Tenon Medical Inc (TNON) 2024 Q3 法說會逐字稿

Greetings and welcome to the Tenon Medical third quarter, 2024 financial results and corporate update conference call. As a reminder, this call is being recorded.

問候並歡迎參加 Tenon Medical 2024 年第三季財務業績和公司更新電話會議。提醒一下，本次通話正在錄音。

Your host today are Steven Foster, President and Chief Executive Officer; and Kevin Williamson, Chief Financial Officer. Mr. Foster and Mr. Williamson will present results of operations for the third quarter ended September 30, 2024, and provide a corporate update.

今天的主持人是總裁兼執行長史蒂文·福斯特 (Steven Foster)；以及財務長凱文·威廉森（Kevin Williamson）。福斯特先生和威廉森先生將介紹截至 2024 年 9 月 30 日的第三季經營業績並提供公司最新情況。

A press release detailing these results was released today and is available on the Investor Relations section of our company's website, www.tenonmed.com.

詳細介紹這些結果的新聞稿已於今日發布，可在我們公司網站 www.tenonmed.com 的投資者關係部分查閱。

Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, and other information that might be considered forward-looking.

在我們開始正式演講之前，我想提醒大家，電話會議和網路廣播中的陳述可能包括預測、估計和其他可能被視為前瞻性的資訊。

While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.

雖然這些前瞻性陳述代表了我們目前對未來的判斷，但它們受到風險和不確定性的影響，可能導致實際結果大不相同。請注意不要過度依賴這些前瞻性陳述，這些陳述僅反映我們截至本報告發布之日的觀點。

Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions.

請記住，我們沒有義務根據新資訊或未來事件修改或公開發布這些前瞻性陳述的任何修改結果。在今天的討論中，我們將嘗試提出一些與我們的業務有關的可能影響我們預測的重要因素。

For a more complete discussion of these factors and other risks, you should review our Annual Report on 10-Q dated September 30, 2024, particularly under the heading Risk Factors which is on file with the Securities and Exchange Commission at www.sec.gov.

如需更全面地了解這些因素和其他風險，您應查閱我們2024 年9 月30 日的10-Q 年度報告，尤其是「風險因素」部分，該報告已提交給美國證券交易委員會，網址為www .sec.gov 。

At this time, I'll turn the call over to Tenon Medical’s, Chief Executive Officer, Steven Foster. Please go ahead, sir.

現在，我將把電話轉給 Tenon Medical 的執行長 Steven Foster。先生，請繼續。

Thank you, Aubrey, and good afternoon to everyone. I'm pleased to welcome you to today's third quarter 2024 financial results and corporate update conference call for Tenon Medical.

謝謝你，奧布里，祝大家下午好。我很高興歡迎您參加今天的 Tenon Medical 2024 年第三季財務業績和公司更新電話會議。

In the third quarter, we continue to focus on building market share for our proprietary Catamaran System as well as securing capital to help fund our growth initiatives going forward. Since the beginning of 2024, we delivered an 18% year-over-year increase in revenue driven by a 5% rise in surgical procedures utilizing the Catamaran System.

第三季度，我們將繼續致力於擴大我們專有的雙體船系統的市場份額，並確保資本充足，以資助我們未來的成長計畫。自 2024 年初以來，由於 Catamaran 系統的手術程序增加了 5%，我們的收入年增了 18%。

Gross margin improved 2,200 basis points to a solid 54% for the same nine months of 2024 as compared to 32% in the same year ago period. During the third quarter, revenue declined 6% over the prior year quarter and 1.6% over the second quarter of 2024.

2024 年前九個月，毛利率上升了 2,200 個基點，達到 54%，而去年同期為 32%。第三季度，營收較去年同期下降 6%，較 2024 年第二季下降 1.6%。

The decrease was mainly due to unexpected reimbursement per authorization headwinds that we believe to be transient in nature. We expect future coding clarity, combined with our recently published clinical data, will positively impact these issues going forward.

