Transmedics Group Inc (TMDX) 2024 Q3 法說會逐字稿

Good afternoon and welcome to the Transmedics third quarter, 2024 earnings conference call. (Operator Instructions)

下午好，歡迎參加 Transmedics 2024 年第三季財報電話會議。（操作員說明）

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。

Thanks Operator. Earlier today, Transmedics released financial results for the quarter ended September 30, 2024. A copy of the press release is available on the company's website.

感謝運營商。今天早些時候，Transmedics 發布了截至 2024 年 9 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取得。

Before we begin, I'd 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 expectations or predictions of future events, results or performance or 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與對未來事件、結果或績效的預期或預測相關的任何陳述或前瞻性陳述。

All forward-looking statements including without limitation, our examination of operating trends, the potential commercial opportunity for our current and next generation products, services and technologies, the potential impact of investments in infrastructure, the potential timing impacts and outcomes of new clinical programs as well as our future financial expectations which include expectations for growth in our organization and guidance or expectations for revenue gross margins and operating expenses in 2024 and beyond are based upon our current estimates and various assumptions.

所有前瞻性陳述包括但不限於我們對營運趨勢的審查、我們目前和下一代產品、服務和技術的潛在商業機會、基礎設施投資的潛在影響、新臨床項目的潛在時間影響和結果，以及我們未來的財務預期，包括對我們組織成長的預期以及對2024 年及以後收入毛利率和營運費用的指導或預期，均基於我們目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.

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。

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 August 1, 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.com and on our website at www.transmedics.com.

有關這些風險和不確定性的更多資訊出現在我們於 2024 年 8 月 1 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下。我們隨後的 10-Q 表格文件和今天的收益新聞稿中包含的前瞻性聲明可在 www.sec.com 和我們的網站 www.transmedics.com 上取得。

Transmedics to claim 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, October 28, 2024.

Transmedics 聲稱有任何意圖或義務，除非法律要求更新或修改任何財務預測或前瞻性陳述，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間敏感訊息，僅截至今天（2024 年 10 月 28 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 third quarter, 2024 earnings call.

非常感謝你，萊恩。大家下午好，歡迎參加 Transmedics 2024 年第三季財報電話會議。

As always joining me today is Stephen Gordon, our Chief Financial Officer.

一如既往，今天和我一起的是我們的財務長史蒂芬戈登。

As we discussed 2024 represents an important foundational year for Transmedics as we shift into the next year of growth. As the market leader in organ transplantation, we have continued to scale operationally while also laying the groundwork from a business and product perspective to support our next phase of growth.

正如我們所討論的，2024 年對 Transmedics 來說是重要的基礎年，因為我們將進入下一個增長年。作為器官移植市場的領導者，我們不斷擴大業務規模，同時從業務和產品角度奠定基礎，以支持我們下一階段的成長。

Specifically, we have been and remain focused on three things. First, completing the first phase of building our transplant logistics network and aviation infrastructure to better position us to capitalize on the growth anticipated next year and going forward.

具體來說，我們一直並將繼續關註三件事。首先，完成移植物流網路和航空基礎設施建設的第一階段，使我們能夠更好地利用明年和未來的預期成長。

Two, continuing to invest in our NOP clinical and technology infrastructures and finally completing the first phase of next gen OCS heart and lung technologies development to enable the launch of new clinical programs in 2025.

第二，繼續投資我們的 NOP 臨床和技術基礎設施，最終完成下一代 OCS 心肺技術開發的第一階段，以便在 2025 年啟動新的臨床計畫。

These programs are aimed at unlocking the growth potential for OCS lung market, expanding OCS heart adoption and our approved indications in the US. And finally catalyzing overall US heart and lung transplant volume and market growth annually.

這些計劃旨在釋放 OCS 肺部市場的成長潛力，擴大 OCS 心臟的採用以及我們在美國批准的適應症。最終促進美國心肺移植總量和市場每年的成長。

We continue to make meaningful progress across each of these key initiatives through the third quarter and maintain our conviction in our future growth runway in 2025 and beyond.

到第三季度，我們將繼續在每項關鍵措施上取得有意義的進展，並對 2025 年及以後的未來成長保持信心。

From a revenue perspective, we continue to deliver significant year over year growth particularly in the US offset by an overall US transplant volume, headwinds as well as routine scheduled aircraft maintenance which we discussed on our last call. Meanwhile OCS revenue which represents a modest part of our business was impacted by viability that we have come to expect.

從收入角度來看，我們繼續實現顯著的同比增長，尤其是在美國，但被美國整體移植量、逆風以及我們在上次電話會議中討論的例行定期飛機維護所抵消。同時，OCS 收入僅占我們業務的一小部分，但受到我們預期的生存能力的影響。

Here are the key operational highlights from the quarter. Total revenue for 3Q was $108.8 million. Representing 64% growth from 3Q 2023 driven by 76% year over year sales growth in the US but offset by a 40% year over year decline OCS from a sequential perspective. We saw a 5% decline in total revenue from Q2, 2024 US. Sales declined 3% sequentially and OCS sales declined 45% sequentially. Transmedics transplant logistics service revenue from for Q3 was $20.1 million. Up from $2.1 million in Q3 2023 and up from $19.1 million in Q2 of 2024 an approximate 5% increase sequentially from Q2.

以下是本季的主要營運亮點。第三季總營收為 1.088 億美元。與 2023 年第三季相比，成長了 64%，這是由美國銷售額同比增長 76% 推動的，但被 OCS 環比同比下降 40% 所抵消。我們發現美國 2024 年第二季的總收入下降了 5%。銷售額季減 3%，OCS 銷售額季減 45%。Transmedics 第三季移植物流服務營收為 2,010 萬美元。高於 2023 年第三季的 210 萬美元和 2024 年第二季的 1,910 萬美元，較第二季環比成長約 5%。

Our overall gross margins for 3Q were 56% down from 61% in 2Q 2024. The extent of sequential decline was somewhat expected given continued investment in our logistics network, clinical resources and next Gen OCS Technologies.

我們第三季的整體毛利率從 2024 年第二季的 61% 下降了 56%。鑑於我們對物流網絡、臨床資源和下一代 OCS 技術的持續投資，環比下降的程度在某種程度上是可以預期的。

Finally, we delivered a GAAP operating profit of $3.9 million in Q3 representing 4% of total revenue.

最後，我們第三季的 GAAP 營業利潤為 390 萬美元，佔總營收的 4%。

Now let me provide updates on our aviation and logistics infrastructure results in the quarter. Through Q3 we continue to expand our fleet of owned aircraft reaching 18 by end of Q3, we also continue to invest in hiring and training pilots.

現在讓我提供本季航空和物流基礎設施業績的最新情況。在第三季度，我們繼續擴大自有飛機機隊，到第三季末達到 18 架，我們也繼續投資僱用和培訓飛行員。

Importantly, we also made a strategic investment in our internal aircraft maintenance infrastructure by building and staffing at Transmedics aviation maintenance hub in Dallas, Texas in Q3. These investments were made to maximize the operational efficiency of our current and growing fleet and to prepare for the expected growth and demand for OCS missions in 2025 and beyond.

重要的是，我們還對內部飛機維修基礎設施進行了戰略投資，在第三季度在德克薩斯州達拉斯建立了 Transmedics 航空維修中心並配備了人員。這些投資旨在最大限度地提高我們現有和不斷成長的機隊的營運效率，並為 2025 年及以後 OCS 任務的預期成長和需求做好準備。

As we stated on our Q2 earnings call, we also completed routine maintenance on several of our own aircraft scheduled in Q3. This resulted in lower average daily planes available for missions compared to 2Q 2024.

正如我們在第二季財報電話會議上所說，我們還完成了計劃在第三季度對自己的幾架飛機進行的日常維護。與 2024 年第二季相比，這導致每日平均可用於執行任務的飛機數量減少。

Still our owned aircraft covered 61% of our NOP flight missions in Q3, up from 59% in 2Q of 2024. We use third party logistics partners to meet NOP missions while our planes were in maintenance.

