Neuronetics Inc (STIM) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Neuronetics second-quarter 2026 financial and operating results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Neuronetics 2026 年第二季財務與營運成果電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Mike Vallie from ICR Healthcare. Please go ahead.

現在我想把會議交給今天的第一位講者，來自 ICR Healthcare 的 Mike Vallie。請開始。

Good morning and thank you for joining us for the Neuronetics second quarter 2026 conference call. Joining me on today's call are the Neuronetics President and Chief Executive Officer, Dan Reuvers, and the company's recently appointed Chief Financial Officer, Nir Naor. 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, and other situational issues and metrics.

各位早安，感謝您參加 Neuronetics 2026 年第二季電話會議。今天與我一同出席的有 Neuronetics 總裁兼執行長 Dan Reuvers，以及公司近期任命的財務長 Nir Naor。在開始之前，我想提醒各位，管理層在本次電話會議中討論的某些資訊將包含前瞻性陳述，並受 1995 年《私人證券訴訟改革法》安全港條款保護，其中包括與我們的業務、策略、財務與營收指引，以及其他情勢議題與衡量指標相關的陳述。

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 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 annual report on Form 10-K, which was filed in March, and the company's quarterly report on Form 10-Q for the quarter ending June 30, 2026.

由於與公司業務相關的風險與不確定性，實際結果可能與這些前瞻性陳述所述或所暗示者存在重大差異。關於與 Neuronetics 業務相關的風險與不確定性之討論，我建議您查閱公司向美國證券交易委員會提交的文件，包括公司於 3 月提交的 Form 10-K 年度報告，以及截至 2026 年 6 月 30 日季度的 Form 10-Q 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 provides 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. Reconciliations between US GAAP and non-GAAP results are presented in the tables accompanying our press release, which can be viewed on our website.

除法律要求外，公司不承擔更新本次電話會議期間所作任何前瞻性陳述之義務。在本次會議中，我們也將討論若干以非 GAAP 基礎呈現的資訊，包括 EBITDA。管理層認為，非 GAAP 財務資訊若與美國 GAAP 財務衡量指標一併使用，透過排除某些非現金及其他不反映我們營運結果趨勢的費用，能為管理層與投資人提供有用資訊。美國 GAAP 與非 GAAP 結果之間的調節表列於我們新聞稿所附表格中，可於我們網站查閱。

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

接下來，我很高興把電話會議交給 Neuronetics 總裁兼執行長 Dan Reuvers。

Thanks, Mike, and good morning, everyone. Thank you for joining us. I'll walk you through the quarter and each side of the business, and then I'll turn it to Nir to cover the financials in greater detail. Then I'll come back with how we're thinking about the rest of the year before opening it up for questions. Having now spent several months in the role, meeting with customers, spending time in our clinics and working alongside our field team, I've gained a clearer view of where the business is performing and where opportunities exist.

謝謝你，Mike，各位早安。感謝各位加入我們。我將帶各位回顧本季表現以及業務的各個面向，接著把時間交給 Nir 更詳細說明財務狀況。之後我會再回來分享我們對今年剩餘時間的看法，然後開放提問。在這個職務上已經幾個月，透過與客戶會面、在我們診所投入時間並與前線團隊並肩合作，我對業務目前的表現以及存在的機會有了更清晰的認識。

I'm pleased to report the second quarter began to reflect our steady execution against the goals I cited last quarter. Total revenue was $41.6 million, up approximately 9% versus the second quarter of last year. The results reflect the continued strength of Greenbrook and some early impacts of our NeuroStar TMS go-to-market pilot. Importantly, we began to show meaningful progress towards profitability and reduced our cash burn significantly. Starting with NeuroStar, total worldwide NeuroStar revenue was $14.7 million.

我很高興報告，第二季開始反映我們持續穩健執行我在上季提到的目標。總營收為 4,160 萬美元，較去年第二季約成長 9%。這些結果反映 Greenbrook 持續強勁，以及我們 NeuroStar TMS 上市推進（go-to-market）試點計畫的部分早期成效。更重要的是，我們開始在邁向獲利方面展現具體進展，並大幅降低現金消耗。先從 NeuroStar 談起，NeuroStar 全球總營收為 1,470 萬美元。

On the capital side, we had a strong quarter. This reflected an encouraging early reception to our second quarter go-to-market pilot, including a deliberate change in how we compete for customers. For most of our history, we offered essentially one way to work with us, a treatment session model built around a high-touch partnership between Neuronetics and our customer. It's a model we believe in and 1onethat continues to set us apart, with NeuroStar customers performing almost twice as many treatments per chair as the competitive landscape. This is a velocity improvement that directly reflects our unparalleled support.

在資本端方面，我們本季表現強勁。這反映市場對我們第二季 go-to-market 試點計畫的早期反應令人鼓舞，其中包括我們在爭取客戶方式上的刻意調整。在我們大部分的歷史中，我們基本上只提供一種合作方式：以治療次數（treatment session）為基礎的模式，建立在 Neuronetics 與客戶之間高接觸（high-touch）的合作夥伴關係之上。這是我們所信奉的模式，也是一個持續讓我們與眾不同的模式；在競爭環境中，NeuroStar 客戶每張治療椅所執行的治療次數幾乎是其他業者的兩倍。這種治療量（velocity）的提升，直接反映我們無可比擬的支援能力。

But as the TMS market has matured, we've seen that customers value different levels of support. Some want that full partnership. Others simply want to own the system outright, the way they would any other piece of capital equipment. Our prior strategy did not allow us to compete within this broader customer universe. To address this, while we're continuing to offer the treatment session model, along with our comprehensive support program, we've also introduced new and different ways a customer can choose to acquire a NeuroStar system.

但隨著 TMS 市場日趨成熟，我們看到客戶對支援程度的需求各不相同。有些客戶希望獲得完整的合作夥伴式支援。另一些客戶則只想像購買其他資本設備一樣，直接擁有系統。我們先前的策略無法讓我們在更廣泛的客戶族群中競爭。為了解決這點，在我們持續提供治療次數模式及完整支援方案的同時，我們也推出新的、不同的方式，讓客戶可以選擇如何取得 NeuroStar 系統。

Specifically, they can purchase one outright or opt for a lease-financed option, which allows a customer to use the system over time without a significant upfront capital commitment. For customers who elect to purchase a system, we now offer support on an a la carte basis, allowing them to select the specific elements of our clinical and operational support that they want, rather than accessing it through a treatment session model.

