(TMDX) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to TransMedics Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I'd now like to turn the call over to Brian Johnston from the Gilmartin Group for a few introductory comments.

下午好，歡迎參加 TransMedics 2023 年第二季度收益電話會議。此時，所有參與者都處於只聽模式。我們將在今天的電話會議結束時安排問答環節。謹此提醒，本次通話將被錄音以供重播。現在我想將電話轉給吉爾馬丁集團的布萊恩·約翰斯頓，請其發表一些介紹性意見。

Thank you. Earlier today, TransMedics released financial results for the quarter ended June 30, 2023. A copy of the press release is available on the company's website. Before we begin, I'd like to remind you that management will make statements during this call, including during the question-and-answer section that include forward-looking statements, within the meaning of federal securities laws. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. All forward-looking statements, including, without limitation, are examination of operating trends, the potential commercial opportunity for our products and our future financial expectations, which include expectations for growth in our organization and guidance and/or expectations for revenue, gross margins and operating expenses in 2023 are based upon our current estimates and various assumptions.

謝謝。今天早些時候，TransMedics 發布了截至 2023 年 6 月 30 日的季度財務業績。該新聞稿的副本可在該公司網站上獲取。在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，包括在問答部分，其中包括聯邦證券法含義內的前瞻性聲明。本次電話會議中包含的任何與對未來事件、結果或業績的預期或預測相關的陳述均為前瞻性陳述。所有前瞻性陳述，包括但不限於對運營趨勢、我們產品的潛在商業機會和我們未來財務預期的審查，其中包括對我們組織增長的預期以及對收入、毛利率和利潤的指導和/或預期。 2023 年的運營費用是基於我們當前的估計和各種假設。

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. Accordingly, you should not place undue reliance on these statements. Additional information regarding these risks and uncertainties appears under the heading, Risk Factors, on our Form 10-K filed with the Securities and Exchange Commission on February 27, 2023, and our subsequent filings with the Securities and Exchange Commission, which are available at www.sec.gov ,and on our website at www.transmetics.com. TransMedics disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 3, 2023. And with that, I will now turn the call over to Waleed Hassanein, President and Chief Executive Officer.

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存在重大差異。因此，您不應過分依賴這些陳述。有關這些風險和不確定性的更多信息，請參見我們於2023 年2 月27 日向美國證券交易委員會提交的10-K 表格以及我們隨後向美國證券交易委員會提交的文件中的“風險因素”標題，這些信息可在www. .sec.gov 以及我們的網站 www.transmetics.com。除法律要求外，TransMedics 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是由於新信息、未來事件還是其他原因。本次電話會議包含時間敏感信息，僅截至今天（2023 年 8 月 3 日）直播時準確。現在，我將把電話轉給總裁兼首席執行官 Waleed Hassanein。

Thank you, Brian. Good afternoon, everyone, and welcome to TransMedics Second Quarter 2023 Earnings Call. As always, joining me today is Stephen Gordon, our Chief Financial Officer. The first half of 2023 was an important period for TransMedics, as we successfully executed on several operational and strategic growth initiatives. Our efforts have culminated in 2Q being our highest revenue quarter to date. We also buttressed our balance sheet with a successful convertible debt offering. And earlier this week, we entered into agreements for 2 acquisitions that will propel us further on our growth trajectory, both short and long term.

謝謝你，布萊恩。大家下午好，歡迎參加 TransMedics 2023 年第二季度收益電話會議。與往常一樣，今天與我一起出席的是我們的首席財務官斯蒂芬·戈登 (Stephen Gordon)。 2023 年上半年對於 TransMedics 來說是一個重要時期，我們成功執行了多項運營和戰略增長計劃。我們的努力最終使第二季度成為我們迄今為止收入最高的季度。我們還通過成功的可轉換債券發行來支撐我們的資產負債表。本週早些時候，我們簽署了兩項收購協議，這將進一步推動我們的短期和長期增長軌跡。

In 2Q, we demonstrated significant commercial momentum and accelerated clinical adoption through NOP across all 3 organs. Operationally, we opened our new clean room on schedule and secured a second large sterilization partnership, further enhancing our production and throughput capacity. This will better position us to meet the high and growing demand for OCS.

第二季度，我們通過 NOP 在所有 3 個器官中展示了顯著的商業勢頭並加速了臨床採用。在運營方面，我們如期啟用了新的潔淨室，並獲得了第二個大型滅菌合作夥伴關係，進一步提高了我們的生產和吞吐量。這將使我們能夠更好地滿足對 OCS 不斷增長的高需求。

Now let me cover the specifics of our 2Q performance. In the second quarter, we achieved total revenue of $52.5 million, representing 156% year-over-year growth, and 26% growth over 1Q '23. U.S. sales represented $49 million in revenue, growing 170% year-over-year with OUS sales up 48% to $33.5 million. We also demonstrated continued improvement down the P&L as we benefit from increasing operating leverage. Stephen will cover the details in his section of today's call.

現在讓我介紹一下我們第二季度業績的具體情況。第二季度，我們實現總收入 5250 萬美元，同比增長 156%，比 2023 年第一季度增長 26%。美國銷售額為 4,900 萬美元，同比增長 170%，其中 OUS 銷售額增長 48%，達到 3,350 萬美元。由於我們受益於運營槓桿的增加，我們還證明了損益表的持續改善。斯蒂芬將在今天的電話會議中介紹詳細信息。

Importantly, we buttressed our balance sheet by issuing convertible debt at highly favorable terms, which provided a net of approximately $393 million to enable us to invest in standing up the TransMedics aviation and logistics network. 2Q also represented another new high watermark for case volume, driven by growth across all 3 organs for the first quarter in many quarters. We saw growth in liver, heart and lungs. Liver and heart increased sequentially for the sixth consecutive quarter. Meanwhile, on volume was the highest we've achieved in the past 8 quarters.

重要的是，我們通過以非常優惠的條件發行可轉換債券來支撐我們的資產負債表，這為我們提供了約 3.93 億美元的淨收益，使我們能夠投資建立 TransMedics 航空和物流網絡。第二季度也代表了案件量的另一個新高水位，這是由許多季度第一季度所有三個機構的增長推動的。我們看到肝臟、心臟和肺的生長。肝臟和心臟連續第六個季度連續增長。與此同時，銷量是我們過去 8 個季度取得的最高水平。

We are planning to continue to build on this early lung momentum, and hope to see continued growth going forward. In line with our outlined growth strategy, we also grew the number of liver, heart and lung transplant programs using OCS and NOP. In 2Q, 35 liver programs used OCS and NOP, 20 of which were active users. For heart, there were 40 programs that used the OCS and NOP, 12 of which were active users. There were 13 lung programs that use the OCS and NOP, 5 of which were repeat users.

