Beauty Health Co (SKIN) 2025 Q2 法說會逐字稿

Good day, and welcome to The Beauty Health Company second-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加美容健康公司2025年第二季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Norberto Aja, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係部的諾貝托·阿賈。請繼續。

Thank you, operator, and good afternoon. Thank you for joining The Beauty Health Company's 2025 second-quarter conference call. Our earnings press release was issued this afternoon and is available on our Investor Relations site at beautyhealth.com. Joining me on the call today is BeautyHealth's Chief Executive Officer, Marla Beck; along with our Chief Financial Officer, Michael Monahan.

謝謝接線員，下午好。感謝您參加美容健康公司2025年第二季電話會議。我們今天下午發布了盈利新聞稿，您可以在我們的投資者關係網站beautyhealth.com上查看。今天與我一起參加電話會議的有BeautyHealth的首席執行官瑪拉·貝克（Marla Beck）和首席財務官邁克爾·莫納漢（Michael Monahan）。

Before we begin, please note that, today's discussion includes forward-looking statements, including guidance and underlying assumptions, which are subject to risks and uncertainties. Actual results may differ materially. For a further discussion of risks related to our business, please refer to our SEC filings.

在開始之前，請注意，今天的討論包含前瞻性陳述，包括指導意見和基本假設，這些陳述存在風險和不確定性。實際結果可能與實際情況有重大差異。有關我們業務相關風險的進一步討論，請參閱我們向美國證券交易委員會提交的文件。

We may also reference non-GAAP measures with reconciliations available in our earnings press release furnished to the SEC and available on our website. Following management's prepared remarks, we will open the call for a question-and-answer session.

我們也可能會提及非GAAP指標，相關調節表可在提交給美國證券交易委員會的獲利新聞稿中找到，也可在我們的網站上查閱。在管理階層發表準備好的演講後，我們將開放問答環節。

With that, I would now like to turn the call over to our CEO, Marla Beck. Please go ahead, Marla.

接下來，我將把電話交給我們的執行長瑪拉貝克。請繼續，瑪拉。

Thank you, Norberto. Good afternoon, everyone. Q2 marked another strong quarter, demonstrating the momentum of our transformation strategy and disciplined execution. We exceeded both revenue and adjusted EBITDA guidance for the third consecutive quarter, driven by our consumables revenue, margin expansion and operational improvements.

謝謝你，諾貝托。大家下午好。第二季業績表現強勁，反映了我們轉型策略的良好動能和嚴謹的執行力。由於耗材收入、利潤率擴張和營運改進，我們連續第三個季度超額完成營收和調整後 EBITDA 預期。

During the quarter, we successfully launched the HydraFillic with Pep9 booster, which has quickly become our top-performing Hydrafacial branded booster. We expanded to over 35,000 active devices globally. We saw significant gross margin improvement, GAAP at 62.8% and adjusted at 65.9%. We completed our transition to a distributor model in China, and we restructured our debt. These achievements fueled $78.2 million in revenue and $13.9 million in adjusted EBITDA, both above expectations. Our consumables business, now over 70% of revenue remains strong, demonstrating the impact of our razor-razor blade model.

本季度，我們成功推出了含有 Pep9 的 HydraFillic 精華液，該產品迅速成為我們表現最佳的 Hydrafacial 品牌精華液。我們已在全球擁有超過 35,000 台活躍設備。我們看到毛利率顯著提高，GAAP毛利率為62.8%，調整後毛利率為65.9%。我們完成了在中國向分銷商模式的轉型，並重組了債務。這些成就推動公司實現營收 7,820 萬美元，調整後 EBITDA 達到 1,390 萬美元，均超乎預期。我們的耗材業務目前佔營收的 70% 以上，而且依然強勁，這證明了我們刮鬍刀片模式的影響力。

A favorable mix, judicious cost control, and inventory optimization continue to enhance profitability. We reduced operating expenses by nearly 18%, lowered inventory, and closed the quarter with $212 million in cash following a strategic debt restructuring.

合理的產品組合、合理的成本控制和庫存優化將繼續提高獲利能力。透過策略性債務重組，我們減少了近 18% 的營運支出，降低了庫存，並在本季末持有 2.12 億美元的現金。

While we've made significant progress on adjusted EBITDA and cash flow, device sales remain pressured due to macroeconomic headwinds. That said, we're confident in the long-term opportunity and in our ability to improve performance through strategic execution and innovation.

儘管我們在調整後的 EBITDA 和現金流方面取得了顯著進展，但由於宏觀經濟逆風，設備銷售仍面臨壓力。儘管如此，我們對長期的發展機會充滿信心，並相信我們有能力透過策略執行和創新來提高業績。

Over the past year, we've taken several steps to drive equipment sales growth in the future. These include a strengthened sales organization with new leadership at every level, including a new Chief Revenue Officer to install a data-driven approach to pipeline management and execution, an upgraded CRM to better leverage field and lead data to target new providers and improved alignment between sales and marketing around shared initiatives to expand our global presence and footprint.

過去一年，我們採取了多項措施來推動未來設備銷售成長。這些措施包括加強銷售組織，在各個層面都設立新的領導層，包括任命一位新的首席營收官，以推行數據驅動的銷售渠道管理和執行方法；升級客戶關係管理系統，以更好地利用現場和潛在客戶數據來鎖定新的供應商；以及加強銷售和市場營銷部門之間的協調，圍繞共同的舉措擴大我們的全球影響力和業務範圍。

Our strategy continues to center on three pillars: commercial execution and operational rigor, innovation acceleration, and provider-centric growth.

我們的策略繼續以三大支柱為中心：商業執行和營運嚴謹性、創新加速以及以供應商為中心的成長。

Regarding commercial execution, our razor-razor blade model continues to scale with consumables driving recurring revenue and margin expansion. Providers consistently see strong ROI from Hydrafacial devices, evidenced by exceptional loyalty. Over one-third of US providers have partnered with us for over five years, contributing significantly to consumables revenue.

在商業執行方面，我們的刮鬍刀-刮鬍刀片模式持續擴大規模，耗材推動了經常性收入和利潤率的擴張。供應商從 Hydrafacial 設備中獲得的報酬率一直很高，顧客忠誠度也極高。超過三分之一的美國供應商與我們合作超過五年，為耗材收入做出了重大貢獻。

We ended the quarter with over 35,000 active devices, up from 33,500 last year. Our good, better, best offering is resonating with Syndeo sales accounting for two-thirds of device sales and non-Syndeo sales accounting for the remaining one-third. Booster sales in the Americas rose over 8% year on year, led by the HydraFillic booster launch, a booster clinically proven to address fine lines and wrinkles. This demonstrates the end consumer demand for our premium treatments. We plan to build on this momentum with more innovation in the back half of 2025.

本季末，我們的活躍設備數量超過 35,000 台，高於去年的 33,500 台。我們推出的「好、更好、最好」產品引起了用戶的共鳴，Syndeo 銷售額佔設備銷售額的三分之二，非 Syndeo 銷售額佔剩餘的三分之一。美洲地區的精華液銷量較去年同期成長超過 8%，主要得益於 HydraFillic 精華液的上市，精華液經臨床驗證可有效改善細紋和皺紋。這證明了終端消費者對我們高端護理產品的需求。我們計劃在2025年下半年乘勢推出更多創新產品。

In EMEA, increased booster adoption and expansion in the medical channel are positive signs for us to capture future market share. In addition, during the second half of the year, our global commercial teams will begin rolling out a new strategic engagement program to deepen account relationships and drive growth. Moving to science-backed innovation. Through our MedTech Meets Beauty strategy, we're advancing clinically validated innovation building on our 28-year legacy.

