INVO Fertility Inc (IVF) 2026 Q2 法說會逐字稿

Hello and welcome to INVO Fertility second quarter fiscal year 2026 financial results conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the call over to Robert Bloom of Lithium Partners. Mr. Bloom, please go ahead.

各位好，歡迎參加 INVO Fertility 2026 會計年度第二季財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把電話交給 Lithium Partners 的 Robert Bloom。Bloom 先生，請開始。

All right, wonderful. Thank you very much, Gary, and thank you all for joining us today to discuss INVO Fertility's second quarter 2026 financial results, and this is for the period ended June 30, 2026. With us on the call today are Steve Shum, the company's Chief Executive Officer, and Terah Krigsvold, the company's Chief Financial Officer. (Event Instructions)

好的，太棒了。非常感謝你，Gary，也感謝各位今天加入我們，一同討論 INVO Fertility 2026 年第二季財務業績，本次涵蓋截至 2026 年 6 月 30 日的期間。今天與會的還有公司執行長 Steve Shum，以及公司財務長 Terah Krigsvold。(活動指示)

Before we begin, we submit for the record the following statement. Statements made by the management team of INVO Fertility during the course of this conference call may contain forward-looking statements within the meaning of the federal securities laws. These statements describe future expectations, plans, results or strategies, and are generally identified by words such as may, will, should, expect, anticipate, believe, estimate, intend, plan or similar expressions.

在開始之前，我們先就紀錄提交以下聲明。INVO Fertility 管理團隊在本次電話會議期間所作之陳述，可能包含符合聯邦證券法意義之「前瞻性陳述」。這些陳述描述未來的預期、計畫、結果或策略，通常可由「可能」、「將」、「應」、「預期」、「預估」、「相信」、「估計」、「意圖」、「計畫」或類似用語辨識。

Listeners are cautioned that such statements are subject to risks and uncertainties that could cause actual circumstances, events or results to differ materially from those projected, including the risks described in the company's filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update them except as required by law.

提醒聽眾注意，此類陳述受風險與不確定性影響，可能導致實際情況、事件或結果與預測有重大差異，包括公司向美國證券交易委員會提交之文件中所述風險。所有前瞻性陳述僅截至其作出之日有效，除法律要求外，公司不承擔更新之義務。

Today's discussion will also include Adjusted EBITDA and clinic-level Adjusted EBITDA, which are non-GAAP financial measures. Reconciliations and additional information regarding these measures are included in today's press release.

今天的討論也將包含調整後 EBITDA 與診所層級調整後 EBITDA，這些屬於非 GAAP 財務衡量指標。有關這些指標的調節表與補充資訊已包含於今日新聞稿中。

With that said, I'd like to turn the call over to Steve Shum, Chief Executive Officer of INVO Fertility. Steve, please proceed.

話不多說，我想把電話交給 INVO Fertility 執行長 Steve Shum。Steve，請開始。

Thank you, Robert, and good morning to everyone joining us today. This is the first conference call INVO Fertility has conducted in a while. Over the past two years, we have focused our efforts on stabilizing the company, streamlining the business, improving our financial position, and establishing a clear operating. foundation.

謝謝你，Robert，也向今天加入我們的各位道早安。這是 INVO Fertility 睽違一段時間後再次舉行的電話會議。過去兩年，我們將重點放在穩定公司、精簡業務、改善財務狀況，並建立清晰的營運基礎。

We're not suggesting that every challenge is behind us, but as mentioned in recent press releases, we do believe INVO is in the strongest position in its history with a clearer strategy and a stronger clinic operating platform. For those who have followed INVO's history, the business has been through several distinct chapters. The company began primarily as a medical device business built around INVOcell. We then expanded into operating fertility clinics, which gave us a more direct role in patient care and increased the revenue opportunity associated with each fertility treatment.

我們並不表示所有挑戰都已過去，但如近期新聞稿所提，我們確實相信 INVO 正處於公司史上最強的位置，具備更清晰的策略與更強健的診所營運平台。對於一路關注 INVO 發展的各位而言，公司歷程可分為數個不同篇章。公司最初主要是一家以 INVOcell 為核心的醫療器材公司。之後我們擴展至經營生殖醫療診所，使我們能更直接參與病患照護，並提高每次生殖療程所帶來的營收機會。

We also pursued the NAYA transaction and operated for a period with fertility services and therapeutics under the same corporate structure. That expanded structure ultimately created complexity and made the underlying fertility business more difficult to evaluate and was simply too much for a small company. Last year, we divested the majority interest in NAYA Therapeutics and returned the company to a strategic focus solely on fertility.

