Hyperfine Inc (HYPR) 2024 Q3 法說會逐字稿

Good afternoon and welcome to Hyperfine third quarter, 2024 earnings conference call. (Operator instructions)

下午好，歡迎參加 Hyperfine 2024 年第三季財報電話會議。（操作員指令）

I would now like to turn the call over to from Gilmartin Group for introductory disclosures.

現在我想將電話轉給 Gilmartin Group 進行介紹性揭露。

Thank you for joining today's call earlier today, Hyperfine Inc released financial results for the quarter ended September 30 2024. A copy of the press release is available on the company's website as well as sec.gov.

感謝您今天早些時候參加今天的電話會議，Hyperfine Inc 發布了截至 2024 年 9 月 30 日的季度財務業績。新聞稿的副本可在該公司網站以及 sec.gov 上查閱。

Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws which are made pursuant to the safe harbor provisions of the private securities Litigation Reform Act of 1,995.

在我們開始之前，我想提醒您，管理層將在本次電話會議中發表聲明，其中包括根據 1995 年私人證券訴訟改革法案的安全港條款做出的聯邦證券法所定義的前瞻性聲明。

Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements, all forward-looking statements including without limitation, those relating to our operating trends and future financial performance, expense management expectations for hiring training and adoption growth in our organization market opportunity, commercial and international expansion.

本次電話會議中包含的任何與未來事件、結果或表現的預期或預測有關的陳述均為前瞻性陳述，所有前瞻性陳述包括但不限於與我們的營運趨勢和未來財務表現、費用管理對招聘培訓和採用增長的預期、我們組織市場機會、商業和國際擴張有關的陳述。

Regulatory approvals and product development are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements accordingly.

監管部門批准和產品開發基於我們當前的估計和各種假設。這些聲明涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性聲明所預期或暗示的結果或事件有重大差異。

You should not place on the reliance on these statements for a list and description of the risks and uncertainties associated with our business. Please refer to the risk factor section of our latest periodic filing with the securities and exchange commission.

您不應依賴這些聲明來了解與我們的業務相關的風險和不確定性的清單和描述。請參閱我們向美國證券交易委員會提交的最新定期文件中的風險因素部分。

This conference call contains time sensitive information and is accurate only as of the live broadcast today. November 1,220 24.

本次電話會議包含時間敏感訊息，並且僅在今天的現場直播時準確。十一月 1,220 24.

Hyperfine Inc disclaims any intention or obligation except as required by law to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise with that, I will turn the call over to Maria Sainz, President and Chief Executive Officer.

Hyperfine Inc 不承擔任何意圖或義務，除非法律要求更新或修改任何財務預測或前瞻性聲明，無論是由於新資訊、未來事件或其他原因，我將把電話轉給總裁兼執行長 Maria Sainz。

Good afternoon and thank you for joining us on the call with me. Today is our Chief Administrative Officer and Chief Financial Officer Brett Hale.

下午好，感謝您參加我們的電話會議。今天是我們的首席行政官兼財務長 Brett Hale。

We delivered another strong quarter with revenue of $3.6 million representing 56% year over year growth over 270 basis points of sequential gross margin expansion and continued reduction in cash flow revenue performance was driven by sales of our super portable imaging systems in both the US and international markets.

我們又度過了一個強勁的季度，營收為 360 萬美元，比去年同期成長 56%，毛利率連續擴大 270 個基點，現金流收入業績的持續下降得益於我們超級便攜式成像系統在美國和國際市場的銷售。

International contributions to revenue were healthy. In the third quarter and we did not experience the extent of seasonality that we had anticipated.

國際收入貢獻良好。在第三季度，我們並沒有經歷預期的季節性影響程度。

Our growth going forward will be driven by expansion into multiple new types of care and international geography.

我們未來的成長將由多種新型護理和國際業務的擴張來推動。

In the US alone, we have a $6 billion plus total addressable market opportunity for placements in hospital and office settings.

光是在美國，我們在醫院和辦公室環境中就有總計超過 60 億美元的潛在市場機會。

Our expansion is enabled by our technical and clinical developments as ever improving image quality and compelling clinical evidence are key catalysts for adoption of this new brain imaging technology.

我們的擴張得益於我們的技術和臨床發展，因為不斷提高的影像品質和令人信服的臨床證據是採用這種新型腦部造影技術的關鍵催化劑。

An important development in the third quarter was the progress made on our commitment to further improve image quality to enable faster adoption of our technology.

第三季的一個重要進展是我們在進一步提高影像品質以使我們的技術更快被採用方面取得了進展。

Early in the quarter received ad a clearance of our ninth generation A I powered software disapproval marks an important step forward in the imaging capability of our unique ultra low field portable brain MRI reducing acquisition times without compromising image quality, delivering higher overall clinical performance shorter scan plans, make subsystem images especially useful in time sensitive medical settings such as the IC U dealing with critically ill patients with unstable intracranial pressure as well as emergency departments for the triage of stroke where time is bright.