具體而言，客戶可以直接購買，或選擇租賃融資方案，讓客戶在不需要大額前期資本投入的情況下，隨時間使用系統。對於選擇購買系統的客戶，我們現在提供可按需選配（a la carte）的支援，讓他們可挑選所需的臨床與營運支援項目，而不必透過治療次數模式來取得。

In each case, customers gain access to the same market-leading technology, and those who choose the session model retain the high-touch support that's always distinguished us. We introduced these approaches on a limited basis earlier this year and expanded the pilot through the second quarter. The early reception was encouraging, and we have since moved to a broader rollout.

在每一種情況下，客戶都能使用同樣的市場領先技術；而選擇治療次數模式的客戶，仍可保有一向使我們與眾不同的高接觸式支援。我們在今年稍早以有限範圍導入這些作法，並在第二季擴大試點。早期反應令人鼓舞，因此我們已進一步推動更廣泛的推出。

Over time, as more customers choose to own their systems, more of that value will be reflected in capital revenue, consumables, and service, and less in treatment session revenue. That shift reflects both the demand we're seeing for a capital model and our ability to compete for business that was previously out of reach.

隨著時間推進，當更多客戶選擇擁有其系統時，更多價值將反映在資本營收、耗材與服務上，而較少反映在治療次數營收上。這樣的轉變同時反映我們所看到對資本模式的需求，以及我們有能力爭取過去無法觸及的業務。

Consistent with our expectations, NeuroStar revenue was down slightly versus prior year, with capital revenue up double digits, while treatment session revenue was down double digits versus a year ago. Almost half of the reduction in the sessions revenue reflected the continued normalization of customer inventory, now at the lower levels we'd expect to maintain. The balance was from units no longer active.

符合我們的預期，NeuroStar 營收較去年同期小幅下降；其中資本營收呈現雙位數成長，而治療次數營收較一年前呈現雙位數下滑。治療次數營收下滑中，近一半反映客戶庫存持續正常化，目前已降至我們預期將維持的較低水準。其餘則來自不再活躍的裝機單位。

Underneath that, demand for treatment sessions remained strong within accounts that were active a year ago, with utilization up approximately 10% among them. The broader point is the TMS market itself continues to grow both across the industry and within our accounts. The decline in our session revenue reflects the change in our model, not the demand for the therapy. Ultimately, as we introduce new commercial options and we see some mix shifts, our second-half revenue may be a bit choppier, but the changes position us for renewed and sustainable growth as we enter 2027. We're also continuing to invest in the platform itself.

在此之下，對於一年前仍為活躍的客戶帳戶，治療次數需求依然強勁，其使用率（utilization）約提升 10%。更重要的是，TMS 市場本身仍在成長，無論在整體產業或在我們的客戶帳戶內皆然。我們治療次數營收的下滑反映的是我們模式的改變，而非對療法需求的下降。最終，隨著我們推出新的商業選項並出現一些組合（mix）變化，我們下半年營收可能會較為波動，但這些改變使我們在邁入 2027 年時具備重新且可持續的成長動能。我們也持續投資於平台本身。

In May, we announced a strategic collaboration with ANT Neuro to co-promote their FDA-cleared neuronavigation technology with NeuroStar. Providers are looking for tools that bring more visualization, consistency, and personalization into how they plan and deliver treatment. And this partnership lets us offer that alongside the NeuroStar system. We have the largest installed base of TMS systems in the country, which gives us the ability to bring innovations like this to market and scale them across the field. Moving to Greenbrook, which was the star of the quarter.

在 5 月，我們宣布與 ANT Neuro 展開策略合作，共同推廣其已獲 FDA 核准的神經導航（neuronavigation）技術，並與 NeuroStar 搭配。醫療提供者正在尋找能在治療規劃與執行方式中帶來更多可視化、一致性與個人化的工具。而這項合作夥伴關係讓我們能將該工具與 NeuroStar 系統一併提供。我們在全國擁有最大的 TMS 系統裝機基礎，這使我們能將此類創新推向市場，並在前線大規模擴展。接著談 Greenbrook，它是本季的明星。

The operational discipline that we'd been building into the clinic business continued. Greenbrook revenue was $26.9 million, up approximately 17% year-over-year. Beyond the top-line growth at Greenbrook, our work on revenue cycle management continued to produce results, with cash collections growing even faster than revenue. Focusing on better qualifying patients' eligibility, cleaner claims submissions, and more efficient collections were key contributors, along with improved reimbursement rates through more effective payer contracting across both TMS and Spravato. We also began using AI in the insurance authorization process, which has helped us reduce operating costs.

我們一直在診所業務中建立的營運紀律持續發揮作用。Greenbrook 營收為 2,690 萬美元，年增約 17%。除了 Greenbrook 的營收成長之外，我們在營收循環管理方面的工作也持續產生成果，現金回收的成長速度甚至快於營收。聚焦於更完善地確認病患的保險給付資格、更乾淨的理賠申請提交，以及更有效率的收款，是主要貢獻因素；同時，透過在 TMS 與 Spravato 兩項業務上更有效的付款方合約談判，也帶來了更佳的報銷率。我們也開始在保險授權流程中使用 AI，這有助於我們降低營運成本。

This reflects the operational discipline that we've been building into these clinics, and it's converting into cash, not just billings. And we believe there's still runway ahead of us. The other lever is occupancy. These clinics carry a largely fixed cost base, so the more efficiently we can run each site and the more patients we treat, the more profitable each location becomes. That's where much of our operational focus continues to sit today.

這反映了我們一直在這些診所中建立的營運紀律，而且它正在轉化為現金，而不只是帳單金額。我們也相信前方仍有成長空間。另一個槓桿是使用率（occupancy）。這些診所的成本基礎多為固定成本，因此我們越能有效率地營運每個據點、治療越多病患，每個據點的獲利能力就越高。這也是我們目前營運重點持續聚焦的所在。

With available capacity, we're closely examining our sales methods, including number of field reps, direct-to-consumer ad spend, and peer-to-peer education events, attempting to improve referrals while doing so with the most efficient patient acquisition cost. This, too, remains a meaningful incremental profitability driver. Before we move on, I wanted to provide an update on changes to our senior leadership team. As you might imagine, I spent a fair amount of time in my first 100 days evaluating our leadership team and structure. As a result, I made some changes to our leadership team, including reducing executive headcount and flattening our structure.

