Neuronetics Inc (STIM) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Neuronetics First Quarter 2024 conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session to ask the question. During the session, you'll need to press star one one on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star one one. Again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mark Klausner. Mark, go ahead.

感謝您的耐心等待，歡迎參加 Neuronetics 2024 年第一季電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將舉行問答環節來提出問題。在會議期間，您需要在電話上一一按星號。然後您將聽到一條自動訊息，建議您舉手。若要撤回您的問題，請按星號一一。再次。請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人馬克·克勞斯納。馬克，繼續吧。

Good morning, and thank you for joining us for the neuro NetIQ's First Quarter 2024 conference call. Joining me on today's call are n Neuronetics, President and Chief Executive Officer, Keith Sullivan, and Chief Financial Officer, Steve Furlong. Before we begin, I would like to caution listeners that certain information discussed by management. During this conference call, we'll include forward-looking statements covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to our business strategy, financial and revenue guidance and other operational issues and metrics. Actual results can differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the Company's business. For a discussion of risks and uncertainties associated with n Neuronetics business, I encourage you to review the Company's filings with the Securities and Exchange Commission including the Company's Form 10 Q, which will be filed on or before May 7. Company disclaims any obligation to update any forward-looking statements made during the course of this call, except as required by law.

早安，感謝您參加 Neuro NetIQ 2024 年第一季電話會議。參加今天電話會議的有 n Neuronetics 總裁兼執行長 Keith Sullivan 和財務長 Steve Furlong。在開始之前，我想提醒聽眾注意管理層討論的某些資訊。在本次電話會議中，我們將納入 1995 年《私人證券訴訟改革法案》安全港條款所涵蓋的前瞻性聲明，包括與我們的業務策略、財務和收入指導以及其他營運問題和指標相關的聲明。由於與公司業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述中明示或暗示的結果有重大差異。對於與n Neuronetics 業務相關的風險和不確定性的討論，我建議您查看該公司向美國證券交易委員會提交的文件，包括該公司將於5 月7 日或之前提交的10 Q 表格。任何更新義務本次電話會議期間所做的任何前瞻性陳述，法律要求的除外。

During the call, we'll also discuss certain information on a non-GAAP basis, including EBITDA. Management believes that non-GAAP financial information are taken in conjunction with U.S. GAAP financial measures provide useful information for both management and investors by excluding certain noncash and other expenses that are not indicative of trends in our operating results.

在電話會議期間，我們還將討論非 GAAP 基礎上的某些信息，包括 EBITDA。管理階層認為，非公認會計原則財務資訊與美國公認會計原則財務指標結合，透過排除某些無法反映我們經營績效趨勢的非現金和其他費用，為管理階層和投資者提供有用的資訊。

Management uses non-GAAP financial measures to compare our performance relative to forecast and strategic plans, benchmark our performance externally against competitors and for certain compensation decisions. Reconciliations between U.S. GAAP and non-GAAP results are presented in the tables accompanying our press release, which can be viewed on our website.

管理階層使用非公認會計準則財務指標來比較我們相對於預測和策略計畫的業績，將我們的業績與競爭對手進行外部基準比較，並制定某些薪酬決策。美國公認會計原則和非公認會計原則結果之間的對帳顯示在我們新聞稿隨附的表格中，您可以在我們的網站上查看這些表格。

With that, it's my pleasure to turn the call over to n Neuronetics President and Chief Executive Officer, Keith Sullivan.

至此，我很高興將電話轉給 n Neuronetics 總裁兼執行長 Keith Sullivan。

Mark, thanks for the introduction. Good morning, everyone, and thank you for joining us today. I'll begin by providing an overview of the recent performance, followed by an operational update. Steve will then review the financial results, and I'll conclude with some thoughts on 2024.

馬克，謝謝你的介紹。大家早安，感謝您今天加入我們。我將首先概述最近的表現，然後介紹營運情況的最新情況。然後，史蒂夫將回顧財務業績，最後我將對 2024 年提出一些想法。

Before turning to Q&A, building on the momentum we generated during 2023, we had a solid first quarter. Our efforts to drive increased utilization and broader adoption of NeuroStar are paying dividends. Total revenue was $17.4 million, an increase of 12% over the first quarter of 2023. This continued solid performance reflects the outstanding efficacy of NeuroStar therapy, the demand we are generating and the ongoing execution by our commercial team NeuroStar system revenue was $3.3 million, reflecting steady demand for new system. During the quarter, we shipped 41 systems, slightly below our plan of 45 to 50 systems per quarter. Partially due to a number of customers having challenges securing credit for capital purchases as well as the negative impact experienced by some customers as a result of the changed healthcare, cybersecurity incident in late February. As a result of this incident providers have seen an impact on both collections on patient claims submissions as well as determination of patient eligibility due to the benefits investigation portal being shut down during this time, provider's ability to collect cash has been significantly impaired and is still being negatively impacted as of today as a result of reduced cash collections due to change health care situation. Many psychiatry practices were forced to reallocate cash. They had planned to use to purchase NeuroStar in order to cover essential costs like rent and payroll, which impacted our ability to collect from customers to further emphasize the impact on providers.

在進行問答之前，基於我們在 2023 年創造的勢頭，我們第一季的業績表現強勁。我們為提高 NeuroStar 的利用率和更廣泛的採用所做的努力正在獲得回報。總收入為1740 萬美元，比2023 年第一季增長12%。 ，反映了對新系統的穩定需求。本季度，我們出貨了 41 個系統，略低於每季 45 至 50 個系統的方案。部分原因是許多客戶在獲得資本購買信貸方面遇到困難，以及二月底醫療保健和網路安全事件的變化給一些客戶帶來了負面影響。由於這一事件，提供者發現，由於福利調查門戶在此期間關閉，對患者索賠提交的收款以及患者資格的確定都產生了影響，提供者收取現金的能力已受到嚴重損害，並且仍然存在截至今天，由於醫療保健狀況的變化導致現金收款減少，因此受到負面影響。許多精神科診所被迫重新分配現金。他們原本計劃購買 NeuroStar，以支付租金和工資等基本成本，這影響了我們向客戶收取費用的能力，以進一步強調對提供者的影響。

The American Medical Association published an article at the end of April, discussing the results of the survey they conducted with health care providers. Despite Change Healthcare's announcement of restored service, the survey found that 60% of providers are still facing challenges in verifying patient eligibility for treatment, 75% of providers still face barriers with claims submissions and 85% of providers continue to experience disruption and claims payment as the headwinds due to Change Healthcare subside, we expect that we'll return to our target of shipping 45 to 50 systems per quarter. Ultimately, we still expect to ship roughly 200 systems in 2024, our NeuroStar summits have been a key driver of growth and adoption for our systems by educating healthcare professionals about the power of NeuroStar in the battle against depression and other mental health disorders. Since we began hosting these events, we have conducted 12 summits across the United States. Through these summits, we have sold a total of 200 systems generating over $14 million in capital sales with numbers steadily increasing each quarter. New customer relationships we have formed as a result of this summits have enabled these practices to treat over 2,850 patients leading to $11.2 million in treatment session revenue. Our next Summit scheduled for mid May in Phoenix, Arizona is already fully booked with 75 attendees. Importantly, 20% of the attendees currently treat adolescents. We are very pleased with the initial interest from the adolescent psychiatrists as we have only just begun to educate them on the benefits of the NeuroStar treatment for their patients. Overall, we are encouraged by the continued demand for our technology and its potential to positively impact those battling depression.

