Establishment Labs Holdings Inc (ESTA) 2025 Q3 法說會逐字稿

Good afternoon. Welcome to Establishment Labs 3rd quarter 2025 earnings call. At this time, all participants are in a listen-only mode. At the end of this call, we will open the line for a question-and-answer session, and instructions will follow at that time. As a reminder, today's call is being recorded.

午安.歡迎參加 Establishment Labs 2025 年第三季財報電話會議。目前，所有參與者均處於唯讀模式。通話結束時，我們將開放問答環節，屆時將給予相關說明。再次提醒，今天的通話將會被錄音。

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

現在我將把電話轉交給財務長羅傑‧丹霍伊。請繼續，先生。

Thank you, operator, and thank you, Irvin for joining us. With me today is Peter Caldini, our Chief Executive Officer. Following our prepared remarks, we'll take your questions.

謝謝接線員，也謝謝 Irvin 加入我們。今天陪我一起的是我們的執行長彼得·卡爾迪尼。在我們發言完畢後，我們將回答各位的問題。

Before we begin, I would like to remind you the comments made by management during this call will include forward-looking statements within the meaning of federal securities laws.

在開始之前，我想提醒各位，管理層在本次電話會議中發表的評論將包含聯邦證券法意義上的前瞻性陳述。

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

其中包括關於 Establishment Lab 的財務前景以及公司在產品開發和銷售方面的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.

這些前瞻性陳述是基於管理階層目前的預期，並涉及風險和不確定性。

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

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性，我建議您查閱我們最新的年度和季度報告（10-K 表格和 10-Q 表格），以及其他提交給美國證券交易委員會的文件，這些文件可在我們的網站 establishmentlabs.com 上查閱。

I'd also like to remind you that our comments may include certain non-GAAP financial measures with respect to our performance, including but not limited to sales results, which can be stated on a constant currency basis or EBITDA, which we disclose on an adjusted EBITDA basis.

我還想提醒您，我們的評論可能包含有關我們業績的某些非公認會計準則財務指標，包括但不限於銷售業績（可以按固定匯率表示）或 EBITDA（我們按調整後的 EBITDA 披露）。

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.

如有非GAAP指標與可比較GAAP財務指標的調節表，請參閱我們網站上發布的今日新聞稿。

The content of this conference call contains time sensitive information accurate only as of the date of this live broadcast, November 5th, 2025, except as required by law established the 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 Peter.

本次電話會議的內容包含時效性訊息，除法律另有規定外，僅截至本次直播之日（2025 年 11 月 5 日）為準確資訊。實驗室不承擔任何義務修改或更新任何聲明以反映本次電話會議日期之後發生的事件或情況。接下來，我很高興將電話交給彼得。

Good morning to everyone and thank you for joining today. Q3 2025 was a standout quarter for Establishment Labs.

各位早安，感謝大家今天的參與。2025 年第三季是 Establishment Labs 的一個突出季度。

We grew global revenue 34% with the total revenue of 53.8 million, including $11.9 million in the US.

全球營收成長 34%，總營收達 5,380 萬美元，其中美國營收為 1,190 萬美元。

We also exceeded 70% gross profit margin for the first time, coming in at 70.1%, and we achieved the first quarter of positive EBITDA in our company's history with 1.2 million in Q3.

我們也首次實現了超過 70% 的毛利率，達到 70.1%，並且在第三季度實現了公司歷史上第一個正 EBITDA 季度，達到 120 萬美元。

Getting the positive EBITDA ahead of the 4th quarter was an important goal for our company, and we now turn our focus towards reaching cash flow positive next year.

在第四季之前實現正 EBITDA 是我們公司的一個重要目標，現在我們將重點轉向明年實現正現金流。

While optimizing our business, we had meaningful revenue growth in the US and our other direct markets.

在優化業務的過程中，我們在美國和其他直接市場實現了顯著的收入成長。

I'd like to thank all the employees that made this a priority and a reality, and the sense of accomplishment has all our employees eager for a next milestone of cash flow positive.

我要感謝所有讓這件事成為優先事項並最終實現的員工，這種成就感讓所有員工都渴望實現下一個現金流為正的里程碑。

The US business is our most important growth segment right now, and it continues to outperform.

美國業務是我們目前最重要的成長板塊，並且持續表現優異。

Q3 revenue was $11.9 million up 16% sequentially in what is a seasonally slower quarter in breast procedures.

第三季營收為 1,190 萬美元，季增 16%，而第三季通常是乳房手術的淡季。

Markets can be down 20% to 30% sequentially in Q3, making our results all the more impressive.

第三季市場環比下跌幅度可能達到 20% 至 30%，這使得我們的業績更加令人印象深刻。

For the first three quarters, US revenue totaled $28.3 million so we are clearly going to do quite a bit better than the $40 million we committed to last quarter.

前三個季度，美國收入總計 2830 萬美元，因此我們顯然會比上個季度承諾的 4000 萬美元做得更好。

We are expecting considerable acceleration of the US business in Q4, and we are already seeing a significant shift from Q3, but as it's our first full Q4, we are going to be prudent by raising our 2025 revenue guidance to exceed 210 million, where we previously had a range of 208 to 212 million.

我們預計美國業務在第四季度將大幅加速成長，並且我們已經看到與第三季度相比發生了顯著變化，但由於這是我們第一個完整的第四季度，我們將謹慎地將 2025 年的收入預期提高到超過 2.1 億美元，而我們之前的預期範圍是 2.08 億至 2.12 億美元。

Most interesting is what these results imply for 2026, because we should finish 2025 at an approximate 20% share in US breast augmentation market, and the momentum has not slowed.

最有趣的是這些結果對 2026 年意味著什麼，因為到 2025 年底，我們應該能在美國隆乳市場佔據大約 20% 的份額，而且這種勢頭並沒有減弱。

While 2026 will be a continuation of our growth in the breast augmentation segment, we are looking forward to our approval in breast reconstruction, which is a similar in market size to augmentation, and we are preparing for the US launch in this segment.

儘管 2026 年我們在隆乳領域將繼續成長，但我們期待在乳房重建領域獲得批准，該領域的市場規模與隆乳領域類似，我們正在為在美國推出該領域產品做準備。

Outside the US, we saw good growth and remain on track for single-digit growth this year.

在美國以外，我們實現了良好的成長，並有望在今年保持個位數成長。

Accelerating growth in our direct markets has been a priority, and we are seeing the benefits of the changes we have implemented.

加速直接市場成長一直是我們的首要任務，我們正在看到我們所實施的變革帶來的好處。

Excluding the benefit of currency and the acquisition of our Benelux distributor, our European direct market sales increased approximately 20% this quarter over Q3 2024.

