Sensus Healthcare Inc (SRTS) 2025 Q1 法說會逐字稿

Good day, and welcome to the Sensus Healthcare first-quarter 2025 financial results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Sensus Healthcare 2025 年第一季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Tirth Patel with Alliance Advisors. Please go ahead.

現在我想將會議交給聯盟顧問的 Tirth Patel。請繼續。

Good afternoon. This is Tirth Patel with Alliance Advisors IR. Thank you all for joining today's call to discuss Sensus Healthcare's first quarter 2025 financial results. Joining me from Sensus are Joe Sardano, Chairman and Chief Executive Officer; Michael Sardano, President and General Counsel; and Javier Rampolla, Chief Financial Officer.

午安.我是 Alliance Advisors IR 的 Tirth Patel。感謝大家參加今天的電話會議，討論 Sensus Healthcare 2025 年第一季的財務表現。與我一起的還有 Sensus 董事長兼首席執行官喬·薩達諾 (Joe Sardano)、總裁兼總法律顧問邁克爾·薩達諾 (Michael Sardano) 和首席財務官哈維爾·蘭波拉 (Javier Rampolla)。

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. All statements other than historical facts that address activities Sensus Healthcare assumes, plans, expects, believes, intends, or anticipates, and other similar expressions that will, should, or may occur in the future are forward-looking statements.

提醒一下，今天電話會議中討論的一些事項包含聯邦證券法所定義的前瞻性陳述。除歷史事實外，所有涉及 Sensus Healthcare 假設、計劃、期望、相信、打算或預期的活動的陳述，以及未來將會發生、應該發生或可能發生的其他類似表達均為前瞻性陳述。

The forward-looking statements are management's beliefs based upon currently available information as of the date of this conference call, May 15, 2025. 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, 10-Q, and other SEC filings.

前瞻性陳述是管理階層根據截至本次電話會議日期（2025 年 5 月 15 日）的現有資訊所做出的信念。除非法律要求，否則 Sensus Healthcare 不承擔修改或更新任何前瞻性聲明的義務。所有前瞻性陳述均受本公司 10-K、10-Q 表格和其他 SEC 文件中所述的風險和不確定性的影響。

During today's call, references will be made to certain non-GAAP financial measures. 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 news release.

在今天的電話會議中，將會提到某些非公認會計準則財務指標。Sensus 認為這些指標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，也不應被視為按照 GAAP 確定的經營業績的替代品。今天的財務業績新聞稿中包含了非 GAAP 結果與 GAAP 結果的對帳。

With that, I'd like to turn the call over to Joe Sardano. Joe?

說到這裡，我想把電話轉給喬·薩達諾。喬？

Thank you, Tirth. Good afternoon, everyone, and thank you for joining us today. During the first quarter, we invested several important sales and marketing research and development initiatives that we expect will benefit our business for the remainder of the year and beyond.

謝謝你，Tirth。大家下午好，感謝大家今天的參與。在第一季度，我們投資了幾項重要的銷售和行銷研發計劃，我們預計這些計劃將使我們在今年剩餘時間及以後的業務受益。

Of particular note, we significantly expanded awareness of our Fair Deal Agreement program and strengthened our brand visibility through a strong presence at several major industry events and through targeted marketing activities. Revenues for the first quarter came in at $8.3 million. And during the quarter, we shipped 21 SRT systems, bringing our total installed base to over 880 systems.

特別值得注意的是，我們透過在多個重大行業活動中的大力參與以及有針對性的行銷活動，大大擴大了公平交易協議計劃的知名度，並增強了我們的品牌知名度。第一季的營收為 830 萬美元。本季度，我們出貨了 21 套 SRT 系統，使我們的總安裝基數達到 880 多個系統。

This does not include 11 Fair Deal Agreements initiated, with six going live in Q1. We're on track to surpass 900 systems by the end of the second quarter and expect to reach the milestone of 1,000 units under direct sale within the next 12 months. Although first-quarter profitability was impacted by elevated marketing and one-time legal expenses, we felt that the timing of these investments was warranted as they are fundamental to accelerating our trajectory of profitable growth.

這還不包括已啟動的 11 項公平交易協議，其中 6 項於第一季生效。我們預計在第二季末超過 900 個系統，並預計在未來 12 個月內達到直接銷售 1,000 台的里程碑。儘管第一季的獲利能力受到行銷費用增加和一次性法律費用的影響，但我們認為這些投資的時機是合理的，因為它們對於加速我們的獲利成長軌跡至關重要。

We expect to return to profitability in each of the next three quarters and to be profitable for the full year. Our marketing activities were very robust last quarter with a strong presence at key industry events, including the Winter Clinical, Maui Derm, and the American Academy of Dermatology Annual Meeting. Our dinner event at the AED featured Olympic gold medal Katie Ledecky, attracted hundreds of attendees, which exceeded our expectations and the maximum capacity of the room.

我們預計未來三個季度都將恢復獲利，全年也將獲利。上個季度，我們的行銷活動非常活躍，在冬季臨床、毛伊皮膚病學和美國皮膚病學會年會等主要行業活動中表現出色。我們在 AED 舉辦的晚宴邀請了奧運金牌得主凱蒂·萊德基，吸引了數百名與會者，這超出了我們的預期，也超出了房間的最大容量。

Yet that response highlights a significant interest in IG-SRT and enthusiasm from prospective customers in our various SRT product acquisition programs, which support our decision to order more units by year-end to satisfy anticipated demand.

