Treace Medical Concepts Inc (TMCI) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Treace Medical Concepts third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Treace Medical Concepts 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我謹將會議交給今天的第一位發言人，投資者關係部的 Trip Taylor。請繼續。

Good afternoon, everyone, and welcome to our third-quarter 2025 earnings conference call. Participating from the company today will be John Treace, Chief Executive Officer; and Mark Hair, Chief Financial Officer. John and Mark will discuss our third-quarter financial results and updated 2025 outlook. We'll then host a question-and-answer session following our prepared remarks. Our press release can be found on the Investor Relations section of our website at investors.treese.com. This call is being recorded and will be archived in the Investor section of our website.

各位下午好，歡迎參加我們2025年第三季財報電話會議。今天公司將有執行長約翰·特雷斯和財務長馬克·黑爾出席會議。John 和 Mark 將討論我們第三季的財務表現和更新後的 2025 年展望。在發表完準備好的演講後，我們將進行問答環節。我們的新聞稿可在公司網站投資者關係頁面（investors.treese.com）查閱。本次電話會議正在錄音，錄音內容將存檔於公司網站投資人關係頁面。

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 Security 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. 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 currently 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 third quarter of 2025 filed after the market closed today, November 6, and can be found in the Investor Relations section of our website at investors.treace.com for a detailed presentation of risks.

在開始之前，我們想提醒各位，我們打算確保今天電話會議中所有前瞻性陳述均受 1995 年《私人證券訴訟改革法案》的保護。任何與預期或預測未來事件和市場趨勢相關的陳述，以及我們估計的結果或業績，均為前瞻性陳述。所有前瞻性陳述均基於我們目前的估計和各種假設。這些聲明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聲明中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目前可獲得的信息，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說法。請參閱我們向美國證券交易委員會提交的文件，包括我們於今天（11 月 6 日）股市收盤後提交的 2025 年第三季度 10-Q 表格，該表格可在我們網站 investors.treace.com 的投資者關係部分找到，其中詳細列出了風險。

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

接下來，我會把電話交給約翰。

Thank you, Trip. Good afternoon, everyone, and thank you for joining us on our third-quarter 2025 earnings conference call.

謝謝你，特里普。各位下午好，感謝各位參加我們2025年第三季財報電話會議。

In our press release issued this afternoon, we reported third-quarter revenues of $50.2 million, representing 11% growth over the third quarter of 2024 and a 49% improvement in adjusted EBITDA versus the prior year. We also provided some color on the market dynamics we have seen and are continuing to see and our revised outlook for the full year.

在今天下午發布的新聞稿中，我們公佈了第三季營收為 5,020 萬美元，比 2024 年第三季成長 11%，調整後 EBITDA 比上年同期成長 49%。我們也對已經看到和正在看到的市場動態以及我們對全年的修正展望進行了一些闡述。

Before I get into details on our results and outlook, market dynamics, and the execution of our strategy, I wanted to take a moment to recognize one of our Directors, Richard Mott, who has chosen to retire from our Board for personal reasons. Rich has made significant and valuable contributions to Treace Medical throughout his time as a Director, and we appreciate the expertise, insights, and guidance that he's provided to the Board and the company. We wish him all the best, and he will no doubt always be a friend here to Treace Medical.

在詳細介紹我們的業績和展望、市場動態以及策略執行情況之前，我想花一點時間向我們的董事理查德·莫特致敬，他因個人原因選擇從董事會退休。Rich 在擔任 Treace Medical 董事期間，為公司做出了重大而寶貴的貢獻，我們感謝他為董事會和公司提供的專業知識、見解和指導。我們祝他一切順利，毫無疑問，他將永遠是 Treace Medical 的朋友。

Turning to our performance. Throughout the year, we've discussed what a transformational time this is for Treace Medical as we continue to focus our strategy to evolve our business from a single-technology lapiplasty company to a comprehensive bunion solutions company.

接下來談談我們的表現。在過去一年中，我們一直在討論這對 Treace Medical 來說是一個變革的時期，我們將繼續專注於我們的策略，將我們的業務從單一技術的腹腔鏡成形術公司發展成為一家綜合性的拇趾外翻解決方案公司。

Building upon our flagship Lapiplasty and Adductoplasty systems, we have developed and commercialized three new bunion correction systems this year. We believe we're now positioned to address virtually 100% of surgeon preferences for bunion correction with five best-in-class instrumented systems spanning all four classes of bunion deformities. And these are further bolstered by expanded commercial availability of several other new technologies to broaden our footprint in the foot and ankle market.

