Pulmonx Corporation (LUNG) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Pulmonx fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. (Operator Instructions). I would now like to hand it over to your speaker today, Laine Morgan Investor relations, please go ahead.

大家好，感謝您撥冗等候。歡迎參加 Pulmonx 2025 年第四季財報電話會議。此刻，所有與會者皆為僅收聽模式。（接線員指示）。現在我想把電話交給今天的講者，投資人關係 Laine Morgan，請開始。

Good afternoon and thank you for participating in today's call. Joining me from Pulmonxare Glendon French, President, Chief Executive Officer and Director, 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 December 30th, 2025.

各位下午好，感謝您參與今天的電話會議。與我一同出席的 Pulmonx 團隊成員包括總裁、執行長兼董事 Glendon French，以及營運長兼財務長 Derrick Sung。今日稍早，Pulmonx 已發布新聞稿，公布截至 2025 年 12 月 30 日止季度的財務結果。

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

新聞稿副本可於 Pulmonx 官網取得。在開始之前，我想提醒各位，管理團隊在本次電話會議中將發表若干聲明，其中包含依據聯邦證券法所定義的前瞻性陳述，並依 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港條款作出。

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 2026 guidance, the timing and results of clinical trials, physician engagement. Expense management, market opportunity, guidance for revenue, gross margin, operating expenses, cash usage, 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未來事件、結果或績效之預期或預測相關的陳述，均屬前瞻性陳述。所有前瞻性陳述（包括但不限於）與我們的營運趨勢、商業策略及未來財務表現相關者，包括長期展望與 2026 全年指引、臨床試驗的時程與結果、醫師參與度。費用管理、市場機會、營收指引、毛利率、營業費用、現金使用、商業擴張，以及產品需求、採用與產品線（pipeline）開發，均係基於我們目前的估計與各項假設。

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. 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 10Q filed with the SEC on November 12, 2025.

上述陳述涉及重大風險與不確定性，可能導致實際結果或事件與這些前瞻性陳述所預期或暗示者出現重大差異。因此，您不應過度依賴這些陳述。關於與本公司業務相關之風險與不確定性的清單與說明，請參閱我們向美國證券交易委員會（SEC）提交文件中的風險因素章節，包括我們於 2025 年 11 月 12 日向 SEC 提交的 Form 10Q 季度報告。

Also during this call, we will discuss certain non-GAAP financial measures. Reconciliations of those 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，我們也將討論若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比之 GAAP 財務衡量指標的調節表，已載於新聞稿中，並公布於我們的投資人關係網站。這些非 GAAP 指標並非用以取代我們的 GAAP 結果。

This conference call contains time sensitive information and is accurate only as of the live broadcast today, March 4th, 2026. 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.

本次電話會議包含具時效性的資訊，且僅以今日（2026 年 3 月 4 日）直播當下為準。除法律要求外，Pulmonx 不承擔亦無意就任何財務預測或前瞻性陳述進行更新或修訂之義務，不論係因新資訊、未來事件或其他原因。

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

接下來，我將把電話交給 Glenn。

Thank you, Lane. Good afternoon, everyone, and welcome to our 4th quarter in full year 2025 earnings call. Since returning as CEO, I've conducted a thorough review of our business and I am both confident in the company's future and determined to accelerate its progress.

謝謝你，Lane。各位下午好，歡迎參加我們 2025 年第四季暨全年財報電話會議。自我回任執行長以來，我已對我們的業務進行全面檢視；我對公司的未來充滿信心，並決心加速推進公司的進展。

During the past few months, Derek and I have taken a deliberate bottom-up approach to assess the business, building on what's working, addressing what isn't, and better aligning our spending with our strategic goals. We conducted a line by line review of all programs to identify and prioritize those with the highest returns on capital with an emphasis on balancing growth with profitability.

在過去幾個月，Derek 和我採取審慎的由下而上方式評估業務：在既有有效作法上持續加強、修正無效之處，並使支出與我們的策略目標更一致。我們逐項檢視所有計畫，以辨識並優先推動資本報酬率最高的項目，並著重在成長與獲利之間取得平衡。

We have already taken significant steps to realign our cost structure while preserving key commercial and clinical investments. Derek will provide additional details on the impact of this prioritization along with our recently announced debt refinancing, which significantly strengthens our balance sheet and provides greater financial flexibility as we execute on our strategy.

我們已採取重大措施重新調整成本結構，同時保留關鍵的商業與臨床投資。Derek 將進一步說明此一優先排序的影響，以及我們近期宣布的債務再融資；該再融資大幅強化我們的資產負債表，並在執行策略時提供更高的財務彈性。

Our top three priorities are clear. First, re-accelerating US sales growth. Second, advancing our TA expanding clinical initiatives. And third, aligning our spending to deliver continued financial leverage as we move predictably toward profitability.

我們的前三大優先事項非常明確。第一，重新加速美國銷售成長。第二，推進我們的 TA 擴大臨床計畫。第三，調整支出配置，以在可預期邁向獲利的過程中，持續提升財務槓桿效益。

With this backdrop, I'd like to walk through our initial assessment of what drove our weaker than expected US revenue performance last year. At a high level, we believe the underperformance was largely due to internal operational and executional challenges.

在此背景下，我想說明我們對去年美國營收表現低於預期之原因的初步評估。整體而言，我們認為表現不如預期主要源自內部營運與執行層面的挑戰。

First, the US sales organization was stretched across too many competing initiatives, some of which were not fully tested, distracting our sales team from critical activities. This diluted operational focus and challenged efficient execution.

第一，美國銷售組織同時被分散在過多相互競爭的計畫上，其中部分尚未充分驗證，導致銷售團隊無法專注於關鍵活動。這稀釋了營運聚焦，並使高效率執行面臨挑戰。

Second, at the beginning of 2025, US territory manager roles and responsibilities were materially altered in a way that later proved disruptive to the sales organization. And third, the 2025 US sales incentive structure proved to be suboptimal in effectively directing and motivating our US sales organization. Altogether these issues resulted in significant turnover in our US sales organization during 2025 disrupting customer continuity and account management.

第二，在 2025 年初，美國區域經理的角色與職責被大幅調整，而後證明此舉對銷售組織造成干擾。第三，2025 年美國銷售獎酬制度在有效引導並激勵美國銷售組織方面，證明並非最佳設計。綜合而言，這些問題導致 2025 年美國銷售組織出現顯著人員流動，進而干擾客戶延續性與帳戶管理。

While our assessment is ongoing, these insights have meaningfully shaped the strategies we have already begun to implement. Our first area of focus has been on organizational alignment to optimize our resourcing and decision making in critical areas. Derek and I are leaning on talented leaders within the organization, allowing us each to have fewer direct reports so that we can dedicate substantial time and attention to the company's most important priorities.

雖然我們的評估仍在進行中，但這些洞見已實質形塑我們已開始推動的策略。我們的第一個聚焦領域是組織對齊，以在關鍵領域最佳化資源配置與決策。Derek 和我倚重組織內具才幹的領導者，讓我們各自的直接匯報人數更少，以便能將大量時間與注意力投入公司最重要的優先事項。

As a result, I have taken a more direct role in day to day operations of our US sales organization, and our two US area vice Presidents now report directly to me. We have also established new leadership of our clinical affairs organization in order to accelerate enrollment of our convert 2 trial of Aero seal, a critical step towards significantly expanding our addressable market.

