Neuropace Inc (NPCE) 2024 Q3 法說會逐字稿

Greetings and welcome to the No third quarter, 2024 earnings conference call.

您好，歡迎參加 2024 年第三季財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

A brief question and answer session will follow the formal presentation.

正式演講後將舉行簡短的問答環節。

If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Jeremy Investor Relations.

現在我很高興向您介紹主持人傑里米投資者關係部門。

Thank you, sir.

謝謝您，先生。

You may be in good.

你可能狀況良好。

Afternoon.

下午。

Thank you for joining us for Neuropace's third quarter, 2024 financial and operating results conference call on today's call.

感謝您參加今天的 Neuropace 2024 年第三季財務和營運業績電話會議。

We will hear from Joel Becker, Chief Executive Officer and Rebecca Kuhn, Chief Financial Officer.

我們將聽取執行長喬爾貝克爾 (Joel Becker) 和財務長麗貝卡庫恩 (Rebecca Kuhn) 的演講。

Earlier today, NeuroPace released financial results for the third quarter ended September 30th 2024.

今天早些時候，NeuroPace 發布了截至 2024 年 9 月 30 日的第三季財務表現。

A copy of the press release is available on the company's website at NeuroPace dotcom.

新聞稿的副本可在本公司網站 NeuroPace dotcom 上取得。

Before we begin, I would like to remind you that throughout this call, we will make statements that include forward-looking statements within the meaning of federal securities laws which are made pursuant to the safe harbor provisions of the private securities Litigation Reform Act of 1,995.

在我們開始之前，我想提醒您，在整個電話會議中，我們將做出包含聯邦證券法含義內的前瞻性陳述的陳述，這些陳述是根據 1,995 年私人證券訴訟改革法案的安全港條款制定的。

Any statements made during this call that relate to expectations or predictions of future events, results or performance or forward-looking statements, all forward-looking statements including those around Neuropace's projections, business opportunities, commercial expansion, market conditions, clinical trials and those relating to our operating trends and future financial performance expense management.

本次電話會議期間所做的任何與未來事件、結果或績效的預期或預測相關的陳述或前瞻性陳述，所有前瞻性陳述包括有關Neuropace 的預測、商業機會、商業擴張、市場狀況、臨床試驗以及相關的陳述我們的經營趨勢及未來財務績效費用管理。

Estimates of market opportunity and forecasts of market and revenue growth are based on current estimates and various assumptions.

市場機會的估計以及市場和收入成長的預測是基於當前的估計和各種假設。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those implied by these forward-looking statements accordingly.

這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述所暗示的結果或事件有重大差異。

You should not place undue reliance on these statements.

您不應過度依賴這些陳述。

For more detailed descriptions of the risks and uncertainties associated with our business.

有關與我們業務相關的風險和不確定性的更詳細描述。

Please refer to the risk factors section of our public filings with the SEC including our latest annual report on form 10-K for the year ended December 31st 2023 filed with the SEC on March 5th, 2024 and our quarterly report on form 10-Q for the quarter ended September 30th 2024 to be filed with the SEC and any other reports that we may file with the SEC in the future.

請參閱我們向SEC 公開提交的文件中的風險因素部分，包括我們於2024 年3 月5 日向SEC 提交的截至2023 年12 月31 日止年度的最新10-K 表格年度報告以及2024 年3 月5日向SEC 提交的10-Q 表格季度報告。

This conference call contains time sensitive information which we believe is accurate only as of this live broadcast on November 12th 2024.

本次電話會議包含時間敏感訊息，我們認為這些資訊僅截至 2024 年 11 月 12 日的直播才準確。

NeuroPace disclaims any intention or obligation except as required by law to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

NeuroPace 不承擔任何意圖或義務，除非法律要求更新或修改任何財務預測或前瞻性陳述，無論是因為新資訊、未來事件或其他原因。

And with that, I will now turn the call over to Neuropace's Chief Executive Officer Joel Becker.

現在，我將把電話轉給 Neuropace 的執行長 Joel Becker。

Joel.

喬爾.

Thank you Jeremy and good afternoon everyone.

謝謝傑里米，大家下午好。

I will start out today's call by reviewing our performance in the third quarter as well as providing additional insight around our key business priorities for the remainder of the year.

我將在今天的電話會議中回顧我們第三季的業績，並就今年剩餘時間的關鍵業務優先事項提供更多見解。

Before turning the call over to our Co Rebecca Kuhn to present the details of our financial performance for the quarter ended September 30th 2024 which will be followed by a Q&A session.

在將電話轉給我們的 Co Rebecca Kuhn 之前，請介紹我們截至 2024 年 9 月 30 日的季度的財務業績詳細信息，隨後將進行問答環節。

Let's get started.

讓我們開始吧。

We are very pleased with the performance of the business in the third quarter of 2024.

我們對 2024 年第三季的業務表現感到非常滿意。

As we generated record revenue delivered on track gross margins and demonstrated disciplined operating expense management as we continue to execute against our Multiphase growth strategy.

隨著我們繼續執行我們的多階段成長策略，我們創造了創紀錄的收入，實現了毛利率的成長，並展示了嚴格的營運費用管理。

For the third quarter of 2024 we reported total revenue of $21.1 million an increase of 28% compared to the same period last year.

2024 年第三季度，我們的總營收為 2,110 萬美元，與去年同期相比成長 28%。

Revenue growth for the quarter included contributions from sales of the R&S system and dixie medical seeg products with the majority of the year over year growth coming from sales of the R&S system.

本季營收成長包括 R&S 系統和 dixie Medical Seeg 產品銷售的貢獻，其中大部分較去年同期成長來自 R&S 系統的銷售。

This Q3 2024 performance was driven by execution in a number of areas across the business.

2024 年第三季的業績是由整個業務多個領域的執行所推動的。

With regard to the top line.

關於頂線。

We continued to demonstrate execution of the first part of our strategy of increasing adoption and utilization of RNS systems in level four centers and increased the number of active prescribers of RNS therapy to record levels.

我們繼續展示我們策略第一部分的執行情況，即在四級中心增加 RNS 系統的採用和使用，並將 RNS 治療的活躍處方者數量增加到創紀錄的水平。

Adding to RNS system growth, we began to see a meaningful increase in the number of implants at centers that are part of our project care pilot program and in the number of referrals for RNS implants from these centers to level four CECs, we also continued to expand the market penetration and utilization of dixie medical products which contributed to our revenue growth in Q3.

除了RNS 系統的增長之外，我們開始看到作為我們計畫護理試點計劃一部分的中心的植入數量顯著增加，並且從這些中心轉診至四級CEC 的RNS 植入數量也有所增加，我們還繼續擴大迪克西醫療產品的市場滲透率和利用率，這為我們第三季的收入成長做出了貢獻。

In the middle part of the income statement, we delivered a gross margin that was on track with our target range.

在損益表的中間部分，我們提供的毛利率符合我們的目標範圍。

And when combined with the disciplined investment strategy in our key growth and development priorities reduced our cash burn to $1.8 million for the quarter.

與我們關鍵成長和發展優先事項中嚴格的投資策略相結合，本季的現金消耗減少至 180 萬美元。

Combined with opportunistic use of our ATM facility, our cash balance increased in the quarter from $55.5 million at the end of the second quarter to $56.8 million.

加上對 ATM 設施的機會性使用，本季我們的現金餘額從第二季末的 5,550 萬美元增加到 5,680 萬美元。

At the end of the third quarter, we believe that our current cash position is sufficient to fund operations for the foreseeable future.

