OrthoPediatrics Corp (KIDS) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to OrthoPediatrics Corporation's first quarter 2026 conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes.

下午好，歡迎參加 OrthoPediatrics Corporation 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次電話會議將被錄音，以供日後重播。

I would now like to turn the call over to Trip Taylor from the Gilmartin Group for a few introductory comments.

現在我想把電話會議交給 Gilmartin Group 的 Trip Taylor，請他先做幾點開場說明。

Thank you for joining today's call. With me from the company are David Bailey, President and Chief Executive Officer; and Fred Hite, Chief Operating and Financial Officer.

感謝各位參加今天的電話會議。與我一同出席的公司代表包括：總裁兼執行長 David Bailey，以及營運與財務長 Fred Hite。

Before we begin today, let me remind you that the company's remarks include forward-looking statements within the meaning of federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to numerous risks and uncertainties, and the company's actual results may differ materially. For a discussion of risk factors, I encourage you to review the company's most recent annual report on Form 10-K, which was filed with the SEC on March 4, 2026, and its subsequent quarterly reports on Form 10-Q.

在我們今天開始之前，先提醒各位，公司發言包含依據聯邦證券法（包括 1995 年《私人證券訴訟改革法》之安全港條款）所定義的前瞻性陳述。這些前瞻性陳述受到多項風險與不確定性影響，公司實際結果可能出現重大差異。關於風險因素的討論，我建議各位查閱公司最新的 Form 10-K 年報（已於 2026 年 3 月 4 日向 SEC 提交）以及其後續的 Form 10-Q 季報。

During the call today, management will also discuss certain non-GAAP financial measures, which are supplemental measures of performance. The company believes these measures provide useful information for investors in evaluating its operations period-over-period. For each non-GAAP financial measure referenced on this call, the company has included a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures in its first quarter earnings release.

在今天的電話會議中，管理層也將討論若干非 GAAP 財務衡量指標，這些是補充性的績效衡量指標。公司認為，這些指標可為投資人提供有用資訊，以評估其營運在各期間的表現變化。對於本次電話會議提及的每一項非 GAAP 財務衡量指標，公司已在第一季財報新聞稿中提供該等非 GAAP 指標與最直接可比的 GAAP 指標之調節表。

Please note that the non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for OrthoPediatrics financial results prepared in accordance with GAAP. In addition, the content of this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast today, April 30, 2026. Except as required by law, the company undertakes no obligation to revise or update any statements to reflect events or circumstances taking place after the date of this call.

請注意，非 GAAP 財務衡量指標作為分析工具具有其限制，不應單獨使用，亦不應取代依 GAAP 編製之 OrthoPediatrics 財務結果。此外，本次電話會議內容包含具時效性的資訊，僅在今日（2026 年 4 月 30 日）直播當日為準確。除法律要求外，公司不承擔任何義務就本次電話會議日期之後發生的事件或情況修訂或更新任何陳述。

With that, I would like to turn the call over to David Bailey, President and Chief Executive Officer.

接下來，我想把電話會議交給總裁兼執行長 David Bailey。

Thanks, Trip. Good afternoon, everyone, and thank you for joining us today. We are pleased to begin 2026 by highlighting our most meaningful metric, patient impact. In the first quarter, we supported the treatment of a record 45,000 children, extending our cumulative impact to nearly 1.4 million kids helped. Pediatric patients have long been underserved by solutions not tailored to their needs.

謝謝你，Trip。各位下午好，感謝大家今天加入我們。我們很高興以強調我們最重要的指標——病患影響力——來開啟 2026 年。第一季我們支援了創紀錄的 45,000 名兒童接受治療，使我們的累計影響力擴大到接近 140 萬名受助兒童。長期以來，小兒病患一直未能獲得符合其需求量身打造的解決方案。

We at OrthoPediatrics are dedicated to changing that through focused innovation and a continued commitment to this most important patient population. 2026 started strong with 13% first quarter revenue growth, further highlighted by significant improvements in adjusted EBITDA and free cash flow over prior year. As we look closer at the quarter, we saw a softer start to the first quarter due to weather-related shutdowns in many of our OPSB clinics in January and February, but trends rebounded in March. Since then, momentum remains strong as carrying into the second quarter.

OrthoPediatrics 致力於透過聚焦式創新，以及對這一最重要病患族群的持續承諾來改變現況。2026 年開局強勁，第一季營收成長 13%，同時調整後 EBITDA 與自由現金流相較去年也有顯著改善。更細看本季表現，由於 1 月與 2 月多家 OPSB 診所因天候因素停診，第一季初期較為疲弱，但 3 月趨勢回升。此後動能仍然強勁，並延續至第二季。

Growth remains solid across the business with particular strength internationally and continued 20% plus expansion in OPSB, driven by new products and clinic growth. Importantly, we're at the earliest stages of a multiyear innovation super cycle, consisting of what we believe is the most clinically significant and technologically advanced series of product launches in our history.

整體業務成長依然穩健，其中特別亮眼的是國際市場，以及 OPSB 持續 20% 以上的擴張，主要由新產品與診所成長所帶動。重要的是，我們正處於多年期創新超級循環的最早階段；該循環包含一系列我們認為在臨床意義與技術先進性方面均為公司史上最重要的產品上市。

During the quarter, we began to see small contributions from recent beta launches, including 3P Hip and VerteGlide. These products are generating strong demand, and we are confident that as we move into full market release and increase that deployments in the second quarter, we are positioned well for more meaningful impacts in each of the upcoming quarters. Early trends are reinforcing our expectations for higher ASPs, margin expansion and improved capital efficiency as each of these products continue to scale. As we expand our portfolio and reinforce our core orthopedic platform in this unassailable position, we see a clear opportunity for continued growth.

本季我們開始看到近期 Beta 上市產品帶來的小幅貢獻，包括 3P Hip 與 VerteGlide。這些產品需求強勁，我們有信心，隨著我們進入全面市場發售並在第二季增加部署，我們已為未來各季更具實質性的影響做好準備。早期趨勢正在強化我們對更高 ASP（平均銷售單價）、毛利率擴張以及資本效率提升的預期，因為這些產品持續放量。隨著我們擴充產品組合並鞏固我們核心骨科平台在此一無可撼動的地位，我們看見持續成長的明確機會。

Our consistent execution underpins our confidence in sustained revenue growth, expanding profitability and achieving free cash flow breakeven in 2026. We continue to gain share across each of our businesses with our legacy product portfolio and share gain will only continue to accelerate as we execute our super cycle and further expand OPSB. Our powerful competitive position is becoming increasingly dominant and will only grow stronger as we further execute our strategy and demonstrate both top and bottom line expansion in a way that is unique in our industry.

我們一貫的執行力支撐了我們對持續營收成長、獲利能力擴張，以及在 2026 年達成自由現金流損益兩平的信心。我們持續在各項業務中憑藉既有產品組合取得市占，而隨著我們推進超級循環並進一步擴張 OPSB，市占提升將只會加速。我們強大的競爭地位正變得愈發主導，並將在我們持續落實策略、以本產業獨特的方式同時展現營收與獲利（top line 與 bottom line）擴張時進一步強化。

We remain focused on enhancing shareholder value while advancing our cost of helping 1 million kids per year in the future. Accordingly, we are raising our 2026 revenue guidance to a range of $263 million to $267 million in revenue, representing 11% to 13% growth and reaffirming our expectations for approximately $25 million in adjusted EBITDA and full year free cash flow breakeven, driven by continued share gains, OPSB expansion and execution of our multiyear new product launch cycle.

我們仍專注於提升股東價值，同時推進未來每年幫助 100 萬名兒童的目標。因此，我們上調 2026 年營收指引至 2.63 億至 2.67 億美元區間，代表 11% 至 13% 的成長；並重申我們對約 2,500 萬美元調整後 EBITDA 以及全年自由現金流損益兩平的預期，這將由持續的市占提升、OPSB 擴張，以及我們多年期新產品上市循環的執行所驅動。

Turning to our T&D business. In the first quarter of 2026, the T&D business grew by 14%, driven by increased sales of our flagship trauma and deformity systems and early returns from the beta launch of new implant and OPSB systems. We continue to see success in case volume growth as we move deeper into the launch of PNP Tibia and will pick up additional share as we launch 3P Hip. We are also pleased to advance towards the beta launch of the next 3P system, 3P Small/Mini, which should kick off late in Q2.

接著談我們的 T&D 業務。2026 年第一季，T&D 業務成長 14%，主要由我們旗艦創傷與畸形矯正系統銷售增加，以及新植入物與 OPSB 系統 Beta 上市的初步回報所帶動。隨著我們更深入推進 PNP Tibia 的上市，我們持續看到手術案例量成長，並將在推出 3P Hip 時取得更多市占。我們也很高興朝向下一套 3P 系統——3P Small/Mini——的 Beta 上市邁進，預計將於第二季末啟動。

Beyond those products, we are advancing the next system within the 3P family as well as the next PNP system, PNP retrograde. Looking closer at 3P. Our 3P Hip system has exceeded early expectations with limited set availability in Q1. We will increase supply of the 3P Hip in Q2 and commence the beta launch of 3P Small/Mini. We expect a more meaningful impact on growth in the second half of the year.

除上述產品外，我們也在推進 3P 家族中的下一套系統，以及下一套 PNP 系統——PNP retrograde。更聚焦 3P 來看，我們的 3P Hip 系統在第一季供應套組有限的情況下，仍超出早期預期。第二季我們將增加 3P Hip 的供應，並開始 3P Small/Mini 的 Beta 上市。我們預期在下半年對成長帶來更具實質性的影響。

We will also continue advancing additional systems over the next several years.

未來幾年，我們也將持續推進更多系統。

The 3P platform is building strong momentum, and we believe it will become the most advanced and comprehensive pediatric plating system in our field. Overall, T&D remains a key growth driver for the business, supported by consistent execution and a pipeline that is both highly clinically relevant and increasingly robust. We believe the depth and quality of our development efforts position us well to sustain innovation, drive future revenue growth and reinforce our leadership position in the market.

