QT Imaging Holdings Inc (QTI) 2026 Q1 法說會逐字稿

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

各位好，歡迎參加 QT Imaging Holdings 2026 年第一季財務業績電話會議。（接線員指示）請注意，本活動正在錄音。

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

現在我想把會議交給 Bruce Voss。請開始。

This is Bruce Voss with Alliance Advisors IR. Thank you for participating in today's call. Joining me from QT Imaging Holdings are Dr. Raluca Dinu, Chief Executive Officer; and Jay Jennings, Chief Financial Officer.

我是 Alliance Advisors IR 的 Bruce Voss。感謝各位參與今天的電話會議。與我一同出席的 QT Imaging Holdings 團隊成員包括：執行長 Raluca Dinu 博士，以及財務長 Jay Jennings。

I would like to remind listeners that comments made during this call by management will include forward-looking statements within the meaning of federal securities laws. Any statements that are not statements of historical facts should be deemed to be forward-looking statements. 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.

我想提醒各位聽眾，管理層在本次電話會議中的評論將包含符合聯邦證券法意義之「前瞻性陳述」。任何非歷史事實的陳述均應視為前瞻性陳述。此類陳述涉及已知與未知的風險、不確定性及其他因素，可能導致實際結果、表現或成就與該等陳述所暗示者存在重大差異。

All forward-looking statements are based on QT Imaging's current beliefs as well as assumptions made by and information currently available to QT Imaging and relate to, among other things, QT Imaging's Breast Acoustic CT scanner, including its product commercialization and manufacturing; the evolution of QT Imaging into a scalable imaging platform; the QTI Cloud Platform and SaaS model; performance of software enhancements, new product development and introduction; and product sales growth and projected revenues.

所有前瞻性陳述均以 QT Imaging 目前的信念為基礎，並基於 QT Imaging 所作之假設及目前可得資訊，且涉及（其中包括）QT Imaging 的乳房聲學 CT 掃描儀（含產品商業化與製造）；QT Imaging 演進為可擴展影像平台；QTI 雲端平台與 SaaS 模式；軟體增強功能的表現、新產品開發與導入；以及產品銷售成長與預估營收。

For a list and description of the risks and uncertainties associated with the company's business, please see its filings with the Securities and Exchange Commission. Furthermore, the content of this call contains information that is accurate only as of the date of the live broadcast, May 13, 2026.

有關與本公司業務相關之風險與不確定性的清單及說明，請參閱本公司向美國證券交易委員會提交的文件。此外，本次電話會議內容所含資訊僅截至直播日期（2026 年 5 月 13 日）為準。

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

除法律要求外，QT Imaging 不承擔更新或修訂任何財務或營運預測或其他前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。

And now I'd like to turn the call over to Dr. Raluca Dinu. Raluca?

接下來我想把電話交給 Raluca Dinu 博士。Raluca？

Thank you, Bruce, and good afternoon, everyone. Thank you for spending the time with us and for your interest in QT Imaging. The first quarter of 2026 was a highly productive period for QT Imaging as we continue to execute across commercialization, clinical validation, reimbursement, regulatory expansion and software innovation. We believe that the progress achieved during the quarter further strengthens the foundation for the long-term adoption of our technology and supports our strategy of building a leading quantitative breast imaging platform.

謝謝你，Bruce，各位下午好。感謝各位撥冗與我們交流，並關注 QT Imaging。2026 年第一季對 QT Imaging 而言是非常高產的一段期間，我們持續在商業化、臨床驗證、給付（reimbursement）、法規擴展與軟體創新等面向推進執行。我們相信，本季取得的進展進一步強化了我們技術長期採用的基礎，並支持我們打造領先的量化乳房影像平台之策略。

During the quarter, we shipped 13 QT Breast Acoustic CT systems, which was in line with our commercial distribution commitments. These shipments reflect continued operational execution and growing commercial activity as we expand our installed base, both domestically and internationally.