不計匯率優惠和收購比荷盧經濟聯盟經銷商的收益，本季我們的歐洲直接市場銷售額比 2024 年第三季成長了約 20%。

In our distributor markets, Asia Pack had a strong rebound from the second quarter as the ordering cadence normalized.

在我們的經銷商市場，隨著訂單節奏恢復正常，Asia Pack 從第二季開始強勁反彈。

Our US business is performing at a very high level. The number of surgeons using Motiva continues to increase. We now have over 1,300 surgeons using Motiva, including some of the highest volume and best known practices in the country, and we are attracting additional waves of adopters as the benefits of Motiva in both clinical and commercial practice resonate.

我們在美國的生意表現非常出色。使用 Motiva 的外科醫生人數持續增加。目前已有超過 1300 名外科醫生使用 Motiva，其中包括一些全國手術量最大、最知名的診所，隨著 Motiva 在臨床和商業實踐中的優勢日益凸顯，我們正在吸引更多用戶加入。

We are as focused on surgeons making Motiva their primary implant of choice as we are at attracting new surgeons to our business.

我們既致力於讓外科醫生將 Motiva 作為首選植入物，也致力於吸引新的外科醫生加入我們的業務。

We continue to bring groups of surgeons down to Costa Rica for training and surgery. Over 50 surgeons attended our September and October classes, and more than 250 surgeons have come to Costa Rica since launch.

我們持續組織外科醫生團隊前往哥斯達黎加進行培訓和手術。9 月和 10 月共有 50 多名外科醫生參加了我們的課程，自計畫啟動以來，已有 250 多名外科醫生來到哥斯達黎加。

We are expecting a similar pace in 2026 with seven sessions already scheduled. There is no shortage of surgeons that want to make the trip.

我們預計 2026 年也將保持類似的節奏，目前已安排了七次會議。願意前往該地區的醫生不在少數。

Surgeons learn about the science behind our implant technology, see the best in class standards employed throughout our facilities, and experience our commitment to driving innovation in the category, including discussing and offering input to our R&D pipeline.

外科醫生可以了解我們植入技術背後的科學原理，了解我們所有設施中採用的一流標準，並體驗我們致力於推動該領域創新的承諾，包括討論並為我們的研發流程提供意見。

While some surgeons come already enthused about establishment labs, almost every surgeon returns to their practice as a fan of our company.

雖然有些外科醫生對現有實驗室已經充滿熱情，但幾乎每位外科醫生回到診所後都會成為我們公司的忠實擁躉。

Social media continues to play an important role as plastic surgeons advocate motiva to their audiences.

社群媒體在整形外科醫生向其受眾傳遞訊息方面繼續發揮著重要作用。

Plastic surgeons consistently tell us that if they offer patients a choice between Motiva and legacy implants, it's almost unanimous that patients will choose Motiva.

整形外科醫生總是告訴我們，如果他們讓患者在 Motiva 和傳統植入物之間進行選擇，幾乎所有患者都會選擇 Motiva。

This puts us in a position of strength, and we win if we convince plastic surgeons to give patients a choice.

這使我們處於優勢地位，如果我們能說服整形外科醫生給患者選擇權，我們就贏了。

Every legacy brand has a much more challenging proposition.

每個傳統品牌都面臨更具挑戰性的局面。

They have to convince plastic surgeons to offer only their products.

他們必須說服整形外科醫生只提供他們的產品。

Championing women's health and advocating for patients' choice should accelerate us to take a majority of the US market over the next several years.

倡導女性健康並支持患者的選擇權，應該能幫助我們在未來幾年內佔據美國市場的大部分份額。

In Q3, we conducted a survey of surgeons that are early adopters and advocates of Motiva to understand the impact of motiva on their practices.

在第三季度，我們對 Motiva 的早期採用者和倡導者外科醫生進行了調查，以了解 Motiva 對其實踐的影響。

While industry sources point to a market that has not experienced much growth, the practices offering Motive in our survey increased their procedures by 14.6% so far this year.

儘管業內人士指出市場成長並不明顯，但我們調查中提供 Motive 服務的機構今年迄今的手術量增加了 14.6%。

Surgeons tell us that patients are coming in and asking for Motiva by name, and we hear from surgeons as well that many women are entering the category because of Motiva.

外科醫生告訴我們，有病人來就診時會點名要 Motiva，我們也從外科醫生那裡了解到，很多女性因為 Motiva 而進入了這個領域。

We regularly hear that women are abandoning their warranty of their legacy implants and choosing to pay out of pocket for Motiva.

我們經常聽到有女性放棄原有植入物的保修，並選擇自費植入 Motiva 假體。

As many of this is incredibly rare in healthcare.

因為這種情況在醫療保健領域極為罕見。

But it's happening now as our entry is changing the industry.

但現在這種情況正在發生，我們的進入正在改變整個產業。

There isn't just one single reason for this. Some women cite the improved safety profile offered by Motiva, and others cite the benefits of having an above the muscle procedure without compromise. And yet for others, it's the increased awareness from our marketing efforts.

造成這種情況的原因不只一個。有些女性認為 Motiva 具有更高的安全性，有些女性則認為在不影響手術效果的前提下進行肌肉上切口手術具有許多好處。但對其他人來說，則是我們行銷活動帶來的認知度提升。

Whatever the reason, it's clear the conversation around breast augmentation is changing.

無論原因是什麼，很明顯，關於隆乳手術的討論正在改變。

This is a powerful combination.

這是一個強大的組合。

We are not only capturing share, but we are expanding and accelerating the market for breast augmentation.

我們不僅在搶佔市場份額，而且還在擴大和加速隆乳市場的發展。

A major driver for market expansion is our minimally invasive portfolio.

推動市場擴張的主要因素是我們微創產品組合。

As we have noted, we trained a group of US plastic surgeons in July as part of our early experience group for preserve aid to gain insights prior to going to market more broadly.

正如我們所指出的，我們在 7 月培訓了一群美國整形外科醫生，作為我們早期經驗小組的一部分，旨在為更廣泛地進入市場之前獲得一些見解，以進行預防性援助。

Preserve is a breast tissue preserving procedure that can be done without the need for general anesthesia, offering smaller scars and fast recovery.

Preserve 是一種保留乳房組織的整形手術，無需全身麻醉即可進行，疤痕較小，恢復快。

Preserve can be used in a wide cross section of cases surgeons see in their day to day practices.

Preserve 可用於外科醫師日常診療中遇到的各種病例。

As these surgeons have taken Preservv back to their practices and started to perform procedures.

這些外科醫生已經將 Preservv 帶回他們的診所，並開始進行手術。

The feedback has been very positive, not only from surgeons, but also from the women who have received the procedures. I encourage you to seek out the videos and testimonials that have been posted on our social media to see the early responses.