下降的主要原因是每次授權的意外報銷阻力，我們認為這是暫時的。我們預計未來編碼的清晰度，結合我們最近發布的臨床數據，將對這些問題產生積極影響。

As we move forward to sustainable revenue growth, we believe, our stable cost structure will maintain a gross margin performance at recent levels and improve with increases in revenue in the near-term due to our planned growth initiatives. Across operations, we've made considerable commercialization and technical advances including the Catamaran SE, a second generation and smaller version of our implant and access profile.

隨著我們朝著永續收入成長邁進，我們相信，我們穩定的成本結構將使毛利率表現維持在近期水平，並且由於我們計劃的成長舉措，短期內收入將隨著收入的增加而改善。在營運過程中，我們取得了長足的商業化和技術進步，包括 Catamaran SE，這是我們植入和存取檔案的第二代和較小版本。

As we introduce versatility and anticipate this to result in market share gains during our second year of commercialization. To maintain our momentum during the third quarter, we took the opportunity to strengthen our balance sheet to fund our growth initiatives and position the business on a sustainable growth trajectory.

我們引入了多功能性並預期這將在商業化的第二年帶來市場份額的成長。為了在第三季保持發展勢頭，我們藉此機會加強資產負債表，為我們的成長計劃提供資金，並使業務走上可持續成長的軌道。

In September, we received an investment from a single healthcare focused institutional investor. This investment combined with additional equity financings produced net proceeds of approximately $9.6 million within the quarter.

9月份，我們獲得了專注於醫療保健的機構投資者的投資。此項投資加上額外的股權融資在本季產生了約 960 萬美元的淨收益。

We intend to use these proceeds to expand our sales force, continue our post-market study with publication of the next tranche of analysis for Catamaran and advance the launch of the new Catamaran SE, SI Joint Fusion System.

我們打算利用這些收益來擴大我們的銷售隊伍，繼續我們的上市後研究，發布 Catamaran 的下一批分析報告，並推進新款 Catamaran SE、SI 聯合融合系統的推出。

We've initiated the pre-launch alpha clinical work of the new Catamaran SE, which extends the line of implant offerings for physicians preferring a smaller Catamaran implant and access profile when performing SI Joint Fusion procedures.

我們已啟動新款 Catamaran SE 的上市前 alpha 臨床工作，該產品擴展了植入物產品線，適合那些在進行 SI 關節融合手術時偏好使用較小的 Catamaran 植入物和接入輪廓的醫生。

Additionally, in late October, we reported that a subset of partner physicians performed initial clinical procedures implanting Catamaran SE. Feedback from the physician advisors has been extremely positive. Full commercial launch of Catamaran SE is planned in early 2025.

此外，10 月下旬，我們報告稱，一部分合作醫生執行了植入 Catamaran SE 的初步臨床程序。醫生顧問的回饋非常正面。Catamaran SE 計劃於 2025 年初全面商業推出。

As referenced during our earnings call in August, we completed our restructured sales operations in Q2. With the team in place, we saw building momentum into late Q3, and expect the trend to continue as they develop and grow. With a solid balance sheet, we plan to expand our efforts in 2025, to be positioned for future growth.

正如我們八月的財報電話會議所提到的，我們在第二季完成了重組銷售業務。隨著團隊的成立，我們看到第三季末的勢頭強勁，並預計隨著他們的發展和成長，這種趨勢將繼續下去。憑藉穩健的資產負債表，我們計劃在 2025 年擴大努力，為未來成長做好準備。

A significant component of our growth strategy is an investment in clinical research to reinforce the safety and effectiveness of the Catamaran System. Significant progress has been made in this area. As a reminder, Tenon's prospective multi-center single arm post-market study evaluates clinical outcomes of patients with sacroiliac joint disruptions or degenerative sacroiliitis treated with the Catamaran SI Joint Fusion System.