在歐洲、中東和非洲地區，醫療管道中疫苗接種率的提高和疫苗接種率的提高，對我們未來搶佔市場份額而言都是正面的訊號。此外，在今年下半年，我們的全球商業團隊將開始推出一項新的策略合作計劃，以加深客戶關係並推動成長。轉向以科學為支撐的創新。透過我們的「醫療科技與美容相結合」策略，我們正在推動經臨床驗證的創新，並在此基礎上傳承我們 28 年的經驗。

HydraFillic with Pep9, our most successful booster launch to date, exceeded 30-day targets and outpaced Hydralock HA's strong debut. Hydralock adoption and penetration continues to rise. One-third of US providers have now purchased Hydralock HA boosters. The performance of these two booster launches demonstrates that our strategy to invest in Hydrafacial branded clinically backed consumables is resonating with our providers and the end consumers.

HydraFillic with Pep9 是我們迄今為止最成功的加強針上市，超過了 30 天的目標，並且超過了 Hydralock HA 的強勁首秀。Hydralock 的採用率和滲透率持續上升。目前已有三分之一的美國醫療機構購買了 Hydralock HA 增效劑。這兩次強化產品上市的成功表明，我們投資於 Hydrafacial 品牌臨床驗證耗材的策略得到了供應商和終端消費者的認可。

We're continuing to implement our wrap to treatment room strategy to support our providers in enhancing patient and consumer outcomes and generating revenue. This includes the launch of Hydrafacial back bar product in the fourth quarter of this year aimed at boosting in-office treatment results and provider revenue, a new retail skin care line debuting with a single hero product also in the fourth quarter of this year, along with more SKUs planned for 2026 and upcoming launches of two new scalp tips for Keravive and a lip tip, both now expected in 2026.

我們將繼續實施從包裝到治療室的策略，以支持我們的醫療服務提供者改善患者和消費者的治療效果並創造收入。這包括今年第四季推出的 Hydrafacial 後台產品，旨在提升診所治療效果和供應商收入；今年第四季度推出的全新零售護膚系列，該系列將推出一款明星產品；此外，還計劃在 2026 年推出更多 SKU；以及即將推出的兩款新的 Keravive 頭皮護理頭和一款唇部護理頭，這兩款產品預計都在 2026 年推出唇部。

This rapid treatment room strategy includes boosters, back bar, and skin care, which work together to enhance treatment outcomes and extend the benefits of a Hydrafacial treatment. This strategy helps to deepen engagement, increase utilization and drive revenue for our providers.

這種快速治療室策略包括強化劑、後台護理和皮膚護理，它們共同作用，增強治療效果，延長水光煥膚療程的益處。這項策略有助於加深客戶互動，提高客戶利用率，並為我們的供應商帶來收入。

All of our innovation remains grounded in clinical rigor and will be supported by our talented team of business development managers and our extensive provider network, all of which are part of our competitive edge in the physician-dispensed topicals market.

我們所有的創新都以臨床嚴謹性為基礎，並將得到我們才華橫溢的業務發展經理團隊和廣泛的供應商網絡的支持，所有這些都是我們醫生配發外用藥市場競爭優勢的一部分。

As it relates to strengthening provider partnerships, providers are the backbone of our success. In the US, our largest market, we're seeing continued strength in national accounts. Excluding Sephora, consumable sales in the first half of 2025 increased by 6.1% over last year, partially driven by double-digit growth from our largest national accounts.

就加強與供應商的合作關係而言，供應商是我們成功的基石。在美國這個我們最大的市場，我們看到全國性客戶的業務持續強勁成長。除絲芙蘭外，2025 年上半年消費品銷售額比去年增長 6.1%，部分原因是最大的全國性客戶實現了兩位數的成長。

We're also seeing continued traction in Europe, evidenced by double-digit growth in consumables this quarter. To support our providers, we're enhancing business development tools and preparing to relaunch our loyalty program in early 2026. The redesign aims to reward long-term commitment and drive incremental sales. Given the recent BCG report that shows expected compounded annual growth in the specialty facial sector to be 7% through 2029, we are uniquely positioned with our device installed base and recurring revenue consumables model to drive profitable growth.

我們也看到歐洲市場持續成長，本季消費品銷售額實現了兩位數的成長，就證明了這一點。為了支持我們的供應商，我們正在改進業務發展工具，並準備在 2026 年初重新推出我們的忠誠度計畫。此次重新設計旨在獎勵長期投入並推動銷售成長。鑑於波士頓顧問公司 (BCG) 最近的報告顯示，預計到 2029 年，專業臉部護理領域的複合年增長率將達到 7%，憑藉我們龐大的設備安裝基礎和經常性收入耗材模式，我們擁有獨特的優勢來推動盈利增長。

Hydrafacial is one of the most in-demand skin health treatments globally with 5 million treatments delivered in 2024 over 175 patents, a 96% worth it rating on RealSelf and a Net Promoter Score of 52, the second highest in our industry. We're also the second most recognized facial treatment in the US and the number one brand driving new patient traffic to med spas in our category.

水光煥膚是全球最受歡迎的皮膚健康療法之一，預計到 2024 年將提供 500 萬次治療，擁有 175 項專利，在 RealSelf 上的性價比評分為 96%，淨推薦值 (NPS) 為 52，在業界排名第二。我們也是美國第二大最受認可的臉部護理品牌，也是同類醫療美容機構中吸引新患者流量最多的品牌。

In summary, Q2 highlights the strength of our recurring revenue model, the growing reach of our brand, and the meaningful progress of our transformation. We're grateful to our global team and our provider partners. Our focus remains on driving sustainable growth and long-term value creation.

總而言之，第二季度突顯了我們經常性收入模式的優勢、我們品牌不斷擴大的影響力以及我們轉型的顯著進展。我們感謝我們的全球團隊和供應商合作夥伴。我們始終專注於推動永續成長和創造長期價值。

Now, I'll hand it over to Mike.

現在，我把它交給麥克。

Thank you, Marla. Good afternoon, everyone. I'm pleased to report we once again exceeded our initial expectations this quarter, driven by the hard work and disciplined execution of our global teams. The business is undergoing meaningful change to drive value, and our teams are delivering. While there is still work to be done to grow equipment device sales, we are successfully controlling our costs to drive increased adjusted EBITDA and cash flow.

謝謝你，瑪拉。大家下午好。我很高興地報告，在本季度，由於我們全球團隊的辛勤工作和嚴謹執行，我們再次超越了最初的預期。公司正在經歷意義深遠的變革以創造價值，而我們的團隊正在努力實現這一目標。雖然在提升設備銷售額方面仍需努力，但我們正在成功控製成本，以推動調整後 EBITDA 和現金流的成長。

As a result of our favorable performance in the first half of 2025, we are increasing the low end of our net sales full-year guidance range to $285 million to $300 million and increasing both the top and bottom end of our adjusted EBITDA guidance range to $27 million to $35 million. For Q3, we expect net sales between $65 million and $70 million and adjusted EBITDA between $2 million and $4 million. This guidance reflects the seasonally slower third quarter in our industry, along with strategic R&D investments we are making behind device and consumables innovation, including back bar and skin care.

