Rockwell Medical Inc (RMTI) 2024 Q2 法說會逐字稿

Good morning, and welcome to Rockwell Medical's second-quarter 2024 results conference call and Webcast. Please note, this event is being recorded.

早安，歡迎參加羅克韋爾醫療 2024 年第二季業績電話會議和網路廣播。請注意，此事件正在被記錄。

At this time, I would like to turn the conference call over to Heather Hunter, Senior Vice President, Chief Corporate Affairs Officer at Rockwell Medical. Heather, please go ahead.

現在，我想將電話會議轉給羅克韋爾醫療公司資深副總裁兼首席企業事務官希瑟‧亨特 (Heather Hunter)。希瑟，請繼續。

Good morning and thank you for joining us for this update on Rockwell Medical. Joining me on today's conference call are Dr. Mark Strobeck, Rockwell Medical's President and Chief Executive Officer; and Jesse Neri, Rockwell Medical's Senior Vice President of Finance.

早安，感謝您加入我們了解羅克韋爾醫療的最新動態。與我一起參加今天的電話會議的還有羅克韋爾醫療公司總裁兼執行長 Mark Strobeck 博士；以及羅克韋爾醫療公司財務資深副總裁 Jesse Neri。

Before we begin, I would like to remind you that this conference call will contain forward-looking statements about Rockwell Medical within the meaning of the federal securities laws, including, but not limited to, the types of statements identified as forward-looking in our annual report on Form 10-K and our subsequent periodic reports filed with the SEC. These statements are subject to risks and uncertainties that could cause actual results to differ.

在我們開始之前，我想提醒您，本次電話會議將包含聯邦證券法含義內的有關羅克韋爾醫療的前瞻性聲明，包括但不限於我們在我們的報告中確定為前瞻性聲明的類型。這些陳述存在風險和不確定性，可能導致實際結果有所不同。

Please note that these forward-looking statements reflect our opinions and expectations only as of today. Except as required by law, we specifically disclaim any obligation to update or revise these forward-looking statements in light of new information or future events. Factors that could cause actual results or outcomes to differ materially from those expressed in or implied by such forward-looking statements are discussed in greater detail in our periodic reports filed with the SEC.

請注意，這些前瞻性陳述僅反映我們截至目前為止的觀點和期望。除法律要求外，我們明確不承擔根據新資訊或未來事件更新或修改這些前瞻性聲明的義務。我們向 SEC 提交的定期報告中更詳細地討論了可能導致實際結果或結果與此類前瞻性陳述中明示或暗示的結果存在重大差異的因素。

Rockwell Medical's quarterly report on Form 10-Q for the three months ended June 30, 2024, was filed prior to this call and provides a full analysis of the company's business strategy, as well as the company's second quarter 2024 results. The reconciliation of non-GAAP measures we discuss on today's call can also be found in today's press release, our Form 10-Q and other reports filed with the SEC. Along with today's press release, our investor presentation and a replay of today's conference call and webcast can be found on Rockwell Medical's website under the Investors section.

羅克韋爾醫療公司在本次電話會議之前提交了截至2024 年6 月30 日的三個月的10-Q 表格季度報告，報告對公司業務戰略以及公司2024 年第二季度業績進行了全面分析。我們在今天的電話會議上討論的非公認會計原則措施的調節也可以在今天的新聞稿、我們向 SEC 提交的 10-Q 表格和其他報告中找到。除了今天的新聞稿外，您還可以在羅克韋爾醫療網站的投資者部分找到我們的投資者介紹以及今天電話會議和網路廣播的重播。

Now, I would like to turn the conference call over to Rockwell Medical's President and CEO, Dr. Mark Strobeck.

現在，我想將電話會議轉給羅克韋爾醫療公司總裁兼執行長 Mark Strobeck 博士。

Thank you, Heather. Good morning, and thank you for joining us today for Rockwell Medical's second-quarter 2024 results conference call and webcast. I'd like to start off this morning by reflecting on the last two years since I joined Rockwell and since we assembled the team we have now, who are leading our organization through significant and transformative growth and change.

