Harvard Bioscience Inc (HBIO) 2025 Q2 法說會逐字稿

Good day, and welcome to the second quarter 2025 Harvard Bioscience earnings conference call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎參加哈佛生物科學公司2025年第二季財報電話會議。 （操作員指示）請注意，此會議正在錄製中。

I would now like to turn the conference over to Taylor Krafcik, Senior Vice President at Ellipsys TA. Please go ahead.

現在，我想將會議交給 Ellipsys 技術協助資深副總裁 Taylor Krafcik。請發言。

Thank you, operator, and good morning, everyone. Thank you for joining the Harvard Bioscience Second Quarter 2025 Earnings Conference Call. Leading the call today will be John Duke, President and Chief Executive Officer; and Mark Frost, Interim Chief Financial Officer. In conjunction with today's recorded call, we have provided a presentation that will be referenced during our remarks that is posted to the Investor Relations section of our website at investor.harvordbioscience.com.

謝謝接線員，大家早安！感謝您參加哈佛生物科學公司2025年第二季財報電話會議。今天的電話會議主持人是總裁兼執行長John Duke和代理首席財務長Mark Frost。配合今天的錄音電話會議，我們準備了一份演示文稿，供您在發言時參考，該演示文稿已發佈在我們網站investor.harvordbioscience.com的“投資者關係”板塊。

Please note that statements made today in discussion that are not historical facts, including statements on management's expectations of future events or future financial performance, are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current views of Harvard Bioscience Management and Harvard Bioscience assumes no obligation to update or revise any forward-looking statements.

請注意，今天討論中所做的非歷史事實的陳述，包括關於管理層對未來事件或未來財務業績的預期的陳述，均為前瞻性陳述，並根據 1995 年《私人證券訴訟改革法案》的安全港條款做出。這些前瞻性陳述反映了哈佛生物科學管理階層的當前觀點，哈佛生物科學不承擔更新或修改任何前瞻性陳述的義務。

Actual results may differ materially from those expressed or implied. Please refer to today's press release, the Harvard Bioscience Form 10-K and other filings with the Securities and Exchange Commission for additional disclosures on forward-looking statements and the risks, uncertainties and contingencies associated therewith.

實際結果可能與明示或暗示的結果有重大差異。請參閱今日新聞稿、哈佛生物科學10-K表格以及提交給美國證券交易委員會的其他文件，以了解有關前瞻性陳述及其相關風險、不確定性和偶然事件的更多揭露。

During the call, management will also reference certain non-GAAP financial measures, which can be useful in evaluating the company's operations related to our financial condition and results. These non-GAAP measures are intended to supplement GAAP financial information and should not be considered a substitute Reconciliations of GAAP to non-GAAP measures are provided in today's earnings press release.

在電話會議中，管理階層也會參考某些非公認會計準則 (non-GAAP) 財務指標，這些指標有助於評估與財務狀況和績效相關的公司營運狀況。這些非公認會計準則 (non-GAAP) 指標旨在補充公認會計準則 (GAAP) 財務信息，不應被視為替代。今天的收益新聞稿中提供了公認會計準則 (GAAP) 與非公認會計準則 (non-GAAP) 指標的對帳表。

I will now turn the call over to Mark. Mark, please go ahead.

現在我將把電話轉給馬克。馬克，請講。

Thank you, Taylor. Before discussing our results, I'd like to welcome John our recently appointed President and CEO. John has significant experience in leading growing businesses in the life science industry, and I along with the entire Harvard Bioscience team look forward to working with him to achieve our goals. I will turn it over to him after my remarks, so he can walk through his initial observations and the key priorities that we are focused on.

