TherapeuticsMD Inc (TXMD) 2022 Q2 法說會逐字稿

For the TherapeuticsMD Second Quarter 2022 Financial Results Conference Call. (Operator Instructions)

TherapeuticsMD 2022 年第二季財務業績電話會議。 （操作員說明）

I would now like to turn the call over to Investor Relations for TherapeuticsMD, Lisa Wilson. Lisa?

我現在想將電話轉給 TherapeuticsMD 投資者關係麗莎威爾遜 (Lisa Wilson)。麗莎？

Thank you, operator. Good morning, everyone, and thank you for joining today to discuss our second quarter financial results and business update. This morning, TherapeuticsMD issued a press release announcing its second quarter 2022 financial results. The press release and accompanying presentation are available on the company's website TherapeuticsMD in the Investors & Media section. On today's call from TherapeuticsMD are Chief Executive Officer, Hugh O’Dowd; Interim Chief Financial Officer, Michael Donegan; and Chief Commercial Officer, Mark Glickman.

謝謝你，接線生。大家早安，感謝您今天加入討論我們第二季的財務表現和業務更新。今天上午，TherapeuticsMD 發布新聞稿，公佈了 2022 年第二季財務業績。新聞稿和隨附的簡報可在公司網站 TherapeuticsMD 的投資者和媒體部分取得。今天接受 TherapeuticsMD 電話採訪的是執行長 Hugh O’Dowd；臨時財務長 Michael Donegan；首席商務官馬克‧格利克曼 (Mark Glickman)。

I would like to remind everyone that certain statements made during this conference call may be forward-looking statements. Such forward-looking statements are based upon current expectations and there can be no assurance that the results contemplated in these statements will be realized. Actual results may differ materially from such statements due to a number of factors and risks, some of which are identified in our press release and our annual, quarterly and other reports filed with the SEC.

我想提醒大家，本次電話會議中所做的某些陳述可能是前瞻性陳述。此類前瞻性陳述基於目前的預期，不能保證這些陳述中預期的結果將會實現。由於多種因素和風險，實際結果可能與此類聲明有重大差異，其中一些因素和風險已在我們的新聞稿以及向 SEC 提交的年度、季度和其他報告中確定。

These forward-looking statements are based on information available to TherapeuticsMD as of today, and the company assumes no obligation to update these statements as circumstances change. An audio recording and webcast replay for today's conference call will also be available online in the Investors & Media section of the company's website. For the benefit of those who may be listening to the replay or archived webcast, this call was held and recorded on August 15, 2022.

這些前瞻性陳述是基於 TherapeuticsMD 截至目前可獲得的信息，公司不承擔隨著情況變化而更新這些陳述的義務。今天電話會議的錄音和網路廣播重播也將在公司網站的投資者和媒體部分線上提供。為了那些可能正在收聽重播或存檔網路廣播的人的利益，本次電話會議於 2022 年 8 月 15 日舉行並進行了錄音。

With that, I'll turn the call over to TherapeuticsMD's CEO, Hugh O’Dowd.

接下來，我會將電話轉給 TherapeuticsMD 的執行長 Hugh O’Dowd。

Thank you, Lisa, and thank you, everyone, for joining our call today. Today, I'd like to share our progress against our goals and highlight the key milestones met during the second quarter. Our total net revenue for the quarter was $28.6 million, an increase of 24% over the second quarter of 2021. At the same time, our total operating expenses during the quarter declined by $11.4 million, or 21%, while gross profit rose by 26%.

謝謝麗莎，也謝謝大家今天加入我們的電話會議。今天，我想分享我們在實現目標方面取得的進展，並強調第二季實現的關鍵里程碑。我們本季的總淨收入為 2,860 萬美元，比 2021 年第二季成長 24%。 %。

The second quarter of 2022 also saw us complete the divestiture of our vitaCare business unit. In just 5 weeks, our organization went from deal announcement to closing. With the proceeds from these efforts, the company has been able to repay $120 million of debt during the second quarter, and TXMD is now a far more focused business dedicated to advancing the health of women throughout all stages of their lives.

