Neuronetics Inc (STIM) 2025 Q2 法說會逐字稿

Welcome to the Neuronetics Reports Second Quarter 2025 Financial and Operating Results. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the call over to Mark Klausner. Please go ahead

歡迎閱讀 Neuronetics 2025 年第二季財務與營運績效報告。（操作員指示）請注意，今天的會議正在錄音。現在我想把電話交給馬克·克勞斯納。請繼續

Good morning, and thank you for joining us for the Neuronetics Second Quarter 2025 Conference Call. Joining me on today's call are Neuronetics' President and Chief Executive Officer, Keith Sullivan and Steve Pfanstiel, Neuronetics' recently appointed Chief Financial Officer. 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 our business, strategy, financial and revenue guidance, the Greenbrook integration and other operational issues and metrics.

早安，感謝您參加 Neuronetics 2025 年第二季電話會議。參加今天電話會議的還有 Neuronetics 總裁兼執行長 Keith Sullivan 和 Neuronetics 新任命的財務長 Steve Pfanstiel。在我們開始之前，我想提醒聽眾，管理階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》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、Greenbrook 整合和其他營運問題和指標有關的聲明。

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 Neuronetics business, I encourage you to review the company's filings with the Securities and Exchange Commission, including the company's quarterly report on Form 10-Q, which will be filed later today.

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所明示或暗示的結果有重大差異。有關 Neuronetics 業務的風險和不確定性的討論，我建議您查看公司向美國證券交易委員會提交的文件，包括公司將於今天晚些時候提交的 10-Q 表季度報告。

The company disclaims any obligation to update any forward-looking statements made during the course of this call, except as required by law. During the call, we'll also discuss certain information on a non-GAAP basis, including EBITDA. Management believes that non-GAAP financial information taken in conjunction with US GAAP financial measures provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of trends in our operating results. 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.

除法律要求外，本公司不承擔更新本次電話會議期間所作任何前瞻性陳述的義務。在通話期間，我們還將討論非 GAAP 基礎上的某些信息，包括 EBITDA。管理層認為，非公認會計準則財務資訊與美國公認會計準則財務指標相結合，透過排除某些不反映我們經營績效趨勢的非現金和其他費用，為管理層和投資者提供了有用的資訊。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，以便與競爭對手進行外部績效對比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.

我們新聞稿附帶的表格中列出了美國公認會計準則和非公認會計準則結果之間的對帳情況，您可以在我們的網站上查看。

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

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

Thanks, Mark. Good morning, everyone, and thank you for joining us today. I'll begin by providing an overview of our second quarter performance and our key operational updates. Steve Pfanstiel will then provide a brief introduction and review our financial results. I'll conclude with our outlook before turning to Q&A.

謝謝，馬克。大家早安，感謝大家今天加入我們。我將首先概述我們第二季度的業績和主要營運更新。然後，Steve Pfanstiel 將進行簡要介紹並回顧我們的財務結果。在進入問答環節之前，我將總結我們的展望。

We had a strong second quarter at Neuronetics, both in terms of our ability to drive accelerated top line growth and progress towards cash flow positivity. While we still have some fine-tuning to do to optimize the efficiency of the Greenbrook operations, we are excited about the strength in the underlying business and feel the early results validate our thesis for the combination.

Neuronetics 在第二季度表現強勁，無論是在推動加速營收成長的能力方面，還是在實現現金流正向成長方面。雖然我們仍需要進行一些微調以優化 Greenbrook 營運的效率，但我們對基礎業務的實力感到興奮，並認為早期結果驗證了我們對合併的論點。

Total revenue was $38.1 million, an 18% year over year increase on an adjusted pro forma basis. Revenue from the NeuroStar business was $15.1 million, comprised of NeuroStar system revenue of $3.5 million with 41 systems shipped, US treatment session revenue of $10.8 million, up 13% on a pro forma basis and other revenue of $375,000.

總收入為 3,810 萬美元，以調整後的備考基礎計算，年增 18%。NeuroStar 業務收入為 1,510 萬美元，其中包括 NeuroStar 系統收入 350 萬美元（已出貨 41 套系統）、美國治療療程收入 1,080 萬美元（預計成長 13%）以及其他收入 375,000 美元。

US clinic revenue was $23 million, our largest quarterly clinic revenue to date and only the second time Greenbrook generated over $20 million in a single quarter. Beyond the strength of the revenue performance, we made progress on our path to cash flow positivity. Cash used in operations was $3.5 million, better than the previously guided target of under $5 million and a significant improvement from the first quarter.

美國診所的收入為 2,300 萬美元，這是我們迄今為止最大的季度診所收入，也是 Greenbrook 第二次在一個季度內收入超過 2,000 萬美元。除了強勁的收入表現之外，我們在實現現金流正向的道路上也取得了進展。營運現金使用量為 350 萬美元，高於先前指引的 500 萬美元以下的目標，並且較第一季有顯著改善。

As we move through 2025, we continue to focus on three clear strategic priorities. First, executing on our Greenbrook growth strategy. Second, continuing to scale our Better Me Provider or BMP Program; third, continuing to improve operating efficiencies and optimize cash collections. Our Greenbrook growth strategy continues to exceed expectations. The optimization of our regional account manager or RAM program is delivering strong results.

展望 2025 年，我們將繼續專注於三個明確的策略重點。首先，執行我們的 Greenbrook 成長策略。第二，繼續擴大我們的 Better Me Provider 或 BMP 計劃；第三，繼續提高營運效率並優化現金收集。我們的 Greenbrook 成長策略持續超越預期。我們的區域客戶經理或 RAM 計劃的最佳化正在產生顯著的效果。

We have seen significantly improved patient conversion rates through the implementation of our enhanced patient connection capabilities, including automated patient transfer processes, QR codes and the coordinated intake team that engage patients, while they are still at the referring physician's office. During a recent awareness campaign, we scheduled over 350 meetings for our RAM team, with physicians anxious to learn how the Greenbrook clinics can provide care for their patients and help them experience relief from their depression. These meetings are taking place this quarter and next and should have an impact on the referrals to our clinics going forward.

透過實施增強的患者連接功能，包括自動化患者轉移流程、二維碼和協調的接收團隊，當患者仍在轉診醫生的辦公室時，我們已經看到患者轉換率顯著提高。在最近的宣傳活動中，我們為 RAM 團隊安排了 350 多次會議，醫生們急切地想了解 Greenbrook 診所如何為患者提供護理並幫助他們緩解憂鬱症。這些會議將於本季和下個季度舉行，並將對我們診所未來的轉診產生影響。

We know that a direct referral from a trusted provider has a much higher conversion into treatment than a marketing lead. We also continue to improve our operational standardization by placing patient coordinators across most Greenbrook clinics to enable more efficient in-person consultations. Our SPRAVATO rollout continues its strong momentum with 77 of 83 SPRAVATO-eligible clinics now offering the therapy, up from 75 in Q1, keeping us on track for a full rollout across all eligible clinics by year-end.

