Profound Medical Corp (PROF) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Profound Medical first-quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Profound Medical 2025 年第一季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Stephen Kilmer, Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係主管 Stephen Kilmer。請繼續。

Thank you. Good afternoon, everyone. Let me start by pointing out that this conference call will include forward-looking statements within the meaning of applicable securities laws in the United States and Canada. All forward-looking statements are based on Profound's current beliefs, assumptions and expectations and relate to, among other things, any expressed or implied statements or guidance regarding current or financial performance and position, the expectations regarding the efficacy of Profound's technology in the treatment of Prostate Cancer, BPH, Uterine Fibroids, Palliative Pain treatment and Osteoid Osteoma. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements.

謝謝。大家下午好。首先我要指出的是，本次電話會議將包括美國和加拿大適用證券法所定義的前瞻性陳述。所有前瞻性陳述均基於 Profound 當前的信念、假設和期望，並涉及有關當前或財務業績和狀況的任何明示或暗示的陳述或指導，以及對 Profound 的技術在治療前列腺癌、良性前列腺增生、子宮肌瘤、姑息性疼痛治療​​和骨樣骨瘤方面的療效的期望。此類聲明涉及已知和未知的風險、不確定性和其他因素，可能導致實際結果、績效或成就與此類聲明所暗示的結果、績效或成就有重大差異。

No forward-looking statement can be guaranteed. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this conference call. Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required by law. Representing the company today are Dr. Arun Menawat, Profound's Chief Executive Officer; Rashed Dewan, the company's Chief Financial Officer; Dr. Mathieu Burtnyk, Profound's President; and Tom Tamberrino, our Chief Commercial Officer. With that said, I'll now turn the call over to Rashed.

無法保證任何前瞻性陳述。敬請聽眾不要過度依賴這些前瞻性陳述，這些陳述僅代表本次電話會議召開之日的觀點。除非法律要求，Profound 不承擔公開更新或修改任何前瞻性聲明的義務，無論是否出現新資訊、未來事件或其他原因。今天代表公司的是 Profound 執行長 Arun Menawat 博士；該公司財務長 Rashed Dewan； Profound 總裁 Mathieu Burtnyk 博士；以及我們的首席商務長 Tom Tamberrino。話雖如此，我現在將電話轉給拉希德。

Good afternoon, everyone, and welcome to our first quarter 2025 conference call. On behalf of the management team and everyone at Profound, I would like to thank you for your ongoing interest in our company. For those of you who are shareholders, we appreciate your continued interest and support. I will turn the call over to Mathieu in a moment to provide updates on TULSA utilization trends, the CAPTAIN clinical trial and our upcoming TULSA AI module for BPH. However, before I do, I would like to provide a brief summary of our first quarter 2025 financial results.

大家下午好，歡迎參加我們 2025 年的第一季電話會議。我謹代表管理團隊和 Profound 的全體員工感謝您對我們公司的持續關注。對於那些股東，我們感謝你們一直以來的關注與支持。我稍後會將電話轉給 Mathieu，以提供有關 TULSA 利用趨勢、CAPTAIN 臨床試驗以及我們即將推出的針對 BPH 的 TULSA AI 模組的最新資訊。不過，在此之前，我想先簡單概述我們 2025 年第一季的財務表現。

To streamline things, all of the numbers I will refer to have been rounded, so they are approximate. For the three-month period ended March 31, 2025, the company recorded revenue of $2.6 million with $1.8 million from recurring revenue and $820,000 from onetime sale of capital equipment. First-quarter 2025 revenue increased 82% from $1.4 million from the same period in 2024. Gross margin in Q1 2025 was 71% compared to 60% in Q1 2024. Total operating expenses in the 2025 first quarter, which consists of R&D and SG&A expenses were $13 million compared with $8.7 million in the first quarter of 2024.

為了簡化事情，我將引用的所有數字都已四捨五入，因此它們只是近似值。截至 2025 年 3 月 31 日的三個月期間，該公司的收入為 260 萬美元，其中 180 萬美元來自經常性收入，82 萬美元來自一次性資本設備銷售。2025 年第一季的營收較 2024 年同期的 140 萬美元成長 82%。2025 年第一季的毛利率為 71%，而 2024 年第一季為 60%。2025 年第一季的總營運費用（包括研發和銷售、一般及行政費用）為 1,300 萬美元，而 2024 年第一季為 870 萬美元。

Overall, the company recorded a first quarter 2025 net loss of $10.7 million or $0.36 per common share compared to a net loss of $6.6 million or $0.27 per common share for the same 3-month period in 2024. As of March 31, 2025, Profound had cash of $46.4 million. With that, I will now turn the call over to Mathieu.

總體而言，該公司 2025 年第一季淨虧損為 1,070 萬美元，即每股普通股 0.36 美元，而 2024 年同期淨虧損為 660 萬美元，即每股普通股 0.27 美元。截至 2025 年 3 月 31 日，Profound 擁有現金 4,640 萬美元。說完這些，我現在將電話轉給 Mathieu。

Thank you, Rashed. Okay. In the first quarter, the TULSA-PRO had a strong presence at several relevant medical meetings. More recently, just last week, in fact, TULSA was featured in multiple presentations at the Annual American Urological Association meeting in Las Vegas. One major catalyst at AUA was the initial data readout from the CAPTAIN trial, the first successful randomized controlled trial comparing a new technology to robotic radical prostatectomy.

謝謝你，拉希德。好的。第一季度，TULSA-PRO 在多個相關醫學會議上表現強勁。事實上，就在上週，塔爾薩在拉斯維加斯舉行的美國泌尿協會年會上多次亮相。AUA 的一個主要催化劑是 CAPTAIN 試驗的初步數據讀數，這是第一個成功的將新技術與機器人根治性前列腺切除術進行比較的隨機對照試驗。

We were honored to hold this distinction and would like to recognize the diligent efforts from all of the talented study surgeons who helped make this happen. One of the reasons we believe CAPTAIN was successful is TULSA's proven 5-year cancer outcomes and whole-gland ablation. We are taking care of the whole patient. In addition to side effects, the patient's cancer is front and center as the primary outcome. CAPTAIN enlisted the nation's best academic and high-volume private surgeons, which was critical for successful randomization.

我們很榮幸獲得這項殊榮，並希望表彰所有為實現這一目標做出貢獻的優秀研究外科醫生的辛勤努力。我們認為 CAPTAIN 成功的原因之一是 TULSA 已證實的 5 年癌症治療結果和全腺消融術。我們正在照顧整個病人。除了副作用之外，患者的癌症也是首要考慮因素。CAPTAIN 招募了全國最優秀的學術和高水準的私人外科醫生，這對於成功隨機化至關重要。

If we can show statistical significance in CAPTAIN, the real-world improvements will be that much more impactful. Now to the data. TULSA completely eliminates blood loss. No blood loss means TULSA can be used on a wider set of patients, for example, those on blood thinners. No blood loss also means no emergencies, no grade 4 adverse events and no need for fulguration.