2022 年第二季度，我們也完成了 vitaCare 業務部門的剝離。在短短 5 週內，我們的組織從宣布交易到完成交易。憑藉這些努力的收益，該公司已能夠在第二季度償還 1.2 億美元的債務，TXMD 現在是一家更專注的企業，致力於促進女性一生各個階段的健康。

Our final accomplishment to note is the U.S. Food and Drug Administration's approval of our supplemental new drug application for ANNOVERA, which increases our current and future supply. With this approval, we expect a significant reduction in manufacturing batch rejections and an increase in future product supply that will enable the company to better meet customer demand for ANNOVERA.

我們最後值得注意的成就是美國食品藥物管理局批准了我們 ANNOVERA 的補充新藥申請，這增加了我們目前和未來的供應。透過此次批准，我們預計生產批次廢品率將大幅減少，未來產品供應量將增加，這將使公司能夠更好地滿足客戶對 ANNOVERA 的需求。

Now that I've discussed these achievements, I wish to spend a moment acknowledging another key event of the quarter. As you all know, in May, we entered into a definitive agreement to sell the company to EW Healthcare Partners, However, the transaction did not garner sufficient support from our shareholders.

既然我已經討論了這些成就，我想花一點時間來回顧本季的另一個重要事件。眾所周知，今年5月，我們簽訂了最終協議，將公司出售給EW Healthcare Partners，但這筆交易並未獲得股東的足夠支持。

Our recent financing with Rubric Capital Management and accompanying maturity extension have provided us with additional runway, such that our Board of Directors and management team remain forward-looking in evaluating all options, including seeking partners to refinance our current debt or pursuit of other strategic alternatives, all this to enable us to serve our 2 primary constituencies, our patients and our shareholders.

我們最近與Rubric Capital Management 的融資以及隨之而來的期限延長為我們提供了額外的跑道，使我們的董事會和管理團隊在評估所有選項時保持前瞻性，包括尋找合作夥伴為我們當前的債務再融資或尋求其他策略替代方案，所有這一切使我們能夠為我們的兩個主要支持者——我們的患者和我們的股東——提供服務。

And with that, I'll turn it over to our Interim Chief Financial Officer, Michael Donegan, to discuss our financial results in greater detail. Michael?

接下來，我會將其交給我們的臨時財務長 Michael Donegan，以更詳細地討論我們的財務表現。麥可？

Thanks, Hugh. On April 14, we completed the divestiture of vitaCare Prescription Services for $142.6 million, net of transaction costs, and recognized a gain of $143.4 million on the sale. Included in the net proceeds was $11.3 million of customary holdbacks, which are recorded as restricted cash on the balance sheet. We used $120 million of the proceeds to pay down our outstanding loan and may also receive up to an additional $7 million in earn-out consideration, contingent upon vitaCare's financial performance through 2023.

謝謝，休。 4 月 14 日，我們以 1.426 億美元（扣除交易成本）完成了 vitaCare Prescription Services 的剝離，並確認了 1.434 億美元的出售收益。淨收益中包括 1,130 萬美元的慣常扣留，這些款項在資產負債表上記錄為限制性現金。我們使用 1.2 億美元的收益來償還未償還的貸款，並且還可能獲得高達 700 萬美元的額外收益對價，具體取決於 vitaCare 到 2023 年的財務表現。

I'll now turn to our second quarter 2022 financial results. Our total revenue for the quarter was $28.6 million, an increase of $5.6 million or 24.2% compared to the second quarter of 2021. For the quarter, sales of ANNOVERA were $18.3 million, an increase of $8.7 million or 91.2% compared to the second quarter of 2021. This increase was primarily due to an increase in sales volume, partially offset by a decrease in the average sales price.

