MiMedx Group Inc (MDXG) 2025 Q1 法說會逐字稿

Good afternoon and thank you for standing by.

下午好，感謝您的支持。

Welcome to the MIMEDX first quarter 2025 operating and financial results conference call. At this time, all participants are in a listen-only mode, a question and answer session will follow the formal presentation.

歡迎參加 MIMEDX 2025 年第一季營運和財務業績電話會議。此時，所有參與者都處於僅聆聽模式，正式演講之後將進行問答環節。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Matt Notarianni, Head of Investor Relations for MIMEDX.

現在，我想將會議交給主持人、MIMEDX 投資者關係主管 Matt Notarianni 先生。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you, operator, and good afternoon everyone.

謝謝接線員，大家下午好。

Welcome to the MIMEDX first quarter 2025 operating and Financial Results conference call. With me on today's call are Chief Executive Officer, Joseph Capper and Chief Financial Officer, Doug Rice. As part of today's webcast, we are simultaneously displaying slides that you can follow. You can access the slides from the investor relations website at MIMEDX.com.

歡迎參加 MIMEDX 2025 年第一季營運和財務業績電話會議。和我一起參加今天電話會議的還有執行長 Joseph Capper 和財務長 Doug Rice。作為今天網路廣播的一部分，我們將同時顯示您可以關注的幻燈片。您可以從投資者關係網站 MIMEDX.com 存取這些幻燈片。

Joe will kick us off with some opening remarks and a summary of our operating highlights, and Doug will provide a review of our financial results for the quarter. And then Joe will conclude with some additional updates, including a discussion of our financial goals. We will then be available for your questions.

Joe 將首先致開幕詞並總結我們的經營亮點，Doug 將回顧我們本季的財務表現。然後喬將進行一些補充更新，包括討論我們的財務目標。我們將隨時解答您的問題。

Before we begin, I would like to remind you that our comments today will include forward-looking statements, including statements regarding future sales, operating results, and cash balance growth, future margins and expenses, our product portfolios, and expected market sizes for our products.

在我們開始之前，我想提醒您，我們今天的評論將包括前瞻性陳述，包括有關未來銷售、經營業績和現金餘額增長、未來利潤率和費用、我們的產品組合以及我們產品的預期市場規模的陳述。

These expectations are subject to risks and uncertainties, and actual results may differ materially from those anticipated due to many factors including competition, access to customers, the reimbursement environment, unforeseen circumstances, and delays.

這些預期受風險和不確定性的影響，由於競爭、客戶獲取、報銷環境、不可預見的情況和延誤等許多因素，實際結果可能與預期結果有重大差異。

Additional factors that could impact outcomes and our results include those described in the risk factors section of our annual report on Form 10K and our quarterly report on Form 10Q. Also, our comments today include non-gap financial measures, and we provide a reconciliation to the most comparable GAAP measures in our press release, which is available on our website at MIMEDX.com.

可能影響結果和業績的其他因素包括我們的 10K 表年度報告和 10Q 表季度報告中風險因素部分中所述的因素。此外，我們今天的評論包括非差距財務指標，我們在新聞稿中提供了與最具可比性的 GAAP 指標的對賬，該對賬可在我們的網站 MIMEDX.com 上查閱。

With that, I'm now pleased to turn the call over to Joe Capper. Joe.

現在我很高興將電話轉給喬·卡珀 (Joe Capper)。喬。

Thanks, Matt. Good afternoon, everyone.

謝謝，馬特。大家下午好。

Thank you for joining us on today's call. I am pleased to report that we had a very good start to the year, growing the top line by 4% against what should be our toughest comparison from Q1 last year when we posted 18% growth, and this was with one less business day in this year's quarter. Importantly, you will hear today that we are well positioned to accelerate our growth as we advance through the remainder of 2025 and beyond.

感謝您參加今天的電話會議。我很高興地報告，我們今年有一個非常好的開局，營業額增長了 4%，而去年第一季的增長速度應該是最艱難的，當時我們的增長率為 18%，而且今年季度的工作日比去年少了一個。重要的是，今天您將聽到，我們已做好準備，在 2025 年剩餘時間及以後加速我們的成長。

Our efforts in our surgical business continued to pay dividends, producing double digit growth in the quarter. We also held our own in the private office and associated care settings, notwithstanding the continued disruption caused by the current Medicare reimbursement system that lacks any rational fiscal accountability.

我們在外科業務上的努力繼續帶來回報，本季實現了兩位數的成長。儘管現行的醫療保險報銷制度缺乏合理的財務問責，持續造成混亂，但我們在私人辦公室和相關護理環境中仍然保持了自己的地位。

As you may know, on the eve of their scheduled implementation of the proposed LCDs, the federal government once again announced a delay this time until January 1, 2026.

大家可能知道，在擬議的 LCD 計畫實施前夕，聯邦政府再次宣布推遲實施，這次推遲到 2026 年 1 月 1 日。

It goes without saying another day, another delay was a head scratcher as the private office setting is in tremendous need of Medicare reform. This action without any other immediate step to slow down the out of control spend represents another blow to Medicare beneficiaries, the trust fund, and US taxpayers.

不用說，另一天，另一次延遲令人費解，因為私人辦公室環境迫切需要醫療保險改革。這項措施沒有採取任何其他立即措施來減緩失控的支出，對醫療保險受益人、信託基金和美國納稅人來說是另一個打擊。

I am proud of MIMEDX rich history of developing products based on clinical needs and backed by robust peer reviewed evidence which are tenants of any high quality medical technology company.

我為 MIMEDX 豐富的基於臨床需求開發產品的歷史感到自豪，這些產品有強有力的同行評審證據支持，是任何高品質醫療技術公司的基石。

We firmly believe this is the right approach to all aspects of medicine and certainly welcome the reform which would have made basic evidence a requirement to commercialize products in the wound care market.

我們堅信這是解決醫學各個方面的正確方法，並且當然歡迎這項改革，將基本證據作為傷口護理市場產品商業化的必要條件。

That said, we must adapt to the current environment. Naturally, we had contingency plans in place in the event of another such delay. And we have modified our approach to ensure we remain competitive in these affected care settings as we bridge to a period of reform for which we will continue to actively advocate.

儘管如此，我們必須適應當前的環境。當然，如果再次發生此類延誤，我們已經制定了應急計劃。我們已經修改了方法，以確保我們在這些受影響的護理環境中保持競爭力，因為我們將進入改革時期，我們將繼續積極倡導改革。

I will discuss our plans in more detail, but first, let me touch on some of the highlights of the quarter.

我將更詳細地討論我們的計劃，但首先，讓我談談本季的一些亮點。

Q1 net sales grew year over year by 4% to $88 million representing another solid quarter, especially given that Q1 2024 is our strongest quarterly growth comparison.

第一季淨銷售額年增 4% 至 8,800 萬美元，這又是一個穩健的季度，尤其是考慮到 2024 年第一季是我們最強勁的季度成長比較。

Adjusted gross profit margin was 84% in the quarter. Adjusted EBITDA was $17 million or 20% of net sales. We ended the quarter with $106 million in cash, an increase of $2 million during the quarter.