因此，我在美國銷售組織的日常營運中扮演更直接的角色，而我們兩位美國區域副總裁現在直接向我匯報。我們也為臨床事務組織建立新的領導團隊，以加速 Aero seal 的 convert 2 試驗收案（enrollment）；這是大幅擴大我們可服務市場（addressable market）的關鍵一步。

A cornerstone of our refined sales strategy is returning our attention to our customers' clinical and operational excellence and refocusing on what we know drives results in 2025. Our sales team was asked to manage an increasingly broad and prescriptive set of initiatives including multiple new call points and services like Lung Tracks Detect. While well intentioned, this breadth of initiatives did not deliver the expected return on Salesforce time and came at the cost of focus on the foundational strategies that both built our US and international markets and drove consistent growth over the years.

我們精煉後銷售策略的核心，是把注意力拉回到客戶的臨床與營運卓越，並重新聚焦於我們所知在 2025 年能帶來成果的驅動因素。我們要求銷售團隊管理一套日益廣泛且高度規範的計畫，包括多個新的拜訪對象（call points）與服務，例如 Lung Tracks Detect。儘管出發點良善，但如此廣泛的計畫並未帶來預期的銷售團隊時間報酬，且以犧牲對基礎策略的專注為代價；而正是這些基礎策略建立了我們的美國與國際市場，並多年來推動穩健成長。

We are now streamlining priorities of the US sales team to a small set of high impact mandates that we know drive results. Our commercial strategy follows a deliberate near to far approach where we are focused initially on those opportunities that are nearest to our critically important treating physician before shifting our attention to those opportunities which might be farther away.

我們目前正將美國銷售團隊的優先事項精簡為少數幾項我們確知能帶來成果的高影響力任務。我們的商業策略採取審慎的由近到遠方法：初期先聚焦於最接近我們極其重要之治療醫師的機會，之後再把注意力轉向可能較遠的機會。

This includes better supporting our treating physicians, engaging pulmonary service line directors within hospitals, and prioritizing our COPD and patient education efforts in those areas closest to our well established treating hospitals.

這包括更好地支持我們的治療醫師、在醫院內與肺部服務線（pulmonary service line）主管互動，並在最接近我們既有成熟治療醫院的區域，優先推動 COPD 與病患教育工作。

That means 3 things. First, the strongest programs begin with the clinical performance of our zephyr valves and the confidence of our physician champions. These champions are essential in establishing clinical protocols, bringing colleagues along, and ensuring that patients who need this therapy receive it in a timely manner.

這代表三件事。第一，最強的計畫始於我們 Zephyr 瓣膜的臨床表現，以及我們醫師倡議者（physician champions）的信心。這些倡議者對於建立臨床流程、帶動同儕參與，以及確保需要此療法的病患能及時接受治療，至關重要。

Our experience consistently shows that frontline clinical buy-in is the foundation of every high performing center. We are now empowering our sales team to re-engage with the clinical champions at their treating centers rather than diverting time to what have proven to be lower return activities away from these physicians.

我們的經驗一再顯示，第一線臨床端的認同與支持，是每一個高績效中心的基礎。我們現在正賦能我們的銷售團隊，重新與其治療中心的臨床帶頭人（clinical champions）建立互動，而不是把時間分散在那些已被證明相較之下回報較低、且遠離這些醫師的活動上。

Second, when strong clinical leadership is matched with the right administrative support, it makes a significant difference in helping patients move through the funnel efficiently and scaling the program. With that in mind, we are prioritizing engagement with pulmonary service line administrators rather than initially trying to reach top-level C-suite administrators who are typically less accessible.

第二，當強而有力的臨床領導力搭配適切的行政支援時，將在協助病患更有效率地通過漏斗流程並擴大計畫規模方面，帶來顯著差異。基於此，我們將優先與肺部服務線的行政管理者互動，而非一開始就嘗試接觸通常較難接觸到的最高層 C-suite 高階主管。

By focusing on administrators who are closest to the pulmonary and thoracic service lines, we ensure that our therapy is effectively protocolized into daily clinical workflows and that staffing is aligned to support them.

透過聚焦於最貼近肺部與胸腔服務線的管理者，我們可確保我們的治療能有效地被納入日常臨床工作流程的標準作業（protocolized），並使人力配置與之對齊以提供支援。

Third, we must ensure that there is a steady flow of patients to our treating centers and that each patient is supported through every step on their path to treatment. To ensure that patients are aware that valves may be an option, we are first focusing on physician education efforts within hospital systems that already offer valves before expanding outreach to the broader community.

第三，我們必須確保病患能穩定地流向我們的治療中心，並且每位病患在通往治療的每一步都能獲得支持。為了確保病患知道瓣膜可能是一個選項，我們將先在已提供瓣膜治療的醫院體系內，聚焦於醫師教育工作，之後再把外展擴大到更廣泛的社區。

Similarly, we are concentrating our direct to patient efforts on geographies with established treating centers that have the capacity to accommodate interested patients rather than spreading those efforts broadly across the country.

同樣地，我們將把直接面向病患（direct-to-patient）的工作，集中在已建立治療中心且有能力接納有興趣病患的地區，而不是把這些努力廣泛分散到全國各地。

We expect this focus to meaningfully increase the return on invested time and resources. Taken together, these changes are designed to foster the right culture and consistency for a more stable, high performing sales force with lower turnover.

我們預期這樣的聚焦將顯著提高投入時間與資源的回報。綜合而言，這些改變旨在培養正確的文化與一致性，打造更穩定、高績效且離職率更低的銷售團隊。

With the majority of our open US sales positions now filled, we are encouraged by the early positive feedback from our team, which reinforces our confidence that these actions are resonating internally. That said, it will take time for our newly filled territories to ramp up in productivity. Leading to our expectation that US sales growth will resume in the back half of this year.

隨著我們在美國的大多數空缺銷售職位現已補齊，我們對團隊早期的正面回饋感到鼓舞，這也強化了我們對這些措施在內部產生共鳴的信心。不過，新補齊的區域要提升至成熟生產力仍需要時間。因此我們預期，美國銷售成長將在今年下半年恢復。

Turning to our pipeline, our aero seal program remains a key focus and represents our nearest term opportunity to expand our market. We continue to view aero seal as a way to reach a large number of severe COPD patients with collateral ventilation who are not candidates today for treatment with zephyr bowels. Our convert 2 pivotal trial is an important step to bringing this novel technology to market. The trial is designed to evaluate the safety and effectiveness of the aero seal system in limiting collateral ventilation in patients with severe emphysema.

接著談我們的產品研發管線（pipeline），我們的 AeroSeal 計畫仍是關鍵重點，並代表我們近期擴大市場的最佳機會。我們持續將 AeroSeal 視為一種方式，用以觸及大量具有側枝通氣（collateral ventilation）的重度 COPD 病患，而這些病患目前並不適合接受 Zephyr 瓣膜治療。我們的 CONVERT-2 關鍵性試驗（pivotal trial）是將這項創新技術推向市場的重要一步。該試驗旨在評估 AeroSeal 系統在重度肺氣腫病患中限制側枝通氣的安全性與有效性。

With our strengthened clinical leadership team now in place, we are pleased to see enrollment momentum accelerating. We continue to see strong potential for aero seal as both a revenue generator and a market expander for Zephyr valves over the medium and long-term.

在我們強化後的臨床領導團隊就位後，我們很高興看到收案動能正在加速。我們仍然看好 AeroSeal 在中長期同時作為營收驅動因素與 Zephyr 瓣膜市場擴張器的強大潛力。

We expect enrollment in the trial to be completed in 2027, which would bring us one step closer to potentially growing our total addressable market by an estimated 20% globally. In conclusion, 2026 will be a year of focused execution at Pulmonx. We remain confident in the business and are excited to rebuild momentum through a clear operating plan that targets our highest impact initiatives.

