LENSAR Inc (LNSR) 2024 Q3 法說會逐字稿

Good morning and thank you for participation at this time. All participants are in a listen-only mode later, we will conduct a sound a question and answer session as a reminder, this conference call will be recorded. I would now like to turn the call over to Cameron Radinovic of Burns McClellan, Mr. Radinovic. Please go ahead.

早上好，感謝您的參與。所有參與者稍後都處於只聽模式，我們將進行聲音問答環節作為提醒，本次電話會議將被錄音。現在我想將電話轉給伯恩斯麥克萊倫公司的卡梅倫拉迪諾維奇 (Cameron Radinovic)，拉迪諾維奇先生。請繼續。

Thank you operator. Good morning and welcome to the LENSAR third quarter, 2024 financial results conference call. Earlier this morning, the company issued a press release providing an overview of its financial results for the quarter ended September 30th, 2024.

謝謝接線生。早安，歡迎參加 LENSAR 2024 年第三季財務業績電話會議。今天早些時候，該公司發布了一份新聞稿，概述了截至 2024 年 9 月 30 日的季度財務表現。

This press release is available on the investor relations section of the company's website at www.lensar .com.

本新聞稿可在本公司網站 www.lensar .com 的投資者關係部分查閱。

Joining me on the call today is Nicholas Curtis Chief Executive Officer who will review the company's recent business and operational progress. Following his comments, Thomas Staab Chief Financial Officer will provide an overview of the company's financial highlights before turning the call back over to the operator to facilitate answering any questions you may have.

今天與我一起參加電話會議的還有執行長尼古拉斯柯蒂斯，他將回顧公司最近的業務和營運進度。評論結束後，財務長 Thomas Staab 將概述公司的財務亮點，然後將電話轉回給接線員，以便回答您可能遇到的任何問題。

Today's conference call will contain certain forward-looking statements including those statements regarding future results, unaudited and forward-looking financial information as well as the company's future performance and or achievements.

今天的電話會議將包含某些前瞻性陳述，包括有關未來業績、未經審計和前瞻性財務資訊以及公司未來業績和/或成就的陳述。

These statements are subject to known and unknown risks and uncertainties which may cause the company's actual results, performance or achievements to be materially different from any future results or performance expressed or implied in this presentation.

這些聲明受已知和未知的風險和不確定性的影響，可能導致本公司的實際結果、業績或成就與本簡報中表達或暗示的任何未來結果或業績存在重大差異。

You should not place undue reliance on these forward-looking statements for additional information, including a detailed discussion of the company's risk factors. Please refer to the company's documents filed with the Securities and Exchange Commission which can be accessed on the website.

您不應過分依賴這些前瞻性陳述來獲取更多信息，包括對公司風險因素的詳細討論。請參閱該公司向美國證券交易委員會提交的文件，可在網站上查閱。

In addition, this conference call contains time sensitive information that is accurate only as of the date of this live broadcast. November 7th, 2024. LENSAR undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this live call with that. It's my pleasure to turn the call over to Nicholas Curtis, Nich.

此外，本次電話會議包含時間敏感訊息，這些資訊僅在本次直播之日準確無誤。2024 年 11 月 7 日。LENSAR 不承擔修改或更新任何前瞻性陳述以反映本次現場通話日期之後的事件或情況的義務。我很高興將電話轉給尼古拉斯·柯蒂斯 (Nicholas Curtis)。

Thank you, Cam and good morning to everyone. I appreciate you joining us and I'm excited to report that LENSAR had another record breaking third quarter starting from an ALLY system placement standpoint. The third quarter was fueled by the recent market expansion to the EU in Taiwan as we placed a total of 24 new ALLY Systems, an outstanding 118% increase over what had been a strong third quarter of 2023 and a 41% increase over the second quarter of 2024.

謝謝你，Cam，大家早安。感謝您加入我們，我很高興地報告，從 ALLY 系統佈局的角度來看，LENSAR 在第三季度再次創下了紀錄。第三季受到台灣近期向歐盟市場擴張的推動，我們總共安裝了 24 個新的 ALLY 系統，比 2023 年第三季強勁成長了 118%，比 2024 年第二季成長了 41%。

This was driven in part by very solid performance outside of the United States where we sold 11 ALLY systems.

部分原因是我們在美國以外地區表現非常強勁，在那裡我們銷售了 11 台 ALLY 系統。

Following mid third quarter, regulatory clearances in Europe, Switzerland and Taiwan.

第三季中期之後，獲得了歐洲、瑞士和台灣的監管批准。

The rapid trajectory and success of the ALLY International launch speaks to several key factors.

ALLY International 的快速發展和成功說明了幾個關鍵因素。

First, the advanced planning and collaboration between our commercial team and distributor partners in training field service and clinical applications as well as our on site assistance with first installs allowed for a rapid response after clearance to ship ALLY systems.

首先，我們的商業團隊和經銷商合作夥伴在培訓現場服務和臨床應用方面的提前規劃和協作以及我們對首次安裝的現場協助使我們能夠在清關運輸 ALLY 系統後快速做出反應。

Second, we properly prepared the market building interest by supporting our partners and attending multiple conferences, meeting with surgeons and performing demos, shared learnings from US, launch and clinic experience.