3P 平台正建立強勁動能，我們相信它將成為本領域最先進且最完整的小兒鋼板系統。整體而言，T&D 仍是公司業務的關鍵成長動能，並由穩健的執行力以及在臨床上高度相關且日益強健的產品管線所支撐。我們相信，我們研發工作的深度與品質使我們具備持續創新的良好條件，能推動未來營收成長並鞏固我們在市場中的領導地位。

Looking at our specialty bracing business. OPSB remains a key growth driver for the business and delivered over 20% growth in the quarter, contributing meaningfully to both the revenue expansion and profitability.

再看我們的專科支具（specialty bracing）業務。OPSB 仍是公司業務的關鍵成長動能，本季成長超過 20%，對營收擴張與獲利能力均做出重要貢獻。

Our clinic expansion strategy continues to progress ahead of plan, supported by both greenfield openings and selective Acqui-Hire. Same-store sales growth remains strong, reinforced by ongoing new product introductions and continued sales force expansion. Overall, we are on track to meet or exceed our goal of expanding to 27 territories by the end of 2027. Within OPSB, we are seeing the impact of our new product development engine.

我們的診所擴張策略持續以超前計畫的速度推進，並同時受惠於綠地（greenfield）新設據點與選擇性的 Acqui-Hire。同店銷售成長依然強勁，並由持續的新產品導入與銷售團隊擴編所強化。整體而言，我們正按計畫在 2027 年底前達成或超越擴張至 27 個區域的目標。在 OPSB 內部，我們正看到新產品研發引擎所帶來的影響。

We recently advanced the modular hip brace portfolio into commercial release and initiated the beta launch of the TRAXIO Halo gravity traction system. Early feedback for TRAXIO has been strong with initial customer engagement, including multiple requests for quotes for this differentiated system. In addition, we remain on track to beta launch the OP contractor management brace, which is designed to integrate directly with our Orthex external fixation platform, further enhancing synergies across our surgical and nonsurgical offerings. OPSB is progressing as planned toward our goal of delivering 4 to 5 new product introductions annually, reinforcing a consistent cadence of innovation going forward.

我們近期已將模組化髖部支具（modular hip brace）產品組合推進至商業化上市，並啟動 TRAXIO Halo 重力牽引系統的 Beta 上市。TRAXIO 的早期回饋良好，初期客戶互動熱絡，包括多筆針對此一差異化系統的報價需求。此外，我們仍按計畫推進 OP contractor management brace 的 Beta 上市；該產品設計可直接與我們的 Orthex 外固定平台整合，進一步強化我們手術與非手術產品之間的協同效益。OPSB 正依計畫朝每年推出 4 至 5 項新產品導入的目標前進，強化未來持續且穩定的創新節奏。

We continue to execute effectively across our three-pillar OPSB strategy, which includes sales force expansion, targeted product innovation and disciplined clinic growth. Overall, we are very pleased with the performance of the business and its increasingly important role within our broader growth strategy. In scoliosis, we experienced 13% growth in the first quarter of 2026, driven by increased sales of Response and VerteGlide systems and revenue generated from 7D technology.

我們持續在三大支柱的 OPSB 策略上有效執行，包含擴大銷售團隊、聚焦式產品創新，以及有紀律的診所成長。整體而言，我們對業務表現以及其在我們更廣泛成長策略中日益重要的角色感到非常滿意。在脊柱側彎方面，2026 年第一季我們實現 13% 的成長，主要由 Response 與 VerteGlide 系統銷售增加，以及 7D 技術帶來的營收所驅動。

And once again, we were particularly pleased with our EOS products. During the quarter, we continued our push into the EOS space with RESPONSE Rhythm pelvic and the VerteGlide systems, which we believe provide a promising new growth-friendly treatment option for young scoliosis patients. Looking more closely at this progress, we continue to see strong demand for VerteGlide despite very limited set availability with approximately 80 surgeons now trained and additional training sessions scheduled. This success is triggering our move to full market release of this important system in the second quarter, supported by additional set deployment to meet the rising demand. This growing adoption, along with 70 placements is driving higher utilization of our RESPONSE Fusion system, all ahead of the anticipated limited release of our next-generation scoliosis fusion platform, Veraxis.

而且再次地，我們對 EOS 產品特別感到滿意。本季我們持續推進 EOS 領域，推出 RESPONSE Rhythm 骨盆與 VerteGlide 系統；我們相信這些產品為年輕脊柱側彎患者提供了一個具成長潛力、且更友善的全新治療選項。更深入來看，儘管套組供應非常有限，我們仍持續看到 VerteGlide 的強勁需求，目前約有 80 位外科醫師已完成訓練，且另有更多訓練場次已排定。這項成功促使我們在第二季將此重要系統推進至全面市場上市，並透過額外套組部署以滿足持續上升的需求。此一日益提升的採用率，加上 70 個裝機/置入（placements），正推動我們 RESPONSE Fusion 系統的更高使用率，並且都早於我們預期將有限上市的下一代脊柱側彎融合平台 Veraxis。

Purposely built exclusively for the treatment of pediatric spinal deformity. Designed from the ground up for growing patients and the surgeons who treat them, Veraxis represents a step change in fusion technology by combining advanced implant design, streamlined instrumentation and integrated digital planning into a single cohesive platform with first surgeries by year-end.

Veraxis 專為小兒脊柱畸形治療而打造。它從零開始為成長中的患者及治療他們的外科醫師設計，透過將先進植入物設計、精簡器械系統與整合式數位規劃整合為單一一致的平台，代表融合技術的一次重大躍進，並預計於年底前完成首例手術。

In addition, we remain on track for first inpatient procedures with eLLi, our third and most complex EOS product in the fourth quarter. As a reminder, eLLi is a next-generation smart electromechanical lengthening spinal implant designed to deliver consistent and reliable power through RF power transmission. We expect the first implantation of the eLLi device in late 2026.

此外，我們仍按計畫在第四季進行 eLLi（我們第三項且最複雜的 EOS 產品）的首例住院手術。提醒一下，eLLi 是下一代智慧型機電式延長脊椎植入物，設計目標是透過 RF 無線射頻電力傳輸提供一致且可靠的動力。我們預期 eLLi 裝置將於 2026 年底進行首次植入。

We are proud of how far our EOS products have come, and they further bolster our belief that our EOS strategy is working. We believe that OP is continuing to establish an unmatched portfolio of pediatric scoliosis technologies, enabling clinicians to treat even the most complex and severe pediatric spinal deformities with a comprehensive set of advanced solutions.

我們為 EOS 產品一路走來的進展感到自豪，這也進一步強化我們對 EOS 策略正在奏效的信心。我們相信 OrthoPediatrics 正持續建立無可匹敵的小兒脊柱側彎技術產品組合，使臨床醫師能以一套完整的先進解決方案，治療即便是最複雜、最嚴重的小兒脊柱畸形。

Moving to our international business. OUS had a strong first quarter with growth in excess of 20%, highlighted by great sales in EMEA and a nice performance in Brazil under our new agency structure. Continued success in EMEA is being driven by increased sales of legacy T&D products in our agency markets and a small but rapidly growing scoliosis franchise. We're pleased to have received full EU MDR approval for our T&D portfolio, scoliosis products and most recently, our external fixation devices. We are now actively working to make these long-anticipated products available across our European markets, and we expect this expanded access to support improved EMEA growth in 2026.

接著談我們的國際業務。美國以外（OUS）第一季表現強勁，成長超過 20%，其中以 EMEA 的優異銷售，以及在新代理架構下巴西的良好表現為亮點。EMEA 的持續成功主要由我們代理市場中傳統 T&D 產品銷售增加，以及規模雖小但快速成長的脊柱側彎產品線所帶動。我們很高興已取得 T&D 產品組合、脊柱側彎產品，以及最近的外固定裝置之完整 EU MDR 核准。我們目前正積極推動這些期待已久的產品在歐洲各市場上市，並預期此一擴大可及性將支持 2026 年 EMEA 成長改善。

Flat sand is building on our structural improvement in Brazil. While we're still cautious, we do believe an improvement is on track. And over the next several quarters, we expect to turn this headwind into a potential tailwind. The structural improvements we've made in Brazil through the purchase of one of our Brazilian distributors will improve our cash collection and over time, will normalize ordering patterns and allow for additional growth and market penetration. In addition, we were once again the largest sponsor of the European Pediatric Orthopedic Society Meeting in Seville, Spain.

Flat sand 正在延續我們在巴西的結構性改善。雖然我們仍保持審慎，但我們確實相信改善正在按計畫推進。並且在接下來幾個季度，我們預期可將這項逆風轉為潛在順風。我們透過收購一家巴西經銷商所做的結構性改善，將提升現金回收效率，並隨時間使訂貨模式回歸正常，進而帶來額外成長與市場滲透。此外，我們再次成為在西班牙塞維利亞舉行的歐洲小兒骨科學會年會（European Pediatric Orthopedic Society Meeting）最大贊助商。

In early April, we showcased a broad range of new products that had previously not been available in Europe under prior regulatory constraints. These offerings were well received by both surgeons and distributors and are expected to contribute to revenue growth in the second half of the year.

在四月初，我們展示了多項先前因既有法規限制而無法在歐洲提供的新產品。這些產品獲得外科醫師與經銷商的良好回饋，並預期將在下半年帶動營收成長。

Lastly, looking beyond our traditional segments, we are building on the success of our 7D experience and are kicking off the launch of our digital preoperative, intraoperative workflow management platform playbook and expect deployment to beta launch sites in 2026. Beyond that, we've completed the deployment and the first cases with the IotoMotion robot for pediatric cochlear implant placement and expect additional deployments throughout 2026 and beyond. OrthoPediatrics is also making deliberate focused investments in artificial intelligence to drive meaningful clinical and operational impact. We are advancing multiple AI initiatives, including embedding intelligence into our playbook platform, leveraging AI-enabled tools to support presurgical planning and evaluating opportunities to enhance patient care and efficiency across our OPSB clinics.

