Strata Critical Medical, Inc. (SRTA) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Strata Critical Medical fiscal first-quarter 2026 earnings release conference call. (Operator Instructions) As a reminder, this call is being recorded.

各位女士、先生，早安，歡迎參加 Strata Critical Medical 2026 會計年度第一季財報發布電話會議。（接線員指示）提醒各位，本次通話將被錄音。

I would now like to turn the conference call over to Mat Schneider, Chief Financial Officer of Clinical Services and Vice President of Finance and Investor Relations. Mat, you may begin.

現在我想將電話會議交給臨床服務事業群財務長暨財務與投資人關係副總裁 Mat Schneider。Mat，請開始。

Thank you for standing by, and welcome to Strata's conference call and webcast for the quarter ended March 31, 2026. We appreciate everyone joining us today.

感謝各位耐心等候，歡迎參加 Strata 截至 2026 年 3 月 31 日止季度的電話會議與網路直播。我們感謝大家今天的參與。

Before we get started, I would like to remind you of the company's forward-looking statement and Safe Harbor language. 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.

在開始之前，我想提醒各位注意本公司的前瞻性陳述與「安全港」用語。本次電話會議中所作、非屬歷史事實的陳述（包括關於未來期間的陳述），可能被視為《1995 年私人證券訴訟改革法》所定義之「前瞻性陳述」。這些前瞻性陳述受風險與不確定性影響，實際未來結果可能與前瞻性陳述所明示或暗示者有重大差異。

We refer you to our SEC filings, including our annual report on Form 10-K and our quarterly report on Form 10-Q, each as filed with the SEC, for a more detailed discussion of the risk factors that could cause these differences. Any forward-looking statements provided during the 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.

我們請各位參閱我們向美國證券交易委員會（SEC）提交的文件，包括 Form 10-K 年度報告與 Form 10-Q 季度報告（均以向 SEC 提交之版本為準），以取得更詳細的風險因素討論，這些風險因素可能導致上述差異。本次電話會議中提供的任何前瞻性陳述僅截至本通話日期有效。如同我們在 SEC 文件中所述，除法律要求外，Strata 不承擔更新或修訂這些前瞻性陳述的任何意圖或義務。

During today's call, we will 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.

在今天的通話中，我們也將討論若干非 GAAP 財務衡量指標，我們認為這些指標可能有助於評估我們的財務表現。最直接可比的歷史合併 GAAP 財務衡量指標與這些歷史非 GAAP 財務衡量指標之調節表，已載於我們的財報新聞稿與投資人簡報。

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 a substitute for financial results prepared in accordance with GAAP.

我們的新聞稿、投資人簡報，以及 Form 10-Q 與 10-K 申報文件，可於我們網站的投資人關係專區 ir.stratacritical.com 取得。這些非 GAAP 指標不應被單獨考量，亦不應作為依 GAAP 編製之財務結果的替代。

Hosting today's call are our co-CEOs, Will Heyburn and Melissa Tomkiel. I'll now turn the call over to Will.

主持今天電話會議的是我們的共同執行長 Will Heyburn 與 Melissa Tomkiel。現在我把電話交給 Will。

Thank you, Mat, and good morning, everyone. We're happy to report another great quarter with results ahead of our guidance for both revenue and adjusted EBITDA. Our 87% year-over-year revenue growth reflected organic growth of 32% in Logistics, coupled with a particularly strong contribution from our new Clinical business.

謝謝你，Mat，各位早安。我們很高興回報又一個出色的季度，營收與調整後 EBITDA 的表現皆優於我們的財測指引。我們年增 87% 的營收成長，反映了物流業務 32% 的有機成長，以及新臨床業務特別強勁的貢獻。

The underlying strength of our transformed economic model is finally shining through as we began generating both operating cash flow and free cash flow before aircraft acquisitions this quarter. Our quality of earnings and cash conversion will only improve in the coming quarters as we clear the last remaining Passenger divestiture-related outflows.

我們轉型後的經濟模型之內在強勁動能終於開始顯現，本季我們開始同時產生營運現金流與（扣除飛機收購前的）自由現金流。隨著我們清除最後一批與 Passenger 出售相關的現金流出，我們的獲利品質與現金轉換率在未來幾季只會持續改善。

We are more confident than ever, not just that the transplant ecosystem sees value in our platform, but that the capabilities we bring captive, nationwide logistics integrated with device-agnostic clinical support, are essential to solve the shortage of donor organs in this country. Melissa will talk in more detail about some of the underlying trends driving our confidence in this area, but suffice it to say that the industry practices continue to move in our direction.

我們比以往任何時候都更有信心：不僅移植生態系看見我們平台的價值，而且我們所帶來的能力——自有、全國性的物流整合，以及不受設備限制（device-agnostic）的臨床支援——對於解決本國捐贈器官短缺問題至關重要。Melissa 會更詳細說明推動我們在此領域信心的部分底層趨勢；簡而言之，產業作法持續朝著對我們有利的方向發展。

On the M&A front, we're delighted to announce the acquisition of Ohio Valley Perfusion Associates. While small in size, this deal is perfectly aligned with and illustrates the potential of our M&A strategy. We operate in highly fragmented markets and can acquire businesses for mid-single-digit multiples of EBITDA that strengthen our existing business lines, position us for future growth and provide cost efficiencies.

在併購（M&A）方面，我們很高興宣布收購 Ohio Valley Perfusion Associates。雖然規模不大，但這筆交易與我們的併購策略高度一致，也具體展現其潛力。我們所處市場高度分散，能以 EBITDA 中個位數倍數（mid-single-digit multiples）收購企業，強化既有業務線、為未來成長奠基，並帶來成本效率。

The Ohio Valley transaction value is approximately $1 million, and we expect it to contribute approximately $100,000 of adjusted EBITDA for the remainder of this year. As a reminder, the cardiac perfusion or Other Clinical vertical, as we call it, in which Ohio Valley sits is a great complement to our transplant business, fueling our ability to hire and train the same perfusionists we utilize for NRP services, while benefiting from recurring revenue through multiyear retainer contracts.

Ohio Valley 交易價值約為 100 萬美元，我們預期其在今年剩餘期間將貢獻約 10 萬美元的調整後 EBITDA。提醒各位，Ohio Valley 所屬的心臟灌流（cardiac perfusion）或我們所稱的「其他臨床」垂直領域，是我們移植業務的絕佳補充：一方面強化我們招募與訓練同一批我們用於 NRP 服務的灌流師（perfusionists）的能力，另一方面也可透過多年期保留合約（retainer contracts）帶來經常性收入。

Our capital deployment towards M&A is just getting started, and our pipeline remains very active. As we discussed last quarter, we have several opportunities currently under exclusivity across multiple business lines, including logistics, surgical recovery, placement and cardiac perfusion.