然而，這種反應凸顯了人們對 IG-SRT 的濃厚興趣，以及潛在客戶對我們各種 SRT 產品採購計劃的熱情，這支持了我們決定在年底前訂購更多產品以滿足預期需求。

In addition to the big three derm conferences, we participated in several smaller meetings nationwide. These conferences provide a more intimate opportunity to speak with prospective customers and expand our reach, and have yielded a strong pipeline of new FDA opportunities.

除了三大皮膚科會議外，我們還參加了全國各地的幾次小型會議。這些會議為我們提供了與潛在客戶交流和擴大影響力的更密切的機會，並帶來了大量新的 FDA 機會。

Building on recent successes, we intend to continue with this grassroots sales channel throughout the year. Not only are we spreading the word about FDA, but we also secured multiple new Fair Deal Agreements at these conferences. As you know, the FDA provides substantial long-term, financial, and strategic advantages to Sensus, notably enhancing the visibility and predictability of our revenue streams.

基於近期的成功，我們打算全年繼續保持這一基層銷售管道。我們不但宣傳 FDA，也在這些會議上達成了多項新的公平交易協議。如您所知，FDA 為 Sensus 提供了巨大的長期、財務和策略優勢，特別是提高了我們收入流的可見度和可預測性。

We continue to expect these agreements will begin to contribute significantly to our revenue in the second half of the year. Although this program is still relatively new, we're encouraged by a 65% increase in patient treatments from our Fair Deal Agreement installations when comparing first-quarter volumes with the fourth quarter. This underscores our belief that patient utilization ultimately drives long-term profitability and recurring revenue and that this program is a winner.

我們繼續預計這些協議將在今年下半年開始為我們的收入做出重大貢獻。儘管該計劃仍然相對較新，但當我們將第一季的治療量與第四季度進行比較時，我們發現公平交易協議安裝的患者治療量增加了 65%，這讓我們感到鼓舞。這強調了我們的信念：患者的利用率最終將推動長期盈利能力和經常性收入，並且該計劃是成功的。

With that overview, I'll turn the call over to Michael for additional strategic and operational insights. Michael?

有了上述概述，我將把電話轉給邁克爾，以獲得更多策略和營運見解。麥可？

Thanks, Joe. Our Fair Deal Agreement initiative continues to prove highly successful. It provides a compelling competitive differentiation and is gaining momentum. FDA arrangements deliver substantial value by aligning our financial interest directly with patient volume and practice utilization. This strengthens our customer relationships as well as our long-term financial outlook through predictable and recurring revenue streams.

謝謝喬。我們的公平交易協議倡議繼續證明其巨大成功。它提供了引人注目的競爭差異化，並且正在獲得發展動力。FDA 安排透過將我們的經濟利益與患者數量和實踐利用率直接結合起來，創造了巨大的價值。這透過可預測和經常性的收入流加強了我們的客戶關係以及我們的長期財務前景。

The rapid adoption of FDA and growing enthusiasm among large dermatology groups, in particular, highlight our unique value proposition, broad adoption potential, and unmatched clinical record. Each FDA installation typically requires four to five months from signing the agreement to initial revenue generation to Sensus due to the nature of patient traffic and insurance payment cycles.

FDA 的快速採用以及大型皮膚病學團體日益增長的熱情凸顯了我們獨特的價值主張、廣泛的採用潛力和無與倫比的臨床記錄。由於患者流量和保險支付週期的性質，每個 FDA 的安裝通常需要四到五個月的時間，從簽署協議到為 Sensus 產生初始收入。

As these contracts begin to mature, we anticipate significant revenue contributions starting in the second half of 2025. We also anticipate signing three to five additional multi-site FDA customers in 2025. Beginning this quarter, we are providing specific marketing support and data insights to FDA customers to help them build this part of their practice.

隨著這些合約開始到期，我們預計從 2025 年下半年開始將帶來可觀的收入貢獻。我們也預計在 2025 年簽約三至五個額外的多站點 FDA 客戶。從本季開始，我們將為 FDA 客戶提供具體的行銷支援和數據洞察，以幫助他們建立這部分實踐。

We're starting with members of large multi-site PE-backed organizations, which not only helps that individual practice, but it also shows the power and potential of the FDA program to the corporate parent and to other owned dermatology practices.

我們從大型多站點 PE 支持的組織的成員開始，這不僅有助於個人實踐，而且還向母公司和其他擁有的皮膚病學實踐展示了 FDA 計劃的力量和潛力。

In parallel, our international strategy is progressing. We recently attended the European Society of Therapeutic Radiation Oncology or ESTRO show in Vienna, which was attended by the most prominent doctors and largest radiation therapy companies in the world. We will also soon be exhibiting at the Australian Academy of Dermatology Annual Meeting, where they have the highest rate of skin cancer of any country in the world.

