Sensus Healthcare Inc (SRTS) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to the Sensus Healthcare third-quarter 2024 financial results conference call. (Operator Instructions)

下午好，歡迎參加 Sensus Healthcare 2024 年第三季財務業績電話會議。（操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

I would now like to turn the conference over to Kim Golodetz with Alliance Advisors IR. Please go ahead.

現在我想將會議交給 Alliance Advisors IR 的 Kim Golodetz。請繼續。

Thank you. This is Kim Golodetz with Alliance Advisors IR. Thank you all for participating in today's call. Joining me from Sensus Healthcare are Joe Sardano, Chairman and Chief Executive Officer; Michael Sardano, President and General Counsel; and Javier Rampolla, Chief Financial Officer. As a reminder, some of the matters that will be discussed during today's call contain forward-looking statements within the meaning of federal securities laws.

謝謝。我是 Alliance Advisors IR 的 Kim Golodetz。感謝大家參加今天的電話會議。與我一起來自 Sensus Healthcare 的還有董事長兼執行長 Joe Sardano；麥可·薩爾達諾，總裁兼總法律顧問；和財務長哈維爾·蘭波拉 (Javier Rampolla)。提醒一下，今天的電話會議中將討論的一些事項包含聯邦證券法含義內的前瞻性陳述。

All statements other than historical facts that address activities Sensus Healthcare assumes, plans, expects, believes, intends or anticipates and other similar expressions will, should or may occur in the future are forward-looking statements. The forward-looking statements are management's beliefs based on currently available information as of the date of this conference call, November 14, 2024. Sensus Healthcare undertakes no obligation to revise or update any forward-looking statements, except as required by law. All forward-looking statements are subject to risks and uncertainties as described in the company's Forms 10-K and 10-Q. During today's call, references will be made to certain non-GAAP financial measures.

除歷史事實外，涉及 Sensus Healthcare 假設、計劃、預期、相信、打算或預期的活動的所有陳述以及未來將、應該或可能發生的其他類似表達均為前瞻性陳述。這些前瞻性陳述是管理階層基於截至本次電話會議之日（2024 年 11 月 14 日）的現有資訊所得出的信念。Sensus Healthcare 不承擔修改或更新任何前瞻性聲明的義務，法律要求的除外。所有前瞻性陳述均受到公司表格 10-K 和 10-Q 中所述的風險和不確定性的影響。在今天的電話會議中，將提及某些非公認會計準則財務指標。

Sensus believes these measures provide useful information for investors, yet they should not be considered as a substitute for GAAP nor should they be viewed as a substitute for operating results determined in accordance with GAAP. A reconciliation of non-GAAP to GAAP results is included in today's financial results press release. With that said, I'd like to turn the call over to Joe Sardano. Joe?

Sensus 認為這些措施為投資者提供了有用的信息，但它們不應被視為 GAAP 的替代品，也不應被視為根據 GAAP 確定的經營業績的替代品。今天的財務表現新聞稿包含了非公認會計原則與公認會計原則結果的調節表。話雖如此，我想將電話轉給喬·薩爾達諾。喬？

Thank you, Kim, and good afternoon, everyone. Before we jump into the meat of today's call, let me address the distribution of our earnings news release earlier today. As you know, we typically issue our financial announcements after the markets close. Today, we had an accidental disclosure situation with the vendor that handles the distribution of our news releases. So out of an abundance of caution, we issued our third quarter news release and filed our 8-K and 10-Q during live trading hours.

謝謝金，大家下午好。在我們開始討論今天的電話會議之前，讓我先談談今天早些時候發布的收益新聞稿。如您所知，我們通常在市場收盤後發布財務公告。今天，我們與負責分發我們新聞稿的供應商發生了意外洩露的情況。因此，出於謹慎考慮，我們發布了第三季新聞稿，並在即時交易時間內提交了 8-K 和 10-Q。

We expect to return to our normal timing cadence next quarter. And with that being said, I'm delighted to be reporting another quarter of continued growth in revenues and earnings. This reflects our success in engaging customers with both existing and new sales options for our SRT products. Revenues more than doubled year-over-year for the second consecutive quarter, and we maintained profitability despite the summer seasonality of our business. We shipped 27 SRT systems during the quarter, including one to Israel as we continue to build a global presence.

我們預計下個季度將恢復正常的計時節奏。話雖如此，我很高興報告又一個季度的營收和收益持續成長。這反映出我們在吸引客戶參與 SRT 產品的現有和新銷售選項方面取得了成功。營收連續第二季年增一倍以上，儘管業務處於夏季季節性，但我們仍保持獲利能力。我們在本季度運送了 27 個 SRT 系統，其中一個運往以色列，因為我們繼續建立全球影響力。

This compares with 11 systems shipped in the year ago quarter. Once again, many of the shipments were for our SRT-100 Vision systems with guided SRT, including a higher number of such systems sold to a large long-time customer. We value the business this customer provides and applaud their dedication to choosing a far more patient-friendly alternative to Mohs surgery with efficacy that's every bit as good. Our Fair Deal agreement, which we refer to as FDA, is proving to be as well received as we had envisioned, perhaps even more so. The FDA is our new shared revenue IGSRT placement model, which we launched in March at the American Academy of Dermatology Annual Meeting.

