Sanara Medtech Inc (SMTI) 2025 Q2 法說會逐字稿

Good day, and welcome to the Sanara MedTech second 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 on the company's website shortly. The company issued its earnings release earlier today.

大家好，歡迎參加 Sanara MedTech 2025 年第二季財報電話會議。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 1995. 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.

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。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預測或暗示的結果有重大差異的因素的更多資​​訊。

Please see the risk factors set forth in the company's most recent annual report on Form 10-K as supplemented by the Risk Factors in the company's most recent quarterly reports on Form 10-Q.

請參閱公司最新的 10-K 表年度報告中列出的風險因素，以及公司最新的 10-Q 表季度報告中補充的風險因素。

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 release available on the Investor Relations portion of our website.

此次電話會議也將提及某些非公認會計準則指標。這些非 GAAP 財務指標與依照 GAAP 計算和呈現的最具可比性的指標的對帳表可在我們網站投資者關係部分的收益報告中查閱。

Today's call will be hosted by Ron Nixon, Executive Chairman and Chief Executive Officer; and feature additional remarks from Seth Yon, President and Chief Commercial Officer; Sam Muppala, President and Chief Executive Officer 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 Muppala 和財務長 Elizabeth Taylor 將發表演說。

I would now like to turn the call over to Mr. Nixon. Sir, please go ahead.

現在我想把電話轉給尼克森先生。先生，請繼續。

Thanks operator, and welcome, everyone to our second quarter of 2025 earnings call. Let me outline the agenda for today's call.

謝謝操作員，歡迎大家參加我們 2025 年第二季的收益電話會議。讓我概述一下今天電話會議的議程。

I'll begin by discussing our financial and operational highlights from the second quarter, followed by a discussion of our strategic priorities and key areas of focus for the balance of 2025. Seth will update you on the primary drivers of growth in our Sanara Surgical segment and the progress made with respect to our commercial strategy. Sam will share an update on the recent progress made in our THP segment. Lastly, Elizabeth will review our quarterly financial results in further detail before we open the call for questions.

我將首先討論我們第二季度的財務和營運亮點，然後討論我們 2025 年剩餘時間的策略重點和重點關注領域。塞思將向您介紹我們 Sanara Surgical 部門成長的主要驅動力以及我們商業策略的進展。Sam 將分享我們 THP 領域的最新進展。最後，在我們開始提問之前，伊麗莎白將進一步詳細回顧我們的季度財務表現。

With that, let's begin with a review of our second quarter financial highlights. Our surgical team delivered net revenue of $25.8 million in the second quarter representing 28% growth year-over-year. This impressive performance is a testament to our commercial team's pace of execution on our growth strategy as well as the strong demand we're seeing for our products in the market.

首先讓我們回顧一下第二季的財務亮點。我們的外科團隊在第二季度實現了 2,580 萬美元的淨收入，年增 28%。這一令人印象深刻的業績證明了我們的商業團隊執行成長策略的速度以及我們產品在市場上的強勁需求。

Our net revenue growth was driven primarily by sales of our soft tissue products, which increased 28% year-over-year to $22.7 million. Specifically, sales of both our CellerateRX Surgical and BIASURGE products fueled our performance. We also saw significant contributions from sales of our bone fusion products, which increased 25% year-over-year to $3.1 million, driven by growth across most of the products in the portfolio.

我們的淨收入成長主要得益於軟組織產品的銷售，該業務的銷售額年增 28%，達到 2,270 萬美元。具體來說，我們的 CellerateRX Surgical 和 BIASURGE 產品的銷售推動了我們的業績。我們的骨融合產品銷售額也做出了巨大貢獻，年增 25%，達到 310 萬美元，這得益於產品組合中大多數產品的成長。

In addition to achieving strong sales growth in our Sanara Surgical segment, we enhanced our gross margins and realized significant operating leverage as well. This enabled us to deliver notable improvements in the profitability profile of the Surgical segment on a year-over-year basis. Specifically, we generated approximately $500,000 of net income in the second quarter of 2025, an improvement of $2.7 million.

除了 Sanara Surgical 部門實現強勁的銷售成長外，我們還提高了毛利率並實現了顯著的經營槓桿。這使我們能夠在外科手術部門的獲利狀況上實現年比顯著改善。具體來說，我們在 2025 年第二季創造了約 50 萬美元的淨收入，增加了 270 萬美元。

We also generated $4.7 million of segment adjusted EBITDA, an increase of $3.3 million or 239%. Our Surgical performance helped to offset continued investment in our THP segment and positioned us to drive significant year-over-year improvements in our profitability profile on a consolidated basis, including a 43% improvement in our net loss and 350% improvement in our adjusted EBITDA. Lastly, we were pleased to generate $2.7 million of cash flow from operating activities during the second quarter.

我們還產生了 470 萬美元的分部調整後 EBITDA，增加了 330 萬美元，即 239%。我們的外科手術表現有助於抵消對 THP 部門的持續投資，並使我們能夠在合併基礎上實現盈利狀況的同比顯著改善，包括淨虧損改善 43% 和調整後 EBITDA 改善 350%。最後，我們很高興在第二季從經營活動中產生了 270 萬美元的現金流。

Turning to our operational highlights in the second quarter. First and foremost, our surgical team delivered strong performance across all key metrics of the commercial strategy as Seth will discuss further. In addition to our commercial team's progress, we made strides in our initiative to expand the portfolio of clinical evidence related to our two primary products, CellerateRX and BIASURGE.

