TELA Bio Inc (TELA) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to TELA Bio's second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

感謝您的支持，歡迎參加 TELA Bio 2025 年第二季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。

I would now like to turn the call over to Louisa Smith from the Gilmartin Group. Please go ahead.

現在我想將電話轉給 Gilmartin Group 的 Louisa Smith。請繼續。

Thank you, [Latif], and good afternoon, everyone. Earlier today, TELA Bio released financial results for the second-quarter 2025. A copy of the press release is available on the company's website. Joining me on today's call are Tony Koblish, Chief Executive Officer; Jeff Blizzard, President; and Roberto Cuca, Chief Operating Officer and Chief Financial Officer.

謝謝你，[拉蒂夫]，大家下午好。今天早些時候，TELA Bio 發布了 2025 年第二季的財務表現。新聞稿副本可在該公司網站上查閱。參加今天電話會議的還有執行長 Tony Koblish、總裁 Jeff Blizzard 和營運長兼財務長 Roberto Cuca。

Before we begin, I'd like to remind you that during this conference call, the company may 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 Form 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. These factors may include, without limitation, statements regarding product development and pipeline opportunities, product's potential, the impact of various macroeconomic conditions identified in our filings like changes in surgical procedural volumes, the regulatory environment, sales and marketing strategies, capital resources, or operating performance.

在我們開始之前，我想提醒您，在本次電話會議期間，公司可能會對未來事件做出預測和前瞻性陳述。我們鼓勵您查閱公司過去和未來向美國證券交易委員會提交的文件，包括但不限於公司 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。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、我們文件中確定的各種宏觀經濟條件的影響（如手術量變化、監管環境、銷售和行銷策略、資本資源或經營業績）的聲明。

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

說完這些，我現在將電話轉給托尼。

Thank you, Louisa. Good afternoon, and thank you for joining TELA Bio's second-quarter '25 earnings call. I'll begin the call with the usual quarterly review covering key performance drivers followed by Jeff Blizzard, our recently appointed President, sharing his initial observations from his first few months and outlining his objectives for TELA Bio's future commercial strategy. Roberto will then provide more detailed financial analysis and our outlook for the remainder of the year. Finally, I'll provide some closing remarks before opening the floor for questions.

謝謝你，路易莎。下午好，感謝您參加 TELA Bio 的 25 年第二季財報電話會議。我將從常規的季度回顧開始電話會議，涵蓋關鍵績效驅動因素，然後由我們新任命的總裁 Jeff Blizzard 分享他最初幾個月的初步觀察，並概述他對 TELA Bio 未來商業戰略的目標。隨後，羅伯托將提供更詳細的財務分析和我們對今年剩餘時間的展望。最後，在開始提問之前，我將發表一些結束語。

Turning to our results for the quarter. Q2 set a new high watermark for TELA as the first quarter to exceed $20 million in revenue. stemming from the highest global unit sales in the quarter across all product categories. Our OviTex reinforced tissue matrix portfolio for hernia repair and abdominal wall reconstruction continues to scale with over 73,000 units sold across the US and Europe from launch through July. The OviTex PRS portfolio for plastic and reconstructive surgery has scaled to more than 16,000 units sold in the US from the launch through July.

談談我們本季的業績。第二季度為 TELA 創造了新的高點，成為第一個收入超過 2000 萬美元的季度，這源於該季度所有產品類別的全球單位銷售額最高。我們的疝氣修復和腹壁重建的 OviTex 增強組織基質產品組合持續擴大，自推出以來至 7 月已在美國和歐洲售出超過 73,000 台。用於整形和重建手術的 OviTex PRS 產品組合自推出以來至 7 月在美國的銷量已超過 16,000 台。

We're also accelerating our progress in driving greater adoption and brand recognition in minimally invasive procedures, particularly within the inguinal hernia repair market. In '23, we began our partnership with Advanced Medical Solutions to bring their Class III FDA PMA-approved LIQUIFIX non-penetrating fixation technology to the US market.

我們也正在加快推動微創手術的廣泛應用和品牌認知度，特別是在腹股溝疝氣修補市場。2023 年，我們開始與 Advanced Medical Solutions 合作，將其獲得 FDA PMA 批准的 III 類 LIQUIFIX 非穿透固定技術引入美國市場。

As of the end of Q2, we have secured contracts with three major national GPOs to further improve market access for LIQUIFIX. Notably, two of these GPO contract awards recognize the unique profile and patient benefits of LIQUIFIX by awarding it an innovative technology designation. We saw year-over-year LIQUIFIX revenue growth of 121% this quarter and expect increased market access to contribute to further growth in the future.

截至第二季末，我們已與三大國家GPO簽訂合同，以進一步改善LIQUIFIX的市場准入。值得注意的是，其中兩項 GPO 合約授予 LIQUIFIX 創新技術稱號，認可了其獨特的優勢和患者益處。我們看到 LIQUIFIX 本季的營收年增了 121%，並預計未來市場准入的擴大將有助於進一步成長。

Similarly, OviTex IHR continues to gain traction in inguinal hernia repair. Since its introduction in April '24, the quarterly revenue specifically attributed to our OviTex IHR SKUs has grown 322% compared to Q4 -- excuse me, compared to Q2 of 2024, and 29% sequentially over Q1 sales. We announced the European commercial launch of OviTex IHR in June and continue to anticipate further growth within the portfolio.

同樣，OviTex IHR 在腹股溝疝氣修補領域也持續獲得關注。自 2024 年 4 月推出以來，我們的 OviTex IHR SKU 的季度收入與第四季度相比增長了 322%——對不起，與 2024 年第二季度相比，與第一季的銷售額相比環比增長了 29%。我們於 6 月宣佈在歐洲推出 OviTex IHR 商業版本，並繼續預計該產品組合將進一步成長。

Switching gears, I want to take a few minutes to discuss an important and exciting addition to our company's management team. In June, we appointed Jeff Blizzard as President to lead the commercial organization. He brings a wealth of experience in MedTech and a track record of delivering predictable growth. Jeff was most recently the Global Head of Surgical Sales at Abiomed, a role he held ahead of and through the company's acquisition by Johnson & Johnson. Under his leadership, the surgical division of Abiomed grew substantially over multiple years. Jeff also brings extensive European market experience to TELA, which will be critical for executing our international expansion strategy.

