Beauty Health Co (SKIN) 2025 Q3 法說會逐字稿

Good day, and welcome to The Beauty Health Company 2025 third-quarter earnings conference call.

大家好，歡迎參加美容健康公司2025年第三季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作說明）請注意，本次活動正在錄影。

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

現在我將把發言權交給投資者關係部的諾貝托·阿賈。請繼續。

Thank you, operator, and good afternoon, everyone. Thank you for joining The Beauty Health Company's conference call to review our third-quarter 2025 results. We released our results earlier this afternoon, which can be found on our corporate website at beautyhealth.com. Joining me on the call today is BeautyHealth's Chief Executive Officer, Pedro Malha, along with our Chief Financial Officer, Mike Monahan. Before we begin, I would like to remind everyone of the company's safe harbor language.

謝謝接線員，大家下午好。感謝您參加美容健康公司2025年第三季業績電話會議。今天下午早些時候，我們發布了業績報告，您可以在我們的公司網站beautyhealth.com上查看。今天與我一起參加電話會議的有BeautyHealth的執行長Pedro Malha和財務長Mike Monahan。在開始之前，我想提醒大家注意公司的安全港條款。

Management may make forward-looking statements, including guidance and underlying assumptions. Forward-looking statements are based on expectations and involve risks and uncertainties that could cause actual results to differ materially. Listeners are cautioned not to place undue reliance on any forward-looking statements. For further discussion of these risks related to our business, please see the company's filings with the SEC. This call will present non-GAAP financial measures.

管理層可能會做出前瞻性聲明，包括指導意見和基本假設。前瞻性陳述是基於預期，並涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。聽眾請注意，不要過度依賴任何前瞻性陳述。有關我們業務相關風險的進一步討論，請參閱本公司向美國證券交易委員會提交的文件。本次電話會議將介紹非GAAP財務指標。

A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is available in the earnings press release, which was 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. With that, I would now like to turn the call over to our CEO, Pedro Malha. Please go ahead, Pedro.

這些非GAAP財務指標與最可比較的GAAP指標的調節表可在盈利新聞稿中找到，該新聞稿已提交給美國證券交易委員會，並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。接下來，我想把電話交給我們的執行長佩德羅·馬爾哈。請繼續，佩德羅。

Thank you, Norberto. So good afternoon, everybody, and thank you for joining us today. Before I get into our quarterly results, let me by start thanking Marla Beck for her leadership during an important transition period. BeautyHealth team did a fantastic job stabilizing the business and positioning it for the next phase of growth. This next phase is actually one of the reasons why I chose to lead BeautyHealth.

謝謝你，諾貝托。大家下午好，感謝各位今天收看我們的節目。在介紹季度業績之前，請容許我先感謝 Marla Beck 在重要的過渡時期所展現的領導力。BeautyHealth 團隊在穩定業務和為下一階段成長做好準備方面做得非常出色。實際上，這正是我選擇領導 BeautyHealth 的原因之一。

We have an incredible opportunity to leverage our Hydrafacial, device platform and expand it into a category-leading ecosystem of skin health technology solutions. This is a unique company with a proven and resilient razor and blade business model, which is anchored in recurring high-margin consumables and supported by a global network of providers who believe in our technology and in the outcomes of our treatments that are delivered every day to thousands of people around the world. BeautyHealth is also well positioned to lead the skin health category as we continue to see the market shifting towards a less invasive, increasingly personalized and more science-backed procedures and treatments. I say well positioned because if we look across the landscape, every -- very few companies are capturing the recurring economics behind procedure volumes. And this is where BeautyHealth stands apart because we participate on both sides of the equation, the capital equipment and the consumables, which creates a self-reinforcing flywheel of predictable and profitable revenue.

我們擁有絕佳的機會，可以利用我們的 Hydrafacial 設備平台，並將其擴展為領先的皮膚健康技術解決方案生態系統。這是一家獨特的公司，擁有成熟且穩健的剃刀和刀片商業模式，以高利潤的循環消耗品為基礎，並由全球供應商網絡提供支持，這些供應商相信我們的技術和我們每天為世界各地成千上萬的人提供的治療效果。隨著市場不斷向侵入性更小、個人化程度更高、科學性更強的程序和治療方法轉變，BeautyHealth 也佔據了引領皮膚健康領域的有利地位。我說它們處於有利地位，是因為如果我們放眼整個產業，就會發現——很少有公司能夠抓住手術量背後的持續經濟效益。而這正是 BeautyHealth 的獨特之處，因為我們同時參與了等式的兩端——資本設備和耗材，從而創造了一個自我強化的飛輪，帶來可預測且盈利的收入。

So since I joined BeautyHealth a month ago, I've been very impressed by the passion and the commitment of our teams around the world and by the loyalty of our customers and providers. But as we all know, passion alone does not create shareholder value. So we need to make sure that this passion is harnessing with a clear strategy and operational excellence and a consistent top-line growth and financial performance. So we are going to go and over-index our capital and attention in four different areas. First, our priority will be protecting and growing our Hydrafacial installed base of over 35,000 devices worldwide, because we know that for every device we place that will drive years of high-margin consumable growth.

自從一個月前加入 BeautyHealth 以來，我深受我們全球團隊的熱情和奉獻精神，以及我們的客戶和供應商的忠誠度的鼓舞。但我們都知道，單憑熱情並不能創造股東價值。因此，我們需要確保將這種熱情轉化為清晰的策略、卓越的營運以及持續的營收成長和財務表現。因此，我們將把資金和注意力過度集中到四個不同的領域。首先，我們的首要任務是保護和發展我們在全球超過 35,000 台 Hydrafacial 設備的安裝基礎，因為我們知道，我們安裝的每一台設備都將推動未來幾年高利潤的耗材成長。

Second, we will focus on driving consumable utilization. This is the engine behind our profitability. Consumer -- consumables generate strong gross margins, so increasing device to consumable efficiency and usage across the installed base needs to absolutely be a key focus area for us. Thirdly, we must keep innovating across both devices and consumable platforms, and we will do that by bringing to market superior clinically backed products that meet our providers' needs and deliver the desired results for our customers. And fourth, we will continue to strengthen our operational discipline around commercial execution, cost control, margin expansion, supply chain and quality.

其次，我們將專注於提高耗材利用率。這是我們獲利的引擎。消費品－耗材能帶來較高的毛利率，因此提高已安裝設備的耗材效率和使用率絕對是我們關注的重點領域。第三，我們必須在設備和耗材平台方面不斷創新，我們將透過向市場推出具有卓越臨床支援的產品來實現這一目標，這些產品能夠滿足我們供應商的需求，並為我們的客戶帶來期望的結果。第四，我們將持續加強在商業執行、成本控制、利潤率提升、供應鏈和品質方面的營運紀律。

And this is an area where we already have done very good work, and we will continue to focus on. So now turning to our third-quarter results. For Q3, total net sales were $70.7 million, down 10.3% year over year, slightly ahead of the high end of our forecast for the quarter. In our device segment, Q3 revenues were $20.8 million, a decrease of 24.6% year over year, primarily reflecting continued pressure on equipment sales globally and the impact of the China transition to a distributor partner. Looking at our consumables segment.

