Pulmonx Corp (LUNG) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Pulmonx first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們，先生們，感謝你們的支持，歡迎參加 Pulmonx 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to Laine Morgan, Investor Relations. Please go ahead.

現在我想將會議交給投資者關係部門的萊恩摩根 (Laine Morgan)。請繼續。

Good afternoon, and thank you for participating in today's call. Joining me from Pulmonx are Steve Williamson, President and Chief Executive Officer; and Mehul Joshi, Chief Financial Officer. Earlier today, Pulmonx issued a press release announcing its financial results for the quarter ended March 31, 2025.

下午好，感謝您參加今天的電話會議。與我一起出席 Pulmonx 會議的還有總裁兼執行長史蒂夫威廉森 (Steve Williamson)；以及財務長 Mehul Joshi。今天早些時候，Pulmonx 發布了一份新聞稿，宣布了截至 2025 年 3 月 31 日的季度財務業績。

A copy of the press release is available on Pulmonx's website. Before we begin, I'd like to remind you that management will make statements during the 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.

新聞稿副本可在 Pulmonx 的網站上查閱。在我們開始之前，我想提醒您，管理層將在電話會議中發表聲明，其中包括聯邦證券法所定義的前瞻性聲明，這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。

Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. 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, physician engagement, expense management, market opportunity, guidance for revenue, gross margin and operating expenses, commercial expansion and product demand, adoption and pipeline development are based upon our current estimates and various assumptions.

本次電話會議中包含的任何與未來事件、結果或表現的預期或預測有關的陳述均為前瞻性陳述。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、醫生參與、費用管理、市場機會、收入指導、毛利率和營運費用、商業擴張和產品需求、採用和管道開發有關的陳述，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. Accordingly, you should not place undue reliance on these statements.

這些聲明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聲明預期或暗示的結果或事件有重大差異。因此，您不應過度依賴這些聲明。

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-K filed with the SEC on February 25, 2025.

有關與我們的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 2025 年 2 月 25 日向美國證券交易委員會提交的 10-K 表年度報告。

Also, during this call, we will discuss certain non-GAAP financial measures. 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. These non-GAAP measures are not intended to be a substitute for our GAAP results.

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。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳表已在新聞稿中提供，該新聞稿已發佈在我們的投資者關係網站上。這些非公認會計準則 (non-GAAP) 指標並非旨在取代我們的公認會計準則 (GAAP) 結果。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, April 30, 2025. 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.

本次電話會議包含時間敏感訊息，僅截至今天（2025 年 4 月 30 日）的現場直播時準確。Pulmonx 不承擔任何更新或修改任何財務預測或前瞻性聲明的意圖或義務，除非法律要求，無論是由於新資訊、未來事件或其他原因。

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

說完這些，我會把電話轉給史蒂夫。

Thanks, Laine. Good afternoon, everyone, and welcome to our first-quarter 2025 earnings call. Here with me is Mehul Joshi, our Chief Financial Officer. I am pleased to report that Pulmonx delivered worldwide sales of $22.5 million in the first quarter of 2025, representing 20% growth over the same period last year and 21% on a constant currency basis.

謝謝，萊恩。大家下午好，歡迎參加我們的 2025 年第一季財報電話會議。和我一起的是我們的財務長 Mehul Joshi。我很高興地報告，Pulmonx 在 2025 年第一季實現了 2,250 萬美元的全球銷售額，比去年同期增長 20%，按固定匯率計算增長 21%。

We're encouraged by our team's continued execution of our commercial initiatives, and we remain confident in our ability to deliver on our previously communicated revenue guidance of $96 million to $98 million for the full year 2025.

我們的團隊持續執行商業計劃，這讓我們感到鼓舞，我們仍然有信心實現我們先前傳達的 2025 年全年 9,600 萬至 9,800 萬美元的收入預期。

Throughout the first quarter, we made steady progress executing our Acquire, Test, and Treat strategy, setting the stage for sustained growth and long-term success. This strategy is focused on helping our customers more efficiently acquire the right patients, test them for eligibility, and ultimately treat more patients suffering from COPD.

在整個第一季度，我們在執行「獲取、測試和治療」策略方面取得了穩步進展，為持續成長和長期成功奠定了基礎。該策略的重點是幫助我們的客戶更有效地獲得合適的患者，測試他們的資格，並最終治療更多患有 COPD 的患者。

We expect the strong foundation we are building will help accelerate penetration into our estimated $12 billion market opportunity and support growth at or above 20% over the long-term. As part of the first step of our strategy to acquire the right patients, we're increasing both clinician and patient awareness and engagement, while at the same time, rolling out tools like LungTraX Detect to help our customers identify patients with severe emphysema, who are already under their care. Our market research indicates that the vast majority of Pulmonologists are aware of endobronchial valves, but less than 1/3 have referred a patient for evaluation.

我們預計，我們正在建立的堅實基礎將有助於加速我們預估的 120 億美元市場機會的滲透，並支持長期 20% 或以上的成長。作為我們獲取合適患者策略的第一步，我們正在提高臨床醫生和患者的意識和參與度，同時推出 LungTraX Detect 等工具來幫助我們的客戶識別已經接受治療的患有嚴重肺氣腫的患者。我們的市場調查表明，絕大多數肺科專家都知道支氣管內瓣膜，但只有不到三分之一的專家將患者轉診進行評估。

Our data indicate this is primarily related to a lack of familiarity with patient eligibility criteria. To address this gap in awareness, in Q1, we hosted over 40 peer-to-peer events, engaging and educating providers in the community, who manage COPD patients, about the selection criteria and benefits of Zephyr Valves.

我們的數據表明，這主要與不熟悉患者資格標準有關。為了解決這一認識差距，在第一季度，我們舉辦了 40 多場點對點活動，讓社區中管理 COPD 患者的提供者參與並了解 Zephyr 瓣膜的選擇標準和優勢。

In addition, following the success of our previous Medscape CME courses, which engaged over 37,000 clinicians, in early April, we were excited to launch two new CME modules through Medscape that build on the prior programs.

此外，在我們先前的 Medscape CME 課程取得成功（吸引了超過 37,000 名臨床醫生）之後，4 月初，我們很高興透過 Medscape 推出了兩個以先前的課程為基礎的新 CME 模組。

While virtual education is a cost-effective means of reaching a large audience, often in-person education of the highest potential clinicians can help drive engagement and action. As our sales team has successfully established a footprint of treating centers across the globe, we're now beginning to pilot cost-efficient programs to engage larger numbers of high-potential COPD clinicians in our most developed markets.

雖然虛擬教育是一種吸引大量受眾的經濟有效的手段，但對最有潛力的臨床醫生進行面對面的教育往往有助於推動參與和行動。由於我們的銷售團隊已成功在全球建立治療中心，我們現在開始試行具有成本效益的計劃，以吸引我們最發達市場的更多高潛力 COPD 臨床醫生。

This year, we're expanding our field presence by hiring therapy awareness specialists dedicated to community physician education, who we expect to increase referrals for valve treatment. We've hired and trained our first seven target geographies in the US, and we anticipate they will begin to make an impact starting in the second half of the year.

