Milestone Scientific Inc (MLSS) 2026 Q1 法說會逐字稿

Good day, everyone. Welcome to the Milestone Scientific Inc., first-quarter 2026 financial results and business update conference call. (Operator Instructions)

大家好。歡迎參加 Milestone Scientific Inc. 2026 年第一季財務業績與業務更新電話會議。(接線員指示)

It is now my pleasure to turn the floor over to your host, James Carbonara from Hayden IR. The floor is yours.

現在我很榮幸把會議交給今天的主持人——來自 Hayden IR 的 James Carbonara。請開始。

Thank you, operator. Before we begin, please note that today's call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Please refer to our earnings press release as well as our filings with the SEC, including our 2025 Form 10-K for a discussion of these risks. A replay of this call will be available shortly after its conclusion.

謝謝，接線員。在開始之前，請注意今天的電話會議將包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述受到風險與不確定性影響，可能導致實際結果與預期有重大差異。關於這些風險的討論，請參閱我們的財報新聞稿以及向美國證券交易委員會（SEC）提交的文件，包括我們 2025 年的 Form 10-K。本次電話會議的重播將於會議結束後不久提供。

With that, I'll turn the call over to our CEO, Eric Hines.

接下來，我把電話交給我們的執行長 Eric Hines。

Thank you, James, and good morning, everybody, and thank you for joining our call today. I especially want to thank everybody who participated in our PIPE in April and your continued support for Milestone. It is greatly appreciated.

謝謝你，James，各位早安，也感謝大家今天加入我們的電話會議。我特別要感謝所有在四月參與我們 PIPE（私募投資公開股權）融資的人士，以及各位對 Milestone 的持續支持。我們非常感激。

Our first-quarter results reflect continued progress as we execute on the foundation we established in 2025. We remain focused on building a disciplined operating model where spending is aligned with revenue generation and clear return on investment. That focus is reflected in our results.

我們第一季的結果反映出在執行 2025 年所建立的基礎上持續取得進展。我們仍專注於建立一個嚴謹的營運模式，使支出與營收創造及明確的投資報酬相一致。這樣的專注也反映在我們的成果之中。

We maintained a relatively stable revenue base in the quarter despite the inability to ship certain booked orders to the Middle East due to the ongoing global conflict in the region. Even with that headwind, we reduced operating expenses by approximately $1.3 million or more than 30% year over year, significantly narrowing our losses while we align the company for growth. At the same time, we are beginning to see early signs of traction in the areas that we see as key growth drivers.

儘管因該地區持續的全球衝突，導致部分已接單訂單無法出貨至中東，我們本季仍維持相對穩定的營收基礎。即使面臨這項逆風，我們仍將營業費用年減約 130 萬美元、或超過 30%，在公司為成長調整之際大幅縮小虧損。同時，我們也開始在我們視為關鍵成長驅動因素的領域看到初步的動能跡象。

Starting with our dental business, which remains the backbone of the company. We continue to execute on the national rollout of our ambassador program following its expansion in January, resulting in 173 applications, 73 active ambassadors and 25 new demos and multiple new sales. Engagement levels have been encouraging. And while we expect the financial impact to build over time, we believe this initiative is strengthening our commercial presence and positioning us for improved performance in the back half of the year. Internationally, we continue to pursue additional registrations, which we believe can open meaningful new markets over time.

先從我們的牙科業務談起，這仍是公司的核心支柱。我們持續推動大使計畫在全國的推廣；該計畫於一月擴大後，已帶來 173 份申請、73 位活躍大使、25 場新的產品示範（demo），以及多筆新銷售。互動參與程度令人鼓舞。雖然我們預期財務影響將隨時間逐步累積，但我們相信此項計畫正在強化我們的商業能見度，並使我們在今年下半年具備更佳表現的定位。在國際市場方面，我們持續推進更多註冊/核准，我們相信這將隨時間推動開啟具意義的新市場。

Turning to the medical side. CompuFlo continues to gain traction and is becoming an increasingly important part of our growth strategy. In the first quarter, medical revenue more than doubled year over year, reflecting early-stage adoption and growing interest from clinicians. While we are still in the early innings, the progress reinforces our view that the CompuFlo represents a significant long-term opportunity for the company.

接著談醫療端。CompuFlo 持續獲得市場動能，並正成為我們成長策略中愈來愈重要的一環。第一季醫療營收較去年同期成長逾一倍，反映出早期採用以及臨床醫師日益增加的興趣。雖然我們仍處於早期階段，但這些進展強化了我們的看法：CompuFlo 對公司而言代表一項重大的長期機會。

We also continue to build our infrastructure required to support that growth. Following the launch of our CompuFlo Advisor Program in February, we now have more than eight physician partners actively engaged in six pending, supported by a dedicated reimbursement infrastructure with over 50 claims submitted across three MACs, specifically Novitas, Palmetto, and First Coast.

我們也持續建置支援該成長所需的基礎設施。在二月推出 CompuFlo Advisor Program 之後，目前已有超過八位醫師合作夥伴積極參與、並有六項待處理事項（pending）；同時，我們也建立了專責的給付/報銷（reimbursement）基礎設施，已在三個 MAC（Medicare Administrative Contractor）提交超過 50 件理賠申請，分別為 Novitas、Palmetto 與 First Coast。

This is a critical component of our strategy as adoption in the medical market is closely tied to both clinical validation and reimbursement support. In addition, we remain focused on expanding Medicare coverage, onboarding seven new distribution partners and advancing opportunities with both national and local VA channels. Furthermore, we have started a digital marketing campaign across multiple channels for CompuFlo, resulting in 152 leads. These initiatives are designed to convert early clinical interest into sustained utilization over time.

這是我們策略中的關鍵組成，因為醫療市場的採用與臨床驗證及給付/報銷支援密切相關。此外，我們仍專注於擴大 Medicare 覆蓋範圍，新增七家經銷合作夥伴，並推進與全國及地方 VA（退伍軍人事務部）通路的機會。另外，我們已在多個渠道啟動 CompuFlo 的數位行銷活動，帶來 152 筆潛在客戶線索（leads）。這些舉措旨在將早期的臨床興趣，隨時間轉化為可持續的使用量。

Subsequent to the end of the quarter, we strengthened our balance sheet through a $2.15 million financing. This provides us with additional flexibility to invest in key growth initiatives, including sales expansion, inventory and digital marketing, while maintaining the disciplined approach to capital allocation that we've emphasized since last year.