本季調整後的毛利率為84%。調整後的 EBITDA 為 1,700 萬美元，佔淨銷售額的 20%。本季末，我們的現金為 1.06 億美元，比本季增加了 200 萬美元。

This is an excellent result as we typically burn more cash in Q1 compared to the remainder of the year due to certain front end loaded expenses and other cash requirements. Our surgical business grew by 16% of contributions across the portfolio, including an uptick in heliogene sales as adoption gains traction.

這是一個很好的結果，因為由於某些前端加載費用和其他現金需求，我們通常在第一季比一年剩餘時間消耗更多的現金。我們的外科手術業務在整個產品組合中的貢獻成長了 16%，其中隨著採用率的提高，heliogene 的銷售額也出現了成長。

We continued enrollment in our randomized controlled trial for EPIEFFECT and we advanced conversations on a few complimentary business development opportunities for both our wound and surgical markets.

我們繼續參與 EPIEFFECT 的隨機對照試驗，並就傷口和外科市場的一些互補業務發展機會進行了深入的對話。

I would also like to address a central topic of the day, and that is tariffs. I am pleased to report that MIMEDX currently has no direct exposure to tariffs, and we do not expect them to affect our results.

我還想談談今天的一個中心話題，那就是關稅。我很高興地報告，MIMEDX 目前沒有直接受到關稅的影響，我們預計它們不會影響我們的表現。

Turning now to our strategic priorities. As articulated on prior calls, we have our team's collective efforts organized and focused around three primary objectives. Our top strategic priority is to continue to innovate and diversify our product portfolio.

現在來談談我們的策略重點。正如之前的電話會議所闡明的那樣，我們團隊的集體努力已組織起來並圍繞三個主要目標。我們的首要策略重點是繼續創新和多樣化我們的產品組合。

Over the years, the company has built a tremendous core competency in its ability to develop and commercialize unique product configurations designed to meet explicit customer needs. We have successfully introduced multiple new products in the last few years in both our surgical and wound care businesses.

多年來，該公司在開發和商業化旨在滿足明確客戶需求的獨特產品配置方面建立了強大的核心競爭力。過去幾年，我們在外科和傷口護理業務領域成功推出了多種新產品。

Our amio branded products continued to do well, led again by AMNIOEFFECT, which grew by 22% in Q1. These products are now complemented by HELIOGEN, our first geograph, which grew nicely on a sequential basis, albeit off of a low base.

我們的 amio 品牌產品持續表現良好，其中 AMNIOEFFECT 再次領先，第一季成長了 22%。這些產品現在得到了我們第一個地理區域的 HELIOGEN 的補充，儘管基數較低，但其連續增長良好。

We are receiving excellent real world feedback on the clinical effects of this of heliogen, and we remain bullish on its ability to continue gaining traction in a variety of surgical applications. In our wound care business, the story is a bit more complex.

我們收到了關於 heliogen 臨床效果的出色現實世界回饋，我們仍然看好它在各種外科手術應用中繼續獲得關注的能力。在我們的傷口護理業務中，情況有點複雜。

While our EPI-branded products led by our flagship Epifix remain unchallenged from a clinical perspective. A portion of these sales are within the private office and associated care settings, which is where we are experiencing the Medicare reimbursement related disruption.

而我們以旗艦產品 Epifix 為首的 EPI 品牌產品從臨床角度來看仍然無可匹敵。其中一部分銷售額來自私人辦公室和相關護理機構，而這些機構正是我們遭遇醫療保險報銷相關中斷的地方。

Put simply, our product price points are far lower than most of those currently on the ASP list. Making them less attractive to many providers.

簡而言之，我們的產品價格遠低於目前 ASP 清單中的大多數產品。這使得它們對許多供應商缺乏吸引力。

While lower prices are certainly helpful for Medicare beneficiaries, given the inexplicable set of incentives that persist in this market, the higher a product is priced, the more money practitioners make. Therefore, our comparatively lower priced products in wound care resulted in us having essentially flat revenue in the quarter, which was actually an incredible feat by our sales team given the environment.

雖然較低的價格對醫療保險受益人而言肯定是有利的，但考慮到這個市場中持續存在的難以解釋的激勵機制，產品價格越高，從業者賺的錢就越多。因此，我們傷口護理產品的價格相對較低，導致我們本季的收入基本持平，考慮到當時的大環境，這對我們的銷售團隊來說實際上是一個了不起的成就。

Additionally, we are now complementing our organic portfolio with allografts manufactured and priced by a third party in order to retain as many customers as possible. And yes, they are priced higher than our organic portfolio.

此外，我們現在正在透過第三方生產和定價的同種異體移植物來補充我們的有機產品組合，以便留住盡可能多的客戶。是的，它們的價格高於我們的有機產品組合。

As part of our contingency planning in the event of further LCD delays, we added a third party manufactured am theon Koron outgraft branded Salera to our offering, which contributed to our recent results. We are in discussions to potentially distribute other third party manufactured allografts as well.

作為應對 LCD 進一步延遲情況的應急計劃的一部分，我們在產品中增加了第三方生產的 Koron 品牌 Salera，這對我們最近的業績做出了貢獻。我們正在討論可能分銷其他第三方製造的同種異體移植物。

I expect these products to be helpful in retaining business.

我希望這些產品有助於保留業務。

However, I would caution against expecting this pivot in our approach to create a windfall for MIMEDX for a few reasons. First, only approximately 25% of our overall business has ASP exposure. Second, while priced higher than our current EPI brands, they remain well below the eye-popping prices of some of the newer products or recently re-priced products on the market.

然而，基於一些原因，我要提醒大家不要指望我們的方法的這種轉變會為 MIMEDX 帶來意外之財。首先，我們整體業務中只有約 25% 涉及 ASP 風險。其次，雖然其價格高於我們目前的 EPI 品牌，但仍遠低於市場上一些新產品或最近重新定價的產品的驚人價格。

Third, MIMEDX will not engage in the aggressive selling practices that have become more common and which we believe crossed the line of appropriate marketing behavior.

第三，MIMEDX 不會參與日益普遍的激進銷售行為，我們認為這種行為已經超越了適當行銷行為的界線。

I credit our strong management team for being well prepared to pivot and take steps to protect our business. However, make no mistake, we will continue to advocate for much needed reform in this market. It is certainly very frustrating to see our tax dollars wasted.

我讚揚我們強大的管理團隊做好了充分準備，採取措施保護我們的業務。然而，請不要誤會，我們將繼續倡導這個市場急需的改革。看到我們的稅金被浪費確實令人非常沮喪。

The second priority is to develop and deploy programs intended to expand our footprint in the surgical market. As we've discussed, this objective calls for a significant commitment to the production of real-world clinical evidence and scientific research.