今年，我們將擴大我們的實地影響力，聘請致力於社區醫生教育的治療意識專家，我們希望他們能夠增加瓣膜治療的轉診。我們已經在美國僱用並培訓了首批七個目標地區，我們預計他們將從今年下半年開始產生影響。

One of the dynamics we've also identified through our research is that clinicians less familiar with valves may be reluctant to refer unless prompted by the patient, for fear the patient may not qualify and be disappointed. For that reason, we've seen benefits to educating patients to be their own advocates, and encourage their physicians to explain their full range of options.

我們在研究中也發現的一個動態是，不太熟悉瓣膜的臨床醫生可能不願意轉診，除非病人提示，因為他們擔心病人可能不符合條件而感到失望。因此，我們看到教育患者成為自己的代言人並鼓勵他們的醫生解釋他們的全部選擇的好處。

In Q1, we continued to refine our direct-to-patient targeting and education, and we saw a record number of unique patient engagements driven by these DTP initiatives. As a result of these efforts, we're confident we are on track to meet the patient education goals communicated on our last call.

在第一季度，我們繼續完善直接面向患者的定位和教育，並且我們看到由這些 DTP 計劃推動的獨特患者參與數量創下了紀錄。透過這些努力，我們相信我們能夠實現上次通話中傳達的患者教育目標。

In addition to our work on education and engagement of providers, we are increasingly encouraged by our customers' progress in identifying patients, who may qualify for valves, who are already under management in their facilities for other medical conditions.

除了我們在教育和吸引醫療服務提供者方面的工作之外，我們的客戶在識別可能適合使用瓣膜的患者方面取得的進展也讓我們越來越感到鼓舞，這些患者已經在他們的醫療機構中接受其他醫療狀況的治療。

Our LungTraX Detect system prospectively analyzes CT scans and hospital PACS systems to identify patients with radiographic emphysema, and seamlessly integrates them into a simple workflow for further evaluation.

我們的 LungTraX Detect 系統前瞻性地分析 CT 掃描和醫院 PACS 系統以識別患有放射學肺氣腫的患者，並將它們無縫整合到簡單的工作流程中以供進一步評估。

We are encouraged by the early results of our first handful of active centers where LungTraX Detect customers are seeing an average rate of emphysema detection of approximately 15%, consistent with previously published data. We're also seeing a significant increase in the number of patients entering workup in our pilot sites.

我們首批活躍中心的早期結果令我們感到鼓舞，其中 LungTraX Detect 客戶的平均肺氣腫檢測率約為 15%，這與先前發布的數據一致。我們還發現，在我們的試點站點接受檢查的患者數量顯著增加。

Most importantly, clinicians seem to grasp the benefits of shifting from lung cancer screening to a more comprehensive lung health screening approach. I'm pleased with the number of customers entering the contracting phase, and we expect to see more hospitals activating LungTraX Detect throughout the year.

最重要的是，臨床醫生似乎已經意識到從肺癌篩檢轉向更全面的肺部健康篩檢方法的好處。我很高興看到有這麼多的客戶進入簽約階段，我們預計全年將有更多的醫院啟用 LungTraX Detect。

Now shifting to the second leg of our strategy. The test phase focuses on relieving what can be a bottleneck to care, the coordination of patient workflow and helping scale high-volume treatment centers. One key element to this is gaining hospital administrative support.

現在轉向我們策略的第二階段。測試階段的重點是緩解護理瓶頸、協調患者工作流程以及幫助擴大大容量治療中心的規模。其中一個關鍵因素是獲得醫院行政支援。

The concept that is increasingly resonating with hospital executives is the value of building and scaling comprehensive lung health programs, which offer broad benefits compared to siloed disease-specific programs for lung cancer, lung transplantation, or COPD.

越來越受到醫院管理人員認同的理念是建立和擴大綜合肺部健康計劃的價值，與針對肺癌、肺移植或慢性阻塞性肺病的孤立疾病特定計劃相比，該計劃具有廣泛的益處。

For example, many hospitals today offer cancer screening, but these programs are often not set up to trigger action on other serious conditions found by the screening, such as emphysema. Leading hospitals are now establishing lung health programs that have care coordination and clinical pathways designed to support holistic patient care.

例如，如今許多醫院都提供癌症篩檢，但這些計畫通常不會針對篩檢發現的其他嚴重疾病（如肺氣腫）採取行動。領先的醫院目前正在建立肺部健康計劃，該計劃具有護理協調和臨床路徑，旨在支持整體患者護理。

These hospitals recognize that by investing in pulmonary patient care, they can attract many new patients into their health care system and optimize the care of patients they already see. By being proactive, these hospitals are improving the health of communities they serve, increasing reimbursement for their system and reducing mortality from lung disease.

這些醫院認識到，透過投資肺病患者護理，他們可以吸引許多新患者加入其醫療保健系統，並優化現有患者的護理。透過積極主動的措施，這些醫院正在改善其服務社區的健康狀況，增加其係統的報銷額度並降低肺部疾病的死亡率。

We have found that the most successful centers have dedicated support staff, including clinical navigators who enhance workflow efficiency by guiding patients through the testing process. However, some institutions hesitate to add additional head count.

我們發現最成功的中心都有專門的支援人員，包括臨床導航員，他們透過指導患者完成測試過程來提高工作流程效率。然而，一些機構對於增加員工人數卻猶豫不決。

To address this, we're marketing a new program that offers our hospitals a third-party technology-enabled solution to virtually manage patients through the hospital's workflow process. Early feedback from the first customer has been that the service efficiently streamlines the process of qualifying patients from LungTraX Detect and scheduling them for workup. We believe this third-party service is an efficient solution for hospitals to scale workup without adding internal head count.

為了解決這個問題，我們正在推廣一項新計劃，為我們的醫院提供第三方技術支援的解決方案，透過醫院的工作流程虛擬管理患者。第一位客戶的早期回饋是，該服務有效地簡化了 LungTraX Detect 的合格患者和安排他們進行檢查的過程。我們相信，這項第三方服務是醫院在不增加內部員工數量的情況下擴大檢查規模的有效解決方案。

Although we are in an early phase, we're encouraged by our results, thus far, and have begun targeted marketing of this program to LungTraX Detect customers and customers with internal resource constraints. Another way to expand test capacity is to expand the number of centers screening patients.

儘管我們還處於早期階段，但迄今為止的結果令我們感到鼓舞，並且已開始針對 LungTraX Detect 客戶和內部資源受限的客戶進行該計劃的定向行銷。擴大檢測能力的另一種方法是增加篩檢患者的中心數量。

In Q1, we also added 10 new US accounts, ending the quarter with 285 active accounts. We define active accounts as centers that have placed a revenue-generating order in the quarter.

在第一季度，我們還增加了 10 個新的美國帳戶，本季結束時活躍帳戶總數為 285 個。我們將活躍帳戶定義為在本季下達了創收訂單的中心。

Looking ahead, we'll continue to add new high potential accounts opportunistically. Turning to the third and final leg of our strategy focused on treat. We are increasing our global footprint and seeking to expand indications to fuel our long-term growth potential.