回饋非常積極，不僅來自外科醫生，也來自接受過手術的女性。我鼓勵大家去看看我們在社群媒體上發布的影片和用戶評價，了解目前的回饋。

Surgeons have embraced the fundamental changes Preserve brings to breast augmentation. It is not just a new way to do an existing procedure. It is an entirely new concept in how a breast procedure can be done.

外科醫生們已經接受了 Preserve 技術為隆乳手術帶來的根本性變革。這不僅僅是現有流程的一種新方法。這是一種全新的乳房手術概念。

Preserve has the potential to drive category growth and improve the economics for surgeons. We are seeing as much as a 40% price premium to a standard breast augmentation for these early experienced surgeons.

Preserve 有潛力推動品類成長，並改善外科醫生的經濟狀況。對於這些經驗豐富的早期外科醫生來說，我們發現隆乳手術的價格比標準隆乳手術高出 40%。

The group of surgeons that came for preserve training were each supplied a small number of kits in August.

8 月份，前來參加保存訓練的外科醫生們每人都領到了一小批工具包。

A majority of the kits we provided have been used, and surgeons consistently ask us for more to alleviate growing wait list.

我們提供的大部分工具包都已被使用，外科醫生不斷要求我們提供更多工具包，以緩解日益增長的等待名單。

From just our early experience launch, we would estimate that 300 present day cases have been performed in the US and there are at least 100 women on waitlists around the country.

僅從我們早期的經驗來看，我們估計目前在美國已經進行了 300 例手術，而且全國各地至少有 100 名女性在等待手術。

Not expectedly, there is a groundswell of surgeons that have asked to be trained on Preserve, and we will begin these trainings in January. We have 2 such trainings planned for the first quarter alone and would expect a similar cadence throughout the year.

出乎意料的是，許多外科醫生都要求接受 Preserve 的培訓，我們將於 1 月開始這些培訓。光是第一季我們就計劃進行 2 次此類培訓，預計全年也將保持類似的節奏。

In breast reconstruction, our floor tissue expander is now in use at over 150 hospitals in the United States.

在乳房重建領域，我們的底部組織擴張器目前已在美國 150 多家醫院投入使用。

This bodes well for expected launch into the reconstruction, and we remain on track to file our PMA supplement by the end of the year.

這預示著重建工作將順利啟動，我們仍有望在年底前提交 PMA 補充申請。

We also remain on track for the approval of our small sizes in the US in early 2026, and this should help accelerate growth both with new doctors as well as increasing the usage of our current doctors.

我們仍有望在 2026 年初獲得美國小劑量產品的批准，這將有助於加快成長，既能吸引新醫生，也能提高現有醫生的使用率。

Outside the US, excluding the benefit of Benelux acquisition and currency, direct markets globally grew 15% versus last year.

除美國以外，不計比荷盧經濟聯盟收購和匯率因素，全球直接市場比去年成長了 15%。

We believe this performance is well above the underlying market growth rates in these regions.

我們認為，這一業績遠高於這些地區的潛在市場成長率。

In our Latin American direct markets, we continue to see stabilization in Brazil and strong growth in Argentina.

在我們的拉丁美洲直接市場中，巴西市場持續趨於穩定，阿根廷市場則維持強勁成長。

European direct markets are being led by strong performances across the continent with standouts in the UK and Spain.

歐洲直接市場整體表現強勁，其中英國和西班牙表現特別突出。

The number of accounts in many of our direct countries continues to increase, a positive sign and a reflection of the increased focus on performance in direct markets.

在許多直銷國家，帳戶數量持續成長，這是一個正面的訊號，也反映出直銷市場對績效的日益重視。

We are taking advantage of our strong growth in direct markets to make sure that the O US business as a whole is primed for growth.

我們正利用直接市場的強勁成長，確保 O US 業務整體做好成長準備。

We are engaging with our distributor partners regularly. We are working to raise standards globally around payment terms, inventory forecasts, and market share expectations.

我們與分銷合作夥伴保持定期溝通。我們正努力在全球範圍內提高付款條件、庫存預測和市場份額預期方面的標準。

In our minimally invasive portfolio, Mia remains on track to achieve $8 million to $10 million in revenue in 2025, and Preserve continues to see good adoption in international markets.

在我們的微創產品組合中，Mia 仍有望在 2025 年實現 800 萬至 1000 萬美元的收入，而 Preserve 在國際市場上繼續獲得良好的認可。

Surgeons globally are seeing the benefits of breast tissue preservation made possible by our minimally invasive platform.

全球外科醫師都看到了我們微創平台帶來的乳房組織保留的益處。

The successful rollout of Preserve and the continued growth of Mia has resulted in above market growth and proves its potential for market expansion.

Preserve 的成功推出和 Mia 的持續成長帶來了高於市場平均的成長，證明了其市場擴張的潛力。

Globally, we expect the portfolio of Mia and Preserve will exceed 30 million in 2026. I will now turn the call over to Raj.

預計到 2026 年，Mia 和 Preserve 的全球投資組合將超過 3,000 萬美元。現在我將把通話轉給拉傑。

Thank you, Peter.

謝謝你，彼得。

Total revenue for the third quarter was $53.8 million an increase of 33.7% from last year. Excluding the positive impact of foreign exchange in the quarter, growth would have been approximately 31.4%. Sales for Motif in the United States were $11.9 million.

第三季總營收為 5,380 萬美元，比去年同期成長 33.7%。若不計入本季匯率的正面影響，成長率約為31.4%。 Motif在美國的銷售額為1190萬美元。

On a geographic basis, sales in Europe, Middle East, and Africa were 35.6% of the global total. We saw strong sales in our direct markets in the region while sales to distributors were lower on the timing of orders.

從地理來看，歐洲、中東和非洲的銷售額佔全球總銷售額的 35.6%。我們在該地區的直接市場銷售強勁，而分銷商的銷售額則因訂單時間而有所下降。

Sales in the United States were 22.1% of the global total.

美國市場的銷售額佔全球總銷售額的 22.1%。

Latin America was 21.7% of sales. Brazil remained stable, and we saw strong growth in our other direct market in the region, Argentina, as well as from our distributors.

拉丁美洲佔銷售額的21.7%。巴西市場保持穩定，我們在該地區的另一個直接市場阿根廷以及我們的分銷商那裡也實現了強勁增長。

Asian Pacific was 20.6% of sales. Results in the quarter rebounded sharply from last quarter as expected orders from our distributors were realized. Sequential growth in the region was 46%.

亞太地區佔銷售額的20.6%。由於經銷商的預期訂單得以實現，本季業績較上季大幅反彈。該地區環比增長率為 46%。

Our gross profit for the third quarter was $37.7 million or 70.1% of revenue, a 620 basis point increase compared to 63.9% of revenue last year and 130 basis points higher than the 68.8% in the second quarter of this year.