談談我們第二季的營運亮點。首先，我們的外科手術團隊在商業策略的所有關鍵指標上都表現出色，塞思將進一步討論。除了我們商業團隊的進步之外，我們在擴大與我們的兩種主要產品 CellerateRX 和 BIASURGE 相關的臨床證據組合方面也取得了長足的進步。

During the second quarter, four new clinical manuscripts focused on the use of our products were submitted to key academic journals for review. Expanding our portfolio of clinical evidence is an important component of our strategy to educate the market on the benefits and value that we believe our products bring to the treatment of surgical wounds. We look forward to discussing the results and findings presented in these clinical manuscripts once they're published.

第二季度，四篇以我們的產品使用為重點的新臨床手稿被提交給主要學術期刊進行審查。擴大我們的臨床證據組合是我們策略的重要組成部分，旨在讓市場了解我們的產品為手術傷口治療帶來的好處和價值。我們期待在這些臨床手稿發表後討論其中提出的結果和發現。

We also continue to advance our new product initiatives. As a reminder, in January 2025, we acquired the exclusive US marketing sales and distribution rights to two products for their use in managing periarticular fractures caused by a traumatic incident.

我們也將繼續推進我們的新產品計劃。提醒一下，2025 年 1 月，我們獲得了兩種產品在美國的獨家行銷和分銷權，用於治療創傷事件引起的關節周圍骨折。

These two products are OsStic, a structural mechanically enhanced bioadhesive bone void filler and had adjunctive fixation technology. When acquiring the rights to these products from their developer, Biomimetic Innovations Limited or BMI, we structured the agreement with key product development, clinical and regulatory milestones.

這兩種產品分別是OsStic，一種結構機械增強生物黏附骨空隙填充劑，並具有輔助固定技術。在從開發商 Biomimetic Innovations Limited 或 BMI 獲得這些產品的權利時，我們根據關鍵產品開發、臨床和監管里程碑制定了協議。

I'm pleased to report that BMI achieved two of these key development milestones during the second quarter. Based on this progress, we remain on track to launch OsStic during the first quarter of 2027, as we stated previously. Our commercial team is excited by the prospect of commercializing OsStic to address the more than 100,000 periarticular fractures that occur in the United States each year.

我很高興地報告，BMI 在第二季度實現了兩個關鍵的發展里程碑。基於這項進展，我們仍有望在 2027 年第一季推出 OsStic，正如我們之前所說的。我們的商業團隊對 OsStic 商業化的前景感到非常興奮，因為它可以解決美國每年發生的超過 100,000 例關節周圍骨折。

Last, in our THP segment, we initiated our pilot program with the wound care provider group during the second quarter as anticipated. We also completed the acquisition of CarePICS, which is an important part of our THP technology platform and continue to engage with both payers and potential financial partners.

最後，在我們的 THP 部門，我們按照預期在第二季度與傷口護理提供者集團啟動了試點計劃。我們也完成了對 CarePICS 的收購，這是我們 THP 技術平台的重要組成部分，並繼續與付款人和潛在的金融合作夥伴合作。

I'd now like to provide some thoughts on our priorities for the balance of the year, beginning with our THP segment. As Sam will discuss in greater detail, we've made significant progress on our THP related initiatives during the first half of 2025. In parallel, we have actively managed our expenses in this segment to deliver against our stated expectations.

現在，我想就我們今年剩餘時間的優先事項提供一些想法，首先從我們的 THP 部分開始。正如 Sam 將詳細討論的那樣，我們在 2025 年上半年的 THP 相關計劃上取得了重大進展。同時，我們積極管理該領域的開支，以實現我們的預期。

For example, on our most recent earnings call in early May, we shared with that we anticipated cash investment in our THP segment of $7.5 million to $8.5 million during the first half of the year, in addition to the $3.65 million paid in connection with our acquisition of CarePICS. We ultimately came in at the low end of the range with an actual THP related cash investment of $7.5 million for the first half of 2025 in addition to the $3.65 million paid in connection with our acquisition of CarePICS.

例如，在 5 月初的最新財報電話會議上，我們表示，除了收購 CarePICS 所支付的 365 萬美元外，我們預計今年上半年 THP 部門的現金投資將達到 750 萬至 850 萬美元。我們最終處於該範圍的低端，除了收購 CarePICS 時支付的 365 萬美元外，我們在 2025 年上半年實際的 THP 相關現金投資為 750 萬美元。

Looking ahead, we're mindful of the existing level of cash used to support our THP related initiatives. I want to be clear that actively managing expenses by reducing the level of cash investment in our THP segment in the second half of the year 2025 to preserve capital is absolutely a priority for our organization. Specifically, we expect our level of cash investment in this segment during the second half of 2025 to be between $5.5 million and $6.5 million.

展望未來，我們會留意用於支持 THP 相關計劃的現有現金水準。我想明確指出的是，透過減少 2025 年下半年 THP 部門的現金投資水準來積極管理費用以保留資本絕對是我們組織的首要任務。具體來說，我們預計 2025 年下半年對該領域的現金投資水準將在 550 萬美元至 650 萬美元之間。

In parallel, we're working to evaluate and pursue the best path forward for THP for the benefit of our company and its shareholders. As we announced in our earnings press release this morning, we have initiated a formal process to evaluate strategic alternatives for THP.

同時，我們正在努力評估並尋求 THP 的最佳前進道路，以造福我們公司及其股東。正如我們今天早上在收益新聞稿中宣布的那樣，我們已經啟動了正式流程來評估 THP 的策略替代方案。

We have also engaged a strategic adviser to assist in conducting this process. The intention of this process is to explore a full range of strategic alternatives with the ultimate objective of maximizing shareholder value as well as to identify like-minded partners to support the future growth of this business.

