Strata Skin Sciences Inc (SSKN) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the STRATA Skin Sciences First Quarter 2025 Financial Results Conference call.

下午好，歡迎參加 STRATA Skin Sciences 2025 年第一季財務業績電話會議。

(Operator Instructions)

（操作員指示）

There's also note today's event is being recorded. At this time, I'd like to turn the floor over to Jules Abraham from the company's investor relations firm, Core IR. Sir, please go ahead.

也請注意，今天的活動正在被記錄下來。現在，我想把發言權交給公司投資者關係公司 Core IR 的 Jules Abraham。先生，請繼續。

Thank you, operator. Good afternoon and thank you for participating in today's conference call. Earlier this afternoon, the company released its financial results for the quarter ended March 31, 2025. A copy of that press release can be found on the company's website at www.strataskinsciences.com under the investors tab.

謝謝您，接線生。下午好，感謝您參加今天的電話會議。今天下午早些時候，該公司公佈了截至 2025 年 3 月 31 日的季度財務業績。您可在公司網站 www.strataskinsciences.com 的「投資者」標籤下找到該新聞稿的副本。

Joining me on today's earnings call from STRATA Skin Sciences management team are Doctor Dolev Rafaeli, Chief Executive Officer. And John Gillings, Vice President of Finance.

今天與我一起參加 STRATA Skin Sciences 管理團隊收益電話會議的還有執行長 Dolev Rafaeli 博士。還有財務副總裁約翰‧吉林斯 (John Gillings)。

During this call management we'll be making forward-looking statements, including statements that address STRATA Skin Sciences expectations for future performance or operational results.

在本次電話會議管理中，我們將做出前瞻性陳述，包括涉及 STRATA Skin Sciences 對未來業績或營運結果的預期的陳述。

Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in STRATA Skin Sciences most recently filed annual report on Form 10-K and subsequent periodic reports filed with the SEC, and STRATA Skin Sciences press release that accompanies this call, particularly the cautionary statements within.

前瞻性陳述涉及風險和其他因素，可能導致實際結果與這些陳述有重大差異。有關這些風險的更多信息，請參閱 STRATA Skin Sciences 最近提交的 10-K 表格年度報告和隨後向美國證券交易委員會提交的定期報告中描述的風險因素，以及隨附本次電話會議的 STRATA Skin Sciences 新聞稿，特別是其中的警示聲明。

The content of this call contains time sensitive information that is accurate only as of today, May 14, 2025. Except as required by law, STRATA Skin Sciences disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

本次通話的內容包含時間敏感訊息，僅截至今天（2025 年 5 月 14 日）準確。除法律要求外，STRATA Skin Sciences 不承擔公開更新或修改任何資訊以反映本通話後發生的事件或情況的義務。

It's now my pleasure to turn the call over to CEO Doctor Dolev Rafaeli. Dole.

現在我很高興將電話轉給執行長 Dolev Rafaeli 博士。多爾。

Thank you, Jules, and good afternoon to everyone on the call. During the first quarter of 2025, we continued to execute on the multifaceted turnaround strategy we introduced a little over a year ago. Our strategy focuses on generating higher per device recurring revenue by optimizing extract device placements and use in our partnership model driven physician practice.

謝謝你，朱爾斯，祝電話裡的各位下午好。2025 年第一季度，我們繼續執行一年多前推出的多方面扭虧為盈策略。我們的策略重點是透過優化提取設備的放置位置以及在合作模式驅動的醫生實踐中的使用來產生更高的每台設備的經常性收入。

We are we are succeeding in assisting our install base, achieving higher numbers of procedures and op optimally utilizing the resources we provide.

我們正在成功地協助我們的安裝基礎，實現更高的程式數量，並最佳地利用我們提供的資源。

Through our elevate 360 consulting model facilitating higher patient conversion and increased device utilization in underperforming dermatology partner clinics, we are also seeing strong performance generated from our expanding direct to consumer marketing efforts, which have achieved increased extract leads and thereby more robust patient appointments, volume, and higher device utilization.

透過我們的 360 度全方位諮詢模式，我們促進了表現不佳的皮膚科合作診所提高患者轉換率並提高了設備利用率，同時，我們還看到，我們不斷擴大的直接面向消費者的營銷工作產生了強勁的業績，這增加了提取線索的數量，從而增加了患者預約、數量並提高了設備利用率。

These efforts correlate with strong performance, growing recurring revenue per device across our domestic install base of approximately 850 devices.

這些努力與強勁的業績相關，在我們國內約 850 台設備的安裝基礎上，每台設備的經常性收入不斷增長。

This approach is building a more efficient, more profitable business for our stakeholders with growth in recurring revenue and higher margins with lower operating expenses. We are helping our partner clinics that seize upon the opportunity to grow with us, create better opportunities and better experiences for those patients who are more likely to be treated at a more dedicated and experienced clinic.

這種方法為我們的利害關係人建立了更有效率、更有利可圖的業務，實現了經常性收入的成長和更高的利潤率，同時降低了營運費用。我們正在幫助我們的合作診所抓住機會與我們共同成長，為那些更有可能在更專注、更有經驗的診所接受治療的患者創造更好的機會和更好的體驗。

The opportunity to increase utilization of extract devices is significant. Moreover, we are seeing positive results from the refocus of our DTC strategy. We generated over 1,000 appointments in the first quarter with a number of unique patients for which STRATA has handled insurance benefits being up 33% versus Q1 of 2024 combined. Both organic and DTC growth.

