Pulmonx Corp (LUNG) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. Welcome to Pulmonx third quarter 2025 earnings conference call.

您好，感謝您的耐心等待。歡迎參加 Pulmonx 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

I would now like to hand the conference over to Lane Morgan. You may begin.

現在我將把會議交給萊恩摩根。你可以開始了。

Good afternoon and thank you for participating in today's call. Joining me from Pulmonx are Glenn French, President and Chief Executive Officer, and Derrick Sung, Chief Operating Officer and Chief Financial Officer. Earlier today, Pulmonx issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is available on Pulmonx website.

下午好，感謝各位參加今天的電話會議。與我一同來自 Pulmonx 的有總裁兼執行長 Glenn French，以及營運長兼財務長 Derrick Sung。今天早些時候，Pulmonx 發布新聞稿，公佈了截至 2025 年 9 月 30 日的季度財務業績。新聞稿副本可在 Pulmonx 網站上取得。

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.

在開始之前，我想提醒各位，管理層將在本次電話會議中發表聲明，其中包括聯邦證券法意義上的前瞻性聲明，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, including long-term outlook and full year 2025 guidance, 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.

本次電話會議中任何與預期或預測未來事件、結果或績效有關的陳述均為前瞻性陳述。所有前瞻性聲明，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相關的聲明，包括長期展望和 2025 年全年指導、臨床試驗的時間和結果、醫生參與、費用管理、市場機會、收入、毛利率和營運費用指導、商業擴張和產品需求、採用和產品線開發，均基於我們目前的估計和各種。

These statements involve material risks and uncertainties that could cause actual results or events to differ materially 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中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說法。

For a list and description of the risks and uncertainties associated with our business, please refer to the risk factors section of our filings with the Securities and Exchange Commission, including our annual report on Form 10-Q filed with the SEC on August 1, 2025.

有關我們業務相關的風險和不確定性的清單和說明，請參閱我們向美國證券交易委員會提交的文件的風險因素部分，包括我們於 2025 年 8 月 1 日向美國證券交易委員會提交的 10-Q 表格年度報告。

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

此外，在本次電話會議中，我們將討論一些非GAAP財務指標，這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節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。

These non-GAAP measures are not intended to be a substitute for our GAAP of results. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, November 12, 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.

這些非GAAP指標並非旨在取代我們依照GAAP準則所得的績效。本次電話會議包含有時效性的信息，僅截至 2025 年 11 月 12 日直播當天的資訊準確無誤。Pulmonx 聲明，除法律要求外，無論由於新資訊、未來事件或其他原因，均無意願或義務更新或修改任何財務預測或前瞻性聲明。

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

接下來，我將把電話交給格倫。

Thank you, Lane, and good afternoon, everyone. I'm excited to be here today after returning to my role as CEO just a couple of weeks ago. I'm also very pleased to be joined today by Derrick Sung, who has returned as our COO and CFO.

謝謝你，萊恩，大家午安。我很高興今天能來到這裡，因為我幾週前剛重返執行長的職位。今天我也非常高興地邀請到了 Derrick Sung，他已回歸擔任我們的營運長兼財務長。

As many of Derrick brings a broad and diverse skill set from across the medical device industry, having served in operational roles within R&D, marketing, and strategy, as well as in finance and capital markets. His unique background, including our prior experience together here at Pulmonx, makes him exceptionally suited for this role, and I'm very much looking forward to partnering with him once again.

德里克擁有醫療器材行業廣泛而多元的技能，曾在研發、行銷和策略等營運職位以及金融和資本市場領域任職。他獨特的背景，包括我們之前在 Pulmonx 的合作經歷，使他非常適合這個職位，我非常期待再次與他合作。

My decision to return to an operating role at Pulmonx was driven by the significant opportunity I see for value creation. My confidence is grounded in my more than 25 years in interventional pulmonology and with a clear understanding of both the challenges and opportunities ahead.

我決定重返 Pulmonx 擔任營運職務，是因為我看到了創造價值的巨大機會。我的信心源自於我25餘年的介入性肺病經驗，以及對未來挑戰和機會的清晰認知。

To that end, I'd like to take a few moments to share how we're thinking about these opportunities and where we see the greatest potential for growth, the challenges we expect to face, and the steps we're taking to deliver meaningful value for patients, physicians, and shareholders.

為此，我想花幾分鐘時間分享我們是如何看待這些機會的，以及我們認為哪些領域最具成長潛力，我們預計會面臨哪些挑戰，以及我們正在採取哪些措施來為患者、醫生和股東創造有意義的價值。

In my view, the opportunity starts with the solid foundation that we have already built. We have a market leading product that fulfills a significant unmet need in severe emphysema patients who, in most cases, have no other treatment options. Our zephyr valves are supported by strong clinical evidence and are endorsed across domestic and international guidelines as the standard of care for severe emphysema.