第二個優先事項是製定和部署旨在擴大我們在外科手術市場的影響力的計劃。正如我們所討論的，這個目標要求對現實世界臨床證據和科學研究的產生做出重大承諾。

We have studies in several publications and others underway, all designed to support use of our placental allografts in a variety of surgical procedures. Our technology has demonstrated the potential for reduced scarring or adhesion formation which could enable accelerated and improved quality of healing, leading to enhanced surgical and economic outcomes.

我們在多份出版物上進行了研究，並且正在進行其他研究，所有這些研究都旨在支持在各種外科手術中使用我們的胎盤同種異體移植。我們的技術已證明具有減少疤痕或粘連形成的潛力，從而可以加速和改善癒合質量，從而提高手術和經濟效果。

In addition to research and awareness, it is critical that we continue to expand our product and service offering to build a stronger presence in the surgical setting. As I mentioned, Iliogen is gaining traction, and we are actively developing and evaluating additional products to help expand our surgical footprint.

除了研究和認識之外，至關重要的是，我們要繼續擴大我們的產品和服務，以在外科手術領域建立更強大的影響力。正如我所提到的，Iliogen 正在獲得關注，我們正在積極開發和評估其他產品以幫助擴大我們的手術足跡。

Over the past few years, we have grown our commercial team in surgery, increased funding for targeted research, and expanded our product portfolio, and we will continue to do so as we believe this is a winning formula.

在過去的幾年裡，我們擴大了外科手術商業團隊，增加了針對性研究的資金，並擴大了我們的產品組合，我們將繼續這樣做，因為我們相信這是一個成功的秘訣。

We are in the early market development phase for placental drive products in many surgical applications. The development of these markets will take time and perseverance, but the potential clinical benefits for patients, the healthcare economic payoff, and the immense business opportunity for years to come certainly make it a worthwhile pursuit.

我們正處於多種外科應用的胎盤驅動產品的早期市場開發階段。這些市場的發展需要時間和毅力，但患者的潛在臨床益處、醫療保健經濟回報以及未來幾年的巨大商機無疑使其成為值得追求的。

A third initiative is to introduce programs designed to enhance customer intimacy. As a reminder, the primary focus of this initiative is to develop programs which improve relationships and ultimately lower our customer turnover. We have several initiatives underway aimed to institutionalize customer-centered behavior throughout the organization.

第三項措施是推出旨在增強顧客親密度的計畫。提醒一下，該計劃的主要重點是製定改善關係並最終降低客戶流失的計劃。我們正在進行多項舉措，旨在使整個組織內的以客戶為中心的行為制度化。

We continue to experience excellent adoption of MIMEDX Connect, our proprietary customer portal, and we are actively developing additional features designed to improve workflow and strengthen the bond between MIMEDX and our customers.

我們繼續體驗到我們的專有客戶入口網站 MIMEDX Connect 的出色採用，並且我們正在積極開發旨在改善工作流程和加強 MIMEDX 與客戶之間聯繫的附加功能。

We believe our commitment to this approach will lead to enhanced customer relationships, improved net promoter scores, higher margins, and ultimately an increase in the average lifetime value of a customer.

我們相信，我們對這種方法的承諾將會增強客戶關係，提高淨推薦值，增加利潤率，並最終提高客戶的平均終身價值。

Now let me turn the call over to Doug for a more detailed review of our financial results. Doug.

現在，讓我將電話轉給 Doug，以便更詳細地審查我們的財務結果。道格。

Thank you, Joe, and good afternoon to everyone on today's call. I'm pleased to review our results with you all today. As Matt mentioned, many of the financial measures covered in today's call are on a non-GAAP basis.

謝謝你，喬，祝今天電話會議中的各位下午好。我很高興今天與大家一起回顧我們的成果。正如馬特所提到的，今天電話會議中涉及的許多財務指標都是基於非公認的會計準則。

So please refer to our earnings release for further information regarding our non-GAAP reconciliations and disclosures, including the reconciliation tables in the back of our press release that provide more detail regarding the adjustments made to calculate our non-GAAP metrics.

因此，請參閱我們的收益報告以獲取有關我們的非 GAAP 對帳和披露的更多信息，包括我們新聞稿後面的對帳表，其中提供了有關計算我們的非 GAAP 指標所做調整的更多詳細信息。

Moving on to the results, as Joe mentioned, our first quarter 2025 net sales of $88 million represented 4% growth compared to the prior year period.

談到業績，正如喬所提到的，我們 2025 年第一季的淨銷售額為 8,800 萬美元，與去年同期相比成長了 4%。

By product category, first quarter wound sales of $56 million declined 2% versus the prior year period, while surgical sales of $32 million were up 16%. We saw significant contributions from many parts of our business in the first quarter, including another solid double digit year over year growth quarter from AMNIOEFFECT, a continued rampant sales of our xenographed HELIOGEN, which combined with strong sales of AMNIOEFFECT to drive the performance in surgical.

按產品類別劃分，第一季傷口銷售額為 5,600 萬美元，較去年同期下降 2%，而外科銷售額為 3,200 萬美元，成長 16%。我們在第一季度看到了來自多個業務領域的重大貢獻，其中包括 AMNIOEFFECT 再次實現兩位數的同比增長，我們的異種移植產品 HELIOGEN 的銷售持續旺盛，加上 AMNIOEFFECT 的強勁銷售，推動了外科手術的業績。

Our wind business was up against a tough comparable following the strong sales of EPI effect in the first quarter last year. Additionally, the ongoing behavior in the private office and the turnover in sales reps that we experienced in the middle of last year have created some challenges for our wind franchise.

受去年第一季EPI效應的強勁銷售影響，我們的風電業務面臨嚴峻的競爭情勢。此外，私人辦公室的持續行為以及去年年中我們經歷的銷售代表的流動給我們的風能特許經營帶來了一些挑戰。

These declines were partially offset with contributions from our newest wound care product, CELERA.

這些下降被我們最新的傷口護理產品 CELERA 的貢獻部分抵消。

Our first quarter, 2025 GAAP gross profit was about $72 million flat compared to the prior year period. Our GAAP gross margin was 81% in the first quarter of 2025 compared to 85% last year, excluding the incremental acquisition related amortization expense of roughly $3 million in the quarter, our non-GAAP adjusted gross margin was 84%, down modestly compared to the first quarter of 2024.

我們的 2025 年第一季 GAAP 毛利約為 7,200 萬美元，與去年同期持平。2025 年第一季度，我們的 GAAP 毛利率為 81%，去年為 85%，不包括本季約 300 萬美元的增量收購相關攤銷費用，我們的非 GAAP 調整後毛利率為 84%，與 2024 年第一季相比略有下降。

We continue to expect our full year non-GAAP adjusted gross margin to be around 82% to 83%.

我們繼續預計全年非公認會計準則調整後毛利率將在 82% 至 83% 左右。

Turning to our operating expenses, sales and marketing expenses were $47 million in the first quarter compared to $44 million in the prior year period. The increase was due to a combination of higher commissions associated with higher sales, as well as increases that we made to our sales comp plans in the middle of 2024.

