Revance Therapeutics Inc (RVNC) 2024 Q2 法說會逐字稿

Welcome to the Revance Therapeutics second-quarter 2024 financial results and corporate update conference call. (Operator Instructions) As a reminder, this call is being recorded today, Thursday, August 8, 2024.

歡迎參加 Revance Therapeutics 2024 年第二季財務表現與公司更新電話會議。 （操作員說明）謹此提醒，本次通話將於今天（2024 年 8 月 8 日星期四）錄音。

I will now hand the call over to your host, Laurence Watts with Revance Therapeutics. Please proceed.

現在我將把電話轉交給主持人 Revance Therapeutics 的 Laurence Watts。請繼續。

Thank you operator. Joining us on the call today from Revance are President and Chief Executive Officer, Mark Foley; and Chief Financial Officer, Tobin Schilke.

謝謝運營商。 Revance 總裁兼執行長 Mark Foley 今天加入了我們的電話會議。財務長 Tobin Schilke。

During this call, management will make forward-looking statements, including statements related to expectations related to product adoption and reorders, consumer needs, preferences and behavior, the benefits and value to us, practices, and consumers of our products, including the efficacy, duration, skin quality, and safety of our products, future therapeutics expansion, 2024 guidance, positive adjusted EBITDA, future capital expenditures and anticipated revenue, our strategic priorities, our anticipated success, our ability to grow and take share, and market opportunity and expectations, and our strategy, planned operations, and commercialization plans, and timing of those plans.

在本次電話會議中，管理層將做出前瞻性陳述，包括與產品採用和重新訂購、消費者需求、偏好和行為、我們產品對我們、實踐和消費者的好處和價值相關的預期相關的陳述，包括功效、我們產品的持續時間、皮膚品質和安全性、未來治療擴展、2024 年指導、正調整EBITDA、未來資本支出和預期收入、我們的戰略重點、我們預期的成功、我們成長和占領份額的能力以及市場機會和期望，以及我們的策略、計劃營運和商業化計劃以及這些計劃的時間表。

Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. Factors that could cause these results to be different from these statements include factors the company describes in our annual report on Form 10-K and a quarterly report on Form 10-Q.

由於這些風險和不確定性，我們的實際結果和事件發生的時間可能與此類前瞻性陳述中的預期有重大差異。可能導致這些結果與這些陳述不同的因素包括公司在 10-K 表年度報告和 10-Q 表格季度報告中描述的因素。

Revance undertakes no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in its expectations. Also on today's call, we will present both GAAP and non-GAAP financial measures. Reconciliation to GAAP to non-GAAP measures are included in our earnings release.

Revance 不承擔因新資訊、未來事件或預期變更而更新任何前瞻性聲明的責任或義務。在今天的電話會議上，我們還將介紹公認會計準則和非公認會計準則的財務指標。我們的收益報告中包含了 GAAP 與非 GAAP 指標的對帳。

With that, I will turn the call over to Mark Foley, President and Chief Executive Officer of Revance. Mark?

接下來，我將把電話轉給 Revance 總裁兼執行長 Mark Foley。標記？

Thank you, Laurence. Good afternoon, everyone, and thank you for joining our second-quarter 2024 financial results conference call. The second quarter of 2024 was another period of continued progress for Revance, led by our aesthetics division and the implementation of our strategy to bring DAXXIFY to a broad audience based on strong product attributes and competitive pricing.

謝謝你，勞倫斯。大家下午好，感謝您參加我們的 2024 年第二季財務業績電話會議。 2024 年第二季是 Revance 的另一個持續進步的時期，在我們的美學部門的領導下，我們實施了基於強大的產品屬性和有競爭力的價格將 DAXXIFY 推向廣大受眾的策略。

DAXXIFY continued to show strong growth in the second quarter with a aesthetic units sold up 65% year over year and net product revenue $28.7 million, which was up 27% year over year. Importantly, feedback from the field continues to be positive and reveals that not only our existing practices reengaging with DAXXIFY, but the new account adds are accelerating due to DAXXIFY's price comparability and appealing product attributes, namely increased duration, fast onset, and improved skin quality.

DAXXIFY 第二季持續呈現強勁成長，美容單位銷售較去年同期成長 65%，產品淨收入 2,870 萬美元，較去年同期成長 27%。重要的是，來自該領域的反饋仍然是積極的，表明不僅我們現有的做法與DAXXIFY 重新接觸，而且由於DAXXIFY 的價格可比性和有吸引力的產品屬性（即延長的持續時間、快速起效和改善的皮膚品質），新帳戶的增加正在加速。

Importantly, now that consumers have been through several treatment cycles, we are starting to see patient preference drive both injector utilization and new account interest.

重要的是，既然消費者已經經歷了幾個治療週期，我們開始看到患者的偏好推動了注射器的使用和新帳戶的興趣。

In the second quarter, we were encouraged by strong reordering activity as existing aesthetic accounts represented more than three quarters of DAXXIFY revenue in the quarter and consumer pricing coming in line with competitor prices and a meaningful uptick in unit sales on both an annual and quarterly basis without the benefit of couponing.

第二季度，我們受到強勁的重新訂購活動的鼓舞，因為現有的美容帳戶佔本季度DAXXIFY 收入的四分之三以上，消費者定價與競爭對手的價格一致，並且年度和季度單位銷量均顯著上升沒有優惠券的好處。

Turning to our filler offering, the RHA Collection also experienced healthy growth compared to last year, despite overall filler market softness. Starting in April, we launched our RHA 3 for lip augmentation and fullness, the number one filler procedure performed in the US. To support the launch of the lip indication, we activated consumer and beauty editor experiences, conducted HCP training events, and introduced RHA 3 promotions.

談到我們的填充劑產品，儘管填充劑市場整體疲軟，但與去年相比，RHA 系列也經歷了健康成長。從四月開始，我們推出了用於豐唇和豐唇的 RHA 3，這是美國排名第一的填充手術。為了支持唇部指示的推出，我們啟動了消費者和美容編輯體驗，開展了 HCP 培訓活動，並推出了 RHA 3 促銷活動。

Along with these activities, we rolled out a campaign around lips worth framing as well as beauty of savings promotional activities. We continue to believe that the quality and differentiated performance profile of the RHA portfolio, combined with our commercial team's ability to execute, provides a stable foundation for our ongoing growth initiatives.

除了這些活動之外，我們還推出了圍繞值得框的嘴唇的活動以及節省美麗的促銷活動。我們仍然相信，RHA 產品組合的品質和差異化性能，加上我們商業團隊的執行能力，為我們持續的成長計劃提供了穩定的基礎。

RHA Collection net product revenue was $36.6 million in the second quarter of 2024, representing a 15% year-over-year increase. Lastly, at the end of the second quarter, accounts across Revance's aesthetics portfolio totaled over 7,500. The company also ended the quarter with over 3,700 accounts that have ordered DAXXIFY, which leaves us with significant runway to further expand our number of accounts and ordering base going forward.

2024 年第二季度，RHA Collection 產品淨收入為 3,660 萬美元，年增 15%。最後，截至第二季末，Revance 的美容產品組合帳戶總數超過 7,500 個。截至本季末，該公司還有超過 3,700 個帳戶訂購了 DAXXIFY，這為我們未來進一步擴大帳戶數量和訂購基礎留下了重要的空間。

Further in the quarter, we were pleased to launch our first portfolio initiative to beauty of savings program, which was designed to provide additional incentives to accounts that purchased both RHA and DAXXIFY. This program has been well received, and we look forward to continuing to not only grow our account base, but use programs like these to deepen our penetration in existing accounts.

在本季度，我們很高興推出了首個儲蓄之美計劃投資組合計劃，該計劃旨在為同時購買 RHA 和 DAXXIFY 的帳戶提供額外激勵。該計劃受到了好評，我們不僅期待繼續擴大我們的客戶群，而且利用此類計劃加深我們對現有客戶的滲透。

Now let me turn to our therapeutics franchise. In May, we announced the commercial launch of DAXXIFY for the treatment of cervical dystonia, marking our entry into the $2.7 billion US therapeutic neurotoxin market. As such, DAXXIFY for cervical dystonia provides a significant opportunity for Revance and marks the culmination of our decade-long mission to bring our unique innovation to the therapeutics market.

現在讓我談談我們的治療專營權。 5 月，我們宣布將用於治療頸部肌張力失調的 DAXXIFY 商業化上市，標誌著我們進入價值 27 億美元的美國治療性神經毒素市場。因此，針對頸部肌張力失調的 DAXXIFY 為 Revance 提供了一個重要的機會，並標誌著我們長達十年的使命的頂峰，即將我們獨特的創新帶入治療市場。

Although toxins remain the standard of care for cervical dystonia, patients struggle to achieve sustained symptom relief in between treatments. This is due to the fact that toxin treatment can only occur every 12 weeks based on product labeling and reimbursement guidelines, even though the therapeutic benefit of current toxins typically wears off 8 to 10 weeks after injection. As a result, this frequently leaves patients with unmanaged symptoms that can lead to significant pain, social stigma, and the inability to drive to work.

儘管毒素仍然是頸部肌張力失調的治療標準，但患者在治療之間很難實現持續的症狀緩解。這是因為，根據產品標籤和報銷指南，毒素治療只能每 12 週進行一次，儘管當前毒素的治療效果通常會在註射後 8 至 10 週後消失。因此，這常常會讓患者出現無法控制的症狀，導致嚴重的疼痛、社會恥辱和無法開車上班。

DAXXIFY is the first and only peptide-formulated long-lasting neurotoxin that offers the potential to improve the duration of symptom control with a favorable safety profile, providing patients and physicians with a compelling new treatment option for a painful and disabling chronic condition.

