Sanara Medtech Inc (SMTI) 2026 Q1 法說會逐字稿

Good morning, everyone, and thank you for participating in today's conference call to discuss Sanara MedTech's financial results for the first quarter ended March 31, 2026. (Operator Instructions) 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 yesterday evening. On today's call are Seth Yon, President and Chief Executive Officer; and Elizabeth Taylor, Chief Financial Officer.

各位早安，感謝各位參與今天的電話會議，討論 Sanara MedTech 截至 2026 年 3 月 31 日止第一季的財務業績。(接線員指示) 請注意，本次電話會議將被錄音，稍後可於公司網站的投資人關係頁面收聽重播。公司已於昨晚發布財報新聞稿。今天出席會議的有總裁暨執行長 Seth Yon，以及財務長 Elizabeth Taylor。

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, please see the risk factors set forth in the company's most recent annual report on Form 10-K.

在開始之前，我想提醒各位，今天電話會議中的某些陳述可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。有關前瞻性陳述所涉及的風險與不確定性，以及可能導致實際結果與前瞻性陳述所預測或暗示者出現重大差異的因素，請參閱公司最近一期 Form 10-K 年度報告中所列之風險因素。

This call will also include references to certain non-GAAP financial measures. Reconciliations of those non-GAAP measures to the most comparable measures calculated and presented in accordance with GAAP are provided in the earnings release available on the Investor Relations section of the company's website.

本次電話會議亦將提及若干非 GAAP 財務衡量指標。這些非 GAAP 指標與依 GAAP 計算並呈列之最可比指標之調節表，已載於公司網站投資人關係專區所提供的財報新聞稿中。

I would now like to turn the call over to Mr. Yon. Please go ahead, sir.

接下來我想把電話會議交給 Yon 先生。先生，請開始。

Thank you, operator, and welcome, everyone, to our first quarter 2026 earnings conference call. This was a strong quarter for us, which exceeded our expectations. Q1 2026 was the first full quarter in which we were entirely focus on the surgical market. and the results reflect our sharpened focused and enhanced financial model. We delivered 19% revenue growth compared to the first quarter of 2025, margin improvement and broke through to GAAP net profitability with net income from continuing operations of $0.4 million or $0.04 per diluted share.

謝謝接線員，也歡迎各位參加我們 2026 年第一季財報電話會議。本季表現強勁，超出我們的預期。2026 年第一季是我們完全聚焦於外科市場的第一個完整季度，而結果反映了我們更明確的聚焦以及更完善的財務模型。相較 2025 年第一季，我們營收成長 19%，毛利率改善，並在 GAAP 基礎上實現淨利轉正；持續營業單位淨利為 40 萬美元，或稀釋後每股盈餘 0.04 美元。

Our first quarter revenue growth was largely supported by increased sales of our soft tissue repair products, including CellerateRX and BIASURGE. Demand for our products is strong, and we're particularly pleased with our first quarter results given that our first quarter is historically our seasonally slowest sales period of the year.

我們第一季的營收成長主要來自軟組織修復產品銷售增加，包括 CellerateRX 與 BIASURGE。市場對我們產品的需求強勁，且鑑於第一季歷來是我們全年季節性最淡的銷售期間，我們對第一季的表現尤其感到滿意。

The quarter was also impacted by a three -day related shutdown in January, which caused us to lose 3 days of shipping during this period. Despite these challenges, we closed out the first quarter with the strongest sales month in company history in March, excluding October of 2024, which benefited from approximately $1.8 million of BIASURGE sales due to the industry disruption caused by Hurricane Helene.

本季也受到 1 月一項為期三天的相關停工影響，導致我們在此期間少了 3 天的出貨。儘管面臨這些挑戰，我們仍以 3 月締造公司史上最強單月銷售來結束第一季；惟不含 2024 年 10 月，該月因颶風 Helene 造成的產業中斷而受惠，帶來約 180 萬美元的 BIASURGE 銷售。

During the end of 2025 and continuing into 2026, we began strengthening our sales team to support enhanced net revenue growth and our heightened focus on the surgical market. At quarter end, we had grown our sales team to a total of 43 reps. In addition to strengthening our sales team, we're also very well positioned with a robust surgeon user network, a growing number of hospitals where our products are contracted or approved to be sold, a growing number of facilities where our products were sold during the quarter and a leading distributor network for our products that continues to expand.

