Strata Critical Medical Inc (SRTA) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Strata Critical Medical fiscal third quarter 2025 earnings release conference call. (Operator Instructions) As a reminder, this call is being recorded.

女士們、先生們，早安，歡迎參加 Strata Critical Medical 2025 財年第三季收益發布電話會議。（操作員說明）提醒您，本次通話正在錄音。

I would now like to turn the conference call over to Matt Schneider, Vice President of Finance and Investor Relations and CFO of Strata Keystone Perfusion subsidiary. Matt, you may begin.

現在，我謹將電話會議交給 Strata Keystone Perfusion 子公司的財務和投資者關係副總裁兼財務長 Matt Schneider。馬特，你可以開始了。

Thank you for standing by, and welcome to the Strata Critical Medical Conference Call and Webcast for the quarter ended September 30, 2025. We appreciate everyone joining us today. Before we get started, I would like to remind you of the company's forward-looking statement and safe harbor language.

感謝您的耐心等待，歡迎參加 Strata Critical Medical 截至 2025 年 9 月 30 日的季度電話會議和網路直播。感謝今天所有到場的朋友。在正式開始之前，我想提醒各位注意公司的前瞻性聲明和安全港條款。

Statements made in this conference call that are not historical facts, including statements about future time periods, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, and actual future results may differ materially from those expressed or implied by the forward-looking statements.

本次電話會議中所作出的非歷史事實的陳述，包括有關未來時間段的陳述，可能被視為 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，實際未來結果可能與前瞻性陳述中明示或暗示的結果有重大差異。

We refer you to our SEC filings, including our annual report on Form 10-K filed with the SEC for a more detailed discussion of the risk factors that could cause these differences. Any forward-looking statements provided during this conference call are made only as of the date of this call. As stated in our SEC filings, Strata disclaims any intent or obligation to update or revise these forward-looking statements, except as required by law.

有關可能導致這些差異的風險因素的更詳細討論，請參閱我們向美國證券交易委員會提交的文件，包括我們向美國證券交易委員會提交的 10-K 表格年度報告。本次電話會議中提供的任何前瞻性陳述僅代表截至本次電話會議當天的觀點。正如我們在提交給美國證券交易委員會的文件中所述，除法律要求外，Strata 不承擔任何更新或修改這些前瞻性聲明的意圖或義務。

During today's call, we'll also discuss certain non-GAAP financial measures, which we believe may be useful in evaluating our financial performance. A reconciliation of the most directly historical comparable consolidated GAAP financial measures to those historical non-GAAP financial measures is provided in our earnings press release and investor presentation.

在今天的電話會議中，我們還將討論一些非GAAP財務指標，我們認為這些指標可能有助於評估我們的財務表現。我們在獲利新聞稿和投資者簡報中提供了與歷史上最直接可比較的合併GAAP財務指標和這些歷史非GAAP財務指標的調節表。

Our press release, investor presentation and our Form 10-Q and 10-K filings are available on the Investor Relations section of our website at ir.stratacritical.com. These non-GAAP measures should not be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Hosting today's call are our co-CEOs, Will Heyburn and Melissa Tomkiel.

我們的新聞稿、投資人簡報以及10-Q和10-K表格均可在本公司網站ir.stratacritical.com的投資人關係欄位中查閱。這些非GAAP指標不應被孤立地看待，也不應被視為替代依照GAAP編制的財務表現。今天的電話會議由我們的聯合執行長威爾·海伯恩和梅麗莎·湯姆基爾主持。

I'll now turn the call over to Will.

現在我將把電話交給威爾。

Thank you, Matt, and good morning, everyone. It's been a very exciting few months as we closed two transformational transactions during the quarter, both the divestiture of our passenger business and the acquisition of Keystone Perfusion, setting us up incredibly well for long-term growth and value creation. We also rebranded the company in Strata Critical Medical and change our ticker symbol at SRTA to reflect our sharpened focus on health care. I'm happy to report that Strata is off to an exceptional start.

謝謝你，馬特，大家早安。過去的幾個月非常令人興奮，因為我們在本季度完成了兩項具有變革意義的交易，分別是剝離客運業務和收購 Keystone Perfusion，這為我們實現長期成長和價值創造奠定了非常良好的基礎。我們也對公司進行了品牌重塑，更名為 Strata Critical Medical，並將股票代碼更改為 SRTA，以反映我們對醫療保健的更專注。我很高興地報告，Strata 的開局非常出色。

In Q3, year-over-year revenue growth accelerated to 29%, excluding Keystone well above of our expectation for mid-teens revenue growth in the second half of the year. This resulted in record segment adjusted EBITDA performance, which saw 80% year-over-year growth, excluding Keystone this quarter. This great profit improvement was driven both by volume and significant improvements in aircraft performance as we emerge from a period of particularly heavy maintenance on our own fleet.