第三季毛利為 3,770 萬美元，佔營收的 70.1%，比去年同期的 63.9% 成長了 620 個基點，比今年第二季的 68.8% 高出 130 個基點。

This is the first time we've crossed 70% gross margin.

這是我們毛利率首次突破70%。

And the increase is primarily the result of the higher margin sales in the United States. We expect gross margins in 2025 will be approximately 300 basis points higher than in 2024.

而這一增長主要是由於美國市場較高的利潤率所致。我們預計 2025 年的毛利率將比 2024 年高出約 300 個基點。

As it relates to tariffs, goods imported from Costa Rica to the United States are subject to duties. However, as we saw in 3Q, we are managing their impact and do not meaningfully change our trajectory for gross margin improvements this year.

就關稅而言，從哥斯大黎加進口到美國的商品需繳納關稅。但是，正如我們在第三季所看到的，我們正在控制它們的影響，並且不會實質地改變我們今年的毛利率改善軌跡。

SG&A expenses of $37.2 million were approximately $3.1 million higher than the third quarter of 2024.

銷售、一般及行政費用為 3,720 萬美元，比 2024 年第三季高出約 310 萬美元。

R&D expenses for the third quarter were $4.6 million.

第三季研發費用為 460 萬美元。

Total operating expenses for the third quarter increased approximately $2.9 million from the year ago period to $41.7 million.

第三季總營運支出比上年同期增加約 290 萬美元，達 4,170 萬美元。

Property expenses have been approximately $45 to $46 million on average per quarter, which is what we guided to at the start of the year and what we continue to expect.

物業支出平均每季約為 4,500 萬至 4,600 萬美元，這與我們年初的預期一致，也是我們目前持續保持的預期。

As we saw in this quarter and in the second quarter, there can be fluctuations based on the timing of expenses.

正如我們在本季和第二季所看到的，費用的發生時間可能會帶來波動。

Adjusted EBITDA was positive $1.2 million in the third quarter. This compared to a loss of $8.5 million in the second quarter and $12.1 million in the first quarter. This is our first EBITDA positive quarter as a company, and there are a couple of things to highlight.

第三季調整後 EBITDA 為正 120 萬美元。相較之下，第二季虧損 850 萬美元，第一季虧損 1,210 萬美元。這是我們公司首次實現 EBITDA 為正的季度，有幾點需要重點說明。

While the improving results are being supported by the strong sales and the higher gross profit in the United States, we've been very focused on managing our operating expenses.

雖然美國強勁的銷售額和較高的毛利支撐了業績的改善，但我們一直非常注重控制營運費用。

While operating expenses in the third quarter increased approximately $3 million from a year ago, they were down over $5 million from the third quarter of 2023.

雖然第三季的營運支出比去年同期增加了約 300 萬美元，但比 2023 年第三季減少了超過 500 萬美元。

Over the time we invested significantly in our US commercial operation and launched our minimally invasive portfolio.

隨著時間的推移，我們對美國商業營運進行了大量投資，並推出了微創產品組合。

We were able to do this by finding efficiencies across all parts of the organization and making structural changes where needed.

我們透過提高組織各部門的效率，並在需要的地方進行結構性調整，實現了這一目標。

We expect EBITDA will continue to improve, including in the 4th quarter, and expect to remain EBITDA positive from here on.

我們預計 EBITDA 將繼續改善，包括第四季度，並預計從現在開始將保持 EBITDA 為正。

For 2026, we will continue to expand our commercial infrastructure in the United States. However, the investments we make overall as a company will be at a rate well below expected top-line growth.

2026年，我們將繼續擴大在美國的商業基礎設施。然而，我們公司整體的投資成長將遠低於預期的營收成長。

We've been investing with the expectation of global market leadership and have built an organization that can take full financial and commercial advantage as that occurs.

我們一直以成為全球市場領導者為目標進行投資，並建立了一個能夠在這一目標實現時充分獲得財務和商業優勢的組織。

Most of our spending in this regard has already happened.

我們在這方面的大部分支出已經發生。

For example, the facilities we have today can produce more than 50% of the world's implants.

例如，我們目前擁有的設施可以生產全球 50% 以上的植入物。

We expect revenue to grow more than 20% for at least several more years, and our business should start to show meaningful and increasing earnings in 2027 and beyond.

我們預計未來至少幾年收入將成長超過 20%，並且我們的業務應該會在 2027 年及以後開始展現出有意義且不斷增長的盈利。

Cash increased $16 million in the third quarter to $70.6 million from $54.6 million at the end of the second quarter.

第三季現金增加 1,600 萬美元，從第二季末的 5,460 萬美元增至 7,060 萬美元。

The increase was primarily the result of drawing the remaining 25 million tranche of our credit facility offset by our operating cashes.

成長的主要原因是提取了剩餘的 2,500 萬個信貸額度，但部分被我們的經營現金所抵消。

If Sweden net proceeds, cash use would have been $8.5 million in the third quarter.

如果瑞典獲得淨收益，第三季現金支出將為 850 萬美元。

This compares to $14.5 million in the second quarter and $21.2 million in the first quarter.

相比之下，第二季為 1,450 萬美元，第一季為 2,120 萬美元。

We expect cash use to improve further in the 4th quarter and expect to reach cash flow positive in 2026 without the need for any further equity raises.

我們預計第四季現金使用情況將進一步改善，並預計在 2026 年實現正現金流，而無需進一步籌集股權資金。

Her credit facility within the last year of its term in April. We are considering a number of refinancing financing options that could further reduce our cash use.

她的信貸額度在四月到期，距離到期日還有一年。我們正在考慮多種再融資方案，這些方案可以進一步減少我們的現金使用。

We're also working to make ESTA eligible for inclusion in a number of indices, most notably the Russell. There are a number of things we can do to affect this, and we believe we will be eligible for future rebalancing's.

我們也在努力使 ESTA 符合納入多個指數的條件，尤其是羅素指數。我們可以採取一些措施來影響這種情況，我們相信我們將有資格獲得未來的再平衡機會。

As Peter noted, we now expect our revenue in 2025 will exceed $210 million in upward revisions from our previous guidance of $208 to $212 million. Our updated outlook represents growth of at least 26%.

正如彼得所指出的那樣，我們現在預計 2025 年的收入將超過 2.1 億美元，比我們之前 2.08 億至 2.12 億美元的預期有所上調。我們更新後的預測顯示，成長幅度至少為 26%。

The US remains a primary engine of growth this year. We have seen very strong results over the first three quarters of 2025, and this has continued into the 4th quarter.

