Vericel Corp (VCEL) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Vericel's second quarter 2024 conference call. (Operator Instructions) I would also like to remind you that this call is being recorded for replay. I will now turn the conference call over to Eric Burns, Vericel's Vice President of Finance and Investor Relations.

女士們先生們，謝謝你們的支持。歡迎參加 Vericel 2024 年第二季電話會議。（操作員說明）我還想提醒您，此通話正在錄音以供重播。我現在將電話會議轉交給 Vericel 財務和投資者關係副總裁 Eric Burns。

Thank you, operator, and good morning, everyone. Joining me on today's call are Vericel's President and Chief Executive Officer, Nick Colangelo; and our Chief Financial Officer, Joe Mara. Before we begin, let me remind you that on today's call, we will be making forward-looking statements covered under the Private Securities Litigation Reform Act of 1995.

謝謝接線員，大家早安。參加今天電話會議的有 Vericel 總裁兼執行長 Nick Colangelo；和我們的財務長喬·馬拉。在開始之前，請允許我提醒您，在今天的電話會議上，我們將根據 1995 年《私人證券訴訟改革法案》做出前瞻性聲明。

These statements may involve risks and uncertainties that could cause actual results to differ materially from expectations and are described more fully in our filings with the SEC. In addition, all forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date.

這些陳述可能涉及風險和不確定性，可能導致實際結果與預期有重大差異，並在我們向 SEC 提交的文件中進行了更全面的描述。此外，所有前瞻性陳述僅代表我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點。

Please note that a copy of our second quarter financial results press release and a short presentation with highlights from today's call are available in the Investor Relations section of our website. I will now turn the call over to Nick.

請注意，我們網站的投資者關係部分提供了我們第二季度財務業績新聞稿的副本以及包含今天電話會議要點的簡短演示。我現在將把電話轉給尼克。

Thank you, Eric, and good morning, everyone. I'll begin today's call by discussing the company's financial and business highlights for the second quarter as well as our expectations for the remainder of the year. Joe will then provide a more detailed review of the company's second-quarter financial results and guidance for 2024 before opening the call to Q&A.

謝謝你，艾瑞克，大家早安。我將在今天的電話會議開始時討論公司第二季的財務和業務亮點以及我們對今年剩餘時間的預期。然後，喬將在開始問答電話會議之前，對公司第二季度財務業績和 2024 年指導進行更詳細的回顧。

The company had another strong quarter as we generated record second quarter revenue of nearly $53 million, highlighted by continued high growth for MACI and solid progression in demand for NexoBrid. We also delivered another quarter of significant margin expansion and profit growth with record second quarter gross margin of 70% and adjusted EBITDA growth of 42% compared to last year, as the company's profit growth continues to outpace our high revenue growth.

該公司又一個強勁的季度，第二季度營收創紀錄，接近 5,300 萬美元，這得益於 MACI 的持續高成長和 NexoBrid 需求的穩定成長。我們也實現了又一個季度的利潤率大幅擴張和利潤增長，第二季度毛利率創歷史新高，達到70%，調整後EBITDA 與去年相比增長42%，因為公司的利潤增長繼續超過我們的高收入成長。

Through the first half of the year, the company generated 20% growth in total revenue, MACI revenue and Burn Care revenue, expanded gross margin by over 400 basis points and more than doubled adjusted EBITDA compared to the first half of last year. Based on the strength of our first-half performance, we're reaffirming our revenue guidance of 20%-plus growth for the full year and raising our profitability guidance for gross margin to 71% and adjusted EBITDA margin to 21% for the full year.

上半年，該公司的總收入、MACI收入和燒傷護理收入增加了20%，毛利率擴大了400多個基點，調整後的EBITDA比去年上半年增加了一倍多。基於上半年業績的強勁表現，我們重申全年營收成長 20% 以上的指導，並將全年毛利率獲利指導提高至 71%，調整後的 EBITDA 利潤率提高至 21% 。

MACI had another excellent quarter with record second-quarter revenue of more than $44 million, which increased 21% and exceeded our guidance for the quarter. MACI's second-quarter performance was once again driven by strong underlying business fundamentals as we continue to expand the MACI surgeon customer base and drive growth in biopsies.

MACI 又度過了一個出色的季度，第二季度收入創紀錄地超過 4,400 萬美元，成長了 21%，超出了我們對該季度的指導。隨著我們繼續擴大 MACI 外科醫生客戶群並推動活檢業務的成長，MACI 第二季的業績再次受到強勁的基本業務基本面的推動。

We had the second highest number of MACI biopsies and surgeons taking biopsies in any quarter since launch, as well as the highest number of biopsies of any month since launch during the quarter. The strength of these key MACI growth drivers, together with another quarter of significant increases in peer-to-peer programs and attendees at those programs demonstrates that surgeon interest in MACI remains high as we continue to build a strong foundation for sustained MACI growth over the long term.