美國醫學會在四月底發表了一篇文章，討論了他們與醫療保健提供者進行的調查結果。儘管Change Healthcare 宣布恢復服務，但調查發現，60% 的提供者在驗證患者接受治療的資格方面仍面臨挑戰，75% 的提供者在提交索賠方面仍面臨障礙，85% 的提供者繼續遇到中斷和索賠支付問題。最終，我們仍然預計在 2024 年交付約 200 個系統，我們的 NeuroStar 高峰會透過教育醫療專業人員了解 NeuroStar 在對抗憂鬱症和其他精神健康疾病方面的力量，成為我們系統成長和採用的關鍵驅動力。自從我們開始主辦這些活動以來，我們已經在美國各地舉辦了 12 場高峰會。透過這些高峰會，我們總共售出了 200 個系統，產生了超過 1,400 萬美元的資本銷售，每個季度的數字都在穩步增長。透過本次高峰會，我們建立了新的客戶關係，使這些做法能夠治療超過 2,850 名患者，從而帶來 1,120 萬美元的治療收入。我們定於 5 月中旬在亞利桑那州鳳凰城舉行的下一次峰會已被預訂滿，共有 75 名與會者。重要的是，20% 的參與者目前正在治療青少年。我們對青少年精神科醫生最初的興趣感到非常高興，因為我們才剛開始向他們介紹 NeuroStar 治療對其患者的好處。總的來說，我們對我們的技術的持續需求及其為那些與憂鬱症作鬥爭的人帶來積極影響的潛力感到鼓舞。

Turning to an update on our commercial partnerships. In March, we announced a five year exclusive partnership with transformational care network, one of the nation's largest mental health care providers. They operate 47 locations soon to be 48 across the U.S., primarily in the Northeast and Pacific Northwest and currently have 20 NeuroStar systems across their network in this new agreement.

轉向我們商業合作夥伴關係的最新情況。三月份，我們宣布與美國最大的精神健康保健提供者之一轉型護理網絡建立五年獨家合作關係。他們在美國經營 47 個地點，很快就會達到 48 個，主要分佈在東北部和太平洋西北地區，根據這項新協議，目前他們的網路中擁有 20 個 NeuroStar 系統。

Neuro NetIQ's is now transformations, exclusive provider of new PMS systems. Also as part of the agreement, transformations has converted from a fixed price to a consumable model for all of their system. We have had a long-standing relationship with transformations, and we are very excited that the NeuroStar will become an increasingly bigger part of their plans moving forward as they seek to deliver exceptional care and provide their patients with access to the best possible mental health solution.

Neuro NetIQ 現已轉型為新型 PMS 系統的獨家供應商。此外，作為協議的一部分，所有系統的轉型已從固定價格轉變為可消耗模型。我們與轉型有著長期的合作關係，我們非常高興 NeuroStar 將成為他們未來計劃中越來越重要的一部分，因為他們尋求提供卓越的護理並為患者提供最佳的心理健康解決方案。

U.s. treatment session revenue was $13 million, which represents a 22% increase compared to the first quarter of 2023. This growth was mainly fueled by a more than 32% year-over-year increase in local consumable revenue, the highest year over year increase outside of COVID, validating the effectiveness of our commercial initiatives. While treatment session revenue growth remained strong, we did note some impact from the changed health care situation that I just mentioned as providers sought to conserve capital as a result of slower cash collection.

我們。治療療程收入為 1,300 萬美元，與 2023 年第一季相比成長 22%。商業計劃的有效性。雖然治療療程收入成長依然強勁，但我們確實注意到我剛才提到的醫療保健情勢變化帶來的一些影響，因為醫療服務提供者因現金收款速度放緩而尋求節省資本。

When discussing the issue with customers, we have heard anecdotally that patient demand for therapy remains strong, but many of those patients have been delayed moving into treatment as a result of slow prior authorizations from insurers.

在與客戶討論這個問題時，我們聽到患者對治療的需求仍然強勁，但由於保險公司事先授權緩慢，許多患者被推遲接受治療。

Now let's shift our focus to operational updates, beginning with an update for the better may guaranteed provider pilot program or BMGP., better MI guarantee provider program aims to establish a nationwide group of accounts following patient care and responsiveness standards developed in collaboration with expert TMS clinicians aimed at delivering timely and consistent care to those who need it most.

現在，讓我們將重點轉向營運更新，首先更新更好的可保證提供者試點計劃或BMGP。的帳戶組臨床醫生的目標是為最需要的人提供及時和一致的護理。

As discussed during our last earnings call, we officially launched the second phase of the pilot in January. This phase included more than 100 accounts made up of both the green Brook sites from the initial launch in late 2023, as well as additional sites that met the qualification standards prior to January 22, in early April, we will enroll another cohort of approximately 100 sites and currently have 204 sites for actively participating in the BMGP. program. We continue to be thrilled with the significant positive trends we are seeing coming out of the sites enrolled in the pilot, particularly related to responsiveness and more timely follow-up with the potential patients. BMGP. sites are seeing up to a 6.5 time improvement in patient follow-up within 24 hours versus our non BMGP. sites, which we know is critical to facilitating the treatment of patients suffering from mental health conditions because the BMGP. sites are more rapidly connecting with patients, they can more quickly educate patients and have them begin treatment using NeuroStar on average, better be guarantee provider sites are able to move a patient from being interested in NeuroStar to completing a motor threshold test five times faster than we saw across our customer base last year. Historically, it took an average of 82 days to move a patient from interest to treatment. This process is now being completed in 17 days on average for BMGP. sites. As a result, BMJP. sites are seeing a 48% improvement in the number of motor threshold tests being completed. These providers are improving patients' lives by providing them with faster access to potentially life-changing treatments. While we continue to closely monitor the positive impact of the pilot program as we expand to a greater number of customers throughout the year.

正如我們在上次財報電話會議上所討論的那樣，我們在一月正式啟動了第二階段的試點。此階段包括 100 多個帳戶，其中包括 2023 年底首次推出的 Green Brook 網站，以及 1 月 22 日之前符合資格標準的其他網站，4 月初，我們將再招募約 100 個帳戶目前有204個站點積極參與BMGP。程式.我們仍然對參與試點的站點出現的顯著積極趨勢感到興奮，特別是與潛在患者的反應能力和更及時的隨訪有關。 BMGP。與我們的非 BMGP 相比，站點在 24 小時內的患者追蹤改善了 6.5 倍。我們知道，由於 BMGP，這些網站對於促進患有精神健康問題的患者的治療至關重要。網站與患者的聯繫更加迅速，他們可以更快地教育患者並讓他們開始使用NeuroStar 進行治療，平均而言，更好地保證提供者網站能夠將患者從對NeuroStar 感興趣轉變為以比其他網站快五倍的速度完成運動閾值測試去年我們看到了整個客戶群。從歷史上看，患者從感興趣到接受治療平均需要 82 天。 BMGP 現在平均需要 17 天即可完成此過程。網站。結果，BMJP。站點完成的運動閾值測試數量增加了 48%。這些提供者透過為患者提供更快地獲得可能改變生活的治療來改善他們的生活。隨著全年客戶數量的增加，我們將繼續密切關注試點計畫的正面影響。

The continued success of the program highlights that the tactics being employed are working in a meaningful way.

該計劃的持續成功凸顯出所採用的策略正在以有意義的方式發揮作用。

Moving forward, the pilot phase will be open to all NeuroStar customers who agreed to meet the five key standards of the program we will continue to take a measured approach to a broader rollout of the program to ensure we effectively balance demand while upholding standards. We will launch another group of 100 sites in June, bringing the total number of participating sites to over 300.

