Pulmonx Corp (LUNG) 2024 Q3 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

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

歡迎參加 Pulmonx 2024 年第三季財報電話會議。

(Operator Instructions).

（操作員說明）。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Elizabeth Sparicio, Investor Relations.

現在我想將會議交給今天的第一位發言人，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 Steven Williamson, President and Chief Executive Officer; and Mehul Joshi, Chief Financial Officer.

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

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

今天早些時候，Pulmonx 發布新聞稿，宣布截至 2024 年 9 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, expense management, 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績效、臨床試驗的時間和結果、費用管理、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基於我們目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 quarterly report on Form 10-Q filed with the SEC on August 2, 2024.

有關與我們業務相關的風險和不確定性的清單和描述，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8 月2 日向美國證券交易委員會提交的10- Q 表格季報。

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 our GAAP results.

這些非公認會計準則衡量標準無意取代我們的公認會計準則結果。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, October 30, 2024.

本次電話會議包含時效性訊息，僅截至今天（2024 年 10 月 30 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.

除法律要求外，Pulmonx 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是由於新資訊、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。

Thanks, Elizabeth.

謝謝，伊麗莎白。

Good afternoon, everyone, and welcome to our third quarter 2024 earnings call.

大家下午好，歡迎參加我們的 2024 年第三季財報電話會議。

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

和我在一起的是我們的財務長 Mehul Joshi。

I am pleased with our third quarter performance and our team's continued execution across several of our most critical commercial and clinical initiatives.

我對我們第三季的業績以及我們的團隊在幾個最關鍵的商業和臨床計劃中的持續執行感到滿意。

Our commercial strategy continues to gain traction as we achieved worldwide sales of $20.4 million, representing 15% growth over the same period of the prior year.

我們的商業策略持續受到關注，全球銷售額達到 2,040 萬美元，比上年同期成長 15%。

In the US, revenue was $13.8 million, representing 17% growth year-over-year, while OUS revenue was $6.6 million, representing 12% growth year over year.

在美國，營收為 1,380 萬美元，年增 17%，而 OUS 收入為 660 萬美元，年增 12%。

We were pleased by our growth in procedure volume despite seeing a more typical seasonal impact in the US in Q3 compared to the third quarter of 2023.

儘管與 2023 年第三季相比，美國第三季受到更典型的季節性影響，但我們對手術量的成長感到高興。

As a reminder, we view the decreased impact of seasonality in the third quarter of 2023 as a potential anomaly.

提醒一下，我們認為 2023 年第三季季節性影響的減弱是一個潛在的異常現象。

We were also pleased by the increase in the number of active accounts in Q3.

我們也對第三季活躍帳戶數量的增加感到高興。

As we enter the final months of the year, we remain confident in our ability to deliver on the previously communicated revenue guidance of $81 million to $84 million for the full year 2024.

隨著進入今年的最後幾個月，我們仍然對實現先前傳達的 2024 年全年 8,100 萬至 8,400 萬美元收入指引的能力充滿信心。

As a reminder, our commercial strategy is built on three pillars: first, training physicians at hospitals that have the potential to be high-performing Zephyr Valve centers; second, 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.

提醒一下，我們的商業策略建立在三個支柱之上：首先，在有潛力成為高性能 Zephyr 閥門中心的醫院培訓醫生；其次，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。

My experiences over the last few months has given me even greater confidence in this playbook, and I believe we are well positioned for significant and sustained growth.

過去幾個月的經驗讓我對這本書更有信心，我相信我們已經做好了實現顯著和持續成長的準備。

I've had opportunities to talk to high-level hospital executives, meet key opinion leaders and to spend time with our customers and their patients.

我有機會與醫院高層管理人員交談，會見關鍵意見領袖，並與我們的客戶及其患者共度時光。

Most recently, I attended cases with a key physician in London and then talked with one of his patients in the recovery room, just minutes after his valves were placed.

最近，我在倫敦與一位主要醫生一起處理病例，然後在放置瓣膜幾分鐘後在康復室與他的一名患者交談。

The benefit of the procedure was evident as the patient explained he could already breathe better as he smiled and he laughed with us.

手術的好處是顯而易見的，患者解釋說，他已經可以更好地呼吸了，他微笑著，和我們一起大笑。

This is just one example of how life-changing Zephyr Valves can be for patients with severe emphysema and how valuable our solution may be to any COPD treatment program.

這只是 Zephyr 閥門如​​何改變嚴重肺氣腫患者生活的一個例子，以及我們的解決方案對任何慢性阻塞性肺病治療計劃的價值。

We remain confident in the high demand for our solution and our ability to provide needed relief to this massively underserved patient population.

我們對我們的解決方案的高需求以及我們為大量服務不足的患者群體提供所需救濟的能力充滿信心。

In conjunction with our first strategic commercial pillar, training physicians and hospitals that have the potential to be high-performing Zephyr Valve centers, we added 15 new accounts in the US in Q3, ending the quarter with 280 active accounts.

結合我們的第一個策略商業支柱，即培訓有潛力成為高性能 Zephyr Valve 中心的醫生和醫院，我們在第三季度在美國增加了 15 個新帳戶，本季末活躍帳戶數達到 280 個。

As a reminder, we define active accounts as centers that placed a revenue-generating order in the quarter.

提醒一下，我們將活躍帳戶定義為在本季下達創收訂單的中心。

Importantly, our value proposition continues to resonate with hospital system administrators as well as interventional pulmonologists who are eager to provide Zephyr Valve treatment to their patients.

重要的是，我們的價值主張繼續引起醫院系統管理員以及渴望為患者提供 Zephyr Valve 治療的介入肺科醫生的共鳴。

While we continue to identify potentially high-performing Zephyr Valve centers and expect to opportunistically establish new accounts, I'll remind you that our primary focus remains on increasing awareness of Zephyr Valves and driving utilization at treatment centers.