提高提取設備利用率的機會是巨大的。此外，我們看到了重新調整 DTC 策略所帶來的正面成果。我們在第一季安排了超過 1,000 次預約，其中由 STRATA 處理保險福利的獨特患者數量與 2024 年第一季的總和相比增加了 33%。有機成長和 DTC 成長。

In addition, we continue to expand our Elevate 360 consulting program which we began rolling out in Q4 2024. By providing deeper analytical analytics, we are helping physicians understand and realize that financial opportunities associated with patients they already see in their clinic. And those they have prescribed but did not follow through with extra scheduling.

此外，我們將繼續擴展我們的 Elevate 360​​ 諮詢計劃，該計劃於 2024 年第四季開始推出。透過提供更深入的分析，我們幫助醫生了解並認識到與他們在診所已經看到的患者相關的財務機會。他們已經開出了處方，但沒有按照額外計劃執行。

The process helps implement helps implement better practices in their clinic operations. In addition, elevate 360 provides them with comprehensive resources and hands-on assistance to execute those best practices, resulting in significant improvement within their clinics in just about every facet of their operations.

該流程有助於在診所運作中實施更好的實踐。此外，elevate 360​​ 還為他們提供全面的資源和實際幫助來執行這些最佳實踐，從而使他們的診所幾乎在運營的各個方面都得到了顯著改善。

While we are still in the early stages of implementation, initial results have shown dramatic increases in existing device utilization within the small number of clinics already affected, as well as growing demand for expanding the number of clinics utilizing extract from physicians who previously struggled to fully utilize the device.

雖然我們仍處於實施的早期階段，但初步結果顯示，在已經受到影響的少數診所中，現有設備的利用率大幅提高，而且從以前難以充分利用該設備的醫生那裡獲得的信息來看，擴大使用該設備的診所數量的需求也在不斷增長。

Dovetailing with this, our discipline in removing underutilizing devices, ensure we can supply these additional devices in the most capital efficient way, often with only very minor refurbishment work.

與此相吻合的是，我們在移除未充分利用的設備方面的紀律確保我們能夠以最具資本效率的方式提供這些額外的設備，通常只需進行非常小的翻新工作。

Our elevate 360 consulting program does require significant time from our sales and clinical staff, so broad expansion across our domestic market is expected to be a multi-quarter effort, but the potential payoff is significant.

我們的 Elevate 360​​ 諮詢計劃確實需要我們的銷售和臨床人員投入大量時間，因此我們國內市場的廣泛擴張預計需要多個季度的努力，但潛在的回報是巨大的。

As a framework of reference, average revenue of extract device in the US in 2024 was roughly $22,000. In 2019, average revenue per extract device in the US was nearly $30,000.

作為參考框架，2024 年美國提取設備的平均收入約為 22,000 美元。2019年，美國每台提取設備的平均收入接近30,000美元。

On 850 devices, roughly our current US install base, this would generate an additional $6.8 million of revenue with only very modest increase in the cost of sales from depreciation of any refurbishment work.

在 850 台設備上（大致相當於我們目前在美國的安裝基數），這將產生額外的 680 萬美元收入，而翻新工程的折舊僅會導致銷售成本略有增加。

Our Q1 2025 marks the fourth consecutive quarter of a year over year growth in average net recurring revenue per device in the US, a strong indication that our strategy is delivering the intended results. The last time the company had 4 quarters in a row of year over year growth in net recurring revenue per device in the US was 2019.

2025 年第一季度，美國每台設備平均淨經常性收入連續第四個季度同比增長，這有力地表明我們的策略正在取得預期成果。該公司上一次在美國實現每台設備淨經常性收入連續四個季度同比增長是在 2019 年。

We're actively tackling the headwinds of our gross domestic recurring billing.

我們正積極應對國內經常性帳單總額面臨的阻力。

Has experienced caused by combination of changes in reimbursement rates and challenges in broader indication coverage beyond psoriasis by working with KOLs, the American Academy of Dermatology, the American Medical Association, as well as the legislature in an effort to expand coverage. The AMA has recently held a CPT editorial panel discussion. That reviewed the potential indication expansion of the excimer laser CPT codes and Strata anticipates favorable outcomes in the near future, building on the same panel decision to narrow the use of the of these codes to only excimer laser technology earlier in 2024.

透過與 KOL、美國皮膚病學會、美國醫學會以及立法機構合作，努力擴大覆蓋範圍，經歷了報銷率變化和牛皮癬以外更廣泛的適應症覆蓋範圍挑戰的綜合影響。AMA 最近舉行了 CPT 編輯小組討論。該委員會審查了準分子雷射 CPT 代碼的潛在適應症擴展，並預計在不久的將來會取得有利的結果，同時基於同一專家組的決定，在 2024 年初將這些代碼的使用範圍縮小到僅限準分子雷射技術。

Turning briefly to the TheraClear X device, we reached an installed base of 160 TheraClear X devices in the US at the end of the first quarter, up from 104 devices at the end of Q1 2024. In addition, while remains a smaller portion of our revenue. It is steadily gaining traction, having grown in excess of 50% on a year over year basis in 6 of our last seven quarters, including Q1 2025.

簡單介紹 TheraClear X 設備，我們在第一季末在美國安裝了 160 台 TheraClear X 設備，高於 2024 年第一季末的 104 台。此外，它仍然只占我們收入的一小部分。它正在穩步獲得發展動力，在過去七個季度中，有六個季度（包括 2025 年第一季）的年成長率超過 50%。

As mentioned previously, STRATA focuses on partner clinics that adopt the billing of the insurance reimbursed CPT codes for use of the TheraClear X device over clinics that opt for cash payments and the 1,000. Patients submitted for reimbursement in Q1 2025 show a 138% increase over the 438 submitted just a year ago with pre-authorized rates exceeding 85%.