在季度結束後，我們透過 215 萬美元的融資強化了資產負債表。這使我們在維持自去年以來所強調的嚴謹資本配置方針下，能更具彈性地投資於關鍵成長計畫，包括擴充銷售、備貨與數位行銷。

Turning to our outlook. We are reaffirming our guidance, our 2026 guidance. We continue to expect total revenue in the range of $9.8 million to $10.2 million, representing a double-digit year-over-year growth. Within that, we expect CompuFlo revenue to grow at an even greater pace over the remainder of over 2025.

接著談我們的展望。我們重申我們的 2026 年財測指引。我們仍預期總營收將落在 980 萬至 1,020 萬美元區間，代表年增達雙位數。在此之中，我們預期 CompuFlo 營收在 2025 年剩餘期間的成長速度將更快。

Combined with the structural cost reductions implemented last year, this level of growth is expected to drive improved operating leverage and a meaningful reduction in cash burn. Our goal is to reach cash flow breakeven in early 2027 through disciplined execution, investing only where we see clear returns and building a business that can deliver sustainable long-term shareholder value.

結合去年已實施的結構性成本削減，這樣的成長水準預期將帶來更佳的營運槓桿，並顯著降低現金消耗（cash burn）。我們的目標是透過嚴謹執行，在僅於看見明確回報之處進行投資的前提下，於 2027 年初達成現金流損益兩平，並打造能為股東帶來可持續長期價值的企業。

I'll now turn the call over to Keisha to review our financials. Keisha?

接下來我把電話交給 Keisha 來回顧我們的財務表現。Keisha？

Thank you, Eric, and good morning, everyone. Total revenue was flat at approximately $2.2 million for both the three months ended March 31, 2026, and 2025. Gross profit was $1.56 million, roughly in line with the $1.65 million for the prior-year period. Importantly, our gross margins remain robust at 72.3% compared to 73.8% in the prior period.

謝謝你，Eric，各位早安。截至 2026 年 3 月 31 日止三個月與 2025 年同期相比，總營收持平，約為 220 萬美元。毛利為 156 萬美元，與去年同期的 165 萬美元大致一致。重要的是，我們的毛利率仍維持強勁，為 72.3%，相較於前一期間的 73.8%。

Operating losses was $828,000, an improvement of 58% or $1.2 million compared to the operating losses of $2 million in the prior period. Net losses was $840,000 compared to the net loss of $2 million for the prior period year in over year. The net loss was narrowed by 58% or $1.2 million.

營業虧損為 82.8 萬美元，較前一期間 200 萬美元的營業虧損改善 58%，或改善 120 萬美元。淨虧損為 84 萬美元，相較於去年同期的淨虧損 200 萬美元。淨虧損縮小 58%，或縮小 120 萬美元。

With that, I'd like to turn it back over to the operator for questions.

接下來，我想把電話交回給接線員進行提問。

(Operator Instructions) Anthony Vendetti, Maxim Group.

(接線員指示) Anthony Vendetti，Maxim Group。

Before I focus on the medical growth CompuFlo sales, which I'm glad to see the progress there. I wanted to just -- you said in the -- in your prepared remarks that there were some revenue that was impacted in the Middle East. Do you have a range of what that revenue was and where you're able to get that shipped in the second quarter? Or is it because of the ongoing conflict, it's sort of in limbo?

在我聚焦醫療端成長、CompuFlo 銷售之前——我很高興看到那邊的進展。我想先問一下——你在事先準備的發言中提到，中東那邊有一些營收受到影響。你能否提供那部分營收的大致區間，以及你們是否能在第二季把貨出出去？還是因為衝突仍在持續，所以目前有點懸而未決？

Thanks, Anthony. That's a good question and it's one that we're very familiar with, as you can imagine. So yeah, we have about $200,000 in bookings that we were unable to ship due to the regional conflict over in the Strait of Hormuz. So subsequently to that, we have now shipped a majority of that. I think we've got a little bit remaining for this quarter. But had we been able to ship those orders, we would have seen an increase in sales over the prior quarter. So it did impact the revenues, as you heard. And fortunately, we've been able to ship a considerable amount of it here already in Q2.

謝謝你，Anthony。這是個好問題，而且如你所想，我們對此非常熟悉。是的，我們大約有 20 萬美元的訂單（bookings）因荷莫茲海峽（Strait of Hormuz）一帶的區域衝突而無法出貨。之後，我們現在已經出貨了其中的大部分。我想本季還剩下一小部分。但如果當時能夠出貨這些訂單，我們的銷售額就會較上一季有所增加。所以確實如你所聽到的，這對營收造成了影響。所幸我們在第二季已經能夠出貨其中相當大的一部分。

Okay. Great. And then the doubling of CompuFlo medical revenue. That's great to hear. Do you have a -- and I know we're coming off a low base, but -- are you going to provide that number? And then just if you could get more into some of the numbers you mentioned, there's 152 leads. You have eight physician partners. I missed the number that you said were pending.

好的。很好。接著是 CompuFlo 醫療營收翻倍。很高興聽到這個。你們是否有——我知道我們是從較低的基期起來，但——你們會提供那個數字嗎？另外，如果你能更深入談談你提到的一些數字：有 152 個潛在客戶線索（leads）。你們有八位醫師合作夥伴。我漏聽了你說有多少是待處理中的。

But in terms of the leads, can you talk about where that was before this quarter? And then the ability to turn those leads into partners, how long do you think that takes? What's the average conversion into a partner in terms of time?

但就這些線索而言，你能談談在本季之前大概是多少嗎？另外，把這些線索轉換成合作夥伴的能力，你認為需要多久？就時間而言，平均轉換成合作夥伴要花多久？

Yeah. So a lot of intersecting points there with the question. So first, I guess, on the CompuFlo side of the equation, as indicated in the earnings report, we generated about -- I believe it was $108,000 in revenue for Q1. We see that trend continuing through Q2. And then we see -- once we get through the Medicare reimbursement, which we plan to initiate formal discussions with Medicare based on the number of claims that we've now got in the system here in early June time frame. So that's sort of the critical point that we'll get to. We'll probably start with our friends down in Florida and First Coast.