在我們旗艦產品 Lapiplasty 和 Adductoplasty 系統的基礎上，我們今年開發並推出了三種新的拇趾外翻矯正系統。我們相信，我們現在擁有五套一流的器械系統，涵蓋所有四類拇外翻畸形，幾乎可以滿足外科醫生對拇外翻矯正的所有偏好。此外，隨著其他幾項新技術的商業化應用不斷擴大，我們在足踝市場的份額也進一步增加。

To support this expanded portfolio of products and extend our customer relationships, we brought on a Chief Commercial Officer earlier this year, and we recently appointed a new Senior Vice President of Sales and have added leading foot and ankle sales experts to our sales team. We expected our growth to accelerate each quarter through 2025 and particularly in the second half given our new solutions and ability to target a broader base of surgeons.

為了支持這項擴大的產品組合併拓展客戶關係，我們今年稍早聘請了一位首席商務官，最近又任命了一位新的銷售高級副總裁，並為我們的銷售團隊增加了頂尖的足踝銷售專家。我們預計到 2025 年，我們的成長速度將逐季度加快，尤其是在下半年，因為我們有了新的解決方案，並且能夠瞄準更廣泛的外科醫生群體。

Successful execution of our strategy helped drive revenue growth in the third quarter. However, we also benefited from sales to a limited number of stocking distributors that we don't expect to recur at the same levels in future quarters. At the same time, we experienced pressure on lapiplasty volumes as surgeon and patient preferences continued to shift towards minimally invasive osteotomies.

我們策略的成功實施推動了第三季的營收成長。然而，我們也受益於向數量有限的庫存分銷商的銷售，但我們預計未來幾季不會再有相同水準的銷售。同時，由於外科醫師和病患的偏好不斷轉向微創截骨術，腹腔鏡手術量也面臨壓力。

In addition, we're seeing broader economic conditions and softer consumer sentiment, leading to a greater number of deferrals of elective bunion procedures. These headwinds have continued early into the fourth quarter, which, as you know, has historically been our strongest period of the year. Given these market dynamics, we're revising our outlook for the full year. We now expect 2025 revenue to be in the range of $211 million to $213 million, representing growth of 1% to 2% compared to full year 2024. As the founder of this company and a large shareholder myself, I'm disappointed in our results and that we are not growing our top line the way we've anticipated for the year.

此外，我們看到整體經濟狀況和消費者信心疲軟，導致越來越多的人推遲進行拇趾外翻擇期手術。這些不利因素一直持續到第四季初，眾所周知，第四季歷來是我們一年中最強勁的時期。鑑於這些市場動態，我們正在修改全年的業績展望。我們現在預計 2025 年的營收將在 2.11 億美元至 2.13 億美元之間，與 2024 年全年相比成長 1% 至 2%。身為這家公司的創辦人和大股東，我對我們的業績感到失望，因為我們今年的營收成長沒有達到預期。

I would like to provide some additional color on the drivers of our updated outlook as well as our focus areas as we move forward. First, I'd like to talk to our product portfolio and what we're seeing in surgeon and patient preferences. With our broader portfolio of products, we have now become a one-stop shop for all bunion needs with customers who use lapiplasty technology already and have established relationships with their Treace sales reps. Our new bunion technologies have also allowed us to attract a new audience of surgeons, those who currently prefer metatarsal osteotomy procedures for the majority of their bunion cases versus our lapiplasty solution.

我想就我們更新後的展望以及我們未來發展的重點領域提供一些補充說明。首先，我想談談我們的產品組合以及我們從外科醫生和患者偏好中觀察到的情況。憑藉我們更廣泛的產品組合，我們現在已經成為滿足所有拇趾外翻需求的一站式商店，我們的客戶已經使用 lapiplasty 技術並與他們的 Treace 銷售代表建立了關係。我們的新型拇外翻治療技術也讓我們吸引了一群新的外科醫生，他們目前更傾向於對大多數拇外翻病例進行蹠骨截骨術，而不是我們的拇外翻成形術。

With our two differentiated 3D MIS osteotomy solutions, as well as our new SpeedMTP great toe fusion system, we now have multiple opportunities to appeal to this surgeon audience. We are also seeing interest from some of these new surgeons adopting our flagship lapiplasty and adductoplasty solutions as well.

憑藉我們兩種不同的 3D MIS 截骨解決方案，以及我們新的 SpeedMTP 大腳趾融合系統，我們現在有多種機會來吸引外科醫生群體。我們也看到一些新晉外科醫生對我們旗艦級的腹腔鏡成形術和內收肌成形術解決方案也表現出了濃厚的興趣。

During the third quarter, we experienced mid-single-digit case volume growth versus the prior year. However, case volume growth was still below what we originally anticipated and it was largely driven by our three new bunion systems which have lower ASPs relative to lapiplasty. While we believe this volume growth demonstrates that we are capturing a larger relative share of available bunion procedures, our system sales mix is shifting away from lapiplasty which as a higher ASP system impacts our overall revenue levels.