謝謝你，希瑟。早安，感謝您今天參加羅克韋爾醫療公司 2024 年第二季業績電話會議和網路廣播。今天早上，我想先回顧一下自從我加入羅克韋爾以來的過去兩年，以及自從我們組建了現在的團隊以來，他們正在領導我們的組織經歷重大和變革性的成長和變革。

When we presented our second quarter results to shareholders back in 2022, we laid out what we believe were lofty, but attainable goals for Rockwell. For the first time in the company's history, we set out to put Rockwell Medical on a steady path to consistently grow revenue, drive the company to $100 million in annual sales, go from a gross loss on this business to an increasing gross profit, increase our gross margin from a negative number to a consistently greater positive number, attains sustained profitability and significantly lower our debt burden.

當我們在 2022 年向股東提交第二季業績時，我們制定了我們認為羅克韋爾公司崇高但可以實現的目標。在公司歷史上，我們第一次著手讓羅克韋爾醫療走上一條穩定的道路，持續成長收入，推動公司年銷售額達到1 億美元，從這項業務的毛虧損轉向毛利潤的增加，增加我們的毛利率從負數變為持續較高的正數，實現了持續的盈利能力並顯著降低了我們的債務負擔。

At the time, it was clear that shareholders were apprehensive, doubtful even, that we could and would achieve these objectives. Oftentimes, we would get asked, so how are you guys different? Why should we believe you? It was understandable. Over the years, Rockwell has had a lot of turnover. The company's financial results were not supporting growth or financial stability and no circumstances damage Rockwell's credibility with shareholders and stock performance suffered. I am proud and excited to share that we have delivered and continue to deliver on our promises.

當時，股東們顯然對我們能夠並且將會實現這些目標感到擔憂，甚至懷疑。很多時候，我們會被問到，你們有何不同？我們為什麼要相信你？這是可以理解的。多年來，羅克韋爾的人員流動很大。該公司的財務表現沒有支持成長或財務穩定，也沒有任何情況損害羅克韋爾在股東中的信譽和股票表現。我很自豪也很興奮地分享我們已經兌現並將繼續兌現我們的承諾。

For the first time in recent memory, we achieved profitability on a cash flow and adjusted EBITDA basis for the second quarter 2024. We believe that this is a critical turning point for Rockwell, and we expect to build upon this momentum in the coming quarters.

近年來，我們首次在 2024 年第二季度實現了現金流盈利和調整後 EBITDA 基礎上的盈利。我們相信，這對羅克韋爾來說是一個關鍵的轉折點，我們預計在未來幾季將繼續保持這一勢頭。

Let me walk you through some of the numbers that get us to this cash flow positive outcome for Rockwell. Net sales for the second quarter 2024 were once again the highest quarterly concentrate product sales generated to date for Rockwell.

讓我向您介紹一些使我們獲得羅克韋爾現金流積極成果的數字。2024 年第二季的淨銷售額再次創下羅克韋爾迄今最高的季度濃縮產品銷售額。

In the second quarter 2024, we generated net sales of $25.8 million, which was largely driven by our improved value-based pricing and increasing volumes. Annualizing our second quarter 2024 net sales would put us north of $100 million in revenue, a goal that we set out to achieve two years ago.

2024 年第二季度，我們的淨銷售額為 2,580 萬美元，這主要是由於我們改進的基於價值的定價和銷售的增加。以年計算 2024 年第二季的淨銷售額將使我們的收入超過 1 億美元，這是我們兩年前設定的目標。

Additionally, we continue to achieve consecutive quarters of improved gross profit and gross margin. Having reported $4.6 million in gross profit and 18% gross margin for the second quarter 2024, this quarter's results exceeded the gross margin guidance we projected for the full year of 2024 and is starting to approach the gross margin we expect to achieve in 2025.

此外，我們繼續實現連續幾季毛利和毛利率的提高。2024 年第二季的毛利為 460 萬美元，毛利率為 18%，本季的業績超出了我們預計的 2024 年全年毛利率指引，並開始接近我們預計在 2025 年實現的毛利率。

We believe gross margin will continue to improve and trend upward as we continue to streamline production, improve our processes, enhance our distribution capabilities and further modernize our infrastructure.

我們相信，隨著我們繼續簡化生產、改善流程、增強分銷能力並進一步實現基礎設施現代化，毛利率將繼續改善並呈上升趨勢。

The combination of increased sales and greater gross margin has led to cash flow from operations of $1.4 million for the second quarter and as a consequence an increase in our cash balances.

