MiMedx Group, Inc. (MDXG) 2026 Q1 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the MiMedx first quarter 2026 operating and financial results conference call. (Operator Instructions)

下午好，感謝您耐心等候。歡迎參加 MiMedx 2026 年第一季營運與財務業績電話會議。(接線員指示)

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr.

提醒各位，本次會議將被錄音。現在我想把會議交給本次主持人，先生。

Matt Notarianni, Head of Investor Relations for MiMedx. Thank you.

MiMedx 投資人關係主管 Matt Notarianni。謝謝。

Thank you, operator, and good afternoon, everyone. Welcome to the MiMedx first quarter 2026 operating and financial results conference call. With me on today's call are Chief Executive Officer, Joe 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.

謝謝，接線員，大家下午好。歡迎參加 MiMedx 2026 年第一季營運與財務業績電話會議。今天與我一同出席的有執行長 Joe Capper 與財務長 Doug Rice。作為今日網路直播的一部分，我們同步展示投影片供各位跟隨。您可至 mimedx.com 的投資人關係網站取得投影片。

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. We will then be available for your questions.

Joe 將先以開場致詞與營運重點摘要揭開序幕，Doug 將回顧本季財務結果，接著 Joe 會以更多更新作結。之後我們將開放回答各位的提問。

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.

在開始之前，我想提醒各位，我們今天的評論將包含前瞻性陳述，包括關於未來銷售、營運結果與現金餘額成長、未來毛利率與費用、我們的產品組合，以及我們產品的預期市場規模等陳述。

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.

這些預期受到風險與不確定性影響，實際結果可能因多項因素而與預期有重大差異，包括競爭、客戶觸及、給付環境、不可預見的情況與延遲。

Additional factors that could impact outcomes and our results include those described in the Risk Factors section of our annual report on Form 10-K and our quarterly report on Form 10-Q. Also, our comments today include non-GAAP financial measures, and we provide a reconciliation to the most comparable GAAP measures in our press release, which is available on our website at www.mimedx.com. With that, I'm now pleased to turn the call over to Joe Capper. Joe?

其他可能影響結果與我們業績的因素，亦包括我們在 Form 10-K 年報與 Form 10-Q 季報之「風險因素」章節所述內容。此外，我們今天的評論包含非 GAAP 財務衡量指標；我們在新聞稿中提供與最可比 GAAP 指標的調節表，新聞稿可於我們網站 www.mimedx.com 取得。現在，我很高興把電話會議交給 Joe Capper。Joe？

Thanks, Matt, and good afternoon, everyone. Thank you for joining us on today's call. The start of the year has been an eventful one for MiMedx as we navigated the new reimbursement dynamics and continue to leverage growth opportunities for the company. I am extremely proud of our team as they are once again rising to the challenges of the day. In this case, the reset of Medicare pricing for skin substitutes.

謝謝，Matt，大家下午好。感謝各位參加今天的電話會議。今年開局對 MiMedx 而言相當多事之秋，我們在因應新的給付動態之際，也持續把握公司的成長機會。我為我們的團隊感到非常自豪，他們再次挺身而出，迎接當前的挑戰。在這裡指的是 Medicare 對皮膚替代物的定價重置。

While our wound care franchise was negatively impacted, our Surgical business continued to excel in Q1. For background, the January 1 implementation of the new Medicare reimbursement framework marked a significant change for the wound care market. Reform was necessary and inevitable given the massive amount of fraud, waste and abuse that permeated the category.

雖然我們的傷口照護事業受到負面影響，但我們的外科事業在第一季仍持續表現出色。背景說明：1 月 1 日新 Medicare 給付架構的實施，標誌著傷口照護市場的重大變革。鑑於該類別中充斥大量詐欺、浪費與濫用，改革既有必要也無可避免。

However, the final rules were not well defined and have created a whole new set of challenges for industry participants attempting to adapt to the changes. While we did expect to experience some disruption, especially for the first half of the year, none of us could have foreseen the obstacles we are experiencing nor the magnitude of the market contraction.

然而，最終規則的定義並不清晰，為試圖適應變更的產業參與者帶來一整套全新的挑戰。雖然我們確實預期會出現一些干擾，尤其在上半年，但我們都無法預見目前所遭遇的障礙，以及市場萎縮的幅度。

And unfortunately, the dislocation is resulting in patients not receiving the care they need, calling for additional modifications to the Medicare reimbursement program. Rest assured, MiMedx can navigate these choppy waters better than most, thanks to our strong balance sheet and diversified top line.

不幸的是，這種錯位正導致病患無法獲得所需的照護，因而需要對 Medicare 給付計畫進一步修正。請放心，憑藉我們強健的資產負債表與多元化的營收來源，MiMedx 比多數公司更能在這些波濤中前行。

Unlike many other industry participants, our business is buoyed by nearly $200 million of 2026 surgical and international revenue and has no exposure to the structural changes taking place in the wound care market, both of which grew by double digits in Q1. It remains to be seen how many other companies will be able to financially withstand these disruptions. I will touch on some of the headlines on the quarter, then circle back for a deeper dive on the two businesses.

不同於許多其他產業參與者，我們的業務受到 2026 年近 2 億美元的外科與國際營收支撐，且不受傷口照護市場正在發生的結構性變化影響；這兩項業務在第一季皆以雙位數成長。至於還有多少公司能在財務上承受這些干擾，仍有待觀察。我會先談本季的一些重點，之後再回到兩大業務做更深入的說明。

For the first quarter, year-over-year net sales were $59 million. Our Surgical business was up 13%, and our Wound Care business was down 60% from the prior year. Our adjusted gross profit margin was 72% in the quarter. We had an adjusted EBITDA loss of $12 million. We ended the quarter with $142 million in cash.

第一季的淨銷售額年增年減後為 5,900 萬美元。我們的外科事業成長 13%，而傷口照護事業較去年同期下滑 60%。本季調整後毛利率為 72%。調整後 EBITDA 虧損 1,200 萬美元。季末現金為 1.42 億美元。

We completed enrollment in our EPIEFFECT randomized controlled trial, drove a full market release of our PRP product and began selling a few of our newly licensed surgical products. As a reminder, for the past few years, the company has been following a strategy that prioritizes the continued innovation and diversification of our product portfolio in support of both our Wound Care and Surgical businesses.

我們完成 EPIEFFECT 隨機對照試驗的受試者招募，推動 PRP 產品全面上市，並開始銷售數項新取得授權的外科產品。提醒各位，過去幾年公司一直遵循一項策略：優先持續創新並多元化我們的產品組合，以支持傷口照護與外科兩大業務。

We also continue to seek opportunities to expand our surgical footprint in numerous specialties. Our intent has been to drive comparatively higher growth with surgical-related products to achieve a more balanced business mix and take advantage of what we believe is an incredibly large and growing opportunity for our surgical portfolio. The plan has been working.

我們也持續尋求在多個專科領域擴大外科版圖的機會。我們的目標是以外科相關產品帶動相對更高的成長，以達成更均衡的業務組合，並把握我們認為對外科產品組合而言極其龐大且持續成長的機會。這項計畫正在奏效。

And as a result, we have realized 50% top line growth in our surgical business over the past three years. We will continue to make investments in support of this strategy. Let's take a few minutes to unpack what's happening in the wound care market. Where it is clear the Medicare reimbursement reform is creating collateral damage. On January 1, CMS changed from an ASP reimbursement methodology in favor of the new fixed price system for skin substitutes.