由於我們在 2025 年上半年的業績表現良好，我們將全年淨銷售額預期範圍的下限提高至 2.85 億美元至 3 億美元，並將調整後 EBITDA 預期範圍的上限和下限均提高至 2700 萬美元至 3500 萬美元。我們預計第三季淨銷售額在 6,500 萬美元至 7,000 萬美元之間，調整後 EBITDA 在 200 萬美元至 400 萬美元之間。該指導意見反映了我們行業季節性放緩的第三季度，以及我們在設備和耗材創新方面進行的策略性研發投資，包括後台設備和護膚品。

Revenue for Q2 came in at $78.2 million, GAAP gross margin was 62.8%, and operating loss was negative $2.7 million. Adjusted gross margin was 65.9% and adjusted EBITDA was $13.9 million.

第二季營收為 7,820 萬美元，GAAP 毛利率為 62.8%，營業虧損為負 270 萬美元。調整後毛利率為 65.9%，調整後 EBITDA 為 1,390 萬美元。

Our global footprint continues to expand, which adds to the recurring consumables revenue stream. In the second quarter, we sold 957 total units worldwide at an average selling price of approximately $23,362. As of June 30, 2025, total active machines in the field increased to 35,193 units versus 33,504 units at the end of Q2 2024.

我們的全球商業版圖不斷擴大，這增加了經常性耗材收入。第二季度，我們在全球共售出 957 台產品，平均售價約為 23,362 美元。截至 2025 年 6 月 30 日，現場活躍機器總數增加到 35,193 台，而 2024 年第二季末為 33,504 台。

Consumable sales for the quarter totaled $55.8 million, up 0.8% year over year, driven by growth in the Americas and EMEA, offset by declines in APAC, primarily driven by the transition in China from a direct business to a distributor model.

本季耗材銷售額總計 5,580 萬美元，年成長 0.8%，主要得益於美洲和歐洲、中東及非洲地區的成長，但亞太地區的下降抵消了這一增長，亞太地區的下降主要是由於中國從直銷模式向分銷商模式的轉變。

As with recent prior quarters, macroeconomic pressures continue to impact capital equipment purchasing decisions, contributing to a 36.5% year-over-year decline in global device revenue. Our good, better, best device strategy aims to address this by expanding provider access by offering select systems at lower price points. This initiative continues to deliver results as non-Syndeo systems represented 37% of total devices sold globally, up from 28% in Q2 last year. We continue to believe we will be well-positioned to capture additional market share when the macroenvironment improves.

與前幾季一樣，宏觀經濟壓力持續影響資本設備採購決策，導致全球設備收入較去年同期下降 36.5%。我們推出的「優良、更優、最佳」設備策略旨在透過以更低的價格提供精選系統來擴大供應商的准入範圍，從而解決這個問題。這項措施持續取得成效，非 Syndeo 系統佔全球設備總銷量的 37%，高於去年第二季的 28%。我們仍然相信，當宏觀環境改善時，我們將處於有利地位，能夠獲得更多市場份額。

From a regional perspective, Q2 consolidated revenue in the Americas was down 9.8%, while revenue across APAC and EMEA declined 43.4% and 4.2%, respectively. Contributing to the decline in APAC is the planned go-to-market strategy change in China, we have transitioned the business from a direct to a distributor model.

從區域角度來看，第二季美洲地區的合併收入下降了 9.8%，而亞太地區和歐洲、中東及非洲地區的收入分別下降了 43.4% 和 4.2%。導致亞太地區業績下滑的原因之一是我們計劃在中國調整市場進入策略，我們將業務模式從直銷模式轉變為分銷模式。

As part of this plan, we ensured that we warehoused enough capital equipment inventory in China to satisfy expected equipment demand for the remainder of the year that will not be subject to tariffs. We will have some exposure to tariffs for consumables sold in China. However, we are working through this with our new distribution partner. As a reminder, we closed our China production facility in Q4 of 2024 and centralized production in the US, minimizing our global tariff exposure.

作為該計劃的一部分，我們確保在中國儲備了足夠的資本設備庫存，以滿足今年剩餘時間內預計的設備需求，並且這些庫存不會受到關稅的影響。我們將面臨在中國銷售的消費品關稅風險。但是，我們正在與新的分銷合作夥伴共同解決這個問題。再次提醒大家，我們已於 2024 年第四季關閉了在中國的生產工廠，並將生產集中到美國，從而最大限度地降低了我們在全球關稅方面的風險。

Gross margins were in line with our expectations with the strong improvement year over year driven primarily by disciplined demand planning and overall management of inventory, a favorable mix shift towards consumable net sales and improved operational processes. Specifically, gross profit for the second quarter was $49.1 million, comparing favorably to $40.9 million in the prior-year period. Adjusted gross margin for the quarter was 65.9% compared to 49.4% in the prior-year period. GAAP gross margin for the quarter was 62.8% as compared to 45.2%, improving significantly versus the prior-year period.

毛利率符合我們的預期，年比大幅提高，主要得益於嚴格的需求計劃和庫存的整體管理、向消耗品淨銷售額的有利組合轉變以及營運流程的改進。具體而言，第二季毛利為 4,910 萬美元，比上年同期的 4,090 萬美元有所成長。本季調整後毛利率為 65.9%，去年同期為 49.4%。本季 GAAP 毛利率為 62.8%，去年同期為 45.2%，較去年同期有顯著改善。

Total operating expenses for the second quarter decreased by 17.8% to $51.8 million as we continue to manage our expenses. Selling and marketing expenses were down approximately 24.2% to $23.1 million, reflecting lower personnel-related expenses, including share-based compensation, lower sales commission, marketing, training and events expense. R&D expense was roughly flat at $1.3 million, while G&A expense was $27.5 million, down 12.6% year over year, driven by lower personnel-related spend and bad debt recoveries.

由於我們繼續控制支出，第二季總營運支出下降了 17.8%，至 5,180 萬美元。銷售和行銷費用下降約 24.2% 至 2,310 萬美元，反映出人員相關費用（包括股權激勵）、銷售佣金、行銷、培訓和活動費用的減少。研發費用基本持平，為 130 萬美元；而一般及行政費用為 2750 萬美元，年減 12.6%，主要原因是人員相關支出減少和壞帳回收。

These factors led to an operating loss of $2.7 million in Q2 2025, an improvement versus a loss of $22.1 million in the comparable prior year. Adjusted EBITDA of $13.9 million was above our implied guidance, reflecting lower operational spend and higher gross margin.

這些因素導致 2025 年第二季營業虧損 270 萬美元，較上年同期虧損 2,210 萬美元有所改善。調整後的 EBITDA 為 1,390 萬美元，高於我們先前的預期，這反映出營運支出減少和毛利率提高。

Moving to the balance sheet. We ended the quarter with $212 million in cash and equivalents, down from $370 million at year-end 2024. This decline primarily reflects the completion of our convertible note exchange in which we repurchased approximately $20 million in principal and exchanged a total of $413 million of 2026 notes for a combination of cash and $250 million in new 7.95% secured notes due in 2028. This transaction meaningfully extends our debt maturity profile and enhances our long-term financial flexibility.

