Inspire Medical Systems Inc (INSP) 2025 Q3 法說會逐字稿

Good afternoon. My name is Dilem, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Inspire Medical Systems third-quarter 2025 conference call. (Operator Instructions)

午安.我叫迪勒姆，今天我將擔任你們的會議接線生。在此，我謹代表 Inspire Medical Systems 向大家歡迎參加 2025 年第三季電話會議。（操作說明）

I'll now hand the call over to your first speaker, Ezgi Yagci, the Vice President of Investor Relations at Inspire. You may begin the conference.

現在我將把電話交給第一位發言人，Inspire 的投資者關係副總裁 Ezgi Yagci。會議可以開始了。

Thank you, Dilem, and thank you all for participating in today's call. Joining me are Tim Herbert, Chairman and Chief Executive Officer; and Rick Buchholz, Chief Financial Officer. Earlier today, we released financial results for the three and nine months ended September 30, 2025. A copy of the press release is available on our website.

謝謝 Dilem，也謝謝各位參加今天的電話會議。與我一同出席的有董事長兼執行長提姆·赫伯特，以及財務長里克·布赫霍爾茨。今天早些時候，我們發布了截至 2025 年 9 月 30 日的三個月和九個月的財務表現。新聞稿全文可在我們的網站查閱。

On this call, management will make forward-looking statements within the meaning of the federal securities laws. All forward-looking statements, including, without limitation, those relating to our operations, financial results and financial condition, investments in our business, full year 2025 financial and operational outlook and changes in market access 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.

在本次電話會議上，管理階層將根據聯邦證券法做出前瞻性陳述。所有前瞻性陳述，包括但不限於與我們的營運、財務表現和財務狀況、對我們業務的投資、2025 年全年財務和營運展望以及市場准入變化相關的陳述，均基於我們目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預期有重大差異。

Accordingly, you should not place undue reliance on these statements. Please see our filings with the Securities and Exchange Commission, including our Form 10-Q, which we filed with the SEC earlier this afternoon for a description of these risks and uncertainties. Inspire 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.

因此，您不應過度依賴這些說法。請參閱我們向美國證券交易委員會提交的文件，包括我們今天下午早些時候向美國證券交易委員會提交的 10-Q 表格，其中描述了這些風險和不確定性。Inspire 聲明，除法律要求外，無論由於新資訊、未來事件或其他原因，均無意願或義務更新或修改任何財務預測或前瞻性聲明。

This conference call contains time-sensitive information and speaks only as of the live broadcast today, November 3, 2025.

本次電話會議包含有時效性的訊息，僅代表截至 2025 年 11 月 3 日直播時的情況。

With that, it is my pleasure to turn the call over to Tim Herbert. Tim?

接下來，我很高興將電話交給蒂姆·赫伯特。提姆？

Thank you, Ezgi, and thanks, everyone, for joining our business update call for the third quarter of 2025. I'll start by highlighting some key takeaways of our third-quarter results. I'll then discuss our updated 2025 guidance, and Rick will provide a financial review. We will then open the call up for questions.

謝謝 Ezgi，也謝謝各位參加我們 2025 年第三季的業務更新電話會議。首先，我將重點介紹我們第三季業績的一些關鍵要點。接下來我將討論我們更新後的 2025 年業績指引，里克將提供財務回顧。接下來我們將開放提問環節。

As always, I want to start by reiterating our commitment to put the patient first and deliver strong patient outcomes. We continue to invest in innovation and clinical evidence as we lead the way in hypoglossal nerve stimulation, and this was on display at the recent ENT Society meetings where Inspire V performance data were presented.

和以往一樣，我首先要重申我們始終將患者放在首位，並致力於為患者帶來良好的治療效果。我們持續投資於創新和臨床證據，引領舌下神經刺激技術的發展，這一點在最近的耳鼻喉科協會會議上得到了充分體現，會上展示了 Inspire V 的性能數據。

The results of our Singapore clinical study of 44 patients demonstrated significant performance improvements as well as a 20% reduction in surgical times and early experience from our US limited market release of over 100 patients demonstrated clinically relevant reduction in disease severity with patients averaging over 6 hours of nightly device use.

我們在新加坡對 44 名患者進行的臨床研究結果表明，手術效果顯著提高，手術時間縮短了 20%。我們在美國有限市場推廣的早期經驗表明，超過 100 名患者在臨床上顯著降低了疾病嚴重程度，患者平均每晚使用該設備超過 6 小時。

Furthermore, we presented data showing Inspire's 87% inspiratory overlap with the patient's breathing. As many of you already know, this is the foundation of our closed-loop stimulation system as the airway collapses during the inspiratory phase of respiration, synchronizing stimulation with inspiration is essential to optimize therapy. We are excited and energized by the strong performance of the Inspire V system and the clinical feedback on the simplify procedure and comfort settings has been tremendously positive. In

此外，我們也展示了數據顯示 Inspire 與患者呼吸的吸氣重疊率為 87%。正如你們許多人已經知道的那樣，這是我們閉環刺激系統的基礎，因為在呼吸的吸氣階段氣道會塌陷，將刺激與吸氣同步對於優化治療至關重要。Inspire V 系統的出色表現令我們感到興奮和振奮，臨床上對簡化流程和舒適度設定的回饋也非常積極。在

addition, Inspire-related publications led the discussions at the ENT meetings, and we were excited to see two academic centers independently found that Inspire is an effective treatment for both supine and non-spine dependent OSA and that Inspire provides clinical benefit regardless of sleep position.

此外，與 Inspire 相關的出版物在耳鼻喉科會議上引發了討論，我們很高興地看到兩個學術中心獨立地發現，Inspire 是治療仰臥位和非脊椎依賴性 OSA 的有效方法，並且無論睡眠姿勢如何，Inspire 都能提供臨床益處。

Multiple papers demonstrated Inspire's ability to improve long-term cardiovascular comorbidities, including a study from University of Texas Health that assessed over 4,500 patients over a 10-year period in the TriNetX database. This is a large multi-institutional electronic health record network. The study showed that Inspire offered advantages in reducing long-term cardiovascular morbidity and mortality in patients of OSA compared to CPAP treatment.

多篇論文證明了 Inspire 能夠改善長期心血管合併症，其中包括德州大學健康中心的一項研究，該研究在 TriNetX 資料庫中對 4500 多名患者進行了 10 年的評估。這是一個大型的多機構電子健康記錄網路。研究表明，與 CPAP 治療相比，Inspire 在降低 OSA 患者的長期心血管疾病發病率和死亡率方面具有優勢。

In another paper out of Thomas Jefferson University using the same database, Inspire was compared to CPAP and to no treatment. The study demonstrated that Inspire was associated with broadly improved non-anic outcomes compared to CPAP and to no treatment. Specifically, they showed that Inspire therapy resulted in lower risk for myocardial infarction, cardiac arrest, ischemic stroke and depression, amongst others.

在托馬斯傑斐遜大學的另一篇論文中，研究人員使用相同的資料庫，將 Inspire 與 CPAP 和不治療進行了比較。該研究表明，與 CPAP 和不治療相比，Inspire 與非焦慮結果的廣泛改善有關。具體來說，他們證明 Inspire 療法可以降低心肌梗塞、心臟驟停、缺血性中風和憂鬱症等疾病的風險。

Together, these studies are the first evidence that Inspire can reduce cardiovascular morbidity and mortality in the most vulnerable patients, namely those who are unable to tolerate CPAP. These outcomes are a testament to the importance of diagnosing and treating OSA and validate the continued investments we are making in innovation, clinical evidence, medical education and patient marketing.

這些研究共同提供了首個證據，證明 Inspire 可以降低最脆弱患者（即無法耐受 CPAP 的患者）的心血管疾病發病率和死亡率。這些結果證明了診斷和治療 OSA 的重要性，並驗證了我們在創新、臨床證據、醫學教育和患者行銷方面持續投入的正確性。

With respect to the Inspire V US launch, the team made significant progress in the third quarter, and we are excited to report that physician training is over 98% complete. Contracting is over 90% complete for our centers and SleepSync onboarding is complete for over 75%, bringing the total to over 75% implanting Inspire V today. Given this progress and our strong momentum we are seeing, we are reiterating our full year revenue guidance of $900 million to $910 million, representing 12% to 13% growth compared to full year 2024.

關於 Inspire V 美國上市事宜，團隊在第三季取得了重大進展，我們很高興地宣布，醫生培訓已完成 98% 以上。我們中心的合約簽訂已完成 90% 以上，SleepSync 的入職培訓已完成 75% 以上，目前 Inspire V 的植入總完成率已超過 75%。鑑於目前的進展和強勁的發展勢頭，我們重申全年營收預期為 9 億美元至 9.1 億美元，與 2024 年全年相比增長 12% 至 13%。

Switching to our quarterly results. We are very pleased with the strong revenue performance and cost discipline we demonstrated in the quarter. Third-quarter revenue totaled $224.5 million or a 10% increase compared to the prior year period. Including the increased investment we are making in patient marketing, we were able to deliver operating income of $9.6 million and earnings per share of $0.34. This strong performance gives us confidence to increase our earnings per share guidance to $0.90 to $1, up from $0.40 to $0.50 previously.

接下來我們將公佈季度業績。我們對本季強勁的營收表現和成本控制感到非常滿意。第三季營收總計 2.245 億美元，較上年同期成長 10%。計入我們在患者行銷方面增加的投資，我們實現了960萬美元的營業收入和每股收益0.34美元。這一強勁的業績使我們有信心將每股收益預期從先前的0.40美元至0.50美元上調至0.90美元至1美元。

On patient marketing, we've started rolling out a new ad campaign, highlighting the fact that with Inspire, many patients report that they can dream again, complete with a holiday-themed ad featuring none other than Ebenezer Scrooge treating the sleep apnea. You may also have seen our new ad featuring a celebrity influencer partnership with Chock Chapple, the winner of last season's Golden Bachelorette, our real Inspire user since 2021, and we are encouraged by the early indications from these initiatives.