儘管如此，我們自有飛機在第三季仍承擔了 61% 的 NOP 飛行任務，高於 2024 年第二季的 59%。當我們的飛機進行維護時，我們使用第三方物流合作夥伴來完成 NOP 任務。

Now with this background, I'll provide more context on these results. First, let me discuss the revenue and case volumes. In Q3 overall US. National liver and heart transplant volumes declined sequentially, approximately 5% while total lung volumes declined by approximately 3% in the US. There is no clear reason for these declines other than normal variability of donor availability and potential summer seasonality. So, the sequential decline in the US case volume was directly in line with the decline in national transplant volumes.

現在有了這個背景，我將提供有關這些結果的更多背景資訊。首先，讓我討論一下收入和案件量。美國第三季整體情況。美國全國肝臟和心臟移植量連續下降約 5%，而肺總量下降約 3%。除了捐贈者可用性的正常變化和潛在的夏季季節性因素之外，沒有明確的原因導致這些下降。因此，美國病例數的環比下降與全國移植量的下降直接一致。

Importantly, we did not see any degradation of our market share or center penetration on all three orders. I want to make it crystal clear we have not seen any fundamental or competitive dynamics playing any role in the slight sequential decline in case volume for OCS in Q3.

重要的是，我們沒有看到所有三個訂單的市場份額或中心滲透率有任何下降。我想明確表示，我們沒有看到任何基本面或競爭動態在第三季 OCS 案件數量略有連續下降中發揮任何作用。

Let me repeat it again. We have not seen any fundamental or competitive dynamics playing any role in the slight sequential decline in case volume for OCS in Q3. On the OCS revenue decline as we've discussed previously, OCS revenues and will remain a very small part or portion of our business in the near-term. OCS volumes are quite lumpy given a heavy focus on heart and lack of broad national reimbursement.

讓我再說一次。我們沒有看到任何基本面或競爭動態對第三季 OCS 案件數量略有下降產生任何影響。正如我們之前討論的，OCS 收入下降，短期內 OCS 收入仍將占我們業務的一小部分。由於重點關注心臟疾病且缺乏廣泛的國家報銷，OCS 的數量相當不穩定。

We are working on several initiatives to launch liver and lung technologies OCS and to secure broader national reimbursements in Europe or European countries to catalyze growth of OCS over the mid and longer terms.

我們正在製定多項舉措，推出肝肺技術 OCS，並確保歐洲或歐洲國家更廣泛的國家報銷，以促進 OCS 的中長期成長。

Second, let me discuss the transient impact on our margins. As we discussed earlier. We are continuing to invest in our logistics network, clinical resources and next gen OCS technologies to capitalize on the significant growth opportunity ahead of us.

其次，讓我討論一下對我們利潤率的暫時影響。正如我們之前討論的。我們將繼續投資於我們的物流網絡、臨床資源和下一代 OCS 技術，以利用我們面前的重大成長機會。

In Q3, the primary driver of transient decline in growth margin was related to the impact of investments in our infrastructure and a higher utilization of third-party logistics partner partners to cover NOP mission as our planes received scheduled maintenance, impacting our service margins. To be clear the near-term viability in quarterly margin is a direct result of our growth profile and our ongoing investments to catalyze future growth.

第三季度，成長率暫時下降的主要驅動因素與我們的基礎設施投資的影響有關，以及我們的飛機接受定期維護時第三方物流合作夥伴的利用率更高，以履行NOP 任務，影響了我們的服務利潤。需要明確的是，季度利潤率的近期可行性是我們的成長狀況和我們為促進未來成長而進行的持續投資的直接結果。

As we start gaining efficiencies of scale and further scale case growth we are confident that service margins will grow to healthier levels.

隨著我們開始獲得規模效率和規模案例的進一步增長，我們相信服務利潤將增長到更健康的水平。

In summary, we believe margins will remain variable over the next several quarters as we've said before given the ongoing investments in our business. However, we have a very high degree of conviction that these investments will position us optimally for future growth and profitability.

總之，我們認為，鑑於我們業務的持續投資，正如我們之前所說，未來幾季的利潤率將保持不變。然而，我們堅信這些投資將為我們未來的成長和獲利能力奠定最佳的基礎。

Moving now to our OCS heart and lung clinical programs, which we plan to launch next year in 2025. As I mentioned earlier, these programs are anchored by our next gen OCS technology developments and designed specifically to drive significant momentum in our lung market and broadening our clinical indications and adoption for OCS heart technology.

現在轉向我們的 OCS 心肺臨床項目，我們計劃在明年 2025 年啟動該項目。正如我之前提到的，這些計劃以我們的下一代 OCS 技術開發為基礎，專門為推動我們的肺部市場的巨大發展勢頭並擴大我們的臨床適應症和 OCS 心臟技術的採用而設計。

We are increasingly confident in the potential clinical impact of these new clinical programs. As preclinical testing has consistently demonstrated superior outcomes for OCS heart and OCS lung up to 24 hours of OCS perfusion. These advancements stand to enable morning hours heart and lung transplants for the first time in history, which would represent a huge milestone that the cardiothoracic transplant field has long been aspiring to achieve. Detailed preclinical results will be formally and publicly presented at the upcoming heart and lung transplant scientific conferences in 2025.

我們對這些新臨床計畫的潛在臨床影響越來越有信心。臨床前測試一致證明 OCS 心臟和 OCS 肺在長達 24 小時的 OCS 灌注中具有優異的結果。這些進步將使歷史上首次在早上進行心臟和肺移植，這將是心胸移植領域長期以來渴望實現的巨大里程碑。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。

Again, we are excited about our product pipeline and the potential transformative nature of these programs to catalyze the near mid and long-term growth of our OCS platform and to drive more lung and heart transplant volumes nationally.

我們再次對我們的產品線和這些項目的潛在變革性感到興奮，這些項目將促進我們 OCS 平台的近中長期增長，並推動全國範圍內更多的肺和心臟移植量。

In conclusion, we are encouraged by our 2024 results and as we have effectively doubled year-to-date revenue compared to 2023 while continuing to invest in our future growth, we are now focused on ending '24 on a strong note and preparing for several growth catalysts throughout '25 and beyond.

總而言之，我們對2024 年的業績感到鼓舞，與2023 年相比，我們的年初至今收入實際上翻了一番，同時繼續投資於未來的增長，我們現在專注於以強有力的方式結束'24，並為幾個整個 25 年及以後的增長催化劑。

To that end, we are maintaining our annual full year revenue guidance range of $425million to $445 million which represent 76% to 84% growth over full year 2023 revenue.

為此，我們將全年營收指引維持在 4.25 億美元至 4.45 億美元之間，這比 2023 年全年營收成長 76% 至 84%。

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

接下來，讓我致電史蒂文，介紹本季的詳細財務表現。

Thank you, Waleed. I will now provide some additional detail on our Q3 results and other financial information for the quarter. Starting with revenue for the third quarter of 2024 our total revenue was $108.8 million this is an increase of 64% from the third quarter of 2023 and a 5% sequential decline from last quarter. In the US Transplant revenue was $104.9 million US revenue increased 76% from the third quarter. Of 2023 and was down 3% sequentially from last quarter. Q3, 2024 revenue includes $20.1 million of logistics revenue. The organ breakdown on us revenue was $76.7 million in liver, $24.5 million in heart and $3.7 million in lung. US revenue was $2.6 million a 40% decline from Q3 2023 and 45% sequential decline.

謝謝你，瓦利德。我現在將提供有關我們第三季度業績和本季度其他財務資訊的更多詳細資訊。從 2024 年第三季的營收開始，我們的總營收為 1.088 億美元，比 2023 年第三季成長 64%，比上季較上季下降 5%。在美國，移植收入為 1.049 億美元，較第三季成長 76%。2023 年較上季較上季下降 3%。2024 年第三季營收包括 2,010 萬美元的物流收入。美國收入中的器官細分為肝臟 7,670 萬美元、心臟 2,450 萬美元和肺 370 萬美元。美國營收為 260 萬美元，較 2023 年第三季下降 40%，比上一季下降 45%。

The OCS organ breakdown was $2.4 million in heart and $0.2 million in lung.

