Sanara Medtech Inc (SMTI) 2025 Q1 法說會逐字稿

Welcome to the Sanara MedTech first quarter of 2025 earnings conference call. Please note that this conference call is being recorded, and a replay will be available on the investor relations page of the company's website shortly. The company issued its earnings release earlier today.

歡迎參加 Sanara MedTech 2025 年第一季財報電話會議。請注意，本次電話會議正在錄音，重播將很快在公司網站的投資者關係頁面上提供。該公司今天稍早發布了收益報告。

Before we begin, I would like to remind everyone that certain statements on today's call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995.

在我們開始之前，我想提醒大家，今天電話會議上的某些聲明包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性聲明。

For more information about the risks and uncertainties involving forward-looking statements and factors that could cause actual results to differ materially from those projected or implied by forward-looking statements, please see the risk factors set forth in the company's most recent annual report on Form 10k.

有關前瞻性陳述所涉及的風險和不確定性以及可能導致實際結果與前瞻性陳述所預測或暗示的結果存在重大差異的因素的更多信息，請參閱公司最新的 10k 表格年度報告中列出的風險因素。

This call will also include references to certain non-GAAP measures, reconciliations of those non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in the earnings materials available on the investor relations portion of our website.

本次電話會議還將提及某些非公認會計準則 (non-GAAP) 指標，這些非公認會計準則 (non-GAAP) 財務指標與按照公認會計準則 (GAAP) 計算和呈現的最具可比性的指標的對賬可在我們網站投資者關係部分的收益材料中找到。

Today's call will be hosted by Ron Nixon, Executive Chairman and CEO, and feature additional remarks from Seth Yon, President and Chief Commercial Officer, Sam Muppalla, President and CEO of Tissue Health Plus, and Elizabeth Taylor, Chief Financial Officer.

今天的電話會議將由執行董事長兼執行長 Ron Nixon 主持，總裁兼商務長 Seth Yon、Tissue Health Plus 總裁兼執行長 Sam Muppalla 和財務長 Elizabeth Taylor 將發表演說。

I would now like to turn the call over to Mr. Nixon. Please go ahead.

現在我想把電話轉給尼克森先生。請繼續。

Thanks, operator, and welcome everyone to our first quarter of 2025 earnings call.

謝謝接線員，歡迎大家參加我們 2025 年第一季的財報電話會議。

Let me provide a quick agenda for today's call. I'll start by discussing a few of our financial and operational highlights from the first quarter. Seth will then discuss the commercial execution and progress made in our scenario surgical segment and outline the multiple growth opportunities we're focused on pursuing.

讓我簡要介紹一下今天電話會議的議程。我將首先討論第一季的一些財務和營運亮點。塞思隨後將討論我們在情境手術領域的商業執行和取得的進展，並概述我們專注於追求的多種成長機會。

Next, SAM will provide an update on our tissue Health Plus segment. And finally, Elizabeth will review our quarterly financial results in further detail before opening the calls for questions.

接下來，SAM 將提供有關我們組織 Health Plus 部分的最新資訊。最後，在開始提問之前，伊麗莎白將進一步詳細回顧我們的季度財務表現。

Beginning with our first quarter highlights, our Sonari surgical team delivered net revenue of $23.4 million, representing 26% growth year over year. This performance was consistent with our expectations for the quarter and represents a strong start to 2025.

從第一季的亮點開始，我們的 Sonari 外科團隊實現了 2,340 萬美元的淨收入，年增 26%。這一業績符合我們對本季的預期，並代表著 2025 年的強勁開局。

Our net revenue growth was driven primarily by sales of our soft tissue repair products, which increased 28% year over year to $20.5 million. Specifically, we saw strong growth in sales of both our CellerateRX, surgical and Biasurge products, which continue to fuel our performance.

我們的淨收入成長主要得益於軟組織修復產品的銷售，該業務的銷售額年增 28%，達到 2,050 萬美元。具體來說，我們的 CellerateRX、外科產品和 Biasurge 產品的銷售額均實現了強勁成長，這繼續推動了我們的業績。

We were also pleased to see contributions from sales of our bone fusion products, which increased 18% year over year to $2.9 million, with growth across multiple products in this portfolio.

我們也很高興看到骨融合產品的銷售貢獻年增 18%，達到 290 萬美元，該產品組合中的多種產品均實現成長。

As Seth will discuss in detail, our sales performance reflects impressive execution by our Sanara surgical commercial team on our growth strategy. We remain excited by the large greenfield opportunity that remains ahead of us.