是的。這個問題裡有很多交織的點。所以首先，我想在 CompuFlo 這一端，如同財報所示，我們在第一季創造了大約——我記得是 10.8 萬美元的營收。我們看到這個趨勢在第二季持續。然後我們看到——一旦我們完成 Medicare（聯邦醫療保險）給付（reimbursement）這一關，我們計畫在六月初、基於目前系統裡已累積的理賠（claims）數量，啟動與 Medicare 的正式討論。所以那會是我們要達到的關鍵點。我們可能會先從佛羅里達那邊的夥伴、以及 First Coast 開始。

So we expect, again, the trend to continue on the growth cycle on the CompuFlo side. And if we're able to get through the Medicare reimbursement with a reasonable reimbursement number, we have nonlinear opportunities moving into the second half of the year, but again, mostly dependent on the Medicare reimbursement.

因此我們預期 CompuFlo 端的成長循環趨勢會持續。如果我們能在 Medicare 給付上取得進展，且給付金額合理，我們在下半年會有非線性的機會，但同樣地，主要仍取決於 Medicare 的給付結果。

As it relates to the number of leads that we're generating now, CompuFlo more or less from a digital marketing perspective in social media, was not even on the map, right? And so we launched the CompuFlo sort of, I guess, adjacent to the stuff that we're doing in dental. And we're frankly very surprised at the impact of digital marketing. So we're getting anesthesia, neurologists, all sorts of different people, neurosurgeons reaching out to us. And again, we were a little bit surprised to get 152 leads and probably generating anywhere from 20 to 30 new leads per week and following up with those folks, of course.

至於我們目前產生的線索數量，從數位行銷、社群媒體的角度來看，CompuFlo 之前幾乎不在版圖上，對吧？所以我們推出 CompuFlo，我想算是與我們在牙科所做的事情相鄰並行。坦白說，我們對數位行銷的效果感到非常驚訝。因此有麻醉科醫師、神經科醫師、各式各樣的人、神經外科醫師主動聯絡我們。而且我們對於拿到 152 個線索也有點意外，並且每週大概新增 20 到 30 個新線索，當然也會跟進這些人。

So the impact on the digital marketing was a bit surprising. But it's all together with the distribution partners that we've signed on, with the direct sales person that we've got out there in the field, we are seeing a lot of activity across every front. And it's not -- it's in every aspect of epidural injections, from spinal stimulation to neurosurgeons to conventional interventional pain folks. And we are also seeing a lot of traction with the university community in academia. So we're seeing opportunities to meet with very large name brand institutions out there in the field.

所以數位行銷的影響有點出乎意料。但結合我們已簽下的通路合作夥伴、以及我們在外勤的一位直銷人員，我們看到各個面向都有大量活動。而且不只是——它涵蓋硬膜外注射（epidural injections）的各個層面，從脊髓刺激（spinal stimulation）到神經外科醫師，再到傳統的介入性疼痛治療（interventional pain）族群。我們也看到在大學學術界有很大的進展。所以我們看到有機會在第一線與一些非常知名的大型機構會面。

And I think you'll see that we continue to have research papers published. There was one recently that was published, UTMB, spinal stimulation. So we're getting traction all across the board. And I guess the last question that you asked was around just the timing. So in spite of Medicare reimbursement not being exactly where we want it to be, we are seeing orders that turn around as quickly as a week, right?

而且我想你會看到我們持續有研究論文發表。最近就有一篇發表出來，UTMB，脊髓刺激。所以我們在各方面都在取得進展。我想你最後問的是關於時程。因此即使 Medicare 給付還沒有完全達到我們希望的水準，我們仍看到有些訂單最快一週內就能成交，對吧？

And so as people go out, they'll demonstrate the solution. They'll see the enthusiasm. They'll identify the niche cases where this makes a lot of sense initially. And we're seeing purchases turn around that goes quickly as a week, which, again, is quite surprising in light of the fact that we're still not where we need to be with the Medicare reimbursement.

所以當業務出去示範解決方案時，他們會看到熱情反應。他們會先找出一開始最適用的利基案例。而我們看到採購決策最快一週就能完成；考量到我們在 Medicare 給付上仍未達到需要的狀態，這點同樣相當令人驚訝。

So just a lot of really, really positive momentum. The trick here is obviously to convert that to revenue and then to be able to expand nonlinearly. And all of that comes in conjunction with getting the MACs approvals and reimbursement back where we it to be. Did I answer --?

所以整體來說是非常、非常正向的動能。關鍵當然是把它轉化為營收，然後能夠非線性地擴張。而這一切都要配合取得 MACs 的核准，並讓給付回到我們希望的水準。我有回答到--？

Okay, yeah, no -- that sounds -- yeah, no, yeah, almost -- yeah, I think you answered all of it, but I'm just going to do a follow-up on the -- on two points. One is it sounds like your DTC marketing is, like you said, maybe even surprised you working really well, 20 to 30 new leads per week. Is there -- do you need to put more effort behind that or that's -- it's working perfectly, no change there?

好的，是的，不——聽起來——是的，不，是的，差不多——是的，我想你都回答到了，但我想就兩點再追問一下。第一點是，聽起來你們的 DTC（直接面向消費者）行銷，如你所說，可能連你們自己都驚訝，效果非常好，每週 20 到 30 個新線索。那麼——你們是否需要在這方面投入更多力道，還是——目前運作得很完美，不需要改變？

And then you said you're going to initiate formal claims to submit to Medicare. Can you just elaborate a little bit more on what you can do from your end as a company to try to -- and I know it's the government, so it's not necessary that you can expedite it, but to make sure that you're checking all the boxes to get this reimbursement as soon as possible and then whatever time frame you can outline for when you expect that to happen?

另外你提到你們將啟動向 Medicare 提交正式理賠。你能否再多說一點，從公司端你們能做些什麼來嘗試——我知道這是政府部門，所以不一定能加速——但至少確保你們把所有該做的事項都做到位，以便盡快取得這個給付；以及你能否提供一個你們預期會發生的時間範圍？

It always amazes me how the analysts seem to get it right. I used to work for this software company, to Gartner. You would think that they didn't know exactly what was going on and then they would ask these questions and they would just be spot on.

分析師似乎總是能抓得很準，這總讓我很驚訝。我以前在一家軟體公司工作，對 Gartner。你會以為他們並不清楚到底發生什麼事，但他們問的問題卻總是切中要害。

So you asked about the 152-odd leads that we've been receiving. We're getting an equal amount on the dental side. And so one of the challenges on following up on the leads is all these doctors are working during the day, the dentists included, and most of the dentists are off, for instance, on either Wednesday or Friday.

