Treace Medical Concepts Inc (TMCI) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Treace Medical Concepts second-quarter 2024 earnings conference call. (Operator Instruction) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Treace Medical Concepts 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Vivian Cervantes, Gilmartin, Investor Relations. Please go ahead.

現在我想將會議交給今天的第一位發言人，維維安·塞萬提斯（Vivian Cervantes），吉爾馬丁（Gilmartin），投資者關係部。請繼續。

Good afternoon, everyone, and welcome to our second-quarter 2024 earnings conference call. Participating from the company today will be John Treace, Chief Executive Officer; and Mark Hair, Chief Financial Officer. During the call, John will offer commentary on our commercial activities, followed by Mark for a detailed review of our second-quarter financial results released after market closed today.

大家下午好，歡迎參加我們 2024 年的第二季財報電話會議。今天出席會議的有公司執行長約翰·特雷斯 (John Treace)；馬克·海爾（Mark Hair），財務長。在電話會議期間，約翰將對我們的商業活動發表評論，隨後馬克對今天收盤後發布的第二季財務業績進行詳細審查。

We will host a question-and-answer session following our prepared remarks. Our press release can be found in the Investor Relations section of our website at investors.treace.com. This call is being recorded and will be archived in the Investors section of our website.

我們將在準備好的演講後主持問答環節。我們的新聞稿可以在我們網站的投資者關係部分找到：investors.treace.com。本次電話會議正在錄音，並將存檔在我們網站的投資者部分。

Before we begin, we would like to remind you that it is our intent that all forward-looking statements made during today's call will be protected under the Private Securities Litigation Reform Act of 1995. Any statements that relate to expectations or predictions of future events and market trends as well as our estimated results or performance are forward-looking statements.

在開始之前，我們想提醒您，我們的目的是，今天電話會議期間所做的所有前瞻性陳述都將受到 1995 年私人證券訴訟改革法案的保護。任何與對未來事件和市場趨勢的預期或預測以及我們的估計結果或績效相關的陳述均為前瞻性陳述。

All forward-looking statements are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. All forward-looking statements are based upon current available information, and Treace Medical assumes no obligation to update these statements. Accordingly, you should not place undue reliance on these statements. Please refer to our SEC filings, including our Form 10-Q for the second quarter filed today and our Form 10-K for the full-year 2023 filed on February 27, 2024, for a detailed presentation of risks.

所有前瞻性陳述均基於我們目前的估計和各種假設。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述預期或暗示的結果或事件有重大差異。所有前瞻性陳述均基於當前可用信息，Treace Medical 不承擔更新這些陳述的義務。因此，您不應過度依賴這些陳述。請參閱我們向 SEC 提交的文件，包括今天提交的第二季 10-Q 表格和 2024 年 2 月 27 日提交的 2023 年全年 10-K 表格，以了解詳細的風險介紹。

With that, I now turn the call over to John.

就這樣，我現在把電話轉給約翰。

Thank you, Vivian. Good afternoon, everyone, and thank you for joining us on our second-quarter 2024 earnings conference call. We're pleased to report that the second quarter came in as expected. During the quarter, we made significant progress towards commercializing several new products aimed at broadening our presence in the bunion market, leveraging our Lapiplasty market leadership position and user base of over 3,000 surgeon customers as we prepare to enter the relatively nascent, minimally invasive osteotomy market, one which continues to grow in interest with doctors and patients alike.

謝謝你，維維安。大家下午好，感謝您參加我們的 2024 年第二季財報電話會議。我們很高興地報告第二季的業績符合預期。本季度，當我們準備進入相對新興的微創截骨術市場時，我們在幾款新產品的商業化方面取得了重大進展，這些新產品旨在擴大我們在拇囊炎市場的影響力，利用我們的膝關節整形術市場領導地位和超過3,000 名外科醫生客戶的用戶群，這越來越受到醫生和患者的關注。

We have an active R&D engine focused on developing and delivering new technologies to accelerate and complement penetration of our $5 billion-plus US total addressable bunion market. Inclusive of our new MIS osteotomy platforms, we have a full pipeline of more than 10 new products that we expect to commercialize starting in the back half of 2024 and throughout 2025.

我們擁有積極的研發引擎，專注於開發和提供新技術，以加速和補充對美國總價值超過 50 億美元的拇囊炎市場的滲透。包括我們新的 MIS 截骨術平台在內，我們擁有超過 10 種新產品的完整產品線，預計從 2024 年下半年開始到 2025 年全年實現商業化。

Turning to the quarter. Second-quarter revenue was $44.5 million, representing 6% growth over the second quarter of 2023. Growth resulted from continued increases in our active surgeon base, an increase in surgical cases performed as well as favorable product revenue mix driven by broadening adoption of our SpeedPlate, Adductoplasty and other complementary products, which resulted in higher revenue per case.

轉向季度。第二季營收為 4,450 萬美元，較 2023 年第二季成長 6%。成長源於我們活躍的外科醫生群體的持續增加、手術病例的增加以及由於我們的SpeedPlate、內收肌成形術和其他補充產品的廣泛採用而推動的有利的產品收入組合，從而導致每個病例的收入更高。

Building on these trends, we see clear opportunities to expand our share of procedure volumes from our growing surgeon customer base as we introduce new MIS osteotomy offerings, which are expected to become available in a limited fashion during the fourth quarter. We believe these new products, along with our flagship Lapiplasty and Adductoplasty system delivered by our direct bunion focused sales force, will provide a powerful and broad suite of technologies to comprehensively address the evolving needs of bunion surgeons and patients alike.

基於這些趨勢，隨著我們推出新的MIS 截骨術產品，我們看到了明顯的機會，可以從不斷增長的外科醫生客戶群中擴大我們的手術量份額，這些產品預計將在第四季度以有限的方式提供。我們相信，這些新產品，以及由我們直接專注於拇囊炎的銷售人員提供的旗艦型膝關節成形術和內收肌成形術系統，將提供一套強大而廣泛的技術，以全面滿足拇囊炎外科醫生和患者不斷變化的需求。

Today, we believe the overall procedure volume in the US bunion market is comprised of approximately 30% Lapidus Fusion and 70% osteotomies. And we estimate around 10% to 15% of the osteotomies are performed using MIS techniques. Notwithstanding the increasing interest in MIS osteotomies from surgeons and patients alike, MIS bunion surgery remains a technically challenging and predominantly freehand operation, thus limiting adoption by the broad foot and ankle surgeon community.

