Myomo Inc (MYO) 2025 Q2 法說會逐字稿

Good day and welcome to Myomo's second-quarter 2025 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Myomo 2025 年第二季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Tirth Patel, Alliance Advisors IR. Please go ahead.

現在我想將會議交給 Alliance Advisors IR 的 Tirth Patel。請繼續。

Thank you, operator, and good afternoon, everyone. This is Tirth Patel with Alliance Advisors IR. Welcome to the Myomo Second Quarter 2025 Conference Call. With me on today's call are Myomo's Chief Executive Officer, Paul Gudonis, and Chief Financial Officer, Dave Henry.

謝謝接線員，大家下午好。我是 Alliance Advisors IR 的 Tirth Patel。歡迎參加 Myomo 2025 年第二季電話會議。和我一起參加今天電話會議的還有 Myomo 的執行長 Paul Gudonis 和財務長 Dave Henry。

Before we begin, I'd like to caution listeners that statements made during this call by management other than historical facts are forward-looking statements. The words anticipate, believe, estimate, expect, intend, guidance, outlook, confidence, target, project and other similar expressions are typically used to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and may involve and are subject to risks, uncertainties and other factors that may affect Myomo's business, financial condition and operating results.

在我們開始之前，我想提醒聽眾，管理階層在本次電話會議中所作的除歷史事實以外的陳述均為前瞻性陳述。通常使用預期、相信、估計、期望、打算、指導、展望、信心、目標、項目和其他類似的表達來識別此類前瞻性陳述。這些前瞻性陳述並非對未來業績的保證，可能涉及並受制於可能影響 Myomo 業務、財務狀況和經營業績的風險、不確定性和其他因素。

These risks, uncertainties and other factors are discussed in Myomo's filings with the Securities and Exchange Commission. Actual outcomes and results may differ materially from what's expressed in or implied by these forward-looking statements. Furthermore, except as required by law, Myomo undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call today, August 11, 2025. It's now my pleasure to turn the call over to Myomo's CEO, Paul Gudonis. Paul, please go ahead.

Myomo 在提交給美國證券交易委員會的文件中討論了這些風險、不確定性和其他因素。實際結果可能與這些前瞻性陳述所表達或暗示的內容有重大差異。此外，除法律要求外，Myomo 不承擔修改或更新任何前瞻性聲明以反映本次電話會議召開日（2025 年 8 月 11 日）之後的事件或情況的義務。現在我很高興將電話轉給 Myomo 的執行長 Paul Gudonis。保羅，請繼續。

Thanks, Tirth. Good afternoon, and thank you all for joining us today. As you've seen in our press release issued earlier today, our second quarter revenues were slightly ahead of our expectations, while several operating metrics were below our plans, and those metrics and trends will impact our near-term performance. We've made a number of adjustments in marketing and operations, and we're already seeing initial signs of success. But before we review our quarterly results, I'd like to briefly address some understandable shareholder concerns. We recognize that our recent stock price performance has been disappointing, and we appreciate your candid feedback.

謝謝，Tirth。下午好，感謝大家今天的參加。正如您在我們今天早些時候發布的新聞稿中看到的，我們的第二季度收入略高於我們的預期，但一些營運指標低於我們的計劃，這些指標和趨勢將影響我們的近期業績。我們在行銷和營運方面做出了一些調整，並且已經看到了初步成功的跡象。但在我們回顧季度業績之前，我想先簡單談談一些可以理解的股東擔憂。我們體認到我們最近的股價表現令人失望，我們感謝您的坦誠回饋。

Myomo remains committed to market leadership with our proven MyoPro product line, adjusting our plans to grow the business and managing our financials to sustainable cash flow positive operations. On today's call, we'll dive into this with a transparent discussion of the challenges we faced, highlight tangible progress we're making and outline our plan forward to the -- achieve these goals of sustainable growth and profitability.

Myomo 將繼續致力於憑藉我們成熟的 MyoPro 產品線保持市場領先地位，調整我們的計劃以發展業務並管理我們的財務以實現可持續的現金流為正的運營。在今天的電話會議上，我們將深入探討我們面臨的挑戰，強調我們正在取得的實際進展，並概述我們實現永續成長和獲利目標的未來計劃。

We appreciate your continued trust and look forward to demonstrating meaningful results. Let me begin with an overview of the dynamics of generating leads and converting qualified leads into our pipeline. Recall that in the first quarter, Meta changed its Facebook algorithm in response to privacy concerns around using someone's health information or browsing history as a means to target advertising.

我們感謝您一直以來的信任，並期待有意義的成果。首先，讓我概述產生潛在客戶以及將合格潛在客戶轉化為我們的管道的動態。回想一下，在第一季度，Meta 改變了其 Facebook 演算法，以應對使用某人的健康資訊或瀏覽歷史記錄作為定向廣告手段的隱私問題。

As I discussed during our last call, despite stepping up our advertising spend, the number of new leads did not increase in January and February. So we engaged a new digital ad agency to help us with the workaround and lead flow started increasing significantly in March and April. We are pleased with those results and knowing we need to rapidly add more pipeline (inaudible), we allocated more dollars to digital media in the second quarter, and it worked. We hit a record level of leads in June with 4 times as many leads generated as in January earlier this year.

正如我在上次電話會議中所討論的那樣，儘管我們增加了廣告支出，但 1 月和 2 月的新線索數量並沒有增加。因此，我們聘請了一家新的數位廣告代理商來幫助我們解決這個問題，並且在三月和四月，潛在客戶流量開始大幅增加。我們對這些結果感到滿意，並且知道我們需要迅速增加更多的管道（聽不清楚），我們在第二季度向數位媒體分配了更多的資金，並且奏效了。我們在 6 月的銷售線索數量達到了創紀錄的水平，是今年年初 1 月的 4 倍。

And in addition to generating a higher number of leads, our cost per lead returned to historical levels. Consistent with generating a record number of new leads, we expected an even greater number of pipeline adds. To add a prospective patient to our pipeline means we've engaged with the lead on the phone, reviewed their health insurance status and completed a telehealth screening or in-person evaluation to verify that they're medically qualified candidate for the MyoPro.

除了產生更多的潛在客戶之外，我們的每個潛在客戶的成本也恢復到了歷史水準。在產生創紀錄數量的新線索的同時，我們預期新增的管道數量還會更多。將潛在患者添加到我們的管道中意味著我們已經透過電話與潛在客戶進行了接觸，審查了他們的健康保險狀況，並完成了遠距醫療篩檢或現場評估，以驗證他們是否是 MyoPro 的醫學合格候選人。

There are three factors that prevented a record number of leads generated in the second quarter from turning into pipeline adds at the historical rates or levels. The first is that the lead quality, particularly the Facebook leads were not as good as what we've seen in the past. The reasons for that vary, but the fact is the leads were just the poor quality. Second, as we analyze past data about our pipeline adds, we discovered that there is a cycle time effect.

有三個因素阻礙了第二季創紀錄數量的潛在客戶以歷史速度或水準轉化為通路成長。首先，潛在客戶的質量，尤其是 Facebook 潛在客戶的品質不如我們過去看到的那麼好。造成這種情況的原因多種多樣，但事實是線索品質太差。其次，當我們分析有關管道增加的過去數據時，我們發現存在週期時間效應。

More specifically, about half of our pipeline adds come from leads generated within the past 30 days, while most of the rest come from patients who contacted us 6 or 12 months ago, even longer. At our recent Investor Day, we reviewed the patient decision-making process during which stroke survivors will want to get more information, talk to family members and clinicians and even go back for more rehab therapy before committing themselves to obtaining a MyoPro.

更具體地說，我們大約一半的新增管道來自過去 30 天內產生的潛在客戶，而其餘大部分來自 6 個月或 12 個月前甚至更久以前聯繫我們的患者。在我們最近的投資者日上，我們回顧了患者的決策過程，在此過程中，中風倖存者在決定使用 MyoPro 之前會希望獲得更多資訊、與家人和臨床醫生交談，甚至回去接受更多的康復治療。

Last year, there was a large number of Medicare Part B patients who have been interested in a MyoPro, and they were able to access the device beginning in April 2024 when Medicare coverage began. Currently, we have a large cohort of Part B leads that have expressed interest since the beginning of the year. And based on history, many of them are expected to take the next steps somewhere over the next 6 to 12 months.

去年，有大量 Medicare B 部分患者對 MyoPro 感興趣，他們可以從 2024 年 4 月 Medicare 覆蓋開始後開始使用該設備。目前，我們擁有一大批 B 部分負責人，他們自今年年初以來就表達了興趣。根據歷史經驗，預計其中許多國家將在未來 6 到 12 個月內採取下一步行動。

The third factor impacting pipeline adds is the patient's clinical presentation. To qualify for our pipeline, a patient must meet our inclusion and exclusion criteria during a telehealth screening or an in-person evaluation by one of our clinicians. We typically exclude over half of the patients that approach us. This year, we've seen that percentage increase somewhat. Proper patient selection is necessary to improve long-term clinical outcomes, which is critical for maintaining reimbursement.