在仍有可用產能的情況下，我們正密切檢視銷售方法，包括外勤業務代表人數、直接面向消費者的廣告支出，以及同儕對同儕的教育活動，力求在以最有效率的病患取得成本下提升轉介量。這同樣仍是重要的增量獲利驅動因素。在我們繼續之前，我想就高階領導團隊的變動提供最新進展。如各位所想像，我在上任前 100 天花了相當多時間評估我們的領導團隊與組織架構。因此，我對領導團隊做了一些調整，包括減少高階主管人數並扁平化組織結構。

This should allow us to get and stay closer to the details of the business. Some of the key changes include the recent appointment of Nir Naor as Chief Financial Officer. Nir brings more than 20 years of finance experience across medical device and care delivery businesses, including at his last company, where he helped the business reach profitability and achieve positive cash flow within a year. That experience is directly relevant to our priorities at this stage of our business, and I'm confident he'll be a key thought partner as we execute on our priorities. We also promoted Cory Anderson to Executive Vice President and General Manager of Greenbrook.

這應能讓我們更貼近、並持續掌握業務細節。其中一些關鍵變動包括近期任命 Nir Naor 擔任財務長（Chief Financial Officer）。Nir 在醫療器材與照護服務交付（care delivery）業務領域擁有超過 20 年的財務經驗；在他上一家公司，他協助公司在一年內達到獲利並實現正向現金流。這段經驗與我們在現階段的優先事項高度相關，我也相信他將在我們推動各項優先事項時成為重要的策略夥伴。我們也晉升 Cory Anderson 為 Greenbrook 的執行副總裁兼總經理。

Cory's been with us more than five years overseeing both our technology and clinical data efforts, as well as leading the commercial readiness efforts of psychedelics with our partners at Compass Pathways. Putting a dedicated leader with a rich understanding of the interventional psychiatry space as the head of Greenbrook reflects its importance to our future and the types of initiatives that will help us continue to drive growth in that part of the business. And in June, we appointed Rob Greene as Senior Vice President of Sales. Rob spent his career leading commercial organizations across healthcare and medical technology, including in capital equipment and service. As we roll out new commercial models for NeuroStar, Rob's experience will be central to executing that strategy.

Cory 已在公司任職超過五年，負責我們的技術與臨床數據工作，同時也與 Compass Pathways 的合作夥伴一起領導迷幻藥（psychedelics）商業化準備工作。讓一位對介入式精神醫學（interventional psychiatry）領域有深厚理解的專責領導者出任 Greenbrook 負責人，反映了 Greenbrook 對我們未來的重要性，以及那些能協助我們持續推動該業務成長的各類計畫。此外在 6 月，我們任命 Rob Greene 擔任銷售資深副總裁。Rob 的職涯一直在醫療保健與醫療科技領域領導商業組織，包括資本設備與服務業務。隨著我們推出 NeuroStar 的新商業模式，Rob 的經驗將是執行該策略的核心。

Separately, we consolidated roles in marketing and operations, and Andrew Macan will be stepping down as Chief Legal Officer later this month. With this team in place, we're well-positioned to execute our strategy and the priorities that we're reviewing this morning. Stepping back, we moved forward this quarter on what matters most, competing for NeuroStar customers who were previously out of reach, running our Greenbrook clinics more efficiently, and advancing our goals towards profitability and cash generation.

另外，我們整併了行銷與營運的職能角色，而 Andrew Macan 將於本月稍晚卸任法務長（Chief Legal Officer）。在這個團隊到位後，我們已具備良好條件來執行策略，以及我們今天上午正在檢視的各項優先事項。回過頭看，本季我們在最重要的事情上持續推進：爭取先前無法觸及的 NeuroStar 客戶、更有效率地營運 Greenbrook 診所，並推動我們朝向獲利與現金創造的目標前進。

I'll turn it over to Nir to take you through the financials and I'll come back with our outlook for the rest of the year. Nir?

接下來我把時間交給 Nir，請他帶各位看財務表現，之後我會再回來說明我們對今年剩餘期間的展望。Nir？

Thank you, Dan, and good morning, everyone. Let me start with a few thoughts on why I joined and then walk you through the quarter. I came to Neuronetics because I saw a business with a strong core, leading technology, and a national clinical network, as well as a clear opportunity to improve how it converts that into profitability and cash. That is what I've spent my career doing and that is what I intend to focus on here. Turning to our financials.

謝謝你，Dan，各位早安。我先分享幾點我加入公司的原因，接著帶各位回顧本季表現。我加入 Neuronetics，是因為我看到這是一家擁有強健核心、領先技術與全國臨床網絡的企業，同時也有明確機會改善其將這些優勢轉化為獲利與現金的能力。這正是我職涯一直在做的事，也是我在這裡打算聚焦的方向。接著看我們的財務表現。

Unless otherwise noted, all performance comparisons are being made to the second quarter of 2026 versus the second quarter of 2025. Total revenue in the second quarter was $41.6 million, an increase of 9.1% compared to revenue of $38.1 million in the second quarter of 2025. The increase in revenue was primarily driven by higher Greenbrook revenue. With the commercial model update that Dan mentioned in his comments, we intend to update our financial reporting on a go-forward basis to better align with the relevant operational metrics. As customers move between owning a system, financing 1, purchasing support on an a la carte basis, or opting for the traditional session model, the split between capital and treatment session revenue no longer reflects the business in a consistent manner.

除非另有說明，所有績效比較皆以 2026 年第二季相較於 2025 年第二季為基準。第二季總營收為 4,160 萬美元，較 2025 年第二季的 3,810 萬美元成長 9.1%。營收增加主要由 Greenbrook 營收成長所帶動。配合 Dan 在談話中提到的商業模式更新，我們打算在未來更新財務揭露方式，以更貼近相關的營運衡量指標。隨著客戶在自有系統、融資、按需（a la carte）購買支援服務，或選擇傳統按療程計費模式之間轉換，資本收入與治療療程收入之間的拆分已無法以一致方式反映業務實況。

We plan to manage the total growth of the NeuroStar franchise. With a host of contributing revenue lines such as sessions, capital, lease, service, consumables, and others, comparisons versus the past become less relevant for us. As a result, we will look at our NeuroStar business more holistically and intend to report it as a single revenue line going forward. Accordingly, total revenue from our NeuroStar business was $14.7 million in the second quarter of 2026, a decrease of 2.7%. For context, our session revenue was down double digits and our capital sales were up double digits.