在這個領域，我們已經做得非常好了，我們將繼續專注於這個領域。現在來看我們第三季的業績。第三季總淨銷售額為 7,070 萬美元，年減 10.3%，略高於我們對該季度預測的上限。在我們的設備業務部門，第三季營收為 2,080 萬美元，年減 24.6%，主要反映了全球設備銷售持續承壓以及中國市場向分銷合作夥伴過渡的影響。我們來看看耗材部分。

Q3 revenues were $49.8 million, a decrease of 2.6% year over year, primarily reflecting the change in the China business model. If we net out the China impact, consumables sales will have actually increased modestly versus last year. So as a result, our consumable mix moved from 65% of net sales in Q3 of last year to 71% this quarter. Now looking from a portfolio perspective. We continue to deliver on our new product launches.

第三季營收為 4,980 萬美元，年減 2.6%，主要反映了中國業務模式的變化。如果剔除中國市場的影響，消費品銷售實際上會比去年略有成長。因此，我們的消耗品佔淨銷售額的比例從去年第三季的 65% 上升到本季的 71%。現在從投資組合的角度來看。我們持續推進新產品的發布。

Hydralock HA and HydraFillic with Pep9 Boosters together contributed to 14% growth in the booster sales category this quarter. We also achieved significant milestone in operations. We are holding inventory below $60 million, which is the lowest in three years. And this is the result of the work the team has done to improve demand planning, forecasting and production quality. In terms of Q3 adjusted gross margins, we landed at 68%, a decline of approximately 150 bps from Q3 of last year.

Hydralock HA 和 HydraFillic 與 Pep9 增效劑共同促成了本季增效劑銷售類別 14% 的成長。我們在營運方面也取得了重要的里程碑式進展。我們的庫存低於 6000 萬美元，這是三年來的最低水準。這是團隊為改善需求計劃、預測和生產品質所做工作的成果。第三季調整後毛利率為 68%，比去年第三季下降了約 150 個基點。

And this was driven primarily by lower average selling prices as our distributor markets held a larger unit share of the overall equipment revenue year over year. Looking at adjusted EBITDA, that was $8.9 million, up 11% from Q3 of last year and reflects a tight control of cost and a solid operational execution. Now looking ahead, we are confident in our outlook of raising adjusted EBITDA guidance for the remainder of the year as well as the midpoint of our full-year revenue guidance. And that is because we are encouraged by the momentum we are building as we enter 2026. So with that, I'll turn the call over to Mike to walk you through our third-quarter results in more detail.

這主要是由於平均售價下降，因為我們的經銷商市場在整體設備收入中所佔的份額逐年增加。從調整後的 EBITDA 來看，為 890 萬美元，比去年第三季成長了 11%，反映出對成本的嚴格控制和穩健的營運執行。展望未來，我們有信心提高今年剩餘時間的調整後 EBITDA 預期以及全年收入預期的中位數。這是因為我們對進入 2026 年之際所取得的進展勢頭感到鼓舞。那麼，接下來我將把電話交給麥克，讓他更詳細地為大家介紹我們第三季的業績。

Thank you, Pedro, and good afternoon, everyone. I'm pleased to share another quarter of steady execution and disciplined financial performance in which we once again exceeded our initial expectations. Our team across all functions continues to work tremendously hard to support our providers and drive shareholder value. As expected, revenue declined year over year, primarily due to device sale pressure. However, we delivered strong margins and profitability, reflecting the continued benefits of operational discipline and cost management.

謝謝你，佩德羅，大家下午好。我很高興地宣布，我們又一個季度保持了穩健的執行力和嚴謹的財務業績，並再次超越了最初的預期。我們各個職能部門的團隊都在繼續努力工作，為我們的供應商提供支持，並提升股東價值。正如預期的那樣，營收年減，主要原因是設備銷售壓力。然而，我們實現了強勁的利潤率和獲利能力，這反映了營運紀律和成本管理持續帶來的益處。

For the third quarter, net sales were $70.7 million compared to $78.8 million in the prior year, primarily reflecting lower device sales, which declined 24.6% to $20.8 million, consistent with the macroenvironment. Overall, consumable sales declined 2.6% to $49.8 million as international gains were offset by softer US trends. The decline includes lower consumable sales due to our transition from a direct seller to a distributor model in China. Excluding China, consumable sales would have increased modestly year over year.

第三季淨銷售額為 7,070 萬美元，而上年同期為 7,880 萬美元，主要反映出設備銷售額下降 24.6% 至 2,080 萬美元，與宏觀環境一致。總體而言，消費品銷售額下降 2.6% 至 4,980 萬美元，國際市場的成長被美國市場疲軟的趨勢所抵消。下滑的原因包括我們在中國從直銷模式轉型為分銷模式而導致的消耗品銷售額下降。剔除中國市場後，消費品銷售額較去年同期略有成長。

Price increases were partially offset by lower volume. From a regional perspective, revenue in the Americas declined by 7% to $48.3 million. APAC revenue decreased 41.5% to $6.3 million, while revenue across EMEA was relatively flat at $16.1 million. The decline in APAC reflects our planned go-to-market transition in China, where we have shifted from a direct to a distributor model. As part of this change, we prepositioned sufficient capital equipment inventory in China to meet anticipated demand through year end, minimizing tariff exposure on devices.

價格上漲部分被銷售下降所抵銷。從區域角度來看，美洲地區的收入下降了7%，至4,830萬美元。亞太地區營收下降 41.5% 至 630 萬美元，而 EMEA 地區的營收則相對持平，為 1,610 萬美元。亞太地區的下滑反映了我們在中國市場計劃的轉型，我們已經從直銷模式轉向分銷模式。作為這項變革的一部分，我們在中國預先儲備了充足的資本設備庫存，以滿足年底前的預期需求，從而最大限度地減少了設備關稅風險。

Our global footprint continues to expand, which adds to the recurring consumables revenue stream. In the third quarter, we sold 875 total units worldwide at an average selling price of approximately $23,794. As of September 30, 2025, total active machines in the field increased to 35,409 units versus 34,162 units at the end of Q3 2024. GAAP gross profit increased 12.3% to $45.6 million, resulting in a GAAP gross margin of 64.6%. Adjusted gross margin came in at 68%.

