Tactile Systems Technology, Inc. (TCMD) 2026 Q3 法說會逐字稿

Welcome, ladies and gentlemen, to the third quarter 2026 earnings conference call for Tactile Medical. (Operator Instructions) Please note that this conference call is being recorded and will be available on the company's website for replay shortly.

各位女士、先生，歡迎參加 Tactile Medical 2026 年第三季財報電話會議。(接線員指示) 請注意，本次電話會議將被錄音，並將於稍後在公司網站提供重播。

I would now like to turn the call over to Sam Bentzinger, Investor Relations at Gilmartin Group for a few introductory comments. Please go ahead.

現在我想把電話交給 Gilmartin Group 投資人關係部的 Sam Bentzinger，請他先做幾點開場說明。請開始。

Good afternoon, and thank you for joining today's call. With me from Tactile Medical's management team are Sheri Dodd, Chief Executive Officer; and Elaine Birkemeyer, Chief Financial Officer.

各位下午好，感謝各位參加今天的電話會議。與我一同出席的 Tactile Medical 管理團隊成員包括執行長 Sheri Dodd，以及財務長 Elaine Birkemeyer。

Before we begin, I'd like to remind everyone that our remarks and responses to your questions today may contain forward-looking statements that are based on the current expectations of management and involve inherent risks and uncertainties. This could cause actual results to differ materially from those indicated, including those identified in the Risk Factors section of our annual report on Form 10-K as well as our most recent 10-Q filing to be filed with the Securities and Exchange Commission.

在開始之前，我想提醒各位，我們今天的發言以及對各位提問的回覆可能包含前瞻性陳述，這些陳述係基於管理層目前的預期，並涉及固有風險與不確定性。這可能導致實際結果與所示內容出現重大差異，包括我們年報 Form 10-K 的「風險因素」章節以及我們最近一期將向美國證券交易委員會（SEC）提交的 Form 10-Q 文件中所識別的風險。

Such factors may be updated from time to time in our filings with the SEC, which are available on our website. We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise. This call will also include references to certain financial measures that are not calculated in accordance with generally accepted accounting principles or GAAP.

相關因素可能會不時在我們向 SEC 提交的文件中更新，這些文件可於我們網站查閱。除非法律另有規定，因新資訊、未來事件或其他原因，我們不承擔公開更新或修訂前瞻性陳述的義務。本次電話會議亦將提及若干未依一般公認會計原則（GAAP）計算的財務衡量指標。

We generally refer to these as non-GAAP financial measures. Reconciliations of those non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in the earnings press release on the Investor Relations portion of our website.

我們通常將其稱為非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與依 GAAP 計算並呈列之最可比指標的調節表，已刊載於我們網站投資人關係專區的財報新聞稿中。

With that, I'll now turn the call over to Sheri.

接下來，我把電話交給 Sheri。

Thanks, Sam. Good afternoon, everyone, and welcome to our third quarter 2026 earnings call. Here with me is Elaine Birkemeyer, our Chief Financial Officer. We delivered total revenue of $91.9 million in Q3, led by a 13% year-over-year growth in lymphedema, marking our fifth consecutive quarter of above-market double-digit growth.

謝謝你，Sam。各位下午好，歡迎參加我們 2026 年第三季財報電話會議。與我一同出席的是我們的財務長 Elaine Birkemeyer。我們第三季總營收達 9,190 萬美元，其中淋巴水腫業務年增 13% 為主要帶動因素，這也是我們連續第五個季度實現高於市場的兩位數成長。

This consistency demonstrates the durability of our leadership position and the substantial runway created by a market that remains significantly underpenetrated. Airway clearance revenue was $10 million, down year-over-year as anticipated due to the onetime DME inventory transition associated with the launch of our next-generation AffloVest system.

這種一致性展現了我們領導地位的韌性，以及在市場仍顯著滲透不足的情況下所帶來的龐大成長跑道。氣道清除（airway clearance）營收為 1,000 萬美元，年減符合預期，主要因推出次世代 AffloVest 系統所伴隨的一次性 DME 庫存轉換。

The same DME customers we highlighted in Q2 continued to work through temporary excess inventory during Q3. There were no material changes in the underlying dynamics of the business, and we continue to expect airway clearance revenue to improve sequentially in the fourth quarter.

我們在第二季提到的相同 DME 客戶於第三季持續消化暫時性的過剩庫存。業務基本動態並無重大變化，我們仍預期第四季氣道清除營收將較第三季呈現季增改善。

Across the portfolio, we continue to balance strong growth in our core lymphedema business with disciplined execution. Gross margin expanded 90 basis points year-over-year in Q3 to 76.7%, contributing to adjusted EBITDA of $14.3 million. This marks the 12 consecutive quarter of year-over-year gross margin expansion. Importantly, we have achieved this sustained improvement while continuing to invest in our product offerings to deliver greater value to patients and providers.

就整體產品組合而言，我們持續在核心淋巴水腫業務的強勁成長與嚴謹的執行之間取得平衡。第三季毛利率年增 90 個基點至 76.7%，帶動調整後 EBITDA 達 1,430 萬美元。這是我們連續第 12 個季度毛利率年對年擴張。重要的是，我們在持續投資產品組合、為病患與醫療服務提供者創造更高價值的同時，仍能達成這項持續性的改善。

Based on our year-to-date performance and our expectations for the fourth quarter, we are maintaining our full year 2026 revenue guidance of $360 million to $366 million and raising our adjusted EBITDA guidance to $50 million to $52 million. This outlook reflects our continued confidence in low double-digit growth in our business and our expectation for sequential improvement in airway clearance revenue in the fourth quarter. We expect full year airway clearance revenue to decline mid- to high single digits year-over-year.

基於年初至今的表現以及我們對第四季的預期，我們維持 2026 全年營收指引 3.60 億至 3.66 億美元，並將調整後 EBITDA 指引上調至 5,000 萬至 5,200 萬美元。此展望反映我們對業務維持低兩位數成長的持續信心，以及我們預期第四季氣道清除營收將逐季改善。我們預期全年氣道清除營收將年減中至高個位數百分比。

I'll now turn a closer review of our lymphedema business line, including Q3 performance and recent progress against our 3 strategic priorities. Elaine will then review our financial results and the outlook for the remainder of the year. Lymphedema remains our core business and primary growth.

接下來我將更深入檢視我們的淋巴水腫業務線，包括第三季表現以及我們在三項策略優先事項上的最新進展。之後 Elaine 將回顧我們的財務結果以及今年剩餘期間的展望。淋巴水腫仍是我們的核心業務與主要成長動能。

Our Q3 results demonstrate our market leadership in both basic and advanced pneumatic compression devices with revenue growing 13% year-over-year to $81.8 million. Sequentially, lymphedema revenue grew 11%, supported by a recovery from the Medicare ordering timing disruption associated with the April implementation of prior authorization requirements.

我們第三季的結果展現了我們在基礎型與進階型氣動加壓裝置市場的領導地位，營收年增 13% 至 8,180 萬美元。以季對季來看，淋巴水腫營收成長 11%，主要受惠於從 4 月實施事前授權（prior authorization）要求所造成的 Medicare 下單時點干擾中恢復。

As expected, the prior authorization process has stabilized as our teams and the MACs have gained experience with the new requirements, and we believe this timing disruption is now behind us.

如預期所示，隨著我們的團隊與 MACs 對新要求累積經驗，事前授權流程已趨於穩定，我們認為這項時點干擾如今已經過去。

Medicare revenue returned to growth in Q3, up 11% year-over-year. Beyond Medicare stabilization, the quarter's performance was driven by execution across several key drivers. Our go-to-market investments in sales reps and CRM technology are extending the reach and impact of our commercial organization. Clinic visits increased 19% year-over-year in the third quarter, and referring clinics grew more than 10% year-to-date. These results are enabled by enhanced market insights that help our teams identify and prioritize referral opportunities across our account base.