如前所述，STRATA 專注於採用保險報銷 CPT 代碼對 TheraClear X 設備使用進行計費的合作診所，而不是選擇現金支付和 1,000 的診所。2025 年第一季提交報銷的患者數量比一年前提交的 438 人增加了 138%，預授權率超過 85%。

Our international business achieved another strong quarter with sales of $2.5 million up 8% versus the prior year period, with equipment sales up 13% and recurring treatments revenue up 27%, partially offset by a decline of 5% in parts and maintenance.

我們的國際業務在本季度再次表現強勁，銷售額達 250 萬美元，較去年同期增長 8%，其中設備銷售額增長 13%，經常性治療收入增長 27%，但零件和維護收入下降 5% 部分抵消了這一影響。

Performance in the 1st quarter was strong. We are pleased with the traction our turnaround strategy has gained and the increase in demand for cost efficient and effective treatments in international markets.

第一季的表現強勁。我們很高興看到我們的轉型策略所取得的進展以及國際市場對具有成本效益和有效治療方法的需求不斷增加。

Anecdotally, we have shared over social media an image of one of our devices in China that has treated in 9 years 9,876 patients with just over 6.8 million doses. The same clinic now uses four new devices in two locations.

有趣的是，我們在社群媒體上分享了我們在中國的一款裝置的圖片，該裝置在 9 年內已治療了 9,876 名患者，劑量超過 680 萬劑。同一家診所目前在兩個地方使用四台新設備。

While we are cautiously eyeing the potential negative impact of tariffs on near-term sales, we look forward to the expansion of the number of clinics and devices used in all of our international markets as we deploy recurring revenue placements in addition to the traditional capital sales model.

雖然我們謹慎地關注關稅對短期銷售的潛在負面影響，但我們期待隨著我們在傳統資本銷售模式之外部署經常性收入配置，我們所有國際市場中使用的診所和設備的數量能夠擴大。

Now I'd like to turn the call over to John who will review our financial results in more detail, John.

現在我想把電話轉給約翰，他將更詳細地回顧我們的財務結果，約翰。

Thank you, Dole. Our total revenue for the first quarter of 2025 was $6.8 million, up 1% compared to Q1 2024. Global recurring revenue for the first quarter of 2025 was $4.7 million, also up 1% versus the prior year period. Excluding deferred billings and other GAAP adjustments, extract gross domestic recurring billings were $4.1 million in the first quarter of 2025. As compared to $4.6 million in the first quarter of 2024, equipment revenue was $2.1 million in the first quarter of 2025, up 1.4% versus the first quarter of 2024.

謝謝你，多爾。我們 2025 年第一季的總營收為 680 萬美元，與 2024 年第一季相比成長 1%。2025 年第一季全球經常性營收為 470 萬美元，較去年同期成長 1%。不包括遞延帳單和其他 GAAP 調整，2025 年第一季提取的國內經常性帳單總額為 410 萬美元。與 2024 年第一季的 460 萬美元相比，2025 年第一季的設備收入為 210 萬美元，比 2024 年第一季成長 1.4%。

Gross profit increased $3.6 million for the three months ended March 30, 2025, up from$ 3.1 million during the same period in 2024. This resulted in gross margin of 53.5% for the first quarter of 2025 compared to 45.6% for the same period in 2024. The increase in gross margin was driven primarily by continued efficiency gains in our recurring revenue business and the absence of a one-time inventory write-off that impacted the equipment margins in Q1 2024 but did not recur in Q1 2025.

截至 2025 年 3 月 30 日的三個月，毛利增加了 360 萬美元，高於 2024 年同期的 310 萬美元。這使得 2025 年第一季的毛利率為 53.5%，而 2024 年同期為 45.6%。毛利率的成長主要得益於我們經常性收入業務的持續效率提升，以及沒有發生一次性庫存註銷，這種註銷影響了 2024 年第一季的設備利潤率，但在 2025 年第一季沒有再次發生。

Total operating expenses in the first quarter of 2025 were $5.7 million versus $6 million in the first quarter of 2024, a reduction of 5% year over year. Engineering and product development expenses declined 60% due primarily to reduced headcount and project specific consulting expense that did not recur in Q1 2025.

2025 年第一季的總營運費用為 570 萬美元，而 2024 年第一季為 600 萬美元，年減 5%。工程和產品開發費用下降了 60%，主要原因是員工人數減少以及 2025 年第一季未再次發生的特定專案諮詢費用。

Selling and marketing expenses declined 1%, driven by reductions in compensation and consulting expenses, which more than offset planned increases in DTC spending.

銷售和行銷費用下降了 1%，這主要是由於薪酬和諮詢費用的減少，這超過了 DTC 支出計劃的增長。

Finally, GNA expenses declined 5% versus the prior year period due to reduced compensation expense, more than offsetting modest increases in accounting, legal, and consulting expenses.

最後，由於薪資費用減少，GNA 費用較去年同期下降了 5%，足以抵銷會計、法律和諮詢費用的適度增長。

Given the seasonally lower revenue we consistently experience in the first quarter of each year, it tends to be the most challenging quarter for margins, EBITDA, and cash flow. Our focus on expanding margins and controlling costs resulted in an improvement of $732,000 in non-GAAP adjusted EBITDA, our best first quarter adjusted EBITDA since Q1 of 2022.

鑑於我們每年第一季都會經歷季節性較低的收入，因此對於利潤率、EBITDA 和現金流來說，這往往是最具挑戰性的季度。我們專注於擴大利潤率和控製成本，導致非 GAAP 調整後 EBITDA 提高了 732,000 美元，這是自 2022 年第一季以來最好的第一季調整後 EBITDA。

Turning to the cash flow statement, our cash burn in the first quarter was $749,000 an improvement of roughly 800,000 versus cash burn of $1.55 million in the prior year period.