我們也推動了 NAYA 交易，並在一段期間內於同一企業架構下同時經營生殖服務與治療性業務。該擴張架構最終造成複雜性，使得底層的生殖業務更難以評估，對一家小型公司而言也確實負擔過重。去年，我們出售了 NAYA Therapeutics 的多數股權，讓公司回到僅聚焦於生殖領域的策略方向。

We have also taken important steps to address some of the complexities to our capital structure and improve our financial position. During the first quarter, all Series C2 preferred stock was converted or retired, warrant liabilities were eliminated, and the company raised approximately $7.1 million of net proceeds through warrant exercises.

我們也採取了重要措施，以處理資本結構中的部分複雜性並改善財務狀況。在第一季，所有 C2 系列優先股已完成轉換或退場，權證負債已被消除，且公司透過權證行使募集約 710 萬美元的淨收益。

We used a portion of those proceeds to satisfy deferred acquisition consideration and reduced debt. We completed our delayed 2025 Form 10-K and first quarter 2026 Form 10-Q filings in June, regained compliance with Nasdaq's timely filing requirement and have continued to add resources across finance, operations and human resources.

我們將其中一部分資金用於支付遞延併購對價並降低負債。我們已於 6 月完成延遲的 2025 年 Form 10-K 與 2026 年第一季 Form 10-Q 申報，恢復符合納斯達克的及時申報要求，並持續在財務、營運與人力資源等領域增補資源。

I want to acknowledge those items directly on this call as it sets the stage for the company moving forward. The most useful way to evaluate INVO today is through the operating platform we now have, the earnings it generates, the opportunities within each clinic, and our goal is to add additional profitable practices to a larger network.

我想在本次電話會議中直接提及上述事項，因為這為公司後續發展奠定了基礎。目前評估 INVO 最有用的方式，是看我們現有的營運平台、其所產生的獲利、各診所內的機會，以及我們將更多具獲利能力的診所納入更大網絡的目標。

The second quarter provides tangible evidence of that progress. As you saw on the press release, revenue in Q2 increased 17% to approximately $2.2 million. The quarter included the first full three-month contribution from Family Beginnings in Indiana, which we acquired in February, as well as continued organic growth initiatives across the clinic network.

第二季提供了這些進展的具體證據。如各位在新聞稿中所見，第二季營收成長 17%，至約 220 萬美元。本季包含我們於 2 月收購的印第安納州 Family Beginnings 首次完整三個月的貢獻，以及診所網絡內持續推動的有機成長計畫。

More importantly, our clinic platform remained profitable on an Adjusted EBITDA basis before corporate operating public company expenses. Clinic level Adjusted EBITDA was approximately $333,000 for the second quarter, compared with approximately $164,000 in the first quarter and approximately $951,000 for the full year 2025.

更重要的是，在扣除公司層級（上市公司）營運費用之前，我們的診所平台在調整後 EBITDA 基礎上仍維持獲利。第二季診所層級調整後 EBITDA 約為 33.3 萬美元，相較第一季約 16.4 萬美元，而 2025 全年約為 95.1 萬美元。

We believe this is one of the most important facts for investors to understand about INVO. The clinics we have assembled are not simply producing revenue. At the clinic level, they are generating positive operating margin earnings. That provides a real economic base from which to grow.

我們認為，這是投資人理解 INVO 時最重要的事實之一。我們所整合的診所不只是創造營收。在診所層級，它們正在產生正向的營運利潤。這為我們的成長提供了真實的經濟基礎。

At the same time, the consolidated company is not yet profitable on a recurring operating basis. We continue to carry corporate costs associated with operating a public company, supporting the existing clinics, building shared services, and preparing the organization to integrate additional practices.

同時，合併後的公司在經常性營運基礎上仍尚未達到獲利。我們仍需承擔與上市公司運作相關的公司成本，包括支援既有診所、建立共享服務，以及為整合更多診所做組織準備。

Our key objective moving forward is to grow clinic-level earnings through greater patient volumes, expanded services, improved execution and acquisitions, allowing us to spread the corporate and public company infrastructure costs across a larger revenue and earnings base and bring the overall company to a profitable state. We believe that is a clear and achievable operating objective.

