SANUWAVE Health Inc (SNWV) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to today's SANUWAVE earnings call. (Operator Instructions) Please note today's call will be recorded. (Operator Instructions)

大家好，歡迎參加今天的 SANUWAVE 收益電話會議。（操作員指示）請注意，今天的通話將會被錄音。（操作員指示）

It is now my pleasure to turn the conference over to Chairman and CEO of SANUWAVE, Morgan Frank. Please go ahead.

現在我很高興將會議交給 SANUWAVE 董事長兼執行長 Morgan Frank。請繼續。

Thank you, Chloe. Welcome, everyone, to SANUWAVE's first-quarter 2025 earnings call. As many of you probably noticed, the Form 10-Q was filed with the SEC last night. And our earnings release was issued this morning, along with an updated presentation, which was made available on our website in the Investors section. You can please refer to that during this presentation. It really is useful, promise.

謝謝你，克洛伊。歡迎大家參加 SANUWAVE 2025 年第一季財報電話會議。你們很多人可能已經注意到了，10-Q 表格昨晚已提交給美國證券交易委員會 (SEC)。我們的收益報告和更新後的簡報已於今天上午發布，並可在我們網站的「投資者」部分查閱。您可以在本次演示中參考這一點。它確實很有用，我保證。

Okay. So joining me on the call today, we have Peter Sorensen, our CFO. And after the presentation, we will open the call up to Q&A. Let me begin with the forward-looking statements and other disclosures.

好的。今天與我一起參加電話會議的還有我們的財務長彼得·索倫森 (Peter Sorensen)。演講結束後，我們將開始問答環節。讓我先從前瞻性陳述和其他揭露開始。

This call may contain forward-looking statements such as statements relating to future financial results, production expectations, and plans for future business development activities. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control.

本次電話會議可能包含前瞻性陳述，例如與未來財務績效、生產預期和未來業務發展活動計畫有關的陳述。投資者需注意，任何此類前瞻性陳述均不能保證未來的業績，並且涉及風險和不確定性，其中許多超出了公司的控制能力。

Description of these risks and uncertainties and other factors that could affect our financial results is included in our SEC filings. Actual results may differ materially from those projected in the forward-looking statements. The company undertakes no obligation to update any forward-looking statement. Certain percentages discussed in this call are calculated from the underlying whole dollar amounts and, therefore, may not be recalculable from the rounded numbers used for disclosure purposes.

這些風險和不確定性以及可能影響我們財務結果的其他因素的描述包含在我們的美國證券交易委員會文件中。實際結果可能與前瞻性陳述中的預測有重大差異。該公司不承擔更新任何前瞻性聲明的義務。本次電話會議中討論的某些百分比是根據基礎整數美元金額計算的，因此可能無法根據用於披露目的的四捨五入數字重新計算。

As a reminder, our discussion today will include non-GAAP numbers. Reconciliations between our GAAP and non-GAAP results can be found in our recently filed 10-Q for the period ended March 31, 2025.

提醒一下，我們今天的討論將包括非 GAAP 數據。我們的 GAAP 和非 GAAP 結果之間的對帳可以在我們最近提交的截至 2025 年 3 月 31 日的 10-Q 報表中找到。

Okay. Thus prefaced, let's get to the interesting part. So Q1 was a strong start to the year, coming in ahead of expectations. And obviously, we're very pleased to put up a 61% year-on-year growth comp in a quarter in which we hired a new head of sales and worked through some associated sales force restructuring.

好的。有了這樣的鋪墊，讓我們進入有趣的部分。因此，第一季是今年的一個強勁開端，超出了預期。顯然，我們非常高興地看到，我們在一個季度內實現了 61% 的同比增長，我們聘請了一位新的銷售主管，並完成了一些相關的銷售團隊重組。

Placing 98 new UltraMIST systems in Q1 represented 128% increase from system sales of 43 in Q1 of last year. And we did this without any unusually large orders in the quarter and with no customer representing more than the mid-6s percentage of our overall revenue.