正如 Seth 詳細討論的那樣，我們的銷售業績反映了 Sanara 外科商業團隊對成長策略的出色執行。我們仍然對眼前巨大的綠地機會感到興奮。

In addition to our scenario surgical segment revenue performance, we also enhanced our gross margins. Net loss per Sanara surgical segment increased by $200,000 dollars year over year to $600,000. And importantly, we were pleased to see some neurosurgical segment adjusted EBITDA increased by $1.5 million year over year to $2.7 million.

除了情境外科手術部門的收入表現外，我們還提高了毛利率。Sanara 外科手術部門淨虧損年增 20 萬美元，達到 60 萬美元。重要的是，我們很高興看到神經外科部門調整後的 EBITDA 年成長 150 萬美元，達到 270 萬美元。

In our tissue Health Plus segment, we continue to invest in the development of this value-based wound care strategy as we prepare to launch our pilot program with a wound care provider later in the second quarter.

在我們的組織健康加部門，我們繼續投資開發這種基於價值的傷口護理策略，並準備在第二季度稍後與傷口護理提供者一起啟動我們的試點計劃。

We are in active discussions with multiple potential financial partners to invest in the execution of our tissue Health Plus strategy and Ryan focused on allocating capital strategically and thoughtfully between our two business segments.

我們正在與多個潛在的金融合作夥伴積極討論，投資實施我們的組織健康加戰略，而 Ryan 則專注於在我們的兩個業務部門之間進行戰略性和周到的資本分配。

In terms of our other operational highlights in the first quarter, as discussed in detail on our last earnings call, we enhanced our new product pipeline by securing the distribution rights to two additional technologies and expanded our senior leadership team with key appointments. We also amended the terms of our debt facility to provide increased financial flexibility as we execute our growth strategy.

就我們第一季的其他營運亮點而言，正如我們在上次收益電話會議上詳細討論的那樣，我們透過獲得另外兩項技術的分銷權來增強我們的新產品線，並透過關鍵任命擴大我們的高級領導團隊。我們也修改了債務融資條款，以便在執行成長策略時提供更大的財務彈性。

Lastly, our team has continued their work to strengthen our portfolio of clinical evidence. We look forward to having multiple clinical manuscripts submitted for publication in key medical journals in 2025.

最後，我們的團隊繼續努力加強我們的臨床證據組合。我們期待在 2025 年有多篇臨床稿提交給主要醫學期刊發表。

I'm proud of our entire team's performance this past quarter across multiple fronts and look forward to continuing our momentum over the balance of 2025. I'll now turn it over to Seth to discuss the commercial execution and growth opportunities in our scenario surgical segment.

我為我們整個團隊上個季度在多個方面的表現感到自豪，並期待在 2025 年餘下時間裡繼續保持這一勢頭。現在我將把主題交給塞思，討論我們情境外科手術領域的商業執行和成長機會。

Thanks, Ron. As Ron mentioned, our Sanara surgical segment commercial team delivered net revenue growth of 26% year over year. This growth was driven by our team's execution with respect to the following 3 initiatives related to our commercial strategy. One advancing and deepening our distributor relationships.

謝謝，羅恩。正如羅恩所提到的，我們的 Sanara 外科部門商業團隊的淨收入年增了 26%。這一成長是由我們的團隊執行與我們的商業策略相關的以下三項措施所推動的。一是推進並深化我們的經銷商關係。

Two selling into new healthcare facilities, and three further penetrating the existing healthcare facilities we serve. Beginning with the first of the three commercial initiatives, we significantly expanded our network of distributor partners.

其中兩家向新的醫療機構銷售產品，三家進一步滲透到我們服務的現有醫療機構。從三個商業計劃中的第一個開始，我們大大擴展了經銷商合作夥伴網絡。

Specifically, at the end of the first quarter, our team had engaged and secured selling agreements with over 400 distributor partners compared to over 250 of the first quarter of 2024 and over 350 at the end of 2024.

具體來說，截至第一季末，我們的團隊已與 400 多家經銷商合作夥伴達成銷售協議，而 2024 年第一季該數字為 250 多家，2024 年底該數字為 350 多家。

As a reminder, our expanded distributor network provides us with increased sales coverage and presence in key markets across the US.