OCS 器官損壞為心臟 240 萬美元，肺部 20 萬美元。

Next on product and service revenue. As a reminder our service revenue includes the NOP clinical service of surgical procurement and organ management, logistics revenue and flight school revenue.

接下來是產品和服務收入。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、物流收入和飛行學校收入。

In Q3, product revenue was $65.9 million and service revenue was $42.9 million. The service portion was 39.4% of the total. In reviewing revenue this quarter, there were several headwinds as discussed last quarter. While OCS revenue was a very small portion of our business.

第三季度，產品收入為 6,590 萬美元，服務收入為 4,290 萬美元。服務業佔總量的39.4%。在回顧本季的營收時，出現了上季討論的一些不利因素。而 OCS 收入僅占我們業務的一小部分。

We expected this international revenue to decline sequentially as we had some stocking orders in Q1 and Q2 that we knew we were not going to recur in Q3. We also pointed out that lung revenue was not yet on a growth trajectory. So both of these were headwinds as expected. And the other driver of sequential decline was the overall decline in OCS Transplant from Q2 to Q3 and our performance reflected this as well. We discussed moving to gross margin for the third quarter of 2024. Our gross margin was 56% this was down from 61% in the third quarter of 2023.

我們預計這項國際收入將連續下降，因為我們在第一季和第二季有一些庫存訂單，我們知道我們不會在第三季再次出現這些訂單。我們也指出，肺部收入尚未走上成長軌道。因此，正如預期的那樣，這兩者都是逆風。連續下降的另一個驅動因素是 OCS 移植從第二季到第三季的整體下降，我們的表現也反映了這一點。我們討論了轉向 2024 年第三季毛利率的問題。我們的毛利率為 56%，低於 2023 年第三季的 61%。

In comparison to Q3 last year, this reflects the higher service component of our business. Also, Q3 2023 did not include a full quarter of logistics. Our product margin in Q3 was 80% this is up from 77% in Q3 of 2023 and steady from last quarter. We expect the product margins to remain in the 79% to 80% range on the service side margin was 19% it declined from Q2 of '24 and this was driven by several factors.

與去年第三季相比，這反映出我們業務的服務成分更高。此外，2023 年第三季不包括整個季度的物流。我們第三季的產品利潤率為 80%，高於 2023 年第三季的 77%，與上季持平。我們預計產品利潤率將保持在 79% 至 80% 的範圍內，服務端利潤率為 19%，較 24 年第二季度有所下降，這是由多個因素推動的。

First, Similar to last quarter, we are spending ahead in clinical services and logistics as we prepare for future growth, there were three areas of spend to highlight. We are investing in pilots and pilot training to prepare for additional utilization of our own planes in the coming quarters.

首先，與上季類似，我們在臨床服務和物流方面提前支出，為未來的成長做準備，有三個支出領域值得強調。我們正在投資飛行員和飛行員培訓，為未來幾季更多地利用我們自己的飛機做好準備。

Second, as we mentioned, we have initial expenses related to our new aviation maintenance hub.

其次，正如我們所提到的，我們有與新的航空維修中心相關的初始費用。

And third, we have made additional investments in our NOP hubs again preparing for required future demand. All in this represents approximately $2 million of non-recurring costs and we also saw higher reliance on third party logistics partners to cover NOP cases which also had a negative impact on service margin. What I can say is that I feel very confident that our service margin will improve over time as we gain as we gain greater efficiency. For example, we already know that the additional planes we have added will add efficiency and operational availability and we also know that the non-recurring cost items that I just mentioned will not repeat in Q4.

第三，我們對 NOP 中心進行了額外投資，再次為未來的需求做好準備。所有這一切意味著大約 200 萬美元的非經常性成本，我們也看到對第三方物流合作夥伴更加依賴來處理 NOP 案件，這也對服務利潤產生了負面影響。我能說的是，我非常有信心，隨著時間的推移，我們的服務利潤將隨著效率的提高而提高。例如，我們已經知道我們添加的額外飛機將提高效率和營運可用性，我們也知道我剛才提到的非經常性成本項目不會在第四季度重複。

Total operating expenses for the quarter was $56.9 million and this is 36% above Q3 of 2023 and flat from last quarter. R&D was up 28% from Q3 of '23 excluding $27.2 million of in process R&D that was recorded in Q3 of 2023, and R&D was up 3% sequentially from last quarter. This represents investment both in near term OCS Innovation which will be included in our new clinical programs next year as well as longer term next gen OCS technology development.

該季度的總營運支出為 5,690 萬美元，比 2023 年第三季成長 36%，與上季持平。研發費用較 23 年第三季成長 28%，不包括 2023 年第三季記錄的 2,720 萬美元的正在進行的研發費用，研發費用較上季較上季成長 3%。這代表著對近期 OCS 創新的投資（將納入我們明年的新臨床計劃）以及長期的下一代 OCS 技術開發。

As G&A grew 39% from Q3 of 2023 and was flat from last quarter. And as I've mentioned in the past, we still expect expenses to grow, but the rate of growth is coming down as we saw this quarter, our GAAP operating profit was $3.9 million or 4% of revenue net income was $4.2 million these compare with an operating loss of $28.3 million and a net loss of $25.4 million in Q3 of 2023. Earnings per share was $0.13 and diluted earnings per share was $0.12.

G&A 較 2023 年第三季成長 39%，與上季持平。正如我過去提到的，我們仍然預計費用會成長，但正如我們在本季看到的那樣，成長率正在下降，我們的GAAP 營業利潤為390 萬美元，佔收入的4% 淨利潤為420 萬美元2023 年第三季營運虧損為 2,830 萬美元，淨虧損為 2,540 萬美元。每股收益為 0.13 美元，稀釋後每股收益為 0.12 美元。

Total cash at the end of the quarter was $330.1 million as of September 30, 2024, and this is a decrease of $32.7 million from June 30, 2024. And for context, we generated about $7 million in operating cash in the quarter. And we purchased three aircraft costing approximately $42 million basic weighted average common shares outstanding for the quarter were $33.4 million and diluted weighted average common shares outstanding for the quarter were $35.7 million.

截至 2024 年 9 月 30 日，本季末現金總額為 3.301 億美元，較 2024 年 6 月 30 日減少 3,270 萬美元。就背景而言，我們在本季產生了約 700 萬美元的營運現金。我們購買了三架飛機，價值約 4,200 萬美元，本季已發行的基本加權平均普通股為 3,340 萬美元，本季已發行稀釋加權平均普通股為 3,570 萬美元。

In summary, Q3 again showed strong year over year growth while we did see a pause in our consistent sequential growth trajectory that we have maintained since our initial commercial launch we believe this is short lived and is more reflective of the overall OCS national transplant volume and quarter specific dynamics than a slowdown in our commercial momentum.

總而言之，第三季再次顯示出強勁的同比增長，但我們確實看到自首次商業推出以來我們一直保持的持續連續增長軌跡出現了暫停，我們認為這是短暫的，更能反映OCS 全國移植量的整體情況，季度具體動態而不是我們商業勢頭的放緩。

Meanwhile, I have extremely high confidence that our gross margins will continue to improve and normalize given our expectations for 2025.

同時，鑑於我們對 2025 年的預期，我非常有信心我們的毛利率將繼續改善並趨於正常化。

Finally, to repeat we earlier comment, we are maintaining 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.

最後，重申我們先前的評論，我們將年度收入指引維持在 4.25 億美元至 4.45 億美元之間，這意味著 2023 年全年增長 76% 至 84%。

Now, I would like to turn the call back to Waleed for closing comments.

現在，我想將電話轉回瓦利德以徵求結束意見。

Thank you, Steven overall. We're proud of our year-to-date performance in 2024 and the significant progress our team has made across several initiatives designed to propel Transmedics into the future. As the leader in organ transplantation, our commitment to delivering world class technologies and services to our transplant clinical partners while enabling further transplant volume growth remains unwavering.

