Myomo Inc (MYO) 2026 Q1 法說會逐字稿

Good day, and welcome to the Myomo first quarter 2026 financial results conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 Myomo 2026 年第一季財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Bruce Voss of Alliance Advisors. Please go ahead.

現在我想把會議交給 Alliance Advisors 的 Bruce Voss。請開始。

Thank you, and good afternoon, everybody. This is Bruce Voss with Alliance Advisors IR. Welcome to the Myomo first quarter 2026 financial results conference call. With me on today's call are Myomo's Chief Executive Officer, Paul Gudonis; and Chief Financial Officer, 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.

謝謝，各位下午好。我是 Alliance Advisors 投資人關係（IR）的 Bruce Voss。歡迎參加 Myomo 2026 年第一季財務業績電話會議。今天與我一同出席的有 Myomo 執行長 Paul Gudonis，以及財務長 Dave Henry。在開始之前，我想提醒各位聽眾，管理層在本次電話會議中所作、除歷史事實以外的陳述均屬前瞻性陳述。

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.

「預期」、「相信」、「估計」、「預計」、「打算」、「指引」、「展望」、「信心」、「目標」、「預測」以及其他類似用語，通常用來辨識此類前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，且可能涉及並受制於風險、不確定性及其他因素，這些因素可能影響 Myomo 的業務、財務狀況與經營成果。

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, May 7, 2026.

上述風險、不確定性及其他因素已在 Myomo 向美國證券交易委員會（SEC）提交的文件中討論。實際結果與成果可能與這些前瞻性陳述所明示或暗示者存在重大差異。此外，除法律要求外，Myomo 不承擔任何義務對任何前瞻性陳述進行修訂或更新，以反映在今天（2026 年 5 月 7 日）本次電話會議日期之後發生的事件或情況。

It's now my pleasure to turn the call over to Myomo's CEO, Paul Gudonis. Paul, please go ahead.

現在我很高興把電話會議交給 Myomo 的執行長 Paul Gudonis。Paul，請開始。

Thanks, Bruce. Well, good afternoon, and thank you all for joining us today. We remain very excited about the opportunity in front of us to improve lives and grow our company. The chronic arm upper limb paralysis is an underserved medical condition and each year, stroke leaves hundreds of thousands of Americans with lasting arm impairments.

謝謝你，Bruce。各位下午好，感謝大家今天加入我們。我們對眼前改善生活並推動公司成長的機會仍感到非常振奮。慢性上肢（手臂）癱瘓是一種醫療資源不足的疾病狀況，而每年中風都會讓數十萬名美國人留下長期的手臂功能障礙。

And when you add in spinal cord injury, traumatic brain injury and brachial plexus injuries, the addressable US population reaches into the millions and globally millions more. For most of these patients, the standard of care has been a passive brace, ongoing physical therapy with diminishing returns or resignation to permanent loss of function.

再加上脊髓損傷、外傷性腦損傷以及臂叢神經損傷，可服務的美國人口規模達到數百萬，全球則還有更多數百萬人。對於大多數這些患者而言，標準照護一直是被動式支架、持續但效果遞減的物理治療，或是接受永久喪失功能的現實。

Our MyoPro is the only commercially available powered arm orthosis in the US that uses noninvasive EMD sensors to detect the patient's own muscle signals and amplify them into functional movement, thereby permitting paralyzed individuals to feed themselves, carry objects, return to work and reclaim independence at home. That's not an incremental improvement on existing care. It's really an entirely different category of device and Myomo owns it.

我們的 MyoPro 是美國唯一商業化供應的動力上肢矯形器，使用非侵入式 EMD 感測器偵測患者自身的肌肉訊號，並將其放大為具功能性的動作，從而讓癱瘓者能自行進食、搬運物品、重返工作，並在家中重拾獨立生活。這不是在既有照護上的小幅改良。這其實是一個完全不同類別的裝置，而 Myomo 擁有這個類別。

Let me start with a quick real-life story. Our staff just helped Mike, who lost the use of his right arm due to a brachial plexus injury for a motorcycle accident when he was just 17 years old. And now some 50 years later, he's using both arms again with the help of a MyoPro. He's carrying objects safely around his home and he's doing household tasks such as mowing his lawn.

我先分享一個簡短的真實故事。我們的團隊剛協助 Mike；他在 17 歲時因機車事故造成臂叢神經損傷，失去了右臂的使用功能。而如今大約 50 年後，他在 MyoPro 的協助下再次能使用雙臂。他能在家中安全搬運物品，也能做一些家務，例如修剪草坪。

Our MyoPro has improved the quality of life for Mike and for his wife, reducing the burden of care from his impairment, and that's what this is all about. But several positive factors are converging right now to drive Myomo's success, reimbursement, distribution and technology. Reimbursement by CMS in a new Medicare Part B benefit category with HCPCS codes for the MyoPro has opened access to a Medicare population of tens of millions and removed the single largest historical barrier to adoption.

我們的 MyoPro 改善了 Mike 以及他太太的生活品質，減輕了因其功能障礙所帶來的照護負擔，而這正是我們努力的核心。不過，目前有幾項正面因素正在匯聚，推動 Myomo 在給付、通路與技術方面的成功。CMS 在新的 Medicare Part B 給付類別中，為 MyoPro 設立 HCPCS 代碼並提供給付，已為數以千萬計的 Medicare 人口打開可及性，並移除了過去採用上的最大單一障礙。

New clinical studies and in-network contracts with a growing number of commercial payers has significantly increased market access for patients covered by these plans. We're transitioning our go-to-market strategy with a distribution system based on recurring patient sources from rehab hospitals and O&P providers to reduce our customer acquisition costs and to build the foundation for accelerated growth going forward.

