TELA Bio Inc (TELA) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. And welcome to the TELA Bio fourth quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the prepared remarks. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Greg Chodaczek from the Gilmartin Group. Please go ahead.

女士們、先生們，午安。歡迎參加 TELA Bio 2024 年第四季財報電話會議。此時，所有參與者都處於只聽模式。準備好的發言之後將進行問答環節。提醒一下，本次電話會議正在錄音。現在，我想將會議交給 Gilmartin 集團的 Greg Chodaczek。請繼續。

Thank you, [Latif]. And good afternoon, everyone. Earlier today, TELA Bio released financial results for the fourth quarter of full year 2024. A copy of the press release is available on the company's website.

謝謝你，[拉蒂夫]。大家下午好。今天早些時候，TELA Bio 發布了 2024 年全年第四季的財務表現。新聞稿的副本可在該公司的網站上查閱。

Joining me on today's call are Tony Koblish, President and Chief Executive Officer; and Roberto Cuca, Chief Operating Officer and Chief Financial Officer.

參加今天電話會議的還有總裁兼執行長 Tony Koblish；以及營運長兼財務長 Roberto Cuca。

Before we begin, I'd like to remind you that during this conference call, the company will make projections and forward-looking statements regarding future events. We encourage you to review the company's past and future filings with the SEC, including without limitation, the company's annual report on Form 10-K and quarterly reports on Forms 10-Q, which identify the specific factors that may cause actual results or events to differ materially from those described in these forward-looking statements.

在我們開始之前，我想提醒您，在本次電話會議期間，本公司將對未來事件做出預測和前瞻性陳述。我們鼓勵您查閱該公司過去和未來向美國證券交易委員會提交的文件，包括但不限於該公司的 10-K 表年度報告和 10-Q 表季度報告，這些報告確定了可能導致實際結果或事件與這些前瞻性陳述中描述的結果或事件存在重大差異的具體因素。

These factors may include without limitation, statements regarding product development and pipeline opportunities, product potential, the impacts of various macroeconomic conditions identified in our filings like changes in surgical procedure volumes, the regulatory environment, sales and marketing strategies, capital resources, or operating performance. With that, I will now turn the call over to Tony.

這些因素可能包括但不限於有關產品開發和通路機會、產品潛力、我們的文件中確定的各種宏觀經濟條件的影響（如外科手術量的變化、監管環境、銷售和行銷策略、資本資源或經營業績）的聲明。說完這些，我現在將電話轉給托尼。

Thank you, Greg. And good afternoon, everyone. Thank you for joining TELA Bio's fourth quarter 2024 earnings call. I'll begin by reviewing the quarter and factors that affected performance. Then I'll turn the meeting over to Roberto for a review of the financials and in our outlook before opening it up for your questions.

謝謝你，格雷格。大家下午好。感謝您參加 TELA Bio 2024 年第四季財報電話會議。我將首先回顧本季以及影響業績的因素。然後，我會將會議交給羅伯托 (Roberto) 來審查財務狀況和我們的展望，然後再回答你們的問題。

We generated $17.6 million in revenue in the fourth quarter, growing 3.8% versus the fourth quarter of '23, this was lower than our expectations and marks the first instance of single-digit revenue growth at TELA since the start of the COVID-19 pandemic, despite, as we noted in our Q3 call, October, marking the strongest first month of any quarter in TELA 's history and trending towards a strong finish in 2024.

我們在第四季度創造了 1760 萬美元的收入，比 23 年第四季度增長 3.8%，這低於我們的預期，也是自 COVID-19 疫情爆發以來 TELA 首次實現個位數收入增長，儘管正如我們在第三季度電話會議上指出的那樣，10 月是 TELA 歷史上任何季度中最強勁的第一個月，並且有強勁的 2024 年望在第一個月收官。

So what happened? There were several minor or hard to quantify external factors impacting performance, but ultimately, the primary driver of this underperformance was lower than planned headcount in our US sales force in the fourth quarter, exacerbated further by a number of departures, including unplanned productive losses in late November and into December.

那麼發生了什麼事？有幾個次要的或難以量化的外部因素影響了業績，但歸根結底，導致業績不佳的主要原因是第四季度美國銷售團隊的員工人數低於計劃，而大量員工離職進一步加劇了這一情況，包括 11 月底和 12 月份的非計劃生產損失。

In August 24, we made some fundamental but necessary changes in our commercial organization to realign our sales force around a new strategic commercial direction. This realignment included a focused reduction in headcount related to managerial, administrative and support roles, but also included the departure of approximately 10 to 15 underperforming sales reps to address gaps in productivity and efficiency, partially offset by the conversion of certain support personnel into quota carrying roles.

8 月 24 日，我們對商業組織進行了一些根本性的但必要的變革，以便圍繞新的策略商業方向重新調整我們的銷售團隊。此次調整包括專注於削減與管理、行政和支援職位相關的員工數量，同時也包括約 10 至 15 名表現不佳的銷售代表離職，以彌補生產力和效率方面的差距，而部分抵銷作用的措施是將某些支援人員轉為承擔配額的職位。

Although our top reps continue to drive performance in line with expectations throughout Q4, we also for the first time in our history experienced a number of departures from the sales force of productive reps.

儘管我們的頂級銷售代表在整個第四季度繼續按照預期推動業績，但我們歷史上第一次經歷了大量高效銷售代表的離職。

These additional losses included some key reps who were lured away by large financial incentives from companies in the wound care space, as well as a few newer entrants, building out their sales force within the plastic and reconstructive space.

這些額外的損失包括一些被傷口護理領域公司以高額財務激勵挖走的關鍵銷售代表，以及一些新進業者在整形和重建領域擴大銷售團隊。

When combined with the prior realignment, these losses created a situation where we simply didn't have the headcount to make up the difference so late in the quarter.

結合先前的調整，這些損失造成了我們在本季度末根本沒有足夠的員工來彌補缺口的情況。

Turning to some of the external headwinds that contributed to fourth quarter results, first in late September, Hurricane Helene made landfall on the Gulf Coast of Florida and continued north through Georgia, South Carolina, and most notably, North Carolina, where the storm caused significant damage to a plant responsible for manufacturing 60% of the IV fluids used in the US.

談到影響第四季度業績的一些外部不利因素，首先是9月底，颶風海倫 (Hurricane Helene) 在佛羅裡達州墨西哥灣沿岸登陸，並繼續向北穿過喬治亞州、南卡羅來納州，最引人注目的是北卡羅來納州，這場風暴對一家負責生產美國60%靜脈注射液的工廠造成了嚴重破壞。

Elective surgeries in our two strongest sales regions slowed down as a direct result of the storm, while the ensuing shortage of IV fluids appears to have affected surgical volumes throughout the US. As we had anticipated, feedback from the field indicates that these shortages manifested more in November and December as hospitals depleted their existing stocks earlier in the quarter.

受風暴直接影響，我們兩個最強銷售地區的擇期手術數量放緩，而隨之而來的靜脈輸液短缺似乎已經影響了整個美國的手術量。正如我們預期的那樣，來自現場的反饋表明，這些短缺現像在 11 月和 12 月更加明顯，因為醫院在本季早些時候已經耗盡了現有庫存。

And finally, although it's difficult to measure, Christmas and New Year's Day fell on the Wednesdays of their respective weeks, potentially reducing the number of days in those weeks that surgeons operated or that patients scheduled procedures.

最後，雖然很難衡量，但聖誕節和元旦恰逢各自所在週的周三，這可能會減少外科醫生在那一周進行手術或患者安排手術的天數。

While there is no clear signal of an impact in our sales, it's possible it had an effect and was cited by at least one other market participant as a cause for softness in Q4 elective procedure volumes.

雖然沒有明顯跡象表明我們的銷售受到影響，但可能確實產生了影響，而且至少有一位其他市場參與者指出這是第四季度選擇性手術量疲軟的原因。

Despite this disappointing fourth quarter performance, we have already implemented necessary measures to address the challenges we experienced in the quarter. We believe these actions when coupled with a few substantial tailwinds, will position TELA for strong performance in 2025.

儘管第四季的表現令人失望，但我們已經採取了必要的措施來應對本季遇到的挑戰。我們相信，這些措施加上一些實質的有利因素，將使 TELA 在 2025 年取得強勁表現。

The primary adjustment comes from the full implementation of our full revised, of our revised commercial strategy, including those short-term adjustments we made as part of our August or Q3 realignment.

主要調整來自於我們全面修訂的商業策略的全面實施，包括我們作為 8 月或第三季調整的一部分所做的短期調整。

This is led by an evolution of our field-based sales organization strategy, where we have redefined our approach to the division of responsibilities between our territory managers or TMs and our account specialists or ASs.