展望未來，我們將繼續抓住機會增加新的高潛力帳戶。我們策略的第三階段也是最後一階段重點是治療。我們正在擴大我們的全球影響力並尋求擴大適應症以激發我們的長期成長潛力。

In Q1, we delivered strong international year-over-year revenue growth of 39%, marking a material acceleration. As we anticipated, results were driven by continued strength in China and growth in select international markets.

第一季度，我們的國際業務收入年增 39%，實現了實質加速。正如我們預期的那樣，業績是由中國市場的持續強勁和特定國際市場的成長所推動的。

In Europe, we continue to deploy proven sales tools we utilize in the US for use in local geographies. This includes operational best practice sharing, community physician engagement, virtual case discussions with experts and peer-to-peer education programs.

在歐洲，我們將繼續部署在美國已驗證的銷售工具，以供當地使用。這包括最佳操作實踐分享、社區醫生參與、與專家的虛擬案例討論以及點對點教育計劃。

Furthermore, we're exploring a variety of targeted approaches to increase severe emphysema screening and existing accounts looking to develop their case volumes further, such as review of pulmonary function test results and lung cancer screening test results for patients with high levels of trapped air or emphysema destruction.

此外，我們正在探索各種有針對性的方法來增加嚴重肺氣腫的篩檢和現有帳戶，以進一步增加其病例量，例如審查肺功能測試結果和肺癌篩檢測試結果，以檢查高水平滯留氣體或肺氣腫破壞的患者。

We anticipate the impact of our international efforts to continue to drive revenue growth in the near-term, particularly through the first half of 2025.

我們預計，我們的國際努力將在短期內繼續推動營收成長，尤其是在 2025 年上半年。

Outside of Europe, we're making progress on our Japanese post-market surveillance study, which supports our plans for broader commercialization in approximately 2026. As one of the largest medical device markets in the world, Japan represents a significant opportunity where an estimated 100,000 patients stand to benefit from Zephyr Valves.

在歐洲以外，我們在日本上市後監測研究方面也取得了進展，這支持了我們在 2026 年左右實現更廣泛商業化的計畫。作為世界上最大的醫療器材市場之一，日本代表著巨大的機遇，預計有 10 萬名患者將受益於 Zephyr Valves。

To build awareness of our technology in Japan, we hosted several medical education events during Q1, engaging over 500 COPD-focused physicians as we continue to enroll in our post-approval study and begin to see the market ahead of commercial launch. On expanding indications, we continue to increase enrollment and ACTIVATE centers around the world in our AeriSeal CONVERT II trial.

為了在日本提高我們技術的知名度，我們在第一季舉辦了幾場醫學教育活動，吸引了超過 500 名專注於 COPD 的醫生參與，同時我們繼續參與上市後的研究，並在商業發布之前開始了解市場。在擴大適應症方面，我們持續增加 AeriSeal CONVERT II 試驗的招募人數，並啟動世界各地的中心。

Once we receive PMA approval, AeriSeal will allow us to treat emphysema patients with collateral ventilation, which we expect to expand our immediately addressable market of eligible patients by an estimated 20% globally.

一旦我們獲得 PMA 批准，AeriSeal 將允許我們透過側支通氣治療肺氣腫患者，我們預計這將使我們在全球範圍內符合條件的患者直接市場擴大約 20%。

We continue to anticipate the commercial launch for AeriSeal outside of the US in approximately 2026 and in the US in approximately 2027. Overall, I am pleased with the progress of our ongoing programs, which have positioned us as a strong partner to our accounts by offering comprehensive solutions across the entire patient care journey. We believe our combined efforts to grow patient volume, increase test efficiency, and expand the ability to treat patients will accelerate penetration of the market opportunity for Zephyr Valves.

我們繼續預計 AeriSeal 將於 2026 年左右在美國以外地區進行商業發布，並於 2027 年左右在美國進行商業發布。總體而言，我對我們正在進行的計劃的進展感到滿意，這些計劃透過在整個患者護理過程中提供全面的解決方案，使我們成為客戶的強大合作夥伴。我們相信，我們共同努力增加患者數量、提高測試效率並擴大治療患者的能力將加速 Zephyr Valves 的市場機會滲透。

That said, it will take time to implement these programs across our account base, and it will also take time for new patients to work through the system to treatment. While US growth has moderated over the past four quarters, it has sharpened our view of key pressure points in the patient funnel.

也就是說，在我們的帳戶基礎上實施這些計劃需要時間，新患者透過該系統接受治療也需要時間。儘管美國經濟成長在過去四個季度有所放緩，但這使我們對患者漏斗中關鍵壓力點的認識更加清晰。

And we're taking decisive action to unlock the next phase of expansion. Early results from targeted initiatives are encouraging, and we believe they will set the foundation for accelerated US growth in the back half of the year.

我們正在採取果斷行動，開啟下一階段的擴張。有針對性的措施的早期成果令人鼓舞，我們相信它們將為今年下半年美國經濟加速成長奠定基礎。

The question we consistently pressure test when assessing the US opportunity is the total addressable market or TAM. Are there truly 500,000 patients with severe emphysema who can benefit from valves? Based on the engagement and volume we see through our direct-to-patient programs, we believe the answer is unequivocally yes.

在評估美國機會時，我們不斷進行壓力測試的問題是總目標市場或 TAM。真的有 50 萬名嚴重肺氣腫患者可以從瓣膜中受益嗎？根據我們透過直接面向患者的計劃所看到的參與度和數量，我們相信答案是肯定的。

Every day, physicians hear from patients across the country who are severely debilitated, out of options and unaware that treatment is available. The unmet need is large and it is urgent. Today, we have hundreds of customer sites covering major metropolitan areas. The infrastructure is in place. The challenge lies in better connecting these patients to the physicians who can treat them.

每天，醫生都會接到來自全國各地患者的來信，他們身體嚴重虛弱，沒有其他選擇，也不知道有治療手段。未滿足的需求很大而且很迫切。如今，我們擁有數百個客戶站點，覆蓋各大城市。基礎設施已經到位。挑戰在於如何更好地將這些患者與能夠治療他們的醫生聯繫起來。

As I mentioned before, our data shows that fewer than one-third of community pulmonologists are actively referring patients for BLVR and typically only after all other options have failed. This gap in awareness is something we are actively addressing.

正如我之前提到的，我們的數據顯示，只有不到三分之一的社區肺科醫師積極將患者轉介至 BLVR，而且通常只有在所有其他選擇都失敗後才會這樣做。我們正在積極解決這一認識上的差距。

As I highlighted, we've launched a multipronged strategy incorporating therapy awareness specialists, expanded peer-to-peer education efforts and launched a national CME program through Medscape to drive best practices more broadly.

正如我所強調的，我們已經啟動了一項多管齊下的策略，其中包括吸收治療意識專家、擴大點對點教育工作，並透過 Medscape 啟動了一項國家 CME 計劃，以更廣泛地推動最佳實踐。

In parallel, LungTraX Detect is enabling hospitals to proactively identify valve candidates directly from hospital PACS systems, bypassing traditional referral bottlenecks and accelerating patient access to care. Further, we're working to enable greater efficiency, particularly with regard to the speed at which patients move through the workup and treatment process.