提醒一下，我們擴大的經銷商網路為我們提供了更大的銷售覆蓋範圍和在美國主要市場的佔有率。

Turning to our second commercial initiative, we continue to add new healthcare facilities to our customer base by securing value analysis committee approvals and commencing sales to surgeons at these facilities. Over the last 12 months, our products were sold in over 1,300 facilities compared to over 1,080 facilities in the prior year period.

談到我們的第二個商業舉措，我們透過獲得價值分析委員會的批准並開始向這些設施的外科醫生銷售產品，繼續為我們的客戶群增加新的醫療設施。在過去 12 個月中，我們的產品在超過 1,300 個工廠銷售，而去年同期則在超過 1,080 個工廠銷售。

With respect to our third commercial initiative, we increased our penetration of the existing healthcare facilities we serve by increasing the number of surgeons using our products within these facilities.

關於我們的第三個商業舉措，我們透過增加在這些機構內使用我們產品的外科醫生的數量來提高我們對現有醫療機構的滲透率。

While it's not our practice to disclose specifics related to our active surgeon user base, I'm pleased to share that we saw solid growth in the number of surgeon users on a year over year basis in quarter one.

雖然我們通常不會透露與活躍外科醫生用戶群相關的具體信息，但我很高興地告訴大家，我們在第一季度看到外科醫生用戶數量同比穩步增長。

With this as a backdrop, we're pleased with the execution of our team and the progress we're seeing on our commercial strategy. We believe our commercial performance speaks to the durability of our customer base as well as the value that our Sanara surgical products provide.

在此背景下，我們對團隊的執行力以及商業策略的進展感到滿意。我們相信，我們的商業表現體現了我們客戶群的持久性以及我們的 Sanara 手術產品所提供的價值。

As surgeons gain firsthand experience with the use of our key products like CelerateRX Surgical and Biasurge, the value they bring to their procedures often leads them to become dedicated long-term users.

隨著外科醫生在使用我們的關鍵產品（如 CelerateRX Surgical 和 Biasurge）時獲得第一手經驗，他們為手術帶來的價值往往會使他們成為長期的忠實用戶。

Looking ahead, we remain focused in 2025 on pursuing these three commercial initiatives to capitalize on the multiple growth opportunities ahead of us. I'll now take a minute to outline some of these growth opportunities and our specific plans to pursue them over the balance of the year.

展望未來，2025年我們仍將專注於推行這三項商業計劃，以利用我們面臨的多重成長機會。現在，我將花一點時間來概述其中的一些成長機會以及我們在今年剩餘時間內追求這些成長機會的具體計劃。

While we will continue to add new distributor partners selectively, given our progress on the front over the last 18 months, we are increasingly focused this year on onboarding our recently added distributors and positioning their reps for success in selling our products.

雖然我們將繼續有選擇地增加新的經銷商合作夥伴，但考慮到我們在過去 18 個月中取得的進展，我們今年將更加重視吸收新增加的分銷商，並讓他們的代表能夠成功銷售我們的產品。

Our existing distributor network represents thousands of third party sales reps. Importantly, only a percentage of these reps are currently selling our products. This is especially true for our larger distributor partners and our distributor partners engaged in recent quarters.

我們現有的經銷商網路代表數千名第三方銷售代表。重要的是，這些銷售代表中目前只有一部分在銷售我們的產品。對於我們較大的經銷商合作夥伴和最近幾季參與的經銷商合作夥伴來說尤其如此。

With this in mind, increasing the number of distributor reps selling our products within existing distributor relationships represents a significant growth opportunity for our organization.

考慮到這一點，增加在現有分銷商關係中銷售我們產品的經銷商代表的數量對我們的組織來說是一個重大的成長機會。

In 2025, our team is focused on onboarding, training, and providing the requisite technical support needed to help additional reps within each distributor to begin selling our products. In parallel, we will continue to focus on adding new surgeon users within the more than 1,300 facilities that we currently serve.

2025 年，我們的團隊將專注於入職、培訓和提供必要的技術支持，以幫助每個經銷商中的其他代表開始銷售我們的產品。同時，我們將繼續致力於在目前服務的 1,300 多家機構內增加新的外科醫生用戶。

The vast majority of these facilities are hospitals and importantly, our surgeon penetration within these facilities remains low.

這些設施中的絕大多數是醫院，重要的是，我們的外科醫生在這些設施內的滲透率仍然很低。

Adding new surging customers within our existing facilities continues to represent one of the largest untapped areas of growth for our organization.

