Pulmonx Corp (LUNG) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the Pulmonx second-quarter 2024 earnings conference call.

歡迎參加 Pulmonx 2024 年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to Elizabeth Sparicio, Investor Relations.

我現在想將會議交給投資者關係部門的伊麗莎白·斯帕里西奧 (Elizabeth Sparicio)。

Please go ahead.

請繼續。

Good afternoon, and thank you all for participating in today's call.

下午好，感謝大家參加今天的電話會議。

Joining me from Pulmonx are Steve Williamson, President and Chief Executive Officer; and Mehul Joshi, Chief Financial Officer.

與我一起從 Pulmonx 出來的還有總裁兼執行長 Steve Williamson；和財務長 Mehul Joshi。

Earlier today, Pulmonx issued a press release announcing its financial results for the quarter ended June 30, 2024.

今天早些時候，Pulmonx 發布新聞稿，宣布截至 2024 年 6 月 30 日的季度財務業績。

A copy of the press release is available on Pulmonx's website.

Pulmonx 網站上提供了新聞稿的副本。

Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，其中包括聯邦證券法含義內的前瞻性聲明，這些聲明是根據美國《私人證券訴訟改革法案》的安全港條款制定的。

Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements.

本次電話會議中包含的任何與對未來事件、結果或績效的預期或預測相關的陳述均為前瞻性陳述。

All forward-looking statements, including, without limitation, those relating to our operating trends, commercial strategies and future financial performance, the timing and results of clinical trials, the impact of COVID-19 on our business and prospects for recovery, expense, management, expectations for hiring, growth in our organization, market opportunity, guidance for revenue, gross margin and operating expenses, commercial expansion and product pipeline development are based upon our current estimates and various assumptions.

所有前瞻性陳述，包括但不限於與我們的營運趨勢、商業策略和未來財務表現、臨床試驗的時間和結果、COVID-19 對我們業務的影響以及恢復、費用、管理前景相關的陳述、招聘預期、我們組織的成長、市場機會、收入指導、毛利率和營運費用、商業擴張和產品管道開發均基於我們當前的估計和各種假設。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述預期或暗示的結果或事件有重大差異。

Accordingly, you should not place undue reliance on these statements.

因此，您不應過度依賴這些陳述。

For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our filings with the Securities and Exchange Commission, including our annual report on Form 10-Q filed with the SEC on May 3, 2024.

有關與我們業務相關的風險和不確定性的清單和說明，請參閱我們向美國證券交易委員會提交的文件中的風險因素部分，包括我們於2024 年5 月3 日向美國證券交易委員會提交的10- Q 表格年報。

Also during this call, we will discuss certain non-GAAP financial measures.

此外，在本次電話會議中，我們還將討論某些非公認會計準則財務指標。

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the press release, which is posted on our Investor Relations website.

我們的投資者關係網站上發布的新聞稿中提供了這些非公認會計原則財務指標與最直接可比較的公認會計原則財務指標的調節表。

These non-GAAP measures are not intended to be a substitute for GAAP results.

這些非 GAAP 衡量標準無意取代 GAAP 結果。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, July 31, 2024.

本次電話會議包含時效性訊息，僅截至今天（2024 年 7 月 31 日）直播時準確。

Pulmonx disclaims any intention or obligation, except as required by law to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

Pulmonx 不承擔任何意圖或義務，除非法律要求更新或修改任何財務預測或前瞻性陳述，無論是因為新資訊、未來事件或其他原因。

And with that, I will turn the call over to Steve.

然後，我會將電話轉給史蒂夫。

Thank you, Elizabeth, and good afternoon, everyone.

謝謝你，伊莉莎白，大家下午好。

Welcome to our second-quarter 2024 earnings call.

歡迎參加我們的 2024 年第二季財報電話會議。

Here with me today is Mehul Joshi, our Chief Financial Officer.

今天和我在一起的是我們的財務長 Mehul Joshi。

Overall, I am pleased with our second-quarter performance as we achieved a record quarter of $20.8 million in worldwide sales, representing 21% growth over the same period of the prior year.

整體而言，我對我們第二季的業績感到滿意，因為我們的全球銷售額達到創紀錄的 2,080 萬美元，比去年同期成長 21%。

We are encouraged by our team's continued execution of our commercial and clinical pipeline strategies as we seek to further expand patient access to Zephyr Valve and serve the 1.2 million patients with limited treatment options who stand to benefit from BLVR.

我們對我們的團隊繼續執行我們的商業和臨床管道策略感到鼓舞，因為我們尋求進一步擴大患者使用 Zephyr Valve 的機會，並為 120 萬治療選擇有限但將從 BLVR 中受益的患者提供服務。

The momentum we built exiting the quarter leaves us increasingly confident in our ability to deliver on the previously communicated revenue guidance of $81 million to $84 million for the full year 2024.

我們在本季建立的勢頭使我們對實現之前傳達的 2024 年全年 8,100 萬至 8,400 萬美元收入指導的能力越來越有信心。

As expected, our second-quarter results were driven by the continued traction of our commercial strategy in the United States, where we achieved sales growth of 26% compared to the second quarter of 2023.

正如預期的那樣，我們第二季的業績得益於我們在美國的商業策略的持續牽引，與 2023 年第二季相比，我們在美國實現了 26% 的銷售額成長。

As a reminder, our US commercial strategy is three-pronged.

提醒一下，我們的美國商業策略是三管齊下的。

The first is that training physicians of hospitals that have the potential to be high-performing Zephyr Valve centers.

第一個是培訓有潛力成為高性能 Zephyr 瓣膜中心的醫院的醫生。

The second is automating patient workflows and facilitating the sharing of best practices among existing centers to optimize their Zephyr Valve programs; and third, building local awareness of the benefits of our treatment among COPD physicians and patients.

第二個是自動化病患工作流程並促進現有中心之間共享最佳實踐，以優化其 Zephyr Valve 計畫；第三，提高當地慢性阻塞性肺病醫師和病人對我們治療益處的認識。

Throughout the quarter, we made substantial progress in each prong of our commercial strategy.

整個季度，我們在商業策略的各個方面都取得了實質進展。

In Q2, we added 17 new accounts in the United States and ended the quarter with 267 active accounts or centers that placed a revenue-generating order in the quarter.

第二季度，我們在美國增加了 17 個新帳戶，截至本季末，有 267 個活躍帳戶或中心在本季度下達了創收訂單。

As we continue to expand our US account base, we're engaging with the C-suite of hospital systems, which provides the opportunity to present the benefits of a Zephyr Valve-treatment program to hospital administration, but then have the ability to provide needed resources for clinical support and account development.

隨著我們繼續擴大我們的美國客戶群，我們正在與醫院系統的最高管理層合作，這提供了向醫院管理部門展示 Zephyr 閥門治療計劃的好處的機會，但隨後有能力提供所需的服務臨床支持和帳戶開發資源。

We're excited by the opportunity to serve more patients in need of our life-changing treatment with our continuously growing base of US centers.

我們很高興有機會透過我們不斷增長的美國中心基地為更多需要改變生活的治療的患者提供服務。

While we continue to identify potentially high-performing Zephyr Valve centers and expect to opportunistically establish new accounts, our primary focus remains on driving utilization in existing accounts.

雖然我們繼續尋找潛在的高效能 Zephyr Valve 中心並期望機會性地建立新帳戶，但我們的主要重點仍然是提高現有帳戶的使用率。

Within our existing base of Zephyr Valve centers, the team continues to establish our treatment as a more routine procedure, particularly through the sharing of best practices of our higher utilization treatment centers and the development of workflow automation tools.

