Shoulder Innovations, Inc. (SI) 2026 Q2 法說會逐字稿

Please stand by. Welcome ladies and gentlemen to the first quarter 2026 earnings conference call for Scholder Innovations. At this time, all participants will be placed on a listen-only mode.

請稍候。各位女士、先生，歡迎參加 Scholder Innovations 2026 年第一季財報電話會議。此時，所有與會者將被設定為僅收聽模式。

( Operators Instructions)

（接線員指示）

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，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。與我一同出席的 Shoulder Innovations 團隊成員包括執行長 Rob Ball 與財務長 Jeff Points。

Earlier today, Shoulder Innovations issued a press release announcing financial results for the second quarter ended June 30, 2026.

今天稍早，Shoulder Innovations 已發布新聞稿，公布截至 2026 年 6 月 30 日止第二季的財務結果。

A copy of the press release is available on the Investor Relations section of the company's website.

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 meaning of federal securities laws and that these are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995.

在開始之前，我想提醒各位，管理團隊在本次電話會議中的發言可能構成聯邦證券法所定義的前瞻性陳述，並係依據《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1,995）的安全港條款作出。

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.

本次電話會議中任何與對未來事件、結果或績效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 listing descriptions 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。如需瞭解與本公司業務相關之風險與不確定性的清單與說明，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 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.

此外，在本次財報電話會議中，公司將討論若干依據 GAAP 編製的財務衡量指標。此等非 GAAP 資訊不應被孤立看待，亦不應視為可取代或優於依 GAAP 編製之結果。

Please refer to the tables in our earnings release for a reconciliation of these measures to the most directly comparable GAAP financial measure.

請參閱我們財報新聞稿中的表格，以取得這些衡量指標與最直接可比之 GAAP 財務衡量指標之調節表。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 6, 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 8 月 6 日）直播當下為準並為正確。除法律要求外，Shoulder Innovations 不承擔亦無意更新或修訂任何財務預測或前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。

With that, I'll now 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 second quarter earnings call. We have several noteworthy updates today across our future results and growth strategies, particularly with respect to our innovation pipeline. So we're excited to share those with you.

謝謝你，Sam。各位下午好，歡迎參加我們的第二季財報電話會議。今天我們在未來業績與成長策略方面有幾項值得關注的更新，特別是關於我們的創新產品管線。因此我們很高興與各位分享。

At high level, I'm pleased to report that our organization continued to demonstrate remarkable strength through the second quarter, following a very strong first quarter start to 2026, we again delivered year-over-year and sequential revenue growth in Q2 as we rapidly onboarded new surgeons, deepening utilization within our existing customer base and made steady progress in several key product initiatives. This performance enabled us to deliver second quarter net revenue of $17.2 million, an increase of 56% year-over-year. Q2 gross margins was also strong at 78.3%, up both year-over-year and sequentially. These improvements reflect ongoing operational efficiency, and we expect further gross margin expansions from several additional cost reduction initiatives Jeff will cover shortly.

整體而言，我很高興報告，我們的組織在第二季持續展現顯著韌性；在 2026 年第一季強勁開局之後，我們在第二季再次實現年增與季增的營收成長，原因在於我們快速導入新外科醫師、加深既有客戶群的使用率，並在多項關鍵產品計畫上穩步推進。此一表現使我們第二季淨營收達 1,720 萬美元，年增 56%。第二季毛利率亦維持強勁，達 78.3%，不論年比或季比皆提升。這些改善反映了持續的營運效率提升；我們預期在多項額外的成本降低措施帶動下，毛利率仍有進一步擴張空間，Jeff 稍後將進一步說明。

Given these results, our growing scale and the expanding efficiency of our commercial organization, we are raising our full year 2026 net revenue guidance today to a range of $67 million to $69 million, representing growth of 42% to 46% over 2025. This compares to our prior range of $65 million to $68 million or 37% to 44% growth.

基於上述成果、我們規模的成長，以及商業團隊效率的提升，我們今日上調 2026 全年淨營收指引至 6,700 萬至 6,900 萬美元區間，代表較 2025 年成長 42% 至 46%。相較之下，我們先前的區間為 6,500 萬至 6,800 萬美元，或成長 37% 至 44%。

Our guidance reflects our continued expectation for a normal degree of orthopedic seasonality that began as expected in June and will continue into the third quarter consistent with patterns we've experienced in the past. Customer activity and our pipeline remain robust, giving us high conviction in this guidance.

我們的指引反映我們持續預期骨科業務將呈現正常程度的季節性，此一季節性如預期於 6 月開始，並將延續至第三季，與我們過往經驗的型態一致。客戶活動與我們的管線仍然強勁，使我們對此指引具有高度信心。

Our ability to deliver this growth in 2026 and beyond is grounded in the same three strategic priorities we've discussed during our last few calls, which include driving adoption among new surgeons, increasing penetration in our existing customer surgeon base to increase procedural volume, and adding products to our portfolio to address the unmet needs of patients and surgeons.

我們在 2026 年及未來持續交付此一成長的能力，奠基於我們在過去幾次電話會議中討論的同樣三項策略重點：推動新外科醫師採用、提高既有客戶外科醫師基礎中的滲透率以提升手術量，以及擴充產品組合以滿足病患與外科醫師尚未被滿足的需求。

Beginning with new search and adoptions, we maintained our high pace of new customer additions through the second quarter following our very strong start to the year. As a reminder, in the first quarter, we grew new customer additions at more than double the pace of the prior year. And in the second quarter, we added even more new customers than we did in Q1, an acceleration on top of an already strong start.

先從新外科醫師的開發與採用談起：在第二季，我們延續年初強勁開局後的高速新增客戶步伐。提醒各位，第一季我們的新客戶新增速度較前一年提升至兩倍以上。而在第二季，我們新增的新客戶數甚至高於第一季，在既有強勁開局之上再度加速。

Our W-2 commercial leadership organization is focused on targeting the roughly 1800 high-volume surgeon specialists in the US and that approach is translating into rapid growth in our customer base. We are encouraged by these trends and expect that momentum to be durable for the balance of the year.

我們的 W-2 商業領導組織聚焦鎖定美國約 1,800 名高量能的專科外科醫師，而此一策略正轉化為我們客戶基礎的快速成長。我們對這些趨勢感到鼓舞，並預期此一動能在今年剩餘期間將具持續性。

To further capitalize on this sustained momentum, we again accelerated commercial expansion plans and added to top talent to our commercial leadership team in Q2 following our investment in this area in Q1. Just as our first half performance has benefited from the accelerating productivity gains within the W-2 commercial leadership cohort hired in 2025, we expect these newly hired team members to be a growth driver in future quarters as they ramp and build deeper relationships within their. As always, the focused execution from our commercial leadership team is supported by our proprietary business intelligence platform, which has proven to be a true differentiator in our ability to execute on top of strong fundamentals.