展望未來，試點階段將向所有同意滿足該計劃五個關鍵標準的 NeuroStar 客戶開放，我們將繼續採取審慎的方法來更廣泛地推廣該計劃，以確保我們在堅持標準的同時有效平衡需求。我們將在 6 月推出另一組 100 個站點，使參與站點總數達到 300 多個。

Turning our attention to NeuroStar UNIVERSITY. This program continues to enhance our customers' understanding of the benefits offered by our five star solution, which includes educational programs and tools, clinical best practices as well as marketing initiatives as a result of the education that customers are receiving at an issue we are seeing material increases in utilization as compared to sites who have not participated. In fact, NSU. attendees on average are seeing a 58% increase in utilization as compared to sites who have not attended because they learn how to educate patients about NeuroStar and learn the latest clinical techniques for using our system. Because of this, we have seen a trend of sites becoming repeat attendees, with 20% of sites that attended prior classes. Having sent additional team members to NSU. did benefit first hand from our course, this underscores that the more we are able to educate customers on best practices and the benefits of partnering with neuro NetIQ's, the more utility they are able to drive moving forward, we will continue to leverage and S. used success to drive increased adoption and utilization.

將我們的注意力轉向 NeuroStar 大學。該計劃繼續增強客戶對我們五星級解決方案所提供優勢的理解，其中包括教育計劃和工具、臨床最佳實踐以及由於客戶在我們遇到的問題上接受的教育而採取的營銷舉措與未參與的站點相比，利用率大幅提高。事實上，NSU。與未參與的站點相比，參與者的平均利用率增加了 58%，因為他們學習如何向患者進行 NeuroStar 教育並學習使用我們系統的最新臨床技術。因此，我們發現網站出現重複參加者的趨勢，其中 20% 的網站參加過先前的課程。已向 NSU 派遣了更多團隊成員。確實從我們的課程中受益匪淺，這強調了我們越能夠向客戶提供有關最佳實踐以及與 Neuro NetIQ 合作的好處的教育，他們能夠推動前進的效用就越大，我們將繼續利用和 S.利用成功來推動採用和利用率的提高。

During the first quarter, we saw continued strength with our co-op marketing program. The co-op program remains a critical component of our commercial strategy for two key reasons. First, by matching our customers' marketing spend, we are effectively getting double the return on dollars invested to help drive awareness and educate prospective patients. And second, by having a customer participate, it reinforces their commitment to NeuroStar and developing a successful TMS program within their practice at the beginning of 2024, we introduced significant improvements to the program based on feedback from our customers, making it even easier for our practices to use our streamlined and turnkey marketing approach, which should ultimately lead to a greater patient awareness of NeuroStar. As of the end of the first quarter, we have approximately 300 sites participating as the participation grows. We are continuing to see uplift across a number of key metrics. Those accounts who participated in co-op marketing both during Q4 of 2023 and Q1 of 2024 saw a year over year increase in both motor threshold tests and utilization during the first quarter.

在第一季度，我們的合作行銷計劃持續強勁。出於兩個關鍵原因，合作項目仍然是我們商業策略的重要組成部分。首先，透過配對客戶的行銷支出，我們有效地獲得了雙倍的投資回報，以幫助提高意識和教育潛在患者。其次，透過讓客戶參與，它加強了他們對NeuroStar 的承諾，並在2024 年初在他們的實踐中開發了成功的TMS 計劃，我們根據客戶的反饋對該計劃進行了重大改進，使我們的客戶更容易使用我們簡化的統包行銷方法的實踐，最終應該提高患者對 NeuroStar 的認識。截至第一季末，我們有大約 300 個站點參與，並且參與度不斷增加。我們繼續看到許多關鍵指標的提升。那些在 2023 年第四季和 2024 年第一季參與合作行銷的帳戶在第一季的運動門檻測試和利用率均較去年同期成長。

Turning to a regulatory and clinical update. As of the end of March, we received our eighth FDA five 10 K clearance in the past three years. Our new indication for NeuroStar is as a first-line adjunct treatment for adolescent patients aged 15 to 21 who are suffering from major depressive disorder for this patient population. Neurostar can be used in combination with other therapies without requiring failed prior courses of medication. This is a significant milestone for the Company and more importantly, adolescent patients as the NeuroStar is the first and only TMS treatment can be cleared for this age group. Adolescent depression is a complex mental health condition that impacts an estimated $4.3 million patients in the United States and its prevalence has been accelerating since COVID-19 pandemic. Currently, treatment options available for adolescents are extremely limited, and this advancement has the potential to set a new treatment paradigm for how clinicians address depression within this large and growing patient population with the size and scale of the adolescent patient population, our total addressable market within MDD. has increased by approximately 35%. This clearance was two years in the making and is a testament to our clinical team and highlights the increasing value of the data we are accumulating within tracked Star, leveraging over 1,100 real world adolescent patients who were treated using NeuroStar. Our track STAR data analysis showed that 78% of adolescent patients achieved clinical meaningful improvement in their depression following a full course of treatment, relying on the FDA's commitment to consider and utilize real-world evidence in evaluating new indications we combined our track STAR data with clinical data from published literature to demonstrate that NeuroStar TMS was safe and effective when used in a first line add on therapy. This clearance highlights the immense power of our proprietary tracks to our platform, in particular, for the advancement of our regulatory strategy, we will continue to leverage the growing repository of real-world data from our customers' daily use of tracked star in administering NeuroStar therapy to evaluate opportunities to make NeuroStar more widely applicable to treat additional mental health conditions.

轉向監管和臨床更新。截至 3 月底，我們獲得了過去三年來的第八次 FDA 5 10 K 許可。我們的 NeuroStar 的新適應症是作為 15 至 21 歲患有重度憂鬱症的青少年患者的第一線輔助治療。 Neurostar 可以與其他療法合併使用，無需先前失敗的藥物療程。這對公司來說是一個重要的里程碑，更重要的是對青少年患者來說，因為 NeuroStar 是第一個也是唯一一個可以針對這個年齡層的 TMS 治療。青少年憂鬱症是一種複雜的心理健康狀況，影響了美國約 430 萬美元的患者，自 COVID-19 大流行以來，其盛行率一直在加速。目前，可供青少年使用的治療選擇極其有限，這一進步有可能為臨床醫生如何在這一龐大且不斷增長的患者群體中解決抑鬱症問題建立一個新的治療範式，而青少年患者群體的規模和規模是我們的總潛在市場。增加了約35%。這項許可歷時兩年，是對我們臨床團隊的證明，並突顯了我們在追蹤的 Star 中累積的數據的價值不斷增加，這些數據利用了超過 1,100 名接受 NeuroStar 治療的現實世界青少年患者。我們的追蹤STAR 數據分析顯示，78% 的青少年患者在接受完整療程的治療後，其憂鬱症取得了臨床有意義的改善，這依賴於FDA 在評估新適應症時考慮和利用現實世界證據的承諾，我們將追蹤STAR 數據與已發表文獻的臨床數據證明 NeuroStar TMS 在一線附加治療中使用時是安全有效的。此次許可凸顯了我們專有軌道對我們平台的巨大力量，特別是為了推進我們的監管策略，我們將繼續利用來自客戶日常使用跟踪星來管理 NeuroStar 的不斷增長的真實世界數據存儲庫評估使NeuroStar更廣泛地適用於治療其他心理健康狀況的機會。