我們計畫以 NeuroStar 特許經營（franchise）的整體成長來進行管理。在療程、資本銷售、租賃、服務、耗材等多條收入線共同貢獻下，與過去的比較對我們而言變得不那麼相關。因此，我們將以更整體的方式看待 NeuroStar 業務，並打算未來以單一收入項目進行揭露。據此，2026 年第二季 NeuroStar 業務總營收為 1,470 萬美元，下降 2.7%。作為背景說明，我們的療程收入呈雙位數下滑，而資本銷售則呈雙位數成長。

Greenbrook revenue was $26.9 million, a 16.8% increase. The results were driven by strong continuous provider growth and overall pricing improvement. Gross margin was 51.1% in the second quarter of 2026 compared to 46.6% in the prior year. This was a function of mix and our improving revenue cycle management efforts. Operational expenses during the quarter were $22.7 million, a decrease of $3.1 million, or 12%, compared to $25.8 million in the second quarter of 2025.

Greenbrook 營收為 2,690 萬美元，成長 16.8%。結果主要由強勁且持續的服務提供者（provider）成長，以及整體定價改善所帶動。2026 年第二季毛利率為 51.1%，相較去年同期為 46.6%。這主要受產品/業務組合（mix）以及我們營收循環管理改善所驅動。本季營運費用為 2,270 萬美元，較 2025 年第二季的 2,580 萬美元減少 310 萬美元，降幅 12%。

This was largely due to lower general and administrative expenses and lower sales and marketing expenses. Continued cost efficiency measures were one of the key drivers for that change. Net loss for the quarter was $3.4 million, or $0.05 per share, compared to a net loss of $10.1 million, or $0.15 per share in the prior year. Adjusted EBITDA was positive $0.3 million as compared to negative $5.6 million in the prior year, an improvement of $5.9 million. Moving to the balance sheet and cash flow.

這主要是由於一般及行政費用降低，以及銷售與行銷費用降低。持續推動成本效率措施是造成該變化的關鍵驅動因素之一。本季淨損為 340 萬美元，或每股淨損 0.05 美元；相較去年同期淨損 1,010 萬美元，或每股淨損 0.15 美元。調整後 EBITDA 為正 30 萬美元，相較去年同期為負 560 萬美元，改善 590 萬美元。接著看資產負債表與現金流。

As of June 30, total cash was $25 million, consisting of cash, cash equivalents, and restricted cash, as compared to $19 million as of March 31, 2026. Cash used by operations and investing in the second quarter was $1.4 million. This compares to cash used from operations and investing of $3.8 million in Q2 of 2025. During the quarter, we also raised $7.6 million in net proceeds through our at-the-market equity offering. Now turning to guidance.

截至 6 月 30 日，現金總額為 2,500 萬美元，包括現金、約當現金與受限制現金；相較於 2026 年 3 月 31 日的 1,900 萬美元。第二季營運與投資活動使用的現金為 140 萬美元。相較之下，2025 年第二季營運與投資活動使用的現金為 380 萬美元。本季我們也透過隨市發行（at-the-market）股票發行取得 760 萬美元的淨募資。接下來談財測指引。

We're narrowing our total revenue range to $160 million to $164 million compared to prior guidance of $160 million to $166 million. We now expect gross margin range to be between 48% and 50% compared to prior guidance of 47% to 49%. We're lowering our OpEx guidance to $95 million to $100 million versus our prior guidance of $100 million to $105 million. The majority of this change is driven by decreased expectation of share-based compensation. Since share-based compensation fluctuates significantly, it's a non-cash component and is difficult to forecast going forward.

我們將全年總營收區間收斂至1.60億美元至1.64億美元，相較於先前指引的1.60億美元至1.66億美元。我們目前預期毛利率區間為48%至50%，相較於先前指引的47%至49%。我們將營業費用（OpEx）指引下調至9,500萬美元至1.00億美元，低於先前指引的1.00億美元至1.05億美元。此變動主要是由於對股份基礎給付（share-based compensation）的預期降低所致。由於股份基礎給付波動幅度很大，且屬於非現金項目，因此未來較難預測。

We're going to guide to OpEx excluding share-based compensation. On this basis, we would expect this number to be $91 million to $96 million for the year. Our current estimate of share-based compensation is $4 million for the year. We're also updating our cash flow guidance to include both cash flow from operations and cash flow from investing as we consider this sum a more representative view of the company's organic cash utilization and estimate it to be in the range of negative $10.5 million to negative $14.5 million for the full year. This is compared to our prior guidance of cash flow from operations only in the range of negative $13 million to negative $17 million.

我們將改為提供不含股份基礎給付的營業費用（OpEx）指引。在此基礎下，我們預期全年該數字為9,100萬美元至9,600萬美元。我們目前對全年股份基礎給付的估計為400萬美元。我們也更新現金流指引，納入營運活動現金流與投資活動現金流，因為我們認為兩者合計更能代表公司有機現金使用情況；我們估計全年該合計數將介於負1,050萬美元至負1,450萬美元。相較之下，我們先前的指引僅包含營運活動現金流，區間為負1,300萬美元至負1,700萬美元。

We continue to target limited net cash utilization for operations and investing in the second half of the year. In summary, this was a quarter of solid financial progress. We grew revenue, improved our margins, reduced our cash burn, and strengthened our balance sheet, all while continuing to invest in the growth of the business. Our focus is on converting that progress into sustained profitability and positive operating cash flow.

我們仍以在下半年將營運與投資的淨現金使用控制在有限水準為目標。總結而言，本季在財務面取得了穩健進展。我們提升了營收、改善了毛利率、降低了現金消耗，並強化了資產負債表，同時仍持續投資於業務成長。我們的重點是將這些進展轉化為可持續的獲利能力與正向的營運現金流。

With that, I will turn it back to Dan for his closing remarks.

接下來，我把時間交還給Dan，請他做結語。

Thanks, Nir. Let me close with a few thoughts on where we go from here. During the quarter, we continued our collaboration with Compass Pathways to prepare for the anticipated commercial launch of their psychedelic therapeutic for treatment-resistant depression, or TRD. We also shared the stage with them at an investor panel last month to continue to educate the investor community about the potential market dynamics with a new treatment option for providers to prescribe for TRD patients. With their recent Phase 3 extended durability data readout, our enthusiasm for the opportunity continues to grow.