我們成長策略的一個重要組成部分是對臨床研究的投資，以加強 Catamaran 系統的安全性和有效性。該領域已取得重大進展。提醒一下，Tenon 的前瞻性多中心單臂上市後研究評估了使用 Catamaran SI 關節融合系統治療骶髂關節斷裂或退化性骶髂關節炎患者的臨床結果。

Patients will be evaluated for a period of up to 24 months, reviewing various patient reported outcomes, radiographic assessments and adverse events. In short, this study that we call MAINSAIL aims to show the Catamaran System delivers on its promises.

將對患者進行長達 24 個月的評估，審查患者報告的各種結果、放射學評估和不良事件。簡而言之，我們稱之為 MAINSAIL 的這項研究旨在證明雙體船系統能夠兌現其承諾。

As we near completion of enrollment in this study, during the quarter we announced the first peer-reviewed publication of our interim analysis. This interim analysis presents early experiences in the first 33 consecutive patients treated with the Catamaran SI Joint Fusion System across six US clinical sites. With primary and secondary clinical endpoints analysis at six months and radiographic CT fusion assessment performed by an independent radiologist at 12 months.

隨著我們接近完成本研究的招募，我們在本季度宣布了我們的中期分析的第一個經過同行評審的出版物。本次中期分析介紹了美國六個臨床基地使用 Catamaran SI 關節融合系統治療的前 33 名連續患者的早期經驗。在六個月時進行主要和次要臨床終點分析，並在十二個月時由獨立放射科醫生進行放射 CT 融合評估。

Notable outcomes from this interim analysis include statistically significant reduction in SI Joint pain and disability scoring at six months, a robust safety profile, and high patient satisfaction throughout all follow-up time points. Results provided definitive evidence of fusion response at 12 months and efficient surgical technique and procedural workflow.

此次中期分析的顯著結果包括六個月時骶髂關節疼痛和殘疾評分顯著降低、安全性良好以及所有隨訪時間點的患者滿意度高。結果提供了 12 個月時融合反應的確鑿證據以及高效的手術技術和程序工作流程。

This peer-reviewed analysis reinforces that the Catamaran System's minimally invasive Inferior Posterior approach is safe and effective in the objective of relieving pain and reducing disability in adult patients diagnosed with SIJ disruption or degenerative sacroiliitis that failed non-surgical treatment.

此同儕審查的分析進一步證明，對於非手術治療失敗的骶髂關節斷裂或退化性骶髂關節炎成年患者，Catamaran 系統的微創後入路技術可以安全有效地緩解疼痛、減少殘疾。

Early results and evaluations solidify our thesis that the Catamaran's unique design and less invasive Inferior Posterior approach is functioning as intended to optimize patient outcomes. Of note, the interim data from our study, combined with the nearly 800 surgeries performed with the Catamaran System to-date is demonstrating an exceptional safety profile and benefiting patients and physicians in delivering on its clinical promises.

早期結果和評估鞏固了我們的論點，即 Catamaran 的獨特設計和侵入性較小的下後入路能夠按預期發揮作用，以優化患者的治療效果。值得注意的是，我們研究的中期數據，結合迄今為止使用 Catamaran 系統進行的近 800 例手術，證明了其卓越的安全性，並使患者和醫生受益，兌現了其臨床承諾。

The importance of this clinical resebarch for the company cannot be overstated. It will be compelling for treating physicians and payers alike within a market segment that is lacking peer-reviewed data. Our ongoing workshop activities led by a network of valued physician faculty combined with the robust commercial infrastructure rebuild have prepared us for rapid expansion.

這項臨床研究對於公司的重要性怎麼強調也不為過。在缺乏同儕審查數據的細分市場中，它對於治療醫生和付款人來說都具有吸引力。我們正在進行的研討會活動由一群寶貴的醫師教師網絡領導，再加上強大的商業基礎設施重建，為我們的快速擴張做好了準備。

Our sales targeting efforts focus on medical professionals with experience in SI surgical procedures and technologies and provide them with world class workshop opportunities. Importantly, this proven approach contains costs and provides higher return value to faculty, cohort physicians and Tenon's business overall.

