SANUWAVE Health Inc (SNWV) 2025 Q3 法說會逐字稿

Please stand by. Your program is about to begin.

請稍候。您的程式即將開始。

Good day everyone and welcome to the Sanu wave earnings call. At this time, all participants are in a listen-only mode. Later you will have the opportunity to ask questions during the question-and-answer session. You may register to ask a question at any time by pressing the and 1 on your telephone keypad. You may withdraw yourself from the queue by pressing and 2.

大家好，歡迎參加 Sanu Wave 的財報電話會議。目前，所有參與者均處於唯讀模式。稍後您將有機會在問答環節提問。您可隨時按下電話鍵盤上的 和 1 來註冊提問。您可以按 2 鍵退出佇列。

Please note this call may be recorded and I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Morgan Frank, Chairman and CEO of Stanuave. Please go ahead.

請注意，本次通話可能會被錄音，如果您需要任何協助，我將隨時為您提供服務。現在我很高興將會議交給Stanuave董事長兼執行長Morgan Frank先生。請繼續。

Thank you. Good morning. Welcome to Sandy Wave's 3rd quarter 2025 earnings call. Form 10-Q was filed with the SEC last night. Our earnings release was issued this morning, and our updated presentation was made available on the website in the investor section. Please refer to that during your presentation. We really TRY to make it useful. Thanks. So joining me on the call today is Peter Sorenson, our CFO, and after the presentation we will open the call up to Q&A.

謝謝。早安.歡迎參加 Sandy Wave 2025 年第三季財報電話會議。10-Q 表格已於昨晚提交給美國證券交易委員會。我們今天早上發布了盈利報告，更新後的簡報已在網站的投資者關係版塊發布。請在演示過程中提及這一點。我們真的盡力讓它有用。謝謝。今天和我一起參加電話會議的是我們的財務長彼得·索倫森，演講結束後我們將開放問答環節。

So, let me begin with the forward-looking statements and other disclosures, this call may contain forward-looking statements such as statements relating to future financial results, production expectations, and plans for future business development activities.

那麼，首先讓我談談前瞻性聲明和其他揭露事項，本次電話會議可能包含前瞻性聲明，例如與未來財務績效、生產預期和未來業務發展活動計畫相關的聲明。

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.

投資者請注意，任何此類前瞻性陳述均不構成對未來業績的保證，並且涉及風險和不確定性，其中許多風險和不確定性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. Company undertakes no obligation to update any forward-looking statement. Certain percentages discussed in this call are calculated for the underlying whole dollar amounts and therefore may not recalculate from rounded numbers. Disclosure purposes.

這些風險和不確定性以及其他可能影響我們財務表現的因素的描述已包含在我們提交給美國證券交易委員會的文件中。實際結果可能與前瞻性聲明中預測的結果有重大差異。本公司不承擔更新任何前瞻性聲明的義務。本次通話中討論的某些百分比是根據實際的整數美元金額計算的，因此可能無法從四捨五入的數字重新計算得出。資訊揭露目的。

As a reminder, our discussion today will include non-GAAP numbers. Reconciliation between our GAAP and non-GAAP results can be found in our recently filed 10-Q for the period ended September 30th, 2025.

再次提醒，我們今天的討論將涉及非GAAP財務數據。有關我們 GAAP 和非 GAAP 結果的調整表，請參閱我們最近提交的截至 2025 年 9 月 30 日的 10-Q 表格。

Alright, so now we have that out of the way. Let's dig into the good part. Q3 was an all-time record revenue quarter for Sandy wave, up 22% versus the challenging pig through Python quarter last year when a large order drove 89% year on year growth. Quarter was also up 13% sequentially from Q2.

好了，現在這個問題解決了。讓我們深入探討一下精彩的部分。第三季度是 Sandy Wave 有史以來收入最高的季度，比去年同期增長了 22%，而去年同期由於面臨挑戰，一個大訂單推動了 89% 的同比增長。本季環比也比第二季度成長了13%。

This brings year on year growth for the first nine months of 2025 to 39% versus the same period last year.

這將使 2025 年前九個月的年成長率達到 39%，與去年同期相比。

Sold 155 ultimate systems in Q3, also an all-time record, and up from 124 last year again, the Pick Python quarter and 116 last quarter. This took us to 1,416 units in the field, 504 of which, that's 36%, haven't sold in the trailing 12 months. Applicator revenue was 6.8 million in the quarter, also an all-time record, up 26% year on year and 6% sequentially from Q2. At 59% of revenues for the quarter, this was in line with the 55 to 65% target range we have discussed on previous calls.

第三季售出 155 套終極系統，創歷史新高，比去年同期的 124 套、Pick Python 季度的 124 套以及上一季的 116 套都有所增長。這使得我們在市場上共有 1416 套單元房，其中 504 套（佔 36%）在過去 12 個月內沒有售出。本季施藥器營收為 680 萬美元，也創歷史新高，年增 26%，季增 6%。本季營收的 59%，與我們先前電話會議中討論的 55% 至 65% 的目標範圍相符。

We have 2 customers of about 5% in the border and 1 customer, a reseller that slightly exceeded that. No other customers exceeded 3% to the border.

我們在邊境地區有 2 個客戶，市佔率約 5%；還有 1 位客戶（經銷商），市佔率略高於這個數字。其他顧客到邊境的佔比均未超過 3%。

Gross margins were healthy 77.9% in the quarter, slightly down from 78.2% last quarter, but up from 75.5% a year ago. This is for this was primarily as a result of slightly lower overall ASP for ultimate systems as a result of beginning to work with some larger resellers with whom we deal on a wholesale basis.

本季毛利率為77.9%，略低於上季的78.2%，但高於去年同期的75.5%。這主要是由於我們開始與一些大型經銷商進行批發合作，導致高階系統的整體平均售價略有下降。

Where we sell systems at lower prices and allow them to mark the systems up when we sold as opposed to selling at full price and paying commission. This works out about the same, maybe slightly better for us on the operating line, but it does impact gross margins a bit. This was offset by slightly higher prices on applicators and some ongoing cost reductions to the production of the ultram system.

我們以較低的價格出售系統，並允許他們在出售時加價，而不是以全價出售並支付佣金。這樣算下來結果差不多，對我們這條生產線來說可能稍微好一點，但確實會對毛利率產生一些影響。但這被塗抹器價格略微上漲以及超高效系統生產成本持續降低所抵消。

The qualification of our new 4 cavity mold for applicators and the new more manufacturable applicator process continues. We expect to have that process up and running for commercial production in January, though, if we do really well, it could be as soon as December, but I think at this point January is probably a better bet. The clean room and equipment are in and qualified. We just need to get through the design verification performance and. Shelf life testing stages and unfortunately things like shelf life testing are inherently time based. We use a blended cost basis for calculating our cost of goods sold so it will take a few quarters for the, these, this new process to show through fully but we expect it to ultimately drive a few extra points of applicator margin as it reaches scale in the back half of 2026.