我們預期該試驗的收案將於 2027 年完成，這將使我們更接近在全球範圍內把我們的總可服務市場（TAM）估計擴大約 20% 的可能性。總結而言，2026 年將是 Pulmonx 專注執行的一年。我們對業務仍具信心，並期待透過一個清晰的營運計畫，鎖定我們影響力最大的關鍵舉措，以重建成長動能。

We have much greater visibility into what went wrong last year, and we have already begun taking decisive action to fix it, and we have the right strategy and the right people in place to execute. I returned to Pulmonics because I believe deeply in this technology and what it means for patients who have few treatment options.

我們對去年出了什麼問題有了更清楚的掌握，也已開始採取果斷行動加以修正；同時，我們已具備正確的策略與正確的人才來落實執行。我回到 Pulmonx，是因為我深信這項技術，以及它對治療選項有限的病患所代表的意義。

That conviction has only grown stronger over the past few months. We have work to do and we are doing it, and we look forward to demonstrating that progress to you in the quarters ahead.

這份信念在過去幾個月只變得更加堅定。我們還有工作要做，而我們正在做；並期待在接下來的幾個季度向各位展現這些進展。

With that, I will turn the call to Derrick to briefly review our fourth quarter and full year performance as well as our expectations for 2026.

接下來，我將把電話會議交給 Derrick，請他簡要回顧我們第四季與全年表現，以及我們對 2026 年的展望。

Thank you, Glenn, and good afternoon, everyone. I'd like to start off by commenting on two significant developments that meaningfully strengthen our financial outlook and balance sheet as we position the company for profitable growth.

謝謝你，Glenn，各位下午好。我想先談兩項重大進展，這些進展在我們為公司定位以實現獲利性成長之際，將實質強化我們的財務展望與資產負債表。

First, we recently executed a cost restructuring initiative that reduced our ongoing operating expenses by over 10%. With this action, we believe we have achieved an appropriate balance between expense management and continued investment in our key growth initiatives.

第一，我們近期執行了一項成本重整計畫，使我們的持續性營運費用降低超過 10%。透過這項行動，我們認為已在費用管理與持續投資於關鍵成長計畫之間，取得了適當的平衡。

Second, we are very pleased to have recently closed on a $60 million credit facility with a 5 year interest only structure that meaningfully strengthens our balance sheet by extending the maturity of our existing debt out to 2031 and by providing us with access to additional undrawn capital.

第二，我們非常高興近期已完成一項 6,000 萬美元的信貸融資安排，採 5 年期僅付息（interest-only）結構；此舉透過將既有債務到期日延長至 2031 年，並提供我們取得額外未動用資金的管道，實質強化了我們的資產負債表。

The initial $40 million term loan drawn at closing refinances our previously existing loan, and we now have an option to draw an incremental $20 million through the end of 2027 subject to the achievement of certain revenue milestones.

在交割時提取的首筆 4,000 萬美元定期貸款（term loan）用以再融資我們先前既有的貸款；此外，在達成特定營收里程碑的前提下，我們可選擇於 2027 年底前再額外提取 2,000 萬美元。

Taken together, these two developments provide us with increased balance sheet flexibility and cash runway over the next few years as we focus on rebuilding momentum in our core business and advancing our clinical priorities.

綜合而言，這兩項進展在未來幾年為我們提供更高的資產負債表彈性與現金續航力（cash runway），使我們能專注於重建核心業務動能並推進臨床優先事項。

We are committed to demonstrating meaningful operating leverage and reducing our cash burn starting in 2026. As a case in point, we expect to significantly decrease our annual cash burn from $32 million in 2025 to $23 million in 2026, representing a reduction of nearly 30%.

我們承諾自 2026 年起展現顯著的營運槓桿效益並降低現金消耗（cash burn）。例如，我們預期年度現金消耗將從 2025 年的 3,200 萬美元大幅降至 2026 年的 2,300 萬美元，降幅接近 30%。

Now, turning to our recent performance. Total worldwide revenue in the fourth quarter of 2025 was $22.6 million a 5% decrease from $23.8 million in the same period last year, and a decrease of 7% on a constant currency basis.

接著談近期表現。2025 年第四季全球總營收為 2,260 萬美元，較去年同期的 2,380 萬美元下降 5%；以固定匯率（constant currency）計則下降 7%。

Worldwide revenue for the full year ending December 31, 2025 was $90.5 million an 8% increase over the prior year and a 7% increase on a constant currency basis. US revenue in the fourth quarter was $14.1 million an 11% decrease from $15.9 million during the same period of the prior year.

截至 2025 年 12 月 31 日止的全年全球營收為 9,050 萬美元，較前一年成長 8%；以固定匯率計成長 7%。美國第四季營收為 1,410 萬美元，較前一年同期的 1,590 萬美元下降 11%。

We added 10 new US treating centers during the quarter. US revenue for the full year 2025 was $57 million a 1% increase over the prior year.

本季我們新增 10 家美國治療中心。2025 年美國全年營收為 5,700 萬美元，較前一年成長 1%。

International revenue in the fourth quarter of 2025 was $8.5 million an 8% increase from $7.9 million during the same period last year, and an increase of 2% on a constant currency basis. International growth was driven by continued strength in our major European markets, offset by a lack of sales to our distributor in China.

2025 年第四季國際營收為 850 萬美元，較去年同期的 790 萬美元成長 8%；以固定匯率計成長 2%。國際成長主要由我們歐洲主要市場的持續強勁表現所帶動，但被我們在中國未向經銷商出貨（銷售）所抵銷。

Our distributor continues to work through inventory from large orders placed in the first half of 2025 as we await the renewal of our Chinese registration certificate, which we expect in the second half of 2026. International revenue for the full year 2025 was $33.5 billion an increase of 23% over the prior year, and a 19% increase on a constant currency basis. Gross margin for the fourth quarter of 2025 was 77.6% compared to 74% in the prior year.

在我們等待中國註冊證更新期間（我們預期將於 2026 年下半年取得），經銷商仍在消化 2025 年上半年所下的大額訂單所形成的庫存。2025 年全年國際營收為 335 億美元，較前一年成長 23%；以固定匯率計成長 19%。2025 年第四季毛利率為 77.6%，相較前一年的 74%。

The year over year increase was driven primarily by the lower mix of distributor sales in our international markets. Gross margin for the full year 2025 was 74%.

年對年提升主要由國際市場中經銷商銷售占比降低所驅動。2025 年全年毛利率為 74%。

Total operating expenses for the fourth quarter of 2025 were $27.4 million an 11% decrease from the same period last year. Non-cash stock-based compensation expense was $3.9 million in the fourth quarter of 2025.

2025 年第四季的總營運費用為 2,740 萬美元，較去年同期下降 11%。2025 年第四季的非現金股票基礎薪酬費用為 390 萬美元。

Excluding stock-based compensation expense, total operating expenses in the fourth quarter of 2025 decreased 10% from the same period of the prior year. Total operating expenses for the full year 2025 were $120.8 million a 1% increase over the prior year. Non-cash stock-based compensation expense was $19.3 million for the full year of 2025. Excluding stock-based compensation expense, total operating expenses for the full year 2025 increased 3% over the prior year.

剔除股票基礎薪酬費用後，2025 年第四季的總營運費用較前一年同期下降 10%。2025 全年的總營運費用為 1.208 億美元，較前一年增加 1%。2025 全年的非現金股票基礎薪酬費用為 1,930 萬美元。剔除股票基礎薪酬費用後，2025 全年的總營運費用較前一年增加 3%。

R&D expenses for the fourth quarter of 2025 were $4.6 million compared to $4 million in the fourth quarter of 2024, reflecting increased clinical trial activity. Sales, general and administrative expenses for the fourth quarter of 2025 were $22.9 million compared to $27 million in the fourth quarter of 2024 as we began to implement cost controls during the quarter.