在我們現有的設施內增加新的客戶仍然是我們組織最大的未開發成長領域之一。

Lastly, we'll focus on continuing to add new healthcare facilities to our customer base with the goal of selling into more than 1,450 facilities by the end of 2025.

最後，我們將專注於繼續為我們的客戶群增加新的醫療機構，目標是到 2025 年底將產品銷售給超過 1,450 個機構。

As a reminder, we have contracts or approvals with over 4,000 facilities. This represents a significant opportunity for our commercial team and distributor partners to begin selling into new facilities.

提醒一下，我們與 4,000 多家機構簽訂了合約或獲得了批准。這對我們的商業團隊和經銷商合作夥伴來說是一個開始向新工廠銷售產品的重要機會。

For all these reasons, we continue to believe we're in the early innings of our commercialization effort. We look forward to capitalizing on the multiple growth opportunities ahead of us as we educate prospective surgeon customers about the benefits for our products.

基於所有這些原因，我們仍然相信我們正處於商業化努力的早期階段。我們期待利用未來的多種成長機會，同時向潛在的外科醫生客戶介紹我們產品的優勢。

With that, I'll turn it over to Sam to provide an update on Tissue Health Plus.

接下來，我將把主題交給 Sam，讓他提供有關 Tissue Health Plus 的最新資訊。

Thanks Seth, 2025 has been a period of focused execution for Tissue Health Plus. Thanks to the hard work of the team, we announced the availability of the first release of THP's technology platform on May first as planned. This is a pivotal milestone in our journey to disrupt non-acute wound care.

謝謝 Seth，2025 年是 Tissue Health Plus 專注執行的時期。感謝團隊的辛勤付出，我們按計劃於5月1日宣布推出THP技術平台的首個版本。這是我們顛覆非急性傷口照護歷程中的關鍵里程碑。

The THP Tech technology platform release included THP co-pilot, our software offering which is designed to standardize wound care and reduce the administrative burden for wound care clinicians across all settings. THP Co-pilot consists of a mobile app designed for use by clinicians, which integrates both our software as a medical device and clinical decision support systems.

THP Tech 技術平台發布包括 THP co-pilot，這是我們的軟體產品，旨在標準化傷口護理並減輕所有環境下傷口護理臨床醫生的管理負擔。THP Co-pilot 是一款專為臨床醫生使用的行動應用程序，它整合了我們的醫療設備軟體和臨床決策支援系統。

These tools aid clinicians' ability to deliver precise and personalized wound care while not replacing their professional judgment.

這些工具有助於臨床醫生提供精確和個人化的傷口護理，同時不會取代他們的專業判斷。

Additionally, THP co-pilot includes an administrative autopilot which for clinicians automates the process of enforcing reimbursement guard rails, optimizing billing codes, ordering medical supplies from durable medical equipment companies, and tracking the delivery of those supplies.

此外，THP co-pilot 還包括一個管理自動駕駛儀，它可以為臨床醫生自動執行報銷護欄、優化計費代碼、從耐用醫療設備公司訂購醫療用品以及追蹤這些用品的交付流程。

THP co-pilot is also designed to integrate with the clinician's existing electronic medical record systems, which eliminates the need for charting after a clinician's encounter with the patient.

THP co-pilot 還旨在與臨床醫生現有的電子病歷系統集成，從而無需臨床醫生在與患者會面後進行記錄。

THP co-pilot was developed on the top of CarePix Technology stack, which we acquired on April first. In advance of this acquisition, our team had been previously partnered with CarePix over the past year to leverage both the functionality and the technology frameworks which formed the foundation of our THP technology platform.

THP co-pilot 是在我們 4 月 1 日收購的 CarePix 技術堆疊之上開發的。在此次收購之前，我們的團隊在過去一年中曾與 CarePix 合作，利用其功能和技術框架來建立我們的 THP 技術平台的基礎。

Specifically, we use the mobile app functionality to accelerate the development of our THP copilot app. Our THP technology platform release is being implemented with the wound care provider group in preparation for the launch of our first pilot program.

具體來說，我們使用行動應用程式功能來加速我們的 THP 副駕駛應用程式的開發。我們的 THP 技術平台發布正在與傷口護理提供者小組一起實施，為啟動我們的第一個試點計畫做準備。

The implementation process involves configuring the wound care provider's clinical and administrative workflows to support an integrated wound care operating system aligned with their growth strategy. With this as a backdrop, we remain on track to launch our first pilot program with the wound care provider group later during the second quarter as previously discussed.