這是由我們基於現場的銷售組織策略的演變所導致的，我們重新定義了區域經理或 TM 與客戶專家或 AS 之間的職責劃分方法。

The AS position represents a vital direct field level auxiliary sales role, with each AS brought on board to provide procedural case coverage within the territory of one or more of our top TMs.

AS 職位代表著至關重要的直接現場級輔助銷售角色，每個 AS 都會為我們一位或多位頂級 TM 所管轄範圍內的程序性案例提供覆蓋。

This team-based sales strategy allows our TMs to pursue new customer accounts or drive deeper penetration into existing customer accounts while simultaneously helping newer ASs more rapidly integrating into our organization, receiving significant, on-the-ground experience under the tutelage of our top TMs, with the potential to transition into a TM role more quickly and efficiently.

這種以團隊為基礎的銷售策略使我們的TM 能夠尋求新客戶帳戶或更深入地滲透到現有客戶帳戶，同時幫助新的 AS 更快地融入我們的組織，在我們頂級 TM 的指導下獲得豐富的實地經驗，並有可能更快、更有效地過渡到 TM 角色。

Where successful, this should set up the promoted AS for long-term success in their new territory. We have seen success with this program so far, through 2024, prompting us to allocate additional resources to recruiting and retaining more ASs.

如果成功的話，這將為升級後的 AS 在新領域長期成功奠定基礎。到目前為止，到 2024 年，該計劃已經取得了成功，這促使我們分配更多資源來招募和留住更多的 AS。

This strategy aims to enhance the reach and productivity of our TMs, strengthen our relationship with customer accounts, and establish greater stability with existing customers irrespective of future changes with the TMs or other ASs serving on the selling teams.

這項策略旨在提高我們 TM 的覆蓋率和生產力，加強我們與客戶帳戶的關係，並與現有客戶建立更大的穩定性，而不管銷售團隊中的 TM 或其他 AS 未來如何變化。

At the end of Q3, we had 76 field-based representatives, 69 territory managers, TMs, and 7 account specialists, ASs. However, if we look at the end of Q4, we had 71 total representatives with 63 TMs and 8 ASs.

截至第三季末，我們擁有 76 名現場代表、69 名區域經理 (TM) 和 7 名客戶專員 (AS)。然而，如果我們看第四季末，我們總共有 71 名代表，其中 63 名 TM 和 8 名 AS。

The intra-cortical churn and unexpected departures of several TMs ultimately drove volatility in top line performance. As we look ahead this year, we expect by the end of this month, we will have 88 total reps with nearly 70 TMs and close to 20 ASs, well on our way to reaching our year-end target of 97 reps, consisting of approximately 76 TMs and 21 ASs.

皮質內部的流失和多個 TM 的意外離開最終導致了營收表現的波動。展望今年，我們預計到本月底，我們將擁有總共 88 名代表、近 70 名 TM 和近 20 名 AS，並且預計將實現年底 97 名代表的目標，其中包括大約 76 名 TM 和 21 名 AS。

We believe this model positions us well for the future as it allows us to identify and foster top talent while providing a roadmap for developing additional high performing TMs.

我們相信這種模式為我們的未來奠定了良好的基礎，因為它使我們能夠識別和培養頂尖人才，同時為開發更多高效能 TM 提供了路線圖。

The value of a high-performing TM cannot be overstated as seen even in our Q4 results, where our top reps continue to perform well, with the TOP44 reps achieving over 90% of their quotas in the quarter or virtually 100% of their allocated budget targets, even despite some of the external tailwinds we discussed earlier.

高效能 TM 的價值不容小覷，這點從我們第四季的業績表現中可見一斑。儘管面臨我們之前討論過的一些外部利好因素，但我們的頂級銷售代表依然表現良好，TOP44 銷售代表在本季度完成了超過 90% 的配額，或幾乎 100% 的分配預算目標。

Although we won't have full data to report until after the quarter, revenues year-to-date have been strong and are signaling that the crucial Q4 rebuild decisions inherent in this strategy will be important drivers for growth, moving forward.

儘管我們要到本季結束後才能報告完整的數據，但今年迄今為止的收入一直很強勁，並表明該戰略所固有的關鍵第四季度重建決策將成為未來成長的重要驅動力。

Our commercial leadership team, including our CCO, have now completed a full six months in their respective roles. This period was marked by a strong third quarter and was followed by a more difficult period that included strategic shifts, implementation of a new market approach, and the recalibrated sales structure.

我們的商業領導團隊，包括首席商務官，現已在各自的職位上工作整整六個月。這段時期以第三季強勁表現為標誌，隨後進入更為艱難的時期，包括策略轉變、實施新的市場方法和重新調整銷售結構。

With continued stability, we believe this should return TELA to sustained and normalized growth rates for 2025 and beyond.

我們相信，隨著局勢持續穩定，TELA 將在 2025 年及以後恢復持續正常的成長率。

In addition to these meaningful sales force adjustments, several other factors drive our optimism in our 2025 outlook, and expanding product portfolio, our broadening reach to certain customers, and our continued development of clinical data in support of our products.

除了這些有意義的銷售團隊調整之外，還有其他幾個因素推動了我們對 2025 年前景的樂觀態度，以及不斷擴大的產品組合、擴大對某些客戶的覆蓋範圍以及我們為支持我們的產品而持續開發臨床數據。

From a broader perspective, there is a substantial portion of the market share that remains available for us to capture in both hernia and PRS. In hernia repair, 80% of all procedures still utilize permanent synthetics.

從更廣泛的角度來看，在疝氣和 PRS 領域我們仍有相當大的市場份額可供佔領。在疝氣修復中，80% 的手術仍然採用永久性合成材料。

And as at least one major competitor is publicly announcing shifts toward their costlier resorbable product lines, TELA has the opportunity to highlight OviTex's consistent clinical performance and value proposition to drive adoption.

而且，由於至少有一家主要競爭對手公開宣布轉向其更昂貴的可吸收產品線，TELA 有機會強調 OviTex 一致的臨床表現和價值主張，以推動採用。

In the PRS market where we launched our first products in 2019, we are only beginning to address the $800 million US opportunity. And we have significant runway to generate substantial growth with our expanding portfolio of PRS solutions.

在我們於 2019 年推出首批產品的 PRS 市場中，我們才剛開始抓住價值 8 億美元的美國商機。而且，透過不斷擴大的 PRS 解決方案組合，我們擁有實現大幅成長的巨大空間。

In 2024, we launched, among other products, the LIQUIFIX and OviTex IHR product families. Both quickly gained traction after launch with LIQUIFIX obtaining contract access with two GPOs as an innovative breakthrough technology.

2024 年，我們推出了 LIQUIFIX 和 OviTex IHR 產品系列等產品。兩者在推出後都迅速獲得了關注，LIQUIFIX 作為一項創新突破性技術獲得了兩家 GPO 的合約存取權。

And both have afforded us access to customer groups with whom we may previously have had less interaction because LIQUIFIX is indicated for use, only with synthetic mesh, we've been able to discuss that product and introduce TELA Bio to surgeons who may not have been active OviTex users.

並且兩者都使我們能夠接觸到以前可能互動較少的客戶群，因為 LIQUIFIX 僅適用於合成網片，我們可以討論該產品並向可能不是活躍的 OviTex 用戶的外科醫生介紹 TELA Bio。

The IHR product line was also quickly adopted by surgeons using minimally invasive techniques to repair inguinal hernias, leading to more than $1 million in sales since its April 2024 launch.

IHR 產品線也迅速被外科醫生採用微創技術修復腹股溝疝，自 2024 年 4 月推出以來，銷售額已超過 100 萬美元。

Total LIQUIFIX sales are also nearing $1 million. We expect both product lines to continue to grow robustly in 2025, further expanding TELA Bio's profile in the hernia repair space and increasing awareness of all of our products. In 2025, we expect to launch larger size versions of our existing OviTex PRS products.

LIQUIFIX 的總銷售額也接近 100 萬美元。我們預計這兩條產品線將在 2025 年繼續強勁成長，進一步擴大 TELA Bio 在疝氣修復領域的知名度，並提高我們所有產品的知名度。2025 年，我們預計將推出現有 OviTex PRS 產品的更大尺寸版本。

And a new long-term resorbable alternative for hernia products. The PRS offerings, in particular, are highly anticipated by surgeons and certain techniques within that space, require or benefit from access to larger units.

以及疝氣產品的新型長期可吸收替代品。PRS 產品尤其受到外科醫生的高度期待，而該領域內的某些技術需要或受益於更大的單位。

We expect both sets of innovations to represent incremental revenues as they are not merely replacing smaller pieces that were already being used. In support of our expanded product offerings, we also continue to invest in medical education and broader surgeon outreach.