如今，我們認為美國拇囊炎市場的整體手術量由大約 30% 的 Lapidus 融合術和 70% 的截骨術組成。我們估計大約 10% 到 15% 的截骨術是使用 MIS 技術進行的。儘管外科醫生和患者對MIS 截骨術的興趣日益濃厚，但MIS 拇囊炎手術在技術上仍然具有挑戰性，並且主要是徒手操作，因此限制了廣泛的足部和踝部外科醫生群體的採用。

For example, some surgeons have stated the learning curve for MIS osteotomies can be as high as 40 or more cases to achieve proficiency. It's with this current market backdrop that we plan to introduce two new MIS osteotomy approaches that build upon our core capabilities for highly reproducible, instrumented 3D bunion correction systems. And in doing so, we believe we can expand the minimally invasive segment of the osteotomy market by simplifying these MIS procedures and allowing surgeons to achieve reproducible 3D corrections.

例如，一些外科醫生表示，MIS 截骨術的學習曲線可能高達 40 例或更多病例才能達到熟練程度。正是在當前的市場背景下，我們計劃推出兩種新的 MIS 截骨方法，這些方法建立在我們高度可重複的儀器化 3D 拇囊炎矯正系統的核心能力之上。透過這樣做，我們相信我們可以透過簡化這些 MIS 程序並允許外科醫生實現可重複的 3D 矯正來擴大截骨術市場的微創部分。

This strategy follows the Lapiplasty playbook, where we made a challenging freehand 3D Lapidus procedure reproducible and accessible to the broad foot and ankle surgeon community. And in doing so, helped expand the overall Lapidus segment of the market from approximately 15% in 2015 to 30% or more today.

該策略遵循 Lapiplasty 手冊，其中我們製作了具有挑戰性的徒手 3D Lapidus 手術，該手術可重複且可供廣大足部和腳踝外科醫生社區使用。這樣做有助於將整個 Lapidus 市場份額從 2015 年的約 15% 擴大到如今的 30% 或更多。

By our estimates, Lapiplasty has allowed us to capture on average nearly 50% of our most tenured surgeon cohorts annual bunion cases, which is something we take great pride in. This said, for our total surgeon base of more than 3,000 customers, Lapiplasty is closer to 25% of their average annual bunion case mix. Given this, we believe we can accelerate our penetration into the remaining 75% of their bunion procedures with not only Lapiplasty, but also with our two forthcoming MIS osteotomy solutions. We also believe we have a meaningful opportunity to attract new surgeon customers who today rely on metatarsal osteotomies for the vast majority of their bunion patients and, as such, have not yet been exposed to Lapiplasty.

據我們估計，在我們最資深的外科醫生群組中，每年平均有近 50% 的拇囊炎病例透過膝關節成形術獲得，這是我們感到非常自豪的事情。這就是說，對於我們超過 3,000 名客戶的外科醫生總數來說，Lapiplasty 接近其年平均拇囊炎病例組合的 25%。有鑑於此，我們相信，我們不僅可以透過膝部整形術，還可以透過即將推出的兩種 MIS 截骨術解決方案，加速滲透到剩餘 75% 的拇囊炎手術中。我們也相信，我們有一個有意義的機會來吸引新的外科醫生客戶，他們今天的絕大多數拇囊炎患者都依賴蹠骨截骨術，因此尚未接觸過膝關節成形術。

Let me share with you some additional color on our two forthcoming MIS osteotomy solutions. Our first system known as the Nanoplasty System was developed in conjunction with a team of highly experienced and internationally recognized MIS foot and ankle surgeons. Nanoplasty is designed to offer patients with a reproducible 3D bunion correction to resolve their lifestyle-limiting bunion pain. It features a highly refined instrumentation and specialized implant delivered through a small 1.5-centimeter discrete incision on the side of the foot, making it cosmetically appealing for patients.

讓我與您分享我們即將推出的兩種 MIS 截骨術解決方案的一些額外內容。我們的第一個系統稱為奈米成形系統，是與經驗豐富且國際認可的 MIS 足部和踝部外科醫生團隊合作開發的。奈米成形術旨在為患者提供可重複的 3D 拇囊炎矯正，以解決生活方式限制性拇囊炎疼痛。它採用高度精製的儀器和專門的植入物，透過腳側 1.5 公分的離散小切口進行植入，使其對患者俱有美觀的吸引力。

And importantly, consistent with other minimally invasive procedures, we believe this can translate to less swelling, less pain, and allow patients the opportunity for rapid return to weightbearing in a post-op boot or surgical shoe. We have already trained a significant cohort of surgeons on our Nanoplasty System. And based on their strong positive feedback, we believe Nanoplasty can disrupt this emerging market segment by dramatically reducing surgeon learning curves, simplifying the surgical procedure, and ultimately allowing more surgeons to bring the benefits of our MIS approach to a greater number of their bunion patients.

重要的是，與其他微創手術一致，我們相信這可以減少腫脹、減輕疼痛，並讓患者有機會在術後靴子或手術鞋中快速恢復負重。我們已經對一群重要的外科醫​​生進行了奈米整形系統的培訓。基於他們強烈的正面回饋，我們相信Nanoplasty 可以透過顯著降低外科醫生的學習曲線、簡化手術程序並最終讓更多的外科醫生將我們的MIS 方法的優勢帶給更多的拇囊炎患者，從而顛覆這一新興市場領域。

Our second MIS osteotomy offering is geared towards existing more established base of MIS foot surgeons who use screws for fixation in their metatarsal osteotomies. Our approach here is to offer this existing segment of the market, an instrumented and reproducible method to achieve their 3D bunion corrections. We are proud of these developments and believe that these two new MIS systems, coupled with our 3D Micro-Lapiplasty System provide a comprehensive suite of instrumented 3D MIS solutions to meet the evolving preferences of surgeons and their patients.

我們的第二個 MIS 截骨術產品是針對現有較成熟的 MIS 足外科醫生，他們在蹠骨截骨術中使用螺絲進行固定。我們的方法是為現有的市場部分提供一種儀器化且可重複的方法來實現 3D 拇囊炎矯正。我們對這些發展感到自豪，並相信這兩個新的 MIS 系統與我們的 3D 微整形系統相結合，可提供一整套儀器化 3D MIS 解決方案，以滿足外科醫生及其患者不斷變化的偏好。

In addition to these MIS offerings, we're also excited about other product introductions slated for the second half of 2024, which include our Mini-Adductoplasty System. This is our next-generation midfoot correction instrumentation, which reduces the Adductoplasty midfoot deformity correction procedure incision size by 50%.

除了這些 MIS 產品之外，我們還對計劃於 2024 年下半年推出的其他產品感到興奮，其中包括我們的迷你內收肌成形術系統。這是我們的下一代中足矯正儀器，可將內收成形術中足畸形矯正手術切口尺寸減少 50%。

Red Point patient-specific instrumentation, which offers software-driven preoperative planning and patient-specific cut guides for bunion and related midfoot deformity corrections and a new SpeedPlate configuration designed for fusions of larger bones in the foot. We're pleased to announce that this new SpeedPlate configuration is now commercially available, and we're already receiving excellent feedback from surgeon users.

