Kestra Medical Technologies Ltd (KMTS) 2026 Q2 法說會逐字稿

Good afternoon and welcome to Kestra Medical Technologies second quarter fiscal 2026 earnings call. This conference call is being recorded for replay purposes. We will be facilitating a question answer session following prepared remarks from management.

下午好，歡迎參加Kestra Medical Technologies 2026財年第二季財報電話會議。本次電話會議將會被錄音，以便回放。在管理階層發表演說後，我們將安排問答環節。

(Operator Instructions) I would now like to turn the call over to Neil Bhalodkar, Vice President of Investor Relations, for introductory comments.

（操作員指示）現在我將把電話交給投資者關係副總裁尼爾·巴洛德卡，請他作開場白。

Thank you, Victor.

謝謝你，維克多。

Thank you for joining Kestra's second quarter fiscal 2026 earnings call. With me today are Brian Webster, President and Chief Executive Officer, and Vaseem Mahboob, Chief Financial Officer. This call includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

感謝您參加Kestra 2026財年第二季財報電話會議。今天陪同我的是總裁兼執行長布萊恩·韋伯斯特，以及財務長瓦西姆·馬赫布布。本次電話會議包含符合 1995 年《私人證券訴訟改革法案》定義的前瞻性陳述。

Statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements. These statements are based on Kestra's current expectations, forecasts, and assumptions, which are subject to inherent uncertainties, risks, and assumptions that are difficult to predict.

本次電話會議中所有與歷史事實無關的陳述均應視為前瞻性陳述。這些聲明是基於 Kestra 目前的預期、預測和假設，但這些預期、預測和假設存在固有的不確定性、風險和難以預測的假設。

Actual outcomes and results could differ materially from any results, performance, or achievements expressed or implied by the forward-looking statements due to various factors. Please review Kestra's most recent filings with the SEC, particularly the risk factors described in our Form 10k, for additional information.

由於各種因素，實際結果可能與前瞻性聲明中明示或暗示的任何結果、績效或成就有重大差異。請查閱 Kestra 向美國證券交易委員會提交的最新文件，特別是我們在 10-K 表格中描述的風險因素，以獲取更多資訊。

Any forward-looking statements provided during this call, including projections of future performance, are based on management's expectations as of today. Kestra undertakes no obligation to update these statements except as required by applicable law. With that, I will now turn the call over to Brian.

本次電話會議中提供的任何前瞻性陳述，包括對未來業績的預測，均基於管理層截至今日的預期。除適用法律要求外，Kestra 不承擔更新這些聲明的義務。接下來，我將把電話交給布萊恩。

Thanks, Neil. Good afternoon, everyone and thank you for joining us on today's conference call. We're excited to discuss the strong financial performance we had in the second quarter and the continued progress we are making on our key operational objectives.

謝謝你，尼爾。各位下午好，感謝各位參加今天的電話會議。我們很高興與大家分享第二季強勁的財務業績，以及我們在關鍵營運目標方面取得的持續進展。

Before we jump in, I want to begin by grounding us in the patient focus that makes Kestra a special company.

在我們深入探討之前，我想先讓我們了解 Kestra 是一家特別的公司，因為它以患者為中心。

At the center of everything we do are the lives we protect each day, and the impact we have on patients, their families, and the providers who care for them. Recently, a patient in Florida collapsed from ventricular tachycardia and required urgent intervention. After stabilization, the patient was discharged with the competitive wearable defibrillator and referred to electrophysiology for follow-up.

我們所做的一切的核心都是我們每天保護的生命，以及我們對病人、他們的家人和照顧他們的醫護人員的影響。近日，佛羅裡達州一名患者因室性心搏過速暈倒，需要緊急救治。病情穩定後，患者出院時配戴了具競爭力的可穿戴式除顫器，並轉診至電生理科進行後續檢查。

At his patient -- outpatient visit, the patient reported poor tolerance of that device. Due to discomfort and adherence risk, the physician transitioned the patient to the Assure system, citing improved comfort and care coordination for the switch.

在門診就診時，患者表示對該設備的耐受性較差。由於不適和依從性風險，醫生將患者轉用 Assure 系統，並指出更換系統後舒適度和護理協調性均有所提高。

Once fitted with the Assure system, the patient expressed a clear improvement in wearability compared to the previous device. The patient and family also noted greater confidence due to the system's ability to connect them quickly to emergency care.

患者配戴 Assure 系統後，與先前的裝置相比，配戴舒適度明顯提升。患者及其家屬也表示，由於系統能夠讓他們快速獲得緊急護理，因此他們更有信心。

Weeks later, the patient collapsed again at home. The Assure system detected the event and announced it was preparing to deliver therapy. Before therapy was delivered, the patient regained consciousness and successfully diverted the shock, reflecting the Assure system's ease of use and patient-first design.

幾週後，該名患者在家中再次暈倒。Assure 系統檢測到了該事件，並宣布正在準備進行治療。在進行治療之前，患者恢復了意識，並成功地轉移了電擊，這體現了 Assure 系統的易用性和以患者為中心的設計理念。

Following the cardiac event, the patient was transported safely to the emergency department. While en route, our team delivered episode data directly to the emergency department. The following morning, care station reports guided discussion during cardiac ICU rounds. The care team described the data as detailed and clinically useful. Two days later, the patient received an ICD.

心臟事件發生後，患者被安全送往急診室。在途中，我們的團隊將病例數據直接送達了急診室。第二天早上，護理站報告在心臟加護病房查房期間進行了有指導的討論。醫療團隊認為這些數據詳盡且具臨床實用價值。兩天后，患者接受了植入式心臟復律去顫器（ICD）植入手術。

This case reflects how the cardiac recovery system brings together protection, clinical insight, and care coordination to change outcomes when time matters most. While this is just one patient's experience, in the second quarter of fiscal 2026, our team and technology helped facilitate many similar life-saving events. We remain mindful of the trust placed in us by clinicians, patients, and their families every day.

這個案例反映了心臟復健系統如何將保護、臨床洞察力和護理協調結合起來，在時間最緊迫的時候改變結果。雖然這只是一個患者的經歷，但在 2026 財年第二季度，我們的團隊和技術幫助促成了許多類似的挽救生命的事件。我們始終銘記臨床醫生、患者及其家屬每天對我們的信任。

I would like now to turn over to our recent financial performance. In the second quarter, we continue to reach more patients who are at risk of cardiac arrest, accepting approximately 4,700 prescriptions written for the Assure system.

現在我想談談我們近期的財務表現。第二季度，我們繼續接觸更多有心臟驟停風險的患者，接受了約 4,700 張透過 Assure 系統開出的處方。

Revenue was $22.6 million with growth of 53% over the prior year period. Our gross margin climbed over the 50% line for the first time in the company's history, an important milestone for Kestra. Actual gross margin of 15.6% was up 11 points year over year and reflects the attractive unit economics of our business model.

營收為2,260萬美元，較上年同期成長53%。該公司歷史上首次毛利率突破 50%，這對 Kestra 來說是一個重要的里程碑。實際毛利率為 15.6%，年增 11 個百分點，反映了我們商業模式具有吸引力的單位經濟效益。

This was the 8th quarter in a row of sequential gross margin expansion. We expect continued gross margin expansion in the back half of FY26 and remain confident that Kestra is on the path to 70% plus gross margins over the next few years.

