Sensus Healthcare Inc (SRTS) 2026 Q1 法說會逐字稿

Welcome to Sensus Healthcare's first-quarter 2026 financial results conference call. (Operator Instructions) Please note this event is being recorded.

歡迎收聽 Sensus Healthcare 2026 年第一季財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Leigh Salvo with New Street Investor Relations. Please go ahead.

現在我想把電話會議交給 New Street Investor Relations 的 Leigh Salvo。請開始。

Good afternoon, and thank you all for joining today's call to discuss Sensus Healthcare's first quarter 2026 financial results. Joining me from Sensus are Joe Sardano, Chairman and Chief Executive Officer; Michael Sardano, President, Chief Commercial Officer and General Counsel; and Javier Rampolla, Chief Financial Officer.

各位下午好，感謝大家參加今天的電話會議，討論 Sensus Healthcare 2026 年第一季財務業績。與我一同出席的 Sensus 團隊成員包括：董事長兼執行長 Joe Sardano；總裁、首席商務長兼總法律顧問 Michael Sardano；以及財務長 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 activity 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.

提醒各位，今天電話會議中將討論的部分事項，可能包含符合聯邦證券法定義的前瞻性陳述。除歷史事實外，凡涉及 Sensus Healthcare 所假設、規劃、預期、相信、意圖或預估之活動，以及其他類似表述，指稱未來將、應或可能發生者，均屬前瞻性陳述。

The forward-looking statements are management's beliefs based upon current available information as of the date of this conference call, May 7, 2026. 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.

前瞻性陳述係管理層基於本電話會議日期（2026 年 5 月 7 日）當時可得之現有資訊所形成的信念。除法律要求外，Sensus Healthcare 不承擔修訂或更新任何前瞻性陳述之義務。所有前瞻性陳述均受公司 10-K、10-Q 表格及其他向 SEC 提交文件中所述之風險與不確定性影響。

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 press release.

在今天的電話會議中，將提及若干非 GAAP 財務衡量指標。Sensus 認為這些指標可為投資人提供有用資訊，但不應視為 GAAP 的替代，也不應視為依 GAAP 所決定之營運結果的替代。非 GAAP 與 GAAP 結果之調節表已包含於今日新聞稿中。

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

接下來，我想把電話會議交給 Joe Sardano。Joe？

Thank you, Leigh, and good afternoon, everybody. We appreciate you joining us today. The first quarter of 2026 represents an important transition period for Sensus Healthcare. With the dedicated CPT codes for Superficial Radiotherapy now in effect as of January 1, we are now operating in a fundamentally different environment than ever before. We are tasked with the responsibility of helping our entire industry pivot to the new reality.

謝謝你，Leigh，各位下午好。感謝大家今天加入我們。2026 年第一季對 Sensus Healthcare 而言是一個重要的轉型期。自 1 月 1 日起，針對淺層放射治療（Superficial Radiotherapy, SRT）的專用 CPT 代碼已正式生效，我們如今所處的環境與以往相比已根本不同。我們肩負協助整個產業轉向新現實的責任。

For quite some time, two factors weighed heavily on our business: customer concentration and the absence of reimbursement clarity. Today, we believe both of those factors are beginning to shift in a meaningful way. I'd like to frame our discussion today around five priorities that we believe will define our progress in 2026 and provide a clear framework for tracking our execution over the course of the year.

長期以來，有兩項因素對我們的業務造成重大壓力：客戶集中度，以及缺乏明確的給付（reimbursement）資訊。如今，我們相信這兩項因素都開始出現具意義的轉變。我想以五項優先事項來架構今天的討論；我們相信這些事項將界定我們在 2026 年的進展，並提供清晰的框架，以追蹤我們在全年執行上的表現。

Number one, educate the market on the new reimbursement and train them on how to utilize the codes; two, drive customer adoption following CPT code implementation; three, grow our recurring and utilization-based revenue streams; four, diversify and strengthen the commercial model; and last, number five, deliver sustainable profitability.

第一，向市場宣導新的給付方式並訓練其如何使用代碼；第二，在 CPT 代碼實施後推動客戶採用；第三，擴大我們的經常性與使用量導向的營收來源；第四，使商業模式更多元並更為強健；最後第五，實現可持續的獲利能力。

Our entire first quarter was dedicated to helping existing customers and new prospects better understand the new reimbursement coding. Initial results are excellent. The coding is simple and straightforward. And for those who have billed CMS under the new coding, they are already seeing a smooth transition by the payers as our users receive reimbursements. So both physicians and patients will continue to grow in confidence that SRT is receiving full funding, which brings us to customer adoption and CPT impact.

我們整個第一季都致力於協助既有客戶與新潛在客戶更好地理解新的給付編碼。初步成果非常出色。該編碼簡單且清楚。對於已依新編碼向 CMS 申報者，他們已看到付款方順利完成轉換，因為我們的使用者正在收到給付款項。因此，醫師與病患對 SRT 可獲得完整資金支持的信心將持續提升，這也引導我們談到客戶採用與 CPT 的影響。

One of the strategic priorities is converting the new reimbursement environment into a broader customer adoption and more diversified installed base. During the first quarter, we began to see the benefits of the new CPT codes move from concept to commercial reality.