Red Point 患者專用器械，提供軟體驅動的術前規劃和針對拇囊炎和相關中足畸形矯正的患者專用切割指南，以及專為融合足部較大骨骼而設計的新 SpeedPlate 配置。我們很高興地宣布，這款新的 SpeedPlate 配置現已投入商用，並且我們已經收到了外科醫生用戶的良好回饋。

Further, inclusive of the innovations we discussed here today, we have an active R&D team with a full pipeline of new products slated for a steady cadence of more than 10 introductions expected through 2025. We're excited to bring these new innovations to our growing base of 3,000-plus active surgeons through our established direct sales force as we continue to expand our footprint in the foot and ankle market.

此外，包括我們今天在這裡討論的創新，我們擁有一支活躍的研發團隊，擁有完整的新產品系列，預計到 2025 年將穩步推出 10 多種新產品。隨著我們繼續擴大在足部和腳踝市場的足跡，我們很高興能夠透過我們成熟的直銷隊伍，將這些新的創新成果帶給我們不斷壯大的 3,000 多名活躍外科醫生群體。

Turning to our financial outlook. We are reaffirming our full-year 2024 revenue guidance of $201 million to $211 million, which reflects an increase of 7% to 13% over 2023 revenue. Before turning the call over to Mark for a review of our financial performance, let me provide an update on our clinical data and reimbursement. A key differentiating driver for our business is our commitment to clinical evidence, which we believe resonates with both surgeons and patients.

轉向我們的財務前景。我們重申 2024 年全年營收指引為 2.01 億美元至 2.11 億美元，比 2023 年營收成長 7% 至 13%。在將電話轉給馬克審查我們的財務表現之前，讓我先介紹一下我們的臨床數據和報銷的最新情況。我們業務的一個關鍵差異化驅動力是我們對臨床證據的承諾，我們相信這會引起外科醫生和患者的共鳴。

From what we can see in the marketplace, we believe we continue to be the only industry participant with a growing body of clinical data, and we look forward to presenting four-year data on our flagship ALIGN3D Lapiplasty study as well as our first interim report out of our Lapiplasty mini-incision clinical study at the upcoming 2024 American Orthopaedic Foot & Ankle Society Meeting in September. We believe patient data coming from our differentiated ALIGN3D studies resonate with surgeon and patient communities alike, further reinforcing market adoption of the Lapiplasty procedure.

從我們在市場上看到的情況來看，我們相信我們仍然是唯一擁有不斷增長的臨床數據的行業參與者，我們期待著提供有關我們旗艦ALIGN3D 脂肪成形術研究的四年數據以及我們的第一份中期報告這是我們在即將於 9 月舉行的 2024 年美國骨科足踝協會會議上進行的Lapiplasty 小切口臨床研究中得出的結論。我們相信，來自我們差異化的 ALIGN3D 研究的患者數據會引起外科醫生和患者社區的共鳴，進一步加強市場對膝上成形術的採用。

Finally, as many of you know, CMS recently released its proposed 2025 Medicare payment rates for hospital outpatient and ASC services to cover facility costs for surgical procedures, including supplies and implants used in the surgical case. As a reminder, our products are used in procedures covered by specific well-established CPT codes, and we're pleased to see that CMS is proposing to reassign CPT code 28297, a primary code used for Lapidus Fusion or the Lapiplasty procedure, to APC 5115 with a proposed hospital outpatient rate of $12,756 for 2025. This represents an increase of $5,939 or 87% over 2024. In the ASC setting, the 2025 proposed payment is $9,719, an increase of 98% compared to $4,900 in 2024.

最後，正如你們許多人所知，CMS 最近發布了擬議的 2025 年醫院門診和 ASC 服務醫療保險支付費率，以支付外科手術的設施成本，包括手術中使用的用品和植入物。謹此提醒，我們的產品用於特定完善的 CPT 代碼涵蓋的程序中，我們很高興看到 CMS 提議將 CPT 代碼 28297（用於 Lapidus Fusion 或 Lapiplasty 程序的主要代碼）重新分配給 APC 5115，建議2025年醫院門診費用為12,756 美元。這意味著比 2024 年增加了 5,939 美元，即 87%。在 ASC 環境中，2025 年的擬議付款為 9,719 美元，比 2024 年的 4,900 美元增加了 98%。

For other bunion and related reimbursement codes relevant to Treace Medical, the proposed Medicare 2025 reimbursement rates are proposed to increase low single digits for the hospital outpatient and ASC settings. While we estimate the majority of our patient demographic to be commercially insured, Medicare rates often have influence on commercial payers. And while we are encouraged by this development, we remind you that these are proposed rules, which are not expected to be finalized until November and therefore, subject to change.

對於與 Treace Medical 相關的其他拇囊炎和相關報銷代碼，提議的 Medicare 2025 報銷率建議增加醫院門診和 ASC 設定的低個位數。雖然我們估計大多數患者都有商業保險，但醫療保險費率通常會對商業付款人產生影響。雖然我們對這一進展感到鼓舞，但我們提醒您，這些是擬議的規則，預計要到 11 月才能最終確定，因此可能會發生變化。

Let me now turn the call over to Mark to review our financial performance. Mark?

現在讓我把電話轉給馬克，回顧一下我們的財務表現。標記？

Thank you, John. Good afternoon, everyone. Revenue in the second quarter was $44.5 million, an increase of $2.5 million and 6% over the prior year. Growth was driven by increases in case volumes, favorable product revenue mix due to expanding adoption of our SpeedPlate technology and other complementary products as well as increases in our active surgeon base. Gross margin was 80.2% in the second quarter of 2024 compared to 81.7% in the second quarter of 2023. The decrease was primarily due to changes in product mix, increases and other cost of goods sold, partially offset by lower royalty rates.

謝謝你，約翰。大家下午好。第二季營收為 4,450 萬美元，比上年增加 250 萬美元，成長 6%。成長的推動因素包括病例量的增加、由於我們的 SpeedPlate 技術和其他補充產品的廣泛採用而帶來的有利的產品收入組合，以及我們活躍的外科醫生群體的增加。2024 年第二季的毛利率為 80.2%，而 2023 年第二季的毛利率為 81.7%。下降的主要原因是產品結構的變化、銷售商品成本的增加和其他成本的增加，但部分被特許權使用費率的下降所抵消。

Second-quarter 2024 gross margin of 80.2% was unchanged from the 80.2% gross margin reported in Q1. Total operating expenses were $57.1 million in the second quarter of 2024. Total operating expenses were $47.3 million in the second quarter of 2023. The increase in operating expenses reflects strategic investments in our expanding direct sales channel, investments in product innovation, and support for other commercial initiatives.