自 2025 年底並延續至 2026 年，我們開始強化銷售團隊，以支持更高的淨營收成長並加深我們對外科市場的聚焦。截至季末，我們的銷售團隊已擴增至共 43 名業務代表。除強化銷售團隊外，我們也具備良好布局：擁有強健的外科醫師使用者網絡、越來越多與我們簽約或核准銷售我們產品的醫院、越來越多於本季實際銷售我們產品的醫療機構，以及持續擴張、領先的產品經銷商網絡。

Let me dig into that a bit. As of quarter end, our products were contracted or approved to be sold in over 4,000 hospitals and ambulatory surgery centers throughout the United States. Our products were sold in over 1,400 facilities throughout the United States, up from more than 1,300 in the first quarter of last year. And we had agreements with more than 450 distributors compared to 400 at this time last year. Also, 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 Q1.

我再進一步說明。截至季末，我們的產品已在美國超過 4,000 家醫院與門診手術中心簽約或獲准銷售。我們的產品在美國超過 1,400 家醫療機構有銷售，較去年第一季的 1,300 多家增加。我們與超過 450 家經銷商簽有協議，去年同期為 400 家。此外，雖然我們一向不會揭露活躍外科醫師使用者基礎的細節，但我很高興分享，我們在第一季的外科醫師使用者數量較去年同期呈現穩健成長。

While most of you know this, I want to reiterate that Sanara is not subject to reimbursement risk, given we are 100% focused on the surgical setting. This means that we have lower exposure to fluctuation in the cost of volume of patient care which allows us to recognize a predictable and reliable revenue stream with consistently strong margins.

雖然多數人都知道，但我想再次強調：由於我們 100% 聚焦於外科手術場域，Sanara 不承擔健保給付（reimbursement）風險。這表示我們較不受病患照護成本或照護量波動的影響，使我們能夠認列可預測且可靠的營收來源，並維持一貫強勁的毛利率。

Looking ahead, we believe we are well positioned with our strengthened sales team and our more refined pure-play focus on the surgical operating setting to drive growth. In terms of capital allocation, we are focused on further strengthening our home business model. Our current capital allocation strategy is to drive organic growth judiciously invest in R&D and grow our pipeline of new products that align with our pure-play surgical focus. This includes OsStic, our licensed synthetic injectable structural bioadhesive bone-void filler which remains on track to be introduced to the market in the first quarter of 2027 as well as some longer-term initiatives that we expect to deepen our competitive moat and maintain our position as a leader in bringing innovative surgical products to market.

展望未來，我們相信，憑藉強化後的銷售團隊，以及更精煉、純粹聚焦於外科手術場域的策略，我們已具備推動成長的良好條件。在資本配置方面，我們專注於進一步強化我們的核心業務模型。我們目前的資本配置策略是：推動有節制的有機成長、審慎投資研發，並擴充與我們純外科聚焦一致的新產品管線。其中包括 OsStic——我們授權取得的合成可注射結構性生物黏著骨缺損填補材料——目前仍按計畫於 2027 年第一季導入市場；此外亦包含一些較長期的計畫，我們預期將加深我們的競爭護城河，並維持我們在將創新外科產品推向市場方面的領導地位。

We are encouraged by the strong start to the year and our prospects for the balance of 2026. For the second quarter, we expect to recognize net revenue in the range of $28.5 million to $29.5 million or growth of 10% to 14% year-over-year. Looking at the full year, we also remain confident in our previously stated guidance of full year 2026 net revenue in the range of $116 million to $121 million, representing growth of approximately 13% to 17%.

我們對今年強勁的開局以及 2026 年其餘期間的前景感到鼓舞。就第二季而言，我們預期淨營收將落在 2,850 萬至 2,950 萬美元之間，年增 10% 至 14%。就全年來看，我們也仍對先前所提供的 2026 年全年淨營收指引維持信心，預估區間為 1.16 億至 1.21 億美元，約代表 13% 至 17% 的成長。

With that, I will now turn the call over to Elizabeth Taylor, our CFO, for a review of our financial results for the quarter. Please go ahead, Elizabeth.

接下來，我將把電話會議交給我們的財務長 Elizabeth Taylor，請她回顧本季的財務結果。Elizabeth，請開始。

Thanks, Seth. Net revenue in the first quarter of 2026 increased $4.4 million or 19% when compared to the first quarter of 2025, primarily due to increased sales of soft tissue repair products including CellerateRX Surgical and BIASURGE as Seth mentioned before. First quarter gross profit increased $4.3 million or 20% from the prior year period to $25.9 million. Gross margin increased approximately 100 basis points to 93% of net revenue. The increase in gross profit and higher gross margin realized in the quarter was primarily due to increased market penetration and geographic expansion, product mix and the company's strategy to continue expanding and developing its independent distribution network in both new and existing US markets.