第三季度，不計 Keystone 的貢獻，年比營收成長加速至 29%，遠超我們對下半年營收成長 15% 左右的預期。這導致分部調整後 EBITDA 業績創歷史新高，年增 80%（不包括本季 Keystone 的業績）。利潤的大幅成長得益於銷售量的提升以及飛機性能的顯著提高，因為我們剛結束了自身機隊的大規模維護時期。

This resulted in a medical segment adjusted EBITDA margin increased to over 15% in Q3 2025, excluding Keystone versus our 10.8% in the prior year period and 12.5% in the first half of this year. Our sequential growth in Q3 2025 versus Q2 2025 is particularly impressive in the context of the seasonal sequential decline in industry transplant volumes, demonstrating a significant impact of Strata's continued market share gains and our customers' adoption of new services.

這使得醫療業務調整後的 EBITDA 利潤率在 2025 年第三季（不包括 Keystone）增加至 15% 以上，而去年同期為 10.8%，今年上半年為 12.5%。在行業移植量季節性環比下降的背景下，我們 2025 年第三季度與 2025 年第二季度相比的環比增長尤為令人印象深刻，這表明 Strata 的市場份額持續增長以及我們的客戶對新服務的採用產生了重大影響。

We're also encouraged by the positive free cash flow from continuing operations in the quarter, and we expect to consistently generate free cash flow moving forward.

本季持續經營業務產生的正自由現金流也令我們倍感鼓舞，我們預期未來將持續產生自由現金流。

Before I walk through the financial results in more detail, I'll turn it over to Melissa.

在我更詳細地分析財務表現之前，我先把發言權交給梅麗莎。

Thank you, Will. It's an honor to be here as co-CEO discussing this exceptional first quarter performance at Strata. Our integration of Keystone and our launch of Strata's new clinical services division is off to a fantastic start. With these new capabilities, we are now truly an end-to-end organ recovery platform, and the team is focused on tailoring solutions that deliver operational efficiencies, and cost savings to the transplant community broadly starting with our existing customers.

謝謝你，威爾。我很榮幸能以聯合執行長的身份在這裡與大家討論Strata公司第一季出色的業績。我們對 Keystone 的整合以及 Strata 新臨床服務部門的推出都取得了非常好的開始。憑藉這些新能力，我們現在真正成為了一個端到端的器官獲取平台，團隊致力於為整個移植界量身定制解決方案，以提高營運效率並節省成本，首先從我們現有的客戶開始。

Our go-to-market strategy uses the same playbook we've employed successfully in our core logistics business, locating resources closer to our customers. We are colocating staff and equipment acquired through Keystone near our existing logistics hubs, enabling us to offer all in lower cost to deliver these services.

我們的市場進入策略採用了我們在核心物流業務中成功運用的相同策略，即把資源部署在離客戶更近的地方。我們將透過 Keystone 獲得的人員和設備集中安置在我們現有的物流中心附近，從而能夠以更低的成本提供所有這些服務。

We are also rolling out new offerings to reduce the cost of DCD dry run recoveries, a consistent pain point for our customers. By utilizing local surgical, NRP and air resources in strategic service areas, we enable our customers to avoid incurring what can be very significant air transportation costs and wasting their surgeons valuable time until we know that the organ will be accepted.

我們還將推出新的產品和服務，以降低 DCD 空運行恢復的成本，這一直是我們的客戶面臨的痛點。透過在策略服務區域利用當地的外科手術、新生兒復甦術和航空資源，我們能夠幫助客戶避免承擔可能非常巨大的航空運輸費用，並避免浪費外科醫生的寶貴時間，直到我們知道器官會被接受。

This is an industry first, and we're thrilled to have a way to make the transplant process more cost efficient for our customers. We hope it will enable centers to go after organs that otherwise may not have been worth the time and expense increasing transplant volumes. We continue to strategically focus on where the puck is going and industry data shows the market is heading in our direction.