2025 年第四季研發費用為 460 萬美元，較 2024 年第四季的 400 萬美元增加，反映臨床試驗活動增加。2025 年第四季的銷售、一般及行政費用為 2,290 萬美元，較 2024 年第四季的 2,700 萬美元下降，因為我們在該季度開始實施成本控管。

Net loss for the fourth quarter of 2025 was $10.4 million or a loss of $0.25 per share, as compared to a net loss of $13.2 million or a loss of $0.33 per share for the same period of the prior year. An average weighted share count of $41.4 million shares was used to determine loss per share for the fourth quarter of 2025. Net loss for the full year 2025 was $54 million or $1.33 per share. Adjusted EBITD loss for the fourth quarter of 2025 was $5.5 billion as compared to $7.5 million in the fourth quarter of 2024.

2025 年第四季淨損為 1,040 萬美元，或每股虧損 0.25 美元；相較之下，前一年同期淨損為 1,320 萬美元，或每股虧損 0.33 美元。計算 2025 年第四季每股虧損所採用的加權平均股數為 4,140 萬股。2025 全年淨損為 5,400 萬美元，或每股虧損 1.33 美元。2025 年第四季調整後 EBITD 虧損為 55 億美元，相較於 2024 年第四季的 750 萬美元。

Adjusted EBITD loss for the full year 2025 was $30.6 million. We ended December 30th, 2025 with $69.8 million in cash equivalents, and marketable securities, a decrease of $31.7 million from December 31, 2024.

2025 全年調整後 EBITD 虧損為 3,060 萬美元。截至 2025 年 12 月 30 日，我們的現金及約當現金與有價證券為 6,980 萬美元，較 2024 年 12 月 31 日減少 3,170 萬美元。

Now turning to our outlook for 2026. We expect to deliver full year 2026 revenue in the range of $90 to $92 million. Our revenue guidance contemplates a return to year over year growth in both our US and international businesses starting in the back half of the year.

接下來談我們對 2026 年的展望。我們預期 2026 全年營收將落在 9,000 萬至 9,200 萬美元之間。我們的營收指引預期，美國與國際業務將自下半年起恢復年對年成長。

In the US, we expect our recently filled sales positions and our refocused commercial strategy to gradually drive improving sales productivity as the year progresses. Internationally, we expect revenue growth in the first half of 2026 to be negatively impacted by minimal sales to our distributor in China.

在美國，我們預期近期補齊的銷售職缺以及重新聚焦的商業策略，將隨著年度推進逐步帶動銷售生產力改善。在國際市場方面，我們預期 2026 年上半年營收成長將因對中國經銷商的銷售量極少而受到負面影響。

Our guidance contemplates continued strength throughout the year from our European markets, and we expect year over year sales growth in our international business to resume in the second half of the year. We expect gross margin for the full year 2026 to be approximately 75%, trending slightly higher in the first half of the year and lower toward the second half of the year as we increase our mix of distributor sales.

我們的指引亦考量歐洲市場全年持續強勁，我們預期國際業務的年對年銷售成長將於下半年恢復。我們預期 2026 全年毛利率約為 75%，上半年略高、下半年略低，因為我們將提高經銷商銷售的占比。

We are committed to demonstrating meaningful operating leverage this year. We expect full year 2026 operating expenses to fall between $113 and $115 million inclusive of approximately $21 million of non-cash stock-based compensation expense. Excluding stock-based compensation expense, our guidance implies a 7 to 9% decrease in operating expenses from 2025, reflecting our cost realignment efforts while maintaining investments in key growth initiatives.

我們致力於在今年展現具意義的營運槓桿。我們預期 2026 全年營運費用將介於 1.13 億至 1.15 億美元之間，其中包含約 2,100 萬美元的非現金股票基礎薪酬費用。剔除股票基礎薪酬費用後，我們的指引意味著相較 2025 年營運費用將下降 7% 至 9%，反映我們在維持對關鍵成長計畫投資的同時所進行的成本重整努力。

To conclude, we remain confident in the fundamentals of our business. We are operating with financial discipline and focus, and we are taking decisive actions to refine our strategy, regain sales momentum, and position the company to deliver sustainable and profitable growth over time. With that, I'd like to thank you for your attention.

最後，我們對公司業務基本面仍具信心。我們以財務紀律與專注來營運，並採取果斷行動以精煉策略、重拾銷售動能，並讓公司在時間推移下能夠實現可持續且具獲利性的成長。以上，感謝各位的聆聽。

We will now open up the call for questions.

我們現在開放提問。

(Operator Instructions)

(接線生指示)

Our first question will come from the line of John Young from Canaccord Genuity. Your line is open.

我們的第一個問題來自 Canaccord Genuity 的 John Young。您的線路已開通。

Hi Derrick, thanks for taking the question this evening and it's nice to see the operating leverage you guys are starting to demonstrate here. I wanted to ask on your comments on the sales force, particularly the kind that you filled all the new positions. Could you tell us the percentage of the sales force overall that turned over in Q4 and when did you, start hiring and complete that hiring of the new reps? Thank you.

嗨 Derrick，感謝你今晚回答問題，也很高興看到你們開始展現營運槓桿。我想就你對銷售團隊的評論提問，特別是你們已補齊所有新職缺這件事。你能否告訴我們第四季整體銷售團隊的流動率大約是多少？以及你們何時開始招募並完成這些新業務代表的招募？謝謝。

So, John, nice to hear your voice. The The turnover was really across the entire year, so it wasn't in the fourth quarter. The magnitude was directionally. In, on the order of half of the sales organization across the year.

John，很高興聽到你的聲音。人員流動其實是分散在整個年度發生的，所以不是集中在第四季。規模大致上是——全年約占整個銷售組織的一半左右。

When we got here, some number of those territories had been filled, so we have some folks who joined in the middle to back part of the year, and we've been about the task of filling additional openings since then and we find ourselves now with nearly all of those openings filled.

我們到任時，其中一些區域已經有人補上，所以有些同仁是在年中到年底那段時間加入的；自那之後我們一直在努力補齊更多空缺，而目前幾乎所有空缺都已補齊。

Got it. Thank you. And just as a follow-up to, you spoke a bit about the incentives not being aligned, with the sales force last year. Can you talk about maybe some color on how you're incentivizing sales now and what are the focus sales strategies now in the US that you guys are really focused on with these new reps to get them up to speed? Thanks again for taking the questions.

了解。謝謝。另外追問一下，你提到去年銷售團隊的獎酬機制沒有對齊。你能否多分享一些目前如何激勵銷售？以及在美國市場，現在你們與這些新業務代表最聚焦的銷售策略是什麼，好讓他們能盡快上手？再次感謝回答問題。

Yeah, so The incentives that we have in place aren't fundamentally different. I think the way that we had set things up at the beginning of last year was a bit of a challenge for many of our folks. One of the big questions, there's essentially two elements. One is the design of a compensation plan, and the second is the allocation of quota to each of the territories, and then how you do that is important, and we embraced.

好的，我們目前的獎酬機制在本質上並沒有根本不同。我認為去年年初我們的設定方式，對許多同仁來說確實有些挑戰。其中一個關鍵問題其實有兩個面向。第一是薪酬方案的設計；第二是各區域配額的分配方式，而分配方式很重要，我們當時採用了。

A new approach to the allocation of quotas which involved a couple of things that both the amount of the quota that we allocated out and how we allocated it out, across our sales organization together conspired to create a situation where there was some number of reps who felt like it was going to be difficult for them to make the kind of money they were looking to make and by the time we realized.

