Neuronetics Inc (STIM) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Neuronetics second-quarter 2024 financial and operating results conference call.

歡迎參加 Neuronetics 2024 年第二季財務與營運業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Mark Klausner.

我現在想把會議交給馬克·克勞斯納。

Please go ahead.

請繼續。

Good morning, and thank you for joining us for the Neuronetics second-quarter 2024 conference call.

早安，感謝您參加我們的 Neuronetics 2024 年第二季電話會議。

Joining me on today's call are Neuronetics' President and Chief Executive Officer, Keith Sullivan; and Chief Financial Officer, Steve Furlong.

參加今天電話會議的還有 Neuronetics 總裁兼執行長 Keith Sullivan；和財務長史蒂夫·弗隆。

Today's call features a live webcast, which includes a slide presentation.

今天的電話會議包括現場網路廣播，其中包括幻燈片演示。

There is a short delay between the audio over the phone and the slides being shown on the webcast.

電話音訊和網路廣播上顯示的幻燈片之間存在短暫的延遲。

If you are listening over the phone, we would recommend downloading the slide presentation from our website and following along independently.

如果您透過電話收聽，我們建議您從我們的網站下載幻燈片簡報並獨立操作。

Before we begin, I would like to caution listeners that certain information discussed by management during this conference call will include forward-looking statements covered under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the proposed transaction with Greenbrook TMS, our business, strategy, financial and revenue guidance, and other operational issues and metrics.

在我們開始之前，我想提醒聽眾，管理層在本次電話會議中討論的某些資訊將包括 1995 年《私人證券訴訟改革法案》安全港條款涵蓋的前瞻性陳述，包括與擬議交易相關的陳述Greenbrook TMS，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。

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.

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。

For a discussion of risks and uncertainties associated with 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 later today, August 12.

為了討論與Neuronetics 業務相關的風險和不確定性，我鼓勵您查看該公司向美國證券交易委員會提交的文件，包括該公司將於今天晚些時候（即8 月12 日）提交的10-Q 表格。

The company disclaims any obligation to update any forward-looking statements made during the course of this call, except as required by law.

除非法律要求，否則該公司不承擔更新本次電話會議期間所做的任何前瞻性陳述的義務。

During the call, we'll also discuss certain information on a non-GAAP basis, including EBITDA.

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。

Management believes that non-GAAP financial information 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.

管理層認為，與美國公認會計準則財務指標結合使用的非公認會計準則財務資訊可以排除某些不能反映我們經營業績趨勢的非現金和其他費用，從而為管理層和投資者提供有用的信息。

Management uses non-GAAP financial measures to compare our performance relative to forecast and strategic plans to benchmark our performance externally against competitors and for certain compensation decisions.

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，以將我們的業績與競爭對手進行外部比較，並做出某些薪酬決策。

Reconciliations between US GAAP and non-GAAP results are presented in the tables accompanying our press release, which can be viewed on our website.

美國公認會計原則和非公認會計原則結果之間的調節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 Neuronetics' President and Chief Executive Officer, Keith Sullivan.

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

Mark, thanks for the introduction.

馬克，謝謝你的介紹。

Good morning, and thank you all for joining us today.

早安，感謝大家今天加入我們。

I'll begin by providing an overview of recent performance, followed by an operational update.

我將首先概述最近的表現，然後介紹營運情況的最新情況。

Steve will then review our financial results, and I'll conclude with the discussion of our merger with Greenbrook TMS.

然後，史蒂夫將回顧我們的財務業績，最後我將討論我們與 Greenbrook TMS 的合併。

I'd like to start by saying that our financial performance during the quarter was below our expectations, with revenue of $16.5 million which was down 7% year over year.

首先我想說的是，我們本季的財務表現低於我們的預期，營收為 1,650 萬美元，年減 7%。

The impact of Change Healthcare cybersecurity breach still lingers.

Change Healthcare 網路安全漏洞的影響仍然存在。

Our utilization in our local consumables segment was up 18% and would have been higher had there not been the related bottlenecks impacting prior authorization caused by Change Healthcare.

我們在本地消耗品領域的利用率成長了 18%，如果沒有 Change Healthcare 造成的影響事先授權的相關瓶頸，利用率還會更高。

Despite the positive underlying utilization trends, treatment session revenue was down 5% as our customers were forced to allocate cash to support their operations rather than purchasing new treatment sessions in line with historical patterns.

儘管潛在的利用率趨勢良好，但治療療程收入下降了 5%，因為我們的客戶被迫分配現金來支持其運營，而不是按照歷史模式購買新的治療療程。

This redevelopment of cash is a result of continued delays in payments from Change Healthcare.

此次現金再開發是由於 Change Healthcare 持續延遲付款的結果。

We believe that the negative headwinds from Change Healthcare are transient, and our revenue patterns will return to normal over the balance of the year.

我們相信，Change Healthcare 帶來的負面阻力是暫時的，我們的收入模式將在今年餘下時間恢復正常。

Based on the trends we are seeing in motor threshold determinations and treatment session utilization, we continue to see strong utilizing underlying demand, and through the continued execution of our commercial strategy, we will drive sustainable long-term growth once we move past these macro challenges.

根據我們在運動閾值確定和治療療程利用率方面看到的趨勢，我們繼續看到潛在需求的強勁利用，並且透過持續執行我們的商業策略，一旦我們克服了這些宏觀挑戰，我們將推動可持續的長期增長。

On the capital side of the business, as noted last quarter, our customers experienced challenging securing financing for capital equipment purchases.

在業務的資本方面，如上季所指出的，我們的客戶在獲得資本設備採購融資方面遇到了挑戰。

The process now takes weeks instead of days.

現在這個過程需要幾週而不是幾天。

We've addressed these headwinds head on by adjusting our NeuroStar Summit timing and engaging the financing companies earlier in the process.

我們透過調整 NeuroStar 高峰會的時間表並儘早與金融公司合作來應對這些不利因素。

As a result of our actions, despite the continuation of high interest rates and increased diligence requirements, we were able to recognize revenue on 50 NeuroStar systems, which is at the high end of our quarterly guidance of 45 to 50 systems.

由於我們採取的行動，儘管高利率持續存在且盡職調查要求不斷提高，我們仍能夠在 50 個 NeuroStar 系統上確認收入，這處於我們 45 至 50 個系統季度指導的高端。

This highlights the continued demand for NeuroStar and our ability to adjust our strategy to execute regardless of prevailing headwinds.

這凸顯了對 NeuroStar 的持續需求以及我們調整策略執行的能力，無論當前的不利因素如何。

We continue to be bullish on the future of Neuronetics based on the results we are seeing from our Better Me program.

根據 Better Me 計劃的結果，我們繼續看好 Neuronetics 的未來。

In July, we fully launched the program nationwide after a tremendously successful pilot.

在試點取得巨大成功後，今年7月，我們在全國全面啟動了該計劃。

Let me share with you some of the results.

讓我與大家分享一些結果。

Participating practices improved their 24-hour follow-up rates by 6.4 times compared to nonparticipating providers.

與未參與的醫療機構相比，參與醫療機構的 24 小時追蹤率提高了 6.4 倍。

Through NeuroStar University, at which attendance is a requirement for customers to participate in the program, providers who received advanced clinical training, on average, treated 61% more patients in need.

透過 NeuroStar 大學（參加該計劃是客戶參加該計畫的必要條件），接受過高級臨床培訓的醫療服務提供者平均治療了 61% 的有需要的患者。

We've also significantly reduced the time from initial patient interest to first treatment, leading to a 3.7 times more motor threshold determinations.

我們也顯著縮短了從患者最初感興趣到首次治療的時間，從而使運動閾值確定增加了 3.7 倍。

These improvements are making our life-changing NeuroStar treatment more accessible to millions of suffering patients from MDD, OCD, and anxious depression.

這些改進使數百萬患有重度憂鬱症、強迫症和焦慮憂鬱症的患者更容易獲得我們改變生活的 NeuroStar 治療。

Despite these outstanding results, we believe there is still room for improvement.

儘管取得了這些出色的成績，但我們相信仍有改進的空間。

With the expansion of the BMP program, we now have a critical mass of participating customers within many of our key markets throughout the US.

