Sensus Healthcare Inc (SRTS) 2025 Q3 法說會逐字稿

Good day, and welcome to the Sensus Healthcare third-quarter 2025 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Tirth Patel with Alliance Advisors IR. Please go ahead.

大家好，歡迎參加 Sensus Healthcare 2025 年第三季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給 Alliance Advisors IR 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 third 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. 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.

午安.我是Alliance Advisors IR的Tirth Patel。感謝各位參加今天關於Sensus Healthcare 2025年第三季財務表現的電話會議。與我一同代表 Sensus 出席的有：董事長兼執行長 Joe Sardano；總裁兼總法律顧問 Michael Sardano；以及財務長 Javier Rampolla。提醒各位，今天電話會議中將討論的一些事項包含聯邦證券法意義上的前瞻性陳述。

All statements other than historical facts that address activities Sensus Healthcare assumes, plans, expects, believes, intends or anticipates, and other similar expressions that will, should, or may occur in the future are forward-looking statements. The forward-looking statements are management's beliefs based upon currently available information as of the date of this conference call, November 6, 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. During today's call, references will be made to certain non-GAAP financial measures.

除歷史事實外，所有涉及 Sensus Healthcare 假設、計劃、預期、相信、打算或預期的活動，以及其他類似表達，以及未來將會、應該或可能發生的活動的陳述，均為前瞻性陳述。前瞻性陳述是管理階層依據截至本次電話會議之日（2025 年 11 月 6 日）可取得的資訊所作出的信念。Sensus Healthcare 不承擔任何修訂或更新任何前瞻性聲明的義務，除非法律要求。所有前瞻性陳述均受風險和不確定性的影響，詳情請參閱本公司提交的 10-K 表格、10-Q 表格和其他美國證券交易委員會文件中的相關說明。在今天的電話會議中，將會提及一些非GAAP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 news release. With that, I'd like to turn the call over to Joe Sardano. Joe?

Sensus 認為這些措施可以為投資者提供有用的信息，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。今天的財務表現新聞稿包含了非GAAP與GAAP結果的調節表。接下來，我想把電話交給喬·薩爾達諾。喬？

Thank you, Tirth, and good afternoon, everyone. Thank you for joining us today. Supporting our expectations for future demand, earlier this week, CMS published first-ever dedicated CPT codes for superficial radiotherapy in nonmelanoma, skin cancer and keloids. Not only do these codes validate SRT for this indication while providing reimbursement certainty, but they also represent an increase in SRT delivery codes reimbursement per fraction of more than 300% compared with the current codes being used. We have already begun to communicate this message to our customer and prospect base.

謝謝你，Tirth，大家下午好。感謝您今天蒞臨。為了滿足我們對未來需求的預期，本週早些時候，CMS 發布了首個專門用於非黑色素瘤、皮膚癌和瘢瘤淺層放射治療的 CPT 代碼。這些代碼不僅驗證了 SRT 適用於此適應症，同時提供了報銷的確定性，而且與目前使用的代碼相比，SRT 交付代碼的每次報銷額度也提高了 300% 以上。我們已經開始向我們的客戶和潛在客戶傳達這一訊息。

It is being very well received as we provide performance to those many who are awaiting the news. While we inform and educate our market over the next few weeks, we expect strong interest with demand on the rise. We are excited to having our own SRT coding at long last for our physicians and their patients. It really bodes well for SRT having a long and prosperous future in the dermatology space. Michael will discuss in further detail during his segment of the presentation.

演出反應非常好，我們為許多等待消息的人們帶來了精彩的表演。在接下來的幾周里，我們將對市場進行宣傳和教育，預計市場興趣將十分濃厚，需求也將持續增長。我們很高興終於能為我們的醫生及其患者提供我們自己的 SRT 編碼。這預示著SRT在皮膚病學領域將擁有長久而繁榮的未來。麥可將在他演講的環節中進行更詳細的討論。

Now during the quarter, we continued to execute on our strategic priorities and made progress in several areas across the business. We shipped 16 SRT systems in the quarter, including three systems to China, reflecting ongoing interest in our technology, both domestically and internationally. With these shipments, we have now sold more than 900 systems globally since the launch of the SRT platform. We expect to reach 1,000 systems in 2026. Within our Fair Deal Agreement program, we continue to see encouraging utilization trends.

本季度，我們繼續推進策略重點工作，並在業務的多個領域取得了進展。本季我們交付了 16 套 SRT 系統，其中 3 套銷往中國，這反映出國內外對我們的技術持續濃厚的興趣。加上這些出貨，自 SRT 平台推出以來，我們已在全球售出 900 多套系統。我們預計到 2026 年將達到 1000 套系統。在我們的公平交易協議計劃中，我們持續看到令人鼓舞的使用趨勢。

FDA treatment volumes increased 20% from the second quarter. This was the third consecutive quarter of double-digit growth, and we expect this level of growth to continue through the end of the year. When compared to the first quarter, treatments increased 52%. And since launching the program late last year, quarterly treatment volumes have increased 157%. These trends underscore the ongoing adoption among installed sites and the growing awareness of SRT among patients and providers.

FDA治療量較第二季增加20%。這是連續第三個季度實現兩位數成長，我們預計這種成長勢頭將持續到年底。與第一季相比，治療量增加了 52%。自去年底啟動該計劃以來，季度治療量增加了 157%。這些趨勢凸顯了已安裝站點的持續採用情況，以及患者和醫療服務提供者對 SRT 的認識不斷提高。

We continue to focus resources on locations that are demonstrating strong physician engagement and the prospect for sustainable long-term utilization. And we believe this will support healthier, more efficient growth of the program going forward. We also maintained a strong balance sheet while taking steps to support future demand. We ended the quarter with $24.5 million in cash, up from approximately $22 million at the end of 2024. These gains were driven by improved working capital management, including ongoing collections.

我們將繼續把資源集中投入醫生積極參與且具有可持續長期利用前景的地區。我們相信這將有助於該計畫在未來實現更健康、更有效率的發展。我們在採取措施支持未來需求的同時，也維持了穩健的資產負債表。本季末，我們的現金餘額為 2,450 萬美元，高於 2024 年底的約 2,200 萬美元。這些收益主要得益於營運資金管理的改善，包括持續的收款。

In addition, we have close to 100 SRT systems in inventory, which positions us well to respond to anticipated demand as the market environment becomes known. Let me turn the call over to Michael to expand upon our business and our recent progress. Michael?