這是連續第八個季度毛利率環比增長。我們預計 2026 財年下半年毛利率將繼續擴張，並仍相信 Kestra 將在未來幾年內達到 70% 以上的毛利率。

With the strong revenue growth that Kestra is generating, we are seeing nice operating leverage in our business. This leverage supports the investments we are making in the company's key growth drivers that we believe will yield significant long-term value for Kestra and its stakeholders.

Kestra 強勁的營收成長為我們的業務帶來了良好的營運槓桿效應。這種槓桿作用支持我們對公司關鍵成長驅動因素的投資，我們相信這些投資將為 Kestra 及其利害關係人帶來巨大的長期價值。

Turning to the overall WCD market. We have previously noted that despite the overwhelming evidence that an external defibrillation shock is highly effective in terminating dangerous cardiac rhythms, WCD therapy remains underutilized, reaching just 14% of the eligible US addressable market.

接下來我們來看看整個WCD市場。我們之前已經注意到，儘管有大量證據表明體外去顫電擊在終止危險的心律方面非常有效，但WCD療法仍未得到充分利用，僅涵蓋了美國符合條件的潛在市場的14%。

That means six out of seven patients that are indicated for a WCD are not being protected by one. The best way for Kestra to positively influence clinical practice and have more patients protected by WCDs is by generating highly impactful clinical evidence.

這意味著七分之六需要使用WCD的病人沒有得到WCD的保護。Kestra 要對臨床實務產生正面影響，讓更多病患受到 WCD 的保護，最好的方法就是產生具有高度影響力的臨床證據。

So, one month ago, we did just that with the presentation of the primary results of ACE Pass, which is our FDA post-approval study at the American Heart Association annual meeting in New Orleans. ACPass is the largest real-world prospective WCD study to date, with over 21,000 patients enrolled and protected.

因此，一個月前，我們在新奧爾良舉行的美國心臟協會年會上展示了 ACE Pass 的主要結果，這是我們在 FDA 批准後的研究。ACPass 是迄今為止規模最大的真實世界前瞻性 WCD 研究，已有超過 21,000 名患者入組並受到保護。

The study design includes pre-specified performance criteria with objective performance measurements. The key takeaways from the study results were as follows. First, the Assure system met both of its primary endpoints, demonstrating a safe and highly effective device.

研究設計包括預先設定的績效標準和客觀的績效衡量指標。該研究結果的主要結論如下。首先，Assure 系統達到了兩個主要終點，證明其是一款安全且高效的裝置。

It's worth noting that not only was ACEPASS the largest WCD study ever, but it also enrolled the largest percentage of female patients at 34%. As a reminder, 40% of indicated patients are women, and the Assure system is the only WCD specifically designed for women.

值得注意的是，ACEPASS 不僅是迄今為止規模最大的 WCD 研究，而且招募的女性患者比例也最高，達 34%。需要提醒的是，40% 的適應症患者是女性，而 Assure 系統是唯一專為女性設計的 WCD。

Next, sudden cardiac arrest doesn't wait. Patients were at high risk during the first 90 days of the study for all indicated populations. ACEPASS data showed patients had a 90-day incidence rate of 1.8% and an annualized incidence rate of 7.5%. Which is actually slightly higher than landmark ICD trials.

其次，突發性心臟驟停不會等人。在研究的前 90 天裡，所有目標族群的患者都處於高風險狀態。ACEPASS 數據顯示，患者的 90 天發生率為 1.8%，年發生率為 7.5%。實際上，這一比例略高於具有里程碑意義的ICD試驗。

Guideline-directed medical treatment is effective in improving cardiac function, but it requires time, and patients need to be protected from significant SEA risk during their cardiac recovery. Third, at 23.1 hours, Assure had the highest wear time of any US WCD trial. In fact, 30% of our patients wore the device for more than 90 days, demonstrating the effective protection for extended therapy optimization.

依照指引進行的醫療治療可以有效改善心臟功能，但這需要時間，而且在心臟恢復期間，需要保護患者免受嚴重的 SEA 風險。第三，Assure 的配戴時間最長，達到 23.1 小時，是美國所有 WCD 試驗中配戴時間最長的。事實上，30% 的患者佩戴該設備超過 90 天，這表明該設備能有效保護患者，從而優化治療效果。

And finally, ACEPASS reinforces that Assure has the lowest false alarm rate, with 94% of patients free from false alarms, dramatically lower than other commercially available WCDs. In our discussions with clinicians after the study results were presented, the most common theme is that the risk level of their patients is higher than they understood it to be, particularly early in the recovery and treatment journey.

最後，ACEPASS 進一步證實，Assure 的誤報率最低，94% 的患者沒有出現誤報，遠低於其他市售的 WCD。在研究結果公佈後，我們與臨床醫生進行了討論，最常見的觀點是，他們的患者的風險水平比他們所理解的要高，尤其是在康復和治療過程的早期階段。

The existing WCD guidelines were published in 2017 and have not been updated since. We believe ACEPASS in conjunction with other recent studies such as SCDP Protect, provide compelling data on over 40,000 patients that significantly strengthens the existing body of evidence and may help inform future updates to clinical guidelines.

現行的WCD指南於2017年發布，此後一直沒有更新。我們相信，ACEPASS 結合 SCDP Protect 等其他近期研究，提供了超過 40,000 名患者的有力數據，顯著加強了現有證據體系，並可能有助於為未來臨床指南的更新提供資訊。

You've heard me say before, there are three critical questions about the WCB category. The first one, is there a patient population that has significant health risk? The second question, is there an effective therapy to treat those patients? And the third question is, will the patients wear the device?

你之前聽我說過，關於工傷賠償類別有三個關鍵問題。第一個問題是，是否有具有重大健康風險的患者族群？第二個問題是，是否有有效的治療方法來治療這些患者？第三個問題是，患者會配戴該設備嗎？

ACEPASS definitively answers all three of these questions in a very large real-world population. A strengthened recommendation to guidelines would have a positive impact on clinical decision making and potentially accelerate penetration. Based on our estimates and data from the incumbent, we believe the WCB market growth has already accelerated to the low double-digits and will continue to expand into a multi-billion dollar market over the coming years.

ACEPASS 在非常龐大的真實世界人群中明確回答了這三個問題。加強對指引的建議將對臨床決策產生正面影響，並有可能加快推廣速度。根據我們的估計和現有數據，我們認為 WCB 市場成長已經加速到兩位數低位，並將繼續在未來幾年擴展到數十億美元的市場。

Moving on to other updates, we continue to expand our sales organization with the goal of further penetrating existing accounts as well as calling on new potential assured prescribers. As we have discussed previously, we are targeting geographies in which we have a high volume of WCD prescriptions and where we also have strong in-network payer coverage. We currently have approximately 100 active sales territories, up from about 80 sales territories at the end of fiscal year 2025 in April.

接下來是其他更新，我們將繼續擴大銷售組織，目標是進一步滲透現有客戶，並拜訪新的潛在指定處方醫生。正如我們之前討論過的，我們的目標是那些WCD處方量大且我們擁有強大的網絡內支付方覆蓋範圍的地區。我們目前擁有約 100 個活躍的銷售區域，而 2025 財年末（4 月）的銷售區域約為 80 個。

While this will not be a data point that we will be updating on a quarterly basis, our territory additions in the second quarter were in line with our hiring plan. And we continue to aggressively expand our sales coverage. In recent months, we have seen the addition of clinical specialists in select markets, complementing our sales territory coverage and supporting further penetration of accounts.