影響管道增加的第三個因素是患者的臨床表現。為了符合我們治療方案的資格，患者必須在遠距醫療篩檢或由我們的臨床醫生進行現場評估期間符合我們的納入和排除標準。我們通常會排除一半以上的來訪患者。今年，我們看到這一比例增加。正確的患者選擇對於改善長期臨床結果是必要的，這對於維持報銷至關重要。

But going forward, our assumption is that, that percentage of patients we exclude will stabilize, and I'll discuss how we plan to offset this in a bit. The result of these factors and despite achieving a record 816 pipeline additions in the second quarter, cost per pipeline add increased to approximately $2,900. And although this is up from about $1,500 in recent quarters, it's down from nearly $5,000 of pipeline add after Apple's privacy changes a few years ago.

但展望未來，我們的假設是，我們排除的患者比例將會穩定下來，我將討論我們計劃如何抵消這一點。由於這些因素的影響，儘管第二季新增管道數量達到創紀錄的 816 條，但每條管道的新增成本卻增加至約 2,900 美元。儘管這一數字較最近幾季的 1,500 美元有所上升，但與幾年前蘋果隱私政策改變後的近 5,000 美元管道附加價值相比有所下降。

To improve our top of the funnel metrics and generate more qualified leads, we redirected advertising dollars from social media to television. Our experience shows that a higher proportion of leads generated by the TV ads engage with us right away to pass the telehealth screening and move forward into the pipeline. Our cost per lead in the third quarter is expected to increase with a higher mix of television advertising, but we expect that the cost per pipeline ad will decrease.

為了改善我們的漏斗指標並產生更多合格的潛在客戶，我們將廣告費用從社群媒體轉移到電視上。我們的經驗表明，透過電視廣告產生的潛在客戶中，有更大比例的人會立即與我們聯繫，透過遠距醫療篩檢並進入管道。隨著電視廣告組合的增加，我們第三季的每個線索成本預計會增加，但我們預計每個管道廣告的成本將會下降。

Early indications so far indicate that this shift has increased pipeline adds, reflecting better patient engagement. Since we increased our ad spend, we reduced costs elsewhere in the organization. In July, we undertook a headcount reduction that impacted about 8% of our US workforce. We also cut back on outside services spending and are limiting new hires until we see a significant uptick in our revenue growth.

到目前為止的早期跡象表明，這種轉變已經增加了渠道增量，反映了更好的患者參與。由於我們增加了廣告支出，因此我們降低了組織其他部分的成本。7 月份，我們進行了裁員，影響了我們美國約 8% 的員工。我們也削減了外部服務支出，並限制新員工招聘，直到我們的收入成長顯著上升。

These actions are expected to save us at least $2 million in operating expenses and capital expenditures over the next 12 months. And we will continue to be disciplined in our spending, emphasizing those areas that produce revenue and increase our competitive position. In addition to the challenges in converting leads to pipeline adds, we've been experiencing a lower conversion rate from pipeline adds to authorizations, which is impacting backlog growth.

預計這些措施將在未來 12 個月內為我們節省至少 200 萬美元的營運費用和資本支出。我們將繼續嚴格控制支出，專注於那些能夠創造收入並提高我們競爭地位的領域。除了將潛在客戶轉化為通路新增客戶所面臨的挑戰之外，我們還發現通路新增客戶到授權​​的轉換率較低，這影響了積壓訂單的成長。

To address this, we're expanding our clinical referral program by increasing education activity at rehab hospitals with our field clinical staff. Expansion of this program is expected to result in more high-quality patients entering our pipeline. To date, we've trained over 1,500 occupational therapists on the MyoPro all across the country.

為了解決這個問題，我們正在擴大我們的臨床轉診計劃，增加復健醫院與現場臨床工作人員的教育活動。該計劃的擴大預計將使更多高品質的患者加入我們的治療管道。迄今為止，我們已經在全國各地為 1,500 多名職業治療師提供了 MyoPro 培訓。

And now that Medicare and collagen in place is in place, we believe that they will be referring more patients to us and to our O&P channel partners. The number of qualified patients from clinical referrals doubled over the last year, and we are organizing screening days at facilities to accelerate this momentum. We're creating what amounts to a new sourcing channel for our direct provider business and O&P partners to participate with us in these clinical events. For example, I recently attended a patient evaluation training day at one of our O&P partners in Virginia that is becoming Myomo certified.

現在，醫療保險和膠原蛋白已經到位，我們相信他們會向我們和我們的 O&P 通路合作夥伴推薦更多的患者。去年，來自臨床轉診的合格患者數量增加了一倍，我們正在組織各機構的篩檢日來加速這一發展勢頭。我們正在為我們的直接供應商業務和 O&P 合作夥伴創建一個新的採購管道，以便他們與我們一起參與這些臨床活動。例如，我最近參加了弗吉尼亞州一家 O&P 合作夥伴舉辦的患者評估培訓日，該合作夥伴正在獲得 Myomo 認證。

After our training, these clinicians have now fit their first patient with the MyoPro, and we're eager to introduce the MyoPro to rehab hospitals in the area where they have strong working relationships, which our clinical team participated in just this past week. We're actively certifying O&P clinics by having them evaluate and fit several patients until they meet our standards and are self-sufficient to provide the devices to their clients.

經過我們的培訓，這些臨床醫生現在已經為他們的第一位患者安裝了 MyoPro，我們渴望將 MyoPro 介紹給他們與之有著密切工作關係的地區康復醫院，我們的臨床團隊就在上週參加了這項工作。我們正在積極地對 O&P 診所進行認證，讓他們對幾名患者進行評估和安裝，直到他們達到我們的標準並能夠自給自足地為其客戶提供設備。

We're seeing a growing pipeline of O&P patients in the reimbursement process. In fact, the number of O&P orders doubled from Q1 to Q2 of this year, and we're expecting continued order growth from this channel going forward. Another factor impacting the conversion from pipeline adds to authorizations is the behavior of the Medicare Advantage plans.

我們看到，報銷過程中的 O&P 患者數量正在增加。事實上，今年第一季到第二季度，O&P 訂單數量翻了一番，我們預計未來該通路的訂單將持續成長。影響從管道增加到授權轉換的另一個因素是醫療保險優勢計劃的行為。

Since just over half of seniors are covered by Medicare Advantage plans, we are taking steps to increase the number of authorizations from these payers. We're appealing more denials and taking more appeals all the way to an administrative law judge or ALJ hearing, and I'm pleased to report that we're winning a larger percentage of appeals, reflecting the standards we set for patient inclusion and the strength of our legal position.

由於超過一半的老年人享有醫療保險優勢計劃的保障，我們正在採取措施增加這些付款人的授權數量。我們對更多的駁回決定提出上訴，並將更多的上訴一直提交給行政法官或 ALJ 聽證會，我很高興地報告，我們贏得的上訴比例更大，這反映了我們為患者包容設定的標準和我們法律地位的牢固性。

As discussed during our June Investor Day event, we plan to double the number of ALJ hearings in the second half of the year in order to generate more authorizations and put more pressure on these plans. In this environment, the only way to grow Medicare Advantage revenue is to put more shots on goal. Since these patients are being unfairly denied access to MyoPro in violation of the code of federal regulations, we intend to escalate our concerns through formal appeals and direct engagement with plan administrators and regulators, reinforcing that Medicare Advantage plans are obligated to follow national Medicare policy.

正如我們在六月投資者日活動中所討論的那樣，我們計劃在下半年將 ALJ 聽證會的數量增加一倍，以便獲得更多授權並對這些計劃施加更大壓力。在這種環境下，增加醫療保險優勢計劃收入的唯一方法就是加強。由於這些患者被不公平地拒絕使用 MyoPro，違反了聯邦法規，我們打算透過正式上訴和直接與計劃管理員和監管機構接觸來升級我們的擔憂，強調醫療保險優勢計劃有義務遵守國家醫療保險政策。

As I mentioned a moment ago, Medicare Part B patients are critical to our growth plans, and we'd like to see more of them in our funnel. While we don't control the insurance coverage of prospective patients, we proactively engage with those covered by Medicare Part B and their health care providers to accelerate the path to MyoPro. And roughly half of our fill units in the second quarter represented Medicare Part B patients. We're also starting to see more authorizations for patients covered by the contracts we entered

正如我剛才提到的，Medicare B 部分患者對我們的成長計畫至關重要，我們希望在我們的管道中看到更多的患者。雖然我們無法控制潛在患者的保險範圍，但我們會積極與 Medicare Part B 承保的患者及其醫療保健提供者合作，以加速患者接受 MyoPro 治療的進程。我們第二季大約一半的填充單位代表了醫療保險 B 部分患者。我們也開始看到更多受我們簽訂的合約覆蓋的患者獲得授權

into over the past year, and we have additional negotiations underway to increase patient access to the MyoPro. We've expanded our contracting to now cover 35 million lives with signed or pending agreements. So in summary, we're moving as quickly as possible to improve our results in the direct billing channel. Our international and O&P channels also continue to grow, complementing our direct billing channel and diversifying our revenue streams. Our strategy for expanding access, improving conversion and efficiency and managing costs positions us well for the second half of 2025 and beyond.