本季我們出貨 13 套 QT 乳房聲學 CT 系統，符合我們的商業通路承諾。這些出貨反映我們持續的營運執行力與日益增長的商業活動，隨著我們在國內與國際市場擴大裝機基礎。

We're also pleased to announce that subsequent to the close of the quarter, the maturity date of our senior secured term loan with Lynrock Lake was extended by two years from March 31, 2027, to March 31, 2029. We would like to thank Lynrock Lake for their continued support and confidence in QT Imaging. This extension provides the company with additional financial flexibility as we continue executing on our commercial, clinical and strategic growth initiatives.

我們也很高興宣布，在本季結束後，我們與 Lynrock Lake 的優先擔保定期貸款到期日已延長兩年，從 2027 年 3 月 31 日延至 2029 年 3 月 31 日。我們感謝 Lynrock Lake 持續的支持與對 QT Imaging 的信心。此項展期為公司在持續推進商業、臨床與策略性成長計畫之際，提供了額外的財務彈性。

On the reimbursement front, we achieved an important milestone with the approval by the American Medical Association of a new Category III CPT code for our technology, effective January 1, 2027. We believe this is a meaningful step toward broader clinical adoption, standardized reporting, utilization tracking and future reimbursement pathways for our technology.

在給付方面，我們達成一項重要里程碑：美國醫學會（AMA）核准針對我們技術的新 Category III CPT 代碼，自 2027 年 1 月 1 日起生效。我們認為，這是邁向更廣泛臨床採用、標準化報告、使用量追蹤，以及未來給付途徑的重要一步。

We also received FDA 510(k) clearance for enhancements to our Breast Acoustic CT scanner and platform designed to improve visualization and imaging coverage of posterior breast tissue. This region has historically been challenging to evaluate with traditional breast imaging technologies, and we believe the updated configuration further improves the clinical utility and overall performance of our system.

我們也取得 FDA 510(k) 核准，涵蓋對我們乳房聲學 CT 掃描儀與平台的增強功能，旨在改善乳房後部組織的可視化與成像覆蓋。該區域歷來使用傳統乳房影像技術較難評估，我們相信更新後的配置可進一步提升系統的臨床效用與整體表現。

On the international regulatory front, we secured official classification and clearance in the United Arab Emirates for both our QT Breast Acoustic CT scanner and the QTI SaaS Cloud Platform under our distribution agreement with Al Naghi Medical Company. We also continue to advance our software ecosystem and imaging capabilities.

在國際法規方面，我們依據與 Al Naghi Medical Company 的經銷協議，已在阿拉伯聯合大公國取得 QT 乳房聲學 CT 掃描儀與 QTI SaaS 雲端平台的正式分類與核准。我們也持續推進軟體生態系與影像能力。

During the quarter, we launched the QT Imaging Olea Viewer, an innovative multi-modality imaging platform designed to support efficient review and correlation of imaging findings across modalities while enabling longitudinal patient evaluation and quantitative analysis. In parallel, we released software version 4.5.0, a next-generation image reconstruction update that improves spatial resolution and reflection imaging, and enhances image quality while maintaining efficient processing time.

本季我們推出 QT Imaging Olea Viewer，這是一個創新的多模態影像平台，旨在支援跨模態影像發現的高效率檢視與對照，同時可進行病患的縱向評估與量化分析。與此同時，我們發布了 4.5.0 版軟體，這是一項新一代影像重建更新，可提升空間解析度與反射成像，並在維持高效率處理時間的同時改善影像品質。

We believe continued software innovation will remain a key differentiator and advantage for QT Imaging as we expand our installed base and advance toward a more scalable imaging and data platform. Importantly, our commercial efforts continue to be supported by growing clinical evidence generated at leading institutions.

我們相信，持續的軟體創新將在我們擴大裝機基礎並邁向更可擴展的影像與資料平台之際，仍是 QT Imaging 的關鍵差異化優勢。重要的是，我們的商業推進也持續受到頂尖機構所產生、日益增長的臨床證據支持。

For example, at the Mayo Clinic, a prospective feasibility study evaluating QTscan as a supplemental screening tool compared to an MRI in high-risk women provided encouraging early validation of the technology. The study demonstrated absolute agreement between QT Imaging and MRI, suggesting comparable effectiveness of QT Imaging and MRI in identifying positive findings.

