Shoulder Innovations, Inc. (SI) 2026 Q1 法說會逐字稿

Welcome, ladies and gentlemen, to the first quarter 2026 earnings conference call for Shoulder Innovations.

女士們、先生們，歡迎參加 Shoulder Innovations 2026 年第一季財報電話會議。

(Operator Instructions)

(接線員指示)

Please note that this conference is being recorded and will be available on the company's website for replay shortly.

請注意，本次會議將被錄音，並將於稍後在公司網站提供重播。

I would now like to turn the call over to Sam Bentzinger, Investor Relations at Gilmartin Group for a few introductory comments. Please go ahead.

現在我想把電話交給 Gilmartin Group 投資人關係部的 Sam Bentzinger，請他先做幾點開場說明。請開始。

Good afternoon, and thank you for participating in today's call. Joining me from Shoulder Innovations are Rob Ball, Chief Executive Officer and Jeff Points, Chief Financial Officer.

各位下午好，感謝各位參與今天的電話會議。與我一同出席、代表 Shoulder Innovations 的有執行長 Rob Ball 與財務長 Jeff Points。

Earlier today, Shoulder Innovations issued a press release announcing financial results for the first quarter ended March 31, 2026. Copy of the press release is available on the Investor Relations section of the company's website.

今天稍早，Shoulder Innovations 已發布新聞稿，公布截至 2026 年 3 月 31 日止第一季的財務結果。新聞稿可於公司網站的投資人關係專區取得。

Before we begin, I'd like to remind you that management will make remarks during this call that constitute forward-looking statements within the meanings of federal securities laws and that these are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. These statements involve material risks and uncertainties. That could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

在開始之前，我想提醒各位，管理層在本次電話會議中的發言將包含依據聯邦證券法所定義的前瞻性陳述，並係依 1995 年《私人證券訴訟改革法案》的安全港條款作出。本次電話會議中任何與對未來事件、結果或表現之預期或預測相關的陳述，均屬前瞻性陳述。此等陳述涉及重大風險與不確定性，可能導致實際結果或事件與這些前瞻性陳述所預期或暗示者出現重大差異。

Accordingly, you should not place undue reliance on these statements. For our full list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our most recent Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission.

因此，您不應過度依賴此等陳述。如需我們業務相關風險與不確定性的完整清單與說明，請參閱我們最近一期 Form 10-K 年度報告中的「風險因素」章節，以及我們向美國證券交易委員會提交的其他文件。

Additionally, during this conference call, the company will discuss certain financial measures that have not been prepared in accordance with GAAP. This non-GAAP information should not be considered in isolation or as a substitute for or superior to results prepared in accordance with GAAP. Please refer it to the tables in our earnings release for reconciliation of these measures to the most directly comparable GAAP financial measure.

此外，在本次財報電話會議中，公司將討論若干未依 GAAP 編製的財務衡量指標。此等非 GAAP 資訊不應被單獨看待，亦不應被視為可替代或優於依 GAAP 編製之結果。請參閱我們財報新聞稿中的表格，以取得這些指標與最直接可比之 GAAP 財務衡量指標之調節。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 13, 2026. Shoulder Innovations disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

本次財報電話會議包含具時效性的資訊，且僅以今日（2026 年 5 月 13 日）直播當下為準。除法律要求外，Shoulder Innovations 不承擔亦不表示有任何意圖或義務更新或修訂任何財務預測或前瞻性陳述，不論係因新資訊、未來事件或其他原因。

With that, I'll turn the call over to Rob.

接下來，我把電話交給 Rob。

Thanks, Sam. Good afternoon, everyone, and welcome to our first quarter earnings call.

謝謝你，Sam。各位下午好，歡迎參加我們第一季財報電話會議。

I'm very pleased to report that 2026 is off to a strong start. Through the first few months of the year, we've rapidly onboarded new surgeons, deepened utilization within our existing customer base and achieved several important product milestones. This performance reflects intensifying momentum across our entire organization, which enabled us to deliver first quarter net revenue of $16.7 million, an increase of 65% year-over-year and 16% sequentially.

我很高興向各位報告，2026 年開局強勁。在今年前幾個月，我們快速導入新外科醫師、加深既有客戶群的使用率，並達成數項重要的產品里程碑。這些表現反映出我們整個組織動能持續增強，使我們第一季淨營收達 1,670 萬美元，年增 65%，並較前一季成長 16%。

First quarter gross margin also came in strong at 77.7%, and we see further opportunity for expansion as the organization continues to mature. Given the strength of these results, our growing scale and the efficiency of our commercial organization more broadly, we've increased we we have increased conviction in the trajectory of our business and as a result, we are raising our full-year 2026 net revenue guidance today to a range of $65 million to $68 million, representing growth of 37% to 44% over 2025. This compares to our prior range of $62 million to $65 million or 31% to 37% growth. Jeff will provide additional color on our outlook shortly.

第一季毛利率同樣表現強勁，達 77.7%；隨著組織持續成熟，我們也看到進一步擴張的機會。鑑於這些結果的強勁表現、我們規模的擴大，以及更廣泛而言我們商業組織的效率，我們對業務發展軌跡的信心進一步提升；因此，我們今天上調 2026 全年淨營收指引至 6,500 萬至 6,800 萬美元區間，較 2025 年成長 37% 至 44%。相較之下，我們先前的區間為 6,200 萬至 6,500 萬美元，或成長 31% 至 37%。Jeff 稍後將就我們的展望提供更多說明。

Our ability to deliver this growth in 2026 is grounded in the same three strategic priorities we discussed in our last two calls, which include driving adoption among new surgeons. Increasing penetration in our existing surgeon customer base to increase procedural volume and adding products to our portfolio to address the remaining unmet needs of patients and surgeons. This includes both expanding indications and enabling technology.

我們在 2026 年實現此成長的能力，奠基於我們在前兩次電話會議中討論的同樣三項策略重點，包括推動新外科醫師採用。提高既有外科醫師客戶群的滲透率，以增加手術量，並將產品納入我們的產品組合，以滿足病患與外科醫師尚未被滿足的需求。這包括擴大適應症與賦能技術兩方面。

We've made meaningful progress on all three priorities in the first quarter, which I'll walk through now. Let me start with new surgeon adoption. Our W-2 commercial leadership organization remains laser-focused on the roughly 1800 high-volume shoulder specialists in the US, and that targeted approach continues to translate into rapid growth in our customer base of core and contender surgeon customers.