接下來查看資產負債表。本季末，我們持有現金及等價物 2.12 億美元，低於 2024 年底的 3.7 億美元。這一下降主要反映了我們可轉換票據交換的完成，其中我們回購了約 2000 萬美元的本金，並將總計 4.13 億美元的 2026 年到期票據交換為現金和 2.5 億美元的 2028 年到期的新的 7.95% 擔保票據。此交易顯著延長了我們的債務到期期限，並增強了我們的長期財務靈活性。

In addition, we incurred typical working capital and restructuring investments as we continue executing on our transformation strategy. Inventory declined to $59.2 million from $69.1 million at year-end, demonstrating improved demand planning and supply chain efficiency. Additionally, we continue to make progress on selling through our Elite fair market value devices. We now have 235 devices remaining and expect to sell the remaining units this year. As previously stated, our US-based manufacturing footprint is fully operational and remains a strategic advantage geared toward enhancing quality, increasing agility and helping mitigate tariff exposure in the US, which we are projecting to be approximately $4 million for the remainder of the year.

此外，隨著我們繼續執行轉型策略，我們也產生了典型的營運資金和重組投資。庫存從年底的 6,910 萬美元下降到 5,920 萬美元，顯示需求計劃和供應鏈效率有所提高。此外，我們透過我們的精英級公平市場價值設備進行銷售也持續取得進展。我們現在還剩下 235 台設備，預計今年內將售罄剩餘的設備。如前所述，我們位於美國的製造基地已全面投入運營，並仍然是一項戰略優勢，旨在提高品質、增強靈活性並幫助降低在美國的關稅風險，我們預計今年剩餘時間內的關稅風險約為 400 萬美元。

We took an average overall price increase of nearly 5% across our consumables portfolio effective July 3. This marks our first price increase in three years. We have factored this increase into our budget and for the full year 2025. As a result, this is already included in our 2025 guidance.

自 7 月 3 日起，我們所有消耗品產品的平均整體價格上漲了近 5%。這是我們三年來首次提價。我們已將這一增長納入預算，並納入 2025 年全年預算。因此，這已納入我們的 2025 年指導方針中。

I'll now turn the call back to Marla.

現在我把電話轉回給瑪拉。

We delivered a strong second quarter marked by disciplined cost management, expanding profitability, and solid execution. With healthy margins, a high-quality recurring revenue base, and greater financial flexibility, we're well-positioned to drive long-term value.

第二季業績強勁，其特點是成本控制嚴格、獲利能力不斷提高以及執行力強。憑藉健康的利潤率、高品質的經常性收入基礎和更大的財務靈活性，我們有能力創造長期價值。

With that, we'll open the line for questions. Operator?

接下來，我們將開放提問環節。操作員？

Allen Gong, JPMorgan.

Allen Gong，摩根大通。

Congrats on the good quarter. I guess, when I look at your guide, you're raising the bottom end after maintaining after a good first quarter, you've had another good quarter. But when I look at your third-quarter guide, it looks fairly cautious, right? Like I guess there's some seasonality in there. But given the momentum you have, given easy comps, what are you seeing in July and August, and how does that factor into your confidence in the guide?

恭喜你們本季業績出色。我看了你的業績指南，感覺你在第一個季度表現良好之後，在保持低位的基礎上又提高了低位，而且你又度過了一個不錯的季度。但是，我看了你們第三季的業績指引，感覺相當謹慎，對吧？我想這可能跟季節性因素有關吧。但鑑於你目前的勢頭，以及比賽的輕鬆程度，你對七月和八月的情況有何看法？這又如何影響你對本指南的信心？

Hey, Allen. Thanks for the question. I'm going to have Mike answer that.

嘿，艾倫。謝謝你的提問。我會讓麥克來回答這個問題。

Let me address the second half kind of the guide more specifically because it's really driven and includes the third quarter. It's driven by three factors. The first is we're projecting revenue, the year-over-year trends to be down similar to what we saw in the first half. And it's mainly driven by the switch to China along with the current trends we're seeing. And we're expecting to see more ASP pressure in the back half of the year, and that's really putting some overall pressure on revenue and pressuring in the near term the gross margin.

讓我更具體地談談指南的後半部分，因為它內容非常充實，包含了第三季。它受三個因素驅動。首先，我們預期營收年減將與上半年類似下降。這主要是由於市場轉向中國以及我們目前看到的趨勢。我們預計下半年平均售價將面臨更大的壓力，這將對整體收入造成壓力，並在短期內對毛利率造成壓力。

The second piece, it does relate to gross margin. It's projected to be down in the second half versus the first half due to overall ASP primarily because we're selling more Elite and Syndeo factory refurbished devices, because they're more accessible and providers are taking advantage of that price point.

第二點確實與毛利率有關。預計下半年平均售價將低於上半年，主要原因是Elite和Syndeo工廠翻新設備的銷售量更高，因為這些設備更容易取得，供應商也利用了這個價格優勢。

Additionally, we're still projecting most of the tariff impact that I mentioned of $4.5 million to impact the back half of the year in both the third and fourth quarter. We're hopeful that, that can be -- that ends up being conservative, but we've been managing through that and still are leaving that in the guide.

此外，我們仍然預計我提到的 450 萬美元關稅影響的大部分將在今年下半年，即第三季和第四季產生影響。我們希望最終能做到——這最終會比較保守，但我們一直在努力克服這個問題，並且仍然將其保留在指南中。

And then the third piece is we're making some meaningful R&D investments in the back half of the year. And approximately, it's $4 million to $5 million, and that's mainly to support launches late in 2025 and in '26 around both consumables and devices.

第三點是，我們將在今年下半年進行一些重要的研發投資。大約需要 400 萬到 500 萬美元，主要用於支援 2025 年末和 2026 年的耗材和設備發布。

Got it. And then I guess a follow-up just on the installed base. So you added net, you had -- or I guess, growth, you were able to place a good number of systems in the quarter. Obviously, that's what helped drive the total system sales upside. But your installed base grew significantly less, implying that a lot of those systems that you sold were upgrades or replacements or churn, I suppose. So what drove that relative to the trends that we've been seeing in other quarters?

知道了。然後我想再跟進一下用戶基數。所以你們增加了淨成長，或者說，實現了成長，你們在本季部署了相當數量的系統。顯然，這正是推動系統整體銷售成長的原因。但你的裝機量成長明顯較少，這代表你賣出的許多系統都是升級、替換或流失的。那麼，與我們在其他季度看到的趨勢相比，是什麼因素導致了這種情況？

Yeah. So we had device sales continue to be pressured because of the macro environment that we've seen in interest rates. Churn was a little bit higher in the second quarter than we've seen in the past. And that's been the last kind of couple of quarters. It's not occurring in any one channel over another. It's spread across both kind of medical and nonmedical. But we're in the process now of developing an action plan, and we're reaching out to those providers with the expectation to kind of reverse some of those trends in the back half of the year.