此外，我們庫存有近 100 套 SRT 系統，這使我們能夠在市場環境明朗化後，更好地應對預期需求。讓我把電話交給邁克爾，讓他詳細介紹我們的業務和最近的進展。麥可？

Thanks, Joe. As Joe stated, we are elated about the finalization of the long sought-after and fought for SRT codes that CMS granted our technology this past week. This has been a decades-long process of lobbying and clinical validation complemented by significant patient demand in recent years as their awareness of the alternative to surgery has hit an inflection point.

謝謝喬。正如喬所說，我們非常高興CMS上週終於批准了我們這項技術長期以來夢寐以求的SRT程式碼。這是一個長達數十年的遊說和臨床驗證過程，近年來，隨著患者對手術替代方案的認識達到轉折點，患者的需求也顯著增加。

The goal of our lobbying efforts and the outcome of these new CPT codes is that the gap will now narrow between the office-based reimbursement and hospital outpatient rates. Leveling the playing field with hospital systems significantly strengthens the ROI for using SRT in dermatology offices and could expand adoption.

我們遊說工作的目標以及這些新的 CPT 代碼的結果是，診所報銷和醫院門診費率之間的差距將會縮小。與醫院系統公平競爭，可以顯著提高皮膚科診所使用 SRT 的投資回報率，並可能擴大其應用範圍。

Over the past few years, patients have been overwhelmingly demanding the nonsurgical option for their skin cancer treatment, and CMS is seeing that data. To remind everybody, skin cancer is the most prevalent cancer in the United States, with the American Academy of Dermatology stating that more than 9,500 people are diagnosed each day, equating to over 3.5 million people per year. That is nearly double all other cancers combined.

過去幾年，絕大多數患者都要求採用非手術方式治療皮膚癌，美國醫療保險和醫療補助服務中心（CMS）也看到了這個數據。提醒大家，皮膚癌是美國​​最常見的癌症，美國皮膚病學會表示，每天有超過 9500 人被診斷出患有皮膚癌，相當於每年超過 350 萬人。這幾乎是其他所有癌症總和的兩倍。

With the new coding certainty, outstanding clinical results, and high patient demand, SRT is here to stay. During the third quarter, we made good progress in advancing our business priorities, in particular, with our Fair Deal Agreement program and reimbursement engagement as well as with software platform development and international expansion.

憑藉新的編碼確定性、出色的臨床結果和高患者需求，SRT 將會長期存在。第三季度，我們在推動業務重點方面取得了良好進展，尤其是在公平交易協議計劃和報銷參與、軟體平台開發和國際擴張方面。

Beginning with our FDA program. We remain encouraged by the continued momentum and utilization trends. Treatment volumes due to patient awareness and demand increased at a healthy pace for the third consecutive quarter. And as this program expands, it is becoming increasingly clear that the combination of education, patient awareness, and clinical experience is driving consistent uptake in supporting sustainable demand for SRT and IG-SRT within practices. The consistent growth in treatments across sites reinforces the effectiveness of our focused approach and this turnkey model.

首先從我們的FDA計畫開始。我們對持續的成長動能和利用率趨勢感到鼓舞。由於患者意識提高和需求增加，治療量連續第三個季度保持健康成長。隨著該計劃的擴展，越來越明顯的是，教育、患者意識和臨床經驗的結合正在推動持續的普及，從而支持實踐中對 SRT 和 IG-SRT 的可持續需求。各治療點治療量的持續成長，印證了我們專注的方法和這種一站式模式的有效性。

Now that we have complete clarity with SRT codes, we feel more confident than ever to maximize the adoption of our SRT technology like never before. Turning to our product pipeline. We continue to await feedback and next steps from the Food and Drug Administration with respect to our Transdermal Infusion, or TDI system, and I do not have any new updates to share. Yet we are taking this time to validate training pathways, refine support models, and assess market feedback to ensure we are well positioned for a strong commercial rollout. I also want to comment on the ongoing development of our Sentinel software platform, which is central to our long-term revenue model.

現在我們對 SRT 程式碼有了完全的了解，我們比以往任何時候都更有信心最大限度地推廣我們的 SRT 技術。接下來，我們來看看產品線。我們仍在等待美國食品藥物管理局就我們的透皮輸注（TDI）系統給予回饋和下一步措施，目前我沒有任何新的進展可以分享。然而，我們正在利用這段時間來驗證培訓路徑、完善支援模式並評估市場回饋，以確保我們為強大的商業推廣做好充分準備。我還想談談我們正在進行的 Sentinel 軟體平台開發工作，這對我們的長期收入模式至關重要。

Sentinel today enables secure data storage, remote diagnostics, and real-time service support, allowing our engineering team to monitor and address system issues without interrupting patient care. For physicians, this translates into essential reliability, enhanced treatment confidence, and a more efficient workflow. Sentinel is also integral to any turnkey model, such as Sensus' FDA program as it allows the monitoring of treatment volumes.

Sentinel 目前能夠實現安全的資料儲存、遠端診斷和即時服務支持，使我們的工程團隊能夠在不中斷患者護理的情況下監控和解決系統問題。對醫生而言，這意味著至關重要的可靠性、增強的治療信心和更有效率的工作流程。Sentinel 也是任何交鑰匙模型（例如 Sensus 的 FDA 計畫）不可或缺的一部分，因為它能夠監測治療量。

As dermatology continues to consolidate and as more patient care shifts into scaled group structures, the value of enterprise-grade analytics has become more important, particularly for large dermatology networks and private equity-backed platforms. These organizations are highly focused on standardizing care, benchmarking performance across sites, and improving practice economics.

隨著皮膚科的不斷整合，以及越來越多的病患照護轉移到規模化的集團結構中，企業級分析的價值變得越來越重要，特別是對於大型皮膚科網路和私募股權支持的平台而言。這些組織高度重視規範照護、對標各機構的績效以及改善醫療實務的經濟效益。

Sentinel is well positioned to support those needs. Sensus is always enhancing the Sentinel platform to provide deeper utilization insights, treatment analytics, and practice-level visibility to help groups measure patient flows, patient engagement, and care efficiency across locations. Over time, we believe this will increase the retention rate of our platform, support recurring revenue models, and elevate our competitive advantage.

