Transmedics Group Inc (TMDX) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the TransMedics second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes.

下午好，歡迎參加 TransMedics 2024 年第二季財報電話會議。（操作員說明）謹此提醒，此通話正在錄音以供重播之用。

I would now like to turn the call over to Laine Morgan from the Gilmartin Group for a few introductory comments.

我現在想將電話轉給吉爾馬丁集團的萊恩·摩根，請其發表一些介紹性意見。

Thank you, operator. Earlier today, TransMedics released financial results for the quarter ended June 30, 2024. A copy of the press release is available on the company's website.

謝謝你，接線生。今天早些時候，TransMedics 發布了截至 2024 年 6 月 30 日的季度財務表現。該新聞稿的副本可在該公司網站上取得。

Before we begin, I would like to remind you that management will make statements during this call, including during the question-and-answer portion of the call, that include forward-looking statements within the meaning of federal securities laws. Any statements contained in this call that relate to the expectations or predictions of future events, results or performance are forward-looking statements.

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（包括電話會議的問答部分）發表聲明，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未來事件、結果或績效的預期或預測相關的陳述均為前瞻性陳述。

All forward-looking statements, including, without limitation, our examination of operating trends, the potential commercial opportunity for our products, services and timing of new clinical programs 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 2024 and beyond 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. Accordingly, you should not place undue reliance on these statements. Additional information regarding these risks and uncertainties appears under the heading Risk Factors of our Form 10-Q filed with the Securities and Exchange Commission on May 2, 2024, our subsequent Form 10-Q filings and the forward-looking statements included in today's earnings press release, which are available at www.sec.gov and our website at www.transmedics.com.

所有前瞻性陳述，包括但不限於我們對營運趨勢的審查、我們的產品、服務和新臨床項目的時間安排的潛在商業機會以及我們未來的財務預期，其中包括對我們組織成長的預期和指導和/或對收入的期望。2024 年及以後的毛利率和營運費用是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。因此，您不應過度依賴這些陳述。有關這些風險和不確定性的更多資訊請參閱我們於2024 年5 月2 日向美國證券交易委員會提交的10-Q 表格的風險因素標題、我們隨後提交的10-Q 表格以及今天的收益新聞稿中包含的前瞻性聲明發布，可在 www.sec.gov 和我們的網站 www.transmedics.com 上取得。

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, July 31, 2024.

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聲明的意圖或義務，無論是因為新資訊、未來事件或其他原因。本次電話會議包含時效性訊息，僅截至今天（2024 年 7 月 31 日）直播時準確。

And with that, I will now turn the call over to Waleed Hassanein, President and Chief Executive Officer.

現在，我將把電話轉給總裁兼執行長瓦利德·哈桑 (Waleed Hassane)。

Thank you so much, Laine. Good afternoon, everyone, and welcome to TransMedics second-quarter 2024 earnings call. As always, joining me today is Stephen Gordon, our Chief Financial Officer.

非常感謝你，萊恩。大家下午好，歡迎參加 TransMedics 2024 年第二季財報電話會議。像往常一樣，今天與我一起出席的是我們的財務長 Stephen Gordon。

As we've stated previously, 2024 represents a critical year for TransMedics. We have been and remain laser-focused on scaling our business both in terms of revenue and operations while also investing in our future product pipeline and infrastructure.

正如我們之前所說，2024 年對 TransMedics 來說是關鍵的一年。我們一直並將繼續專注於在收入和營運方面擴大我們的業務，同時也投資於我們未來的產品管道和基礎設施。

To be specific, we are focused on three initiatives: one, completing the build-out of our TransMedics aviation fleet and transplant logistics network to meet the growing demand for OCS NOP transplant missions; two, continuing to drive both overall national transplant volume growth and market share expansion in the existing transplants using the OCS NOP technology and services; and three, preparing to launch three new cardiothoracic clinical programs designed to reinvigorate the OCS Lung clinical adoption and expand our OCS Heart franchise.

具體來說，我們重點介紹三項措施：一是完成TransMedics航空機隊和移植物流網絡的建設，以滿足OCS NOP移植任務日益增長的需求；二是利用OCS NOP技術和服務繼續推動全國移植總量的成長和現有移植市場份額的擴大；第三，準備啟動三個新的心胸臨床項目，旨在重振 OCS 肺部臨床採用並擴大我們的 OCS 心臟特許經營權。

Through Q2, we delivered another quarter of significant revenue and case growth, maintained profitability and achieved positive free cash flow, which is a milestone for our business. In addition, we built strong momentum across the above three key initiatives.

透過第二季度，我們又實現了一個季度的顯著收入和案例成長，保持了盈利能力並實現了正的自由現金流，這是我們業務的一個里程碑。此外，我們在上述三項關鍵措施上建立了強勁勢頭。

Let me review key operational highlights. Total revenue for 2Q was $114.3 million, representing 118% growth from Q2 2023, an 18% sequential growth from Q1 2024. Our results were driven by continued growth in both OCS product as well as TransMedics transplant logistics services revenue.

讓我回顧一下主要的營運亮點。第二季總營收為 1.143 億美元，較 2023 年第二季成長 118%，較 2024 年第一季季增 18%。我們的業績得益於 OCS 產品和 TransMedics 移植物流服務收入的持續成長。

We experienced significant growth in case volume across lung, heart, and liver OCS NOP cases compared to the same period last year as well as sequentially in both heart and liver cases compared to Q1. We experienced substantial growth in both US and OUS commercial revenues compared to the same period last year and sequentially over Q1 2024.

與去年同期相比，我們的肺、心臟和肝臟 OCS NOP 病例數顯著增長，與第一季相比，心臟和肝臟病例數也連續增加。與去年同期和 2024 年第一季相比，我們的美國和海外商業收入均大幅成長。

TransMedics transplant logistics service revenue for 2Q was $19.1 million, up from $14.5 million in Q1, representing approximately 32% growth quarter over quarter. Overall gross margins for 2Q was 61%, slightly down from 62% in Q1 '24. As we've discussed previously, we believe we are still building the foundation of our business and therefore, expect gross margins to fluctuate modestly over the next several quarters. For context, gross margins were 59% in 4Q 2023.

TransMedics 第二季移植物流服務營收為 1,910 萬美元，高於第一季的 1,450 萬美元，季增約 32%。第二季的整體毛利率為 61%，略低於 24 年第一季的 62%。正如我們之前討論的那樣，我們相信我們仍在建立業務基礎，因此預計未來幾季的毛利率將小幅波動。就背景而言，2023 年第四季的毛利率為 59%。

Importantly, we remain extremely confident. I repeat, we remain extremely confident that we will be able to improve gross margins over the next 12 to 18 months as we benefit from further scale in both product and service operations over time.

重要的是，我們仍然非常有信心。我再說一遍，我們仍然非常有信心，我們將能夠在未來 12 至 18 個月內提高毛利率，因為隨著時間的推移，我們將受益於產品和服務營運的進一步規模。

And finally, we were pleased to deliver GAAP operating profit of $12.5 million in Q2, representing 11% of total revenue. Net income was $12.2 million. As mentioned earlier, we are very proud to have achieved our first positive free cash flow quarter with approximately $2 million of free cash generated despite purchasing a new aircraft during the quarter. Again, while we are expecting to remain profitable on operating basis, we fully expect some fluctuation in free cash flow over the next 12 to 18 months as we are continuing to invest heavily in our business and product pipelines.

最後，我們很高興第二季實現 GAAP 營業利潤 1,250 萬美元，佔總收入的 11%。淨利潤為 1220 萬美元。如前所述，我們非常自豪地實現了第一個正自由現金流季度，儘管在本季度購買了一架新飛機，但仍產生了約 200 萬美元的自由現金。同樣，雖然我們預計在營運基礎上保持盈利，但我們完全預計未來 12 至 18 個月自由現金流會出現一些波動，因為我們將繼續大力投資我們的業務和產品線。

Now with that background, let me provide more detail across key operational metrics relating to building out our transplant logistics network. Through Q2, we continued to expand our fleet of owned aircraft, reaching 15 aircraft by end of Q2. We also added 2 new aircrafts in July, bringing our total owned TransMedics aircrafts to 17 as of today.

現在，有了這樣的背景，讓我提供與建立我們的移植物流網絡相關的關鍵營運指標的更多詳細資訊。第二季度，我們繼續擴大自有飛機機隊，到第二季末達到 15 架。我們還在 7 月增加了 2 架新飛機，使我們擁有的 TransMedics 飛機總數達到 17 架。

We also made significant investment in TransMedics aviation pilot head count in Q2, nearly doubling our pilot crew size over Q1. These investments were made to maximize the operational efficiency of our current and growing fleet. Importantly, these investments are being made to prepare for the expected growth in demand for OCS NOP missions in 2025 and beyond.

我們還在第二季度對 TransMedics 航空飛行員人數進行了大量投資，使我們的飛行員人數幾乎是第一季的兩倍。這些投資是為了最大限度地提高我們現有和不斷成長的機隊的營運效率。重要的是，這些投資是為了應對 2025 年及以後 OCS NOP 任務需求的預期成長做好準備。

To that end, the daily average number of active TransMedics aviation planes grew to approximately 11 aircrafts compared to 9 in Q1 of '24. We expect this number will continue to increase throughout the year as we remain on track to reaching approximately 20 operational aircrafts by year-end. Notably, our owned aircraft covered approximately 59% of our NOP flight missions in Q2 compared to 49% in Q1 of 2024.