我們在併購上的資本部署才剛開始，我們的案源管線仍非常活躍。如同上季所述，我們在多條業務線上目前有數個處於排他性（exclusivity）階段的機會，包括物流、外科取回（surgical recovery）、器官配置（placement）以及心臟灌流。

Some of these are smaller opportunities like Ohio and some are larger bolt-ons that we project will generate low single-digit millions of adjusted EBITDA annually. We expect to reach the finish line on certain of these opportunities over the coming months.

其中一些是像 Ohio 這樣較小的機會，也有一些是較大型的加掛式收購（bolt-ons），我們預估每年可帶來調整後 EBITDA 低個位數百萬美元的貢獻。我們預期在未來幾個月內，部分機會可望完成交割。

We continue to find that we are the acquirer of choice for many business leaders in our area, specifically our kind of leaders, the ones that still have gas in the tank, are hungry to keep growing, but see a larger value creation opportunity by joining forces with our team, benefiting from our nationwide platform and competing at scale.

我們持續發現，在我們的領域中，對許多企業領導人而言我們是首選收購方——特別是我們這類領導人：仍有衝勁、渴望持續成長，但也看見與我們團隊結盟能創造更大的價值，並可受益於我們的全國性平台、以規模化方式競爭。

We have significant balance sheet capacity to support this M&A strategy, including approximately $59 million of cash on hand, an undrawn $30 million asset-based lending facility that could be upsized to $50 million and up to $45 million of contingent consideration from the Passenger sale transaction that's payable over the next year, along with the underlying free cash flow generation of the business.

我們的資產負債表具備充足的能力以支持此併購策略，包括約 5,900 萬美元的現金部位、一筆尚未動用的 3,000 萬美元資產擔保融資（asset-based lending）額度（可上調至 5,000 萬美元），以及來自 Passenger 出售交易、在未來一年內支付、最高可達 4,500 萬美元的或有對價（contingent consideration），再加上本業所產生的自由現金流。

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

接下來，我把電話交給 Melissa。

Thanks, Will. We've made a great deal of progress this quarter building out our national footprint of aviation, ground and clinical resources. This scale allows us to better and more efficiently service our customers and reduces costs for the transplant community.

謝謝你，Will。本季我們在擴建全國航空、地面與臨床資源版圖方面取得了長足進展。這樣的規模讓我們能更好、更有效率地服務客戶，並為移植社群降低成本。

We acquired 1 new plane this quarter, providing us with a total of 10 owned aircraft and a dedicated fleet of approximately 35. We opened several new aviation bases in Q1 and now have roughly 20 logistics hubs around the country.

本季我們新增收購 1 架飛機，使我們自有飛機總數達到 10 架，並擁有約 35 架的專屬機隊。我們在第一季開設了數個新的航空基地，目前在全國約有 20 個物流樞紐。

We recently expanded into the Midwest, launching a new combined Logistics and Clinical base in the very strategic city of Chicago. This joint base allows us to best serve our new Chicago-based transplant center customers and creates more cost-effective options for all of our customers when recovering organs from donors throughout the Midwest.

我們近期擴展至中西部，在極具策略意義的芝加哥啟用新的「物流＋臨床」聯合基地。此聯合基地讓我們能更好地服務新加入、以芝加哥為據點的移植中心客戶，並在從中西部各地捐贈者取回器官時，為所有客戶提供更具成本效益的選項。

On the broader transplant industry front, as Will mentioned earlier, the industry continues to embrace NRP and third-party surgical recovery, areas where we are a market leader, with data now showing NRP being performed on more than half of all DCD donors.

在更廣泛的移植產業面，如同 Will 先前提到的，產業持續採納 NRP 與第三方外科取回——這些領域我們是市場領導者——目前數據顯示，NRP 已在超過一半的 DCD 捐贈者身上執行。

Increased adoption of these practices has been a critical lifeline for the transplant community over the last several quarters, resulting in increased yields, or usable organs per donor that have more than offset a reduction in the overall number of donors that began following the media and regulatory scrutiny in mid-2025. Though deceased donors were still down year over year in Q1 2026, we saw sequential improvement starting in Q4 2025 and larger sequential improvement in Q1 2026, putting us well above the lows of Q3 2025.

過去幾季，這些作法的採用率提升，對移植社群而言是關鍵的生命線，帶來更高的產出（yield），也就是每位捐贈者可用器官數的增加，足以抵銷自 2025 年年中媒體與監管審視後整體捐贈者數量下降的影響。雖然 2026 年第一季的遺體捐贈者（deceased donors）仍較去年同期下滑，但我們自 2025 年第四季起看到環比改善，且在 2026 年第一季出現更大的環比改善，使我們明顯高於 2025 年第三季的低點。

A return to growth in deceased donors is welcome news for the 100,000-plus patients on the transplant waiting list and for the broader transplant community, including service provider partners like Strata.

遺體捐贈者恢復成長，對於移植等候名單上超過 10 萬名患者，以及更廣泛的移植社群（包括像 Strata 這樣的服務提供者夥伴）而言，都是令人振奮的消息。

As the industry has worked through this period of reduced donor volumes, another subtle shift has occurred. The recovery surgeon capacity that transplant centers used to keep in-house simply doesn't exist at the same levels anymore. Couple this with the increased recovery complexity associated with the industry's shift to DCD and NRP and the old system of transplant centers using their own surgeons for recovery is maxed out. What's more, this is happening even at today's still depressed donor levels.

當產業逐步度過捐贈量下降的這段期間，另一個較不顯著的轉變也正在發生：移植中心過去能在內部維持的取回外科醫師（recovery surgeon）產能，已不再有同等水準。再加上產業轉向 DCD 與 NRP 所帶來的取回複雜度提升，過去由移植中心使用自家外科醫師進行取回的舊系統已達到極限。更重要的是，即使在目前捐贈量仍偏低的情況下，這種狀況也正在發生。

Thankfully, we have the solution with local third-party surgical recovery. As we see continued normalization of donor volumes, this will only become a more critical and larger component of the organ transplant ecosystem. This is good news for everyone because it is giving us an opportunity to make the process more efficient, in partnership with the entire industry.