本季度初，我們獲得了第九代人工智慧軟體的批准，這標誌著我們獨特的超低場便攜式腦部 MRI 的成像能力向前邁出了重要一步，在不影響影像品質的情況下減少了採集時間，提供了更高的整體臨床性能和更短的掃描計劃，使子系統影像在時間敏感的醫療環境中特別有用，例如處理顱內壓的重症

Keeping with our steady pace of innovation. We plan to obtain clearance and launch our next generation air powered software in the first half of 2025 the 10th generation software will bring a step function image quality improvement over our recently launched ninth generation software feedback from key opinion leaders involved in our image development process is extremely positive. And their assessment is that the images from our 10th generation A I powered software are more like those obtained from conventional 1.5 Tesla MRI systems.

保持我們穩健的創新步伐。我們計劃在 2025 年上半年獲得批准並推出我們的下一代氣動軟體，第十代軟體將比我們最近推出的第九代軟體帶來階躍功能影像品質改進，參與我們影像開發過程的關鍵意見領袖的反饋非常積極。他們的評估是，我們第 10 代人工智慧軟體獲得的影像更像傳統 1.5 特斯拉 MRI 系統獲得的影像。

This feedback demonstrates that our work to develop excellent decision enabling image quality through A I powered software releases is paying off. Well, not only will our next update benefit our existing customer base but most importantly, it will also make a doctrine of also low field brain M Ria faster process for new users, enabling a shorter learning curve for radiologists and accelerating market update of our technology as the first portable ultralow MRI for the brain, our device has collected over 150,000 images.

這項回饋表明，我們透過人工智慧軟體版本開發出色的決策影像品質的工作正在取得成效。那麼，我們的下一次更新不僅會使我們現有的客戶群受益，而且最重要的是，它還將使新用戶能夠更快地掌握低場腦 M Ria 原理，從而縮短放射科醫生的學習曲線，並加速我們技術的市場更新，作為第一台便攜式超低腦 MRI，我們的設備已經收集了超過 150,000 張圖像。

By now, we are continuously learning from this real world data from the subsystem installed base to enhance the product and especially our image quality.

到目前為止，我們正在不斷地從子系統安裝基礎的真實數據中學習，以增強產品，特別是影像品質。

Specifically, we leverage proprietary artificial intelligence to improve image for construction and processing artificial intelligence is central to the process of English generation with a subsystem.

具體來說，我們利用專有的人工智慧來改進影像建構和處理子系統，而人工智慧是英語生成過程的核心。

Upcoming versions of software will integrate new A I deep learning based techniques to further improve the subsistent imaging pipeline across all sequence types. That is the T one T two flair and efficiently weighted imaging.

即將推出的軟體版本將整合基於新 AI 深度學習的技術，以進一步改善所有序列類型的現有成像管道。這就是T一T二的天賦和高效能加權成像。

The integration of deep learning does not require any additional steps from the user and enhances the image quality and consequently, the diagnostic value of the images generated at ultra low field.

深度學習的整合不需要使用者採取任何額外的步驟，並能提高影像質量，從而提高超低場生成的影像的診斷價值。

The algorithms are designed to improve the inequality of our scan output. While reducing the impact of scan artifact, the images created with these algorithms are validated by expert radiologists.

這些演算法旨在改善我們的掃描輸出的不平等。在減少掃描偽影的影響的同時，這些演算法創建的影像得到了專業放射科醫生的驗證。

As we move forward, we are continuously investing in improving our A I driven image quality. Through each imaging focused software release.

隨著我們不斷前進，我們將不斷投資於提高我們的人工智慧驅動的影像品質。透過每個以成像為重點的軟體版本。

I will now provide an update on our clinical studies. The care PM R study is progressing well, we are scanning to detect a complications in patients monitored with MRI as part of their amyloid targeting therapy. A three can be infusion programs.

我現在將提供有關我們的臨床研究的最新進展。護理 PM R 研究進展順利，我們正在透過掃描檢測 MRI 監測患者的併發症，這是他們澱粉樣蛋白標靶治療的一部分。三種都可以輸液方案。

MRI is centered to the scientific and clinical dialogue regarding amyloid targeting therapy and to the expansion of screening diagnosis and treatment of the Alzheimer's disease workload. Challenges are workage broadly as the field aims to increase access, convenience and equity in Alzheimer's care.

MRI是針對澱粉樣蛋白標靶治療的科學和臨床對話以及擴大阿茲海默症的篩檢診斷和治療工作量的中心。由於該領域的目標是提高阿茲海默症護理的機會、便利性和公平性，因此面臨的挑戰非常廣泛。

The impact of our technology for the treatment of Alzheimer's is real at three major Alzheimer's meetings in the last three months starting with the Alzheimer's Association International Conference this summer and most recently have been clinical trials in Alzheimer's disease.

我們的技術對治療阿茲海默症的影響在過去三個月的三次大型阿茲海默症會議上得到了切實體現，第一次是今年夏天的阿茲海默症協會國際會議，最近一次是阿茲海默症的臨床試驗。

2024 in Madrid physicians from Washington University in Saint Louis. And Mass General Hospital presented very promising initial cases. And that data on A IE detection with soup compared with convert MRI scans as well as on the use of the soup system for monitoring the progression of Alzheimer's the most recent presentation at the clinical trials in Alzheimer's disease meeting included images of multiple R ecas and concluded that the subsystem presents a promising and cost-effective alternative to the conventional three Tesla MRI with the added advantage of workload optimization.

