SI-BONE Inc (SIBN) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to SI-BONE's first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes.

下午好，歡迎參加 SI-BONE 2025 年第一季財報電話會議。（操作員指示）提醒一下，此通話將被錄音以供重播。

I would now like to turn the call over to Saqib Iqbal, Vice President, FP&A and Investor Relations at SI-BONE for a few introductory comments. Please go ahead.

現在，我想將電話轉給 SI-BONE 的 FP&A 和投資者關係副總裁 Saqib Iqbal，請他發表一些介紹性評論。請繼續。

Earlier today, SI-BONE released financial results for the quarter ended March 31, 2025. A copy of the press release is available on the company's website. Before we begin, I'd like to remind you that management's remarks today may include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties including those set forth in our SEC filings such as our most recent Form 10-K, and actual results might differ materially from any forward-looking statement that we make today. Accordingly, you should not place undue reliance on these statements. These forward-looking statements speak only as of the date that they are made, and we do not assume any obligation to update any forward-looking statements except as required by law.

今天早些時候，SI-BONE 發布了截至 2025 年 3 月 31 日的季度財務表現。新聞稿副本可在該公司網站上查閱。在我們開始之前，我想提醒您，管理層今天的言論可能包括聯邦證券法所定義的前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件（例如我們最新的 10-K 表格）中列出的風險和不確定性，實際結果可能與我們今天做出的任何前瞻性陳述有重大差異。因此，您不應過度依賴這些聲明。這些前瞻性陳述僅代表其作出之日的觀點，除非法律要求，否則我們不承擔更新任何前瞻性陳述的義務。

During the call, management may also discuss certain non-GAAP measures, including the company's adjusted EBITDA results. Unless otherwise noted, any reference to profitability is in terms of positive adjusted EBITDA. For a reconciliation of these non-GAAP measures to GAAP accounting, please see the company's full earnings release issued earlier today. Unless otherwise noted, all results are compared to the comparable period in prior year.

在電話會議中，管理階層也可能討論某些非公認會計準則指標，包括公司調整後的 EBITDA 結果。除非另有說明，任何提及獲利能力均指正調整後的 EBITDA。有關這些非 GAAP 指標與 GAAP 會計的對照表，請參閱公司今天稍早發布的完整收益報告。除非另有說明，否則所有結果均與去年同期進行比較。

With that, I'll turn the call over to Laura

好了，我將把電話轉給勞拉

Thank you, Kevin, and good afternoon, and thank you for joining us. I am thrilled with the start to 2025, marked by another strong quarter of outstanding revenue growth, record physician base, expanding gross margins, and strong operating leverage. Our results confirm that our industry-leading, innovative platform targeting nearly half a million annual procedures is continuing to gain momentum.

謝謝你，凱文，下午好，謝謝你加入我們。我對 2025 年的開始感到興奮，這標誌著又一個強勁的季度，收入增長突出，醫生數量創歷史新高，毛利率不斷擴大，經營槓桿強勁。我們的研究結果證實，我們行業領先的創新平台每年處理近 50 萬例手術，並且正在繼續獲得發展動力。

Our worldwide revenue for the quarter reached $47.3 million, representing approximately 25% growth. This impressive topline growth enabled us to deliver positive adjusted EBITDA in the quarter while continuing to make investments in R&D and commercial infrastructure. In the US, our revenue was $44.8 million, reflecting approximately 27% growth and underscoring the durable tailwind building in the business. We're experiencing broad-based demand for our existing technologies and rapid adoption of our new solutions launched last year. With an active pipeline of novel technologies under development, we believe our procedure volume growth will be amplified as we launch these new solutions over the next 12 to 18 months.

本季我們的全球營收達到 4,730 萬美元，成長約 25%。這一令人印象深刻的營收成長使我們能夠在本季實現正調整後 EBITDA，同時繼續對研發和商業基礎設施進行投資。在美國，我們的營收為 4,480 萬美元，成長約 27%，凸顯了業務持續順風的勢頭。我們現有技術的需求十分廣泛，去年推出的新解決方案也迅速採用了。隨著一系列新技術的積極開發，我們相信，隨著我們在未來 12 到 18 個月內推出這些新解決方案，我們的程序量成長將會擴大。

Our innovative platform is driving deeper engagement and market penetration as we add physicians at a record pace. Additionally, a growing number of physicians are performing multiple types of procedures driving end user density. These are both positive leading indicators for demand. Our focus on differentiated solutions and clinical evidence continues to garner favorable reimbursement, including exclusive commercial reimbursement, a transitional pass-through payment, and new technology add-on payments. This favorable reimbursement backdrop has solidified our leadership and ensured patients have access to our unique technologies.

隨著我們以創紀錄的速度增加醫生數量，我們的創新平台正在推動更深入的參與和市場滲透。此外，越來越多的醫生正在執行多種類型的程序，從而提高最終用戶密度。這些都是需求的正向領先指標。我們對差異化解決方案和臨床證據的關注繼續獲得有利的報銷，包括獨家商業報銷、過渡性轉嫁支付和新技術附加支付。這種有利的報銷背景鞏固了我們的領導地位，並確保患者能夠使用我們獨特的技術。

With industry-leading growth margins, scalable commercial infrastructure, and small CapEx footprint, our business model is designed to rapidly scale profitability and generate free cash flow. Our resilient business trends support our confidence that we are positioned to consistently deliver strong results over the long term. Now let me provide an update on our four key priorities: innovation, engagement, commercial execution, and operational excellence.

憑藉業界領先的成長利潤率、可擴展的商業基礎設施和較小的資本支出足跡，我們的商業模式旨在快速擴大獲利能力並產生自由現金流。我們強勁的業務趨勢增強了我們的信心，我們有能力長期持續地取得強勁的業績。現在，讓我介紹我們的四個主要優先事項：創新、參與、商業執行和卓越營運。

Beginning with innovation, diversifying our platform with the addition of unique yet complementary technologies has been a key tenet of our growth. This strategy has allowed us to expand our target modalities, broaden our physician footprint, and develop multiple revenue streams. Over the last three years, we've increased our total addressable market to over $3.5 billion and delivered 25% cumulative procedure volume growth. Now let me dive deeper into our target markets.

從創新開始，透過增加獨特而又互補的技術來實現平台多樣化一直是我們成長的關鍵原則。這項策略使我們能夠擴大目標模式、拓寬醫生覆蓋範圍並開發多種收入來源。在過去三年中，我們已將總目標市場擴大到 35 億美元以上，並實現了累積處理量成長 25%。現在讓我更深入地了解我們的目標市場。

Starting with SI joint dysfunction, we built on the success of iFUSE 3D with the introduction of iFUSE TORQ and then recently iFUSE INTRA. The comprehensive set of solutions addresses the needs of a diverse group of physicians, including orthopedic and neurospine surgeons as well as interventional spine physicians. This portfolio and call point expansion has accelerated our procedure volume growth within the greater than $2 billion dollar target market. While iFUSE 3D historically has been the gold standard, TORQ has dramatically expanded the market and has become a preferred solution for newly trained surgeons as well as interventional spine physicians. INTRA, which is reimbursed under CPT 27278, is achieving adoption in markets where the interventionalists initially prefer an allograft solution and the reimbursement clearly defined.

從骶髂關節功能障礙開始，我們在 iFUSE 3D 成功的基礎上推出了 iFUSE TORQ，最近又推出了 iFUSE INTRA。這套全面的解決方案滿足了不同醫生群體的需求，包括骨科和神經脊椎外科醫生以及介入性脊椎醫師。該產品組合和呼叫點的擴展加速了我們在超過 20 億美元目標市場的處理量成長。雖然 iFUSE 3D 歷來是黃金標準，但 TORQ 已大大擴大市場，並成為新培訓的外科醫生以及介入性脊椎醫生的首選解決方案。INTRA 是根據 CPT 27278 報銷的，在介入專家最初傾向於同種異體移植解決方案且報銷明確的市場中，它正在獲得採用。

Our deliberate expansion with the interventionalists and decision to train them on TORQ and INTRA is gaining significant traction. This specialty performed a record number of procedures with our solutions in the quarter, surpassing the previous record set in the fourth quarter of 2024.

我們與介入專家的刻意擴展以及對他們進行 TORQ 和 INTRA 培訓的決定正在獲得顯著的關注。該專科在本季度利用我們的解決方案執行了創紀錄數量的手術，超過了 2024 年第四季度創下的紀錄。

Moving to pelvic fixation, since the launch of iFuse Bedrock Granite in 2022 and the subsequent addition of iFuse Bedrock Granite 9.5 last year, we lead the industry in providing sacropelvic solutions. Granite is designed to provide robust foundational support at the base of both long and short construct fusion procedures. The platform's ability to address unknown surgeon concern in multi-level spinal fusion procedures and its seamless work flow integration have led to the very rapid adoption of Granite within the nearly $1 billion dollar target market. Since launch, Granite 9.5 has outpaced the adoption trends for Granite 10.5 or TORQ.

轉向骨盆固定，自 2022 年推出 iFuse Bedrock Granite 以及去年隨後推出的 iFuse Bedrock Granite 9.5 以來，我們在提供骶骨盆解決方案方面一直處於行業領先地位。Granite 旨在為長結構和短結構融合程序提供堅實的基礎支撐。該平台能夠解決多級脊椎融合手術中外科醫生未知的擔憂，並且其無縫的工作流程整合使得 Granite 在近 10 億美元的目標市場中得到了迅速採用。自推出以來，Granite 9.5 的採用趨勢已經超過了 Granite 10.5 或 TORQ。

In addition to being a key driver of position adoption, Granite 9.5 has contributed to the increase in the number of procedures utilizing four of our implants, driving higher procedure ASPs. In the first quarter, the number for implant Granite cases grew approximately 69% compared to the prior-year period. The application of Granite 9.5 in higher risk, short construct procedures is growing within our existing surgeon base. Notably, Granite is targeting nearly 100,000 degenerative procedures ending the sacrum each year.