我現在談談我們 2022 年第二季的財務表現。我們該季度的總收入為2860 萬美元，比2021 年第二季增加了560 萬美元，增幅為24.2%。為91.2% 2021 年。

Sales of IMVEXXY were $6.7 million for the quarter, a decrease of $3.2 million or 32.2% compared to the second quarter of 2021. This was primarily due to decreases in sales volume as well as average sales price. Sales of BIJUVA were $2.7 million for the second quarter, an increase of $0.5 million or 23.1% compared to the second quarter of 2021. The increase was a result of money received under the Theramex license agreement and an increase in overall sales volume, partially offset by a decrease in the average sales price.

IMVEXXY 本季銷售額為 670 萬美元，比 2021 年第二季減少 320 萬美元，即 32.2%。 BIJUVA 第二季度的銷售額為270 萬美元，與2021 年第二季度相比增加了50 萬美元，增幅為23.1%。部分抵消了這一增長透過平均銷售價格的下降。

Prescription vitamin sales were $0.9 million for the second quarter, a decrease of $0.5 million or 35.5% compared to the second quarter of 2021. This is due primarily to decreases in sales volume and average sales price.

第二季處方維生素銷售額為 90 萬美元，比 2021 年第二季減少 50 萬美元，即 35.5%。

Gross profit for the second quarter of 2022 was $23.8 million, an increase of $5 million or 26.2% compared to the second quarter of 2021, and this is due primarily to the increase in product revenue. In addition, product gross margin improved overall as a result of a change to the sales mix, with increased sales volume for ANNOVERA and BIJUVA and decreased sales of IMVEXXY.

2022年第二季毛利為2,380萬美元，較2021年第二季增加500萬美元，成長26.2%，主要歸功於產品收入的成長。此外，由於銷售結構的變化，產品毛利率整體改善，ANNOVERA和BIJUVA銷量增加，IMVEXXY銷量下降。

Total operating expenses for the quarter were $42.7 million, a decrease of $11.4 million or 21.1% compared to the second quarter of 2021. This is driven mostly by the vitaCare divestiture as well as company-wide effort to reduce overall operating expenses.

該季度的總營運費用為 4,270 萬美元，比 2021 年第二季減少 1,140 萬美元，即 21.1%。

Selling and marketing costs were $23.7 million for the second quarter, a decrease of $8.5 million or 26.4% compared to the second quarter of 2021 due to lower brand spending for IMVEXXY and ANNOVERA, reduced compensation and employee benefit expense and lower consulting expenditures, partially offset by higher education, conference and software development costs.

第二季銷售和行銷成本為2,370 萬美元，與2021 年第二季相比減少850 萬美元或26.4%，原因是IMVEXXY 和ANNOVERA 的品牌支出減少、薪酬和員工福利費用減少以及諮詢支出減少，部分抵消了高等教育、會議和軟體開發成本。

General and administrative costs were $17.4 million for the quarter, a decrease of $2.5 million or 12.4% compared to the second quarter of 2021. This decrease was due primarily to lower costs associated with compensation and employee benefits, information technology and rent, partially offset by a net increase in overall professional and consulting fees.

本季的一般和行政費用為1,740 萬美元，比2021 年第二季減少250 萬美元，即12.4%。被整體專業費用和諮詢費用淨增加。

R&D costs were $1.6 million during the quarter, a decrease of $0.4 million or 21.4% compared to the second quarter of 2021. And this is due to lower compensation and employee benefit expenses, partially offset by higher lab research costs. As we refocused our resources towards the continued commercialization of our pharmaceutical products, R&D expenditures have declined.

