current credit facility is approaching the last year of the term. We are exploring refinancing options that could further reduce our cash use over the coming quarters.

提醒一下：我們目前的信貸額度即將達到期限的最後一年。我們正在探索再融資方案，以進一步減少未來幾季的現金使用。

We are increasing our revenue guidance for 2025 to a range of $208 million to $212 million from the previous $205 million to $210 million. Our new outlook represents growth of 25% to 28% and includes an expectation of at least $40 million in US Motiva sales and single-digit growth outside the United States.

我們將 2025 年的營收預期從先前的 2.05 億美元至 2.1 億美元上調至 2.08 億美元至 2.12 億美元。我們的新展望代表著 25% 至 28% 的成長，其中包括預計美國 Motiva 的銷售額至少為 4,000 萬美元，美國以外地區的銷售額將實現個位數成長。

US is the primary engine of growth this year. But our direct markets outside the United States are also doing well.

美國是今年成長的主要引擎。但我們在美國以外的直接市場也表現良好。

We're making good progress in leveraging our operating expenses and improving cash flow. We continue to forecast our first EBITDA positive quarter this year and remain confident that we will reach cash flow breakeven in 2026.

我們在利用營運費用和改善現金流方面取得了良好進展。我們繼續預測今年第一個 EBITDA 為正的季度，並有信心在 2026 年實現現金流收支平衡。

I will now turn the call back to Peter.

我現在將電話轉回給彼得。

Thank you, Raj.

謝謝你，拉傑。

Just last week, we announced that our Motiva Flora SmoothSilk Tissue Expander won both the Innovation and the Safety Awards in the 2025 Medical Device Network Excellence Awards. In its announcement, the organization noted this dual category win establishes Motiva Flora as a benchmark in the breast reconstructive surgery.

就在上週，我們宣布我們的 Motiva Flora SmoothSilk 組織擴張器在 2025 年醫療器材網路卓越獎中同時榮獲創新獎和安全獎。該組織在公告中指出，此次雙重類別的勝利確立了 Motiva Flora 作為乳房重建手術的標竿地位。

Our innovations are brought to market through years of hard work. This recognition is a testament to the passion and dedication of the many people who work at Establishment Labs.

我們經過多年的努力才將創新推向市場。這項認可證明了 Establishment Labs 眾多員工的熱情和奉獻精神。

Our company remains focused on four main priorities this year: driving growth in the US, the ongoing launch of our minimally invasive portfolio, increasing efficiency and profitability across the organization, and advancing our innovation pipeline. We are making progress on all fronts.

我們公司今年仍專注於四大重點：推動美國的成長、持續推出我們的微創產品組合、提高整個組織的效率和獲利能力以及推進我們的創新管道。我們在各方面都取得了進展。

We are advancing to profitability through growth and continued operational efficiencies. We have a number of key growth drivers for the rest of 2025 and for many years to come. Higher surgeon utilization and adding accounts in the United States will drive growth for the rest of this year and into next. Approval of additional sizes will accelerate in both these areas.

我們正在透過成長和持續的營運效率來實現盈利。我們在 2025 年剩餘時間以及未來許多年裡擁有一些關鍵的成長動力。美國外科醫生利用率的提高和帳戶的增加將推動今年剩餘時間和明年的成長。這兩個領域對額外尺寸的批准將會加速。

Having our indication for breast reconstruction in the US will also be a considerable growth driver. Preservé will create a premium offering around the world and help expand our TAM on a dollar basis, as well as contribute gross margin expansion. Mia helps expand our TAM on a patient basis.

在美國，我們的乳房重建指徵也將成為重要的成長動力。Preservé 將在全球提供優質產品，並協助我們以美元為基礎擴大 TAM，同時促進毛利率的擴大。Mia 幫助我們在患者基礎上擴大 TAM。

Reaching profitability this year and cash flow breakeven next year are significant milestones for us, as an organization. With our differentiated technologies and market position, being cash-generating and self-sustaining affords us a very unique opportunity to drive significant shareholder value for many years to come.

作為一個組織，今年實現盈利和明年實現現金流收支平衡對我們來說都是重要的里程碑。憑藉我們差異化的技術和市場地位，我們能夠產生現金並自我維持，這為我們提供了一個非常獨特的機會，可以在未來許多年內推動股東創造巨大的價值。

Operator, we're ready to take your questions.

接線員，我們已準備好回答您的問題。

(Operator Instructions)

（操作員指示）

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

Nice quarter. It's great to see the positive 2025 revenue guidance upgrade and hear about the continued momentum in the US Motiva launch.