今年美國仍是經濟成長的主要引擎。2025 年前三個季度我們取得了非常強勁的業績，而且這種勢頭一直延續到了第四季度。

Our direct markets outside the US are also doing well, and demand globally for our products remains good.

我們在美國以外的直接市場也表現良好，全球對我們產品的需求依然強勁。

Gross margins are improving, and we are managing our operating expenses, which allowed us to achieve positive EBITD a quarter early.

毛利率正在提高，而且我們控制了營運費用，這使我們能夠提前一個季度實現正的EBITD。

We expect to see continued improvements in profitability and remain confident we'll reach cash flow positive in 2026.

我們預計獲利能力將持續改善，並有信心在 2026 年實現現金流為正。

I will now turn the call back to Peter.

現在我將把電話轉回給彼得。

The Third quarter of 2025 was in many ways a turning point for our company.

2025 年第三季在許多方面都是我們公司的一個轉捩點。

We achieved positive EBITDA for the first time, and we achieved this in a quarter where we grew revenue 34%.

我們首次實現了正的 EBITDA，而且是在一個收入成長 34% 的季度中實現的。

These results show that we can efficiently invest in and grow our business, and we will continue to do so.

這些結果表明，我們可以有效地投資和發展我們的業務，我們將繼續這樣做。

The next step is to achieve cash flow positive, which I am confident we will do next year.

下一步是實現正現金流，我有信心我們明年就能做到這一點。

We expect our top-line growth to remain above 20% for the next several years, and our profitability should expand at a much faster pace.

我們預計未來幾年營收成長率將維持在 20% 以上，獲利能力也將以更快的速度成長。

I am looking forward to having conversations with our shareholders about our increasing EPS and how we can keep that momentum going for the next 5 to 10 years.

我期待與股東們探討我們不斷增長的每股收益，以及如何在未來 5 到 10 年內保持這種成長勢頭。

Operator, we're ready to take questions.

接線員，我們已準備好接受提問。

Thank you. At this time, we will conduct a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your lines in the question queue. We ask that you ask one question and one follow-up. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the keys. Once again, that's one to ask a question at this time. One moment while we post for our first question.

謝謝。屆時，我們將進行問答環節。如果您有任何疑問，請按下電話鍵盤上的 1。確認音會提示您已進入問題佇列。我們要求您提出一個問題和一個後續問題。對於使用揚聲器裝置的參與者，可能需要在按鍵前拿起聽筒。這又是一個此時此刻值得提出的問題。請稍等片刻，我們正在發布第一個問題。

The first question comes from Anthony Petrone with Mizuho Financial Group. Please proceed.

第一個問題來自瑞穗金融集團的 Anthony Petrone。請繼續。

Thanks, and, congrats to the team all around here on strong execution.

謝謝，也恭喜我們團隊所有成員出色地完成了任務。

Maybe Pete and Roger could start with, the comments on 2025 and just the implied outlook, as we head into the end of the year.

或許皮特和羅傑可以先談談對 2025 年的評論以及其中隱含的展望，畢竟我們即將迎來年底。

I'm just looking for some more, inputs, puts and takes on that 4Q number specifically. How should we think about US trends? Obviously there's strong momentum on the US side. But maybe a little bit more detail on what we're thinking about for new account openings from here, preserve uptake, and then lastly just the EBITDA positive, well ahead of expectations, how do you think about EBITDA, trending from here just given the momentum on the US side. Thanks again.

我只是想聽聽大家對第四季財報數據的看法、觀點和看法。我們該如何看待美國的趨勢？顯然，美國方面勢頭強勁。但或許可以更詳細地談談我們接下來對新帳戶開立的想法，保持用戶增長，最後，關於 EBITDA 為正，遠超預期，鑑於美國市場的強勁勢頭，您如何看待 EBITDA 的未來趨勢？再次感謝。

Yeah, thanks for the question, Anthony. Clearly a lot of momentum in the business heading into the 4th quarter, and this, as we noted, we're planning to exceed $210 million now, for the year. And as it relates to the 4th quarter, the US has quickly become our largest market, and we have a lot of momentum in the US. For us though, we haven't yet seen a 4th quarter, right, and there are some nuances in the fourth quarter around reconstruction and some of the holidays and things, and so we just want to be prudent in terms of, how we set the midpoint for the 4th quarter, but clearly we have a lot of momentum and we expect to meaningfully exceed the $40 million we previously provided. And so the US is doing very well. Outside the US, we also have a lot of momentum, specifically in direct markets where we're seeing very strong growth. In Europe we were north of 20%, in direct markets this quarter. We have a really strong order book for the 4th quarter from our distributors and so we're expecting a very strong finish to the year and I think importantly that sets us up really well for 2026, right? The momentum we're carrying in the business that will play for the next year really is a nice place to be as we're entering the new year, as it relates to EBITDA, again, we're all very proud of what we've achieved here a quarter early, the 1.2 million. But as we also noted, it's just the beginning here, right? We're, we have a lot of leverage we can still bring through this business as we're investing, and you'll see the doc continue to expand in the fourth quarter, and we expect to continue to show nice improvement overall in 2026. And so I think the business again has a lot of momentum. You're starting to see the profitability, the leverage in the model, and we expect that's going to continue from here forward.

是的，謝謝你的提問，安東尼。顯然，公司業務在進入第四季度時勢頭強勁，正如我們所指出的，我們計劃今年的收入超過 2.1 億美元。至於第四季度，美國已迅速成為我們最大的市場，我們在美國的發展勢頭強勁。但對我們來說，我們還沒有看到第四季的情況，對吧？第四季在重建和一些假日等方面還有一些細微差別，所以我們想謹慎地設定第四季度的中點，但顯然我們勢頭強勁，我們預計將大幅超過之前提供的 4000 萬美元。所以美國發展得非常好。在美國以外，我們也擁有強勁的發展勢頭，尤其是在直接市場，我們看到了非常強勁的成長。本季度，我們在歐洲的直接市場銷售額超過了 20%。我們從分銷商那裡獲得了非常強勁的第四季度訂單，因此我們預計今年將取得非常強勁的收官業績，我認為這非常重要，因為這為我們2026年的發展奠定了良好的基礎，對吧？就 EBITDA 而言，我們目前在業務方面保持的良好勢頭將持續到明年，這確實是一個令人欣喜的局面。我們提前一個季度就實現了 120 萬美元的 EBITDA，對此我們感到非常自豪。但正如我們也指出的那樣，這只是個開始，對吧？我們仍然有很多可以利用的槓桿，因為我們正在進行投資，你會看到該業務在第四季度繼續擴張，我們預計到 2026 年整體上將繼續取得良好的改善。所以我認為這項業務再次展現出強勁的發展勢頭。你開始看到這種模式的獲利能力和槓桿作用，我們預計這種情況會從現在開始繼續下去。

Appreciate that. I'll hop back.