新的臨床研究，以及與越來越多商業保險支付方簽訂的網內合約，已大幅提升這些計畫承保患者的市場可及性。我們正在轉型市場進入策略，建立以復健醫院與義肢矯形（O&P）供應商所帶來的可重複患者來源為基礎的通路體系，以降低客戶取得成本，並為未來加速成長奠定基礎。

Our investments in technology are increasing the value to patients and clinicians while reducing our operating costs as we scale the business to sustain profitability. Earlier this year, we established four success pillars for 2026: recurring revenue, market access, operating leverage, and innovation. With strong progress against each, first quarter revenue and profitability exceeded our targets.

我們在技術上的投資，正一方面提升患者與臨床人員的價值，另一方面在業務規模擴大時降低營運成本，以維持獲利能力。今年稍早，我們為 2026 年建立了四大成功支柱：經常性收入、市場可及性、營運槓桿，以及創新。在各項支柱均取得強勁進展的情況下，第一季營收與獲利表現均超出我們的目標。

We measure our progress against these four success pillars, so let's review each of them. Number one, the shift to recurring patient sources. We launched the MyoConnect program in mid-2025 to encourage therapists and physicians at rehab hospitals, stroke clinics and other healthcare facilities to refer prospective MyoPro patients to us or to a local O&P partner. These channels not only provide recurring referrals, but they also carry lower acquisition costs and higher conversion rates versus direct-to-patient marketing.

我們以這四大成功支柱衡量進展，因此讓我們逐一回顧。第一，轉向可重複的患者來源。我們在 2025 年年中推出 MyoConnect 計畫，鼓勵復健醫院、中風門診及其他醫療機構的治療師與醫師，將潛在的 MyoPro 患者轉介給我們或當地的 O&P 合作夥伴。這些通路不僅能帶來持續性的轉介，同時相較於直接面向患者的行銷，也具有更低的取得成本與更高的轉換率。

With Medicare coverage in place and the new MyoPro 2x introduced last year, it was the right time to bring the benefits of the MyoPro to the incidence population of patients who are currently in outpatient therapy, expanding our target market beyond the individuals with chronic arm paralysis and the large prevalence population. We reoriented our field clinical team, added sales specialists and conducted numerous in-service educational sessions at these rehab locations.

在 Medicare 給付到位、且去年推出新版 MyoPro 2x 之後，正是把 MyoPro 的效益帶給目前正在接受門診治療之新發患者族群的適當時機，將我們的目標市場從慢性手臂癱瘓患者與龐大的既有患者族群，進一步擴展。我們重新調整了外勤臨床團隊配置，增聘銷售專員，並在這些復健據點進行多場院內教育訓練。

I'm pleased to report that now more than 150 rehab facilities are now referring candidates to us. The O&P channel is another source of recurring referrals, and our O&P revenue grew 79% year-over-year as we trained and certified additional CPOs and jointly implemented outreach programs.

我很高興報告，目前已有超過 150 家復健機構正在向我們轉介候選患者。O&P 通路是另一個可重複轉介的來源；隨著我們培訓並認證更多 CPO，並共同推動外展計畫，我們的 O&P 營收年增 79%。

Earlier this week, we announced that we've been working with Ottobock's US clinical operations to certify them as MyoPro Centers of Excellence, and we recently conducted training for over 20 clinical specialists from around the country as part of their national rollout. Ottobock is the world's largest provider of O&P products and clinical services, and we're very pleased to be working so closely with them. In Germany, we have more than 100 O&P practices working with us to provide the MyoPro to their patients.

本週稍早，我們宣布一直在與 Ottobock 的美國臨床營運團隊合作，將其認證為 MyoPro 卓越中心（Centers of Excellence）；近期我們也作為其全國推廣的一部分，為來自全國各地的 20 多位臨床專員進行訓練。Ottobock 是全球最大的 O&P 產品與臨床服務供應商，我們非常高興能與他們如此緊密合作。在德國，我們有超過 100 家 O&P 診所與我們合作，為其患者提供 MyoPro。

The insurance environment in Germany is highly favorable, and our international revenues reached a Q1 record of approximately $2 million. We continue to expand our sales and clinical staff in Germany, and later this month, we'll be attending the OTWorld Conference in Leipzig to engage with additional O&P clinics. This conference is the largest O&P event in Europe. As a result of these efforts, we're tracking extremely well against our targets of consistently increasing revenue from recurring patient sources.

德國的保險環境非常有利，我們的國際營收在第一季創下約200萬美元的紀錄。我們持續在德國擴編銷售與臨床人員，本月稍晚也將前往萊比錫參加OTWorld大會，以接觸更多義肢與矯形（O&P）診所。該大會是歐洲規模最大的O&P盛會。在這些努力帶動下，我們在「持續提升來自經常性病患來源的營收」目標上，進度表現非常亮眼。

Pillar number two, that's the second success pillar, is to increase market access for patients by signing additional payer contracts. As discussed in March, we signed a national arrangement with Elevance, which manages a number of Anthem Blue Cross Blue Shield plans in 27 states, including large ones like Texas, Ohio, Virginia and California. We've been entering into these payer contracts to secure Myomo as an in-network provider with case-by-case coverage determinations and agreed upon price for the MyoPro.

