TELA Bio Inc (TELA) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the TELA Bio third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，下午好，歡迎參加 TELA Bio 2025 年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

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

現在我將把電話會議交給吉爾馬丁集團的路易莎史密斯。請繼續。

Thank you, Kelvin, and good afternoon, everyone. Earlier today, TELA Bio released financial results for the third quarter 2025. A copy of the press release is available on the company's website.

謝謝你，凱爾文，大家下午好。今天早些時候，TELA Bio 發布了 2025 年第三季的財務表現。新聞稿副本可在公司網站上查閱。

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

今天與我一起參加電話會議的有：執行長 Tony Koblish；總裁 Jeff Blizard；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 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 risk 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.

在會議開始之前，我想提醒各位，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將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 表格的年度報告和 10-Q 表格的季度報告，這些文件列明了可能導致實際結果或事件與這些前瞻性聲明中描述的結果或事件存在重大差異的具體風險因素。這些因素可能包括但不限於有關產品開發和產品線機會、產品潛力、我們在文件中確定的各種宏觀經濟狀況的影響（如手術量的變化、監管環境、銷售和行銷策略、資本資源或營運績效）的聲明。

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

接下來，我將把電話交給東尼。

Thank you, Louisa, and good afternoon. Thank you for joining TELA Bio's third-quarter 2025 earnings call. Q3 '25 marked another important step forward in TELA Bio, as we continue to execute on expanding our commercial footprint, improving our operating discipline, and strengthening our patient-centric culture. We reported revenue of $20.7 million for the quarter, representing 9% growth over the prior year.

謝謝你，路易莎，下午好。感謝您參加TELA Bio 2025年第三季財報電話會議。2025 年第三季標誌著 TELA Bio 又向前邁出了重要一步，我們將繼續擴大商業版圖，改善營運紀律，並加強以患者為中心的文化。本季營收為 2,070 萬美元，較上年同期成長 9%。

Growth was fueled by stronger adoption across our existing customer base and augmented by the addition of new accounts. This reflects growing demand for our OviTex reinforced tissue matrix and OviTex PRS portfolios, and contributions from our expanding commercial presence in Europe.

成長主要得益於現有客戶群的更廣泛採用，並隨著新客戶的加入而增強。這反映了市場對我們 OviTex 增強組織基質和 OviTex PRS 產品組合的需求不斷增長，以及我們在歐洲不斷擴大的商業影響力所做出的貢獻。

International sales grew 9% over the prior period, driven by increased traction in the UK and early progress from the commercial launch of the OviTex IHR in Europe.

國際銷售額較上期成長 9%，這主要得益於英國市場的日益增長勢頭以及 OviTex IHR 在歐洲的商業化推出所取得的早期進展。

Over the last few months, we have placed deliberate focus on strengthening our operational foundation. We invested in our sales organization, from which we expect stronger commercial performance going forward.

過去幾個月，我們著重加強了營運基礎建設。我們對銷售團隊進行了投資，期望未來能取得更強勁的商業表現。

We continue to demonstrate financial prudence in our sales and marketing spend, which improved as a percentage of revenue from 89.7% in Q1 to 83.5% in Q2, and further to 73.6% in Q3. Additionally, we have strengthened the capabilities and expertise of our Board to provide valuable strategic insights through our next phase of growth.

我們在銷售和行銷支出方面繼續展現出財務上的審慎，其佔收入的百分比從第一季的 89.7% 提高到第二季的 83.5%，並在第三季進一步提高到 73.6%。此外，我們加強了董事會的能力和專業知識，以便在下一階段的成長中提供寶貴的策略見解。

And finally, as announced this evening, we have reinforced our balance sheet to eliminate any concerns around financing and allow us to focus squarely on execution and growth. With these foundational elements now in place, we're poised to reaccelerate under the right leadership and the right playbook.

最後，正如今晚宣布的那樣，我們加強了資產負債表，消除了任何融資方面的擔憂，使我們能夠全心全意地專注於執行和成長。有了這些基礎要素，在正確的領導和正確的策略指導下，我們就能重新加速發展。

Before turning the call over to Jeff, to review upgrades in the commercial organization, I'd like to point out some key highlights and milestones we reached in the third quarter that detail TELA's expanding presence in the soft tissue restoration market.

在將電話轉交給 Jeff 來回顧商業組織的升級之前，我想指出我們在第三季度取得的一些關鍵亮點和里程碑，這些亮點和里程碑詳細說明了 TELA 在軟組織修復市場不斷擴大的影響力。

As mentioned on our last call at the American Society of Plastic Surgeons -- Plastic Surgery meeting, OviTex PRS, was featured in three scientific abstract publications. These presentations contributed to a growing and meaningful body of clinical evidence, now more than 50 published or presented works on OviTex and 10 on OviTex PRS, representing over 1,100 patients in peer-reviewed publications and ongoing data collection in more than 2,500 patients.

正如我們在上次美國整形外科醫師協會整形外科會議上所提到的，OviTex PRS 在三篇科學摘要出版物中被重點介紹。這些報告為不斷增長且意義重大的臨床證據體係做出了貢獻，目前已有超過 50 篇關於 OviTex 的已發表或已發表的作品，以及 10 篇關於 OviTex PRS 的作品，代表了超過 1100 名患者在同行評審出版物中的數據，並且正在對超過 2500 名患者進行數據收集。

I'm also pleased to share that two sites have now been activated and the first patient has been enrolled in our hiatal study, Evaluating Clinical Hiatal Hernia Outcomes using OviTex or ECHO. Together, these milestones reflect the continued expansion of our real-world data, which strengthens surgeons' confidence and support and broader adoption and reinforces the clinical validity of our technology.