所以你問到我們收到的大約 152 個線索。我們在牙科端也收到同樣數量。因此，跟進這些線索的一個挑戰是，這些醫師白天都在工作，牙醫也一樣；而且多數牙醫例如在週三或週五會休診。

So following up on the leads, we haven't skinned that cat, so to speak yet because it's very difficult, even though they fill out two or three pages of forms and show a clear interest, getting back in touch with them is difficult, right? And so it's been a little bit tricky to follow up on the leads just from the standpoint of these folks are doing procedures usually during the workday. So we're working on that. And yes, we do need more horsepower to chase after those leads.

所以就跟進線索而言，我們還沒有把這件事「搞定」（這麼說吧），因為這非常困難；即使他們填了兩三頁表格、顯示出明確興趣，要再聯絡上他們仍然很難，對吧？因此，從這些人通常在工作日進行手術／處置的角度來看，跟進線索一直有點棘手。所以我們正在處理這件事。而且是的，我們確實需要更多人力來追這些線索。

As far as Medicare reimbursement, I think as I indicated in our last call, we've got a dedicated team led by a lady by the name of Evelyn Gittinger, who has 20-plus-plus years in prosecuting opportunities on the Medicare side of the equation along with the call center. And we've got a very outlined plan that, again, puts us back in front physically of probably First Coast in June. And then we've got an entire road map that leads us to our submission for a Category I authorization for the February meeting of next year. And so that requires submission probably in the November time frame.

至於 Medicare 給付，我想如同我在上次電話會議提到的，我們有一個專責團隊，由一位名叫 Evelyn Gittinger 的女士領導；她在 Medicare 這一端推進相關機會有 20 多年以上的經驗，並且搭配客服中心（call center）。我們有一個非常明確的計畫，會讓我們在六月再次親自回到——很可能是 First Coast——面前。然後我們有一整套路線圖，帶領我們在明年二月的會議上提交 Category I（第一類）授權申請。因此這需要在大約十一月的時間點提交。

So they really look at three different things. They look at utilization, which is why we're generating the claims. They look at the clinical need and they look at physicians that are supporting you and willing to be -- to come in with you to talk about why there's a clinical need. And then finally, they look at the different societies that are also engaged in this process. And to an extent, some of the research that's happening soon at the University of Kansas, University of Minnesota, and already at University of Texas Medical Branch. So -- and there's more coming on that front as far as opportunities at some name brand institutions.

所以他們其實會看三個不同的面向。他們會看使用量（utilization），這也是為什麼我們要產生理賠申請。他們會看臨床需求，也會看是否有支持你、願意和你一起進來說明為何有臨床需求的醫師。最後，他們也會看有哪些不同的學會/專業協會也參與在這個流程中。另外在某種程度上，也會看一些即將在堪薩斯大學、明尼蘇達大學展開、以及已經在德州大學醫學分部進行中的研究。所以——在這方面還會有更多進展，包含一些知名機構的合作機會。

Bruce Jackson, StoneX.

Bruce Jackson，StoneX。

Hi, good morning. Just a couple of follow-up questions on the dental ambassador program. So this is fairly new. Are you seeing anything in terms of like repeat sales? Or how do you feel about the trajectory here? Should we be thinking it's going to be kind of a slow trajectory and then building later in the year? Or could we see something as soon as the second quarter?

嗨，早安。我有幾個關於牙科大使計畫的追問。所以這是相當新的計畫。你們有看到任何像是重複銷售（repeat sales）之類的跡象嗎？或者你們對這裡的發展軌跡有什麼看法？我們應該把它想成會先是比較慢的成長軌跡，然後在今年稍晚再加速嗎？還是我們可能在第二季就看到一些成果？

It's a question I asked my sales team yesterday, but a good question. Thanks, Bruce. Good to hear your voice. The ambassador program, we launched it a pilot, I believe it was in December, then we kind of full-fledged launched it in January. And again, we were surprised that we got so many applications. In fact, we were -- each of them is a W-9 employee, and there's opportunity for them to earn money if they generate demos and so forth.

這也是我昨天問我銷售團隊的問題，不過問得很好。謝謝你，Bruce。很高興聽到你的聲音。大使計畫我們先以試點方式推出，我記得是在12月，然後在1月算是全面正式上線。而且我們也很驚訝收到這麼多申請。事實上，我們——他們每一位都是W-9的聘用人員，如果他們能帶來產品示範（demo）等等，就有機會賺取報酬。

And so we had more than we expected. And so we did a couple of training sessions. We had some follow-ups and so forth. But what we've learned is it's probably -- it's the Pareto principles, right? We got 20% of them are having an impact. The other 80% are either putting it on their LinkedIn page that they're ambassador.

所以人數比我們預期的還多。因此我們做了幾場訓練課程。也做了一些後續追蹤等等。但我們學到的是，這大概——就是帕累托原則，對吧？大概有20%的人正在產生影響。另外80%的人不是把它放在LinkedIn頁面上說自己是大使而已。

So we are hiring a person to take over that program. One of the actual ambassadors, we're going to bring on and have her really spearhead leading that team. And we expect that like anything else, 20% to 30% of those people will be active and engaged in really driving demos and results. So it's still a little bit early days as it relates to that, but we fully expect that that will be a significant contribution in the second half of the year, and it's already showing results even with just having launched it just a few months ago.

所以我們正在招募一位人員來接手這個計畫。我們會把其中一位實際的大使聘進來，讓她真正帶頭領導這個團隊。我們預期跟其他事情一樣，大約20%到30%的人會積極投入，真正推動demo與成果。因此就這件事而言目前還算早期，但我們完全預期它會在下半年做出顯著貢獻；而且即使才上線幾個月，現在也已經開始看到成效。

Okay. Great. And then looking at the international business, I believe you've got some new product registrations in process, and I think Japan is one of the countries. What's the -- what are the countries where you've got new product registrations in process? And what might be the timing on getting those approved?