同時，我們的國際化戰略也在不斷推進。我們最近參加了在維也納舉行的歐洲治療放射腫瘤學會（ESTRO）展會，世界上最傑出的醫生和最大的放射治療公司都參加了此次展會。我們也很快就會參加澳洲皮膚病學會年會，澳洲是世界上皮膚癌發生率最高的國家。

Additionally, our product innovation pipeline continues to advance, particularly with enhancements to our TransDermal Infusion System or TDI. We resubmitted our 510(k) application in early March. And with a six- to nine-month FDA review cycle, we are expecting a determination before the end of the year. We'll be fine-tuning our revenue model and go-to-market strategy for TDI as it gets closer to market launch.

此外，我們的產品創新管道不斷進步，特別是對透皮輸液系統（TDI）的改進。我們在三月初重新提交了 510(k) 申請。由於 FDA 的審查週期為六到九個月，我們預計年底前就能做出決定。隨著 TDI 越來越接近市場發布，我們將對其收入模式和市場進入策略進行微調。

We are optimistic about the commercial prospects for TDI alongside other enhancements in our technology pipeline. In summary, we are strategically executing our plans, building sustainable long-term growth through FDA installations, expanding our international presence, and pursuing technological and product innovation.

我們對 TDI 的商業前景以及我們技術管道中的其他增強功能持樂觀態度。總之，我們正在策略性地執行我們的計劃，透過 FDA 設施實現可持續的長期成長，擴大我們的國際影響力，並追求技術和產品創新。

Now Javier will provide additional detail on our Q1 financial performance. Javier?

現在，哈維爾將提供有關我們第一季財務業績的更多詳細資訊。哈維爾？

Thanks, Michael, and good afternoon, everyone. Revenue for the first quarter of 2025 was $8.3 million, which was down from $10.7 million in Q1 of 2024, primarily due to lower unit sales to our largest customer. We shipped 21 SRT system last quarter, including 15 to our large customer and one internationally.

謝謝，邁克爾，大家下午好。2025 年第一季的營收為 830 萬美元，低於 2024 年第一季的 1,070 萬美元，主要原因是我們最大客戶的單位銷售額下降。上個季度我們共出貨了 21 套 SRT 系統，其中 15 套寄往我們的大客戶，1 套發送到國際客戶。

We expect Q2 revenue to be higher than Q1 revenue, and we also expect that revenue in the second half of the year will be higher than the first half of the year. Our gross profit for Q1 of 2025 was $4.4 million, resulting in a gross margin of 52%, reflecting the lower sales and higher costs associated with services provided. Operating expenses were significantly higher versus the prior year, reflecting our strategic growth initiatives.

我們預期Q2營收會高於Q1營收，同時我們也預期下半年營收會高於上半年。我們 2025 年第一季的毛利為 440 萬美元，毛利率為 52%，這反映了銷售額的下降和與所提供服務相關的成本的上升。營運費用較上年大幅增加，反映了我們的策略成長措施。

General and administrative expenses rose to $2.2 million from $1.6 million a year ago due to professional fees and compensation. Some expenses were unique to the first quarter, and we do not anticipate similar levels in subsequent quarters. We expect G&A expenses to be about $1.8 million per quarter for the rest of the year, again, largely in line with last year's levels.

由於專業費用和補償，一般和行政費用從一年前的 160 萬美元上升至 220 萬美元。有些費用是第一季獨有的，我們預期後續季度不會出現類似的水平。我們預計今年剩餘時間每季的一般及行政費用約為 180 萬美元，與去年的水平基本持平。

Selling and marketing expenses increased to $2.2 million from $1.3 million a year ago, driven by our participation in major industry events. We expect sales and marketing expenses to be about $1.3 million per quarter going forward, which is largely in line with our quarterly spend last year.

由於我們參與了重大行業活動，銷售和行銷費用從一年前的 130 萬美元增加到 220 萬美元。我們預計未來每季的銷售和行銷費用約為 130 萬美元，這與我們去年的季度支出基本一致。

Research and development expenses increased to $2.6 million from $0.9 million in the prior-year period, reflecting our continued investment in production innovation, specifically our advanced TDI system, lobbying for favorable reimbursement policies, and ongoing work on product enhancements.

研發費用從去年同期的 90 萬美元增加到 260 萬美元，反映了我們對生產創新的持續投資，特別是我們先進的 TDI 系統、爭取優惠的報銷政策以及正在進行的產品改進工作。

Some of those expenses were one-time, while others reflect a heightened emphasis on R&D. For the balance of the year, we expect R&D expenses to be about $1.5 million per quarter, which is up about $1 million per quarter during 2024. We reported a net loss for the first quarter of 2025 of $2.6 million or a loss of $0.16 per share, compared to net income of $2.3 million or $0.14 per diluted share in the prior-year quarter.

其中一些費用是一次性的，而其他費用則反映了對研發的高度重視。就今年餘下時間而言，我們預計每季研發費用約為 150 萬美元，到 2024 年每季將增加約 100 萬美元。我們報告 2025 年第一季淨虧損為 260 萬美元，即每股虧損 0.16 美元，去年同期淨收入為 230 萬美元，即每股攤薄收益 0.14 美元。

Adjusted EBITDA was negative $2.5 million for Q1 of 2025 compared with a positive $3 million a year ago, reflecting higher operating expenses and lower revenue. Please see the table in the news release we issued earlier today for a reconciliation of GAAP to non-GAAP financial measures.