因此，過去三年我們的外科事業營收已實現 50% 的成長。我們將持續投入資源以支持此一策略。接下來花幾分鐘解析傷口照護市場正在發生的情況。很明顯，Medicare 給付改革正在造成附帶損害。1 月 1 日，CMS 將皮膚替代物的給付方式由 ASP 給付方法改為新的固定價格制度。

Also, at the very last minute, CMS without explanation decided not to implement the new LCDs, which would have required manufacturers to prove product efficacy to qualify for Medicare reimbursement, a customary requirement for other medical products. Finally, at the same time, they initiated the WISeR model in six states, which now requires prior authorization to qualify for reimbursement.

此外，在最後一刻，CMS 未作任何說明便決定不實施新的 LCD；該 LCD 原本將要求製造商證明產品療效，才能符合 Medicare 給付資格，而這是其他醫療產品的慣常要求。最後，同一時間他們在六個州啟動 WISeR 模式，現在需先取得事前授權才符合給付資格。

As providers attempted to adjust, they quickly became clear that MACs were ill prepared for the change. As a result, claims process has slowed dramatically, with at least one of the MACs not processing any Medicare claims for most of the first quarter. In that MAC alone, our year-over-year first quarter wound revenue dropped by 72%.

當醫療提供者試圖調整時，很快就清楚 MAC 對此變更準備不足。因此，理賠處理大幅放緩，至少有一家 MAC 在第一季大部分時間幾乎未處理任何 Medicare 理賠。僅在該 MAC 之下，我們第一季傷口業務營收年比年下滑 72%。

Making matters worse, the WISeR implementation has been an unmitigated failure. It is apparent the tools they are using were not properly tested. In one of the WISeR states, our wound revenue was down 84% in Q1. The practical implications of our long prior authorization due to these kludgy systems can be devastating for patients. To state the obvious, this model should not have been implemented at the same time as the reimbursement methodology change.

更糟的是，WISeR 的推行完全失敗。顯然他們所使用的工具未經充分測試。在其中一個 WISeR 州，我們第一季的傷口業務營收下滑 84%。由於這些拼湊式系統導致事前授權時間過長，其實務影響可能對病患造成毀滅性打擊。不言而喻，這個模式不應與給付方法變更同時上路。

And of course, without LCDs, no guardrails exist to prevent ineffective products entering the market. The challenges have caused several providers to stop using skin substitutes altogether, at least temporarily. This cannot persist for long or patients will suffer, amputations will increase and people will die. To sum up the government's efforts in a nutshell, good intent with poor execution. That said, this reform was bound to happen.

當然，若沒有LCD，也就不存在任何護欄來防止無效產品進入市場。這些挑戰已導致多家供應商至少暫時停止使用皮膚替代品。這種情況不能長期持續，否則病患將受害、截肢將增加，並且會有人死亡。用一句話總結政府的努力：用意良善但執行不佳。話雖如此，這項改革本來就勢在必行。

It's just unfortunate so much attention was given to the pricing fix on very little to the payment process. The outsized economics, which have induced massive fraud waste and abuse in the skin substitute market has been eliminated. Putting aside the near-term overreaction, this reform is a good thing for the health care system and taxpayers.

只是不幸的是，外界把大量注意力放在價格修正上，卻很少關注支付流程。皮膚替代品市場中那種過度膨脹的經濟誘因——曾引發大規模詐欺、浪費與濫用——已被消除。撇開短期的過度反應不談，這項改革對醫療體系與納稅人而言是件好事。

We must now continue to encourage CMS and the MACs to course correct, work out the kinks and quickly stabilize the wound care market. While we are experiencing our own challenges with the sluggish transition, we have been told of other companies which have experienced 90%-plus revenue drops in Q1.

我們現在必須持續鼓勵CMS與各MAC修正方向、排除障礙，並迅速穩定傷口照護市場。雖然我們也正面臨轉換遲緩帶來的挑戰，但我們聽說其他公司在第一季的營收下滑超過90%。

Suggesting that on the other side of the reset, there will be fewer manufacturers in place to serve the market. As we entered the year, we made the decision to keep the business resource at least through the first quarter in the event of a more orderly transition.

這意味著在這次重置之後，能夠服務市場的製造商將會更少。在進入今年之際，我們決定至少在第一季維持業務資源配置，以防轉換過程更為有序。

We started to see some but not many signs towards the end of the quarter of an uptick in volume in the care settings we expected to benefit from the reform. However, due to the magnitude and slow pace of the adjustment, we needed to act. A few weeks ago, we announced that we had taken steps to reduce our cost structure by approximately $40 million, which should put us on a pathway back to profitability.

在季度末，我們開始看到一些但不多的跡象：在我們預期將受益於改革的照護場域，使用量有所回升。然而，由於調整幅度大且節奏緩慢，我們必須採取行動。幾週前，我們宣布已採取措施將成本結構降低約4,000萬美元，這應能讓我們走上重返獲利的道路。

In summary, we believe the wound care market will normalize. Patients need care and suppliers need a more orderly process sooner rather than later if they're going to stay in the business. When it does, product performance will no longer be set aside in favor of outsized profit potential. Our market-leading technology with its unmatched collection of clinical evidence will continue to set the standard. We also expect that at some point, CMS will set basic requirements for proof of product safety and efficacy.

總結而言，我們相信傷口照護市場將回歸常態。病患需要照護，而供應商若要繼續經營，就需要更有序的流程，而且越快越好。當市場恢復正常時，產品表現將不再為了過度的獲利潛力而被擱置一旁。我們具市場領先的技術，搭配無可匹敵的臨床證據累積，將持續樹立標準。我們也預期在某個時間點，CMS將對產品安全性與有效性的證明設定基本要求。

There will be fewer participants, and MiMedx will again flourish in the wound care space. Let's now turn to the Surgical business, which continues to be an outstanding performer, delivering 13% growth in Q1 with contributions from the entire product portfolio.

市場參與者將會更少，而MiMedx將再次在傷口照護領域蓬勃發展。接下來讓我們談談外科業務；該業務持續表現出色，在第一季於整體產品組合的貢獻下實現13%的成長。

As stated on numerous occasions, One of the tenets of our strategic plan has been to expand our surgical footprint by investing in dedicated commercial resources, innovative products and meaningful scientific research to validate the clinical and economic benefits derived in the use of our best-in-class technology.

如我們多次所述，我們策略計畫的核心之一，是透過投資專屬的商業資源、創新產品以及具意義的科學研究來擴大我們在外科領域的布局，以驗證使用我們同級最佳技術所帶來的臨床與經濟效益。

As a reminder, we made a purposeful pivot to greater emphasis on the surgical market starting three years ago. Given the size of the market opportunity, and the clear improvement in surgical outcomes when incorporating our products in a variety of procedures.

提醒一下，我們在三年前開始有意識地轉向更強調外科市場。考量到市場機會的規模，以及在多種手術中納入我們產品後手術結果的明顯改善。

We saw it as one of the best areas to concentrate our focus and investments. At the outset of this year, we realigned our commercial team to dedicate more sales professionals to the Surgical business, and we continue to look for opportunities to augment this team even further.