雖然我們繼續尋找潛在的高性能 Zephyr 閥門中心並期望機會主義地建立新客戶，但我要提醒您，我們的主要重點仍然是提高對 Zephyr 閥門的認識並提高治療中心的利用率。

With respect to our second strategic pillar, automating patient workflows and facilitating the sharing of best practices among existing centers, we are pleased to provide an update on our LungTraX Platform, which is in pilot release and is garnering a high level of interest from our customers.

關於我們的第二個策略支柱，自動化患者工作流程並促進現有中心之間共享最佳實踐，我們很高興提供 LungTraX 平台的更新，該平台處於試點版本中，並引起了客戶的高度興趣。

LungTraX is designed to streamline customer workflows and identify patients eligible for Zephyr Valves.

LungTraX 旨在簡化客戶工作流程並識別適合使用 Zephyr 閥門的患者。

As we previously shared, LungTraX Connect is a PACS integration solution that eliminates the manual CT upload process by allowing the CT scan to be uploaded directly to the StratX platform from the hospital's PACS system.

正如我們之前分享的，LungTraX Connect 是一種 PACS 整合解決方案，可將 CT 掃描結果從醫院的 PACS 系統直接上傳到 StratX 平台，從而消除手動 CT 上傳流程。

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 scans can meaningfully reduce key friction points in patient workflow and allow centers to better manage the growth in their Zephyr Valve caseloads.

這種掃描可以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其 Zephyr Valve 病例量的成長。

Building on these efficiency capabilities, we are now expanding the functionality of our platform to enable hospitals to screen for new potential patients with LungTraX Detect.

基於這些效率能力，我們現在正在擴展平台的功能，使醫院能夠利用 LungTraX Detect 篩選新的潛在患者。

Currently, chest CT scans ordered for lung cancer detection or other diagnostic purposes are not routinely evaluated for severe emphysema.

目前，用於肺癌檢測或其他診斷目的的胸部 CT 掃描並未對嚴重肺氣腫進行常規評估。

Our new screening software prospectively analyzes non-contrast chest CTs hospital-wide to identify patients who have radio graphically significant emphysema regardless of the primary health concern.

我們的新篩檢軟體前瞻性地分析全院範圍內的非對比胸部 CT，以識別患有放射學顯著肺氣腫的患者，無論其主要健康問題如何。

This represents a long-term opportunity to help patients already moving through the healthcare system receive an accurate diagnosis and better care in a more timely manner.

這代表了一個長期機會，可以幫助已經通過醫療保健系統的患者更及時地獲得準確的診斷和更好的護理。

We expect to implement our LungTraX Connect and Detect pilot programs in a handful of select centers toward the end of the year as we move to optimize the software and user experience before launching them more broadly.

我們預計將於今年年底在一些選定的中心實施 LungTraX Connect 和 Detect 試點計劃，以便在更廣泛地推出之前優化軟體和用戶體驗。

Importantly, I'd like to note that we are not yet generating direct revenue from our LungTraX Platform, and we believe it will take some time to launch into customer accounts, complete the work necessary to integrate infrastructure within treating centers, and initiate and complete beta testing.

重要的是，我想指出的是，我們尚未從 LungTraX 平台中產生直接收入，我們相信需要一些時間才能進入客戶帳戶，完成在治療中心內整合基礎設施所需的工作，並啟動和完成貝塔測試。

We anticipate the LungTraX Platform will streamline patient identification and workup, which should provide a meaningful tailwind to procedure volumes over the medium to long term.

我們預計 LungTraX 平台將簡化患者識別和檢查，這將為中長期手術量提供有意義的推動力。

As we engage customers on LungTraX, we continue to develop new capabilities for the platform that have the potential to further enhance case management efficiency.

隨著我們與 LungTraX 上的客戶互動，我們持續為該平台開發新功能，這些功能有可能進一步提高案例管理效率。

On our third strategic commercial pillar, building awareness of the benefits of the Zephyr treatment, we continue to do focused education of COPD clinicians and patients.

在我們的第三個策略商業支柱上，即提高人們對 Zephyr 治療益處的認識，我們繼續對慢性阻塞性肺病臨床醫生和患者進行重點教育。

We sponsor live and virtual education programs, which see a lot of provider interest.

我們贊助現場和虛擬教育項目，引起了許多提供者的興趣。

In a recent partnership with Medscape, we had over 12,000 providers take online CME courses about endobronchial valve patient selection.

在最近與 Medscape 的合作中，我們讓超過 12,000 名提供者參加了有關支氣管內瓣膜患者選擇的線上 CME 課程。

We also directly educate patients about Zephyr Valves via targeted direct-to-patient initiatives.

我們也透過有針對性的直接面向患者的計劃，直接對患者進行有關 Zephyr 閥門的教育。

And year-to-date, over 34,000 potential patients have actively engaged by phone or online quiz.

今年迄今為止，已有超過 34,000 名潛在患者透過電話或線上測驗積極參與。

This represents a 150% increase over the same period of the prior year.

這比去年同期增長了 150%。

We see targeted patient education as a valuable means of both spurring conversations with doctors, enhancing awareness, and increasing patients' ability to access specialized care.

我們認為有針對性的患者教育是一種寶貴的手段，既可以促進與醫生的對話，提高意識，又可以提高患者獲得專業護理的能力。

Shifting to our international performance.

轉向我們的國際表現。

We've been investing in our foundation for commercial success in our international business and are already beginning to see the impact.

我們一直在為國際業務的商業成功基礎進行投資，並且已經開始看到其影響。

We delivered international year-over-year revenue growth of 12% in Q3.

第三季我們的國際營收年增 12%。

Growth was fueled in part by recurring orders from our new distributor in China, offset somewhat by seasonal dynamics typical in the third quarter.

我們在中國的新經銷商的重複訂單在一定程度上推動了成長，但第三季典型的季節性動態在一定程度上抵消了成長。

In our European markets, we continue to adapt many of the proven sales tools we've developed and utilized in the US for use in local geographies, such as operational best practice sharing, community physician engagement, and peer-to-peer education programs.