在過去的一年裡，我們正在進行額外的談判，以增加患者獲得 MyoPro 的機會。我們已擴大合約範圍，目前已簽署或待簽署的協議已覆蓋 3500 萬人。總而言之，我們正在盡快採取行動，改善直接計費管道的績效。我們的國際和 O&P 管道也在持續成長，補充了我們的直接計費管道並使我們的收入來源多樣化。我們擴大訪問範圍、提高轉換率和效率以及管理成本的策略使我們在 2025 年下半年及以後佔據了有利地位。

While we expect 2025 to be another year of revenue growth, reflecting the number of leads, pipeline adds and insurance authorizations year-to-date in the direct billing channel, we are updating our expectations for revenue growth to 23% to 29% in 2025, as Dave will discuss. For all those who have followed Myomo over the past several years, you've seen us pivot strategically when necessary, develop new opportunities such as Medicare coverage and adjust our operations to support our 10-plus year track record of volume and revenue growth.

雖然我們預計 2025 年將是另一個收入成長的一年，這反映了直接計費管道年初至今的潛在客戶數量、管道增加和保險授權數量，但我們將 2025 年收入成長預期更新為 23% 至 29%，正如 Dave 將會討論的那樣。對於過去幾年一直關注 Myomo 的人來說，你們已經看到我們在必要時進行策略調整，開發醫療保險等新的機會，並調整我們的營運以支持我們 10 多年的銷售和收入成長記錄。

With that overview of our performance and actions, I'll turn the call over to our CFO, Dave Henry, to provide more of the financial details.

在概述了我們的業績和行動之後，我將把電話轉給我們的財務長戴夫·亨利 (Dave Henry)，以提供更多財務細節。

Thank you, Paul, and good afternoon, everyone. Let me start with a review of our second quarter financial results. Revenue for the second quarter of 2025 was $9.7 million. This represents a 28% increase versus the prior year and was driven by a higher number of revenue units and a higher average selling price or ASP. We delivered 178 MyoPro revenue units during the quarter, up 13% with 95 of those units from authorizations and orders received in the second quarter. This higher velocity is also reflected in the fact that approximately 91% of our second quarter revenue was recorded at either shipment or delivery.

謝謝你，保羅，大家下午好。首先讓我回顧一下我們第二季的財務表現。2025 年第二季的營收為 970 萬美元。這比上年增長了 28%，這是由於收入單位數量增加和平均銷售價格或 ASP 上漲所致。我們在本季交付了 178 個 MyoPro 創收單位，成長 13%，其中 95 個單位來自第二季收到的授權和訂單。這種更高的速度也反映在我們第二季約 91% 的收入是在裝運或交貨時記錄的。

Our ASP increased 14% versus the prior year to approximately $54,200. Medicare Part B patients represented 56% of revenue in the second quarter. Medicare Advantage revenue was 20% of second quarter revenue and in dollar terms was down slightly from a year ago. Medicare Advantage revenue remained constrained on the high number of pre-authorization denials forcing us into an appeals process in order to serve these patients. 77% of revenue in the second quarter came from the direct billing channel compared with 78% in the prior year quarter.

我們的平均銷售價格比去年上漲了 14%，達到約 54,200 美元。醫療保險 B 部分患者佔第二季收入的 56%。醫療保險優勢計劃收入佔第二季收入的 20%，以美元計算比去年同期略有下降。由於預授權被拒絕次數較多，醫療保險優勢計劃的收入仍然受到限制，迫使我們進入上訴程序才能為這些患者提供服務。第二季 77% 的營收來自直接結算管道，而去年同期這一比例為 78%。

International revenue was $1.5 million in the quarter, representing 15% of the total, primarily from Germany. International revenue was up 41% year-over-year. As of June 30, 2025, the pipeline stood at 1,611 patients, an increase of 37% year-over-year. 61% of the quarter end pipeline were patients with Medicare Advantage or other commercial insurance.

本季國際營收為 150 萬美元，佔總營收的 15%，主要來自德國。國際營收年增41%。截至 2025 年 6 月 30 日，患者人數為 1,611 人，年增 37%。本季末患者人數中有 61% 是擁有 Medicare Advantage 或其他商業保險的患者。

In the second quarter, we added 816 patients to the pipeline, which is up 49% over the prior year quarter. This includes 54 patients who are identified by our OMP centers of excellence as we start to get visibility into their individual pipelines. While the pipeline adds were a record, they were lower than we expected given the lead flow and were also lower than we needed them to be given Medicare Advantage authorization rates and our expectations.

第二季度，我們新增了 816 名患者，比去年同期成長了 49%。其中包括 54 名由我們的 OMP 卓越中心確定的患者，我們開始了解他們各自的治療流程。雖然管道增加量創下了紀錄，但考慮到領先流量，這低於我們的預期，也低於我們獲得醫療保險優勢授權率和預期所需的水平。

Paul analyzed the pipeline in detail, so I won't repeat that here other than to point out that there were 213 Medicare Part B patients added in the second quarter or 28% of the total direct billing adds and the total Medicare Part B pipeline was 256 patients at quarter end or 16% of the total. As a result of the lower lead quality, cost per pipeline add, excluding the COE additions, was $2,926 in the second quarter, which was up 89% year-over-year.

保羅詳細分析了該管道，因此我在這裡就不再重複，只需指出第二季度增加了 213 名 Medicare B 部分患者，佔直接計費新增患者總數的 28%，而季度末 Medicare B 部分渠道總患者數量為 256 名，佔總數的 16%。由於鉛品質較低，第二季每條管道增加的成本（不包括 COE 增加）為 2,926 美元，較去年同期成長 89%。

Backlog represents insurance authorizations and orders received but not yet converted to revenue. And in the case of Medicare Part B, patients for whom we've collected medical records and deemed qualified for delivery based on our inclusion criteria. We ended the quarter with a backlog of 230 patients, including 72 Medicare Part B patients, down 19% versus the prior year.

積壓訂單代表已收到但尚未轉化為收入的保險授權和訂單。就醫療保險 B 部分而言，我們已經收集了患者的醫療記錄，並根據納入標準認為他們有資格接受分娩。本季結束時，我們積壓了 230 名患者，其中包括 72 名 Medicare B 部分患者，比前一年下降了 19%。

The decrease in the total backlog reflects our higher intra-quarter conversion velocity and reduced Medicare Advantage authorizations and the fact that intra-quarter fill units are making up an increasing percentage of our quarterly revenues. Indeed, 53% of second quarter revenue units came from fill units. We received 207 authorizations and orders during Q2, a decrease of 3% year-over-year.

總積壓訂單的減少反映了我們季度內轉換速度的提高和醫療保險優勢授權的減少，以及季度內填充單位在我們季度收入中所佔比例的增加。事實上，第二季 53% 的收入單位來自填充單位。我們在第二季收到了 207 份授權和訂單，比去年同期下降了 3%。

Gross margin for the second quarter of 2025 was 62.7%, down from 70.8% for the prior year quarter. The decrease was driven primarily by higher material costs, demo unit builds and overhead spending, including payroll and higher lease expense for the new facility. Operating expenses for the second quarter of 2025 were $10.6 million, up 65% over the second quarter of 2024. This increase was driven primarily by higher advertising spending to compensate for lower conversion of leads to pipeline adds and by higher headcount throughout the organization as we increased capacity in the direct billing channel and spending on R&D efforts, including added headcount and outside engineering services.

2025 年第二季的毛利率為 62.7%，低於去年同期的 70.8%。下降的主要原因是材料成本、演示單元建設和管理費用（包括工資和新設施租賃費用增加）增加。2025 年第二季的營運費用為 1,060 萬美元，比 2024 年第二季成長 65%。這一成長主要是由於廣告支出增加，以彌補銷售線索轉化為銷售管道增加的較低轉換率，以及由於我們增加了直接計費管道的容量和研發支出（包括增加員工和外部工程服務），整個組織的員工人數增加。

Advertising expense in the second quarter was $2.2 million, an increase of 162% year-over-year. As Paul discussed, we reduced fixed costs in July to better align operating expenses with revenue and to offset the higher advertising spend. We expect cash savings from this initiative to be at least $2 million over the next 12 months. Operating loss for the second quarter of 2025 was $4.6 million compared with an operating loss of $1.1 million in the prior year quarter. Net loss for the second quarter of 2025 was $4.6 million or $0.11 per share. This compares with a net loss of $1.1 million or $0.03 per share for the second quarter of 2024. During the 2025 quarter, approximately 2.7 million prefunded warrants were exercised.