其中一項策略重點，是將新的給付環境轉化為更廣泛的客戶採用，以及更為多元的裝機基礎。在第一季，我們開始看到新 CPT 代碼的效益從概念走向商業現實。

With reimbursement now clearly defined and physician economics significantly improved, including approximately a 300% increase in the per fraction delivery code, we are seeing increased inquiry levels and stronger pipeline development, a growing pipeline of qualified opportunities as of quarter end and greater engagement from dermatology practices and hospital systems.

隨著給付如今已明確定義，且醫師端經濟效益顯著改善（包括每次分次治療交付代碼約提升 300%），我們看到詢問量增加、管線開發更強勁；截至季末，合格商機管線持續成長，皮膚科診所與醫院體系的參與度也更高。

We shipped 14 SRT systems during the quarter, including 10 direct sales and four placements under the Fair Deal Agreement as well as rental arrangements. Importantly, these shipments reflect continued progress in broadening our customer base and meaningfully reducing historical customer concentration. We were able to match our sales from Q4, which we believe will improve upon quarter over quarter for the balance of the year and into 2027.

本季我們出貨 14 套 SRT 系統，其中包括 10 套直銷，以及 4 套依 Fair Deal Agreement（公平交易協議）之配置，並搭配租賃安排。重要的是，這些出貨反映我們在擴大客戶基礎、並實質降低歷史客戶集中度方面持續取得進展。我們得以追平第四季的銷售表現；我們相信在今年剩餘期間以及進入 2027 年後，將可逐季改善。

We saw strong momentum coming out of several major dermatology conferences during the quarter, where physician interest and engagement levels were among the highest we have experienced. These events continue to be a critical driver of our pipeline growth and customer education as awareness of the new reimbursement environment increases in addition to the benefit of SRT as a noninvasive alternative to most surgery. Patients are deciding more and more their preference to avoid surgery.

本季在數場大型皮膚科會議後，我們看到強勁動能；醫師的興趣與參與程度是我們所經歷過的最高水準之一。隨著市場對新給付環境的認知提升，加上 SRT 作為多數手術之非侵入性替代方案的優勢，這些活動持續成為推動我們管線成長與客戶教育的關鍵動力。病患也越來越傾向選擇避免手術。

Recurring revenue growth, the FDA plus software. Another priority is expanding recurring revenue streams tied to utilization of our installed base and new prospects. There are still groups who prefer a shared service program as indicated by the 4 of 14 units shipped in Q1.

經常性營收成長：FDA 加上軟體。另一項優先事項，是擴大與我們裝機基礎及新潛在客戶使用量相關的經常性營收來源。仍有一些團體偏好共享服務方案，這可由第一季出貨的 14 台中有 4 台反映出來。

We are confident this will continue to grow. Our Fair Deal Agreement program continues to be a driver of utilization-based revenue during the quarter. Treatment volumes increased 8% over the first quarter of 2025. And we continue to increase the number of patients. We ended the quarter with 18 active FDA sites and nine pending activations. As we've said previously, FDA placements often serve as a bridge to system ownership, and we continue to see that dynamic play out as customers better understand the economics under the new reimbursement environment.

我們有信心這將持續成長。我們的 Fair Deal Agreement 計畫在本季持續成為使用量導向營收的推動力。治療量較 2025 年第一季成長 8%。我們也持續增加病患人數。季末我們共有 18 個啟用中的 FDA 據點，以及 9 個待啟用據點。如同我們先前所說，FDA 配置往往是通往系統自有化的橋樑；隨著客戶更了解新給付環境下的經濟效益，我們持續看到這種動態正在發生。

Importantly, we are now taking additional steps to expand recurring revenue through software and services. The introduction of Sensus Link represents an important evolution of our model, enabling enhanced workflow, treatment documentation, and operating intelligence across our installed base while creating a scalable recurring revenue opportunity tied to treatment activity. We view this as an important step in evolving our business model toward a more predictable and recurring revenue profile in the future.

重要的是，我們現在正採取額外措施，透過軟體與服務擴大經常性營收。Sensus Link 的推出代表我們模式的重要演進，可在我們的裝機基礎上強化工作流程、治療文件紀錄與營運洞察，同時創造一個可擴展、與治療活動連動的經常性營收機會。我們認為這是推動商業模式朝向未來更可預測、經常性營收結構演進的重要一步。

Over time, we expect recurring revenue, including FDA, service, and software to represent an increasing percentage of total revenue, which historically has been about 10%, commercial expansion and diversification. Our next priority is broadening commercial reach through access to our technology and reducing volatility by creating more ways for customers to acquire and use Sensus systems.