謝謝泰勒。在討論我們的業績之前，我想歡迎我們新總裁兼執行長約翰。約翰在領導生命科學產業成長型企業方面擁有豐富的經驗，我和整個哈佛生物科學團隊期待與他攜手合作，實現我們的目標。我的演講結束後，我會將發言權交給他，讓他介紹他的初步觀察以及我們目前關注的關鍵重點。

I'll now move to our second quarter 2025 financial results, the details of which can be found on Slide 3 of the earnings presentation that we posted to our IR site. On Slide 3, revenue was $20.5 million, below $23.1 million in the prior year but ahead of our guidance of $18 million to $20 million, primarily because of higher Chinese shipments.

現在，我將介紹我們2025年第二季的財務業績，詳情請參閱我們發佈在投資者關係網站上的收益簡報的第三張投影片。幻燈片第三張顯示，營收為2050萬美元，低於去年同期的2310萬美元，但高於我們1800萬至2000萬美元的預期，這主要得益於中國出貨量的增加。

Gross margin was 56.4% versus 57.2% in 2024 and was towards the high end of our guidance of 55% to 57%. Operating expenses declined $2 million from prior year driven by actions taken in 2024 and the first quarter of 2025 to one move to one U.S. ERP system two, lean out our SG&A organization; and three, reprioritize our NPI projects. This led to an improvement in adjusted operating income of $1 million versus $0.8 million in quarter 2 '24.

毛利率為56.4%，而2024年為57.2%，接近我們55%至57%的預期上限。營運支出較上年減少200萬美元，主要得益於2024年及2025年第一季採取的措施：一是遷移至一套美國ERP系統；二是精簡銷售、一般及行政管理部門；三是重新調整新產品導入（NPI）項目的優先順序。這些措施使調整後營運利潤從2024年第二季的80萬美元增加至100萬美元。

Quarter 2 adjusted EBITDA was $1.5 million versus $1.3 million in quarter 2 '24 with a major driver being the reduction in operating expenses which more than offset the volume impact from the lower year-over-year revenue. Now looking at Slide 4, I will outline the revenue results for the quarter by product family and region.

第二季調整後息稅折舊攤銷前利潤 (EBITDA) 為 150 萬美元，而 2024 年第二季為 130 萬美元，主要驅動因素是營運費用的減少，足以抵銷年收入下降對銷售的影響。現在請看投影片 4，我將按產品系列和地區概述本季的收入結果。

Overall revenues in the second quarter showed a slight decline from quarter 1, finishing at $20.5 million compared to $21.8 million in the prior quarter. Now turning to the geographical results, starting with the Americas. Revenue in the second quarter declined sequentially by 5.4% and were down 11.7% versus revenues in the second quarter of last year. As shown in the light blue on the slide, CMT had sequential growth driven by MEA's organoids.

第二季總營收較第一季略有下降，最終為2,050萬美元，而上一季為2,180萬美元。現在來看看地域業績，首先是美洲地區。第二季營收季減5.4%，較去年同期下降11.7%。幻燈片中淺藍色部分顯示，CMT在MEA類器官業務的推動下實現了環比增長。

The year-over-year decreases were caused primarily by a lack of budget clarity for academics and NIH. Our preclinical sales declined sequentially and year-over-year due to lower academic sales related to the aforementioned budget clarity challenge for NIH academics.

年比下降主要原因是學術機構和NIH預算透明度不足。由於NIH學術機構面臨上述預算透明度挑戰，導致學術機構銷售額下降，我們的臨床前銷售額較上月及年比均出現下降。

Now moving on to Europe. Overall revenue in Europe in the second quarter increased 9% sequentially, reflecting stronger academic shipments. Compared to last year's Q2, European revenues were largely flat. Cellular and Molecular sales increased sequentially and was flat year-over-year. Our quarter 2 preclinical sales increased sequentially and year-over-year, driven by higher pharma sales.