其次，我們透過支持我們的合作夥伴和參加多個會議、與外科醫生會面並進行演示、分享來自美國的經驗、發布和臨床經驗，為市場建設興趣做好了充分的準備。

Third works with our distributor partners on two of the larger P/E groups in securing ALLY system commitments.

第三，與兩個較大的 P/E 集團的經銷商合作夥伴合作，以確保 ALLY 系統承諾。

Four facilitated US KOL surgeons using ally to network and perform presentations in several of the conference venues.

四位美國 KOL 外科醫生利用盟友在多個會議場所建立聯繫並進行演示。

And last, I was fortunate enough to have participated in several panel discussions just prior to receiving clearance and shortly thereafter, the Aos European meeting in Prague and recently the ESCRS in Barcelona, I'd like to recognize and thank our distributor partners for their close collaboration and commitment in making the initial ally launch so successful, the strong global interest in allies creating a healthy expansion of new talents, our customer sites which will result in the continued growth of our recurring revenues. Our total installed base of ally systems grew to over 100 on a global basis. Reflecting 170% increase from September 30th of last year, LENSAR's overall installed base including the legacy LENSAR Laser systems has grown to 355 systems representing a 20% increase over Q3, 2023 and an 8% increase quarter over quarter.

最後，我很幸運能夠在獲得批准之前和之後不久參加幾次小組討論，包括布拉格的 Aos 歐洲會議以及最近在巴塞隆納舉行的 ESCRS，我想感謝我們的分銷商合作夥伴的密切合作和承諾，使最初的盟友發佈如此成功，全球對盟友的強烈興趣創造了新人才的健康擴張，我們的客戶站點將導致我們的經常性收入的持續增長。我們在全球範圍內的盟友系統總安裝量已成長至 100 多個。與去年 9 月 30 日相比，LENSAR 的整體安裝基數（包括傳統的 LENSAR 雷射系統）成長了 170%，已成長至 355 個系統，比 2023 年第三季成長 20%，比上一季成長 8%。

In addition to our strong placement activity, we continue to build our pipeline of executed contracts and pending installations.

除了我們強大的安置活動之外，我們還將繼續建立已執行合約和待安裝的管道。

We finished the quarter with a backlog of 24 systems which we expect to install over the next six months.

本季末，我們積壓了 24 個系統，預計在未來六個月內安裝。

I think it would be beneficial at this juncture to provide you with a little bit of color around backlog the time from contract to installation, training and revenue recognition in the US and internationally in the US. On average, it takes approximately 50 days from the time of reaching a signed agreement to installation and first surgeon trained.

我認為此時向您提供一些關於從簽訂合約到安裝、培訓和美國境內以及國際範圍內的收入確認的積壓時間的資訊是有益的。平均而言，從達成簽署協議到安裝和培訓第一位外科醫生大約需要 50 天。

We schedule and perform a site and surgical visit in advance of shipping the ALLY in order to determine the right placement and specifications to install. ALLY, educate us on their current process and flow their surgeons and site preferences in performing their cataract surgery as well as what a typical surgical day entails.

我們在運送 ALLY 之前安排並進行現場和手術訪問，以確定正確的安裝位置和規格。ALLY 向我們介紹了他們目前的流程、外科醫生在進行白內障手術時的偏好和手術場地偏好，以及典型的手術日需要做什麼。

Then we schedule a convenient ship date, provide initial online training as well as an outline on what to expect after installation on site training of staff as well as the surgeon is followed by live surgery.

然後，我們安排一個方便的發貨日期，提供初步的線上培訓以及安裝後現場培訓人員和外科醫生進行現場手術的概述。

We allocate three surgical days with each surgeon performing a minimum of five cases each day utilizing all the features of ALLY to certify the staff and surgeon.

我們分配三天手術日，每位外科醫生每天至少執行五例手術，利用 ALLY 的所有功能來認證工作人員和外科醫生。

At this time, we recognize revenue on the system only. Then all personnel that work with the device need to be certified for use. All surgeons must perform a minimum of 15 cases if a system has fully executed contract but is not installed in the quarter. The agreement is signed, it becomes a backlog system.

目前，我們僅確認系統上的收入。然後，所有使用該設備的人員都需要獲得使用認證。如果系統已完全履行合約但未在本季度安裝，則所有外科醫生必須執行至少 15 例手術。協議簽署後，就成為積壓系統。

This backlog is dependent on the steps I just described as well as any unique installation requirements such as an electrical modification or the room is under construction or they have a competitive system to be removed or waiting for a contract. Expiration, et cetera.

這個積壓取決於我剛剛描述的步驟以及任何獨特的安裝要求，例如電氣改造或房間正在施工，或者他們有一個需要拆除或等待合約的競爭系統。到期等等。

The backlog could take some time and despite the customer commitment remains in a state of flow outside the US. Revenue recognition from LENSAR is very different outside the US. Our distributor partners are responsible for the installation and training. However, when the ally leaves LENSAR's dock, the system becomes the property of the distributor and we recognize the system revenue.

積壓工作可能需要一些時間，儘管客戶承諾，但在美國境外仍處於流動狀態。LENSAR 的收入確認在美國以外地區有很大不同。我們的經銷商合作夥伴負責安裝和培訓。然而，當盟友離開 LENSAR 的碼頭時，系統將成為分銷商的財產，我們確認系統收入。

However, it still takes approximately 60 to 90 days after installation for the site and surgeon to begin to get to a normalized run rate.