2025 年第一季調整後 EBITDA 為負 250 萬美元，而去年同期為正 300 萬美元，反映出營運費用增加而收入減少。請參閱我們今天稍早發布的新聞稿中的表格，以了解 GAAP 與非 GAAP 財務指標的對帳。

Our balance sheet remains strong as we ended the quarter with $19.1 million in cash, no debt, and inventory maintained at $9.9 million. This inventory level positions us to meet the anticipated demand in upcoming quarters for both direct and for placement under the Fair Deal Agreement.

我們的資產負債表依然強勁，本季末我們擁有 1,910 萬美元現金，沒有債務，庫存維持在 990 萬美元。這個庫存水準使我們能夠滿足未來幾季的直接需求和公平交易協議下的配售預期需求。

I will now turn it back to Joe for closing remarks.

現在我將把話題交還給喬，請他作最後發言。

Thank you, Javier and Michael, for those updates. To sum things up before we take your questions, the first quarter was strategically significant, marked by important investments that position us for profitable growth.

感謝哈維爾和邁克爾的更新。在回答您的問題之前，我們先總結一下，第一季具有重要的策略意義，其重要投資為我們實現獲利成長奠定了基礎。

Our underlying metrics -- business metrics and strategic momentum give us strong confidence for the remainder of 2025 and beyond. We anticipate revenue growth and profitability as the year progresses, with profitability for the full year. We appreciate your continued support and look forward to providing further updates throughout the year.

我們的基本指標—業務指標和策略動能讓我們對 2025 年剩餘時間及以後充滿信心。我們預計，隨著時間的推移，收入和獲利能力將會成長，並實現全年獲利。我們感謝您的持續支持，並期待全年提供進一步的更新。

Operator, we're ready to take questions.

接線員，我們準備好回答問題了。

(Operator Instructions) Yi Chen, H.C. Wainwright.

（操作員指示）Yi Chen，H.C. Wainwright。

Thank you for taking my questions. My first question is that the first quarter of '25 appears to be a weaker compared to the first quarter of '24. Do you think the rest of the quarters of '25 could be stronger or weaker compared to the '24 quarters?

感謝您回答我的問題。我的第一個問題是，25 年第一季與 24 年第一季相比似乎比較弱。您認為 2025 年剩餘幾季的表現與 2024 年幾季相比會更強還是更弱？

Yeah. No, we're expecting each subsequent quarter to be profitable, Yi. So we're excited about what the opportunity provides us. And that's based on revenues that we're starting to see coming from the Fair Deal Agreement, as well as the outright sale of products.

是的。不，我們預計接下來的每個季度都會獲利，Yi。因此，我們對這個機會帶給我們的一切感到非常興奮。這是基於我們開始看到的來自公平交易協議以及產品直接銷售的收入。

And does any part of the first-quarter revenue based on the Fair Deal Agreement?

第一季的收入中是否有任何部分是基於公平交易協議的？

Yes.

是的。

But not large enough. Is that right? Because you made the comment that you expect a meaningful contribution to start in the second half.

但還不夠大。是嗎？因為您評論說，您希望在下半年開始做出有意義的貢獻。

That's correct. As we've been stating for the past 6 to 12 months is that we're going to start seeing some significant revenues in the second half of 2025. So we're on track for that.

沒錯。正如我們在過去 6 到 12 個月中所說的那樣，我們將在 2025 年下半年開始看到一些可觀的收入。所以我們正在朝著這個目標前進。

Got it. Has the existing US tariff policy affected the confidence of businesses?

知道了。美國現行關稅政策是否影響了企業信心？

So far, we have not witnessed any tariff repercussions on any of our businesses.

到目前為止，我們尚未發現任何關稅對我們業務的影響。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you, Yi.

謝謝你，易。

Jason Wittes, Roth Capital.

傑森·維特斯（Jason Wittes），羅斯資本（Roth Capital）。

Hi, thank you. Thanks for checking the questions. Just a couple on the Fair Deal Agreement. You mentioned four to five -- I think you're saying four to five months to get to fully up to speed on these installed. And do you have a sense of what kind of volumes you may anticipate once they reach full capacity?

你好，謝謝。感謝您檢查這些問題。關於公平交易協議，只談幾點。您提到了四到五個月——我想您是說需要四到五個月的時間才能完全完成這些安裝。您是否知道一旦達到滿載狀態，預計產量會達到多少？

Hi, Jason. It's Michael. So the four to five months comment wasn't in regard to installs. It was in regards to once an install -- excuse me, I should rephrase that. Once an agreement is signed, any agreement, by the time it gets installed and we actually receive money from any patients, it's four to five months from that signing of the agreement --

你好，傑森。我是麥可。因此，四到五個月的評論與安裝無關。這是關於一次安裝——對不起，我應該重新表達一下。一旦簽署了協議，任何協議，從實施到我們真正收到病人的錢，從簽署協議到現在，需要四到五個月的時間--

(multiple speakers) I apologize. Right, okay.

（多位發言者）我很抱歉。好的，好的。

Yeah, exactly.