我們也聘請了一位策略顧問來協助完成這個過程。此過程的目的是探索各種策略選擇，最終目標是實現股東價值最大化，並尋找志同道合的合作夥伴來支持業務的未來成長。

Importantly, the company does not anticipate making material cash investments in THP after year-end. While we are limited in our ability to communicate while this process is underway, we look forward to sharing future updates when appropriate.

重要的是，該公司預計年底後不會對 THP 進行重大現金投資。雖然在過程中我們的溝通能力有限，但我們期待在適當的時候分享未來的更新。

Stepping back, our Surgical segment performance in recent quarters has enabled us to achieve significant commercial scale with net revenues of $97.2 million and segment adjusted EBITDA of $14 million for the trailing 12 months ended June 30, 2025. We're off to a strong start in the first half of 2025 with 27% growth in net revenue over the first half of last year, combined with significant improvements in the profitability profile of Sanara Surgical.

回顧一下，我們外科部門最近幾季的業績使我們實現了顯著的商業規模，截至 2025 年 6 月 30 日的 12 個月的淨收入為 9720 萬美元，部門調整後 EBITDA 為 1400 萬美元。2025 年上半年我們開局強勁，淨收入較去年上半年成長 27%，同時 Sanara Surgical 的獲利狀況也顯著改善。

Our Surgical segment reported a net loss of $108,000 during the first half of 2025, and we generated $7.4 million of segment adjusted EBITDA, an increase of $4.9 million or 193% year-over-year.

我們的外科部門在 2025 年上半年報告淨虧損 108,000 美元，我們的部門調整後 EBITDA 為 740 萬美元，年成長 490 萬美元或 193%。

Lastly, on a consolidated basis, we generated approximately $700,000 in cash flow from operations over the first six months of 2025 compared to cash used from operations of $3 million over the same period in 2024.

最後，從合併數據來看，我們在 2025 年上半年的經營活動產生的現金流約為 70 萬美元，而 2024 年同期的經營活動所用現金為 300 萬美元。

In the second half of 2025, we are focused on executing the strategies outlined for each of our business segments with the goal of delivering value to all of our stakeholders as we work to address significant unmet clinical needs in the health care industry. We're committed to preserving capital as we position Sanara MedTech to deliver strong, sustainable growth and long-term value creation.

2025 年下半年，我們將專注於執行每個業務部門所製定的策略，目標是為所有利害關係人創造價值，同時努力解決醫療保健產業尚未滿足的重大臨床需求。我們致力於保護資本，使 Sanara MedTech 實現強勁、可持續的成長和長期價值創造。

I'll now turn it over to Seth to discuss the commercial execution in our Sanara Surgical segment.

現在我將把話題交給 Seth，討論我們 Sanara Surgical 部門的商業執行情況。

Thanks, Ron. I'd like to update you on the progress made by our commercial team with respect to three key initiatives that have been central to our recent performance and future growth. As a reminder, these are the three initiatives, one, developing our relationships with independent distributors. Two, selling into new health care facilities. And three, penetrating the existing health care facilities we serve.

謝謝，羅恩。我想向您通報我們的商業團隊在三個對我們近期業績和未來成長至關重要的關鍵舉措方面取得的進展。提醒一下，這是三項舉措，第一，發展我們與獨立經銷商的關係。二、向新的醫療機構銷售。第三，滲透到我們服務的現有醫療機構。

Beginning with the first of the three commercial initiatives, our team has made strong progress in expanding our distributor network by identifying, engaging and contracting with quality distribution partners. At quarter end, we had agreements in place with more than 400 distributors compared to more than 300 this time last year.

從三項商業計劃中的第一項開始，我們的團隊透過識別、參與和與優質分銷合作夥伴簽訂合同，在擴大分銷商網絡方面取得了長足的進展。截至本季末，我們已與 400 多家經銷商達成協議，而去年同期只有 300 多家。

Given this significant expansion under distribution network, our emphasis has increasingly shifted to onboarding our recently contracted distributors and training their reps. Building relationships selectively with by quality distributors and pursuing a strategic approach to targeting, training, and partnering with their reps is one of the key ways our commercial team is positioning Sanara Surgical for strong, sustainable long-term growth.

鑑於分銷網絡的大幅擴張，我們的重點已逐漸轉向接納我們最近簽約的經銷商並培訓他們的代表。有選擇地與優質分銷商建立關係，並採取策略性方法瞄準、培訓和與他們的代表合作，是我們的商業團隊為 Sanara Surgical 實現強勁、可持續的長期增長定位的關鍵方式之一。

Turning to our second commercial initiative. We continue to add new health care facility customers. Specifically, we expanded our customer base to include more than 1,400 health care facilities for the trailing 12 months ended June 30, 2025, compared to more than 1,100 facilities in the prior year period.

談談我們的第二個商業舉措。我們繼續增加新的醫療機構客戶。具體而言，截至 2025 年 6 月 30 日的過去 12 個月，我們的客戶群已擴大至超過 1,400 家醫療機構，而去年同期的客戶群為 1,100 多家。

Our traction on this front continues to benefit from our strategy to leverage the local relationships of the distributor reps that we partner with, as well as the significant progress we have made in expanding the number of facilities that our products are approved or contracted with to include more than 4,000 across the US.