DAXXIFY 是第一個也是唯一一個勝肽配方的長效神經毒素，它具有改善症狀控制持續時間的潛力，並且具有良好的安全性，為患者和醫生提供了一種令人信服的新治療選擇，用於治療痛苦和殘疾的慢性疾病。

Following our CD approval in August 2023, we launched a PrevU early-experience program with the objective of optimizing treatment outcomes and ensuring smooth practice integration.

在 2023 年 8 月獲得 CD 批准後，我們啟動了 PrevU 早期體驗計劃，旨在優化治療結果並確保順利的實踐整合。

In May, we announced our full US commercial launch. Initial market response has been encouraging and supportive of our hypothesis that there is an unmet need for a long-lasting neurotoxin to address the large percentage of patients with symptom breakthrough on current toxin regimens. Furthermore, PrevU practices continue to treat patients and importantly continue to report compelling clinical results with DAXXIFY.

五月，我們宣佈在美國全面推出商業版。最初的市場反應令人鼓舞並支持了我們的假設，即對一種長效神經毒素的需求尚未得到滿足，以解決大部分在當前毒素治療方案中出現症狀突破的患者。此外，PrevU 實踐繼續治療患者，重要的是繼續報告 DAXXIFY 令人信服的臨床結果。

To that end, physicians report that patients in their second and third treatment cycles are experiencing long duration and a safety profile consistent with our Phase 3 ASPEN program. In PrevU, DAXXIFY was shown to deliver 12-plus weeks of sustained symptom control for patients that previously had experienced early symptom breakthrough with conventional toxins and up to 16 weeks or more for many other patients. The majority of these early PrevU accounts are also now purchasing DAXXIFY.

為此，醫生報告說，患者在第二和第三個治療週期中的治療持續時間較長，且安全性與我們的 ASPEN 3 期計劃一致。在 PrevU 中，DAXXIFY 被證明可以為先前使用傳統毒素經歷過早期症狀突破的患者提供 12 週以上的持續症狀控制，並為許多其他患者提供長達 16 週或更長時間的持續症狀控制。這些早期 PrevU 帳戶中的大多數現在也正在購買 DAXXIFY。

In the second quarter, we also added a greater number of new accounts to our existing PrevU injectors. And of the total number of accounts that have ordered to date, over 40% have already reordered DAXXIFY second time.

在第二季度，我們還在現有的 PrevU 注入器中新增了更多的新帳戶。在迄今為止已訂購的帳戶總數中，超過 40% 已經第二次重新訂購了 DAXXIFY。

On the payer and reimbursement front, access to DAXXIFY continues to increase, reaching more than 240 million lives covered with commercial coverage increased to 84% of total lives. Additionally, DAXXIFY is in place on the national formulary for the Department of Veteran Affairs and Department of Defense. And DAXXIFY for cervical dystonia is also covered by each of the 12 Medicare administrative contractors with greater than 30 million Medicaid lives now covered.

在付款人和報銷方面，DAXXIFY 的覆蓋範圍不斷增加，商業保險覆蓋的人口已超過 2.4 億，佔總人口的 84%。此外，DAXXIFY 已列入退伍軍人事務部和國防部的國家處方集。 12 位 Medicare 行政承包商也分別承保了針對頸部肌張力失調的 DAXXIFY，目前已涵蓋超過 3,000 萬名醫療補助生命。

While we continue to make major strides in our mission to bring DAXXIFY to underserved US cervical dystonia patients, we continue to anticipate that initial revenues will be modest given the conservative nature of treating physicians, reimbursement dynamics, and CD market size. Longer term, we remain bullish on DAXXIFY's potential in the cervical dystonia market and in subsequent therapeutic indications.

雖然我們繼續在將 DAXXIFY 帶給服務不足的美國頸部肌張力失調患者的使命中取得重大進展，但考慮到治療醫生的保守性質、報銷動態和 CD 市場規模，我們仍然預計初始收入將不大。從長遠來看，我們仍然看好 DAXXIFY 在頸部肌張力失調市場和後續治療適應症的潛力。

Now let me hand the call over to Toby to cover our second-quarter financials.

現在讓我將電話轉交給托比，介紹我們第二季的財務狀況。

Thank you, Mark. Our press release and our Form 10-Q detail our financial results in full, so I will only go over the highlights on this call.

謝謝你，馬克。我們的新聞稿和 10-Q 表格詳細介紹了我們的財務業績，因此我只會回顧本次電話會議的重點內容。

Total net revenue for the second quarter ended June 30, 2024 was $65.4 million compared to $54.4 million for the same period in 2023, representing an increase of 20%, due to an increase of DAXXIFY and RHA Collection volumes despite a softer market.

截至2024 年6 月30 日的第二季總淨收入為6,540 萬美元，而2023 年同期為5,440 萬美元，成長了20%，這是由於儘管市場疲軟，但DAXXIFY 和RHA Collection 銷量仍有所增加。

Net revenue for the second quarter ended June 30, 2024 included $36.6 million of RHA Collection revenue, $28.7 million of DAXXIFY revenue. Additionally, we had $0.1 million of collaboration revenue amortized from our deferred revenue balance related to our [BHrisk] collaboration.

截至 2024 年 6 月 30 日的第二季淨收入包括 3,660 萬美元的 RHA Collection 收入和 2,870 萬美元的 DAXXIFY 收入。此外，我們也從與 [BHrisk] 合作相關的遞延收入餘額中攤銷了 10 萬美元的合作收入。

Total net revenue for the six months ended June 30, 2024 was $117.3 million compared to $100.2 million for the same period in 2023. Total GAAP operating expenses for the three and six months ended June 30, 2024 were $99.9 million and $198.7 million, respectively. Excluding the cost of product revenue, stock-based compensation, depreciation, and amortization, non-GAAP operating expenses for the three and six months ended June 30, 2024, were $74.8 million and $148.5 million, respectively.

截至2024年6月30日的六個月總淨收入為1.173億美元，而2023年同期為1.002億美元。分別為9,990萬美元和1.987億美元。不包括產品收入成本、股票薪酬、折舊和攤銷，截至 2024 年 6 月 30 日的三個月和六個月的非 GAAP 營運費用分別為 7,480 萬美元和 1.485 億美元。

Revance continues to expect 2024 total net product revenue, which includes sales of DAXXIFY and RHA Collection to be at least $280 million. Revance now expects 2024 GAAP operating expenses from continuing operations to be between $430 million to $460 million, down from $460 million to $490 million. This updated outlook is primarily driven by lower actual and projected stock-based compensation.

Revance 繼續預計 2024 年產品總淨收入（包括 DAXXIFY 和 RHA Collection 的銷售額）將至少達到 2.8 億美元。 Revance 目前預計 2024 年持續營運的 GAAP 營運費用將在 4.3 億美元至 4.6 億美元之間，低於 4.6 億美元至 4.9 億美元。這項更新的前景主要是由於實際和預期的股票薪酬較低所致。

Revance expects our non-GAAP operating expenses from continuing operations to be in the lower end of a range of $290 million, $310 million. Revance continues to expect non-GAAP SG&A expenses from continuing operations to be between $240 million to $255 million.

Revance 預計我們來自持續營運的非 GAAP 營運費用將在 2.9 億美元至 3.1 億美元的範圍內較低的水平。 Revance 繼續預計持續營運的非 GAAP SG&A 費用將在 2.4 億美元至 2.55 億美元之間。

On the balance sheet side, our current cash position, $232.2 million of cash, cash equivalents, and short-term investments as of June 30, 2024, in combination with our operating plan, provides us with multiple levers to achieve positive adjusted EBITDA in 2025.

在資產負債表方面，我們目前的現金狀況，截至2024 年6 月30 日的2.322 億美元現金、現金等價物和短期投資，結合我們的營運計劃，為我們提供了多種槓桿，以在2025 年實現正調整EBITDA 。

Finally, Revance's shares of common stock outstanding as of July 31, 2024 were approximately $104.8 million with approximately 113.8 million fully diluted shares, excluding the impact of convertible debt.

最後，截至 2024 年 7 月 31 日，Revance 已發行普通股股份約為 1.048 億美元，其中完全稀釋股份約為 1.138 億股，不包括可轉換債務的影響。

And with that, I'll turn the call back over to Mark.

然後，我會將電話轉回給馬克。

Thank you, Toby. In the second half of 2024, we remain focused on delivering net product revenue of at least $280 million, whilst managing spend to reach positive adjusted EBITDA in 2025. We are encouraged by the unit and sales gains across both DAXXIFY and RHA Collection and by the early response we are seeing to our cervical dystonia launch in therapeutics. In short, we are focused on execution and on delivering on our stated goals.

謝謝你，托比。 2024 年下半年，我們仍然專注於實現至少 2.8 億美元的產品淨收入，同時管理支出，以便在 2025 年實現正調整 EBITDA。 DAXXIFY 和 RHA Collection 的銷售和銷售增長以及我們看到頸肌張力障礙在治療方面的早期反應。簡而言之，我們專注於執行和實現我們既定的目標。

With that, I will now open the call up for questions. Operator?

現在，我將開始提問。操作員？

(Operator Instructions) Seamus Fernandez, Guggenheim.

（操作員說明）Seamus Fernandez，古根漢。

Thanks for the question. So I just wanted to get a sense for how you see us advancing towards the at least $280 million guidance number. Third quarter, historically, has been a challenging quarter for aesthetics, but we're a good way through the third quarter.

謝謝你的提問。所以我只是想了解您如何看待我們朝著至少 2.8 億美元的指導數字前進。從歷史上看，第三季度對於美學來說是一個充滿挑戰的季度，但我們在第三季度取得了良好的進展。

So just trying to get a sense of how you think the third quarter, how we should be thinking about that kind of a flat quarter over quarter with the second quarter, or should we anticipate that it could be down somewhat and which certainly would imply a robust step-up in the fourth quarter to make that $280 million revenue number on the basis of the regular way business.