Sentinel公司完全有能力滿足這些需求。Sensus 一直在改進 Sentinel 平台，提供更深入的使用情況洞察、治療分析和實踐層面的可視性，幫助各機構衡量不同地點的患者流量、患者參與度和護理效率。我們相信，隨著時間的推移，這將提高我們平台的用戶留存率，支持經常性收入模式，並提升我們的競爭優勢。

Looking ahead, we have initiated an expanded R&D program to build the next generation of our Sentinel platform, with a road map designed to introduce additional analytics, reporting capabilities, and customer-facing tools. This multiphase initiative, which we call Sentinel 2.0, is already underway, and we expect to begin seeing initial results in 2026.

展望未來，我們已啟動一項擴大的研發計劃，以建立下一代 Sentinel 平台，並制定了路線圖，旨在引入更多分析、報告功能和麵向客戶的工具。這項我們稱為 Sentinel 2.0 的多階段計畫已經啟動，我們預計將於 2026 年開始看到初步成果。

On the international front, we are building a strong foundation for global expansion. As Joe noted, we shipped three systems to China during the quarter, and we are seeing encouraging interest across select international markets. Our MDSAP certification provides us with an expanded pathway to key geographies, including Canada, Brazil, Japan, and Australia.

在國際方面，我們正在為全球擴張奠定堅實的基礎。正如喬所指出的，本季度我們向中國發貨了三套系統，並且我們看到在一些國際市場上表現出了令人鼓舞的興趣。我們的 MDSAP 認證為我們提供了通往主要地區的更廣泛途徑，包括加拿大、巴西、日本和澳洲。

While we expect international sales to ramp gradually and recognize that the process may take up to 12 months in certain regions, we believe this expansion will provide meaningful contributions over time. Initial discussions with prospective partners in multiple markets are progressing well, and we expect initial sales under this certification in the near future.

雖然我們預計國際銷售額將逐步成長，並且意識到在某些地區這一過程可能需要長達 12 個月的時間，但我們相信，隨著時間的推移，這種擴張將帶來有意義的貢獻。與多個市場的潛在合作夥伴的初步洽談進展順利，我們預計在不久的將來，在該認證下將實現初步銷售。

Additionally, Sensus will be exhibiting at its first trade show in Japan, JASTRO, the largest radiation oncology conference in the country, in two weeks, and we are very excited to be meeting face-to-face with potential Japanese customers for the first time in our 15 years in business. With that, I will turn the call over to Javier for a review of our financial performance. Javi?

此外，Sensus 將於兩週後在日本最大的放射腫瘤學會議——JASTRO 上首次參展，我們非常興奮能在公司成立 15 年來首次與潛在的日本客戶面對面交流。接下來，我將把電話交給哈維爾，讓他對我們的財務表現進行回顧。哈維？

Thanks, Michael, and good afternoon, everyone. I'll start with a review of our financial results for the third quarter of 2025, and then I'll cover our year-to-date results. Revenues for the third quarter of 2025 were $6.9 million, compared with $8.8 million for the third quarter of 2024. As Joe mentioned, the number of units sold in the third quarter of 2025 was 16 compared to 27 in the third quarter of 2024. The decrease in revenue was primarily driven by a lower number of units sold to a larger customer, slightly offset by revenue recognized from the new placement program under the Fair Deal Agreement in 2025.

謝謝你，邁克爾，大家下午好。我將首先回顧我們 2025 年第三季的財務業績，然後介紹我們今年迄今為止的業績。2025 年第三季的營收為 690 萬美元，而 2024 年第三季的營收為 880 萬美元。正如喬所提到的，2025 年第三季的銷量為 16 台，而 2024 年第三季的銷量為 27 台。收入下降的主要原因是向大客戶銷售的單位數量減少，但根據 2025 年公平交易協議，新的安置計劃確認的收入略微抵消了這一影響。

Gross profit was $2.7 million for the quarter compared with $5.2 million a year ago. Gross margin was 39.1% versus 59.1% in the third quarter of 2024. The change in both metrics reflects lower sales, higher costs of servicing system, and the costs associated with the Fair Deal Agreement program. Total operating expenses for the third quarter of 2025 were $5.3 million compared with $3.7 million for the third quarter of 2024. Breaking that down, general and administrative expense was $1.9 million versus $1.6 million in the prior year period, with the increase reflecting higher IT and professional service fees and compensation.

本季毛利為 270 萬美元，去年同期為 520 萬美元。毛利率為 39.1%，而 2024 年第三季為 59.1%。這兩個指標的變化反映了銷售額下降、服務系統成本上升以及與公平交易協議計劃相關的成本。2025 年第三季的總營運支出為 530 萬美元，而 2024 年第三季的總營運支出為 370 萬美元。具體來說，一般及行政費用為 190 萬美元，而上年同期為 160 萬美元，成長反映了 IT 和專業服務費用及薪酬的增加。

Selling and marketing expense was $1.5 million compared with $1.3 million last year, with the increase reflecting higher headcount and payroll costs due to commissions related to the Fair Deal Agreement program. And research and development expense was $1.8 million for the third quarter of 2025 compared with $0.9 million in the prior year quarter, with the increase reflecting significant lobbying costs related to the billing code reimbursement, higher headcount, and an increase in product development costs related to the next-generation systems.

銷售和行銷費用為 150 萬美元，而去年為 130 萬美元，成長反映了由於與公平交易協議計劃相關的佣金而導致的人員增加和工資成本上升。2025 年第三季的研發費用為 180 萬美元，而去年同期為 90 萬美元，成長反映了與計費代碼報銷相關的巨額遊說費用、員工人數增加以及與下一代系統相關的產品開發成本增加。

We're reporting a net loss for the third quarter of 2025 of $0.9 million, or $0.06 per share, compared with net income of $1.2 million, or $0.07, per diluted share for the third quarter of 2024. Adjusted EBITDA for the third quarter of 2025 was negative $2.4 million compared with $1.6 million in the year ago period. Please see the tables in today's news release for a reconciliation of GAAP to non-GAAP financial measures.