我們預計這兩組創新都將帶來增量收入，因為它們不僅僅是取代已經在使用的較小部件。為了支持我們擴大的產品供應，我們也繼續投資於醫學教育和更廣泛的外科醫生推廣。

Several initiatives are already thriving and helping us set the stage for the year, including a live robotic hernia symposium featuring four gut specialists, faculty doctors, Philip Woodworth and Reginald Bell, both highly respected leaders in this space.

多項舉措已蓬勃發展，並幫助我們為今年的活動奠定了基礎，其中包括一場現場機器人疝氣研討會，該研討會邀請了四位腸道專家、教員醫生、菲利普·伍德沃思和雷金納德·貝爾，他們都是該領域備受尊敬的領導者。

A national webinar with renowned surgeon, Mr. Alastair Windsor from London, a leading advocate for shared decision making. Mr. Windsor's participation elevates our commitment to furthering US adoption of this current best practice in Europe.

與來自倫敦的著名外科醫生 Alastair Windsor 先生（共享決策的主要倡導者）一起參加全國網路研討會。溫莎先生的參與提升了我們推動美國採用歐洲現行最佳實踐的決心。

Our third annual plastic reconstructive summit, an invitation-only event, spotlighting emerging technologies, designed to enhance outcomes in soft tissue reconstruction and attended by more than 30 surgeon specialists in this space.

我們的第三屆年度整形重建高峰會是僅限受邀者參加的活動，重點關注新興技術，旨在提高軟組織重建的效果，並有該領域的 30 多位外科專家參加。

Beyond education, we've already made significant strides in regional and national society meetings in '25 with planned sponsorship of 16 key industry events, providing exposure to nearly 5,000 surgeons. In addition, we hosted a standing-room-only lunch symposium at Sages where experts Dr. Reg Bell, Dr. Tripp Buckley III, and Dr. Steven De Meester led an engaging discussion on paraesophageal hernia repairs.

除了教育之外，我們在25年的地區和國家社會會議上已經取得了重大進展，計劃贊助16場重要的行業活動，為近5,000名外科醫生提供展示機會。此外，我們在 Sages 舉辦了一場座無虛席的午餐研討會，專家 Reg Bell 博士、Tripp Buckley III 博士和 Steven De Meester 博士在會議上就食道旁疝氣修復術進行了精彩的討論。

Our long-term ventral and inguinal data were also presented at this meeting, showcasing their low recurrence rates across hundreds of patients with 5 years of follow-up, further validating the clinical benefits of OviTex.

我們也在此次會議上展示了長期的腹側和腹股溝數據，展示了數百名患者在 5 年隨訪中的低復發率，進一步驗證了 OviTex 的臨床益處。

We remain committed to the collection of clinical data, showcasing the value of our products. And in the fourth quarter of 2024, we achieved the significant regulatory milestone of obtaining IDE approval for a PRS, long-term resorbable breast reconstruction investigational study.

我們始終致力於收集臨床數據，並展示我們產品的價值。2024 年第四季度，我們實現了重要的監管里程碑，並獲得了 IDE 批准進行 PRS 長期可吸收乳房重建研究。

This approval underscores our continued investment in clinical [recent] research and to the future of our PRS business. In addition, we continued to enroll our [Ovi PRS study], a retrospective prospective trial evaluating the safety profile of OviTex PRS in previous pre-pectoral and sub-pectoral, implant-based breast reconstructions.

此項批准強調了我們對臨床[近期]研究和 PRS 業務未來的持續投資。此外，我們繼續進行 [Ovi P​​RS 研究]，這是一項回顧性前瞻性試驗，評估 OviTex PRS 在先前的胸前和胸下植入物乳房重建中的安全性。

We are aware of two newer surgeon publications based on surgeon derived studies, involving the use of PRS in these applications with the understanding that several similar publications may be in progress.

我們了解到有兩份較新的外科醫生出版物是基於外科醫生衍生的研究而發表的，其中涉及在這些應用中使用 PRS，並且可能還有幾份類似的出版物正在進行中。

By the end of 2025, we expect to have 300 to 400 patients under study, using our various PRS offerings. Since TELA's inception, we have sold over 65,000 OviTex and nearly 15,000 Ovitex PRS units. Our next goal is to reach $100 million in revenue and shortly, thereafter, to achieve profitability.

到 2025 年底，我們預計將有 300 至 400 名患者使用我們的各種 PRS 產品接受研究。自 TELA 成立以來，我們已售出超過 65,000 輛 OviTex 和近 15,000 輛 Ovitex PRS。我們的下一個目標是達到 1 億美元的收入，並在不久的將來實現盈利。

We foresee reaching these milestones in the not-too-distant future and continuing to establish our products as the gold standard for soft tissue preservation and restoration. With that, I'll turn the call over to Roberto to provide more specifics on our financial results.

我們預計在不久的將來就會達到這些里程碑，並繼續將我們的產品確立為軟組織保存和修復的黃金標準。說完這些，我將把電話轉給羅伯托，讓他提供更多有關我們財務業績的具體資訊。

Thanks, Tony. As Tony mentioned, revenue for the fourth quarter of 2024 increased 4% year over year to $17.6 million and grew 19% for the full year to $69.3 million with revenue from OviTex, growing 17% and OviTex PRS revenue, growing 21% for the year.

謝謝，托尼。正如 Tony 所提到的，2024 年第四季的營收年增 4% 至 1,760 萬美元，全年成長 19% 至 6,930 萬美元，其中 OviTex 的營收成長 17%，OviTex PRS 的營收成長 21%。

The growth was primarily due to an increase in unit sales of our products, resulting from the addition of new customers and growing international sales. OviTex unit sales grew 28% for the quarter and 33% for the year, while PRS unit sales grew 11% for the quarter and 31% for the year.

成長主要歸因於我們產品單位銷售額的增加，這是由於新客戶的增加和國際銷售額的成長所致。OviTex 單位銷售額本季成長 28%，全年成長 33%，而 PRS 單位銷售額本季成長 11%，全年成長 31%。

Gross margin was 64% for the fourth quarter and 67% for the full year compared to 68% and 69% for the prior year periods, respectively. The decrease was primarily due to higher expense recognized for excess and obsolete inventory adjustments in the percentage of revenue, which resulted from the introduction of newer generation products.

第四季毛利率為 64%，全年毛利率為 67%，去年同期分別為 68% 和 69%。下降的主要原因是，由於推出新一代產品，收入百分比中過剩和過時庫存調整的費用增加。

Sales and marketing expense was $14 million in the fourth quarter and $64.6 million for the full year compared to $17.2 million and $59.7 million for the prior year periods, respectively.

第四季銷售與行銷費用為 1,400 萬美元，全年銷售與行銷費用為 6,460 萬美元，而去年同期分別為 1,720 萬美元及 5,970 萬美元。

This increase was mainly due to higher compensation costs, primarily from increased commissions and severance costs, increased travel and consulting, and additional selling related expenses, which offset decreases in marketing expenses.

這一增長主要由於薪酬成本增加，主要來自佣金和遣散費增加、差旅和諮詢費用增加以及額外的銷售相關費用，抵消了行銷費用的減少。

General and administrative expense was $3.6 million for the fourth quarter and $14.7 million for the full year compared to $4.1 million and $14.9 million for the prior year periods, respectively.

第四季的一般及行政開支為 360 萬美元，全年的一般及行政開支為 1,470 萬美元，而去年同期的一般及行政開支分別為 410 萬美元和 1,490 萬美元。

R&D expense for the fourth quarter was $2 million and for the full year was $8.8 million compared to $2.7 million and $9.6 million for the prior year periods.

第四季研發費用為 200 萬美元，全年研發費用為 880 萬美元，去年同期分別為 270 萬美元和 960 萬美元。

Loss from operations was $8.4 million in the fourth quarter of 2024 and $34.1 million for the full year, compared to $12.3 million and $44.1 million in the prior year periods. Net loss was $9.2 million in the fourth quarter and $37.8 million for the full year compared to $12.9 million and $46.7 million for the prior year period. We ended 2024 with $52.7 million in cash and cash equivalents.

2024 年第四季營業虧損為 840 萬美元，全年營業虧損為 3,410 萬美元，而去年同期分別為 1,230 萬美元及 4,410 萬美元。第四季淨虧損為 920 萬美元，全年淨虧損為 3,780 萬美元，去年同期淨虧損為 1,290 萬美元，全年淨虧損為 4,670 萬美元。截至 2024 年，我們的現金和現金等價物為 5,270 萬美元。

For 2025, we anticipate revenues to be in the range of $85 million to $88 million, representing growth of 23% to 27% over the full year 2024. We expect that operating loss and net loss will continue to decrease coming in lower in 2025 than in 2024.