謝謝你，Nir。我用幾點想法作結，談談我們接下來的方向。本季期間，我們持續與Compass Pathways合作，為其針對難治型憂鬱症（treatment-resistant depression，TRD）的迷幻藥物治療預期商業上市做準備。上個月我們也與他們在投資人座談同台，持續向投資人社群說明：當提供者能為TRD患者開立新的治療選項時，市場動態可能出現的變化。隨著他們近期公布第3期延長持久性（extended durability）數據結果，我們對此機會的熱情持續升溫。

The regulatory path is Compass's to run, and I'm not going to get ahead of it, but therapies like this, when they come to market, will require exactly the kind of delivery platform that we already operate. In-office drug delivery and monitoring, REMS programs, trained clinical staff, the benefits investigation and prior authorization infrastructure that we run every day for Spravato. As new psilocybin treatments become available, they'll need places equipped to deliver them safely and at scale. Greenbrook's experience, scale, and available capacity positions us as an early leader in that space as we look forward to providing the most comprehensive menu of interventional psychiatry options for patients. More broadly, our priorities for the rest of the year are clear.

監管路徑由Compass主導，我不會搶先下結論；但像這類療法一旦上市，將需要我們目前已在營運的那種給藥平台。包含院內給藥與監測、REMS計畫、受訓的臨床人員，以及我們每天為Spravato運作的給付資格查核（benefits investigation）與事前授權（prior authorization）基礎設施。隨著新的裸蓋菇素（psilocybin）治療可用，它們將需要具備安全且可規模化提供治療的場所。Greenbrook的經驗、規模與可用產能，使我們在該領域具備成為早期領導者的優勢；我們也期待為患者提供最完整的介入式精神醫學（interventional psychiatry）治療選項組合。更廣泛而言，我們今年剩餘時間的優先事項很明確。

We'll continue expanding how we compete within the TMS space with NeuroStar, keep driving operational discipline and cash generation at Greenbrook while seeking to help even more patients, expanding our occupancy, and positioning for the opportunities ahead in interventional psychiatry. Ultimately, we intend to be the destination of choice for the psychiatry community looking for the most effective treatment interventions for their patients. We have real work in front of us, but we have the team, the resources, and the momentum to see it through.

我們將持續與NeuroStar一起擴大我們在TMS領域的競爭方式，同時在Greenbrook推動營運紀律與現金創造，在力求協助更多患者的同時，提高我們的使用率（occupancy），並為介入式精神醫學的未來機會做好布局。最終，我們希望成為精神醫學社群的首選目的地，讓他們能為患者尋找最有效的治療介入方案。我們面前仍有大量工作，但我們具備團隊、資源與動能，能夠把它完成。

Before I close, I'll note that earlier this month, we announced a constructive understanding with one of our largest shareholders, reflecting a shared commitment to maximizing long-term value for our shareholders. The Board and I welcome that alignment, and it reinforces the focus we all share on executing, including the priorities I've laid out this morning. I want to thank our employees for a hard-fought quarter and for the work that they do every day on behalf of the patients that we serve and our shareholders for their continued support.

在我結束前補充一點：本月稍早，我們宣布與我們最大股東之一達成具建設性的共識，反映出雙方共同致力於為股東最大化長期價值。董事會與我都樂見這樣的一致性，也強化了我們共同聚焦於執行的決心，包括我今天上午所提出的各項優先事項。我要感謝員工在本季的努力奮戰，以及他們每天為我們服務的患者所做的工作；也感謝股東持續的支持。

With that, operator, we're ready to open the line for questions.

接下來，接線員，我們準備開放提問。

(Operator Instructions)

（接線員指示）

William Plovanic, Canaccord.

William Plovanic，Canaccord。

Hey, great. Thanks, good morning. Can you hear me okay. Good morning. First of all, congratulations on a solid quarter, definitely improving the cash flow. I'm going to focus on the future rather than the past. In terms of Greenbrook, as you're leaning into this really service offering for all these new psychedelics coming to market, I was wondering if you could help us understand just with the Greenbrook footprint as you go to optimize those, one, like, how many rooms are typically available on average per site? Two, as you become more cash-generating, could we expect you to start opening more facilities or expanding the existing facilities?

嗨，很好。謝謝，早安。你們聽得到我嗎？早安。首先，恭喜本季表現穩健，現金流確實有所改善。我想把重點放在未來而不是過去。就Greenbrook而言，當你們加大力道投入、把自己定位為這些即將上市的新型迷幻藥物的服務提供平台時，我想請你們協助我們理解：就Greenbrook的據點版圖而言，在你們著手最佳化時，第一，每個據點平均通常有多少間房間可用？第二，當你們變得更能產生現金時，我們是否可以預期你們開始開設更多據點，或擴建既有據點？

Yeah, my understanding is the Compass product is like a 6-hour versus maybe Spravato at about 2 hours of observation. So I'm kind of -- as new drugs come to market, they're going to have different requirements and how do you address those capacity issues and balance that against revenue. But really, it's on the Greenbrook and just leaning in there. Thanks.

是的，我的理解是Compass的產品大概需要6小時，相較之下Spravato可能約2小時的觀察時間。所以我有點在想——隨著新藥上市，它們會有不同的要求，你們要如何處理這些產能問題，並在此與營收之間取得平衡。但主要還是聚焦在Greenbrook，以及你們如何加大投入。謝謝。

Yeah, good question, thanks, Bill. So I think, first of all, I'll talk about psychedelics in a minute, but I think that initially, there's a lot of runway that continues to be available to us simply in improving the capacity that's available within so many of our sites. So we've got a fair amount of fixed costs, as you know, and we've talked about having available capacity as much as 40% that's still not consumed. So filling those chairs with patients that can benefit from our therapies is a top priority. And I think we have a lot of improvement to occur even while we're waiting for the psychedelics to be introduced.

是的，問題很好，謝謝你，Bill。我想首先，我稍後會談迷幻藥物，但一開始我們仍有很長的跑道，因為僅僅是提升我們許多據點內可用產能，就還有很大空間。如你所知，我們有相當多固定成本，我們也談過仍有高達40%的可用產能尚未被使用。因此，讓更多能從我們療法中受益的患者坐上這些治療椅，是首要任務。而且我認為，即使在等待迷幻藥物導入之前，我們仍有很多改善可以發生。

That said, we think about it more as units of time and available capacity. A lot of these rooms where we treat patients for Spravato can quite easily be converted to also administer psychedelics like COMP360. So I think that we've already got the capacity in the rooms and it's a matter of making sure that we're filling these to better capacity, which is an opportunity for growth that we have even before some of the psychedelics come available.