為此，現役 TransMedics 航空飛機的每日平均數量增加至約 11 架，而 20 年第一季為 9 架。我們預計這一數字將在全年繼續增加，因為我們仍有望在年底前達到約 20 架營運飛機。值得注意的是，我們自有飛機在第二季度涵蓋了約 59% 的 NOP 飛行任務，而 2024 年第一季為 49%。

Let me take a moment to underscore the remaining long runway of additional growth ahead of us in this important area. First, at our current OCS NOP mission volume, we have room to grow our share of logistics. Second, we expect the overall OCS NOP volume to grow significantly over the next several years as we move closer to achieving our stated target of 10,000 transplants per year in the US by 2028. At that level, logistics would represent a significant revenue opportunity for TransMedics. Said differently, as much as we are very proud of our execution and growth of our TransMedics transplant logistics to date, we have a long green field of growth ahead of us, and we are committed to capitalizing on this opportunity to its fullest.

讓我花點時間強調一下，在這一重要領域，我們還有很長的路要走。首先，按照我們目前的 OCS NOP 任務量，我們的物流份額還有成長的空間。其次，我們預計，隨著我們更接近實現到 2028 年美國每年 10,000 例移植的既定目標，OCS NOP 總量將在未來幾年顯著增長。在這個層面上，物流將為 TransMedics 帶來重要的收入機會。換句話說，儘管我們對迄今為止 TransMedics 移植物流的執行和發展感到非常自豪，但我們前面還有一個漫長的綠色成長領域，我們致力於充分利用這個機會。

From a customer footprint perspective, we have also continued to grow the number of programs that are using our transplant logistics services. In Q2, approximately 126 US transplant programs used TransMedics logistics compared to approximately 105 in Q1 of '24. Now that we have achieved a critical mass of user programs, we are increasingly focused on going deeper within these existing programs while growing our overall transplant volumes to better meet their transplant and logistics need.

從客戶足跡的角度來看，我們也持續增加使用我們的移植物流服務的項目數量。第二季度，大約 126 個美國移植項目使用了 TransMedics 物流，而 2024 年第一季大約有 105 個。現在我們已經實現了足夠數量的用戶計劃，我們越來越注重在這些現有計劃中進行更深入的研究，同時增加我們的整體移植量，以更好地滿足他們的移植和後勤需求。

Based on the above performance, we have gained even greater conviction that our expanding transplant logistics services will continue to be a key catalyst for the near- and long-term growth of TransMedics business. We see a clear line of sight to continued success through the balance of '24 and into '25 as we scale our air fleet and ground operations to support our growth plans.

基於上述業績，我們更加堅信，不斷擴大的移植物流服務將繼續成為 TransMedics 業務近期和長期成長的關鍵催化劑。隨著我們擴大機隊和地面業務以支持我們的成長計劃，我們看到了在 24 世紀到 25 年間繼續取得成功的清晰目標。

Moving now to our clinical programs. We continue to advance our new OCS Lung and Heart programs designed to reinvigorate the OCS Lung market and expand our clinical indications on product offering for OCS Heart. Importantly, we remain on track for the initiation of all three clinical programs in 2025.

現在轉向我們的臨床計畫。我們繼續推動新的 OCS 肺部和心臟計劃，旨在重振 OCS 肺部市場，並擴大 OCS 心臟產品供應的臨床適應症。重要的是，我們仍有望在 2025 年啟動所有三個臨床計畫。

We are increasingly confident and excited about the potential clinical impact of our new OCS Lung and OCS Heart programs based on the following updates. First, we've made significant progress in developing our new OCS perfusion solution and new circuit designs for our OCS Lung and Heart clinical programs, which we expect to initiate the first of which in early 2025.

基於以下更新，我們對新的 OCS 肺部和 OCS 心臟計畫的潛在臨床影響越來越有信心和興奮。首先，我們在為 OCS 肺和心臟臨床計畫開發新的 OCS 灌註解決方案和新電路設計方面取得了重大進展，我們預計將於 2025 年初啟動第一個計畫。

In the second quarter of '24, we concluded a significant number of preclinical testing to evaluate the impact of these new OCS Lung and Heart developments. The results demonstrated successful maintenance of donor lungs and hearts on OCS perfusion for more than 24 hours with significantly lower edema formation compared to controlled cold storage. This is a critical milestone towards enabling morning transplants for OCS Lung and OCS Heart, similar to what we have successfully achieved with OCS Liver.

在 2024 年第二季度，我們完成了大量臨床前測試，以評估這些新的 OCS 肺部和心臟開發的影響。結果表明，與受控冷藏相比，OCS 灌注成功維持供體肺和心臟超過 24 小時，水腫形成顯著減少。這是實現 OCS 肺部和 OCS 心臟早晨移植的一個重要里程碑，類似於我們在 OCS 肝臟方面成功實現的目標。

We achieved this while demonstrating significant reduction of ischemia-reperfusion injury histological markers for both OCS Lung and Heart compared to static cold storage, and significant improvement of the overall operational performance of the OCS Lung circuit throughout 24 hours of perfusion due to our new circuit designs.

我們實現了這一目標，同時證明與靜態冷藏相比，OCS 肺和心臟的缺血再灌注損傷組織學標記物顯著減少，並且由於我們的新電路設計，OCS 肺電路在24 小時灌注期間的整體操作性能顯著改善。

Second, development of our cold perfusion heart program is underway. Again, we are very encouraged by the early preclinical results of this new concept, and we expect this program to clinically kick off in the second half of 2025. I'm looking forward to sharing our preclinical experience with this new product on future calls.

其次，我們的冷灌注心臟計畫的開發正在進行中。同樣，我們對這一新概念的早期臨床前結果感到非常鼓舞，我們預計該計畫將於 2025 年下半年在臨床上啟動。我期待在未來的電話會議上分享我們對該新產品的臨床前經驗。

For reference, the detailed preclinical results will be formally and publicly presented at the upcoming heart and lung transplant scientific conferences in 2025. Again, we are very excited about our product pipeline and the potential transformative nature of these programs to catalyze mid- and long-term growth of our OCS platform to drive more lung and heart transplant volumes nationally.

作為參考，詳細的臨床前結果將在 2025 年即將召開的心肺移植科學會議上正式公開公佈。我們再次對我們的產品線以及這些項目的潛在變革性感到非常興奮，這些項目將促進我們的 OCS 平台的中長期增長，從而推動全國範圍內更多的肺和心臟移植量。

Let me shift gear. I would like to take a moment to mention that TransMedics has released its latest ESG data update which was published this afternoon on our website. This data update supplements the information we provided in our inaugural report, providing key data points and metrics about our ESG performance last year.

讓我換檔。我想花點時間提一下 TransMedics 發布了最新的 ESG 數據更新，該數據於今天下午在我們的網站上發布。此數據更新補充了我們在首份報告中提供的信息，提供了有關我們去年 ESG 績效的關鍵數據點和指標。

In conclusion, we are encouraged by our H1 performance. We are now focused on continuing our strong execution throughout second half of '24 and preparing for the growth initiatives for '25 and beyond. Given our strong performance in second quarter of '24, we are increasing our annual full-year revenue guidance to between $425 million to $445 million. which represents 76% to 84% growth over full-year 2023 revenue.

總之，我們對上半年的表現感到鼓舞。我們現在的重點是在 24 年下半年繼續保持強有力的執行力，並為 25 年及以後的成長計畫做好準備。鑑於我們在 2024 年第二季的強勁表現，我們將全年營收指引提高到 4.25 億美元至 4.45 億美元之間。比 2023 年全年營收成長 76% 至 84%。

I'd like to note and underscore that this guidance contemplates the fact that few of our aircrafts will be down for routine scheduled maintenance the second half of 2024, which could temporarily limit our pace of growth of our logistics revenue in H2. Also, it factors in some potential OUS revenue variability throughout the second half of this year.

我想指出並強調，本指導意見考慮到我們的飛機很少會在 2024 年下半年進行例行定期維護，這可能會暫時限制我們下半年物流收入的成長速度。此外，它還考慮了今年下半年 OUS 收入的一些潛在變化。

With that, let me turn the call to Stephen to cover the detailed financial results and performance for the quarter.

接下來，讓我致電史蒂芬，介紹本季的詳細財務表現和業績。

Thank you, Waleed. I will now provide some additional detail on the second-quarter results and other financial information for the 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資訊的一些額外細節。

Starting with revenue, for the second quarter of 2024, our total revenue was $114.3 million. This is an increase of 118% from the second quarter of 2023 and an 18% sequential increase from last quarter. The $114.3 million included $1.1 million related to our flight school, which would be $113.2 million of transplant-related revenue.

從營收開始，2024 年第二季我們的總營收為 1.143 億美元。這比 2023 年第二季度增長了 118%，比上季度環比增長了 18%。1.143 億美元包括與我們的飛行學校相關的 110 萬美元，這將是與移植相關的收入 1.132 億美元。

In the US, transplant revenue was $108.5 million. The US revenue increased 122% from the second quarter of 2023 and also 18% sequentially from last quarter. Q2 2024 includes $19.1 million of logistics revenue. The organ breakdown on US revenue was $77 million of liver, $27.2 million of heart, and $4.3 million of lung. All organs grew substantially over the second quarter of 2023. And ex-US revenue was $4.7 million, a 34% increase from Q2 of 2023. The breakdown outside the US was $4.3 million of heart and $0.4 million of lung.