同時，LungTraX Detect 使醫院能夠直接從醫院 PACS 系統中主動識別瓣膜候選者，繞過傳統的轉診瓶頸並加快患者獲得護理的速度。此外，我們正在努力提高效率，特別是提高患者完成檢查和治療過程的速度。

LungTraX Connect addresses this directly, streamlining everything from CT scan uploads to patient tracking and workflow management. It is becoming a critical tool for patient care coordinators to improve throughput, reduce delays and enhance the overall patient experience. The patients are there, the programs to treat them exist, and now the focus is connecting the two.

LungTraX Connect 直接解決了這個問題，簡化了從 CT 掃描上傳到病患追蹤和工作流程管理的所有流程。它正在成為患者護理協調員提高吞吐量、減少延遲和增強整體患者體驗的重要工具。病人在那裡，治療他們的計畫也存在，現在的重點是將兩者連結起來。

We anticipated this plateau, we've acted decisively, and we've taken actions to stem what we believe is a temporary slowdown and expect Q1 to represent a low point of US growth, as we anniversary our first half of tough comps and expect to see the impact of these initiatives in the second half of the year, positioning us to return to consistent, sustainable long-term US growth.

我們預見了這一平台期，並採取了果斷行動，我們已採取行動來阻止我們認為的暫時放緩，並預計第一季度將代表美國經濟增長的低點，因為我們回顧了上半年艱難的業績，並預計在下半年看到這些舉措的影響，使我們能夠恢復到持續、可持續的長期美國增長。

Finally, I'd like to provide an update on the civil investigative demand we received from the US Department of Justice in December of 2022. As a reminder, the original action was filed in connection with the request for information under the False Claims Act and the Anti-Kickback Statute. I am pleased to report that on March 31, 2025, we received notice that the DOJ formally declined to intervene in the case.

最後，我想介紹一下我們在 2022 年 12 月收到的美國司法部民事調查要求的最新情況。提醒一下，最初的訴訟是根據《虛假索賠法》和《反回扣法》提出的資訊請求。我很高興地報告，2025 年 3 月 31 日，我們收到通知，司法部正式拒絕介入此案。

We remain committed to operating with the highest standards of integrity and compliance, and we're pleased to put the CID behind us, as we continue to focus on delivering value to patients, providers and shareholders.

我們始終致力於以最高的誠信和合規標準開展運營，並且很高興將 CID 拋在身後，因為我們將繼續專注於為患者、供應商和股東創造價值。

In conclusion, our Q1 performance reinforces our belief that Pulmonx is well positioned for sustainable growth in the long-term, and we are laying the foundation for continued success as we execute on our strategic initiatives.

總而言之，我們第一季的業績強化了我們的信念，即 Pulmonx 已做好長期可持續成長的準備，並且我們在執行策略性舉措的過程中為持續取得成功奠定了基礎。

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

現在我將把電話轉給 Mehul，讓他更詳細地回顧我們的第一季業績。

Thank you, Steve, and good afternoon, everyone. Total worldwide revenue for the three months ended March 31, 2025, was $22.5 million, a 20% increase from $18.9 million in the same period of the prior year and an increase of 21% on a constant currency basis.

謝謝你，史蒂夫，大家下午好。截至 2025 年 3 月 31 日的三個月，全球總營收為 2,250 萬美元，較去年同期的 1,890 萬美元成長 20%，以固定匯率計算成長 21%。

Our strong top-line performance underscores the continued execution of our long-term strategy and adoption of Zephyr Valves. US revenue in the first quarter was $14.2 million, an increase of 11% from $12.9 million over the prior year period.

我們強勁的營收表現凸顯了我們持續執行長期策略和採用 Zephyr Valves 的成果。第一季美國營收為 1,420 萬美元，較去年同期的 1,290 萬美元成長 11%。

US growth was generally as expected, particularly when considering the exceptionally challenging prior year comparison, a factor we accounted for in our projections. International revenue in the first quarter of 2025 was $8.3 million, a 39% increase from $6 million during the same period last year, and an increase of 43% on a constant currency basis.

美國的成長總體上符合預期，特別是考慮到與去年同期相比極具挑戰性，這是我們在預測中考慮到的一個因素。2025年第一季國際營收為830萬美元，較去年同期的600萬美元成長39%，以固定匯率計算成長43%。

Strength in international revenue was particularly pronounced due to stronger-than-expected results in China. We believe this was driven by strong underlying demand for Zephyr Valves coupled with greater-than-expected distributor stocking in response to the evolving trade and regulatory landscape.

由於中國業績優於預期，國際收入的強勁表現尤為明顯。我們認為，這是由於對 Zephyr Valves 的強勁潛在需求，以及為了應對不斷變化的貿易和監管形勢而導致的分銷商庫存超出預期所致。

Our guidance contemplates this to be a driver of international revenue growth in the first half of 2025. Gross margin for the first quarter of 2025 was 73% compared to 75% in the prior year period. This gross margin is a direct result of robust international growth, which shifted our geographic revenue mix as anticipated. Importantly, this result is consistent with our expectations for the full year. Total operating expenses for the first quarter of 2025 were $30.9 million, an 8% increase from $28.6 million in the first quarter of 2024.

我們的指導意見認為這將成為 2025 年上半年國際收入成長的驅動力。2025 年第一季的毛利率為 73%，去年同期為 75%。這一毛利率直接得益於強勁的國際成長，正如預期的那樣，這改變了我們的地理收入結構。重要的是，這一結果與我們對全年的預期一致。2025 年第一季的總營運費用為 3,090 萬美元，較 2024 年第一季的 2,860 萬美元成長 8%。

Non-cash stock-based compensation expense was $5.6 million in the first quarter of 2025. Excluding stock-based compensation expense, total operating expenses in the first quarter of 2025 increased 10% from the same period of the prior year, consistent with our commitment to disciplined investment and cost optimization while scaling the business.

2025 年第一季非現金股票薪酬費用為 560 萬美元。不包括股票薪酬費用，2025 年第一季的總營運費用比去年同期增長了 10%，這符合我們在擴大業務規模的同時對嚴格投資和成本優化的承諾。

R&D expenses for the first quarter of 2025 were $4.8 million compared to $4.2 million in the same period of the prior year. The increase was primarily driven by higher clinical expenses as enrollment in our clinical trials accelerates. Sales, general and administrative expenses for the first quarter of 2025 were $26.1 million compared to $24.4 million in the first quarter of 2024.

2025 年第一季的研發費用為 480 萬美元，而去年同期為 420 萬美元。這一增長主要是由於臨床試驗報名人數增加導致臨床費用增加所致。2025 年第一季的銷售、一般和行政費用為 2,610 萬美元，而 2024 年第一季為 2,440 萬美元。

The increase was driven by expanded commercial investments, including direct-to-patient initiatives and programs to enhance clinician therapy awareness. Net loss for the first quarter of 2025 was $14.4 million or a loss of $0.36 per share as compared to a net loss of $13.7 million or a loss of $0.36 per share for the same period of the prior year.