Medicare 營收於第三季恢復成長，年增 11%。除了 Medicare 的穩定之外，本季表現亦來自於多項關鍵驅動因素的執行。我們在銷售代表與 CRM 技術上的市場推進（go-to-market）投資，正在擴大商業組織的覆蓋範圍與影響力。第三季診所拜訪次數年增 19%，而年初至今轉介診所數成長超過 10%。這些成果得益於更強化的市場洞察，協助團隊在我們的客戶基礎中辨識並優先排序轉介機會。

Our clinician-focused marketing programs are also delivering measurable returns with select events generating 20% to 45% order growth from participating accounts in the 90 days following the event compared to the 90 days prior. And through our medical education team, we have educated more than 13,000 clinicians who treat lymphedema patients so far in 2026, already 25% more than in all of 2025. This expands the number of providers equipped to identify patients and refer them to appropriate therapy.

我們以臨床人員為核心的行銷計畫也帶來可衡量的回報，部分活動使參與帳戶在活動後 90 天的訂單量，相較活動前 90 天成長 20% 至 45%。此外，透過我們的醫學教育團隊，截至 2026 年目前為止，我們已教育超過 13,000 名治療淋巴水腫病患的臨床人員，已比 2025 全年多出 25%。這擴大了具備辨識病患並將其轉介至適當治療之能力的醫療服務提供者數量。

Additionally, broader patient access to advanced pumps remains durable following our tighter alignment with the NCD policy, and this is reflected in our product mix. As part of the next phase of our go-to-market playbook, this quarter, we established a dedicated strategic accounts team within our broader commercial organization. This team will focus on deepening engagement with larger health systems and IDNs while expanding referral opportunities within existing high-volume regional and national accounts.

此外，在我們與 NCD 政策更緊密對齊之後，病患對進階幫浦的整體可近性仍具韌性，並反映在我們的產品組合結構中。作為我們市場推進作戰手冊下一階段的一部分，本季我們在更廣泛的商業組織內成立了專責的策略客戶團隊。該團隊將聚焦於深化與大型醫療體系及 IDNs 的互動，同時在既有的高量區域與全國性客戶中擴大轉介機會。

Taken together, these trends give us confidence in our ability to deliver sequential lymphedema growth in Q4. We are beginning to see benefits from investments in our operating model and order process, which are improving efficiency and service quality as patients move from referral to therapy. The strong prior year comparison next quarter resulting from the initial benefit of our alignment with the NCD will moderate year-over-year growth but does not change our confidence in the underlying momentum of the business.

綜合而言，這些趨勢讓我們對第四季能實現淋巴水腫業務的季增成長充滿信心。我們開始看到對營運模式與訂單流程投資所帶來的效益，這些投資正提升效率與服務品質，協助病患從轉介順利進入治療。由於下一季將面臨去年同期因我們與 NCD 對齊而帶來初期效益所形成的強勁比較基期，年對年成長率將趨於溫和，但這不會改變我們對業務基本動能的信心。

Looking beyond our third quarter results, we are executing well on our three strategic priorities designed to sustain double-digit growth, expanding access to care, creating value across the patient journey and expanding treatment options. Together, these priorities form a compelling growth model, supporting performance today while strengthening the drivers for sustained lymphedema performance over time.

展望第三季結果之外，我們正有效推進三項策略優先事項，旨在維持兩位數成長、擴大照護可近性、在病患旅程各環節創造價值，並擴增治療選項。這些優先事項共同構成具吸引力的成長模式，既支持當前表現，也隨時間強化淋巴水腫業務可持續表現的驅動因素。

As with most market development opportunities, growth starts with diagnosis. Patients must first be identified, diagnosed and referred before we can help them access clinically appropriate therapy.

如同多數市場開發機會，成長始於診斷。在我們能協助病患取得臨床上適切的治療之前，必須先辨識病患、完成診斷並進行轉介。

Expanding access to care means helping more patients get diagnosed and referred into the care pathway, but a referral is only the beginning of the order process and growth also requires pulling a higher percentage of referrals through to shipments. Today, not every diagnosed patient with lymphedema makes it through the documentation and order process necessary to receive therapy. And each patient lost along the way is a diagnosed patient who potentially goes underserved.

擴大照護可近性意味著協助更多患者獲得診斷並被轉介進入照護流程，但轉介只是訂單流程的起點；要實現成長，還需要將更高比例的轉介最終推進至出貨。目前，並非每位被診斷為淋巴水腫的患者都能完成取得治療所需的文件與下單流程。而在過程中流失的每一位患者，都是一位已確診但可能未獲充分服務的患者。

Creating value across the patient journey is about closing the gap and converting more eligible referrals to shipments, which is where we serve the patient and how we generate revenue. And expanding treatment options supports every step of that pathway. A broader portfolio gives clinicians more solutions for their patients, supports more additional referral opportunities and extends the patient populations and disease stages we can serve. As these capabilities scale, we also expect greater productivity and operating leverage to support adjusted EBITDA growth over time.

在患者旅程中創造價值，關鍵在於縮小落差並將更多符合資格的轉介轉化為出貨；這正是我們服務患者以及創造營收的環節。而擴大治療選項可支持該路徑的每一步。更廣的產品組合能為臨床醫師提供更多解決方案，支持更多額外的轉介機會，並擴展我們可服務的患者族群與疾病分期。隨著這些能力規模化，我們也預期生產力與營運槓桿將提升，長期支持調整後 EBITDA 成長。

Put simply, sustained growth in our lymphedema business is not solely a function of adding sales representatives. It comes from helping more patients get diagnosed and referred, supporting more of those referrals so they can reach therapy and expanding the range of patients and therapy needs we can address.

簡而言之，我們淋巴水腫業務的持續成長並非僅取決於增加業務代表人數。成長來自於協助更多患者獲得診斷並被轉介、支持更多轉介得以進入治療，以及擴大我們可因應的患者範圍與治療需求。

Our first priority is expanding access to care through earlier diagnosis and broader patient coverage. The opportunity is significant. An estimated 20 million people in the US are living with undiagnosed lymphedema and many diagnosed patients continue to face coverage barriers. Our LymphaTech 3D Scanner currently gives clinicians an FDA-cleared quantitative way to measure limb volume and circumference, supporting earlier and more consistent identification of the disease.

我們的首要任務是透過更早診斷與更廣的患者給付覆蓋來擴大照護可近性。這個機會相當可觀。據估計，美國約有 2,000 萬人罹患未被診斷的淋巴水腫，且許多已確診患者仍面臨給付覆蓋障礙。我們的 LymphaTech 3D Scanner 目前為臨床醫師提供一種已獲 FDA 核准的定量方式，用以測量肢體體積與周徑，支持更早且更一致地識別疾病。

We are encouraged that LymphaTech is currently in use and generating revenue at leading academic medical centers, even ahead of an established reimbursement pathway, demonstrating its utility in clinical practice. We recently achieved an important regulatory milestone, receiving FDA 510(k) clearance for an expanded indication of the LymphaTech 3D Scanner.

我們感到振奮的是，即使在尚未建立明確的給付報銷途徑之前，LymphaTech 已在頂尖學術醫學中心投入使用並產生營收，顯示其在臨床實務中的效用。我們近期達成一項重要的法規里程碑，取得 LymphaTech 3D Scanner 擴大適應症的 FDA 510(k) 核准。

LymphaTech is now cleared to provide circumference and volume measurements to aid in the assessment of lymphedema. This expands LymphaTech's clinical positioning beyond measurement and surveillance alone, and this expanded indication strengthens the foundation for our broader diagnostic strategy, including our work on clinical adoption, reimbursement and further integrated diagnostics.

LymphaTech 現已獲准提供周徑與體積測量，以協助淋巴水腫的評估。這使 LymphaTech 的臨床定位不再僅限於測量與監測；此一擴大適應症也強化了我們更廣泛診斷策略的基礎，包括我們在臨床採用、給付報銷以及進一步整合式診斷方面的工作。

On LymphaTech 3D Scanner reimbursement, our application for a Category III CPT code was discussed during our Q2 earnings call and is scheduled for final review at the February 2027 meeting. While a Category III code is a tracking code rather than a coverage decision, it is an important step towards broader reimbursement.