我們新的四腔模具（用於塗抹器）和新的、更易於製造的塗抹器工藝的認證工作仍在進行中。我們預計該流程將於 1 月投入商業生產，不過，如果進展順利，最早可能在 12 月就能實現，但我認為目前來看，1 月可能是更好的選擇。潔淨室和設備已安裝完畢並通過驗收。我們只需要通過設計驗證性能測試。保質期測試階段，以及像保質期測試這樣的事情，本質上都是基於時間的。我們採用混合成本基礎來計算銷售成本，因此，這項新流程需要幾個季度才能完全顯現效果，但我們預計，隨著它在 2026 年下半年達到規模，最終將為應用利潤率帶來幾個百分點的提升。

So Q3's been a productive time for Sandy wave. We received $5 million payment for the exercise of IP licensing related to our intravascular shockwave patent portfolio, and, we refinanced our debt reducing $27.5 million of debt, closer to $29 million with closing costs to $24 million and, our interest rate from.

所以第三季對於桑迪波浪來說是富有成效的一段時間。我們因行使與血管內衝擊波專利組合相關的知識產權許可而收到 500 萬美元付款，並且，我們對債務進行了再融資，減少了 2750 萬美元的債務，加上交易費用後接近 2900 萬美元，降至 2400 萬美元，並且我們的利率也從。

19.5 to sofa plus 350, which is currently about 7.63%. This placed the company on excellent financial footing and positions it well to pay down this debt from cash flow as the facility contains no prepayment penalties or fees. We also moved to our new larger headquarters back in August, and one last piece of good news based on the refi and our ongoing financial performance.

19.5 到沙發加 350，目前約佔 7.63%。這使公司擁有良好的財務基礎，並使其能夠利用現金流償還這筆債務，因為該貸款不包含任何提前還款罰款或費用。8 月我們也搬到了更大的新總部，還有一個好消息，那就是再融資和我們持續的財務表現。

I am pleased to announce that Senuave has alleviated its substantial doubt to continuously going concern for at least 12 months as of this 10-Q.

我很高興地宣布，截至本 10-Q 報告發布之時，Senuave 已消除其持續經營至少 12 個月的重大疑慮。

So, we've got to the part I'm sure everybody wants to get to, the wound care market was a bit unsettled in Q3, as many practitioners seem to be taking the sort of wait and see attitude to.

所以，我們來到了大家肯定都想看到的部分，第三季傷口護理市場有點動盪不安，許多從業者似乎都採取了觀望態度。

What turned out to be some pretty substantial changes in the skin sub and allograft reimbursement market, these have been long mooted by CMS, and this seems to lead to a widespread taking the foot off the gas in the industry due to the uncertainty.

皮膚移植和同種異體移植的報銷市場出現了一些相當大的變化，這些變化長期以來一直由美國醫療保險和醫療補助服務中心 (CMS) 提出，而由於不確定性，這似乎導致整個行業普遍放緩了步伐。

While these changes which were made final on Friday, the 31st, did not affect any wave of our reimbursement for the 97 610 code. Remains essentially unchanged, perhaps slightly up for 2026. It does affect many of our users, and this in combination and perhaps particularly because of heightened fears about CMS audits and clawbacks in wound care led many providers to simply to choose to simply sort of back off a little and to use advanced wound care treatments on fewer patients at the margin.

雖然這些變更已於 31 日星期五最終確定，但並未影響我們對 97 610 代碼的任何一輪報銷。基本上保持不變，2026 年可能會略有上漲。這確實影響了我們的許多用戶，而且由於對 CMS 審計和傷口護理追回款項的擔憂加劇，導致許多醫療服務提供者乾脆選擇稍微退縮一些，只在少數患者身上使用先進的傷口護理治療。

This uptick in audit and price sensitivity seems to be part and parcel to the broader CMS strategy of driving toward something more in the lens of evidence-based medicine requiring more data on efficacy, product differentiation. And value for money in treatment regardless of any near term disruption, we think this is an overall positive trend for Sanuwave and for Ultramist, and we suspect that this is a paradigm in which our products can really thrive. It's only been a week since the final rule came out, and so it is perhaps a little early to making too many strong pronouncements about exactly how this all is going to play out. But in our experience any certainty is better than huge uncertainty and with the market having really no idea if reimbursement was going to be. 2,500 or 500 or $127 per square centimeter in skin subs. This was simply too much variance for people to make decisions around.

審計和價格敏感性的上升似乎是 CMS 更廣泛的策略的一部分，該策略旨在從實證醫學的角度出發，要求提供更多關於療效和產品差異化的數據。儘管短期內可能會出現一些幹擾，但考慮到治療的性價比，我們認為這對 Sanuwave 和 Ultramist 來說是一個總體積極的趨勢，我們懷疑這是我們的產品能夠真正蓬勃發展的模式。最終規則出台至今僅一周，因此現在就對這一切將如何發展做出太多強烈的斷言或許還為時過早。但根據我們的經驗，任何確定性都比巨大的不確定性好，而且市場真的不知道是否會有報銷。皮膚替代品每平方公分 2,500 或 500 或 127 美元。這樣的差異性太大了，人們很難據此做出決定。

So now that that answer is known, we expect people will rapidly adapt to this new reality and get moving, but we've had a flurry of calls this week from distributors, partners, perspective sales people, and, we believe that the weeks. And months ahead will represent a profound opportunity to make some moves to improve our market, marketing, and our sales positions. I mean you could really sort of feel the market starting to crack back open again as soon as everybody knew what, fact to which they were planning.

既然答案已經揭曉，我們預計人們會迅速適應這種新的現實並開始行動，但本週我們接到了大量來自分銷商、合作夥伴、潛在銷售人員的電話，我們相信接下來的幾週將會如此。接下來的幾個月將是一個絕佳的機會，讓我們採取一些措施來改善我們的市場、行銷和銷售地位。我的意思是，一旦大家都知道了他們計劃採取的行動，你就能真切地感受到市場開始重新開放。

During our September all hands call, like, I literally threw up a picture of Littlefinger from Game of Thrones and told the team, chaos is not a pit, it's a ladder, and so we're going to climb it. I mean, while perhaps the hope that max disruption was behind us in the last call was a little bit optimistic, this seems like one of those moments in a market where the ones who figure out how to climb fastest can gain a lot of ground.