我們計劃繼續鞏固這一早期的肺部勢頭，並希望看到未來的持續增長。根據我們概述的增長戰略，我們還增加了使用 OCS 和 NOP 的肝臟、心臟和肺移植項目的數量。第二季度，有 35 個肝臟項目使用 OCS 和 NOP，其中 20 個是活躍用戶。對於心臟來說，有 40 個程序使用了 OCS 和 NOP，其中 12 個是活躍用戶。有 13 個肺部項目使用 OCS 和 NOP，其中 5 個是重複用戶。

We're encouraged by the early signs of recovery of our lung program. However, we remain focused on continuing to grow along segment of our business over the next 12 to 18 months. In terms of NOP contribution, approximately 93% of our total U.S. case volume came from NOP. On a per organ basis, approximately 98% of liver, 81% of heart, and 97% of lung cases, were from NOP. As we stated before, we expect the NOP to continue to drive the lion's share of our revenue in the U.S. going forward.

我們的肺部計劃恢復的早期跡象令我們感到鼓舞。然而，我們仍然專注於在未來 12 至 18 個月內繼續推動我們業務的增長。就 NOP 貢獻而言，我們美國案件總量的約 93% 來自 NOP。以每個器官為基礎，大約 98% 的肝臟、81% 的心臟和 97% 的肺部病例來自 NOP。正如我們之前所說，我們預計 NOP 將繼續佔據我們在美國收入的最大份額。

In 2Q, we initiated production in our new clean room right on schedule, adding more capacity to meet demand for OCS. We are currently building up and training the first and second shift for the new clean room space. We expect to produce over 10,000 OCS perfusion modules per year in this new clean room once it's fully staffed. Finally, in 2Q, we are able to add significant sterilization capacity, by qualifying a second large sterilization partner. This will further enhance our throughput capacity going forward.

第二季度，我們如期在新的潔淨室開始生產，增加了更多產能以滿足 OCS 的需求。我們目前正在為新的潔淨室空間建立和培訓第一班和第二班。一旦人員配備齊全，我們預計在這個新的潔淨室中每年可生產超過 10,000 個 OCS 灌注模塊。最後，在第二季度，我們能夠通過鑑定第二家大型滅菌合作夥伴來顯著增加滅菌能力。這將進一步增強我們未來的吞吐能力。

Our 2Q results have once again demonstrated the growth trajectory of our business. As we described in our 1Q call, our experience operating the NOP model in the United States over the past 18 months have shown us how inefficient and unscalable, the current industry model for organ transportation logistics is. TransMedics is committed to developing a more efficient, national model, for organ transplantation in the U.S. by launching TransMedics Aviation as the first national transplant dedicated logistics network.

我們的第二季度業績再次證明了我們業務的增長軌跡。正如我們在第一季度電話會議中所描述的，過去 18 個月在美國運營 NOP 模式的經驗向我們展示了當前器官運輸物流的行業模式是多麼低效且無法擴展。 TransMedics 致力於在美國開發更高效的全國器官移植模式，推出 TransMedics Aviation 作為第一個全國移植專用物流網絡。

Our goal is to control the entire end-to-end process of donor to recipient logistics, to directly manage all NOP transplant volume in the U.S. by the second half of 2024. This will help remove a critical bottleneck to our growth, and to the U.S. transplant volumes broadly. We are making this investment because we are seeing NOP volumes starting to outpace the capacity, the availability and importantly, the limited flight radius of the fragmented older transplant air charter that is being used today.

我們的目標是控制捐贈者到受者物流的整個端到端流程，到 2024 年下半年直接管理美國所有 NOP 移植量。這將有助於消除我們增長的關鍵瓶頸，美國移植量廣泛。我們之所以進行這項投資，是因為我們發現 NOP 的運輸量開始超過容量、可用性，更重要的是，目前使用的支離破碎的舊移植包機的飛行半徑有限。

To that end, I'm delighted that we recently signed a definitive agreement to acquire Summit Aviation, one of the premier U.S. flight charter operators. This acquisition represents a cornerstone element of our strategy, designed to create a dedicated national transplant logistics network to expand the NOP reach and capacity. These allow me to provide more color on this important acquisition and how we envision the next steps to getting our aviation service operational over the next several months.

為此，我很高興我們最近簽署了收購美國首屈一指的包機運營商之一的 Summit Aviation 的最終協議。此次收購是我們戰略的基石要素，旨在創建專門的全國移植物流網絡，以擴大 NOP 的覆蓋範圍和產能。這些讓我能夠對這一重要收購提供更多的信息，以及我們如何設想在未來幾個月內讓我們的航空服務投入運營的後續步驟。

From a timing perspective or a time line perspective, this acquisition is expected to close in Q3 2023. And subject to fulfillment of satisfactory closing conditions, we intend for Ben Walton to -- the current President of Summit and a veteran of the

從時間角度或時間表角度來看，此次收購預計將於2023 年第三季度完成。在滿足令人滿意的成交條件的情況下，我們希望Ben Walton 擔任Summit 現任總裁，也是該公司的資深人士。

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assume the role of VP of TransMedics Aviation Services. We also intend to maintain and transition the entire operations team and the majority of the pilots from Summit to TransMedics.

擔任 TransMedics 航空服務副總裁。我們還打算維持整個運營團隊和大多數飛行員，並將其從 Summit 轉移到 TransMedics。

Further, the TransMedics logistics team here in Andover, is currently establishing a national digital command and dispatch center, that will be located in Andover, Massachusetts. This center will efficiently deploy the TransMedics aviation fleet from approximately 8 dedicated aviation hubs, capable of covering 100% of the Continental U.S. We will use a data-driven approach to continue to refine the national TransMedics transplant logistical network to maximize coverage, and efficiency of the operations.

此外，位於安多佛的 TransMedics 後勤團隊目前正在建立一個國家數字指揮和調度中心，該中心將位於馬薩諸塞州安多佛。該中心將高效部署來自約8 個專用航空樞紐的TransMedics 航空機隊，能夠覆蓋100% 的美國大陸地區。我們將使用數據驅動的方法繼續完善全國TransMedics 移植後勤網絡，以最大限度地提高覆蓋率和效率。的操作。

We have also begun the process of acquiring several additional aircraft to expand the TransMedics fleet, to reach our target goal of initially having 10 to 15 operational airplanes by the first half of 2024. Subject to the closing, we intend to main Summit existing flight school operations for the foreseeable future, to ensure future supply of trained pilots to support the TransMedics fleet. We strongly believe this is an important strategic advantage for our long-term success.

我們還開始購買幾架額外的飛機以擴大 TransMedics 機隊，以實現到 2024 年上半年初步擁有 10 至 15 架運營飛機的目標。在交易完成後，我們打算將 Summit 現有的飛行學校在可預見的未來運營，以確保未來提供訓練有素的飛行員來支持TransMedics 機隊。我們堅信這是我們長期成功的重要戰略優勢。

As part of our agreement with Summit, we will have a short transition period, during which we intend to wind down all private charter and aircraft management operations to transition to 100% TransMedics aviation transplant-focused operations. And finally, we intend to maintain the dispatch operations in Bosman, Montana, to complement our Andover national transplant dispatch and command center.