我們報告稱，2025 年第三季淨虧損 0.9 萬美元，即每股虧損 0.06 美元，而 2024 年第三季淨利為 1.2 萬美元，即每股攤薄收益 0.07 美元。2025 年第三季調整後 EBITDA 為負 240 萬美元，去年同期為負 160 萬美元。請參閱今天新聞稿中的表格，以了解 GAAP 與非 GAAP 財務指標的調整表。

Turning now to our year-to-date results. Revenues for the first nine months of 2025 were $22.5 million compared with $28.7 million for the first nine months of 2024. The number of units sold in the first nine months of 2025 was 56, compared to 76 in the prior year period. The decrease in revenue was primarily driven by a lower number of units sold to a large customer, slightly offset by revenue recognized from the new placement program under the Fair Deal Agreement in 2025. Cost of sales for the first nine months of 2025 was $12.6 million, compared with $11.4 million for the same period last year.

現在來看看我們今年迄今的業績。2025 年前九個月的收入為 2,250 萬美元，而 2024 年前九個月的收入為 2,870 萬美元。2025 年頭九個月的銷量為 56 台，而去年同期為 76 台。收入下降的主要原因是向一位大客戶銷售的單位數量減少，但根據 2025 年公平交易協議，新的安置計劃確認的收入略微抵消了這一影響。2025 年前九個月的銷售成本為 1,260 萬美元，而去年同期為 1,140 萬美元。

Year-to-date 2025 gross profit was $10 million, or 44.4% of revenues, compared with $17.3 million, or 60.3% of revenue for the first nine months of 2024. These declines are largely due to a lower number of SRT systems sold in 2025 period and higher cost of servicing system and the costs associated with the Fair Deal Agreement program. General and administrative expense for the first nine months of 2025 was $6.1 million compared with $4.7 million for the first nine months of 2024, with the increase primarily due to higher professional fees and insurance costs.

截至 2025 年 1 月 1 日，公司毛利為 1,000 萬美元，佔營收的 44.4%；而 2024 年前九個月的毛利為 1,730 萬美元，佔營收的 60.3%。這些下降主要是由於 2025 年期間 SRT 系統銷售減少、系統維護成本增加以及與公平交易協議計劃相關的成本增加所致。2025 年頭九個月的一般及行政費用為 610 萬美元，而 2024 年前九個月為 470 萬美元，成長的主要原因是專業費用和保險成本增加。

Selling and marketing expense for the first nine months of 2025 was $5.1 million compared with $3.6 million for the prior year period. The increase was primarily driven by an increase in trade show costs, payroll costs due to commissions related to the new placement program, and an increase in headcount.

2025 年前九個月的銷售和行銷費用為 510 萬美元，而去年同期為 360 萬美元。此次成長主要由貿易展覽成本增加、與新安置計畫相關的佣金導致的工資成本增加以及員工人數增加所致。

Research and development expense for the first nine months of 2025 was $5.9 million compared with $2.7 million for the same period in 2024. The increase was primarily due to significant lobbying costs related to the billing code reimbursement, higher headcount, and an increase in product development costs related to the next-generation system.

2025 年前九個月的研發費用為 590 萬美元，而 2024 年同期為 270 萬美元。成長的主要原因是與計費代碼報銷相關的巨額遊說費用、人員增加以及與下一代系統相關的產品開發成本增加。

Other income for the nine months ended September 30, 2025, was $0.5 million compared to $0.7 million for the same period in 2024 and relates to primarily interest income. For the first nine months of 2025, our net loss was $4.6 million, or $0.28 per share, and adjusted EBITDA was negative $6.7 million for the comparable prior year period. The prior year period net income was $5.1 million, or $0.31 per diluted share, and adjusted EBITDA was $6.7 million.

截至 2025 年 9 月 30 日的九個月內，其他收入為 50 萬美元，而 2024 年同期為 70 萬美元，主要與利息收入有關。2025 年前九個月，我們的淨虧損為 460 萬美元，即每股虧損 0.28 美元；與去年同期相比，調整後的 EBITDA 為負 670 萬美元。上年同期淨利為 510 萬美元，即每股攤薄收益 0.31 美元，調整後 EBITDA 為 670 萬美元。

Regarding our balance sheet, we ended the third quarter with $24.5 million in cash and no debt. We continue to maintain a strong inventory with approximately $13 million in finished goods. We believe this provides sufficient capacity to support anticipated demand. We remain focused on disciplined expense management and working capital efficiency, and we believe these efforts contributed to the strength of our cash position exiting the quarter.

關於我們的資產負債表，截至第三季末，我們擁有2,450萬美元現金，且無任何債務。我們繼續保持充足的庫存，成品價值約為 1300 萬美元。我們認為這足以滿足預期需求。我們將繼續專注於嚴格的費用管理和營運資金效率，我們相信這些努力有助於我們在本季末保持強勁的現金狀況。

I will now turn the call back to Joe for closing remarks. Joe?

現在我將把電話轉回給喬，請他作總結發言。喬？

Thank you, Javier and Michael. Before we open the call to questions, I'd like to share a brief closing moment. We recently announced the passing of my dear friend and Sensus Board member, Mr. Bill McCall. Bill was an extraordinary leader and a wonderful person, and his insights were foundational to Sensus.

謝謝哈維爾和邁克爾。在正式開始提問環節之前，我想先簡單總結一下。我們最近宣布了我的摯友兼Sensus董事會成員比爾·麥考爾先生去世的消息。比爾是一位傑出的領導者，也是一位很棒的人，他的遠見卓識是 Sensus 的基礎。

I don't need to restate the sentiments conveyed in the news release we issued last Friday other than to say my wish for each of you is to have someone like Bill McCall in your life. Separately, as Sensus has navigated these final weeks of debate regarding coding and reimbursement for SRT, I want to recognize and thank our employees, our business partners, our KOLs, and customers, as we work together to expand access to safe, effective and noninvasive treatment options for patients.

我無需重申上週五發布的新聞稿中所表達的觀點，我只想說，我希望你們每個人都能擁有像比爾·麥考爾這樣的人陪伴在身邊。另外，在 Sensus 應對有關 SRT 編碼和報銷的最後幾週辯論之際，我想感謝我們的員工、業務合作夥伴、KOL 和客戶，感謝大家共同努力，為患者擴大安全、有效和非侵入性治療方案的覆蓋範圍。

After years of hard work, we have cleared validation that SRT is a great technology with tremendous value to skin cancer patients and keloid patients. We remain focused on disciplined execution and on supporting our customers and their patients. We are confident in our strategy, balance sheet, and utilization momentum.