到 2025 年，我們預計營收將在 8,500 萬美元至 8,800 萬美元之間，比 2024 年全年增長 23% 至 27%。我們預計，2025 年營業虧損和淨虧損將持續減少，低於 2024 年。

Reiterating what we said last year, we expect that the operating efficiency improvements that we made in the second quarter of 2024 will provide a reduction from the first half of 2024's run rate. As a result, we expect OpEx in 2025 to be flat compared to full year 2024.

重申我們去年所說的話，我們預計 2024 年第二季所做的營運效率改進將使 2024 年上半年的運行率有所下降。因此，我們預計 2025 年的營運支出將與 2024 年全年持平。

For the first quarter of 2025, we expect revenues to be in the range of $17 million to $18 million based in large part on our visibility into performance to date. With that, I'll hand the call back to Tony for closing remarks.

對於 2025 年第一季度，我們預計收入將在 1700 萬美元至 1800 萬美元之間，這在很大程度上取決於我們對迄今為止的業績的了解。說完這些，我將把電話交還給托尼，請他作最後發言。

Thank you, Roberto. As we reflect on 2024 and look ahead, our progress is undeniable. We strengthened our global footprint, expanded our educational impact, and continue to differentiate our solutions through clinical validation and portfolio expansion.

謝謝你，羅伯托。當我們回顧 2024 年並展望未來時，我們的進步是不可否認的。我們加強了全球影響力，擴大了教育影響力，並透過臨床驗證和產品組合擴展繼續使我們的解決方案與眾不同。

Most importantly, we have entered 2025 with unwavering momentum and a motivated team and a clear vision for growth. The market's expected shift away from synthetic mesh represents a significant opportunity for us, and our strong commercial strategy positions us to capitalize on this evolving landscape.

最重要的是，我們以堅定不移的動力、積極進取的團隊和清晰的成長願景進入了 2025 年。市場預計將逐漸放棄合成網狀物，這對我們來說是一個重大機遇，而我們強大的商業策略使我們能夠利用這一不斷變化的情況。

Coupled with our disciplined operating expenses and a strong cash position, we are well equipped to execute our plan and drive sustained success.

加上我們嚴格的營運費用和強勁的現金狀況，我們完全有能力執行我們的計劃並推動持續的成功。

We are motivated by the early successes of this year, from an energized national sales meeting to robust surgeon engagement at key industry events. With a focus on execution, innovation, and collaboration, we are confident in our ability to deliver meaningful value to our stakeholders as we head toward our next milestone of $100 million in revenue.

從充滿活力的全國銷售會議到關鍵行業活動中外科醫生的積極參與，今年早期的成功激勵著我們。透過專注於執行、創新和協作，我們有信心在向 1 億美元收入的下一個里程碑邁進的過程中為利害關係人提供有意義的價值。

I want to thank our dedicated team for their relentless commitment. And we look forward to a transformative year ahead together. We will snap back. With that, I'll now ask Latif to open the line for your questions.

我要感謝我們敬業的團隊的不懈奉獻。我們共同期待未來的變革之年。我們將迅速反擊。現在，我將請拉蒂夫接聽你們的提問。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Frank Takkinen, Lake Street Capital Markets.

弗蘭克‧塔基寧 (Frank Takkinen)，Lake Street Capital Markets。

Great. Thank you for taking the questions. Hey, Tony. Hey, Roberto, wanted to start with one follow up, around the territory manager departures.

偉大的。感謝您回答這些問題。嘿，東尼。嘿，羅伯托，我想先跟進一下區域經理離職的情況。

I think the net number you gave was down six territory managers from Q3 to Q4. And you talk about gross numbers, how many reps did you lose and then how many did you hire in the quarter? And then I know you mentioned compensation as one factor. Any other reasons for some of the rep departures?

我認為您給出的淨數字是從第三季到第四季度減少了 6 位區域經理。您說的是總數，本季您失去了多少銷售代表？又僱用了多少銷售代表？然後我知道您提到了補償作為一個因素。有些代表離職還有其他原因嗎？

Yeah, I mean, look, there were ins and outs in Q4. But if you look at it, in November and December, roughly we lost 11 TMs due to unplanned departures, right? So, they never tell you. You don't see it coming. And I guess they come in clusters. This hasn't really happened to me before, so it's certainly got our attention.

是的，我的意思是，看看第四季的來龍去脈。但如果你看一下，11 月和 12 月，我們大約因計劃外離開而損失了 11 名 TM，對嗎？所以，他們永遠不會告訴你。你沒有預見到它的到來。我猜它們是成群出現的。這種事情以前從未發生在我身上，因此這當然引起了我們的注意。

And I guess our reps are coveted. They're sought after. They're good and that was a big number and difficult to recover from late in the quarter. Basically, like I said, some of these wound care companies that are smaller and have these interesting reimbursement positions, definitely, through some serious amounts of guarantees and cash around to lure these folks out.

我想我們的代表是令人垂涎的。他們很受追捧。他們表現很好，這是一個很大的數字，很難在本季結束時恢復。基本上，就像我說的，一些規模較小的傷口護理公司擁有這些有趣的報銷職位，肯定會透過大量擔保和現金來吸引這些人。

And I think in '24, we also had some meaningful players that were building PRS organizations and for lack of a better word, I think we got poached at the very end of the year.

我認為在 24 年，我們也有一些有意義的參與者正在建立 PRS 組織，但由於缺乏更好的詞彙，我認為我們是在年底被挖走的。

So that's kind of where we are, even with those ins and outs, I think I mentioned where we were, with the end of Q4. Well, I'll tell you where we are now, where we are now is about 88 territory managers, Frank, with a mix of about 20 account specialists and the rest being TMs.

所以這就是我們所處的情況，即使有這些來龍去脈，我想我提到過我們所處的情況，即第四季末。好吧，我會告訴你我們現在的情況，我們現在大約有 88 名區域經理，弗蘭克，其中有大約 20 名客戶專家，其餘的是 TM。

So we've snapped back pretty well. The talent that we've been able to lure in and replace, I think in some cases were even upgrades from some of those 11 that departed. I would consider those 11 that departed to be kind of in the middle to upper middle-class range. Our top performers were not impacted by that, but some pretty good reps went.

因此我們的恢復情況相當好。我認為，我們能夠吸引和替換的人才在某些情況下甚至是離職 11 名員工中的某些人的升級版。我認為離開的 11 位人士屬於中產階級至中上階層。我們的頂尖表演者並未受到影響，但一些相當優秀的代表卻受到影響。

So we feel good about the energy and momentum we have in the first quarter. And I think the growth and application of the account specialists is going to blunt that risk which we started to set up in Q3 of last year, right?

因此，我們對第一季的活力和發展勢頭感到滿意。我認為帳戶專家的成長和應用將會降低我們去年第三季開始設立的風險，對嗎？

Not only do these account specialists allow our reps to extend their reach, so good for offense. But also good for defense, right? They can have a deeper presence in the accounts with this team selling approach, which should be able to alert us to competitive activity. And then if we ever do take a loss on the TM side and are depleted in that way, we have very strong account specialists in place as backup.

這些客戶專家不僅能幫助我們的銷售代表擴大影響力，而且對進攻也很有幫助。但對於防守也很好，對吧？透過這種團隊銷售方式，他們可以更深入地了解客戶，這應該能夠提醒我們注意競爭活動。然後，如果我們在 TM 方面確實遭受損失並且因此而耗盡資金，我們還有非常強大的客戶專家作為後援。

And I'll just say a little bit about the account specialist. So we used to have a program known as associate reps, and we've really elevated that. So you know, we're hiring more experienced folks in the account specialist role.

我只想簡單介紹一下客戶經理。因此，我們曾經有一個稱為“助理代表”的計劃，並且我們確實提升了它。所以你知道，我們正在招募更多有經驗的人員擔任客戶經理。

They have in most cases, some type of selling experience or in all cases, a very good clinical understanding and background. So these folks will be able to contribute our top reps, the $2 million and $3 million-plus reps, have all made excellent use of account specialists.

在大多數情況下，他們都具有某種銷售經驗，或者在所有情況下，都具有非常好的臨床理解和背景。所以這些人將能夠為我們的頂級銷售代表做出貢獻，這些銷售收入 200 萬美元和 300 萬美元以上的銷售代表都充分利用了客戶專家。

And it's a very well-proven model for us that it extends the growth and performance of our top reps. So I think we're in very good shape around the salesforce recovery and reconstruction with about 88 total field-based folks on the ground right now. Our plan for the year, Frank, is to be at around 97.

對我們來說，這是一個非常成熟的模式，可以延長我們頂級銷售代表的成長時間並提高其績效。因此，我認為我們的銷售隊伍恢復和重建狀況非常好，目前在現場的人員總數約為 88 名。弗蘭克，我們今年的計劃是達到 97 左右。

You know, maybe we get to 100 but 97 with a mix of mid 70s or higher on the TM side and 20 or higher on the account specialist side.