謝謝你，Seth。2026 年第一季淨營收較 2025 年第一季增加 440 萬美元，或成長 19%，主要是由於軟組織修復產品銷售增加，包括 Seth 先前提到的 CellerateRX Surgical 與 BIASURGE。第一季毛利較去年同期增加 430 萬美元，或成長 20%，達 2,590 萬美元。毛利率提高約 100 個基點，達淨營收的 93%。本季毛利增加與毛利率提升，主要來自市場滲透率提高與地理版圖擴張、產品組合，以及公司持續在美國新市場與既有市場擴張並發展其獨立經銷網絡的策略。

Operating expenses for the first quarter of 2026 were $23.2 million or 83.6% of sales compared to $20.8 million or 88.6% of sales for the first quarter of 2025, an increase of $2.5 million or 12% year over year. The increase in operating expenses was primarily due to higher selling, general and administrative expenses, offset by a decrease in research and development expenses for the first quarter of 2026. R&D for the first quarter of 2026 decreased to $0.8 million or 2.7% of sales compared to R&D of $0.9 million or 4.1% of sales for the first quarter of 2025.

2026 年第一季的營業費用為 2,320 萬美元，佔銷售額的 83.6%，相較於 2025 年第一季的 2,080 萬美元（佔銷售額 88.6%），年增 250 萬美元或 12%。營業費用增加主要係因銷售、一般及行政費用（SG&A）上升所致，惟 2026 年第一季研發費用下降部分抵銷。2026 年第一季研發（R&D）降至 80 萬美元（佔銷售額 2.7%），相較於 2025 年第一季研發 90 萬美元（佔銷售額 4.1%）。

While R&D will fluctuate from quarter-to-quarter based on timing of projects, the company expects R&D on an annual basis to be within industry standards of 5% to 7% of sales. Operating income for the first quarter increased $1.8 million to $2.6 million compared to $0.8 million for the first quarter of 2025. Other expense for the first quarter of 2026 was $2.2 million compared to $1.4 million for the first quarter of 2025. The increase in other expense was primarily due to higher interest expense and fees related to our CRG term loan and share of losses from equity method investments. Net income from continuing operations for the first quarter was $0.4 million or $0.04 per diluted share compared to net loss from continuing operations of $0.6 million or $0.07 per diluted share in the first quarter of 2025.

雖然研發費用將因專案時程而於各季間波動，公司預期以年度基礎計算之研發費用將落在產業標準的銷售額 5% 至 7% 範圍內。第一季營業利益增加 180 萬美元至 260 萬美元，相較於 2025 年第一季的 80 萬美元。2026 年第一季其他費用為 220 萬美元，相較於 2025 年第一季的 140 萬美元。其他費用增加主要係因與本公司 CRG 定期貸款相關之利息費用及費用上升，以及按權益法認列之投資損失分攤增加。第一季持續營業單位淨利為 40 萬美元，或稀釋後每股 0.04 美元；相較於 2025 年第一季持續營業單位淨損 60 萬美元，或稀釋後每股 0.07 美元。

Moving to our non-GAAP results, adjusted EBITDA for the first quarter of 2026 increased $1.6 million or 58% to $4.3 million. The increase in adjusted EBITDA was primarily related to net revenue growth offset by increases in SG&A.

接著看我們的非 GAAP 結果，2026 年第一季調整後 EBITDA 增加 160 萬美元或 58%，至 430 萬美元。調整後 EBITDA 的增加主要與淨營收成長有關，但部分被 SG&A 增加所抵銷。

Turning to the balance sheet, as of March 31, 2026, we had $13.6 million of cash and $46.2 million in long-term debt. This compares to $16.6 million of cash and $46 million of long-term debt as of December 31, 2025. Net cash used in operating activities as of March 31, 2026, was $2.5 million compared to $2 million in the 3 months ended March 31, 2025. Notably, we paid our debt service in the quarter entirely in cash as opposed to a combination of cash and payment in kind as we have done in prior quarters.

