Inari Medical Inc (NARI) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the Inari Medical, Inc., second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded and will be available on the company's website for replay shortly.

大家下午好，歡迎參加 Inari Medical, Inc. 2024 年第二季財報電話會議。（操作員說明）謹此提醒，本次通話正在錄音，很快就會在公司網站重播。

I would now like to turn the floor over to Marissa Bych. Ma'am, please go ahead.

我現在想請瑪麗莎·比奇發言。女士，請繼續。

Thank you, operator. Welcome to Inari's conference call to discuss our second quarter 2024 financial performance. Joining me on today's call are Drew Hykes, President and Chief Executive Officer, and Mitch Hill, Chief Financial Officer. This call includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝你，接線生。歡迎參加 Inari 電話會議，討論我們 2024 年第二季的財務表現。與我一起參加今天電話會議的還有總裁兼執行長德魯·海克斯 (Drew Hykes) 和財務長米奇·希爾 (Mitch Hill)。本次電話會議包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements, including statements related to Inari's estimated full year 2024 revenue, operating loss or profitability expectations and the expected operating performance and potential strategic benefits of Inari growth.

本次電話會議中發表的與歷史事實無關的聲明應被視為前瞻性聲明，包括與 Inari 預計 2024 年全年收入、營運虧損或盈利預期以及 Inari 增長的預期營運業績和潛在戰略收益相關的聲明。

These statements are based on Inari's current expectations, forecasts and assumptions which are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Actual outcomes and results could differ materially from any results, performance or achievements expressed or implied by the forward-looking statements due to several factors.

這些陳述是基於 Inari 目前的預期、預測和假設，這些預期、預測和假設受到難以預測的固有不確定性、風險和假設的影響。由於多種因素，實際結果和結果可能與前瞻性陳述中明示或暗示的任何結果、績效或成就有重大差異。

Please review Inari's most recent filings with the SEC, particularly the risk factors described in our latest Form 10-K for additional information. Any forward-looking statements provided during this call, including projections for future performance based on management expectations as of today. Inari undertakes no obligation to update these statements except as required by applicable laws.

請查看 Inari 最近向 SEC 提交的文件，特別是我們最新的 10-K 表格中描述的風險因素，以了解更多資訊。本次電話會議期間提供的任何前瞻性陳述，包括根據截至目前的管理層預期對未來業績的預測。除適用法律要求外，Inari 不承擔更新這些聲明的義務。

On today's call, we will refer to both GAAP and non-GAAP financial measures in announcing our Q2 2024 results. Please refer to today's press release for a reconciliation of the non-GAAP measure discussed on this call and referred to in that release. The Press releases and slides accompanying this call are available on our website at inarimedical.com. A recording of today's call will be available on our website 5:00 PM. Pacific time today. And with that, I'll turn the call over to Drew.

在今天的電話會議上，我們將在宣布 2024 年第二季業績時參考 GAAP 和非 GAAP 財務指標。請參閱今天的新聞稿，以了解本次電話會議中討論並在該新聞稿中提到的非公認會計原則措施的調節。本次電話會議附帶的新聞稿和幻燈片可在我們的網站 inarimedical.com 上取得。今天的通話錄音將於下午 5:00 在我們的網站上提供。今天太平洋時間。然後，我會將電話轉給德魯。

Thank you, Marissa, and thank you all for joining our call today. In the second quarter, we continued driving strong adoption of our therapies, achieving record revenue of $145.8 million and 23% year over year growth.

謝謝瑪麗莎，也謝謝大家今天加入我們的電話會議。第二季度，我們繼續推動療法的廣泛採用，實現創紀錄的 1.458 億美元收入，年增 23%。

In addition to our strong Q2 performance. Earlier today, we also announced the retirement of Mitch, our CFO, and the appointment of Kevin Strange as his successor. I want to speak for a moment about this announcement before turning to our quarterly results.

除了我們第二季度的強勁表現之外。今天早些時候，我們還宣布財務長米奇 (Mitch) 退休，並任命凱文·斯特蘭奇 (Kevin Strange) 為其繼任者。在討論我們的季度業績之前，我想先談談這項公告。

Mitch joined in our in Q1 of 2019, shortly after we had started to commercialize our FlowTriever and FlowTriever products in that quarter and are recorded approximately $6 million of revenue today, our quarterly revenues 25 times larger during this time, Mitch build and scale a solid financial operating and technology foundation for Inari.

Mitch 於2019 年第一季加入我們，就在我們開始在該季度將FlowTriever 和FlowTriever 產品商業化並今天錄得約600 萬美元收入後不久，我們的季度收入在此期間增長了25 倍，Mitch 建立並擴大了堅實的基礎Inari 的財務營運和技術基礎。

He also led our IPO in May 2020 and helps us identify and develop Kevin Strange as his successor on a personal note, Mitch become a close friend and trusted colleague and thoughtful advisor. Most importantly, Mitch's commitment to our mission and our patience has been unwavering.

他還在2020 年5 月領導了我們的IPO，並幫助我們確定和培養凱文·斯特蘭奇(Kevin Strange) 作為他的個人繼任者，米奇(Mitch) 成為我們的親密朋友、值得信賴的同事和深思熟慮的顧問。最重要的是，米奇對我們使命的承諾和我們的耐心始終堅定不移。

We thank Mitch for his many contributions to Inari and after a highly successful career spanning four decades, we wish him the best of luck in his well-deserved retirement.

我們感謝米奇對伊納裡所做的許多貢獻，在經歷了四十年的高度成功職業生涯之後，我們祝他在當之無愧的退休生活中一切順利。

Looking ahead, I should mention the Board's confidence in the leadership Kevin will provide as Inari's next CFO. Kevin is well known to our sell-side analysts and investors has been at Inari since 2020. Initially as our VP of Business Development, where he led the LimFlow acquisition and more recently as our SVP of Finance and Accounting, where he has led our day-to-day financial operations over the last year.

展望未來，我應該提到董事會對 Kevin 作為 Inari 下一任財務長的領導能力充滿信心。Kevin 為我們的賣方分析師所熟知，投資者自 2020 年以來一直在 Inari 工作。最初擔任我們的業務開發副總裁，領導了 LimFlow 的收購，最近擔任我們的財務和會計高級副總裁，去年他領導了我們的日常財務運營。

Over the past four years, I've come to deeply respect and rely upon Kevin's experience, expertise, judgment and leadership. I also appreciate Kevin's commitment to our mission and patience. In summary, he is uniquely qualified to lead our finance and accounting organization into the next phase of growth and impact. We expect a smooth transition of the CFO role from Mr. Kevin as of October 1, 2024.

在過去的四年裡，我深深尊重和依賴凱文的經驗、專業、判斷力和領導。我也感謝凱文對我們使命的承諾和耐心。總之，他具有獨特的資格來領導我們的財務和會計組織進入下一階段的成長和影響。我們預計自 2024 年 10 月 1 日起，Kevin 先生將順利過渡 CFO 職位。

At that point, Mitch will continue to support Kevin's efforts in every way and will remain with Inari through early January 2025.

屆時，米奇將繼續以各種方式支持凱文的努力，並將留在伊納裡直至 2025 年 1 月初。

Now on to our discussion about in our Q2 financial results. As I mentioned, we drove 23% growth in the second quarter. Our performance was underpinned by strong contributions across the Inari portfolio, including our market-leading PE and DBT therapies, as well as our expanding set of solutions for new patient populations, which we call emerging therapies.

現在我們討論第二季的財務表現。正如我所提到的，我們在第二季度實現了 23% 的成長。我們的表現得益於 Inari 產品組合的強大貢獻，包括我們市場領先的 PE 和 DBT 療法，以及我們針對新患者群體不斷擴大的解決方案（我們稱之為新興療法）。

Finally, we had another strong quarter of growth in our international business. As we look ahead to the second half of the year, we're increasing our annual revenue guidance and are also pleased to reaffirm our expectations to reach sustained operating profitability in the first half of 2025.

最後，我們的國際業務又實現了強勁的季度成長。展望今年下半年，我們正在提高年度收入指引，並很高興重申我們在 2025 年上半年實現持續營運獲利的預期。

Looking ahead to the rest of this year, we will continue executing against our strategic objectives in support of strong sustainable growth across our VTE emerging therapies and international businesses. I'll now share highlights in each of these areas.

展望今年剩餘時間，我們將繼續執行我們的策略目標，支持我們的 VTE 新興療法和國際業務的強勁永續成長。我現在將分享每個領域的亮點。

In Q2, our Volvo VT revenue was $138 million, up 21% versus the prior year, supported by our ongoing commercial expansion and market development efforts. Despite some seasonality in Q2, we continue to see strong underlying growth in USVT procedures and expect that this market defined as mechanical thrombectomy alone can and will continue to grow in the neighborhood of 20%.

第二季度，在我們持續的商業擴張和市場開發努力的支持下，我們的沃爾沃 VT 收入為 1.38 億美元，比上年增長 21%。儘管第二季度存在一些季節性因素，但我們仍然看到 USVT 手術的強勁潛在增長，並預計僅定義為機械血栓切除術的這個市場就可以並將繼續增長 20% 左右。

We had the largest VTE focused sales force in the industry, and we continue to hire reps and split territories at a measured pace. Our sales professionals are making meaningful progress in helping their hospital customers build VTE excellence programs, which are intended to ensure that each patient diagnose the DVT and PE is given consideration for interventional therapy.