因此，只是想了解一下您對第三季度的看法，我們應該如何看待第二季度的季度環比持平，或者我們是否應該預計它可能會有所下降，這肯定意味著第四季度的強勁增長使常規業務收入達2.8 億美元。

So just trying to get a better sense of what portion of that, or how we should be thinking about that sequentially. And then separately, can you just help us understand a little bit better how we are likely to see with the additional coverage, the VA coverage? Do you see that as an opportunity to accelerate the therapeutic opportunity into 2024? Or should we still be thinking about '24 as a very modest contribution? Thanks.

因此，我們只是想更了解其中的哪一部分，或者我們應該如何依次考慮它。另外，您能否幫助我們更了解我們可能會如何看待額外的保險（即 VA 保險）？您是否認為這是一個將治療機會加速到 2024 年的機會？或者我們仍然應該將 '24 視為一個非常微不足道的貢獻？謝謝。

Great. Thanks, Seamus. So on your first question, in terms of how to think about the $280 million and sort of how to model that, as you know, we don't give quarterly guidance. But as we sit here today, through the end of Q2, we've delivered roughly 40% of that number. And so we're looking to deliver 60% in the back half.

偉大的。謝謝，西莫。因此，關於你的第一個問題，關於如何考慮 2.8 億美元以及如何對其進行建模，如你所知，我們不會提供季度指導。但當我們今天坐在這裡時，到第二季末，我們已經交付了大約 40% 的數字。因此，我們希望在後半段實現 60% 的目標。

I'd break it into components. The RHA is a little bit more mature product line for us. And so that's going to move a little bit more consistently with the normal seasonality of the business, plus some growth in it. Whereas obviously where we are with DAXXIFY and the new pricing and the messaging that we have, and given that we're in a smaller number of accounts, we would expect to see sequential growth quarter on quarter, Q4 seasonally being the largest quarter of the year.

我會把它分解成組件。 RHA 對我們來說是更成熟的產品線。因此，這將與業務的正常季節性更加一致，並且會出現一些成長。顯然，我們在 DAXXIFY 以及新定價和資訊方面所處的位置，並且考慮到我們的帳戶數量較少，我們預計會看到季度環比增長，第四季度是季度中最大的季度年。

And so we like where we're positioned. We're very pleased with the Q2 that we delivered. And so that's how we think about moving through the balance of the year. Also, we've got CD, which is starting to come online, which gets to your second question, but that will always start to contribute more as we move to the back half of the year. And that's something that we didn't have in the first half of the year.

所以我們喜歡我們所處的位置。我們對第二季交付的產品感到非常滿意。這就是我們如何看待今年剩下的時間。另外，我們還有 CD，它開始上線，這涉及到你的第二個問題，但隨著我們進入下半年，它總是會開始做出更多貢獻。這是我們上半年所沒有的。

In terms of additional coverage and you talked about sort of the VA and the Department of Defense, I mean all this is going to help. But yeah, we would expect the revenue to be modest for therapeutic this year. Even though we've made great strides on the reimbursement side, the priming of the pump and pulling that through on the back end just takes time. And it's a conservative user group that tends to treat a few patients, watch, make sure that they can get paid because it's buy-and-bill.

就額外的覆蓋範圍而言，您談到了退伍軍人管理局和國防部，我的意思是所有這些都會有所幫助。但是，是的，我們預計今年的治療收入將不大。儘管我們在報銷方面取得了長足的進步，但啟動泵並在後端拉動它仍然需要時間。這是一個保守的使用者群體，傾向於治療一些患者，觀察，確保他們可以獲得報酬，因為它是購買和計費的。

And so again, we really like what we're seeing clinically, but we think the commercial impact from a revenue standpoint will be modest. But obviously, as we move through the balance of the year, we'll start to step up.

再說一次，我們真的很喜歡我們在臨床上看到的情況，但我們認為從收入的角度來看，商業影響將是適度的。但顯然，隨著今年剩下的時間，我們將開始採取行動。

Great. And if I can just have one additional question, where Galderma is talking about bringing competition into the international markets, international marketplace, and you have an approval in Australia. Trying to get a sense of how you see the competitive landscape evolving with longer-acting botulinum toxins in the next couple of years.

偉大的。如果我能再問一個問題，Galderma 正在談論將競爭帶入國際市場，國際市場，並且您在澳洲得到了批准。試著了解未來幾年長效肉毒桿菌毒素的競爭格局如何演變。

And do you see a path towards potentially monetizing your asset in international markets as the right approach? I know historically we've talked about keeping this as a global brand as for potential sale should an outside acquirer be interested. But just wondering if non-dilutive efforts are under consideration at this point. Thanks.

您是否認為在國際市場上將您的資產貨幣化的途徑是正確的方法？我知道歷史上我們曾討論過將其保留為全球品牌，以便在外部收購者感興趣時進行潛在出售。但只是想知道目前是否正在考慮非稀釋性努力。謝謝。

Yeah, so why don't I start with the second one first in terms of how we think about growth opportunities outside of the US. Listen, we're going to continue to be pragmatic and make what we think are good business decisions. We think that there's certainly huge opportunity outside of the US.

是的，那麼我為什麼不先從第二個開始，談談我們如何看待美國以外的成長機會。聽著，我們將繼續務實，做出我們認為好的商業決策。我們認為美國以外肯定存在著巨大的機會。

We've filed for approval in Australia, and we've demonstrated that with, for example, our Fosun partnership, that having the right partnership might make sense. And so we will continue to actively evaluate options on that side of it. And if it turns out that going down that path we think makes more sense for the business, then that's an option for us, certainly on that side of it.

我們已經在澳洲申請了批准，我們已經證明，透過與復星的合作夥伴關係，擁有正確的合作夥伴關係可能是有意義的。因此，我們將繼續積極評估這方面的選擇。如果事實證明沿著我們認為的這條道路對業務更有意義，那麼這對我們來說就是一個選擇，當然在這一方面。

And again, as we kind of get a little bit more mature in the US market, we think it's also going to enhance sort of the value and the opportunity internationally.

再說一遍，隨著我們在美國市場變得更加成熟，我們認為這也將提高國際上的價值和機會。

In terms of competition on the long-acting side, listen, we think that right now, anything that raises visibility to the opportunity to have a longer lasting product is going to sort of lift all boats on that side of it. So we would welcome that dialog and discussion.

就長效方面的競爭而言，聽著，我們認為目前任何能夠提高人們對擁有更持久產品的機會的認識的事情都將在某種程度上提升這一方面的所有船隻。因此，我們歡迎這種對話和討論。

The great thing about DAXXIFY is it's more than -- there's a lot more about the product than just duration. Given the peptide formulation, what we're seeing is not just fast onset, but really the skin quality effect that we think is unique. And as we've described before, we're able to get the extended duration with the same amount of core toxin.

DAXXIFY 的偉大之處在於它不僅僅是——產品的意義不僅僅是持續時間。考慮到勝肽配方，我們看到的不僅僅是快速起效，而且確實是我們認為獨特的膚質效果。正如我們之前所描述的，我們能夠使用相同數量的核心毒素來延長持續時間。

And why is that important? Well, it's important because as you start to increase the amount of toxin that you deliver in order to get extended duration, you have the ability to potentially lose control over where it goes and the look that you're going for. And so the nice thing with DAXXIFY is of those that are working on longer acting, we've not heard anything fundamentally different about the actual formulation itself.

為什麼這很重要？嗯，這很重要，因為當您開始增加釋放的毒素量以延長持續時間時，您可能會失去對其去向和想要的外觀的控制。因此，DAXXIFY 的好處在於那些正在研究長效的藥物，我們沒有聽說實際配方本身有任何根本性的差異。

And so again, we think it's going to help grow that overall category. And given our novel peptide formulation, we think we're going to be really well positioned. So yes, international provides a good opportunity for us in terms of the different ways that we think about it. And we actually think that more people talking about long duration is going to be a good tailwind for us.

同樣，我們認為這將有助於整體類別的發展。鑑於我們的新型勝肽配方，我們認為我們將處於非常有利的位置。所以，是的，就我們思考問題的不同方式而言，國際化為我們提供了一個很好的機會。事實上，我們認為更多人談論長期投資對我們來說將是一個很好的推動力。

Great. Thanks, guys.

偉大的。謝謝，夥計們。

Thanks, Seamus.

謝謝，西莫。

Chris Shibutani, Goldman Sachs.

克里斯·澀谷，高盛。

Great. Thank you very much. A couple of questions in terms of your margins and spending. On the margin front, can you just give us a sense, it looks to see if you're trying to be very mindful of operating expenses, because I think going to that EBIT breakeven line, maybe just helps us understand how gross margins are progressing and what factors perhaps might be in there as you're increasing, I would presume some of your volumes in anticipation of therapeutic launch.

偉大的。非常感謝。關於您的利潤和支出的幾個問題。在利潤率方面，您能否給我們一個感覺，看看您是否非常注意營運費用，因為我認為達到息稅前利潤盈虧平衡線，也許可以幫助我們了解毛利率的進展情況以及當您增加時可能有哪些因素，我會推測你的一些卷是預期治療的推出。

And then secondly, on the marketing effort and spend, your commentary included the launch of what seems to be sort of more of a bundling-type approach. Can you help us understand whether that is influencing the shape of spending as we think about the next several quarters going forward?