我們知道，來自值得信賴的提供者的直接推薦比行銷線索的治療轉換率要高得多。我們也透過在大多數 Greenbrook 診所安排患者協調員來繼續提高我們的營運標準化，以實現更有效率的面對面諮詢。在我們的 SPRAVATO 推廣工作繼續保持強勁勢頭，目前 83 家符合 SPRAVATO 資格的診所中，有 77 家提供該療法，高於第一季的 75 家，這使我們能夠在年底前在所有符合資格的診所全面推廣該療法。

Additionally, we are taking a thoughtful approach to our buy and bill model expansion based on key learnings from Q2. As pioneers in the rollout of SPRAVATO's buy and bill model, we are navigating a reimbursement landscape that is not well traveled, creating valuable learnings for both us and the payers in the space.

此外，根據第二季的主要經驗，我們正在採取深思熟慮的方法來擴展我們的購買和帳單模式。作為 SPRAVATO 購買和帳單模式的先驅，我們正在探索一個不太常見的報銷領域，為我們和該領域的付款人創造寶貴的經驗教訓。

What we have learned is that the payers reimburse SPRAVATO at a significantly different rates with different timings. With the knowledge we now have, we are taking a more analytical approach to buy and bill expansion, focusing on opportunities that deliver good margins. As we balance our mix of buy and bill and administer and observe, our revenue and gross margins should increase.

我們了解到，付款人以不同的費率和時間償還 SPRAVATO。憑藉我們目前掌握的知識，我們正在採取更具分析性的方法進行購買和帳單擴張，重點是能夠帶來良好利潤的機會。當我們平衡購買和帳單、管理和觀察的組合時，我們的收入和毛利率就會增加。

Building off of the momentum from Q1, the collective execution of these initiatives across the Greenbrook network led us to achieving the strongest Greenbrook clinic revenue quarter in the history of the business, a performance trend we expect to continue as our operational initiatives are more widely implemented in the business.

在第一季的良好勢頭的基礎上，Greenbrook 網路共同實施這些舉措，使我們實現了 Greenbrook 診所歷史上最強勁的季度收入，隨著我們的營運舉措在業務中得到更廣泛的實施，我們預計這一業績趨勢將持續下去。

Turning to our second focus area. Our Better Me Provider program expansion remains a key driver to our business. Currently, we have 395 active BMP sites with another 113 sites working towards qualification. The performance metrics of the program continue to validate its effectiveness. BMP sites treat 3 times more patients in need per site per quarter than a non-BMP practice. And these sites respond to patients approximately 2times faster than nonparticipating sites.

轉向我們的第二個重點領域。我們的「更好的我提供者」計畫擴展仍然是我們業務的關鍵驅動力。目前，我們有 395 個活躍的 BMP 站點，另有 113 個站點正在努力獲得資格。該計劃的績效指標繼續驗證其有效性。BMP 診所每季治療的患者數量是非 BMP 診所的 3 倍。這些站點對患者的反應速度比未參與站點大約快 2 倍。

These strong BMP performance metrics have fine-tuned our broader marketing approach as we have learned what patients want. This led us to refocus our marketing strategy around educating physicians about the NeuroStar treatment and the benefits of referring their patients. What we learned from the Greenbrook is powerful.

隨著我們了解患者的需求，這些強大的 BMP 績效指標已經對我們更廣泛的行銷方法進行了微調。這促使我們重新調整行銷策略，並專注於向醫師普及 NeuroStar 治療以及轉診病患的好處。我們從 Greenbrook 學到的東西非常寶貴。

A referral from a medical provider is 10 times more likely to result in a new patient start relative to traditional marketing. We have expanded our outreach beyond psychiatrists to include primary care physicians, gynecologists and other healthcare providers who treat large populations of patients suffering from depression.

與傳統行銷相比，醫療服務提供者的推薦帶來新患者的可能性高出 10 倍。我們的服務範圍已從精神科醫生擴大到初級保健醫生、婦科醫生和其他治療大量憂鬱症患者的醫療保健提供者。

We are educating these providers about our services and help them evaluate whether to refer their depressed patients for NeuroStar treatment. As I mentioned earlier, we recently conducted a successful pilot program, leveraging our intake and coordinator teams to schedule meetings for our RAMs with depression care providers, including psychiatrists and primary care physicians who care for the majority of patients battling depression.

我們正在向這些提供者介紹我們的服務，並幫助他們評估是否將他們的憂鬱症患者轉介給 NeuroStar 治療。正如我之前提到的，我們最近開展了一項成功的試點項目，利用我們的接收和協調員團隊安排 RAM 與憂鬱症護理提供者的會議，其中包括照顧大多數憂鬱症患者的精神科醫生和初級保健醫生。

Leveraging the learnings from that program, we conducted a similar campaign for our PDMs. Through this effort, we systematically identified providers surrounding our NeuroStar accounts and secured meetings with over 210 new primary care practices in just a few days. The level of interest in these educational meetings has been high, and we have already seen referrals to our NeuroStar accounts and BMP providers in particular.

利用該計劃的經驗，我們為我們的 PDM 開展了類似的活動。透過這項努力，我們有系統地確定了 NeuroStar 帳戶周圍的提供者，並在短短幾天內與 210 多家新的初級保健機構進行了會面。人們對這些教育會議的興趣程度很高，我們已經看到了對我們的 NeuroStar 帳戶和 BMP 提供者的推薦。

Going forward, I am confident that this will be an effective use of our marketing dollars and time well spent for our PDM team. We are calling this comprehensive approach our Provider Connection Program, and it works because patients are receiving referrals from their trusted healthcare providers and primary care physicians are particularly excited about what BMP accounts offer. We have found that community physicians prefer to send patients to BMP sites based on their commitment to the patient responsiveness and education standards.

展望未來，我相信這將是我們 PDM 團隊有效利用行銷資金和時間的方式。我們將這種綜合方法稱為“提供者連接計劃”，它之所以有效，是因為患者可以從他們信任的醫療保健提供者那裡獲得轉診，而初級保健醫生對 BMP 帳戶提供的服務特別感興趣。我們發現，社區醫生更願意將患者送往 BMP 站點，因為他們致力於提高患者的反應能力並制定教育標準。

This Provider Connection Program complements our other marketing efforts, including our successful TV campaigns and our co-op marketing program that continue to drive results. Our digital marketing efforts continue to drive brand search impression growth, and we are pleased with the overall marketing efficiency improvements we are achieving across the combined organization.