2024 年在馬德里接受聖路易華盛頓大學醫生的訓練。麻省總醫院的初始病例非常有希望。並且，關於使用湯檢測 A IE 與轉換 MRI 掃描進行比較的數據以及使用湯系統監測阿茲海默症進展的數據，在阿茲海默症會議的臨床試驗中，最近的報告包括多個 R ecas 的圖像，並得出結論，該子系統是一種有前途且具有成本效益的傳統三特斯拉 MRI 替代方案，並具有工作負載優化的額外優勢。

And that this study highlights the potential of innovative imaging technologies to advance patient care and monitor neurodegenerative conditions.

這項研究強調了創新影像技術在促進患者護理和監測神經退化性疾病方面的潛力。

There are very significant workload benefits, bringing brain imaging closer to patients with Alzheimer's disease and their clinicians with the potential to substantially impact taxes, costs and equity in Alzheimer's care.

這具有非常顯著的工作量效益，使腦部影像更貼近阿茲海默症患者及其臨床醫生，有可能對阿茲海默症照護的稅收、成本和公平性產生重大影響。

Guided by key opinion leaders in this field. We have also started to explore other Alzheimer's applications. Besides rie detection, with a goal towards broadening and enabling monitoring of disease and screening of patients at multiple sites of care.

由該領域的關鍵意見領袖指導。我們也已經開始探索其他阿茲海默症的應用。除了 RIE 檢測之外，我們的目標還在於擴大和實現在多個護理地點對疾病的監測和對患者的篩檢。

Instruct data from action PM R continue to strengthen with the publication in Q3 of a subset of data from a study from MGH and University of Buffalo providing early evidence that the soup systems is a promising tool for enabling critical stroke treatment choices in urgent care settings.

隨著 MGH 和布法羅大學的一項研究在第三季度發布的子集數據，來自行動 PM R 的指導數據繼續加強，該子集數據提供了早期證據，證明湯系統是一種有前途的工具，可以在緊急護理環境中實現關鍵的中風治療選擇。

The data that was published in the August 2024 edition of Annals of Neurology highlighted ultra local MRIs ability to be used as a tissue clo to characterize acute stroke.

2024 年 8 月《神經病學年鑑》上發表的數據強調了超局部 MRI 作為組織圖來表徵急性中風的能力。

In September 2024 data from a study from the University of Glasgow was presented at the European Society of the Neuroradiological meeting.

2024 年 9 月，格拉斯哥大學的一項研究數據在歐洲神經放射學會會議上發表。

The study analyzed images from the subsystem to assess its performance in a huge periscope workup compared to the current standard of care.

該研究分析了子系統的圖像，以評估其在大型潛望鏡檢查中的表現與現行護理標準相比。

They analyze time to scan diagnostic performance specificity and patient experience comparing or a local MRI. Conventional MRI and CT.

他們分析掃描診斷性能特異性和患者體驗的時間比較或局部 MRI。常規 MRI 和 CT。

Key findings show that the C system was dramatically faster than conventional MRI with a median it scan of 2.5 hours compared to 27.7.

主要發現表明，C 系統比傳統 MRI 速度明顯更快，中位數掃描時間為 2.5 小時，而傳統 MRI 則為 27.7 小時。

The data also demonstrated reliability in acute stroke diagnosis with comparable diagnostic performance of head CT and high specificity when compared to routine clinical MRI IE 1.5 Tesla, we are collaborating with neurosurgeons and interventional stroke. Key opinion leaders planning studies to focus on the workload benefits of using the subsystems in the emergency departments and clinics and anticipate this work to initiate in early 2025.

數據還證明了急性中風診斷的可靠性，與常規臨床 MRI IE 1.5 特斯拉相比，頭部 CT 的診斷性能相當且特異性較高，我們正在與神經外科醫生和介入性中風患者合作。關鍵意見領袖計劃進行研究，重點關注急診科和診所使用子系統的工作量效益，並預計這項工作將於 2025 年初啟動。

The workload benefits associated with tiny and convenient access to MRI are real in both grow triage and the management of patients with Alzheimer's disease. We have a highly differentiated opportunity to improve care pathways for both patient populations which represent very large areas of unmet clinical need globally.

微型且便捷的 MRI 掃描可以切實減輕腫瘤分類和阿茲海默症患者的管理工作量。我們擁有高度差異化的機會來改善兩類患者群體的照護途徑，這兩類患者群體代表了全球大量未滿足的臨床需求。

As a reminder, our studies aim to support the adoption of our innovative portable MRI system in different types of care for multiple clinical applications.

提醒一下，我們的研究旨在支持我們的創新便攜式 MRI 系統在多種臨床應用的不同類型護理中的應用。

Our system has been cleared by the FDA for broadly scanning brains of patients of all ages and the work we are doing in stroke and Alzheimer's is already covered by our existing indications for use.

我們的系統已獲得FDA批准，可廣泛掃描各個年齡層患者的大腦，而且我們在中風和阿茲海默症方面所做的工作已經包含在現有的使用指徵中。

Further extension will come from our plan to make the subsystem available beyond the hospital settings and in the neurology office settings.