在我看來，機會始於我們已經打下的堅實基礎。我們擁有市場領先的產品，滿足了重度肺氣腫患者的巨大未滿足需求，這些患者在大多數情況下沒有其他治療選擇。我們的Zephyr瓣膜擁有強大的臨床證據支持，並被國內外指南認可為重度肺氣腫的標準治療方法。

This has allowed us in nearly all countries where we commercialize to establish sufficient reimbursement, and in our biggest market, the United States, substantially all patients seeking access to zephyr valves are able to get the treatment reimbursed.

這使得我們在幾乎所有開展商業活動的國家都建立了足夠的報銷機制，而且在我們最大的市場——美國，幾乎所有尋求使用Zephyr瓣膜的患者都能獲得治療報銷。

We have also already built a well established commercial infrastructure. We have one of the largest global sales forces focused singularly on interventional pulmonology, with a presence in over 25 countries across six continents. We have a significant base of active accounts, many of which are consistent revenue generators and centers of excellence.

我們已經建立了完善的商業基礎設施。我們擁有全球規模最大的專注於介入性肺病學的銷售團隊之一，業務遍及六大洲 25 個國家。我們擁有大量活躍帳戶，其中許多帳戶都是持續的收入來源和卓越中心。

Our plans to further expand our addressable market remain active and well aligned with our clinical and commercial strategy, and finally we have an attractive financial profile with strong gross margins.

我們進一步擴大目標市場的計劃依然有效，並且與我們的臨床和商業策略高度一致，最後，我們擁有極具吸引力的財務狀況和強勁的毛利率。

While we have an opportunity to improve execution, the position we have built in therapeutic interventional pulmonology is enviable, as we have already cleared many of the clinical, regulatory reimbursement, and commercial build out hurdles that have stymied to date nearly every company that has tried to do what we have done in this space.

雖然我們有機會改善執行，但我們在治療性介入肺病學領域建立的地位令人羨慕，因為我們已經克服了許多臨床、監管報銷和商業拓展方面的障礙，而這些障礙迄今為止幾乎阻礙了所有試圖在這個領域做我們所做的事情的公司。

The platform team and market foundation are in place. Our task now is to focus on execution and accelerate more profitable growth. Of course we recognize that challenges remain. We need to be clear about what hasn't worked so that we can sharpen our focus and address these issues effectively. Our growth trajectory, particularly in the US, has slowed. We acknowledge that some of the investments have not yielded the timely returns we expected.

平台團隊和市場基礎已經到位。我們現在的任務是專注於執行，加速實現更獲利的成長。我們當然也意識到挑戰依然存在。我們需要明確哪些做法行不通，以便專注於有效解決這些問題。我們的成長勢頭，尤其是在美國，已經放緩。我們承認，部分投資並未如期產生預期的報酬。

That said, we do see strength across many territories and an opportunity to raise our overall growth profile by bringing underperforming territories in line with those that are consistently performing best. Our slowing sales growth has made operating leverage elusive, and we are determined to change this. We must now thoughtfully realign spending with growth expectations to put ourselves back on a sustainable path to profitability. We understand the urgency and will pursue this objective immediately and aggressively.

儘管如此，我們確實看到許多地區都展現出強勁的勢頭，並且有機會透過使表現不佳的地區與那些持續表現最佳的地區保持一致，來提升我們的整體成長水平。銷售成長放緩使得經營槓桿難以實現，我們決心改變這種狀況。現在我們必須認真地調整支出與成長預期，使自己重新走上可持續獲利的道路。我們明白事態的迫切性，並將立即積極主動地實現這一目標。

Derrick and I are fully committed to extending our cash runway, improving operating leverage, and using this time to refocus and execute with very specific intent. Over the next several weeks, we are taking a deliberate bottoms-up approach to shaping our plan. We are conducting a line-by-line review of all programs and spending to ensure every dollar is driving measurable value.

德里克和我全心致力於延長我們的現金儲備，提高營運槓桿，並利用這段時間重新聚焦，以非常明確的目標執行計劃。接下來的幾週，我們將採取自下而上的方法來製定我們的計劃。我們正在對所有項目和支出進行逐項審查，以確保每一分錢都能帶來可衡量的價值。

We will focus our team on the most immediately serviceable opportunities. We will prioritize projects and investments with the highest return on capital, with a lens on profitability, and we will work closely with our board and teams across the organization to align on a highly focused strategy.