本季研發成本為 160 萬美元，與 2021 年第二季相比減少了 40 萬美元，即 21.4%。隨著我們將資源重新集中到藥品的持續商業化上，研發支出有所下降。

As mentioned earlier, we recognized a gain of $143.4 million on the sale of the vitaCare business during the second quarter of 2022. Other nonoperating expenses totaled $11.7 million, an increase of $4.2 million or 56.7% compared to nonoperating expenses of $7.5 million for the second quarter of 2021. This increase was a result of higher amortization of deferred financing costs, offset by lower interest expense due to lower average debt balance and lower interest prepayment fees due to the March 2022 amendment to our financing agreement.

如前所述，我們在2022 年第二季確認了出售vitaCare 業務的收益1.434 億美元。為56.7%。減少所抵消。

More details regarding the amendment and our debt and financing arrangements can be found in our 10-Q. Net cash used in operating activities was $15.4 million for the second quarter. And as of June 30, 2022, we had $26.3 million in cash.

有關修正案以及我們的債務和融資安排的更多詳細信息，請參閱我們的 10-Q。第二季經營活動使用的現金淨額為 1,540 萬美元。截至 2022 年 6 月 30 日，我們擁有 2,630 萬美元現金。

In August, we announced a $15 million investment from Rubric Capital Management to fund near-term operations. At the same time, we entered into an agreement with Sixth Street Specialty Lending to extend the maturity date of our debt to September 30, with the option to further extend the maturity date until October 31 and November 30, 2022, if we receive additional equity capital of $7 million per extension.

8 月，我們宣布 Rubric Capital Management 投資 1,500 萬美元，為近期營運提供資金。同時，我們與Sixth Street Specialty Lending 簽訂了一項協議，將債務到期日延長至9 月30 日，如果我們獲得額外股權，還可以選擇將到期日進一步延長至2022 年10 月31 日和2022 年11 月30 日每次延期資本為 700 萬美元。

I'll now turn the call over to our Chief Commercial Officer, Mark Glickman, to provide more detail around our commercial progress. Mark?

我現在將把電話轉給我們的首席商務官馬克·格利克曼 (Mark Glickman)，以提供有關我們商業進展的更多詳細資訊。標記？

Thanks, Michael. As we disclosed earlier in the year, we managed to keep up with demand through a difficult period of sporadic inventory shortages. As you can see, the demand for ANNOVERA not only held up, but demonstrated strong growth when the product became more readily available. Now that we have ample inventory in stock, ANNOVERA hit an all-time high of 901 prescriptions in the last week of the quarter.

謝謝，麥可。正如我們今年早些時候披露的那樣，我們成功地度過了偶發庫存短缺的困難時期，以滿足需求。正如您所看到的，當產品變得更容易獲得時，對 ANNOVERA 的需求不僅保持不變，而且表現出強勁的成長。現在我們有充足的庫存，ANNOVERA 在本季度最後一周創下了 901 份處方的歷史新高。

Despite the inventory issues, ANNOVERA prescriptions grew 28% compared to the second quarter of 2021, carried in part by a strong June. Due to the new targeting and sales focus we mentioned last quarter, new prescribers grew at an accelerated rate of 1,487 during the quarter, and total prescribers have now surpassed 12,000. These are all signs of strong demand and the potential for growth.

儘管存在庫存問題，但 ANNOVERA 處方量與 2021 年第二季度相比增長了 28%，部分原因是 6 月的強勁表現。由於我們上季度提到的新目標和銷售重點，本季新處方者以 1,487 名的速度加速成長，處方者總數現已超過 12,000 名。這些都是強勁需求和成長潛力的跡象。

In addition, on July 28, President Biden issued an executive order to protect access to reproductive health care services. At the same time, the 3 agencies -- Health and Human Services, the Department of Labor and the Treasury Department, took steps to clarify protections for birth control coverage under the Affordable Care Act, which guarantees coverage of women's preventative services including, among other things, hormonal methods like birth control rings and pills.