換個主題，我想花幾分鐘來討論一下我們公司管理團隊中一位重要且令人興奮的新成員。六月，我們任命 Jeff Blizzard 為總裁，領導商業組織。他在醫療技術領域擁有豐富的經驗，並有著實現可預測成長的記錄。Jeff 最近擔任 Abiomed 外科銷售全球主管，在該公司被強生公司收購之前和期間一直擔任該職位。在他的領導下，Abiomed 的外科部門多年來得到了長足發展。Jeff 也為 TELA 帶來了豐富的歐洲市場經驗，這對於實施我們的國際擴張策略至關重要。

OUS is a great growth opportunity for us and European sales grew 25% over Q2 last year, driven by 29% unit growth, demonstrating robust and sustained expansion across the region. In July, we were awarded a four-year framework agreement with the National Health Service, or NHS, in England. This prestigious agreement enables the purchase of OviTex through the NHS national catalog and represents a key step forward in our international strategy and an opportunity to drive additional revenue contributions through OUS sales.

OUS 對我們來說是一個巨大的成長機會，歐洲銷售額比去年第二季度增長了 25%，這得益於 29% 的單位增長，表明該地區的擴張勢頭強勁而持續。今年 7 月，我們與英國國家醫療服務體系 (NHS) 簽訂了為期四年的框架協議。這項享有盛譽的協議使得我們能夠透過 NHS 國家目錄購買 OviTex，這代表著我們國際策略向前邁出的關鍵一步，也是透過 OUS 銷售推動額外收入貢獻的機會。

The second quarter was also marked by several key publications and surgeon presentations highlighting the value of the OviTex and OviTex PRS portfolio, adding to what we view as a growing repository of some of the best clinical data across the soft tissue repair and reconstruction landscape. At the Society of Robotic Surgery Meeting in July held in Strasbourg, France, an abstract titled Use of Robotic and Open Approaches for Ventral Hernia Repair, When is the Robot Utilized in a Busy Hernia Center was presented.

第二季也出現了幾份重要出版物和外科醫生報告，強調了 OviTex 和 OviTex PRS 產品組合的價值，這進一步豐富了我們所認為的軟組織修復和重建領域中一些最佳臨床資料庫。在7月於法國史特拉斯堡舉行的機器人手術協會會議上，發表了一篇題為《使用機器人和開放式方法進行腹疝氣修補，何時在繁忙的疝氣中心使用機器人》的摘要。

This abstract developed by Dr. Paul Szotek, in collaboration with Dr. Bruce Ramshaw of Caresyntax, highlighted data demonstrating low recurrence rates in the range of 3% in addition to a favorable complication profile in a real-world cohort of 427 patients who underwent open or robotic ventral hernia repairs with OviTex reinforced tissue matrix. The study had a mean follow-up of approximately two years for the open cohort and approximately 1.5 years for the robotic cohort.

本摘要由 Paul Szotek 博士與 Caresyntax 的 Bruce Ramshaw 博士合作撰寫，重點介紹了現實世界中 427 名接受開放式或機器人腹疝修補術（使用 OviTex 增強組織基質）的患者的數據，表明復發率低至 3% 左右，且並發症情況良好。該研究對開放隊列的平均追蹤時間約為兩年，對機器人隊列的平均追蹤時間約為一年半。

Looking ahead, two OviTex PRS abstracts have been accepted for oral presentation in the upcoming American Society of Plastic Surgeons Annual Meeting taking place in October. In addition to these conference updates, two new peer-reviewed publications were added to our clinical library. Drs. David Mathis and Chris Kaoutzanis published abdominal wall reinforcement using OviTex after deep inferior epigastric perforator flap in the Journal of Reconstructive Microsurgery.

展望未來，兩份 OviTex PRS 摘要已被接受在即將於 10 月舉行的美國整形外科醫師協會年會上進行口頭陳述。除了這些會議更新之外，我們的臨床圖書館還增加了兩份新的同行評審出版物。David Mathis 博士和 Chris Kaoutzanis 博士在《重建顯微外科雜誌》上發表了使用 OviTex 在深下腹壁穿支皮瓣後進行腹壁加固的研究。

This paper demonstrates the efficacy and safety of OviTex in retroactive abdominal wall reinforcement following deep flap harvest. OviTex was not associated with increased rates of seroma, surgical site infections, or wound dehiscence when compared to no mesh use and was effective at minimizing the risk of abdominal bulges.

本文證明了 OviTex 在深層皮瓣採集後腹壁逆行加強的有效性和安全性。與不使用網片相比，OviTex 不會增加血清腫、手術部位感染或傷口裂開的發生率，並能有效降低腹部隆起的風險。

Also, Drs. Rahim Nazerali and Paul Szotek published Ventral Hernia Repair with Onlay Placement of Biosynthetic Ovine Rumen is Non-Inferior to Retrorectus Placement in Plastic and Reconstructive Surgery, highlighting no difference in complications and consistently low recurrence rates when looking at the retrorectus and onlay placement of OviTex reinforced tissue matrix. These latest publications and presentations further underscore the clinical utility of our products within the soft tissue and reconstructive markets, along with our commitment to advancing evidence-based innovation.

此外，Rahim Nazerali 博士和 Paul Szotek 博士也發表了《在整形和重建手術中，使用生物合成羊瘤胃覆蓋物進行腹疝修補並不劣於腹直肌後放置》一文，強調在觀察腹直肌後放置和使用 OviTex 增強組織基質覆蓋物時，並發症沒有差異，復發率始終較低。這些最新的出版品和演示進一步強調了我們的產品在軟組織和重建市場中的臨床實用性，以及我們致力於推動實證創新的承諾。

With that, I'll now turn the call over to Jeff to share his initial observations and strategy for the sales process.

說完這些，我現在將電話轉給傑夫，讓他分享他對銷售過程的初步觀察和策略。

Thanks, Tony. Let me start by saying that my first few months at TELA Bio have been productive and highly encouraging. I was attracted to the position believing that the company had key elements in place for success, and I can now confirm that is the case. We have exceptional products, outcomes with clinical data, and a very skilled sales organization. In these first few months, I've traveled every region and met our full field team. That exercise further reinforced my belief that our sales force is capable of substantially growing OviTex.