作為我們與 Summit 協議的一部分，我們將有一個短暫的過渡期，在此期間，我們打算逐步減少所有私人包機和飛機管理業務，過渡到 100% TransMedics 航空移植業務。最後，我們打算維持蒙大拿州博斯曼的調度業務，以補充我們的安多佛國家移植調度和指揮中心。

As we are continuing to grow the NOP footprint and reach in the U.S., we must also continue to invest in expanding the NOP infrastructure, to meet the significant growth in front of us. Especially or specifically, we intend to grow our surgical and field clinical staffing throughout the next 18 to 24 months, to meet the growing demand for our NOP clinical services across the U.S. Meanwhile, our logistics team is working on revamping and scaling the NOP workflow and logistics dispatch, to maximize coverage and efficiency of the process.

隨著我們繼續擴大 NOP 在美國的足跡和覆蓋範圍，我們還必須繼續投資擴大 NOP 基礎設施，以滿足我們面前的顯著增長。特別或具體而言，我們打算在未來18 至24 個月內增加我們的外科和現場臨床人員數量，以滿足美國各地對NOP 臨床服務不斷增長的需求。同時，我們的後勤團隊正在努力改進和擴展NOP 工作流程，物流調度，最大限度地提高流程的覆蓋範圍和效率。

As I've stated publicly before, we at TransMedics are focusing on growing our NOP transplant volume to reach 10,000 transplants per year over the next 5 years. To achieve this goal, we devised a multifaceted strategy, which goes as follows. First, maintain technological leadership in the field by developing a next-gen OCS platform, that is optimized for NOP workflow and clinical management. This will enable scalability of the clinical case volume; second, expand our clinical indications for the OTS platform; and finally, expand the overall TransMedics product offering.

正如我之前公開表示的，我們 TransMedics 的重點是在未來 5 年內增加 NOP 移植量，達到每年 10,000 例移植。為了實現這一目標，我們制定了一項多方面的戰略，具體如下。首先，通過開發下一代 OCS 平台來保持該領域的技術領先地位，該平台針對 NOP 工作流程和臨床管理進行了優化。這將使臨床病例量具有可擴展性；第二，擴大OTS平台的臨床適應症；最後，擴大 TransMedics 的整體產品範圍。

To execute on the above strategy, we recently acquired assets and IP related to 2 perfusion technologies from Bridge to Life. The first was Warm Perfusion EVOSS technology, for lung and heart transplant, and the second was Cold Perfusion LifeCradle for heart transplant. We plan to use unique elements of these technologies to supplement our OCS platform to accelerate the OCS next-gen product development, expand our OCS heart clinical indications to cover standard criteria hearts that are currently preserved today using merely cold static storage. We believe that there may be a better advantage to using cold perfusion technology. Support our broad long-term effort to reignite the momentum for machine perfusion for lung transplant in the U.S. and worldwide, and then finally, expand the breadth and value of our intellectual property portfolio.

為了執行上述戰略，我們最近收購了 Bridge to Life 與 2 種灌注技術相關的資產和知識產權。第一個是用於肺和心臟移植的溫灌注 EVOSS 技術，第二個是用於心臟移植的冷灌注 LifeCradle。我們計劃利用這些技術的獨特元素來補充我們的 OCS 平台，以加速 OCS 下一代產品的開發，擴大我們的 OCS 心臟臨床適應症，以覆蓋目前僅使用冷靜態存儲保存的標準心臟。我們相信使用冷灌注技術可能有更好的優勢。支持我們廣泛的長期努力，重新點燃美國和全球肺移植機器灌注的動力，最終擴大我們知識產權組合的廣度和價值。

We hope to have more to share about these technology development programs in the near future. Our commercial performance over the past 6 quarters have demonstrated the significant and growing demand for OCS and NOP. We have successfully demonstrated our ability to significantly grow our annual transplant volume and revenue in '22, and we are on track to deliver similar results again in '23.

我們希望在不久的將來能夠分享更多有關這些技術開發計劃的信息。我們過去 6 個季度的商業業績證明了對 OCS 和 NOP 的巨大且不斷增長的需求。我們已經成功地證明了我們有能力在 22 年顯著增加我們的年度移植量和收入，並且我們有望在 23 年再次取得類似的結果。

It is important to note that we strongly believe that this is only the beginning, and we are determined to reach our goal of 10,000 transplants over the next 5 years. We must, however, take the time to scale and buttress our NOP infrastructure and allow the time for integration of the aviation and logistics operation to grow our NOP capacity to the next level. I can best describe it as the following: on the path to a very high TransMedics growth summit, we must stage or pace ourselves to allow for acclimatization and integration, to ensure achieving our long-term growth target. We see the next 4 to 6 months as the critical time needed to be ready for our next growth stage or wave in 2024 and beyond.

值得注意的是，我們堅信這只是一個開始，我們決心在未來 5 年內實現 10,000 例移植的目標。然而，我們必須花時間擴大和鞏固我們的 NOP 基礎設施，並留出時間整合航空和物流業務，將我們的 NOP 能力提高到一個新的水平。我最能描述的是：在通往非常高的 TransMedics 增長峰會的道路上，我們必須調整自己的節奏，以適應環境和融入，以確保實現我們的長期增長目標。我們認為未來 4 到 6 個月是為 2024 年及以後的下一個增長階段或浪潮做好準備的關鍵時期。

Given our strong 2Q and H1 '23 results, balanced with potential scalability challenges, we are increasing our annual revenue guidance for the full year 2023 to be between $180 million and $190 million. Up from our previously communicated guidance of $160 million to $170 million, and representing a 93% to 103% growth over full year 2022 total revenue. With that, let me turn the call to Stephen Gordon to cover the detailed financial results for the quarter.

鑑於我們 23 年第二季度和上半年的強勁業績，並考慮到潛在的可擴展性挑戰，我們將 2023 年全年的年度收入指導提高到 1.8 億美元至 1.9 億美元之間。高於我們之前傳達的 1.6 億美元至 1.7 億美元的指導值，比 2022 年全年總收入增長 93% 至 103%。接下來，讓我致電斯蒂芬·戈登，介紹本季度的詳細財務業績。

Thank you, Waleed . I will now provide some additional details on the second quarter results and other financial information for the quarter. For the second quarter of 2023, our total revenue was $52.5 million. This is an increase of 156% from the second quarter of 2022, and a 26% sequential increase from last quarter. In the U.S., revenue was $49 million, an increase of 170% from Q2 2022 and 31% sequentially from last quarter.

謝謝你，瓦利德。我現在將提供有關第二季度業績和本季度其他財務信息的一些其他詳細信息。 2023 年第二季度，我們的總收入為 5250 萬美元。這比 2022 年第二季度增長了 156%，比上季度環比增長了 26%。在美國，收入為 4900 萬美元，較 2022 年第二季度增長 170%，較上一季度增長 31%。

The organ breakdown on U.S. revenue is the following: $32.7 million of OCS Liver, $13.5 million of OCS heart, and $2.8 million of OCS Lung. Let me repeat that. $32.7 million liver, $13.5 million heart, and $2.8 million lung. Ex U.S. revenue was $3.5 million, a 48% increase from the second quarter of 2022, and the breakdown there was $3.1 million of heart, and $0.4 million of lung. Now regarding the breakout of product and service revenue for the quarter. As a reminder, the service revenue is the added amounts we charge for the surgical procurement and organ management, as part of the NOP. In Q2, product revenue was $42.5 million, and service revenue was $10 million. So service revenue was 19% of the total.