我們擁有業內最大的專注於 VTE 的銷售隊伍，並且我們繼續以穩健的步伐聘用銷售代表並劃分區域。我們的銷售專業人員在幫助醫院客戶建立 VTE 卓越計畫方面取得了有意義的進展，該計畫旨在確保每位診斷為 DVT 和 PE 的患者都考慮介入治療。

As we shared last quarter, in some of our most advanced hospital accounts, we're seeing case penetration rates above 50% of the target addressable market. Despite these impressive adoption rates, much work and opportunity remains over time, we are confident our team can continue to move from our current high single digit TAM penetration to strong double digit penetration and beyond.

正如我們上季度分享的那樣，在我們一些最先進的醫院客戶中，我們看到目標目標市場的病例滲透率超過 50%。儘管採用率令人印象深刻，但隨著時間的推移，仍有大量工作和機會，我們相信我們的團隊可以繼續從目前高個位數的TAM 滲透率提高到強勁的兩位數滲透率甚至更高。

Before I talk about the work, we're doing clinically, I would like to provide a brief update on our ClotTriever XL Catheter. The first purpose-built tools, specifically designed to treat complex DVT.

在談論我們正在進行的臨床工作之前，我想先介紹一下我們的 ClotTriever XL 導管的簡短更新情況。第一個專用工具，專門用於治療複雜的 DVT。

We recently issued a voluntary field notice for CT XL, updating the instructions for use. This update provides additional procedural guidance to physicians and is not related to device malfunction or defect. The scope of this action applies only to CT XL, and we do not expect any revenue impact.

我們最近發布了 CT XL 自願現場通知，更新了使用說明。此更新為醫生提供了額外的程序指導，與設備故障或缺陷無關。此行動的範圍僅適用於 CT XL，我們預計不會對收入產生任何影響。

Turning to clinical to support our commercial efforts, we will continue to lead the field with high quality clinical data as we develop our markets and drive toward better patient outcomes. I'm excited to share that we will release our PEERLESS data at a major medical meeting in Q4

轉向臨床來支持我們的商業努力，我們將繼續以高品質的臨床數據引領該領域，同時開發我們的市場並推動更好的患者治療結果。我很高興與大家分享，我們將在第四季度的一次重要醫學會議上發布我們的 PEERLESS 數據

As a reminder, PEERLESS is the first of our three major RCTs to complete enrollment and was designed to evaluate patient outcomes using FlowTriever as compared to Catheter directed thrombolysis today, we estimate approximately 20% of the intermediate risk PD patients are undergoing some type of catheter-based intervention.

提醒一下，PEERLESS 是我們三個主要RCT 中第一個完成入組的項目，旨在評估使用FlowTriever 的患者結局，與目前的導管引導溶栓治療相比，我們估計大約20% 的中危PD 患者正在接受某種類型的導管為基礎的干預。

Despite our progress to date. Within this Interventional segment, we believe up to a third of patients are still being treated with legacy lytic based interventions like [Ecos], PEERLESS will have an impact on this segment of the market, driving more of those patients to receive mechanical thrombectomy with FlowTriever over lytic based treatment.

儘管我們迄今為止取得了進展。在這一介入性細分市場中，我們相信多達三分之一的患者仍在接受傳統溶栓幹預措施（例如[Ecos]）的治療，PEERLESS 將對這一細分市場產生影響，並推動更多患者接受FlowTriever 機械血栓切除術過度以溶解為基礎的治療。

We expect catalyst to further establish FlowTriever as competitive moat as the optimal interventional therapy for intermediate risk PV patients. Cordless will also usher in the beginning of a golden era of RCT data in the PE space.

我們預期催化劑將進一步確立 FlowTriever 作為中危真性紅血球增多症患者最佳介入治療的競爭護城河。Cordless也將迎來PE領域RCT資料黃金時代的開始。

Meanwhile, we are continuing to advance enrollment in our two other RCTs, both of which compare our products to conservative medical management PEERLESS 2 comparing FlowTriever to anticoagulation alone and PE and defiance concurrent clots river to anticoagulation alone in DBT. We believe these studies will change guidelines, extend our leadership position and ultimately change the standard of care and VTE away from conservative medical management to frontline treatment with FlowTriever and ClotTriever.

同時，我們正在繼續推進另外兩項隨機對照試驗的入組，這兩項試驗均將我們的產品與保守醫療管理PEERLESS 2 進行比較，將FlowTriever 與單獨抗凝血治療進行比較，在DBT 中將PE 和defiance 併發血栓與單獨抗凝血治療進行比較。我們相信這些研究將改變指導方針，擴大我們的領導地位，並最終改變護理標準和 VTE，從保守的醫療管理轉向 FlowTriever 和 ClotTriever 的一線治療。

Turning to our global emerging therapies business, following years of purposeful investments in Q2, we delivered over $8 million in emerging therapies, revenue, up 66% versus the prior year and 36% sequentially. This segment consists of four distinct patient populations outside of VTE together comprising a $4 billion TAM in the US alone.

談到我們的全球新興療法業務，經過多年有針對性的第二季度投資，我們在新興療法方面實現了超過 800 萬美元的收入，比上年增長 66%，比上一季增長 36%。該細分市場由 VTE 以外的四個不同患者群體組成，僅在美國就構成了 40 億美元的 TAM。

Our Q2 success was driven in part by strong early adoption of VenaCure, our second purpose-built tool for the treatment of chronic venous disease or CVD. VenaCure progress to full market release during Q2. As a reminder, we believe the addressable market for CVD includes an annual incidence of approximately 100,000 patients, representing a $1 billion US TAM alongside a substantial prevalence pool of over 1 million patients.

我們第二季的成功部分歸功於 VenaCure 的早期廣泛採用，這是我們第二個用於治療慢性靜脈疾病或 CVD 的專用工具。VenaCure 將在第二季全面上市。提醒一下，我們認為 CVD 的潛在市場包括每年約 10 萬名患者的發病率，相當於 10 億美元的美國 TAM，以及超過 100 萬名患者的大量盛行率。

In addition to being a core working well and CVD., many of our physicians have also filed and has clinical utility in DVT and we are exploring how this can potentially further strengthen our DBT tool kit going forward.

除了成為工作良好和 CVD 的核心外，我們的許多醫生還申請了 DVT 並具有臨床實用性，我們正在探索這如何能夠進一步加強我們未來的 DBT 工具包。

Turning to CLTI, we continue to make great progress integrating the Limpopo business into NRE, and our early US launch is advancing well. Winslow offers new hope for the 55,000 patients per year suffering from no option CLTI translating into a $1.5 billion US TAM.

談到 CLTI，我們在將林波波業務整合到 NRE 方面繼續取得巨大進展，我們在美國的早期推出也進展順利。Winslow 為每年 55,000 名患有無選擇 CLTI 的患者帶來了新的希望，轉化為 15 億美元的美國 TAM。

We continue to view 2024 as a year of foundation building and remain focused on physician training back approvals and thoughtful patient selection and deliberate and careful follow-up. Just as we have done with our FlowTriever and FlowTriever toolkits, we're actively working to Inari and refine the existing first generation and flow system.

我們仍然將 2024 年視為基礎建設的一年，並繼續專注於醫生培訓、批准、深思熟慮的患者選擇以及深思熟慮和仔細的隨訪。正如我們對 FlowTriever 和 FlowTriever 工具包所做的那樣，我們正在積極與 Inari 合作並完善現有的第一代和流程系統。

Two weeks ago, we received PMA approval from the FDA for our second generation stent delivery system. This approval improves a key component of the lymphatic system after we complete the limited market release in Q3. We look forward to beginning to commercialize this product in Q4.

兩週前，我們的第二代支架輸送系統獲得了 FDA 的 PMA 批准。在我們完成第三季的有限市場發布後，這項批准改善了淋巴系統的關鍵組成部分。我們期待在第四季開始將該產品商業化。

In addition, we're pleased to highlight that earlier this month and the recently released draft 2025 outpatient prospective payment system rule, CMS proposed to increase hospital outpatient reimbursement for LimFlow procedure from $27,500 to $35,000, a meaningful increase of $7,500.

此外，我們很高興地強調，本月早些時候和最近發布的2025 年門診預期支付系統規則草案中，CMS 提議將LimFlow 手術的醫院門診報銷從27,500 美元增加到35,000 美元，有意義地增加了7,500美元。

This enhanced reimbursement is relevant to the roughly 20% of LimFlow cases currently performed in a hospital outpatient setting. This is in addition to the NTAP proposed earlier this year, that would add as much as $16,250 to the existing DRG based reimbursement for LimFlow procedures performed in the inpatient setting beginning October 1of this year, we expect to see the final ruling from CMS for inpatient reimbursement in the next week or so in the final ruling for outpatient reimbursement in Q4.

此次增強的報銷與目前在醫院門診進行的約 20% 的 LimFlow 病例相關。這是對今年稍早提出的NTAP 的補充，將從今年10 月1 日開始，在住院患者中進行的LimFlow 手術的基於DRG 的現有報銷基礎上增加多達16,250 美元，我們預計將看到CMS 對住院患者的最終裁決第四季度門診報銷最終裁定將在下週左右進行報銷。

A third market addressable by our emerging therapies portfolio is Acute Limb Ischemia, a $600 billion US TAM characterized by tremendous unmet need and a lack of purpose-built tools to address this market. We remain on track to initiate a limited market release of our second generation Artix system in Q4.

我們的新興療法組合可開拓的第三個市場是急性肢體缺血，這是一個價值 6000 億美元的美國 TAM，其特點是巨大的未滿足需求以及缺乏專門構建的工具來滿足該市場的需求。我們仍有望在第四季度啟動第二代 Artix 系統的有限市場發布。

Our final emerging therapies market addresses the treatment of AV fistula clots using our internal device. We continue to work on a second-generation Inari platform and look forward to bringing it to market next year, driven by all these efforts over time are confident our emerging therapies business can one day account for at least 20% of Inari revenue.