在美國，移植收入為 1.085 億美元。美國營收較 2023 年第二季成長 122%，較上季較上季成長 18%。2024 年第二季包括 1,910 萬美元的物流收入。美國收入中的器官細分為肝臟 7,700 萬美元、心臟 2,720 萬美元和肺 430 萬美元。2023 年第二季所有器官均大幅成長。美國以外的營收為 470 萬美元，較 2023 年第二季成長 34%。美國以外地區的心臟費用為 430 萬美元，肺部費用為 40 萬美元。

Next, on the product and service revenue. As a reminder, our service revenue includes the NOP clinical service of surgical procurement and organ management, the logistics revenue, and also the flight school revenue. In Q2, product revenue was $71.7 million, and service revenue was $42.6 million. The service portion was 37.3% of the total.

接下來，關於產品和服務收入。提醒一下，我們的服務收入包括手術採購和器官管理的NOP臨床服務、物流收入以及飛行學校收入。第二季度，產品收入為 7,170 萬美元，服務收入為 4,260 萬美元。服務業佔總量的37.3%。

Gross margin for the second quarter of 2024 was 61%, down from 70% in the second quarter of 2023 and slightly down from 62% last quarter. In comparison to Q2 last year, the change reflects the higher service component of our business, which did not include logistics in the second quarter last year.

2024年第二季的毛利率為61%，低於2023年第二季的70%，略低於上一季的62%。與去年第二季相比，這項變更反映了我們業務中服務部分的增加，其中不包括去年第二季的物流。

Product margin was 80% in Q2. And this improved nicely from 77% last quarter and reflects a steady-state product margin, which should remain in the 79% to 80% range.

第二季產品利潤率為 80%。這比上季度的 77% 有了很大改善，反映了穩態產品利潤率，應保持在 79% 至 80% 的範圍內。

On the service side, margin was 28%, a decline from Q1 2024. This decline was primarily driven by the significant investment in pilot hiring and training to accelerate our operational timeline for our new planes, and investment in aviation maintenance to ensure availability to maximize operational efficiency. As Waleed mentioned, we expect some variability in the service margin, which will stabilize by early 2026 as we gain more operational efficiency and leverage. Importantly, with the strong product gross margin and improving service margin, we are confident that our overall gross margin will improve over the next several quarters.

在服務方面，利潤率為 28%，較 2024 年第一季下降。這一下降主要是由於對飛行員招募和培訓的大量投資，以加快新飛機的營運時間表，以及對航空維護的投資，以確保可用性以最大限度地提高營運效率。正如 Waleed 所提到的，我們預計服務利潤率會出現一些變化，隨著我們獲得更高的營運效率和槓桿作用，服務利潤率將在 2026 年初穩定下來。重要的是，憑藉強勁的產品毛利率和不斷提高的服務利潤率，我們有信心未來幾季的整體毛利率將有所改善。

Total operating expenses for the quarter were $56.8 million, 51% above Q2 2023 operating expense. This expense growth was driven by 67% growth in R&D related to investment in new product development and product quality and regulatory resources. SG&A grew 46%, primarily related to higher personnel costs and overall corporate infrastructure. Moving forward, while I still expect expenses to grow, the rate of growth will be lower than what we have seen in the first half of the year.

該季度的總營運費用為 5,680 萬美元，比 2023 年第二季的營運費用高出 51%。這項費用成長是由與新產品開發、產品品質和監管資源投資相關的研發成長 67% 所推動的。SG&A 成長了 46%，主要與人員成本和整體公司基礎設施的增加有關。展望未來，雖然我仍然預期支出會成長，但成長率將低於我們上半年看到的水平。

Once again, we delivered GAAP operating profit, $12.5 million in the quarter or 11% of revenue. Net income was $12.2 million. These compared with an operating loss of $0.9 million and a net loss of $1 million in the second quarter of 2023. And Q2 2024 earnings per share was $0.37 and diluted earnings per share was $0.35.

我們再次實現了 GAAP 營業利潤，該季度為 1,250 萬美元，佔營收的 11%。淨利潤為 1220 萬美元。相較之下，2023 年第二季的營運虧損為 90 萬美元，淨虧損為 100 萬美元。2024 年第二季每股收益為 0.37 美元，稀釋後每股收益為 0.35 美元。

Total cash at the end of the quarter was $362.8 million as of June 30, 2024. This is an increase of $12.5 million from the balance at March 31, 2024, and reflects $25.7 million of operating cash and, for the first time, $2 million of free cash flow.

截至 2024 年 6 月 30 日，本季末現金總額為 3.628 億美元。這比 2024 年 3 月 31 日的餘額增加了 1,250 萬美元，反映了 2,570 萬美元的營運現金，以及首次增加了 200 萬美元的自由現金流。

We purchased one jet in the second quarter, and then we purchased two additional jets in early Q3, bringing our total number of owned jets today to 17. Basic weighted average common shares outstanding for the quarter were 33.1 million and diluted weighted average common shares outstanding for the quarter were 35.3 million.

我們在第二季度購買了一架飛機，然後在第三季初又購買了兩架飛機，使我們目前擁有的飛機總數達到 17 架。本季已發行基本加權平均普通股為 3,310 萬股，本季稀釋加權平均已發行普通股為 3,530 萬股。

In summary, Q2 was another very successful financial quarter for TransMedics. We continue to grow our revenue and have now consistently shown a GAAP operating profit. In this quarter, we also generated free cash flow which is an early example of our cash generation capability as we scale. That said, given current focus on investing in new planes, building our operational infrastructure and our product pipeline, we will see fluctuation in our free cash flow in the near term.

總之，第二季是 TransMedics 另一個非常成功的財務季度。我們的收入持續成長，目前已持續顯示出公認會計準則營業利潤。在本季度，我們也產生了自由現金流，這是我們隨著規模擴大而產生現金能力的早期例子。也就是說，鑑於目前的重點是投資新飛機、建造我們的營運基礎設施和產品管道，我們將在短期內看到自由現金流的波動。

Finally, just to repeat Waleed's earlier comment, we are updating our annual revenue guidance to be in the range of $425 million to $445 million, which represents 76% to 84% growth over the full year of 2023. Now I would like to turn the call back to Waleed for closing comments.

最後，重申 Waleed 先前的評論，我們將年度收入指引更新為 4.25 億至 4.45 億美元，這意味著 2023 年全年增長 76% 至 84%。現在我想將電話轉回瓦利德以徵求結束意見。

Thank you, Stephen. Overall, we are humbled and proud of our first-half performance. We're looking forward to continuing to execute on all the major initiatives throughout 2024 to drive broader and deeper adoption of OCS NOP and TransMedics transplant logistics. Importantly, we are focused on growing our US national transplant volumes for the second consecutive year to help patients in need for organ transplants in the US and around the world.

謝謝你，史蒂芬。總的來說，我們對上半年的表現感到謙卑和自豪。我們期待在 2024 年繼續執行所有重大舉措，以推動 OCS NOP 和 TransMedics 移植物流的更廣泛、更深入的採用。重要的是，我們連續第二年致力於增加美國全國移植量，以幫助美國和世界各地需要器官移植的患者。

With that, I will now turn the call to the operator for Q&A. Operator?

現在，我將把電話轉給接線員進行問答。操作員？

Thank you. We will now begin the question-and-answer session. (Operator Instructions) Allen Gong, JPMorgan.

謝謝。我們現在開始問答環節。（操作員指令）Allen Kong，摩根大通。

Hi, team. Thanks for taking the question and congratulations on a really strong quarter. I think the first question I just had was specifically for heart. I think this was a point of concern for investors in the last few quarters. You had even talked about how you were seeing some challenges in the market given the advent of some [competitive] technologies and your limited label. But you had a very strong second quarter here. So can you just talk to some of the drivers of that strength and how we should think about that sustaining into the back half?

大家好。感謝您提出問題並祝賀這個季度的強勁表現。我想我剛剛提出的第一個問題是專門針對心臟的。我認為這是過去幾季投資者關注的問題。您甚至談到了鑑於一些[競爭性]技術的出現和您有限的標籤，您如何看到市場上的一些挑戰。但第二季的表現非常強勁。那麼，您能否談談這種力量的一些驅動因素，以及我們應該如何考慮將這種力量維持到後半段？

Thank you, Allen. I think, Allen, you might be thinking of a different comment. We have never had any doubt about our Heart franchise. There has been concerns from The Street. We've never once stated that we have any concern about our Heart franchise.

謝謝你，艾倫。我想，艾倫，你可能會想到不同的評論。我們對我們的《Heart》系列從來沒有任何懷疑。《華爾街日報》對此表示擔憂。我們從未說過我們對我們的《Heart》系列有任何擔憂。

What we said is we expected some ebbs and flows given the different dynamics around the start of a cold perfusion trial in the late 2023. I think that came to roost with the announcement of the European results of the same technology, in the ISHLT, where they failed to meet their primary effectiveness end point. And I think what we're seeing in Q2 is the natural progression.

我們所說的是，考慮到 2023 年末冷灌注試驗開始時的不同動態，我們預計會出現一些起伏。我認為，隨著歐洲在 ISHLT 中公佈相同技術的結果，這一問題得到了解決，他們未能達到主要有效性終點。我認為我們在第二季度看到的是自然的進展。

The OCS remains to be the only FDA-approved heart perfusion technology that is delivering significant growth of DCD utilization and DBD utilization from extended criteria donors in the US and around the world, and the outcomes speaks for themselves. So I think the community is now voting with their adoption given the success of the OCS in meeting all the clinical challenges and all the clinical outcomes that we're facing in the marketplace.

