SANUWAVE Health Inc (SNWV) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the SANUWAVE Q2 earnings call. (Operator Instructions) Please note this call may be recorded (Operator Instructions) It is now my pleasure to turn the conference over to Morgan Frank, Chairman and CEO of SANUWAVE. Please go ahead.

大家好，歡迎參加 SANUWAVE Q2 收益電話會議。（操作員指示）請注意，此通話可能會被錄音（操作員指示）現在我很高興將會議交給 SANUWAVE 董事長兼首席執行官 Morgan Frank。請繼續。

Thank you very much. Good morning, and welcome to SANUWAVE's second quarter 2021 earnings call. Our Form 10-Q was filed with the SEC last night, and our earnings release we issued this morning, along with our updated presentation, which was made available on our website in the investors section. It's useful to refer to this during the presentation. It really does provide useful information, I promise.

非常感謝。早安，歡迎參加 SANUWAVE 2021 年第二季財報電話會議。我們的 10-Q 表格已於昨晚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早上發布，並可在我們網站的投資者部分查閱。在演示過程中參考這一點很有用。我保證，它確實提供了有用的信息。

So joining on the call this morning is Peter Sorensen, our CFO. And after the presentation, we will open the call up to Q&A. We'll begin with everybody's favorite, forward-looking statements and other disclosures. This call may contain forward-looking statements. Such are statements referring to our future financial results, production expectations, plans for future business development activities.

今天早上參加電話會議的是我們的財務長 Peter Sorensen。演講結束後，我們將開始問答環節。我們將從大家最喜歡的前瞻性陳述和其他揭露開始。本次電話會議可能包含前瞻性陳述。這些聲明涉及我們未來的財務表現、生產預期、未來業務發展活動計劃。

Investments 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. A 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 statements.

投資者應注意，任何此類前瞻性陳述都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。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陳述的義務。

Certain percentages discussed in this call are calculated on the underlying whole dollar amount and, therefore, may not recalculate from the rounded numbers used for disclosure purposes. 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 June 30, 2025.

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。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 6 月 30 日的 10-Q 報表中找到。

So now that we are absolved of any potential sins of prognostication, let's get the good bit. Q2 was another strong performance for SANUWAVE, up 42% year-on-year on the top line and bringing us to 51% year-on-year for the first six months of 2025. We sold 116 UltraMIST systems in Q2, a 61% increase versus a year ago and an 18% increase in Q1.

所以，既然我們已經擺脫了任何潛在的預測罪責，那就讓我們獲得好的一面吧。SANUWAVE 在第二季再次表現強勁，營收年增 42%，2025 年前六個月的營收年增 51%。我們在第二季度銷售了 116 套 UltraMIST 系統，比去年同期成長了 61%，比第一季成長了 18%。

This took us to 1,261 systems in this field, 473 or 38% of which have been sold in the last 12 months. Applicator revenue was $6.4 million in the quarter, 63% of our overall revenues, and like last quarter was towards the high end of our 55% to 65% target range. It grew 37% in the same quarter last year and a bit over 10% sequentially from last quarter. Our tone of business and customer adoption remains good, and customer concentration dropped slightly in the quarter, with only one quarter exceeding -- with only one customer exceeding 5% of revenues, and that customer just barely do so.

這使得該領域的系統數量達到 1,261 個，其中 473 個（38%）在過去 12 個月內售出。本季塗抹器收入為 640 萬美元，占我們總收入的 63%，與上一季一樣，接近我們 55% 至 65% 目標範圍的高端。與去年同期相比成長了 37%，與上一季相比成長了 10% 多一點。我們的業務基調和客戶採用率仍然良好，本季度客戶集中度略有下降，只有一個季度超過 - 只有一個客戶的收入超過 5％，而且該客戶只是勉強達到這一水平。

Gross margins remained strong at 78.3%, up 510 basis points from a year ago, though down slightly from Q1, predominantly as a result of the engineering costs associated with standing up our second source of applicator production. We remain on track to commence commercial production of this new, more manufacturable applicator design in Q4 of this year and continue to believe that the four cavity molds and removal of UV cure adhesive steps will both provide us with ample applicator capacity for the foreseeable future and reduce our consumables production costs.