是的。因此，由於利率等宏觀環境的影響，設備銷售持續受到壓力。第二季的客戶流失率比以往略高。而過去兩個季度的情況大致如此。它並非只發生在一個頻道上。它涵蓋了醫療和非醫療領域。但我們現在正在製定行動計劃，並正在與這些供應商聯繫，希望在今年下半年扭轉其中一些趨勢。

Mr. Gong, are you done with the question?

龔先生，您回答完這個問題了嗎？

Yes, I am. Thank you.

我是。謝謝。

Jon Block, Stifel.

Jon Block，Stifel。

Hey, everyone. This is Joe Federico on for Jon. I guess, I'll just maybe try to get a little more detail on the EBITDA dynamics in the guidance in the back half of the year. And I think, Mike, you've just touched on it, but you've done roughly $21 million year to date. And then at the midpoint of the updated guide and implies $10 million in the back half. Is that step down just the combination of the tariff headwinds that you just outlined and the increased R&D spend? And any more color other than that would be great.

大家好。這是喬費德里科代替喬恩解說。我想，我或許可以嘗試在下半年的業績指引中了解更多關於 EBITDA 動態的資訊。麥克，我想你剛才也提到了，但到目前為止，你今年​​的收入大約是 2100 萬美元。然後，在更新後的指南的中點，暗示下半年將達到 1000 萬美元。這種降幅只是您剛才提到的關稅阻力和研發支出增加共同作用的結果嗎？除了這些顏色之外，如果能有更多其他顏色就更好了。

It's the combination of both of those and the assumption around product mix, specifically how we're continuing to project increased sales around factory refurbished Syndeos and Elite that's pressuring gross margin as we move through that product and clear it out of our inventory.

正是這兩者的結合，以及對產品組合的假設，特別是我們持續預測工廠翻新的 Syndeos 和 Elite 產品的銷售額將會增加，這給毛利率帶來了壓力，因為我們正在清理庫存並銷售這些產品。

Okay. Got it. That's helpful. And then maybe just one more on EBITDA. That the gross -- I mean, gross profit on a dollar basis was essentially right in line with our estimate for the quarter, but EBITDA obviously came in well ahead of us, a very solid quarter.

好的。知道了。那很有幫助。然後或許可以再加一個關於 EBITDA 的指標。毛利——我的意思是，以美元計的毛利基本上與我們對本季的估計相符，但 EBITDA 顯然遠遠超出了我們的預期，這是一個非常穩健的季度。

And I think you outlined some of the areas of OpEx that may have accounted for the difference, I think, mainly sales and marketing. But is there any additional specific actions you're taking that you can highlight? And what's kind of the run rate that we can expect there going forward?

我認為您已經概述了一些可能導致這種差異的營運支出領域，我認為主要是銷售和行銷方面。但您能否重點介紹您正在採取的其他具體措施？那麼，未來我們能預期他們的勝率會是多少呢？

Yeah. If you look at sales and marketing was a big piece of the driver of OpEx savings. G&A was also lower, and that's just -- if I speak about G&A for a minute, we've had initiatives over the last 1.5 years where we're really trying to control G&A costs. Additionally, we've had some bad debt recovery that's been -- that's helped as we collect on some of our past due accounts that we previously had to reserve for. So we reversed some of that out in G&A.

是的。如果你仔細觀察，你會發現銷售和行銷是營運支出節省的主要驅動因素。一般及行政費用也降低了，如果我稍微談談一般及行政費用，在過去的1.5年裡，我們採取了一些措施來真正控制一般及行政費用。此外，我們還有一些壞帳回收——這對我們收回之前不得不預留一些準備金的逾期帳款有所幫助。因此，我們在一般及行政費用中抵銷了一部分。

Sales and marketing, in particular, is the largest driver, as you mentioned. And a lot of that is our sales and marketing team is really focused on making sure that they get an ROI for the spend that they're deploying. And so we've been cautious around deploying that spend to make sure that it's really driving new leads, helping with lead conversion and expanding the overall Hydrafacial brand to the end consumer to drive traffic. And so that's what's driving it.

正如您所提到的，銷售和行銷尤其發揮最大的驅動作用。而這很大程度上是因為我們的銷售和行銷團隊非常注重確保他們投入的資金能夠獲得投資報酬率。因此，我們在部署這筆支出時一直非常謹慎，以確保它確實能夠帶來新的潛在客戶，幫助提高潛在客戶轉換率，並將 Hydrafacial 品牌推廣到終端消費者，從而吸引流量。這就是它的驅動力。

When you think about the future costs, I would expect it to stay the sales and marketing line in terms of dollars, very similar to what we did in the second quarter. So second-quarter GAAP number was low $23 million. I would expect for the rest of the year, we tend to be around that same range, $23 million, $24 million of spend for the back half of the quarter, and the percentages moves around based on the seasonality of the revenue.

從未來的成本來看，我預計其金額將與銷售和行銷支出基本持平，與我們第二季的情況非常相似。因此，第二季GAAP數字僅2,300萬美元。我預計今年剩餘時間裡，我們的支出將大致維持在這個範圍內，季度後半段的支出約為 2300 萬美元至 2400 萬美元，具體百分比會根據收入的季節性波動而有所變化。

Oliver Chen, TD Securities.

Oliver Chen，TD證券。

Hi, Marla and Michael. As we look forward with delivery systems, what do you think it takes to grow positively there? Will the compares ease enough and the changes in Asia also ease such that you can get positive consistent growth? Or any thoughts around that?

嗨，瑪拉和邁克爾。展望未來的配送系統，您認為要實現積極成長需要哪些條件？比較結果是否會足夠寬鬆，亞洲的變化是否會也足夠緩和，從而實現持續的正增長？或者您對此有什麼想法嗎？

Also, as we think longer term about consumables, what are your thoughts on the long-term growth rates here? And then the regions, you spoke about the regions at length. I think there's quite different things happening in Americas versus Europe. If you could comment on the consumers and the macros there and how that's interplaying with your numbers, that would be helpful, too.

此外，從長遠角度考慮消費品，您對該領域的長期成長率有何看法？然後，您詳細地談到了各個地區。我認為美洲和歐洲正在發生的事情截然不同。如果您能就消費者和宏觀經濟因素以及它們如何與您的數據相互作用發表一些看法，那也將很有幫助。

Hi, Oliver. Thank you for the questions. I'll start and then I'll have Mike add in. In terms of device sales and device execution, we're acutely focused on driving device sales. And our team has a very ambitious customer engagement program that's being implemented across the globe with regards to leads and pipeline management to really accelerate device sales. So we think -- while we're disappointed in the numbers, we think we have a good plan to get to where we want to be.

你好，奧利佛。謝謝大家的提問。我先開始，然後讓麥克補充。在設備銷售和設備執行方面，我們高度重視推動設備銷售。我們的團隊制定了一項雄心勃勃的客戶互動計劃，該計劃正在全球範圍內實施，旨在透過銷售線索和通路管理來真正加速設備銷售。所以我們認為——雖然我們對這些數字感到失望，但我們認為我們有一個很好的計劃來實現我們的目標。

In terms of consumable sales, we're excited about where we are and excited about the future. They were slightly positive year on year. But when you take out China, consumable sales increased 5.3%. And in terms of the non-APAC markets, our signature treatments were stable, but we're seeing incredible booster adoption. In fact, our global booster revenue grew double digits this year. So we feel very strongly about our consumable sales future.