關於 LymphaTech 3D Scanner 的報銷，我們申請 Category III CPT 代碼一事已在第二季財報電話會議中討論，並排定於 2027 年 2 月會議進行最終審查。雖然 Category III 代碼屬於追蹤代碼而非給付覆蓋決策，但它是邁向更廣泛報銷的重要一步。

Together, these regulatory milestones are intended to support wider adoption of LymphaTech, enabling earlier and more objective identification of lymphedema and monitoring of fluid over time and ultimately helping bring more patients into the care pathway.

綜合而言，這些法規里程碑旨在支持 LymphaTech 更廣泛的採用，使淋巴水腫得以更早且更客觀地被識別，並可隨時間監測液體變化，最終協助更多患者進入照護流程。

We are also making progress in broadening payer access for patients who already have been diagnosed with lymphedema. Following publication of the 6-month results from our randomized controlled trial of Flexitouch therapy for head and neck cancer-related lymphedema, we have begun to see movement among commercial payers with a small number removing restrictive experimental and investigational designation from their policies.

我們也在為已確診淋巴水腫的患者擴大保險給付可近性方面取得進展。在我們針對頭頸癌相關淋巴水腫之 Flexitouch 治療的隨機對照試驗（RCT）發表 6 個月結果後，我們已開始看到商業保險支付方出現動向，少數支付方已將其保單中的「實驗性與研究性」限制性認定移除。

Significant work remains, but these early policy changes demonstrate that our clinical evidence and payer engagement can expand coverage over time, opening access to therapy for more eligible patients and supporting additional referral opportunities.

仍有大量工作要做，但這些早期的保單變更顯示，我們的臨床證據與支付方互動可隨時間擴大給付覆蓋，為更多符合資格的患者開啟治療可近性，並支持額外的轉介機會。

Our second priority is creating value across the patient journey. While we see opportunities to improve the experience at every stage of care, our current focus is on the highest impact stage of the journey, helping more eligible patients successfully start therapy. By reducing friction in the upfront documentation and order process, we can improve conversion from referral to shipment and ensure more patients receive the therapy prescribed by their clinician.

我們的第二項優先事項是在患者旅程中創造價值。雖然我們看到在照護各階段改善體驗的機會，但目前的重點放在影響最大的階段：協助更多符合資格的患者成功開始治療。透過降低前端文件與下單流程的摩擦，我們可以提升從轉介到出貨的轉換率，並確保更多患者能接受其臨床醫師所開立的治療。

This benefits patients, simplifies the experience for referring clinicians and their staff and supports a more efficient and stable operating model. Ultimately, increasing access to therapy is a key driver of both patient value and sustainable growth. During the quarter, we made organizational and operating model changes to strengthen how orders move from referral to shipment.

這將使患者受益，簡化轉介臨床醫師及其工作人員的體驗，並支持更高效率且更穩定的營運模式。最終，提高治療可近性是驅動患者價值與可持續成長的關鍵因素。本季度，我們進行了組織與營運模式調整，以強化訂單從轉介到出貨的流轉方式。

We also continue to replatform our end-to-end order process through our AI-enabled order management platform and care navigation work. Together, these efforts are designed to reduce friction, improve visibility into patient progression and strengthen execution across the referral to shipment process. We are already seeing tangible results in medical record review, one step within the broader order process, where technology-enabled improvements have reduced average review time by approximately 50%.

我們也持續透過具 AI 功能的訂單管理平台與照護導航工作，重新建置端到端的訂單流程。這些努力共同旨在降低摩擦、提升對患者進展的可視性，並強化從轉介到出貨流程的執行力。我們已在醫療紀錄審查（整體訂單流程中的一個步驟）看到具體成果：透過科技賦能的改善，平均審查時間已降低約 50%。

While meaningful work remains, this early result demonstrates the potential to improve service levels, increase capacity and support future order growth more efficiently as we extend these capabilities across the end-to-end process.

雖然仍有大量重要工作待完成，但這項早期成果顯示，當我們將這些能力延伸至端到端流程時，有潛力提升服務水準、增加產能，並以更高效率支持未來訂單成長。

Building on this progress, we are taking another important step in the evolution of our operating model. As announced today, Steve Kiewiet, is joining Tactile Medical as Chief Operating Officer. In this newly created role, Steve will lead our order operations and patient services teams, connecting capabilities that support a patient from referral through shipment into one operating organization.

在此進展基礎上，我們正採取另一項重要步驟，推動營運模式的演進。如今日所宣布，Steve Kiewiet 將加入 Tactile Medical 擔任營運長（Chief Operating Officer）。在這個新設立的職務中，Steve 將領導我們的訂單營運與患者服務團隊，把支持患者從轉介到出貨的能力整合到同一個營運組織之下。

This structure will enable more coordinated decision-making across the full journey and help us extend process improvements more broadly, creating a better experience, greater capacity and a more scalable operating model. Steve brings breadth and depth of experience in revenue cycle management, field-based patient educators, call center and DME operations. This is the right time to bring an executive level enterprise operations leader to our team, and we are excited to have him on board.

此一架構將使我們能在完整旅程中進行更協調的決策，並協助我們更廣泛地推動流程改善，打造更佳體驗、更大產能與更具可擴展性的營運模式。Steve 在收益循環管理、外勤患者教育人員、客服中心以及 DME（耐用醫療設備）營運方面具備廣度與深度的經驗。現在正是為團隊引入企業級營運領導者的適當時機，我們很高興他加入。

Our third priority is expanding treatment options. A broader innovation portfolio allows us to address more patient needs, support additional referral opportunities and serve patients across a broader range of disease stages. We are advancing opportunities that complement our core pneumatic compression therapies and expand the patient populations we can address.

我們的第三項優先事項是擴大治療選項。更廣的創新產品組合使我們能滿足更多患者需求、支持額外的轉介機會，並服務更廣泛的疾病分期患者。我們正推進可補強核心氣動加壓治療（pneumatic compression therapies）的機會，並擴大我們可觸及的患者族群。

Consistent with our previously stated commitment, a significant milestone came in October when we filed a 510(k) application for Flexitouch Pro, a meaningful enhancement to our advanced pneumatic compression system. Flexitouch Pro is designed to improve the patient and clinician experience through usability and connectivity enhancements that simplify therapy administration while delivering the clinical effectiveness that has made Flexitouch the long-standing market leader.

依循我們先前所述的承諾，10 月出現一項重要里程碑：我們已為 Flexitouch Pro 提交 510(k) 申請；這是對我們先進氣動加壓系統的一項重大升級。Flexitouch Pro 旨在透過可用性與連線性強化來改善患者與臨床醫師的體驗，簡化治療施作，同時維持使 Flexitouch 長期成為市場領導者的臨床有效性。

Subject to completion of the regulatory process, we are targeting a commercial launch of Flexitouch Pro in the second half of 2027. This innovation is intended to reinforce our leadership in advanced pneumatic compression and increase the value we deliver through our core franchise. We are also preparing to introduce MyoSleeve in the US through our partnership with ElastiMed. Our next milestone is a focused VA pilot beginning in late Q4, which will help us evaluate the patient experience, clinical fit and appropriate go-to-market model before broader commercialization.

在完成法規流程的前提下，我們目標於 2027 年下半年推出 Flexitouch Pro 的商業化上市。此項創新旨在鞏固我們在先進氣動加壓領域的領導地位，並提升我們核心產品線所提供的價值。我們也正透過與 ElastiMed 的合作夥伴關係，準備在美國導入 MyoSleeve。我們的下一個里程碑是於第四季末開始一項聚焦的 VA 試點計畫，這將協助我們在更廣泛商業化之前，評估患者體驗、臨床契合度以及適當的上市策略（go-to-market model）。

MyoSleeve is not reflected in our 2026 guidance, and we expect its contribution to build gradually over time. Strategically, it represents an opportunity to serve additional patients and expand the range of therapy needs our portfolio can address. Overall, we remain confident in the durability of our lymphedema business and the opportunities ahead in 2027 and beyond.