我們接下來的核心目標，是透過提高病患量、擴增服務、提升執行力與進行併購，來成長診所層級的獲利，使我們能將公司與上市公司基礎設施成本分攤到更大的營收與獲利基礎上，並讓整體公司達到獲利狀態。我們相信這是一個清晰且可達成的營運目標。

Let me discuss the major components of that strategy. The first is growing the clinics we already own. We are building a platform that pairs strong local physicians and care teams with centralized resources across finance, billing, human resources, administration, operations, marketing, and other support functions.

接著我說明該策略的主要組成部分。第一，是成長我們已擁有的診所。我們正在建立一個平台，將強大的在地醫師與照護團隊，與涵蓋財務、帳務/收款、人力資源、行政、營運、行銷及其他支援職能的集中化資源相結合。

These resources are intended to let clinical teams spend more time on patients, improve execution and accountability, and help each clinic increase volumes and broaden services. The objective is not to impose a one-size-fits-all model. Fertility care remains local and highly personal. Our role is to preserve the strength and reputation of each practice while providing the support and investment that can make it more successful as part of the INBO organization.

這些資源旨在讓臨床團隊能把更多時間投入病患、提升執行與問責，並協助各診所提高量能與拓展服務。我們的目標不是強加一套一體適用的模式。生殖照護仍然是高度在地且非常個人化的服務。我們的角色是在保留各診所優勢與聲譽的同時，提供支援與投資，使其作為 INBO 組織的一部分能更成功。

Family Beginnings is a good example of this approach. The clinic has operated for more than a decade and has an experienced physician, clinical, and embryology team. It offers a broad range of services, including IVF, IVC, fertility preservation, diagnostic testing, and other services. Q2 was its first full quarter as part of INVO. Our focus is on maintaining continuity of care, support the local team, expanding awareness and patient access, and identifying opportunities to grow from an established and profitable operating base.

Family Beginnings 就是此作法的良好例子。該診所已營運超過十年，擁有經驗豐富的醫師、臨床與胚胎學團隊。其提供廣泛的服務，包括 IVF、IVC、生育力保存、診斷檢測及其他服務。第二季是其加入 INVO 後的第一個完整季度。我們的重點在於維持照護的連續性、支援在地團隊、擴大知名度與病患可近性，並在既有且具獲利的營運基礎上，找出成長機會。

The second component is increasing our ownership and control where it improves the platform. In June, we acquired the remaining ownership interests associated with our Birmingham, Alabama clinic. That operation was originally established as a joint venture. Bringing it fully into INVO gives us greater operational control, allows us to consolidate its results prospectively, and increases our participation in the clinic's future economics. It also enables us to apply the same shared service approach more directly across billing, finance, human resources, administration, and operating support.

第二個組成部分是在能夠改善平台的地方，提高我們的持股比例與控制權。6月，我們收購了與阿拉巴馬州伯明罕診所相關的剩餘持股權益。該營運據點最初是以合資方式設立。將其完全納入 INVO 使我們擁有更大的營運控制權，讓我們能夠在未來期間合併其營運成果，並提高我們對該診所未來經濟利益的參與度。同時也使我們能更直接地在帳務與收款、財務、人力資源、行政以及營運支援等方面，推行相同的共享服務模式。

The third component is organic growth through access, services, and innovation. Earlier this year, Wisconsin Fertility Institute joined the Progene Network, expanding access to employer-sponsored patients. We added time-lapse incubation technology at Wisconsin to support embryo monitoring, clinical decision-making, and patient engagement. Our clinical team has continued to evaluate and introduce additional patient-centered services.

第三個組成部分是透過可近性、服務與創新來推動內生成長。今年稍早，Wisconsin Fertility Institute 加入 Progene Network，擴大了對雇主贊助患者的可近性。我們在威斯康辛導入縮時培養（time-lapse incubation）技術，以支援胚胎監測、臨床決策與患者互動。我們的臨床團隊也持續評估並推出更多以患者為中心的服務。

Together, these initiatives represent the operating model we are building. We want our clinics to expand access, offer clinically appropriate services, adopt technologies that support care, quality, and patient engagement, and participate in relevant research.

綜合而言，這些舉措代表了我們正在打造的營運模式。我們希望旗下診所能擴大可近性、提供臨床上適切的服務、採用能支援照護、品質與患者互動的技術，並參與相關研究。

The fourth component involves acquisitions. We continue to evaluate a robust pipeline of established fertility practices across the United States. We are seeking -- primarily seeking clinics with experienced physicians, strong clinical reputations, established patient demand, and a history of profitability.