在患者行銷方面，我們已經開始推出一項新的廣告活動，重點宣傳 Inspire 讓許多患者能夠再次做夢，其中還包括一個以節日為主題的廣告，廣告中埃比尼澤·斯克魯奇親自治療睡眠呼吸中止症。您可能也已經看到了我們的新廣告，該廣告以名人影響者 Chock Chapple 為主角，他是上一季《黃金單身女郎》的冠軍，也是我們自 2021 年以來真正的 Inspire 用戶，我們對這些舉措的早期跡象感到鼓舞。

Regarding reimbursement, CMS recently finalized the 2026 physician fee schedule at approximately $660 or an 11% increase for CPT code 64568. As you know, for Inspire V, centers bill CPT code 64568, which has been accepted for plans covering over 90% of our 300 million covered lives, including Medicare. This change will take effect January 1, 2026. We are still awaiting the final OPPS rules to be issued by CMS.

關於報銷，CMS 最近最終確定了 2026 年醫生收費標準，CPT 代碼 64568 的費用約為 660 美元，或增長 11%。如您所知，對於 Inspire V，中心使用 CPT 代碼 64568 進行計費，該代碼已被涵蓋我們 3 億多參保人員中 90% 以上的計劃所接受，包括 Medicare。這項變更將於2026年1月1日生效。我們仍在等待CMS發布最終的OPPS規則。

As you are aware, in July, CMS proposed to increase the national average Medicare hospital reimbursement for CPT code 64568 to $32,000, up approximately $1,300 or 4% from 2025 and the ASC reimbursement to $28,000, up $1,300 or 5% compared to 2025. These positive reimbursement changes will take effect January 1, 2026, once approved. Following our last earnings call, we conducted our own survey of over 200 sleep physicians to better understand their treatment paradigm for OSA since the introduction of GLP-1s.

如您所知，7 月，CMS 提議將 CPT 代碼 64568 的全國平均 Medicare 醫院報銷額提高到 32,000 美元，比 2025 年增加約 1,300 美元或 4%；將 ASC 報銷額提高到 28,000 美元，比 2025 年增加 15,500 美元。這些積極的報銷政策變更一旦獲得批准，將於 2026 年 1 月 1 日生效。在上次財報電話會議之後，我們對 200 多名睡眠醫生進行了調查，以更好地了解自 GLP-1 引入以來他們對 OSA 的治療模式。

What we confirmed is that the GLP-1s are driving increasing interest in sleep health and bringing more patients into the clinic, if only to get their GLP-1s covered by insurance with an OSA diagnosis. Inspire welcomes this trend as it opens the door to alternatives beyond CPAP. Based on the survey results, about half the sleep physicians now prescribe and manage GLP-1s themselves, while the rest refer patients back to family practice due to the burden of managing these patients, whether it's insurance hurdles, challenging side effects or because weight management just is not their area of focus.

我們已經證實，GLP-1 正在推動人們對睡眠健康越來越感興趣，並吸引更多患者來到診所，即使只是為了讓他們的 GLP-1 藥物在 OSA 診斷後獲得保險報銷。Inspire 對這一趨勢表示歡迎，因為它為 CPAP 以外的其他選擇打開了大門。根據調查結果，大約一半的睡眠醫生現在自己開立和管理 GLP-1 類藥物，而其餘的睡眠醫生則因為管理這些患者的負擔而將患者轉回家庭醫生處，無論是保險障礙、棘手的副作用，還是因為體重管理根本不是他們的關注領域。

The survey also identified that sleep physicians are not comfortable prescribing GLP-1s alone, but prescribe concurrently with other treatment options initially CPAP. Patient monitoring, coupled with the insurance requirements to obtain refill prescriptions provide visibility into the patient's weight loss, adherence to CPAP and overall sleep health. These same physicians then understand the patient profile that may be recommended for Inspire therapy.

調查也發現，睡眠醫師不願單獨開立 GLP-1 類藥物，而是與其他治療方案（例如 CPAP）同時開立。病患監測，加上保險要求獲得續方，可以了解病患的體重減輕情況、CPAP 遵從性和整體睡眠健康狀況。這些醫生隨後會了解哪些患者適合接受 Inspire 療法。

Overall, the survey confirmed that patients will try GLP-1 prior to surgery, but also the patient pool has been increasing with the availability of GLP-1s to treat OSI. This reinforces our confidence that GLP-1s make it possible for higher BMI patients to lose weight and become eligible for Inspire therapy and Inspire is excited to help even more patients access effective lasting care.

總體而言，調查證實，患者會在手術前嘗試使用 GLP-1，但隨著 GLP-1 可用於治療 OSI，患者群體也不斷擴大。這更加堅定了我們的信心，即 GLP-1 可以使 BMI 較高的患者減輕體重，並符合 Inspire 療法的條件，Inspire 也很高興能夠幫助更多患者獲得有效且持久的治療。

In summary, we remain focused on the patient to continue the growth and adoption of Inspire therapy. We will execute our growth strategy of driving high-quality patient flow and increasing the capacity of our provider partners to effectively treat and manage more patients. Our key strategies include training advanced practice providers, certifying additional surgeons qualified to implant Inspire therapy and driving adoption of SleepSync and our digital tools, all of which are embedded strategies in our commercial team's objective to increase provider capacity.

總之，我們將繼續以患者為中心，推動 Inspire 療法的持續發展和普及。我們將執行成長策略，推動高品質的患者就診流程，並提高我們的醫療合作夥伴有效治療和管理更多患者的能力。我們的關鍵策略包括培訓高級實踐提供者、認證更多有資格植入 Inspire 療法的外科醫生以及推動 SleepSync 和我們的數位工具的普及，所有這些都是我們商業團隊提高提供者能力這一目標的組成部分。

Looking ahead, we are confident about our future and that we have the appropriate strategy in place to drive long-term stakeholder value. We have our arms around the headwinds that I have described and actions are already underway to accelerate adoption of Inspire V for the remainder of the year. And looking beyond 2025, we continue to take actions to position the company for strong profitable growth.

展望未來，我們對未來充滿信心，並相信我們已經制定了適當的策略，能夠為利害關係人創造長期價值。我們已經克服了我所描述的種種不利因素，並且已經採取行動，以加快在今年剩餘時間內 Inspire V 的普及。展望 2025 年後，我們將繼續採取措施，使公司實現強勁的獲利成長。

With that, I'd like to turn the call over to Rick for his review of our financials.

接下來，我想把電話交給瑞克，讓他來審核一下我們的財務狀況。

Thank you, Tim, and good afternoon, everyone.

謝謝你，提姆，大家下午好。

Total revenue for the quarter was $224.5 million, a 10% increase from the $203.2 million generated in the third quarter of 2024. US revenue in the quarter was $214.4 million, an increase of 9% from the $195.8 million in the prior year period. Revenue outside the US was $10.1 million, which was a 37% increase year over year.

本季總營收為 2.245 億美元，比 2024 年第三季的 2.032 億美元成長了 10%。該季度美國營收為 2.144 億美元，比去年同期的 1.958 億美元成長了 9%。美國以外的收入為 1,010 萬美元，年增 37%。

Gross margin in the quarter was 85.8% compared to 84.1% in the prior year period. The year-over-year increase was primarily due to increased sales volume and increased sales mix of Inspire V, which is more cost effective to manufacture. Total operating expenses for the quarter were $183.1 million, an increase of 17% as compared to $156.5 million in the third quarter of 2024. This increase was primarily due to increased patient marketing expense and general corporate costs, partially offset by a reduction in R&D year over year.

本季毛利率為 85.8%，而去年同期為 84.1%。同比成長主要歸功於銷量增加以及製造成本更低的 Inspire V 的銷售佔比提高。本季總營運支出為 1.831 億美元，比 2024 年第三季的 1.565 億美元成長了 17%。這一增長主要是由於患者行銷費用和一般公司成本的增加，部分被研發費用年減所抵銷。

Operating expenses included $1.3 million in legal fees related to a civil investigative demand from the Department of Justice and patent infringement lawsuits with a competitor. These legal fees do not reflect costs associated with our ongoing operations. Please refer to our earnings press release for a reconciliation of these items.

營運費用包括與司法部民事調查要求和與競爭對手的專利侵權訴訟相關的 130 萬美元法律費用。這些法律費用並不反映我們日常營運的相關成本。有關這些項目的核對，請參閱我們的獲利新聞稿。

Interest and dividend income totaled $4 million in the quarter compared to $5.9 million in the prior year period. Operating income for the quarter totaled $9.6 million compared to an operating income of $14.3 million in the prior year period.

本季利息和股息收入總計 400 萬美元，而去年同期為 590 萬美元。本季營業收入總計960萬美元，而去年同期營業收入為1,430萬美元。

Net income for the quarter was $9.9 million compared to net income of $18.5 million in the prior year period. This represented diluted net income per share of $0.34 for the quarter compared to $0.60 in the third quarter of 2024.

本季淨利為 990 萬美元，而上年同期淨利為 1850 萬美元。本季稀釋後每股淨收益為 0.34 美元，而 2024 年第三季為 0.60 美元。

Adjusted EBITDA for the quarter totaled $44 million compared to $44.5 million in the prior year period. The adjusted EBITDA margin in the third quarter was 20% compared to 22% in the third quarter of 2024.

本季調整後 EBITDA 總計 4,400 萬美元，而去年同期為 4,450 萬美元。第三季調整後的 EBITDA 利潤率為 20%，而 2024 年第三季為 22%。

Adjusted net income per share totaled $0.38 compared to $0.60 in the prior year period. The weighted average number of diluted shares outstanding for the quarter was $29.6 million.

調整後的每股淨收益為 0.38 美元，而上年同期為 0.60 美元。本季加權平均稀釋後流通股數為 2,960 萬股。

Operating cash flow totaled $68.5 million for the third quarter, bringing the year-to-date total to $64.5 million. We completed $50 million of share repurchase in the third quarter, bringing the year-to-date total to $125 million, and we ended the quarter with $411 million in cash and investments. Our strong cash position allows us to remain focused on executing our growth strategies.