我也很高興地宣布，目前已有兩個研究中心投入使用，並且我們的食道裂孔疝氣研究「使用 OviTex 或 ECHO 評估臨床食道裂孔疝氣結果」已招募了第一位患者。這些里程碑共同反映了我們真實世界數據的不斷擴展，這增強了外科醫生的信心和支持，促進了更廣泛的採用，並強化了我們技術的臨床有效性。

In the third quarter, we achieved a significant commercial milestone surpassing 100,000 implantations of OviTex and OviTex PRS combined globally. This achievement further underscores our growing impact and continued progress across the soft tissue repair and reconstruction market. We continue to expand our market presence both in the US and abroad. In Europe, we advanced awareness through the targeted surgeon engagement, including a July Cadaver lab with 30 key surgeons, and made meaningful progress with the UK NHS value-based procurement initiative, securing NHS finance sign-off in September.

第三季度，我們實現了重要的商業里程碑，OviTex 和 OviTex PRS 的全球植入量總計超過 10 萬例。這項成就進一步凸顯了我們在軟組織修復和重建市場日益增長的影響力和持續的進展。我們持續擴大在美國和海外的市場份額。在歐洲，我們透過有針對性的外科醫生參與活動提高了人們的認識，包括 7 月與 30 位主要外科醫生一起舉辦的遺體實驗室活動，並在英國 NHS 基於價值的採購計劃中取得了實質性進展，於 9 月份獲得了 NHS 的財務批准。

In the US, we further strengthened our national reach through new and expanded contracts that made our portfolio available across a diverse range of health systems from some of the nation's largest and most innovative networks to community hospitals, broadening our market access in the quarter by an additional 835 hospitals.

在美國，我們透過新的和擴大的合約進一步加強了我們的全國影響力，使我們的產品組合能夠涵蓋從全國一些最大、最具創新性的醫療網絡到社區醫院的各種醫療系統，在本季度使我們的市場准入增加了 835 家醫院。

We recently announced two additions to our Board of Directors, welcoming Betty Jo Rocchio and Bill Plovanic.

我們最近宣布了董事會新增兩位成員，歡迎 Betty Jo Rocchio 和 Bill Plovanic 加入。

Betty Jo will provide critical insights into our market access strategy given her decades of experience in advancing clinical excellence and supply chain optimization at large healthcare systems and group purchasing organizations.

貝蒂·喬在大型醫療保健系統和集團採購組織中擁有數十年的臨床卓越性和供應鏈優化經驗，她將為我們的市場准入策略提供重要的見解。

We are also fortunate to have Bill on Board. His experience as an investor, combined with his direct experience running publicly held medtech companies, will help drive long-term shareholder value and enhance communication with our investors.

我們很幸運能有比爾加入我們的團隊。他作為投資者的經驗，加上他直接經營上市醫療技術公司的經驗，將有助於提升股東的長期價值，並加強與投資者的溝通。

I would now like to turn the call over to Jeff, who transitioned from our Board to serve as President in June. Since that time, he has been instrumental in refining our commercial strategy and building a more patient and results-focused culture within our sales organization.

現在我想把電話交給傑夫，他六月從董事會轉任總裁一職。自那時起，他為完善我們的商業策略、在我們的銷售組織內建立更有耐心、更注重結果的文化發揮了重要作用。

Jeff brings the exact combination of operational expertise and strategic vision needed for this moment. He will provide commentary on our third quarter and our optimism for the future. Jeff?

傑夫具備當前情勢所需的營運專長和策略眼光。他將對我們第三季的業績以及我們對未來的樂觀態度進行點評。傑夫？

Thanks, Tony. I'm pleased to report on the important progress we've made in strengthening our commercial organization and executing against the strategic priorities that we outlined on our last earnings call. While our Q3 results came in lower than we hoped, we still achieved a new global quarterly revenue record of $20.7 million, which marks TELA's third-consecutive quarter of sequential growth in 2025. This momentum reflects the durability of demand for our product lineup of soft tissue repair solutions. Q3 was a quarter dedicated to building a stronger foundation, and we've now positioned TELA for sustainable long-term growth.

謝謝你，托尼。我很高興地向大家匯報，我們在加強商業組織和執行我們在上次財報電話會議上概述的策略重點方面取得了重要進展。雖然我們第三季的業績低於預期，但我們仍然實現了 2,070 萬美元的全球季度營收新紀錄，這標誌著 TELA 在 2025 年連續第三個季度實現環比增長。這一勢頭反映了市場對我們軟組織修復解決方案產品系列的持續需求。第三季我們致力於夯實基礎，現在我們已經為TELA的可持續長期成長做好了準備。

Over the last three months, we revamped our commercial field leadership, and we recruited some of the top medical device representatives across the US. These individuals bring strategic business acumen, deep clinical expertise, and a shared commitment to our mission of improving patient outcomes. With these hires in place, we closed the quarter having reached our 2025 budgeted commercial headcount target of 76 territory managers. Another key highlight in Q3 was our continued alignment with our strategic partner, Advance Medical Solutions and their LIQUIFIX fixation technology.