不錯的季度。很高興看到 2025 年收入預期的積極提升，並聽到美國 Motiva 推出的持續勢頭。

I think you guys touched on most of the points in the guidance update. But maybe if you could fine-tune or share some more details around assumptions baked into the upgrade, at least $40 million in US Motiva revenues and single-digit international sales. But anything regional you can share?

我認為你們已經觸及了指導更新中的大部分要點。但如果您能對升級中的假設進行微調或分享更多細節，那麼 Motiva 的美國收入至少為 4000 萬美元，國際銷售額則為個位數。但是您可以分享一些地區性的東西嗎？

Peter, you talked about some headwinds in China. I would love to hear more about that and how we should be thinking about revenue in China in the second half.

彼得，你談到了中國面臨的一些阻力。我很想聽到更多有關這方面的信息，以及我們應該如何考慮下半年在中國的收入。

Josh, thanks for the question.

喬希，謝謝你的提問。

Yeah. As you noted, we are seeing very strong results in the US. The continued momentum we're seeing in surgeon adoption and the utilization is giving us the confidence to raise the US outlook to at least $40 million. That's really the basis of the comfort in raising the global outlook to $208 million to $212 million, as I mentioned.

是的。正如您所說，我們在美國看到了非常強勁的業績。我們看到外科醫生採用和利用的持續勢頭讓我們有信心將美國的前景提高到至少 4000 萬美元。正如我所提到的，這確實是將全球前景提升至 2.08 億美元至 2.12 億美元的基礎。

Outside the US, the direct markets are doing very well. As we noted in the prepared remarks, our European direct markets were up about 27% on an underlying basis so very strong results there.

在美國以外，直接市場表現非常好。正如我們在準備好的演講中指出的那樣，我們的歐洲直接市場基本上上漲了約 27%，因此業績非常強勁。

Our distributor markets are performing to expectations, with the exception of China. As we highlighted in the prepared remarks, that market has been a little bit more challenging this year. We have taken China out of the guidance for the second half of the year.

除中國外，我們的經銷商市場表現均符合預期。正如我們在準備好的發言中所強調的那樣，今年該市場面臨的挑戰更大一些。我們已將中國排除在今年下半年的業績預測之外。

Yeah. Josh, thanks for the question.

是的。喬希，謝謝你的提問。

Just to add a little bit more context to the business in China, for us, I think the business is performing below expectations. A lot of that is driven by the market environment.

為了進一步了解中國的業務，我認為我們的業務表現低於預期。這在很大程度上是由市場環境所驅動的。

You're seeing declines across a number of consumer segments. Aesthetics, in particular, is under pressure. Basically, also, where we're positioned in the premium segment, we're seeing a lot of challenges there.

您會看到多個消費領域都出現了下滑。美學尤其面臨壓力。基本上，我們在高端市場中定位，也面臨許多挑戰。

But we also feel that our distributors experience some challenges in terms of scaling up their commercial operations. We expect to be further along at this point in the launch in terms of building out their commercial capabilities, in terms of productivity in the hospitals that they're in.

但我們也感覺到我們的經銷商在擴大商業營運方面面臨一些挑戰。我們期望在推出的這個階段，在建立其商業能力以及其所在醫院的生產力方面取得進一步進展。

So this is a big focus for us. We work very closely with our partner in China. We're still very confident that we are going to achieve the same leadership position in China that we have throughout Asia. It's just that the ramp-up is going to be a little bit slower. We're reflecting that in the guidance.

所以這是我們關注的重點。我們與中國的合作夥伴密切合作。我們仍然非常有信心，我們將在中國取得與整個亞洲相同的領導地位。只是成長速度會稍微慢一些。我們在指導中反映了這一點。

But as Raj mentioned, continuing to do very well in the US. We're continuing to see that momentum in Q3.

但正如 Raj 所提到的，在美國繼續表現良好。我們在第三季繼續看到這種勢頭。

The direct markets are doing well. That's been a priority for us. These are markets that we see significant growth opportunities. And these are areas where we have our own organizations and I think also, opportunities for growth. So we're very pleased with those growth. I think that's reflected in the numbers. Also, we're being cautious about the current situation in China.

直接市場表現良好。這對我們來說一直是優先事項。我們看到這些市場存在著巨大的成長機會。在這些領域我們有自己的組織，我認為這些領域也存在成長機會。因此，我們對這些成長感到非常滿意。我認為這已反映在數字上。此外，我們對中國當前的局勢持謹慎態度。

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Peter, really helpful commentary on the utilization trends in the US, as surgeons gain more experience and work through the existing consultations that they had prior.