2024 年第二季毛利率為 80.2%，與第一季報告的 80.2% 毛利率持平。2024 年第二季的總營運費用為 5,710 萬美元。2023 年第二季的總營運費用為 4,730 萬美元。營運費用的增加反映了我們對擴大直銷管道的策略投資、對產品創新的投資以及對其他商業計劃的支持。

Second-quarter net loss attributable to common stockholders was $21.3 million or $0.34 per share compared to a net loss of $12.4 million or $0.20 per share for the same period of 2023. Cash, cash equivalents and marketable securities and investments receivable were $97 million as of June 30, 2024.

第二季普通股股東淨虧損為 2,130 萬美元，即每股 0.34 美元，而 2023 年同期淨虧損為 1,240 萬美元，即每股 0.20 美元。截至 2024 年 6 月 30 日，現金、現金等價物、有價證券及應收投資為 9,700 萬美元。

Before concluding, let me turn to our outlook for the full-year 2024. As John mentioned, we are reaffirming full-year 2024 revenue guidance of $201 million to $211 million, which reflects an increase of 7% to 13% over 2023 revenue. For the full-year 2024, we also continue to expect adjusted EBITDA improvement of approximately 50% compared to the full-year 2023.

在結束之前，讓我談談我們對 2024 年全年的展望。正如約翰所提到的，我們重申 2024 年全年營收指引為 2.01 億美元至 2.11 億美元，比 2023 年營收成長 7% 至 13%。對於 2024 年全年，我們也繼續預期調整後 EBITDA 較 2023 年全年成長約 50%。

With that, let me turn the call back to John.

接下來，讓我把電話轉回給約翰。

Thanks, Mark. In summary, we have a dynamic team here at Treace with a clear focus on building a comprehensive 3D bunion solutions company with a growing customer base exceeding 3,000 surgeon users and a large $5 billion-plus US total addressable market. We also have a specialized and scalable business model focused on accelerating penetration into the bunion market by leveraging our large customer base and our direct-focused sales team with our forthcoming entry into the relatively nascent minimally invasive osteotomy segment, one that is experiencing growing interest from surgeons and patients alike.

謝謝，馬克。總而言之，我們在Treace 擁有一支充滿活力的團隊，明確致力於打造一家綜合性3D 拇囊炎解決方案公司，其客戶群不斷增長，已超過3,000 名外科醫生用戶，美國潛在市場總額超過50 億美元。我們還擁有專門且可擴展的業務模式，專注於透過利用我們龐大的客戶群和直接專注的銷售團隊，加速滲透到拇趾外翻市場，我們即將進入相對新興的微創截骨術領域，該領域正受到越來越多的關注。

For these reasons, we believe we're uniquely positioned to expand our footprint in the foot and ankle market by continuing to deliver an exciting pipeline of differentiated reproducible solutions to comprehensively address the evolving needs of bunion surgeons and patients alike.

基於這些原因，我們相信我們處於獨特的地位，可以透過繼續提供一系列令人興奮的差異化可重複解決方案來擴大我們在足部和腳踝市場的足跡，以全面滿足拇囊炎外科醫生和患者不斷變化的需求。

With that, let me now turn the call over to the operator to open the line for your questions.

現在，讓我將電話轉給接線員，以解答您的問題。

(Operator Instruction) Robbie Marcus, JPMorgan.

（操作員指示）Robbie Marcus，摩根大通。

This is actually Lily on for Robbie. You beat consensus by about $1 million to $2 million, but you're reiterating guidance. So is that just conservatism? Or are there other dynamics at play in the back half? Any color on your thoughts on the guide and what that implies for the second half of the year would be helpful.

這其實是莉莉為羅比準備的。您超出了共識約 100 萬至 200 萬美元，但您重申了指導意見。那麼這只是保守主義嗎？或者後半場還有其他動力在發揮作用嗎？您對指南的任何想法以及這對下半年意味著什麼都會有幫助。

Lily, thanks for the question. This is Mark. As we look at what happened in Q2, Q2 came -- results really came in as expected. And so far, Q3 is tracking to forecast. We continue to receive updates from our sales organization and really believe that we've got a good handle on the field and how things are coming about. And so we just didn't think that there's -- not much has really changed since the last time that we changed our guidance, and it hasn't been that long. So we just feel really good about the guidance that we gave last time.

莉莉，謝謝你的提問。這是馬克。當我們看看第二季發生的事情時，第二季的結果確實如預期的那樣到來了。到目前為止，第三季度正在追蹤預測。我們不斷收到來自銷售組織的最新消息，並堅信我們已經很好地掌握了該領域以及事情的進展。所以我們只是認為自上次我們改變指導以來並沒有真正改變太多，而且時間也沒有那麼長。因此，我們對上次提供的指導感到非常滿意。

Got you. Okay. And just as a follow-up, I appreciate you're not breaking out kits and physician count regularly anymore, but can you qualitatively talk through how those pieces have been trending now with increased competition on the market? And how well have you been able to drive utilization and new doc adds in the right direction since you last gave us an update?

明白你了。好的。作為後續行動，我很高興您不再公開試劑盒和醫生定期計數，但您能否定性地談談隨著市場競爭的加劇，這些產品的趨勢如何？自從您上次向我們提供更新以來，您在推動利用率和新文件添加到正確方向方面的表現如何？

Yes, this is Mark. Let me take a first stab at that, and maybe John will have some additional color. But with respect to our surgeon count, John mentioned on the prepared remarks that we're over 3,000 certain customers right now. So that implies about $150 million or so in the first half of the year. So on one hand, we said that we'd probably expect somewhere between $250 million to $300 million for the full year, so $150 million in already in the first half of the year, we tend to get more surgeon adds in the back half of the year. So we really feel like we're on track.

是的，這是馬克。讓我先嘗試一下，也許約翰會有一些額外的色彩。但關於我們的外科醫生數量，約翰在準備好的演講中提到，我們現在有超過 3,000 名特定客戶。這意味著今年上半年的收入約為 1.5 億美元左右。因此，一方面，我們預計全年收入可能在 2.5 億至 3 億美元之間，因此上半年已經有 1.5 億美元，我們傾向於在下半年增加更多外科醫生。所以我們真的感覺我們已經步入正軌。

We continue to see a lot of interest in our education events all over the country. We've got one coming up, a national event this weekend. We've got a packed house there. And so we continue to attract new surgeons. They come for our technology. They come to our training events and they end up using Lapiplasty. So we'll continue to do that. We feel like we're on course for this year to add new surgeon users.

我們繼續看到全國各地對我們的教育活動表現出濃厚的興趣。本週末我們即將舉辦一場全國性活動。我們那裡已經擠滿了人。因此，我們繼續吸引新的外科醫生。他們是衝著我們的技術來的。他們參加我們的訓練活動並最終使用了隆鼻手術。所以我們將繼續這樣做。我們覺得今年我們將增加新的外科醫生用戶。

With respect to utilization, really not that much has changed since we talked last quarter. We identified somewhat of a change in utilization for a certain customer base. And we feel really good about what happened in Q2 that we were able to really forecast that right on what we thought was going to happen. And so Q2 came in as expected, and Q3 is tracking as well. So we believe that there hasn't really been an update to the trends that we identified last quarter.