第四個組成部分涉及併購。我們持續評估美國各地一條強勁的成熟生殖醫療機構併購管線。我們尋求——主要是尋求——具備資深醫師、良好臨床聲譽、既有患者需求，以及獲利歷史的診所。

We are not pursuing acquisitions merely to increase the number of locations each transaction must make strategic and financial sense. We also need confidence that the clinical team will remain engaged, that the practice can be integrated without disrupting patient care, and that INVO can add value through capital, shared services, operating expertise, or growth initiatives.

我們不會僅為了增加據點數量而進行併購；每一筆交易都必須在策略與財務上合理。我們也需要有信心臨床團隊會持續投入，該機構能在不影響患者照護的情況下完成整合，且 INVO 能透過資本、共享服務、營運專業或成長計畫來創造價值。

Our experience owning and operating clinics has improved our credibility with prospective partners, and we strongly believe we can successfully execute on additional acquisitions. When we step back from the individual initiatives, we believe the investment thesis is becoming clearer. We have four operating fertility clinics in the United States.

我們在診所持有與營運方面的經驗，提升了我們在潛在合作夥伴面前的可信度；我們也堅信能成功執行更多併購。當我們從個別舉措抽離、回到整體來看時，我們認為投資論點正變得更清晰。我們在美國擁有四家生殖醫療診所。

The clinic platform EBITDA -- the clinic platform generated positive EBITDA before corporate operating and public company expenses. We have opportunities to further grow within the existing base. We have centralized capabilities that can support a larger network. We have a pipeline of established practices and we have taken meaningful steps to simplify the balance sheet and focus the organization.

診所平台 EBITDA——在扣除公司層級營運費用與上市公司相關費用之前，診所平台已產生正向 EBITDA。我們有機會在既有基礎上進一步成長。我們具備可支援更大網絡的集中化能力。我們擁有成熟機構的併購管線，並已採取重要步驟簡化資產負債表並聚焦組織。

We certainly have more work to do. We need to continue strengthening our internal processes. We need to improve that our shared services can consistently improve clinic performance and that acquisitions can be integrated with discipline. Those are the standards by which we expect to be made. Measured. With the core fertility platform producing revenue, growth and positive clinic-level earnings, we believe we now have a strong foundation for the next phase of INVO's development.

我們當然還有更多工作要做。我們需要持續強化內部流程。我們需要改善並確保共享服務能夠持續一致地提升診所績效，且併購能以嚴謹紀律完成整合。這些就是我們期望外界用來評價我們的標準。衡量。隨著核心生殖平台帶來營收、成長與診所層級的正向獲利，我們相信 INVO 下一階段發展已具備堅實基礎。

With that, I'll turn the call over to Terah to review the second quarter financial results in more detail. I will then return with closing comments before we open the call for questions. Terah.

接下來，我把電話會議交給 Terah，請她更詳細地說明第二季財務結果。之後在開放提問前，我會回來做結語。Terah。

Thank you, Steve, and good morning, everyone. I will provide a brief review of the second quarter 2026 financial results and the company's liquidity position. Our Form 10-Q contains a more detailed discussion, and the reconciliation of our non-GAAP measures is included in today's earnings release.

謝謝你，Steve，各位早安。我將簡要回顧 2026 年第二季的財務結果以及公司的流動性狀況。我們的 Form 10-Q 有更詳細的討論，而非 GAAP 指標的調節表已包含在今天的財報新聞稿中。

Revenue for the second quarter of 2026 was $2.18 million, an increase of approximately $312,000 or 17%, compared with $1.86 million in the second quarter of 2025. The increase was primarily attributable to the addition of Family Beginnings, which contributed for the full quarter following the February acquisition.

2026 年第二季營收為 218 萬美元，較 2025 年第二季的 186 萬美元增加約 31.2 萬美元（約 17%）。增加主要歸因於新增 Family Beginnings；該單位在 2 月完成收購後，本季貢獻了完整一季的營收。

Cost of services was approximately $1.4 million compared with approximately $1.1 million in the prior year quarter. The increase was primarily related to the addition of Family Beginnings and approximately $0.1 million of one-time staffing costs at the Georgia Clinic.