相比之下，去年同期出貨了 11 個系統。再次，許多出貨是針對我們具有引導 SRT 的 SRT-100 Vision 系統，其中包括出售給大型長期客戶的大量此類系統。我們重視該客戶提供的業務，並讚揚他們致力於選擇對患者更友善的莫氏手術替代方案，並且療效同樣好。事實證明，我們的公平交易協議（我們稱之為 FDA）正如我們所預想的那樣受到歡迎，甚至可能更受歡迎。FDA 是我們新的共享收入 IGSRT 安置模式，我們於 3 月在美國皮膚病學會年會上推出了該模式。

It complements our leasing programs as well as the outright sales of systems. During the third quarter, we signed seven FDA contracts for a total of 22 as of September 30. And just this week, we entered into an exclusive agreement with Platinum Dermatology Partners, which will cover all their 130 clinical sites in the US. This is the largest sale to date under FDA or otherwise and it holds potential to be a meaningful contributor to our top line. Platinum is a group dermatology practice with headquarters in Dallas.

它補充了我們的租賃計劃以及系統的直接銷售。第三季度，我們簽署了 7 份 FDA 合同，截至 9 月 30 日總計 22 份。就在本週，我們與 Platinum Dermatology Partners 簽訂了獨家協議，該協議將涵蓋他們在美國的所有 130 個臨床中心。這是迄今為止 FDA 或其他方面最大的一筆銷售，它有可能對我們的收入做出有意義的貢獻。Platinum 是一家總部位於達拉斯的團體皮膚科診所。

They have more than 400 clinicians staffing clinics in Arizona, California, Florida, Nevada and Texas. We expect to place several systems during the fourth quarter of 2024 and we will continue to provide systems to the Platinum network over time. Platinum has been a census customer for several years and has an unwavering commitment to patient care. We are delighted to enter into this collaboration to extend the benefits of superficial radiotherapy to even more patients with non-melanoma skin cancer and keloid scars. Non-melanoma skin cancer afflicts people nationwide.

他們在亞利桑那州、加利福尼亞州、佛羅裡達州、內華達州和德克薩斯州的診所擁有 400 多名臨床醫生。我們預計在 2024 年第四季部署多個系統，並且隨著時間的推移，我們將繼續向白金網路提供系統。Platinum 多年來一直是人口普查客戶，並且堅定不移地致力於患者護理。我們很高興能夠進行這項合作，將淺層放射治療的益處擴大到更多患有非黑色素瘤皮膚癌和疤痕疙瘩的患者。非黑色素瘤皮膚癌困擾著全國人民。

Platinum Dermatology's current geographic footprint makes for a particularly promising partnership as they aggressively pursue strategic expansion nationally. As a reminder, our Fair Deal agreement provides flexibility for the customers to deploy capital to other areas of their business, which is especially valuable under challenging macroeconomic conditions. Given the growing utilization of SRT to treat non-melanoma skin cancer and keloids and the interest we've generated to date, we believe this option will contribute to our growth for years to come. As our activities continue to grow, we fully expect our objectives for these agreements to be achieved by year-end. All these agreements will begin to provide recurring revenue to Sensus beginning in 2025 with significant volumes projected for the second half of the year.

Platinum Dermatology 目前的地理覆蓋範圍使其成為一種特別有前途的合作夥伴關係，因為他們積極尋求全國性的戰略擴張。提醒一下，我們的公平交易協議為客戶提供了將資本部署到其業務其他領域的靈活性，這在充滿挑戰的宏觀經濟條件下尤其有價值。鑑於 SRT 越來越多地用於治療非黑色素瘤皮膚癌和疤痕疙瘩以及我們迄今為止引起的興趣，我們相信這種選擇將有助於我們未來幾年的成長。隨著我們的活動不斷增長，我們完全期望這些協議的目標能夠在年底前實現。所有這些協議將從 2025 年開始為 Sensus 提供經常性收入，預計下半年將產生大量收入。

And with that, I will ask Michael to discuss SRT expansion into other strategic markets. Michael?

接下來，我將請 Michael 討論 SRT 向其他策略市場的擴張。麥可？

Thanks, Joe. We also continue to focus on bringing our SRT technology to the radiation oncology market. During the third quarter, we shipped an SRT system to Swedish Hospital in Seattle, which is owned by Providence Health and Services. This sale to such a large and prestigious institution represents our latest success in generating interest in SRT from hospital oncology departments. Although the hospital market tends to have a longer sales cycle, we expect to generate continued demand from this channel.

謝謝，喬。我們也繼續致力於將我們的 SRT 技術引入放射腫瘤學市場。第三季度，我們向西雅圖的瑞典醫院運送了一套 SRT 系統，該醫院隸屬於 Providence Health and Services。此次出售給如此大型且享有盛譽的機構，代表了我們在激發醫院腫瘤科對 SRT 興趣方面的最新成功。儘管醫院市場的銷售週期往往較長，但我們預期該管道將產生持續的需求。

In October, we attended the American Society for Therapeutic Radiation Oncology, or ASTRO Annual Conference, and we were delighted with the traffic at our booth. Hospitals are looking for additional sources of revenue and the radiation departments are excellent targets because we offer a cost-effective and clinically proven alternative to the very expensive linear accelerators and other electron beam radiation systems to treat non-melanoma skin cancers. Switching gears for a moment, I'll now turn to a brief update on our transdermal infusion product, or TDI. As we relayed to you last quarter, we continue to develop this product with feedback from our KOLs and the many pharma companies interested in this technology. As a result, our engineers have added many new features, which we had planned for a Phase 2 development.