是的，確實如此。

Do you have a sense -- are you anticipating these things hit the ground running? Or do you -- I mean, is there a buildup over a year in terms of volumes? Do you have a general sense of how that might go?

您是否有一種感覺－您是否預期這些事情會順利進行？或者你——我的意思是，就數量而言，一年來是否有所增加？您對事情的發展大概有什麼概念嗎？

Yeah, everything is key to the patient volume once it's installed. So the cool thing is, here, when we're doing the capital equipment over the last 15 years, nothing changes prior to installation on the Fair Deal Agreement.

是的，一旦安裝完畢，一切都取決於患者數量。因此，很酷的是，當我們在過去 15 年裡製造資本設備時，在公平交易協議安裝之前沒有任何變化。

So it's something we've been doing for 15 years straight, and we have an expertise at. And then once it's implemented, the only difference is that from a billing standpoint, we get a piece of the pie from every patient that comes through.

這是我們連續 15 年一直在做的事情，我們擁有這方面的專業知識。一旦實施，唯一的差異就是從計費的角度來看，我們可以從每位患者身上獲得一部分收益。

So as each of these sites start ramping up the marketing -- and I think you heard that I mentioned that we're also helping with that marketing as well from a general standpoint. Once that patient volume gears up, that's when you're going to see tremendous revenue coming through. And we've stated that, in the second half, we believe that it's going to be much more significant.

因此，隨著這些網站開始加強行銷——我想您已經聽到我提到過，從整體角度來看，我們也在幫助行銷。一旦患者數量增加，你就會看到巨大的收入。我們已經表示，我們相信在下半年，它的重要性將會更加顯著。

Got it. And also, I think you mentioned that you're getting some traction with smaller players. I think initially -- I think you've given us something like a 350 potential unit opportunity, which I think was based primarily on larger PE-backed centers. So does this increase the pie, in your opinion, based on what you've been seeing in this last quarter in terms of who you've been talking to and who's interested in FDA agreements?

知道了。而且，我認為您提到過，您與一些規模較小的公司建立了合作關係。我認為最初——我認為你給了我們一個 350 個潛在單位的機會，我認為這主要基於更大的 PE 支援的中心。那麼，根據您在上個季度所看到的與您交談過的人以及對 FDA 協議感興趣的人的情況，您認為這是否會增加市場份額？

Yeah, absolutely. The PE-backed groups, the larger ones, the roll-ups, are the ones that were really -- those are the big fish. We're obviously targeting those. It's a slower process as far as getting those groups to sign on -- much like a hospital sale.

是的，絕對是如此。那些由私募股權投資公司支持的團體，規模較大的團體，那些整合的團體，才是真正的大魚。我們顯然針對的是這些。就讓這些團體簽約而言，這是一個較慢的過程——很像醫院銷售。

But once they sign on, it's like a huge hockey stick, of course, to your point. So like I said in our comments here, we believe we can sign three to five more of those types of groups by the end of the year because those negotiations are ongoing. I can't comment on who.

但一旦他們簽約，它就像一根巨大的曲棍球棒，當然，正如你所說。因此，正如我在這裡的評論中所說的那樣，我們相信我們可以在今年年底前簽署三到五個此類團體，因為這些談判正在進行中。我無法評論是誰。

That's fair. But can you comment on roughly the kind of range of sizes in terms of how many machines they may be interested in setting out FDAs with?

這很公平。但是，您能否大致評論一下他們可能感興趣的 FDA 設定機器的數量範圍？

Well, each of these sites has 150-plus offices nationwide, each of them, or some more, of course. So from there, it's really unlimited as far as how many they want to start with. I think that the sky is the limit.

嗯，這些站點在全國各地都有 150 多個辦事處，當然，每個站點都有更多辦事處。因此，從那裡開始，他們想要開始的數量實際上是不受限制的。我認為天空才是極限。

Jason, let me pipe in here. I think one of the key things that we mentioned is a 65% increase in the number of treatments from Q4 to Q1. So that's the focus that we're on. We need to drive those treatments because that's what drives the revenue.

傑森，讓我插嘴一下。我認為我們提到的一個關鍵點是，從第四季度到第一季度，治療數量增加了 65%。這就是我們所關注的重點。我們需要推動這些治療，因為這才是收入的來源。

The installations are great. And I think that as we work with these larger groups, we're naturally going to be putting the products into their biggest areas first. It's not going to be the weakest areas because they're interested in making money as well. And since we're splitting that revenue 50/50, we're both targeting the same -- and targeting and having the same objective.

安裝非常棒。我認為，當我們與這些更大的集團合作時，我們自然會先將產品投放到他們最大的領域。這不會成為最薄弱的領域，因為他們也對賺錢感興趣。由於我們將收入分成五五開，所以我們的目標是一樣的——並且有相同的目標。

But when you look at the first quarter which -- or the fourth quarter, where we had minimal installations to the second quarter, where we're starting to install more, to have a 65% increase, you can imagine where this could possibly go once we start accelerating the installations, the patient volumes at each place. And I think it only starts multiplying, and it allows us to possibly hit a hockey stick much sooner than not.