Moving forward, we will work to educate clinicians as well as adolescent MDD sufferers and their parents on the benefits that NeuroStar can deliver beyond the adolescent patient population that may exist within our current customer practices. There are approximately 8,000 adolescent psychiatrist and an additional 6,000 adolescent nurse practitioners in the United States who we now have the opportunity to educate prior to recent clearance. The providers had no TMS option available to them. The interest we have already received from the physician community has been extremely encouraging. To date, we have received interest from dozens of providers, both current customers and prospects. Some have expressed appreciation for expanding treatment options for this underserved adolescent population. While others have sought to clarify specifics around the approved indication for use in this age group to further educate providers. We held a seminar last week to review the clinical data supporting our adolescent clearance. This allowed us to address common questions as practices look to incorporate NeuroStar TMS for their adolescent patients. The webinar had over 140 physician attendees with roughly two thirds being current customers and one-third being prospective NeuroStar users highlighting strong interest from clinicians for this new indication. We have a comprehensive launch strategy for expanding our indication to treat adolescents 15 and up. That includes increasing awareness and education among practices and Penryn. Our goal is to ensure that everyone suffering from MDD knows about NeuroStar and has an understanding about the benefits of the treatment to amplify our outreach on digital and social media platforms. We are hosting a press event in New York City on May 15th with Editors and Writers from top consumer trade and health media outlets. This event will feature the transformative experience and perspectives about NeuroStar from a top psychiatrist, a patient advocate, a company by their parent and a key representative from NeuroStar. This new indication is the most newsworthy event at NeuroStar. Since our initial clearance in 2008, we anticipate a significant increase in media coverage will help reach MDD sufferers and their families leading to a higher level of awareness and education, which will help more people in need get treatment. We expect to see some contribution from this new indication in the second half of the year, and we believe the positive impact on our business will be even more material in 2025. After the end of the first quarter, we announced the publication of some significant findings in brain stimulation a premier journal in the field of neuromodulation, highlighting the criticality of patients completing a full course of treatment when using NeuroStar therapy. The analysis confirmed that if patients in treatment showed early improvement in their MDBs symptom. It was a strong predictor of a successful clinical outcome. Importantly, it also confirmed that a substantial number of patients who had low levels of improvement early in their treatment course, ultimately experienced a meaningful reduction in symptoms once they completed a full course of therapy. This data reinforces one of the pillars of the BMGP. program, which is that clinicians are required to educate patients on the benefits of completing a full course of 36 treatments, which the data shows provides the best clinical outcomes with this data, and we will continue to work to educate clinicians and patients on the benefits of finishing a full course of treatment. We are excited about what we were able to accomplish during the first quarter, we continue to deliver solid financial performance as a result of the successful execution of our educational and awareness initiatives. Beyond that, we achieved significant milestones by being the first and only TMS manufacturer with an adolescent indication approval. This not only validates the safety and efficacy of NeuroStar, but also allows us to help clinicians provide better care to the growing population of 15 to 21 year olds suffering from MDD. We also made progress in expanding commercial partnerships agreements and increasing access to care with NeuroStar. We are incredibly excited about the future at zero net.

展望未來，我們將努力教育臨床醫生以及青少年 MDD 患者及其父母，讓他們了解 NeuroStar 可以為我們目前客戶實踐中可能存在的青少年患者群體帶來的好處。美國大約有 8,000 名青少年精神科醫生和另外 6,000 名青少年執業護士，我們現在有機會在最近的許可之前對他們進行教育。提供者沒有可用的 TMS 選項。我們已經從醫生界收到了非常令人鼓舞的興趣。到目前為止，我們已經收到了數十家提供者的興趣，其中包括現有客戶和潛在客戶。有些人對擴大這一服務不足的青少年群體的治療選擇表示讚賞。而其他人則試圖澄清有關該年齡層批准使用的適應症的具體細節，以進一步教育提供者。我們上週舉行了一次研討會，審查支持我們青少年清除的臨床數據。這使我們能夠解決常見問題，因為實踐中希望將 NeuroStar TMS 納入青少年患者。這場網路研討會有超過 140 名醫生參加，其中約三分之二是現有客戶，三分之一是潛在的 NeuroStar 用戶，突顯了臨床醫生對這項新適應症的濃厚興趣。我們制定了全面的啟動策略，旨在擴大治療 15 歲及以上青少年的適應症。這包括提高實踐和彭林之間的認識和教育。我們的目標是確保每個患有 MDD 的人都知道 NeuroStar 並了解該治療的好處，以擴大我們在數位和社交媒體平台上的推廣。我們將於 5 月 15 日在紐約舉辦一場新聞發布會，由來自頂級消費貿易和健康媒體的編輯和作家參加。本次活動將展示頂尖精神科醫生、病患倡導者、其父母所在的公司以及 NeuroStar 的主要代表對 NeuroStar 的變革性經驗和觀點。這一新適應症是 NeuroStar 最具新聞價值的事件。自 2008 年首次批准以來，我們預計媒體報告的顯著增加將有助於接觸 MDD 患者及其家人，從而提高認識和教育水平，從而幫助更多有需要的人獲得治療。我們預計在下半年會看到這一新適應症的一些貢獻，我們相信對我們業務的積極影響將在 2025 年更加重大。結果是神經調節領域的頂級期刊，強調了患者在使用NeuroStar 療法時完成整個療程的重要性。分析證實，如果治療中的患者的 MDB 症狀出現早期改善。它是成功臨床結果的有力預測因子。重要的是，它還證實，大量在治療過程早期改善程度較低的患者，在完成整個治療過程後，最終症狀明顯減輕。這些數據強化了 BMGP 的支柱之一。計劃，即臨床醫生需要教育患者完成 36 種治療的完整療程的好處，數據顯示，這些數據提供了最佳的臨床結果，我們將繼續努力教育臨床醫生和患者了解這些好處完成一個完整的療程。我們對第一季的成就感到興奮，由於成功執行了我們的教育和意識計劃，我們繼續提供穩健的財務表現。除此之外，我們還實現了重要的里程碑，成為第一家也是唯一一家獲得青少年適應症批准的 TMS 製造商。這不僅驗證了 NeuroStar 的安全性和有效性，還使我們能夠幫助臨床醫生為日益增長的 15 至 21 歲重度憂鬱症患者提供更好的照護。我們還在擴大商業合作夥伴協議和增加 NeuroStar 獲得護理的機會方面取得了進展。我們對零淨值的未來感到非常興奮。

With that, I'd like to turn the call over to Steve.

有了這個，我想把電話轉給史蒂夫。

Thank you, Keith. Unless otherwise noted, all performance comparisons are being made for the first quarter of 2024 versus the first quarter of 2023. Total revenue was $17.4 million, an increase of 12% over prior year revenue of $15.5 million, primarily driven by increased treatment sessions sales in the quarter, U.S. NeuroStar Advanced Therapy system revenue was $3.3 million, and we shipped 41 systems in the quarter, U.S. treatment session revenue was a record for the Company at $13 million, an increase of 22% year over year. The revenue growth was primarily driven by continued strong performance within our local consumable customer segments. Revenue per active site was approximately $11,300 in the quarter compared to approximately $9,700 in the prior year quarter. This double-digit increase in revenue per active site is due to the ongoing success of our commercial education and awareness initiatives, as well as the fact that we are continuing to see an increasing percentage of system shipped per quarter going into existing customer sites where there are now operating multiple NeuroStar gross margin was 75.1% compared to 73.3% in the prior year quarter, up 180 basis points from the prior year, driven by a higher mix of treatment session revenue. We plan to continue this consistent improvement in gross margin as we work towards our longer-term target of being above 80%.