第一季安裝了 98 個新的 UltraMIST 系統，與去年第一季的 43 個系統銷售量相比成長了 128%。我們在本季度沒有任何異常大額訂單的情況下實現了這一目標，並且沒有一個客戶的收入占我們總收入的 6% 以上。

And frankly, the quarter came in a bit stronger than we expected, but never a bad thing to get a good start to the year, especially in Q1, which is typically a quieter time seasonally for SANUWAVE and for medical device in general. We got going with a number of new customers in the quarter, some of whom we believe have excellent potential for follow-on business and growth. We ended the quarter with 1,145 systems in the field, 429 of which have been placed in the trailing 12 months.

坦白說，本季的表現比我們預期的要強一些，但這對今年的良好開端來說絕不是壞事，尤其是在第一季度，對於 SANUWAVE 和整個醫療設備來說，這通常是季節性的淡季。本季我們獲得了一些新客戶，我們相信其中一些客戶在後續業務和成長方面具有巨大的潛力。截至本季末，我們已在現場部署了 1,145 個系統，其中 429 個是在過去 12 個月內安裝的。

Moving on to applicators, sales in the quarter were $5.8 million versus $4.1 million last Q1. This was down very slightly from Q4, which is not unexpected and it's actually a pretty typical pattern, albeit one that was swamped by other factors last Q1 and so perhaps warrants a little bit of explanation.

談到塗抹器，本季的銷售額為 580 萬美元，而去年第一季的銷售額為 410 萬美元。這比第四季度略有下降，這並不出乎意料，實際上這是一種非常典型的模式，儘管在第一季受到其他因素的影響，因此可能需要一點解釋。

Patients see their out-of-pocket maximums reset every January. And thus, it's quite common to see people delay treatment in Q1 once they start having to pay out-of-pocket. Again, this tends to lead to a bit of reduced usage in Q1 until it starts to catch up in Q2 and later in the year. Applicators constituted 62% of our revenues in Q1, which is toward the high end, but within our 55% to 65% target.

每年一月，患者的自付費用最高限額都會重置。因此，一旦人們開始自掏腰包，他們在第一季推遲治療的情況就很常見了。同樣，這往往會導致第一季的使用量略有下降，直到第二季及今年稍晚才開始回升。塗抹器占我們第一季營收的 62%，這個比例比較高，但在我們的 55% 至 65% 的目標範圍內。

Gross margins increased a bit for the quarter versus Q4 as a result of strong systems pricing and efficiencies with our contract manufacturers. We started cutting steel on our new four-cavity applicator mold back in January, and we are on schedule to complete its qualification and have production commercial product in Q4 of this year. This should both ensure additional capacity and lower production costs for our consumables.

由於強大的系統定價和與合約製造商的效率，本季的毛利率與第四季度相比略有增加。我們從一月開始在新的四腔塗抹器模具上切割鋼材，並且我們計劃在今年第四季完成其鑑定並投入商業產品生產。這既可以確保額外的產能，又可以降低我們的消耗品的生產成本。

So as can be seen from our balance sheet, we used Q1 to build up inventory on both UltraMIST systems and applicators as well. And we also took the opportunity to stockpile a number of longer lead time components to enable more rapid production ramp-up if needed. We've been doing this both because having lots of razor blades on hand is never a bad thing for those in the razor business, and in support of our elephant hunting aspirations toward engaging with larger customers.

因此，從我們的資產負債表可以看出，我們利用第一季建立了 UltraMIST 系統和塗抹器的庫存。我們也藉此機會儲存了一些交貨期較長的零件，以便在需要時能夠更快地提高產量。我們這樣做是因為對於剃刀行業的人來說，手頭上有大量的剃須刀片永遠不是壞事，也是為了支持我們與更大客戶接觸的“獵象”願望。

Ultimately, having systems on hand to enable us to really just take yes for an answer on a large order is never a bad thing. And for the first time since I've been CEO, we're really at a quite comfortable inventory level. And to be honest, it feels comfortable especially during such uncertain economic and trade conditions as these.

最終，擁有現成的系統使我們能夠對大訂單真正給予肯定的答覆絕不是壞事。自從我擔任執行長以來，這是我們第一次真正處於相當舒適的庫存水平。說實話，尤其是在目前這種不確定的經濟和貿易條件下，這種感覺很舒服。

We feel really good about our supply chains and our manufacturing. And as of right now, we do not anticipate any material cost availability or margin issues resulting from the current tariff situation. Our production is domestic, and we are well set up for parts and benefiting from economies of scale.