我們的計劃將進一步擴展，使該子系統可以在醫院環境之外和神經科辦公室環境中使用。

By the end of 2024 we expect the inters societal accreditation committee I AC A leading C MS approved accreditation body to issue updated MRI standards that include the use of portable point of care of a low fi brain MRI offices and then pursue accreditation through I AC.

到 2024 年底，我們預計國際社會認證委員會 I AC（一家領先的 C MS 認可的認證機構）將發布更新的 MRI 標準，其中包括使用低 fi 腦部 MRI 辦公室的便攜式護理點，然後通過 I AC 進行認證。

And once completed exams with subsystems in those offices will be eligible to be covered by CNN.

一旦完成這些辦公室子系統的考試，將有資格接受 CNN 的報告。

This will bring us one step closer to having sufficient to obtain diagnostic quality. Mr brain images within their offices, providing patients with timely and convenient MRI access at the point of care. Opening up a very exciting and transformative business for food system safe.

這將使我們距離獲得足夠的診斷品質更近一步。他們在其辦公室內提供 MRI 腦部影像，為患者提供及時、便利的護理服務。為食品系統安全開闢一項非常令人興奮且具有變革性的業務。

We have taken steps to enhance our commercial capabilities to serve this new market with a comprehensive strategy including the addition of a dedicated member of our executive team focused on this new business protocols.

我們已採取措施增強我們的商業能力，透過全面的策略來服務這個新市場，包括增加一位專注於此新業務協議的執行團隊成員。

We already see strong early organic interest from the office setting for a portable MRI for several clinical use cases including Alzheimer's disease.

我們已經看到辦公室環境對便攜式 MRI 的強烈早期有機興趣，包括對阿茲海默症等幾種臨床用例的臨床應用。

The neurology office is an incremental site of care for the subsystem which we anticipate contributing to growth starting in the second half of 2025.

神經科辦公室是該子系統的增量護理站點，我們預計它將從 2025 年下半年開始促進成長。

Last regarding growth drivers, we continue to make progress internationally with with the expansion of our distribution network to commercialize our subsystem in the European market and have just obtained ce approval of our latest generation software with ee approval of our ninth generation software and a broad distribution network in place covering all the major markets were well positioned for European commercial expansion going into 2025 at the recent European Society of Neuroradiology conference.

最後關於成長動力，我們繼續在國際上取得進展，擴大我們的分銷網絡，以在歐洲市場商業化我們的子系統，並且剛剛獲得了我們最新一代軟體的 CE 批准，我們的第九代軟體獲得了 EEE 批准，並且廣泛的分銷網絡覆蓋所有主要市場，在最近的歐洲神經放射學會會議上，我們為 2025 年的歐洲商業擴張準備。

We had the opportunity to witness firsthand the enthusiasm and positive feedback from European clinicians towards the utility and value of our subsystem.

我們有機會親眼目睹歐洲臨床醫生對我們子系統的實用性和價值的熱情和正面回饋。

2025 will be a full year with our international distribution network in place as well as our anticipated regulatory approval in India.

2025 年將是我們的國際分銷網絡已到位且預計獲得印度監管部門批准的一年。

In the second half of the year, we have great momentum across all of our initiatives. I want to wrap my remarks by summarizing our plan to drive business acceleration and growth in 2025 and beyond the use of soup in stroke triage will drive placements in emergency departments.

下半年，我們各項舉措都發展勢頭強勁。最後，我想總結一下我們的計劃，即在 2025 年及以後推動業務加速和成長，在卒中分診中使用湯將推動急診室的部署。

And our work in Alzheimer's will drive additional subsystem placements in hospital based clinics and in centers.

我們在阿茲海默症方面的工作將推動在醫院診所和中心安裝更多的子系統。

These new types of outpatient care will be incremental to our critical care business and will start contributing to the growth of our hospital business in the second half of 2025.

這些新類型的門診護理將對我們的重症監護業務產生增量，並將在 2025 年下半年開始促進我們醫院業務的成長。

Further, our strategy to expand into neurology offices provides a compelling incremental business opportunity beyond the hospital that will be a new focus area for us in 2025 and a strong contributor to growth in the second half of 25 and beyond.

此外，我們擴展到神經科診所的策略為醫院以外的引人注目的增量業務機會提供了支持，這將成為我們在 2025 年的新重點領域，並成為 25 年下半年及以後增長的強大貢獻者。

I want to also emphasize that expansion into new types of care is supported by technology enhancement and clinical evidence.

我還想強調的是，技術進步和臨床證據支持新類型護理的擴展。

I am very pleased with the progress on technology and clinical evidence and we will continue to drive those efforts with efficient allocation of capital and strong execution.

我對技術和臨床證據的進展感到非常高興，我們將繼續透過有效的資本分配和強有力的執行來推動這些努力。

We are in a strong place of the company. We delivered another solid quarter of revenue growth, growth margin expansion and cash burn management. Illustrating strong execution across the company.

我們在公司中處於強勢地位。我們又一個季度實現了營收成長、成長幅度擴大和現金消耗控制的穩健成長。體現了整個公司的強大執行力。

We're on the doorstep of a step function, improvement in image quality to drive faster adoption for technology which coupled with the extension into multiple new sites of care and international markets provides the foundation for growth acceleration in the second half of 2025 and beyond.