在我們現有的 Zephyr 閥門中心基地內，團隊繼續將我們的治療建立為更常規的程序，特別是透過分享我們更高利用率的治療中心的最佳實踐和開發工作流程自動化工具。

In June, we hosted our second annual Advanced Clinical Summit, where we had 45 dedicated professionals from 24 hospitals, passionate about advancing patient care in the field of bronchoscopic lung volume reduction gathered together.

6 月，我們舉辦了第二屆年度高級臨床高峰會，來自 24 家醫院的 45 名專業人士齊聚一堂，他們熱衷於推進支氣管鏡肺減容術領域的患者護理。

Attendees participated in a comprehensive curriculum designed to identify patients most likely to benefit from Zephyr Valve, build efficient patient pathways, and engage administration to secure necessary resources.

與會者參加了一個綜合課程，旨在識別最有可能從 Zephyr Valve 受益的患者，建立有效的患者路徑，並參與管理以確保必要的資源。

We heard from one hospital in the southeast who attended our inaugural summit last year about their experience implementing these best practices into their own workflows.

去年參加我們首屆高峰會的東南部一家醫院向我們講述了他們將這些最佳實踐應用到自己的工作流程中的經驗。

As a result, the hospital saw increased efficiency and procedural capacity, allowing them to grow their Zephyr Valve volumes from a handful of cases last year to over 40 cases in the first half of this year.

結果，醫院的效率和程序能力得到了提高，使他們的 Zephyr 閥門數量從去年的少數病例增加到今年上半年的 40 多例。

This remarkable anecdote is one of many and further validates our commercial strategy and the vast opportunity we have for continued growth.

這一非凡的軼事只是眾多軼事之一，它進一步驗證了我們的商業策略以及我們持續成長的巨大機會。

During the summit, I was inspired by our growing community of partnering physicians and staff who all share a common goal of helping patients with severe emphysema and COPD breathe easier.

在高峰會期間，我受到了我們不斷成長的合作醫生和工作人員社群的啟發，他們都有一個共同的目標，那就是幫助患有嚴重肺氣腫和慢性阻塞性肺病的患者呼吸更輕鬆。

Over the last few months, I visited treating centers across the US and abroad to connect with physicians and gain field-based insights on the success of our commercial initiatives.

在過去的幾個月裡，我參觀了美國和國外的治療中心，與醫生建立聯繫，並獲得有關我們商業計劃成功與否的實地見解。

I was humbled by my experience witnessing the impact of our Zephyr Valve treatment on patients.

親眼目睹 Zephyr Valve 治療對病人的影響，我深感謙卑。

My conversations with treating physicians on building efficient work streams and establishing Zephyr Valve as a routine procedure have also helped to inform the region-specific strategies we're designing today to optimize the building blocks we have in place.

我與治療醫生就建立高效工作流程並將 Zephyr Valve 作為常規程序進行的對話也有助於為我們今天正在設計的特定區域策略提供信息，以優化我們現有的構建模組。

For example, an account Colorado that averaged 10 cases per quarter took about six months to move patients through the treatment funnel from initial visit to implant.

例如，科羅拉多州的一個帳戶平均每季處理 10 例病例，從初次就診到植入，患者需要花費大約六個月的時間才能完成治療漏斗。

Together with all the key stakeholders, we helped identify bottlenecks in the process, which included a lack of procedure capacity and a clear program owner.

我們與所有主要利害關係人一起幫助確定了流程中的瓶頸，其中包括缺乏程序能力和明確的專案負責人。

As a result, the customer defined a new Zephyr Valve program owner and implemented process changes designed to improve workflow such as setting up routine order sets in their EMR for all key action items.

因此，客戶定義了新的 Zephyr Valve 專案擁有者，並實施了旨在改進工作流程的流程變更，例如在其 EMR 中為所有關鍵操作項目設定常規訂單集。

Today, the center is seeing time to treatment decrease as the number of cases per week increase.

如今，隨著每週病例數的增加，該中心的治療時間正在減少。

The Interventional Pulmonology team recently went to hospital administration in Ashford received two additional case slots per week with plans to ask for more as they realize the benefit of their new workflow implementation.

介入性肺病學團隊最近前往阿什福德的醫院管理部門，每週收到兩個額外的病例名額，並計劃要求更多，因為他們意識到實施新工作流程的好處。

As part of our efforts to enable cost-effective workflow efficiencies more broadly, I'm pleased to announce the upcoming pilot launch of our Lung Tracked Connect program, an automation software that enables a streamlined, efficient, and collaborative work-up process.

作為我們更廣泛地實現具有成本效益的工作流程效率的努力的一部分，我很高興地宣布即將試點推出我們的Lung Tracked Connect 程序，這是一種自動化軟體，可實現簡化、高效和協作的工作流程。

Currently, users need to transfer CT scans on to a disk and then manually upload the scan to the StratX platform to generate a report for physician evaluation.

目前，用戶需要將CT掃描傳輸到磁碟上，然後手動將掃描上傳到StratX平台以產生報告供醫生評估。

Our new software eliminates this manual process by allowing the CT scan to be uploaded directly to the StratX platform from the hospital's PAC system.

我們的新軟體允許將 CT 掃描結果從醫院的 PAC 系統直接上傳到 StratX 平台，從而消除了這個手動流程。

Additionally, it enables the care team to track and share patient workup status, potentially reducing time to treatment for the patient.

此外，它還使護理團隊能夠追蹤和共享患者檢查狀態，從而有可能縮短患者的治療時間。

This stands to meaningfully reduce key friction points in patient workflow and allows centers to better manage growing Zephyr Valve caseloads.

這將有意義地減少患者工作流程中的關鍵摩擦點，並使中心能夠更好地管理不斷增長的 Zephyr Valve 病例量。

We expect to initiate our pilot program in a handful of select centers in the back half of this year, and I look forward to providing further details on our progress on future calls.

我們預計今年下半年將在少數選定的中心啟動試點計劃，我期待在未來的電話會議上提供有關我們進展的更多詳細資訊。

As we continue to share best practices, drive workflow automation, and help our customers build efficient programs that deliver a positive patient experience, we're also continuing to promote regional awareness programs for patients and community COPD physicians.

在我們繼續分享最佳實踐、推動工作流程自動化並幫助我們的客戶建立高效的計劃以提供積極的患者體驗的同時，我們也繼續促進針對患者和社區慢性阻塞性肺病醫生的區域意識計劃。

These initiatives collectively enabled 20,000 patient engagements in the first half of 2024, provided peer-to-peer education to over 450 physicians, and drove broader awareness with another 6,000 physicians through digital channels like our CME program.

這些措施在 2024 年上半年總共促成了 20,000 名患者參與，為 450 多名醫生提供了同儕教育，並透過我們的 CME 計劃等數位管道提高了另外 6,000 名醫生的更廣泛認識。

While our primary commercial focus remains on growing our US business, we are pleased with our performance across our international markets in Q2, which resulted in OUS year-over-year revenue growth of 12%.

雖然我們的主要商業重點仍然是發展我們的美國業務，但我們對第二季國際市場的表現感到滿意，這導致 OUS 收入年增 12%。

We're continuing our work this year to adapt many of the sales tools we've developed for use in the US for use in European markets such as operational best practice sharing, community physician engagement, and peer-to-peer education programs.