第二季廣告費用為220萬美元，年增162%。正如保羅所討論的，我們在 7 月削減了固定成本，以便更好地將營運費用與收入相匹配，並抵消更高的廣告支出。我們預計，未來 12 個月內，這項措施將節省至少 200 萬美元的現金。2025 年第二季的營業虧損為 460 萬美元，而去年同期的營業虧損為 110 萬美元。2025 年第二季淨虧損為 460 萬美元，即每股 0.11 美元。相比之下，2024 年第二季的淨虧損為 110 萬美元，即每股 0.03 美元。在 2025 年季度，約有 270 萬張預付認股權證被行使。

As of June 30, 2025, approximately 4.4 million prefunded warrants remain outstanding from our offerings in 2023 and January 2024. These prefunded warrants are considered common stock equivalents under GAAP accounting and are included in our weighted average shares outstanding. Adjusted EBITDA for the second quarter of 2025 was a negative $4 million compared with a negative $1.2 million for the second quarter of 2024. Turning now to our balance sheet and cash flows. Accounts receivable were $7.1 million as of June 30, up from $4.7 million as of March 31.

截至 2025 年 6 月 30 日，我們在 2023 年及 2024 年 1 月發行的預付認股權證仍有約 440 萬份未償還。這些預先出資的認股權證是根據 GAAP 會計被視為普通股等價物，並包含在我們的加權平均流通股中。2025 年第二季調整後 EBITDA 為負 400 萬美元，而 2024 年第二季調整後 EBITDA 為負 120 萬美元。現在來看看我們的資產負債表和現金流量。截至 6 月 30 日，應收帳款為 710 萬美元，高於 3 月 31 日的 470 萬美元。

The decrease was -- the increase was due to one of the DME MACs holding payments on claims for the entire quarter until CMS processed or address change in their systems. All aged claims have now been paid, but that payment hold affected second quarter cash flow by approximately $1.5 million. In addition, there were two other DME MACs that have been conducting prepayment audits of our claims since the beginning of the second quarter.

減少的原因是——增加的原因是其中一個 DME MAC 暫停了整個季度的索賠付款，直到 CMS 處理或在其係統中解決更改問題。所有逾期索賠現已支付，但該付款暫停影響了第二季度的現金流量約 150 萬美元。此外，自第二季初以來，另外兩家 DME MAC 一直在對我們的索賠進行預付款審計。

To date, out of the 27 audited claims with determinations, 21 have been paid and six were denied and are currently in the appeals process. The claim audits take roughly 60 days to complete, which has negatively impacted our days sales outstanding. We expect that the majority of these claims -- of these denied claims will be reimbursed after appeals.

迄今為止，在已審計的 27 項索賠中，有 21 項已獲賠付，6 項被駁回，目前正在上訴過程中。索賠審計大約需要 60 天才能完成，這對我們的未償銷售週轉天數產生了負面影響。我們預計，這些被拒絕的索賠中的大部分將在上訴後得到補償。

Cash, cash equivalents and short-term investments as of June 30, 2025, were $15.5 million. During the quarter, we drew down $4 million on our credit facility to help finance additional advertising expenses and to offset the growth in receivables. Excluding this borrowing, cash burn was $10 million in the second quarter.

截至 2025 年 6 月 30 日的現金、現金等價物及短期投資為 1,550 萬美元。在本季度，我們從信貸額度中提取了 400 萬美元，以幫助支付額外的廣告費用並抵消應收帳款的成長。不包括這筆借款，第二季的現金消耗為 1,000 萬美元。

Our guidance assumed an elevated cash burn due to a higher sequential operating loss, 2024 employee incentive payments and higher capital expenditures for the build-out of additional manufacturing space that will be coming online in the third quarter, capitalized software development costs and demo units for our clinicians and our O&P channel partners.

我們的指導假設由於連續的營運虧損增加、2024 年的員工激勵支出以及為擴建將於第三季度上線的額外製造空間而增加的資本支出、資本化的軟體開發成本以及為我們的臨床醫生和 O&P 通路合作夥伴提供的演示單元，導致現金消耗增加。

Additional drivers of this elevated burn for the payment hold and a higher DSO in the DME MAC regions conducting audits as well as the repayment of approximately $700,000 to an insurer that overpaid us in a prior period. Excluding these additional drivers and the bonus payment, Q2 cash burn was $4.9 million, which is more reflective of our operating performance in the quarter. This normalized amount is a close approximation of the total cash burn we expect in the second half of the year. We believe that our cash, cash equivalents are sufficient to fund our operations for the next 12 months.

導致這筆高額支出的其他因素包括：付款凍結、DME MAC 地區進行審計的 DSO 增加，以及需要向前期多付給我們的保險公司償還約 70 萬美元。不包括這些額外的司機和獎金支付，第二季的現金消耗為 490 萬美元，這更能反映我們本季的營運表現。這個標準化的金額與我們預期的下半年總現金消耗量非常接近。我們相信，我們的現金和現金等價物足以支持我們未來 12 個月的營運。

Looking ahead, taking into account our historical cycle time from lead generation to pipeline adds and factoring in current conversion rates through our revenue cycle, the best path forward to sustainable positive cash flow is to continuing to spend on advertising while minimizing fixed costs.

展望未來，考慮到我們從潛在客戶生成到管道增加的歷史週期時間，並考慮到我們收入周期中的當前轉換率，實現可持續正現金流的最佳途徑是繼續在廣告上投入，同時盡量減少固定成本。

Despite the lower conversion rates and a higher cost per pipeline add, the direct billing channel still generates meaningfully positive incremental contribution margin. Cutting spending that supports the direct billing channel would begin to decrease revenues within a short period of time, which is a step backward on the path to positive cash flows.

儘管轉換率較低且每個管道增加的成本較高，但直接計費管道仍產生了有意義的正增量貢獻利潤。削減支持直接計費管道的支出將在短時間內開始減少收入，這是實現正現金流道路上的倒退。

While the recent -- with the recent workforce reduction, our headcount is only about 10% above where it was at the start of the year, with new hires primarily supporting capacity in the direct billing channel, revenue growth in Germany and R&D. We plan to make only a few critical hires during the rest of the year and expect to exit 2025 with a significantly lower headcount than we had planned at the beginning of the year. Let me close with our financial guidance.

雖然最近——由於最近的裁員，我們的員工人數僅比年初高出約 10%，新員工主要支持直接計費管道的容量、德國的收入成長和研發。我們計劃在今年剩餘時間內僅招募少數關鍵員工，預計到 2025 年員工人數將大大低於年初的計畫。最後，請容許我介紹一下我們的財務指導。

Given our backlog entering third quarter and anticipated field units, we expect third quarter revenue to be between $9.5 million and $10 million, up 3% to 9% year-over-year. For the full year, we now expect revenue to be in the range of $40 million to $42 million, up 23% to 29% versus 2024. This revised guidance assumes recent history continues regarding Medicare Advantage authorization and pipeline conversion rates and moderate improvement in Medicare Part B patient flow.

考慮到我們進入第三季的積壓訂單和預期的現場單位，我們預計第三季營收將在 950 萬美元至 1,000 萬美元之間，年增 3% 至 9%。就全年而言，我們現在預計收入將在 4,000 萬美元至 4,200 萬美元之間，比 2024 年增長 23% 至 29%。本修訂指南假設醫療保險優勢授權和管道轉換率的近期歷史繼續，並且醫療保險 B 部分患者流量適度改善。

With that financial overview, I'll turn the call back to Paul.

了解了財務概況後，我會把電話轉回給保羅。

Thanks, Dave. We're now ready to take your questions, operator.

謝謝，戴夫。接線員，我們現在可以回答您的問題了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Well, before having the first question, I just want to thank all of you who attended our June 18 Investor and Analyst Day event, either in person or online. We posted materials and a webcast of the day on the IR section of our myomo.com website and members of our senior leadership team continue to be available to discuss our current operations and plans to scale the business significantly over the next few years. We will also be attending the H.C. Wainwright Conference virtually on September 8 through the 10. Operator, let's now go ahead and take the first question.

好吧，在提出第一個問題之前，我只想感謝所有參加我們 6 月 18 日投資者和分析師日活動的人，無論是親自參加還是在線參加。我們在 myomo.com 網站的 IR 部分發布了當天的材料和網路廣播，我們的高級領導團隊成員繼續討論我們當前的營運情況以及未來幾年大幅擴大業務規模的計劃。我們也將於 9 月 8 日至 10 日以線上方式參加 H.C. Wainwright 會議。接線員，現在我們來回答第一個問題。

Chase Knickerbocker, Craig-Hallum.