談到現金流量表，我們第一季的現金消耗為 749,000 美元，與去年同期的現金消耗 155 萬美元相比，改善了約 80 萬美元。

We exited Q1 2025 with cash equivalents, and restricted cash of $7.8 million. This total cash balance includes $1.3 million of restricted cash related to the sales tax audit accrual we made in Q3 of last year.

截至 2025 年第一季度，我們擁有現金等價物和 780 萬美元的受限現金。該總現金餘額包括與我們去年第三季進行的銷售稅審計應計相關的 130 萬美元受限現金。

As of March 31, 2025, the company had 4,171,161 common shares outstanding.

截至 2025 年 3 月 31 日，該公司已發行 4,171,161 股普通股。

That concludes my prepared remarks, and I'd like to turn the call back over to Dole for any remaining comments. Dole.

我的準備好的演講到此結束，我想將電話轉回給多爾，詢問是否有任何剩餘的評論。多爾。

Thank you, John. Our consistent execution and focus on cost containment continues to drive improvements in our results. That said, despite a strong start of the year, we believe it is important to caution investors about the potential impact of tariffs on our international business. The rhetoric and posture that took place during the 1st quarter had no meaningful impact on our business, and it is too early in the 2nd quarter to reasonably assess the potential impact. But if the situation is not resolved, we would expect to see meaningful reduction in international revenue.

謝謝你，約翰。我們始終如一的執行和對成本控制的關注繼續推動著我們的業績改善。儘管如此，儘管今年開局強勁，但我們認為必須提醒投資者註意關稅對我們國際業務的潛在影響。第一季的言論和姿態對我們的業務沒有任何實質的影響，現在仍處於第二季度，因此合理評估潛在影響還為時過早。但如果情況無法解決，我們預期國際收入將大幅減少。

We hope to be able to offer greater clarity on the 2nd quarter call which we expect to hold in mid-August. Now I'd like to turn the call over to the operator so that we can begin the question and answer session, operator.

我們希望能夠在預計 8 月中旬舉行的第二季電話會議上提供更清晰的資訊。現在我想將電話轉給接線員，以便我們可以開始問答環節，接線員。

Ladies and gentlemen, at this time we'll begin that question and answer session.

女士們、先生們，現在我們將開始問答環節。

(Operator Instructions)

（操作員指示）

Our first question today comes from Jeffrey Cohen from Ladenburg Thalmann. Please go ahead with your question.

我們今天的第一個問題來自拉登堡塔爾曼公司的傑弗裡·科恩。請繼續提問。

Hi, Dolev and John, thanks for taking our questions. We're wondering if you could, talk about TheraClear a little bit as far as the pipeline and Numbers as far as Q2 or maybe full year aspirational numbers where you plan to get to on the flee and any learnings out there in the marketplace.

嗨，Dolev 和 John，感謝你們回答我們的問題。我們想知道您是否可以談談 TheraClear 的管道和數據，例如第二季或全年的目標數字，您計劃在短期內實現這些數字，以及市場上的任何經驗教訓。

Hi, good afternoon. This is Dolev. I'm not sure I understand the question. You want the pipeline of numbers for what?

嗨，下午好。這是多列夫。我不確定我是否理解了這個問題。你要數位管道幹什麼？

If you could talk about the TheraClear placements, what you're finding out there in the marketplace and how that looks for the year.

您可以談談 TheraClear 的定位、您在市場上發現的情況以及今年的前景嗎？

Absolutely. So, I'll touch on three items. One, our install base keeps growing. Now, as we own, about 250 devices. We have about 160 of them, deployed. That was part of the prepared remarks, about, just over half of these are deployed with accounts that are billing.

絕對地。因此，我將談三件事。首先，我們的安裝基礎不斷成長。現在，我們擁有大約 250 台設備。我們部署了大約 160 人。這是準備好的發言的一部分，其中大約一半以上是透過計費帳戶部署的。

Insurance we provided in the prepared remarks the number of Patients that went through our reimbursement support team and that is up138% as compared to Q1 2024 so we're at about 1,000 compared as compared to just over 400 last year.

我們在準備好的評論中提供的保險，透過我們的報銷支援團隊的患者人數與 2024 年第一季度相比增長了 138%，因此與去年的 400 多人相比，我們目前約為 1,000 人。

So that keeps on growing. We anticipate as we said in previous calls, we anticipate to be able to have, full deployment of our install base towards the end of 2025 or the beginning of 2026, at which point we can, put more into CapEx. So we're utilizing our existing CapEx, and once we get to a point where that CapEx is stretched to its to its full extent, then we're going to, increase the CapEx investment.

因此，這種情況還在持續增長。正如我們在先前的電話會議中所說，我們預計能夠在 2025 年底或 2026 年初全面部署我們的安裝基礎，屆時我們可以在資本支出上投入更多。因此，我們正在利用現有的資本支出，一旦我們達到資本支出達到其最大的程度，我們就會增加資本支出投資。

The individual patients, the value of a patient to us, is somewhere in the range of $50 to $60 per treatment, times 6 treatments. And so, if you take, if you take 1,000 patients that went to a reimbursement team in the first quarter and you, multiply it by 6, and then you multiply it by 50, you get to the value of these patients. This is in addition to patients that have been in the pipeline previously, and that is in addition to the to the accounts that are paying for Non-insurance reimbursement.