除了作為位置採用的關鍵驅動因素之外，Granite 9.5 還促進了使用我們的四種植入物的手術數量的增加，從而提高了手術平均售價。第一季度，植入花崗岩牙齒的病例數與去年同期相比增加了約 69%。在我們現有的外科醫生群體中，Granite 9.5 在高風險、短構造手術中的應用正在不斷增長。值得注意的是，Granite 的目標是每年完成近 10 萬例骶骨退化手術。

Starting January 1, 2025, Granite became eligible for a transitional pass through payment or TPT without any device offset costs when used in the hospital outpatient setting. We believe there's a potential for the TPT to play out over time as cases involving shorter construct spinal fusions that granite is targeting migrate to the hospital outpatient setting. Based on Medicare data, we believe that approximately 40% of these procedures could be considered for outpatient treatment.

自 2025 年 1 月 1 日起，Granite 在醫院門診使用時有資格獲得過渡轉付費用或 TPT，且無需支付任何設備抵消費用。我們相信，隨著花崗岩所針對的涉及較短結構脊柱融合的病例遷移到醫院門診，TPT 有可能隨著時間的推移發揮作用。根據醫療保險數據，我們認為大約 40% 的此類手術可以考慮門診治療。

On the reimbursement front, as part of CMS's fiscal year 2026 proposal for inpatient hospital rates, reimbursement for Granite multi-level procedures is proposed to increase by approximately 8%. In parallel, CMS has indicated the need for additional time to analyze the data with respect to our request for reassignment of granite procedures to a higher severity reimbursement category.

在報銷方面，作為 CMS 2026 財年住院費用提案的一部分，Granite 多層手術的報銷金額提議增加約 8%。同時，CMS 表示需要更多時間來分析有關我們將花崗岩手術重新分配到更高嚴重程度報銷類別的請求的數據。

Moving to pelvic trauma, we entered the pelvic trauma market with the launch of TORQ in 2021. In the fourth quarter of 2024, we launched our revolutionary second-generation trauma solution, iFUSE TORQ TNT. TNT is an anatomy-specific implant designed for sacral insufficiency fractures. Based on the breakthrough device designation, CMS has proposed an NTAP for inpatient procedures of over $3,900 for TNT, effective October 1st, 2025. This represents a 20% to 30% reimbursement increase to the hospital for pelvic fracture fixation.

轉向骨盆創傷，我們於 2021 年推出 TORQ，進入骨盆創傷市場。2024 年第四季度，我們推出了革命性的第二代創傷解決方案 iFUSE TORQ TNT。TNT 是一種針對骶骨功能不全骨折而設計的解剖學植入物。基於突破性設備的指定，CMS 已提出針對住院手術的 NTAP，TNT 的費用超過 3,900 美元，將於 2025 年 10 月 1 日生效。這意味著醫院骨盆骨折固定治療的報銷金額將增加 20% 至 30%。

Assuming the rule is finalized as drafted, this reimbursement advantage would continue through September 2028. We believe NTAP could expand access to TNT and serve as another tailwind for a solution that is already outperforming our internal expectations. With nearly 60,000 potential target procedures annually, representing a $300 million dollar market opportunity, we are best positioned to capture meaningful market share over the long term.

假設該規則最終按照草案確定，這種報銷優勢將持續到 2028 年 9 月。我們相信 NTAP 可以擴大對 TNT 的訪問，並為已經超出我們內部預期的解決方案提供另一個推動力。每年有近 6 萬個潛在目標程序，代表著 3 億美元的市場機會，我們最有能力長期佔據有意義的市場份額。

Now to provide an update on the disruptive products we expect to launch over the next 12 to 18 months. In the first quarter of 2026, we expect to launch a new SI joint fusion solution that builds on our knowledge of 3D printed titanium implants and application of iFUSE INTRA. We're excited about this new solution, which we believe will simplify workflow, provide another surgical option to physicians, and allow us to reach a wider funnel of international physicians who've expressed interest in adopting our procedure. With this upcoming launch, we will further extend our leadership with the most competitive solutions available to physicians.

現在來介紹一下我們預計在未來 12 到 18 個月內推出的顛覆性產品的最新情況。2026 年第一季度，我們預計將推出新的 SI 關節融合解決方案，該解決方案基於我們對 3D 列印鈦植入物和 iFUSE INTRA 應用的了解。我們對這項新解決方案感到非常興奮，我們相信它將簡化工作流程，為醫生提供另一種手術選擇，並使我們能夠接觸到更廣泛的有興趣採用我們的程序的國際醫生。隨著即將推出的產品，我們將透過為醫生提供最具競爭力的解決方案進一步擴大我們的領導地位。

We're also making significant progress with the new product under development that we mentioned last quarter, our third to win breakthrough device designation from the FDA. This novel implant leverages our core technology and is targeting a more effective treatment for one of the most pressing needs in spine surgery. We expect to share more progress updates with you in the future.

我們在上個季度提到的正在開發的新產品上也取得了重大進展，這是我們第三個獲得 FDA 突破性設備稱號的產品。這種新型植入物利用了我們的核心技術，旨在為脊椎外科最迫切的需求之一提供更有效的治療。我們期待將來與您分享更多進展更新。

Next, let's move to engagement. In the first quarter, over 1,400 US physicians perform procedures using our products, surpassing the previous record we set in the fourth quarter of 2024. This translates into a 27% increase in our physician base as we engage an additional 300 physicians. Compared to the first quarter of 2022, we have more than doubled the number of US physicians who performed procedures using our solutions. This represents cumulative annual physician growth of around 27%. The enormous growth in our active physician base highlights our ability to successfully engage multiple cold points with our best-in-class technologies.

接下來，讓我們討論參與度。第一季度，超過 1,400 名美國醫生使用我們的產品進行手術，超過了我們在 2024 年第四季度創下的紀錄。這意味著我們新增了 300 名醫生，醫生數量將增加 27%。與 2022 年第一季相比，使用我們的解決方案進行手術的美國醫生數量增加了一倍以上。這意味著每年累計醫生數量增長率約為 27%。我們的活躍醫生群體的巨大成長凸顯了我們利用一流技術成功連接多個冷點的能力。

Our product platform is designed to support physicians across multiple procedure types. Once they adopt one of our solutions, we demonstrate value and expand usage into additional procedures. TORQ is a clear example of this progression. We built on TORQ engagement by introducing complementary products like Granite that address the physician's other procedural needs. This approach is contributing to strong cross-procedure adoption and deeper integration into clinical practice as evidenced by a 43% increase in physicians performing more than one procedure type.

我們的產品平台旨在支援多種手術類型的醫生。一旦他們採用我們的某個解決方案，我們就會展示其價值並將其用途擴展到其他程式。TORQ 就是這項進展的一個明顯例子。我們在 TORQ 參與的基礎上，推出了 Granite 等補充產品來滿足醫生的其他程序需求。這種方法有助於促進跨程序的廣泛採用和更深入地融入臨床實踐，執行多種程序類型的醫生數量增加了 43% 就證明了這一點。

Looking at density trends, physicians who performed the case in both the first quarter of 2025 as well as 2024 averaged nearly five procedures per physician. This was 30% higher than the overall average procedures per physician in the quarter. This shows an encouraging runway for procedure volume growth with the newly added physicians.

從密度趨勢來看，2025 年第一季和 2024 年實施此病例的醫師平均每位進行近五次手術。這比本季每位醫生的整體平均手術量高出 30%。這表明，隨著新醫生的加入，手術量的成長前景令人鼓舞。

Finally, we're thrilled with the adoption trends from surgeons we trained as residents and fellows. Year to date, revenue attributable from previously trained residents and fellows grew by 64%. Our strategy of engaging with fellows and residents early in their career is working.

最後，我們對我們培訓的住院醫生和研究員外科醫生的採用趨勢感到非常興奮。年初至今，來自先前接受過培訓的住院醫師和研究員的收入增加了 64%。我們的與研究員和住院醫生在職業生涯早期接觸的策略正在發揮作用。

Now let me discuss our commercial execution. Our strong revenue growth reflects execution by our commercial team unmatched in the industry, bringing deep clinical expertise to every engagement. We ended the quarter with 85 US territories. As we've expanded our product platform, we've evolved from a direct sales force to a hybrid model, combining territory managers and clinical support specialists with third-party agents for case support and procedure expansion. This hybrid commercial infrastructure, which has been especially effective in pelvic fixation and growing in pelvic trauma, enabled us to increase our trailing 12-month territory productivity by nearly 25% in the first quarter to approximately $2 million.

現在讓我來討論一下我們的商業執行情況。我們強勁的營收成長反映了我們商業團隊在業界無與倫比的執行力，為每一次合作帶來了深厚的臨床專業知識。本季結束時，我們的美國領土已達 85 個。隨著我們產品平台的擴展，我們已經從直銷團隊發展到混合模式，將區域經理和臨床支援專家與第三方代理商結合，以提供案例支援和程序擴展。這種混合商業基礎設施在骨盆固定方面特別有效，並且在骨盆創傷方面不斷發展，使我們在第一季將過去 12 個月的區域生產力提高了近 25%，達到約 200 萬美元。

Looking ahead, we expect gradual improvement in productivity as we grow our direct sales team and move toward our target of reaching 100 territories over the next 12 to 15 months. And currently, we'll strategically leverage third-party agents to scale our commercial reach.

展望未來，隨著我們直銷團隊的壯大以及在未來 12 到 15 個月內逐步實現覆蓋 100 個地區的目標，我們預計生產力將逐步提高。目前，我們將策略性地利用第三方代理商來擴大我們的商業範圍。

Before I hand it over to Anshul, I would like to thank my SI-BONE colleagues for their relentless drive in developing and successfully commercializing unique solutions that have allowed us to partner with over 4,500 physicians worldwide and improve over 120,000 patients' lives. Your focus has enabled us to deliver outsized revenue growth and puts us on a path to sustained profitability. With our best-in-class commercial organization, backed by our strong innovation-driven culture, we have a huge and exciting opportunity ahead of us. Thank you.