我們在這方面的牽引力繼續受益於我們的策略，即利用與我們合作的分銷商代表的當地關係，以及我們在擴大我們的產品獲得批准或簽約的設施數量方面取得的重大進展，目前已覆蓋全美 4,000 多家設施。

With respect to our third commercial initiative, we increased our penetration of the existing health care facilities we serve by growing the number of surgeons using our products within these facilities. As I mentioned on our last earnings call, this represents one of the largest untapped areas of growth for our organization as the existing hospitals we serve remain vastly underpenetrated.

關於我們的第三項商業舉措，我們透過增加在現有醫療機構中使用我們產品的外科醫生數量，提高了我們對這些機構的滲透率。正如我在上次財報電話會議上提到的那樣，這是我們組織尚未開發的最大成長領域之一，因為我們服務的現有醫院仍然嚴重缺乏服務。

I'm pleased to report that we are experiencing strong growth in our surgeon user base in the second quarter on a year-over-year basis. As a part of this effort, we continue to see success in adding new surgeon users outside of our traditional specialties of Spine and Orthopaedics, including adoption of Sanara Surgical products by plastics, general and vascular surgeons.

我很高興地報告，我們第二季的外科醫生用戶群較去年同期強勁成長。作為這項努力的一部分，我們繼續成功地在脊椎和骨科等傳統專業領域之外增加新的外科醫生用戶，包括整形外科醫生、普通外科醫生和血管外科醫生採用 Sanara Surgical 產品。

To be clear, our rapid pace of progress in expanding our surgeon user base would not be possible if surgeons did not appreciate the compelling clinical benefits of our key products. Our product's ability to facilitate improved outcomes for high-risk patients represents one of the primary contributors to the strong sustainable revenue growth and significant commercial scale that our Sanara Surgical team has achieved in recent years.

需要明確的是，如果外科醫生不欣賞我們主要產品的顯著臨床益處，我們在擴大外科醫生用戶群方面就不可能取得快速進展。我們的產品能夠改善高風險患者的治療效果，這是我們 Sanara Surgical 團隊近年來實現強勁的可持續收入成長和顯著的商業規模的主要因素之一。

Lastly, with respect to BIASURGE, our advanced surgical solution used for wound irrigation, we continue to be pleased with the rapid growth we have experienced in this product during the second year of its commercialization.

最後，關於我們用於傷口沖洗的先進手術解決方案 BIASURGE，我們對該產品在商業化的第二年所經歷的快速增長感到非常高興。

As I've mentioned in the past, virtually all of our surgeons we served use some form of wash, often a traditional sailing solution to cleanse and prepare the surgical wound bed. With this in mind, we continue to see success in introducing BIASURGE to our existing customers and their facilities as a product that is complementary to the procedures in which CellerateRX is used. In tandem, our team remains focused on securing more approvals for BIASURGE at the existing facilities we serve in order to facilitate its long-term growth.

正如我過去提到的，我們服務的幾乎所有外科醫生都使用某種形式的清潔劑，通常使用傳統的帆船溶液來清潔和準備手術傷口床。考慮到這一點，我們繼續成功地將 BIASURGE 引入我們現有的客戶及其設施中，作為對 CellerateRX 使用程序的補充產品。同時，我們的團隊仍致力於確保我們服務的現有設施獲得更多 BIASURGE 的批准，以促進其長期發展。

In summary, we believe our track record of strong sales performance and commercial execution demonstrates that we are pursuing the appropriate commercial strategy to capitalize on what we consider to be the vast underpenetrated market opportunity that remains ahead of us.

總而言之，我們相信，我們強勁的銷售業績和商業執行記錄表明，我們正在採取適當的商業策略，以利用我們認為仍處於我們面前的巨大的尚未滲透的市場機會。

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

現在我將把時間交給 Sam，讓他提供有關 Tissue Health Plus 的最新資訊。

Thanks, Seth. We are excited to discuss our pace of progress both during this past quarter and in recent weeks. As a reminder, during the initial months of the second quarter, we completed the acquisition of CarePICS and its technology stack, which forms the foundation of our THP technology platform.

謝謝，塞思。我們很高興討論上個季度和最近幾週的進展速度。提醒一下，在第二季的最初幾個月，我們完成了對 CarePICS 及其技術堆疊的收購，這構成了我們 THP 技術平台的基礎。

We also announced the availability of our THP technology platform, which included the THP Copilot mobile app designed to standardize wound care and reduce administrative burden for wound care clinicians across all care settings.

我們還宣布推出 THP 技術平台，其中包括 THP Copilot 行動應用程序，旨在標準化傷口護理並減輕所有護理環境中傷口護理臨床醫生的管理負擔。

On the heels of these accomplishments at the end of the second quarter, we began our pilot program as planned with the provider group that delivers chronic wound care and serves six states. Our pilot began at one of the providers locations. There, the providers clinical and administrative teams are using THP Copilot integrated with the EMR to perform home-based wound care.

在第二季末取得這些成就之後，我們按計劃與提供慢性傷口護理並服務於六個州的供應商集團開始了我們的試點計劃。我們的試點從其中一個供應商開始。在那裡，醫療服務提供者的臨床和管理團隊正在使用與 EMR 整合的 THP Copilot 進行居家傷口護理。

As a reminder, THP Copilot consists of a mobile app designed for use by clinicians, which integrates both our software as a medical device and clinical decision support systems. These tools aid clinicians ability to deliver precise and personalized wound care while not replacing their professional judgment.