為了進一步把握這股持續動能，我們在第二季再次加速商業擴張計畫，並在第一季於此領域投資之後，於第二季為商業領導團隊延攬更多頂尖人才。正如我們上半年表現受惠於 2025 年招募之 W-2 商業領導梯隊生產力加速提升，我們也預期這些新加入的團隊成員在逐步到位並在其所負責的領域建立更深厚關係後，將在未來幾季成為成長動能。一如既往，我們商業領導團隊的聚焦執行，亦由我們專有的商業智慧平台所支援；該平台已證明是我們在強勁基本面之上得以有效落地執行的真正差異化優勢。

We also continue to invest in our surgeon-to-surgeon education programs, which we view as central to our commercial strategy. Our CEMA team has carried out more than 90 surgeon engagement events so far this year, touching hundreds of surgeons, and the organic peer advocacy these events foster remains a key differentiator for our commercial model. In April, we hosted our National Symposium in Napa, the largest such event in SIS history by surgeon attendance. In the three months since, we've. Already seen a tangible increase in procedural volumes among attending surgeons as compared to before the event, further evidence of the power of our education program.

我們也持續投資於外科醫師對外科醫師的教育計畫，我們認為這是商業策略的核心。截至目前為止，我們的 CEMA 團隊今年已舉辦超過 90 場外科醫師互動活動，觸及數百位外科醫師，而這些活動所促成的自然同儕倡議，仍是我們商業模式的關鍵差異化因素。4 月，我們在納帕（Napa）舉辦全國研討會，依外科醫師出席人數計，為 SIS 歷史上規模最大的一次活動。在接下來的三個月裡，我們已經。相較於活動前，已明顯看到與會外科醫師的手術量提升，這也進一步證明我們教育計畫的力量。

Turning to our second strategic priority of increasing utilization and procedural growth within our customer base.

轉向我們的第二項策略重點：在客戶基礎內提升使用率與手術量成長。

In the second quarter, total implant volume across our core contender and prospect customers increased approximately 50% year-over-year to 2,238 units.

第二季，我們核心「競爭者」與「潛在客戶」客群的植入總量年增約50%，達2,238件。

This growth volume is strong on its own, but what stands out even more is the composition behind it. The vast majority of our implant volume growth this quarter was derived from our core surgeon category, with core surgeons also carrying out more procedures, meaning our growth is coming from core on both a physician and unit basis exactly as our customer base is designed to progress.

這樣的成長量本身已相當強勁，但更引人注目的是其背後的組成。本季我們植入量成長的絕大部分來自核心外科醫師族群；核心外科醫師也執行了更多手術，意味著我們的成長在醫師數與單位數兩個面向都來自核心客群，完全符合我們客戶基礎的既定進展設計。

Surgeons frequently enter the funnel as prospect, move to contender, and then grow to become core. Those first two categories remain consistent across quarters, while our core category only continues to grow. This trend, combined with sequential increase of new surgeon adds to the funnel this quarter, gives us a highly encouraging outlook on the current trajectory of our customer base.

外科醫師常以「潛在客戶」身分進入漏斗，接著轉為「競爭者」，再成長為「核心」。前兩個類別在各季之間維持一致，而我們的核心類別則持續擴大。此一趨勢，加上本季漏斗中新加入外科醫師的連續性增加，讓我們對客戶基礎目前的發展軌跡抱持高度正向的展望。

Importantly, we're seeing these utilization increases broadly across all our territories. In the second quarter, each of our territories grew year-over-year and the majority demonstrating more than 80% growth year-over-year.

重要的是，我們看到這些使用率提升廣泛發生在所有銷售區域。第二季，我們每個區域皆呈現年增，且多數區域的年增幅度超過80%。

We also continue to enter new markets and deepen our presence in the current ones. For instance, we recently expanded our commercial presence within two highly prominent hospital systems and now have full access at both centers.

我們也持續進入新市場，並加深在既有市場的布局。例如，我們近期在兩個極具指標性的醫院體系擴大商業據點，且目前已在兩個中心取得完整進入權限。

Even as we continue to make progress activating new markets across the U.S., we believe there is a significant greenfield opportunity remaining for our expanded commercial leadership team to target.

即使我們持續推進在美國各地啟動新市場，我們仍相信仍有相當可觀的綠地機會，供我們擴編後的商業領導團隊鎖定。

To ensure we continually equip surgeons with a best-in-class product portfolio, we also remain focused on our third strategic priority of developing and launching new technologies to address the unmet needs of patients and surgeons.

為確保我們持續為外科醫師提供同級最佳的產品組合，我們也持續聚焦第三項策略重點：開發並推出新技術，以滿足病患與外科醫師尚未被滿足的需求。

2026 has been an active year on this front. I want to start with three recent product introductions and then walk through updates on our enabling tech technology platform, our robotic program, and four additional pipeline projects.

2026年在這方面相當活躍。我想先從三項近期產品導入談起，接著說明我們的賦能技術（enabling tech）技術平台、機器人計畫，以及另外四個管線專案的最新進展。

First, on recent progress, we transitioned our I-135 RF-Bax humo stem to full commercial launch last quarter following receipt of expanded clearance from FDA to include more complex fractures. Full launch progressed through the second quarter in line with our expectations, and we're pleased with the consistent surgeon feedback across both anatomic and reverse shoulder arthroplasty configurations.

首先，就近期進展而言，我們在取得FDA擴大核准、可涵蓋更複雜骨折後，已於上季將I-135 RF-Bax humo stem轉為全面商業化上市。全面上市在第二季的推進符合我們的預期，我們也很高興看到外科醫師在解剖型與反向肩關節置換兩種配置上，皆給予一致的回饋。

We recently moved our N22 Glenosphere into full launch since debuting it earlier this year. This product is the first introduction of our new line of technologies designed for patients with metal hypersensitivity and represents an incremental addressable marker for us.

我們近期也將N22 Glenosphere自今年稍早推出後，推進至全面上市。此產品是我們針對金屬過敏患者所設計之新技術產品線的首項導入，並為我們帶來新增的可服務市場。

And third, we fully rolled out our new titanium plasma spray, or TPS, reverse base plate as a product line extension, which provides an additional option for surgeons to match implant selection to patient need. We're seeing early success across each of these products. In fact, a growing portion of our total procedures year to date have involved the use of one of these new products, and all three have contributed to our recent uplift and average selling price.

第三，我們已全面推出新的鈦等離子噴塗（titanium plasma spray，TPS）反向基板（reverse base plate），作為產品線延伸，為外科醫師提供額外選項，以便將植入物選擇與病患需求更精準匹配。我們在這些產品上已看到初期成功。事實上，截至目前為止，我們今年累計的總手術中，使用上述任一新產品的占比正在上升，且這三項產品皆對我們近期的成長動能與平均售價帶來貢獻。

Beyond these recent introductions, we're also committed to further extending our technology advantage and have significantly advanced several programs across enabling technology and new product development. As I've shared on recent calls, the integration of robotic surgery into our ecosystem has unlocked a renewed innovation cycle within our technical and clinical teams, and I want to outline a few initiatives that have taken clear shape over the past several quarters and represent meaningful opportunities in the near future.