謝謝，托尼。首先我想說，我在 TELA Bio 工作的頭幾個月非常有成效並且令人非常鼓舞。我之所以被這個職位吸引，是因為我相信該公司具備成功的關鍵要素，現在我可以證實事實確實如此。我們擁有卓越的產品、臨床數據成果以及非常熟練的銷售組織。在最初的幾個月裡，我走遍了各個地區並會見了我們整個實地團隊。這次活動更增強了我的信念：我們的銷售團隊有能力大幅發展 OviTex。

I've also identified specific areas where immediate adjustments could unlock our true potential. One of these key shifts is that we'll implement a cultural level at that -- that we will implement at a cultural level at TELA is to lean into more building of a patient- and outcome-centric partnership with our health care providers. Until now, our approach to selling has been transactional in nature. And while it sounds counterintuitive, our sales teams are, of course, focused on revenue generation. We want our teams to be far more focused on emphasizing patient outcomes and fostering surgeon engagement and education across our total portfolio.

我還確定了一些具體領域，可以透過立即調整來釋放我們的真正潛力。其中一個關鍵轉變是，我們將在 TELA 的文化層面實施這一轉變，更傾向於與我們的醫療保健提供者建立以患者和結果為中心的伙伴關係。到目前為止，我們的銷售方式本質上是交易性的。雖然這聽起來有悖常理，但我們的銷售團隊當然專注於創造收入。我們希望我們的團隊更加重視強調患者的治療結果並促進整個醫療體系中外科醫生的參與和教育。

Earlier this year, we rolled out a territory manager and account specialist model and this will remain our best structure to support our shift in priorities. It allows our strongest performance to focus on opening new accounts while maintaining consistent clinical support in established territories. What we need to build our sustainable, recurring business relationships rather than relying on one-off sales cycles that don't create value for patients, surgeons, or for TELA. We are optimizing our field organization to improve resource allocation and management oversight. There were certain territorial inefficiencies that were limiting our clinical presence and sustained engagement efforts and we've addressed those head on.

今年早些時候，我們推出了區域經理和客戶專家模式，這仍將是支援我們優先事項轉變的最佳結構。它使我們能夠專注於開拓新客戶，同時在現有地區保持一致的臨床支援。我們需要建立可持續的、經常性的業務關係，而不是依賴無法為患者、外科醫生或 TELA 創造價值的一次性銷售週期。我們正在優化現場組織，以改善資源配置和管理監督。某些地域效率低下限制了我們的臨床存在和持續參與努力，我們已經正面解決了這些問題。

Another area in which I see significant opportunities for accelerated revenue growth is market development and education. We're launching an educational initiative around targeting prominent teaching hospitals and training programs to access the next generation of surgeons. This is an area where TELA Bio has not previously focused significant effort in. Investing in education and engagement at these institutions will generate substantial long-term returns, particularly as the market continues to shift away from plastic repair solutions.

我認為加速收入成長的重大機會的另一個領域是市場開發和教育。我們正在啟動一項教育計劃，目標是針對著名的教學醫院和培訓項目，以培養下一代外科醫生。這是 TELA Bio 之前尚未投入大量精力的領域。在這些機構中投資教育和參與將產生可觀的長期回報，特別是在市場繼續從塑膠修復解決方案轉向塑膠修復解決方案的情況下。

We've also made some strategic organizational changes over these last two months to maximize our commercial effectiveness. Greg Firestone, who was instrumental in our contracting success, is now leading our global market access team, including health economics and reimbursement policy efforts. This is an area in which we've been under-focused on and Greg's expertise will now be implemented on a global scale while we work to tackle broader market access dynamics. When I look at our competitive positioning, I see multiple advantages inherent in our size at TELA Bio and our agility. While our larger competitors have a leg up when it comes to contracting or bundling, they lack our operational flexibility and clinical consultation capabilities.

在過去的兩個月裡，我們也進行了一些策略性組織變革，以最大限度地提高我們的商業效益。格雷格·費爾斯通 (Greg Firestone) 在我們的合約成功中發揮了重要作用，現在他領導著我們的全球市場准入團隊，包括衛生經濟學和報銷政策工作。這是我們一直關注不足的領域，現在我們將在全球範圍內運用格雷格的專業知識，同時努力解決更廣泛的市場准入動態。當我審視我們的競爭定位時，我看到了 TELA Bio 的規模和敏捷性所固有的多重優勢。雖然我們的大型競爭對手在承包或捆綁方面佔有優勢，但他們缺乏我們的營運靈活性和臨床諮詢能力。

Our strategy is straightforward. We're going to be present during procedures. We're going to demonstrate clinical expertise and we will achieve superior patient outcomes. This creates physician champions that contracts alone simply cannot overcome. This rationale becomes more compelling when hospitals and their administrators weigh the economic impact of lower occurrence rates and improved patient satisfaction. We have the foundational and necessary GPO access and now we're focusing on education and outcome demonstration to build physician preference that transcends contracting barriers.

我們的策略很簡單。我們將在場見證整個過程。我們將展現臨床專業知識，並取得卓越的患者治療效果。這就產生了僅靠合約根本無法克服的醫生擁護者。當醫院及其管理人員權衡降低發病率和提高病患滿意度的經濟影響時，這個理由變得更有說服力。我們擁有基礎且必要的 GPO 存取權限，現在我們專注於教育和結果展示，以建立超越合約障礙的醫生偏好。

I'd also like to address sales force development because this is top of mind for many when evaluating TELA's history of execution and forward-looking strategy. As I mentioned, I've met with every single member of our field team and the majority have the right cultural fit and capability profile. We're seeing positive engagement around patient-centric messaging and our reps are demonstrating the necessary intrinsic motivation for patient outcomes that drive sustainable success in the medical-technology sector. We can improve on our current revenue per representative and there is ample capacity for this to occur at the account level. We will achieve this through improved territory management, enhanced data analytics, and the strategic placement of our top performers where opportunities are the greatest.

我也想談談銷售團隊的發展，因為這是許多人在評估 TELA 的執行歷史和前瞻性策略時最關心的問題。正如我所提到的，我已經與我們現場團隊的每一位成員見過面，大多數人都具有合適的文化契合度和能力。我們看到了圍繞以患者為中心的訊息的積極參與，我們的代表正在展示推動醫療技術領域可持續成功所需的患者結果的內在動力。我們可以提高目前每位代表的收入，並且在帳戶層級有足夠的能力實現這一點。我們將透過改進區域管理、增強數據分析以及將我們的頂尖人才策略性地安置在機會最多的地方來實現這一目標。

We're also implementing some cost-effective data visualization tools to help our territory managers frame their weekly and quarterly activities more effectively. The data exists today, but we need better packaging for the field consumption, action planning, and account visibility. As we consider future commercial team additions, we also are reassessing our approach to recruiting. When connecting with our large national recruiters, I've been very clear about what we're looking for.