話雖如此，我們更把它視為時間單位與可用產能的問題。我們用於Spravato治療患者的許多房間，也可以很容易轉換為施用像COMP360這類迷幻藥物。所以我認為，我們在房間方面其實已具備產能，重點在於確保我們能把這些房間的使用率提升到更好的水準；這是在部分迷幻藥物可用之前，我們就已經擁有的成長機會。

And then as they do, we have been putting a lot of energy into making sure that we're being thoughtful about how we would schedule those varying treatments. As we know, TMS is a matter of minutes, a couple of hours for Spravato, and to your point, probably closer to 6 hours for COMP360, in varying sequences for some of the other therapeutics to come later.

接著，當它們真的上市時，我們也投入了很多心力，確保能周全地思考如何安排這些不同療程的排程。如我們所知，TMS以分鐘計；Spravato需要幾個小時；而如你所說，COMP360可能更接近6小時；此外，後續還會有其他治療法在不同的療程順序下推出。

We're starting to use AI for scheduling to optimize how we can make sure that we do that in the most productive way. So I think there's a lot of opportunity for us to continue to fill that capacity. And once we do, once we start to get closer to that and we need more space, certainly more sites or expanding those footprints is well within our roadmap. But initially, I think there's so much unused capacity, we'll really focus there first, and then sequentially there will be an opportunity for us to look at expansion.

我們開始使用 AI 進行排程，以最佳化我們如何確保能以最高生產力的方式做到這一點。因此，我認為我們仍有很大的機會持續填補那部分產能。而一旦我們做到、當我們開始更接近滿載且需要更多空間時，新增據點或擴大既有場址規模當然都在我們的路線圖之內。但在初期，我認為仍有大量未被使用的產能，我們會先把重點放在那裡，接著再循序評估擴張的機會。

Excellent. If I could have one follow-up. Just on, you know, you've come in and you've made a lot of, you've cut a lot of costs. I mean, definitely have improved the operating structure of the business. As you think of that mission from here forward with the recent announcements you've made and the changes in management, are you through kind of the bulk of the changes and here it's more incremental tweaking from a cost structure? Or just how should we think about the opportunity for further efficiency gains in the operating structure? Thanks.

很好。如果我可以再追問一個問題。就你知道的，你上任後做了很多事，也削減了不少成本。我的意思是，確實改善了公司的營運架構。當你從現在往前看，結合你最近發布的公告以及管理層的變動，你是否已經完成了大部分的變革，接下來更多是就成本結構做一些漸進式微調？或者，我們應該如何看待在營運架構上進一步提升效率的機會？謝謝。

Yeah, I think that a natural thing is sometimes we don't always look in the mirror first as executives. So, starting with the leadership ranks and trying to make sure that the structure and the people that fill the right roles was established, I feel really good about where we sit today. I think we've added some really good talent. I think we've redistributed some of the assignments to some really talented up-and-coming folks within the organization. So I think that we, I feel like we sit quite well there.

是的，我認為一個很自然的情況是，我們身為主管有時不一定會先照照鏡子。因此，先從領導階層著手，確保組織架構以及由合適的人擔任合適的角色都已到位；就目前而言，我對我們今天的位置感到非常滿意。我認為我們加入了一些非常優秀的人才。我認為我們也把部分職責重新分配給組織內一些非常有才華、正在崛起的同仁。所以我覺得在這方面，我們目前的狀態相當不錯。

I think there's probably still opportunities for us. I think this is where having a new CFO flanking me with just a couple of weeks under his belt, he and I will have an opportunity to more comprehensively continue to examine where those additional opportunities might exist. But organizationally, I feel like we've made a lot of progress and I'm feeling very good about kind of how we've anchored ourselves at this point.

我認為我們可能仍有一些機會。我想這也是為什麼在我身旁有一位新任 CFO、上任才幾週，他和我將有機會更全面地持續檢視還有哪些額外機會存在。但就組織面而言，我覺得我們已經取得很大進展，而我也對我們在此刻如何把根基打穩感到非常有信心。

Right. Thank you.

好的。謝謝。

Daniel Stauder, Citizens Bank.

Daniel Stauder，Citizens Bank。

Yeah, great. Thanks for the questions. Really nice quarter, and Nir, congrats on the new role, and it's great to have you on the call. Just on my first one, I want to make sure of understanding the NeuroStar treatment session dynamic here. So it sounds like the normalization of inventory should continue through the rest of the year. So it should continue to be down, maybe with some offset from gains in capital. So I just want to make sure that's the right way to be thinking about it.

好的，很好。謝謝讓我提問。這一季表現非常不錯，Nir，恭喜你擔任新職務，也很高興你加入這通電話會議。先就第一個問題，我想確認我對 NeuroStar 治療次數（session）動態的理解。聽起來治療次數庫存的正常化會在今年剩餘時間持續進行。因此它應該會持續下降，可能會有部分由資本銷售（capital）的成長所抵消。我只是想確認這樣理解是否正確。

And then do you think this is more of a dynamic for just new customers or do you expect a larger portion of your existing customers to transition to some of these other models and offerings that you have? Thank you.

另外，你認為這比較只是新客戶的動態，還是你預期你們既有客戶中會有更大比例轉向你們其他的模式與產品方案？謝謝。

Yeah, thanks, Danny. Appreciate the question. I think on the sessions inventory, just to be clear, we feel like that the inventories are down about as low as we would expect them to be maintained. So, I don't see any continued inventory reductions in the back half of the year. I think we've, after the second quarter, I think largely equilibrated to where we think normal sustainable inventories would be.

是的，謝謝你，Danny。感謝這個問題。就治療次數庫存而言，先說清楚，我們認為庫存已經降到大致符合我們預期、也會維持的低點。因此，我不認為今年下半年還會有持續的庫存下降。我認為在第二季之後，我們大致已經回到我們認為正常且可持續的庫存水準。

So I don't see that as much of a headwind in the back half as perhaps in the second quarter. I think from an existing customer standpoint, one of the things I want to make sure doesn't get lost is the comment I made in the prepared remarks, we know that our chairs receive almost twice as much patient velocity as the competitive landscape. So we certainly think that a lot of the customers that have selected us did so largely because of the comprehensive support we provide and the kind of improvements it makes in their own practice.

所以我不認為下半年會像第二季那樣形成明顯逆風。從既有客戶的角度來看，我想確保不要忽略我在事先準備的講稿中提到的一點：我們的治療椅所承載的病患流量（patient velocity）幾乎是競品環境的兩倍。因此，我們確實認為，許多選擇我們的客戶主要是因為我們提供的全方位支援，以及這對他們自身診所營運帶來的改善。

So I think that we expect that an -- I think the majority probably of those sessions customers who have benefited from that level of comprehensive service will continue in that vein. We will certainly offer more options, and that's what we've been talking about in our new go-to-market strategy is we want to let the customer decide where they see the value and how they want to pay for it.