談到我們的營運費用，第一季的銷售和行銷費用為 4,700 萬美元，而去年同期為 4,400 萬美元。成長的原因是銷售額增加帶來的佣金增加，以及我們在 2024 年中期對銷售補償計畫的增加。

Looking ahead, we continue to expect our full year 2025 sales and marketing expense to be approximately 51% to 52% of net sales, which would be flat on a percent of sales basis to 2024 and up in absolute dollars.

展望未來，我們繼續預期 2025 年全年銷售和行銷費用將佔淨銷售額的約 51% 至 52%，按銷售額百分比計算將與 2024 年持平，按絕對美元計算將上升。

General administrative expenses, or DNA, were $13 million in the first quarter compared to $11 million in the prior year period. The increase was driven in part by higher legal expenses specifically related to actions that we initiated to get Sergenics and in defense of our intellectual property portfolio.

第一季的一般管理費用（DNA）為 1,300 萬美元，而去年同期為 1,100 萬美元。成長的部分原因是法律費用增加，特別是與我們為獲得 Sergenics 和保護我們的智慧財產權組合而採取的行動有關的費用。

Over the balance of the year, we continue to expect GNA expense to be 12% to 13% of net sales, which would be roughly flat on a percent of sales basis to 2024 and up in absolute dollars.

在今年餘下的時間裡，我們繼續預期 GNA 支出將佔淨銷售額的 12% 至 13%，到 2024 年，這一比例將與銷售額基本持平，而以絕對美元計算則會上升。

Our first quarter R&D expenses were $3 million or about 4% of net sales, up 17% compared to the prior year period, driven primarily by increased costs associated with our ongoing EPIEFFECT, as well as additional spend related to future products in our pipeline, and is consistent with our expected R&D spend grant which we detailed during our last call.

我們第一季的研發費用為 300 萬美元，約佔淨銷售額的 4%，比去年同期增長 17%，主要原因是我們正在進行的 EPIEFFECT 相關成本增加，以及與我們未來產品線相關的額外支出，並且與我們在上次電話會議上詳細說明的預期研發支出撥款一致。

As we continue to ramp enrollment in the trial this year, we continue to expect our full year R&D expense to be about 5% of net sales.

隨著我們今年繼續增加試驗的報名人數，我們預計全年研發費用將佔淨銷售額的 5% 左右。

GAAP income tax expense for Q1 2025 was around $2 million reflecting an effective tax rate of 18%. Our effective tax rate was favorably impacted by vesting of certain equity awards during the period. We continue to expect our long-term non-GAAP effective tax rate to be approximately 25%.

2025 年第一季的 GAAP 所得稅費用約為 200 萬美元，有效稅率為 18%。我們的有效稅率受到本期間某些股權獎勵歸屬的正面影響。我們繼續預期我們的長期非公認會計準則有效稅率約為 25%。

Our first quarter GAAP net income was $7 million or $0.05 per share compared to GAAP net income of $9 million or $0.06 per share in the prior year period. Adjusted net income for the first quarter was $10 million or $0.06 per share. Compared to $10 million or $0.07 per share in the prior year period.

我們第一季的 GAAP 淨收入為 700 萬美元或每股 0.05 美元，而去年同期的 GAAP 淨收入為 900 萬美元或每股 0.06 美元。第一季調整後淨收入為 1,000 萬美元，即每股 0.06 美元。相比之下，去年同期為 1,000 萬美元或每股 0.07 美元。

First quarter of 2025 adjust with EBITDA was $17 million or 20% of net sales compared to $19 million or 22% of net sales in the prior year period.

2025 年第一季的 EBITDA 調整後為 1,700 萬美元，佔淨銷售額的 20%，而去年同期為 1,900 萬美元，佔淨銷售額的 22%。

Turning to our liquidity, we had $106 million of cash and cash equivalents as of March 31.

談到我們的流動性，截至 3 月 31 日，我們擁有 1.06 億美元的現金和現金等價物。

2025, a sequential increase of $2 million. During the first quarter, we generated free cash flow of $5 million essentially flat compared to the same period in 2024.

2025年，連續增加200萬美元。第一季度，我們產生的自由現金流為 500 萬美元，與 2024 年同期基本持平。

In turn, our net cash balance is now at about $88 million up from $86 million just last quarter and $29 million a year ago, marking a nearly $60 million improvement over the last year.

反過來，我們的淨現金餘額現在約為 8,800 萬美元，高於上個季度的 8,600 萬美元和一年前 2,900 萬美元，比去年增加了近 6,000 萬美元。

The dramatic strengthening and simplification of our balance sheet has unlocked our ability to pursue several opportunities, organic and inorganic, in support of growing and also diversifying our business, and we look forward to updating you on these initiatives as appropriate. I will now turn the call back to Joe.

我們的資產負債表的大幅加強和簡化釋放了我們尋求多種有機和無機機會的能力，以支持我們業務的增長和多樣化，我們期待在適當的時候向您通報這些舉措。我現在將電話轉回給喬。

Thanks, Dave.

謝謝，戴夫。

As you've just heard, we had another solid quarter, and MIMEDX is well positioned to have a successful year.

正如您剛才聽到的，我們又度過了一個穩健的季度，MIMEDX 已準備好迎接成功的一年。

Once again grew revenue and recorded a 20% adjusted EBITDA margin. I'm particularly pleased that we added another $2 million to our cash balance in spite of high Q1 cash requirements compared to the remainder of the year. Cash generation is a key measure of any successful enterprise.

營收再次成長，調整後 EBITDA 利潤率達到 20%。我特別高興的是，儘管與今年剩餘時間相比，第一季的現金需求較高，但我們的現金餘額仍增加了 200 萬美元。現金產生是任何企業成功的關鍵指標。

Before I move to the Q&A part of the call, I'll share some final thoughts about the proposed changes to the Medicare reimbursement system for skin substitutes and then touch on guidance.

在進入電話問答環節之前，我將分享一些關於醫療保險皮膚替代品報銷系統擬議變更的最終想法，然後談談指導意見。

On our last call in reference to the scheduled LCD implementation, I said the following. Based on feedback from our outside advisers and activity within the new administration, we deem any further delay as highly unlikely. We now know that another delay did in fact happen.

在我們上次關於預定的 LCD 實施的通話中，我說了以下內容。根據我們外部顧問的回饋和新政府內部的活動，我們認為進一步的拖延不太可能發生。我們現在知道確實又發生了一次延誤。

Over the past few weeks, we've heard from many stakeholders that they were just as frustrated as us that no action was taken to bring down costs.

在過去的幾周里，我們從許多利益相關者那裡聽說，他們和我們一樣對沒有採取任何行動來降低成本感到沮喪。

With the spend escalating at such an alarming rate, the new administration has stated intent to reduce fraud, waste, and abuse, media coverage on the issue, and increase activity on the part of OIG and DOJ, it seemed logical that the administration would step in and direct CMS to impose corrective action. But that is exactly what did not happen, at least for now.