我們將集中團隊力量，專注於最能立即實現的機會。我們將優先考慮資本回報率最高的項目和投資，著眼於盈利能力，並與董事會和整個組織的團隊緊密合作，以製定高度聚焦的策略。

We do not have all the answers today, but we are acting with urgency and decisiveness. We are committed to transparency as we refine our plan and will communicate our progress clearly in the quarters ahead.

我們今天還沒有所有問題的答案，但我們正在以緊迫感和果斷的行動採取行動。我們致力於在完善計劃的過程中保持透明，並將在接下來的幾季中清晰地傳達我們的進度。

With that, I will turn the call to Derrick to briefly review our third quarter performance.

接下來，我將把電話交給德里克，讓他簡要回顧我們第三季的業績。

Thank you, Glen, and good afternoon, everyone. I'm thrilled to be back at Pulmonx working with Glen again, and I look forward to re-engaging with all of you in the months ahead. Before turning to a brief review of the company's third quarter performance, I want to take a moment to reinforce some of what Glen just mentioned.

謝謝你，格倫，大家下午好。我很高興能回到 Pulmonx 與 Glen 再次共事，並期待在接下來的幾個月與大家重新合作。在簡要回顧該公司第三季業績之前，我想花點時間重申一下格倫剛才提到的一些內容。

First, I am convinced that Pulmonx has built a solid foundation upon a truly exceptional product. And second, I believe there is meaningful room for execution improvement and value creation. While our team has worked hard to realize our mission, we have not delivered the operating leverage that I believe is critical to ensuring long-term success.

首先，我確信 Pulmonx 憑藉一款真正卓越的產品，奠定了堅實的基礎。其次，我認為在執行力提升和價值創造方面還有很大的進步空間。雖然我們的團隊為實現我們的使命付出了巨大的努力，但我們尚未實現我認為對確保長期成功至關重要的營運槓桿。

To that end, I am committed to working with Glen and our entire team to reorient Pulmonx and ultimately deliver the value that all of our stakeholders expect. With that, I'll turn to recent performance and our outlook for Q4.

為此，我致力於與 Glen 和我們整個團隊合作，重新調整 Pulmonx 的方向，並最終實現我們所有利害關係人所期望的價值。接下來，我將談談近期的業績以及我們對第四季的展望。

Total worldwide revenue for the three months ended September 30, 2025 was $21.5 million a 5% increase from $20.4 million in the same period of the prior year, and an increase of 4% on a constant currency basis.

截至 2025 年 9 月 30 日止三個月，全球總營收為 2,150 萬美元，比上年同期的 2,040 萬美元成長 5%，以固定匯率計算成長 4%。

US revenue in the third quarter was $14 million a 1% increase from $13.8 million in the prior year period.

第三季美國營收為 1,400 萬美元，比上年同期的 1,380 萬美元成長 1%。

The team added nine new US centers during the quarter. International revenue for the third quarter of 2025 was $7.5 million a 15% increase compared to $6.6 million in the same period last year, and a 9% increase on a constant currency basis.

該隊在本季新增了九名美國中鋒。2025 年第三季國際營收為 750 萬美元，比去年同期的 660 萬美元成長了 15%，以固定匯率計算成長了 9%。

Growth was driven by our major markets in Europe, partially offset by a reduction of revenue from China. Gross margin for the third quarter of 2025 was approximately 75% compared to 74% in the same period last year. The year over year increase was driven primarily by lower mix of distributor sales.

歐洲主要市場推動了成長，但中國市場收入的下降部分抵消了這一增長。2025年第三季的毛利率約為75%，而去年同期為74%。年增幅主要由經銷商銷售佔比下降所致。

Total operating expenses for the third quarter of 2025 were $30.4 million a 4% increase from $29.2 million in the third quarter of 2024.

2025 年第三季的總營運支出為 3,040 萬美元，比 2024 年第三季的 2,920 萬美元成長了 4%。

Non-cash stock-based compensation was $4.7 million in Q3 of 2025. Excluding stock-based compensation expense, total operating expenses in the third quarter of 2025 increased 8% from the same period of the prior year.

2025 年第三季非現金股票補償為 470 萬美元。不計入股權激勵費用，2025 年第三季總營運費用較上年同期成長 8%。

Research and development expenses for the third quarter of 2025 were $4.8 million an increase of 29% compared to $3.7 million in the prior year period, primarily reflecting higher clinical trial activity and investment in R&D programs.