在歐洲市場，我們繼續將我們在美國開發和使用的許多經過驗證的銷售工具應用於當地地區，例如營運最佳實踐共享、社區醫生參與和同儕教育計劃。

We believe these will drive continued growth in our international business.

我們相信這些將推動我們國際業務的持續成長。

Outside of Europe, we're making progress on our post-market surveillance study in Japan.

在歐洲以外，我們在日本的上市後監督研究正在取得進展。

We are encouraged by the positive reception our technology has received from participating centers and the ability of our Japanese team to drive adoption of Zephyr Valves.

我們的技術得到了參與中心的積極認可，以及我們日本團隊推動 Zephyr 閥門採用的能力，這讓我們深受鼓舞。

That said, we anticipate it will take time to grow widespread awareness of this new treatment option, and we expect the bulk of participating patients to be treated in the back half of the enrollment period.

也就是說，我們預計需要時間來提高人們對這種新治療方案的廣泛認識，並且我們預計大部分參與的患者將在入組期的後半段接受治療。

We continue to expect more material revenue contributions from Japan in 2026.

我們繼續預期 2026 年日本將帶來更多實質收入貢獻。

This study marks an essential step toward broader commercialization in a new market where an estimated 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，預計將有 10 萬名患者從 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。

At the European Respiratory Society Congress in October, new clinical data from our AeriSeal CONVERT 1 trial demonstrated successful conversion of collateral ventilation status in 77.6% of patients following treatment with the AeriSeal system.

在 10 月的歐洲呼吸學會大會上，我們的 AeriSeal CONVERT 1 試驗的新臨床數據表明，使用 AeriSeal 系統治療後，77.6% 的患者成功轉變了側支通氣狀態。

Notably, patients treated with Zephyr Valves following conversion experienced clinically meaningful benefits over the baseline, including in lung function and quality of life.

值得注意的是，轉換後接受 Zephyr 閥門治療的患者在基線上經歷了具有臨床意義的益處，包括肺功能和生活品質。

At six months following valve implantation, 89% of converted patients achieved target low volume reduction or TLVR, equal to or greater than 350 milliliters, the minimal clinical relevant difference.

在瓣膜植入後六個月，89% 的轉化患者實現了目標低容量減少或 TLVR，等於或大於 350 毫升，這是最小的臨床相關差異。

The actual mean TLVR was 1,062 milliliters, 3 times greater than the targeted reduction volume.

實際平均 TLVR 為 1,062 毫升，是目標減少量的 3 倍。

We are excited by these results that indicate CT-positive patients can successfully undergo treatment with Zephyr Valves following closure of the fissure gap with our AeriSeal system.

我們對這些結果感到興奮，這些結果表明 CT 陽性患者在使用我們的 AeriSeal 系統閉合裂隙後可以成功接受 Zephyr 瓣膜治療。

Through Q3, we've expanded enrollment in our CONVERT II pivotal trial, a multicenter global study designed to support our FDA pivotal trial and evaluate the safety and effectiveness of the AeriSeal system in limiting collateral ventilation in severe COPD and emphysema patients.

截至第三季度，我們擴大了CONVERT II 關鍵試驗的入組人數，這是一項多中心全球研究，旨在支持我們的FDA 關鍵試驗並評估AeriSeal 系統在限制嚴重COPD 和肺氣腫患者側支通氣方面的安全性和有效性。

We continue to activate centers around the world in our CONVERT II trial and anticipate commercial launch for AeriSeal outside of the US in approximately 2026 and in the US in approximately 2027.

我們將繼續在 CONVERT II 試驗中活化世界各地的中心，並預計 AeriSeal 將於 2026 年左右在美國境外商業推出，並於 2027 年左右在美國商業推出。

AeriSeal has the potential to expand our immediately addressable market of eligible and motivated patients by an estimated 20% globally.

AeriSeal 有潛力將我們的直接目標市場（由合格且積極主動的患者組成）在全球擴大約 20%。

We continue to advance the science around Zephyr Valves.

我們繼續推進 Zephyr 閥門的科學發展。

At the ERS Congress, long-term safety and durability data from the LIBERATE Study demonstrated positive durable improvements for patients treated with Zephyr Valves out to at least five years.

在 ERS ​​大會上，LIBERATE 研究的長期安全性和耐用性數據表明，接受 Zephyr 閥門治療的患者至少五年內可獲得積極的持久改善。

Data demonstrated annual improvements in lung function from year one to five, an important advantage over medical treatment alone given the known decline in lung function over time.

數據顯示，從第一年到第五年，肺功能每年都有所改善，鑑於已知肺功能會隨著時間的推移而下降，這比單純的藥物治療具有重要優勢。

The five-year data also demonstrated improvements in survival when compared to historical controls.

五年數據也表明，與歷史對照組相比，存活率有所改善。

In addition, a post-hoc analysis of the LIBERATE study also presented at ERS demonstrated that those patients treated with Zephyr Valves who achieved a TLDR of 50% or more experienced significantly fewer severe COPD exacerbations requiring hospitalization over the long term when compared to medical management alone.

此外，在 ERS ​​上發表的 LIBERATE 研究的事後分析表明，與醫療管理相比，那些接受 Zephyr 閥門治療且 TLDR 達到 50% 或更高的患者，需要長期住院治療的嚴重 COPD 惡化的情況明顯減少獨自的。

In summary, the results from the five-year follow-up and post-hoc analysis of the LIBERATE study further validates the positive clinical benefits of Zephyr Valves for patients with severe emphysema and COPD.

總之，LIBERATE 研究的五年追蹤和事後分析結果進一步驗證了 Zephyr 閥門對嚴重肺氣腫和慢性阻塞性肺病患者的積極臨床益處。

Finally, at the recent American College of Chest Physicians meeting in Boston, we saw high engagement by referring pulmonologists.