然而，安裝後現場和外科醫生仍需要大約 60 到 90 天才能開始達到正常的運作率。

In the bigger picture. It is important to understand the process and thus why there is a rolling or staggered effect on procedure growth and revenue recognition over time.

從更大角度來看。了解流程非常重要，因此，了解為什麼隨著時間的推移，流程成長和收入確認會產生滾動或交錯的影響。

This is the primary driver as to why our quarterly placements can be lumpy and uneven timing with the number of activities can be dependent on many factors. Again, excuse me, previously, we discussed a large P/E group deal that had been executed just after the close of a quarter.

這是導致我們的季度安排不穩定且活動數量時間不均勻的主要原因，這取決於多種因素。再次抱歉，之前我們討論過一項剛在一個季度結束後執行的大型 P/E 集團交易。

This is a game of inches and we're gaining each quarter in the important areas of increasing recurring revenues through procedures and market share gains and footprint.

這是一場寸土必爭的博弈，我們每季都在透過程序、市場佔有率和足跡增加經常性收入等重要領域取得進展。

We achieved $13.5 million of revenue in the third quarter, An increase of over 38% from the third quarter of last year which as I just described was attributable to attributable to robust growth in system placements including 11 O US system sales turning to procedures. We had another quarter of strong growth with procedure volumes increasing 29% over the third quarter of 2023 in us procedures increasing 22% year over year, we expect this trend to continue moving forward as utilization on newly placed systems ramps up particularly with users who are new to LENSAR, having converted to ally from older competing lasers.

我們在第三季度實現了 1,350 萬美元的收入，比去年第三季度增長了 38％以上，正如我剛才所描述的，這歸因於系統安裝的強勁增長，包括 11 O 美國系統銷售轉向程序。我們又經歷了一個強勁增長的季度，2023 年第三季度美國的手術量增長了 29%，比去年同期增長了 22%，我們預計這一趨勢將繼續向前發展，因為新安裝系統的利用率會不斷提高，尤其是對於剛接觸 LENSAR 的用戶來說，他們已經從舊的競爭激光器轉換到盟友。

On average, we see approximately a 13% increase on a LENSAR LLS moving to ALLY and the new to LENSAR allies are net 100% new recurring revenue procedures from the start.

平均而言，我們看到 LENSAR LLS 轉向 ALLY 的收入增加了約 13%，而 LENSAR 的新盟友從一開始就實現了 100% 的淨經常性收入程序。

The more systems we install, the more procedure revenue will begin to grow.

我們安裝的系統越多，程式收入就會成長得越多。

We're really focused on expanding our footprint and placements by first compete converting competitive systems, followed by transitioning current lends our LLS users to third is adding second or multiple systems with high volume, high conversion rate sites and surgeons as well as additional site expansions.

我們真正專注於擴大我們的足跡和位置，首先是競爭性地轉換競爭系統，然後將當前借給 LLS 用戶轉換為第三方，添加具有高容量、高轉換率站點和外科醫生的第二個或多個系統以及額外的站點擴展。

And finally, what we refer to as cataract laser naive accounts which continue to grow the overall entire market.

最後，我們所說的白內障雷射初診病例持續推動整個市場的成長。

According to a recent market scope estimate, our share of the US procedure market increased to approximately 20% as of September 30th.

根據最近的市場範圍估計，截至 9 月 30 日，我們在美國程序市場的份額增加至約 20%。

This is a really healthy increase of of 1.5% over the second quarter.

與第二季相比，這是一個非常健康的成長，成長了 1.5%。

But more impressively, we have gained three and a 5% market share in the past year and nearly 6% since launching ally in the summer of 2022.

但更令人印象深刻的是，我們在過去一年中獲得了 3.5% 的市場份額，自 2022 年夏天推出 Ally 以來，我們的市場份額增長了近 6%。

The US is the largest premium cataract market in the world. And even though we're competing directly against the largest ophthalmology companies in the world, we have succeeded in achieving significant market share growth and securing 20% of the US procedure market and LENSAR. We're incredibly proud of this achievement. And most importantly, it demonstrates us surgeons recognition of the technology advancement in providing better patient outcomes, increased efficiencies and throughput and flow and financial efficiencies. The allied system provides over the aging competitive lasers from our much larger competitors.

美國是世界上最大的高端白內障市場。儘管我們直接與世界上最大的眼科公司競爭，但我們已成功實現市場份額的大幅成長，並佔據了美國手術市場和 LENSAR 的 20%。我們為這項成就感到無比自豪。最重要的是，它向我們表明了外科醫生對技術進步的認可，即技術進步能夠提供更好的患者治療效果、更高的效率和吞吐量以及流程和財務效率。盟軍系統提供比我們規模大得多的競爭對手更老的競爭性雷射。

With recent approvals, we can strive to add market share outside the United States as we continue to receive allied clearance in additional countries procedure volumes directly correlate to our recurring revenue rate, which we believe is a highly effective, very important measure of our growth and longer term success in the third quarter. Our recurring revenue totaled approximately 9.9 million with $38 million in recurring revenue on a trailing 12 month basis through the third quarter of 2024.