在第三季末，我們相信我們目前的現金狀況足以為可預見的未來的營運提供資金。

We also focused on leveraging and developing our organization to increase our level of current performance as well as prepare for the significant opportunities in front of us.

我們也專注於利用和發展我們的組織，以提高我們目前的績效水平，並為我們面前的重大機會做好準備。

The placement of additional sales representatives in the US has helped build momentum in the launch of the project care program this year which has contributed to our revenue growth over the past several months while also increasing our field capacity so that we will be well positioned to take advantage of the multiple market development and indication expansion opportunities to come.

在美國安置更多的銷售代表有助於為今年的專案關懷計劃的啟動提供動力，這有助於我們過去幾個月的收入增長，同時也提高了我們的現場能力，使我們能夠很好地採取行動利用即將到來的多個市場開發和適應症擴展機會。

Additionally, given the significant opportunities in the business, we've also been focused on strengthening our leadership team.

此外，考慮到業務中的重大機遇，我們也致力於加強我們的領導團隊。

We recently announced the hiring of new senior leaders including Katie Teller to lead our marketing function.

我們最近宣布聘請凱蒂·特勒 (Katie Teller) 等新的高階領導來領導我們的行銷職能。

Brett wear to lead our research and development team and Amy Treadwell to head up human resources.

Brett Wear 領導我們的研發團隊，Amy Treadwell 領導人力資源。

I would like to take a moment to touch on each valuable new team member's background.

我想花點時間談談每個有價值的新團隊成員的背景。

We are excited to now have Katie Keller leading our marketing function.

我們很高興現在有凱蒂·凱勒領導我們的行銷職能。

Katie brings specific experience in the neurostimulation market and expertise in market development that position her well to manage our market development efforts around key strategic initiatives, namely expansion of the care program planning for launch of our indication expansions, guiding our direct to patient outreach and digital marketing efforts and working with our research and development team on our product pipeline.

凱蒂帶來了神經刺激市場的具體經驗和市場開發方面的專業知識，這使她能夠很好地圍繞關鍵戰略舉措管理我們的市場開發工作，即擴大護理計劃規劃以啟動我們的適應症擴展，指導我們直接進行患者外展和數位化行銷工作以及與我們的研發團隊合作開發我們的產品線。

We are pleased to welcome Brett Weinger back to neuro pace to lead our research and development team with his significant experience and expertise in neuromodulation and medical device development.

我們很高興歡迎 Brett Weinger 回到 Neuro Pees，以他在神經調節和醫療設備開發方面的豐富經驗和專業知識來領導我們的研發團隊。

Brett is uniquely well suited to oversee the exciting work underway to both enhance the efficiency and ease of use of the system and to amplify our focus on device and data innovation in the use of RNSS to continue to advance our technology leadership position and most recently, we appointed Amy Treadwell as Vice President of Human Resources.

Brett 非常適合監督正在進行的令人興奮的工作，以提高系統的效率和易用性，並加強我們對使用 RNSS 的設備和數據創新的關注，以繼續提升我們的技術領先地位，最近，我們任命艾米·特雷德韋爾(Amy Treadwell) 為人力資源副總裁。

Amy brings an impressive track record of success in health care and technology roles and she will be instrumental in helping us continue to build an engaged high performing culture to support our growth.

艾米在醫療保健和科技領域取得了令人印象深刻的成功記錄，她將在幫助我們繼續建立敬業的高績效文化以支持我們的發展方面發揮重要作用。

We continue to make progress in the quarter on the third phase of our growth strategy, expanding the approved indications for the RNS system.

本季我們繼續在成長策略的第三階段取得進展，擴大 RNS 系統的核准適應症。

The primary focus for this element of our strategy is the nautilus study.

我們策略的這一要素的主要焦點是鸚鵡螺研究。

As previously mentioned, all implants are complete.

如前所述，所有植入物均已完成。

The trial is in the patient follow up phase and remains on track to complete the required one year.

該試驗正處於患者追蹤階段，並有望完成所需的一年。

Follow up in Q1 2025.

2025 年第一季跟進。

As a reminder if approved, our RNS system would be the first device with an FDA approved indication for idiopathic generalized epilepsy.

提醒一下，如果獲得批准，我們的 RNS 系統將成為第一個獲得 FDA 批准的特發性全身性癲癇適應症的裝置。

We were also pleased to submit positive three year safety and effectiveness data from our ongoing five year prospective post approval study of the RNS system in adults with drug resistant focal epilepsy.

我們也很高興地提交了我們正在進行的 RNS 系統批准後五年前瞻性研究對成人抗藥性局部癲癇患者的三年安全性和有效性積極數據。

We look forward to publishing and presenting the full study results pending the expiration of a publication embargo.

我們期待在出版禁運到期之前發布和展示完整的研究結果。

With that as an overview of our operational progress in Q3.

這是我們第三季營運進展的概述。

Let me now turn the call over to Rebecca to review our financial results for the third quarter of 2024 Rebecca.

現在讓我將電話轉給麗貝卡，回顧麗貝卡在 2024 年第三季的財務表現。

Thank you, Joe.

謝謝你，喬。

Our team has continued to make tremendous progress in executing against our strategy.

我們的團隊在執行我們的策略方面繼續取得巨大進展。

The reach we now have through a network of physicians educated, trained and prescribing RNS therapy is extraordinary compared to just a couple of years ago and will play a key role in closing the treatment.

與幾年前相比，我們現在透過受過教育、培訓和處方 RNS 治療的醫生網絡所達到的影響力是非凡的，並將在結束治療中發揮關鍵作用。

GAAP by driving broader adoption and utilization of our system.

GAAP 推動我們系統的更廣泛採用和利用。

For the third quarter of 2024 neuropace's revenue was $21.1 million representing growth of 28% compared to $16.4 million.

2024 年第三季 Neuropace 的營收為 2,110 萬美元，較 1,640 萬美元成長 28%。

For the third quarter of 2023 revenue growth was primarily driven by increased sales of our RNS system excluding the contribution from nautilus study cases.

2023 年第三季的營收成長主要是由我們的 RNS 系統銷售成長所推動的，不包括 nautilus 研究案例的貢獻。

In the third quarter of 2023 R&F sales grew by 36%.

2023年第三季富力銷售額成長36%。

We also continue to generate meaningful revenue growth from sales of dixie medical products.

我們也繼續透過迪克西醫療產品的銷售實現有意義的收入成長。

Gross margin for the third quarter of 2024 was 73.2% compared to 74.5%.

2024 年第三季毛利率為 73.2%，去年同期為 74.5%。

In the third quarter of 2023.

2023年第三季。

Gross margin continues to be in line with our target range of 72 to 74%.

毛利率繼續符合我們 72% 至 74% 的目標範圍。

R&D.

研發。

Expense was $5.8 million in the third quarter of 2024 compared with $4.8 million in the same period of 2023.

2024 年第三季的費用為 580 萬美元，而 2023 年同期為 480 萬美元。

This increase was primarily driven by an increase in personnel and program expenses for product development including A I software and next generation device platform projects and clinical studies.

這一增長主要是由於產品開發的人員和項目費用增加所致，包括人工智慧軟體和下一代設備平台項目以及臨床研究。

SG&A expense was $13.9 million in the third quarter of 2024.

2024 年第三季的 SG&A 費用為 1,390 萬美元。

Compared with $13.4 million in the prior year period.