美國收入的器官細分如下：OCS 肝臟 3270 萬美元，OCS 心臟 1350 萬美元，OCS 肺 280 萬美元。讓我重複一遍。肝臟價值 3270 萬美元，心臟價值 1350 萬美元，肺臟價值 280 萬美元。美國以外的收入為 350 萬美元，比 2022 年第二季度增長 48%，其中心臟收入為 310 萬美元，肺收入為 40 萬美元。現在介紹本季度產品和服務收入的突破。提醒一下，服務收入是我們對手術採購和器官管理收取的附加費用，作為 NOP 的一部分。第二季度，產品收入為 4250 萬美元，服務收入為 1000 萬美元。所以服務收入佔總收入的19%。

The gross margin for the second quarter of 2023 was 70%. This is flat from a year ago, Q2 2022, and up from 69% in the first quarter of 2023. The margin on product revenue was 80% in Q2 2023, that's up from 77% in Q2 of 2022, and it's up from 79% in the first quarter of '23. The margin on service was 28% in Q2 2023. That's up from 20% in Q2 2022, and up from 27% last quarter. The modest sequential improvement in margin is a result of the higher revenue in the quarter.

2023年第二季度的毛利率為70%。這與一年前（2022 年第二季度）持平，高於2023 年第一季度的69%。2023 年第二季度產品收入利潤率為80%，高於2022 年第二季度的77%，高於79% 23 年第一季度的百分比。 2023 年第二季度的服務利潤率為 28%，高於 2022 年第二季度的 20%，也高於上一季度的 27%。利潤率的小幅環比改善是本季度收入增加的結果。

Total operating expenses for the quarter were $37.6 million, that's 56% above Q2 2022 operating expense. We have continued to make critical investments in the company to ensure scalability to support growth. In R&D, we are developing next-generation technologies and digital tools to improve OCS capabilities and the NOP process. And in SG&A, we're adding resources to both our NOP, as well as the company's overall infrastructure.

該季度的總運營費用為 3760 萬美元，比 2022 年第二季度的運營費用高出 56%。我們繼續對公司進行重要投資，以確保可擴展性以支持增長。在研發方面，我們正在開發下一代技術和數字工具，以提高 OCS 能力和 NOP 流程。在 SG&A 方面，我們正在向 NOP 以及公司的整體基礎設施添加資源。

Operating loss growth for the quarter was $0.9 million in the second quarter of '23. That's compared to $9.7 million loss in the second quarter of '22, and improved from a $2.1 million loss last quarter. And our net loss for the second quarter of 2023 was $1 million even, and that compares to $11.5 million in the second quarter of 2022. Total cash on the balance sheet is $582.2 million as of June 30, '23, which includes the proceeds of the convertible note that we issued in May, which provided a net cash of $393 million to TransMedics after the cost of the capped call related to the debt.

2023 年第二季度的運營虧損增長為 90 萬美元。相比之下，2022 年第二季度虧損 970 萬美元，比上季度虧損 210 萬美元有所改善。我們2023 年第二季度的淨虧損甚至為100 萬美元，而2022 年第二季度的淨虧損為1150 萬美元。截至23 年6 月30 日，資產負債表上的現金總額為5.822 億美元，其中包括我們於 5 月份發行的可轉換票據，扣除與債務相關的上限贖回費用後，為 TransMedics 提供了 3.93 億美元的淨現金。

Our weighted average common shares outstanding for the quarter was $32.5 million. As Waleed's mentioned, earlier this week, we have signed

本季度我們已發行普通股的加權平均數為 3250 萬美元。正如瓦利德提到的，本週早些時候，我們簽署了

(technical difficulty)

（技術難度）

agreements to support our long-term strategy. First, we signed an agreement and closed to purchase the assets and IP of the EVOSS and LifeCradle technologies from Bridge to life. And second, we signed an agreement to acquire 100% of the equity of Summit Aviation, which we expect to close in Q3. And finally, as a second step in our aviation strategy, we have purchased 2 aircraft in early Q3.

協議以支持我們的長期戰略。首先，我們簽署了一份協議，並完成了從 Bridge to life 購買 EVOSS 和 LifeCradle 技術的資產和知識產權。其次，我們簽署了收購 Summit Aviation 100% 股權的協議，預計將在第三季度完成。最後，作為我們航空戰略的第二步，我們在第三季度初購買了 2 架飛機。

Overall, our financial results in Q2 2023 reflected the growth in adoption and utilization of our OCS technologies, and our NOP service solution. In Q3, we have made several investments to enhance both our products and services and allow us to continue to grow our business in the long run. And as a concluding statement, I'll just repeat our updated revenue guidance of $180 million to $190 million for the year, which represents 93% to 103% growth over 2022. Now I'll turn the call back over to Waleed for closing comments.

總體而言，我們 2023 年第二季度的財務業績反映了我們的 OCS 技術和 NOP 服務解決方案的採用和利用的增長。在第三季度，我們進行了多項投資來增強我們的產品和服務，並使我們能夠繼續長期發展我們的業務。作為結論性陳述，我將重複我們更新後的全年收入指引，即1.8 億至1.9 億美元，這意味著2022 年將增長93% 至103%。現在我將把電話轉回瓦利德以徵求結束意見。

Thank you, Stephen. We are motivated and humbled by our commercial traction and execution throughout the first half of '23. That said, and as I said before, we strongly believe that we are in the early innings of a long runway of sustained growth for TransMedics. We must now allow for the time needed to scale our NOP infrastructure, integrate our new national logistics network that will enable us to fully capitalize on our unique NOP market opportunity.

謝謝你，斯蒂芬。我們對 23 年上半年的商業吸引力和執行力感到鼓舞和謙卑。儘管如此，正如我之前所說，我們堅信，我們正處於 TransMedics 長期持續增長的初期階段。我們現在必須留出所需的時間來擴展我們的 NOP 基礎設施，整合我們新的全國物流網絡，這將使我們能夠充分利用我們獨特的 NOP 市場機會。

Our TransMedics, NOP and the broader TransMedics team, are working diligently and tirelessly to deliver the best clinical support and technology for our clinical transplant programs globally. I want to take this moment to recognize their efforts and contribution. Importantly, I want to take this moment to welcome the Summit team -- the entire Summit team, operations, pilots and leadership to the TransMedics family. We are looking forward to their contribution to transforming the field of organ transplant logistics, under the TransMedics Aviation umbrella. From where I stand, I see a very bright future for TransMedics. We just need the time to continue to execute, so we can reach our TransMedics goal and Summit revenue growth. With that, I will now turn the call to the operator for Q&A. Operator?

我們的 TransMedics、NOP 和更廣泛的 TransMedics 團隊正在孜孜不倦地努力工作，為我們的全球臨床移植項目提供最好的臨床支持和技術。我想藉此機會表彰他們的努力和貢獻。重要的是，我想藉此機會歡迎 Summit 團隊——整個 Summit 團隊、運營人員、飛行員和領導層加入 TransMedics 大家庭。我們期待他們在 TransMedics Aviation 的保護下為改變器官移植物流領域做出貢獻。從我的角度來看，我看到 TransMedics 有著非常光明的未來。我們只需要時間繼續執行，這樣我們就可以實現 TransMedics 目標和 Summit 收入增長。現在，我將把電話轉給接線員進行問答。操作員？

Yes. Thank you. At this time, we will begin the question-and-answer session. (Operator Instructions) At this time, we will pause momentarily to assemble the roster. And today's first question comes from [Rob Polzack] with Canaccord.