經過多年的努力，我們已經證實 SRT 是一項偉大的技術，對皮膚癌患者和瘢瘤患者俱有巨大的價值。我們將繼續專注於嚴謹的執行，並為我們的客戶及其患者提供支援。我們對我們的策略、資產負債表和利用率動能充滿信心。

We look forward to updating you on future developments. And operator, we're now ready to open the line for questions.

我們期待著向您匯報未來的進展。接線員，我們現在可以開始接受提問了。

(Operator Instructions) Anthony Vendetti, Maxim Group.

（操作說明）安東尼·文德蒂，馬克西姆集團。

So just two questions. One is on the LCD reimbursement for ultrasound guided on your ultrasound-guided SRT system. What has been the impact on that, if any, this quarter? And what's your update on what you think will be the impact? Any change to that? And then just in terms of -- I know you gave the system sales, but any utilization trend metrics that you can provide for this quarter?

所以，我只有兩個問題。一是關於您的超音波引導 SRT 系統上超音波引導的 LCD 報銷。本季度，這方面受到了什麼影響（如果有的話）？你認為這會產生什麼影響？有任何變化嗎？還有一點——我知道你們公佈了系統銷售數據，但是你們能否提供一下本季的使用率趨勢指標？

Thanks, Anthony. Appreciate the question. First and foremost, we know that the original letter came from ASTRO and it was their questioning of the utilization of ultrasound -- the frequency of the utilization of ultrasound. They didn't feel that it was something that was medically necessary to be used each and every time for the fractions. Now in our model for the FDA, we never used it every fraction.

謝謝你，安東尼。感謝您的提問。首先，我們知道這封信原本來自 ASTRO，他們質疑的是超音波的使用情況——超音波的使用頻率。他們認為，對於每次分次注射來說，這在醫學上並非必要。現在，在我們為 FDA 制定的模型中，我們從未使用過每一個分數。

So quite frankly, it was less impactful to us because of that. And therefore, the reduction of the utilization of ultrasound by CMS, it does impact us, but it has been made up by the fact that the actual fractionation reimbursement code went up about 300%. So based on that, we don't lose very much in our FDA program.

坦白說，正因為如此，它對我們的影響就小了很多。因此，CMS 減少超音波的使用確實對我們產生了影響，但實際的分次治療報銷代碼上漲了約 300%，彌補了這一影響。因此，基於此，我們在FDA計畫中損失並不大。

And in a lot of cases, it might be beneficial -- even more beneficial for a lot of our physicians directly. So we don't see the same impact with our FDA program as maybe somebody else might do. But that's very, very important for us. And if there's anything else, Michael -- I'll hand it over to Michael.

在很多情況下，這可能是有益的——甚至對我們的許多醫生來說更有益。因此，我們的 FDA 計畫可能不像其他人那樣產生同樣的影響。但這對我們來說非常非常重要。如果還有其他事，麥可——我會交給麥可。

Yes. Just to add some color on that. Again, I differentiate between SRT and IG-SRT. One has the image guidance, one doesn't. What this has done, the 300% increase that Joe and I have talked about, is the new delivery code, which basically CMS allowed the hospital rate in for the first time.

是的。只是想為它增添一些色彩。我再次強調，SRT 和 IG-SRT 是有差別的。一個有影像引導，一個沒有。喬和我討論過的 300% 的增長，實際上是新的交付代碼帶來的結果，基本上 CMS 首次允許醫院費率納入其中。

And this is something that we've been asking for since we started the company. Why was it for so long that if you were in a hospital setting and you billed an SRT code for the delivery code, you'd get $125 per fraction, whereas the dermatologists would only get $25 per fraction. Well, now that is completely aligned. The new coding going up about 340%. We just said over 300% to make it just sound easy in the script.

這是我們自公司成立以來一直要求的。為什麼長期以來，如果你在醫院環境中，並且你使用 SRT 代碼作為輸送代碼進行計費，你每次治療可以獲得 125 美元，而皮膚科醫生每次治療只能獲得 25 美元？好了，現在完全吻合了。新編碼速度提高了約 340%。我們在劇本裡說超過 300% 只是為了讓它聽起來很容易。

So the base SRT-100 unit, which has been significantly less reimbursement overall than the as of late IG-SRT unit, Vision, is now getting a 300-plus-percent increase as well, and the Vision does as well. So both products from a delivery code standpoint get a massive, massive increase, one that we've never seen before in my days in health care of 15 years. Does that make sense?

因此，基本款 SRT-100 設備（其整體報銷額一直遠低於最新的 IG-SRT 設備 Vision）現在也獲得了 300% 以上的成長，Vision 設備也是如此。因此，從配送代碼的角度來看，這兩種產品都獲得了巨大的成長，這種成長在我從事醫療保健工作的 15 年裡是從未見過的。這樣說得通嗎？

And then just on the utilization trends, any metrics you can provide that would be great.

然後是關於利用率趨勢方面，如果您能提供一些指標，那就太好了。

As Javi indicated, we've seen 20% increase on utilization from the third quarter over the second quarter. And year-to-date, it's 152% increase on the utilization. We expect those trends to continue. There's nothing that's stopping the patients from wanting to have SRT knowing that it's noninvasive. That's the choice that they prefer.

正如 Javi 所指出的，第三季的利用率比第二季提高了 20%。今年迄今為止，利用率成長了 152%。我們預計這些趨勢將會持續。患者們知道SRT是非侵入性的，所以沒有什麼能阻止他們接受這種治療。這是他們更傾向的選擇。

And as they become more familiar with our technology, I think that that's going to continue on the rise.

隨著他們對我們的技術越來越熟悉，我認為這種趨勢還會繼續上升。

Okay. And then just lastly, just in terms of placements in the US outside of that large customer, as we move into the fourth quarter here, which typically is the strongest quarter. But is there anything that you think will accelerate those placements in the fourth quarter as we speak today in terms of what you could see in terms of your pipeline or business activity?