隨著時間推進，我們預期經常性營收（包括 FDA、服務與軟體）將占總營收的比重持續提高；而歷史上該比重約為 10%。商業擴張與多元化方面，我們下一項優先事項是透過提升取得我們技術的管道來擴大商業觸及範圍，並藉由創造更多方式讓客戶取得與使用 Sensus 系統，以降低波動性。

We are seeing increased interest across a wider range of customers, including independent dermatology practices, group networks, hospital systems, and private equity-backed platforms. To support this, we recently launched Sensus Healthcare Financial Services, which provides a streamlined pathway for customers to acquire our systems through flexible financing options.

我們看到來自更廣泛客群的興趣提升，包括獨立皮膚科診所、集團網路、醫院體系，以及私募股權支持的平台。為了支持這一點，我們近期推出 Sensus Healthcare Financial Services，透過彈性的融資選項，為客戶提供更精簡的途徑以取得我們的系統。

Since launch, we have begun actively engaging with prospective customers to utilize through this platform and are seeing improved conversion rates on late-stage opportunities. We are also seeing a shift in customer preference towards purchase compared to prior periods where Fair Deal Agreement program participation was the primary entry point. We now have to ask the question, why you want to give up 50% of your revenue when patient procedure per month represents your breakeven?

自推出以來，我們已開始透過此平台積極與潛在客戶互動，並看到後期商機的轉換率有所提升。我們也看到客戶偏好出現轉變，相較於先前期間以參與公平交易協議（Fair Deal Agreement, FDA）計畫作為主要切入點，客戶現在更傾向於直接購買。我們現在必須問一個問題：當每月只要兩位病患的療程量就代表您的損益兩平時，為什麼要放棄 50% 的營收？

Profitability. Our priority is translating stronger demand, a growing recurring revenue base and disciplined expense management into profitability. We are entering the new phase with a strong balance sheet, including $18.3 million in cash and no debt.

獲利能力。我們的首要任務是將更強勁的需求、持續成長的經常性收入基礎，以及嚴謹的費用管理，轉化為獲利。我們以強健的資產負債表進入新階段，包括 1,830 萬美元現金且無負債。

While our first-quarter results continue to reflect transition away from historical customer concentration, we believe the combination of improved reimbursement, a more diversified customer base, expanding recurring revenue streams, and disciplined expense management positions us to deliver improved financial performance over the balance of 2026 with the objective of achieving full-year profitability.

儘管我們第一季的結果仍反映出從過往高度集中客戶結構的轉型，我們相信，改善的給付報銷、更為多元化的客戶基礎、擴大的經常性收入來源，以及嚴謹的費用管理之綜效，將使我們在 2026 年剩餘期間交出更佳的財務表現，並以達成全年獲利為目標。

With that, I'll turn the call over to Michael to provide more detail on our commercial execution and growth initiatives. Michael?

接下來，我把電話交給 Michael，請他更詳細說明我們的商業執行與成長計畫。Michael？

Thanks, Joe. I'll focus on how our commercial model is evolving and how we are executing against the priorities Joe just outlined. The most important change we are seeing is that reimbursement clarity has fundamentally reshaped how customers evaluate and adopt SRT. Importantly, this is shifting SRT from a considered option to a financially actionable decision for more and more practices.

謝謝，Joe。我將聚焦於我們的商業模式如何演進，以及我們如何落實 Joe 剛才概述的優先事項。我們看到最重要的變化是，給付報銷的明確性已從根本上重塑客戶評估與採用 SRT 的方式。重要的是，這正使 SRT 從「可考慮的選項」轉變為對越來越多診所而言「在財務上可立即採取行動的決策」。

Customers now have multiple pathways to adoption, including outright purchase, leasing structures, and the Fair Deal Agreement program. In the first quarter, approximately 70% of systems shipped were purchased versus FDA. Average breakeven for customers is now two patients per month, and we are seeing a higher percentage of customers electing ownership earlier in the adoption cycle.

客戶現在有多種採用途徑，包括一次性直接購買、租賃架構，以及公平交易協議（Fair Deal Agreement）計畫。第一季出貨的系統中，約 70% 為購買而非 FDA。客戶的平均損益兩平點目前為每月兩位病患，我們也看到更高比例的客戶在採用週期更早階段就選擇擁有（ownership）。

From a pipeline perspective, we are seeing increased conversion activity across the board as customers move from evaluation to decision-making. A key driver of this momentum has been our participation in several major dermatology conferences during the quarter. These conferences generated new leads, physician engagements and demos, and a meaningful increase in follow-up activity and site evaluations.

從銷售管線角度來看，隨著客戶從評估走向決策，我們看到各方面的轉換活動均有所增加。推動此動能的一個關鍵因素，是我們在本季參與了數個主要皮膚科會議。這些會議帶來新的潛在客戶、醫師互動與示範，並顯著提升後續追蹤活動與場地評估。

Importantly, our decision to refine our conference and trade show strategy to prioritize high-yield events where purchasing decisions are actively being evaluated is paying off in our pipeline. Physicians are becoming more aware of the new CPT codes and the improved economics of SRT.