總的來說，謝謝你，史蒂文。我們對 2024 年迄今的表現以及我們的團隊在旨在推動 Transmedics 走向未來的多項舉措中取得的重大進展感到自豪。作為器官移植領域的領導者，我們堅定不移地致力於為移植臨床合作夥伴提供世界一流的技術和服務，同時實現移植量的進一步成長。

We look forward to continuing to execute on each of the major initiatives discussed today and remain extremely bullish on the future of Transmedics particularly as we begin to benefit from the several investments made this year.

我們期待繼續執行今天討論的每一項重大舉措，並對 Transmedics 的未來保持極度樂觀，特別是當我們開始從今年的幾項投資中受益時。

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

現在，我將把電話轉給接線員進行問答。

(Operator Instructions)

（操作員說明）

Alan Gong, JP Morgan.

龔艾倫，摩根大通。

Hi Thanks. So, I guess, my first question, looking forward a little bit is just on the dynamics you're seeing so far in fourth quarter, I think it's fair to say that third quarter came in a little bit shy of what the street was expecting because of some of those dynamics that you've been highlighting but have you been able to see a recovery in the fourth quarter that gives you confidence in reiterating that guide given that we're about a month in now.

你好，謝謝。所以，我想，我的第一個問題，展望一下第四季度迄今為止的動態，我認為可以公平地說，第三季度的表現有點低於市場的預期因為您一直強調的一些動態，但您是否能夠看到第四季度的復甦，這讓您有信心重申該指南，因為距離現在還有大約一個月的時間。

Thanks, Alan, for the question. We have seen the dynamic starting to normalize in early October and that's why we are reiterating the guidance that we set for ourselves.

謝謝艾倫提出這個問題。我們已經看到這種動態在十月初開始正常化，這就是為什麼我們重申我們為自己設定的指導方針。

Got it. And then I guess when we kind of look at the breakdown of the quarter by organ it definitely looks as though liver held in a bit steadier, definitely kind of outperform the market while heart after a really strong second quarter has taken a step back is that really just the market. Is there anything else you would call out there. I'm sure you've heard it, we've heard it, there's there is some more noise around NOP going around, but you're saying there's no impact from competition. So, I guess what really happened in heart there.

知道了。然後我想，當我們按器官查看本季度的細分時，肝臟看起來肯定有點穩定，肯定跑贏了市場，而心臟在真正強勁的第二季度後退了一步，是這樣的真的只是市場。您還有什麼要說的嗎？我相信您已經聽到了，我們也聽到了，NOP 周圍還有一些噪音，但您說競爭沒有影響。所以，我猜想內心到底發生了什麼事。

Thanks for the question, Alan, I reiterate what I stated, there's absolutely categorically no impact of any technologies, methodologies or competitive dynamic on the decline in Q3 specifically on heart.

謝謝你的提問，艾倫，我重申我所說的，任何技術、方法或競爭動態絕對不會對第三季的下降產生影響，特別是對心臟的影響。

I'm sure aware there is a significant negative inertia or headwind in the face of thoraco-abdominal, abdominal NOP in the United States led by HSA and OPTN is looking into it as has been publicly stated. So, we are not concerned at all about TNRP that the facts are the facts Transmedics DCD heart transplant is responsible for approximately 70% of DCD hard donations in the United States That number is actually up from last year. So, we don't see that dynamic at all playing any role in the in the decline in the quarter it's literally the national volume went down and because we play a major role, and we take the lion share of the national volume. We got impacted by it.

我確信，在美國，由 HSA 領導的胸腹、腹部 NOP 存在明顯的負面慣性或逆風，正如公開聲明的那樣，OPTN 正在對此進行調查。所以，我們根本不擔心 TNRP，事實就是事實 Transmedics DCD 心臟移植負責美國大約 70% 的 DCD 硬捐贈，這個數字實際上比去年有所增加。因此，我們認為這種動態在本季度的下降中根本沒有發揮任何作用，實際上是全國銷量下降，因為我們發揮著重要作用，並且我們佔據了全國銷量的最大份額。我們受到了它的影響。

Bill Plovanic, Canaccord.

比爾·普洛瓦尼克，Canaccord。

Great. Thanks for taking my question. Just want to go back to the comments of, I think people are just going to try to get a handle on and I know the statements will lead that you're making but as we think of October and we go in, I think the word you used was we're stabilized. I mean are we tracking to the fourth quarter or are you expecting a significant pick up to get to the fourth quarter. Just any kind of help we could get on that, I think would be very, helpful to use a different, same word. And then just for Steven on the service so, I understand the invest ahead. It sounds like $2 million and onetime expenses. if we subtract that $2 million out is that roughly the kind of going quarter run rate on these the new people and everything and overhead, you had it into service and kind of we should kind of see in kind of a leverage off of that point as you continue to grow to kind of get the gross margin going back in the same direction.

偉大的。感謝您提出我的問題。只是想回到評論，我認為人們只是想嘗試理解，我知道這些陳述會導致你所做的，但當我們想到十月並進入時，我認為這個詞你用的是我們穩定了。我的意思是，我們是否會追蹤第四季度，或者您是否預計第四季度會出現顯著回升。我認為，只要我們能得到任何形式的幫助，使用不同的同一個字都會非常有幫助。然後就史蒂文的服務而言，我了解未來的投資。聽起來像是 200 萬美元，而且是一次性開支。如果我們減去 200 萬美元，大致就是這些新員工、所有東西和管理費用的季度運行率，你將其投入使用，我們應該看到這一點的槓桿作用，因為你繼續增長，毛利率就會回到同一個方向。

Thanks for taking my questions.

感謝您回答我的問題。

Bill. Thank you for your question. To address the first part of your question again, we are in the middle of the quarter or I should say middle we're at the end of the 1st month of the quarter and I cannot really discuss any forward-looking statement on the quarter but from all indication, if we believe that this was a national volume decline, we're seeing that decline or that GAAP started to close up pretty significantly through the first few weeks in the in October that's all I can comment on. And our guidance remains unchanged. So, we have high degree of confidence in the guidance we set for.

帳單。謝謝你的提問。再次回答你問題的第一部分，我們正處於本季度中期，或者我應該說我們正處於本季度第一個月末，我無法真正討論有關本季度的任何前瞻性陳述，但是從所有跡象來看，如果我們認為這是全國銷量下降，那麼我們就會看到這種下降，或者GAAP 在10 月的前幾週開始大幅下降，這就是我能評論的全部內容。我們的指導保持不變。因此，我們對我們設定的指導充滿信心。

Yes, and Bill on the on the margin question.

是的，比爾關於邊際問題。

So, as you mentioned, there was about $2 million of non-recurring expense so those will not recur again next quarter but there were also some other exacerbating issues which is we've been buying more planes, we have more capacity of our own but since some of those planes were in maintenance, we were relying on the third-party partners. So, the less we use those third parties, the more we use our own planes, our margin will increase. And so, I think both of those things will help improve as we go forward and then as we do more volume that will make it even better.

因此，正如您所提到的，大約有200 萬美元的非經常性支出，因此這些支出下個季度不會再次出現，但還有一些其他加劇問題，即我們一直在購買更多飛機，我們自己有更多的產能，但由於其中一些飛機正在維護，我們依賴第三方合作夥伴。因此，我們使用第三方的次數越少，我們使用自己的飛機的次數越多，我們的利潤就會增加。因此，我認為隨著我們的前進，這兩件事都將有助於改進，然後隨著我們做更多的工作量，這將使其變得更好。

And Steven, is there like a maintenance schedule, you can help us understand like as we go into the fourth quarter and then into next year, how to just how to think about that. Like is this something that you'll see these non-recurring every quarter because it's a maintenance thing or those were just investments. Thanks.

史蒂文，有沒有一個維護計劃，你可以幫助我們理解，就像我們進入第四季度然後進入明年一樣，如何思考這個問題。就像這樣，您每個季度都會看到這些非經常性的事情，因為這是維護工作，或者只是投資。謝謝。

Those were truly one-time investments. But now I think it will kind of normalize out over the year. We'll manage the maintenance; we've managed the hub in Dallas. And so, I think it will normalize throughout the year.

這些確實是一次性投資。但現在我認為這種情況將在一年內趨於正常化。我們將負責維護；我們管理達拉斯的樞紐。因此，我認為這一情況將在全年正常化。

Joshua Jennings, TD Cowen.