在九月的全員大會上，我直接放了一張《權力的遊戲》中小指頭的照片，告訴團隊，混亂不是一個深淵，而是一個階梯，所以我們要攀登它。我的意思是，雖然上次通話中認為最大程度的顛覆已經過去可能有點樂觀，但這似乎是市場中那些能夠最快崛起的人能夠取得巨大成功的時刻之一。

And we're engaged currently with the most qualitatively and quantitatively promising sales funnel I've ever seen in my tenure here. It's been a little bit frustratingly slow to move, but it feels like that may be rapidly starting to change. So this is an exciting time here and one that should be very good for Sandy wave, with that, I'll turn you over to Peter Sorenson, our CFO, who can walk you through the rest of our financials.

目前，我們正在進行的銷售管道，無論從品質或數量上來說，都是我在這裡任職期間見過的最有前景的銷售管道。雖然進展緩慢得令人有些沮喪，但感覺這種情況可能正在迅速改變。所以現在是令人興奮的時刻，對 Sandy Wave 來說應該會非常有利。接下來，我將把麥克風交給我們的財務長 Peter Sorenson，他將帶您了解我們剩餘的財務資訊。

Thank you, Morgan. We had a strong 3rd quarter at Sanuave with revenue reaching a new all-time quarterly record and up 22% year over year. This performance reflects the continued momentum of our commercial strategy and the growing demand for Ultramist. Gross margins expanding meaningfully year over year, reflecting both the inherent leverage in our model and our disciplined approach to managing costs. Looking ahead, our focus remains on driving sustainable, profitable growth. So with that, let's take a closer look at the financial results of the quarter.

謝謝你，摩根。Sanuave 第三季業績強勁，營收創下歷史新高，年增 22%。這一業績反映了我們商業策略的持續發展勢頭以及市場對 Ultramist 日益增長的需求。毛利率逐年顯著成長，這不僅反映了我們模式固有的槓桿作用，也反映了我們嚴格的成本控制方法。展望未來，我們的重點仍是推動永續的獲利成長。那麼，接下來讓我們仔細看看本季的財務表現。

Revenue for the three months ended September 30th, 2025 totaled $11.5 million an increase of 22% as compared to $9.4 million for the same period of 2024. This growth was below our guidance for the quarter, but right in the midpoint of the preliminary range of results we disclosed on October 6th of 11.4 to $11.6 million.

截至 2025 年 9 月 30 日的三個月，營收總計 1,150 萬美元，比 2024 年同期的 940 萬美元成長了 22%。這一增長低於我們對該季度的預期，但正好處於我們 10 月 6 日公佈的初步業績範圍（1,140 萬美元至 1,160 萬美元）的中點。

Gross margin as a percentage of revenue for the three months end of September 30th, 2025 came in at 77.9%, up over 240 basis points year over year, driven by lower ultimate assist production costs in our strategic pricing initiatives across systems and applicators.

截至 2025 年 9 月 30 日的三個月，毛利率佔營收的百分比為 77.9%，年成長超過 240 個基點，這主要得益於我們在系統和應用器方面採取的策略定價措施降低了最終輔助生產成本。

For the three months ended September 30th, 2025, operating income totaled $1.5 million which is down by $0.5 million compared to the same period last year. However, operating expenses for the three months ended September 30th, 2025, amounting to $7.5 million compared to $5.1 million for the same period last year, an increase of $2.4 million. This change was largely driven by an increase in non-cash stock-based compensation expense of $1.4 million versus Q3 2024, in which there is no stock comp expense.

截至 2025 年 9 月 30 日的三個月內，營業收入總計 150 萬美元，比去年同期減少了 50 萬美元。然而，截至 2025 年 9 月 30 日的三個月的營運費用為 750 萬美元，而去年同期為 510 萬美元，增加了 240 萬美元。這項變更主要是由於非現金股票補償費用增加了 140 萬美元，而 2024 年第三季則沒有股票補償費用。

Increased head count expenses of $0.8 million increased marketing expenses of $0.2 million. Increased legal expenses of 0.2 million, and R&D increased expenses of $0.1 million.

人員增加支出 80 萬美元，行銷支出增加 20 萬美元。法律費用增加 20 萬美元，研發費用增加 10 萬美元。

Partially offset by decreased commission expense of $0.8 million.

部分被佣金支出減少 80 萬美元所抵銷。

Net income for the three months ended September 30th, 2025 was $10.3 million compared to net loss of $20.7 million for the same period in 2024, an increase of $31 million. The increase in net income was primarily driven by the change in fair value derivative liabilities, which resulted in a non-cash gain of $6.1 million in Q3 2025 versus the $18.8 million loss in Q3 2024, representing a $25 million year over year variance.

截至 2025 年 9 月 30 日止三個月的淨收入為 1,030 萬美元，而 2024 年同期淨虧損為 2,070 萬美元，淨虧損增加了 3,100 萬美元。淨收入的成長主要由公允價值衍生負債的變化推動，導致 2025 年第三季非現金收益為 610 萬美元，而 2024 年第三季則虧損 1,880 萬美元，年比變動達 2,500 萬美元。

In addition, we had a $5 million gain related to a patent sale, as noted on a previous Ak and in our most recent 10-Q.

此外，正如先前的 Ak 報告和我們最近的 10-Q 報告中所述，我們還因專利出售獲得了 500 萬美元的收益。

We also had lower interest expense of $1.6 million in Q3 2025, primarily due to the conversion of our previous outstanding notes into common stock in Q4 2024 as part of the note and warrant exchange. These impacts were partially offset by non-recurring costs of $0.5 million related to the repayment of our senior secured debt.

2025 年第三季度，我們的利息支出也減少了 160 萬美元，這主要是由於我們在 2024 年第四季將先前未償還的票據轉換為普通股，作為票據和認股權證交換的一部分。這些影響部分被與償還我們的優先擔保債務相關的 50 萬美元非經常性成本所抵消。

EBITDA for the three months ended September 30th, 2025 was $12.4 million. Adjusted EBITDA was $3.5 million versus $2.1 million for the same period last year, an improvement of $1.3 million year over year.

截至 2025 年 9 月 30 日止三個月的 EBITDA 為 1,240 萬美元。調整後 EBITDA 為 350 萬美元，而去年同期為 210 萬美元，年增 130 萬美元。

Total current assets amounted to $22.6 million as of September 30th, 2025 versus $18.4 million as of December 31st, 2024. Cash totaled $9.6 million as of September 30th, 2025.