第二支柱，也就是第二個成功支柱，是透過簽署更多付款方合約來提升病患的市場可近性。如同我們在3月所討論的，我們與Elevance簽署了全國性安排；Elevance在27個州管理多項Anthem Blue Cross Blue Shield計畫，包括德州、俄亥俄州、維吉尼亞州與加州等大州。我們簽訂這些付款方合約，是為了確保Myomo成為網內（in-network）供應商，並以逐案（case-by-case）的給付核定方式與事先議定的MyoPro價格來提供保障。

As a result, we're now seeing a significantly higher authorization rate from these payers' Medicare Advantage and commercial plans. And over the next several months, I expect we'll sign additional state contracts under the Elevance national arrangements. Since we secured Medicare coverage in April of 2024 and added various commercial and Medicare Advantage contracts, we've gone from just 9 million covered lives to 158 million lives currently.

因此，我們現在看到這些付款方的Medicare Advantage與商業保險計畫之核准率顯著提高。在接下來幾個月，我預期我們將在Elevance全國性安排之下，簽署更多州層級合約。自我們於2024年4月取得Medicare給付，並新增多項商業保險與Medicare Advantage合約以來，我們的承保人數已從僅900萬人提升至目前的1.58億人。

Pillar number three is to demonstrate operating leverage and the path to profitability. We demonstrated early operating leverage in the first quarter, with revenue up 3%, while OpEx was down 1% year-over-year. We also expanded gross margin by 100 basis points, and the combination of these accomplishments resulted in a 20% improvement in adjusted EBITDA.

第三支柱是展現營運槓桿與通往獲利的路徑。我們在第一季展現了初步的營運槓桿：營收年增3%，而營業費用（OpEx）年減1%。我們也將毛利率提升了100個基點，而這些成果的綜合效應使調整後EBITDA改善了20%。

Pillar four is to continue to invest in product development and clinical research. At the end of March, we launched a new mobile app, which allows clinicians, patients and caregivers to use their smartphones to adjust the MyoPro device settings, display their muscle movements and EMG signals, and collect usage data that can be used by therapists and physicians. The app also eliminates the need to ship a laptop with our proprietary software to each user, reducing our MyoPro material cost by about 10%. You'll see this benefit flowing through to gross margin beginning in the second quarter.

第四支柱是持續投資產品開發與臨床研究。在3月底，我們推出了一款新的行動App，讓臨床人員、病患與照護者可用智慧型手機調整MyoPro裝置設定、顯示其肌肉動作與肌電（EMG）訊號，並蒐集可供治療師與醫師使用的使用數據。該App也免除了為每位使用者寄送搭載我們專有軟體的筆電之需求，使MyoPro的材料成本降低約10%。您將從第二季開始看到這項效益反映在毛利率上。

Another R&D investment is a randomized control trial being conducted by the University of Utah Rehabilitation Hospital. After a successful pilot last year, the university's IRB approved a study which will compare the outcomes of users with the MyoPro against those who received the current standard of care of occupational therapy. We've enrolled 18 of the 50 subjects to date, and when completed, and assuming similar results to our pilot last year, this clinical evidence is expected to support increased reimbursement of the MyoPro.

另一項研發投資是由猶他大學復健醫院進行的隨機對照試驗。在去年試辦成功後，該校IRB已核准一項研究，將比較使用MyoPro的使用者與接受目前標準照護（職能治療）的患者之治療結果。截至目前我們已納入50名受試者中的18名；待研究完成後，若結果與去年試辦相近，這些臨床證據預期將支持提高MyoPro的給付水準。

Finally, development of the MyoPro 3 next-generation platform is progressing. We're focused on enhanced functionality and increased processing power to support future software driven innovations. The progress on each of our four success pillars is tracking with our targets, and we're excited to keep on delivering. On the marketing front, we added a new marketing executive and engaged a new digital ad agency in Q1. As a result, we've also refined our marketing strategy with a new approach to digital channels and data-driven targeting.

最後，MyoPro 3次世代平台的開發正在推進中。我們聚焦於強化功能並提升處理效能，以支援未來由軟體驅動的創新。我們在四大成功支柱上的進展皆符合目標進度，我們也很期待持續交出成果。在行銷方面，我們於第一季新增一位行銷主管，並聘用一家新的數位廣告代理商。因此，我們也以新的數位渠道策略與數據驅動的精準鎖定方式，進一步優化了行銷策略。

We're also expanding the use of social media to engage directly with healthcare providers and to introduce the MyoPro in geographies with payer contracts. These initiatives are already improving lead quality, which is resulting in more pipeline adds per lead generated and reducing patient acquisition costs. We expect further efficiency gains as these programs scale throughout 2026.

我們也擴大社群媒體的運用，以直接與醫療服務提供者互動，並在已簽有付款方合約的地區導入MyoPro。這些措施已在提升名單（lead）品質，帶來每個名單所新增的管線（pipeline）數量增加，並降低病患取得成本。隨著這些計畫在2026年全面擴大規模，我們預期效率將進一步提升。

With that overview, I'll turn the call over to our CFO, Dave Henry, to walk through the financial results in more detail.

以上為整體概述，接下來我把電話會議交給我們的財務長Dave Henry，請他更詳細說明財務結果。

Thank you, Paul, and good afternoon, everyone. As Paul just discussed, we've been busy executing against the success pillars we introduced earlier this year, and I'm pleased to report on the progress we've made.

謝謝你，Paul，各位下午好。如Paul剛才所提到的，我們一直忙於落實今年稍早提出的成功支柱，很高興向各位報告我們所取得的進展。

Our revenue for the first quarter of 2026 was $10.1 million, up 3% versus the prior year period. The increase was driven by a higher average selling price, or ASP, partially offset by a slightly lower number of revenue units. ASP in the first quarter was $58,800, up 9% versus the prior year due to a higher Medicare Part B and Medicare Advantage reimbursement amounts reflecting beginning of year fee updates, as well as a positive channel mix, including higher international and Medicare Advantage revenues.