對我們來說，單一患者的價值大約是每次治療 50 至 60 美元，乘以 6 次治療。因此，如果您取第一季去報銷團隊的 1,000 名患者，然後將其乘以 6，再乘以 50，您就會得到這些患者的價值。這是對先前已在治療管道的患者進行補充，也是對支付非保險報銷費用的帳戶進行補充。

So these are the the numbers we share and it keeps on going in the right direction. We want to have full deployment of the capital equipment we own that we invested in, we want to have that fully deployed, and then we want to have as many of these billing insurance and extending the usage.

這些就是我們分享的數字，而且它一直朝著正確的方向發展。我們希望全面部署我們所投資的資本設備，我們希望全面部署這些設備，然後我們希望擁有盡可能多的帳單保險並延長使用期限。

Our usage which was very focused on a small number of groups of clinics in the Northeast in the beginning of 2024, is now expanding geographically. We have now group, groups of clinics, up and down the East Coast, in the Midwest, as well as in the West Coast.

我們的使用範圍在 2024 年初主要集中在東北地區的少數診所群，現在正在地域上不斷擴大。我們現在在東海岸、中西部以及西海岸擁有多所診所。

And each one of these groups are utilizing it successfully, which means that within the group, we start seeing expansion. So, again, going back to the example I used before, when we Started doing this at the beginning of 2024 we had a small number of groups in the Northeast. One of these groups that started with one in January of 2024 is now up to 14 devices.

每個團體都在成功地利用它，這意味著在團體內部，我們開始看到擴張。所以，再次回到我之前使用的例子，當我們在 2024 年初開始這樣做時，我們在東北地區只有少數團體。其中一個組於 2024 年 1 月成立，目前已擁有多達 14 台設備。

The other one, is going to actually be surpassing that number in devices. So it takes us a few quarters, not only for the group of clinics to adopt. The billing process from a, compliance and regulatory perspective, but also for the providers to prescribe and to get the patients, the patient flow coming in. We're very happy with the number of patients that are being submitted for reimbursement support. We're very happy with the pre pre-authorization, pre-approval of these patients, which is at the level of above 85%. So every Every 100 patients were to get pre pre-authorization for over 85 of them. This is true across payers, across the different regions, so it's true across many insurance companies. I hope I answered the question.

另一個，設備數量實際上將超過這個數字。因此，我們需要幾個季度的時間，而不僅僅是讓診所群體採用。從合規性和監管角度來看，計費流程不僅適用於提供者開處方並接收患者，也適用於患者流量。我們對申請報銷支援的患者數量感到非常滿意。我們對這些患者的預授權、預先批准感到非常滿意，其水準達到了 85% 以上。因此，每 100 名患者中，有 85 名需要預先授權。對於不同的付款人、不同的地區都是如此，因此對許多保險公司來說也是如此。我希望我回答了這個問題。

That's helpful. Dolev. Could you talk any about utilization trends or time that you're seeing as far as analysis for an account to, become mature out there for TheraClear?

這很有幫助。多列夫。您能否談談關於利用趨勢或時間的分析，以及您對 TheraClear 成熟度的分析？

Yes. So, as I mentioned, one patient is worth for us, 6 treatments times approximately $50. So that's $300 and, if our goal is to be at the, from the cost of goods perspective, the cost of goods of the clear is about half as much as extract. So the extract, sorry, the extract even is it about $18,000 and the therapy or break even is at about $9000 a year. So it's somewhere in the $2500 a quarter revenue per device where we, break even on the device.

是的。因此，正如我所提到的，對我們來說，一個病人的價值是 6 次治療乘以約 50 美元。所以那是 300 美元，如果我們的目標是從商品成本的角度來看，那麼清倉商品的成本大約是提取物的一半。因此，提取費用，抱歉，提取費用約為 18,000 美元，治療費用或收支平衡費用約為每年 9,000 美元。因此，每台設備每季的收入約為 2500 美元，我們就可以實現設備收支平衡。

So if you divide 2,500 by 50, that's 50 procedures per quarter or 200 per year. So if we had 1,000 patients in Q1 and each one did 6 procedures, that's 6,000 procedures in Q1 or 24,000 in the year. I hope that that helps if you can use these numbers for your analysis.

因此，如果將 2,500 除以 50，則每季有 50 個程序或每年有 200 個程序。因此，如果我們在第一季有 1,000 名患者，每位患者進行了 6 次手術，那麼第一季就有 6,000 次手術，全年就有 24,000 次手術。我希望這些數字能夠對你的分析有所幫助。

Yeah, that's perfect. Okay, one more question, timing on your queue.

是的，太完美了。好的，還有一個問題，關於排隊時間。

John, please confirm, I think we're going to be filing tonight.

約翰，請確認一下，我想我們今晚就會提交。

John.

約翰。

I apologize. Can you repeat the question? I couldn't hear it clearly.

我很抱歉。你能重複一下這個問題嗎？我聽不清楚。

The timing on the queue, timing and filing of the queue.

排隊計時，排隊計時和歸檔。

Oh, yeah, that should go through later tonight.

哦，是的，那應該會在今晚晚些時候完成。

Perfect. Okay, thanks for taking our questions.

完美的。好的，感謝您回答我們的問題。

(Operator Instructions)

（操作員指示）

Our next question comes from Jeremy Pearlman from Maxim Group. Please go ahead with your question.

我們的下一個問題來自 Maxim Group 的 Jeremy Pearlman。請繼續提問。

Okay, thank you. Good evening. So the first question is related back to tariffs. He said it could have, depending how it plays out, it could have an impact in the 2nd quarter in international business. Is there any potential, impact on the, on your domestic business? I know you have. You have called your install base so you do have those devices out there, so I guess those wouldn't have those wouldn't come under if you produce those manufactured outside of the US, it wouldn't you still you just have them in inventory so that wouldn't be, but is there any other potential tariff impact on your domestic business?