我們的 MACI 活檢數量和外科醫生進行活檢的數量是自推出以來任何季度中第二高的，也是自該季度推出以來任何月份中活檢數量最多的。這些關鍵MACI 成長驅動力的力量，加上P2P 計畫和這些計畫參與者的另一個季度的顯著增長，表明外科醫生對MACI 的興趣仍然很高，因為我們將繼續為MACI 的持續成長奠定堅實的基礎。

As our expanded surgeon base gains further experience with MACI, we also expect biopsies per surgeon and biopsy conversion rates to become more significant growth drivers. Notably, we saw a significant increase in biopsies per surgeon during the second quarter, which helped drive an acceleration in biopsy growth in the quarter. We also saw an uptick in the conversion rate versus the prior year as there's a direct correlation between surgeon experience with MACI and higher conversion rates.

隨著我們擴大的外科醫生群體在 MACI 方面獲得更多經驗，我們也預計每位外科醫生的活檢數量和活檢轉換率將成為更重要的成長動力。值得注意的是，我們看到第二季度每位外科醫生的活檢數量顯著增加，這有助於推動本季活檢成長的加速。我們還發現，與前一年相比，轉換率有所上升，因為外科醫生使用 MACI 的經驗與更高的轉換率之間存在直接相關性。

Typically, once surgeons perform more than a few implants on average per year, their conversion rate tends to increase into the mid-40% range and even higher, at higher average implant volumes per year, which is significantly above our overall conversion rate and demonstrates the clear potential for conversion rate to become an important growth driver over time as MACI utilization increases across our surgeon customer base.

通常，一旦外科醫生平均每年進行多次植體，他們的轉換率往往會增加到 40% 左右，甚至更高，每年平均植體量更高，這明顯高於我們的整體轉換率，並表明隨著我們外科醫生客戶群MACI 使用率的增加，隨著時間的推移，轉換率明顯有可能成為重要的成長動力。

Turning to our MACI lifestyle management initiatives. We're excited about the potential launch of MACI Arthro later this quarter. Our custom MACI Arthro instruments have already been registered with the FDA and plans are in place for the commercial launch of this innovation -- innovative addition to our portfolio upon FDA approval to expand MACI's label to include arthroscopic delivery.

轉向我們的 MACI 生活方式管理計劃。我們對本季稍後可能推出的 MACI Arthro 感到興奮。我們的客製化 MACI Arthro 器材已在 FDA 註冊，並且計劃將這項創新商業化推出——在 FDA 批准後將創新地添加到我們的產品組合中，以擴展 MACI 的標籤以包括關節鏡遞送。

As part of the planned launch, we're expanding our target surgeon base from 5,000 to 7,000 surgeons to include surgeons that perform high volumes of cartilage repair surgeries predominantly through arthroscopic procedures. Given that the MACI Arthro instruments target smaller cartilage defects that comprise the largest segment of our addressable market, representing approximately 20,000 patients for a year or one-third of the $3 billion addressable market for MACI, we believe that MACI Arthro will have a meaningful impact on utilization and provides a significant potential upside growth opportunity for the brand and the company in the years ahead.

作為計劃啟動的一部分，我們正在將目標外科醫生群體從 5,000 名擴大到 7,000 名外科醫生，其中包括主要透過關節鏡手術進行大量軟骨修復手術的外科醫生。鑑於MACI Arthro 器械針對的是較小的軟骨缺損，這些缺損構成了我們可尋址市場的最大部分，代表了一年約20,000 名患者，或者是MACI 30 億美元可尋址市場的三分之一，我們相信MACI Arthro 將產生有意義的影響利用率，並為該品牌和公司在未來幾年提供了巨大的潛在上行成長機會。

We also remain on track to initiate the MACI Ankle clinical study in 2025. Cartilage defects in the ankle represent the second largest market opportunity for MACI, we believe that a potential MACI Ankle indication with an estimated $1 billion addressable market could be another significant growth driver for MACI in the next decade and beyond.