雖然我們不會按季度更新這一數據點，但我們在第二季度新增的業務區域與我們的招聘計劃相符。我們將繼續積極擴大銷售覆蓋範圍。近幾個月來，我們在特定市場增加了臨床專家，完善了我們的銷售區域覆蓋範圍，並支援進一步拓展客戶群。

We also continue to make progress on improving our RCM capabilities, that's revenue cycle management, while also bringing a more, bringing more payers in-network. At the time of our IPO nine months ago, approximately 70% of our fittings were for patients with in-network benefits. This figure is now in the low 80s.

我們也不斷改進我們的 RCM 能力（即收入週期管理），同時引入更多支付方加入網路。九個月前我們上市時，大約 70% 的驗配對像是享有醫保網絡內福利的病人。這個數字現在在80左右。

The higher in-network mix meaningfully increases our team's efficiency and positively impacts all RCM metrics. It's important to note there are over 3,000 players in the United States. So there's still a long tail of regional and local payers we are working to bring under contract.

更高的網路內組合顯著提高了我們團隊的效率，並對所有RCM指標產生了積極影響。值得注意的是，美國有超過 3000 名玩家。因此，我們仍在努力與大量區域和地方付款方簽訂合約。

As you all know, we utilize a leased business model. Our substantial investment in our fleet of devices, each with the capacity to protect approximately 3 patients per year, enables the business to scale with our attractive unit economic profile.

如大家所知，我們採用的是租賃式商業模式。我們對設備進行了大量投資，每台設備每年大約可以保護 3 名患者，這使得公司能夠憑藉我們極具吸引力的單位經濟效益實現規模化發展。

While our current business asset pool can support our near term business objectives, we are continuing to add to our fleet as we grow our field team. Over the long-term, we expect about 90% of our annual patient fittings to be accomplished with reuse of existing devices. So in conclusion, the fundamentals of the Kestra thesis remained intact and were in fact fortified in Q2.

雖然我們目前的業務資產池可以支持我們近期的業務目標，但隨著我們現場團隊的壯大，我們將繼續增加我們的車隊。從長遠來看，我們預計每年約 90% 的患者適配工作將透過重複使用現有設備來完成。綜上所述，Kestra 理論的基本原理在第二季度得到了鞏固和加強。

WCD market growth is accelerating, Castra revenue is growing north of 50%, and gross margin has expanded beyond 50% for the first time. We have an underserved medical education where we offer a clearly effective and superior solution. We have rapidly closed the GAAP on payer endorsement of our product. And we are implementing a commercial expansion plan to significantly grow the business.

WCD 市場成長加速，Castra 營收成長超過 50%，毛利率首次超過 50%。我們的醫學教育資源匱乏，而我們能夠提供明顯有效且更優越的解決方案。我們已迅速結束了支付方對我們產品的認可的 GAAP 流程。我們正在實施一項商業擴張計劃，以大幅提升業務水準。

Our commercial plan is now supported by a large body of clinical evidence that has some potential to influence the prescription guidelines. Our execution has been strong across all elements of the business, and the foundation we have built has positioned Kestra for strong growth this fiscal year and beyond.

我們的商業計劃現在得到了大量臨床證據的支持，這些證據有可能對處方指南產生影響。我們在業務的各個方面都展現出了強大的執行力，我們所建立的基礎使 Kestra 在本財年及以後都能實現強勁增長。

I'd like to thank our incredible team in the field and here at the Home Office in Kirkland for their passion and commitment to the Kestra mission. I'll now turn it over to Vaseem who will discuss second quarter financial results in more detail and provide our updated fiscal year 2026 revenue guidance. Vaseem.

我要感謝我們出色的現場團隊以及柯克蘭總部的全體工作人員，感謝他們對 Kestra 使命的熱情和奉獻。現在我將把發言權交給 Vaseem，他將更詳細地討論第二季的財務業績，並提供我們更新後的 2026 財年收入預期。瓦西姆。

Thank you, Brian, and good afternoon, everyone. Total revenue for the quarter was $22.6 million and an increase of 53% compared to prior year period. Revenue growth was driven by a 54% year over year increase in prescriptions. Reflecting market share gains with existing customers and activation of new accounts.

謝謝你，布萊恩，大家下午好。本季總營收為 2,260 萬美元，比上年同期成長 53%。收入成長主要得益於處方量年增 54%。反映了現有客戶的市場份額增長和新帳戶的激活。

Excluding the impact of one-time revenue pickup in the prior year from a pair converting to accrual accounting, our revenue growth for this quarter was 60%. Gross margin was 50.6% in the second quarter compared to 39.6% in the prior year period as Brian mentioned, we have now expanded our gross margin sequentially eight quarters in a row.

如果排除上一年一對公司改用權責發生製會計帶來的一次性收入成長的影響，我們本季的營收成長率為 60%。第二季毛利率為 50.6%，去年同期為 39.6%。正如布萊恩所提到的，我們已經連續八個季度毛利率較上季成長。

The continued expansion in gross margin was driven by the attractive unit economics inherent in Kestra's rental model, a higher revenue per fit from more in-network patients, and a 20% decline in cost per fit driven by volume leverage and cost improvement projects.

毛利率的持續成長得益於 Kestra 租賃模式固有的良好單位經濟效益、更多網絡內患者帶來的每次安裝更高收入，以及透過規模槓桿和成本改進項目實現的每次安裝成本下降 20%。

In the quarters ahead, you should expect to see steady and consistent increases in our gross margins as our rental model benefits significantly from the volume and depreciation leverage. We remain confident in our ability to achieve 70% margins in the next few years.

在接下來的幾個季度裡，隨著我們的租賃模式從銷售和折舊槓桿中獲益匪淺，您應該會看到我們的毛利率穩定持續成長。我們仍有信心在未來幾年內實現70%的利潤率。

As we have discussed previously, higher in-network mix unlocks the power of Kestra's business model. We entered the quarter with our in-network mixed percentage in the low 80s and are seeing improvements in all three key drivers of our conversion rate our prescription fill rate, our bill rate, and our collections performance.

正如我們之前討論過的，更高的網路內組合可以釋放 Kestra 商業模式的力量。本季初，我們的網路內混合百分比在 80% 左右，而我們的轉換率、處方配藥率、帳單率和收款業績這三個關鍵驅動因素均有所改善。

Our conversion rate in the second quarter was 48.8%, up from an adjusted conversion rate of 48.2% in the prior year period. As we continue to bring more payers in network and enhance our revenue cycle management capabilities, we will see benefits in our revenue growth, our gross margins, and our profitability profile.

第二季的轉換率為 48.8%，高於去年同期調整後的 48.2%。隨著我們不斷增加網路內的支付方數量，並提升收入週期管理能力，我們的收入成長、毛利率和獲利能力都將得到提升。

We operating expenses were $43.2 million in the second quarter and included a $1 million of non-recurring cost associated with professional fees and costs related to our recent equity offering. GAAP operating expenses were $25 million in the prior year period.

第二季我們的營運支出為 4,320 萬美元，其中包括 100 萬美元的非經常性成本，這些成本與專業費用以及我們最近的股權發行有關。上年同期GAAP營運費用為2500萬美元。

Excluding non-recurring costs and stock-based compensation, operating expenses were $33.5 million in the second quarter of fiscal year 2026 compared to $23.8 million in the prior year period. The increase was primarily attributable to investments in commercial expansion and public company costs.