現在來看看歐洲。歐洲第二季總營收季增9%，反映學術產品出貨量強勁。與去年第二季相比，歐洲收入基本持平。細胞和分子藥物銷售額環比成長，較去年同期持平。受製藥銷售額成長的推動，我們第二季臨床前銷售額較上季和年比均有所成長。

Now moving to China and the Asia Pacific, which has been negatively impacted by macro uncertainty over tariffs. Overall, in the second quarter, APAC revenue was down both sequentially and year-over-year by over 25%, due in large part to the tariff situation with China. Orders and shipments halted in April, but gradually returned to more normal behavior after the tentative agreement of a 10% tariff level.

現在轉向中國和亞太地區，這些地區受到了關稅宏觀不確定性的負面影響。總體而言，第二季亞太地區收入環比和年比均下降超過25%，這在很大程度上是由於與中國的關稅問題。 4月訂單和出貨暫停，但在雙方就10%的關稅達成初步協議後，業務逐漸恢復正常。

Cellular and Molecular APAC products declined sequentially and year-over-year. Preclinical APAC products also declined sequentially and year-over-year due to tariffs.

亞太地區細胞和分子產物較上季和年比均出現下降。受關稅影響，亞太地區臨床前產品較上季和年比均出現下降。

Now I'll move to Slide 5 to discuss further financial metrics. Looking at gross margin first. Gross margin during quarter 2, 2025 was 56.4% compared to 57.2% in quarter 2, 2024, but up 40 basis points from the 56% in the prior quarter despite the lower revenue. The gross margin decline compared to last year quarter 2 was mainly due to lower absorption of fixed manufacturing overhead costs on a reduction in volume.

現在我將轉到投影片5，討論進一步的財務指標。首先來看毛利率。 2025年第二季的毛利率為56.4%，而2024年第二季為57.2%，儘管收入有所下降，但較上一季的56%上升了40個基點。與去年第二季相比，毛利率下降主要是由於產量下降導致固定製造費用的吸收減少。

The sequential margin expansion was due to actions we took to reduce the manufacturing organization for the expected lower revenue volume.

利潤率的連續擴大是由於我們針對預期的較低收入量採取了減少製造組織的措施。

Now if you refer to the top right graph, our adjusted EBITDA during quarter 2 increased to $1.5 million versus $1.3 million in last year's second quarter. Compared to the prior year quarter 2, reduced gross profit of $1.7 million was fully offset by lower operating expenses of $2 million.

現在，如果您參考右上角的圖表，我們第二季度的調整後EBITDA增至150萬美元，而去年第二季為130萬美元。與去年同期相比，毛利減少了170萬美元，但營運費用減少了200萬美元，完全抵消了這一影響。

Now moving to the bottom left, where we both show -- where we show both reported and adjusted loss earnings per share. As mentioned in the past, I'll remind you that typically, the differences between GAAP EPS and adjusted EPS is the impact of stock compensation, amortization and depreciation. These differences between net loss and adjusted EBITDA are highlighted in the reconciliation tables on Slide 10 and are all noncash items.

現在移到左下角，我們在這裡同時顯示了報告每股收益和調整後每股收益。如同先前所提到的，我要提醒大家，通常情況下，GAAP 每股盈餘和調整後每股盈餘之間的差異是股票薪酬、攤提和折舊的影響。淨虧損和調整後 EBITDA 之間的差異在第 10 張投影片的對帳表中突出顯示，並且全部為非現金項目。

Now moving to the bottom middle graph. Year-to-date cash flow operations were strong at $5.7 million compared to $0.6 million in the same period with $2.8 million of operating cash generated in the second quarter. The primary driver for improved cash flow from operations was working capital management for progress from both AR and inventory as well as operating expense reductions.

現在來看下方中間的圖表。年初至今的現金流營運表現強勁，達到570萬美元，而同期為60萬美元，第二季產生的營運現金為280萬美元。營運現金流改善的主要驅動力是營運資本管理，推動了應收帳款和庫存的提升，以及營運費用的降低。

Net debt was down over $4 million from year-end to $27.9 million from $32 million. This reflects our quarterly principal payment of $1 million and improved operating cash flow. Now with respect to our credit facility, we negotiated an amendment with our bank group. Key elements of the agreement are: first, an extension of refinance timing to December 5, close to the maturity date of the facility.