我們的銷售目標集中在具有 SI 外科手術和技術經驗的醫療專業人士，並為他們提供世界一流的研討會機會。重要的是，這種行之有效的方法可以控製成本，並為教職員工、隊列醫生和 Tenon 的整體業務提供更高的回報價值。

We experienced an increase in our interactive training corresponding with our restructured marketing and sales approach hosted 21 physicians in Catamaran workshops during the third quarter of 2024.

隨著我們調整行銷和銷售方法，我們的互動培訓有所增加，2024 年第三季在 Catamaran 研討會上接待了 21 名醫生。

Subsequent to the quarter end, the US Patent Office issued to us three patents related to our enhanced Catamaran prosthesis that include unique drug delivery compositions, which enhance sealing of the prosthesis in SI Joint bone structures and bone growth about and within the prosthesis when the prosthesis is implanted into the joint.

在本季末之後，美國專利局向我們頒發了三項與我們的增強型Catamaran 假體相關的專利，其中包括獨特的藥物輸送組合物，可增強假體在SI 關節骨結構中的密封性以及假體周圍和內部的骨骼生長。

Another patent is directed to SI Joint prosthesis with unique structures and configurations to correct failed SI Joint stabilization with alternative commercial SI Joint implants without requiring removal of the failed implant. These are meaningful protection mechanisms of our technology platform and serve to strengthen our competitive position in the industry.

另一項專利涉及具有獨特結構和配置的 SI 關節假體，以使用替代的商業 SI 關節植入物來糾正失敗的 SI 關節穩定，而無需移除失敗的植入物。這些都是我們技術平台的有意義的保護機制，有助於加強我們在產業中的競爭地位。

Finally, during the quarter, we welcomed Kevin Williamson as our Chief Financial Officer following the retirement Mr. Steve Van Dick, who remains involved in a CFO advisory role to ensure a smooth transition. Kevin has an extensive track record of financial leadership in the spine-related medical technology industry.

最後，在本季度，我們歡迎凱文·威廉森(Kevin Williamson) 擔任我們的首席財務官，接替退休的史蒂夫·範迪克(Steve Van Dick) 先生，後者仍擔任首席財務官顧問，以確保順利過渡。Kevin 在脊椎相關醫療科技產業擁有豐富的財務領導經驗。

Most recently, he served as CFO of Accelus Incorporated, also a medical device company with a focus on developing expandable spinal implant technologies. Kevin's experience has proven valuable early on and he will be instrumental as we strategically advance Tenon into our next phase of growth.

最近，他擔任 Accelus Incorporated 的財務長，該公司也是一家專注於開發可擴展脊椎植入技術的醫療設備公司。Kevin 的經驗在早期就被證明是有價值的，他將在我們策略性地推動 Tenon 進入下一階段的發展過程中發揮重要作用。

With that, I'll turn it over to Kevin to discuss our financials.

說完這些，我會把話題轉交給凱文 (Kevin) 來討論我們的財務狀況。

Thank you, Steve. I'm excited to join today's earnings call and be part of the Tenon Medical journey. First and foremost, I extend my appreciation to Steve Van Dick for his previous leadership in the role and guidance during the CFO transition period.

謝謝你，史蒂夫。我很高興參加今天的財報電話會議並成為 Tenon Medical 旅程的一部分。首先，我要對史蒂夫·範迪克 (Steve Van Dick) 在財務長過渡期間所發揮的領導作用和指導表示感謝。

Now, I'll give a succinct review of our financial results, a full breakdown is available on our press release that crossed the wire this afternoon. Our revenue was $887,000 in the third quarter of 2024, a decrease of 6% compared to $944,000 in the third quarter of 2023.