我們將其視為最值得集中焦點與投資的領域之一。在今年年初，我們重新調整商業團隊配置，讓更多銷售專業人員專注於外科業務；同時我們也持續尋找進一步擴充該團隊的機會。

I mentioned on our last call that we had added a few products to the surgical portfolio. In the quarter, we launched AmnioFix Thyroid Shields, a new variant of our AmnioFix product to be used as a protective barrier during thyroidectomy surgery, which is a procedure involving parcel or complete removal of the thyroid gland.

我在上次電話會議中提到，我們已在外科產品組合中新增了幾項產品。本季我們推出了AmnioFix Thyroid Shields，這是AmnioFix產品的新變體，用於甲狀腺切除術期間作為保護屏障；甲狀腺切除術是一種涉及部分或全部切除甲狀腺的手術。

As a reminder, this surgery carries inherent risk due to the proximity of the recurrent laryngeal nerve and the parathyroid glands, which can be vulnerable to injury. AmnioFix Thyroids Shields is off to a terrific start and is another great example of the application of our technology can significantly reduce or eliminate postoperative comp paces.

提醒一下，由於喉返神經與副甲狀腺的位置相近且可能容易受傷，該手術本身帶有固有風險。AmnioFix Thyroids Shields一推出就有非常好的開局，也是我們技術應用能顯著降低或消除術後併發症的另一個絕佳例證。

During the quarter, we also began the limited market release of two of the 510(k) products we licensed, G4Derm Plus, which is a flowable peptide matrix engineered or rapid protected wound closure, product forms a 3D scaffold that mimics the human extracellular matrix and serves as an antibacterial barrier that protects the wound and controls bioburden.

本季我們也開始對我們授權取得的兩項510(k)產品進行有限市場投放：G4Derm Plus，這是一種可流動的胜肽基質，經設計用於快速受保護的傷口閉合；該產品形成模擬人體細胞外基質的3D支架，並作為抗菌屏障以保護傷口並控制生物負荷。

And Hydraulics Collagen Matrix, which is a sterile type 1 collagen powder comprised of soluble modified bovine collagen. In addition to deploying more direct selling resources and expanding our product portfolio, we have consistently prioritized the generation of rigorous scientific and clinical avenues as a crucial part of our growth plan.

以及Hydraulics Collagen Matrix，這是一種無菌的第一型膠原蛋白粉末，由可溶性的改性牛源膠原蛋白組成。除了投入更多直銷資源並擴充產品組合外，我們也一貫將產出嚴謹的科學與臨床證據作為成長計畫的關鍵一環。

On our last call, I highlighted and recently published article in the Journal of Information, which found that our DHACM and LHACM allografts exhibited immuno-modularity properties that correspond with the beneficial outcomes we observed in the clinical setting.

在上次電話會議中，我提到一篇近期發表於《Journal of Information》的文章，該文發現我們的DHACM與LHACM同種移植物展現免疫調節特性，且與我們在臨床環境中觀察到的有利結果相一致。

This piece, along with other important publications like our 2025 article in Nature Scientific Reports are important reminders of the extraordinary health care benefits inherent in our technology. They indicate that DHACM and LHACM both appear to restore a balanced physiological inflammatory response and serve to interrupt pathological fibrosis, which could lead to reduced scarring and a more expeditious return to functionality.

這篇文章，以及其他重要出版物（例如我們於2025年發表在《Nature Scientific Reports》的文章），都再次提醒我們：我們的技術內含非凡的醫療效益。這些研究顯示，DHACM與LHACM似乎都能恢復平衡的生理性發炎反應，並有助於中斷病理性纖維化，進而可能降低疤痕並更迅速恢復功能。

I cannot overstress the importance of this type of work, especially during this early phase of surgical market development. We've amassed the library of data that allows us to confidently state that we have the number 1 most studied amniotic tissue. We've also been advocating for placental allografts to be upgraded from a 361 destination to 510(k) clearance, like xenografts and synthetic skin substitutes.

我再怎麼強調這類工作的關鍵性都不為過，尤其是在外科市場發展的早期階段。我們已累積一套資料庫，使我們能有信心地表示：我們擁有研究最充分、排名第一的羊膜組織。我們也一直倡議將胎盤同種移植物從361途徑升級為510(k)核准，與異種移植物及合成皮膚替代品一致。

We see this as part of the natural maturation of the sector. To that end, we expect to submit our first two 510(k) applications for placental-derived products in the next few months. As you have just heard, we are continuing to work through the unforeseeable disruptions in the wound care market and have taken steps to rightsize our cost structure to better enable a rapid return to profitability as the industry normalizes and our surgical business remains strong and poised for continued growth.

我們將此視為該產業自然成熟的一部分。為此，我們預期在未來幾個月內提交前兩件胎盤來源產品的510(k)申請。如各位剛才所聽到的，我們持續因應傷口照護市場中難以預見的干擾，並已採取措施調整成本結構規模，以在產業回歸常態之際更有效地支持快速重返獲利；同時，我們的外科業務仍然強勁，並具備持續成長的良好態勢。

One final topic before I turn the call over to Doug for a more detailed review of our financial results. As announced on our last earnings call, the Board has authorized a share repurchase program of up to $100 million of the company's common stock over a two-year period.

在我把電話交給Doug更詳細檢視我們的財務結果之前，還有最後一個主題。如我們在上次財報電話會議中宣布，董事會已核准一項股票回購計畫，於兩年期間內回購最多1億美元的公司普通股。

We intend to use the repurchase program periodically on a discretionary basis, subject to general business and market conditions and balanced against other investment opportunities. Since that call in late February, we have been focused on various strategic and operational matters, including the restructuring activity that was announced earlier this month, which precluded us from repurchasing shares.

我們計畫在一般業務與市場狀況允許下，並在與其他投資機會取得平衡的前提下，以酌情方式不定期執行回購計畫。自2月底那次電話會議以來，我們一直專注於多項策略與營運事項，包括本月稍早宣布的重整活動，這使我們無法回購股份。

Some of those activities behind us, we are now able to move forward with the share repurchase program. Accretive investments that meet our criteria will remain our highest priority, and we do intend to allocate some capital to invest in our own stock. With that, I'll turn the call over to Doug. Doug?

隨著其中一些活動已告一段落，我們現在得以推進股份回購計畫。符合我們標準、具增益性的投資仍將是我們的最高優先事項，而我們也確實打算配置部分資本投資於自家股票。接下來我把電話交給 Doug。Doug？

Thank you, Joe, and good afternoon to everyone on today's call. I'm pleased to review our results with you all today. As a reminder, many of the financial measures covered in today's call are on a non-GAAP basis. So as Matt indicated earlier, please refer to our earnings release for further information regarding our non-GAAP reconciliations and disclosures, including the reconciliation tables that provide more detail regarding the adjustments made to calculate our non-GAAP metrics. Moving on to the results.

謝謝你，Joe，也向今天電話會議上的各位致上下午好。我很高興今天能與各位回顧我們的業績。提醒各位，今天電話會議中涵蓋的許多財務衡量指標是以非 GAAP 基礎呈現。因此，如 Matt 先前所指出，請參閱我們的財報新聞稿，以取得更多關於非 GAAP 調節與揭露的資訊，包括提供更多細節、說明為計算非 GAAP 指標所做調整的調節表。接著來看業績表現。

First quarter 2026 consolidated net sales were $59 million down 33% compared to the prior year period. By product category, first quarter surgical sales of $36 million grew 13% versus the prior year period while wound sales of $23 million declined 60%. This marks the first quarter in recent company history where our surgical sales exceeded our wound sales.