這一增長得益於商業投資的擴大，包括直接面向患者的措施和提高臨床醫生治療意識的計劃。2025 年第一季淨虧損為 1,440 萬美元，即每股虧損 0.36 美元，而去年同期淨虧損為 1,370 萬美元，即每股虧損 0.36 美元。

An average weighted share count of 40 million shares was used to determine loss per share for the first quarter 2025. Adjusted EBITDA loss for the first quarter of 2025 was $8.5 million as compared to $8 million in the first quarter of 2024. We ended March 31, 2025, with $88.7 million in cash, cash equivalents and marketable securities, a decrease of $12.8 million from December 31, 2024.

平均加權股數為 4,000 萬股，用於確定 2025 年第一季的每股虧損。2025 年第一季調整後 EBITDA 虧損為 850 萬美元，而 2024 年第一季為 800 萬美元。截至 2025 年 3 月 31 日，我們擁有 8,870 萬美元的現金、現金等價物和有價證券，比 2024 年 12 月 31 日減少 1,280 萬美元。

As a reminder, the first quarter is historically our most cash-intensive quarter, primarily due to the timing of annual bonus payments. We remain well-capitalized to achieve our near- and long-term objectives. Our current liquidity, combined with consistent top line growth and expanding operating leverage support our confidence in achieving cash flow break-even with the resources currently on hand.

提醒一下，從歷史上看，第一季是我們現金最密集的季度，這主要是因為年度獎金支付的時間。我們仍然擁有充足的資金來實現我們的近期和長期目標。我們目前的流動性，加上持續的收入成長和不斷擴大的經營槓桿，支持了我們對利用現有資源實現現金流收支平衡的信心。

To further enhance balance sheet flexibility, in April 2025, we successfully extended the interest-only period on our $37 million term loan by an additional three years. The interest-only payment period will now run through the remaining loan period with a full principal payment due in October 2027.

為了進一步增強資產負債表的靈活性，2025 年 4 月，我們成功將 3,700 萬美元定期貸款的只付利息期延長了三年。現在，僅支付利息的還款期將持續到剩餘的貸款期限，全額本金將於 2027 年 10 月支付。

Turning to guidance. We are reaffirming our full year 2025 guidance for revenue, gross margin and operating expenses. We continue to expect full year 2025 reported revenue to be in the range of $96 million to $98 million, anticipating growth generally in line with our prior expectations.

轉向指導。我們重申 2025 年全年收入、毛利率和營運費用的指引。我們繼續預計 2025 年全年報告收入將在 9,600 萬美元至 9,800 萬美元之間，預計成長基本上符合我們先前的預期。

While our revenue guidance incorporates current full-year foreign exchange rate projections, future fluctuations in global currency markets could affect reported revenue growth. In the US, we remain focused on scaling commercial initiatives, as highlighted previously by Steve, which are expected to drive an acceleration of growth in the second half of 2025, as patient engagement and therapy adoption increases across our key accounts.

雖然我們的收入指引包含了目前全年外匯匯率預測，但未來全球貨幣市場的波動可能會影響報告的收入成長。在美國，我們仍然專注於擴大商業計劃，正如史蒂夫之前強調的那樣，隨著我們主要客戶的患者參與度和治療採用率的提高，預計這些計劃將在 2025 年下半年推動成長加速。

Internationally, we continue to project solid growth in the second quarter and thereby the first half of the year as previously communicated. We anticipate typical seasonality in the latter half of the year as we further strengthen our global footprint and commercial execution. We are actively monitoring global trade policies, including tariffs and assessing the potential impact on international revenue.

在國際上，我們繼續預測第二季度以及今年上半年將穩健成長，正如之前所傳達的那樣。隨著我們進一步加強全球影響力和商業執行力，我們預計下半年將出現典型的季節性。我們正在積極監測全球貿易政策，包括關稅，並評估其對國際收入的潛在影響。

We expect gross margin for the full year to be approximately 74%, with improvement anticipated in the second half of the year driven by favorable geographic mix, higher production volumes and the continued impact of cost optimization initiatives. We manufacture all our products in the United States and rely on a combination of in-house processing and third-party suppliers for raw materials and components.

我們預計全年毛利率約為 74%，預計下半年毛利率將有所改善，這得益於有利的地域組合、更高的產量以及成本優化措施的持續影響。我們的所有產品均在美國生產，並依靠內部加工和第三方供應商提供原料和零件。

The cost of materials imported to build our products is nominal. And with our current inventory position, we do not expect gross margins to be materially affected by fluctuations in global trade policies in the short term.

用於製造我們產品的材料進口成本很低。而根據我們目前的庫存狀況，我們預期短期內毛利率不會受到全球貿易政策波動的重大影響。

Full-year operating expenses are projected to be $133 million to $135 million, including approximately $22 million in non-cash stock-based compensation. This outlook continues to reflect full investment in our Acquire, Test and Treat strategy, which remains central to our growth and market expansion plans. In closing, we are confident in our trajectory for 2025 and beyond.

全年營運費用預計為 1.33 億美元至 1.35 億美元，其中包括約 2,200 萬美元的非現金股票薪酬。這一前景繼續反映出我們對收購、測試和治療策略的全力投資，該策略仍然是我們成長和市場擴張計劃的核心。最後，我們對 2025 年及以後的發展軌跡充滿信心。

With strong momentum, robust market expansion initiatives and continued operational discipline, we are well-positioned to drive the next phase of our growth.

憑藉著強勁的發展勢頭、強勁的市場擴張計劃和持續的營運紀律，我們已準備好推動下一階段的成長。

With that, I'd like to turn the call back to Steve for his closing remarks.

最後，我想請史蒂夫做最後的總結發言。

Thanks, Mehul. In summary, we had a strong start to the year marked by robust first quarter growth and continued success in our innovative commercial and clinical programs. Looking ahead, we've got a strong balance sheet and a clear strategy that we believe will support continued future growth at or above 20% over the long-term. We remain confident in our opportunity, plans and team as we build a promising future for patients around the world with severe lung disease.

謝謝，Mehul。總而言之，我們今年開局強勁，第一季成長強勁，創新商業和臨床計畫持續成功。展望未來，我們擁有強勁的資產負債表和清晰的策略，我們相信這將支持我們長期維持 20% 或以上的成長。我們對我們的機會、計劃和團隊充滿信心，為全世界患有嚴重肺部疾病的患者創造美好的未來。

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

感謝大家的關注，現在我們開始提問。

Operator?

操作員？

(Operator Instructions) Rick Wise, Stifel.

（操作員指示） Rick Wise，Stifel。

Hi. This is Annie on for Rick. Thanks for taking our question. I was hoping you could give us some additional color on your guidance outlook. It's nice to see the outperformance in the first quarter, but I'm hoping to better understand your caution about raising guidance, given all these positive commercial initiatives that are underway.