2025 年第三季的研發費用為 480 萬美元，比去年同期的 370 萬美元增加了 29%，主要反映了臨床試驗活動增加以及對研發項目的投資增加。

Sales, general, and administrative expenses for the third quarter of 2025 were $25.6 million up 1% from $25.4 million in the third quarter of 2024. The increase was driven by continued investment in commercial efforts offset by lower G&A expenses.

2025 年第三季的銷售、一般及行政費用為 2,560 萬美元，比 2024 年第三季的 2,540 萬美元成長 1%。成長主要由對商業活動的持續投入所驅動，但被較低的一般及行政費用所抵銷。

Net loss for the third quarter of 2025 was $14 million or $0.34 per share compared to a $14.1 million net loss or $0.36 per share for the same period last year.

2025 年第三季淨虧損為 1,400 萬美元，即每股虧損 0.34 美元，而去年同期淨虧損為 1,410 萬美元，即每股虧損 0.36 美元。

Weighted average shares were $40.9 million. Adjusted EBITD loss for the third quarter of 2025 was $8.2 million compared to $8.1 million in the third quarter of 2024. We ended the quarter with $76.5 million in cash and cash equivalents, a decrease of $7.7 million from the second quarter of 2025. Total cash utilization for the first three quarters of 2025 was approximately $25 million.

加權平均股份價值為 4,090 萬美元。2025 年第三季調整後 EBITD 虧損為 820 萬美元，而 2024 年第三季為 810 萬美元。本季末，我們持有現金及現金等價物7,650萬美元，比2025年第二季減少了770萬美元。2025 年前三個季度的總現金使用量約為 2,500 萬美元。

Moving forward, we are committed to taking a disciplined approach to capital allocation to ultimately reduce our cash burn and extend our cash runway. Turning to guidance, we are updating our full year 2025 guidance to reflect our current views on operating trends.

展望未來，我們將致力於採取嚴謹的資本配置方式，最終減少現金消耗，並延長現金儲備。關於業績指引，我們將更新 2025 年全年業績指引，以反映我們目前對經營趨勢的看法。

We expect full year 2025 revenue to be in the range of 89 to $90 million. We expect a gross margin of approximately 73% for the full year 2025. We expect full year 2025 operating expense guidance to fall within the range of $125 to $126 million inclusive of approximately $21 million in non-cash stock-based compensation.

我們預計 2025 年全年收入將在 8,900 萬至 9,000 萬美元之間。我們預計 2025 年全年毛利率約為 73%。我們預計 2025 年全年營運支出指引範圍為 1.25 億美元至 1.26 億美元，其中包括約 2,100 萬美元的非現金股票補償。

We look forward to providing details on our plan to deliver future operating leverage and profitable growth during our Q4 call next year.

我們期待在明年第四季財報電話會議上詳細介紹我們為實現未來營運槓桿和獲利成長而製定的計劃。

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

好了，接下來我將把電話轉回給格倫。

Thank you, Derrick. As Derrick and I step back into leadership at Pulmonx, we are guided by two principles that will define our decisions moving forward, and we expect will enable a reinvigoration of sustainable revenue growth.

謝謝你，德里克。隨著我和德里克重新回到 Pulmonx 的領導崗位，我們將遵循兩個原則，這兩個原則將決定我們未來的決策，我們期望能夠重振可持續的收入成長。

First, we will stay true to our mission. We remain dedicated to improving the quality of life of patients suffering from severe COPD, a large and growing population that faces daily challenges and has very limited options.

首先，我們將始終忠於我們的使命。我們將繼續致力於改善重度慢性阻塞性肺病患者的生活質量，這是一個龐大且不斷增長的群體，他們每天都面臨著挑戰​​，而且選擇非常有限。

Second, we will execute with discipline and focus to drive value creation. We will operate with a renewed focus to ensure our investments, resources, and operational efforts are aligned with sustainable, profitable growth. We intend to narrow our investments to prioritize areas where we can deliver the greatest impact to further penetrate our immediately serviceable market.

其次，我們將以嚴謹的紀律和專注的態度執行，以推動價值創造。我們將以全新的視角開展運營，確保我們的投資、資源和營運努力與可持續的獲利成長保持一致。我們計劃縮小投資範圍，優先投資於能夠產生最大影響的領域，以進一步滲透我們目前可服務的市場。

We intend to create long-term value through consistent execution and transparency.

我們旨在透過持續的執行和透明化來創造長期價值。

At this time we will take questions from our analysts, operator.

此時我們將回答分析師和操作員提出的問題。

Thank you.(Operator Instructions) .

謝謝。 （操作說明）

Larry Bieglesen, Wells Fargo.