在過去的三個月裡，我們重組了商業領域的領導團隊，並招募了美國一些頂尖的醫療器材代表。這些人才具備策略商業敏銳度、深厚的臨床專業知識，並與我們共同致力於改善病患治療效果的使命。隨著這些新員工的到位，我們在本季末達到了 2025 年預算的商業人員編制目標，即 76 名區域經理。第三季的另一個亮點是我們繼續與策略夥伴 Advance Medical Solutions 及其 LIQUIFIX 固定技術保持合作。

AMS expanded its clinical support team in the field. They worked side-by-side with our representatives to drive patient identification, utilization, and surgeon adoption through multiple evaluations. Their investment, combined with our commercial focus, led to our best revenue quarter ever with LIQUIFIX, highlighted by 126% growth year over year with the user base. This reinforces the value of our partnership and the opportunity ahead.

AMS擴大了其在該領域的臨床支援團隊。他們與我們的代表並肩工作，透過多次評估來推動患者識別、利用和外科醫生採納。他們的投資，加上我們的商業重點，使我們憑藉 LIQUIFIX 實現了有史以來最好的季度收入，用戶數量同比增長 126%。這進一步鞏固了我們夥伴關係的價值以及未來的機會。

As we enter Q4 and look ahead to 2026, I'm increasingly confident in the strength and capability of the team that we're building. Since joining TELA in June, we've been committed to equipping our commercial organization with the best tools, resources, incentives, and compensation structures needed to fully unlock our team's potential.

隨著我們進入第四季度並展望 2026 年，我對我們正在組建的團隊的實力和能力越來越有信心。自六月加入 TELA 以來，我們一直致力於為我們的商業組織配備最好的工具、資源、激勵措施和薪酬結構，以充分釋放我們團隊的潛力。

At the same time, the investments that we're making in medical education, market access and data analytics are expanding our competitive advantage and positioning us to become a market leader in hernia and plastic and reconstructive surgery. We now have the right leadership in place. We are attracting high-quality talent, and we are winning by being present at the bedside, supporting our surgeons to help them drive optimal clinical outcomes for their patients.

同時，我們在醫學教育、市場准入和數據分析方面的投資正在擴大我們的競爭優勢，使我們成為疝氣和整形重建外科領域的市場領導者。我們現在已經有了合適的領導階層。我們正在吸引高素質人才，我們透過在病床邊提供支持，幫助外科醫生為患者取得最佳臨床療效而贏得勝利。

With that, I'd like to turn the call over to Roberto, to review our financial results.

接下來，我想把電話交給羅伯托，讓他來回顧我們的財務表現。

Thanks, Jeff. Revenue for the third quarter of 2025 increased 9% year over year to $20.7 million, with revenue from OviTex growing 6% and OviTex PRS revenue growing 12% from the prior-year period. OviTex unit sales grew 22% for the quarter, while PRS unit sales grew 3% for the quarter. Gross margin was 68% for the third quarters of both 2025 and 2024. Gross profit was $14 million in the third quarter of 2025, compared to $12.9 million in the same period in 2024.

謝謝你，傑夫。2025 年第三季營收年增 9% 至 2,070 萬美元，其中 OviTex 營收成長 6%，OviTex PRS 營收較上年同期成長 12%。本季 OviTex 的銷量成長了 22%，而 PRS 的銷量成長了 3%。2025 年及 2024 年第三季的毛利率均為 68%。2025 年第三季毛利為 1,400 萬美元，而 2024 年同期為 1,290 萬美元。

Sales and marketing expenses were $15.2 million in the third quarter compared to $16.5 million for the prior-year period. This decrease was mainly due to lower compensation costs, consulting, and travel expenses, which were offset by higher commission expense on an increased revenue base.

第三季銷售和行銷費用為 1,520 萬美元，而去年同期為 1,650 萬美元。這一下降主要是由於薪酬成本、諮詢費和差旅費的降低，但這些降低被收入基數增加帶來的佣金支出增加所抵消。

General and administrative expenses were $3.9 million for the third quarter compared to $3.7 million in the prior-year period.

第三季一般及行政費用為 390 萬美元，而上年同期為 370 萬美元。

R&D expenses for the third quarter were $2.3 million compared to $2.1 million in the prior-year period.

第三季研發費用為 230 萬美元，去年同期為 210 萬美元。

Total operating expenses were $21.5 million in the third quarter compared to $22.2 million in the prior-year period, and $23.2 million in Q2 2025.

第三季總營運支出為 2,150 萬美元，而上年同期為 2,220 萬美元，2025 年第二季為 2,320 萬美元。

Loss from operations was $7.6 million in the third quarter compared to $9.4 million in the prior-year period. Net loss was $8.6 million in the third quarter compared to $10.4 million in the prior-year period. We ended the third quarter with $29.7 million in cash and cash equivalents, reflecting cash consumption of $5.7 million in the quarter.