截至 2025 年 9 月 30 日，流動資產總額為 2,260 萬美元，而截至 2024 年 12 月 31 日，流動資產總額為 1,840 萬美元。截至2025年9月30日，現金總額為960萬美元。

We're grateful for the continued trust and support of our stakeholders. Q3 2025 is another excellent quarter for Sandy Wave, and we're pleased with the progress we've achieved across our business. As we head into the final quarter of the year, we remain committed to executing with discipline, driving growth, and creating long-term value for our stockholders. With that, I'll turn the call back over to Morgan.

我們衷心感謝各利害關係人的持續信任與支持。2025 年第三季對 Sandy Wave 來說又是一個出色的季度，我們對公司在各個業務領域的進展感到滿意。進入今年最後一個季度，我們將繼續秉持嚴謹的執行力，推動成長，並為股東創造長期價值。這樣，我就把電話轉回摩根了。

Thanks Peter. So moving on to guidance, as we stated in our press release, we are guiding to 13 to 14 million in Q3 revenues, up 26 to 36% year on year and also representing, and which would represent a, another all-time high revenue quarter for say anyways.

謝謝你，彼得。接下來談談業績指引，正如我們在新聞稿中所述，我們預計第三季營收將達到 1,300 萬至 1,400 萬美元，年增 26% 至 36%，這也將代表公司營收再創歷史新高。

We're starting to see significant cause for optimism.

我們開始看到一些值得樂觀的理由。

Now that the market concern around reimbursement and wound is alleviating once because now that we now finally have some certainty rather than vast uncertainty, obviously it's only been a few days since the final rule was announced, but, as I said earlier, we can already feel some movement beginning and some of the log jams breaking free. So as ever, I want to express my gratitude to the Sandy Wave team for all the hard work and, their commitment trust, I'd also like to thank them for routinely falling for my the highest reward for good work is more work stick and pretending that that's, insightful and motivational. Well done, guys, and thank you so with that, thanks everyone, and we will open the call up to questions.

現在，由於我們終於有了一些確定性而不是巨大的不確定性，市場對報銷和傷口的擔憂有所緩解。顯然，最終規則公佈至今只有幾天時間，但正如我之前所說，我們已經可以感覺到一些進展開始，一些障礙正在被打破。所以，一如既往，我要感謝 Sandy Wave 團隊的辛勤工作和他們的奉獻與信任。我還想感謝他們經常接受我「好工作的最高獎勵就是更多的工作」這種說法，並假裝這很有見地、很激勵人心。幹得好，各位，謝謝大家，接下來我們將開放提問環節。

At this time, if you would like to ask a question, please press the star and 1 on your telephone keypad. You may remove yourself from the queue at any time by pressing 2.

此時，如果您想提問，請按電話鍵盤上的星號和數字 1。您可以隨時按 2 鍵從佇列中移除自己。

We'll take our first question from Ian Castle with IFCM. Your line is open.

我們先來回答 IFCM 的 Ian Castle 提出的問題。您的線路已開通。

Yeah, I just had a couple questions, mainly around the reseller model that seems to be picking up some steam. Maybe the first question though is, due to the disruption in in skin substitutes, I was curious if, the resellers or distributors of those skin substitutes that now the rev the revenues are probably down 90% versus last year. And I'm curious if you're seeing any inbound interest from those resellers who are now kind of scrambling to pick up additional products to fill that revenue GAAP in their businesses.

是的，我有一些問題，主要關於經銷商模式，這種模式似乎逐漸興起。不過，第一個問題可能是，由於人造皮膚市場受到衝擊，我很好奇這些人造皮膚的經銷商或分銷商的收入是否比去年下降了 90%。我很好奇，您是否注意到那些經銷商對貴公司產品表現出了濃厚的興趣，他們現在正爭先恐後地採購更多產品，以滿足其業務的收入 GAAP 要求。

Well, okay, so I mean the short answer to that question is yes, it feels like there is a substantial realignment beginning in the space and obviously you know this is a very significant change to a large product category. We've definitely seen some inbound interest I think a bunch of it started. Even well before the rule came out.

好吧，簡單來說，答案是肯定的，感覺這個領域正在發生實質性的調整，顯然你也知道，這對一個大型產品類別來說是一個非常重大的變化。我們確實看到了一些潛在客戶的興趣，我認為很多興趣都是從那時開始的。甚至在該規則出台之前很久。

And was sort of, and some were sort of predicating the, well, maybe we'd be interested in picking this up depending on what happens. I think it's a little bit premature to say, well, okay, this is what this is going to result in a ton of new deals, but what I will say is, distribution is an important part of the space. They, a lot of the, some of these distributors are very sophisticated. They have good account. They've good account control. They do good work with the providers to help them, even down to the level of selecting patients and determining care.

有些人似乎在預測，或許我們會根據事態發展而考慮是否接手這個專案。我覺得現在就斷言這將帶來大量新交易還為時過早，但我可以肯定的是，分銷是這個領域的重要組成部分。他們，很多，其中一些分銷商非常老練。他們的帳戶很好。他們的帳戶管理做得很好。他們與醫療服務提供者合作良好，幫助他們，甚至在選擇病人、確定治療方案等方面也給予了支持。

It's something that we've been sort of stripping down and rebuilding this year, our average sales through distributors and resellers was about 36%.

今年我們一直在對這部分業務進行精簡和重建，我們透過經銷商和經銷商的平均銷售額約為 36%。

In 2024, in this quarter it was about 25%.

2024 年，本季約為 25%。

So you know that's up a little from last quarter but still kind of not to levels where it used to be and so we're kind of assessing what the right level of we're sort of assessing what the right mix for us is going to be.

所以你知道，這比上個季度略有增長，但仍然沒有達到以前的水平，因此我們正在評估對我們來說合適的水平或組合是什麼。

And how do you kind of blend that distributor channel with your direct sales force? How do you think about that?

那麼，如何將通路與直銷團隊融合呢？你對此有何看法？

Yeah, it's always, that's always sort of the tricky bit, and we, we're doing it through sort of a deconflicting structure where, if our reps are chasing something, it's theirs, and, we don't, what we want to avoid is are the two channels stepping on each other.

是的，這總是比較棘手的部分，我們透過一種消除衝突的結構來解決這個問題，如果我們的代表在追求某個目標，那就是他們的目標，我們不想讓這兩個管道互相干擾。

And so it's sort of, if a distributor wants to go after a customer they'll come to us and say hey we think this is an interesting prospect and you know we'll deconflict it through our internal we'll deconflict it through our internal lists and say yeah we don't have anybody who's working on that go ahead.