其次，關於行銷工作和支出，您的評論包括推出似乎更像是捆綁式的方法。當我們考慮未來幾季時，您能否幫助我們了解這是否會影響支出形式？

Obviously, there would theoretically be a good return on that as a strategy familiar to the marketplace. But help us understand some of the push-pulls across that achieving the EBITDA breakeven at the gross margin level and then the spending on the marketing. Thank you.

顯然，作為市場熟悉的策略，理論上會帶來良好的回報。但請幫助我們了解在毛利率水準上實現 EBITDA 損益平衡以及行銷支出方面的一些推拉因素。謝謝。

Great. Thanks, Chris. Toby, why don't I turn it over to you to talk about the margin and spend gross margin a little bit on the marketing? And then I can build on that on the marketing in terms of the programs and what we're seeing.

偉大的。謝謝，克里斯。托比，我為什麼不把它交給你來談談利潤並在行銷上花一點毛利率呢？然後我可以在此基礎上根據計劃和我們所看到的情況進行行銷。

Perfect. Thanks. Great question, Chris. So we reported about 73% gross margin and about 72% for the first half of 2024. When you take into account the zero-cost inventory associated with DAXXIFY that was expense prior to approval, gross margin profile is within sort of around 70% combined for RHA and DAXXIFY.

完美的。謝謝。好問題，克里斯。因此，我們報告的毛利率約為 73%，2024 年上半年約為 72%。適用於RHA 和DAXXIFY。

And as you think about the levers to improve that margin, which we've long term guided to over 80%, it's twofold. One is the volume shift towards DAXXIFY, which is a higher-margin product than RHA. RHA, we partner with Teoxane SA.

當你考慮提高利潤率的槓桿時，我們長期指導利潤率超過 80%，它是雙重的。一是銷量轉向 DAXXIFY，這是一種比 RHA 利潤率更高的產品。 RHA，我們與 Teoxane SA 合作。

And so that is generally at a fixed gross margin because that's how they get their economics for the innovation that they have brought in the RHA collection of fillers. So as the mixed shifts and DAXXIFY continues to grow in terms of volume, you will see that margin increase that way.

因此，這通常是固定的毛利率，因為這就是他們在 RHA 填充劑系列中引入的創新獲得經濟效益的方式。因此，隨著混合轉變和 DAXXIFY 數量的持續增長，您將看到利潤率以這種方式增加。

Secondly, drilling down into DAXXIFY, we've taken steps and invested over the last several years to move DAXXIFY to more efficient production method. So as we scale our production in Aji in the US, our contract manufacturer. And then also, further on, as we get approved in LSNE PCI facility in New Hampshire, we'll be able to further improve our gross margins with DAXXIFY with the size and scale from those facilities that they're able to produce versus our facility in New York.

其次，深入研究 DAXXIFY，我們在過去幾年中採取了措施並進行了投資，將 DAXXIFY 轉向更有效率的生產方法。因此，當我們擴大在美國阿吉（我們的合約製造商）的生產規模時。然後，進一步，當我們在新罕布夏州的 LSNE PCI 工廠獲得批准時，我們將能夠透過 DAXXIFY 進一步提高我們的毛利率，因為他們能夠生產的工廠的規模和規模與我們的工廠相比在紐約。

Yeah. And then on the marketing side, Chris, I mean, we sort of have a steady state spend right now in the marketing. And I think programs like we ran in Q1 around the coupon and what you're seeing now with the beauty of savings around portfolio designed to create more leverage in accounts where we already have a relationship, we think is going to help us drive deeper and create more stickiness in the brand. And so, we obviously can flex that we're using some of these programs to better inform where we want to lean in more.

是的。然後在行銷方面，克里斯，我的意思是，我們現在在行銷方面的支出有點穩定。我認為，像我們在第一季圍繞優惠券運行的計劃，以及您現在看到的圍繞投資組合的儲蓄之美，旨在為我們已經建立關係的帳戶創造更多槓桿，我們認為這將幫助我們推動更深層的發展。因此，我們顯然可以靈活地表明我們正在使用其中一些程式來更好地了解我們想要更多地依賴哪些地方。

But we like what we're seeing, and we've got a variety of things that we're doing independent about around social, digital. Because one of the things that we're also starting to see with DAXXIFY is, in the beginning, it was really incumbent around the injector to do a lot of the promotional work, but now as consumers are getting more experiencing the benefits of the product, they're asking for it by name.

但我們喜歡我們所看到的，我們正在圍繞社交和數位領域獨立做各種事情。因為我們在 DAXXIFY 上也開始看到的一件事是，一開始，圍繞注射器確實有責任做大量的促銷工作，但現在隨著消費者越來越多地體驗該產品的好處，他們要求的是名字。

And so from a KPI standpoint, we're seeing good healthy growth and awareness. We're seeing good healthy growth in terms of media share of voice. And so we're seeing a lot of the desired results. And so we've got amount of sort of steady state marketing built into it that we think is sufficient to drive the revenue growth targets that we have. And we'll continue to optimize that as we move out through the balance of the year.

因此，從 KPI 的角度來看，我們看到了良好的健康成長和意識。我們看到媒體話語權的健康成長。所以我們看到了很多預期的結果。因此，我們內建了大量的穩態行銷，我們認為這足以推動我們的營收成長目標。隨著今年剩餘時間的推移，我們將繼續優化這一點。

Thank you. That's helpful.

謝謝。這很有幫助。

Thanks.

謝謝。

Stacy Ku, TD Cowen.

史黛西·庫，TD·考恩。

Hey, thanks so much for taking our questions. We have a few. So first, can you characterize those 3,700-plus accounts that you added for DAXXIFY? That's up from what we believe around 3,500 in Q1. So as you're broadening accounts, are you just focused on getting lower accounts that are more high quality? Or is it just the sales force was launching both the new filler option and DAXXIFY as well? So just help us understand the accounts added for Q2.

嘿，非常感謝您回答我們的問題。我們有幾個。首先，您能描述一下您為 DAXXIFY 新增的 3,700 多個帳戶的特徵嗎？這高於我們認為第一季 3,500 左右的數字。因此，當您擴大帳戶範圍時，您是否只專注於獲得更高品質的較低帳戶？或者只是銷售人員同時推出了新的填充選項和 DAXXIFY？因此，請幫助我們了解第二季度新增的帳戶。

And then a follow-up on that, as you're broadening the DAXXIFY launch, you talked last quarter about the expectations and targets for new accounts. How do you feel about the expectations you've set? Where are you there? Obviously, can't disclose them, guessing you're not going to disclose your own KPIs, but just help us understand how the broadening of the DAXXIFY launch is going in your view.

然後是後續行動，當您擴大 DAXXIFY 的發布範圍時，您在上個季度談到了新帳戶的期望和目標。您對自己設定的期望有何感受？你在那裡？顯然，不能透露它們，猜測您不會透露您自己的 KPI，但只是幫助我們了解您認為 DAXXIFY 的發布範圍是如何進行的。

And then last, for RHA, is the Q2 performance mainly ascribed to the lip launch? And is that why you might expect some growth into Q3 and Q4? Just help us understand the cadence of RHA launch for the rest of the year. Thank you.

最後，對於 RHA 來說，第二季的表現是否主要歸功於口頭發布？這就是您預計第三季和第四季出現成長的原因嗎？請幫助我們了解今年剩餘時間內 RHA 的發布節奏。謝謝。

Sure. So let me just make notes here. So really in terms of new account ads, we actually, I believe, and Toby, keep me honest on this, I think we're around 3,000 DAXXI at the end of Q1. And so we're saying now that we've got 3,700. So actually, we've seen good, nice acceleration in new accounts on DAXXIFY, and we think it speaks to the change in strategy.

當然。那我就在這裡做一下筆記吧。因此，實際上，就新帳戶廣告而言，我相信，托比，老實說，我認為第一季末我們的 DAXXI 數量約為 3,000 個。所以我們現在說我們有 3,700 個。所以實際上，我們已經看到 DAXXIFY 上的新帳戶數量出現了良好的增長，我們認為這說明了策略的變化。

So we're encouraged with what we're seeing and that is a part of our strategy to drive the necessary revenue through the balance of the year. Again, it's a combination of going deeper as people experiment and get comfortable with where DAXXI fits in their practice to go deeper and then drive some of these new ones. And so, actually, we were very encouraged with sort of the new account ads that we saw.

因此，我們對所看到的情況感到鼓舞，這是我們在今年餘下時間推動必要收入的策略的一部分。再次強調，當人們嘗試並適應 DAXXI 適合他們的實踐時，這需要更深入的結合，然後再推動一些新的實踐。因此，實際上，我們看到的新帳戶廣告讓我們深受鼓舞。

In terms of the target for new accounts, obviously, with kind of the growth initiatives that we have in place, it will be an important part of our strategy. But where we said we're roughly 7,500 aesthetic accounts is the end of Q2, 3,700 accounts in DAXXIFY.

就新客戶目標而言，顯然，隨著我們採取的成長舉措，這將成為我們策略的重要組成部分。但我們所說的大約有 7,500 個美學帳戶是在第二季末，DAXXIFY 中有 3,700 個帳戶。

We still have a long ways to go in terms of market penetration. And so we think the nice thing is we've got, again, a long runway. And so right now, we're tracking where we want to be in terms of that mix of new accounts. But we also saw good strong volume in reordering accounts.

就市場滲透率而言，我們還有很長的路要走。因此，我們認為好的一點是我們再次擁有了一條很長的跑道。因此，現在我們正在追蹤新帳戶組合的目標。但我們也看到重新訂購帳戶的數量強勁。

We said that roughly three quarters -- over three quarters of our revenue came from reordering accounts. So that's how we think about the phasing in the target for new accounts. In terms of RHA and the lip launch and the impact that that had, I think that part of it is, Stacey, as you're aware that when we made the change in the DAXXI strategy, we indicated that we were spending more time doubling back with accounts to go deeper.