隨著 BMP 計劃的擴展，我們現在在美國的許多主要市場中擁有了足夠數量的參與客戶。

This increases our confidence that providers will respond in a timely manner to focused investments in growing patient awareness and education for NeuroStar.

這增強了我們的信心，即醫療服務提供者將及時回應重點投資，以提高患者意識和 NeuroStar 教育。

So during the second half of this year, we will be piloting a TV advertising campaign in Tampa, Florida.

因此，今年下半年，我們將在佛羅裡達州坦帕試行電視廣告活動。

This TV campaign will supplement our existing digital advertising campaigns that have proven to be highly effective.

這項電視活動將補充我們現有的數位廣告活動，這些活動已被證明非常有效。

We chose Tampa because it has a high concentration of BMP accounts.

我們選擇坦帕是因為它的 BMP 帳戶高度集中。

And we are confident this group of providers will be representative of the other BMP accounts across the country.

我們相信這組提供者將代表全國其他 BMP 帳戶。

This campaign seeks to test the effectiveness of using TV as a medium to increase awareness of NeuroStar TMS and facilitates new patients to connect with BMP practices in a specific market.

該活動旨在測試使用電視作為媒介來提高 NeuroStar TMS 認知度的有效性，並促進新患者與特定市場的 BMP 實踐建立聯繫。

We held a kickoff event in Tampa earlier this month for our BMP providers and other customers wanting to get into the program.

本月早些時候，我們在坦帕為 BMP 提供者和其他希望加入該計劃的客戶舉辦了啟動活動。

They came out of the event very excited to participate in this pilot as we seek to deliver even more value to BMP practices and help even more patients receive the life-changing benefits of NeuroStar.

活動結束後，他們非常高興能夠參與該試點項目，因為我們致力於為 BMP 實踐提供更多價值，並幫助更多患者獲得 NeuroStar 改變生活的益處。

Another highlight in the quarter was the launch of the NeuroStar TMS therapy for adolescents.

本季度的另一個亮點是針對青少年推出 NeuroStar TMS 療法。

Physicians are responding positively to this new option, recognizing the critical need for effective treatments in this age group.

醫生們對這一新選擇做出了積極的反應，並認識到這個年齡層迫切需要有效的治療。

We're seeing encouraging adoption rates and positive feedback from providers highlighted by over 425 adolescent patients having been treated since April.

我們看到令人鼓舞的採用率和提供者的正面回饋，自 4 月以來已有超過 425 名青少年患者接受了治療。

With an estimated 4.3 million adolescents in the US impacted by depression, many of whom are poorly served by the limited number of approved antidepressants, our FDA-cleared treatment for ages 15 to 21 represents a paradigm shift in addressing this growing mental health crisis.

據估計，美國有430 萬名青少年受到憂鬱症的影響，其中許多人因有限數量的批准抗憂鬱藥物而無法得到很好的治療，我們經FDA 批准的15 至21 歲青少年治療代表了解決這一日益嚴重的心理健康危機的典範轉移。

Following our FDA clearance, we've made significant strides in expanding insurance coverage for adolescents ages 15 to 21.

在獲得 FDA 批准後，我們在擴大 15 至 21 歲青少年的保險覆蓋範圍方面取得了重大進展。

Major providers, including Blue Cross Blue Shield of Michigan, Cambia Health Solutions, Premera Blue Cross Blue Shield, California Medicaid, and Aetna, covering over 27.4 million lives nationwide combined, have updated their policies to include adolescents as young as 15.

主要供應商，包括密西根州的Blue Cross Blue Shield、Cambia Health Solutions、Premera Blue Cross Blue Shield、加州醫療補助和Aetna，覆蓋全國超過2740 萬人，已更新其政策，將年僅15 歲的青少年納入其中。

Our dedicated health policy team continues to advocate for further policy updates and providers -- with providers and payers.

我們專門的健康政策團隊繼續與提供者和付款人一起倡導進一步的政策更新和提供者。

As the first and only TMS company with FDA clearance for adolescent treatment, we're at the forefront of expanding access to this vital therapy for a particularly at-risk and underserved patient population.

作為第一家也是唯一一家獲得 FDA 批准用於青少年治療的 TMS 公司，我們處於為高風險和服務不足的患者群體擴大獲得這種重要治療的最前沿。

To highlight the benefits of NeuroStar can have on adolescent patients, I wanted to share a note we received from a patient who recently completed a course of treatment.

為了強調 NeuroStar 對青少年患者的好處，我想分享我們從最近完成一個療程的患者那裡收到的一封信。

And I quote, I started TMS when I was 16.5. Before then, I felt hopeless.

我引用一下，我在 16.5 歲時就開始使用 TMS。在那之前，我感到絕望。

I have been on too many medications to count and none of them worked for my depression or anxiety.

我服用的藥物太多了，但沒有一種對我的憂鬱或焦慮有效。

I had no hopes or dreams in life or for my future.

我對生活或未來沒有希望或夢想。

My depression was so bad, I dropped out of high school, stopped socializing, lost friends and isolated myself.

我的憂鬱症非常嚴重，我從高中退學，停止社交，失去了朋友，孤立了自己。

At first, I was scared about starting TMS.

起初，我對啟動 TMS 感到害怕。

I didn't want to get my hopes up because nothing else had worked for my depression.

我不想抱太大希望，因為沒有其他方法可以緩解我的憂鬱症。

It was hard at first.

起初很難。

But over the span of a few weeks, I started to feel less anxious all the time and happier.

但在幾週的時間裡，我開始感到不再那麼焦慮，變得更快樂。

It became easier to do the things I used to love.

做我以前喜歡的事情變得更容易了。

Towards the end of TMS, even other people started to notice how happy I was.

在 TMS 結束時，甚至其他人也開始注意到我有多快樂。

I could finally laugh, make jokes, and enjoy every moment.

我終於可以開懷大笑，開玩笑，享受每一刻。

I am so much happier now, and I am making plans for my future and have real ambitions and goals in my life.

我現在很快樂，我正在為我的未來制定計劃，並且在我的生活中有真正的抱負和目標。

TMS helped me truly realize that things can get better, end quote.

TMS 幫助我真正意識到事情可以變得更好，引用結束。

It is because of patient results like this that we work so hard at NeuroStar to bring this therapy to patients suffering from mental health conditions.

正是因為這樣的患者結果，我們在 NeuroStar 才會如此努力地將這種療法帶給患有心理健康問題的患者。

I would now like to turn the call over to Steve to provide an update on our financial performance.

我現在想將電話轉給史蒂夫，以提供有關我們財務業績的最新資訊。

Thank you, Keith.

謝謝你，基斯。

Unless otherwise noted, all performance comparisons are being made for the second quarter of 2024 versus the second quarter of 2023.

除非另有說明，所有效能比較均針對 2024 年第二季與 2023 年第二季進行。

Total revenue was $16.5 million, a decrease of 7%, primarily impacted by lower treatment session revenue in the quarter.

總收入為 1,650 萬美元，下降 7%，主要受到本季治療療程收入減少的影響。

US NeuroStar Advanced Therapy System revenue was $4 million.

美國NeuroStar先進治療系統收入為400萬美元。

In the quarter, we recognized revenue on 50 systems, in line with our expectations.

本季度，我們確認了 50 個系統的收入，符合我們的預期。

US treatment session revenue was $11.7 million, a decrease of 5% year over year.

美國治療療程收入為 1,170 萬美元，年減 5%。

Revenue per active site was approximately $10,000 in the quarter, compared to approximately $11,400 in the prior year quarter, due to the unfavorable impacts on treatment session ordering patterns that Keith discussed.

本季每個活躍站點的收入約為 10,000 美元，而去年同期約為 11,400 美元，這是由於基思討論的治療療程訂購模式受到不利影響。

Gross margin was 74%, an increase of approximately 150 basis points from the second quarter of 2023 gross margin of 72.5%, due in part to the positive impact of our shift to a new contract manufacturer.