現在，我將簡要回顧我們的財務業績，詳細的細節請參閱我們今天下午發布的新聞稿。2024 年第三季我們的營收為 887,000 美元，與 2023 年第三季的 944,000 美元相比下降了 6%。

Revenue for the nine months ended September 30, 2024, was $2.5 million, an increase of 18% compared to $2.1 million in the prior year period. The fluctuations in revenue growth for the three months and nine months ended September 30, 2024, as compared to the same periods in 2023, were primarily due to a decrease of 15% and an increase of 5% respectively, in the number of surgical procedures in which the Catamaran System was used.

截至 2024 年 9 月 30 日的九個月的收入為 250 萬美元，較去年同期的 210 萬美元增長 18%。截至 2024 年 9 月 30 日的三個月和九個月的收入成長波動與 2023 年同期相比，主要是由於手術數量分別減少 15% 和增加 5%其中採用了雙體船系統。

We believe the reimbursement impacts and timing of our sales force operation restructure that we experienced in Q3 will become tailwinds for us moving forward in combination with our new SE platform and clinical data initiatives.

我們相信，我們在第三季度經歷的報銷影響和銷售團隊營運重組的時機將與我們新的 SE 平台和臨床數據計劃相結合，成為我們前進的順風。

Gross profit in the third quarter of 2024 was $418,000, or 47% of revenue, compared to $535,000 or 57% of revenue in the third quarter of 2023. For the three months ended September 30, 2024, gross profit was $1.4 million, or 54% of revenue, compared to a gross profit of $682,000 or 32% of revenue in the prior year period.

2024 年第三季的毛利為 418,000 美元，佔營收的 47%，而 2023 年第三季的毛利為 53.5 萬美元，佔營收的 57%。截至 2024 年 9 月 30 日的三個月，毛利為 140 萬美元，佔營收的 54%，而去年同期的毛利為 68.2 萬美元，佔營收的 32%。

Gross margin percentage improved due to the absorption of more production overhead costs into our standard costs, operating leverage created due to lower fixed costs and higher revenue associated with the increase in number of surgical procedures.

毛利率百分比的增加是由於更多的生產間接成本被納入我們的標準成本、固定成本降低產生的經營槓桿以及手術數量增加所帶來的收入增加。

Operating expenses totaled $3.6 million for the third quarter of 2024 as compared to expenses of $3.9 million in the third quarter of 2023. For the nine months ended September 30, 2024, operating expenses totaled $12 million, compared to $13.3 million in the prior year period.

2024 年第三季的營運費用總計 360 萬美元，而 2023 年第三季的費用為 390 萬美元。截至 2024 年 9 月 30 日的九個月，營運費用總計 1,200 萬美元，而去年同期為 1,330 萬美元。

Operating expenses decreased due to the restructuring of our sales operations that reduced sales and marketing expenses and a decline in research and development. With a continued investment in growth, expanding the sales force is a priority and increases in sales and marketing expenses are expected in future quarters.

營業費用下降是由於我們銷售業務重組，減少了銷售和行銷費用以及研發費用的減少。隨著對成長的持續投資，擴大銷售隊伍是當務之急，預計未來幾季的銷售和行銷費用將會增加。

Net loss was $3.2 million for the third quarter of 2024, an improvement from a net loss of $3.3 million in the same period in 2023. For the nine months ended September 30, 2024, net loss was $10.6 million, improving from $12.6 million in the previous year period. The company does expect to incur additional losses in the future.

2024 年第三季淨虧損為 320 萬美元，較 2023 年同期的 330 萬美元淨虧損有所改善。截至 2024 年 9 月 30 日的九個月，淨虧損為 1,060 萬美元，較去年同期的 1,260 萬美元有所改善。該公司確實預計未來還會遭受更多損失。

Now turning to the balance sheet. As of September 30, 2024, cash and cash equivalents totaled $9.2 million as compared to $2.4 million as of December 31, 2023. On September 17, 2024, as previously discussed by Steve, the company received an investment with gross proceeds of approximately $4.5 million.