彼得，關於美國利用趨勢的評論確實很有幫助，因為外科醫生獲得了更多的經驗，並透過他們之前的現有會診開展工作。

As I think about the growth trajectory going forward, is it fair to assume that we could actually see an acceleration -- a hockey stick type of an inflection, at some point -- as that utilization starts to build and they work through their order book? How should we think about timing of when that could happen?

當我思考未來的成長軌跡時，是否可以公平地假設，隨著利用率開始提高並且他們開始完成訂單，我們實際上可以看到加速——某種程度上的曲棍球棒式拐點？我們該如何考慮這種情況何時會發生？

Yeah. Thanks, Sam.

是的。謝謝，山姆。

As we highlighted in the prepared remarks, we continue to make great progress in the US market. We continue to add additional accounts. Even going into Q3, which is a slower part of the season, we continue to build that momentum.

正如我們在準備好的演講中所強調的那樣，我們在美國市場繼續取得巨大進展。我們將繼續新增其他帳戶。即使進入本賽季較為緩慢的第三季度，我們仍繼續保持這種勢頭。

I think as most accounts, it varies by account. That, I highlighted in the prepared statement. But what we are seeing is we've been able to capture a number of accounts.

我認為與大多數帳戶一樣，它因帳戶而異。我在準備好的聲明中強調了這一點。但我們看到的是，我們已經能夠捕獲大量帳戶。

I think we have over 40 accounts that have already done over 100 orders, year to date. Some have actually reached 200. So I think it's going to continue to progress in the same type of trajectory.

我認為，今年迄今為止，我們已經有超過 40 個帳戶完成了超過 100 個訂單。有些甚至已經達到200。所以我認為它將繼續按照同樣的軌跡發展。

As we add accounts, the original accounts that are moving up the adoption curve, which varies by clinic, you're going to see acceleration as well. I don't think there's necessarily going to be a hockey stick, per se. I think you're just going to see continued gradual growth as we add new accounts; as well as some of the accounts that we've already added are moving up the adoption curve.

隨著我們增加帳戶，原始帳戶的採用曲線會隨著診所的不同而上升，您也會看到加速。我認為就其本身而言，不一定會出現曲棍球棒。我認為，隨著我們增加新帳戶，您將會看到持續的逐步成長；而且，我們已經添加的一些帳戶的採用曲線也在上升。

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Congrats on a great quarter here and a solid launch on Motiva. One on US. One on OUS.

恭喜本季度取得優異成績並祝賀 Motiva 取得圓滿成功。一個在美國。一個在 OUS 上。

On the US side, when we think about just the rate of physician adds, it's been quite rapid since the FDA clearance last year. What does the trajectory look like from here, when we just think about new site openings? At what point do you think this turns into more of a penetration story into those accounts, rather than new site adds?

在美國方面，當我們只考慮醫生增加的速度時，自去年 FDA 批准以來，這一速度一直非常快。當我們只考慮新站點的開設時，從這裡開始的軌跡是什麼樣的？您認為什麼時候這會變成對這些帳戶的滲透故事，而不是新網站的添加？

And then, I'll have a follow-up question on OUS.

然後，我將問一個關於 OUS 的後續問題。

Yeah. Thanks, Anthony.

是的。謝謝，安東尼。

As we highlighted, we continue to get more accounts. We highlighted in our Investor Day, we've reached 1,000 accounts. We continue to add to that.

正如我們所強調的，我們將繼續獲得更多帳戶。我們在投資者日強調，我們的帳戶數量已達到 1,000 個。我們將繼續對此進行補充。

In terms of the growth moving forward, a little bit more of our focus, I would say, at this point, is actually enhancing the utilization rate in the accounts that we do have. But we still see opportunities to add additional accounts, especially as we expand our salesforce. But I think that's going to be the focus as we move forward.

就未來的成長而言，我想說，目前我們更多的關注點實際上是提高我們現有帳戶的利用率。但我們仍然看到增加更多帳戶的機會，特別是在我們擴大銷售團隊的時候。但我認為這將成為我們前進的重點。

Just a quick follow-up there. You've had some competitors report in the aesthetic space and there's a little bit of pressure on the consumer end, certainly not seeing it in the Motiva numbers here. But just where do you think the underlying US breast augmentation is? In other words, is there another leg here to unlock, once the consumer stabilizes?