第三季度，我們的病例量較上年同期實現了中等個位數的成長。然而，病例量的成長仍然低於我們最初的預期，這主要是由於我們推出的三種新的拇趾外翻矯正系統，其平均售價低於腹腔鏡成形術。雖然我們認為銷售成長表明我們在拇趾外翻手術市場中佔據了更大的相對份額，但我們的系統銷售組合正在從拇外翻手術轉向拇趾外翻成形術，而拇外翻成形術作為一種平均售價較高的系統，會影響我們的整體收入水平。

Further, as we ramp up with our expanded portfolio of products, we are not yet seeing a level of adoption on lapiplasty from new product surgeons that would offset other pressures on the lapiplasty line. That said, we continue to believe we can achieve increased adoption over time.

此外，隨著我們不斷擴大產品組合，我們尚未看到新產品外科醫生對腹腔鏡手術的接受程度足以抵消腹腔鏡手術產品線面臨的其他壓力。儘管如此，我們仍然相信隨著時間的推移，我們可以實現更高的用戶採納率。

Second, we believe, in addition to the change in mix, macroeconomic conditions and consumer sentiment are impacting our case volumes. In October, we conducted a survey with a cross-section of our surgeon customers, and the responses to date have indicated that, on average, their bunion surgical volumes year to date through October had decreased approximately 7% compared to the same period last year. This is consistent with what we are hearing from hospitals and surgical centers, which are reporting that outpatient elective surgeries are being deferred, particularly for commercially insured patients, and the more elective the procedure, the more likely they are to be pushed out.

其次，我們認為，除了產品組合的變化外，宏觀經濟狀況和消費者情緒也在影響我們的訂單量。10 月份，我們對部分外科醫生客戶進行了調查，迄今為止的反饋表明，截至 10 月份，他們的拇趾外翻手術量平均比去年同期下降了約 7%。這與我們從醫院和外科中心聽到的情況一致，他們報告說，門診擇期手術正在被推遲，特別是對於商業保險患者而言，而且手術越是擇期，就越有可能被推遲。

Third, I'll touch on the timing-related impacts of our strategy to shift our contractual arrangements with a limited number of distributors. With a new commercial leader and a new product portfolio, we have evaluated our selling strategies and saw an opportunity to enter into stocking relationships with certain key distributors, which we believe better positions us competitively in those markets.

第三，我將談談我們調整與有限數量的經銷商的合約安排的策略在時間安排方面的影響。隨著新的商業領袖和新的產品組合的出現，我們評估了我們的銷售策略，並看到了與某些主要分銷商建立庫存關係的機會，我們相信這將使我們在這些市場中更具競爭力。

In the third quarter in particular, we had a greater than expected benefit from this change. We recorded approximately $6 million in stocking distributor sales within the quarter, with approximately half of this amount being above our plans as our distributor partners responded positively to the availability of our new products and built inventory ahead of Q4 bunion season. While we are already seeing replenishment orders from our distributor partners, this pull forward of approximately $3 million in sales creates a headwind for us in Q4 as we do not expect this benefit to recur at the same level.

尤其是在第三季度，我們從這項變更中獲得了超出預期的收益。本季度，我們的庫存分銷商銷售額約為 600 萬美元，其中約一半超出了我們的計劃，因為我們的分銷合作夥伴對我們新產品的上市做出了積極反應，並在第四季度拇外翻高發季節到來之前建立了庫存。雖然我們已經看到分銷合作夥伴的補貨訂單，但提前收到的約 300 萬美元銷售額對我們第四季度來說是一個不利因素，因為我們預計這種收益不會以同樣的水平再次出現。

Looking forward, we plan to continue to execute our strategy with a focus on driving continued market share gains, accelerating our top-line growth, and delivering improved profitability in 2026. To do this, we'll continue to train more of our 3,100-plus current customers on our new systems, while also focusing on adding new surging customers.

展望未來，我們計劃繼續執行我們的策略，重點是持續擴大市場份額，加速營收成長，並在 2026 年實現更高的獲利能力。為此，我們將繼續對我們現有的 3100 多名客戶進行新系統的培訓，同時專注於增加新客戶。

In Q3, one quarter into launch, over 20% of our surging customers have already adopted one or more of our new bunion technologies. As a technology and innovation leader in the space, we expect we will drive increased adoption of our best-in-class portfolio, tapping into more cases, and expanding our procedure volumes with our surgeons. We are already seeing encouraging traction on this front with continued enthusiasm around our new systems and high attendance at our certain training events.