好的。最後，就美國地區（除了那位大客戶之外）的廣告投放情況而言，隨著我們進入第四季度（通常是業績最好的季度），情況又會如何呢？但就目前而言，您認為在第四季度，從您的銷售管道或業務活動來看，有什麼因素會加速這些職位的安置？

We all know, and we announced the last quarter, that when the LCD came out that there was a complete stop to the order taking. And that was a result of us going to our customers saying, hang on, there's something that's going on here. And before we start installing more units, let's hold off to make sure that we understand what it is and so on. And then, of course, CMS came up with their actions in late July, which didn't further complicate anything, but still provided that halt on things. So what we see or what we have seen is a pent-up demand.

我們都知道，而且我們在上個季度也宣布過，液晶顯示器推出後，訂單接收就完全停止了。這是因為我們找到客戶說：“等等，這裡發生了一些事情。”在我們開始安裝更多設備之前，讓我們先等等，確保我們了解它是什麼等等。當然，CMS 在 7 月下旬採取了行動，雖然沒有使事情變得更加複雜，但仍然阻止了事態發展。所以我們看到的或說我們已經看到的是一種被壓抑的需求。

We had a bunch of units that was going into the FDA program. We feel now that we have clarity that we'll be able to deliver those units so that we can start production with those customers. And I think that the knowledge of having these units with guaranteed reimbursement codes that begin January 1, I think we're going to have customers that get in line to purchase and/or to implement the program this year so that we start tracking down on the inventory that we have. And, of course, it's going to be first come, first serve. I think with the pent-up demand, there's going to be some aggressive marketing demand for our products.

我們有一批設備要進入FDA專案。現在我們很清楚，我們能夠交付這些設備，以便開始為這些客戶生產。我認為，有了這些從 1 月 1 日起享有保證報銷代碼的設備，今年肯定會有客戶排隊購買和/或實施該計劃，這樣我們就可以開始追蹤我們現有的庫存。當然，先到先得。我認為，由於市場對產品有積壓的需求，我們的產品將會出現正面的行銷需求。

And we don't know where that could be yet, but we think that we're pretty good to be online to either hit breakeven or [preprofitable] for the fourth quarter. We're excited for what that prospect is.

我們還不知道具體情況會如何，但我們認為我們很有可能在第四季實現收支平衡或獲利。我們對這一前景感到興奮。

And with that pent-up demand, if I may add, we bought a lot of credibility. I'm really proud of our sales team -- sales force nationally for going to these doctors and actually, from a short-term perspective, holding off on receiving some money in Q2, Q3. We could have easily gone out and just not told everyone and sold them all these IG-SRT units. But we bought credibility with the practices, with the large roll-up groups and told them, you know what, let's figure out exactly what's going to come down. And now I think you're going to see that, that's going to work out for us.

而且，恕我補充一句，正是這種被壓抑的需求，為我們贏得了極大的信譽。我為我們的銷售團隊感到非常自豪——全國各地的銷售人員都去拜訪了這些醫生，而且從短期來看，他們實際上推遲了在第二季和第三季收到一些款項。我們本來可以不告訴所有人，直接把這些IG-SRT設備賣給他們。但我們透過這些做法，透過大型的整合團體，贏得了信譽，並告訴他們，你知道嗎，讓我們弄清楚到底哪些東西會被拆除。現在我想你會明白，這對我們來說是件好事。

Ben Haynor, Lake Street Capital Markets.

本·海諾，湖街資本市場。

Just on the reimbursement codes. It sounds to me based upon your commentary that there may be some shift between the SRT-100 -- [based on SRT-100] Visions in terms of what goes out there with these shared services agreements with the FDA and it changes the calculus on that. Is that a fair assessment there?

僅涉及報銷代碼。根據你的評論，我感覺到 SRT-100 和 [基於 SRT-100 的] 願景之間可能會有一些轉變，尤其是在與 FDA 簽訂共享服務協議方面，這改變了相關的計算方式。這樣的評價公平嗎？

I think that's a good observation, Ben. And I think rather than having our -- the Vision product decrease, I think we're going to see an uptick in the SRT-100. So I think that either way, it's going to help us because the important part of the Vision product is that it has an operating system known as Sentinel. You can't operate on a larger scale unless you have that Sentinel product so that you can manage your products out there in the field. So I think that's going to continue to be important for all of the accounts.

我覺得你的觀察很到位，本。而且我認為，與其說我們的 Vision 產品銷售量會下降，不如說 SRT-100 的銷售量會上升。所以我覺得無論如何，這都會對我們有幫助，因為 Vision 產品的關鍵在於它有一個名為 Sentinel 的作業系統。如果沒有 Sentinel 產品，你就無法大規模運作，也就無法管理現場的產品。所以我認為這對所有帳戶都將繼續非常重要。

Now the question is, well, what do we do with the Vision product? Well, the Vision product -- Javier mentioned the R&D program that we have for Sentinel 2.0. We're developing a program, a 2.0 Sentinel version that can be utilized with the SRT-100, which will literally give the SRT-100 same capabilities as the Vision product. So I think that we're meeting the demand of the market. We were anticipating what the market was going to do based on what CMS was going to provide.

現在的問題是，我們該如何處理 Vision 產品？嗯，關於 Vision 產品－Javier 提到了我們針對 Sentinel 2.0 的研發項目。我們正在開發一個 2.0 版本的 Sentinel，它可以與 SRT-100 配合使用，這將使 SRT-100 具備與 Vision 產品相同的功能。所以我認為我們滿足了市場需求。我們根據CMS將要提供的服務來預測市場將如何發展。

And I think that we're going to be meeting all of those perspectives. But to your point, it could impact the Vision, but I think the operating program with the 2.0 is going to maintain the Vision and its sustainability in the market.

我認為我們將滿足所有這些觀點。但正如你所說，這可能會對願景產生影響，但我認為 2.0 版的營運方案將維持願景及其在市場上的可持續​​性。

Additionally, I want to point out, Ben, that the LCD when it first came out and then following that, the CMS proposed physician fee schedule [is now final], they kind of contradicted each other. And now CMS has put that issue to bed. So they actually did give the ultrasound for the first time its own code. There is an ultrasound code for SRT in association with SRT, which means they believe it is clinically viable and important. The value right now is a little lower than we want it to be, of course.