淨債務較上年末下降逾400萬美元，從3,200萬美元降至2,790萬美元。這反映了我們季度支付100萬美元本金以及營運現金流的改善。目前，就信貸安排而言，我們已與銀行集團協商修訂。協議的主要內容包括：首先，將再融資期限延長至12月5日，接近信貸安排到期日。

Waiver default on refinancing milestones and financial covenants relating to leverage, fixed interest coverage. Thirdly, elimination of testing of financial covenants for quarter three, except for liquidity which is now $3 million; and fourth, an increase in the SOFR adder to 700 basis points and an amendment fee of 100 basis points, which is primarily paid once debt is repaid.

免除再融資里程碑違約以及與槓桿率、固定利率保障相關的財務契約違約。第三，取消第三季度的財務契約測試，但流動性測試除外，流動性測試目前為300萬美元；第四，將SOFR加權利率提高至700個基點，並收取100個基點的修改費，該費用主要在債務償還後支付。

We believe the extension provides us with sufficient time to identify and execute a transaction to refinance and pay down the existing debt. More detail is provided in the 10-Q, which will be filed after market today. Now I move to Slide 7 to discuss our outlook for quarter 3. Now supported by our second quarter revenue performance as well as a strong start on orders in the third quarter, we are guiding to a range of $19 million to $21 million of revenue.

我們相信，此次延期將為我們找到並執行一項交易，以進行再融資並償還現有債務。更多詳情請參閱將於今天盤後提交的10-Q財報。現在，我將使用第7張幻燈片討論我們對第三季的展望。目前，受第二季營收表現以及第三季訂單強勁成長的支撐，我們預計第三季營收將在1,900萬美元至2,100萬美元之間。

With that, we expect a corresponding improvement in gross margin from the higher volume and are guiding to a gross margin range of 56% to 58%. This guidance shows our continuous progress in stabilizing our business as well as our prudent financial discipline.

因此，我們預期毛利率將因銷售成長而相應提升，並將毛利率預期區間設定在56%至58%之間。這項預期反映了我們在穩定業務方面取得的持續進展，以及我們審慎的財務紀律。

I'll now turn the call over to John. John?

我現在將電話轉給約翰。約翰？

Thanks, Mark. Good morning, and thank you for joining us today. I'm pleased to be speaking to you for the first time since my recent appointment as President and CEO. On behalf of our Board of Directors and the entire workforce, I would like to thank Jim Green for his leadership and many contributions he's made to the company during the past six years.

謝謝，馬克。早安，感謝您今天加入我們。我很高興能和您交談，這是我最近被任命為總裁兼執行長以來的第一次。我謹代表董事會和全體員工，感謝吉姆·格林在過去六年中展現的領導力以及他為公司做出的許多貢獻。

Let me start by sharing how encouraged I am by what I've seen since stepping into the role two weeks ago. Harvard Bioscience has a strong operating team, a culture committed to advancing science and an innovation pipeline that positions us well for long-term growth. Since joining the company, I've actively engaged with employees, customers and partners with the goal of aligning the organization around a clear set of priorities.

首先，我想分享一下兩週前上任以來所見所聞帶給我的鼓舞。哈佛生物科學公司擁有強大的營運團隊、致力於推動科學進步的企業文化，以及為長期發展奠定良好基礎的創新管道。自從加入公司以來，我一直積極與員工、客戶和合作夥伴溝通，目標是讓整個組織圍繞著明確的優先事項進行協調。

Our focus for the remainder of 2025 is clear. Number one, maintain financial discipline by continuing to deliver cost efficiencies and generate positive cash flow. Number two, accelerate product adoption by leveraging our strong product portfolio to position the company for long-term growth; and number three, strengthen our capital structure by REIT by completing this refinance process to invest in our future growth.