我們正處於階梯函數的門檻上，影像品質的提高推動了技術的更快採用，再加上向多個新的護理站點和國際市場的擴展，為 2025 年下半年及以後的成長加速奠定了基礎。

I am confident in the opportunity in front of us and the execution and capabilities of our team.

我對我們面前的機會以及我們團隊的執行力和能力充滿信心。

I would now like to turn the call over to Brett to review our performance in the quarter.

現在，我想將電話轉給布雷特，來回顧我們本季的表現。

Thank you, Maria. Turning to our financial results for the third quarter of 2024 revenue for the quarter ended September 30th 2024 was$ 3.6 million. Up 56% compared to the third quarter of 2023.

謝謝你，瑪麗亞。談到我們 2024 年第三季的財務業績，截至 2024 年 9 月 30 日的季度營收為 360 萬美元。與 2023 年第三季相比成長 56%。

Year-to-date. We've generated $ 10.6 million in revenue up 27% from the first nine months of 2023 gross profit for the third quarter of 2024 was $ 1.9 million compared to $ 1.1 million in the third quarter of 2023 resulting in a record growth margin of 52% and our second straight quarter of gross margin percentage of 50% and above year-to-date, we've generated $ 5.1 million in gross profit of 36% from the first nine months of 2023 and year-to-date growth margin is 48% representing over 330 basis points of gross margin.

今年迄今為止。我們創造了 1060 萬美元的收入，較 2023 年前 9 個月增長 27%，2024 年第三季度的毛利潤為 190 萬美元，而 2023 年第三季度為 110 萬美元，增長率創下 52% 記錄，並且我們連續第二個季度的毛利率達到 50% 以上。 36% 成長，年初至今的成長率為 48%，毛利率超過 330 個基點。

Expansion from the first nine months of 2023 R&D expenses for the third quarter of 2024 were $ 5.9 million compared to $ 5.7 million in the third quarter of 2023 sales general and administrative expenses for the third quarter of 2024 were $ 7 million compared to $ 7.1 million in the third quarter of 2023 net loss for the third quarter with$ 10.3 million equating to a net loss of 14¢ per share as compared to a net loss of $ 10.8 million or a net loss of 15¢ per share for the same period of the prior year.

與 2023 年之前 9 個月相比，2024 年第三季的研發費用為 590 萬美元，而 2023 年第三季為 570 萬美元。 080 萬美元或每股淨虧損 15 美分。

The improvement in net loss was a result of our strong revenue, expanding growth margin in the spending discipline and cost saving initiatives we have implemented across the business over the past year.

淨虧損的改善是我們強勁的收入、支出紀律中不斷擴大的增長幅度以及我們過去一年在全業務範圍內實施的成本節約舉措的結果。

Our cash burn for the third quarter of 2024 was$ 8.9 million. And as of September 30th 2024 we have $ 45.8 million in cash and cash equivalents on our balance sheet year-to-date. Our cash burn of $ 30.2 million is down 6% compared to $ 32 million for the first nine months of 2023.

我們 2024 年第三季的現金消耗為 890 萬美元。截至 2024 年 9 月 30 日，我們的資產負債表上年初至今的現金和現金等價物為 4,580 萬美元。我們的現金消耗為 3,020 萬美元，與 2023 年前九個月的 3,200 萬美元相比下降了 6%。

Turning together we are narrowing our revenue outlook for the full year 2024 to a range of $ 14million to $ 14.5 million representing approximately 30% year over year growth for the full year 2024. We are also updating our growth margin to 47 to 50% which represents the high end of the previous range.

綜合考慮，我們將 2024 年全年營收預期縮小至 1,400 萬美元至 1,450 萬美元之間，相當於 2024 年全年同比增長約 30%。我們還將成長率更新為 47% 至 50%，這代表了先前範圍的高端。

We continue to drive healthy margins at our stage and believe this positions the company well. For additional margin expansion in that scale, we remain optimistic that we will surpass 50% growth margins comfortably and sustainably.

我們目前繼續保持健康的利潤率，並相信這將為公司帶來良好的地位。對於該規模的額外利潤率擴大，我們仍然樂觀地認為我們將輕鬆且可持續地超過 50% 的成長利潤率。

As we realize the commercial accelerations from our growth catalyst regarding cash burn, we now anticipate total cash burn to be $37million to $40 million for the full year 2024.

當我們意識到現金消耗方面的成長催化劑帶來的商業加速時，我們現在預計 2024 年全年總現金消耗將達到 3,700 萬至 4,000 萬美元。

We continue to see our cash burn decrease in operating leverage increase, providing us a cash runway for the business in early 2026 funding the commercial realization of the growth catalyst Maria mentioned previously, we expect to continue to deliver steady progress of revenue growth margin expansion and cash burn reduction ahead of our growth catalyst that would drive business acceleration in the second half of 2025.

我們繼續看到我們的現金消耗減少，經營槓桿增加，為我們在 2026 年初的業務提供了現金跑道，為瑪麗亞之前提到的增長催化劑的商業實現提供資金，我們預計將繼續在收入增長、利潤率擴大和現金消耗減少方面取得穩步進展，在我們的增長催化劑之前推動 2025 年下半年業務加速。

At this point, I'd like to turn the call back to Maria for closing comments.