現在轉向資產負債表。截至 2024 年 9 月 30 日，現金及現金等價物總額為 920 萬美元，而截至 2023 年 12 月 31 日為 240 萬美元。2024 年 9 月 17 日，正如史蒂夫之前所討論的，該公司獲得了一筆總收益約為 450 萬美元的投資。

This supportive capital from a recognized healthcare space investor and combined with additional equity financings in September, have provided aggregate net proceeds to Tenon of $9.6 million during the third quarter.

來自知名醫療保健領域投資者的支持性資本，加上 9 月份的額外股權融資，在第三季度為 Tenon 帶來了總計 960 萬美元的淨收益。

Tenon's balance sheet is fortified with ample cash runway to accelerate investment in our growth initiatives, including further expansion in our sales force and market access efforts, continued focus on data in our main sales study, and the commercial launch of Catamaran SE. Lastly, as of September 30, 2024, the company has no outstanding debt.

Tenon 的資產負債表擁有充足的現金流，可以加速對成長計畫的投資，包括進一步擴大銷售團隊和市場准入力度、繼續關注主要銷售研究的數據以及 Catamaran SE 的商業發布。最後，截至 2024 年 9 月 30 日，該公司沒有未償還債務。

I will now turn the call back to Steve for closing thoughts.

現在我將電話轉回給史蒂夫，請他發表最後的總結。

Thank you, Kevin. We are strategically advancing our commercialization strategy into our next phase of growth with steady progress and year-over-year increases in our Catamaran procedures. We ended the first nine months with year-over-year revenue growth and a notable increase in gross margin.

謝謝你，凱文。我們正在策略性地推進我們的商業化策略進入下一階段的成長，我們的雙體船程序穩步發展並逐年增加。我們前九個月的營收與去年同期相比有所成長，毛利率也顯著提高。

We believe we will continue this growth trajectory supported by our capital resources, expanding commercial infrastructure, and the introduction of the new SE platform. We also believe the upcoming larger cohort of patient post-market data will be a catalyst to drive payer coverage, which will accelerate sales growth and market share gains into 2025.

我們相信，在我們的資本資源、不斷擴大的商業基礎設施和新 SE 平台的推出的支持下，我們將繼續保持這一成長軌跡。我們也相信，即將出現的更大規模的患者上市後數據將成為推動付款人覆蓋的催化劑，這將加速 2025 年的銷售成長和市場份額成長。

With our strengthened balance sheet, we have the resources to maintain our momentum and are excited to have line of sight to the next phase of growth for Tenon Medical.

憑藉我們增強的資產負債表，我們擁有資源來保持我們的發展勢頭，並且很高興能夠看到 Tenon Medical 的下一階段成長。

I thank you all for attending. Now, I would like to hand the call back over to our operator to begin our question-and-answer session with covering analysts. Operator?

感謝各位的出席。現在，我想將電話交還給我們的接線生，開始與報道分析師進行問答環節。操作員？

Thank you, ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝女士們、先生們，我們現在開始問答環節。（操作員指令）

Anthony Vendetti, Maxim Group.

安東尼·文德蒂（Anthony Vendetti），馬克西姆集團（Maxim Group）。

Thank you. Hey, Steve, Kevin, how are you?

謝謝。嘿，史蒂夫，凱文，你們好嗎？

Very good. Thank you, Anthony.

非常好。謝謝你，安東尼。

So you did say in your prepared remarks that in the press release you did experience unexpected reimbursement preauthorization headwinds. What specifically do you think caused that? Has that continued into the fourth quarter? Or do you believe whatever issue that occurred has been resolved? Or was it a case-by-case basis?