所幸，我們以在地第三方外科取回提供解方。隨著捐贈量持續正常化，這將成為器官移植生態系中更關鍵、也更大的一個組成部分。這對所有人都是好消息，因為它讓我們有機會與整個產業合作，使流程更有效率。

Third-party recovery, like what Strata offers, enables surgeons to be dispatched from somewhere near the donor so they can spend more time recovering organs and less time sitting on airplanes. Additionally, by using local surgeons, we can ensure that a DCD opportunity will actually result in viable organs before launching an airplane, significantly reducing logistics costs for dry runs, which can occur more than a quarter of the time in DCD recoveries.

像 Strata 所提供的第三方取回服務，能讓外科醫師從接近捐贈者的地點出勤，將更多時間用於器官取回、而非耗在飛機上。此外，透過使用在地外科醫師，我們可以在派出飛機之前先確認一個 DCD 機會確實能產出可用器官，從而大幅降低因「空跑」（dry runs）所產生的物流成本；在 DCD 取回中，空跑發生的比例可能超過四分之一。

In short, the evolving system, driven by third-party recovery, NRP and machine perfusion, is making the whole process more efficient and fueling the next leg of growth in transplants for all that desperately need them.

簡而言之，在第三方器官取回、NRP 與機器灌流的推動下，這個不斷演進的系統正讓整體流程更有效率，並為所有迫切需要移植的人帶來移植量下一階段的成長動能。

Given the trends we've been discussing here, it should come as no surprise that our clinical division posted especially great results this quarter, with growth driven by continued new customer acquisitions across both NRP and Surgical Recovery as well as higher volumes within our existing customer base.

鑑於我們在此討論的趨勢，我們臨床事業部本季繳出特別亮眼的成績並不令人意外；成長動能來自 NRP 與外科取回兩大領域持續新增客戶，以及既有客戶群內的量能提升。

We started providing NRP services to a new OPO in the Pacific Northwest during Q1, and we onboarded new Transplant Center clinical customers, several of which are existing Logistics customers, illustrating some early cross-sell wins. There is more work to do integrating our placement, Clinical and Logistics service offerings, but we have multiple end-to-end customers in the pipeline, customers that will utilize our entire suite of transplant service offerings.

我們在第一季開始為太平洋西北地區的一家新 OPO 提供 NRP 服務，並導入新的移植中心臨床客戶，其中數家原本就是我們的物流客戶，展現了早期交叉銷售的成果。我們在整合媒合（placement）、臨床與物流服務方案方面仍有更多工作要做，但我們的管線中已有多家端到端客戶，這些客戶將使用我們完整的一套移植服務方案。

We remain well positioned to provide these critical services to the transplant community given our dedication to clinical excellence, geographic scale, and the technology and reporting platform that ensures strict compliance with national protocols and standards.

憑藉我們對臨床卓越的投入、地理規模，以及可確保嚴格遵循國家級流程與標準的技術與報告平台，我們仍然具備良好條件，能為移植社群提供這些關鍵服務。

On the regulatory front, we continue to see increased scrutiny around certification and qualification standards for donor surgeons, both abdominal and thoracic. This is an important and expected evolution as the field matures and scales.

在法規面，我們持續看到對捐贈者手術醫師（腹部與胸腔）之認證與資格標準的審視日益嚴格。隨著領域成熟並擴張，這是重要且符合預期的演進。

It is important to emphasize that in anticipation of this, we have designed our recovery service line to be forward-compatible with formal certification requirements and are actively expanding capacity to meet both current and anticipated demand. We have a growing pipeline of licensed surgeons, and we are deliberately building additional depth.

需要強調的是，為了因應這一點，我們在設計取回服務線時已使其可向前相容於正式的認證要求，並正積極擴充產能，以滿足目前與預期的需求。我們擁有持續成長的具執照外科醫師管線，並且刻意建立更深的備援與厚度。

In parallel, we have initiated development of a dedicated training pathway for thoracic donor recovery and NRP, drawing from a pool of already highly qualified surgeons. As the field gains broader recognition and demand increases, we believe this structured approach to training and credentialing will be essential to ensuring quality, consistency and scalability.

同時，我們已啟動胸腔捐贈者取回與 NRP 的專屬訓練路徑開發，並從一群本就高度合格的外科醫師中汲取人才。隨著該領域獲得更廣泛的認可且需求增加，我們相信這種結構化的訓練與資格認證方式，將是確保品質、一致性與可擴展性的關鍵。

We remain focused on several key value drivers, including strengthening our national organ recovery platform, acquiring new customers across all businesses, optimizing the profitability of our existing operations and executing on our M&A strategy. As you can see from our financial performance to date, we're making excellent progress on all of these initiatives.

我們仍聚焦於數個關鍵價值驅動因素，包括強化全國器官取回平台、在各項業務中取得新客戶、最佳化既有營運的獲利能力，以及推進我們的併購（M&A）策略。從目前的財務表現可見，我們在上述各項計畫上都取得了極佳進展。

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

接下來，我把電話交回給 Will。

Thank you, Melissa. We'll now turn to the financial results for the quarter.

謝謝你，Melissa。接下來我們將說明本季的財務結果。

Total revenue increased 87.4% to $67.4 million in Q1 2026 versus $35.9 million in the prior-year period and increased approximately 1% sequentially versus Q4 2025.

2026 年第一季總營收年增 87.4% 至 6,740 萬美元，較去年同期的 3,590 萬美元大幅成長；並較 2025 年第四季約季增 1%。

Logistics revenue, which represents the company's organic growth, excluding Keystone, increased 32.4% to $47.6 million in the current quarter versus $35.9 million in the prior-year period, driven primarily by higher Air revenue where both new and existing customers contributed to the strong performance in the period. Logistics revenue fell 3.3% sequentially versus Q4 2025 as customer mix drove shorter trip distances and winter storms resulted in the closure of key airports for several days during the quarter.

物流營收（代表公司不含 Keystone 的有機成長）在本季年增 32.4% 至 4,760 萬美元，較去年同期的 3,590 萬美元成長，主要由航空（Air）營收增加所帶動，新舊客戶皆對本期強勁表現有所貢獻。物流營收較 2025 年第四季季減 3.3%，原因在於客戶組合使行程距離縮短，以及冬季風暴導致本季數日關鍵機場關閉。

Clinical, which did not exist in the prior-year period, saw revenue increase 12.7% sequentially to $19.8 million in Q1 2026 versus $17.6 million in Q4 2025, driven primarily by Transplant Clinical revenue, which rose 26.7% sequentially, driven by both NRP and Surgical Recovery services. As mentioned earlier, new customers in both of these areas contributed to the results in the quarter.