今年我們將繼續努力，將我們為在美國開發的許多銷售工具調整為在歐洲市場使用，例如營運最佳實踐共享、社區醫生參與和同儕教育計畫。

The progress we've made on these initiatives was evident at our EMEA summer sales meeting in July, where I left increasingly confident in our team's ability to continue executing our commercial strategy.

我們在這些措施上的進展在 7 月的歐洲、中東和非洲夏季銷售會議上顯而易見，會議結束後我對我們團隊繼續執行商業策略的能力越來越有信心。

We anticipate the impact of our international efforts to become increasingly evident in 2025, as we focus on foundation building this year.

我們預計我們的國際努力的影響將在 2025 年變得越來越明顯，因為我們今年的重點是基礎建設。

Beyond Europe, we also continue to make progress with our expansion efforts in Asia.

除了歐洲之外，我們在亞洲的擴張努力也持續取得進展。

First, we entered into a new distribution agreement with an innovative medical supply distribution company in China.

首先，我們與中國一家創新醫療用品分銷公司簽訂了新的分銷協議。

While this market represents a small portion of our business, we believe this transition to a new distributor will allow us to expand our market region in China in a more cost-effective manner.

雖然這個市場只占我們業務的一小部分，但我們相信，向新經銷商的過渡將使我們能夠以更具成本效益的方式擴大我們在中國的市場區域。

Secondly, earlier this month, I attended the 47th Annual Meeting of the Japanese Society of Respiratory Endoscopy in Osaka, where I connected with thought leaders spearheading the launch of Zephyr Valves in Japan.

其次，本月早些時候，我參加了在大阪舉行的日本呼吸內視鏡學會第 47 屆年會，在會上我與帶頭在日本推出 Zephyr 閥門的思想領袖進行了交流。

I'm encouraged by the positive reception our technology has received from participating centers in the early days of the post-market study and the progress our Japan team has made in driving increased awareness of Zephyr Valves.

我對我們的技術在市場後研究初期得到參與中心的積極認可以及我們的日本團隊在提高 Zephyr 閥門認知度方面所取得的進展感到鼓舞。

That being said, we still anticipate it will take time to grow widespread awareness of this new treatment option, and we expect the bulk of enrollment to occur in the back half of the enrollment period, as we train additional sites and move the first patients through the treatment funnel.

話雖這麼說，我們仍然預計需要時間來提高對這種新治療方案的廣泛認識，並且我們預計大部分入組將發生在入組期的後半段，因為我們會培訓更多站點並將第一群患者轉移到通過治療漏斗。

As we have said in the past, we do not expect a material revenue contribution from Japan, until approximately 2026.

正如我們過去所說，我們預計直到 2026 年左右才會有來自日本的實質收入貢獻。

This study marks an essential step toward broader commercialization in a new market, where we estimate approximately 100,000 patients stand to benefit from Zephyr Valves.

這項研究標誌著新市場邁向更廣泛商業化的重要一步，我們估計大約有 10 萬名患者將從 Zephyr 閥門中受益。

In addition to growing our global footprint, we remain committed to our goal of expanding the number of patients that can be treated with Zephyr Valves through our AeriSeal clinical development program.

除了擴大我們的全球足跡之外，我們仍然致力於透過我們的 AeriSeal 臨床開發計劃擴大可以使用 Zephyr 閥門治療的患者數量的目標。

We continue to make progress with our CONVERT 2 pivotal trial, a multi-center global study designed to evaluate the safety and effectiveness of the AeriSeal system in limiting collateral ventilation and severe COPD in emphysema patients.

我們的 CONVERT 2 關鍵試驗持續取得進展，這是一項多中心全球研究，旨在評估 AeriSeal 系統在限制肺氣腫患者側支通氣和嚴重慢性阻塞性肺病的安全性和有效性。

I'm excited to announce that earlier in July, I attended the first US case in the CONVERT 2 pivotal trial, where a patient was successfully treated with AeriSeal by Dr. Gerry Criner, the Chair Thoracic Medicine and Surgery at Temple University in Philadelphia, a leading Zephyr (sic - AeriSeal) Valve center.

我很高興地宣布，7 月初，我參加了 CONVERT 2 關鍵試驗中的第一個美國病例，其中一名患者由費城天普大學胸腔科醫學和外科主席 Gerry Criner 博士成功使用 AeriSeal 進行治療，領先的Zephyr（原文如此- AeriSeal）閥門中心。

We believe AeriSeal has the potential to expand our addressable market by approximately 20% globally.

我們相信 AeriSeal 有潛力將我們的全球目標市場擴大約 20%。

The US represents our largest share of that opportunity, and we see the first US case is a critical step forward in our journey to unlocking this important market segment.

美國是我們在這一機會中所佔的最大份額，我們認為美國的第一個案例是我們解鎖這一重要細分市場的旅程中向前邁出的關鍵一步。

The US enrollment milestone follows the initiation of enrollment for CONVERT 2 in select international centers in February of 2024.

美國註冊里程碑是在 2024 年 2 月在選定的國際中心開始 CONVERT 2 註冊之後實現的。

As it pertains to CONVERT 1, our European study, we look forward to the presentation of the six-month follow-up data at the European Respiratory Society Congress in early September in Vienna.

由於它與我們的歐洲研究 CONVERT 1 有關，我們期待在 9 月初於維也納舉行的歐洲呼吸學會大會上展示六個月的後續數據。

We expect the presentation will demonstrate high conversion to CV-negative status in the target lobe following AeriSeal and positive clinical outcomes following subsequent treatment with Zephyr valves.

我們預計此演示將展示 AeriSeal 後目標葉向 CV 陰性狀態的高度轉化，以及後續使用 Zephyr 瓣膜治療後的積極臨床結果。

As we remain committed to further advancing long-term clinical research in our field, I'm pleased to announce eight abstracts have been accepted and additional two abstracts have been submitted for presentation at upcoming key scientific meetings including ERS, the American Association of Bronchology and Interventional Pulmonology meeting, the CHEST Annual Meeting, and the World Congress of Bronchology and Interventional Pulmonology.

由於我們仍然致力於進一步推進我們領域的長期臨床研究，我很高興地宣布八份摘要已被接受，另外兩份摘要已提交在即將舉行的重要科學會議上展示，包括 ERS、美國支氣管學協會和介入性肺病學會議、CHEST 年會以及世界支氣管病學和介入肺病學大會。

These abstracts will cover a spectrum of new data including the five-year follow-up data from the LIBERATE study, reduction of severe exacerbations in patients with substantial volume reduction following Zephyr valve placement, and real-world results from our multicenter French registry.

這些摘要將涵蓋一系列新數據，包括 LIBERATE 研究的五年追蹤數據、Zephyr 瓣膜放置後體積大幅減少的患者嚴重急性加重的減少，以及我們多中心法國登記處的真實結果。

We look forward to connecting with our clinical network at these global events, which we view as a crucial component of our strategy to drive increased awareness of Zephyr valves and their clinical benefits.

我們期待在這些全球活動中與我們的臨床網絡建立聯繫，我們認為這是我們策略的重要組成部分，旨在提高人們對 Zephyr 閥門及其臨床益處的認識。

We are confident that the strategies we've implemented, the automation tools we are developing, and the ongoing release of new long-term clinical data will continue to drive global growth in 2025.