該供應商連接計劃補充了我們的其他行銷工作，包括我們成功的電視廣告活動和繼續推動成果的合作行銷計劃。我們的數位行銷工作持續推動品牌搜尋印象的成長，我們對合併後組織所實現的整體行銷效率的提高感到滿意。

Turning to our third focus area, continuing to improve operational efficiencies and optimize cash collections. Since the closing of the Greenbrook acquisition, we have made significant strides in driving operational efficiencies across the network, but there are still more opportunities in front of us. For example, in June, we successfully rolled out a self-check-in program using kiosks at four pilot locations, which allow patients to check-in for their appointment and pay their co-pay independently.

轉向我們的第三個重點領域，繼續提高營運效率並優化現金收集。自從完成對 Greenbrook 的收購以來，我們在提高整個網路的營運效率方面取得了重大進展，但我們面前仍有更多的機會。例如，今年 6 月，我們在四個試點地點成功推出了使用自助服務終端的自助登記計劃，患者可以自行登記預約並支付共同支付費用。

The implementation was so seamless that we quickly expanded it to seven additional locations, and we are now planning a full network rollout. We have also integrated this through our AMD system, which will streamline room management and improve overall patient flow efficiency. This system not only improves the patient experiences, but optimizes the time spent by our technicians and intake coordinators, allowing them to help care for more patients on a daily basis without the need for additional headcount.

實施過程非常順利，我們很快就將其擴展到另外七個地點，現在我們正計劃全面推出網路。我們還透過 AMD 系統整合了這一點，這將簡化房間管理並提高整體患者流動效率。該系統不僅改善了患者的體驗，還優化了我們的技術人員和入院協調員的時間，使他們能夠每天幫助照顧更多的患者，而無需增加人員。

Beyond the self-check-in program, we have engaged a consultant to conduct a comprehensive review of our operations team structure across the Greenbrook network. This review will identify additional cost savings and optimization opportunities that we expect to implement through the remainder of 2025, further improving our operational efficiencies and cost structure.

除了自助登記計劃之外，我們還聘請了一位顧問對整個 Greenbrook 網路的營運團隊結構進行全面審查。此次審查將確定我們預計在 2025 年剩餘時間內實施的額外成本節約和優化機會，從而進一步改善我們的營運效率和成本結構。

Turning to cash collections. The initiatives we have put into place are delivering meaningful results. Claims are being paid more quickly and more reliably than ever as we continue to systematically address legacy issues with payers, including the resolution of historical challenges with prepayment audits. We have also implemented processes to identify and resubmit previously uncollected claims.

轉向現金收款。我們實施的措施正在產生有意義的成果。隨著我們繼續有系統地解決付款人的遺留問題，包括解決預付款審計的歷史難題，索賠的支付比以往任何時候都更快、更可靠。我們也實施了識別和重新提交以前未收到的索賠的流程。

Most importantly, we have analyzed why claims have been denied in the past, mostly due to incorrect billing submissions. We are putting fixes in place to ensure correct information is submitted the first time, which should reduce rejections and accelerate cash flow going forward. Beyond these three strategic priorities, we continue to focus on driving growth amongst adolescent patients.

最重要的是，我們分析了過去索賠被拒絕的原因，主要是由於提交的帳單不正確。我們正在採取措施確保第一次提交正確的訊息，這將減少拒絕並加快未來的現金流。除了這三個策略重點之外，我們還將繼續致力於推動青少年患者的成長。

We have seen 25% growth in adolescent new patient starts in the first half of 2025 compared to 2024, driven by a 2.6 times increase among 15- to 17-year olds. In the first half of 2025, we treated more than double the number of adolescent patients treated in all of 2023. This growth has been supported by expanded insurance coverage for adolescent treatments over the past year, and this remains an important growth opportunity for us.

與 2024 年相比，2025 年上半年青少年新患者數量增加了 25%，其中 15 至 17 歲青少年患者數量增加了 2.6 倍。2025 年上半年，我們治療的青少年患者數是 2023 年全年的兩倍多。過去一年，青少年治療保險覆蓋範圍的擴大推動了這一成長，這對我們來說仍然是一個重要的成長機會。

I am also proud to announce the publication of real-world clinical data in the Journal of the American Academy of Child and Adolescent Psychiatry Open, demonstrating the effectiveness of the NeuroStar TMS system in adolescents and young adults with major depressive disorder. Drawing from the NeuroStar TrakStar clinical database, the world's largest depression outcome database.

我還很自豪地宣佈在《美國兒童和青少年精神病學會雜誌》上發表了真實世界的臨床數據，證明了 NeuroStar TMS 系統對患有重度憂鬱症的青少年和年輕人的有效性。數據取自 NeuroStar TrakStar 臨床資料庫，這是世界上最大的憂鬱症結果資料庫。

The study included 1,200 patients ages 12 to 21 and revealed nearly 70% experienced clinically meaningful improvement with less than 1% reporting worsening symptoms. With depression affecting one in five adolescents and limited safe treatment options available, we offer a much needed therapy for these patients.

該研究涉及 1,200 名年齡在 12 至 21 歲之間的患者，結果顯示近 70% 的患者出現了臨床意義上的改善，只有不到 1% 的患者報告症狀惡化。由於憂鬱症影響著五分之一的青少年，而且可用的安全治療選擇有限，我們為這些患者提供了急需的治療。

Overall, I am extremely pleased with the second quarter results. We delivered strong financial performance that exceeded our expectations while making meaningful progress on our key strategic initiatives. The operational momentum we have built gives me confidence that we are successfully executing on the significant value creation potential of the combined business.

整體而言，我對第二季的業績非常滿意。我們實現了超越預期的強勁財務業績，同時在關鍵策略舉措上取得了有意義的進展。我們所建立的營運動能讓我相信，我們正在成功發揮合併後業務的巨大價值創造潛力。

Before we run through the financials, I'd like to take a moment to introduce Steve Pfanstiel, who joined us as Chief Financial Officer, on July 15. Steve brings over two decades of healthcare experience and has already made valuable contributions to our team in the first few weeks. I am confident he will be an excellent leader for our finance organization. Steve, would you like to say a few words about your first few weeks with the company?

在我們討論財務狀況之前，我想花點時間介紹一下史蒂夫·普凡斯蒂爾 (Steve Pfanstiel)，他於 7 月 15 日加入我們擔任首席財務官。史蒂夫擁有超過二十年的醫療保健經驗，並且在最初幾週就已經為我們的團隊做出了寶貴的貢獻。我相信他將成為我們金融機構的優秀領導者。史蒂夫，你能談談你在公司最初幾週的工作經驗嗎？

Thank you, Keith, and good morning, everyone. It's a pleasure to be here today. I'm excited to be a part of the Neuronetics team. Throughout my career, I have always had a passion for healthcare, specifically in delivering solutions that make a difference in patients' lives. I was drawn to Neuronetics by the significant opportunity in mental healthcare, where there continues to be a profound and growing need to improve patients' lives.