第一季我們在這三項重點上都取得了實質進展，接下來我將逐一說明。先從新外科醫師採用談起。我們的 W-2 商業領導組織仍高度聚焦於美國約 1,800 名高量肩關節專科醫師；這種精準鎖定的策略持續轉化為我們核心與潛力外科醫師客戶群的快速成長。

We are very pleased with the new surgeon adoption trends we're seeing through the early part of 2026, and we expect that momentum to be durable throughout the year. As a reminder, we ended 2025 with 134 core and contender surgeons, up 61% year-over-year, and we'll update that figure on an annual cadence. Surgeon adoption continues to be driven by focused execution from our commercial leadership team, supported by our proprietary business intelligence platform. We are increasingly seeing the brand awareness we built in the market over the past year compound that effort. And finally, we're benefiting from the accelerating productivity gains within the W-2 commercial leadership cohort hired in 2025.

我們對 2026 年初期所看到的新外科醫師採用趨勢感到非常滿意，並預期這股動能將在全年持續。提醒各位，我們在 2025 年底共有 134 名核心與潛力外科醫師，年增 61%，我們將以年度頻率更新該數字。外科醫師採用持續由我們商業領導團隊的聚焦執行所驅動，並由我們自有的商業智慧平台提供支援。我們也愈來愈看到過去一年在市場上建立的品牌知名度，正在放大這項努力的成效。最後，我們也受惠於 2025 年招募的 W-2 商業領導梯隊生產力加速提升。

To capitalize on this growing momentum, we again added top talent to our commercial leadership team through Q1 to support further scaling of our business, particularly as we secure additional hospital approvals in key new territories. We are making progress with activating these markets and believe there is significant greenfield opportunity remaining across the US for our team to target. We look forward to the contributions from these new commercial leaders as they ramp over the next couple of quarters and build deeper relationships within their territories.

為了把握這股日益增強的動能，我們在第一季再次為商業領導團隊延攬頂尖人才，以支持業務進一步擴張，特別是在我們於關鍵新區域取得更多醫院核准之際。我們正推進這些市場的啟動，並相信在美國各地仍有大量綠地機會可供團隊鎖定。我們期待這些新的商業領導者在未來幾季逐步上手，並在其負責區域內建立更深厚的關係，帶來貢獻。

Meanwhile, we've continued to invest in our unique high-touch surgeon-to-surgeon education programs facilitated by our customer experience and medical education team. We are seeing tangible results in terms of new surgeon adoption coming out of these sessions and increasingly use them as an integral part of our broader commercial strategy. Excluding industry meetings, our CEME team conducted 44 total SI-sponsored educational events in first quarter. And the peer-to-peer dynamic these events create generates organic advocacy that compounds across the shoulder surgical community.

同時，我們也持續投資於由客戶體驗與醫學教育團隊所推動、具高互動性的外科醫師對外科醫師教育計畫。我們看到這些課程在新外科醫師採用方面帶來具體成果，並愈來愈將其作為更廣泛商業策略中的關鍵一環。不含產業會議在內，我們的 CEME 團隊於第一季共舉辦 44 場由 SI 贊助的教育活動。而這些活動所形成的同儕交流動態，能在肩關節手術社群中產生有機的口碑倡議，並持續擴散。

Most recently in April, we hosted our first national symposium of 2026 in Napa Valley. Surgeon attendance was up over 70% versus last year's event, making it the largest symposium in SI's history since we launched the program four years ago. These symposiums combine didactic content, case-based discussion, and hands-on experience with our InSet shoulder arthroplasty portfolio and ProVoyance preoperative planning platform with curriculum designed. Written and proctored, all by surgeons.

最近在 4 月，我們於納帕谷（Napa Valley）舉辦了 2026 年首場全國性研討會。外科醫師出席人數較去年活動增加逾 70%，成為 SI 自四年前啟動該計畫以來規模最大的研討會。這些研討會結合講授內容、以案例為基礎的討論，以及對我們 InSet 肩關節置換產品組合與 ProVoyance 術前規劃平台的實作體驗，並搭配所設計的課程。課程內容由外科醫師撰寫並擔任指導（proctor），全部皆由外科醫師完成。

The consistent positive feedback we received from attendees at these events validates the incredible work of our CEME team in creating a true differentiator in the marketplace that's generating tangible results, both in terms of generating interest among new surgeons and helping to drive our second key strategic priority of increasing utilization and procedural growth within our customer base.

我們從與會者那裡持續收到的正面回饋，驗證了 CEME 團隊所做的卓越工作：在市場上打造出真正的差異化優勢並產生具體成果，既能引發新外科醫師的興趣，也有助於推動我們第二項關鍵策略重點——提升客戶群內的使用率與手術量成長。

For example, of the attending surgeons at our NAPA course who are not already core or contender customers, more than 70% have already either performed their first case with our system, committed to their first case, or committed to increasing volume, and that progression has occurred in just a few weeks since the meeting.

例如，在參加我們納帕（NAPA）課程且尚非核心或潛力客戶的外科醫師中，已有超過 70% 不是已使用我們的系統完成首例手術、就是已承諾進行首例手術，或承諾提高手術量；而這樣的進展僅在會後短短幾週內就已發生。

When looking at the first quarter specifically, total implant volume across our core contender and prospect customers increased 51% year-over-year to 2184 units. As has been the case in recent quarters, this volume growth reflected a combination of several additional compelling dynamics. First, surgeons are entering our new customer funnel faster. In fact, in the first quarter, we more than doubled the number of new customers entering our funnel as compared to the first quarter of 2025.

就第一季而言，我們核心「競爭者（contender）」與「潛在客戶（prospect）」客戶群的植入物總量年增 51%，達到 2,184 件。如同近幾季的情況，這項量的成長反映了多項額外且具吸引力的動能組合。首先，外科醫師進入我們新客戶漏斗的速度更快。事實上，在第一季，與 2025 年第一季相比，進入我們漏斗的新客戶數量增加逾一倍。

Second, surgeons are scaling through the funnel from prospect to contender to core at a faster pace. And third, we're seeing increased volume from existing surgeons within their current prospect contender and core categories. Within these dynamics, the standout signal is that our highest growth surgeon category in the first quarter was core, both year-over-year and sequentially, which is the strongest possible signal of where our business is heading.

第二，外科醫師在漏斗中從「潛在客戶」到「競爭者」再到「核心」的推進速度更快。第三，我們也看到既有外科醫師在其目前的「潛在客戶」、「競爭者」與「核心」類別中帶來更高的使用量。在這些動能之中，最突出的訊號是：第一季成長最快的外科醫師類別是「核心」，無論年增或季增皆然；這是對我們業務走向最強而有力的訊號。

The one category where growth has moderated is contender, and that's by design because we are losing those contenders to core status. Importantly, even as we rapidly added core surgeons, we've continued to see increases in units per surgeon both year-over-year and sequentially in that category. This is particularly meaningful proof point, new entrants to the core category typically joined at the lower end of the volume range, which would normally compress the average, but our highest volume core surgeons more than offset that dynamic, demonstrating that our existing core surgeons are continuing to grow their utilization. Even as the segment expands.