在將其移交給 Anshul 之前，我要感謝我的 SI-BONE 同事們，感謝他們不懈努力地開發和成功商業化獨特的解決方案，這些解決方案使我們能夠與全球 4,500 多名醫生合作，並改善了 120,000 多名患者的生活。您的關注使我們能夠實現超額的收入成長，並使我們走上持續獲利的道路。憑藉我們一流的商業組織，以及強大的創新驅動文化，我們面臨著巨大而令人興奮的機會。謝謝。

With that, I'll hand the call over to Anshul to provide an update on our fourth key priority, operational excellence, and share our first-quarter results and updated guidance in more detail.

接下來，我將把電話交給安舒爾 (Anshul)，讓他介紹我們的第四個關鍵優先事項——卓越運營的最新情況，並更詳細地分享我們的第一季業績和最新指引。

Thanks, Laura. Good afternoon, everyone. My comments today will be focused on first-quarter revenue growth, profitability, and liquidity. All of the comparisons provided will be versus the same period in the prior year, unless otherwise noted.

謝謝，勞拉。大家下午好。我今天的評論將集中在第一季的收入成長、獲利能力和流動性。除非另有說明，所有提供的比較均與去年同期進行比較。

Starting with revenue growth. Our worldwide revenue was $47.3 million, representing growth of 24.9%. US revenue was $44.8 million, representing 26.6% growth. The US revenue growth was driven by a remarkable 27.3% growth in procedure volume. International revenue in the first quarter was $2.5 million.

從收入成長開始。我們的全球收入為 4,730 萬美元，成長 24.9%。美國收入為 4,480 萬美元，成長 26.6%。美國收入的成長得益於手術量顯著成長 27.3%。第一季國際營收為 250 萬美元。

Moving to profitability. Our gross profit was $37.7 million, an increase of $7.8 million or 26.2%. Our gross margin rate for the quarter was 79.7%, an improvement of nearly 80 basis points. Consistent ASP as well as our actions to improve manufacturing and supply chain efficiencies over the last 12 months contributed to the gross margin expansion.

轉向盈利。我們的毛利為 3,770 萬美元，增加 780 萬美元，增幅為 26.2%。本季我們的毛利率為79.7%，提高了近80個基點。過去 12 個月，穩定的平均售價以及我們為提高製造和供應鏈效率所採取的措施促進了毛利率的擴大。

Operating expenses were $45.2 million, representing 7.8% growth. The increase was mostly due to higher commissions related to revenue growth and research and development investment in platform expansion projects. Our stellar commercial execution, along with our operating discipline, allowed us to deliver revenue growth that was 3 times higher than our operating expense growth. Our net loss narrowed to $6.5 million or $0.15 per diluted share compared to a net loss of $10.9 million or $0.27 per diluted share, representing continued strong year-over-year progress. We delivered positive adjusted EBITDA of approximately $0.5 million compared to adjusted EBITDA loss of 4 million in the first quarter of 2024.

營運費用為 4,520 萬美元，成長 7.8%。成長主要歸因於與收入成長相關的佣金增加以及平台擴展項目的研發投入。我們出色的商業執行力以及我們的營運紀律使我們的收入成長是營運費用的三倍。我們的淨虧損從 1,090 萬美元或每股攤薄虧損 0.27 美元收窄至 650 萬美元或每股攤薄虧損 0.15 美元，這表明我們的淨虧損持續保持強勁同比增長。我們實現的調整後 EBITDA 約為 50 萬美元，而 2024 年第一季的調整後 EBITDA 虧損為 400 萬美元。

Looking at the trailing 12 months, ending the first quarter of 2025, our revenue grew by approximately $32.6 million. During the same period, our adjusted EBITDA improved by approximately $16.8 million. Our ability to convert over 50% of the growth revenue dollars to adjusted EBITDA dollars while continuing to make investment in our priorities is illustrative of the longer term leverage potential for our business.

回顧截至 2025 年第一季的過去 12 個月，我們的營收成長了約 3,260 萬美元。同期，我們的調整後 EBITDA 成長了約 1,680 萬美元。我們能夠將超過 50% 的成長收入轉化為調整後的 EBITDA，同時繼續對我們的優先事項進行投資，這說明了我們業務的長期槓桿潛力。

Turning to liquidity. We exited the quarter with $144.4 million in cash and marketable securities. Our total cash usage in the first quarter was $5.6 million, a 31.7% improvement over the prior-year period. As a reminder, Q1 is seasonally a higher cash usage quarter. Given the strong topline growth and operating leverage in the business, we are rapidly progressing towards a goal to achieving free cash flow in 2026.

轉向流動性。本季末我們擁有 1.444 億美元的現金和有價證券。我們第一季的現金總使用量為 560 萬美元，比去年同期成長了 31.7%。提醒一下，第一季是季節性現金使用量較高的季度。鑑於業務強勁的營收成長和營運槓桿，我們正快速朝著 2026 年實現自由現金流的目標邁進。

Before I discover our guidance, I would like to briefly address the potential impact of tariffs. All our implants and virtually all our instruments are manufactured domestically. The majority of the raw materials for our instruments is sourced from the US. And the titanium powder used in our implants is sourced from Canada under the 2020 USMCA agreement, with supply already secured through 2026. As such, we currently do not anticipate any material impact on gross margins or our supply chain from the proposed tariffs.

在我發現我們的指導之前，我想先簡單談談關稅的潛在影響。我們的所有植入物和幾乎所有的儀器都是在國內製造的。我們儀器的原料大部分都來自美國。根據 2020 年 USMCA 協議，我們的植入物中使用的鈦粉來自加拿大，並已確保供應至 2026 年。因此，我們目前預計擬議的關稅不會對毛利率或我們的供應鏈產生任何重大影響。

As for the top line, we are currently not seeing any impact on our procedure volumes related to the macroeconomic uncertainty. It is important to note that given the debilitating pain and physical disability experienced by our patients, our procedures are less likely to be deferred. We have a track record of sustained growth even through periods of extreme stress as demonstrated during COVID. Today, we are in a much stronger position with a diversified product platform and a significantly larger position base, which we believe provides even greater resilience.

就營業收入而言，我們目前尚未看到宏觀經濟不確定性對我們的業務量有任何影響。值得注意的是，考慮到我們的患者所經歷的劇烈疼痛和身體殘疾，我們的治療程序不太可能被推遲。即使在新冠疫情期間的極端壓力時期，我們也保持了持續成長的記錄。如今，我們擁有了更強大的地位，多元化的產品平台和顯著擴大的部位基礎，我們相信這將提供更強的韌性。

Now let me provide an update on our outlook for 2025. We are updating our full-year revenue guidance to range between $193.5 million to $197.5 million. The updated guidance implies year-over-year growth of approximately 16% to 18% as compared to the previous guidance of approximately 16% to 17%. The $2 million increase at the upper end of the guidance incorporates the strong first-quarter results and our conviction in the demand for our solutions. Our decision to maintain the lower end of the guidance is not indicative of any change in demand trends coming into the second quarter. Our internal execution remains strong.

現在，讓我來更新一下我們對 2025 年的展望。我們將全年營收預期更新為 1.935 億美元至 1.975 億美元之間。更新後的指引意味著年增約 16% 至 18%，而先前的指引約為 16% 至 17%。指導上限的 200 萬美元增幅反映了第一季的強勁業績以及我們對解決方案需求的信心。我們決定維持指引的低端，這並不代表第二季的需求趨勢會發生任何變化。我們的內部執行力依然強勁。

As we progress through the year, we will gain more clarity on the macroeconomic environment. Thus, we believe it is prudent to take a thoughtful approach today to protect against potential headwinds. Given our favorable gross margin trends, we now expect full-year gross margin to be 78% compared to the previous guidance of 77% to 78%. We expect fiscal year operating expenses to grow approximately 10% at midpoint of our revenue guidance. Based on the updated revenue guidance, improved gross margins, and operating leverage, we continue to expect positive adjusted EBITDA for the full-year 2025.

隨著一年的進展，我們將對宏觀經濟環境更加清晰。因此，我們認為，今天採取深思熟慮的方法來防範潛在的逆風是明智之舉。鑑於我們良好的毛利率趨勢，我們現在預計全年毛利率將達到 78%，而先前的預期為 77% 至 78%。我們預計財政年度營運費用將按收入預期中位數成長約 10%。根據更新的收入指引、提高的毛利率和經營槓桿，我們繼續預計 2025 年全年調整後的 EBITDA 將為正值。

With that, I will turn the call over to Laura.

說完這些，我將把電話轉給勞拉。

Thanks, Anshul. I'm proud of the progress we've made and even more excited about the milestones and opportunities that lie ahead. I'm confident in our continued procedure demand and expanding physician user base, and accelerating product ramp. We're well positioned to build on our track record of consistent revenue growth, margin expansion, and profitability. The future has never been brighter for SI-BONE.

謝謝，安舒爾。我為我們所取得的進步感到自豪，並對未來的里程碑和機會感到更加興奮。我對我們持續的程序需求和不斷擴大的醫生用戶群以及加速產品升級充滿信心。我們已做好準備，繼續保持持續的收入成長、利潤率擴大和獲利能力。SI-BONE 的未來從未如此光明。

With that, we're happy to answer your questions. Operator?

我們很樂意回答您的問題。操作員？

Certainly. (Operator Instructions) Craig Bijou, Bank of America.

當然。（操作員指示） Craig Bijou，美國銀行。

Congrats on a very strong start to to the year. I wanted to start, I don't think I've asked you guys this in a little while, but with the new products, the new channels, how should we think about the contribution from each of those on the strong growth that you're seeing. And I know you might be reluctant to give a ton of detail there, but maybe help us think about how that active surgeon base is growing. Is it one product that brings in a surgeon and then expands to other products? Maybe just a little help how to think about that.