謝謝你，基斯。除非另有說明，所有業績比較均針對2024 年第一季與2023 年第一季進行。的增加本季，美國 NeuroStar 高級治療系統營收為 330 萬美元，本季我們出貨了 41 個系統，美國治療療程收入創公司紀錄，達到 1,300 萬美元，年成長 22%。營收成長主要得益於我們當地消費品客戶群持續強勁的業績。本季每個活躍網站的收入約為 11,300 美元，而去年同期約為 9,700 美元。每個活躍站點的收入出現兩位數的增長，這是由於我們的商業教育和意識計劃的持續成功，以及我們繼續看到每季度運送到現有客戶站點的系統百分比不斷增加的事實目前運營的多個NeuroStar 毛利率為75.1%，而去年同期為73.3%，較上年增長180 個基點，這得益於較高的治療療程收入組合。我們計劃繼續毛利率的持續改善，並努力實現 80% 以上的長期目標。

Operating expenses during the quarter were $20 million a decrease of $1.4 million or 7% compared to $21.3 million in the first quarter of 2023. This year over year and sequential reduction in operating expenses comes directly as a result of our ongoing prudent cost management efforts. During the quarter, we incurred approximately $1.3 million of noncash stock-based compensation expense. Net loss for the first quarter was $7.9 million, or $0.27 per share as compared to a net loss of $10.5 million or $0.38 per share in the prior year quarter. Ebitda was negative $6.3 million as compared to negative $9.4 million in the prior year quarter. This significant reduction in EBITDA loss reflects our continued success in creating operational leverage through strong top line growth and prudent expense management.

本季的營運費用為2,000 萬美元，與2023 年第一季的2,130 萬美元相比，減少了140 萬美元，即7%。 。本季度，我們產生了約 130 萬美元的非現金股票補償費用。第一季淨虧損為 790 萬美元，即每股 0.27 美元，而去年同期淨虧損為 1,050 萬美元，即每股 0.38 美元。 Ebitda 為負 630 萬美元，而去年同期為負 940 萬美元。 EBITDA 損失的大幅減少反映了我們透過強勁的收入成長和審慎的費用管理在創造營運槓桿方面持續取得的成功。

As of March 31, 2024, cash and cash equivalents were $47.7 million. Cash collections in the quarter would have been higher absent the cybersecurity issues experienced by changed health care, which in addition to delaying some customer purchases also delayed some customer payments. As a reminder, Q1 is typically our highest cash burn quarter of the year, and we continue to remain confident in our path to profitability. And we continue to expect to be cash flow positive in the fourth quarter of 2024.

截至2024年3月31日，現金及現金等價物為4,770萬美元。如果沒有醫療保健變化帶來的網路安全問題，本季的現金收款將會更高，這除了延遲了一些客戶的購買之外，還延遲了一些客戶的付款。提醒一下，第一季通常是我們一年中現金消耗最高的季度，我們繼續對獲利之路充滿信心。我們繼續預計 2024 年第四季現金流為正。

Now turning to guidance for the second quarter, we expect revenues of $18 million to $19 million in the quarter, we anticipate that we will continue to see revenues modestly impacted by the change healthcare issue. When this issue was resolved, we expect that revenues and cash collections will rebound. As a result, we continue to expect full year revenue in the range of $78 million, to $80 million. We expect total operating expenses for the full year range to be in the range of $80 million to $84 million.

現在轉向第二季的指導，我們預計該季度的收入為 1800 萬美元至 1900 萬美元，我們預計收入將繼續受到醫療保健問題變化的適度影響。當這個問題得到解決後，我們預計收入和現金回款將會反彈。因此，我們繼續預計全年收入將在 7,800 萬美元至 8,000 萬美元之間。我們預計全年總營運支出將在 8,000 萬美元至 8,400 萬美元之間。

I would now like to turn the call back over to Keith.

我現在想把電話轉回基斯。

Thank you, Steve. In conclusion, the momentum we built in the first quarter positions us very well for the remainder of 2024. Our commercial initiatives are clearly working, driving increased adoption and utilization of NeuroStar therapy across our installed base. We expect these programs and the better may guarantee provider program in particular, to continue yielding strong results as we systematically roll them out more broadly.

謝謝你，史蒂夫。總之，我們在第一季建立的勢頭使我們在 2024 年剩餘時間裡處於有利地位。我們預計這些計劃，特別是更好的計劃，可以保證提供者計劃在我們系統地更廣泛地推廣時繼續產生強勁的成果。

Looking ahead, we have several key growth catalysts. Most notably, our recent adolescent indication approval represents a significant market expansion opportunity that we are just beginning to unlock with our focused education and awareness efforts ramping up, we anticipate interest and demand from the adolescent psychiatric community to ramp up over the course of the year with even more material impact in 2025. Additionally, our robust clinical data pipeline and collaborative partnership should further increase neuro NeuroStar applicability across mental health condition.

展望未來，我們有幾個關鍵的成長催化劑。最值得注意的是，我們最近的青少年適應症批准代表了一個重大的市場擴張機會，隨著我們重點教育和意識工作的加強，我們剛開始釋放這個機會，我們預計青少年精神病學界的興趣和需求將在今年內增加到 2025 年，將產生更大的實質影響。

Our financial outlook remains strong, and we are on a clear trajectory towards profitability and cash flow positivity. With our comprehensive commercialization strategy and expanding treatment indications, neuro NetIQ's is uniquely positioned to drive long-term sustainable growth.

我們的財務前景依然強勁，而且我們正走在獲利能力和現金流正向的明確軌道上。憑藉我們全面的商業化策略和不斷擴大的治療適應症，neuro NetIQ 在推動長期可持續成長方面處於獨特的地位。

Before we open up the line for questions, I'd like to thank everyone throughout the neuro NetIQ's organization for their dedication and tireless work towards our mission of helping those suffering from mental health disorders.

在我們開通提問專線之前，我要感謝 Neuro NetIQ 組織中的每個人，他們為實現我們幫助精神健康障礙患者的使命所做的奉獻和不懈努力。

I'd also like to take a moment to thank three members of our Board of Directors, Joe Capper, John Bakewell and will be eager for their dedication and contribution to Neurodex and me personally, as they will not be standing for reelection. We wish him the best as they move on to their next ventures.

我還想花點時間感謝我們董事會的三名成員 Joe Capper、John Bakewell，並渴望他們對 Neurodex 和我個人的奉獻和貢獻，因為他們不會競選連任。我們祝福他在他們繼續下一個事業時一切順利。

With that, I'd like to open the line for questions.

說到這裡，我想開通提問專線。

Thank you, at this time, we will conduct the question and answer session to ask a question, you will need to press star one one on your telephone and wait for your name to be announced to withdraw your question, please press star one one. Again, please stand by while we compile the Q&A roster. Our first question comes from Bill Plovanic of Canaccord. Please go ahead, though.

謝謝，此時我們將進行問答環節提出問題，您需要在電話上按星一一，等待宣布您的名字才能撤回您的問題，請按星一一。再次，請大家耐心等待，我們正在整理問答名單。我們的第一個問題來自 Canaccord 的 Bill Plovanic。不過，請繼續。

Break-even. It's John on for Bill this morning. Thanks for taking our questions and congrats on the quarter. I just wanted to first touch on guidance. Why keep guidance why you're still expecting the full 200 system sales, you saw the strength in treatment revenues in Q1 despite all the headwinds that you highlighted on the call. And also you still have a tailwind now from the adolescents and adults contribution in the second half? I highlighted. I just want to understand it that methodology keeping guidance flat there.