拉里·比格爾森，富國銀行。

Hi, this is Nathan Trebek calling for Larry. Thanks for taking the questions. Glen and Derrick, welcome back. I appreciate the comments you made on value creation and that you're still early in evaluating the go-forward strategy. As part of this, can you share your views on exploring alternate strategic pathways, whether it's asset sales, partnerships, anything around that? Thank you.

你好，我是內森·特雷貝克，呼叫拉里。謝謝您回答問題。Glen和Derrick，歡迎回來。我很欣賞你對價值創造的評論，也感謝你對未來策略的評估仍處於早期階段。作為其中的一部分，您能否分享一下您對探索其他策略路徑的看法，例如資產出售、建立合作關係等等？謝謝。

Yes, Nathan, nice to hear your voice. This is Glen. Before I, talk about, comment on your question, I'd just like to say, we know that folks are going to be looking for exquisite specificity as it relates to our comments today and in the coming days. Obviously, Derrick and I both almost literally just arrived a matter of days ago.

是的，內森，很高興聽到你的聲音。這是格倫。在我回答你的問題之前，我想先說，我們知道大家會希望我們今天以及接下來幾天的評論能夠非常具體。顯然，我和德瑞克幾乎都是幾天前才到的。

And we're coming up to speed very quickly. We're glad to be re-engaging, but we're really going to try not to speculate at an at this early stage, and I'd simply like to acknowledge this upfront that we may not be able to or we may not be comfortable with getting into a lot of details related to our still forming assessments and plans as it relates.

我們很快就能跟上進度。我們很高興能夠重新參與，但在這個早期階段，我們真的不想妄加猜測。我只想提前說明，我們可能無法或不願透露與我們仍在形成的評估和計劃相關的許多細節。

Nathan, to your question about us considering. Open ended in an open-ended fashion alternatives, we're focused on our business and making sure that we can move forward in a profitable way, and that, that's what we are focused on, in the immediate term.

內森，關於你問的我們是否會考慮這個問題。我們以開放的姿態探索各種可能性，專注於我們的業務，確保我們能夠以盈利的方式向前發展，這就是我們近期關注的重點。

Okay, great. Just for my follow-up, so obviously you called out the concern for investors is the US growth has decelerated in the past couple of quarters. The company's added new centers and expanded the commercial footprint meaningfully. Can you just go into detail like why that hasn't translated into sustained growth, all the investments that were made.

好的，太好了。我再補充一點，您顯然提到了投資者擔憂的問題，即美國經濟成長在過去幾季已經放緩。該公司新增了多個中心，並大幅擴大了商業版圖。你能詳細說說為什麼所有的投資都沒有轉化為持續成長嗎？

As I said before, we're really digging into the details on that. I do have a good bit of optimism as it relates not only to the situation in the United States but around the world where we have examples of, territories doing very well, being very solid and frankly taking full advantage of the tailwinds that have been created by the activities and the investments that have been made in the company and unfortunately we have situations, specific situations that are counterbalancing that.

正如我之前所說，我們正在深入研究其中的細節。我對美國乃至全世界的情況都抱持相當樂觀的態度。我們看到一些地區發展得非常好，非常穩健，坦白說，它們充分利用了公司各項活動和投資所帶來的順風。但不幸的是，我們也遇到了一些具體情況，這些情況正在抵消上述正面影響。

So, yeah, I'm not in a position to get into a lot of specificity around that, but I am encouraged by the idea that we believe that there's an opportunity, this basic sort of blocking and tackling opportunity to bring those, less strong territories and regions up to the sort of the standard, if you will.

所以，是的，我無法就此進行太多具體說明，但我相信，透過這種基本的、穩健的措施，讓那些實力較弱的地區達到一定的標準，這讓我感到鼓舞。

Thank you.

謝謝。

Rick Wise, Stifel Nicolaus.

Rick Wise，Stifel Nicolaus。

Hi, this is Annie on for Rick. Thanks for taking our questions. So recently we've been doing some physician calls and we kind of came away appreciating how complex the patient referral and workup processes can be. So I'm hoping you could just kind of talk about how you plan to address those challenges and get patients treated more efficiently. I know you're not offering many specifics, but just thinking a bit more broadly.

大家好，我是安妮，替里克為您報道。謝謝您回答我們的問題。最近我們進行了一些醫生拜訪，也因此體會到病人轉診和診療過程有多麼複雜。所以我希望您能談談您打算如何應對這些挑戰，並更有效地治療患者。我知道你沒有提供太多具體細節，但我想從更廣闊的角度來看這個問題。

Yes, I would acknowledge and agree with your findings that it is a complex process. They're the accounts that are doing the greatest number of patients by no coincidence have the most efficient process for moving patients through, as we've talked about over the years, we have an array of different touch points with the patients, both to introduce them to the technology and move them toward seeking the treatment.