重要的是，我們決定精煉會議與展會策略，優先投入於那些正在積極評估採購決策、產出效益高的活動，已在我們的銷售管線上看到成效。醫師對新的 CPT 代碼以及 SRT 改善後的經濟效益正變得更加了解。

On the recurring revenue side, our focus is on increasing utilization across the installed base and expanding monetization from additional capabilities. Sensus Link is an important part of this strategy as it enables us to bring advanced functionality to both new and existing systems while also creating a pathway for ongoing service and software revenue tied to treatment workflows.

在經常性收入方面，我們的重點是提升已安裝基礎的使用率，並透過新增功能擴大變現。Sensus Link 是此策略的重要一環，因其使我們能為新舊系統提供進階功能，同時也建立一條與治療工作流程綁定的持續服務與軟體收入途徑。

On the installed base, total shipped systems now stand at approximately 965 units globally. We expect the rollout of Sensus Link, which provides advanced operating capabilities to our SRT-100 installed base to begin to take shape and increase interest in SRT significantly this year. Over time, we believe this will support increased utilization, improve customer retention, and create a recurring revenue stream tied directly to system usage.

就已安裝基礎而言，目前全球累計出貨系統約為 965 台。我們預期 Sensus Link 的推廣（其可為我們的 SRT-100 已安裝基礎提供進階操作能力）將在今年開始成形，並顯著提升市場對 SRT 的興趣。隨著時間推進，我們相信這將支持更高的使用率、改善客戶留存，並創造與系統使用量直接連動的經常性收入來源。

International markets continue to represent an important growth opportunity for Sensus. We are seeing continued demand in key markets such as China and expect additional diversification over time as we expand into new regions. International sales also provide attractive margin characteristics due to lower servicing requirements. Domestically, we are taking a disciplined approach to scaling our sales organization in 2026.

國際市場仍是 Sensus 的重要成長機會。我們在中國等關鍵市場持續看到需求，並預期隨著我們拓展至新區域，時間推移將帶來更多元化。由於服務需求較低，國際銷售也具備較具吸引力的毛利特性。在國內市場方面，我們在 2026 年將以審慎的方式擴大銷售組織規模。

Our focus is on expanding selectively, increasing market education, and improving conversion efficiency. Overall, the underlying performance of our business will continue to improve as a combination of reimbursement clarity, expanded adoption pathways, and a more diversified commercial strategy positions us well for sustained growth and profitability.

我們的重點是選擇性擴張、加強市場教育，並提升轉換效率。整體而言，隨著給付報銷明確化、採用途徑擴大，以及更為多元的商業策略相互結合，我們的業務基本面將持續改善，並使我們在持續成長與獲利方面具備良好定位。

With that, I'll turn the call over to Javier for a review of the financials.

接下來，我把電話交給 Javier，請他回顧財務表現。

Thank you, Michael, and good afternoon, everyone. I will briefly review our financial results for the first quarter of 2026, starting with revenue.

謝謝你，Michael，各位下午好。我將簡要回顧我們 2026 年第一季的財務結果，先從營收開始。

Revenue for the quarter was $3.4 million compared to $8.3 million in the prior year period. The year-over-year decrease was primarily driven by the absence of sales to our historically largest customer as well as lower number of total units shipped. As a reminder, the prior-year period included a significant number of direct sales to that customer.

本季營收為 340 萬美元，較去年同期的 830 萬美元下降。年對年下滑主要是因為我們過往最大客戶的銷售缺席，以及總出貨台數較少。提醒一下，去年同期包含對該客戶相當數量的直接銷售。

In the current quarter, we had no sales to that customer, which reflects our ongoing transition towards a more diversified customer base. Importantly, excluding sales to that customer in the prior-year period, revenue increased compared to $2.7 million, demonstrating underlying growth driven by a broader mix of customers.

本季我們對該客戶沒有任何銷售，反映我們正持續轉型，朝向更為多元化的客戶基礎。重要的是，若排除去年同期對該客戶的銷售，營收相較於 270 萬美元有所成長，顯示由更廣泛客戶組合所帶動的基本面成長。

In addition, a portion of systems shipped during the quarter were under Fair Deal Agreement program and rental arrangements, where revenue is recognized over the term of the agreement rather than at the time of shipment. As a result, these placements contribute to revenue over time rather than upfront.

此外，本季出貨的部分系統屬於公平交易協議（Fair Deal Agreement）計畫與租賃安排，在此情況下，營收是在協議期間內認列，而非於出貨時點認列。因此，這些布建將隨時間推移貢獻營收，而非一次性提前認列。

Turning to cost of sales. Cost of sales was $2.4 million compared to $4 million in the prior-year period. The decrease was primarily driven by lower unit volumes, again, reflecting the absence of sales to our historically largest customer as well as a shift towards [FDA] and rental placements.

接著談銷貨成本。銷貨成本為 240 萬美元，去年同期為 400 萬美元。下降主要由較低的出貨量所致，同樣反映我們過往最大客戶的銷售缺席，以及產品組合轉向 [FDA] 與租賃布建。

Moving to gross profit and margin. Gross profit was $1 million compared to $4.4 million in the prior-year period, and gross margin was 29.2% compared to 52.2% in the first quarter of 2025. The decline in gross margin was primarily driven by product mix. This includes a higher proportion of international shipments, which carry lower average selling price as well as costs associated with the new system placement under our Fair Deal Agreement program. As utilization increases, these arrangements are expected to contribute more meaningfully to revenue and margin over future periods.