謝謝。我這就回去。

The next question comes from Josh Jennings with TD Kwan. Please proceed.

下一個問題來自 TD Kwan 的 Josh Jennings。請繼續。

Hi, good morning, and, congratulations on arriving in the EBITDA positive era a little bit earlier than expected. Pete and Raj, what was hoping to just start on the thinking about 2026 and international business, but specifically China. Any updates just in terms of, the outlook there and, the distributor relationships and when reordering could start to kick in. We should we be expecting Q1 2026? Is there any chance that there could be some China orders in the fourth quarter?

您好，早安，恭喜您比預期提前進入了 EBITDA 為正的時代。Pete 和 Raj 原本希望開始思考 2026 年和國際商業，特別是中國。任何關於前景、分銷商關係以及何時可以開始重新訂購等方面的最新消息。我們應該期待在2026年第一季實現嗎？第四季是否有可能獲得一些來自中國的訂單？

Yeah, so, thank you, Josh, in terms of the, OUS markets, I think in general we've seen stabilization, for the most part across all the markets, our focus going into this year, Josh was really driving growth in our direct markets and I think we've been very successful in doing that. We have better economics, we have more upside potential in those markets and this. Raj mentioned, we had 20% growth, and that's following a quarter where we had 27% growth in our European markets, so we're gaining accounts, a lot of that growth is being fueled by preserve, but very strong performance, and we're going to continue to focus on that, going into 2026, and, we see good momentum in the, fourth quarter and that's just going to continue into, next year.

是的，謝謝你，喬希。就美國境外市場而言，我認為總體上我們已經看到市場趨於穩定，大部分市場都是如此。今年，喬希的重點是推動直銷市場的成長，我認為我們在這方面非常成功。我們擁有更好的經濟實力，我們在這些市場擁有更大的上漲潛力，而且…Raj提到，我們實現了20%的成長，而在此之前一個季度，我們在歐洲市場的成長率達到了27%。因此，我們正在贏得更多客戶，其中很大一部分成長是由現有客戶推動的，但整體業績非常強勁。我們將繼續專注於此，直至2026年。我們看到第四季勢頭良好，而且這種勢頭將延續到明年。

Yeah, as it relates to to China, I think, we're working very closely with our partners there we've actually seen some good progress, especially from a sellout standpoint, and we're going to continue to work closely with them and we're going to keep you updated, but we want to make sure we build the the business there the right way.

是的，就中國市場而言，我認為我們正與那裡的合作夥伴密切合作，實際上已經取得了一些不錯的進展，尤其是在銷售方面。我們將繼續與他們密切合作，並將隨時向您報告最新情況。但我們希望確保以正確的方式在那裡發展業務。

Thank you. The next question comes from Allen Gong with JPMorgan. Please proceed.

謝謝。下一個問題來自摩根大通的Allen Gong。請繼續。

Thanks for the question. I have one on the broader market. When we looked at some of your peers and aesthetics, I think some of the body language we were getting from them was definitely a bit more cautious on market dynamics, especially heading into 4th quarter, looking at your results and listening to, your confidence, definitely sounds like you're not seeing that. So, I guess, are you not seeing that weakness, are you just growing through it, or is there a reason why those challenges are more company specific than for the broader market?

謝謝你的提問。我在更廣泛的市場上也有一家。當我們觀察你的一些同行和美學時，我認為我們從他們身上感受到的肢體語言，對於市場動態，尤其是在進入第四季度之際，確實更加謹慎。但從你的業績和你的自信來看，你顯然沒有感受到這一點。所以，我想，你們是不是沒有意識到這個弱點，只是在逆境中成長，還是說這些挑戰更多是公司特有的，而不是整個市場普遍面臨的？

Yeah, thanks, we first I mean we can't really comment on their perspective in terms of the market. I can just tell you how we're seeing the market in the US specific to breast aesthetics, I think we've created a lot of momentum in the marketplace, and I think what we mentioned the prepared remarks in some of the accounts that have, early adopters and we see you, but we're seeing an increase. In the number of procedures, so what we are seeing as it relates to our business, we're seeing growth, we're very, positive in terms of the momentum we've been able to build in the Q4 and that's just going to continue into, next year.

是的，謝謝。首先，我的意思是，我們無法就他們的市場觀點發表評論。我可以告訴你我們目前在美國乳房美學市場的情況，我認為我們已經在市場上創造了很大的勢頭，而且我認為正如我們在一些賬戶的準備好的發言中提到的，早期採用者，我們看到了你們，我們看到了增長。就手術數量而言，就我們的業務而言，我們看到了成長，我們對第四季度取得的勢頭非常樂觀，而且這種勢頭將會延續到明年。

The next question comes from SAM Eber with BTIG. Please proceed.

下一個問題來自 BTIG 的 SAM Eber。請繼續。

Hi, good morning. Thanks for taking the questions. Maybe I can shift over to the minimally invasive platforms you talked about the 30 million, in revenue for next year. Can you just maybe help frame contribution this year, if there's any way to parse out Mia versus Preserve, and then, what market development work needs to happen to get to those, the, at least 30 million target for next year. Thanks for taking the.

您好，早安。謝謝您回答問題。也許我可以轉而使用你提到的那些微創平台，明年的收入預計為 3000 萬美元。您能否幫忙分析今年的貢獻情況，看看能否區分 Mia 和 Preserve，以及為了實現明年至少 3000 萬美元的目標，需要開展哪些市場開發工作？謝謝你抽出時間。

Questions. Yeah, thanks SAM. We, we're, I mean, we're very happy with the progress we're making with, Preserve and the minimally invasive platform, speaking specifically on you, we've doubled the number of accounts this year and that was our goal. And then with Preserve Day we're off to an outstanding start.

問題。嗯，謝謝SAM。我們，我的意思是，我們對 Preserve 和微創平台的進展非常滿意，特別是就您而言，我們今年的帳戶數量翻了一番，這正是我們的目標。然後，隨著保護區日的到來，我們迎來了一個非常好的開始。

In Europe and we're really focusing primarily on the direct markets but we're also expanding it to some of our distributor markets.

在歐洲，我們主要專注於直接市場，但我們也正在將其擴展到一些經銷商市場。

And that momentum is is going to continue into 2026 we mentioned also that in the US, we're going to be launching early part of next year so we're we're looking at the end of the first quarter. There's already significant demand we've seen that with the early experienced surgeons. They're very excited and you know I think once it's launched, I think it's going to be a pretty quick ramp up so we're very pleased with that that platform and how it's performing.