我們相信，我們已經實施的策略、正在開發的自動化工具以及不斷發布的新長期臨床數據將繼續推動 2025 年的全球成長。

Further, the scheduled completion of the Japanese post-approval surveillance study and the commercial launch of AeriSeal in our OUS markets will provide growth catalysts in 2026.

此外，日本批准後監督研究的按計劃完成以及 AeriSeal 在我們的 OUS 市場的商業推出將在 2026 年提供成長催化劑。

Finally, the expected US launch of AeriSeal in 2027 rounds out a cadence of significant innovative and market-expanding launches.

最後，AeriSeal 預計將於 2027 年在美國推出，為一系列重大創新和市場拓展的推出奠定了基礎。

It is for these reasons that I believe Pulmonx is well positioned for continued significant long-term growth.

正是由於這些原因，我相信 Pulmonx 已經做好了持續顯著長期成長的準備。

Now, I'll turn the call over to Mehul to provide a more detailed review of our second-quarter results.

現在，我將把電話轉給 Mehul，以對我們第二季的業績進行更詳細的審查。

Thank you, Steve, and good afternoon, everyone.

謝謝史蒂夫，大家下午好。

Total worldwide revenue for the three months ended June 30, 2024 was $20.8 million, a 21% increase over the prior year period and also an increase of 21% on a constant currency basis.

截至 2024 年 6 月 30 日止三個月的全球總營收為 2,080 萬美元，較上年同期成長 21%，以固定匯率計算也成長 21%。

Our strong performance was driven by continued commercial momentum and adoption of Zephyr valve therapy.

我們強勁的業績得益於持續的商業勢頭和 Zephyr 瓣膜療法的採用。

US revenue in the second quarter was $13.9 million, a 26% increase over the prior-year period.

美國第二季營收為1,390萬美元，比去年同期成長26%。

International revenue in the second quarter of 2024 was $6.9 million, an increase of 12% over the prior-year period and also an increase of 12% on a constant currency basis.

2024年第二季的國際營收為690萬美元，較上年同期成長12%，以固定匯率計算也成長12%。

Gross margin for the second quarter of 2024 was 74%, essentially flat versus the prior-year period, reflecting lower utilization, partially offset by favorable geographic mix.

2024 年第二季的毛利率為 74%，與去年同期基本持平，反映出利用率較低，但部分被有利的地域組合所抵消。

Total operating expenses for the second quarter of 2024 were $30.9 million, an increase of 6% over the prior year period.

2024年第二季的總營運費用為3,090萬美元，較上年同期成長6%。

Operating expenses included a onetime noncash charge in R&D of $1.7 million to impair internally developed software following a strategic decision to adopt a more efficient solution.

營運費用包括一次性非現金研發費用 170 萬美元，用於在採取更有效率解決方案的策略決策後損害內部開發的軟體。

This was a result of one of our gross margin improvement initiatives that will be gross margin-accretive in the long term.

這是我們毛利率改善舉措之一的結果，從長遠來看，該舉措將增加毛利率。

Excluding the one-time charge, total operating expenses were flat over the prior-year period.

除去一次性費用，總營運費用與去年同期持平。

Non-cash stock-based compensation was $5.5 million in the second quarter of 2024.

2024 年第二季的非現金股票薪酬為 550 萬美元。

Excluding stock-based compensation expense and the one-time impairment charge, total operating expenses in the second quarter of 2024 were flat over the prior-year period.

不包括股票補償費用和一次性減損費用，2024 年第二季的總營運費用與去年同期持平。

R&D expenses for the second quarter of 2024 were $5.6 million, a decrease of 2% over the prior year period.

2024年第二季研發費用為560萬美元，年減2%。

R&D expenses, excluding the one-time software impairment charge were $3.9 million, down 32% versus the prior year period.

研發費用（不含一次性軟體減損費用）為 390 萬美元，較上年同期下降 32%。

The decrease was driven by lower clinical trial expenses and lower development costs.

這一下降是由於臨床試驗費用和開發成本降低所致。

We expect R&D expense to increase from the second quarter as enrollment in our clinical trials continues to ramp.

隨著臨床試驗註冊人數的持續增加，我們預計研發費用將從第二季開始增加。

Sales, general, and administrative expenses for the second quarter of 2024 were $25.3 million, an increase of 8% over the prior-year period.

2024 年第二季的銷售、一般和管理費用為 2,530 萬美元，比上年同期成長 8%。

The increase was primarily driven by additional investment in patient awareness programs.

這一增長主要是由於對患者意識計劃的額外投資所推動的。

Net loss for the second quarter of 2024 was $15.3 million or a loss of $0.39 per share as compared to a net loss of $16.2 million or a loss of $0.43 per share for the same period of the prior year.

2024 年第二季淨虧損為 1,530 萬美元，即每股虧損 0.39 美元，而去年同期淨虧損為 1,620 萬美元，即每股虧損 0.43 美元。

An average weighted share count of 38.9 million shares was used to determine loss per share for the second quarter of 2024.

平均加權股數為 3,890 萬股，用於確定 2024 年第二季的每股虧損。

Adjusted EBITDA loss for the second quarter of 2024 was $7.6 million as compared to $10.3 million in the second quarter of 2023, a 26% improvement on a year-over-year basis.

2024 年第二季調整後 EBITDA 損失為 760 萬美元，而 2023 年第二季為 1,030 萬美元，年減 26%。

Please refer to our reconciliation of net loss to non-GAAP adjusted EBITDA for further details.

如需了解更多詳情，請參閱我們的淨虧損與非 GAAP 調整後 EBITDA 的調整表。

We ended June 30, 2024, with $114.5 million in cash, cash equivalents, and marketable securities, a decrease of $5.9 million from March 31st, 2024.

截至 2024 年 6 月 30 日，我們的現金、現金等價物及有價證券為 1.145 億美元，較 2024 年 3 月 31 日減少 590 萬美元。

Our current cash position, combined with our demonstrated ability to drive revenue growth and operating leverage beyond our existing operating plan assumptions, continues to provide confidence in our ability to become cash flow breakeven with the cash on hand.

我們目前的現金狀況，加上我們所證明的推動收入成長的能力和超越我們現有營運計畫假設的營運槓桿，繼續為我們利用手頭現金實現現金流盈虧平衡的能力提供信心。

We remain laser-focused on prudent cash management and have extended the interest-only payment period for our $37 million term loan by one year.

我們仍然高度重視審慎的現金管理，並將 3,700 萬美元定期貸款的只付利息期限延長一年。

As a reminder, in October 2022, we refinanced the term loan to secure a more attractive rate and extend the maturity date to 2027, with the ability to extend the interest-only period for an additional 12 months, subject to certain conditions, which we're satisfied.

提醒一下，2022 年10 月，我們對定期貸款進行了再融資，以獲得更具吸引力的利率，並將到期日延長至2027 年，並且能夠將只付息期再延長12 個月，但須滿足某些條件，我們很滿意。

The principal repayment will now begin in November 2025 with no changes to the loan interest rate or maturity date.

本金償還現將於 2025 年 11 月開始，貸款利率或到期日沒有變動。

Turning now to full-year 2024 guidance.

現在轉向 2024 年全年指導。

As we look ahead, we are reiterating our previously communicated fiscal year 2024 revenue, gross margin, and OpEx guidance.

展望未來，我們重申先前公佈的 2024 財年收入、毛利率和營運支出指引。

As a reminder, we expect to deliver a full-year 2024 revenue in the range of $81 million to $84 million, representing approximately 20% growth at the midpoint.