毛利率保持強勁，達到 78.3%，比去年同期增長 510 個基點，但較第一季度略有下降，這主要是由於建立第二個塗抹器生產源相關的工程成本所致。我們仍有望在今年第四季開始對這種新型、更易於製造的塗抹器設計進行商業化生產，並繼續相信四腔模具和去除紫外線固化黏合劑步驟將在可預見的未來為我們提供充足的塗抹器產能，並降低我們的耗材生產成本。

As our production is all domestic, we continue to anticipate no material effect from tariffs or trade disruption. So I mean, all in all, it's been a really productive first half of 2025, and the company is starting to have ground. We've described Q1 and Q2 as the period of match -- of max disruption as we've made some very significant changes to our sales leadership, sales force, our commercial ops and our commercial strategy.

由於我們的生產全部在國內進行，我們預期關稅或貿易中斷不會產生實質影響。所以，總的來說，2025 年上半年確實是有成效的，公司也開始取得進展。我們將第一季和第二季描述為匹配期——最大中斷期，因為我們對銷售領導、銷售團隊、商業營運和商業策略做出了一些非常重大的改變。

Internally, we've been using the metaphor of taking apart the airplane and putting it back together while flying it really fast. And the team has more than risen to the challenge. As of mid-July, for the first time in my tenure as CEO, we have all 12 of our national sales territory staffed, and have added a full-time national and key accounts manager to focus on our big accounts. This is really a long way to have come from the two reps we had at the beginning of 2024 and even from the nine we had at year-end.

在內部，我們一直使用將飛機拆開並在快速飛行的同時將其重新組裝起來的比喻。我們的團隊已經充分迎接了挑戰。截至 7 月中旬，在我擔任執行長期間，我們首次為全國 12 個銷售區域配備了員工，並增加了一名全職的國家和大客戶經理來專注於我們的大客戶。與 2024 年初的 2 名代表相比，甚至與年底的 9 名代表相比，這確實還有很長的路要走。

We sold out the commercial operations team as well and brought in new leadership there also from Abiomed. And the energy, the all-hands sales and commercial ops meeting that we had a couple of weeks ago was striking as it was positive. Like the moods and expectations are high. And if Q1 and Q2 were max disruption, Q3 is really shaping up to be the quarter of maximum construction as we really step up our internal systems, our lead and sales management, dashboarding, reimbursement support, and as we prepare for our first-ever concerted outbound marketing campaign, which we hope to launch in October.

我們還出售了商業營運團隊，並從 Abiomed 引進了新的領導層。幾週前我們召開的全體銷售和商業營運會議的活力和積極性令人印象深刻。就像情緒和期望都很高。如果第一季度和第二季度是最大的干擾，那麼第三季度實際上將成為建設最為活躍的季度，因為我們真正加強了內部系統、領導和銷售管理、儀表板、報銷支持，並且我們正在為首次協同外向營銷活動做準備，我們希望在 10 月份啟動該活動。

We're seeing some very promising increases in inbound inquiry in a couple of markets. We seem to have crossed the adoption threshold. It appears that once you get enough practitioners using UltraMIST and that they have seen others use the product, seeing the results, seeing the opportunity, we get a profound spike in interest. And in light of this, we are going to focus on expanding this awareness, finding the key users to provide social proof and credibility and really helping the market understand that there's a better way to handle complex wounds.

我們看到一些市場的入境諮詢​​量出現了非常可喜的成長。我們似乎已經跨過了採用的門檻。看來，一旦有足夠多的從業者使用 UltraMIST，並且他們看到其他人使用該產品、看到結果、看到機會，我們的興趣就會大大增加。有鑑於此，我們將致力於擴大這種認識，找到關鍵用戶來提供社會證明和可信度，並真正幫助市場了解有更好的方法來處理複雜的傷口。

It seems that familiarity here brings acceptance and adoption. So we really look forward to getting out and spreading the word. We're going to be at SAWC in September. So come and see us if you're there. Obviously, all this max construction is in service of setting up max production and based on what I saw at the sales meeting, we now have a team that's really committed to getting SANUWAVE firing on all cylinders. I think we're all pretty excited about seeing what happens when we do. So with that, I will turn you over to Peter Sorensen, our CFO, who can walk you through the rest of our financials.