所以，如果經銷商想要爭取某個客戶，他們會來找我們說，嘿，我們認為這是一個有趣的潛在客戶，然後我們會透過我們內部的名單排除衝突，然後說，是的，我們沒有人在負責這個項目，你去做吧。

And maybe last question on the reseller and distributor model, how do you handle inventory management? Are they kind of, you don't want to be stuck, stuffing the channel, so to speak, where they're buying 9 months' worth of inventory? How do you think about those inventory turns?

關於經銷商和經銷商模式，最後一個問題是：你們如何處理庫存管理？他們是不是有點…你不想陷入困境，不想堵塞渠道，不想一次性購買相當於9個月的庫存？您如何看待這些庫存週轉率？

Yeah, that's a great question, and that's something we've given a lot of thought to and something we worry about a lot, when you're dealing with stocking distributors you always sort of run this risk of you do you have too much inventory in the channel and will you wind up kind of choking on it the you know we've been trying to be sort of measured with this and not putting too much inventory into the channel. To really avoid that problem, I think you know the first major distributor we dealt with on a stocking basis this year was back kind of toward the end of Q2.

是的，這是一個很好的問題，也是我們認真思考、一直擔心的問題。在與庫存分銷商打交道時，你總是會面臨庫存過多的風險，最終導致通路供應緊張。我們一直在努力控制庫存，避免在通路中投入過多的庫存。為了真正避免這個問題，我想你應該知道，我們今年第一個以庫存方式合作的主要分銷商是在第二季度末的時候重新開始供貨的。

They took about 15 systems from us in the inventory and at the time I was actually pretty worried about that. They came back six weeks later and said, yeah, we've sold them, can we have 10 more?

他們從我們庫存中拿走了大約 15 台系統，當時我真的非常擔心。六週後他們回來了，說：“是的，我們已經賣出去了，我們能再要 10 個嗎？”

Took 10 more and then, went out and sold those again in another 8 weeks. And so I think if we can kind of keep those turns in the sort of 8 to if we can keep the inventory turns there in the sort of 8 to 12 weeks range, I think that's healthy.

又買了 10 個，然後又過了 8 週才把它們賣掉。所以我覺得，如果我們能把庫存週轉率保持在 8 到 12 週的範圍內，那將是健康的。

I think once we start seeing it bump up against that kind of, like 10 to 12 area, we're going to start to get nervous.

我認為一旦我們看到它接近 10 到 12 這樣的區間，我們就會開始感到緊張。

For any given distributor and then you know to look at them overall obviously I think we'd like to keep it, more toward the the sort of 8 range.

對於任何給定的分銷商，然後你知道要整體上看一下他們，顯然我認為我們希望將其保持在 8 左右的範圍內。

Okay, thanks for the color on that.

好的，謝謝你補充的顏色資訊。

Our next question comes from Kyle Bosser with Roth Capital Partners. Your line is open.

下一個問題來自羅斯資本合夥公司的凱爾·博瑟。您的線路已開通。

Hi, good morning, thanks for all the updates. Maybe just following up a little bit on that. What, what's the latest rep head count?

您好，早上好，感謝您提供的所有更新資訊。或許只是想就此稍作補充。什麼？最新的代表人數是多少？

Rep head count is still 13, same as it was last quarter. We've rejiggered it a little bit, we changed the shape of a couple of territories, moved it to 12 national territories, and now have two full-time kind of key national key account managers, but overall account is the same.

代表人數仍為 13 人，與上季相同。我們進行了一些調整，改變了幾個地區的格局，將其劃分為 12 個國家/地區，現在有兩名全職的關鍵國家/地區客戶經理，但整體客戶情況保持不變。

Got it. And how are you feeling about that heading into 26? Is that a pretty good number in addition to having the, distributors, as you mentioned.

知道了。即將邁入26歲，你感覺如何？除了你提到的經銷商之外，這個數字是不是相當不錯了？

I think obviously given a lot of what's happening in the industry right now, as you can imagine there are there are resumes.

我認為，鑑於目前行業內發生的很多事情，正如你所想，肯定會有很多簡歷。

So I think we're going to kind of do this on a, we're doing this on sort of a.

所以我覺得我們打算以這種方式來做這件事，我們正在以這種方式來做這件事。

Let's see what we see.

讓我們看看我們看到了什麼。

Basis. I mean, obviously you know we plan to grow this rep headcount as we go forward, exactly how we do it right now is something that we are.

基礎。我的意思是，很顯然，你知道我們計劃在未來增加代表人數，但我們現在具體如何做，還是我們正在考慮的事情。

Doing a lot of work to assess internally, do we want to start bringing in some reps to just manage distributors? Do we want more key account reps? Do we want more national territories? Do we want to bring in a set of more kind of inside sales folks to either just handle customers or to. Just set appointments right so that we're having we can get our closers more time closing like that's really those are really the discussions we're having internally at the moment I think you know we'll be we'll be continuing to add to the sales force on kind of a measured basis.

經過大量的內部評估，我們是否應該開始引進一些代表來專門管理經銷商？我們需要更多大客戶代表嗎？我們想要更多的國家領土嗎？我們是否需要引進更多類型的內部銷售人員，讓他們要麼只負責客戶，要麼負責其他工作。安排好預約，這樣我們就可以讓我們的銷售人員有更多的時間促成交易。這確實是我們目前內部正在討論的問題。我想你知道，我們會繼續以循序漸進的方式擴充銷售團隊。

Got it, yes, makes makes sense and just curious what sort of annual revenue some of your more productive reps are doing and maybe also kind of what's the reasonable run rate for reps to achieve. Yeah.

明白了，是的，有道理。我只是好奇你們一些業績比較好的銷售代表的年收入是多少，以及銷售代表合理的年收入水準大概是多少。是的。

I mean it's to some extent that's always going to be a little bit territory specific right? So you know the and and a function of how well developed a territory is.

我的意思是，在某種程度上，這總是與地域有關，對吧？所以你知道，這反映了一個地區的發展程度。

I mean, we had a rep exceed 2 million of sales in Q3.

我的意思是，我們有一個銷售代表在第三季實現了超過 200 萬美元的銷售額。

We had a couple of others over a million.

我們還有幾部電影的票房超過百萬。

And so you know as these ramp up, getting to this, kind of $4 million to $6 million dollar annual sales rate I mean it doesn't, it's certainly not impossible, I think given you know the difference we have a couple of markets that are more developed than others and so you know it's a question of kind of how long does it take to get an undeveloped market to look more like a developed market.