第三季經營現金流總計 6,850 萬美元，使年初至今的經營現金流總計達到 6,450 萬美元。我們在第三季完成了 5,000 萬美元的股票回購，使今年迄今的回購總額達到 1.25 億美元，並且我們在該季度末擁有 4.11 億美元的現金和投資。我們雄厚的現金儲備使我們能夠繼續專注於執行我們的成長策略。

Moving on to 2025 guidance. As Tim mentioned, we are reaffirming our revenue guidance range of $900 million to $910 million, representing an increase of 12% to 13% compared to full year 2024 revenue. We continue to expect full year gross margin to be in the range of 84% to 86%. We now expect diluted net income for the full year 2025 will be $0.90 to $1 per share, an increase from our previous range of $0.40 to $0.50 per share.

接下來是2025年的指導。正如 Tim 所提到的，我們重申了 9 億美元至 9.1 億美元的營收預期範圍，與 2024 年全年營收相比成長 12% 至 13%。我們仍然預計全年毛利率將在 84% 至 86% 之間。我們現在預計 2025 年全年稀釋淨收入將為每股 0.90 美元至 1 美元，高於我們先前預測的每股 0.40 美元至 0.50 美元。

We ended the quarter with 336 US territories and 268 US field clinical representatives. We are being more strategic in our approach to territory management and optimizing our model through targeted territory consolidation and increased field clinical reps. We hired nine field clinical reps in the quarter, consistent with our strategy to get the ratio closer to 1:1 territory manager to field clinical rep.

本季末，我們擁有 336 個美國領土和 268 名美國現場臨床代表。我們在區域管理方面採取了更具策略性的方法，並透過有針對性的區域整合和增加現場臨床代表來優化我們的模式。本季我們聘用了九名現場臨床代表，這符合我們使區域經理與現場臨床代表的比例接近 1:1 的策略。

We now expect our reported tax rate in 2025 to be 25% as state minimum taxes are higher than expected.

由於州最低稅額高於預期，我們預計 2025 年的申報稅率將為 25%。

Furthermore, in the fourth quarter, we will likely eliminate a large portion of the valuation allowance on our deferred tax assets. This will create a large onetime tax benefit that we will call out when we report our fourth quarter results. We expect the full year diluted shares outstanding to be approximately 30 million.

此外，在第四季度，我們可能會消除遞延所得稅資產估值準備金的大部分。這將帶來一筆數額龐大的一次性稅收優惠，我們將在公佈第四季業績時詳細說明。我們預計全年稀釋後流通股數約為 3,000 萬股。

With that, our prepared remarks are concluded. Dilem, you may now open the line for questions.

至此，我們準備好的發言稿就結束了。Dilem，現在可以開始接受提問了。

(Operator Instructions) Travis Steed, Bank of America Securities.

（操作員說明）特拉維斯·斯蒂德，美國銀行證券。

Congrats on the progress with Inspire V. Just curious how you're thinking about some of the puts and takes on 2026 at this stage. And anything to call out in terms of cadence, first half, second half, and '26?

恭喜 Inspire V 專案取得進展。只是好奇你目前對 2026 年的一些預測和看法有何看法。節奏、前半段、後半段以及「26」有什麼需要特別指出的嗎？

Travis, yes. Great question. I know this is top of mind for everyone. Travis, right now, we're focused on finishing the fourth quarter strong. Now it's still early in our '26 planning process.

崔維斯，是的。問得好。我知道這是大家最關心的問題。特拉維斯，現在，我們專注於在第四節比賽中取得好成績。現在我們的2026年規劃過程還處於早期階段。

So I will not -- while we're not providing specific guidance at this time, I want to reiterate the underlying trends we're currently seeing. The Inspire V launch, positive clinical feedback and strong patient flow driven by our increased DTC investment give us confidence in the durability of our growth heading into next year. We'll provide formal 2026 revenue guidance in January once we've completed our year-end results and planning.

因此，雖然我們目前不提供具體指導，但我想重申我們目前看到的基本趨勢。Inspire V 的上市、積極的臨床反饋以及我們加大 DTC 投資帶來的強勁患者流量，使我們對明年的成長勢頭充滿信心。我們將在完成年終業績和規劃後，於1月提供2026年正式營收預期。

Taking all into account and while not providing formal guidance, we can see accelerated growth from our third quarter and wish to provide an early indication of 10% to 11% growth for next year. In the meantime, our business fundamentals remain strong. We've seen and continue to see excellent momentum with Inspire V, both in physician adoption and patient outcomes. Our outreach campaign is generating record engagement. and our field organization is operating with greater focus and alignment than ever before, which is translating into more consistent execution.

綜合所有因素，雖然我們不提供正式的業績指引，但我們可以看到第三季開始加速成長，並希望提前透露明年成長10%至11%的可能性。同時，我們的業務基本面依然強勁。我們已經看到並將繼續看到 Inspire V 在醫生採納率和患者療效方面都取得了良好的發展勢頭。我們的推廣活動獲得了創紀錄的參與度，我們的現場團隊也比以往任何時候都更加專注和協調地運作，這轉化為更一致的執行效果。

We're also realizing operational benefits from tighter integration across marketing and therapy development, which will continue to support long-term profitability. As always, we're mindful of near-term factors such as the Inspire IV inventory transition, GLP-1 trialing and ongoing competitive activity. Overall, we're executing with discipline and have reaffirmed our 2025 guidance.

我們也透過加強行銷和治療方案開發之間的整合，獲得了營運上的好處，這將繼續支持長期獲利能力。和以往一樣，我們密切關注近期因素，例如 Inspire IV 庫存過渡、GLP-1 試驗和持續的競爭活動。整體而言，我們執行力強，並重申了2025年的發展指引。

With Inspire V scaling and continued operational focus, we expect continued revenue growth and improvements in operating leverage. And as far as cadence, at this point, we expect to return to our historic norms prior to 2025 and the Inspire V launch.

隨著 Inspire V 的規模擴大和持續的營運重點，我們預計收入將持續成長，營運槓桿也將得到改善。至於節奏方面，我們預計在 2025 年 Inspire V 發布之前恢復到以往的正常水平。

Adam Maeder, Piper Sandler.

亞當梅德，派珀桑德勒。

I'll echo the congrats on the progress. Maybe to start, just kind of a little bit of a follow-up there, very helpful response, Tim, to Travis' question. But I wanted to just try and better understand some of the trends that we're seeing in the business for the month of October as well as kind of the visibility that you have going forward, November, December.

我同樣祝賀你們的進展。首先，我想稍微補充一下，Tim 對 Travis 的問題給了一個非常有幫助的答案。但我只是想更了解我們在十月的業務趨勢，以及您對未來十一月、十二月的可見性。

I think you typically schedule cases several weeks out. So it would just kind of be helpful to understand some of the dynamics and what you're seeing as we try and reconcile the implied Q4 guidance?

我認為你們通常會提前幾週安排手術。所以，如果我們能了解一些動態因素以及您所看到的情況，將有助於我們更好地理解第四季業績指引的隱含意義。

And then I had a follow-up.

然後我還有後續跟進。

Sure. I think the key to it is really the trends we see with Inspire V. And as we talked throughout the last earnings call with everything from Medicare to available product to the transition with SleepSync, really the field getting their arms around all that and working with individual centers and really seeing that transition really transpire mostly in the third quarter. And we have some additional work. But we know the majority of the inventory in the field today is Inspire V.

當然。我認為關鍵在於我們從 Inspire V 中看到的趨勢。正如我們在上次財報電話會議上討論的那樣，從醫療保險到現有產品，再到 SleepSync 的過渡，整個行業都在努力掌握所有這些信息，並與各個中心合作，真正看到這種過渡主要在第三季度發生。我們還有一些額外的工作要做。但我們知道目前市面上大部分庫存都是 Inspire V。

So we're already working through that inventory transition from IV to V.

所以我們已經在著手將庫存從 IV 過渡到 V 了。

So we do see implants going forward. We know we always have our highest seasonality later in the year because of the high-deductible insurance plans, and we're seeing those same trends now. And again, just to highlight, the marketing team is doing a great job with our new awareness campaign, and we are seeing the benefits of that as well.

所以我們看到植入式醫療器材將會繼續發展。我們知道，由於高免賠額保險計劃的存在，每年的下半年總是會出現最高的季節性波動，而我們現在也看到了同樣的趨勢。再次強調一下，行銷團隊在我們新的宣傳活動中做得非常出色，我們也看到了它帶來的好處。

That's helpful, Tim. I appreciate the color there. And just for the follow-up, I guess you're a little bit over 75% of accounts that are implanting the Gen 5 device today. How do we think about kind of bridging that figure to 100% of your accounts? Just want to better understand kind of the remaining gating items there.

那很有幫助，蒂姆。我喜歡那裡的顏色。另外，我想補充一點，目前植入第五代設備的帳戶中，你們的比例略高於 75%。我們該如何考慮將這個數字提升到您帳戶總數的 100% 呢？我只是想更了解一下剩下的那些限制條件。

It sounds like SleepSync is maybe the biggest one, but wanted to confirm that. And just one kind of clarification. the accounts that are adopting Gen 5, are they only implanting Gen 5 going forward? Are they still kind of carrying a mix of Gen 4 and Gen 5? Hopefully, you all made sense.

SleepSync 聽起來可能是最大的，但我想確認一下。還有一點需要澄清。那些採用第五代技術的帳戶，以後是否只會植入第五代技術？他們現在是不是還在銷售第四世代和第五世代的混合產品？希望你們都明白了。

No, Adam, that's a good clarification that we want to make. I think the -- we focus on the centers that are the highest implanters, the top 100, top 200 centers, of course, and make sure we get the majority of those centers across the line and taking care of patients with V. But even those centers, to your last point, we'll continue to do Inspire IV at a limited amount. I also will highlight there are centers due to economics and where they are in the United States and the Medicare reimbursement that they will continue to implant Inspire IV units, and we will continue to make Inspire IV available into the future. So I think we'll continue to bridge most centers over to Inspire V.