就消費品銷售而言，我們對目前的狀況感到滿意，也對未來充滿信心。與上年相比略有成長。但剔除中國市場後，消費品銷售額成長了 5.3%。至於亞太以外的市場，我們的特色療法保持穩定，但我們看到加強針的使用率非常高。事實上，我們今年的全球助推器收入實現了兩位數的成長。因此，我們對消費品銷售的未來充滿信心。

And with the addition of additional launches, backbar and skincare, that is really an area where we see growth for the company.

隨著更多新品的推出，以及後台產品和保養品的上市，這確實是我們看到公司成長的領域。

I'll let Mike take the rest of the question.

剩下的問題就交給麥克回答吧。

I think you covered most with the exception of regional questions. So on a regional basis, we're seeing similar declines on equipment. So the themes are, if you look in EMEA versus the Americas, separate and leaving APAC out, we're seeing similar kind of pressure points and percentage pressure year over year.

我認為除了地區性問題之外，你已經涵蓋了大部分內容。因此，從區域來看，我們看到設備需求出現了類似的下降。因此，如果你單獨觀察 EMEA 和美洲地區（不包括亞太地區），你會發現，與往年相比，EMEA 和美洲地區的壓力點和壓力百分比都比較相似。

On consumables, EMEA did particularly well in growing consumables year over year. They grew the consumables business well into the double digits. And so what we're seeing there is strong execution. They're also -- that particular region focuses in on the medical channel, and they're seeing good traction there.

在消耗品方面，歐洲、中東和非洲地區在消耗品年成長方面表現特別出色。他們的耗材業務實現了兩位數的成長。因此，我們看到的是強而有力的執行。他們也——該地區專注於醫療管道，並且在那裡取得了良好的進展。

Okay. And Marla, there are prudent changes you're making to the sales organization. What are your thoughts on timing? Or what should we expect in terms of timing of that driving -- helping drive positive growth there? And how do you disaggregate, I guess, what's happening in the backdrop, with the macros, with delivery systems relative to what seems like solid execution are you're on your way?

好的。瑪拉，你對銷售組織所做的改變是明智的。你對時機有什麼看法？或者，我們應該對推動當地正向成長的時間安排抱持怎樣的預期？那麼，如何分解，我想，在宏觀層面、交付系統等背景中發生的事情，以及相對於看似穩健的執行情況而言，你是否正在朝著目標前進？

Yeah, it's a good question. I mean, the macro still pressures, and it's mainly because of the uncertainty in the market, right, which is just uncertain with where tariffs are going, where the economy is going. So I think once we get through that, we feel good. Our team is executing well. We have a lot of new leaders on the team. And so we're really excited. We can't predict exactly when it will turn, but we're excited about the team and the initiatives they are implementing right now and implementing in the back half of the year.

是的，這是個好問題。我的意思是，宏觀經濟仍然面臨壓力，這主要是因為市場的不確定性，對吧？關稅走向和經濟走向都存在不確定性。所以我覺得一旦我們度過了那段時期，我們就會感覺很好。我們的團隊執行得很好。團隊裡有很多新的領導者。所以我們真的非常興奮。我們無法準確預測何時會出現轉機，但我們對團隊以及他們目前正在實施和將在今年下半年實施的各項舉措感到興奮。

Okay. And Michael, as marketing and demand creation as a percentage of sales or dollar, what's the outlook and framework and timing of how that makes the most sense to optimize against changes and such?

好的。邁克爾，如果以銷售額或美元的百分比來衡量行銷和需求創造，那麼在應對變化等方面，如何才能最有效地優化行銷和需求創造？

So is your question more specifically on kind of how we think about sales and marketing as a percentage of revenue in the guide?

所以，你的問題更具體地是指我們在指南中如何看待銷售和行銷佔收入的百分比嗎？

Yeah, both. And I think if there's any other strategy thoughts, too, that's relevant to modeling that and also the changes underway, that could be helpful as well.

是的，兩者都有。我認為，如果還有其他與建模相關的策略想法，以及正在進行的變化，那也可能有所幫助。

Yeah. I mean, I think the selling and marketing line, we were a little under 30% of revenue in the second quarter. I would expect that to increase, but the dollar amount to stay relatively stable, but it's increasing because of the seasonally low revenue in the quarter. And then I would expect that to come back down into kind of the 30%, 31% range, give or take, in the fourth quarter.

是的。我的意思是，我認為銷售和行銷部門在第二季的收入佔比略低於 30%。我預計這一數字會上升，但美元金額會保持相對穩定，之所以上升是因為本季營收季節性低迷。然後我預計，到第四季度，這個數字會回落到 30% 到 31% 左右。

I think one of the important things about what we're seeing in sales and marketing, if you take the sales component, obviously, our sales team, large expense that runs through that is around kind of commissions. So it's a variable cost that runs through that line.

我認為，就我們目前在銷售和行銷方面所看到的，一個重要的方面是，如果你看看銷售部分，很明顯，我們的銷售團隊，其中一個很大的支出就是佣金。所以這是貫穿該生產線的變動成本。

When you look at the marketing spend, that's where our marketing team is very disciplined around deploying money to bring in more leads. They measure the effectiveness of those leads. And as they're effective, we're willing to deploy more money back into that line to drive revenue. And if not, then we end up pulling back on some of the marketing costs until we see an appropriate ROI.

從行銷支出來看，我們的行銷團隊在資金投入方面非常謹慎，以確保獲得更多潛在客戶。他們會衡量這些潛在客戶的成效。既然這些產品有效，我們就願意投入更多資金到該產品線，以推動營收成長。如果投資報酬率不理想，我們就需要削減一些行銷成本，直到看到合適的投資報酬率。

And then strategically, our marketing team is acutely focused on the provider and where the patient or consumer is. And so I think over the last year, we really shifted into allocating more dollars over to provider marketing relative to consumer marketing. We do think the launch of backbar and skincare will halo overall of our marketing for both provider and consumer.

然後，從策略角度來看，我們的行銷團隊非常關注服務提供者以及患者或消費者所在的地方。因此，我認為在過去一年裡，我們確實加大了對供應商行銷的投入，而對消費者行銷的投入則減少。我們認為，推出吧台產品和護膚品將對我們面向供應商和消費者的整體行銷起到積極作用。

Thank you. The last follow-up was innovation sounds exciting as well as R&D. There was previously thinking around exosomes as well as a really good hair product. But what's on your mind, as you mentioned, R&D and investing there?

謝謝。最後一個後續問題是，創新聽起來令人興奮，研發也是如此。之前人們也考慮過外泌體以及一種非常好的護髮產品。但如你所提到的，你最關心的是研發和投資嗎？

Yeah. I mean, I think in terms of R&D, we're investing in consumables innovation and device innovation. You'll hear more about specific categories as we get closer to launching each product, but the categories you're talking about are compelling. We see exosomes as a long-term opportunity. We also see hair and our Keravive treatment as a long-term opportunity for investment.