這只是一次快速的跟進。您已經從美學領域的一些競爭對手那裡得到了報告，消費者方面面臨一些壓力，但這在 Motiva 的數據中肯定看不到。但您認為美國隆乳的根本原因究竟在哪裡呢？換句話說，一旦消費者穩定下來，是否還有另一個支柱可以解鎖？

And then, quickly, on the OUS, just wondering how much revenue was impacted by the shipping delays you referenced there in APAC, specifically?

然後，快速地，關於美國以外地區，我只是想知道您提到的亞太地區的運輸延誤具體對收入產生了多大影響？

Okay. I think what we're seeing, Anthony, as it relates to the US market is we haven't seen a slowdown in the breast aesthetics augmentation market. We're continuing to see good growth. I think some of that is driven because we are driving share and we continue to gain share in the marketplace.

好的。安東尼，我認為我們看到的與美國市場相關的情況是，我們並沒有看到隆乳市場出現放緩。我們繼續看到良好的成長。我認為部分原因是我們正在推動市場份額的成長，我們在市場上的份額不斷增加。

But I think also with a lot of the activities that we're doing in terms of social media -- Meghan Trainor -- I think we've been able to increase some of the interest in terms of patients looking for breast augmentation procedures. I think we've been working and helping to remove some of that taboo related to it.

但我認為，透過我們在社群媒體方面進行的大量活動——梅根·特雷納 (Meghan Trainor)——我認為我們已經能夠增加一些患者對尋求隆乳手術的興趣。我認為我們一直在努力幫助消除與此相關的一些禁忌。

So I think in some respects -- and we don't have specific data on this -- we're helping to drive growth in the category.

所以我認為在某些方面——雖然我們沒有這方面的具體數據——我們正在幫助推動該類別的成長。

As it relates to the OUS numbers, Raj?

這和 OUS 數字有關嗎，Raj？

Sorry. Anthony, can you repeat the question? I think you were asking about shipping.

對不起。安東尼，你能重複這個問題嗎？我認為您問的是有關運輸的問題。

The revenue attached to the shipping day comment in APAC, specifically.

具體來說，亞太地區的出貨日收入評論。

Well, I think what we commented on was that we did incur higher shipping costs in the quarter, relative to sending product via air as opposed to via sea freight. We didn't see any impact in our results really, relative to shipping days or anything related to that.

嗯，我認為我們所評論的是，相對於透過空運而不是海運運輸產品，我們在本季度確實產生了更高的運輸成本。相對於運輸天數或與此相關的任何因素，我們實際上並沒有看到結果受到任何影響。

Yeah. I think, Anthony, just to add, I think specific to the OUS, in terms of lapping versus last year, obviously, last year, we had China orders. We didn't have it this year. Some of it is just the timing of these orders. I think in a couple of cases, distributors are managing down inventory as it relates to a regulatory change that's coming.

是的。安東尼，我想補充一點，我認為具體到美國，就與去年相比，顯然去年我們有中國的訂單。今年我們沒有。其中一些只是這些訂單的時間問題。我認為，在某些情況下，分銷商正在管理庫存，因為這與即將到來的監管變化有關。

But the quantification of that impact, I think, is somewhat marginal. It's going to be really something we address in the following quarters. It's more of a timing issue.

但我認為，這種影響的量化是有點有限的。我們將在接下來的幾季中認真解決這個問題。這更多的是一個時間問題。

Mike Matson, Needham & Company.

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

I have two. They're related. I'll just go and ask them both now.

我有兩個。他們有關係。我現在就去問他們兩個。

I wanted to ask one on pricing trends in the US. I think you had priced your implants a bit higher than some of the competitors. Are you being able to sustain that? Are you seeing any pushback?

我想問一個有關美國定價趨勢的問題。我認為你們的植入物定價比一些競爭對手的要高一點。你能堅持下去嗎？您看到任何阻力了嗎？

And then, the second question would just be around competitive response. What are you seeing (inaudible) the two bigger competitors doing, if anything, to try to fight back as they lose share in Motiva?

然後，第二個問題是關於競爭反應。您認為（聽不清楚）兩個較大的競爭對手在 Motiva 市佔率下降時會採取什麼措施來反擊？

Yeah. Thanks, Mike.

是的。謝謝，麥克。

In terms of pricing, as you mentioned, we do have a premium price versus our competitors because we feel we feel we have a superior product in the marketplace. I think that's reflected by the patients' acceptance, as well as the surgeons.

在定價方面，正如您所說，我們確實比競爭對手有溢價，因為我們認為我們在市場上擁有更優質的產品。我認為這反映在患者的接受程度以及外科醫生的接受程度。

We have not really felt any pricing pressure, per se. I think, naturally, as we gain scale with certain clinics, there's going to be volume discounts based on the number of procedure -- number of the orders -- that they have. But that's not really driven by any competitive reaction.