銷售額的增加和毛利率的提高使得第二季度的營運現金流達到 140 萬美元，從而增加了我們的現金餘額。

Our cash balance has gone from $8.6 million at the end of the first quarter to $10.2 million around the time we reported our first quarter earnings to $11.9 million at the end of the second quarter.

我們的現金餘額已從第一季末的 860 萬美元增至我們報告第一季財報時的 1,020 萬美元，再增至第二季末的 1,190 萬美元。

We expect that our cash balance will continue to increase as we continue to be profitable. Jesse, will have more to say on the numbers in a moment. At the end of the day, the success we have demonstrated and the objectives we set out to achieve have resulted from hard work and consistent execution.

我們預計，隨著我們繼續獲利，我們的現金餘額將繼續增加。傑西稍後將就這些數字發表更多言論。歸根結底，我們所取得的成功和我們設定的要實現的目標都是辛勤工作和一貫執行的結果。

In addition to the objectives we presented two years ago, we were also determined to rebuild credibility with our shareholders. We believe it's paramount that shareholders feel confident that the team leading this company today is transparent about its plans and is executing against its plans.

除了兩年前提出的目標外，我們還決心重建股東的信譽。我們認為，最重要的是，股東對今天領導該公司的團隊對其計劃保持透明並正在執行其計劃充滿信心。

We are aware that reestablishing credibility doesn't happen overnight, but we believe that the results speak for themselves. For the past two years, we've said what we were going to do. And we've done it.

我們知道重建信譽不可能一蹴而就，但我們相信結果不言而喻。在過去的兩年裡，我們已經說過我們要做什麼。我們已經做到了。

Collectively, our team has successfully turned this organization around and, in turn, continues to rebuild shareholder value. We wouldn't be here if we didn't believe we could execute our game plan and catalyze the success of this organization for years to come.

總的來說，我們的團隊成功地扭轉了這個組織，並反過來繼續重建股東價值。如果我們不相信我們能夠執行我們的遊戲計劃並促進這個組織在未來幾年的成功，我們就不會在這裡。

So let's turn to what's next. For the remainder of 2024, we will continue to focus on optimizing our business to drive sustainable profitability and meaningful cash flow. We will continue to execute on the current business plan of growing revenue and adding new customers.

那麼讓我們看看接下來會發生什麼。在 2024 年剩餘的時間裡，我們將繼續專注於優化我們的業務，以推動可持續的獲利能力和有意義的現金流。我們將繼續執行目前增加收入和增加新客戶的業務計劃。

We will continue to focus on expanding our concentrates products portfolio, which as we announced yesterday, now includes a convenience pack, which will help us expand our presence in the at-home market. We expect to be able to provide you with a partnership announcement later this quarter.

我們將繼續專注於擴大我們的濃縮產品組合，正如我們昨天宣布的那樣，現在包括一個便利包，這將幫助我們擴大在國內市場的影響力。我們預計能夠在本季稍後向您提供合作夥伴公告。

For the first time, we are enhancing our cash balance through the profits we are generating in our business and are beginning to reinvest those profits back into our business. We continue to reduce the cost to manufacture our products by adding new equipment and enhancing our infrastructure to more fully automate our processes.

我們第一次透過業務產生的利潤來增加現金餘額，並開始將這些利潤重新投資到我們的業務中。我們透過添加新設備和增強基礎設施以更全面地實現流程自動化來持續降低產品製造成本。

We expect to fully realize the benefits of these improvements beginning in the fourth quarter of this year. We are still planning to expand further into the West with a more permanent presence.

我們預計從今年第四季開始，將充分實現這些改進的好處。我們仍計劃進一步向西方擴張，並建立更永久的存在。

We could have taken the approach of spending a lot of money to establish a new facility in the West, expecting the business would expand to catch-up to the cost of the expansion.

我們本可以採取花費大量資金在西方建立新工廠的方法，期望業務能夠擴大以趕上擴張的成本。

However, we are taking a different path, progressing the business in the West to a point that justifies finding a more permanent solution. And we believe we are getting to that point.

然而，我們正在走一條不同的道路，將西方的業務發展到可以找到更持久解決方案的程度。我們相信我們正在達到這一點。

We are currently evaluating various business development opportunities. This is taking time as we want to make sure we make the absolute right decision from a cost-benefit perspective. And finally, we are working to add a new product line to our portfolio outside of concentrates that can expand our overall business. We hope to have more to say on this in the coming quarters.