第三季度，也就是產品推出一個季度後，我們激增的客戶中已有超過 20% 的人採用了我們的一項或多項新的拇趾外翻治療技術。作為該領域的技術和創新領導者，我們期望能夠推動我們一流的產品組合得到更廣泛的應用，開拓更多病例，並與我們的外科醫生一起擴大手術量。我們已經看到這方面取得了令人鼓舞的進展，大家對我們的新系統熱情高漲，我們的一些培訓活動也吸引了大量參與者。

Next, with a focus on strengthening our sales team's presence and procedural opportunities with surgeons, We plan to continue to deliver a robust pipeline of new innovations expected to impact 2026. To highlight a few, our new lapiplasty lightning platform, this next-generation instrumentation is designed to further increase the precision and speed of the lapiplasty 3D correction. As a reminder, lapidus fusion, though lower volume than osteotomy, remains the largest dollar segment in the bunion market today. We have been the pioneers and leaders in this segment, and we are committed to advancing our technology leadership and bolstering our competitive position in this market.

接下來，我們將專注於加強銷售團隊在外科醫生中的影響力，並拓展業務機會，我們計劃繼續推出一系列預計在 2026 年產生影響的創新產品。舉例來說，我們全新的腹腔鏡手術閃電平台，這種新一代的儀器旨在進一步提高腹腔鏡手術 3D 矯正的精度和速度。需要提醒的是，雖然 Lapidus 融合術的病例數量少於截骨術，但它仍然是目前拇趾外翻市場中金額最大的細分市場。我們一直是該領域的先驅和領導者，我們致力於提升我們的技術領先地位，並鞏固我們在該市場的競爭地位。

Next, our Percuplasty compression screw system, which incorporates the innovative design features of our MIS Percuplasty screw implants into a new line of compression screw implants. This provides our sales team a new core fixation technology which complements our SpeedPlate platform.

接下來是我們的 Percuplasty 加壓螺絲系統，它將我們 MIS Percuplasty 螺絲植入物的創新設計特徵融入到一系列新的加壓螺絲植入物中。這為我們的銷售團隊提供了一種新的核心固定技術，與我們的 SpeedPlate 平台相輔相成。

We believe the addition of this new system will further strengthen our sales team's ability to serve more reconstructive procedures throughout the foot and ankle. And we'll continue to offer new procedure-specific SpeedPlate implants and problem-solving sterile instrument designs, opening up incremental procedure opportunities, serving more procedures, and helping our serving customers achieve better results. And with new commercial and sales leadership, we plan to continue to build upon the capabilities of our already strong sales team, adding experienced foot and ankle sales professionals with deep knowledge and credibility in the market to deliver increased productivity and impact in 2026 and beyond.

我們相信，這個新系統的加入將進一步增強我們銷售團隊為足部和踝部重建手術提供服務的能力。我們將繼續提供針對特定手術的新型 SpeedPlate 植入物和解決問題的無菌器械設計，從而開闢更多手術機會，服務更多手術，並幫助我們的客戶取得更好的結果。隨著新的商業和銷售領導層的加入，我們計劃繼續增強我們已有的強大銷售團隊的能力，增加在足踝領域擁有深厚知識和市場信譽的經驗豐富的銷售專業人員，以在 2026 年及以後提高生產力和影響力。

Treace is known for innovation and helping surgeons deliver great patient outcomes. As we move forward with our growing portfolio of offerings alongside of our lapiplasty solution, we expect our sales team to be better positioned to more broadly service existing customers and onboard new surgeon customers.

Treace 以創新和幫助外科醫生取得良好的患者治療效果而聞名。隨著我們不斷拓展產品組合，並推出腹腔鏡手術解決方案，我們預計我們的銷售團隊將能夠更好地為現有客戶提供更廣泛的服務，並吸引新的外科醫生客戶。

Finally, while we navigate this period, we are already taking action to control what we can control with respect to our organizational cost structure and plan to evaluate levers as we move forward. We have a scalable business model and are focused on improving profitability and adjusted EBITDA and reducing our cash burn in 2026.

最後，在我們應對這段時期的同時，我們已經在採取行動，控制我們能夠控制的組織成本結構，並計劃在未來評估各種槓桿。我們擁有可擴展的商業模式，並專注於提高獲利能力和調整後 EBITDA，並在 2026 年減少現金消耗。

With that, let me now turn the call over to Mark to review our financial performance. Mark?