此外，本，我想指出，LCD 最初發佈時，以及隨後 CMS 提出的醫生收費標準（現在已最終確定），它們之間存在某種矛盾。現在CMS已經解決了這個問題。所以他們第一次真的給了超音波檢查獨立的代碼。SRT 有相關的超音波編碼，這意味著他們認為 SRT 在臨床上是可行且重要的。當然，目前的價值比我們預期的要低。

But I think that over time, as people still utilize the ultrasound, because I'll tell you, the patients absolutely love seeing the lesion shrinking over time. From fraction 1 when they see how deep and what it looks like under the water, kind of like the iceberg effect with the Titanic, right? Well, you can only see the tip. Well, now you can see the whole thing and visualize it. They love seeing that shrink. And by the time the last fraction comes in and a couple of weeks after, they can see that it's gone. There is very big value in that clinically.

但我認為隨著時間的推移，隨著人們繼續使用超音波，因為我告訴你，患者們非常喜歡看到病灶隨著時間而縮小。從第一部分開始，當他們看到水有多深以及水下是什麼樣子時，有點像泰坦尼克號上的冰山效應，對吧？嗯，你只能看到尖端。好了，現在你可以看到整個過程並把它形象化了。他們喜歡看到這種情況縮小。等到最後一筆款項到賬，再過幾週，他們就會發現錢已經沒了。這在臨床上具有非常重要的價值。

We're going to continue to work on that valuation working with CMS, helping them understand why that's very, very important. You really can't take away the vision that the doctors need to have in evaluating any kind of a tumor. Imagine a Mohs surgeon who does this -- who performs the Mohs surgery on somebody, and the patient at the end of the study says, okay, did you get it all? The doc is going to say, yes, I got it all. Well, show me, how did you get it all? I mean, you have to take the guy's word for it. So now with imaging, you're always going to be able to show that the lesion was gone when you've got that ultrasound image. So we'll be able to continue to pursue a better reimbursement for that as we continue to utilize it.

我們將繼續與 CMS 合作進行估值工作，幫助他們理解為什麼這非常非常重要。你真的不能剝奪醫生在評估任何類型的腫瘤時所需要的視覺能力。想像一下，一位莫氏外科醫生這樣做——他給某人做了莫氏手術，研究結束時，病人說，好的，你都切除乾淨了嗎？醫生會說，是的，我全都檢查出來了。那你告訴我，你是怎麼得到這一切的？我的意思是，你只能相信祂的話。所以現在有了影像檢查，只要有超音波影像，就能證明病灶已經消失了。因此，隨著我們繼續使用這項服務，我們將能夠繼續爭取更高的報銷額度。

And then just for clarity's sake, the LCD is basically completely nonoperative at this point.

為了更清楚地說明，液晶顯示器目前基本上完全無法運作。

We believe so. I mean, I can't definitively say that. But what it was, was kind of rubbish if you want to use that word, because there was no evidence backing up anything that they said about the ultrasound capability in the LCD. There is no paper or a clinical reference saying that imaging hurts clinical outcomes.

我們認為是這樣。我的意思是，我不能肯定地說。但如果你非要用「胡說八道」這個詞的話，那它其實就是胡說八道，因為沒有任何證據支持他們所說的液晶顯示器的超音波功能。目前沒有任何論文或臨床資料顯示影像檢查會對臨床結果產生不利影響。

In fact, ASTRO, the radiation oncology lobby, supports imaging -- and so does all of radiation oncology support imaging -- before every fraction of every other cancer on earth, before breast cancer, before colorectal cancer, they always do imaging before therapeutic radiation. So why do they say that you don't need it for skin? They have absolutely no idea what they're talking about. And it was baseless. And CMS agrees that it was baseless by the sheer fact they just gave us a code for ultrasound showing us in the world that it's not baseless.

事實上，放射腫瘤學遊說團體 ASTRO 支持影像學檢查——整個放射腫瘤學界也都支持影像學檢查——在地球上所有其他癌症的每一次放射治療之前，在乳腺癌、結直腸癌等癌症的每一次放射治療之前，他們總是會進行影像學檢查。那麼，為什麼他們說皮膚不需要它呢？他們根本不知道自己在說什麼。而且毫無根據。CMS 也承認這是毫無根據的，但他們剛剛給了我們一個超音波檢查的程式碼，這向全世界表明它並非毫無根據。

So it's a platform for us to continue to pursue it.

所以，這是一個讓我們繼續追求目標的平台。

So it just depends on the adjective you want to choose rubbish or maybe something else. Got it.

所以這取決於你想選擇哪個形容詞，是「垃圾」還是別的什麼。知道了。

I went English on that one, I know.

我知道，我在那件事上用了英文。

And then just the commentary on the pent-up demand and the pending sites that you have, I think you said 11, I guess what's the right way to think about how long those are typically pending? I know there's unique circumstances here recently, but do those 11 get -- go live during Q4? Or what's the right way to think about that?

然後，關於積壓的需求和待審批的網站，我想你提到了 11 個，我想我們應該如何正確地理解這些網站通常需要多長時間才能審批通過呢？我知道最近情況比較特殊，但這 11 個項目會在第四季上線嗎？或者，對此正確的思考方式是什麼？

We believe that they will. We believe that they will, and we believe that we're going to add to that.

我們相信他們會的。我們相信他們會這樣做，而且我們相信我們會為此做出貢獻。

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

（操作說明）Yi Chen，H.C. Wainwright。

This is Eduardo on for Yi. Just on the topic of CPT code, the reimbursement, I'm curious are you anticipating how that might impact deal flow and utilization, specifically whether you're going to see increased utilization in existing sites or increased accounts. You mentioned those 11 pending sites. I imagine there are going to be new customers. And also, how you anticipate changes in maybe purchasing behavior? Do you think the FDA will continue to be the main vehicle for purchasing? Or do you think this will justify more outright systems purchases?

這裡是愛德華多為易報道。關於 CPT 代碼和報銷問題，我很好奇您是否預計這會對交易流程和使用情況產生怎樣的影響，特別是您是否會看到現有網站的使用率提高或帳戶數量增加。你提到了那11個待審核的網站。我想應該會有新客戶。另外，您如何預測消費者購買行為可能發生的變化？你認為FDA會繼續成為主要的採購管道嗎？或者您認為這將為更大規模的系統採購提供理由？

They're good questions. I don't think -- like I said in my monologue before, I don't think that our FDA is as impacted by the new coding as much as people think. And the makeup for whatever impact the ultrasound may have had is going to be taken up by the increase in the actual fractionation code of 340%, as Michael said. So it almost offsets any of the decreases. So I don't think that it's going to impact our FDA program that much, and I think that we'll be able to continue with that FDA program.