MyoSleeve 未納入我們的 2026 年財測指引，我們預期其貢獻將隨時間逐步建立。從策略面來看，它代表一項服務更多患者並擴大我們產品組合可因應之治療需求範圍的機會。整體而言，我們仍對淋巴水腫業務的韌性以及 2027 年及其後的機會充滿信心。

Each of our strategic priorities is at a different stage of development and their impact will build over time. Collectively, they are designed to strengthen the fundamental drivers of our lymphedema business, more patients being identified and referred, more eligible patients receiving therapy and a broader range of patients and care needs we can serve. That is the growth model we believe can support durable revenue growth and improving profitability over time.

我們的每一項策略優先事項都處於不同的發展階段，其影響將隨時間逐步累積。整體而言，這些舉措旨在強化我們淋巴水腫業務的基本成長驅動因素：讓更多患者被辨識並獲得轉介、讓更多符合資格的患者接受治療，以及擴大我們可服務的患者範圍與照護需求。這就是我們相信能夠支持營收長期穩健成長並隨時間提升獲利能力的成長模式。

With that, I'll turn the call over to Elaine to review our financial results and full year outlook.

接下來，我將把電話會議交給 Elaine，請她回顧我們的財務結果與全年展望。

Thanks, Sheri. Unless noted otherwise, all references to third quarter financial results are on a GAAP and year-over-year basis. Third quarter total revenue was $91.9 million, up $6.1 million or 7.1% as double-digit growth in lymphedema more than offset the expected decline in airway clearance.

謝謝，Sheri。除非另有說明，所有第三季財務結果的提及皆以 GAAP 口徑並以年對年比較為基礎。第三季總營收為 9,190 萬美元，增加 610 萬美元或 7.1%，淋巴水腫業務的雙位數成長，足以抵銷氣道清除業務如預期的下滑。

By product line, revenue from our lymphedema products, including Flexitouch, Nimbl and LymphaTech increased $9.5 million or 13.1% to $81.8 million. Lymphedema growth was broad-based across payer channels with Medicare revenue increasing approximately 11% and commercial revenue increasing approximately 17% year-over-year, while VA revenue was approximately flat.

按產品線來看，我們的淋巴水腫產品（包括 Flexitouch、Nimbl 與 LymphaTech）營收增加 950 萬美元或 13.1%，達到 8,180 萬美元。淋巴水腫的成長在各付款方通路均呈現廣泛動能：Medicare 營收年增約 11%，商業保險營收年增約 17%，而 VA 營收約持平。

Revenue from our airway clearance product, AffloVest, decreased $3.4 million or 25.1% to $10 million, consistent with the DME inventory dynamics Sheri discussed earlier. Year-to-date, total revenue increased 12% to $252.8 million, led by 15% growth in lymphedema.

我們的氣道清除產品 AffloVest 營收減少 340 萬美元或 25.1%，至 1,000 萬美元，與 Sheri 先前提到的 DME 庫存動態一致。年初至今，總營收成長 12% 至 2.528 億美元，主要由淋巴水腫 15% 的成長所帶動。

Moving down the P&L. Gross margin expanded to 76.7% of revenue from 75.8% in the third quarter of 2025. The increase primarily reflected lower manufacturing costs and favorable product mix and was consistent with the expectations embedded in our full year outlook. Third quarter operating expenses increased $6.9 million or 12.7% to $60.9 million. The increase primarily reflected the annualization of prior year sales force hiring and continued investment in technology and other capabilities supporting our growth.

接著看損益表。毛利率由 2025 年第三季的 75.8% 提升至營收的 76.7%。此提升主要反映製造成本下降與有利的產品組合，並符合我們全年展望中所內含的預期。第三季營業費用增加 690 萬美元或 12.7%，至 6,090 萬美元。增加主要反映前一年銷售團隊招募的全年化影響，以及持續投資於技術與其他支持成長的能力建置。

These investments are directed at the growth drivers Sheri outlined, generating referrals, converting more referrals to shipment and expanding our portfolio. By expense category, the increase in operating expenses reflected a $3.2 million increase in sales and marketing expenses, a $0.3 million increase in research and development expenses, a $3.2 million increase in reimbursement, general and administrative expenses and a $0.1 million increase in intangible asset amortization and contingent consideration. Operating income was $9.6 million compared with $11 million in the prior year period.

這些投資聚焦於 Sheri 所概述的成長驅動因素：產生轉介、將更多轉介轉化為出貨，以及擴充我們的產品組合。按費用類別，營業費用的增加包括：銷售與行銷費用增加 320 萬美元、研發費用增加 30 萬美元、給付（reimbursement）、一般及行政費用增加 320 萬美元，以及無形資產攤銷與或有對價增加 10 萬美元。營業利益為 960 萬美元，較去年同期的 1,100 萬美元下降。

Net interest income was $0.5 million, consistent with the prior year period. Income tax expense was $3 million compared to $3.2 million in the prior year period. Net income was $7.2 million or $0.31 per diluted share compared with $8.2 million or $0.36 per diluted share in the third quarter of 2025.

淨利息收入為 50 萬美元，與去年同期一致。所得稅費用為 300 萬美元，去年同期為 320 萬美元。淨利為 720 萬美元，或稀釋後每股盈餘 0.31 美元；相較之下，2025 年第三季淨利為 820 萬美元，或稀釋後每股盈餘 0.36 美元。

Adjusted EBITDA was $14.3 million compared to $14.4 million in the prior year period, and adjusted EBITDA margin was 15.6% compared to 16.8%. Gross margin improved 90 basis points, while higher operating expenses, including the annualization of prior year sales force hiring and continued investment in technology and operating capabilities more than offset that improvement.

調整後 EBITDA 為 1,430 萬美元，去年同期為 1,440 萬美元；調整後 EBITDA 利潤率為 15.6%，去年同期為 16.8%。毛利率改善 90 個基點，但較高的營業費用（包括前一年銷售團隊招募的全年化影響，以及持續投資於技術與營運能力）已超過毛利率改善所帶來的效益。

Year-to-date, adjusted EBITDA has increased approximately 35% to $29.5 million, and we continue to expect adjusted EBITDA growth for the full year. Over time, as our investments mature and scale, we expect operating expenses to grow more slowly than revenue, supporting operating leverage and adjusted EBITDA growth.

年初至今，調整後 EBITDA 約成長 35% 至 2,950 萬美元，我們仍預期全年調整後 EBITDA 將成長。隨著我們的投資逐步成熟並擴大規模，我們預期營業費用的成長速度將低於營收，進而帶來營運槓桿並支持調整後 EBITDA 成長。

On the balance sheet, we ended the quarter with $75.1 million in cash and no outstanding borrowings, up from $69.9 million at the end of the second quarter. During the third quarter, we generated $12 million in operating cash flow, which more than funded approximately $6.2 million in share repurchases.

在資產負債表方面，本季末我們持有現金 7,510 萬美元，且無任何未償借款，較第二季末的 6,990 萬美元增加。第三季我們產生 1,200 萬美元的營運現金流，足以支應約 620 萬美元的庫藏股回購。

As of September 30, 2026, approximately $12.5 million remained available under our $25 million share repurchase program. Our capital allocation priorities are unchanged. We will continue to invest in the commercial, operational and strategic capabilities that support organic growth, preserve capacity for disciplined M&A and repurchase shares when we believe valuation is attractive and doing so does not constrain our strategic priorities.

截至 2026 年 9 月 30 日，我們 2,500 萬美元庫藏股回購計畫中仍有約 1,250 萬美元可用額度。我們的資本配置優先順序維持不變。我們將持續投資於支持內生成長的商業、營運與策略能力，保留進行審慎併購（M&A）的能力，並在我們認為估值具吸引力且不會限制策略優先事項時回購股份。

Now turning to our outlook. As Sheri mentioned, we are maintaining our full year 2026 revenue guidance of $360 million to $366 million, representing growth of approximately 9% to 11% year-over-year. Stronger lymphedema performance is offsetting a lower airway clearance outlook.