如果我們能夠在 CAPTAIN 中展現出統計顯著性，那麼現實世界的改進將會產生更大的影響。現在來看數據。TULSA 徹底消除了失血現象。不失血意味著 TULSA 可以用於更廣泛的患者，例如服用血液稀釋劑的患者。不失血也意味著沒有緊急情況、沒有 4 級不良事件並且不需要電灼。

No blood loss means incision-free treatment with safety by design. TULSA also completely eliminates overnight stay for the patient, hospital and payer. TULSA patients spend nearly a full 24 hours less in the hospital. And actually, many of the TULSA patients were never in the hospital at all and instead treated in outpatient centers. No overnight means patients are back home by dinner or at the restaurant with their family.

無失血意味著無切口治療，設計安全。塔爾薩也徹底取消了病患、醫院和付款人的過夜費用。塔爾薩的患者住院時間減少了近整整 24 小時。事實上，許多塔爾薩患者根本沒有住院，而是在門診中心接受治療。無需過夜意味著患者可以回家吃晚餐或與家人一起在餐廳用餐。

Meanwhile, all robotic prostatectomy patients are eating hospital food, laying in a hospital bed for at least 1 night, if not 2. TULSA patients also experienced statistically and clinically significant less pain during the first week post treatment, which speaks to the fact that TULSA patients don't require any prescription narcotics and many may not even take any over-the-counter pain killers. During the first month after treatment, TULSA patients experienced less extreme interference with mobility, self-care and usual activities. TULSA patients have statistically significantly less deterioration in overall health for all 30 days measured after the procedure. To put this into context, robotic prostatectomy patients take more than 2 weeks, almost 3 weeks of recovery on average to feel like a TULSA patient does the very next day after their procedure.

同時，所有接受機器人前列腺切除術的患者都吃醫院的食物，並在醫院的病床上躺至少一晚，甚至兩晚。塔爾薩患者在治療後的第一周內也經歷了統計學和臨床上顯著的疼痛減輕，這表明塔爾薩患者不需要任何處方麻醉藥，許多患者甚至可能不需要服用任何非處方止痛藥。在治療後的第一個月內，塔爾薩的患者在活動能力、自我照顧和日常活動方面受到較少的干擾。塔爾薩患者在手術後 30 天內的整體健康惡化程度明顯降低。具體來說，機器人前列腺切除術患者平均需要 2 週以上、近 3 週的恢復時間才能像塔爾薩患者在手術後第二天那樣感覺良好。

TULSA is giving 2 weeks back to the patient. We have always known that TULSA has no blood loss and no overnight stay with an improved post-treatment patient experience. Now it is proven with head-to-head Level 1 hard data. Importantly, these are the same metrics that drove patient demand and initial adoption of the surgical robot for prostate cancer many years ago. We believe that these clinical outcomes lead to high patient satisfaction, which will drive patient demand and widespread TULSA adoption.

塔爾薩將給予患者兩週的恢復時間。我們一直都知道，TULSA 不會失血，也不需要過夜，並且可以改善治療後患者的體驗。現在，它已通過 1 級硬數據得到了證實。重要的是，這些指標與多年前推動患者需求和最初採用前列腺癌手術機器人的指標相同。我們相信這些臨床結果會帶來較高的患者滿意度，從而推動患者需求和 TULSA 的廣泛採用。

Before I move on to talk about our new BPH module, I did want to point out that there was another randomized controlled trial presented at the AUA called FARP, comparing focal ablation to whole gland robotic prostatectomy. The conclusion that focal ablation was noninferior in efficacy and superior in safety had already been presented at previous meetings. The focal ablation arm included both TULSA and HIFU, though the presentation did not separate their outcomes. In fact, TULSA was actually added to the study because HIFU couldn't reach the interior prostate where 30% to 40% of cancers reside. While the single center study from Norway is informative, it closed before reaching its target enrollment, had significant patient crossover between the arms and controversy over the primary efficacy endpoint still leave many questions unanswered.

在我繼續討論我們的新 BPH 模組之前，我想指出的是，AUA 上還有另一個名為 FARP 的隨機對照試驗，該試驗對局部消融與全腺機器人前列腺切除術進行了比較。局部消融的療效不劣於其他方法且安全性更高，這一結論在先前的會議中已經提出。局部消融組包括 TULSA 和 HIFU，但演示並未區分它們的結果。事實上，塔爾薩之所以被添加到研究中，是因為 HIFU 無法到達 30% 至 40% 的癌症所在的前列腺內部。雖然挪威的單中心研究提供了豐富的信息，但它在達到目標招募人數之前就結束了，各組之間存在大量患者交叉，而且主要療效終點的爭議仍然留下許多未解答的問題。

These limitations are being addressed directly in the CAPTAIN trial. A second catalyst at the AUA was the introduction of the TULSA AI volume reduction module. This new module leverages the AI engine of our previously cleared TULSA AI contouring assistant. When used on patients with BPH, the fast intelligent workflows will provide surgeons with an estimated total procedure time of 60 to 90 minutes regardless of prostate shape or size. A fast, efficient, intelligent, automated procedure for BPH with safety by design of no incision, no blood loss and no overnight stay.

這些限制在 CAPTAIN 試驗中得到了直接解決。AUA 的第二個催化劑是引入 TULSA AI 體積縮減模組。這個新模組利用了我們之前清除的 TULSA AI 輪廓助手的 AI 引擎。當用於 BPH 患者時，無論前列腺的形狀或大小如何，快速智慧的工作流程將為外科醫生提供預計 60 至 90 分鐘的總手術時間。一種快速、高效、智慧、自動化的 BPH 治療程序，其設計安全，無需切口、不失血、無需過夜。

A limited release of this software is planned for the beginning of June and a full release is currently planned for the beginning of Q4 this year. We believe the TULSA AI volume reduction module will be a game changer for our surgeons. It will substantially increase the prostate total addressable market. And perhaps more importantly, it will also allow surgeons and facilities to plan a very predictable and consistent TULSA Day, stacking multiple cases and being the most efficient with their time and resources, all with no overnight stay, no blood loss, no fulguration, no grade 4 adverse events and no need for patients to discontinue their anticoagulant therapy, all under the same indication for use and same reimbursement codes within all locations of service. I will now turn the call over to Tom to discuss where we stand with respect to planning and building our commercial organization to support growth.