與去年同期的 1,340 萬美元相比。

This increase was primarily due to an increase in sales and marketing personnel related expenses partially offset by a decrease in general and administrative expenses.

這一增長主要是由於銷售和行銷人員相關費用的增加，部分被一般和管理費用的減少所抵消。

Total operating expenses were $19.7 million in the third quarter of 2024 compared with $18.2 million in the same period of the prior year, representing growth of 8% with revenue growing by 28% for the quarter.

2024 年第三季的總營運費用為 1,970 萬美元，而去年同期為 1,820 萬美元，成長 8%，該季度營收成長 28%。

We demonstrated strong operating leverage resulting from our focus on driving revenue growth while also effectively managing our operating expenses and cash.

由於我們專注於推動收入成長，同時有效管理我們的營運費用和現金，因此我們展示了強大的營運槓桿。

We plan to continue to focus on balancing these objectives.

我們計劃繼續專注於平衡這些目標。

Loss from operations was $4.2 million in the third quarter of 2024 compared with $6 million in the prior year period, we recorded $2.2 million of interest expense in the third quarter of 2024 compared to $2.2 million in the prior year period.

2024 年第三季的營運虧損為 420 萬美元，而去年同期為 600 萬美元。

Net loss was $5.5 million for the third quarter of 2024 compared with $7.3 million in the third quarter of 2023.

2024 年第三季的淨虧損為 550 萬美元，而 2023 年第三季的淨虧損為 730 萬美元。

As discussed previously, we have maintained a disciplined expense management strategy resulting in cash burn in the third quarter of 2024 of $1.8 million compared to $2.3 million in the prior year period in the third quarter of 2024 we paid coupon interest expense entirely in cash.

如前所述，我們一直保持嚴格的費用管理策略，導致2024 年第三季的現金消耗為180 萬美元，而去年同期為230 萬美元，2024 年第三季我們完全以現金支付票面利息費用。

Whereas in the prior year quarter, $0.7 million of interest was paid in kind by increasing the principle of our debt.

而去年同期，我們透過增加債務本金以實物形式支付了 70 萬美元的利息。

If we adjust cash burn for this difference, the year over year improvement was even greater.

如果我們根據這一差異調整現金消耗，同比改善會更大。

Our cash and short term investments balance.

我們的現金和短期投資平衡。

As of September 30th 2024 was $56.8 million.

截至 2024 年 9 月 30 日為 5,680 萬美元。

An increase of $1.3 million compared to the end of the prior quarter.

與上一季末相比增加了 130 萬美元。

In the third quarter of 2024 we opportunistically raised $2.9 million in net proceeds under our ATM facility resulting in an overall increase in our cash and short term investments balance.

2024 年第三季度，我們在 ATM 設施下伺機籌集了 290 萬美元的淨收益，導致我們的現金和短期投資餘額總體增加。

Our long term borrowings totaled $59.3 million as of September 30th 2024.

截至 2024 年 9 月 30 日，我們的長期借款總額為 5,930 萬美元。

As a reminder, the final maturity of our debt is September 30th 2026.

提醒一下，我們債務的最終到期日是 2026 年 9 月 30 日。

Regarding annual guidance for 2024 we now expect our total revenue to be in a range of 78 to $80 million.

關於 2024 年的年度指導，我們現在預計我們的總收入將在 78 至 8000 萬美元之間。

An increase of approximately 19 to 22% over 2023.

比 2023 年增長約 19% 至 22%。

This growth is expected to be mostly driven by an increase in sales of our RNS system with growth from sales of dixie medical products continuing to make a meaningful contribution.

預計這一成長主要是由我們的 RNS 系統銷售的成長所推動的，其中迪克西醫療產品的銷售成長將繼續做出有意義的貢獻。

We expect our gross margin to be in a range of 72 to 74% for 2024.

我們預計 2024 年毛利率將在 72% 至 74% 之間。

Although we may see some small variability due to fluctuations in the proportion of dixie medical revenue to total revenue and other factors.

儘管由於迪克西醫療收入佔總收入比例的波動和其他因素，我們可能會看到一些小的變化。

We expect operating expenses for 2024 to range between 80 $84 million including approximately $10 million in stock based compensation and noncash expense.

我們預計 2024 年的營運支出將在 80.84 億美元之間，其中包括約 1,000 萬美元的股票薪酬和非現金支出。

I would now like to turn the call back over to Joel for closing remarks.

我現在想將電話轉回喬爾，讓他發表結束語。

Joel, thank you, Rebecca.

喬爾，謝謝你，麗貝卡。

We are pleased with the rate of revenue growth, demonstration of financial discipline and execution of operating priorities during the quarter.

我們對本季的收入成長率、財務紀律的表現以及營運優先事項的執行感到滿意。

The momentum in the quarter is the result of the hard work that's been taking place over the entire year and we are focused on building on it further through the end of the year and beyond.

本季度的勢頭是全年努力工作的結果，我們致力於在今年年底及以後進一步鞏固這一勢頭。

Before we end today's call, I want to call attention to two upcoming events.

在結束今天的電話會議之前，我想提請大家注意即將舉行的兩件事。

First, we will be at the upcoming 78 American Epilepsy Society annual meeting which is taking place in Los Angeles from December 6th through the 10th.

首先，我們將參加即將於 12 月 6 日至 10 日在洛杉磯舉行的第 78 屆美國癲癇協會年會。

We are very excited by the data that will be presented during the meeting including several investigator sponsored and initiated studies.

我們對會議期間將提出的數據感到非常興奮，其中包括幾項研究者贊助和發起的研究。

We invite any of you attending the show to stop by and visit us at booth 2,109.

我們誠摯邀請所有參加展覽的人蒞臨我們的 2,109 號攤位。

As we get closer to the meeting date, we plan on issuing additional details about our poster presentations and present at Aes second.

隨著會議日期的臨近，我們計劃發布有關我們的海報演示和 Aes 第二次演示的更多詳細資訊。

We are planning to host an Investor Day in New York during the first quarter of 2025 with more details to come.

我們計劃於 2025 年第一季在紐約舉辦投資者日活動，屆時將提供更多詳細資訊。

I look forward to updating everyone on our continued progress through the fourth quarter of 2024 and into 2025 this concludes our prepared remarks.

我期待向大家通報我們在 2024 年第四季和 2025 年持續取得的進展，我們準備好的發言到此結束。

I would now like to turn the call over to the operator who will open the call for questions, operator.

我現在想將電話轉給接線員，接線員將打開電話詢問問題。

Thank you.

謝謝。

At this time, we will, we will be conducting a question and answer session.

這時候我們呢,我們就進行一個問答環節,.

If you would like to ask a question, please press star one on your telephone keypad.

如果您想提問，請按電話鍵盤上的星號一。

A confirmation tone will indicate that your line is in the question queue.

確認音將表示您的線路已在問題佇列中。

You may press star two.

您可以按星二號。

If you would like to remove your question from the queue, we ask that you limit your questions to one and a follow up so that others may have an opportunity to ask questions for participants using speaker equipment.

如果您想從佇列中刪除您的問題，我們要求您將您的問題限制為一個問題和後續問題，以便其他人有機會使用揚聲器設備向參與者提問。

It may be necessary to pick up your handset before pressing the star keys.

按星號鍵之前可能需要拿起聽筒。

One moment, please.

請稍等一下。

While we pull for questions, our first question comes from Frank to Keenan with Lake Street Capital Market.

當我們提問時，我們的第一個問題來自 Lake Street Capital Market 的 Frank 向 Keenan 提出的問題。

Please proceed with your question.