我們2026年第一季營收為1,010萬美元，較去年同期成長3%。成長主要來自平均銷售價格（ASP）提高，但部分被營收單位數略為下降所抵銷。第一季ASP為58,800美元，較去年同期成長9%，主要因Medicare Part B與Medicare Advantage的給付金額反映年初費率更新而提高，並且通路組合有利，包括較高的國際與Medicare Advantage營收占比。

We delivered 172 MyoPro revenue units during the quarter. Looking at payer mix, Medicare Part B patients in our direct billing channel represented 51% of revenue in the first quarter, which was down 12% in dollar terms compared with the prior year. Medicare Advantage patients on our direct billing channel represented 19% of first quarter revenue, and in dollar terms was up 11% compared with the prior year quarter.

本季我們交付了172台MyoPro營收單位。就付款方組合而言，我們直付（direct billing）通路中的Medicare Part B病患在第一季占營收的51%，以金額計較去年同期下降12%。直付通路中的Medicare Advantage病患占第一季營收的19%，以金額計較去年同期成長11%。

As many healthcare providers are seeing, the macro environment for Medicare Advantage plans continues to be challenging. To mitigate the impact, we are focusing on in-network patients obtained through our contracting efforts, where early results are showing higher authorization rates compared with non-contracted payers.

如同許多醫療服務提供者所見，Medicare Advantage計畫的總體環境仍持續充滿挑戰。為降低影響，我們聚焦於透過合約拓展所取得的網內病患；初步結果顯示，相較於未簽約的付款方，其核准率更高。

The direct billing channel represented 71% of revenue in the first quarter, compared with 79% in the prior year quarter. Direct billing revenue declined as we continued transitioning our business toward recurring patient sources. Revenue from recurring patient sources represented 49% of first quarter revenue, up from 25% in the prior year.

第一季直付通路占營收的71%，相較去年同期的79%有所下降。隨著我們持續將業務轉向經常性病患來源，直付營收有所下滑。來自經常性病患來源的營收占第一季營收的49%，高於去年同期的25%。

As you can see, we have made significant progress in shifting toward recurring patient sources at a lower patient acquisition cost compared with advertising-driven direct patient revenues, which carry a much higher cost to acquire. Breaking down the recurring patient sources, approximately 20% of first quarter revenue was generated by direct billing referrals.

如各位所見，相較於以廣告驅動的直客營收（其取得成本高得多），我們在以較低病患取得成本轉向經常性病患來源方面已取得顯著進展。進一步拆解經常性病患來源，第一季約20%的營收來自直付轉介（referrals）。

Another 20% was generated by the international channel, 8% from the US O&P channel, and the rest was from VA payers. International revenue was up 53% year-over-year, and the US O&P channel was up 79% year-over-year. As of March 31, 2026, the pipeline stood at 1,680 patients, an increase of 10% sequentially and 13% year-over-year.

另有20%來自國際通路，8%來自美國O&P通路，其餘則來自VA付款方。國際營收年增53%，美國O&P通路年增79%。截至2026年3月31日，我們的管線為1,680名病患，較前一季增加10%，較去年同期增加13%。

During the first quarter, we added 723 patients to the pipeline, which is up 7% sequentially and 3% year-over-year. 11% of first quarter pipeline adds were generated from direct billing referrals, demonstrating the traction so far with the MyoConnect program. 62% of first quarter revenue units were from intra-fill revenue units, which is up from 45% of revenue units a year ago and demonstrates our increased velocity in fulfilling orders. 16% of first quarter orders came from direct billing referrals. We exited the quarter with a backlog of 226 patients.

在第一季，我們在潛在客戶管線中新增了723名患者，較前一季增加7%，較去年同期增加3%。第一季新增管線中有11%來自直接計費轉介，顯示 MyoConnect 計畫迄今已取得進展。第一季營收單位中有62%來自補配（intra-fill）營收單位，高於一年前的45%，顯示我們在履行訂單方面的速度提升。第一季訂單中有16%來自直接計費轉介。我們在季末的待處理（backlog）患者為226名。

Gross margin for the first quarter of 2026 was 68.2%, up from 67.2% a year ago, driven by a higher ASP and material cost reductions, partially offset by higher labor and travel costs needed to fit patients on site. Operating expenses for the first quarter of 2026 were $10.1 million, down 1% over the prior year quarter. Decrease was driven primarily by lower R&D and G&A expenses, partially offset by higher sales, clinical and marketing expenses.

2026年第一季毛利率為68.2%，高於一年前的67.2%，主要受較高的平均售價（ASP）與材料成本下降所帶動，但部分被為了到現場為患者配戴所需的較高人力與差旅成本所抵銷。2026年第一季營業費用為1,010萬美元，較去年同期下降1%。下降主要由較低的研發（R&D）與一般及行政（G&A）費用所致，但部分被較高的銷售、臨床與行銷費用所抵銷。

Operating loss for the first quarter of 2026 was $3.2 million, which narrowed from an operating loss of $3.5 million in the prior year quarter. Adjusted EBITDA for the first quarter of 2026 was a negative $2.3 million, compared with a negative $2.8 million in the prior year quarter. The improvement was driven by a lower operating loss I just mentioned and higher add backs for depreciation expense and stock-based compensation.