從本質上來說，我們並沒有真正感受到任何定價壓力。我認為，隨著我們與某些診所的合作規模不斷擴大，我們自然會根據診所的手術數量（即訂單數量）給予批量折扣。但這其實並不是任何競爭反應所驅動的。

I would say from an overall competitive response, we see, I would say, nothing that's major coordinated reaction. I think much of it is really on a market-by-market basis, certain responses by individual sales reps. But nothing that I would say is a concerted, organized, and strong reaction from the competitive set, right now.

我想說，從整體的競爭反應來看，我們看不到任何重大的協調反應。我認為這在很大程度上取決於特定的市場，取決於個別銷售代表的特定反應。但我認為，目前競爭對手還沒有做出任何協調一致、有組織且強烈的反應。

Allen Gong, J.P. Morgan.

艾倫·龔，摩根大通。

Sorry if this has been answered already. I joined a little bit late.

如果這個問題已經得到回答，請見諒。我加入得有點晚。

Just curious on the cadence for the balance of the year. I know the $40 million target for the US is a bit open-ended. But if we just think about the incremental contribution implied by that, you're saying that you're going to get at least $4 million or so revenues in the back half, assuming we just straight-lined the second quarter.

我只是對今年餘下的節奏感到好奇。我知道 4000 萬美元對美國來說是一個有點開放的目標。但如果我們只考慮由此隱含的增量貢獻，那麼假設我們只是直線計算第二季度，那麼你將在下半年獲得至少 400 萬美元左右的收入。

Taking into account the continued ramp and some seasonality in third quarter, how should we think about the cadence of growth for both US and global in the balance of the year?

考慮到第三季的持續成長和一些季節性因素，我們應該如何看待今年美國和全球的成長節奏？

Yeah. Thanks, Alan. Thanks for the question.

是的。謝謝，艾倫。謝謝你的提問。

We do expect the US will see some sequential growth into the third quarter. It's usually a seasonally slow period but given the momentum in the business, we do expect it will be up in the third quarter. And then, we'll, of course, see a nice resumption in the fourth quarter.

我們確實預計美國第三季將出現一些連續成長。這通常是一個季節性的淡季，但考慮到業務的發展勢頭，我們預計第三季的銷售額將會上升。然後，我們當然會看到第四季的良好復甦。

The guidance is for at least $40 million, right? And so we continue to look at it in terms of trying to offer a conservative view on it. But clearly, the momentum in the business is quite strong and $40 million is really the low end of where we expect to be for the year.

指導價至少 4000 萬美元，對嗎？因此，我們繼續從保守的角度來看這個問題。但顯然，業務發展勢頭相當強勁，4000 萬美元確實是我們今年預期的最低水平。

As it relates to outside the United States, as you know, the third quarter is seasonally slower, as I mentioned. We should see that in the OUS business, although given the timing of certain orders, we do expect that the third quarter might not be down as much as it is in historic periods. And then, we should see a nice step-up into the fourth quarter.

正如我所提到的，與美國以外地區相比，第三季的季節性成長較為緩慢。我們應該看到，在 OUS 業務中，儘管考慮到某些訂單的時間安排，但我們確實預計第三季的降幅可能不會像歷史時期那麼大。然後，我們應該會看到第四季度的良好成長。

And then, just a quick follow-up on spend. SG&A came in, I think, a little bit higher than we were thinking. Is that just additional investment to support the US launch? How should we think about the leverage you can maybe get in the back half now that we're moving past the initial phases of the domestic launch?

然後，快速跟進一下支出狀況。我認為銷售、一般及行政費用比我們想像的要高一點。這只是為了支持美國發射的額外投資嗎？既然我們已經度過了國內發布的初始階段，我們應該如何考慮在後半段可能獲得的槓桿作用？

Yeah. As we noted in the prepared remarks, there was primarily two major factors in the quarter.

是的。正如我們在準備好的評論中指出的那樣，本季主要有兩個主要因素。

As I mentioned, the shipping costs were higher. That was a combination of, again, sending more product via air versus sea freight in order to meet the demand that we're seeing, both in the United States and outside.

正如我所提到的，運輸成本更高。這再次表明，我們透過空運而不是海運運送更多的產品，以滿足我們在美國國內和國外看到的需求。

And then, there was -- in the United States, given the higher volumes that we're moving, we did have higher last-mile shipping costs: actually getting the product from the warehouse to the customers. The second piece of that is the timing of certain expenses.