但是，當你看第一季或第四季時，我們的安裝量很少，而到了第二季度，我們開始安裝更多，增加了 65%，你可以想像，一旦我們開始加速安裝，每個地方的患者數量可能會增加到何種程度。我認為它只會開始繁殖，並且它使我們可能更快地擊中曲棍球棒。

Got it. I appreciate the comments. I'll jump back in queue.

知道了。我很感謝這些評論。我會重新排隊。

Thank you.

謝謝。

Jeremy Pearlman, Maxim Group.

傑里米·珀爾曼（Jeremy Pearlman），馬克西姆集團（Maxim Group）。

Thank you for taking the question. Good evening. Just a couple more questions on the FDA units. Do you have a number for the current installed base? And is there a target goal by the end of 2025, or that's not something you should --?

感謝您回答這個問題。晚安.我還有關於 FDA 部門的幾個問題。您有目前安裝基數的數字嗎？到 2025 年底有沒有一個目標，或者這不是你該做的--？

Yeah, we're not providing that kind of guidance. I think at this meeting or at this call right now, we probably provided the most guidance based on the facts and the projections that we can see from the existing installations. So I think that we're moving along fairly aggressively here, and I think it's going to be looking good for us.

是的，我們沒有提供那種指導。我認為在這次會議或電話會議上，我們可能根據從現有設施中看到的事實和預測提供了最多的指導。所以我認為我們在這裡進展得相當積極，而且我認為這對我們來說會是件好事。

Okay. Understood. And then also, you did mention that to reach mature utilization within the clinic, you're going to help those clinics get there. You mentioned some marketing. Maybe just could you talk a little bit of what else you plan on doing to help those clinics reach that mature utilization rate.

好的。明白了。而且，您也確實提到，為了在診所內實現成熟的使用率，您將幫助這些診所實現這一目標。您提到了一些行銷。也許您能否談談您計劃採取哪些措施來幫助這些診所達到成熟的使用率。

Well, we have a database of analytics that we're able to provide and work with these accounts to identify those key places, and then to identify the number of patients in each one of those regions. And we can access those patients through aggressive marketing, digital marketing and social media. So that's the tack that we're taking. That's what's been working for us up until now, and I think it's going to accelerate even more.

嗯，我們有一個分析資料庫，我們可以提供並與這些帳戶合作來確定那些關鍵地點，然後確定每個地區的患者人數。我們可以透過積極的行銷、數位行銷和社群媒體來接觸這些患者。這就是我們採取的策略。這就是我們迄今為止一直在做的事情，而且我認為它會進一步加速。

Okay. Understood. And then just the sales and marketing expense that you expected through the rest of the quarter, that includes the marketing for these targeted patients for these FDA units?

好的。明白了。那麼，您預計本季度剩餘時間的銷售和行銷費用包括針對這些 FDA 部門的目標患者的行銷費用嗎？

Correct. Yes, correct.

正確的。是的，正確。

Okay. And then just one last question, switching over to -- you said you resubmitted the 510(k) application for the TDI at the end of March and expect hopefully a positive outcome by the end of 2025. Just playing devil's advocate, is there anything the FDA might come back with some feedback questions? Anything you could think of and how you expect to handle that?

好的。然後是最後一個問題，您說您在 3 月底重新提交了 TDI 的 510(k) 申請，並希望在 2025 年底之前取得積極結果。只是扮演魔鬼代言人，FDA 可能會提出一些回饋問題嗎？您能想到什麼？您預計如何處理？

I can tell you that right now, we've been very pleased with the fact that as our follow-up since our submission to the FDA, we have not had any follow-up questions from the FDA. And so we're very, very comfortable.

我可以告訴你們，現在我們非常高興，自從我們向 FDA 提交申請以來，我們還沒有收到 FDA 的任何後續問題。因此我們感到非常非常舒服。

I think so are they with the submission that we have. So things are moving along slowly. I think if they were going to have any questions, they would have gotten to us by now. And so far, there are none. So I think things are on track.

我認為他們也和我們一樣提交了意見。事情進展得很慢。我想如果他們有任何問題，他們現在已經來找我們了。但到目前為止，還沒有。所以我認為事情正在步入正軌。

Yeah. We submitted March 7 to be accurate, and then nothing has come back, like Joe said, so far. And they usually get back to you quicker than 2.5 months. So --

是的。我們提交的日期是 3 月 7 日，以確保準確性，但正如喬所說，到目前為止還沒有任何結果。他們通常會在 2.5 個月內回覆您。所以--

Usually, it's a few weeks.

通常是幾週的時間。

Yeah.

是的。

Okay, great to hear. Thank you so much for taking the questions, and I'll rejoin the queue. Have a good day.

好的，很高興聽到這個消息。非常感謝您回答這些問題，我會重新加入提問。祝你有美好的一天。

Thank you, Jeremy.

謝謝你，傑瑞米。

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

（操作員指示）Ben Haynor，Lake Street Capital Markets。

Good afternoon, gentlemen. Thanks for taking the questions, and congrats on the 65% growth in treatments for the FDA accounts.

先生們，下午好。感謝您回答這些問題，並祝賀 FDA 帳戶的治療量增加了 65%。

Thank you, Ben.