請繼續你的問題。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

Congrats on the really solid results.

祝賀取得了非常紮實的成果。

Maybe I'll start with just a bigger picture.

也許我會從更大的圖景開始。

One, Joel, you've been on board obviously for a number of quarters now and execution has been really solid.

第一，喬爾，你顯然已經加入公司好幾個季度了，執行力也非常紮實。

But as you look back at the previous quarters, maybe just parse out where you feel the primary growth is coming from and the core R&S growth.

但當你回顧前幾季時，也許只需解析一下你認為主要成長來自何處以及核心 R&S 成長。

Is it the project care initiative?

這是專案關懷計劃嗎？

Is it market share taking?

是搶奪市佔率嗎？

Is it expanding the market and then maybe touch on kind of the durability of where that primary growth is coming from?

它是否擴大了市場，然後可能觸及主要成長來源的持久性？

Great.

偉大的。

Thanks for the question, Frank, nice to hear from you.

謝謝你的提問，弗蘭克，很高興收到你的來信。

So yeah, if we look back over the past number of quarters and and frankly, if we look at this quarter, it's really a matter of, of executing the strategy that we've laid out.

所以，是的，如果我們回顧過去的幾個季度，坦白說，如果我們看看這個季度，這確實是一個執行我們制定的策略的問題。

So as as you know, three key planks in our, in our strategy, one, increasing adoption and utilization within our core level four centers to expanding site of service beyond the level four centers and increasing access to R&S for, for people who are at site level four centers and then three expanding indications.

如您所知，我們的策略中的三個關鍵要點是，第一，增加我們核心四級中心內的採用和利用率，以將服務站點擴展到四級中心之外，並增加以下人員對R&S的訪問：站點四級中心，然後三級擴展適應症。

And if we look at where we're seeing growth, it's both adoption as well as utilization within the level four centers.

如果我們看看成長的地方，就會發現四級中心的採用率和利用率。

So as as I mentioned in my prepared comments there, you know, continuing to increase the number of prescribers has been great to see we continue to, you know, to increase that number.

正如我在準備好的評論中提到的，你知道，繼續增加處方醫生的數量是很高興看到我們繼續增加這個數字。

And so we're seeing broader adoption of the RNS system and then, and then also driving utilization within that within that group of customers.

因此，我們看到 RNS 系統得到了更廣泛的採用，然後也推動了該客戶群的使用率。

So I think there's some expansion of R&S from a market development perspective as well as share.

所以我認為從市場開發和份額的角度來看，R&S 都有一些擴張。

And then starting, as I also mentioned, starting to see some meaningful contributions from site of service in the work that we're doing on the care side.

然後，正如我也提到的，開始看到服務站點在我們在護理方面所做的工作中做出了一些有意義的貢獻。

So I think we've got a good diversification of some of those growth drivers that's now starting to come to fruition.

因此，我認為我們已經實現了一些成長動力的良好多元化，現在已經開始取得成果。

And really we've been working on over the past number of quarters.

事實上，我們在過去幾個季度一直在努力。

Got it.

知道了。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe, asking about sales reps.

然後也許，詢問銷售代表。

I think last quarter, you called out some of your, your newly hired reps had completed training and their place in kind of geographies where you identify expansion opportunities outside of the level four centers, maybe touch on that cohort of reps and then talk about any hiring plans that you as you think about the next couple quarters and years.

我認為上個季度，您召集了一些新聘用的代表完成了培訓，並確定了他們在四級中心之外的擴張機會的地理位置，也許會觸及那群代表，然後談論任何當你考慮未來幾個季度和幾年的招聘計劃時。

It's a great question.

這是一個很好的問題。

Thanks for remembering that Frank.

謝謝你還記得弗蘭克。

Yeah, we, we did talk about that the initial tranche of that sales force expansion group that we had talked about earlier in the year, had completed training and was being you know, kind of released as it were out to independent activities and, and, and that's happened and we, we can point to places where we, we believe we're seeing increased growth both with regard to support for current R&S business as well as then with geographies that, that, you know, we just, we didn't have what we wanted from an intensity of coverage perspective previously and now do and then there's, there's a certain component of that, that's part of care as well.

是的，我們確實談到了我們在今年早些時候談到的銷售隊伍擴張小組的第一部分，已經完成了培訓，並且你知道，有點被釋放，因為它是獨立活動的，並且， ，這已經發生了，我們，我們可以指出我們相信我們在支持當前R&S 業務以及當時的地區方面看到了增長的增長，我們只是，我們沒有從覆蓋強度的角度來看，以前沒有我們想要的東西，現在有了，然後有一個特定的組成部分，這也是護理的一部分。

So it's really been great to see those folks hitting the ground running and beginning to add both capacity to the commercial organization as well as impact.

因此，很高興看到這些人開始行動並開始增加商業組織的能力和影響力。

So, so that's been great with regard to further hiring plans.

所以，這對於進一步的招聘計劃來說是非常好的。

We're not, we're not talking about that specifically here today.

我們不是，我們今天不是專門討論這個問題。

Other than to say that we continue to stay opportunistic around hiring where we can take advantage of growth opportunities that we see and are being mindful about hiring and organizational expansion and preparation in advance of some of the opportunities that we see coming down the road as well with regard to further care, expansion and indication expansion efforts, pending successful clinical studies as well.

除此之外，我們繼續在招聘方面保持機會主義，我們可以利用我們看到的成長機會，並且正在註意招聘和組織擴張，並為我們看到的一些機會提前做好準備關於進一步的護理、擴展和適應症擴展努力，還有待成功的臨床研究。

Got it.

知道了。

That's helpful.

這很有幫助。

Thanks for taking the questions.

感謝您提出問題。

Thank you, Frank.

謝謝你，弗蘭克。

Our next question comes from Mike Crai with le Ring partners.

我們的下一個問題來自 Mike Crai 和 le Ring 合作夥伴。

Please proceed with your question.

請繼續你的問題。

Hi, everyone.

大家好。

Thanks very much for taking our questions.

非常感謝您回答我們的問題。

Can you help unpack some of your comments on the project care pilot program and how that's impacting your contribution to growth just between, you know, the traction you're seeing among the 1800 epileptologists outside of level four centers versus you know, any kind of uptick you're seeing in, in patient referrals.

您能否幫忙解釋一下您對計畫照護試點計畫的一些評論，以及這對您對成長的貢獻有何影響，您知道，您在四級中心之外的1800 名癲癇專家中看到的吸引力與您知道的任何類型的癲癇專家之間的吸引力您看到患者轉診量增加。

Where is that growth really coming from?

這種成長真正來自哪裡？

Thanks, Mike.

謝謝，麥克。

I appreciate the question.

我很欣賞這個問題。

And so as you know, from a care program perspective, we've really been in the pilot phase and have started to expand that pilot in the second half year of, of 2024 and it was, it's been gratifying here in the third quarter to begin to see a meaningful contribution from that program.

如您所知，從護理計劃的角度來看，我們確實處於試點階段，並已開始在 2024 年下半年擴大該試點範圍，令人欣慰的是，在第三季度，開始看到該計劃的有意義的貢獻。

And we're really seeing contribution both from implants within these centers as well as then referrals back into level four centers and, and referrals that then further kind of bifurcate, I think into in two directions.

我們確實看到了這些中心內的植入以及隨後轉介回四級中心的貢獻，以及然後進一步分叉的轉介，我認為是兩個方向。

One we'd kind of expected where when you're out in the community, you tend we, we found that we were uncovering patients that needed phase two management or phase two testing rather and then, and then potentially further care and we get would get referred back to the level four centers.