最後，在最近於波士頓舉行的美國胸腔科醫師學會會議上，我們看到轉診肺科醫師的高度參與。

Our research has shown that 94% of pulmonologists know about valves, but only 36% say they feel confident about which patients to refer.

我們的研究表明，94% 的肺科醫生了解瓣膜，但只有 36% 的人表示他們對轉診哪些患者有信心。

At the conference, we engaged extensively with community pulmonologists to discuss patient selection criteria and received post-conference feedback that our discussions had a positive effect on these physicians' willingness to refer.

在會議上，我們與社區肺科醫生廣泛接觸，討論患者選擇標準，並收到會後回饋，表明我們的討論對這些醫生的轉診意願產生了積極影響。

I'm encouraged by the high interest and desire to learn I heard from this community of physicians as they came to our booth, attended BLVR clinical presentations, and packed our educational symposium.

當我聽到這個醫生群體來到我們的展位、參加 BLVR 臨床演示並參加我們的教育研討會時，他們表現出高度的興趣和學習的願望，這讓我深受鼓舞。

We are pleased with the strong presence Pulmonx has had at these recent key scientific meetings and view our growing portfolio of positive clinical evidence as a crucial component of our strategy to drive increased awareness of Zephyr Valves and their clinical benefits.

我們對 Pulmonx 在最近這些重要科學會議上的強勢表現感到高興，並將我們不斷增長的積極臨床證據組合視為我們推動提高對 Zephyr 閥門及其臨床益處的認識策略的重要組成部分。

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

現在我將把電話轉給 Mehul，以對我們第三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 September 30, 2024, was $20.4 million, a 15% increase over the prior year period and also an increase of 15% on a constant currency basis.

截至 2024 年 9 月 30 日的三個月全球總營收為 2,040 萬美元，比去年同期成長 15%，以固定匯率計算也成長 15%。

Our performance was driven by continued commercial execution and adoption of Zephyr Valves, offset by pronounced seasonality, particularly in the US compared to the prior year period.

我們的業績得益於持續的商業執行和 Zephyr 閥門的採用，但明顯的季節性因素抵消了這一影響，尤其是與去年同期相比在美國。

US revenue in the third quarter was $13.8 million, a 17% increase over the prior year period.

美國第三季營收為1,380萬美元，較去年同期成長17%。

International revenue in the third quarter of 2024 was $6.6 million, an increase of 12% over the prior year period and also an increase of 12% on a constant currency basis.

2024年第三季國際營收為660萬美元，較上年同期成長12%，以固定匯率計算也成長12%。

Gross margin for the third quarter of 2024 was 74% compared to 74% in the prior year period, reflecting slightly improved capacity utilization, offset by geographic mix.

2024 年第三季的毛利率為 74%，而去年同期為 74%，反映出產能利用率略有提高，但被地理組合所抵銷。

Total operating expenses for the third quarter of 2024 were $29.2 million, an increase of 3% over the prior year period.

2024年第三季的總營運費用為2,920萬美元，比上年同期成長3%。

Non-cash stock-based compensation expense was $5.4 million in the third quarter of 2024.

2024 年第三季非現金股票補償費用為 540 萬美元。

Excluding stock-based compensation expense, total operating expenses in the third quarter of 2024 increased by 5% over the prior year period.

不計入股權激勵費用，2024年第三季總營運費用較上年同期成長5%。

We are executing our cost optimization program as an enterprise initiative as we continue to drive operating leverage.

隨著我們繼續提高營運槓桿，我們正在將成本優化計劃作為企業計劃來執行。

R&D expenses for the third quarter of 2024 were $3.7 million, a decrease of 11% over the prior year period.

2024年第三季研發費用為370萬美元，年減11%。

The decrease was driven by lower expenses from completed R&D projects and a decrease in stock-based compensation expense, partially offset by higher clinical expenses.

這一下降是由於已完成的研發項目費用減少以及股票補償費用減少造成的，但部分被臨床費用增加所抵消。

Sales, general, and administrative expenses for the third quarter of 2024 were $25.4 million, an increase of 6% over the prior year period.

2024 年第三季的銷售、一般和管理費用為 2,540 萬美元，比上年同期成長 6%。

The increase was driven primarily by additional spend in therapy awareness programs and other commercial investments.

這一增長主要是由治療意識計劃和其他商業投資的額外支出所推動的。

Net loss for the third quarter of 2024 was $14.1 million or a loss of $0.36 per share as compared to a net loss of $14.9 million or a loss of $0.39 per share for the same period of the prior year.

2024 年第三季淨虧損為 1,410 萬美元，即每股虧損 0.36 美元，而去年同期淨虧損為 1,490 萬美元，即每股虧損 0.39 美元。

An average weighted share count of 39.3 million shares were used to determine loss per share for the third quarter of 2024.

平均加權股數為 3,930 萬股，用於確定 2024 年第三季的每股虧損。

Adjusted EBITDA loss for the third quarter of 2024 was $8.1 million as compared to $9 million in the third quarter of 2023, a 10% improvement on a year-over-year basis.

2024 年第三季調整後 EBITDA 損失為 810 萬美元，而 2023 年第三季為 900 萬美元，年減 10%。

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 September 30, 2024, with $107.8 million in cash, cash equivalents and marketable securities, a decrease of $6.8 million from June 30, 2024.

截至 2024 年 9 月 30 日，我們的現金、現金等價物及有價證券為 1.078 億美元，較 2024 年 6 月 30 日減少 680 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 existing 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出我們現有營運計畫假設的營運槓桿，繼續為我們利用現有現金實現現金流盈虧平衡的能力提供了信心。

Turning now to full-year 2024 guidance.

現在轉向 2024 年全年指導。

We are reiterating our previously communicated fiscal year 2024 revenue guidance and updating gross margin and OpEx guidance.

我們重申先前傳達的 2024 財年收入指引，並更新毛利率和營運支出指引。

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

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 commercial strategy.