該軟體計劃於六月初有限發布，目前計劃於今年第四季初全面發布。我們相信 TULSA AI 體積縮減模組將會改變我們的外科醫師。這將大幅增加前列腺總目標市場。或許更重要的是，它還能讓外科醫生和醫療機構規劃出一個非常可預測且一致的塔爾薩日，同時處理多個病例，最有效地利用時間和資源，所有病例均無需過夜、不會失血、不會電灼、不會發生 4 級不良事件，患者也無需停止抗凝銷治療，所有治療均在所有服務地點採用相同的使用指徵和相同的報銷代碼。現在我將把電話轉給湯姆，討論我們在規劃和建立商業組織以支持成長方面的現狀。

Thank you, Mathieu. The era of interventional MR is here, driven by patient demand for fast recovery, no blood loss and AI-based high-precision treatment as stated in Mathieu's remarks. The evolution of MR within prostate cancer has been happening over the course of several decades, but we stand at the frontier of where we are able to bring the MR into the intervention space to treat prostate disease, not just diagnose it and not just track it. TULSA-PRO is the key to unlock the original equipment manufacturers of MR devices into the urology call point because of the fact that we now have Level 7 reimbursement from CMS that went live here January 1, 2025. We have introduced, as was mentioned at AUA, the TULSA-PLUS program, which provides a turnkey solution to those urologists who would like to use our technology but may not have the means to do so based on their current place of service.

謝謝你，馬修。介入性磁振造影的時代已經到來，正如Mathieu在發言中提到的，患者對於快速康復、零失血以及基於AI的高精度治療的需求驅動著介入磁振造影的時代。前列腺癌領域中的 MR 技術已經發展了幾十年，但我們處於前沿領域，能夠將 MR 引入乾預領域來治療前列腺疾病，而不僅僅是診斷和追蹤。TULSA-PRO 是將 MR 設備原始設備製造商打入泌尿科呼叫點的關鍵，因為我們現在擁有 CMS 的第 7 級報銷，該報銷於 2025 年 1 月 1 日生效。正如 AUA 所提到的，我們推出了 TULSA-PLUS 計劃，該計劃為那些想要使用我們的技術但可能沒有能力根據其當前服務地點使用我們的技術的泌尿科醫生提供交鑰匙解決方案。

By doing this, we are enabling the pathway to adoption to accelerate and also providing the original equipment manufacturers the capability to provide a positive cash flow for those that are obtaining the MR plus TULSA solution. This pathway has been developing over a period of time, and we're ecstatic to be able to build off of the Profound clinical services that have made this technology what it is today, which is a technology being demanded by patients. That pool is creating enough tension within the marketplace that we are receiving interest from physicians that we may not be calling on ourselves. The Siemens MAGNETOM Free.Max 0.55 Tesla is the perfect solution for the TULSA-PLUS program for those physicians that may not have a place of service with a magnet to use. It is lightweight.

透過這樣做，我們正在加速採用的途徑，並為原始設備製造商提供為獲得 MR plus TULSA 解決方案的人提供正現金流的能力。這條途徑已經發展了一段時間，我們很高興能夠在 Profound 臨床服務的基礎上發展這項技術，使其成為今天的樣子，這是一項患者所要求的技術。這種人才庫在市場上造成了足夠的緊張，以至於醫生們對我們很感興趣，而我們自己可能不會去拜訪他們。對於那些可能沒有配備磁鐵的服務場所的醫生來說，西門子 MAGNETOM Free.Max 0.55 特斯拉是 TULSA-PLUS 計劃的完美解決方案。它很輕。

It has the largest bore in the world of 80 centimeters, and it has a significant reduction in price such that when you combine it with TULSA-PLUS, you're able to substantiate the cost of ownership very easily. How so and why? Well, the service, the operations, the product itself and the installation associated with a 1.5 Tesla or larger Tesla strength is reduced by almost half, roughly 48% when you look at the MAGNETOM Free.Max compared to the likes of a 1.5 Tesla. It fits in a space as small as 250 square feet. When you combine that with the ability to introduce AI, Siemens Deep Resolve, you're able to obtain images that are quality enough for intervention, but also for diagnostics.

它擁有世界上最大的 80 公分口徑，而且價格大幅降低，當您將其與 TULSA-PLUS 結合使用時，您可以非常輕鬆地證實擁有成本。怎麼會這樣？為什麼？嗯，與 1.5 特斯拉或更大特斯拉強度相關的服務、操作、產品本身和安裝減少了近一半，與 1.5 特斯拉相比，MAGNETOM Free.Max 減少了約 48%。它適合小至 250 平方英尺的空間。當您將其與引入人工智慧西門子深度解析的能力相結合時，您將能夠獲得足夠品質的圖像以進行幹預，同時也可以進行診斷。

We have a complete solution for any site of service. This includes a mobile solution that we can provide in the interim for those customers that would like to start treating TULSA patients now as opposed to waiting for the completion of a brick-and-mortar operation. Reimbursement across all channels in terms of place of service, office-based laboratories, ambulatory surgery centers and hospitals. The feasibility of meeting the cash flow positive required to meet the TULSA-PLUS solutions baseline is built off of the following assumptions: a 50% Medicare; and a 50% private insurance split. The example I'm about to quote is specific to Chicago, Illinois, specifically in ASC.

我們為任何服務站點提供完整的解決方案。這包括一個行動解決方案，我們可以暫時為那些希望現在就開始治療塔爾薩患者的客戶提供該解決方案，而不是等待實體手術完成。透過服務地點、辦公室實驗室、門診手術中心和醫院等所有管道進行報銷。滿足 TULSA-PLUS 解決方案基準所需的現金流量正值的可行性基於以下假設：50% 的醫療保險；以及 50% 的私人保險分擔。我將要引用的例子是伊利諾州芝加哥市的具體例子，具體來說是 ASC。

And if you were to try to justify the acquisition of TULSA-PLUS and MRI and the full TULSA-PLUS solution, it would require a minimum of 60 MRI diagnostic procedures a week. Compare that with doing TULSA procedures only, and that cost of ownership is met with only 2 TULSA procedures per week, so less than 100 per year. Obviously, we don't believe that it would be one or the other exclusively. We believe it would be a combination as suggested by the fact that the MR is becoming the gold standard and the epicenter of prostate disease care, inclusive of not only diagnosis but also guiding in more biopsies, of course, TULSA-PRO as an intervention if required for malignant or benign tissue and then the follow-up thereafter in terms of tracking the disease state in conjunction with PSA levels. TULSA-PRO opens up MRI feasibility in urology.