10 月份，我們參加了美國放射腫瘤治療學會 (ASTRO) 年會，我們對展位的人潮感到非常滿意。醫院正在尋找額外的收入來源，而放射科是絕佳的目標，因為我們提供了一種經濟有效且經過臨床驗證的替代方案，可以取代非常昂貴的直線加速器和其他電子束放射系統來治療非黑色素瘤皮膚癌。暫時換個話題，我現在將簡單介紹一下我們的透皮輸注產品（TDI）。正如我們上季度向您傳達的那樣，我們將根據 KOL 和對此技術感興趣的許多製藥公司的反饋繼續開發該產品。因此，我們的工程師添加了許多新功能，這是我們計劃在第二階段開發的。

We expect to submit our 510(k) application to the US Food and Drug Administration before the end of the year. I would also like to update you on the international and veterinary market potential. We've been making good progress in bringing our SRT systems to global markets, in particular, in Asia and the Middle East. Our goal continues to be to open up two to three new territories each year, which we achieved over the last three years.

我們預計在今年年底前向美國食品藥物管理局提交 510(k) 申請。我還想向您介紹國際和獸醫市場潛力的最新情況。我們在將 SRT 系統推向全球市場（特別是亞洲和中東市場）方面取得了良好進展。我們的目標仍然是每年開闢兩到三個新領域，這是我們在過去三年中實現的。

During the third quarter, we shipped a system to a hospital in Israel. This follows a previous sale to Chavat Da'at, the Veterinary Specialist Referral Center Knowledge Farm at Beit Berl College in Tel Aviv to treat tumors in cats and dogs. The veterinary market is an interesting incremental growth opportunity for us. And recall that Colorado State University, the College of Veterinary Medicine, has two of our SRT systems and are treating household pets as well as horses. They are preserving all of this data to eventually publish their research on treating animals with SRT.

在第三季度，我們將一個系統運送到以色列的一家醫院。此前，該公司曾出售給特拉維夫拜特貝爾學院的獸醫專家轉介中心知識農場 Chavat Da'at，用於治療貓和狗的腫瘤。獸醫市場對我們來說是一個有趣的增量成長機會。還記得科羅拉多州立大學獸醫學院擁有兩個我們的 SRT 系統，並且正在治療家庭寵物和馬。他們正在保存所有這些數據，以便最終發布他們關於使用 SRT 治療動物的研究。

We are also speaking with potential veterinary customers for our SRT systems for their individual practices, and we'll update you should we sign any agreements in this channel. With that, I'll turn the call over to Javier for a review of our recent financial results.

我們也正在與潛在的獸醫客戶就我們的 SRT 系統進行交流，以了解他們的個人實踐，如果我們在此管道中籤署任何協議，我們將向您通報最新情況。這樣，我會將電話轉給哈維爾，以審查我們最近的財務表現。

Thanks, Michael, and good afternoon, everyone. Revenues for the third quarter of 2024 more than doubled to $8.8 million, up 127% from $3.9 million in the third quarter of 2023 as we shipped 27 SRT units versus 11 a year ago. The increase was primarily driven by a higher number of SRT systems sold to a large customer. Gross profit for the third quarter of 2024 was $5.2 million or 59.3% of revenues compared with $2 million or 51% of revenue for the third quarter of 2023. The increase was primarily due to the higher number of units sold in the 2024 quarter.

謝謝邁克爾，大家下午好。2024 年第三季的收入成長了一倍多，達到 880 萬美元，比 2023 年第三季的 390 萬美元成長 127%，因為我們出貨了 27 台 SRT 設備，而一年前為 11 台。這一增長主要是由於向大客戶銷售的 SRT 系統數量增加所致。2024 年第三季的毛利為 520 萬美元，佔營收的 59.3%，而 2023 年第三季的毛利為 200 萬美元，佔營收的 51%。這一增長主要是由於 2024 年季度售出的單位數量增加。

Selling and marketing expense for the third quarter of 2024 was $1.3 million, which is unchanged from the prior year. Note that marketing expenses tend to be lowest during the summer months as there are fewer trade shows and conferences. General and administrative expense for the third quarter of 2024 was $1.6 million compared with $1.5 million a year ago. The slight increase was primarily due to higher compensation and bad debt expenses, which were offset by a reduction in bank fees. Research and development expense for the third quarter of 2024 was $0.9 million compared with $1.1 million in the same quarter last year.

2024 年第三季的銷售和行銷費用為 130 萬美元，與前一年持平。請注意，由於貿易展覽和會議較少，夏季的行銷費用往往最低。2024 年第三季的一般及管理費用為 160 萬美元，去年同期為 150 萬美元。略有增加主要是由於補償和壞帳費用增加，但銀行費用減少所抵銷。2024 年第三季的研發費用為 90 萬美元，去年同期為 110 萬美元。

The decrease was primarily due to expenses related to a project to develop a drug delivery system for aesthetic use as the majority of the development expense occurred last year. Other income of $0.3 million for the third quarter of 2024 was mostly related to interest income and was unchanged from the prior year's third quarter. Net income for the third quarter of 2024 was $1.2 million or $0.07 per diluted share, and this compared with a net loss of $1.5 million or a loss of $0.09 per share for the third quarter of 2023. Adjusted EBITDA, which we define as earnings before interest, taxes, depreciation, amortization and stock compensation expense was $1.6 million for the third quarter of 2024 compared with negative $1.7 million for the third quarter of 2023. This represents a tremendous year-over-year improvement of more than $3.3 million.