不計非經常性成本和股票選擇權費用，2026 財年第二季的營運費用為 3,350 萬美元，而去年同期為 2,380 萬美元。成長主要歸因於商業擴張投資和上市公司成本。

GAAP net loss was $32.8 million in the second quarter compared to a GAAP net loss of $20.6 million in the prior year period. And adjuster EBITDA loss was $19.7 million in the second quarter compared to an adjusted EBITDA loss of $16.1 million in the prior year period.

第二季GAAP淨虧損為3,280萬美元，而上年同期GAAP淨虧損為2,060萬美元。第二季調整後 EBITDA 虧損為 1,970 萬美元，而上年同期調整後 EBITDA 虧損為 1,610 萬美元。

Cash and cash equivalent total $175.4 million as of October 31, 2025. This does not include the $148 million of net proceeds we received from our public equity offering last week.

截至 2025 年 10 月 31 日，現金及現金等價物總額為 1.754 億美元。這還不包括我們上週透過公開發行股票獲得的 1.48 億美元淨收益。

I will now provide our updated fiscal year 2026 guidance. We are increasing revenue guidance to $91 million representing a growth of 52% compared to fiscal year 2025. This compares to prior guidance of $88 million and our initial fiscal year 2026 guidance of $85 million.

現在我將提供我們更新後的2026財年業績指引。我們將營收預期上調至 9,100 萬美元，與 2025 財年相比成長 52%。這與先前 8,800 萬美元的預期以及我們最初對 2026 財年的 8,500 萬美元預期相比有所下降。

Underpinning this guidance is our expectation that we will continue to see strong growth in prescriptions as our market share increases and the WCD market continues to expand. We expect the revenue per fit to continue to benefit from a higher mix of in-network patients and improvements in our revenue cycle management capabilities.

這項指導原則的依據是我們預期隨著市場佔有率的增加和WCD市場的持續擴張，處方量將持續強勁成長。我們預計，隨著網路內患者比例的提高以及收入週期管理能力的改善，每次就診的收入將繼續受益。

With that operator, we have concluded our prepared remarks and are ready to proceed to the Q&A portion of the call.

我們已經結束了與該接線員的發言，準備進入電話會議的問答環節。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Matthew O'Brien, Piper Sandler

馬修·奧布萊恩，派珀·桑德勒

Good afternoon. Excuse me, thanks for taking the questions. For starters, maybe to see more, Brian, just talk a little bit about the guide for the year. It's nice to see it above what, how you beat here in fiscal Q2, but maybe just talk a little bit about the cadence of the guidance, especially Q3, which I think has some seasonality to it. And just given that you're a newer public company, maybe just talk about that and then. And then just, other factors you're considering as you think about the full year and then again I do have a follow-up.

午安.不好意思，謝謝您回答這些問題。首先，布萊恩，或許我們應該多了解一些情況，就簡單談談今年的指南吧。很高興看到它高於預期，以及你們在第二財季是如何超越預期的，但或許可以稍微談談業績指引的節奏，特別是第三財季，我認為這其中存在一些季節性因素。鑑於你們是一家較新的上市公司，或許可以先談談這個話題。然後，在考慮全年計劃時，你還會考慮其他因素，我還有一個後續問題。

Yeah, thanks for the question, Matt. As we've said in the past, we are a run rate business and we track our performance on a weekly daily, weekly, and a monthly basis. Our revenue growth has historically been driven by prescription volume growth, our in-network mix, and the revenue cycle management initiatives that we've been driving.

是的，謝謝你的提問，馬特。正如我們之前所說，我們是一家按日、週、月進行業績追蹤的企業。從歷史上看，我們的收入成長主要得益於處方量成長、網路內組合以及我們一直在推進的收入週期管理措施。

We remain focused on these drivers and are tracking, all of the KPIs in the right direction. Our strategy to expand our sales force responsibility so that we continue to deliver the service level to the patients, and we've talked about how critical and important that is, and we're still early in our public company journey, so our guidance philosophy is based on delivering consistent quarterly results that establish trust and confidence with investors, and again just a reminder, we have one of the fastest growth profiles in all of Medtech, and consensus has us growing at 45% to 50% through 2028.

我們將繼續關注這些驅動因素，並追蹤所有關鍵績效指標，確保它們朝著正確的方向發展。我們的策略是擴大銷售團隊的職責範圍，以便我們能夠繼續為患者提供優質服務。我們已經討論過這一點的重要性，而且我們仍處於上市初期，因此我們的業績指導理念是基於持續交付季度業績，從而建立投資者的信任和信心。再次提醒大家，我們在整個醫療技術領域擁有最快的成長速度之一，市場普遍預期到 2028 年，我們的成長率將達到 45% 至 50%。

Thanks for that. And then as a follow-up, and there's a million places I could go here, but maybe just Brian, use of proceeds now and again, I don't want to skid over our skis too much as far as the impact of some of these investments, but just how do we think about, this additional capital in terms of accelerating some of the, growth initiatives that you have at Kestra. Thanks so much.

謝謝。然後，作為後續，我有很多話要說，但也許布萊恩，關於收益的用途，我不想過多地討論這些投資的影響，但我們該如何考慮這筆額外的資金，以加速你在Kestra的一些增長計劃。非常感謝。

Yeah, thanks for the question, Matt. You know what we're trying to do is we're trying to build a durable top tier med tech growth profile for years to come. And, as we've, we, in the first half of the year, we've gone faster than our plan, and so we wanted to de-risk any future capital needs and really fortify our balance sheet as we continue to invest in those key growth drivers. We decided to take advantage of the timing of the strong ACE pass clinical results and also our strong Q2 performance.

是的，謝謝你的提問，馬特。你知道，我們正在努力打造一個能夠持續多年保持頂尖醫療技術成長的永續發展模式。而且，正如我們今年上半年所做的那樣，我們的發展速度超過了計劃，因此我們希望降低未來任何資本需求的風險，並在繼續投資於這些關鍵增長驅動因素的同時，真正加強我們的資產負債表。我們決定利用 ACE 臨床試驗取得強勁成果的時機，以及我們第二季的良好表現。

And I think from our perspective, we're going to now with that capital in hand, we're going to go through our planning process on our fiscal calendar we are just kicking into our annual planning process we'll be doing that in conjunction with our board over the next few months and we'll be outlining what the what the impact of that capital may be on our strategies for the next couple of years so it it's a strong move for us. We feel good about having the balance sheet in a in a good place and it gives us optionality, frankly, especially with the potential of, the clinical results impacting, the guidelines in the future so we're happy to get that done.

我認為從我們的角度來看，現在有了這筆資金，我們將按照財政年度的規劃流程進行規劃。我們剛啟動年度計畫流程，在接下來的幾個月裡，我們將與董事會一起完成這項工作，並概述這筆資金可能對我們未來幾年的策略產生的影響，所以這對我們來說是一個強有力的舉措。我們對目前的資產負債表狀況感到滿意，坦白說，這給了我們更多的選擇，尤其是考慮到臨床結果可能會對未來的指南產生影響，所以我們很高興能夠完成這項工作。

Got it thanks so much.