我們預計，當您在社區中時，您會照顧我們，我們發現我們正在發現需要第二階段管理或第二階段測試的患者，然後，然後可能會得到進一步的護理，我們會得到被轉回四級中心。

And we are seeing that, but we're also seeing that centers, care centers who either aren't quite ready to do implants yet or in some cases want to be programming centers.

我們看到了這一點，但我們也看到一些中心、護理中心要么還沒有準備好進行植入，要么在某些情況下希望成為程式設計中心。

We refer patients to a level four center to be implanted and then, and then get the patient back and manage them either while the program is getting spun up or they want, they want to do the patient management rather than necessarily the implants as well.

我們將患者轉介到四級中心進行植入，然後讓患者回來並在計畫啟動時對其進行管理，或者他們想要進行患者管理，而不是植入。

So we're seeing both implants as well as referrals.

所以我們看到了植入和轉介。

And it's again, it's really been encouraging here to see that begin to inflect in Q3.

再次，看到這種情況在第三季開始發生變化確實令人鼓舞。

Got it.

知道了。

Yeah, I appreciate the color and maybe just as a follow up, you posted a really nice revenue beat in 32, solid sequential growth versus second quarter.

是的，我很欣賞這種顏色，也許只是作為後續行動，您在 32 月發布了非常好的收入，與第二季度相比實現了穩定的連續增長。

It looks like the updated guidance isn't building in too much additional credit beyond your prior guidance for the fourth quarter.

看起來更新後的指導並沒有在您之前對第四季度的指導之外增加太多額外的功勞。

So are you seeing any specific headwinds you'd call out so far this quarter?

那麼，本季到目前為止，您是否看到了任何具體的阻力？

You maybe just walk us through.

你也許只是引導我們去了解一下。

What would get you to the lower end of that guidance range for four Q?

什麼會讓你達到四個 Q 指導範圍的下限？

Thanks Mike.

謝謝邁克。

Another another excellent question.

另一個很好的問題。

So if we, if we just talk about the growth of the business and the rest of the year guidance first, you know, first of all, we're really pleased with the top line momentum that we demonstrated in the third quarter with a particularly strong growth rate at 28% more broadly.

因此，如果我們先談論業務成長和今年剩餘時間的指導，首先，我們對第三季表現出的營收動能感到非常滿意，特別是更廣泛而言，成長率高達 28%。

If we look at the first half of 2024 the business grew 21%.

如果我們看看 2024 年上半年，業務成長了 21%。

And at the midpoint of our, our raised and increased guidance here, that would, that would also deliver 21% growth for the second half of the year despite increasing comps in the second half of the year of 24 and 21% growth for the full year of 24 as well.

在我們的中期，我們提出並增加了指導，這也將帶來下半年 21% 的成長，儘管下半年的比較增加了 24%，全年成長 21%。

Of note and potentially of interest.

值得注意並可能令人感興趣。

We also, we also grew the business 23% year over year during the six months in the middle.

在中間的六個月裡，我們的業務也比去年同期成長了 23%。

So Q2 and Q3.

所以 Q2 和 Q3。

So if you think about the first half of the year, the middle of the year and now our implied guidance for the rest of the year.

因此，如果您考慮今年上半年、年中以及我們對今年剩餘時間的隱含指導。

Remembering that Q2, Q3 and Q all4 have headwinds from nautilus cases in Q2, Q3 and Q4 of 2023 we've been growing the business at 20%.

請記住，2023 年第二季、第三季和第四季受到鸚鵡螺案例的不利影響，我們的業務一直以 20% 的速度成長。

Plus in 2024 we see the fundamentals of the business as strong.

此外，到 2024 年，我們認為該業務的基本面依然強勁。

You know, the updated guidance for second half and for the full year, I think shows that plus 20% we're focused on continuing that.

你知道，我認為下半年和全年的更新指導表明，我們專注於繼續這一目標，再加上 20%。

And, you know, we may have quarter to quarter variability, but we feel good about the momentum and the direction both of the execution of the business as well as the opportunities that are in front of us here.

而且，您知道，我們可能會出現季度與季度之間的變化，但我們對業務執行的勢頭和方向以及擺在我們面前的機會感到滿意。

So that's kind of how we've been thinking about 24 and how we've thought about both the second half as well as full year guidance.

這就是我們對 24 小時以及下半年和全年指導的看法。

And, and I, you know, again, just I'd be remiss here of not then mentioning we're getting that level of growth with single digit operating expense increases and that's resulting in significant improvements in our burn rate as well.

而且，我，你知道，再一次，如果我沒有提到我們正在以個位數的運營費用增加實現這種增長水平，這將導致我們的燒錢率顯著提高，那就太失職了。

And so as as we said in our prepared comments, and of course, we focus on top line growth.

正如我們在準備好的評論中所說，當然，我們專注於營收成長。

It's the most important thing we can do is topline growth.

我們能做的最重要的事情就是營收成長。

But we also believe that with our current projections, we have the cash to fund our operations for the foreseeable future as well.

但我們也相信，根據我們目前的預測，我們也有足夠的現金來為可預見的未來的營運提供資金。

So we think from a really through the income statement, we're pleased with the quarter from a top line OpEx and cash management perspective.

因此，我們從真正的損益表來看，從營運支出和現金管理的角度來看，我們對本季感到滿意。

Awesome.

驚人的。

Thank you.

謝謝。

Thanks Mike.

謝謝邁克。

Our next question comes from Robbie Marcus with JP Morgan.

我們的下一個問題來自摩根大通的羅比·馬庫斯。

Please proceed with your question.

請繼續你的問題。

Hi, this is Rohan on for Ravi.

大家好，我是拉維的羅漢。

Thanks for taking our question and congrats on a nice quarter.

感謝您提出我們的問題，並祝賀您度過了一個愉快的季度。

So I appreciate the commentary you gave on just R&S driving the bulk of sales growth today.

因此，我很欣賞您對 R&S 今天推動大部分銷售成長的評論。

And I just wanted to get a sense for how you're thinking about this trend versus dixie over time and maybe some preliminary color you can provide on kind of growth contribution into 2025.

我只是想了解您如何看待這一趨勢與迪克西隨時間的變化，也許您可以提供一些關於 2025 年增長貢獻的初步信息。

Thank you.

謝謝。

Thanks for that question.

謝謝你提出這個問題。

And, and yeah, we, we did call that out and, and I just emphasize, we, you know, we got growth across product lines and that's the goal.

是的，我們確實指出了這一點，而且我只是強調，我們在產品線方面取得了成長，這就是我們的目標。

And so it's great to see it and, and, and we intend to continue that, but the significant majority of the growth came from R&S and that's where the significant majority of our growth is going to come given the magnitude of that business and the magnitude of the opportunity that's in front of us.

因此，很高興看到這一點，而且，我們打算繼續這樣做，但絕大多數增長來自 R&S，考慮到該業務的規模和規模，這就是我們大部分增長將來自的地方。機會。

And that's in no way to, to slight the opportunity associated with Dixie.

這絕不是要忽視與迪克西相關的機會。

We, we are really pleased with the growth that we're seeing there too.

我們對在那裡看到的成長也感到非常滿意。

But the, the majority of the growth here, the significant majority of the growth came from RNS, but it's just, it's just great to get that growth across product lines and, and have that amplifier both from a financial perspective as we, and then as we've talked about the ability to, you know, kind of deepen relationships and vertically integrate in the diagnostic process makes I think the it's a good combination.