減少的主要原因是與開發美容用藥物輸送系統項目相關的費用，因為大部分開發費用發生在去年。2024 年第三季的其他收入為 30 萬美元，主要與利息收入相關，與去年第三季持平。2024 年第三季的淨利潤為 120 萬美元，即稀釋後每股虧損 0.07 美元，而 2023 年第三季的淨虧損為 150 萬美元，即每股虧損 0.09 美元。2024 年第三季調整後 EBITDA（我們定義為息稅折舊攤提和股票補償費用前利潤）為 160 萬美元，而 2023 年第三季為負 170 萬美元。這意味著同比增長超過 330 萬美元。

Turning now to our financial results for the first nine months of 2024. Revenues for the nine months ended September 30, 2024, were $28.7 million compared with $11.8 million for the same period of 2023, an increase of $16.9 million or 143%. The increase was primarily driven by a higher number of units sold to a large customer. Cost of sales was $11.4 million for the first nine months of 2024 compared with $5.6 million for the same period of 2023. The increase was primarily related to higher sales in the 2024 period.

現在來看看我們 2024 年前 9 個月的財務表現。截至 2024 年 9 月 30 日的九個月收入為 2,870 萬美元，較 2023 年同期的 1,180 萬美元增加 1,690 萬美元，即 143%。這一增長主要是由於向大客戶銷售的產品數量增加所致。2024 年前 9 個月的銷售成本為 1,140 萬美元，而 2023 年同期為 560 萬美元。這一增長主要與 2024 年期間銷量增加有關。

Gross profit was $17.3 million or 16.3% of revenue, and this compares with $6.2 million or 52.6% of revenues for the first 9 months of 2023. The increase was primarily driven by a higher number of units sold in the 2024 period. We expect gross margin to continue to be in the 60% level for the fourth quarter of 2024. Selling and marketing expense was $3.6 million for the first nine months of 2024, down from $5 million a year ago. The difference was primarily attributable to a decline in marketing agency expense, travel expense and lower headcount.

毛利為 1,730 萬美元，佔營收的 16.3%，而 2023 年前 9 個月的毛利為 620 萬美元，佔營收的 52.6%。這一增長主要是由於 2024 年銷售量增加所致。我們預計2024年第四季毛利率將繼續維持在60%的水平。2024 年前 9 個月的銷售和行銷費用為 360 萬美元，低於一年前的 500 萬美元。差異主要歸因於行銷代理費用、差旅費用的下降和員工人數的減少。

General and administrative expense was $4.7 million for the nine months ended September 30, 2024, compared with $4.2 million a year ago. The increase was primarily due to higher compensation and bad debt expenses, which were offset by a reduction in bank fees and insurance expenses. Research and development expense was $2.7 million for the 9 months ended September 30, 2024, compared with $3 million in the prior year period. The decrease was primarily due to expenses related to a project to develop a drug delivery system for aesthetic use. Other income of $0.7 million and $0.8 million for the nine months ended September 30, 2024 and 2023, respectively, relates primarily to interest income.

截至 2024 年 9 月 30 日的九個月，一般及行政費用為 470 萬美元，去年同期為 420 萬美元。這一增長主要是由於補償和壞帳費用增加，但被銀行費用和保險費用的減少所抵消。截至 2024 年 9 月 30 日的 9 個月，研發費用為 270 萬美元，去年同期為 300 萬美元。減少的主要原因是與開發美容用藥物輸送系統項目相關的費用。截至2024年9月30日和2023年9月30日的九個月的其他收入分別為70萬美元和80萬美元，主要與利息收入有關。

Net income for the first nine months of 2024 was $5.1 million or $0.31 per diluted share compared with a net loss of $3.7 million or a loss of $0.23 per share for the year ago period. Adjusted EBITDA for the first 9 months of 2024 was $6.7 million compared with negative $5.4 million for the first 9 months of 2023. As with Q3, the year-to-date improvement in adjusted EBITDA was truly impressive with a swing of more than $12 million.

2024 年前 9 個月的淨利潤為 510 萬美元，或稀釋後每股虧損 0.31 美元，而去年同期淨虧損為 370 萬美元，或每股虧損 0.23 美元。2024 年前 9 個月的調整後 EBITDA 為 670 萬美元，而 2023 年前 9 個月的調整後 EBITDA 為負 540 萬美元。與第三季一樣，年初至今調整後 EBITDA 的改善確實令人印象深刻，波動超過 1,200 萬美元。

Turning now to our balance sheet. Cash and cash equivalents were $22.6 million as of September 30, 2024, versus $23.1 million as of December 31, 2023, and we had no outstanding borrowings under our revolving credit line.

現在轉向我們的資產負債表。截至 2024 年 9 月 30 日，現金及現金等價物為 2,260 萬美元，而截至 2023 年 12 月 31 日為 2,310 萬美元，且我們的循環信貸額度下沒有未償還借款。

We maintain a strong balance sheet to take advantage of the compelling growth opportunities we may come across or create and our cash continues to be very focused and highly disciplined. Accounts receivables was $17 million as of September 30, 2024, compared with $11.6 million as of December 31, 2023. As of today, approximately $8 million of those receivables have been collected. Total inventories were $12 million, which is consistent with $11.9 million as of December 31, 2023. We continue to maintain a healthy inventory level to meet the expected demand for the direct sales and for placements under deferred deal agreement.