不，亞當，這正是我們需要澄清的。我認為——我們專注於植入量最高的中心，當然是前 100 名、前 200 名的中心，並確保我們讓這些中心中的大多數都順利完成手術，並為 V 患者提供治療。但即使是這些中心，正如你最後一點所說，我們也會繼續有限度地進行 Inspire IV 專案。我還要強調，由於經濟因素、地理位置以及醫療保險報銷等原因，一些醫療中心將繼續植入 Inspire IV 裝置，我們也將繼續在未來提供 Inspire IV 設備。所以我認為我們將繼續把大多數中心過渡到 Inspire V。

But again, there will still be some additional centers carrying over and staying with Inspire IV. But I think the great majority will be complete with their transition by year-end.

但同樣，仍會有一些中心延續並繼續使用 Inspire IV。但我認為絕大多數人將在年底前完成轉型。

Robert Marcus, JPMorgan.

Robert Marcus，摩根大通。

I wanted to ask more on expenses and R&D and OpEx came in a good clip below where we and the Street were thinking. Great expense control led to really good earnings power. How should we think about, I guess, A, what exactly you're pulling back on; and B, how sustainable that is?

我想進一步詢問費用、研發和營運支出方面的問題，以下的影片很好地反映了我們和華爾街的想法。有效的成本控制帶來了非常可觀的獲利能力。我想我們該如何思考，A，你究竟在減少什麼；B，這種做法的可持續性如何？

Well, you also got to remember, not necessarily pulling back, but you also remember we're kind of in a launch period with Inspire V. And a lot of our focus is working on stabilizing the manufacturing line and getting a second line up and running and focusing on the digital side, specifically with SleepSync. So we're going to continue to invest in R&D.

嗯，你也要記住，不一定要撤退，但也要記住，我們目前正處於 Inspire V 的發布期。我們目前的工作重點是穩定生產線，讓第二條生產線投入運營，並專注於數位化方面，特別是 SleepSync。因此，我們將繼續加大研發投入。

And I think we want to be more consistent with R&D as we move forward to focus on our opportunities with Inspire V with our digital tools and keep pushing those elements to it. But I do think it will be more in line with what you're seeing right now.

我認為，隨著我們不斷推動研發工作，我們希望更加重視利用我們的數位工具，抓住 Inspire V 帶來的機遇，並持續推動這些要素的實現。但我認為它會更符合你現在所看到的景象。

Great. Maybe just a quick follow-up. Tim, if you could update us where you are in sort of the inventory conversion from IV to V. Was there any destocking or restocking in 3Q? What we should expect that's baked into the guide in 4Q?

偉大的。或許只需要簡單跟進。Tim，如果你能告訴我們你目前在庫存從 IV 到 V 的轉換方面進展如何，那就太好了。第三季是否有去庫存或補庫存的狀況？第四季指南應該包含哪些內容？

And is it all done exiting the year? Or is there still some more in '26 app?

年底一切都結束了嗎？或是 '26 應用中還有一些？

As you recall, at the beginning of the third quarter was pretty much all Inspire IV inventory in the field. And now the majority of the inventory is already Inspire V, and that continues to change on a weekly basis. And we think that those centers transitioning over to Inspire V will work through their Inspire IV inventory predominantly by the end of the year. Again, Robbie, remember, there's a few centers that are going to stay with Inspire IV. So we'll continue to make that product available.

您應該還記得，第三季初，現場幾乎全是 Inspire IV 的庫存。現在大部分庫存已經是 Inspire V，而且這種情況每週都在變化。我們認為，那些過渡到 Inspire V 的中心將在年底前基本上消化掉他們的 Inspire IV 庫存。羅比，再提醒你一下，還有一些中心將繼續使用 Inspire IV。因此，我們將繼續提供該產品。

But again, the reports and the success that people are having with Inspire V is really strong. And once people transition over, they want to continue to focus on that and increase the number of patients that they can treat.

但話說回來，Inspire V 的使用者回饋和使用效果都非常出色。一旦人們完成轉型，他們就希望繼續專注於此，並增加他們能夠治療的患者數量。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Congrats on the good progress in the quarter. I'll echo everyone else there. Just a question on thinking about ramping centers that are sort of lower to mid-volume. And -- and what you guys are doing around that? Because I do think ENT sort of mind share, I guess, I would say your capacity is still an important driver here, appreciating the benefits Inspire V brings.

恭喜本季取得良好進展。我同意其他人的說法。關於如何考慮提升客流量較低到中等的中心的客流量，我有個問題。那麼──你們在這方面都做了些什麼呢？因為我確實認為耳鼻喉科在某種程度上佔據了主導地位，我想，我認為您的能力仍然是這裡的一個重要驅動因素，能夠體會到 Inspire V 帶來的好處。

So just curious about what you guys are doing out in the field with these lower volume centers to get them higher and using on a more regular basis.

所以我很好奇，你們在實際工作中，對於這些業務量較小的中心，都採取了哪些措施來提高它們的業務量，並讓它們更頻繁地使用。

Thank you. A big initiative that we have ongoing there. We have formed a new team that is really focused on that group about reenergizing the ENT. And we're kind of using Inspire V as the catalyst to do that. Because remember, the difference between Inspire IV and V is you don't have to place the pressure sensing lead between the intercostal muscles, and that's always been a little bit of the uncomfortable part of the Inspire procedure for an ear nose and throat surgeon.

謝謝。我們正在那裡開展一項大型計劃。我們已經組建了一支新團隊，專注於重振耳鼻喉科。我們正在利用 Inspire V 作為催化劑來實現這一目標。因為請記住，Inspire IV 和 V 的區別在於，您不必將壓力感測導線放置在肋間肌之間，而這對於耳鼻喉科醫生來說，一直是 Inspire 手術過程中比較不舒服的部分。

So Inspire V lets us come back to those ENT surgeons and to new surgeons and to reengage with them, reenergize them around the benefits of Inspire V, the easier implantability of the device, if you will, and really focusing on that.

因此，Inspire V 讓我們能夠重新與耳鼻喉科醫生和新外科醫生建立聯繫，重新激發他們對 Inspire V 的熱情，讓他們了解該設備更容易植入，並真正專注於此。

So we have a long history and list of those centers that have started but not reached their potential, and we're going back and revisiting them with this team, but also going to centers and starting to recruit additional ENTs who now find this procedure more acceptable that they don't have to mess with the chest wall and the pressure sensing lead.

因此，我們有很多中心已經成立，但尚未發揮其潛力，我們正在與這個團隊一起重新審視這些中心，同時也在前往各個中心，開始招募更多的耳鼻喉科醫生，他們現在認為這種手術更容易接受，因為他們不必對胸壁和壓力感應導線進行任何操作。

Are you -- and just a quick follow-up. Are you starting to see that? Or is this something -- it sounds like this is a relatively new initiative. So is this really something that is probably more contributing factor in '26 and beyond? Or is this already contributing?

您是—還有一個簡短的後續問題。你開始明白了嗎？或者這是某種……聽起來像是一項相對較新的舉措。那麼，這真的是 2026 年及以後可能產生更大影響的因素嗎？或者這已經有貢獻了？

Thank you, Danielle. I do think, yes, it's a contributing factor in '26 and beyond. But I do think we're going to see some activity with that in '25. And the key is getting surgeons to come in, let's try V. Let's get this transition to your center.

謝謝你，丹妮爾。是的，我認為這是 2026 年及以後的一個促成因素。但我認為2025年我們將看到這方面的一些進展。關鍵是要讓外科醫生來，我們試試V。讓我們把這個過渡部分帶到你的中心。

Let's have you go in and do a couple of 5. And we've already seen some evidence that, yes, this does work. And we can reenergize them and partner them up with a good sleep position to build a strong system or a strong practice. And we've already seen early indications that we can excite the ENTs. So yes, we're going to continue this and work hand-in-hand with AAO, the American Academy of Otolaryngology to make sure that we're running initiatives with the society as well.

讓我讓你進去做幾個 5。我們已經看到一些證據表明，是的，這確實有效。我們可以重新激發它們的活力，並將它們與良好的睡眠姿勢結合起來，從而建立一個強大的系統或良好的習慣。我們已經看到了一些初步跡象，表明我們可以激發耳鼻喉科醫生的興趣。所以，是的，我們將繼續這項工作，並與美國耳鼻喉科學會 (AAO) 攜手合作，確保我們也能與該學會共同開展各項活動。

David Rescott, Baird.

David Rescott，貝爾德。

I wanted to follow up on some of the comments on the growth in the business and looking into 2026. The 2 big pieces, of course, that we all tend to track is utilization and these new center adds. I know last quarter, you talked about some of the pullback in spend impacting the opening of new centers. I think prior to 2025, you had a couple of centers that were deactivated each quarter.

我想就公司發展的一些評論以及對 2026 年的展望做一些補充說明。當然，我們通常都會關注的兩大指標是利用率和這些新增中心。我知道上個季度您談到了支出縮減對新中心開設的影響。我認為在 2025 年之前，每個季度都會有幾個中心被停用。

So just trying to get a sense for maybe where that center base or the trained center base stands today, whether or not we should assume that, that continues to be a factor behind growth next year or more so if utilization with Inspire V is going to be a bigger driver than growth than utilization has been growing.

所以，我只是想了解目前中心基地或訓練有素的中心基地的情況，以及我們是否應該假設，這是否會繼續成為明年增長的因素，或者，如果 Inspire V 的利用率比增長本身更具驅動力，那麼利用率的增長是否會成為更大的驅動力。

Yes. Thanks, David. I think we got to combine those two comments, and the answer is yes. I think what we really like is the Inspire V is really the tool and the feature set there with, of course, the easier implantation of the device, the shorter implant times, but not only that, but the features that optimize outcomes and really increase the expectations for outcomes is really important. And so we don't see a lot of transition of centers away from Inspire over the last couple of quarters.