就利用率而言，自我們上季度討論以來實際上並沒有太大變化。我們發現某些客戶群的利用率發生了一些變化。我們對第二季度發生的事情感覺非常好，我們能夠真正準確地預測我們認為將要發生的事情。因此，第二季的表現符合預期，第三季的表現也符合預期。因此，我們認為我們上季度確定的趨勢並沒有真正更新。

Danielle Antalffy, UBS.

丹妮爾·安塔菲，瑞銀集團。

Excuse me, just a question, John. Just a question, John, you guys have a lot of new product launches coming, specifically the minimally invasive osteotomy. And I guess, as we look ahead, I appreciate you won't give 2025 guidance here on this call. But just directionally speaking, I mean, is it right to think of 2025 as a year of growth acceleration given these new product launches? Or is there something we might be missing from a headwind perspective that could make 2025 look a little bit more like 2024?

對不起，只是一個問題，約翰。只是一個問題，約翰，你們即將推出很多新產品，特別是微創截骨術。我想，當我們展望未來時，我很高興您不會在這次電話會議上給予 2025 年的指導。但從方向上來說，我的意思是，鑑於這些新產品的推出，將 2025 年視為成長加速的一年是否正確？或者從逆風的角度來看，我們是否可能遺漏了一些東西，可能會讓 2025 年看起來更像 2024 年？

Hey, Danielle, this is Mark. I'm going to take a first stab at that and then John, again, may have some additional color. But I love the question. You can probably hear some of the enthusiasm in John's voice as we're talking about this great opportunity having several new products into our large growing customer base. And so we are very excited about that. We're not really in a position right now to provide guidance for 2025, but we certainly believe that all these new products delivered by our direct sales channel to over 3,000 surgeons will definitely have a positive impact on our top line trajectory.

嘿，丹妮爾，這是馬克。我將首先對此進行嘗試，然後約翰可能會再提供一些額外的顏色。但我喜歡這個問題。當我們談論將多種新產品引入我們不斷增長的龐大客戶群的絕佳機會時，您可能可以從約翰的聲音中聽到一些熱情。所以我們對此感到非常興奮。我們現在還不能真正為 2025 年提供指導，但我們當然相信，透過我們的直銷管道向 3,000 多名外科醫生提供的所有這些新產品肯定會對我們的營收軌跡產生積極影響。

As John mentioned, our customers are asking for more new products and our sales force is ready to deliver. So we look forward to providing more future updates on our progress. We can talk at the end of Q3 as we're getting into Q4 as far as how the new products will start to impact our business. And again, just to reiterate what John said, they're only going to be available in really light quantities in Q4. So not a lot of impact this year, but we definitely see it having a greater impact next year.

正如約翰所提到的，我們的客戶正在要求更多新產品，而我們的銷售人員已準備好交付。因此，我們期待在未來提供更多有關我們進展的更新。我們可以在第三季末討論第四季新產品將如何開始影響我們的業務。再次重申約翰所說的，它們只會在第四季提供非常少量的數量。所以今年的影響不是很大，但我們肯定會看到它明年會產生更大的影響。

Understood. And then just a quick follow-up from a competitive perspective. I mean, to some extent, the increased competitive dynamics that you saw may have been due to trialing or docs just trying out different devices. I mean any change on the competitive front or still similar to what we saw in Q2 from the perspective of the pressures there?

明白了。然後從競爭的角度進行快速跟進。我的意思是，在某種程度上，您看到的競爭動態的增加可能是由於試用或文件只是嘗試不同的裝置。我的意思是競爭方面有什麼變化，或者從壓力的角度來看仍然與我們在第二季度看到的類似？

Yes, Danielle, it's John. Thanks for the question. It's pretty consistent with our last call back in May. It's not really one competitor, but multiple big, small, private, public offering knockoffs of Lapiplasty. Some of them offer osteotomy products as well that we don't today. But we've got a really strong attention on this with our sales team and the sales team is armed with enhanced customer analytics, and we're highly dialed into winning a greater share of bunion cases from our surgeon customers as we progress through this year.

是的，丹妮爾，是約翰。謝謝你的提問。這與我們五月最後一次回電非常一致。它不是真正的競爭對手，而是 Lapiplasty 的多個大大小小的、私人的、公開發行的山寨品。其中一些還提供截骨術產品，而我們今天不提供。但我們的銷售團隊對此給予了非常強烈的關注，並且銷售團隊配備了增強的客戶分析，隨著今年的進展，我們高度重視從外科醫生客戶那裡贏得更大份額的拇囊炎病例。

Like Mark said, the demand for our medical education events, which we're really focused now on our broadening line of MIS systems and that includes Micro-Lapiplasty, Mini-Adductoplasty, our versatile SpeedPlate platform. And in those events, surgeons are getting to test drive this new Nanoplasty System. This has been a really great format for us. It's generating a lot of excitement for our technologies with the surgeon attendees as they go home, and they're waiting there for Nanoplasty to come late in the year and into 2025. So a lot going on in the ground to maximize our share of customer cases over the next several months, while we're getting our sales team and customer base ready for their next product catalyst, namely the Red Point PSI and our MIS systems that will start in Q4.

正如 Mark 所說，我們的醫學教育活動的需求，我們現在真正關注的是我們不斷擴大的 MIS 系統系列，其中包括微型 Lapiplasty、Mini-Adductoplasty、我們的多功能 SpeedPlate 平台。在這些活動中，外科醫生將開始測試這種新的奈米成形系統。這對我們來說真是一種很棒的形式。當外科醫生參與者回家時，他們對我們的技術感到非常興奮，他們在那裡等待奈米整形術在今年晚些時候和 2025 年到來。因此，在接下來的幾個月裡，為了最大限度地提高我們的客戶案例份額，我們正在進行大量工作，同時我們正在讓我們的銷售團隊和客戶群為他們的下一個產品催化劑做好準備，即紅點PSI 和我們的MIS 系統，這些系統將從第四季開始。

Drew Ranieri, Morgan Stanley.

德魯‧拉涅利，摩根士丹利。

Maybe just to start. I mean we -- this kind of goes back to the competitive market types of questions you're just getting asked, but there was a competitor last week that kind of signaled that there's softness in the foot and ankle market, mainly foot. I was just wondering if you could give your perspective on maybe what you're seeing from a procedural standpoint, Mark, I know -- Mark and John, I know that you reiterated, reaffirmed your guidance, but just maybe talk to us about what you're seeing in the market and expectations for procedure growth from here?