2026 年第一季合併淨銷售額為 5,900 萬美元，較去年同期下降 33%。按產品類別來看，第一季手術產品銷售額 3,600 萬美元，較去年同期成長 13%；傷口產品銷售額 2,300 萬美元，下降 60%。這是公司近期歷史上首次出現手術產品銷售額超過傷口產品銷售額的季度。

Notwithstanding the expected sequential growth from both our wound and surgical product categories in each quarter this year, we believe that this trend of greater surgical sales relative to wound sales will continue over the balance of 2026. Within our Surgical business, we are seeing contributions broadly across the portfolio, including strong double-digit growth year-over-year from two of our flagship products, AmnioFix and AMNIOEFFECT, as well as solid performance from our particular lines.

儘管我們預期今年每一季傷口與手術兩大產品類別都將呈現逐季成長，我們仍認為在 2026 年剩餘期間，手術產品銷售額相對於傷口產品銷售額較高的趨勢將會持續。在我們的手術業務中，我們看到整體產品組合皆有貢獻，包括兩項旗艦產品 AmnioFix 與 AMNIOEFFECT 的年增率皆達強勁的雙位數成長，以及我們特定產品線的穩健表現。

To a lesser extent, our surgical revenue also benefited from the late quarter launch and early customer adoption of the innovative surgical products that Joe just mentioned in G4Derm Plus Derm and Hydraulics. Also, as Joe mentioned, the 60% year-over-year decline in our wound net sales, which was a 24% decline on a volume basis was pressured by significant disruption, confusion and chaos in the marketplace, particularly among private office and associated care settings that previously were reimbursed by Medicare for skin substitutes under an ASP plus 6% methodology.

在較小程度上，我們的手術營收也受惠於 Joe 剛提到的創新手術產品於季末推出並獲得客戶早期採用，包括 G4Derm Plus Derm 與 Hydraulics。此外，如 Joe 所提，傷口淨銷售額年減 60%（以銷量計年減 24%），主要受到市場上重大干擾、混亂與失序的影響，特別是在先前可依「ASP 加 6%」方法由 Medicare 對皮膚替代物給付的私人診所及其相關照護場域。

To a lesser degree, changes to the Medicare reimbursement rules in the wound care center and hospital outpatient settings also resulted in some confusion and reluctance to utilize amniotic skin substitutes among customers. These declines were partially offset with net sales from the recent launch of our new PRP gel product.

在較小程度上，Medicare 在傷口照護中心與醫院門診場域的給付規則變更，也造成部分混亂，並使客戶對使用羊膜皮膚替代物有所遲疑。上述下滑部分由我們近期推出的新 PRP 凝膠產品所帶來的淨銷售額予以部分抵銷。

Adding to this year's market disruption were the new onerous reimbursement preauthorization requirements imposed by Medicare's WISeR model in Texas, Oklahoma, Ohio and New Jersey, which may be good for our customers in the long run, but we're closely implemented in Q1.

進一步加劇今年市場干擾的因素，還包括 Medicare 的 WISeR 模式在德州、奧克拉荷馬州、俄亥俄州與新澤西州施加新的嚴苛給付事前授權要求；這些要求長期而言或許對客戶有利，但在第一季已被嚴格落實。

And lastly, regional inconsistencies and reimbursement by certain MACs contributed to the slower ramp in volumes than we initially anticipated. Before commenting on the rest of the P&L, I wanted to remind you that earlier this month, we announced a restructuring and cost reduction initiatives. This action, which is not reflected in our first quarter results, is expected to yield annualized savings of approximately $40 million, comprised of both a 15% reduction in force as well as the implementation of other cost reduction initiatives, including executive officer pay reductions.

最後，部分 MAC 在區域間給付標準不一致，也使得銷量爬坡速度較我們原先預期更慢。在評論損益表其餘項目前，我想提醒各位，本月稍早我們宣布了重整與成本削減措施。此舉未反映於第一季業績中，預期可帶來約 4,000 萬美元的年化節省，包含裁員 15% 以及推動其他成本削減措施（包括高階主管薪酬調降）。

These initiatives will result in a onetime charge of about $4 million in the second quarter. These actions were taken across the organization and the resulting cost savings are reflected in my comments surrounding our expected results for the full year.

這些措施將在第二季產生約 400 萬美元的一次性費用。這些行動在全組織範圍內推行，而由此帶來的成本節省已反映在我對全年預期業績的相關說明中。

Our first quarter 2026 GAAP gross profit was about $42 million, which compares to $72 million in the prior year period. Our GAAP gross margin was 71% in the first quarter 2026 compared to 81% last year. This year-over-year decline in gross margins was caused by the top line impact of our lower ASPs due to the wound care Medicare price cap of $127.14 per square centimeter as well as higher production costs and product mix.

2026 年第一季 GAAP 毛利約為 4,200 萬美元，去年同期為 7,200 萬美元。2026 年第一季 GAAP 毛利率為 71%，去年為 81%。毛利率年減主要由於營收端受較低 ASP 影響（源自傷口照護 Medicare 每平方公分 127.14 美元的價格上限），以及較高的生產成本與產品組合變化。

Going forward, we expect our gross margin to be in the low 70s relative to full year net sales, but based on our expected sequential sales growth and the impact of our cost production measures we anticipate exiting the year with our gross margin in the mid-70s. Turning to our operating expenses.

展望未來，我們預期毛利率相對於全年淨銷售額將落在 70% 出頭；但基於我們預期的逐季銷售成長以及成本生產措施的影響，我們預期年底退出時毛利率可達 70% 中段。接著談營業費用。

Sales and marketing expenses were $44 million or 74% on of our net sales in the first quarter compared to $47 million or 53% of net sales in the prior year period. The dollar decrease was due to a combination of lower wound commissions associated with lower sales of that product category partially offset by increases in surgical commissions. Looking ahead, we expect our full year 2026 sales and marketing expenses to be approximately 60% of net sales while exiting the back half of the year in the mid-50s.

第一季銷售與行銷費用為 4,400 萬美元，占淨銷售額 74%；去年同期為 4,700 萬美元，占淨銷售額 53%。金額下降係因傷口產品類別銷售下滑導致相關佣金降低，部分被手術產品佣金增加所抵銷。展望未來，我們預期 2026 年全年銷售與行銷費用約為淨銷售額的 60%，並在下半年退出時降至 50% 中段。

GAAP general and administrative expenses or G&A were $9 million in the first quarter compared to $13 million in the prior year period. This decrease primarily resulted from the reversal of previously recognized stock-based compensation expenses related to our performance stock units with vesting targets predicated on achievement of certain revenue levels.

第一季 GAAP 一般及行政費用（G&A）為 900 萬美元，去年同期為 1,300 萬美元。此下降主要來自先前已認列之與績效限制型股票單位（PSU）相關的股份基礎給付費用回轉；該等 PSU 的歸屬目標係以達成特定營收水準為前提。

We expect full year non-GAAP G&A expenses to be 13% to 15% of net sales. Our first quarter R&D expenses were $4 million or about 7% of net sales up 24% compared to the prior year period, driven primarily by increased costs associated with the recently completed enrollment of our EPIEFFECT and the start of the RCT enrollment for our new CHORIOFIX dual-layer chorion product as well as additional spend related to the development of future products.