提醒一下，THP Copilot 是一款專為臨床醫生使用的行動應用程序，它將我們的軟體作為醫療設備與臨床決策支援系統整合在一起。這些工具可幫助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。

Supported functionality includes aggregating patients and appointment context from the EMR and counter preview and preparation, patient and wound assessment with imaging, intervention and protocol guidance, falloff care guidance for orders, including DME, reimbursement guardrails and coding optimization, progress notes assistance, integration with the EMR to post-encounter details.

支援的功能包括從 EMR 和計數器預覽和準備中匯總患者和預約背景、透過影像進行患者和傷口評估、幹預和協議指導、訂單的脫落護理指導（包括 DME）、報銷護欄和編碼優化、進度記錄協助、與 EMR 整合以了解會診後詳細資訊。

The goal of this pilot program is to help us further validate and optimize our THP technology platform while gaining real experience in its use with the provider in a revolved clinical setting. The provider has begun conducting the first patient encounters as part of this pilot program, and we have been pleased with the initial performance of our THP technology platform to date.

此試點計畫的目標是幫助我們進一步驗證和優化我們的 THP 技術平台，同時獲得在旋轉臨床環境中與提供者一起使用平台的實際經驗。作為該試點計畫的一部分，該提供者已開始進行首次患者會診，迄今為止，我們對 THP 技術平台的初步效能感到非常滿意。

We believe our THP technology platforms end-to-end platform architecture and functionality our performance has designed, delivering a groundbreaking experience and bringing our vision to life. This pilot program is already providing us with information to refine our THP Technology platform and its implementation.

我們相信我們的 THP 技術平台端到端平台架構和功能我們所設計的效能將帶來突破性的體驗並將我們的願景變為現實。該試點計畫已經為我們提供了信息，以完善我們的 THP 技術平台及其實施。

As anticipated, we have obtained valuable insights related to the nuances of EMR integration, standard of care customization, user experience enhancements and reimbursement adjustments. Concurrently, the client is taking us to hospital systems and home health agencies. This has further clarified our collaboration network functionality. Furthermore, we have enhanced our implementation playbook in response to insights gained from this pilot experience.

正如預期的那樣，我們獲得了與 EMR 整合、護理標準客製化、使用者體驗增強和報銷調整的細微差別相關的寶貴見解。同時，客戶正在帶我們去醫院系統和家庭保健機構。這進一步明確了我們的協作網路功能。此外，我們根據從這次試點經驗中獲得的見解，改進了我們的實施手冊。

In general, we are very encouraged by the providers reception to THB Copilot. In addition to this progress related to our Wound Care Pilot program, our team also continues to raise the awareness of our THP offering in the provider market. Most recently, in July, we showcased our THP approach at the American Board of Scientific Medicines Annual Scientific Meeting.

總體而言，我們對供應商對 THB Copilot 的接受感到非常鼓舞。除了與我們的傷口護理試點計劃相關的進展之外，我們的團隊還繼續提高供應商市場對我們 THP 產品的認識。最近，在 7 月份，我們在美國科學藥物委員會年度科學會議上展示了我們的 THP 方法。

In addition, the THP executive team and the Advisory Board were highlighted as speakers and panelists at the 2025 Advanced Wound Care Summit in Boston. As a participant on the conferences executive panel, our Chief Scientific Officer, Dr. Ira Herman, and fellow panelists discussed how innovations like AI, telemedicine, and wearable technologies, or reshaping the delivery of care.

此外，THP 執行團隊和顧問委員會在波士頓舉行的 2025 年高級傷口護理高峰會上作為演講者和小組成員受到特別關注。作為會議執行小組的參與者，我們的首席科學官 Ira Herman 博士和其他小組成員討論了人工智慧、遠距醫療和可穿戴技術等創新如何重塑醫療服務。

Through these and other initiatives, we continue to build a strong pipeline of interested providers. Looking ahead, we are preparing to expand the scope of our pilot program to include additional practitioners and locations in September, marking an important milestone for THP team.

透過這些舉措和其他舉措，我們將繼續建立強大的有興趣的供應商管道。展望未來，我們準備在 9 月擴大試點計畫的範圍，以涵蓋更多從業者和地點，這標誌著 THP 團隊的一個重要里程碑。

In addition to these efforts, we continue to focus on launching a pilot program with the payer during the fourth quarter of this year. To that end, we are in active discussions with a multistate Medicare Advantage payer. We plan to leverage this payer pilot to establish our payer pricing and complete the build of our payer platform.

除了這些努力之外，我們還將繼續致力於在今年第四季與付款人一起啟動試點計劃。為此，我們正在與跨州醫療保險優勢計劃付款人進行積極討論。我們計劃利用這個付款人試點來確定我們的付款人定價並完成我們的付款人平台的建置。

Elizabeth will now review our second quarter financial performance.

伊麗莎白現在將回顧我們第二季的財務表現。

Thanks, Sam. Given that Ron covered our revenue results for the quarter, I'll begin with gross profit. Note that all percentage changes referenced throughout my remarks compared to the prior year period.

謝謝，山姆。鑑於羅恩已經介紹了我們本季的收入結果，我將從毛利開始。請注意，我在評論中提到的所有百分比變化都是與去年同期相比的。

Second quarter gross profit increased $5.7 million or 32% to $23.9 million. Gross margin increased approximately 250 basis points to 93% of net revenue, driven primarily by increased sales of soft tissue repair products and lower manufacturing costs related to CellerateRX Surgical.

第二季毛利增加 570 萬美元，成長 32%，達到 2,390 萬美元。毛利率增加約 250 個基點，達到淨收入的 93%，主要由於軟組織修復產品銷售增加以及與 CellerateRX Surgical 相關的製造成本降低。

Second quarter operating expenses increased $2.9 million or 14% to $23.9 million. The change in operating expenses was largely driven by a $2.6 million or a 14% increase in selling, general and administrative expenses and, to a lesser extent, an approximately $300,000 or 28% increase in research and development expenses.