例如，在梅奧診所（Mayo Clinic），一項前瞻性可行性研究評估 QTscan 作為高風險女性之補充篩檢工具，並與 MRI 進行比較，提供了令人鼓舞的早期技術驗證。研究顯示 QT Imaging 與 MRI 之間具有絕對一致性，意味著 QT Imaging 與 MRI 在辨識陽性發現方面可能具有可比的有效性。

We also continue to strengthen our clinical and medical advisory team. During the quarter, we welcomed Dr. Mary Yamashita as Senior Clinical Adviser to support our clinical strategy, lead our training activities and development of structured interpretation pathways for QTscan.

我們也持續強化臨床與醫學顧問團隊。本季我們迎來 Mary Yamashita 醫師擔任資深臨床顧問，以支持我們的臨床策略、主導訓練活動，並推動 QTscan 的結構化判讀流程之開發。

More recently, we welcomed Dr. Barry Roseman as Senior Medical Adviser. Dr. Roseman is a breast surgical oncologist with more than 25 years of experience treating breast cancer and breast disease. He currently operates Advanced Breast Care Surgical Oncology of North Georgia, which is a comprehensive breast imaging and diagnostic center.

近期我們也迎來 Barry Roseman 醫師擔任資深醫學顧問。Roseman 醫師為乳房外科腫瘤醫師，擁有超過 25 年治療乳癌與乳房疾病的經驗。他目前經營 Advanced Breast Care Surgical Oncology of North Georgia，這是一家提供完整乳房影像與診斷服務的中心。

His engagement with QT Imaging includes implementation of QTscan within his busy clinical practice to support physician training, workflow integration, patient access and the collection of real-world clinical and operational experience with the technology.

他與 QT Imaging 的合作包括在其繁忙的臨床實務中導入 QTscan，以支援醫師訓練、工作流程整合、病患可近性，以及蒐集該技術在真實世界的臨床與營運經驗。

Given his extensive experience treating women with dense breast tissue, Dr. Roseman understands firsthand the limitation of existing imaging modalities, which can miss cancers in dense breast and the need for additional technologies capable of providing more quantitative and clinically meaningful information.

鑑於他在治療乳腺致密女性方面的豐富經驗，Roseman 醫師親身了解現有影像模態的限制——在致密乳房中可能漏診癌症——以及需要能提供更量化且更具臨床意義資訊之額外技術。

We believe QT Imaging technology is uniquely positioned as a radiation-free, compression-free true 3D breast imaging platform capable of delivering quantitative information that may improve clinical decision-making, particularly for women with dense breast.

我們相信，QT Imaging 技術具備獨特定位：作為一個無輻射、無壓迫、真正 3D 的乳房影像平台，能提供量化資訊，可能改善臨床決策，特別是對乳腺致密的女性。

More broadly, we believe QT Imaging sits at the intersection of advanced imaging, quantitative diagnostic and AI-enabled health care infrastructure. Overall, we remain focused on disciplined execution as we continue expanding commercialization efforts, advancing our technology platform and building long-term value for patients, providers and shareholders.

更廣泛而言，我們相信 QT Imaging 位於先進影像、量化診斷與 AI 賦能醫療基礎設施的交會點。整體而言，我們仍專注於紀律化執行，持續擴大商業化推進、推動技術平台發展，並為病患、醫療提供者與股東創造長期價值。

Now I'll turn the call over to our CFO, Jay Jennings, to review our financial results. Jay?

現在我把電話交給我們的財務長 Jay Jennings，請他回顧財務結果。Jay？

Thank you, Raluca, and good afternoon, everybody. Revenue for the first quarter of 2026 was $6.5 million, up 133% from the prior year quarter. The increase was primarily attributable to the shipment of 13 Breast Acoustic CT scanners during the quarter, up from six scanners in Q1 2025.

謝謝你，Raluca，各位下午好。2026 年第一季營收為 650 萬美元，較去年同期成長 133%。成長主要歸因於本季出貨 13 台乳房聲學 CT 掃描儀，高於 2025 年第一季的 6 台。

Cost of revenue for Q1 2026 was $3.9 million compared with $986,000 for Q1 2025, resulting in a gross margin for the 2026 quarter of 41% compared with 65% for the 2025 quarter. The higher gross margin in the 2025 quarter was primarily due to the sale of two scanners with a lower cost basis.