再看資產負債表，截至 2026 年 3 月 31 日，我們持有現金 1,360 萬美元，長期負債 4,620 萬美元。相較之下，截至 2025 年 12 月 31 日，現金為 1,660 萬美元，長期負債為 4,600 萬美元。截至 2026 年 3 月 31 日，營業活動使用之淨現金為 250 萬美元，相較於截至 2025 年 3 月 31 日止三個月的 200 萬美元。值得注意的是，本季我們以全數現金支付債務償付服務，而非如先前季度採用現金與實物支付（payment in kind）相結合的方式。

We view this as a milestone and a reflection of our improving free cash flow generation. We are particularly pleased with our working capital in the quarter and ability to pay our debt service in cash, given our first quarter historically requires a higher use of cash related to the payment of employee commissions and annual bonuses, so this is encouraging as we progress through the year.

我們將此視為一項里程碑，亦反映我們自由現金流創造能力的改善。我們對本季的營運資金表現及以現金支付債務償付服務的能力尤其滿意；鑑於第一季歷來因支付員工佣金與年度獎金而需要較高的現金支出，因此在我們推進全年進度之際，這是令人鼓舞的。

As Seth stated, our capital allocation priorities have evolved alongside our strategic shift and focus to target and invest in opportunities in the pure-play surgical setting. Looking ahead, we believe that our strengthened free cash flow will allow us to more efficiently invest in our organic growth, which includes expanding our sales team to address more underserved geographies.

如 Seth 所述，我們的資本配置優先順序已隨著策略轉型而演進，並聚焦於鎖定並投資於純手術場景（pure-play surgical setting）的機會。展望未來，我們相信更強勁的自由現金流將使我們能更有效率地投資於內生成長，包括擴充銷售團隊以涵蓋更多服務不足的地理區域。

With that, I will now turn it back to Seth for closing remarks.

接下來，我把時間交還給 Seth 作結語。

Thanks, Elizabeth. We are very pleased with our first quarter results. which serves as an encouraging early validation of our strategic shift in focus to our pure-play surgical setting. We believe that we are well positioned with a strengthened sales team and growing market presence among hospitals, facilities and distributors, a robust product pipeline and improving free cash flow generation to strategically and efficiently allocate capital to drive long-term growth and value for our shareholders. With that, operator, you may now open the call for questions.

謝謝，Elizabeth。我們對第一季的業績表現非常滿意，這也令人鼓舞地初步驗證了我們將策略重心轉向純手術場景的方向。我們相信，憑藉強化的銷售團隊、在醫院、醫療機構與經銷商之間日益提升的市場能見度、強健的產品開發管線，以及持續改善的自由現金流創造能力，我們已處於有利位置，能以策略性且有效率的方式配置資本，以推動長期成長並為股東創造價值。那麼，接線員，您現在可以開放提問。

(Operator Instructions) Frank Takkinen, Lake Street Capital Markets.

(接線員指示) Frank Takkinen，Lake Street Capital Markets。

Operator?

接線員？

Operator, can you hear us?

接線員，你聽得到我們嗎？

Yes, I can hear you. One moment, please.

是的，我聽得到。請稍等。

Yes, we lost Frank. So we only heard his intro.

是的，我們失去 Frank 的連線了。所以我們只聽到他的開場介紹。

Frank, your line is live.

Frank，你的線路已接通。

Can you hear me now?

你們現在聽得到我嗎？

Yes.

聽得到。

I was hoping to ask one follow-up on the first quarter. Could you maybe just break out what was the strongest contributor to outperformance, maybe was it core Cellerate execution, BIASURGE within the Vizient GPO, I'm guessing that the new reps haven't started to contribute yet, but I don't know if that's also a piece that's contributing as well. It's just great to have a little more color on Q1.

我想就第一季再追問一個問題。你們能否拆解一下超預期表現最強的貢獻來源是什麼？例如是否為核心 Cellerate 的執行、Vizient GPO 之下的 BIASURGE？我猜新進業務代表應該還沒開始貢獻，但我不確定那是否也有一部分影響。只是想多了解一些第一季的細節。

Let's start with the reps, the new hires, those three that were mentioned in the call. So they're still kind of going through training that's both in-house and then also out into the field as well. So their impact typically takes about -- from the time of training completion about six months to start to realize some impact from those individuals. They've done a great job of coming in, getting educated and getting comfortable with our technologies, and we fully anticipate that group plus some others that we'll bring in before the end of the year, we'll be able to touch this business before the end of this calendar year.