我們對我們的供應鏈和製造業感到非常滿意。截至目前，我們預計當前關稅情況不會導致任何材料成本可用性或利潤問題。我們的生產在國內進行，我們已經做好了零件的準備，並受益於規模經濟。

Now just as a note of housekeeping, our uplist to NASDAQ this quarter was a great step for us, but it also came with a $295,000 listing fee, which affected our operating profit, our EBITDA, and our adjusted EBITDA figures. Obviously, we hope not to have that recur next quarter.

現在要注意的是，本季我們在納斯達克上市對我們來說是一大步，但也需要支付 295,000 美元的上市費，這影響了我們的營業利潤、EBITDA 和調整後的 EBITDA 數據。顯然，我們希望下個季度不再發生這種情況。

So with that, I will turn you over to Peter Sorensen, our CFO, who can walk you through the rest of our financials.

因此，我將把您交給我們的財務長 Peter Sorensen，他可以向您介紹我們其餘的財務狀況。

Thank you, Morgan. Q1 was an excellent quarter for SANUWAVE marked by record-breaking Q1 revenues and robust 61% year-over-year growth. Beyond our top-line performance, we also delivered meaningful improvements in gross margins, both compared to the same period last year and sequentially, underscoring the strength and scalability of our business model. These results reflect our continued focus on driving rapid profitable growth. Let's now take a closer look at the financials.

謝謝你，摩根。SANUWAVE 在第一季表現優異，第一季營收創歷史新高，較去年同期成長 61%。除了營收表現之外，與去年同期和上一季相比，我們的毛利率也實現了顯著提升，彰顯了我們業務模式的優勢和可擴展性。這些結果反映了我們持續致力於推動快速獲利成長。現在讓我們仔細看看財務狀況。

Revenue for the three months ended March 31, 2025, totaled $9.3 million, an increase of 61% as compared to $5.8 million for the same period of 2024. This growth exceeded the top-end of our previous guidance of 45% to 55%. Gross margin as a percentage of revenue amounted to 79% for the three months ended March 31, 2025, versus 72.6% for the same period last year. This represents an increase of over 640 basis points, which can be attributed to reduced costs in UltraMIST system production and a strategic focus on pricing for UltraMIST systems and applicators.

截至 2025 年 3 月 31 日的三個月的收入總計 930 萬美元，與 2024 年同期的 580 萬美元相比增長 61%。這一增長超過了我們之前預測的 45% 至 55% 的最高水平。截至 2025 年 3 月 31 日的三個月，毛利率佔營收的百分比為 79%，去年同期為 72.6%。這意味著成長了 640 多個基點，這可以歸因於 UltraMIST 系統生產成本的降低以及對 UltraMIST 系統和塗抹器定價的策略重點。

For the three months ended March 31, 2025, operating income totaled $1 million, which is an improvement of $2 million compared to the same period last year, which aligns with our continued initiative to drive towards profitable growth and manage spend effectively.

截至 2025 年 3 月 31 日的三個月，營業收入總計 100 萬美元，與去年同期相比增加了 200 萬美元，這與我們持續推動盈利增長和有效管理支出的舉措相一致。

Operating expenses for the three months ended March 31, 2025, amounted to $6.4 million compared to $5.3 million for the same period last year, an increase of $1.1 million. This change was largely driven by an increase in noncash stock-based compensation expense of $1 million versus Q1 of 2024 in which there was no stock comp expense. And as Morgan mentioned, we had a $295,000 NASDAQ uplist expense in the quarter.

截至 2025 年 3 月 31 日的三個月的營運費用為 640 萬美元，而去年同期為 530 萬美元，增加了 110 萬美元。這項變更主要是由於非現金股票薪酬費用增加了 100 萬美元，而 2024 年第一季則沒有股票薪酬費用。正如摩根所提到的，本季我們在納斯達克上市的費用為 29.5 萬美元。

Net loss for the three months ended March 31, 2025, was $5.7 million compared to a net loss of $4.5 million for the same period in 2024. The increase in net loss was primarily driven by higher non-cash and infrequent expenses, including stock-based compensation expense and changes in the fair value of derivative liabilities, which resulted in a $4.9 million loss this quarter versus $2.5 million in Q1 of 2024. Additionally, in Q1 2024, we recognized $2.5 million in other income related to a patent license agreement, which did not recur this year.

