Tenon Medical Inc (TNON) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Tenon Medical First Quarter 2026 Financial Results and Corporate Update Conference Call. As a reminder, this conference call is being recorded. Your hosts today are Steve Foster, President and Chief Executive Officer, and Kevin Williamson, Chief Financial Officer. Mr. Foster and Mr. Williamson will present results of operations for the first quarter ended March 31, 2026, and provide a corporate update. 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.

各位好，歡迎參加 Tenon Medical 2026 年第一季財務業績與公司最新進展電話會議。提醒各位，本次電話會議將被錄音。今天的主持人為總裁兼執行長 Steve Foster 與財務長 Kevin Williamson。Foster 先生與 Williamson 先生將報告截至 2026 年 3 月 31 日止第一季的營運成果，並提供公司最新進展。今日已發布詳述本次結果的新聞稿，並可於本公司網站投資人關係專區 www.tenonmed.com 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. 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.

在開始正式簡報之前，我想提醒各位，電話會議與網路直播中的陳述可能包含預測、估計及其他可能被視為前瞻性之資訊。雖然這些前瞻性陳述代表我們目前對未來的判斷，但仍受風險與不確定性影響，可能導致實際結果與前述內容出現重大差異。敬請各位勿過度依賴這些前瞻性陳述；其僅反映截至本簡報日期之我們的觀點。

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. For a more complete discussion of these factors and other risks, you should review our quarterly and annual reports on file with the Securities and Exchange Commission at www.sec.gov.

請注意，我們不承擔因新資訊或未來事件而修訂或公開發布任何對上述前瞻性陳述之修訂結果的義務。若欲更完整了解相關因素及其他風險，請查閱我們向美國證券交易委員會（SEC）提交並存檔的季度與年度報告，網址為 www.sec.gov。

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

現在，我將把電話會議交給 Tenon Medical 執行長 Steve Foster。先生，請開始。

Thank you, Sachi, and good afternoon to everyone. I'm pleased to welcome you to today's first quarter 2026 Financial Results and Corporate Update conference call for Tenon Medical. We are off to a solid start in 2026. We delivered strong first quarter revenue and gross profit, which were the highest for any first quarter in the company's history.

謝謝你，Sachi，也向各位致上下午好。我很高興歡迎各位參加 Tenon Medical 今日的 2026 年第一季財務業績與公司最新進展電話會議。我們在 2026 年有一個穩健的開局。我們交出強勁的第一季營收與毛利，創下公司歷史上所有第一季中的最高水準。

First quarter revenue came in at $1.4 million, nearly double the prior year period, and gross margin reached 68.5%, up from 44.5% a year ago. Two dynamics drove the quarter, more procedures across both of our platforms and a meaningful, more efficient cost base behind those revenues. On the topline, growth came from two places, a higher number of catamaran cases and the first full quarter of meaningful Symmetry Plus contribution since we acquired the SciVantage assets late last August.

第一季營收為 140 萬美元，幾乎是去年同期的兩倍；毛利率達 68.5%，高於一年前的 44.5%。本季由兩項動能驅動：我們兩個平台的手術量增加，以及支撐這些營收的成本結構顯著改善、效率更高。在營收端，成長來自兩個方面：Catamaran 病例數增加，以及自我們於去年 8 月底收購 SciVantage 資產以來，Symmetry Plus 首次出現具意義貢獻的完整季度。

Physician engagement is a leading indicator for us as well, and on that front, we trained 21 physicians across both systems this past quarter. The most notable development this quarter is the expansion in gross margin. At 68.5%, we are approximately 24 percentage points higher than a year ago. While increased revenue has contributed to improved absorption of fixed production overhead, we are also benefiting from a more streamlined commercial footprint and stronger field productivity. We expect these structural gains to persist going forward. Beyond the financials, a few items from the quarter that are worth noting.