最後，放眼我們的傳統業務區隔之外，我們正延續 7D 經驗的成功，並啟動數位化術前、術中工作流程管理平台 Playbook 的上市推進，預計於 2026 年部署至 Beta 上線據點。除此之外，我們已完成 IotoMotion 機器人於小兒人工耳蝸植入定位的部署並完成首批案例，並預期在 2026 年及其後持續擴大部署。OrthoPediatrics 亦正有計畫且聚焦地投資人工智慧，以帶來具意義的臨床與營運影響。我們正推進多項 AI 計畫，包括在 Playbook 平台中嵌入智慧功能、運用 AI 賦能工具支援術前規劃，以及評估在 OPSB 診所中提升病患照護與效率的機會。

Earlier this year, we completed an internal AI flight school to build organizational readiness, and we have established a corporate objective to deploy 6 to 8 targeted AI agents to drive tangible efficiencies. After prioritizing data security and foundational controls last year, our focus in 2026 is firmly on execution, moving from experimentation to scaled implementation that delivers real value to surgeons, clinicians and our teams. In summary, we believe the company is entering its most compelling phase of expansion to date, supported by a multiyear product launch super cycle that will increasingly shape results over the coming years.

今年稍早，我們完成了一項內部 AI 飛行學校（AI flight school）以建立組織就緒度，並已設定公司目標：部署 6 至 8 個具針對性的 AI 代理（agents）以帶動可量化的效率提升。在去年優先處理資料安全與基礎控制之後，我們在 2026 年的重點明確聚焦於落地執行，從實驗走向規模化導入，為外科醫師、臨床人員與我們的團隊帶來真正價值。總結而言，我們相信公司正進入迄今最具吸引力的擴張階段，並由一個跨多年的產品上市超級週期所支撐，該週期將在未來數年愈來愈明顯地形塑業績表現。

These new technologies are meaningfully more advanced and clinically differentiated, addressing significant unmet needs, supporting higher ASPs, improved gross margins and stronger returns on invested capital. They also enhance our ability to bundle solutions across accounts, supporting broader contract opportunities in pediatric hospitals and reinforcing share gains across our legacy portfolio. At the same time, OPSB continues to scale through both new product introductions and disciplined clinic expansion via greenfield openings and Acqui-Hires, a trajectory we expect to sustain over the coming years. Collectively, these initiatives are expected to drive significant improvement in profitability and cash flow generation over the long term. More broadly, we believe our hospital and surgeon partners increasingly recognize the value of working with a dedicated self-sustaining pediatric platform focused exclusively on improving care for children.

這些新技術在先進性與臨床差異化方面具有顯著提升，能解決重要未被滿足的需求，並支持更高的平均售價（ASP）、更佳的毛利率，以及更強的投入資本報酬率。它們也提升我們在客戶端跨產品打包（bundle）解決方案的能力，支持在小兒醫院取得更廣泛的合約機會，並強化我們在既有產品組合上的市占提升。同時，OPSB 也透過新產品導入，以及透過綠地開設（greenfield openings）與 Acqui-Hires 進行有紀律的診所擴張而持續擴大規模；我們預期此一軌跡將在未來數年延續。整體而言，這些舉措預期將在長期顯著改善獲利能力與現金流創造。更廣泛地說，我們相信我們的醫院與外科醫師合作夥伴愈來愈認同：與一個專注於改善兒童照護、且可自我永續的小兒專業平台合作的價值。

Together, we are advancing innovation in a historically underserved area of health care and building a stronger long-term outlook for patients and the business.

我們正共同推動在歷來資源不足的醫療領域中的創新，並為患者與企業建立更強健的長期展望。

With that, I'd like to turn the call over to Fred to provide more detail on our financial results. Fred?

接下來，我想把電話會議交給 Fred，請他更詳細說明我們的財務結果。Fred？

Thanks, Dave. Taking a closer look at the P&L, our first quarter of 2026 worldwide revenue of $59.4 million increased 13% compared to the first quarter of 2025. The increase in revenue in the quarter was driven primarily by strong performance across trauma and deformity, scoliosis and OPSB. U.S. revenue was $45.3 million, an 11% increase from the first quarter of 2025, representing 76% of total revenue.

謝謝，Dave。更仔細看損益表（P&L），我們 2026 年第一季全球營收為 5,940 萬美元，較 2025 年第一季成長 13%。本季營收增加主要由創傷與畸形、脊柱側彎以及 OPSB 的強勁表現所帶動。美國營收為 4,530 萬美元，較 2025 年第一季成長 11%，占總營收的 76%。

Growth in the quarter was primarily driven by trauma, deformity, scoliosis and OPSB. We generated total international revenue of $14.1 million, representing growth of 22% compared to the first quarter of 2025 or 24% of our total revenue. In the first quarter of 2026, Trauma and Deformity global revenue of $43.0 million increased 14% compared to the prior year period. Growth was primarily driven across numerous product lines, specifically our trauma products, ApiFix and OPSB.

本季成長主要由創傷、畸形、脊柱側彎與 OPSB 所驅動。我們的國際營收合計為 1,410 萬美元，較 2025 年第一季成長 22%，占總營收的 24%。2026 年第一季，創傷與畸形全球營收為 4,300 萬美元，較去年同期成長 14%。成長主要來自多條產品線的帶動，尤其是我們的創傷產品、ApiFix 與 OPSB。

In the first quarter of 2026, scoliosis global revenue of $15.4 million increased 13% compared to the prior year period. Growth was primarily driven by increased sales of RESPONSE and VerteGlide systems and revenue generated from 7D technology. Finally, Sports Medicine other revenue in the first quarter of 2026 was $0.9 million, which stayed consistent year-over-year. Touching briefly on a few key metrics. For the first quarter of 2026, gross profit margin was 73%, which is consistent year-over-year.

2026 年第一季，脊柱側彎全球營收為 1,540 萬美元，較去年同期成長 13%。成長主要由 RESPONSE 與 VerteGlide 系統銷售增加，以及 7D 技術帶來的營收所驅動。最後，2026 年第一季運動醫學其他營收為 90 萬美元，與去年同期持平。簡要提及幾項關鍵指標：2026 年第一季毛利率為 73%，與去年同期一致。

Total operating expense increased $2.5 million or 5% compared to the prior year period to $51.7 million in the first quarter of 2026.

2026 年第一季的總營業費用較去年同期增加 250 萬美元（或 5%），達到 5,170 萬美元。

Sales and marketing expenses increased $1.9 million or 11% compared to the prior year period, driven primarily by increased sales commission expense and an overall increase in volume of units sold to $18.5 million in the first quarter of 2026. General and administrative expenses increased $0.7 million or 2% year-over-year to $31.0 million in the first quarter of 2026. The increase was due primarily to additional personnel supporting recent clinic expansions and other small-scale acquisitions, partially offset by savings being realized from prior restructuring actions. Research and development expenses decreased by $0.1 million or 5% in the first quarter of 2026 to $2.2 million. GAAP net loss per share for the period was $0.45 per basic and diluted share compared to $0.46 per basic and diluted share for the same period last year.

2026 年第一季的銷售與行銷費用較去年同期增加 190 萬美元（或 11%），主要受銷售佣金費用增加以及整體銷售單位數量上升所帶動，達到 1,850 萬美元。2026 年第一季的一般及行政費用年增 70 萬美元（或 2%），達到 3,100 萬美元。增加主要係因新增人員以支援近期診所擴張及其他小型併購，部分被先前重組措施所帶來的節省所抵銷。2026 年第一季的研發費用減少 10 萬美元（或 5%），至 220 萬美元。該期間 GAAP 每股淨損為每股基本及稀釋 0.45 美元，去年同期為每股基本及稀釋 0.46 美元。

Non-GAAP net loss per share for the period was $0.42 per basic and diluted share compared to $0.39 per basic and diluted share for the same period last year. Adjusted EBITDA was $2.2 million in the first quarter of 2026 compared to a loss of $0.4 million in the first quarter of 2025. We ended the first quarter with $50.9 million in cash, short-term investments and restricted cash.

該期間非 GAAP 每股淨損為每股基本及稀釋 0.42 美元，去年同期為每股基本及稀釋 0.39 美元。2026 年第一季調整後 EBITDA 為 220 萬美元，2025 年第一季則為虧損 40 萬美元。我們在第一季末的現金、短期投資及受限制現金合計為 5,090 萬美元。

Set deployment was $2.3 million in the first quarter of 2026 compared to $3.6 million in the first quarter of 2025. As a reminder, although the amount of sets being deployed in 2026 is lower than historical years, these are primarily all new products being launched as part of our innovation super cycle and are generating a much higher level of revenue per deployed dollar than our previous legacy systems generate.

2026 年第一季的套組（set）部署金額為 230 萬美元，2025 年第一季為 360 萬美元。提醒一下，雖然 2026 年部署的套組數量低於歷史年度，但這些主要都是作為我們「創新超級週期」一部分所推出的新產品，且每投入 1 美元部署所帶來的營收水準，遠高於我們先前的傳統舊系統。

Free cash flow used in the first quarter of 2026 was $5.0 million, a 40% improvement as compared to $8.4 million used in the first quarter of 2025. Increased adjusted EBITDA, lower sets deployed and improved working capital metrics all contributed to the year-over-year improvement.

2026 年第一季使用的自由現金流為 500 萬美元，較 2025 年第一季使用的 840 萬美元改善 40%。調整後 EBITDA 增加、部署套組減少以及營運資金指標改善，皆促成了年對年改善。

On March 31, we amended our existing credit agreement with Briadwell LP to add $20 million delayed draw term loan facility. This amendment enhances our financial flexibility by providing on-demand access to additional capital through June of 2027, while maintaining consistent economics and covenants within our existing term loan. Importantly, this structure allows us to preserve liquidity and avoid dilution as the facility is fully discretionary and interest-only through maturity in 2029.

3 月 31 日，我們修訂了與 Briadwell LP 的既有信貸協議，新增 2,000 萬美元的延遲提用（delayed draw）定期貸款額度。此修訂透過在 2027 年 6 月前提供按需取得額外資金的管道，在維持既有定期貸款一致的經濟條件與財務契約（covenants）的同時，提升了我們的財務彈性。重要的是，該架構使我們得以維持流動性並避免稀釋，因為此額度完全由我們自行決定是否動用，且至 2029 年到期前僅需支付利息。

We view this as a prudent addition to our capital toolkit that further strengthens our balance sheet and positions us to opportunistically fund growth or strategic initiatives while maintaining disciplined capital deployment. Turning to guidance. As Dave mentioned, we raised our expectation for full year 2026 revenue to be in the range of $263 million to $267 million, representing year-over-year growth of 11% to 13%. We also continue to expect to generate approximately $25 million of adjusted EBITDA, deploy approximately $10 million in S and to achieve free cash flow breakeven in 2026. We would expect the EBITDA and free cash flow to exhibit similar quarterly seasonality patterns to 2025.