臨床業務在去年同期尚不存在；其營收於 2026 年第一季較 2025 年第四季季增 12.7% 至 1,980 萬美元（前一季為 1,760 萬美元），主要由移植臨床（Transplant Clinical）營收帶動，該項營收季增 26.7%，動能來自 NRP 與外科取回服務。如先前所述，這兩個領域的新客戶也對本季結果有所貢獻。

Other Clinical revenue rose 1.6% in Q1 2026 sequentially versus Q4 2025. Gross profit increased 100% to $14.1 million in Q1 2026 versus $7.1 million in the prior-year period, driven by growth in Logistics and the addition of our Clinical business through the Keystone acquisition. Gross margin increased approximately 140 basis points year over year to 21% versus 19.6% in the prior-year period, driven primarily by the positive mix impact from the Keystone acquisition, partially offset by a modest decline in Logistics gross margins.

其他臨床營收在 2026 年第一季較 2025 年第四季季增 1.6%。毛利在 2026 年第一季年增 100% 至 1,410 萬美元（去年同期為 710 萬美元），主要由物流成長以及透過收購 Keystone 新增臨床業務所帶動。毛利率年增約 140 個基點至 21%（去年同期為 19.6%），主要受 Keystone 收購帶來的正向組合影響所推動，但部分被物流毛利率小幅下滑所抵銷。

Logistics gross profit, which represents the company's organic growth, excluding Keystone, increased 29.9% to $9.2 million in Q1 2026 versus $7.1 million in the prior-year period. Logistics gross margin of 19.3% in Q1 2026 decreased 30 basis points versus 19.6% in the year-ago period and decreased 220 basis points versus 21.5% in Q4 2025, both driven primarily by customer mix.

物流毛利（代表公司不含 Keystone 的有機成長）在 2026 年第一季年增 29.9% 至 920 萬美元（去年同期為 710 萬美元）。2026 年第一季物流毛利率為 19.3%，較去年同期的 19.6% 下降 30 個基點，亦較 2025 年第四季的 21.5% 下降 220 個基點，兩者主要皆由客戶組合所致。

As discussed earlier, we saw a customer mix shift to OPOs during the quarter that have shorter trip lengths. This dynamic contributed to the Logistics gross margin softness in the quarter as OPOs are typically lower margin versus Transplant Centers due to shorter trip lengths and the aircraft types that are used, small jets and turboprops. Quarter-to-quarter customer mix shifts are a normal part of the business, and we don't anticipate any structural mix shift to OPOs versus Transplant Centers.

如先前所述，本季我們看到客戶組合轉向行程較短的 OPO。由於 OPO 通常相較移植中心毛利率較低（原因在於行程較短以及所使用的機型：小型噴射機與渦輪螺旋槳機），此一動態使本季物流毛利率承壓。季度間的客戶組合變動是業務的正常現象，我們不預期 OPO 相對於移植中心會出現任何結構性的組合轉移。

Clinical gross profit rose 29.2% sequentially to $5 million in Q1 2026 from $3.8 million in Q4 2025. Clinical gross margin rose to 25% in Q1 2026 versus 21.8% in Q4 2025, primarily due to margin improvement in, and a mix shift towards transplant Clinical revenue.

臨床毛利在 2026 年第一季較 2025 年第四季季增 29.2% 至 500 萬美元（前一季為 380 萬美元）。臨床毛利率在 2026 年第一季提升至 25%，高於 2025 年第四季的 21.8%，主要因為毛利率改善，以及營收組合轉向移植臨床營收。

Given the noise associated with last year's transactions, year-over-year comparisons of SG&A are not particularly meaningful. Instead, looking sequentially, adjusted SG&A increased $0.3 million to $9.2 million in Q1 2026 versus $8.9 million in Q4 2025. We continue to take a disciplined approach to SG&A. The modest increase in adjusted SG&A sequentially was driven by investments in resources and infrastructure to support growth in the business.

由於去年交易帶來的雜訊，SG&A 的年對年比較並不特別具有意義。改以季對季來看，2026 年第一季調整後 SG&A 增加 30 萬美元至 920 萬美元，較 2025 年第四季的 890 萬美元上升。我們持續以嚴謹的方式管理 SG&A。調整後 SG&A 的小幅季增主要來自對資源與基礎設施的投資，以支援業務成長。

Similarly, year-over-year adjusted EBITDA comparisons are not illuminating. Looking sequentially, adjusted EBITDA fell to $6.4 million in Q1 2026 versus $7 million in Q4 2025, driven by a 90-basis-point reduction in adjusted EBITDA margin to 9.5% in Q1 2026 versus 10.4% in Q4 2025, consistent with our guide for an approximate 1 point decline sequentially. The 90-basis-point decline in adjusted EBITDA margin versus Q4 2025 was driven by the reduction in gross margin and slight increase in adjusted SG&A we discussed previously.

同樣地，調整後 EBITDA 的年對年比較也不具太多參考性。以季對季來看，2026 年第一季調整後 EBITDA 降至 640 萬美元，較 2025 年第四季的 700 萬美元下滑；主要因調整後 EBITDA 利潤率下降 90 個基點至 9.5%（2025 年第四季為 10.4%），與我們指引的季減約 1 個百分點一致。相較 2025 年第四季，調整後 EBITDA 利潤率下降 90 個基點，係由我們先前討論的毛利率下降以及調整後 SG&A 小幅增加所致。

Operating cash flow was $3.9 million in Q1 2026. And the $2.5 million difference between adjusted EBITDA and operating cash flow was driven by approximately $1 million of income statement adjustments and a $1.5 million increase in working capital, which was primarily a function of incentive compensation payments that are accrued throughout the year but paid in Q1. Capital expenditures of $5.5 million in Q1 2026 were driven primarily by the $3.7 million acquisition of one aircraft, along with aircraft capitalized maintenance.

2026 年第一季營運現金流為 390 萬美元。調整後 EBITDA 與營運現金流之間 250 萬美元的差異，主要來自約 100 萬美元的損益表調整項，以及營運資金增加 150 萬美元；後者主要是因為獎酬性薪酬在全年逐步提列但於第一季支付。2026 年第一季資本支出為 550 萬美元，主要由 370 萬美元購置一架飛機所帶動，另包含飛機資本化維修。

Free cash flow before aircraft and engine acquisitions was $2.1 million in Q1 2026. We're encouraged by the cash generation in the quarter, especially considering the non-recurring cash items that burden cash flow, along with the timing of annual incentive compensation payouts during the quarter. We ended Q1 2026 with $58.8 million in cash and short-term investments.