我們的最終新興療法市場致力於使用我們的內部設備治療動靜脈瘻管血栓。我們將繼續開發第二代Inari 平台，並期待明年將其推向市場，在所有這些努力的推動下，隨著時間的推移，我們相信我們的新興療法業務有一天可以佔Inari 收入的至少20% 。

Finally, I would like to discuss another strong quarter in our international business. Revenue of $10 million was up 93% versus the prior year. Strength was primarily driven by adoption of our solutions in Europe and Latin America.

最後，我想討論一下我們國際業務的另一個強勁季度。營收為 1,000 萬美元，較上年成長 93%。實力主要是由於我們的解決方案在歐洲和拉丁美洲的採用而推動的。

Additionally, we remain on track to treat patients in both China and Japan in Q4, we are excited about the progress we're making and expect total international sales to one-day account for at least 20% of our revenue. Before I turn the call over to Mitch, I'd like to share, as always a story about the incredible impact of our technology on patients.

此外，我們仍有望在第四季度治療中國和日本的患者，我們對所取得的進展感到興奮，並預計一天的國際總銷售額將至少占我們收入的 20%。在將電話轉給米奇之前，我想一如既往地分享一個關於我們的技術對患者產生令人難以置信的影響的故事。

A 56 year old man from New York presented to the hospital months of pain and swelling and his right leg. He was diagnosed with the DBTN like most patients was offered conservative medical management consisting of anticoagulation medication alone decide six months of therapy to symptoms, worsened desperate for better solution, Keysight Care and another facility that was skilled with interventional treatment of both acute and chronic deep venous thrombosis.

一名來自紐約的 56 歲男子因數月的疼痛和右腿腫脹而到醫院就診。他被診斷為DBTN，就像大多數患者一樣，接受了保守的醫療治療，僅使用抗凝血藥物，決定對症狀進行六個月的治療，病情惡化，迫切需要更好的解決方案，是德醫療和另一家擅長急性和慢性深部介入治療的機構靜脈血栓形成。

By the time the patient came in. For a second opinion, his condition had progress to chronic venous disease. The obstruction is veins was no longer clot, but a transform into fibrous wall adherent scar tissue as physicians determine that he would be a good candidate for treatment with Vienna core.

等到病人進來的時候。第二種意見是，他的病情已發展為慢性靜脈疾病。阻塞的靜脈不再是凝塊，而是轉變為纖維壁粘附的疤痕組織，因為醫生確定他將是維也納核心治療的良好候選人。

The only tools specifically designed for the treatment of chronic venous disease in a short 45 minute procedure. The patient had all the chronic material removed from a destructive vein using elements of the cloud server toolkit, including protein brief culture evolve and especially being a core physicians were amazed because they had not been able to treat lesions of this complexity previously.

唯一專為在 45 分鐘的短時間內治療慢性靜脈疾病而設計的工具。使用雲端伺服器工具包的元素（包括蛋白質簡短培養物進化），患者從破壞性靜脈中去除了所有慢性物質，尤其是作為核心醫生，他們感到驚訝，因為他們以前無法治療這種複雜的病變。

The introduction of the [Entocort] greatly expands our ability to treat CBD patients and further demonstrates our continued mission to bring transformative technologies to patients with significant unmet needs.

[Entocort] 的推出極大地擴展了我們治療 CBD 患者的能力，並進一步證明了我們為未滿足重大需求的患者帶來變革性技術的持續使命。

In closing, we're pleased with our Q2 performance and how we are positioned for the remainder of 2024 and beyond.

最後，我們對第二季的表現以及我們在 2024 年剩餘時間及以後的定位感到滿意。

There are a number of exciting catalysts for the business on the horizon. As we often say, despite all our progress to date we are just getting started.

即將到來的業務有許多令人興奮的催化劑。正如我們常說的，儘管我們迄今為止取得了所有進展，但我們才剛剛開始。

With that, I'll turn the call over to Mitch.

這樣，我就把電話轉給米奇。

Thanks, Drew. Turning to our second quarter 2024 results and I's revenue for the second quarter 2024 for the $145.8 million, up 22.5% over the same period of the prior year. This represents sequential growth of over $2.6 million Global VTE revenue in the second quarter was $137.7 million, up 20.7% over the same period of the prior year.

謝謝，德魯。談到我們 2024 年第二季的業績，我 2024 年第二季的營收為 1.458 億美元，比去年同期成長 22.5%。這意味著第二季全球 VTE 營收季增超過 260 萬美元，為 1.377 億美元，比上年同期成長 20.7%。

Global emerging therapies revenue in the second quarter was $8.1 million, up 65.6% over the same period of the prior year. International revenue of $10 million was up 92.9% compared to the prior year. Our best in class gross margin was 86.3% for the second quarter of 2024 compared with 88.4% in the prior year period. A year-over-year change was due to product mix, the ramp up costs associated with new products and increasing internationalization of the business.

第二季全球新興療法營收為810萬美元，較上年同期成長65.6%。國際收入為 1000 萬美元，比上年增長 92.9%。2024 年第二季度，我們的毛利率達到 86.3%，去年同期為 88.4%，堪稱同類最佳。年比變化是由於產品組合、新產品相關成本上升以及業務國際化程度的提高。

Operating expenses were $148.3 million in the second quarter of 2024 compared with $106.7 million for the same period of the prior year. R&D expense was $24.9 million in the second quarter of 2024 up 18.1% compared with $21.1 million for the same period of 2023.

2024 年第二季營運費用為 1.483 億美元，去年同期為 1.067 億美元。2024 年第二季的研發費用為 2,490 萬美元，較 2023 年同期的 2,110 萬美元成長 18.1%。

The increase in R&D expenses was primarily due to increases in personnel-related expenses, material and supplies related expenses and professional fees. For the back half of the year, we expect R&D as a percentage of revenue to be roughly similar to the first half SG&A expense was $114.2 million in the second quarter of 2024, up 33.4% compared with $85.6 million for the same period in the prior year.

研發費用的增加主要是因為人員相關費用、材料和用品相關費用以及專業費用的增加。今年下半年，我們預期研發佔營收的百分比與上半年大致相似。

The increase in SG&A expenses was primarily due to increases in personnel-related expenses as a result of additional team members, increased commissions share-based compensation, legal, marketing and other admin expenses. As we move through the second half of the year, we expect SG&A expenses as a percentage of revenue to decrease to the approximate level we saw in Q1 2024.

SG&A 費用的增加主要是由於團隊成員增加、佣金、股份報酬、法律、行銷和其他管理費用增加導致與人事相關的費用增加。隨著下半年的到來，我們預計 SG&A 費用將佔營收的百分比將下降至 2024 年第一季的大致水準。

In the second quarter of 2024. The change in our fair value adjustment of our contingent consideration liability was $5.7 million as our LimFlow business continues its exciting progress. Amortization expense related to the acquired intangible asset was $2.4 million and acquisition related expenses were $1 million there were no expenses related to these three items in the prior year quarter.

2024年第二季。隨著我們的 LimFlow 業務繼續取得令人興奮的進展，我們或有對價負債的公允價值調整變化為 570 萬美元。與所收購無形資產相關的攤銷費用為 240 萬美元，與收購相關的費用為 100 萬美元，去年同期沒有與這三項相關的費用。

And I recorded a GAAP operating loss of $22.4 million in the second quarter of 2024 compared with a GAAP operating loss of $1.5 million in the same period of the prior year. On a non-GAAP basis, which excludes acquisition related expenses acquired intangible asset amortization and changes in the fair value of contingent consideration.

我記錄的 2024 年第二季 GAAP 營運虧損為 2,240 萬美元，而去年同期的 GAAP 營運虧損為 150 萬美元。以非公認會計原則計算，不包括收購相關費用、無形資產攤銷及或有對價公允價值變動。

The second quarter operating loss was $13.2 million. Non-GAAP adjustments had no impact on the second quarter of 2023. Net loss was $31.3 million for the second quarter of 2024 compared to a net income of $2.1 million for the same period of the prior year.

第二季營運虧損為 1,320 萬美元。非公認會計原則調整對2023年第二季沒有影響。2024 年第二季淨虧損為 3,130 萬美元，而上年同期淨收入為 210 萬美元。

That basic and fully diluted net loss per share for the second quarter of 2024 was $0.54 on a weighted average basic and diluted share count of $58.1 million. This compares with a basic and fully diluted net income per share of $0.04 on a weighted average basic and diluted share count of $57.2 million and $58.5 million, respectively, in the same period prior year as we execute against our goals of driving strong growth and leverage within the business.

2024 年第二季的基本和完全稀釋每股淨虧損為 0.54 美元，加權平均基本和稀釋股數為 5,810 萬美元。相較之下，去年同期我們執行推動強勁成長和槓桿率的目標時，基本和完全稀釋每股淨利潤為 0.04 美元，加權平均基本和稀釋股數分別為 5,720 萬美元和 5,850 萬美元業務範圍內。

We are also maintaining a thoughtful approach to managing our balance sheet. In the second quarter of 2024, our cash flows used in operating activities were $800,000 compared to our cash flows provided by operating activities of approximately $7.7 million in the same period of 2023, primarily due to investments in the landfill commercial team and supporting functions.

我們也保持著深思熟慮的方法來管理我們的資產負債表。2024年第二季度，我們用於經營活動的現金流量為80萬美元，而2023年同期經營活動提供的現金流量約為770萬美元，這主要是由於對垃圾掩埋場商業團隊和支援職能的投資。

At the end of the second quarter, we held a healthy balance of cash and investments totaling $109.7 million. We remain confident in our ability to self-fund our business and strategic objectives with our current cash and access to liquidity. We anticipate our cash balance will remain above $100 million for the duration of the year.