這是業界首創，我們很高興能夠找到一種方法，使客戶的移植過程更具成本效益。我們希望這將使各中心能夠爭取那些原本可能不值得花費時間和金錢的器官，從而增加移植數量。我們將繼續策略性地關注市場走向，產業數據顯示市場正朝著我們預期的方向發展。

Industry-wide NRP adoption rates continued to increase during Q3 with transplants of organs that have undergone NRP approximately doubling versus the prior year. This is an encouraging validation of our strategy to increase exposure to the fastest-growing sectors of the transplant ecosystem. It also further aligns our mission with that of our customers, enabling more reliable and lower cost access to life-saving organs. We've also seen great responses from our colleagues across the transplant industry.

第三季度，全行業的 NRP 採用率持續上升，接受過 NRP 的器官移植數量與前一年相比大約翻了一番。這有力地驗證了我們擴大在移植生態系統中成長最快領域的影響力的策略。這也進一步使我們的使命與客戶的使命保持一致，以便能夠以更可靠、更低成本的方式獲得拯救生命的器官。我們也收到了來自移植行業同行們的正面回饋。

This is a particularly exciting quarter for our friends at Organ Ox as they received FDA approval to perfuse livers with the metra device while in flight. We've already done the work to support our customers who choose to utilize this technology, all part of our device-agnostic strategy. We still believe that the customer is always right, and we will always do everything we can to support the rapidly broadening set of life-saving technologies, driving growth in organ transplant volumes.

對於我們 Organ Ox 的朋友們來說，這是一個特別令人興奮的季度，因為他們獲得了 FDA 的批准，可以在飛行中使用 metra 設備灌注肝臟。我們已經做好了支援選擇使用這項技術的客戶的工作，這都是我們設備無關策略的一部分。我們仍然相信顧客永遠是對的，我們將盡一切努力支持快速擴展的救生技術，推動器官移植數量的成長。

With that, I'll turn it back over to Will.

這樣，我就把麥克風交還給威爾了。

Thanks, Melissa. I'll now walk through the financial highlights from the quarter. All financial results discussed during this call reflect continuing operations only as the results of the passenger business have now been reclassified as discontinued operations for all periods. Revenue rose 36.7% year-over-year to $49.3 million in Q3 2025. Excluding Keystone, revenue increased 29% versus the prior year period.

謝謝你，梅麗莎。接下來我將介紹本季的財務亮點。本次電話會議中討論的所有財務表現僅反映持續經營業務，因為客運業務的業績現已重新歸類為所有期間的終止經營業務。2025年第三季營收年增36.7%，達4,930萬美元。剔除 Keystone 的影響，營收比去年同期成長了 29%。

Despite the sequential seasonal decline of industry-wide heart, liver and lung transplants in Q3 of approximately 6%, our revenue increased 3% sequentially, excluding Keystone. Organic revenue growth in Q3 was driven primarily by strength in Air Logistics, where both new and existing customers contributed to the strong results in the quarter. We added one new OPO air logistics customer late in Q3.

儘管第三季整個產業的心臟、肝臟和肺移植手術量較上季下降了約 6%，但若不計 Keystone 的貢獻，我們的收入環比增加了 3%。第三季有機收入成長主要得益於航空物流業務的強勁表現，新舊客戶都為該季度的出色業績做出了貢獻。第三季末，我們新增了一家 OPO 空運物流客戶。

I'd also highlight that organ placement services revenue more than doubled year-over-year, albeit on a small base as we continue to scale the business and acquire new customers. During the quarter, we added one new organ placement customer. Revenue growth can be noisy quarter-to-quarter, but our year-to-date growth rate, excluding Keystone of 15% reflects strong outperformance relative to the industry transplant volume growth of approximately 4%.

我還想強調的是，儘管基數較小，但器官移植服務的收入比去年同期增長了一倍多，因為我們仍在擴大業務規模並獲取新客戶。本季我們新增了一位器官移植客戶。季度營收成長可能會波動，但我們今年迄今的成長率（不包括 Keystone）為 15%，這反映出相對於產業移植量成長率（約 4%）而言，我們表現出色。

Keystone, which closed on September 16 saw only a 0.5-month of revenue contribution during the quarter for a $2.8 million impact. For the full month of September, Keystone's revenue increased over 40% year-over-year. Moving to margins. As expected, we saw a significant sequential improvement in medical segment adjusted EBITDA margins to 15.1% in Q3 2025, excluding Keystone versus 12.5% in the first half of the year driven primarily by improved performance in our own fleet.