我們的全球商業版圖不斷擴大，這增加了經常性耗材收入。第三季度，我們在全球共售出 875 台產品，平均售價約為 23,794 美元。截至 2025 年 9 月 30 日，現場活躍機器總數增加到 35,409 台，而 2024 年第三季末為 34,162 台。GAAP毛利成長12.3%至4,560萬美元，GAAP毛利率為64.6%。調整後毛利率為 68%。

The GAAP margin improvement was driven primarily by lower inventory write-offs and a mix shift towards high-margin consumables revenue. Q3 2024 includes charges from our China manufacturing exit and our retail-specific Perk write-offs. We have maintained tight control over expenses this quarter as sales and marketing spending was below our plan, reflecting lower headcount and disciplined spend management. Total operating expenses for the third quarter decreased by 16.5% to $51.9 million as we continue to manage our expenses. Selling and marketing expenses were $20.9 million compared to $27.6 million last year, a decrease of $6.7 million or 24.2% year over year.

GAAP利潤率的增加主要得益於存貨減損減少以及收入結構向高利潤率消耗品收入的轉變。2024 年第三季包括我們退出中國製造業務的費用以及與我們零售業務相關的 Perk 減損損失。本季我們嚴格控制了支出，銷售和行銷支出低於計劃，這反映出員工人數減少和支出管理嚴格。由於我們繼續控制支出，第三季總營運支出下降了 16.5%，至 5,190 萬美元。銷售和行銷費用為 2,090 萬美元，而去年為 2,760 萬美元，年減了 670 萬美元，降幅為 24.2%。

The decline was primarily due to lower headcount and targeted spending. R&D expenses were $1.7 million compared to $1.1 million last year, an increase of $0.6 million or 53.2% year over year. The increase was primarily driven by higher other professional service expenses related to early-stage future product investments. G&A expense was $29.3 million, down from $33.4 million in the prior year, a reduction of $4.2 million or 12.5% year over year, driven by lower headcount and bad debt recovery, partially offset by higher legal and incentive-related costs. These results led to an operating loss of $6.2 million in Q3 2025, a significant improvement versus a loss of $21.5 million in the comparable prior year.

下降的主要原因是員工人數減少和定向支出。研發費用為 170 萬美元，去年為 110 萬美元，年增 60 萬美元，增幅達 53.2%。成長的主要原因是與早期未來產品投資相關的其他專業服務費用增加。一般及行政費用為 2,930 萬美元，低於上年的 3,340 萬美元，年減 420 萬美元或 12.5%，主要原因是員工人數減少和壞帳回收，但部分被更高的法律和激勵相關成本所抵銷。這些結果導致 2025 年第三季營業虧損 620 萬美元，與去年同期虧損 2,150 萬美元相比，情況有了顯著改善。

Adjusted EBITDA was $8.9 million, up from $8.1 million in Q3 last year, with adjusted EBITDA margin improving approximately 240 basis points to 12.6%. The increase reflects continued cost control even in the face of lower top-line volume. Moving to the balance sheet. We ended the quarter with $219.4 million in cash and equivalents compared to $370.1 million at year-end 2024. The change primarily reflects the completion of our convertible note exchange under which we repurchased approximately $20 million of principal and exchanged $413 million of our 2026 notes for a mix of cash and $250 million of new 7.95% secured notes due 2028.

經調整的 EBITDA 為 890 萬美元，高於去年第三季的 810 萬美元，經調整的 EBITDA 利潤率提高了約 240 個基點，達到 12.6%。儘管總銷量有所下降，但成本控制仍在繼續，這反映出成本控制的持續性。接下來查看資產負債表。本季末，我們持有現金及等價物 2.194 億美元，而到 2024 年底，這一數字將達到 3.701 億美元。這項變更主要反映了我們可轉換票據交換的完成，根據該交換，我們回購了約 2000 萬美元的本金，並將 4.13 億美元的 2026 年到期票據交換為現金和 2.5 億美元的新的 2028 年到期的 7.95% 擔保票據。

This transaction significantly extended our debt maturity profile and enhanced our long-term financial flexibility. Cash used for refinancing activities was partially offset by cash flows from operations, reflecting a strong improvement over the breakeven position in the prior year. Inventory declined to $56.1 million, down from $69.1 million at year end, reflecting stronger demand planning and improved supply chain efficiency. We also continue to make progress selling through our Elite fair market value devices with 131 units remaining, which we expect to sell by year end. As previously noted, our US-based manufacturing footprint is fully operational and remains a strategic advantage, enhancing product quality, increasing agility and mitigating domestic tariff exposure.

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。用於再融資活動的現金部分被經營活動產生的現金流量所抵消，這反映出與前一年的損益平衡點相比有了顯著改善。庫存下降至 5,610 萬美元，低於年底的 6,910 萬美元，反映出需求計畫更加強勁，供應鏈效率有所提高。我們繼續推動精英級公平市場價值設備的銷售，目前還剩 131 台，預計在年底前售罄。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，可提高產品品質、增強靈活性並降低國內關稅風險。

Given our performance through the first nine months and our visibility into year end, we are raising the low end of our full-year 2025 revenue guidance to between $293 million and $300 million and increasing our adjusted EBITDA guidance to between $37 million and $39 million. For Q4, we expect net sales between $74.5 million and $81.5 million and adjusted EBITDA between $6.9 million and $8.9 million. The midpoint of this guidance reflects reduced year-over-year revenue declines and continued cost management discipline. Now I'll turn the call back over to Pedro for final comments.

鑑於我們前九個月的業績以及對年底的預期，我們將 2025 年全年收入預期下限提高至 2.93 億美元至 3 億美元之間，並將調整後 EBITDA 預期提高至 3700 萬美元至 3900 萬美元之間。我們預計第四季淨銷售額在 7,450 萬美元至 8,150 萬美元之間，調整後 EBITDA 在 690 萬美元至 890 萬美元之間。該指引的中點反映了同比收入下降幅度的減少和持續的成本控制措施。現在我將把電話轉回給佩德羅，請他做最後的總結演講。

Thanks, Mike. So to close, it's important to highlight that we are operating in a tough and still unpredictable environment where inflation remains an issue, access to financing continues to be challenging for capital equipment purchases and consumer confidence continues to be uneven, especially in the discretionary categories where BeautyHealth operates. But despite the macroeconomic backdrop, we will continue to prioritize and lean towards the levers within our control that will drive device footprint expansion and repeat consumer treatments, all with the objective to keep building the Hydrafacial global brand, accelerating our revenue growth and profitability and position BeautyHealth firmly as the leader in the global medical aesthetics market. So with that, I'll turn the call over for questions.