我們預期全年非 GAAP G&A 費用將占淨銷售額的 13% 至 15%。第一季研發費用為 400 萬美元，約占淨銷售額 7%，較去年同期增加 24%，主要由於與近期完成 EPIEFFECT 收案，以及我們新款 CHORIOFIX 雙層絨毛膜產品 RCT 收案啟動相關成本增加，並包含針對未來產品開發的額外投入。

We expect our full year R&D expenses to be about $3 million to $3.5 million per quarter for the remainder of 2026. GAAP income tax benefit of $4.5 million for Q1 2026 reflected an effective tax rate of 29% due to the timing and deductibility of certain compensation-related expenses. We continue to expect our long-term non-GAAP effective tax rate to be approximately 25%.

我們預期 2026 年剩餘期間每季研發費用約為 300 萬至 350 萬美元。2026 年第一季 GAAP 所得稅利益為 450 萬美元，反映有效稅率 29%，主要與特定薪酬相關費用的時點與可扣抵性有關。我們仍預期長期非 GAAP 有效稅率約為 25%。

Our first quarter GAAP net loss was $11 million or $0.07 per share compared to GAAP net income of $7 million or $0.05 per share in the prior year period. Adjusted net loss for the first quarter was $7 million or $0.05 per share compared to adjusted net income of $10 million or $0.06 per share in the prior year period.

第一季 GAAP 淨損為 1,100 萬美元，或每股 0.07 美元；去年同期 GAAP 淨利為 700 萬美元，或每股 0.05 美元。第一季調整後淨損為 700 萬美元，或每股 0.05 美元；去年同期調整後淨利為 1,000 萬美元，或每股 0.06 美元。

First quarter 2026 adjusted EBITDA was negative $12 million or 20% of net sales compared to positive $17 million or 20% of net sales in the prior year period. Despite the anticipated continued wound market disruption in the first half of 2026, we expect our full year adjusted EBITDA to be roughly breakeven with sequential improvements in each quarter.

2026 年第一季調整後 EBITDA 為負 1,200 萬美元，占淨銷售額 20%；去年同期為正 1,700 萬美元，占淨銷售額 20%。儘管我們預期 2026 年上半年傷口市場干擾仍將持續，我們預期全年調整後 EBITDA 大致可達損益兩平，並在每一季呈現逐季改善。

Turning to our liquidity. We had $160 million of cash and cash equivalents on March 31, 2026. Our first quarter free cash flow was $1 million, primarily due to the strength of our operating cash flow from working capital contributions, which was mostly offset by our first quarter operating loss. This compares to $5 million of free cash flow in the same period 2025. In turn, our net cash balance now sits at about $142 million, down from $148 million last quarter. Despite the Q1 results, our balance sheet remains strong.

接著談我們的流動性。截至2026年3月31日，我們持有1.60億美元的現金及約當現金。我們第一季自由現金流為100萬美元，主要受惠於營運現金流因營運資金貢獻而表現強勁，但大部分被第一季營運虧損所抵銷。相較之下，2025年同期自由現金流為500萬美元。因此，我們目前的淨現金餘額約為1.42億美元，較上季的1.48億美元下降。儘管第一季結果如此，我們的資產負債表仍然穩健。

And as Joe mentioned, we intend to deploy capital on a mix of M&A and share repurchases in the near term as we see these as very favorable opportunities to create incremental shareholder value. Before I turn the call back to Joe, I want to provide our latest thinking on guidance and capital allocation. As we mentioned earlier, now that we are nearly four full months into the year, it is clear that the broader wound care market recovery is much lower than everyone had hoped for at the beginning of the year.

此外，如Joe所提到的，我們打算在短期內以併購（M&A）與庫藏股回購的組合來部署資本，因為我們認為這些是創造額外股東價值的非常有利機會。在我把電話交回給Joe之前，我想分享我們對指引與資本配置的最新看法。如先前所述，現在我們已進入年度將近完整四個月，可以清楚看到，整體傷口照護市場的復甦幅度遠低於年初大家的期待。

It is, therefore, practical to modify top line expectations to be in the range of $260 million to $290 million. We expect Surgical to continue to deliver double-digit growth over the course of the year, driven by the continued momentum of our organic product portfolio as well as the new surgical products that we have added.

因此，將營收端（top line）預期調整至2.60億至2.90億美元區間是務實的作法。我們預期外科（Surgical）業務全年將持續繳出雙位數成長，動能來自我們有機產品組合的持續推進，以及我們新增的外科產品。

In Wound, despite the expected continued market disruption, we also anticipate a sequential volume recovery each quarter during the year for our business. However, with the continued pressure on our wound care ASPs associated with the new Medicare rules, we believe the full year-over-year decline in wound will be in line with the decline that we saw during the first quarter on a relative basis.

在傷口（Wound）方面，儘管預期市場干擾仍將持續，我們也預期公司業務在今年每一季的出貨量將逐季回升。然而，隨著新Medicare規則帶來的傷口照護平均售價（ASP）持續承壓，我們認為傷口業務全年相較去年同期的下滑幅度，按相對基準將與第一季所見的下滑幅度一致。

And as I just mentioned, we expect to run at an adjusted EBITDA loss for the first half of the year moving back to profitability beginning in Q3 as our sales improve, and we realize the benefits of our cost reduction activities as the year progresses. We expect a stronger exit to 2026 and 2027. We expect to snap back to double-digit above-market top line growth in both our wound and surgical franchises with solid flow-through to the bottom line.

另外，如我剛才提到的，我們預期上半年將呈現調整後EBITDA虧損，並在第三季起隨著銷售改善、以及成本削減措施效益逐步顯現而回到獲利。我們預期2026年與2027年的年末表現將更為強勁。我們預期在傷口與外科兩大事業群都將回到高於市場的雙位數營收成長，並能穩健地傳導至獲利端。

I will now turn the call back to Joe. Joe?

我現在把電話交回給Joe。Joe？

Thanks, Doug. As you've just heard, our Surgical business is incredibly well positioned for continued above-market growth. Additionally, because of the decisions we made a few years ago to focus the business, redirect resources and eliminate significant investments in a risky project, we are now in a much stronger position to work through the wound care market reset while continuing to expand in surgery.

謝謝，Doug。如各位剛才所聽到的，我們的外科業務在持續實現高於市場的成長方面具備極佳的定位。此外，因為我們在幾年前所做的決策——聚焦業務、重新配置資源，並停止對一個高風險專案的大量投資——我們現在處於更強勢的位置，能在傷口照護市場重置之際持續推進外科擴張。

We expect to spend the first part of this year navigating the rough orders in the wound care market due to unforeseeable disruptions associated with the implementation of a new Medicare reimbursement system. Part of our response was to adjust our cost structure, which is now complete.

我們預期今年前半段將用來因應傷口照護市場中因新Medicare給付制度上線所引發、難以預見的干擾而造成的波動訂單。我們的因應措施之一是調整成本結構，而這項工作目前已完成。

As mentioned, we are starting to see early signs of the expected patient migration into other care settings, albeit at a lower level and slower pace and we remain well positioned to service this market as it improves over time. Moreover, with our dramatically improved financial position, we have the option to deploy capital to accelerate our strategic plan and/or buy back our stock opportunistically.