OCS 仍然是唯一獲得 FDA 批准的心臟灌注技術，它使美國和世界各地的擴展標準捐贈者的 DCD 利用率和 DBD 利用率顯著增長，結果不言而喻。因此，我認為鑑於 OCS 成功應對了我們在市場上面臨的所有臨床挑戰和所有臨床結果，社區現在正在投票支持其採用。

So we are very proud of our Q2 results, and we expect this to continue throughout this year and next year. Once we launch the Heart programs, we expect this to even further accelerate. So we're proud of Q2 results, but stay tuned. We're not done yet. There's a lot in front of us to execute upon and even further accelerate the Heart growth with the OCS platform.

因此，我們對第二季的業績感到非常自豪，我們預計這種情況將持續到今年和明年。一旦我們啟動心臟計劃，我們預計這將進一步加速。因此，我們對第二季度的結果感到自豪，但請繼續關注。我們還沒完成。我們面前有很多事情需要執行，甚至可以透過 OCS 平台進一步加速 Heart 的發展。

Thanks. And then just a quick follow-up on the guide. When we think about the back half, you talked about how you're going to be maintaining some planes, so that will be a little bit of a headwind to the business. But can you just help us think about the cadence? Because your guidance at the midpoint implies roughly $112 million per quarter, so that implies a bit of a step-down sequentially. So what cadence should we expect to see third quarter, fourth quarter? And why shouldn't you be able to outperform that given you're already at more planes relative to what you had in the first half of the year by a pretty significant margin? Thank you.

謝謝。然後對指南進行快速跟進。當我們考慮後半部分時，您談到了將如何維護一些飛機，因此這將對業務產生一些阻力。但你能幫我們考慮一下節奏嗎？因為您的中點指引意味著每季約 1.12 億美元，所以這意味著順序會有所下降。那我們預計第三季、第四季的節奏應該是怎麼樣的呢？既然你已經擁有比今年上半年更多的飛機，為什麼你不能超越這一點呢？謝謝。

Thank you, Allen. I'll give you my perspective, and Stephen will provide his as well. Listen, we do not expect to decelerate. We never do. However, what we always try to do with our guidance is to be practical and realistic, so there are no surprises whatsoever.

謝謝你，艾倫。我將向您提供我的觀點，史蒂芬也會提供他的觀點。聽著，我們並不期望減速。我們從來不這樣做。然而，我們的指導總是試圖做到實用和現實，所以不會有任何意外。

Yes, we are at a higher number of operating aircrafts, but we all know that when we buy an airplane, it doesn't go into service right away. It takes six to eight weeks at minimum to get operational. Yes, we doubled our crew size, but it takes some six to eight weeks to be fully trained and operational. So there are some operational variabilities that we are factoring in our guidance. That's at least my perspective.

是的，我們運營的飛機數量較多，但我們都知道，當我們購買飛機時，它不會立即投入使用。至少需要六到八週的時間才能投入營運。是的，我們的人員規模增加了一倍，但需要大約六到八週的時間才能接受全面培訓並投入營運。因此，我們在指導中考慮了一些營運差異。至少這是我的觀點。

And we take guidance very seriously, as you know. And we have tendency to be conservative to avoid any surprises. And then I'll turn it on to Stephen to give his perspective as well.

如您所知，我們非常重視指導。我們傾向保守以避免任何意外。然後我也會向史蒂芬提出他的觀點。

Yeah. Allen, I would just echo what Waleed said, that the nature of what we do, especially in logistics is quite dynamic. As we mentioned, we're hiring ahead on pilots, we're training them, we're putting maintenance programs together, all to try to speed up that pace of getting these planes going. But at the size we are now, we know that there could be things that could cause delays. And so we don't want to assume that no delays will happen. So that's why we're being a little bit conservative. I think the pace, certainly flattish to a little bit up over the second half is what we're looking at.

是的。艾倫，我只是重複瓦利德所說的，我們所做的事情的本質，特別是在物流領域，是非常動態的。正如我們所提到的，我們正在提前招募飛行員，我們正在培訓他們，我們正在製定維護計劃，所有這些都是為了加快這些飛機的起飛速度。但就我們現在的規模而言，我們知道有些事情可能會導致延誤。因此，我們不想假設不會發生任何延誤。所以這就是為什麼我們有點保守。我認為我們所關注的是下半場的節奏，當然持平到一點點上升。

I agree.

我同意。

Bill Plovanic, Canaccord.

比爾·普洛瓦尼克，Canaccord。

Just first, if we could just go into the pipeline. Especially, I think the warm perfusion, you think you're expecting to start those programs early '25 and it sounds like the cold perfusion later in '25. For the warm perfusion, if I remember correctly, it's device and it's solution. Are you design-locked on those? Where are you in that process in terms of design lock on the product, on the solution, and kind of going through the process to get the approvals to start the trials? And then will you be generating revenue off those trials?

首先，我們是否可以進入管道。特別是，我認為熱灌注，你認為你期望在 25 年初開始這些程序，而聽起來像是 25 年晚些時候的冷灌注。對於熱灌注，如果沒記錯的話，它是裝置，也是溶液。您對這些設計有鎖定嗎？在產品、解決方案的設計鎖定以及獲得開始試驗批准的流程方面，您處於流程的哪個階段？然後你會從這些試驗中獲得收入嗎？

Thank you, Bill, for asking the question. We are locked and loaded. We are really in the final stages. And the next phase at the second half of this year will be mainly interactions with FDA and exercising our regulatory strategy. So we like to keep that between us and FDA.

比爾，謝謝你提出這個問題。我們已鎖定並裝載。我們確實處於最後階段。今年下半年的下一階段將主要是與 FDA 的互動和執行我們的監管策略。因此，我們希望將此事保留在我們和 FDA 之間。

And hopefully, by early next year, we'll have a lot to talk about. But from a design perspective, we're locked and loaded. And that's why we feel very confident in these preclinical results, and that's why we actually already written them as abstracts for many of the early 2025 scientific conferences to be presented. So there's no design or exploration going on right now. It's supply chain and [V&V] testing.

希望到明年初，我們能有很多話題可以討論。但從設計的角度來看，我們已經鎖定並加載了。這就是為什麼我們對這些臨床前結果非常有信心，這就是為什麼我們實際上已經將它們編寫為許多 2025 年初科學會議的摘要。所以現在還沒有進行任何設計或探索。這是供應鏈和 [V&V] 測試。

And on the Lung product, is that a negative pressure? And then the question on the -- will you get reimbursed for those trials, considering you already have FDA approval?

在肺部產品上，這是負壓嗎？然後的問題是——考慮到你已經獲得 FDA 的批准，你會得到這些試驗的報銷嗎？

Yes, these are -- as you know, and many on the call know, that TransMedics has always -- all of our trials have been revenue-generating trials. And these old trials or any clinical program, whether it's premarket or post-market, will be through the NOP program. So there's absolutely be revenue generation expectation for us and our users. So the answer is yes.

是的，正如您所知，許多參加電話會議的人都知道，TransMedics 一直以來，我們所有的試驗都是創收試驗。而這些舊的試驗或任何臨床計劃，無論是上市前還是上市後，都將透過 NOP 計劃進行。因此，我們和我們的用戶絕對有創造收入的期望。所以答案是肯定的。

And device revenue also? You said NOP but not device specifically.

設備收入也一樣嗎？你說的是NOP，但不是特定的設備。

The NOP is the disposable. And yes, the answer is yes. We never charge for the device, the hardware OCS, during NOP.

NOP 是一次性的。是的，答案是肯定的。在 NOP 期間，我們從不對設備（硬體 OCS）收費。

Okay. I'll just say the last clarification was just on will the lung include negative pressure in this first operation?

好的。我只想說最後的澄清只是在第一次手術中肺部會產生負壓嗎？

Not in this turnaround. No, not in this turnaround, maybe in the future.

不是在這個轉變中。不，不是在這次轉變中，也許是在未來。

Josh Jennings, Cowen.

喬許‧詹寧斯，考恩。

It's great to see the continued strong momentum in the business. Congratulations on the quarter. Well, I wanted to ask about just the quality of life improvements that the OCS and then just the NOP is affording transplant teams. It's been tough to recruit surgeons in the transplant surgery. I think at the American Transplant Congress, the keynote from the president of that society talked about a new era in terms of quality of life for these surgeons. And you're advancing morning surgeries in liver indication, moving and kind of attempting to get that more fully in play for heart and lung transplants.

很高興看到業務持續強勁的勢頭。恭喜本季。嗯，我想問的是 OCS 和 NOP 為移植團隊提供的生活品質改善。招募移植手術的外科醫生非常困難。我認為在美國移植大會上，該協會主席的主題演講談到了這些外科醫生生活品質的新時代。你們正在推進肝臟適應症的晨間手術，並試圖在心臟和肺移植中更充分地發揮作用。

I guess my question is, I mean, do you expect more surgeons to move into transplant surgery out of medical school/residency? And are you hearing from your customers that they're having trouble maintaining their transplant surgeon base if they don't -- I guess not your customers but noncustomers, if they haven't adopted OCS and NOP?