我們目前正在評估各種業務發展機會。這需要時間，因為我們希望確保從成本效益的角度做出絕對正確的決定。最後，我們正在努力在濃縮物之外添加新的產品線到我們的產品組合中，以擴大我們的整體業務。我們希望在未來幾季對此有更多的發言權。

As a result, we are increasing our guidance for the second time in 2024 across all metrics. Now we expect net sales for 2024 to be between $95 million and $98 million, an increase from the previous net sales guidance of between $90 million and $94 million. We now expect gross profit for 2024 to be between $14 million and $16 million, an increase from between $13 million and $15 million.

因此，我們將在 2024 年第二次提高所有指標的指導值。現在，我們預計 2024 年的淨銷售額將在 9,500 萬美元至 9,800 萬美元之間，高於先前 9,000 萬美元至 9,400 萬美元的淨銷售額指導值。我們現在預計 2024 年的毛利將在 1,400 萬美元至 1,600 萬美元之間，高於 1,300 萬美元至 1,500 萬美元。

We expect the top end of our gross margin range for 2024 to be 17%, up from 16%. And we now expect to be profitable on an adjusted EBITDA basis between $0.75 million and $1.5 million, up from $0.5 million and $1 million. All of these metrics represent significant increases in improvements over the results we achieved in 2023.

我們預計 2024 年毛利率範圍的上限為 17%，高於 16%。現在，我們預計調整後 EBITDA 的利潤將在 75 萬美元至 150 萬美元之間，高於 50 萬美元至 100 萬美元。所有這些指標都顯示我們比 2023 年所取得的成果有了顯著的改善。

For 2025 and beyond, we are focused on two areas: first, growing our concentrates business and making it more profitable as we work towards annual revenues north of $100 million and gross margins up to 30%; and second, expansion beyond concentrates.

到 2025 年及以後，我們將重點放在兩個領域：首先，發展我們的精礦業務並提高其盈利能力，努力實現年收入超過 1 億美元、毛利率高達 30%；第二，超越集中的擴張。

We plan to approach this in an accelerated and responsible way and in a capital-efficient manner. All of this supports our goal to become a major force in the nephrology space.

我們計劃以加速、負責任的方式和資本效率高的方式來解決這個問題。所有這些都支持我們成為腎臟病領域的主要力量的目標。

With that, I will now turn the call over to Jesse to go into further detail about second quarter 2024 financial results.

現在，我將把電話轉給傑西，進一步詳細介紹 2024 年第二季的財務業績。

Thank you, Mark. Good morning, everyone. As we did last quarter, we will present the financials for the comparable periods in 2023 with and without the $1.5 million in deferred revenue recognized in Q1 of 2023 related to the termination of the Baxter distribution agreement. This offers us the opportunity to more accurately present the progress that we have made and continue to make, specifically within our hemodialysis concentrate segment.

謝謝你，馬克。大家早安。正如我們上季度所做的那樣，我們將列出 2023 年可比期間的財務數據，無論是否包含 2023 年第一季確認的與終止百特分銷協議相關的 150 萬美元遞延收入。這使我們有機會更準確地展示我們已經取得和繼續取得的進展，特別是在我們的血液透析濃縮液領域。

Net sales for the second quarter of 2024 were $25.8 million, our highest quarterly concentrate product revenue to-date. This represents an increase of 14% over net sales of $22.7 million in Q1 of this year and a 43% increase over net sales of $18.1 million for the same period in 2023.

2024 年第二季的淨銷售額為 2,580 萬美元，這是我們迄今為止最高的季度濃縮產品收入。這比今年第一季 2,270 萬美元的淨銷售額增長了 14%，比 2023 年同期的 1,810 萬美元淨銷售額增長了 43%。

Net sales for the six months ended June 30, 2024, were $48.5 million. Excluding deferred revenue, this represents a 34% increase over the same period in 2023. Gross profit for Q2 2024 was $4.6 million, which represents a 48% increase over gross profit of $3.1 million for the first quarter of 2024 and a 341% increase over gross profit of $1 million for the same period in 2023.