醫師參與度同樣是我們的重要領先指標；在這方面，我們於本季在兩套系統上共訓練了 21 位醫師。本季最顯著的進展是毛利率的擴張。毛利率達 68.5%，較一年前約提高 24 個百分點。雖然營收增加有助於提升固定製造間接費用的吸收，但我們也受惠於更精簡的商業佈局與更高的前線生產力。我們預期這些結構性改善將在未來持續。除了財務表現之外，本季還有幾項值得注意的事項。

First. Our two-platform offering is increasingly working the way we had hoped. Physicians are evaluating KEDLAN and Symmetry Plus as complementary tools in both primary and revision procedures. These systems provide optionality in both inferior/posterior and lateral approaches to the same anatomy, and we are seeing this translate into adoption at several leading centers. Specific to capital, in March, we closed a $4.3 million senior convertible note placement with a group of institutional and high-net-worth investors. That financing extends our runway and gives us the flexibility to keep investing behind commercial expansion, product launches, and our clinical programs without further distraction. Taken together, the quarter gives us a healthier balance sheet, a broader product set actually in the market, and clearer evidence that our cost work is sticking.

第一，我們的雙平台產品組合正愈來愈如我們所期望地運作。醫師正將 KEDLAN 與 Symmetry Plus 視為在初次手術與翻修手術中相互補充的工具。這些系統在同一解剖結構上，於下位/後位與側向入路方面提供選擇性，我們也看到這正轉化為多家領先中心的採用。就資本面而言，我們於 3 月與一組機構投資人及高淨值投資人完成 430 萬美元的優先可轉換票據私募。該融資延長了我們的資金跑道，並讓我們能更有彈性地持續投入商業擴張、產品上市與臨床計畫，而不致分心。綜合而言，本季讓我們擁有更健康的資產負債表、更完整且已實際在市場上的產品組合，並更清楚地證明我們的成本改善措施已見成效並可持續。

Our intellectual property position continues to strengthen. The U.S. Patent and Trademark Office issued multiple notices of allowance during the quarter on applications expected to grant later in 2026, on top of the 10 patents that issued in 2025. Our portfolio today stands at 29 U.S. Patents and 9 international patents granted, with another 31 applications pending. That depth matters for a small-cap medical device company. It protects what we have built around Catamaran and Symmetry Plus.

我們的智慧財產權布局持續強化。美國專利商標局於本季就多件申請案發出核准通知，預計將於 2026 年稍晚核發專利，並在 2025 年已核發的 10 件專利之上再添助力。目前我們的專利組合為已核准 29 件美國專利與 9 件國際專利，另有 31 件申請案待審。對一家小型市值的醫療器材公司而言，這樣的深度非常重要，能保護我們在 Catamaran 與 Symmetry Plus 周邊所建立的成果。

In addition, we have dramatically accelerated our R&D project work. This includes significant incremental additions to the Symmetry Plus lateral and oblique platform that will be launched in the back half of 2026. Additionally, in the spirit of providing comprehensive optionality to our physician customers, we are moving towards regulatory submission and subsequent alpha activity of a third approach to the sacral pelvic anatomy.

此外，我們已大幅加速研發專案的推進。其中包括對 Symmetry Plus 側向與斜向平台的重大增量強化，預計將於 2026 年下半年推出。另外，為了向醫師客戶提供更全面的選擇性，我們正朝向第三種進入薦骨—骨盆解剖結構之入路的法規送件，以及後續的 alpha 活動推進。

Lastly, our aggressive commercial activity is highlighted by the addition of an experienced senior sales professional to manage the eastern part of the lower 48. He will join other members of our commercial team at a newly established training and education center in the Tampa, Florida area, designed intentionally to accelerate our physician and distributor education activities. Looking out over the rest of the year, our focus is very narrow. Keep growing procedure volumes on both platforms, aggressively educate our physician and distribution partners, and protect the gross margin gains we've made this quarter as we scale. We have multiple ways to win in this market, lateral and inferior poster now, and additional innovations to come.