除了這些近期導入之外，我們也致力於進一步擴大技術優勢，並在賦能技術與新產品開發方面，顯著推進多項計畫。如我在近期電話會議中所分享，將機器人手術整合進我們的生態系，已為技術與臨床團隊開啟新一輪的創新循環；我想概述幾項在過去幾季已清楚成形、並在近期具備重大機會的倡議。

At the center of this innovation cycle and overarching across each of our pipeline projects is a technological revamp of our provenance enabling technology platform. We're building upon the platform's strong existing foundation to better align with each surgeon's unique needs while delivering a substantial step up from a software perspective in terms of available information and functionality. Based on surgeon feedback to date, we believe strongly that this platform is the main engagement center for our.

此創新循環的核心、並貫穿我們各項管線專案的是：對我們的Provenance賦能技術平台進行技術性改版。我們將在平台既有的堅實基礎上再加以建構，以更貼合每位外科醫師的獨特需求，同時在軟體層面就可用資訊與功能性帶來顯著升級。根據目前外科醫師的回饋，我們堅信此平台將是我們的主要互動中心。

And that when paired with the innovation programs I'll describe next, will drive an important shift in how shoulder surgery is planned and executed.

而當它與我接下來將描述的創新計畫結合時，將推動肩部手術在規劃與執行方式上的重要轉變。

We believe this advancement will further expand our competitive advantage, creating an environment where innovation for improved care happens through a software advancement, and that is a shift that will benefit all stakeholders through improved care, lower costs, and lower capital requirements.

我們相信這項進展將進一步擴大我們的競爭優勢，打造一個透過軟體進步來促成改善照護之創新的環境；這樣的轉變將透過更佳照護、更低成本與更低資本需求，使所有利害關係人受益。

We're also developing this next-generation software platform to be fully compatible with our upcoming shoulder-specific micro-robotics solution for shoulder arthroplasty, which will enable us to offer a comprehensive, integrated enabling technology suite. The purpose of enabling technology is to support more accurate, effective surgery. However, rapid and sustainable uptake requires the simplest possible adjustment to existing surgical technique, delivering predictable, consistent procedure. Times in the OR and an economic proposition that is value accretive for all clinical partners. We believe this approach will deliver better outcomes and a lower economic burden across all sites of care, particularly the ambulatory surgery center.

我們也正將此下一代軟體平台開發為可與我們即將推出、專為肩關節置換設計的肩部微型機器人解決方案完全相容，使我們能提供完整、整合式的賦能技術套件。賦能技術的目的在於支援更精準、更有效的手術。然而，要達成快速且可持續的採用，必須對既有手術技術做出最小幅度的調整，同時提供可預期且一致的手術流程。手術室（OR）時間，以及對所有臨床合作夥伴皆具價值增益的經濟主張。我們相信此一方法將在所有照護場域帶來更佳結果與更低的經濟負擔，尤其是在門診手術中心（ASC）。

Since announcing our strategic partnership with INS in December, we've made tangible progress each quarter with product development running almost a full year ahead of our initial internal forecast, and we remain incredibly excited with the mid and longer-term economic and competitive opportunities associated with this technology.

自我們於12月宣布與INS的策略合作夥伴關係以來，我們每一季都取得具體進展；產品開發進度幾乎比我們最初的內部預測提前整整一年，我們也對此技術在中期與長期所帶來的經濟與競爭機會感到非常振奮。

Officially, the robotic technology will be known as Inset Neo, and we are planning FDA submission in the first half of 2027. We'll provide additional details on product features and filing timelines over the coming quarters.

正式而言，該機器人技術將命名為Inset Neo，我們規劃於2027年上半年向FDA提交申請。未來幾季我們將提供更多關於產品特性與申報時程的細節。

Alongside the filing, we are also anticipate kicking off a robotic training program in early Q1 of next year, which will enlist the expertise of our current surgeons.

除申報作業外，我們也預期在明年第一季初啟動機器人訓練計畫，並將邀集我們現有外科醫師的專業參與。

Consistent with our broader philosophy surrounding peer-to-peer medical education, we believe this train-the-trainer approach will be effective in creating a scalable way to share knowledge and drive surgeon engagement at a rapid pace.

與我們更廣泛的同儕對同儕（peer-to-peer）醫學教育理念一致，我們相信此「訓練講師（train-the-trainer）」模式將能有效建立可擴展的知識分享方式，並快速提升外科醫師的參與度。

Our revamped enabling technology suite is also fundamental to several initiatives across new product development.

我們改版後的賦能技術套件，也是多項新產品開發倡議的基礎。

First, we've spent the last several quarters working to improve the transferability of pre-operative planning information into the operating room through a simple, reusable solution. With limited available starting in Q3, our new inset clutch guide system for anatomic and reverse planning procedures will allow surgeons to more effectively transfer and execute the intended surgical plan in the OR. We also expect this solution to provide a modest uplift to average selling price.

首先，過去幾季我們一直致力於透過一套簡單、可重複使用的解決方案，提升術前規劃資訊在手術室中的可轉移性。自第三季起將以有限供應方式推出的全新Inset clutch guide system（適用於解剖型與反向規劃手術），將使外科醫師能在手術室中更有效地轉移並執行預定的手術計畫。我們也預期此解決方案將為平均售價帶來小幅提升。

Second, we've developed a new concept for reverse procedures branded INSET1, offering a highly unique solution purpose-built for our risk-based approach in our pre-operative planning. Born out of our next-generation enabling technology platform, INSET1 will enable surgeons to formulate a patient-matched, additively manufactured iteration of our INSET reverse solution, leveraging expansive data set and highly optimized decision algorithms. Challenging and complex patient indications, improving upon existing market designs. We also believe that over the midterm, paired with our robotics solution, Inset One can represent a lower cost, higher margin procedure for the majority of patients, enabling even lower capital costs in our current small trade platform. We're targeting FDA submission for this product in 2027.

第二，我們已開發一項名為 INSET1 的反向手術新概念，提供一個高度獨特的解決方案，專為我們在術前規劃中採用的風險導向方法而打造。INSET1 源自我們的下一代賦能技術平台，將使外科醫師能夠運用龐大的資料集與高度最佳化的決策演算法，制定與患者相匹配、以增材製造（3D 列印）方式生產的 INSET 反向解決方案版本。可因應具挑戰性且複雜的患者適應症，並優於現有市場設計。我們也相信，在中期內，若與我們的機器人解決方案搭配，Inset One 可為多數患者帶來更低成本、更高毛利的手術流程，並在我們目前的小型器械平台上實現更低的資本成本。我們目標於 2027 年向 FDA 提交此產品申請。

Third, we expect to commence a limited user release in Q3 of this year for our new subscapularis sparing technique initiatives.

第三，我們預期將於今年第三季開始針對我們新的「保留肩胛下肌」技術計畫進行有限度的使用者釋出。

Failure of the subscapularis tendon remains a persistent post-operative complication, particularly across anatomic shoulder arthroplasty, where shoulder innovations inset platform has a marked advantage due to the structure of our unique implant designs.