蔡斯·尼克博克、克雷格·哈勒姆。

Good afternoon. Thanks for taking the questions. Maybe, Dave, just to start out, I'm trying to understand Q3 guidance a little bit more. If I look at it in my model, it looks like kind of conversion from backlog would have to tick up fairly meaningfully sequentially, and there'll also be kind of meaningful improvement sequentially in kind of backlog adds and so can you kind of elucidate what you're seeing so far through July and kind of mid-August here? Are you seeing a lot more fill units kind of would make kind of that elevated conversion for backlog makes sense.

午安.感謝您回答這些問題。也許，戴夫，一開始，我想多了解第三季的指導。如果我在我的模型中觀察它，看起來積壓訂單的轉換必須連續相當有意義地上升，並且積壓訂單的增加也會連續出現有意義的改善，那麼您能否闡明到目前為止 7 月和 8 月中旬所看到的情況？您是否看到更多的填充單元使得積壓轉換率的提高變得有意義？

And that's exactly what it is. We are seeing more fill units that are being a higher percentage of our backlog. So that's precisely what we're seeing. But even with that, we are -- the guidance is $9.5 million to $10 million, which is basically flat with where we were this year -- in the second quarter.

事實確實如此。我們看到越來越多的填充單元佔據了我們積壓訂單的更高比例。這正是我們所看到的。但即便如此，我們預計第二季的營收為 950 萬美元至 1,000 萬美元，與今年的水準基本持平。

Got it. And if I look at Q4, kind of what that implicitly guides to, you were talking about a decline year-over-year. And so if we also think about some of that O&P volume kind of being there, hopefully, again, the direct billing channel is down year-over-year, certainly.

知道了。如果我看一下第四季度，就會發現其中隱含的暗示是年減。因此，如果我們也考慮到部分 O&P 量的存在，那麼直接計費管道的銷售額肯定會比去年同期下降。

So can you kind of help with kind of specifically what you think maybe even outside of kind of some of the advertising wells, it's clear we're not getting kind of word-of-mouth benefit. I mean can you just kind of give me some overall thoughts as far as you think some of the challenges may be outside of advertising as well?

那麼，您能否具體地幫助您說明一下，您認為除了一些廣告之外，我們顯然沒有獲得口碑效益。我的意思是，您能否就您認為一些挑戰可能也存在於廣告之外這一點，給我一些整體想法？

Yes. And I think that one of the things that we want to do is that -- and Paul mentioned it in his remarks, which is the referral program, we would like to be less dependent on advertising spending. And I think there's a good -- and Paul had a good quote in his comments earlier that we want to move up into that continuum of patient's care, and we're going to be helping us, ourselves and our O&P providers by doing a lot of the heavy lifting with trying to generate referrals for both of both our R&D partners and ourselves by looking into that incidence population and not relying so much ourselves on the prevalence population.

是的。我認為我們想要做的事情之一是——保羅在他的演講中提到了這一點，即推薦計劃，我們希望減少對廣告支出的依賴。我認為這很好 — — 保羅在先前的評論中說得很好，我們希望進入患者護理的連續性，我們將通過做大量繁重的工作來幫助我們自己和我們的 O&P 提供商，嘗試通過調查發病人群來為我們的研發合作夥伴和我們自己產生轉診，而不是過多地依賴患病人群。

And so we think by doing that, that will help with the conversion rate of pipeline adds because these people are closer to when their stroke occurred, and they may not have had some of these other comorbidities that might pop up as we might -- as we currently see with the prevalence population.

因此，我們認為這樣做將有助於提高管道增加的轉換率，因為這些人更接近中風發生的時間，而且他們可能沒有像我們目前在患病人群中看到的那樣出現一些其他合併症。

Got it. And if I think about the O&P channel, the 50-odd leads in the quarter, that's -- maybe share how many O&P providers you have trained at this point, but it's a fairly small number of kind of leads per O&P head. Is there kind of any plans as far as how we can kind of accelerate that contribution to the pipeline to maybe kind of, again, diversify away from the direct billing channel on the advertising side?

知道了。如果我考慮一下 O&P 管道，本季度有 50 多個線索，那就是 - 也許可以分享您目前培訓了多少 O&P 供應商，但每個 O&P 主管的線索數量相當少。我們是否有計劃加速對管道的貢獻，從而實現廣告方面從直接計費管道的多元化？

Sure. We plan for significant growth in the O&P channel. We've got about 100 CPOs in that process from -- they've gone through their evaluation training. They've started to do evaluations to become fully certified with us. You only have to build a pipeline, you have to get the authorizations and then you have to fit three MyoPros.

當然。我們計劃在 O&P 通路實現顯著成長。大約有 100 名 CPO 參與了這項流程——他們已經完成了評估培訓。他們已經開始進行評估以獲得我們的全面認證。您只需建造一條管道，獲得授權，然後安裝三個 MyoPro。

And our clinical team has been expanded to work with these O&P providers around the country. And so we're getting more of them all the way through that process to get certified. That pipeline is growing compared to where it was earlier this year. We're going to be at EIOPA, which is the National American Orthotics Prosthetics Conference assembly coming up early September to recruit more of these O&P partners to meet with the ones that have already signed up.

我們的臨床團隊已經擴大，可以與全國各地的 O&P 提供者合作。因此，我們正在讓更多的人通過整個流程獲得認證。與今年早些時候相比，該管道正在擴大。我們將參加 EIOPA，即 9 月初召開的美國國家矯形義肢大會，招募更多 O&P 合作夥伴與已簽約的合作夥伴會面。

So I'm expecting we're going to continue to see growth in that channel. And as I mentioned, we want to get more of the incidence population. There are 800,000 strokes a year, 500,000 or more of those individuals survive the stroke and go to these rehab hospitals and half of them come out the back end where they've got chronic arm paralysis.

所以我預計我們將繼續看到該管道的成長。正如我所提到的，我們希望獲得更多的發病人群。每年有 80 萬例中風病例，其中 50 萬或更多的患者在中風後存活下來並進入康復醫院，而其中一半的患者在康復後會留下慢性手臂癱瘓的症狀。

So we've already engaged with these therapists to train them on the MyoPro. Now we're actively seeking to have them refer those patients to us and to our O&P partners so we can basically have more medically qualified patients earlier in their patient journey. So we think that's going to be a really good new source of patient leads for us.

因此，我們已經與這些治療師合作，對他們進行 MyoPro 培訓。現在，我們正在積極尋求他們將這些患者轉介給我們和我們的 O&P 合作夥伴，以便我們基本上可以在患者旅程的早期擁有更多具有醫學資格的患者。因此我們認為這對我們來說將是一個非常好的新的患者線索來源。

Dave, just two last kind of financial questions for you. So first on kind of the advertising spend. Should we model that continuing to accelerate from a spend perspective kind of sequentially? And kind of where do you see that going? And then as we're shifting to kind of TV a little bit here, I mean, should we expect that cost per pipeline add stabilizes, goes a little bit higher, starts to come in a little bit? I mean, kind of talk to me about kind of that it's a little bit less focused advertising. Should we be modeling cost per pipeline add? How should we be modeling it?

戴夫，我只想問你最後兩個財務問題。首先是廣告支出。我們是否應該從支出角度模擬這種持續加速的成長？您認為這將會帶來什麼結果？然後，當我們在這裡稍微轉向電視時，我的意思是，我們是否應該預期每條管道增加的成本會穩定下來，稍微上升一點，然後開始一點點下降？我的意思是，跟我談談這種不太集中的廣告。我們是否應該對每條管道的增加成本進行建模？我們應該如何對其進行建模？

Yeah. I would assume that advertising dollars are roughly flat in third quarter with second. And then in fourth quarter, they generally go down. Historically, they're a bit lower because we -- there's competition from holidays and Medicare Advantage plans that are renewing their memberships and things like that. So we generally lower the advertising spending in the fourth quarter.

是的。我認為第三季的廣告收入與第二季大致持平。然後在第四季度，它們通常會下降。從歷史上看，它們會稍微低一些，因為我們面臨著假期和醫療保險優勢計劃的競爭，這些計劃正在更新會員資格等等。因此我們通常會在第四季降低廣告支出。

As I think Paul mentioned in his remarks, with putting more of the advertising mix into television, cost per lead is expected to increase, but we do think the cost per pipeline ad will be lower in the third quarter compared to the second quarter. I don't -- I mean, it's going to take a while, I think, to get back to what a $1,500 was because there's -- we have -- there's conditions that I think are a bit more chronic that we have to overcome, like, for example, Medicare Advantage rates and the fact that some of the patients that we see are also -- we're disqualifying more of them. And so it's less of the pipeline is converting to -- in the backlog.