接著談展望。如 Sheri 所提，我們維持 2026 全年營收指引 3.60 億至 3.66 億美元，代表年增約 9% 至 11%。較強勁的淋巴水腫表現正在抵銷較低的氣道清除展望。

In lymphedema, we continue to expect low double-digit growth for the full year. For the fourth quarter, we expect meaningful sequential growth with a moderation in year-over-year growth compared to recent quarters as we lap a particularly strong fourth quarter of 2025 when lymphedema grew 16% on the initial benefit of NCD alignment.

在淋巴水腫方面，我們仍預期全年將維持低雙位數成長。就第四季而言，我們預期將出現顯著的季對季成長，但由於 2025 年第四季基期特別強勁（在 NCD 對齊的初期效益帶動下，淋巴水腫成長 16%），因此年對年成長率將較近期季度有所放緩。

In airway clearance, we now expect full year revenue to decline in the mid- to high single digits compared with our prior expectation of approximately flat. DME customers are taking longer than we initially expected to work through existing inventory as they transition to the next-generation AffloVest, so we now assume a more gradual normalization of ordering. This reflects ordering timing, not a change in patient demand or market leadership.

在氣道清除方面，我們目前預期全年營收將較去年下滑中至高個位數百分比，而先前預期約為持平。DME 客戶在轉換至下一代 AffloVest 的過程中，消化既有庫存所需時間比我們原先預期更長，因此我們現在假設訂單將以更漸進的速度回歸常態。這反映的是下單時點，而非患者需求或市場領導地位的改變。

We expect sequential improvement in the fourth quarter with revenue remaining below the prior year, consistent with our full year outlook. Our total revenue range mainly reflects the timing of lymphedema referrals converting to shipments in the fourth quarter, our seasonally largest quarter. For modeling purposes, we expect the following for the full year: GAAP gross margin of approximately 76.5%, GAAP operating expense growth of 10% to 12%, net interest income of approximately $2.4 million, an effective tax rate of approximately 28% and fully diluted weighted average shares outstanding of approximately 23 million.

我們預期第四季將較前一季改善，但營收仍將低於去年同期，與我們的全年展望一致。我們的總營收區間主要反映第四季（我們季節性最大的一季）淋巴水腫轉介轉化為出貨的時點。為便於建模，我們對全年預期如下：GAAP 毛利率約 76.5%，GAAP 營業費用成長 10% 至 12%，淨利息收入約 240 萬美元，有效稅率約 28%，以及完全稀釋加權平均流通股數約 2,300 萬股。

We are raising our full year 2026 EBITDA guidance to $50 million to $52 million, representing growth of approximately 12% to 16% compared with $44.8 million in 2025. Our adjusted EBITDA expectation includes the following adjustments: stock-based compensation expense of approximately $8.6 million, depreciation and amortization expense of approximately $7.3 million, executive transition costs of approximately $1.3 million, acquisition-related and integration costs of approximately $1.3 million and litigation-related costs of approximately $1 million.

我們上調 2026 全年 EBITDA 指引至 5,000 萬至 5,200 萬美元，較 2025 年的 4,480 萬美元成長約 12% 至 16%。我們的調整後 EBITDA 預期包含以下調整項目：股份基礎給付費用約 860 萬美元、折舊與攤銷費用約 730 萬美元、高階主管交接成本約 130 萬美元、併購相關與整合成本約 130 萬美元，以及訴訟相關成本約 100 萬美元。

With that, I'll turn the call back to Sheri for some closing remarks. Sheri?

接下來，我將把電話會議交回 Sheri，請她做一些結語。Sheri？

Thanks, Elaine. To close, this quarter reinforced the strength and durability of our core lymphedema business. We delivered another quarter of double-digit lymphedema growth, expanded gross margins and generated strong cash flow while investing in the capabilities that can support our next phase of growth. Our opportunity extends well beyond the patients we serve today.

謝謝，Elaine。最後，本季再次印證我們核心淋巴水腫業務的強勁與韌性。我們再度交出淋巴水腫雙位數成長的一季，擴大毛利率並創造強勁現金流，同時投資於可支持下一階段成長的能力建置。我們的機會遠不僅限於目前所服務的患者。

By helping more patients get diagnosed and referred, converting more of those referrals to shipments and broadening the range of patients and therapy needs we can serve, we believe we can continue to expand the market we serve and increase the value we create along the patient journey.

透過協助更多病患獲得診斷並被轉介、將更多轉介轉化為出貨，以及擴大我們可服務的病患範圍與治療需求，我們相信能持續擴大我們所服務的市場，並在病患旅程的各個環節提升我們所創造的價值。

At the same time, we remain focused on translating that growth into greater operating leverage over time. Our revenue guidance reflects our year-to-date performance and expectations for the remainder of the year, while our adjusted EBITDA guidance demonstrates continued financial discipline as we invest to support long-term growth. We believe Tactile is well positioned to deliver durable growth, expand operating leverage and long-term value for our shareholders.

同時，我們仍專注於隨時間推進，將這些成長轉化為更高的營運槓桿。我們的營收指引反映了年初至今的表現以及對今年剩餘期間的預期；而我們的調整後 EBITDA 指引則展現出在投資以支持長期成長的同時，仍持續維持財務紀律。我們相信 Tactile 已具備良好條件，可實現持久成長、擴大營運槓桿，並為股東創造長期價值。

Finally, I'd like to thank our Tactile Medical employees for their continued commitment to our patients, our clinical customers and one another.

最後，我想感謝 Tactile Medical 的員工持續致力於我們的病患、臨床客戶以及彼此。

With that, operator, we'll now open the call for questions.

接下來，主持人，我們現在開放提問。

(Operator Instructions)

（接線員指示）

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Good evening, Sheri and Elaine, congrats, the profitability. You have the company in such good fighting shape. Just wanted to mention that. If I could ask a little bit about 2027. I know it's early, and we're not going to get guidance. But first, as we think about any puts and takes, particularly with the airway clearance business normalizing, I wanted to get your thoughts around that. But then two, to ask in another way, is there any reason why the lymphedema market would change or slow down or your position and growth would be impacted in any capacity?

晚安，Sheri 和 Elaine，恭喜獲利表現。你們把公司調整到非常好的戰鬥狀態。只是想先提一下。如果可以的話，我想稍微問一下 2027 年。我知道現在還早，而且你們不會提供指引。但首先，當我們思考可能的利多利空，特別是氣道清除（airway clearance）業務回歸常態之際，我想聽聽你們對此的看法。第二個問題，換個方式問：淋巴水腫市場是否有任何理由會改變或放緩，或你們的市場地位與成長在任何程度上會受到影響？

Because as I think about both the contributions from, say, Flexitouch Pro, you have the ElastiMed contributions coming in, in '27, you potentially have benefits from LymphaTech. It would seem that there should be some acceleration in the business, particularly on the lymphedema side. I know it's a lot.

因為就我看，像是 Flexitouch Pro 的貢獻、你們在 2027 年會納入 ElastiMed 的貢獻，另外也可能受惠於 LymphaTech。看起來業務應該會有一些加速，尤其是在淋巴水腫這一側。我知道問題有點多。

Ryan, well, we're smiling here, and thanks for the shout out on the profitability piece. Definitely a lot of work has been done on that side, and appreciate you acknowledging that. I'm going to start with the last point first on the lymphedema business. We don't see any reason why there should be a slowdown.

Ryan，我們這邊正在微笑，謝謝你對獲利表現的稱讚。在那一塊確實做了很多工作，也感謝你注意到。我先從你最後一點、也就是淋巴水腫業務談起。我們看不出有任何理由會出現放緩。

And in fact, the byproduct of more market awareness with the diagnostic coming into play with the continued, hopefully, favorable policies that support right patient, right pump at the right time. And certainly, from our standpoint, our operating model and our footprint in the field, we believe that this is not a disease area or category or even from our business that would see a slowdown. So we're feeling very good about lymphedema as a core growth driver for our business and the market to be super favorable in that area.