提醒一下，我們預計 2024 年全年營收將在 8,100 萬美元至 8,400 萬美元之間，中間值成長約 20%。

We remain confident in our guidance as we continue executing our focused commercial strategy.

當我們繼續執行我們的重點商業策略時，我們對我們的指導仍然充滿信心。

Our guidance continues to assume a neutral to slightly negative impact on revenue from foreign currency exchange rates.

我們的指導繼續假設外幣匯率對收入產生中性至輕微負面影響。

Moving down the P&L.

損益表向下移動。

We expect gross margin for the full-year 2024 to fall within the range of 74% to 75%.

我們預計 2024 年全年毛利率將降至 74% 至 75% 之間。

Lastly, we expect operating expenses for the full-year 2024 to fall between $127 million to $129 million, inclusive of approximately $25 million of noncash stock-based compensation expense.

最後，我們預計 2024 年全年營運支出將下降至 1.27 億美元至 1.29 億美元之間，其中包括約 2,500 萬美元的非現金股票薪資支出。

In all, we are confident in our outlook for 2024 and look forward to executing on the next stage of growth.

總而言之，我們對 2024 年的前景充滿信心，並期待執行下一階段的成長。

With that, I'd like to thank you for your attention, and we will now open the call for questions.

在此，我要感謝您的關注，我們現在開始提問。

Operator?

操作員？

Thank you.

謝謝。

(Operator Instructions) Jason Bednar, Piper Sandler.

（操作說明）Jason Bednar、Piper Sandler。

I wanted to start with the assumptions underlying the reaffirmed guide, and just really ask on how you're thinking about the cadence of procedure volume and revenue performance here in the second half.

我想從重申指南背後的假設開始，並真正詢問您如何看待下半年的程序量和收入表現的節奏。

Anything outside the typical seasonality you would anticipate for the business as you look at the typical sequential performance 2Q to 3Q, same question, 3Q to 4Q or maybe just ask more directly, are you comfortable with where the street is currently sitting for the back half of the year on revenue.

當您查看第2 季到第3 季的典型連續業績時，您預期業務的典型季節性之外的任何情況，同樣的問題，第3 季度到第4 季度，或者可能只是更直接地問，您對目前後半部分的街道狀況是否感到滿意年度收入。

Yes.

是的。

So I appreciate the question, Jason, and thanks for the kind words there.

所以我很欣賞傑森的問題，也感謝你的客氣話。

As we're looking at the back half guidance right now, obviously, we take a look at how we performed in the first half of the year, and we're happy with where we've landed in the first half of the year.

當我們現在查看下半年的指導時，顯然，我們會看看我們在今年上半年的表現，我們對今年上半年的表現感到滿意。

I think we've shown good growth.

我認為我們已經表現出良好的成長。

And as we move into the back half, we haven't been through the seasonality cycle yet, Mehul and I haven't.

當我們進入後半段時，我們還沒有經歷季節性週期，Mehul 和我還沒有經歷過。

And as we look at 2022, we saw seasonality in both the US and OUS.

展望 2022 年，我們發現美國和海外地區都存在季節性。

In 2023, it looks like we're able to muscle through that seasonality in the US, which gave us kind of a tough comp for Q3.

到 2023 年，我們似乎能夠克服美國的季節性因素，這給我們第三季帶來了一定的困難。

So with the variability between 2022 and 2023 and using that as kind of predictors for the future, we just -- we don't want to get over our skis there.

因此，考慮到 2022 年和 2023 年之間的變化，並將其用作未來的預測因素，我們只是——我們不想在那裡放棄我們的滑雪板。

And so we feel comfortable with our performance so far, and that's why we're able to reaffirm the guide.

因此，我們對迄今為止的表現感到滿意，這就是我們能夠重申該指南的原因。

Mehul, anything you want to add to that?

Mehul，你還有什麼要補充的嗎？

No, I think you got it, Steve.

不，我想你明白了，史蒂夫。

Okay.

好的。

I appreciate it.

我很感激。

That's helpful.

這很有幫助。

Maybe along that same vein as we break out US versus international performance.

也許與我們分析美國與國際表現的情況相同。

I guess any differences in expectations on the mix that you're seeing?

我猜您對所看到的組合的期望有什麼不同嗎？

Is it playing out as you would have expected?

事情的發展是否如你所期望的？

And then maybe the follow-up to that is what's it going to take to get that international business back to maybe where the US is growing in that mid-20% plus range?

那麼接下來可能需要採取什麼措施才能讓國際業務回到美國成長 20% 以上的水平？

Or should we just anticipate double digits is good enough for international?

或者我們應該預期兩位數對於國際比賽來說就足夠了？

Just how you're thinking about that as we look over the next several quarters?

當我們展望未來幾季時，您對此有何看法？

Sure.

當然。

As we look at the OUS performance, it is really playing out how we expected it to play out.

當我們觀察 OUS 的表現時，它確實符合我們的預期。

As you rightfully pointed out, obviously, they're not growing as quickly as they are in the US or as we are in the US.

正如您正確指出的那樣，顯然，他們的增長速度不如他們在美國或我們在美國的速度。

What we've gone and done is we've implemented the sales process tools in our European businesses.

我們所做的是在我們的歐洲業務中實施了銷售流程工具。

And I was actually over there for the European sales meeting.

我實際上在那裡參加歐洲銷售會議。

And I was really impressed.

我真的很感動。

I think the team is really focused on executing that sales process.

我認為團隊真正專注於執行銷售流程。

I left the meeting bullish about their plan.

會議結束時我對他們的計劃持樂觀態度。

And really, as we look forward, they're building out patient screening, they're looking at developing practice efficiencies, physician education.

事實上，正如我們所期待的，他們正在建立患者篩檢，他們正在考慮提高實踐效率和醫生教育。

We're seeing a lot of physician education coming from Europe as well.

我們也看到很多醫生教育來自歐洲。

And so they've also built the sales plans around those tactics.

因此，他們也圍繞著這些策略制定了銷售計劃。

And I was -- like I said, I was very impressed with the plans that they put together.

正如我所說，他們制定的計劃給我留下了深刻的印象。

And I think we'll start to see this play out a little bit more in 2025.

我認為我們將在 2025 年開始看到這種情況更多地發生。

So I would say that, the management and the team that are there are doing the right things to get that growth rate up over time.

所以我想說，管理層和團隊正在做正確的事情，以隨著時間的推移提高成長率。

All right.

好的。

Excellent.

出色的。

Just if I could squeeze in one more, just as a little bit of a check the box to your question.

如果我能再擠進去一點就好了，就像稍微勾選一下你的問題。

But seeing if there's anything we need to consider modeling wise on the new China distribution agreement you have in place on the new distributor you're bringing on.

但是，看看我們是否需要考慮對您所引進的新經銷商所簽訂的新的中國分銷協議進行明智的建模。

Any inventory load-in or any -- any accounting we need to think about as you go through that transition?

在您經歷這一轉變時，我們需要考慮任何庫存加載或任何會計處理嗎？

Yes.

是的。

Great question, Jason.

好問題，傑森。

Well, I think no, nothing on the loading or accounting at all.

嗯，我認為不，在裝載或會計方面根本沒有任何內容。

It's a new distributor that we've brought into the mix here in our OUS strategy.

這是我們在 OUS 策略中引進的新經銷商。

I think what we believe is that going down the distributor route will enable revenue to grow significantly faster than if we were going out there and building a commercial infrastructure in China.