也許只是開始。我的意思是，我們——這又回到了你剛剛被問到的競爭市場類型的問題，但上周有一位競爭對手錶示，足部和腳踝市場（主要是足部）存在疲軟跡象。我只是想知道你是否可以從程序的角度對你所看到的情況發表你的看法，馬克，我知道——馬克和約翰，我知道你重申了你的指導，但也許只是和我們談談什麼您從這裡看到了市場和對程式成長的期望嗎？

Yes, Drew, I'll take a first stab at that, and Mark can fill in behind me here. Dialing back time, we identified those softening trends late in Q1, and we saw them continue through April, and that resulted in our guidance change in early May. We spoke at that time predominantly about increasing headwinds from customers trialing some of these Lapiplasty knockoffs and some more kind of mounting interest in MIS osteotomies.

是的，德魯，我將首先嘗試這一點，馬克可以在我身後填補這一空白。回顧時間，我們在第一季末發現了這些疲軟趨勢，我們看到它們持續到四月份，這導致我們在五月初改變了指導意見。當時我們主要談論的是客戶嘗試一些Lipplasty仿製品以及對MIS截骨術日益增長的興趣所帶來的阻力。

I am aware of that large player that said they saw a soft first half as well. I don't know that they identified the same causes, but that's not to say that the causes they identified aren't at play as well. We just called it as clearly as we saw it to us at the time. But I'd say the -- like Mark said, Q3 is tracking as we would expect, and we think we did a pretty good and comprehensive job of generating that new guidance, and we're continuing to operate towards that. Mark, anything you want to add to that or...

我知道那位大個子球員也說他們上半場表現也很疲軟。我不知道他們是否發現了相同的原因，但這並不是說他們發現的原因不起作用。我們只是按照我們當時看到的那樣清楚地稱呼它。但我想說的是——就像馬克說的那樣，第三季度的進展符合我們的預期，我們認為我們在製定新的指導方面做得非常好且全面，我們將繼續朝著這一目標努力。馬克，你想加什麼或...

Yes, I'd agree. As our guidance that we talked about last quarter, we knew that there would be some toughness coming into second quarter, but that there's better comps in the back half of this year for us. And so the opportunity to have increased growth rates in both Q3 and Q4. So we still stand behind those prior statements and look forward to Q3 and Q4.

是的，我同意。正如我們上季度談到的指導那樣，我們知道第二季將會出現一些困難，但今年下半年我們會有更好的業績。因此，第三季和第四季有機會提高成長率。因此，我們仍然支持先前的聲明，並期待第三季和第四季。

And maybe just to touch on the reaffirmed profitability guidance for the 50% improvement. Mark, can you just give a little bit more detail there in terms of what you're expecting for operating leverage for this year? And I'll ask anyway, but just should we think of next year as getting closer to breakeven or breakeven? Just any more details there would be great.

也許只是想談談重申的 50% 改善的獲利指引。馬克，您能否就您對今年營運槓桿的預期提供更多細節？無論如何，我會問，但我們是否應該認為明年會更接近損益兩平或損益平衡？只要有更多細節就太好了。

Yes. Thanks, Drew. And I appreciate the question. Maybe I'll start with your last question first. First of all, we want to get through this year. We believe that we can make a really healthy improvement in the bottom line, the adjusted EBITDA. And so it's 50%. We believe that with continued growth into next year with our new products, we can absolutely do that. So we look forward to being EBITDA-positive next year.

是的。謝謝，德魯。我很欣賞這個問題。也許我會先從你的最後一個問題開始。首先，我們要度過今年。我們相信，我們能夠在淨利潤（調整後的 EBITDA）上取得真正健康的改善。所以是 50%。我們相信，隨著我們的新產品在明年繼續成長，我們絕對可以做到這一點。因此，我們期待明年的 EBITDA 為正值。

So with respect to some of the leverage, we've talked about some of the things in the past, that we've been a growing company. We've done a lot to invest into the business. We've grown a very large sales force, and we've really had to build the team. A lot of the building is done. We don't need to build as much as we have in the past with a maturer sales force, there's somewhat natural leverage that comes as they are longer with the company and they get more productive and achieve higher revenue ranges with their certain customers.

因此，關於一些槓桿作用，我們過去討論過一些事情，我們一直是一家成長中的公司。我們在這項業務上做了很多投資。我們已經培養了一支非常龐大的銷售隊伍，我們確實必須建立這個團隊。建築的大部分工作已經完成。我們不需要像過去那樣建立一支更成熟的銷售隊伍，隨著他們在公司工作的時間更長，他們的生產力更高，並與某些客戶實現更高的收入範圍，就會產生一些自然的槓桿作用。

So we believe that we've been able to reduce some of our costs. You'll see more of that in the coming quarters. We really gave our revised revenue guidance in the second quarter, and we've taken some actions throughout the organization, and we feel really good about these efforts, and you'll see improvement in the bottom line in both Q3 and Q4, especially in Q4 where we have our seasonal strong sales, and we're expecting positive EBITDA in that quarter as well.

因此，我們相信我們已經能夠降低一些成本。在接下來的幾個季度中，您將會看到更多這樣的情況。我們確實在第二季度給出了修訂後的收入指導，並且我們在整個組織中採取了一些行動，我們對這些努力感到非常滿意，您將看到第三季度和第四季度的底線有所改善，特別是在第四季度，我們的季節性銷售強勁，我們預計該季度的 EBITDA 也將為正值。

Got it. And Mark, you did say positive EBITDA for 2025. I did hear that right, right?

知道了。馬克，您確實說過 2025 年 EBITDA 為正。我確實沒聽錯吧？

Yes. So we're -- we should turn that corner and be in positive territory next year.

是的。所以我們——明年我們應該扭轉這個局面並進入積極的境地。

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

Hi. This is Izzy on for Ryan. So just to start out to touch on the proposed reimbursement rates for 2025. It's really great to see the lift in both the HOPD and the ASC settings. So as we think about 2025 and granted, you're not going to provide guidance here, but do you think the lift in reimbursement if the proposed rates are finalized will help you bring in new surgeons and drive adoption of your products?

你好。這是為 Ryan 準備的 Izzy。首先談談 2025 年擬議的報銷率。看到 HOPD 和 ASC 設置中的提升真是太棒了。因此，當我們考慮 2025 年時，您不會在這裡提供指導，但您認為如果最終確定提議的費率，報銷的增加會幫助您引進新的外科醫生並推動您的產品的採用嗎？

Eli, it's John. Yes, we're really encouraged and optimistic about these proposed changes and anticipate them being finalized in November. They go into effect Jan 1 of next year. So the way we look at it, we see several benefits. Right now, we think that somewhere between 40% and 50% of our cases are reimbursed under APC 5115 already in the hospital outpatient setting due to additional certain procedures performed along with the Lapidus code.