所以你確實在準備好的發言中說過，在新聞稿中你確實遇到了意外的報銷預授權阻力。您認為具體是什麼原因造成的？這種情況持續到第四季了嗎？或者您相信發生的任何問題都已解決？還是根據具體情況決定？

No. Great. I appreciate the question, Anthony. So as you know, reimbursement is very regional and so it's always hit and miss depending on where physicians are submitting preauthorization, trying to get procedures approved.

不。偉大的。我很感謝你提出這個問題，安東尼。如您所知，報銷是非常具有地域性的，所以它總是時好時壞，這取決於醫生在哪裡提交預授權，試圖獲得程序批准。

What we've run into is there was a good bit of coding, I'll call it coding confusion, hey, which codes belong with which procedure. It was a big topic of conversation at recent AMA meetings and we anticipate a lot of good clarity coming down the pipe as they publish everything that they discussed and finalized from the meeting.

我們遇到的情況是存在大量編碼問題，我稱之為編碼混亂，嘿，哪些程式碼屬於哪個程式。這是最近的 AMA 會議中的一個熱門話題，我們期待在他們發布會議上討論和最終確定的所有內容時，會有很多清晰的結論。

So I think coding clarity is going to help tremendously. And then, the other part of that equation is our data, right, being able to go out and interface with payers, show them peer-reviewed data that shows this technology delivers is exceptionally important to make sure that they recognize and cover our technology.

所以我認為編碼清晰度將會有極大的幫助。然後，這個等式的另一部分就是我們的數據，對吧，能夠出去與付款人互動，向他們展示經過同行評審的數據，表明這項技術的效果，這對於確保他們認識並覆蓋我們的技術非常重要。

It goes without saying that there are competitors in the space that have been here a lot longer than we have. And so we've got catching up to do and work to do there, but now we have the tools to do so. So we do see it as transient, we do see it as improving. And it will continue to improve, we believe, right into 2025.

毋庸置疑，這個領域的競爭對手比我們存在的時間長得多。因此，我們還需要迎頭趕上並開展工作，但現在我們已經擁有了這樣做的工具。因此，我們確實認為它是暫時的，我們確實認為它正在改善。我們相信，到 2025 年，它仍將持續改善。

Okay. In some recently published clinical data should clarify some of the coding. And not only that, but you think will alleviate some of the preauthorization headwinds.

好的。在一些最近發表的臨床數據中應該澄清一些編碼。不僅如此，您還認為這將減輕一些預授權的阻力。

Yeah. I don't think our data clarifies coding. I want to make sure I'm clear. What the data does is reinforce that our technology does what it says it's supposed to do in a safe and effective manner, right, without undue adverse events and things of that nature.

是的。我認為我們的數據沒有闡明編碼。我想確認一下我說清楚了。數據的作用是證實我們的技術能夠以安全有效的方式完成其應有的任務，不會發生任何不必要的不​​當事件之類的事情。

The coding thing between AMA, CMS, et cetera, is just a different thing. There has been a lot of back and forth and frankly, controversy on the issue. We believe that's clearing pretty quickly here. And we anticipate the combination of those two things. Coding clarity in the big picture and our specific data will really help us with coverage issues going forward.

AMA、CMS 等之間的編碼是完全不同的。坦白說，這個問題已經引起了很多爭論。我們相信這個問題很快就會解決。我們期待這兩件事的結合。總體和具體數據的清晰編碼將真正幫助我們解決未來的覆蓋問題。

Okay. Great. And then just in terms of some of the feedback from physicians on the system, recent feedback, how would you describe that and have you made any changes to the system based on that feedback?

好的。偉大的。那麼就一些醫生對系統的反饋而言，最近的反饋，您如何描述它，以及您是否根據該反饋對系統做出了任何更改？

Yeah. We absolutely have. So we mentioned in the prepared remarks the Catamaran SE, SE is really simply a smaller version of all aspects of the system, a smaller implant and therefore a smaller access portal to get down to the anatomy and do the work that needs to be done. And every physician looks at these things differently, right?