約書亞·詹寧斯，TD·考恩。

Hi, good evening. Thanks for taking the questions. You kind of reviewed the headwinds that you had called out on the 2Q call for 3Q it sounds like the street got a little bit ahead of itself, including our team. I mean, but would you say that the performance here was relatively in line with what you were laying out on the 2Q call or were the in the US. There was a decline a little bit deeper than you expected. Because it sounds like from your comments on this call, relative, just reiterating what you guys, you and Steven caught out on Q2 That they actually, those headwinds did play out, they were in play and you're expecting a stronger fourth quarter which you're seeing on the vine spot already.

嗨，晚上好。感謝您提出問題。您回顧了在第二季度電話會議中為第三季度呼籲的逆風，聽起來這條街有點超前了，包括我們的團隊。我的意思是，但您是否會說這裡的表現與您在第二季電話會議上所闡述的或美國的表現相對一致。下降幅度比您預期的要深一些。因為從你對這次電話會議的評論來看，相對而言，只是重申你們、你們和史蒂文在第二季度發現的情況，實際上，這些逆風確實發生了，它們正在發揮作用，你們預計第四季會更加強勁，你已經在藤蔓上看到了。

Thank you for the question, Joshua. We were expecting that some of that headwind for sure and that's what we are in habit of doing of forecasting what we see coming from not just opportunities but challenges. We made our case, we thought we were clear, but maybe people didn't believe us and if I want to provide any anecdote on it, I think maybe the headwinds in Q3 was a was slightly higher than what we anticipated but it's, we always expect that there may be slow down during the summer months and this one happened across all three organs and again, the number speaks for themselves.

謝謝你的提問，約書亞。我們肯定會遇到一些逆風，這就是我們習慣做的事情，預測我們所看到的不僅是機遇，還有挑戰。我們提出了自己的觀點，我們認為我們很清楚，但也許人們不相信我們，如果我想提供任何軼事，我認為第三季的逆風可能略高於我們的預期，但事實是，我們總是預計夏季可能會放緩，而這一切都發生在所有三個機構中，而且數字不言而喻。

Understood. Thanks for that and sorry to make you go back to this the share action and in DCD. But I mean, is there any way you could do what you did for a heart for liver just in terms of kind of reassuring investors.

明白了。感謝您的回复，也很抱歉讓您回到 DCD 中的共享操作。但我的意思是，有沒有辦法像你為心臟換肝臟所做的那樣，只是為了讓投資人放心。

Yes, that's an excellent question, Joshua, our share volume both at the center level and at the national level has remained unchanged and that's what gave us the confidence. And I repeat again, our share in heart and liver both at the center level and at the national level remain unchanged.

是的，這是一個很好的問題，約書亞，我們在中央和國家層面的份額都保持不變，這給了我們信心。我再說一遍，我們在中央和國家層面在心臟和肝臟方面的份額保持不變。

3Q share was stable in liver and heart in the DCD segment, right?

DCD 領域肝臟和心臟的第三季份額穩定，對嗎？

Yes.

是的。

Thanks for taking the questions. Appreciate it.

感謝您提出問題。欣賞它。

Ryan Daniels, William Blair & Company.

瑞安丹尼爾斯，威廉布萊爾公司。

Yes, guys. Thanks for taking the questions. Maybe a little bit of a follow up there. Given that the focus remains on the sales weakness in the quarter. Well, we should we really be thinking about things like your penetration now in DCD being so high versus where you were in past years, that you will be a little bit more susceptible going forward to market fluctuations. Again, just given that you don't have the opportunity to drive that up, given that it's already so strong.

是的，夥計們。感謝您提出問題。也許有一點後續行動。鑑於焦點仍集中在本季的銷售疲軟上。好吧，我們真的應該考慮一些事情，例如與過去幾年相比，您現在在 DCD 中的滲透率如此之高，以至於您將更容易受到市場波動的影響。再說一遍，鑑於它已經如此強大，你沒有機會推動它。

Ryan, maybe in the short term. Certainly, that's what we've seen happen to us in Q3 but we're not as I've outlined numerous times, and we still have high degree of confidence in that. We are just getting started guys maybe at the current level, yes, but we're not fully mature yet. We are standing by our commitment to achieving the 10,000 transplants by 2028 for that to happen, we need to continue to grow our penetration and overall market. Unfortunately, in Q3 that never that didn't happen. The overall market in the US actually slowed down. So that's why we looked at this, we think this is a onetime thing it's one of the transplant variabilities this is why Transmedics has never and always have forecasted that we do not talk about our annual volume and annual penetration until the end of the year because we are used to seeing some fluctuation per year or sometimes inter quarter. This one happened to be higher because we're becoming more and more as you said, an integral part of the of the national transplant ecosystem. But we are going to continue to grow the overall market and we're going to continue to take market shares, and we are our clinical programs that are designed for next year is to expand our reach even further in lung and heart. And tackle areas that we have not tackled yet. So, that's the best I can address Ryan that we're not mature yet to assume this is going to be a frequent event or we definitely are going to be impacted by the national volume, especially if it's across the board decline, like what happened in Q3 but from an actual case volume and penetration standpoint we still are looking forward to a significant growth opportunity in front of us.

瑞安，也許在短期內。當然，這就是我們在第三季度看到的情況，但我們並不像我多次概述的那樣，我們對此仍然充滿信心。我們才剛開始，夥計們，也許在目前的水平上，是的，但我們還沒有完全成熟。我們堅持在 2028 年實現 10,000 例移植的承諾，為此，我們需要繼續擴大我們的滲透率和整體市場。不幸的是，在第三季度，這種情況從未發生過。美國整體市場實際上放緩。這就是為什麼我們關注這個問題，我們認為這是一次性的事情，它是移植變異之一，這就是為什麼 Transmedics 從來沒有並且總是預測我們直到年底才談論我們的年銷量和年滲透率，因為我們習慣每年或有時在季度之間看到一些波動。這個數字恰好更高，因為正如您所說，我們越來越成為國家移植生態系統不可分割的一部分。但我們將繼續擴大整體市場，我們將繼續佔據市場份額，我們為明年設計的臨床計劃將進一步擴大我們在肺部和心臟領域的影響力。並解決我們尚未解決的領域。所以，我能對Ryan 說的最好的一句話是，我們還不成熟，無法假設這將是一個頻繁發生的事件，或者我們肯定會受到全國銷量的影響，特別是如果它全面下降，就像發生的那樣在第三季度，但從實際案例數量和滲透率的角度來看，我們仍然期待著我們面前的重大成長機會。

That's a helpful reiteration, especially the 10,000 case metrics.

這是一個有用的重申，尤其是 10,000 個案例指標。

Maybe for my follow up one for Stephen just on the margins, I understand the pressure in the quarter as you kind of make investments and get ready to ramp up for another year of strong growth but are you still trending towards the kind of mid to upper 60% longer term or does the decision to actually invest in more hubs and now your own training and maintenance center maybe dilute that as the service margins could be a little bit lower going forward. So just an update there on the longer-term goal.

也許對於我對史蒂芬的後續報導來說，我了解本季的壓力，因為你進行了投資並準備好迎接又一年的強勁增長，但你是否仍然傾向於中高端60% 的長期增長或實際投資更多樞紐以及現在您自己的培訓和維護中心的決定可能會稀釋這一點，因為未來的服務利潤率可能會稍低一些。所以只是關於長期目標的更新。

No, I think Ryan, the long term of mid 60s is still very much where we want to be. I don't have a timeline on that, but mid 60s is definitely where we want to be, but it's really dependent on the efficiency of the service using our own planes more often than and running those planes well, which we fully expect to do in the next few quarters and years.

不，我認為 Ryan，60 年代中期的長期目標仍然是我們非常想要的。我沒有這方面的時間表，但60 年代中期絕對是我們想要的，但這實際上取決於服務的效率，更頻繁地使用我們自己的飛機，並很好地運行這些飛機，這是我們完全期望做到的在接下來的幾季和幾年裡。

Okay. Thank you.