好的，謝謝。晚安.所以第一個問題跟關稅有關。他說，根據事態發展，這可能會對第二季的國際業務產生影響。這會對您的國內業務產生任何潛在影響嗎？我知道你有。您已經聯繫了您的安裝基地，所以您確實有這些設備，所以我想如果您在美國以外生產這些設備，這些設備就不會受到關稅影響，您仍然只是將它們放在庫存中，所以不會，但對您的國內業務還有其他潛在的關稅影響嗎？

First of all, good afternoon. Thank you, Jeremy, for asking the question. The, our supply chain is very mildly impacted by tariffs because we manufacture and source most of the material locally. We will have some, or we do have some peripheral impacts because suppliers take advantage of the tariff situation, to raise prices, but that also happened in 2024. It's not tariffs specific. We are not directly impacted by the tariffs on the supply chain side.

首先，大家下午好。謝謝傑里米提出這個問題。由於我們的大部分材料都是在本地生產和採購的，因此我們的供應鏈受關稅的影響很小。我們會受到一些影響，或者確實會受到一些外圍影響，因為供應商會利用關稅情況來提高價格，但這在 2024 年也發生過。這不是特定關稅。供應鏈方面我們並沒有直接受到關稅的影響。

We are impacted by the tariff on the outbound into non-US markets, most specifically the Asian markets. And that is, that impact is not only on new sales, but it's also on, service and warranty support, because even in a situation where we have warranty obligations, that we provide the parts free of charge, the entity on the ground, the distributor, would have to import them and, in a situation where the, there's a 145% tariff, our free of charge parts is going to cost them 145%, the list price, where it was 6% or 8% previously. So that is, that is an impact that we cannot quantify at this point.

我們受到對非美國市場（尤其是亞洲市場）出口關稅的影響。也就是說，這種影響不僅會影響新銷售，還會影響服務和保固支持，因為即使在我們有保固義務的情況下，我們免費提供零件，當地的實體，即分銷商，也必須進口它們，而在關稅為 145% 的情況下，我們免費提供的零件將花費他們 145% 的標價，而之前的價格是 6% 或 8%。所以，這是我們目前無法量化的影響。

We're not clear yet on what is the meaning of the ninety-day reprieve for Q, which is mostly straddling Q2, but we're definitely not clear on what's going to happen beyond that. I hope I answered the question.

我們尚不清楚 Q 的 90 天緩刑意味著什麼，這主要跨越 Q2，但我們肯定不清楚此後會發生什麼。我希望我回答了這個問題。

Yeah, I understood. Thank you for that. And then moving to the extract, it seems like the install base was flat sequentially you had a roughly 864 at the end of this this quarter and at the end of 2024. Is this, is it fair to say that you've basically we've hit a bottom of your install base and now is the focus going to be on the current install base increasing the utilization or you're going to also look to. Sign on new clinics as well while you're focusing on the, how should we look at your focus going forward in the rest of 2025.

是的，我明白了。謝謝你。然後轉到摘錄，看起來安裝基數連續持平，本季末和 2024 年底大約有 864 個。是否可以這樣說，我們基本上已經觸及了安裝基礎的底部，現在的重點是提高目前安裝基礎的使用率，還是您也會考慮。在您專注於此的同時，也簽約新的診所，我們應該如何看待您在 2025 年剩餘時間內的重點。

You, you're going to see both. So if you look at high points versus low point in terms of install base, we are, we own on our balance sheet and in our warehouse, approximately 100 devices that can be redeployed tomorrow morning cause we own them. The redeployment.

你，你會看到這兩者。因此，如果您從安裝基數的角度來比較高點和低點，我們在我們的資產負債表和倉庫中擁有大約 100 台設備，這些設備可以在明天早上重新部署，因為我們擁有它們。重新部署。

The one part you can see is the net difference. So the removal versus redeployment of devices. So what you see is a net number. The net number of devices out there represents some removals, some redeployments, and I would look at this as a low point, I would look at this as a, as we would try to start expanding, but while we expand, we're still removing non-performing accounts and expanding into, more productive accounts.

您能看到的部分是淨差額。因此，移除設備而不是重新部署設備。所以您看到的是淨數字。那裡的設備淨數量代表了一些移除，一些重新部署，我認為這是一個低點，我認為這是一個，因為我們會嘗試開始擴展，但在擴展的同時，我們仍在移除不良帳戶並擴展到更有生產力的帳戶。

Let me point out one thing that was in the prepared remarks, and I just want to make sure the point comes across. We started implementing in Q4 of 2024, a process that we call Elevate 360, mostly, most specifically what we do there is we go into accounts that we believe. Are strategically positioned to grow. However, they are in a point in time in which if they don't grow, we're going to remove them, and we offer them the following steps. First, we help them with the analytics.

讓我指出準備好的發言稿中的一件事，我只是想確保這一點能夠被理解。我們從 2024 年第四季開始實施一個我們稱為 Elevate 360​​ 的流程，主要、最具體的做法是，我們進入我們認為的帳戶。具有策略性的成長定位。然而，如果它們不再生長，我們就會將它們移除，我們為他們提供以下步驟。首先，我們幫助他們進行分析。

So we show them how many patients with the conditions they have seen over the last year. Now, We've done this now for multiple offices, and the average number is approximately 1,000. That's a lot of patients. Then, we show them how many of these 1,000 patients on average they have, in 1,000 patients in one year. How many of these 1,000 patients have they prescribed for extract, which means how much of the available market they have in the clinic, they captured into prescriptions. And the average there is about 15%, so call it the 150 patients.