透過最近獲得的批准，我們可以努力增加美國以外的市場份額，因為我們將繼續在更多國家獲得聯合許可，程序量與我們的經常性收入率直接相關，我們認為這是衡量我們第三季度增長和長期成功的一個非常有效、非常重要的指標。截至 2024 年第三季度，我們的經常性收入總計約為 990 萬美元，過去 12 個月的經常性收入為 3,800 萬美元。

This is an increase of 22% over the 12 months ended September 30th, 2023 and with more than 40 systems placed in the last two quarters alone, we expect recurring revenue to grow in a material way on a rolling forward basis as each of these systems passes 90 days from installed date and activity continues to ramp on these newly installed lasers.

這比截至 2023 年 9 月 30 日的 12 個月增長了 22%，並且僅在過去兩個季度就安裝了超過 40 個系統，我們預計，隨著每個系統從安裝之日起經過 90 天，並且這些新安裝的激光器的活動繼續增加，經常性收入將以滾動方式實現實質性增長。

As I mentioned, we attended several US and O US Congresses including the ESCRS and AAO where we performed over 100 allied demonstrations and booth meetings that have resulted in a significant number of new prospects for our US sales team, as well as our partner distributors in the EU and Southeast Asia, differentiating ally, but demonstrating the robotic intelligence, precision and reproducibility as well as the significantly enhanced efficiencies and workflow are driving the interest. And as they say, a picture says 1,000 words and when they see it, the potential benefits become obvious to that end. I'm incredibly proud of what the lens our team has accomplished this quarter. And through the first nine months of 2024 we successfully launched ALLY in the EU and Taiwan with an overwhelmingly positive response. This is a testament to the transformative power of ALLY and its potential to positively impact the future of robotic cataract surgery.

正如我所提到的，我們參加了幾次美國和美國的大會，包括 ESCRS 和 AAO，在會上我們進行了 100 多場聯合演示和展位會議，為我們的美國銷售團隊以及歐盟和東南亞的合作夥伴分銷商帶來了大量新的潛在客戶，與眾不同的盟友，但展示機器人的智能、精確度和可重複性以及顯著提高人們的興趣流程正在引起人們的興趣。正如他們所說，一張圖片勝過千言萬語，當他們看到它時，潛在的好處就顯而易見了。我對我們團隊本季所取得的成就感到無比自豪。2024 年前 9 個月，我們成功在歐盟和台灣推出了 ALLY，並獲得了非常積極的迴響。這證明了 ALLY 的變革力量及其對機器人白內障手術未來產生積極影響的潛力。

We're starting to benefit from the universal appeal on a broader scale with ally now available in multiple geographies outside the United States. As we look ahead, LENSAR is incredibly well positioned heading into the fourth quarter, which is traditionally our strongest period of the year and we're setting the stage effectively for continued success in 2025 and beyond, we're very excited about the potential of our pipeline and the ability to further innovate and revolutionize the field of Robotic Cataract Laser surgery.

隨著盟友現在在美國以外的多個地區提供服務，我們開始在更廣泛的範圍內受益於普遍的吸引力。展望未來，LENSAR 在進入第四季度時處於非常有利的位置，這傳統上是我們一年中最強勁的時期，我們正在為 2025 年及以後的持續成功奠定基礎，我們對我們的產品線的潛力以及進一步創新和革新機器人白內障激光手術領域的能力感到非常興奮。

Now let me turn the call over to Tom to cover our financial highlights for the quarter. Tom.

現在，讓我將電話轉給湯姆，讓他介紹本季的財務亮點。湯姆。

Thank you, Nic. Just a few remarks from me on our extremely strong third quarter, performance revenue was $13.5 million in the third quarter of 2024 compared to $9.8 million in the third quarter of 2023 representing an exceptional 38% increase.

謝謝你，尼克。我對我們極其強勁的第三季僅說幾句，2024 年第三季的業績收入為 1,350 萬美元，而 2023 年第三季的業績收入為 980 萬美元，成長了 38%。

While we experience growth across all revenue line items, the strong quarter can be largely attributed to the 11 systems sold outside the United States following regulatory approvals in the European Union and Taiwan.

雖然我們所有收入項目都實現了成長，但本季的強勁成長主要歸功於在獲得歐盟和台灣監管部門批准後在美國以外銷售的 11 套系統。

These clearances represented a huge milestone for us opening operating regions outside the United States and allowing us to fill a backlog that had accumulated over the last two years.

這些審批對我們在美國以外開闢營運區域以及幫助我們填補過去兩年累積的積壓訂單而言是一個巨大的里程碑。

We expected pent up demand for ally in these regions, but we were a little surprised with the sheer system sales volume given the mid quarter clearances, distributor and underlying surge in demand exceeded our internal expectations.

我們預計這些地區對盟友的需求被壓抑，但考慮到中期清倉、分銷商和潛在需求激增超出了我們的內部預期，我們對系統銷售量感到有點驚訝。

Looking forward, we expect the fourth quarter allied demand outside the United States to approximate the 10 to 11 lasers we sold in the third quarter.

展望未來，我們預計第四季度美國以外地區的雷射器銷量將接近第三季的 10 到 11 台。

Another interesting aspect of our results was our trailing 12 month recurring revenue of $38 million. As Nic mentioned in his remarks, this represented a 22% increase over the trailing 12 month activity in 2023.