2026 年第一季營收成本為 390 萬美元，較 2025 年第一季的 98.6 萬美元增加，使得 2026 年第一季毛利率為 41%，相較之下 2025 年第一季為 65%。2025 年第一季毛利率較高，主要是因為出售了兩台成本基礎較低的掃描儀。

Total operating expenses for the first quarter of 2026 were $5 million versus $2.9 million a year ago. The increase was primarily attributable to higher employee compensation and professional and outside service costs.

2026 年第一季總營業費用為 500 萬美元，去年同期為 290 萬美元。增加主要歸因於員工薪酬較高，以及專業與外部服務成本上升。

Net loss for the first quarter of 2026 was $3.4 million, which is a substantial reduction from a net loss of $11.1 million for the first quarter of 2025. EBITDA for Q1 2026 was negative $2.5 million compared with negative $10.4 million for Q1 2025. Excluding stock-based compensation and other noncash expenses, such as the change in fair value of the warrant and earn-out liabilities, adjusted EBITDA for Q1 2026 was negative $1.5 million compared with negative $903,000 for Q1 2025.

2026 年第一季淨損為 340 萬美元，較 2025 年第一季 1,110 萬美元的淨損大幅縮小。2026 年第一季 EBITDA 為負 250 萬美元，2025 年第一季為負 1,040 萬美元。排除以股份為基礎的薪酬及其他非現金費用（例如認股權證與或有對價負債公允價值變動）後，2026 年第一季調整後 EBITDA 為負 150 萬美元，2025 年第一季為負 90.3 萬美元。

Net cash used in operating activities during the first quarter of 2026 was $3.7 million compared with $3.5 million used during the first quarter of 2025. As of March 31, 2026, the company had cash, restricted cash and cash equivalents of $7 million. Please see our Form 10-Q filed earlier today for further details regarding our first quarter financial results.

2026 年第一季營運活動使用之淨現金為 370 萬美元，2025 年第一季為 350 萬美元。截至 2026 年 3 月 31 日，公司持有現金、受限制現金及約當現金合計 700 萬美元。關於第一季財務結果的更多細節，請參閱我們今日稍早提交的 Form 10-Q。

Subsequent to the close of the quarter, we amended our credit agreement with Lynrock Lake, extending the maturity date of the $10.1 million senior secured term loan to March 31, 2029, and increasing the interest rate from 10% per annum to 12% per annum.

在本季結束後，我們修訂了與 Lynrock Lake 的信貸協議，將 1,010 萬美元優先擔保定期貸款的到期日延至 2029 年 3 月 31 日，並將年利率由 10% 提高至 12%。

Turning now to 2026 financial guidance. We are affirming our expectation for revenue of approximately $39 million for the year, more than double 2025 revenue. This guidance is based on the expected shipment of scanners under distributor minimum order quantities as well as the early monetization of cloud-based services as we bring our platform online across clinical and research customers.

現在轉到 2026 年的財務指引。我們重申對全年營收約 3,900 萬美元的預期，較 2025 年營收增加逾一倍。本指引係基於在經銷商最低訂購量下預期出貨的掃描儀，以及隨著我們將平台在臨床與研究客戶間上線而帶來的雲端服務早期變現。

Under our distribution agreements, in addition to the 60 scanners contracted by NXC Imaging for 2026, Gulf Medical is contracted for 20 scanners in 2026, 32 scanners for 2027 and 40 scanners for 2028 for a total exceeding $51 million. Al Naghi Medical is contracted for seven scanners in 2026, 16 scanners in 2027 and 20 scanners in 2028 for a total of approximately $24 million.

依據我們的經銷協議，除 NXC Imaging 於 2026 年合約訂購 60 台掃描儀外，Gulf Medical 於 2026 年合約訂購 20 台、2027 年 32 台、2028 年 40 台，合計金額超過 5,100 萬美元。Al Naghi Medical 於 2026 年合約訂購 7 台、2027 年 16 台、2028 年 20 台，合計約 2,400 萬美元。

And now I'll turn the call back to Raluca.