我認為保羅在他的演講中提到，隨著將更多的廣告組合投入電視，預計每個線索的成本會增加，但我們確實認為第三季度每個管道廣告的成本將低於第二季度。我不認為——我的意思是，我認為要花一段時間才能回到 1,500 美元的水平，因為——我們有——我認為有些情況更為慢性，我們必須克服，例如，醫療保險優勢費率，以及我們看到的一些患者也——我們正在取消更多患者的資格。因此，轉換為積壓的管道數量較少。

Thank you.

謝謝。

Scott Henry, AGB. Please go ahead.

斯科特·亨利，AGB。請繼續。

Thank you and good afternoon. First, if I could just for clarity, when you were talking about the O&P channel, I thought on the second quarter call, you noted 300 CPOs. Could you give us an update to that number, how many certified prosthetic orthotists have been trained?

謝謝，下午好。首先，如果我可以澄清一下，當您談論 O&P 管道時，我認為在第二季電話會議上，您提到了 300 個 CPO。您能否提供我們最新的數字，有多少認證義肢矯形師接受過訓練？

Yes. That's right, Scott. About 300 have gone through the evaluation training. And then there -- it's up to them to then actively go out and seek their own pipeline, evaluate patients and then move forward through the certification process, where there's three in-person fittings with us. So out of those 300, we've got 100 active ones in addition to the hanger clinicians.

是的。沒錯，斯科特。約有300人接受了評估訓練。然後，他們需要主動出去尋找自己的管道，評估患者，然後通過認證過程，與我們進行三次面對面的試穿。因此，在這 300 名醫生中，除了機庫臨床醫生外，我們還有 100 名活躍醫生。

Okay. I think -- in my notes, I show it was 160 in the fourth quarter, '24. It was 300 at the end of the -- it was 160 at the end of the fourth quarter, 300 at the end of the first quarter. So for this quarter, is it a flat number? Or is it up -- maybe you don't have that number in front of you, but it's up some amount.

好的。我認為——在我的筆記中，我表明 24 年第四季的數字是 160。第四節結束時為 300，第一節結束時為 160，第三節結束時為 300。那麼對於本季來說，這是一個持平的數字嗎？或者它上漲了——也許你面前沒有這個數字，但它確實上漲了一定數額。

Yes. That number is probably up because a lot of people will take our online course about evaluations. But our O&P team is out there working with the active clinicians because -- not unexpectedly, not every clinician that goes through the training is out there marketing this. So the ones we're focusing on are the really active ones and it is about 100 of them right now.

是的。這個數字可能會上升，因為很多人會參加我們關於評估的線上課程。但我們的 O&P 團隊正在與活躍的臨床醫生合作，因為——不出所料，並不是每個受過訓練的臨床醫生都會在外面推銷這個。因此，我們關注的是真正活躍的，目前大約有 100 個。

I think we're -- as Paul mentioned, the 300 relates to sort of the eval training was the first -- which is the first step, but we're focused a bit more downstream now in getting these O&P certified.

我認為我們 — — 正如保羅所提到的那樣，300 與某種評估訓練有關 — — 這是第一步，但我們現在更專注於獲得這些 O&P 認證。

Okay. All right. Yes, that's helpful. It clarifies a little apples to oranges there. But let's -- walking through the metrics. Obviously, a lot has changed. It's pretty hard to -- I mean, it seems like a lot of this information is evolving. But starting with the pipeline adds of 816, I know you're focused on quality as well now. Would you expect that number to be in the 900-plus range in the third quarter? Is it still growing? Or as you focus on quality, I don't know if you'll -- that may kind of just flatten out in an effort to get better leads. But curious your take on how we should think about that number.

好的。好的。是的，這很有幫助。這讓蘋果和橘子之間的差異變得清晰起來。但是讓我們來看看這些指標。顯然，很多事情都改變了。這很難——我的意思是，很多資訊似乎都在不斷發展。但是從 816 條管道的增加開始，我知道您現在也注重品質。您預計第三季該數字會達到 900 以上嗎？它還在增長嗎？或者當您關注品質時，我不知道您是否會——這可能只是為了獲得更好的線索而趨於平穩。但我很好奇您對我們應該如何看待這個數字的看法。

Well, we're not giving specific guidance on pipeline adds for third quarter, but the things that we are doing is meant to grow the number of pipeline adds over time because we obviously need to do that if we're going to achieve the top line results that we're looking for. So no, we're not cutting back or anything like that on trying to grow pipeline adds. We're trying to -- through various means like the referral program and things like that, trying to generate more of them but maybe rely less on advertising to do so.

嗯，我們沒有給出關於第三季度管道增加的具體指導，但我們正在做的事情是為了隨著時間的推移增加管道增加的數量，因為如果我們要實現我們想要的頂線結果，我們顯然需要這樣做。所以，我們不會削減或採取類似措施來增加管道數量。我們正在嘗試透過推薦計劃等各種方式來吸引更多客戶，但可能較少依賴廣告。

We are working through a record number -- Scott, we are working through a record number of leads though in June that we got from the advertising. So even at a lower rate of conversion of lead to pipeline, there's still a significant backlog of these leads for our call center and clinicians to work through.

我們正在處理創紀錄數量的線索——斯科特，我們在六月從廣告中獲得的線索數量創下了紀錄。因此，即使潛在客戶轉換為銷售管道的轉換率較低，我們的呼叫中心和臨床醫生仍需要處理大量積壓的潛在客戶。

Okay. And just another -- there's a couple of metrics that obviously jump out the past couple of quarters. That authorization rate, you may use a different fraction, but using my numbers, it used to be around 17% to 18%. In Q1, it was 14%. It looks like it's around 13% in this quarter. Would you expect that to get back up to the 17% range and over what time period?

好的。另外，過去幾季中有幾個指標明顯突出。那個授權率，你可能會使用不同的分數，但根據我的數字，它曾經在 17% 到 18% 左右。第一季這一比例為 14%。本季看起來約為 13%。您預計該數字會回升至 17% 左右嗎？預計會持續多久？

No, I think it -- I think that rate is going to probably continue. Hopefully, it stabilizes here, but I think it's going to -- I don't know if it returns to the 17% until Medicare Advantage plans start authorizing more because as I mentioned, we had 1,611 patients in the pipeline, 61% of them were Medicare Advantage.

不，我認為——我認為這個速度可能會持續下去。希望它在這裡能夠穩定下來，但我認為它會——我不知道它是否會回到 17%，直到醫療保險優勢計劃開始授權更多，因為正如我提到的，我們有 1,611 名患者在等待治療，其中 61% 是醫療保險優勢計劃的參與者。

And so the first-time authorization rate for a Medicare Advantage patient is somewhere around 15%. That means 85% of the pipeline adds for Medicare Advantage kind of sit there while we go through an appeals process and try to move them all the way through to an ALJ hearing. So that that's part of -- that's the headwind we face on trying to improve that authorization rate.

因此，醫療保險優勢計劃患者的首次授權率約為 ​​15%。這意味著，當我們進行上訴程序並嘗試將其一路推進至 ALJ 聽證會時，85% 的 Medicare Advantage 管道增值項目都處於擱置狀態。這就是我們在試圖提高授權率時面臨的阻力的一部分。

Okay. And then the final number in that model was the percentage of the pipeline that is lost. It used to be -- it's been a little higher. It's been as low as 22%. Now it's up kind of around 30%. Do you think -- is that number going to start improving? I guess, in theory, if the leads are better, that number should be decreasing. But just trying to get a sense of what you expect for that. I guess it's an attrition rate would be a --

好的。然後，該模型中的最終數字就是遺失的管道百分比。以前是——現在稍微高一點。最低曾達 22%。現在已上漲約 30%。您認為這個數字會開始改善嗎？我想，從理論上講，如果線索更好，這個數字應該會減少。但只是想了解你對此有何期望。我猜流失率應該是--

Yes. One of the things that we're doing now, and we mentioned it is that there's -- for some patients, there will be a pipeline add and if they successfully pass that initial telehealth screening. But there are some patients that successfully passed that first screening that we view as patients that might be more marginal and might not be good candidates.

是的。我們目前正在做的事情之一，我們提到過，對於某些患者，將會有一個管道添加，如果他們成功通過了初步的遠距醫療篩檢。但有些成功通過第一次篩檢的患者，我們認為他們可能比較邊緣，可能不是很好的人選。

So in order to try to weed out some of those patients more earlier in the process as opposed to waiting until potentially a fitting when we have the device in the patient's home, we're doing a second in-person evaluation for some of those more marginal patients.

因此，為了嘗試在流程早期就淘汰掉一些這樣的患者，而不是等到設備送到患者家中後才進行安裝，我們會對一些邊緣患者進行第二次面對面評估。

And so if those -- and about half the time for those second in-person evaluations, those patients won't continue. And then half the time, they will move on to the process. So for those half of the patients that don't continue, that reflects as a drop from the pipeline. So I would -- because we're going to continue to do that in order to try to get more patients that shouldn't be in a MyoPro out of the process sooner, I would expect that drop rate to continue to be in that 30% range that it is now.