由於支出以如此驚人的速度增長，新政府已表示有意減少欺詐、浪費和濫用，減少媒體對這一問題的報道，並增加監察長辦公室和司法部的行動，因此政府介入並指示醫療保險和醫療補助服務中心採取糾正措施似乎是合乎邏輯的。但事實並非如此，至少目前還沒有發生。

We spoke to many of you since the latest delay and know you share our disappointment. However, we will not let this setback deter us from achieving our long-term goals. We will continue to make the necessary adjustments to remain competitive, and we will continue to advocate for much needed reform. Stay tuned.

自從最近一次延誤以來，我們與你們中的許多人進行了交談，並知道你們和我們一樣感到失望。然而，我們不會讓這次挫折阻止我們實現我們的長期目標。我們將繼續做出必要的調整以保持競爭力，並將繼續倡導急需的改革。敬請關注。

Turning to the question of guidance, after our last call, some of you asked if we would expect to be lowering guidance in the event of another delay.

談到指導問題，在我們上次通話之後，有些人問我們是否會在再次延遲的情況下降低指導。

Our answer at the time was not necessarily.

我們當時的回答是不一定。

While we did anticipate LCD implementation to provide a short-term tailwind for our business, we also knew.

雖然我們確實預期 LCD 的實施會在短期內為我們的業務帶來推動作用，但我們也知道。

We have other levers to pull like augmenting our portfolio by distributing additional third party autographs. As such, we are reiterating our full year revenue growth rate outlook to be at least in the high single digits with higher growth rates in the back half of the year.

我們還有其他手段可以利用，例如透過分發額外的第三方簽名來擴充我們的投資組合。因此，我們重申全年營收成長率預期，至少為高個位數，下半年成長率將更高。

We also expect our full year adjusted EBITDA margin to be above 20%. We will continue to revisit expectations as we learn more. Importantly, our expectations about the long term prospects for the business are incredibly high.

我們也預計全年調整後的 EBITDA 利潤率將超過 20%。隨著我們了解更多信息，我們將繼續重新審視我們的期望。重要的是，我們對該業務的長期前景抱持著極高的期望。

Post some level of reform, LCDs or otherwise, we anticipate resetting top line growth to the low double digits.

經過一定程度的改革，無論是液晶顯示器或其他方式，我們預計營收成長率將重新回到兩位數的低點。

Finally, I want to once again reiterate that we remain hopeful that our industry will soon evolve to incorporate and improve regulatory structure and fiscal accountability, at which point no company will be better positioned than MIMEDX to excel.

最後，我想再次重申，我們仍然充滿希望，我們的行業將很快發展，納入並改善監管結構和財務問責，屆時沒有哪家公司比 MIMEDX 更有能力脫穎而出。

We will continue to advocate for such improvements and as I've mentioned, in the meantime, we will make the necessary adjustments to ensure we remain competitive.

我們將繼續倡導此類改進，正如我所提到的，同時，我們將做出必要的調整以確保我們保持競爭力。

In closing, I would like to sincerely thank the MIMEDX team for another solid quarter and for your unwavering commitment to the company and the many individuals who rely on our products each and every day.

最後，我要真誠感謝 MIMEDX 團隊又一個堅實的季度，以及你們對公司和每天依賴我們產品的眾多個人的堅定承諾。

With that, I would like to open the call to questions. Operator, we are now ready for our first question. Please proceed.

現在，我想開始提問。接線員，我們現在可以回答第一個問題了。請繼續。

(Operator Instructions)

（操作員指示）

And our first question comes from Carl Byrnes with Northland Capital Markets. Please say.

我們的第一個問題來自 Northland Capital Markets 的 Carl Byrnes。請說。

Congratulations on. The results and thanks for the question. I think in your prepared comments you were looking for adjusted gross profit margin in the 82% to 83% range. I think it was like 84.1% in the first quarter. Do you expect that to be related to. Next throughout the course of the year.

恭喜。結果如下，感謝您的提問。我認為在您準備好的評論中，您尋求的是 82% 至 83% 範圍內的調整後毛利率。我認為第一季的比例是 84.1%。您是否認為這與…有關？接下來是全年。

That's it, Carl. This is Doug and.

就是這樣，卡爾。這是 Doug 和。

Yeah, you're spot on, with regards to [mix], we know that some ASPs on some of our products did decrease throughout the year, and so we've got pressure there and we've also got, some higher ASP products that offset some of that, but it's mostly, a mixed thing with regards to manufacturing, sort of COGS and gross margin.

是的，你說得對，關於[組合]，我們知道我們某些產品的平均銷售價格在全年確實有所下降，因此我們面臨壓力，我們也有一些較高平均銷售價格的產品可以抵消部分壓力，但主要是製造、銷貨成本和毛利率方面的混合因素。

Got it. And then also if you can provide us with a bit of a progress report on. Epifex in Japan, that would be helpful.

知道了。另外，如果您能提供我們一些進度報告的話。日本的 Epifex 將會很有幫助。

Yeah, it's still relatively small in terms of overall contribution, but we're right where we thought we would be. It's growing nicely, takes a bit of time to open up a new market, new product category, especially in a country like Japan, but it's pretty much on track. It's just not material enough to break out.

是的，從整體貢獻來看，我們的貢獻仍然相對較小，但我們正處於我們所認為的水平。它發展得很好，需要一點時間來開拓新市場、新產品類別，特別是在日本這樣的國家，但基本上它已經步入正軌。這只是因為其本身還不足以引發突破。

Fair enough. Congrats.

很公平。恭喜。

Again. Thanks.

再次。謝謝。

Thank you.

謝謝。

Your next question comes from Chase Knickerbocker with Craig-Hallum Capital Group. Please state your question.

您的下一個問題來自 Craig-Hallum Capital Group 的 Chase Knickerbocker。請陳述您的問題。

Good afternoon. Thanks for taking the questions. Joe, maybe just first for me a bigger picture question kind of over on the overall reimbursement landscape.

午安.感謝您回答這些問題。喬，也許首先對我來說，這是一個關於整體報銷情況的更大問題。

Just in your conversations, with regulators and policymakers recently, can you give us an idea of kind of I guess a percentage chance of of kind of your confidence level that, when it comes to mid January in 2026.

在您最近與監管機構和政策制定者的對話中，您能否告訴我們，到 2026 年 1 月中旬，您的信心水平大概能達到什麼樣的百分比？

That we do see reimbursement change in this market, in the private office market, whether that be, price reform or the LCD going into place or both, and then can you just kind of give us your updated thoughts on what you think is most likely to occur from a specific perspective on on those kind of items.

我們確實看到這個市場、私人辦公市場的報銷發生了變化，無論是價格改革還是 LCD 的實施，或者兩者兼而有之，然後您能否從特定角度就這些項目最有可能發生的事情給我們提供您的最新想法。

Yeah, Chase, first of all, as we stated, the LCDs would have been a good first step to kind of slow down this wildly out of control spending the category.

是的，蔡斯，首先，正如我們所說，液晶顯示器本來是一個很好的第一步，可以在某種程度上減緩這種失控的支出類別。

As it would have required clinical evidence around efficacy and safety for the first time, which is a good basic standard, right? So, while we were originally advocating for something to be done with pricing methodology, once that did not happen within the physician fee schedule first summer, we got behind implementation of the LCDs as kind of our last best chance to rein in the spend and the behavior in the marketplace.