接下來，我將把電話交給馬克，讓他來回顧我們的財務表現。標記？

Thank you, John. Good afternoon, everyone. Revenue in the third quarter was $50.2 million, an increase of $5.1 million, or 11% over the prior-year period. Growth was mainly driven by an increase in bunion procedure kits sold compared to the prior year. Gross margin was 79.1% in the third quarter of 2025 compared to 80.1% in the third quarter of 2024.

謝謝你，約翰。大家下午好。第三季營收為 5,020 萬美元，較上年同期成長 510 萬美元，增幅達 11%。與前一年相比，拇外翻手術套裝的銷量增加是推動成長的主要因素。2025 年第三季毛利率為 79.1%，而 2024 年第三季毛利率為 80.1%。

Total operating expenses were $55.4 million in the third quarter of 2025, an increase of 8% compared to total operating expenses of $51.3 million in the third quarter of 2024. These increases reflect increased medical education, surgeon training events on our new bunion systems, restructuring charges, and increased litigation expense in the quarter compared to the prior year.

2025 年第三季總營運支出為 5,540 萬美元，較 2024 年第三季總營運支出 5,130 萬美元成長 8%。與去年同期相比，本季醫療教育、外科醫生對我們新的拇趾外翻治療系統的培訓活動、重組費用和訴訟費用均有所增加。

Third-quarter net loss was $16.3 million or $0.26 per share, an increase in our net loss of 6% compared to a net loss of $15.4 million or $0.25 per share in the third quarter of 2024. Year-to-date net loss was $49.6 million, a decrease of 10% compared to a net loss of $55.2 million for the same period in 2024.

第三季淨虧損為 1,630 萬美元，即每股虧損 0.26 美元，與 2024 年第三季淨虧損 1,540 萬美元（即每股虧損 0.25 美元）相比，淨虧損增加了 6%。今年迄今的淨虧損為 4,960 萬美元，比 2024 年同期淨虧損 5,520 萬美元減少了 10%。

Adjusted EBITDA loss for the third quarter was $2.6 million compared to $5.1 million in the third quarter 2024, a reduction of 49%. This represents significant progress towards our improved profitability goals. Year-to-date, adjusted EBITDA loss was $10.1 million, a decrease of 54% compared to a loss of $22.1 million in the same period last year.

第三季調整後 EBITDA 虧損為 260 萬美元，而 2024 年第三季為 510 萬美元，減少了 49%。這標誌著我們在實現提高獲利能力的目標方面取得了重大進展。今年迄今為止，調整後的 EBITDA 虧損為 1,010 萬美元，與去年同期虧損 2,210 萬美元相比，減少了 54%。

Total liquidity as of September 30, 2025, was $80.6 million, comprised of $57.4 million of cash, cash equivalents, and marketable securities, and $23.2 million of availability under the revolving loan facility as of September 30, 2025, compared to $90.7 million at the end of Q2. Compared to the prior year, cash usage decreased in the third quarter of 2025 and year to date by 17% and 58%, respectively.

截至 2025 年 9 月 30 日，總流動性為 8,060 萬美元，其中包括 5,740 萬美元的現金、現金等價物和有價證券，以及截至 2025 年 9 月 30 日循環貸款額度下的可用資金 2,320 萬美元，而第二季末為 9,070 萬美元。與去年同期相比，2025 年第三季現金使用量下降了 17%，年初至今現金使用量下降了 58%。

Before concluding, let me turn to our outlook for full year 2025. As John mentioned, we are revising our full-year guidance. We now expect full-year 2025 revenue to be in the range of $211 million to $213 million, representing growth of 1% to 2% compared to full year 2024.

在結束之前，讓我先展望一下我們對 2025 年全年的展望。正如約翰所提到的，我們正在修訂全年業績預期。我們現在預計 2025 年全年營收將在 2.11 億美元至 2.13 億美元之間，與 2024 年全年相比成長 1% 至 2%。

In addition, we now expect a loss in adjusted EBITDA in the range of $6.5 million to $7.5 million for the full year 2025, reflecting a 32% to 41% improvement over the prior year. We also expect a reduction in cash used of 43% to 47% for the full year 2025 as compared to the full year 2024.

此外，我們現在預計 2025 年全年調整後 EBITDA 虧損將在 650 萬美元至 750 萬美元之間，較前一年改善 32% 至 41%。我們也預計，2025 年全年現金使用量將比 2024 年全年減少 43% 至 47%。

Supported by a strong and flexible balance sheet, we believe we are well-positioned to continue executing our strategic and growth initiatives for the foreseeable future.