伊萊，是約翰。是的，我們對這些擬議的變更感到非常鼓舞和樂觀，並預計它們將在 11 月最終確定。它們將於明年 1 月 1 日生效。因此，從我們的角度來看，我們看到了幾個好處。目前，我們認為，由於與 Lapidus 代碼一起執行了額外的某些程序，我們的病例中有 40% 到 50% 已經在醫院門診環境中根據 APC 5115 獲得報銷。

That -- if that proposed rule becomes final, it could potentially change reimbursement for the remaining 50% to 60% of our cases that are currently reimbursed under the lower 5114. So that could be beneficial for sure, if it were to happen. And in the ASC setting, we can only see this as a real potential positive for us in terms of helping with access and could also benefit our more premium technologies being used more frequently in the more cost-conscious ASC settings where we're currently doing cases. So we can't really see any downside to this, only upsides. And again, a reminder that they're proposed or not yet final.

如果該擬議規則成為最終規則，則可能會改變目前根據較低的 5​​114 報銷的剩餘 50% 至 60% 案件的報銷金額。因此，如果真的發生的話，這肯定是有益的。在ASC 環境中，我們只能將其視為在幫助訪問方面對我們來說真正的潛在積極因素，並且還可以使我們更優質的技術在我們目前正在做的更具成本意識的ASC 環境中更頻繁地使用。所以我們看不到這有什麼缺點，只有優點。再次提醒大家，它們已經被提議或尚未最終確定。

Yes. And this is Mark. And we've heard some indications from some certain customers with respect to pricing, whether or not they have access to ASCs. And so this would absolutely alleviate some of the concerns that they might have to have access to our full line of products as well. So we feel encouraged by it. And we recognize that it's only proposed, it's not yet final. And so we'll be able to talk hopefully about this in future quarters.

是的。這是馬克。我們已經從一些特定客戶那裡聽到了有關定價的一些跡象，無論他們是否有權使用 ASC。因此，這絕對會減輕他們可能也必須獲得我們全系列產品的一些擔憂。所以我們對此感到鼓舞。我們認識到這只是提議，尚未最終確定。因此，我們將有希望在未來幾季討論這個問題。

Got it. That's helpful. And then I heard your comments on the surgeon training that it's tracking pretty well through the first half of the year so far. But as we think about the new product introductions that you have and the feedback that you've received for them so far, do you think that 250, 300 new doctors in a year is sustainable going forward? Or is there any opportunity to increase that?

知道了。這很有幫助。然後我聽到了您對外科醫生培訓的評論，到目前為止，今年上半年的培訓進展順利。但當我們思考你們推出的新產品以及迄今為止收到的回饋時，您認為一年內新增 250 名、300 名新醫生是否可持續？或者有什麼機會可以增加這一點？

Yes. That's a great question. Again, we haven't given any guidance specifically to next year. But I can tell you this, if our early trainings on some of our new systems is any indication, then that level of surgeon adds definitely seems reasonable next year. We've had a lot of surgeons, like John said, our training is focused on MIS procedures, including our minimally invasive Micro-Lapiplasty and our Mini-Adductoplasty, and then we're combining that with some of the MIS osteotomy solutions as well.

是的。這是一個很好的問題。同樣，我們沒有專門針對明年提供任何指導。但我可以告訴你，如果我們對某些新系統的早期培訓有任何跡象，那麼明年增加的外科醫生水平絕對是合理的。我們有很多外科醫生，就像約翰說的那樣，我們的培訓重點是MIS 手術，包括我們的微創微創成形術和迷你內收肌成形術，然後我們還將其與一些MIS 截骨術解決方案相結合。

And I think that theme is really resonating across a lot of surgeons. Not only are we inviting our current surgeon customers, but it's giving us a new opportunity to reach outside of our customer base and really get them excited about MIS osteotomy platforms, a space where we've never played before.

我認為這個主題確實引起了很多外科醫生的共鳴。我們不僅邀請了現有的外科醫生客戶，而且還為我們提供了一個新的機會，可以接觸到我們的客戶群之外，並真正讓他們對MIS 截骨平台感到興奮，這是我們以前從未涉足過的領域。

And as John mentioned, some surgeons just have a bias to one type of procedure versus another. And so there are a lot of surgeons out there that have a bias to osteotomies. And so we really haven't had a lot of interaction with them, and this opens up a new door for us. And so we're not really giving you the number right now, but if the early interest that we've seen is any indication, we're definitely feeling good about next year's trends as well.

正如約翰所提到的，一些外科醫生只是對一種手術類型與另一種手術類型有偏見。因此，有許多外科醫生對截骨術有偏見。所以我們確實沒有與他們進行很多互動，這為我們打開了一扇新的大門。因此，我們現在並沒有真正給你這個數字，但如果我們看到的早期興趣有任何跡象的話，我們肯定也對明年的趨勢感覺良好。

Richard Newitter, Truist Securities.

理查德紐特 (Richard Newitter)，Truist 證券公司。

This is Ben on for Rich. Can you hear me?

這是本‧里奇 (Ben on for Rich)。你聽得到我嗎？

We can.

我們可以。

Yes. All right. So earlier in the call, you mentioned a pipeline of 10 new products to launch through 2025. I was wondering which of these you think might be the most needle-moving? And anything else on these launches you'd like to share?

是的。好的。在電話會議的早些時候，您提到了 2025 年將推出 10 種新產品的管道。我想知道您認為哪一個可能是最令人感動的？關於這些發布您還有什麼想分享的嗎？

Yes. Ben, it's John. Obviously, the MIS osteotomy platforms are going to be, I think, a real exciting new category for us to enter. It's going to do a lot of things. We look at it as a one plus one is 3 having this unique opportunity to provide incremental osteotomy solutions to our 3,000-plus Lapiplasty surgeon base. And then like Mark said, also attract new Lapiplasty users through our osteotomy offerings that haven't used Treace Medical products because they predominantly do osteotomies. And then it's our opportunity to take SpeedPlate in all our other complementary products and wrap them around those new surgeon users as well.

是的。本，是約翰。顯然，我認為 MIS 截骨術平台將成為我們進入的一個真正令人興奮的新類別。它會做很多事情。我們將其視為一加一等於 3，擁有這個獨特的機會為我們 3,000 多名整形外科醫生基地提供增量截骨解決方案。然後，就像 Mark 所說，也透過我們的截骨術產品吸引新的 Lapiplasty 用戶，這些用戶尚未使用 Treace Medical 產品，因為他們主要進行截骨術。然後，我們就有機會將 SpeedPlate 納入我們所有其他補充產品中，並將其吸引到新的外科醫生用戶中。

Kind of regarding the -- beyond the products we covered on the call, we're not really giving details about those at this time, but I can tell you they'll fall into one of three categories. And one would be those that help accelerate our penetration into the core bunion and midfoot correction markets that we serve today. And the second group would be those that target new incremental procedures that tie back to our core procedure base like we've done before with the Adductoplasty and our Hammertoe offerings. And the third would be other technology platforms or product lines that allow our reps to more fully service the comprehensive product needs in their cases and become more of a one-stop shop in these more complex procedures and as well as the straightforward procedure.