Keystone 於 9 月 16 日關閉，該季度僅貢獻了 0.5 個月的收入，影響為 280 萬美元。整個九月份，Keystone 的營收年增超過 40%。移至邊緣。正如預期的那樣，2025 年第三季醫療業務調整後 EBITDA 利潤率（不包括 Keystone）較上半年的 12.5% 實現了顯著的環比增長，達到 15.1%。這主要得益於我們自身車隊績效的改善。

Adjusted unallocated corporate expenses of $3.3 million in Q3 2025 are down approximately 40% from our run rate prior to the passenger divestiture reflecting our significantly reduced corporate overhead as a purely medical-focused business, and this also came in ahead of our guidance for $3.5 million. Turning to cash flow.

2025 年第三季調整後的未分配公司支出為 330 萬美元，比剝離客運業務之前的營運水準下降了約 40%，這反映出我們作為一家純粹專注於醫療業務的公司，大幅降低了公司管理費用，而且這一數字也高於我們此前 350 萬美元的預期。接下來談談現金流。

There's been a lot of noise this quarter given the unique transactions completed during the period and accounting that unfortunately is not particularly intuitive in our situation. As such, we'll take a minute to walk through all the nuances, but we'll start with the most important point. We now expect this business to be solidly free cash flow generative going forward.

本季出現了許多雜音，因為本季完成的交易非常特殊，不幸的是，在我們的情況下，會計處理並不特別直觀。因此，我們將花點時間詳細講解所有細節，但我們先從最重要的一點開始。我們現在預計這項業務未來將持續產生穩定的自由現金流。

And if you cut through all the noise this quarter, we generated approximately $2 million of free cash flow from continuing operations in the quarter and $2.7 million of free cash flow from continuing operations before Aircraft and Engine acquisitions. Now we'll dive into the details. Due to the unique nature of Keystone's capital structure or employees participated in a phantom equity plan, a portion of the upfront consideration was paid to employees participating in this plan through Keystone's payroll system post-close.

如果排除本季度的所有乾擾因素，我們本季從持續經營中產生了約 200 萬美元的自由現金流，在飛機和發動機收購之前，從持續經營中產生了 270 萬美元的自由現金流。現在我們將深入探討細節。由於 Keystone 資本結構的特殊性，或者員工參與了虛擬股權計劃，部分預付款在交易完成後透過 Keystone 的工資系統支付給了參與該計劃的員工。

As a result of this structure, accounting rules required us to recognize $44.3 million of the Keystone purchase consideration and operating cash flow instead of investing. While the underlying total cash consideration from the Keystone transaction is unchanged, this accounting treatment resulted in a negative operating cash flow in the quarter.

由於這種結構，會計準則要求我們確認 Keystone 收購對價 4,430 萬美元和營運現金流，而不是進行投資。雖然 Keystone 交易的現金對價總額沒有變化，但這種會計處理導致該季度出現負的經營現金流。

So the difference between adjusted EBITDA of $4.2 million in the quarter, and cash from operations of negative $37.3 million was primarily driven by this $44.3 million impact from the Keystone acquisition consideration mentioned above and Joby transaction costs of $6 million. This was partially offset by operating cash flow from discontinued operations of approximately $8 million.

因此，本季調整後的 EBITDA 為 420 萬美元，而經營活動產生的現金流為負 3,730 萬美元，這主要是由於上述 Keystone 收購對價 4,430 萬美元的影響以及 Joby 交易成本 600 萬美元造成的。部分損失被終止經營業務產生的約 800 萬美元經營現金流所抵銷。

Capital expenditures, inclusive of capitalized software development costs were $3.2 million in the quarter, driven primarily by capitalized aircraft maintenance of approximately $2.5 million and capitalized software development of $0.3 billion. We ended the quarter with no debt and approximately $76 million of cash and short-term investments. Before moving to the outlook, there are a few quick housekeeping items to review.

本季資本支出（包括資本化的軟體開發成本）為 320 萬美元，主要原因是資本化的飛機維護費用約為 250 萬美元，以及資本化的軟體開發費用為 3 億美元。本季末，我們沒有任何債務，並且擁有約 7,600 萬美元的現金和短期投資。在展望未來之前，還有一些簡單的事項需要回顧一下。

First, the Joby transaction closed during the quarter. As a reminder, the total value of the transaction was up to $125 million, consisting of an $80 million upfront consideration in cash or stock, $35 million in two separate earn-outs over a total of 18 months that can also be paid in cash or stock and an indemnity holdback of $10 million.