我們還實施了一些具有成本效益的資料視覺化工具，以幫助我們的區域經理更有效地安排他們的每周和每季活動。如今數據已經存在，但我們需要更好地包裝以用於現場消費、行動規劃和帳戶可見性。當我們考慮未來增加商業團隊時，我們也在重新評估我們的招募方法。當與我們全國的大型招募人員聯繫時，我非常清楚我們在尋找什麼。

We're not interested in traditional sales reps who take orders. We want program builders who have experience and expertise in the operating room setting and who are focused on the entire clinical journey of the patient. That means patient discovery, being present during procedures, and following up at the bedside post procedure and it's the exact profile that our patient-centric approach requires. These are the types of professionals who build long-lasting relationships with surgeons and truly understand the clinical impact of our products.

我們對接受訂單的傳統銷售代表不感興趣。我們需要在手術室環境中擁有經驗和專業知識並專注於患者整個臨床過程的程序建構者。這意味著發現患者、在手術過程中在場以及在手術後在床邊進行跟踪，這正是我們以患者為中心的方法所要求的。這些專業人士與外科醫生建立了長期的關係，並真正了解我們產品的臨床影響。

Regarding our investment approach, we're ensuring that every initiative under our refined strategy is self-funding rather than margin dilutive. Through comprehensive evaluation of the commission structures, expense policies, operational efficiencies, we're eliminating less effective spending while reinforcing the culture of accountability and discipline essential for public company success.

關於我們的投資方式，我們確保我們完善的策略下的每一項舉措都是自籌資金的，而不是稀釋利潤的。透過對佣金結構、費用政策和營運效率進行全面評估，我們正在消除效率較低的支出，同時加強上市公司成功所需的問責和紀律文化。

Significant opportunities exist to improve execution with our current resources. Our patient-centric culture, combined with optimized territory design and data-driven decision-making creates the foundation for sustainable, predictable revenue growth as we capitalize on the substantial market opportunity that investors have long recognized in TELA Bio. I'm thrilled to have an active role in shaping the future in this company and I'm truly excited for what's to come.

利用我們現有的資源，有很大機會提高執行力。我們以患者為中心的文化，結合優化的區域設計和數據驅動的決策，為可持續、可預測的收入成長奠定了基礎，因為我們利用了投資者長期以來在 TELA Bio 中認識到的巨大市場機會。我很高興能夠積極參與塑造公司的未來，我對未來充滿期待。

I'll now turn the call over to Roberto to review our second-quarter financial results.

現在我將把電話轉給羅伯託回顧我們的第二季財務表現。

Thanks, Jeff. Revenue for the second quarter of 2025 increased 26% year over year to $20.2 million, with revenue from OviTex growing 12%, and OviTex PRS revenue growing 53%. OviTex unit sales grew 17% for the quarter, while PRS unit sales grew 40% for the quarter. Gross margin was 69.8% for the second quarter compared to 68.8% for the prior-year period. The increase was primarily due to a lower charge for excess and obsolete inventory as a percentage of revenue.

謝謝，傑夫。2025 年第二季營收年增 26% 至 2,020 萬美元，其中 OviTex 營收成長 12%，OviTex PRS 營收成長 53%。本季度，OviTex 單位銷售額成長了 17%，而 PRS 單位銷售額成長了 40%。第二季毛利率為 69.8%，去年同期為 68.8%。成長的主要原因是多餘和過時庫存的費用佔收入的百分比較低。

Sales and marketing expense was $16.9 million in the second quarter compared to $16.7 million for the prior-year period. This increase was mainly due to higher commission expense on an increased revenue base, which offset lower compensation costs from a decrease in headcount and lower consulting and travel expenses. General and administrative expense was $4.1 million for the second quarter compared to $3.6 million in the prior-year period.

第二季銷售和行銷費用為 1,690 萬美元，去年同期為 1,670 萬美元。這一增長主要是由於收入基數增加導致佣金支出增加，抵消了員工人數減少以及諮詢和差旅費用減少導致的薪酬成本降低。第二季的一般及行政開支為 410 萬美元，去年同期為 360 萬美元。

R&D expense for the second quarter was $2.2 million compared to $2.3 million in the prior-year period. Loss from operations was $9.9 million in the second quarter compared to $11.6 million in the prior-year period. Net loss was $9.9 million in the second quarter compared to $12.6 million in the prior-year period. We ended the second quarter with $35 million in cash and cash equivalents. We are reiterating our full-year 2025 guidance, anticipating revenue to be in the range of $85 million to $88 million representing growth of 23% to 27% over the full-year 2024.

第二季研發費用為 220 萬美元，去年同期為 230 萬美元。第二季營業虧損為 990 萬美元，去年同期為 1,160 萬美元。第二季淨虧損為 990 萬美元，去年同期淨虧損為 1,260 萬美元。我們第二季結束時擁有 3500 萬美元的現金和現金等價物。我們重申 2025 年全年指引，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%。

With that, I'll hand the call back to Tony for closing remarks.

說完這些，我將把電話交還給托尼，請他做最後發言。

Thank you, Roberto. Before we move to take your questions, it's important to understand the truly exceptional real-world performance and impact of our OviTex platform. As such, we plan on sharing with the investment community a patient case each quarter that exemplifies the tangible progress we're making toward our vision of a world moving past traditional synthetic mesh.

謝謝你，羅伯托。在我們回答您的問題之前，了解我們的 OviTex 平台真正卓越的實際性能和影響非常重要。因此，我們計劃每季與投資界分享一個病患案例，以體現我們在實現超越傳統合成網片的世界願景方面所取得的實際進展。

A recent case highlights the importance of this mission following a catastrophic workplace accident resulting in a complete loss of the abdominal wall domain and a double leg amputation, a patient in their mid-30s was left in a state where they could not be fitted for prosthetics and could not lie down comfortably to sleep. The treating surgeon, a first-time OviTex user, performed an abdominal wall reconstruction with OviTex 1S using a bridging technique.