2026年第一季營業損失為320萬美元，較去年同期的350萬美元營業損失收窄。2026年第一季調整後 EBITDA 為負230萬美元，去年同期為負280萬美元。改善主要來自我剛提到的較低營業損失，以及折舊費用與以股份為基礎之薪酬的加回金額增加。

First quarter nonoperating income includes a mark-to-market gain from the change in fair value of derivative liabilities, partially offset by cash and noncash interest expense under the Avenue Capital term loan. Net loss for the first quarter of 2026 was $3 million, or $0.07 per share. This compares with a net loss of $3.5 million, or $0.08 per share in the prior year quarter.

第一季非營業收入包含因衍生性負債公允價值變動而產生的按市價評價（mark-to-market）收益，但部分被 Avenue Capital 定期貸款項下的現金與非現金利息費用所抵銷。2026年第一季淨損為300萬美元，或每股0.07美元。相較之下，去年同期淨損為350萬美元，或每股0.08美元。

Turning now to our balance sheet and cash flow. As of March 31, 2026, cash equivalents and short-term investments were $15.7 million. Reflective of the improvement in adjusted EBITDA, our use of cash was $2.7 million in the first quarter, compared with $3.2 million used in the first quarter of 2025.

接下來談我們的資產負債表與現金流。截至2026年3月31日，現金等價物與短期投資為1,570萬美元。反映調整後 EBITDA 的改善，我們第一季現金使用額為270萬美元，相較2025年第一季使用320萬美元。

Let me conclude my remarks with our forward-looking guidance. As you just heard, we are making tremendous progress on our 2026 objectives. In the first quarter, we achieved higher year-over-year revenue, improved gross margin and lower operating expenses, resulting in improved adjusted EBITDA.

最後以我們的前瞻性指引作結。如各位剛才所聽到的，我們在2026年目標上正取得顯著進展。第一季我們達成較去年同期更高的營收、改善的毛利率以及較低的營業費用，因而帶動調整後 EBITDA 改善。

Our transition of the business toward recurring patient sources is running ahead of plan. In addition, the marketing changes we initiated are beginning to take effect. As a result, we expect second quarter revenue to be in the range of $10.3 million to 10.8 million, which is up 7% to 12% year-over-year and up 2% to 7% sequentially.

我們將業務轉向可重複的患者來源之進度超前於計畫。此外，我們啟動的行銷變更也開始發揮效果。因此，我們預期第二季營收將落在1,030萬至1,080萬美元區間，較去年同期成長7%至12%，較前一季成長2%至7%。

We expect gross margin in the second quarter to be higher year-over-year, but lower sequentially due primarily to channel mix. We expect operating expenses to increase slightly versus the first quarter, reflecting a modest increase in advertising spending.

我們預期第二季毛利率將較去年同期提高，但因通路組合（channel mix）因素，較前一季下降。我們預期營業費用將較第一季小幅增加，反映廣告支出溫和上升。

For the full year, we are reiterating our revenue guidance in the range of $43 million to $46 million, we affirm our full year operating leverage expectation to limit the growth of operating expenses in 2026 to about one half the growth of revenue.

就全年而言，我們重申營收指引維持在4,300萬至4,600萬美元區間；同時，我們確認全年營運槓桿的預期：將2026年營業費用的成長限制在約為營收成長的一半。

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

以上為財務概覽，我把電話交回給 Paul。

Thanks, Dave. Well, to summarize, we're keenly focused on implementing our four success pillars to grow MyoPro volume and revenues while improving key financial metrics, including gross margin, adjusted EBITDA and cash usage. Our technology is making a dramatic difference in the lives of patients who are suffering with this chronic arm paralysis.

謝謝，Dave。總結來說，我們高度專注於落實四大成功支柱，以提升 MyoPro 的出貨量與營收，同時改善關鍵財務指標，包括毛利率、調整後 EBITDA 與現金使用量。我們的技術正為飽受慢性手臂癱瘓之苦的患者生活帶來顯著改變。

So now Dave and I are ready to take your questions. Operator?

接下來 Dave 和我準備回答各位的問題。接線員？

(Operator Instructions)

（接線員指示）

While we're waiting for the first question, I'd like to mention that in May, we'll be participating in the Sidoti Virtual Investor Conference and A.G.P.'s annual healthcare company showcase. On June 23 and 24, we'll be presenting at the iAccess Alpha Select Virtual Conference and holding one-on-one meetings with investors.

在等待第一個問題的同時，我想提一下，我們將於5月參加 Sidoti 線上投資人研討會以及 A.G.P. 年度醫療保健公司展示會。6月23日與24日，我們將在 iAccess Alpha Select 線上研討會發表簡報，並與投資人進行一對一會議。

Okay, operator, let's take the first question whenever you're ready.

好的，接線員，請在你準備好時讓我們開始第一個問題。

Chase Knickerbocker, Craig-Hallum.

Chase Knickerbocker，Craig-Hallum。

Maybe just first on the ASP increase, could you just go into a little bit more detail as far as what drove that, as far as kind of the mix specifically that you were referring to and kind of the drivers within that mix higher or lower within ASP? And then I guess the next question is just how sustainable is that? How should we be thinking about kind of ASP sequentially through the year?

先談 ASP 的提升，能否請你更詳細說明是什麼因素驅動的？特別是你提到的組合（mix）具體指的是什麼，以及在該組合內有哪些因素推動 ASP 上升或下降？接著想問這樣的水準有多可持續？我們應該如何看待今年 ASP 的逐季走勢？

Yes, sure. The ASP was, you know, $58,800. The increase was due in part to the fee increase, like, happens at the beginning of every year with CMS. That also affected the Medicare Advantage payers as well. So both Medicare and Medicare Advantage, those were about 70% of revenues in the first quarter, and those were all subject to that fee increase.