是的。我的意思是，我認為在研發方面，我們正在投資耗材創新和設備創新。隨著我們越來越接近每個產品的發布日期，您會聽到更多關於具體類別的信息，但您提到的這些類別很有吸引力。我們認為外泌體是長期的發展機會。我們也把頭髮和我們的 Keravive 護理視為一項長期的投資機會。

Bruce Jackson, The Benchmark Company.

布魯斯傑克遜，基準公司。

Hi, good afternoon. Thank you for taking my question. Just a follow-up on that last one. You've spoken about the importance of keeping up a new product cadence. When is the next booster or new product expected to launch?

您好，下午好。感謝您回答我的問題。跟上一個問題補充一下。您曾談到保持新產品推出節奏的重要性。預計下一款強化劑或新產品何時上市？

So we will be launching backbar and a hero skincare SKU in the fourth quarter of this year, and then we'll be following on with a significant expansion in both those categories in 2026.

因此，我們將在今年第四季推出後欄產品和一款明星護膚品 SKU，然後在 2026 年對這兩個類別進行大幅擴張。

And then the booster cadence, we think one to two a year is the right cadence. If you look, I think the company did a lot more previously, but we really need time for -- to get the full benefit of each launch, and we're still picking up penetration from the Hydralock HA launch, which was from last year. And so we think this strategy of really leaning into launches over a long period of time to get the full adoption makes the most sense.

至於加強針的使用頻率，我們認為每年一到兩次比較適合。如果你仔細觀察，我認為公司之前做了很多工作，但我們真的需要時間——才能充分發揮每次產品發布的優勢，而且我們仍在從去年推出的 Hydralock HA 產品中獲得市場滲透率。因此，我們認為這種在較長時間內持續推出產品以實現全面普及的策略是最合理的。

Okay. That's helpful. And then one follow-up, if I may. Looking at the other income, with the refinancing of the debt, are there going to be any changes to your net interest expense or net income, other income lines going forward?

好的。那很有幫助。如果可以的話，我還有一個後續問題。從其他收入來看，債務再融資後，您的淨利息支出、淨收入或其他收入項目未來會有任何變化嗎？

Yes. So we restructured our debt where we had $557 million of debt at the end of last quarter. And we pushed out -- we refinanced $250 million from 2026 to 2028. That interest rate is a little bit below 8% so that you're going to see more expense run through interest expense starting this year and into next year based on the $250 million new notes.

是的。因此，我們重組了債務，上個季度末我們的債務為 5.57 億美元。我們推遲了——我們將 2.5 億美元的融資期限從 2026 年推遲到 2028 年。該利率略低於 8%，因此根據 2.5 億美元的新票據，從今年開始到明年，您將看到更多的利息支出。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Great, thanks. Good afternoon. I want to start with the consumables price increase that you talked about. Could you tell us when you did -- when you implemented that? What's been the feedback from your aestheticians and your view on demand elasticity? Does this cover the tariff pressure? Or is there more that needs to be done with productivity or other offsetting measures to offset the headwind?

太好了，謝謝。午安.我想先談談您剛才提到的耗材價格上漲問題。您能告訴我們您是什麼時候實施的嗎？您的美容師對此有何回饋？您對需求彈性有何看法？這是否涵蓋了關稅壓力？或者，是否還需要在提高生產力或其他抵消措施方面做更多工作來抵消不利因素？

Thank you, Olivia. We implemented the price increase in July 3. And honestly, we were a little worried about the reaction, but apparently, there were quite a bit of price increases put into the medical aesthetics channel at around the same time that were much higher than ours. So there was -- we really didn't get any feedback on any issues around our price increase.

謝謝你，奧莉維亞。我們於7月3日實施了價格上漲。說實話，我們當時有點擔心市場反應，但顯然，差不多在同一時間，醫療美容領域的價格也出現了不少上漲，而且漲幅遠高於我們的價格。所以，我們確實沒有收到任何關於價格上漲問題的回饋。

And then, Mike, do you want to talk about the tariff headwinds and how we're thinking about that?

那麼，麥克，你想談談關稅帶來的不利影響以及我們是如何看待這個問題的嗎？

Sure. Yeah, Olivia, obviously, the price increase helps, and it's a partial offset to some of those -- to some of the tariffs. But we're still projecting kind of $4 million of expense in the back half of the year. Our hope is that, that ends up being conservative. We've been able to kind of manage through that, but it's largely from purchases from APAC for the consumables piece of our business.

當然。是的，奧利維亞，很顯然，價格上漲會有所幫助，並且可以部分抵消一些關稅的影響。但我們仍然預計下半年會有約 400 萬美元的支出。我們希望最終結果是保守的。我們勉強能夠應對這種情況，但這主要得益於我們從亞太地區採購的消耗品業務。

Got it. And then can you talk about what drove the higher churn versus your expectations? And does that continue to contribute in the second half?

知道了。那麼，您能否談談導致客戶流失率高於預期的原因？那這種效應在下半季是否依然存在？

Yeah, it's a good question. We're looking into the churn. As I said earlier, it's not in any one particular area. So it cuts across both medical and nonmedical. So I haven't seen anything in the data that shows anything -- any one specific item.

是的，這是個好問題。我們正在調查人員流失情況。正如我之前所說，它並不局限於任何特定的區域。所以它涉及醫學和非醫學兩個方面。所以，我沒有在數據中看到任何能夠顯示任何具體資訊的東西。

So short answer is we're still reaching -- looking into the specific customers and reaching out. We're pretty optimistic that we can reactivate some of these customers with some very targeted initiatives. So we'll keep you posted on that.

簡而言之，我們仍在積極拓展客戶群——研究具體客戶並主動聯繫他們。我們非常樂觀地認為，透過一些有針對性的舉措，我們可以重新激活其中的一些客戶。我們會隨時向您報告最新情況。

Sydney Wagner, Jefferies.

雪梨‧華格納，傑富瑞。

Hi. Thanks for taking our question. Just wondering if you can give a little bit more color on the variability of performance between the provider channels or provider types.

你好。感謝您回答我們的問題。我想請您再詳細解釋一下不同提供者管道或提供者類型之間的效能差異。

Yeah. Happy to talk a little bit about that. We saw some nice growth in the nonmedical channel this quarter, especially among single-room STs and med spas. So that was exciting to see given that our good, better, best strategy was really designed to expand the market. And so I think with our Elite FRC devices and other more accessibly priced devices, the market felt comfortable buying in.

是的。很樂意就此談談我的看法。本季非醫療管道出現了一些不錯的成長，尤其是在單間套房和醫療水療中心方面。鑑於我們「好、更好、最好」的策略實際上是為了擴大市場而設計的，所以看到這種情況令人興奮。因此，我認為憑藉我們的 Elite FRC 設備和其他價格更親民的設備，市場樂於購買。

So really nice growth in that sector. In terms of the medical and med spa, we continue to feel good about the potential there. And a lot of them are incredibly excited about the HydraFillic booster launches and our more clinically backed booster strategy. And so we had great adoption within that channel.

該領域成長勢頭確實不錯。就醫療和醫療美容領域而言，我們仍然對其發展潛力充滿信心。他們中的許多人對 HydraFillic 加強針的推出以及我們更有臨床支持的加強針策略感到無比興奮。因此，我們在該管道獲得了很高的認可度。

Ms. Wagner, are you done with the question?