2026 年第一季在扣除飛機與引擎收購前的自由現金流為 210 萬美元。我們對本季的現金創造感到鼓舞，尤其考量到影響現金流的非經常性現金項目，以及本季年度獎酬性薪酬發放的時點因素。2026 年第一季期末，我們持有 5,880 萬美元的現金與短期投資。

We continue to expect to receive Joby earn-out payments related to our Passenger divestiture of approximately $45 million. Up to $17.5 million of this earn-out would become due at the end of August based on Blade's financial performance post close. The balance, which would become due in March 2027, is based on the retention of former Blade employees who transferred to Joby and is largely hedged by our ability to recover stock from those employees if they do not fulfill their obligations.

我們仍預期將收到與我們處分 Passenger 業務相關的 Joby 或有對價（earn-out）款項，約 4,500 萬美元。其中最多 1,750 萬美元將於 8 月底到期，取決於交易完成後 Blade 的財務表現。其餘部分將於 2027 年 3 月到期，取決於轉任 Joby 的前 Blade 員工留任情況；若其未履行義務，我們可向其收回股票，因此該部分在很大程度上已被對沖。

Note that the value of those shares is held as a liability on the balance sheet today and will be revalued based on the current share price each quarter flowing through the income statement.

請注意，這些股份的價值目前在資產負債表上列為負債，並將於每季依據當前股價重新估值，並透過損益表反映。

Finally, as a reminder, if Joby elects to make the earn-out payments in the form of Joby stock, the number of shares will be determined at the time the earn-out is earned, not based on a historical Joby stock price. We would also like to note that the 14 million warrants issued as part of our 2021 going public transaction are set to expire tomorrow, according to their terms. The exercise price of the warrants is $11.50.

最後提醒一下，若 Joby 選擇以 Joby 股票形式支付或有對價（earn-out）款項，股份數量將以或有對價達成時點來決定，而非依據歷史 Joby 股價。我們也想指出，作為我們 2021 年上市交易一部分所發行的 1,400 萬份認股權證，依其條款將於明日到期。該等認股權證的行使價為 11.50 美元。

Moving to the outlook. Revenue is trending above the midpoint of our guidance range, partially due to higher-than-anticipated fuel surcharges for the remainder of the year.

接著談展望。營收走勢高於我們指引區間的中點，部分原因是今年剩餘期間的燃油附加費高於先前預期。

On Logistics gross margins, there are several key drivers in a given quarter, including the mix between air capacity types, owned fleet uptime, customer mix and the timing of contractual pricing escalators or contract renewals that include cost increases. For the rest of the year, we expect Logistics gross margins to remain in the 20% range as we anticipate higher fuel surcharges, along with the impact of customer mix that we have limited visibility into quarter over quarter.

就物流毛利率而言，單一季度有數個關鍵驅動因素，包括不同航空運力類型之間的組合、自有機隊稼動率、客戶組合，以及合約價格調整條款生效時點或包含成本上升的合約續約時點。就今年剩餘期間而言，我們預期物流毛利率將維持在約 20% 的水準，因為我們預期燃油附加費較高，且客戶組合的影響在季度間我們能見度有限。

As we discussed, Clinical gross margins were very strong in Q1 2026. And while they might not stay at 25%-plus each quarter, Clinical gross margins are trending above expectations given the mix shift to Transplant Clinical. Lastly, the contribution from Ohio Valley Perfusion is limited for the remainder of 2026, as we mentioned earlier.

如我們所討論，2026 年第一季臨床毛利率非常強勁。雖然未必每一季都能維持在 25% 以上，但由於組合轉向移植臨床（Transplant Clinical），臨床毛利率正高於預期。最後，如先前所述，Ohio Valley Perfusion 在 2026 年剩餘期間的貢獻有限。

We are reiterating all aspects of our 2026 guidance, including revenue of $260 million to $275 million, adjusted EBITDA of $29 million to $33 million, and free cash flow before aircraft and engine purchases of $15 million to $22 million. For the second quarter, we expect revenue to increase in the low single digits sequentially. Adjusted EBITDA margin is expected to improve to approximately 10%.

我們重申 2026 年指引的所有面向，包括營收 2.60 億至 2.75 億美元、調整後 EBITDA 2,900 萬至 3,300 萬美元，以及扣除飛機與引擎採購前的自由現金流 1,500 萬至 2,200 萬美元。就第二季而言，我們預期營收將較前一季呈低個位數的序列成長。調整後 EBITDA 利潤率預期將改善至約 10%。

In summary, we're very happy with the performance of the business, and we see significant value creation potential ahead through organic growth and executing on our M&A strategy.

總結來說，我們對業務表現非常滿意，並且我們看到未來透過有機成長以及執行我們的併購（M&A）策略，仍有顯著的價值創造潛力。

We're participating in several investor conferences over the next few weeks, including Craig-Hallum's Institutional Investor Conference, B. Riley's Investor Conference, William Blair's Growth Conference and a Non-Deal Roadshow with Lake Street. We hope to see many of you at these upcoming events.

未來幾週我們將參與多場投資人會議，包括 Craig-Hallum 的機構投資人會議、B. Riley 的投資人會議、William Blair 的成長會議，以及與 Lake Street 的非交易路演（Non-Deal Roadshow）。希望在這些即將到來的活動中見到各位。

With that, I'll turn it back to the operator for Q&A.

接下來我把時間交還給主持人進行問答。

(Operator Instructions) Bill Bonello, Craig-Hallum.

（主持人指示）Craig-Hallum 的 Bill Bonello。

So a couple of things real quick. You talked about onboarding some of your Transplant Center Logistics customers as Clinical customers, which was great to hear. I think last quarter, you had talked about a lot of the Logistics growth sequential being driven by capturing some of the Keystone customers. Is that trend still continuing?

我這邊很快兩點。你提到把部分移植中心物流（Transplant Center Logistics）客戶導入成為臨床客戶，這很高興聽到。我記得上季你們提到，物流的序列成長很大一部分是由於承接了一些 Keystone 客戶所帶動。這個趨勢還在延續嗎？

Bill, thanks for the question. It's Will here. Yes, we continue to get an extremely high percentage of the clinical cases where we're performing services, having those customers use our logistics. I think there was an initial step-up of that after we closed the Keystone transaction.

Bill，謝謝你的問題。我是 Will。是的，我們持續在我們提供服務的臨床案例中，取得極高比例的客戶使用我們的物流服務。我認為在我們完成 Keystone 交易後，這個比例曾有一個初期的跳升。

So you're not going to see a big step-up like that again because we do believe we're capturing all that. But you will continue to see that benefit the Logistics business as the Clinical business continues its slightly faster growth.