首先，Joby 的交易在本季完成。提醒一下，該交易的總價值高達 1.25 億美元，其中包括 8000 萬美元的現金或股票預付款，3500 萬美元分兩次支付，總共 18 個月，也可以用現金或股票支付，以及 1000 萬美元的賠償金預留款。

Joby chose to pay the $80 million upfront consideration in stock, and we monetized the shares during the quarter for cash proceeds of approximately $70 million. The $10 million difference was driven by a significant decline in Joby's stock price during both the pre-closed VWAP measurement period, which determined the number of shares we received and immediately after we received the shares.

Joby 選擇以股票形式支付 8,000 萬美元的預付款，我們在本季將這些股票變現，獲得了約 7,000 萬美元的現金收益。1000 萬美元的差額是由於 Joby 的股價在交割前 VWAP 計量期（決定我們收到的股票數量）和我們收到股票後立即大幅下跌造成的。

We have clear capital deployment priorities and took a market-neutral view as we liquidated the Joby shares. Lastly, we booked a legal provision during the quarter for ongoing litigation related to our go-public transaction that's been disclosed in our SEC filings over the last several years. Moving now to the outlook. Due to the strong demand, we saw in Q3, which continued in October, we are raising our 2025 revenue guidance range to $185 million to $195 million.

我們有明確的資本部署優先事項，並且在清算 Joby 股份時採取了市場中性觀點。最後，本季度我們提列了一項法律準備金，用於支付與我們上市交易相關的持續訴訟，這些訴訟已在過去幾年提交給美國證券交易委員會的文件中披露。接下來我們來看看展望未來。由於第三季強勁的需求，而這種需求在十月得以延續，我們將 2025 年的營收預期範圍上調至 1.85 億美元至 1.95 億美元。

We are also reaffirming the adjusted EBITDA guidance range of $13 million to $14 million for 2025. Medical segment adjusted EBITDA margins are expected to rise sequentially in Q4 versus Q3's 15.3%, primarily due to the mix impact of the Keystone acquisition. Adjusted unallocated corporate expenses are expected to be approximately $3.5 million in Q4.

我們也重申了 2025 年調整後 EBITDA 預期範圍為 1,300 萬美元至 1,400 萬美元。醫療業務調整後 EBITDA 利潤率預計將在第四季度環比增長，高於第三季的 15.3%，這主要是由於 Keystone 收購帶來的產品組合變化。第四季調整後未分配公司費用預計約 350 萬美元。

Finally, we are looking forward to Monday, November 17, when we are hosting our inaugural Investor Day at the NASDAQ market site in New York City at 2:00 PM. There has been considerable change at Strata over the last few months and we are excited to provide a deep dive on the business and share our plans for significant growth and value creation over the coming years.

最後，我們期待 11 月 17 日星期一，屆時我們將於下午 2 點在紐約市納斯達克市場舉辦首屆投資者日活動。Strata 在過去的幾個月裡發生了相當大的變化，我們很高興能深入探討公司業務，並分享我們未來幾年實現重大成長和價值創造的計劃。

Leaders from across the business will participate in the event and will be on hand to answer questions afterwards. We will also introduce our formal 2026 financial guidance and medium-term financial targets during the event. We hope you can join us next week.

公司各部門領導將參加此活動，並在活動結束後回答問題。我們也將在本次活動中正式發布 2026 年財務指引和中期財務目標。希望您下週能加入我們。

With that, I'll turn it back over to the operator.

這樣，我就把機器交還給操作員了。

(Operator Instructions) Benjamin Haynor, Lake Street Capital.

（操作說明）本傑明·海諾，湖街資本。

It sounds like everything is going quite well, and nice to see the guidance raise here. Could you maybe provide a bit of a disaggregation of where the growth came from in terms of the revenue here during Q3?

聽起來一切進展順利，很高興看到業績指引上調。能否請您詳細分析第三季營收成長的具體來源？

Sure. Happy to do that, Ben. Thanks for being on the call. Look, it was a pretty even mix of new customer acquisition. We continue to take market share and some strength within our existing customers. And some of that strength can also come from customers taking new services from us. We've broadened the suite of services that we offer. So very happy to see all of those things coming together for revenue growth that far exceeded.

當然。我很樂意效勞，本。感謝您參加通話。你看，新客戶獲取情況相當均衡。我們持續擴大市場份額，並在現有客戶中保持一定的競爭力。而這種優勢的一部分也可能來自於客戶選擇使用我們的新服務。我們擴大了所提供的服務範圍。非常高興看到所有這些因素共同促成了遠超預期的收入成長。

And maybe this is a question for the event next week. Do you see the growth as coming from similar directions in the future. Are the growth drivers similarly weighted as you see it?