您知道，也許我們能達到 100 但 97，其中 TM 方面有 70 多分或更高，而帳戶專家方面有 20 多分或更高。

Okay, that's helpful. Thank you. And then maybe on the outlook for 2025, I'm most curious about kind of unit versus ASP expectations. I think if you back into the ASP, it was down in the 10% range for over tax and then still maybe close to double digits for PRS from an ASP perspective. How should we be thinking about your assumptions for volume versus ASP to get to the 2025 guidance?

好的，這很有幫助。謝謝。那麼也許對 2025 年的展望，我最感興趣的是單位類型與 ASP 預期。我認為，如果您回到 ASP，超額稅收會下降 10% 左右，而從 ASP 的角度來看，PRS 的降幅可能仍接近兩位數。我們該如何思考您對銷售量與 ASP 的假設以達到 2025 年的指引？

Yeah, so I think to a certain extent the advent of the IHR and our collaboration and compatibility with the robot, it's a good thing. So that we can be a full service hernia provider, but obviously the IHR, the inguinal procedures, the hiatal procedures, they're going to be a little bit of a lower ASP which can affect things.

是的，所以我認為從某種程度上來說，IHR 的出現以及我們與機器人的合作和相容性是一件好事。因此我們可以成為一家提供全方位服務的疝氣供應商，但顯然 IHR、腹股溝手術、食道裂孔手術的 ASP 會稍微低一些，這可能會對事情產生影響。

And as we're transitioning from a company that was more focused on ventral and complex, which tends to be higher ASP, bigger pieces, we have to get a more fulsome approach to selling the full bag across from England on up.

而且，我們正在從一家更專注於腹部和複雜產品的公司轉型，這些產品的平均售價更高，件數更大，因此我們必須採取更全面的方式，從英格蘭開始銷售整套產品。

And perhaps, we were a little bit in no man's land where the growth of the IHR and the LIQUIFIX products, although great, are coming on, and we think that they should be able to fill that gap. So if you look at Q1, Frank, we did probably, I don't know, half or more, maybe even 2/3 in some case.

或許，我們有點處於無人區，IHR 和 LIQUIFIX 產品的成長雖然很大，但還在進行中，我們認為它們應該能夠填補這一空白。因此，如果你看 Q1，弗蘭克，我們可能確實做到了，我不知道，一半或更多，在某些情況下甚至可能是 2/3。

So far in Q1 of IHR and LIQUIFIX that we did from April to December last year, so we may have had a little bit of no man's land as we transition to a more full service provider at the end of '24. We're just going to have to make it up on the volume. And I think that seems to be playing out right now thus far in Q1.

到目前為止，IHR 和 LIQUIFIX 的第一季業務是從去年 4 月到 12 月開展的，因此，在 24 年底向更全面的服務提供者轉型的過程中，我們可能遇到了一點無人區。我們只是要在音量上彌補。我認為這似乎正在第一季顯現出來。

On the PRS side, I think we're going to see possible ASP expansion. The two new large LTR pieces will be the largest tissue-based matrices ever developed. And we had 30 plastic surgeons in town for a summit meeting last weekend.

在 PRS 方面，我認為我們將看到可能的 ASP 擴展。這兩個新的大型 LTR 片段將成為迄今為止開發的最大的組織基基質。上週末，我們邀請了 30 位整形外科醫生來鎮上舉行高峰會。

And I can tell you there's a lot of interest in that product as well, given the shift to pre-pack and DTI-type procedures. So I do think that the PRS ASP will be highly stable to growing. On the hernia side, we have to transition to a full-service provider and then we'll find a new kind of stable watermark and then grow from there.

而且我可以告訴你，考慮到向預先包裝和 DTI 類型程序的轉變，人們對該產品也有很大的興趣。因此我確實認為 PRS ASP 將高度穩定成長。在疝氣方面，我們必須轉型為全方位服務供應商，然後我們會找到新的穩定水印，然後從那裡開始發展。

Yeah. I mean, I think Tony said it all. The theme is in hernia, we added to some smaller pieces that have lower ASPs and PRS. We've added some larger pieces that have higher ASPs. In both cases, they're non-cannibalistic, so they're incremental to preexisting revenues. But they'll have dilutive effects in opposite directions.

是的。我的意思是，我認為托尼已經說完了。主題是疝氣，我們添加了一些 ASP 和 PRS 較低的小塊。我們添加了一些具有更高平均售價的較大件商品。在這兩種情況下，它們都不會互相蠶食，因此它們會對現有的收入產生增量影響。但它們會產生相反方向的稀釋作用。

Got it. Okay, that's helpful. And then if I could just sneak one more in, I was curious if you could comment on your confidence to get to break even with the existing liquidity. Obviously, it's a maybe a little bit further out now with the guidance being a little lower than expected, but just how should we think about when that could come and your confidence around getting there with existing liquidity?

知道了。好的，這很有幫助。然後，如果我可以再偷偷問一句，我很好奇您是否可以評論一下您對利用現有流動性實現收支平衡的信心。顯然，現在可能還有點遠，因為指引比預期要低一點，但我們應該如何考慮什麼時候會實現這一目標，以及您對利用現有流動性實現這一目標的信心如何？

So we remain very confident, one of the things that we've done, that we began at the end of last year and that is extending into this year is to take a harder look at our expenses. Obviously, we're signaling that OpEx this year should be flat to last year.

因此，我們仍然非常有信心，我們從去年年底開始做的事情之一，並且延續到今年，就是更仔細地審視我們的開支。顯然，我們的訊號是今年的營運支出應該會與去年持平。

My guess is that that was not an expectation that was baked in by a lot of external observers. So that's a positive versus what people may have been thinking. But we believe that, even with the growth of the revenues where it is, on top of the flat OpEx with the potential for further potential decreases as needed in future years, we'll have no trouble hitting profitability.

我猜測這並不是很多外部觀察家所期望的。因此，這與人們的想法相反，是正面的。但我們相信，即使收入有所增長，加上營運成本持平，並且未來幾年根據需要還有進一步下降的潛力，我們實現盈利並不困難。

Okay, that's helpful.

好的，這很有幫助。

Thank you.

謝謝。

Thanks. Bye.

謝謝。再見。

Caitlin Cronin, Canaccord Genuity.

Canaccord Genuity 的 Caitlin Cronin。

Hey, thanks for taking the questions. I guess just to start with the revenue guidance and maybe talk through the cadence of revenue for this year, starting with the Q1 and your assumptions there and going forward, I mean, is that kind of building in the sales ramp and the sales reps getting up for productivity throughout the year?

嘿，感謝您回答這些問題。我想先從收入指引開始，然後談談今年的收入節奏，從第一季開始，以及您的假設，展望未來，我的意思是，這是否會促進銷售成長，銷售代表是否會在全年提高生產力？

Sure. So we -- so in certain prior years we had sales forces growing across the year. In 2024, we started the year with the target number of sales reps. We're pretty close to the target number of sales reps right now for this year.

當然。因此，在前幾年，我們的銷售團隊全年都在成長。2024 年，我們以銷售代表的目標數量開始了新的一年。目前，我們已經非常接近今年的銷售代表目標數量。

So we're not going to see the sort of extended growth that we saw in say 2023. But that historical cadence, and so it wouldn't point to 2024 since we had two disruptions in the year.

因此，我們不會看到像 2023 年那樣的持續成長。但這是歷史節奏，所以它不會指向 2024 年，因為我們在這一年經歷了兩次中斷。

That historical cadence of a good step up from the first to the second quarter, a smaller step up from the second to third quarter because of the summer holidays in North America, the slightly dampened growth, and then another bigger step up from the third to the fourth quarter is what we expect to see over the course of the year.

我們預計，今年第一季到第二季將出現良好的成長節奏，而第二季到第三季由於北美暑假的影響，成長略有放緩，而第三季到第四季將出現更大的成長。

With the exception that I think Q1 of this year will be, as usual or better, given our momentum that we see thus far.

但我認為，鑑於我們迄今為止的發展勢頭，今年第一季的表現將和往常一樣，甚至更好。

Got it. And then, just with the reps being lured away in the queue for, how can you kind of ensure that that won't happen going forward, any kind of new incentive programs put in place?

知道了。那麼，既然銷售代表在排隊時被引誘走，您如何確保這種情況不會再發生，您是否實施了任何新的激勵計劃？

Yeah. I think the account specialist is one of the best backups that we have to blunt that factor, right? I think a team selling approach is one that frankly, I think is used by a lot -- by many of our larger competitors. And there will be relationships, I think, with the account specialists working on a team approach with the TMs, such that if we do get a TM poached.