接著看毛利與毛利率。毛利為 100 萬美元，去年同期為 440 萬美元；毛利率為 29.2%，相較於 2025 年第一季的 52.2%。毛利率下滑主要由產品組合所致。其中包括國際出貨占比提高（其平均售價較低），以及在我們公平交易協議計畫下新系統布建所產生的相關成本。隨著使用率提升，預期這些安排將在未來期間對營收與毛利率作出更具實質的貢獻。

Turning to operating expenses. General and administrative expense was $2 million compared to $2.2 million in the prior-year period, with the decrease primarily driven by lower professional fees. Selling and marketing expenses was $1.7 million compared to $2.2 million in the prior-year period. The decrease was primarily due to our decision to lower threshold-related spending to focus on events with the highest potential for sales generation.

接著看營業費用。一般及行政費用為 200 萬美元，去年同期為 220 萬美元，下降主要由較低的專業服務費所致。銷售與行銷費用為 170 萬美元，去年同期為 220 萬美元。下降主要因我們決定降低與門檻相關的支出，將資源聚焦於最有可能帶來銷售產生的活動。

Research and development expense was $1.6 million compared to $2.6 million in the prior-year period. The decrease reflects lower lobbying costs related to reimbursement efforts as well as reduction in headcount and product development spending for the next-generation systems.

研發費用為 160 萬美元，去年同期為 260 萬美元。下降反映與給付報銷相關的遊說成本降低，以及人力縮減與次世代系統的產品開發支出減少。

Adjusted EBITDA for the first quarter of 2026 was negative $4.2 million compared with negative $2.5 million for the first quarter of 2025. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, taxes, depreciation, amortization, and stock compensation expense. Please see our earnings release issued earlier today for a reconciliation between GAAP and non-GAAP financial measures.

2026 年第一季調整後 EBITDA 為負 420 萬美元，相較於 2025 年第一季的負 250 萬美元。調整後 EBITDA 為一項非 GAAP 財務衡量指標，定義為未計利息、稅項、折舊、攤銷及股份補償費用前之盈餘。請參閱我們今日稍早發布的財報新聞稿，以了解 GAAP 與非 GAAP 財務衡量指標之間的調節。

Other income was $0.1 million compared to $0.2 million in the prior-year period and relates primarily to interest income. Net loss for the quarter was $2.6 million or $0.16 per share, consistent with the prior-year period.

其他收入為0.1百萬美元，較去年同期的0.2百萬美元下降，主要與利息收入相關。本季淨損為2.6百萬美元，或每股0.16美元，與去年同期一致。

Finally, we continue to maintain a strong balance sheet, ending the quarter with $18.3 million in cash, no debt and inventory of $16.5 million, an increase from $14.6 million as of December 31, 2025. This inventory level positions us to continue to meet the demand in upcoming quarters for both direct and for placements under Fair Deal Agreement program.

最後，我們持續維持強健的資產負債表，本季末現金為18.3百萬美元、無負債，且存貨為16.5百萬美元，較2025年12月31日的14.6百萬美元增加。此一存貨水位使我們得以在未來幾季持續滿足需求，包括直接銷售以及依據「公平交易協議」(Fair Deal Agreement) 計畫之布建。

Before I turn the call back to Joe, I'd like to provide some perspective on how we're thinking about the remainder of the year. We expect second-quarter revenue to be higher than first quarter, and we also expect revenue in the second half of the year to be higher than the first half as we continue to build on the momentum we're seeing in our pipeline and customer engagement.

在我把電話交回給Joe之前，我想就我們如何看待今年剩餘期間提供一些觀點。我們預期第二季營收將高於第一季，並且也預期下半年營收將高於上半年，因為我們持續在管線動能與客戶互動上所見到的進展之上再接再厲。

From a margin perspective, as we discussed earlier, first-quarter gross profit and margin reflect the impact of product mix, including a higher proportion of international shipments as well as costs associated with the new system placement under our Fair Deal Agreement program. As utilization under this arrangement increases and revenues recognized over time, we will expect these dynamics to evolve over the course of the year.

就毛利率而言，如同先前討論，第一季毛利與毛利率反映了產品組合的影響，包括國際出貨占比較高，以及在我們「公平交易協議」計畫下新系統布建所產生的相關成本。隨著此安排下的使用率提高，且收入隨時間認列，我們預期這些動態將在今年內逐步演變。

With that, I'll turn back -- the call back to Joe.

那麼，我把電話交回——交回給Joe。

Thank you, Javier and Michael, and for those updates. Before we open the call for questions, I want to reiterate that we believe SRT is increasingly being viewed as a compelling noninvasive treatment option that allows practices to expand patient access, improving workflow efficiency and offer an alternative for treating patients with non-melanoma skin cancer.