謝謝你，基思，大家早安。我很高興今天來到這裡。我很高興成為 Neuronetics 團隊的一員。在我的整個職業生涯中，我一直對醫療保健充滿熱情，特別是提供能夠改變患者生活的解決方案。我之所以被 Neuronetics 吸引，是因為精神保健領域的巨大機遇，對改善患者生活品質的需求持續不斷增長。

Neuronetics has built a unique and significant position in this space through its combination of the leading TMS treatment system in NeuroStar and through the breadth of its clinical presence with the Greenbrook network. In just a few short weeks, I've been able to see the dedication which Keith and the whole Neuronetics team bring every day to helping patients, and it's an honor to be part of this team.

Neuronetics 透過結合 NeuroStar 領先的 TMS 治療系統以及與 Greenbrook 網路的廣泛臨床合作，在該領域建立了獨特而重要的地位。在短短幾週內，我看到了 Keith 和整個 Neuronetics 團隊每天為幫助患者所付出的奉獻，我很榮幸能成為這個團隊的一員。

I will now turn to reviewing the financial results. Unless otherwise noted, all performance comparisons are being made for the second quarter of 2025 versus the second quarter of 2024. In the quarter, total revenue was $38.1 million, an increase of 132% compared to revenue of $16.5 million in the second quarter of 2024, primarily driven by the inclusion of Greenbrook operations following our acquisition.

我現在將回顧財務結果。除非另有說明，所有業績比較均針對 2025 年第二季與 2024 年第二季進行。本季總營收為 3,810 萬美元，較 2024 年第二季的 1,650 萬美元營收成長 132%，這主要得益於我們收購後納入 Greenbrook 業務。

On an adjusted pro forma basis, adjusting for the impact of the Greenbrook acquisition and site closures, revenue increased 18%. Revenue from our NeuroStar business, representing our system revenue as well as US treatment session revenue was $15.1 million. US NeuroStar system revenue was $3.5 million, and we shipped 41 systems.

根據調整後的備考基礎，調整 Greenbrook 收購和工廠關閉的影響後，營收成長了 18%。我們的 NeuroStar 業務收入（包括我們的系統收入以及美國治療療程收入）為 1,510 萬美元。美國NeuroStar 系統收入為 350 萬美元，我們出貨了 41 套系統。

This represents our second consecutive quarter of system ASP greater than $85,000, demonstrating the value of our system and its features in an increasingly competitive market. US treatment session revenue was $10.8 million, a 13% increase compared to $9.6 million in the prior year quarter on a pro forma basis. US clinic revenue, which represents revenue generated by treatment centers from the Greenbrook acquisition, was $23 million for the three months ended June 30, 2025, representing the strongest Greenbrook quarterly clinic performance to date and a 23% sequential increase over the first quarter.

這是我們連續第二季的系統平均售價超過 85,000 美元，證明了我們的系統及其功能在競爭日益激烈的市場中的價值。美國治療療程收入為 1,080 萬美元，與去年同期的 960 萬美元相比，以備考基礎計算成長了 13%。美國診所收入（代表 Greenbrook 收購後治療中心產生的收入）在截至 2025 年 6 月 30 日的三個月內為 2300 萬美元，這是 Greenbrook 迄今為止最強勁的季度診所業績，比第一季環比增長 23%。

Gross margin was 46.6% compared to 74% in the prior year quarter. This change in gross margin was primarily a result of the inclusion of Greenbrook's clinic business, which operates at a lower margin as well as a higher mix of clinic revenue associated with the buy and bill SPRAVATO treatments. Operating expenses during the quarter were $25.8 million, an increase of $5.1 million or 25% compared to $20.7 million in the second quarter of 2024.

毛利率為 46.6%，去年同期為 74%。毛利率的變化主要是由於納入了 Greenbrook 的診所業務，該業務的利潤率較低，而且與購買和計費 SPRAVATO 治療相關的診所收入組合較高。本季營運費用為 2,580 萬美元，較 2024 年第二季的 2,070 萬美元增加 510 萬美元，增幅為 25%。

The increase was primarily attributable to inclusion of Greenbrook's general and administrative expenses of $6.1 million, partially offset by savings in sales and marketing expenses. During the quarter, we incurred approximately $1.8 million of non-cash stock-based compensation expense. Net loss for the quarter was $9.8 million or $0.15 per share as compared to a net loss of $9.8 million or $0.33 per share in the prior year quarter. EBITDA was negative $7.2 million as compared to negative $8 million in the prior year quarter.

成長的主要原因是 Greenbrook 的一般及行政開支為 610 萬美元，但銷售及行銷開支的節省部分抵消了這一增長。本季度，我們發生了約 180 萬美元的非現金股票薪資費用。本季淨虧損為 980 萬美元，即每股 0.15 美元，去年同期淨虧損為 980 萬美元，即每股 0.33 美元。EBITDA 為負 720 萬美元，而去年同期為負 800 萬美元。

Turning to the balance sheet. As of June 30, 2025, total cash was $17.5 million, consisting of cash and cash equivalents of $11 million and restricted cash of $6.5 million. This compares to total cash of $19.5 million as of December 31, 2024, which consists of cash and cash equivalents of $18.5 million and restricted cash of $1 million.

轉向資產負債表。截至 2025 年 6 月 30 日，現金總額為 1,750 萬美元，其中包括現金和現金等價物 1,100 萬美元以及受限現金 650 萬美元。相比之下，截至 2024 年 12 月 31 日的總現金為 1,950 萬美元，其中包括 1,850 萬美元的現金和現金等價物以及 100 萬美元的受限現金。

The $5.5 million increase in restricted cash in the second quarter of 2025 was related to establishing a cash collateral account to support our SPRAVATO operations. Our distributor for SPRAVATO provides us with 120-day payment terms for purchases, which we have backed by placing $5.5 million of cash into a designated interest-bearing collateral account.

2025 年第二季受限現金增加 550 萬美元，與建立現金抵押帳戶以支援我們的 SPRAVATO 業務有關。SPRAVATO 的經銷商為我們提供 120 天的購買付款期限，我們已將 550 萬美元現金存入指定的計息抵押帳戶以提供支援。

Additionally, I'm pleased to report that in August 2025, we became eligible for and received an additional $10 million of funding under our existing debt agreement with Perceptive Advisors. We became eligible for these funds as a result of achieving required revenue conditions under the Tranche 2 funds. We also remain eligible for an additional $5 million of Tranche 2 funding, subject to conditions described in the agreement.

此外，我很高興地報告，2025 年 8 月，根據我們與 Perceptive Advisors 簽訂的現有債務協議，我們有資格獲得併獲得了額外的 1000 萬美元資金。由於達到了第二批基金所要求的收入條件，我們有資格獲得這些基金。根據協議中規定的條件，我們還有資格獲得額外的 500 萬美元第二批資金。

Furthermore, the existing $2 million minimum liquidity requirement has been extended from September 2025 through September 2026, after which the requirement becomes $5 million. This enhanced financial flexibility strengthens our position as we execute our strategic initiatives and progress towards positive cash flow from operations.