最後，我們積極的商業活動也體現在新增一位資深銷售主管，負責美國本土 48 州中東部地區的管理。他將與我們商業團隊的其他成員一同進駐新設立的佛羅里達州坦帕地區訓練與教育中心；該中心係為加速醫師與經銷商教育活動而特別設計。展望今年剩餘時間，我們的重點非常聚焦：持續提升兩個平台的手術量、積極教育醫師與通路夥伴，並在規模擴張的同時守住本季取得的毛利率改善。我們在這個市場有多種致勝方式：目前已有側向與下位後方入路，未來也將推出更多創新。

With that, I'll turn the call over to Kevin to discuss our financials in some detail.

接下來，我將把電話會議交給 Kevin，請他更詳細說明我們的財務狀況。

Thank you, Steve. I will now provide a summarized review of our financial results. A full breakdown is available in our press release that crossed the wire this afternoon.

謝謝你，Steve。接下來我將提供我們財務結果的摘要回顧。完整明細已刊載於我們今天下午發布並透過新聞通路發佈的新聞稿中。

Starting with the topline, first quarter revenue was $1.4 million, an increase of approximately 90% from $0.7 million a year ago. Two factors are at work here. First, catamaran surgical procedure volumes saw strong year-over-year growth, driven primarily by new physician adoption. And second, Q1 was the first full quarter reflecting Symmetry Plus revenue since we closed that acquisition in August of last year, and Alpha launched the system in Q4 2025. Further product enhancements and a full commercial launch of Symmetry Plus are planned for in the back half of 2026, which we expect to support continued growth this year and into 2027 and beyond.

先從營收來看，第一季營收為 140 萬美元，較一年前的 70 萬美元增加約 90%。此處有兩項因素在發揮作用。第一，Catamaran 手術量年增強勁，主要由新醫師採用所帶動。第二，第一季是自我們於去年 8 月完成該項收購、且 Alpha 於 2025 年第四季推出該系統以來，首次完整反映 Symmetry Plus 營收的季度。針對 Symmetry Plus，我們規劃於 2026 年下半年進一步進行產品強化並完成全面商業化上市，預期將支撐今年持續成長，並延伸至 2027 年及更長期。

Gross profit was $0.9 million, or 68.5% of revenue, versus $0.3 million, or 44.5% of revenue, in the first quarter of last year. That is an approximately 193% increase in dollar terms and the highest for any first quarter in the company's history. On a margin basis, we picked up about 24 percentage points year-over-year. The driver is straightforward. Higher revenue is spreading our fixed production costs over a larger base, and we expect to see continued margin expansion as revenue scales.

毛利為 90 萬美元，占營收 68.5%；相較之下，去年第一季毛利為 30 萬美元，占營收 44.5%。以金額計算約增加 193%，並創下公司歷史上所有第一季中的最高水準。以毛利率計算，年增約 24 個百分點。驅動因素很直接：較高的營收使我們的固定製造成本得以分攤至更大的基礎上；隨著營收規模擴大，我們預期毛利率仍將持續擴張。

Operating expenses came in at $4.2 million, modestly above the $4.0 million we ran in the first quarter of 2025. The step-up is primarily driven by higher sales and marketing expenses, reflecting increased commercial activity related to higher revenue, as well as supporting the Symmetry Plus rollout. While partially offset by lower stock-based comp versus a year ago. When normalizing stock-based comp expense year-over-year within R&D, development-related expenses increased in the first quarter versus Q1 2025, driven by project-related activities tied to future product launches, primarily related to assets that were acquired in the acquisition we closed in August of last year.

營業費用為 420 萬美元，略高於 2025 年第一季的 400 萬美元。費用上升主要來自較高的銷售與行銷費用，反映因營收提高而增加的商業活動，以及對 Symmetry Plus 推廣上市的支援；部分則被較一年前更低的股票基礎薪酬所抵銷。若將研發中的股票基礎薪酬費用進行年對年常態化調整，第一季的開發相關費用較 2025 年第一季增加，主要由與未來產品上市相關的專案活動所帶動，且多與我們於去年 8 月完成收購所取得的資產相關。

Net loss for the quarter narrowed to $3.5 million, or $0.31 per share, from $3.6 million, or $1.01 per share, a year ago. The per share figure benefits from a larger share count, but on a dollar basis, the improvement is real. Stronger revenue and gross profit more than offset higher OpEx and the interest expense from the March convertible note issuance. We ended the quarter with $4.6 million in cash and cash equivalents, compared to $3.8 million as of December 31, 2025. In March 2026, the company closed a private placement of senior convertible notes for gross proceeds of $4.3 million, which provides additional runway to fund our commercial and clinical priorities deep into the year.