我們保持強勁的資產負債表，以利用我們可能遇到或創造的引人注目的成長機會，我們的現金仍然非常集中和嚴格自律。截至2024年9月30日，應收帳款為1,700萬美元，截至2023年12月31日，應收帳款為1,160萬美元。截至目前，其中約 800 萬美元的應收帳款已收回。庫存總額為 1,200 萬美元，與截至 2023 年 12 月 31 日的 1,190 萬美元一致。我們繼續保持健康的庫存水平，以滿足直接銷售和延期交易協議下的安置的預期需求。

As a final comment, please see the tables in the news release we issued earlier this afternoon for a reconciliation of GAAP to non-GAAP financial measures. With that, I'll turn the call back to Joe.

作為最後的評論，請參閱我們今天下午早些時候發布的新聞稿中的表格，以了解 GAAP 與非 GAAP 財務指標的調整表。這樣，我會將電話轉回喬。

Thanks, Michael and Javier. We continue to be very excited about the future of Sensus as we are transforming our company into an industry powerhouse. Our financial results certainly reflect our hard work to date to provide multiple options to our customers. Of course, we wouldn't be successful if our products didn't work with reliable precision or meet important needs in the marketplace. Our Fair Deal agreement would not be possible without our powerful Sentinel IT software.

謝謝，邁克爾和哈維爾。我們仍然對 Sensus 的未來感到非常興奮，因為我們正在將我們的公司轉變為行業巨頭。我們的財務表現無疑反映了我們迄今為止為向客戶提供多種選擇而付出的努力。當然，如果我們的產品不能以可靠的精度工作或無法滿足市場的重要需求，我們就不會成功。如果沒有我們強大的 Sentinel IT 軟體，我們的公平交易協議就不可能實現。

This is our HIPAA-compliant software with clinical billing and asset management utility that also allows us to track utilization in real time. This technology is ideal for better managing dermatology clinics for all of our customers and is proprietary to Sensus. We believe this software is an extremely valuable asset and is well protected by a host of patents. In the meantime, I'll remind you that our products offer excellent solutions for treating non-melanoma skin cancer and keloid scars, and I'm deeply grateful to the talented team we have here at Sensus for their dedication to making sure the benefits of our products are available to as many people as possible. And indeed, many people will need our products.

這是我們符合 HIPAA 標準的軟體，具有臨床計費和資產管理實用程序，還允許我們即時追蹤利用率。該技術是 Sensus 專有的技術，非常適合為我們所有客戶更好地管理皮膚科診所。我們相信該軟體是一項極其寶貴的資產，並受到大量專利的良好保護。同時，我要提醒您，我們的產品為治療非黑色素瘤皮膚癌和疤痕疙瘩提供了出色的解決方案，我非常感謝 Sensus 的才華橫溢的團隊，他們致力於確保以下產品的益處：我們的產品可供盡可能多的人使用。事實上，很多人都需要我們的產品。

An estimated 1 in 5 Americans will develop skin cancer during their lifetime, representing some 70 million people. So, whether Medicare or private insurance, we are in early stages of tapping the enormous opportunity for SRT just in non-melanoma skin cancer and keloids. And with those comments, I thank you for your time and attention. And now operator, we're ready to take questions.

據估計，五分之一的美國人在一生中會罹患皮膚癌，相當於約 7,000 萬人。因此，無論是醫療保險還是私人保險，我們都處於利用 SRT 在非黑色素瘤皮膚癌和疤痕疙瘩方面的巨大機會的早期階段。對於這些評論，我感謝您的時間和關注。現在接線員，我們準備好回答問題了。

(Operator Instructions)

（操作員說明）

Jason Wittes, ROTH.

傑森·維茨，羅斯。

First off, with the Fair Deal agreement with Platinum Dermatology Partners, you mentioned there would be a few this year. The remaining -- I don't know if there is a remaining 130, but does that also imply that you'll be signing contracts for the remaining 130 clinics and how might that cascade into 2025?

首先，根據與 Platinum Dermatology Partners 的公平交易協議，您提到今年會有一些。剩下的——我不知道是否還剩下 130 家，但這是否也意味著您將簽署剩餘 130 家診所的合同，這會如何延續到 2025 年？

Thanks, Jason, for the question. First of all, the contract that we have with them covers their 130 sites. So, we don't have to sign any more contracts. It's one blanket contract for the 130 sites. We naturally have to do surveys at various sites immediately to install physicians and clinics that want this unit as quickly as they possibly can get their hands on.

謝謝傑森的提問。首先，我們與他們簽訂的合約涵蓋了他們的 130 個站點。這樣，我們就不用再簽任何合約了。這是 130 個站點的一攬子合約。我們自然必須立即在各個地點進行調查，以盡快安裝需要裝置的醫生和診所。

So, we're going to work as hard as we can to fulfill as many requests as they have that will probably take us into -- well into next year with consistent requests for adding additional products. So, I think it's going to be an ongoing process as we continue to add resources to expand a lot of the facilities that they have and to meet the requirements that they have at each one of their sites.