但是，這裡的大部分增長，絕大多數增長來自 RNS，但只是，跨產品線實現這種增長真是太棒了，並且從財務角度來看，就像我們一樣，擁有這種放大器，然後正如我們所討論的，您知道，加深關係和垂直整合診斷過程的能力使我認為這是一個很好的組合。

And then I guess a follow up to a previous question just around OpEx and expectations for leverage down.

然後我想是對之前關於營運支出和槓桿率下降的預期的問題的跟進。

The P&L obviously G&A came in lower than our expectations and it was a modest 4% growth year over year, as you mentioned.

顯然，損益表、一般行政費用低於我們的預期，正如您所提到的，年成長率為 4%。

And I know that you kept OpEx guidance unchanged for the balance of the year.

我知道您在今年餘下的時間裡保持了營運支出指導不變。

But is there anything that you can call out specifically in third quarter that drove the better leverage?

但是，您可以在第三季特別指出哪些因素推動了槓桿率的提高嗎？

And, and obviously, this implies kind of from biomass low to mid 10s, OpEx growth and fourth quarter.

顯然，這意味著生物量從低到 10 左右，營運支出成長和第四季。

So is there any specific reason why we shouldn't see this kind of single digit OpEx growth continue for the balance of this year and beyond?

那麼，是否有任何具體原因導致我們在今年及以後的剩餘時間裡不會看到這種個位數的營運支出成長？

I ask Rebecca to put some color on that.

我請麗貝卡對此添加一些色彩。

One thing I would, I would mention that we did call out is, you know, within SG&A we're investing on the s and we're being real efficient on the GN A.

我想說的一件事是，我們確實強調過，你知道，在 SG&A 中，我們正在 s 上進行投資，並且我們在 GN A 上非常有效率。

So there's a little bit of a tale of two cities there.

所以那裡有兩個城市的一些故事。

But Rebecca, if you maybe wanted to say a little bit more about OpEx expectations and any color in the quarter.

但是麗貝卡，如果您可能想多說一些有關營運支出預期和本季任何顏色的資訊。

Just to add a little bit of color as you may have seen by about a million dollars year over year or 20% we're clearly making investments in programs that we believe will help drive revenue growth both in the near term and over a longer time horizon.

只是為了添加一點色彩，正如您可能看到的那樣，我們每年投資約100 萬美元或20%，我們顯然正在對一些項目進行投資，我們相信這些項目將有助於推動短期和較長時間內的收入成長地平線。

We're also bolstering our sales and marketing activities.

我們也加強了銷售和行銷活動。

But as Joel mentioned, those are then offset by lower G&A expenses.

但正如喬爾所提到的，這些費用隨後被較低的一般管理費用所抵消。

We continue to realize efficiencies within our G&A area.

我們持續提高 G&A 領域的效率。

Some of that has to do with just ongoing experience operating as a public company.

其中一些與作為上市公司的持續營運經驗有關。

It's just kind of an ongoing focus though to drive efficiency, particularly in, in that area.

這只是一種持續關注的焦點，以提高效率，特別是在該領域。

So I think that gives you a little bit more.

所以我認為這給了你更多的東西。

I will say Q3 expenses can tend to be a little bit lower versus other quarters.

我想說，第三季的支出可能比其他季低。

And Q4, we have our AES annual meeting which can contribute to somewhat higher OpEx in the fourth quarter.

第四季度，我們召開了 AES 年會，這可以為第四季度的營運支出帶來一定程度的提高。

Thank you.

謝謝。

I.

我。

Hope that helps.

希望有幫助。

Yeah.

是的。

No, thanks a lot.

不，非常感謝。

Our next question comes from our next question comes from Vic Chopra with Wells Fargo.

我們的下一個問題來自富國銀行的 Vic Chopra。

Please proceed with your question.

請繼續你的問題。

Hey, good afternoon and congrats on a nice quarter.

嘿，下午好，恭喜您度過了一個愉快的季度。

Thank you for taking the questions.

感謝您提出問題。

So I want to follow up on your Q4.

所以我想跟進你的第四季。

You know, obviously you had a pretty big beat in Q3 and that would imply a sequential step down in dollars in Q4, which hasn't been the case traditionally.

你知道，顯然第三季的表現相當大，這意味著第四季美元將連續下跌，而傳統情況並非如此。

So, is there something that you would call out?

那麼，您有什麼要說的嗎？

Is it maybe pull forward or any impact from hurricanes or is it just management conservatism?

可能是因為颶風的影響，還是只是管理階層的保守主義？

You're trying to get a better handle on that and then I had a follow up, please.

你正試圖更好地處理這個問題，然後我進行了跟進，請。

Hi, Vic.

嗨，維克。

Thanks for the detailed and thoughtful question thinking about the quarters.

感謝您提出有關季度的詳細而深思熟慮的問題。

And, you know, we really can't see anything that would say there was a borrowing or any kind of a pull forward of cases necessarily from, from Q4 to Q3.

而且，您知道，我們確實看不到任何證據表明從第四季度到第三季度必然存在藉用或任何形式的案件提前。

There, you know, there may have been some of that at the hospital level.

你知道，醫院層級可能存在一些這樣的情況。

But we, we really, we, we can, I don't think we can really point to anything like that at this point, but it is a little bit difficult for us to know all the individual ins and outs of scheduling.

但是我們，我們真的，我們，我們可以，我認為我們現在還不能真正指出類似的事情，但對我們來說，了解日程安排的所有個人來龍去脈有點困難。

You know, obviously growth was very strong in Q3 and it was great to see, but it's difficult at this point to know what may or may not have moved around in terms of individual hospital schedules with regard to Q4.

您知道，顯然第三季的成長非常強勁，很高興看到這一點，但目前很難知道第四季度各個醫院的時間表可能會或可能不會發生什麼變化。

You know, we, we did call out there's obviously the Aes annual meeting in early December, our, our largest meeting of the year and I think as we've talked about previously, that's pretty impactful to the whole field.

你知道，我們確實提到了 12 月初的 Aes 年會，這是我們今年最大的會議，我認為正如我們之前談到的，這對整個領域影響很大。

So epileptologists as well as functional neurosurgeons and, and folks from our team, et cetera, et cetera.

癲癇學家、功能性神經外科醫生以及我們團隊的人員等等。

So, you know, we, we we do expect that there'll be some, some impact in terms of the number of days available in Q4.

所以，你知道，我們確實預期第四季的可用天數會受到一些影響。

And then of course, we've got the normal holiday as well as, as yearend scheduling.

當然，我們還有正常的假期以及年終安排。

But our guidance allows for all that.

但我們的指導允許這一切。

And again, what we, what we've seen and I think is reflected in the guidance is that the business has been growing 20% plus in the first half of 24 and also in the middle of the year.

再說一次，我們所看到的以及我認為指導中所反映的是，該業務在 24 年上半年和年中增長了 20% 以上。

And our guidance reflects 20% plus growth for the second half of the year and full year 24.

我們的指導反映了下半年和全年 24%​​ 的成長。

So we think that's a, you know, a good place to be from a guidance perspective.

所以我們認為，從指導的角度來看，這是一個好地方。

We're focusing on delivering that 20% for the year and continuing it and, and then building on the momentum the business has got.

我們的重點是今年實現 20% 的目標，並繼續實現這一目標，然後在業務已有的勢頭基礎上再接再厲。

Okay.