我想我的問題是，我的意思是，您是否期望更多的外科醫生從醫學院/住院醫師職位轉入移植手術？您是否從您的客戶那裡聽說，如果他們不採用 OCS 和 NOP，他們將難以維持移植外科醫生基礎 - 我猜不是您的客戶，而是非客戶？

Thank you for the question, Josh. I need to be very careful here. I think all I can comment on are the facts that we know about the NOP that afforded the liver transplant community and the direct comments that were publicly made by many of the cardiothoracic transplanters at the last ISHLT about their hope that one day they could have heart and lung transplants as a scheduled procedure in the morning or semi-scheduled procedure in the morning hours like the liver community, actually, 63% of the liver community that are using NOP have been experiencing.

謝謝你的提問，喬許。我在這裡需要非常小心。我想我能評論的只是我們所知道的為肝移植界提供服務的 NOP 的事實，以及許多心胸移植者在上屆 ISHLT 上公開發表的直接評論，他們希望有一天他們能擁有心臟肺移植作為早上的預定程序或早上的半預定程序，就像肝臟社區一樣，實際上，使用NOP 的肝臟社區中有63％ 已經經歷過。

So yes, that's why we're making these investments. And that's why we are turning every stone to get the cardiothoracic franchise to be at that same level of maturity and safety with machine perfusion, with OCS perfusion to enable that to happen.

是的，這就是我們進行這些投資的原因。這就是為什麼我們正在竭盡全力讓心胸專營業務達到與機器灌注相同的成熟度和安全水平，而 OCS 灌注可以實現這一目標。

Two, your comment about the ATC or the ASTS President is absolutely correct. There has been many public statements from leadership of the ASTS and leaders in the field of organ transplant about the fatigue issue in organ transplantation specialty and the challenge of recruiting new surgeons. We hope that the OCS and NOP provides a real sustained solution for this on a national basis. That's why we've made that investment. And again, I can only speak for the results that we're seeing with the liver.

第二，您對 ATC 或 ASTS 主席的評論是絕對正確的。ASTS 領導層和器官移植領域的領導者已經就器官移植專業的疲勞問題和招募新外科醫生的挑​​戰發表了許多公開聲明。我們希望 OCS 和 NOP 在全國範圍內為此提供真正持續的解決方案。這就是我們進行這項投資的原因。再說一次，我只能代表我們在肝臟上看到的結果。

To see 63% of liver transplants being done on day hours, that's a huge accomplishment given that the NOP is really a young program that is less than 24 months old. So yes, the answer is we hope to be able to achieve that in the cardiothoracic arena.

考慮到 NOP 實際上是一個不到 24 個月的年輕項目，能夠看到 63% 的肝臟移植在白天完成，這是一項巨大的成就。所以是的，答案是我們希望能夠在心胸領域實現這一目標。

As far as other -- I can't really comment on programs that are not using NOP and the challenges of maintaining their surgical team. That's really something we cannot comment on.

至於其他方面，我無法真正評論不使用 NOP 的專案以及維持其外科團隊的挑戰。這確實是我們無法評論的事情。

Understood. Thanks for that download. And I wanted to ask about the international opportunity. I believe you've hired a couple of executives to work on access and maybe even lead the commercial organization over there. Should we be thinking about more meaningful contributions from international franchise in 2025 and beyond? And maybe just any updates you can share that would be helpful. Thanks for the questions.

明白了。感謝您的下載。我想問國際機會。我相信您已經聘請了幾位高階主管來負責訪問，甚至可能領導那裡的商業組織。我們是否應該考慮 2025 年及以後國際特許經營做出更有意義的貢獻？也許您可以分享的任何更新都會有所幫助。感謝您的提問。

Thank you, Josh. Excellent question. I think contribution from OUS, mainly European markets, we definitely wouldn't have made these hires if we don't want to have that European opportunity start materializing. I'd just like to caution us that market access OUS is going to take the time it takes. And I hope that we could see early fruit of these efforts by end of '25 but definitely into '26 and beyond. That's what we expect.

謝謝你，喬許。很好的問題。我認為來自 OUS（主要是歐洲市場）的貢獻，如果我們不想讓歐洲機會開始實現，我們絕對不會僱用這些員工。我只是想提醒我們，市場准入 OUS 需要時間。我希望我們能夠在 25 年底之前看到這些努力的早期成果，但肯定會在 26 年及以後看到。這就是我們所期望的。

We're also selectively targeting smaller OUS opportunities and the success of the NOP in the US have generated significant interest and excitement across the globe, really, for TransMedics to try to replicate either all or a portion of the NOP model in these geographies. And stay tuned, we are in active dialogue, but we don't like to talk about discussions until they actually materialize into actionable items and that could positively impact revenue generation.

我們也選擇性地瞄準較小的 OUS 機會，NOP 在美國的成功在全球範圍內引起了極大的興趣和興奮，確實，TransMedics 試圖在這些地區複製全部或部分 NOP 模型。請繼續關注，我們正在積極對話，但我們不喜歡談論討論，直到它們真正變成可操作的項目並且可能對創造收入產生積極影響。

Ryan Daniels, William Blair.

瑞恩·丹尼爾斯、威廉·布萊爾。

Hey, guys. This is Jack Senft on for Ryan. Congrats on the solid quarter and thanks for taking the questions. In your prepared remarks, you mentioned that pilot head count increased by nearly twofold. So I'm just curious, is this to keep up with the pace of plane acquisitions? And just as a second part, are you at an okay pilot head count level now going forward, especially if you are more accretive on planes in 2025? Or is this kind of an area that you will kind of continue to add head count as the year goes on? Thanks.

嘿，夥計們。我是瑞安的傑克·森夫特。恭喜本季表現穩定，並感謝您提出問題。在您準備好的發言中，您提到飛行員人數增加了近兩倍。所以我只是好奇，這是為了跟上飛機採購的腳步嗎？作為第二部分，您現在的飛行員人數水平是否還可以，特別是如果您在 2025 年飛機數量會增加的話？或者說，隨著時間的推移，您是否會在這一領域繼續增加人員數量？謝謝。

Thank you, Jack. The pilot head count represents two opportunities for us. One is to meet the growing number of active aircrafts that we're adding to the fleet, but also we will continue to beef up our pilot crew to be able to increase the operational capacity by double-shifting the plane. So the planes actually could potentially be available around the clock rather than 12 hours per day.

謝謝你，傑克。試點人數對我們來說意味著兩個機會。一是滿足我們增加到機隊中的現役飛機數量不斷增加的需求，而且我們將繼續加強我們的飛行員隊伍，以便能夠透過雙班輪班來提高飛機的運作能力。因此，飛機實際上可能全天候飛行，而不是每天 12 小時。

So it has a double positive impact. One, we need new pilots to man new aircraft but additional pilots will be recruited to double-shift each plane. So the plane could potentially be operational more than 12 hours a day. Our goal is to ultimately reach 24 hours around the clock, but that's going to take time.

因此它具有雙重正面影響。第一，我們需要新飛行員來駕駛新飛機，但我們將招募更多飛行員來為每架飛機進行雙班輪班。因此，這架飛機每天的運行時間可能超過 12 小時。我們的目標是最終實現 24 小時不間斷，但這需要時間。

So the answer is, I would say, we are sort of in the middle or the midpoint, and we will continue to evaluate the need for additional pilots as we grow our fleet and we grow utilization. We'll let the data dictate where we go on the number of planes and number of pilots. But right now, given what we know, given our operational success, we've made these investments in anticipation of the growth we see in front of us for second half of this year and into 2025. We could not enter '25 in a starvation mode on pilots or planes. That's why we're making this infrastructure investment now.

所以答案是，我想說，我們處於中間或中點，隨著我們機隊的擴大和利用率的提高，我們將繼續評估對額外飛行員的需求。我們將讓數據決定我們的飛機數量和飛行員數量。但目前，鑑於我們所知，鑑於我們的營運成功，我們進行這些投資是為了預計今年下半年到 2025 年我們將看到的成長。我們無法讓飛行員或飛機在飢餓模式下進入 25 年。這就是我們現在進行基礎設施投資的原因。

Okay. Understood. Thanks. And then just as a quick follow-up, can you just give us an update on where you're at on capacity? I think last year, you had some clean room bottlenecks. So are you starting to reinvest in clean rooms? Or do you have any expansion plans here? Thanks.

好的。明白了。謝謝。作為快速跟進，您能否向我們介紹一下您的產能狀況的最新情況？我認為去年，潔淨室遇到了一些瓶頸。那麼您是否開始對無塵室進行再投資？或者你們這裡有什麼擴張計畫嗎？謝謝。

Thanks, Jack. Nothing near term from a capacity constraint. But definitely within the next 12 to 18 months, we'll start strategic planning for a business continuity standpoint, as I stated in some of the investor interactions we've had over the last 1.5 quarters or so. So I would say over the next 12 to 18 months, we'll begin adding capacity from a risk management for business continuity standpoint, not for capacity constraint.

謝謝，傑克。短期內不會受到產能限制。但毫無疑問，在接下來的 12 到 18 個月內，我們將開始從業務連續性的角度進行策略規劃，正如我在過去 1.5 個季度左右的一些投資者互動中所說的那樣。因此，我想說，在接下來的 12 到 18 個月內，我們將從風險管理的角度開始增加容量，以實現業務連續性，而不是出於容量限制。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Waleed, I'd like to go back to the heart commentary you started off with on the Q&A side. I mean, I understand the competitor that was working on a clinical study, but that sequential step-up can't just be a clinical trial shutting down. There's something else fundamentally that's improving there. If you had to point to one or two things that are improving on the heart side, what would they be? And why aren't they durable in the next several quarters into '25 and beyond?