我們也將繼續在 2025 年啟動 MACI 踝關節臨床研究。腳踝處的軟骨缺損是MACI 的第二大市場機會，我們相信潛在的MACI 腳踝適應症（估計可達10 億美元的潛在市場）可能會成為MACI 在未來十年及更長時間內的另一個重要增長動力。

Turning to our Burn Care franchise, NexoBrid launch momentum continued to build during the second quarter, as revenue nearly doubled, and we made further progress with respect to our burn center key performance indicators. Through the end of the second quarter, approximately 70 burn centers had completed P&T committee submissions, more than 40 centers had gained P&T committee approval and nearly 40 centers had placed an initial product order. There also was a meaningful increase in hospital orders and patients treated in the quarter as more burn centers incorporate NexoBrid into their regular clinical practices.

談到我們的燒傷護理特許經營權，NexoBrid 的推出勢頭在第二季度繼續增強，收入幾乎翻了一番，而且我們在燒傷中心關鍵績效指標方面取得了進一步進展。截至第二季末，大約 70 個燒傷中心已完成 P&T 委員會的提交，超過 40 個中心已獲得 P&T 委員會的批准，近 40 個中心已下了初始產品訂單。隨著越來越多的燒傷中心將 NexoBrid 納入其常規臨床實踐，本季的醫院訂單和治療患者也顯著增加。

We also expect FDA approval of a pediatric indication for the NexoBrid in the coming weeks, which would provide an important treatment option for pediatric patients with severe thermal burns. There are approximately 20 pediatric burn centers in the US that will be added to our target customer base following the approval, which we believe will have a meaningful impact on overall NexoBrid uptake over time.

我們也預計 FDA 在未來幾週內批准 NexoBrid 的兒科適應症，這將為嚴重熱燒傷的兒科患者提供重要的治療選擇。在獲得批准後，美國大約有 20 個兒科燒傷中心將被添加到我們的目標客戶群中，我們相信隨著時間的推移，這將對 NexoBrid 的整體採用產生有意義的影響。

Turning to Epicel. While we had a similar number of biopsies in the second quarter as in the first quarter of this year and the second quarter of last year, which resulted in revenue in the $10 million range for both of those quarters, Epicel revenue in the second quarter of this year was closer to its quarterly run rate entering the year of approximately $8 million.

轉向 Epicel。雖然我們第二季的活檢數量與今年第一季和去年第二季相似，這導致這兩個季度的收入都在 1000 萬美元左右，但 Epicel 第二季度的收入為今年的季度運行率更接近約800 萬美元。

After a strong start to the quarter in April, the number of patients treated with Epicel was lower in May and June due to a number of factors, including patient health issues and the timing of patient treatments. While there can be variability in Epicel quarterly results given the relatively small patient population and the critical nature of their injuries, demand for Epicel remains strong. Over the first half of the year, the quarterly run rate for Epicel has increased as expected to more than $9 million per quarter, with double-digit growth for the first half of the year versus last year.

繼 4 月該季度的強勁開局之後，5 月和 6 月接受 Epicel 治療的患者數量有所減少，原因包括患者健康問題和患者治療時間等多種因素。儘管鑑於患者群體相對較少且損傷性質嚴重，Epicel 的季度結果可能存在差異，但對 Epicel 的需求仍然強勁。上半年，Epicel 的季度運作率如預期成長至每季 900 萬美元以上，與去年相比，上半年實現了兩位數的成長。

We're also off to a very good start in the third quarter based on the strength in Epicel biopsies, patients treated and graft volumes to date in the quarter. Overall, the company delivered another strong quarter in first half of the year with sustained high revenue and profitability growth, excellent MACI results, solid progression in NexoBrid demand and meaningful growth for Epicel in the first half of the year.

基於本季迄今為止 Epicel 活檢、治療患者和移植量的實力，我們在第三季度也取得了良好的開端。總體而言，該公司在上半年實現了另一個強勁的季度，營收和獲利能力持續高成長，MACI 業績出色，NexoBrid 需求穩步成長，Epicel 上半年實現顯著成長。

Based on the strength of our core portfolio and expected contributions from new product launches, we believe that the company is very well positioned for continued high revenue and profit growth in 2024 and beyond. I'll now turn the call over to Joe.

基於我們核心產品組合的實力以及新產品發布的預期貢獻，我們相信該公司處於非常有利的地位，可以在 2024 年及以後實現持續的高收入和利潤成長。我現在會把電話轉給喬。

Thanks, Nick, and good morning, everyone. Starting with our second quarter results. Total net revenue for the quarter was $52.7 million, with MACI revenue of $44.1 million and total Burn Care revenue of $8.5 million, which was made up of Epicel revenue of $7.8 million and NexoBrid revenue of $0.8 million. In the second quarter, MACI revenue grew 21% versus the prior year and 10% versus the prior quarter, while NexoBrid increased 76% versus the prior quarter.