好的，當然可以。ASP 大約是58,800美元。這次上升部分是因為費率調升，就像 CMS 每年年初都會發生的那樣。這也同樣影響到 Medicare Advantage 付款方。因此，Medicare 與 Medicare Advantage 在第一季約占營收的70%，而這些都適用該費率調升。

Also, international revenues, we get some foreign currency benefit from that. So international is our second-largest channel in terms of both revenues and ASP, and they were 20% of revenue. So those are the reasons why. In terms of sustainability, I do expect that the ASP will come down a bit due to channel mix in the second quarter. And I think, it's still prudent to assume maybe around a $55,000 or so ASP on a more longer term basis.

另外，國際營收方面，我們也獲得一些外幣帶來的利益。就營收與 ASP 而言，國際是我們第二大的通路，約占營收的20%。所以主要原因是這些。至於可持續性，我確實預期第二季 ASP 會因通路組合而略為下滑。而且我認為，從較長期的角度來看，較為審慎的假設可能是 ASP 約在55,000美元左右。

Understood. Maybe just on the advertising efficiency side, can you just kind of break down what the percentage kind of benefit was in the quarter from MyoConnect? Was the majority of kind of that decrease in cost per pipeline ad driven by MyoConnect, or was there, some improvements that you are seeing on the digital marketing side?

了解。再問一下廣告效率方面，你能否拆解一下本季 MyoConnect 帶來的效益大約占比多少？每個管線新增（pipeline add）的廣告成本下降，主要是由 MyoConnect 驅動的，還是你們在數位行銷端也看到一些改善？

Just in terms of the metrics, the 11% of the pipeline ads in the quarter were MyoConnect, and those come at a low cost per pipeline ad, but we're not advertising to get those. That's a big part of it. Plus just some of the efficiencies we're seeing, as Paul mentioned, we are seeing sort of a lower cost or more pipeline ads per lead that we're generating through some of these efforts that we're making.

就指標而言，本季管線新增（pipeline ads）中有 11% 來自 MyoConnect，而這些新增的單位管線新增成本很低，但我們並不是為了取得這些而投放廣告。這是其中很大的一部分。另外，正如 Paul 提到的，我們也看到一些效率提升；透過我們正在推動的部分措施，我們看到成本更低，或是每個我們所產生的線索（lead）能帶來更多的管線新增。

We're finding that the quality of the leads, which was an issue a year ago, Chase, has really turned around. Now we're getting more of the leads that are generating. We're engaging with those patients, and they're medically qualified, so they're moving into the pipeline. We redid our TV advertising as well with a new 120-second slot. And that's paid off really well.

我們發現，一年前曾是問題的線索品質（lead quality），Chase，確實已經大幅改善。現在我們取得的線索中，有更多是能夠產生後續的。我們會與這些病患互動，而他們也符合醫療資格，因此會進入管線。我們也重新製作了電視廣告，推出新的 120 秒時段。而這帶來了非常好的成效。

A good cost per call, and the patients that see that or their caregivers are really engaged. So those couple factors have reduced our cost per pipeline ad.

每通來電成本（cost per call）表現不錯，而且看到該廣告的病患或其照護者參與度很高。因此，這幾個因素降低了我們每個管線新增的成本。

And so you had kind of mentioned ramping some of the marketing spend as we go through the year here into Q2. Is that kind of driven by seeing some improvement on that side of things? Or maybe just talk me through kind of the drivers behind that kind of reinvestment.

所以你先前有提到，隨著今年進行到第二季（Q2），行銷支出會逐步拉升。這主要是因為你們看到那一端有所改善嗎？或者能否請你帶我梳理一下，這類再投資背後的驅動因素？

Yes. I would say that is the case, it's also something that we do typically every year. Second and third quarters are typically our highest spending for advertising and then it comes back down again in the fourth quarter just because of the efficiencies that happen during the fourth quarter, or the inefficiencies, I should say, that happen in the fourth quarter.

是的。我會說確實是這樣，但這也是我們通常每年都會做的事。第二與第三季通常是我們廣告投放支出最高的季度，第四季則會再降下來，主要是因為第四季會出現一些效率提升——或者我應該說，第四季會出現一些效率不彰的情況。

Well, also due to the revenue cycle, which could be four to six months or longer, depending on the patient's insurance, advertising now builds a good pipeline and backlog for Q3 and Q4 revenue.

另外也因為營收週期可能需要四到六個月或更久，取決於病患的保險狀況；現在投放廣告能為第三季與第四季的營收建立良好的管線與待處理量（backlog）。

And then just last from me. Guidance assumes a step up in growth in the second half. Guidance has reiterated, the mix on a per quarter basis was a little bit different than what we kind of expected. Can you just kind of walk us through what the top end of your guidance assumes and the bottom end as far as kind of the moving pieces and the assumptions in there?

最後一個問題。你們的財測（guidance）假設下半年成長會加速。你們也重申了財測，但按季度來看，組合（mix）與我們原先預期有些不同。你能否帶我們走一遍：在你們財測區間的上緣與下緣，各自假設了哪些變動因素與前提？

I think the top end of the guidance, I think would reflect more from the direct billing channel, particularly as it relates to more success on the referrals side of things. MyoConnect, I think, is probably the biggest swing factor in terms of our guidance.

我認為財測上緣，會更多反映來自直接請款（direct billing）通路的貢獻，特別是與轉介（referrals）端更成功相關。就財測而言，MyoConnect 可能是最大的擺動因素（swing factor）。

Like, good news and good traction with that, which so far we're seeing, would lead us to trend towards the higher end of our guidance. If some -- for some reason that were to -- some of those results would begin to flatten out or going down, that would head us -- that would drive us toward the lower end of our guided range.