謝謝你，麥克。最後，需要強調的是，我們目前在一個艱難且仍然難以預測的環境中運營，通貨膨脹仍然是一個問題，資本設備採購的融資管道仍然充滿挑戰，消費者信心仍然不穩定，尤其是在 BeautyHealth 所經營的非必需消費品類別中。儘管宏觀經濟形勢嚴峻，我們仍將繼續優先考慮並傾向於我們可控的因素，以推動設備覆蓋範圍的擴大和消費者重複治療，所有這些都是為了不斷打造 Hydrafacial 全球品牌，加速我們的收入增長和盈利能力，並將 BeautyHealth 牢牢確立為全球醫療美容市場的領導者。那麼，接下來我將把通話交給提問者。

(Operator Instructions)

（操作說明）

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Encouraging on the guidance. I would love your thoughts on what's happening in Americas and also the more cautious trends you cited in Americas, and how you weigh that against the guidance you gave? Also to help us compare and contrast a little bit about Americas relative to EMEA being flat.

對該指導表示讚賞。我很想聽聽您對美洲當前局勢的看法，以及您提到的美洲較為謹慎的趨勢，還有您如何將這些趨勢與您之前給出的指導意見進行權衡？此外，還可以幫助我們稍微比較和對比美洲與歐洲、中東和非洲地區（EMEA）的平坦情況。

Sure, Oliver. So if you look at the regional dynamics of our business, it's a mixed picture, but I believe we're trending in the right direction here. So just to look at the Americas, which, by the way, it's our largest business, 65% of our total revenue comes from that. Overall, yes, the Americas was down 7%. Out of that, devices was down 16.3% and that's the explanation for that.

當然可以，奧利佛。所以，如果你看一下我們業務的區域動態，情況喜憂參半，但我相信我們正朝著正確的方向發展。所以，我們只看美洲市場，順便說一句，美洲是我們最大的業務市場，我們總收入的 65% 都來自那裡。總體而言，美洲地區下降了7%。其中，設備銷量下降了 16.3%，這就是原因所在。

And the driver for that was the lower device placements and because of the macro pressures that are currently affecting the country. But despite being a decrease, Q3 was less than the previous two quarters. So you saw an average of 20% decrease in the prior two quarters of the year. We believe that we are seeing some stabilization here in terms of devices for the Americas. Consumables, a little bit of a different mix.

造成這種情況的原因是設備安裝量下降，以及目前影響該國的宏觀壓力。儘管有所下降，但第三季仍低於前兩季。所以，今年前兩個季度，平均下降了20%。我們認為，就美洲地區的設備市場而言，我們正在看到一些穩定跡象。消耗品，種類略有不同。

We were down about 2.7%, and that was driven by a combination of, again, consumer spending, some headwinds there, coupled with lower device placements that we had in the first half of the year. But if we look our booster sales have increased. So that's the picture of the Americas. If you want to contrast that with what's happening in EMEA, EMEA, it's a little bit of the same narrative. 25% of the total sales comes from that region.

我們下降了約 2.7%，這主要是由於消費者支出方面存在一些不利因素，以及上半年設備安裝量下降等因素共同造成的。但如果我們看一下，就會發現我們的疫苗銷量增加了。這就是美洲的概況。如果將這種情況與歐洲、中東和非洲地區（EMEA）的情況進行對比，會發現兩者之間也存在一些相似之處。該地區佔總銷售額的25%。

But overall, we were flat, and we were flat because of the mix of different performance. We have strong momentum in Germany, strong momentum in the medical channel. But again, devices were down in EMEA about 21%. And again, very similar challenges as the US, with the consumer confidence being generally lower than a year ago.

但總體而言，我們的表現平平，這是因為不同球員的表現各不相同所造成的。我們在德國市場發展勢頭強勁，在醫療通路也發展勢頭強勁。但歐洲、中東和非洲地區的設備銷量再次下降了約 21%。同樣，中國面臨的挑戰與美國非常相似，消費者信心普遍低於一年前。

And with the added factor that in EMEA, we have a little bit more of a crowded space there. So the local teams are very focused on training and education, on the benefits of Hydrafacial versus other treatments. And that's -- but that's taking an effect. If you look at the consumables on EMEA, we continue actually to perform well. This is a bright spot.

此外，歐洲、中東和非洲地區的市場競爭也更加激烈。因此，當地團隊非常注重培訓和教育，並專注於水光煥膚相對於其他療法的優勢。但這確實正在產生效果。如果看一下 EMEA 地區的耗材，我們的表現其實依然良好。這是個亮點。

It has been a bright spot for us. It's definitely a bright spot for the quarter. We grew there double-digits, about 10%. And that was driven by very strong performance in Germany and then again, from the medical channel. Then we have a small portion of APAC, which is about 10% of our total sales, and which has been down substantially due to the China transition to a distributor market with both devices and consumables being down.

這對我們來說是一件令人欣慰的事。這絕對是本季的一大亮點。我們在那裡實現了兩位數的成長，大約10%。這主要得益於德國市場的強勁表現，以及醫療通路的強勁表現。然後，我們在亞太地區的市場份額較小，約占我們總銷售額的 10%，由於中國市場向分銷商市場轉型，設備和耗材的銷售額均有所下降，因此亞太地區的銷售額大幅下降。

And then one broader question. As you mentioned, the four focus areas, which ones were going to be more near term in terms of what you're seeing in your hypothesis and which ones may be longer term? And as you mentioned, the skin health technology ecosystem, how do you envision that? Or how would you frame that in terms of device platforms, digital diagnostics or partnerships as you think more broadly?

還有一個更廣泛的問題。正如您所提到的，這四個重點領域中，哪些是您假設中看到的近期目標，哪些是長期目標？正如您所提到的，皮膚健康技術生態系統，您對此有何設想？或者，從更廣闊的視角，您會如何從設備平台、數位診斷或合作夥伴關係等方面來看待這個問題？

Yes, sure. So the way we're looking at the business, there's a broader plan or strategy that is overarching for the whole company. And then we will definitely have a more surgical strategy for our device business and consumable business. And definitely, over time, I'll share much more in how we're shaping the future strategic roadmap as we go along. But my initial observation is that, our competitive advantage really relies on our core value proposition.

當然可以。因此，我們從業務角度來看，有一個涵蓋整個公司的更廣泛的計劃或策略。然後，我們肯定會針對我們的醫療器材業務和耗材業務制定更精準的策略。當然，隨著時間的推移，我會分享更多關於我們如何制定未來策略路線圖的資訊。但我的初步觀察是，我們的競爭優勢真正依賴我們的核心價值主張。

We need to keep driving utilization. We need to keep driving device placement. And this is because we all know that for every device that we place that drives multiyear consumable revenues after that on the tail. So then our job after that is just to make sure that we are capturing the long tail of recurring customers, the consumables.