如果您試圖證明購買 TULSA-PLUS 和 MRI 以及完整的 TULSA-PLUS 解決方案的合理性，則每周至少需要 60 次 MRI 診斷程序。與僅進行 TULSA 手術相比，每週僅需進行 2 次 TULSA 手術即可滿足擁有成本，因此每年不到 100 次。顯然，我們並不認為這只會是其中之一。我們相信這將是一個組合，正如 MR 正在成為前列腺疾病護理的黃金標準和中心這一事實所表明的那樣，不僅包括診斷，還包括指導更多的活檢，當然，如果需要，TULSA-PRO 可以作為對惡性或良性組織的干預，然後結合 PSA 水平跟踪疾病狀態。TULSA-PRO 開啟了 MRI 在泌尿科領域的可行性。

1 day per week with 2 to 4 TULSAs and the other 4 days with 7 to 10 diagnostic scans can cover the monthly capital lease costs, the construction service, full-time equivalents and marketing associated with the TULSA-PLUS program. This is based again on assumptions of 50% Medicare and 50% private insurance, where the Medicare rate is 1.5x for private insurance, and the diagnostic scan rate is 2.0x for private insurance against Medicare rates. All of this is also combined with the fact that TULSA-PRO is a zero-day global and all the medical interventions that come before and after are billable events. The convergence of market dynamics will create this transformative growth -- as mentioned, the urology society guidelines, the increased adoption of MRI within the urology specialty, these next-generation interventional MRI platforms, along with their associated reduced price point. The key to unlocking this all is the TULSA-PRO reimbursement that went live January 1.

每週 1 天進行 2 至 4 次 TULSA，另外 4 天進行 7 至 10 次診斷掃描，可以涵蓋每月的資本租賃成本、建設服務、全職等效成本以及與 TULSA-PLUS 計劃相關的營銷。這再次基於 50% 醫療保險和 50% 私人保險的假設，其中醫療保險費率是私人保險的 1.5 倍，私人保險的診斷掃描費率是醫療保險費率的 2.0 倍。所有這些也與 TULSA-PRO 是一個零日全球事件以及之前和之後的所有醫療幹預都是可計費事件這一事實相結合。市場動態的整合將創造這種變革性成長——如上所述，泌尿外科學會指南、泌尿外科專業中 MRI 的採用率不斷提高、這些下一代介入性 MRI 平台及其相關的降低價格點。解決這一切的關鍵是 1 月 1 日生效的 TULSA-PRO 報銷計畫。

We now have the killer app that will enable commercial interventional MRI expansion. Thank you for your time and continued interest in our company. I would now like to turn it over to Arun.

我們現在有了能夠實現商業介入性 MRI 擴展的殺手級應用程式。感謝您的時間和對我們公司的持續關注。現在我想把發言權交給阿倫。

Thanks, Tom, and good afternoon, everyone. As you heard from Mathieu, our clinical story continues to be strong and clear in terms of both clinical benefits of TULSA and the experience of the patient. TULSA's precision, flexibility and resulting TAM in prostate disease is unmatched by any competing technology. The clinical data from CAPTAIN will be presented at urological conferences every year for the next 10 years as it is the most comprehensive trial done yet and the first Level 1 data for prostate care. And I want to emphasize, cancer outcome is one of the primary endpoint of the trial.

謝謝，湯姆，大家下午好。正如您從 Mathieu 那裡聽到的，就 TULSA 的臨床益處和患者的體驗而言，我們的臨床故事仍然強勁而清晰。TULSA 在前列腺疾病方面的精確性、靈活性和由此產生的 TAM 是任何競爭技術都無法比擬的。CAPTAIN 的臨床數據將在未來 10 年內每年在泌尿科會議上公佈，因為這是迄今為止最全面的試驗，也是前列腺護理的第一個一級數據。我想強調的是，癌症結果是該試驗的主要終點之一。

We also believe that as more data is published, that it will lead to recommendations from relevant cancer societies, which will most likely lead to guidelines that will effectively require that patients be made aware of TULSA as an option. Adding the BPH module also adds to the physician's ability to create a TULSA Day, which from the perspective of ease of scheduling or creating a TULSA program is important. These developments and the fact that we already know that patients choose TULSA when they are given a choice continues to give us significant confidence that we are likely to be one of the first companies to break the barriers and drive mainstream adoption of TULSA. And we believe that now proven superior patient experience with TULSA versus robotic radical prostatectomy will lead to high patient satisfaction and patient demand, which is the same axis that drove adoption of the surgical robot in its early days. And TULSA's economic proposition is clear as well.

我們也相信，隨著更多數據的發布，相關癌症協會將提出建議，這很可能會導致制定指導方針，有效地要求患者了解 TULSA 是一種選擇。添加 BPH 模組還增強了醫生創建 TULSA Day 的能力，從方便安排或創建 TULSA 計劃的角度來看，這一點很重要。這些發展以及我們已經知道患者在有選擇時會選擇​​ TULSA 的事實繼續給予我們很大的信心，我們很可能成為首批打破障礙並推動 TULSA 主流採用的公司之一。我們相信，現在已證實，TULSA 比機器人根治性前列腺切除術具有更優越的患者體驗，這將帶來更高的患者滿意度和患者需求，這與早期推動手術機器人應用的核心思想相同。塔爾薩的經濟主張也很明確。

Our urology APC codes, which came into effect at the beginning of 2025 are not only paid at a higher Level 7 than our peers who are all at Level 6, but the codes are also applicable in an unrivaled range of treatment settings, including hospitals and ASCs, imaging centers and office settings such as large urology practices. So TULSA is a better procedure, addressing a larger patient population, reimbursed at a higher rate and also in more settings than any other prostate disease treatment modality. In the interest of time, I'm going to close out our prepared remarks here by summarizing 3 key points. We are pleased with the perioperative results of the CAPTAIN trial as it showed statistically significant superiority against robotic prostatectomy. We believe that the new TULSA AI volume reduction module to treat patients with BPH symptoms will significantly reduce the procedure time and be very competitive with any other BPH treatment technology.

我們的泌尿科 APC 代碼於 2025 年初生效，不僅其支付等級高於所有 6 級的同行的 7 級，而且這些代碼還適用於無與倫比的治療環境，包括醫院和 ASC、影像中心和大型泌尿科診所等辦公室環境。因此，與任何其他前列腺疾病治療方式相比，TULSA 是一種更好的治療方法，可以解決更大的患者群體，以更高的比例獲得報銷，並且適用於更多的環境。為了節省時間，我將在這裡總結三個要點來結束我們準備好的發言。我們對 CAPTAIN 試驗的圍手術期結果感到滿意，因為它顯示出比機器人前列腺切除術具有統計上的顯著優勢。我們相信，用於治療 BPH 症狀患者的新型 TULSA AI 體積縮小模組將顯著縮短手術時間，並且與任何其他 BPH 治療技術相比具有很強的競爭力。

We are limited launching volume reduction volume -- sorry, module with a full release beginning later this year. We see a significant interest in the TULSA-PLUS model where we can set up a new TULSA program not only by providing a TULSA PRO, but also the MR in a turnkey solution with good financially viable models. This ends our prepared remarks for today. With that, we're happy to take any questions you might have. Operator?