你好。這是安妮為瑞克表演的。感謝您回答我們的問題。我希望您能為我們提供一些有關您的指導展望的補充資訊。很高興看到第一季度的出色表現，但考慮到正在進行的所有這些積極的商業舉措，我希望更好地理解您對提高指導的謹慎態度。

And are you just thinking it might be too early in the year? Or are there other reasons that you're thinking about? Any color there would be great. Thanks.

您是否認為今年可能還為時過早？或者您正在考慮其他原因？任何顏色都很棒。謝謝。

Yeah, Annie, this is Mehul Joshi. I don't know if you said raising guidance. We have reiterated 2025 revenue guidance at $96 million to $98 million, as we had stated in the Q4 call. And in that, we had guided the first half growth to be driven by our international business and the second half growth to be driven by the US business.

是的，安妮，這是梅胡爾喬希。我不知道您是否提到了提高指導。正如我們在第四季度電話會議上所述，我們重申了 2025 年收入預期為 9,600 萬美元至 9,800 萬美元。其中，我們預計上半年的成長將由國際業務推動，下半年的成長將由美國業務推動。

Q1 mostly materialized as anticipated and the first half is on track. So there has been no change from what we discussed about a quarter ago. And this is -- we're also continuing to execute on our US initiatives, which Steve talked about, LungTraX, physician education programs, virtual navigator pilots, DTP and so on to help drive the US growth.

第一季基本上符合預期，上半年一切順利。因此，與我們一個季度前討論的內容相比，沒有任何變化。而且，我們還將繼續執行史蒂夫談到的美國計劃，包括 LungTraX、醫生教育計劃、虛擬導航試點、DTP 等，以幫助推動美國的成長。

So our guidance stands as is based on Q1 hitting as we anticipated.

因此，我們的指導依據是第一季是否符合我們的預期。

And then just one more follow-up. Can you help us understand where upside to full year guidance could come from as the year unfolds?

然後再進行一次跟進。您能否幫助我們了解，隨著今年的展開，全年業績指引的上行空間可能來自哪裡？

Yeah. I would say I think the other question you had asked maybe that I hadn't answered is, why aren't we raising guidance? So I think because we hit 21% constant currency growth and our guidance is $96 million to $98 million, which is 16% to 18% on a constant currency basis. I think the one thing as I think everyone is concerned about is the global macroeconomic environment is in flux and tariffs and FX drive some uncertainty. So we're watching and waiting on that.

是的。我想說，我認為您可能問過而我還沒有回答的另一個問題是，為什麼我們不提高指導？所以我認為，因為我們實現了 21% 的固定匯率成長率，我們的預期是 9,600 萬美元到 9,800 萬美元，以固定匯率計算，即 16% 到 18%。我認為每個人都關心的一件事是全球宏觀經濟環境不斷變化，關稅和外匯帶來了一些不確定性。因此我們正在觀察並等待。

Where there is opportunity is adoption of some of our initiatives in the US, specifically LungTraX, how we're working to educate COPD prescribing physicians, and our DTP program. So as those investments take hold and we make progress on those initiatives, that could be upside for Pulmonx in the second half of the year.

機會在於我們在美國採取的一些舉措，特別是 LungTraX，我們如何教育 COPD 處方醫生，以及我們的 DTP 計劃。因此，隨著這些投資的落地以及我們在這些舉措上取得進展，這可能會為 Pulmonx 在今年下半年帶來好處。

Yeah, Annie, I'll just add on to that. So if you look at the DTP metrics that we have, they're actually doing very well. We see a large number of patients are first-time patients that are coming into our website and either taking a quiz or calling into our helpline and becoming educated on the product. Those numbers continue to grow quarter over quarter. We also have a strong foundation of treatment centers that are set up across the United States.

是的，安妮，我只是想補充一點。因此，如果您查看我們的 DTP 指標，您會發現它們實際上表現得非常好。我們發現很多患者都是首次就診，他們造訪我們的網站，參加測驗或撥打我們的求助專線，了解產品。這些數字逐季度持續成長。我們也擁有遍佈美國各地的強大治療中心基礎。

And the connection between those two is really what we're focused on. We've got a number of different initiatives. These therapy awareness specialists that I talked about, we've got seven of them have that will be -- actually, they just joined and they've been trained.

而這兩者之間的連結正是我們真正關注的重點。我們有許多不同的舉措。我談到的這些治療意識專家，我們有七位——實際上，他們只是加入並接受了培訓。

So if we start to see big pick up there, and that coupled with what we're seeing with LungTraX Detect and as we go through the contracting process with that with some of these larger hospital systems, those would be potential tailwinds for the back half of the year.

因此，如果我們開始看到那裡出現大幅增長，再加上我們在 LungTraX Detect 方面看到的，並且隨著我們與一些大型醫院系統完成簽約流程，這些都將成為下半年的潛在順風。

Great. That's really helpful color. Thank you.

偉大的。這顏色確實很有幫助。謝謝。

Yes.

是的。

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，湖街資本市場。

All right. Thanks for taking the questions. Congrats on the solid start to the year. I wanted to start with maybe boiling down the Acquire, Test, Treat strategy you're implementing, Steve. I know there's a number of initiatives that you're putting in place at once, and I'm sure there's some early learnings.

好的。感謝您回答這些問題。恭喜您今年取得了良好的開端。史蒂夫，我想先概括你正在實施的「取得、測試、治療」策略。我知道你們正在同時實施多項舉措，我確信你們已經取得了一些早期的經驗。

That's what I wanted to ask about, which of the programs do you think have been most impactful in the early days? And which of these do you think are really going to get at the bottlenecks that you referenced earlier in the remarks?

這就是我想問的，您認為哪些項目在早期影響最大？您認為其中哪些能夠真正解決您先前在評論中提到的瓶頸問題？

Yeah. Our marketing and peer-to-peer education have really been highlights for us. We see very, very good response from the physicians that attend our peer-to-peer events. We also do a clinical excellence summit, which we bring in some of the smaller facilities or new programs to talk with some of the facilities that have built out big programs. I think those have been early success stories for us.

是的。我們的行銷和同儕教育確實是我們的亮點。我們看到參加我們點對點活動的醫生們的反應非常非常好。我們也舉辦臨床卓越高峰會，邀請一些較小的機構或新計畫與一些已經建立大型計畫的機構進行交流。我認為這些都是我們早期的成功案例。

The next phase of that is really getting after these community physicians with the therapy awareness reps. That's going to be a good indicator for us as they get out there and we can start educating these doctors. And hopefully, we'll be able to move that needle on the percent of these doctors that are actually sending patients into treaters. So that's one.

下一階段是真正地向這些社區醫生宣傳治療意識。當他們走出去時，這對我們來說將是一個很好的指標，我們可以開始教育這些醫生。希望我們能夠提高真正將患者送往治療機構的醫生比例。這就是其中之一。

Secondly, I would say, LungTraX. We really have seen a positive momentum. The sales force is out there. They're aggressively promoting it. We're seeing great traction. We've got dozens of accounts that have actually begun. They're in various phases of the contracting stage right now. And so I think that would be really -- that's a big, big potential growth driver for us in the future.