毛利率為 74%，比 2023 年第二季毛利率 72.5% 增加約 150 個基點，部分原因是我們轉向新的合約製造商的正面影響。

Operating expenses were $20.7 million, an increase of $600,000 or 3%, compared to $20.1 million in the second quarter of 2023.

營運費用為 2,070 萬美元，較 2023 年第二季的 2,010 萬美元增加了 60 萬美元，增幅為 3%。

The slight increase was primarily due to expenses related to the expanded utilization of NeuroStar University.

略有增長主要是由於與神經之星大學擴大利用相關的費用。

During the quarter, we incurred approximately $1.6 million of noncash stock-based compensation expense.

本季度，我們產生了約 160 萬美元的非現金股票補償費用。

Net loss for the quarter was $9.8 million or $0.33 per share, as compared to a net loss of $4.9 million or $0.17 per share in the prior year quarter.

本季淨虧損為 980 萬美元，即每股 0.33 美元，去年同期淨虧損為 490 萬美元，即每股 0.17 美元。

During the second quarter of 2023, we benefited from a $3.6 million employee retention credit, which did not recur in 2024.

2023 年第二季度，我們受益於 360 萬美元的員工保留信貸，該信貸在 2024 年沒有再次出現。

EBITDA for the second quarter of 2024 was negative $8.0 million, as compared to the second quarter of 2023 EBITDA of negative $3.3 million, which similarly benefited from the ERC credit in 2023.

2024 年第二季的 EBITDA 為負 800 萬美元，而 2023 年第二季的 EBITDA 為負 330 萬美元，同樣受益於 2023 年的 ERC 信貸。

Turning to the balance sheet.

轉向資產負債表。

As of June 30, 2024, cash and cash equivalents were $42.6 million.

截至2024年6月30日，現金及現金等價物為4,260萬美元。

In late July, we entered into a new debt facility of up to $90 million with Perceptive Advisors, a leading health care investment fund.

7 月底，我們與領先的醫療保健投資基金 Perceptive Advisors 簽訂了一項高達 9,000 萬美元的新債務融資。

The agreement provided an initial tranche of $50 million at closing, with two additional tranches of $15 million and $25 million available upon meeting certain conditions.

該協議在交易結束時提供了第一筆 5000 萬美元的資金，在滿足某些條件後還提供兩筆分別為 1500 萬美元和 2500 萬美元的額外資金。

This new facility allowed us to pay off in full the existing SLR capital term loan, reducing our total debt and also providing additional financial flexibility.

這項新貸款使我們能夠全額償還現有的 SLR 資本定期貸款，減少了我們的總債務，並提供了額外的財務靈活性。

This additional funding is available to support Neuronetics' ongoing investments in commercial initiatives, clinical indication expansion and efforts to drive adoption of NeuroStar.

這筆額外資金可用於支持 Neuronetics 在商業計劃、臨床適應症擴展以及推動 NeuroStar 採用方面的持續投資。

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.

我們繼續對獲利之路充滿信心，並繼續預計 2024 年第四季現金流為正。

Now turning to guidance.

現在轉向指導。

For the third quarter, we expect revenue of $18.5 million to $19.5 million.

我們預計第三季的營收為 1,850 萬美元至 1,950 萬美元。

We continue to expect full year revenue in the range of $78 million to $80 million.

我們仍然預計全年收入在 7800 萬美元至 8000 萬美元之間。

Revenue guidance for the third quarter and full year assumes a return to normalized treatment session ordering patterns and customer inventory management during the back half of the year.

第三季和全年的收入指引假設下半年恢復正常的治療療程訂購模式和客戶庫存管理。

We continue to expect total operating expenses for the full year to be in the range of $78 million to $80 million.

我們仍預計全年總營運費用將在 7,800 萬美元至 8,000 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。

Thanks, Steve.

謝謝，史蒂夫。

As mentioned in our press release earlier today, we are excited to announce that we have signed a definitive agreement to acquire Greenbrook TMS.

正如我們今天早些時候的新聞稿中提到的，我們很高興地宣布，我們已經簽署了收購 Greenbrook TMS 的最終協議。

If you have followed Neuronetics in the past, you will be aware that Greenbrook is the nation's largest TMS provider and the largest user of NeuroStar systems.

如果您過去曾關注 Neuronetics，您就會知道 Greenbrook 是美國最大的 TMS 供應商，也是 NeuroStar 系統的最大用戶。

This acquisition brings together two of the leaders in the mental health industry, creating a unique vertically integrated company with a significant footprint to bring the benefits of cutting-edge mental health therapies to as many patients as possible.

這項收購匯集了心理健康產業的兩位領導者，創建了一家獨特的垂直整合公司，其業務範圍廣泛，旨在為盡可能多的患者帶來尖端心理健康療法的好處。

Before diving into the transaction, we wanted to review the significant opportunities that exist for innovative solutions for the treatment of mental health conditions within the US.

在深入研究這項交易之前，我們想回顧一下美國境內治療心理健康疾病的創新解決方案所存在的重大機會。

There are currently over 29 million patients, including adults and adolescents, who suffer from depression, anxious depression and OCD.

目前有超過2900萬名患者，包括成人和青少年，患有憂鬱症、焦慮症和強迫症。

Within that massive patient population, more than 4.4 million people are being treated with medication and are poorly served as they are not finding the relief they desperately seek.

在龐大的患者群體中，超過 440 萬人正在接受藥物治療，但由於沒有找到他們迫切尋求的緩解措施，因此得不到良好的治療。

This represents a large opportunity for businesses like Neuronetics and Greenbrook as just a fraction of patients who qualify for TMS are currently being treated with nondrug alternatives.

這對 Neuronetics 和 Greenbrook 等企業來說是一個巨大的機會，因為目前只有一小部分符合 TMS 資格的患者正在接受非藥物替代治療。

Let me walk you through some key points of the transaction.

讓我向您介紹交易的一些關鍵點。

Prior to the merger, all of Greenbrook's existing long-term debt will be converted to Greenbrook TMS common shares.

在合併之前，Greenbrook 現有的所有長期債務將轉換為 Greenbrook TMS 普通股。

On a pro forma basis, Neuronetics shareholders will own approximately 57% of the combined entity, with Greenbrook owning the remaining 43%.

根據預計，Neuronetics 股東將擁有合併後實體約 57% 的股份，Greenbrook 擁有剩餘 43% 的股份。

Each share of Greenbrook is expected to convert into 0.01149 shares of Neuronetics common stock, subject to adjustment prior to closing.

Greenbrook 每股預計將轉換為 0.01149 股 Neuronetics 普通股，並可能在交割前進行調整。

Our existing Neuronetics management team will remain in their leadership roles, and key members of Greenbrook TMS management team, including Bill Leonard, Greenbrook's President and Chief Executive Officer; Peter Willett, Greenbrook Chief Financial Officer; and Dr. Geoffrey Grammer, Greenbrook's Chief Medical Officer, among others, will join the Neuronetics management team.

我們現有的 Neuronetics 管理團隊將繼續擔任領導職務，Greenbrook TMS 管理團隊的主要成員，包括 Greenbrook 總裁兼執行長 Bill Leonard； Peter Willett，Greenbrook 財務長； Greenbrook 首席醫療官 Geoffrey Grammer 博士等人將加入 Neuronetics 管理團隊。

The combined company will continue to operate as Neuronetics, Inc., and will maintain its listing on NASDAQ under the ticker symbol STIM.

合併後的公司將繼續以 Neuronetics, Inc. 名義運營，並將繼續在納斯達克上市，股票代號為 STIM。

As with any merger of this scale, the deal is subject to customary closing conditions.

與任何此類規模的合併一樣，該交易須滿足慣例成交條件。

This includes approval by shareholders of both Neuronetics and Greenbrook TMS.

這包括 Neuronetics 和 Greenbrook TMS 股東的批准。

We anticipate the closing to take place in the fourth quarter of 2024.

我們預計交割將於 2024 年第四季完成。

Now for an overview of Greenbrook TMS.

現在概述 Greenbrook TMS。

They are the largest provider of TMS therapy in the United States, operating approximately 120 treatment centers across 18 states in the U.S. This extensive network allows them to reach a wide range of patients in need of mental health services in some of the country's largest markets.