服務成本約為 140 萬美元，較去年同期約 110 萬美元增加。增加主要與新增 Family Beginnings 有關，另包含喬治亞診所約 10 萬美元的一次性人力配置成本。

As we move forward, our focus is on aligning staffing and other direct costs with patient volumes while maintaining the clinical quality and patient experience that are essential to the business. SG&A expense decreased to approximately $1.9 million from approximately $2.2 million in the second quarter of 2025, primarily due to lower professional services expense.

展望未來，我們的重點是在維持臨床品質與患者體驗（這對業務至關重要）的同時，使人力配置與其他直接成本與患者量相匹配。SG&A 費用由 2025 年第二季約 220 萬美元降至約 190 萬美元，主要因專業服務費用降低。

Depreciation and amortization expense was approximately $146,000 compared to approximately $170,000 in the prior year period. Loss from operations improved to approximately $1.3 million from approximately $3 million. In the second quarter of 2025, the prior year period included a $1.5 million impairment charge related to the Wisconsin acquisition settlement.

折舊與攤銷費用約為 14.6 萬美元，較去年同期約 17.0 萬美元下降。營業損失改善至約 130 萬美元，去年同期約為 300 萬美元。在 2025 年第二季，去年同期包含一筆與威斯康辛收購和解相關的 150 萬美元減損費用。

Excluding that difference, we still need to continue improving consolidated operating performance, but the year-over-year reduction reflects lower professional fees, lower stock-based compensation, and cleaner operating structure. Net income from continuing operations was approximately $0.9 million compared to a net loss from continuing of approximately $1.5 million in the prior year quarter.

即使排除該差異，我們仍需持續改善合併後的營運表現，但年對年下降反映了較低的專業費用、較低的股份基礎給付，以及更精簡的營運架構。持續營業單位淨利約為 90 萬美元，去年同期持續營業單位淨損約為 150 萬美元。

The current year period included approximately $2.5 million non-cash gain on remeasurement related to the Birmingham acquisition. Because that gain is not part of recurring operations, we continue to focus on the operating performance and the Adjusted EBITDA trends that reflect the underlying business. Adjusted EBITDA for the second quarter was approximately negative $1 million compared with approximately negative $0.6 million in the second quarter of 2025.

本期包含一筆約 250 萬美元、與伯明罕收購相關的重新衡量所產生之非現金利益。由於該利益不屬於經常性營運的一部分，我們仍將重點放在營運表現以及反映基本面業務的調整後 EBITDA 走勢。第二季調整後 EBITDA 約為負 100 萬美元，去年第二季約為負 60 萬美元。

As Steve discussed, clinic level Adjusted EBITDA before corporate operating and public company expenses was approximately $333,000 for the quarter compared with $164,000 in the first quarter of 2026. And approximately $951,000 for fiscal year 2025. The difference between clinic level and consolidated Adjusted EBITDA reflects the corporate operating expenses and investments required to support a public company and a larger clinic platform.

如 Steve 所述，在扣除公司層級營運費用與上市公司相關費用之前，診所層級調整後 EBITDA 本季約為 33.3 萬美元，較 2026 年第一季的 16.4 萬美元增加。而 2025 會計年度約為 95.1 萬美元。診所層級與合併後調整後 EBITDA 的差異，反映了為支援上市公司以及更大診所平台所需的公司層級營運費用與投資。

Turning to the balance sheet, cash was approximately $3.7 million at June 30, 2026, compared to approximately $2.1 million at December 31, 2025. Total liabilities decreased to approximately $9.3 million on June 30, from approximately $13 million at year-end, while stockholders' equity increased to approximately $16.5 million from approximately $7.2 million.

接著看資產負債表，截至 2026 年 6 月 30 日，現金約為 370 萬美元，較 2025 年 12 月 31 日約 210 萬美元增加。總負債由年末約 1,300 萬美元降至 6 月 30 日約 930 萬美元；同時，股東權益由約 720 萬美元增加至約 1,650 萬美元。

During the first six months of 2026, the company received approximately $7.1 million of net proceeds from warrant exercises. Those proceeds were partially used to pay approximately $2 million of deferred acquisition related to Wisconsin and approximately $0.2 million of debt principal.