所以你知道，隨著這些業務的逐步發展，達到每年 400 萬到 600 萬美元的銷售額，我的意思是，這當然不是不可能的，考慮到我們有一些市場比其他市場更發達，所以你知道，問題在於一個不發達的市場需要多長時間才能變得更像一個發達的市場。

But ultimately I mean rep productivity here can be very high.

但歸根結底，我的意思是這裡的銷售代表效率可以非常高。

Got it. And and internationally were any of the 155 systems sold, were any of those into international markets in the quarter?

知道了。在國際市場上，本季售出的 155 套系統中，是否有任何一套銷往了國際市場？

Okay, and maybe just lastly on that point, how are you thinking about the international opportunity for Ultram? Would you ever, yeah, I know you've got a lot to focus on in the US, but just curious if you, be interested in looking to take on distribution partners, in OES markets.

好的，關於這一點，最後再問一個問題，您如何看待 Ultram 的國際市場機會？我知道您在美國有很多事情要忙，但我只是好奇您是否有興趣在OES市場尋找分銷合作夥伴。

I mean it's certainly something we'd look at you know it's always I mean we sort of refer to this internally as the golden retriever in a tennis ball factory problem where you could it's like what are you going to chase.

我的意思是，這當然是我們需要考慮的事情，你知道，我們內部經常把這個問題比作金毛犬在網球工廠裡的問題，就像你要追什麼一樣。

And I think you know at the moment there's so much domestic opportunity that it just hasn't really gotten top of the pile. I mean if there were a really compelling distributor who could basically handle all of this without a whole lot of. Without a whole lot of intervention from us and you know in a market where there was where there was an easy regulatory pathway I mean I suppose we'd look at it but like it just it isn't something we've spent a lot of cycle time on yet.

我認為，目前國內有很多機會，只是它還沒有真正成為首要考慮因素。我的意思是，如果有一個非常有實力的分銷商，基本上可以處理所有這些事情而無需投入太多精力。如果沒有我們的大量幹預，而且你知道，在一個監管途徑比較容易的市場中，我的意思是，我想我們會考慮的，但這並不是我們目前投入大量時間精力去做的事情。

Sure.

當然。

Okay, got it, Morgan Peter, thanks for all the updates.

好的，明白了，摩根彼得，謝謝你提供的所有最新消息。

Thanks.

謝謝。

Our next question comes from Carl Burns with Northland Capital Markets. Your line is open.

下一個問題來自 Northland Capital Markets 的 Carl Burns。您的線路已開通。

Thanks for the question. Again, I, considering the CMS fixed rate 127.28 per square centimeter, would you expect that the private physician practices would look to ltramist as an additional line of revenue? And on that, I mean, how long do you think that takes to play out? Then I have a follow-up as well. Thanks.

謝謝你的提問。再說一遍，考慮到 CMS 的固定費率為每平方公分 127.28 美元，您是否認為私人醫生診所會把 ltramist 視為額外的收入來源？那麼，你認為這件事需要多長時間才能發生呢？我還有一個後續問題。謝謝。

I mean, the short answer is yes, right? I mean, I think physicians are often maximizing two things, right? They're maximizing their desire to provide good patient care and for patients to get better and obviously, they're running a business and so to the to the extent that they find both revenue and care gaps.

我的意思是，簡而言之，答案是肯定的，對吧？我的意思是，我認為醫生通常會最大限度地做到兩件事，對吧？他們竭盡全力為患者提供良好的醫療服務，讓患者康復，顯然，他們也在經營生意，因此他們會盡可能地彌補收入和醫療服務方面的不足。

This becomes a very interesting option. I mean, by on a relative basis, the attractiveness of ltraist seems to have increased a great deal, particularly from a, if your goal is revenue maximization.

這成了一個非常有趣的選擇。我的意思是，相對而言，ltraist 的吸引力似乎已經大大增加，特別是如果你的目標是實現收入最大化的話。

Exactly how long that takes to play through is an interesting question. I'm not really sure how to answer it with any like rigor. It seems to vary a great deal by folks. I mean, people just, people respond to new realities with differing time frames. We've certainly seen a change in inbound.

玩完整款遊戲究竟要多久，這倒是個有趣的問題。我不太確定該如何嚴謹地回答這個問題。似乎因人而異。我的意思是，人們對新現實的反應時間各不相同。我們確實看到了入境流量的變化。

And you know we've certainly seen, I mean there were, we've certainly seen people who are sort of like on the fence saying, well, maybe let's see suddenly get more interested and so I think there's definitely going to be some of that, exactly how it plays out is.

你知道，我們當然看到，我的意思是，我們當然看到有些人原本還在猶豫不決，突然間就更感興趣了，所以我認為肯定會有一些這樣的情況發生，至於最終結果如何，還有待觀察。

Complex.

複雜的。

Got it, thanks. And then you just one follow-up question, looking at mobile wound care, what do you think happens there given the CMs change and kind of how does that affect your business? What percent of your business is tied into the mobile space? Thanks.

明白了，謝謝。然後我還有一個後續問題，關於移動傷口護理，您認為在 CM 變化的情況下，這方面會發生什麼變化？這對您的業務有何影響？您的業務中有多少百分比與行動領域相關？謝謝。

I think I mean the mobile is experiencing a lot of the same issues as others.

我的意思是，手機端也遇到了很多和其他設備一樣的問題。

And there are They're widely divergent practices within mobile and you know we've been doing some looking at this and kind of tearing into the the CMS data just to get a look at, what we think the interrels are between, skin subs and, ltramist, one of the things we discovered is that, 55% of the of the practitioners who build, Ultramist.

行動領域存在著非常不同的實踐，我們一直在研究這個問題，並深入分析 CMS 數據，以了解我們認為皮膚子程式和 Ultramist 之間的相互關係。我們發現的一件事是，55% 的 Ultramist 建構者。

Don't build any. You haven't built any skin sub at all in the last 4 years. So of the 45% who do, most are, a lot of times it's not the same patient. Or it's you can't build the two in the same visit.

不要建造任何建築物。在過去四年裡，你根本沒有建造任何皮層潛水艇。因此，在 45% 的病例中，大多數病例都是重複的，而且很多時候並不是同一個患者。或者說，你無法在同一次訪問中完成這兩項工作。

So from a standpoint of like what's mobile going to do, I think, some of the folks who were most aggressively using skin subs, may see their practices, either.