我們說，大約四分之三——超過四分之三的收入來自重新訂購帳戶。這就是我們對逐步確定新帳戶目標的看法。就 RHA 和口頭發布以及所產生的影響而言，我認為其中一部分是史黛西，正如你所知，當我們對 DAXXI 策略進行更改時，我們表示我們花費了更多的時間來加倍返回帳戶以進行更深入的了解。

And so now that we've sort of moved beyond that phase, we've been able to focus more now on the lip launch in RHA 3 and the portfolio. So we think that we've got a very good foundation of RHA. We're doing a lot more on the clinical training. And actually, there's some noise out there in the market around people not wanting to look artificial.

現在我們已經超越了這個階段，現在我們能夠更專注於 RHA 3 和產品組合的口頭發布。所以我們認為我們已經有了很好的 RHA 基礎。我們在臨床訓練方面做了很多工作。事實上，市場上存在一些噪音，人們不想讓自己看起來很做作。

And one of the great things about the RHA portfolio is that it's the least modified of the different hyaluronic acid fillers out there. It's designed to leave a very natural look. And so, we think that that's feeding into this as well. So I think it's just we've hit our stride with DAXXIFY in terms of the messaging and the pricing.

RHA 產品組合的一大優點是它是各種透明質酸填充劑中修飾最少的。它旨在打造非常自然的外觀。因此，我們認為這也影響了這一點。所以我認為我們在 DAXXIFY 上在訊息傳遞和定價方面取得了長足進步。

Certainly, this helped. And now that we think that we can start to leverage the synergies between the two, that's how we think about the back part of the year.

當然，這有幫助。現在我們認為我們可以開始利用兩者之間的協同效應，這就是我們對今年下半年的看法。

Okay. That's incredibly helpful. If I could ask just a quick follow-up then based on your responses. Just for that relaunch, I think many investors are looking for a signal that there is a recovery, that things are going the right way now that you've changed your pricing strategy.

好的。這非常有幫助。如果我可以根據您的回覆進行快速跟進。就重新啟動而言，我認為許多投資者都在尋找經濟復甦的訊號，以及既然你已經改變了定價策略，一切都在朝著正確的方向發展。

So do you think that Q3, you'll still see some signal of the recovery, or is it really going to be a Q4 event where it's seasonally strongest? Thanks so much.

那麼您認為第三季您仍然會看到一些復甦的訊號，還是真的會成為季節性最強的第四季事件？非常感謝。

Thanks, Stacey. No, I mean, I think we commented earlier that we would expect RHA product line to follow more seasonality with some growth, whereas with DAXXIFY, given where we are, that we'll see sequential growth through the balance of the year. We saw pretty meaningful growth on a year-over-year basis, 65%, even though Q2 last year was a launch order for us.

謝謝，史黛西。不，我的意思是，我認為我們之前評論過，我們預計RHA 產品線將遵循更多的季節性並出現一定的增長，而對於DAXXIFY，考慮到我們所處的位置，我們將在今年的剩餘時間內看到連續成長。儘管去年第二季對我們來說是一個啟動訂單，但我們還是看到了相當有意義的同比增長，達到 65%。

And as we look at coming into Q3 and Q4, we're now going to be starting to look at an ASP level to that's going to be comparable. And so I think that that will even show stronger performance on a year-over-year basis. So we would expect again, quarterly sequential growth with DAXXIFY. But as we saw that the quarter-over-quarter and the year-on-year growth, both in units and in revenue, we're encouraged with the trend that we're seeing.

當我們考慮進入第三季和第四季時，我們現在將開始考慮可比較的平均售價水準。因此，我認為這甚至會顯示出同比更強勁的表現。因此，我們預計 DAXXIFY 會再次實現季度環比成長。但當我們看到銷售和收入的季度環比和同比增長時，我們對所看到的趨勢感到鼓舞。

Okay. Thanks so much for the color. Thanks.

好的。非常感謝你的顏色。謝謝。

Thanks, Stacey.

謝謝，史黛西。

Balaji Prasad, Barclays.

巴拉吉·普拉薩德，巴克萊銀行。

Hello, goodafternoon. This is [Sean] on for Balaji. Thanks for taking our question. First of all, could you give us a timeline for the upcoming Fosun approvals in China and the expected milestone payments associated with approvals? And what's your follow-on commercialization plans? Thank you.

你好，下午好。這是巴拉吉的[肖恩]。感謝您提出我們的問題。首先，您能給我們一個複星即將在中國獲得批准的時間表以及與批准相關的預期里程碑付款嗎？您的後續商業化計畫是什麼？謝謝。

And the additions for that, could you also talk about the pricing dynamics for DAXXIFY between the aesthetic and the therapeutic pricing? Because on the therapeutic end, you have to do the pricing. And that price goes to negotiation with the payers. And on the aesthetic end, you will give the discounts to the cash discount.

除此之外，您能否談談 DAXXIFY 在美學定價和療程定價之間的定價動態？因為在治療方面，你必須定價。這個價格將與付款人進行談判。而在美感方面，你會給予現金折扣的折扣。

So how would you balance the aesthetic pricing and therapeutic pricing? Thank you so much.

那麼，您將如何平衡美容定價和療程定價呢？太感謝了。

Thanks. Toby, do you want to take the post-in and the milestones?

謝謝。托比，你想接受貼文和里程碑嗎？

Yes, Mark. I'm sorry about that. So on the Fosun, we submitted the GL indication for the Chinese regulatory authorities in April of 2023 and cervical dystonia indication in July of 2023. Post-in was guided the markets to say that they expect a 14- to 16-month approval timeframe for both of those indications. So we expect that that will be happening, and we're working hard with Fosun to support them for approvals of both indications in this calendar year.

是的，馬克。對此我很抱歉。因此，在復星，我們於2023 年4 月向中國監管部門提交了GL 適應症，並於2023 年7 月向中國監管部門提交了頸肌張力失調適應症。 16 個月的審批時間。所以我們預計這將會發生，我們正在與復星努力合作，支持他們在今年批准這兩個適應症。

In terms of upfront payments, since the history, we signed the contract in December 2018. We received a total of $38 million subject to Chinese withholding tax of 10%. And we have additional $222 million of contingent milestone payments. So we would expect that there would be some milestones.

在預付款方面，自歷史以來，我們於2018年12月簽署了合約。我們還有 2.22 億美元的額外或有里程碑付款。所以我們預計會有一些里程碑。

We haven't given the exact figures per company policy of what we would expect for approval in China for both the [Goubeler Alliance] and the cervical dystonia approval.

我們還沒有根據公司政策給出我們預計在中國批准的[古貝爾聯盟]和頸肌張力障礙批准的確切數字。

And then for your question regarding the pricing linkage between therapeutics and aesthetics, yeah, I mean, even though it's the same BLA, the pricing will be the same with different price as we launched in aesthetics first. And so the ASP that we're driving in aesthetics is going to form the basis for what we charge in therapeutics. And so we've already taken that into account and we've set up our different reimbursement contracts and everything around that. And so there will continue to be linkage between the two.

然後，對於您關於治療學和美學之間的定價聯繫的問題，是的，我的意思是，即使它是相同的 BLA，但定價將與我們首先在美學領域推出的不同價格相同。因此，我們在美學方面推動的 ASP 將構成我們在治療方面收費的基礎。因此，我們已經考慮到了這一點，並製定了不同的報銷合約以及與之相關的一切。因此，兩者之間將繼續存在聯繫。

Thank you.

謝謝。

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆，派珀·桑德勒。

A couple of quick ones for me. First, can you talk about the competitive landscape in the filler space, particularly with another entrant coming in and just how you see things evolving over time? Do you think that the market ultimately is going to be able to accommodate a more crowded competitive landscape? So that's number one on the fillers.

對我來說有幾個快速的。首先，您能否談談填充領域的競爭格局，特別是隨著另一個進入者的加入，以及您如何看待事情隨著時間的推移而演變？您認為市場最終能夠適應更擁擠的競爭格局嗎？所以這是填料上的第一。

And then turning over to DAXXIFY and therapeutics. Just going back a few years where you had, I think, cast more of a wide net in terms of different development programs in the therapeutic setting, obviously, you're looking to balance that out with control and spend. But I'm wondering, over time, particularly as you get profitability, how you're thinking about other indications for DAXXIFY in therapeutics setting and how much of a priority that is. Thanks.

然後轉向 DAXXIFY 和治療。我認為，回顧幾年前，您在治療環境中的不同開發計劃方面撒下了更大的網，顯然，您希望在控制和支出之間取得平衡。但我想知道，隨著時間的推移，特別是當你獲得盈利時，你如何考慮 DAXXIFY 在治療環境中的其他適應症以及它的優先順序有多大。謝謝。

Sure. Thanks, David. So on the competitive entrance side, particularly on fillers, I think this is where the product profile really matters, the breadth of indications, and again, the breadth of the product itself. And so, we'll continue to see competition there, but I think there's a reason that some products stand out more than others in terms of the performance.

當然。謝謝，大衛。因此，在競爭性入口方面，特別是在填充劑方面，我認為這是產品概況、適應症的廣度以及產品本身的廣度真正重要的地方。因此，我們將繼續看到那裡的競爭，但我認為某些產品在性能方面比其他產品更突出是有原因的。

And as we talked earlier, given the way that the RHA products are constructed and more natural, we think it fits really well in for what people are looking. And there's some differences in the product line, particularly with like RHA Redensity and others that we're hearing a strong brand preference for.