唯一成長趨緩的類別是「競爭者」，而這是刻意為之，因為我們正將這些競爭者轉換為「核心」身分。重要的是，即使我們快速增加核心外科醫師人數，我們仍持續看到該類別的每位外科醫師平均使用件數（units per surgeon）在年增與季增上皆有所提升。這是一個特別有意義的佐證：新進入核心類別者通常從較低的使用量區間起步，理論上會壓低平均值，但我們高使用量的核心外科醫師所帶來的增量遠遠抵銷了這項影響，顯示既有核心外科醫師仍在持續提高使用率。即便該分群持續擴大亦然。

To ensure we continually equip these surgeons in best-in-class product portfolio, we've also remained focused on our third strategic priority of developing and launching new technologies to address the remaining unmet needs of patients and surgeons, both through new indications and enabling technology. We've had an active few months on this front to start the year, and I want to highlight a couple specific areas of progress.

為了確保我們持續以同級最佳的產品組合賦能這些外科醫師，我們也持續聚焦於第三項策略優先事項：開發並推出新技術，以透過新適應症與賦能技術（enabling technology）解決病患與外科醫師尚未被滿足的需求。今年開局在此方面的幾個月相當積極，我想特別強調幾個具體進展領域。

Starting with new indications, consistent with our prior communicated timing, we initiated a limited user release of our I-135RFX products in early Q1. We recently expanded the indication to include more complex fractures, and two weeks ago, we announced the transition of our InSet I-135RFX humeral stem from limited user release to full commercial launch following receipt of that expanded clearance from FDA.

先談新適應症：依照我們先前溝通的時程，我們在第一季初啟動 I-135RFX 產品的有限使用者釋出（limited user release）。我們近期將適應症擴大至涵蓋更複雜的骨折；兩週前，在取得 FDA 對該擴大核准後，我們宣布將 InSet I-135RFX 肱骨柄（humeral stem）由有限使用者釋出轉為全面商業化上市（full commercial launch）。

With this broader label, the I-135 now addresses primary, revision, and fractured total shoulder arthroplasty cases, and equally important, its addition to our portfolio means that shoulder innovations can now nearly support the full spectrum of shoulder arthroplasty procedures our surgeon customers perform in both the operating room and ambulatory surgery settings.

在更廣泛的標示（label）下，I-135 現可涵蓋初次置換、翻修，以及骨折相關的全肩關節置換（total shoulder arthroplasty）病例；同樣重要的是，將其納入我們的產品組合，意味著我們的肩關節創新方案如今幾乎可支援外科醫師客戶在手術室與門診手術中心（ambulatory surgery）環境中所執行的全範圍肩關節置換手術。

The I-135 joins the smaller form factor InSet 95 and InSet 70, launched in 2024 and 2025, respectively, as the third addition to the I-Series Humeral Stem product line. Consistent with those earlier launches, the I-135 is built on our exclusive InSet lateral-lateral implant philosophy, which independent peer-reviewed research has shown reduces complications and maximizes post-operative range of motion. To date, surgeons have used the I-135 in both anatomic and reverse shoulder arthroplasty configurations, and consistent feedback has highlighted its ease of use, straightforward surgical technique, and seamless integration with our two-tray surgical instrumentation system.

I-135 與較小尺寸的 InSet 95 與 InSet 70（分別於 2024 年與 2025 年上市）共同構成 I-Series 肱骨柄產品線的第三項新增產品。延續先前上市產品的設計理念，I-135 建構於我們獨有的 InSet lateral-lateral 植入物哲學；獨立的同儕審查研究顯示，該設計可降低併發症並最大化術後活動範圍。截至目前，外科醫師已在解剖型（anatomic）與反向型（reverse）肩關節置換配置中使用 I-135；回饋一致強調其易用性、手術技術直觀，以及與我們雙托盤（two-tray）手術器械系統的無縫整合。

Underpinning the clinical confidence behind the 135 and our entire implant portfolio is the real-world evidence we're building through our clinical data registry. We've now enrolled over 500 patients across both anatomic and reverse shoulder arthroplasty configurations, and we continue to believe this registry will generate a robust body of evidence that strengthens our position with surgeons, health systems, and patients over time.

支撐 135 以及我們整體植入物產品組合臨床信心的基礎，是我們透過臨床資料登錄系統（clinical data registry）所建立的真實世界證據（real-world evidence）。目前我們已在解剖型與反向型肩關節置換配置中納入超過 500 名病患；我們仍相信，該登錄系統將隨時間累積出強而有力的證據體系，進一步強化我們在外科醫師、醫療體系與病患端的定位。

Separately on the new product front, we initiated a limited user release of our N22 Glenosphere in the first quarter and have been pleased with its reception so far. As a reminder, the N22 is the first introduction in our new line of technologies designed for patients with metal hypersensitivity who may experience adversity associated with allergic reactions from metal implants. We view this as an exciting, incremental, addressable market and look forward to providing further updates on our full launch plans in the months ahead.

另外在新產品方面，我們於第一季啟動 N22 Glenosphere 的有限使用者釋出，且目前對其市場反應感到滿意。提醒一下，N22 是我們全新技術產品線的首項導入，專為金屬過敏（metal hypersensitivity）病患設計；此類病患可能因金屬植入物引發的過敏反應而出現不良影響。我們認為這是一個令人振奮、可額外拓展且可觸及的市場，並期待在未來幾個月就全面上市計畫提供更多更新。

Turning now to enabling technology, since announcing in December our strategic partnership with Interventional Systems to introduce a shoulder-specific micro-robotic solution for shoulder arthroplasty. We've made tangible progress with respect to product development and remain incredibly excited with the mid and longer-term economic and competitive opportunities associated with this technology.

接著談賦能技術：自我們於 12 月宣布與 Interventional Systems 建立策略合作夥伴關係、共同導入專為肩關節置換打造的肩部微型機器人解決方案以來，我們在產品開發方面已取得具體進展，並且對此技術在中期與長期所帶來的經濟效益與競爭機會仍感到非常振奮。

As a reminder, the solution is designed to integrate directly with our ProVoyance platform to deliver a seamless enabling technology experience from pre-operative planning through intra-operative execution, allowing surgeons to plan in ProVoyance and deploy that plan in the operating room as a single connected workflow.

再次提醒，該解決方案旨在與我們的 ProVoyance 平台直接整合，從術前規劃到術中執行提供無縫的賦能技術體驗，使外科醫師能在 ProVoyance 中完成規劃，並在手術室以單一、互聯的工作流程部署該計畫。

In March, we performed yet another cadaver lab, which further reinforced our condition that interventional systems technology is indeed the right product for this robotic application in shoulder arthroplasty. This particular cadaveric session encompassed the entire procedure, beginning with a CT scan through ProVoyance, through operating the robot, placing the device in a cadaveric specimen as intended. Product development for the robotic solution is progressively slightly ahead of schedule, we are targeting. 5% case submission in 2027, we look forward to sharing additional updates regarding timing and product features on our future earnings call this year.