其次，我想說的是 LungTraX。我們確實看到了積極的勢頭。銷售人員就在那裡。他們正在積極推廣它。我們看到了巨大的吸引力。我們已經有幾十個實際開始營運的帳戶了。他們目前正處於簽約階段的不同階段。所以我認為這真的會成為我們未來一個巨大的潛在成長動力。

Okay. One clarifying and sorry if I missed it. Did you disclose how many LungTraX accounts are active today?

好的。如果我錯過了，請澄清一下並抱歉。您是否透露過今天有多少 LungTraX 帳戶處於活躍狀態？

We're really early in the process, Frank. So we haven't disclosed that. I will say that we've got dozens -- several dozen contracts that are currently going through process. So as you may or may well not know, in late January, we trained our sales force on this. They got out -- started rolling it out to their customers in the February and March time frame.

弗蘭克，我們真的還處於這個過程的早期階段。所以我們還沒有透露這一點。我想說的是，我們目前有幾十份合約正在處理中。您可能知道也可能不知道，我們在一月底就此對銷售人員進行了培訓。他們在二月和三月期間開始向客戶推出產品。

So once they do that, we began security reviews and contracting. And so those take a little bit of time to get through the hospitals. And so I would say the traction that we're getting as we get into this contracting phase is something that I feel good about. I think we're seeing a willingness of customers to adopt this technology to identify patients possibly that are already in their system.

因此，一旦他們這樣做，我們就開始安全審查和簽訂合約。所以這些物品需要一點時間才能到達醫院。因此我想說，當我們進入這個承包階段時，我們所獲得的動力是讓我感到高興的。我認為我們看到客戶願意採用這項技術來識別可能已經在他們的系統中的患者。

Got it. That's helpful. And then just last one. I know it's a fluid environment, but what have you been hearing from some of your international partners as it relates to some of the tariff commentary? Have any of them changed ordering patterns or given you any inclination to think that they may change ordering patterns? Any color related to the tariffs in your international market would be helpful.

知道了。這很有幫助。接下來是最後一個。我知道這是一個不斷變化的環境，但是您從一些國際合作夥伴那裡聽到了哪些與關稅評論相關的消息？他們中是否有人改變了訂購模式，或者讓您傾向於認為他們可能會改變訂購模式？任何與您所在國際市場的關稅相關的顏色都會有所幫助。

Yeah. Hey, Frank, this is Mehul. So we haven't heard too much from most of our international partners and our direct businesses. But per our prepared remarks, we had strength in international revenue that was pronounced by stronger results in China.

是的。嘿，弗蘭克，我是梅胡爾。因此，我們並沒有從大多數國際合作夥伴和直接業務中聽到太多消息。但根據我們準備好的發言，我們的國際收入實力強勁，這從中國市場的強勁業績中可見一斑。

And as I had indicated that we believe that strong demand was really driven by underlying demand for Zephyr Valves, but also there was greater-than-expected stocking by the distributor in response to these evolving macroeconomic things that are going on. So other than that, we haven't really heard too much. I think everyone is still in the wait-and-see mode.

正如我所指出的，我們認為強勁的需求實際上是由對 Zephyr Valves 的潛在需求所推動的，而且為了應對正在發生的不斷變化的宏觀經濟形勢，分銷商的庫存量也超出了預期。除此之外，我們並沒有聽到太多消息。我認為大家仍處於觀望狀態。

I'll add on to that, Frank, if I can, quickly. So in Europe, we haven't really seen much, as Mehul said. I don't know that we've seen really anything. What we have seen is, obviously, in China, there's a lot of back and forth there. However, that's something that's been contemplated in our '25 guidance.

弗蘭克，如果可以的話，我會盡快補充這一點。因此，正如 Mehul 所說，在歐洲我們並沒有看到太多這樣的情況。我不知道我們是否真的看到了什麼。顯然，我們看到中國存在著許多反覆。然而，這是我們在 25 年指導中已經考慮到的事情。

We realized that there would be some first half buying from our Chinese distributors. And so we're seeing that play out as we had originally expected.

我們意識到我們的中國分銷商在上半年會有一些採購。因此，我們看到的局面正如我們最初預期的那樣。

Got it. That's helpful. Thanks.

知道了。這很有幫助。謝謝。

John Young, Canaccord.

約翰楊 (John Young)，Canaccord。

Hi, Steve and Mehul. Thanks for taking our question tonight. I want to also focus maybe a bit on China. Any way you could help us think about how much China is today of OUS sales? And any metrics you're willing to share to on the amount of stocking or pull forward you saw in Q1? And also, do you expect continued China orders in Q2?

嗨，史蒂夫和梅胡爾。感謝您今晚回答我們的問題。我還想稍微關註一下中國。您能幫我們想想目前中國在美國的銷售額中佔了多少嗎？您願意分享您在第一季看到的庫存量或提前量的任何指標嗎？另外，您預計第二季中國訂單還會繼續嗎？

Yeah. Hey, John. Thanks for the question. So we did -- as indicated, there was some strong buying. We believe our distributor bought ahead of some of the macro environment changes that are happening. There's likely -- we don't know exactly.

是的。嘿，約翰。謝謝你的提問。所以我們這樣做了——正如所指出的，有一些強勁的購買。我們相信我們的分銷商在宏觀環境變化之前就已經購買了。有可能——但我們並不確切知道。

There's pretty strong demand in China. They've opened up 12 regions. There's approximately 20 sales reps that they have out there. So there's a lot of robust selling. And we think the distributor bought maybe a quarter's worth of inventory in the first quarter. But we do expect continued purchasing in the second quarter from the distributor.

中國的需求相當強勁。他們已經開放了12個地區。他們那裡大約有 20 名銷售代表。因此，銷售情況十分強勁。我們認為分銷商在第一季購買的庫存可能相當於一個季度的庫存。但我們確實預計第二季分銷商將繼續採購。

And then just as a follow-up to that, have the reciprocal tariffs been factored into that Q2 buying at this point? And how have you factored that into the 2025 guidance?

然後作為後續問題，互惠關稅是否已計入第二季的購買量？您是如何將其納入 2025 年指引的？

Yeah. I mean we haven't really reflected any potential impact of future tariffs on or trade policy changes that will affect global macroeconomic environment, right. But we do expect the distributor to buy in Q2 and won't get into how and when and how much. But yes, we do have that expectation. The other question you had asked is, can we break it out?

是的。我的意思是，我們還沒有真正反映出未來關稅或貿易政策變化對全球宏觀經濟環境的任何潛在影響，對吧。但我們確實預期經銷商將在第二季購買，但不會透露如何購買、何時購買以及購買數量。但是的，我們確實有這樣的期望。您問的另一個問題是，我們可以將其打破嗎？

We don't -- as you know, we don't break out revenue by international market, but we do report in our Q in the segment information note the regional breakout. So you'll be able to see that very shortly.

如您所知，我們不會按國際市場細分收入，但我們會在 Q 分部資訊中報告區域細分情況。所以您很快就能看到它。

Okay. Thank you so much.

好的。太感謝了。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Hi. It's Jane-Marie on for Joanne. Thank you for the question. How are you balancing SG&A leverage with your treatment center expansions, physician training and all those different program implementations associated with building awareness?