第二季營運費用增加 290 萬美元，成長 14%，達到 2,390 萬美元。營業費用的變化主要是由於銷售、一般和行政費用增加了 260 萬美元或 14%，以及研發費用增加了約 30 萬美元或 28%（較小程度）。

The $2.6 million increase in SG&A was driven primarily by $1.5 million of higher direct sales and marketing spend in our Sanara Surgical segment, partially offset by approximately $200,000 of lower costs in this segment and $1.3 million of additional SG&A in our Tissue Health Plus segment.

銷售、一般及行政費用 (SG&A) 增加 260 萬美元，主要由於 Sanara Surgical 部門直接銷售和營銷支出增加 150 萬美元，但該部門約 20 萬美元的成本降低以及 Tissue Health Plus 部門 130 萬美元的額外銷售、一般及行政費用 (SG&A) 部分抵消了這一增加。

As a reminder, the Tissue Health Plus segment SG&A expenses are primarily related to the build-out of certain aspects of the THP platform and infrastructure, which accelerated beginning in mid-2024. The approximately $300,000 increase in R&D was due in part to the development of enhancements to the surgical product portfolio.

提醒一下，Tissue 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，該建設從 2024 年中期開始加速。研發費用增加約 30 萬美元，部分原因是外科產品組合的增強。

Operating loss in the second quarter was $31,000 compared to a loss of $2.9 million last year. Note, our Surgical segment generated operating income of $2.5 million in the second quarter of 2025, an increase of $4.1 million year-over-year.

第二季營業虧損為 31,000 美元，而去年同期的虧損為 290 萬美元。請注意，我們的外科部門在 2025 年第二季創造了 250 萬美元的營業收入，年增 410 萬美元。

Other expense for the second quarter was $2 million compared to approximately $600,000 of expense last year. The increase in other expense was primarily due to higher interest expense and fees related to our CRG term loan.

第二季的其他支出為 200 萬美元，而去年同期的其他支出約為 60 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 second quarter was $2 million or $0.23 per diluted share compared to a net loss of $3.5 million or $0.42 per diluted share last year. By segment, as Ron mentioned, we were pleased to generate approximately $500,000 of net income in our Surgical segment compared to a net loss of $2.2 million last year.

第二季淨虧損為 200 萬美元，即每股攤薄虧損 0.23 美元，去年同期淨虧損為 350 萬美元，即每股攤薄虧損 0.42 美元。按部門劃分，正如羅恩所提到的，我們很高興在外科部門創造了約 50 萬美元的淨收入，而去年的淨虧損為 220 萬美元。

Our Tissue Health Plus segment generated a net loss of $2.5 million compared to a net loss of $1.3 million last year. Adjusted EBITDA for the second quarter of 2025 was $2.7 million, an increase of $2.1 million or 350% year-over-year.

我們的組織健康加部門淨虧損 250 萬美元，而去年淨虧損 130 萬美元。2025 年第二季調整後 EBITDA 為 270 萬美元，年增 210 萬美元，增幅為 350%。

Sanara Surgical generated segment adjusted EBITDA of $4.7 million compared to $1.4 million last year. And Tissue Health Plus generated segment adjusted EBITDA loss of $2.1 million compared to a segment adjusted EBITDA loss of approximately $800,000 last year.

Sanara Surgical 分部調整後 EBITDA 為 470 萬美元，去年同期為 140 萬美元。Tissue Health Plus 分部調整後 EBITDA 虧損為 210 萬美元，而去年分部調整後 EBITDA 虧損約 80 萬美元。

Turning to the balance sheet. As of June 30, 2025, we had $17 million of cash, $44.2 million of long-term debt and $12.25 million of available borrowing capacity through December 31, 2025. This compares to $15.9 million of cash, $30.7 million of long-term debt and $24.5 million of available borrowing capacity as of December 31, 2024.

轉向資產負債表。截至 2025 年 6 月 30 日，我們擁有 1,700 萬美元現金、4,420 萬美元長期債務和截至 2025 年 12 月 31 日的 1,225 萬美元可用借款能力。相較之下，截至 2024 年 12 月 31 日，現金為 1,590 萬美元，長期債務為 3,070 萬美元，可用借款能力為 2,450 萬美元。

Lastly, a few considerations to bear in mind for the remainder of the year. Our net revenue performance in the second quarter modestly exceeded our expectations, and we're encouraged by our momentum through the first half of the year.

最後，今年剩餘時間需要牢記幾點注意事項。我們第二季的淨收入表現略微超出了我們的預期，我們對上半年的發展勢頭感到鼓舞。

Our focus remains on driving strong net revenue growth in 2025, fueled by our Sanara Surgical business. We also continue to anticipate strong profitability in our Sanara Surgical segment for the full year. As Ron mentioned, during the second quarter, BMI completed two product development milestones under our exclusive license and distribution agreement.

我們的重點仍然是透過 Sanara Surgical 業務推動 2025 年強勁的淨收入成長。我們也繼續預計 Sanara Surgical 部門將全年實現強勁盈利。正如羅恩所提到的，在第二季度，BMI 根據我們的獨家授權和分銷協議完成了兩個產品開發里程碑。

In connection with the terms of this agreement on July 1, 2025, and Sanara paid BMI, EUR2 million related to the completion of these milestones in exchange for 4,116 additional shares of BMI, bringing Sanara's total ownership of BMI's outstanding equity to approximately 9.7% as of July 1, 2025.