他們是美國最大的 TMS 治療供應商，在美國 18 個州經營約 120 個治療中心。

Greenbrook offers three distinct services for patients: med management, NeuroStar TMS therapy and SPRAVATO treatment.

Greenbrook 為患者提供三種不同的服務：藥物管理、NeuroStar TMS 治療和 SPRAVATO 治療。

This comprehensive approach allows them to address various aspects of mental health care through a broad spectrum of the continuum of care.

這種綜合方法使他們能夠透過廣泛的連續護理來解決精神健康保健的各個方面。

Greenbrook has been prolific in treating patients suffering from mental health disorders with over 47,000 patients having been treated, which speaks to the scale of their operation and the growing demand for these services.

Greenbrook 在治療精神疾病患者方面表現出色，已治療超過 47,000 名患者，這說明了他們的營運規模以及對這些服務不斷增長的需求。

We strongly believe that the combination of the nation's leading developer of TMS technology and the nation's largest provider of NeuroStar Therapy creates a single organization that will have the ability to advance the care of patients suffering from mental health disorders to levels not seen before in this industry.

我們堅信，美國領先的 TMS 技術開發商與美國最大的 NeuroStar Therapy 提供者的結合將創建一個單一的組織，該組織將有能力將患有精神健康障礙的患者的護理提升到該行業前所未有的水平。

First and foremost, this merger creates a vertically integrated organization capable of providing access to a broader array of mental health therapies, including med management, NeuroStar and SPRAVATO, with significant scale in the US.

首先也是最重要的是，這次合併創建了一個垂直整合的組織，能夠提供更廣泛的心理健康療法，包括藥物管理、NeuroStar 和 SPRAVATO，在美國規模很大。

This integration allows us to optimize every step of the patient journey, from awareness to treatment which has a variety of downstream benefits.

這種整合使我們能夠優化患者旅程的每一步，從認知到治療，這具有多種下游好處。

In addition, it gives us the ability to drive increased awareness of NeuroStar therapy through a single unified brand.

此外，它使我們能夠透過單一統一品牌提高 NeuroStar 療法的知名度。

As it sits today, the market is relatively fragmented and highly focused on the reputations and capabilities of small businesses to educate patients on TMS and NeuroStar.

就目前而言，市場相對分散，並且高度關注小型企業在 TMS 和 NeuroStar 教育患者方面的聲譽和能力。

This consolidated marketing approach will be more efficient and effective, reaching more patients who could benefit from this treatment.

這種整合的營銷方法將更有效率和有效，惠及更多可以從這種治療中受益的患者。

Specific to Greenbrook, this merger allows for consistent delivery of best practices across the nation's leading TMS provider network.

具體到 Greenbrook 而言，此次合併可以在全國領先的 TMS 提供者網路中一致地提供最佳實踐。

We can ensure that patients receive the highest quality care regardless of which treatment center they visit.

無論患者前往哪個治療中心，我們都可以確保他們獲得最高品質的照護。

Importantly, this transaction provides a variety of positive benefits for our entire customer base, including increased brand recognition, the potential to improve customer business operations by providing centralized services, and the ability to expand training opportunities on how to incorporate additional patient offerings in addition to NeuroStar into their practices.

重要的是，這項交易為我們的整個客戶群提供了各種積極的好處，包括提高品牌知名度、透過提供集中服務改善客戶業務運營的潛力，以及擴大培訓機會的能力，以了解如何將其他患者產品納入除NeuroStar 融入他們的實踐。

I will cover each of these opportunities shortly.

我將很快介紹這些機會。

From a financial perspective, this merger transforms the profile of the combined entity.

從財務角度來看，此次合併改變了合併後實體的形象。

With a significantly larger revenue base, increased resources and a diversified model, we will be able to take advantage of opportunities not available to either company independently.

憑藉更大的收入基礎、更多的資源和多元化的模式，我們將能夠利用兩家公司獨立無法獲得的機會。

In addition, we see substantial opportunities to take advantage of cost synergies, which we will discuss in more detail shortly.

此外，我們還看到了充分利用成本協同效應的機會，我們很快就會對此進行更詳細的討論。

Lastly, and crucially, this merger accelerates our path to profitability.

最後也是最重要的是，這次合併加速了我們的獲利之路。

The combined strength of our two companies puts us in a much stronger financial position and brings forward our time line for achieving substantial profitability.

兩家公司的綜合實力使我們的財務狀況更加強大，並提前了實現可觀盈利的時間。

In essence, this merger is about creating a stronger, more efficient and more effective organization that can better serve patients and NeuroStar providers alike.

從本質上講，這次合併是為了創建一個更強大、更有效率和更有效的組織，可以更好地為患者和 NeuroStar 提供者等提供服務。

It positions us to be the clear leader in the TMS therapy space and sets the stage for significant growth and value creation in the years to come.

它使我們成為 TMS 治療領域明顯的領導者，並為未來幾年的顯著成長和價值創造奠定了基礎。

With approximately 1,200 NeuroStar sites across the US, we would not be pursuing this transaction if it would negatively impact our customers' businesses.

NeuroStar 在美國擁有約 1,200 個站點，如果這項交易會對我們客戶的業務產生負面影響，我們就不會進行這項交易。

As a matter of fact, I'm enthusiastic about the scale of the new organization will provide the opportunity to deliver a variety of positive benefits across our entire customer base.

事實上，我對新組織的規模充滿熱情，它將提供機會為我們的整個客戶群帶來各種積極的好處。

Firstly, through new marketing under development, we will significantly increase brand recognition for NeuroStar.

首先，透過正在開發的新行銷，我們將顯著提高 NeuroStar 的品牌認知度。

This enhanced visibility will help educate more patients about the benefits of our therapies, which we expect will drive increased patient volume to our customers' practices.

這種增強的知名度將有助於讓更多患者了解我們療法的好處，我們預計這將增加客戶實踐中的患者數量。

What is unique about this transaction is that it gives us the ability to expand training opportunities for our current customers on additional services we will now have the expertise to help operationalize within their practices.

這項交易的獨特之處在於，它使我們能夠為我們現有的客戶擴大額外服務的培訓機會，我們現在將擁有專業知識來幫助他們在實踐中實施。

This training will be through NeuroStar University and hands-on partnership through our practice development managers.

該培訓將透過 NeuroStar 大學和我們的實踐開發經理進行實踐合作。

This includes comprehensive programs on how to effectively educate patients on medication management and SPRAVATO treatment alongside their existing TMS offering, and incorporate these into their practices.

這包括如何有效教育患者藥物管理和 SPRAVATO 治療以及現有 TMS 產品的綜合計劃，並將其納入他們的實踐中。

This approach can help our customers provide more comprehensive care and potentially increase their revenue while working with a trusted partner who is already intimately familiar with their operations.

這種方法可以幫助我們的客戶提供更全面的護理，並有可能增加他們的收入，同時與已經非常熟悉他們的營運的值得信賴的合作夥伴合作。

With the ability to offer expanded care solutions to our customers, we can also provide a number of other solutions to improve their business operations.

憑藉為客戶提供擴展護理解決方案的能力，我們還可以提供許多其他解決方案來改善他們的業務運作。

Number one, payer contracts.

第一，付款人合約。

With the scale of Greenbrook and our BMP network, which collectively represents approximately 350 customer sites, we'll have more leverage in negotiations with insurance companies to develop more favorable regional and national contracts, which we would extend to our customer base.

憑藉Greenbrook 的規模和我們的BMP 網路（總共代表大約350 個客戶站點），我們將在與保險公司的談判中擁有更多籌碼，以製定更有利的區域和國家合同，並將其擴展到我們的客戶群。

This could lead to greater reimbursement rates, potential improvement in the economics of TMS, which would lead to increased practice profitability for our customers.

這可能會帶來更高的報銷率、TMS 經濟效益的潛在改善，從而提高我們客戶的實踐獲利能力。

In addition, this contracting leverage will apply to both Med Management and SPRAVATO, which makes it easier for our customers to incorporate these into their practices.