或許這個問題可以留到下週的活動討論。你認為未來的成長方向是否與此類似？您認為這些成長驅動因素的權重是否大致相同？

Yes. Look, we continued to add new customers in the quarter, as we talked about during the call, and we see an equally attractive opportunity to consolidate market share in a very fragmented marketplace where we think our offering is significantly stronger just given our scale and our local service model. And then we also see a really attractive underlying industry growth trajectory where you have new technology and evolving regulations that are resulting in really attractive growth.

是的。正如我們在電話會議中提到的，本季度我們繼續新增客戶，並且我們看到了一個同樣有吸引力的機會，可以在一個非常分散的市場中鞏固市場份額，我們認為，憑藉我們的規模和本地服務模式，我們的產品和服務在這個市場中要強大得多。此外，我們也看到一個極具吸引力的產業成長軌跡，新技術和不斷變化的法規正在帶來極具吸引力的成長。

And that really attractive growth means more people get organs that need them ultimately resulting in lives being saved. So we think everything is aligned to create multiple ways for us to achieve our growth objectives here. And we're really excited to talk about that in a lot more detail next week at our Investor Day.

這種極具吸引力的成長意味著更多的人能夠獲得所需的器官，最終挽救生命。因此，我們認為一切都已就緒，將為我們實現在這裡的成長目標創造多種途徑。我們非常期待在下週的投資者日上更詳細地討論這個問題。

Okay. Great. Looking forward to that. And then on the heavy maintenance that you performed earlier this year across the fleet. What should we expect in terms of fleet margin kind of the remainder of the year downtime impact? Any moving pieces that's changed because of the maintenance schedule earlier this year?

好的。偉大的。非常期待。然後是關於您今年早些時候對整個艦隊進行的大規模維護。今年剩餘時間裡，停機對車隊利潤率會造成什麼樣的影響？我們應該對此有何預期？今年早些時候的維護計劃導致哪些活動部件發生了變化？

Ben, this is Matt. Yes, so we did see scheduled maintenance events kind of come down into the third quarter that will continue into the fourth quarter. As we said on the call, prepared remarks, we do expect margins to increase sequentially within the medical segment. So we are seeing that benefit and we'll talk more next week about the margin expectations moving forward.

本，這是馬特。是的，我們看到計劃內的維護活動在第三季度有所減少，並將持續到第四季度。正如我們在電話會議上準備好的演講稿中所說，我們預計醫療領域的利潤率將逐週成長。所以我們已經看到了這種好處，下週我們將進一步討論未來的利潤預期。

But I think you see that improvement in the first half versus the third quarter, what we're expecting in the fourth quarter, all kind of in line with how we've been talking about it over the last few quarters.

但我認為，與第三節相比，上半場的進步顯而易見，我們對第四節的預期也與過去幾季我們一直在討論的內容基本一致。

Okay. Great. And then lastly for me, you mentioned the relocation things associated with Keystone. Is that relatively de minimis in terms of expenses that, that will generate? Or is that something that we should kind of factor in?

好的。偉大的。最後，您也提到了與 Keystone 相關的搬遷事宜。就所產生的費用而言，這是否微不足道？或者說，這是我們應該考慮進去的因素嗎？

I don't think it's anything you need to factor into the SG&A. It's just more about aligning our resources so that we're not flying people across the country when we don't have to deliver these services. So that's one of the big advantages here is putting those things together.

我認為這不需要計入銷售、一般及行政費用。關鍵在於合理調配資源，避免在不需要提供這些服務的情況下，讓員工飛越全​​國各地。所以，將這些東西結合起來就是它的一大優點。

(Operator Instructions) Jon Hickman, Ladenburg Thalmann.

（操作說明）Jon Hickman，Ladenburg Thalmann。

Yes, I don't know who this question is for, but with the Keystone acquisition, could you give us a sense of how many individual separate customers you are serving now?

是的，我不知道這個問題是問誰的，但是隨著 Keystone 的收購，您能否大致介紹一下您目前服務多少個獨立的客戶？

So Keystone has a number of different business lines, Jon, Will here. Across both the cardiac care business and the transplant business, there's almost 250 different customers across the country. So it's a really great geographic diversity across the country. And that's one of the reasons that we like this model because the perfusionists that serve those cardiac care customers could also be utilized to provide those NRP services that we provide to transplant center customers.