我們正在有限度地推出減少音量的模組——抱歉，我們將於今年晚些時候開始全面發布。我們對 TULSA-PLUS 模型有著濃厚的興趣，在該模型中，我們不僅可以透過提供 TULSA PRO 來建立一個新的 TULSA 計劃，還可以透過具有良好財務可行模型的交鑰匙解決方案提供 MR。我們今天的準備演講到此結束。我們很樂意回答您的任何問題。操作員？

(Operator Instructions) Ben Haynor, Lake Street Capital Markets.

（操作員指示）Ben Haynor，Lake Street Capital Markets。

Congrats on the CAPTAIN data. Just first off for me, just recognizing that the CAPTAIN data kind of came out at the end of the AUA conference, maybe you could share any feedback you kind of received after it hit and anything that you've heard, sense from clinicians or other interested parties?

恭喜您獲得 CAPTAIN 數據。首先，我知道 CAPTAIN 數據是在 AUA 會議結束時發布的，您能否分享一下發布後收到的反饋，以及您從臨床醫生或其他相關方那裡聽到的任何消息？

Ben, that's a great question. Actually, when we were producing when we were developing the trial and so on, most physicians used to tell us that there's already a lot of clinical data on this product. And so the CAPTAIN data, we always used to think, well, it's going to be all about insurance and guidelines. But I think, Ben, the feedback actually was far better than I anticipated because I think a number of particularly teaching hospitals wanted to see this data because it gives them the ability to now sort of take it to the mainstream. So I do think that the data is actually more important in terms of driving adoption.

本，這個問題問得很好。實際上，當我們生產、開發試驗等時，大多數醫生都會告訴我們，該產品已經有大量的臨床數據。因此，我們總是認為 CAPTAIN 數據將完全與保險和指導方針有關。但本，我認為回饋實際上比我預期的要好得多，因為我認為許多特別是教學醫院希望看到這些數據，因為這使他們能夠將其帶入主流。因此我確實認為數據在推動採用方面實際上更為重要。

And I think a number of physicians are now looking forward to the next step of bringing this to these AUA societies and so on, so that we can start driving towards the guidelines as well as driving adoption. The other thing, Ben, as you know, we're actually the first company. We are the first ones to have actually ever done it, and nobody has even succeeded in this type of trial. So we're getting -- we've always gotten high marks for attempting it, but now everybody is quite, quite pleased that we're at the end -- endpoint. So yes, very positive overall, Ben.

我認為許多醫生現在都期待著下一步將這項技術帶到這些 AUA 協會等，以便我們能夠開始推動指導方針並推動其採用。另一件事，本，如你所知，我們實際上是第一家公司。我們是第一個真正做到這一點的人，而且沒有人在這種試驗中取得成功。所以我們——我們總是因為嘗試而獲得高分，但現在每個人都非常非常高興我們已經到達終點。是的，總體來說非常積極，本。

That's great. And then just maybe the plans to present it to commercial insurers. When do you start doing that? Or are those conversations already ongoing? What should investors look for there?

那太棒了。然後也許只是將其呈現給商業保險公司的計劃。你什麼時候開始做那件事？還是這些對話已經在進行中了？投資者應該在那裡尋找什麼？

Yes. The conversations have begun. We have a small, but very special team that has started. We have also, I think at least we can tell you in the first couple of months of the year, private insurance were preapproving or approving a number of the treatments. More and more people are becoming aware of the fact that Medicare is paying, and we're starting to see a little bit of that impact.

是的。對話已經開始。我們有一個規模雖小但非常特別的團隊已經起步。我想至少我們可以告訴你，在今年頭幾個月，私人保險公司已經預先批准或批准了一些治療方法。越來越多的人開始意識到醫療保險支付的事實，我們也開始看到一點影響。

We're particularly starting to see impact on the pipeline there. And I think that -- we think that given the fact that we're not the first ablative technology in this space and others do have reimbursement, be it at a Level 6, we think that we should have a fairly smooth pathway towards getting insurance companies to finally make policies. As far as I'm concerned, they can provide the policies whenever they want to as long as they are pre-authorizing or they are providing a number so that patients can be treated, we're going to be okay.

我們開始看到那裡的管道受到的影響。我認為——我們認為，鑑於我們不是該領域的第一家消融技術公司，而且其他公司確實有報銷，無論是在 6 級，我們認為我們應該有一條相當順利的道路，讓保險公司最終制定政策。在我看來，只要他們預先授權或提供一個號碼以便患者能夠得到治療，他們可以隨時提供政策，這樣就沒問題了。

Excellent. And then lastly for me, I don't know if Tom could provide any context or color on the activity at the booth and chat with folks there that -- on the commercial side, that would be great, if you could.

出色的。最後，對我來說，我不知道湯姆是否可以提供展位活動的任何背景或細節，並與那裡的人們聊天 - 從商業方面來說，如果可以的話那就太好了。

Very happy to do so, Ben. Thank you for the question. Yes. So you're asking specific to the booth activity at AUA, just about a week or 10 days ago was fantastic. We were very pleased with the level of interest of physicians across the world, and we were ecstatic to be able to introduce the volume reduction module that Mathieu and Arun spoke to, and the feedback from that was tremendous.

非常高興這樣做，本。謝謝你的提問。是的。所以你問的是 AUA 展位活動的具體情況，大約一週或十天前的活動非常棒。我們對世界各地醫生的興趣程度感到非常高興，我們很高興能夠引入 Mathieu 和 Arun 提到的體積縮小模組，並且得到了非常好的反饋。

The pipeline continues to grow. The economic modeling and the TULSA-PLUS pro forma that we shared with interested parties was compelling, has led to a great amount of meetings here in the month of May coming out of AUA. And the great thing about the program that is AUA is that we had the podium presence that Mathieu mentioned. We had the Investor/Analyst event. We had the release of the CAPTAIN perioperative data.

管道持續成長。我們與相關方分享的經濟模型和 TULSA-PLUS 方案非常引人注目，促使 AUA 在 5 月舉行了大量會議。AUA 專案的偉大之處在於，我們擁有 Mathieu 提到的頒獎台。我們舉辦了投資者/分析師活動。我們發布了 CAPTAIN 圍手術期數據。

So there was a concert of activities that made awareness of TULSA-PRO be of interest to urologists, and we definitely felt that of the booth. So it was a great show.

因此，舉辦了一系列活動，讓泌尿科醫生對 TULSA-PRO 產生了興趣，我們當然也感受到了展位的這種影響。這是一場精彩的演出。

John McAulay, Stifel.

約翰·麥考利（John McAulay），Stifel。

First one for me. Just wanted to sort of take a look at where we stand on guidance for the year. Apologies if I missed it on your prepared remarks, but you previously said something in the 70% to 75% range. Just want to understand, based on earlier dynamics, how you're feeling about that number and sort of the broader commercial and placement setup for the year ahead?