好的。謝謝。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Great. Thanks for taking the questions. Waleed, Thinking about Q4 here a little bit. You guys reiterated the, the full year number, that's still a pretty wide range for Q4 specifically and if it's the bottom end, it doesn't imply a lot of sequential growth. So, should we be thinking about the midpoint of the range is most likely. And then do you really expect to outperform the OPTN data. Quarter to quarter over quarter here in Q4. Is that what we should be expecting.

偉大的。感謝您提出問題。Waleed，在這裡稍微思考一下第四季。你們重申了全年數字，特別是第四季度，這仍然是一個相當大的範圍，如果它是底部，則並不意味著會有很大的連續增長。因此，我們是否應該考慮最有可能的範圍的中點。然後你真的期望跑贏 OPTN 數據嗎？第四季季比。這是我們該期待的嗎？

Matt, thank you for the question. I think. Listen, we're just coming out of a of a quarter where transplant volumes declined across three or across three organs in the United States. We I'm not going to stand here and I'm going to say that we are going to outperform the national, the national numbers. We need to, we need to prove that.

馬特，謝謝你的提問。我認為。聽著，我們剛剛經歷了四分之一的美國三個或三個器官移植量下降的情況。我們不會站在這裡，我要說的是，我們將超越全國，全國的數字。我們需要，我們需要證明這一點。

As far as the first part of the question, the guidance is what the range is. I think I can't comment beyond that, and we have the range out there and then at the lower end of the range or the higher end of the range, I can't comment on that given that we're in the middle of the quarter. But that's all I can address that question with.

就問題的第一部分而言，指導意見是範圍是什麼。我想我不能對此發表評論，我們有一個範圍，然後在該範圍的下限或上限，鑑於我們處於該範圍的中間，我無法對此發表評論該季度。但這就是我能回答這個問題的全部。

Okay, that's fair. And then Steven just and sorry to keep circling around the gross margin in the quarter. But I just wanted, if you can maybe look at Q2 versus Q3 and I think it was 500 basis points difference down sequentially. What were the buckets that made up that 500 basis points. I don't know if your partners on the, on the logistics side charging you much higher rates than expected or things like that, but can you just bucket those. And then specifically, did you see any kind of meaningful, like for like price degradation because of some of the competition or NOP availability across the US.

好吧，這很公平。然後史蒂文只是很遺憾地繼續關注本季的毛利率。但我只是想，如果你能看看第二季度和第三季度，我認為它連續下降了 500 個基點。構成這 500 個基點的是哪些部分？我不知道你的物流夥伴是否向你收取比預期高得多的費率或類似的費用，但你能把這些都算進去嗎？然後具體來說，您是否看到任何有意義的事情，例如由於美國各地的一些競爭或 NOP 可用性而導致的價格下降。

Yes sure. Matt, no, I mean, I think the buckets. I mean the added investment is about half of it that was like 4 points to 5 points of it. And then it's not so much that we're getting charged more for the third-party logistics. It's that we have a lot of costs for more capacity, but we couldn't use that capacity So we're using third party. So, we kind of get a double hit there for cost and that's really the other half of it. it's really just those two buckets nothing more than that.

是的，當然。馬特，不，我是說，我認為是水桶。我的意思是增加的投資大約是其中的一半，大約是 4 到 5 點。而且我們並沒有因為第三方物流而收取更多費用。而是我們為更多容量付出了很多成本，但我們無法使用該容量，所以我們正在使用第三方。因此，我們在成本方面受到了雙重打擊，這實際上是成本的另一半。其實就是那兩個桶子而已，僅此而已。

Not that on pricing.

不是在定價上。

Nothing on pricing. No.

沒有關於定價的內容。不。

Guys. I want to be crystal clear matt and, and I think your note a few days ago highlighted that the NRP that is taking place in the United States is abdominal NRP. That's been ongoing for several years.

夥計們。我想說得非常清楚，而且我認為您幾天前的說明強調了美國正在發生的 NRP 是腹部 NRP。這種情況已經持續好幾年了。

It is not taking abdominal NRP does not impact OCS we take liver from abdominal NRP all the time and it does not apply any pressures on our pricing whatsoever. So that's a misconception that is could be out there.

不採取腹部 NRP 不會影響 OCS，我們一直從腹部 NRP 中獲取肝臟，這不會對我們的定價產生任何壓力。所以這可能是一種誤解。

The second thing is one has to take a step back and look at the actual cost of abdominal NRP as it's happening in the United States this is easily referenceable. The service charge alone for abdominal NRP in the US is $40,000 per case that to cover the surgeon and the perfusions on top of that, you need to add $20,000 for blood product and pharmacy product to prime the ECMO circuit.

第二件事是，我們必須退後一步，看看腹部 NRP 的實際成本，因為它發生在美國，這很容易參考。在美國，僅腹部 NRP 的服務費就為每例 40,000 美元，為了覆蓋外科醫生和灌注費用，您還需要添加 20,000 美元的血液製品和藥品來準備 ECMO 迴路。

On top of that, you need to add a $20,000 cold storage device to move the liver from the donor to the transplant program. On top of that, you need to add $40,000 from a nonportable warm perfusion device to test the liver when it arrives to your center. So, you add all that cost and you're already more expensive than OCS but you forgot to add two very important and more much more costly costs of NRP that nobody is paying attention to with NRP with DCD we all know that we have a 50% rate of donors not progressing if you do NRP centers are liable for full burden of the service cost and the full burden of logistical cost with OCS NRP, which is our program centers are not liable for a dime on the technology cost. And we they are only liable for 50% of logistics cost if it's a dry run cost. So, anybody who thinks NRP is going to take share from OCS is really to not understanding all these facts about abdominal NRP.

最重要的是，您需要添加一個價值 20,000 美元的冷藏設備，將肝臟從捐贈者轉移到移植項目。最重要的是，當非便攜式溫灌注裝置到達您的中心時，您還需要添加 40,000 美元來測試肝臟。因此，您添加所有這些成本，您已經比 OCS 貴了，但是您忘記添加兩個非常重要且成本更高的 NRP 成本，而沒有人關注帶有 DCD 的 NRP 我們都知道我們有 50 如果您這樣做，捐贈者未取得進展的百分比NRP 中心將承擔OCS NRP 的全部服務成本和後勤成本，即我們的專案中心不承擔一毛錢的技術成本。如果是試運行成本，我們他們只承擔 50% 的物流成本。因此，任何認為 NRP 將從 OCS 手中奪取份額的人實際上是不了解腹部 NRP 的所有這些事實。

And as I stated earlier during Bill's question, I'm sure all of you have seen the recent public letter from HRSA, OPOs and the OPTN in the United States significantly under underscoring the headwind that's coming towards NRP in the United States given that it's an unvalidated and not regulated or controlled therapy. So again, guys, this is just for anybody who is doubting NRP has anything to do with this these are the facts and, and everything I mentioned here, these are facts of applying NRP abdominally in the United States. And despite all that Donald NRP does not preclude us from taking livers and moving them and professing them and managing them and transporting them to the centers. It has never been a hindrance for us.

正如我之前在 Bill 提問時所說的那樣，我相信你們所有人都已經看到了最近來自美國 HRSA、OPO 和 OPTN 的公開信，這封信極大地強調了美國 NRP 面臨的阻力，因為它是一個未經驗證且不受監管或控制的治療。再說一遍，夥計們，這只是針對那些懷疑 NRP 與此有任何關係的人，這些都是事實，而且，我在這裡提到的一切，這些都是在美國腹部應用 NRP 的事實。儘管如此，Donald NRP 並不阻止我們獲取肝臟、轉移它們、公開承認它們、管理它們並將它們運送到中心。它從來都不是我們的障礙。

Suraj Kalia, Oppenheimer & Co., Inc.

蘇拉吉·卡利亞，奧本海默公司

Yes Waleed, I'd be remiss, I mean, quite a shock.

是的，瓦利德，我的疏忽，我的意思是，相當令人震驚。

And Waleed trying to connect all your comments together. I confess, I'm still struggling to understand a few moving parts. So, the DCD volume at least by our account, July and August was pretty strong. September was okay. Your DCD volume you if I heard you correctly say it was 70% or more.