我認為，我們相信，與我們在中國建立商業基礎設施相比，走分銷商路線將使收入成長得更快。

And so as you would expect in a distributor arrangement, your gross margins are a little bit lower.

因此，正如您在經銷商安排中所期望的那樣，您的毛利率會稍微低一些。

But over the long term, we expect gross profit dollars and operating margins to be accretive relative to building a business there ourselves.

但從長遠來看，我們預計毛利和營業利潤率相對於我們自己在那裡開展業務而言會有所增加。

And I think -- this is Steve real quick, Jason, if I can add on to that.

我想——這就是史蒂夫，傑森，如果我可以補充的話。

As I think about that China market, you've got a huge population.

當我想到中國市場時，你擁有龐大的人口。

You've got a huge smoking population as well.

還有大量吸煙人口。

So it would naturally seem to be a place where we would be able to go, and we would want to launch our product.

所以它自然看起來是一個我們能夠去的地方，我們想要推出我們的產品。

I think one of the issues you run into is it's a self-pay population out there, and there's a large, large portion of that.

我認為你遇到的問題之一是那裡有一群自費人口，而且有很大一部分。

That country is self-pay.

那個國家是自費的。

And because of that, it becomes cost prohibitive for procedures like ours.

正因為如此，對於像我們這樣的程式來說，成本變得過高。

So what we've done is aligned with a distribution partner, and they'll be able to identify the proper areas.

因此，我們所做的就是與分銷合作夥伴保持一致，他們將能夠確定適當的區域。

And they actually have the bandwidth to go in and tactically take on that market.

他們實際上擁有進入並在戰術上佔領該市場的頻寬。

So from our perspective, we see it as a small revenue grower over the next couple of years.

因此，從我們的角度來看，我們認為未來幾年它的收入將小幅成長。

But hopefully in the future, a couple of years out, we'll see that start to grow faster.

但希望在未來，幾年後，我們會看到它開始成長得更快。

Thank you.

謝謝。

Our next question comes from the line of Larry Biegelsen with Wells Fargo.

我們的下一個問題來自拉里·比格爾森 (Larry Biegelsen) 與富國銀行 (Wells Fargo) 的對話。

Please proceed with your question.

請繼續你的問題。

Larry Biegelsen, your line is open.

拉里·比格爾森，您的線路已接通。

Please check your mute button.

請檢查您的靜音按鈕。

Our next question comes from the line of Joanne Wuensch with Citi.

我們的下一個問題來自花旗銀行的 Joanne Wuensch。

Please proceed with your question.

請繼續你的問題。

Hey, good afternoon, guys.

嘿，下午好，夥計們。

This is Anthony on for Joanne.

這是安東尼替喬安妮上場。

Congrats on the solid quarter.

恭喜季度業績穩定。

My first question, the 17 new US centers, that was a pretty robust step-up from last quarter.

我的第一個問題是，美國新增了 17 個中心，與上季相比，這是一個相當強勁的進步。

What should we be expecting for the rest of the year?

今年剩下的時間我們該期待什麼？

And was there any particular reason why it was so strong this quarter outside of normal course of business?

在正常業務之外，本季表現如此強勁是否有任何特殊原因？

Anthony, this is Steve.

安東尼，這是史蒂夫。

As we've been guiding, it's about 10 to 15 new accounts per quarter is what we expect to bring on.

正如我們一直以來的指導，我們預計每季將新增 10 到 15 個新客戶。

We were a little bit light in Q1.

我們在第一季有點輕鬆。

We were at 9, and here, we're at 17.

那時我們是 9 歲，現在是 17 歲。

So I think combined, we're actually a little bit above where we would expect to be right now.

所以我認為綜合起來，我們實際上略高於我們現在的預期。

But it's -- there's nothing out of the ordinary there.

但那裡並沒有什麼不尋常的地方。

We've had a couple of opportunities and opportunistically gone in and brought on new accounts in different areas.

我們有過幾次機會，並趁機進入不同領域並帶來了新客戶。

I will say that our focus remains on growing in the same-store sales as well.

我想說的是，我們的重點仍是同店銷售額的成長。

I think it's nice for us to bring on these new accounts, especially in areas where patients have to drive hours in order to get a treatment.

我認為引進這些新客戶對我們來說很好，特別是在患者必須開車幾個小時才能獲得治療的地區。

But really what we want to do is these centers that are set up, they've got physicians that are on board.

但我們真正想做的是建立這些中心，並配備醫生。

They've got their COPD referring physicians already referring to them.

他們的慢性阻塞性肺病轉診醫生已經向他們轉診。

They've built in workflow.

他們內建了工作流程。

They have coordinators, and there's patient awareness and marketing activities going on in these areas.

他們有協調員，並且在這些領域正在進行患者意識和行銷活動。

That's really where we see growth over time.

這確實是我們隨著時間的推移看到成長的地方。

And so that's a big focus for us.

所以這是我們的重點。

But obviously, we will bring on new accounts opportunistically as we need to or as we see the opportunity to do so.

但顯然，我們會根據需要或看到機會時適時地開設新帳戶。

Okay.

好的。

That makes sense.

這是有道理的。

And then Mehul, just could you talk about the cadence of margins in the back half is 2023, sort of a good place to look at that.

然後 Mehul，您能談談 2023 年下半年的利潤節奏嗎，這是一個觀察這一點的好地方。

And then as we think about the slight step-up in OpEx, is that going -- it sounds like it's going to be more weighted towards R&D on a dollar basis.

然後，當我們考慮營運支出的小幅成長時，這聽起來是否會以美元為基礎更加偏重於研發。

I just want to confirm that that's the correct way to think about it?

我只是想確認這是正確的思考方式嗎？

So we guided to 74% to 75%.

所以我們指導到74%到75%。

We are on average at slightly over 74% in the first half.

上半年我們的平均成功率略高於 74%。

We do expect a tick up in the second half on gross margin.

我們確實預計下半年毛利率將會上升。

It's going to be driven by increased production in our factory, which will enable us to manage utilization better.

這將受到我們工廠產量增加的推動，這將使我們能夠更好地管理利用率。

And the other factor is that impacts gross margin is really geographical mix, right?

另一個因素是影響毛利率的確實是地理組合，對吧？

So as geographical mix varies, that impacts gross margin significantly.

因此，隨著地域組合的變化，這會對毛利率產生顯著影響。

And so we've had a little bit of that, both on a year-over-year and a quarter-over-quarter basis.

因此，無論是同比還是環比，我們都經歷了一些這樣的情況。

But we do expect a slight tick up in gross margins in the second half of the year.

但我們確實預計下半年毛利率將略有上升。

On expenses, specifically on R&D, as I mentioned in the prepared remarks, as enrollment starts to tick up in our in clinical trials, we would expect some R&D dollars to increase.

關於費用，特別是研發費用，正如我在準備好的發言中提到的，隨著臨床試驗的註冊人數開始增加，我們預計一些研發費用將會增加。

So as you know, there's usually a slow ramp up front when you start a clinical trial, and it will ramp much faster as you get through the various different time frames.

如您所知，當您開始臨床試驗時，前面通常會有一個緩慢的斜坡，並且當您經歷各種不同的時間範圍時，它會變得更快。

But we do expect to pick up in the second half for R&D.

但我們確實預計下半年研發會有所回升。

John Young, Canaccord.

約翰·楊，Canaccord。

Maybe just convert one, can you maybe taint investors what you can to a successful trial data would be?