是的。謝謝你，大衛。我認為我們應該把這兩則評論結合起來，答案是肯定的。我認為我們真正喜歡的是 Inspire V 的工具和功能集，當然，它更容易植入設備，植入時間更短，但不僅如此，它還具有優化結果和真正提高對結果的期望的功能，這一點非常重要。因此，在過去的幾個季度裡，我們並沒有看到很多中心從 Inspire 平台轉移出去。

In fact, we significantly increased the number of centers. And we think going back to the last question with Danielle, that being able to excite additional ENTs to do the procedure now that it doesn't have the pressure sensing lead kind of gives us a little bit more impetus to increase the number of centers.

事實上，我們大幅增加了中心數量。回到 Danielle 的最後一個問題，我們認為，由於現在沒有壓力感測導線，能夠激勵更多耳鼻喉科醫生進行這項手術，這給了我們更大的動力來增加中心的數量。

So we're going to continue on the pathway of not only growing utilization at existing centers with reduced surgical time, but also with the improved performance of the device and the implantability of the device to be able to continue to train new surgeons at existing centers as well as open new centers.

因此，我們將繼續沿著既定路線發展，不僅要提高現有中心的使用率，縮短手術時間，還要提高設備的性能和植入性，以便能夠在現有中心繼續培訓新的外科醫生，並開設新的中心。

Okay. That's helpful. And then maybe a follow-up to some of the comments on OpEx. I know you called out that there's going to be this higher tax benefit in Q4. I'm assuming or curious if that is implied in the $0.90 to $1 of EPS for the full year or if that gets backed out.

好的。那很有幫助。然後或許可以對營運支出方面的一些評論做一些後續回應。我知道你之前提到第四季會有更高的稅收優惠。我想知道這是否已包含在全年每股收益 0.90 美元至 1 美元的預期中，或者是否會被扣除。

Just trying to back into maybe what your exit rate on an OpEx basis and whether or not we should think about that as a jumping off point for 2026.

我只是想估算一下，以營運支出計算，你們的退出率是多少，以及我們是否應該將其作為 2026 年的出發點。

Yes, David, that potential tax benefit is not factored into our guidance. And so part of our improvement on the bottom line and operating margin, which I wanted to call out earlier was that we did have a 180 basis points improvement on gross margin. So that really helped drive our leverage in the third quarter, and that's because of the higher mix of Inspire V which drove higher gross margins.

是的，David，我們並未將這種潛在的稅收優惠納入我們的指導方針中。因此，我們利潤和營業利潤率的改善，部分原因在於毛利率提高了 180 個基點，正如我之前提到的。因此，這確實有助於提高我們第三季的槓桿率，這是因為 Inspire V 的佔比更高，從而提高了毛利率。

John Block, Stifel.

約翰·布洛克，斯蒂費爾。

Tim, the rough 10% to 11% revenue growth next year seems like a refined thought from the acceleration off of the 12% to 13% that you conveyed last quarter. And the quarter was good, and you talked about some of the facilities working down inventory. So maybe if you could just give some color what led to a little bit of a change in thought from three months ago to today? Is it just being a little bit more prudent? Or what do you see out in the field that led to the refined number?

提姆，你上個季度提到的 12% 到 13% 的營收成長，現在看來是明年 10% 到 11% 的大致成長幅度，這似乎是一個更精確的估計。這個季度業績不錯，你也談到了一些工廠正在努力減少庫存。所以，您能否詳細描述一下，是什麼原因導致您從三個月前到今天的想法發生了一些變化？只是稍微謹慎一點嗎？或者，你在實地考察中看到了什麼，從而得出了更精確的數字？

No, I think that's it. We just have a little bit more experience, and it's early in our planning, too. And so I know it was top of mind for everybody, as we said on Travis' question that we needed to address that right upfront. But we did -- we weighed in on the progress making the Inspire IV inventory, as you discussed. We did talk about the GLP-1s a little bit as well as the -- any competitive effect that could be there.

不，我想就是這樣了。我們只是經驗稍微豐富一些，而且我們的計劃還處於早期階段。所以我知道這是每個人都非常關心的問題，正如我們在回答特拉維斯的問題時所說，我們需要立即解決這個問題。但我們確實參與了——正如您所討論的，我們對 Inspire IV 庫存的進展發表了意見。我們也稍微談到了 GLP-1 以及可能存在的任何競爭效應。

So we wanted to come out and just give an early indication. As we work through the fourth quarter and the rest of our planning, we'll come back with formal guidance in the January time frame.

所以我們想出來提前表明立場。隨著我們推進第四季度的工作以及後續的規劃，我們將在1月發布正式的業績指引。

Okay. That's helpful. And then maybe just a quick follow-up. Can you guys just talk to the inventory on your balance sheet? I think it was $142 million at the end of the quarter with about $111 million in finished goods, it's up a good clip really throughout the year, throughout '25.

好的。那很有幫助。然後或許只需要一個簡單的後續跟進。你們能不能直接跟資產負債表上的庫存數據談談？我認為季度末的銷售額為 1.42 億美元，其中成品價值約為 1.11 億美元，全年乃至整個 2025 年的增長速度都相當不錯。

Like what's in there? Are those IVs? Are those Vs? If they're all Vs, does it sort of clean up for a lot of next year? Maybe you could provide some color there.

裡面裝的是什麼？那是輸液管嗎？那是V字形嗎？如果它們都是 V，那明年是不是就能清理掉很多障礙了？或許你可以為那裡增添一些色彩。

Yes. It's both. I think the key is we are winding down the manufacturing of Inspire IV. That being said, we are going to still have Inspire IV available in the United States, as we talked about, but we also have a long regulatory process in Europe and in Asia for Inspire V. So we need to make sure that we have sufficient supplies of Inspire IV to carry us through until we can do the full international transition of Inspire V.

是的。兩者兼具。我認為關鍵在於我們正在逐步停止 Inspire IV 的生產。也就是說，正如我們之前所說，Inspire IV 仍將在美國上市，但 Inspire V 在歐洲和亞洲的審批流程還很長。因此，我們需要確保有足夠的 Inspire IV 供應，以支撐我們完成 Inspire V 的全面國際過渡。

So there is a big element of Inspire IVs in there that will burn down over time.

所以，Inspire IV 中有很大一部分的零件會隨著時間而燒毀。

That being said, we also are increasing our inventory of Inspire V. Now that we're getting stability with our manufacturing site. We're still operating with a single manufacturing site. And then also remember some of the piece parts that are shared between Inspire IV and Inspire V. So once we wind down IV we'll be able to leverage some of that inventory into building additional units for Inspire V in the future.

也就是說，我們也在增加 Inspire V 的庫存。現在我們的生產基地已經趨於穩定。我們目前仍然只經營一個生產基地。此外，也要記住 Inspire IV 和 Inspire V 之間的一些共享零件。因此，一旦我們結束 IV 項目，我們將能夠利用部分庫存，在未來為 Inspire V 項目建造更多設備。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

I guess, Tim, I was curious on the 10% to 11%, how are you thinking about the market growth with the new competitor coming into the market and what you're seeing from that new competitor so far? And I had one follow-up.

提姆，我想問的是，關於10%到11%的成長，你如何看待新競爭對手進入市場後市場的成長，以及你目前對這個新競爭對手的觀察？我還有一個後續問題。

Sure. It's very early days right now. We they're just getting started. They got to work through all the reimbursement. So not a significant presence right now, but I think that we'll watch for that a little bit and continue to monitor that and come back and discuss that with greater detail when we give full guidance in January.

當然。現在還為時過早。他們才剛起步。他們開始處理所有的報銷事宜。所以目前來看，這方面的影響並不顯著，但我認為我們會對此稍作關注，繼續監測，並在1月份發布完整業績指引時，再詳細討論這個問題。

Okay. And then maybe for Rick, on the seasonality in 2026, I just want to make sure I heard correctly with Tim's comments similar to prior to 2025. '23 and '24 were pretty similar. And I'm sure you've done the math, Rick, if hopefully, I'm doing it right, it would imply like $205 in Q1 or low single-digit growth increasing through the year. Is that directionally right?

好的。然後，關於 Rick 提到的 2026 年的季節性問題，我只是想確認我是否正確理解了 Tim 的評論，他指的是 2025 年之前的情況。 2023 年和 2024 年的情況非常相似。我相信你已經算過了，里克，如果我沒算錯的話，這意味著第一季度大約是 205 美元，或者全年保持個位數低增長。方向對嗎？

And why would Q1 be so low? And I apologize if I did the math on the fly wrong.

為什麼第一季業績會這麼低？如果我臨時計算有誤，我深表歉意。

The last couple of years, Larry, our seasonality was 15% sequential down in beginning of '24 and down 16% in '25. So that's kind of the recent historical trend. So we would expect, as Tim mentioned, that our cadence throughout the year will be comparable to kind of prior to 2025 and earlier.

拉里，過去幾年，我們的季節性波動在 2024 年初環比下降 15%，在 2025 年環比下降 16%。這就是近期的歷史趨勢。正如蒂姆所提到的那樣，我們預計我們全年的節奏將與 2025 年及以前的情況類似。

Anthony Petrone, Mizuho Americas.

Anthony Petrone，瑞穗美洲公司。

Congrats on the progress in the quarter with the 5%. Maybe on the 10% to 11%, I appreciate, Tim, the comments on the survey work on GLP-1, but still this dynamic of how much is coming in from the high BMI dropping into the sweet spots for Inspire and how much is sitting on the sidelines as folks trial GLP-1. So in the 10% to 11%, how much was GLP-1 factored would be the first question.

恭喜本季取得 5% 的進展。或許在 10% 到 11% 之間，提姆，我很欣賞你對 GLP-1 調查工作的評論，但仍然存在這樣的動態：有多少人因 BMI 升高而進入 Inspire 的最佳治療範圍，又有多少人因為人們嘗試 GLP-1 而處於觀望狀態。因此，在 10% 到 11% 的佔比中，GLP-1 的貢獻有多大，這將是第一個問題。

And a quick follow-up to that would be, if you do see indications that GLP-1 is resulting in combo therapy out of the gate, specifically with CPAP, that CPAP rate dropout rate is still quite high. So over time, do you think the new starts on CPAP can actually transition to a higher rate of new starts on hypoglossal nerve stimulation over time?