一種新的配額分配方法，包含幾個部分：我們分配出去的配額總量，以及我們如何在整個銷售組織中分配；這些因素共同造成一種情況——有一些業務代表覺得他們很難賺到他們期望的收入，而等到我們意識到。

That this new system was not being constructive, we had started some movement that that impacted us across the year. As it relates to this year, we have been very careful both on the design of the sales, incentive plan and with the allocation of those quotas and the amount of the quota that we're allocating at the initial point so we basically looked at.

這套新制度並未帶來正面效果時，我們已經出現了一些人員變動，而這些變動在全年對我們造成了影響。至於今年，我們在銷售獎勵方案的設計、配額的分配，以及一開始要分配的配額水準上都非常謹慎，因此我們基本上重新檢視了。

Where we stubbed our toe in 2025 and simply made the changes, went back to those things that we knew had worked in the past that were well received and well understood and embraced many of those elements. So we're quite confident that we have in place a plan that is both viewed as quite reasonable as well as a design that I think people can get their heads around and get behind, so. And it's been time, it's been tested over time. Last year was the anomaly in terms of the construct, and frankly we paid a price for that.

我們在 2025 年哪裡踩到雷，並直接做出調整，回到那些我們過去知道有效、也被廣泛接受且容易理解的做法，並採納了其中許多要素。因此我們相當有信心，目前的方案既被視為相當合理，其設計也讓大家容易理解並願意支持。而且這套做法也經過時間的驗證。去年在制度架構上屬於特例，坦白說我們也為此付出了代價。

Great, thanks again.

太好了，再次感謝。

Thank you. One moment for our next question.

謝謝。請稍候，我們進行下一個問題。

Our next question cuff line of Jason Bednar Piper Sandler . Your line is open.

我們的下一個問題來自 Jason Bednar，Piper Sandler。您的線路已開通。

Hey, good afternoon, Glenn and Derek. Thanks for taking the questions. I want to start here in the US business if I could. I fully appreciate there isn't a silver bullet in reversing the slide that the business has been through, but you've already taken a lot of actions. You talked about going a lot of initiatives that are underway. You talked about the salesforce just in the prior question of that being a big one.

嗨，下午好，Glenn 和 Derek。謝謝你們回答問題。如果可以的話，我想先從美國業務談起。我完全理解，要扭轉這項業務一路下滑的局面並沒有什麼「萬靈丹」，但你們已經採取了很多行動。你們提到有許多正在推進的計畫。你們在上一個問題也談到銷售團隊，說那是一個很大的重點。

I guess my question here is though is why wouldn't the growth come back sooner now that that sales force is fully in place and addressed? You had captive accounts that. Lost their covering rep or saw their rep change, I would think there shouldn't be new education with physicians that's necessary. You shouldn't need to really prime the referral pump with patients, into those into those, those treating accounts. So I guess why, again, very simply, why wouldn't that come back quicker in the US?

我想問的是，既然銷售團隊已經完全到位並且問題也已處理，為什麼成長不會更快回來？你們有一些既有的客戶帳戶，他們失去了負責的業務代表或看到業務代表更換，我會認為不需要再對醫師做新的教育。你們也不應該真的需要再去「預熱」病患轉介的管道，把病患導入那些、那些治療的帳戶。所以我想再很簡單地問一次：為什麼在美國不會更快回升？

Well, I think we've got a couple of reactions to your question. One is that, as you saw across the year, relative to prior year. We were in fairly steep decline. I think we had 11% growth year over year in the first quarter, 6% growth in the second quarter, 1% growth in the third quarter, and we just announced on the order of a negative 10% year over year situation.

嗯，我想對你的問題我們有幾點回應。第一是，如你在全年看到的，相較於前一年，我們處於相當明顯的下滑。我想第一季年增 11%，第二季年增 6%，第三季年增 1%，而我們剛剛公布大約是年減 10% 的情況。

So we're springing off of somewhat spongy ground to begin with if you look at the shape of that curve, and we have in many cases some folks that are just coming up to speed. We feel great about the team that we have in place.

所以如果你看那條曲線的形狀，我們一開始是從相對「鬆軟」的基礎上起跳，而且在很多情況下，有些同仁才剛剛上手。我們對目前的團隊非常有信心。

We have a construct where most of our sales, folks are sort of doubled up in geographies with sort of a senior junior rep alignment, so that's a design that allows people to come up to speed very quickly, but we want to be careful given sort of the soft ground that we're springing off of here coming off of the 4th quarter. And the average tenure of the sales force being quite a bit different, at this point this year as it was last year, so with that integrated in that explains our, sort of back half projection.

我們的架構是，多數銷售同仁在各自的區域會以「資深—資淺」代表搭配、某種程度上是雙人配置；這樣的設計能讓新人很快上手，但考量到我們是從第四季之後這種較疲弱的基礎上起步，我們也希望保持謹慎。此外，今年此時銷售團隊的平均任職年資，與去年同期差異相當大；把這些因素納入後，就能解釋我們對下半年所做的預測。

Okay, all right, no, fair enough, I appreciate that. And Derrick, I know you said you reduced the cost structure by 10%, something on the order of that number. Can you expand upon what changed? Where did you source those savings from?

好的，了解，這樣說也合理，謝謝。Derrick，我知道你說你把成本結構降低了 10%，大概是這個量級。你能再多談談有哪些改變嗎？這些節省是從哪些地方來的？

Is that a gross number or is the net savings lower since you've had to add back some spending on the Salesforce side? And then sorry as a multi-parter, but with these changes that you made, can you give us a sense of what your fixed versus variable cost structure looks like now just so we can have an idea of how much torque you have in the P&L once that top-line starts to hum later this year.

這是毛額的數字嗎？還是因為你們在銷售團隊這邊需要加回一些支出，所以淨節省會更低？另外不好意思這題有好幾個部分，但就你們做的這些調整，你能否讓我們了解一下目前固定成本與變動成本的結構大概長什麼樣子？這樣我們就能評估，等到今年稍晚營收端開始轉強時，你們損益表（P&L）會有多大的槓桿效果。

Yeah, hey Jason, thanks for the question. So you know we, clearly got out in front of our skis over the last couple of years in terms of spending in anticipation of sales growth that, just didn't materialize in the time frame that we thought it would. So, we did take the difficult but necessary steps to realign our cost structure to our current growth profile.

好的，Jason，謝謝你的問題。你知道的，過去幾年我們在支出上確實有點超前，因為我們預期銷售會成長，但那個成長並沒有在我們原先以為的時間框架內實現。因此，我們採取了艱難但必要的措施，將成本結構重新調整到符合我們目前的成長輪廓。

The kind of the 10% reduction that I spoke of is kind of roughly 10% of kind of recurring costs across the board that we took out. There's some puts and takes. There's obviously some restructuring costs that we incur and that that that we're actually incurring this year and so you know when you look at the numbers, the guide that we're providing is kind of like a, the 7 to 9% guide. Incorporate some of that, relative to what where we were last year. The majority of the costs, that we took out and we were very careful to ensure that, we kept our sights on.