因此你不會再看到像那樣的大幅跳升，因為我們相信我們已經把那部分都掌握到了。但隨著臨床業務持續略快成長，你仍會持續看到這對物流業務帶來的效益。

Yeah. Okay. That's really helpful. And then just one other thing. Curious -- and I'll hop back in the queue. Curious on Chicago. Is there anything you can sort of extrapolate from prior market expansions in terms of how adding a new base impacts growth in that area?

好的，了解。這很有幫助。然後還有一點，我問完就回到隊列。關於芝加哥，你能否從過去的市場擴張經驗中推論一下，新增一個基地會如何影響該區域的成長？

This is a unique one for us because it is a combined Clinical and Logistics base. So it gives us a lot of flexibility in an area where, frankly, we had limited -- more limited capabilities historically. Now we'll be able to have airplanes on standby for organs that are being recovered in that area. We'll be able to dispatch surgeons locally for organs that are going to be recovered in that area. And then also, we'll be able to fly out perfusionists and surgeons from that Chicago hub to anywhere in the area if it's not within driving distance.

這對我們來說是個獨特案例，因為它是臨床與物流的綜合基地。因此在一個坦白說我們過去能力較為有限的區域，它給了我們很大的彈性。現在我們能讓飛機待命，以支援在該區域進行器官摘取的需求；我們也能在當地派遣外科醫師支援該區域的器官摘取；此外，如果不在可駕車距離內，我們也能從芝加哥樞紐把灌流師（perfusionists）與外科醫師飛往該區域的任何地方。

So there's a lot of new capabilities. We've been able to do that in a number of other areas for a period of time, but it does allow us to cover a large part of the country that we haven't been able to cover very well previously.

因此有很多新的能力。我們在其他一些地區已經能做到這些一段時間了，但這確實讓我們能覆蓋過去無法很好覆蓋的全國很大一部分區域。

Yuan Zhi, B. Riley.

B. Riley 的 Yuan Zhi。

And congrats on a strong quarter. Maybe a first question to Will. So if the oil price stays at this high level, can you give more details about how this oil price will impact your top line and the bottom line?

恭喜本季表現強勁。第一個問題可能問 Will：如果油價維持在目前的高檔水準，你能否更詳細說明油價將如何影響你們的營收端與獲利端？

This is Melissa. So we build into our Logistics contracts a fuel pass-through above a certain threshold, which most of our customers have already been at prior to these most recent increases. So this happens on a trip-by-trip basis. So as we incur cost for fuel, that is passed through to the customers, and we provide them with the fuel invoices for each trip. So there's full visibility there.

我是 Melissa。我們在物流合約中設計了燃油轉嫁機制：當燃油價格高於某個門檻時即可轉嫁，而我們多數客戶在這一波最新上漲之前其實就已經達到該門檻。這是以每趟航程為基礎運作的。因此當我們發生燃油成本時，會轉嫁給客戶，並提供每趟航程的燃油發票，透明度是完全的。

We're always trying to minimize the cost for our customers, which is why we're building out this national infrastructure to have planes strategically located throughout the countries, which will reduce repositioning of those planes, which drives that fuel cost. So we -- it doesn't have that much of an impact on our business.

我們一直努力把客戶的成本降到最低，這也是為什麼我們要建立全國性的基礎設施，讓飛機能策略性地分布在全國各地，以降低飛機調機（repositioning），而調機正是推升燃油成本的因素。因此對我們的業務影響不大。

Got it. And I think maybe just to follow on the prior questions. I see you guys have an update on the regional hub chart. I'm just curious about your thinking behind how -- what are the required criteria or thinking behind entering a new market in the US?

了解。我想接續前面問題。我看到你們更新了區域樞紐圖表。我好奇你們在進入美國新市場時，背後需要哪些條件或考量？

We are responsive to our customers' needs. So our value proposition is to be able to offer dedicated capacity with aviation assets to our customers. So this -- we picked up some new customers in Chicago, and we immediately were able to relocate or provide additional resources in that region. And because we know that the most efficient way we can provide the service is by having those locally based surgeons and aviation assets.

我們會回應客戶需求。我們的價值主張是能以航空資產為客戶提供專屬運力。因此——我們在芝加哥取得了一些新客戶後，便能立即在該區域調度或提供額外資源。因為我們知道，提供服務最有效率的方式，就是在當地配置外科醫師與航空資產。

But I would point out that those new customers in Chicago are not yet flying. We're expecting that in the back half of the year, but we're already using that hub to support our existing customers in the region.

但我也要指出，芝加哥的那些新客戶目前尚未開始飛行。我們預期會在今年下半年開始，不過我們已經在使用該樞紐來支援該區域的既有客戶。

Got it. And my last question is related to ongoing clinical trials in the transplant space. There are several clinical trials ongoing involving specialized medical device for organ transplantation. I wonder, do you see the logistics associated with those activities have a higher margin or higher revenue versus the routine procedures?

了解。我最後一個問題與移植領域正在進行的臨床試驗有關。有幾項臨床試驗涉及器官移植的專用醫療器材。我想請教，你們是否看到與這些活動相關的物流，相較於例行手術有更高的毛利或更高的收入？

With our agnostic philosophy, our relationship is with the customer, the transplant center or the OPO. And we're not charging them anything different based on what device they may or may not be using. So our goal is to support all of our customers with any clinical decision they might make and any medical device they might want to use, whether that's a device that's already certified or whether that's a device that's going through a clinical trial in which they're participating.

以我們的中立（agnostic）理念來說，我們的合作關係是與客戶——移植中心或器官採購組織（OPO）——建立的。我們不會因為他們可能使用或不使用某種裝置而收取不同費用。我們的目標是支援所有客戶的任何臨床決策，以及他們可能想使用的任何醫療器材，不論是已經取得認證的裝置，或是他們正在參與臨床試驗中的裝置。

So don't think that, that will have much impact on us one way or another because if you recall, our contracts simply say that we're going to do 100% of the flying that, that customer is going to do, and that would be inclusive of that kind of work.

因此我不認為這會對我們造成太大影響，不論正面或負面。因為如你所記得，我們的合約只是規定我們將承接該客戶 100% 的飛行任務，而這也包含這類工作。

(Operator Instructions) Ben Haynor, Lake Street Capital Markets.

（主持人指示）Lake Street Capital Markets 的 Ben Haynor。

First off for me, just on becoming kind of the acquirer of choice in the space. Just curious on what folks are looking for in terms of structure on some of these acquisitions.