此外，現有的 200 萬美元最低流動性要求已從 2025 年 9 月延長至 2026 年 9 月，之後該要求變為 500 萬美元。這種增強的財務靈活性鞏固了我們在執行策略性舉措和實現正營運現金流方面的地位。

Our cash used in operations for the second quarter was $3.5 million, better than our previously guided target of under $5 million and significantly improved from $17 million in the first quarter, which, as a reminder, included steps to settle Greenbrook's legacy vendor payment plans and the pull forward of certain expenses to secure favorable vendor concessions. Now turning to guidance. For the third quarter, we expect net revenue of between $37 million to $39 million.

我們第二季的營運現金使用量為 350 萬美元，高於我們先前指導的 500 萬美元以下的目標，並且比第一季的 1700 萬美元有顯著改善，需要提醒的是，這其中包括解決 Greenbrook 遺留供應商付款計劃的措施和提前支付某些費用以確保獲得有利的供應商優惠。現在轉向指導。我們預計第三季淨收入將在 3,700 萬美元至 3,900 萬美元之間。

For the full year 2025, we continue to expect total revenue of between $149 million and $155 million. For gross margin, we now expect our full year to be between 48% and 50% versus our prior guidance of approximately 55%. The key driver of the change is the shift in revenue mix with clinic revenue representing a greater percentage of total revenue than previously expected. In addition, margin will be impacted by the mix of SPRAVATO bill and buy revenue, which carries a lower gross margin versus the [A&O] model.

對於 2025 年全年，我們預計總收入仍將在 1.49 億美元至 1.55 億美元之間。就毛利率而言，我們現在預計全年毛利率將在 48% 至 50% 之間，而先前的預期約為 55%。變化的關鍵驅動因素是收入結構的轉變，診所收入佔總收入的比例高於先前的預期。此外，利潤率將受到 SPRAVATO 帳單和購買收入組合的影響，與 [A&O] 模式相比，該模式的毛利率較低。

In the balance of the year, we anticipate gross margin improvement relative to Q2 as we optimize the SPRAVATO buy and bill rollout relative to our A&O business and leverage our fixed infrastructure through continued growth. To reiterate the point Keith made earlier in his remarks, we are looking to maximize the overall profitability of our SPRAVATO offering. Operating expenses are now projected to be between $100 million and $105 million for the full year versus the prior guidance of $90 million to $98 million.

在今年餘下的時間裡，我們預計毛利率將相對於第二季度有所改善，因為我們優化了相對於 A&O 業務的 SPRAVATO 購買和賬單推出，並通過持續增長利用了我們的固定基礎設施。為了重申 Keith 先前在演講中提出的觀點，我們正在尋求最大限度地提高 SPRAVATO 產品的整體獲利能力。目前預計全年營運費用將在 1 億美元至 1.05 億美元之間，而先前的預測為 9,000 萬美元至 9,800 萬美元。

The updated guidance reflects approximately $20 million in realized annual cost savings from our efforts in 2024 and associated with the Greenbrook integration. The change in guidance for 2025 reflects the need to augment some critical areas, including our claims collections team, which is crucial to our cash management and additional time needed to fully assess and implement other synergies. This guidance includes approximately $6 million of non-cash stock-based compensation expense for the full year.

更新後的指引反映了我們在 2024 年的努力以及與 Greenbrook 整合相關的實現的每年約 2000 萬美元的成本節約。2025 年指導方針的變化反映了增強一些關鍵領域的需要，包括我們的索賠收集團隊，這對我們的現金管理至關重要，並且需要更多時間來充分評估和實施其他協同效應。該指引包括全年約 600 萬美元的非現金股票薪酬費用。

We continue to make progress on our cash flow, and we are targeting cash flow from operations to be in the range of negative $3 million to breakeven in the third quarter and then turning positive in the fourth quarter of 2025. This compares to our prior guidance of positive cash flow from operations beginning in the third quarter of 2025, which has been impacted by our updated expectations for gross margin mix and the strategic investments and operational capabilities I just described. We further project year-end 2025 total cash, inclusive of cash, cash equivalents and restricted cash to be in the range of $25 million and $28 million, inclusive of the recent Perceptive funding.

我們的現金流量持續取得進展，我們的目標是在 2025 年第三季將營運現金流量控制在負 300 萬美元至損益兩平範圍內，然後在第四季轉為正值。相較之下，我們先前預測從 2025 年第三季開始的營運現金流為正，這受到了我們對毛利率組合的最新預期以及我剛才所描述的策略性投資和營運能力的影響。我們進一步預測，2025 年底的總現金（包括現金、現金等價物和受限現金）將在 2,500 萬美元至 2,800 萬美元之間，其中包括最近的 Perceptive 融資。

I'll now turn it back to Keith for his closing remarks.

現在我把話題交還給 Keith，請他作最後發言。

As we look forward to the remainder of 2025, I'm confident that we are well positioned to continue executing on the three strategic priorities and to drive sustainable growth for our shareholders. Our Greenbrook integration and growth strategy exceeded our expectations in Q2, demonstrating the significant value creation potential for this combination.

展望 2025 年剩餘時間，我相信我們已做好準備，繼續執行三大策略重點，並為股東推動永續成長。我們的 Greenbrook 整合和成長策略在第二季度超出了我們的預期，證明了這個組合具有巨大的價值創造潛力。

Going forward, we will continue the systematic rollout of SPRAVATO and the buy and bill model, advance our operational improvement initiatives while simultaneously expanding our BMP program across our customer base. Most importantly, we remain focused on achieving cash flow positive from operations in 2025. Our strong second quarter performance, combined with our learnings on billing of SPRAVATO, ongoing operational improvements and cost synergy realization gives us the confidence in reaching this important milestone in the fourth quarter.

展望未來，我們將繼續有系統地推出 SPRAVATO 和購買和帳單模式，推進我們的營運改善計劃，同時在我們的客戶群中擴展我們的 BMP 計劃。最重要的是，我們仍然專注於在 2025 年實現營運現金流為正。我們第二季的強勁表現，加上我們對 SPRAVATO 計費的了解、持續的營運改善和成本協同效應的實現，使我們有信心在第四季度實現這一重要里程碑。

The integration of Neuronetics and Greenbrook is creating exactly the value we anticipated when we announced this transaction, a vertically integrated organization capable of providing broad access to innovative mental health treatments while driving sustainable growth and profitability. With that overview, I will now open the call for questions. Operator?