截至 2024 年 6 月 30 日的六個月淨銷售額為 4,850 萬美元。不計遞延收入，這比 2023 年同期成長 34%。2024 年第二季的毛利為 460 萬美元，比 2024 年第一季的毛利 310 萬美元成長 48%，比 2023 年同期的毛利 100 萬美元成長 341%。

Gross profit for the six months ended June 30, 2024, was $7.6 million. Excluding deferred revenue, this represents an increase of 252% over the same period in 2023. Gross margin for the second quarter of 2024 was 18%, a three-fold increase from 6% for the period -- same period in 2023.

截至 2024 年 6 月 30 日止六個月的毛利為 760 萬美元。不計遞延收入，這比 2023 年同期成長了 252%。2024 年第二季的毛利率為 18%，比 2023 年同期的 6% 增加了三倍。

Gross margin for the six months ended June 30, 2024, was 16%. Excluding deferred revenue, this represents an increase of 10 percentage points from 6% for the same period in 2023. Net income for the three months ended June 30, 2024, was $300,000 compared to a net loss of $3.3 million for the same period in 2023. Excluding deferred revenue, net loss for the 6 months ended June 30, 2024, improved by $5.1 million over a net loss of $6.5 million for the same period in 2023.

截至2024年6月30日止六個月的毛利率為16%。不包括遞延收入，這比 2023 年同期的 6% 增加了 10 個百分點。截至 2024 年 6 月 30 日的三個月淨利為 30 萬美元，而 2023 年同期淨虧損為 330 萬美元。不包括遞延收入，截至 2024 年 6 月 30 日的 6 個月淨虧損比 2023 年同期 650 萬美元的淨虧損減少了 510 萬美元。

Adjusted EBITDA for the second quarter was a positive $1.5 million compared with a negative adjusted EBITDA of $2.3 million for the same period in 2023. Adjusted EBITDA for the six months ended June 30, 2024, was a positive $1 million. Excluding deferred revenue, adjusted EBITDA increased by $5.7 million over the first six months of 2023.

第二季調整後 EBITDA 為正 150 萬美元，而 2023 年同期調整後 EBITDA 為負 230 萬美元。截至 2024 年 6 月 30 日止六個月的調整後 EBITDA 為正 100 萬美元。不包括遞延收入，調整後 EBITDA 在 2023 年前六個月增加了 570 萬美元。

Cash, cash equivalents and investments available for sale at June 30, 2024, was $11.9 million compared to $8.6 million at March 31, 2024. The combination of increased sales and greater gross margin led to cash flow from operations of $1.4 million for the second quarter.

截至 2024 年 6 月 30 日，可供出售的現金、現金等價物和投資為 1,190 萬美元，而 2024 年 3 月 31 日為 860 萬美元。銷售額的增加和毛利率的提高使得第二季的營運現金流達到 140 萬美元。

On the topic of cash, we are pleased to share with you that we executed an amendment to the asset purchase agreement that we signed with Evoqua in July of last year. If you recall, the APA called for Rockwell to pay Evoqua, two milestone payments of $2.5 million each on the first and second anniversaries of the agreement.

關於現金問題，我們很高興與您分享，我們對去年 7 月與 Evoqua 簽署的資產購買協議進行了修訂。如果你還記得的話，APA 要求羅克韋爾公司在協議簽訂一周年和兩週年之際向 Evoqua 支付兩筆里程碑付款，每筆 250 萬美元。

Now, money to Evoqua we paid over eight quarterly installments between July of this year and April of 2026. These quarterly payments will minimize the impact on our cash flow and accelerate our investment in operations.

現在，我們從今年 7 月到 2026 年 4 月期間按季度分期付款了八筆錢給 Evoqua。這些季度付款將最大限度地減少對我們現金流的影響並加速我們的營運投資。

I will now turn the call back over to Mark.

我現在將把電話轉回給馬克。

Thank you, Jesse. Operator, please open the phone lines for any questions.

謝謝你，傑西。接線員，如有任何問題請撥打電話。

Thank you, Dr. Strobeck. And as mentioned, we are now open for questions. (Operator Instructions)

謝謝你，斯特羅貝克博士。如前所述，我們現在願意接受提問。（操作員說明）

Ram Selvaraju, H.C. Wainwright.