是的。謝謝。這時，我們將開始問答環節。 （操作員指示）此時，我們將暫停片刻以集合名單。今天的第一個問題來自 Canaccord 的 [Rob Polzack]。

Hey, great. Thanks, good evening, and thanks for taking my question. I'm going to skip over guidance here and go right to one, just looking at the U.S. heart number, you were up $13 million and then $13.5 million. So the sequential increase is maybe a little less than what investors were looking for. And that -- I'm sure there's some guidance translation. But I was wondering if you could help us understand what are the challenges you're facing in terms of the scale which you referenced in your prepared comments in the NOP? And then also have we worked through the manufacturing supply challenges, where are you unable to meet demand and have you missed any cases in the quarter because of -- you didn't have supply? Thanks.

嘿，太棒了。謝謝，晚上好，感謝您提出我的問題。我將跳過這裡的指導，直接看一個，只要看看美國的心臟數字，你就增加了 1300 萬美元，然後是 1350 萬美元。因此，環比增幅可能略低於投資者的預期。我確信有一些指導翻譯。但我想知道您是否可以幫助我們了解您在 NOP 中準備好的評論中提到的規模所面臨的挑戰是什麼？然後，我們是否也解決了製造供應方面的挑戰，您在哪些方面無法滿足需求？您是否因為沒有供應而錯過了本季度的任何案例？謝謝。

Thank you, Bill. Let me start with the second part of the question. We missed cases in the quarter, mainly lung, not because of supply chain issues, but because of logistical issues. We could not find planes to get us to where we need to be to achieve our missions. We've done the same -- we lost few missions as well for heart and liver, as well in Q3 because of lack of logistical support and capacity in the system.

謝謝你，比爾。讓我從問題的第二部分開始。我們在本季度錯過了病例，主要是肺部病例，不是因為供應鏈問題，而是因為後勤問題。我們找不到飛機將我們帶到我們需要去的地方來完成我們的任務。我們也做了同樣的事情——由於系統缺乏後勤支持和能力，我們在第三季度也損失了一些心臟和肝臟任務。

So let me -- as far as the other capacity constraint, it's really -- we are not satisfied by the growth we're achieving now. We see even bigger growth ahead of us, Bill. And with the NOP cases now are transitioning from your traditional 8- to 12-hour case to 20 to 30 hour case given that many of the transplant programs across the U.S. are now more comfortable allowing the organ to be managed overnight and doing the transplant procedure in the morning to do -- to have better quality and better support, we need to beef up our team to be able to withstand that demand and that growth. And we need to beef up our surgical capacity, but most importantly, we need to get the TransMedics Aviation and TransMedics logistics. The broad logistics network up and running, to be able to -- not to lose any case going forward.

因此，就其他產能限製而言，我們確實對現在實現的增長並不滿意。比爾，我們看到了更大的增長。鑑於美國各地的許多移植項目現在更願意在夜間管理器官並進行移植手術，NOP 病例現在正在從傳統的 8 至 12 小時轉變為 20 至 30 小時為了獲得更好的質量和更好的支持，我們需要加強我們的團隊，以便能夠承受這種需求和增長。我們需要增強我們的手術能力，但最重要的是，我們需要獲得 TransMedics 航空和 TransMedics 後勤。廣泛的物流網絡已建立並正在運行，以便能夠——不丟失任何未來的案件。

As far as specifics to the heart, I don't see this as a -- I see this as a little bit of a blip. We're not concerned about it one bit. It's part of the normal ebbs and flows that happens in transplant, but we're not concerned about it. And we're obviously tracking all that, and we hope to see this recover in Q3 and Q4.

就心臟的具體情況而言，我不認為這是一個——我認為這是一個小插曲。我們一點也不擔心。這是移植過程中發生的正常潮起潮落的一部分，但我們並不擔心。我們顯然正在跟踪所有這些，我們希望看到這種情況在第三季度和第四季度恢復。

Okay. And if I could circle back to guidance. The revenue guidance contemplates $86 million to $96 million in the back half of the year, and you've already done $94 million. So you're essentially saying the business is going down. Can you help us understand what's driving that down in the back half of the year, or just any more granularity on the thought process behind guidance? Thanks for taking my question.

好的。如果我能回到指導的話。預計下半年的收入為 8600 萬至 9600 萬美元，而您已經完成了 9400 萬美元。所以你基本上是在說業務正在下滑。您能否幫助我們了解下半年業績下降的原因，或者更詳細地說明指導背後的思維過程？感謝您提出我的問題。

Sure, (inaudible)

當然，（聽不清）

Thank you, Bill. Three things. One, second half of the year is -- have some summer vacations, some holidays at the end of the year that always -- we are concerned about and what their potential impact on the overall transplant volumes. Two, we need time to integrate and stand up the logistical network in the second half of the year. That's going to require attention. And we may have additional cases in the second half of the year that goes uncovered because we don't have access to third-party aircraft, until we have our own network up and operational. And three, just conservatism. We need to be conservative, given that the huge growth that we're experiencing, that we're already on the path to doubling our revenue from last year. I don't think investors should be concerned about where we are. We have a bigger growth wave ahead of us. And right now, it is prudent for our TransMedics team to focus on what's coming in '24 and beyond, given what we've done already in '23.

謝謝你，比爾。三件事。一、下半年——有一些暑假、年底的一些假期——我們總是擔心它們對整體移植量的潛在影響。二是下半年物流網絡的整合和搭建需要時間。這需要引起注意。今年下半年我們可能還會發現更多案例，因為我們無法使用第三方飛機，直到我們擁有自己的網絡並投入運行。第三，只是保守主義。考慮到我們正在經歷的巨大增長，我們的收入已經比去年翻一番，我們需要保持保守。我認為投資者不應該關心我們的處境。我們面前有更大的增長浪潮。現在，考慮到我們在 23 年所做的事情，我們的 TransMedics 團隊應該謹慎地專注於 24 年及以後的發展。

So I don't want this to be misinterpreted in any way other than we are growing with a net breaking speed, and we need to take that time to acclimatize and integrate, on our way to the top of the summit, and we're not anywhere close yet.

所以我不希望這被以任何方式誤解，除了我們正在以驚人的速度增長之外，我們需要花時間適應和融入，在我們登上頂峰的路上，我們正在還沒有接近。

Great, thanks for taking my question. See it at our conference next week.

太好了，感謝您提出我的問題。請在下週的會議上觀看。

We're looking forward to it. Thank you.

我們很期待。謝謝。

Thank you. And the next question comes from Alan Gould with JPMorgan.

謝謝。下一個問題來自摩根大通的艾倫·古爾德。

Again, congrats on the good quarter. I just had one question on lung. It was encouraging to see that inflect upwards a little bit given the challenges you've seen. But I'm also curious around the acquisition that you announced with EVOSS. How should we think about what that platform can bring to OCS, and what futures from that, you're planning to maybe incorporate it into OCS to help revitalize that market?