似乎熟悉就帶來了接受和採納。因此，我們非常期待走出去並傳播這一消息。我們將於九月前往 SAWC。所以如果你在那裡的話就來看看我們吧。顯然，所有這些最大限度的建設都是為了實現最大限度的生產，根據我在銷售會議上看到的情況，我們現在擁有一支真正致力於讓 SANUWAVE 全力以赴的團隊。我想我們都非常興奮地期待看到我們這樣做之後會發生什麼。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. The second quarter was a strong one for SANUWAVE, with revenue reaching a new Q2 record and growing 42% year-over-year. This performance reflects continued momentum in our commercial strategy and growing demand for UltraMIST. We also delivered meaningful year-over-year improvement in gross margins, which underscores the operating leverage inherent in our model and our disciplined approach to cost management.

謝謝你，摩根。SANUWAVE 在第二季表現強勁，營收創下第二季新高，較去年同期成長 42%。這一業績反映了我們商業策略的持續發展勢頭以及對 UltraMIST 日益增長的需求。我們的毛利率也實現了同比顯著提升，這凸顯了我們模式中固有的經營槓桿以及我們嚴謹的成本管理方法。

Overall, we remain focused on driving sustainable, profitable growth. Let's now take a closer look at the financials for the quarter. Revenue for the three months ended June 30, 2025, totaled $10.2 million, an increase of 42% as compared to $7.2 million for the same period of 2024.

總體而言，我們仍然專注於推動可持續的獲利成長。現在讓我們仔細看看本季的財務狀況。截至 2025 年 6 月 30 日的三個月的收入總計 1,020 萬美元，與 2024 年同期的 720 萬美元相比增長 42%。

This growth was within our previous guidance of 40% to 50%. Gross margin as a percentage of revenue amounted to 78.3% for the three months ended June 30, 2025, versus 73.2% for the same period last year. This represents an increase of about 510 basis points, which can be attributed to reduced cost on UltraMIST system production and a strategic focus on pricing for UltraMIST systems and applicators.

這一增長符合我們先前預測的 40% 至 50% 的成長目標。截至 2025 年 6 月 30 日的三個月，毛利率佔營收的百分比為 78.3%，去年同期為 73.2%。這意味著增加了約 510 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 June 30, 2025, operating income totaled $1.9 million, which is slightly down by the $0.1 million compared to the same period last year. Operating expenses for the three months ended June 30, 2025, amounted to $6.1 million compared to $3.2 million for the same period last year, an increase of $2.9 million. However, this change was largely driven by an increase in noncash stock-based compensation expense of $1.1 million versus Q2 2024 in which there was no stock comp expense as well as there is a release of a historical accrual in Q2 2024 of $579,000, which reduced our reported GAAP operating expenses by that amount that did not recur this quarter.

截至 2025 年 6 月 30 日的三個月，營業收入總計 190 萬美元，與去年同期相比略有下降 10 萬美元。截至 2025 年 6 月 30 日的三個月的營運費用為 610 萬美元，而去年同期為 320 萬美元，增加了 290 萬美元。然而，這項變更主要是由於非現金股票薪酬費用增加了 110 萬美元，而 2024 年第二季度沒有股票薪酬費用，並且 2024 年第二季度釋放了 579,000 美元的歷史應計費用，這減少了我們報告的 GAAP 營運費用，但本季沒有重複出現。

Net income for the three months ended June 30, 2025, was $1.1 million compared to net income of $6.6 million for the same period in 2024, a decrease of $5.5 million. The decrease in net income was primarily driven by lower non-cash and infrequent items in Q2 2025 as compared to Q2 2024. As a reminder, we recognized a onetime non-cash gain of $5.3 million related to the payoff of legacy debt in the prior year quarter, which did not recur this quarter.