在 3 月，我們又進行了一次屍體實驗室（cadaver lab）測試，進一步強化我們的判斷：Interventional Systems 的技術確實是肩關節置換機器人應用的正確產品。此次屍體測試涵蓋完整流程，從 CT 掃描並透過 ProVoyance 進行規劃開始，到操作機器人，並依預期將裝置置入屍體標本。機器人解決方案的產品開發進度正逐步略微超前於我們的目標時程；我們目標在 2027 年達成 5% 病例提交（case submission），並期待在今年後續的財報電話會議中，分享更多關於時程與產品功能的更新。

As a final note. And stepping back across everything we've discussed today, we are increasingly finding that focused, shoulder-specific nature of our ecosystem is attracting interest from partners who see the value in reaching this market through us, and that excitement is only growing as we scale, whether through programs like our robotic development initiative or best-in-class implant portfolio or the strong clinical outcomes surgeons are achieving with our products.

最後補充一點。回頭綜觀我們今天討論的所有內容，我們愈來愈發現，我們生態系聚焦於肩關節、且具高度專一性的特質，正吸引看見價值的合作夥伴關注；他們認為透過我們切入此市場具有意義。隨著我們規模擴大，這股興奮感只會持續升溫——無論是透過如機器人開發計畫等專案、同級最佳的植入物產品組合，或外科醫師使用我們產品所達成的優異臨床結果。

As we look ahead, we are excited about a number of near-term opportunities we see to further expand the breadth of our shoulder solutions we offer surgeons and patients, both through our own innovative vision through the relationships that market leadership attracts. We look forward to sharing more updates on these opportunities in coming quarters.

展望未來，我們對多項近期機會感到振奮；我們看到可進一步擴大提供給外科醫師與病患之肩關節解決方案廣度的空間，這既來自我們自身的創新願景，也來自市場領導地位所吸引的合作關係。我們期待在未來幾季就這些機會分享更多更新。

With that, I'll now turn the call over to Jeff to review our first quarter results in more detail and provide an update on our outlook for 2026.

接下來，我將把電話會議交給 Jeff，由他更詳細地回顧我們第一季的業績，並提供 2026 年展望的最新進度。

Thanks, Rob, and good afternoon, everyone.

謝謝你，Rob，各位下午好。

As Rob mentioned, net revenue for the first quarter of 2026 was $16.7 million, a 65% increase from $10.1 million in the prior year. Our unique commercial model and proprietary business intelligence capabilities drove continued commercial expansion in the first quarter, resulting in increased adoption of our implant systems across new and existing surgeons.

如 Rob 所提到，2026 年第一季淨營收為 1,670 萬美元，較去年同期的 1,010 萬美元成長 65%。我們獨特的商業模式與專有的商業智慧能力推動第一季持續的商業擴張，使我們的植入系統在新進與既有外科醫師間的採用率提升。

Gross margin for the first quarter of 2026 was 77.7% compared to 76.9% in the prior year. The improvement was driven by improved ASPs along with benefits from cost reduction programs. Selling, general and administrative expenses in the first quarter of 2026 were $18.2 million compared to $10.5 million in the prior year. The increase in SG&A expenses was primarily driven by increased headcount in the commercial organization, higher variable selling expenses, and increased professional service fees related to our transition to a public company.

2026 年第一季毛利率為 77.7%，相較去年同期為 76.9%。改善主要來自平均銷售價格（ASP）提升，以及成本降低計畫所帶來的效益。2026 年第一季銷售、一般及行政費用（SG&A）為 1,820 萬美元，去年同期為 1,050 萬美元。SG&A 費用增加主要由商業組織人力擴編、較高的變動銷售費用，以及因我們轉型為上市公司而增加的專業服務費所致。

SG&A expenses have continued to decline as a percentage of revenue over the last few quarters, declining from 128% of revenue in Q3 of 2025 to 109% in Q1 of 2026 due. Demonstrating our ability to drive operating leverage alongside our accelerated revenue growth. While this trend may not continue in every sequential quarter going forward, we're focused on balancing ongoing investments in our commercial organization with improving operating leverage and increasing productivity.

過去幾季，SG&A 費用占營收比重持續下降，從 2025 年第三季的營收 128% 降至 2026 年第一季的 109%，展現我們在營收加速成長的同時，亦能推動營運槓桿。雖然此趨勢未必會在未來每一個連續季度都持續，但我們將專注於在持續投資商業組織的同時，兼顧提升營運槓桿並提高生產力。

Research and development expenses in the first quarter of 2026 were $3.8 million, compared to $1.6 million in the prior year. The increase was primarily driven by investment in new product development efforts, including a second milestone payment and development costs related to the robotic platform strategic partnership.

2026 年第一季的研發費用為 380 萬美元，較前一年同期的 160 萬美元增加。增加主要由於對新產品開發工作的投資所致，包括與機器人平台策略合作夥伴關係相關的第二筆里程碑付款及開發成本。

Net loss in the first quarter of 2026 was $8.4 million, compared to a loss of $4.7 million in the prior year. The adjusted EBITDA loss in the first quarter of 2026 was $7.0 million, compared to a loss of $3.5 million in the prior year. The increase in both net loss and the adjusted EBITDA loss were primarily related to the increase in the aforementioned operating expenses.

2026 年第一季淨損為 840 萬美元，較前一年同期的淨損 470 萬美元增加。2026 年第一季調整後 EBITDA 虧損為 700 萬美元，較前一年同期的虧損 350 萬美元增加。淨損與調整後 EBITDA 虧損的增加，主要與前述營運費用的增加有關。

Our cash and cash equivalents, as of March 31, 2026, were $108.5 million. As mentioned in March, we are proactively increasing our inventory and asset purchases in the first half of the year to ensure preparedness for accelerated growth. This, combined with working capital changes, contributed to our cash burn in the first quarter.

截至 2026 年 3 月 31 日，我們的現金及約當現金為 1.085 億美元。如同我們在 3 月提到的，我們正主動在上半年增加存貨與資產採購，以確保能為加速成長做好準備。此舉加上營運資金變動，導致我們第一季的現金消耗。

Looking ahead, we expect to see significantly lower cash burn starting in Q2 and continuing through the balance of 2026. We continue to believe we are in a strong financial position to continue investing in growth while maintaining our ability to achieve cash flow breakeven with cash in hand.

展望未來，我們預期自第二季起現金消耗將顯著降低，並將延續至 2026 年剩餘期間。我們仍然相信，在手現金使我們具備強健的財務狀況，得以持續投資成長，同時維持達成現金流量損益兩平的能力。

Turning now to our guidance and outlook for 2026.