我們的業績中另一個有趣的方面是，我們過去12個月的經常性收入為3800萬美元。正如 Nic 在評論中提到的那樣，這比 2023 年過去 12 個月的活動增加了 22%。

Thus, we are growing our recurring revenue at a 20% plus clip rate. With this growth to date entirely associated with the US marketplace as it is too early to see any influence from the recent EU and Taiwan installations.

因此，我們的經常性收入以20%以上的速度成長。迄今為止，這一增長完全與美國市場有關，因為現在還無法看出近期歐盟和台灣設施帶來的影響。

A few other noteworthy aspects of the quarter, we have installed 38 ALLY systems since June 1st representing an approximate 75% of our total 2024 ally placements.

本季其他幾個值得注意的方面是，自 6 月 1 日以來，我們已經安裝了 38 個 ALLY 系統，約占我們 2024 個盟友總數的 75%。

Many of these systems have yet to reach optimal steady state procedure volume due to surgeon summer vacation schedules. The extended timing associated with training multiple surgeons practice and a SC integration and just normal transition time for surgeons to achieve their optimal procedure run rate accordingly. We expect procedure volume and growth to be even stronger in the fourth quarter.

由於外科醫生的暑假安排，許多系統尚未達到最佳穩定狀態的手術量。與培訓多名外科醫生的實踐和 SC 整合相關的延長時間以及外科醫生實現最佳手術運行率的正常過渡時間。我們預計第四季度的處理量和成長將更加強勁。

Lastly, 79% of our 2024 US placements have been with new to LENSAR customers.

最後，我們在美國 2024 年的安置客戶中有 79% 是 LENSAR 的新客戶。

We consider this metric very important as one it supports the continual and substantial growth we see in our US procedure market share, especially when these customers reach a steady procedure run rate and two, it further validates the benefits of a as seen in the surgeon's eyes.

我們認為這個指標非常重要，因為一方面它支持了我們在美國手術市場份額的持續大幅增長，特別是當這些客戶達到穩定的手術運行率時；另一方面，它進一步驗證了外科醫生眼中所見的好處。

In summary, we expect these recent ALLY placements to begin to contribute significantly throughout the fourth quarter and our recurring revenue growth to steepen when the recently installed US, EU and Taiwan Lasers reached their optimal run rate.

總而言之，我們預計這些最近的 ALLY 配置將在整個第四季度開始產生重大貢獻，當最近安裝的美國、歐盟和台灣雷射器達到最佳運行率時，我們的經常性收入成長將會更加強勁。

The benefits of these placements are expected to begin in the fourth quarter and continue into 2025 gross margin for the quarter was $6.3 million. Representing a gross margin percentage of 46% compared to $4.9 million.50 percent gross margin realized in the third quarter of 2023 we continue to expect a gross margin percentage of approximately 50% for this fiscal year.

這些配售帶來的好處預計將從第四季開始顯現，並持續到 2025 年，本季的毛利為 630 萬美元。毛利率為 46%，而 2023 年第三季的毛利率為 490 萬美元。

Our year-to-date gross margin percentage currently sits at 51% but we expect a higher mix of system sales to pull this percentage down slightly in the fourth quarter.

我們今年迄今的毛利率目前為 51%，但我們預計第四季度系統銷售組合的提高將使這一百分比略有下降。

The fourth quarter is generally the strongest quarter from a seasonal perspective. And due to the timing of system placements, I would expect a healthy year over year procedure volume increase in the fourth quarter.

從季節角度來看，第四季通常是最強勁的一個季度。並且由於系統放置的時間安排，我預計第四季度的程序量將年增。

Total operating expenses for the third quarter of 2024 were $7.5 million compared to $6.9 million in the third quarter of 2023.

2024 年第三季的總營運費用為 750 萬美元，而 2023 年第三季為 690 萬美元。

The increase in operating expenses was primarily attributable to higher SG and a spend partially offset offset by lower R&D expenses.

營業費用的增加主要歸因於更高的SG和支出，但部分被更低的研發費用所抵銷。

Net loss for the quarter was $1.5 million or a $0.13 loss per common share compared to $2.6 million net income or a $0.13 gain per common share in the net. In the third quarter of 2023 the income in Q3, 2023 was due to a $4.7 million favorable swing in our warrant valuation which took us from an operating loss to net income in that quarter to evaluate our results and operations more naturally, let us look at our adjusted EBITDA results.

本季淨虧損為 150 萬美元，即每股普通股虧損 0.13 美元，而本季淨收入為 260 萬美元，即每股普通股淨收益 0.13 美元。2023 年第三季的收入是由於我們的認股權證估值出現了 470 萬美元的有利波動，這使我們在該季度從經營虧損轉為淨收入，為了更自然地評估我們的業績和運營，讓我們看看我們的調整後 EBITDA 結果。

We were pleased that we achieved a positive adjusted EBITDA of $429,000 as compared to a negative $1.4 million adjusted EBITDA in the third quarter of last year, representing a favorable $1.8 million swing as of September 30th, 2024 we had cash and cash equivalents of $18.6 million as compared to $24.6 million at December 31st, 2023 and $15.4 million at June 30th, 2024.

我們很高興實現了 429,000 美元的正調整後 EBITDA，而去年第三季度的負 140 萬美元調整後 EBITDA 為，代表著截至 2024 年 9 月 30 日的有利 180 萬美元變動，我們的現金和現金等價物為 1860 萬美元，而 180 萬美元日為 1540 萬美元。

As all non us ally placements are sales, our cash increased $3.1 million in the third quarter, largely due to filling the EU and Taiwan backlog going forward, we will continue to maintain an appropriate inventory level to respond to global ally demand. And we will also strategically expand our ally fleet of lease systems in the United States to further increase us procedure market share in our recurring revenue foundation.