正如我們之前所說，鑑於 RHA 產品的構造方式更加自然，我們認為它非常適合人們的需求。產品線也存在一些差異，尤其是 RHA Redensent 和其他我們聽到強烈品牌偏好的產品線。

So we think that not only having the filler line, but having a toxin to partner with it are also going to be really helpful in terms of going into accounts and providing a compelling bundle that works for them. And so we feel very good. And again, we're still early innings in terms of penetration.

因此，我們認為，不僅擁有填充劑系列，而且擁有與之合作的毒素，對於進入客戶並提供適合他們的引人注目的捆綁包也將非常有幫助。所以我們感覺很好。再說一遍，就滲透率而言，我們仍處於早期階段。

In terms of DAXXIFY and therapeutics, you're right. We're trying to be thoughtful about how we invest in the therapeutic category, what's the right timing to launch additional indications, given that it takes a while from start to finish. So we think really CD is a great entryway into that to lay the foundation for further growth.

就 DAXXIFY 和治療而言，你是對的。鑑於從開始到結束需要一段時間，我們正在努力思考如何投資治療類別，什麼是推出其他適應症的正確時機。因此，我們認為 CD 確實是一個很好的入口，可以為進一步成長奠定基礎。

And in the muscle movement category, which is upper and lower limb spasticity and cervical dystonia, that's collectively $1 billion market opportunity in the US. And so we believe we're going to learn a lot in the cervical dystonia launch and we'll be able to partner with these clinicians in terms of next steps.

在肌肉運動類別中，即上肢和下肢痙攣以及頸部肌張力失調，這在美國總共有 10 億美元的市場機會。因此，我們相信我們將在頸部肌張力失調的推出中學到很多東西，並且我們將能夠在後續步驟中與這些臨床醫生合作。

We have completed, as we talked about before, our Phase 2 program for upper limb spasticity. We had our Phase 2 meeting, so we know what the program would look like to activate the Phase 3. And so it's just a function of when do we think it's the right time to lean in on that.

正如我們之前談到的，我們已經完成了針對上肢痙攣的第二階段計畫。我們召開了第二階段會議，因此我們知道啟動第三階段的計劃會是什麼樣子。

And then we've done also an IIT in migraine to generate some of the early data there to inform that strategy. And so we think long-term there's a very healthy opportunity. It's just a matter of, to your point earlier, what's the right timing, and we're continuing to evaluate that.

然後我們還對偏頭痛進行了 IIT，以產生一些早期數據來為該策略提供資訊。因此，我們認為從長遠來看，這是一個非常健康的機會。正如您之前所說，這只是一個問題，什麼是正確的時機，我們正在繼續評估這一點。

Very helpful. Thank you.

非常有幫助。謝謝。

Thank you.

謝謝。

Annabel Samimy, Stifel.

安娜貝爾·薩米米，斯蒂菲爾。

Hi. Thanks for taking my questions. So I just want to confirm, have you washed out all of the accounts that had purchased under the prior price change? Is there still any impact lingering, I guess, from the sort of, I don't know, so-called coupon that you offer them to sort of make them whole on that? So that's the first question.

你好。感謝您回答我的問題。所以我想確認一下，您是否已經清除了之前價格變動下購買的所有帳戶？我想，是否還有任何揮之不去的影響，我不知道，你向他們提供所謂的優惠券，讓他們在這方面變得完整？這是第一個問題。

Then the second is, can you talk a little bit about the loyalty program, the beauty of savings? Is this volume-based or is it as soon as they order the products together? How exactly are they incentivized here? And then anything on the consumer side in terms of more comprehensive couponing for the actual patients. Thanks.

第二個問題是，您能談談忠誠度計畫和儲蓄的好處嗎？是按數量計算還是一起訂購產品後立即計算？他們在這裡究竟是如何受到激勵的？然後是消費者方面的任何事情，為實際患者提供更全面的優惠券。謝謝。

Thanks, Annabel. So in terms of where we are with the coupon that we ran in Q1, that sunseted at the end of April. And so that's done. And so there's no lingering effect there because of the timeframe for redemption on that. So that's fully pulled through and done. And we recognize primarily the offset of that program in Q1.

謝謝，安娜貝爾。因此，就我們在第一季運行的優惠券而言，優惠券已於四月底停止使用。這樣就完成了。因此，由於贖回的時間範圍，因此不會產生揮之不去的影響。這樣就完全完成了。我們主要認識到該計劃在第一季的偏移。

And it was effective. People really liked the program. It did what it was intended to do, which is to drive more patient trial and experience and engagement from the injector side of it. It was obviously less than optimal from a revenue perspective because we had to take the pull offset, but we'll take those learnings forward in terms of how we think about subsequent programs.

這很有效。人們真的很喜歡這個節目。它實現了它的預期目的，即從注射器方面推動更多的患者試驗、體驗和參與。從收入的角度來看，這顯然不是最佳的，因為我們必須採取拉動抵消，但我們將根據我們如何思考後續計劃來推進這些知識。

The beauty of savings was kind of a halo program that cut across RHA promotions, DAXXI promotions, and bundling promotions. And a lot of what we're doing right now is we are linking sort of purchases to training events since we found that a lot of the injectors, particularly given the unique performance profile of our products, really appreciate and find a lot of value in training and education, particularly when we can bring in leaders in the industry that they can spend time with. And so that's been a big part of the beauty of savings.

節省之美是一種光環計劃，涵蓋 RHA 促銷、DAXXI 促銷和捆綁促銷。我們現在正在做的很多事情是將某種購買與培訓活動聯繫起來，因為我們發現很多注射器，特別是考慮到我們產品的獨特性能特徵，真正欣賞並發現了很多價值培訓和教育，特別是當我們可以引進可以與他們共度時光的行業領導者。因此，這就是儲蓄之美的一個重要部分。

And then certainly on the bundling side, there's some additional economic advantages to folks that lean in at certain levels across the portfolio. And we like what we're seeing, and we're seeing additional share in those accounts where we've been able to roll that out.

當然，在捆綁方面，對於在整個投資組合中傾斜到一定水平的人來說，還有一些額外的經濟優勢。我們喜歡我們所看到的，並且我們在那些我們能夠推出的帳戶中看到了額外的份額。

In terms of the kind of how we think about go forward, couponing, and what we're going to do, we're continuing to evaluate what the return is. We don't have anything right now that's planned to be rolled out, but we're continuing to evaluate other ways that we might want to incentivize, consumer engagement, and programs and that's sort of -- stay tuned on that.

就我們如何思考前進、優惠券以及我們將要做的事情而言，我們正在繼續評估回報是什麼。我們現在沒有計劃推出任何東西，但我們正在繼續評估我們可能想要激勵的其他方式、消費者參與和計劃，那就是——請繼續關注。

Okay. And if I could just squeeze one more in on the therapeutic side. You have stated a number of very positive statistics. You have your 84% commercial coverage. You're working with Medicare plans or Medicaid plans. You have the foreign defense veterans, and then you have even stated a reorder rate.

好的。如果我能在治療方面再擠一點就好了。您提出了一些非常積極的統計數據。您擁有 84% 的商業覆蓋率。您正在使用 Medicare 計劃或 Medicaid 計劃。你有外防老兵，然後你甚至還規定了重新訂購率。

So I guess I'm curious if there was any residual revenues for therapeutics in the DAXXIFY number. I'm just a little surprised that you have all these this progress and you're not reporting any revenues at all.

所以我想我很好奇 DAXXIFY 數字中是否有任何剩餘的治療收入。我只是有點驚訝你們取得了所有這些進展，而且你們根本沒有報告任何收入。

Yeah. Well, I think, first off, when you look at the metrics we gave around the aesthetic side, we saw 65% year-over-year unit growth. So almost all of the DAXXI revenue is being driven by aesthetics. We didn't launch until May. And so, there was a limited amount of time. And again, the way that these practices by, given that CD is still a pretty small market, it's $340 million in the US, these practices don't buy in volume. They buy to treat patients on the buy-and-bill.

是的。嗯，我認為，首先，當你看看我們在美學方面給出的指標時，我們發現單位數量比去年同期增加了 65%。因此，DAXXI 的幾乎所有收入都是由美學驅動的。我們直到五月才推出。因此，時間是有限的。再說一遍，考慮到 CD 仍然是一個相當小的市場，在美國市場規模為 3.4 億美元，這些做法並不能大量購買。他們透過購買和計費的方式購買來治療患者。

And again, even though you've got reimbursement in place, they want to make sure that when they run it through their own system that they're getting paid. So they'll tend to treat one, two, three patients, and then wait the full reimbursement cycle before they see if they're going to get paid.

再說一次，即使你已經有了報銷，他們也想確保當他們通過自己的系統運行時他們能得到報酬。因此，他們傾向於治療一名、兩名、三名患者，然後等待整個報銷週期，然後再看看是否能獲得報酬。

And so while we like what we're seeing clinically, we like the progress that we're making on the reimbursement side, it's a conservative group. And a lot of these practices only see a certain number of these. And so again, we just think it's going to take us time. I think we're pointing to sort of the clinical utility and value that DAXXIFY brings, but it's just going to take a little while to unlock some of the revenue that's going to be associated with it.

因此，雖然我們喜歡我們在臨床上看到的情況，但我們喜歡我們在報銷方面取得的進展，這是一個保守的群體。而很多這樣的實踐只能看到其中的一定數量。再說一遍，我們只是認為這需要時間。我認為我們指出的是 DAXXIFY 帶來的臨床效用和價值，但需要一段時間才能釋放與之相關的一些收入。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Thanks, Annabel.

謝謝，安娜貝爾。

Tim Lugo, William Blair.