好的。很好。接著看國際業務，我記得你們有一些新產品註冊正在進行中，我想日本是其中一個國家。目前有哪些國家正在進行新產品註冊？大概什麼時程可能會核准？

So we break them down into the tiers, Tier 1, 2 and 3. And so probably the three that you're referring to are India, Mexico, and Japan. We expect India and Mexico here in the next quarter. Japan might be a little bit longer, probably more in the September time frame. So any impact from those three will be at best in Q4.

我們把它們分成不同層級：Tier 1、2和3。所以你提到的那三個大概是印度、墨西哥和日本。我們預期印度和墨西哥會在下一季內完成。日本可能會久一點，大概會落在9月左右的時間點。所以這三個市場帶來的任何影響，最早也只能在第四季（Q4）看到。

But these are major markets with especially large cosmetic dentistry opportunities in them. And so those are the three. There's Turkey and a handful of others that are also being pursued. But we're trying to be very selective because the registration process in itself is time-consuming and there's costs associated with it. So we're trying to be a little bit more selective.

但這些都是重要市場，尤其在其中有很大的美容牙科（cosmetic dentistry）機會。所以就是這三個。另外土耳其和其他幾個國家也在推進中。但我們正努力非常有選擇性，因為註冊流程本身很耗時，而且也有相關成本。所以我們希望更審慎一些。

There's a handful of others that are out there that are already in process. Some of the -- we call them the stans, Uzbekistan and Kazakhstan and a handful of others, which were probably more like Tier 2 or Tier 3 markets.

另外還有一些其他國家也已經在流程中。其中一些——我們稱為「-stan」的國家，像烏茲別克、哈薩克，以及其他幾個，這些大概更像是Tier 2或Tier 3市場。

Okay. And then getting back to the Medicare reimbursement road map. So going to sit down with First Coast this summer and then submit November. And then would February be like the official -- you have reimbursement, it's loaded in the system and you're ready to go out. When is everything in place where the physician doesn't have to think about whether or not this is covered?

好的。再回到Medicare給付（reimbursement）路線圖。所以今年夏天會和First Coast坐下來談，然後11月提交。那2月會不會像是正式——你們已經有給付、系統也已經建檔，然後就可以開始對外推進？什麼時候才能做到一切就緒，讓醫師不需要再去想這個到底有沒有涵蓋（covered）？

So we will receive reimbursement well prior to moving to a Cat I authorization. So it will still be under a CPT code probably, let's call it, July through March or April of next year. So it will still be a Cat III approval, but the reimbursement hopefully will be in a much better spot than it is right now back to the -- hopefully, to the 325 range that it was prior to no utilization taking place. And so the company was a little bit fortunate to get the reimbursement. The good news is it did.

所以在我們轉到Cat I核准之前，我們就會先拿到給付。因此它仍會在CPT代碼之下，我們先假設大概是今年7月到明年3月或4月。所以仍會是Cat III核准，但我們希望給付水準能比現在好很多，回到——希望回到先前在沒有發生使用量之前大約325左右的區間。所以公司當時算是有點幸運能拿到給付。好消息是，確實拿到了。

So there's precedent, but then they didn't follow through with supporting the doctors to submit cases and so forth and didn't have the infrastructure in place to do that and the utilization was not what it needed to be. So we're focused -- we kind of flipped the script, and we're focused on utilization and submission to drive reimbursement. And again, I think they were a little bit fortunate to get it so quickly and then didn't follow through on keeping the utilization up where it needed to happen.

所以有先例可循，但他們後來沒有持續支持醫師去提交案例等等，也沒有建立相應的基礎設施，因此使用量沒有達到需要的水準。所以我們現在的重點——我們有點把劇本翻過來，我們專注在使用量與提交申請，來推動給付。而且再說一次，我認為他們當時有點幸運很快就拿到給付，但之後沒有把使用量維持在應有的水準。

So we will be able to see what the reimbursement will be well prior to moving to a Cat I. And once it gets to a Cat I, then it's a bit more of a rubber stamp. Even with the Cat III reimbursement, there's still some work that needs to be done and thus the call center that we've enlisted to help us for the office managers to lean on when they're submitting under a Cat III code. Does that make sense?

所以在轉到Cat I之前，我們就能先看到給付會是多少。一旦到了Cat I，就比較像是例行性的核准（rubber stamp）。即便在Cat III給付下，仍然有一些工作需要完成，因此我們也找了客服中心（call center）來協助，讓診所的辦公室經理在以Cat III代碼提交時可以有所依靠。這樣說有清楚嗎？

Yeah, absolutely. And then last question for me. The expense control has been very tight. And I'm just kind of wondering going forward with -- you have a number of initiatives in place that may have some cost implications. What's your outlook for operating expenses over the next couple of quarters?

有，完全清楚。那我最後一個問題。你們對費用的控管一直非常嚴格。我只是想了解，往前看——你們有不少正在推動的計畫，可能會帶來一些成本影響。你們對未來幾季的營業費用（operating expenses）展望如何？

Yeah. I don't think we're going to have the big results that we've had in the first handful of quarters. I do think you'll see some modest continued reduction in expenses. There's still some things that we have an opportunity to cut. And we are on track and on budget across almost every single aspect of the business as far as expense reduction, and we're really not seeing much of an impact on it sort of inhibiting us from continuing to put some of the initiatives in place.

是的。我不認為我們還會像前面幾季那樣出現那麼大的成果。但我確實認為你會看到費用有一些溫和、持續的下降。我們仍有一些項目有機會再削減。而且就費用降低而言，我們在幾乎每個業務面向都按計畫、按預算推進；我們也沒有看到這會對我們持續推動一些計畫造成太大抑制。

And so with all the stuff that we've cut and the people that we're adding and the initiatives that we're adding, we're still within the budget for 2026. You'll see additional expense cuts but not to the magnitude that you've seen in the first two quarters.

所以在我們已經削減的項目、我們新增的人力、以及我們新增的計畫之下，我們仍然在2026年的預算範圍內。你會看到進一步的費用削減，但幅度不會像你在前兩季看到的那麼大。

John Korb.

John Korb。

I was waiting for you, John. You were very kind last time. So I hope you'd still be good.

我一直在等你，John。你上次非常友善。所以我希望你這次也仍然會很照顧。

Well, I'll be kind again this time. Let me start off by saying I'm delighted that you're at the helm. I get the feeling that if anybody can put this together, you can. You took this job at a time when Milestone was up against it. So I don't think you would have taken the job unless you had really a strong conviction of the open-ended possibilities for the company, both in CompuFlo and the dental side.