因此，我們將盡最大努力滿足他們提出的盡可能多的要求，這可能會讓我們在明年持續不斷地要求添加更多產品。因此，我認為這將是一個持續的過程，因為我們將繼續添加資源來擴展他們擁有的許多設施並滿足他們每個站點的要求。

Okay. So that means that probably by the end of the year, all 130 sites should basically be on the Fair Deal arrangement?

好的。那麼這是否意味著到今年年底，所有 130 個站點基本上都應該處於公平交易安排？

It's all under the Fair Deal arrangement now, and the potential is 130 sites. but we have to install them one at a time or in groups at one at a time, and there's training that goes on, there's construction that goes on. So, it has to be very well planned out and systematic.

現在這一切都在公平交易安排下，潛在的地點有 130 個。但我們必須一次一個或一組地安裝它們，並且要進行培訓，進行施工。因此，它必須經過精心策劃和系統化。

Okay. And then you mentioned your largest customer contributed this quarter. What percentage of placements are related to your largest customer?

好的。然後您提到您最大的客戶本季做出了貢獻。與您最大客戶相關的展示位置百分比是多少？

They represent about 50%.

他們約佔50%。

Anthony Vendetti, Maxim.

安東尼·文代蒂，馬克西姆。

Just on the Platinum Dermatology, has been a long-time customer, and it's a great relationship that you have there 130 clinics, as you pointed out. On the Fair Deal agreement, which covers all 130 clinics, and I know you said more of it will be in the second half of '25, but have they indicated how many systems they're intending to buy or not buy, but intending to procure under the Fair Deal agreement in '25? Any color you can add on that would be helpful.

就Platinum Dermatology而言，我已經是長期客戶了，正如您所指出的，您在那裡擁有130家診所，這是一個很好的關係。關於涵蓋所有 130 家診所的公平交易協議，我知道您說過更多的內容將在 25 年下半年進行，但他們是否表明他們打算購買或不購買多少系統，但打算購買25 年根據公平交易協議進行採購？您可以添加的任何顏色都會有所幫助。

Sure. Anthony, thanks again. It was funny. As we were going through the process in developing this agreement as conversations continued, we were targeting a certain number of units to be part of the agreement. And they requested and quite frankly, demanded that they didn't want to be limited to that number that they wanted it open for all 130 sites that they currently have.

當然。安東尼，再次感謝。這很有趣。隨著對話的繼續，我們正在經歷制定協議的過程，我們的目標是將一定數量的單位納入該協議。他們要求，坦白說，要求他們不希望限制在他們希望對他們目前擁有的所有 130 個網站開放的數量。

So, it gave them the option to put a unit in, quite frankly, to all of these units. So, we were very happy to hear that, that they're aggressively pursuing this. Is that practical to happen right away? It's going to take time, but we'll get there. And keep in mind that they're progressing as well.

因此，坦白說，他們可以選擇將一個單元放入所有這些單元中。所以，我們很高興聽到他們正在積極追求這一點。這可以立即實現嗎？這需要時間，但我們會到達那裡。請記住，他們也在進步。

They're continuing to buy clinics all over the country and in particular, in the zones and the areas of the country that they're in right now. So, they're only going to add to that, but that's pretty much what the agreement calls for. It's up to their prerogative to put in as many as they want, as many as they can, and we're ready to do it, and they wanted it open for all 130 sites. They didn't want it limited.

他們繼續在全國各地購買診所，特別是在他們目前所在的國家地區。所以，他們只會補充這一點，但這幾乎就是協議所要求的。他們有權利盡可能地投入，我們已經準備好這樣做，他們希望它對所有 130 個站點開放。他們不希望它受到限制。

Okay. Great. Now, that's helpful. And most likely though, most likely wouldn't be more than 1 per site. Is that true?

好的。偉大的。現在，這很有幫助。但很可能每個站點不會超過 1 個。這是真的嗎？

And then in terms of other large dermatology practices, are you in any negotiations with other groups similar in size to platinum dermatology?

然後就其他大型皮膚科實踐而言，您是否正在與其他規模與鉑金皮膚科類似的團體進行談判？

There's about 12 to 15 of these companies that are private equity sponsored and backed. And I will tell you that we have several that are reviewing the contracts.

其中大約有 12 到 15 家公司得到了私募股權的贊助和支持。我會告訴你，我們有幾個正在審查合約。

Okay. Great. And then maybe this is for Michael. But on the international front, how are you pursuing demand in the international market? How are you -- I think it's mostly through distributors, but are you making the Fair Deal agreement available there at all?

好的。偉大的。也許這是給邁克爾的。但在國際方面，你們如何追求國際市場的需求？你好嗎——我認為這主要是透過分銷商進行的，但你是否在那裡提供了公平交易協議？

Or is that always on a transfer price basis?

還是始終以轉讓價格為基礎？

Thanks for the question. Now. So the Fair Deal agreement will not be offered internationally, at least for the time being. I'm not going to say that we'll never offer it. You never know.

謝謝你的提問。現在。因此，公平交易協議不會在國際上提供，至少目前是如此。我不會說我們永遠不會提供它。你永遠不知道。

But for right now, it's mainly through distributors. In fact, we just had a major conference in Vietnam about a week ago actually. And great, great interest there. Again, more distributors. It's expanding into the larger Southeast Asia territory.