瓦利德試圖將您的所有評論聯繫在一起。我承認，我仍然在努力理解一些活動部分。因此，至少從我們的帳戶來看，7 月和 8 月的 DCD 交易量相當強勁。九月還好。如果我沒聽錯的話，你的 DCD 音量是 70% 或更多。

So, the math is suggesting your loss share in DBD and more importantly, Waleed. that I'm curious, there seems to have been a break in your trajectory of share gains, sequential share gains. So maybe help us understand something gave this quarter and just the overall market share doesn't seem to explain. I'm curious how you hold up 10,000 units by 2028. I know it's a long-winded question. I'm still struggling to understand the sudden shift in gears.

因此，數學表明您在 DBD 以及更重要的是 Waleed 中的損失份額。我很好奇，你的股票成長軌跡、連續的股票成長軌跡似乎出現了中斷。因此，也許可以幫助我們理解本季給出的一些東西，而僅整體市場份額似乎無法解釋。我很好奇到 2028 年你們如何保持 10,000 台。我知道這是一個冗長的問題。我仍在努力理解突然的轉變。

Suraj, there is no shift in gears. It's your perception of reality. We did 1,000 transplants in '22. We did 2,300 transplants last year. We're on track to doing approximately between 3,500 and 4,000 transplants this year. We see a path towards 10,000 transplants. Again, the community is focusing on liver, we're focusing on heart lung and liver and soon we will additional organs. So as far as the DCD numbers that you highlighted, we did not lose market share in DBD. In fact, we gained a little bit of percentage point or two in DBD in livers. And it just overall transplant volume went down in the United States it's simple as that. There's no anything hidden or secret behind it and we fully expect to recover from it. It's a transient event and we fully expect to recover from it in Q4, at least that's based on all of the data that we monitor Stephen. Would you like to add anything else.

蘇拉傑，沒有任何變化。這是你對現實的看法。22 年我們進行了 1,000 例移植手術。去年我們進行了 2,300 例移植手術。今年我們預計將進行約 3,500 至 4,000 例移植手術。我們看到了通往 10,000 例移植手術的道路。同樣，社區關注的是肝臟，我們關注的是心肺和肝臟，很快我們將關注其他器官。因此，就您強調的 DCD 數字而言，我們並沒有失去 DBD 的市場份額。事實上，我們的肝臟 DBD 提高了一兩個百分點。只是美國的整體移植量下降了，就這麼簡單。它背後沒有任何隱藏或秘密，我們完全希望從中恢復。這是一個短暫的事件，我們完全希望在第四季度從中恢復，至少這是基於我們監控史蒂芬的所有數據。您還想補充什麼嗎？

Yes. So, one thing I would say might impact our organ specific revenue a bit is the service portion was a little bit of a higher decline in heart than the product portion because some of the distances this quarter were shorter. So, like our average selling price for the logistics portion in heart was lower than what it was last quarter and so that's why the sequential decline in heart is a little bit more than the market. The opposite happened on liver, those distances were a little longer, the revenue was a little bit higher, the share was a little bit higher. And so that had a little bit of an impact on the sequential revenue by organ.

是的。因此，我想說的一件事可能會對我們的器官特定收入產生一點影響，那就是服務部分的心臟下降幅度比產品部分要高一些，因為本季的一些距離較短。因此，就像我們的心臟物流部分的平均售價低於上季一樣，這就是為什麼心臟的連續下降幅度比市場要多一些。肝臟則相反，距離更長一點，收入更高一點，份額更高一點。因此，這對器官的連續收入產生了一些影響。

Yes, actually to echo what Stephen just said.

是的，實際上是為了呼應史蒂芬剛才所說的。

Suraj be careful of looking at revenue as the only surrogate for case volume because Stephen is absolutely correct. When we report revenue per organ, it includes both the case volume and the service component. And as Steven said, because of the safety of OCS we can do more car transport for hearts up to four hours. Now with the NRP and not use planes versus liver. We're in the quarter, we saw a higher, longer distance transport which may have increased the service portion of the total revenue for liver. So, that could be the disconnect here.

蘇拉吉（Suraj）要小心，不要將收入視為案件數量的唯一替代指標，因為史蒂芬是絕對正確的。當我們報告每個器官的收入時，它包括病例數和服務部分。正如史蒂文所說，由於 OCS 的安全性，我們可以為心臟提供長達四個小時的更多汽車運輸。現在用NRP而不是用飛機對抗肝臟。在本季度，我們看到了更高、更長距離的運輸，這可能增加了肝臟總收入中的服務部分。所以，這可能就是這裡的脫節。

So, my last question, Stephen for you, the stocking orders you mentioned in Q1 and Q2, maybe I missed it. I don't recollect that being talked about earlier but how should we think about that going forward and when we look about heart and liver, right.

所以，我的最後一個問題，史蒂芬，你在第一季和第二季提到的備貨訂單，也許我錯過了。我不記得之前談到過這一點，但是當我們關注心臟和肝臟時，我們應該如何思考這一點，對吧。

You guys are 21% in heart by our count share, 27% give or take in liver. Are we getting to the zone? Now where incremental share gains are more determined by price elasticity of demand.

根據我們的統計，你們中的 21% 是心臟，27% 是肝臟。我們到達該區域了嗎？現在，增量份額收益更取決於需求的價格彈性。

Gentlemen, thank you for taking my questions.

先生們，謝謝你們回答我的問題。

So, Suraj let me first answer the question about OCS. We've said consistently is that there's not a trend in OCS. So, I would say this quarter, it's probably going to be similar to next quarter we didn't have the stocking orders this quarter unless something changes, and we and a new customer comes on. It's probably going to be similar to what it was this quarter. I don't see any change really.

那麼，Suraj 讓我先回答一下關於 OCS 的問題。我們一直說 OCS 沒有趨勢。所以，我想說，這個季度，可能會與下個季度類似，我們本季沒有庫存訂單，除非發生變化，我們和新客戶出現。它可能會與本季類似。我真的沒有看到任何變化。

And Suraj again, I thank you for asking the question. Again, I caution the street from trying to create something out of nothing. Price elasticity or pricing pressure has nothing to do with what happened in Q3 because we've seen major transplant programs lose significant portion of their annual volume in the United States. I'm talking major transplant programs being behind 40 transplants to 50 transplants in the month of August, for example, has nothing to do with pricing sensitivity I can tell you that these transplant program would have done anything to get access to transplants during those during that time.

蘇拉吉再次感謝你提出這個問題。我再次警告街頭不要試圖無中生有。價格彈性或定價壓力與第三季發生的情況無關，因為我們已經看到美國的主要移植項目損失了很大一部分年銷售量。例如，我說的是 8 月進行了 40 到 50 次移植的主要移植計劃，與定價敏感度無關。

Second, when you look at the competing dynamic out there, if you think NRP is a competing dynamic I just outlined to you clearly, that pricing is not the factor because NRP is more expensive than OCS when it comes to Abdominal NRP. So, we feel pretty confident in our pricing point and if and when we see a pricing pressure, we will deal with it as we always have but we don't, we do not see that as the driving factor. We do not see that as impacting our Q4 forecast or frankly, even 2025 forecast. So at least that's based on what we see today.

其次，當你看到那裡的競爭動態時，如果你認為 NRP 是我剛剛向你明確概述的競爭動態，那麼定價不是一個因素，因為就腹部 NRP 而言，NRP 比 OCS 更貴。因此，我們對我們的定價點非常有信心，如果當我們看到定價壓力時，我們會像往常一樣處理它，但我們不會，我們不認為這是驅動因素。我們認為這不會影響我們第四季的預測，坦白說，甚至不會影響 2025 年的預測。所以至少這是基於我們今天所看到的。

And thank you for asking the question.

感謝您提出問題。

David Rescott, Baird.