我們認為這是對資本工具箱的審慎補強，可進一步強化資產負債表，並使我們在維持嚴謹資本部署的同時，得以把握機會為成長或策略性計畫提供資金。接著談展望。如 Dave 所提，我們將 2026 全年營收預期上調至 2.63 億至 2.67 億美元區間，代表年增 11% 至 13%。我們也仍預期可產生約 2,500 萬美元的調整後 EBITDA、部署約 1,000 萬美元於 S，並在 2026 年達成自由現金流損益兩平。我們預期 EBITDA 與自由現金流將呈現與 2025 年相似的季度季節性型態。

It is important to note some periods of free cash flow will be negative and others positive, but still cumulatively tracking to our annual guidance metrics.

需要注意的是，自由現金流在某些期間可能為負、其他期間可能為正，但累計仍將朝向我們的年度指引指標推進。

Operator, let's open the call for Q&A.

接線員，請開放問答環節。

(Operator Instructions)

（接線員指示）

Matthew Blackman, TD Cowan.

Matthew Blackman，TD Cowan。

Great. Well, thank you for taking my questions. Good afternoon, guys. Can you hear me okay? I'm going to start with a question for Fred, and then I got one for you, Dave. I heard you talk about the impact of weather, January and February. Is there any way to quantify the impact on T&D from the OPSP weather-related headwinds? And is that revenue that you recapture?

很好。謝謝讓我提問。各位下午好。你們聽得到我嗎？我先問 Fred 一個問題，接著再問你一個，Dave。我聽到你提到天氣在一月與二月的影響。是否有辦法量化 OPSP 與天氣相關的逆風對 T&D 的影響？而那部分營收之後能追回來嗎？

Or is it just lost? And then I've got a follow-up question for Dave.

還是就此流失？另外我還有一個要追問 Dave 的問題。

Yeah. So that comment was specific to our clinics, which were shut down a week during January, week in February. And typically, those appointments get rescheduled. So as Dave mentioned, we saw a nice rebound across the entire business in the month of March, and that's continued into April. So I would say that the vast majority of those got cleared in the month of March and now here in April, and they're all, it's all behind us by now.

是的。那段評論是針對我們的診所，因為一月停診一週、二月也停診一週。通常那些預約都會改期。如 Dave 所提，我們在三月看到整體業務明顯反彈，而且四月也持續如此。所以我會說，絕大多數都在三月、以及現在四月已經消化完畢；到目前為止都已經過去了。

Okay. But you did, some of it did sort of soot into the second quarter, lost in the first quarter, though. That's some of the takeaway, right?

了解。但其中有一部分確實延後到第二季，等於第一季少掉了，對吧？這是重點之一，對嗎？

Yeah.

是的。

Okay. Fair enough. And then, Dave, on the 3P platform, I heard you loud and clear early days, but very encouraging. You're going to ramp from here. It sounds like in the second half of '26, you'll be in a more scaled launch with 3P, maybe gaining some 3P small mini momentum.

好，明白。接著，Dave，關於 3P 平台，我聽得很清楚：還在早期，但非常令人鼓舞。你們接下來會加速推進。聽起來在 26 年下半年，你們會以 3P 進行更具規模的上市推廣，或許也會讓 3P Small/Mini 開始累積一些動能。

Do you think that translates into a visible at least to us uptick in T&D second half growth? Or do we need more sets, more pieces of the platform beyond 3P and 3P Small/Mini to inflect U.S. T&D growth? And does that happen in 2027? Just trying to think about the moving parts here and when perhaps we see a visible perhaps inflection in that franchise?

你認為這會轉化為（至少對我們而言）下半年 T&D 成長的可見上升嗎？還是說，要讓美國 T&D 成長出現拐點，還需要更多套組、以及 3P 與 3P Small/Mini 之外的平台其他組件？而那會在 2027 年發生嗎？我只是想釐清這裡的變動因素，以及我們何時可能看到該業務線出現可見的拐點。

Yes, Matt, good question. So yes, we have very few sets available on the 3P side at this stage. And in fact, I think we have some opportunities to sell sets that we are, we haven't we haven't done yet just because we want to make them available to more and more users as we're kind of moving those around through our loaner pool. Additional sets hopefully coming here at the back half of Q2. And certainly, Q3 will, Q4 will be impacted by additional sets.

是的，Matt，問得好。所以是的，目前 3P 這邊可用的套組非常少。事實上，我認為我們還有一些可以賣出套組的機會，但我們尚未這麼做，因為我們希望在透過借用池（loaner pool）調度時，能讓更多使用者取得。希望在第二季後半段能再增加一些套組供應。而且第三季、第四季都會因新增套組而受到影響。

It's not a huge volume of sets. So I do think that it's going to have some meaningful impact on the implant side of our T&D business. But these rollouts take years.

套組的量不會非常大。因此我確實認為，這將對我們 T&D 業務中的植入物端帶來一些有意義的影響。但這些推廣通常需要好幾年。

You've seen over the last several years, even products like PNP Tibia, which I think now have been out 2.5 years are still being rolled out and still impacting top line revenue growth. I think what we really like to see about the early days of 3P is very strong ASP in addition to extremely high demand. very strong margins. And consistent with what we've been telling the Street for a while, this new product and VerteGlide as well on the scoliosis side are dramatically more capital efficient. And so driving, requiring less capital deployment to drive top line.

過去幾年你也看到了，即使像 PNP Tibia 這樣的產品，我想現在推出已經 2.5 年了，仍在持續推廣，並持續影響營收成長。我認為我們非常喜歡 3P 早期表現的一點是：除了需求極高之外，ASP 也非常強勁；毛利也非常好。並且如同我們一段時間以來對市場所說，這項新產品以及脊柱側彎端的 VerteGlide，在資本效率上都顯著更高。因此，為了推動營收成長所需的資本部署更少。

So its impact is not just back half of the year in top line revenue, but profitability, cash usage, everything. And we'll see more of that from the small mini and more of that from PNP retro and the new systems on the scoliosis side. It's just very encouraging what we're seeing early on with 3P and these other systems and I think it will probably start to impact the growth of the implant side of our business here in the second half and really in 2027 and 2028.

因此它的影響不僅體現在下半年營收端，還包括獲利能力、現金使用等各方面。我們也會從 Small/Mini 看到更多這樣的效果，從 PNP retro 以及脊柱側彎端的新系統也會看到更多。3P 與其他系統在早期所展現的狀況非常令人鼓舞；我認為它可能會在今年下半年開始影響我們業務中植入物端的成長，並在 2027 年與 2028 年更為明顯。

Rick Wise with Stifel.

Stifel 的 Rick Wise。

Really is great to see that despite a challenging start to the quarter and weather and everything that you finished strong and that, that momentum is continuing. Now that I paid you a compliment, I was hoping to just at a high level, understand your, despite the outperformance in the first quarter and everything we're hearing just on the execution front, just sounds so great. Each part of the business working well, some of the last year's challenges worked through, resolved, turning into potentially a tailwind.

很高興看到，儘管本季初開局具挑戰性、加上天氣等各種因素，你們仍以強勁表現收尾，而且那股動能仍在延續。既然我先稱讚了你們，我想在高層次上了解一下：儘管第一季表現超預期，而且我們聽到的執行面消息都非常正面，聽起來各個業務環節都運作良好，去年一些挑戰也已經克服、解決，甚至可能轉為順風。

The new product launches clearly well set up for a strong second half. Why leave guidance, top line guidance unchanged? Is it just, is there any particular reason other than just being careful as you set up the year? Or is there anything that we should hear or understand about maybe some challenges ahead as you start the rollout here? Just help us think about the rest of your, left the rest of year guidance unchanged basically?

新產品上市顯然也為下半年強勁表現做好準備。那為什麼要維持指引、營收端（top line）指引不變？只是因為在規劃全年時想更謹慎嗎？還是除了保守以外有任何特別原因？或者在你們開始推廣（rollout）時，是否有什麼我們應該聽到或理解的、可能在前方的挑戰？請幫我們思考一下：你們基本上維持全年其餘期間指引不變的原因？

Yeah. So obviously, increased the full year guidance by the $1 million that we did.

是的。所以很明顯地，我們確實把全年指引上調了 100 萬美元。

Dave continues to talk about the super cycle, which is awesome, and we have more sets coming, which is great. Those sets will be here in the second half or really the end of the second quarter here to help the second half of the year. But as normal, we like to wait for those things to show up and to show up in the numbers before we get too far ahead of ourselves.

Dave 持續談到這個超級循環（super cycle），這很棒，而且我們還會有更多套組（sets）推出，這也很好。這些套組會在下半年、或更準確地說在第二季末到位，以支撐下半年的表現。但一如往常，我們傾向等這些事情真正發生、並在數字上反映出來之後，再往前推進，而不是太早超前部署。

So in traditional fashion, we'll continue to stay conservative and let the numbers speak for themselves when they show up, I think.

所以依照一貫作風，我們會繼續保持保守，等數字出現時再讓數字自己說話。

All right. Sounds good. And I'm sure it's a similar answer to the very strong performance on the adjusted EBITDA line. And I heard what you said, Fred, about the, some quarters a little better or stronger given the demands of the business. But it seems like you're set up there well with higher-margin products and just coming on and volume and leveraging the fixed cost base.

好，聽起來不錯。我想這也類似於調整後 EBITDA 線的非常強勁表現。我也聽到你說的，Fred，關於某些季度因業務需求而可能表現更好或更強。但看起來你們在那方面也準備得很好：高毛利產品上線、量的成長，以及固定成本基礎的槓桿效應。

It just sounds like you're well positioned to do even better?