截至 2025 年 3 月 31 日的三個月的淨虧損為 570 萬美元，而 2024 年同期的淨虧損為 450 萬美元。淨虧損增加主要是由於非現金和非經常性支出增加，包括股票薪酬費用和衍生負債公允價值變動，導致本季虧損 490 萬美元，而 2024 年第一季虧損 250 萬美元。此外，2024 年第一季度，我們確認了與專利授權協議相關的 250 萬美元其他收入，但今年沒有再次發生。

These impacts were partially offset by lower interest expense in Q1 2025, primarily due to the conversion of our outstanding notes into common stock in Q4 2024 as part of the note and warrant exchange. EBITDA for the three months ended March 31, 2025, was negative $3.6 million. However, adjusted EBITDA was a positive $2.3 million versus negative $59,000 for the same period last year, an improvement of $2.4 million year over year.

這些影響被 2025 年第一季的較低利息支出部分抵消，這主要是由於我們在 2024 年第四季將未償還票據轉換為普通股，作為票據和認股權證交換的一部分。截至 2025 年 3 月 31 日的三個月的 EBITDA 為負 360 萬美元。不過，調整後的 EBITDA 為正 230 萬美元，而去年同期為負 59,000 美元，年同期改善了 240 萬美元。

Total current assets amounted to $18.8 million as of March 31, 2025, versus $18.4 million as of December 31, 2024. Cash totaled $8.5 million as of March 31, 2025. We're grateful for the continued support of our stakeholders. Q1 2025 marks a strong start to the year, and we're excited to build on this momentum as we execute on our growth strategy.

截至 2025 年 3 月 31 日，流動資產總額為 1,880 萬美元，而截至 2024 年 12 月 31 日為 1,840 萬美元。截至 2025 年 3 月 31 日，現金總額為 850 萬美元。我們感謝利害關係人的持續支持。2025 年第一季標誌著今年的一個強勁開局，我們很高興在執行成長策略的同時繼續保持這一勢頭。

With that, I'll turn the call back over to Morgan.

說完這些，我會把電話轉回給摩根。

Thanks, Peter. So moving back to -- moving on to guidance. As we stated in our press release, we are guiding to $10 million to $10.7 million in Q2 revenues, 40% to 50% year-on-year growth. Q1 was a bit ahead of plan, and so we're essentially adopting guidance of on plan for mid-year in keeping with our annual guidance target of 47% to 53% for the full year 2025 as described on our Q4 call.

謝謝，彼得。因此，回到正題——繼續討論指導。正如我們在新聞稿中所述，我們預計第二季營收將達到 1,000 萬美元至 1,070 萬美元，年增 40% 至 50%。第一季略微超出了計劃，因此我們基本上採用了年中計劃的指導，以符合我們在第四季度電話會議上描述的 2025 年全年 47% 至 53% 的年度指導目標。

So on a personal note, I mean, the third week of May will mark my two-year anniversary as CEO at SANUWAVE. Time really does fly when you're having fun. We've built a great team and a great culture, and I remain immensely proud and grateful for all the folks who follow me out under the ledge here and even more grateful for the job they did of getting us back in.

因此，就我個人而言，五月的第三個星期將是我擔任 SANUWAVE 執行長兩週年的紀念日。當你玩得開心的時候，時間確實過得很快。我們建立了一支優秀的團隊和優秀的企業文化，我仍然對所有跟隨我走出困境的人感到無比自豪和感激，更感激他們為讓我們重返工作崗位所做的工作。

The whole team knows what's coming next because it's how we always end things here. The highest reward for good work is more work. Now go earn some more work. So thanks to everyone.

整個團隊都知道接下來會發生什麼，因為這就是我們在這裡結束事情的方式。對出色工作的最高獎勵就是更多的工作。現在去多做些工作吧。所以感謝大家。

And with that, I'll open it up to questions.

現在，我將開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Carl Byrnes, Northland Capital Markets.

卡爾‧伯恩斯 (Carl Byrnes)，北國資本市場 (Northland Capital Markets)。

Thanks for the question and congratulations on the quarter. I'm wondering if you can quantify a bit in terms of system placements from what you might categorize as smaller customers and larger customers. And then how that might look going forward? Thanks so much.