此外，這種合約槓桿將適用於 Med Management 和 SPRAVATO，這使我們的客戶更容易將這些納入他們的實踐中。

Number two, reimbursement processing and billing.

第二，報銷處理和計費。

We will also be able to offer more robust support in navigating the complex landscape of insurance reimbursement by providing billing services to our customers, which could speed up the payment processing and reduce denied claims, allowing our customers to focus on what they do best: treating patients.

我們還將能夠透過向客戶提供計費服務，在應對複雜的保險報銷領域提供更強有力的支持，這可以加快付款處理速度並減少被拒絕的索賠，使我們的客戶能夠專注於他們最擅長的事情：患者。

Number three, improving revenue cycle management.

第三，改善收入周期管理。

By leveraging our combined expertise and resources, we can help our customers optimize their billing and collection process, potentially improving their cash flow and profitability.

透過利用我們綜合的專業知識和資源，我們可以幫助客戶優化他們的計費和收款流程，從而潛在地改善他們的現金流量和獲利能力。

As an example, most current Greenbrook contracts require payment within 30 to 45 days rather than the typical 90 days that most customers are forced to tolerate.

例如，大多數目前的 Greenbrook 合約要求在 30 至 45 天內付款，而不是大多數客戶被迫忍受的典型 90 天。

Number four, access to a centralized call center.

第四，訪問集中式呼叫中心。

By leveraging Greenbrook's existing call center operation, we can help manage patient calls and education more efficiently, potentially increasing conversion rates and reducing the administrative burden required to meet the demand for TMS.

透過利用 Greenbrook 現有的呼叫中心運營，我們可以幫助更有效地管理患者呼叫和教育，從而有可能提高轉換率並減輕滿足 TMS 需求所需的管理負擔。

This merger isn't about growing a stronger Neuronetics.

這次合併並不是為了發展更強大的 Neuronetics。

It's about creating an even more powerful ecosystem to enable our customers to provide better care, run more efficient practices, and ultimately treat more patients in need of mental health support.

這是為了創建一個更強大的生態系統，使我們的客戶能夠提供更好的護理，進行更有效的實踐，並最終治療更多需要心理健康支持的患者。

Beyond the compelling strategic benefits this transaction offers to existing customers, there are compelling financial benefits for the combined company.

除了這筆交易為現有客戶帶來引人注目的策略利益外，合併後的公司還帶來了引人注目的財務利益。

Number one, increased revenue scale and strong growth trajectory.

第一，營收規模擴大和強勁的成長軌跡。

In fiscal year 2023, the pro-forma revenue of the combined company would have been approximately $145 million, effectively doubling the scale of the stand-alone businesses.

2023 財年，合併後公司的預期收入約為 1.45 億美元，有效地將獨立業務的規模擴大了一倍。

Additionally, the combined company expects mid-teen year-over-year revenue growth in fiscal years 2025 and 2026.

此外，合併後的公司預計 2025 和 2026 財年的營收將實現中位數年增。

Number two, material cost synergies.

第二，材料成本綜效。

Through the optimization of marketing spend as well as back-office functions, the combined company expects to be able to realize at least $15 million of annual cost savings, the majority of which will come in fiscal year 2025.

透過優化行銷支出和後台職能，合併後的公司預計每年能夠節省至少 1,500 萬美元的成本，其中大部分將在 2025 財年實現。

Number three, accelerated path to profitability.

第三，加速獲利之路。

Coming as a result of strong expected revenue growth and the realization of cost synergies, the combined company anticipates to be both adjusted EBITDA positive and cash flow positive for full fiscal year 2025.

由於強勁的預期收入成長和成本協同效應的實現，合併後的公司預計 2025 財年調整後的 EBITDA 為正，現金流為正。

And lastly, a bolstered balance sheet.

最後，資產負債表加強。

As a result of pre-transaction conversion of Greenbrook's debt into common shares, in combination with the scale of the business post acquisition, the consolidated company will be able to leverage and improve balance sheet to execute on its long-term growth strategy.

由於格林布魯克的債務在交易前轉換為普通股，再加上收購後的業務規模，合併後的公司將能夠利用和改善資產負債表來執行其長期成長策略。

I am really excited about what Neuronetics and Greenbrook can accomplish together.

我對 Neuronetics 和 Greenbrook 共同實現的目標感到非常興奮。

We will be able to amplify brand awareness and, with this unified approach, boost brand recognition, with the goal of making NeuroStar the household name for TMS therapy.

我們將能夠擴大品牌知名度，並透過這種統一的方法提高品牌認知度，目標是讓 NeuroStar 成為 TMS 療法家喻戶曉的品牌。

What this means is that all the NeuroStar systems inside our customers' practices will become even more recognizable to their patients, making it easier to treat patients in need.

這意味著我們客戶診所內的所有 NeuroStar 系統都將變得更容易被患者識別，從而更容易治療有需要的患者。

We believe this transformative transaction brings together two of the leading mental health companies to create an organization with the ability to leverage its scale and capabilities to become the organization to provide innovative care solutions for practices looking to treat patients suffering from mental health conditions and ultimately deliver value to shareholders.

我們相信，這項變革性交易將兩家領先的心理健康公司聚集在一起，創建一個能夠利用其規模和能力的組織，成為為尋求治療患有心理健康問題的患者提供創新護理解決方案的組織，並最終實現對股東的價值。

And with that, I would like to open the line for questions.

說到這裡，我想開通提問專線。

(Operator Instructions) Margaret Andrew, William Blair.

（操作員說明）瑪格麗特·安德魯，威廉·布萊爾。

Maybe two for me; one on the acquisition and one on the Change Healthcare dynamics.

也許對我來說有兩個；一篇關於收購，一篇關於改變醫療保健動態。

Maybe I'll start with Change Healthcare.

也許我會從改變醫療保健開始。

Can you provide us any additional metrics to support that this is, in fact, an isolated event and that other centers maybe that weren't impacted by Change or continuing to grow?

您能否向我們提供任何其他指標來支持這實際上是一個孤立的事件，而其他中心可能沒有受到變革的影響或繼續增長？

And then as we think about Q3 and going forward, when is that churn expected to happen, as it's lingering maybe a little bit longer than certainly we expected, and maybe you as well?

然後，當我們考慮第三季並展望未來時，預計這種流失何時會發生，因為它持續的時間可能比我們預期的要長一些，也許你也是如此？

Thanks, Margaret.

謝謝，瑪格麗特。

This is Keith.

這是基斯。

As you know, we look at metrics each week and in my [staff] call.

如您所知，我們每週都會在我的[員工]電話會議中查看指標。

And we can see the utilization as it continues to grow.

我們可以看到利用率持續成長。

We also can look at the inventory that each of our customers had.

我們也可以查看每個客戶的庫存。

And so we are seeing positive trends in both of those and feel comfortable that Q3 we'll hit the guidance that we have laid out.

因此，我們在這兩個方面都看到了積極的趨勢，並且對第三季我們將達到我們所製定的指導感到放心。

So I think the information that we get on Change Healthcare is that they focus first on the pharmacy, then the hospitals, then large groups, and then private physicians.

因此，我認為我們從 Change Healthcare 獲得的資訊是，他們首先關注藥房，然後是醫院，然後是大型團體，最後是私人醫生。

And our information is that they are working their way to the private physicians.

我們的訊息是，他們正在努力聯繫私人醫生。

And so we anticipate over the next few months, by the end of the year, we'll be back to normal.

因此，我們預計在接下來的幾個月裡，到今年年底，我們將恢復正常。

Okay.

好的。

And then as we think about the merger, I guess, why is this the right time versus waiting another year?

然後，當我們考慮合併時，我想，為什麼現在是正確的時機，而不是再等一年？

And then as we think about capital allocation, opportunities between the two companies, will you continue to spend equally kind of on the core Neuronetics franchise, especially with kind of the move towards the adolescent opportunity?

然後，當我們考慮資本分配、兩家公司之間的機會時，您會繼續在核心 Neuronetics 特許經營上投入同等的資金，特別是朝著青少年機會邁進嗎？

Are you going to keep building out or acquiring new clinics?

您打算繼續擴建或收購新診所嗎？

I'm just trying to get a sense of what we expect from both a growth profile from the two franchises and then, like you said, capital allocation.