截至第二季末，我們擁有總計 1.097 億美元的健康現金和投資餘額。我們仍然相信，我們有能力利用現有現金和流動性為我們的業務和策略目標提供資金。我們預計今年全年現金餘額將維持在 1 億美元以上。

Turning to our 2024 outlook, we are raising our full year 2024 revenue guidance to $594.5 million to $604.5 million, an increase of $2 million at the midpoint of our prior guidance range of $592.5 million to $602.5 million, reflecting growth of approximately 20.5% to 22.5% over 2023.

談到2024 年展望，我們將2024 年全年營收指引上調至5.945 億美元至6.045 億美元，比先前指引5.925 億美元至6.025 億美元的中點增加了200 萬美元，成長約20.5% 至22.5 % 2023 年以上百分比。

Our guidance reflects contributions from all three of our growth pillars VTE, emerging therapies and international. From a phasing perspective, given the timing of our second half catalysts that we have discussed, we would anticipate Q3 sequential growth this year to be roughly half the Q3 sequential growth from last year. As a result, we expect to see stronger year-over-year growth in Q4 compared to Q3.

我們的指導反映了我們所有三個成長支柱（VTE、新興療法和國際）的貢獻。從分階段的角度來看，考慮到我們討論過的下半年催化劑的時機，我們預計今年第三季度的環比增長將約為去年第三季度環比增長的一半。因此，我們預計第四季度的同比增長將強於第三季。

Lastly, I would like to comment on a nice progress towards profitability. We are continuing to invest in our strategic objectives to drive growth while remaining fully committed to achieving sustained operating profitability in the first half of 2025, reaffirming commentary from our Q1 call, we expect to see an improvement in operating losses in the second half of 2024 versus the first half. Specifically, we expect to see sequential operating loss decreases in Q3 and again in Q4.

最後，我想評論一下在盈利能力方面的良好進展。我們將繼續投資於我們的策略目標以推動成長，同時仍完全致力於在2025 年上半年實現持續的營運獲利，重申我們第一季電話會議的評論，我們預計2024 年下半年營運虧損將有所改善與上半場相比。具體來說，我們預計第三季營運虧損將連續下降，第四季再次下降。

Before turning the call to the moderator for questions, I would like to quickly comment on my retirement news. As Drew mentioned earlier, working at Inari has been the highlight of my professional career. Drew mentioned our tremendous growth since the 2019 timeframe. While that's impressive, I feel we are just getting started.

在向主持人提問之前，我想快速評論一下我的退休消息。正如德魯之前提到的，在 Inari 工作是我職業生涯的亮點。Drew 提到了自 2019 年以來我們的巨大成長。雖然這令人印象深刻，但我覺得我們才剛開始。

I see a day when any patient diagnosed with a venous and in the future, arterial clot will say to his or her doctor, I want to be Inari, Inari has the products, financial resources and most importantly, the people to continue to be the leader in our chosen markets.

我看到有一天，任何被診斷出患有靜脈血栓和動脈血栓的患者都會對他或她的醫生說，我想成為Inari，Inari 擁有產品、財政資源，最重要的是，人們可以繼續成為Inari 的一員。

I would also like to express my confidence in Kevin Strange as Inari's next CFO. His promotion reflects the combination of a deliberate and long-term succession plan. Kevin has been an immense contributor to our 19 for many years already leading our financial and accounting functions as well as our strategy and business development efforts.

我還想對 Kevin Strange 擔任 Inari 下一任財務長表示信心。他的晉升反映了深思熟慮和長期的繼任計劃的結合。Kevin 多年來一直為我們 19 做出了巨大貢獻，一直領導著我們的財務和會計職能以及我們的策略和業務發展工作。

I'm excited about the contributions Kevin will continue to make as he works closely with Drew, Tom and other members of a nice senior management team, like mine Kevin's blood runs peripheral, and I'm confident in his vision to lead a nice financial affairs into the future.

我對凱文將繼續做出的貢獻感到興奮，因為他與德魯、湯姆和優秀的高級管理團隊的其他成員密切合作，就像我的凱文的血液流動一樣，我對他領導一個良好財務的願景充滿信心地事務到未來。

With that, I'll turn the call back to the moderator for questions.

這樣，我會將電話轉回給主持人詢問問題。

For the Q&A segment, we will be joined by Dr. Tom Tu, Inari's Chief Medical Officer, and Kevin Strange, Inari's incoming CFO.

在問答環節，Inari 首席醫療官 Tom Tu 博士和 Inari 即將上任的財務長 Kevin Strange 將參加我們的問答環節。

Ladies and gentlemen, at this time we will begin the question-and-answer session. T(Operator Instructions)

女士們、先生們，現在我們將開始問答環節。T（操作員指令）

Larry Biegelsen, Wells Fargo. Please go ahead with your question.

拉里·比格爾森，富國銀行。請繼續你的問題。

Hi, this is Marino on for Larry. Thanks for taking the questions and congrats on the retirement Mitch. Maybe to start off, you know, if we put all of the pieces together, we back into US VTE sales growth of about 17% year over year for the quarter. So how does that stack up to the underlying core market growth that you saw in Q2? And do you see that growth sustaining into the second half of the year?

大家好，我是拉里的馬裡諾。感謝您提出問題並祝賀米奇退休。也許首先，你知道，如果我們把所有因素放在一起，我們會發現本季美國 VTE 銷售額年增約 17%。那麼，這與您在第二季度看到的潛在核心市場成長相比如何？您認為這種成長會持續到今年下半年嗎？

Yeah, this is Drew Hykes. I appreciate the question I can get started on that. Others may want to join in as well. So relative to VTE we saw 21% growth in that part of the business in Q2. So another strong quarter of growth, a little faster than that internationally, a little slower than that, albeit off a much larger base here in the US.

是的，這是德魯·海克斯。我很感激我可以開始討論這個問題。其他人可能也想加入。因此，相對於 VTE，我們看到第二季該部分業務成長了 21%。因此，又一個強勁的季度成長，比國際成長快一點，比國際成長慢一點，儘管美國的基礎要大得多。

That growth was across a backdrop of what we continue to see as robust underlying market growth here in the US in the past, we've characterized that as being in the neighborhood of 20%. And as you heard us state in the prepared remarks, that continues to be our assessment today on robust underlying market growth.

這種成長是在我們過去繼續看到美國基礎市場強勁成長的背景下實現的，我們將其定性為 20% 左右。正如您在準備好的演講中聽到的那樣，這仍然是我們今天對強勁的基礎市場成長的評估。

We have every anticipation of that continuing as we move forward and within that fast growth market, we remain highly confident in continuing to be the market leader and we believe we have a four to one lead and PE 1.5 times or 2 times lead within DBT. And despite competitive dynamics, we continue to be the leader and anticipate and be confident in continuing to be a leader.

我們滿懷期待地繼續前進，在這個快速成長的市場中，我們對繼續成為市場領導者仍然充滿信心，我們相信我們在 DBT 中擁有 4 比 1 的領先優勢和 PE 1.5 倍或 2 倍的領先優勢。儘管競爭激烈，我們仍然是領導者，並且預計並有信心繼續成為領導者。

I think that confidence stems from the performance of our technology, the high quality data getting stronger every day, the strength of our commercial engine, our IP portfolio, a highly differentiated approach to market development. All of those things give us confidence. We're going to continue to be the leader in this market and we're going to continue to drive as a result robust growth in VTE just like you saw in the first half of this year.

我認為這種信心源自於我們的技術性能、日益強大的高品質數據、我們商業引擎的實力、我們的智慧財產權組合以及高度差異化的市場開發方法。所有這些都給了我們信心。我們將繼續成為這個市場的領導者，並將繼續推動 VTE 的強勁成長，就像您在今年上半年看到的那樣。

Maybe I could quickly add that by the way, thanks for the retirement low wishes that the 21% growth in VTE 20, combine that with the 66% growth in emerging therapies in the over 9% growth internationally, we feel like we're well on our way towards building this kind of Internet.

順便說一句，也許我可以快速補充一下，感謝退休人員的低願望，VTE 20 增長了 21%，再加上新興療法增長了 66%，國際增長超過 9%，我們感覺一切都很好在我們構建這種互聯網的道路上。

This take product platform company that we started out after. In fact, probably five years ago. And here we are again guiding with the updated numbers as of today, so the 21% at the midpoint. So we're pleased with the way the year setting up.

這是我們後來創辦的產品平台公司。事實上，大概是五年前。在這裡，我們再次以截至今天的更新數字為指導，因此 21% 位於中點。因此，我們對今年的安排感到滿意。

Great. Thank you for all of the color on maybe for my follow-up on guidance. You raised total revenue at the midpoint by the magnitude of the end And gave, great color about sequential quarter-over-quarter growth in Q3 and Q4 that we should expect. So what are the key drivers of that sequential growth? And anything we should note in terms of competitive headwinds in the second half?

偉大的。感謝您對我的後續指導的所有關注。您將中點的總收入提高了年底的幅度，並為第三季和第四季的環比成長提供了很好的色彩，這是我們應該預期的。那麼，連續成長的關鍵驅動因素是什麼？關於下半年的競爭逆風，我們該注意什麼？

Sure. I can speak to that. So the $2 million increase in guidance I think, reflects the confidence we have here halfway through the year and the continued strength we see across all different parts of the business. Keep in mind that comes on the heels of a $10 million raise at the end of Q1 looking ahead from here on the second half of the year, we continue to see the same set of catalysts that we've described in the past.