如前所述，我們開始看到預期中的病患移轉至其他照護場域的早期跡象，雖然程度較低、速度也較慢；隨著市場隨時間改善，我們仍具備良好定位以服務該市場。此外，憑藉我們大幅改善的財務狀況，我們可選擇部署資本以加速策略計畫，並／或在適當時機機動性地回購自家股票。

In closing, I would like to once again thank the MiMedx team for your resilience during this challenging time after your unwavering commitment to our mission and to the many individuals we serve each day. Let's now shift over to Q&A and open the call to questions. Operator, we are ready for our first question.

最後，我想再次感謝MiMedx團隊在這段充滿挑戰的期間展現的韌性，以及你們對我們使命與每日所服務眾多個體的堅定承諾。接下來我們進入問答（Q&A）並開放提問。接線員，我們準備好進行第一個問題。

Please proceed.

請開始。

(Operator Instructions)

（接線員指示）

Chase Knickerbocker, Craig-Hallum Capital Group.

Chase Knickerbocker，Craig-Hallum Capital Group。

Joe, I just want to start on -- so your guidance implies kind of mid-teens quarterly recovery quarter-over-quarter for wound. Can you just maybe talk a little bit more about what you saw in Q1 on like a monthly basis as far as how you saw things trend for wound? I mean did you see kind of meaningful recovery in March? And then maybe talk about how April is and kind of how that business kind of trended month-by-month in the improvement that you saw kind of through the quarter and then in April as well, if you would.

Joe，我想先從——你們的指引似乎暗示傷口業務將出現大約中十位數的逐季（quarter-over-quarter）復甦。你能否再多談一些第一季就傷口業務而言、按月（monthly basis）你們看到的趨勢如何？我的意思是，你們在3月是否看到相當明顯的復甦？另外也請談談4月的情況，以及該業務在第一季內、以及4月按月的走勢與你們所看到的改善情形，如果方便的話。

Yes.Chase, when we entered the year, we thought we would see more of a a normal trend in terms of volume pickup month-to-month. And due to all the issues that we're seeing in the marketplace, the fact that so many providers just stopped ordering skin subs all together until they work through some of these challenges, additional challenges in WISeR state, et cetera, et cetera, we didn't see volume pick up throughout the quarter.

是的。Chase，我們在進入今年時，原本以為在量（volume）方面會看到較正常的逐月回升趨勢。但由於我們在市場上看到的各種問題，許多供應商在解決部分挑戰之前乾脆完全停止訂購皮膚替代品（skin subs），再加上WISeR州等地的額外挑戰等等，我們並未看到整個季度內的量有回升。

It was pretty much the same month-to-month. And then when we got to March, we expected really to see -- number one, there's typically a normal pickup in March at any time, in any year. So we expected to see possibly even a bigger pickup as we start to work out some of the issues in March, didn't see it.

基本上每個月都差不多。到了3月，我們原本真的預期會看到——第一，通常在任何時間、任何一年，3月都會有一個正常的回升。因此我們預期，隨著3月開始解決一些問題，可能會看到更大的回升，但並沒有。

March was basically flat to January and February. And so far, April has looked about the same. So we're still dealing with a lot of these issues in the wound care market. If you look at our guidance for the rest of the year, we don't anticipate a whole lot of pickup in the wound care sector. We haven't programmed that into our guidance.

3月基本上與1月和2月持平。而到目前為止，4月看起來也差不多。所以我們仍在處理傷口照護市場中的許多這類問題。如果你看我們對今年剩餘期間的指引，我們並不預期傷口照護領域會有太多回升。我們沒有把那樣的回升納入指引假設中。

We took a pretty conservative approach.

我們採取了相當保守的做法。

If you look at it on a sequential basis, Joe, it looks like there's some -- obviously some recovery that's implied. Can you just maybe talk about what you're hearing from customers as far as kind of specifically in wound?

Joe，如果按逐季來看，似乎暗示有一些——顯然暗示有一些復甦。你能否談談你們從客戶那邊聽到的情況，特別是在傷口方面？

I'll let Joe comment on the customer piece. But you're right, Chase. Sequentially, we do expect modest recovery in wound both on a dollar basis as well as a volume basis as we step through each quarter this year. But our overall guidance is for the full year, we're thinking that directionally will be in line with what we saw in Q1 on a relative basis.

我讓Joe來回應客戶端的部分。不過你說得對，Chase。按逐季來看，我們確實預期今年每一季傷口業務在金額與量上都會有溫和的復甦。但就全年整體指引而言，我們認為方向上、按相對基準，將與第一季所見的情況一致。

And there could be some upside to this if we can get these arteries unclogged with some of this really, really poor implementation of these new systems that they have in place. And we've mentioned it several times, it's really bad in these WISeR states, everything is ground to almost a halt or a trickle. One of the MACs didn't process any Medicare claims in the first quarter. So that can't persist, right? That's going to get better.

如果我們能把這些動脈「疏通」，也就是改善他們對這些新系統極其、極其糟糕的導入，這裡可能會有一些上行空間。我們已多次提到，在這些WISeR州情況真的很糟，一切幾乎停擺或只剩涓滴量。其中一家MAC在第一季完全沒有處理任何Medicare理賠申請。所以那不可能一直持續，對吧？情況會改善的。

People are pinging them constantly on the need to get this thing streamlined. And that will happen. So we should naturally see some sort of pickup as the year progresses. Again, being as prudent as we can. We just didn't program a lot of that into the guidance.

大家一直在不斷催促他們，要求把這件事流程化、簡化。而這會發生的。所以隨著年度推進，我們自然應該會看到某種程度的回升。再次強調，我們會盡可能審慎。我們只是沒有把其中很多內容納入指引。

Got it. And maybe just specifically on kind of the HOPD kind of side of things. I mean maybe speak to how that business has trended and kind of what you're hearing from those customers? I mean, obviously, still seeing a volume impact there as well. But I mean, any sense there could be a quicker recovery there?

了解。那也許更具體地談談 HOPD 這一端的情況。我的意思是，也許請你談談那塊業務的趨勢，以及你從那些客戶那邊聽到什麼？顯然，那邊也仍然看到量的影響。但你覺得那邊是否有可能更快復甦？

Yes. Yes, we didn't see much of a volume impairment in the wound care center, right? So all the volume impairment we had was outpatient. It was private office, home, mobile, nursing home, et cetera. There was a little bit of impact early on, but we recovered quickly in the wound care centers.

是的。是的，我們在傷口照護中心其實沒有看到太多量的受損，對吧？所以我們所有的量受損都發生在門診端。包括私人診所、居家、行動服務、護理之家等等。一開始有一點影響，但在傷口照護中心我們很快就恢復了。

So we think that's where patients will eventually migrate. We started to see some of that in March, April, but it's real slow.

所以我們認為病患最終會往那裡移動。我們在 3 月、4 月開始看到一些這樣的情況，但速度非常慢。

And Chase, this is Matt. I mean one other thing to that's swept up in part of this change, but it's getting buried as these wound care centers in the HOPD setting, treating bigger-sized wounds, wounds that they wouldn't otherwise have been able to treat in the old days as recently as last year with the bundled rate. They were priced out from being able to do that. Again, there's so much noise in this in the space, it's kind of hard to tease that out from these numbers, but we are seeing that take place.