而且這種勢頭將持續到 2026 年。我們也提到過，在美國，我們將在明年年初推出產品，也就是我們預計在第一季末。我們已經看到，早期經驗豐富的外科醫師對這類人才的需求非常大。他們非常興奮，而且我認為一旦推出，就會迅速發展壯大，所以我們對這個平台及其表現非常滿意。

The next question comes from Joanne Winch for Citibank. Please proceed.

下一個問題來自花旗銀行的 Joanne Winch。請繼續。

Hi, good morning. This is, Anthony filling in for Joanne. Thanks for taking the question. Is there any chance you could provide either quantify or maybe provide a little bit more granularity around, your expectation for US sales to meaningfully exceed 40 million this year?

您好，早安。這是安東尼代替喬安妮。感謝您回答這個問題。您能否提供一些量化數據，或更詳細說明您預計今年美國銷售額將顯著超過 4000 萬美元？

Yeah Anthony, as I TRY to answer the first question, right, the 4th quarter again is we have, we're carrying a lot of momentum into the 4th quarter, right? And so we'll, we will do, quite a bit better than the $40 million we've previously talked about. However, it is the first time we've had a 4th quarter in the United States, right? And so there is some holidays, some other elements to the quarter that make it difficult to kind of.

是的，安東尼，當我嘗試回答第一個問題時，對吧，第四節我們又帶著很大的勢頭進入了第四節，對吧？所以，我們會做得比之前提到的 4,000 萬美元好得多。然而，這是美國歷史上第一次出現第四季度，對吧？因此，由於一些假日和本季的其他一些因素，很難進行某種程度的預測。

Tell you exactly where we're going to land, and so again it's a difficult question, but I think, the reality is we're doing very well in the US. The number of accounts, the orders we're getting, all of it is really pushing in the right direction, and we just, we simply have a lot of momentum that we're carrying right now.

我無法確切地告訴你我們將在哪裡登陸，所以這又是一個難題，但我認為，現實情況是我們在美國做得非常好。帳戶數量、訂單量等等，一切都在朝著正確的方向發展，我們現在正處於強勁的發展勢頭之中。

The next question comes from Mason Krick with Stevens Capital Management. Please proceed.

下一個問題來自史蒂文斯資本管理公司的梅森·克里克。請繼續。

Hey, thanks for taking the question.

嘿，謝謝你回答這個問題。

So reiterating the the single-digit growth in international revenue, it seems like you're seeing strength across a handful of markets.

因此，重申國際收入個位數成長，看來你們在少數市場看到了強勁勢頭。

Stability and others are you willing to quantify how at least preliminarily you're thinking about growth in the international market next year?

穩定性及其他方面，您能否至少初步量化您對明年國際市場成長的看法？

Yeah, I think Mason, it's a, it's a good question, right? We haven't yet provided the 2026 outlook, but.

是的，我覺得梅森，這確實是個好問題，對吧？我們尚未提供 2026 年的展望，但是。

From a high level standpoint we're seeing very good demand in our direct markets. It's been an area of focus for us. We spent a lot of time, making sure we have the right team there, the right structure there, and you are seeing that play out now, and we don't expect that momentum will slow, and so that is going to carry us into 2026, the other part of the business is distributors. We don't have perfect visibility into how the distributed markets are doing, but generally the tone in those markets remains very good.

從宏觀角度來看，我們的直接市場需求非常強勁。這一直是我們的關注重點領域。我們花了很多時間確保我們擁有合適的團隊和合適的結構，現在你們看到了成果，我們預計這種勢頭不會放緩，這將使我們持續發展到 2026 年，業務的另一部分是分銷商。我們無法完全了解分散式市場的運作情況，但總體而言，這些市場的基調仍然非常好。

The end markets seem very similar to what we're seeing in our direct markets and so overall we're expecting in 2026 our international markets will perform well, and then you marry that with what we're seeing in the United States and we commented we expect to finish it at approximately 20%, which provides a very good stepping off point in the US for 2026 and overall we're expecting another Year of very strong growth for the company.

終端市場似乎與我們在直接市場看到的情況非常相似，因此我們預計 2026 年國際市場整體表現良好。結合我們在美國看到的情況，我們預計最終佔比將達到 20% 左右，這為 2026 年美國市場的發展奠定了良好的基礎。總體而言，我們預計公司將在 2026 年迎來另一個強勁成長的年份。

Got it. Okay. And in terms of motiva accounts in the US, what are you guys seeing in terms of trends among customers after adoption? How quickly are you seeing them ramp up? Is there a an average amount of their practice they end up converting just any incremental detail you can provide there?

知道了。好的。就美國 Motiva 帳戶而言，你們觀察到客戶在使用後的趨勢是什麼？你覺得他們的成長速度有多快？他們平均能轉換多少客戶？你提供的任何額外細節，他們最終的轉換率是多少？

Yeah, I think and, as we mentioned before, I mean, the growth in the US, is really exceeding all our expectations. We've kind of over delivered on most of the internal KPIs that we have, so we're very pleased with that. We continue to add additional accounts. The utilization rate continues to pick up, especially as a lot of the accounts are, going through their scheduling process.

是的，我認為，而且正如我們之前提到的，美國的成長確實超出了我們所有人的預期。我們基本上超額完成了大部分內部KPI指標，對此我們非常滿意。我們將繼續增加帳戶。利用率持續上升，尤其是許多帳戶正在進行排期流程。

What also helps quite a bit in terms of the utilization and also the penetration is the number of patients that are entering the the the accounts asking specifically for Otiva, so we're seeing a really good growth in the Q4 and it's somewhat of an inflection point for us and we believe that momentum will finish this year and then it's going to continue to grow next year, especially when you start laying over, some of the preserve launch also the small sizes as well.

提高利用率和滲透率的另一個重要因素是，越來越多的患者主動諮詢 Otiva，因此我們在第四季度看到了非常好的成長，這對我們來說是一個轉捩點。我們相信這種成長動能將在今年持續，並在明年繼續成長，尤其是在一些新推出的包裝和小包裝產品上市之後。

Got it. Thank you.

明白了，謝謝。

The next question comes from Mike Matson with Needham and Company. Please proceed.

下一個問題來自 Needham and Company 的 Mike Matson。請繼續。

Yeah, thanks. So, I wanted to get some clarification on the commentary around getting to 20% share ex in the year. So we had estimated that the US market augmentation market's around 600 million, so about 150 million a quarter, if you flatline it, and 20% of that would sort of imply about 30 million. I mean, is that math reasonable, or am I missing something? Maybe you mean like as of the very last day of the quarter you'll be at, it's ramping through the quarter and you'll be at 20%, as of the very tail end of the quarter or something like that.