塞爾瓦拉朱 (Ram Selvaraju)，H.C.溫賴特。

Congratulations on all the important progress notch this quarter, very creditable. I wanted to ask if you could provide some additional color on the partnership opportunity that you mentioned earlier in the call, if you can give us a sense of what the scope of this might look like.

恭喜本季取得的所有重要進展，非常值得讚揚。我想問您是否可以就您之前在電話會議中提到的合作機會提供一些額外的信息，是否能讓我們了解其範圍。

And also, if you could talk a little bit more about your expansion strategy in the West and when you ultimately expect to light upon the most appropriate path forward there and what it could mean for the business, in particular with regard to Rockwell's overall positioning within the dialysates market since you're already the second largest purveyor of these products.

另外，如果您能多談談您在西方的擴張策略，以及您最終希望闡明最合適的前進道路以及這對業務意味著什麼，特別是關於羅克韋爾在西方的整體定位透析液市場，因為您已經是這些產品的第二大供應商。

Yes. Thanks Ram, and I appreciate your supportive comments. So to address the first question, for us to continue to have a meaningful presence in the app home space, right, we need to expand our product portfolio beyond what we currently supply as we need to think about a more sort of convenient option for folks that are going to be administering dialysis at home.

是的。謝謝拉姆，我很感謝你的支持評論。因此，為了解決第一個問題，為了讓我們繼續在應用程式家庭領域保持有意義的存在，我們需要將我們的產品組合擴展到我們目前提供的產品之外，因為我們需要為人們考慮一種更方便的選擇將在家中進行透析。

The first step in that process for us was to create the convenience pack, which is the first time that there is a smaller formatted set of products that can be very easily delivered directly to a patient's home for them to administer as opposed to some of the other formats in which we sell, which are north of 55-gallon drums. So that was an incredibly important first step.

對我們來說，這個過程的第一步是創建便利包，這是第一次有一套較小格式的產品，可以輕鬆地直接運送到患者家中供他們管理，而不是某些產品我們銷售的其他規格，不包括55 加侖桶裝。所以這是非常重要的第一步。

And we are working now with a couple of the leading providers in the at-home space currently providing them, concentrates in the larger format, and are now working to put in place a collaboration around specifically the convenience pack. So that's all we can say at the moment, and we hope to have, like I said, more to say this quarter.

我們現在正在與目前提供這些產品的家庭領域的幾家領先供應商合作，專注於更大的格式，並且現在正在努力圍繞便利包開展合作。這就是我們目前能說的一切，就像我說的那樣，我們希望本季能有更多的說法。

As it relates to the West, that continues to be an opportunity for us. As you know, through our acquisition of Evoqua, we picked up a number of customers that were in the West. Through the course of this year, we have also added to that, some of which we announced, some of which we haven't announced, all kind of creating a critical mass now out there for us to really begin to consider a more permanent presence.

就西方而言，這對我們來說仍然是一個機會。如您所知，透過收購 Evoqua，我們獲得了許多西方客戶。在今年的過程中，我們還添加了一些內容，其中一些我們已經宣布，其中一些我們還沒有宣布，所有這些都創造了一個臨界點，讓我們真正開始考慮更永久的存在。

Our hope is to, by the end of the year, have a path forward identified. We -- the team was actually just recently out there looking at different options for us, and we hope to have that identified and are able to pursue that aggressively to establish the presence, our presence out there. Remember, this isn't -- as you pointed out, this is a two-player market, but in the West, it's essentially a one-player market. It's proscenius.

我們希望在今年年底之前確定前進的道路。我們——團隊實際上最近才為我們尋找不同的選擇，我們希望能夠確定這一點，並能夠積極地追求這一目標，以建立我們的存在，我們在那裡的存在。請記住，這不是——正如您所指出的，這是一個兩人市場，但在西方，它本質上是一個單人市場。這是普羅森紐斯。

And once we are able to establish a more significant presence out there, I think we're going to be a great alternative option for a lot of those folks, as we are in the middle and the eastern portions of the country, and we'll be able to compete effectively. And that represents a $100 million market opportunity for us to tap into. So we're excited to do it, but we took the approach, as we said in the script, that we wanted to build a critical mass of business there before we started to make investments, as opposed to the other way around, which I think would have introduced risk here.