事實上，隨著診斷工具開始導入、以及（我們希望）持續有利的政策支持在正確的時間為正確的病患提供正確的幫浦，市場認知提升所帶來的副產品將會是正向的。而且就我們的角度而言，憑藉我們的營運模式與前線佈局，我們相信這不會是一個會放緩的疾病領域、類別，甚至就我們的業務而言也不會放緩。因此，我們對淋巴水腫作為公司核心成長動能感到非常樂觀，也認為該領域的市場環境非常有利。

Your question about 2027. So we're not going to be putting any specific guides on 2027. But lymphedema business, we're feeling very confident in the durable growth, what you've seen over the past 5 consecutive quarters of double-digit growth, 13% in this quarter alone. And then for the AffloVest, as we've said, the inventory pacing is going to be a little bit different in Q4. We are going to see a sequential growth from Q3 to Q4.

你關於 2027 年的問題。我們不會對 2027 年提供任何具體指引。但就淋巴水腫業務而言，我們對其持久成長非常有信心；你已看到連續 5 個季度的雙位數成長，本季單季就達 13%。至於 AffloVest，如同我們所說，第四季的庫存節奏會有些不同；我們將看到從第三季到第四季的序列成長。

It's going to be a bit more moderated than what we had talked about in Q2 as we've learned a little bit more about what's happening so far. But we believe that business will step back into what is going to be a good business, and we'll be able to participate with the products that we have, our next-generation AffloVest product, which remains the only untethered vest. It's still the lightest vest. It's a connected vest and continues to provide great value to patients. So without giving any guide on 2027, hopefully, that kind of gives you a flavor of how we're thinking about it.

相較於我們在第二季所談到的，成長幅度會更為溫和一些，因為我們對目前發生的情況有了更多了解。但我們相信該業務將回到一個良好的業務狀態，而我們也能以現有產品參與其中；我們的下一代 AffloVest 產品仍是唯一不需連接管線（untethered）的背心。它仍然是最輕的背心。它是可連網的背心，並持續為病患提供很高的價值。因此，在不提供 2027 年指引的前提下，希望這能讓你了解我們的思考方向。

Very helpful. And Flexitouch Pro, any considerations that we need to be thinking about whether from a price or a margin standpoint as you introduce that to the market? I know you talked about some of the benefits maybe qualitatively, but just any quantitative considerations are helpful.

非常有幫助。那 Flexitouch Pro 呢？在你們把它導入市場時，從價格或毛利率角度，有沒有我們需要考量的事項？我知道你們可能較偏定性地談了一些好處，但若能提供任何定量面的考量也會很有幫助。

Yes, you bet. So Flexitouch Pro will fall as an EO652. So that reimbursement will be what it currently is and whether we expect that to be for next year, which is usually increased at the same rate of (inaudible). So there won't be any upside or anything different from what is actually the reimbursement from the code standpoint. From an internal standpoint, gross margins will be in the ZIP code of our current products, of the current Flexitouch portfolio.

是的，當然。Flexitouch Pro 將歸類為 EO652，因此其給付（reimbursement）將維持目前水準；至於我們對明年的預期，通常會以（聽不清楚）的相同幅度上調。所以從代碼（code）的給付角度來看，不會有任何上行空間或與現行不同之處。就內部而言，毛利率將與我們現有產品、也就是目前 Flexitouch 產品組合的水準大致相當。

Adam Maeder, Piper Sandler.

Adam Maeder，Piper Sandler。

Hi, this is Kyle on for Adam. I might just push my luck here again with a 2027 question. I know you're not providing guidance at this time. But from a P&L standpoint, 2025 was an investment year. 2026, there were a lot of investments made as well, while you were also still able to show some good EBITDA growth in both years. So just curious, maybe just at a high level, qualitatively, how are you thinking about that for next year? Should we expect to kind of continue to see some leverage while also still investing in growth? Anything around that could be helpful.

嗨，我是 Kyle，代 Adam 提問。我可能再試著問一次 2027 年的問題。我知道你們目前不提供指引。但從損益表角度來看，2025 年是投資年。2026 年也做了很多投資，同時你們在兩年都仍展現出不錯的 EBITDA 成長。所以我想請教，對於明年你們在高層次、定性上是怎麼思考的？我們是否應該預期在持續投資成長的同時，也能繼續看到一些槓桿效益？任何相關說明都會很有幫助。

Yes. Thanks for the question. So we have committed to operating leverage and we're -- that is our commitment, and we'll continue to see that into next year. This year, of course, we had some annualization of the sales rep head, and we continue to invest in our business, both in terms of the transformational platform for our order operations, and those investments will continue into 2028. But we expect to see ongoing leverage, and that is our goal to both grow top line as well as bottom line.

好的，謝謝你的問題。我們已承諾要提升營運槓桿——這是我們的承諾——而且明年也會持續朝這個方向前進。今年當然有銷售代表人力的年度化影響（annualization），我們也持續投資於業務，包括用於訂單營運的轉型平台；這些投資將持續到 2028 年。但我們預期會持續看到槓桿效益；我們的目標是同時推動營收成長以及獲利成長。

From a revenue perspective, and as I shared with my comments with Ryan, there's nothing that says anything is going to be going down, that's going to be pulling or the market becomes less attractive. There is a reality that there is a large proportion of patients that are underserved, and there's no automatic button that allows suddenly a whole bolus of patients to get diagnosed even though we have the 3D Scanner in our portfolio.

從營收角度來看，正如我在回覆 Ryan 時所分享的，沒有任何跡象顯示會下滑、會被拉走，或市場吸引力會降低。現實是，仍有很大比例的病患未被充分服務；即使我們的產品組合中已有 3D 掃描器，也不存在一個自動按鈕能讓一大批病患突然就被診斷出來。

There's a lot that needs to happen in order for these patients to get diagnosed. They still have to have the documentation. They still have to see their physicians. So we believe that there is a healthy market there, but I also want to temper some expectations that there isn't just a sudden hockey stick that happens because now we will have the Flexitouch Pro and the 3D Scanner. Takes time, it's chipping, but we are in the best position to be able to demonstrate some durable, sustainable growth in a way that is going to return value to shareholders.

要讓這些病患獲得診斷，仍需要很多事情到位。他們仍需要相關文件。他們仍需要看醫師。因此我們相信市場是健康的，但我也想適度管理一些預期：不會因為我們現在將擁有 Flexitouch Pro 和 3D 掃描器，就突然出現一個急速上升的「曲棍球棒」式成長。這需要時間，是逐步推進的過程；但我們處於最佳位置，能以可持續、可延續的方式展現成長，並為股東帶來回報。

Does that answer your question?

這有回答到您的問題嗎？

Great. That's helpful. Yes, it did. That was great. And maybe just as a quick follow-up, congrats on the head and neck progress with payers. Just wanted to ask if you're willing to quantify how many wins you saw in removing some of that restrictive language? And then similarly, is there anything you could quantify in terms of when some of maybe the -- we could see some gradual revenue contribution from that population or just kind of how you expect that to unfold with those payer wins?

很好。這很有幫助。是的，有。很棒。另外也想快速追問一下，恭喜你們在頭頸部領域與付款方的進展。想請問你們是否願意量化一下，在移除一些限制性措辭方面你們看到了多少次勝利？同樣地，就你們預期隨著這些付款方的勝利，該族群何時可能逐步帶來營收貢獻，或你們預期會如何展開，有沒有任何可以量化的資訊？

Yes. So consistent to what we shared before, and I wish I had a different story here, but the nature of overturning and changing commercial policies has to be based on evidence and being kind of share of mind for the payers. And so we're not going to quantify or kind of call out the specific payers, but we did see some of those policies change that now have moved from E&I into covered. And so that gives us confidence that the evidence is resonating that payers are willing to change their policies. And then it's just kind of a block and tackle, block and tackle all the way down of getting that to change.

是的。就如同我們先前分享的一樣，我希望在這裡能有不同的說法，但推翻並改變商業保險政策的本質，必須建立在證據之上，並且要在付款方心中保持一定的能見度。因此我們不會量化或點名特定付款方，但我們確實看到其中一些政策已經改變，從 E&I 轉為納入給付。這讓我們有信心，證據正在產生共鳴，付款方也願意調整他們的政策。接下來就是一步一步、持續推進，讓這些政策一路往下改變。

But that also takes some time and we'll build what we believe to be that pace into our 2027 revenue, but it won't be a hockey stick either. But the good news is more patients are going to get access to the only available therapy, compression pump therapy for the head and neck area post them surviving head and neck cancer. So it's an important technology advance and important population, and we're continuing to work really hard to make those policies change.