收到了，非常感謝。

Larry Beagleson, Wells Fargo

拉里·比格爾森，富國銀行

Good afternoon. Thanks for taking the question. Congrats on a nice, quarter here, Brian. I wanted to ask about the AHA data. I heard your comment about the WCD market growing low single-digits. Are you already seeing an impact from the data? Any color on this? This is this share more share capture, more market expansion or both? And I had a follow-up.

午安.感謝您回答這個問題。布萊恩，恭喜你這季業績不錯。我想問一下AHA的數據。我聽到了你關於WCD市場成長率僅為個位數的評論。您是否已經看到數據帶來的影響？這個有顏色嗎？這是為了進一步提升市場份額，還是為了進一步擴張市場，抑或兩者兼具？我還有後續問題。

Yeah, hey Larry, thanks for the question, and just to clarify, the market growth is low double-digit, is our calculation which is up. At least several points from, at the time of the IPO, so we are seeing the market expansion absolutely accelerate now when it comes to the post clinical, results, presentation, we are, it's a little too early to see it in the numbers, but anecdotally we're absolutely seeing. Some really exciting cases of where our reps have been in front of clinicians telling our story, telling the story of our clinical data, and clinicians making different decisions than they had before we've had.

是的，嘿，拉里，謝謝你的提問。為了澄清一下，我們計算出的市場成長率是兩位數的低位，這是上升的。至少從 IPO 時的情況來看，我們看到市場擴張正在加速，現在就臨床後的結果和展示而言，現在從數字上看還為時過早，但從軼事來看，我們確實看到了這一點。我們的一些代表曾多次與臨床醫生交流，講述我們的故事，展示我們的臨床數據，並幫助臨床醫生做出與之前不同的決定，這些案例非常令人興奮。

I know I, I've heard directly from a handful of reps who said when I presented the data to our, my physician, they said I didn't realize the risk level was this high. I'm going to start thinking about this device for a broader spectrum of my of my patients, so that's really good news for us. I think another really interesting data point, obviously with that data in hand, we're hitting the street, and really working on the clinical education, and so our medical education team.

我知道，我直接從幾位代表那裡聽說，當我把數據呈現給我的醫生時，他們說我沒有意識到風險水平這麼高。我打算開始考慮將這種設備應用於更廣泛的患者群體，這對我們來說真是個好消息。我認為另一個非常有趣的數據點是，顯然，有了這些數據，我們就會走上街頭，真正著手進行臨床教育，我們的醫學教育團隊也是如此。

Actually, in the month of December, this is sort of a fun fact, the month of December, we will be conducting more medical education events with providers than we have in Q1 and Q2 of FY26 combined. So we're getting after it and so far the feedback has been terrific and the team is really excited to be out there talking about it.

事實上，還有一個有趣的事實：在 12 月份，我們將舉辦比 2026 財年第一季和第二季加起來還要多的醫療服務提供者的醫學教育活動。所以我們正在全力以赴，到目前為止，反饋非常棒，團隊也對走出去談論這件事感到非常興奮。

That's great to hear. And Brian, could you talk a little bit about the rep productivity among the base reps and the new reps and your Salesforce hiring plans? I heard the 100 number, but the hiring plans following the recent secondary, are you planning to accelerate your commercial plans and, are you willing to kind of tell us where you expect to end the year? Thank you.

聽到這個消息真是太好了。Brian，您能否談談現有銷售代表和新銷售代表的生產力以及您們的 Salesforce 招募計畫？我聽說了100這個數字，但是根據最近的二級市場反應，你們的招聘計劃是否計劃加快商業計劃？你們能否透露一下你們預計今年底的業績目標？謝謝。

Yeah, thanks Larry. If you, if you recall when at the time of the IPO we said we were, we had about 70 reps at that time, we said over the next couple of years we were going to double that, as I reported, we were up to about 100 reps now. I think we'll probably in the next six to eight months get close to having that doubling of that original number, so, we definitely are, right on plan with our hiring plan as I mentioned, to Matt's question, we are going to be going through a planning process here over the next few months to kind of figure out what. We want that rate to look like as we move into our next fiscal year '27. So we'll be taking that question up and, the nice thing is, we have, as I mentioned, we have the optionality now to look and say, okay, where might we want to, evaluate, an even accelerated plan.

謝謝你，拉里。如果你還記得，在公司上市的時候，我們說過當時我們有大約 70 名代表，我們說過在接下來的幾年裡，我們將把這個數字翻一番，正如我報道的那樣，我們現在已經有大約 100 名代表了。我認為在接下來的六到八個月裡，我們可能會接近實現最初數字的兩倍，所以，正如我所提到的，我們的招聘計劃肯定是按計劃進行的。至於 Matt 的問題，我們將在接下來的幾個月進行規劃過程，以弄清楚接下來會發生什麼。我們希望進入下一個財政年度 '27 時，這個比率能維持這樣的水準。所以我們會討論這個問題，而且，正如我所提到的，好消息是我們現在可以選擇考慮，看看我們是否想要評估一個更加速的計劃。

All right, thanks so much.

好的，非常感謝。

Mike Polark, Wolf Research

麥克·波拉克，狼研究

Hey, good afternoon, maybe a question on the guidelines, is there event path to identify for us, Brian, timing, in a lot of these fields guidelines can take a really long time and, it sounds like you're, in front of doctors with the message from all of this, data anyways, but are the guidelines nice to have down the road, or do you view it as a needle mover, and if so, when. When might something like that be up for adjustment.

嘿，下午好，關於指南，我有個問題。布萊恩，有沒有一些事件路徑需要我們去確定？時機呢？在許多領域，指南的製定可能需要很長時間。聽起來你好像已經把所有這些資訊（包括數據）傳達給醫生們了。但是，這些指南是以後才有用，還是你認為它們能起到推動作用？如果是的話，什麼時候能發揮作用？這類事情什麼時候可能需要調整？

Yeah, thanks, Mike, for the question. first, let me just be extremely clear in saying that, our exciting growth profile that we have planned for the next five years, does not rely on the guidelines changing. There's no reliance on that in our business plan.

是的，謝謝你的提問，麥克。首先，我要非常明確地說明，我們為未來五年制定的令人振奮的成長計劃，並不依賴指導方針的改變。我們的商業計劃中沒有依賴這一點。

So, having said that, we do believe that the clinical evidence warrants a review of that. Now the committee that is responsible for this is a the arrhythmia committee that is a part of AHA and HRS. They will meet on an ad hoc basis when there's sufficient new evidence or a new product comes to market.

所以，綜上所述，我們認為臨床證據值得對此進行審查。現在負責此事的委員會是心律不整委員會，該委員會隸屬於美國心臟協會 (AHA) 和心律學會 (HRS)。當有足夠的新證據或有新產品上市時，他們會不定期召開會議。

So there's not a scheduled time for them to do that. We will obviously be seeking to get the newly established evidence by both Kestra and our competitor in front of them, so they understand that maybe this is the time to start to reevaluate those guidelines, and we think there's. There's a real reason, real strong clinical reason for them to do that. So, I don't know, a firm guide guideline, meeting schedule, but I do think there's going to be some strong momentum for for getting that ball rolling.