因為它首次要求提供有關功效和安全性的臨床證據，這是一個很好的基本標準，對嗎？因此，雖然我們最初主張對定價方法進行一些改進，但由於在第一個夏天醫生收費表中沒有實現這一點，我們支持實施 LCD，將其作為控制支出和市場行為的最後機會。

Again, we've heard either directly or indirectly from our to our advisers from many stakeholders that are involved in the process, and everyone was kind of just as frustrated as we were that there was not some change implemented.

再次，我們從我們的顧問那裡直接或間接地聽到了參與這一過程的許多利益相關者的意見，每個人都和我們一樣感到沮喪，因為沒有實施一些改變。

The real answer has always been CMS has to do something with the pricing method methodology again, which is typically done through the position reschedule, and we have, and we will continue to advocate. For that change, and we've not stopped doing that throughout the entire process.

真正的答案一直是 CMS 必須再次對定價方法進行一些處理，這通常是透過重新安排職位來完成的，我們已經並且將繼續倡導。為了實現這一改變，我們在整個過程中從未停止這樣做。

I personally was in Baltimore two days ago meeting with CMS on this topic once again. While they can't say much, obviously during rulemaking phase, it was clear to me that they understand the situation is at a crisis level.

兩天前我親自在巴爾的摩與 CMS 再次會面討論這個主題。雖然他們不能說太多，但顯然在規則制定階段，我很清楚他們知道情況已經到了危機程度。

So if there is a change in the position fee schedule, that is kind of a structured process. Typically you get the proposed rule right around July fourth. And then there's a comment period. It lasts later into the year. Final rules are usually published sometime in November.

因此，如果職位費用表發生變化，這是一種結構化的過程。通常你會在 7 月 4 日左右收到擬議的規則。然後是評論期。它會持續到今年晚些時候。最終規則通常會在十一月的某個時候公佈。

Implementation January first, in this case January 1, 2026. We do, however, believe that CMS has statutory authority to take action outside of the position fee schedule. I can't handicap whether or not they will take that that kind of a step.

實施日期為 1 月 1 日，在本例中為 2026 年 1 月 1 日。然而，我們確實相信 CMS 擁有法定權力在職位費用表之外採取行動。我無法預測他們是否會採取這樣的措施。

So the natural next step for some sort of change would be within the physician schedule.

因此，下一步自然而然的改變將發生在醫師的時間安排內。

The new team at TMS is all in place, including the administrator who has made the elimination of frog waste and abuse the centerpiece of not only his confirmation, but his mission moving forward. This could be a poster child for that effort.

TMS 的新團隊已經全部到位，包括一位管理員，他不僅將消除青蛙排泄物和虐待作為自己任命的核心，而且將其作為推進未來使命的核心。這可以成為這項努力的典型代表。

In his initial presentation, he talked about examples that are nowhere near the level of waste that's taking place in this category. But again, I think it's important to remind everyone that only 25% of our business as ASP exposure makes it difficult, but it is manageable.

在他的首次演講中，他談到的例子遠不及這個類別中發生的浪費程度。但我再次強調，有必要提醒大家，我們只有 25% 的業務涉及 ASP 曝光，雖然很困難，但還是可以管理的。

We feel very confident that once there's some semblance of law and order back in the category, we're in great position to continue to grow the company at double digits and again, we'll continue to advocate on behalf of patients, Medicare trust fund, and the taxpayers is some sort of reform takes place.

我們非常有信心，一旦該類別中恢復了某種形式的法律和秩序，我們就有能力繼續以兩位數的速度增長公司，並且，如果進行某種改革，我們將繼續代表患者、醫療保險信託基金和納稅人進行倡導。

But again, importantly, the company is in tremendous position to grow right through this kind of bridge period.

但同樣重要的是，公司在這種過渡時期擁有巨大的發展潛力。

We've been growing revenue every quarter. We have growing profitability, as we stated several times in our comments for continuing to generate cash even. In a period where we have a heavy cash burden. So it is an incredibly healthy business. We've taken some steps, we talked about to protect it in the meantime, but we'll continue to advocate for some level of reform.

我們每季的營收都在成長。我們的獲利能力不斷增長，正如我們在評論中多次提到的那樣，我們甚至還在繼續產生現金。在我們現金負擔沉重的時期。所以這是一項非常健康的業務。我們已經採取了一些措施，我們討論了同時保護它，但我們將繼續倡導一定程度的改革。

Thanks for those thoughts, Joe. Maybe on the kind of new product side, people are getting pretty aggressive out there on the price, obviously now that the LCD has been pushed.

謝謝你的想法，喬。也許在新產品方面，人們在價格上已經相當激進了，顯然現在LCD螢幕已經熱銷了。

Can you just, cue us in on kind of to what extent you expect to kind of shift your private office volumes over to CELERA or these new product offerings? I mean, how successful do you think you can be in kind of shifting those volumes, from kind of a percentage of that business? And then just kind of your general thoughts on, you're taking a kind of a middle ground here.

您能否向我們透露一下，您預計在多大程度上將您的私人辦公室業務轉移到 CELERA 或這些新產品上？我的意思是，您認為您在轉移這些業務量或業務百分比方面能取得多大的成功？那麼，從您的整體想法來看，您在這裡採取了一種中間立場。

Can you help us out with kind of how physicians are thinking about, at least what you're hearing from in the in the near term from them in the near term, how they're thinking about, even these higher priced offerings versus kind of where you will be in the marketplace, how they're thinking about kind of the differences of those and how they're willing to utilize them in their practices.

您能否幫助我們了解一下醫生們是如何考慮的，至少您從他們那裡聽到的近期情況，他們是如何考慮這些更高價位的產品與您在市場上的地位，他們是如何考慮這些產品之間的差異的，以及他們願意如何在實踐中使用它們。

Yeah, I'm going to stay away from forecasting how much of our business might convert to a higher priced product. Look, this was not our first choice. This was a step we felt it was necessary to take to protect some portion of our business.

是的，我不會預測我們的業務中有多少可能會轉化為更高價格的產品。瞧，這不是我們的第一選擇。我們認為有必要採取這項措施來保護我們的部分業務。

It's a little bit more nischey for us again, 25% exposure in that category and within our current customer mix, you don't have a, the majority of them are probably not moving in that direction. Let's just put it that way.

對我們來說，這又有點奇怪了，該類別的曝光率為 25%，在我們目前的客戶組合中，你沒有，他們中的大多數人可能並沒有朝這個方向發展。我們就這麼說吧。

And to the extent that they do because there's some fear of missing out, they're looking for products that are priced higher than our existing portfolio but more moderately priced as compared to what we're seeing out there in the marketplace today. What we're seeing out there is rather obscene, and remember, when a doctor decides to use a product that's several [$7 million] it does, they still have exposure and risk around audit, and we know that audits are increasing.