對我來說是第一個。只是想大致了解我們對今年的指導立場。如果我錯過了您準備好的發言，請原諒，但您之前說過 70% 到 75% 範圍內的內容。只是想了解，根據之前的動態，您對這個數字以及未來一年更廣泛的商業和安置設置有何看法？

Yes. Tom, do you want to address it? Or do you want me to?

是的。湯姆，你想解決這個問題嗎？還是你想讓我這麼做？

Yes. Oui.

是的。是的。

Go for it.

大膽試試吧。

Yes, absolutely. So as it's clearly mentioned in some of my public remarks, not only at the AUA event, but some other fireside chats, I think that Q1 is in line with the range that we had mentioned of 70% to 75% growth compared to 2024. And we remain steadfast in that commentary. The transition from a placement model which was the technique through the end of 2024 to a capital model here in 2025 would lend us all to know that it's going to be a back-end loaded operation, right? The pipeline continues to grow.

是的，絕對是。因此，正如我在一些公開演講中明確提到的那樣，不僅在 AUA 活動上，而且在其他一些爐邊談話中，我認為第一季與我們提到的與 2024 年相比增長 70% 至 75% 的範圍一致。我們仍然堅定地堅持這一評論。從 2024 年底的技術安置模型到 2025 年的資本模型的轉變將讓我們所有人都知道這將是一個後端加載的操作，對嗎？管道持續成長。

But when you transition from being able to place capital with no upfront cost and charging a higher premium on the disposables associated with the procedure to paying for the capital upfront or obtaining the technology through the TULSA-PLUS program, it changes the pipeline in that respect that it's going to lend itself to having a back-end loaded reach in terms of the numbers that I'm suggesting here.

但是，當你從能夠在沒有前期成本的情況下投入資金並對與該程序相關的一次性用品收取更高的保費轉變為預先支付資金或通過 TULSA-PLUS 計劃獲得技術時，它會從這個方面改變渠道，就我在這裡建議的數字而言，它將有助於實現後端加載範圍。

Right. That makes sense. And maybe just one more here with a commercial focus again, just maybe for you, Tom. In terms of sales reps and having all the resources you need at your disposal, just where are you now versus where you started? Are you fully ramped to that extent?

正確的。這很有道理。也許這裡還有另一個以商業為重點的問題，也許只針對你，湯姆。就銷售代表和所有需要的資源而言，與開始時相比，您現在處於什麼位置？你已經完全達到那種程度了嗎？

And yes, sort of just your general progression from a sales force buildup would be helpful.

是的，從銷售團隊建立的角度來看，整體進展會有所幫助。

Yes. Great question and happy to speak to the progress. Arun alluded to the special teams we have together for Health Economics and Market Access. That team is in place. We have a nurse education team in place.

是的。很好的問題，很高興談論進展。阿倫提到了我們在衛生經濟學和市場准入方面共同設立的特別團隊。該團隊已到位。我們有一個護理教育團隊。

We have, of course, our direct sales force in place. And I'm speaking U.S.-specific at the moment. In addition to that, we have a market development team that is making great headway with the large urology group practice associations. There's some very interesting conversations taking place on a B2B basis. So overall, right on line with where we want to be within basically a 6-month sprint here now that we're into the month of May.

當然，我們已經擁有自己的直銷隊伍。我現在談論的是美國的情況。除此之外，我們還有一個市場開發團隊，正在與大型泌尿科集團執業協會取得長足進展。在 B2B 基礎上正在進行一些非常有趣的對話。總體而言，現在已經進入 5 月份，我們基本上已經達到了 6 個月衝刺期內的目標。

But pleased on the personnel front and pleased with the ability to train and develop those individuals with the expertise that Mathieu and his clinical team already had from the decades of work prior to our commercialization efforts here in 2025. So feeling very good about the U.S. sales team. And we don't spend as much time talking about the OUS business development team, but there's absolutely a great team in place to expand outside the United States and bring this technology to men all over the world.

但在人員方面，我們很高興，很高興能夠培訓和培養這些人才，因為 Mathieu 和他的臨床團隊在我們 2025 年進行商業化努力之前的幾十年工作中已經積累了專業知識。所以對美國銷售團隊感覺非常好。我們並沒有花太多時間談論 OUS 業務開發團隊，但絕對有一支優秀的團隊可以拓展美國以外的業務，並將這項技術帶給世界各地的男性。

Michael Freeman, Raymond James.

麥可弗里曼、雷蒙詹姆斯。

I wonder if you could share any color on the first quarter data that you might be receiving on how -- the engagement of Medicare and Medicaid patients with TULSA, given this is your first full quarter of CMS reimbursement. Any color on perhaps a pickup in utilization or just general engagement with lives with this coverage?

我想知道您是否可以分享您可能收到的第一季數據，關於醫療保險和醫療補助患者與塔爾薩的互動情況，因為這是您獲得 CMS 報銷的第一個完整季度。有沒有什麼跡象表明，這項保險的使用率可能會有所提高，或者只是與人們的生活整體接觸？

Yes. Michael, yes, I mean, this is a very important point. And I think in the first quarter, in terms of revenue, we were where we expected and we expected that the reimbursement itself will -- at least in the first couple of months was not going to have a major impact because we were just starting and a lot of the Medicare payments tend to be 60, 90 days out. So in the early part of the quarter, we didn't see much of an impact. But in the later part, we definitely are starting to see that hospitals are billing and they are getting paid and that the word has gotten out to the patients and that the pipeline with respect to a number of sites is building with the patient population.

是的。邁克爾，是的，我的意思是，這是一個非常重要的觀點。我認為，就第一季的收入而言，我們達到了預期，我們預計報銷本身至少在頭幾個月不會產生重大影響，因為我們才剛剛起步，而且許多醫療保險付款往往需要 60 到 90 天的時間。因此在本季度初期，我們並沒有看到太大的影響。但在後期，我們確實開始看到醫院開始計費並獲得報酬，並且訊息已經傳達給了患者，許多站點的管道正在隨著患者群體的增加而建造。

And I think that when Tom talks about the fact that we are far more confident than we have been in our past regarding our ability to deliver the numbers is much higher because of that. Again, it's a little bit limited in the March -- first quarter. But yes, I don't see anything that would cause me to think that there is any issue related to reimbursement.

我認為，當湯姆談到我們比過去更有信心實現這些數字時，我們的信心就更高了。再一次，三月（第一季）的銷售有點有限。但是的，我沒有看到任何讓我認為存在與報銷相關的問題的事情。

Okay. All right. Maybe this is a question for Tom. I wonder if you could provide some color on your plans for marketing. And at the AUA proceedings, you discussed the potential for some ex NFL-type spokespeople, some different forms of media that you'd be engaging with.

好的。好的。也許這是湯姆要問的問題。我想知道您是否可以提供一些有關您的行銷計劃的詳細資訊。在 AUA 會議上，您討論了一些前 NFL 發言人的可能性，以及您將與之合作的一些不同形式的媒體。

Like when should we expect to see some Profound marketing materials out in the wild?