實施過程涉及配置傷口護理提供者的臨床和管理工作流程，以支援符合其成長策略的綜合傷口護理作業系統。在此背景下，我們仍將按照先前討論的計劃，在第二季稍後與傷口護理提供者集團一起啟動我們的第一個試點計畫。

Our team is also focused on raising the awareness of our THP offering in the provider market. Our THP solution was very well received last week at the symposium of advanced wound care spring meeting, one of the premier annual conferences for healthcare professionals and companies in the wound care industry, and we're building a strong pipeline of interested providers.

我們的團隊也致力於提高我們的 THP 產品在供應商市場的知名度。我們的 THP 解決方案在上週舉行的先進傷口護理春季研討會上獲得了熱烈反響，該研討會是傷口護理行業醫療專業人士和公司最重要的年度會議之一，我們正在建立一支強大的相關供應商隊伍。

In addition to these efforts, we continue to focus on launching a pilot program with the pair during the second half of the year. I would like to now turn this over to Elizabeth to review our first quarter financial results in more detail.

除了這些努力之外，我們還將繼續致力於在今年下半年與該銀行合作啟動試點計畫。現在我想把這個交給伊莉莎白來更詳細地回顧一下我們的第一季財務表現。

Thanks, Sam.

謝謝，山姆。

I will begin my remarks at the gross profit line since Ron discussed our quarterly revenue performance unless otherwise specified, all growth rates referenced during my prepared remarks are on a year over year basis.

由於羅恩討論了我們的季度收入表現，所以我將從毛利潤線開始我的發言，除非另有說明，否則我在準備好的發言中提到的所有增長率都是基於去年同期的。

First quarter, gross profit increased $5 million, or 30% to $21.6 million. Gross margin increased approximately 240 basis points to 92% of net revenue, driven primarily by lower manufacturing costs related to Cellerate or surgical.

第一季度，毛利增加 500 萬美元，成長 30%，達到 2,160 萬美元。毛利率增加約 240 個基點，達到淨收入的 92%，主要由於與 Cellerate 或外科手術相關的製造成本降低。

First quarter operating expenses increased $5.5 million, or 30% to $23.7 million. The change in operating expenses was largely driven by a $5.2 million or 32% increase in selling general and administrative expenses and to a lesser extent, a $0.2 million or 18% increase in research and development expenses.

第一季營運費用增加 550 萬美元，成長 30%，達到 2,370 萬美元。營業費用的變動主要是因為銷售一般及行政費用增加了 520 萬美元（32%），以及研發費用增加了 20 萬美元（18%）。

The $5.2 million increase in SG&A expenses primarily reflects $2.4 million of direct sales and marketing expenses in our neo surgical segment, $1.7 million of SG&A expenses in our tissue Health Plus segment, and approximately $0.7 million of costs related to the build out of our corporate infrastructure.

銷售、一般及行政費用 (SG&A) 增加 520 萬美元主要反映了我們新外科部門的直接銷售和行銷費用 240 萬美元、我們組織健康加部門的銷售、一般及行政費用 170 萬美元，以及與建設公司基礎設施相關的約 70 萬美元的成本。

Note the tissue Health Plus segment SG&A expenses are primarily related to the buildout of certain aspects of the THP platform and infrastructure, which accelerated beginning in the second quarter of 2024.

請注意，組織 Health Plus 部門的銷售、一般及行政費用主要與 THP 平台和基礎設施某些方面的建設有關，該支出從 2024 年第二季度開始加速。

Operating loss in the first quarter was $2.1 million compared to a loss of $1.5 million last year.

第一季營業虧損為 210 萬美元，而去年同期的虧損為 150 萬美元。

Importantly, our scenario surgical segment generated operating income of $0.8 million in the first quarter of 2025, an increase of $1 million year over year.

重要的是，我們的情境手術部門在 2025 年第一季創造了 80 萬美元的營業收入，年增 100 萬美元。

Other expense for the first quarter was $1.4 million compared to $0.3 million of expense last year. The increase in the other expense was primarily due to higher interest expense and fees related to our CRG term loan.

第一季的其他支出為 140 萬美元，而去年同期的其他支出為 30 萬美元。其他費用的增加主要是由於與我們的 CRG 定期貸款相關的利息費用和費用增加。

Net loss for the first quarter was $3.5 million or $0.41 per diluted share compared to a net loss of $1.8 million or $0.21 per diluted share last year.