所以 Keystone 有很多不同的業務線，Jon，還有 Will。在心臟護理和器官移植領域，我們在全國各地擁有近 250 家不同的客戶。所以全國各地的地域多樣性非常大。這也是我們喜歡這種模式的原因之一，因為為心臟照護客戶提供服務的灌注師也可以被用來提供我們為移植中心客戶提供的 NRP 服務。

So there's this really strong foundation of trained personnel that are based locally across the country for the cardiac care business that can then support the transplant business as well. And we see a big opportunity to bring those valuable services to our mutual customer base because there's only about 10% overlap of the transplant customers between the legacy Strata business and Keystone. So great opportunity there.

因此，全國各地都有訓練有素的人員為心臟護理業務奠定了非常強大的基礎，這些人員也可以為移植業務提供支援。我們看到了一個絕佳的機會，可以將這些寶貴的服務帶給我們的共同客戶群，因為傳統 Strata 業務和 Keystone 之間的移植客戶重疊率只有大約 10%。所以這是一個絕佳的機會。

So is there any customer that's like, I don't know, 5% or more now of revenues. Any one customer that's that large.

那麼，有沒有哪個客戶的收入佔比達到，比如說，5% 或更多？任何一個客戶都這麼大。

We don't break out the customers on a business line by business line basis, but it's a very diversified business given that 250 customers for the revenue base there.

我們不按業務線細分客戶，但考慮到其收入基礎為 250 個客戶，這是一個非常多元化的業務。

Okay. And then could you elaborate -- I couldn't -- you gave us a lot of information pretty quickly. You said you got a new customer right at the end of the quarter?

好的。然後您能否詳細說明一下——我沒能——您很快就給了我們很多資訊。你說你在季度末獲得了一位新客戶？

Yes. On the logistics business, we added a new customer on the logistics side for organ procurement organization. And if you recall, Jon, those contracts tend to be a little more focused on the ground than on the air, but they'll do a little bit of both. And so excited to see that continued momentum for new customer acquisition.

是的。在物流業務方面，我們新增了一位器官獲取組織的物流客戶。喬恩，如果你還記得的話，這些合約往往更側重於地面工作而不是空中工作，但兩者都會涉及一些。看到新客戶獲取的持續成長勢頭，我感到非常興奮。

And a lot of that market share gain is what drove our outsized growth in this quarter from customers we added earlier in the year. And then we also mentioned that we added a new customer for organ placement as well.

而我們本季大幅成長的主要原因，正是年初新增客戶帶來的市佔率提升。然後我們也提到，我們新增了一位客戶，需要安裝管風琴。

Okay. So as far as on the logistics side or the organ transplant side, so you were very heavy in the -- on the air side and Keystone had more ground services. Is that my recollection? Are you kind of evening out that those two revenue sides now? Or is air still predominantly the larger part?

好的。所以就物流方面或器官移植方面而言，你們在空中運輸方面投入巨大，而 Keystone 則擁有更多的地面服務。那是我的記憶嗎？你們現在是不是正在努力平衡這兩個收入來源？或者說，空氣仍然佔據了主要部分？

Air is still a much larger part of the business, Jon, though, you're correct in a sense that Keystone is weighted more towards some of the organ procurement organization customers, which do -- they do have a lot of ground business that, that generates, though Keystone's revenue is really generated by surgical recovery services and NRP services that they're providing to those customers.

Jon，雖然航空運輸仍然是公司業務中更重要的部分，但從某種意義上說，Keystone 的業務重心更多地放在一些器官獲取組織的客戶身上，這些客戶確實有很多地面業務，而 Keystone 的收入實際上是由他們向這些客戶提供的手術恢復服務和新生兒復甦服務產生的。

But it creates a ground opportunity for us to provide the logistics to those underlying Keystone customers. But it won't create a material shift in the logistics business in terms of the weighting between air and ground.

但這為我們提供了一個實際的機會，讓我們能夠為 Keystone 的底層客戶提供物流服務。但就空運和陸運的權重而言，這不會對物流業務造成實質的改變。

Okay. And then are you going to get to a point where you're going to break out like two different like logistics versus the Perfusion aside?

好的。那麼，你最終會不會把物流和灌注分開，形成兩個不同的體係呢？

Yes. So if you look at our investor deck that we just posted this morning, you'll see that we've added a breakout on a pro forma 2025 basis of what the business mix is assuming Keystone was acquired on January 1 of this year. So that's sort of the best indicator of what the go-forward business mix is likely to be. I would flag for you that the Keystone business is concentrated in some of these really fast-growing subsectors of the transplant industry.