謝謝尼克，大家早安。從我們第二季的業績開始。該季度總淨收入為 5,270 萬美元，其中 MACI 收入為 4,410 萬美元，燒傷護理總收入為 850 萬美元，其中 Epicel 收入為 780 萬美元，NexoBrid 收入為 80 萬美元。第二季度，MACI 營收年增 21%，季增 10%，而 NexoBrid 則較上季成長 76%。

In addition, through the first half of the year, both of our franchises delivered 20% revenue growth versus the prior year. Gross profit for the quarter was $36.6 million or 70% of net revenue, an increase of 430 basis points versus the prior year, which is the company's highest second quarter gross margin to date.

此外，今年上半年，我們的兩家特許經營店的收入比去年同期增長了 20%。該季度毛利為 3,660 萬美元，佔淨收入的 70%，比上年增長 430 個基點，這是該公司迄今為止最高的第二季毛利率。

Total operating expenses for the quarter were $42.6 million compared to $35.9 million for the same period in 2023. The increase in operating expenses was primarily due to development and pre-launch activities for MACI Arthro, increased head count and related employee expense and lease expense associated with the company's new facility that is under construction.

該季度的總營運支出為 4,260 萬美元，而 2023 年同期為 3,590 萬美元。營運費用的增加主要是由於 MACI Arthro 的開發和預發布活動、人員數量增加以及與公司在建新設施相關的相關員工費用和租賃費用。

Net loss for the quarter was $4.7 million or $0.10 per share compared to $5 million or $0.11 per share for the second quarter of 2023. In addition, the company has now generated positive GAAP net income on a rolling 12-month basis, as we continue to enhance our strong profitability profile. Non-GAAP adjusted EBITDA for the quarter increased 42% to $6.3 million or 12% of net revenue compared to $4.4 million or 10% of net revenue in 2023, as adjusted EBITDA growth continued to significantly outpace our high revenue growth.

本季淨虧損為 470 萬美元，即每股 0.10 美元，而 2023 年第二季的淨虧損為 500 萬美元，即每股 0.11 美元。此外，隨著我們繼續增強強勁的盈利能力，該公司現已在 12 個月的滾動基礎上產生了正的 GAAP 淨利潤。本季非GAAP 調整後EBITDA 成長了42%，達到630 萬美元，佔淨收入的12%，而2023 年為440 萬美元，佔淨收入的10%，調整後EBITDA 成長持續大幅超過我們的高收入增長。

For the first half of the year, adjusted EBITDA more than doubled to $13.5 million, and adjusted EBITDA margin increased approximately 600 basis points, demonstrating continued strong leverage across our P&L. Finally, the company generated $18.5 million of operating cash flow in the quarter and ended the second quarter with $154 million in cash, restricted cash and investments and no debt.

今年上半年，調整後的 EBITDA 成長了一倍多，達到 1,350 萬美元，調整後的 EBITDA 利潤率增加了約 600 個基點，這表明我們的損益表槓桿率持續強勁。最後，該公司在本季產生了 1,850 萬美元的營運現金流，並在第二季結束時擁有 1.54 億美元的現金、限制性現金和投資，並且沒有債務。

Turning to our financial guidance. For the full year, after a very strong first half of the year, we are reaffirming our total company revenue guidance of $238 million to $242 million or 20% to 23% total revenue growth. Within our guidance framework based on the strong first half results for MACI and the continued strength in its key leading indicators, we have increased our expectations for MACI for the full year.

轉向我們的財務指引。在經歷了上半年的強勁表現之後，我們重申公司全年總收入指引為 2.38 億美元至 2.42 億美元，即總收入成長 20% 至 23%。在基於 MACI 上半年強勁業績及其關鍵領先指標持續走強的指導框架內，我們提高了對 MACI 全年的預期。

We now expect MACI revenue growth of approximately 20% for the full year, an increase versus our prior expectation of high-teens growth to start the year with the balance of revenue coming from our Burn Care franchise. In addition, based on the company's strong overall financial performance, we are increasing gross margin guidance to 71% and adjusted EBITDA margin guidance to 21% for the full year, compared to the previous guidance of 70% and 20%, respectively.

我們現在預計全年 MACI 收入將成長約 20%，這高於我們先前對年初的高雙位數成長的預期，其中收入平衡來自我們的燒傷護理特許經營權。此外，基於公司強勁的整體財務業績，我們將全年毛利率指導值提高至 71%，並將 EBITDA 利潤率指導值調整至 21%，而先前的指導值分別為 70% 和 20%。

Importantly, we also expect to be GAAP profitable in 2024 on a full-year basis. For the third quarter, we expect sequential growth in both MACI and Burn Care revenue with total company revenue of approximately $55 million, representing growth of more than 20% versus the prior year. For MACI, we expect another strong quarter with year-over-year growth in a similar range as the first two quarters of the year and revenue of approximately $44.5 million.