我只是想了解我們對這兩個特許經營權的成長狀況以及資本配置的期望。

So I'll take the Neuronetics side first.

所以我會先選擇神經論方面。

We will continue to sell capital equipment and expand our customer base.

我們將繼續銷售固定設備並擴大我們的客戶群。

I believe that through the Neuronetics-Greenbrook TMS combination, we can now solve some of the problems that our customers have had all along.

我相信，透過 Neuronetics 與 Greenbrook TMS 的結合，我們現在可以解決客戶一直以來遇到的一些問題。

We're able to teach them how to answer the phone, how to patient consult, how to do billing, how to get better reimbursement.

我們能夠教他們如何接電話、如何向病人諮詢、如何計費、如何獲得更好的報銷。

But those teachings are ongoing and constantly being done over and over and over through our reimbursement policy team as well as our PDMs.

但這些教導是持續不斷的，並且透過我們的報銷政策團隊以及我們的 PDM 不斷地一再進行。

With the combination with Neuronetics and Greenbrook, we can actually help our accounts further by actually doing some of these things, doing billing for them, helping them answer their phones by offering the call center service.

透過與 Neuronetics 和 Greenbrook 的結合，我們實際上可以透過實際做一些事情來進一步幫助我們的客戶，為他們開出帳單，透過提供呼叫中心服務來幫助他們接聽電話。

And it would be transparent to them, answering the phone as though we're their own office.

這對他們來說是透明的，接聽電話就好像我們是他們自己的辦公室一樣。

So I think we have evolved the business to the point where we have identified all the pain points in the industry that our customers experience on a daily basis, and now we have -- can not only teach them how to solve those problems, but for those who want further help, we can do it for them.

因此，我認為我們已經將業務發展到了這樣的程度：我們已經確定了客戶每天遇到的行業中的所有痛點，現在我們不僅可以教他們如何解決這些問題，還可以教他們如何解決這些問題。需要進一步幫助的人，我們可以為他們做。

Okay.

好的。

And the capital allocation part on behalf of Greenbrook?

代表格林布魯克的資本配置部分？

Margaret, it's Steve.

瑪格麗特，是史蒂夫。

I think the critical answer to why do it now was really Greenbrook's lenders' willingness to convert their roughly $140 million in debt to common shares.

我認為，為什麼​​現在這樣做的關鍵答案實際上是格林布魯克的貸款人願意將其約 1.4 億美元的債務轉換為普通股。

Obviously, with our debt load of just $50 million now, supporting the combined companies, it's really a financial game change for us.

顯然，我們現在的債務負擔僅為 5000 萬美元，為合併後的公司提供支持，這對我們來說確實是財務遊戲規則的改變。

And so obviously, the debt to revenue ratio is much stronger.

顯然，債務與收入之比要高得多。

And with Perceptive, we do have the ability for additional tranches, if necessary.

透過 Perceptive，我們確實有能力在必要時進行額外的付款。

But again, from my perspective, it was really that variable which turned the tables and really changed our minds to do this now as opposed to waiting another year or another two.

但從我的角度來看，確實是這個變數扭轉了局面，真正改變了我們現在就這樣做的想法，而不是再等一兩年。

So Margaret, our initial focus with Greenbrook, and this has been the discussion with Bill Leonard and his team, is to expand utilization in each one of their existing centers.

因此，瑪格麗特是我們與格林布魯克的最初關注點，也是與比爾·倫納德和他的團隊討論的重點，是擴大每個現有中心的利用率。

So at this point, there isn't a plan to build additional brick-and-mortar or to buy other sites.

因此，目前還沒有計劃建造額外的實體店或購買其他網站。

It's really to be able to take them from where they are today and get their current stores and systems up to full utilization.

真正重要的是能夠將他們從現在的位置帶出來，並充分利用他們當前的商店和系統。

Adam Maeder, Piper Sandler.

亞當梅德，派珀桑德勒。

Congrats on the Greenbrook merger.

祝賀格林布魯克合併。

Just one quick one for me.

對我來說只是一個快速的。

I guess, to start, would be, are you able to quantify the impact in the quarter from the Change Healthcare cybersecurity issue?

我想，首先，您是否能夠量化 Change Healthcare 網路安全問題對本季的影響？

I mean, yes, it was pretty much all of the miss.

我的意思是，是的，這幾乎是所有的失誤。

So we would say in that $2 million range.

所以我們會說在 200 萬美元的範圍內。

Adam, what we saw is, during the quarter, our utilization across all of our customer segments was up nicely, high double-digit teens to low 20% year over year.

Adam，我們看到的是，在本季度，我們所有客戶群的利用率都大幅上升，年比從兩位數的高點到 20% 的低點。

What we found is with the cash flow issues our customers had, where they would traditionally place a medium to large size order at quarter-end to support the next quarter's patient flow, is there was a purchasing pattern change where they held off and really just worked through some of the inventory that they had on the TrakStar and really, I would say, depleted what would be their normal inventory levels.

我們發現，我們的客戶面臨現金流問題，他們傳統上會在季度末下達中型到大型訂單，以支持下一季度的患者流量，但採購模式是否發生了變化，他們推遲了採購，實際上只是他們清理了TrakStar 上的一些庫存，我想說，確實耗盡了他們的正常庫存水準。

And so that really impacted revenue.

這確實影響了收入。

But to my earlier point, the utilization is still up significantly year-over-year.

但就我先前的觀點而言，利用率仍較去年同期大幅上升。

And so that's why we left the year-end guidance alone.

這就是我們不考慮年終指引的原因。

The patients are still there.

病人還在那裡。

They may have been slowed down a little bit with the prior auths.

由於之前的授權，他們的速度可能會慢一些。

But from what we're hearing from our customers, the queue is full and, ultimately, the historic purchasing patterns will come back into play.

但從我們從客戶那裡聽到的情況來看，隊列已經滿了，最終，歷史性的購買模式將重新發揮作用。

That's helpful, Steve.

這很有幫助，史蒂夫。

And a good kind of segue into the next question, which is I just wanted to ask a little bit more about the guidance on the back half outlook.

很好地進入下一個問題，我只是想多問一些有關後半部分前景的指導。

And I guess if I heard Keith's comments earlier to Margaret's question, as it relates to the Q3 guidance, it sounds like you're pretty comfortable with the $18.5 million to $19.5 million outlook that you provided.

我想，如果我早些時候聽到基思對瑪格麗特問題的評論，因為它與第三季度的指導有關，那麼聽起來您對您提供的1850 萬美元至1950 萬美元的前景非常滿意。

And that's informed on kind of what you've seen thus far six weeks into the quarter.

這與您在本季度六週以來所看到的情況有關。

Just wanted to, I guess, ensure that I'm thinking about that correctly.

我想，只是想確保我正確地思考這一點。

And then as it relates to Q4, the implied guide there is a pretty steep ramp.

然後，由於與第四季度相關，隱含的指導有一個相當陡峭的斜坡。

It's a sizable number, even with normalized trends.

即使按照正常化趨勢，這個數字也是相當大的。

So just wondering if there's anything that's contemplated there for adolescents, residual revenue contribution from Greenbrook.

所以我想知道格林布魯克是否為青少年提供了剩餘收入貢獻。

Just help us get a little bit more comfortable with the outlook for Q3 and Q4.

只是幫助我們對第三季和第四季的前景更加滿意。

And then I have one follow-up.

然後我有一個後續行動。

Yes.

是的。

I would say, Adam, that we're very comfortable with Q3.

Adam，我想說，我們對第三季非常滿意。

And there is a balance between the Q3 expectation and what's implied for Q4.

第三季的預期與第四季的暗示之間存在平衡。

We didn't want to get ahead of ourselves with the Q3 number.

我們不想在第三季的數字上超出自己的預期。

But again, I would say we're very comfortable with that.

但我想說，我們對此感到非常滿意。

One key data point for us is collections.

對我們來說，一個關鍵數據點是集合。

And we did see a pretty good rebound the last couple of weeks of June.

我們確實在六月的最後幾週看到了相當不錯的反彈。

My collection team was able to bring in an impressive amount of money.