再次祝賀這個季度的良好表現。我只是有一個關於肺的問題。考慮到您所遇到的挑戰，看到這種情況有所上升是令人鼓舞的。但我也對你們宣布的與 EVOSS 的收購感到好奇。我們應該如何思考該平台可以為 OCS 帶來什麼，以及您計劃將其納入 OCS 以幫助振興該市場的未來？

Thank you, Alan. We're excited as well about the lung performance this quarter. By no means we're declaring victory. We are continuing to monitor the situation and continue to invest mind share in reviving that. And there are other initiatives we'll be announcing in the second half of this year to help the lung, specifically around the EVOSS and OCS and being fully transparent. We believe the current OCS design is far superior than EVOSS from many fronts. However, EVOSS brings 2 unique attributes that we think might be of clinical importance. We need to do the studies to prove it or disprove it. One is the negative pressure ventilation. And two, just a better smaller footprint. Again, we need to leave the first 2 results of a clinical program, but we did not want to lose an opportunity to integrate that into the OCS and have the clinicians have access to both positive and negative pressure ventilation.

謝謝你，艾倫。我們對本季度肺部表現也感到興奮。我們絕不是在宣布勝利。我們將繼續關注事態發展，並繼續投入精力以恢復這一狀況。我們將在今年下半年宣布其他舉措來幫助肺部，特別是圍繞 EVOSS 和 OCS 並完全透明。我們相信當前的 OCS 設計在許多方面都遠遠優於 EVOSS。然而，EVOSS 帶來了兩個我們認為可能具有臨床重要性的獨特屬性。我們需要進行研究來證明它或反駁它。一是負壓通氣。第二，佔地面積更小。同樣，我們需要保留臨床計劃的前 2 個結果，但我們不想失去將其集成到 OCS 中並讓臨床醫生能夠使用正壓和負壓通氣的機會。

So that's what we see as unique there, and we believe it might add some significant clinical benefit. We need to do the trials to prove it.

這就是我們認為的獨特之處，我們相信它可能會增加一些顯著的臨床益處。我們需要進行試驗來證明這一點。

Got it. And then just a quick follow-up on profitability. I think it was definitely encouraging to see gross margins for both the product and service piece of your business improve, as well as pretty good expense control on the operating side. When we think about the further investments you might need to make on building out TransMedics, the airfreight piece of the business, how should we think about that for the back half of the year once the Summit Aviation (inaudible), as well as into 2024? Thank you.

知道了。然後快速跟進盈利能力。我認為看到您業務的產品和服務部分的毛利率提高，以及運營方面相當好的費用控​​制，這絕對是令人鼓舞的。當我們考慮您可能需要為建立 TransMedics（航空貨運業務）進行進一步投資時，我們應該如何考慮航空峰會（聽不清）後的下半年以及 2024 年的情況？謝謝。

Yes, hey Alan, this is Stephen. Yes, definitely, we're seeing some modest improvement in margin with volume growth, but we're going to continue to invest by incorporating Summit, Summit, I think, is a modest increase in the overall spend rate, but we're going to bolster that with aircraft that we intend to purchase. And so we will see depreciation come on to our books for aircraft over the second half of the year.

是的，嘿艾倫，這是斯蒂芬。是的，當然，我們看到利潤率隨著銷量的增長而略有改善，但我們將繼續通過合併 Summit 進行投資，我認為 Summit 是整體支出率的適度增長，但我們將用我們打算購買的飛機來支持這一點。因此，今年下半年我們將看到飛機賬簿上出現折舊。

Next question...

下一個問題...

Yes, thank you. Operator?

是的，謝謝。操作員？

Yes, the next question comes from Suraj Kalia with Oppenheimer.

是的，下一個問題來自蘇拉吉·卡利亞和奧本海默。

Hi Waleed, Stephen, can you hear me all right?

嗨，瓦利德，斯蒂芬，你能聽到我說話嗎？

I can hear you just right?

我能聽到你說得對嗎？

Perfect. Congrats on a nice quarter. So Waleed, a bunch of questions, I'll just throw them your way and back in queue. So Waleed, I missed you -- forgive me many calls going on. I missed your comments about heart. It was sequentially flat. If there are any mitigating factors you could walk us through? That would be question number one. In terms of Bridge to Life integration with the next-gen form factor relief, can you give us a little more specifics in terms of how you're thinking about it, the timing of this acquisition of assets, and the incremental clinical improvements that you are thinking about that necessitated this asset acquisition? And finally, Stephen, for you, in terms of Summit Aviation, is this the end of the road or should we start thinking 12, 18, 24 months down the line, we would need to buy more planes to complement this fleet? Gentlemen, thank you for taking my questions.

完美的。恭喜您度過了一個美好的季度。瓦利德（Waleed），有一堆問題，我會把它們拋給你，然後回到隊列中。瓦利德，我想念你——請原諒我打了很多電話。我錯過了你關於心的評論。它隨後持平。您可以向我們介紹一下有哪些緩解因素嗎？這是第一個問題。關於 Bridge to Life 與下一代外形規格的集成，您能否給我們提供更多具體信息，包括您的想法、資產收購的時機以及您所採取的漸進式臨床改進。您是否正在考慮進行此項資產收購的必要性？最後，斯蒂芬，對於您來說，就峰會航空而言，這是道路的盡頭還是我們應該開始考慮 12、18、24 個月後，我們需要購買更多飛機來補充這支機隊？先生們，謝謝你們回答我的問題。

Thank you, Suraj. Suraj, the heart was up in Q2 over Q1. They may be not at the same pace that it was in Q1 over Q4, but it's up. It's not down and it's not flat. Factors to that is, again, we're not concerned about it one bit. This is the ebbs and flows of organ transplantation. There were a few cases that we lost, because we couldn't find planes to meet the mission. But it's not the only reason. It's just the ebbs and flows of organ transplant.

謝謝你，蘇拉吉。 Suraj，第二季度的心比第一季度更激動。他們的速度可能與第一季度和第四季度不同，但已經上升了。它沒有下降，也不是平坦的。造成這一問題的因素是，我們一點也不擔心。這就是器官移植的潮起潮落。有幾次我們失敗了，因為我們找不到飛機來執行任務。但這不是唯一的原因。這只是器官移植的潮起潮落。

Coming out of [ISHLT], there may have been some confusion confusing remarks made at ISHLT . We took care of that, and we feel very strongly that the heart will rebound in the second half of the year and going forward, and we're monitoring this very closely. Net-net, we are not concerned about that dynamic, one bit. The heart is growing. And we are tracking it, and we hope to report better that this issue is -- it's not existence in Q3. Remind me again, what's the second half of the second part before we go to the aviation -- there was a second part...

來自 [ISHLT]，在 ISHLT 上可能發表了一些令人困惑的言論。我們已經解決了這個問題，我們強烈地感覺到，下半年和未來的情況將會反彈，我們正在密切關注這一情況。 Net-net，我們一點也不關心那個動態。心在成長。我們正在跟踪它，我們希望更好地報告這個問題——它在第三季度不存在。再次提醒我，在我們去航空之前，第二部分的後半部分是什麼——還有第二部分......