我們對2025年剩餘時間的重點很明確。第一，透過持續提高成本效率和創造正現金流來維持財務紀律。第二，透過利用我們強大的產品組合來加速產品採用，為公司的長期成長做好準備；第三，透過完成此再融資流程，利用房地產投資信託基金（REIT）來增強我們的資本結構，投資於我們未來的成長。

As Mark indicated in his remarks, we made progress in each area during the second quarter. First, on maintaining financial discipline, the fundamentals of the business remain intact as we delivered second quarter revenue results of $20.5 million, which was above our guidance of $18 million to $20 million. We reported gross margin of 56.4%, reduced operating expenses and managed our costs. These efforts resulted in $1.5 million of adjusted EBITDA and $2.8 million of operating cash flow.

正如馬克在演講中指出的，我們在第二季度在各個方面都取得了進展。首先，在維持財務紀律方面，業務基本面保持良好，我們第二季的營收為2,050萬美元，高於我們1,800萬至2,000萬美元的預期。我們的毛利率為56.4%，營運費用降低，成本也得到了控制。這些努力帶來了150萬美元的調整後息稅折舊攤提前利潤（EBITDA）和280萬美元的營運現金流。

Looking ahead, our third quarter guidance of $19 million to $21 million of revenue and 56% to 58% gross margin reflects continued financial discipline. With respect to how macro conditions may impact our operations, NIH funding delays continue to extend academic purchasing cycles. But budgets remain in place, and we expect improvement into 2026 as procurement normalizes.

展望未來，我們第三季的營收預期為1,900萬至2,100萬美元，毛利率為56%至58%，這體現了我們持續的財務紀律。至於宏觀環境可能如何影響我們的運營，美國國立衛生研究院（NIH）的資金延遲將繼續延長學術採購週期。但預算保持不變，隨著採購的正常化，我們預計到2026年情況會有所改善。

As for tariffs, uncertainty remains in the market, but we believe the worst is behind us. We executed well in Q2 and are optimistic that greater clarity will emerge in the second half of the year. Second, on accelerating product adoption. Our new product pipeline covers multiple high-growth platforms.

至於關稅，市場仍然存在不確定性，但我們相信最糟糕的時期已經過去。我們在第二季度表現良好，並樂觀地認為下半年情況將更加明朗。其次，加快產品採用。我們的新產品線涵蓋多個高成長平台。

We began shipments of the SoHo telemetry platform adding cardiac and neuro monitoring capabilities. We progressed our Veeva Mars automation pilot with LabCorp, opening new CRO opportunities.

我們開始交付SoHo遙測平台，該平台新增了心臟和神經監測功能。我們與LabCorp合作推進了Veeva Mars自動化試點項目，開闢了新的合約研究外包（CRO）機會。

We achieved a key milestone in BTX bioproduction with $1 million in consumable revenue with additional applications underway. And we continue to expand adoption of our mesh MEA organoid platform, driven by regulatory support for alternative testing methods and strong interest from academic, CRO and biopharma customers.

我們在肉毒桿菌素（BTX）生物生產領域取得了重要的里程碑，耗材收入達100萬美元，並且正在推動更多應用。在監管部門對替代檢測方法的支持以及學術機構、合約研究組織（CRO）和生物製藥客戶的濃厚興趣的推動下，我們將繼續擴大網狀MEA類器官平台的普及。

All this positions us for future growth in high-value markets with structural tailwinds. Third, on our capital structure. As Mark noted, we entered into an amendment to our credit agreement. This reflects our commitment to strengthening the balance sheet and positioning the business for long-term success.

所有這些都為我們在結構性利好因素驅動的高價值市場中實現未來成長奠定了基礎。第三，關於我們的資本結構。正如馬克所說，我們修訂了信貸協議。這體現了我們致力於強化資產負債表、為業務的長期成功做好準備的承諾。

Our priority is to restructure our debt obligations and use our balance sheet to invest in the growth of our business. This amendment provides us with additional time to continue working towards that goal.