最近的一個案例凸顯了這項使命的重要性，在一次災難性的工傷事故中，一名 30 多歲的患者導致腹壁區域完全喪失和雙腿截肢，無法安裝義肢，也無法舒適地躺下睡覺。主治外科醫生是首次使用 OviTex，他使用橋接技術透過 OviTex 1S 進行了腹壁重建。

Today, eight months later, the patient is walking on prosthetic legs and has reported to a surgeon that he is sleeping comfortably and living an active life. For his part, the surgeon has stated that no other material previously utilized or considered in his practice could have delivered such a result, achieving this level of improvement in the quality of life for this patient. This case represents the essence of our mission, bringing innovative solutions to market that can translate directly to improve patient lives and clinical outcomes.

如今，八個月過去了，患者已經能夠用義肢行走，並向外科醫生匯報說，他睡眠舒適，生活活躍。就外科醫生而言，他表示，在他的實踐中，以前使用或考慮過的任何其他材料都無法達到這樣的效果，無法使患者的生活品質達到如此程度的改善。這個案例代表了我們使命的本質，將創新解決方案推向市場，直接改善患者的生活和臨床結果。

In closing, I'm pleased with our Q2 performance and the trajectory we are on. I'm confident the steps we have taken to further our sales organization will have a meaningful impact. Jeff's successful track record of scaling commercial organizations and delivering results, combined with our superior products and unparalleled clinical data positions us to drive towards our vision of a world moving beyond permanent plastic synthetic mesh while delivering sustainable and predictable growth in a growing market.

最後，我對我們的第二季的表現和發展軌跡感到滿意。我相信，我們為進一步改善銷售組織所採取的措施將產生重大影響。Jeff 在擴大商業組織規模和交付成果方面擁有成功的記錄，再加上我們優質的產品和無與倫比的臨床數據，使我們能夠朝著超越永久性塑料合成網片的世界的願景前進，同時在不斷增長的市場中實現可持續和可預測的增長。

I'd like to extend a heartfelt thank you to every member of our committed TELA Bio team and the many valued partners who've helped us make so much progress over the past few years. The momentum we've built is just the beginning. There's so much more ahead. There's never been a more exciting time to be part of TELA Bio.

我要向 TELA Bio 團隊的每一位成員以及過去幾年幫助我們取得巨大進步的眾多寶貴合作夥伴表示衷心的感謝。我們所建立的勢頭才剛開始。未來還有更多。成為 TELA Bio 的一員是再令人激動不過的事情了。

With that, I'll now ask Latif to open the line for your questions.

現在，我請拉蒂夫開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Caitlin Cronin, Canaccord Genuity.

凱特琳‧克羅寧 (Caitlin Cronin)，Canaccord Genuity。

Hi, thanks so much for taking the questions. I guess just starting off relating to sales force headcount. Just would love an update on how many territory managers and account specialists you, guys, ended the quarter with? And any changes to the expectations of where you'll end 2025?

你好，非常感謝您回答這些問題。我想這剛開始就與銷售人員人數有關。我只是想了解一下本季末你們有多少名區域經理和客戶專家？您對 2025 年的預期有何改變？

Yeah. Given that Jeff has been on board for about 10 weeks now, I'll take the first part of this timeframe. So there were 69 territory managers and 25 account specialists in place. And that really has been a steady number. We've really had one in and one out, un-regrettable, I would say. And the plan going forward is to attain rapidly our stated target previously of 76 territory managers. We are at the place that we want to be for account specialists.

是的。鑑於 Jeff 已經加入該團隊大約 10 週了，我將負責這個時間段的第一部分。因此，共有 69 名區域經理和 25 名客戶專員。而且這個數字確實一直很穩定。我們確實有一個進一個出，我想說，這並不遺憾。未來的計劃是迅速實現我們之前提出的 76 名區域經理的目標。我們正處於我們想要成為的會計專家的水平。

And with that, I'll ask Jeff to comment.

就此，我將請傑夫發表評論。

Thanks, Tony. Right now, as Tony said, we have in place 69 and we're actively recruiting for the '25 budget. We have four new candidates that are in their final interviews next week. So we are continue to actively recruit.

謝謝，托尼。現在，正如托尼所說，我們已經有 69 名員工，並且正在積極招募 25 年預算。我們有四名新候選人將於下週參加最終面試。因此我們將繼續積極招募。

Yeah. So we have seven to fill and we have four that are very close.

是的。因此，我們有七個要填補，其中四個非常接近。

That's great. And then just an update on the guidance. I understand it's reiterated, but any changes to the cadence of revenues and OpEx this year?

那太棒了。然後只是對指南的更新。我知道這是重申的，但今年的收入和營運支出節奏有任何變化嗎？

So the cadence will be similar to our historical cadence, excluding last year where we had some disruptions. So the way to think about it, we've mentioned this before, we tend to see flattish growth from the fourth to the first quarter of the year. We then see a step-up from the first to the second quarter as we did just see. We then see slightly flatter growth from the second to the third quarter because of the holidays -- the summer holidays in North America. And then we see a bigger step-up from the third to the fourth quarter.

因此，節奏將與我們的歷史節奏相似，除了去年遇到的一些中斷。所以，我們之前提到過，從第四季到第一季度，我們往往會看到成長趨於平穩。然後，我們看到從第一季到第二季出現了上升趨勢，正如我們剛才看到的那樣。由於假期—北美的暑假，我們看到第二季到第三季的成長略微趨於平穩。然後我們看到從第三季到第四季有更大的提升。

So the arithmetic of all those quarters coming together is that the second half tends to be heavier than the first half. But if you look at our historical performance, you see that we have delivered that multiple years in the past. OpEx, we expect to be largely flattish from quarter-to-quarter. So you'll see some leverage dropping to the bottom line from that revenue growth on top of it.

因此，綜合考慮所有這些季度，下半年的業績往往比上半年更為強勁。但如果你回顧我們的歷史業績，你會發現我們在過去幾年已經實現了這個目標。我們預計營運支出將與上一季基本持平。因此，你會看到，由於收入成長，一些槓桿率下降到了底線。

Great. Thanks so much.

偉大的。非常感謝。

Thanks, Caitlin.

謝謝，凱特琳。

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，湖街資本市場。

Great, thanks for the questions. Maybe I'll start with some follow-ups related to some of Jeff's commentary. I think I heard towards the end of your script, eliminating some of the less effective spending and reinforcing accountability with focus on a patient-centric culture. Can you maybe bring us a little bit deeper into what this means? What are some of the areas where you may pull back spending a little bit more? And then what are some of the areas that you might specifically invest in to focus on a patient-centric culture?