感謝您的提問，並祝賀本季取得佳績。我想知道您是否可以根據系統佈局來量化一下，將客戶分為小型客戶和大客戶。那麼未來情況又會如何發展呢？非常感謝。

Thanks, Carl. Good to catch up. So that's one of those questions that sounds really simple on the surface, but actually gets sort of [vexically] complicated as you try to delineate it and answer it. So for example, we have a number of customers who are substantial chains of nursing homes or long-term care facilities. And each gets -- each location gets sold individually. They tend to have their own administrators, their own clinical therapy teams who do -- who make their own decisions.

謝謝，卡爾。很高興趕上。所以，這是一個表面上聽起來很簡單，但當你試圖描述和回答它時，實際上會變得有點複雜的問題。例如，我們的許多客戶都是大型養老院或長期照護機構連鎖店。每個地點都單獨出售。他們往往有自己的管理人員、自己的臨床治療團隊來做自己的決定。

And so kind of whether you cast each of those individual sales as being a part of a larger customer or being a onesie small customer has some pretty significant impact on how we look at that. Ultimately, if we group those large groups as single entities, which I think probably makes the most sense, then we had 58 new customers in Q1.

因此，您是否將每筆單獨的銷售視為較大客戶的一部分或小客戶的一部分，對我們看待這個問題的方式有著相當大的影響。最終，如果我們將這些大群體歸類為單一實體，我認為這可能是最有意義的，那麼我們在第一季就有 58 位新客戶。

As we start to look at who are really big and who are relatively small, that's another question that it gets tricky to define just around the fact that some of these customers are growing very rapidly. And so a customer that may be in the kind of 5 to 10 range now could be at the 40 or 50 range by the end of the year.

當我們開始研究誰是真正的大客戶、誰是相對較小的客戶時，這是一個很難定義的問題，因為其中一些客戶正在快速成長。因此，現在客戶數量可能在 5 到 10 個範圍內，但到年底，客戶數量可能會增加到 40 或 50 個範圍內。

And so it's really more a function of how we view our ability to grow with that customer going forward. And so I don't know that I really have like a solid answer for you in terms of like bigger versus smaller, but hopefully, that sort of helps in terms of how to think about it.

因此，這實際上更取決於我們如何看待我們未來與客戶共同成長的能力。因此，我不知道我是否真的能就「大」與「小」的問題給你一個確切的答案，但希望這能對你思考這個問題有所幫助。

No, definitely it does. And then just a follow-up on that. Typically, what are you seeing in terms of time to sale from initiation of a conversation to getting a purchase order in place? Thanks.

不，肯定是這樣的。然後只是對此進行跟進。通常，從開始對話到下達採購訂單的銷售時間是怎麼樣的？謝謝。

We're seeing a remarkably wide range is sort of the honest answer. I mean we get inbounds to our corporate e-mail that say, hi, I'm interested in your product and can you give me a price quote on your system. And those often close in a couple of days. We have other larger customers where the negotiations tend to take longer and are ongoing.

我們看到的範圍非常廣泛，這是誠實的答案。我的意思是，我們收到公司電子郵件，上面寫著，你好，我對你們的產品很有興趣，你們能給我一個系統報價嗎？這些通常會在幾天內關閉。我們還有其他較大的客戶，他們的談判往往需要更長時間並且仍在進行中。

I think the answer is sort of anywhere between a couple of days and several months. For the bigger -- as the customers tend to get bigger and the capital outlay gets larger, the timeframes tend to stretch.

我認為答案大概是幾天到幾個月之間。對於更大的企業來說—隨著客戶規模越來越大、資本支出越來越大，時間框架往往會延長。

Albert Hanser, Kestrel.

阿爾伯特·漢瑟（Albert Hanser），Kestrel。

Thank you. Congratulations, Morgan. Very, very impressive execution. Two quick questions. One, can you just address the debt and what you're seeing in the landscape with regards to that? I feel like that's the one last piece of the puzzle that hopefully would love your color on.

謝謝。恭喜你，摩根。執行效果非常令人印象深刻。兩個簡單的問題。首先，您能否談談債務問題以及您所看到的與此相關的情況？我覺得這是拼圖的最後一塊，希望你會喜歡它的顏色。

And then two, great to see you out there telling the story at different conferences like ROTH and in Vegas. Anything in the next three or four months that we should put on our calendar to come see? Thank you.