例如，我們什麼時候可以看到 Profound 的行銷資料呢？

Great question, and thank you for your interest in knowing what was suggested at that meeting here on this call, and I apologize for not making those same remarks. But absolutely, the whole portion that we're experiencing is that we have patients who are so satisfied with the procedure. There's data that suggests that 9 out of 10 TULSA patients would recommend the procedure to family or friends. We're getting unsolicited inquiries from patients, how can they help spread the word. And so that patient pool, we're starting to harness and get the, what I would call, content collected so that we can begin an immersive campaign on the digital media front, the social media front, the podcasting front and the list goes on.

很好的問題，感謝您有興趣了解這次電話會議上提出的建議，我很抱歉沒有發表同樣的評論。但絕對的是，我們所經歷的整個過程是，我們的患者對整個手術非常滿意。有數據表明，十分之九的塔爾薩患者會向家人或朋友推薦該手術。我們收到了來自患者的主動詢問，他們如何幫助傳播訊息。因此，我們開始利用和收集這些患者群體的內容，以便我們可以在數位媒體、社群媒體、播客等各個領域開展沉浸式活動。

And there's definitely folks that have been treated that are ex NFL players and we'll be able to talk more about that in the coming announcements from the organization. So I'll just need to remain steadfast in letting you know that that's in progress. But that's just a taste of what's to come. And then when? The time is now.

接受治療的肯定有前 NFL 球員，我們將在組織即將發布的公告中詳細討論這個問題。所以我只需要堅定地讓你們知道這件事正在進行中。但這只是即將發生的事情的冰山一角。然後什麼時候？現在是時候了。

So the ratcheting up of the digital marketing efforts and just creating the general awareness and buzz of TULSA-PRO is well in hand. And a lot of it ties back to what you just asked, Arun, specific to Medicare is that the word is getting out amongst the prostate disease community that you can obtain this treatment from your Medicare reimbursement by being a 65-plus-year-old man here in the United States of America, and we're seeing that in the communications that are taking place with our nurse education team as well to suggest that fact is just that, a fact. So hopefully, that gave a little bit color in terms of the question that you asked.

因此，數位行銷力度的加大以及 TULSA-PRO 的普遍知名度和熱度的提升都在順利進行中。阿倫，這在很大程度上與您剛才問到的有關醫療保險的具體問題有關，前列腺疾病界正在流傳這樣一個消息，即在美國，只要您是 65 歲以上的男性，就可以通過醫療保險報銷獲得這種治療，我們在與護士教育團隊的溝通中也看到這一點，表明事實就是如此。所以希望這能為您提出的問題提供一些幫助。

That's very helpful. And I guess I'll take another crack at an earlier question. I wonder you talked about back-end weighting of your pipeline towards the end of this year to reach your 70%, 75% revenue increase goal. I wonder if you could provide any further color on how this pipeline is looking and what we might be able to expect for pacing throughout the year? Any finer detail you can provide?

這非常有幫助。我想我會再次回答之前的一個問題。我想知道您是否談到了今年年底管道後端加權以實現 70%、75% 的收入成長目標。我想知道您是否可以進一步說明這條管道的現狀以及我們對全年進度的預期？您能提供更詳細的資訊嗎？

So Arun, I'll take a stab at answering that question.

所以阿倫，我會嘗試回答這個問題。

Yes. Go ahead.

是的。前進。

Yes, to the best of my ability. So I think there's a whole bunch of different ways we can look at your question and then also my statements around being back-end loaded, right, is that there's the traditional brute force method of delivering new technologies in the United States health care market where you're going to the hospital, right, and you're working with the top 50 cancer centers, which I think we would all agree is not only necessary -- required but desired to validate technologies such as TULSA-PRO. And the company has done a tremendous job of doing just that as a number of our highest treating centers fall within that top 50 cancer center umbrella. There's more to come. And to move through that process, unfortunately, it's not an overnight one, but it's a process that does have an end, but it can't end unless you start.

是的，盡我所能。所以我認為我們可以從很多不同的角度來看待你的問題，然後我關於後端加載的陳述是，在美國醫療保健市場中，有一種傳統的強力方法可以交付新技術，你需要去醫院，與排名前 50 位的癌症中心合作，我想我們都同意這不僅是必要的——需要的，而且是驗證 TULSA-PRO 等技術的期望。公司在這方面做出了巨大貢獻，我們的許多頂級治療中心都躋身前 50 名癌症中心之列。接下來還有更多。不幸的是，完成這個過程不是一朝一夕就能完成的，但它終究是一個要結束的過程，只要你不開始，它就無法結束。

So the brute force effort is taking place with those top 50 cancer centers. There's also some burgeoning relationships where we have with other folks in the space regarding MRs, right? We mentioned the Siemens relationship, which I'm certain everyone knows, is not exclusive. So we also have working relationships with Philips and GE and other MR manufacturers. So tying in the fact that we've got this reimbursement component to marry up with their already strong or developing value proposition for acquiring their technology, that's helping to accelerate the pipeline so we can pull forward on opportunities outside of your traditional hospice setting.

因此，我們正在對這 50 家頂級癌症中心採取強有力的措施。我們與 MR 領域中的其他人也建立了一些蓬勃發展的關係，對嗎？我們提到了與西門子的關係，我相信大家都知道，這並不是獨家的。因此，我們也與飛利浦、通用電氣和其他 MR 製造商建立了合作關係。因此，結合我們已獲得的報銷部分與他們已經很強大或正在發展中的技術價值主張相結合的事實，這有助於加速渠道建設，以便我們能夠在傳統臨終關懷環境之外抓住機遇。

Hence forth, why we're very bullish on the ambulatory surgical center -- setting with urologists and even the OBL setting, depending on the state and location associated with the GPCI rate from Medicare for that particular locale. So all in all, we're right where we're supposed to be in my humble opinion.

因此，我們非常看好門診手術中心——配備泌尿科醫生甚至 OBL 設置，這取決於與該特定地區的醫療保險 GPCI 費率相關的州和位置。總而言之，以我的拙見，我們正處於我們應該處於的位置。

Yes. And I think I can also add the point that the waiting lists in hospitals is increasing in terms of number of patients who are coming in. So Michael, it is a difficult question to answer because I know you want to know, are you going to close -- how many deals are going to close next week. And I wish I could tell you that, but I cannot. But I think all of the activities and all of the early indicators are the ones that are giving us that confidence, like more patients are coming in; more reimbursement is working; the pipeline is there; the sales team, as Tom talked about, is in good shape overall.