現在，我想把電話轉回給瑪麗亞，請她作最後評論。

Thank you, Bret.

謝謝你，布雷特。

The team made great progress in the third quarter. Driving technical and clinical development to drive site of care expansion all while delivering a strong quarter financially with line of sight to several meaningful revenue catalysts.

球隊在第三節取得了很大的進步。推動技術和臨床發展，推動護理站點的擴展，同時實現強勁的財務季度，並實現幾個有意義的收入催化劑。

In 2025 I have never been more optimistic about the business with that. I want to thank you all for your time and open up the line for questions.

我對 2025 年的業務從未如此樂觀。我要感謝大家抽出時間並開放提問熱線。

Lawrence Biegelsen ; Wells Fargo.

勞倫斯‧比格爾森；富國銀行。

Hi, good afternoon. This is on for Larry congrats on a great quarter and thank you for taking the questions here. Maybe just starting off on capital trends in the quarter. I don't think I heard in your prepared remarks, how many capital placements there were and you know, just following there, any color you can provide on us for O US split as well as any Greenfield, same store sales.

嗨，下午好。這是對 Larry 的祝賀，祝賀他度過了一個美好的季度，並感謝您在這裡回答問題。也許剛開始了解本季的資本趨勢。我認為我沒有聽到您準備好的發言中提到有多少資本配置，並且您知道，接下來您可以提供有關 O US 拆分以及任何 Greenfield 同店銷售額的任何信息。

Sure. And good afternoon. You didn't hear because we didn't mention it, but we actually placed 13 systems and it was a strong balance between us and O US placement.

當然。午安.您沒有聽到，因為我們沒有提及，但實際上我們放置了 13 個系統，並且我們和 O US 放置之間保持了良好的平衡。

As you saw, there's a slight improvement in a SB associated with the strength of the mix. So 13 is the the answer to your question in.

正如您所看到的，SB 的混合強度略有改善。所以 13 就是你問題的答案。

Got it very helpful. And maybe just on guidance you know, guidance at the midpoint implies flattish sequential sales in Q4, which is typically your strongest capital quarter, I guess, you know, given all of the, the momentum you're seeing, why wouldn't you see an acceleration into the quarter? And maybe just talk about what gets you to the low and the high end of the range.

非常有幫助。也許只是根據指引，中點指引意味著第四季度的連續銷售持平，這通常是您資本最強勁的季度，我想，考慮到您所看到的所有勢頭，為什麼您不會看到本季度加速？或許只是談談什麼能讓你達到這個範圍的低端和高端。

Sure, I'll address it and maybe brett if you want to add anything else. I think for all intents and purposes, I maybe let's start by reminding you, we don't really get funded for the placements of our systems by the traditional capital budget.

當然，我會解決這個問題，如果你想添加其他內容，也許可以聯絡布雷特。我想，無論出於什麼目的和意圖，我可能首先要提醒你，我們實際上並沒有從傳統的資本預算中獲得系統部署的資金。

So there's not usually that rush to use the budget or lose it at the end of the year. Often we actually get access to strategic funds or we get access to donor funds. There's different mechanisms outside of the traditional capital budget that end up funding the purchase of our system.

因此通常不會急於用完預算，也不會在年底損失預算。通常我們實際上可以獲得策略性資金或捐助資金。除了傳統資本預算之外，還有不同的機制最終為我們系統的購買提供資金。

So we don't really have that favorable seasonality that other capital equipment fees. And when we look at this quarter, it's actually a slightly shorter in terms of selling days for us in getting all the deal specifics lined up.

因此，我們實際上並沒有其他資本設備費用那麼有利的季節性。當我們回顧本季時，我們發現，就銷售天數而言，我們整理所有交易細節的時間實際上略短一些。

We feel really strong about the quarter. We think it will be another strong quarter. We've been on, on quite a nice streak of strength of the quarters and at the midpoint, roughly, we're still talking about the 30% year on year growth and we see Q4 as a solid quarter to wrap up the year.

我們對本季的業績感到十分樂觀。我們認為這將是另一個強勁的季度。我們已連續幾季保持強勁勢頭，大致在中期，我們仍能實現 30% 的同比增長，我們認為第四季度將是今年收官的穩健季度。

But we don't see any of that special seasonality that is sometimes associated with folks that are relying on the final breadth of the capital budget.

但我們並沒有看到任何特殊的季節性因素，有時與依賴資本預算最終廣度的人有關。

Yeah, I would add in Q3, we didn't see the seasonality that we had talked about in the prior earnings. Call one or two deals actually closed ahead of schedule.

是的，我想補充一下，在第三季度，我們沒有看到我們在先前的收益中談到的季節性。有一兩筆交易實際上提前完成了。

So and balance when we look at the full year, the $14million to $14.5 million of revenue range is already indicated, we feel very good about that 30% you know, roughly year over year growth at the midpoint.

因此，當我們放眼全年時，我們已經知道 1400 萬美元到 1450 萬美元的收入範圍，我們對 30% 的增長率感到非常滿意，大約是中間點的同比增長。

Got it very helpful and just one last one if I can squeeze in here on the new software launch in the US, you know, I saw that you guys have moved to full rollout in July.