在 2026 年前六個月，公司自認股權證行使取得約 710 萬美元的淨收益。該等收益部分用於支付約 200 萬美元與威斯康辛相關的遞延收購款，以及約 20 萬美元的債務本金。

For the first six months of 2026, net cash used in operating activities was approximately $3 million, compared with approximately $5.3 million in the first six months of 2025. The improvement primarily reflects the separation from NAYA and the resulting change in the operating structure. Cash provided by financing activities was approximately $4.9 million for the first six months of 2026. The company continues to require additional capital until consolidated operations generate sufficient cash to fund the business and its growth strategy.

2026年前六個月，營運活動所使用的淨現金約為300萬美元，相較於2025年前六個月約為530萬美元。此改善主要反映與NAYA分拆以及因此帶來的營運架構變更。2026年前六個月，融資活動所提供的現金約為490萬美元。在合併營運產生足夠現金以支應業務及其成長策略之前，本公司仍持續需要額外資本。

In July, we entered into an equity purchase facility that gives INVO the right but not the obligation to sell up to $15 million of common stock to Alumni Capital with the potential to increase the commitment by mutual agreement. The timing and amount of any sales are at the company's discretion. We view this as a source of financial flexibility, not as a commitment to draw the full amount, and we intend to evaluate any use of the facility in the context of market conditions, liquidity needs, and the expected return from acquisition or gross opportunities.

7月，我們簽訂了一項股權購買融資安排，使INVO有權（但無義務）向Alumni Capital出售最多1,500萬美元的普通股，且可經雙方同意提高承諾額度。任何出售的時點與金額均由公司自行決定。我們將其視為財務彈性來源，而非必須動用全額的承諾；我們擬在評估市場狀況、流動性需求，以及併購或成長機會的預期報酬之脈絡下，審慎評估是否使用該融資安排。

Finally August 14, 2026, the company had 2,506,969 shares of common stock outstanding. Overall, the quarter showed revenue growth, a lower operating loss, positive net income driven by the Birmingham remeasurement gain, continued positive clinic contribution and a stronger balance sheet than at year-end 2025.

最後，截至2026年8月14日，本公司流通在外普通股為2,506,969股。整體而言，本季呈現營收成長、營業虧損降低；受伯明罕重估利益帶動，淨利為正；診所貢獻持續為正，且資產負債表較2025年年底更為強健。

The financial priority is to convert those improvements into better consolidated Adjusted EBITDA and lower cash usage by increasing clinic-level earnings, maintaining expense discipline, and deploying capital selectively.

財務上的優先事項，是透過提升診所層級獲利、維持費用紀律並選擇性部署資本，將上述改善轉化為更佳的合併調整後EBITDA與更低的現金使用量。

With that financial overview, I turn the call back to Steve.

以上為財務概述，接下來我把電話交回給Steve。

Thank you, Terah. As we look ahead, we are concentrating our efforts on building a larger network of high-quality fertility clinics and driving the overall company to sustained profitability. As you've heard, our existing clinic platform, independent of our corporate and public company costs, is already profitable.

謝謝你，Terah。展望未來，我們將專注於建立更大規模的高品質生殖醫療診所網絡，並推動公司整體達成可持續的獲利。如各位所聽到的，我們現有的診所平台在不計入公司總部與上市公司成本的情況下，已經是獲利的。

As we expand from here, we will look to improve operating leverage and reach that sustained corporate level profitability target. The results show that there is real operating value with our existing platform, the next step is to build on it. We believe this will ultimately create long-term shareholder value.

在此基礎上擴張時，我們將致力於提升營運槓桿，並達成公司層級可持續獲利的目標。結果顯示，我們既有平台具有實質的營運價值，下一步就是在此基礎上持續擴大。我們相信這最終將創造長期股東價值。

We want to thank our physicians, embryologists, nurses, clinical personnel and administrative teams across Wisconsin, Georgia, Alabama and our corporate organization. Fertility care is deeply personal, and the quality of the patient experience depends on the commitment of these teams every day.

我們要感謝遍布威斯康辛州、喬治亞州、阿拉巴馬州以及公司組織的醫師、胚胎學家、護理人員、臨床人員與行政團隊。生殖醫療照護極具個人性，病患體驗的品質取決於這些團隊每日的投入與承諾。

I also want to thank our shareholders for their patience and continued support through a period of significant change. We believe the company today is more focused, more understandable, and better positioned than it has been in several years.

我也要感謝股東在這段重大變革期間的耐心與持續支持。我們相信，今日的公司更聚焦、更易於理解，且相較過去數年具備更佳的定位。

Robert, we're now ready to open the call for questions.