現在我把電話交回給 Raluca。

Thanks, Jay. So in summary, QT Imaging is building a leading platform in breast imaging and quantitative imaging-based precision diagnostics. We have done the following: one, we have a differentiated technology addressing a large unmet need in dense breast imaging with greenfield opportunities in adding biomarkers and precision breast technology.

謝謝你，Jay。總結來說，QT Imaging 正在打造乳房影像與以定量影像為基礎之精準診斷的領先平台。我們已完成以下事項：第一，我們擁有差異化技術，能滿足高密度乳房影像領域的大型未被滿足需求，並在新增生物標記與精準乳房技術方面具備綠地機會。

Two, we have a strong clinical, regulatory and reimbursement momentum, including our new Category III CPT code. Three, we have strategic manufacturing distribution and software partners that support global scale and a SaaS-enabled business model; and four, we have a clear road map from hardware to recurring software and AI revenue as we expand our installed base and data assets. We are excited by the progress we've made, and we are confident in the path ahead.

第二，我們在臨床、法規與給付方面具備強勁動能，包括我們新的 Category III CPT 代碼。第三，我們擁有策略性的製造、通路與軟體合作夥伴，支持全球規模化與 SaaS 驅動的商業模式；第四，隨著我們擴大裝機基礎與資料資產，我們有清晰的路線圖，從硬體走向可重複的軟體與 AI 收入。我們對已取得的進展感到振奮，並對未來道路充滿信心。

Thank you so much for your interest in our company and for your support. And with that, we are now ready to take questions. Operator?

非常感謝各位對本公司的關注與支持。接下來，我們準備開始回答問題。接線員？

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

我們現在開始問答環節。（接線員指示）

Jeffrey Cohen, Ladenburg Thalmann.

Ladenburg Thalmann 的 Jeffrey Cohen。

Congrats on all of your accomplishments in the quarter. So firstly, can you touch upon Gulf Medical? What's the regulatory status in Saudi? Is it approved? And then could you talk about the updated and amended agreement that expands the units and the time line and maybe give us a sense of how those financials work as far as units and/or the additional software, AI or SaaS model that may be included?

恭喜你們本季取得的各項成果。首先，能否談談 Gulf Medical？在沙烏地的法規狀態如何？是否已獲核准？另外，能否談談更新與修訂後的協議，該協議擴大了數量與時間表，並請讓我們了解這些財務安排如何運作，例如台數以及/或可能包含的額外軟體、AI 或 SaaS 模式？

Great. Jeff, great to hear you, and thank you so much for joining us. So going back to the beginning of your question. So we got the UAE regulatory approval, MOHAP in UAE, and we are not there yet with SFDA. So Saudi Arabia FDA approval is still to be received.

很好。Jeff，很高興聽到你的聲音，也非常感謝你加入我們。回到你問題的第一部分：我們已取得阿聯酋的法規核准，也就是阿聯酋 MOHAP 的核准，但我們在 SFDA 方面尚未完成。因此，沙烏地阿拉伯 FDA 的核准仍待取得。

I guess I can tell you, we've gone back and forth 3, 4 times with them, how we are at, like, one or two questions left. So we do hope within the next month or so, we're going to get our SFDA approval. So we -- I'm sorry, please.

我想我可以告訴你，我們已經和他們來回溝通了 3、4 次，目前大概只剩一兩個問題。因此我們確實希望在接下來一個月左右能取得 SFDA 核准。所以我們——抱歉，請說。

No, go ahead.

不，你繼續。

Yes. So regarding -- for the Gulf, in Saudi Arabia and UAE, we are discussing back and forth with our distribution partners there. As soon as the war gives us a little bit of a break, we'll start shipping in UAE. And as soon as we get our SFDA, Saudi Arabia FDA approval, we'll start shipping in the -- in Saudi Arabia.