對此，需要快速跟進的是，即使你看到有跡象表明 GLP-1 會導致聯合治療一開始就有效，特別是與 CPAP 聯合治療，CPAP 的脫落率仍然相當高。那麼隨著時間的推移，您認為使用 CPAP 治療的新患者數量是否會逐漸過渡到使用舌下神經刺激治療的新患者數量？

Absolutely. You laid that out nicely. I think the survey that we had, we learned quite a bit from that. And I think it's just a significant number of patients coming into the sleep labs because they are getting increased phone calls to do a diagnosis for obstructive sleep apnea because they need that indication to be able to help with insurance coverage. Well, sleep physicians are reluctant to just do that.

絕對地。你解釋得很清楚。我認為我們從那次調查中學到了很多。我認為，前來睡眠實驗室就診的患者數量顯著增加，是因為睡眠實驗室接到越來越多的電話，要求診斷阻塞性睡眠呼吸暫停，因為他們需要這一診斷結果才能幫助患者獲得保險報銷。然而，睡眠醫生們並不願意這麼做。

Sleep physicians are responsible and they're going to do the proper diagnosis and make sure that, that patient has proper care.

睡眠醫生負有責任，他們會做出正確的診斷，並確保患者得到妥善的照顧。

And if they have moderate to severe sleep apnea, they're not going to just wait a year to see if the GLP-1 works. They are going to put them on concomitant therapy as you talk about. They're going to start them on CPAP. They're going to start them on a GLP-1, but they're going to have to track those patients, too, because that's the requirement of the insurance companies.

如果他們患有中度至重度睡眠呼吸中止症，他們不會只等待一年就去看 GLP-1 是否有效。正如你所說，他們會讓他們接受伴隨治療。他們打算開始給他們使用持續性正壓呼吸器（CPAP）。他們會開始給這些患者使用 GLP-1 療法，但他們也必須追蹤這些患者，因為這是保險公司的要求。

So now we have an increased number of patients in the facilities with the sleep physicians and when they become -- or if they become not compliant to CPAP, yes, they're going to be looking for alternative surgery or alternative therapy.

所以現在，睡眠醫生接診的患者數量增加了，當他們無法堅持使用 CPAP 時，是的，他們會尋求其他手術或替代療法。

And if they are of the right BMI, the sleep physicians know what patients do best with Inspire. And we would expect those to correctly be referred over to receive Inspire therapy and the sleep physicians will continue to manage those patients long term. So that is exactly the hypothesis of where we stand. We do believe that the GLP-1s can work in concert with Inspire can help people lose weight, reduce the lateral wall collapse and allow Inspire to treat those patients that have tongue-based collapse. So it's really two mechanisms of action that can work together.

如果他們的 BMI 符合要求，睡眠醫師就知道 Inspire 對病人的效果最好。我們希望這些患者能夠被正確轉診接受 Inspire 療法，睡眠醫師將繼續對這些患者進行長期管理。這就是我們目前所處的假設。我們相信 GLP-1 可以與 Inspire 協同作用，幫助人們減輕體重，減少側壁塌陷，並讓 Inspire 治療那些舌根塌陷的患者。所以其實是兩種可以協同作用的作用機制。

Shagun Singh, RBC.

Shagun Singh，RBC。

Tim, I wanted to go back to the 10% to 11% growth next year because consensus is currently at 14%. So that's a pretty big gap. And you called out Inspire V, you called out the inventory dynamics, GLP-1s competitive effect and you said competition is not a big headwind. I think GLP-1s, you are positive longer term. There could be some trialing.

提姆，我希望明年能恢復到 10% 到 11% 的成長預期，因為目前普遍預期是 14%。所以這差距相當大。你指出了 Inspire V，指出了庫存動態，GLP-1 的競爭影響，並且你說競爭並不是很大的阻力。我認為GLP-1受體對長期健康有正面作用。可能會有一些試驗。

I guess I wanted to ask, are there other factors that need to be contemplated as we think about 2026? What gets you closer to consensus at 14%? Have you factored in anything on increased reimbursement? Or is that a headwind as you think about Inspire V adoption and utilization? And just even looking at Q4, I'm looking at a step down in growth on a basis and 6% exit rate.

我想問的是，在考慮 2026 年時，是否還有其他因素需要考慮？如何才能讓你的支持率更接近 14% 的共識？您是否考慮過報銷額增加的情況？或者，這會成為您考慮 Inspire V 的採用和利用的不利因素？即使只看第四季度，我也看到成長速度放緩，退出率為 6%。

Can you just give us some commentary there on why that is? And you are talking about accelerating growth, but Q4 seems to be lower.

您能否解釋一下這是為什麼？您提到成長加速，但第四季似乎有所下降。

Yes, absolutely. You kind of laid out all those headwinds right there that we use to calculate, but there's also a lot of positives in there. And I think Inspire V performance and Inspire Fire acceptability is really strong. So once we complete the transition with V, that gives us great opportunity to kind of lean in and kind of reassess where we are with our guide. Now I know it's an early indication.

是的，絕對的。你剛才把我們用來計算的所有不利因素都列出來了，但其中也有很多正面的因素。我認為 Inspire V 的效能和 Inspire Fire 的市場接受度都非常高。所以一旦我們完成了與 V 的過渡，這給了我們一個很好的機會去深入了解並重新評估我們與嚮導的關係。現在我知道這是早期徵兆。

It's not formal guidance, but we wanted to make sure that we put that out there. We know what we need to do to review that, and we're going to monitor that with Inspire with Q4 performance as well as when we come with full guide in January.

這並非正式指導意見，但我們希望確保把這一點傳達出去。我們知道需要做什麼來審查這一點，我們將透過 Inspire 的第四季度表現以及我們在 1 月發布的完整指南來監控這一點。

But yes, we've kind of laid out the headwinds that we see that are going to challenge us, but we also want to leverage the opportunities that are there for us. Even the OPPS rule that just came out showing an increase in physician reimbursement for Inspire V as an opportunity because it really closes the gap between the reimbursement with 64568 versus the old code, 64582.

是的，我們已經列出了我們認為會給我們帶來挑戰的不利因素，但我們也希望利用擺在我們面前的機會。即使是剛剛發布的 OPPS 規則，顯示 Inspire V 的醫生報銷額有所增加，這也是一個機會，因為它真正縮小了 64568 代碼與舊代碼 64582 之間的報銷差距。

And so there's a lot of positives mixed in there. So yes, we have a lot of work to do to be able to kind of work through the details for when we come with full guide in January.

所以這裡面既有很多正面的因素，也有很多負面的因素。所以，是的，我們還有很多工作要做，才能在1月推出完整指南時，把細節都理順。

Shagun, I would just add, it's still very, very early. We're very happy to be able to give an early preview of 2026. But as Tim alluded to, there are quite a few puts and takes, and we're just trying to be prudent at this time.

Shagun，我還要補充一點，現在還為時過早。我們非常高興能夠提前預覽 2026 年的情況。但正如蒂姆所暗示的那樣，這裡面有很多進退之計，我們目前只是想謹慎行事。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

This is Daniel Markowitz. So I had two questions. First, you noted about 75% of centers are ready to transition to the Inspire V, but that some continue to do Inspire IV for economic reasons. Can you just expand a little bit on those economic considerations? Are you hearing pushback to the physician reimbursement rate as it stands today?

這是丹尼爾·馬科維茨。所以我有兩個問題。首先，您提到約 75% 的中心已準備好過渡到 Inspire V，但有些中心由於經濟原因繼續使用 Inspire IV。您能否再詳細闡述這些經濟方面的考量？你是否聽到有人對現行的醫生報酬率提出反對意見？

And would you expect this to change given the finalized 2026 physician fee schedule with an 11% bump to physician reimbursement?

鑑於 2026 年最終確定的醫生收費標準將醫生報酬提高 11%，您認為這種情況會有所改變嗎？

No, it's really more -- a good question. It's more related to site of service or hospital reimbursement. And with Inspire IV and Inspire V, we can make Inspire IV available with an economic benefit to some of those centers to help them get back to doing implants. So there is some discounting on Inspire IV that can help us out. Inspire V, that's not true.

不，其實更像是——一個好問題。這與服務地點或醫院報銷關係更密切。透過 Inspire IV 和 Inspire V，我們可以讓 Inspire IV 為一些中心帶來經濟效益，幫助他們恢復植牙手術。所以 Inspire IV 目前有一些折扣，這可以幫助我們。Inspire V，那不是真的。

So that's why some of these centers just choose to do IV based on the economics with the coding today. But as you saw, that doesn't affect our overall ASP or gross margin.

所以這就是為什麼有些中心會根據目前的編碼經濟效益選擇進行靜脈輸液的原因。但正如你所看到的，這不會影響我們的整體平均售價或毛利率。

Got it. Okay. That's helpful. And then for the second one, as you look forward to 2026, do you have any initial thoughts on the trend in operating expenses, especially as it pertains to the new marketing campaign and DTC spend picking back up? I guess also, was DTC spend back at a normal run rate for 3Q?

知道了。好的。那很有幫助。那麼，對於第二個問題，展望 2026 年，您對營運費用的趨勢有什麼初步看法嗎？特別是考慮到新的行銷活動和 DTC 支出正在回升？另外，我想問一下，第三季的直接面向消費者支出是否恢復到正常水準？

Or is that still being held down quite a bit?

或者說，這種情況仍然受到很大程度的壓制？

No, I think it was pretty close. We wanted to do an increase there because we held back in the first half of the year on DTC spend. But as you kind of look at OpEx going forward, we're going to see maybe a slight increase in DTC, but again, more level with full year, but we don't expect that to grow with the same level of revenue.