這非常有幫助，如果我可以擠時間參加美國新軟體的發布會，那麼我只想問最後一個問題，我看到你們已經在 7 月份全面推出該產品了。

When do you expect all of the US system to have the latest upgrade? And can you talk about the impact you are seeing to the funnel as well as adoption?

您預計什麼時候整個美國系統都會進行最新升級？您能談談您對通路和採用所看到的影響嗎？

Sure. So we have been progressively rolling it out. I would say we have a very large number of accounts and we prioritize appropriately to the bigger users. So we see the rollout going as expected, probably the majority of the accounts will be done clearly as we wrap up this year, this software as you know, had the benefit of having no image quality compromise, but a significant gain in the time it takes to acquire the images and that has been incredibly well received.

當然。因此，我們一直在逐步推廣這項措施。我想說的是，我們擁有大量的帳戶，我們會優先考慮較大的用戶。因此，我們看到推出的進展符合預期，可能今年結束時大多數賬目都會清楚，正如你所知，這種軟體的好處是不會影響圖像質量，但顯著縮短了獲取圖像所需的時間，因此受到了極大的歡迎。

We have received a lot of very positive feedback on that as it relates to just also managing the time the patient is in the scan and making sure that there is less motion. So we we closely tracked a number of the initial accounts where we release to get as much sort of inside info before we trained the full sales force and started the broader roll out.

我們收到了很多非常積極的回饋，因為它也與管理患者接受掃描的時間以及確保更少的運動有關。因此，在培訓全體銷售人員並開始更廣泛的推廣之前，我們密切追蹤了我們發布的一些初始帳戶，以獲取盡可能多的內部資訊。

So that process went really well with a very good understanding of the value proposition. I think what I'm most excited Simran since you're talking about the software is what what we're working on now, which would be real in the first half of 2025.

因此，在對價值主張有很好理解的情況下，整個過程進行得非常順利。我覺得最讓我興奮的是 Simran，因為你在談論軟體，這就是我們現在正在研究的，它將在 2025 年上半年成為現實。

And that's the 10th generation of software. And I have to say the team has done a fantastic job really taking our deep learning techniques and our A I techniques up a very significant level and we're getting to image resolution and images that look quite close to what a 1.5 Tesla system is, which to me is really not just a one more software version but really a departure in a very positive way towards a a significant sort of level of familiarity with the images that is going to make adoption faster as the radiologists are going to get a lot more comfortable with reading the scans, the exams, the images than maybe in our earlier days of the technology.

這就是第十代軟體。我必須說，團隊做得非常出色，將我們的深度學習技術和 A I 技術提升到了一個非常顯著的水平，我們獲得的圖像分辨率和圖像看起來非常接近 1.5 特斯拉系統，對我來說，這實際上不只是又一個軟體版本，而是一種非常積極的方式，使人們對圖像的熟悉程度有了很大的提高，這將使技術更快地被使用，因為該技術可檢查和掃描技術時更熟悉的技術。

Got it. Maria very helpful. Just to clarify, you expect a limited launch of the 10th generation in the first half.

知道了。瑪麗亞非常有幫助。需要澄清的是，您預計第 10 代產品將在上半年限量推出。

I expect that we would get clearance and if it is as good as we believe it is from our R&D work and the early validation and the early images will probably go quite quickly into a roll out in the first half.

我預計我們會獲得批准，如果它像我們所認為的那麼好，那麼從我們的研發工作和早期驗證來看，早期影像可能很快就會在上半年推出。

Got it. Thank you guys so much.

知道了。非常感謝你們。

Sure. Thank you. Thanks for your question.

當然。謝謝。感謝您的提問。

Yuan Zhi ; B. Riley Securities

袁志; B. Riley 證券

Congrats on This quarter's performance. Since you just attended A IC and C TAB, I'm curious if there's any perception difference between the US based doctors and the eu based doctors on the criteria to initiate treatment for Alzheimer's and then any difference on their perception on the MRI scan in follow up scanning.

對本季的表現表示祝賀。由於您剛參加了 A IC 和 C TAB，我很好奇美國醫生和歐盟醫生對開始治療阿茲海默症的標準的看法是否存在差異，以及他們對後續掃描的 MRI 掃描的看法是否存在差異。

Great question, And I actually was there at the CPA D myself. So I can report first hand. I want to say there's a lot of similarities in the fact that everyone agrees that the bottleneck is this MRI monitoring requirement and how inconvenient that is to the patient workflow, to how burdensome it is to the the care partners and the patients themselves.

好問題，事實上我自己也曾在 CPA D 那裡。所以我可以提供第一手的報道。我想說的是，事實上有很多相似之處，大家都認為瓶頸在於這種 MRI 監測要求，以及它給病患工作流程帶來多麼不便，給照護夥伴和病患本身帶來多麼沉重的負擔。

And a lot of people that are starting programs are already talking about the challenge of really orchestrating all of the different appointments. So I would say that's a global theme. The the European community is a little bit up in arms in the fact that their regulators have actually been a lot more conservative.

許多啟動專案的人已經在談論協調所有不同約會所面臨的挑戰。所以我想說這是一個全球性主題。歐洲社會對於其監管機構實際上更加保守這一事實感到有些憤怒。

And as you know, there is no ce approval for any of the ATT S and the UK approval came with a a more restricted labeling than the US approval. So there is a lot of enthusiasm and optimism that the regulators will see the light.