此外，7月28日，拜登總統發布了一項行政命令，以保護獲得生殖保健服務的機會。同時，衛生與公共服務部、勞工部和財政部這三個機構採取措施，明確《平價醫療法案》對節育覆蓋範圍的保護，該法案保證婦女預防性服務的覆蓋範圍，其中包括東西，荷爾蒙方法，如節育環和避孕藥。

With the current environment in the state of flux, this is great news for ANNOVERA and for women's health in general. As the only long-lasting, procedure-free, patient-controlled option for women, we continue to believe ANNOVERA is positioned to play a significant role in the contraceptive market. We are also starting to see the results of the revamped field force targeting and accountability focused initiatives we rolled out in quarter 1.

在當前環境不斷變化的情況下，這對 ANNOVERA 和整個女性健康來說是個好消息。作為女性唯一持久、免手術、患者自控的選擇，我們仍然相信 ANNOVERA 能夠在避孕市場中發揮重要作用。我們也開始看到我們在第一季推出的改進後的現場部隊目標和以問責制為重點的舉措的結果。

On the next slide, you'll see that total prescriptions from IMVEXXY declined slightly during the quarter, in line with expectations as we shifted our targets and focus. We are, however, encouraged by what we believe are the early results of the new focus as evidenced by an uptick of prescriptions in June, and we expect this course to continue. IMVEXXY also had quite a strong quarter regarding new prescribers by adding 1,606 [new prescribers] and exceeding 30,000 prescribers since launch.

在下一張投影片中，您將看到本季度 IMVEXXY 的處方總數略有下降，這與我們改變目標和重點時的預期一致。然而，我們對新重點的早期結果感到鼓舞，六月處方量的增加證明了這一點，我們預計這個過程將繼續下去。 IMVEXXY 在新處方者方面也表現強勁，自推出以來增加了 1,606 名[新處方者]，超過 30,000 名處方者。

With BIJUVA, we are excited with the early results of the targeting, and this slide reflects what we expected to see. During the quarter, BIJUVA prescriptions grew around 5% over Q1 2022, rebounding from a previously declining trend line. This slide here demonstrates accelerating month-over-month growth in new-to-brand prescription, which is directly related to targeting and strategy changes. Market research indicated that BIJUVA, with the correct targeting, messaging and effort, would be a highly sought-after therapy for women with VMS symptoms, and we are seeing the early successful signs of those efforts.

對於 BIJUVA，我們對目標的早期結果感到興奮，這張投影片反映了我們期望看到的結果。本季度，BIJUVA 處方量較 2022 年第一季成長約 5%，從先前下降的趨勢線反彈。這張投影片展示了新品牌處方的逐月加速成長，這與目標定位和策略變化直接相關。市場研究表明，BIJUVA 憑藉正確的目標、資訊和努力，將成為患有 VMS 症狀的女性備受追捧的療法，我們正在看到這些努力的早期成功跡象。

I'll now turn the call over back to our CEO, Hugh O’Dowd, for concluding remarks.

現在我將把電話轉回給我們的執行長休‧奧多德 (Hugh O’Dowd)，讓其作總結發言。

Thank you, Mark. In summary, we delivered a solid quarter of operating performance amidst a backdrop of considerable ambiguity, while our focus remains steadfast on serving our patients and shareholders. On behalf of the management team and our Board of Directors, I wish to thank our employees for their dedication, spirit and incredible commitment to our mission of empowering women of all ages through better and affordable health care. Thank you.

謝謝你，馬克。總而言之，我們在相當模糊的背景下實現了穩健的季度經營業績，同時我們的重點仍然堅定地為患者和股東服務。我謹代表管理團隊和董事會，感謝我們的員工的奉獻精神、精神和對我們使命的難以置信的承諾，即透過更好、負擔得起的醫療保健為所有年齡段的女性賦權。謝謝。

(Operator Instructions) Our first question will come from Douglas Tsao with H.C. Wainwright.

（操作員說明）我們的第一個問題將由 Douglas Tsao 和 H.C. 提出。溫賴特。

Can you hear me?

你聽得到我嗎？

Doug, it's loud and clear.