截至 2025 年 6 月 30 日的三個月的淨收入為 110 萬美元，而 2024 年同期的淨收入為 660 萬美元，減少了 550 萬美元。淨收入下降的主要原因是 2025 年第二季與 2024 年第二季相比非現金和非頻繁項目減少。提醒一下，我們確認了與去年同期償還遺留債務有關的 530 萬美元的一次性非現金收益，但本季並未再次出現。

Additionally, the change in fair value of derivative liabilities resulted in a non-cash gain of $1 million in Q2 2025 versus a $3.7 million gain in Q2 2024, representing a $2.7 million year-over-year variance. These impacts were partially offset by lower interest expense in Q2 2025, primarily due to the conversion of our outstanding notes into common stock in Q4 2024 as part of the note and warrant exchange.

此外，衍生負債公允價值變動導致 2025 年第二季非現金收益為 100 萬美元，而 2024 年第二季非現金收益為 370 萬美元，年比差異為 270 萬美元。這些影響被 2025 年第二季較低的利息支出部分抵消，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。

EBITDA for the three months ended June 30, 2025, was $3.2 million. Adjusted EBITDA was $3.4 million versus $1.5 million for the same period last year, an improvement of $1.9 million year-over-year. Total current assets amounted to $20.2 million as of June 30, 2025, versus $18.4 million as of December 31, 2024. Cash totaled $8.5 million as of June 30, 2025.

截至 2025 年 6 月 30 日的三個月的 EBITDA 為 320 萬美元。調整後的 EBITDA 為 340 萬美元，而去年同期為 150 萬美元，年增 190 萬美元。截至 2025 年 6 月 30 日，流動資產總額為 2,020 萬美元，而截至 2024 年 12 月 31 日為 1,840 萬美元。截至 2025 年 6 月 30 日，現金總額為 850 萬美元。

We appreciate the continued support and confidence of our stakeholders. Q2 2025 represents another solid step forward for SANUWAVE, and we're encouraged by the progress we've made. As we look ahead to the second half of the year, we remain focused on disciplined execution and advancing our strategic growth initiatives. With that, I'll turn the call back over to Morgan.

我們感謝利害關係人的持續支持和信任。2025 年第二季代表 SANUWAVE 又向前邁出了堅實的一步，我們對所取得的進展感到鼓舞。展望下半年，我們將繼續專注於嚴格執行並推動我們的策略成長計畫。說完這些，我會把電話轉回給摩根。

Thanks, Peter. So moving on to guidance. As we stated in our press release, we're guiding to $12 million to $12.7 million in Q3 revenues. Obviously, Q3 is a tough comp for us as it's up against the pigs or python quarter last year in which we had one really large sale tipped the scales and drive a surge to an 89% year-on-year growth rate.

謝謝，彼得。接下來是指導。正如我們在新聞稿中所述，我們預計第三季的營收將達到 1,200 萬至 1,270 萬美元。顯然，第三季度對我們來說是一個艱難的季度，因為它與去年的豬或蟒蛇季度相比，當時我們有一次非常大的銷售打破了平衡，推動了同比增長率飆升至 89%。

Pigs seem to be somewhat difficult animals to forecast. And while we're certainly out looking for them and see a fair bit of potential, we're not including any of that in the guidance above. We're really still in the learning phase on how to time forecasting with these bigger customers and how they ramp up when they do say yes. I think we'd rather err on the side of conservatism.

豬似乎是比較難以預測的動物。儘管我們確實在尋找它們，並且看到了相當大的潛力，但我們並沒有將其中任何一項納入上述指導中。我們實際上仍處於學習階段，學習如何為這些大客戶進行時間預測，以及當他們答應時如何加強。我認為我們寧願犯下保守的錯誤。

So -- but our annual guidance remains unchanged. As ever, I want to thank the SANUWAVE team for all of the hard work and the commitment and the trust. Companies exist downstream with their cultures, and this won't only exist because of ours. So we have thoroughly outgrown our existing headquarters, especially the warehouse and shipping facilities. We're moving to our new office space about a mile away at the end of next week. And I'm sure the team will desperately miss the old carpets, but we'll manage, as always, to adapt and overcome. So thanks, everyone. And with that, I will open it up to the operator for questions.

所以——但我們的年度指導保持不變。一如既往，我要感謝 SANUWAVE 團隊的辛勤工作、承諾和信任。下游企業有其自身的文化，而這不僅因為我們的文化而存在。因此，我們的規模已經遠遠超出了現有總部的能力，尤其是倉庫和運輸設施。我們將於下週末搬到約一英里外的新辦公室。我相信團隊會非常懷念舊地毯，但我們會一如既往地努力適應並克服困難。謝謝大家。現在，我將向接線員開放提問。

(Operator Instructions) Kyle Bauser, Roth Capital Partners.