第一季淨虧損為 350 萬美元，即每股攤薄虧損 0.41 美元，而去年淨虧損為 180 萬美元，即每股攤薄虧損 0.21 美元。

By segment, our scenario surgical segment generated a net loss of $0.6 million compared to a net loss of $0.4 million last year, and our tissue Health Plus segment generated a net loss of $2.9 million compared to a net loss of $1.4 million last year.

按部門劃分，我們的情境外科部門淨虧損 60 萬美元，而去年淨虧損 40 萬美元，我們的組織健康加部門淨虧損 290 萬美元，而去年淨虧損 140 萬美元。

Adjusted EBITDA for the first quarter of 2025 was $0.7 million, an increase of 111% year over year. By segment, Cinna Surgical generated segment adjusted EBITDA of $2.7 million compared to $1.2 million last year, and Tissue Health Plus generated segment adjusted EBITDA loss of $2.0 million compared to a segment adjusted EBITDA loss of $0.9 million last year.

2025 年第一季調整後 EBITDA 為 70 萬美元，年增 111%。按部門劃分，Cinna Surgical 的部門調整後 EBITDA 為 270 萬美元，而去年為 120 萬美元；Tissue Health Plus 的部門調整後 EBITDA 虧損為 200 萬美元，而去年的部門調整後 EBITDA 虧損為 90 萬美元。

With respect to our balance sheet, as of March 31, 2025, we had $20.7 million of cash, $42.8 million of principal debt obligations outstanding, and $12.25 million of available borrowing capacity.

就我們的資產負債表而言，截至 2025 年 3 月 31 日，我們擁有 2,070 萬美元的現金、4,280 萬美元的未償還本金債務和 1,225 萬美元的可用借款能力。

This compares to $15.9 million of cash, $30.5 million of principal debt obligations outstanding, and $24.5 million of available borrowing capacity as of December 31, 2024.

相較之下，截至 2024 年 12 月 31 日，現金為 1,590 萬美元，未償還本金債務為 3,050 萬美元，可用借款能力為 2,450 萬美元。

During the first quarter, we amended the terms of our CRG term loan agreement to provide more flexibility with respect to the timing and amount of potential future borrowings, and borrowed an additional $12.25 million.

在第一季度，我們修改了 CRG 定期貸款協議的條款，以便在未來潛在藉款的時間和金額方面提供更大的靈活性，並額外借入了 1,225 萬美元。

As a reminder, our loan agreement provides for one additional borrowing of up to $12.25 million on or before December 30, 2025.

提醒一下，我們的貸款協議規定在 2025 年 12 月 30 日或之前額外借款最高金額為 1,225 萬美元。

Lastly, a few considerations to bear in mind for the remainder of the year.

最後，今年剩餘時間需要牢記幾點注意事項。

As Ron mentioned earlier, our net revenue performance in the first quarter was consistent with our expectations, and we remain pleased with our start to 2025.

正如羅恩之前提到的，我們第一季的淨收入表現與我們的預期一致，我們對 2025 年的開局仍然感到滿意。

Our team remains focused this year on delivering net revenue growth driven by our Sanara surgical segment. We continue to expect improvements in our scenario surgical segment profitability in 2025.

我們的團隊今年將繼續致力於實現由 Sanara 外科部門推動的淨收入成長。我們繼續預計 2025 年外科手術部門的獲利能力將會提高。

With respect to our tissue Health Plus segment, we expect our cash investment in the first half of 2025 to be approximately $7.5 million to $8.5 million compared to our prior expectation of $7.5 million to $10 million, excluding the acquisition of CarePix.

就我們的組織 Health Plus 部門而言，我們預計 2025 年上半年的現金投資約為 750 萬美元至 850 萬美元，而先前預期為 750 萬美元至 1000 萬美元（不包括收購 CarePix）。

This implies cash investment in the second quarter of 2025 of approximately $4 million to $5 million. Note. This expectation does not include the CarePix acquisition, which, as SAM mentioned, we completed on April first for a total of $3.65 million upon closing.

這意味著 2025 年第二季的現金投資約為 400 萬至 500 萬美元。筆記。這項預期不包括 CarePix 收購，正如 SAM 所提到的，我們在 4 月 1 日完成了收購，總收購價為 365 萬美元。

We also remain focused on pursuing financial partners to invest in the execution of our tissue Health Plus strategy.