他們這樣做是因為他們擔心錯過機會，所以他們尋找的是價格高於我們現有產品組合但與我們目前在市場上看到的產品相比價格更適中的產品。我們看到的情況相當惡劣，請記住，當醫生決定使用價值幾億美元（700 萬美元）的產品時，他們仍然面臨審計的風險，而且我們知道審計正在增加。

At quite a high rate, right? So the higher the bill the charges, the higher the potential clawback in the event of an unsuccessful audit outcome. So I think for us it's a little bit more nitschey. That's why in my remarks, I cautioned against looking at this as some sort of a windfall. I would look at it as just a tactic or a step that we're taking to protect as much business as we can until reform takes place.

比率相當高，對吧？因此，費用越高，審計結果不成功時的潛在追討金額就越高。所以我認為對我們來說這有點太古怪了。這就是為什麼我在演講中告誡不要將此視為某種意外之財。我認為這只不過是我們在改革實施之前為盡可能保護企業所採取的策略或措施。

And just last for me, strong surgical growth in the in the quarter, can you cue us in on what portion of growth is driven by HELIOGEN and then is there any specific surgical indication that it's having an outsized impact on the growth and then kind of what's driving that? Is it just better sales execution, or was there a recent data set that's kind of really driving volumes in the surgical?

最後，本季度外科手術業務成長強勁，您能否告訴我們，成長中有多少部分是由 HELIOGEN 推動的？是否有任何具體的外科手術跡象表明它對成長產生了巨大影響？是什麼推動了這項成長？這只是更好的銷售執行，還是最近的數據集確實推動了外科手術的數量？

I think it's just better execution. We had growth across the category. We and the effect obviously is growing nicely. AI continues to grow nicely. Heiggen, as you mentioned, is new to the off of a base of zero last year. So any growth is good there.

我認為這只是更好的執行。我們的整個產品類別都實現了成長。我們和效果顯然正在良好地增長。人工智慧繼續良好發展。正如您所說，Heiggen 去年剛從零開始創業。因此，任何成長都是好的。

Actually still continue to retain a good portion of our axiofield business waiting for an outcome there. So really across the portfolio and I would just say more use in areas where the product had already been used. It wasn't some new revelation and some new data but data set, but I do appreciate you pointed it out because again that's a portion of our business that has no ASP exposure and you see the kind of execution we're getting there.

實際上，我們仍然繼續保留很大一部分 axiofield 業務，等待結果。因此，實際上在整個產品組合中，我只想說在已經使用過該產品的領域會有更多用途。這不是一些新的啟示和一些新的數據，而是數據集，但我確實很感謝您指出這一點，因為這是我們業務中沒有 ASP 曝光的部分，您可以看到我們在那裡取得的執行情況。

If you go back a few years to pri prior to when we had this flood of new products in the category, our even our private office business was growing in a very nice. So look, we, again, we feel really good about the business at large and our ability to grow the entire business in double digits once we get through this phase, but obviously the surgical business is a bright spot for us.

如果回顧幾年前，那時我們推出了大量此類新產品，我們的私人辦公室業務也得到了非常好的成長。所以，我們再一次對整個業務感到非常滿意，一旦我們度過這個階段，我們就有能力讓整個業務實現兩位數的增長，但顯然外科手術業務對我們來說是一個亮點。

Thanks Joe.

謝謝喬。

(Operator Instructions)

（操作員指示）

Our next question comes from Ross Osborn with Cantor Fitzgerald. Please see your question.

下一個問題來自 Cantor Fitzgerald 的 Ross Osborn。請查看你的問題。

Hey guys, thanks for taking our questions. Maybe just one for me at this point of the call.

嘿夥計們，感謝你們回答我們的問題。在通話的這個階段，也許對我來說只有一個。

Would you walk through, what efforts you guys are putting in place now, to get ready for what is hopefully, a better market environment next year? I think you called out some sales turnover, so, just curious on, what the bench looks like there in terms of hiring, any manufacturing initiatives, that are planned, support incremental demand next year, when we're in a much better marketplace.

您能否介紹一下，你們目前正在做出哪些努力，為明年更好的市場環境做好準備？我認為您提到了一些銷售額，所以，我只是好奇，在招聘方面，那裡的情況如何，任何計劃中的製造計劃，在明年我們處於更好的市場時，是否能夠支持增量需求。

Yeah, I think, Salesforce turnover you mentioned that was well it was relatively high about a year ago and that's that's come way down. Once we got through sort of that late 2nd quarter, 3rd quarter surge last year when we had folks chasing dollars.

是的，我認為，您提到的 Salesforce 營業額大約在一年前相對較高，現在已經下降了。去年，我們度過了第二季末和第三季的激增時期，當時人們追逐美元。

We got through that and it's, I would say at a more normalized rate in terms of growth for the rest of this year and into next year, it's just executing our plan, right? We talked about the Continue to expand our product portfolio and service offerings within the wound care business and within the surgical market.

我們度過了難關，我想說，今年剩餘時間和明年的成長速度將更加正常，這只是在執行我們的計劃，對嗎？我們討論了繼續擴大傷口護理業務和外科市場的產品組合和服務。

That's really important for us. We know we need to continue to invest in the commercial strength, the clinical and scientific research to support additional surgical applications for use in the products.

這對我們來說真的很重要。我們知道我們需要繼續投資商業實力、臨床和科學研究，以支持產品中更多的外科手術應用。

So we'll continue to do those things, we're Teetering around from a corporate debt standpoint, a couple of new assets we might be able to bring into the portfolio in some format, and that could help augment growth next year as well, as long as it fits within our strategic plan.

因此，我們會繼續做這些事情，我們從企業債務的角度考慮，我們可能能夠以某種形式將一些新資產引入投資組合，這也有助於促進明年的成長，只要它符合我們的策略計畫。

So we have a lot going on. I feel really good about it. Once this kind of distraction settles down and we can stop talking about it so much, we get some advancement and the industry gets cleaned up and becomes much more investable, we think the business is going to be in great shape.

所以我們有很多事情要做。我對此感覺非常好。一旦這種幹擾平息下來，我們就可以不再過多地談論它，我們就會取得一些進步，這個行業也會得到清理，變得更具投資價值，我們認為這個行業將會發展得很好。

Yeah, and maybe Ross just to add to that real quick, I mean, and you see it with SAWC later this week as well as DDW next week. I mean the commitment to generating and publishing all the various proof points that we can to, show the breadth of the utilization of our portfolio.

是的，羅斯可能只是想快速補充一下，我的意思是，你可以在本週晚些時候的 SAWC 以及下週的 DDW 中看到它。我的意思是，我們致力於產生和發布所有可能的證明點，以展示我們產品組合的利用廣度。

I think it is meaningful, DDW in particular is a show that you wouldn't normally think of as a skin substitute, showcase, and yet, we've got normal presentation there, and I think that's the sort of the tip of the spear as it relates to various surgical. Applications for the products.

我認為它很有意義，特別是 DDW，它是一種你通常不會想到作為皮膚替代品展示的展覽，然而，我們在那裡有正常的展示，我認為這是與各種手術相關的矛尖。產品的應用。

Great thanks guys.