重要的是，我們也預計 2024 年全年將實現 GAAP 盈利。對於第三季度，我們預計 MACI 和燒傷護理收入將連續成長，公司總收入約為 5,500 萬美元，比上年增長 20% 以上。對於 MACI，我們預計將迎來另一個強勁的季度，年成長幅度與今年前兩個季度相似，營收約為 4,450 萬美元。

For Burn Care, we also expect a strong third quarter with total Burn Care revenue of approximately $10.5 million. Finally, we expect gross and adjusted EBITDA margins in the third quarter to be similar to second quarter margins. This concludes our prepared remarks. We will now open up the call to your questions.

對於燒傷護理，我們也預計第三季將表現強勁，燒傷護理總收入約為 1,050 萬美元。最後，我們預計第三季的毛利率和調整後的 EBITDA 利潤率將與第二季的利潤率相似。我們準備好的演講到此結束。我們現在將開放式電話詢問您的問題。

(Operator Instructions)

（操作員說明）

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

Hey, good morning. Thanks for taking our questions. I want to start first on MACI and then I have a Burn Care question. But a two-part question on MACI. So I appreciate the guidance, Joe, both for the year and quarterly. I just want to make sure people are clear about the pace and expectations and kind of the step-up implied in fourth quarter, coupled with the Arthro launch that may be happening over the back half of the year.

嘿，早安。感謝您回答我們的問題。我想先從 MACI 開始，然後我有一個燒傷護理問題。但關於 MACI 的問題分為兩部分。因此，我很感謝喬的年度和季度指導。我只是想確保人們清楚第四季的步伐、期望和升級，以及可能在今年下半年推出的 Arthro。

And then the second part of the question, a little different, but it's around your comments, Nick, on conversion, which is you're seeing more tenure in the user base of conversion, which, as you noted, is going to increase conversion ratios but at the same time, as you move to smaller cartilage defects, which in absolute value will increase, I would imagine that has some downward pressure on the conversion ratio just given that there may be less acute injuries.

然後問題的第二部分有點不同，但它是圍繞你對轉換的評論，尼克，你會看到轉換的用戶群有更多的任期，正如你所指出的，這將增加轉換但與此同時，當你轉向較小的軟骨缺陷時，其絕對值會增加，我認為考慮到急性損傷可能會減少，轉換率會有一些下行壓力。

And so maybe there's less likelihood to convert from biopsy to procedure there. And so how would you have us thinking about conversion against those two factors over time, just given the nature of the injuries treated in the Arthro launch. And then I have a on one follow-up on Burn Care. Thanks.

因此，從活檢轉變為手術的可能性可能較小。那麼，考慮到 Arthro 發射中治療的傷害的性質，您如何讓我們考慮隨著時間的推移針對這兩個因素進行轉換。然後我會對燒傷護理進行一對一的跟進。謝謝。

Yeah. So good morning, Ryan. Thanks for the questions. I'll start on maybe the MACI cadence, and then we'll address kind of your conversion question second. So you from making perspective, honestly, two strong quarters to start the year, as Nick said, extremely strong leading indicators. So we do have higher expectations on a full-year basis. We've started in kind of, call it, mid- to high-teens now around that 20% range. So certainly, increasing expectations on MACI as it continues to perform well.

是的。早安，瑞安。感謝您的提問。我可能會從 MACI 節奏開始，然後我們將解決您的轉換問題。因此，從決策的角度來看，老實說，正如尼克所說，今年伊始有兩個強勁的領先指標。因此，我們確實對全年抱持更高的期望。我們已經開始了，可以這麼說，現在大約是 20% 的範圍。因此，隨著 MACI 繼續表現良好，人們對它的期望也越來越高。

In terms of the cadence for the rest of the year. So we did call out to your point a Q3 estimate of around $44.5 million on MACI. And that's pretty similar growth that we've seen over the first couple of quarters, it's probably about an average of the two.

就今年剩餘時間的節奏而言。因此，我們確實指出了您的觀點，MACI 第三季的估值約為 4,450 萬美元。這與我們在前幾個季度看到的成長非常相似，可能大約是兩個季度的平均值。

And then as you think about kind of the seasonality and the step-up for Q4, I would generally say it follows our typical seasonal pattern. So whether we look at kind of the H1, the H2 growth, you kind of look at that step up to Q4, which is in that 50% range. You look at that kind of, call it, H1, H2 mix, which is around our 43% to 57% if you look at that guidance. So I'd say very similar to what we've seen in the past.