是的，我承認並同意你的結論，這是一個複雜的過程。這些帳戶接待的患者數量最多，這絕非偶然，它們擁有最高效的患者就診流程。正如我們多年來所討論的，我們與患者建立了一系列不同的接觸點，既向他們介紹這項技術，也引導他們尋求治療。

There's another touch point which is about 70% of patients go through referring physicians, so we have to make sure that things don't stall there. And then when they arrive through 70% of the time through a referring physician and the balance of the time directly when they arrive at the front door of the hospital, they have to be moved through and to treatment in an efficient way.

還有一個接觸點，大約 70% 的患者都是透過轉診醫生就診的，所以我們必須確保事情不會在那裡停滯不前。然後，當他們70%的時間透過轉診醫生到達醫院，其餘時間直接到達醫院門口時，他們必須以高效的方式將他們送往醫院接受治療。

So that is fundamental and our best accounts have allocated the resources necessary to ensure that that happens.

所以這是根本性的，我們最好的客戶已經分配了必要的資源來確保這一點的實現。

Great and then Glen, I think in your let's say like your first term I guess it seemed like you were focused on sort of bringing best practices from these high performing accounts or territories to not as optimally performing accounts so is this kind of an approach that you plan to take in this term or you're going to kind of refocus that strategy?

很好，格倫，我想在你的第一個任期內，你似乎專注於將這些高績效客戶或地區的最佳實踐引入到績效不太理想的客戶中，那麼你計劃在這個任期內繼續採取這種方法，還是你會重新調整策略？

We're still digging in, as I just mentioned a little bit ago that we do have some heterogeneity in terms of the territories, whether it be in the US or US. We have demonstrated, it is sort of low hanging fruit, so I would say that to the extent that we have.

我們仍在深入研究，正如我剛才提到的，我們在領土方面確實存在一些異質性，無論是在美國境內還是境外。我們已經證明，這算是很容易實現的，所以就我們目前所取得的成就而言，我認為已經足夠了。

Opportunities there we will absolutely be pursuing them and while in parallel ensuring that more broadly we're driving more patients and more efficiently processing them and increasing same store sales over time.

我們一定會抓住這些機會，同時確保更廣泛地吸引更多患者，更有效率地處理他們的就診，並隨著時間的推移提高同店銷售額。

Okay, great, thanks so much.

好的，太好了，非常感謝。

John Young, Canaccord.

John Young，Canaccord。

Hi, Glen and Derrick, welcome back. And I appreciate, that you guys don't have all the answers currently, but, Glen, when you spoke about the performing versus underperforming territories, is there anything consistent that you could identify today essentially that is among those that are performing versus underperforming that explains what is going on in the US?

嗨，格倫和德里克，歡迎回來。我知道你們目前不可能掌握所有答案，但是，格倫，當你談到表現優異的地區和表現不佳的地區時，你能否指出一些普遍存在的共同點，從而解釋美國目前的情況？

Is this a people issue? Is this something more structural? Anything here would be helpful.

這是人為因素造成的嗎？這是結構性問題嗎？這裡的任何資訊都將有所幫助。

Thank you.

謝謝。

John, it's a great question. Thanks for asking it. I'm not comfortable getting into that right now. I think it's a, it is something that we need to speak to when we talk to you again the next time around and provide a sense of how we see 2026 and so forth. It's, I think, a foundational question that we'll be sure to focus on is when we come back and talk with you again.

約翰，這是一個很好的問題。謝謝你的提問。我現在不太方便談論這個話題。我認為這是我們下次再和您談話時需要討論的問題，並讓我們了解我們對 2026 年及以後的看法。我認為，這是一個基礎性問題，我們下次再和您談話時一定會重點討論這個問題。

Okay, thanks, and then Derrick.

好的，謝謝，然後是德里克。

I just don't want to speculate.

我不想妄加猜測。

I completely understand. Derrick, the guidance revision that you guys issued today too is this essentially, you're, coming back in just a few days back. Is this, should we think of it as, you essentially don't really have a good pulse of what's going on yet and there's potential for upside, how should we think about just the guidance vision too, I think.

我完全理解。德瑞克，你們今天發布的指導意見修訂版本質上也是這樣，你幾天前就回來了。我們是不是應該這樣想：你基本上還沒有真正了解事情的來龍去脈，而且還有上漲的潛力，那我們該如何看待指導願景呢？

Yeah, hi John. It's a, that's a fair question. I mean, I would just start by saying that It's important to both Glen and myself that we provide you with a range in terms of guidance that we have a high degree of confidence around achieving right.