道格，聲音響亮而清晰。

Okay. Great. So maybe as a starting point, obviously, you sort of used the word ambiguity. Just maybe can you talk to -- and I apologize if you maybe touched on it, I've just been bouncing from another call, that employee retention rates, especially in the sales force just given some of that uncertainty, and certainly, some of that still continues to persist.

好的。偉大的。因此，也許作為一個起點，顯然，您使用了“歧義”這個詞。也許你可以談談——如果你可能觸及這個問題，我很抱歉，我剛剛接到另一個電話，員工保留率，特別是在銷售隊伍中，考慮到一些不確定性，當然，還有一些不確定性。

Doug, let me start and I'll offer Mark a moment to amplify my response. But we remain encouraged and committed. And so even though in the presence of some level of ambiguity in 2Q, that strong operational performance where we delivered a solid quarter is on the back of our committed field force and really strong revitalized, and frankly, transformed commercial effort.

道格，讓我開始吧，我會給馬克一點時間來詳細說明我的回答。但我們仍然受到鼓舞並堅定不移。因此，儘管第二季度存在一定程度的不確定性，但我們在第二季度實現了強勁的營運業績，這得益於我們忠誠的現場人員以及真正強大的振興和坦率地說，轉型的商業努力。

So I think with that backdrop, I just wish to acknowledge that our employees have really been fighting through a very fair amount of ambiguity given that we had a number of key events occur in the quarter, inclusive of the tender process. So I think it's just clear to acknowledge that in reality. Having said that, I think we remain confident in our team. Mark, would you wish to offer more comments?

因此，我認為在這種背景下，我只想承認，鑑於我們在本季度發生了許多關鍵事件，包括招標過程，我們的員工確實一直在努力克服相當多的模糊性。所以我認為在現實中承認這一點是很清楚的。話雖如此，我認為我們對我們的團隊仍然充滿信心。馬克，您想提供更多意見嗎？

Thank you. Doug, so we're, like you, aware of the possibility with the uncertain times of turnover. So we're working hard on communication and various schemes to ensure that our incentive scheme, to ensure that our field force stays engaged and that we give them the rationale to stay and be successful. As of right now, turnover is at a very reasonable rate and we hope to plan to continue that.

謝謝。道格，所以我們和您一樣，意識到營業額不確定的可能性。因此，我們正在努力進行溝通和各種計劃，以確保我們的激勵計劃，確保我們的現場人員保持參與，並為他們提供留下來並取得成功的理由。截至目前，營業額處於非常合理的水平，我們希望計劃繼續下去。

Okay. Great. And then just on ANNOVERA, and I might have missed this, obviously, really strong performance from a revenue standpoint this quarter. Did that -- and obviously, we're seeing the scripts upturn. I mean that's pretty transparent to us. But just how much do you think that this revenue performance is actually reflective of end demand? Is this sort of like a real base that we're going to continue to build off of? Or should -- was there some sort of dynamics in terms of inventory levels and shipments with the new rings becoming available that we should be aware of?

好的。偉大的。然後就在 ANNOVERA，我可能錯過了這個，顯然，從本季度收入的角度來看，非常強勁的表現。做到了——顯然，我們看到了劇本的改善。我的意思是這對我們來說非常透明。但您認為這種收入表現在多大程度上真正反映了最終需求？這有點像我們要繼續建造的真正基地嗎？或者應該——隨著新戒指的上市，庫存水準和出貨量方面是否存在某種我們應該意識到的動態？

Yes. Thanks, Doug, it's Mark again. That was volume. The ANNOVERA number was volume. Obviously, we had the sporadic inventory concerns. We obviously had to refill channels. We still are in that state. It feels and it looks, weekly, everything has settled down. There's ample inventory in the channel. And we are seeing a resumption of the demand that we expected to see prior to any inventory concerns.