本季淨虧損收窄至350萬美元（每股虧損0.31美元），較去年同期的360萬美元（每股虧損1.01美元）改善。每股數據受益於更高的流通股數，但以美元金額計，改善是真實的。較強的營收與毛利，已足以抵銷較高的營運費用（OpEx）以及3月發行可轉換票據所產生的利息費用。本季末我們持有現金及約當現金460萬美元，較2025年12月31日的380萬美元增加。2026年3月，公司完成一筆高級可轉換票據的私募配售，總募集金額為430萬美元，為我們提供額外資金跑道，以支持我們的商業與臨床優先事項，並可延伸至今年更深的期間。

Overall, we believe the financial and strategic actions achieved this quarter have positioned Tenon with initiatives to drive faster growth while sustaining a streamlined and disciplined cost base. I'll now hand the call back to Steve for closing comments.

整體而言，我們相信本季所達成的財務與策略行動，已使Tenon具備推動更快成長的各項計畫，同時維持精簡且嚴謹的成本基礎。接下來我將把電話交回Steve作結語。

Thank you, Kevin.

謝謝你，Kevin。

In summary, the first quarter of 2026 reflects early returns on the strategy we have been executing against, including approximately 90% year-over-year revenue growth, a 24 percentage point expansion in gross margin to 68.5%, a strengthened balance sheet, and a meaningfully expanded intellectual property portfolio. These results provide a strong platform for continued execution. Building on that foundation, our priorities are clear: drive continued procedure growth across both Catamaran and Symmetry Plus, expand our base of trained physicians, and maintain the disciplined cost structure now showing through in our gross margin and field productivity.

總結而言，2026年第一季反映了我們正在執行之策略的初步成果，包括約90%的年增營收成長、毛利率擴張24個百分點至68.5%、資產負債表更為強健，以及智慧財產權組合顯著擴大。這些成果為持續執行提供了強而有力的平台。在此基礎上，我們的優先事項很明確：推動Catamaran與Symmetry Plus兩者的手術量持續成長、擴大受訓醫師基礎，並維持嚴謹的成本結構，而這正體現在我們的毛利率與前線生產力上。

The differentiated multi-approach portfolio, a strengthened balance sheet, and a deepening intellectual property portfolio, we believe Tenon is well-positioned to build on this quarter's momentum. And deliver increasing value to patients, providers, and shareholders.

憑藉差異化的多途徑產品組合、更強健的資產負債表，以及持續深化的智慧財產權組合，我們相信Tenon已具備良好定位，可延續本季動能，並為病患、醫療提供者與股東創造日益增加的價值。

I thank you all for attending, and now I'd like to hand the call over to our operator to begin our question-and-answer session with covering the analysts. Sachi.

感謝各位出席。接下來我想把電話交給我們的接線員，開始與追蹤分析師的問答環節。Sachi。

Thank you.

謝謝。

We will now be conducting a question-and-answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions.

我們現在將進行問答環節。若您想提問，請在電話鍵盤上按星號1。確認音將表示您的線路已進入提問佇列。若您想將問題自佇列中移除，請按星號2。使用擴音設備的與會者，可能需要在按星號鍵之前先拿起話筒。請稍候，我們正在徵詢問題。

The first question is from Scott Henry from AGP. Please go ahead.

第一個問題來自AGP的Scott Henry。請開始。

Thank you, and good afternoon.

謝謝，下午好。

One of the first questions -- or the first question I'm going to ask is with regards to seasonality. Typically, I think of surgical procedures being down in the first quarter, you've got co-pay resets and all of that. So, based on a typical tough first quarter, it seems like we should be very encouraged by the strong numbers relative to Q4. Steve. Think -- is that a fair assessment?