好，我這次也會再友善一次。先讓我說，我很高興你在掌舵。我有種感覺，如果有人能把這件事整合起來，那就是你。你是在 Milestone 面臨困境的時候接下這份工作。所以我認為，除非你對公司在 CompuFlo 以及牙科業務兩方面的無限可能性有非常強的信念，否則你不會接下這份工作。

Needless to say, it hasn't unfolded the way I might have envisioned some time ago where somebody -- some clinician would use this product at CompuFlo and say, where has this been all my life? Get together all the clinicians in the company and say, you're all going to use this. And then there'd be a huge launch. It hasn't worked out that way. Could you just elucidate a little bit on your vision for the company and how it might unfold even if it's inaccurate?

不用說，事情並沒有像我之前某個時候所想像的那樣展開：某位——某位臨床醫師在 CompuFlo 使用這個產品後會說，這東西我怎麼以前都沒用過？然後把公司裡所有臨床醫師集合起來說，你們全部都要用這個。接著就會有一個盛大的上市推廣。但結果並不是這樣。你能否稍微闡述一下你對公司的願景，以及它可能如何發展——即使不一定準確？

Does the CompuFlo side depend on this adviser program? Is that what it is? And how does that work with physicians and adviser program? Why is that needed? And let's say one is successful, how will that translate to wider adoption or will it not? I'm just having a little bit of trouble getting my head wrapped around of how this might all unfold in the future.

CompuFlo 這一塊是否取決於這個顧問計畫？是這樣嗎？那它與醫師及顧問計畫之間是怎麼運作的？為什麼需要這個？假設其中一個成功了，它會如何轉化為更廣泛的採用，還是其實不會？我只是有點難以理解，這一切未來可能會如何展開。

You and I have a lot of the same questions, right? But I think we're uncovering them. You're absolutely right that I believed in the technology, and that's part of the reason -- it was an investor, as you know, and why I came back to join the company because I just couldn't understand how something that made so much sense wasn't more widely adopted. And so when I jumped on board, I found the water a little bit deeper than I expected, but that's okay. That's normal in this world of microcaps.

你和我有很多相同的問題，對吧？但我想我們正在把它們釐清出來。你說得完全正確，我確實相信這項技術，這也是原因之一——如你所知，我曾是投資人——也是我回來加入公司的原因，因為我實在無法理解，一個這麼合理的東西為什麼沒有被更廣泛採用。所以當我加入後，我發現情況比我預期的更棘手一些，但沒關係。在微型股（microcaps）的世界裡，這很正常。

The good news is the technology still speaks for itself, and it does all the things that were advertised. I think the challenge for the company was that they saw this great product and they thought it made so much sense and they sort of sprayed in a shotgun approach, and we're talking about standard of care and sort of getting ahead of their skis.

好消息是，這項技術仍然能自證其價值，而且它確實做到了當初宣稱的所有功能。我認為公司的挑戰在於，他們看到這個很棒的產品，覺得它非常合理，於是用一種散彈槍式的方式到處推廣；我們談到要成為照護標準（standard of care），某種程度上有點操之過急。

And I think, again, sort of stepping back and looking at the relaunch of the adviser program, where we find people that get excited about CompuFlo is probably a little bit more on the academic side. So it's not necessarily at this point, I would say, mainstream folks that are sort of treating epidurals as a bit of a -- not a commodity, but they're running epidurals through the pain clinics, 10, 20, 30, 40, 50 a day. What we're seeing is, in some cases, in some of the more complex cases, thoracic, cervical, spine stim and unique anatomy, scoliosis, all these OB/GYN, right, where they started in labor and delivery -- that it just makes a lot of sense.

而我認為，再退一步來看，重新啟動顧問計畫時，我們發現對 CompuFlo 感到興奮的人，可能更多是在學術端。所以我會說，現階段不一定是主流那群人——那些把硬膜外注射當成一種——不是商品化，但他們在疼痛診所一天做 10、20、30、40、50 例硬膜外的那種。我們看到的是，在某些情況下、一些更複雜的病例，例如胸椎、頸椎、脊髓刺激器（spine stim）以及特殊解剖、脊柱側彎，還有各種婦產科（OB/GYN）——對吧，他們是從產房與分娩（labor and delivery）開始的——這就非常合理。

So I don't think that they kind of started focusing, okay, let's do labor and delivery. No, let's not do labor and delivery because that's complicated. Now let's go over to interventional pain and focus. I think what we will find over time is that there is an opportunity, a substantial opportunity in every aspect of the spine and to an extent, the brain. And we will find that we become a very big player or niche player within many different aspects of pain.

所以我不認為他們是先開始聚焦，好吧，我們做產房與分娩。不，我們不要做產房與分娩，因為那很複雜。現在我們轉到介入性疼痛（interventional pain）並聚焦。我認為，隨著時間推移，我們會發現，在脊椎的各個面向，以及某種程度上在腦部，都存在機會，而且是相當可觀的機會。我們也會發現，我們會在疼痛領域的許多不同面向中，成為非常重要的玩家或利基玩家。

And so I think the story unfolds that the people that embrace this first are usually the academics. And I don't know if this is okay to say, but the younger doctors who are very interested in new technology, not that the older ones are not. But sometimes, the academic community kind of pushes the limits. I'm fortunate enough here to have a person here that is very familiar with some of this stuff and how things get pushed at the academic level. Her father passed away from ALS and she's here with me taking notes.

所以我認為，故事的發展是：最先擁抱這項技術的人通常是學術界。我不知道這樣說是否合適，但也包括對新技術非常有興趣的年輕醫師——並不是說年長的醫師就沒有。但有時候，學術社群會去推動界線。我很幸運在這裡有一位同事，她非常熟悉其中一些事情，以及在學術層級如何推動。她的父親因 ALS 過世，她現在在我旁邊幫我做筆記。

But the academic community really pushes the envelope, and that's where we're going to, I think, see the initial traction. And then I think it's just going to grow because it just makes sense. I mean, Dr. Sayed on our Board will tell you, it just is crazy for doctors that are going into the epidural space not to use a flashlight when they're walking into a cave.