然後，在美國，由於我們運輸的貨物量較大，最後一哩的運輸成本確實較高：實際上是將產品從倉庫運送到客戶手中。第二部分是某些費用的發生時間。

And so we did have some higher marketing spending in the United States, relative to some of the activities, the Meghan Trainor campaign and the like. But that was really more of a timing question.

因此，相對於一些活動，例如梅根·特雷納 (Meghan Trainor) 的活動等，我們在美國確實投入了更高的行銷支出。但這實際上更多的是一個時間問題。

As we think about the back half of the year, we do expect that operating expenses will trend down from where they were here in the second quarter. And so we'll see a nice improvement into the third quarter.

當我們考慮下半年時，我們確實預計營運費用將比第二季的水平下降。因此我們將看到第三季出現良好的改善。

And as we've spoken about previously, it is the increase in revenue, primarily driven by the United States, that is providing the leverage. So as we keep (inaudible) operating expenses on a quarterly basis relatively consistent, as those revenues come in and particularly the higher gross margin US revenues, that's where the leverage starts to flow from.

正如我們之前所談到的，收入的成長（主要由美國推動）提供了槓桿作用。因此，當我們保持（聽不清楚）季度營運費用相對穩定時，隨著這些收入的增加，特別是美國收入的毛利率更高，槓桿就開始發揮作用了。

We remain confident that we'll achieve EBITDA positive in the back half of the year; and then, ultimately cash flow positive next year.

我們仍有信心在今年下半年實現 EBITDA 為正；然後，最終在明年實現現金流為正。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

I had a follow-up on China. I know last year, on the Q3 call, you announced this partner, in principle, had committed to invest up to $50 million in the distributor. I was wondering if you could just give an update on how that investment is tracking? How much have they invested, so far?

我對中國進行了追蹤報道。我知道，去年在第三季電話會議上，您宣布該合作夥伴原則上已承諾向經銷商投資高達 5,000 萬美元。我想知道您是否可以介紹一下該投資的進展？到目前為止他們投資了多少？

We don't have perfect visibility into the investments from that distributor -- from the investor into our distribution partner. They have been building the activity in China.

我們無法完全了解該經銷商的投資情況—從投資者到我們的分銷合作夥伴。他們一直在中國開展活動。

The issue, so far, has been that just they're experiencing some challenges in scaling the commercial operations there. They're a little bit behind where we would have expected at this point in the launch.

到目前為止，問題在於他們在擴大那裡的商業運作時遇到了一些挑戰。在發布的這個階段，他們的表現比我們預期的要落後一些。

We are doing what we can to support that distributor to help them achieve what we all expect we can in the region. As we mentioned on the prepared remarks, we're the leading implant in all of the surrounding countries in Europe. Our expectation is we'll achieve a similar position in China. But it is clearly going a bit slower than we had hoped at this point.

我們正在盡我們所能支持該分銷商，幫助他們實現我們都期望在該地區實現的目標。正如我們在準備好的評論中提到的，我們是歐洲所有周邊國家的領先植入物。我們的期望是在中國取得類似的地位。但顯然，目前的進展比我們預期的要慢一些。

Okay. And then, second question was I wanted to ask about the difference between Mia and Preservé. You talked a lot about Mia in the past and the excitement around that and it seems just maybe a recency bias but now you're talking a lot more about Preservé. I know there's some similarities and some differences.

好的。然後，第二個問題是我想問 Mia 和 Preservé 之間的差異。過去，您談論了很多關於米婭 (Mia) 以及圍繞她的興奮之情，這似乎只是一種近因偏差，但現在您更多地談論了普雷瑟維 (Preservé)。我知道它們有相似之處，也有不同之處。

Maybe I'll just ask, if you look five years out, do you think Mia is going to be bigger than Preservé in terms of dollars or the other way around?

也許我只想問一下，如果展望五年後，您認為 Mia 在美元方面會比 Preservé 更大，還是反過來？

Just help us think about the two approaches into the future.

只是幫助我們思考未來的兩個方法。

Yeah. Thanks, Matt.

是的。謝謝，馬特。

Both Mia and Preservé are part of our minimally invasive platform. They work very complementary. Mia is for procedures, 2 cup sizes. It's transaxillary. It's not for every patient or every surgeon.

Mia 和 Preservé 都是我們微創平台的一部分。他們的工作非常互補。Mia 適用於手術，有 2 種罩杯尺寸。它是腋窩的。它並不適合每個病人或每個外科醫生。

I think when you look at Preservé, it's much broader than what we call for everyday uses. You can have different or more types of procedures. You can go more cup sizes.