提姆·盧戈，威廉·布萊爾。

Hey, guys. This is Lachlan on for Tim. Thanks for taking the questions. So, Mark, I was wondering, can you talk about any changes in how DAXXIFY is being used by the existing accounts since the price change? I mean, beyond just using it more, have they changed the way they use it, used it more off label or different doses or anything?

嘿，夥計們。這是拉克蘭替提姆發言。感謝您提出問題。那麼，馬克，我想知道，您能否談談自價格變動以來現有帳戶使用 DAXXIFY 的方式有何變化？我的意思是，除了更多地使用它之外，他們是否改變了使用它的方式，更多地在標籤外使用它或改變劑量或其他什麼？

And second, Toby, you mentioned the soft filler market and I think we've seen that sort of some softness across aesthetics with competitor reports as well. So just wanted to get your latest thoughts on sort of the state of the market for both toxins and fillers. And if there's anything in particular, either driving the weakness or that you think could bring an end to it. Thanks.

其次，托比，您提到了軟填料市場，我認為我們在競爭對手的報告中也看到了美學上的一些軟性。所以只是想了解您對毒素和填充劑市場狀況的最新想法。如果有什麼特別的事情，要不是導致弱點的原因，就是你認為可以結束弱點的地方。謝謝。

Sure. Thanks, Lachlan. So in terms of DAXXI and how it's being used, I think with all these products, the more familiar they get with it, the more comfortable they get, and that's toxins and fillers across. And so certainly the more people use it, the more comfortable. And while we are on label for a certain reconstitution, for example, we know that some practices really like to adjust how they reconstitute and how they administer.

當然。謝謝，拉克蘭。因此，就 DAXXI 及其使用方式而言，我認為對於所有這些產品，他們對它越熟悉，他們就越舒服，這就是毒素和填充劑。當然，使用它的人越多，就越舒服。例如，雖然我們貼有某種重組的標籤，但我們知道有些做法確實喜歡調整它們的重組方式和管理方式。

And they do that with all the other toxins. And so I think we're finding that within any given practice, they are adapting what they believe is the best way to deliver to get the outcome that they want.

他們用所有其他毒素來做到這一點。因此，我認為我們發現，在任何特定的實踐中，他們都在調整他們認為最好的方式來實現他們想要的結果。

Yeah, we run Phase 2 trials in upper facial lines. And what we hear in the marketplace is that injectors are comfortable using DAXXI in a similar fashion to the other neurotoxins. And so I don't know that we're necessarily seeing much of a change in terms of where they use the products. I think they're comfortable with where they use it, but I think it's more in the function of like how do they reconstitute, how do they dose.

是的，我們在上面部線條進行了第二階段試驗。我們在市場上聽到的是，注射者可以以與其他神經毒素類似的方式使用 DAXXI。所以我不知道他們使用產品的地方是否一定會發生很大的變化。我認為他們對使用它的地方感到滿意，但我認為更多的是它們的功能，例如它們如何重構，如何劑量。

We've definitely seen some learning with the forehead, for example. We've heard that DAXXIFY appears to be more precise. So where you deliver it, it stay. You see less difusion. And so for the forehead, which is a broader area, we hear that some accounts, for example, are doing more injection points, but just smaller delivery to make sure that they get the desired outcome. And I think the forehead is one of those areas that people need to take a little bit more time to figure out.

例如，我們肯定已經看到了一些前額學習。我們聽說 DAXXIFY 似乎更精確。因此，您將其交付到哪裡，它將留在哪裡。你會看到更少的擴散。因此，對於額頭這個更廣泛的區域，我們聽說一些帳戶正在做更多的注射點，但只是較小的交付，以確保他們獲得預期的結果。我認為前額是人們需要花更多時間來弄清楚的區域之一。

And then we'll see range. Some are solely the full dose. Some have moderated their dose a little bit. Some adjust their dose and maybe a little different and other lines versus forehead. And so the good news is, I think that, with any new product, there's going to be its own unique personality, and particularly with a product like ours that has a very different formulation with the peptides.

然後我們會看到範圍。有些只是全劑量。有些人稍微減少了劑量。有些人調整了劑量，可能略有不同，其他線條與前額相比。因此，好消息是，我認為任何新產品都會有其獨特的個性，特別是像我們這樣的產品，它的勝肽配方非常不同。

And I think universally what we're hearing for those accounts that are seeing the positive impact and the reinforcement is that they're saying it's different. What I'm seeing in terms of the onset skin quality, it's different that I can't get with the others. And that's kind of where we see the real stickiness. And so we'll continue to try and make sure that we do everything we can to support these accounts and get them the proper training.

我認為，我們普遍聽到的那些看到正面影響和強化的帳戶是，他們說這是不同的。我所看到的起始皮膚質量與其他人相比是不同的。這就是我們看到真正黏性的地方。因此，我們將繼續努力確保盡一切努力支持這些客戶並為他們提供適當的培訓。

In terms of the overall market dynamics, in terms of the soft filler market, yeah, I think it's a combination of just some of the market dynamics out there and some of the spend challenges that some consumers are having and then certainly on the filler market, we've heard a little bit about the concern about looking artificial and not natural.

就整體市場動態而言，就軟填料市場而言，是的，我認為這只是一些市場動態以及一些消費者所面臨的一些支出挑戰的組合，當然還有填料市場，我們聽說過一些關於看起來人造而不自然的擔心。

And as I said previously, we think that that fits really well with RHA product line, because again, it's the most natural. It's got an indication around dynamic wrinkles and folds, meaning it's designed to move naturally with facial expression and make sure it looks very natural. And we're still in a small number of accounts, so we have the benefit of being in growth mode.

正如我之前所說，我們認為這非常適合 RHA 產品線，因為這也是最自然的。它有關於動態皺紋和褶皺的指示，這意味著它的設計可以隨著面部表情自然移動，並確保它看起來非常自然。而且我們的帳戶數量仍然很少，因此我們有處於成長模式的好處。

The toxin market seems to be pretty steady. And I think we've seen that in past times with even an economic downturn in 2008. And I think it's a lower-cost treatment procedure. And I think once people get used to the outcome, it's a little bit like hair color where they feel now they need my wrinkles back and go.

毒素市場似乎相當穩定。我認為我們在過去的時間裡已經看到了這一點，甚至在 2008 年經濟低迷時期也是如此。我認為一旦人們習慣了這個結果，這有點像頭髮的顏色，他們覺得現在他們需要我的皺紋回來並消失。

So the toxin market feels more stable and steady. The filler market's been a little more soft. But obviously with the print that we put up in Q2, we feel like we've got the product line and the strategy and the execution to continue to drive good growth.

因此，毒素市場感覺更加穩定。填料市場有點疲軟。但顯然，根據我們在第二季發布的信息，我們覺得我們已經擁有了產品線、策略和執行力，可以繼續推動良好的成長。

Great. Thanks a lot.

偉大的。多謝。

Ear Uy, Mizuho.

耳Uy，瑞穗。

Hey, guys. Thanks for taking our questions. So I guess my first question is, would you be able to share with us the market share that you've gained in this quarter as you did in the previous quarter for DAXXIFY as well as for RHA?

嘿，夥計們。感謝您回答我們的問題。所以我想我的第一個問題是，您能否與我們分享您在本季度為 DAXXIFY 以及 RHA 獲得的市場份額，就像您在上一季所做的那樣？

And secondly, what percentage of the 15% year-over-year growth in RHA came from the lips product? And thirdly, I just want to make sure, did you guys add any account overall at all? Because the press release says over 7,500 accounts and that was what was reported in the first quarter. Thanks.

其次，RHA 15% 的年成長中有多少來自唇部產品？第三，我只是想確定一下，你們是否添加了任何帳戶？因為新聞稿稱有超過 7,500 個帳戶，而這正是第一季報告的情況。謝謝。

Yeah, so let me let me hit that one first. Toby, do you want to comment just on the account side of things? Because I think that there was an error on our side.

是的，所以讓我先打那個。托比，你想就帳戶方面的事情發表評論嗎？因為我認為我們這邊有錯誤。

Yeah, I think. Yeah, and I appreciate the question, Ear and Stacey. Before I finish it, we would like to draw your attention to a numerical error on the second-quarter release. We should have said that we ended the second quarter at over 8,000 aesthetic accounts and over 4,200 accounts that have ordered DAXXIFY.

是的，我想。是的，我很欣賞你的問題，耳朵和史黛西。在我結束之前，我們想提請您注意第二季發布的數位錯誤。我們應該說，第二季結束時，我們有超過 8,000 個美容帳戶和超過 4,200 個帳戶訂購了 DAXXIFY。

I apologize about that. And I speak to Stacey's confusion earlier and your confusion, Ear. So again, it should be 8,000 aesthetic and 4,200 DAXXIFY accounts.

我對此表示歉意。我早些時候談到了史黛西的困惑和你的困惑，耳朵。再說一次，應該是8000個美學和4200個DAXXIFY帳號。

Thanks.

謝謝。

Thanks for clarifying that, Ear. So, Ear, on your question on the market share side of it, we're one of the few companies that reports -- has reported market share in the past. So I think it's a little harder to necessarily compare it. And there's always the debate about what the source is.

感謝您澄清這一點，耳朵。因此，Ear，關於您關於市場份額方面的問題，我們是少數幾家過去報告過市場份額的公司之一。所以我認為比較它有點困難。關於來源是什麼一直存在爭議。

But if you look at the unit growth that we saw with, DAXXIFY, the revenue growth that we've seen with DAXXIFY, I mean, I think it's fair to conclude that we're continuing to see good healthy metrics around what that looks like.