但目前主要是透過經銷商。事實上，大約一週前我們剛在越南舉行了一次重要會議。那裡有很大的興趣。再次，更多的經銷商。它正在擴展到更大的東南亞地區。

As you may remember, in Q2, we shipped our first-ever Vision IGSRT system to Taiwan, and that's creating a lot of buzz and a lot of interest at other major hospitals in areas like Vietnam, Laos, Cambodia. So, we're really, really excited for all of that buzz, and we'll see where it goes.

您可能還記得，在第二季度，我們將第一個 Vision IGSRT 系統運送到台灣，這在越南、寮國、柬埔寨等地區的其他主要醫院引起了極大的轟動和興趣。所以，我們對所有這些嗡嗡聲感到非常非常興奮，我們將看看它會走向何方。

Okay. Great. And then maybe, Joe, just a quick comment on traditionally the summer quarter, which just concluded September 30 is the quietest quarter for the industry in general. What would you attribute it to the outperformance from Sensus? Is it mostly related to the Platinum dermatology deal?

好的。偉大的。Joe，也許只是對傳統上的夏季季度進行快速評論，9 月 30 日剛結束的夏季季度是整個行業最安靜的季度。您將 Sensus 的出色表現歸因於什麼？這主要與白金皮膚科交易有關嗎？

Or what else would you attribute to the better quarter than expected?

或者您認為本季優於預期的其他原因是什麼？

Well, it's a better quarter than we've had in other third quarters. But keep in mind, it still wasn't as good as our second quarter. So, we did see seasonality into it. But quite frankly, the third quarter didn't recognize any contribution from the Platinum deal. So that's yet to come.

嗯，這個季度比其他第三季好。但請記住，它仍然不如我們的第二季。所以，我們確實看到了季節性。但坦白說，第三季並沒有意識到白金交易的任何貢獻。所以這還沒到來。

But the FDA agreements we're going to see as we install more and more of these units, we're starting to see revenues from the installations that we have that are related to FDA. We're starting to see increases of patient volumes from month-to-month. And as I stated before, I think that we'll see more significant revenues being accounted for in the second half of 2025 as we continue to install more and more machines, volumes continue to increase and revenues begin to increase. So, I think that, that will continue to grow. And I think we're really trending well as far as the existing installations.

但隨著我們安裝越來越多的這些裝置，我們將看到 FDA 協議，我們開始看到與 FDA 相關的安裝帶來的收入。我們開始看到患者數量逐月增加。正如我之前所說，我認為隨著我們繼續安裝越來越多的機器、數量持續增加、收入開始增加，我們將在 2025 年下半年看到更重要的收入。所以，我認為，這將繼續增長。我認為就現有安裝而言，我們的趨勢確實很好。

And as we keep adding more and more installations as we come close to the end of the year, and then we're going to have a very heavy schedule of installations in the first half of next year as well.

隨著年底的臨近，我們不斷增加安裝量，明年上半年的安裝計畫也將非常繁重。

Ilya Zubkov, Freedom Broker.

伊利亞·祖布科夫，自由掮客。

So, my first question is on the Fair Deal agreement with Platinum. So, I'm curious, so 130 clinics is quite a lot, and that's great. And if you have a few more orders like this, will your production capacity be enough to serve it?

所以，我的第一個問題是關於與 Platinum 的公平交易協議。所以，我很好奇，130 家診所已經相當多了，這很好。而如果再有幾個這樣的訂單，你們的產能可以滿足嗎？

That's a good question, Ilya. We do have the capacity to be able to install units. And keeping in mind that, like I said before, there's about 12 to 15 of these companies that have anywhere between 100 and 400 centers. So, we're capable of handling the volume that they're going to give us. It's not something where you're going to install 20 of these systems in 1 month because it has to be systematically installed with training, construction, and all of these things that have to go on.

這是個好問題，伊利亞。我們確實有能力安裝設備。請記住，正如我之前所說，大約有 12 到 15 家此類公司擁有 100 到 400 個中心。因此，我們有能力處理他們將提供給我們的數量。這不是你要在 1 個月內安裝 20 個這樣的系統的事情，因為它必須透過培訓、施工以及所有這些必須進行的事情來系統地安裝。

So, it takes a lot more planning in order to get a lot of these machines in there. But we'll get into a solid rhythm once all of these potential orders start coming in, we'll be able to adapt. We're not worried about that. We can manufacture whatever we need. We currently have enough inventory to cover us for all of 2025.

因此，需要更多的規劃才能在那裡放置大量此類機器。但一旦所有這些潛在訂單開始進來，我們就會進入穩定的節奏，我們將能夠適應。我們並不擔心這一點。我們可以製造我們需要的任何東西。目前，我們的庫存足以滿足 2025 年全年的需求。

And we're preparing orders for more orders in 2025, which will be delivered in the second half of this year and again, going into 2026. So, I'm very, very comfortable with our capability of manufacturing. That's number one. I think the second question that you had was regarding pretty much the same topic. So, we want to get more of these companies signed up to us.

我們正在準備 2025 年的更多訂單，這些訂單將在今年下半年交付，並在 2026 年再次交付。所以，我對我們的製造能力非常非常滿意。這是第一名。我認為您提出的第二個問題與幾乎相同的主題有關。因此，我們希望更多的這類公司與我們簽約。

I think that they recognize that we're a very good partner to be working with. They recognize that our agreements are very compatible with their philosophy of doing business. And so, I think the reason why we branded it as the Fair Deal agreement is that it is. It's a Fair Deal agreement that's fair for us as well as fair to them.