是的。所以，如果你看看我們今天早上發布的投資者演示文稿，你會發現我們增加了一個基於 2025 年的預測，假設 Keystone 在今年 1 月 1 日被收購，那麼業務組合將會如何變化。所以這可以說是預測未來業務組合走向的最佳指標。我想指出的是，Keystone 的業務集中在移植行業中一些成長非常迅速的細分領域。

So we talked on the call about how it grew more than 40% year-over-year in the month of September. So you will see a little bit of shift towards those services because we do expect, for example, NRP to continue growing as a percentage of the overall DCD recovery. So some of those underlying industry dynamics, we'll talk about a lot of it in much more detail next week at the Investor Day, will result in some mix shifts towards those services.

我們在電話會議上討論了該公司9月年成長超過40%的情況。因此，你會看到一些服務轉向這些服務，因為我們預計，例如，NRP 在 DCD 整體回收中所佔的比例將繼續增長。因此，一些潛在的行業動態（我們將在下週的投資者日上更詳細地討論其中許多內容）將導致一些業務組合轉向這些服務方向。

And as I see no further questions in the queue, I will pass it back to Matt.

由於隊列中沒有其他問題，我將把這個問題交還給馬特。

Great. So we got a few questions from investors directly, and we're just going to address that now. So the first question is just a question about the seasonality that we saw in the third quarter with transplant volumes down mid-single digits. Will, why don't you take that one?

偉大的。我們直接收到了一些投資人的問題，現在就來解答一下。所以第一個問題只是關於我們在第三季看到的季節性問題，移植數量下降了個位數中段。威爾，你為什麼不接下那個任務呢？

Sure, Matt. This is something that we expected, and we've seen it in the industry volumes the last three-years or so in a row. At the end of the day, there's a supply and availability of transplant surgeons factor that drives the amount of volumes that can take place in the industry. And just historically, we've seen more vacations, more unavailability of surgeons and it does, unfortunately, impact the volumes.

當然可以，馬特。這是我們預料之中的，而且在過去三年左右的時間裡，我們已經從行業銷售中看到了這一點。歸根結底，移植外科醫生的供應和可用性是一個決定行業手術量大小的因素。從歷史數據來看，我們看到休假增多，外科醫生缺勤的情況也越來越多，不幸的是，這確實會影響手術量。

This year was no different. There could be some other factors at play on the year-over-year. There's always some lumpiness as we like to say, and the transplant volumes. But as you can see, given our market share growth, our new offerings and expanded service lines, we're growing right through that seasonality, which is where we want to be.

今年也不例外。可能還有其他因素影響到年比數據。正如我們常說的，總是會有些凹凸不平，還有移植的體積。但正如你所看到的，憑藉我們的市場份額成長、新產品和擴大的服務範圍，我們正在克服季節性因素，實現持續成長，這正是我們所希望的。

Great. Multiple ways to outgrow the industry. We also got a question just how is the Keystone acquisition going so far, we closed about seven, eight-weeks ago. Melissa, why don't you handle that one?

偉大的。超越產業現狀的方法有很多。我們也被問到 Keystone 的收購進展如何，我們大約在七、八週前完成了收購。梅莉莎，為什麼這件事你不去處理呢？

Sure. Thanks, Matt. We're getting real good positive reaction from our customers on the Keystone acquisition, and it's really a great team of people that we're thrilled to have join us. With Keystone surgical recovery and NRP capabilities, it truly makes us an end-to-end organ recovery platform. So the customers are really excited about having us as a one call option.

當然。謝謝你，馬特。我們從客戶那裡得到了對 Keystone 收購案的非常好的正面回饋，而且我們很高興能有這樣優秀的團隊加入我們。憑藉 Keystone 的外科手術恢復和 NRP 能力，我們真正成為了一個端到端的器官獲取平台。因此，客戶們對能透過我們一站式解決所有問題感到非常興奮。

Great. Well, we received a few other questions, but we're going to save those for the Investor Day next week. We're going to hand it over back to Carmen.

偉大的。我們也收到了一些其他問題，但我們打算把這些問題留到下週的投資人日上來解答。我們要把它還給卡門。

Thank you so much. And ladies and gentlemen, this concludes our conference. Thank you for your participation, and you may now disconnect.

太感謝了。女士們、先生們，我們的會議到此結束。感謝您的參與，您現在可以斷開連接了。