我們需要繼續提高利用率。我們需要繼續推進設備部署。這是因為我們都知道，我們投放的每一台設備都會在之後帶來多年的耗材收入。所以接下來我們的工作就是確保我們能夠獲得回頭客和消耗品這部分長尾客戶。

We need to focus on innovation, and that's going to be a play across both devices and consumable platforms. And so the intent is to continue to launch superior, and most importantly, clinically backed products that meets our provider needs. Execution has been a very bright spot in the prior quarters. We will continue definitely tying up the execution performance, continue to drive commercial excellence around our business with better targeting and lead conversion. And as with every business, we'll keep a close eye on capital efficiency, making sure that every dollar is invested or driving profitable revenue or in margin improvements.

我們需要專注於創新，而這需要在設備和消費品平台兩方面都加以推進。因此，我們的目標是繼續推出優質且最重要的是有臨床支援的產品，以滿足我們供應商的需求。前幾季，執行力一直是公司的一大亮點。我們將持續提升執行績效，透過更精準的定位和更高的線索轉換率，持續推動業務的商業卓越發展。與所有企業一樣，我們將密切關注資本效率，確保每一美元都用於投資、創造獲利收入或提高利潤率。

And then if you look more specific into what we're planning to do for devices, again, I will definitely share more about my thinking here. But we have to attack this problem from a multitude of angles here. First, we have to address the providers' financing challenges. That has to be -- has been definitely a gating item for us in the prior quarters. And we have to do that with smarter and more targeted pricing strategies.

然後，如果您更具體地了解我們計劃在設備方面做些什麼，我一定會在這裡分享更多我的想法。但我們必須從多個角度來解決這個問題。首先，我們必須解決供應商的融資難題。這肯定是——而且在前幾個季度一直是我們的一大障礙。我們必須透過更聰明、更有針對性的定價策略來實現這一目標。

And secondly, as you guys remember, we rolled out the good, better, best program, which basically gives customers more flexibility in terms of price points across our portfolio of Syndeo, of Elite and Allegro. And that is definitely helping now the consumers navigate the macro better. And also on devices, we have to be reinforcing constantly the commercial discipline around targeting segmentation and conversion. And the team is doing a great job there. Different -- a little bit of a different strategy that we're going to be exploring is going to go on the consumable side, because that's where we're going to really lean in on the innovation.

其次，你們應該還記得，我們​​推出了「好、更好、最好」計劃，基本上讓客戶在我們旗下 Syndeo、Elite 和 Allegro 產品組合的價格方面擁有更大的靈活性。這無疑有助於消費者更好地應對宏觀經濟情勢。此外，在設備方面，我們必須不斷加強圍繞目標細分和轉換的商業紀律。團隊在那裡做得非常出色。我們將探索一種略有不同的策略，那就是在消費品方面下功夫，因為那才是我們真正要大力推動創新的領域。

And that's -- that's the formula that has been working for us. And we're going to do that by launching differentiated boosters with clinical -- real clinical proof there. And we're going to continue to equip our providers with marketing tools that are relevant, that are impactful, and we're going to continue to invest in education because that's -- that's the gating item that will move the needle. Post sales onboarding, very important. We have to continue to over-index on those, making sure that every provider knows and how to maximize the return on investment of every machine that they commit to.

這就是──這就是我們一直行之有效的方法。我們將透過推出具有臨床的臨床證據——差異化強化劑來實現這一目標。我們將繼續為我們的供應商提供相關的、有影響力的行銷工具，並且我們將繼續投資於教育，因為教育是——這是能夠帶來改變的關鍵因素。售後客戶引導非常重要。我們必須持續增加對這些設備的投入，確保每個供應商都知道如何最大限度地提高他們所投入的每一台機器的投資報酬率。

And consumer mind share. This is in the end, boosters, serums, they need the inbound traffic to happen. So we'll definitely have to be invested in driving that consumer mind share. So overall, still very high level, but this isthe key areas I personally and the team are very focused on.

以及消費者心智份額。歸根究底，這些助推器、血清，都需要吸引流量才能發揮作用。因此，我們絕對需要投入大量資源來提升消費者心智份額。所以總體而言，水平仍然很高，但以下是我個人和團隊非常關注的關鍵領域。

(Operator Instructions)

（操作說明）

JP Wollam, ROTH Capital Partners.

JP Wollam，ROTH Capital Partners。

Pedro, maybe if we could start with you. As you get your hands wrapped around the business a little bit more and get a better understanding, is there anything else you can share about the international strategy and where you feel makes the most sense to have direct versus distributor models?

佩德羅，或許我們可以從你開始。隨著你對業務的了解越來越深入，你還能分享一些關於國際戰略的資訊嗎？你認為在哪些情況下採用直銷模式比分銷模式更適合？

Definitely. Thanks, John. Thanks for the question. We are a global company. So if you want to grow, which is the intent, we have to address international markets as part of that formula.

確實。謝謝你，約翰。謝謝你的提問。我們是一家全球性公司。所以，如果我們想要發展壯大（這也是我們的目標），就必須將國際市場納入發展策略的一部分。

And so we have to obviously focus on that and have, in my view, very targeted commercial programs designed to fit the different regions' economics that -- in where our products are present. We have been historically leading into an extensive distributor network that is part of our DNA, and we will continue to do that in order to drive penetration and reach. That's part of our -- the way we go to marketing has been quite of a successful formula there. So we will definitely continue to do that. But at the same time, we need to make sure that we invest in education and training as we scale and help out the distributors increase their penetration in their respective markets.

因此，我們顯然必須關注這一點，並且在我看來，要製定非常有針對性的商業計劃，以適應我們產品所在地區不同的經濟狀況。從歷史上看，我們一直致力於建立廣泛的分銷網絡，這已經融入了我們的基因，我們將繼續這樣做，以提高市場滲透率和覆蓋範圍。這是我們行銷方式的一部分——我們採取的這種行銷方式已經取得了相當大的成功。所以我們一定會繼續這樣做。但同時，我們需要確保在擴大規模的同時，投資教育和培訓，並幫助分銷商提高其在各自市場的滲透率。

So that's [additional] strategy. Not a big change over overall. It's still a small portion of our business. We intend to explore the opportunities of growth in different markets, being those through direct channel or distributor channel. But definitely, just to respond to your question, John, definitely international has to be part of that equation for us.

所以這是（額外的）策略。整體上變化不大。這仍然只占我們業務的一小部分。我們打算探索不同市場的成長機會，無論是透過直銷管道或分銷管道。但約翰，為了回答你的問題，國際化絕對是我們考慮的因素之一。

And then just a quick follow-up. I believe you took the pricing on the consumables side in July. Can you just talk about how the reception has been to that price increase and what it says about potential pricing power in the future on the consumables side?