如您所知，ATT S 均未獲得 CE 認證，而且英國的認證比美國的認證帶有更嚴格的標籤限制。因此，人們對監管機構將會發現這個問題抱持著極大的熱情和樂觀態度。

I think the UK approval was really a beam of bright light in the fact that the world will actually in Europe catch up quickly to to the U SI think I have to say that our poster was up for three full days and the traffic and the level of interest was significantly higher than I've ever anticipated in some of the the US meetings.

我認為英國的批准確實是一束明亮的光芒，表明歐洲實際上將迅速趕上美國。

This is a meeting that is a little unique in that there is no booths and stands. So the sessions all happen in one big conference room and then there is the poster walk through for all of the interactions.

這是一場比較獨特的會議，因為沒有攤位和看台。所以所有會議都在一個大會議室舉行，然後所有的互動都會透過海報進行。

But we had a lot of people actually come by and they were not only from clinical sites but also from a lot of the pharmaceutical companies that are either commercializing today or developing any of the ATT S or the future therapies.

但實際上有很多人來找我們，他們不僅來自臨床站點，還來自許多正在商業化或開發 ATT S 或未來療法的製藥公司。

And, and really for us, it was a great understanding also how Alzheimer's care is organized, which is quite different in Europe than it is here given the the social medicine sort of environment there. So probably a little easier to penetrate with more structure the way the systems work. Hopefully, that addresses your question.

而且，對我們來說，這也讓我們對阿茲海默症的治療是如何組織的有了很深入的了解，考慮到那裡的社會醫學環境，歐洲的治療方式與這裡有很大不同。因此，如果系統的工作方式更加結構化，那麼可能更容易滲透。希望這能解答您的問題。

Yeah, thanks for the helpful color there. That's great to hear. And maybe another question on the EU expansion.

是的，謝謝你提供的有用的顏色。我很高興聽到這個消息。也許還有一個關於歐盟擴張的問題。

Great to see your quarterly performance there as well. You mentioned the workload issues. I'm wondering if the demand of M MRI the same between the EU and the us that they have this capacity issue and whether they are reimbursed at a similar rate as us.

很高興看到您在那裡的季度表現。您提到了工作量問題。我想知道歐盟和美國對 M MRI 的需求是否相同，他們是否有這個容量問題，以及他們是否以與我們相同的費率獲得報銷。

So that's it's a great question. I think there is, there are differences so clearly the density of MRI S per capita is is very different even across European countries. The issue of the wait list in the UK is quite unique to the NHS system.

這是一個很好的問題。我認為存在差異，因此顯然即使在歐洲各國，人均 MRI S 密度也存在很大差異。英國的候補名單問題是 NHS 系統中獨有的。

So that's more UK than the rest of Europe and reimbursement is is in the hospital environment very often covered under ad RG equivalent kind of reimbursement. But that also may vary by country. I think what we see with our system is as you know, we just got approval of our ninth generation software.

因此，英國比歐洲其他國家更重視報銷，在醫院環境中，報銷通常包含在 AD RG 等價報銷中。但這也可能因國家而異。我想我們看到的系統正如你所知，我們剛剛獲得了第九代軟體的批准。

The European clinicians have only really had exposure to the 8th 9th generation software for all intents and purposes since we recently focused on Europe.

由於我們最近將重點放在歐洲，因此歐洲的臨床醫生實際上只接觸過第 8 代和第 9 代軟體。

And they believe the data is incredibly the images are incredibly good and diagnostic quality. Just a month before CT ad, we were at the European Society of Neuro Radiology. And actually Glasgow presented stroke data there with incredible value assessment around the the time to scan advantages of using our system and the fact that this was above a head ct no pun intended in terms of the triage of stroke.

他們相信這些數據、影像和診斷品質非常好。就在 CT 廣告發布前一個月，我們去了歐洲神經放射學會。實際上，格拉斯哥展示了中風數據，並對使用我們的系統的掃描優勢進行了令人難以置信的價值評估，事實上，這是在頭部 CT 之上進行的，在中風分類方面沒有雙關語。

So I think they their their care delivery across both the stroke, emergency medicine and neurodegenerative is, is a little bit different. There's higher appreciation of the value of our technology as it is today because this is everything they've been exposed to.

因此，我認為他們對中風、急診醫學和神經退化性疾病的照護有點不同。人們今天對我們的技術的價值有了更高的評價，因為這就是他們所接觸到的一切。

Got it. Yeah.

知道了。是的。

This is very, very helpful. That's all From us.

這非常非常有幫助。我們要說的就這些了。

Okay. Thank you.

好的。謝謝。

There are no further questions at this time. I will now turn the call back over to Maria Sainz President and CEO for closing remarks.

目前沒有其他問題。現在，我將電話轉回給總裁兼執行長瑪麗亞塞恩斯 (Maria Sainz)，請她致最後總結。

Well, thank you very much all of you for listening in today and for your questions and we look forward to further updates throughout the quarter and then at the end of Q4. Thank very. Thank you very Much.

好吧，非常感謝大家今天的收聽和提問，我們期待在整個季度以及第四季末得到進一步的更新。非常感謝。非常感謝。

Ladies and gentlemen that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。