我首先想問的問題之一——或者說我第一個要問的問題——是關於季節性。一般來說，我認為第一季手術量通常會下滑，因為有自付額重置等等因素。所以，在典型艱難的第一季背景下，相較於第四季的強勁數字似乎應該讓我們非常受到鼓舞。Steve——你認為這樣的評估公平嗎？

Thanks for the question, Scott. Absolutely fair. Look, the dynamics of primarily deductible resets are very real. Our positions have wild and crazy Decembers in particular, which I feel bad for them sometimes the way it piles up. But there's no doubt that's a real factor in all of this, and things tend to settle in Q1.

謝謝你的問題，Scott。完全公平。你看，主要是自付額重置的動態確實非常真實。我們的團隊尤其在12月會忙到瘋狂，我有時都替他們覺得辛苦，因為事情會堆在一起。但毫無疑問，這確實是其中一個因素，而第一季通常會趨於平穩。

I think that's true for Tenon, just. Any other medical device company, especially elective-type procedures such as ours. So I think that's a fair statement. I think it's very real, and we're encouraged as well by a solid. Strong Q1 that gets us off and running here in 2026.

我認為這對Tenon也是如此，基本上對任何其他醫療器材公司也一樣，尤其是像我們這種偏選擇性的手術。我覺得這樣的說法很公平。這確實很真實，而我們也同樣受到鼓舞，因為第一季表現穩健且強勁，讓我們在2026年順利起跑。

Okay, thank you. And then building off that, how should we think about at least directionally 2Q relative to first quarter? And are there any launch metrics that you can give us that we can follow to try to gauge the progress of the launch?

好的，謝謝。接著延伸這點，我們應該如何看待第二季相對於第一季的走勢（至少方向上）？另外，你們是否能提供一些可追蹤的上市指標，讓我們用來衡量上市進展？

Sure. So we'll have a busy. 2026. So Symmetry Plus, which is our lateral platform that came over with the SciVantage acquisition, has been in Alpha since late fall and is now coming out of Alpha into full launch. That's the screwed portion of that technology. We have two additional incremental pieces to that platform that will launch throughout 2026. One is one's involved in the preparation of the joint to create a proper defect to prepare the joint to Be grafted fixated and eventually fused and then the second component will come out a bit later in the year Which is an actual actually in addition to the construct which we believe will make the construct more effective and so you'll see both of those things happen throughout the course of year. The decorticator technology will be first.

當然。2026年會很忙。Symmetry Plus是我們透過收購SciVantage取得的側向平台，自去年秋末以來一直處於Alpha階段，現在正從Alpha走向全面上市。那是該技術中帶螺釘的部分。我們還有兩個該平台的增量組件將在2026年陸續上市。其中之一與關節準備相關，用於建立適當的缺損，以便為關節進行移植、固定，並最終融合；第二個組件會在今年稍晚推出，實際上是對構型的額外補充，我們相信這將使構型更有效。因此你會在今年過程中看到這兩件事發生。去皮器（decorticator）技術會先推出。

The additional and incremental implant will be second. On top of that, I mentioned a new technology that we're working on that will be an additional approach to this anatomy that's preferred by many physicians in the space. That'll be towards the end of the year, but we hope to be in alpha with that technology in Q4. And so, all of those will be catalysts for us, along with all the work that's going on, just to get Catamaran and Symmetry Plus in front of physicians.

額外的增量植入物會是第二個。除此之外，我提到我們正在研發一項新技術，將成為針對該解剖部位的另一種入路，而這種入路是該領域許多醫師偏好的。那會在年底左右推出，但我們希望在第四季讓該技術進入alpha。因此，這些都將成為我們的催化劑，再加上我們正在進行的所有工作——就是讓Catamaran與Symmetry Plus能被更多醫師看到並採用。

There’s data backing these technologies. We're very encouraged by the reception. Of what's been done clinically with those technologies. So, we're growing across all of those activities. We certainly aren't waiting around for launches to target and grow, but certainly those new technologies coming down the pipe will be catalysts as we get to those alpha starts and then eventually into a full launch.