因此，我們向他們展示了過去一年中他們接診了多少患有這種疾病的患者。現在，我們已經為多個辦公室完成了這項工作，平均數量約為 1,000。病人數量非常多。然後，我們向他們展示一年中每 1,000 名患者中平均有多少名是這 1,000 名患者。在這 1,000 名患者中，有多少人開了提取物，這意味著他們在診所的可用市場中佔據了多少份額，並將其轉化為處方。那裡的平均數約為 15%，所以稱為 150 名患者。

Let me just remind you that one patient is worth about $3000 for that doctor. So if they converted all of these 150 patients into procedures and billing and revenue, that means $450,000 for them. That individual patients is worth $1000 for us. So if they had converted all of these 150 patients into procedures and paid us for the procedures, that individual patient is worth approximately $1000 to us.

我只是想提醒你，對於那位醫生來說，病人的價值約為 3000 美元。因此，如果他們將這 150 名患者全部轉化為治療、帳單和收入，那麼對他們來說就意味著 45 萬美元。對我們來說，那位病人價值 1000 美元。因此，如果他們將這 150 名患者全部轉化為手術並向我們支付手術費用，那麼該患者對我們來說價值約為 1,000 美元。

So, $150,000. However, when you look at the average revenue per device, we're very far from that number. So, what we showed them on the third line is how many patients they actually have in treatment. Now, why do we need to show them? Because they're not equipped at being able to look at these numbers. They see throughput numbers. They see how many patients, how many individual patients they have seen in the clinic that day, how many procedures they have built, but they cannot see the numbers the way we look at them.

所以，150,000 美元。然而，當你查看每台設備的平均收入時，我們距離這個數字還很遠。因此，我們在第三行向他們展示的是他們實際正在接受治療的患者數量。現在，我們為什麼需要向他們展示？因為他們沒有能力查看這些數字。他們看到了吞吐量數字。他們可以看到有多少病人，當天在診所接待了多少個病人，他們制定了多少個治療程序，但他們無法像我們一樣看到這些數字。

Then, we have a discussion with the person in charge, and the person in charge would be either an owner of an individual clinic or a small group of clinics, or it's going to be the private equity that owns a much bigger group of clinics.

然後，我們與負責人進行討論，負責人要么是單一診所或一小群診所的所有者，要么是擁有更大診所集團的私募股權公司。

We show them what is the upside, and we say, okay, here is what needs to happen. You need to have you need to have a champion, someone who's going to lead it, someone who's going to consolidate this on your side. Someone who's going to see that as many patients as possible are prescribed, and then of those that are prescribed, even though we do most of the Reimbursement and reimbursement support. So we get them the pre-authorization.

我們向他們展示了好處，然後我們說，好的，這就是需要發生的事情。你需要有一個冠軍，一個可以領導這一切的人，一個可以站在你這邊鞏固這一切的人。有人會確保盡可能多的患者得到處方，然後對那些得到處方的患者，儘管我們負責大部分的報銷和報銷支持。所以我們為他們獲得了預授權。

As many of those that got the pre-authorization would be scheduled into procedure and then would be followed on for those clinics that, we were able to go through the whole process starting in Q4 of 2024. We have seen tremendous upside.

由於許多獲得預先授權的患者將被安排進入程序，然後對那些診所進行跟進，我們能夠從 2024 年第四季開始完成整個流程。我們已經看到了巨大的好處。

The tremendous upside is not only reflected in that individual account, but also across other clinics they own. So, I'm going to use one example. We have, we had an account that was on its way to be removed. We have done Elevate 360 in October of 2024, and that account which used to be, in our terms, used to be a $30,000 to $40,000 dollar account, which was in 2021, 2022, went down to a $13,000 revenue until October of that year and generated to us $28,000 in Q4 2024, which means it was very successful on that individual clinic.

巨大的收益不僅體現在個人帳戶上，還體現在他們擁有的其他診所上。因此，我將舉一個例子。我們有一個帳戶即將被刪除。我們在 2024 年 10 月完成了 Elevate 360​​ 項目，按照我們的標準，這個帳戶曾經是一個 30,000 到 40,000 美元的帳戶，在 2021 年、2022 年，到當年 10 月，收入下降到 13,020 美元，並在第四季度創造了 20,020 年美元的收入，這意味著它在該診所非常成功。

However, the owner of that clinic now has deployed the same approach across 7 more clinics, and now we have 8. So that comes into an end, a partial answer to your previous question. So we have now redeployed 7 devices that were sitting in our inventory into 7 new clinics that are going to be more productive. Just because we have done that process. So it's not only that one individual account that was there since 2019 and was good in 2021, 2022 but was not good in '23 and '24.

然而，診所的老闆現在又在另外 7 家診所採用了同樣的方法，現在我們有 8 家診所了。至此，對你之前的問題進行了部分回答。因此，我們現在已經將庫存中的 7 台設備重新部署到 7 家新診所，以提高生產力。只是因為我們已經完成了那個過程。因此，不僅僅是一個從 2019 年就存在、在 2021 年、2022 年表現良好但在 2023 年和 2024 年表現不佳的個人帳戶。

This account was not removed, it became a very productive account. In addition to that, we have 7 more accounts that over Q1 and Q2 of 2025, have shown to be very productive. We will be able in the coming quarters to share more information about that as this become more systemic and not just individual accounts.