然後，當您考慮第四季度的季節性和升級時，我通常會說它遵循我們典型的季節性模式。因此，無論我們是否專注於上半年、下半年的成長，你都會關注到第四季度的成長，即在 50% 的範圍內。你看看那種，稱之為 H1、H2 混合，如果你看看那個指導，大約是我們的 43% 到 57%。所以我想說，這與我們過去所看到的非常相似。

In terms of expectations and sort of assumptions around kind of MACI Arthro, I think we've consistently said our expectation is that's more of a 2025 driver. It's really kind of the core performance of MACI that's continuing to perform. And again, the seasonality and mix is very much in line within the guidance to what we've seen last year and what we typically see.

就 MACI Arthro 的期望和假設而言，我認為我們一直表示我們的期望是它更像是 2025 年的驅動程式。這確實是 MACI 持續發揮的核心效能。同樣，季節性和組合與我們去年所看到的和我們通常看到的指導非常一致。

Yeah. Thanks. And so Ryan, to your conversion rate, yeah, as we've talked about for years now, as surgeons gain more experience and our higher-volume surgeons clearly have higher conversion rates, a lot of the dynamics that we point to are that we're adding a lot of new surgeons and we continue to do so, and that's what sort of balances out sort of those higher conversion rates because obviously, as they're getting up to speed, they have lower conversion rates. So it's remained relatively stable.

是的。謝謝。所以瑞安，對於你的轉換率，是的，正如我們多年來討論的那樣，隨著外科醫生獲得更多的經驗，而且我們的手術量更大的外科醫生顯然具有更高的轉化率，我們指出的許多動態是，我們我們正在增加許多新的外科醫生，我們將繼續這樣做，這就是平衡那些較高的轉換率的原因，因為顯然，隨著他們加快速度，他們的轉換率較低。所以一直保持相對穩定的狀態。

In terms of the size of the defect, I'll just tell you that a 2 to 4 square centimeter defect on the surface of your knee, that's a pretty big injury. And when we look at, for instance, we're targeting MACI Arthro for those 2 to 4 square centimeter femoral condyle defects, and we can see sort of how those defects are treated in the patella, which obviously MACI is a go-to product there, and it's a pretty significant piece of our business now.

至於缺損的大小，我就告訴你，你的膝蓋表面有2到4平方公分的缺損，這就是一個相當大的損傷了。例如，當我們查看 MACI Arthro 來治療 2 至 4 平方厘米的股骨髁缺陷時，我們可以看到這些缺陷在髕骨中的治療方式，這顯然 MACI 是首選產品在那裡，它現在是我們業務的一個非常重要的部分。

To the best of my knowledge, it's at least the average conversion rate, if not higher for patella cases. So I don't anticipate any impact on conversion rate from that size and location of the defect. They're getting treated somehow and we just think MACI will be able to have a greater penetration into those defects on the femoral condyle with the MACI Arthro instrument kit.

據我所知，這至少是平均轉換率，如果不是髕骨病例更高的話。因此，我預期缺陷的大小和位置不會對轉換率產生任何影響。他們正在以某種方式接受治療，我們只是認為 MACI 將能夠透過 MACI 關節器材套件更好地穿透股骨髁上的這些缺陷。

Okay. Very helpful, Nick and Joe. And then just on Burn Care. The nature of the business is volatile. I've covered you guys long enough to know that I just want to make sure that there's no structural change in the burn market from what you saw. It sounds like you guided early May and then you saw some volatility in the patient populations around Epicel in later, May and June. But again, just want to be clear that you're not seeing any structural change there with the episode --

好的。非常有幫助，尼克和喬。然後就是燒傷護理。業務的性質是不穩定的。我已經向你們介紹了足夠長的時間，我知道我只是想確保燒傷市場沒有像你們所看到的那樣發生結構性變化。聽起來您在 5 月初進行了指導，然後您發現 Epicel 周圍的患者群體在 5 月下旬和 6 月出現了一些波動。但再次強調，你沒有看到這一集有任何結構性變化--

No, it -- Yeah, Ryan, I appreciate the question, and it's a fair one, but our -- my point of -- we had similar biopsies, right? That's the top of the funnel. I mean if you saw some sort of structural change in the burn market, you would expect that, that's the place you see it. We also mentioned that we had a very strong start in April.