謝謝Javier與Michael，以及你們的更新。在我們開放提問之前，我想再次強調，我們相信SRT正日益被視為一項具吸引力的非侵入性治療選項，可讓診所擴大病患可近性、提升工作流程效率，並為非黑色素瘤皮膚癌患者提供替代治療方案。

The new dedicated CPT codes for Superficial Radiotherapy significantly improve physician reimbursement and support broader adoption of our technology while benefiting patients with certainty of coverage for noninvasive treatment options. As we move through 2026, we remain focused on executing against our five priorities: education and training, accelerating customer adoption, expanding recurring revenue, broadening our commercial reach, and driving Sensus toward profitability. We believe we are still in the early stages of this transition and look forward to updating you on our progress throughout the year.

針對淺層放射治療（Superficial Radiotherapy）的新專用CPT代碼，顯著提升醫師給付（reimbursement），並支持我們技術的更廣泛採用，同時讓病患在非侵入性治療選項上享有更確定的給付保障。隨著我們邁入2026年，我們仍專注於落實五大優先事項：教育與訓練、加速客戶採用、擴大經常性收入、拓展商業觸及範圍，以及推動Sensus邁向獲利。

Thank you for your continued support. And now we may -- we'd be happy to take your questions. Operator?

感謝各位持續的支持。現在我們——很樂意回答各位的問題。接線員？

(Operator Instructions) Anthony Vendetti, Maxim Group.

（接線員指示）Anthony Vendetti，Maxim Group。

Sure. Close enough -- so I guess my first question is a little bit of a two-part question is you know your largest customer, which I think you had 15 units sold to in the first quarter of '25. So I guess it's with zero in first quarter '26, not too surprising that revenue is down over 50%.

好的。差不多——所以我想我的第一個問題有點像兩段式問題：你們最大的客戶，我記得在2025年第一季你們賣了15台給他們。所以我想，2026年第一季為零並不太令人意外，營收下滑超過50%。

But should we look at -- when you said second quarter should be higher than first quarter, should we look at -- if your largest customer who's not buying any units right now comes back, is that upside? Are you internally assuming they don't come back? And if like I said, they do, it's upside? And then I have a follow-up question.

但我們是否應該這樣看——當你說第二季應該會高於第一季時，我們是否應該看作——如果你們最大的客戶目前沒有購買任何設備，但之後回來採購，那就是上行空間（upside）嗎？你們內部假設他們今年不會回來嗎？如果如我所說他們回來了，那就是上行空間？然後我還有一個追問。

And if they do come back, it is upside. We haven't included them in our model for this year, but it doesn't say that they haven't -- they can't figure out the new model that they have to come up with so that they can remain strong in the market.

如果他們回來，那確實就是上行空間。我們今年的模型沒有把他們納入，但這並不表示他們沒有——他們不能找出必須採用的新模式，以便能在市場上維持強勢。

Okay. All right. So I guess it's still a possibility. And then obviously, it was good news that back on January 1, there was a new CPT code, which took effect. It's a 300% increase in the per fraction delivery code.

好的。好。所以我想仍然有可能。然後很明顯，1月1日有新的CPT代碼生效是個好消息。每次分次（per fraction）治療交付代碼提高了300%。

And I guess the question is, what -- obviously, a positive development, but are you seeing that translate into either shorter sales cycles or a pipeline of new business? And if there is a pipeline of new business, is it -- it just hasn't yet converted into revenues, and you expect it to over time? Or is it taking a while for the pipeline to build even though the code has significantly increased?

我想問題是：這——顯然是正面發展，但你們是否看到它轉化為更短的銷售週期或新的業務管線？如果有新的業務管線，是——只是尚未轉換成營收，你們預期會隨時間轉換？還是即使代碼大幅提高，管線建立仍需要一些時間？

I'll give you an overview, and then I'll let Michael handle it since he was responsible working directly with CMS to gain those codes. But what we're seeing on an overall basis is tremendous interest has increased because of the guaranteed coding system, the dedicated and guaranteed coding system for SRT towards dermatology.

我先給你一個概覽，然後我會讓Michael來補充，因為他負責直接與CMS合作以取得這些代碼。但整體而言，我們看到因為有了保證的編碼體系——針對皮膚科SRT的專用且保證的編碼體系——市場興趣大幅提升。

We have to remember that in the past, that didn't exist. They were kind of orphan codes that were -- mostly came from ASTRO, and these new codes are specific to dermatology and to SRT. So we're excited for all of that.

我們必須記得，過去並不存在這種情況。以前那些有點像孤兒代碼——多半來自ASTRO，而這些新代碼是專門針對皮膚科與SRT。所以我們對此非常振奮。

Regarding the interest from the field, there are more and more and more offices that are contemplating SRT, bringing it into their practice because of those codes. Very, very clear, very, very obvious. Still a lot are deciding whether they want to go with an FDA or whether they want to go with an outright purchase or whether they want to go with a fair market value lease.