我認為他們認識到我們是一個非常好的合作夥伴。他們認識到我們的協議與他們的經營理念非常契合。因此，我認為我們將其稱為公平交易協議的原因是它確實如此。這是一項公平交易協議，對我們也公平。

Jade Montgomery, H.C. Wainwright.

傑德·蒙哥馬利，H.C.溫賴特。

I'm on for Yi Chen from H.C. Wainwright. So, with moving into 2025, could you provide any comment of the target number of systems shipped or the target number of Fair Deal agreements you expect to make next year?

我是 H.C. 的陳一。溫賴特。那麼，進入 2025 年，您能否對明年預計達成的系統出貨目標數量或公平交易協議目標數量發表評論？

As many as we possibly can. I mean, we really don't provide guidance, but we always attempt to get as much as we possibly can. I think that the interest is going to continue to increase as we continue to work with companies and groups like Platinum. I think that we have a very, very good contract. I think we have an excellent technology.

盡可能多。我的意思是，我們確實不提供指導，但我們總是嘗試獲得盡可能多的指導。我認為，隨著我們繼續與 Platinum 等公司和團體合作，人們的興趣將繼續增加。我認為我們有一份非常非常好的合約。我認為我們擁有出色的技術。

We provide the software to that technology that allows them to be able to manage the assets themselves as well as to be able to control the patient data, the billing, and so on. So, we give them all the tools that they need to have a very successful installation and practice surrounding SRT and skin cancer and keloids. So, I think it will catch on and hopefully, we can turn it into an epidemic, pardon me for using that word.

我們為該技術提供軟體，使他們能夠自行管理資產以及控制患者資料、計費等。因此，我們為他們提供了圍繞 SRT 以及皮膚癌和疤痕疙瘩進行非常成功的安裝和實踐所需的所有工具。所以，我認為它會流行起來，希望我們能把它變成一種流行病，請原諒我使用這個詞。

Well, hopefully, it will be a better epidemic than last time. And also, I may have missed this, but given the deal with Platinum Dermatology, obviously, that doesn't affect the third-quarter results. But will that affect sales for this quarter? And also, just in general, do you expect the sales of this fourth quarter to again exceed what you had last year?

好吧，希望這次疫情會比上次好。而且，我可能錯過了這一點，但鑑於與 Platinum Dermatology 的交易，顯然這不會影響第三季的業績。但這會影響本季的銷售嗎？另外，總的來說，您預計第四季的銷售額是否會再次超過去年？

Well, keep in mind that the FDA agreement doesn't impact sales numbers because it's not a sale, it's a recurring revenue. And we can only count on the revenue that we receive from treating each one of the patients. So, it's not going to be a big bulk payment or revenue that we can count like a $500,000 sale. But over time, it will compound itself into very significant numbers for us, and we see those significant numbers being very, very apparent to us when we get into the second half of 2025. In the meantime, we'll continue to sell product.

好吧，請記住，FDA 協議不會影響銷售數字，因為它不是銷售，而是經常性收入。我們只能依靠治療每一位患者所獲得的收入。因此，這不會是一筆大筆付款或收入，我們可以像 50 萬美元的銷售那樣計算。但隨著時間的推移，它會對我們產生非常重要的數字，當我們進入 2025 年下半年時，我們會看到這些重要的數字對我們來說非常非常明顯。同時，我們將繼續銷售產品。

We still have customers out there that want to buy the product. They don't want to share revenue with anybody because they feel that they want to keep all the revenue to themselves, which is fine. We have leasing products that they can enter into, which they are. So, we're excited to be able to provide our customers with every opportunity to acquire any of the products that we sell any way that they want to achieve it.

我們仍然有客戶想要購買該產品。他們不想與任何人分享收入，因為他們覺得自己想把所有收入留給自己，這很好。我們有他們可以參與的租賃產品，確實如此。因此，我們很高興能夠為客戶提供一切機會，以他們想要的方式購買我們銷售的任何產品。

And that's it for all the questions we have for today. I would like to turn the conference back over to Joe Sardano for any closing remarks.

這就是我們今天的所有問題。我想將會議轉回喬·薩爾達諾（Joe Sardano）發表閉幕詞。

Okay. Thank you. Thank you, everyone, for being on the call today, and thanks once again for your time this afternoon and for your interest in Sensus Healthcare. We plan to conduct virtual one-on-one meetings with the investment community in the coming days and weeks. Please contact Alliance Advisors IR, formerly LHA, our Investor Relations firm, to request the meeting and in particular, Kim Golodetz.

好的。謝謝。感謝大家今天參加電話會議，並再次感謝您今天下午的時間以及對 Sensus Healthcare 的興趣。我們計劃在未來幾天和幾週內與投資界進行虛擬的一對一會議。請聯絡 Alliance Advisors IR（前身為 LHA），我們的投資者關係公司，特別是 Kim Golodetz，以請求召開會議。

We'll speak with you again when we report fourth quarter financial results in February. In the meantime, thanks again for joining us today.

當我們在二月報告第四季度財務業績時，我們將再次與您交談。同時，再次感謝您今天加入我們。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。