好的。

Thank you.

謝謝。

And then my follow up question, I mean, obviously you're starting to see some impact from project care which you called out for Q3.

然後是我的後續問題，我的意思是，顯然您開始看到您在第三季度呼籲的專案護理的一些影響。

But as we think about our models for next year, how should we think about the impact on project care in 2025?

但當我們思考明年的模型時，我們應該如何考慮 2025 年對計畫護理的影響？

Thank you.

謝謝。

Thanks V&I know you've, you've been very much focused on, on care and I appreciate that.

謝謝 V&I，我知道你們一直非常專注於護理，我對此表示讚賞。

We, we see care and the expansion of service opportunity in 25 as an important opportunity for us to continue to grow and expand the business.

我們，我們將 25 的護理和服務機會的擴展視為我們繼續發展和擴大業務的重要機會。

Again, strategy of increasing access to RNS therapy that we have underway really has the three planks that, you know, we've been focused on increasing adoption utilization within the level four centers, that's preponderance of the business and the preponderance of the growth that we've been getting.

再說一次，我們正在進行的增加 RNS 治療機會的策略確實有三個要點，你知道，我們一直專注於提高四級中心內的採用利用率，這就是我們一直在得到業務的優勢和增長的優勢。

Primarily, the growth has been coming from implants and level four centers, we now can layer expanding site of service and continuing to expand pilot activities and then really incorporating care more fully across the field, organization and across our customer group in 25.

主要成長來自植入物和四級中心，我們現在可以分層擴展服務站點並繼續擴大試點活動，然後在 25 年內真正將護理更全面地納入整個領域、組織和客戶群體。

And so, you know, we'll begin to expand those efforts and expect care to expand in 25 as well.

因此，您知道，我們將開始擴大這些努力，並預計護理服務也將在 25 年內擴大。

And then thirdly layering on indication expansion on top of that, pending the successful clinical trials.

第三，在此基礎上擴大適應症，等待臨床試驗的成功。

So these things all work together.

所以這些事情都是協同作用的。

We're seeing the impact of adoption and utilization in level four center focus.

我們看到了第四級中心焦點採用和利用的影響。

We're beginning to see expansion of care and we're going to be focused on expanding all three planks of that strategy and working to build momentum.

我們開始看到護理範圍的擴大，我們將專注於擴大該策略的所有三個部分並努力建立勢頭。

Our next question comes from Ross Osborne with Cantor Fitzgerald.

我們的下一個問題來自羅斯·奧斯本和坎托·菲茨杰拉德。

Please proceed with your question.

請繼續你的問題。

Hi, Congrats on the core and thanks for checking our questions.

您好，恭喜核心並感謝您檢查我們的問題。

So starting off, sounds like project care.

所以一開始，聽起來像是專案關懷。

Starting to take off nicely.

開始順利起飛。

Would you provide some color on what you're hearing from new accounts outside of all force centers on a level of difficulty or having when launching their programs?

您能否提供一些關於您從所有部隊中心之外的新帳戶中聽到的關於難度級別或啟動他們的計劃時遇到的情況的信息？

Thanks, Ross.

謝謝，羅斯。

Yeah.

是的。

And I think and I think we've talked a little bit about this previously.

我想我們之前已經討論過這個問題。

I think, you know, accounts are at a kind of different places on the spectrum.

我認為，你知道，帳戶處於不同的位置。

You know, some counts that.

你知道，有些人很重視這一點。

And of course, this is all part of our targeting exercise.

當然，這都是我們目標確定工作的一部分。

But some accounts are, are really quite experienced with regard to, you know, functional neurosurgery as well as their epilepsy programs.

但有些帳戶在功能神經外科及其癲癇項目方面確實非常有經驗。

And in particular may have people who have prior R&S experience from other institutions or their training, et cetera.

特別是可能有來自其他機構或其培訓等的先前 R&S 經驗的人員。

And so for those folks that, you know, the turn on the turn on and turn key processes is relatively quicker in some parts of it.

因此，對於那些人來說，您知道，開啟和交鑰匙過程在某些部分相對較快。

Whereas for others, they, you know, they may be a part of the target program because they have a particularly robust epilepsy population or in areas where there hasn't been as much earnest penetration from a level four perspective.

而對其他人來說，你知道，他們可能是目標計畫的一部分，因為他們的癲癇人口特別多，或者從四級的角度來看，他們所在的地區還沒有那麼多認真滲透的地區。

And so some of those, some of those folks can take some more time to kind of get up and running from a training perspective.

因此，從培訓的角度來看，其中一些可能需要更多時間來啟動和運行。

So we see people kind of along the continuum, but that's where as well.

所以我們看到人們有點沿著連續體，但這也是。

I think what we're finding is the way we're approaching the program and the flexibility that we have with the program really allows people who are ready to go to, to more quickly get into doing implants and following and programming patients within their own center with folks who are going to be ready to go, we can get them trained and ready to program and they can be referring people out in the interim while they get ready to do implants.

我認為我們發現的是我們實施該計劃的方式以及該計劃的靈活性確實使那些準備好進行的人能夠更快地進行植入，並在自己的範圍內跟踪和規劃患者我們可以讓他們接受培訓並準備好進行編程，並且在他們準備好進行植入的同時，他們可以將人員推薦出去。

And then for some others, if they want to be referral and programming centers, we can also accommodate that.

對於其他一些人，如果他們想成為推薦和程式設計中心，我們也可以滿足。

So I think we see people at different points on the continuum.

所以我認為我們看到人們處於連續體的不同階段。

We also see different ways that increasing access to RNS therapy can allow people to kind of tailor and target integrating R&S into their practices in different ways too.

我們也看到，增加 RNS 治療的可及性可以讓人們以不同的方式客製化和瞄準將 R&S 融入他們的實踐中。

Okay, great.

好的，太好了。

And then any update on the R&D projects for software tools using A I and data.

然後是使用人工智慧和數據的軟體工具研發專案的任何更新。

Analysis?

分析？

Thanks for asking.

謝謝你的詢問。

Yes, we did mention in part of our discussion around investment and operating expenses here in the quarter.

是的，我們確實在本季有關投資和營運費用的討論中提到過。

The, the, the work that we're doing with regard to A I software tools and data development, as well as next generation platform work.

我們正在做的關於人工智慧軟體工具和數據開發的工作，以及下一代平台的工作。

We're particularly excited about a lot of that work that's going on and that, that's one of the reasons why we've also decided to, to host an Investor Day.

我們對正在進行的大量工作感到特別興奮，這也是我們決定舉辦投資者日的原因之一。

We realize that it's, it's probably been a few years or at least a little while since we've updated people on our market development, product development, clinical development pipelines.

我們意識到，自從我們向人們通報我們的市場開發、產品開發、臨床開發管道的最新情況以來，可能已經有幾年或至少有一段時間了。

And we want to provide folks with some additional insight into what we're doing there is you, as you mentioned with regard to A I and software programs that are in particular focused on efficiency and easy use as well as as increasing efficacy from the insights they can provide and then more broadly our market development and clinical development pipelines as well.

我們希望為人們提供一些額外的見解，讓他們了解我們正在做的事情，正如您提到的人工智能和軟體程序，這些程序特別注重效率和易用性，以及從他們的見解中提高功效。可以提供更廣泛的市場開發和臨床開發管道。

So we, we think all that is you know, everything that's underway there, we expect to continue to accelerate the trajectory of the business and we want to have an opportunity to more kind of give you kind of more of a fullman review of that.