其次，很高興看到您在 ROTH 和拉斯維加斯等不同的會議上講述這個故事。在接下來的三、四個月裡，我們應該在日曆上安排什麼去參觀嗎？謝謝。

Sure. Let me start with the second question first, which is, yeah, we're starting to look at some other conferences and sort of non-deal roadshow activities for later in the year. We don't have anything definitively set at this time. So we'll keep you posted as that evolves.

當然。讓我先從第二個問題開始，是的，我們開始考慮今年稍後舉辦一些其他會議和非交易路演活動。目前我們還沒有確定任何具體的事情。因此，我們會隨時向你通報最新進展。

Moving to debt, yeah, as I'm sure many of you have noticed, our debt is not cheap. We're certainly looking at refi opportunities. I think it would be premature for us to really say anything definitive, but I suspect, as you can imagine, this is a topic that is front of mind for us and where we are exploring a number of opportunities and feel pretty good about our -- feel pretty good about the likelihood we can do something to improve our interest rate.

談到債務，是的，我相信你們很多人都已經注意到了，我們的債務並不便宜。我們當然正在尋找再融資機會。我認為我們現在就下定論還為時過早，但我想，正如你所想像的，這是我們最關心的話題，我們正在探索許多機會，並且對我們能夠採取措施提高利率的可能性感到非常滿意。

Christopher Davis, Founding Asset Management.

克里斯多福‧戴維斯 (Christopher Davis)，創始資產管理公司。

Thank you. Morgan, again, congratulations. So a question, looking at the slide deck, slide 4, so the market opportunity. Where are you getting success within those segments on the total addressable market? Do we know accurately exactly what kind of wounds this is being used on mainly and the success rate of different kinds of wounds potentially?

謝謝。摩根，再次向你表示祝賀。所以有一個問題，看一下投影片，投影片 4，那就是市場機會。在整個目標市場中，您在哪裡獲得這些細分市場的成功？我們是否準確地知道這種療法主要用於治療哪種傷口以及治療不同類型傷口的潛在成功率？

Yeah. So that's -- the actual -- as we're not the ones providing the service, right, we don't actually get a ton of visibility into what our practitioners are specifically treating, right? There's a whole set of HIPAA rules around that where the patient records are private. And so we can see -- we talk to our providers; we get a sense of what they're doing.

是的。所以這是 — — 實際情況 — — 因為我們不是提供服務的人，對吧，我們實際上並不清楚我們的從業人員具體治療什麼，對吧？有一整套 HIPAA 規則，規定病患記錄是私密的。因此我們可以看到——我們與我們的供應商交談；我們了解他們在做什麼。

We get a sense of when they're finding interesting applications and new things, and we're sort of trying to help each of our providers understand the interesting things that others have discovered, but we don't actually have any really clear visibility through to say there were this many diabetic foot ulcers. There were this many venous leg ulcers. There were this many deep tissue injuries or burns. We just don't have -- it's just not data that we have access to. It's all -- because particularly as it's all billed under the same code.

我們知道他們何時發現了有趣的應用和新事物，我們也在嘗試幫助我們的每個供應商了解其他人發現的有趣的事情，但實際上我們並沒有真正清楚地了解有這麼多的糖尿病足潰瘍。有這麼多靜脈性腿部潰瘍。有這麼多深層組織損傷或燒傷。我們只是沒有——這不是我們可以訪問的數據。全部都是 — — 因為特別是因為它們都是用相同的代碼計費的。

Okay. A follow-up question, if I may. Any developments regarding any kind of patent assertion suits or engagements that may have happened or may be likely?

好的。如果可以的話，我想問一個後續問題。關於任何類型的專利主張訴訟或約定是否已經發生或有可能發生任何進展？

Yeah. Obviously, given the nature of our agreements there, I have to be a little careful. Ultimately, as you know, we entered into an intellectual property assertion agreement with an outside assertion firm last year. They paid us $2.5 million to buy effectively an option under which they can pay us a mid-single-digit million payment, take the patents down into a special purpose vehicle, and go commence assertion.

是的。顯然，考慮到我們在那裡達成的協議的性質，我必須小心一點。最終，如您所知，我們去年與一家外部主張公司簽訂了智慧財產權主張協議。他們向我們支付了 250 萬美元，實際上是購買了一項選擇權，根據該選擇權，他們可以向我們支付數百萬美元的款項，將專利轉移到特殊目的公司，然後開始主張。

In the event that that's successful, we'll share profits on the back end. But to actually sort of speak to the tangible process there is a little bit -- it's difficult because it's both private and because it's a matter that's functionally out of our control. I can say we're very happy with our partner. We think they're making great progress. And I just don't know that I can really say anything more specific at this time.