我們的首要任務是重組債務，並利用資產負債表投資於業務成長。此次修訂為我們提供了更多時間繼續努力實現這一目標。

In closing, 2025 remains a pivotal year focused on execution and financial discipline. Our priorities are to continue to stabilize our core business and restructure our balance sheet to build sustainable sales and profitability. I'm confident this will position us for revenue growth and margin expansion in 2026 and beyond. I truly appreciate your continued support and look forward to engaging with you going forward.

最後，2025年仍然是關鍵的一年，重點是執行力和財務紀律。我們的首要任務是繼續穩定核心業務，並重組資產負債表，以實現可持續的銷售額和盈利能力。我相信，這將使我們在2026年及以後實現收入成長和利潤率提升。衷心感謝您一直以來的支持，並期待與您攜手共進。

I'll now turn the call over to the operator so we can take your questions.

我現在將電話轉給接線員，以便我們回答您的問題。

Thank you. Our first question comes from Paul Knight with KeyBanc.

謝謝。第一個問題來自 KeyBanc 的 Paul Knight。

Yeah, good morning and thanks for the time on the questions. You have until December 5 on a refinance. What do you expect -- what's total debt going to be at that point in time?

是的，早上好，感謝您抽出時間回答這些問題。您的再融資期限是12月5日。您預計到那時您的總債務會是多少？

Sure, Paul. We would expect to continue to pay down the debt, which is $1 million a quarter. So, our debt would likely be around $33 million at that point in time.

當然，保羅。我們預計會繼續償還債務，每季100萬美元。所以，到那時，我們的債務大概會在3300萬美元左右。

Okay. And I'm guessing terms are pretty much what would be like BB, B type terms.

好的。我猜這些術語和 BB、B 型術語差不多。

Yeah, to answer that question, that would be our expectation. We think the environment may be slightly improved in view of our better results and seeing more clarity on the macro front from a tariff and NIH standpoint.

是的，回答這個問題，這是我們的預期。鑑於我們業績的改善，以及從關稅和國家衛生研究院（NIH）的角度來看宏觀環境更加明朗，我們認為環境可能會略有改善。

And regarding the NIH, it does seem like we may get reprieve like the first year of the Trump administration. And if the budget is actually up 80 bps like the Senate committee may want. What do you think happens? Is there going to be a budget burn through October of this year after a September recess -- this recess is over, and we might have a bill in September? Or do you think that kind of NIH outlay while it improves, would be extending into early next year? What are your thoughts around how a better budget could unfold at NIH?

關於美國國立衛生研究院（NIH），看起來我們可能會像川普政府執政第一年那樣獲得喘息的機會。如果預算真的像參議院委員會希望的那樣增加80個基點，您認為會發生什麼？在9月休會期結束後，預算會一直燒到今年10月嗎？ ——休會期已經結束，我們可能會在9月收到法案。或者，您認為NIH的這種支出雖然有所改善，但會延續到明年年初嗎？您如何看待NIH能夠更好地制定預算？

I think there's a lot of different scenarios how things could unfold at NIH. We -- what we have seen is that the academic purchasing cycles have been extended, but the budgets remain in place. I mean, clearly, government -- sales to government NIH are a reasonable portion of our business in the United States. And if things were to improve into 2026, that would clearly benefit our business. But we have a cost structure in place today, which we feel good about, such that if there were no significant changes, we would be able to manage our business well.

我認為NIH的情況可能會有許多不同的發展趨勢。我們看到的是，學術採購週期已經延長，但預算保持不變。我的意思是，顯然，面向政府——NIH的銷售占我們在美國業務的相當一部分。如果情況在2026年有所改善，這顯然會對我們的業務有利。但我們目前的成本結構已經到位，我們對此感到滿意，如果沒有重大變化，我們能夠很好地管理我們的業務。

And last would be what's your China exposure today? What -- and again, what did China do in the quarter?