由於所有非美國盟友的配售都是銷售，我們的現金在第三季度增加了 310 萬美元，這主要是由於填補了歐盟和台灣的積壓訂單，未來我們將繼續保持適當的庫存水平，以應對全球盟友的需求。我們還將策略性地擴大我們在美國盟友的租賃系統車隊，以進一步增加我們在經常性收入基礎中的程序市場份額。

Now, I'd like to turn the call over to the operator and we look forward to answering your questions operator.

現在，我想將電話轉給接線員，我們期待回答您的問題。

At this time, I would like to remind everyone in order to ask questions, press star and the number one on your telephone keypad.

此時，我想提醒大家，要想提問，請按電話鍵盤上的星號和數字 1。

Your first question comes from the line of Frank Takkinen with Light Street capital. Please go ahead.

您的第一個問題來自 Light Street 資本的 Frank Takkinen。請繼續。

Great. Thanks for taking the questions. Congrats on the the really strong results. Maybe I'll start with a little bit more commentary around Q4. It sounds like you provide a lot of anecdotal comments there about you expect it to continue to be strong. But I think if I picked out two things importantly, it was O US should be at least as good as Q3 and the procedure volumes should be up also solidly in Q4. So maybe can we talk a little bit more about system placement expectations on the capital sales side? And then what do you think we should be thinking about for a healthy procedural volume growth rate for 2000 or for Q4? Thanks.

偉大的。感謝您回答這些問題。恭喜您取得如此出色的成績。也許我會從第四季的一些評論開始。聽起來你提供了很多關於你預計它會繼續保持強勁的軼事評論。但我認為，如果我挑選出兩件重要的事，那就是 O US 至少應該與 Q3 一樣好，並且程序量在 Q4 也應該穩步上升。那麼，我們可以多談談資本銷售方面的系統配置預期嗎？那麼您認為我們應該考慮什麼才能實現 2000 年或第四季健康的程序量成長率？謝謝。

Hey, thanks. Hi Frank. I appreciate the question and thank you for the comment on the quarter. We're so I would expect very similar per your comment, similar activity from outside us in terms of system shift in the quarter as compared to Q3, it's likely not going to be more. And it's going to be, it should be right in that, you know, right in that same area if you will given, you know, a system either way, one way or another. In terms of procedures, it's interesting because fourth quarter, globally is the highest of sort of number of cataract procedures that will be performed globally. And I think, and on the other hand, there have been, you know, a couple of events given that the number of hurricanes and things that have gone on here in the US, out of everyone's control that have certainly affected doctors and you know, anecdotally and even more specifically certain high volume practices where they, where they basically weren't doing surgery or somewhere between one and three weeks in some cases and in a couple of cases, one or two people are just getting back, that said, because the fourth quarter is the highest volume, you know, normal procedure quarter on a global basis, these doctors are committed to trying to get all of their backlog done and on track, you know, it's real important at the end of the year for a lot of these patients that have deductibles that have been filled fulfilled and whatnot to get their surgeries done. So I think we're going to see, you know, like a strong flurry and finish despite the hurricane activity in the US, as well as the fact that we obviously have several substantive holidays, it towards the end of the year. So I think it's going to be a little lumpy, but I think we're going to go flying into the end of the year with a really strong procedure growth. We're also working to install, you know, quite a number of systems as well. With goals this quarter, given the backlog and new system activity that we're seeing as well. So I think we'll have good momentum going into the New year.

嘿，謝謝。你好，弗蘭克。我很感謝這個問題，也感謝您對本季的評論。根據您的評論，我預計我們本季的系統轉變與第三季相比會非常相似，外部活動也類似，但可能不會更多。而且，無論以何種方式，只要你能給出一個系統，它就應該在那個地方，就在同一個區域。就手術而言，這很有趣，因為第四季是全球進行白內障手術數量最多的季度。另一方面，我認為，由於美國發生了多起颶風和其他不可控制的事件，這些事件肯定對醫生產生了影響。因此，我認為，儘管美國有颶風活動，而且我們顯然在年底有幾個實質性的假期，但我們仍將看到一場強烈的風暴。所以我認為這會有些不平穩，但我認為我們將在年底實現真正強勁的程序成長。我們也正在努力安裝相當多的系統。考慮到積壓情況和我們看到的新系統活動，我們制定了本季的目標。因此我認為我們將以良好的勢頭迎接新的一年。

And Frank just to add further color on that. In my comments. I said, you know, we expect 10 or 11 systems coming outside of the United States. It's, you know, it's going to be one or the other, but because we fulfilled the backlog over a two year period, even though it was a short quarter and we're going to have a full quarter outside the United States.

弗蘭克 (Frank) 只是想進一步闡述這一點。在我的評論中。我說，你知道，我們預計將有 10 到 11 個系統在美國以外推出。你知道，要么這樣，要么那樣，但是因為我們在兩年內完成了積壓的任務，儘管這是一個很短的季度，而且我們將在美國以外度過一個完整的季度。

You're right in assuming that the level outside the United States is probably, you know right at maybe a system shy of the third quarter. And, you know, the activity I said in my remarks, our placement activity in the third quarter was exceptional. I mean, it was just a fabulous quarter for us from a placement perspective. And it would be, it would be very difficult for us to, you know, increase off of that in the fourth quarter from a placement perspective. Just because it was such a phenomenal quarter based on the X US activity.