也許只是轉換一個，你是否可以向投資人提供一個成功的試驗數據？

And will you go cross Emark for AirSeal using the data?

您會使用這些數據來檢查 AirSeal 的 Emark 嗎？

Or will you wait for convert?

或者你會等待轉換嗎？

So we already have -- the CONVERT 1 data will be presented at ERS.

所以我們已經有了——CONVERT 1 數據將在 ERS ​​上展示。

The six-month data will be presented then.

六個月的數據將在那時公佈。

The CONVERT 2 data, we actually already have CE mark for AeriSeal.

CONVERT 2 數據，我們實際上已經擁有 AeriSeal 的 CE 標誌。

So we're just -- the CONVERT 2 data will be used for the PMA.

所以我們只是 -- CONVERT 2 資料將用於 PMA。

It's the IDE trial in the US.

這是美國的 IDE 試用版。

So once we've completed our enrollment, we would then plan to commercially launch into the EU, and we expect that to be in the 2026 time frame.

因此，一旦我們完成註冊，我們就會計劃在歐盟進行商業推出，我們預計會在 2026 年的時間範圍內進行。

And then we would expect 2027 to be when we would launch in the United States once we go through the PMA approval process.

然後，我們預計 2027 年，一旦我們完成 PMA 批准程序，我們就會在美國推出。

Okay.

好的。

Thank you for that.

謝謝你。

And then it sounds like you've been really identifying friction points around just the commercial process itself, especially we talk about the software upgrade, improve the StratX workflows.

聽起來您確實在識別商業流程本身的摩擦點，特別是我們談論軟體升級、改善 StratX 工作流程。

What other friction points have you identified and what internal R&D work is being done?

您還發現了哪些其他摩擦點以及正在進行哪些內部研發工作？

Anything around StratX or anything else in the commercial procedure that you've identified given your time in the field now?

您現在在該領域工作期間發現了有關 StratX 或商業程序中其他任何內容的資訊嗎？

Not really.

並不真地。

It's a good question.

這是一個好問題。

We did launch a new StratX balloon that had some ease-of-use benefits for the physician, but those aren't really hold ups to the overall growth and long-term scale of the business.

我們確實推出了一款新的 StratX 球囊，它為醫生帶來了一些易用性的好處，但這些並不能真正支撐業務的整體成長和長期規模。

I think it really comes down to the workflow and what we can do to efficiently move patients through the process.

我認為這實際上取決於工作流程以及我們可以採取哪些措施來有效地推動患者完成整個流程。

And one of the things that I'm most excited about, Jon, as I've gone out in the field, I think our sales process is working.

喬恩，我最興奮的事情之一是，當我到達現場時，我認為我們的銷售流程正在發揮作用。

It's working in both the US and it's working outside the United States.

它在美國和美國境外都有效。

Our clinical trials are progressing well in both Japan as well as CONVERT 2.

我們的臨床試驗在日本和 CONVERT 2 均進展順利。

Our clinical publications are strong.

我們的臨床出版品很強大。

We've got eight different abstracts coming out.

我們已經發布了八份不同的摘要。

We've got two more that we're waiting to hear on.

我們還有另外兩個正在等待聆聽。

But I mean, that's a significant new clinical data it speaks to the long-term efficacy of this product.

但我的意思是，這是一個重要的新臨床數據，它說明了產品的長期功效。

If you look internally, I think the people are bought in our year-over-year employee turnover is slightly down year-to-date.

如果你從內部來看，我認為我們的員工流動率今年迄今略有下降。

So we're not seeing significant turn, which I think people were originally concerned about.

因此，我們沒有看到重大轉變，我認為這是人們最初擔心的。

We've got good, strong effective patient engagement, and that continues to grow for us.

我們擁有良好、強大、有效的患者參與度，而這種參與度對我們來說持續成長。

And now we've got work automation software.

現在我們有了工作自動化軟體。

So we've got -- you've got a big untapped market.

所以我們有——你有一個巨大的未開發市場。

You have eager physicians that want to do more.

你們有熱心的醫生想要做更多的事情。

You've got motivated patients that benefit from the procedure.

您有積極主動的患者從該手術中受益。

We've got administrative buy-in.

我們得到了行政支援。

It's really that workflow is the key linchpin in my mind in order to really unleash a much larger volume in some of these larger centers.

事實上，工作流程是我心目中的關鍵關鍵，以便在這些較大的中心中真正釋放出更大的容量。

Thank you.

謝謝。

(Operator Instructions) Frank Takkinen, Lake Street Capital Markets.

（操作員指示）Frank Takkinen，湖街資本市場。

Maybe I'll start with the first question that was asked related to guidance.

也許我會從提出的與指導相關的第一個問題開始。

I wanted to revisit that point you made about seasonality from Q2 to Q3.

我想重新檢視您對第二季到第三季季節性的觀點。

Steve, I know you said it's been a little volatile in 2022 versus 2023.

Steve，我知道您說過 2022 年與 2023 年相比有點波動。

But kind of help us with the exact read-through we should be thinking about?

但這能幫助我們準確地通讀我們應該考慮的內容嗎？

I know one went up, one went down.

我知道一個人上升，一個人下降。

So maybe starting there and trying to understand how we should think about Q3 of this year from a sequential standpoint if there were any onetime items in either of the previous two years that you were aware of that we can kind of glean some information from?

因此，也許從這裡開始，試著了解我們應該如何從連續的角度思考今年的第三季度，如果您知道前兩年中有任何一次性項目我們可以從中收集一些資訊？

Yes, Frank, thanks for the question, and good to have you on the call.

是的，弗蘭克，謝謝你的提問，很高興你能接聽電話。

As we looked at 2022, we saw a decrease in both the US and OUS revenue.

展望 2022 年，我們發現美國和海外地區的收入均有所下降。

I think in both instances, we were pointed towards seasonality.

我認為在這兩種情況下，我們都指向季節性。

And seasonality in this space is not only patients going on vacation, but perhaps you have doctors that go on vacation.

這個領域的季節性不僅是病人去度假，也許還有醫生去度假。

If you have high-volume physicians that take a couple of weeks, a month off, obviously, that will affect the numbers.

如果你有大量的醫生需要休息幾週、一個月，顯然，這會影響數字。

And so I think in 2022, that seasonality, I wasn't here, but we did see the seasonality in those revenue numbers.

所以我認為在 2022 年，我不在這裡，但我們確實看到了這些收入數字的季節性。

Moving to 2023, we were able to muscle through in 2023 in the United States.

到了 2023 年，我們在美國能夠撐過 2023 年。

And we didn't see the falloff that we had seen in the prior year.

我們沒有看到前一年出現的下滑。

I think there was a lot of momentum coming in from a couple of different projects that were going on, and they were able to push through in Q3 of 2023, and now in 2024, we don't know what US sales we're going to get.

我認為正在進行的幾個不同項目帶來了很大的動力，他們能夠在 2023 年第三季度取得進展，而現在到了 2024 年，我們不知道我們在美國的銷售額會是多少要得到。

We do know that we will see seasonality in Europe as the physicians take a month off in many instances.

我們確實知道歐洲會出現季節性，因為在許多情況下醫生都會休假一個月。

And so those are just procedures that won't take place.

所以這些只是不會發生的程序。

As we look in the US, it's kind of a mixed bag.

就美國而言，情況可謂魚龍混雜。

And as we've brought on a lot of new accounts that helps, so we dilute the impact of a small number of physicians going on vacation or not seeing patients.