例如，若 MyoConnect 有好消息且推進順利——而目前我們確實看到這樣的情況——就會讓我們更接近財測上緣。如果因某些原因，這些成果開始趨於持平或下滑，那就會把我們推向——也就是驅動我們走向——財測區間的下緣。

Edward Woo, Ascendiant Capital.

Edward Woo，Ascendiant Capital。

Yes. Congratulations on the quarter. My question is on international. Once again, you had another very strong quarter, very good growth, record revenue. How much potential can the German market have, and is there ability to accelerate the growth on near term?

是的。恭喜本季表現。我的問題是關於國際市場。你們再次交出非常強勁的一季，成長很好、營收創新高。德國市場的潛力有多大？短期內是否有能力加速成長？

Well, you look at the German market, over 80 million population compared to, let's say, 330 million here in the US. So it's about 25% to 30% of the total size of the US market. So you can see that there is definitely upside potential there.

嗯，你看德國市場，人口超過 8,000 萬，相較之下，美國大約 3.3 億。所以德國大約是美國市場總規模的 25% 到 30%。因此你可以看到，那裡確實有上行潛力。

Also, as we've seen, because of the statutory health insurance, social court rulings over there, we're getting good traction with the insurance companies there, so that's why we're continuing to add resources, which is the way to grow that German business.

另外，如我們所見，由於那邊的法定健康保險（statutory health insurance）以及社會法院的裁決，我們與當地保險公司取得了良好進展；因此我們持續增加資源投入，這也是推動德國業務成長的方式。

I'll be there later this month in Leipzig, Germany for the OTWorld Conference to recruit more O&P providers. We'll also start looking at some other international markets.

我本月稍晚會到德國萊比錫參加 OTWorld 大會，以招募更多 O&P（義肢與矯形）供應商。我們也會開始評估其他一些國際市場。

That sounds good. You mentioned other international markets. I know you previously have said that the German market was kind of unique. Other European markets or would it be possibly markets in other areas? Any updates on the Chinese market?

聽起來不錯。你提到其他國際市場。我知道你之前說過德國市場有點獨特。你指的是其他歐洲市場，還是可能是其他地區的市場？中國市場有任何更新嗎？

Well, probably the other European markets where we can get the reimbursement relatively quickly. So we'll be talking to some O&P providers in these other countries to see what they feel about the reimbursement environment so that -- we always look at where I'm going to invest another euro, where is the best place to put in. So far, the best return has been in Germany.

嗯，可能會先看其他歐洲市場，因為我們在那裡相對能較快取得給付（reimbursement）。所以我們會與這些其他國家的 O&P 供應商交流，了解他們對給付環境的看法；因為——我們一直在評估：我要再投資一歐元時，放在哪裡最划算。到目前為止，回報最好的仍是德國。

Also, staying in Europe would help us leverage the infrastructure we have over there. In China, we continue conversations with Chinaleaf ventures, which was one of the major investors in the joint venture. We've had regular conversations to introduce new potential partners, medical device manufacturers and investment partners into the JV, but nothing's been finalized over there as far as the next step with the JV.

另外，留在歐洲也能幫助我們槓桿運用我們在那邊既有的基礎設施。在中國方面，我們持續與 Chinaleaf ventures（中葉創投）對話，他們是合資公司（JV）的主要投資人之一。我們定期溝通，將新的潛在合作夥伴、醫療器材製造商與投資夥伴引入合資公司，但就合資公司下一步而言，目前尚未有任何定案。

Jeremy Pearlman, Maxim Group.

Jeremy Pearlman，Maxim Group。

Yes. Firstly, I wanted to talk about the MyoConnect. You've mentioned that you had roughly 150 rehab facilities that are referring patients currently. How extensive do you think that runway is? How many more rehab clinics is in the pipeline to convert to this MyoConnect?

是的。首先我想談談 MyoConnect。你提到目前大約有 150 家復健機構正在轉介病患。你認為這個成長跑道（runway）有多長？在管線中，還有多少家復健診所可望轉換成使用 MyoConnect？

Well, we've had tremendous results in just the first nine months, Jeremy, since we started that in mid-2025. I expect we're going to add new clinics every month. I'd love to get to the point where we have several hundred by the end of this year. So there are about 1,500 stroke clinics in the US, plus many other major hospitals that treat stroke patients. And on top of that, we're finding a lot of success with these smaller private rehab clinics.

Jeremy，自 2025 年年中開始推動以來，在前九個月我們就取得了非常亮眼的成果。我預期我們每個月都會新增新的診所。我希望在今年底前能達到數百家。美國大約有 1,500 家中風診所，另外還有許多治療中風病患的大型醫院。除此之外，我們也發現，這些較小型的民營復健診所也帶來了很大的成功。

There are therapists out there who have their own clinic, and they are referring MyoPro patients to us. So our goal is to grow the number of rehab facilities to a couple hundred by the end of the year. Also, see what I call same-store sales growth, where after referring that first patient, they'll refer a couple of others, and that should grow not only this year, but well into next year. That's why I see we're laying the foundation for accelerated growth next year. You can imagine hundreds of these clinics, then growing the number of patients they refer next year, plus new clinics that come online next year as MyoConnect partners.