太好了，謝謝你的提問。也許我會從一些與傑夫的評論相關的後續內容開始。我想我聽到了您腳本的結尾，消除了一些效率較低的支出，並加強了問責制，重點關注以患者為中心的文化。您能否更深入地解釋一下這意味著什麼？您可以在哪些領域稍微減少開支？那麼，您可能會特別投資哪些領域來關注以病人為中心的文化？

Yeah. Great question, Frank. I appreciate that. So one of the things we came in initially and did is we revised the T&E policy to get in line with Abiomed guidelines, ensuring that everybody in our organization knew the rules of the road as well as what we had for budgets. That is a bottom line spend that we want to control and we made everybody then take an SOP -- revised SOP as to signing off on the new T&E guidelines.

是的。很好的問題，弗蘭克。我很感激。因此，我們最初做的一件事就是修改了 T&E 政策，使其符合 Abiomed 指南，確保我們組織中的每個人都了解規則以及我們的預算。這是我們想要控制的底線支出，我們讓每個人都採取 SOP——修訂後的 SOP，以簽署新的 T&E 指南。

Other areas we're looking at is trunk stock and consignment, making sure that we are constantly on our expiration dates and knowing that that's waste at the end of the year that we don't have to write off.

我們正在關注的其他領域是後備箱庫存和寄售，確保我們始終處於有效期，並且知道這些都是年底的浪費，我們不必註銷。

And I'm sorry, the second part of the question again?

抱歉，請再問問題的第二部分？

Just more -- where might you invest more to focus on that patient-centric culture?

只是—您可以在哪些方面投入更多，以注重以患者為中心的文化？

So it's really around -- it's recruiting. It's getting the right hires in the right location. So it's -- a big thing we feel in this role is making sure our sales team mirrors the call point and has the clinical capability to hold their own at the operating room table and bringing in best practices and sharing other cases with their current physicians and surgeons to show them how a patient will benefit from another experience.

所以這確實是一種招募。這是在正確的地點僱用正確的人。因此，我們認為在這個角色中最重要的一點是確保我們的銷售團隊反映呼叫點，並具有在手術台上保持自己的臨床能力，並引入最佳實踐並與他們目前的醫生和外科醫生分享其他案例，向他們展示患者如何從另一種體驗中受益。

Got it. Very helpful. And then maybe just one more. I think, Tony, we've talked about in the past having some more established reinforced tissue matrix contracts to kind of make sure that TELA has its own area for contracting at the hospital level. Can you maybe talk a little bit more about those?

知道了。非常有幫助。然後也許再來一次。托尼，我想我們過去曾討論過一些更成熟的強化組織基質合同，以確保 TELA 在醫院層面擁有自己的承包領域。您能否再多談這些內容？

I think we've had a couple of recent successes in that category. How has that translated in the field to growth and adoption within those accounts?

我認為我們最近在該領域取得了一些成功。這在該領域如何轉化為這些帳戶的成長和採用？

Yeah, that's right. I'll answer that question. Thanks, Frank, and I'll just add a little bit to that. So obviously, as Jeff's comments, we're agile and nimble and can adjust. So we've done a great job so far of rolling out the reinforced tissue matrix category.

是的，沒錯。我來回答這個問題。謝謝，弗蘭克，我只想補充一點。顯然，正如傑夫所說，我們敏捷、靈活，能夠進行調整。到目前為止，我們在推出增強組織基質類別方面做得非常出色。

We have approximately 25 of these contracts in place right now. And this falls at the feet more of the larger IDN systems, but we are actively working with the larger GPOs as well on this. And so far, the reception has been super positive. So you recall that the reinforced tissue matrix will give us a stand-alone product category given our intellectual property protection and the uniqueness of our product portfolio will have the ability to get outside of whatever tiered pricing and bundling structures with this RTM strategy.

目前我們已經簽訂了大約 25 份這樣的合約。這主要取決於較大的 IDN 系統，但我們也正在積極與較大的 GPO 合作。到目前為止，反應非常正面。所以您還記得，鑑於我們的智慧財產權保護，增強組織基質將為我們提供一個獨立的產品類別，並且我們產品組合的獨特性將能夠透過這種 RTM 策略擺脫任何分層定價和捆綁結構。

But really, I think it gets back to this patient-centric approach. If there is a view that we have the best product, not just from published clinical data, but anecdotal evidence, evidence in the hands of every surgeon and their patients, I think the supply chain is going to have to acknowledge that we have an excellent product. And I think this patient-centric effect that we're implementing will absolutely allow us to transcend whatever bundling strategies or tiered pricing agreements are out there.

但實際上，我認為它應該回歸到以患者為中心的方法。如果有人認為我們擁有最好的產品，不僅從已發布的臨床數據來看，而且從軼事證據、每個外科醫生及其患者手中的證據來看，我認為供應鏈必須承認我們擁有優秀的產品。我認為，我們正在實施的這種以患者為中心的理念絕對可以讓我們超越現有的捆綁策略或分級定價協議。

And so we have a two-pronged approach now. I think we're adding this patient-centric element as a way to move beyond this constrained bundling situation that's been in place for the last several quarters.

因此我們現在採取雙管齊下的方法。我認為，我們添加這種以患者為中心的元素是為了擺脫過去幾季以來一直存在的這種受限捆綁局面。

Perfect. That's helpful. I'll stop there. Thank you.

完美的。這很有幫助。我就到此為止。謝謝。

Thank you, Frank.

謝謝你，弗蘭克。

Michael Sarcone, Jefferies.

薩科內（Michael Sarcone），傑富瑞集團（Jefferies）。

Hey, good afternoon, and thanks for taking our questions. I guess first to start for you, Jeff, and congrats on the new role. You're going to be making some changes to the selling strategy in the organization. I guess, could you elaborate some more on how you plan to mitigate any risks of commercial disruption that could come from the changes?

嘿，下午好，感謝您回答我們的問題。我想先為你開始，傑夫，恭喜你獲得新的角色。您將對組織內的銷售策略做出一些改變。我想，您能否進一步詳細說明您計劃如何減輕這些變化可能帶來的商業中斷風險？

Not many changes. It's subdued. This team possesses a lot of the right skill sets. The only change that we've been focused on now is getting that patient-centric mentality versus the transaction. Instead of hitting metrics, we did drift away from what the business is all about.