接下來談談我們對 2026 年的指引與展望。

On the top-line, we expect full-year. 2026 net revenue to range from $65 million to $68 million, representing growth of 37% to 44% year-over-year. This guidance reflects our continued high degree of conviction in our ability to deliver industry-leading growth by driving adoption among new surgeons, increasing penetration in our existing surgeon customer base, and through commercial launches of new products. In addition, guidance accounts for seasonal dynamics that are typical in our industry, specifically lower sequential volumes in Q3 before a step-up in Q4.

在營收方面，我們預期 2026 全年淨營收將介於 6,500 萬至 6,800 萬美元，年增 37% 至 44%。此一指引反映我們對於透過推動新外科醫師採用、提高既有外科醫師客戶基礎的滲透率，以及新產品的商業化上市，來實現業界領先成長的能力，仍抱持高度信心。此外，指引亦納入本產業典型的季節性因素，特別是第三季的連續季出貨量通常較低，而第四季則會出現一個台階式的提升。

Regarding gross margins, we are very pleased with our progress on margin improvement and expect similar margins for the balance of 2026, noting there could be some quarter-to-quarter fluctuations based on product mix and ASP.

就毛利率而言，我們對於毛利改善的進展感到非常滿意，並預期 2026 年剩餘期間毛利率將維持在相近水準；但需注意，毛利率可能會因產品組合與平均銷售價格（ASP）而出現季度間波動。

Cost down initiatives remain a significant focus and area of progress, and we're confident they will continue to drive further gross margin improvement. As we further scale our business. At our current full year revenue guidance, we expect SG&A expenses as a percentage of revenue to increase slightly from Q1. As our conviction around business growth increases, we will continue to identify and invest in greenfield opportunities across new geographic areas.

降本計畫仍是我們的重要重點與進展領域，我們有信心這些計畫將在我們進一步擴大業務規模的同時，持續推動毛利率進一步改善。隨著我們進一步擴大業務規模。在我們目前的全年營收指引下，我們預期銷售、一般及行政（SG&A）費用占營收比重將較第一季略為上升。隨著我們對業務成長的信心提升，我們將持續在新的地理區域辨識並投資於綠地（greenfield）機會。

For commercial team footprint expansion. Specifically, we expect this increase in SG&A expenses as a percentage of revenue will be more significant in Q2 and Q3 before declining in Q4. Finally, with currently contemplated innovation programs, we expect R&D expenses as a percentage of revenue to moderate late in 2026.

就商業團隊據點擴張而言。具體來說，我們預期 SG&A 費用占營收比重的上升在第二季與第三季會更為明顯，之後在第四季下降。最後，依目前規劃的創新計畫，我們預期研發費用占營收比重將在 2026 年下半年趨於緩和。

With that, I'll turn the call back to Rob for a few closing remarks.

接下來，我把電話交回給 Rob 做幾點結語。

Thanks, Jeff.

謝謝，Jeff。

In sum, the first quarter was a strong start to 2026 across every dimension of the business. We grew net revenue 65% year-over-year, expanded gross margin, rapidly onboarded knee surgeons, deepened utilization within our existing base and advanced several meaningful product milestones, all while continuing to build the clinical, commercial and product foundation that we believe will be drive durable above-market growth for years to come.

總結來說，第一季在業務各個面向都為 2026 年帶來強勁的開局。我們的淨營收年增 65%、毛利率擴張、快速導入膝關節外科醫師、加深既有客戶基礎的使用量，並推進多項重要的產品里程碑；同時也持續建立臨床、商業與產品基礎，我們相信這將在未來多年帶來可持續、優於市場的成長。

The commercial organization we build is performing, the market opportunity in front of us remains large and underpenetrated, and the confidence we have in our team's ability to execute has never been higher. We believe Shoulder Innovations is still in the early stages of what we can accomplish in transforming shoulder surgical care, and we look forward to demonstrating that through our continued performance throughout 2026 and beyond.

我們所打造的商業組織正在發揮成效，眼前的市場機會仍然龐大且滲透率偏低，而我們對團隊執行力的信心也達到前所未有的高度。我們相信 Shoulder Innovations 仍處於推動肩部手術照護轉型的早期階段，我們期待在 2026 年及其後透過持續的營運表現來證明這一點。

With that, I'll now turn the call over to the operator for Q&A.

接下來，我把電話交給接線員進行問答。

Operator?

接線員？

(Operator Instructions)

（接線員指示）

David Roman, Goldman Sachs.

高盛（Goldman Sachs）的 David Roman。

Maybe we could just dive into the results here for Q1 in a little bit more detail. And as you kind of reflect on the sequential and year-over-year improvement here in growth, can you just maybe detail from your perspective what you saw transpire throughout the quarter and to what extent that is the result of product launches, commercial execution short some combination of all of the above, but maybe you could just break down what you think helped support such a significant inflection here on a sequential basis, and I had one follow-up on the outlook.

或許我們可以更深入一點來看第一季的結果。當你回顧成長在連續季與年對年的改善時，能否從你的角度說明一下本季期間你看到哪些情況發生？以及這在多大程度上是產品上市、商業執行或上述因素的某種組合所帶動？也就是說，你能否拆解一下你認為有哪些因素支持了連續季如此顯著的轉折？另外我還有一個關於展望的追問。

Yeah, sure. Thanks, David.

好的，當然可以。謝謝你，David。

Appreciate the question. We certainly saw contributions in our growth in Q1 from all segments that you described. So obviously, the key priorities that I described in the call kind of are the key ones that are driving the growth, and so kind of we're executing as expected. New customer growth is obviously a meaningful contributor to what's driving growth and what drove growth in Q1, but that was also supported by kind of very nice volume increases from our existing customer base.

感謝提問。我們在第一季的成長確實來自你所提到的所有面向的貢獻。因此，很明顯我在電話會議中提到的關鍵優先事項，就是推動成長的主要因素，而我們也正如預期般在執行。新客戶成長顯然是推動成長、以及第一季成長的重要貢獻者，但同時也受到既有客戶基礎帶來的相當不錯的出貨量提升所支撐。

And some additional increase associated with average selling prices as well. So all of those were key components of growth. I'd characterize that that's all a function of just downright excellent execution across the entire organization, particularly in the commercial organization and the way that they work together with the CEME team, kind of leveraging our business intelligence platform or identifying the right targets to invest and spend time on, and that's just producing results, quite frankly.

此外，平均銷售價格也帶來了一些額外的提升。因此，這些都是成長的關鍵組成。我會將其歸因於整個組織極為出色的執行力，尤其是商業組織，以及他們與 CEME 團隊的協作方式；他們運用我們的商業智慧平台來辨識正確的投資目標並投入時間與資源，而坦白說，這正在產生成果。

That's helpful perspective.