第三季營業虧損為 760 萬美元，而去年同期虧損為 940 萬美元。第三季淨虧損為 860 萬美元，而上年同期淨虧損為 1,040 萬美元。第三季末，我們持有現金及現金等價物2,970萬美元，反映出該季現金消耗為570萬美元。

For the reasons that Jeff just outlined, we now expect revenue for the full year 2025 to grow at least 16% over 2024. While we don't typically provide color on the coming year this early, since we are in the middle of budgeting for 2026, we did want to provide investors with directional expectations for next year revenues.

鑑於傑夫剛才概述的原因，我們現在預計 2025 年全年收入將比 2024 年成長至少 16%。雖然我們通常不會這麼早就對來年的情況進行詳細說明，但由於我們正在製定 2026 年的預算，我們確實想為投資者提供明年收入的方向性預期。

Specifically, we are confident that revenue in full year 2026 will grow at least 15% from 2025. After we've completed our budget process, we will update our expectations and provide appropriate additional information at the latest on our 4Q '25 earnings call.

具體而言，我們有信心 2026 年全年營收將比 2025 年成長至少 15%。完成預算編制後，我們將在 2025 年第四季財報電話會議上更新預期並提供相應的補充資訊。

Finally, let me touch on some enhancements to our balance sheet that we made today. First, this afternoon, we announced the refinancing and upsizing of our debt facility from $40 million to $60 million. A second tranche of $10 million is available in the future on a payment of trailing 12-month revenues of $100 million.

最後，我想談談我們今天對資產負債表所做的一些改進。首先，今天下午，我們宣布對我們的債務融資進行再融資，並將債務規模從 4,000 萬美元增加到 6,000 萬美元。未來，如果過去 12 個月的收入達到 1 億美元，還將支付第二筆 1,000 萬美元。

Second, we also completed a $13 million equity offering. Between the two transactions, we will add approximately $26 million in incremental net cash to our balance sheet and have access to an additional $10 million debt tranche in the future. This is a significant bolstering of our financial resources that we believe provides us with more than enough financial firepower to reach profitability.

其次，我們也完成了 1,300 萬美元的股權發行。透過這兩項交易，我們將為資產負債表增加約 2,600 萬美元的淨現金，並且未來還可以獲得額外的 1,000 萬美元債務。這筆資金大大增強了我們的財務實力，我們相信這將為我們提供充足的財力，實現盈利。

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

接下來，我將把電話交還給托尼，請他作總結發言。

All right. Thank you, Roberto. Before we move to questions, I wanted to share another patient case that exemplifies the transformative impact of our OviTex platform and our mission to move the soft tissue repair market beyond traditional synthetic mesh.

好的。謝謝你，羅伯托。在進入問答環節之前，我想分享另一個病患案例，以說明我們的 OviTex 平台帶來的變革性影響，以及我們致力於將軟組織修復市場從傳統的合成網片領域帶入未來的使命。

A recently published case report underscores the real-world impact of OviTex reinforced tissue matrix in a challenging abdominal wall reconstruction scenario. A 48-year-old man suffering from severe pancreatitis and abdominal compartment syndrome was initially treated using a standard of care temporary abdominal closure device.

最近發表的病例報告強調了 OviTex 增強組織基質在具有挑戰性的腹壁重建場景中的實際應用效果。一名 48 歲男子患有嚴重的胰臟炎和腹腔間隔綜合徵，最初採用標準臨時腹部閉合裝置進行治療。

However, he failed to decompress, which necessitated multiple returns to the OR over an eight-week period. At that time, his surgical team believed that without attempting a different intervention, the patient would not recover.

然而，他未能成功減壓，因此在八週內多次返回手術室。當時，他的外科團隊認為，如果不嘗試其他幹預措施，病人將無法康復。

They then introduced OviTex in combination with negative pressure therapy to support a staged abdominal closure and the patient decompressed in a period of one to two weeks. The reinforced tissue matrix demonstrated early tissue integration and remodeling with minimal inflammation.

然後，他們將 OviTex 與負壓療法結合，以支持分階段腹部縫合，患者在一到兩週內即可減壓。強化組織基質表現出早期組織整合和重塑，且發炎反應極小。

At 44 weeks, full abdominal wall reconstruction was successfully completed with remarkable functional and cosmetic results. The patient is now four years post reconstruction and leading an active lifestyle with no evidence of recurrence. This case exemplifies how OviTex can help achieve life-changing outcomes for high-risk patients, reinforcing the value of our technology in addressing even the most complex soft tissue challenges. Stories like this illustrate exactly why we do what we do and why our confidence in the long-term potential of our portfolio remains so strong. Each successful patient outcome reinforces the strength of our clinical foundation and validates the strategy and execution that are driving our momentum.

44週時，腹壁重建手術圓滿完成，功能和外觀效果都非常出色。患者術後四年，目前生活方式積極健康，沒有復發跡象。本案例充分說明了 OviTex 如何幫助高風險病患實現改變人生的結果，也進一步證明了我們的技術在應對最複雜的軟組織挑戰方面的價值。像這樣的故事正好說明了我們為什麼要做我們正在做的事情，以及為什麼我們對投資組合的長期潛力仍然充滿信心。每一次成功的患者治療都鞏固了我們強大的臨床基礎，並驗證了推動我們發展的策略和執行力。

As I reflect on Q3 and our progress this year, I'm encouraged by the trajectory we're on. We've taken decisive steps to position TELA for durable growth and an opportunity to meet or exceed expectations. We have new executive leadership in place who are initiating key strategic changes to our commercial organization and are backed by a strong record of execution at their prior organizations.