聽起來你們很有條件做得更好？

Yeah. We were very pleased with the leverage that showed up through the P&L here in the first quarter, 13% sales growth, G&A grew 2%. And that, to us, was very encouraging. Typically, first quarter is the lowest sales quarter that we'll see for the year. And so if you add on some incremental revenue here in the second and third quarter, in particular, which are typically our strongest, that should drop through very nicely to the bottom line.

是的。我們對第一季損益表（P&L）上呈現的營運槓桿非常滿意：銷售成長 13%，而 G&A（一般及行政費用）只成長 2%。對我們來說這非常令人鼓舞。通常第一季是我們全年銷售最低的季度。因此，如果在第二、第三季（尤其是通常最強的季度）再增加一些增量營收，應該會非常漂亮地直接反映到最終獲利（bottom line）。

Ryan Zimmerman with BTIG.

BTIG 的 Ryan Zimmerman。

This is Izzy on for Ryan. So I just wanted to start with the international. saw that strong 22% growth for the quarter. And I was wondering if that's the right baseline to be at for the rest of the year or if we think it could potentially be a little bit stronger as you start to see more contributions from the new products, especially as that EU MDR comes online?

我是 Izzy，代 Ryan 提問。我想先從國際市場開始。看到本季有強勁的 22% 成長。我想請問，這是否是今年其餘時間合理的基準？或者隨著新產品帶來更多貢獻，尤其是 EU MDR 上線後，我們是否可能看到更強的表現？

Yeah. Good question, Izzy. I'm not sure we're going to get too far ahead of ourselves on 22% growth. Very pleased to see it. It was certainly an acceleration of growth over Q1 of 2025.

是的，Izzy，問得很好。我不確定我們是否要在 22% 成長上太早下結論。我們很高興看到這個數字。這確實是相較於 2025 年第一季的成長加速。

I think we came in at 19% in Q1 of 2025. I think the headline here is that we are seeing very consistent performance and consistent growth in these agencies with a lot of the legacy products.

我記得 2025 年第一季大約是 19%。我認為重點在於：我們在這些代理商（agencies）通路中，看到許多既有產品帶來非常一致的表現與穩定的成長。

And as Fred mentioned, we don't want to get ahead of ourselves in terms of set deployment. and how much revenue that set deployment of some of these new products generates. But it is safe to say that we have a really nice opportunity here in the second half of the year as we start to deploy some of the sets that are now approved in Europe through EU MDR. And so timing of those sets coming into our warehouse and then getting out to our customers is a bit of the rate limiter, certainly not demand.

而且如 Fred 提到的，我們不想在套組部署（set deployment）以及這些新產品的套組部署能帶來多少營收方面太早超前。但可以很確定地說，隨著我們在下半年開始部署那些已透過 EU MDR 在歐洲獲准的套組，我們確實有很好的機會。因此，這些套組進到我們倉庫、再出貨到客戶端的時點，是目前的主要限制因素；絕對不是需求問題。

And so as we see some of those sets come in, I think we'll be able to give some updated guide as to what we think we can see in the second half of the year. So it's early, probably not going to get ahead of ourselves there yet, but it was certainly good to see that kind of acceleration in growth led by our agency markets. And I think of note, very limited set sales. We have been challenged over the last several years to balance margin and top line against some of the lower-margin set sales.

因此，當我們看到部分套組到貨後，我想我們就能提供更新的指引，說明我們預期下半年可能看到的情況。現在還早，可能還不會太早下定論，但看到由代理商市場帶動的這種成長加速，確實令人振奮。值得注意的是，套組銷售非常有限。過去幾年我們一直面臨挑戰：在較低毛利的套組銷售與營收規模（top line）之間，如何平衡毛利與營收。

Most of that revenue, I would say, in this quarter and hopefully, in future quarters is primarily just replenishment orders coming through our agencies and coming through our hospitals in Europe. And I think the acquisition of our Brazilian distributor we called out has certainly started to stabilize the markets in Brazil. And I think we hope over the course of the next several quarters, start to create a bit of a tailwind in a market where there's extremely high demand, but we needed to adjust our model to be able to extinguish some of that demand. So as we see that develop, it's possible that we could see growth accelerate. But hey, if 22% growth is very strong.

我會說，本季的大部分營收，以及希望未來幾季也是如此，主要來自透過我們代理商、以及歐洲醫院端的補貨訂單（replenishment orders）。另外，我們提到的收購巴西經銷商，確實已開始穩定巴西市場。我們也希望在接下來幾季，能在一個需求極高的市場中，開始形成一些順風；但我們需要調整商業模式，才能消化並滿足部分需求。隨著這些發展，有可能看到成長加速。不過，嘿，22% 的成長已經非常強勁。

I think we're very pleased with that. And if we could stay in that ballpark, I think it would be a great year.

我們對此非常滿意。如果能維持在這個區間，我認為會是很棒的一年。

Yeah. With that said, I would just say we do expect international to outgrow the domestic market for each quarter for the rest of the year. While it might not be 22%, we do think at this point that it will continue to grow very nicely and probably outperform the domestic growth for the rest of this year and starting into next year.

是的。話雖如此，我還是想補充：我們預期今年剩餘每一季，國際市場的成長都會高於國內市場。雖然未必會是 22%，但就目前來看，我們認為它會持續相當不錯地成長，並且在今年剩餘時間、以及進入明年初，可能都會優於國內市場的成長。

Appreciate it. And then I saw the press release today and heard your comments about the launch of TRAXIO. So I was hoping you guys could talk a little bit more about your plans there for the rollout and what we can look forward to going forward?

感謝。接著我看到今天的新聞稿，也聽到你們對 TRAXIO 上市的評論。我想請你們多談一些你們的推廣計畫，以及未來我們可以期待什麼？

Yeah. So TRAXIO is as it's definitely name, a halo gravity traction product. It's primarily designed in these children to help children and patients and physicians who are taking care of very complex early onset scoliosis products. And so the initial launch is of a few sizes of the traction device. Those devices are sold as a capital purchase.

好的。TRAXIO 顧名思義，是一款光環式重力牽引（halo gravity traction）產品。它主要是為兒童設計，用來協助照護非常複雜的早發性脊柱側彎（early onset scoliosis）患者的兒科病患與醫師。初期上市會先推出幾種尺寸的牽引裝置。這些裝置以資本性採購（capital purchase）的方式銷售。

And then there is a replenishment or repurchase of different components of that device inside the children's hospitals. Eventually, we'll be launching the surgical component of TRXIO, which will be the actual halo itself that attaches to the goal of these kids. I think what is exciting about it is, number one, there's very high demand.

之後，在兒童醫院內，該裝置的不同零組件會有補貨或再次採購（replenishment/repurchase）。最終我們也會推出 TRXIO 的手術組件，也就是實際的光環（halo）本體，會固定在這些孩子的頭部。我認為令人興奮的是，第一，需求非常高。

We've gotten a lot of hospitals that have called us for, there's really nothing like it available in the market. Most of the hospitals that do traction are having to kind of their way through that, building a lot of these devices in-house. And so you can imagine the demand that there is in hospitals, even from a pure risk management standpoint to have an FDA-approved device that can take care of that patient population. It's also really encouraging to see its connection to our EOS business and then ultimately the fusion business. And so we've talked about in the past, treating the entire disease state of scoliosis, not just the end state for fusion.

我們接到很多醫院來電詢問，因為市場上真的沒有類似產品。多數進行牽引治療的醫院，必須自己摸索，並在院內自製許多這類裝置。因此你可以想像，醫院端的需求有多大；即使從純風險管理角度來看，能有一個 FDA 核准的裝置來照護這類病患族群，也非常重要。同時，看到它與我們 EOS 業務的連結、以及最終與融合（fusion）業務的連結，也很令人鼓舞。我們過去談過：我們要治療脊柱側彎的整個疾病狀態，而不只是最終需要融合手術的末端狀態。

And you can see TRXIO and how that fits in, where patients may be going from bracing to halo gravity traction to ultimately our suite of early onset scoliosis products and then to the potential non-fusion products like ApiFix and then ultimately, the final fusion if required. I think it creates a portfolio that is unlike any in the spine space. And I think it's a very strong adder in terms of our value proposition to these children's hospitals within scoliosis.

你可以看到 TRXIO 如何融入其中：病患可能從支具（bracing）到光環式重力牽引，再到我們一整套早發性脊柱側彎產品，接著到像 ApiFix 這類非融合（non-fusion）產品，最後若有需要才進入最終的融合手術。我認為這打造出一個在脊椎領域中獨一無二的產品組合。而且就我們對這些兒童醫院在脊柱側彎領域的價值主張而言，這是一個非常強的加分項。

Mike Matson with Needham & Company.

Needham & Company 的 Mike Matson。

This is Joseph on for Mike. Maybe just given the rapid growth that you guys have been calling out in OPSB, just being an increasing part of revenue for the whole company. I'm just wondering if maybe you can provide more color on SG&A expenses, I guess, just on a percentage of revenue basis from here. Should we expect maybe some small gross margin improvement moving forward with real margin expansion coming here on operating leverage moving forward?

我是 Joseph，代替 Mike 發言。考量到你們一直提到 OPSB 的快速成長，且其在整體公司營收中的占比持續提高。我想請問你們是否能就 SG&A 費用提供更多說明，尤其是從占營收百分比的角度來看，接下來會如何？我們是否應該預期未來毛利率會有些微改善，而真正的利潤率擴張將主要來自營運槓桿帶動的營業利益改善？

Yes, absolutely. I think just like we saw in the first quarter, that the true leverage down to the EBITDA line is coming from G&A. And this year, it's both on the cash and the noncash portion of G&A. I think the leverage we saw in the first quarter will be similar in the rest of the year in each of those quarters. A little bit on the sales and marketing, but that's really not our focus.

是的，當然。我認為就像我們在第一季看到的，真正能一路槓桿到 EBITDA 的主要來源是 G&A。今年在 G&A 的現金與非現金部分都會有這樣的效果。我認為第一季看到的槓桿，在今年其餘各季也會類似。銷售與行銷方面會有一點點，但那並不是我們的重點。

It's all really on the G&A side of the business.

重點其實都在業務的 G&A 端。

The dollars may go up a little bit on G&A as the business grows in the second and third quarter pretty dramatically, but the leverage will come through very nicely.