恭喜您今年取得了非常好的開端。我想首先，我想我已經有一段時間沒有問過你們這個問題了，但是對於新產品、新管道，我們應該如何看待它們對你們所看到的強勁增長的貢獻。我知道您可能不願意提供大量細節，但也許可以幫助我們思考活躍的外科醫生群體是如何成長的。是否先由一個產品吸引外科醫生，然後再擴展到其他產品？也許只是對如何思考這一點有一點幫助。

Yeah, happy to answer the question, Craig. So as you know, we don't break down revenue by product or physician or procedure type, but I certainly can say that we're experiencing broad-based growth. The demand for our current solutions is quite strong, and we're really excited about the impressive pace of adoption of our new products that were launched in 2024. So that includes INTRA, it includes Granite 9.5, and TNT, and all of those are helping to contribute to our accelerating growth.

是的，很高興回答這個問題，克雷格。因此，如您所知，我們不會按產品、醫生或手術類型細分收入，但我可以肯定地說，我們正在經歷廣泛的成長。我們目前解決方案的需求非常強勁，我們對 2024 年推出的新產品的驚人採用速度感到非常興奮。其中包括 INTRA、Granite 9.5 和 TNT，所有這些都有助於促進我們的加速成長。

I will also say that we experienced double-digit procedure volume growth across all of our modalities, so all of the different procedure types that we're talking about. So once again, this is very broad-based growth that we're seeing. And we also have record engagement levels across all the different call points that we're working with, whether you're talking about orthopedic and neurospine surgeons, general ortho trauma surgeons, or interventionalists.

我還要說的是，我們在所有模式下都經歷了兩位數的程序量增長，所以我們談論的所有不同類型的程序都經歷了兩位數的增長。因此，我們再次看到了非常廣泛的成長。我們也與所有合作的不同呼叫點保持著創紀錄的參與度，無論您談論的是骨科和神經脊椎外科醫生、普通骨科創傷外科醫生還是介入科醫生。

So you also talked a little bit about the different solutions and the opportunity to sell multiple solutions to our different call points, and that is -- that's very true. There is a complementary nature to our solutions, and we're agnostic as to which solution is driving growth. Really our strategy is to provide a comprehensive set of solutions, and we want to be top of mind with all of our different physicians. So as you can see, the strategy is working from the strong results that we saw for this quarter.

因此，您也談到了不同的解決方案以及向我們的不同呼叫點銷售多種解決方案的機會，這是非常正確的。我們的解決方案具有互補性，我們不清楚哪種解決方案能夠推動成長。我們的策略實際上是提供一套全面的解決方案，我們希望成為所有不同醫生最關心的問題。因此，正如您所看到的，該策略正在從我們本季看到的強勁業績中發揮作用。

Maybe one for Anshul. Gross margin was very strong in the quarter obviously. So maybe first discuss kind of what drove that. And then even with your your raise for the full year on the gross margin side, it still looks a little bit below where Q1 gross margin was. So maybe just talk a little bit about the thought of only raising slightly and any pressures that we may see on gross margin or just in general how to think about gross margin through the rest of the year.

也許是給 Anshul 的一個。本季的毛利率顯然非常高。因此，也許首先要討論一下造成這種情況的原因。即使全年毛利率有所提高，但看起來仍略低於第一季的毛利率。因此，也許只是稍微談論一下僅略微提高的想法以及我們可能看到的任何對毛利率的壓力，或者一般如何考慮今年剩餘時間的毛利率。

So we're really pleased with our gross margin trends, the 80-basis-point improvement was great to see a lot of that. As we mentioned in our prepared remarks, we're a combination of better-than-expected ASP. Most of that is based on the procedure mix. As Laura mentioned, we had a nice spike in the number of procedures that use more than four Granite implants in a procedure, and that was an uplift to the ASP. So that played out well.

因此，我們對我們的毛利率趨勢感到非常滿意，80 個基點的改善令人欣喜。正如我們在準備好的演講中提到的那樣，我們的 ASP 組合好於預期。其中大部分是基於程式組合。正如勞拉所提到的，我們在一次手術中使用四個以上的花崗岩植入物數量有了很大的增加，這對 ASP 來說是一個很大的提升。結果很好。

We've also got some efficiency initiatives that we've been working on over the last 12 months in terms of optimizing our supply chain. And as you get to scale, you start seeing some of the benefits of that play out in the gross margin as well. So feeling really good about the trajectory we've been on over the last 12 months for us to stabilize and now to start seeing it grow and get closer to that 80% again.

過去 12 個月，我們也一直在努力實施一些效率舉措，以優化我們的供應鏈。隨著規模的擴大，您也會開始看到毛利率方面所體現出的一些好處。因此，我們對過去 12 個月的發展軌跡感到非常滿意，我們已逐漸穩定下來，現在開始看到它增長並再次接近 80%。

Now in terms of our assumptions for the rest of the year, we've continued to stay thoughtful. So even in our revenue guide, our assumptions incorporate sort of a low single-digit ASP degradation. Part of it is just the work that we're doing on the degenerative side, on the trauma side, which tend to use fewer implants, so the ASP for procedure can be lower, and that impacts our gross margin. And that also impacts our COGS because Granite and TORQ are a bit more expensive as a product as well. So that's point number two.

現在，就我們對今年剩餘時間的假設而言，我們將繼續保持深思熟慮。因此，即使在我們的收入指南中，我們的假設也包含了較低個位數的 ASP 下降。部分原因是我們在退化性疾病和創傷方面所做的工作，這些方面往往使用較少的植入物，因此手術的平均銷售價格可能會更低，這會影響我們的毛利率。這也會影響我們的 COGS，因為 Granite 和 TORQ 作為產品來說也更貴一些。這是第二點。

Point number three is we are putting out more surgical capacity as we progress through the year, and as that depreciates, that impacts gross margin, and we got some software cost that will start getting depreciated as well. Now what the gross margin guidance doesn't account for is the better ASP potential as those four implant cases continue to get more ingrained with deformity surgeons and then also any of the improvement benefits from our gross margin initiatives that may come up in the back half of the year so. So there's potential for us to do better than that, but we wanted to see some of this play out before we incorporate that in our future guidance.

第三點是，隨著時間的推移，我們將投入更多的手術能力，而隨著手術能力的貶值，這將影響毛利率，而且我們的一些軟體成本也將開始貶值。現在，毛利率指導沒有考慮到的是更好的 ASP 潛力，因為這四個植入病例繼續在畸形外科醫生中根深蒂固，而且我們的毛利率計劃可能在今年下半年出現任何改善效益。因此，我們有潛力做得更好，但我們希望先看到一些結果，然後再將其納入我們未來的指導中。

Dave Turkaly, Citizens.

戴夫·圖卡利（Dave Turkaly），公民。

I know it's early in the year. And, Anshul, thank you for all the detail. We're looking at some impressive growth over the last several quarters. We kind of positioned you guys as a 15 to 20, but you've been more like 25, and I guess I'm not saying you'd want to guide to that necessarily, but I'm wondering if you're -- you made the comment amplified over the next 12 to 18 months in the prepared remarks to upfront. I'm just -- do you think there's a time where 20%-plus might be more your bogey?

我知道現在才年初。而且，Anshul，謝謝你提供的所有詳細資訊。我們看到了過去幾個季度令人矚目的成長。我們把你們定位為 15 到 20 歲，但你們更像是 25 歲，我想我並不是說你們一定想引導到這個水平，但我想知道你們是否 - 你們在準備好的發言中對未來 12 到 18 個月的評論進行了詳細說明。我只是—您是否認為有時 20% 以上可能更適合您？

So maybe what I'll do is I'll start here, Dave. I'll talk about the quarter itself, and then I'll have Anshul talk a little bit about the the guidance. So you're right, we had a very strong start to the year, and it showed particularly strong execution during what's typically a seasonally lighter quarter. So it's really laying the foundation for the rest of the year. With with revenue growth and procedure volume growing 27%, you can see that we're benefiting from demand and accelerating adoption of our products, especially those that were launched in 2024.

所以也許我要做的就是從這裡開始，戴夫。我將談論本季度本身，然後讓安舒爾 (Anshul) 談談指導意見。所以你說得對，我們今年的開局非常強勁，並且在通常季節性較淡的季度中表現出特別強勁的執行力。所以這確實為今年剩餘時間奠定了基礎。隨著收入成長和流程量成長 27%，您可以看到我們受益於需求並加速我們產品的採用，尤其是那些在 2024 年推出的產品。

So business is really firing on all cylinders right now. And as I mentioned previously to Craig, if you look at volume trends, we had healthy double digit procedure volume growth across our different procedure types. I'm also really happy about what we're seeing on the physician front with over 1,400 physicians performing a procedure in the quarter, which is up sequentially, which is unusual for us. The physician growth was broad-based.

所以現在生意真的是火力全開。正如我之前向 Craig 提到的那樣，如果你看一下數量趨勢，我們不同類型的程式數量都實現了健康的兩位數增長。我也很高興看到醫生方面的情況，本季度有超過 1,400 名醫生執行了手術，這一數字環比上升，這對我們來說是不尋常的。醫生的增長是廣泛的。

We saw it across ortho neuro, great progress with trauma surgeons and with interventionalists too. What I'm really excited about as well is that the revenue growth translated into another quarter of positive adjusted EBITDA, so it really is highlighting the long-term leverage potential that we have with this asset-light model. And then we're significantly reducing our cash usage, and it's setting us up to get to free cash flow.