不，是的，瑞安，我很欣賞這個問題，這是一個公平的問題，但我們的——我的觀點——我們有類似的活檢，對吧？那是漏斗的頂部。我的意思是，如果您看到燃燒市場發生某種結構性變化，您會預料到，這就是您看到的地方。我們也提到我們在四月有一個非常強勁的開局。

And then we just had sort of the variability that you can see in certain months based on patient health issues and again, the critical nature of their injuries. And right back to the strong start in July, highest biopsies of the year in the month of July.

然後，我們根據患者的健康問題以及他們受傷的嚴重程度，在某些月份中看到了一些變化。回到七月的強勁開局，七月的活檢數量是今年最高的。

So we feel pretty good about Epicel and the continued growth first half of the year, up 12%. So I think we're again, feeling pretty good about that. We also have implemented kind of our sales force optimization plan, where we've added a few additional territories for the Burn Care sales force. So we're up to 17%.

因此，我們對 Epicel 以及今年上半年的持續成長（成長 12%）感到非常滿意。所以我想我們再次對此感覺很好。我們也實施了某種銷售隊伍優化計劃，為燒傷護理銷售隊伍增加了一些額外的區域。所以我們達到了 17%。

As of the third quarter, all reps will now be promoting both Epicel and NexoBrid. And we've seen a pretty strong pull-through for Epicel from the formerly dormant accounts that were being called on for NexoBrid. So we think we're set up nicely for strong Burn Care growth. And based on the guidance we've given, it's in the 30% range for the year. So a pretty robust growth.

從第三季開始，所有銷售代表都將同時推廣 Epicel 和 NexoBrid。我們已經看到 Epicel 從 NexoBrid 所調用的先前休眠帳戶中獲得了相當強勁的拉動。因此，我們認為我們已經為燒傷護理的強勁增長做好了準備。根據我們給出的指導，今年的成長幅度在 30% 範圍內。所以成長相當強勁。

All right. Thanks for taking the questions, guys.

好的。謝謝你們提出問題，夥伴們。

Thanks, Ryan.

謝謝，瑞安。

Thanks, Ryan.

謝謝，瑞安。

Mike Kraft Keith, Leerink Partners.

麥克‧卡夫‧基斯 (Mike Kraft Keith)，Leerink 合夥人。

Hi, everyone. Thanks for taking our questions. So it looks like MACI's sales came in a bit higher than the Street during the quarter, and you also cited seeing the highest number of biopsies in any month since launch. So can you just confirm what month of the quarter that record number of biopsies came in and to what extent is that tied to some of your ongoing pre-arthroscopic launch activities that you mentioned?

大家好。感謝您回答我們的問題。因此，看起來 MACI 在本季度的銷售額略高於華爾街，您還提到自推出以來任何一個月的活檢數量都是最高的。那麼，您能否確認創紀錄的活檢數量是在該季度的哪一個月出現的，以及這與您提到的正在進行的一些關節鏡前啟動活動有多大關係？

Well, yeah. I mean, it was in May for what that's worth. I think the more important part is we're continuing to see very strong engagement with surgeons in terms of the number of surgeons taking biopsies continuing to be at sort of very high levels. Obviously, that translates to more biopsies, particularly when you see an uptick in biopsies per surgeon, which is great.

嗯，是的。我的意思是，那是在五月，這是值得的。我認為更重要的是，我們繼續看到與外科醫生的密切接觸，進行活檢的外科醫生數量仍然處於非常高的水平。顯然，這意味著更多的活檢，特別是當你看到每個外科醫生的活檢數量增加時，這很棒。

That's really independent of the arthroscopic prep. Obviously, the arthroscopic delivery is not approved yet. So it's really independent. It's just kind of the strength of the core MACI business that we've really been seeing for quite some time now.

這確實與關節鏡準備無關。顯然，關節鏡下分娩尚未獲得批准。所以它確實是獨立的。這只是 MACI 核心業務的實力，我們已經看到很長一段時間了。

Understood. And maybe just as a follow-up. Can you give us a sense of: A regarding the 2,000 new target surgeons that you cited, basically, just how quickly you can start targeting those surgeons reaching out to them and at what point you'd really expect the sales force efficiency to start ticking up?

明白了。也許只是作為後續行動。您能否讓我們了解一下：關於您提到的 2,000 名新目標外科醫生，基本上，您可以多快開始瞄準這些外科醫生來接觸他們，以及您真正期望銷售隊伍效率在什麼時候開始提高向上？

Well, you know, there's really -- I mean, obviously, we have the target list set and ready to go so immediately upon FDA approval, our sales reps can start calling on those surgeons. So there's really no limitation on that. So excited to have that. I'd say we probably feel like we'll see more immediate uptake potentially from MACI surgeons who are you are obviously familiar with the product. They also do a lot of arthroscopic procedures as we always remind folks.