非常感謝大家。

Thank you.

謝謝。

Our next question comes from Anthony Petrone with Mizuho. Please say your question.

下一個問題來自瑞穗的 Anthony Petrone。請說出你的問題。

Thank you and hope everyone's having a good afternoon. Hope everyone's well. Maybe Joe to just.

謝謝大家，希望大家下午愉快。希望大家一切安好。也許喬只是。

Jumping back to obviously the LCDs, I know, not a topic that, obviously the team wants to continue to focus on here, but two quater here for you on this topic, one is in prior announcements on LCD changes as this has evolved, the primary channel kind of shifted their purchasing patterns.

回到液晶顯示器的問題上，我知道，這不是團隊想要繼續關注的話題，但是我已經在這裡為大家介紹了兩個季度的有關這個話題的內容，一個是之前發布的關於液晶顯示器變化的公告，隨著液晶顯示器的變化，主要渠道的購買模式發生了變化。

So do you think this latest iteration will will drive any changes in purchasing pattern shifts? Near term, so that would be the first part. The second part is it seems like for Doug, looking at fraud and waste, the company has previously put out a billion, up to a billion of billable claims here that potentially are fraudulent. And so how do you look at this under the lens of doge and sort of tackling waste? Thanks.

那麼，您認為最新版本的更新將會帶來購買模式的改變嗎？近期，所以這將是第一部分。第二部分是，對於 Doug 來說，從欺詐和浪費的角度來看，該公司之前已經提出了十億美元，高達十億美元的可計費索賠，這些索賠可能存在欺詐行為。那麼，您如何從狗狗的角度來看待這個問題並解決浪費問題呢？謝謝。

I'll go backwards. So, those were led to believe or told that those is well aware of the issue.

我會倒退。因此，這些人被引導相信或被告知他們很清楚這個問題。

And that it's on the work list. I sincerely believe that, folks were able to convince the new administration that a postponement was necessary because the LCDs weren't weren't necessarily the right way to address a pricing and spending issue, and there's some merit to that argument. I get it, right?

並且它已列入工作清單。我真誠地相信，人們能夠說服新政府推遲是必要的，因為液晶顯示器不一定是解決定價和支出問題的正確方法，而且這種說法有一定道理。我明白了，對吧？

It was the last best option, and I think the Macs were put in a position that they had to do something. This is a project that they worked on for some time.

這是最後的最佳選擇，我認為 Mac 必須採取行動。這是他們已經工作了一段時間的專案。

So yeah, I think it's a doze issue, but again, if you take Doug for his word, he's said that that eradicating fraud, waste and abuse within CMS, which has a, I don't know, a [$1 trillion] budget out of the nearly [$7 trillion] total US budget. He's got a big portion of it.

是的，我認為這只是個小問題，但是，如果你相信 Doug 的話，他說消除 CMS 內部的欺詐、浪費和濫用，而 CMS 的預算大概是 [1 兆美元]，而美國的總預算接近 [7 兆美元]。他佔有其中很大一部分。

If you take him at his word that this is going to be a focus area for him, and again this is kind of low hanging fruit for him, right? So your number that you stated of a billion dollars, we started stating that number last year as a run rate. We know the total spend prior year was close to $4 billion.

如果你相信他的話，這將成為他的重點領域，而這對他來說也是一種唾手可得的成果，對嗎？所以您所說的十億美元的數字，我們從去年就開始以運行率的形式來表示這個數字。我們知道去年的總支出接近 40 億美元。

We had gotten that number directly from the max that the run rate by mid-year was closer to a billion dollars a month.

我們從最大值直接得到這個數字，即到年中時運行率接近每月 10 億美元。

And more recently we've heard numbers that are much higher than that, right? Like, I won't quote them because I'm not 100% sure of the sourcing on it, but it would make sense that the issue continued to escalate, so.

最近我們聽到的數字比這個高很多，對嗎？例如，我不會引用他們的話，因為我不是 100% 確定其來源，但問題繼續升級是有道理的，所以。

All that makes it very difficult to answer the first part of your question, ordering patterns with delays. Do I think there's going to be some shift in ordering pattern? Probably because folks can make more money for a longer period of time and more people hear about it.

所有這些都使得回答問題的第一部分（延遲排序模式）變得非常困難。我是否認為訂購模式會發生一些轉變？可能是因為人們可以在更長的時間內賺更多的錢，而且會有更多人知道這件事。

There's more and more folks out there talking about these products and selling them. So I think it just makes that much more difficult to predict. And again, calls on, I think, CMS to take steps possibly sooner rather than later. I mentioned that we believe they have statutory authority to take those steps sooner rather than later. Whether or not they do that, I don't know.

越來越多的人談論這些產品並銷售它們。所以我認為這只會讓預測變得更加困難。我認為，我再次呼籲 CMS 儘早採取措施。我提到，我們相信他們有法定權力盡快採取這些措施。我不知道他們是否這樣做。

We'll see. But look, I, we haven't spoken to anybody within max within CMS, congressional staffers for all the oversight committees, Senate Finance, Ways and Means, Energy and commerce.

我們將拭目以待。但你看，我們還沒有與 CMS 內部的任何人、所有監督委員會的國會工作人員、參議院財政、籌款、能源和商業委員會的任何人交談過。

Everybody is aware of this issue. Nobody thinks that this is something that does not need to be addressed. It's escalated at such an alarming rate. So again, logic would tell you that something is going to happen.

每個人都知道這個問題。沒有人認為這是一個不需要解決的問題。事態以令人震驚的速度升級。所以，邏輯會告訴你某件事將會發生。

We felt like based on feedback from everyone we were hearing in the community that The LCDs had a high probability of being implemented and obviously we know now that the administration postponed them. So hopefully that means anyway, and again the right answer was for CMS to do something on this issue, right? This is really a pricing issue, so hopefully they take action sooner rather than later.

根據社區中每個人的回饋，我們覺得 LCD 很有可能會實施，但顯然我們現在知道政府推遲了它們。所以希望這意味著無論如何，正確的答案是 CMS 對這個問題採取行動，對嗎？這確實是一個定價問題，所以希望他們盡快採取行動。

I appreciate that and and good luck as this proceeds. We'll get back in.

我對此表示感謝，並祝一切順利。我們會回來的。

Thank you. And ladies and gentlemen, there are no further questions at this time, so I'll hand the floor back to Joe Capper, CEO for any closing remarks.

謝謝。女士們、先生們，現在沒有其他問題了，因此我將把發言權交還給首席執行官喬·卡珀 (Joe Capper)，請他做最後發言。

Thank you.

謝謝。

Thank you and thank you everybody for your attendance and your continuous interest in the company. We will talk to you all after our next quarter.

謝謝大家的到來以及對公司的持續關注。我們將在下個季度後與大家交談。

Operator, that concludes today's call.

接線員，今天的通話到此結束。

Thank you, and all parties may disconnect. Have a good day.

謝謝，各方可以斷開連線。祝你有美好的一天。