我們也將繼續致力於尋求金融合作夥伴來投資實施我們的組織健康加戰略。

With our existing cash on hand, the expected cash generation in our scenario surgical segment in 2025, and the available borrowing on our existing facility, we believe we have the requisite capital to continue to pursue our strategic growth initiatives.

憑藉我們現有的現金、2025 年外科手術部門的預期現金生成以及現有設施的可用借款，我們相信我們擁有繼續推行戰略增長計劃所需的資本。

Lastly, with respect to tariffs, it is important to note that with the exception of Biasurge, all of our commercial products are manufactured in the United States. With this in mind, we do not anticipate a material impact from tariffs on our results of operations in 2025.

最後，關於關稅，值得注意的是，除了 Biasurge 之外，我們所有的商業產品都是在美國製造的。考慮到這一點，我們預計關稅不會對我們 2025 年的經營業績產生重大影響。

With that, I'll turn it back to the operator to open the call for questions.

說完這些，我將把電話轉回給接線生，開始提問。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Your first question for today is from Ye Chen with HC Wainwright.

今天第一個問題來自 HC Wainwright 的葉晨。

Good Morning. Eduardo just to get a little bit more color on your rates of penetration and understanding intuitively that seems like the area where, you probably get the most benefit in ROI approaching profitability. It's kind of your vision for how you're going to improve penetration at existing facilities, and your strategy there.

早安.愛德華多只是想更詳細地介紹一下您的滲透率，直觀地理解這似乎是您在投資回報率 (ROI) 和盈利能力方面可能獲得最大收益的領域。這是您對如何提高現有設施滲透率的願景，以及您的策略。

Yeah, Seth, would you mind taking that, please? Sure, I.

是的，塞斯，你介意接受這個嗎？當然，我。

Of course, good morning. We do it with really a coupled approach between our RSMs, which we've talked a lot about in the past, territory managers as well, and then our distributor expansion.

當然，早安。我們採用 RSM 和區域經理以及經銷商擴張之間的耦合方式，我們過去對此討論過很多次。

So our distributor expansion has jumped significantly over the last 18 months, and that's been done intentionally for that very reason. It's to get us access into new accounts but also to penetrate existing accounts deeper and further. So, it's really a coupled approach between both the RSM and our distributor partners.

因此，我們的經銷商擴張在過去 18 個月中大幅成長，而這正是我們有意為之。這是為了讓我們能夠獲得新帳戶，同時也能更深入地滲透現有帳戶。因此，這實際上是 RSM 和我們的經銷商合作夥伴之間的一種聯合方法。

Got it. And is there any kind of signal on reorder rates, that you could provide that, you mentioned that people who use the product really like it, do you have any numbers on the reorder rates?

知道了。您能否提供有關重新訂購率的任何信號，您提到使用該產品的人真的很喜歡它，您是否有有關重新訂購率的任何數字？

We haven't provided that in the past. I will say this. Our business tends to stick, both on the Cellerate side and Biasurge alike.

我們過去沒有提供過這樣的服務。我會這麼說。我們的業務趨於穩定，無論是 Cellerate 方面還是 Biasurge 方面。

Once surgeons gain comfort with those two products, and that takes some time to do that. Oftentimes they'll start with high-risk cases to see how products perform, and then as they do perform highly and with highly successful rates, they continue to use that and expand that across more procedures.

一旦外科醫生對這兩種產品感到滿意，這需要一些時間。他們通常會從高風險案例開始，觀察產品的表現，然後，當產品表現優異且成功率很高時，他們會繼續使用該產品，並將其擴展到更多程序中。

Okay, got it. That's really helpful. Thanks for the taking the questions.

好的，明白了。這真的很有幫助。感謝您回答這些問題。

You he thanks you.

你他謝謝你。

(Operator Instructions)

（操作員指示）

Your next question for today is from Ross Osborn with Cantor Fitzgerald.

今天的下一個問題來自 Cantor Fitzgerald 的 Ross Osborn。

Hey guys, this is Matt Park on for us today. Thanks for taking the questions. I guess starting off with gross margin, came in very strong in the quarter. Can you, help us frame how we should think about gross margin cadence for the remainder of 2025 and any areas for further leverage those volume scales?

大家好，今天我們是 Matt Park。感謝您回答這些問題。我想從毛利率開始，本季的毛利率表現非常強勁。您能否幫助我們規劃一下我們應該如何看待 2025 年剩餘時間的毛利率節奏，以及哪些領域可以進一步利用這些數量規模？

So Ross, this is wrong. So how I think about it is when we bought the technology from the original designer developer of the product and, last year, that actually gave us some advantage on the manufacturing side because there was some additional margin there that to be had. So, I would say that it's you never can tell what external other costs could come about.