當然。我可以談談。因此，我認為指導意見增加了 200 萬美元，反映了我們在今年上半年的信心以及我們在業務各個不同部分看到的持續實力。請記住，緊接著第一季末籌集 1000 萬美元之後，展望今年下半年，我們將繼續看到我們過去描述過的相同的催化劑。

Some continued runway with core and the full-market release of that product. The anticipated re-entry and acute limb ischemia with Artix appear less data coming in the readout in Q4. Some nice catalysts with the LimFlow relative to the untapped and a new product update and then finally anticipated and launch in both China and Japan by the end of the year.

有些繼續推出核心產品並在整個市場上發布該產品。第四季讀數中預期的 Artix 重返大氣層和急性肢體缺血的數據似乎較少。LimFlow 相對於未開發的產品和新產品更新有一些不錯的催化劑，最終預計將於今年年底在中國和日本推出。

Those are the catalysts that we've talked to in the past and all of them remain intact here in the second half of the year. Many of them with more clarity on timing at this point are tilting towards a Q4 impact as opposed to a Q3 impact. As you heard us describe in the prepared remarks, that was clearly are take into account as we updated the guidance with the $2 million raise today.

這些是我們過去討論過的催化劑，所有這些催化劑在今年下半年都保持完好。他們中的許多人目前對時間安排更加明確，傾向於第四季度的影響，而不是第三季度的影響。正如您在準備好的演講中聽到的那樣，當我們今天更新 200 萬美元的融資指引時，顯然已經考慮到了這一點。

(Operator Instructions)

（操作員說明）

Kallum Titchmarsh, Morgan Stanley. Please go ahead with your question.

卡勒姆·蒂奇馬什，摩根士丹利。請繼續你的問題。

Thank you very much. And again, Mitch would like to wish you a happy retirement. Just on the DOJ inquiry. I'm just looking for any comment or update on this. Is there any chance of a resolution sooner than a multiple years. You've mentioned previously. I know you're pretty limited on what you can say, but it's certainly an overhang at some clients that I speak with. So would appreciate any color you could give on that?

非常感謝。米奇再次祝您退休生活愉快。剛接受司法部調查。我只是在尋找對此的任何評論或更新。是否有可能在幾年內達成解決方案？你之前已經提過。我知道你能說的話非常有限，但這對我採訪過的一些客戶來說肯定是一個懸而未決的問題。那麼您能提供任何顏色嗎？

Sure. Happy to speak to that come. So status quo in Q2 on the DOJ, we continue to cooperate with the CID. as we have all along that cooperation. This phase is really related to producing information for the DOJ. In the meantime, as we've stated historically, the CIDS had no impact on our commercial strategy nor our commercial tactics. I'm always a chance that it resolves sooner rather than later.

當然。很高興與您交談。所以就 DOJ 第二季的現況而言，我們繼續與 CID 合作。正如我們一直以來的合作。此階段實際上與為司法部提供資訊有關。同時，正如我們歷史上所說，CIDS 對我們的商業策略和商業策略沒有任何影響。我總是有機會盡快解決它。

But keep in mind, I think most of the precedents point to a time line that's likely measured in quarters, if not years as opposed to weeks and months. So that's the update relative to the DOJ.

但請記住，我認為大多數先例都指向一個可能以季度（如果不是幾年）而不是幾週和幾個月來衡量的時間線。這就是與司法部相關的更新。

Great. And then one follow up in a lot of doctors we've spoken we've really viewed pillars two as the key to unlocking a significant part of that TAM. You talked about in PA. We're obviously not expecting a readout from this until, call it 2027, I guess, in the interim period between now and as substantial RCT like pillars to call it zero through '25 and '26 what gives you confidence of market growth trending around that 20% level that it's called out at today? Or is there a risk that we might step below that temporarily in the interim period? Thanks.

偉大的。然後，我們已經說過，我們確實將第二個支柱視為解鎖 TAM 重要部分的關鍵。你在賓州談過。顯然，我們預計直到2027 年才會出現這樣的讀數，我猜，是從現在到25 年和26 年之間的過渡時期，作為實質性RCT 支柱，將其稱為零，這會讓您對市場成長趨勢充滿信心今天所說的 20% 水準？或者是否存在我們可能在過渡期間暫時低於該水平的風險？謝謝。

Hi, this is Tom. Thanks for the question on. Yeah, I do think that several physicians are pointing to Peerless to given that it randomized as FlowTriever to our standard of care, which is anticoagulation. But let's not forget the tremendous impact that PEERLESS 1, which again, is going to readout later on this year will have on the market as you heard in the prepared comments, we think up to a third of interventions for pulmonary embolism are performed still using an outmoded therapy called catheter directed thrombolytic thrombolysis and PEERLESS 1 is going to be the first randomized data that is comparing FlowTriever to that form of therapy.

嗨，這是湯姆。感謝您提出的問題。是的，我確實認為有些醫生將矛頭指向 Peerless，因為它被隨機命名為 FlowTriever，符合我們的照護標準，即抗凝血治療。但我們不要忘記，正如您在準備好的評論中聽到的那樣，PEERLESS 1 將於今年晚些時候再次發布，它將對市場產生巨大影響，我們認為多達三分之一的肺栓塞幹預措施仍在使用一種稱為導管定向溶栓的過時療法和 PEERLESS 1 將成為第一個將 FlowTriever 與此療法進行比較的隨機數據。

We think that it raises the bar in terms of quality of evidence in this space. I think there's a lot of excitement and you're going to see the market impact of that probably in 2025 and beyond.

我們認為它提高了該領域證據品質的標準。我認為有很多令人興奮的事情，您可能會在 2025 年及以後看到其對市場的影響。

Thanks, guys.

謝謝，夥計們。

Stephanie Parisi, Bank of America. Please go ahead with your question.

史蒂芬妮·帕里西，美國銀行。請繼續你的問題。

Hi. Thanks for taking the question. And I just wanted to follow-up on some of the comments about the CFO transition and will echo sentiments on a happy retirement to Mitch. And but as Drew mentioned, we all know Kevin, and he's agreed, sorry if I'm CFO, but curious Mitch, anything more you're saying on why is now the right time to kind of hand over the reins and if the plan is to do a full retirement?

你好。感謝您提出問題。我只是想跟進一些有關財務長過渡的評論，並表達對米奇幸福退休的看法。但正如德魯所提到的，我們都認識凱文，他也同意，抱歉，如果我是首席財務官，但好奇米奇，你所說的更多關於為什麼現在是移交控制權的正確時機以及計劃是否可行是要完全退休嗎？

Yeah. Thanks for the question, Stephanie, you know, I'd feel definitely like this is a great time for me to retire and kind of pass the baton to Kevin. I haven't given a lot of thought to what I'm going to be doing after Inari. I do really look forward to working closely with Kevin through that October first timeframe have a smooth transition and then through the end of the year to help him in the company in any way I can.

是的。謝謝你的提問，史蒂芬妮，你知道，我絕對覺得現在是我退休並將接力棒傳給凱文的好時機。我還沒考慮過伊納里之後我要做什麼。我真的很期待在十月的第一個時間框架內與凱文密切合作，實現平穩過渡，然後在年底盡我所能幫助他在公司工作。

And in terms of my 2025, I'm not sure I'm kind of just kind of a TBD in terms of what I'll be doing. The one thing I can say is I will not be taking another executive role at the med device company. So hopefully I can lock some risky days compared to what I've been doing for the past few days and certainly wish the company well and super excited about the rest of this year in the future for Inari.

就我的 2025 年而言，我不確定我是否正在做一些待定的事情。我可以說的一件事是我不會在醫療設備公司擔任其他高階主管職位。因此，與過去幾天所做的事情相比，我希望我能鎖定一些有風險的日子，當然也祝福公司一切順利，並對 Inari 今年剩下的時間感到非常興奮。

Got it. Thank you. And maybe just another follow up on that ask about trends you saw throughout the quarter on the Q1 call, you mentioned seeing some vacation impact in the first weeks of April. So just curious how procedure volumes trended throughout the quarter and maybe exiting the quarter and how that kind of ties into the Q3 and Q4 sequential guidance you gave?

知道了。謝謝。也許只是對您在第一季電話會議中看到的整個季度趨勢的詢問的另一個後續行動，您提到在四月的前幾週看到了一些假期影響。所以只是好奇整個季度的程序量趨勢如何，也許在本季度結束時，這與您給出的第三季度和第四季度的連續指導有何關聯？

Thank you.

謝謝。

Kevin here, I can take a stab at that one. So we did see seasonality in Q2. That's historically been pretty consistent and as you mentioned, we anticipated that at the front end of the quarter. And sure enough, that's what we did see despite those seasonal headwinds, we were able to grow 23% on the top line, 21% within VTE.

凱文在這裡，我可以嘗試一下。所以我們確實在第二季看到了季節性。從歷史上看，這非常一致，正如您所提到的，我們預計在本季末會出現這種情況。果然，這就是我們所看到的，儘管存在季節性逆風，我們的營收仍實現了 23% 的增長，其中 VTE 增長了 21%。

And if the past is any prologue here, the underlying procedure trends will improve as we move into the second half of the year, particularly as you move through the rest of the summer and into the fall. So we're hopeful for some of those trends to repeat, but we're also very pleased with how the business performed in Q2 despite those anticipated Q2 seasonal headwinds.

如果過去是一個序幕，那麼隨著我們進入今年下半年，特別是當你度過夏季剩餘時間和秋季時，基本的程序趨勢將會改善。因此，我們希望其中一些趨勢能夠重複，但我們也對第二季的業務表現感到非常滿意，儘管預計第二季將出現季節性逆風。

Marie Thibault, BTIG. Please go ahead with your question.