這個觀點很有幫助。

And maybe if I kind of translate that into the outlook here, appreciating Jeff's comments on seasonality for Q3. But as I look at the number here in Q1 and try to kind of square that with the guidance you're given, even when considering the seasonality dynamic, it does look like a relatively conservative representation of the outlook. So maybe you could help us understand, of the things that you saw go well in Q1, what have you translated to the balance of the year? What have you sort of risk-adjusted in your outlook? And how are you thinking about the risks and opportunities in the guidance in the updated guidance here?

那如果我把這個延伸到展望部分，也理解 Jeff 對第三季季節性的評論。但當我看第一季的數字並試著與你們給出的指引相互對照時，即使考量季節性因素，這看起來仍像是對展望相對保守的呈現。所以也許你可以幫我們理解：第一季表現良好的那些因素，有哪些你們已經轉化到今年剩餘期間的假設中？又有哪些你們在展望中做了風險調整？你們如何看待更新後指引中的風險與機會？

Yes, thanks for the question, David.

好的，謝謝你的問題，David。

Obviously, we're really pleased with Q1. We had a great quarter. We're off to a great start for the year. The guidance that we're giving, obviously, it's an annual number. We're still very early in the year. And so as we set that annual guidance number, it's a number that we have high conviction around when we set that. And again, there's lots of variables and inputs that will go into that as far as. What will drive annual results as far as like what ASPs see where they're at, units, new customers, et cetera, and I think we've considered all those as we've kind of set the annual guidance number.

很明顯，我們對第一季的表現非常滿意。我們有一個很棒的季度。今年開局非常好。我們所提供的指引，顯然是一個年度數字。而我們現在仍在年初階段。因此，在設定年度指引時，我們會給出一個我們在設定當下具有高度信心的數字。同樣地，這其中會有許多變數與輸入因素會影響年度結果，例如 ASP 的走勢與水準、出貨量、新客戶等；我認為我們在設定年度指引時已將這些因素都納入考量。

And maybe just if I could just push there just a little bit more, is there anything here that you're it it doesn't sound like you're seeing anything in the business that would contemplate a worsening of those metrics, it just happens to be early in the year, so you're taking a balanced approach, is that a fair way to summarize the outlook?

或許我再稍微追問一下，這裡是否有任何你們看到的業務面訊號，會讓這些指標有惡化的可能？聽起來你們並沒有看到這樣的情況，只是因為年初還早，所以採取較為均衡的做法；這樣總結對於展望是否算公平？

I think that's very fair. I mean, I think we're providing guidance that we have a very high degree of conviction in. We obviously are kind of excited about the performance we were able to deliver in Q1, and we don't see we we don't have any view of any perspectives in the marketplace today that kind of fundamentally change our view on the trajectory of the business.

我認為這樣說非常公平。我的意思是，我們提供的指引是我們具有非常高確信度的。我們當然對第一季能交出的表現感到相當振奮，而且我們並沒有看到、我們也沒有任何對當前市場的觀點會從根本上改變我們對業務發展軌跡的看法。

Great. Very helpful and nice to see the momentum here.

很好。非常有幫助，也很高興看到這裡的動能。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Thank you for taking the questions and congrats on the quarter here kind of lifting off where David finished on the quarter, I'm just wondering, Rob, you're getting really good growth and you're getting really good conversion in your core contender segment of the business. But as you scale, I have to imagine, and I appreciate your thoughts on this, that there is a bit of a broadening of the customer base. And so as I think about this kind of contribution from the prospects or the non-core contenders, how do you see that changing over time? Because I would imagine that it is, as numbers grow, a little harder to move into that core contender segment, but I may be wrong.

謝謝讓我提問，也恭喜本季表現。延續 David 剛才對本季的問題，我想請教 Rob，你們在核心「contender」客群區隔的成長很不錯、轉換也很不錯。但隨著規模擴大，我想像客戶基礎會有些擴張，也想聽聽你的看法。因此當我思考來自潛在客戶或非核心 contenders 的貢獻時，你怎麼看這個隨時間的變化？因為我會想像，隨著數字變大，要再推進到核心 contender 區隔會更難一些，但也可能我想錯了。

Well, I think, Ryan, your question -- well, I appreciate the question first, and it may be well received if we were a lot further ahead of where we are right now. I mean, so we've characterized the market as we're focused on high-volume surgeons. There's 1800 of those. Obviously, we reported at the end of last year, 134 corn contender, and so we just perceive ourselves as having a long way to go. I'd also like just to characterize that we are focused on building a platform here.

Ryan，我想你的問題——先謝謝你的提問——如果我們比現在走得更前面一些，這個問題可能會更切中要點。我的意思是，我們把市場界定為聚焦在高量手術醫師。這樣的醫師有 1,800 位。很明顯地，我們在去年底報告的是 134 位核心 contender，因此我們認為自己還有很長的路要走。我也想補充說明，我們的重點是在打造一個平台。

This isn't a product. And so we see that platform as a substantial foundation through which to continue to deliver. Both arthroplasty and other products, so not only do we see that opportunity for growth in continuing into that core and contender network in a meaningful way, we continue to be we we believe we'll be able to continue to drive additional revenues through that channel as time goes on, so hopefully that's helpful.

這不是單一產品。因此我們把這個平台視為一個重要的基礎，能讓我們持續交付成果。包含關節置換（arthroplasty）以及其他產品；所以我們不僅看到在核心與 contender 網絡中持續滲透、實現有意義成長的機會，我們也相信隨著時間推進，能透過該通路持續帶動額外營收；希望這樣有幫助。

And the ASPs were ahead of where we thought they would be is that a reflection of new indications and higher ASPs per case? Is that a reflection of a higher mix of reverse shoulders? And what do you think about the durability of the ASP this quarter relative to the balance of the year?

ASP 高於我們原先的預期，這是反映新適應症以及每例更高的 ASP 嗎？還是反映反向肩（reverse shoulder）占比更高？你怎麼看本季 ASP 相對於今年其餘期間的持續性？

Yes, I'll make a couple of comments here on. And from a product perspective, I'll let Jeff follow-up on his thoughts on durability based on the metrics. I think we -- I've shared in the last couple of calls that we have been focused on delivering improvement in average selling prices. And we've indeed focused there and have executed there. And that's through a function of identifying the right centers to spend time on where we can derive higher prices.

是的，我先在這裡做幾點說明。從產品角度，我會讓 Jeff 依據指標補充他對持續性的看法。我想——我在過去幾次電話會議中有分享——我們一直專注於提升平均銷售價格。我們確實把重點放在那裡，也確實執行到位。這是透過辨識值得投入時間、能取得較高價格的合適中心來達成的。

And I'd also say it's a function of our commercial organization becoming more skilled at navigating negotiation with those centers and selling into the SKUs, if you will, with that augment price, I'll put it that way. And so that's been a really helpful dynamic as we've learned as an organization collectively on how to do that well. And so that's obviously resulted in a great outcome here. I think.