但如果你看看我們在DAXXIFY 上看到的單位成長，以及我們在DAXXIFY 上看到的收入成長，我的意思是，我認為可以公平地得出這樣的結論：我們將繼續看到良好的健康指標。

And then on the RHA side, the same thing, given that the market filler softness and growing 15% year over year, we continue to take share on that side of it. And so I think from our perspective and in discussions with investors, I think what they're most focused on is, independent of sort of what's happening in the market, are you growing and are you seeing good healthy metrics? And so we feel good about sort of the metrics that we're putting up. And even in a market that has seen a little bit of softness, the overall growth there.

然後在 RHA 方面，同樣的事情，考慮到市場填料的柔軟性和同比增長 15%，我們繼續在這方面佔據份額。因此，我認為從我們的角度以及與投資者的討論中，我認為他們最關注的是，無論市場上發生了什麼，你是否在成長，是否看到良好的健康指標？因此，我們對我們提出的一些指標感覺良好。即使市場有些疲軟，但整體還是成長的。

In terms of the 15% year-over-year growth and question about how much is that attributed to the lips, that's really hard to know because even though we have an indication for RHA 3 for lips, we do know that practices use a variety of different skews to treat the lips. They have their own sort of preference on it.

就 15% 的同比增長而言，以及有多少是歸因於嘴唇的問題，這真的很難知道，因為即使我們有 RHA 3 用於嘴唇的指示，我們確實知道實踐中使用了多種不同的傾斜度來治療嘴唇。他們對此有自己的偏好。

And then secondly, it's hard to know whether or not the product that they use, where it's used in the face. We saw good healthy growth across the portfolio of the RHA product line. We obviously leaned in and did some other promotions and incentives and training around RHA 3.

其次，很難知道他們使用的產品是否、用在臉上的什麼地方。我們看到 RHA 產品線組合呈現良好的健康成長。顯然，我們圍繞著 RHA 3 進行了一些其他促銷、激勵和培訓。

And so while lips certainly was something that we were able to leverage to create excitement and engagement, we saw that translate into broader usage across the Phase 2.

因此，雖然我們確實能夠利用嘴唇來創造興奮和參與度，但我們看到它在第二階段轉化為更廣泛的使用。

Okay, thanks.

好的，謝謝。

Great. Thank you.

偉大的。謝謝。

Serge Belanger, Needham & Company.

謝爾蓋貝蘭格 (Serge Belanger)，李約瑟公司。

Hey, good afternoon. First one for Mark. We're soon coming up on the one-year anniversary when you change the pricing and marketing strategy around DAXXI. So just curious where the price per vial now stands relative to where we were a year ago and whether you expect that will change over the second half of the year.

嘿，下午好。第一個是給馬克的。我們即將迎來一週年紀念日，屆時您將更改 DAXXI 的定價和行銷策略。因此，我只是好奇現在每瓶的價格相對於一年前的價格是多少，以及您預計下半年價格是否會改變。

And then similarly, again, on pricing, but on the consumer side, we're one more quarter since you dropped restrictions on advertised pricing. What kind of movements you've seen there from your injector customers? Thanks.

同樣，在定價方面，但在消費者方面，自從你們取消廣告定價的限制以來，我們又過了一個季度。您從注射器客戶那裡看到了什麼樣的動作？謝謝。

Yeah, thanks. So on the pricing and the year over year, we feel really good that we fit sort of the right balance right now in terms of the price that we're charging our actual injectors. And so that's settled into a nice spot. And you can see that reported in -- reflected in the Q2.

是的，謝謝。因此，在定價和年復一年方面，我們感覺非常好，因為我們現在在向實際噴油嘴收取的價格方面達到了適當的平衡。所以這是一個很好的地方。您可以看到報告反映在第二季。

So we've seen good, steady pricing right now at the new levels. It'll move a little bit because we still have the tiered pricing based on how much they buy that can influence sort of that range. But we like where we're situated from a pricing standpoint to the practice.

因此，我們現在在新的水平上看到了良好、穩定的定價。它會發生一點變化，因為我們仍然根據他們購買的數量進行分級定價，這會影響該範圍。但從定價角度到實踐，我們喜歡我們所處的位置。

The next question is that how well is that being translated to the consumer and are they taking sort of that lower price that we're giving to them and passing along to the consumer. And I would say that's taken a little bit more time, but now we do see that our pricing is coming much more in line with competitor pricing from a consumer standpoint, which is ultimately what we wanted to have happen so that we're getting out of this whole [at a] premium price, the product has to have a elevated set of performance expectations above and beyond sort of the attributes that it has, which are helping drive adoption.

下一個問題是，這對消費者的轉換效果如何？ 他們是否接受了我們提供給他們的較低價格並轉嫁給消費者。我想說這花了更多的時間，但現在我們確實看到，從消費者的角度來看，我們的定價與競爭對手的定價更加一致，這最終是我們希望發生的事情，這樣我們就可以退出在整個過程中，[以]高價，該產品必須具有一系列更高的性能期望，超越其所具有的屬性，這有助於推動採用。

And so we've been encouraged by saying that pricing that we're given to the injector have passed along to the consumers and we'll continue to monitor that. But we like where that's also situated. And so we're encouraged. As we come up to sort of the annual point where we made the price change, I think that it will also allow us to show healthy year-over-year gains on that as well from a revenue standpoint.

因此，我們受到鼓舞的是，我們給予注射器的定價已經傳遞給消費者，我們將繼續監控這一點。但我們也喜歡它所在的地方。所以我們受到鼓舞。當我們達到價格調整的年度點時，我認為這也將使我們能夠從收入的角度顯示出健康的同比增長。

In terms of the advertised pricing, yeah, I think that, you know, if we look at our awareness trends, the promotional trends that we're seeing, I think that our injectors appreciate it because they want to be able to talk about it, they want to be able to say, hey, I've got this next-generation toxin, come ask me about it. And so I think that that's also feeding into some of the increases that again, we're seeing in awareness and some of the growth trends that we're seeing.

就廣告定價而言，是的，我認為，如果我們看看我們的意識趨勢，我們看到的促銷趨勢，我認為我們的注射器很欣賞它，因為他們希望能夠談論它，他們希望能夠說，嘿，我有這種下一代毒素，來問我吧。因此，我認為這也促進了我們在意識方面再次看到的一些成長以及我們所看到的一些成長趨勢。

Thank you.

謝謝。

Great. Thanks, Serge.

偉大的。謝謝，塞爾日。

Navann Ty, BNP Paribas.

納萬·泰，法國巴黎銀行。

Hi. Thanks for taking my question. First, can you discuss the feeder's market recovery in H2, and do you need that market recovery to reach the revenue guidance? And second, a follow-up to a previous question, what is the contribution of RHA 3 for lips to RHA performing the fillers market? Thank you.

你好。感謝您提出我的問題。首先，您能否討論一下下半年支線市場的復甦，以及您是否需要市場復甦才能達到收入指引？其次，延續上一個問題，唇部 RHA 3 對 RHA 填充劑市場的貢獻是什麼？謝謝。

Thanks, Navann. So in terms of the filler market health, again, even in the midst of what I would say was a softer filler market the first half of the year and certainly Q2, we drove really healthy revenue. And so listen, we think that the RHA market is going to continue to be robust and that longer term, the growth dynamics will be there. And so we're continuing to focus on delivering on the revenue plan independent of the market backdrop.

謝謝，納萬。因此，就填料市場的健康狀況而言，即使在我所說的上半年填料市場疲軟的情況下，當然還有第二季度，我們也實現了非常健康的收入。因此，聽著，我們認為 RHA 市場將繼續強勁，從長遠來看，成長動力將會存在。因此，我們將繼續專注於實現獨立於市場背景的收入計劃。

And so we're hoping that interest rates drop a little bit, but that will drive a little bit healthier consumer and things like that. But so far, when we pulse check with the field and the customers out there, we feel good about where we're situated today.

因此，我們希望利率能稍微下降，但這將推動消費者更健康以及類似的事情。但到目前為止，當我們對現場和客戶進行脈搏檢查時，我們對我們今天所處的位置感覺良好。

I don't know that I have anything incremental to add on the RHA 3 and sort of where it was on lips. I mean, lips being the number one procedure certainly helped that we were able to lean in with that. But injectors were already treating lips with other products. And so it wasn't like we opened up necessarily a new indication that wasn't getting treated. It allowed us to bring a spotlight and to promote lips with the RHA 3.

我不知道我是否需要在 RHA 3 上添加任何增量內容以及它在嘴唇上的位置。我的意思是，嘴唇作為第一個手術肯定有助於我們能夠做到這一點。但注射者已經開始用其他產品來治療嘴唇。因此，我們並不一定開闢了一種沒有得到治療的新適應症。它使我們能夠透過 RHA 3 帶來聚光燈並提升嘴唇效果。

So it definitely helped with engagement. We had sort of a whole thing about lips worth framing that drove social media and digital opportunities and content sharing, but it's hard for us to sort of really know, given as I said before that some people will use other SKUs than RHA treat the lips. And we don't always know exactly where they use it, but it was certainly helpful for sure, and we'll continue to leverage that going forward. It wasn't just a Q2 initiative.

所以這絕對有助於提高參與度。關於嘴唇，我們有一些值得框架的東西，這推動了社交媒體和數位機會以及內容共享，但我們很難真正了解，因為正如我之前所說，有些人會使用 RHA 對待嘴唇以外的其他 SKU 。我們並不總是確切地知道他們在哪裡使用它，但它肯定是有幫助的，我們將繼續利用它。這不僅是第二季的一項舉措。

Thank you. That's helpful. Thanks.

謝謝。這很有幫助。謝謝。

Thanks, Navann.

謝謝，納萬。

Thank you. That concludes today's conference call. Thank you. You may now disconnect your line.

謝謝。今天的電話會議到此結束。謝謝。現在您可以斷開線路。