瓦利德，我想回到你在問答方面開始的內心評論。我的意思是，我理解正在進行臨床研究的競爭對手，但連續的升級不能只是關閉臨床試驗。還有一些其他方面正在從根本上改善。如果你必須指出一兩件心臟方面正在改善的事情，它們會是什麼？為什麼它們在 25 世紀及以後的幾個季度中無法持久？

Yeah. Thank you, Matt, for the question. I'm not saying that the clinical trial is shutting down at all. I'm just saying that it's one of the impacts. So we expect this to be a durable. The heart sustained durable momentum. We don't expect this to be a flash in the pan at all. I was just clarifying for Allen's question that we've never doubted the heart. We just said, guys, this is just the ebbs and flows that goes around. And there was the impact of this noise in the system about the cold perfusion trial and the impact and noise of the system of NOP, all of which now have been proven, as we have predicted, to be nothing but noise. And they did not deliver any meaningful value, clinical value, to help grow the heart transplant volume like the OCS has been delivering quarter in and quarter out on utilization of DCD donors and utilization of extended criteria DBD donors and long-distance access to donors and salvaging donors in remote areas in the country that no other cold static or cold perfusion technology could salvage.

是的。謝謝你，馬特，提出這個問題。我並不是說臨床試驗完全停止。我只是說這是影響之一。所以我們希望這是一個耐用的。心臟持續持久的動力。我們根本不認為這會是曇花一現。我只是針對艾倫的問題澄清，我們從來沒有懷疑過內心。我們只是說，夥計們，這只是周圍的潮起潮落。冷灌注測試系統中存在這種噪音的影響，以及 NOP 系統的影響和噪音，正如我們所預測的那樣，所有這些現在都已被證明只是噪音。而且他們沒有提供任何有意義的價值、臨床價值來幫助增加心臟移植量，就像 OCS 一直在利用 DCD 捐贈者和利用擴展標準 DBD 捐贈者以及遠端訪問捐贈者和挽救該國偏遠地區的捐贈者，而其他冷靜態或冷灌注技術無法挽救。

So we fully expect this to be sustained, and we expect accelerating it by launching our two clinical programs early next year: one for warm heart and one for cold heart in the second half of the year.

因此，我們完全期望這種情況能夠持續下去，並且我們期望透過在明年初啟動我們的兩個臨床計畫來加速這一過程：一個用於熱心，一個用於下半年的冷心。

Got it. Appreciate that. And then a question for Stephen, not through the model yet, but is this close to the low-water mark for operating margin here in Q2 for the full year? And then I think you've made some comments about eventually you're exiting next year at 30% on that metric. First of all, is that 30% number right? And then secondly, where does the leverage really come from in the model to get you to that kind of improvement? Thanks.

知道了。很欣賞這一點。然後是史蒂芬的問題，尚未通過模型，但這是否接近全年第二季營業利潤率的低水位線？然後我想你已經發表了一些評論，說明年你最終會以該指標的 30% 退出。首先，30%這個數字對嗎？其次，模型中真正的槓桿作用來自哪裡，可以幫助你實現這個改進？謝謝。

Yeah. Thanks, Matt. No, I mean, I consistently have said that, and at that point, we'll have significant revenue. And that should allow us to drop down that kind of margin, which is the model that we think this business can generate. We're still in investment mode. So as I mentioned, at least on a cash flow perspective, we will see some variability.

是的。謝謝，馬特。不，我的意思是，我一直這麼說，到那時，我們將獲得可觀的收入。這應該能讓我們降低這種利潤，這是我們認為這項業務可以產生的模式。我們仍處於投資模式。正如我所提到的，至少從現金流的角度來看，我們會看到一些變化。

We're not quite at that consistent trend level. I do think we're at the point where we're going to be consistently positive operating profit. I don't see us going backwards. But from a kind of a cash generation, it could be variable.

我們還沒有達到一致的趨勢水準。我確實認為我們正處於持續實現正營業利潤的階段。我不認為我們會倒退。但從現金生成的角度來看，它可能是可變的。

As far as the leverage, I think the leverage is coming from we're still growing investment but just not at the pace than we were in the past, where we were probably, in some cases, growing spending not at the rate of revenue but at a pretty fast pace. We've got the NOP organization in a very good critical mass. And so the increments to that are more nominal now. They're not major investments.

就槓桿而言，我認為槓桿來自於我們仍在增加投資，但速度不如過去，在某些情況下，我們可能不是以收入的速度增加支出，而是以收入的速度增加支出。速度。我們已經讓 NOP 組織達到了非常好的臨界質量。因此，現在的增量更加名義上。它們不是重大投資。

The biggest investment we talked about is showing up in the service COGS area. So as that starts to really fill out, we'll really see that be a leverage point as well. So we have a lot of opportunities as the revenue grows here. It's a pretty highly leverageable model.

我們談到的最大投資出現在服務銷貨成本領域。因此，當它開始真正填充時，我們真的會看到它也成為一個槓桿點。因此，隨著這裡收入的成長，我們有很多機會。這是一個槓桿率相當高的模型。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Maybe to start, the 21 extra programs that came online for the logistics side of things, I'm just curious how are the conversations there? What do you think it was that tips those programs over the edge? And there's obviously a difference between earlier adopters and the second wave. Have you noticed any difference in what people care about, what they're demanding in those conversations? Or has it been very consistent?

也許首先，針對物流方面上線的 21 個額外程序，我只是好奇那裡的對話如何？您認為是什麼讓這些項目陷入困境？早期採用者和第二波採用者之間顯然存在差異。您是否注意到人們在這些對話中關心的內容和要求的內容有什麼不同？或者說一直都非常一致？

Thank you so much, Patrick, for the question. I would characterize the conversations are -- they're fairly similar. They all want to understand what the program -- how our TransMedics logistics could help them, how our TransMedics logistics could actually be a cost-effective partner to them.

非常感謝你，派崔克，提出這個問題。我認為這些對話的特點是——它們非常相似。他們都想了解該計劃的內容——我們的 TransMedics 物流如何幫助他們，我們的 TransMedics 物流如何真正成為他們具有成本效益的合作夥伴。

The early adopters have demonstrated it in spade and the recent institutions are coming based on three things. One, they're hearing from their peers and colleagues. Two, they're seeing the growth and the reach that TransMedics logistics is providing. And the third element is we're getting them organs that are probably either from a further location that they would never anticipate or they fail to secure a logistics partner in the middle of the night and they reached out to us, and we were able to meet it.

早期採用者已經充分證明了這一點，而最近的機構是基於三件事。第一，他們聽取了同儕和同事的意見。第二，他們看到了 TransMedics 物流所提供的成長和覆蓋範圍。第三個要素是，我們為他們提供的器官可能來自他們從未預料到的更遠的地方，或者他們在半夜未能找到後勤合作夥伴，他們聯繫了我們，我們能夠遇見它。

The bottom line is our financial offering and economic benefit is applicable to all. It's the same program across the country. So that makes it easy for us. So we don't really see a difference in the way different programs experience the cost efficiency of the OCS or TransMedics logistics network because it's the same program across the board. And again, we feel extremely proud and humbled by the huge success and the rapid adoption.

底線是我們的金融產品和經濟利益適用於所有人。全國各地都有同樣的計劃。這對我們來說很容易。因此，我們並沒有真正看到不同專案體驗 OCS 或 TransMedics 物流網路成本效率的方式有差異，因為它們都是相同的專案。再次，我們對巨大的成功和快速採用感到非常自豪和謙卑。

Now it's time for us to dig in and go deeper and really secure these relationships and deepen these relationships and grow our logistics network through these relationships going forward.

現在是我們深入挖掘並深入了解這些關係並真正鞏固這些關係並深化這些關係並透過這些關係發展我們的物流網絡的時候了。

Super clear. And then maybe just as a follow-up, you're obviously investing in the new clinical programs, and it's a big focus for you guys. I mean, to take one example, DBD label expansion, presumably, you had discussions with customers, right, and had some temperature checks on that side. Was the demand coming into you guys that kind of prompted you to think about it that way? Was that partly what pushed it was in a sense that maybe it's being used occasionally off-label? How have those sort of conversations with customers on that side gotten as well? Thanks.

超級清晰。然後也許只是作為後續行動，您顯然正在投資新的臨床項目，這對您來說是一個重點。我的意思是，舉個例子，DBD 標籤擴展，想必您與客戶進行了討論，對吧，並且在那一側進行了一些溫度檢查。你們的需求是否促使你們這樣思考？從某種意義上說，這是否是它偶爾被用於標籤外用途的部分原因？與那邊的客戶進行的這類對話是如何進行的？謝謝。

Thanks, Patrick. I think I would characterize this as something that TransMedics got here because we have been living, breathing, eating organ transplant for the last 25, 30 years. We saw a dynamic, we saw an opportunity, and we are trying to capitalize on it. We've always said this 20%, 25% segment of the heart market, the sub-three-hour, sub-four-hour heart preservation market, was something that we will get to when we're ready, and now we're ready.

謝謝，派崔克。我想我會把這描述為 TransMedics 所取得的成就，因為在過去的 25、30 年裡，我們一直在生活、呼吸、飲食器官移植。我們看到了活力，看到了機會，並且正在努力利用它。我們一直說，心臟市場的 20%、25% 部分，即三小時內、四小時內的心臟保存市場，是我們準備好後就會進入的領域，現在我們’重新準備好。

So it's just a continuation of our strategy. This is not something that's being pushed on us by customers or we always know that this is an area in the heart market that we don't have an indication for. And we always plan to get to it, and we will get to it. And ultimately, it's going to help us really solidify our position in the heart franchise.