所以羅斯，這是錯的。所以我的想法是，當我們從產品的原始設計開發商購買技術時，去年，這實際上給我們在製造方面帶來了一些優勢，因為可以獲得一些額外的利潤。所以，我想說，你永遠無法預知會產生什麼外部其他成本。

So, I just think modelling it in your, just kind of consistent with how you've done it in the past is probably good to go forward. I can't see us achieving a lot more leverage than what we have today on the gross margin side.

所以，我認為，以你過去的做法來建模，可能對未來發展有好處。我認為我們在毛利率方面不可能取得比現在更大的優勢。

Got it. That's helpful. And then, just one more for me on, tissue health plus, given that you remain on track for a pilot program launched in the second quarter, can you help walk us through what success will look like in this initial phase, whether that's clinical outcomes, patient volume, or economic validation, and how quickly you anticipate scaling beyond the first sight. Thanks.

知道了。這很有幫助。然後，關於組織健康，我再問一個問題，鑑於您仍在按計劃推進第二季度啟動的試點項目，您能否幫助我們了解一下這一初始階段的成功是什麼樣子，無論是臨床結果、患者數量還是經濟驗證，以及您預計其擴展速度有多快。謝謝。

Yeah, that sounds good.

是的，聽起來不錯。

Sorry Ron, I jumped the gun there.

對不起，羅恩，我有點操之過急了。

So, Ross, to just to answer your question, we're really looking at the success of the pilot being measured in three sets of metrics. First is the clinician facing metrics. These include things like protocol and formal adherence. So, to just remind you, one of the key things we are actually implementing as part of our platform is a clinical decision support which.

所以，羅斯，只是為了回答你的問題，我們其實是用三組指標來衡量試點的成功。首先是臨床醫師面臨的指標。這些包括諸如禮儀和正式遵守之類的事情。因此，提醒您，我們平台實際實施的關鍵事項之一是臨床決策支援。

The clinic, so how well they adhere to the protocols and the formulary. That's a key metric there. The second metric facing the clinician again is helping them decrease their post-encounter time. So, for every minute the clinician spends in front of a patient, they could be spending up to two to three minutes. After the patient encounter completing the documentation, so that is a key metric we are trying to influence.

診所，他們遵守規程和處方的程度如何。這是一個關鍵指標。臨床醫師再次面臨的第二個指標是幫助他們減少就診後的時間。因此，臨床醫生在患者面前花費的每一分鐘可能要花費兩到三分鐘。患者在接受治療後完成記錄，這是我們試圖影響的關鍵指標。

And the last is clinician metric is around completion of documentation, how well documented is the encountered.

最後，臨床醫生衡量標準是圍繞文件的完成情況，即遇到的問題的記錄情況如何。

On the operating side, which is the second category of metrics, we look at things like increase in staff productivity.

在營運方面，即第二類指標，我們關注員工生產力的提高等因素。

And the way we do that is before we started the implementation, we have actually done time and motion studies of them of their practice end to end so we have baseline timings, and we look at improvements based on our workflow technology or how we are helping them with that.

我們這樣做的方式是，在開始實施之前，我們實際上已經對他們的實踐進行了端到端的時間和動作研究，因此我們有基準時間，並且我們根據工作流程技術或我們如何幫助他們來研究改進。

We also look at increased capture in billing services per visit, and we also look to decreasing inventory. Wound care related inventory costs and wastage. So, some high level operational metrics. The third bucket of metrics we look at are adoption metrics, which is, for example, the person that the clinicians using our THP copilot, what's the user satisfaction surveys, NPS, so on and so forth.

我們還希望增加每次訪問的計費服務收入，同時減少庫存。傷口護理相關的庫存成本和浪費。因此，有一些進階的操作指標。我們關注的第三類指標是採用指標，例如，使用我們的 THP 副駕駛的臨床醫生、使用者滿意度調查、NPS 等等。

Got it. That's helpful. Thanks for taking the questions, guys.

知道了。這很有幫助。謝謝大家回答這些問題。

We currently are seeing no remaining questions at this time. That does conclude our conference for today.

目前我們沒有發現任何剩餘問題。今天的會議就到此結束了。

Thank you for your participation.

感謝您的參與。