肩胛下肌腱失敗仍是術後持續存在的併發症，尤其在解剖型肩關節置換術中更為常見；在此領域，肩部創新公司的 Inset 平台因我們獨特植入物設計的結構而具備明顯優勢。

Together with a group of innovative surgeons, our engineering and clinical teams have developed instrumentation to more effective. Actively enable surgery where takedown of the subscap tendon can be avoided, which may materially reduce the risk of this complication. This technique can also have a significant impact on postoperative protocols, pain, and simplicity of patient recovery.

我們與一群具創新精神的外科醫師合作，由工程與臨床團隊開發出更有效的器械。可主動促成在手術中避免切離肩胛下肌腱，從而可能實質降低此併發症風險。此技術亦可對術後照護流程、疼痛程度以及患者復原的簡便性產生顯著影響。

And last, certainly not least, we're looking forward to the first surgical cases for our next generation Inset anatomic glenoid implant in early Q4 of this year. Branded Inset Go, we expect this solution to further streamline the OR experience by further reducing the surgical steps.

最後但同樣重要的是，我們期待於今年第四季初迎來下一代 Inset 解剖型盂窩植入物的首批手術案例。該產品品牌名為 Inset Go，我們預期此解決方案將透過進一步減少手術步驟，進一步簡化手術室（OR）體驗。

We expect this innovation will save up to 10 minutes per procedure. The Inset and Inset Plus glenoid implants are a foundational technology for shoulder innovations, and this next generation product builds on our heritage of published and recognized clinical success in deploying experience and know-how inaccessible to any other competitor.

我們預期此項創新可使每台手術最多節省 10 分鐘。Inset 與 Inset Plus 盂窩植入物是肩部創新公司的基礎技術，而這一代新產品建立在我們已發表並獲得認可的臨床成功傳承之上，運用其他任何競爭對手都無法取得的經驗與專業知識。

External to our own pipeline, we also continue to generate incremental interest from additional strategic partners who see the value in accessing the shoulder surgical care market through our platform.

除我們自身的產品研發管線之外，我們也持續獲得更多策略夥伴的增量興趣；他們看見透過我們的平台切入肩部手術照護市場的價值。

Our enhanced brand awareness has been a meaningful positive development for SI since our IPO last year. And to that end, we are pleased to announce a new exclusive collaboration with a leader in additive manufacturing devices for the treatment of severe deformity where no other. Solution currently exists in cases frequently involve challenging revisions or other complicated circumstances. We expect this partnership will enable us to offer improved bespoke solution for highly complex revision cases, bolstering our broader way of offerings to the shoulder surgical care market. To be clear, these are cases where surgeons may not perceive our current solutions to be optimal for the patient condition, and this relationship will enable further expansion into these complex.

自去年 IPO 以來，我們品牌知名度的提升對 SI 而言是一項具意義的正向發展。基於此，我們很高興宣布與一家在增材製造醫療器材領域的領導者展開新的獨家合作，用於治療嚴重畸形、在此類情況下目前並無其他解決方案可用。這些案例往往涉及具挑戰性的翻修手術或其他複雜情境。我們預期此合作將使我們能為高度複雜的翻修病例提供更佳的客製化解決方案，強化我們面向肩部手術照護市場的整體產品組合。需要說明的是，這些案例中外科醫師可能認為我們現有解決方案對患者狀況並非最佳，而此合作關係將使我們得以進一步拓展至這些複雜領域。

We've also spoken before about the broader opportunity in adjacent indications, particularly soft tissue procedures. While we're bringing the same rigor to this market as we did with arthroplasty, an opportunity has emerged for faster, more immediate impact. We're pleased to announce a new relationship with a soft tissue device manufacturer that we expect will enable us to begin commercializing several of these devices before year-end. We don't expect material. Revenue from this partner partnership, but it marks an important starting point that should yield strategic advantages as our commercial organization continues to grow.

我們先前也談到鄰近適應症的更廣泛機會，特別是軟組織手術。在我們以與關節置換術相同的嚴謹態度切入此市場的同時，也出現了一個能更快、帶來更即時影響的機會。我們很高興宣布與一家軟組織器材製造商建立新的合作關係，我們預期這將使我們能在年底前開始商業化其中數項器材。我們不預期此合作夥伴關係將帶來重大營收，但這標誌著一個重要的起點，隨著我們商業組織持續成長，應可帶來策略性優勢。

Before turning the call over to Jeff, I have one final update on the clinical evidence front. As we've shared previously, we are actively building a database of real-world evidence for our clinical data registry. Clinical data collection efforts within the registry are ahead of our expectations. While still preliminary, our initial review suggests improvements in post-operative acromial fractures, reduced complications related to instability, advances in patient range of motion, and materially favored aesthetic outcomes. Furthermore, we've recently identified the opportunity to accelerate our ability to publish a more thorough report of these results through partnerships with centers that hold large bodies of retrospective data. While A modest investment will be required to enable the advancement, we're encouraged by these early signals and are confident this improved approach can accelerate our pathway to publication of these results by several quarters.

在把電話會議交給 Jeff 之前，我還有一項關於臨床證據的最後更新。如同我們先前分享的，我們正積極為臨床資料登錄系統建立真實世界證據資料庫。登錄系統內的臨床資料收集進度超出我們預期。雖仍屬初步，我們的初步檢視顯示：術後肩峰骨折有所改善、與不穩定性相關的併發症降低、患者活動範圍提升，以及在外觀美學結果上呈現明顯更佳的趨勢。此外，我們近期也發現可透過與擁有大量回溯性資料的中心合作，加速我們發表更完整結果報告的能力。雖然推進此計畫需要適度投資，但我們對這些早期訊號感到鼓舞，並有信心此改良方法可將我們發表這些結果的時程加速數個季度。

I'm excited that each of these innovation and clinical opportunities remain central to our existing clinical focus within shoulder surgical care, and we expect them to accelerate the efficiency of our commercial engine as we continue to scale. We look forward to providing additional updates on each of these as we progress. With that, I'll now turn the call over to Jeff to review our full second quarter results and discuss our updated full year 2026 outlook in more detail.

我很振奮，因為上述每一項創新與臨床機會仍是我們在肩部手術照護既有臨床重點的核心，我們預期它們將在我們持續擴張的同時，加速商業引擎的效率。隨著進展，我們期待就各項計畫提供更多更新。接下來我將把電話會議交給 Jeff，請他回顧我們第二季完整業績，並更詳細討論我們更新後的 2026 全年展望。

Thanks, Rob, and good afternoon, everyone. As Rob mentioned, net revenue for the second quarter of 2026 was $17.2 million, a 56% increase from $11 million in the prior year.

謝謝你，Rob，各位下午好。如 Rob 所提到，2026 年第二季淨營收為 1,720 萬美元，較去年同期的 1,100 萬美元成長 56%。

Our unique commercial model and proprietary business intelligence capabilities drove continued commercial expansion in the second quarter, resulting in increased adoption of our implant systems across new and existing surgeons.

我們獨特的商業模式與專有的商業智慧能力，推動第二季持續的商業擴張，使我們的植入物系統在新舊外科醫師群體中的採用率提升。

Gross margin for the second quarter of 2026 was 78.3% compared to 76.2% in the prior year.