我們在骨科神經外科領域看到了這一點，創傷外科醫生和介入科醫生也取得了巨大的進展。同樣讓我興奮的是，營收成長轉化為另一個季度的正調整後 EBITDA，因此它確實凸顯了我們這種輕資產模式所具有的長期槓桿潛力。然後，我們大幅減少現金使用量，並實現自由現金流。

So I'll let Anshul talk a little bit more about what what that means for the future.

因此，我將讓安舒爾進一步談談這對未來意味著什麼。

Obviously, I'm not going to be providing long-term guidance at this point, but we're really confident about the growth potential of the business, not just in 2025, but even beyond that. And Laura alluded to some of the tailwinds in the business already. These tailwinds are truly secular. They're long term. They're very specific to SI-BONE.

顯然，我現在不會提供長期指導，但我們對業務的成長潛力充滿信心，不僅在 2025 年，甚至在那之後。勞拉已經提到了業務中的一些順風因素。這些順風確實是長期的。它們是長期的。它們非常具體地針對 SI-BONE。

So if you think about what's driving this sustained strong growth over the last several quarters, it starts with the technology lead that we have with a differentiated portfolio. And those technologies are targeting large untapped markets. So we feel good that that's very sustainable.

因此，如果你想想是什麼推動了過去幾季持續強勁的成長，首先是我們的差異化產品組合所擁有的技術領先優勢。這些技術瞄準的是尚未開發的龐大市場。因此，我們感到很高興，因為這是非常永續的。

The second thing is we're in the early stages of capitalizing on the physician enthusiasm for our products, especially the ones that were launched in 2024. So that should continue to accelerate, especially as we put more surgical capacity out there. As Laura talked about on the prior question, the broad-based engagement and the growth across all our call points, that's really exciting as well.

第二件事是，我們正處於利用醫生對我們產品的熱情的早期階段，尤其是那些在 2024 年推出的產品。因此，這一進程應該會繼續加速，特別是當我們投入更多的手術能力時。正如勞拉在之前的問題中談到的那樣，廣泛的參與和我們所有呼叫點的增長，這也確實令人興奮。

And then the opportunity to work with the physicians on multiple procedure types with the different implants and combination of implants, that's again very exciting. And then the last piece is the reimbursement tailwinds, right? So when you put all of that together, we're really excited about the future and it's not just on the top line but also on the bottom line because that will allow us to expand our EBITDA margins and also make significant progress towards being a sustained free cash flow business.

然後有機會與醫生合作，使用不同的植入物和植入物組合進行多種類型的手術，這再次非常令人興奮。最後一點是報銷順風，對嗎？因此，當你把所有這些放在一起時，我們對未來感到非常興奮，這不僅是在收入方面，也是在利潤方面，因為這將使我們能夠擴大 EBITDA 利潤率，並在成為持續的自由現金流業務方面取得重大進展。

I think the $2 million dollar productivity was, I thought, more of a maybe a slightly longer term target. I think you said you're kind of there already. I guess -- that's, I mean, that's high versus anything, but can that continue to expand, I guess, given what you're saying about implants and procedures and docs being trained.

我認為 200 萬美元的生產力可能是稍微長期一點的目標。我想你說過你已經到了那裡。我想——我的意思是，這個數字比任何東西都高，但考慮到你所說的植入物、手術和醫生的培訓，我想這個數字還能繼續擴大嗎？

Yeah, our sales team has just done an absolutely tremendous job here, extremely proud of what they've been able to accomplish on territory productivity. And as you know, it has been a long term goal for us to hit that $2 million of territory productivity, and we did hit it in this quarter. We do feel that we have the opportunity to move beyond that that $2 million and in a few different ways.

是的，我們的銷售團隊剛剛完成了一項非常出色的工作，他們對自己在區域生產力方面所取得的成就感到非常自豪。如您所知，實現 200 萬美元的區域生產力一直是我們的長期目標，我們在本季度確實實現了這一目標。我們確實覺得我們有機會透過幾種不同的方式超越這 200 萬美元。

So our SI joint fusion procedures are predominantly covered by our direct sales force, whereas our hybrid model is concentrated in pelvic fixation and also increasingly in trauma. And so the hybrid model has actually allowed us to successfully drive this rapid engagement across these different multiple call points, and it's translated into this significant territory productivity. So for example, a deformity procedure can take six to seven hours, and being able to leverage an agent for case coverage, it creates bandwidth for our territory managers, and it's giving them the ability to focus on market development and new physician training, driving deeper engagement with existing physicians. And all of that, as you know, is crucial to driving strong long-term growth.

因此，我們的 SI 關節融合手術主要由我們的直銷人員負責，而我們的混合模型則集中在骨盆固定以及創傷方面。因此，混合模型實際上使我們能夠成功地推動不同呼叫點的快速參與，並將其轉化為顯著的區域生產力。例如，畸形手術可能需要六到七個小時，並且能夠利用代理人來覆蓋病例，這為我們的區域經理創造了頻寬，並使他們能夠專注於市場開發和新醫生培訓，從而推動與現有醫生的更深入的互動。正如你們所知，所有這些對於推動強勁的長期成長至關重要。

We're now actually working with over 200 agents, and given the growth we're seeing across all of these modalities, we expect the number of agents to continue to grow. And as we also said, we expect to get to around 100 territories in the next 12 to 18 months. So it's really this hybrid model that we're working with. We do feel confident that we can go well beyond the $2 million in revenue per territory, and that's going to continue to allow us to gain additional operating leverage.

我們現在實際上正在與 200 多家代理商合作，並且鑑於我們看到的所有這些模式的增長，我們預計代理商的數量將繼續增長。正如我們所說，我們預計在未來 12 到 18 個月內將覆蓋約 100 個地區。所以我們實際上正在採用這種混合模型。我們確實有信心，我們可以在每個地區實現超過 200 萬美元的收入，這將繼續使我們獲得額外的營運槓桿。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Hey, this is Phil on for Matt. Congrats on the really great start to the year. Hoping to hear more about the expected cadence of the new guidance, understanding usually it takes a yearly view of these things. But as I look at my model, it's hard to find a quarter historically where you did not grow sequentially, save for the Q1 to -- Q4 to Q1 kind of step down. But is it fair to say the expectation is to grow sequentially every quarter this year?

嘿，我是菲爾，代替馬特。恭喜您今年有一個非常好的開始。希望聽到更多有關新指南預期節奏的信息，了解通常需要每年查看這些事情。但當我查看我的模型時，很難找到歷史上沒有連續成長的季度，除了第一季到第四季再到第一季的下降。但今年每季的預期都會季增，這樣說公平嗎？

And I guess what I'm really trying to get at is the implied exit growth rate in Q4 given the updated guidance is really in the high single-digit, low double-digit range. So just trying to make sure I've got a good handle on on how you view the guidance update today.

我想我真正想要了解的是，鑑於更新後的指引，第四季度隱含的退出成長率實際上處於高個位數到低兩位數的範圍內。因此，我只是想確保我能夠很好地了解您如何看待今天的指導更新。

Yeah, so a couple things, right? So we're feeling really great about the business, and as you said, the strong start to 2025, a lot of -- went in our backs from that. All the key metrics that you think about from a forward-looking perspective, physician growth, physician density, new product rollout, all of them give us great confidence that the internal execution remains strong. Now, we are in this weird environment from a macro standpoint, and as we put our guidance out there, we wanted to be mindful of the general macroeconomic conditions. So we took a prudent approach on our outlook this early in the year.

是的，有幾件事，對吧？因此，我們對業務感到非常滿意，正如您所說，2025 年開局強勁，很多事情都為我們提供了支持。從前瞻性角度考慮的所有關鍵指標，包括醫師成長、醫師密度、新產品推出，都讓我們非常有信心內部執行力依然強勁。現在，從宏觀角度來看，我們正處於這種奇怪的環境中，當我們提出指導意見時，我們希望留意整體宏觀經濟狀況。因此，我們在今年年初對前景採取了謹慎的態度。

Now on your question on seasonality, we don't think about the business in quarters, so we're very well positioned in terms of the long term. But when you think about seasonality in the business, when we introduce new products, the seasonality will be impacted by the pace of that new product rollout and adoption. So if you think about it over the last few years, as we've launched new products and we've expanded our call points, the Q1 seasonality, i.e., sequential decline from Q4, has been a bit less than what you normally see.

關於您關於季節性的問題，我們不會按季度考慮業務，因此從長期來看，我們處於非常有利的地位。但是當你考慮業務的季節性時，當我們推出新產品時，季節性將受到新產品推出和採用速度的影響。因此，如果您回顧過去幾年的情況，隨著我們推出新產品並擴大呼叫點，第一季的季節性（即與第四季度相比的連續下降）比您通常看到的要少一些。

And similarly, when you think about Q2, the sequential variability between Q1 and Q2 is also shrinking. And a part of that is also the newer procedures that we're targeting, deformity and and trauma. They're less subject to the constraints of the out-of-pocket deductibles.

同樣，當您考慮第二季時，第一季和第二季之間的連續變化也在縮小。其中一部分也是我們針對畸形和創傷的較新程序。他們不太受自付免賠額的限制。

Third quarter is interesting. It's got a couple of factors that play out, vacation trends, industry conferences. In the past, we've sort of seen a sequential flatness between Q2 and Q3 in our guide right now. We're sort of assuming a 3% to 5% sequential revenue decline just because of the normal seasonality in the business. Now, our focus is to work through that, but that's in our guidance. And then like you said, fourth quarter tends to be a big fourth quarter for us. But we think being thoughtful this early in the year is the right approach.

第三季很有趣。這有幾個因素在起作用，例如度假趨勢和行業會議。過去，我們在指南中看到 Q2 和 Q3 之間的連續持平。由於業務的正常季節性，我們預計收入將連續下降 3% 至 5%。現在，我們的重點是解決這個問題，但這是我們的指導方針。正如您所說，第四季度對我們來說往往是一個重要的第四季。但我們認為，在今年年初就深思熟慮是正確的做法。

No, that's helpful. And my final one on OpEx guide. I'm not sure I heard a ton of commentary as far as the 10% growth versus the 9% in the context of the updated revenue guidance. So anything specific to point towards that additional spend. And in Q1, you only grew OpEx by about 8%. So just curious to hear what will drive kind of the step down in leverage over the next three quarters, anything in particular.