瑪麗蒂博，BTIG。請繼續你的問題。

Hi. Thanks for taking the questions this evening. And Mitch, congrats so much on your retirement. I hope you enjoy it and get a lot of skiing and Kevin, pleased to have you on the role. And I wanted to start here, I guess, a little bit on and see if we could get an update on enrollment for PEERLESS 2 in Defiance. I know that they are underway. Wondering if you can give us any details on time lines and given the importance of those data readouts in addition to proceeds.

你好。感謝您今晚接受提問。米奇，非常恭喜你退休。我希望你喜歡它並經常滑雪，凱文很高興你能擔任這個角色。我想，我想從這裡開始，看看我們是否可以獲得《反抗》中《PEERLESS 2》註冊的最新消息。我知道他們正在進行中。想知道您是否可以向我們提供有關時間線的任何詳細信息，並考慮到除了收益之外這些數據讀數的重要性。

Thanks for the question, Marie. So yeah, I'm very excited to talk about our clinical trial strategy. I know we seem to be skipping over PEERLESS 1. But again, as a reminder, it is our first RCT looking at FlowTriever versus catheter directed thrombolysis, and we're excited about the presentation of those results later on this year.

謝謝你的提問，瑪麗。所以，是的，我很高興談論我們的臨床試驗策略。我知道我們似乎正在跳過 PEERLESS 1。但再次提醒一下，這是我們第一個比較 FlowTriever 與導管定向溶栓的隨機對照試驗，我們對今年稍後公佈這些結果感到興奮。

Answering your question directly up, PEERLESS 2 and Defiance are two RCTs that are randomizing our therapies versus anticoagulation alone. And I know those trials are greatly anticipated. Of course, these are very large trials and are going to take a bit more time to enroll.

直接回答你的問題，PEERLESS 2 和 Defiance 是兩項隨機對照試驗，將我們的療法與單獨的抗凝血療法進行隨機對照。我知道這些試驗是人們非常期待的。當然，這些都是非常大的試驗，需要更多的時間來註冊。

We're very pleased with the enrollment so far. It's going on schedule and as predicted. So we're excited about executing on those. But I think our focus right now is getting the PEERLESS 1 results out there in the public eye.

到目前為止，我們對註冊情況感到非常滿意。它正在按計劃和預期進行。因此，我們對執行這些計劃感到很興奮。但我認為我們現在的重點是讓 PEERLESS 1 結果出現在公眾視野中。

Yeah, I look forward to. Thanks for that, Tom. And then a quick follow up here. You mentioned China and Japan, you'll be treating patients in Q4. Can you tell us a little bit more about those markets, your sales approach there? Will you be working with distributor partners are going direct any details on those markets,

是的，我很期待。謝謝你，湯姆。然後在這裡快速跟進。您提到中國和日本，您將在第四季度治療患者。您能否告訴我們更多有關這些市場的資訊以及您在那裡的銷售方式？您是否會與經銷商合作夥伴合作，直接了解這些市場的任何細節？

Sure, I can take that one. So we continue to execute the regulatory path approval for both China and Japan. We remain on track for helping patients in both of those respective markets. Both of those pathways are pointing more towards a Q4 start than a q three start.

當然，我可以接受那個。因此，我們繼續執行中國和日本的監管路徑批准。我們仍然致力於幫助這兩個市場的患者。這兩條路徑都更傾向於第四季的開局，而不是第三季的開局。

They're both large market opportunities for us, particularly China just given the population size is an enormous unmet need, but Japan is also a compelling market for us as well. So as you know, we've been working on really over two years now and to gain approval and put ourselves in a position to help patients in those respective markets.

它們對我們來說都是巨大的市場機會，特別是中國，因為人口規模是一個巨大的未滿足的需求，但日本對我們來說也是一個引人注目的市場。如您所知，我們已經花了兩年多的時間來獲得批准，並使我們能夠幫助這些各自市場的患者。

I think as we get closer to those milestones and we will certainly have more to share on our go to market strategy and our more general commercial strategy in those two respective markets. But I think for today, we'll leave it at that and provide more color as we get closer to actually launching in those two markets data.

我認為，隨著我們越來越接近這些里程碑，我們肯定會在這兩個各自市場的市場策略和更普遍的商業策略方面分享更多內容。但我認為今天，我們將保留這一點，並在我們接近在這兩個市場數據中實際推出時提供更多資訊。

Okay, got it. Thank you so much.

好的，明白了。太感謝了。

Thank you.

謝謝。

Bill Plovanic, Canaccord Genuity. Please go ahead with your question.

比爾‧普洛瓦尼克 (Bill Plovanic)，Canaccord Genuity。請繼續你的問題。

Yeah, great. Thanks, good evening. Thanks for taking my questions on. First, just, Mitch, in regards to guidance for Q3.

是的，太棒了。謝謝，晚上好。感謝您回答我的問題。首先，米奇，關於第三季的指導。

Yeah, I think if we look at the Q3, two to three last year, I think it was up 6.2% sequentially. That would half of that would be 3.1%, which would get us to 150.3%. I think if you look at consensus, it's about 151.5%. The question is yes, did you give that guidance because you just don't want people to with the third quarter or are you signaling that maybe the 151 is a little high and we need to scale back a bit.

是的，我認為如果我們看去年第三季的兩到三個季度，我認為它比上一季成長了 6.2%。其中一半為 3.1%，這將使我們達到 150.3%。我認為如果你看共識，大約是 151.5%。問題是，是的，您提供這一指導是否是因為您只是不希望人們在第三季度這樣做，或者您是否表示 151 可能有點高，我們需要稍微縮減規模。

And then just secondly, as you talk about the VenaCore launch, is you got some upside from that this quarter? Is that sell-in sell-through? How should we think about that is that you got it out, it just ramped. We got to sell off what you got in that will continue to ramp.

其次，當您談論 VenaCore 的發佈時，您從本季度中得到了一些好處嗎？這就是賣進賣通嗎？我們應該如何看待這一點，你把它拿出來了，它只是上升了。我們必須賣掉你所獲得的東西，這些東西將繼續增加。

Thanks.

謝謝。

So on the guidance question, Bill, I think your math is really well done. And one of the things that we sort of saw last as we had a lot of catalysts in Q3 of 2023 this year, the catalysts appear to be lining up more in Q4. So from a sort of a sort of a year-over-year comparable basis, our Q3 of 2023 is a tougher number.

因此，關於指導問題，比爾，我認為你的數學做得非常好。我們最後看到的一件事是，今年 2023 年第三季我們有很多催化劑，這些催化劑似乎在第四季度排列得更多。因此，從某種同比可比的角度來看，我們 2023 年第三季的數字更加艱難。

And I think what we're trying to suggest to people is sort of from the point of view of how the revenue will profile from Q2 to Q3. I think your math is pretty close. And then again from Q3 to Q4, we see a greater acceleration, you know, at that point in time.

我認為我們試圖向人們建議的是從第二季到第三季的收入狀況的角度來看。我認為你的數學非常接近。然後從第三季度到第四季度，我們看到了更大的加速，你知道，在那個時間點。

So hopefully that's helpful commentary in terms of how we see the rest of the year for us, the consensus stuff is all up to you guys in terms of your models, but just wanted to see if we can be helpful there.

因此，希望這對我們如何看待今年剩餘時間來說是有用的評論，共識的內容完全取決於你們的模型，但只是想看看我們是否可以在那裡提供幫助。

And then, Bill, on your second question related to VenaCore, I can provide some color on that. So as you heard in the prepared remarks, we did move into full market release with VenaCore in Q2. And we've I've seen some really enthusiastic feedback from physicians first and foremost within CBD, there is a clear unmet need that being a core as our second purpose-built tool within CBD addresses, and we've gotten really good feedback.

然後，Bill，關於你與 VenaCore 相關的第二個問題，我可以提供一些相關資訊。正如您在準備好的發言中所聽到的那樣，我們確實在第二季度向 VenaCore 全面發布了市場。我們首先在 CBD 內看到了來自醫生的一些非常熱情的反饋，作為我們在 CBD 內的第二個專用工具的核心，有一個明顯未得到滿足的需求，並且我們得到了非常好的反饋。

You heard the patient story that I described in my prepared remarks is one example of the kind of impact. We're seeing VenaCore a lots of runway ahead of us to continue the SMR, which be in a core given how early we are in rolling that product out so we're excited about how it will contribute in the second half of the year.

你們聽過我在準備好的發言中所描述的病人故事就是這種影響的一個例子。我們看到 VenaCore 在繼續 SMR 方面還有很長的路要走，考慮到我們推出產品的時間還很早，SMR 是核心，所以我們對它將在今年下半年做出的貢獻感到興奮。

One other thing to note was being, of course, we were seeing physicians also use being a core in DVT. And again, you heard us mention that in the prepared remarks, and so be nice to see that and we're continuing to understand that and explore that as a way to continue to bolster the strength of our diabetes franchise.

另一件值得注意的事情是，當然，我們看到醫生也將其作為 DVT 的核心。再說一遍，您聽到我們在準備好的發言中提到了這一點，因此很高興看到這一點，我們將繼續了解這一點並探索這一點，以此作為繼續增強我們糖尿病業務實力的一種方式。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Chris Pasquale, Nephron Research. Please go ahead with your question.

克里斯·帕斯誇萊，腎臟單位研究。請繼續你的問題。

Thanks and congrats, Mitch. Maybe I'll start with the CFO question in honor of your retirement was hoping you could go into some more detail on what drove the $11 million sequential step up in SG&A and why that number comes down in the back half of the year?