收支平衡。今天早上約翰代替比爾。感謝您回答我們的問題並祝賀本季。我只想先談談指引。為什麼要保留指導，為什麼您仍然期望 200 個系統的全部銷售，儘管您在電話會議中強調了所有不利因素，但您還是看到了第一季治療收入的強勁勢頭。而且下半年青少年和成人的貢獻仍然對您有利嗎？我強調了。我只是想了解保持指導不變的方法。

Yes, I mean, John, thanks for that question. It really comes down to the uncertainty due to the cyber breach. As we indicated, it did impact system sales in the quarter, although although we do think it will rebound in Q2, and Q3, it just felt like we'd be getting ahead of ourselves if we increased guidance at this point and the impact on adolescence this year is still unknown. It's still very early. And as a reminder, many of the private payers were already reimbursing for adolescent TMS down to either 17 or 18 years of age. So it is a nice tailwind, but we think the most significant impact of that is going to be in '25 and '26.

是的，我的意思是，約翰，謝謝你提出這個問題。這其實歸結於網路漏洞造成的不確定性。正如我們所指出的，它確實影響了本季的系統銷售，儘管我們確實認為它會在第二季度和第三季度反彈，但如果我們此時增加指導以及對今年的青春期仍是未知數。現在還很早。提醒一下，許多私人付款人已經為 17 歲或 18 歲的青少年 TMS 提供報銷。所以這是一個很好的順風，但我們認為最顯著的影響將是在 25 和 26 年。

Okay, thanks. And then just as for the Q2 guidance, a little bit below the Street. I'm assuming most of it probably isn't going to be a capital sale that being pushed out, but not for the motor threshold tests chart. It looks really strong towards the end of this quarter. So maybe just some puts and takes for what you expect for Q2 revenue?

好的謝謝。然後就像第二季的指引一樣，略低於華爾街。我假設其中大部分可能不會是推出的資本銷售，但不會用於馬達閾值測試圖。到本季末，它看起來非常強勁。那麼，也許只是一些你對第二季營收預期的看跌期權？

Thanks Again.

再次感謝。

Yes, again, the capital equipment market is impacting all of med devices. And it's not that lenders are denying credit, but they're doing a lot more diligence. And so it's taking longer to get our transactions funded. That's one of the reasons why we continue to schedule our summits earlier in the quarter. Our first Summit was scheduled four weeks before quarter-end, and now we're scheduling them between seven and eight weeks before quarter end and so we do forecast a rebound from Q1 for the NeuroStar sales. But again, you know, 60% of our customers or even slightly higher are really in US single office doctors and they are impacted by cash flow. And so not only other claims being held up by prior authorizations for new patients are also being held up. And so know again, we do think it's going to recover. But some of the statistics that Keith mentioned previously, there's still some wood to chop before they fully recover.

是的，資本設備市場再次影響所有醫療設備。並不是貸款機構拒絕提供信貸，而是他們更盡職盡責。因此，我們需要更長的時間才能為交易提供資金。這就是我們繼續在本季早些時候安排峰會的原因之一。我們的第一次高峰會原定於季度末前四週舉行，現在我們將其安排在季度末前七到八週之間，因此我們確實預測 NeuroStar 銷售將從第一季開始反彈。但同樣，你知道，我們 60% 甚至更高的客戶實際上是美國的單一辦公室醫生，他們受到現金流的影響。因此，不僅其他因新患者事先授權而被擱置的索賠也被擱置。所以再次知道，我們確實認為它會恢復。但基斯之前提到的一些統計數據顯示，在完全恢復之前，仍有一些木材需要砍伐。

And then regarding empties, you're right it's that's a significant metric for us to watch, and it was up nicely in the quarter and quite frankly, was very strong in April as well. So again, I think it's just more of a timing thing, which is why we're comfortable maintaining the full year guidance at this point.

然後關於空箱，你是對的，這是我們值得關注的一個重要指標，它在本季度增長得很好，坦率地說，四月份也非常強勁。再說一次，我認為這只是一個時機問題，這就是為什麼我們現在願意維持全年指導。

Got it.

知道了。

Thank you again.

再次感謝你。

Thanks, John.

謝謝，約翰。

One moment for our next question our next question comes from Adam Maeder of Piper and Sandler. Please go ahead.

我們的下一個問題來自 Piper and Sandler 的 Adam Maeder。請繼續。

Hi, Keith and Steve. Thanks for taking the questions here. Solid start to the year and very nice U.S. treatment sessions number.

嗨，基斯和史蒂夫。感謝您在這裡提出問題。今年開局良好，美國治療次數也非常多。

I wanted to follow up on John's questions and I guess just kind of wanted to see if we could get a little bit more granular with the temporal headwinds that arose in Q. one from from change the cybersecurity issue, customers securing credit. Maybe just talk about kind of the impact in Q1 that you saw both from a system revenue and treatment session revenues standpoint? And then are you able to give us, you know, any numbers around kind of anticipated headwind in Q2?

我想跟進約翰的問題，我想只是想看看我們是否可以更詳細地了解第一個問題中因網路安全問題、客戶保護信貸的變化而出現的暫時阻力。也許只是談談您從系統收入和治療療程收入的角度看到的第一季的影響？然後您能否向我們提供有關第二季度預期逆風的任何數據？

I think I heard modest impact and then what's kind of baked into the full year guide for those?

我想我聽到了一些影響，那麼全年指南中會包含哪些內容呢？

Yes, transient headlines.

是的，短暫的頭條新聞。

Thanks, Adam. Yes, we do. We do estimate that the Q1 impact was about 500,000 and that was primarily capital equipment sales. And again, with the reaffirmation of doing approximately 200 systems in the year, we do think there's going to be a recovery in Q2 through Q4, not a big impact in treatment sessions?

謝謝，亞當。是的，我們願意。我們確實估計第一季的影響約為 50 萬人，其中主要是資本設備銷售。再說一次，隨著重申今年要做大約 200 個系統，我們確實認為第二季到第四季將會恢復，而不是對治療療程產生很大影響？

Yes, I would say the most significant impact that we felt was on collections. And so we had $20 million in US revenue in Q4 of '23, you would like to think you'd be able to collect the lion's share of that in your first quarter than we did. And so we estimate that we were probably short paid about $3 million. And again, we do forecast that to recover as the security issue was fixed. And but it did have an impact on our balance sheet.

是的，我想說我們感受到的最重大的影響是在收藏方面。因此，我們在 23 年第四季的美國收入為 2000 萬美元，您可能會認為您能夠在第一季獲得比我們更大的份額。因此我們估計我們可能少付了大約 300 萬美元。我們再次預測，隨著安全問題的解決，這種情況將會恢復。但這確實對我們的資產負債表產生了影響。

Okay, that's got Keith. I'll just add one piece to it is on the capital equipment side. As Steve said earlier, the it's really getting the financing through and it used to be that we could get financing done in 10 business days and now we're looking at several weeks. So we do have a summit coming up in Arizona. We have 75 providers coming to that Summit. And so it's the interest is certainly there. It's just of now with seven weeks before the end of the quarter, are we able to get those systems through the financing process.

好的，這就是基斯。我只在資本設備方面添加一件。正如 Steve 之前所說，融資確實正在通過，過去我們可以在 10 個工作天內完成融資，現在我們需要幾週的時間。所以我們確實將在亞利桑那州舉行峰會。我們有 75 家提供者參加該高峰會。所以興趣肯定是存在的。現在距離本季結束還有七週，我們是否能讓這些系統通過融資流程。

That's good color, guys. Thanks for all that and follow up on the Q2 guide and sorry for the near term focused question and the sequential quarter-over-quarter step step-up is smaller than in past years. It certainly sounds like you guys anticipate again some kind of carryover impact from the temporal headwinds. But I guess I'm still kind of trying to square the $18 million to $19 million guidance rate range for Q2? And just any color that you can give us thus far on the trends in the business in Q2 and kind of how that may or may not be informing the Q2 outlook? And then I had one follow up things. Thanks.