先從業務代表、新聘人員開始，也就是電話會議中提到的那三位。他們目前仍在接受訓練，包括內部訓練以及到外勤現場的訓練。因此，他們的影響通常需要在完成訓練後大約六個月，才會開始看到一些成效。他們在加入後表現很好，努力學習並熟悉我們的技術；我們完全預期這一批人加上我們在年底前還會再招募的一些人，將能在本曆年結束前對這項業務產生觸及與貢獻。

From there, we've done a really nice job in bringing that clarity to the organization on just being surgically pure play. And we knew that was an important thing for us to do, and our team has responded extremely well. And even the distributor network, I think, has responded extremely well to it as well. So I mean that, coupled with strong support around Cellerate and BIASURGE -- you had mentioned, Frank, the Vizient contract. That was new to us in the first quarter.

接著，我們在向組織清楚傳達「專注於純手術領域」方面做得非常到位。我們知道這對我們而言很重要，而團隊的回應非常正面。我認為經銷商網絡也對此有非常好的回應。因此，這再加上對 Cellerate 與 BIASURGE 的強力支持——你提到的 Vizient 合約，Frank。那是我們在第一季才新取得的。

It's similar to a new hire, right? You have to go out and do ongoing training and education at the facility level, and our team is doing that. And so we're starting to see some uptick from that, and that's really encouraging. And at the same time, Cellerate continues to be a real anchor product for us. and our team continues to: one, get wider into facilities that they've been working in for some time; and two, reaching into new facilities as well. And they did an overall really sound job of all 3 of those things in the first quarter of 2026.

這就像新進員工一樣，對吧？你必須到各個院所層級去做持續的訓練與教育，而我們的團隊正在做這件事。因此我們開始看到一些回升，這真的很令人鼓舞。同時，Cellerate 仍然是我們非常重要的支柱產品。而我們的團隊也持續在做：第一，進一步擴大在他們已經耕耘一段時間的院所中的滲透；第二，也拓展到新的院所。而在 2026 年第一季，他們在這三件事上整體都做得非常扎實。

Got it. That's very helpful. And then I was hoping to ask a follow-up on guidance. I heard the comments of Q1 seasonally slowest, three-day weather shutdown, also strongest month in company history, Vizient is coming this year as well as new reps. Maybe talk through how you contemplated leaving the guide unchanged versus maybe taking it up a little bit, just given some of the tailwinds and strong execution you've had year-to-date.

了解。這非常有幫助。接著我想就財測指引追問一下。我聽到你們提到第一季季節性最慢、三天因天候停工、同時也是公司史上最強的月份，另外 Vizient 今年也會到來以及新業務代表加入。或許可以談談，你們在考量維持指引不變、相較於在一些利多與今年迄今強勁執行力的情況下把指引稍微上調之間，是如何權衡的？

Yes, great question. I mean the goal is always to try to replicate Q4, right? I mean we know Q4 is just higher volume of procedures. And if you can do that in the first quarter, you stand in good ground. One of the things that we were very well aware of going into during this calendar year is in the start of 2025, we went through some reorg for the sales team in a really healthy way to set us up for long-term success as well. And as a result of that, we probably saw a little bit of a slowdown in Q1 of 2025. So we had a ton of confidence going into this calendar year in Q1 and to obviously go above our number in Q1 and hit 19% growth was a great achievement for our group.

是的，這是個很好的問題。我的意思是，我們的目標一直都是盡量複製第四季的表現，對吧？我們知道第四季的手術量就是比較高。如果你能在第一季做到那樣，你就站在很好的位置上。我們在進入這個年度時非常清楚的一件事是：在 2025 年初，我們對銷售團隊做了一些重整，以非常健康的方式來讓我們為長期成功做好準備。而因此，我們在 2025 年第一季可能看到了一點放緩。所以我們在進入今年第一季時非常有信心；而第一季不僅超過我們的目標、並達到 19% 的成長，對我們團隊而言是很大的成就。

And then you start to look into Q2 at 10% to 14%. Again, some of that is just we knew we were going to have a really successful Q1 and Q2, kind of that blended results from Q1 and Q2 guidance really puts us right kind of at that midpoint for our overall guidance on the year.

接著你再看第二季的 10% 到 14%。同樣地，其中一部分只是因為我們知道第一季和第二季會非常成功；把第一季與第二季指引做一個混合後的結果，基本上就讓我們落在全年整體指引的中位數附近。

Yi Chen, H.C. Wainwright.