我提到的約 10% 降幅，大致上是我們在各項經常性成本上整體移除的約 10%。其中有一些增減因素。我們顯然也會產生一些重整成本，而且這些成本其實是在今年發生；所以你看我們提供的指引，像是 7% 到 9% 的指引，相較於去年，是把其中一部分因素納入考量的。我們移除的大多數成本，我們也非常謹慎地確保，我們仍然把重點放在——

Continuing to invest in in our key growth initiatives, namely, on the sales side, as Glenn mentioned, we're continuing to invest there. The sales force was not directly impacted by the cost restructuring, and, on the R&D side we're continuing to invest in.

持續投資於我們的關鍵成長計畫，尤其是在銷售端，如 Glenn 提到的，我們仍在持續投入。銷售團隊並未直接受到這次成本重整的影響；另外在研發端，我們也持續投入。

Long long-term future growth drivers, namely Aero seal, this year and into future years, so, most of the expense reduction came from G&A and marketing, and, we believe that, with, those. Expense reductions that we've made, which are recurring, we're in a strong position now to demonstrate operating leverage not only as you see this year but as you see moving forward.

長期的未來成長驅動因素，主要是 Aero seal，今年以及未來幾年都是如此。所以，大部分的費用削減來自 G&A（一般及行政）與行銷；我們相信，透過我們所做的這些（且屬於經常性的）費用削減，我們現在處於有利位置，能夠展現營運槓桿，不僅是在你今年看到的表現上，也包括往後的表現。

All right, helpful. Thank you.

好的，很有幫助。謝謝。

Thank you. One moment for our next question.

謝謝。請稍候，我們進行下一個問題。

Our next question will come from the line of Rick Weiss from Stiefel. Your line is open.

我們的下一個問題來自 Stiefel 的 Rick Weiss。

Hi, this is Annie on for Rick. Thanks for taking our questions. So I heard you call out Aeroseal and the convert to trial as a key priority here for 2026. Obviously there's some investment required to ramp up enrollment and move toward, commercialization eventually. So I'm hoping you can talk about kind of how you plan to balance that out with your US sales organization investments and your plans to extend the cash runway.

嗨，我是代 Rick 提問的 Annie。謝謝你們回答我們的問題。我聽到你們提到 Aeroseal 以及將「convert 2」試驗推進（convert to trial）是 2026 年的關鍵優先事項。顯然要加速收案並最終走向商業化，需要一些投資。所以我想請你們談談，你們打算如何在這些投入與美國銷售組織的投資之間取得平衡，同時也延長現金可支撐的期間（cash runway）。

Yeah, the, so first of all, the convert trial. We came in, we spent, I looked, I looked around, made sure we had the right people in the right places, and one of the key things that we looked at was ensuring that that we had the proper alignment within our US sales organization and the other area that I looked at immediately was making sure that we had the best possible alignment within our clinical function given the role of. Of aeroseal in our future and the convert 2 trial we were we were not enrolling in the convert 2 trial as fast as I felt we should be and so we made some realignments we brought in.

好的，先談 convert 試驗。我們進來之後，我花了些時間檢視、確認我們是否把對的人放在對的位置；其中一個我們檢視的重點，是確保美國銷售組織內部有適當的對齊與配置。另一個我立刻檢視的領域，是在臨床職能上確保最佳的對齊，考量到 Aeroseal 在我們未來以及 convert 2 試驗中的角色。我覺得我們在 convert 2 試驗的收案速度沒有達到應有水準，因此我們做了一些重新調整並引進了——

A number of people who had been involved directly in the execution of our pivotal trial, our liberate trial. One individual was here running another function and took over.

一些曾直接參與我們關鍵性試驗（pivotal trial）、也就是 LIBERATE 試驗執行的人員。其中一位原本在這裡負責另一個職能，後來接手了。

Once again had formerly run clinical and is now running it again, so I'm thankful that he agreed to do that and we brought in two folks underneath him who were very much involved in the execution of that trial. So in some ways from a burn perspective, as you think about the execution of that trial, first of all, it's not all that spectacular a proportional amount of our annual burn, and number 2, we're trying to get things, optimized and aligned.

他之前也曾負責臨床，現在再次回來負責，所以我很感謝他願意這麼做；我們也在他底下再引進了兩位同仁，他們都非常深度參與過那項試驗的執行。因此，從現金消耗（burn）的角度來看，首先，這項試驗的執行占我們年度 burn 的比例其實沒有那麼高；第二，我們正努力把各項工作最佳化並對齊。

To deliver on, I think what we had hoped we would be doing from a rate of clinical enrollment, so I also don't think that that's going to have a meaningful impact on the overall spend of the company and certainly will not touch or pressure in any way the appropriate spending on our commercial operations.

為了達成目標，我認為就臨床入組速度而言，我們原本希望能做到的水準，因此我也不認為這會對公司整體支出造成實質影響，當然也不會以任何方式觸及或壓縮我們在商業營運上應有的投入。

Got it. Thank you. And then just one more for me, thinking about longer-term, appreciating that 2026 is more of a transition year for Pulmonx, as your new commercial focus kind of takes hold. So I'm curious just how you're thinking about the company's, longer-term growth potential. How would you sort of frame your longer-term growth aspirations now based on your time back into your respective roles?

了解。謝謝。另外我還有一個問題，從更長期來看，也理解2026年對Pulmonx而言更像是過渡年，因為你們新的商業重點將逐步到位。所以我想請教你們如何看待公司長期的成長潛力。以你們回到各自職位後的經驗，你們會如何界定目前的長期成長目標？

Yeah, I'll maybe I'll start and if Derek wants to add to that, I'll encourage him to do so. We came back when I departed, we had put up 5 quarters of 40% growth in the US and as a company we're growing 30% and and then things slipped and they slipped quite a bit and it got a lot of people's attention and had everything to do with with my coming back.

是的，我先開始回答，如果Derek想補充，我也鼓勵他補充。我們回來時，在我離開之前，我們在美國已經連續5個季度達到40%的成長，而公司整體成長約30%，然後情況開始下滑，而且下滑幅度相當大，引起很多人的注意，而這也正是我回來的主要原因。

I think without a question our intention is to Take our growth profile to a much better place exactly where that is. I think we'll learn a lot about that as we go through the year and we see the kind of traction that we get from the programs that we're initiating and the types of things that we'll continue to refine and adopt as we go forward. So I don't really think we're in a position to be.

我認為毫無疑問，我們的意圖是把成長曲線帶到更好的位置；至於具體會到哪裡，我想我們會在今年推進過程中學到很多，看看我們啟動的各項計畫能帶來什麼樣的牽引力，以及我們接下來會持續精煉、採納哪些作法。所以我不認為我們目前處於一個可以……的狀態。

Telling you much more than we expect this to get substantially better, and we're about that task and I'm very confident we're headed in the right direction.

能告訴你更多細節；我們預期情況會大幅改善，我們正全力以赴，我也非常有信心我們正朝正確方向前進。

Yeah, this is Derek. I'll just add, I, even within The full year 2026, our guidance implies obviously that we will sort of step up in growth through the year and we expect that, by the end of this year we'll be moving on a global basis to double-digit growth so. Again, don't want to sort of give guidance, beyond 2026, but even within this year, by the end of this year, our guidance implies that, we will be growing, double-digits by the fourth quarter.

是的，我是Derek。我補充一下，即便只看2026全年，我們的指引也明確意味著我們會在一年之中逐步提升成長，我們也預期到今年年底，在全球層面會轉為雙位數成長。同樣地，我不想提供超出2026年的指引，但即便在今年之內，到今年年底，我們的指引意味著第四季將達到雙位數成長。

Got it. That's super helpful. Thank you both.

了解。這非常有幫助。謝謝兩位。

(Operator Instructions)

(接線員指示)

Next question comes line of Frank Tinnan from Lake Street Capital Markets, your line is open.