在繼續執行我們的商業策略時，我們對我們的指導仍然充滿信心。

Moving down the P&L, we expect gross margin for the full year 2024 to be approximately 74%.

從損益表來看，我們預計 2024 年全年毛利率約為 74%。

Gross margin is slightly impacted by the strength of distributor revenue in the current year despite being accretive to operating margin.

儘管增加了營業利潤，但毛利率仍受到今年分銷商收入強勁的影響。

Lastly, operating expenses for the full year 2024 will fall within a range of $122 million to $124 million, including approximately $22 million of noncash stock-based compensation expense.

最後，2024 年全年營運費用將在 1.22 億至 1.24 億美元之間，其中包括約 2,200 萬美元的非現金股票補償費用。

Total operating expense growth at the midpoint is expected to be approximately 9% and continues to demonstrate our focus on operating leverage.

中點的總營運費用成長預計約為 9%，並繼續表明我們對營運槓桿的關注。

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

總之，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 turn the call back to Steve for his closing remarks.

說到這裡，我想將電話轉回給史蒂夫，讓他作結束語。

Thanks, Mehul.

謝謝，梅胡爾。

In summary, we are pleased with our progress through the third quarter as we made continued commercial traction despite seasonality, presented positive new clinical data from our AeriSeal CONVERT I and Zephyr LIBERATE trials and made headway with critical case efficiency programs like our LungTraX platform.

總而言之，我們對第三季的進展感到滿意，因為儘管存在季節性因素，但我們仍然保持了持續的商業吸引力，提供了來自AeriSeal CONVERT I 和Zephyr LIBERATE 試驗的積極的新臨床數據，並在關鍵病例效率計劃（如我們的LungTraX 平台）方面取得了進展。

Our continued success in our commercial and clinical programs demonstrate our ongoing commitment to expanding access to our life-changing treatment.

我們在商業和臨床計畫上的持續成功表明了我們對擴大改變生活的治療的持續承諾。

Looking ahead, we remain confident in our opportunity, plans and people and the future we are building.

展望未來，我們對我們的機會、計劃、人員以及我們正在建立的未來仍然充滿信心。

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

感謝您的關注，我們現在開始提問。

Operator?

操作員？

(Operator Instructions) Rick Wise, Stifel.

（操作員說明）Rick Wise，Stifel。

This is Annie on for Rick.

這是安妮替瑞克發言。

Thanks for taking the question.

感謝您提出問題。

I was hoping I could just start and you could talk us through guidance.

我希望我可以開始，你可以透過指導與我們交談。

You clearly had a solid performance this quarter, and I believe it's now the third quarter in a row of top line outperformance without raising sales guidance.

顯然，您本季的業績表現穩健，而且我相信，這已經是在不提高銷售指引的情況下連續第三個季度表現出色。

Maybe you could help us better understand what's leading you to reiterate these numbers apart from general conservatism?

也許您可以幫助我們更好地理解除了普遍保守主義之外是什麼導致您重申這些數字？

And is there something giving you hesitation in the fourth quarter?

第四季有什麼事情讓你猶豫嗎？

Annie, this is Steve.

安妮，這是史蒂夫。

As you look at the guidance that was provided for the year, we saw overperformance in Q1.

當您查看今年提供的指導時，我們看到第一季的表現超出預期。

We saw significant seasonality in Q3.

我們在第三季看到了明顯的季節性。

And it looks like we're in line with that guidance for the year.

看起來我們符合今年的指導方針。

And so we didn't feel that it would be prudent to make changes to the guidance at this time.

因此，我們認為此時對指南進行更改並不明智。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

I've got a couple.

我有一對。

I'll maybe dovetail off of that last question.

我也許會回答最後一個問題。

You chose to adjust the gross margin OpEx part of the guidance, but you did leave the revenue guide unchanged.

您選擇調整指導中的毛利率營運支出部分，但您確實保持了收入指導不變。

It's a bit of a wide range or at least opens up a range of outcomes for the fourth quarter.

這個範圍有點寬，或者至少為第四季度的結果提供了範圍。

So if I could pin you down, Steve or Mehul, are you more comfortable at one end or the other of that revenue range?

那麼，如果我可以確定你，史蒂夫或梅胡爾，你在這收入範圍的一端或另一端更舒服嗎？

Jason, this is Mehul.

傑森，這是梅胡爾。

So all year, we've kind of guided to the midpoint with 20% growth, and that's where we feel comfortable with, at this point.

因此，一整年，我們都以 20% 的成長為目標，這是我們目前感到滿意的水平。

We thought about narrowing the guidance, but we just wanted to make sure that the guidance that was set earlier on in the year was focused on achieving and driving to at least that midpoint.

我們考慮過縮小指導範圍，但我們只是想確保今年早些時候設定的指導重點是實現並至少達到中點。

Yes.

是的。

Jason, if I can add on to that, if you look at our guide, it's relatively small range.

傑森，如果我可以補充一點，如果你看看我們的指南，它的範圍相對較小。

And so it just didn't seem prudent really to hone in on anything right now.

因此，現在磨練任何事情似乎都不明智。

We're coming up against -- we're coming out of a quarter that had high seasonality, as I mentioned.

正如我所提到的，我們正面臨著一個季節性很強的季度。

We will start to see that grow in Q4, which is typical of pulmonary procedures and what we've seen in the past.

我們將在第四季度開始看到這種增長，這是肺部手術的典型現象，也是我們過去所看到的。

And so as we go into Q4, I think it would just be -- it seemed to be in line with what we've been saying for the year, which is that we will continue to deliver on the expectations that we gave at the beginning of the year.

因此，當我們進入第四季度時，我認為這似乎與我們今年所說的一致，即我們將繼續實現我們一開始給出的期望今年的。

Okay.

好的。

Fair enough.

很公平。

And then one other one on the guide.

然後是指南上的另一本。

If we could just maybe unpack the OpEx spend reductions pulling that range in by about $5 million.