是的。我們絕對有。因此，我們在準備好的評論中提到了Catamaran SE，SE 實際上只是系統各個方面的較小版本，一個較小的植入物，因此是一個較小的訪問門戶，可以深入解剖結構並完成需要完成的工作。每個醫生對這些事情的看法都不同，對嗎？

As we've talked about before, Anthony, we have a combination of spine surgeons and interventional and pain physicians using these technologies. And they were all trained differently. They all look at things differently. Some bigger is better, they want more graph, more size, more robustness in the fixation, et cetera. Our initial Catamaran is going to be a better format for them.

正如我們之前談到的，安東尼，我們有脊椎外科醫生和介入及疼痛科醫生使用這些技術。而他們所接受的訓練也各有不同。他們看待事物的方式各不相同。越大越好，他們想要更多的圖形、更大的尺寸、更穩定的固定等等。我們最初的雙體船將會為他們提供更好的形式。

Others are more sensitive to the size of the incision, believe in the miniaturization, et cetera, that's positive for patients. And Catamaran SE now fits that requirement and that desire for those physicians. I don't believe, frankly, that there's a big time right or wrong answer.

其他人對切口的大小更敏感，相信小型化等等，這對患者來說是有利的。而 Catamaran SE 現在滿足了這些醫生的要求和願望。坦白說，我不相信這個問題有一個正確或錯誤的答案。

We just simply want the physician to be comfortable with the technology, be confident with the technology. And so this is our effort to respond to their needs and desires for a system that fits their -- fits what they like.

我們只是希望醫生能夠適應這項技術，對這項技術充滿信心。所以，這就是我們為了滿足他們的需求和願望而做出的努力，就是建立一個適合他們喜好的系統。

Okay. Great. And then in terms of expanding the sales force, is that something you're looking -- you're doing currently or is that something more for 2025?

好的。偉大的。那麼就擴大銷售團隊而言，這是您正在考慮的事情嗎——您目前正在做的事情，還是這是 2025 年的事情？

Yeah. That is something we're very active in currently. That'll be happening over the coming months and quarters as we expand into areas, look at again, very geographically focused, where are the key opportunities, et cetera. Where do we need feet on the Street to really be bird-dogging targets, compelling physicians into workshop settings, so they can hear the Tenon, Catamaran story and learn about the technology, practice with the technology, et cetera?

是的。這是我們目前非常活躍的事情。這將在未來幾個月和幾個季度內發生，因為我們將擴展到其他地區，再次審視地理位置，看看關鍵機會在哪裡，等等。我們在哪裡需要華爾街的腳真正成為追蹤目標，迫使醫生進入研討會環境，以便他們能夠聽到 Tenon、Catamaran 的故事並了解技術，實踐技術等等？

So that's really where our energy is going right now out on the Street.

所以這確實是我們現在在華爾街投入精力的地方。

Okay. Great. Thanks for all that color. I'll hop back in the queue. Appreciate it.

好的。偉大的。感謝所有這些色彩。我將重新回到隊列中。非常感謝。

Thanks, Anthony.

謝謝，安東尼。

There are no further questions at this time. I would now like to turn the call back over to Mr. Foster for his closing remarks.

目前沒有其他問題。現在我想將發言權交還給福斯特先生，請他作最後發言。

Well, thank you, Aubrey. I'd like to thank each of you for joining our earnings conference call today and look forward to continuing to update you on our ongoing progress and growth. If we were unable to answer any of your questions, please reach out to our IR firm, the MZ Group. We'll be more than happy to assist.

好吧，謝謝你，奧布里。我感謝大家今天參加我們的收益電話會議，並期待繼續向大家通報我們的持續進展和成長。如果我們無法回答您的任何問題，請聯絡我們的 IR 公司 MZ 集團。我們非常樂意為您提供協助。

With that, I wish you good day.

最後，我祝您有美好的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。