所以這只是我們戰略的延續。這不是客戶強加給我們的，或者我們一直都知道這是核心市場的一個領域，但我們沒有任何跡象。我們總是計劃實現它，並且我們一定會實現它。最終，它將幫助我們真正鞏固我們在心臟特許經營權中的地位。

Suraj Kalia, Oppenheimer & Co.

蘇拉吉·卡利亞，奧本海默公司

Waleed, Stephen, Tamer, congrats on a blowout quarter.

瓦利德、史蒂芬、塔默，恭喜季度井噴。

Thank you. Thank you, Suraj.

謝謝。謝謝你，蘇拉吉。

So Waleed, multipart questions, one for you, one for Stephen. So Waleed, I want to piggyback on what Bill had asked earlier. Like, if I heard you correctly, 24-hour perfusion for heart, less edema, and some of the other comments you made. Waleed, what's the critical variable that you could share that is helping you get to that bogey? Is it perfusate mix, some free radical scavengers, temperature, perfusion pressure? What are you specifically tweaking?

瓦利德，由多個部分組成的問題，一個給你，一個給史蒂芬。瓦利德，我想藉鏡比爾之前提出的問題。例如，如果我沒聽錯的話，心臟 24 小時灌注、減少水腫以及您提出的其他一些評論。Waleed，您可以分享的幫助您實現柏忌的關鍵變數是什麼？是灌注液混合物、一些自由基清除劑、溫度、灌注壓力嗎？具體要調整什麼？

And the reason I ask is if you can make an organ survive for 24 hours, and let's say, organ dysfunction, PGD, everything is like within the normal band, let's assume that, then you have ethical, legal implications of not using such a device. So maybe if you can just kind of wrap around what are you seeing? How are you getting there?

And the reason I ask is if you can make an organ survive for 24 hours, and let's say, organ dysfunction, PGD, everything is like within the normal band, let's assume that, then you have ethical, legal implications of not using such a裝置.那麼也許你可以概括一下你所看到的是什麼？你怎麼樣？

Thank you for the question, Suraj. The answer is yes, I can't speak right now on the specific, but all of above. We are going to take the heart and lung market by storm. We have new circuits. We have new perfusion solution. We have new therapeutic agents that we will fully exercise to hopefully replicate the huge success we're seeing on the preclinical level in the clinical arena. And then we'll let the market, as you said, declare itself.

謝謝你的提問，蘇拉吉。答案是肯定的，我現在不能透露具體內容，但以上都是。我們將席捲心肺市場。我們有新的電路。我們有新的灌注液。我們擁有新的治療藥物，我們將充分運用它們，以期複製我們在臨床領域的臨床前層面上看到的巨大成功。然後，正如您所說，我們將讓市場自己做出決定。

We are committed to doing the hard work. We are committed to delivering the evidence, the unequivocal evidence, level one evidence that, unfortunately, there's only one company that has been delivering that in the field of organ preservation for transplant, which is TransMedics.

我們致力於進行艱苦的工作。我們致力於提供證據，明確的證據，一級證據，不幸的是，只有一家公司在移植器官保存領域提供了這一證據，這就是 TransMedics。

TransMedics spent 2.5 years focusing on our commercial success. We're going back to delivering more evidence to grow our franchise and deliver the best possible preservation technologies to the field of solid organ transplant. And we hope your assumption would actually pan out once we deliver that evidence. Our commitment is to deliver the evidence and we'll let the market dictate itself -- declare itself, based on the outcomes.

TransMedics 花了 2.5 年的時間專注於我們的商業成功。我們將繼續提供更多證據來擴大我們的特許經營權，並為實體器官移植領域提供盡可能最好的保存技術。我們希望一旦我們提供證據，您的假設就能真正實現。我們的承諾是提供證據，我們將讓市場自己決定——根據結果來宣布自己。

And Waleed, was the clinical trial compare it to normal thermic OCS or cold storage?

Waleed，臨床試驗是否將其與普通熱 OCS 或冷藏進行比較？

Suraj, we have to compare ourselves to the standard of care. And the standard of care, as many as you've heard, I'm sure, in the last ISHLT -- and I've only focused on the cardiothoracic because these are our upcoming clinical programs -- what we've been hearing in the ISHLT is the historical standard of care. People have already moved away from declaring cold static storage as the standard of care any longer. They call it the historical standard of care. So I don't want to pre-front any of our ongoing FDA discussions. But from a scientific standpoint, we would be comparing to the historical standard of care. That's the more meaningful comparator, at least, to prove the case.

Suraj，我們必須將自己與護理標準進行比較。我確信，在上一期 ISHLT 中，您所聽到的護理標準——我只關注心胸外科，因為這些是我們即將推出的臨床項目——我們在 ISHLT 中聽到的內容ISHLT 是歷史上的護理標準。人們已經不再將冷靜態儲存作為護理標準。他們稱之為歷史護理標準。因此，我不想預先討論我們正在進行的 FDA 討論。但從科學的角度來看，我們將與歷史護理標準進行比較。至少，對於證明這一點來說，這是更有意義的比較器。

Fair enough. Stephen, again, one multipart question for you, if I may. The leveragability and everything others have asked about the question, maybe I'll rephrase and come at it from a different angle. So the math is suggesting 126 sites. There were roughly 600 organ runs that utilized aviation.

很公平。史蒂芬，如果可以的話，再一次向您提出一個由多個部分組成的問題。槓桿作用和其他人就這個問題提出的所有問題，也許我會重新措辭並從不同的角度來看待它。因此，數學建議有 126 個站點。大約有 600 場器官移植活動使用了航空技術。

Maybe, if possible, you can give us what was the concentration in these 126 sites that used aviation? And Stephen, the point made about the President of ASTS talking about physician life becoming easier with OCS, does that give you pricing power moving in 2025 and beyond? Gentlemen, congrats again. Thank you for taking my questions.

如果可以的話，您能否告訴我們這 126 個使用航空的地點的集中度是多少？史蒂芬，ASTS 主席談到 OCS 讓醫生的生活變得更輕鬆，這是否會給您在 2025 年及以後的定價能力？先生們，再次恭喜。感謝您回答我的問題。

Yeah, Suraj, thanks for the question. Let me try to address that. First of all, I want to make sure it's clear that the 126 programs, many of them are across the same site. So one site could have multiple programs, so that's among the 126, on heart, lung and liver.

是的，蘇拉吉，謝謝你的提問。讓我嘗試解決這個問題。首先，我想確保清楚這 126 個程序，其中許多都位於同一個站點。因此，一個站點可以有多個項目，這是 126 個項目之一，涉及心臟、肺部和肝臟。

The concentration is really diverse today, right? We're still only three quarters into logistics. So there are a few sites that are using us on many, many cases for both OCS, NOP, and logistics. And then there are some sites that are just coming on and are just starting. So it's really diverse to give any kind of penetration number on logistics.

今天的濃度真的很多樣化，對吧？我們的物流工作還只完成了四分之三。因此，有一些網站在很多很多 OCS、NOP 和物流案例中使用我們。還有一些網站剛剛出現並且剛剛開始。因此，給出任何類型的物流滲透率數據確實是多種多樣的。

All we can say is that you can see the growth in the revenue. It's getting more accepted and programs are really seeing great value in using our program because it's much more efficient than the way it has been done in the past.

我們只能說，你可以看到收入的成長。它越來越被接受，而且程式確實看到了使用我們的程式的巨大價值，因為它比過去的方式更有效率。

And then what was your third question, Suraj? I apologize.

那你的第三個問題是什麼，蘇拉吉？我道歉。

Pricing leverage in 2025.

2025年的定價槓桿。

Yeah. As far as pricing leverage, look, at the moment, we've got a pricing model that works. As we move out and grow, we need to determine what the right model is. Maybe service has some levers there. But for now, we're not trying to gouge the system. We have a pricing model that works. And we're going to continue with that. We don't see any changes in the near future.

是的。就定價槓桿而言，目前我們已經有了一個可行的定價模式。當我們走出去並成長時，我們需要確定什麼是正確的模式。也許服務有一些槓桿。但目前，我們並不想破壞這個系統。我們有一個有效的定價模式。我們將繼續這樣做。我們在不久的將來看不到任何變化。

I want to echo what Stephen just said, and especially on the second part of the question, Suraj, which is an excellent question as always. Listen, we don't look at transplantation as an opportunity for pricing leverage. What we are focusing on is growing the overall national transplant volume. We're growing our market share in the existing transplant volume. We are comfortable with our current pricing model. We want to be a trusted partner to transplant programs. This is a very important aspect of our mission.

我想回應史蒂芬剛才所說的，特別是關於問題的第二部分，蘇拉吉，這是一個一如既往的好問題。聽著，我們並不將移植視為定價槓桿的機會。我們關注的是增加全國移植總量。我們正在擴大現有移植量的市場佔有率。我們對目前的定價模式感到滿意。我們希望成為移植計畫值得信賴的合作夥伴。這是我們使命的一個非常重要的面向。

We're not in this to just capitalize on leverage. We know what our value is, but we have to be the trusted partner across all three organs. And ultimately, when we get to the kidney, it will be the fourth organ, for all transplant programs in the US and around the world.