嗨，約翰。這是一個很合理的問題。我的意思是，首先我想說的是，對我和格倫來說，重要的是我們能夠提供一系列我們有信心正確實現的指導。

And we know you know some of the growth initiatives put in place this year have not been delivering to expectations we want to take a realistic view on this, we also do believe and we can get into specifics on our next call that there is opportunity to improve execution around some of these programs and we're, moving with urgency to develop a plan to focus ourselves and our resources and efforts on you know those initiatives that we expect to have the greatest impact.

我們知道，今年實施的一些成長計畫並沒有達到預期效果，我們希望對此採取務實的態度。我們也相信（我們可以在下次電話會議上詳細討論），這些計劃的執行方面還有改進的空間，我們正在緊急制定一項計劃，將我們自身、我們的資源和努力集中在那些我們預期會產生最大影響的計劃上。

So, in the meantime, that $89million to $90 million guidance range, it's a revenue range that, we feel confident at this point around our ability to achieve.

所以，同時，我們對8,900萬美元至9,000萬美元的營收預期區間充滿信心，相信我們目前有能力實現這個目標。

Okay, great.

好的，太好了。

Thank you so much.

太感謝了。

(Operator Instructions)

（操作說明）

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Hey, good afternoon. Thanks for taking the questions, Glen and Derrick, welcome back to the call. It's been a minute here.

嘿，下午好。謝謝格倫和德里克回答問題，歡迎回到電話會議。這裡已經過了一會兒了。

You referenced extending the cash runway and closely evaluating spending levels. I guess I want to clarify when you say extend -- extending the cash runway, that just means reallocating expenses to, better return areas rather than tapping external financing sources. I think that's what you're getting at, but I want to confirm.

您提到要延長現金儲備，並密切評估支出水準。我想澄清一下，您說的「延長」——延長現金流——僅僅是指將支出重新分配到回報更高的領域，而不是尋求外部融資來源。我想你的意思就是這樣，但我還是想確認一下。

And then the follow-up there is whether you have some early thoughts on. Really how you plan to get the business back growing without spending more on the commercial side, it seems like this is a resource allocation initiative that you're talking about early on here, if you think we can get the growth without spending more?

接下來要問的是，你是否有一些初步的想法？您究竟打算如何在不增加商業支出的情況下讓業務重回成長軌道？看來您現在談論的是一項資源分配計劃，如果您認為我們可以在不增加支出的情況下實現成長的話？

Yeah, this is Derrick. I'll take this first and Glen can chime in with additional comments. So you are correct in your assessment as we talk about, extending the cash one way, we're cognizant of the fact that we haven't demonstrated meaningful operating leverage over the past couple of years.

是的，這是德瑞克。我先說這個，Glen 可以補充一些意見。所以你的評估是正確的，正如我們所說，在現金流方面，我們也意識到，在過去幾年裡，我們還沒有展現出有意義的經營槓桿作用。

And that's something that we are determined to change moving forward and so you know we have, gross margin in the mid [1] there's no reason why we can't achieve operating leverage at the current scale that we're at and so that is going to involve, careful evaluation and assessment of our investments moving forward and really focusing as you kind of alluded to.

這是我們決心在未來改變的事情，所以你知道，我們的毛利率在中等水平[1]，沒有理由說我們不能在目前的規模上實現經營槓桿，因此這將涉及對我們未來的投資進行仔細的評估和考量，並真正像你剛才提到的那樣集中精力。

To focus on areas where we can really see and me and and expect to have impact on our investments and looking at areas that haven't been working and perhaps shifting resources away from those two areas that that have so that's the approach that we're taking moving forward.

我們將重點放在那些我們能夠真正看到並期望對我們的投資產生影響的領域，同時關注那些一直沒有取得成效的領域，並可能將資源從那些已經取得成效的領域轉移出去，這就是我們接下來要採取的方法。

And we and that and that also translates to how we expect and plan to look at reinvigorating growth moving forward as well, right, simply put, focusing on areas that have impact and shifting away from areas that don't, and again we can provide more detail, we'll have, we'll be in a position to provide more detail on our Q4 call, but in general that is the way that we are approaching [our task].

我們和這一點也體現在我們預期和計劃如何重振未來成長。簡言之，就是專注於有影響力的領域，並逐步減少對無影響力領域的投入。我們可以在第四季財報電話會議上提供更多細節，但總的來說，這就是我們採取的方式。[我們的任務]。

Yeah, if I could just add to that, when Derrick talks about areas. He's not necessarily talking about geographic areas, so I mean we, we've got a great field organization on a global basis, composed of people that we have sort of hand selected with.