Yi Chen，H.C. Wainwright。

This is Katie on for Yi. I was wondering if you could elaborate a little bit more. You spoke of some initiatives for deepening your competitive moat. Could you give us an idea of what that looks like?

我是代 Yi 發言的 Katie。我想請問你是否可以再多闡述一點。你提到一些加深競爭護城河的措施。你能否讓我們了解那大概會是什麼樣子？

There's a number of things, Katie. Thanks for the question that we continue to work on. One, we want to surround ourselves with clinical evidence on our core products, and we continue to do that at a really great rate. Two, the economic story that continued to come out and was published in the first quarter was really meaningful as well. I think hospitals have done a great job over the last many years to do a solid evaluation of their spend and the meaningfulness of the products that get brought into the OR.

Katie，有幾件事。謝謝你的提問，我們也持續在推進。第一，我們希望以臨床證據來支撐我們的核心產品，而我們也持續以非常好的速度在做到這點。第二，第一季持續發布並刊登的經濟效益論述也非常有意義。我認為過去很多年來，醫院在評估其手術室（OR）內的支出，以及被引進手術室產品的重要性方面，都做得很好。

And so there's three things that we want to make sure that we're very well aware of the clinical evidence that supports those technologies, the economic evidence as well and then to be well positioned with our ASP. We feel like we've done all three of those things. And then in addition to that, we're looking at things from an R&D perspective as well on product enhancements and next-gen products as well, along with IP, additional IP to support our technology. So there's a lot going on right now in way of that competitive moat space, and we feel really confident in the work that we're doing.

因此有三件事我們要確保自己非常清楚：支持這些技術的臨床證據、同樣也要有經濟證據，並且在我們的 ASP（平均銷售價格）上要有良好的定位。我們覺得這三件事我們都做到了。除此之外，從研發角度，我們也在看產品強化與下一代產品，同時也包括 IP（智慧財產權），增加更多 IP 來支撐我們的技術。所以目前在競爭護城河這一塊有很多事情正在進行，我們對正在做的工作非常有信心。

Christopher Viselli, Viselli Capital Partners.

Christopher Viselli，Viselli Capital Partners。

Just a quick one for me here. Is there any evidence that macroeconomic pressure is pressuring hospital budgets generally or the pockets of spending that covers Sanara products?

我這邊一個簡短問題。是否有任何跡象顯示，總體經濟壓力正在普遍擠壓醫院預算，或是影響到涵蓋 Sanara 產品的那部分支出？

Yes. Chris, listen, I think that's a great question. Like I said a couple of minutes ago, I think hospitals are doing a great job of really assessing their spend inside the OR, and we're obviously a supply cost into the DRG. But again, the things that kind of let us stand out in those moments is the evidence that supports the technologies, both clinically and economic. And we feel that we're very well positioned with our selling price as well as the hospitals.

有的。Chris，聽著，我覺得這是個很好的問題。就像我幾分鐘前說的，我認為醫院在真正評估其手術室內支出方面做得很好，而我們顯然是 DRG 之內的一項耗材成本。但再說一次，讓我們在那些時刻能夠脫穎而出的，是支持這些技術的證據，無論是臨床面或經濟面。而我們也覺得，無論是在我們的售價定位或是對醫院端而言，我們都處於非常有利的位置。

So will that work continue by the hospitals? Of course. Will we continue to build more and more of our story around that evidence? Absolutely. And again, we think that we're very well situated given those three things.

那麼醫院會持續做這樣的工作嗎？當然會。我們會持續圍繞這些證據來建立越來越完整的論述嗎？絕對會。同樣地，基於這三點，我們認為我們的處境非常有利。

We have reached the end of the question-and-answer session, and I will now hand the call back to Seth for closing remarks.

問答環節到此結束，我現在把電話交回給 Seth 作結語。

Well, again, thank you so much for the questions. I just want to again thank our team, thank our distributor network, the facilities that trust us and obviously, the investor community as well. We're grateful for the opportunity, and we look forward to connecting with everybody after our second quarter's performance. Thank you.

再次非常感謝各位的提問。我也想再次感謝我們的團隊、感謝我們的經銷商網絡、感謝信任我們的各家院所，當然也感謝投資人社群。我們很感謝這個機會，也期待在第二季業績表現之後與大家再度交流。謝謝。

This does conclude today -- our conference call for today. Thank you for your participation.

以上即為今天——我們今天的電話會議到此結束。感謝各位的參與。