沒有太多變化。它很柔和。這支球隊擁有許多合適的技能。我們現在唯一關注的改變就是以病人為中心，而不是以交易為中心。我們不僅沒有達到指標，反而偏離了業務的本質。

It's about a patient and their outcomes. And ultimately, the user experience is our annuity stream. So we have to change that mindset a bit, but nothing from an overhaul or even a cultural or a line in the sand change. It really is -- it's just reminding people what their why is here.

這是關於病人及其結果的。最終，使用者體驗就是我們的年金流。因此，我們必須稍微改變這種思維方式，但這並不是徹底的改革，甚至文化或底線的改變。確實如此——它只是在提醒人們為什麼在這裡。

Yeah. And Michael, I'll just add a little bit. Remember, Jeff was on the Board for about a year and was certainly, although not in an operating role in the details, was advising us on best practices and structures and definitely is a supporter of the TMAS model. And so the good news here is that we're just going to work with what we have and upgrade any open territories that we have, but we have a good foundation in place to work from.

是的。邁克爾，我只想補充一點。請記住，傑夫在董事會任職約一年，儘管在細節上沒有擔任營運角色，但他確實為我們提供最佳實踐和結構方面的建議，並且絕對是 TMAS 模型的支持者。因此，好消息是，我們將利用現有資源，升級我們擁有的任何開放地區，但我們已經有了良好的工作基礎。

Got it. That's really helpful. Thank you. And then maybe, Tony, just on performance in the quarter, really good strong growth from PRS. I know you're humming there and you also had some pretty easy comps. I was wondering on the OviTex side, it looked like unit volume growth deceled pretty significantly despite having an easier comp in 2Q of last year than 1Q of last year. I was wondering if you can just update us on demand trends for OviTex through the quarter.

知道了。這真的很有幫助。謝謝。托尼，也許僅就本季的表現而言，PRS 確實實現了強勁的成長。我知道你正在那裡哼歌，而且你也有一些相當輕鬆的比賽。我對 OviTex 方面感到疑惑，儘管去年第二季的同比增速比去年第一季要低，但單位銷售成長似乎卻大幅下降。我想知道您是否可以向我們介紹本季 OviTex 的需求趨勢。

Sure. Yeah. I think with OviTex, we are slowly but surely transitioning ourselves from a company that got its start first in the most complex brutal abdominal wall reconstruction, then moving down into the more complicated and moderate ventral reconstructions, and then down into the simple ventral, and now we're a full-service hernia portfolio provider. We started in hiatal and developed robot-compatible capabilities around hiatal and then most recently with inguinal, right?

當然。是的。我認為，透過 OviTex，我們正在緩慢但穩定地轉型，從一家最初從事最複雜、最殘酷的腹壁重建的公司，轉向更複雜和中等的腹部重建，然後轉向簡單的腹部重建，現在我們是一家提供全方位服務的疝氣產品組合提供商。我們從食道裂孔開始，並圍繞食道裂孔開發了與機器人相容的功能，最近又開發了腹股溝裂孔機器人相容的功能，對嗎？

So I think we're in the process of transitioning our hernia business from one that's focused on the very high-end complex to a broad portfolio provider. And we just got to work through the process of getting the lower-ASP-yet-super-high-incidence-volume procedures like inguinal moving, which we're doing quite well, while maintaining and growing that ventral moderate-to-complex and complex AB wall business. Now, once we get through, this shift from niche player to broad player, I think we're going to see a situation where the whole portfolio rises, right?

因此，我認為我們正在將疝氣業務從專注於高端複雜疾病的業務轉變為廣泛的投資組合提供者。我們只需完成獲得較低 ASP 但超高發生率手術的過程，例如腹股溝移動，我們在這方面做得很好，同時保持和發展腹部中度至複雜和複雜的 AB 壁業務。現在，一旦我們完成了從利基市場參與者到廣泛市場的轉變，我認為我們將會看到整個投資組合上漲的情況，對嗎？

If you have the shelf space, if you have the patient-centric focus on the surgeon helping the patient, we will get more surgeons pulling the product off of the consignment stock, and it should raise all hernia types across the spectrum. So I'd say we're just in that transition phase from complex to broad and we feel very good about where we're heading there.

如果您有貨架空間，如果您以患者為中心，專注於外科醫生幫助患者，我們將讓更多的外科醫生從寄售庫存中取出產品，並且它應該可以提高各種疝氣類型的治療效果。所以我想說我們正處於從複雜到廣泛的過渡階段，我們對我們的發展方向感到非常滿意。

And I think the IHR growth is looking fairly strong. And LIQUIFIX certainly is a great companion to that inguinal portfolio as well. So we have a great solution now that makes us a broad provider. We've just got to make that transition to execute across the whole hernia spectrum.

我認為 IHR 成長看起來相當強勁。當然，LIQUIFIX 也是腹股溝產品組合的絕佳伴侶。所以我們現在有了一個很好的解決方案，可以讓我們成為廣泛的供應商。我們必須完成這項轉變才能治療整個疝氣譜。

Great. Thanks, Tony.

偉大的。謝謝，托尼。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

David Turkaly, JMP Citizens.

David Turkaly，JMP 公民。

Yeah, great, thanks. This is actually Dan on for Dave. I just had one follow-up on OviTex PRS. So really good growth during the quarter, but I was just hoping to get a little bit more color on what really drove the positive results there. And then with that, volume growth was 40%, which is really great. But just curious where the ASP lift came from. Is that more so newer configurations?

是的，太好了，謝謝。這實際上是丹為戴夫所做的。我剛剛對 OviTex PRS 進行了一次跟進。因此本季的成長確實很好，但我只是希望能夠更多地了解真正推動這一積極成果的因素。然後，銷量成長了 40%，這真的很棒。但我只是好奇 ASP 提升從何而來。這是否是更新的配置？

Excellent, good question. Yes. So we've got a very nice new product development cadence that's going to be rolling out between this year, I would say, right through to '27. And the first product launch there is the large long-term resorbable PRS products. These will be the largest tissue matrices available for PRS in the industry.

非常好，好問題。是的。因此，我們有一個非常好的新產品開發節奏，我想說，它將在今年推出到 27 年。首款推出的產品是大型長期可吸收 PRS 產品。這些將是業界可用於 PRS 的最大的組織基質。

This mates exceptionally well with the simultaneous launch by one company and maybe there's more coming of large-sized implants, which previously were custom and now are becoming more off the shelf. So although we really had one quarter of these large PRS products on the market, we did see a very nice uplift in the final month, which helped to drive that PRS growth and also raise the ASP a little bit. So that product is going to continue to gain traction throughout the year.