回顧第三季以及我們今年的進展，我對我們目前的發展軌跡感到鼓舞。我們已採取果斷措施，使 TELA 能夠實現永續成長，並有機會達到或超越預期。我們已經任命了新的高階主管領導層，他們正在對我們的商業組織進行關鍵的策略變革，並且在他們之前的組織中都有著出色的執行記錄。

We have added experienced strategic thinkers to our Board, who bring deep expertise in clinical and GPO access, corporate governance, and street-facing communication support for the next phase of our growth.

我們為董事會增添了經驗豐富的策略思想家，他們為我們下一階段的成長帶來了在臨床和集團採購組織准入、公司治理和麵向公眾的溝通支援方面的深厚專業知識。

Across the organization, we have instilled a culture of operational efficiency that is already showing evidence of its impact and improvements to OpEx leverage and cash burn reduction.

在整個組織內，我們已經灌輸了一種營運效率文化，這種文化已經顯現出其對營運支出槓桿作用和現金消耗減少的影響和改進。

And finally, we have strengthened our balance sheet through a comprehensive financing initiative that will eliminate uncertainty about our runway and allow us to focus purely on delivering consistent execution and capturing growth opportunities. With these foundational elements in place, we are positioned to move forward and drive results.

最後，我們透過全面的融資計劃加強了資產負債表，這將消除資金周轉的不確定性，使我們能夠專注於持續穩定地執行業務並抓住成長機會。有了這些基礎要素，我們就能夠向前邁進，並取得成果。

I'd like to thank the entire TELA Bio team for the incredible dedication and passion they bring every day to drive our mission. I also want to recognize our surgeon and hospital partners and most importantly, the patients who are at the center of everything we do who inspire us to keep redefining what's possible in soft tissue repair and reconstruction. This is a pivotal time for our company and our industry, and I'm energized by what we're building together.

我要感謝 TELA Bio 團隊的全體成員，感謝他們每天為推進我們的使命所付出的巨大奉獻和熱情。我還要感謝我們的外科醫生和醫院合作夥伴，最重要的是，感謝患者，他們是我們一切工作的核心，激勵我們不斷重新定義軟組織修復和重建的可能性。對我們公司和整個產業來說，這是一個關鍵時期，我們共同創造的成果令我充滿動力。

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

接下來，我將請凱爾文開通線路，回答大家的問題。

(Operator Instructions) Caitlin Roberts, Canaccord Genuity.

（操作說明）凱特琳·羅伯茨，Canaccord Genuity。

Hey, thanks for taking the questions. Maybe just to start through the rationale for the debt refinancing and the equity raise at this time. I mean, how comfortable do you guys feel now with your cash runway?

嘿，謝謝你回答這些問題。或許應該先從分析此時進行債務再融資和股權融資的理由開始。我的意思是，你們現在對現金流狀況有何感覺？

Thanks for the question, Caitlin. We feel super comfortable about our cash runway. The rationale for the debt refinancing was that the previous facility would have begun amortizing in June of 2026. And so we wanted to get ahead of that and replace it and if possible, upsize it. And as part of that process, we got some inbound requests from investors who wanted to support the company.

謝謝你的提問，凱特琳。我們對目前的現金儲備非常有信心。這筆債務再融資的理由是，先前的貸款將於 2026 年 6 月開始攤提。因此，我們希望搶先一步，將其更換，如果可能的話，還要加大尺寸。在這個過程中，我們收到了一些投資者的請求，他們希望支持公司發展。

And so we provided some access to a small size equity raise, which we completed today as well. So between the two, on top of the $30 million that we ended the quarter with, we're adding about $26 million in net capital. And we believe that with the addition of the potential $10 million tranche on hitting our revenue target is much more than enough to get us to profitability.

因此，我們提供了小額股權融資的機會，我們也在今天完成了這筆融資。因此，加上這兩項，在我們季度末擁有的 3000 萬美元，我們淨增加了約 2600 萬美元的資本。我們相信，如果達到營收目標，再加上可能獲得的 1,000 萬美元獎金，就足以讓我們獲利。

Just talk through the lower guidance for 2025, and then also the early 2026 growth expectations and what you've really baked into the 15% for next year?

請詳細解釋一下2025年較低的業績預期，以及2026年初的成長預期，還有你們在明年15%的成長預期中真正考慮了哪些因素？

Sure. So let me start with next year. As I mentioned in the prepared remarks, we don't usually provide color on the coming year this early since we're really in the middle of the budgeting process. But we understood that with the resetting of the fourth quarter expectations, we needed to provide some base for investors.

當然。那麼，就讓我從明年開始說起吧。正如我在準備好的演講稿中提到的，我們通常不會這麼早就對來年的情況進行詳細說明，因為我們目前正處於預算編制過程中。但我們明白，隨著第四季預期的調整，我們需要為投資人提供一些參考基礎。

So we took a look at our expectations for additional hiring of reps and the pacing of that built in some cushion in case things don't go quite the way we're expecting to and felt confident that, that 15% growth number for the full year of 2025 is something attainable for us.