夥計們，這個顏色很好。感謝您所做的一切並跟進第二季度指南，並對近期關注的問題表示歉意，並且連續季度環比的增幅小於過去幾年。聽起來你們似乎再次預期暫時的逆風會產生某種遺留影響。但我想我仍在嘗試調整第二季 1800 萬至 1900 萬美元的指導利率範圍？到目前為止，您可以向我們提供有關第二季度業務趨勢的任何信息，以及這可能會或可能不會影響第二季度的前景嗎？然後我有一件後續的事情。謝謝。

Yes, again, the weekly metrics that we review with the team continued to be strong. But again, as I said to John, the majority of our patients are single site offices, and they are very dependent upon reimbursement and if they can't get if they can't get cash and it's difficult for them to spend money. And so again, we believe we took a responsible approach to setting guidance where it was, but it's by no means an indication that we're sensing weakness out there. It's this issue is out of our control. And until it's fix, regretfully, it will have some impact near term on our business. Again, I think our reaffirmation of full year at this point, I mean, we're still only to early May. It tells you that it's going to be a good year.

是的，我們與團隊一起審查的每週指標仍然很強勁。但正如我對約翰所說，我們的大多數患者都是單一站點辦公室，他們非常依賴報銷，如果他們無法獲得現金，他們就很難花錢。因此，我們再次相信，我們採取了負責任的方法來製定指導方針，但這絕不表明我們感覺到了弱點。這個問題是我們無法控制的。遺憾的是，在問題解決之前，它將在短期內對我們的業務產生一些影響。再說一次，我認為我們此時對全年的重申，我的意思是，我們仍然只到五月初。它告訴你，這將是美好的一年。

And it's Adam, Keith again, you also said that our motor thresholds look strong and they continue to be strong. We just in speaking with several of our accounts and some of the big ones of their prior authorizations are taking longer to come through as a result of Change Healthcare. So worse, we're seeing the activity out there, but we have to be sensitive to the situation with Change Healthcare.

又是亞當，基思，你還說我們的運動閾值看起來很強，而且會繼續很強。我們剛剛與我們的幾個帳戶進行了交談，由於 Change Healthcare，他們之前的一些授權需要更長的時間才能完成。更糟的是，我們看到了那裡的活動，但我們必須對 Change Healthcare 的情況保持敏感。

Sure.

當然。

That makes sense. And if I can squeeze in one more just on the adolescence approval. Congratulations. I think I heard, Keith, you mentioned that this is the most newsworthy events since original FDA clearance. Or maybe just talk about the strategy on the kind of, I guess, pursue this new patient population from pursuing new clinician base, which practices will you target? How do you grow the customer base, but but not of the same, but at the same time, not lose focus on the existing customers, which have seen some some pretty good utilization trends. So just talk about kind of the strategy and approach there. Thanks for taking the questions.

這就說得通了。如果我能在青春期的認可上再擠一點的話。恭喜。我想我聽說，基思，你提到這是自 FDA 最初批准以來最具新聞價值的事件。或者也許只是談談策略，我想，透過追求新的臨床醫生基礎來追求新的患者群體，您將針對哪些實踐？如何擴大客戶群，但不是相同的，但同時又不失去對現有客戶的關注，這些客戶已經看到了一些相當不錯的利用率趨勢。所以只談談那裡的策略和方法。感謝您提出問題。

Thanks, Adam. We submitted for this five 10 K approval back in June of last year. And we the soonest that we expected that approval was September 28th. We have been geared up for it since that time and have a PR firm lined up, have a marketing plan all put together and have been adjusting it for the last nine months. So we are ready to go to talk to adolescent psychiatrist with the adolescent nurse practitioners. And we have a marketing campaign directed at the parents of the adolescents. So all of that will be kicked off on May 15 in New York City with that with our press event. So we're we think that there is significant interest. And as we said in the script, we have already seen it. And at our Summit, we have about 15 physicians that prior to the clearance, I had no knowledge of TMS in their practice and no thought that they would be able to use it to help the adolescents that they're treating. So I think this is a good opportunity for us.

謝謝，亞當。我們早在去年 6 月就提交了這 5 個 10 K 批准。我們預計最快在 9 月 28 日獲得批准。從那時起，我們就一直在為此做好準備，並安排了一家公關公司，制定了所有行銷計劃，並在過去九個月內對其進行了調整。因此，我們準備好與青少年執業護理師一起去與青少年精神科醫生交談。我們也針對青少年的父母開展了一項行銷活動。所有這一切都將於 5 月 15 日在紐約舉行的新聞發布會上拉開序幕。所以我們認為人們對此很感興趣。正如我們在劇本中所說，我們已經看到了。在我們的高峰會上，我們有大約 15 名醫生，在獲得許可之前，我對他們的實踐中的 TMS 一無所知，也不認為他們能夠使用它來幫助他們正在治療的青少年。所以我認為這對我們來說是一個很好的機會。

Thank you.

謝謝。

One moment for our next question. Our next question comes from Margaret Kaczor at William Blair. Your line is now open.

請稍等一下我們的下一個問題。我們的下一個問題來自威廉·布萊爾的瑪格麗特·卡佐爾。您的線路現已開通。

And good morning, everyone. Thanks for taking my question. Add benefits and want to focus on treatment sales news driven growth. I mean, we're seeing an acceleration on a slightly tougher comp on a year-over-year basis relative to what we saw in Q4. You've got two quarters now of 20% á¹£plus, but I understand part of that is comps and so on. But it still seems pretty powerful. And then to the extent that you're talking about average local treatment growth over 30%. I mean those are numbers that appears back. I'm not sure anyone would have expected. So I don't know if that's a better me guarantee if that's an issue at all of it all combined, obviously. But I guess I'm just trying to dive into that a little bit more. It seems like if the average is over 30%, the folks in better MI or it is you should be much higher than that at So one, is that the right assumption to be had? And then two, what does that mean for sustainable growth because that doesn't have a lot. It doesn't it assumes a couple of hundred folks right now and better meager two. So just trying to as we look towards 2025 understand what these trends could mean?

大家早安。感謝您提出我的問題。增加好處並希望關注治療銷售新聞驅動的成長。我的意思是，與第四季度相比，我們看到同比略有加強的競爭有所加速。現在你已經有兩個季度的 20% 以上，但我知道其中一部分是補償等等。但看起來還是很強大的。然後到了你談論的平均局部治療成長率超過 30% 的程度。我的意思是這些是出現的數字。我不確定有人會期待。所以我不知道這是否是一個更好的保證，如果這是一個問題的話，顯然。但我想我只是想更深入地探討這一點。看起來如果平均值超過 30%，那麼 MI 更好的人或者是你應該比 MI 的水平高得多，那麼這是正確的假設嗎？第二，這對永續成長意味著什麼，因為永續成長的意義不大。假設現在有幾百人，最好是兩個人。那麼，當我們展望 2025 年時，試圖了解這些趨勢意味著什麼？

Thanks, Margaret, this is Keith. To better meet guarantee program is working exactly as we had hoped. It's I actually think it's better than we had thought with 204 sites in the program now we are actually accelerating the the access to the program. So we are going to add 50 new sites on May 15 and 50 more on June 3, we are seeing that is a a site. He's not in the program on average. They do about three patients a quarter. If a site has committed to be in the program and is working towards getting at meeting all five of our standards. They treat about 6.2 patients a quarter that if they're in the program and they've met all the standards and they're keeping up with all of them. And we have to monitor them on a monthly basis.