如果成功的話，我們將分享後端利潤。但實際上要談論具體的過程有一點——這很困難，因為它既是私人的，也是我們無法控制的事情。我可以說我們對我們的合作夥伴非常滿意。我們認為他們正在取得巨大進步。我只是不知道現在我是否還能說出更具體的話。

Ian Cassel, IFCM.

伊恩·卡塞爾，國際合唱聯盟。

Congratulations, Morgan, to you and the team there. It's an incredible turnaround over the last two years, and congrats on the two-year anniversary.

摩根，恭喜你和那裡的團隊。過去兩年發生了令人難以置信的轉變，祝賀兩週年紀念日。

I was wondering if you could give us some insight now with Tim joined the team -- I know it's only been a couple of months, but is there any maybe insight into maybe -- the new sales strategy might not be the right way to phrase it, but the evolving sales strategy there and how you're doing things different now versus six months ago?

我想知道，在蒂姆加入團隊之後，您是否可以給我們一些見解——我知道這才過了幾個月，但您是否可以給我們一些見解——新的銷售策略可能不是正確的說法，但那裡不斷發展的銷售策略以及您現在做的事情與六個月前有何不同？

Sure. Essentially, we're pursuing the sales strategy that we've been pursuing, I guess, really through most of the latter half of last year. Like it's been -- we've been looking to engage with larger customers at a higher level. We have been looking for a more sort of senior and seasoned sales executive in the team, people who are to sort of use the industry parlance, more accustomed to selling in the carpeted parts of the facility than the parts that are tiled.

當然。從本質上講，我們正在推行去年下半年大部分時間一直在推行的銷售策略。就像以前一樣——我們一直在尋求在更高層次上與更大的客戶接觸。我們一直在尋找團隊中更資深、更有經驗的銷售主管，用行業術語來說，他們更習慣於在設施中舖有地毯的部分而不是舖有瓷磚的部分進行銷售。

And it's been really interesting to start to see how differently -- folks who have a lot of med device experience, but perhaps not wound are approaching this. And I think we're really starting to build some very interesting momentum.

並且開始看到那些擁有豐富醫療設備經驗但可能沒有傷口經驗的人以不同的方式處理這個問題，這真的很有趣。我認為我們確實開始建立一些非常有趣的勢頭。

I mean the strategy really remains the same, right? There are a lot of nursing homes and skilled nursing facilities with whom I think there's a real confluence of interests and where engagement makes a lot of sense, especially those who tend to have their own clinical groups, right?

我的意思是策略確實保持不變，對嗎？我認為，許多養老院和專業護理機構之間存在著真正的利益交匯，而且這種合作非常有意義，尤其是那些往往擁有自己的臨床小組的養老院和專業護理機構，對嗎？

The counterpoint to that is that, obviously, the mobile and home healthcare space is also a very rapidly growing opportunity in this market. And so that's a group we're also making sort of strong outreaches into. And I think along with doctors' offices and hospitals, like we're really -- at this point, we're probably just starting to push kind of like 1% market penetration. And so it feels like we have -- it's really about kind of focusing on what to prioritize and what to chase.

與此相反的是，顯然行動和家庭醫療保健領域也是這個市場中一個成長非常迅速的機會。因此，我們也正在對該群體進行大力推廣。我認為，與醫生辦公室和醫院一樣，我們實際上——目前，我們可能才剛開始推動 1% 的市場滲透率。所以感覺我們已經——這實際上是在關注應該優先考慮什麼以及應該追求什麼。

And it does appear that there are no further questions at this time. I would like to turn it back to management for any additional or closing remarks.

目前看來沒有其他問題了。我想將問題交還給管理層，請他們發表任何補充或結束語。

Well, thanks for coming, everyone. And I appreciate the ongoing interest and support. And we'll speak to you next quarter. Thanks very much.

好的，謝謝大家的光臨。我感謝大家一直以來的關注與支持。我們將在下個季度與您聯繫。非常感謝。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful afternoon.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，並度過一個美好的下午。