由於我們引入了許多有幫助的新帳戶，因此我們淡化了少數醫生度假或不看病人的影響。

But overall, you also have patients that are saying, maybe I'll wait until I come back from my vacation or they're finding different reasons to push out their procedure.

但總的來說，也有患者說，也許我會等到我度假回來，或者他們找到不同的理由來推遲他們的手術。

Mehul, anything you want to add to that or?

Mehul，您還有什麼要補充的嗎？

No.

不。

I mean, I think the only external data point I think about is level of travel has increased substantially this summer versus last summer.

我的意思是，我認為我考慮的唯一外部數據點是今年夏天的旅行水平與去年夏天相比大幅增加。

And as Steve mentioned, there are vacation schedules and things like that.

正如史蒂夫所提到的，有假期安排之類的事情。

So we're just uncertain of what the impact of seasonality will be in the quarter, specifically in the US.

因此，我們只是不確定季節性因素對本季的影響，特別是在美國。

So I think we're just waiting to understand that a little bit better, before we kind of think about what to do with guidance.

所以我認為我們只是在等待更好地理解這一點，然後再考慮如何利用指導。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe kind of a two-parter on the pilot programs.

然後可能是試點計畫上的兩方合作。

Obviously, you heard a lot about efficiencies and workflow processes, but can you maybe call out a couple of those bottlenecks that you're seeing?

顯然，您聽說過很多關於效率和工作流程的內容，但是您能否指出您所看到的一些瓶頸？

Is it a consistent bottleneck that the patient is getting stopped by, or is it a case-by-case basis?

患者所遇到的瓶頸是始終存在的，還是具體情況而定？

And then secondly, also on the pilot programs, can you talk about maybe some of the channels you may use to enhance local awareness?

其次，同樣是在試點計畫上，您能否談談您可能會使用哪些管道來提高當地意識？

Sure.

當然。

So on the first, your question is, are the bottlenecks consistent across the board?

首先，您的問題是，瓶頸是否全面一致？

Or is it different in different places?

還是不同地方的情況不一樣？

I would say it's different in different places.

我想說的是，不同的地方有不同的情況。

We find that when accounts will add a coordinator or a navigator that can actually manage that patient through the process, they do significantly more than accounts that do not have coordinators and navigators.

我們發現，當帳戶添加可以在整個過程中實際管理患者的協調員或導航員時，他們比沒有協調員和導航員的帳戶做得更多。

The physicians will -- if you have a physician that's left on their own to manage the workflow associated with bringing a patient through the process, they do fewer than if they have a navigator that is managing that process.

醫生會－如果你有醫生獨自管理與引導病患完成整個流程相關的工作流程，那麼他們所做的工作會比有一個導航員來管理這個過程要少。

If you think about our tools that we've launched, I talked about Lung StratX Connect.

如果您想到我們推出的工具，我談到了 Lung StratX Connect。

L Lung StratX Connect makes it easier for the facility for that Navigator, coordinator or physician, whoever is managing that patient to upload the CT Scans without having to put Verna CD in radiology, go through, find a computer that actually takes CDs these days, plug it in, upload it to the cloud.

L Lung StratX Connect 讓導航員、協調員或醫生能夠更輕鬆地上傳 CT 掃描，而無需將 Verna CD 放入放射科、瀏覽、找到一台實際上可以讀取 CD 的計算機，插上電源，上傳到雲端。

Now they'll be able to pull these directly from the PAT system.

現在他們將能夠直接從 PAT 系統中提取這些內容。

So I think that's a good workflow improvement that will make it easier for patients to receive the treatment.

所以我認為這是一個很好的工作流程改進，將使患者更容易接受治療。

I think more importantly, on Lung StratX Connect is the ability to track the patient through the process.

我認為更重要的是，Lung StratX Connect 能夠在整個過程中追蹤患者。

So there's a workflow component that will actually track has that patient gone through different areas and different levels of testing that are necessary in order to get that patient treated.

因此，有一個工作流程組件將實際追蹤該患者是否經歷過不同區域和不同程度的測試，這些測試是治療該患者所必需的。

Right now, you've got coordinators.

現在，你已經有協調員了。

You have physicians that are on Excel spreadsheets that are on sheets of paper.

您的醫生在 Excel 電子表格上，而在紙上。

It's just not very -- its not automated.

它只是不太自動化。

And so we have the ability, we've put together the software that allows them to track that patient through the process.

所以我們有能力，我們已經組裝了軟體，使他們能夠在整個過程中追蹤患者。

The coordinator wakes up in the morning, they log in, they can see exactly which patients are where in the process and then go up their day with the action items that come from that.

協調員早上醒來，登入後，他們可以準確地看到哪些患者處於流程中的哪個位置，然後根據其中的行動項目開始新的一天。

So we'll continue to work on automation here.

所以我們將繼續在這裡致力於自動化。

It's really -- as I've been looking at the workflow, I think its three different things.

這確實是——正如我一直在研究工作流程一樣，我認為它是三個不同的東西。

We talk about sharing best practices.

我們談論分享最佳實踐。

Those best practices are adding coordinators, educating local doctors and screening programs.

這些最佳做法是增加協調員、教育當地醫生和篩檢計畫。

And then finally, communication back to those referring physicians, if you have a physician that refers patients into an interventional pulmonologist and that doctor treats the patient or doesn't treat the patient, something happens, but they don't get back to that referring physician.

最後，與那些轉診醫生進行溝通，如果您有一位醫生將患者轉介給介入肺科醫師，並且該醫生治療患者或不治療患者，則會發生一些事情，但他們不會回复該轉診醫生。

That physician is less likely to send more patients to that interventional pulmonologist.

該醫生不太可能將更多患者送往該介入性肺科醫生處。

If the pulmonologist gets back to them and says, hey, this is what we found, this is what happened.

如果肺科醫生回覆他們並說，嘿，這就是我們發現的，這就是發生的事情。

Your patient did great.

你的病人做得很好。

This is where we are.

這就是我們現在的處境。

I'm sending your patient back to you.

我正在把你的病人送回給你。

You'll see referrals increase more.

您會看到推薦量增加更多。

So when we talk about sharing of best practices, there's a number of different things that fall under that.

因此，當我們談論共享最佳實踐時，涉及許多不同的事情。

The second step for us from workflow is this Lung StratX Connect and our ability to automate the workflow.

我們工作流程的第二步是 Lung StratX Connect 以及我們自動化工作流程的能力。

And then, we'll work on the third step in future quarters to continue to make it more efficient for patients to get through the process.

然後，我們將在未來幾季致力於第三步，繼續提高患者完成此流程的效率。

Thank you.

謝謝。

I show no further questions at this time.

我目前沒有提出任何進一步的問題。

I would now like to turn the call back to Steve Williamson, for closing remarks.

現在我想將電話轉回給史蒂夫威廉森，請他發表結束語。

Thank you, Operator.

謝謝你，接線生。

To conclude, I'd like to take a moment to thank Pulmonx's employees worldwide for delivering a strong second quarter and their continued dedication to fighting every day, for every breath, so our patients don't have to.

最後，我想花點時間感謝 Pulmonx 的全球員工，感謝他們在第二季度取得了強勁的業績，並感謝他們每天、每一次呼吸的持續奉獻精神，這樣我們的患者就不必再這樣了。

Thank you all for your time.

感謝大家抽出寶貴的時間。

I appreciate it.

我很感激。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。