我先問一個，關於成為這個領域的首選收購方。想請教你們在這些收購案的架構上，通常會尋找什麼樣的安排？

I mean, is it going to be typically an upfront cash payment, as the guys with gas in the tank and guys with gas in the tank on sort of earn-out, equity? How broad is the structure spectrum of these acquisitions that you're looking at?

也就是說，通常會是一次性的預付現金，還是會是「有現金在手」的團隊搭配某種或有對價（earn-out）、股權等？你們在收購架構上可接受的範圍有多廣？

Well, it will vary on a case-by-case basis, but we are flexible. What we are seeing with the structure. There's not just one formula. What we're seeing though with the companies that we're speaking to, to partner with is a lot of excitement on their end to partner with us, knowing that together, we're going to have a larger footprint, and we're going to have more resources.

這會因個案而異，但我們很有彈性。就我們看到的架構而言，並沒有單一公式。不過我們確實看到，與我們洽談合作的公司端對於與我們合作非常興奮，因為他們知道雙方結合後，我們將擁有更大的覆蓋範圍與更多資源。

And they want to participate in the upside, which is why we do tend to discuss structures that will involve some equity component. There's just a lot of excitement in the space and the belief that partnering with us as a strategic is a much better outcome for those companies.

而且他們希望參與上行空間，這也是為什麼我們確實傾向於討論包含某些股權成分的交易結構。這個領域充滿熱度，並且相信以策略夥伴的身分與我們合作，對那些公司而言會是更好的結果。

I think we do have a little bit of an advantage when we're being considered versus a private equity acquirer, because it's just a simpler structure that we can offer relative to maybe a less transparent incentive plan structure. It's publicly traded equity. They can see what it's worth. They have a little more confidence that it could lead to liquidity down the line. And so, I think, that's been a nice benefit for us.

我認為，當我們與私募股權收購方一起被考量時，我們確實有一點優勢，因為相較於可能較不透明的激勵計畫結構，我們能提供的結構更簡單。這是公開交易的股權；他們看得到它值多少。他們也更有信心，未來可能帶來流動性。因此，我認為這對我們而言是一項不錯的優勢。

And also, just our strategic approach. Really, what we see as an advantage with these acquisitions is building on our platform and our capabilities versus the financial arbitrage of it is secondary to the strategic benefit that we see. And I think that entrepreneurs really appreciate that mindset. That's a strategic benefit and incentive alignment will all match up and worse off for both of you.

另外還有我們的策略性做法。實際上，我們認為這些收購的優勢在於建立在我們的平台與能力之上，而不是財務套利；財務套利是次要的，策略效益才是我們看到的重點。我想創業者非常欣賞這種思維。這樣的策略效益與激勵一致性都能對齊，否則對雙方都更不利。

Got it. And then on the organ recovery hubs getting up to 13, I guess, over time, where do you see that ultimately going? Is that something that you want to give more of them sooner rather than later? How do you see that kind of tracking over time?

了解。那麼關於器官取回樞紐（organ recovery hubs）逐步增加到 13 個，我想隨著時間推進，您認為最終會走到哪裡？這是否是您希望能更早、而不是更晚地增加更多據點？您怎麼看這個隨時間的推進節奏？

As Melissa said, it's really driven by our customers. So if we have a customer that can support a new hub, that is usually the first step and us feeling like we have enough demand for flight hours that we can justify the presence of an airplane there. And it's also a tremendous benefit to that customer because, again, as Melissa pointed out, the best way we can make their costs more efficient and reduce things like fuel costs is to not fly unnecessary repositioning flights.

如 Melissa 所說，這主要是由我們的客戶所驅動。因此，如果我們有一位客戶能支撐一個新的樞紐，通常那就是第一步，讓我們覺得有足夠的飛行時數需求，足以合理化在那裡配置一架飛機。這對該客戶也有極大的好處，因為同樣如 Melissa 指出的，我們能讓他們成本更有效率、並降低燃油等成本的最佳方式，就是不要飛不必要的調機（repositioning）航班。

And so that's why our strategy, which I think our customers have appreciated is always to put airplanes either at the home airport that they're going to depart from or as close to there as possible.

因此，我們的策略——我認為客戶也很欣賞——就是把飛機放在他們將要起飛的母港機場，或盡可能靠近那裡。

And specifically on the clinical side, there is opportunity there. There are very strategic regions that we have not yet expanded into that we're looking to do so over the next several quarters.

而且特別是在臨床端，確實有機會。我們尚未擴張到一些非常具策略性的區域，我們正計畫在接下來幾個季度擴展到那些地區。

Ben, this is Mat. I would just encourage you to look at our investor presentation that has an updated map of all the hubs. There's a lot of white space still out there, particularly in the West and Southwest.

Ben，我是 Mat。我會建議你看看我們的投資人簡報，裡面有所有樞紐的最新地圖。仍然有很多空白區域，特別是在西部與西南部。

So I think that's important just to think about geographically, we have a much -- we have a very strong footprint on the East Coast. And we're kind of filling that in over time. We're doing so based on demand and where we see customers looking to expand the relationship with us. So it's really contingent paced by that, but there's a lot of opportunity to grow from here.

所以我認為從地理角度來看這點很重要：我們在東岸有非常強的佈局，而我們也在隨時間逐步把那一帶補齊。我們是依需求來做，並看客戶在哪些地方希望擴大與我們的合作關係。因此，節奏確實取決於這些因素，但從現在起仍有很大的成長機會。

Congrats on the quarter and the progress.

恭喜本季以及各項進展。

Bill Bonello, Craig-Hallum.

Bill Bonello，Craig-Hallum。

Thanks for allowing me to follow-up with one more. So the donor metrics, as you discussed, all look really strong. One item that did stand out to us is maybe a little bit less positive was a modest reduction in average transport distance. And just curious if you have any thoughts on if there's anything structural or what might be driving that or if it's just normal variability?

謝謝讓我再追問一題。就如你們討論的，捐贈者指標看起來都很強勁。有一項我們注意到、可能稍微沒那麼正面的，是平均運輸距離小幅下降。想請教你們是否認為有任何結構性因素，或可能是什麼在驅動這件事，還是只是正常的波動？

And then I'm pretty sure you said this, but I just want to confirm that the Logistics mix shift to OPOs is just normal quarter-to-quarter variability.

另外，我很確定你們有提到，但我想確認一下：物流（Logistics）組合轉向 OPO 的變化，只是正常的季度間波動，對嗎？

Bill, this is Mat again. I think quite the opposite in terms of our view, and we talked about this at Investor Day and the last few times we all got together about a continued increase in the distance organs are traveling over time, driven by several factors, including regulatory change in terms of organ allocation policies.