因此，我們審視了我們對額外招募代表的預期，並預留了一些緩衝時間，以防事情沒有完全按照我們預期的方向發展，我們相信，2025 年全年 15% 的成長目標對我們來說是可以實現的。

The goal is to improve on that, but that's what the budgeting process, the internal budgeting process will help us understand.

我們的目標是在此基礎上進行改進，而預算編制過程，特別是內部預算編制過程，將幫助我們理解這一點。

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，湖街資本市場。

Great. Thanks for taking the questions. Congrats on all the progress and congrats on the financing. I was hoping to start with maybe some more details around the sales force. Happy to hear you guys hit, I think, your hiring goal already at 76 territory managers. I think, Roberto, you were touching on some hiring next year, but maybe going a little bit deeper into kind of sales force hiring for next year would be helpful context.

偉大的。謝謝您回答問題。恭喜你們取得的所有進展，也恭喜你們獲得融資。我原本希望先詳細介紹一下銷售團隊的狀況。很高興聽到你們已經達到了招募目標，招到了 76 位區域經理。羅伯托，我覺得你剛才提到了明年的招募事宜，但或許更深入地探討一下明年銷售團隊的招募情況會更有幫助。

Jeff?

傑夫？

Thank you, and I appreciate the question. So as we were budgeted for 76, we are continuing to fill our pipeline. Our goal is that we'll be at 90-plus in Q1. Our time to hire has shortened. We've opened up our recruiting philosophies, our criteria.

謝謝，我很感激你的提問。由於我們的預算是76輛，我們正在繼續擴大我們的生產線。我們的目標是第一季達到 90 人以上。我們的招募時間縮短了。我們公開了招募理念和標準。

Our national recruiters now know the candidates we're looking for and top-tier medical device representation. We're looking for sound clinical adaptability as well as really the strategic thinking that we ask our territory managers to have. This time to hire has been shortened in some markets to one day. We put a full panel interview together, get candidates in and by day's end, we actually have an offer, and we have candidates signed by close of day. This has found us some of the best people to help support our organization to grow.

我們的全國招募人員現在了解我們正在尋找的候選人以及頂尖的醫療器材代表。我們不僅需要具備良好的臨床適應能力，還需要具備我們要求區域經理擁有的策略思考能力。在某些市場，招募所需時間已縮短至一天。我們組織了一場完整的面試，面試官們都來了，到當天結束時，我們就能發出錄用通知，而且當天結束前候選人就已經簽約了。這讓我們找到了許多最優秀的人才，幫助支持我們組織的發展。

So our priority is to constantly add and continue to have a bench between our account specialist team that's in place now. We promoted one last quarter to get to the 76 total, and we will constantly focus on that team as part of our bench.

因此，我們的首要任務是不斷增加人手，並在我們現有的客戶經理團隊中保持後備力量。我們在上個季度提拔了一名球員，使總人數達到 76 人，我們將持續關注這支球隊，將其作為我們替補陣容的一部分。

Yeah, Frank, what gives us confidence here is that even if you look at the third quarter and you assess the reps, the cohort of reps that have been with us for a minimum of six months, that group of 50, 52 reps performed very well in Q3 and hit virtually 100% of what their targets and quotas are. So where we fell short was in those regions that were struggling to hire. Those positions and leadership roles have been upgraded already. We have dynamite new leaders in place, as Jeff discussed already, and that's really propelled us forward to fill in that 76.

是的，弗蘭克，讓我們有信心的是，即使你看看第三季度，評估一下銷售代表，那些在我們公司工作至少六個月的銷售代表，這 50、52 名銷售代表在第三季度表現非常出色，幾乎 100% 完成了他們的目標和配額。因此，我們在那些招募困難的地區做得不夠好。這些職位和領導角色已經提升。正如傑夫之前所說，我們已經有了非常優秀的領導層，這確實推動我們填補了那 76 個空缺。

You recall, our plan was to have that 76 on board by around Q2. So now that we've got this momentum, we've got leadership that's solidified across all of our selling regions, it makes sense to continue on and drive towards that 90 to 95, low-90s for next year.

你還記得嗎？我們的計劃是在第二季左右讓那76人上路。既然我們已經有了這樣的勢頭，並且在所有銷售區域都建立了穩固的領導地位，那麼繼續努力，爭取明年達到 90% 到 95% 甚至 90% 的目標就很有意義了。

And that cohort of 50, 52 reps is driving about $1 million on an annualized basis. Even with the criteria of being on board for six months. So the faster that we can get a bigger cohort of reps on board, the faster we can drive them to that $1 million annualized target, it allows us to have confidence in driving growth for next year. That probably circles back a little bit to Caitlin's question as well.

這 50 到 52 名銷售代表每年創造約 100 萬美元的收入。即使以入職六個月為標準。因此，我們越快招募到更多銷售代表，就能越快實現 100 萬美元的年化目標，讓我們有信心推動明年的成長。這可能也跟凱特琳的問題有點關係。

Maybe just one more on the breakeven profile in light of some of these investments as well as the financing. Roberto, maybe it would help to kind of refresh how you guys are thinking about breakeven. I think you were previously in that kind of high-$20 million per quarter to support that. Maybe any color on that would be helpful. And then I'll hop back in queue.