如果我們能夠減少營運支出支出，就能將這一範圍縮小約 500 萬美元。

What's changing in the spending plans?

支出計劃有何變化？

I heard the call out on the cost optimization program.

我聽到了關於成本優化計劃的呼聲。

But again, that's a fairly large reduction from where guidance at last quarter.

但同樣，這與上季的指導相比有相當大的減少。

That's encouraging as we think about improving adjusted EBITDA from here.

當我們考慮從現在開始改善調整後的 EBITDA 時，這是令人鼓舞的。

So just wonder what's coming out?

所以想知道會發生什麼事？

And then if that's -- if where we exit here in the fourth quarter, is it a reasonable jumping off point in '25?

然後，如果我們在第四季度退出，那麼這是 25 年的合理起點嗎？

Sure, Jason.

當然，傑森。

So most of the leverage in the OpEx guide is coming from SG&A, and that's really focused on non-revenue generating spend as well as lower SBC expense.

因此，OpEx 指南中的大部分槓桿都來自 SG&A，這實際上側重於非創收支出以及較低的 SBC 費用。

So as you probably noted that we brought SBC down by about $3 million.

正如您可能注意到的那樣，我們將 SBC 減少了約 300 萬美元。

So there's -- that's a large component of our OpEx guide reduction.

這是我們減少營運支出指南的一個重要部分。

The other couple of pieces have to do with lower distributor OpEx as we've gotten into an arrangement for China.

其他幾件事情與較低的分銷商營運支出有關，因為我們已經為中國做出了安排。

So that's helped out quite a bit.

所以這很有幫助。

Also, we are managing headcount on an individual head-by-head basis.

此外，我們還在逐人管理人員數量。

So we're really focused on continuing to drive operating leverage as we hit that 20% midpoint on the revenue guide.

因此，當我們達到收入指南的 20% 中點時，我們真正專注於繼續提高營運槓桿。

We wanted to ensure that the leverage on the OpEx side was there.

我們希望確保營運支出方面的槓桿作用存在。

John Young, Canaccord Genuity.

約翰楊，Canaccord Genuity。

It's Zachary on the call for John today.

今天是紮卡里來接約翰的電話。

Thanks for taking the question.

感謝您提出問題。

To start, how do we think about OUS in 2025?

首先，我們如何看待 2025 年的 OUS？

It's been pretty flat historically, but had a really strong quarter this time around.

從歷史上看，它的表現相當平淡，但這次的季度表現非常強勁。

Just what are your thoughts going forward?

您接下來的想法是什麼？

There's a number of reasons to be bullish of the OUS market moving forward.

有很多理由看好 OUS 市場的未來。

We've implemented the US sales process that's really done great things for us here in the US for growth, and it's showing signs of success outside the United States right now.

我們已經實施了美國銷售流程，這確實為我們在美國的成長做出了巨大的貢獻，而且現在在美國以外的地區也顯示出了成功的跡象。

So the early indications there are positive.

因此，早期跡像是積極的。

China helped us outside the United States as well.

中國也在美國以外的地方幫助了我們。

We're seeing bigger growth in China than we were originally expecting.

我們看到中國的成長超出了我們最初的預期。

And I don't think it will get to a significant level probably until late '25, early '26.

我認為可能要到 25 年末、26 年初才會達到顯著水準。

We'll start to see that really take off.

我們將開始看到它真正起飛。

But we've ramped up that distributor, and we are seeing good adoption there.

但我們已經擴大了分銷商的規模，我們看到那裡的採用率很高。

So China has been a help.

所以中國提供了幫助。

And then our key European target markets are doing well also.

我們主要的歐洲目標市場也表現良好。

The major markets have shown some growth, and I believe that is tied to the implementation of the US sales process.

主要市場已經出現了一些成長，我相信這與美國銷售流程的實施有關。

And then finally, I think there's some other things to be bullish about as you look at European markets in general, there's -- the UK just came out with a targeted lung health check program where they've launched across the UK prescreening for patients that are between 55 to 75 years old that are either prior or current smokers.

最後，我認為，當你總體觀察歐洲市場時，還有一些其他事情值得看好，英國剛剛推出了一項有針對性的肺部健康檢查計劃，他們在英國各地啟動了針對以下患者的預篩檢：年齡在 55 至 75 歲之間，以前或現在吸煙。

Those patients can come in and receive screening for lung cancer, but they also were screened for emphysema as well.

這些患者可以進來接受肺癌篩檢，但也接受了肺氣腫篩檢。

So there's a lot of positivity going on outside the US right now.

因此，目前美國以外的地區正在發生很多正面的事情。

I do believe that over the long-term, though, we will see significant growth in the US, and that will be our driving force.

但我確實相信，從長遠來看，我們將看到美國的顯著成長，這將是我們的驅動力。

Got it.

知道了。

And then just a follow-up.

然後只是後續行動。

So with all of that, I mean, it sounds like there's a good amount of catalysts coming, especially out of Europe.

因此，我的意思是，聽起來有大量的催化劑即將到來，尤其是來自歐洲的催化劑。

How can we think about the growth rates for OUS, whether it's just in Q4 or in 2025, just going forward?

我們如何看待 OUS 的成長率，無論是第四季還是 2025 年，以及未來？

Yes.

是的。

I'd say we expect continued growth in OUS in Q4 as well as in the future.

我想說，我們預計 OUS 在第四季以及未來將持續成長。

We're not going to guide to 2025 growth yet until the Q4 call, but we will continue to expect similar types of growth in OUS as we've experienced over the first three quarters.

在第四季度電話會議之前，我們不會指導 2025 年的成長，但我們將繼續預期 OUS 會出現與前三個季度類似的成長。

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，湖街資本市場。

Maybe I'll start with one on the numbers a little bit.

也許我會先從一些數字開始。

Given the time of the year, I just wanted to kind of take your temperature on 2025 expectations.

考慮到一年中的這個時間，我只是想了解大家對 2025 年的期望。

I know I think right now, expectations are at about 19%.