然後還有一個簡短的後續問題。我相信你們在7月已經對耗材方面進行了定價。您能否談談市場對此次漲價的反應，以及這預示著未來耗材方面潛在的定價權會如何變化？

No, no problem, John. So the team has been very pleased how the market not only digested, but actually took that price increase, which was triggered around the summertime of this year. So ASP for -- you look at consumers ASP is up, and that is the reason -- because of the price -- the 5% price increase that we drove. And another thing that we are seeing is that the boosters are driving that ASP also up for us. So overall, for our consumable category, ASP overall on average is up, which is a good thing.

沒問題，約翰。因此，團隊非常高興地看到，市場不僅消化了，而且實際上接受了今年夏季左右引發的這次價格上漲。所以，消費者的平均售價（ASP）上漲了，這就是原因——因為價格上漲——我們推動的 5% 的價格上漲。我們也看到，助推器也在推高我們的平均售價。因此，總體而言，就我們的消費品類別而言，平均售價總體上有所上漲，這是一件好事。

Susan Anderson, Canaccord.

蘇珊安德森，Canaccord。

I'd love to hear maybe just your thoughts on stabilizing the systems. It looks like they're already stabilizing, but what initiatives do you think you need to put in place to get those to grow again?

我很想聽聽您對穩定係統方面的想法。看起來它們已經趨於穩定，但你認為需要採取哪些措施才能使它們再次成長？

Sure, Susan. So let me just anchor on our quarter performance. I think that's probably best as we start discussing how we're doing with devices. So for the quarter, devices were down. Devices represent about 30% of our total revenue.

當然可以，蘇珊。那麼，我就先簡單回顧一下我們本季的業績吧。我認為當我們開始討論設備使用情況時，這可能是最好的方式。所以本季設備都故障了。設備業務約占我們總收入的30%。

And by the way, Syndeo represents 70% of total new device placements. So a big chunk there on our new platform. They are declining indeed, and we feel that this is a direct -- indirect correlation to the economic environment that we live in which translates into a tighter lending environment as well. But at the same time, we look at how we are expanding the footprint of our devices globally, and actually we look at Q3, and we sold an extra 875 units. So we continue to expand that footprint.

順便一提，Syndeo 佔據了新設備總裝機量的 70%。所以，我們新平台上的很大一部分內容都在那裡。它們確實在下降，我們認為這與我們所處的經濟環境有直接或間接的關聯，這也導致了信貸環境的緊縮。但同時，我們也關注著我們如何在全球擴大設備的覆蓋範圍，實際上，我們看了第三季度，我們額外售出了 875 台設備。因此，我們將繼續擴大業務範圍。

We continue to broaden our reach, and that is definitely good news for us. Now we understand that the devices keep coming down and have been coming down for some quarters. But what we are encouraged to see is that those numbers are stabilizing. We are coming up -- coming off rather out of easier comps more and more. Our lead pipeline is improving.

我們不斷擴大業務範圍，這對我們來說絕對是個好消息。現在我們了解到，這些設備一直在不斷斷線，而且這種情況已經持續了好幾個季度了。但令人欣慰的是，這些數字正在趨於穩定。我們正在進步——而且越來越多地從較輕鬆的比賽中脫穎而出。我們的潛在客戶開發管道正在改善。

Our field teams are getting more disciplined about lead conversion. So if I look at -- in the future, I definitely expect this trend to continue as the financing access improves and the sales teams executing better. So I look at devices and specifically the performance of our ability to sell devices into the market to get better and better as the quarters progress and the comps get easier, and we do a better job in commercial execution.

我們的銷售團隊在線索轉換方面越來越嚴謹。因此，展望未來，我絕對相信隨著融資管道的改善和銷售團隊執行力的提高，這種趨勢將會持續下去。因此，我會關注設備，特別是我們向市場銷售設備的能力，隨著季度的推進和比較基數的降低，我們的設備銷售能力會越來越好，我們在商業執行方面也會做得更好。

And then, to add one follow-up on the consumables front. , just curious your thoughts around -- , I think Marla was creating some products not just necessarily for treatment such as boosters, but also for use maybe during treatment or for purchase in private spa. Just curious on your thoughts around the consumables area and where you're going to be focused at.

然後，關於耗材方面，我想補充一點，只是好奇你對此有何看法——我認為瑪拉研發的一些產品不僅用於治療，例如精華液，也可能用於治療期間或在私人水療中心購買。我很好奇您對耗材領域有什麼看法，以及您將重點放在哪些方面。

Yes, absolutely. So we have decided to actually pause the skin care initiative. And that decision was a deliberate strategic decision. My opinion is that our competitive advantage lies rather on the clinical differentiation, on recurring consumables, on stronger provider partnerships. And that's where we generate long-term value.

是的，絕對的。所以我們決定暫停護膚計劃。而那項決定是一項經過深思熟慮的策略決策。我認為，我們的競爭優勢更在於臨床差異化、可重複使用的耗材以及更強大的供應商合作關係。這就是我們創造長期價值的地方。

So after reviewing the business case, we basically concluded that skin care will pull us away, will pull us away from our core business model and -- which, by the way, is the business model that provides us with a very strong competitive advantage. So we have decided to instead focus our capital rather on things that are core to our business instead of -- into ventures where we have no expertise or actually no right to win. As we make that decision, we also look at the potential impacts on the revenue. And so actually, the project was pre revenue. So we will -- and on top of that, we will have -- it will have to require heavily investment before we could scale up.

因此，在審查了商業案例之後，我們基本上得出結論：護膚品業務會讓我們偏離核心業務模式——順便說一句，正是這種業務模式為我們提供了非常強大的競爭優勢。因此，我們決定將資金集中投入到我們業務的核心領域，而不是投入到我們沒有專業知識或實際上沒有勝算的專案中。在做出決定時，我們也會考慮對收入的潛在影響。所以實際上，這個專案是在獲利之前就開始的。所以，我們將——而且除此之外，我們還將——在擴大規模之前，我們需要大量的投資。

So by not pursuing the skin care initiative, we actually preserve capital, which indeed will absolutely help us in our near-term profitability profile.

因此，透過不開展護膚品業務，我們實際上節省了資金，這確實會對我們近期的獲利狀況有所幫助。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

This is Lillian on for Olivia. I'm wondering if you could talk through the trends you're seeing in different channels? And then also any color on what you're seeing from an end consumer standpoint and whether you've noticed any incremental weakness as macros remain pretty choppy?

這是莉蓮替奧莉維亞發言。我想請您談談您在不同管道中觀察到的趨勢？此外，從終端消費者的角度來看，您觀察到的情況如何？您是否注意到宏觀經濟持續波動的情況下，出現了任何漸進式疲軟？

Yes. So Olivia (sic - Lillian) as you know, we divide our consumable business between the medical and the non-medical segments. So medical, just for reference, that includes your med spas, your dermatologists, your plastic surgeons. And that segment itself represents about 70% of our providers in the US -- this is just the US, with the largest segment being about two-thirds being med spas, which, by the way, is the channel that keeps the market growing overall.