Yes, the -- Waleed I was curious about the...

是的，瓦利德，我很好奇……

Oh the EVOSS, the EVOSS. Yes. So Suraj, as you know, the next-gen program for TransMedics has already started. We -- it's been ongoing for the last year. So the reason for the timing for the EVOS acquisition is three things. We think that negative pressure ventilation might add a clinical benefit to combine it with our positive pressure ventilation. We are not going to release a product that has OCS name on it that has one ventilation mode. It will have both ventilation mode. To the form factor, the bottom line is, we need to make sure that we -- the final form factor would be the right form factor for the OCS 2 lung system that be lighter, smaller than the existing OCS platform.

哦，EVOSS，EVOSS。是的。蘇拉傑，如您所知，TransMedics 的下一代計劃已經啟動。我們——去年一直在進行。因此，選擇收購 EVOS 的原因有三點。我們認為負壓通氣與正壓通氣相結合可能會增加臨床益處。我們不會發布帶有 OCS 名稱且只有一種通氣模式的產品。它將具有兩種通風模式。對於外形因素，底線是，我們需要確保最終的外形因素將是適合 OCS 2 肺部系統的正確外形因素，比現有的 OCS 平台更輕、更小。

So that's all we can comment on at the moment. And let me turn it on to Stephen to address the specific question about Summit.

這就是我們目前所能發表的評論。讓我請斯蒂芬回答有關峰會的具體問題。

Yes. The answer Suraj about Summit is this is not the end all. Summit is a relatively smaller operator, and we need to buttress the fleet by investing in additional planes. We've already started that process, which we bought 2 early in Q3, and we're going to continue to buy more as we go through the next 12 months. So it's definitely not the -- it's the beginning. It's definitely not the end.

是的。 Suraj 關於 Summit 的答案是，這還不是全部。 Summit 是一家相對較小的運營商，我們需要通過投資額外的飛機來支持機隊。我們已經開始了這個過程，我們在第三季度早些時候購買了 2 個，並且我們將在接下來的 12 個月內繼續購買更多。所以這絕對不是——這只是開始。這絕對不是結束。

Thank you.

謝謝。

Thank you, Suraj.

謝謝你，蘇拉吉。

Thank you, and the next question comes from Ryan Daniels with William Blair.

謝謝，下一個問題來自瑞安·丹尼爾斯和威廉·布萊爾。

Yes, thanks for taking the question. Congrats on the strong performance. Waleed, one for you. I think you mentioned 8 aviation hubs, and I'm curious how that will correlate to the current NOP hub infrastructure, meaning will you consolidate that a bit and change it now that you actually own the assets and could be a little more flexible there given your internal ownership?

是的，感謝您提出問題。恭喜您的強勁表現。瓦利德，給你一個。我想你提到了 8 個航空樞紐，我很好奇這將如何與當前的 NOP 樞紐基礎設施相關聯，這意味著你會稍微鞏固一下並改變它，因為你實際上擁有資產並且可以更靈活一點你的內部所有權？

Ryan, it's good to have you on our call. Thank you for the question. We are exploring all of the above at the moment, Ryan. I hate to give an answer that might send people to think there's a definitive direction. The definitive direction is we did the math based on data and historical performance and national heat map of donors. And we believe that if we put air assets at 8 out of our 15 hubs across the United States, will result in nearly 100% coverage of the Continental U.S. For us, that's huge.

瑞安，很高興您接到我們的電話。感謝你的提問。 Ryan，我們目前正在探索上述所有內容。我不想給出一個可能會讓人們認為有明確方向的答案。明確的方向是我們根據數據和歷史表現以及捐助者的國家熱圖進行數學計算。我們相信，如果我們將航空資產部署在美國 15 個樞紐中的 8 個，將實現對美國大陸近 100% 的覆蓋。對我們來說，這是巨大的。

The workflow part is still underway, for workflow optimization. We might actually open new hubs. Let us do the work. I hate to front run this. I want the team in TransMedics to take the time to do it right. And definitely, once we have it, we will be sharing it on our upcoming calls.

工作流程部分仍在進行中，以優化工作流程。我們實際上可能會開設新的樞紐。讓我們來做這項工作。我討厭提前運行這個。我希望 TransMedics 的團隊花時間把事情做好。當然，一旦我們有了它，我們將在接下來的電話會議中分享它。

Okay.

好的。

But for us, the priority is to provide 100% coverage --100% availability, 100% coverage across the Continental U.S. That is the #1 priority for the network to get operational.

但對我們來說，首要任務是提供 100% 的覆蓋率——100% 的可用性、100% 的美國大陸覆蓋率。這是網絡投入運行的第一要務。

Yes, makes sense. And then regarding your comments about clients getting more comfortable with NOP and going to 20 to 30 hour cases, improving the work-life balance and outcomes by allowing them to be in the morning versus any time at night. I'm curious if that's something that's also driving active and repeat users and maybe increasing the overall use of NOP such that there might be cases that before they didn't use it -- didn't use OCS, but now just because of that luxury in order to improve the work-life balance, they're actually moving more of their cases to the platform?

是的，有道理。然後，關於您對客戶對 NOP 更加適應並進行 20 至 30 小時的案例的評論，通過允許他們在早上而不是晚上的任何時間來改善工作與生活的平衡和結果。我很好奇這是否也會推動活躍用戶和重複用戶的增長，並可能增加 NOP 的整體使用，因此可能會出現在他們不使用它之前沒有使用 OCS 的情況，但現在只是因為這個為了改善工作與生活的平衡，他們實際上正在將更多的案件轉移到平台上？

Ryan, absolutely correct. But it's not just -- it's well beyond world-class balance at the moment. It's safer. It's safer for the patient. It's safer for the staff. It is less cost intense to have your primary transplant staff operate in the morning and actually could enable them to do multiple cases back to back, versus paying double time in the middle of the night with the emergency or trauma teams that are on call, and it may or may not be the right talent assembled to do a safe transplant procedure.

瑞安，絕對正確。但這不僅僅是——它遠遠超出了目前世界級的平衡。這樣更安全。對病人來說更安全。對工作人員來說更安全。讓您的主要移植人員在早上進行手術的成本較低，實際上可以使他們能夠連續處理多個病例，而不是在半夜為待命的緊急或創傷團隊支付雙倍的費用，並且它可能會也可能不會聚集合適的人才來進行安全的移植手術。

The other benefit, in addition to that is in major academic institution, it provides a better teaching and training opportunity for the fellows that are involved in organ transplantation. So it's well beyond just work-life balance for the clinical staff. It's really -- it's a comprehensive benefit. And we've -- as you know, we've always stated that one of the benefits of NOPs to enable that to happen. And we're really glad to see this happening and taking off that soon. We expect this to be a late transition. We're seeing this transition happening sooner than what we expected. It's great, but we need to make sure that we are staffed up for it and making sure that our team is fresh, safe and ready to cover these cases for as long as they need to.