我知道我認為目前的預期約為 19%。

You're thinking about this year at about 20% growth.

你認為今年的成長率約為 20%。

Any reaction to where the Street is right now and where we should think about kind of a steady-state growth rate for 2025?

對於華爾街目前的狀況以及我們應該考慮 2025 年的穩態成長率有何反應？

This is Mehul.

這是梅胡爾。

We're not going to guide to 2025 yet.

我們還不會制定 2025 年的指南。

We will do so in our Q4 call.

我們將在第四季度的電話會議中這樣做。

But as we indicated at the midpoint 2024 will be at 20%.

但正如我們在 2024 年中點指出的那樣，這一比例將達到 20%。

But I'd like to say that we're seeing some early signs and some momentum of the strategic driver enhancements that Steve has made as we've come into the organization now about seven months.

但我想說的是，我們已經看到了史蒂夫在我們加入組織大約七個月以來所做的戰略驅動力增強的一些早期跡象和勢頭。

And maybe, Steve, you can make a couple of comments on those drivers, and we would expect to see them materialize later in '25 and beyond.

也許，史蒂夫，你可以對這些驅動程式發表一些評論，我們希望看到它們在 25 年及以後實現。

Yes, I'd be happy to.

是的，我很樂意。

So if you look at the three legs of our stool, the creating the high-performing centers, workflow automation and best practice sharing and then creation of awareness with COPD physicians and patients.

因此，如果你看看我們凳子的三條腿，那就是創建高績效中心、工作流程自動化和最佳實踐共享，然後提高慢性阻塞性肺病醫生和患者的認識。

We've really executed or we're in the process of executing initiatives in each of those three phases.

我們已經真正執行或正在執行這三個階段中每個階段的措施。

So on the high-performing centers, we're working on administrative buy-in, teaching them that there is an opportunity to build lung health programs within their hospital systems and then they need to invest in those programs.

因此，在高績效中心，我們正在努力進行行政支持，告訴他們有機會在其醫院系統內建立肺部健康項目，然後他們需要投資這些項目。

We've developed kind of the blueprint there.

我們在那裡開發了某種藍圖。

We've shared that with them, the vision, and we've received positive feedback.

我們已經與他們分享了這個願景，並且我們收到了正面的回饋。

So that's on the high-performing center side.

這就是表現出色的中鋒。

On the workflow automation and best practices, we've accelerated the launch into a pilot actually of LungTraX Connect.

在工作流程自動化和最佳實踐方面，我們加速了 LungTraX Connect 試點的啟動。

We also accelerated LungTraX Detect behind that.

我們也加速了 LungTraX Detect 的速度。

I think what I've been most excited about is the response we've gotten from our hospital customers and physicians as well on our LungTraX Detect product, which is more than just workflow automation and ease of use.

我認為最讓我興奮的是我們從醫院客戶和醫生那裡得到的回饋以及我們的 LungTraX Detect 產品，這不僅僅是工作流程自動化和易用性。

It's the next level innovation.

這是下一個層次的創新。

It goes deeper.

它變得更深。

It provides screening, and it really touches on two legs of the stool.

它提供了屏蔽，並且它確實觸及了凳子的兩條腿。

So it helps them become a high-performing center, but it also drives physician and patient awareness as they look at the patients that are already in their system, already in their PACS system that are suffering from severe hyperinflation, severe emphysema and allows them to get treated.

因此，它可以幫助他們成為一個高績效的中心，但它也提高了醫生和患者的意識，因為他們看到已經在他們的系統中、已經在他們的PACS 系統中患有嚴重惡性通貨膨脹、嚴重肺氣腫的患者，並允許他們得到治療。

So that's something that was moved forward.

所以這就是向前推進的事情。

I think we could have gone through and continued development here, but we thought that we would work with some customers out in the field and pilot the program, go through beta testing and understand better.

我認為我們可以在這裡進行並繼續開發，但我們認為我們可以與現場的一些客戶合作並試點該計劃，進行 beta 測試並更好地理解。

It's really our first time selling a software program.

這確實是我們第一次銷售軟體程式。

And so we wanted to make sure that we got it right, and we were meeting all the customer needs there.

因此，我們希望確保我們做對了，並且滿足了所有客戶的需求。

On the third leg of the stool is the COPD physician and patient awareness.

凳子的第三條腿是慢性阻塞性肺病醫生和患者的意識。

One of the things that we've done, although our OpEx guide is down is we've reallocated spend to more targeted direct-to-patient advertising as well as peer-to-peer education events.

儘管我們的營運支出指南有所下降，但我們所做的一件事是，我們將支出重新分配給更有針對性的直接面向患者的廣告以及同儕教育活動。

And the feedback from those have been very, very strong.

這些人的回饋非常非常強烈。

If you look, we've got 34,000 patients have engaged with us, that's significantly higher, 150% higher than where we were last year.

如果你看一下，我們有 34,000 名患者與我們接觸，這明顯高於去年，比去年高出 150%。

So that spend is showing that we are able to educate physicians and patients alike.

因此，這筆支出顯示我們有能力教育醫生和病人。

We've increased our presence in some of these in the UK with this targeted lung health check, and we're doing what we can to drive COPD physician awareness there as well as patient awareness, too.

透過這項有針對性的肺部健康檢查，我們在英國的一些此類機構中增加了我們的存在，並且我們正在盡我們所能提高當地醫生和患者對慢性阻塞性肺病的認識。

So we're looking at accelerators for that plan that we would like to see kick in in 2025 and beyond.

因此，我們正在尋找該計劃的加速器，我們希望看到該計劃在 2025 年及以後啟動。

So that's really been our focus here over the last seven months.

所以這確實是我們過去七個月的重點。

I would say it's early innings with these, though.

不過，我想說，現在還處於早期階段。

We had to come in.

我們不得不進來。

We needed to understand the needs of our customers.

我們需要了解客戶的需求。

We develop a plan.