我也會說，這也與我們商業團隊在與這些中心進行談判、以及銷售到（如果你願意這麼說）具有加價的 SKU 時，變得更熟練有關。因此，隨著我們整個組織共同學習如何把這件事做好，這一直是非常有幫助的動態。而這顯然帶來了很好的成果。我想。

We are characterized as just ever so slightly ahead of schedule as it relates to new products in Q1 and I'd characterized as I have before that those products do have higher ASPs and that contributed in a very small way in Q1 to the average selling prices. Now, we're hopeful that can have a more meaningful contribution in out years, I'll put it that way, more so in '27, if you will. But it did play a very small role here in the quarter. But Jeff, I'll let you.

就新產品而言，我們在第一季的進度可說是略微超前，我也如同先前所說，這些產品確實有較高的 ASP，並在第一季以非常小的幅度推升了平均銷售價格。我們希望在未來年度能有更有意義的貢獻，我會這麼說，可能更偏向在 2027 年。但在本季它確實只扮演了非常小的角色。不過 Jeff，我讓你來補充。

Yeah, I'll just say, Ryan, that I would expect there'll be some variation as we go forward in ASPs. Obviously, we saw a really nice increase here in Q1, which contributed to just gross margins as well. I mean, the higher ASPs along with the cost down programs kind of starting to kick in, improve gross margins. But I would expect these ASPs to kind of stay in this neighborhood as we go throughout the rest of the year.

好的，我只想說，Ryan，我預期未來 ASP 會有一些波動。很明顯地，我們在第一季看到相當不錯的提升，這也對毛利率有所貢獻。我的意思是，較高的 ASP 加上降本計畫開始發揮效果，推升了毛利率。但我預期在今年剩餘期間，這些 ASP 大致會維持在目前這個區間附近。

Very helpful.

非常有幫助。

Matt Taylor, Jefferies.

Matt Taylor，Jefferies。

Yeah, I just wanted to double-click on you made a lot of comments about the robotic system and the progress you're making there. Maybe you could just talk about how you're expecting that to start to contribute either to the stickiness of your business or your ability to drive even more share and give some thoughts on how it's really differentiated from some of the other solutions in the market?

是的，我想再深入追問一下：你們對機器人系統以及在那方面的進展做了很多評論。也許你可以談談，你們預期它會如何開始貢獻於業務的黏著度，或是你們進一步提升市占的能力；另外也請分享一下，它相較於市場上其他解決方案，真正的差異化在哪裡？

Sure. So I appreciate the question, Matt. So I think I'll start with the end of your question first. From a differentiation standpoint. We were focused on a number of things to deliver to the market with respect to robotic-enabled surgery. And indeed, I think we're accomplishing that. One is we wanted to develop a platform that was completely time-transparent, leveraged the exact same surgical technique that surgeons use today. So there was no ambiguity about the fact that we could indeed drive optimized outcomes.

當然。謝謝你的問題，Matt。我想我先從你問題的最後一部分開始。就差異化而言。我們在機器人輔助手術方面，專注於幾件要帶給市場的事情。而且我認為我們確實正在達成。第一，我們希望開發一個在時間上完全透明的平台，並沿用外科醫師今天使用的完全相同手術技術。因此，對於我們確實能推動最佳化結果這件事，不會有任何模糊空間。

And so that is a key differentiator for us. It's a very simple platform that indeed will be time transparent. The second differentiator we wanted to make sure that we delivered was the fact that the system was kind of able to provide a fundamentally different economic model to the marketplace, more thought of as robotics as a service instead of a capital acquisition. And so that requires that it be a portable platform and indeed that is indeed what we're delivering.

因此，這對我們而言是一個關鍵差異化。這是一個非常簡單的平台，而且確實會做到時間透明。第二個我們希望確保交付的差異化，是系統能為市場提供一個根本不同的經濟模式，更像是「機器人即服務」（robotics as a service），而不是資本性採購。因此這要求它必須是可攜式平台，而我們確實正在交付這一點。

We will. Provide the robotic on an event-by-event basis in a case about the size of a carry-on suitcase. So I think those are two components of differentiation that are particularly special as it relates specifically to the shoulder arthroplasty market that's going to kind of provide a lot of traction.

我們將會。以逐案（event-by-event）的方式提供機器人設備，裝在一個大約登機箱大小的箱體中。所以我認為，這兩個差異化要素，特別是在肩關節置換市場，會帶來相當大的牽引力。

I characterize that as we have continued to do customer discovery with those differentiators in the marketplace, we have received a resounding yes as it relates to answering the question, have we or are we delivering something that the market wants here. And so that's been very constructive on a number of levels, one of which has been.

我會這樣描述：隨著我們持續在市場上針對這些差異化做客戶探索（customer discovery），我們得到非常明確的肯定回饋，來回答「我們是否、或我們正在交付市場想要的東西」這個問題。因此這在多個層面都非常具建設性，其中之一是。

Engaging with our current surgeon customers about the excitement of that future and them being excited about what that means for their own practice and indeed them kind of imagining what that means for their practice. So from a brand equity and a stickiness standpoint, it's been powerful. I'd say another impact of that platform has been really quite frankly an entirely new innovation cycle that we consider.

與我們現有的外科醫師客戶互動，讓他們對那個未來感到興奮，也對這對他們自身執業的意義感到興奮，並且確實開始想像這對他們的執業會帶來什麼。因此從品牌資產與黏著度的角度來看，這很有力量。我也會說，這個平台的另一個影響是，坦白講，我們認為它帶來了一個全新的創新週期。

Built around robotics, which I think is going to be quite exciting. I've shared a little bit about that recently, and I'm planning here to share more here in the next couple of quarters in more detail.

以機器人技術為核心打造，我認為這會相當令人振奮。我最近已經稍微分享過一些，並且我計劃在接下來幾個季度在這裡更詳細地分享更多內容。

Matthew O'Brien, Piper Sandler.

Matthew O'Brien，Piper Sandler。

Good afternoon. Thanks for taking that question. I mean, just to follow-up a little bit on both David and Ryan's question on the outlook for the year increase. And Jeff, based on what you're saying on the pricing side, it seems like most of the bump is just due to price over the next several quarters, but it seems like the volumes are, again, much better than we were modeling in Q1. So is there something else you're factoring into the guide? I don't know if it's the robotic competition or any sales churn or something else that we're just not thinking about. That would potentially impact the outlook for the year or to David's point is that, hey, it's just early in the year and we're just trying to be as conservative as possible.