隨著第二、第三季業務相當顯著地成長，G&A 的金額可能會小幅上升，但槓桿效益會非常漂亮地反映出來。

Okay. Yes, that's great. And then I guess maybe just pull-through for the scoliosis products. I know this may be early days, but you guys called out great beta launches, generating demand, RESPONSE growing really well. So I'm just wondering how that's compared to expectations prior.

了解。是的，這很棒。接著我想問一下脊柱側彎產品的拉動效應（pull-through）。我知道可能還在早期，但你們提到很成功的 beta 上市，帶動需求，RESPONSE 成長也很好。所以我想了解，這與你們上市前的預期相比如何？

I could be wrong on this, but I believe you guys said the real pull-through driver for the scoliosis products maybe be driven by eLLi. So just wondering if that's still the case.

我可能記錯，但我記得你們提到脊柱側彎產品真正的拉動驅動因素可能會由 eLLi 帶動。所以想確認目前是否仍是如此。

Yeah. Certainly, eLLi is the most complex and probably the largest opportunity on the early onset scoliosis side. But what I can say is that we have seen remarkable interest in VerteGlide, maybe more interest in VerteGlide in that particular type of technique for the EOS indication than we had expected when we launched. I'm very pleased with the fact that we have nearly 80 surgeons already trained, and at this point, we are having to have surgeons notify us well in advance when they schedule cases just to move inventory around. What I'm also really pleased by pointing to your pull-through commentary is that a number of surgeons and children's hospitals that aren't historically large users of our Fusion platform, Response are the main users of the EOS product, VerteGlide.

是的。當然，eLLi 是最複雜、而且在早發性脊柱側彎（EOS）領域可能也是最大的早期機會。不過我可以說的是，我們看到對 VerteGlide 的興趣非常顯著；在 EOS 適應症的那種手術技術上，對 VerteGlide 的興趣甚至比我們上市時預期的更高。我非常高興目前已經有將近 80 位外科醫師完成訓練；而且到目前為止，我們甚至需要外科醫師在排定手術時提前很久通知我們，好讓我們能調度庫存。我也很高興、呼應你提到的拉動效應：一些過去並非我們 Fusion 平台大用戶的外科醫師與兒童醫院，現在成為 EOS 產品 VerteGlide 的主要使用者，而 Response 則是主要使用的平台。

And so I think what we called out in the script, this is exactly part of the strategy.

所以我認為我們在講稿中提到的，這正是策略的一部分。

Certainly, we want to grow into this kind of blue ocean growth opportunity we have in early onset scoliosis with VerteGlide and with iLLe and rib and pelvic. But I think it also brings about opportunities to show just how good we are on the scoliosis side. to some of these major institutions where they may use a lot of our trauma and deformity products but haven't had a ton of experience with Response and our Fusion system. And we are picking up pull-through already. You can imagine that's fairly small given the limited access to VerteGlide, but we are certainly involved with children's hospitals and physicians that historically weren't as exposed to our Fusion platform.

當然，我們希望在早發性脊柱側彎這個藍海成長機會中，透過 VerteGlide、iLLe 以及肋骨與骨盆相關產品來擴張。但我認為這也帶來機會，向一些大型機構展示我們在脊柱側彎領域的實力。這些機構可能大量使用我們的創傷與畸形矯正產品，但對 Response 與我們的 Fusion 系統的使用經驗不多。而我們已經開始看到拉動效應。你可以想像，因為 VerteGlide 的可及性仍有限，這部分目前規模還不大，但我們確實正在與過去較少接觸我們 Fusion 平台的兒童醫院與醫師合作。

And that is one of the nice drivers we're seeing with Response. I think what I was calling out in the script and what we'll continue to hopefully see here is that as the EAOS portfolio more fully launches, we get more sets available to surgeons on the VerteGlide side. We launched iLLe, which, as you know, we just said, is a little bit bigger opportunity. You follow that up with continued deployment of Response, but also the launch of our next-gen Fusion system Veraxis, that is a really, just a really compelling set of technologies and value proposition for the hospital, not to mention the fact that you've got the bracing on top of that, that provides some halo and synergies as well as now the TRAXIO system on the EOS side. It's a really good setup for us in the coming several quarters and really several years as those products roll out.

而這正是我們在 Response 上看到的其中一個良好驅動因素。我認為我在講稿中提到、也希望接下來持續看到的是：隨著 EAOS 產品組合更完整地上市，我們能提供更多 VerteGlide 的器械組給外科醫師使用。我們也推出了 iLLe，如你所知，我們剛提到它是更大一些的機會。接著是持續推進 Response 的部署，同時也會推出我們下一代 Fusion 系統 Veraxis——這是一套非常有吸引力的技術組合與對醫院的價值主張；更不用說上面還有支具（bracing），能帶來光環效應與協同效益，以及現在 EOS 端的 TRAXIO 系統。隨著這些產品陸續推出，未來幾個季度、甚至未來幾年，對我們而言都是非常好的布局。

Okay. Yeah. Great. That's all very helpful. Maybe just one quick one.

了解。是的，很好，這些都很有幫助。我再快速問一個。

Now that you guys are finished with the EU MDR approval in Europe, are there other geographies that you guys are targeting for further catalog expansion? Or maybe, I guess, is it time to be thinking about moving into China?

現在你們已經完成歐洲的 EU MDR 核准，接下來是否還有其他地區是你們鎖定要進一步擴充產品目錄的？或者我想問，是否該開始思考進入中國？

Just wondering what you guys are thinking about there?

想了解你們對這方面的想法。

Yes, we haven't given specifics, but you could assume that we have a very, very small presence in Japan, essentially no presence in India and no presence in China. And while historically, we have spent our dollars focusing on EU MDR, I think there is a remarkable demand for our products in some of those markets. And you might expect that we're working towards how we go to market, particularly in a market like India, where we have strong surgeon connections, surgeons who have trained in the United States and Canada that are leading surgeons in India. And so while it's not a part of the guide, not a part of right now kind of our future revenue forecast, I think in time, it would be natural for us to extend into some of those bigger markets. And I think over the coming years, that could be a real great opportunity for us.

是的，我們尚未提供具體細節，但你可以假設：我們在日本的布局非常非常小，在印度幾乎沒有，在中國則完全沒有。過去我們把資金主要投入在 EU MDR 上，但我認為在其中一些市場對我們產品的需求非常顯著。你也可以預期我們正在規劃如何進入市場，特別是像印度這樣的市場——我們與當地外科醫師有很強的連結，許多是在美國與加拿大受訓、並且是印度的領先外科醫師。因此，雖然這目前不在我們的指引中，也不在我們現階段的未來營收預測裡，但隨著時間推進，把版圖延伸到這些更大的市場是很自然的。我認為在未來幾年，這可能會是我們非常好的機會。

Yeah. Okay. Well, congratulations on the strong quarter.

是的，了解。恭喜你們本季表現強勁。

David Turkley with Citizens.

Citizens 的 David Turkley。

I just wanted to follow up on that last one. Did you give a timing for that Veraxis system?

我想針對剛才那題追問一下。你們有提供 Veraxis 系統的時程嗎？

So we expect first surgeries for both EE and Veraxis by the end of the year.

所以我們預期 EE 與 Veraxis 兩者都會在年底前進行首例手術。

And is that, I imagine does that mean that domestically, like that's cleared? Or how, what is your approval or process with that device? Is that a 510(k)?

那我想確認一下，這是否表示在美國國內已經核准了？或者你們對該裝置的核准／流程是怎麼走？是走 510(k) 嗎？

Yeah. So it is a 510(k). And so we're working towards that at this point. It is not yet cleared, but we would expect it in the back half of the year.

是的，是 510(k)。所以我們目前正朝那個方向推進。現在尚未核准，但我們預期會在下半年取得核准。

Certainly, that's a bit of a wildcard in terms of timing, but our success, particularly with these 510(k) products has been very strong. Generally, with all the testing, we get these things through pretty rapidly. Again, I don't expect Veraxis to have a huge impact on revenue in the second half of the year, certainly more of a 2027, 2028 rollout. But our goal is to get surgeons access to that product so we can start getting feedback at some point in time in the fourth quarter, and I think we're on track for that.

當然，就時程而言這仍有一些不確定性，但我們在這類 510(k) 產品上的成功率一直很高。一般來說，完成所有測試後，我們能相當快速地通過。再說一次，我不預期 Veraxis 會在今年下半年對營收造成很大影響，更可能是在 2027、2028 年逐步推廣。但我們的目標是讓外科醫師能接觸到該產品，以便在第四季某個時間點開始取得回饋，我認為我們正朝這個方向前進。

Great. And I think you said OPS-B grew 20% in the quarter. And looking back at notes, I think you said six territories maybe this year. I was wondering if you could give any color if you done any of those? And maybe if you have or what you expect in terms of greenfield or Acqui-Hire specifically for '26?

很好。另外我記得你提到本季 OPS-B 成長 20%。回頭看之前的紀錄，我想你們提到今年可能會有六個區域。我想請問你們是否已經完成其中一些？以及如果有的話，或是你們對 2026 年在綠地開發（greenfield）或 Acqui-Hire 方面的預期能否分享一些看法？

Yeah. So far, the guide has been by 2027, we would be at '27 of these markets. I think we're at or maybe a little ahead of that. And I would expect that we would reach the necessary 6 markets in 2026 for sure. Continued demand here, opportunities for both greenfield as well as Acqui-Hire.

是的。到目前為止，我們的指引是到 2027 年會達到 27 個這類市場。我認為我們已經達到、或可能略微超前。我也預期我們在 2026 年肯定能達到所需的 6 個市場。需求持續強勁，同時也有綠地開發以及 Acqui-Hire 兩方面的機會。

And there is really even opportunities within some of the existing open territories to expand our clinic presence. Super to see same-store sales clinic locations where we've had now for a year. That has gone extremely well. We're seeing increased revenue there. And then there is opportunities to get clinics in those territories more fully penetrate the territories we're already in, while we balance that against opening new territories.