Neuronetics 和 Greenbrook 的整合所創造的價值正是我們宣布此次交易時所預期的，這是一個垂直整合的組織，能夠提供廣泛的創新心理健康治療方法，同時推動可持續增長和盈利能力。概述完畢後，我現在開始提問。操作員？

(Operator Instructions) Bill Plovanic, Canaccord.

（操作員指示）Bill Plovanic，Canaccord。

Great, thanks. Good morning. Can you hear me.

太好了，謝謝。早安.你聽得到我嗎。

Okay? We can. Good morning, Bill.

好的？我們可以。早安，比爾。

Hey, good morning. So a couple of things. One, obviously, Greenbrook is doing very well. You've done a great job integrating that. I'm just kind of curious, as we look at the traditional STIM business kind of maybe a little slower than what we were looking for. Can you help us understand the dynamics?

嘿，早安。有幾件事。首先，顯然，Greenbrook 表現非常好。您在整合這些方面做得非常出色。我只是有點好奇，因為我們發現傳統的 STIM 業務可能比我們預期的要慢。您能幫助我們了解其中的動態嗎？

Are the referrals being pushed to the Greenbrook centers from the physicians because the BMP and they just have better kind of efficiencies? Or is there anything specific going on that's maybe making the traditional Neuronetics platform maybe not as successful as the Greenbook?

醫生們將轉診推到 Greenbrook 中心，是不是因為 BMP 和他們的效率更高？或者是否存在某些特定因素，可能導致傳統的 Neuronetics 平台不如 Greenbook 那麼成功？

No. Thanks for the question, Bill. After our analysis of the RAM referral approach to patient education and awareness, it became clear to us that the more efficient use of the marketing dollar and the time of our PDMs was to use both to follow up on the provider connection path. So under this program, our marketing dollars goes towards educating of the PCPs through our digital and social media platform.

不。謝謝你的提問，比爾。在分析了 RAM 轉診方法對病患教育和意識的影響之後，我們清楚地認識到，更有效地利用行銷資金和 PDM 時間的方法是同時跟進提供者連接路徑。因此，根據該計劃，我們的行銷資金將用於透過我們的數位和社交媒體平台對 PCP 進行教育。

So once we have these educational meetings with the PCPs and their staff set up and we deploy the conduits to -- for the referrals to our NeuroStar customers and to primarily our BMP sites, so which we then have a simple way for patients to go from one office to the providers.

因此，一旦我們與 PCP 及其工作人員舉行了這些教育會議，我們就會部署管道——將患者轉診給我們的 NeuroStar 客戶以及主要的 BMP 站點，這樣我們就有了一種簡單的方法讓患者從一個辦公室轉到醫療服務提供者那裡。

So we know from the RAM program that this shift in strategy would take a few months to gain traction, and we felt that this quarter was the best time to start it. We were able to deliver 13% growth in spite of the shift, but we believe that the Provider Connection Program is way more efficient and will eventually turn to a higher conversion rate for our patients.

因此，我們從 RAM 計畫中得知，這項策略轉變需要幾個月的時間才能獲得支持，我們認為本季是啟動這項轉變的最佳時機。儘管發生了轉變，我們仍然能夠實現 13% 的成長，但我們相信，提供者連接計畫效率更高，最終將為我們的病人帶來更高的轉換率。

Okay. And then -- so it's basically you've shifted the strategy to the referrals versus maybe just driving patients and conversions in the traditional accounts, if I read that correctly. I'm just what type of impact on your marketing dollars does this have longer-term? It seems it would be -- it's a human focus and maybe less spend on external kind of marketing. Is that a right way to think about it?

好的。然後 — — 所以基本上你已經將策略轉向了推薦，而不是僅僅推動傳統帳戶中的患者和轉化，如果我沒理解錯的話。我只是想知道這會對您的行銷費用產生什麼樣的長期影響？看起來是這樣——它以人為本，也許在外部行銷上的花費較少。這是正確的思考方式嗎？

I think, as I said, it will make our marketing dollars more efficient, which may give us an opportunity to lower that dollar volume. But in going to primary care physicians, we do have to go to some additional trade shows associated with it. We are providing educational meetings in localities. So we still have a marketing spend to help educate them. But similar to what we have seen with the RAMs, once we educate these offices and they get a patient sent to one of our BMP accounts and they see the results, then we can expand further and wider into those practices.

我認為，正如我所說，它將使我們的行銷資金更加有效，這可能使我們有機會降低行銷支出。但是在拜訪初級保健醫生時，我們確實需要參加一些與之相關的額外貿易展覽會。我們正在當地舉辦教育會議。因此我們仍然需要花費行銷費用來幫助教育他們。但與我們在 RAM 中看到的情況類似，一旦我們對這些辦公室進行培訓，他們將患者發送到我們的一個 BMP 帳戶，並且他們看到了結果，那麼我們就可以進一步擴大這些實踐的範圍。

So it's -- honestly, I think we're looking at the RAM example, and we're following that same playbook for the BMP accounts.

所以 — — 老實說，我認為我們正在研究 RAM 範例，並且我們正在對 BMP 帳戶遵循相同的劇本。

Okay. And then for Steven, welcome aboard. Just on the resubmitted claims, how much dollars are we talking about? What's the age of those? What's the percentage belief that you'll collect on those?

好的。然後，歡迎史蒂文加入。僅就重新提交的索賠而言，我們談論的是多少錢？這些人的年齡是多少歲？您對這些的信任度百分比是多少？

And then just on the optimizing the SPRAVATO buy and bill, it just sounds like to me, in layman's terms, you're going to halt kind of expanding that program for now until you get the actual dollar reimbursement and timing of getting that cash flow in the door.

然後，僅就優化 SPRAVATO 購買和賬單而言，對我來說，用外行人的話來說，你現在將停止擴展該計劃，直到你獲得實際的美元報銷和獲得現金流的時機。

Yeah, good morning, Bill. Yeah, it's kind of two questions there. I'll try to tackle each of those. In terms of the revenue cycle management, I mean, we're really going after two things. I think you mentioned the aged AR, but we're also doing a much better job, and I'm looking at, say, January versus June of this year. In terms of our time to collect on that initial claim, where in, when we look at June, we're collecting 10% more of that revenue from June in the first month after those treatments happen.

是的，早上好，比爾。是的，這是兩個問題。我會盡力解決每一個問題。就收入周期管理而言，我的意思是，我們實際上追求兩件事。我想您提到了老化的應收帳款，但我們也做得更好，我正在觀察今年 1 月與 6 月的比較情況。就我們收取初始索賠的時間而言，當我們看 6 月時，我們會在治療發生後的第一個月收取 6 月收入的 10% 以上。

So we're getting very efficient on just collecting what's due to us on time. But yes, we've got still open AR from 2024 and earlier this year that as we've gotten more efficient, we're catching up on that piece. I think the problem is as you have any errors or issues with the submissions, you have to resubmit, that's a longer kind of time commitment there. But I think as the team is fixed that we're getting first pass, we go back and we know what we need to do on those other pieces. So I expect this will continue to be a tailwind, both catching up on aged claims, but also just improving on that time to collect of recent treatments.