所以他們沒有安排固定的時間來做這件事。我們顯然會努力將 Kestra 和我們的競爭對手新近提供的證據擺在他們面前，以便他們明白，也許現在是時候重新評估這些指導方針了，我們認為確實如此。他們這樣做是有充分理由的，而且是有充分臨床理由的。所以，我不知道，一個確切的指導方針、會議安排，但我認為會有強勁的勢頭推動這件事向前發展。

Helpful and for the follow-up, the common on low double-digit, WCV category growth, just doing some napkin math here, you're growing 50% you're maybe 10 points of the market, it kind of implies, your competitor hasn't slowed down versus where they were, so, you're not purely taking from them it is market expansive, and I'm curious just to confirm the math that that the way you see your competitor they're growing. Like they used to and you're adding on top of that, thank you.

很有幫助。關於後續問題，通常情況下，WCV類別的成長幅度會比較小，例如兩位數。我粗略地算了一下，如果你成長了50%，你的市佔率可能只比競爭對手高出10個百分點。這似乎意味著你的競爭對手的成長速度並沒有放緩，所以你並不是完全從他們身上搶奪市場份額，而是市場擴張。我只是想確認一下，你對競爭對手成長的看法是否與此一致。就像他們以前那樣，而且你還在此基礎上做了更多，謝謝。

Yeah, I think the math is roughly, first of all, it's all, they released their earnings results, a month ago or so now. And they did call out this part of their business, so, they reported a little over 5%, growth in that business. So if we have, we think we're probably at about 13% share now. So if we're growing at 53% at 13% of the market and they're growing at 5% at 87% of the market, you can do the math and that's how we get there.

是的，我認為大致情況是這樣的，首先，他們大約在一個月前發布了收益報告。他們確實提到了這部分業務，並報告稱該業務增長了略高於 5%。所以如果我們有市場份額的話，我們認為我們現在的市場份額可能在 13% 左右。所以，如果我們以 53% 的成長率佔據 13% 的市場份額，而他們以 5% 的成長率佔據 87% 的市場份額，你可以算算，這就是我們取得這種成績的方式。

And I think it, it's as good data as we've ever had because in the past, they haven't really called out that, specific part of their business, separately so we feel like that's a really supportable data point. We of course will buttress that data with, our claims data, that allows us to come at that from the other direction, but we feel pretty good about. You know what that what that's telling us and it it definitely says that you know we're definitely taking share where we put reps and we're also growing the market. Thank you.

我認為這是迄今為止我們掌握的最好的數據，因為過去他們並沒有真正單獨指出他們業務的這一特定部分，所以我們覺得這是一個非常有說服力的數據點。我們當然會用我們的理賠數據來佐證這些數據，這使我們能夠從另一個角度來看待這個問題，但我們對此感覺相當不錯。你知道這告訴我們什麼嗎？這無疑表明，我們確實在我們投入銷售代表的地方獲得了市場份額，而且我們也在擴大市場。謝謝。

David Roman, Goldman Sachs

大衛羅曼，高盛

Thank you. Good afternoon, everyone. I know, I know there's been a lot of focus on them ACEPASS data here and what they might be able to do. For guidelines, but if you kind of reflect on what you're seeing, on a day-to-day real-world basis, what are some of the things that you view as contributing to this acceleration in overall category growth?

謝謝。大家下午好。我知道，我知道大家一直都很關注ACEPASS數據以及它們可能發揮的作用。僅供參考，但如果你反思一下你每天在現實世界中看到的情況，你認為有哪些因素促成了整個品類成長的加速？

And as we think through things like the conversion rate and some of the other metrics that kind of informed the model on a go forward basis, maybe just update us on where you think we are and some of the key drivers there like the prescriptions to fitting and then the fitting to what's revenue and where you are on kind of kind of average word time. I know, I know I threw a lot out there, but, I'll leave it at that for my question and follow-up then.

當我們思考轉換率以及其他一些指標，這些指標在一定程度上影響著未來的模型時，或許可以更新一下您認為我們目前所處的位置，以及一些關鍵驅動因素，例如匹配處方、匹配與收入的關係，以及您在平均字數方面所處的位置。我知道，我知道我剛才說了很多，但是，我的問題和後續就到此為止吧。

Yeah, thanks, David, and by the way, your audio is a little garbly, so I think I, got your questions. I'll let Basim talk to the conversion rate stuff, but when it comes to the clinical data and what we're seeing, I think the biggest impact of it is, it's, the, everybody knows that the external defibrillator works. We've proven, that patients will wear our device for extremely long periods of time if necessary.

是的，謝謝你，大衛。順便說一句，你的音頻有點含糊不清，所以我想我沒聽清楚你的問題。關於轉換率的問題，我會讓 Basim 來談談，但就臨床數據和我們所看到的情況而言，我認為它最大的影響是，每個人都知道體外去顫器是有效的。我們已經證明，如有必要，患者會長時間佩戴我們的設備。

So the remaining question was this question around risk and. Our competitor recently published a big German study, which was a national registry, and it was really a study that was trying to identify what the risk of cardiac arrest was in these patients, including the non-ischemic cardiomyopathy patients.

所以剩下的問題就是關於風險的問題。我們的競爭對手最近發表了一項大型德國研究，這是一項全國性登記研究，旨在確定這些患者（包括非缺血性心肌病變患者）發生心臟驟停的風險。

So now, on top of that 19,000 patient study, we come in with a 21,000 patient study that Has, among other other metrics, it has that data, and it confirms that risk level in an entirely different healthcare system, the United States system.

所以現在，除了那項 19,000 名患者的研究之外，我們又有了一項 21,000 名患者的研究，該研究除其他指標外，還包含了這些數據，並證實了在一個完全不同的醫療保健系統（即美國系統）中存在這種風險水平。

So now we have two different countries, two different systems that are both saying the same thing about the risk of these patients, especially in the first 90 days. That's the eye opener for these clinicians. They're saying, I didn't realize the risk was that great, and that's leading them, to assess the decisions that they're making about WCDs. It is early. We're just getting started with it. Data, but the early returns are certainly positive. I see, you want to talk a little bit about the impacts of insurance coverage and in-network and conversion rates, etc. Sure.

所以現在有兩個不同的國家，兩種不同的系統，都對這些患者的風險，特別是前 90 天的風險，給了相同的結論。這讓這些臨床醫師大開眼界。他們說，我之前沒有意識到風險這麼大，這促使他們重新評估自己對 WCD 所做的決定。現在還早。我們才剛起步。雖然有數據支持，但初步結果無疑是正面的。我明白了，你想談談保險覆蓋率、網路內就診率和轉換率等方面的影響。好的。

So David, thanks for the question. I think, when I look at the conversion rate metric, I think we've made such tremendous progress over the last few years and just to remind everybody, our conversion rate in fiscal year 2024, 38%. Fiscal year 2025 was 44% and we just for this quarter our conversion rate is going to be approximately 49% so a huge huge improvement and I think that kind of goes to the point that you were making David which is.

大衛，謝謝你的提問。我認為，從轉換率指標來看，我們在過去幾年取得了巨大的進步，提醒大家一下，我們在 2024 財年的轉換率為 38%。2025 財年的轉換率為 44%，而本季的轉換率約為 49%，這是一個巨大的進步，我認為這正好印證了你剛才說的 David 的觀點。

All of those KPIs, whether it's the prescription fill rate or the in-network mix rate, which really drives the conversion rate and our collections performance, they're all tracking in the right direction and we continue to make good progress on that and our strategy for that in-network mix remains unchanged as we have said in the past, we are deploying new reps into high prescription density areas and also deploying them into high coverage areas so that's really helping us. Move the rate along, and again I want to remind everybody the GAAP to close for us is not from 48% to 100%, it's just to those high 60s, which is where we think Zoel is at with 25 years.