大衛雷斯科特，貝爾德。

Waleed, On some of your comments around. how you're characterizing the way share is today. heard your, your views on why this should be transient and, and maybe some early comments on how things are looking in Q4. Should we tend to think that the way in which you exited Q3 should be the way we're thinking about Q4 from a share stabilization perspective That's the first question

瓦利德，關於您的一些評論。您如何評價當今的共享方式？聽到了您對為什麼這應該是暫時的的看法，也許還有一些關於第四季度情況的早期評論。我們是否應該認為您退出第三季的方式應該是我們從股票穩定角度考慮第四季度的方式這是第一個問題

And then a second one from us is just more on the planes. I heard some of the comments there can you just give us a sense for maybe the number of planes that's impacting how long this typically takes if there's any other things in the future that we should think about from the maintenance perspective that could represent some other, headwind at some point going forward.

然後我們的第二個航班就更多地出現在飛機上。我聽到了一些評論，您能否讓我們了解一下可能影響這通常需要多長時間的飛機數量，如果將來我們應該從維護角度考慮任何其他可能代表其他問題的事情，未來某個時刻的逆風。

Thank you.

謝謝。

Thank you for asking the question. So, on the first part of the question, I think again if we do nothing, we expect to maintain our share exiting Q3. That's the low hanging fruit we hope that we could do better in Q4. And as I stated in my remarks, we are focusing on ending the year strong.

感謝您提出問題。因此，關於問題的第一部分，我再次認為，如果我們什麼都不做，我們預計將維持第三季退出時的份額。這是我們希望在第四季做得更好的容易實現的目標。正如我在演講中所說，我們致力於以強勁的勢頭結束這一年。

On the second piece. I want to remind everybody that there is a reason why we said we want to be operational with anywhere between 16 to 18 or 19 or 20 aircraft and we're buying enough aircraft to enable us to do that.

就第二塊而言。我想提醒大家，我們說我們希望使用 16 至 18 或 19 或 20 架飛機進行運作是有原因的，而且我們正在購買足夠的飛機來實現這一目標。

Let me explain what I just said. We need to assume that on any given month there is at least one or two aircraft that are in some form of maintenance, some are scheduled, and some are unexpected that's going to be, that's the life of operating a logistics network. So, for that to happen, we need to plan on making sure that we have enough operational aircraft.

讓我解釋一下我剛才說的話。我們需要假設在任何給定的月份，至少有一兩架飛機正在進行某種形式的維護，有些是按計劃進行的，有些是意外的，這就是物流網絡運營的壽命。因此，為了實現這一目標，我們需要製定計劃，確保我們擁有足夠的作戰飛機。

What happened to us in Q3, it was the first quarter where we had more aircraft down for scheduled maintenance and some for unscheduled maintenance that higher than what the average that we've been operating with up to that point. Again, it's early innings for us running this network so, we've learned from that, and our team is working very hard to minimize the impact on these down aircrafts and, and we've seen the impact on margin erosion when we use supplemental logistics partners. So, the team now understands the importance of leveraging our assets and minimizing the impact going forward. So that's at least my perspective. Steven, would you care to add anything else.

第三季度發生在我們身上的事情是，在第一季度，我們有更多的飛機因定期維護而停機，還有一些因計劃外維護而停機，這高於我們迄今為止運營的平均水平。再說一次，對於我們運行這個網絡來說還處於早期階段，所以我們從中吸取了教訓，我們的團隊正在非常努力地工作，盡量減少對這些墜落飛機的影響，並且我們已經看到了當我們使用補充時對利潤侵蝕的影響物流合作夥伴。因此，團隊現在了解了利用我們的資產並最大程度地減少未來影響的重要性。這至少是我的觀點。史蒂文，你願意補充什麼嗎？

No, nothing else. We do have 18 planes that we own today. We will probably add a few more over the next two quarters. And then, as we've said, also before, we will probably take a pause and really run those as efficiently as possible. And again, to try to improve the margin that we've just talked about.

不，沒有別的。今天我們確實擁有 18 架飛機。我們可能會在接下來的兩個季度添加更多內容。然後，正如我們之前所說，我們可能會暫停一下，並盡可能有效地運行這些內容。再次，試著提高我們剛才談到的利潤。

Mike Matson, Needham & Co.

麥克‧馬特森，李約瑟公司

Yes, thanks. So, I just want to ask one on the new OCS versions of OCS. You're going to be, I guess introducing next year. Can you tell us anything more about those timing. And then how those will kind of fit with these programs you're talking about for heart and lung.

是的，謝謝。所以，我只是想問一下關於OCS新版的OCS。我猜你會在明年推出。您能告訴我們更多關於這些時間安排的資訊嗎？然後這些將如何與您正在談論的心臟和肺部項目相適應。

Mike. Thank you for the question. Yes, we talked about this during the last call, so I'll repeat it again. Those are the sort of the leading edge of our next generation technology pipeline it involves in the case of the lung, new perfusion solution, new circuit design, new ventilation modality, new clinical use model designed to optimize and lung function for an extended period of time and eliminate any or the chances of edema forming edema during that preservation period.

麥克風。謝謝你的提問。是的，我們在上次通話中討論過這一點，所以我會再說一次。這些是我們下一代技術管道的前沿，它涉及肺的情況，新的灌註解決方案，新的電路設計，新的通氣方式，旨在長時間優化肺功能的新臨床使用模型。或在該保存期內形成水腫的機會。

On the heart front, it's a new preservation perfusion solution and new metabolic enhancer additives and new use model to optimize heart perfusion for up to 24 hours both are designed to enable morning organ transplant as well as significantly improve post-transplant clinical outcomes. So, we will be running multiple clinical programs at the same time, probably two for lung and two for heart to demonstrate these clinical enhancements and, and superiority in outcomes and driving further adoption and expansion of the of the OCS NOP and heart and lung for 2025.

在心臟方面，它是一種新的保存灌註解決方案和新的代謝增強劑添加劑以及可優化心臟灌注長達24 小時的新使用模式，兩者都旨在實現早晨器官移植並顯著改善移植後臨床結果。因此，我們將同時運行多個臨床項目，可能有兩個針對肺臟項目，兩個針對心臟項目，以證明這些臨床改進和結果的優越性，並推動 OCS NOP 和心肺項目的進一步採用和擴展。年。

Okay. Got it. And then just on the, on your, with your fleet of planes, I think you said it was 18. So, I guess what portion of the capacity there have you been using or maybe another way to put it is how much more. Could you grow your revenue with that existing fleet of 18. I think it is planes before you have to start adding more.

好的。知道了。然後就在你的飛機上，我想你說過是 18 架。所以，我猜你已經使用了容量的哪一部分，或者換個說法就是還用了多少。您能否利用現有的 18 架飛機來增加收入？我認為在你必須開始添加更多之前是飛機。

Matt that's an excellent question. So, when we say we own 18, we did not operate all 18 in Q3. In fact, the average available planes in Q3 was about 10. So, when you look at revenue in Q3, you look at it as a 10. So, we are not planning as Steven said, we have 18 exiting Q3, and we are adding a handful between now and end of Q1 say we will be somewhere between 20 aircrafts to 22 aircrafts. We're not planning to purchase any additional aircraft until we completely operationalize this and really sweat these assets for an extended period of time to drive efficiencies and then we can reassess based on that initial volume or initial size fleet if we need to even purchase any additional aircraft going forward or not.

馬特，這是一個很好的問題。因此，當我們說我們擁有 18 家時，我們並沒有在第三季度運營所有 18 家。事實上，第三季的平均可用飛機約為 10 架。因此，當您查看第三季的收入時，您會將其視為 10。因此，我們並沒有像史蒂文所說的那樣進行計劃，第三季度我們有18 架飛機退出，並且從現在到第一季末我們正在增加一些飛機，我們的飛機數量將在20 到22 架之間。我們不打算購買任何額外的飛機，直到我們完全投入使用，並在較長時間內真正利用這些資產來提高效率，然後我們可以根據初始數量或初始規模機隊重新評估是否需要購買任何飛機是否有額外的飛機繼續飛行。

Okay. Got.

好的。得到。

That's all. Thank You.

就這樣。謝謝。

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

我們的問答環節到此結束。我想將會議轉回瓦利德發表閉幕詞。

Thank you all for your time this evening and we look forward to our next call.

感謝大家今晚抽出時間，我們期待下次通話。

Have a wonderful rest of the evening.

晚上好好休息一下。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。