因此，如果這些——大約一半的時間用於第二次面對面評估，這些患者將不會繼續治療。然後，一半的時間，他們會繼續進行該過程。因此，對於那些沒有繼續治療的一半患者來說，這反映出治療管道的下降。所以我會——因為我們將繼續這樣做，以便嘗試讓更多不應該使用 MyoPro 的患者更快地退出治療，我預計下降率將繼續保持在現在的 30% 左右。

Okay. And I mean, just -- I would just say in perspective, you guys have done a great job growing this business. I know it's a little tough right now, but if we look back a little further in the rearview mirror, it's been considerable growth. So I commend you for that even if it's challenging right now. But the final question is, do you feel that your confidence is improving in the metrics? I mean, I know at the Analyst Day, you kind of felt like you had it under control, but this wouldn't necessarily suggest that. But now that you've reset expectations, are you feeling an increased confidence? Or are you still trying to figure out how these levers are moving?

好的。我的意思是——我只想說，從長遠來看，你們在發展這項業務方面做得非常出色。我知道現在有點困難，但如果我們回顧過去，我們會發現我們已經取得了相當大的成長。因此，儘管現在很有挑戰性，但我還是對你表示讚賞。但最後一個問題是，您是否覺得自己對這些指標的信心正在增強？我的意思是，我知道在分析師日，你會感覺好像一切都在掌控之中，但這並不一定意味著這一點。但是現在您已經重新設定了期望，您是否感覺信心增強了？或者您仍在試圖弄清楚這些槓桿是如何移動的？

Yes. I would say we're encouraged by the July results on the metrics that gives us a sense that the modeling that we do internally is making sense versus what we're seeing. And so I would say the answer to that is I think we have identified -- I mean, there's a -- there's a lot of issues there and that we've talked about in the call. But I think we've identified most of them, and we have put plans in place to deal with those things. And we -- and where there's things like it's the leads, we've put fixes in place or it's things like a higher percentage of patients being disqualified. We know that, and we're dealing with it. We're putting plans in place to assume that, that continues and deal with it.

是的。我想說的是，我們對七月份的指標結果感到鼓舞，這讓我們感覺到我們內部進行的建模與我們所看到的相比是有意義的。所以我想說，答案是，我認為我們已經確定了——我的意思是，那裡有很多問題，我們已經在電話中討論過了。但我認為我們已經確定了其中的大部分問題，並且已經制定了計劃來處理這些問題。而且我們 — — 針對諸如線索之類的問題，我們已經採取了修復措施，或者出現了諸如更高比例的患者被取消資格之類的問題。我們知道這一點，並且正在處理。我們正在製定計劃來假設這種情況持續下去並加以處理。

Okay, great. Thank you for taking the questions.

好的，太好了。感謝您回答這些問題。

Sean Lee, HC Wain Wright.

肖恩李、HC韋恩賴特。

Hey, good afternoon, guys, and thanks for taking my questions. My first one is on reimbursement. So you mentioned you're seeing a higher percentage of challenges, denials, especially from Medicare Advantage payers. So I was wondering whether you're seeing the same thing from commercial payers and whether this high number of denials is more of an industry trend that you're seeing or more specifically related to the lower quality leads that you've had in Q2? And do you expect this number to improve in the second half?

嘿，大家下午好，感謝你們回答我的問題。我的第一個問題是關於報銷的。所以您提到，您看到了更高比例的挑戰和拒絕，尤其是來自醫療保險優勢計劃支付者的挑戰和拒絕。所以我想知道您是否從商業付款人那裡看到了同樣的情況，以及如此高的拒絕率是否更多的是您所看到的行業趨勢，或者更具體地與您在第二季度獲得的低品質線索有關？您預計下半年這個數字會有所改善嗎？

Sean, so what we've seen is, I think what the whole health care provider industry is seeing is that these Medicare Advantage plans are trying to deny to delay approvals. And so we are taking more to hearings, and we're winning more. In fact, our winning percentage has increased over the last two months because we have a strong medical case, and we have a strong legal case based on the code of federal regulations. On the commercial plans, some follow the same approach as Medicare Advantage. However, I can tell you that we are getting authorizations with commercial plans such as some of the Blue Cross Blue Shield plans where we've entered into contracts. And as I mentioned on previous calls and as Dr. Coleman presented at the Analyst Day, we're getting more and more state Blue Cross Blue Shield plans under contract, and that's facilitating authorizations under those plans.

肖恩，我們看到的是，我認為整個醫療保健提供者行業看到的是，這些醫療保險優勢計劃正在試圖拒絕延遲批准。因此，我們參加了更多的聽證會，並且贏得了更多勝利。事實上，我們的勝訴率在過去兩個月有所提高，因為我們有強有力的醫療案例，而且我們根據聯邦法規有強有力的法律案例。在商業計劃中，有些採用與 Medicare Advantage 相同的方法。不過，我可以告訴你，我們正在獲得商業計劃的授權，例如我們已經簽約的一些藍十字藍盾計劃。正如我在之前的電話會議中提到的以及科爾曼博士在分析師日上所介紹的那樣，我們正在與越來越多的州藍十字藍盾計劃簽訂合同，這有助於獲得這些計劃的授權。

Great. Thank you for the clarity on that. My last question is on the supply side. So you mentioned a part of the reason for the higher cost of goods was the increased supply cost. I was wondering whether these were related to the recent tariffs? And if we expect this number to hold steady for the rest of the year? Thank you.

偉大的。感謝您對此作出澄清。我的最後一個問題是關於供應方面的。所以您提到商品成本上漲的部分原因是供應成本增加。我想知道這些是否與最近的關稅有關？如果我們預計今年剩餘時間內這個數字將保持穩定呢？謝謝。

Yeah. To clarify, I mentioned higher material costs, but that's not necessarily due to pricing increases. That's due to things like higher material used for like warranty, for example, warranty work, higher inventory adjustments that might happen during the quarter. So for things like that. We haven't seen too much in the way of price increases yet as it relates to tariffs, and we've only had, I think, a couple of vendors actually start to actually place price increases on us for that. So it's not meaningful right now. We put out -- we analyzed this a few months ago, and we still expect that the impact from tariffs might be only about 100 basis points on gross margin this year.

是的。需要澄清的是，我提到了材料成本上升，但這不一定是由於價格上漲造成的。這是由於諸如保固所用材料價格上漲、保固工作以及本季可能發生的庫存調整增加等因素造成的。對於這樣的事情。我們還沒有看到與關稅相關的價格大幅上漲，而且我認為只有幾個供應商實際上開始因此對我們提高價格。所以現在這沒有意義。我們幾個月前就分析過這個問題，我們仍然預期關稅對今年毛利率的影響可能只會達到 100 個基點左右。

Got it. Thank you for the clarity on that. That's all I have.

知道了。感謝您對此作出澄清。這就是我所擁有的一切。

Jeremy Pearlman, Maxim Group.

傑里米·珀爾曼（Jeremy Pearlman），馬克西姆集團（Maxim Group）。

Thank you for taking my question. Good evening. First question related to -- you mentioned earlier on the call that the leads from Facebook were of a lower quality than what you experienced in the past. Maybe do you have any reason why you think that was? And you did say you were shifting some of your -- the ad spend into television. Is there -- do you think that these lower quality Facebook social media leads are something that that's what's going to be in the future? Or is there a way to get that back to the higher quality leads that you've had in the past?

感謝您回答我的問題。晚安.第一個問題與—您之前在電話中提到，來自 Facebook 的線索品質比過去要低。也許您有什麼理由認為這是事實？您確實說過，您正在將部分廣告支出轉向電視廣告。您是否認為這些品質較低的 Facebook 社群媒體線索會成為未來的趨勢？或者有沒有辦法讓它恢復到您過去所擁有的更高品質的線索？

While Meta, which owns Facebook, implemented some new privacy policies around health care earlier in the year, similar to what Apple did with its iOS operating system a couple of years ago in that they used to be able to provide you with a more targeted group of people who might have been interested in stroke or rehab and so on. And that was very successful for us for the last several years. But with this change at the beginning of the year, we had to do some workarounds, look at what I call lookalike groups and so on.

而擁有 Facebook 的 Meta 在今年早些時候實施了一些圍繞醫療保健的新隱私政策，類似於蘋果幾年前對其 iOS 操作系統所採取的政策，即他們能夠為您提供更有針對性的人群，這些人可能對中風或康復等感興趣。過去幾年來，這對我們來說非常成功。但隨著今年年初的這項變化，我們不得不採取一些變通措施，看看我所說的相似群體等等。

And we just found that the leads we were getting from Facebook, while the volume was increasing, they weren't as high quality, meaning the patients -- or whoever was responding to the leads have just been very curious or they weren't responsive to our call center. We make thousands of calls back to leads every month. And we just found that they weren't as engaged as in the past.