但學術界確實會不斷突破界線，我認為我們會在那裡看到初期的動能。接著我認為它會持續成長，因為這真的很合理。我的意思是，我們董事會的 Sayed 醫師會告訴你，醫師要進入硬膜外腔卻不使用手電筒，就像走進洞穴卻不帶光一樣，簡直不可思議。

The fluoroscopy helps. So I don't know that I have the answer for you at this moment, but the feeling right now is it's very broad. We see applications across all aspects of pain. And where it ends up landing most heavily, I'm not exactly sure. I just know that the people that see it and use it, and believe in it. And the research supports that the reduction in problems is significant. So that was a long-winded answer with a lot of commentary, but I don't know, John, if that helps.

透視（fluoroscopy）確實有幫助。所以我不知道此刻我是否能給你一個明確答案，但目前的感覺是，它的適用範圍非常廣。我們看到它在疼痛領域的各個面向都有應用。至於最後會在哪個領域落地得最重，我也不完全確定。我只知道，看過它、用過它的人，會相信它。而研究也支持，併發問題的降低幅度很顯著。所以這是一個冗長的回答，帶了很多評論，但我不知道，John，這樣是否有幫助。

It was a long-winded question. So I appreciate. Thank you so much. I just wanted to get your feel for what you were thinking. We're thinking along the same lines. And I'm sure the water has been a little deeper, but I just really appreciate your diligence and the way you're handling the Milestone so far. So I'll be following you and talk to you again in three months. Thank you.

這也是個冗長的問題。所以我很感謝。非常謝謝你。我只是想了解你在想什麼、你的感覺如何。我們的想法是一致的。我也確信情況確實比預期更棘手一些，但我真的很感謝你的勤勉，以及你到目前為止處理 Milestone 的方式。所以我會持續關注你，三個月後再跟你聊。謝謝。

Gary Carroll.

Gary Carroll。

The pain man is on board here. Listen, I have a couple of questions for you. Just you've mentioned a couple of times the distribution partners. So who are they exactly? Do we have distributors on board? And are they helping us round up docs? Or what's the story on that?

疼痛領域的人在這裡上線了。聽著，我有幾個問題想問你。你提到過幾次通路合作夥伴（distribution partners）。所以他們到底是誰？我們有經銷商加入了嗎？他們有在幫我們把醫師找來嗎？還是這方面的故事是什麼？

100%. We've got, I believe, it's eight distribution partners on board now with a handful in the hopper. Typically, these organizations are -- like Axial was back in the day, there are a handful of folks with their own respective networks. So we have distributors on board with quotas, if you will, and we're already seeing activity. In fact, we just had an order come through for one here recently.

百分之百。我們現在已經有——我相信——8 家通路合作夥伴加入，另外還有幾家正在洽談中。通常這些組織——就像當年的 Axial——是由少數幾個人組成，各自擁有自己的網絡。所以我們的經銷商都有配額（quota），可以這麼說，而且我們已經看到一些活動。事實上，我們最近才剛收到一筆訂單。

So yeah, we've got eight. So the total number is anywhere from two to five people per distribution company. So call it, 20 to 30 people out there that are -- have quotas. And Josh Walker, our salesperson, is sort of leading that campaign. And those will only grow.

所以是的，我們有 8 家。每家通路公司的人數大約是 2 到 5 人。所以可以算是外面大概有 20 到 30 個人——都有配額。而我們的業務 Josh Walker 正在帶領這個推進。而且這個數量只會持續增加。

Who, by the way, is doing a fantastic job. He is an exuberant, just a great -- that's a great asset. Josh is doing a fantastic job for you. I know we got a lot of activity here in Florida. You said there's eight docs so far on board with about 50 cases submitted. Has Evelyn given us any indication of what she thinks we need to have submitted as far as numbers for her to go meet with First Coast and sit down and say, it's being utilized and where that takes us time line-wise to get the T-code, some reimbursement back? Do we have any idea on that numbers-wise?

順帶一提，他做得非常出色。他充滿熱情，真的是很棒——那是一項很大的資產。Josh 正在為你們做非常出色的工作。我知道我們在佛羅里達這邊有很多活動。你說目前已有八位醫師加入，並提交了大約 50 個案例。Evelyn 有沒有給我們任何指示，說她認為我們需要提交到什麼樣的數量，才能去和 First Coast 會面、坐下來說明它正在被使用，以及就時間線而言，這會把我們帶到哪裡、多久能拿到 T-code、拿回一些報銷？我們在數量上有任何概念嗎？

Yeah. No, I think we hit that mark already, right? I mean, so I think 53 -- not unfortunately, but probably half of those are commercial payers versus Medicare. And then there's a timing aspect of it, right? So generally, the submissions don't necessarily happen in the day of the procedure.

有。不，我覺得我們已經達到那個門檻了，對吧？我的意思是，我想 53——不是說不幸，但其中大概一半是商業保險支付方，而不是 Medicare。然後還有時間面的因素，對吧？所以一般來說，申報不一定會在手術當天就發生。

So they get flipped over to the back office at the respective pain clinic, which you know more than most of us about. And then sometimes, it takes two weeks, it can take up to a month, depending on the backlog to get those submitted. And then once they get submitted, there's another lag of anywhere from 30 to 45 days to receive the EOBs back.

所以它們會被轉到各疼痛診所的後勤辦公室，你對這點比我們大多數人都更了解。然後有時候會需要兩週，視積壓情況而定，可能長達一個月才會提交。接著一旦提交後，還會再延遲約 30 到 45 天才會收到 EOB 回覆。

So it's a bit of a process. It takes probably 60 days between procedure and actually getting some information back from Medicare. So 50, call it, 25 that have actually been Medicare claims is probably enough. We'll probably wait until the first part of June, as we pointed out, to reengage there. And we're already getting some indications that things are progressing. But yes, so sometime in early June, we'll reengage with the folks at First Coast.

所以這是一個有點流程的事情。從手術到實際從 Medicare 拿到一些回饋資訊，可能需要大約 60 天。所以 50 件裡面，算 25 件實際是 Medicare 的理賠申請，應該就夠了。我們可能會等到六月初，如同我們提到的，再去重新接洽那邊。而且我們已經收到一些跡象顯示事情正在推進。但沒錯，所以在六月初的某個時間點，我們會再與 First Coast 的人重新接洽。

Do we have anybody on board, Eric, that is actually working with the billing people at the various ambassadors that we currently have on board to help them expedite the claims being submitted into Medicare?