除了我們在電話會議中介紹的產品之外，我們目前並沒有真正提供有關這些產品的詳細信息，但我可以告訴您它們將屬於三個類別之一。其中之一是那些有助於加速我們滲透到我們今天所服務的核心拇囊炎和中足矯正市場的產品。第二組是那些針對新的增量程序的程序，這些程序與我們的核心程序基礎相聯繫，就像我們之前對內收肌成形術和錘狀趾產品所做的那樣。第三種是其他技術平台或產品線，使我們的代表能夠更全面地滿足他們案件中的綜合產品需求，並在這些更複雜的程序和簡單的程序中成為更多的一站式商店。

So I look forward to sharing more in future calls and give you guys more detail on those as they come closer to fruition. But for now, that's pretty much what we can say.

因此，我期待在未來的電話會議中分享更多信息，並在這些成果接近實現時為大家提供更多詳細信息。但目前，我們能說的就這麼多了。

Harrison Parsons, Stephens.

哈里森帕森斯、史蒂芬斯。

Hey, General Mark, this is Harrison on for George. I wanted I wanted to circle back on the proposed CMS increases. I was wondering if you all expect to take price just on the base Lapiplasty procedure? Or should we think of it more as a blended ASP increase from more premium products? And then also, I was wondering if you could break out specifically your exposure in the commercial market versus CMS?

嘿，馬克將軍，這是喬治的哈里森。我想我想回顧一下建議的 CMS 增加。我想知道你們是否都希望只根據基礎的隆鼻手術定價？或者我們應該將其更多地視為來自更優質產品的混合平均售價的增長？另外，我想知道您是否可以具體細分一下您在商業市場與 CMS 中的風險敞口？

Yes. So this is Mark, Harrison. Thanks for the question. Let me start with the first part there. I don't think this is really an opportunity where we're looking to take price. We have a really nice portfolio of fixation offerings for surgeons. We have some earlier generation products that are fantastic. They've been using our clinical studies. We know that they work, and we also have some newer generation SpeedPlate. And so we have a nice offering. A lot of these come at different price points for our surgeon customers.

是的。這是馬克·哈里森。謝謝你的提問。讓我從第一部分開始。我不認為這確實是我們尋求定價的機會。我們為外科醫生提供了非常好的固定產品組合。我們有一些非常棒的上一代產品。他們一直在使用我們的臨床研究。我們知道它們有效，而且我們還有一些新一代 SpeedPlate。所以我們有一個很好的產品。對於我們的外科醫生客戶來說，其中許多產品的價格不同。

And so I think what it will really do is just allow greater access in whatever environment they're in, whether it's a hospital or ASC setting. And we also offer a lot of complementary products as well. And it's very common that other procedures are performed at the same time that the bunion is corrected. And so it gives us an opportunity to maybe benefit from our other complementary products as well. But we're not viewing it right now as an opportunity to raise prices, but I think it just makes it easier and more accessible to our customer surgeons.

所以我認為它真正要做的就是允許他們在任何環境中都有更多的訪問權限，無論是醫院還是 ASC 環境。我們也提供許多補充產品。在矯正拇囊炎的同時進行其他手術是很常見的。因此，它使我們有機會從我們的其他互補產品中受益。但我們現在並不將其視為提高價格的機會，但我認為這只是讓我們的客戶外科醫生更容易、更容易獲得。

The other part of the question was more -- is their exposure to commercial pay. We know that they tend to fall in line or follow some of the -- what CMS has. So -- but currently, we believe and in most cases, the commercial payers are reimbursing at a little bit higher rate anyway right now. So I just don't know that it creates exposure one way or the other, but definitely from a CMS Medicare perspective makes it a little bit more accessible for our products in whatever setting hospitals or ASCs.

問題的另一部分是他們對商業薪酬的曝險。我們知道他們傾向於遵守 CMS 的一些規定。所以，但目前，我們相信，在大多數情況下，商業付款人現在正在以略高的利率償還。所以我只是不知道它會以某種方式產生暴露，但從 CMS Medicare 的角度來看，絕對可以讓我們的產品在任何醫院或 ASC 中都更容易獲得。

And Harrison, I think you were asking about mix maybe of commercial pay. The majority of our patients are commercial pay.

哈里森，我想你問的是商業報酬的混合。我們的大多數患者都是商業付費的。

Got it. Yes, that sounds good. And then I did want to ask about the limited market release of your MIS osteotomy in the fourth quarter. I was wondering if you could quantify the financial impact you expect in terms of your guidance for the full year?

知道了。是的，聽起來不錯。然後我確實想問一下你們的MIS截骨術在第四季度的有限市場發布。我想知道您是否可以根據全年指導來量化您預期的財務影響？

No, that's a great question, and thanks for asking it because I want to make sure that it's really clear for people. When we launch products, we tend to do it in a very limited fashion. So we'll put it into some surgeon hands in the fourth quarter, but we really don't see it having a material impact on the quarter at all. Maybe these products may be available late in the quarter. It will be nice to have them out there. It will be nice to have additional trainings and surgeons have the first bite at the apple and have options as far as how to treat their patients. We'll have a more full suite of options for them, but it's really not going to move the needle in Q4. I wouldn't say that it's already -- any upside is already baked into the numbers. So I don't think there should be any increase or change to what expectations are out there for the fourth quarter.

不，這是一個很好的問題，感謝您提出這個問題，因為我想確保人們真的很清楚。當我們推出產品時，我們往往會以非常有限的方式進行。因此，我們將在第四季度將其交給一些外科醫生，但我們實際上認為它根本不會對本季產生實質影響。也許這些產品可能會在本季結束時上市。很高興有他們在場。如果能接受額外的培訓，外科醫生就能先嚐到蘋果的滋味，並在如何治療患者方面擁有選擇權，這將是一件好事。我們將為他們提供更全面的選擇，但這實際上不會在第四季度取得進展。我不會說它已經——任何好處都已經融入了數字中。因此，我認為第四季度的預期不應增加或改變。

And this concludes the question-and-answer session. I would now like to turn it back to Vivian Cervantes for closing remarks.

問答環節到此結束。現在我想請維維安·塞萬提斯（Vivian Cervantes）發表閉幕詞。

Thank you, operator. On behalf of Treace Medical, thanks, everyone, for joining us today. This concludes our call, and we look forward to our next update following the close of the third quarter of 2024.

謝謝你，接線生。我謹代表 Treace Medical，感謝大家今天加入我們。我們的電話會議到此結束，我們期待 2024 年第三季結束後的下一次更新。

This does conclude the program. You may now disconnect.

這確實結束了該程式。您現在可以斷開連線。