我認為，當你看到 Preservé 時，它比我們所說的日常用途要廣泛得多。您可以擁有不同類型的或更多類型的程式。您可以選擇更多罩杯尺寸。

So I think, in general, I think you're going to see both of them playing quite well together because you could have a Mia patient or something that's interested in Mia that's not going to be the right patient and they easily shift to Preservé.

所以我認為，總的來說，你會看到他們兩個配合得很好，因為你可能會有一個 Mia 的病人，或者對 Mia 感興趣的東西，但這不是合適的病人，他們很容易轉向 Preservé。

I think, over time, I would suspect that Preservé would be larger than Mia because it attracts to more patients and also, more surgeons.

我認為，隨著時間的推移，Preservé 會比 Mia 更大，因為它會吸引更多的病人和更多的外科醫生。

But what we are very pleased about, so far, in the launch in Europe is not only have we gotten a very strong interest but we're also finding that it has not cannibalized our Mia business.

但到目前為止，我們對在歐洲推出的產品感到非常高興，不僅因為它引起了非常濃厚的興趣，而且我們發現它並沒有蠶食我們的 Mia 業務。

In fact, a number of clinics that are signed up for Mia are also taking on Preservé. So they're seeing the value of leveraging both types of procedures.

事實上，許多與 Mia 簽約的診所也正在接受 Preservé。因此他們看到了利用這兩種程序的價值。

Mason Carrico, Stephens

梅森·卡里科，史蒂芬斯

At your Investor Day, you called out an initiative to place permanent consignment inventory at some of your largest customers. I was just curious, how is that initiative going? Have you seen any impact on utilization at accounts where you have placed that inventory?

在投資者日上，您提出了一項計劃，將永久寄售庫存放置在一些最大的客戶處。我只是好奇，該計劃進度如何？您是否發現放置該庫存的帳戶的使用率受到了任何影響？

Yeah. I think that's going very well. We've reached over 100 accounts, where we have permanent consignment. I think that's really been a process for us to get the inventory into the US. I think that's one of the reasons why Raj highlighted earlier, there's a lot more air shipments just to get the inventory into the US

是的。我認為一切進展順利。我們已經擁有超過 100 個帳戶，並且擁有永久的寄售。我認為這確實是我們將庫存運往美國的一個過程。我認為這就是 Raj 之前強調的原因之一，為了將庫存運往美國，需要進行大量的空運

And so we've been able to get that in the market. It certainly helps in terms of enhancing the utilization rate. It also improves our ability to get products out to the clinics in a timely manner.

因此我們能夠將其推向市場。這對於提高利用率確實有幫助。這也提高了我們及時將產品送達診所的能力。

So it's been a process getting it to that level. We continue to expand the number of accounts as we get more products into the market and also, as we sign up more clinics.

所以要達到這個水平需要一個過程。隨著我們向市場推出更多產品以及簽署更多診所，我們的帳戶數量也不斷擴大。

Got it. And then, could you just update us on the US salesforce expansion? Where does that team stand today? Have your expectations around pacing hires changed at all?

知道了。然後，您能否向我們介紹美國銷售團隊擴張的情況？這支球隊現在處於什麼位置？您對招募節奏的期望有什麼改變嗎？

Yeah. Right now, as I mentioned in the last call, we are up to 43 reps in the US. As we are looking to go into next year, we're probably going to be adding 10 to 15 reps. And then, on top of that, management roles or leadership roles in the sales organization.

是的。目前，正如我在上次通話中提到的，我們在美國有 43 名代表。展望明年，我們可能會增加 10 到 15 名代表。然後，最重要的是，在銷售組織中擔任管理角色或領導角色。

But from a rep standpoint, 10 to 15. A lot of that is to cover some of the areas. As we enhance penetration in some of the geographies, we're going to need a little bit more coverage there but also, in preparation for the Preservé launch.

但從代表的角度來看，是 10 到 15。其中很多是為了覆蓋某些領域。隨著我們在某些​​地區的滲透率不斷提高，我們需要在這些地區擴大覆蓋範圍，同時也為 Preservé 的推出做準備。

Some of that's going to be starting in the back half of Q4 but also, a majority of that's going to be in the first quarter as we continue to ramp up our sales.

其中一些銷售將在第四季度後半段開始，但隨著我們繼續提高銷售額，大部分銷售將在第一季開始。

In preparation for Preservé, we're going to be enhancing our salesforce.