不，這很有幫助。這是我關於 OpEx 指南的最後一篇。我不確定我是否聽到大量關於更新後的收入指引中 10% 的成長率與 9% 的成長率的評論。因此，有任何具體內容可以指向這筆額外支出嗎？而在第一季度，您的營運支出僅成長了約 8%。所以我很好奇想知道未來三季槓桿率下降的因素是什麼，有什麼具體因素嗎？

No, happy to take that Phil. So from an OpEx perspective, we're really pleased with the operating leverage we saw not just in this quarter, but in recent years, which is an outcome of our strong revenue growth, and just the operating discipline and excellence that the entire team has demonstrated here.

不，菲爾，很高興接受這個。因此，從營運支出的角度來看，我們對不僅本季度而且近年來看到的營運槓桿感到非常滿意，這是我們強勁的收入成長的結果，也是整個團隊在這裡表現出的營運紀律和卓越表現的結果。

To your question specifically on the rest of 2025, there are three factors that played into our 10% OpEx growth. Number one was the R&D investments that we expect to be elevated in the next three quarters. A lot of that is just the timing of some of the spend as we make progress on the two products that Laura has talked about in her prepared remarks. You've got sales and marketing growth generally linked to the revenue growth because it's mostly the higher commission dollars that you will pay.

對於您關於 2025 年剩餘時間的具體問題，有三個因素導致了我們的營運支出增加 10%。第一是我們預計未來三個季度研發投資將會增加。其中很大一部分只是部分支出的時機，因為我們在勞拉在準備好的發言中提到的兩種產品上取得了進展。銷售和行銷成長通常與收入成長相關，因為這主要意味著您支付的佣金更高。

And then given the trends in the first quarter on G&A, we do expect G&A to be a bit higher this year. But even with that, if you think about the leverage for the year, it's going to be 1.75 times revenue at the midpoint. and even in the back half of the year, like the next three quarters, it's at 1.5 times, so it's still pretty healthy.

然後考慮到第一季的 G&A 趨勢，我們確實預計今年的 G&A 會略高一些。但即便如此，如果考慮到全年的槓桿率，中點收益仍將是營收的 1.75 倍。甚至在今年下半年，例如接下來的三個季度，這一數字也達到了 1.5 倍，因此仍然相當健康。

Young Li, Jefferies.

Young Li，傑富瑞。

I guess to start, so new surgeon at really strong year over year. I think it's, basically a record at around 400. The thing you previously talked about, maybe there's 8,000 spine surgeons, go after 1,000 plus interventionalists. Just wanted to get a state of the state on the surgeon TAM, given your expansion and product portfolio.

我想，從一開始，新外科醫師的表現就逐年增強。我認為，400 左右基本上是一個唱片。您之前談到的事情是，也許有 8,000 名脊椎外科醫生，需要 1,000 多名介入科醫生。考慮到您的擴張和產品組合，我只是想了解外科醫生 TAM 的現狀。

And also, are you seeing that becoming easier or faster to convert some of these physicians to bring them onboard, and if you're seeing some of the prior trained surgeons that might not be high volume users coming back into the funnel as well.

此外，您是否發現讓這些醫生加入變得更容易或更快，並且您是否看到一些之前受過培訓的外科醫生可能不是大量用戶，也回到了渠道。

Yeah, those are all really good questions, Young, and we are really proud of the track record of consistently growing our physician base in the double digits. It has been going on for the last four years at this point. And to be precise, we added approximately 300 physicians in the quarter, and it was the largest year-over-year increase ever, and it does reaffirm this elevated interest in our expanding solutions. The increase wasn't concentrated in any particular call point. It was really broad based, and we had a record number of users across ortho, neurospine, trauma, as well as interventional.

是的，楊，這些都是非常好的問題，我們為醫生隊伍持續以兩位數增長的記錄感到非常自豪。到目前為止，這種情況已經持續了四年。確切地說，我們在本季度增加了約 300 名醫生，這是有史以​​來最大的同比增長，這確實再次證明了人們對我們不斷擴展的解決方案的興趣。成長並不集中在任何特定的呼叫點。它的基礎非常廣泛，我們在骨科、神經脊椎、創傷以及介入治療領域擁有創紀錄的用戶數量。

And then I think you asked a little bit about this, too, as we are adding users, we're also observing additional cross modality synergies with our platform, so more surgeons doing more procedure types with us. So I had mentioned we had a nearly 45% increase in the number of physicians performing those multiple procedure types.

然後我想你也問了一點這個問題，隨著我們增加用戶，我們也觀察到我們平台的額外跨模式協同效應，因此更多的外科醫生與我們一起做更多類型的手術。我曾提到，執行多種手術類型的醫生數量增加了近 45%。

So we really still are starting out in all of these different categories and find we still have a long way to go in interventional. We've done a good job of being able to reach out to those interventionalists and engage them directly with our field force. And then we're getting a lot of assistance from these third-party agents certainly with pelvic fixation, but also we are just starting our expansion into general ortho trauma with the launch of our our TNT product in the fourth quarter of last year.

因此，我們在所有這些不同類別中仍然處於起步階段，並且發現在介入方面我們還有很長的路要走。我們很好地聯繫了這些幹預專家，並讓他們直接與我們的現場人員接觸。然後，我們從這些第三方代理商那裡獲得了很多幫助，當然是在骨盆固定方面，而且隨著去年第四季度 TNT 產品的推出，我們才剛開始向一般矯形創傷領域擴張。

So given the expanded portfolio, the ongoing training and engagement needs, I do expect the number of physicians performing our procedures to continue to grow at a healthy clip.

因此，考慮到擴大的產品組合、持續的培訓和參與需求，我確實預計執行我們程序的醫生數量將繼續以健康的速度增長。

Very good, very helpful. And then I think in the prepared remarks you mentioned the reassignment of Granite to a higher reimbursement call. When should we expect to hear some more updates about that?

非常好，很有幫助。然後我認為在準備好的評論中您提到將 Granite 重新分配到更高的報銷要求。我們什麼時候可以聽到更多關於此事的最新消息？

Yeah, so we initially had seen the proposal from CMS. And as you know, the surgeons are primarily focused on good patient outcomes. And the reason why we've seen so much growth with Granite and such rapid adoption is that the underlying technology addresses this failure issue at the base of a long construct. So the majority -- I should also say the majority of our cases that use Granite are actually commercial payers. It's over 60% of our pelvic fixation cases that are with commercial payers, so we expect the adoption trend is is going to continue to accelerate over time.

是的，我們最初看到了 CMS 的提案。如您所知，外科醫生主要關注的是患者的良好治療效果。我們之所以看到 Granite 如此快速地發展和普及，是因為底層技術在長期建構的基礎上解決了這個故障問題。因此，大多數——我還應該說，我們使用 Granite 的大多數案例實際上都是商業付款人。我們超過 60% 的骨盆固定病例都是由商業付款人處理的，因此我們預計採用趨勢將隨著時間的推移繼續加速。

From a reimbursement perspective, we are encouraged that CMS's proposal increase spinal fusion DRG by 8% to 9%. So what that means is that they're incorporating pelvic fixation into those DRGs. And if you do the calculation, that means that there's approximately a $4,400 increase which would help to meaningfully pay for the technology.

從報銷角度來看，我們很高興看到 CMS 的提議將脊椎融合 DRG 提高 8% 至 9%。這意味著他們將骨盆固定納入了這些 DRG 中。如果你計算一下，這意味著大約有 4,400 美元的增幅，這將有助於有效支付這項技術的費用。

But also, as we mentioned in the prepared remarks, CMS has indicated that they have a need for additional time to analyze the data with respect to our request for reassignment. And so we do view this as a normal administrative process, and that it's not indicative of a final decision. So we'll continue to work with them, and regardless, we think that we're in a great position here for pelvic fixation products to grow and accelerate.

但是，正如我們在準備好的評論中提到的那樣，CMS 表示他們需要更多時間來分析有關我們重新分配請求的資料。因此，我們確實認為這是一個正常的行政程序，並不代表最終決定。因此，我們將繼續與他們合作，無論如何，我們認為我們處於有利地位，可以促進骨盆固定產品的成長和加速。

Caitlin Cronin, Canaccord Genuity.

凱特琳‧克羅寧 (Caitlin Cronin)，Canaccord Genuity。

Hi, congrats on a great quarter. I guess just to start off maybe addressing a little bit the new products that you were talking about. The new product that's coming in Q1 of next year, would that fall under 27278 or 27279 just given the leverage to INTRA there. And then any other color on the breakthrough device and what call point it would be addressing. And finally just any concerns about the regulatory pathway for both devices just given the the administration.

嗨，恭喜您本季取得如此出色的成績。我想先來談談您剛才談到的新產品。明年第一季推出的新產品，考慮到 INTRA 的槓桿作用，其價格是否會低於 27278 或 27279。然後是突破設備上的任何其他顏色以及它將要處理的呼叫點。最後，考慮到政府的政策，我對這兩種設備的監管途徑有任何擔憂。

Reimbursement is always an interesting conversation, right? It's obviously something we don't necessarily control and so instead what we've done is we are just working on multiple product solutions to meet the needs of our physicians and of their patients. And so we have a nice line of products. We have our iFUSE 3D product that we originally came out with. That's the gold standard in the industry, the most clinical data behind that particular product.

報銷總是一個有趣的話題，對吧？顯然，這是我們無法控制的事情，因此，我們所做的就是研究多種產品解決方案，以滿足我們的醫生及其患者的需求。因此，我們有一系列優質的產品。我們有最初推出的 iFUSE 3D 產品。這是業界的黃金標準，也是該特定產品背後最豐富的臨床數據。

Our TORQ product has seen very rapid adoption as well with newer surgeons as well as interventionalists. And now we have our INTRA product which is particularly appealing to our interventionalist physicians that we're working with. So this is yet another product.