（操作員指示）Kyle Bauser，Roth Capital Partners。

Thanks for all the updates, and great progress here. Maybe I'll start on margins. So glad to hear the enhanced production process for the applicators, still on track for Q4. Can you give us a sense as to how this might impact gross margin? I mean, you've generated some nice scale. It seems like the business is poised for some pretty nice operating leverage, especially given the commercial infrastructure is in place, this production process is nearing completion. I'm just trying to get a sense of how much drops to the bottom line at this point for incremental sales from an EBITDA standpoint as well.

感謝所有的更新，這裡取得了巨大的進展。也許我會從邊緣開始。很高興聽到塗抹器的生產流程得到加強，第四季度的生產仍在按計劃進行。您能否告訴我們這會對毛利率產生什麼影響？我的意思是，你已經生成了一些不錯的規模。看起來該業務已準備好獲得相當不錯的經營槓桿，特別是在商業基礎設施已經到位的情況下，該生產過程已接近完成。我只是想從 EBITDA 的角度了解此時增量銷售額的底線下降了多少。

Sure. So obviously, the purpose in creating a new applicator design is both to increase the capacity to produce applicators and to get the cost down a bit. We suspect, and Peter, correct me if I'm wrong here, but we suspect we can pick up probably 350, 400 basis points of additional margin on the applicators with the new design. So it seems that this is--

當然。因此，顯然，創建新的塗抹器設計的目的既是為了提高塗抹器的生產能力，也是為了降低成本。我們懷疑，如果我錯了，請彼得糾正我，但我們懷疑透過新的設計我們可以在申請人身上獲得大約 350 到 400 個基點的額外利潤。所以看起來這是——

Yeah. It will take some time to get to that as well, too, just because we've got -- we've tried to hold about six months of inventory on our applicator. So we need to bleed off our existing cost on our current applicators before we start really seeing that impact, but we should see that in early 2026.

是的。要實現這一目標也需要一些時間，因為我們已經嘗試過在我們的塗抹器上保留大約六個月的庫存。因此，我們需要先消除現有施藥器的成本，然後才能真正看到其影響，但我們應該在 2026 年初看到這一結果。

Yeah. So it should be a steady fade in because we're not -- we're using a blended cost as our cost basis. So it will flow through gradually, but will flow through.

是的。所以它應該是一個穩定的淡入過程，因為我們不是——我們使用混合成本作為我們的成本基礎。所以它會逐漸流過去，但會流過去。

Okay. Appreciate that. And 13 reps, sounds like that's a pretty good number. Can you envision needing to build that out or you feel pretty good about covering the math at this point?

好的。非常感謝。13 次重複，聽起來這是一個相當不錯的數字。你能想像需要建造這個嗎？還是你覺得現在涵蓋數學知識已經很不錯了？

I think we are -- at this point, there's a certain amount of let's get everybody really up-trained and firing. I think we made a lot of progress there at the two-day all hands and teach-in. It really feels like a qualitatively strong group now, and folks who are doing a lot to help each other and share best practices. Will we potentially add a few more people?

我認為我們——在這一點上，我們需要讓每個人都接受一定的訓練並積極行動。我認為我們在為期兩天的全體會議和示威活動中取得了巨大進展。現在我們確實感覺到這是一個實力雄厚的團體，人們互相幫助，分享最佳實踐。我們可能會增加幾個人嗎？

Yeah, I think that -- it's certainly something we're looking at. Are there some sector-specific folks who make sense? Do we want to stir -- I mean we're now getting the size where we have to start thinking about do we need regional managers, what is the next step? I mean, obviously, breaking up the US into 12 regions is still means you've got some pretty big territories.

是的，我認為——這確實是我們正在考慮的事情。是否有一些特定行業人士有道理？我們是否想要攪動——我的意思是，我們現在已經達到了一定的規模，我們必須開始考慮是否需要區域經理，下一步是什麼？我的意思是，顯然，將美國劃分為 12 個地區仍然意味著你擁有一些相當大的領土。

And so ultimately, yeah, we're looking at it. We don't have any -- it will be -- I wouldn't be surprised if we acquire a few more reps over the rest of the year. But I think at this point, we're pretty much where we need to be to have real national coverage.