是的。我認為，客戶專家是我們減輕這項因素影響的最佳後援之一，對嗎？坦白說，我認為團隊銷售方式被我們許多大型的競爭對手所採用。而且我認為，客戶專家將與 TM 建立團隊合作關係，這樣如果我們確實挖走了 TM。

We should be able to backfill that much more quickly. It's already kind of baked already. Our account or our specialists, they go through the exact same training process, pre-training, sales school, and then follow up after training as our TMs do.

我們應該能夠更快地進行補充。它已經有點烤熟了。我們的客戶或專家都經過與我們的 TM 完全相同的培訓流程、預培訓、銷售學校以及培訓後的跟進。

They come into the company with the expectation that they have an opportunity and an efficient, timely manner to become TMs themselves, given that they're starting from a higher vantage point from the old associate program. And we like the concept of having our account specialists work in that team approach and chasing a target and a quota.

他們在進入公司時期望自己有機會並且能夠以高效、及時的方式成為 TM，因為他們從舊的助理計劃中的更高優勢開始。我們喜歡讓客戶專員以團隊方式工作並追求目標和配額的理念。

I'll give you a little bit of an anecdotal example to show how we can combat that. So, at the start of this year, and look, we were very cognizant that if we were going to have continued exodus from the company, it would happen by the end of January based on when bonuses were paid out. That's just, I think, common or traditional.

我將舉一些軼事例子來說明我們如何應對這個問題。所以，在今年年初，我們非常清楚，如果公司要繼續出現員工外流的情況，那麼根據獎金發放的時間，這將在 1 月底發生。我認為這只是常見的或傳統的。

And we had one, exceptional player, take one of these guarantees. And we were able to stop him cold in his tracks and stay with us once he saw our enhanced commission plan and the upside opportunity that we're affording this year. So, this year what we've done, we've adjusted our comp plan such that we pay more if you get close to your quota, right?

我們有一位傑出的球員，接受了其中一個保證。當他看到我們提高的佣金計劃和今年提供的上漲機會時，我們能夠阻止他繼續與我們合作。所以，今年我們所做的就是調整了我們的薪酬計劃，如果你接近你的配額，我們就會支付更多，對嗎？

So if it's a near miss, you have an opportunity to keep working and make more money, whereas in the past, we had a little bit more of a cliff, where if you missed your quota, the step down in commission dollars available was marked.

因此，如果差一點就達標，您還有機會繼續工作並賺更多的錢，而在過去，我們面臨的情況就比較艱難，如果您錯過了配額，可用的佣金就會明顯減少。

Now, that might have worked for us earlier, but I think, if we have refs that are in that 90% range, they can still get their payout, and that should still drive them to go forward. The other thing that we've done is we've put some significant upside opportunity for stretch goals. In fact, we've put the whole commercial team on a national year-end stretch goal.

現在，這可能對我們之前有用，但我認為，如果我們的裁判達到 90% 的範圍，他們仍然可以得到他們的報酬，這仍然會推動他們前進。我們所做的另一件事是，我們為延伸目標創造了一些顯著的上昇機會。事實上，我們已經為整個商業團隊設定了全國年底延伸目標。

We have quarterly stretch goals for each one of the regions. And there's extra compensation that actually sits outside of the traditional comp plan, so they can win two ways.

我們為每個地區都設定了季度延伸目標。而且實際上還有傳統薪酬計劃之外的額外薪酬，因此他們可以透過兩種方式獲利。

They can win within the comp plan by getting at quota or close to it. And they can really win if they exceed and get beyond quota. And there's going to be a lot of competition and that's going to foster teamwork across the regions and across the whole national organization for this year.

他們可以透過達到或接近配額而在補償計劃內獲勝。如果他們超額完成任務，超越配額，他們就真正贏了。今年的競爭將會非常激烈，這將促進今年各地區乃至整個國家組織的團隊合作。

We debuted this at our national sales meeting, which we did on purpose earlier this year at the end of January. And I think we stunned them with how awesome the comp plan is. So, I think we've got a very strong morale, work ethic. I think it dovetails beautifully with the new go-to-market strategy, which is rolling out, was really rolled out in earnest at the NSM.

我們在今年 1 月底特意在全國銷售會議上首次推出了這項功能。我認為我們的補償計劃之出色讓他們震驚了。所以，我認為我們擁有非常強大的士氣和職業道德。我認為它與正在推出的新行銷策略完美契合，並在 NSM 上真正認真推出。

I think the beginnings of that work excellent in Q3, and then Q4, is what it is. But I think we're back to that feeling of where we were in Q3 and maybe even much better, given these enhancements to the comp plan and everyone's just feeling great right now.

我認為這項工作在第三季的開端非常出色，然後第四季也是如此。但我認為，考慮到薪酬計劃的這些改進，我們又回到了第三季的狀態，甚至可能更好，而且現在每個人都感覺很好。

Awesome. And maybe just another quick one if I can sneak it in. I mean maybe just give a little more color on the composition of the myths and in the Q4? And how much was that really due to kind of the sales rep disruption versus the IV shortages and -- ?

驚人的。如果我可以偷偷溜進去的話，也許還會再來一次快速的。我的意思是，也許只是對神話的構成和 Q4 給出更多的色彩？這在多大程度上是由於銷售代表中斷和靜脈注射短缺造成的？-- ？

It's hard to quantify the IV shortages. I think more than anything we're pretty dependent on the Southeast. We've got two regions in the Southeast which are two of our strongest regions and just the hurricane itself probably knocked, I don't know, maybe a half mil or more off the top. It's hard to quantify.

靜脈注射液的短缺程度很難量化。我認為我們最主要的是依賴東南部。我們東南部有兩個地區是受災最嚴重的地區，颶風本身就可能造成損失，我不知道，大概是五十萬或更多。這很難量化。

I don't think we're hanging our hat on that. If you look at where we were at the end of October, when we reaffirmed guidance. If you just do percentages and just straight mathematics, the amount of sales that we generated in Q4, so that's to say we had three strong months in Q3 and then a 4th strong month, before we hit the air pocket.

我認為我們不會對此掉以輕心。如果你看看我們十月底的時候重申指導的情況。如果您只是進行百分比和直接數學計算，那麼我們在第四季度創造的銷售額就是，也就是說，在遇到困境之前，我們在第三季度有三個月表現強勁，然後在第四個月表現強勁。

If you just extrapolated what November and December should have been in traditionally a strong seasonality finish quarter, quarter 4 to the year, we were well within guidance range just based on how October finished.

如果您只是推斷傳統上季節性強勁的結束季度（即第四季度）11 月和 12 月的情況，那麼僅根據 10 月的結束情況，我們就完全在指導範圍內。

So, those departures have a very negative effect, right? So you don't know when it's coming, right? So you wind up with perhaps, some of those reps taking their foot off the gas before they go while they're looking, while they're contemplating their next move.

那麼，這些離開會產生非常負面的影響，對嗎？所以你不知道它什麼時候會來，對嗎？因此，你最終可能會發現，一些代表在開始之前會鬆開油門，同時他們在觀察，考慮下一步。

And then certainly, our products, no matter how good they are, still require care and feeding and servicing and selling and we had significant losses from those regions in November and December. There's just no two ways around it, so I think the bulk of it was was right there.

當然，無論我們的產品有多好，它們仍然需要精心呵護、精心維護、精心服務和精心銷售，而我們在 11 月和 12 月在這些地區遭受了重大損失。沒有兩種方法可以解決這個問題，所以我認為大部分問題都在那裡。

Got it, thanks.

明白了，謝謝。

David Turkaly, Citizens.

大衛‧特卡利 (David Turkaly)，公民。

Hey, good evening. Tony, I think you said smaller wound care companies that might have approached you. I guess I just wanted to follow up with sort of like, why is it that now? Are they looking to go public? Is there something like what happened that it all came to a head in the fourth quarter?

嘿，晚上好。東尼，我想你說過一些規模較小的傷口護理公司可能會與你聯繫。我想我只是想跟進一下，為什麼現在會這樣？他們想要上市嗎？是否發生了什麼像在第四節一切都達到高潮的事情？

Yeah. You know, I mean -- I've heard these stories from what's called the more established wound care companies. About these organizations and the amount of reimbursement they're driving and the amount of guarantees and poaching that they're doing, I think it was our turn, right?

是的。你知道，我的意思是──我從那些所謂更成熟的傷口護理公司聽過這些故事。關於這些組織以及他們所推動的報銷金額以及他們所做的擔保和挖角的數量，我想現在輪到我們了，對嗎？

I think it's happened to some of the other players from what I understand talking to the CEOs there in the past. And I think it was our turn and for whatever reason, they were receptive this time around. It could be that the new go-to-market strategy, the accountability and discipline, and reporting structure that we're driving, sort of collaborated together to make that happen.