我們的 TORQ 產品也得到了新外科醫生和介入科醫生的迅速採用。現在我們有了 INTRA 產品，它對於與我們合作的介入醫師來說特別有吸引力。這又是另一種產品。

We don't really want to talk about whether it's in 27278 or 27279. I think what's more important for us to talk about is our ability to provide the right solution to the right physicians for their patient needs and that regardless of where the reimbursement comes out that we have the the products to provide the solution for them. So that's on SI Joint fusion.

我們實際上不想談論它是在 27278 還是 27279。我認為我們更重要的是談論我們是否有能力為合適的醫生提供適合其患者需求的正確解決方案，並且無論報銷來自哪裡，我們都有產品為他們提供解決方案。這就是關於骶髂關節融合的內容。

The new breakthrough device, we're really just teasing a little bit of information on that new product. And it just shows the ability that SI-BONE has to identify unmet clinical needs and to develop breakthrough devices. This is our third breakthrough device that has been granted by the FDA, so two of them on the market currently are granite product as well as our TNT product. And then our TNT product is targeted towards pelvic trauma.

對於這款突破性的新設備，我們實際上只是透露了一些有關該產品的資訊。這表明 SI-BONE 有能力識別未滿足的臨床需求並開發突破性設備。這是我們第三個獲得FDA批准的突破性設備，因此目前市面上的兩種產品分別是花崗岩產品和我們的TNT產品。我們的 TNT 產品專門針對骨盆創傷。

So this latest BDD is for an implant system that has the potential to disrupt the spine industry, and it's going to provide a more effective treatment for one of the most pressing needs in spine surgery. The new device is going to leverage our core technology, and it targets our existing call points. So with that particular product, we're in the development stage. We have a lot of work ahead of us the next 12 to 18 months to get regulatory clearance and then commercialization, but we're excited about the progress that we're making on the development front.

因此，最新的 BDD 是一種有可能顛覆脊椎產業的植入系統，它將為脊椎外科最迫切的需求之一提供更有效的治療方法。新設備將利用我們的核心技術，並針對我們現有的呼叫點。因此，對於該特定產品，我們正處於開發階段。在接下來的 12 到 18 個月裡，我們還有很多工作要做，以獲得監管部門的批准並實現商業化，但我們對在開發方面的進展感到非常興奮。

So overall, what should you take away from this? We're the only public ortho spine company in our industry to have three breakthrough device solutions. It puts us into this distinguished position that's cementing us as a category creator. But most importantly, I think, what investors should take away from this is the long-term opportunity that SI-BONE has in front of us that we have a sustainable growth platform for the future.

那麼總的來說，你該從中得到什麼呢？我們是業界唯一擁有三種突破性設備解決方案的公共矯形脊椎公司。它使我們處於這一傑出地位，鞏固了我們作為類別創造者的地位。但最重要的是，我認為，投資人應該從中認識到 SI-BONE 為我們帶來的長期機遇，即我們擁有未來可持續的成長平台。

That's great. And then maybe just turning to interventionalists more specifically. Understand you probably won't just give the surgeon count on interventionalists but maybe just some more color on how material part of your surgeon base they are at this point. And then how are you thinking about your competitive position within that call point.

那太棒了。然後也許只是更具體地轉向幹預主義者。請理解，您可能不僅會讓外科醫生依賴介入專家，而且可能更了解他們在此時對您的外科醫生基礎的重要性。那麼您如何看待您在該呼叫點內的競爭地位？

So to clarify, surgeons continue to account for the overwhelming majority of our SI joint dysfunction procedures, but we are also very pleased with the level of engagement with interventionalists. And it's additive to our surgeon-led business. So our strategy remains to get access to the patient funnel by going after that subset of interventional spine physicians who really do not refer patients to surgeons. And I had mentioned in m prepared remarks, we had a record number of interventional spine physicians perform procedures, and it's giving us confidence that our targeted strategy is working.

因此需要澄清的是，外科醫生仍然占我們骶髂關節功能障礙手術的絕大多數，但我們對介入專家的參與程度也感到非常滿意。這對我們以外科醫生主導的業務來說是一個補充。因此，我們的策略仍然是透過尋找那些實際上不會將患者轉診給外科醫生的介入性脊椎醫師來進入患者管道。我在準備好的發言中提到過，我們有創紀錄數量的介入性脊椎醫師執行手術，這讓我們相信我們的目標策略正在發揮作用。

Overall, we just have the most comprehensive portfolio to support interventional spine physicians who want to perform SI joint procedures, and it's reaffirmed by that strong interest in both TORQ and INTRA. So I did also mention that we had a new product that's launching and we think that that's also going to provide an additional solution to surgeons and interventionalists starting in 2026.

總體而言，我們擁有最全面的產品組合來支持想要進行 SI 關節手術的介入性脊椎醫生，而 TORQ 和 INTRA 的濃厚興趣再次證明了這一點。所以我也提到我們即將推出一款新產品，我們認為從 2026 年開始這款產品也將為外科醫生和介入科醫生提供額外的解決方案。

David Saxon, Needham and Company.

大衛‧薩克森 (David Saxon)，尼德漢姆公司。

Congrats on the quarter. So I have two. One I'll ask on TNT, and then the second I'll ask on profitability for Anshul. So Laura, on TNT, just given that it's more of a recent launch, I guess, can you talk about the traction you're seeing there? And then as the NTAP potentially comes in in October, how are you thinking about the pace of adoption for that product and cadence of, I guess, sales contribution leading up to and then afterwards that go live date. And then, I guess, like is there an analog to to Granite when that product got the NTAP a couple years ago?

恭喜本季取得佳績。所以我有兩個。第一個問題我會問 TNT，第二個問題我會問 Anshul 的獲利能力。那麼勞拉，關於 TNT，考慮到它是最近才推出的，我想，您能談談您在那裡看到的吸引力嗎？然後，隨著 NTAP 可能在 10 月推出，您如何看待該產品的採用速度以及上市前和上市後銷售貢獻的節奏。然後，我想，幾年前該產品獲得 NTAP 時，是否有與 Granite 類似的產品？

Yeah, good question, David. Thanks for that. In terms of TNT, what we're hearing from general ortho trauma surgeons is that it's one of the most exciting innovations that they've seen in quite some time. This is -- trauma is not necessarily an area where you see these disruptive solutions that are being provided in this day and in this time. So it's just another example of our ability to develop a unique anatomy-specific solution that addresses this unmet unmet clinical need with sacral insufficiency fractures.

是的，大衛，問得好。謝謝。就 TNT 而言，我們從普通骨科創傷外科醫生那裡聽說，這是他們很長一段時間以來見過的最令人興奮的創新之一。這就是——創傷並不一定是當今和這個時代所提供的這些破壞性解決方案的領域。因此，這只是我們開發獨特的解剖學上的解決方案的能力的另一個例子，該解決方案可以解決骶骨功能不全骨折這一未滿足的臨床需求。

From an adoption perspective, we're still only in the second quarter of the launch, but the ramp has actually been ahead of our own internal plan, and we're adding surgical capacity to meet the demand. We were also very excited to see the CMS proposal for an additional $3,960 in NTAP which would be effective October 1, 2025. As you may suspect, that will be a factor that hospitals and surgeons will consider because it's a 20% to 30% increase in the current payment that they receive. So it should be a really nice tailwind for the business.

從採用的角度來看，我們仍然處於發布的第二季度，但實際上成長已經超出了我們自己的內部計劃，我們正在增加手術能力以滿足需求。我們也很高興看到 CMS 提議在 NTAP 中額外增加 3,960 美元，該提案將於 2025 年 10 月 1 日生效。正如您可能猜測的那樣，這將是醫院和外科醫生考慮的因素，因為這將使他們目前收到的付款增加 20% 到 30%。因此，這對業務來說應該是一個非常好的順風。

And you did a comparison to Granite, and we were on the market with Granite a very short period, only a couple of quarter. But between the ability to reach these surgeons with a differentiated product with the appropriate health economics, we think that we have a really nice opportunity to grow the business late this year and into next year.

您將其與 Granite 進行了比較，我們發現我們進入 Granite 市場的時間很短，只有幾個季度。但是，如果能夠透過具有適當健康經濟學的差異化產品接觸到這些外科醫生，我們認為，我們在今年年底和明年有一個非常好的機會來發展業務。

And then Anshul, just on profitability, so you got to positive EBITDA in the quarter despite seasonality. If I heard you, your prepared remarks correctly, it sounds like you're giving kind of soft guidance for free cash flow in '26. So kind of a two parter here. So this historical trend of dropping through 50% of revenue dollar growth to EBITDA, should we think of that framework continuing.?

然後是 Anshul，僅就盈利能力而言，儘管受到季節性影響，但本季的 EBITDA 仍為正。如果我沒聽錯的話，你的準備好的發言聽起來像是在為 26 年的自由現金流提供某種軟指導。所以這裡有點像是兩個部分。那麼，EBITDA 營收成長下降 50% 的歷史趨勢，我們是否應該認為這種框架會持續下去？

And then the second part of the question on free cash flow, you talked about getting to 100 reps over the next year, so you're adding a couple new products as well. So as you invest in those sets for the reps and and the new products, how does that work into your ability to get to free cash flow next year?

然後關於自由現金流問題的第二部分，您談到明年要達到 100 個代表，所以您也會增加一些新產品。那麼，當您為銷售代表和新產品投資這些設備時，這對您明年獲得自由現金流的能力有何影響？

So in terms of your first part of the question, how should you think about the drop through from revenue growth to adjusted EBITDA growth dollars, we do expect the revenue growth rate to outpace OpEx growth rate, and that should allow us to expand our margins and actually even move towards GAAP operating income because that's the next milestone for us on a P&L perspective. And the leverage potential in the business is really high just given the dynamics in the business, the high gross margins, the asset-like nature of the business as well.