但這也需要一些時間，我們會把我們認為的推進速度納入 2027 年的營收預期中，但也不會出現曲棍球棒式的暴增。不過好消息是，會有更多病患能取得唯一可用的治療——頭頸部區域在頭頸癌存活者治療後的加壓幫浦治療。因此這是一項重要的技術進展，也是重要的族群，我們會持續非常努力推動這些政策改變。

That's helpful. Thank you.

這很有幫助。謝謝。

Brandon Vazquez, William Blair.

Brandon Vazquez，William Blair。

Hey, Sheri. Hey, Lane. Thanks for the question. I wanted to ask first on AffloVest. Can you just talk a little bit about -- you made a comment that rebuilding inventory has been taking a little longer than you would have expected. Just talk a little bit about the visibility that you actually have on the sell-through of AffloVest and maybe why those -- the rebuilding of inventory is taking a little longer and the confidence you have that we're at the trough here on inventory.

嗨，Sheri。嗨，Lane。謝謝讓我提問。我想先問 AffloVest。你們提到重建庫存所花的時間比你們原先預期的更久一些。能否談談你們對 AffloVest 實際終端銷售（sell-through）的可視性有多少？以及為什麼——庫存重建會花更久？還有你們對目前庫存已經在谷底的信心如何？

Yeah. Thanks, Brandon. So Q2 AffloVest -- sorry, Q3 AffloVest delivered on expectations, and we gave our guidance at a time based on what we saw. And as we've gotten into Q4, we are seeing that pace of burning through the inventory being a little bit slower than we had forecasted when we last spoke to you. And so that is reflected in our current earnings as we've demonstrated here.

好的。謝謝你，Brandon。所以第二季 AffloVest——抱歉，是第三季 AffloVest 的表現符合預期，我們在給出指引時是基於當時所看到的情況。而進入第四季後，我們看到庫存消化的速度比我們上次與各位溝通時所預測的稍微慢一些。因此這也反映在我們目前所呈現的獲利表現上。

What's behind it is, again, there's no new DMEs that suddenly have said we have an inventory. It's the same DMEs that we identified in Q2. And depending on where that inventory is held, sometimes it's in the individual branches and sometimes it's central, but it can be different. And while we don't have real-time visibility into every location, we do know that because this is so concentrated with a few of our customers that when their timing is off, it actually can impact our quarter.

背後原因是，再次強調，並沒有新的 DME 突然表示他們有庫存。仍然是我們在第二季辨識出的同一批 DME。庫存放在哪裡會因情況而異，有時在各個分點，有時在中央倉，但可能不同。雖然我們無法即時掌握每個地點的狀況，但我們知道，由於這件事高度集中在少數客戶身上，當他們的節奏出現偏差時，確實可能影響我們單季表現。

And so that's why we're being prudent and we're giving the guidance specifically on Afflo, and we're calling as we see it, which is a slight slowdown. What we do know is that there's no change in the underlying patient demand, the therapy effectiveness or competition. And so those things remain true. It's just this pace in our indirect business model, those aren't things that I can impact directly.

因此我們採取審慎態度，並針對 Afflo 給出指引；我們如實反映我們所看到的情況，也就是略有放緩。我們確定的是，底層的病患需求、治療效果或競爭態勢都沒有改變。所以這些仍然成立。只是以我們的間接商業模式來看，這種節奏並不是我能直接影響的事情。

What we can do, again, is having great therapy, continue to train, continue to help the DMEs and support the work that they're doing, but this pace is something that really is not something I can directly control, and we're coming in as we see it right now.

我們能做的，仍然是提供優異的治療、持續訓練、持續協助 DME，並支持他們正在做的工作；但這個節奏確實不是我能直接控制的，我們就以目前所看到的狀況來反映。

Okay. And then on the lymphedema side, you guys have given a metric I don't think we get too often, which is that the referring clinics were up 10% year-to-date. I was curious if you could kind of talk a little bit about how does that number historically trend? Is this kind of a good predictor for you guys as you look forward into future growth? What type of accounts are new into the referral network? Are they different than what they've historically been? Just any more commentary around that. I thought it was a good interesting metric on the success you guys are seeing there on referrals. Just curious if we could get more color on how that might -- how it's developing and might impact the business.

了解。那在淋巴水腫方面，你們提供了一個我覺得不常看到的指標，也就是今年迄今轉介診所增加了 10%。我想請你們談談這個數字在歷史上通常是怎麼走勢？這是否是你們用來展望未來成長的一個良好預測指標？新加入轉介網絡的是哪些類型的帳戶？它們和過去歷來的帳戶有什麼不同嗎？想聽更多相關評論。我覺得這是個很有趣、也能反映你們在轉介端成功的指標。想了解更多它目前的發展狀況，以及可能如何影響業務。

Yeah. This isn't probably something we're going to update every time. But when we're reflecting on what we could share, we thought it would be good to put a little more quantification around what that rep productivity is actually really looking like. So -- and there's 2 aspects, right? So we have more feet on the street, and then we talked about the rep productivity being enhanced by the CRM tool. And then additionally, we have this overlay of market data that really helps the rep identify where are patients being diagnosed?

是的。這大概不是我們每次都會更新的內容。但在回顧我們可以分享什麼時，我們認為用更量化的方式呈現業務代表生產力實際看起來如何，會是件好事。所以——這裡有兩個面向，對吧？第一是我們有更多一線人員；第二是我們談到 CRM 工具提升了代表生產力。此外，我們還疊加了市場數據，能真正幫助代表辨識病患是在哪裡被診斷出來的？

And are they in the clinics they're currently calling on or maybe they're in clinics that are outside of the current call point? And so that enhanced market insights really help our teams identify and prioritize the referral opportunities. So literally, more feet on the street and better tools. And while the insights are not real time, they're lagging 3 to 6 months, it's still good data. And so that is why we're seeing this really nice uptick on that year-over-year in clinic visits. And then looking at as well as I gave some metrics on -- just on our marketing programs, actually showing the 90-day pre and the 90-day post, what that actually does to help drive order growth.

以及他們是在代表目前拜訪的診所，還是可能在目前拜訪點之外的診所？因此，這些強化的市場洞察能幫助我們的團隊辨識並優先排序轉介機會。也就是說，一方面是更多一線人員，另一方面是更好的工具。雖然這些洞察不是即時的，會落後 3 到 6 個月，但仍然是很好的數據。因此我們才會看到診所拜訪量在年對年上有這麼漂亮的提升。另外，我也提供了一些指標——就我們的行銷方案而言，實際展示 90 天前與 90 天後，這些方案如何幫助推動訂單成長。

So our investments in sales and marketing, when we look at metrics like this and then sharing a few of them with you hope to, you're seeing the value of the investments that we made in 2025 and where our dollars continue to go in, in 2026.

因此，當我們檢視像這樣的指標，並與各位分享其中幾項時，我們希望你們能看到我們在 2025 年所做的銷售與行銷投資的價值，以及我們在 2026 年資金持續投入的方向。

(Operator Instructions)

（接線員指示）

Ben Haynor, Lake Street Capital Markets.

Ben Haynor，Lake Street Capital Markets。

Good evening. Thanks for taking the questions. First off for me, just on airway clearance and the DMEs that presumably some of them have worked through any inventory issues. Can you talk any about what you're seeing from those that do not have the inventory situation?

晚安。謝謝讓我提問。我先問一個，關於氣道清除（airway clearance）以及 DME——我想其中一些應該已經解決了庫存問題。你能否談談，對於那些沒有庫存狀況的客戶，你們觀察到什麼情況？

Sure. So when we look at our -- a small handful of them have inventory issues and they're burning through that. On those that did not have excess inventory and they went and are currently selling Gen 6, what we're hearing is really strong feedback from both clinicians and patients on the product.