我們發現，雖然從 Facebook 獲得的線索數量正在增加，但品質並不高，這意味著患者——或者任何回應線索的人只是非常好奇，或者他們沒有回應我們的呼叫中心。我們每個月都會打數千通電話給潛在客戶。我們發現他們不再像過去那麼投入了。

So we just said, as Dave mentioned, we're shifting our dollars to what works. And so in our case, the targeted TV advertising we use has worked. We get more response to our call center and the ads there. And then will it change with Facebook? I don't know. We're kind of expecting it to be status quo. We'll see if we still put some of our advertising dollars into Facebook, but we've also diversified it to YouTube, Google ads and so on. So I can't tell if it's going to improve at Facebook or not.

因此，正如戴夫所提到的那樣，我們正將資金轉移到有效的領域。因此，就我們的情況而言，我們使用的定向電視廣告是有效的。我們的呼叫中心和那裡的廣告得到了更多的回應。那麼 Facebook 會改變這種情況嗎？我不知道。我們有點期待它能維持現狀。我們會看看是否仍將部分廣告費用投入 Facebook，但我們也將其多元化到 YouTube、Google 廣告等。所以我無法判斷 Facebook 的情況是否會有所改善。

Okay. Understood. And then I know you mentioned that roughly half of your pipeline adds come from leads within the past 30 days and then the rest 6 to 12 months. Is there any -- is there anything you could do to maybe shorten that 6- to 12-month time frame? Just -- I mean, again, just my assumption that a patient who's engaged initially might be more -- might be a higher quality than someone comes back 6 to 12 months down the line. Is there any way to shorten that time frame?

好的。明白了。然後我知道您提到大約一半的管道新增客戶來自過去 30 天內的潛在客戶，其餘的來自 6 到 12 個月內的潛在客戶。有沒有什麼——有什麼辦法可以縮短這 6 到 12 個月的時間範圍？只是 — — 我的意思是，再說一次，我的假設是，最初參與的患者可能 — — 可能比 6 到 12 個月後回來的患者質量更高。有什麼方法可以縮短這個時間嗎？

Well, we engage with the patients. We follow up with them. We'll send them information either online or by mail. And some people have been like waiting for this. And so it's like, yes, get me screened. I'm going to my doctor and so on. And we've seen a number of people. This is not like buying an impulse item. They say, this looks interesting. Let me talk to my family about it. Maybe I'll go back to my doctor. I'll go talk to other people. I'll go talk to the rehab hospital.

嗯，我們與患者互動。我們會跟進他們的情況。我們將透過線上或郵件向他們發送訊息。有些人一直在等待這一刻。所以就像是，是的，讓我接受篩檢。我要去看醫生等等。我們已經見過很多人了。這不像是衝動購買物品。他們說，這看起來很有趣。讓我和家人討論一下這件事。也許我會回去看醫生。我要去和其他人談談。我會去和復健醫院談談。

Now there's only so much we can do because -- and there's a good part of our presentation during the Investor Analyst Day that talks about the steps in that patient journey, that we stay in touch with them. They're in our CRM system. We've got thousands of these people who've expressed an initial interest, and we find that they do come back. And when they come back, they are engaged because they say, okay, now I've thought about it. I want to move ahead.

現在我們能做的只有這麼多，因為——在投資者分析師日期間，我們的演示有很大一部分討論了患者旅程中的步驟，我們會與他們保持聯繫。它們在我們的 CRM 系統中。我們已經擁有數千名表達了最初興趣的人，而且我們發現他們確實會回來。當他們回來時，他們就參與進來了，因為他們說，好吧，現在我已經考慮過了。我想繼續前進。

Okay. Understood. And just last question from us. You mentioned, I think you said roughly 8% of the workforce was cut to help lower expenses, reduce expenses. Is there any part of the business that you're or plans that you had that are being pushed off now and delayed until, let's say, revenue comes back up to expectations? Or it's going to be business as usual in this you were able to find cuts that didn't -- are not affecting your really the day-to-day in your plan that you had?

好的。明白了。這是我們最後一個問題。您提到，我想您說過大約 8% 的勞動力被裁減，以幫助降低開支，減少費用。您的哪些業務部分或計劃現在被推遲了，直到收入恢復到預期水平？或者一切照常，您是否能夠找到不會真正影響您日常計劃的削減措施？

Well, look, it's always tough to do a riff. We looked at how can we not impact the company's operations, both from a revenue perspective as well as quality of operations. We basically pretty much across the board, except in a few clinical areas, which are absolutely critical to the company's and the patient's success. We took down some headcount there. And as they pointed out, we're not adding any headcount because until we see that revenue growth, we're staffed up right now to build 80 to 120 devices a month. So that's kind of our target is let's get to that level of revenue units.

嗯，你看，演奏一段即興重複樂段總是很難的。我們研究瞭如何才能不影響公司的運營，包括從收入角度和營運品質兩方面。我們基本上涵蓋了所有領域，除了少數對公司和患者的成功至關重要的臨床領域。我們在那裡裁減了一些員工。正如他們指出的那樣，我們不會增加任何員工，因為在我們看到收入成長之前，我們目前的員工數量足以每月生產 80 到 120 台設備。因此，我們的目標是達到這樣的收入水準。

Okay, understood. Thank you for taking my questions. Have a good evening.

好的，明白了。感謝您回答我的問題。祝您晚上愉快。

Edward Woo, Ascendiant Capital.

愛德華吳（Edward Woo），Ascendiant Capital。

Yeah, thanks for taking my question. It looks like you had another strong quarter in international, particularly Germany. Is there -- what's working over there? And is there any plans to accelerate growth even more than you have?

是的，感謝您回答我的問題。看起來你們在國際市場，尤其是德國市場又度過了一個強勁的季度。那裡——有什麼工作嗎？您是否有任何計劃來進一步加速成長？

Well, in Germany, you're right, it's our strongest growing segment year-to-date. And they've done a good job with recruiting, training O&P providers, and they've got over 100 locations now that are certified on the MyoPro. And they also have a whole clinical team that has -- goes out to the rehab clinics and sources patients from those clinics, attends a lot of medical conferences. I've been to some like OT World. And that's been a good source of patient candidates. We're actually replicating some of that success here in the US now going forward.

嗯，在德國，您說得對，這是我們今年迄今為止成長最強勁的市場。他們在招募和培訓 O&P 提供者方面做得很好，現在他們已經有超過 100 個地點獲得了 MyoPro 認證。他們還有一支完整的臨床團隊，專門前往復健診所尋找患者，參加許多醫學會議。我去過一些像 OT World 這樣的場所。這一直是患者候選人的良好來源。事實上，我們現在正在美國複製一些這樣的成功。

Great. Is there any plans for you to maybe step on the gas in Germany?

偉大的。您有計劃在德國加大油門嗎？

We are continuing to add a few more people in Germany. It's about hiring more business development managers and hiring more clinical staff. John Frijters, our Head of International, will tell you that the unemployment rate for occupational therapists is 0.6%. So our challenge there is recruiting quality therapists who want to leave the rehab hospital and come joining us. But we've been successful in doing that and the team is very motivated once they join the company.

我們正在繼續在德國增加一些員工。這是為了僱用更多的業務發展經理和更多的臨床工作人員。我們的國際主管 John Frijters 會告訴您，職能治療師的失業率為 0.6%。因此，我們面臨的挑戰是招募願意離開復健醫院並加入我們的優秀治療師。但我們成功做到了這一點，團隊成員一旦加入公司就會非常有動力。

Great. Well, thanks for answering my questions and I wish you guys good luck.

偉大的。好吧，謝謝你們回答我的問題，祝你們好運。

Thanks, Ed.

謝謝，艾德。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Paul Gudonis for closing the remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給保羅古多尼斯 (Paul Gudonis) 來做結束演講。

Well, thank you all for your questions and for your ongoing interest in Myomo. And there was a lot to unpack in today's release, and I hope we've conveyed that we are making the adjustments that will lead to continued revenue growth and greater efficiency in

好吧，感謝大家的提問以及對 Myomo 的持續關注。今天的發布會有很多內容需要解讀，我希望我們已經傳達了我們正在做出的調整，這將帶來持續的收入成長和更高的效率。

our operations. And we appreciate the support of our shareholders and the Board as we drive the business forward, these goals of penetrating this large market to serve many more patients with chronic arm paralysis and building sustainable, profitable business here at Myomo. We'll speak to you again in about three months when we report out our Q3 financial results. Have a nice evening, everyone. Thank you.

我們的營運。我們感謝股東和董事會在我們推動業務發展過程中給予的支持，這些目標是打入這個龐大的市場，為更多患有慢性手臂麻痺的患者提供服務，並在 Myomo 建立可持續的、盈利的業務。大約三個月後，當我們報告第三季財務業績時，我們會再次與您交談。祝大家晚上愉快。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。