謝謝並祝賀，米奇。也許我會從財務長問題開始，以紀念您的退休，希望您能更詳細地說明是什麼推動了 SG&A 連續增加 1100 萬美元，以及為什麼這個數字在今年下半年下降了？

Sure. Happy to help with that. Chris, and thanks for your well wishes and Q2 recess and expense related to headcount growth commissions, stock-based comp. I'd say you're familiar with the legal. We just talked about DOJ and there's also a matter with imperative in Q2 and then also some bad debt and some other things. So kind of a whole collection of different items that happened some of those items are more one-time in nature, and that's kind of what led us to a comment on the trajectory of SG&A as we kind of move into Q3 and Q4.

當然。很高興能提供協助。克里斯，感謝您的良好祝愿和第二季度休會以及與員工增長佣金、股票補償相關的費用。我想說你對法律很熟悉。我們剛剛談到了司法部，第二季還有一個勢在必行的問題，還有一些壞帳和其他一些事情。因此，發生了一系列不同的項目，其中一些項目本質上是一次性的，這促使我們在進入第三季和第四季時對 SG&A 的軌跡進行評論。

I think in Q1 of this year, the SG&A spend kind of looking at the excluding the non-GAAP stuff, is about 72% of revenue. So we expect to see a drop from the high-70s back into the low-70s with the move through the remainder of the year. So I think the one that's kind of some commentary we wanted to provide on that. And I think longer term, as you heard me say during the prepared remarks, you know, we're confident in the company's ability to narrow its operating losses. We did that as we move through the remainder of 2024 and then returned to operating profitability as it moves into the first half of 2025. So I'd say it's all going to be fine.

我認為今年第一季度，SG&A 支出（不包括非 GAAP 支出）約佔收入的 72%。因此，我們預計，隨著今年剩餘時間的推移，價格將從 70 多歲的高點回落至 70 多歲的低點。所以我認為我們想對此提供一些評論。我認為從長遠來看，正如您在準備好的演講中聽到我所說的那樣，我們對公司縮小營運虧損的能力充滿信心。我們在 2024 年剩餘時間裡做到了這一點，然後在 2025 年上半年恢復了營業利潤。所以我想說一切都會好起來的。

Thanks. And then one quick one for Drew or maybe Tom just would love some thoughts on how the LimFlow limited launch is going and what does this rollout of the second-gen system?

謝謝。然後，德魯（Drew）或者湯姆（Tom）想快速了解一下 LimFlow 有限發布的進展情況以及第二代系統的推出有何意義？

I mean, is this a key milestone where we should expect an inflection in activity there heading into 2025?

我的意思是，這是一個重要的里程碑嗎？

That's actually a question, Chris, actually Kevin has been closer to LimFlow going all the way back to the acquisition. It could be kind of a position to answer that question first.

這實際上是一個問題，Chris，實際上 Kevin 與 LimFlow 的關係更接近，一直追溯到收購。這可能是先回答這個問題的立場。

Yeah. Thanks, Drew, and thanks for the question, Chris, I'm sorry. As you know, we're about eight months post deal close loan flow transaction. I think from a integration perspective, overall, we feel really good about where we are we're pleased with the progress that we're making and having gotten through some key early hurdles from an integration perspective.

是的。謝謝，德魯，謝謝你的提問，克里斯，我很抱歉。如您所知，我們大約在交易結束後八個月完成貸款流交易。我認為，從整合的角度來看，總的來說，我們對自己所處的位置感到非常滿意，我們對我們正在取得的進展以及從整合的角度克服了一些關鍵的早期障礙感到滿意。

So still some more work to do. But overall, I'm feeling really good from a commercial perspective, I'd say we're also very pleased with what we're seeing out of the gate, a good traction in the marketplace. A lot of good enthusiasm among the docs and among hospitals.

所以還有一些工作要做。但總的來說，從商業角度來看，我感覺非常好，我想說，我們也對我們所看到的情況感到非常滿意，即市場的良好吸引力。醫生和醫院之間充滿了熱情。

We've had several very successful physician training programs thus far. And as you've heard Tom talk about in the past, we're really focused on ensuring we get really good outcomes in the early stages of the rollout.

到目前為止，我們已經開展了幾個非常成功的醫生培訓計畫。正如您過去聽到湯姆談論的那樣，我們真正專注於確保在推出的早期階段獲得真正好的結果。

But having said all that, as you've heard in the prepared remarks, 2024 really is a foundation building year for LimFlow. We're in the process of getting through that committees. We're training physicians, we're establishing wound care protocols and really making sure we're trying to pick the right patients to ensure we get really positive outcomes in the early stages of the rollout.

但話雖如此，正如您在準備好的演講中所聽到的那樣，2024 年確實是 LimFlow 的基礎建設年。我們正在通過該委員會。我們正在培訓醫生，我們正在製定傷口護理方案，並真正確保我們正在努力選擇合適的患者，以確保我們在推廣的早期階段獲得真正積極的結果。

As you heard also in the prepared remarks, we're going to have a couple of catalysts towards the end of the year. That will be the untapped coming online in October and the launch of the new handle, both of those towards the end of the end of the year.

正如您在準備好的演講中所聽到的那樣，我們將在今年年底出現一些催化劑。這將是未開發的遊戲將於 10 月上線，以及新手把的推出，兩者都將在年底前推出。

So we feel like we've got good momentum in this foundation building year, and we're setting ourselves up for what should be a very positive 2025.

因此，我們覺得在這個基礎建設年中我們取得了良好的勢頭，我們正在為應該非常積極的 2025 年做好準備。

Adam Maeder, Piper Sandler. Please go ahead with your question.

亞當梅德，派珀桑德勒。請繼續你的問題。

Hi, good afternoon and thank you for taking the questions. And Mitch, congrats on the retirement and Kevin, congrats on the appointment to CFO. I wanted to first double-click on the US VTE results in the quarter. I know you don't disclose the breakout between cloud trigger and FlowTriever but would just love any incremental color that you're willing to provide on the performance in the quarter for each of those, even if it's just qualitative.

您好，下午好，感謝您提出問題。米奇（Mitch）祝賀他退休，凱文（Kevin）祝賀他被任命為財務長。我想先雙擊本季的美國 VTE 結果。我知道您沒有透露雲端觸發器和 FlowTriever 之間的突破，但只是喜歡您願意提供的任何關於每個季度效能的增量顏色，即使它只是定性的。

And then I had one quick follow-up.

然後我進行了快速跟進。

Sure, Adam. I can now get started on that. So 21% growth in VTE, a little slower than that here in the US, a little faster than that internationally within the US specific to your question, we did see balanced growth across both DVT and PE, pretty consistent kind of mix to what we've seen in the past, you know, we were facing some transient seasonal headwinds, as you've heard us describe.

當然，亞當。我現在可以開始做這件事了。因此，VTE 成長了 21%，比美國慢一點，比美國境內的國際成長快一點，具體到您的問題，我們確實看到 DVT 和 PE 的均衡成長，與我們的情況相當一致。到的，我們過去曾面臨過一些短暫的季節性逆風。

So that was certainly a factor in the quarter. But all in all, another nice quarter of growth within VTE internationally and certainly here in the US. And we hope that and I expect that our momentum will continue here as we look ahead into the second half of the year.

所以這肯定是本季的一個因素。但總而言之，VTE 在國際上（尤其是在美國）又實現了良好的季度成長。我們希望，而且我預計，展望今年下半年，我們的勢頭將繼續下去。

Thanks for the color, Drew. And for the follow-up, I did want to ask just briefly on the voluntary field notice for ClotTriever XL. It doesn't sound like a big deal. I heard the commentary in the prepared remarks. You don't expect the revenue impact but -vzwanted to give you the opportunity to maybe just expand on exactly what the field and that note I said and what's being addressed there. Thanks for taking the questions.

謝謝你的顏色，德魯。對於後續行動，我確實想簡單詢問 ClotTriever XL 的自願現場通知。聽起來沒什麼大不了的。我聽到了準備好的發言中的評論。您預計不會對收入產生影響，但 -vz 希望給您機會來擴展我所說的領域和說明以及正在解決的問題。感謝您提出問題。

Thanks for the question, Adam. So yes, to address it briefly, it's a voluntary field notice that we proactively went to FDA with It offers additional procedural and technical guidance. So there's no device defect or malfunction. And as you said, we predict no revenue impact of this on to level set on the patient population we're talking about the XL device is the first purpose-built tool designed specifically to treat complex DVT That's about 15% of patients.

謝謝你的提問，亞當。所以，是的，簡單來說，這是我們主動向 FDA 發出的自願現場通知，它提供了額外的程序和技術指導。所以不存在設備缺陷或故障。正如您所說，我們預計這不會對我們所談論的患者群體的收入產生影響，XL 設備是第一個專門設計用於治療複雜 DVT 的專用工具，約佔患者的 15%。

And we've seen excellent feedback from our physicians on this, of course, is a disease that's associated with pretty severe outcomes with conservative management. The IFU change that we have discussed refers to a very small subset of these patients.

當然，我們的醫生對此給出了極好的回饋，這種疾病與保守治療的相當嚴重的結果有關。我們討論的 IFU 變化僅涉及這些患者中的一小部分。

It's a particular combination of factors, including specific nature of the clot, specific location and some technical aspects. And this labelling update is not a recall. So the device is going to stay on the market. I think the reason for all of this is our patients first iPOS, when we learn something that can reduce risk for patients. We will communicate this transparently and proactively.

它是多種因素的特殊組合，包括凝塊的具體性質、具體位置和一些技術方面。此次標籤更新並非召回。因此該設備將繼續留在市場上。我認為這一切的原因是我們的患者首先是 iPOS，當我們了解到可以降低患者風險的東西時。我們將透明、主動地傳達這一點。

Thank you.

謝謝。

Richard Newitter, Truist. Please go ahead with your question.