這些技術有數據支持。我們對這些技術在臨床上所取得成果的反饋感到非常鼓舞。因此，我們在所有這些活動上都在成長。我們當然不會等著新產品上市才去鎖定與推動成長，但隨著這些新技術陸續推出，當我們進入alpha啟動並最終全面上市時，確實會成為催化劑。

Okay, great. And final question, I'll give Kevin a chance to chime in. OpEx in first quarter, is that a good baseline going forward? Perhaps it grows a little bit as sales increase. Is that how we should think about that OpEx in first quarter or is there any noise in that that we should factor in?

好的，很棒。最後一個問題，我也讓Kevin有機會補充。第一季的營運費用（OpEx）是否可作為未來的良好基準？也許隨著銷售增加會略有成長——我們應該這樣看待第一季的OpEx嗎？還是其中有任何雜訊需要我們納入考量？

Yeah, good afternoon, Scott. Thanks for the questions.

Scott，下午好。謝謝你的問題。

Absolutely. I think it is a good baseline here for the year. And we expect to continue to leverage the P&L and improve profitability throughout the year, growing revenue, expanding margins faster than we're growing OpEx, specifically around the fixed costs. So as far as looking at the fixed costs, absolutely a good baseline there. There'll be some investments we make throughout the year. So you will see some increase in OpEx, but it'll be at a lower clip in revenue.

完全同意。我認為這確實是今年一個很好的基準。我們預期將在全年持續槓桿化損益表並提升獲利能力：在營收成長的同時，擴張毛利的速度會快於OpEx的成長，特別是在固定成本方面。因此，就固定成本來看，這絕對是一個很好的基準。全年我們會做一些投資，所以你會看到OpEx有所增加，但其增幅會低於營收的增幅。

And I think we've been pretty efficient to this point to mix in some strong investments here into one to lay the foundation here for the rest of the year without expanding our fixed costs. So you'll continue to see that throughout the year.

而且我認為到目前為止我們相當有效率，能在不擴大固定成本的情況下，納入一些重要投資，以奠定今年其餘時間的基礎。你會在全年持續看到這點。

Okay, great.

好的，很棒。

Thank you for taking the questions.

謝謝你回答問題。

Thanks, Scott.

謝謝你，Scott。

The next question is from Anthony Vendetti from Maxim Group. Please go ahead.

下一個問題來自Maxim Group的Anthony Vendetti。請開始。

Yes, thanks.

是的，謝謝。

On the new system, the new indication that you expect to have the alpha release in the fourth quarter of '26, can you talk a little bit about, from a scientific standpoint, how that is going to be complementary or differs from the two products that you have now? And then if you alpha release it in fourth quarter '26, are you looking to commercialize it first quarter '27, second quarter '27? Do you have that sort of timeline framed out?

關於新系統，你們最新的指引是預期在 26 年第四季進行 alpha 版本釋出，你能否從科學角度談談它將如何與你們目前的兩項產品互補或有所不同？另外，如果你們在 26 年第四季釋出 alpha 版本，是否打算在 27 年第一季、第二季商業化？你們是否已經把這類時程規劃出來？

Yes, thanks, Anthony. So two things. One is we are committed to certain principles when we address various components of the sacral pelvic anatomy. And the core principle is we are a fusion-focused, arthrodisis-focused organization.

是的，謝謝你，Anthony。所以有兩點。第一，當我們處理薦骨—骨盆解剖的各個組成部分時，我們承諾遵循某些原則。而核心原則是：我們是一個以融合（fusion）為重點、以關節固定融合術（arthrodesis）為重點的組織。

So while we'll explore and introduce new approaches, new instrumentation, new technology to the space, we will stick with our core principles of proper joint preparation, grafting, and fixation. We believe in that deeply. We believe it's frankly something missing in the space, and we'll be consistent with that with all of our launches. I'll go that far with the new technology.