我的收藏團隊籌集了巨額資金。

And then July was our highest collection month since 2023 in the fourth quarter.

然後 7 月是我們第四季自 2023 年以來收款最高的月份。

And so that gives us some confidence that our customers are getting their claims reimbursed and they do have cash coming into their business.

因此，這讓我們有信心，我們的客戶正在獲得索賠報銷，並且他們確實有現金進入他們的業務。

So would I have liked to throw up a $20 million Q3 and then a little less on Q4?

那麼我是否願意在第三季投入 2000 萬美元，然後在第四季少投入一點？

Yes.

是的。

But given that there's still time left in the quarter, I think where we said it makes sense.

但考慮到本季還剩時間，我認為我們所說的是有道理的。

And again, our comfort level is pretty strong.

再說一遍，我們的舒適度相當高。

And if I could squeeze in just one more, guys, just on Greenbrook.

如果我能再擠一點，夥計們，就在格林布魯克。

The deal obviously makes sense strategically, but was hoping you could maybe speak a little bit more about some of the deal synergies that you referenced, both the mid-teens revenue growth that you expect for the combined entity in '25 and '26, that's an acceleration versus stand-alone Neuronetics.

這筆交易顯然在策略上是有意義的，但希望您能多談談您提到的一些交易協同效應，您預計合併後的實體在25 年和26 年將實現十幾歲左右的收入增長，這就是加速與獨立的 Neuronetics 的比較。

So would love to hear a little bit more about that.

所以很想聽到更多關於這一點的資訊。

And then just anything on the cost synergies that you'd like to touch on as well.

然後是您還想談及的任何有關成本協同效應的問題。

Thanks, Adam.

謝謝，亞當。

Yes, this was a key point with our Board of Directors.

是的，這是我們董事會的一個關鍵點。

It's no surprise that both companies were losing money.

兩家公司都虧損也就不足為奇了。

But the $15 million that we stated is really the initial take on the synergies between the two companies.

但我們所說的 1500 萬美元實際上是兩家公司之間協同效應的初步體現。

We have the obvious ones, the G&A, vendor spend, systems.

我們有明顯的，一般行政費用、供應商支出、系統。

There'll be some synergies in marketing spend will become much more efficient under one leader.

在一位領導者的領導下，行銷支出將會變得更有效率，進而產生一些綜效。

And so as we work through the integration the next couple of months, we'll have that ability.

因此，當我們在接下來的幾個月內完成整合時，我們將擁有這種能力。

And then many of us have been through these integrations before, so it's very important that on day one you have your plan in place and you take swift action to ensure that those synergies are realized as quickly as possible.

我們中的許多人以前都經歷過這些整合，所以在第一天就制定好計劃並迅速採取行動以確保盡快實現這些協同效應非常重要。

So we're confident in the early assessment that the teams have completed that we'll be able to get there.

因此，我們對團隊已經完成的早期評估充滿信心，我們將能夠實現這一目標。

And again, the conversion of debt is one thing.

再說一遍，債務的轉換是一回事。

That was a great load off the combined entity.

這給合併後的實體帶來了巨大的負擔。

But really, you have to take cost out.

但實際上，你必須扣除成本。

And if you don't, it's usually the death of putting companies together.

如果你不這樣做，那麼公司合併通常就會消亡。

So our Board made it very clear what they're looking for as we exit '24 into '25.

因此，當我們從 24 年退出到 25 年時，我們的董事會非常清楚地表明了他們正在尋找什麼。

And the management team understands our goal is it's not $15 million.

管理團隊明白我們的目標不是 1500 萬美元。

That's probably closer to the 2025 target.

這可能更接近 2025 年的目標。

But again, we're about three weeks past our LOI.

但同樣，我們的意向書已經過了大約三週。

So we'll have some time in Q3 and Q4, and then hit the ground running upon close of the transaction.

因此，我們將在第三季和第四季有一些時間，然後在交易結束後立即開始運行。

Bill Plovanic, Canaccord.

比爾·普洛瓦尼克，Canaccord。

This is John on for Bill this morning.

這是今天早上為比爾代言的約翰。

Just first on the guidance, I'll touch there that may move us to the merger.

首先，我將談談指導意見，這可能會促使我們進行合併。

But starting on the guidance, too.

但也要從指導開始。

First, are you extending receivables for customers?

首先，您是否為客戶提供應收帳款？

And also, are you expecting a bolus just given the expected wind-down of inventory, Steve, as you were just mentioning?

而且，正如您剛才提到的那樣，史蒂夫，鑑於庫存預計將減少，您是否期待增加劑量？

And is that bolus more reflected that in the big Q4 implied guidance?

這項推注是否更反映在第四季的隱含指引中？

Or are you just expecting just a return to normal seasonal reordering patterns and these customers will carry a lower level of inventory going forward?

或者您只是期望恢復正常的季節性重新訂購模式，而這些客戶未來的庫存水準將會降低？

So we track inventory by site.

因此，我們按站點追蹤庫存。

And we were comfortable with the inventory levels prior to the Change Healthcare breach.

我們對 Change Healthcare 違規之前的庫存水準感到滿意。

And so we do think customers will ultimately revert back to that level.

因此，我們確實認為客戶最終會恢復到那個水平。

Again, they really do stock up in advance of the next quarter.

再說一次，他們確實會在下個季度之前做好庫存。

And so we do see that happening.

所以我們確實看到這種情況正在發生。

As far as receivables, again, it's all of our customers that were impacted.

就應收帳款而言，我們所有的客戶都受到了影響。

So it's not like underperforming customers are having trouble paying us.

因此，表現不佳的客戶並不是在向我們付款時遇到困難。

Customers weren't getting reimbursed.

客戶沒有得到報銷。

And so you can only push so hard.

所以你只能這麼努力。

We have great relationship with all of our customers.

我們與所有客戶都保持著良好的關係。

So we're never threatening in nature.

所以我們本質上從來不具威脅性。

You have to be respectful and work with them.

你必須尊重他們並與他們一起工作。

And we totally understand the predicament they're in.

我們完全理解他們所處的困境。

And so we are at their mercy.

所以我們任憑他們擺佈。

And again, having such a strong collection month in July, I think, indicates there's always a willingness to pay for what they purchased.

再說一次，我認為七月份的收款月如此強勁，表明他們總是願意為所購買的東西付款。

But if you don't have any money in, there's not a whole lot either one of us can do.

但如果你沒有錢，我們就無能為力。

And so again, like I told Adam, we are expecting a good rebound in Q3.

同樣，就像我告訴亞當的那樣，我們預計第三季會出現良好反彈。

And then, yes, hopefully, a return to those normal inventories in the fourth quarter, which is why we kept the full year guidance where it was at.

然後，是的，希望第四季度庫存能恢復到正常水平，這就是我們將全年指引保持在原位的原因。

Great.

偉大的。

And maybe for Keith to, I know this question has been asked a couple of different ways already, but maybe just another way to ask it.

也許對基斯來說，我知道這個問題已經用幾種不同的方式提出了，但也許只是另一種提問方式。

Just it's nice to see both the revenue and the cost synergies that are being assumed in the pro forma forecast here.

很高興看到這裡的預期預測中假設的收入和成本協同效應。

But any additional color on that revenue growth that we should expect, the mid-teens you're growing to?

但是，我們應該預期的收入成長有什麼額外的色彩嗎？

And maybe just any color on what does the starting point at the end of 2024 look like for the combined companies?

也許對合併後的公司 2024 年底的起點是什麼樣的有什麼看法？

So John, the combined company for 2025, well, I'm not sure we would -- we want to give out guidance for that yet.

所以約翰，2025 年合併後的公司，我不確定我們會——我們還想為此提供指導。

But we are anticipating a 15% -- mid-teens, but 15% growth between the two companies for next year.

但我們預計明年兩家公司的成長率將達到 15%（十幾歲左右），但也將達到 15%。

That growth is going to come from opening up additional opportunities for SPRAVATO and the balance of the Greenbrook accounts and by having marketing synergies that would be more efficient and generate more patients under one brand name instead of two.