2026 年第二季毛利率為 78.3%，相較去年同期為 76.2%。

The improvement was driven by continued strong ASPs along with benefits from negotiated cost reduction programs across our product lines.

毛利率改善主要受惠於持續強勁的平均銷售價格（ASP），以及我們在各產品線推動的議價成本降低計畫所帶來的效益。

Selling, general, and administrative expenses in the second quarter of 2026 were $20.1 million compared to $12.8 million in the prior year.

2026 年第二季銷售、一般及行政（SG&A）費用為 2,010 萬美元，去年同期為 1,280 萬美元。

The increase in SG&A expenses was primarily driven by increased headcount in the commercial organization, higher variable selling expenses, and increased costs associated with becoming a public company.

SG&A 費用增加主要由商業組織人員編制擴增、較高的變動銷售費用，以及成為上市公司相關成本上升所致。

Excluding public company costs, we delivered operating leverage across SG&A during the quarter as compared to the prior year.

若排除上市公司相關成本，本季我們在 SG&A 方面相較去年同期實現了營運槓桿。

Research and development expenses in the second quarter of 2026 were 3.4 million, compared to 1.4 million in the prior year. The increase was primarily driven by investment in new product development efforts, including substantial work. Related to the robotics platform.

2026 年第二季研發費用為 340 萬美元，去年同期為 140 萬美元。增加主要來自對新產品開發工作的投資，包括大量與機器人平台相關的工作。

Net loss in the second quarter of 2026 was $10.2 million compared to a loss of $19.2 million in the prior year.

2026 年第二季淨損為 1,020 萬美元，相較去年同期淨損 1,920 萬美元。

The adjusted EBITDA loss in the second quarter of 2026 was $8 million compared to a loss of $18.1 million in the prior year.

2026 年第二季調整後 EBITDA 虧損為 800 萬美元，較去年同期 1,810 萬美元的虧損縮小。

The decrease in both net loss and the adjusted EBITDA loss were primarily related to a significant prior year charge related to changes in the fair value of the company's preferred stock or liability and Series E purchase option.

淨虧損與調整後 EBITDA 虧損的下降，主要與去年一項重大費用有關，該費用源自公司優先股或負債以及 E 系列購買選擇權公允價值變動。

Our cash and cash equivalents and marketable securities as of June 30, 2026 were $99 million. As expected, our cash burn improved in Q2 compared to Q1.

截至 2026 年 6 月 30 日，我們的現金及約當現金與有價證券為 9,900 萬美元。如預期所示，我們第二季的現金消耗較第一季有所改善。

Primarily due to a lower level of asset and instrument purchases along with other working capital improvements.

主要是由於資產與器械採購水準降低，以及其他營運資金改善所致。

Looking ahead, we expect improvements in cash burn during the second-half of the year as compared to the first half as we proactively increased our inventory and asset purchases in Q1 and Q2.

展望未來，由於我們在第一季與第二季主動增加庫存與資產採購，我們預期下半年相較上半年現金消耗將有所改善。

We remain confident in our balance sheet and our ability to fund our growth plans with cash on hand.

我們對資產負債表以及以手頭現金支應成長計畫的能力仍具信心。

During the quarter, we also announced the closing of two new debt facilities for an aggregate amount of up to $50 million with Stifel Venture Banking, consisting of a fully funded term loan to refinance our existing credit facility and a separate undrawn line of credit. This refinancing represents an important step in strengthening our financial foundation as we continue to rapidly scale, providing material future cost savings on our existing debt structure while enabling financial flexibility.

本季期間，我們亦宣布完成兩項新的債務融資安排，與 Stifel Venture Banking 簽訂，合計額度最高可達 5,000 萬美元，包括一筆已全額撥付的定期貸款，用以再融資我們現有的信貸融資，以及另一筆尚未動用的信用額度。此次再融資是強化我們財務基礎的重要一步，讓我們在持續快速擴張之際，於現有債務結構上帶來可觀的未來成本節省，同時提升財務彈性。

In the near future, we expect to file a shelf registration statement on Form S-3 as we recently became eligible following the one-year anniversary of our IPO.

在不久的將來，我們預期將提交 S-3 表格的擱置註冊聲明（shelf registration statement），因我們在 IPO 一週年後近期已符合資格。

This is standard corporate housekeeping and we have no imminent plan to raise capital through a primary offering.

這是標準的公司例行作業，我們目前沒有透過首次發行（primary offering）募資的迫切計畫。

The filing will also register shares held by certain pre-IPO investors and insiders satisfying registration rights granted in our March 2025 financing.

該申報亦將註冊部分 IPO 前投資人與內部人士所持股份，以履行我們於 2025 年 3 月融資中所授予的註冊權利。

This is a procedural step to meet those contractual obligations.

這是一項程序性步驟，用以滿足上述合約義務。

It's not a sale of stock, and we have no visibility into if or when any holder might choose to sell.

這並非股票出售，我們也無法得知任何持有人是否或何時可能選擇出售。

Turning now to our guidance and outlook for 2026, on the top-line, we now expect full-year 2026 net revenue to range from $67 to $69 million, representing growth of 42 to 46%. 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.

接著談 2026 年的指引與展望。在營收方面，我們目前預期 2026 年全年淨營收將介於 6,700 萬至 6,900 萬美元，代表成長 42% 至 46%。此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群的滲透率，以及新產品的商業化上市，來實現業界領先成長的能力，仍具高度信心。

In addition, guidance accounts for seasonal dynamics that are typical in our industry, specifically lower sequential volumes in Q3.

此外，該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。

And a shift in procedure mix during the second-half of the year, which typically lowers our percentage of reverse procedures and correspondingly impacts ASPs.

以及下半年手術組合的變化，通常會降低反向手術（reverse procedures）的占比，並相應影響平均銷售價格（ASP）。

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相近水準；但需注意，毛利率可能會因產品組合與 ASP 而出現季度間波動。

Looking ahead, we recently filed a 510 with FDA. Related to additive manufacturing of certain products.

展望未來，我們近期已向 FDA 提交 510。與特定產品的增材製造（additive manufacturing）相關。

This 510 is separate from the additive manufactured products that Rob discussed earlier and will add additional capability to our supply chain, providing incremental cost reductions of up to 30% on certain products beginning sometime in 2027.

此 510 與 Rob 先前提到的增材製造產品不同，將為我們的供應鏈增添額外能力，並自 2027 年某個時間點起，對部分產品帶來最高可達 30% 的額外成本降低。

Cost down initiatives remain a key focus, and we're confident they'll continue driving gross margin improvement as we scale.

降本計畫仍是關鍵重點，我們有信心在規模擴張的同時，這些計畫將持續推動毛利率改善。

At our current full-year revenue guidance. We expect SG&A expenses in Q3 as a percentage of revenue to increase from Q2 before declining in Q4.

以我們目前的全年營收指引來看。我們預期第三季的銷售、一般及行政（SG&A）費用占營收比重將較第二季上升，之後在第四季下降。

As our conviction around business growth increases, we will continue to identify and invest in greenfield opportunities across new geographic areas for commercial team footprint expansion.