我們制定一個計劃。

I spend a lot of time in the field talking to customers and validating that plan, making sure that we are meeting their needs and that we're delivering products that will be useful to them.

我花了很多時間在現場與客戶交談並驗證該計劃，確保我們滿足他們的需求，並確保我們提供對他們有用的產品。

Once we do that, we have to drive the adoption of the hospital.

一旦我們做到了這一點，我們就必須推動醫院的採用。

So the hospital has to come on board.

所以醫院必須介入。

There's contracting that goes along with our lung tracks program.

我們的肺軌跡程序會伴隨著收縮。

So you involve IT, which can take a little bit of time, the legal aspects of it as well.

所以你會涉及到IT，這可能需要一點時間，還有法律方面的問題。

So adoption of the solution by the hospital, once that's adopted, then we need to go implement and work with the IT teams to implement the software solution.

所以醫院採用了這個解決方案，一旦採用了，我們就需要去實施，和IT團隊一起實施這個軟體解決方案。

And then once that's done, we need to go through and get patients through.

一旦完成，我們需要進行檢查並讓患者通過。

So they then need to be identified, worked up and treated.

因此，他們需要被識別、處理和治療。

So it takes a little bit of time.

所以需要一點時間。

We're in our early innings there.

我們正處於早期階段。

But seven months in, I'd say that we're seeing that we're executing in the right areas.

但七個月後，我想說我們看到我們正在正確的領域執行。

I think that's evidenced, as I said, by the patient numbers and engagements that we're having there.

正如我所說，我認為我們在那裡的患者數量和參與度就證明了這一點。

Our COPD engagement by clinicians across the United States has been very strong as well.

美國各地臨床醫師對慢性阻塞性肺病的參與也非常強烈。

So I feel good about the execution of the team.

所以我對團隊的執行力感覺很好。

But as I said, we're early innings, and I see these as catalysts for growth in '25 and beyond.

但正如我所說，我們還處於早期階段，我認為這些是 25 年及以後成長的催化劑。

Got it.

知道了。

That's helpful.

這很有幫助。

I think you touched on it a little bit in [Prong 1], but C-suite engagement being a priority and reflecting not only the clinically supported patient benefits, but also the economic value proposition.

我認為您在[第 1 方面] 中對此有所提及，但最高管理層的參與是一個優先事項，不僅反映了臨床支持的患者利益，而且還反映了經濟價值主張。

When you're having these conversations, what are those economic benefits that are resonating most with the C-suite?

當您進行這些對話時，最能引起最高管理層共鳴的經濟效益是什麼？

And how is that kind of expected to convert into a better utilization?

預計如何將其轉化為更好的利用率？

The first thing that the C-suite seems interested in is when they see the patient population that they have in their geographic area that's not being treated right now.

最高管理層感興趣的第一件事似乎是當他們看到他們所在地理區域內目前尚未接受治療的患者群體時。

There is a huge underserved patient population that doesn't really have options here.

有大量未充分服務的患者群體實際上沒有選擇。

They go through, they end up with medical management and many of them pass on.

他們經歷了一切，最終接受了醫療治療，其中許多人去世了。

And so our ability to educate them on the opportunity that exists in front of them is really where we start.

因此，我們真正的起點就是讓他們了解眼前存在的機會。

We've got the ability to help patients that need help.

我們有能力幫助需要幫助的患者。

I think that resonates with the C-suite as well as our physician base.

我認為這引起了最高管理層以及我們的醫生群體的共鳴。

Secondly, we walk them through the economics of the procedure.

其次，我們向他們介紹該程序的經濟學原理。

There's workup economics that go along with it.

隨之而來的是後處理經濟學。

There's as I've mentioned in the past, we've got a strong economic value proposition.

正如我過去提到的，我們有強大的經濟價值主張。

We have good reimbursement.

我們有很好的回報。

We talk about the fact that we are the standard of care.

我們談論的是我們是護理標準這一事實。

We're in the GOLD guidelines as the standard of care for patients with severe emphysema.

我們將黃金指南作為嚴重肺氣腫患者的護理標準。

And so our value propositions are very compelling to these C-suite executives.

因此，我們的價值主張對於這些首席主管來說非常有吸引力。

The next thing is, okay, how do we do, what do we need to do in order to make them a high-performing center?

接下來的事情是，好吧，我們該怎麼做，我們需要做什麼才能讓他們成為一個高績效的中鋒？

How do they really build a lung health program that they can build a moat around so that they can become a hub for a hub-and-spoke system or really treat that broad patient population that they have in their areas.

他們如何真正建立肺部健康計劃，圍繞這個計劃建立護城河，以便成為中心輻射系統的樞紐，或真正治療他們所在地區的廣大患者群體。

And that's what we spend most of our time on.

這就是我們花費大部分時間的事情。

And there's been a lot of interest there.

人們對此很感興趣。

It's building that blueprint and showing them how to stand up the program that's really where we are right now.

它正在建立藍圖並向他們展示如何實施我們現在真正所處的計劃。

Helpful.

有幫助。

I'll stop there.

我就到此為止。

Thank you.

謝謝。

Thanks, Frank.

謝謝，弗蘭克。

(Operator Instructions) I'm showing no further questions at this time.

（操作員說明）我目前沒有提出任何進一步的問題。

I'd now like to turn it back to Steven Williamson for closing remarks.

現在我想請史蒂文‧威廉森致閉幕詞。

Great.

偉大的。

Thanks, everybody, for joining us today.

謝謝大家今天加入我們。

To conclude, I'd like to thank our Pulmonx employees worldwide for delivering a strong third quarter and also for their continued dedication to fight every day for every breath so our patients don't have to.

最後，我要感謝我們全球的 Pulmonx 員工交付了強勁的第三季度業績，並感謝他們持續奉獻，每天為每一次呼吸而奮鬥，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。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This concludes the program.

程式到此結束。

You may now disconnect.

您現在可以斷開連線。