根據本協議條款，Sanara 於 2025 年 7 月 1 日向 BMI 支付了與完成這些里程碑相關的 200 萬歐元，以換取 4,116 股額外的 BMI 股票，使 Sanara 在 2025 年 7 月 1 日對 BMI 流通股的總持股比例達到約 9.7%。

Between our current cash position, the anticipated cash flow from our Sanara Surgical segment this year and the available borrowing capacity on our existing facility, we're confident that we have sufficient financial resources to support our key growth initiatives. Lastly, as we noted on our last earnings call, we do not anticipate a material impact from tariffs on our results of operations in 2025.

結合我們目前的現金狀況、今年 Sanara Surgical 部門的預期現金流以及我們現有設施的可用借貸能力，我們相信我們有足夠的財務資源來支持我們的關鍵成長計劃。最後，正如我們在上次財報電話會議上指出的那樣，我們預計關稅不會對我們 2025 年的經營業績產生重大影響。

On behalf of the leadership team, I'd like to thank our colleagues across Sanara MedTech for their contributions to our performance and progress as an organization. Thank you as well to our shareholders and customers for their support and everyone on today's call for their interest in Sanara MedTech.

我謹代表領導團隊感謝 Sanara MedTech 的同事為我們組織的績效和進步所做的貢獻。也感謝我們的股東和客戶的支持，以及今天電話會議上所有人對 Sanara MedTech 的關注。

With that, operator, you may now open the call for questions.

接線員，現在您可以開始提問了。

(Operator Instructions)

（操作員指示）

Ross Osborn, Cantor Fitzgerald.

羅斯奧斯本、康托費茲傑拉。

This is Matthew Park, on for Ross today. I guess, first on the distributors, can you walk us through how long it typically takes for a new partner to become productive in the field? And how should we think about the contribution curve from recently signed partners versus more established relationships?

我是馬修·帕克，今天代替羅斯上場。我想，首先關於分銷商，您能否向我們介紹一下新合作夥伴通常需要多長時間才能在該領域發揮作用？我們該如何看待最近簽約的合作夥伴與更成熟的合作夥伴的貢獻曲線？

Seth, do you want to take that?

塞斯，你想接受這個嗎？

Sure, Matthew. Good morning. Yeah, it really depends on a couple of things. What's the starting point in that market that they're in? Do we have already approvals in that market? And that's always our goal, certainly, is to enter into an agreement with a talented distributor network or group that already has some traction based upon the approvals that already exist.

當然，馬修。早安.是的，這確實取決於幾件事。他們所在的市場的起點是什麼？我們已經獲得該市場的批准了嗎？當然，我們的目標始終是與優秀的經銷商網路或團體達成協議，該網路或團體已經根據現有的批准獲得了一定的支持。

And so that learning curve is relatively short. We do that by placing an RSM in that market as well to really being the driver and education alongside of our clinical team to all things that, that distributor would need alongside of their surgeons.

因此學習曲線相對較短。我們透過在該市場中安置一名 RSM 來做到這一點，以便真正成為我們臨床團隊的推動者和教育者，讓他們了解分銷商和外科醫生需要的所有事情。

So it's those two things that really let us ramp and do that quickly. But that timing can vary depending on market based upon the approvals and the opportunities that exist there. But that can range in anywhere from days to certainly months depending on the work that needs to be done to get up to speed.

正是這兩件事讓我們能夠快速地完成任務。但具體時間可能會根據市場批准情況和存在的機會而有所不同。但這可能要花幾天甚至幾個月的時間，這取決於需要完成多少工作才能達到要求。

And then maybe one for Elizabeth. As you guys evaluate strategic alternatives for THP and continue to emphasize growth in surgical and bone fusion, how should we think about the cadence of OpEx as we move forward into '26? Specifically, are there any areas that the SG&A or R&D where you see opportunities for leverage or any onetime costs we should be making about?

然後也許還有一張給伊莉莎白的。當你們評估 THP 的策略替代方案並繼續強調外科和骨融合的成長時，我們應該如何看待進入 26 年後的 OpEx 節奏？具體來說，您是否認為在銷售、一般和行政費用或研發費用方面存在可以利用的槓桿機會，或者存在我們應該考慮的一次性成本？

Sure. Thanks for the question, Matt. We have guided the THP for the second half. Investment will be between $5.5 million and $6.5 million. And we do have additional optic milestones.

當然。謝謝你的提問，馬特。我們已經為下半場的 THP 做好了指導。投資額將在550萬美元至650萬美元之間。我們確實還有其他光學里程碑。

We are not positive when those will hit. But the total amount of the milestones is EUR2 million that we still will hopefully achieve unclear as to the exact timing of that. And we have seen in the first half a bit of operating leverage. So that's been a really positive thing, and we don't comment any more on the future.

我們不確定這些什麼時候會發生。但我們仍希望實現里程碑的總金額為 200 萬歐元，但具體時間尚不清楚。我們在上半年看到了一些營運槓桿。所以這確實是一件積極的事情，我們不再對未來發表任何評論。

Matthew also, this is Ron. We constantly are working on our key products for new inhibition around our key products. And so that's an ongoing basis of our daily routine for our R&D.

馬修也是，這是榮恩。我們不斷致力於我們的關鍵產品，以圍繞我們的關鍵產品進行新的抑制。這是我們日常研發工作的持續基礎。

(Operator Instructions)

（操作員指示）

Yi Chen, H.C. Wainright.