因此，就您問題的第一部分而言，您應該如何看待收入增長到調整後 EBITDA 增長金額的下降，我們確實預計收入增長率將超過運營支出增長率，這應該使我們能夠擴大利潤率，甚至實際上向 GAAP 營業收入邁進，因為從損益表的角度來看，這是我們的下一個里程碑。考慮到業務的動態、高毛利率以及業務的資產性質，該業務的槓桿潛力確實很高。

Now when you think about the next few years in terms of operating leverage, it could average between 1.5 to 1.75 times, so very similar to our expectations for 2025. Now it may vary. It may be higher in some years and lower in others, depending on where we are in our investment cycle, but you will continue to see that operating leverage and the expansion of the margin side.

現在，當您考慮未來幾年的營運槓桿時，它平均可能在 1.5 到 1.75 倍之間，與我們對 2025 年的預期非常相似。現在情況可能會有所不同。某些年份可能會較高，而其他年份可能會較低，這取決於我們所處的投資週期，但您將繼續看到營運槓桿和利潤率的擴大。

On your question on free cash flow and our soft indication there, again, a second consecutive quarter of positive adjusted EBITDA just reflects that operational discipline and the business momentum that we have. And the first half of the year generally tends to see higher cash usage because of bonus payouts in Q1 and and sort of inventory buildup as you plan for the back half of the year.

關於您關於自由現金流的問題以及我們的軟指標，連續第二季的正調整後 EBITDA 再次反映了我們的營運紀律和業務發展動能。由於第一季的獎金發放以及下半年計劃的庫存積​​累，上半年的現金使用量通常會更高。

So when I think about the asset like business model even with the new product launches coming up, our general algorithm would be to get to cash flow break even 12 to 15 months after you get to adjusted EBITDA break even. So we're not providing exact timing, but based on what we see in the business, 2026 seems like a good inflection from a free cash flow standpoint as well.

因此，當我考慮資產類商業模式時，即使新產品即將推出，我們的一般演算法是在調整後的 EBITDA 收支平衡後 12 到 15 個月內實現現金流收支平衡。因此，我們沒有提供確切的時間，但根據我們在業務中看到的情況，從自由現金流的角度來看，2026 年似乎也是一個很好的轉折點。

Thank you, and I would now like to turn the call over to Laura for closing comments. Oh, we do have one last question, excuse me, from Richard Newitter of Truist Securities.

謝謝，現在我想把電話交給勞拉來做最後評論。哦，抱歉，我們還有最後一個問題，來自 Truist Securities 的 Richard Newitter。

Hi, this is Ravi here for Rich. Thanks for squeezing me in. Nice progress on the quarter.

大家好，我是 Ravi，為 Rich 服務。謝謝你把我擠進來。本季度取得了良好的進展。

So I just wanted to kind of maybe probe a little bit on the sales rep commentary and the productivity. A lot of things seem to be going right for the company right now and heavy growth mode. So just help me understand, how do you kind of think about the salesforce growth versus the productivity growth given all the new products and reimbursements that you have. The existing salesforce seems to be hitting new milestones in terms of productivity.

所以我只是想稍微探究一下銷售代表的評論和生產力。目前，公司很多事情似乎進展順利，並且處於高速成長模式。所以請幫助我理解，考慮到您擁有的所有新產品和報銷情況，您如何看待銷售人員成長與生產力成長之間的關係。現有的銷售隊伍在生產力方面似乎正在達到新的里程碑。

Can you just help us think about where you may be targeting productivity to go to before you need to add or or split territories, or is this the growth and the guidance, can that be achieved by really a just higher revenue per rep?

您能否幫助我們思考一下，在您需要添加或分割區域之前，您的生產力目標可能是什麼，或者這是成長和指導，是否真的可以透過提高每位代表的收入來實現？

Ravi. Thanks for that question. As Laura talked about in one of the prior comments. From a territory expansion perspective, we do plan to get to about 100 territories over the next 12 to 18 months. That's part of our growth strategy, especially as we put out new products.

拉維。謝謝你的提問。正如勞拉在之前的評論中談到的那樣。從領土擴張的角度來看，我們確實計劃在未來 12 到 18 個月內覆蓋約 100 個領土。這是我們成長策略的一部分，尤其是當我們推出新產品時。

The intent is to make sure that the reps have the bandwidth to be able to continue to drive deeper dialogue with our existing call points as well as additional physicians come online as they look to adopt a solution. So that has been part of our strategy to get to 100. Now the commercial team has done a really excellent job in getting to that $2 million per territory. The hybrid model has played a role in that for sure, but that's more focused on the deformity with Granite and also on the potential trauma side.

目的是確保代表擁有足夠的頻寬，能夠繼續與我們現有的呼叫點進行更深入的對話，並在其他醫生尋求採用解決方案時上線。所以這是我們達到 100 的策略的一部分。現在，商業團隊已經做得非常出色，實現了每個地區 200 萬美元的目標。混合模型肯定在其中發揮了作用，但它更側重於花崗岩的畸形以及潛在的創傷方面。

So as you look into the future, we will continue to see productivity improve. It'll be a bit more at a gradual pace, especially as we're bringing on some of these new reps over the next 12 to 18 months, but you won't see that go negative. You will continue to see that improve. Now the pace will again vary at where the growth in the business is coming from and how quickly are we getting to those 100 territories.

因此，展望未來，我們將繼續看到生產力的提升。這個過程會比較緩慢，特別是因為我們會在接下來的 12 到 18 個月內引入一些新的代表，但你不會看到它出現負面影響。您將繼續看到這種改善。現在，步伐將再次發生變化，這取決於業務成長的來源以及我們到達這 100 個地區的速度。

At this point, I wouldn't pencil in what that next target is. We've been very focused on getting to that 2 million. We know we can do better than that, but it's too premature for us to say what that next milestone will be.

目前，我還無法確定下一個目標是什麼。我們一直致力於實現那 200 萬的目標。我們知道我們可以做得更好，但現在說出下一個里程碑是什麼還為時過早。

And then maybe one last one for me. Just on doctors doing more than one procedure, that has been kind of accelerating based on the kind of metrics you've been providing over the last several quarters. Is there maybe a target that you have in mind or that you're willing to disclose publicly in terms of where you think your surgeon base can eventually land like 80% of them or you see as kind of amenable to more than one procedure? Any kind of commentary there would be great.

這對我來說也許是最後一個了。僅就醫生執行多項手術而言，根據您在過去幾季提供的指標，這一速度一直在加速。您是否心中有一個目標，或者您願意公開披露，您認為您的外科醫生群體最終可以達到 80% 左右，或者您認為可以接受多種手術？任何形式的評論都很棒。

Ravi, good question, but again, we're early in our journey of driving physician density. When you think about physician density, it's coming from a few pockets. The first one is the SI joint dysfunction for docs that are doing the SI joint dysfunction procedure, being able to work with them on the degenerative spine side with Granite as they do pelvic fixation or for the procedures that end at the sacrum.

拉維，這個問題問得好，但是我們在提高醫生密度方面的努力才剛起步。當您考慮醫生密度時，它來自幾個地方。第一個是針對進行骶髂關節功能障礙手術的醫生的骶髂關節功能障礙，能夠在他們進行骨盆固定或以骶骨結束的手術時，使用花崗岩對退化性脊柱側進行治療。

We're still scratching the surface on that 95 was an important launch because that targets that market, so we're nine months into that launch, so a lot of runway there. When you think about sort of the surgeon base we've built since the inception of the company, that's a big surgeon base where the bread and butter procedure is the degenerative spine procedure, so a huge opportunity there. And then less so on the trauma side, but we do see some of our surgeons, our spine ortho surgeons also seeing fractures. So there's an opportunity for us to be able to work with them with TNT for fracture fixation.

我們仍在探索 95 的推出是否具有重要意義，因為它瞄準的是這個市場，因此我們已經發布了九個月，因此還有很長的路要走。當您想到我們自公司成立以來建立的外科醫生基地時，您會發現這是一個龐大的外科醫生基地，其中最主要的手術是退化性脊椎手術，因此這是一個巨大的機會。在創傷方面則較少，但我們確實看到一些外科醫生、脊椎矯形外科醫生也看到骨折。因此，我們有機會與他們合作，利用 TNT 進行骨折固定治療。

And then we're also seeing success on the trauma docs performing SI joint dysfunction. So when I think about the business long term, we have a long runway in terms of continuing to add the number of docs, especially with the expanded call points, but also we're still in the early stages of seeing that growth in density with our portfolio, and with the new products we plan to launch over the next 12 to 18 months, it gives us an additional opportunity to drive that density.

我們也看到創傷醫生在治療骶髂關節功能障礙方面取得了成功。因此，當我考慮長期業務時，我們在繼續增加文件數量方面還有很長的路要走，特別是擴大呼叫點之後，但我們仍處於產品組合密度增長的早期階段，並且隨著我們計劃在未來 12 到 18 個月內推出的新產品，它為我們提供了額外的機會來提高這種密度。

Thank you. And I'm showing no further questions. I'll now turn the call back to Laura for closing comments.

謝謝。我沒有其他問題。我現在將電話轉回給勞拉，請她發表最後評論。

Yeah, I just wanted to say thanks to all of you for your participation in our call today. As I'm sure you can tell, we are energized by the opportunities before us. So thank you all for your interest in SI-BONE. Goodbye.

是的，我只是想感謝大家今天參加我們的電話會議。我相信您已經看出來，眼前的機會讓我們充滿活力。非常感謝大家對 SI-BONE 的關注。再見。

This concludes today's conference call, you may now disconnect.

今天的電話會議到此結束，您可以斷開連線了。