一旦我們能夠在那裡建立更重要的存在，我認為我們將成為許多人的一個很好的替代選擇，因為我們位於該國的中部和東部地區，而且我們將能夠有效地競爭。這代表著我們可以利用的價值 1 億美元的市場機會。因此，我們很高興這樣做，但正如我們在腳本中所說，我們希望在開始投資之前在那裡建立足夠的業務，而不是相反，我認為認為會在這裡引入風險。

Anthony Vendetti, Maxim Group.

安東尼文代蒂，馬克西姆集團。

So, Mark, if I understand the opportunity for the home-based product. So you've officially, I guess, as of yesterday, launched the convenience pack. But until the partnership is announced, is it safe to say that we shouldn't count on any material or tangible revenue from the convenience pack until this partnership is announced? Would that be accurate?

那麼，馬克，如果我了解家用產品的機會的話。所以我想，從昨天開始，你們就已經正式推出便利包了。但是，在宣布合作夥伴關係之前，是否可以肯定地說，在宣布合作夥伴關係之前，我們不應該指望便利包帶來任何物質或有形收入？這樣說準確嗎？

So I think the way to think of it is, now that it's launched, right, we're going to begin sales of that convenience pack. We will begin to start to generate revenue with that here in the near term, and we'll only be accelerated, once we're able to establish a more definitive, longer-term collaboration with one of the at-home providers. But that's not to say that revenue itself won't continue to grow. In fact, we just closed the books on July, and July was the largest revenue to date that the company has had on a monthly basis around $10 million for the month. So we're going to continue to grow revenue for the existing business and the convenience path will just layer on to that.

所以我認為思考它的方式是，既然它已經推出了，對吧，我們將開始銷售該便利包。我們將在短期內開始利用這一點創造收入，只有當我們能夠與其中一家家庭提供者建立更明確、更長期的合作時，我們才會加速。但這並不是說收入本身不會繼續成長。事實上，我們剛剛在 7 月結帳，7 月是該公司迄今為止最大的月度收入，約 1000 萬美元。因此，我們將繼續增加現有業務的收入，而便利路徑將在此之上。

Okay. Great. And then just a follow-up on that. Are the margins on the convenience pack at your corporate gross margins higher or lower than your base business?

好的。偉大的。然後是後續行動。您的公司毛利率中便利包的利潤率是高於還是低於您的基本業務？

They're better than we are currently reporting for our base business.

它們比我們目前報告的基本業務要好。

Okay. Excellent. And I guess last as a follow-up. The partnership is distinct and separate from what you're looking for in terms of a new product line or a complementary product line for your base business, correct?

好的。出色的。我想最後作為後續行動。這種合作關係與您正在尋找的新產品線或基礎業務的補充產品線是截然不同的，對嗎？

That's correct. Yes, it's separate. And so we are currently now working through what those product lines would be, the sort of, again, the most cost-effective and capital-efficient manner by which we can add those -- so that we can start generating revenue on those as quickly as possible. We're not looking to do a very costly or long-term sort of clinical development program. This is something where we are working with organizations that have products that we could potentially bring in that would amplify those here in the United States.

這是正確的。是的，它是分開的。因此，我們目前正在研究這些產品線是什麼，再次強調，我們可以透過哪種最具成本效益和資本效率的方式來添加這些產品線，以便我們能夠盡快開始在這些產品上產生收入盡可能。我們不打算進行非常昂貴或長期的臨床開發計劃。我們正在與那些擁有我們可能引進的產品的組織合作，這些產品將擴大在美國的產品。

(Operator Instructions) There are no further questions at this time. I will turn the call back over to Dr. Strobeck.

（操作員說明） 目前沒有其他問題。我會將電話轉回給斯特羅貝克博士。

Thanks. We're extremely proud of the financial and operational results that we shared with you today. It is something that our team at every level within our organization has played a critical role in achieving. This is just the beginning. We continue to focus on optimization, automation, and streamlining our operations to drive sustainable profitability and shareholder value. Thank you for your time today.

謝謝。我們對今天與您分享的財務和營運表現感到非常自豪。我們組織內各個層級的團隊在實現這一目標方面發揮了關鍵作用。這只是開始。我們繼續專注於優化、自動化和簡化我們的運營，以推動可持續的盈利能力和股東價值。感謝您今天抽出時間。

This concludes today's conference call and webcast. You may now disconnect.

今天的電話會議和網路廣播到此結束。您現在可以斷開連線。