因此，雖然我們會探索並引入新的方法、新的器械、新的技術到這個領域，但我們會堅持我們的核心原則：適當的關節準備、植骨（grafting）以及固定（fixation）。我們對此深信不疑。我們相信坦白說這正是這個領域所欠缺的，而我們在所有產品上市（launch）上都會保持一致。就新技術而言，我可以說到這個程度。

It will go into. Which are just early physician advisor usage to make sure we have every detail taken care of and as much refinement as can possibly be completed with the instrumentation in all aspects of the system. And then, yes, as you described, right, in Q1, of '27, we'll be moving into full-boat launch for that technology.

它將進入（階段），也就是早期的醫師顧問使用，以確保我們把每個細節都處理到位，並且在系統各個面向上，讓器械盡可能完成精煉與優化。然後，是的，正如你所描述的，在 27 年第一季，我們將進入該技術的全面上市（full-boat launch）。

Okay, great. And then in terms of training physicians.

好的，很棒。那接下來談到醫師訓練。

Sort of how has that evolved for Tenon this year and can you talk about the plans to accelerate that training or the training programs that you have in place to get more of these physicians up to speed and aware of your technology?

今年 Tenon 在這方面的演進大概是如何？你能否談談加速訓練的計畫，或你們目前有哪些訓練方案，讓更多醫師能更快上手並了解你們的技術？

Well, for us, it's evolved dramatically because we're not a single approach, single technology company any longer, right?

嗯，對我們而言，這方面已經有了巨大的演進，因為我們不再是一家只有單一入路、單一技術的公司了，對吧？

And so we're using a variety of different training tools, training models, things of that nature, whether a physician wants to focus on an inferior posterior approach to the anatomy, a lateral or oblique approach to the anatomy or other.

因此我們使用各式各樣的訓練工具、訓練模型等等；不論醫師想專注於解剖結構的下後方（inferior posterior）入路、側方（lateral）或斜向（oblique）入路，或其他入路。

So that's perhaps number one on the evolved question. I hope it's indicative of how enthusiastic we are that we're investing in this training facility in Tampa. It'll be a fully equipped training facility. It really allows us the opportunity to bring people in, whether they are interested physicians or distribution partners that need some cadence and some repetitive work on the instrumentation sequencing technology themselves, et cetera.

所以，這大概是「演進」這個問題的第一點。我希望這也能反映出我們的熱忱：我們正在坦帕投資這座訓練中心。它將是一個設備齊全的訓練設施。這真的讓我們有機會把人帶進來，不論是有興趣的醫師，或是需要一定節奏、需要反覆練習器械操作順序與技術本身的經銷／通路夥伴，等等。

And so, we're very our demand has got to the point where it makes sense for us to make that investment, and we really look forward to having it online, which it is now, and making things happen here going forward.

因此，我們的需求已經成長到讓這項投資變得合理，而且我們非常期待它上線——它現在已經上線了——並在未來推動更多事情的發生。

Okay, great. And then is there anything that you're doing specifically to try to increase. Conversion rates where you're like, okay, they've been trained or they know the product, how do you go about making sure that, or not that you can insure it, but that you can convert physicians from trying the product or demoing it to, making it part of their ongoing practice?

好的，很棒。那你們是否有做任何特別的事情來提高轉換率？也就是說，當你們覺得：好，他們已受訓或已了解產品，你們如何確保——或不是說能保證——能把醫師從試用或示範，轉換成把它納入他們的日常臨床實務？

Sure.

當然。

Yeah, so our mission is relatively simple. It's done in a complex environment, right? So the first thing we have to do is be compelling with the physician. If you can't sit down and convince them, hey, this is worth your time to take a look at, spend some time with, et cetera. And that's usually a combination of, everything that you've done with the technology itself, the clinical research you've done, et cetera, things that compel them to take time out of a very busy schedule to take a look at that day, clearly.