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尋找並投資綠地（greenfield）機會，以擴大商業團隊的覆蓋範圍。

Finally, with currently contemplated innovation programs, we expect R&D expenses as a percentage of revenue to moderate late in 2026.

最後，依目前規劃的創新計畫，我們預期研發（R&D）費用占營收比重將在 2026 年稍晚趨於緩和。

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

接下來，把電話交回 Rob 做幾點結語。

Thanks, Jeff.

謝謝，Jeff。

In sum, the second quarter reflected strength across every dimension of our business. We continue to rapidly onboard new services against a large underpenetrated market opportunity. Deepening utilization within our existing customer base and advancing a broad and increasingly differentiated product pipeline from the continued ramp of our I135 RFX and N22 launches to the next generation of our enabling technology suite to the accelerating progress we're making on our robotic platform. At the same time, the growing external interest we're seeing from external partners is a testament to the position we've built in the shoulder surgical market, and we believe these relationships will be. Expand what we're able to offer surgeons and patients over time.

總結而言，第二季在我們業務的各個面向都展現出強勁表現。我們持續在一個滲透率仍偏低、機會龐大的市場中，快速導入新的服務。同時，我們也在既有客戶基礎中深化使用率，並推進廣泛且日益差異化的產品研發管線，從 I135 RFX 與 N22 上市後的持續放量，到下一代賦能技術套件，再到我們在機器人平台上加速取得的進展。與此同時，我們看到外部合作夥伴對我們的興趣日益增加，這也證明了我們在肩部手術市場所建立的地位，而我們相信這些合作關係將會。隨時間推移，擴大我們能為外科醫師與病患提供的價值。

This quarter also marked just a year since our IPO and reflecting on everything our team has accomplished in that time. The growth we've delivered and the products we've brought to the market and relationships we've built across the surgeon and partner community, our confidence in what lies ahead is very strong. The commercial organization we've built continues to perform. Our pipeline has never been deeper and our conviction in the team's ability to execute has never been higher. We believe shoulder innovations remains in the very early stages of what we can accomplish in transforming shoulder surgical care and we look forward to demonstrating that in the back half in 2026 and beyond.

本季也剛好是我們 IPO 滿一週年，回顧團隊在這段期間所完成的一切。我們所交付的成長、推向市場的產品，以及在外科醫師與合作夥伴社群中建立的關係，讓我們對未來的信心非常強。我們打造的商業組織持續展現績效。我們的產品管線從未如此深厚，而我們對團隊執行力的信心也從未如此之高。我們相信肩部創新仍處於我們能夠改變肩部手術照護的非常早期階段，我們期待在 2026 年下半年及其後持續展現這一點。

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

接下來，我將把電話交給接線員進行問答。

Operator.

接線員。

( Operators Instructions )

（接線員指示）

Our first question comes from Matthew O'Brien with Piper Sandler.

我們的第一個問題來自 Piper Sandler 的 Matthew O'Brien。

Please proceed with your question.

請開始提問。

Great. Thanks for taking the question.

很好。謝謝讓我提問。

Maybe for starters on the guidance side of things, if you look at the.

也許先從指引方面開始，如果你看一下。

It's good to see a bump up in the back half of the year, and I understand seasonality and mix changes. But this time last year, you saw a pretty meaningful bump up second-half of the year versus the first half.

很高興看到下半年有上調，我也理解季節性與組合變化。但在去年這個時候，你們看到下半年相較上半年有相當明顯的上升。

This year, it's essentially flat first half versus second-half. And I know you want to be conservative, but I'm just curious about any other dynamics we should be aware of, especially competitively. I know one of your competitors has a new robotic system in shoulder. They seem to be chatting that up a little bit. So just anything like that that you can point to as far as the back half guide goes, and then I do have a follow-up.

今年則是上半年與下半年基本持平。我知道你們希望保守一些，但我想了解是否還有其他我們需要注意的動態，特別是在競爭方面。我知道你們的一位競爭對手在肩部領域推出了新的機器人系統。他們似乎也在稍微強調這件事。所以就下半年指引而言，是否有任何類似因素或其他你們可以指出的事項？另外我還有一個追問。

Matt, I appreciate the question very much, and thanks for pointing that out. I characterize a couple of things remain factually true that I shared in the prepared remarks. One, our pace of new customer ads has done nothing but accelerate relative to last year. We feel.

Matt，我非常感謝這個問題，也謝謝你指出這一點。我想強調幾件我在事先準備的發言中分享過、且在事實上仍然成立的事情。第一，我們新客戶廣告投放的速度相較去年只是在加速。我們覺得。

Really confident and excited about the progress that we've developed here in Q1 and Q2.

對於我們在第一季與第二季所取得的進展，我們非常有信心，也很興奮。

There's nothing that we're remarking about or considering as it relates to any changes in the market dynamics in the second-half of the year.

就今年下半年市場動態可能出現任何變化而言，我們沒有特別評論或考慮任何事情。

And I characterize that like all quarters that we've reported on so far, we've presented numbers that we consider to be very high conviction numbers, and it's no more complicated than that, Matt.

我會這樣描述：就像我們迄今為止所報告的每一個季度一樣，我們提供的數字都是我們認為把握度非常高的數字，事情就這麼簡單，Matt。

Got it. And then on the robotics side, great news to hear that things have accelerated and the submission in the first half of next year. Can you talk about, I know it's a little early here, but just plans for that system selling it ASPs and then I'm sure you're going to get some kind of ASP bump on the implant side of things from it. Just anything you can.

了解。那在機器人方面，很高興聽到進度加快，並且會在明年上半年提交申請。你能談談嗎？我知道現在可能還有點早，但就該系統的銷售計畫、ASP（平均銷售價格）而言，以及我相信它也會讓植入物端的ASP有所提升。任何你能。

Frame up for us as we think about the impact of that system next year.

先幫我們框架一下，讓我們思考該系統明年的影響。

Yes, I appreciate that. It's a great question, Matt, kind of we're not in a position yet to share with the market our strategy as it relates to economic relationships we might build with operating centers.

好的，我很感謝。這是個很好的問題，Matt。就我們可能與手術中心建立的經濟合作關係而言，我們目前還不便向市場分享我們的策略。

But I think what I've shared in the last couple of calls is what we believe is very differentiated about our platform is the structure and the portability of our platform puts us in a very unique position as it relates to the types of economic relationships we can build with centers, both ambulatory surgery centers and inpatient hospitals. And I think that puts us in a position where.

但我在過去幾次電話會議中分享過，我們認為我們平台非常差異化的一點在於：平台的結構與可攜性，使我們在與各類中心建立經濟合作關係方面處於非常獨特的位置，包含門診手術中心與住院醫院。我認為這讓我們處於一個位置，使得。

We can build pricing into the implant, we can build pricing into actual capital purchase of the robot itself and frankly, everything in between that.