你好。簡瑪麗 (Jane-Marie) 代替喬安妮 (Joanne)。謝謝你的提問。您如何平衡銷售、一般和行政費用槓桿與治療中心擴建、醫生培訓以及與提高意識相關的所有不同計劃的實施？

Yeah. Thanks for the question. We are really focused on operating leverage. It's one of our key strategic initiatives, and we're mostly investing in initiatives that drive revenue and future revenue. So we are balancing leverage with investment, but our goal is to grow revenues, as Steve cited in his remarks.

是的。謝謝你的提問。我們真正關注的是經營槓桿。這是我們的關鍵策略舉措之一，我們主要投資於能夠推動收入和未來收入的舉措。因此，我們正在平衡槓桿和投資，但我們的目標是增加收入，正如史蒂夫在演講中提到的那樣。

And so we're really focused on driving revenue growth with the investment that we have on hand. Now in Q1, our leverage was not as high because our gross margins were lower as a result of the geographic mix. But as we get into the second through fourth quarters, we'll continue to drive leverage in our P&L.

因此，我們真正專注於利用現有投資來推動收入成長。現在在第一季度，我們的槓桿率並不高，因為地理組合導致我們的毛利率較低。但隨著進入第二季至第四季度，我們將繼續提高損益表中的槓桿率。

Cool. And as a follow-up, it also sounds like your R&D will continue to grow for now, given all your trials and other innovations up ahead. When do you see it moderating or at least start to leverage as well?

涼爽的。另外，考慮到你們未來的所有試驗和其他創新，聽起來你們的研發目前還會持續成長。您什麼時候會認為它會緩和下來或至少開始發揮槓桿作用？

Well, clinical trial expenses are always consistent with enrollment. So as enrollment increases, our R&D expenses will continue to go up. And as we roll through '25 into '26 and complete enrollment, we'll see R&D expenses go up. But once enrollment is complete, they'll start to trail down thereafter.

嗯，臨床試驗費用總是與入組人數一致。因此，隨著入學人數的增加，我們的研發費用將持續增加。隨著我們從 25 年進入 26 年並完成招生，我們將看到研發費用上升。但一旦入學完成，他們就會開始走下坡。

Okay. Thank you. Thank you so much. That was really helpful.

好的。謝謝。太感謝了。這真的很有幫助。

(Operator Instructions) Joseph Downing, Piper Sandler.

（操作員指示）約瑟夫·唐寧、派珀·桑德勒。

Hey, guys. Thanks for taking the question. The US revenues came in a bit light versus our model. Curious, did you lose out on US procedures due to weather dynamics or the tough flu season? And would you expect US volumes to accelerate? Or should we be thinking about the 1Q growth rate and geographic mix there as the right go-forward figures? Thanks.

嘿，大家好。感謝您回答這個問題。與我們的模型相比，美國的收入有點少。好奇的是，您是否因為天氣動態或嚴重的流感季節而錯過了美國的治療程序？您預計美國的銷售量會加速成長嗎？或者我們應該將第一季的成長率和地理分佈視為正確的未來數據？謝謝。

We didn't see a whole lot coming from weather or flu season. We -- actually, I think, one of the things that we were up against was a really tough comp. We continue to see growth in our largest hospital systems. We're building the programs. We've talked about these comprehensive lung care programs, lung health programs.

我們並沒有看到太多由天氣或流感季節引起的變化。我們——實際上，我認為，我們所面臨的挑戰之一就是競爭非常激烈。我們最大的醫院系統持續成長。我們正在建立這些程式。我們討論過這些綜合肺部護理計劃、肺部健康計劃。

And those are starting to gain some traction with some of our larger accounts. And the concept there being that they have these patients coming in right now for cancer screening or nodule detection or nodule biopsy.

這些開始對我們的一些較大的帳戶產生一些吸引力。他們的概念是讓這些病人現在來做癌症篩檢或結節檢測或結節活檢。

And the ability to start to capture the 15% of those patients that are receiving CT scans, that do have radiographic emphysema and work them through to get them proper treatment, is very encouraging for some of these hospital administrators. So I would say that the comp was probably what made the US growth seem a little bit lower than expected.

能夠開始捕捉到接受 CT 掃描的 15% 患有放射學肺氣腫的患者並對他們進行適當的治療，對於一些醫院管理人員來說是非常令人鼓舞的。因此我想說，這可能是導緻美國經濟成長看起來略低於預期的原因。

But at the same time, I think if you look at the initiatives that we're focused on right now across the board, they're really focused in these areas of connecting the patients that we've been able to identify from direct-to-patient advertising with these treating centers who are ready to take these patients and move forward.

但同時，我認為，如果你看看我們目前全面關注的舉措，你就會發現，這些舉措真正專注於將我們從直接面向患者的廣告中識別出的患者與準備接收這些患者並繼續治療的治療中心聯繫起來。

Great. I appreciate that. And then just one more regarding the therapy awareness specialist. It seems like you're still in the early days here. So still a little bit more development to be had there. But do you expect maybe by the end of the year to expand past these seven territories you're already in? Or is it too early to say? Thanks.

偉大的。我很感激。然後再談一個有關治療意識專家的問題。看起來你還處於這裡的早期階段。因此，那裡仍需要進一步的發展。但是您是否預計到今年年底，您的業務範圍將超越現有的七個地區？還是現在說還太早？謝謝。

Yeah. I hope so because if we do, that means that it's really working well. Our goal was to put these in areas where we know that we've got strong sites that are able and willing and actually have a desire to grow. We want to make sure that we are educating the referring physicians in the communities there of this treatment.

是的。我希望如此，因為如果我們這樣做，那就意味著它確實運作良好。我們的目標是將這些項目放在我們知道擁有強大站點的地區，這些站點有能力、有意願並且確實有發展的願望。我們希望確保我們正在對當地社區的轉診醫生進行這種治療方法的教育。

And so we'll look at metrics as they come on board to gauge their effectiveness. And if we see that they're effective, we would put more of them in. It's a low-cost resource for us. And theoretically, the benefit should outweigh the cost by far.

因此，我們將根據這些指標來衡量其有效性。如果我們發現它們有效，我們就會投入更多。對我們來說，這是一種低成本的資源。從理論上來說，其收益應該遠大於成本。

Thank you. Appreciate it.

謝謝。非常感謝。

I show no further questions at this time. I would now like to turn the call back over to Steve for closing remarks.

我目前沒有其他問題。現在我想將電話轉回給史蒂夫，請他作最後發言。

Well, thank you, everybody, for joining us today. To conclude, I want to take a moment to thank our Pulmonx employees worldwide for their continued dedication. They're out there fighting every day for every breath, so our patients don't have to. And for that, I'm very thankful. So thank you all for your time, and have a great week.

好吧，謝謝大家今天加入我們。最後，我想花點時間感謝我們全球的 Pulmonx 員工的持續奉獻。他們每天都在為每一次呼吸而奮鬥，所以我們的病人不必再承受這樣的痛苦。對此，我深表感激。感謝大家抽出時間，祝大家有個愉快的一週。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。