是的。謝謝，道格，又是馬克。那是音量。 ANNOVERA 的數字是數量。顯然，我們有零星的庫存問題。顯然我們必須重新填充頻道。我們仍然處於那種狀態。感覺和看起來，每週，一切都已安定下來。渠道庫存充足。我們看到需求有所恢復，這正是我們在庫存問題出現之前所預期的情況。

As far as the quarter and the revenue, I do believe that the revenue was based on demand, there definitely is a restocking in the channels because demand was actually running ahead of inventory for a while here. So we restocked the channels, but that was all demand-based. There was -- and we do plan on seeing that moving forward.

就季度和收入而言，我確實相信收入是基於需求的，渠道中肯定有補貨，因為這裡的需求實際上已經領先於庫存一段時間了。所以我們重新進貨了通路，但這都是基於需求的。我們確實計劃看到這一點向前發展。

But why...

但為什麼...

What I would supplement those remarks is, if you really look at the monthly TRxs in the fall, and that was commencing the early days of the transformation work that Mark and his team had undertaken, we saw TRxs respond. Then what happened? We had the challenge where we had supply issues. And that really, for us, was a Q4, Q1 event, as we previously described.

我要補充的是，如果你真正查看秋季的每月 TRx，以及 Mark 和他的團隊所進行的轉型工作的早期階段，我們就會看到 TRx 的回應。然後發生了什麼事？我們遇到了供應問題的挑戰。正如我們之前所描述的，這對我們來說確實是第四季、第一季的事件。

As we've been able to dig ourselves out and ultimately secured for us, the SNDA FDA approval, this then was a fundamental moment to pivot where we could return to proper supply levels. And now you see TRxs once again retracking to that previous effort. So I believe Mark's answer is really on target, and I just offer that data to supplement his remarks. Sorry, you had another question.

由於我們已經能夠擺脫困境並最終獲得 SNDA FDA 的批准，因此這是一個重要的時刻，我們可以回到適當的供應水平。現在你會看到 TRxs 再次回到之前的努力。所以我相信Mark的回答確實很中肯，我只是提供這些數據來補充他的言論。抱歉，您還有另一個問題。

Yes. No. And just -- and I know in some of the tender documents, there was a reference to some concern that there were higher rejection rates. I saw that there was a slide in terms of -- you sort of commented on the TRICARE situation. Do you feel right now that you're going to sort of have a handle on that and we're going to -- that shouldn't be an impact on sort of the -- not necessarily the short-term results, but just a long-term peak opportunity for the product?

是的。不。我看到有一張幻燈片，您對 TRICARE 的情況進行了評論。你現在是否覺得你能處理好這個問題，我們會——這不應該對——不一定是短期結果產生影響，而只是一個影響。

Doug, can you clarify? We want to make sure we answer the right question. We didn't hear you well. You're pointing to a specific issue from the [D9]? Or can you just rephrase...

道格，你能澄清一下嗎？我們希望確保我們回答正確的問題。我們沒聽清楚你的話。您指的是 [D9] 中的一個具體問題？或者你可以重新表達一下嗎...

So in the tender documents, I think there was a reference by one of the -- somebody looking -- a party that was looking at participating in the process, expressing concern around rejection rates. And I was just looking just to understand where you feel right now, and specifically to ANNOVERA, that they -- there was a comment that ANNOVERA rejection rates were somewhat higher, which was affecting their valuation of the company. And I was just wanted to get your sense of where you feel rejection rates are and how that should affect the -- or our sort of long-term assessment of the product opportunity for ANNOVERA, which based on the near-term performance, looks quite good?

因此，在招標文件中，我認為其中一個正在考慮參與這一過程的一方（某人正在尋找）提到了這一點，表達了對拒絕率的擔憂。我只是想了解您現在的感受，特別是對 ANNOVERA，他們 - 有評論稱 ANNOVERA 拒絕率略高，這影響了他們對公司的估值。我只是想讓您了解您認為拒絕率在哪裡，以及這會如何影響——或者我們對 ANNOVERA 產品機會的長期評估，基於近期表現，看起來相當不錯。

That's very helpful. Mark, please share.