下一個問題來自Lake Street Capital Markets的Frank Tinnan，您的線路已開通。

Hey, this is Nelson. I'm for Frank. Thanks for taking the questions and the comprehensive overview. I guess maybe just. You've described 2025 underperformance is largely internal, wrong role structure, wrong incentives, maybe too many incentives, but anything out there may be fundamental from a market perspective, market penetration perspective that surprised you, that's maybe more challenging, or just anything there it could be interesting.

嗨，我是Nelson。我代替Frank提問。謝謝你們回答問題並提供全面的概述。我想可能就是……你們描述2025年的表現不佳主要是內部因素：角色架構不對、激勵不對、可能激勵太多。但從市場角度、市場滲透角度來看，有沒有什麼更根本、讓你們意外、可能更具挑戰的因素？或任何相關觀察也都很有意思。

The market is becoming increasingly active, which is, I think, a net positive. There are broader investments in the pulmonary space. Intuitive has a nice and growing business in the cancer side of our business. So these, service line directors in hospitals are, they're managing many more procedures and a lot more, the economics, I think, have gotten them. Moved up the hierarchy within hospitals.

市場正變得越來越活躍，我認為整體而言是正面的。在肺部領域有更廣泛的投資。Intuitive在我們業務中的癌症端有一個不錯且持續成長的業務。因此，醫院裡這些服務線（service line）主管正在管理更多的手術量與更多的……我認為經濟因素已經讓他們在醫院體系中的層級往上提升。

And I think that's sort of a net positive in the short-term, there have been moments along the way where there have been, certain pressure on resources, but that, that's fairly easy to respond to. These procedures aren't done in operating rooms, so. The procedure rooms are much more plentiful around the hospital, so we'll be able to flex in that regard and pick up the resources necessary to set up and execute these programs.

我認為短期來看這整體是正面的；一路上確實有些時點會出現某些資源壓力，但那相對容易因應。這些手術並不是在開刀房進行，所以院內的處置室（procedure rooms）更為充足，因此我們能在這方面更有彈性，並取得建立與執行這些計畫所需的資源。

So I think in general the macro elements, whether you're talking about reimbursement, whether you're talking about places to do the procedure, people to execute the procedure, we just have to have the fundamentals in place. And as folks become increasingly invested in pulmonary, be that cancer or emphysema or COPD. Those are good things for us, so I think, from a macro perspective, that feels like a net positive over time.

所以我認為整體而言，宏觀要素不論是談給付、談可進行處置的場地、談執行處置的人力，我們只需要把基本功到位。而隨著大家對肺部領域投入愈來愈多，不論是癌症、肺氣腫或COPD，這些對我們都是好事，所以我認為從宏觀角度看，長期而言是淨正面。

Got it and.Then, you had mentioned like you specifically called out lung tracks to detect. Being a lower return activity that pulled Salesforce attention away and maybe I missed it, but is that program being shelved or deprioritized, handed off, or how are you thinking about just that in general?

了解。然後，你剛才提到你特別點名了LungTrax Detect，說它是報酬較低的活動，分散了銷售團隊的注意力；也許我漏聽了，但這個計畫是要擱置、降低優先順序、交接出去，還是你們整體上是怎麼看待它？

We set off at the beginning of last year, with the hypothesis that that was a technology that would be useful potentially in most of our accounts. It is a great technology, it's it does all that we've said it does one of the challenges though is that it it's really optimal for a certain subset of some of our larger. Systems, at sites where you know all the elements are in place and, in any case it's something that is not, it doesn't fit well in every single hospital. It took us some time to figure that out.

我們在去年年初啟動時的假設是，這項技術可能在我們大多數客戶中都有用。它是一個很棒的技術，確實能做到我們所說的那些功能；但其中一個挑戰是，它其實最適用於我們某些較大型系統中的特定子集合。在那些站點，你知道，各項要素都已到位；總之，它並不適合每一家醫院。我們花了一些時間才弄清楚這點。

I think that my review of prior updates, indicated that there was a lot of discussion about it taking.

我認為我回顧先前的更新內容時，顯示大家花了很多篇幅在討論它需要……

More time than we had thought it might take to set up. I think in properly selected hospitals that sort of have an appropriate profile, there's there's an absolute place for lum tracks detect.

比我們原先預期更長的時間來完成建置。我認為在適當篩選、且具備合適條件的醫院中，LungTrax Detect絕對有其位置。

So it's not being deemphasized. I think it's being focused in certain types of situations as a real positive potential positive. We have a number of accounts that are that are underway. And we're keeping a close eye on them, but the initial feedback is that it is, it is being helpful in terms of identifying patients that otherwise wouldn't have gotten picked up.

所以它並沒有被弱化。我認為我們是在某些特定情境中更聚焦地使用它，作為一個真正正面的、潛在的助力。我們有多個客戶正在推進中。我們也在密切觀察，但初步回饋顯示，它確實有幫助，能辨識出原本可能不會被發現的病患。

Helpful, thank you guys.

很有幫助，謝謝各位。

Thank you. One moment for our next question.

謝謝。請稍候，我們進行下一個問題。

Our next question off the line, Simron Larry from Wells Fargo. Your line is open.

下一個問題來自Wells Fargo的Simron Larry。您的線路已開通。

Hi, good afternoon. This is Simron Larry. Thanks for taking the questions here. Maybe just, another follow-up question on the US Sales Force. I mean, I would be curious to maybe understand, how are you thinking about the ramp, in terms of months to productivity and what early indicators should we be watching for to confirm that the ramp is tracking to plan.

嗨，午安。我是Simron Larry。謝謝讓我在這裡提問。我想再追問一個關於美國銷售團隊的問題。我很好奇你們如何看待爬坡期：以月數來看，多久能達到生產力？以及我們應該觀察哪些早期指標，來確認爬坡是否按計畫進行？

Hi Simron, this is Derek. I'll jump in and Glenn can add some color here. I mean, in general, it obviously differs territory to territory depending on what state the territory is when, that it was filled and when it was and how long it was open, but we normally look at kind of 6 to 9 months for, a new rep or a new territory to get up the productivity curve.

嗨Simron，我是Derek。我先回答，Glenn也可以補充一些細節。一般來說，這會因區域而異，取決於該區域在補齊人員時的狀態、空缺多久等；但我們通常會以大約6到9個月作為新業務代表或新區域爬升到生產力曲線的時間。

Now, as Glenn mentioned, it. It wasn't like everybody left all at once and everybody came in all at once, so there's a kind of there's a time frame here and you know for the new territories to ramp up to productivity and so that is, embedded in our our guidance so you know specifically when we think about kind of US sales growth we we kind of look at it as, a grant gradual ramp from, say.

現在，如 Glenn 所提到的。並不是所有人同時離開、也不是所有人同時加入，所以這裡有一個時間區間；你知道，新區域需要逐步提升到具生產力的水準，因此這點已經反映在我們的指引之中。具體來說，當我們思考美國銷售成長時，我們大致把它看作是從例如……的逐步爬坡。

Mid to mid to high single-digit declines, in the first quarter moving towards high single-digit growth, in Q4, and I would think of it as kind of a sort of a linear-ish, step up, and, I don't, I think the best, metric to look at, H1stly is, just us, sort of being able to deliver on those sales because in aggregate it'll all be obviously reflected in our US, sales performance.