就前線的興趣而言，越來越多、越來越多的診所正在考慮SRT，因為有了這些代碼而把它導入他們的診所。非常、非常清楚，非常、非常明顯。但仍有許多人在決定他們要採用FDA（Fair Deal Agreement）方案，或是一次性買斷，或是採用公平市價租賃（fair market value lease）。

All of those things are being considered. They're taking it seriously because now all of these sites can consider this a long-term decision for their practice since those codes are in place. Michael, I'll hand it over to you if there's further comments on what you're seeing every day with the prospects.

所有這些選項都在被評估。他們很認真看待，因為現在這些據點可以把這視為對其診所的長期決策，因為這些代碼已經到位。Michael，如果你對每天與潛在客戶互動所看到的情況還有補充，我把時間交給你。

Sure. Yeah. Thanks. Anthony, great question. Joe, you did a great job of answering it. I think that you covered most of it. The thing that I'll add that kind of went to your point, Anthony, is that January 1, 2026, all of the codes changed. They took place.

當然。是的。謝謝。Anthony，問得很好。Joe，你回答得很到位。我想你已經涵蓋了大部分。我想補充的一點、也呼應你的重點是：2026年1月1日，所有代碼都改了。它們已經生效。

But when it comes to coding and reimbursement, you don't know whether or not you're going to get paid or not or how the structure works until after you bill that patient and wait the four to six weeks. So really, people weren't able to see the EOBs of these patients until mid-February to even early March when you started treating patients.

但談到編碼與給付時，在你替病患申報並等待四到六週之前，你並不知道是否會拿到付款，或其結構如何運作。所以實際上，直到2月中旬甚至3月初，當你開始治療病患後，人們才有機會看到這些病患的EOB（給付說明）。

So with those EOBs coming in, now we have actual proof, like Joe said on the call, that we're getting paid. All the private insurances, all the Medicare, Medicaid, CMS, et cetera, all these insurances are paying these new codes the way they're supposed to. And now that we have that black and white proof, now it's in my sales guys and girls hands, and we're giving it out to the market.

隨著這些EOB陸續進來，我們現在有了實際證據——就像Joe在電話會議上說的——證明我們確實拿到付款。所有私人保險、所有Medicare、Medicaid、CMS等等，所有這些保險都依照應有方式支付這些新代碼。而現在我們有了這些白紙黑字的證明，就交到我們的業務夥伴手上，我們也正在把它提供給市場。

A big point that we didn't touch on in the call, we had our largest show of the year, which is the AAD. It's the annual meeting that took place the end of March, literally the last weekend of March, so March 27 to 31. So all of those leads that were generated, we obviously couldn't close right there in Q1. So those leads and everything that we mentioned are going into Q2. I'm very, very confident comparatively to Q1 going into Q2.

我們在電話會議中沒有談到的一個重點是，我們今年最大的展會是 AAD。這是每年一度的年會，於三月底舉行，確切地說是三月最後一個週末，也就是 3 月 27 日到 31 日。因此，所有產生的潛在客戶，我們顯然不可能在第一季就當場成交。所以這些潛在客戶以及我們提到的一切都會延續到第二季。相較於第一季進入第二季，我非常、非常有信心。

I think that, as I said on the call, we're going to continue to grow and improve throughout the year quarter over quarter-over-quarter. And the way Javier mentioned it as well was the fact that we have more recurring revenue shipments than we ever had before from an FDA standpoint and also this rental model, you're going to see that as we get 10 rental contracts, then that turns into 30 and then that turns into 40 or 50, we're quickly transitioning to a more recurring revenue base that we're just going to have to be patient with.

我認為，正如我在電話會議上所說，我們將在全年持續成長並改善，季度對季度、再季度對季度地提升。而 Javier 也提到的一點是，從 FDA 的角度以及這個租賃模式來看，我們的經常性收入出貨量比以往任何時候都更多；你會看到，當我們拿到 10 份租賃合約時，接著會變成 30 份，再變成 40 或 50 份，我們正在快速轉型為更以經常性收入為基礎的模式，只是大家需要有耐心。

Unfortunately, I'm going to have to ask the investors to just be patient with us and realize that we're transitioning greatly. And everything that we had been asking for, for the last 10 years, why can't you guys get more recurring revenue and not be so focused on the one revenue source. Now we're actually achieving that. So that's what we're asking right now. I think we're going to see improvement on that. Does that make sense?

很遺憾，我必須請投資人對我們保持耐心，並理解我們正在大幅轉型。過去 10 年來，你們一直問我們：為什麼你們不能有更多經常性收入，而不要那麼專注於單一收入來源。現在我們其實正在做到這件事。所以這就是我們現在的請求。我認為我們會看到這方面的改善。這樣說有道理嗎？

Yeah. No, that makes a lot of sense. And then maybe just as best you can sort of try to, if you could time line it for us. I mean, as you build this pipeline of this recurring revenue and the fair lease agreement, Fair Deal Agreement, do you feel like whether it's this quarter, next quarter or sometime in '26, you sort of lap that pipeline and then it's much easier to see the revenues grow? Is there an inflection point in particular you're looking for?