這與同一家公司同時推出的產品非常契合，也許會有更多的大尺寸植入物問世，這些植入物以前是客製化的，現在正變得更加現成。因此，儘管我們確實在市場上擁有四分之一的大型 PRS 產品，但我們確實在最後一個月看到了非常好的成長，這有助於推動 PRS 的成長，並且也略微提高了 ASP。因此該產品將在全年繼續受到青睞。

The other massive difference for the PRS portfolio is we really have not had published clinical data to work with until very recently. So in the last quarter or so, we are somewhere between 350 and 400 PRS patients in either published or society presentations that detail exceptional results and offer a very nice clinical value proposition story that's emerging around the PRS portfolio. So yes, we had a couple of -- we had three surgeons, I think, in Q2 of last year that were high-volume users that retired, which was part of that. But really, it's the advent of the clinical data that's now propelling us forward and these large sizes, I think, are going to be very good for us going forward.

PRS 產品組合的另一個巨大差異是，直到最近我們才真正擁有可供使用的已發布臨床數據。因此，在上個季度左右，我們在出版物或社會演講中介紹了 350 至 400 名 PRS 患者，詳細介紹了卓越的結果，並提供了圍繞 PRS 產品組合出現的非常好的臨床價值主張故事。是的，我們有幾位——我想，去年第二季度我們有三位外科醫生退休了，他們是大量用戶，這是其中的一部分。但實際上，臨床數據的出現正在推動我們前進，我認為，這些大尺寸的數據對我們未來的發展非常有利。

Now there's more PRS products coming, I would say, in the back half of '26 and early '27. We will have an exceptionally broad product portfolio there, just like we have on the hernia side. That's our goal is to have an exceptional utility based on the product range. So there's more coming on the PRS side as well.

現在，我想說，將會有更多的 PRS 產品在 26 年下半年和 27 年初推出。我們將在那裡擁有極其廣泛的產品組合，就像我們在疝氣方面一樣。我們的目標是基於產品系列打造卓越的實用性。因此 PRS 方面也將有更多內容推出。

Great. Thanks for the questions.

偉大的。感謝您的提問。

Thanks, Daniel.

謝謝，丹尼爾。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Hi, This is Samantha on for Matt. Thanks for taking our question. I guess I just quickly wanted to touch on guidance again. Thank you for the cadence that you outlined. It does apply an acceleration, particularly in Q4. Just wondering if you could speak to what gives you the confidence in reiterating the sales level, maybe the productivity of the sales team or anything else you want to call out?

大家好，我是 Samantha，為 Matt 服務。感謝您回答我們的問題。我想我只是想再次快速地談談指導。感謝您所概述的節奏。它確實實現了加速，特別是在第四季度。只是想知道您是否可以談談是什麼讓您有信心重申銷售水平，也許是銷售團隊的生產力或任何其他您想說的？

Sure. So there's a natural reason for the back weighting in the fourth quarter of our sales. So it's a combination of people who have co-pays for their surgeries tend to try to use up their health savings accounts in the fourth quarter is one driver. Second, both our sales reps and physicians will have numbers they're trying to make for the year. So they will do or support more surgeries in the fourth quarter.

當然。因此，我們的銷售額在第四季度下降是有原因的。因此，需要共同支付手術費用的人往往會在第四季度用完他們的健康儲蓄帳戶，這是一個驅動因素。其次，我們的銷售代表和醫生都會有他們今年想要實現的目標。因此他們將在第四季度進行或支持更多的手術。

And then we understand that people who are scheduling surgeries often try to schedule them around the holidays, so they have family who are home to help look after them. So the fourth quarter just has a natural heaviness to it compared to the prior quarters. Added to that, with the high productivity of the sales reps that we have in place that helped us to get the solid second-quarter number with the new reps that Jeff is going to be bringing in over the course of the next couple of quarters, who should be ramping up over those two quarters, we feel very good about hitting our guidance number and continuing to deliver good sequential revenue growth.

然後我們了解到，安排手術的人通常會嘗試將手術安排在假期期間，這樣他們的家人就可以在家中幫忙照顧他們。因此，與前幾季相比，第四季自然會顯得沉重。除此之外，我們現有銷售代表的高效率幫助我們獲得了穩健的第二季度業績，而傑夫將在接下來的幾個季度中引入新的銷售代表，他們的工作效率應該會在這兩個季度中提升，我們對達到預期業績並繼續實現良好的連續收入增長感到非常高興。

Yeah. I will just add one extra color. The sequential growth required is not dissimilar to what we just delivered on sequential growth. So we feel confident that we can make that happen.

是的。我只會添加一種額外的顏色。所需的連續成長與我們剛剛實現的連續成長並無不同。因此我們有信心能夠實現這一目標。

Great, thank you for that. And then just one more on the teaching hospitals that was, I guess, outlined in Jeff's commentary about the educational initiative. Could you just talk about, I guess, the split of centers you're now, whether how many are teaching hospitals versus non-teaching hospitals? And maybe how penetrated or how much runway there is in each of those groups?

太好了，謝謝你。然後我再提一下關於教學醫院的問題，我想，這個問題在傑夫關於教育計畫的評論中已經概述過了。您能否談談您現在的中心劃分情況，其中有多少是教學醫院，有多少是非教學醫院？也許每個團體的滲透程度如何或跑道有多長？

That's a great question. We've actually -- we started consulting with a third party called MedScout which is helping us identify those key programs. So it's -- they're big. There's a lot of them across the US and outside the US. So we'll have a roster refined in the Q3 time line to implement our strategy against. So right now, we're relying on a third party to get us the most accurate and up-to-date info.

這是一個很好的問題。實際上，我們已經開始諮詢名為 MedScout 的第三方機構，該機構正在幫助我們確定這些關鍵項目。所以——它們很大。美國境內和境外都有很多這樣的機構。因此，我們將在第三季的時間線上完善名單，以實施我們的策略。因此現在，我們依靠第三方來獲取最準確和最新的資訊。

Got it. Thank you.

知道了。謝謝。

Thanks, Samantha.

謝謝，薩曼莎。

Thank you. We've reached the end of our Q&A session, and that does conclude today's conference call. Thank you for participating. You may now disconnect.

謝謝。我們的問答環節已經結束，今天的電話會議也結束了。感謝您的參與。您現在可以斷開連線。