為了準備 Preservé，我們將加強我們的銷售團隊。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

I wanted to build on Matt Taylor's question. It's been [answered] already but you talked about the potential for Mia accounts to adopt Preservé. I was just thinking about the US strategy in terms of launching Preservé first here and then, setting the stage and introducing Mia.

我想進一步回答馬特泰勒的問題。已經有人回答了，但您談到了 Mia 帳戶採用 Preservé 的可能性。我只是在考慮美國的策略，先在這裡推出 Preservé，然後再準備好並介紹 Mia。

Internationally, you've had Mia commercialized now with the Preservé launch. Do you think Preservé ultimately can drive increased adoption and utilization of Mia?

在國際上，隨著 Preservé 的推出，Mia 已經實現了商業化。您認為 Preservé 最終可以推動 Mia 的採用和利用率提高嗎？

I think you talked about Mia accounts adopting Preservé. Do you think it can go the other way as well? We think it can.

我認為您談到了 Mia 帳戶採用 Preservé。您認為反過來也一樣嗎？我們認為可以。

And then, secondly, the last follow-up is just on the limited launch dynamics in the US. You had that training session down in Costa Rica with the US Motiva revenue guidance update. We're assuming minimal contribution from Preservé in the second half of '25 and then, more meaningful in 2026. So maybe just refresh on whether Preservé is included in that update for the US Motiva revenue.

其次，最後的後續行動是關於美國有限的發射動力。您在哥斯達黎加參加了有關美國 Motiva 收入指導更新的培訓課程。我們預期 Preservé 在 2025 年下半年的貢獻很小，但在 2026 年將產生更大的貢獻。因此，也許只是刷新一下 Preservé 是否包含在美國 Motiva 收入的更新中。

Yeah. Thanks, Josh.

是的。謝謝，喬希。

In terms of the US launch, we're going to be launching Preservé first. As I mentioned, it's in the first half of 2026. I think it's going to be a great introduction into our minimally invasive platform. I think it's very consistent to the type of procedures that surgeons currently do in the US.

就美國市場的推出而言，我們將首先推出 Preservé。正如我所提到的，它是在 2026 年上半年。我認為這對我們的微創平台來說將是一個很好的介紹。我認為這與美國外科醫生目前進行的手術類型非常一致。

And then, I think once we have that established, I think the Mia business -- the Mia opportunity -- once we get the regulatory approval for Ergo2, which we plan on submitting the early part of 2026 -- so depending on that approval timing will really dictate our launch timing with Mia. But I think it's going to be a great add-on to Preservé.

然後，我認為一旦我們建立了這個基礎，我認為 Mia 業務——Mia 機會——一旦我們獲得 Ergo2 的監管批准，我們計劃在 2026 年初提交——因此，取決於批准時間，這將真正決定我們與 Mia 的發佈時間。但我認為它將成為 Preservé 的一個很好的附加組件。

And then, I think your second question was the early experience for Preservé. We're not expecting, really, a significant or even, really, an impact in terms of our revenue guidance for Motiva in 2025. I think this is really, as we said, intended to be an opportunity for us to learn and really hone our strategy in terms of launching it in the US.

然後，我認為您的第二個問題是 Preservé 的早期經驗。我們並不認為這會對 2025 年 Motiva 的收入預期產生重大影響，甚至不會產生任何影響。我認為，正如我們所說，這確實是一個讓我們學習和真正完善我們在美國推出該產品的策略的機會。

So I think the revenue potential for Preservé in the US is very small. That's not how we're really looking at that. We don't really have that currently as part of the guidance.

所以我認為 Preservé 在美國的獲利潛力非常小。我們真正看待這個問題的方式並非如此。目前我們還沒有將其作為指導的一部分。

Thanks, again.

再次感謝。

thank you. We have no further questions.

謝謝。我們沒有其他問題了。

I will turn the call back over to Peter Caldini for closing comments.

我將把電話轉回給 Peter Caldini 進行最後發言。

Yeah. Thank you, operator. Thanks for everybody joining the call today.

是的。謝謝您，接線生。感謝今天參加電話會議的各位。

I look forward to seeing everybody in the next call. Hopefully, you get a chance to enjoy what's a little bit left of the summer.

我期待在下次通話中見到大家。希望您有機會享受夏天剩下的美好時光。

Look forward to getting together again in the near future. Thank you.

期待不久的將來再次相聚。謝謝。

Ladies and gentlemen, this concludes your conference call for today.

女士們、先生們，今天的電話會議到此結束。

We thank you for participating. We ask that you please disconnect your lines.

感謝您的參與。我們請求您斷開線路。