我們可以把定價納入植入物，也可以把定價納入機器人本體的資本採購，坦白說，介於兩者之間的各種模式都可以。

We know we will start with a careful and pensive limited user release to ensure we get just everything right the first time and we're extremely excited about what we're achieving from an outcome standpoint in 2027.

我們知道一開始會以審慎、深思熟慮的有限使用者釋出方式推進，以確保第一次就把所有事情都做到位；而我們對於在2027年於臨床結果面所能達成的成果感到非常興奮。

I think we're in a very advantaged position relative to competitors as it relates to the relationships that we can build. Now, having said all of that, we do believe there will clearly be economic benefit to the company for deployment of that technology commensurate with the clinical benefit that we're providing for both hospitals and patients.

就我們能建立的合作關係而言，我認為相較競爭對手我們處於非常有利的位置。話雖如此，我們確實相信，部署這項技術將為公司帶來明確的經濟效益，且會與我們為醫院與病患提供的臨床效益相匹配。

We're excited about kind of what that can be and we believe it will be quite meaningful for Scholl innovations on a go-forward basis.

我們對其可能帶來的成果感到興奮，並相信這對Scholl Innovations未來的發展將相當有意義。

Our next question comes from Patrick Wood with UBS.

下一個問題來自UBS的Patrick Wood。

Amazing.

太棒了。

I've got two. Maybe the first one on Insect Go, 10 minutes is a pretty material saving in terms of surgery time. I mean, all time, 40, 50 bucks a minute, it's pretty meaningful.

我有兩個問題。第一個可能是關於Insect Go，10分鐘在手術時間上是相當可觀的節省。我的意思是，時間成本每分鐘40、50美元，這很有意義。

Do you think the bigger opportunity here is to use that as a way to break into new accounts to get utilization per surgeon up? Or is this also something where you can say, hey, look, I'm probably saving you minimum 500 bucks of absorbed overhead.

你認為這裡更大的機會是把它當作切入新客戶的方式、提高每位外科醫師的使用量嗎？還是這也是一種你可以說：嘿，你至少幫你省了500美元的吸收式間接費用。

Per case and include a little bit of pricing or is it a bit of both? How are you to keep on angling it?

每一例手術，並在定價上反映一點？還是兩者兼具？你們會如何持續去切入與定位？

I think interactions with surgeon customers in that context is commonly less about the minute by minute cost.

在那樣的情境下，與外科醫師客戶的互動通常不太是逐分鐘的成本問題。

It's more about can I fit an additional surgery into my surgery day? That's where the economic benefit can really be gained.

更多是：我能不能在一天的手術排程中再多塞進一台手術？真正的經濟效益往往是在那裡取得。

And I think when you reach times like 10 minutes. That can be possible, I'll put it that way. It won't always be common just based on surgery schedule, but it is, as you mentioned, Patrick, a material amount of time and can enable that. I'll just highlight a recent anecdote. Because of the efficiency we've enabled in our system, we recently had a major hospital center did 8 surgeries.

而我認為當你達到像10分鐘這樣的時間節省時。那就有可能做到，我會這麼說。基於手術排程的限制，這不一定總是常態，但如你所說，Patrick，這是一段相當可觀的時間，確實能促成那件事。我再分享一個最近的例子。因為我們系統帶來的效率提升，我們最近有一家大型醫院中心完成了8台手術。

In one day in a major kind of inpatient hospital setting. So a remarkable achievement that we were kind of really delighted with. And it is a function of the efficiency that we present. And I'll just characterize that it's not just a surgeon that responds positively, it's the entire staff. And so we have found over time that everything we can do to simplify the procedure is constructive for both the surgeon. And their team broadly and is frankly a positive advantage for us.

在一天之內、而且是在大型的住院醫院環境中。這是非常了不起的成就，我們也非常高興。這確實是我們所提供效率的結果。我也想補充，正面回饋的不只是外科醫師，而是整個團隊。因此我們長期以來發現，我們能做的任何簡化流程的事情，對外科醫師與。其整體團隊都是有建設性的，坦白說，這也成為我們的一項正向優勢。

Makes sense. No, I completely get it. I guess the other one is obviously the core surge and utilization is in a good spot. Maybe this is a. A strange question, but what do you find typically per surgeon triggers them to really drive utilization up? Is it a few months in, they've done a few insect glenoids and then they suddenly begin to transition more of their book over? And is there like a triggering point of comfort with the system that you found recently that's getting them to adopt it much faster? What's that moment that kind of gets them to buy in, if that makes sense?

有道理。不，我完全理解。我想另一個問題是，顯然核心的手術量與使用率狀況良好。也許這是個。有點奇怪的問題，但你們通常觀察到每位外科醫師是被什麼觸發，才會真的把使用量拉上去？是進來幾個月、做了幾個inset glenoid之後，突然開始把更多病例轉過來嗎？你們最近是否發現有某個對系統的「舒適度觸發點」，讓他們採用速度快很多？如果這樣問有意義的話，那個讓他們真正買單的時刻是什麼？

Well, I wish that every surgeon was the same and we just had a recipe we could deploy. And on some level, kind of we have to manage each interaction according to the particular surgeon's needs. And that's, kind of that's what's very helpful about the level of experience we have in our W-2 commercial leadership team. They can navigate that. I'll just call it complexity, if you will.

嗯，我希望每位外科醫師都一樣，然後我們就有一套配方可以複製推行。但在某種程度上，我們必須依照每位外科醫師的特定需求來管理每一次互動。而這也正是我們W-2商業領導團隊所具備的經驗深度非常有幫助的地方。他們能夠駕馭這些。我姑且稱之為複雜性。

I'd say having said that, one thing that has been remarkable in the perceived change of how our customers view us as we have materially moved from the inset glenoid company to the inset platform company. What I mean by that is surgeons recognize the significant technological benefits of our lateral-lateral kinematics in our reverse platform. And so as we've grown and matured as a company, we've seen surgeons become starters with our reverse platform more commonly than was the case historically as compared to our anatomic platform. And I think the immediate outcome results are more evident in reverse for our company, for our technology as it relates to anatomic. And so that's been quite remarkable. So what we find, Patrick, is when surgeons leverage our reverse, we tend to build quite a bit. Pretty quickly.

話雖如此，有一件事很值得注意：隨著我們實質上從「inset glenoid公司」轉變為「inset平台公司」，客戶對我們的看法出現了明顯改變。我的意思是，外科醫師認知到我們在反向平台（reverse platform）上所提供的lateral-lateral運動學具有顯著的技術優勢。因此，隨著公司成長與成熟，我們看到外科醫師更常以我們的反向平台作為起點，相較於過去歷史上更多是從我們的解剖型平台（anatomic platform）開始。而我認為就我們公司的技術而言，反向平台的即時臨床結果相較於解剖型更為明顯。這點相當令人驚訝。所以我們發現，Patrick，當外科醫師採用我們的反向方案時，我們往往能在很短時間內建立起相當多的。使用量。

Excellent. Great to see you. Thanks, guys.

太好了。很高興見到你。謝謝，各位。

( Operators Instructions )

( 接線員指示 )

Our next question comes from Ryan Zimmerman with US Bank. Please proceed with your question.