是的，如果可以的話，我想補充一點，當德里克談到地區的時候。他指的不一定是地理區域，我的意思是，我們在全球範圍內擁有一支強大的現場組織，成員都是我們精心挑選的。

With a specific eye toward the capabilities that they bring to the challenges that that exist in that specific market so we feel really good about the people and the profile and so forth that we've built over time.

我們特別關注他們為應對特定市場挑戰所帶來的能力，因此我們對多年來建立的人員和團隊素質等等都感到非常滿意。

When we talk about areas, there are, however, certain investments that we make that where we realize a greater return on them, per dollar of invested capital, and I think we're going to be pretty discriminating as it relates to that and make sure that we're leaning on those things that provide us with the greatest return.

然而，當我們談到投資領域時，有些投資能讓我們獲得更高的回報，每投入一美元的資本就能獲得更高的回報。我認為我們在這方面會非常謹慎，確保我們把精力放在那些能為我們帶來最大回報的事情上。

Okay, all right, thanks guys, and then this is the second question here.

好的，謝謝各位，那麼這是第二個問題。

I know it's early and probably an unfair question and you know I think we're all trying to learn as much as we can, but I understand you're in a tough spot just having, back and be back in your roles here in the last couple of weeks.

我知道現在問這個問題可能有點早，也可能不太公平，而且我也知道我們都在努力學習，但我理解你們在過去幾周里不得不回到各自的崗位，處境很艱難。

But Glen, you were on the board, and you saw the strategy of your predecessor. Are there things that you say are obvious where you want to pull back on? And I think that, Derrick was even referencing in response to some of John's questions that initiatives that aren't having the paybacks.

但是格倫，你當時是董事會成員，你看到了前任的策略。你認為有哪些顯而易見的事你想收回成命？而且我認為，德里克在回答約翰的一些問題時，甚至也提到了那些沒有任何成就的措施。

So I guess you're just open to talking about what you're looking to walk away from if you even if you're not ready to talk about where you want to spend those incremental dollars and where you want to lean in.

所以我想你只是願意談談你想放棄什麼，即使你還沒準備好談論你想把這些額外的錢花在哪裡，以及你想在哪些方面投入精力。

Yeah, we're not, I don't think we're in a position to talk specifically about where we have a lot of data and we're diving in deep and analyzing that data and trying to decide.

是的，我認為我們現在不方便具體討論我們掌握大量數據、正在深入分析這些數據並試圖做出決定的方面。

You know where we're getting the greatest return and we'll be making decisions based on that and we'll, it'll be, as we lay out what we are prepared to commit to in 2026, we'll be talking more specifically about the answer to your question, Jason.

你知道我們在哪裡能獲得最大的回報，我們將根據這一點做出決定，而且，當我們闡述我們準備在 2026 年做出的承諾時，我們將更具體地討論你問題的答案，傑森。

Understood, thank you.

明白了，謝謝。

Glenn French, President and Chief Executive Officer, for closing remarks.

總裁兼執行長格倫·弗倫奇致閉幕詞。

Thank you very much, operator. First, I'm pleased to be back and I'm energized by the opportunity that's in front of us. I'd like to thank you all for your time and interest and questions. I'd also like to thank our Pulmonx employees around the world for the important work that they do and for their ongoing support and efforts.

非常感謝接線生。首先，我很高興能夠回來，擺在我們面前的機會也讓我充滿活力。感謝各位抽出時間，感謝你們的關注與提問。我還要感謝 Pulmonx 在全球各地的員工，感謝他們所做的重要工作以及他們持續的支持和努力。

And finally, I would like to reiterate something that I said earlier that we at Pulmonx remain dedicated to improving the quality of life of patients suffering from severe COPD, a population that faces daily challenges and has very Limited options and we intend to operate with a renewed focus on to ensure that our investments, resources, and operational efforts are aligned with sustainable, profitable growth.

最後，我想重申我之前說過的一點，Pulmonx 將繼續致力於改善重度 COPD 患者的生活品質。這群人每天都面臨挑戰，選擇非常有限。我們將更加專注於確保我們的投資、資源和營運努力與可持續的獲利成長保持一致。

Thank you all for your time. I look forward to talking to each of you as we proceed, and we'll be back in this forum in February as well.

感謝各位抽出時間。我期待在接下來的討論中與各位交流，我們二月也會再次回到這個論壇。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。