是的，所以我們的使命相對簡單，只是是在一個複雜的環境中完成，對吧？所以第一件事是，我們必須對醫師具有足夠的吸引力。如果你無法坐下來說服他們：嘿，這值得你花時間來看看、花些時間了解，等等。這通常是多種因素的組合：技術本身你做了哪些工作、你做了哪些臨床研究，等等，這些都能促使他們在非常忙碌的行程中抽出時間，在那一天來看看，這點很明顯。

When they get interested, the second sort of level of complexity kicks in where you have to go through approval and access processes at these facilities, right? They have VAT committees and things of that nature. This is the area, to your question, Anthony, where we are making some investments, right? We have to get better at, more efficient at. Getting through those processes and making sure we're leveraging everything that we have. The SciVantage acquisition gave us some access that we didn't have previously, things that they had achieved as an entity previous to the transaction. Putting all of that together and making sure that we give ourselves as many opportunities to open the door to access to the physicians to use. Those facilities, that's a big challenge for us organizationally, something we're spending a lot of time, energy, and effort on.

當他們產生興趣後，第二層的複雜性就會出現：你必須在這些機構裡走完核准與准入流程，對吧？他們有 VAT 委員會之類的機制。就你這個問題而言，Anthony，這正是我們正在投入一些資源的領域，對吧？我們必須在通過這些流程上做得更好、更有效率，並確保我們善用手上所有資源。收購 SciVantage 讓我們獲得了先前沒有的某些准入機會，也就是他們在交易前作為一個實體所取得的成果。把這一切整合起來，並確保我們為自己創造盡可能多的機會，打開大門，讓醫師能在那些機構中取得使用權。這對我們組織而言是一個很大的挑戰，也是我們投入大量時間、精力與努力的事情。

Okay, and then lastly for Kevin, gross margin was very strong at 68.5%. High 60s, is that a good gross margin to look at for the rest of '26? And I believe. And certainly, Kevin, chime in and tell me if I'm wrong here, but I believe at a larger revenue base in '27 and beyond, the expectation is for that gross margin to be 70% plus, correct?

好的。最後一題給 Kevin：毛利率非常強勁，達到 68.5%。以 60% 高段來看，這是否是 26 年其餘時間可以參考的毛利率水準？而且我相信——當然 Kevin，如果我說錯請指正——但我相信在 27 年及之後、在更大的營收規模下，預期毛利率會達到 70% 以上，對嗎？

Correct, and yes, thanks, Anthony, and we spoke to that before. As we continue to scale revenue, we will continue to absorb some of those SIPS costs. They're not very large SIPS costs, but as we get our revenue base up, we'll absorb them, and margin will continue to expand, really up towards and up to the ceiling of what our true product margin is, as you absorb those kind of logistics-based costs in there. So, yes, we expect high 60s is a good place to be. We expect to increase from here, and I think we're going to be. Very happy with where our margin gets to here over the coming quarters and into '27.

沒錯。是的，謝謝你，Anthony，我們之前也談過。隨著我們持續擴大營收規模，我們會持續吸收其中一些 SIPS 成本。SIPS 成本並不算很大，但當我們的營收基礎提高後，我們就能把它們吸收掉，毛利率也會持續擴張，實際上會逐步接近、並達到我們真正的產品毛利率上限，因為你把那些偏物流性質的成本吸收進去了。所以，是的，我們認為 60% 高段是一個不錯的位置。我們預期會從這裡繼續提升，我想在接下來幾個季度以及進入 27 年時，我們會對毛利率達到的水準感到非常滿意。

Excellent. Okay, great. Thanks so much. Appreciate all the color. I'll hop back on the queue.

太好了。好的，很棒。非常感謝。謝謝你提供這麼多細節。我會回到排隊序列。

This concludes the question-and-answer session. I'd like to turn the floor back over to Steve Foster for closing comments.

問答環節到此結束。我想把時間交回給 Steve Foster 作結語。

Thank you, Sachi. I'd like to thank each of you for joining our earnings conference call today. We 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, MZ Group, who will be more than happy to assist.

謝謝你，Sachi。我要感謝各位今天參加我們的財報電話會議。我們期待持續向各位更新我們正在進行的進展與成長。如果我們未能回答各位的任何問題，請聯絡我們的投資人關係（IR）公司 MZ Group，他們將非常樂意協助。

And with that, I wish everyone a good day.

最後，祝大家有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。