當然。所以當我們看我們的——其中有少數幾家有庫存問題，正在把那些庫存消化掉。而對於那些沒有過剩庫存、已經去做且目前正在銷售第六代（Gen 6）的客戶，我們聽到的是來自臨床醫師與病患對產品非常強烈的正面回饋。

And so that appears to be going well, and we continue to help like we do even for those that have the excess inventory, help those DMEs help identify the patients that have bronchiectasis that haven't been put on treatment yet. And so that all is going as it's going. What I want to caution though is even though that adoption of the Gen 6 is good in the small handful of those that are still burning through their excess inventory, our forecasting for Q4 is reflecting both health in those that don't have inventory issues as well as the burn down in those that do.

所以看起來進展得很順利；而且我們也持續提供協助——就像我們對那些有過剩庫存的客戶一樣——協助那些 DME（耐用醫療設備供應商）辨識尚未開始治療的支氣管擴張症患者。因此整體都按部就班地進行。不過我想提醒的是，即便在那少數幾家仍在消化過剩庫存的客戶中，第六代的採用情況不錯，我們對第四季（Q4）的預測同時反映了：沒有庫存問題者的健康表現，以及有庫存問題者的去化（burn down）進度。

But we just can't -- Ben, to be honest, we just can't overcome the excess -- the slowdown in the excess inventory burn with performance in the other DMEs. They're performing well, but they can't overcome, if you will, the slowdown with those that have the excess inventory.

但老實說，Ben，我們就是無法——無法用其他 DME 的表現來彌補過剩庫存去化放緩所造成的影響。其他 DME 表現很好，但他們無法抵消——如果你願意這麼說——那些有過剩庫存者的放緩。

Okay. That's helpful color. And then dipping my toe into 2027, anything you could tell us on expectations for what the kind of the field sales force looks like as we get into or exit next year?

好的。這些補充說明很有幫助。接著我稍微探問一下 2027 年，對於我們進入或離開明年時，前線銷售團隊大概會是什麼樣子，你有沒有任何可以分享的預期？

You know what, we're super excited to be basically activating our playbook. And when I say excited about that because it's one thing to say you have a playbook, it's another thing to actually use it. And so we are on, I think, part 6 of our go-to-market playbook which the basis of it is when territories get bigger, then we will split territories.

你知道的，我們對於基本上要啟動我們的作戰手冊（playbook）感到非常興奮。我之所以說興奮，是因為「有作戰手冊」是一回事，「真正拿來用」又是另一回事。所以我們目前在我認為是我們上市（go-to-market）作戰手冊的第 6 部分；其核心邏輯是：當區域變大時，我們就會拆分區域。

And then splitting that territory, we will put in place both a, what we call a territory account manager as well as that product specialist. So every time you split, you put 2 more in. And so as we look at territory performance, we'll be looking at splitting and some of those maybe that be underperforming, there could be some consolidation. So -- but nothing dramatic is going to happen here.

而在拆分該區域後，我們會配置兩種角色：我們所稱的區域客戶經理（territory account manager），以及產品專員（product specialist）。所以每次拆分，就會再增加 2 個人。因此當我們檢視各區域的績效時，我們會評估拆分；而對於某些可能表現不佳的區域，也可能會有一些整併。所以——但這裡不會發生什麼劇烈的變動。

Just we'll run it like we said we were going to run it. The one difference, and I called this out in the script, is that we did stand up a strategic accounts function. Strategic accounts function, I think, is a natural evolution of any field commercial organization when there is national accounts, those accounts that are starting to be kind of high volume, how do you have a differentiated offering and more of a key account manager that helping to support both the programs and the relationships.

我們就照我們說過的方式來運作。唯一的差異——我在講稿裡也有提到——是我們確實建立了一個策略客戶（strategic accounts）職能。我認為策略客戶職能，是任何前線商業組織在出現全國性客戶（national accounts）時的自然演進；當那些客戶開始變成高量體時，你要如何提供差異化的方案，以及配置更偏向關鍵客戶經理（key account manager）的角色，來協助支援方案與關係。

And so standing that up just this past quarter, we won't see any revenue tied to that in Q4, but we definitely would expect strong revenue performance in -- going into 2027, in line with the realities that I mentioned before. You want to have that connectivity to the strategic account, but it doesn't suddenly all of a sudden open up thousands and thousands and thousands of referrals that start coming through in a fast clip. But it's just a maturing of our organization and strategic accounts is a really good first step for us.

因此在剛過去這一季把它建立起來後，我們不會在第四季看到任何與此直接綁定的營收，但我們確實預期在——邁向 2027 年時，營收表現會很強勁，並且符合我先前提到的現實情況。你會希望與策略客戶建立連結，但它不會突然之間就打開成千上萬、成千上萬、成千上萬的轉介（referrals），並以很快的速度湧入。但這就是我們組織成熟化的一部分，而策略客戶對我們而言是非常好的第一步。

Okay. That makes sense. And lastly for me on the LymphaTech clearance, congrats on that. I believe you're monetizing that via a SaaS model at the moment. If you do get that Category I code down the line, do you intend to stick with the SaaS model? Or is this something where it could be a click fee? Or any thoughts that you care to share on how that ultimately gets monetized?

好的。這很合理。最後我想問關於 LymphaTech 的核准（clearance），恭喜你們。我相信你們目前是透過 SaaS 模式來變現。如果之後拿到 Category I 代碼，你們是否打算維持 SaaS 模式？還是這可能會變成按次點擊收費（click fee）？或是你願意分享任何關於最終如何變現的想法？

We are still taking a look at that full business model. Pleased that right now, the 3D Scanner currently has a couple of large academic centers that are paying for it as a SaaS model. CPT III, the coding, it just starts as a tracking code and you have to build over time. So we're in early stages of building out that reimbursement pathway. And then we'll be taking and are currently taking and looking to reveal more of that next year what that actual business model looks like. So we're pleased to get the approval, obviously, of the expanded indication. That's the first step. The Category III code, that becomes the next step and then moving on to actually seeing full year commercialization, which will be seen later in '28 and '29.

我們仍在全面檢視那個完整的商業模式。我們很高興目前 3D 掃描器已經有幾家大型學術醫學中心以 SaaS 模式付費使用。至於 CPT III（編碼），它一開始只是追蹤用代碼，必須隨時間逐步建立。所以我們正處於建立該給付（reimbursement）路徑的早期階段。接著我們會持續推進，並且也正在評估，預計明年會揭露更多關於實際商業模式會是什麼樣子。因此我們很高興能取得擴大適應症的核准，這顯然是第一步。Category III 代碼會是下一步，然後再往前推進到真正看到全年商業化（commercialization），那會在 2028 年與 2029 年較晚的時候看到。

It's a little bit down the line, but thanks for the thoughts there. And congrats on the quarter.

那還要再往後一點，但謝謝你分享這些想法。也恭喜本季表現。

Thanks for taking the questions.

謝謝讓我提問。

And this now concludes our question-and-answer session. I would like to turn the floor back over to Sheri Dodd for closing comments.

現在問答環節到此結束。我想把時間交回給 Sheri Dodd 作結語。

Thanks, Chris. I just want to thank everyone for your thoughtful questions. Pleased that we were able to deliver again against our core business, that 13% growth in lymphedema and deliver on what we said we were going to do. We managed the AffloVest kind of shortfall with that strength of lymphedema and are really pleased to be able to keep our guide for the year and increase our pull-up on our EBITDA guide as we finish out the year. So thanks to you, and we look forward to having the one-on-one conversations. And for everyone else, we'll see you next quarter.

謝謝你，Chris。我只想感謝大家提出深思熟慮的問題。我們很高興能再次在核心業務上交出成果：淋巴水腫（lymphedema）成長 13%，並且做到我們說要做到的事。我們以淋巴水腫的強勁表現來管理 AffloVest 的某種程度缺口（shortfall），也非常高興能在年底收官之際，維持我們全年指引，並上調我們 EBITDA 指引中的上修幅度（pull-up）。所以謝謝各位，我們也期待進行一對一的交流。至於其他各位，我們下季見。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。