我們這樣做不僅僅是為了利用槓桿作用。我們知道我們的價值是什麼，但我們必須成為所有三個機構值得信賴的合作夥伴。最終，當我們談到腎臟時，它將成為美國和世界各地所有移植計畫的第四個器官。

So that's where we are. We're proud of that. And as Stephen said, the revenue speaks for itself, and we'll leave it at that.

這就是我們現在的處境。我們為此感到自豪。正如史蒂芬所說，收入本身就說明了一切，我們就這樣吧。

(Operator Instructions) George Sellers, Stephens Inc.

（操作員說明）George Sellers，Stephens Inc.

Congrats on a really strong quarter. Maybe to revisit that last question a little bit. I'm just curious if maybe you could share a little detail on what that share -- at the 126 US transplant programs that you mentioned, what that share could look like over time based on, for instance, the distance maybe that most of those organs are having to travel at those centers.

恭喜這個季度的強勁表現。也許要稍微回顧最後一個問題。我只是好奇你是否可以分享一些關於你提到的 126 個美國移植項目的細節，隨著時間的推移，這種共享會是什麼樣子，例如，距離可能是其中大多數器官必須在這些中心運送。

And then secondly, could you give us some color on what the strategy is to drive deeper penetration in those different programs, if that's a more aggressive commercialization strategy or just some of the clinical work that you're working on? How should we think about that specific strategy? Thanks for taking the question.

其次，您能否給我們一些關於推動這些不同項目更深層次滲透的策略的信息，如果這是一個更積極的商業化策略，或者只是您正在進行的一些臨床工作？我們該如何考慮這個具體策略？感謝您提出問題。

Thank you, George. To address the first part of the question, our strategy has always been -- our stated goal is to take 80%-plus of the NOP cases to be done on our planes and our logistics network. That is our stated public goal and that is what we're marching towards. We're far from there. As I stated, we only covered 59% of the NOP missions at the current Q2 volume. So we have a long way to go. So I can't comment on anything that we haven't discussed publicly before.

謝謝你，喬治。為了解決問題的第一部分，我們的策略始終是——我們的既定目標是在我們的飛機和物流網路上完成 80% 以上的 NOP 案件。這是我們既定的公共目標，也是我們正在努力實現的目標。我們離那裡還很遠。正如我所說，在當前第二季度的數量中，我們僅涵蓋了 59% 的 NOP 任務。所以我們還有很長的路要走。所以我不能對我們之前沒有公開討論過的任何事情發表評論。

On the second part, listen, there's different ways, a variety of different ways, to increase market share and grow. Again, it's not just about increasing market share. It's about increasing market share and overall, growing the transplant volume at these institutions. And we focus on the fundamentals. We focus on delivering the value. We are focusing in on proving the case. We're focusing on the outcomes and the outcome measures, and the rest will take care of itself.

在第二部分，聽著，有不同的方式，多種不同的方式來增加市場佔有率和成長。再次強調，這不僅是為了增加市場佔有率。這是為了增加市場佔有率和整體而言，增加這些機構的移植量。我們專注於基礎知識。我們專注於提供價值。我們專注於證明案件。我們關注的是結果和結果衡量標準，其餘的事情就會水到渠成。

Transplantation is a black and white. It's a life-saving procedure. So one, we need to demonstrate that we can get them their organs in the best possible shape. Two, we can get them more organs. Three, we can address some of their logistical issues in the middle of the night. And all of that will give us market share. Three, we provide the most economical way of managing organ transplants since the invention of organ transplants.

移植是黑白的。這是一個挽救生命的程序。因此，我們需要證明我們可以讓他們的器官保持最佳狀態。第二，我們可以提供他們更多的器官。第三，我們可以在半夜解決他們的一些後勤問題。所有這些都將為我們帶來市場份額。第三，我們提供自器官移植發明以來最經濟的器官移植管理方式。

The way our logistics network is operating is providing significant cost efficiency to every major transplant program that is working with us to protect them against DCD, lack of progressions and all sorts of additional expenses that with the historical model, they're liable for. But with TransMedics and NOP and TransMedics logistics, we share in these expenses.

我們的物流網絡的運作方式為與我們合作的每個主要移植項目提供了顯著的成本效率，以保護他們免受 DCD、缺乏進度以及按照歷史模型他們要承擔的各種額外費用的影響。但透過 TransMedics、NOP 和 TransMedics 物流，我們分擔這些費用。

So that is how we're going to get the lion's share of the market with these approaches, just focusing on the fundamentals and providing good clinical outcomes or the best clinical outcomes and the most cost-effective way of managing organ transplant for these programs.

因此，這就是我們如何透過這些方法獲得最大的市場份額，只關注基本原理並提供良好的臨床結果或最佳的臨床結果以及管理這些項目的器官移植的最具成本效益的方法。

Okay. That was really helpful color. I appreciate it. And then sticking with NOP, one benefit that was mentioned a little bit earlier on the call is the transplant centers have sort of improved quality of life for these surgeons that don't have to go and collect the organ, for the liver with the procedure time being a more normal time of day. But could you speak to -- within TransMedics clinical support and surgical procurement folks? What's the risk of burnout for those folks? And then maybe how are you mitigating that risk?

好的。那是非常有用的顏色。我很感激。然後堅持 NOP，之前在電話會議中提到的一個好處是，移植中心在某種程度上改善了這些外科醫生的生活質量，他們不必去收集器官，因為肝臟需要接受手術時間是一天中更正常的時間。但您能與 TransMedics 臨床支援和手術採購人員交談嗎？這些人倦怠的風險是什麼？那你要如何降低這種風險呢？

That's an excellent question, George. And thank you for asking that question because it allows me to clarify a point made earlier by Josh.

這是一個很好的問題，喬治。感謝您提出這個問題，因為它使我能夠澄清喬許之前提出的觀點。

It's more than the quality of life for the transplant surgeon guys. It's really providing the best quality of the surgical procedure for the recipient. We don't do brain aneurysm surgery at 3:00 in the morning. Yet we do heart, lung and liver transplants at 3:00 in the morning. We don't do even a cardiac bypass at 3:00 in the morning.

對於移植外科醫生來說，這不僅僅是生活品質。它確實為受者提供了最好品質的外科手術。我們凌晨3:00不做腦動脈瘤手術。然而，我們在凌晨 3:00 進行心臟、肺和肝臟移植手術。我們甚至不會在凌晨 3:00 進行心臟繞道手術。

So this is where the value is, okay? It's making sure that we have the best quality of the surgical procedure in the form of a rested surgeon, the A team of clinical and surgical support staff in the operating room, providing the best quality of care for the patient. So that's number one.

這就是價值所在，好嗎？確保我們以休息的外科醫生、手術室的臨床和手術支援人員團隊的形式提供最佳的外科手術質量，為患者提供最佳的護理品質。所以這是第一。

Number two, the huge impact on hospital resource management. At 3:00 in the morning, the hospital needs to find support staff, probably are not transplant-focused support staff and pay them 1.5, double time, or even more. So that is all normalized and more [efficientized] by using an NOP case.

第二，對醫院資源管理的巨大影響。凌晨3:00，醫院需要尋找支援人員，可能不是專門從事移植的支援人員，並向他們支付1.5、雙倍甚至更多的工資。因此，透過使用 NOP 案例，這一切都已標準化並且更加[高效]。

Now let me go to the crux of your question, which is how do we mitigate burnout for our team. As the operator of the largest national network for this kind of service, which is the NOP, we have developed numerous models over the last 18 to 24 months to ensure that our staff is well rested and we run it through shifts. We have different programs to ensure that our staff is the most well rested and taken care of and, again, to maximize the quality of care for that organ.

現在讓我來談談你問題的關鍵，那就是我們如何減輕團隊的倦怠。作為此類服務最大的全國網路（即 NOP）的營運商，我們在過去 18 至 24 個月內開發了多種模型，以確保我們的員工得到充分休息並輪班。我們有不同的計劃來確保我們的員工得到最好的休息和照顧，並再次最大限度地提高該器官的護理品質。

That's why we have the largest group of surgeons on our payroll and senior experienced surgeons. And sometimes, we double-team the case if we think it's going to take longer. So we have maximum flexibility, and we have programs and quality programs that are constantly being evaluated to minimize burnout.

這就是為什麼我們的薪資單上擁有最大的外科醫生群體和經驗豐富的資深外科醫生。有時，如果我們認為需要更長的時間，我們就會對案件進行雙人包夾。因此，我們擁有最大的靈活性，並且我們有不斷評估的計劃和品質計劃，以最大限度地減少倦怠。

And it's not just that. To answer your question, we have one of the lowest turnover rate in the NOP team because of that. And we monitor that very, very routinely to make sure that our team is fresh because we want our team to deliver the best quality of care for these organs that we're taking care of.

不僅如此。回答你的問題，我們是 NOP 團隊中人員流動率最低的團隊之一。我們非常非常定期地進行監控，以確保我們的團隊充滿活力，因為我們希望我們的團隊為我們正在照顧的這些器官提供最好的品質照護。

This concludes our question-and-answer session. I would like to turn the conference back over to Waleed Hassanein, CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回執行長 Waleed Hassanein 發表閉幕詞。

Thank you so much for joining us this evening. We appreciate your time, and we look forward to speaking again in the Q3 call. Have a wonderful evening, everyone. Thank you.

非常感謝您今晚加入我們。感謝您抽出寶貴的時間，我們期待在第三季的電話會議中再次發言。祝大家有個美好的夜晚。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

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，度過美好的一天。