您假設得對，美國以外的水平可能剛好達到第三季的水平。而且，您知道，我在發言中提到過，我們第三季的招募活動非常出色。我的意思是，從安置角度來看，這對我們來說是一個非常棒的季度。從佈局角度來看，我們很難在第四季實現成長。只是因為根據 X US 的活動來看，這是一個如此驚人的季度。

The activity. But the thing is the days, the days left to really.

活動。但問題是，剩下的日子真的不多了。

With the holidays and that type of stuff. Exactly. And it's really hard on a procedure volume. We expect it to be strong. But with the hurricane and with the unknown ramp up time of the lion's share of these sites, including with such a strong, placement activity in third quarter, you just don't know when they're going to receive a run rate. But certainly we've, we think the procedure volume is going to increase. So, you know it's hard, having such an exceptional third quarter and then, you know, using that as a foundation for the fourth.

伴隨著假期和諸如此類的事情。確切地。這對於程式量來說確實很難。我們預計它會很強勁。但是由於颶風的影響，以及這些站點大部分的未知的上升時間，包括第三季度如此強勁的投放活動，你根本不知道它們什麼時候才能獲得運行率。但我們肯定會，我們認為手術量將會增加。所以，你知道這很難，要有如此出色的第三節，然後，你知道，以此作為第四節的基礎。

Got it. That's helpful. Maybe if I could ask pretty much the same exact question for 2025 I know it's maybe a little early to start looking out that far, but hoping you guys can start to dial in how we should be thinking about 2025 both from a placements as well as procedural line growth perspective.

知道了。這很有幫助。也許如果我可以針對 2025 年提出幾乎完全相同的問題，我知道現在開始展望那麼遠可能有點早，但希望你們可以開始了解我們應該如何從位置以及程序線增長的角度來思考 2025 年。

Yeah, I think the way I would think about that Frank is, you know, we'll give some decent guidance going forward when we wrap up the full year. But, you know as Nick mentioned in his previous comments, this is a game of inches, right? And so we really have to, you know, make sure that we have a good idea of when things are going to hit before we, you know, really project further than, you know a quarter out. And I don't know if you want to have a general comments, Nic to that.

是的，弗蘭克，我想我會這樣想，你知道，當我們結束全年時，我們會給出一些不錯的指導。但是，您知道正如尼克在他之前的評論中提到的，這是一場寸土必爭的遊戲，對嗎？因此，在我們真正進行超出一個季度的預測之前，我們必須確保對何時會發生事情有一個很好的了解。我不知道您是否想對此發表一般性評論，Nic。

Yeah, I would like to be able to provide you some as we get to the end of the year and into 2025. It would be, I would like to provide you some a little more granular guidance as it relates to the procedure, you know, what we expect from a procedure growth because that's going to be a really important measure. We certainly have goals here to continue to gain market share and that means that we've got to continue to grow the procedures and given the number of systems Tom mentioned, you know, the 4,040 plus systems, you know, having installed since June. You know, don't you got to think about that on a rolling basis, right? Because it's not like they all get it installed on the same day and then it's a race to get them to their 90 days and then all of a sudden they're producing procedure numbers. This is you know rolling. So those 40 systems are being installed at different times and then they, you know they start their training and then they in and by the way, we do all the training at no charge and all the procedures and whatnot to them. And so that whole part of my discussion where I talked about the path to recognizing revenue and procedure revenue, you know, it takes, you know, 2 to 3 months from the time it's installed to really see it get at a normalized run rate and that's rolling. So as we get to the end of the year here, and I start to see what what's happening, I would hope to be able to provide, you know, some better guidance as we get into 2025 given this large number of systems that we've grown this year.

是的，我希望能夠在年底和 2025 年之際為您提供一些資訊。我想為您提供一些與程序相關的更詳細的指導，您知道，我們對程序增長的期望是什麼，因為這將是一個非常重要的衡量標準。我們的目標當然是繼續擴大市場份額，這意味著我們必須繼續發展程序，考慮到湯姆提到的系統數量，你知道，自 6 月以來已經安裝了 4,040 多個系統。你知道，你不必不斷地思考這個問題嗎？因為他們不可能在同一天完成安裝，然後他們就要競相在 90 天內完成安裝，然後突然間他們就開始產生程式編號了。這就是你知道的滾動。所以這 40 個系統是在不同時間安裝的，然後他們開始接受培訓，順便說一下，我們免費為他們提供所有的培訓和所有的程序等等。因此，在我討論的整個部分中，我談到了確認收入和程序收入的途徑，您知道，從安裝到真正看到它達到正常的運行率需要 2 到 3 個月的時間，而且這是滾動的。因此，當我們到達今年年底時，我開始看到正在發生的事情，考慮到我們今年發展的系統數量如此之多，我希望能夠在進入 2025 年時提供一些更好的指導。

Got it. That's helpful. And then maybe just for my last one was hoping, I think you commented on a little bit. You prepared remarks, Nick, but just think about the Femto naive market a little bit. How should we think about your strategy there? Do you feel like it's time to go after that a little bit more aggressively or is it still first and foremost, take share and then start to look at fo naive from there.