嗯，謝謝。所以，我想就今年達到 20% 的除權股份這一說法進行一些澄清。所以我們估計美國市場加值市場規模約 6 億美元，如果按季計算，約 1.5 億美元，那麼 20% 就相當於約 3,000 萬美元。我的意思是，這樣的計算合理嗎？還是我漏掉了什麼？也許你的意思是，就像季度末的最後一天，你的業績會逐漸提升，到季度末的時候，你的業績會達到 20% 左右。

Yeah, like, I think, just a level set, I think your expectation for the size of the market may be a little bit off, if you look at some of the data from the clinical societies, the market in the United States is estimated at approximately 300,000 procedures a year. Our ASPs, as we've talked about, are, around $1300 a little north of 1,300 per case, that puts you at a little bit below $400 million for the augmentation market. The reconstruction market is a market.

是的，我覺得，就像，為了平衡一下，我認為你對市場規模的預期可能有點偏差，如果你看看臨床協會的一些數據，美國市場估計每年大約有 30 萬例手術。正如我們之前討論過的，我們的平均售價約為每例 1300 美元，略高於 1300 美元，這使得增強市場規模略低於 4 億美元。房屋翻新市場是一個市場。

About that same size, right? So if you just think about the augmentation market, you're looking at a market close to $390 million to $400 million in that range, and that is the market against which we expect to exit at about 20%.

差不多大小，對吧？所以，如果你只考慮增強市場，你會發現這個市場規模接近 3.9 億美元到 4 億美元，而我們預計將從這個市場中退出，退出份額約為 20%。

Okay, so more like a $20 million dollar number then.

好吧，那大概就是2000萬美元左右了。

But again, that's also an exit rate right as we're leaving 2026.

但話說回來，這也是我們即將告別 2026 年時的退場率。

Okay, alright, I understand, and then just, as far as the fourth quarter goes, how much visibility do you feel you have? I mean, we're over a month into the quarter now, I guess, sorry, two months into the quarter now, and then I know you have orders that you get, and so I don't know how much lead time there is between the order and a shipment and things like that, but.

好的，我明白了。那麼，就第四季而言，您覺得前景如何？我的意思是，現在已經過去一個多月了，不，應該說是兩個月了，我知道你們會接到訂單，所以我不知道從下單到發貨之間需要多長時間，等等。

Well, we do, I mean, we do see the daily orders, right? We know the number of customers we have, and so we have very, we have quite a bit of visibility in how the business is tracking and as we've noted, there's a lot of momentum right now. Those metrics all continue to go higher, and as we're leaving the 3rd quarter and we've entered the 4th quarter here, moving out of that seasonally slow period, there's a lot of acceleration in this business, again, it's our 1st 4th quarter as a company in the United States and so we just want to be prudent in terms of. Where we set the the midpoint of where we think we end up, but you shouldn't think that there's anything, behind that, right? The business is doing extremely well and we're going to have a very strong finish to the year.

是的，我們確實能看到每日訂單，對吧？我們知道我們有多少客戶，所以我們對業務的進展有相當清晰的了解，而且正如我們所指出的，目前發展勢頭強勁。這些指標都在持續上升，隨著我們離開第三季度進入第四季度，走出季節性淡季，這項業務正在加速發展。再次強調，這是我們公司在美國的第一個第四季度，所以我們只想謹慎行事。我們設定一個中間點，作為我們認為最終到達的位置，但你不應該認為這背後還有什麼，對吧？公司業務發展非常順利，我們預計今年將取得非常強勁的收官成績。

Okay, I understand, thanks.

好的，我明白了，謝謝。

The next question comes from Matthew Taylor with Jeffries. Please.

下一個問題來自 Jeffries 公司的 Matthew Taylor。請。

Proceed. Hi, good morning. This is, Matt on for Matt Taylor. I just wanted to ask a quick question on 2026 and assuming you're exiting 2025 with around 20% market share.

請繼續。您好，早安。這位是替補馬特泰勒上場的馬特。我只想問一個關於 2026 年的問題，假設你們在 2025 年底的市佔率約為 20%。

Looking at your kind of strategy into next year, do you anticipate driving your expansion primarily through penetration with these existing accounts or is it mainly blocking and tackling going after new accounts?

展望明年的策略，您預計主要透過滲透現有客戶來推動擴張，還是主要透過開拓新客戶來推進擴張？

Yeah, so I mean as we mentioned before, I mean we're exiting 2025 with tremendous momentum. We keep on adding existing accounts or adding accounts. The utilization rate continues to pick up.

是的，就像我們之前提到的那樣，我們帶著強勁的發展勢頭邁出了2025年的最後一步。我們會不斷新增現有帳戶或新增帳戶。利用率持續上升。

And that momentum's going to continue into next year. Now what we're also doing is we, and we mentioned this on the on the previous call, we're going to be adding additional reps up to about 15 reps, for next year, and that will help increase the utilization also the reach, in some of those accounts that we can add into to next year.

而這種勢頭將會延續到明年。現在，我們還在做一件事，我們在上次電話會議上也提到過，明年我們將增加大約 15 名銷售代表，這將有助於提高利用率，並擴大我們明年可以新增的一些客戶的覆蓋範圍。

We're also going to be launching, preserve at the end of the 1st quarter and then we also have the launch of the small sizes which we anticipate at the beginning of next year. So I think you're going to see a combination continued growth in the accounts that we are in, and, as we continue to increase the utilization rate, we're going to be adding additional accounts and then you also have with the expansion. In terms of, filling out our matrix as well as, with the preserv a launch I think you're going to see a combination of of both.

我們也將在第一季末推出保鮮產品，然後我們預計明年年初還將推出小包裝產品。所以我認為你會看到我們現有帳戶持續成長，隨著我們不斷提高利用率，我們將增加更多帳戶，然後還有擴張。就完善我們的矩陣以及保留發布而言，我認為你會看到兩者的結合。

Okay, that's helpful. So I'd say like looking at your 5-year plan, you're still fairly confident and kind of reaching that.

好的，這很有幫助。所以我覺得，看看你的五年計劃，你仍然相當有信心，並且正在朝著目標前進。

Goal of, I don't know, 40% to 70% that you've seen in other markets.

目標是，我不知道，大概達到你在其他市場看到的 40% 到 70% 吧。

Is that fair to assume? Yes, okay.

這樣的假設合理嗎？好的。

Thank you.

謝謝。

Thank you. This is all the time we have for questions today. I will now turn the call back over to Peter Caldini for closing remarks.

謝謝。今天提問時間到此結束。現在我將把電話轉回給彼得·卡爾迪尼，請他作總結發言。

Okay, thank you everybody for joining look forward to the next call and, thank you very much for attending.

好的，感謝大家的參與，期待下次通話，也非常感謝大家的出席。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。您可以在此時斷開線路。

Thank you for your participation and have a great day.

感謝您的參與，祝您有美好的一天。