不，我覺得結果非常接近。我們想增加這方面的投入，因為今年上半年我們在直接面向消費者 (DTC) 的支出方面有所保留。但展望未來，我們預期 DTC 可能會略有成長，但與全年水準基本持平，不過我們預期其成長速度不會與營收成長速度持平。

Michael Sarcone, Jefferies.

Michael Sarcone，傑富瑞集團。

I guess I'll just ask both of mine upfront. You might have already answered kind of the second one, I'll ask Tim. But last quarter, you had mentioned that at the accounts that were converted to Inspire V, you were seeing about 20% same-store sales growth. Given the outlook for kind of 10% to 11%, at least early on right now for 2026, it seems like that's not carrying through. I just wanted to maybe get an update on how that 20% same-store sales has progressed as you've kind of opened up more accounts with Inspire V.

我想我還是直接問我兩個。你可能已經回答過第二個問題了，我去問提姆。但上個季度，您曾提到，在升級到 Inspire V 的帳戶中，同店銷售額成長了約 20%。鑑於目前對 2026 年的展望是 10% 到 11% 左右，至少就目前來看，這種情況似乎並沒有持續下去。我只是想了解一下，隨著你們在 Inspire V 上開設更多帳戶，20% 的同店銷售額成長情況如何。

And then is there any interplay there with the Inspire V reimbursement on the physician fee level being lower?

那麼，Inspire V 的醫師費用報銷額度較低，這之間是否存在某種交互作用？

Mike, thanks for the question. So there's still absolutely a correlation between centers that have transitioned to Inspire V and faster volume growth that we saw through the end of Q3, which we're very, very pleased with. As we highlighted on our last earnings call, though, you shouldn't anticipate that 20% to continue for all centers. But we're very pleased with the correlation that we're seeing with Inspire V adoption and accelerated case volume. And again, as we noted on 2026, it's really early.

麥克，謝謝你的提問。因此，過渡到 Inspire V 的中心與我們在第三季末看到的更快的銷售成長之間仍然存在絕對的相關性，我們對此非常非常滿意。不過，正如我們在上次財報電話會議上所強調的那樣，您不應期望所有中心都能保持 20% 的成長。但我們對 Inspire V 的普及與案例數量加速成長之間的相關性感到非常滿意。再次強調，正如我們在 2026 年所指出的那樣，現在談論這個年份還為時過早。

There's still a lot of puts and takes, which we highlighted, and we just want to be prudent. But we're very, very pleased with what we're seeing with the Inspire V launch and experience to date.

仍然存在著許多買賣雙方需要權衡的情況，我們已經強調過了，我們只是想謹慎行事。但我們對 Inspire V 的發布和迄今為止的使用體驗感到非常非常滿意。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊，腎臟單位研究。

I wanted to understand the territory realignment a little better. Was there a corresponding reduction in the number of centers you're working with? Or are you just increasing the number of accounts the remaining reps are responsible for?

我想更深入地了解一下領土重新劃分的情況。你們合作的中心數量是否相應減少了？或者，你們只是增加了剩餘銷售代表負責的客戶數量？

No, we're actually building efficiencies into our territory management. So what we want is, well, because you've been around for a long time, you know how we're kind of ramping and we started to ramp the number of field clinical reps as well. And we want to get that ratio closer to 1:1. So as we're doing that transition, we're doing some promotions of field clinical reps and territory managers and then come back and hire additional field clinical reps behind that, and that's going to be a trend going forward.

不，我們實際上是在提高區域管理的效率。所以我們希望，嗯，因為你們在這裡已經很久了，你們知道我們正在逐步擴大規模，我們也開始增加現場臨床代表的數量。我們希望將這個比例提高到 1:1。因此，在進行這種過渡的同時，我們正在提拔一些現場臨床代表和區域經理，然後再回來招募更多的現場臨床代表，這將是未來的趨勢。

I think we're finding greater efficiencies with larger territories with territory managers as long as they have the support staff like the field clinical reps to be able to do the case coverage and the training. So I think you'll see more of that in the future.

我認為，只要區域經理擁有像現場臨床代表這樣的支援人員來負責個案處理和培訓，那麼更大的區域就能帶來更高的效率。所以我認為未來你會看到更多這樣的情況。

Chris, I would just add that we've always talked about having the average territory managers support on average 4 to 6 centers, and we're still very much in that range. We did add a healthy clip of new centers in Q3 after slowing that initiative down in the first half of the year.

克里斯，我還要補充一點，我們一直以來都認為，平均每個區域經理應該支援 4 到 6 個中心，而我們目前仍然基本上保持在這個範圍內。在上半年放緩了新中心建設步伐之後，我們在第三季又新增了相當數量的中心。

Okay. And then I wanted to follow up on the question about margins and OpEx. The implied guidance implies that OpEx is going to grow at roughly twice the pace of sales in 4Q. That was obviously true in 3Q. And you guys signaled that in the near term, you would have elevated spending.

好的。然後我想就利潤率和營運支出的問題進行進一步探討。隱含的指導意見表明，第四季度營運支出成長將約為銷售額增速的兩倍。第三季的情況顯然如此。你們也曾表示，短期內會增加支出。

But you're also talking about driving operating leverage next year, which would really seem to imply that spending is going to moderate given the top line growth you're signaling. So help me understand just the cadence here. Is this just a very temporary bolus that then really sort of changes as the calendar flips? Or how do those two things line up?

但您也提到明年要提高營運槓桿，考慮到您所暗示的營收成長，這似乎意味著支出將會放緩。所以請幫我理解這裡的節奏。這只是暫時的劑量調整，然後隨著日曆翻頁，劑量就會產生很大的變化嗎？或者說，這兩件事是如何連結起來的？

Yes. Chris, so yes, you're right on all your assumptions. Year-over-year OpEx growth for 2025 is going to be in that 16%, outpaces full year revenue growth, but we are going to have an improvement in operating margin sequentially into Q4. Still pretty early to talk about 2026, but the new guidance also implies full year operating margins in that 2.5% to 3%. And on a longer-term basis, we expect to improve that over time.

是的。克里斯，所以，是的，你的所有假設都是正確的。2025 年的年比營運支出成長率將達到 16%，超過全年營收成長率，但第四季的營運利潤率將較上季改善。現在談論 2026 年還為時過早，但新的指導意見也暗示全年營業利潤率將在 2.5% 至 3% 之間。從長遠來看，我們預計這種情況會隨著時間的推移而改善。

Richard Newitter, Truist Securities.

Richard Newitter，Truist Securities。

I just want to continue on Chris' question. I mean, congratulations. It's great to see the expense control there this quarter. I guess what I'm just trying to understand is what -- we were all much higher. We thought your profit was going to preserve much better even with the revenue call down last quarter.

我只想繼續回答克里斯的問題。我的意思是，恭喜你。很高興看到本季在費用控制方面做得這麼好。我只是想弄清楚的是——我們當時的水平都高得多。我們原本以為，即使上個季度營收下降，你們的利潤也能維持得更好。

I guess I'm just trying to understand what's changed from the outlook that's causing kind of the $0.50 upward revision here?

我只是想了解一下，是什麼因素導致了預期上調0.5美元？

And then I know you're not giving explicit guidance next year on operating expenses, but we're all just trying to understand what the right normalized spending rate is and significant cost controls here but it's not clear whether that's in some way linked to some improved efficiency that's going to come as a result of the territory consolidation.

我知道您沒有就明年的營運費用給出明確的指導，但我們都只是想了解正確的正常支出率是多少，以及這裡需要進行哪些重要的成本控制，但目前還不清楚這是否與區域整合帶來的效率提升有關。

I guess, is the 10% to 11% growth rate just requires less investment than what it did when you were initially a 15% to 20% growth? Just help us think through kind of what's changed because the earnings is kind of whipsawing around quite a bit here.

我猜想，10%到11%的成長率是不是代表所需的投資比最初15%到20%的成長率少？請幫我們釐清一下究竟發生了什麼變化，因為目前的獲利狀況波動很大。

Yes, I can start maybe. First and foremost, our revenue did outperform where consensus was modeling. So first and foremost, the revenue beat in the quarter is what's helping with some of the EPS. Below the line, yes, we did increase our investments on DTC, but we were very disciplined across other areas, and we will continue to look for those types of savings as we move forward. Yes, there has been some consolidation of territories that's also driving some of that savings.

是的，或許我可以開始。首先，我們的收入確實超過了市場普遍預期的水平。首先，本季營收超出預期，這對每股盈餘 (EPS) 的成長起到了一定的推動作用。是的，我們在DTC（直接面向消費者）領域增加了投資，但在其他領域我們一直非常自律，我們將繼續在未來尋找這類節省開支的機會。是的，有些地區的整合也是節省成本的原因之一。

But you're absolutely right. We're going to continue to support the business. We're going to continue to invest in R&D, in patient marketing and in medical education, but we're going to do it in a very methodical and disciplined way and make sure that we continue to show operating leverage going forward.

但你說得完全正確。我們將繼續支持這項業務。我們將繼續投資於研發、病患行銷和醫學教育，但我們將以非常有條不紊和嚴謹的方式進行，並確保我們未來繼續展現出營運槓桿效應。

Okay. And then maybe just one second one. I'm curious, are you able to actually see more procedures per account in the accounts that have adopted or been fully trained in Inspire V? And can you quantify that?

好的。然後也許再來一秒鐘。我很好奇，對於已經採用或接受過 Inspire V 全面培訓的帳戶，您是否能夠看到每個帳戶執行的更多流程？你能量化這一點嗎？

We are seeing that. The math is getting -- I mean, it's a significant portion of our centers now are implanting Inspire V. It's over 75%. And yes, there is a correlation between accelerated volume growth and the use of Inspire V. We are seeing that for sure.

我們看到了這一點。數學計算結果顯示——我的意思是，現在我們相當一部分中心都在植入 Inspire V。超過75%。是的，銷售量加速成長與 Inspire V 的使用之間存在相關性。我們已經證實了這一點。

Brett Fishbin, KeyBanc.