憑藉強勁而靈活的資產負債表，我們相信我們有能力在可預見的未來繼續執行我們的策略和成長計劃。

I'll now hand it back over to John for some closing remarks.

現在我將發言權交還給約翰，請他作總結發言。

Thanks, Mark. As we close today, I would like to reiterate that we are not satisfied with our results and that we are not delivering the growth we'd initially planned for the year. However, looking ahead, we believe we are strongly positioned to drive market share gains with our new products innovation pipeline, and ability to leverage our dedicated commercial organization. We remain a recognized leader in the market, and our team is focused on increasing our top-line growth, improving profitability, and delivering value to shareholders.

謝謝你，馬克。在今天會議結束之際，我想重申，我們對目前的業績並不滿意，也沒有實現我們最初為今年制定的成長計畫。但是展望未來，我們相信憑藉我們的新產品創新管道以及利用我們專業的商業組織的能力，我們有能力推動市場份額的成長。我們仍然是市場上公認的領導者，我們的團隊致力於提高營收成長、提升獲利能力，並為股東創造價值。

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

那麼，現在我將把電話轉交給接線員，由他來回答您的問題。

(Operator Instructions) Lili Lozada, JPMorgan.

（操作說明）莉莉‧洛薩達，摩根大通。

Great. Thanks so much for taking the question. Can you talk a bit more about the softness and the core lapiplasty business and how you're thinking about that trending from here? If there's a growing preference for MIS osteotomy, do you think this is something that can turn around eventually? What could get this to return to growth if doctor preferences have just been shifting elsewhere?

偉大的。非常感謝您回答這個問題。您能否再詳細談談柔軟度、腹腔鏡整形手術的核心業務，以及您如何看待該業務未來的發展趨勢？如果微創截骨術越來越受歡迎，你認為這種情況最終會改變嗎？如果醫生的偏好已經轉移到其他地方，那麼有什麼因素才能使這種趨勢恢復成長？

Hi, Lily. John here. You know, it's a great question. There's definitely a trend towards popularity of minimally invasive osteotomies, yet there is a segment of the market that is the lapiplasty or lapidus domain where you have the more significant bunion deformities.

你好，莉莉。我是約翰。你知道，這是一個很好的問題。微創截骨術的受歡迎程度確實呈現上升趨勢，但市場上仍有一部分領域屬於拉皮成形術或拉皮杜斯手術，用於治療更嚴重的拇趾外翻畸形。

We started in that market and built our business around that. Now, we're going to go capture share in the minimally invasive osteotomy market and the MTP fusion market. These are significant volume opportunities for us and right now, we're getting good market share penetration. We're taking competitive share in that arena, but it's coming at a lower price point. So the success we're having on the ground and in the surgeons' practices is not translating to the top line.

我們最初就是從那個市場起步，並圍繞著它建立了我們的業務。現在，我們將進軍微創截骨術市場和蹠趾關節融合術市場，爭取市場份額。這些對我們來說是巨大的銷售機會，目前我們正在獲得良好的市場份額滲透率。我們在該領域佔據了具有競爭力的市場份額，但價格更低。因此，我們在基層和外科醫生實踐中取得的成功並沒有轉化為營收成長。

That said, the reason we are doing this is we believe we can capture more customers and bring them into Treace and get them wherever they relegate the lapiplasty procedure to, or the lapidus segment. Every surgeon has to do lapidus at some point. There are deformities that are really severe or they're unstable, and they have to use a lapidus product there. So it's always going to be there, we just have to get more surgeons on board, and we're doing it using our new product technology and then pulling through the lapiplasty. But to date, The LapA 5C gains we're getting from those new customers aren't enough to make up for the softness overall that's coming at the trade-off of minimally invasive osteotomies to LapAs.

也就是說，我們這樣做的原因是我們相信我們可以吸引更多客戶，並將他們帶到 Treace，讓他們無論將腹腔鏡手術歸類到哪裡，或歸類到腹腔鏡手術部分，都可以獲得這些客戶。每個外科醫生遲早都要進行拉皮杜斯手術。有些畸形非常嚴重或不穩定，在這種情況下，他們必須使用拉皮杜斯產品。所以這項技術一直都會存在，我們只需要讓更多的外科醫生加入進來，我們正在利用我們的新產品技術，然後透過腹腔鏡整形術來實現這一點。但迄今為止，我們從這些新客戶那裡獲得的 LapA 5C 收益還不足以彌補微創截骨術與 LapA 手術之間權衡所帶來的整體柔軟度不足的問題。

Got it. That's helpful. And then I know it's still early, but I'm hoping you can share some thoughts on what this all means for next year. By my math, the guide implies fourth quarter sales down 10% or so -- or 6% if you adjust for that pull forward that you called out. So is that how we should be thinking about at least the first few quarters of 2026? Thanks so much.