陳毅，H.C. Wainright。

This is Eduardo, on for Yi. A question on the specific Surgical segment and the product growth that you're observing. Excited to see that the bone fusion products are getting some increased traction. I'm curious about CellerateRX, if you could add some color on specific growth for each of those products, Cellerate, Fortify specifically, BIASURGE.

這是愛德華多，替補易建聯上場。關於您觀察到的特定外科手術領域和產品成長的問題。很高興看到骨融合產品越來越受到重視。我對 CellerateRX 很好奇，如果你能為每種產品（特別是 Cellerate、Fortify 和 BIASURGE）的特定成長添加一些細節。

Seth?

塞斯？

Yeah, happy to take that one, too. The soft tissue category as a whole has obviously been a great growth driver for us. And the backbone of that space is truly Cellerate and BIASURGE kind of our punch.

是的，我也很高興接受這個。整個軟組織類別顯然已成為我們巨大的成長動力。而這個空間的支柱確實是 Cellerate 和 BIASURGE 之類的衝擊力。

Cellerate being the largest producer in that category in BIASURGE quickly becoming the second largest producer. Really encouraged by how those continue to grow steadily, and we think we've got a lot of green space with both of those two products into the future.

Cellerate 是 BIASURGE 類別中最大的生產商，並迅速成為第二大生產商。這些產品的持續穩定成長確實令人鼓舞，我們認為未來這兩款產品都有很大的發展空間。

Got it. That's helpful. And regarding the kind of initiatives, you guys mentioned you were adding, I know I missed the specific number, adding new surgeons and increasing penetration in existing facilities. Do you have any more details on specific figures there and kind of any feedback you've been getting from clinicians that's making the product stick and growing utilization in each of your facilities?

知道了。這很有幫助。至於你們提到的舉措類型，我知道我錯過了具體數字，增加了新的外科醫生並提高了現有設施的滲透率。您是否有關於具體數據的更多詳細信息，以及您從臨床醫生那裡得到的任何反饋，這些反饋使得該產品在各個機構中堅持使用並不斷提高利用率？

Yeah. As we talked about in the call itself, it's really coming down to three core areas for us and it's quality distributors under contract and getting them trained and up to speed and confident in our technologies. And then we expand by gaining access into facilities, whether that's contracted or new? And then how do we start to widen there. And I think everybody on this call recognizes, over the course of the last few years, what we've built is our core businesses around ortho and spine.

是的。正如我們在電話會議中談到的，這實際上歸結為我們三個核心領域，即與優質分銷商簽訂合同，並對他們進行培訓，使他們熟悉並對我們的技術充滿信心。然後我們透過進入設施來擴張，無論是合約設施還是新建設施？那我們要如何開始擴大這個範圍呢？我認為參加這次電話會議的每個人都認識到，在過去幾年中，我們建立的核心業務是圍繞正畸和脊柱。

That is still our core business. But what it's done has really given us a great foundation inside of those facilities for us to then start with our RSM and distributors to work in partnership, to start seeking other specialties where there's great need for these technologies as well.

這仍然是我們的核心業務。但它所做的確實為我們在這些設施內奠定了良好的基礎，讓我們能夠開始與我們的 RSM 和分銷商合作，開始尋找對這些技術也有巨大需求的其他專業領域。

And some of those areas that we penetrated or started to penetrate are now into that access surgeon space, plastics, general and vascular as well, and they're doing that in partnership at a great clip.

我們已經滲透或開始滲透的一些領域現在已經進入外科手術領域、整形外科、普通外科和血管外科，他們正在以極快的速度合作進行這些工作。

Okay. And I guess, one final one on strategic thinking about THP, I guess just what's the big driver there looking for strategic alternatives instead of developing internally, what the main decision points or data points you guys are looking at for that decision-making process?

好的。我想，關於 THP 的策略思考的最後一個問題，我想，尋找策略替代方案而不是內部開發的主要驅動力是什麼，你們在決策過程中關注的主要決策點或數據點是什麼？

Yes. Eduardo, this is Ron. If you -- we've made a significant investment into THP, and we have taken it to the point that we think gives a good time for us to look at other strategic partners that could take the product from where it is today with their capital to complement what we've already done with our capital. And so just to continue to further expand that.

是的。愛德華多，這是羅恩。如果您 - 我們已經對 THP 進行了大量投資，並且我們認為現在是時候尋找其他策略合作夥伴了，他們可以利用他們的資本將產品從現在的狀態帶到這裡，以補充我們已經用資本完成的工作。因此，我們將繼續進一步擴大這一範圍。

So when we say that we're looking at our strategic alternatives, that is many things that is not just a sale of the business or whatever, it's to really find strategic partners because in many of the calls previously, we've talked about kind of the core is you've got to have your patient engagement, you've got to have providers, you've got to have payers and you've got to have product companies. So all those are good potential partners for us.

因此，當我們說我們正在考慮戰略替代方案時，這不僅僅是出售業務或其他什麼，而是真正尋找戰略合作夥伴，因為在之前的許多電話會議中，我們討論的核心是你必須有患者參與，你必須有供應商，你必須有付款人，你必須有產品公司。所以，對我們來說，這些都是很好的潛在合作夥伴。

(Operator Instructions)

（操作員指示）

Okay. As we are currently seeing no remaining questions at this time, this will conclude today's conference. We thank you for your participation, and hope you have a wonderful day.

好的。由於我們目前沒有剩餘問題，今天的會議就此結束。我們感謝您的參與，並祝您有美好的一天。