這一增長將來自於為 SPRAVATO 和 Greenbrook 帳戶餘額提供更多機會，以及透過行銷協同效應提高效率，並在一個品牌而不是兩個品牌下產生更多患者。

So I think that we're pretty comfortable that we're going to get be able to drive greater business within the Greenbrook stores.

因此，我認為我們對能夠在格林布魯克商店內推動更大的業務感到非常滿意。

And we also mentioned that we would provide uniform training across all of those stores so that they get a uniform experience.

我們也提到我們將為所有這些商店提供統一的培訓，以便他們獲得統一的體驗。

Danny Stauder, Citizens JMP.

丹尼·施陶德 (Danny Stauder)，公民 JMP。

Yes.

是的。

Great.

偉大的。

So just first on Greenbrook.

所以首先是格林布魯克。

You gave some great color on the benefits there, including marketing, payer contracts as well as those to the financials.

您對那裡的好處進行了一些精彩的闡述，包括行銷、付款人合約以及財務方面的好處。

But I guess just more on a high level, could you give us some broad strokes on what we should be thinking about as far as a road map here?

但我想在更高的層面上，您能給我們一些關於我們應該考慮的路線圖的大致思路嗎？

What's the immediate focus?

目前的焦點是什麼？

What's Phase 1 look like?

第一階段是什麼樣的？

What does Phase 2 look like?

第二階段是什麼樣的？

Any sense about pecking order as you begin your integration would be great.

當你開始整合時，任何關於啄食順序的感覺都會很棒。

Yes.

是的。

Danny, it's Steve.

丹尼，是史蒂夫。

Again, the teams, I guess, in total, really haven't had a lot of time to converse about the integration plan and what the priorities will be.

再說一遍，我想，總的來說，這些團隊確實沒有太多時間討論整合計畫和優先事項。

It was done at a high level between the leadership teams of both companies.

這是兩家公司領導團隊在高水準上完成的。

Our first priority is getting to that $15 million synergy number.

我們的首要任務是實現 1500 萬美元的綜效。

Again, we want to be cash flow positive in 2025.

同樣，我們希望 2025 年現金流為正。

And we also want to hit the ground running as soon as the deal closes.

我們也希望交易完成後立即開始運作。

After that, it's really increasing the efficiency in utilization in the 120 or so Greenbrook stores.

此後，它確實提高了 Greenbrook 約 120 家商店的使用率。

We've seen the impact of our NeuroStar University training and education efforts on the Greenbrook stores that were part of the BMP pilot program back earlier in the year.

我們已經看到 NeuroStar 大學的培訓和教育工作對 Greenbrook 商店的影響，這些工作是今年早些時候 BMP 試點計劃的一部分。

And so we know that our trainings, when applied across the board to all the stores, will have a pretty significant impact on utilization and revenue.

因此我們知道，當我們的培訓全面應用於所有商店時，將對利用率和收入產生相當大的影響。

And again, with the revised capital structure of the companies, it will enable to -- enable for Greenbrook to continue with their SPRAVATO rollout, which to date has been very impressive.

而且，隨著公司資本結構的修訂，Greenbrook 能夠繼續推出 SPRAVATO，迄今為止，這項成果令人印象深刻。

So cost synergies will be the top priority.

因此，成本協同效應將是重中之重。

Second will be the revenue synergies.

其次是所得協同效應。

And then again, it's going to be the continued expansion of the BMP program.

話又說回來，這將是 BMP 計畫的持續擴展。

We still only -- well, not only, but we have 300 sites in the program now, and the goal continues to be to roll that out and make sure the customers that aren't in it realize the benefits behind being part of the program.

我們仍然——嗯，不僅如此，我們現在有 300 個站點參與該計劃，我們的目標仍然是推出該計劃，並確保未參與該計劃的客戶意識到參與該計劃背後的好處。

Our partners in the BMP are just wildly successful and have really increased their utilization and overall business performance.

我們 BMP 中的合作夥伴非常成功，並且確實提高了他們的利用率和整體業務績效。

And so I think it's those three priorities that will really create a successful company post integration or post close.

因此，我認為這三個優先事項將真正在整合或關閉後創建一家成功的公司。

Danny, on the commercial front, I mentioned that the expansion of SPRAVATO into the balance of the stores at Greenbrook is a key priority.

丹尼，在商業方面，我提到將 SPRAVATO 擴展到格林布魯克的其他商店是一個關鍵優先事項。

But there are also some good learnings that we have on both sales organizations.

但我們也從這兩個銷售組織身上學到了一些很好的經驗。

Greenbrook has done an excellent job of generating awareness within primary care and physicians' offices that treat patients with depression but aren't willing or aren't interested in getting into the TMS treatment themselves.

格林布魯克在提高初級保健和治療憂鬱症患者的醫生辦公室的認識方面做得非常出色，但他們自己不願意或沒有興趣接受 TMS 治療。

And they've been able to educate those offices and the patients and then have them sent to the Greenbrook sites.

他們已經能夠對這些辦公室和患者進行教育，然後將他們送到格林布魯克站點。

We have that opportunity for our current customers also.

我們現在的客戶也有這樣的機會。

So we will have learnings from the Greenbrook team on how we can educate our PDMs into doing the same thing for our existing customers.

因此，我們將從 Greenbrook 團隊學習如何教育我們的 PDM 為我們現有的客戶做同樣的事情。

And it turns out to be not only a great source of patients that are looking for help, but they are also the patients that have the highest conversion rate within the Greenbrook system.

事實證明，它不僅是尋求幫助的患者的重要來源，也是格林布魯克系統內轉化率最高的患者。

So I think from a commercial standpoint with Bill and with Sara Grubbs and her team, this is a huge opportunity for us to drive greater growth.

因此，我認為從比爾、薩拉·格魯布斯及其團隊的商業角度來看，這對我們來說是推動更大成長的巨大機會。

No, that's great.

不，那太好了。

I appreciate all that extra color and commentary.

我很欣賞所有這些額外的色彩和評論。

Just one follow-up for me, just in terms of average revenue per active site, stepped down a little bit in the quarter.

對我來說，只有一個後續行動，就每個活躍網站的平均收入而言，本季略有下降。

But obviously, that's due to some of that Change Healthcare disruption.

但顯然，這是由於變革醫療保健的一些中斷所造成的。

Could you just remind us on what you feel is your sustainable long-term level here, excluding some of these headwinds?

您能否提醒我們，排除一些不利因素後，您認為您的長期可持續水平是多少？

What's the level that you think about as far as just a normalized level here per se?

您認為的標準化水準本身是多少？

Our goal is to get all of our customers NeuroStars to capacity.

我們的目標是讓所有客戶的 NeuroStar 達到最大容量。

So that would be roughly seven to eight patients per day.

所以每天大約有七到八名患者。

And so from a CFO perspective, I would like to see revenue per site $15,000 to $17,000 a quarter.

因此，從 CFO 的角度來看，我希望看到每個網站每季的收入為 15,000 美元到 17,000 美元。

Again, we're seeing those types of levels with our BMP partners.

我們再次在 BMP 合作夥伴中看到了這些類型的關卡。

So am I 100% confident we'll get there.

我對我們能夠實現這一目標有100%的信心嗎？

No?

不？

But I do think there's a lot of runway going from $10,000 to even $15,000, that is very possible.

但我確實認為有很多跑道從 10,000 美元到 15,000 美元，這是很有可能的。

And again, that's going to be our focus in 2025 is to help our BMP customers and also the 120 Greenbrook stores really increase their utilization.

再說一遍，我們 2025 年的重點是幫助我們的 BMP 客戶以及 120 家 Greenbrook 商店真正提高利用率。

That concludes today's question-and-answer session.

今天的問答環節到此結束。

I'd like to turn the call back to Keith Sullivan for closing remarks.

我想將電話轉回給基斯‧沙利文 (Keith Sullivan)，讓其致閉幕詞。

Thank you, operator, and thank you, everybody, for joining us today.

謝謝接線生，也謝謝大家今天加入我們。

We look forward to updating you on the progress during our next quarterly call.

我們期待在下一次季度電話會議上向您通報最新進展。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。