從我過去與那裡的執行長交談中了解到的情況來看，我認為其他一些球員也遇到過這種情況。我認為現在輪到我們了，無論出於什麼原因，這次他們接受了。這可能是因為我們所推動的新的市場進入策略、責任和紀律以及報告結構等相互協作以實現這一目標。

When I say small companies, some of these companies are driving just outrageous revenue. I don't know if you're familiar with this. So there are companies in some cases that you don't hear much about. But you're pretty dang shocked when you see what they're up to.

當我說小公司時，其中一些公司的收入高得驚人。我不知道你是否熟悉這件事。在某些情況下，有些公司你可能聽不到太多的消息。但當你看到他們在做什麼時你會非常震驚。

I understand that they're trying to get a handle on this reimbursement GAAP that seems to be exploited there. It seems like they've been talking about this for years. Eventually, they got to catch up with it, I mean, the numbers from what I'm hearing in actual reimbursement by the government on a monthly basis or just shooting up.

我理解他們正在試圖掌握這個似乎被利用的報銷 GAAP。似乎他們已經談論此事好幾年了。最終，他們必須趕上進度，我的意思是，從我聽到的數字來看，政府每月實際償還的金額正在急劇上升。

And so, there's a geyser of money there, hopefully it's temporary. And we had we had a bunch of folks go. There's nothing really to say about it, incentive mode, incentives, and motivation by income to start.

所以，那裡有大量的金錢，希望這只是暫時的。我們已經帶了一群人去了。其實沒什麼好說的，激勵模式，激勵措施，透過收入來激勵開始。

No, I get it. And I think you threw out a lot of numbers with the TMs, AS, and everything. I just want to make sure I caught this right. So yeah, 11 TMs and how many was it -- was that the big thing? Or were there also reps that left as part of it as well?

不，我明白了。我覺得您已經拋棄了很多有關 TM、AS 和所有一切的數字。我只是想確保我理解正確。是的，11 個 TM，有多少個 —— 這是什麼大事？或也有代表因此離開？

The plastic surgery directors and a regional manager. Like I said, we've been able to backfill very effectively. And in a lot of cases, I think we've upgraded. I'm really happy with the talent in certain areas that we've already brought. And in 1, 1, again another anecdote is we had two TMs go in a certain state, in a certain place.

整形外科主任和區域經理。正如我所說的，我們已經能夠非常有效地進行補充。在很多情況下，我認為我們已經升級了。我對我們已經引進的某些領域的人才感到非常高興。在 1、1 中，另一個軼事是，我們有兩個 TM 進入某個州、某個地方。

I won't tell you where, and we brought in a real strong guy and we gave him a couple of account specialists, one now, we'll get him another one. And he's just spending his time reinvigorating 11 consignment accounts that were not producing or underproducing in comparison.

我不會告訴你在哪裡，我們引進了一個真正強大的傢伙，並給了他幾個客戶專家，現在有一位，我們會再給他找一位。他只是花時間重新振興 11 個沒有生產或產量不足的寄售帳戶。

And this new guy is already rising up the stack rankings and is probably third or fourth in the company. He's been on board for, I don't know, since January, so you know, this can be resurrected and rehabilitated very effectively.

而這個新人的排名已經在不斷上升，可能在公司裡排第三或第四。我不知道，他從一月就開始在任了，所以你知道，這可以非常有效地恢復和恢復。

We are a very attractive place to come work. We pay superb compensation, and now, it's even better, given the enhancement of the near quota and the and the overperformance bonuses that we're laying out there. And it's rare that you can have that type of compensation structure with a product that is so differentiated.

我們是一個非常有吸引力的工作場所。我們支付優厚的薪酬，現在，考慮到近乎配額的提高和我們所製定的超額績效獎金，薪酬甚至更好。對於差異化如此之大的產品，很少有這種類型的薪酬結構。

So good in terms of clinical performance. And it's not every day that you get the chance to change the practice of medicine for one of the most common surgical procedures done on the planet, hernia repair, right?

就臨床表現而言非常好。並不是每天都有機會改變地球上最常見的外科手術之一——疝氣修補術的醫療實踐，對吧？

I mean, it's not just us, big competitor, CEO of that big organization is out there at investor conferences talking about we've got to get permanent plastic polypropylene out of people's bellies. I think that's a quote from one of the conferences we saw somewhere.

我的意思是，不只是我們，大的競爭對手，那個大組織的執行長也在投資者會議上談論我們必須從人們的肚子裡清除永久性塑膠聚丙烯。我想這是我們在某個地方看到的會議上的一句話。

That's a beautiful thing for me to hear. It's what I say. So, I'm rooting that on. I think if we can dislocate 80% of the market and we're certainly in line to benefit from that, I would say. So there's a lot of upside to being here.

對我來說聽到這個消息真是太好了。我就這麼說吧。因此，我支持這一點。我認為，如果我們能夠改變 80% 的市場，我們肯定會從中受益。因此來到這裡有很多好處。

Thank you for that.

謝謝你。

Matt O'Brien, Piper Sandler.

馬特奧布萊恩、派珀桑德勒。

Thanks for the questions here, gents. Maybe just starting to unpack you for a little bit more. Tony said that things were trending well in October, kind of fell off a cliff in November and December. As I'm looking at my model, it's like [5 million] light of what I was expecting [500] of that is hurricane related.

謝謝各位的提問，先生們。或許只是開始為你解開一些謎團。托尼說，十月情況發展良好，但十一月和十二月卻出現急劇下滑。當我查看我的模型時，它就像我預期的 [500] 颶風相關的光一樣 [500]。

So it just seems like even with the losing 11 folks that we still may have come up a little bit short. Is that the right math or not? And why is that? And then, what in other geographies where you didn't see dislocation, what kind of growth did you see in in those territories and then I do -- ?

因此看起來，即使失去 11 個人，我們可能仍然還有點差距。這是正確的計算嗎？這是為什麼呢？然後，在其他地區，你沒有看到錯位，在這些地區你看到了什麼樣的成長，然後我-- ？

So Roberto can speak to that. But like I said in the in the in the script, our 44 top reps were 90% or or better to their target quota plan. So where we had tenure and stability, this thing worked great and where we didn't, it stopped and we are not at the scale yet, where these products sell themselves, not by a long shot.

羅伯托可以談論這一點。但就像我在腳本中說的那樣，我們的 44 位頂級代表已完成目標配額計劃的 90% 或更高。因此，在我們有任期和穩定性的地方，這種方法效果很好，而在我們沒有的地方，這種方法就停止了，我們還沒有達到這些產品可以自行銷售的規模，還差得很遠。

I wish that was the case. You've got to be present, making sure that the usage is being done. So it's, both November and December, we're just lights out on those departures. It was, like I said, plastic surgery directors, really good ones that were contributing greatly.

我希望事實確實如此。您必須在場，確保使用情況得到滿足。因此，無論是十一月還是十二月，我們都會全力以赴。就像我說的，整形外科主任確實非常優秀，並做出了巨大的貢獻。

One regional manager who was fairly strong, and then the rest were all TMs who were a million, 5 million or more, right? So, their growth probably, even though we had four good months in a row, their growth probably started winding down.

有一個區域經理比較強，然後剩下的都是一百萬，五百萬或更多的TM，對吧？因此，儘管我們連續四個月表現良好，但他們的成長可能已經開始放緩。

Unbeknownst to us, they don't tell us when they're going to go, well before that. So I don't think it's just, what they would have done in November or December. I think, that whole group was sort of took their foot off the gas a little bit, and then really, the procedure volume in those territories was fairly low.

我們不知道的是，他們並沒有提前告訴我們他們什麼時候要走。所以我不認為這只是他們在 11 月或 12 月會做的事情。我認為，整個集團有點放鬆了警惕，而這些地區的手術量實際上相當低。

And so Matt, I think you're thinking about it the right way. So, if you back up to the first quarter of last year, we disclosed that we had 86 TMs and 6 what we then called associate reps at the time. So we entered the fourth quarter with 69 TMs and 7 associates or 7 account specialists now and exited with 63, so a net decrease of 6.

所以馬特，我認為你的想法是正確的。因此，如果回顧去年第一季度，我們披露當時我們擁有 86 名 TM 和 6 名我們當時所謂的助理代表。因此，我們在進入第四季時有 69 名 TM 和 7 名助理或 7 名客戶專家，而在結束第四季時有 63 名，因此淨減少 6 名。

But 11 gross turnover. So we were already light and so notwithstanding that, we had a strong October, but had we had more heads, we might have been in an even stronger position coming out of October and been better able to withstand the disruption of November and December.