所以我認為，我們預期——我想其中大多數採用治療次數方案的客戶，既然已經受益於那種全方位服務水準，就會繼續沿用這種模式。我們當然會提供更多選項；而這也是我們在新的市場進入（go-to-market）策略中一直在談的：我們希望讓客戶自行決定他們在哪裡看到價值，以及他們想用什麼方式付費。

So I think the other point to be made is that if a customer, a new customer for example, chose the capital route versus the traditional sessions route, they'll still pay for things like service and consumables and training, and those things are currently embedded in the sessions structure. And it's one of the reasons that we chose to start to report on this on a more holistic basis, because there's probably going to be some noise moving back and forth, and I think that it's important to appreciate that some of the consumables, some of the service, that revenue that we've gotten has been embedded in the sessions revenue side.

我認為還有一點要說明：例如若某位新客戶選擇資本購置（capital）路徑，而不是傳統的治療次數路徑，他們仍然會為服務、耗材與訓練等項目付費，而這些目前是內嵌在治療次數的架構之中。這也是我們選擇以更整體的方式開始揭露這些資訊的原因之一，因為未來在不同模式之間來回移動可能會帶來一些雜訊；而理解這一點很重要：我們過去取得的部分耗材與服務收入，其實是內嵌在治療次數收入端裡的。

So we're going to give customers the option to decide how they want to pay for the value that we bring. But ultimately, I think that while we will expect to open ourselves up to new socket placements with this broader go-to-market, we're also hearing that there's a big segment of our customer base that remind us why they picked us in the first place, and that's that comprehensive support that we provide.

因此，我們會讓客戶選擇他們想如何為我們帶來的價值付費。但最終，我認為，雖然我們預期透過更廣泛的市場進入策略，讓我們能在新的裝機點（socket placements）上更具開放性，我們也同時聽到客戶群中有很大一部分提醒我們他們當初為何選擇我們——那就是我們提供的全方位支援。

That's great. Appreciate that. And then this on quick follow-up for me. It's great to see the improvement on operating expenses and below the top line. I wanted to focus on gross margin, just that line was really strong, even with clinic revenue being the primary driver of growth and making up a larger mix of sales. So could you just give us a little bit more color on what drove that gross margin expansion here? I think you called out some pricing improvement within clinics, so any color there or just anything else on the execution would be great. Thank you.

很好。感謝說明。接著我這邊再快速追問一下。很高興看到營業費用以及在營收線以下的項目有所改善。我想聚焦在毛利率：即使診所收入是成長的主要驅動力、且在銷售組合中占比提高，毛利率那一行仍然非常強勁。所以你能否再多提供一些背景，說明這次毛利率擴張的驅動因素？我想你提到診所端有一些定價改善，所以若能就此補充一些細節，或任何其他執行面的因素，都會很有幫助。謝謝。

Sure, yeah, that's certainly a high point for the quarter. And as you know, we raised our guidance on gross margin for the full year. So we think that some of these improvements are durable. And the good news, I think, also is that we saw support or strength in the gross margin on both the Greenbrook and the NeuroStar side. So, on the Greenbrook side, it's -- a lot of it has to do with improved revenue cycle management.

當然可以，是的，這確實是本季的一大亮點。而如你所知，我們也上調了全年毛利率指引。因此我們認為其中一些改善是可持續的。另外我認為好消息是，我們看到毛利率的支撐或強勁表現同時來自 Greenbrook 與 NeuroStar 兩個業務端。所以，在 Greenbrook 這一端，主要原因之一是收入週期管理（revenue cycle management）的改善。

And that is as we make sure that we're being more disciplined about patient qualification, which is good for the patient as well. They don't want to find out that they don't meet the right criteria when they're three sessions in. So that's going to focus. That leads to cleaner claims and more efficient accounts receivable. So all of those things mean you capture a bit better revenue on a billed dollar than we did in the past.

也就是當我們確保在病患資格審核上更有紀律時，這對病患本身也有好處。他們不希望在已經做了三次治療後才發現自己不符合正確的條件。所以這會成為重點。這會帶來更乾淨的理賠申請（claims）以及更有效率的應收帳款管理。因此，這些因素都意味著，相較於過去，我們能在每一筆開立帳單金額上捕捉到更高一些的實際收入。

And I think those are durable, and those are clearly things that are contributing to the better gross margin on Greenbrook, along with some pricing relative to our team's work with some of the third-party payers. On the NeuroStar side, while sessions revenue was off a bit and capital was up, I think it also points to the fact that as our mix starts to equilibrate more and it's not exclusively on the sessions side, our ASP is going up. So as that growth occurs in capital, I think that that can be also a sustainable good guide for us on the gross margin side. Of course, both of those considerations are embedded in our updated guidance.

我認為這些是具持久性的，而且這些顯然是推動 Greenbrook 毛利率改善的因素之一，並且也包括我們團隊與部分第三方支付方在定價方面所做的工作。在 NeuroStar 方面，雖然療程收入略有下滑、資本設備收入上升，但我認為這也反映出，隨著我們的產品組合開始更趨於均衡、而不再僅僅依賴療程端，我們的 ASP（平均售價）正在上升。因此，隨著資本設備端的成長，我認為這也可以在毛利率方面為我們提供一個可持續的良好指引。當然，這兩項考量都已納入我們更新後的指引之中。

Great. Thank you so much for the questions.

很好。非常感謝你回答問題。

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Hi, good morning. Thanks for taking the questions here. Maybe I can start on the Greenbrook side, a really strong quarter on that side of the business. Dan, wondering if you could help parse out maybe some of the underlying trends you're seeing on the Spravato side versus the TMS side of the business. And then, you know, just as I think about Compass and psilocybin entering the market, perhaps next year, maybe just talk about how your model is set up best by offering Spravato, TMS, psilocybin, and why that's the best model for patients.

嗨，早安。感謝讓我提問。我想先從 Greenbrook 這邊開始，這一季該業務表現非常強勁。Dan，想請你協助拆解一下，你們在 Spravato 端相較於 TMS 端所看到的一些底層趨勢。另外，當我想到 Compass 與裸蓋菇素（psilocybin）可能在明年進入市場時，也請談談你們的模式如何透過提供 Spravato、TMS、裸蓋菇素來達到最佳配置，以及為什麼這是對病患最好的模式。

Yeah, so just making a quick note here. So I think first of all on the Spravato versus TMS, we saw a bit more strength probably from Spravato even than TMS, but I think the fact that the overall business is growing is just a good reflection of the fact that Greenbrook's becoming an increasing destination of choice for referral sources. The Spravato business is certainly more durable, as I think I've alluded to in the past. The duration between treatments, even after an initial round, continues to be more sustainable. I guess that's good for us from a patient standpoint. It means they have to revisit us a bit more frequently. So those patients tend to stay more active for a longer period of time within our network.