瓦格納女士，您回答完這個問題了嗎？

Yes, that's it. Thank you.

對，就是這樣。謝謝。

Susan Anderson, Canaccord.

蘇珊安德森，Canaccord。

Hi, good afternoon. Alec Legg on for Susan. On the consumables, I think I heard, did you say that consumables was up 6%, excluding Sephora? And then when should we expect that headwind to roll off?

您好，下午好。Alec Legg 代替 Susan 上場。關於消耗品，我好像聽到您說，不包括絲芙蘭在內，消耗品價格上漲了 6%？那麼，我們預期這股逆風何時會消失呢？

Consumables were up 5.3%, excluding China. That's the big because as we moved from a distributor model or from a direct model to a distributor model, the business in China is going through a transition period. So that's one of the key pieces.

不包括中國在內，消費品價格上漲了5.3%。這是關鍵所在，因為隨著我們從經銷商模式或直銷模式轉向經銷商模式，中國市場正經歷轉型期。這是關鍵要素之一。

I think in the US, the 6% was referenced around our US National Accounts. In particular, Sephora, we're no longer in anymore. So when you factor that out, we saw National Account growth in the US grow the 6%.

我認為在美國，6%這個數字是參照美國國民帳戶計算出來的。尤其是絲芙蘭，我們已經不再光顧了。所以，如果把這個因素考慮進去，我們看到美國國民帳戶成長率為 6%。

Got it. And then on the China distributor transition, how should we think about the ASPs across both the equipment and the consumables business? Is the current rate the right way to think about it? Or will there be more pressure in the back half?

知道了。那麼，關於中國經銷商的過渡，我們該如何看待設備和耗材業務的平均售價 (ASP) 呢？目前的利率水準是思考這個問題的正確方式嗎？或者後防線會面臨更大的壓力？

We factor that in. So in our distributor business, it tends to be -- we have different agreements. But think about it on average in terms of it's usually 30%, 40% discount to the product. And then we don't obviously have the OpEx that kind of -- that comes through.

我們已將此因素納入考量。所以在我們的分銷業務中，往往是——我們有不同的協議。但從平均角度來看，這通常是產品 30% 到 40% 的折扣。而且我們顯然也沒有那種營運支出——這一點顯而易見。

And so for the guide this year, the distributor that we partnered with in China is focused on mainly servicing the existing providers that are in China and making sure that transition goes effectively go smoothly. So we didn't factor in a significant amount of growth in China this year. We kind of view it as a transition year.

因此，今年的指南中，我們在中國的合作夥伴分銷商主要專注於服務中國現有的供應商，並確保過渡有效且順利進行。因此，我們今年並沒有將中國市場的大幅成長納入考量。我們把它看作是一個過渡年。

As we move into next year, you'll start to see the distributor model and those economics where there's a discount kind of play through where it's lower gross margin, lower gross profit, but very, very minimal OpEx to drive kind of EBITDA.

進入明年，您將開始看到經銷商模式和那種折扣式的經濟模式，這種模式會導致毛利率和毛利降低，但營運支出非常非常低，從而推動 EBITDA 的成長。

Navann Ty, BNP.

Navann Ty，BNP。

Hi, thank you. Sorry if I missed it, but could you discuss the general trends across the med spa, plastic, and derm channel in the US this quarter? And are you seeing end consumer weakness in the low end of the market? Or is that still on luxury treatments?

您好，謝謝。如果我錯過了，請見諒。您能否談談本季美國醫療美容、整形和皮膚護理領域的整體趨勢？您是否觀察到低端市場終端消費者的疲軟？還是那仍然是指高端護理？

It's a good question. Thank you so much. The specialty facial category is still very strong in medical aesthetics. I think our consumable sales really reflect that consistent consumer demand and our growth in consumables are showing that. I think what we're seeing is with our providers, which include med spa doctor's office and large US chains, they're really driving and utilizing Hydrafacial as a traffic driver.

這是個好問題。太感謝了。在醫學美容領域，臉部專科治療仍然非常強勁。我認為我們的消費品銷售額確實反映了消費者持續的需求，而消費品的成長也證明了這一點。我認為我們看到的是，包括醫療美容診所、醫生辦公室和美國大型連鎖機構在內的服務提供者，都在大力推廣和利用水光煥膚作為吸引客流的手段。

Some of our top US national accounts with large footprints are even seeing double-digit growth. And I think what's helping that is our cadence of booster launches, which are driving attention on the part of the providers and the aestheticians and interest on the part of the end consumer into having additional Hydrafacial.

我們一些業務規模較大的美國頂級全國性客戶甚至實現了兩位數的成長。我認為，我們推出強化產品的節奏對此有所幫助，這吸引了供應商和美容師的關注，也激發了終端消費者對額外進行水光煥膚的興趣。

So just the significant booster revenue growth is showing the value of our higher-end treatments to the consumer. So we feel good about the category we're in. And I think what happens if there's any sort of slowing of patient spend at the more expensive treatment, the med spas use Hydrafacial to get the patients and consumers in so they can try to upsell them to other treatments.

因此，顯著的銷售成長顯示了我們高端治療方案對消費者的價值。所以我們對我們所處的類別感到滿意。我認為，如果患者在更昂貴的治療上的支出有所放緩，那麼醫療美容中心就會利用水光煥膚來吸引患者和消費者，以便向他們推銷其他治療項目。

So -- and the trends we're seeing with treatment stacking and prescribing Hydrafacial before other treatments is really compelling.

所以——我們看到的療程疊加和在其他療程之前進行水光煥膚的趨勢確實很有吸引力。

That's very helpful. And I don't know, if you can discuss the 2026 loyalty program, at least broadly, how will that be structured versus other aesthetics companies' programs?

那很有幫助。我不知道，您能否談談 2026 年的會員忠誠度計劃，至少大致談談它的結構與其他美容公司的計劃相比有何不同？

Yeah. I think for us, what we are doing is really simplifying our program and adding more incremental levels to really add more perks and benefits for our base and for our provider base. Currently, 93% of our providers are in our program. And so we're really leveling up. We're also relaunching it to prepare for skincare and backbar so that we can add additional benefits for buying into those programs.

是的。我認為對我們來說，我們正在做的是真正簡化我們的計劃，並增加更多遞進級別，從而真正為我們的會員和供應商增加更多福利和待遇。目前，我們93%的供應商都參與了我們的計劃。所以，我們真的在提升到一個更高的水平。我們也在重新推出該計劃，為護膚品和後台用品做準備，以便為購買這些計劃的用戶增加更多福利。

So for us, it's really about simplifying and then preparing the program, so that we can add additional benefits.

所以對我們來說，關鍵在於簡化流程，然後做好準備，以便我們可以增加額外的福利。

This concludes our question-and-answer session. I would like to turn the conference back over to Marla Beck for closing remarks.

我們的問答環節到此結束。我謹將會議交還給瑪拉·貝克，請她作閉幕致詞。

Thank you all for joining today, and thank you to the Beauty Health and Hydrafacial team for everything you do and your hard work on execution this quarter. Thank you.

感謝各位今天到場，也感謝美容健康與水光煥膚團隊在本季所做的一切以及你們的辛勤付出。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。