所以最終，是的，我們正在研究它。我們沒有任何——將會有——如果我們在今年剩餘時間裡獲得更多的代表，我不會感到驚訝。但我認為，目前我們基本上已經達到了實現真正全國覆蓋的水平。

Got it. And I'm glad to hear that you're working internally as well on the marketing program. I think you mentioned you plan to bring that live in October. As you map out the opportunty in the US across wound care centers and physician offices and skilled nursing facilities and assisted living facilities, what -- I guess, where are you spending most of your time in focus or the patient types or conditions that UltraMIST resonates with that you've tailored this marketing program towards?

知道了。我很高興聽到您也在內部開展行銷計劃。我想您提到過您計劃在十月實現這一點。當您在美國傷口護理中心、醫生辦公室、專業護理機構和輔助生活設施中規劃機會時，我想，您主要關注哪些方面，或者 UltraMIST 針對哪些患者類型或病情，您針對哪些患者類型或病情制定了營銷計劃？

So to a great extent, one of the things we're focusing on in the marketing program is moving more to a kind of a market of one marketing stance where we can actually target a bunch of these things individually, create specific plans for specific wound types, for specific patient types, for specific user types. And so a lot of it is going to be starting to really both differentiate and target the offering. So that we can engage with mobile wound care, with nursing homes, with skilled nursing facilities with -- increasingly, I think we've probably been neglecting hospitals a bit.

因此，在很大程度上，我們在行銷計劃中關注的事情之一就是更多地轉向單一行銷立場的市場，在這種市場中，我們實際上可以單獨針對其中的許多方面，為特定的傷口類型、特定的患者類型、特定的用戶類型製定具體的計劃。因此，很多事情將開始真正實現差異化和針對性。這樣我們就可以參與移動傷口護理、療養院、專業護理機構——我認為我們可能越來越忽視醫院了。

We're starting to engage there with a bit more focus. I think, there's also -- obviously, you have a lot of opportunity in podiatry, in wound care centers. And so I think it really becomes a question of tailoring the offerings such that you're tailoring the offering to both the wound and the customer type, beginning to show people this is really how you can use this product, and then getting over the hump of people saying wound care is not a high-trust environment, right?

我們開始更加專注地參與其中。我認為，顯然，足病學、傷口護理中心也有很多機會。因此，我認為這實際上變成了一個定制產品的問題，即根據傷口和客戶類型定制產品，開始向人們展示如何使用該產品，然後克服人們說傷口護理不是一個高信任環境的障礙，對嗎？

Like there are -- when you walk in with a shiny new thing and say this is the best wound care since moldy bread, the -- you met with an understandable amount of skepticism, and I think you're getting to key folks, getting to high enough usage rates in markets that everyone says oh, I've heard of this thing. I've seen people use it. I hear they're getting great results. I should go take a look? Really matters. And so some of it is going to be pushing for very specific regional and critical mass.

就像有——當你帶著一個閃亮的新東西走進來並說這是自發霉的麵包以來最好的傷口護理時——你會遇到可以理解的懷疑，我認為你已經接觸到了關鍵人物，在市場上獲得了足夠高的使用率，每個人都說，哦，我聽說過這個東西。我見過有人使用它。我聽說他們取得了很好的成績。我該去看看嗎？確實很重要。因此，其中一些將推動非常具體的區域和臨界規模。

Appreciate that. And maybe just lastly, any update on the senior secured debt that's coming due?

非常感謝。最後，關於即將到期的優先擔保債務，您有什麼最新消息嗎？

There we go. We had an internal bet on how long we could go on this call without somebody asking that. So yes, I guess it's probably fair we give something of an update. I think as we've long discussed to be -- we were looking at the refinancing of our debt as a cost of capital equation, right? And so we're looking at do we want to do this as deb, do we want to this as equity, like what's the choice?