所有這些關鍵績效指標，無論是處方配藥率還是網絡內配藥率（這真正影響轉換率和我們的收款業績），都在朝著正確的方向發展，我們在這方面繼續取得良好進展。正如我們過去所說，我們針對網路內配藥率的策略保持不變，我們正在向處方密度高的地區和覆蓋率高的地區部署新的銷售代表，這確實對我們有所幫助。推動利率上漲，我再次提醒大家，我們GAAP的收盤價不是48%到100%，而是60%以上，我們認為Zoel 25年來的利率就在這個水準。

Alright, great, thank you for all the detail.

好的，太好了，謝謝你提供的所有細節。

Marie Thebault, BTIG

瑪麗·特博，BTIG

Good evening. Thanks for taking the questions. Wanted to ask here quickly about the prescription volume strength. A couple quarters here above 50%. Do you expect that to be sustainable or did you, see anything kind of out of the ordinary in the quarter? And as part of that, are you also sort of seeing prescribers, kind of alternate prescribers like, physician assistant and nurse practitioners starting to join. Up as prescribers just would love to hear a little bit more of what you're seeing on the ground from the prescribers.

晚安.謝謝您回答問題。我想在這裡快速問一下處方藥的劑量強度。這裡有幾個季度超過了 50%。你認為這種情況能夠持續嗎？或者你在本季是否觀察到任何異常情況？作為其中的一部分，您是否也看到一些處方者，例如醫師助理和執業護理師等替代處方者開始加入？作為處方醫生，我們很想多了解您在實際操作中從其他處方醫生那裡了解到的情況。

Yeah, thanks for the question, Marie. I think when it comes to, the north of 50% rate, we don't see anything that. That would will reduce that we we're winning not only are we further penetrating existing accounts but we're also continuing to add additional hospitals to our account list so we expect to continue to see nice prescription acquisition rates.

是的，謝謝你的提問，瑪麗。我認為，就超過 50% 的利率而言，我們還沒有看到任何跡象。這將減少我們取得勝利的可能性，我們不僅進一步滲透現有客戶，而且還在繼續將更多醫院添加到我們的客戶名單中，因此我們預計處方獲取率將繼續保持良好水平。

Then, when it comes to the prescribers themselves, I think the typical, prescribers for us, they're not all just the physicians. We get a lot of, physician assistants, we get a lot of other people in the providers who are, actually executing on those obviously under the umbrella of the position.

然後，說到開處方的人本身，我認為我們這裡典型的開處方者，並非全是醫生。我們有很多醫師助理，還有很多其他醫療服務提供者，他們實際上都在執行這些工作，顯然都屬於該職位的範疇。

So you know when we talk about medical education and some of our strategies around that, especially with the clinical results, we're not just targeting physicians, we're also targeting APPs and other clinicians in the practice because we know that they're really central to the strategy there.

所以你知道，當我們談到醫學教育以及我們圍繞這方面的一些策略時，特別是臨床結果方面，我們的目標不僅是醫生，我們還將目標鎖定在高級執業護士和實踐中的其他臨床醫生身上，因為我們知道他們在這一策略中起著至關重要的作用。

So I think the good news about the high prescription rate in Q2. Was that didn't have the benefit of the new clinical results. So, I think those stood on their own, and there was no sort of one-off events or anything else that you might point to and say, hey, that's a, that's kind of a, you know usual event. This is just, this is literally as Vaseem said earlier, it's a day by day, week by week, month by month business, and we're just out there competing every single day in the territories that we're in, and the fact is that we're winning where we're competing.

所以我認為第二季處方率高是個好消息。那是因為沒有利用到新的臨床結果。所以，我認為這些事件都是獨立的，沒有任何一次性的事件或其他什麼事情，你可以指出來，說，嘿，那是一個，那是一個，你知道的，常見的事件。正如 Vaseem 之前所說，這完全是按日、按週、按月進行的生意，我們每天都在我們所處的地區競爭，而事實是，我們在競爭的領域都取得了勝利。

Yeah, very helpful and good point on ACEPASS not being in the quarter. Wanted to follow-up here then with, any detail on sort of OpEx spending plans. I noticed a little bit of a tick up this quarter, obviously the new territory, reps that would make sense. Is this kind of the new sustained level going forward? Anything you want to give us on cadence of OpEx going forward this fiscal year? Thanks for taking the questions.

是的，這很有幫助，關於ACEPASS不在本季內這一點說得很好。那麼我想在這裡跟進一下，關於運營支出計劃的任何細節。我注意到本季略有上升，顯然是進入了新領域，這樣的表現也合情合理。這會是未來持續的新境界嗎？關於本財年接下來的營運支出節奏，您還有什麼想透露的嗎？謝謝您回答問題。

So Marie, thanks for the question, and I think on the OpEx, we are winning, we are overachieving versus our kind of, guidance that we had put out initially, and we know that that comes with some, level of investment and reinvestment, and we continue to make sure that we are deploying our investments into the two key areas which is one, expansion of the team, and two, on the revenue cycle management capability and as Brian has mentioned in the past this is a service level business we have to make sure that not only do we have the right level of coverage we want to make sure that we have the right level of CapEx to support those teams and then at the same time to be able to convert those prescriptions into cash and revenue we have to have the right revenue cycle management capability so. Again, we feel that, the run rate that we're on will help us get to, not only the guidance but also continue to accelerate growth into 2027 and we'll continue to make those investments.

瑪麗，謝謝你的提問。我認為在營運支出方面，我們做得非常出色，超越了我們最初設定的預期目標。我們知道這需要一定程度的投資和再投資，我們將繼續確保將投資投入兩個關鍵領域：一是團隊擴張，二是收入週期管理能力。正如布萊恩之前提到的，這是一個服務型企業，我們不僅要確保有足夠的覆蓋範圍，還要確保有足夠的資本支出來支持這些團隊。同時，為了能夠將這些處方轉化為現金和收入，我們必須具備完善的收入週期管理能力。我們再次認為，我們目前的成長速度不僅能幫助我們實現預期目標，還能在 2027 年持續加速成長，我們將繼續進行這些投資。

All right, thanks so much.

好的，非常感謝。

Travis Steed, Bank of America Securities

特拉維斯·斯蒂德，美國銀行證券

Hi, this is Stephanie Piazzolla for Travis. Thanks for taking the question and congrats on a good quarter. Last quarter you talked about the expanded clinical specialist role to support further penetration in existing accounts. So just wanted to follow-up on that and see if there's anything you can share on how that strategy is going and the impact on the business and penetration within existing accounts since making that change.

您好，我是代表 Travis 的 Stephanie Piazzolla。感謝您回答這個問題，並祝賀您本季業績出色。上個季度您談到了擴大臨床專家角色，以支援在現有客戶中進一步滲透。所以我想跟進一下，看看您能否分享一下該策略的進展情況，以及自做出這項改變以來對業務和現有客戶滲透率的影響。

Thanks, Stephanie, for the question. Yeah, I think as we reported last quarter, we were starting to hire some clinical specialists to put those in some of our really high producing accounts. And the basic strategy there is once you get, a high-performance account up and running, you have a clinical specialist who can come in and really, maintain that account and give that, territory rep a little more bandwidth to go open up new accounts and that's really the core of the state.