這非常有幫助。馬克，請分享。

Yes. So -- and now we aware of what you're referring to. So rejection rates, a, were very high for to since launch; and b, have been the focus of the commercial team really going back into the last quarter of last year. ANNOVERA is -- the great news is ANNOVERA is an incredibly unique product that serves a place in the market. But that also -- that uniqueness in the pharmaceutical industry, having a once-a-year retail solution for women's contraceptive needs, really creates an issue within the retail and the pharmacy environment, we have addressed and found the root cause of those rejections.

是的。所以——現在我們知道你指的是什麼了。因此，自推出以來，拒絕率 a 非常高；和b，一直是商業團隊的重點，真正可以追溯到去年最後一個季度。 ANNOVERA 是－好消息是 ANNOVERA 是一款極其獨特的產品，在市場上佔有一席之地。但製藥業的獨特性，為女性避孕需求提供一年一次的零售解決方案，確實在零售和藥房環境中造成了一個問題，我們已經解決並找到了這些拒絕的根本原因。

I won't get into too much detail here. I can assure you it was not a coverage issue. It was not an intention of the managed care plans to reject the product. It was more around the idiosyncrasy of ANNOVERA being a once-a-year retail product. We can't find another analog that's like ANNOVERA, and that's a good thing. But we did it. We found it. We knew we had a rejection issue when we looked at Symphony data. We found the root cause. We addressed it. We addressed it with our payer partners, and we do not believe that's going to be an issue moving forward.

我不會在這裡討論太多細節。我可以向你保證這不是承保範圍問題。管理式醫療計劃無意拒絕該產品。這更多是因為 ANNOVERA 的特性是一年一次的零售產品。我們找不到另一個類似 ANNOVERA 的類似物，這是一件好事。但我們做到了。我們找到了。當我們查看 Symphony 資料時，我們知道存在拒絕問題。我們找到了根本原因。我們解決了這個問題。我們與付款合作夥伴一起解決了這個問題，我們認為這不會成為未來的問題。

Okay. And then I just know you had conversations with some of the large shareholders and people who are participating or have become more involved in the story about their sort of vision for the company and -- can you maybe share some thoughts on that?

好的。然後我只知道您與一些大股東以及正在參與或更多參與這個故事的人就他們對公司的願景進行了交談，您能否就此分享一些想法？

So I think if you're referring to our time after the conclusion of the tender process, what can we say? I think we believe that the pipe, together with our financing agreement extension, enables the company to maintain our operations, number one. And two, really meet the demand of our novel portfolio, while our Board of Directors and our management team evaluate all options to strengthen the company's long-term financial position. That's what we're setting about doing right now.

所以我想如果你指的是招標過程結束後的時間，我們能說什麼？我認為我們相信，管道以及我們的融資協議延期將使公司能夠維持我們的運營，這是第一。第二，真正滿足我們新穎的投資組合的需求，同時我們的董事會和管理團隊評估所有選項以加強公司的長期財務狀況。這就是我們現在要做的事。

With respect to any details of the Rubric deal and the maturity extension with Sixth Street, we have ample discussion in our recent SEC filings. And I'd encourage all investors to please read those.

關於 Rubric 交易的任何細節以及與第六街的期限延長，我們在最近向 SEC 提交的文件中進行了充分的討論。我鼓勵所有投資者閱讀這些內容。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to management for any further remarks.

目前我在隊列中沒有顯示任何其他問題。我現在想將電話轉回管理層以徵求進一步意見。

We'd like to say thank you for everyone joining our call today. We appreciate the opportunity to share with you our narrative, and thank you for your time. Take care, and have a great day.

我們要對今天加入我們電話會議的所有人表示感謝。我們很高興有機會與您分享我們的故事，並感謝您抽出時間。保重，祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。