下一個問題來自美國銀行（US Bank）的 Ryan Zimmerman。請提出您的問題。

Thank you, and congrats.

謝謝，恭喜。

On a nice quarter here.

這一季表現很不錯。

I want to ask, I've listened to some of your peers talk over the last week during their earnings calls. And one of the things that struck me is their U.S. Extremities numbers were maybe a little lower than I thought they would be. And so in that vein, Rob, I'm wondering if you could talk about -- your core contender growth is impressive. And so in that context, do you see yourself taking share from existing players. The market, do you see these core contender surgeons as they move up that curve in terms of utilization, growing the market and what are your thoughts about kind of that trade-off between market growth accelerating versus share gains potentially?

我想問的是，我在過去一週聽了一些同業在財報電話會議上的發言。其中一件讓我印象深刻的是，他們在美國四肢（Extremities）業務的數字可能比我原先預期的略低一些。因此在這個脈絡下，Rob，我想請你談談——你們核心競爭者（core contender）的成長很亮眼。在這樣的背景下，你們是否看到自己正在從既有玩家手中取得市占？就市場而言，你是否看到這些核心競爭者外科醫師，隨著使用率沿著曲線提升，正在帶動市場成長？你對於「市場成長加速」與「可能的市占提升」之間這種取捨，有什麼看法？

Yeah, thank you, Ryan. I appreciate the question.

是的，謝謝你，Ryan。我很感謝這個問題。

Kind of, I would say.

大致上，我會這麼說。

I can't quantify the ratio, but a vast majority of the growth that we're driving is indeed taking share from larger market incumbents.

我無法量化比例，但我們所推動的成長絕大多數確實是從較大型的市場既有業者手中取得市占。

As time has gone by and we've penetrated further into the market and particularly into centers with fellowship programs, you can consider a growth of the market can be in part developed by graduating fellows. With shoulder specialty training. And as we've grown, we've been able to capture more of those, but we're in the very early innings. So what that means is, for sure, there is a portion of market that we're capturing, call it 90/10, if you understand, Ryan, kind of very small portion related to expanding the market. A vast majority of that is just capture of existing market share from competitors.

隨著時間推進，我們更深入滲透市場，特別是進入設有專科進修（fellowship）計畫的中心，你可以把市場成長的一部分視為由完成進修訓練的醫師所帶動。也就是接受肩關節專科訓練的進修醫師。而隨著我們成長，我們也能夠掌握更多這類機會，但我們仍處於非常早期的階段。因此這代表，確實有一部分市場是我們在擴大市場的同時所取得的；如果你能理解，Ryan，可以把它想成 90/10——與擴大市場相關的部分非常小。絕大多數仍然只是從競爭對手手中取得既有市場的市占。

And I was struck by you have a lot going on in the pipeline, Rob, you laid a lot out on the table this afternoon.

另外讓我印象深刻的是，你們在產品管線上有很多事情在進行，Rob，你今天下午把很多內容都攤在桌面上了。

When I think about Provoyance today versus where you want to take it, I mean, how do you. Make that transition smooth and how are you thinking about the impact of that playing through the business as you integrate these new programs, as you advance software, as you add potentially robotics in '27 at some point.

當我思考 Provoyance 現在的狀態與你們想把它帶往的方向時，我的意思是，你們要如何讓這個轉換過程順暢？以及你們如何看待這些新計畫的整合、軟體的推進、以及可能在 2027 年某個時間點加入機器人技術，對業務帶來的影響？

Help us think through what that means for the existing Provoyance user base.

請幫我們理解，這對既有的 Provoyance 使用者基礎意味著什麼。

Yeah, it's another great question, Ryan.

是的，這又是一個很好的問題，Ryan。

So as Provoyance has been very much an enabler for the relationships we've built with our core surgeons today.

因此，Provoyance 一直以來在很大程度上是我們與目前核心外科醫師建立關係的促成因素。

And the way those surgeons typically become familiar and excited about Provoyance is frankly training from other surgeons. We have a number of surgeons that we've enlisted that are just experts on how to apply it into their clinical practice and have a. A quite very loud and effective voice in helping other surgeons to leverage it in the same way. And as we expand the utility of Provoyance, we would expect to use that same surgeon-to-surgeon communication basis as the primary driver.

而這些外科醫師通常會熟悉並對 Provoyance 感到興奮的方式，坦白說，是透過其他外科醫師的訓練。我們邀請了多位外科醫師，他們是如何將其應用到臨床實務中的專家，並且擁有相當響亮且有效的聲音，協助其他外科醫師以同樣方式加以運用。隨著我們擴大 Provoyance 的效用，我們預期仍會以同樣的「外科醫師對外科醫師」溝通模式作為主要推動力。

Now as it relates to what do we think the impact.

至於我們認為影響會是什麼。

Is on the business on a go-forward basis, I would think about it in these terms. As we move into a more enabled technology environment in shoulder surgical care.

就未來而言，對業務的影響，我會用這樣的角度來看。當我們進入肩關節手術照護中更具技術賦能的環境時。

The goal or the vision is that what happens in the operating room is more and more a preconceived resolution of what you have already planned in preoperative planning. So as time goes by, we will care for more and more of the risks and take more and more of the decision-making at the software level and less of that decision-making happening in the operating room. So what happens in the operating room is just a function of what you've already conceived in the software.

目標或願景是，手術室裡發生的事情，將越來越多是你在術前規劃中已經計畫好的結果的具體落實。因此隨著時間推進，我們會在軟體層面處理越來越多的風險，並把越來越多的決策放在軟體層面完成，而不是在手術室裡做出那些決策。所以手術室裡發生的事情，只是你在軟體中已經構想好的內容的延伸。

We think that will provide for a more rapid pace of innovation in that we can provide better and better decision-making tools more quickly at the software level.

我們認為這將帶來更快的創新速度，因為我們可以在軟體層面更快速地提供越來越好的決策工具。

And number two, we think that enables us to put ourselves in a position where we have a very rich and sticky, for lack of a better term, environment that is very hard for surgeons to leave.

第二，我們認為這也讓我們能夠把自己置於一個非常豐富且「黏著度」很高（姑且這麼說）的環境中，外科醫師將很難離開。

So we think it can be quite effective for.

因此我們認為這對於

For driving loyalty on a go-forward basis.

在未來推動忠誠度會相當有效。

Very helpful.

非常有幫助。

Thank you. Look forward to it.

謝謝。期待後續進展。

( Operators Instructions )

( 接線員指示 )

Appreciate everybody's engagement today. Obviously, we're excited about the results that we have produced and excited about the future for the company. We have a ton of new innovation that we think is going to have a meaningful impact.

感謝大家今天的參與。顯然，我們對所取得的成果感到振奮，也對公司的未來感到期待。我們有大量的新創新，我們認為將帶來實質性的影響。

On a go-forward basis. So very much appreciate everyone's engagement today, and have a great afternoon.

就未來而言。因此非常感謝大家今天的參與，祝各位下午愉快。

( Operators Instructions )

( 接線員指示 )