謝謝斯蒂芬妮的提問。是的，我認為正如我們上個季度報告的那樣，我們開始聘請一些臨床專家，將他們安排在我們一些業績非常好的客戶那裡。基本策略是，一旦你建立了一個高效的客戶帳戶並使其運轉起來，你就會有一位臨床專家來維護該帳戶，從而讓區域代表有更多的精力去開發新客戶，這才是該州的核心所在。

We started to, implement that program in the last quarter and we hired our first kind of cohort of those clinical specialists. So far the feedback on that has been, really good. I don't see this as a case where we're going to, add one to one for every rep, but I do think that we will selectively put more clinical specialists out there. To help manage the just the day to day, care and feeding of those significant accounts. So far, so good on that, the early returns are positive and we like the strategy.

我們在上個季度開始實施該計劃，並聘請了第一批臨床專家。到目前為止，收到的回饋都非常好。我不認為我們會給每個代表增加一名臨床專家，但我認為我們會選擇增加臨床專家的數量。幫助管理日常事務，維護和保養這些重要客戶。目前來看，一切進展順利，早期回報為正，我們很喜歡這個策略。

Thank you, that's helpful. And then for my follow-up, just wanted to ask on gross margin. It was another great quarter of expansion there, reached above 50% and have talked about getting to 70% in the next few years. So, just wanted to follow-up on the path to get there, and then any help and how we should think about the gross margin for this year. Thank you.

謝謝，這很有幫助。最後，我還想問毛利率的問題。該季度又實現了大幅擴張，成長率超過 50%，並且已經討論過在未來幾年內達到 70%。所以，我只是想了解實現目標的路徑，以及我們應該如何看待今年的毛利率，希望能得到一些幫助。謝謝。

Yeah, no, thanks, Stephanie for the question. On gross margins again, as Brian mentioned on his prepared remarks, eight quarters in a row we have expanded our gross margins, and I think that goes back to the high say do that we have kind of constantly said we're going to deliver something and done it, and we feel really good about the work that's gone into getting us to the 50% plus range, and I think the unit economics that we have talked about plus the leverage that you get on the depreciation and the volume and the fact that the progress we're making with the in-network mix on on rev cycle is really helping us, expand our gross margins and we feel at this point that.

不，謝謝斯蒂芬妮的提問。關於毛利率，正如布萊恩在事先準備好的演講稿中所提到的，我們已經連續八個季度提高了毛利率。我認為這要歸功於我們一直以來堅持的高目標，我們不斷承諾要實現一些目標，而且最終也做到了。我們對為達到 50% 以上的毛利率所做的工作感到非常滿意。我認為，我們之前討論過的單位經濟效益，加上折舊和銷售帶來的槓桿效應，以及我們在網絡內業務組合和收入周期方面取得的進展，都真正幫助我們提高了毛利率。我們目前認為，

We have good clear line of sight to the margins, in the next couple of years, and we'll continue that journey, that as we run more volume through the P&L and as we, continue to make progress on that in-network mix we should see sustained margins expansion, in the near term and the long-term line of sight of the 70% plus gross margins.

我們對未來幾年的利潤率有清晰的預期，我們將繼續朝著這個方向努力，隨著損益表中業務量的增加，以及我們在網絡內業務組合方面取得的持續進展，我們應該會在短期內看到利潤率的持續增長，並在長期內實現70%以上的毛利率目標。

Rick Weiss, Stele.

Rick Weiss，Stele。

Hi this is Annie on for Rick. Thanks for taking our question. So last quarter you hinted at the potential for new product or technology launches at Castra. Could you give us a sense for what kind of innovation you might be working on? Are you focused on updating your existing systems or potentially developing completely new products?

大家好，我是安妮，替里克為您報道。感謝您回答我們的問題。所以上個季度您暗示了Castra可能會推出新產品或新技術。您能否大致介紹一下您正在研究的創新方向？您是專注於更新現有系統，還是可能開發全新的產品？

Yeah, hey, thanks for the question. You know we're not ready to disclose our full product pipeline for competitive reasons, of course, but we do have, we very intentionally designed, the Assure system to be three distinct platforms the WCT platform. The the wearable platform and the digital platform and and what we're doing is in our pipeline we're innovating in each of those three platforms. Some of that innovation is extending our current capabilities to further differentiate our product. Some of that is, bringing new capability, new therapeutic capability and diagnostic capability of the product. I, I'll say this, we just published a 21,000 patient clinical study, with an incredible amount of data, and we're going to follow that data to develop solutions for unmet needs and other patient conditions where our technologies can be useful, and that's really our focus, and I think if you look into the details of that data. It will, it will give you some clues as to where we're going, and we're excited about, using that data to help us to be, an even better solution. So we've got a steady stream of innovation coming over the next two or three years, and we'll be excited to, get that out into the market, at the appropriate times. So, thank you for the question.

是啊，謝謝你的提問。當然，出於競爭原因，我們還沒有準備好揭露我們完整的產品線，但我們確實有意將 Assure 系統設計成三個不同的平台，即 WCT 平台。穿戴式平台、數位平台，我們正在做的是，我們正在研發的創新產品涵蓋這三個平台。部分創新在於擴展我們現有的能力，以進一步提升我們產品的差異化優勢。其中一些是為產品帶來新的功能、新的治療功能和診斷功能。我要說的是，我們剛剛發表了一項涉及 21,000 名患者的臨床研究，其中包含大量數據，我們將根據這些數據開發解決方案，以滿足未被滿足的需求以及我們技術可以發揮作用的其他患者狀況，這才是我們真正的關注點，我認為如果你仔細研究這些數據，就會明白。它會的，它會給你一些關於我們未來發展方向的線索，我們很高興能夠利用這些數據來幫助我們成為一個更好的解決方案。因此，未來兩三年我們將持續推出創新產品，我們很樂意在適當的時機將這些產品推向市場。謝謝你的提問。

Thanks Brian.

謝謝你，布萊恩。

Thank you. I'm not showing any further questions at this time. I would now like to turn the call back over to Brian Webster for close remarks.

謝謝。我目前不再提出其他問題。現在我想把電話交還給布萊恩·韋伯斯特，請他作總結發言。

Okay, well thank you everyone for joining the call today and as we mentioned earlier, we're pleased with the quarter that we have we've got a really exciting momentum going and as I said the core Kestra thesis is intact, and we're picking up steam on it, so we're excited about the back half of the year and I'm very proud of the Kestra team for the way they, the team has, executed our business plan, every day, every week, and, throughout the quarter. So, thank you for joining us. We'll look forward to seeing you on the next call. Thank you.

好的，感謝各位今天參加電話會議。正如我們之前提到的，我們對本季的業績感到滿意，目前發展勢頭強勁。正如我所說，Kestra 的核心理念仍然穩固，而且我們正在加速前進。因此，我們對下半年充滿期待。我為 Kestra 團隊感到非常自豪，他們每天、每週、整個季度都出色地執行了我們的商業計劃。感謝各位的參與。我們期待在下次通話中見到您。謝謝。

Thank you for your participation in today's conference. This does conclude the program, you may now disconnect everyone have a great day.

感謝您參加今天的會議。節目到此結束，大家可以斷開連線了，祝大家今天過得愉快。