下午好。謝謝讓我提問。我的意思是，想就 David 和 Ryan 關於全年上調展望的問題再追問一下。Jeff，根據你在定價方面的說法，看起來接下來幾個季度的大部分上修主要只是來自價格因素，但同時看起來第一季的量又比我們模型預估的好很多。所以你們在指引裡是否還納入了其他因素？我不確定是不是機器人競爭、或任何銷售流失（churn）或其他我們沒想到的事情。這些可能會影響全年展望；或者如 David 所說，因為現在才年初，所以你們只是想盡可能保守一些。

Yeah, thanks, Matt, for the question. So in my prepared remarks, I talked about seasonality in Q3. That's obviously very common for our industry. We would expect Q3 to be lighter and then have a step up in Q4. I will say as well that our ASP is somewhat dependent on the reverse percentage. So that obviously is a little bit lower as you get later in the year due to payer mix.

是的，謝謝你，Matt，這個問題。在我事先準備的發言中，我談到了第三季的季節性。這在我們產業當然非常常見。我們預期第三季會比較淡，然後第四季會再上台階。我也要說，我們的 ASP（平均銷售價格）在某種程度上取決於反轉（reverse）的比例。因此，隨著年度後段因付款方組合（payer mix）變化，這個比例通常會略低一些。

We saw that in Q4 of 2025. We'd expect to see the same in 2026. So that could be a little variation that I mentioned earlier as we get later in the year. But there's nothing else that I would specifically mention. Obviously, we expect to continue to drive units. ASP should kind of remain durable for the ongoing. Foreseeable future, and we're feeling really good about the business.

我們在 2025 年第四季就看到了這點。我們預期 2026 年也會看到同樣情況。所以如我先前提到的，到了年後段可能會有一些小幅波動。但除此之外，沒有其他我會特別點名的因素。很明顯地，我們預期會持續推動出貨量。ASP 應該會在可預見的未來保持相對穩健。我們對業務狀況感覺非常好。

Yes, for sure, we are feeling good about the business. I'll just double-click on something that Jeff said in the prepared remarks that we have deployed a fair amount of cash here in Q1 related to both kind of inventory and assets and leaning into the commercial organization.

是的，確實，我們對業務狀況感覺很好。我再補充一下 Jeff 在事先準備的發言中提到的一點：我們在第一季已投入相當多的現金，主要用於庫存與資產，以及加大對商業組織的投入。

And I'd characterize that the purpose for that is being very prepared for above expectations growth and to find ourselves not in a circumstance where we can't support a business that continues to accelerate. So I'll just kind of emphasize that indeed we've prepared ourselves for the opportunity that things go a lot faster and to make sure that we aren't constrained in our ability to support even higher levels of growth.

我會把其目的描述為：為了能充分準備迎接高於預期的成長，避免出現我們無法支援持續加速的業務規模的情況。所以我想強調的是，我們確實已為成長速度可能更快的機會做好準備，並確保我們不會在支援更高成長水準的能力上受到限制。

Got it. Very clear. Thanks, Rob.

了解。非常清楚。謝謝你，Rob。

And then, Jeff, on the gross margin side and the update tonight, well above what we're modeling for gross margin here in Q1 and a stable outlook there. I don't want to go out too far, but just looking at that metric, looking at some of the leverage we saw in SG&A specifically in Q1 and then your commentary about R&D ramping down in the later this year. Is it -- are we getting to the point where we can start talking about shoulder reaching EBITDA profitability maybe earlier than other orthopedic companies historically have or TBD there?

另外，Jeff，關於毛利率方面以及今晚的更新，第一季毛利率遠高於我們的模型預估，而且你們對該項目展望也維持穩定。我不想把時間拉得太遠，但就這個指標來看，再加上我們在第一季看到的 SG&A（銷售、一般及行政費用）槓桿效益，以及你提到今年稍晚 R&D（研發）會開始放緩的評論。我們是否已經接近可以開始談論：你們可能比歷史上其他骨科公司更早達到 EBITDA 獲利？還是仍有待觀察？

Yeah, obviously, Matt, we're not providing any sort of threshold on that, but we're not providing a revenue threshold or a timeline. But obviously, with the profile that we have, you've got a really strong margin profile. Obviously, we're starting to see leverage in kind of the SG&A line, we're demonstrating that. We believe we're on track for that and we're balancing our investments that we're making with long-term profitability and so you'll likely over time see continued progress in that area.

是的，Matt，很明顯我們不會就此提供任何門檻指引；我們不會提供營收門檻或時間表。但以我們目前的體質來看，你們看到的是非常強的毛利結構。而且我們開始在 SG&A 這一行看到槓桿效益，我們也正在展現這點。我們相信我們正朝著那個方向前進，同時在投資與長期獲利能力之間取得平衡；因此，隨著時間推進，你們很可能會在這方面看到持續進展。

Yeah, I'll just I'll lean into that a little bit harder. I'd say that I don't know, Matt, what compared to others means, but I will say we have passion. Around the fact that we've constructed a highly capital-efficient business that drives above-market gross margins, and the natural consequence of building a business like that is above-market performance as it relates to EBITDA. So, I mean, that's by design. That's our intent here.

是的，我再更用力地補充一下。我想說，Matt，我不確定你所謂「相較於其他公司」是指什麼，但我可以說，我們非常重視一件事：我們打造了一個資本效率極高的企業，能帶來高於市場的毛利率；而建立這樣的企業，其自然結果就是在 EBITDA 表現上也會高於市場。所以，這是刻意設計的。這就是我們的意圖。

I mean, I can be more specific, Rob. I mean, it's like $200 million, $250 million. Historically, most of these companies are profitable. I don't want to put a number out there for you, but it would seem like it would likely be earlier than that.

我的意思是，我可以更具體一點，Rob。例如 2 億美元、2.5 億美元。從歷史來看，多數這類公司在那個規模就會獲利。我不想替你們說出一個數字，但看起來你們很可能會比那更早。

We're not going to put a number on it either, Matt. But I'd say most particularly because to the extent that we are effectively deploying capital, we're going to continue to effectively deploy capital.

我們也不會給出一個數字，Matt。但我想說，尤其是只要我們能有效部署資本，我們就會持續有效部署資本。

Thank you. And there are no further questions at this time. So I'll hand the floor back to Rob Ball for some concluding remarks. Thank you.

謝謝。目前沒有其他問題。那我把時間交回給 Rob Ball 做結語。謝謝。

Thank you very much, operator. I just appreciate everyone engaging today. I appreciate the questions from the analysts. And I'm hopeful that we've provided you some encouraging news around our trajectory. And we're excited to share again with you here in a couple of months. So everyone, have a great afternoon.

非常感謝你，接線員。我很感謝今天大家的參與。也感謝分析師們的提問。我希望我們已就公司的發展軌跡提供了一些令人鼓舞的消息。我們也很期待在幾個月後再次與各位分享。祝大家下午愉快。

Thank you, and this concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。