Bill，我又是 Mat。就我們的觀點而言，我認為其實正好相反；我們在投資人日以及最近幾次大家聚在一起時都有談到，器官運送距離會隨時間持續增加，這是由多項因素所驅動，包括器官分配政策等監管變動。

Over the last five years, you've seen about a 60% increase in the distance organs are traveling. Any given quarter, it could move around depending on our customer mix. We have -- we don't have great visibility into a particular mix of customers in a given month or quarter, but we are confident, over time, in the distance increasing.

在過去五年，你看到器官運送距離大約增加了 60%。任何單一季度都可能因客戶組合而上下波動。我們——我們對於某個月份或季度的特定客戶組合其實沒有很好的能見度，但我們有信心，長期而言距離會增加。

Okay. So even at the macro level, what we saw most recently, just think of that as kind of normal variability.

好的。所以即使在總體層面，我們最近看到的情況，也把它視為正常波動就好。

I think what we saw in the quarter was really our customer mix. I think that's the way to think about it.

我認為本季看到的主要就是我們的客戶組合。我覺得應該這樣理解。

Although I think the industry saw the same thing.

雖然我認為整個產業也看到了同樣的情況。

Yeah, industry saw the same thing. That's okay. We can follow up offline.

對，產業也看到了同樣的情況。沒關係，我們可以線下再跟進。

Jon Hickman, Ladenburg Thalmann.

Jon Hickman，Ladenburg Thalmann。

Could you -- Will, could you elaborate a little bit on the weather, the effects of the weather during Q1?

你能不能——Will，你能稍微說明一下第一季（Q1）天氣的狀況，以及天氣造成的影響嗎？

Yeah. Really, this was pretty unusual in that we had, particularly Peterborough, where we have a number of airplanes based, the airport was actually closed for several days during the quarter. I don't want to overemphasize the impact of that because Transplant Centers are nimble. They'll try to reschedule cases. They'll push things back. They'll pull things up.

可以。這次其實相當不尋常，尤其是 Peterborough，我們有多架飛機駐點在那裡，該機場在本季期間實際上關閉了好幾天。我不想過度強調其影響，因為移植中心很靈活；他們會嘗試重新排程個案，往後延、或往前拉。

And so I do think a lot of cases still get done. But certainly, if you have multiple days in a quarter where you can't fly the airplanes, there's some impact there. But I wouldn't say it was a determinative impact.

因此我確實認為很多個案仍然能完成。但當然，如果一個季度裡有好幾天飛機無法起飛，還是會有一些影響。不過我不會說那是決定性的影響。

Okay. And then could you elaborate a little bit on your comments about SG&A going forward? So you said like the adjusted SG&A was $9 million, $9.5 million. And what -- can you give us some idea of what you expect growth going the rest of the year?

好的。那麼你能否再多說明一下你對未來 SG&A 的評論？你提到調整後 SG&A 是 900 萬到 950 萬美元。那麼——你能否給我們一些概念，說明你預期今年剩餘時間的成長情況？

Yes. So the adjusted SG&A -- this is Mat. It was $9.2 million in the quarter. I think you really have to look at, just given all the changes, the divestiture, the acquisition of our -- of Keystone, our Clinical business, really look at the last two quarters as the baseline. So you saw a modest increase of about $300,000 sequentially. So that's the base.

可以。調整後 SG&A——我是 Mat——本季是 920 萬美元。我認為考量到所有變動，包括剝離、收購 Keystone、以及我們的臨床業務，你真的需要把最近兩個季度視為基準。因此你看到的是約 30 萬美元的季增幅度。這就是基礎水位。

Our guidance implies a modest increase from these levels throughout the rest of the year, really just to support growth in the business. So adding some staff and infrastructure across the businesses to really support that growth. So I think we should look at it -- it makes sense to look at it sequentially versus the fourth quarter, first quarter going forward throughout the rest of the year.

我們的指引意味著在今年剩餘時間，會在這些水準之上小幅增加，主要是為了支援業務成長。因此會在各業務增加一些人員與基礎設施，以真正支援成長。我認為——以第四季到第一季的序列變化來看，並在今年剩餘時間持續用序列方式來看，會更合理。

Okay. Modest growth. Okay. Congratulations on the quarter.

好的，小幅成長。好的。恭喜本季表現。

And this concludes my Q&A session. I will pass it back to Mat for any additional comments.

以上結束我的問答環節。我會把時間交回給 Mat，看看是否有其他補充。

We would like to take one question we got from retail investors that we ask what they're thinking about each quarter. We got a question on the transplant industry growth and if we expect it to improve this year?

我們想回答一個來自散戶投資人的問題；我們每季都會問他們在想什麼。這次收到的問題是關於移植產業的成長，以及我們是否預期今年會改善？

I think the important thing to think about here is we've seen an improvement in deceased donor activity over the last few months. Deceased donors slowed down really in the second half of the year, and they picked up a bit in the fourth quarter and then more meaningfully in the first quarter following some regulatory media scrutiny in the first half of 2025.

我認為這裡重要的是：過去幾個月我們看到遺體捐贈者（deceased donor）活動有所改善。遺體捐贈者在下半年確實放緩，第四季稍有回升，而在 2025 年上半年出現一些監管與媒體審視之後，第一季回升得更為明顯。

And transplant growth has also reaccelerated from a low single-digit rate to the -- back to the mid-single digits in the first quarter. This is really in line with our guidance. If you recall, we assumed transplant industry growth would moderate towards this mid-single-digit level in line with what we saw last year as a result of the slowdown in deceased donors.

移植量成長也從低個位數的增速重新加速，在第一季回到中個位數。這其實與我們的指引一致。若你還記得，我們假設移植產業成長會因遺體捐贈者放緩而趨於溫和，回到這個中個位數水準，與我們去年看到的情況一致。

So it's very much in line with our guidance. If we do see a continued recovery of deceased donors, we think there's upside to the number of transplants, which is great for the community, for everyone on the transplant waiting list, but we're not underwriting that in our guidance.

所以這非常符合我們的指引。如果我們確實看到遺體捐贈者持續復甦，我們認為移植數量有上行空間，這對社群、對所有在移植等待名單上的人都很好，但我們並未把這點納入我們的指引假設。

Thank you. And ladies and gentlemen, this concludes our conference. Thank you for participating, and you may now disconnect.

謝謝。各位女士先生，本次電話會議到此結束。感謝各位參與，您現在可以中斷連線。