是的。不，這非常有道理。那也許就盡你所能試著幫我們排個時間表。我的意思是，當你建立這個經常性收入與公平租賃協議（Fair Lease Agreement）、公平交易協議（Fair Deal Agreement）的管線時，你覺得會是在本季、下季，或是 2026 年的某個時候，你會「跑完一輪」這個管線，然後就更容易看到營收成長嗎？你特別在尋找某個拐點嗎？

Yeah. As the education continues to roll out, for instance, we just had two or three more meetings this past April with large roll-up groups in addition to Florida-based meetings, Arizona, California-based meetings. So as that happens, you're going to see the education coming out.

是的。隨著教育推廣持續展開，例如我們剛在今年 4 月又與大型整合型集團開了兩到三場會議，此外也在佛羅里達、亞利桑那、加州等地舉辦會議。因此，隨著這些進行，你會看到教育內容逐步推出。

The black and white codes greatly helps us. This is the first time in our 16 years that I've been able to go in a room and tell a doctor that these are black and white codes, there's literally no gray area whatsoever. So as that comes in, you're going to see a lot of people that were not interested over the last 10 years.

黑白分明的代碼對我們幫助很大。這是 16 年來第一次，我能走進一個房間告訴醫師：這些是黑白分明的代碼，完全沒有任何灰色地帶。因此，隨著這些落地，你會看到過去 10 年不感興趣的很多人開始改變。

Now all of a sudden, they're interested because their accountants, their lawyers can make sense of it. And I think that that is just about education and the longer you give us, the longer we're going to be able to educate and more people will adopt SRT. It's here to stay now. CMS has given us exclusive codes for SRT for the first time ever.

現在他們突然有興趣了，因為他們的會計師、律師都能理解並釐清。我認為這就是教育的問題；你給我們的時間越長，我們就越能持續教育，更多人就會採用 SRT。它現在會長期存在。CMS 首次為 SRT 提供了專屬代碼。

So this is something that's like a brand-new territory for us from a regulatory environment. I don't have to go up to Washington as much anymore. So that's a good thing from a money standpoint and just the time. So we're really excited. The sales team is fired up. We've already hired three more salespeople as well into territories that are kind of new and some of them that are rehires. So we're very excited to keep going here.

所以，從監管環境來看，這對我們而言像是一個全新的領域。我不必再那麼常跑華盛頓了。從成本角度以及時間投入來看，這是件好事。所以我們真的很興奮。銷售團隊士氣高昂。我們也已經再聘了三位業務人員，分配到一些相對新的區域，其中有些是回鍋再聘。所以我們非常期待繼續推進。

Let me add one thing to -- Anthony, to your question about the recurring revenue piece. One of the things that we don't want to overlook here is one of the codes, which is involving radiation physics and the consoles for radiation physics. This code is -- has to be applied to every patient and our introduction of Sensus Link is a main focus for our customer base. They can charge that code once per week.

讓我補充一點——Anthony，針對你關於經常性收入的問題。我們不希望忽略的一件事是其中一個代碼，涉及放射物理以及放射物理的控制台。這個代碼——必須套用到每一位病患，而我們推出 Sensus Link 是我們客戶群的主要重點。他們可以每週申報一次這個代碼。

So if we're looking at -- as an example, if they use 20 treatments for their protocol, they do two patients or two treatments a week. That covers 10 weeks. This radiation physics code can be charged $93.85 on average across the country per week. So that's 10 weeks of treatment. That's $930.

所以如果我們看——舉例來說，如果他們的療程方案使用 20 次治療，每週做兩位病患或兩次治療。那就涵蓋 10 週。這個放射物理代碼在全美平均每週可申報 93.85 美元。所以那是 10 週的治療。也就是 930 美元。

With our software, we will be sharing that revenue with our customers. The only way that they can access that reimbursement is through Sensus Link. So that's an important piece of our business that we, quite frankly, didn't have before.

透過我們的軟體，我們會與客戶分享這部分收入。他們能取得該項給付的唯一方式就是透過 Sensus Link。因此，這是我們業務中很重要的一環，坦白說，過去我們並沒有。

And when did Sensus Link officially go live?

那 Sensus Link 何時正式上線？

We've got it live now, and it's performing in several accounts already.

我們現在已經上線了，而且已經在幾個客戶帳戶中運作。

(Operator Instructions) Seeing no additional questions, this concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

（接線員指示）目前看來沒有其他問題，問答環節到此結束。我想把電話會議交回管理層，請他們做任何結語。

I think everybody heard where we're headed this year. We feel that we're going to have a profitable year with each and every quarter being better than the previous. So I think that we've got a very good solid start to the business year, and we're looking for increased revenues throughout.

我想大家都聽到了我們今年的方向。我們認為今年將會是獲利的一年，而且每一季都會比前一季更好。所以我認為我們在本財年有一個非常良好且穩健的開局，並且期待營收持續提升。

With that being said, we look forward to a very successful second quarter, and we look forward to talking to you again at the next earnings call. Thank you so much.

話雖如此，我們期待第二季非常成功，也期待在下一次財報電話會議再與各位交流。非常感謝。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。