所以從行動端的發展角度來看，我認為，一些曾經最積極使用皮膚替換的用戶，也可能會改變他們的做法。

Change dramatically or, terminate, but I think, I mean, in this just speaking hypothetically, if If my goal as a provider were to do the maximum number of skin sub applications, I wouldn't be using Ultravis, right, because the wound would heal more quickly and you would wind up doing fewer applications. And so I think there's been sort of an inherent sorting here where the folks most interested in doing the most skin sub have also tended to be the folks who were not using a lot of ltramist.

要么徹底改變，要么終止，但我認為，我的意思是，只是假設一下，如果我作為提供者的目標是進行最大次數的皮膚下注射，我就不會使用 Ultravis，對吧，因為傷口會癒合得更快，最終你會減少注射次數。所以我覺得這裡有一種內在的篩選機制，對皮膚護理最感興趣的人往往也是那些不太使用 ltramist 的人。

Got it. Cool. Thank, thanks so much.

知道了。涼爽的。謝謝，非常感謝。

Our next question comes from Alex Silverman with AWM Investments. Your line is open.

下一個問題來自 AWM Investments 的 Alex Silverman。您的線路已開通。

Hey, good morning, thanks for the update.

嘿，早上好，謝謝你的更新。

Wondering two questions. One, can you give us a sense of, what kind of toe holds or trialing you're doing in some of the very large, wound centers.

我有兩個問題想問。第一，您能否讓我們了解一下，在一些非常大的創傷中心，您正在進行哪些類型的腳趾著地或試驗？

And then I'll ask my second question after.

之後我會問第二個問題。

Well, certainly an interesting question. I mean, we've We're starting to get one of you, we're starting to spread through a couple of hospital networks in particular or at least these are these are things that you know have been going long enough that we could talk about them, one in particular is one of the larger hospital networks in the US we've been in at a couple of their flagship facilities now for. Several months it's gone really well I think they are using the product in a similar fashion to some other large hospital chains predominantly around treating hapa eyes and incipienthapa eyes I'm sorry, that's hospital acquired pressure injury. Essentially you lay on your lay on your hip or your back too long, it turns into a pressure ulcer, in a patient with, suppressed immune system or ill health, those can be very serious, even life threatening, and so, we're starting to spread there we're starting to work on, how do we become a, we were added to their approved vendor list and so, they're kind of 150-ish hospitals and 2,200 facilities are now free to buy.

嗯，這確實是個有趣的問題。我的意思是，我們已經開始與你們中的一位合作，我們開始在幾個醫院網絡中推廣，或者至少這些事情已經持續了足夠長的時間，我們可以談論它們，其中一個特別的合作對像是美國較大的醫院網絡之一，我們已經在他們的一些旗艦機構開展了合作。幾個月以來進展非常順利，我認為他們使用該產品的方式與其他一些大型連鎖醫院類似，主要用於治療眼壓和早期眼壓。抱歉，那是醫院獲得性壓力傷害。基本上，如果你長時間側臥，無論是髖部或背部，都會形成壓瘡。對於免疫系統受損或健康狀況不佳的患者來說，壓瘡可能非常嚴重，甚至危及生命。因此，我們開始在那裡推廣我們的產品，並開始研究如何成為他們的供應商。我們已被列入他們的核准供應商名單，現在大約有 150 家醫院和 2200 家機構可以自由購買我們的產品。

We're definitely working on some other large opportunities. Nothing I can really talk about by name here right now, but, give you a little time on that, and I may have something for you.

我們肯定還在努力爭取其他一些大型計畫。現在我還沒有什麼具體的事情可以透露，但是，給你一點時間，也許我會有一些消息告訴你。

Okay great and and then second question have you guys thought about how to get around the the the capital approval process which can be so painful at some of these bigger buyers, the hospitals and the large wound care centers that you know have just painful processes.

好的，太好了。那麼第二個問題，你們有沒有想過如何繞過一些大型買家、醫院和大型傷口護理中心的資本審批流程？你們也知道，這些流程非常繁瑣。

We have, in fact, it's something we've been giving a lot of thought to and obviously, starting to have a bit of a balance sheet helps the.

事實上，我們一直在認真考慮這個問題，顯然，擁有一定的資產負債表對此有所幫助。

As we look at a number of hospitals in particular tend to have very difficult capital cycles, and you know their capital budgets are.

我們觀察發現，許多醫院的資本週期都非常困難，而且它們的資本預算也相當緊張。

Highly segregated from their operating budgets and so yeah I mean you walk into a hospital you'll see tracking codes like even on computer monitors because those are leased right like that's how that's how aggressive the like the the cap budgets are protected there and. So I think moving to something along the lines of a rental model at prices that, makes sense for both sides, particularly if you could tie it to some sort of usage minimums, makes a lot of sense. Some hospitals don't seem to care. I mean, we've seen a number that are just like, great, let us buy the thing, but there are many others for whom the cap budgets are tight. So it seems to vary a lot hospital to hospital but yeah we're definitely starting to consider the you know can we rent these to hospitals that we believe will be.

與營運預算高度隔離，所以，我的意思是，你走進醫院，你會看到追蹤代碼，甚至在電腦顯示器上也是如此，因為那些都是租賃的，就是這樣，這就是他們如何積極地保護資本預算的方式。所以我認為，轉向類似租賃模式，並制定對雙方都有利的價格，特別是如果能與某種最低使用量掛鉤，那就很有意義了。有些醫院似乎不太在意。我的意思是，我們看到一些公司就像是，太好了，讓我們買下它，但也有很多公司的預算很緊張。所以，不同醫院的情況似乎差異很大，但是，是的，我們肯定開始考慮是否可以將這些設備租給我們認為會需要的醫院。

Sort of high use environments like that that can be that that can be a great model for us.

像這樣的高頻使用環境，對我們來說可以是一個很好的模型。

I assume with a, I don't know, 5,000ish dollar cost for a system the the payback of placing one of these is could be a pretty quick, payback for you.

我估計，一套這樣的系統成本大概在 5,000 美元左右，那麼安裝一套這樣的系統應該很快就能收回成本。

Obviously depending on if I'm sure, I'm sure you can do the math right if we price it at a various, at various points.

顯然，這取決於我是否確定，我相信如果我們以不同的價格在不同的點上定價，你肯定能正確地計算出來。

But the real, I mean, obviously the real fun for us is if you're selling, if you're getting people to use, 34 cases of applicators a month, the value of the consumables rapidly exceeds the price of the capital so. Right.

但真正的樂趣在於，如果你能賣出，如果你能讓人們每月使用 34 箱塗抹器，那麼耗材的價值就會迅速超過資本成本。正確的。

Okay Great thank you.