Eric，我們有沒有人在協助目前已加入的各位大使所屬單位的帳務人員，一起合作、幫他們加快把理賠申請送進 Medicare 的速度？

Yeah. We've got a call center of three people that are there to answer questions, to help with the submissions in the Medicare respective billing people at the offices.

有。我們有一個三人的客服中心，負責回答問題，並協助各診所辦公室中負責 Medicare 申報的帳務人員進行提交。

Okay. And I want to -- just something else that was mentioned about academia. Five years ago, when Eric Gilbert was the Vice President -- rest in peace, Eric -- I took him to Boca Regional Hospital to a group of very, very experienced anesthesiologists. They loved the device. They said, well, we never had -- we haven't had a wet tap in 10 years, we don't need it. But this should be in every teaching institution in the country. You're right. They had young doctors who will use this in a heartbeat. They want something new. They love it. So are we focused on any big medical schools right now trying to get in and get this thing in there?

好。我還想——再提一件剛剛提到的關於學術界的事。五年前，當 Eric Gilbert 還是副總裁時——願他安息，Eric——我帶他去 Boca Regional Hospital，見了一群非常、非常有經驗的麻醉科醫師。他們很喜歡這個設備。他們說，嗯，我們已經——我們 10 年都沒有發生過 wet tap，所以我們不需要它。但這應該要在全國每一所教學機構裡。你說得對。他們有年輕醫師會立刻使用這個。他們想要新的東西。他們很喜歡。所以我們現在有沒有聚焦在任何大型醫學院，試著打進去、把這個東西導入那裡？

I'll just say that Josh will be up next week in the East Coast. And I think we all know where a lot of the big academic universities are up in the East Coast. So yeah, it is one pillar of our strategy; it includes the teaching hospitals. And we've heard that from every single doctor that we've spoken with that this makes total sense to have this in the teaching hospitals.

我先說，Josh 下週會到東岸。而我想我們都知道，很多大型學術大學都在東岸那一帶。所以是的，這是我們策略的一個支柱；其中包含教學醫院。而且我們從每一位我們交談過的醫師那裡都聽到：把這個放進教學醫院是完全合理的。

100% because then they leave school, they go into a practice and say, where is my CompuFlo?

百分之百，因為他們離開學校、進入執業時，就會說：我的 CompuFlo 在哪裡？

Yeah. Well, and they're also not so concerned about the Medicare reimbursement when you're going into a university that wants to purchase equipment for their students. And we're in the process. There's a budget cycle, obviously, that's part of the university system, and we're in the process of being part of that, right? So you got to get into the budget so that they can procure and everything else. So it's a little bit of a process, but it's foundational because as you point out, these folks leave and they want to continue to use the unit.

是的。而且當你進入一所想為學生採購設備的大學時，他們也不會那麼在意 Medicare 的報銷。我們正在推進中。顯然有一個預算週期，這是大學體系的一部分，而我們正在努力把自己納入其中，對吧？所以你必須進入預算，讓他們能夠採購以及處理其他事項。所以這需要一點流程，但它是基礎性的，因為如你所說，這些人離開後會想要繼續使用這台設備。

All right. Listen, it sounds like you're making great progress. I have just one more question for you. What's our inventory like? Do you have -- do we have a bunch of boxes? I mean, the CompuFlos themselves and disposables, do we have an adequate inventory, get us down the road a ways, looking at China and all this bull crap as far as supply? Are we comfortable with the inventory we have on hand?

好。聽起來你們進展很大。我只剩最後一個問題。我們的庫存狀況如何？你們有——我們有很多箱貨嗎？我是說 CompuFlo 主機本身和耗材，我們的庫存是否足夠，能讓我們往前走一段時間，考量到中國以及所有這些供應面的亂象？我們對手上現有庫存感到安心嗎？

Yeah. We've got plenty of inventory. We're watching it very closely because it's a chicken and egg sort of thing because if we do get the reimbursement back to where we want it, it could go pretty quickly. So yes, we're monitoring that, trying to conserve dollars at the same time, making sure we have enough. Each unit, if used at 50 cases per month, it represents about $75,000 to $125,000 per unit. So we're careful with where we put the units because we want them to be in reasonably high-volume opportunities, but we've got plenty of inventory to get us to much bigger numbers than we have now.

是的。我們庫存很充足。我們非常密切地監控，因為這有點像先有雞還是先有蛋：如果我們把報銷拉回到我們想要的水準，需求可能會很快起來。所以是的，我們在監控，同時也試著節省現金，並確保庫存足夠。每台設備若以每月 50 個案例的使用量計算，每台大約代表 75,000 到 125,000 美元。所以我們在投放設備的位置上很謹慎，因為我們希望它們放在相對高量的機會點，但我們的庫存足以支撐比目前大得多的規模。

Okay. I don't want to take up any more of your time. Listen, you guys are doing a hell of a job. I think this company has a future when it was getting ready to go over the cliff. So we're here. I appreciate you guys, support you 100%. Keep up the good work, buddy.

好。我不想再占用你們更多時間。聽著，你們做得非常棒。我認為這家公司在原本快要跌落懸崖的時候，仍然有未來。所以我們在這裡。我感謝你們，百分之百支持你們。繼續加油，老兄。

Appreciate your help, Gary.

感謝你的協助，Gary。

There appear to be no further questions in queue. I would now like to turn the floor back over to Eric Hines, Chief Executive Officer, for closing remarks.

看起來隊列中沒有其他問題。我現在想把時間交回給執行長 Eric Hines 作結語。

Thank you. No, I just want to again thank the shareholders for being such great shareholders and say that we're trying to do everything that we can. We appreciate your help. Any insight that you can bring along the way is helpful. So if there's opportunities that you think we should be pursuing, my phone is mostly on all the time. So please reach out. And again, and we're making progress. We're not quite there yet, but encouraged by the momentum that we see across all aspects of the business. So thank you, and have a great day.

謝謝。不，我只是想再次感謝股東們成為如此優秀的股東，並表示我們正盡一切所能。我們感謝你們的幫助。你們一路上能提供的任何見解都很有幫助。所以如果你們認為有我們應該追求的機會，我的手機大多數時間都開著。所以請與我聯繫。再次強調，我們正在取得進展。我們還沒完全到位，但我們對在業務各個面向所看到的動能感到鼓舞。謝謝，祝大家有美好的一天。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線，祝您有美好的一天。感謝您的參與。