最後，您目前在中國的投資情況如何？中國在本季的表現如何？

Sure, yes. The China business is about 10% of our revenue. And as I indicated on the call, it did go almost to zero in April, but we're now back to more normal run rate as we saw in '25. And if we stay at the 10% tariff, that would be our continued expectation.

當然。中國業務約占我們收入的10%。正如我在電話會議上提到的，4月中國業務的營收幾乎為零，但現在我們已經恢復到2025年的正常水準。如果我們維持10%的關稅，這將是我們持續的預期。

Our next question comes from Bruce Jackson with the Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 Bruce Jackson。

Hi, good morning and thank you for taking my questions. Just to follow up on the NIH questions. Do you have any sense of whether or not there could be any changes to the types of projects getting funded and how you're positioned? So for example, you've got a neuroscience platform that looks really interesting. And do you think that, that could get a boost under the new budget in 2026?

大家好，早安，感謝您回答我的問題。我只是想跟進一下關於NIH的問題。您是否認為資助的項目類型以及您的定位是否會改變？例如，你們有一個看起來非常有趣的神經科學平台。您認為在2026年的新預算下，這個平台的資助會得到提升嗎？

We do have a strong neuroscience platform and specifically our Mesh MEA towards organoids. We would be encouraged clearly, if the NIH budget when it is released for 2026, if there's an emphasis in that there, that would definitely enhance some of our products, which are in the new product portfolio.

我們確實擁有強大的神經科學平台，尤其是針對類器官的Mesh MEA。如果NIH在發布2026年的預算時，能夠重點關注這一點，我們肯定會受到鼓舞，這肯定會增強我們新產品組合中的一些產品。

Okay. And then also to follow up on China. So you said we've got some sense of clarity on the macro and some stability with regard to tariffs. Are there any other macro factors that you're watching right now in order to gain a higher sense of confidence in the forward macro?

好的。接下來還要跟進中國的情況。您之前說，我們對宏觀經濟情勢有了一定的了解，關稅也比較穩定。為了對未來的宏觀經濟更有信心，您目前還在關注其他宏觀因素嗎？

Sure. I'll take that, Bruce. It's Mark. It's a good question. The one open area is the European tariffs. And right now, we can all see we're at 15%, but we are seeing some volatility still in some of the other countries. I think -- we have to see if that settles out.

當然。布魯斯，我來回答。我是馬克。這個問題問得好。唯一懸而未決的問題是歐洲關稅。目前，我們都能看到關稅已經達到了15%，但我們看到其他一些國家的關稅仍然有些波動。我想——我們得看看關稅能否穩定下來。

I think the one thing for our business is we do have a number of European operations. So we do have additional options to move country of origin if that holds true or if there's further volatility on the European side.

我認為對我們業務來說，一個重要因素是，我們確實在歐洲擁有一些業務。因此，如果情況確實如此，或者歐洲方面出現進一步的波動，我們確實有更多選擇來轉移原產國。

Okay. Okay. Great. And then last question, getting back to the Mesh MEA products. You've been working with some academic institutions, hoping maybe to get some publications going. Anything to look forward to in the next couple of quarters?

好的。好的。太好了。最後一個問題，回到 Mesh MEA 產品。您一直在與一些學術機構合作，希望能出版一些產品。接下來的幾季有什麼期待嗎？

Well, there is a big show, the Society of Neuroscience in November. And at that show, you'll see some information, which we're going to be sharing and look forward to those academic results.

嗯，11月有一個大型展會，神經科學學會。在展會上，你會看到一些我們將要分享的訊息，並期待那些學術成果。

Okay, great, that's it for me thank you.

好的，太好了，就這樣吧，謝謝。

Thank you. I'm sure no further questions at this time. This does include the program, and you may now disconnect. Everyone, have a great day.

謝謝。我相信現在沒有其他問題了。這確實包括程式本身，現在您可以斷開連接了。祝大家有美好的一天。