考慮到這些投資和融資情況，或許應該再對損益平衡曲線進行一次評估。羅伯托，或許重新思考損益平衡點會有幫助。我認為你之前每季需要大約 2000 萬美元的資金來維持營運。或許在上面塗點顏色會有幫助。然後我再重新排隊。

Sure. Thanks, Frank. So yes, we continue to think that high-20s is the place where we can achieve breakeven. The goal is to keep OpEx reasonably flattish, notwithstanding the growth in the sales force. One of the ways we expect to do that is by drawing for that growth from our account specialist ranks such that there's not as much of an incremental expense for the additional PMs.

當然。謝謝你，弗蘭克。所以，是的，我們仍然認為20多美元是我們能夠實現損益平衡的價格區間。目標是在銷售團隊不斷壯大的情況下，維持營運成本基本上穩定。我們預計實現這一目標的方法之一是從我們的客戶經理團隊中抽調人手來滿足成長需求，這樣就不會因為增加專案經理而產生太多的額外費用。

But we'll be revising all of our expenses, and Jeff and his team have been digging in on pretty much every dollar that supports the sales force and the selling process and thinking how we can be more efficient with those dollars.

但我們將重新審視所有開支，傑夫和他的團隊一直在仔細審查支持銷售團隊和銷售流程的每一分錢，思考如何更有效地利用這些資金。

Yeah, Frank, there's been a massive improvement in sales force efficiency down from almost 90% of sales to a little over 70% of sales just in the three quarters of this year. So we expect that efficiency to continue as well.

是的，弗蘭克，銷售團隊的效率有了巨大的提高，光是今年前三個季度就從銷售額的近 90% 下降到略高於 70%。因此，我們預期這種效率也將持續下去。

Michael Sarcone, Jefferies.

Michael Sarcone，傑富瑞集團。

Hey, good afternoon, and thanks for taking the questions. I guess, can you provide a little more color if you're talking about roughly flattish growth in '26 or consistent growth in '26 versus '25, but you're also talking about increased productivity for reps. So I guess, can you talk about kind of the moving pieces there as we're looking out to '26?

嗨，下午好，謝謝你回答這些問題。我想，如果你指的是 2026 年大致平穩的增長，或者 2026 年與 2025 年相比持續增長，但同時又提到了重複次數的增加，你能提供更多細節嗎？所以我想，您能談談展望 2026 年時，有哪些因素在起作用嗎？

Yeah. Well, I think it's all dependent on having the heads filled, right? That's what's best to us this year and last year. So I think we're giving ourselves some room to operate to make sure that we get the right talent in the right seats at the right time.

是的。我覺得這完全取決於人手是否充足，對吧？對我們來說，這既是今年也是去年最好的做法。所以我認為我們給自己留出了一些操作空間，以確保在合適的時間將合適的人才安排到合適的職位上。

And like Roberto said, we will reevaluate and have an update for you on all things related to '26 on our next earnings call.

正如羅伯託所說，我們將重新評估所有與 2026 年相關的事宜，並在下次財報電話會議上向您報告最新情況。

Tony, I guess, just a follow-up on the sales force. You've implemented some enhanced training programs and you're expecting a faster ramp to productivity. Can you give us any update on what you're seeing for newer classes of reps in terms of kind of the ramp curve versus older classes?

東尼，我想，這只是關於銷售團隊的後續跟進。您已經實施了一些密集培訓計劃，並期望更快地提高生產力。您能否向我們介紹一下，對於較新的訓練級別，其訓練強度曲線與舊級別相比有何不同？

Yeah. Sure. Mike, I'm going to introduce a new player here in the Q&A. Jeff's number two man, Jim Hagen, has joined us for some Q&A, and this is a good opportunity for you to get to know him.

是的。當然。麥克，我將在問答環節介紹一位新成員。傑夫的二把手吉姆·哈根也加入了我們的問答環節，這是一個讓你了解他的好機會。

Mike, yeah, to your question on what are we doing with recruiting class, the enhanced training program and time to competency. Step one is we -- as Jeff talked about in his opening remarks, we refined the hiring profile with our recruiters. And so we're actually getting candidates more in the mold of what we want to drive our growth faster on the top line. Our training team has taken them in, has built a support network around them to drive them deeper clinically.

麥克，是的，關於你提出的我們對新兵訓練班、密集訓練計畫和勝任時間的要求。第一步，正如傑夫在開場白中提到的那樣，我們與招募人員一起完善了招募要求。因此，我們實際上正在獲得更符合我們需求的候選人，以更快地推動公司營收成長。我們的培訓團隊接納了他們，並圍繞他們建立了一個支持網絡，以推動他們在臨床方面取得更深入的進步。

And I think part of the early proof point we had for our latest class coming through, we test everybody ahead of coming in-person for training. Collectively, that group, which really represented the first wave of new hires under our new profile, had the all-time highest scores in our classes. I think the next wave of recruits coming in are just as impressive to us. So I think the infrastructure we're putting in place around our field team, the number of people we're bringing in with high caliber gives us confidence that next year is set to that minimum growth target that Roberto referenced.