謝謝你，本。

I was wondering on that 65% growth figure, if you could share maybe, I guess, how much of that growth sequentially was sort of same-store sales growth? Or is there any sort of cohort analysis you could share that kind of helps us understand better how these things sort of ramp up?

我想知道 65% 的成長數字，您能否分享一下，這個連續成長中有多少是同店銷售額的成長？或者您可以分享任何類型的群組分析，以幫助我們更了解這些事情是如何發生的？

Yeah, Ben. This is Javier. So basically, 60% of the 65% is basically organic, right, installations that we're producing in Q4 compared to what the production in Q1 is. And about 5% is the new go-live that we had within the quarter.

是的，本。這是哈維爾。因此，基本上，與第一季的產量相比，我們在第四季度生產的 65% 中的 60% 基本上是有機的。其中約 5% 是我們本季新上線的產品。

Okay. Got it. And then once they go live, if you can kind of refresh my memory, how long after the treatments happen, do you guys receive the money? My recollection is like 45 days or two months or something like that.

好的。知道了。一旦它們上線，如果您能提醒我一下，治療結束後多久你們才能收到錢？我記得大概是 45 天或兩個月左右。

Yeah. It's between 45 and 60 days. It really depends.

是的。大約是45到60天之間。這確實取決於情況。

Okay. Got it. And then just thinking about these smaller conferences, maybe more intimate, what's the sort of profile of folks that are attending these?

好的。知道了。然後想想這些規模較小、可能更私密的會議，參加這些會議的人的背景是什麼樣的？

I mean, it sounds like maybe you can get closer to some of these potential multi-site agreement folks, the larger PE folks. But is there also a fairly large opportunity from maybe the smaller practices, the mom-and-pops at these sorts of conferences? Or what's the right way to think about it?

我的意思是，聽起來也許你可以與一些潛在的多站點協議人員、較大的 PE 人員建立更密切的聯繫。但是，在這些會議上，規模較小的機構、夫妻店是否也存在相當大的機會？或是正確的思考方式是什麼？

Yeah, I'll give you an example. I love analogies. So when you go to these large -- and you were at the AAD, so we saw you over there. And when you go to these large conferences, you see all the big waves, right, the AAD elite, if you will. When you go to like a smaller state show, for instance, Oklahoma state dermatology show, you meet people that don't necessarily want to have the limelight, right? They don't come to the AAD.

是的，我舉個例子給你聽。我喜歡類比。所以當你去這些大型活動時——你在 AAD，所以我們在那裡看到了你。當你參加這些大型會議時，你會看到所有的大浪潮，對的，AAD 精英，如果你願意的話。當你去參加一些規模較小的州立展會，例如俄克拉荷馬州皮膚病學展會時，你會遇到一些不一定想成為眾人矚目的焦點的人，對嗎？他們沒有來 AAD。

But what I can tell you is that we have a practice there, for instance, that does 60 patients a month on their SRT. And they've been doing it for four years. Because they're one of the only dermatologists in the area. And they have a bunch of farmers in that area, rural, that can't access -- they don't have as much access to care that someone is in Miami or New York or LA.

但我可以告訴你的是，我們在那裡有一個診所，例如，每月為 60 名患者進行 SRT 治療。他們已經這樣做了四年。因為他們是該地區唯一的皮膚科醫生之一。該地區有一大批農村農民，他們無法像邁阿密、紐約或洛杉磯的人那樣獲得醫療服務。

And so that is literally a perfect place to put an FDA agreement. You're talking about 60 patients in one spot. And like Joe has said and I've said in the past, I'd much rather have 10 agreements out there with 100 patients in each agreement than 100 agreements out there with 10 patients in each. It's just -- it's far more profitable and lucrative. Does that make sense?

因此，這實際上是一個簽署 FDA 協議的最佳地點。你說的是同一個地方有 60 位病人。正如喬和我過去所說的那樣，我寧願簽訂 10 份協議，每份協議包含 100 名患者，而不是簽訂 100 份協議，每份協議包含 10 名患者。只是——它的利潤更高、更豐厚。這樣有道理嗎？

Yeah, that does make sense. And then -- I don't know -- kind of following up on that, it kind of flows into the how multi-site or the multi-site agreements -- I mean, if every one of these larger practice groups that you're talking to has 150 sites or more, how -- what do you see in terms of -- do you deploy 30 units?

是的，這確實有道理。然後——我不知道——有點像是跟進一下，它有點像是流入多站點或多站點協議——我的意思是，如果您正在談論的每個較大的實踐團體都有 150 個或更多的站點，那麼——您如何看待——您部署 30 個單位？

Do you deploy 50 units? Is it 10 units? And everyone just tries to -- or kind of refers into the practices where the units exist? Or how might that work? What's the right way to think about that?

你們部署了 50 個單位嗎？是 10 個單位嗎？每個人都只是嘗試——或者參考單位存在的實踐？或者說這如何實現？怎樣思考這個問題才正確？

I think that the strategy that we're seeing developed so far with each one of the larger groups is they've already identified anywhere between 10 and 20 practices that they want to have delivery and installation. They're usually the biggest practices that are going to have or generate the highest volumes.