第一季為中到中高個位數的下滑，接著在第四季走向高個位數成長；我會把它視為一種大致線性、逐步上升的過程。而且我不……我認為最好的衡量指標，首先就是我們是否能夠交付這些銷售，因為整體而言，這些都會很明顯地反映在我們的美國銷售表現上。

Yeah, I would absolutely. I'm sorry, I would absolutely agree with what Derek said. I would, however, yeah, and I was, I hesitated when you asked the question because I thought it was a little bit of a smart ass response to say, look at the revenue number, but I do agree with Derek that that that is really what the, what, what's going to be reflective of these folks coming up to speed. I will say that one of the most, meaningful, positive changes within our sales organization.

是的，我完全會。抱歉，我完全同意 Derek 所說的。不過，是的，當你問這個問題時我有點猶豫，因為我覺得如果回答「看營收數字」有點像耍嘴皮子，但我確實同意 Derek：那真的就是最能反映這些人逐步上手的指標。我想說的是，在我們銷售組織內部最有意義、最正面的改變之一。

Since I departed was the adoption of this sort of senior rep junior rep combination. The majority of our territories in general and certainly virtually every single one of our larger territories has this combination, and one of the real benefits of the combination is not only the ongoing. Ability to have 1 1 equals something greater than 2.

自從我離開之後，就是採用了這種資深業務代表與初階業務代表的搭配。我們大多數的區域一般而言、而且幾乎每一個較大的區域都採用這種組合；而這種組合的一個真正好處，不僅在於持續的。能夠讓 1+1 等於大於 2 的效果。

But also it's, it facilitates, I believe, and I, I can see with a number of combinations of, more tenured and newer folks together it really facilitates the training process and bringing new people up to speed when they can be working with somebody who's got a little bit more tenure, a little bit more. Ability to bring them up to speed. So anyway, that's that's a real positive about the new construct, the newer new as defined as since I left a couple of years ago.

同時我也認為——而且我看到不少資深與新進人員的組合——它確實促進了訓練流程，並在新進人員能與資歷較深的人一起工作時，更容易讓新同仁快速上手；對方有多一點年資、多一點。能力把他們帶上手。所以總之，這是這個新架構的一個很正面的地方；這裡所說的「新」是指我在幾年前離開之後所採用的。

Got it. That, that's very helpful, and maybe just on the OUS side and apologies if I missed this, but, I guess just Japan. How do we think about, contribution from that geography? I know, the previous management team talked about. Enrollment in that post approval study, really kind of occurring in the back half of 2025, I believe, or, maybe early 2026, so maybe just is that a contributor to 2026 international sales, and just kind of what's the status in that.Geography.

了解。這非常有幫助。也許再問一下美國以外（OUS）的部分，若我漏聽了先說聲抱歉，但我想問日本。我們如何看待該地區的貢獻？我知道前一個管理團隊提到。那個核准後研究（post approval study）的入組，應該主要發生在 2025 年下半年，我記得是這樣，或可能是 2026 年初；所以想請問這是否會對 2026 年的國際銷售有貢獻，以及那個地區目前的狀態如何。

Well, it is a contributor because these are revenue generating patients that are going into that trial, so it's essentially, it's a post approval study we are continuing to enroll the patients. And they, the enrollment is accelerating, so. Cases are are increasing. That's It's about all I'm prepared to say about.

嗯，它確實會有貢獻，因為進入該試驗的病患會產生營收，所以本質上，這是一個核准後研究，我們仍在持續讓病患入組。而且入組正在加速，所以。案例正在增加。這大概就是我目前準備好能說的全部。

That. Yeah, I mean it's not a meaning I would say that it is not a meaningful growth driver in 2026 as we contemplate within our guidance versus 2025, we, as Glenn said we expect to to continue through the postmarket study in 2026. And true commercialization, I think comes the following year, so it's not a huge piece to our. Our guidance. In 2026.

關於那件事。是的，我的意思是，我會說相較於 2025 年、在我們的指引假設下，2026 年它並不是一個有意義的成長驅動因素；如 Glenn 所說，我們預期 2026 年會持續進行該上市後研究。而真正的商業化，我認為是在隔年才會到來，所以它不是我們。指引中的一個很大部分。在 2026 年。

Got it. That's helpful, and sorry for China as well, is that also the case? I know you talked about, you're awaiting the renewal certificate in the second half, so should we assume China sales are relatively. Kind of flattish to the prior year, or, are they depressed, I guess just help me understand the China piece.

了解。這很有幫助。那也想問一下中國，情況也是如此嗎？我知道你提到正在等待下半年的續證證書，所以我們是否應該假設中國銷售相對於前一年。大致持平，或者是被壓抑？我想請你幫我理解一下中國這一塊。

Yeah, and thank you for asking because the China piece is a bit nuanced and does impact the year over year growth rates, from an optics perspective, so I think it is important to clarify that. So just to put this in context, China's sales were less than 5% of our global revenue last year, but the majority of those sales into our China distributor last year we realized in the first half of 2025.

是的，謝謝你問，因為中國這一塊有些細微之處，從觀感（optics）的角度確實會影響年對年成長率，所以我認為釐清這點很重要。先提供背景：去年中國的銷售占我們全球營收不到 5%，但去年我們對中國經銷商的大部分銷售，是在 2025 年上半年認列的。

And so our guidance, in our guidance, we don't contemplate much of a meaningful contribution from China at all in the first half of the year, and we do expect China to resume our shipments to resume into China and sales to resume into China in the back half of the year. So there is this mismatch in timing with.

因此在我們的指引中，我們並未預期今年上半年中國會有太多有意義的貢獻；我們確實預期在下半年恢復對中國的出貨、並恢復對中國的銷售。所以在時間點上會出現這種不匹配。

Tough comps if you will from the first half of 2025 relative to the first half of 2026 where we're contemplating minimal sales and then the back half of 2026 where we expect our China sales to resume and so. That results in a, from a year over year growth perspective, kind of double-digit declines year over year in the first half, and then that'll flip to double-digit growth back half of the year, so we do get a bit of this sort of mismatch in timing, that'll result in some of this sort of funky optical, year over year growth dynamics that you should be aware of.

如果你願意這麼說的話，上半年 2025 相對於上半年 2026 的比較基期會很硬（tough comps）：我們在上半年 2026 的假設是銷售很少；而在 2026 下半年我們預期中國銷售恢復，因此。從年對年成長的角度看，上半年會呈現約雙位數的年減，然後下半年會翻轉為雙位數成長；所以確實會有這種時間點不匹配，導致一些看起來有點怪的、僅就觀感而言的年對年成長動態，你需要留意。

Great thank you so much.

太好了，非常感謝。

Thank you. This concludes the question-and-answer session. I want to ask you to turn it back over to Glenn French for nickel marks.

謝謝。問答環節到此結束。我想請你把時間交回給 Glenn French，做結語。

Thank you very much. I just want to summarize by. Reinforcing that.We remain confident in the business and we're really excited to rebuild momentum. Through a clear operating plan.

非常感謝。我想做個總結。再次強調：我們對業務仍然充滿信心，也非常期待重建動能。透過一個清晰的營運計畫。

That targets our highest impact initiatives. I am confident that we have the right strategy and the right people in place to execute. And we look forward to demonstrating our progress to you in the quarters ahead.

該計畫聚焦於我們影響力最大的各項倡議。我有信心我們具備正確的策略，也有正確的人才到位來執行。我們也期待在接下來的幾個季度向各位展示我們的進展。

Thank you very much for your time and your questions, and thank you very much to all the Pulmonics employees who work every day so hard on behalf of our patients. Have a good day.

非常感謝各位的時間與提問，也非常感謝所有 Pulmonics 的員工每天都如此努力地為我們的病患付出。祝各位有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect everyone. Have a great day.

感謝各位參與今天的會議。本次議程到此結束。各位現在可以斷線。祝各位有美好的一天。