是的。所以，Olivia（原文如此 - Lillian），正如你所知，我們將消費品業務分為醫療和非醫療兩個部分。所以，這裡所說的醫療機構，僅供參考，包括醫美診所、皮膚科醫師和整形外科醫師。而這個細分市場本身就占我們在美國供應商的約 70%——這僅僅是美國的情況，其中最大的細分市場約佔三分之二是醫療美容中心，順便說一句，醫療美容中心是推動整個市場成長的管道。

Well, the plastic surgeons, from what we understand, are experiencing some slowdown because basically consumers now are prioritizing less invasive care. And then you have on the other side, the non-medical segment, and that includes the day spas and the single room institutions. And here, we are seeing a stable progression there as well. But basically, the US and EMEA has the largest portion of the medical side and medical spas.

據我們了解，整形外科醫生目前正面臨業務放緩的情況，因為消費者現在基本上更傾向於選擇侵入性較小的治療方式。另一方面，還有非醫療領域，其中包括日間水療中心和單間療養院。而且，我們看到這方面也呈現穩定的發展態勢。但總的來說，美國和歐洲、中東及非洲地區擁有最大的醫療機構和醫療水療中心市場份額。

But with all the challenges that they are facing in the macroeconomic realm, that is impacting their business. The bright spot here is Germany, as I think, I mentioned before and on the consumable medical channel. But overall, we still believe there is growth opportunity in both of these segments or channels, both the medical and the non-medical. And our job from now on is to make sure that we design products and have the right pricing strategy and positioning to capture the opportunity in both of these segments. Mike, do you want to chime in?

但由於他們在宏觀經濟領域面臨許多挑戰，這正在影響他們的業務。這裡的亮點在於德國，正如我之前在醫療耗材頻道上提到的。但總的來說，我們仍然認為醫療和非醫療這兩個領域或管道都有成長機會。從現在開始，我們的工作就是確保我們設計的產品，以及正確的定價策略和市場定位，能夠抓住這兩個細分市場的機會。麥克，你想插句話嗎？

I just wanted to add about the end consumer piece. One of the things we saw during the quarter where booster attachment rates were very high. They've been a real bright spot in the business. And that can really highlight the impact of the innovation that we've been investing in over the last year. So you look at a year ago, the company launched Hydralock.

我只想補充一下關於終端消費者的部分。本季我們發現的一個現像是增壓器安裝率非常高。他們一直是這個行業的一大亮點。這確實能凸顯我們過去一年來在創新上投入的資金所帶來的影響。所以，回顧一年前，該公司推出了 Hydralock。

And then in the second quarter, we launched HydraFillic, and they've had a real positive impact on the overall business. Utilization rates on our installed base, we've seen a little pressure, highlighting that the end consumer who's coming in for just a normal Hydrafacial without electing boosters has been under a bit of pressure. And so we really focused on the sales and training aspect of the business to make sure there's outreach there. We're leaning into education to make sure our providers are equipped with the tools they need to communicate the benefits most effectively around the Hydrafacial treatment.

然後在第二季度，我們推出了 HydraFillic，它對整體業務產生了非常積極的影響。從我們已安裝設備的使用率來看，我們看到了一些壓力，這表明那些只做普通水光煥膚而不選擇強化護理的終端消費者面臨一些壓力。因此，我們真正專注於業務的銷售和培訓方面，以確保在這些方面進行推廣。我們正在加強教育，以確保我們的醫護人員擁有必要的工具，以便最有效地傳達水光煥膚療法的益處。

Allen Gong, J.P. Morgan.

Allen Gong，J.P. Morgan。

starting just with a broader strategy question. This has been a reset year for BeautyHealth. You are hopefully stabilizing. This will be a nice baseline for you to grow off going forwards. So when I think about the outlook for 2026, how should I think about how you're going to prioritize top-line growth versus profitability and diving deeper into existing accounts and focusing more on consumables versus trying to drive a reacceleration in delivery systems?

先從一個更廣泛的戰略問題著手。對BeautyHealth來說，今年是重置的一年。希望你的情況正在好轉。這將為你未來的發展奠定良好的基礎。所以，當我展望 2026 年時，我該如何看待你們將如何優先考慮營收成長與獲利能力，以及深入現有客戶、更加關註消耗品與試圖推動交付系統重新加速之間的關係？

We're actually going to be focusing on all of those lines. You have to bring top-line revenue growth to this business. We can definitely flex our spend, and we -- the team has been doing that for some time very successfully, increasing our gross margins as well and which translates in an expanded profitability and EBITDA. But if the top line is not there, we're always going to find ourselves behind the [eight-ball]. So our total focus will be to drive that top line.

我們實際上會專注於所有這些線路。你必須為這家公司帶來營收成長。我們完全可以靈活調整支出，而且我們團隊已經這樣做了很長時間，非常成功，毛利率也隨之提高，這轉化為更高的盈利能力和 EBITDA。但如果第一線業績沒有達到預期，我們就會一直落後於人。[八號球]因此，我們的全部精力將集中在提升營收。

We have a very strong business model that keeps delivering recurring revenue. The team has to be focusing on that for sure. In terms of next year in the way we are looking at -- and I'm not going to provide any guidance because I think it's a little bit premature to start talking about specifics about 2026. We'll actually share more detail commentary on our next call. But we feel good.

我們擁有非常強大的商業模式，能夠持續帶來經常性收入。團隊肯定要把精力集中在這一點上。至於明年我們正在考慮的方式——我不會提供任何指導，因為我認為現在開始談論 2026 年的具體細節還為時過早。我們將在下次電話會議上分享更詳細的評論。但我們感覺很好。

We feel good about the setup. We're coming from two consecutive quarters of good progress, which basically gives us a strong base heading into next year.

我們對目前的安排感到滿意。我們已經連續兩個季度取得了良好的進展，這為我們明年的發展奠定了堅實的基礎。

But again, and I think it transpires throughout the call this momentum that we feel strong about will depend on several factors kicking in. And first and foremost, the market that we are participating is still under some pressure versus prior years. And I think that we're going to be definitely continue to see some lumpiness in the near term. Overall, consumer spending, again, is still rating -- limiting factor for us. And so we're going to keep an eye on that as well.

但是，我認為在整個通話過程中都表明，我們所感受到的這種強勁勢頭將取決於幾個因素的發揮作用。首先，我們所參與的市場與往年相比仍面臨一些壓力。我認為在短期內，我們肯定會繼續看到一些波動。整體而言，消費者支出仍是我們的評級限制因素。所以，我們也會密切關注此事。

But looking at next year, if the macro conditions improve even slightly and if our device momentum improves, which will be the focus of the team, then we can expect operating leverage and further expansion on our bottom EBITDA. So where we stand, yes, I think we have the elements that we need going into next year with a good momentum.