除此之外，另一個好處是在主要的學術機構中，它為參與器官移植的人員提供了更好的教學和培訓機會。因此，對於臨床工作人員來說，這遠遠超出了工作與生活的平衡。這確實是一種綜合效益。正如您所知，我們一直指出 NOP 的好處之一就是實現這一目標。我們真的很高興看到這一切的發生並很快取得進展。我們預計這將是一個較晚的過渡。我們看到這種轉變發生得比我們預期的要早。這很好，但我們需要確保我們配備足夠的人員，並確保我們的團隊新鮮、安全，並準備好在需要時處理這些案件。

Perfect. That's very helpful. And then one last one, just in regards to the potential CapEx for planes. I don't know if you mentioned this, but should we be thinking of outright purchases or leases? And then if it's a purchase is a CapEx $10 million to $12 million range, is that what we should be thinking per plane? Thanks.

完美的。這非常有幫助。最後一項是關於飛機的潛在資本支出。我不知道你是否提到過這一點，但我們應該考慮直接購買還是租賃？然後，如果購買的資本支出為 1000 萬至 1200 萬美元，那麼我們應該為每架飛機考慮這一點嗎？謝謝。

Yes, Ryan. I think in the near term, it is CapEx. It is purchases and the range is pretty close to what you just described.

是的，瑞安。我認為在短期內，這是資本支出。這是購買，範圍與您剛才描述的非常接近。

And Ryan, just to add to what Stephen said. The reason why we looked at both options. We believe strongly that this is the right initial assumption to have the best cost profile for the operation. Leasing and aircraft adds significant margin to the leasor that we want to make that an efficient process, so we can pass some of the cost savings and efficiencies to our transplant users.

瑞安（Ryan），只是補充一下斯蒂芬（Stephen）所說的內容。我們考慮這兩個選項的原因。我們堅信，這是正確的初始假設，可以實現最佳的運營成本。租賃和飛機為租賃人增加了顯著的利潤，我們希望使其成為一個高效的流程，這樣我們就可以將一些成本節約和效率提高給我們的移植用戶。

Great, thanks again for taking the questions, and congrats on all the strategic momentum.

太好了，再次感謝您提出問題，並對所有戰略勢頭表示祝賀。

Thank you. Thanks Ryan.

謝謝。謝謝瑞安。

The next question comes from Josh Jennings with TD Cowen.

下一個問題來自 TD Cowen 的 Josh Jennings。

Hi, thanks for taking the questions. Was hoping -- I will lead to just ask a follow-up on OCS loan franchise, and just the lung initiative that you guys have in place and trying to help double lung transplant volumes in the United States. I know you've just been some talk is all about the technology acquisition. But can you just help us -- just remind us of, I guess, the thrust there both in terms of collaboration with the lung transplant surgeon community and any other societies, and just the cadence of how you see OCS being adopted at a higher clip in 2024 and beyond?

您好，感謝您提出問題。我希望——我會直接詢問 OCS 貸款特許經營權的後續行動，以及你們所採取的肺部計劃，並試圖幫助美國的肺移植量增加一倍。我知道您剛才談論的都是有關技術收購的問題。但是你能幫助我們嗎？我想，請提醒我們在與肺移植外科醫生社區和任何其他協會合作方面的推動力，以及你如何看待 OCS 被更快採用的節奏2024 年及以後？

Thank you, Josh. I think, Josh, we're in the early stages of these initiatives. I think the second half of this year, we will start ramping up. We wanted to wait until we announced the acquisition, because we believe this is going to be one of the catalysts that will get people's attention. As you may know, in the community, there is a lot of focus on what's coming next, and EVOS had some attention focus on it. We wanted to get that out of the -- get that acquisition completed. We'll use that as a potential catalyst, but there are other several catalysts that we're working on, with the existing OCS platform.

謝謝你，喬什。喬什，我認為我們正處於這些舉措的早期階段。我認為今年下半年，我們將開始加速。我們想等到宣布收購，因為我們相信這將成為引起人們關注的催化劑之一。如您所知，在社區中，人們對接下來發生的事情有很多關注，EVOS 對此也有一些關注。我們希望能夠完成收購。我們將使用它作為潛在的催化劑，但我們正在利用現有的 OCS 平台研究其他幾種催化劑。

It's going to take some time to get the next-gen lung system integrated with negative pressure ventilation and the new form factor operational, and we will probably use that as a second wave of growth, not the first wave of growth. We have other ideas and concepts to -- how we can get the lung growing in '24, maybe the next-gen lung system will be late '24, early '25 time horizon, but we have others that we are planning to enact and implement in later this year and early next.

讓下一代肺系統與負壓通氣和新的外形尺寸集成運行需要一些時間，我們可能會將其作為第二波增長，而不是第一波增長。我們還有其他的想法和概念——如何讓肺部在 24 年生長，也許下一代肺系統將在 24 年末、25 年初，但我們還有其他想法和概念，我們正在計劃制定和實施今年晚些時候和明年初實施。

Great. I apologize this question was already asked in another earnings call as well. But just in terms of the road map to profitability, and you're adding the aviation business, tucking that in. But any high-level comments, and I think we frequently get asked about just the revenue run rate, where TransMedics hit EBITDA positivity. I don't know if there's any updated thoughts. I know that acquisition hasn't closed yet, but anything on road map to profitability, or just any margin impact from a high level from this Summit Aviation acquisition? Thanks for taking the questions.

偉大的。我很抱歉在另一次財報電話會議中也已經提出了這個問題。但就盈利路線圖而言，你要添加航空業務，將其納入其中。但任何高層評論，我認為我們經常被問到收入運行率，TransMedics 的 EBITDA 為正值。不知道有沒有更新的想法。我知道收購尚未完成，但盈利路線圖上有什麼內容，或者只是此次峰會航空收購對利潤率的影響？感謝您提出問題。

Hey Josh, it's Stephen. Well, first, I would say we were EBITDA positive this quarter. But no, it's a very good question. I would say we're not prepared to say that at this call about where we think it's going to be once we integrate aviation. It's probably going to change. It's going to change so much, some on the investment side, but it's also -- we're going to be adding additional revenue from Aviation, which we haven't had before. So give us some time to model that through and we'll prepare that for future calls.

嘿喬什，我是斯蒂芬。嗯，首先，我想說本季度我們的 EBITDA 為正值。但不，這是一個非常好的問題。我想說的是，我們不准備在這次電話會議上談論我們認為一旦我們整合航空業將會發生什麼。它可能會改變。它將發生很大的變化，其中一些是在投資方面，但我們還將增加航空業的額外收入，這是我們以前從未有過的。因此，請給我們一些時間來進行建模，我們將為將來的通話做好準備。

Understood. Thanks Stephen.

明白了。謝謝斯蒂芬。

Thank you... And this concludes the question-and-answer session. I would like to return the call over to Waleed Hassanein, for any closing comments.

謝謝……問答環節到此結束。我想將電話轉回瓦利德·哈薩因 (Waleed Hassanein)，以徵求結束意見。

Thank you. Thank you all for joining us on the Q2 call. We look forward to speaking with you again for Q3. Have a great afternoon, everyone.

謝謝。感謝大家參加我們的第二季度電話會議。我們期待在第三季度再次與您交談。祝大家下午愉快。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。