但總營業額卻達11.因此，我們已經很輕鬆了，儘管如此，我們還是度過了一個強勁的 10 月份，但是，如果我們有更多的頭腦，我們可能會在 10 月份處於更強大的地位，並能更好地抵禦 11 月和 12 月的混亂。

So what I say is that it was a headcount story in the fourth quarter, going into the quarter lighter than we had planned to and then losing unexpectedly, many more than we would have expected. And those two things together, accounted for the $4.5 million or so of missed revenue.

所以我要說的是，第四季是一個員工人數問題，本季的員工人數比我們計劃的要少，然後又出現了意外的虧損，比我們預期的要多得多。這兩件事加在一起，造成了約 450 萬美元的收入損失。

I by no means want to place the blame on the hurricane, right? We lost some revenue there, but our two southeastern regions still did fairly well because they were two of the more stable regions, but they did lose business for sure, but it was all headcount related.

我絕對不想把責任推到颶風身上，對吧？我們在那裡損失了一些收入，但我們的兩個東南地區仍然表現相當不錯，因為它們是兩個比較穩定的地區，但它們確實損失了業務，但這都與員工人數有關。

And then you know as I look at the guide for '25, it's -- with the Q1 commentary and we're pretty much done with Q1 here. It's a pretty steep ramp in the back half of the salesforce transitions are never a one or two quarter phenomena. It takes longer than that to get up to productivity so I guess we're having it.

然後你知道，當我查看 25 年的指南時，它是 - 帶有 Q1 評論，我們基本上已經完成了 Q1。銷售團隊轉型後半段的上升趨勢相當陡峭，這絕非一、兩季就能出現的現象。達到生產力需要更長的時間，所以我想我們會擁有它。

It's a tough print here, but why are we not afraid of continued shortfalls, Q2 through Q4 of this year, just given the ramp that you're required to hit the full-year guide?

這是一個很難的數字，但是，既然需要達到全年指導目標，為什麼我們不擔心今年第二季到第四季的持續短缺呢？

So I'm going to start with your first comment about the time it takes to get up to speed. So we have continued to do that analytic in new territories, we are continuing to get up to speed in six months or under. When you backfill the territory though, so somebody departs and you're able to get them in quickly, get someone in quickly.

因此，我將從您關於加快速度所需時間的第一條評論開始。因此，我們繼續在新的領域進行分析，並在六個月或更短的時間內持續加快速度。當你填補領土時，有人離開，你就能快速地讓他們進來，快速地讓某人進來。

And as you saw in the fourth quarter, if we had 11 gross departures but only six reductions. We're already in the process of backfilling from previous quarters. If you can get somebody in quickly, they're not starting from a zero quota in their territory.

正如您在第四季度看到的那樣，我們有 11 名總離職人員，但只有 6 名減少。我們目前正處於填補前幾季空缺的過程之中。如果你能迅速讓某人加入，他們就不會從其領土上的零配額開始。

They're starting from something that's not quite what the departing rep would have achieved had they stayed on board. But it means that you can get up the slope faster. So you know, what you're seeing is that we, as we, near the target of 76 TMs and 21 account specialists, starting from where we are today, just under 70 and 20, we should be able to get to that sort of productivity fairly quickly.

他們開始做的事情與離職代表如果留在公司所能取得的成就並不完全一樣。但這意味著你可以更快地爬上坡。所以，你知道，你所看到的是，當我們接近 76 名 TM 和 21 名客戶專家的目標時，從我們現在的水平開始，分別略低於 70 名和 20 名，我們應該能夠相當快地達到這種生產力。

And we feel good about maintaining the standard seasonality across the year. So we typically do see a good step up from the first to the second quarter, just because of seasonality and the way surgeons and patients schedule their surgeries.

我們很高興能夠全年保持標準的季節性。因此，我們通常會看到從第一季到第二季有一個良好的成長，這只是因為季節性以及外科醫生和患者安排手術的方式。

Yeah, Matt, if I could add, '24 was obviously a tough year, up and down, right? We had a mix of exogenous factors and internal factors. Q2 was impacted pretty heavy last year with cyber hacking and one of our major GPOs slowing down greatly.

是的，馬特，如果我可以補充一點的話，24 年顯然是艱難的一年，有起有落，對吧？我們的因素有外在因素，也有內在因素。去年第二季受到網路駭客攻擊的嚴重影響，我們的一個主要 GPO 業務嚴重放緩。

With that and with the departures in November and December, we still pulled out about 19% growth. So you know with all the elements that I mentioned, enhanced compensation, great morale, great go-to-market strategy and new stability, and these account specialists working in a team structure, it should blunt any impact.

即使如此，加上11月和12月的離職，我們仍然實現了約19%的成長。所以，您知道，透過我提到的所有因素，提高薪資、提高士氣、實現良好的市場進入策略和新的穩定性，以及在團隊結構中工作的客戶專家，這些都應該可以減輕任何影響。

And 23% to 27% growth is seems very doable, based on how we laid out the quotas on a quarter-by-quarter basis. I think by the end of Q1, we'll have the ability to see where we set fall, where we land and then, the way the rest of the year shakes out will be probably a much better tighter conversation that.

根據我們逐季制定的配額，23%至 27%的成長率似乎是非常可行的。我認為到第一季末，我們將能夠看到我們的落腳點，以及我們在今年剩餘時間的表現，這可能是一個更好、更緊密的對話。

Mike Sarcone, Jefferies.

傑富瑞 (Jefferies) 的邁克薩科內 (Mike Sarcone)。

Hey, good afternoon. And thanks for taking the questions. I'll try to keep it quick here, just follow up on the repatriation and the compensation. I understand having the account specialists in place mitigate some of that lost sales risk, I guess.

嘿，下午好。感謝您回答這些問題。我會盡量簡短地回复，只需跟進遣返和賠償的情況。我明白，配備客戶經理可以減輕部分銷售損失的風險。

What's the appetite to compete with any of these guarantees? Should they continue to manifest, right? Like, let's say you have a rock star territory manager. And also in the context of trying to keep OpEx flat, what kind of appetite do you have there to maintain some of your highest performers?

與這些保證競爭的興趣有多大？他們應該繼續表現嗎？例如，假設你有一個明星區域經理。並且在努力保持營運支出穩定的情況下，您對維持一些最高績效人員有何期望？

Well, I think within reason, and look, our employees are listening to this. But we're going to do what we need to do to retain our best players. Just the fact that the top 44 came in at 90% or above and just the fact that the old associate rep program was so successful for our top five performers.

嗯，我認為在合理範圍內，而且看，我們的員工正在聽這個。但我們會盡一切努力留住我們最好的球員。事實是，前 44 名的員工的得分都在 90% 或以上，而且舊的助理代表計劃對於我們的排名前 5 名的員工來說非常成功。

I think we've got a lot of proof there that it's worthwhile keeping our folks in place. Right now, we feel very good about morale and direction, so we don't want this to happen again. I don't think in my career I've been doing this for 30 years. I don't think I've seen this kind of sort of poaching, so concentrated before.

我認為我們有足夠的證據證明保留我們的人員是值得的。現在，我們對士氣和方向感到非常滿意，所以我們不希望這種情況再次發生。我認為在我的職業生涯中我並沒有已經做這件事 30 年了。我認為我以前從未見過如此集中的偷獵行為。

So hopefully, it's a one time. We've put great steps in place to mitigate or blunt it going forward. And we'll do what we need to do to keep the best, most stable organization on the ground. We made significant changes to our leadership and go to market strategy, in May or June, right?

所以希望這只是一次。我們已經採取重大措施來減輕或削弱這種影響。我們將盡一切努力維持當地最優秀、最穩定的組織。我們在五月或六月對領導層和市場策略做出了重大調整，對嗎？

So, we liked a lot of what we saw a lot in Q3. Last two months, actually for the first four months there. And then, the last two months were what they were. And we like what we're seeing now in Q1. So, although the results don't look great for those last two months, there's plenty of positive signals wrapped around those two months.

因此，我們非常喜歡第三季看到的許多東西。過去兩個月，實際上是那裡的前四個月。然後，過去兩個月的情況就是這樣。我們對目前第一季看到的情況感到滿意。因此，儘管過去兩個月的結果看起來不太好，但這兩個月也有很多積極的信號。

Got it. Thanks, Tony. I'll leave it there.

知道了。謝謝，托尼。我就把它留在那裡。

Appreciate it. Thanks, Mike.

非常感謝。謝謝，麥克。

Thank you. I would now like to turn the conference back to Tony Koblish for closing remarks, sir?

謝謝。先生，現在我想請 Tony Koblish 作結束語，對吧？

Alright. Thank you, everybody. Stay tuned for Q1. We look forward to 2025. We appreciate your interest in the company. What we're trying to do is important and meaningful and we will succeed. Thank you.

好吧。謝謝大家。請繼續關注第一季。我們期待2025年。我們感謝您對我們公司的關注。我們正在做的事情很重要、很有意義，我們一定會成功。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。