我認為，到目前為止我們看到的每個較大集團制定的策略是，他們已經確定了 10 到 20 個他們想要進行交付和安裝的實踐。它們通常是規模最大的機構，擁有或產生最高的交易量。

And then they'll start filling in the blanks from there. And so they're very slow on that process, but they're very calculated, okay? So they're very determined to get these units installed, but it's a process that we have to go through.

然後他們會從那裡開始填補空白。所以他們在這個過程上非常緩慢，但他們非常深思熟慮，好嗎？所以他們非常決心要安裝這些設備，但這是我們必須經歷的過程。

We're very comfortable with the process of delivery and installation and training and start-up, but they have to be a whole lot more calculated and a lot more deliberate on a lot of those things. So we work with the process. They're a little different at each one.

我們對交付、安裝、培訓和啟動的過程非常滿意，但他們必須在很多事情上進行更加深思熟慮和謹慎考慮。因此我們按照流程開展工作。每一個都有一點不同。

But they're -- once they get going -- and I think you could imagine this. If we have 5 or 10 in these practices installed and they're pumping out 10, 15, 20, 30 patients a month, they start seeing the revenue coming in, that's when they'll start accelerating the installations even more.

但是他們 — — 一旦他們開始行動 — — 我想你可以想像這一點。如果我們在這些診所安裝了 5 到 10 台設備，而他們每月接待 10、15、20、30 名患者，他們就會開始看到收入，那時他們就會開始進一步加快安裝速度。

Okay. That makes sense. And then lastly for me, on those 10, 15, 20, whatever installations that each of them might have, do those tend to match up with the sort of patient database or the data that you have in terms of where the treatment volumes might be? Or do they choose different ones than you guys might have chosen? How do you --?

好的。這很有道理。最後，對我來說，對於這 10、15、20 個，無論它們各自擁有什麼裝置，它們是否傾向於與患者資料庫或您所擁有的治療量數據相符？還是他們選擇的與你們的選擇不同？你好嗎--？

They match up very, very well. Even their own thoughts of what they think is a high-volume area, we could show them the analytics that proves them right. And so the confidence level in the data that we're able to provide them is really, really good for them as well as it is for us.

他們非常非常相配。即使他們自己認為哪個區域是高容量區域，我們也可以向他們展示分析結果來證明他們是對的。因此，我們能夠提供給他們的數據的可信度對他們和我們來說都是非常非常好的。

And so that's the best of all worlds, and those are the units that usually get installed first. And I think that that's going to bode well for future credibility as we start directing them to some other areas where we can attract even more patients.

這是最好的選擇，而且這些通常是最先安裝的單元。我認為，當我們開始將他們引導到其他可以吸引更多患者的領域時，這將對未來的信譽產生良好的影響。

Because in those areas where maybe they are not as busy, if we show them that there's as many patients as in very busy areas, they're just not attracting those patients and we think that SRT is going to be able to bring those patients into those practices, they're going to be more than willing to put those units in there to attract more business, for sure.

因為在那些可能不那麼繁忙的地區，如果我們向他們展示患者數量與非常繁忙的地區一樣多，那麼他們就不會吸引那些患者，我們認為 SRT 將能夠將這些患者帶到這些診所，他們肯定會非常願意將這些單位放在那里以吸引更多的業務。

Okay, that makes a lot of sense. Excellent. Well, thanks for taking the questions, guys, and I'll leave it there.

好的，這很有道理。出色的。好吧，謝謝大家回答這些問題，我的回答就到這裡。

Thanks, Ben.

謝謝，本。

Thanks, Ben.

謝謝，本。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Joe Sardano for any closing remarks.

我們的問答環節到此結束。我想將會議交還給喬·薩達諾 (Joe Sardano) 來做結束語。

Okay. Thanks for all the questions. And as we wrap up today's call, I want to thank all of you for your continued interest in Sensus Healthcare.

好的。感謝您提出的所有問題。在我們結束今天的電話會議時，我想感謝大家對 Sensus Healthcare 的持續關注。

While the first quarter reflected various seasonal, event-driven, and opportunistic headwinds, we are optimistic about the trajectory for the remainder of the year, particularly as our FDA agreements begin to contribute to revenue and we return to profitability in the quarters ahead.

雖然第一季反映了各種季節性、事件驅動和機會性逆風，但我們對今年剩餘時間的發展軌跡持樂觀態度，特別是因為我們的 FDA 協議開始為收入做出貢獻，並且我們將在未來幾季恢復盈利。

I'd also like to recognize that May is skin cancer awareness month, an important reminder of why we do what we do. Every year, more people are diagnosed with skin cancer than all other cancers combined. At Sensus, we remain committed to delivering safe, effective, and patient-friendly solutions that help dermatologists treat skin cancer non-invasively and with confidence.

我還想指出，五月是皮膚癌宣傳月，它對我們為什麼要做我們所做的事情起到了重要的提醒作用。每年被診斷出患有皮膚癌的人數比所有其他癌症的人數總和還多。在 Sensus，我們始終致力於提供安全、有效且患者友好的解決方案，幫助皮膚科醫生以非侵入性的方式自信地治療皮膚癌。

Thank you again, and we look forward to updating you on our progress in about three months. Operator?

再次感謝您，我們期待在大約三個月後向您通報我們的進度。操作員？

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。