但展望明年，如果宏觀經濟狀況略有改善，並且我們的設備發展勢頭有所增強（這將是團隊的重點），那麼我們可以期待營運槓桿效應和我們最低 EBITDA 的進一步擴張。所以就我們目前的情況來看，是的，我認為我們已經具備了明年所需的一切要素，並且能保持良好的發展動能。

Jon Block, Stifel.

Jon Block，Stifel。

It's Joe Federico on for Jon. So maybe to start, and Mike, this might be more for you, but just to flush through some of the updated guidance dynamics. Revenue expectations, I think, came up by $4 million at the midpoint and EBITDA came up by $7 million, so a decent clip more. Can you just maybe walk us through some of the moving parts more specifically as to why there's so much more of a drop-through on the incremental sales? I know gross margin outperformed in the quarter.

喬·費德里科替補喬恩上場。所以，首先，麥克，這可能更適合你，但只是為了快速了解一些更新後的指導動態。我認為，營收預期中位數增加了 400 萬美元，EBITDA 增加了 700 萬美元，所以增幅相當可觀。您能否更具體地為我們解釋一下，為什麼增量銷售額會出現如此大的下降？我知道本季的毛利率表現優異。

So is that just sustainable in coming quarters? Any additional color would be helpful.

那麼，這種情況在未來幾季能否持續？如果能添加一些其他顏色就更好了。

Sure. A big portion of the fall-through happened in Q3, Joe, as well. So we obviously exceeded the midpoint of our expectations on Q3. I think the midpoint of our original guide was around $3 million, and we obviously came in well above that. So that's the piece.

當然。喬，很大一部分業績下滑也發生在第三季。所以很明顯，我們第三季的業績超出了預期的中位數。我認為我們最初預算的中位數是 300 萬美元左右，而我們最終的預算顯然遠高於這個數字。這就是那篇文章的內容。

But when you look to your point around adjusted gross margins, as I think about Q4, seasonally, gross margins tend to be a little bit lower quarter over quarter because we run the consumables promotion in the fourth quarter, the Black Friday, Cyber Monday promotions. So I would think about gross margins in the fourth quarter coming in more similar to the second quarter versus the third.

但就您提到的調整後毛利率而言，我認為第四季度，從季節性角度來看，毛利率往往會比上一季度略低，因為我們在第四季度會進行消耗品促銷活動，例如黑色星期五和網絡星期一的促銷活動。所以我認為第四季的毛利率會更接近第二季而不是第三季。

And then OpEx, it tends -- I would expect it to go up quarter over quarter, about $2 million to $3 million versus Q3, and that's primarily due to higher commission dollars because of sales growing and marketing spending associated with that. So the key themes -- those are the financials. The key themes Pedro touched on are, we're seeing -- while devices still continue to be under pressure, it's a lot less as we've moved throughout the year and really executed on the sales initiatives that we've had and introduced the good, better, best, and we've also put together different pricing portfolio bundles for Syndeo that we've started to see some success with.

至於營運支出，我預計會比上一季增加約 200 萬至 300 萬美元，比第三季增加，這主要是由於銷售成長帶來的佣金收入增加以及相關的行銷支出增加。所以關鍵主題——也就是財務狀況。Pedro 提到的關鍵主題是，我們看到——雖然設備仍然面臨壓力，但隨著我們今年以來不斷推進銷售計劃並真正執行了這些計劃，推出了好、更好、最好的產品，這種壓力已經小了很多。此外，我們也為 Syndeo 制定了不同的定價組合方案，並且已經開始看到一些成功。

So our expectation behind the guidance is that you'll continue to see those trends improve through the fourth quarter.

因此，我們預計這些趨勢將在第四季度繼續改善。

Okay. Got it. That's really helpful. And then maybe just a quick follow-up. We're calculating that churn in the quarter was just under 2%, which is a modest improvement compared with last quarter, but it's still pretty elevated compared to the last seven or eight quarters, call it.

好的。知道了。這真的很有幫助。然後或許只需要一個簡單的後續問題。我們計算得出，本季的客戶流失率略低於 2%，與上個季度相比略有改善，但與過去七、八個季度相比仍然相當高。

I know you had planned actions to moderate that in the back half of this year. Maybe just how are some of those progressing? Are you starting to see them moderate more in 4Q to date? Just your latest thoughts there.

我知道你們已經計劃在今年下半年採取措施來緩解這種情況。或許可以問問其中一些人的進展如何？你覺得從第四季至今來看，他們的走勢是否開始趨於溫和？就說說你最近的想法吧。

Yes. So I'll take that, Joe. Definitely, churn is definitely higher than usual, about 1.8% versus, I think, about 0.9% of last year. And look, we're looking at this very seriously. We believe the causes could be actually multifactorial.

是的。好吧，我接受這個說法，喬。確實，客戶流失率肯定比平常高，大約是1.8%，而去年同期我認為是0.9%左右。我們正在非常認真地對待這件事。我們認為原因可能是多方面的。

And then our data points and the team is still running a lot of analysis here. But our data points to financial pressure being the primary factor. And driven -- and this is driven by the economic challenges on the low-volume small providers that -- or are closing down, simply, they're closing their doors or they have a higher staff turnover and that comes with less consistent device utilization. And so I believe or we believe rather than these factors are the main culprits behind the increased churn that we just saw this past quarter. Now what are we doing about it?

然後，我們的數據點和團隊仍在進行大量的分析。但我們的數據顯示，財務壓力是主要因素。而這主要是由於小規模供應商面臨的經濟挑戰，這些供應商要不是倒閉，就是關門大吉，或是員工流動率較高，導致設備利用率不穩定。因此，我認為或說我們認為，這些因素才是導致上個季度客戶流失率上升的主要原因。現在我們打算採取什麼措施？

Actually, there's ways you can see this. You can see this as a loss or you can see this as an opportunity, and we rather are looking at this as a reactivation opportunity, and we're taking a very proactive stand in reengaging this -- particularly these low-volume providers. And we're going to go -- we are going in and offering more support and improving our training to them. And so the goal that the team has is to bring these churn numbers back to what we think are the historical levels over -- and we'll do that over the next few quarters.

實際上，你可以透過一些方法看到這一點。你可以把這看作是損失，也可以看作是機會，而我們更傾向於把這看作是重新激活的機會，我們正在採取非常積極主動的立場來重新吸引這些——特別是這些低交易量的供應商。我們將前往——我們將深入其中，為他們提供更多支持，並改進我們的培訓。因此，團隊的目標是將這些客戶流失率恢復到我們認為的歷史水平——我們將在接下來的幾個季度內實現這一目標。

That was the last question. This concludes our question-and-answer session.

這是最後一個問題。我們的問答環節到此結束。

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

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。

Thank you.

謝謝。