知道了。這很有幫助。然後也許只是我的最後一個希望，我想你會發表一點評論。尼克，你準備好了發言，但請稍微考慮一下 Femto 初級市場。我們應該如何看待您在那裡的策略？您是否覺得現在是時候更積極地追求這一目標了，還是仍然首先要獲得份額，然後再從那裡開始考慮幼稚的問題。

It is first and foremost to take, to take share. And I sort of gave the, you know, in my remarks the sort of order of battle if you will, which number one are the competitive sites. And part of this has to do with just, you know, we have a smaller sales force, we're highly specialized. Our product is very specialized and quite Honestly given, you know, what where we're moving with you know robotic cataract laser surgery, taking someone that heretofore has done nothing. And then implementing this in the practice is a far heavier lift for both the customer as well as for LENSAR there. And so the strategy of gaining more momentum and market share through people that have already have some familiarity with these technologies. And also our high volume surgeons with high convert rates are the is our primary focus because that still is very, that's very fertile ground because, you know, with 1,200 lasers in the US alone and in 2000 lasers on a global basis, you know, you have a bolus of lasers there where people have accepted, you know, this this concept of laser cataract surgery. We're bringing in this robotic and now you're putting a Ferrari in there and they can grow the, you know, they grow their business. And that's why we've seen 13% of LLS to that. And why people that have heretofore never use LENAR are moving to LENSAR. And so that naive that Feito naive market that hasn't done, it requires a lot more resource and we want to make sure that we've got this critical mass around us as well because that's very helpful in moving that market. And so that's still a little early for us in that regard.

首先是奪取，奪取分享。在我的評論中，我給了一個戰鬥順序，如果你願意的話，哪個是競爭最激烈的網站。部分原因在於，你知道，我們的銷售團隊規模較小，但專業化程度較高。我們的產品非常專業，而且說實話，我們正在利用機器人白內障雷射手術，為那些從未做過任何手術的人提供治療。然後在實踐中實施這一點，對於客戶和 LENSAR 來說都是一項艱鉅的任務。因此，我們的策略是透過那些已經熟悉這些技術的人來獲得更多的發展動力和市場份額。而且，我們的主要關注點是大量具有高轉化率的外科醫生，因為這仍然是非常肥沃的土壤，因為您知道，僅在美國就有 1,200 台激光器，而全球範圍內則有 2,000 台激光器，您知道，那裡有大量激光器，人們已經接受了這種激光白內障手術的概念。我們引進了這個機器人，現在你把法拉利放進去，他們就可以發展，你知道，他們可以發展他們的業務。這就是為什麼我們看到 13% 的 LLS 達到這個水平。這就是為什麼那些以前從未使用過 LENAR 的人正在轉向 LENSAR。因此，Feito 那個天真的市場還沒有成熟，它需要更多的資源，我們希望確保我們周圍也擁有這個臨界質量，因為這對推動市場發展非常有幫助。從這個角度來看，對我們來說還為時過早。

Got it to say we don't.

我明白了，我們不知道。

I do want to clarify one thing though, not to say that we don't have those because we do, we have several accounts that are femto naive, but it's usually where the customer has expressed interest and they've come forth and are expressing interest rather than are like sort of mining for those right now, if that makes any sense.

不過，我確實想澄清一件事，並不是說我們沒有這些，因為我們有，我們有幾個對 femto 感興趣的帳戶，但這通常是客戶表達了興趣，他們出現並表達了興趣，而不是像現在挖掘這些，如果這有任何意義的話。

Hey, Frank, 11 other thing to understand sort of Nic's comments about the holiday. Remember for us to recognize a system placement in the United States, we have to have a contract ship it, have it installed and have the physicians trained. And with the, you know, with the normal fourth quarter, if you don't have all that stuff done by about, you know, December 15th or 18th, it's not, you effectively lose, you know, 2, 2.5 weeks of the quarter because of holidays. So that's why I said, you know, the it's important to appreciate that when you're looking at system placements for the fourth quarter.

嘿，弗蘭克，還有 11 件事可以理解尼克對這個假期的評論。請記住，為了讓我們能夠識別在美國安裝的系統，我們必須簽訂合約來運送它、進行安裝並對醫生進行培訓。在正常的第四季度，如果你沒有在 12 月 15 日或 18 日之前完成所有這些工作，那麼你實際上就會因為假期而損失 2 到 2.5 週的季度時間。所以我說，當你查看第四季度的系統配置時，認識到這一點很重要。

Got it. Thank you.

知道了。謝謝。

This concludes our Q&A session. I will now turn the call back over to Nicholas Curtis for the closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給尼可拉斯‧柯蒂斯，請他作結語。

All right, I'd like to thank everybody for joining our call today and certainly for your continued interest in LENSAR. We continue to look forward to good things here and, I look forward to continuing to update you as we make further progress in the exciting remainder of 2024 and as we move into 2025 thank you for your support.

好的，我想感謝大家今天參加我們的電話會議，也感謝大家對 LENSAR 的持續關注。我們繼續期待這裡的好事，我期待在 2024 年剩餘的激動人心的時間裡取得進一步進展並進入 2025 年之際繼續向您通報最新情況，感謝您的支持。

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

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。現在可以編輯。