好了。我們內部打賭說，我們可以在這次通話中堅持多久而不會有人問這個問題。所以是的，我想我們提供一些更新資訊可能是公平的。我認為，正如我們長期以來討論的那樣——我們將債務再融資視為資本成本方程式，對嗎？因此，我們正在考慮是否要將其作為債務來做，是否要將其作為股權來做，我們有什麼選擇？

And so we ran an internal process to look at what our debt options were. And we received several term sheets that we thought were very attractive. And we chose one and are currently in the process of working to close it. So I can't really get into too much more detail right now. Like I can't name the counterparty. But I think people will be favorably inclined towards both the lender and the terms. It's a significant improvement over what we have.

因此，我們進行了內部流程來研究我們的債務選擇。我們收到了幾份我們認為非常有吸引力的條款清單。我們選擇了一個，目前正在努力關閉它。所以我現在還不能透露太多細節。就像我不能說出交易對手的名字一樣。但我認為人們會對貸款人和條款持正面態度。這比我們現有的情況有了顯著的改善。

It's excellent. Appreciate all the color here. We'll keep an eye off for that. I will jump back to queue.

非常好。欣賞這裡的所有色彩。我們會密切關注此事。我將重新回到隊列。

Thanks, Kyle.

謝謝，凱爾。

(Operator Instructions) Chris Plahm, Tall Pines Capital.

（操作員指示） Chris Plahm，Tall Pines Capital。

Good morning, guys.

大家早安。

Chris, good morning. How are you?

克里斯，早安。你好嗎？

Pretty good. Great start to the year. Actually, the last gentleman took my first question on the debt. But I was curious also how you look at the elephant hunting now with the new team you have in place. I know you said you have a national account manager. Can you maybe talk a little bit about who do you have that maybe you've sold systems to that have a big runway with a couple of hundred locations, and maybe the pipeline for maybe new large elephant hunting?

不錯。今年的開始很好。實際上，最後一位先生回答了我關於債務的第一個問題。但我也很好奇，您和新團隊現在如何看待大象狩獵。我知道您說過您有全國客戶經理。您能否稍微談談，您可能向誰出售過系統，這些系統擁有數百個地點的大型跑道，也許還有新的大型大象狩獵的渠道？

Yes. I mean -- sure. I mean, obviously, for competitive reasons, we want to be a little bit careful about naming folks. But there are a number of key initiatives that we've gotten pretty interested in. We were recently added to the approved vendor list on one of the largest hospital chains and networks in the US. And so if that's become a very -- if that's become an interesting hunting ground for us, we're looking at a number of folks who have considerably larger footprints, like people who have several hundred locations.

是的。我的意思是——當然。我的意思是，顯然，出於競爭的原因，我們在命名人員時要謹慎一些。但我們對一些關鍵措施非常感興趣。我們最近被添加到美國最大的醫院連鎖和網路之一的批准供應商名單中。因此，如果這對我們來說成為一個非常有趣的狩獵場，我們就會關註一些擁有更大足跡的人，例如擁有數百個地點的人。

And I think the -- it's early days, right? I mean, we hired our new key accounts rep in second week of July. So I mean, he's been here almost a month now. So yes, we're going to start expecting things any day now. But it's always a little bit difficult to guess exactly how these guys are going to perform, right? The big, big customers like this tend to be more careful.

我認為——現在還為時過早，對吧？我的意思是，我們在七月的第二週聘請了新的大客戶代表。我的意思是，他已經來這裡快一個月了。所以是的，我們現在隨時都會開始期待一些事情。但總是有點難以猜測這些人究竟會如何表現，對吧？像這樣的大客戶往往會更加謹慎。

They're also structured differently, right? Some of them are tipping point accounts where there's one national decision maker. And if they say yes, you go on a large number of units. Others are we'll approve this and now you have a honey license, but have to go get each one individually, though they seem to get -- and they seem to get easier the more you get on board, right?

它們的結構也不同，對嗎？其中一些是臨界點帳戶，其中有一個國家決策者。如果他們同意，你就可以加入很多單位。其他人說我們會批准這個，現在你有了蜂蜜許可證，但必須單獨去獲得每一個，儘管他們似乎得到了 - 而且你加入的越多，他們似乎就越容易，對嗎？

They're if you penetrate a network like that, there's a -- there's a flip over point where the question changes from why should I use this thing to, hey, why aren't you using this thing yet? Don't you see the rest of your peers are doing? And so it's -- we're building some real momentum there. But I mean, it's obviously we've -- we're a month in. It's a little early to be making much in the way of really concrete prognostications.