知道了。那很有幫助。我知道現在說這些還為時過早，但我希望你能分享你對這一切對明年意味著什麼的一些想法。根據我的計算，該指南暗示第四季度銷售額將下降 10% 左右——如果考慮到你提到的提前公佈的情況，則下降幅度為 6%。那麼，我們是否應該這樣看待 2026 年的前幾季呢？非常感謝。

Hey, Lily. This is Mark. I'll take that one. We're not providing guidance for 2026 at this time, and we plan to provide an update at our fourth-quarter earnings call. But with that said, we're navigating a change, this transition that John talked about, and there are a lot of reasons why We are very optimistic.

嗨，莉莉。這是馬克。我選那個。我們目前不提供 2026 年的業績指引，計劃在第四季財報電話會議上提供最新資訊。但話雖如此，我們正在經歷約翰所說的變革和轉型，我們有很多理由對此感到非常樂觀。

John talked about being the leader in the space, and we're growing case volumes. I think that's a really important point to focus on. Our case volumes increased in Q3 versus the prior year, and we fully anticipate for additional case volumes in Q4 as well.

約翰談到要成為該領域的領導者，而我們的案例數量也在不斷增長。我認為這是一個非常值得關注的重要面向。與去年同期相比，我們第三季的病例量有所增加，我們完全預期第四季度的病例量也會增加。

So we've really been encouraged by the reception of these three new bunion systems, and we've got more innovation coming that should impact 2026 as well as, of course, our strong commercial organization. We look forward to providing an update about the progress at our Q4 earnings call.

因此，我們對這三款新型拇趾外翻治療系統的市場反應感到非常鼓舞，我們還有更多創新產品即將問世，這些產品應該會對 2026 年產生影響，當然，我們強大的商業組織也將發揮作用。我們期待在第四季財報電話會議上向大家報告最新進展。

Great. Thank you.

偉大的。謝謝。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Hi, good evening. Thanks for taking the questions. This is Marie Thibault on for Ryan this evening. Wanted to sort of follow up a little bit on the shifts in preferences. Would like to understand, I know that this has been sort of an ongoing shift, but has there been some sort of acceleration that you've seen away from lapiplasty? A little curious why this has sort of become a bigger issue here, I guess, in the second half of this year.

您好，晚上好。謝謝您回答問題。今晚這裡是瑪麗·蒂博代替瑞安為您報道。想稍微跟進一下人們偏好的改變。我想了解一下，我知道這是一種持續的轉變，但您是否看到人們逐漸放棄腹腔鏡手術的趨勢有所加速？我有點好奇，為什麼這個問題在今年下半年變得癒發嚴重。

And then as part of that, trying to understand sort of a good reaction to the three new bunion technologies, very encouraging to hear. Is that something that could be accelerated? Is that a focus for the sales team to sort of drive those products a little faster and partially offset some of the shift away from lapiplasty?

然後，作為其中的一部分，我們試圖了解人們對三種新的拇趾外翻治療技術的良好反應，聽到這樣的反應令人非常鼓舞。這件事能否加速進行？銷售團隊是否打算以此為重點，加速這些產品的銷售速度，並部分抵銷腹腔鏡手術市場下滑的影響？

Yes. Marie, John here. Definitely, there is a trend with the minimally invasive osteotomy and minimally invasive foot surgery. That's why we're here, and we're playing in that market with some really novel technologies, our Percuplasty system, our Nanoplasty system, and then there's another segment of the market that's the great toe fusion and that can be about 20% of the overall 450,000 bunions. So these are, osteotomies are 70% of the market procedure-wise, lapidus is call it 30%. We're playing in all these spaces now and we're using the tools we have and extracting market share in our minimally invasive procedures while we work on next-generation lapiplasty, and that'll be there as a driver going forward for us as well.

是的。瑪麗，我是約翰。微創截骨術和微創足部手術無疑是一種趨勢。這就是我們來到這裡的原因，我們正在利用一些非常新穎的技術在這個市場中競爭，例如我們的經皮成形術系統和奈米成形術系統。此外，市場還有另一個細分領域，即大腳趾融合術，這大約佔45萬例拇外翻病例的20%。所以，截骨術佔市場手術量的 70%，拉皮杜斯手術佔 30%。我們現在涉足所有這些領域，利用我們現有的工具，在微創手術領域搶佔市場份額，同時也在研發下一代腹腔鏡手術，這也將成為我們未來發展的動力。

And was there a second part of the question that I missed?