是的。我想我還可以補充一點，就入院患者的數量而言，醫院的候診名單正在增加。所以邁克爾，這是一個很難回答的問題，因為我知道你想知道，你下週會完成多少筆交易。我希望我能告訴你這一點，但我不能。但我認為所有的活動和所有的早期指標都給了我們信心，例如有更多的病人來就診；更多的報銷正在發揮作用；管道就在那裡；正如湯姆所說，銷售團隊整體狀況良好。

We are increasing our social media marketing presence, so there's a podcast that will come out in another week or so that is also quite relevant and will be in the social media quite a bit as well. We have some big names celebrities who have undergone TULSA who are now prepared to talk about it. I think you'll be hearing about all that, which will give you more color.

我們正在加強社交媒體行銷，因此大約一周後會推出一個播客，它也相當相關，並且也會在社交媒體上出現相當多的內容。我們有一些經歷過塔爾薩手術的大牌明星，現在他們準備談論這件事。我想你會聽到所有這些，它們會為你帶來更多的色彩。

(Operator Instructions) Scott McAuley, Paradigm Capital.

（操作員指示）Scott McAuley，Paradigm Capital。

Some have been answered already, but I think I've got one or two left over here. So just on the capital revenue side of things for the quarter, I think it's about $800,000. I don't know, can you share any details on if those were new installations or those systems that have already been in place that are now kind of converting to the capital model and acquiring the hardware outright? Or any other details you can share on that capital revenue line of things?

有些問題已經得到解答，但我認為這裡還剩下一兩個。因此，僅就本季的資本收入方面而言，我認為約為 80 萬美元。我不知道，您能否分享一些細節，說明這些是新安裝的還是已經到位的系統，現在正在轉換為資本模型並直接購買硬體？或者您可以分享有關資本收入的其他詳細資訊嗎？

I think they are mostly new sites. There might be one that was converted, but they are mostly new sites.

我認為它們大多是新網站。可能有一個已經轉換，但大多數都是新網站。

Yes. So as additional color, we did have 2 new sites and 1 conversion from existing sites.

是的。因此，作為額外的色彩，我們確實有 2 個新站點和 1 個現有站點的轉換。

That's great. Very helpful. And just lastly, on the TULSA-PLUS side. So obviously, great to hear about that at the AUA event and reiterate it here. I guess, any other detail on maybe even timing when that would be available?

那太棒了。非常有幫助。最後，關於 TULSA-PLUS 方面。顯然，很高興在 AUA 活動中聽到這個消息並在此重申這一點。我想，還有其他細節嗎，甚至關於何時可以實現這一點？

And then on the economic model, especially if you're looking at helping Siemens with the -- if you sell TULSA-PLUS, it's -- you get the TULSA-PLUS, the Siemens MRI machine. So do you see any benefit from that? And how that agreement is structured if you benefit beyond just placing the TULSA hardware?

然後在經濟模型上，特別是如果你想幫助西門子——如果你銷售 TULSA-PLUS，你就會得到 TULSA-PLUS，即西門子 MRI 機器。那你認為這樣做有什麼好處嗎？如果您獲得的利益不僅僅是安裝 TULSA 硬件，那麼該協議的結構是怎樣的？

Yes. Scott, we do -- we are working on the compatibility. We think we will be there by end of Q3. We think by that time, we should -- we're also working in parallel, as Tom described, with certain other hospitals or outpatient clinics where these would be situated. We think by that time, we should be able to announce some deals as well.

是的。斯科特，我們正在努力實現相容性。我們認為我們將在第三季末實現這一目標。我們認為到那時，我們應該——正如湯姆所描述的，我們還將與其他一些醫院或門診診所同時開展工作。我們認為到那時我們也應該能夠宣布一些交易。

So basically, within the next 4 months or so, we should be able to give you specific types and nature of the deals. Our long-term goal with respect to the TULSA-PLUS model is that we want to focus more on the TULSA revenue side. And the MR itself, we are, at the moment, flexible, could -- if it makes sense to come through us, we will do that because I think at the end of the day, it's about driving TULSA procedures. And if it comes directly from Siemens, we're going to be very open about it. But at the end of the day, we are -- the financial models and the whole justification for this and then the operations and setting up the programs, we will take full responsibility for all of that.

所以基本上，在接下來的 4 個月左右的時間裡，我們應該能夠為您提供交易的具體類型和性質。我們對 TULSA-PLUS 模型的長期目標是，我們希望更專注於 TULSA 的收入方面。就 MR 本身而言，我們目前是靈活的，如果通過我們是有意義的，我們就會這樣做，因為我認為歸根結底，這是為了推動 TULSA 程序。如果它直接來自西門子，我們將會非常公開地對待它。但最終，我們將對財務模型和整個理由以及營運和設定計劃負全部責任。

And Arun, if I may add some comments. I hope that I wasn't suggesting that TULSA-PLUS is only inclusive of offering a magnet as well. It could very well be that there's a compatible magnet that exists already with the place of service where the customer would like to use the technology, but they need the anesthesia equipment or they need a new body coil or a software revision update. Those are all solutions that we're capable and offering to provide so that with one vendor you're dealing with, and that's Profound, so that we can provide soup to nuts, the capabilities that you need to launch the TULSA program. And I do stress program because TULSA-PLUS comes with the TULSA program, which includes the launch of the program, not only in terms of clinical support, but staff education, physician outreach, marketing media, PR events, et cetera, and a whole bunch of other items that go into the TULSA program itself, built around TULSA-PLUS.

阿倫，我可以補充一些評論嗎？我希望我並不是在暗示 TULSA-PLUS 只提供磁鐵。很有可能的是，客戶想要使用該技術的服務地點已經存在相容的磁鐵，但他們需要麻醉設備，或者需要新的體線圈或軟體修訂更新。這些都是我們有能力並提供的解決方案，以便您與 Profound 供應商打交道，我們可以為您提供啟動 TULSA 計劃所需的一切功能。我確實強調該計劃，因為 TULSA-PLUS 是 TULSA 計劃的一部分，該計劃包括該計劃的啟動，不僅包括臨床支持，還包括員工教育、醫生拓展、營銷媒體、公關活動等，以及圍繞 TULSA-PLUS 構建的 TULSA 計劃本身的許多其他項目。

And of course, the epicenter is the TULSA, but we want to provide the solution depending on the customized needs of the end user. So it's mass customization in that respect.

當然，中心是塔爾薩，但我們希望根據最終用戶的客製化需求提供解決方案。從這個角度來說，這就是大規模客製化。

I'm showing no further questions at this time. I would now like to turn it back to Dr. Menawat for closing remarks.

我目前沒有其他問題。現在我想請梅納瓦特博士作最後發言。

Thank you so much. Looking forward to updating everyone in Q2 and our growing pipeline. Thank you again. Have a wonderful evening.

太感謝了。期待向大家通報第二季和我們不斷成長的管道的最新情況。再次感謝您。祝您有個美好的夜晚。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。