Chase，我是 Matt。我想還有一點也被這次變動的一部分所影響，但在這些雜訊之下被掩蓋了：在 HOPD 場景的這些傷口照護中心，正在治療更大尺寸的傷口，也就是在過去、甚至就在去年採用打包費率時，他們原本無法治療的傷口。當時的價格機制讓他們做不起來。同樣地，這個領域雜訊太多，很難從數字中把這部分拆解出來，但我們確實看到這種情況正在發生。

Dave Turkaly, Citizens.

Dave Turkaly，Citizens。

The WISeR comment that you may be -- the pre-offer reimbursement, is that regardless of the setting? And if so, how do you get that change? I mean I'd like to think the government might be on your side, but -- is that something you think you can work through this year?

關於你提到的 WISeR——也就是事前核准前的給付（pre-offer reimbursement），這是不分照護場景都適用嗎？如果是，那要怎麼促成這個改變？我的意思是，我願意相信政府可能會站在你們這邊，但——你覺得這是今年可以推動解決的事情嗎？

Yes. This is a whole new project that they implemented. Again, in an attempt to curtail around the fraud that was taking place. I do think that we'll get better as these contractors figure out the system as we understand that they tried to -- or they attempted to apply some AI tools that were failure. So they've gone back to sort of manual claims process, it has taken a lot of time.

是的。這是他們導入的一個全新專案。同樣地，是為了遏止當時正在發生的詐欺行為。我確實認為，隨著這些承包商逐步摸清系統、以及我們也更理解狀況，我們會做得更好；我們了解到他們曾嘗試——或試圖使用一些 AI 工具，但失敗了。所以他們又回到某種程度的人工理賠流程，這花了很多時間。

And these are some pretty high-volume Medicare states. So that really hurt us. I think that will get better, right? And so you'll start to see that clean itself up over time. And look, Medicare is very aware of all the issues related to the WISeR model.

而且這些州是 Medicare 量很大的州。所以這真的對我們造成傷害。我認為情況會改善，對吧？因此你會開始看到它隨時間推移逐步自我修復。而且你看，Medicare 非常清楚 WISeR 模式相關的所有問題。

So we have to think that this is something that should cure itself sooner rather than later.

所以我們必須認為，這應該會在不久的將來就自行改善。

I guess, is there any formal process that you can go through to make that happen quicker? Or I'm just trying to get a handle on the commentary that dollar volume improves as we go through the year, but not a lot. But if this is still part of the, I guess, overhang, I don't -- I would agree that you would think it would get better, but I'm not sure, is there a process to help that happen more quickly?

我想問的是，你們是否有任何正式流程可以讓它更快發生？我只是想掌握你提到的：隨著年度推進，金額與量會改善，但幅度不大。但如果這仍然是某種——我想是「壓力來源／陰影」（overhang）的一部分，我——我同意你會覺得它會變好，但我不確定是否有流程能讓它更快改善？

Yes, there's notification bodies that you can contact when you have issues like this. We're dealing directly with the MACs, we're doing directly with CMS, frankly, where appropriate. So they are the folks that need to remediate the issue. But there's ways that you can connect within the contact. And obviously, as soon as we started seeing it, we were we're all over it.

是的，遇到這類問題時，有一些通報單位可以聯繫。我們直接與 MACs 合作，也在適當情況下直接與 CMS 對接，坦白說。所以需要修復問題的是他們。但確實有一些方式可以在聯絡體系內建立連結。而且很明顯地，我們一看到這個狀況就立刻全力處理。

It's just taking some time to work through it. If you look at the impact -- if you look at the impact to our Wound Care business, we had about a 48% drop in price. They had about a 24% drop in overall wound care volume, and we know where that came from. So our guess is there's other folks that are being impacted a lot more than we are. That doesn't make us feel better.

只是需要一些時間把它處理完。如果你看對我們傷口照護業務的影響——我們的價格大約下滑了 48%。整體傷口照護量大約下滑了 24%，而且我們知道那是從哪裡來的。所以我們猜測，還有其他人受到的影響比我們大得多。但這並不會讓我們感覺比較好。

It's just a reality. The entire market ceased up and contracted. It's not like we're losing share to somebody else. In fact, I wouldn't be surprised if we actually gained share during the first quarter. It's just that the pie got a whole lot smaller for the -- at least for the time being.

這只是現實。整個市場都卡住並且收縮了。並不是我們把市占輸給了別人。事實上，我不會意外我們在第一季其實還提高了市占。只是這個「餅」變小了很多——至少在目前這段時間是如此。

Anthony Petrone, Mizuho Group.

Anthony Petrone，Mizuho Group。

Brad Bowers on for Anthony to the team. So I want to touch on that piece maybe zooming out. You talked about yourself down 24% on volume, 60% overall, presumably the bad actors are worse. The statistics that we were getting was that the marketed balloon to like $10 billion, $15 billion kind of run rate per year. Do you have any idea where that's settling out based off of Q1?

我是代 Anthony 發問的 Brad Bowers，向團隊請教。我想回到那一塊、也許把視角拉高一點。你提到你們的量下滑 24%，整體下滑 60%，推測那些不良行為者（bad actors）更糟。我們拿到的統計是，市場規模膨脹到每年大概 100 億到 150 億美元的年化水準。你們是否知道根據第一季的情況，現在大概會落在什麼水準？

Well, there's really no data that I can point to that can validate this, but my guess is that Medicare has probably experienced a 90% to 95% reduction in payments during the first quarter.

嗯，坦白說我沒有可以指向、用來驗證這點的數據，但我猜 Medicare 在第一季的支付金額可能減少了 90% 到 95%。

And Brad, I think maybe one qualification that I think is important here. CMS solved for the runaway spend that did balloon to $15 billion by changing the payment mechanism for both that -- those care settings, the ASP+6%, but also the HOPD and wound care center, where it was a dramatically lower spend historically in the measured in the hundreds of millions of dollars. But across the board, all those care settings are now living with this new reality and the issues that we talked about.

Brad，我想這裡有一點補充我覺得很重要。CMS 透過改變支付機制，解決了那個一路失控、膨脹到 150 億美元的支出問題：不僅針對那些照護場景改成 ASP+6%，也包括 HOPD 與傷口照護中心——那裡過去的支出其實低很多，歷史上是以數億美元計。但現在全面來看，所有這些照護場景都必須在這個新現實下運作，並面對我們剛才談到的問題。

Got it. That's helpful. And then maybe, again, just keeping at kind of a high level. Just wanted to hear about maybe the long-term mix outlook. Obviously, you reset from a lower base here on wound, but similar growth in the double-digit outlook, that would assume that the mix kind of holds here?

了解。這很有幫助。接著也許同樣維持在較高層次來看。我想聽聽長期的組合（mix）展望。顯然你們在傷口這塊是從較低的基期重新出發，但仍然維持雙位數成長的展望，這是否意味著組合大致會維持在目前水準？

Or do you think there's kind of room to catch up in wound? And how do you think about the long-term mix of the business and maybe margin implications on that.

還是你認為傷口這塊有空間追趕回來？你如何看待業務的長期組合，以及這對毛利（margin）可能帶來的影響？

Yes. Good question. We've spent a disproportionate amount of time for obvious reasons, talking about the Wound Care business and not the tremendous success that we continue to have in the surgical setting. We don't see that changing. The reason we made that pivot three years ago was because of the opportunity in terms of size of the market and the benefits that are derived from use of our technology in a variety of different surgeries.