因此，我們能夠非常有效率地按時收取我們應得的款項。但是的，從 2024 年起我們仍然開放 AR，而今年早些時候，隨著我們變得更加高效，我們正在趕上這一部分。我認為問題在於，如果您提交的內容出現任何錯誤或問題，您必須重新提交，這需要更長的時間投入。但我認為，當球隊確定我們將獲得第一輪傳球時，我們就會回去，並且知道我們需要在其他部分做些什麼。因此，我預計這將繼續成為一種順風，既可以追趕陳年的索賠，也可以改善收集近期治療的時間。

And I think that gives us lift through the balance of the year and into 2026 as well. In terms of BMB, I would make two comments there. I think the BMB offering has a potential kind of in two places. One is it allows us to increase the number of patients we have access to. There are plans where they're asking for both A&O and BMB to be a part of that program to be able to offer A&O, other places where only BMB is an offering.

我認為這會為我們在今年餘下的時間以及 2026 年帶來助力。關於 BMB，我想提出兩點評論。我認為 BMB 產品在兩個方面具有潛力。一是它使我們能夠增加可以治療的患者數量。他們計劃將 A&O 和 BMB 納入該計劃，以便能夠提供 A&O，而其他地方則僅提供 BMB。

So that's an opportunity for us to seek out and drive additional treatment access to patients we didn't have. With that said, we have to make sure that the reimbursement is adequate so that we're getting appropriate profit on those treatments. And I think there's a couple of ways to look at that. Certainly, that drug cost, when you think about BMB is a pretty significant increase. So we may not get the same GP percent margin when we think about BMB versus A&O.

因此，這對我們來說是一個機會，讓我們能夠尋找並推動以前沒有的患者獲得額外的治療。話雖如此，我們必須確保報銷金額足夠，以便我們從這些治療中獲得適當的利潤。我認為有幾種方法可以看待這個問題。當然，當你考慮 BMB 時，藥物成本會有一個相當顯著的成長。因此，當我們考慮 BMB 與 A&O 時，我們可能不會獲得相同的 GP 百分比利潤率。

But on a per treatment basis, we would want those GP dollars to be incremental or higher because of the increased burden that we have of buying that drug. So that's how we think about it, giving us access to incremental patients and driving growth, but also it should be a step backward in terms of profitability on a per treatment basis.

但就每次治療而言，我們希望全科醫生的支出能夠增加或更高，因為購買該藥物的負擔增加了。這就是我們的想法，這讓我們能夠接觸到越來越多的患者並推動成長，但就每次治療的獲利能力而言，這也應該是倒退一步。

Dan Stauder, Citizens JMP.

Dan Stauder，公民 JMP。

Yeah, thanks for the questions. Just first on Greenbrook, the clinical sales per site, it was $196,000 last quarter. This quarter, I think it was closer to $240,000, if I did that math right. But I just want to ask your opinion or get any commentary high level on how we should be thinking about this metric more steady state.

是的，謝謝你的提問。首先是 Greenbrook，上個季度每個站點的臨床銷售額為 196,000 美元。如果我沒算錯的話，本季的收入接近 24 萬美元。但我只是想問您的意見或得到任何關於我們應該如何看待這個指標更穩定狀態的高層評論。

It should be ramping up this year with SPRAVATO and some of the other optimization initiatives you're implementing. But long-term, what's the normalized level we should think about in our models?

今年，隨著 SPRAVATO 和您正在實施的一些其他最佳化措施的實施，它應該會加速發展。但從長遠來看，我們在模型中應該考慮的標準化水準是多少？

Yeah. Let me make sure I've got that, Dan. So you're asking about just what you think kind of it is on a per clinic or per site basis on the Greenbrook side?

是的。讓我確認一下我已經拿到了它，丹。所以您問的是，您認為 Greenbrook 方面每個診所或每個站點的情況是怎樣的？

Yeah, that's right. Just I think $196,000 you gave last quarter, I don't think you gave it this quarter, but just backing in from the 95 sites on the total clinic revenue.

是的，沒錯。我認為您上個季度捐贈了 196,000 美元，但我認為您本季沒有捐贈，而是從 95 個診所的總收入中收回了這筆錢。

Yeah. I don't think we've put out a target for that. I think I would just continue to look at the total revenue trends for the business and what we've seen first half to second half. I mean, right now, when we look at first half year-to-date performance overall, it's been about 60% clinic revenue business. We expect that will continue to remain about that 60% level, and we provided guidance for the full year.

是的。我認為我們還沒有為此設定目標。我想我會繼續關注業務的總收入趨勢以及我們所看到的上半年到下半年的情況。我的意思是，現在，當我們回顧今年上半年迄今的整體表現時，診所收入約佔 60%。我們預計該比例將繼續保持在 60% 左右，並且我們為全年提供了指導。

So that kind of gives you an ability to track into what we see that Greenbrook revenue looking like for the full year. I think on a site basis, where it can be a little challenging to say there's a target there. Certainly, we can add beds, we can expand the size of some of these sites. So I think there's upward potential there. And we're seeing very nice volume growth on the Greenbrook side of the business.

這樣，您就能夠追蹤我們所看到的 Greenbrook 全年的收入狀況。我認為，從網站角度來看，要說那裡有一個目標可能有點困難。當然，我們可以增加床位，可以擴大一些站點的規模。所以我認為這裡還有上升潛力。我們看到 Greenbrook 業務的銷售成長非常好。

We saw that as we talk about the NeuroStar business on the treatment side as well, 13% on an adjusted pro forma basis. So I think that site number can go up -- continue to go up at a pretty high level.

我們發現，當我們談論 NeuroStar 的治療業務時，以調整後的準備基礎計算，成長率為 13%。所以我認為站點數量可以上升——繼續以相當高的水平上升。

Great. Appreciate that. And then just one follow-up on the adolescent indication. Great to see the progress here as well as the positive updates on the clinical and reimbursement side. But just as far as patient outreach, I imagine the marketing strategy here has to be a little bit more nuanced.

偉大的。非常感謝。然後僅對青少年指徵進行一次跟進。很高興看到這裡的進展以及臨床和報銷方面的積極更新。但就患者拓展而言，我想這裡的行銷策略必須更加細緻入微。

So could you just give us any color on your approach? And how are you driving awareness and adoption? And what's driving that on your end? Thank you.

那麼，您能否向我們簡單介紹一下您的方法呢？您如何推動認知和採用？您這樣做的原因是什麼？謝謝。

We have the data for each one of our providers. And so we know which are taking care of adolescent patients. And we have targeted those folks through our Provider Connection Program and are educating them both by going to trade shows that they attend, but primarily in their offices.