這個帳戶並沒有被刪除，它成為了一個非常有效率的帳戶。除此之外，我們還有 7 個帳戶在 2025 年第一季和第二季表現出色。隨著它變得更加系統化，而不僅僅是個人帳戶，我們將能夠在未來幾季分享更多相關資訊。

As I said in the prepared remarks, we are now deploying this across dozens of accounts where in Q4, we were in a small number of accounts and now we're approaching 100 accounts in which we utilize this. This gives us a better ability to either make them better, deploy across more clinics that they own, or remove faster. Just show them what is the potential, get a clear answer why they're not utilizing it.

正如我在準備好的發言中所說的那樣，我們現在正在數十個帳戶中部署此功能，而在第四季度，我們只在少數帳戶中部署此功能，而現在我們正在接近 100 個帳戶中使用此功能。這使我們能夠更好地改進它們，部署到它們擁有的更多診所，或更快地移除它們。只需向他們展示其潛力，並明確回答為什麼他們不利用它。

And if they're not utilizing it, remove it. But if they are willing to put the efforts into, and it's a range of things, but put a lead person on the business, make sure that the front desk schedules people, make sure that we can do online scheduling for the patients. Make sure the billing goes out according to instructions and many other details, then it becomes very productive. I hope I answered the question.

如果他們不使用它，就將其刪除。但如果他們願意付出努力，那就要做一系列的事情，但要安排一個負責人負責業務，確保前台安排人員，確保我們可以為患者進行線上安排。確保帳單按照指示和許多其他細節發出，這樣就會非常有成效。我希望我回答了這個問題。

Yeah. No, that was very helpful. And then just one quick follow up question. So you said now you're roughly doing this to 100 accounts to elevate 360. Is that what other, what's the just a quick percentage of clinics in your install base that you think this would be helpful for?

是的。不，這非常有幫助。然後還有一個快速的後續問題。所以你說現在你大概對 100 個帳戶進行此操作以提升 360。您認為這對您安裝基礎中的哪些診所有幫助？

The number 100 represents, we have 25 territory managers and it represents 4 per territory. So we went from having 5 accounts in October of 2024. We wanted to see it works, so we went with 5, we selected 5 and it was. we operate in 3 regions, but it was 1 per region and then the one region had more accounts.

數字 100 代表我們有 25 位區域經理，每個區域有 4 位。因此，到 2024 年 10 月，我們的帳戶數量從 5 個減少到 5 個。我們想看看它是否有效，所以我們選擇了 5，我們選擇了 5，然後它就起作用了。我們在 3 個地區開展業務，但每個地區有 1 個，然後一個地區有更多的帳戶。

And then once we saw that working, we selected 4 accounts per territory, each territory manager, we have 25 territory managers, and if you take our 850 Plus or minus 850 net accounts, divide this by 25, you'll see that each territory manager has approximately 35, 37 accounts. So that is a 10% penetration. Now, if you go back to the prepared remarks, you, you'll realize that it's a lot of consulting works, because we have to go in, and not only collect the data and analyze it, but we need to present it to them. So they need to put in effort.

然後，一旦我們看到它有效，我們為每個區域選擇 4 個帳戶，每個區域經理有 25 個區域經理，如果你取我們的 850 加上或減去 850 個淨帳戶，除以 25，你會發現每個區域經理大約有 35、37 個帳戶。所以滲透率是 10%。現在，如果你回顧準備好的發言稿，你就會意識到，這需要大量的諮詢工作，因為我們必須深入其中，不僅要收集數據並進行分析，還需要將其呈現給他們。所以他們需要付出努力。

So, just for the sake of a of explanation, last night we had a dinner meeting with one of these accounts. The owner had to collect 13 providers, or 13 doctors had to be there. We were there, we presented the numbers. We showed them what they need to do. They had to make their own decisions whether, cause we can't, we cannot tell them how to practice medicine. So they need to make their own decisions, whether they want to do this and how they want to do this, and how they want to implement the procedures internally.

因此，僅僅為了解釋一下，昨晚我們與其中一個帳戶舉行了晚餐會議。店主必須召集 13 位服務提供者，或必須有 13 位醫生在場。我們當時就在現場，並展示了相關數字。我們向他們展示了他們需要做什麼。他們必須自己做決定，因為我們不能告訴他們如何行醫。因此，他們需要自己做出決定，是否要這樣做、如何做、如何在內部實施這些程序。

If they do this, we're going to handhold them, handhold the proc the execution in the clinic. We're going to be providing them with reporting, with top line numbers and analytics of what they do. But that's why we went from 5 to 100. Once we see this was at 100, which means 4 per territory or approximately 35 per region, then we will be able to expand beyond that. So that's why in the prepared remarks, we say we put a lot of resources into that.

如果他們這樣做，我們將會指導他們，並指導他們在診所執行死刑。我們將向他們提供報告，包括他們所做工作的頂線數字和分析。但這就是我們從 5 增加到 100 的原因。一旦我們看到這個數字達到 100，這意味著每個領土 4 個或每個地區大約 35 個，那麼我們將能夠擴展到更多。所以這就是為什麼我們在準備好的發言中說我們為此投入了大量資源。

Okay, great, thank you for all that information. I'll hop back in the queue.

好的，太好了，謝謝你提供的所有資訊。我會重新回到隊列中。

Thank you.

謝謝。

And at this time, in showing no additional questions, I'd like to turn the floor back over for any closing remarks.

這次，由於沒有其他問題，我想交回發言時間，以便大家做最後發言。

Thank you everyone for participating in today's call. We look forward to seeing all of you again, in mid-August when we will be presenting the results of the 2nd quarter.

感謝大家參加今天的電話會議。我們期待在八月中旬再次見到大家，屆時我們將公佈第二季的業績。

Thank you so much and have a great evening.

非常感謝，祝您有個愉快的夜晚。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。我們非常感謝您的加入。現在您可以斷開線路了。