因此，我們認為您知道的一切，正在發生的一切，我們希望繼續加速業務的發展軌跡，我們希望有機會給您更多的全面審查。

And that's part of what we've got planned for our Investor day.

這是我們投資者日計劃的一部分。

We'll have more kind of more information to come there.

我們將有更多的資訊來到那裡。

Okay, great.

好的，太好了。

Looking forward to the best of your day.

期待您一天中最美好的時光。

Congrats again on the quarter.

再次恭喜本季。

Thank.

感謝。

You, Ross.

你，羅斯。

Our next question comes from Michael Polark with Wolf Research.

我們的下一個問題來自 Wolf Research 的 Michael Polark。

Please proceed with your question.

請繼續你的問題。

Good afternoon.

午安.

Thank you.

謝謝。

Can I ask on the investor day timing?

我可以詢問投資者日的時間安排嗎？

Would you have us think about that as something that could align with maybe initial top line view of the Nautilus trial?

您能否讓我們將其視為可能與鸚鵡螺試驗的最初頂線觀點相一致的東西？

So it's a good question, Mike.

所以這是一個很好的問題，麥克。

Thank you.

謝謝。

And, and there are a number of different factors to consider there from a timing perspective.

而且，從時間角度來看，還有許多不同的因素需要考慮。

And so more to come on that as you might imagine, as much as there is going on in the business, there's always, there's always a lot to consider with regard to timing.

正如您可能想像的那樣，還有更多的事情發生，儘管業務中發生了很多事情，但在時機方面總是有很多需要考慮的事情。

We are going to try and have it be, you know, a good nexus of a number of things coming together with regard to the different activities in the business.

你知道，我們將嘗試將業務中不同活動的許多事情結合在一起。

And depending on where we're at with with study and, and with nautilus as well as depending on different, different activities that we've got going on in the business, we're going to try and coordinate that specifically.

根據我們在研究和鸚鵡螺方面的進展情況，以及我們在業務中進行的不同活動，我們將嘗試具體協調。

But we'll, we'll have more on, on dates here shortly and then you'll be able to plan around that.

但是我們很快就會在這裡發布更多關於日期的信息，然後您就可以圍繞這個進行計劃。

Appreciate that.

很欣賞這一點。

For my follow up, I want to ask about the two smaller revenue lines replacements in this Pharma collaboration on replacements.

對於我的後續行動，我想詢問有關替代品的製藥合作中兩個較小收入線替代品的情況。

The the question is just, I know the numbers are very small here.

問題是，我知道這裡的數字非常小。

What does that curve look like in 25 off of a low, low base?

在 25 的低基數下，這條曲線看起來是什麼樣子？

Could replacement revenue be up or would you have us think about similar zip code to where it currently is?

替代收入是否會增加，或者您可以讓我們考慮與目前類似的郵遞區號？

And then on Pharma collaboration, I know we know the lifetime value of that arrangement.

然後在製藥合作方面，我知道我們知道這種安排的終身價值。

My question's been on my question is on timing.

我的問題是關於時間的問題。

Is it, is it linear?

是嗎，是線性的嗎？

Is it kind of smooth quarter to quarter over the expected period or has it been a little bit lumpy?

與預期相比，每季的情況是平穩還是有點不穩定？

I want to make sure we don't have, you know, tough comps on that saying next year versus this year.

我想確保我們明年和今年不會有嚴格的比較。

Thank you so much.

太感謝了。

Thanks Mike.

謝謝邁克。

I'll ask Rebecca to talk a little bit about each one of those.

我將請麗貝卡逐一談。

She's, she's real close to following both our replacement cycle as well as on the revenue recognition site for reports.

她非常接近我們的更換週期以及收入確認網站上的報告。

So, Rebecca.

那麼，麗貝卡。

So what we've shared with regard to replacement revenue is that we believe that really all of the prior generation devices have been replaced.

因此，關於更換收入，我們分享的是，我們相信實際上所有上一代設備都已更換。

And so what we're seeing now is, you know, the beginning of a current generation device is being replaced.

所以我們現在看到的是，你知道，當前一代設備的開始正在被替換。

Some of that is opportunistic.

其中一些是機會主義的。

But we're, you know, we've, I think we've reached, we can at least say that we've reached the trough.

但我們，你知道，我們已經，我認為我們已經到達了，我們至少可以說我們已經到達了低谷。

We're not going to go too far just yet.

我們還不會走太遠。

In predicting 2025 we'll have more to say about that later.

在預測 2025 年時，我們稍後會對此進行更多討論。

So, if we can ask you to just be a little patient until we're ready to talk more about 2025 we can at least, you know, confirm that we're kind of at the end of that downturn.

因此，如果我們可以請您耐心等待，直到我們準備好更多地談論 2025 年，我們至少可以確認我們已經處於經濟低迷期的尾聲。

Now, with regard to pharma revenue, as you know, it is relatively small.

現在，就製藥收入而言，如您所知，它相對較小。

We've shared that we expect up to $3.7 million over the course of nine perhaps nine plus quarters.

我們已經表示，我們預計在九個或九個多季度內將達到 370 萬美元。

Not a lot of fluctuation there, of course, there are some fluctuations quarter to quarter, but I'll just.

當然，波動不大，每個季度都會有一些波動，但我只是說一下。

Say not dramatic.

說不戲劇化。

So, but, you know, considering revenue recognition criteria, which is always a fun topic.

所以，但是，你知道，考慮收入確認標準，這始終是一個有趣的話題。

There are some fluctuations but maybe not to the extent that you would worry about.

有一些波動，但可能沒有達到您擔心的程度。

I hope that's helpful.

我希望這有幫助。

It was helpful.

這很有幫助。

Thank.

感謝。

You.

你。

Thanks Mike.

謝謝邁克。

We've reached the end of our question and answer session.

我們的問答環節已經結束。

I would now like to turn the floor back over to Joel Becker for closing comments.

我現在想把發言權交還給喬爾·貝克爾（Joel Becker）以供結束評論。

Thank you.

謝謝。

Thanks everyone for joining us today.

感謝大家今天加入我們。

We're pleased with the strong revenue growth of 28% in the third quarter.

我們對第三季 28% 的強勁營收成長感到高興。

We're pleased with the where we're at from a guidance perspective and, and what we're seeing in the second half of the, of the year as well with growth in excess of 20% continuing and and continuing our demonstrated operating expense, leverage reduction in cash burn and projection that are current cash position that can support our operating activities for the foreseeable future.

從指導的角度來看，我們對今年下半年的情況以及我們所看到的情況感到滿意，並且我們的營運費用持續增長超過 20% 、現金消耗的槓桿減少以及當前現金狀況的預測可以支持我們在可預見的未來的營運活動。

So, we're excited about all that.

所以，我們對這一切感到興奮。

We're excited about the fundamentals of the business and the nature and trajectory of the opportunities that we see in front of the business as well.

我們對業務的基本面以及我們在業務面前看到的機會的性質和軌跡感到興奮。

Thanks for your interest in and support our neural pace.

感謝您對我們的神經節奏的興趣和支持。

We look forward to keeping you up to date here on the execution of the strategy as we progress and, and hope to see it either at AES or our upcoming investor day.

隨著我們的進展，我們期待讓您隨時了解該策略的執行情況，並希望在 AES 或即將到來的投資者日看到它。

Thanks again.

再次感謝。

Good afternoon.

午安.

This includes today's teleconference.

這包括今天的電話會議。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。