好的，非常感謝。

That sucks.

真糟糕。

As a reminder, if you would like to ask a question that is star and one to join the queue.

再次提醒，如果您想提問，請按讚並加入隊列。

We'll take a question from Andrew Rem with Odinson Partners. Your line is open.

我們將回答來自 Odinson Partners 的 Andrew Rem 提出的問題。您的線路已開通。

Morning gentlemen, I just wanted to go back to this, the reseller and is there a way that you guys can kind of bifurcate the market where maybe direct you go to large accounts heavy users, and use resellers to get to kind of that the fragmented small customers that would be less efficient to service on a direct Basis.

各位先生早安，我只是想再說說經銷商的問題。你們能否將市場細分，例如直接服務大客戶和重度用戶，然後透過經銷商來服務那些分散的小客戶，因為直接服務這些小客戶效率較低。

Yeah, so you, you're speaking very much to a, to an internal discussion we have frequently. The, we refer to them, internally as bunnies, deer, elephants, and whales, and, the, it's hard to have high priced reps chasing bunnies. And so and a lot of the distributors know a lot of the smaller customers really well so it's certainly something we're looking at and you know whether that ultimate whether that ultimately turns out to be the solution it's certainly possible and you know it's an idea we're exploring I think we're just trying to get some experience with it and see how it works I mean we.

是的，所以你，你所說的正是我們經常進行的內部討論。我們內部稱它們為兔子、鹿、大象和鯨魚，但是，很難有高價的代表去追逐兔子。所以，很多經銷商都非常了解很多小型客戶，所以這當然是我們正在考慮的事情。你知道，這最終是否會成為解決方案，當然也是可能的，你知道，這是我們正在探索的想法。我想我們只是想累積一些經驗，看看效果如何。

We made a lot of changes in our distribution network and sort of tried to do, tried to move to a, more engaged, more hands on, more value add channel and so we're still getting some experience with it, seeing, how it works and what it's good at and how to.

我們對分銷網絡進行了許多改變，並嘗試轉向一個更具參與性、更注重實踐、更具增值性的管道，所以我們仍在累積經驗，看看它是如何運作的，它的優勢是什麼，以及如何運用它。

How to integrate it with our sales force most productively, but yeah, I mean the the idea the idea you discussed is certainly one we've been looking at.

如何才能最有效地將其與我們的銷售團隊整合起來？是的，我的意思是，你提到的這個想法，我們當然一直在考慮。

In that would would applicator sales also run through the reseller or would you just use them to sell systems?

這樣一來，施藥器的銷售是否也透過經銷商進行，還是只讓他們銷售系統？

It's going to be, I mean, ultimately depends on the, it depends on the distributor or reseller like from many of the folks we're starting to talk to now have a much more sophisticated. ERP systems and you know systems that can integrate with our own you know what we're really looking for is to make sure we understand exactly how many you know how many applicators would be in the channel and exactly what the flow through to end customers winds up being, we're very sensitive to that attach rate like how many cases of applicators per week is a given user consuming. And so to the extent that we can sustain adequate visibility to that. We can.

我的意思是，最終取決於分銷商或經銷商，就像我們現在開始接觸的許多人一樣，他們擁有更成熟的技術。ERP 系統，以及可以與我們自己的系統整合的系統，你知道，我們真正想要的是確保我們確切地了解頻道中有多少施藥器，以及最終到達終端客戶的流程究竟如何，我們對附加率非常敏感，例如一個特定用戶每週消耗多少個施藥器。因此，只要我們能夠保持足夠的可見度。我們可以。

We can allow sort of applicators into the channel. I mean, predominantly what we've done with these distributors is, at least in the past is to, they'll set up the customer that customer will then come and order applicators from our portal, so we have a direct relationship with them we're directly drop shipping to them.

我們可以允許各種應用器進入通道。我的意思是，我們過去與這些經銷商合作的主要方式是，他們會幫客戶建立聯繫，然後客戶會從我們的入口網站訂購塗抹器，所以我們與他們建立了直接關係，我們直接向他們發貨。

And then you know we'll pay commission to a distributor based on those applicators.

然後，我們就會根據這些塗抹者的數量向分銷商支付佣金。

But you know we're starting to look more at the many of these folks just want to do in you know want to do stocking entirely themselves.

但你知道，我們開始更專注於這些人，他們中的許多人只想自己完成進貨工作。

You know the question just becomes can we sufficiently integrate it that it makes sense for both sides.

你知道，問題就變成了我們能否充分整合它，使其對雙方都有好處。

And then maybe lastly, and I'm not sure if this is a competitive so if it is you don't need to answer, but it does seem like the current environment lends itself to leverage from for you guys in terms of negotiating with resellers so and maybe that speaks a little bit to your increased sense of urgency, but maybe can you commented on that at all?

最後，我不確定這是否是一個競爭性問題，如果是的話，您不必回答。但目前的情況似乎有利於你們在與經銷商談判時獲得優勢，這或許也反映了你們日益增強的緊迫感，您能否就此發表一些看法？

I mean, I don't know that I really want to speak to something like leverage, it, we're.

我的意思是，我不知道我是否真的想談論槓桿之類的事情，我們。

This is one of those moments where there's kind of a sorting hat going on, and I think, like what some of the key salients in this market just changed and people are adapting to this new situation, and I think that provides a lot of opportunity. I think it's made a lot of people more interested in engaging with Sandy wave. We've had a lot of inbound interest and.

現在就像戴上分院帽一樣，我認為，這個市場的一些關鍵因素發生了變化，人們正在適應這種新情況，我認為這提供了許多機會。我認為這讓許多人對參與桑迪波浪活動產生了更大的興趣。我們收到了很多諮詢。

It feels like this is a great time to kind of make some new friends.

感覺現在正是結交新朋友的好時機。

Alright, well, great quarter guys, appreciate the time.

好了，各位，這季度過得很棒，感謝你們抽出時間。

Thanks.

謝謝。

It appears we have no further questions at this time. I'll turn the program back to the speakers for any additional or closing remarks.

目前看來我們沒有其他問題了。我將把發言權交還給發言者，讓他們補充或作總結發言。

Well, thanks everyone appreciate you making the time, first thing on a Friday morning and we look forward to, updating you further.

非常感謝大家抽出時間，尤其是在周五早上，我們期待著向大家提供更多最新消息。

In the future, thanks again.

以後還會再感謝。

This does conclude today's program.

今天的節目到此結束。

Thank you for your participation, and you may disconnect at any time.

感謝您的參與，您可以隨時斷開連線。