而且，在一些既有的已開放區域內，其實也有機會擴大我們的診所據點。很高興看到那些我們已經營運滿一年的同店銷售診所據點，表現非常出色。我們看到那裡的營收增加。接著也有機會在這些區域內設立更多診所，更充分地滲透我們已經進入的市場，同時我們也要在這與開拓新區域之間取得平衡。

Obviously, deeper penetration in our existing territories doesn't take as much expense base. And so when we've got opportunities to accelerate patient care and revenue in places where we're already at, we kind of have to weigh that against how far, how much we would want to accelerate into new territories. But I think it's very safe to say that we are on track, if not ahead of track in 2026, and we'll meet or exceed our objectives for 2027.

顯然，在既有區域做更深度的滲透不需要那麼多的費用基礎。因此，當我們在既有據點所在地有機會加速病患照護與營收成長時，我們就必須權衡，與此同時我們究竟要在多大程度上加速進入新區域。不過我認為可以很有把握地說，我們在 2026 年的進度符合預期，甚至可能超前，而且我們將達成或超越 2027 年的目標。

Caitlin Roberts with Canaccord Genuity.

Canaccord Genuity 的 Caitlin Roberts。

In LatAm, you noted you purchased your largest distributor in Brazil. Just curious how much of the LatAm business this distributor encompasses? And would you look to apply the same formula and acquire more distributors down there to continue to drive more consistency in the region?

在拉丁美洲方面，你們提到收購了在巴西最大的經銷商。想請教這家經銷商涵蓋了拉丁美洲業務的多少比重？另外，你們是否會考慮套用同樣的模式，在當地收購更多經銷商，以持續提升該區域的一致性？

So historically, we've had about 15 or 16 stocking distributors. This was one of the larger, but not the majority of the sales down there. So it's kind of 1/15 of our sales in Brazil. The good news is, though, we now have a legal entity. We have an operating entity down there, and all of our other sales into the country in Brazil are going through this legal entity, which dramatically enhances our ability to collect cash in Brazil to deliver them inventory on a more timely basis because we're now stocking inventory in Brazil and to better serve those other stocking distributors.

過去我們大約有 15 或 16 家備貨型經銷商。這家是較大的其中之一，但並非當地銷售的大宗。所以大概相當於我們在巴西銷售的 1/15。不過好消息是，我們現在在當地有了法人實體，也有營運實體；而且我們在巴西境內的其他所有銷售都會透過這個法人實體進行。這大幅提升了我們在巴西收款的能力，讓我們能更及時地交付庫存給他們，因為我們現在在巴西備有庫存，也能更好地服務其他備貨型經銷商。

So we do not, at this time, have big plans to buy additional distributors. It's all about the ability to collect cash more efficiently and to better serve our partners down there so we can continue to grow that entire region in more and more procedures.

因此，目前我們沒有大規模收購其他經銷商的計畫。重點在於更有效率地收款，以及更好地服務我們在當地的合作夥伴，讓我們能在更多手術量的帶動下持續成長整個區域。

Understood. And just on Veraxis, what are your thoughts on the competitive landscape in pediatric spinal deformity as you look to launch here in the future?

了解。再請教 Veraxis，當你們未來準備在此推出時，對於小兒脊柱畸形領域的競爭態勢，你們有什麼看法？

Yeah. I mean, certainly, the pediatric, or the pediatric spinal fusion portion of our business is the most competitive. It always has been. Most companies on the adult side have good deformity correction systems that kind of dual function, so to speak, as pediatric deformities. I think where, what we see with Veraxis is a system that's built ground up with pediatric spine surgeons, not a system that's designed for adults.

是的。我的意思是，當然，小兒——或者說我們業務中的小兒脊椎融合那一塊——競爭最激烈，一直都是如此。多數公司在成人端都有不錯的畸形矯正系統，某種程度上也能「一套兩用」，用於小兒畸形。我認為我們在 Veraxis 看到的是一套從零開始、與小兒脊椎外科醫師共同打造的系統，而不是為成人設計後再延伸使用的系統。

And so I think when physicians see the development work there done by their colleagues for major pediatric or major children's hospitals, I think that the competitive position of that product in conjunction with products that we offer that aren't offered by really any of the other competitors, I think, is a value proposition that is really hard to beat. And so yes, we're excited.

因此，我認為當醫師看到這些由他們的同儕、為主要小兒或大型兒童醫院所做的研發工作時，這個產品的競爭定位——再加上我們提供、而其他競爭對手幾乎都沒有提供的產品——我認為這是一個非常難以被超越的價值主張。所以，是的，我們很興奮。

Again, it's early. We haven't done first case, but I'm pretty excited to see how that stacks up against any of the other competitors. And the fact remains is that Response, which has been in the market for a number of years, continues to take share. And so leapfrogging our own really best-in-class technology, hopefully will even accelerate further the share taking that we've experienced over the last several years.

同樣地，現在還很早。我們還沒有做第一例手術，但我非常期待看看它與其他競爭對手相比表現如何。事實上，Response 這個產品已在市場上多年，仍持續擴大市占。因此，若能在我們自身真正同級最佳的技術之上再「跳躍式」升級，希望能進一步加速我們過去幾年所看到的市占提升。

Ben Haynor with Lake Street Capital Markets.

Lake Street Capital Markets 的 Ben Haynor。

First off, on the almost 80 VerteGlide surgeons trained. Can you talk maybe a little bit about the number of folks that are doing these sorts of procedures nationwide? Is there kind of an 80-20 where surgeons are doing 80% of procedures. What is the total market kind of look like in terms of guys doing these things?

首先，關於已訓練將近 80 位 VerteGlide 外科醫師。你能否談談全美大概有多少人會做這類手術？是否存在類似 80/20 的情況，也就是少數外科醫師做了 80% 的手術量？就做這些手術的人來看，整體市場大概是什麼樣子？

Yeah. Yes, great question. This is a tough one, Ben, because I think that the technology that surgeons have had access to do some of these procedures has been so limited that, that in and of itself, the technology is a bit of a limiting factor to who would actually use the product like guided growth for spinal deformity correction. But it's fair to say that every children's hospital that does spinal deformity correction, which is 300 procedures has at least one physician there, if not multiple, that would be willing to, that takes care of these EOS products.

是的，這是個好問題。Ben，這題很難，因為外科醫師過去能用來做其中一些手術的技術非常有限，而技術本身就成了限制因素，影響到底誰會實際使用像「導引式生長」這類用於脊柱畸形矯正的產品。不過可以合理地說，每一家會做脊柱畸形矯正、且一年約 300 例手術量的兒童醫院，至少都有一位、甚至多位醫師願意照護這些 EOS 產品相關的病患。

Certainly, places like Children's of Philadelphia, Boston Children's, WashU, these accounts plus several others are doing higher volumes of those very complex procedures. But it's, in total, we think between iLLe Veraxis, it's a sub-$100 million, maybe $80 million market opportunity with essentially very limited competition and a deep unmet need by our customers. And I think what we're seeing from our customers is a recognition that we're willing to take on these complex things that they care about, and that's what we're seeing from the pull-through already on RESPONSE.

當然，像費城兒童醫院、波士頓兒童醫院、華盛頓大學醫學院（WashU）等這些客戶，再加上其他幾家，會執行更高量的那些非常複雜的手術。不過整體而言，我們認為 iLLe Veraxis 的市場機會不到 1 億美元，可能約 8,000 萬美元，而且競爭非常有限，客戶也有很深的未被滿足需求。我們從客戶端看到的是，他們認同我們願意承擔他們在意的這些複雜議題，而這也反映在 RESPONSE 目前已經出現的帶動效應（pull-through）上。

Makes sense. And then on TRAXIO, just kind of obviously, hospitals, what are the obviously, it would improve the economics versus these sorts of things. But what do the economics look like for the hospitals that do make these sorts of capital purchases? And then how did the relationship with Synthes Group come about?

了解。接著談 TRAXIO，顯然對醫院而言，這會改善這類作法的經濟性。但對於做這種資本性採購的醫院來說，經濟效益大概是什麼樣子？另外，你們與 Synthes Group 的合作關係是如何建立的？

Yeah. So we got connected to Synthes through some other partnerships we have in Montreal. As you know, we have an operation up in Montreal after the acquisition of Pega. And so we were able to form a nice relationship with them as they have helped us with different products on the nonsurgical side through our specialty bracing business. I think as the economics go, this is one of those products that if you do this procedure, this is almost must-have for children's hospitals.

是的。我們是透過在蒙特婁的其他合作夥伴而與 Synthes 建立聯繫。如你所知，在收購 Pega 之後，我們在蒙特婁有營運據點。因此，我們得以與他們建立良好關係；他們也透過我們的專業支具（specialty bracing）業務，在非手術端協助我們處理不同產品。就經濟性而言，這是一種產品：如果你要做這項手術，對兒童醫院來說幾乎是必備。

And I would say that not all children's hospitals perform the procedure. It's got to have hospitals that are willing to have patients that can stay inpatient for several weeks.

我也要說，並不是所有兒童醫院都會執行這項手術。必須是願意收治、且能讓病患住院數週的醫院才行。

Oftentimes, these kids get halo and literally live in the Halo device for as long as 6 weeks or so before they ultimately have a surgical procedure. So you can imagine that the economics are probably pretty strong for the children's hospitals where they have these patients in the hospital and then are doing multiple surgical procedures thereafter. I would also argue that the TRAXIO, this is not a $1 million PO the hospital is required to issue. And so it's not such a large capital purchase that we're seeing resistance to that. There is, though, a further opportunity for us to partner TRAXIO with 7D, with VerteGlide Response, some of these very, very novel systems that, frankly, you just can't get from any other company to leverage opportunities to bundle our services and our products.

很多時候，這些孩子會裝上 halo，並且真的在 Halo 裝置中生活長達約 6 週，之後才會進行最終的手術。所以你可以想像，對於收治這些病患、並在後續進行多次手術的兒童醫院而言，經濟效益可能相當可觀。我也會主張，TRAXIO 並不是醫院必須開出 100 萬美元採購單（PO）的產品。因此，這並非一筆非常龐大的資本支出，我們也沒有看到太多阻力。不過，我們確實還有進一步的機會，將 TRAXIO 與 7D、與 VerteGlide Response 等一些非常、非常新穎的系統搭配；坦白說，這些你在其他公司根本拿不到，藉此運用打包（bundle）我們服務與產品的機會。

And we are in more of those types of bundling discussions now at major children's hospitals than we have ever been in the history of the company, which I think as we develop that and as some of these more differentiated products launch like TRAXIO, our position to have those negotiations only strengthens and again, hopefully drives accelerating revenue in the next few years.