我們擁有每個提供者的資料。因此我們知道哪些機構在照顧青少年病患。我們透過供應商連接計劃瞄準了這些人，並透過參加他們參加的貿易展覽會（但主要是在他們的辦公室）來教育他們。

And it gives us a more intimate opportunity to explain to them the benefits that TMS can provide to those patients. So we've seen a very nice uplift from the Provider Connection Program when we can identify exactly who those providers are.

這為我們提供了更親密的機會向他們解釋TMS可以為這些患者帶來的好處。因此，當我們能夠準確地識別出這些提供者是誰時，我們看到了提供者連接計劃的非常好的提升。

(Operator Instructions) Adam Maeder, Piper Sandler.

（操作員指示）Adam Maeder、Piper Sandler。

Hey, can you guys hear me?

嘿，你們聽得到我說話嗎？

We can, Adam. How are you?

我們可以，亞當。你好嗎？

This is actually Kyle on for Adam. Sorry about the technical difficulties there. I just wanted to ask, I guess, just one on kind of the cadence for the guidance here and how we're thinking about the back half. So I guess, if my math is right, just kind of looking at the Q3 guidance, I think we're kind of contemplating a steep ramp here in Q4. So just kind of trying to get an idea between kind of Q3 and Q4 for revenue and the different pieces there. Thanks.

這實際上是凱爾 (Kyle) 為亞當 (Adam) 所做的。很抱歉出現了技術問題。我只是想問這裡的指導節奏以及我們對後半部分的看法。所以我想，如果我的計算正確的話，只要看一下第三季的指引，我想我們正在考慮在第四季大幅成長。所以只是想了解一下第三季和第四季的收入以及其中的不同部分。謝謝。

Yeah, Kyle. I mean maybe the first point to make is we had a strong Q2 sales results. So we went from $32 million in sales in Q1 to over $38 million, I mean we were very pleased with that. We exceeded the guidance and the consensus for the quarter. I think in Q3, we just have seasonality in the business.

是的，凱爾。我的意思是，也許首先要說的是我們第二季的銷售業績強勁。因此，我們的銷售額從第一季的 3,200 萬美元成長到了 3,800 萬美元以上，我們對此感到非常高興。我們超出了本季的預期和共識。我認為在第三季度，我們的業務只是受到季節性的影響。

That's a result of the July 4, holiday, summer vacation season. That generally impacts the overall treatments, just driving slower growth for that first half of the third quarter here. I think what we expect to see and what we've seen historically is a pretty significant increase as we go from Q3 to Q4, where we see the offsetting benefit, the tailwind of that seasonality coming back in Q4. So that's how we kind of look at this. That's where the guidance is set up.

這是 7 月 4 日假期和暑假期間的結果。這通常會影響整體治療，導致第三季上半段的成長放緩。我認為，我們預期看到的以及歷史上看到的是，從第三季度到第四季度，會出現相當顯著的增長，而我們將看到抵消效益，即季節性的順風在第四季度回歸。這就是我們看待這個問題的方式。這就是指導設立的地方。

So having a $6 million increase from Q1 to Q2 and then having a similar increase in Q3 to Q4, I think that's consistent with what we're seeing in the business and then just the seasonality piece driving that.

因此，從第一季到第二季增加了 600 萬美元，然後從第三季到第四季也出現了類似的成長，我認為這與我們在業務中看到的情況一致，只是季節性因素推動了這一成長。

Perfect. That's super helpful. And then maybe another one for you, just on the gross margin guide down a little bit, which I understand is just a function of Greenbrook becoming a larger portion of the mix. And you talked about back half, maybe you can get up kind of towards the higher end of that range since I think the front half was about 48%.

完美的。這非常有幫助。然後也許還有另一個問題，就是毛利率指南稍微下降了一點，我理解這只是 Greenbrook 在組合中所佔比例變大的一個功能。您談到了後半部分，也許您可以將其提高到該範圍的高端，因為我認為前半部分約為 48%。

How should we kind of expect maybe the trajectory of gross margins over the medium-term as we look out into 2026 for the combined business kind of on this trend?

當我們展望 2026 年合併後的業務趨勢時，我們該如何預期中期毛利率的走勢？

Yeah, we haven't provided any specific 2026 guidance, but I would say the mix is really going to be the biggest product of revenue, right, and that difference between NeuroStar and Greenbrook. If you look when we were stand-alone the NeuroStar margins were around mid-70%, 74%, 75%. And nothing has fundamentally changed in that cost structure. Greenbrook, if you just do the math on our 48% year to date, the Greenbrook gross profit margin is around 30%.

是的，我們還沒有提供任何具體的 2026 年指導，但我想說，組合確實將成為收入的最大產物，對吧，這就是 NeuroStar 和 Greenbrook 之間的差異。如果你看我們獨立時的情況，NeuroStar 的利潤率大約在 70%、74%、75% 左右。而成本結構並沒有根本性的改變。Greenbrook，如果您計算我們今年迄今為止的 4​​8% 的毛利率，Greenbrook 的毛利率約為 30%。

I think the biggest thing we have going once you account for that mix piece, we do have upside, I think, especially on the Greenbrook side, just leveraging that fixed clinical infrastructure. The more efficient, the more treatments per chair you do in those Greenbrook clinics, you are leveraging that fixed overhead. I think that's going to help us on a continual basis even throughout 2026.

我認為，一旦考慮到混合部分，我們最大的優勢就是我們確實有優勢，特別是在 Greenbrook 方面，只需利用固定的臨床基礎設施。效率越高，在 Greenbrook 診所中每張椅子進行的治療就越多，您就能充分利用固定開銷。我認為這將持續幫助我們直到 2026 年。

And then I think the optimizing the BMB piece to drive incremental, but we know versus Q2, we're going to optimize where we make that offering and ensure we've got adequate reimbursement and pricing. So I think we'll be able to optimize relative to what I would consider a lower Q2 base on the bill and buy -- buy and bill portion of SPRAVATO.

然後我認為優化 BMB 部分可以推動增量，但我們知道與第二季相比，我們將優化我們提供產品的位置並確保我們獲得足夠的報銷和定價。因此，我認為我們能夠根據我認為的較低的 Q2 基礎（SPRAVATO 的帳單和購買部分）進行最佳化。

This concludes the question-and-answer session. I would now like to turn the call over to Keith Sullivan for closing remarks.

問答環節到此結束。現在我想把電話交給基斯‧沙利文 (Keith Sullivan) 來做結束語。

Thank you for your interest in Neuronetics. We look forward to updating you on our next quarterly call. Have a great day.

感謝您對 Neuronetics 的關注。我們期待在下次季度電話會議上向您通報最新情況。祝你有美好的一天。

This concludes the conference today. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。