這些都是很好的問題。我不認為——就像我之前在獨白中說的那樣——我不認為我們的 FDA 受到的新編碼的影響像人們想像的那樣大。正如麥可所說，超音波可能造成的任何影響，都將透過實際分次劑量增加 340% 來彌補。所以它幾乎可以抵消任何下降幅度。所以我認為這不會對我們的 FDA 計畫產生太大影響，我認為我們將能夠繼續進行該 FDA 計畫。

So I think that, that's very viable. I think the impact that it will have is that it will increase sales on the SRT-100 side because that's the lower cost unit. But either way, you're going to see our margins now starting to take shape, and I see the longevity of the product and utilization of it. As reimbursement stabilizes and it becomes fact, imagine this, in the past, doctors used coding and they asked for reimbursement. Sometimes they would get it, sometimes they wouldn't.

所以我認為這非常可行。我認為這樣做會提高 SRT-100 的銷量，因為它是價格較低的車型。但無論如何，你會看到我們的利潤率開始顯現，而且我看到了產品的持久性和利用率。隨著報銷制度趨於穩定並成為事實，試想一下，過去醫生使用編碼來申請報銷。有時他們能明白，有時他們不明白。

Now there's no way that anybody can refuse these codes, these reimbursements because it's what CMS says. They said this exists for SRT technology for the dermatology space to treat skin cancer and keloids. So they're undeniable. And so if you look at the amount of money that they're going to be getting on a patient-by-patient basis, it is a very, very strong reimbursement for them that bodes well for the ROI on the equipment, whether it's taken in the FDA form or whether they purchase it through a lease or direct purchase either way. So it's beneficial for the company, and we see a lot of good things happening because of it.

現在任何人都不可能拒絕這些代碼和這些報銷，因為這是 CMS 的規定。他們表示，這種 SRT 技術已應用於皮膚科領域，用於治療皮膚癌和瘢瘤。所以它們是無可否認的。因此，如果你看看他們每個病人能獲得的金額，你會發現這是一筆非常非常可觀的報銷，這對設備的投資回報率來說是個好兆頭，無論他們是按照 FDA 的規定購買，還是通過租賃或直接購買的方式購買。所以這對公司是有益的，我們看到因此產生了許多好的結果。

And a question on the international sales. What you anticipate the ramp to be there? And how should we model margins for those sales?

還有一個關於國際銷售的問題。你預計坡道會是什麼樣子？我們應該如何為這些銷售建立利潤模型？

Yes, great question. This is Michael. So with the MDSAP certification we announced earlier this year, that gets us automatically into five of the toughest territories globally to get in from a regulatory standpoint. I'm really excited to say that we're going to Japan, like I said, in two weeks. That is the absolute most difficult country to receive regulatory clearance in, especially for radiation technology.

是的，問得好。這是邁克爾。因此，憑藉我們今年稍早宣布的 MDSAP 認證，我們自動進入了全球監管難度最高的五個地區。我很高興地告訴大家，就像我之前說的，兩週後我們要去日本。那是獲得監管部門批准最困難的國家，尤其是對於輻射技術而言。

So we'll see where that goes. But I think that we're ever-expanding on the international side. We've been -- obviously, our largest market outside the US has clearly been China, which continues to adopt and especially as their economy gets better with time passing from COVID, they'll continue to go-go-go. But with the new -- with everything with MDSAP, this is going to -- from a distributor standpoint, once we get those locked in, I think that, that was the 6-to 12-month tie-up that I was talking about before, and we'll continue to go from there.

所以，我們拭目以待。但我認為我們在國際業務方面正在不斷擴張。顯然，我們在美國以外最大的市場顯然是中國，中國一直在不斷接受新技術，尤其是在新冠疫情逐漸過去、經濟好轉之後，中國將繼續保持高速成長。但是，隨著MDSAP的更新換代，從分銷商的角度來看，一旦我們敲定了這些合作，我認為，這就是我之前提到的6到12個月的合作關係，我們將繼續從那裡開始。

I think what will end up happening is we're going to start seeing a ramp outside the United States. And I think that we'll get to consistently about a 20% revenue base international, which will be 20% of our total revenue. Right now, we're somewhere between 5% and 10%. I think we can grow that over the next 12 to 24 months to about 20%.

我認為最終的結果是，我們將開始看到美國以外的地區也出現類似的趨勢。我認為，國際市場的收入佔比將穩定在 20% 左右，這將占我們總收入的 20%。目前，我們的佔比在 5% 到 10% 之間。我認為在接下來的 12 到 24 個月裡，我們可以將這個數字提高到 20% 左右。

And if I may add, the Vision, don't forget, is actually taking off internationally as well. Taiwan has two Visions now, and there is some demand in Asia for the SRT-100 Vision, and we plan to submit for regulatory clearance to China for the Vision as well, which we had not had in the past. So the Vision might start becoming a very big international unit for us, much like the base SRT-100 was for the last six, seven years.

我還想補充一點，別忘了，願景計畫實際上也在國際上取得了成功。台灣目前有兩台 Vision 無人機，亞洲對 SRT-100 Vision 無人機也有一些需求，我們計劃向中國提交 Vision 無人機的監管批准申請，這是我們過去沒有獲得的。因此，Vision 可能會開始成為我們一個非常大的國際部門，就像過去六、七年的 SRT-100 基礎型一樣。

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。我謹將會議交還給喬·薩爾達諾，請他作總結發言。

Thank you. As we wrap up today's call, I again want to thank everyone for joining us and your continued interest in Sensus Healthcare. We appreciate your support, and we look forward to speaking with you again in a little more than three months when we report our Q4 financial results. Have a nice evening. Thank you.

謝謝。在今天的電話會議即將結束之際，我再次感謝大家的參與，以及你們對Sensus Healthcare的持續關注。感謝您的支持，我們期待在三個多月後與您再次交流，屆時我們將公佈第四季度財務業績。祝你今晚愉快。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。