外面有一些治療師擁有自己的診所，他們正把 MyoPro 病患轉介給我們。因此，我們的目標是在年底前把復健機構的數量擴增到兩三百家。另外，還有我所稱的同店銷售成長，也就是在轉介第一位病患之後，他們還會再轉介幾位，而這不僅會帶動今年的成長，也會延續到明年。這就是為什麼我認為我們正在為明年的加速成長奠定基礎。你可以想像有數百家這樣的診所，明年提高他們轉介的病患數量，再加上明年會有新的診所作為 MyoConnect 夥伴上線。

And plus, you have more and more O&P providers coming on. So we just announced Ottobock. They've got over 50 locations in the US. We just trained 20 some of their clinicians around the country. They're going to be spreading the word within their territories. We've got other major national account lined up for similar type of training going on.

此外，還會有越來越多的義肢與矯形（O&P）供應商加入。我們剛宣布了 Ottobock。他們在美國有超過 50 個據點。我們剛在全國各地訓練了他們約 20 位臨床人員。他們將在各自的區域內擴散訊息。我們也已安排其他主要的全國性客戶，進行類似的訓練。

Okay. That's great. And then just to follow-up, you mentioned that you hope this is laying the foundation for accelerated growth. They're referring -- hopefully, they'll refer these clinics. Once they refer the first patient, they'll refer more. Is it too early to tell? Have you seen that play out with the rehab clinics that are already using the MyoConnect program? Does that give you confidence that in 2027 we could see a big uptick?

好的。很棒。接著追問一下，你提到希望這能為加速成長奠定基礎。他們在轉介——希望他們會轉介這些診所。一旦轉介第一位病患，就會轉介更多。現在判斷是否還太早？你是否已在那些已使用 MyoConnect 計畫的復健診所看到這種情況發生？這是否讓你有信心在 2027 年我們可能會看到大幅上升？

We are starting to see those sort of green shoots. Remember that most of these have just come online. They made their first referral in December or January, then the patient has to go through the insurance process, has to get fit with the device, then goes to that clinic for therapy services, then they see the outcome. So it may be six months from the time they make their first referral till we make the second. But I'm confident that in the way our device performs for these patients, that we'll get these ongoing referrals.

我們開始看到一些這類的初步跡象。請記得，大多數這些診所才剛上線。他們在 12 月或 1 月做出第一次轉介，接著病患必須走完保險流程、完成裝置配戴，然後到該診所接受治療服務，之後他們才會看到成效。因此，從他們做出第一次轉介到我們收到第二次轉介，可能需要六個月。但我有信心，基於我們裝置對這些病患的表現，我們會獲得持續性的轉介。

Okay. Understood. Also, just related to the last question related to the MyoConnect. Do a higher percentage of the patients that are referred through this program convert eventually to the backlog into a paying customer, or is it similar to -- that's your legacy advertising direct to consumer marketing that pulls into patients where this certain percentage drops off and then whatever percentage goes to the final MyoPro?

好的。了解。另外，延續上一題關於 MyoConnect。透過這個計畫轉介進來的病患，最終轉換為待處理訂單並成為付費客戶的比例是否更高？還是說與——你們過去以廣告直接面向消費者的行銷所帶來的病患類似，其中有一定比例會流失，最後只有某個比例會走到最終的 MyoPro？

Yes. That's a good observation. That's a very good observation because these patients are better in two respects. One, we've trained the clinicians that are referring to prequalify these patients for us. They are sending us better quality patients, meaning they are more likely to benefit from MyoPro in terms of their medical qualifications.

是的。這個觀察很好。這是非常好的觀察，因為這些病患在兩個方面更優質。第一，我們已訓練轉介的臨床人員先替我們對病患做初步篩選（預先資格審查）。他們送來的是品質更好的病患，也就是說，就醫療資格而言，他們更可能從 MyoPro 中受益。

So that's a plus. They're a higher quality patient than what comes in from the general advertising. Number two, because these clinicians know that Medicare will cover this, they're sending us a higher percentage of Medicare than in the general population. So it's almost like a double win from these referrals from the MyoConnect program.

所以這是一個加分項。他們比一般廣告帶進來的病患品質更高。第二，因為這些臨床人員知道 Medicare 會給付，他們送來的 Medicare 病患比例高於一般族群。因此，透過 MyoConnect 計畫的這些轉介，幾乎是雙重勝利。

Okay. That's great. Understood. Then just last question. I know you mentioned on the last year, your Investor Day, a big part of-- there was a section about adjudicating denied claims.

好的。很棒。了解。那最後一個問題。我知道你在去年投資人日提到，一個很大的部分——其中有一段是關於對被拒賠的申請進行裁決（申訴/復議）。

I just wonder any follow-up, maybe how is that -- the success rate of that? Is that steady? Has it been improving? Maybe anything you could talk about that would be great.

我想追問一下，這方面的後續如何——成功率如何？是否維持穩定？有在改善嗎？如果你能談談任何相關內容就太好了。

Yes. We are continuing to do these ALJ hearings. Still running about that same success rate. However, as we mentioned, where we have contracts with these various plans, we have a much higher authorization rate right up front, and so we don't even have to go to the hearings.

是的。我們持續在進行這些 ALJ（行政法官）聽證。成功率仍大致維持在相同水準。不過，如同我們提到的，當我們與各種保險計畫有合約時，一開始的核准率就高得多，因此我們甚至不需要走到聽證程序。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to Paul for any closing remarks.

（接線員指示）問答環節到此結束。我想把電話會議交回給 Paul，請他做結語。

Well, thanks, operator. Thank you all for joining us today and for your questions. We look forward to seeing and hearing from you in the coming months. Thanks again. Have a good evening.

好的，謝謝接線員。感謝各位今天加入並提出問題。我們期待在接下來幾個月與各位見面並交流。再次感謝。祝各位晚安。

This concludes today's conference call. You may now disconnect your lines. Thank you for participating and have a pleasant day.

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