好的。關於 Gulf（在沙烏地與阿聯酋），我們正與當地的經銷合作夥伴來回討論。一旦戰事稍微緩和，我們就會開始在阿聯酋出貨；而一旦取得 SFDA、也就是沙烏地阿拉伯 FDA 的核准，我們就會開始在——在沙烏地阿拉伯出貨。

Okay. Would you anticipate Saudi approval this calendar year?

好的。你預期沙烏地會在今年曆年內核准嗎？

Saudi Arabia FDA, Jeff, it should be within a month or so. That's -- hopefully, no later than that.

Jeff，沙烏地阿拉伯 FDA 應該會在一個月左右完成。希望不會晚於那個時間。

Okay. Got it. And then I wanted to jump over to your Canon agreement. So could you talk about -- it was mentioned in the press release, you called an amended distribution agreement. Maybe talk about that and tell us if there's been any updates recently as far as time line and cadence and perhaps beyond this year?

好的，了解。接著我想跳到你們與 Canon 的協議。新聞稿中提到你們稱之為修訂後的經銷協議。能否談談這點，並告訴我們近期在時間表與出貨節奏方面是否有任何更新，或是可能延伸到今年以後？

So Jeff, we've gone -- we've pushed out the debt of the company from January -- from March 31, 2027, to March 31, 2029. The team at Lynrock Lake is very kind, and we've discussed this back and forth, and they do have the trust in the company and obviously in the strategy of us together.

Jeff，我們已將公司的債務到期日從——從 2027 年 3 月 31 日延後至 2029 年 3 月 31 日。Lynrock Lake 的團隊非常友善，我們就此反覆討論，他們對公司以及我們共同策略顯然抱持信任。

But in terms of NXC Imaging, the contract is for 2026. We are discussing with NXC Imaging and Canon USA further business beyond 2026. And we'll update in the next call as we have more data on that. We've met in Seattle at SBI conference, and we'll continue meeting to hash out what's happening beyond 2026.

但就 NXC Imaging 而言，合約是針對 2026 年。我們正與 NXC Imaging 及 Canon USA 討論 2026 年以後的進一步合作。我們會在下一次電話會議中，在掌握更多資料後再更新。我們在 SBI 會議於西雅圖會面，並將持續會面，以釐清 2026 年以後的安排。

But thank you so much for the question.

也非常感謝你的提問。

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

（接線員指示）Lake Street Capital Markets 的 Ben Haynor。

So first one for me on the software improvements that you bumped up the imaging quality on. Beyond -- I mean, obviously, just improving the image quality is a good in and of itself. But are there any sort of edge cases, whether it's like calcification or things of that nature where the updated image algorithms do a much better job of helping folks identify important structures or findings?

我第一個問題是關於你們提升影像品質的軟體改進。除了——我的意思是，顯然提升影像品質本身就很好。但是否有任何特定的邊緣案例，例如鈣化或類似情況，更新後的影像演算法能更有效協助大家辨識重要結構或發現？

Ben, it's a great question. So first of all, we have improved the resolution of our reflection images in the X, Y and Z direction, meaningful, like, 40% to 50% improvement in the resolution. That's critical as we are looking into the morphological shapes of various findings in the breast.

Ben，這是個很好的問題。首先，我們在 X、Y 與 Z 方向上提升了反射影像的解析度，幅度相當顯著，大約提升 40% 到 50%。當我們觀察乳房中各種發現的形態學形狀時，這點至關重要。

So to your point, indirectly, we are having better resolution with all the findings that results from the reflection in the breast. But certainly, calcification is the one finding critical for -- that gets discovered via our reflection, not via our transmission. So thank you so much for bringing that up. The 4.5.0 software version directly improves resolution for us to get calcification.

因此如你所說，間接而言，我們對所有由乳房反射所產生的發現都能得到更好的解析度。但確實，鈣化是其中一項關鍵發現——它是透過我們的反射而非透射來偵測的。非常感謝你提出這點。4.5.0 軟體版本直接提升了解析度，使我們能更好地取得鈣化資訊。

Okay. Great. And it sounds like a great update. And then on the, kind of, I guess, longitudinal imaging/biopharma front, I know the applications there are potentially pretty exciting. Any more to share that investors will be interested on that front?