如果你滲透到這樣的網絡，就會出現一個轉折點，問題就會從“我為什麼要使用這個東西”變成“嘿，你為什麼還沒有使用這個東西？”難道你沒看到其他同齡人在做什麼嗎？所以——我們正在那裡建立一些真正的勢頭。但我的意思是，顯然我們已經——已經持續了一個月。現在就做出真正具體的預測還為時過早。

It appears we have no further questions in the queue. I'll turn the program back to the speakers.

看來我們隊列中沒有其他問題了。我會將節目轉回給演講者。

I think, I might have one more question.

我想我可能還有一個問題。

Albert Hanser, Kestrel.

阿爾伯特·漢瑟（Albert Hanser），Kestrel。

Hi, nice job. Fun to see the execution. In all the momentum and good news, sometimes I think, the IP aspect gets overlooked, and I noticed on your website in the deck, which I haven't seen before, in the broader deck, you now have a slide on the IP and 140 patents. Can you just talk more about the value of those patents and where they lie? And just give us a broader landscape of the foundation under which you're building the company.

你好，幹得好。看到執行過程很有趣。在所有的動力和好消息中，有時我認為，智慧財產權方面被忽視了，我注意到在你的網站上，在更廣泛的平台上，我以前從未見過，你現在有一張關於智慧財產權和 140 項專利的幻燈片。您能否詳細談談這些專利的價值以及它們的應用領域？請向我們更廣泛地介紹您創建公司的基礎。

Well, you couldn't come up with an easier question. Okay. So I mean, fundamentally, yes, SANUWAVE is sitting on a large patent portfolio that includes a lot of things to do with shockwave and with ultrasound.

嗯，你想不出一個更簡單的問題了。好的。所以我的意思是，從根本上來說，是的，SANUWAVE 擁有龐大的專利組合，其中包括許多與衝擊波和超音波相關的內容。

Obviously, we see some of them as core protection of our ability to operate. We're -- it's something we're also looking to extend as we begin looking at new things we can do with the UltraMIST platform. Obviously, we have in the past monetized some of these patents. We have one relationship with (inaudible) to potentially utilize some of our shockwave patents around some vascular conditions.

顯然，我們將其中一些視為我們營運能力的核心保障。當我們開始研究使用 UltraMIST 平台可以做的新事物時，我們也希望擴展它。顯然，我們過去已經將其中一些專利貨幣化。我們與（聽不清楚）有合作關係，有可能利用我們的一些衝擊波專利來治療某些血管疾病。

I can't really speak to that any further in concrete specifics beyond what we have out in the public market, which is that they paid us $2.5 million last year to really buy -- to basically buy an option that would allow them to pay a mid-single-digit million fee to then go out and assert some patents on which there would be a rev share on the back end with any collection. We are always looking at the patent portfolio and saying, what else can we do with this. We get interest from time to time from folks about licensing or acquiring patents. But I don't that I can really say anything else that's concrete on that topic at this time.

除了我們在公開市場上已經披露的資訊之外，我無法進一步談論具體細節，也就是說，他們去年向我們支付了 250 萬美元來真正購買 - 基本上是購買一種期權，允許他們支付數百萬美元的費用，然後出去主張一些專利，這些專利將在後端隨著任何收款而產生收益分成。我們總是關注專利組合併思考，我們還能用它做什麼。我們不時會收到一些關於許可或取得專利的興趣。但我認為目前我還不能就該主題說出任何具體的東西。

(Operator Instructions) I'm showing we have no further questions over the phone at this time.

（操作員指示）我透過電話表示我們目前沒有其他問題。

Great. Well, thank you, everyone, for joining us this morning, and we look forward to speaking to you next quarter.

偉大的。好吧，謝謝大家今天上午加入我們，我們期待下個季度與你們交談。

This concludes today's program. Thank you for your participation, and you may disconnect at any time.

今天的節目到此結束。感謝您的參與，您可以隨時斷開連線。