我認為，我們最新一期學員的早期證明，就是在他們到校參加培訓之前，對所有學員進行測試。從整體來看，這群員工代表了我們新模式的第一批新員工，他們在我們歷屆班級中取得了最高分。我認為下一批新兵同樣給我們留下了深刻的印象。所以我認為，我們圍繞現場團隊建立的基礎設施，以及我們引進的高素質人才數量，讓我們有信心明年能夠達到羅伯托提到的最低成長目標。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Hi. This is Samantha on for Matt. Thank you for taking our question. I guess, first, we wanted to touch on guidance as well, but more of the 2025 focus. It kind of implies a minimal, maybe a little upside sequentially in Q4, which I think you've talked about historically has been a stronger sequential growth quarter. So I guess if could you just talk a little bit about what's baked into Q4 specifically?

你好。這裡是薩曼莎替馬特報道。感謝您回答我們的問題。我想，首先，我們也想談談指導方針，但重點是 2025 年。這似乎意味著第四季環比成長幅度很小，也許略有上升，而你之前也提到過，從歷史數據來看，第四季通常是環比成長較為強勁的季度。所以我想請您具體談談第四季包含哪些內容？

Sure. So we said that we expect that growth will be at least 16% year over year. We are -- Jeff and Jim have been getting up to speed on the sales force and moving them forward, getting some efficiencies in place. There's some potential upside from that, particularly with the hiring of the reps up to 76, which finally took place. And some of the hiring for next year is going to be taking place this year to put ourselves in place for a strong next year.

當然。因此我們預計，年成長率至少將達到 16%。傑夫和吉姆一直在努力了解銷售團隊的情況，並推動他們向前發展，提高效率。這其中存在一些潛在的好處，特別是考慮到最終完成了對 76 名代表的招募。為了確保明年有強勁發展，我們計劃在今年進行一些明年所需的人員招募。

So that also can be an additional source of growth. So there has been a little bit of turnover in the sales force, and so this accommodates for that as well. But we expect that we feel comfortable that we'll be hitting that 16%. And as I said, there is some room for upside from that number.

所以這也可以成為額外的成長來源。因此，銷售團隊出現了一些人員流動，而這種做法也考慮到了這一點。但我們預計，我們有信心達到 16% 的目標。正如我所說，這個數字還有上漲空間。

Yeah. And I think we're giving ourselves a little bit of room, right? In Q3, there was a heck of a lot of strengthening and upgrade work done within the commercial leadership team. So at the regional director level and those types of players, we wound up upgrading three or four of those positions. So I'm not going to say that's disruption because it's improvement, but we definitely have to make sure that those guys are allowed to get their people in place.

是的。我認為我們給自己留了一些餘地，對吧？第三季度，商業領導團隊進行了大量的密集和升級工作。因此，在區域總監級別以及其他類似級別的球員中，我們最終升級了三到四個職位。所以我不會說這是破壞，因為這是進步，但我們一定要確保允許他們把人員安排到位。

That's where a lot of the rep shortfall in terms of hiring did reside in those weaker regions, which have been upgraded. So we're just giving ourselves some room to make sure that we get the right people in place and that we continue to transition towards a stronger and stronger organization, which our main focus being around starting '26 with the best possible team.

招募方面，許多代表能力不足的問題都出現在那些較弱的地區，而這些地區現在已經提升了。所以，我們給自己留出一些空間，以確保我們找到合適的人才，並繼續向一個越來越強大的組織轉型，我們的主要目標是在 2026 年組建一支盡可能優秀的團隊。

I'll close that question around the sales team sentiment. This is the most excited I've seen in the commercial organization. We have an incentive for quarter close in Q4 that touches all the right buttons for -- not only for them and their individual franchises, but also for the physicians, the programs and the patients they serve.

我將圍繞銷售團隊的感受來結束這個問題。這是我在商業組織中見過的最興奮的一次。我們在第四季末制定了一項激勵措施，這項措施不僅對他們及其各自的特許經營權有利，而且對他們服務的醫生、計畫和患者也有利。

We've put programs that really mirror the business and where we're headed and optimizing outcomes, making that key focus. So for us, selfishly, this is the most excited I've been as a leader of the sales organization to come to year-end, and we'll hopefully have a strong Q4 announcement that reflects really the energy and pace that we're going to attack the business.

我們制定了一些真正反映業務發展方向和未來發展趨勢的計劃，並致力於優化成果，以此作為重點。所以就我們而言，就我個人而言，作為銷售組織的領導者，我感到今年年底最令人興奮，我們希望能在第四季度發布一份強勁的業績公告，真正反映出我們將全力以赴、全力以赴地開展業務的決心和速度。

There are no further questions at this time. And with that, I will turn the call back to Anthony Koblish, CEO, for closing remarks. Please go ahead.

目前沒有其他問題了。接下來，我將把電話轉回給執行長安東尼·科布利甚，請他作總結發言。請繼續。

All right. Thank you, Kelvin. I really appreciate the efforts of our team. I want to thank them for jumping in and embracing this patient-centric culture. I see the difference. It's working.

好的。謝謝你，凱爾文。我非常感謝我們團隊的努力。我要感謝他們積極參與並接受這種以病人為中心的文化。我看出差別了。它奏效了。

And I want to thank all of our supporters, both in the financing and in the investor community, and all those who have an interest in seeing us succeed in bringing next-generation technologies that are woefully needed to the soft tissue reconstruction space.

我還要感謝所有支持我們的人，包括融資方和投資界人士，以及所有希望看到我們成功地將急需的下一代技術引入軟組織重建領域的人們。

So with that, thank you, and we'll see you next time.

那麼，謝謝大家，我們下次再見。

Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。