我漏掉了問題的第二部分嗎？

Is the sales force focusing on these new products as well?

銷售團隊是否也專注於這些新產品？

Yes, they are. Yeah, sorry about that, Marie. They absolutely are, and they're using it to drive greater penetration, greater engagement with their surgeons. We're seeing really solid uptick with the new products, and we think that opens the door to present Lapiplasty to more surgeons and Adductoplasty solution. So they absolutely are and we're doing really well on that front and that's why we were talking about the procedure volume growth mid-single digits in Q3 that we expect to continue through Q4. And if we can accelerate that, you do reach that point where the top line starts to grow again, and we'll be back on track.

是的，他們是。是啊，真抱歉，瑪麗。他們確實在這樣做，而且他們正在利用它來提高市場滲透率，增強與外科醫生的互動。我們看到新產品的銷售出現了非常強勁的成長，我們認為這為向更多外科醫生推廣腹腔鏡成形術和內收肌成形術解決方案打開了大門。所以他們的確如此，我們在這一方面做得非常好，這就是為什麼我們談到第三季度手術量增長達到個位數中段，我們預計這一增長勢頭將持續到第四季度。如果我們能加快這一進程，就能達到營收再次成長的臨界點，我們就能重回正軌。

Okay, sure, that's really helpful. Thank you for that, John. And then a follow-up here. You mentioned taking action to control what you can't control. Any specifics that you can give around where you might be able to find some efficiencies on the P&L things to kind of offset the little bit of a lower top line?

好的，當然，這真的很有幫助。謝謝你，約翰。然後這裡還有後續。你提到要採取行動來控制你無法控制的事情。您能否具體說明一下，在損益表方面有哪些可以提高效率的地方，以彌補營收略微下降的影響？

Yeah, this is Mark. So we have been and will continue to take actions to control those things that you said that we can control. If you look at the financials, we had reported somewhat of a restructuring charge already in Q3 where we've looked for opportunities to make some changes in the organization and the cost structure, and we'll continue to evaluate levers as we move forward.

是的，這是馬克。所以，我們過去一直並將繼續採取措施來控制您所說的那些我們可以控制的事情。從財務數據來看，我們在第三季已經報告了一些重組費用，當時我們一直在尋找機會對組織和成本結構進行一些改變，我們將繼續評估各種方法以推進下一步工作。

Fortunately for us, we have a very scalable business. We have high margins, and we're focused on driving the top line and improving profitability. So it's definitely going to be an area of focus for us.

幸運的是，我們的業務具有很強的可擴展性。我們擁有很高的利潤率，我們專注於提升營收和提高獲利能力。所以這肯定會成為我們關注的重點領域。

Okay. Thank you so much. Good luck with the work.

好的。太感謝了。祝你工作順利。

Thank you.

謝謝。

Thank you so much. I am showing no further questions at this time. This does conclude the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program --

太感謝了。我目前沒有其他問題要問。問答環節到此結束。感謝您參加今天的會議。至此，程序結束。--

We've got somebody.

我們找到人了。

Jayna Francis, UBS.

Jayna Francis，瑞銀集團。

Hi. Thanks for taking the questions. Just wondering, how would you plan to recoup some of those deferred procedures when you're going into next year?

你好。謝謝您回答問題。我只是好奇，您打算如何彌補明年之前推遲的一些手術費用？

And then the second one would be just the puts and takes to 2026 qualitatively, since we appreciate you're not giving quantitative guidance.

其次，由於我們理解您沒有提供量化指導，所以第二個問題只是對 2026 年之前的投注和投注進行定性分析。

Hi, Jayna. This is John. Yeah, the deferred patients into next year, our approach is now we have a lot more ways to get at the patient population, and whether that's a little lighter or a little heavier. But going into next year, if we get a little bit of improvement in consumer sentiment, we continue to get our sales team more familiar and more engaged with these new products as well as lapiplasty. I think we set ourselves up really nicely to capture or larger share of more patients coming back into the front and having surgery.

你好，傑娜。這是約翰。是的，對於推遲到明年的患者，我們現在有更多方法來接觸患者群體，無論治療強度是輕一些還是重一些。但展望明年，如果消費者信心有所改善，我們將繼續讓我們的銷售團隊更加熟悉和參與這些新產品以及腹腔鏡整形手術。我認為我們已經做好了充分的準備，可以吸引更多患者回到診間接受手術。

Got it. Thank you so much.

知道了。太感謝了。

Sure thing.

當然可以。

(Operator Instructions) All right. I'm showing no further questions at this time. This does conclude the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

（操作說明）好的。我目前沒有其他問題要問。問答環節到此結束。感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。