是的。好問題。出於顯而易見的原因，我們花了不成比例的時間在談論傷口照護業務，而沒有談到我們在外科手術場景中持續取得的巨大成功。我們不認為這會改變。我們三年前之所以做出那個轉向，是因為市場規模所帶來的機會，以及在各種不同手術中使用我們技術所能帶來的效益。

So we continue to lean into that. And I've said this on our last call, if you just carved out our surgical business, it's growing last year, 15% to 20%. And in the teens again this year in Q1, which is typically our slowest growth quarter. And you slapped a typical medtech market multiple on that business. We'd have a -- just on that business, you could get to a $7 or $8 per share for our stock.

因此我們會持續加大投入。我在上次電話會議也提過，如果你把我們的外科手術業務單獨切出來看，它去年成長了15%到20%。而今年第一季也再次維持在十幾%的成長，第一季通常是我們成長最慢的季度。如果你給那項業務套用典型醫療科技市場的估值倍數。那麼僅就那項業務而言，我們的股價就可能對應到每股7或8美元。

So we are going to continue to lean into that. I think the wound care market will eventually find a new normal and will be a strong participant in that market. It's going to be a smaller market. We all know that now. There's going to be less participants in that market, surely.

所以我們會持續加大投入。我認為傷口照護市場最終會找到新的常態，而我們會是該市場的強勁參與者。那將會是一個更小的市場。我們現在都知道了。那個市場的參與者也肯定會更少。

And you're just -- that you're not going to have the type of fraud that we saw for the last few years. So it's going to be a nicer neighborhood to be playing in. And we'll have one of the nicest houses in that neighborhood. I can't stress enough the fact that where our -- our science and technology prevails and it's so obvious is in the surgical setting. So that's where we're going to mean, what the mix is, it will shake out over time, depending on what happens in the wound care market.

而且你不會再看到過去幾年我們所見到的那種詐欺。所以這會是一個更適合投入的環境。而我們會是那個社區裡最漂亮的房子之一。我再怎麼強調也不為過：我們的科學與技術最能勝出、而且非常明顯的地方，就是在外科手術場景。所以我們會把重心放在那裡；至於組合會如何，會隨時間推移而逐步明朗，取決於傷口照護市場的發展。

And I do, again, I do still think it's going to be an attractive market. It's profitable for us. It's is going to be a smaller market. But we're in it -- and we're going to still be around that market.

而且我仍然認為那會是一個具吸引力的市場。對我們而言是有利可圖的。它會是一個更小的市場。但我們在其中——而且我們仍會持續參與那個市場。

(Operator Instructions)

（接線員指示）

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，Lake Street Capital Markets。

This is Ian on for Frank. I was wondering about the recently announced $40 million operating expense reduction and how we should think about that relative to what's required to remain profitable in 2026. Do you guys have line of sight to additional cost levers if the recovery in wound continues to lag? Or do you believe that this initiative is sufficient to kind of bridge that gap to back to breakeven?

我是代替Frank的Ian。我想請教最近宣布的4,000萬美元營運費用削減，我們應該如何看待這項措施與2026年維持獲利所需之間的關係。如果傷口照護的復甦仍持續落後，你們是否看得到其他可動用的成本槓桿？或者你們認為這項計畫足以彌補差距、讓公司回到損益兩平？

Yes. I'll let Doug comment on some of the specifics, but I really wanted to stress the fact that when we came into the new year, everybody knew that we were going to have some disruption. We telegraphed that plenty of times last year. None of us do and none of us could have foreseen these other related issues that we're dealing with that has had a big impact on the market. So obviously, we need to take action.

是的。我會讓Doug補充一些細節，但我想強調的是，當我們進入新的一年時，大家都知道我們會有一些干擾。我們去年已多次提前釋出訊息。但我們任何人都沒有、也不可能預見到我們正在處理的這些其他相關問題，這些問題對市場造成了很大的影響。所以很明顯，我們必須採取行動。

We made the decision throughout the first quarter to leave our cost structure in place, resource the business for a potentially more rapid rebound as I said at the outset of the Q&A session here, you just didn't see it. So we had to take action. And we lost about $12 million in the first quarter. We run hotter on expenses in the first quarter. As a reminder, we have a national sales meeting and we have higher payroll taxes, et cetera.

我們在第一季期間做了決定，先維持既有的成本結構，為了可能更快速的反彈而配置資源——正如我在這裡Q&A一開始所說，你並沒有看到那樣的反彈。所以我們必須採取行動。我們第一季虧損約1,200萬美元。我們第一季的費用通常會比較高。提醒一下，我們有全國銷售會議，還有較高的薪資稅等。

So I think this gets us there, but Doug can comment a little bit more.

所以我認為這能讓我們達到目標，但Doug可以再多補充一些。

Just quantitatively, Ian, the $40 million we've already affected most of that. We'll get the rest over it over the next few weeks, but we talked about a 15% reduction in our workforce, and I would say that overall, we're in the 15% to 20% range in terms of reduction of addressable operating expenses.

就量化來看，Ian，這4,000萬美元我們已經大多數都已落實。剩下的部分會在接下來幾週完成；我們談到人力縮減15%，而我會說整體而言，就可控的營運費用來看，我們的削減幅度大約在15%到20%之間。

And you asked if there was any other actions or levers that we can pull on if need others, we're always looking to make the business as efficient as possible. It's way too early to start talking about taking any other actions. We got to see what happens in the wound care market. I think this allows us to do what we needed to do to get back to breakeven, and we'll move back into profitability as the business grows in scale. One thing we know for sure, at scale this business becomes incredibly profitable.

你問到如果需要，是否還有其他行動或槓桿可以動用；我們一直都在尋找讓業務盡可能有效率的方法。但現在談任何其他行動都還太早。我們得先看看傷口照護市場會怎麼發展。我認為這讓我們能做到回到損益兩平所需要做的事，而隨著業務規模擴大，我們會回到獲利。有一點我們非常確定：一旦達到規模，這門生意會變得極其有利可圖。

We saw it over the last few years. So I think we're in better shape than most and we'll weather the storm.

過去幾年我們已經看到了。所以我認為我們的狀況比大多數同業更好，我們會挺過這場風暴。

Okay. That was very helpful. And just one more for me. Recognizing it's nearly impossible to quantify this with precision. But how are you guys thinking about the amount of competitor inventory still sitting in the channel that needs to clear at those discounted prices?

好的。這非常有幫助。我還有最後一個問題。我知道要精準量化幾乎不可能。但你們如何看待仍堆在通路中、需要以那些折扣價格出清的競品庫存量？

And are you seeing the pace of dumping slow at all? Or is it still a pretty meaningful headwind?

你們有看到拋售出清的速度有放緩嗎？還是仍然是相當顯著的逆風？

It's a meaningful headwind and I think it will be for the first half of the year, at least.

這是顯著的逆風，而且我認為至少在上半年都會如此。

All right. Thank you, guys.

好的。謝謝各位。

This concludes the question-and-answer session. I would like to turn the floor back over to Joe Capper for closing comments.

問答環節到此結束。我想把時間交回給Joe Capper做結語。

Thanks, operator. Thank you, everybody, for joining us on this afternoon's call. We will speak to you after next quarter. Thank you very much.

謝謝，接線員。感謝各位參加今天下午的電話會議。我們會在下個季度後再與各位交流。非常感謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。