理查德·紐特，真理主義者。請繼續你的問題。

Hi, thanks for taking the questions. I was hoping, I could just maybe ask a little bit looking forward to 25. Is there is there anything not that you see that would potentially stopping you from growing, you know, in my by my calculation in that mid to high 10s in your core US [Venus] business.

您好，感謝您提出問題。我希望，我可以問一點，期待 25 歲。根據我的計算，你知道，在你的核心美國[金星]業務中，有沒有什麼你沒有看到的東西可能會阻止你的成長。

I'm thinking you're putting everything together, the market acceleration, it sounds like you're expecting and any share dynamics there. Would love to hear kind of your confidence in sustaining that level of growth. If possibly even accelerating things?

我認為你正在將所有因素放在一起，市場加速，聽起來你正在期待以及那裡的任何股票動態。很想聽聽您對維持這種成長水準的信心。如果甚至可能加速事情發生？

Yeah. Thanks for the question, Richard. So we're going to be careful not to obviously put out 2025 guidance today. But what I can tell you is we feel really confident in our VTE franchise globally and certainly here in the U.S. as well. Keep in mind, this is a $6 billion market that we believe is maybe 7% penetrated with our technologies.

是的。謝謝你的提問，理查德。因此，我們今天要小心，不要明顯發布 2025 年指引。但我可以告訴你的是，我們對我們在全球的 VTE 特許經營權非常有信心，當然在美國也是如此。請記住，這是一個 60 億美元的市場，我們認為我們的技術可能滲透了 7%。

We're going to continue to execute the same playbook you've seen in the past in 2025. We're going to continue to iterate and refine our technology. We're going to leverage high-quality clinical evidence in '25. Of course, we'll have a peerless a fully read out and be able to leverage that dataset. We're going to continue to execute against our VTE excellence market development program.

2025 年，我們將繼續執行您過去看到的相同策略。我們將繼續迭代和完善我們的技術。我們將在 25 年利用高品質的臨床證據。當然，我們將擁有無與倫比的完整讀取並能夠利用該資料集。我們將繼續執行我們的 VTE 卓越市場開發計劃。

We're going to continue to leverage our commercial engine. All of those things give us confidence. We're going to continue to drive momentum and growth in VTE for some time ahead there. The runway is long and this is a large market that we are just getting started converting from conservative medical management over to frontline treatment with FlowTriever and ClotTriever.

我們將繼續利用我們的商業引擎。所有這些都給了我們信心。我們將在未來一段時間內繼續推動 VTE 的發展勢頭和成長。跑道很長，這是一個很大的市場，我們剛開始從保守的醫療管理轉向 FlowTriever 和 ClotTriever 的一線治療。

Great. Thanks. And maybe just a follow up. I'm not sure someone asked I'm juggling calls. Forgive me if they did any commentary on especially in the second quarter on what the contribution was from unit price mix? I would love to hear kind of how the trend was going there in the core in the core business?

偉大的。謝謝。也許只是後續行動。我不確定是否有人問我正在打電話。請原諒我，他們是否對單價組合的貢獻（特別是在第二季）做了任何評論？我很想聽聽核心業務的趨勢如何？

Yeah, we you can see the revenue contributions, Richard, just in terms of the disclosure that we provided by way of price, we continue to see stable pricing in the marketplace. We if anything, we are looking for opportunities to take price.

是的，我們可以看到收入貢獻，理查德，就我們透過價格提供的揭露而言，我們繼續看到市場上穩定的定價。如果有的話，我們正在尋找定價的機會。

We've been successful with many of our hospital customers for something called the DVT, PPP price per procedure that allows the treating physicians to basically avail themselves of tools from both product toolkits. When we have that price that pricing plan in place.

我們已經在許多醫院客戶中獲得了成功，即 DVT、每次手術的 PPP 價格，使治療醫生基本上可以利用這兩個產品工具包中的工具。當我們確定了這個價格後，定價計畫就到位了。

So we feel good about the kind of pricing positioning of the products in the marketplace. And our procedure volumes were very strong in Q2. We also saw some stocking revenue in Q2. In this case, it was less than in some of the other quarters where we had more product introductions in Q2 is primarily related to the unicorn and so that's something that we are just kind of its fluctuates quarter to quarter, and you've heard us talk about that long-term in terms of where we expect that to land.

因此，我們對市場上產品的定價定位感到滿意。第二季度我們的手術量非常強勁。我們在第二季也看到了一些庫存收入。在這種情況下，它比其他一些季度要少，在其他一些季度，我們在第二季度推出了更多產品，主要與獨角獸有關，所以這就是我們所說的，它每個季度都會波動，你已經聽到我們的聲音了從我們預期的落地角度來談論這個長期問題。

Margaret Kaczor, William Blair. Please go ahead with your question.

瑪格麗特·卡佐爾，威廉·布萊爾。請繼續你的問題。

Hey, good afternoon, guys. Thanks for taking my question as much again, like everyone else, all wish you good luck in your retirement and look forward to seeing you maybe at the Salt Lake Olympics at some point with you for your stake out here. And I want to ask your questions. So I'll come on a curious question.

嘿，下午好，夥計們。感謝您再次提出我的問題，就像其他人一樣，所有人都祝您退休後好運，並期待在某個時候在鹽湖奧運會上見到您，與您一起在這裡參加比賽。我想問你的問題。所以我會提出一個奇怪的問題。

Yes, a couple of I guess within that one, can you still meet the time line to publish it at meetings like DVT? Or should we assume that it's another one at this point in time? And then I guess more importantly, as we look at the level of awareness and how you look at from a commercialization perspective or sales perspective, how are you going to use that data in the following weeks and months, you know, is that post the data launch especially maybe based on the outcomes of the win ratio.

是的，我猜其中有幾個，您還能在 DVT 等會議上按時發布它嗎？或者我們現在應該假設這是另一個？然後我想更重要的是，當我們考慮意識水平以及您如何從商業化角度或銷售角度看待時，您將如何在接下來的幾周和幾個月內使用這些數據，您知道，是發布數據發布尤其可能基於勝率的結果。

I know it's kind of one big number, but depending on if you see all-cause mortality, what would that potentially add you add for you guys versus something more like [ITU] stay benefit that what's most meaningful for clinicians and how might that drive ship? Thanks.

我知道這是一個很大的數字，但取決於你是否看到全因死亡率，這可能會為你們增加什麼，而不是像[國際電聯]留下的好處，這對臨床醫生來說最有意義，以及這將如何推動船？謝謝。

Margaret, thanks for the question. And for all the detail on PEERLESS. I'll expand on that a bit by saying we're really excited about PEERLESS. We've committed to our presentation at a meeting later on this year, and nothing has changed in that regard.

瑪格麗特，謝謝你的提問。以及關於 PEERLESS 的所有細節。我會進一步闡述這一點，說我們對 PEERLESS 感到非常興奮。我們已承諾在今年稍後的一次會議上進行演示，但在這方面沒有任何改變。

As we get more specific, certainly, we're happy to share those, but no change in terms of time line of data presentations. As a reminder, the primary outcome of a pure list is a win ratio, as you described, with five very important endpoints.

當然，隨著我們變得更加具體，我們很樂意分享這些內容，但數據演示的時間軸並沒有變化。提醒一下，純列表的主要結果是勝率，正如您所描述的，有五個非常重要的端點。

Some of these are hard clinical endpoints others of them are hospital resource utilization, endpoints like ICU length of stay. But one thing all of these endpoints have in common is that they are incredibly meaningful to patients, physicians and hospitals are in the care of a pulmonary embolism.

其中一些是硬性臨床終點，另一些是醫院資源利用率、ICU 住院時間等終點。但所有這些終點的一個共同點是，它們對治療肺栓塞的患者、醫生和醫院都非常有意義。

So we think that the win ratio is a very kind of exciting and somewhat new statistical technique that's going to really comment on which form of therapy is superior and as far as how we're going to market this, you know, we've been very clear that lytics is an outdated form of therapy for a variety of reasons. And we think PEERLESS is going to highlight why we think FlowTriever should be the standard of care for these patients.

因此，我們認為勝率是一種非常令人興奮且有些新的統計技術，它將真正評論哪種治療形式更優越，以及我們將如何推銷這種療法，你知道，我們一直在很明顯，由於多種原因，溶解療法是一種過時的療法。我們認為 PEERLESS 將強調為什麼我們認為 FlowTriever 應該成為這些患者的護理標準。

And you will see a great deal of our discussion of PEERLESS being the first in what I've been describing as the golden era of clinical studies for the DVT space.

您將看到我們對 PEERLESS 的大量討論，這是我所描述的 DVT 領域臨床研究黃金時代的第一個。

I think from your perspective, do you think clinicians are going to look at the whole ratio versus kind of picking and choosing, I guess, switch which subcategories they would find more important to move their share one way or the other?

我認為從您的角度來看，您認為臨床醫生是否會考慮整個比例與挑選和選擇的方式，我想，切換他們認為更重要的子類別以一種或另一種方式移動他們的份額？

I think sophisticated physicians will look at all of the different aspects of this study. Like I said, there's multiple meaningful endpoints there. But the top line result is the win ratio taken in total because it comments on Strategy A versus Strategy B.

我認為經驗豐富的醫生會研究這項研究的所有不同方面。就像我說的，那裡有多個有意義的端點。但最上面的結果是總的勝率，因為它評論了策略 A 與策略 B。

Appreciate it. Thank you.

欣賞它。謝謝。

And ladies and gentlemen, at this time and showing no additional questions, we'll be concluding today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們先生們，此時此刻，我們將結束今天的電話會議和演示，沒有提出任何其他問題。我們感謝您的加入。現在您可以斷開線路。