好的，我先快速記一下。我想首先在 Spravato 相較於 TMS 方面，我們看到 Spravato 的強勁程度可能甚至略高於 TMS；但我認為整體業務在成長，良好地反映出 Greenbrook 正逐漸成為轉介來源的首選目的地。我認為 Spravato 業務確實更具持久性，這點我過去也提過。即使在初始療程之後，治療之間的間隔仍然更可持續。我想這對我們在病患端是好事。這代表他們需要更頻繁地回到我們這裡。因此，這些病患通常會在我們的網絡中維持更長時間的活躍狀態。

I think on the Compass side, I think there's a number of things that I alluded to in our comments earlier that really position us well. I think we're really poised to be a first-mover benefactor, just in part because of the close collaboration we've had with them and some of the preparation benefits, but also the infrastructure that we talked about that already exists because of our Spravato participation. The REMS certification, the rooms, setups, the capacity availability, all of those things I think lend themselves to positioning us in kind of a pole position.

至於 Compass 方面，我認為有幾點我在先前的評論中提到的因素，確實讓我們處於很好的位置。我認為我們非常有機會成為先行者受益者（first-mover benefactor），部分原因是我們與他們的緊密合作以及一些前期準備所帶來的優勢；同時也包括我們提到的、因參與 Spravato 而已經存在的基礎設施。REMS 認證、房間、配置、產能可用性——我認為這些都讓我們在定位上處於某種領先位置。

And I think the other one, Sam, is a little bit about kind of your question about the blend. We really want to position ourselves with referral sources as the destination of choice for whatever intervention is best suited for that patient within the interventional psychiatry scope. I think that we've already done that with ECT, with TMS, with Spravato, we look forward to doing it with Compass, and I think as additional new therapeutics come out, we are positioning ourselves, both infrastructure and the brand, that we really want to be the destination that they can entrust their patients. The fact that we don't do medical management and psychotherapy also gives those referral sources the confidence that they can send their patients to us and know that they'll get them back. I think all of those are important parts of kind of the ecosystem we're trying to build.

另外一點，Sam，也與你提到的「組合」有關。我們希望在轉介來源心中，把自己定位為：在介入式精神醫學（interventional psychiatry）範疇內，能為該病患提供最適合介入方式的首選目的地。我認為我們已經在 ECT、TMS、Spravato 上做到這點；我們也期待在 Compass 上做到；而且隨著更多新療法推出，我們正從基礎設施與品牌兩方面進行布局，讓我們成為他們可以放心託付病患的目的地。我們不做藥物管理與心理治療，這也讓轉介來源更有信心把病患送到我們這裡，並且知道我們會把病患再交回給他們。我認為這些都是我們試圖建立的生態系中很重要的部分。

Yeah. That's really helpful, Dan. Thanks for the added color there. Maybe I can just use a follow-up here on some of the comments around different sales methods you're going to be evaluating with regard to field reps and direct-to-consumer spending. Are there certain KPIs that you'll be tracking or that we should be mindful of as you, I guess, evaluate efficiently getting more patients through the door here?

了解。這真的很有幫助，Dan。謝謝你補充這些細節。我想追問一下你提到將評估不同銷售方式的評論，包含外勤代表（field reps）與直接面向消費者（direct-to-consumer）的投放。在你們評估如何更有效率地讓更多病患走進診所時，有沒有特定 KPI 你們會追蹤，或是我們應該留意的指標？

Yeah, I think -- so externally, KPIs, I think you can ultimately look at our operating expenses, of course. Internally, patient acquisition cost is one that we're taking a more scrutinizing look at. And I can say quite confidently that the account managers that support the Greenbrook community are proving to be a very effective source for [referral] generation.

是的，我想——對外部而言，KPI 的話，你最終當然可以看我們的營業費用。在內部，我們正在更嚴格地檢視的一個指標是病患獲取成本（patient acquisition cost）。我也可以很有信心地說，支援 Greenbrook 社群的客戶經理（account managers）在帶來[轉介]方面證明是非常有效的來源。

I think we want to take a closer look at the balance in spend between our field team and some of our direct-to-consumer ad spend, along with some of the other things that we do from a peer-to-peer education. And we're just trying to be a lot more thoughtful about trying to evaluate what each one of those costs and which ones are returning the most effectively.

我認為我們希望更仔細地檢視外勤團隊支出與部分直接面向消費者的廣告投放之間的支出平衡，並結合我們在同儕對同儕（peer-to-peer）教育等其他活動上的投入。我們只是想更周全地評估每一項的成本，以及哪些能帶來最有效的回報。

And I would expect that we will probably pull and push on some levers, try and rebalance our spend in the most effective paths and at the expense of some of the others. So some of that work continues to go on. There's a lot of analytics that we're working on, but at the end of the day, I think it really comes down to our patient acquisition cost and what's the most efficient way to get the right patient who can benefit from our therapies in a chair.

我預期我們可能會拉動與推動一些槓桿，嘗試把支出重新平衡到最有效的路徑上，並相對減少其他一些項目。因此，這部分工作仍在持續進行。我們正在做很多分析，但歸根結底，我認為關鍵在於病患獲取成本，以及以最有效率的方式，讓能從我們療法中受益的合適病患坐上治療椅。

Okay, very good. Thanks for taking the questions.

好的，非常好。謝謝讓我提問。

Thank you. I am showing no further questions in the queue. I would now like to turn the call back over to Dan Reuvers for any closing comments.

謝謝。我這邊顯示隊列中沒有其他問題。現在我想把電話交回給 Dan Reuvers，請他做任何結語。

Thanks, Operator, and thank you to everyone for joining today's call. We really look forward to updating you on our progress during our next quarterly call and hope everybody has a good rest of the summer. Thank you.

謝謝主持人，也謝謝各位參加今天的電話會議。我們非常期待在下一次季度電話會議中向各位更新我們的進展，也希望大家夏季剩餘時間過得愉快。謝謝。

This concludes today's conference call. Thank you for your participation and you may now disconnect.

今天的電話會議到此結束。感謝各位的參與，現在可以掛線。