Brett Fishbin，KeyBanc。

A lot of questions already on next year. So I'll ask one a little bit more qualitative. I think during the quarter, you had the press release with some of the limited market release information about Inspire V in the US. One thing that stood out to me was the anecdote on one of the KOLs performing 12 implants per day. I believe that compared to nine with Inspire IV.

關於明年已經有很多問題了。所以我再問一個更偏定性的問題。我認為在本季度，你們發布了新聞稿，其中包含一些關於 Inspire V 在美國有限市場發布的信息。讓我印象深刻的一件事是關於一位 KOL 每天進行 12 例植牙手術的軼事。我認為與 Inspire IV 的九個版本相比。

So something like a 30% to 40% increase in efficiency, which was above the 20% reported from Singapore. So just curious kind of like what drove that kind of performance? And are there specific items that can maybe be applied to other centers that have struggled to see that type of efficiency either in the past or with Inspire V?

因此，效率提高了 30% 到 40%，高於新加坡報告的 20%。所以我就很好奇，是什麼因素促成了那種表現？是否有一些具體的措施可以應用於其他中心，這些中心過去或使用 Inspire V 時都難以達到這種效率？

Brett, that was a key topic at the AAO meeting or the ISS meeting where the surgeon was actually on stage talking about that. And the key is how do they set up their center to be able to do that. Finding the number of patients, that's not the issue. We all know that the challenge is having capacity with surgeons to take care of the patients demanding therapy. But what this individual is able to do is have access to two operating rooms.

Brett，這在 AAO 會議或 ISS 會議上是一個關鍵議題，當時外科醫生在台上談論了這個問題。關鍵在於他們如何建立自己的中心才能做到這一點。找到病人數量不是問題。我們都知道，挑戰在於外科醫生的數量是否足以滿足需要治療的患者的需求。但這人卻能使用兩間手術室。

And they kind of laid that out and talked through people of having the access to be able to -- it's competing the Inspire time versus the time it takes to clean a room to do multiple rooms in a day and the efficiencies that, that can bring.

他們詳細闡述了這一點，並向人們解釋瞭如何才能獲得這種機會——這是在比較 Inspire 的時間與清潔一個房間所需的時間，以便一天清潔多個房間，以及由此帶來的效率提升。

And think about the efficiencies, not just from the surgeon performing multiple procedures, -- but there's a revenue bonus or benefit for the hospital to do that many procedures in a day. Think about Inspire. Think about what we're talking about with our OpEx and building efficiencies and us being able to have our field clinical rep there for a full day rather than doing a case having to drive across town with windshield time. So it's a win-win for everybody. And it really takes an experienced, efficient surgeon to do this.

想想效率提升，不僅外科醫生可以進行多台手術，而且醫院一天進行這麼多手術也能帶來收入獎勵或收益。想想「激勵」這個詞。想想我們所說的營運支出和效率提升，以及我們能夠讓我們的現場臨床代表在現場待上一整天，而不是為了處理一個病例而不得不開車穿過整個城市，浪費時間在路上。所以這對每個人來說都是雙贏。這確實需要經驗豐富、技術精湛的外科醫生才能完成。

And so that drives the high quality surgeons that have experience doing numerous cases. So that is something that we really want to emulate across the board as the way to do that to set up surgical days to stack cases.

因此，這促使那些擁有豐富手術經驗的高素質外科醫師湧現。所以，我們希望全面推廣這種做法，以此來安排手術日，以便集中處理病例。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

Question on 2025 revenue growth affirmed 12% to 13%. As you reflect on the year, do you think you'll be calling out kind of a net inventory headwind at customers? Is it similar to the question I asked last quarter? And maybe framed differently, in the 12% to 13% for your revenue growth, do you think Inspire procedures grew faster than that in 2025?

2025 年營收成長預期確認為 12% 至 13%。回顧這一年，你認為你會向客戶指出淨庫存方面存在某種不利因素嗎？這和我上個季度提出的問題類似嗎？換個角度來說，假設您的收入成長率為 12% 到 13%，您認為到 2025 年，Inspire 手術量的成長速度會超過這個數字嗎？

I'm going to come back and let me answer the first one and make you repeat the second one. I think the way we're planning it out, we are going to discontinue the manufacturing of Inspire but we made sure that we did a forecast going forward. Remember, we have a three-year shelf life on these products to look at what's going to be available to support Europe and Asia as well as centers in the United States who want to continue with IV. So we are budgeting our manufacturing to align with our forecast for IV going forward.

我一會兒回來，先回答第一個問題，第二個問題你再重複一次。我認為按照我們的計劃，我們將停止生產 Inspire，但我們確保對未來做出預測。請記住，這些產品有三年的保質期，以便我們了解未來將有哪些產品可供歐洲和亞洲以及美國希望繼續進行靜脈輸液的中心使用。因此，我們正在調整生產預算，以符合我們對未來靜脈注射需求的預測。

So what was your second question, Mike?

那麼，麥克，你的第二個問題是什麼？

I'm just -- do you think are Inspire procedure volumes growing with the revenue in '25? Like is the rate of volume growth, 12% to 13% consistent with revenue? Or were the procedures potentially faster and the net impact of customers destocking IV and stocking up on V as the transition was affected, that was a slight headwind.

我只是想問—您認為Inspire手術量在2025年會隨著收入的成長而成長嗎？銷售成長率（12%至13%）與營收成長率是否一致？或者，流程可能更快，而客戶在過渡期間減少 IV 庫存並增加 V 庫存的淨影響，這造成了輕微的不利影響。

Go ahead.

前進。

I think that may have been a slight headwind at certain times over the course of the year. But for the most part, the implant to sales ratio has been pretty steady. I think we can take a closer look at that as we wrap up the year and figure out if it makes sense to disclose that on a onetime basis. But I would say, generally speaking, implant volumes have trended pretty closely to sales. So I don't know that, that would be necessary.

我認為在一年中的某些時候，這可能算是一個小小的阻力。但整體而言，植入物與銷售額比一直相當穩定。我認為我們可以在年底之際仔細研究這個問題，看看是否有必要一次性地披露此事。但總的來說，我認為植體數量與銷售額的趨勢相當接近。所以我不知道那是否有必要。

And as Tim noted earlier, the vast majority of inventory in the field sitting on shelves today is already Inspire V. So that gives us confidence as we look ahead into Q4 and beyond.

正如 Tim 之前指出的那樣，目前貨架上的絕大多數庫存產品已經是 Inspire V。這讓我們對第四季及以後的發展充滿信心。

Mike Kratky, Leerink Partners.

麥克‧克拉基 (Mike Kratky)，Leerink 合夥人。

Congrats on a nice quarter. One clarifying question there. Really appreciate the color on the survey of sleep physicians and certainly encouraging. It seems like you're expanding the top of the funnel. But were there any cross currents that are worth calling out there?

恭喜你本季業績出色。這裡還有一個需要澄清的問題。非常欣賞睡眠醫師調查中所體現的色彩，這無疑令人鼓舞。看起來你正在擴大銷售漏斗的頂部。但其中是否存在值得一提的交叉因素呢？

And did you get the sense among physicians surveyed to what extent they're seeing or expecting GLP-1s to have a positive or negative impact on their overall Inspire procedure volumes?

您是否了解受訪醫師中，他們認為 GLP-1 類藥物對他們的整體 Inspire 手術量會產生正面或負面的影響？

I think the sleep physicians are gearing up that GLP-1s are increasing their procedure volume. And again, I think family practice doctors are sending them to sleep to get a diagnosis -- but the sleep physicians are being more responsible when they're not just going to do a study and send that patient back. They're going to want to make sure they do a proper diagnosis and make sure that they have the proper procedure or therapy, not just leave them on a GLP-1 or not just send them back.

我認為睡眠醫生們正在做好準備，因為 GLP-1 類藥物可能會增加他們的手術量。而且，我認為家庭醫生會讓病人睡著以求確診——但睡眠醫生更負責任，他們不會只是做個檢查就把病人打發走。他們會確保做出正確的診斷，並確保採取正確的治療或療法，而不是只是讓他們服用 GLP-1 或直接把他們送回去。

So I think the survey kind of really showed that they're expecting an increase in their volume, but we also wanted to tease out what patients they refer for Inspire, and we're able to pick up that information as well. So the knowledge base is there. They know what patients that can be helped with GLP-1s, and they know that if patients can lose weight, they can qualify for Inspire.

所以我覺得這項調查確實表明他們預計業務量會增加，但我們也想弄清楚他們會將哪些患者轉診到 Inspire，我們也能夠獲得這方面的資訊。所以知識庫是存在的。他們知道哪些患者可以透過 GLP-1 療法獲得幫助，他們也知道如果患者能夠減肥，他們就可以獲得 Inspire 資格。

This concludes the Q&A session for the conference. I'd now like to turn the call back to Tim for closing remarks.

會議的問答環節到此結束。現在我想把電話轉回給提姆，請他作總結發言。

Thanks, Dilem. As always, I'm grateful to the growing team of dedicated Inspire employees for their enthusiasm, hard work and continued motivation to achieve successful and consistent patient outcomes. The team's commitment to patients remains unmatched and is the most important element to our success. I wish to thank all of our employees as well as the health care teams for their continued efforts as we remain focused on further expanding our business in the US, Europe and Asia.

謝謝你，Dilem。一如既往，我感謝 Inspire 團隊中不斷壯大的敬業員工，感謝他們的熱情、努力和持續的動力，為取得成功且穩定的患者治療效果做出了貢獻。團隊對患者的承諾始終無與倫比，這是我們成功的關鍵因素。我謹感謝所有員工以及醫療團隊的持續努力，我們將繼續專注於進一步拓展在美國、歐洲和亞洲的業務。

For all of you on the call, we really appreciate your continued interest in and support of Inspire and look forward to providing you with further updates in the months ahead.

對於所有參加電話會議的各位，我們非常感謝你們一直以來對 Inspire 的關注和支持，並期待在接下來的幾個月裡為大家提供更多最新消息。

Take care, all. Thank you.

大家保重。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。