謝謝，瑪格麗特，這是基斯。為了更好地滿足保證計劃的效果，正如我們所希望的那樣。事實上，我認為該計劃中有 204 個站點，這比我們想像的要好，現在我們實際上正在加速對該計劃的訪問。因此，我們將在 5 月 15 日新增 50 個新站點，並在 6 月 3 日新增 50 個新站點，我們看到這是一個站點。平均而言，他不在該計劃中。他們每季治療大約三名患者。如果某個網站已承諾加入該計劃並正在努力滿足我們的所有五項標準。他們每季治療大約 6.2 名患者，如果他們參與該計劃並且他們已經達到了所有標準，並且他們正在跟上所有標準。我們必須每月監控它們。

They are treating 10.7 patients a quarter.

他們每季治療 10.7 名患者。

So we are doing everything we can right now to accelerate access into the program for the accounts that are are trying to meet the standards. So I think now that we have a program that does incorporate NeuroStar UNIVERSITY, which I would say probably has the greatest impact on the success of BMGP. I think we are demonstrating to these accounts that if they follow these steps, they will be successful in treating more patients and educating them and then getting them into treatment. So I think it is sustainable growth.

因此，我們現在正在盡一切努力加快那些試圖達到標準的帳戶進入該計劃的速度。所以我認為現在我們有一個包含 NeuroStar UNIVERSITY 的計劃，我認為這可能對 BMGP 的成功影響最大。我認為我們正在向這些客戶證明，如果他們遵循這些步驟，他們將成功治療更多患者並教育他們，然後讓他們接受治療。所以我認為這是可持續的成長。

Okay. And yes, maybe I'll keep going unless it seems like a key topic, but we are now that you've had the tenure of folks going that as you know, first tranches, BMG. Correct me if I'm wrong, I think at least six months at this point. So are you seeing some of the trends and statistics that you had referenced get even better the longer that they are a part of it and ultimately, where can you go because, yes, 200 to 250, 300 by midyear is a part of the at least the BMG. program or BMGP. sorry. And of the 1,100 to 1,200 accounts that are out there still seems like a sizable multiyear opportunity. Could you get most of them in there?

好的。是的，也許我會繼續下去，除非它看起來像一個關鍵主題，但我們現在已經有了人們的任期，正如你所知，第一部分，BMG。如果我錯了請糾正我，我認為現在至少有六個月。那麼，您是否看到您引用的一些趨勢和統計數據參與的時間越長，它們就會變得更好，最終，您可以去哪裡，因為，是的，到年中 200 到 250、300 是至少是BMG。程序或 BMGP。對不起。現有的 1,100 到 1,200 個帳戶似乎仍然是一個相當大的多年機會。你能把大部分都放進去嗎？

Our goal is by June 3, we'll have a little over 300 into the program. And I think that as we continue to get momentum, we will have somewhere 300 -- 350 to 450 in the program by the end of the year.

我們的目標是到 6 月 3 日，我們將有超過 300 人加入該計劃。我認為，隨著我們繼續保持勢頭，到今年年底，我們的計劃中將有 300 到 350 到 450 人。

And does the kind of tranches or 10 years of folks with in these programs and then a fewer to do their statistics continued better or do they top out at some point?

那些參與這些計劃的人或 10 年的人，然後更少的人進行統計，是否會繼續更好，或者他們是否會在某個時候達到頂峰？

They get better and better. Honestly, there are motor thresholds on the people in the program continue to go up there. We monitor whether they follow up with patient leads and follow up with PPHT. tens and continue to be responsive to patients on the phone. And all of them are doing exactly what we need them to do. And their business continues to grow and now with adolescence, I think is another opportunity for all of these accounts to be able to communicate with the parents of the adolescent.

他們變得越來越好。老實說，該計劃中的人們繼續往上走是有運動閾值的。我們監控他們是否跟進患者線索並跟進 PPHT。數十人，並繼續透過電話回應患者。他們所有人都在做我們需要他們做的事情。他們的業務不斷增長，現在隨著青春期的到來，我認為這是所有這些帳戶能夠與青少年的父母溝通的另一個機會。

It's just going to show as congrats.

它只是顯示為祝賀。

Thanks.

謝謝。

Yes, one moment for our next question. Our final question comes from the line of Danny Stauder of citizen, J and P. Your line is now open.

是的，請稍等一下我們的下一個問題。我們的最後一個問題來自公民 J 和 P 的 Danny Stauder 的線路。

Yes, great.

對，很好。

Thanks. And just wanted to ask quickly on average revenue per active site and nice to see another quarter of double-digit growth and it stepped down a bit sequentially. So I was just curious if this was more of a factor of normal seasonality? And then how should we think about this metric for the rest of the year, especially given the longer capital sales cycle we saw first quarter and what's maybe implied in second quarter? Thanks.

謝謝。只是想快速詢問每個活躍網站的平均收入，很高興看到另一個季度實現兩位數增長，但它卻連續下降了一點。所以我只是好奇這是否更多是正常季節性因素？那麼，我們應該如何考慮今年剩餘時間的這項指標，特別是考慮到我們第一季看到的資本銷售週期較長以及第二季可能意味著什麼？謝謝。

Hey, Danny, it's Steve. Yes, there was some seasonality, seasonality that impacted that. And then also there's always a bit of variability in our overall site count. And so we are forecasting that metric to continue to improve.

嘿，丹尼，我是史蒂夫。是的，有一些季節性影響了這一點。而且我們的網站總數總是存在一些變化。因此，我們預測該指標將繼續改善。

Yes, again, with the increase in treatment session revenue and utilization, again, I think and double digit growth throughout the rest of the year, and that metric is not out of the realm of possibility.

是的，我認為，隨著治療療程收入和利用率的增加，以及今年剩餘時間的兩位數增長，該指標並非不可能。

Great.

偉大的。

And then just one follow-up. Touching back on the clearance in adolescent really good to see. And you gave some great details on how you're approaching patient education, education and outreach here. But just wanted to clarify, how should we be thinking about the impact to overall marketing spend this already in your plan budget, you're shifting more dollars to this area or will the increase or will it increase the total? Just any more color you could give would be great.

然後只有一個後續行動。回顧青春期的間隙真的很高興看到。您在這裡提供了一些有關如何進行病患教育、教育和外展的詳細資訊。但只是想澄清一下，我們應該如何考慮對您計劃預算中的整體行銷支出的影響，您正在將更多資金轉移到該領域，還是會增加或會增加總額？如果你能提供更多的顏色那就太好了。

Thank you.

謝謝。

Thanks, Danny. This is Keith of our marketing spend has been consistent for the last three years with the better may guarantee program, we are able to make those same dollars that we've been spending more efficient. So we're able to market directly around the better meet guarantee providers and be able to monitor the patients as they go through the system into their practices and then whether they get treated or not. So our spend will be will be consistent with last year and there is no plan to increase that budget.

謝謝，丹尼。這是基思，我們的行銷支出在過去三年中一直與更好的可能保證計劃保持一致，我們能夠使我們一直花費的相同資金變得更有效。因此，我們能夠直接圍繞更好的滿足保障提供者進行行銷，並能夠在患者通過系統進行實踐時進行監控，然後監控他們是否得到治療。因此，我們的支出將與去年保持一致，並且沒有計劃增加預算。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you. This concludes the question and answer session. I'd like to turn it back to Keith Sullivan for closing remarks.

謝謝。問答環節到此結束。我想請基斯·沙利文（Keith Sullivan）致閉幕詞。

Thank you for your interest in neuro NetIQ's, and we look forward to updating you on our next quarterly call.

感謝您對 Neuro NetIQ 的興趣，我們期待在下一個季度電話會議上向您通報最新情況。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。