Robert，我們現在準備開放提問。

All right, very good, Steve and Terah, thank you for the prepared remarks.(Event Instructions)

好的，非常好，Steve和Terah，謝謝你們的事先準備發言。(Event Instructions)

Steve, there's a question here, I guess largely pertaining to sort of the appetite in the market for clinics to be acquired right now. Anything that you can provide some details on there?

Steve，這裡有個問題，我想主要是關於目前市場對診所被併購的意願或胃納。你能否就此提供一些細節？

I would say that there are quite a few still independently operated clinics. One of the -- we've seen much of the investor enthusiasm within the fertility industry has been within the private markets and we've seen over half the industry consolidated within the private market space.

我會說，目前仍有相當多的診所是獨立經營。我們看到，生殖產業中投資人的熱情多集中在私募市場，而且我們看到該產業已有超過一半在私募市場領域完成整併。

But that still leaves a fair number of clinics out there that are still independently operated. And as we've said numerous times, we believe there are quite a few clinics that are interested in becoming part of a larger network. And our public platform gives them an alternative route to doing that and what we believe with some advantages. And so we have great conversations going on with a number of potential operators. And as I stated earlier, we're quite confident that we'll be able to execute on additional acquisitions.

但這仍意味著外面還有相當數量的診所仍是獨立經營。正如我們多次提到的，我們相信有不少診所有意成為更大網絡的一部分。而我們的公開市場平台為他們提供了另一條途徑，我們認為也具備一些優勢。因此，我們正與多家潛在經營者進行非常良好的洽談。如我先前所述，我們相當有信心能夠執行更多併購。

All right, very good. The next question here pertains to a gain on the remeasurement, which was talked about in the financial results. And Terah, I believe you touched on anything that you can add there.

好的，非常好。下一個問題是關於財務結果中提到的重估利益。Terah，我相信你已經提到過，還有什麼可以補充的嗎？

Yes, it was essentially the estimated fair value measurement of our existing investment in the Birmingham Clinic at the time that we acquired the other 50%.

是的，基本上是在我們收購另外50%股權時，對我們既有在伯明罕診所投資的估計公允價值所做的衡量。

(Event Instructions)Terah, looks like there's a question here just sort of pertaining to the broader market tailwinds. What are you seeing right now in the marketplace?

(Event Instructions)Terah，看起來這裡有個問題，主要是關於更廣泛的市場順風因素。你目前在市場上看到什麼情況？

Well, the fertility industry has long benefited from the macro picture with a large potential patient population and steady progress towards improving affordability, specifically with better patient insurance options. So, more recently, the more supportive policy efforts coming from the current administration really only enhanced that backdrop.

嗯，生殖產業長期受惠於總體環境：潛在病患族群龐大，且在提升可負擔性方面持續取得進展，特別是病患保險選項的改善。因此，近期現任政府推出更具支持性的政策作為，只是進一步強化了這樣的背景。

Many patients struggle to obtain fertility care due to affordability. So these efforts to help with affordability, only drive demand, and we and the overall industry expect that to continue, which will really help further grow the entire industry. And again, this is something that the industry has been benefiting from for quite some time, and we've seen just very steady growth within this industry, and I think these factors will only continue to allow that to occur.

許多病患因可負擔性問題而難以取得生殖醫療照護。因此，這些提升可負擔性的努力只會推動需求，而我們與整體產業預期此趨勢將持續，並將進一步帶動整個產業成長。再者，這也是產業受惠已久的因素；我們看到該產業呈現非常穩健的成長，我認為這些因素只會讓這樣的成長持續發生。

I'm showing no further questions here. So, Steve, I guess with that, I will turn it back over to you for any closing remarks.

我這邊顯示沒有其他問題了。那麼，Steve，我想我就把時間交回給你做結語。

Well, once again, we appreciate everyone joining us today. We appreciate the questions. Should you have any follow-up, please do not hesitate to reach out to us. On behalf of our entire team, we're very excited about what we've established so far and the future outlook for the company, and we look forward to keeping you posted on our progress from here. Thank you. Have a great day.

再次感謝各位今天加入我們。也感謝各位的提問。若各位有任何後續問題，請隨時與我們聯繫。我代表整個團隊，我們對目前已建立的成果以及公司未來展望感到非常振奮，也期待從現在起持續向各位更新我們的進展。謝謝。祝各位有美好的一天。

Conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現在結束。感謝各位參加今天的簡報。您現在可以中斷連線。