而且，我們目前在大型兒童醫院進行這類打包討論的程度，已經超過公司歷史上任何時期。我認為，隨著我們推進這些合作、以及像 TRAXIO 這類更具差異化的產品上市，我們在談判中的地位只會更強，並且再次希望在未來幾年帶動營收加速成長。

That's great. And then lastly for me, just thinking about the opportunities that you guys see outside of orthopedics within pediatrics,, any kind of updates there? Any conversations that are happening?

很好。最後一題，從你們的角度來看，在小兒領域中、骨科以外的機會，你們目前看到哪些？這方面有沒有任何更新？有沒有正在進行的對話？

Anything that folks should expect the remainder of the year?

大家在今年剩餘時間應該期待看到什麼嗎？

Yes, I don't think so. I mean, we have long walked alongside a number of technologies in other subspecialties in pediatric health care. We'd like to think our, like to think of ourselves as a bit of a beacon for other entrepreneurs who could help us in meeting some of these unmet needs that we see in a number of conditions in pediatric health care. So I think when the time is right, as we signaled, time is right in the right company with the right culture where we could potentially help scale revenue globally, we would be quite opportunistic in that. But I don't think anything that we see right at the moment is pending.

是的，我不這麼認為。我的意思是，我們長期以來一直與小兒醫療保健其他次專科中的多項技術並肩前行。我們也希望把自己視為其他創業者的一盞明燈，這些創業者能協助我們滿足我們在小兒醫療保健多種病症中看到的一些未被滿足的需求。因此我認為，當時機成熟時——正如我們所釋出的訊號——在合適的公司、具備合適的文化之下，我們有可能協助在全球擴大營收規模，我們會相當把握機會。但我不認為我們目前看到有任何事情正在進行中或即將發生。

But you never know. We'll continue to do the work that we're doing to be good partners with people like iota Motion, which is a little bit outside of our call point and continue to help both companies commercialize. And when the time is right, we'll probably step into some of these other subspecialties.

但你永遠不知道。我們會持續做我們正在做的工作，成為像 iota Motion 這樣夥伴的良好合作方——這家公司有點超出我們的主要觸及點——並持續協助兩家公司推動商業化。等到時機成熟，我們可能會跨入其他一些次專科領域。

Congrats on all the progress.

恭喜你們取得所有進展。

(Operator Instructions)

（接線員指示）

Ravi Misra with Truist Securities.

Truist Securities 的 Ravi Misra。

Just maybe a philosophical question here. Just maybe kind of, I'd love to understand the thinking of the company around how you're balancing this 11% to 13% growth outlook amidst what appears to be a pretty significant product cycle. And you've talked in the past about competitors leading the space, giving you opportunities as a pure-play focus on pediatrics. But then again, at the same time, set deployment is around $10 million this year. So sometimes I think about, okay, why don't these guys or the management team really accelerate the set deployment to capture revenue.

這可能是一個偏哲學性的問題。我想更了解公司在思考如何在 11% 到 13% 的成長展望與看起來相當顯著的產品週期之間取得平衡。你們過去談到競爭對手在該領域領先，反而讓你們作為專注於小兒領域的純粹玩家有機會。但同時，今年的套組（set）部署約為 1,000 萬美元。所以我有時會想，好吧，為什麼你們或管理團隊不把套組部署加速，以便更快抓住營收？

I'd love to hear your thoughts on maybe that push and pull there. And are we underestimating the leverage potential from sets out in the field?

我很想聽聽你對這種拉扯的看法。我們是否低估了已部署在外的套組所帶來的槓桿潛力？

Or is it something you're being conservative about and measured about in terms of how you think about this?

或者你們是在這方面採取較保守、較審慎的作法？

That's a great question. There's certainly a healthy tension, I would say, within the organization as we think about how fast we would want to go to accelerate revenue versus generate positive free cash flow. And then when we inevitably generate positive free cash flow and that starts to become a bigger number, how much of that positive free cash flow we would want to use to accelerate growth. You're right in saying we have a very, we have a great opportunity in front of us to launch these new products and to continue to scale even some of our legacy products, given the evacuation of the market of some of the quasi competitors in the space. I think we have been on a quest over the course of the last few years to deliver increasing EBITDA and to deliver on free cash flow breakeven.

這是個很好的問題。我會說，當我們思考要多快推進以加速營收、同時又要產生正向自由現金流時，組織內部確實存在一種健康的張力。接著，當我們不可避免地產生正向自由現金流，而且這個數字開始變大時，我們又要思考要把多少正向自由現金流用來加速成長。你說得沒錯：我們面前有非常、非常好的機會來推出這些新產品，並在某些準傳統競爭者撤出市場的情況下，持續擴大我們部分既有產品的規模。過去幾年，我們一直在追求提升 EBITDA，並達成自由現金流損益兩平。

Our commitment is unwavering there, and I think nothing will knock us off that path to being able to deliver that here in 2026. Now as we think in 2027, 2028, let's say, through 2030 as the super cycle really starts to ramp, I'm not sure our strategy will be to maximize the capital that the business would ultimately generate. We would probably start utilizing some of the additional free cash flow the business would otherwise generate to be able to scale some of these products. I think that would only be the smart competitive thing when you have the opportunity that we have in front of us.

我們在這方面的承諾堅定不移，我認為沒有任何事情會讓我們偏離這條路徑，讓我們能在 2026 年達成這一點。現在，當我們展望 2027、2028，一直到 2030，當超級週期真正開始加速爬坡時，我不確定我們的策略會是把企業最終能產生的資本最大化。我們可能會開始運用企業原本會產生的部分額外自由現金流，來擴大這些產品的規模。我認為，當你擁有我們眼前這樣的機會時，這才是明智且具競爭力的作法。

But in the short term, delivering on our commitments, balancing top line revenue growth against our profitability expectations as well as the drive to free cash flow breakeven is what we have in front of us immediately. And then I think we will have some bigger decisions to make and good decisions, good opportunities to execute and maybe put out a little more inventory when we get more into even the first, second and third inning of the super cycle.

但在短期內，兌現我們的承諾、在營收（top line）成長與獲利預期之間取得平衡，以及推動自由現金流損益兩平，是我們眼前最直接要做的事。接著我認為，當我們更深入超級週期的第一、第二、第三局時，我們將需要做出一些更重大的決策——而且是好的決策——也會有很好的執行機會，或許也會投放更多庫存。

At this stage, we're in the batter's box. And so not having to face that right now. But as we get into 2027 through 2030, I think it's likely that we would want to put more inventory on the street, particularly inventory that has the kind of margin that products like 3P and VerteGlide have and have a return on capital that is just so much better than our legacy systems.

在這個階段，我們還在打擊區。因此目前不必面對那個問題。但當我們進入 2027 到 2030 年時，我認為我們很可能會希望在市場端投放更多庫存，特別是像 3P 和 VerteGlide 這類產品所具備的毛利水準的庫存，而且其資本報酬率遠優於我們的既有系統。

Great. And then just one last one. On the kind of 80 surgeon base around VerteGlide, should we kind of be thinking of that as seeding the field a little bit for iLLe once that comes in? Or is that going to be a different subset of pediatric specialists? It's very astute.

很好。最後一個問題。關於 VerteGlide 大約 80 位外科醫師的基礎，我們是否應該把這視為在 iLLe 上市後為其先行「播種」市場？還是那會是不同的一群小兒專科醫師？你觀察得很敏銳。

I think that's, we talk about iLLe, at least in, obviously, it's not approved, but we talk about it in theory and the potential features of iLLe with the surgeons when we go through training. Any surgeon who is training or interested in training on VerteGlide is most certainly a candidate for the use of iLLe as well as our RSPONSE rib and pelvic, which is great news. You'll also see increased sales of our small stature system on the RSPONSE side because, again, these are very young patients and surgeons who treat those patients.

我認為是的。我們談到 iLLe——當然它尚未獲准——但我們會在理論層面，並就 iLLe 的潛在特性，在訓練過程中與外科醫師討論。任何正在接受 VerteGlide 訓練或有興趣接受 VerteGlide 訓練的外科醫師，毫無疑問也會是使用 iLLe 以及我們 RSPONSE 肋骨與骨盆產品的候選者，這是很好的消息。你也會看到我們在 RSPONSE 端的小身材（small stature）系統銷售增加，因為這些都是非常年幼的病患，以及治療這些病患的外科醫師。

So again, astute question. The answer is absolutely yes, opportunity to talk about the pending iLLe launch. And I think it's important to note that iLLe is not a substitute for VerteGlide and VerteGlide is not a substitute for iLLe. There's different indications within this very complex patient population that require rib and pelvic that require VerteGlide and will require iLLe. And so without question, being able to capture mind share within that, within the surgeons who treat that patient population is very good for our prospects in the future.

所以，再次說，你的問題很敏銳。答案絕對是肯定的：這提供了談論即將推出的 iLLe 上市計畫的機會。而且我認為重要的是要指出，iLLe 不是 VerteGlide 的替代品，VerteGlide 也不是 iLLe 的替代品。在這個非常複雜的病患族群中，存在不同的適應症：有些需要肋骨與骨盆（rib and pelvic）解決方案、有些需要 VerteGlide、也將會需要 iLLe。因此，毫無疑問，能在治療該病患族群的外科醫師之間取得心佔率（mind share），對我們未來的前景非常有利。

Thank you. I would now like to turn the call back over to David Bailey for any closing remarks.

謝謝。我現在想把電話交回給 David Bailey，請他做任何結語。

Great. Thanks, operator. Well, we appreciate all of your time, and we'll be at a number of conferences over the course of the next several months, and we look forward to meeting with you all there. So thanks, and have a great evening.

很好。謝謝，接線員。我們感謝各位撥冗參與。接下來幾個月我們會出席多場會議，也期待在那裡與各位見面。謝謝，祝各位晚安。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位參與。您現在可以掛線。