好的，很棒。聽起來是個很好的更新。接著在縱向影像/生物製藥這一塊，我知道那邊的應用可能相當令人興奮。這方面還有沒有更多可以分享、投資人會感興趣的內容？

Ben, we are ready to submit a manuscript for a paper with clear results that show the nonresponders of (technical difficulty) various therapies. These are our results from our Sunnybrook Cancer Center (technical difficulty) program. And I think everybody will be very pleased reading the paper. It's exactly what we discussed in the past. The patients are being tracked.

Ben，我們已準備提交一篇論文稿，內容有明確結果，顯示（技術困難）各種療法的無反應者（nonresponders）。這些是我們 Sunnybrook 癌症中心（技術困難）計畫的結果。我想大家讀到這篇論文都會非常滿意。這正是我們過去討論過的內容。病患正在被追蹤。

The volume is being measured of the findings under the certain treatment. And rather than the linear dimension that has much higher error in the measurement, the volume is clearly showing the increase or decrease with much higher precision.

我們在特定治療下量測病灶的體積。相較於線性尺寸（其量測誤差更高），體積能以更高精準度清楚呈現增加或減少。

So paper is going out. We have one other very large institution in Boston that's going to be working with us on a very similar study. We do seem to be getting a lot of interest in the precision therapy monitoring, as you and I discussed again and again over the last quarters. We're tracking this very important direction for us.

因此論文即將送出。我們還有另一家位於波士頓、規模非常大的機構，將與我們合作進行非常類似的研究。正如你我在過去幾季一再討論的，我們確實看到精準治療監測方面獲得大量興趣。這是我們正在追蹤、對我們非常重要的方向。

Great. Looking forward to seeing that. And then lastly for me, and I apologize, if you already mentioned this, but on the kind of new distribution agreements front, obviously, you've got a couple of Middle East distributors and then NXC Imaging. Are there other discussions that are ongoing that folks should maybe think about new countries coming on this year, next year, what have you?

很好，期待看到那篇論文。最後一個問題，若你們已經提過我先致歉：在新的經銷協議方面，顯然你們有幾家中東經銷商以及 NXC Imaging。是否還有其他正在進行的討論，讓大家可以思考今年、明年是否會有新國家加入之類？

Yes. So we would like to cover fully the Gulf region, Ben, for obvious reasons. And we have other four countries in the Gulf region we're trying to cover from a regulatory perspective. It will take us a quarter or two. We have applied also for AMAR regulatory approval in Israel.

是的。Ben，出於顯而易見的原因，我們希望完整覆蓋海灣地區。我們正嘗試從法規角度覆蓋海灣地區另外四個國家，這可能需要一到兩季。我們也已申請以色列的 AMAR 法規核准。

It will take us probably until August or September to get that. And we'll work through the year to get our paperwork together for CE Mark, like we discussed. That's tracking as we promised in the past. We'll probably have that up and running Q2 next year. But that's where we are in terms of expansion, international expansion. A lot to do in the United States for sure, but we're tracking international expansion, too.

那可能要到 8 月或 9 月左右才能取得。我們也會在今年內把 CE Mark 的文件準備齊全，如同我們先前討論的那樣。進度如我們過去承諾的在推進。我們大概會在明年第二季讓它上線運作。這就是我們在擴張、國際擴張方面的現況。在美國當然還有很多要做，但我們也同時在推進國際擴張。

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

問答環節到此結束。我想把電話交回會議方，看看是否有任何結語。

Thank you so much, Letty. Once again, I'd like to thank you for joining us today and for your interest in QT Imaging. We are energized by our momentum with more to come. We look forward to discussing our progress during our next conference call in August and when we can report the second quarter results. Until then, have a nice afternoon, and thank you so much.

非常感謝你，Letty。我再次感謝各位今天加入我們，並對 QT Imaging 的關注。我們對目前的動能感到振奮，後續還會有更多進展。我們期待在 8 月的下一次電話會議中，於我們能報告第二季業績時，與各位討論我們的進度。在那之前，祝各位下午愉快，也非常感謝。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以中斷連線。