嗯，你知道，確實有 - 我的意思是，顯然，我們已經制定了目標清單並準備好，因此在 FDA 批准後立即開始，我們的銷售代表可以開始拜訪那些外科醫生。所以對此確實沒有限制。很高興能擁有它。我想說的是，我們可能覺得 MACI 外科醫生可能會更直接地採用該產品，您顯然很熟悉該產品。正如我們一直提醒人們的那樣，他們也進行了很多關節鏡手術。

Anytime you're doing chondroplasty, microfractures, both, and the vast majority of cartilage repair procedures are done arthroscopically. So they're used to treating cartilage injuries that way. So I think it's a pretty easy transition for patients with appropriate defects for experienced surgeons to kind of flip to MACI arthroscopic delivery.

每當您進行軟骨成形術時，都會發生微骨折，而絕大多數軟骨修復手術都是透過關節鏡完成的。所以他們習慣用這種方式來治療軟骨損傷。因此，我認為對於經驗豐富的外科醫生來說，對於有適當缺陷的患者來說，轉向 MACI 關節鏡分娩是一個相當容易的過渡。

Similarly, though, as you know, where those 2,000 surgeons will be adding who really do their card, high volumes of cartilage repair, predominantly through arthroscopic procedures, they too are used to treating cartilage injuries with arthroscopic instruments and doing things like microfracture augmentation, where they're also doing implants as part of that. So we think it's a pretty seamless transition that will continue. It'll occur over time. It gives us a pretty long runway; we think for MACI growth as we move forward in the years ahead.

同樣，正如你所知，這2,000 名外科醫生將增加真正做他們的名片的人，主要透過關節鏡手術進行大量軟骨修復，他們也習慣於使用關節鏡器械治療軟骨損傷並進行微骨折增強等操作，作為其中的一部分，他們也進行植入手術。因此，我們認為這是一個非常無縫的過渡，並將繼續下去。隨著時間的推移它會發生。它為我們提供了一條相當長的跑道；我們認為 MACI 會隨著我們未來幾年的發展而成長。

Understood. Thanks very much.

明白了。非常感謝。

Okay. Thanks, Mike.

好的。謝謝，麥克。

Josh Jennigs, TD Cowen.

喬許·詹尼格斯，TD·考恩。

Hi. Good morning. Thanks for taking the questions. So nice to see the MACI momentum here. I wanted to just follow up on the last question just around -- but then a different angle. Just thinking about the success you've had in terms of getting more surgeons in peer-to-peer events, getting trained. Just wanted to hear from you just what are you what's driving that?

你好。早安.感謝您提出問題。很高興在這裡看到 MACI 的勢頭。我想跟進最後一個問題——但換個角度。想想你在讓更多的外科醫生參加同儕活動、接受培訓方面所取得的成功。只是想聽聽您的意見，您是什麼推動了這一點？

I mean, it's clearly -- it's -- you're experiencing momentum, but you do have 10-year data out there earlier in the year. You have Arthro on TAP. And I guess for the gist of the question, just trying to figure out that leading indicator. Any just high-level comments on the first half, the drivers of that and whether this MACI Arthro approval is driving some of that increased interest this year?

我的意思是，很明顯——確實——你正在經歷勢頭，但今年早些時候你確實有 10 年的數據。你的 TAP 上有 Arthro。我想這個問題的重點就是想找出那個領先指標。對上半年的任何高層評論、其驅動因素以及 MACI Arthro 的批准是否會推動今年增加的興趣？

No, I'd say back to the prior response that we've just seen a lot of momentum in the core MACI business sort of as we exited sort of those COVID impacted years since that time. I mean, we've seen MACI see just in total rebound to its prior high growth profile. And as that becomes more and more the standard of care for cartilage repair based on, as you mentioned, not only sort of the two-year data in the pivotal study, the five data and the extension study, 10-year data that was published earlier this year.

不，我想說回到之前的回答，我們剛剛看到 MACI 核心業務的強勁勢頭，因為我們從那時起就退出了受新冠疫情影響的幾年。我的意思是，我們看到 MACI 完全反彈至之前的高成長態勢。正如您所提到的，隨著這越來越成為軟骨修復的護理標準，不僅基於關鍵研究中的兩年數據，還基於五個數據和擴展研究，以及已發表的十年數據今年早些時候。

I just think you kind of see this broadening of the customer base that it's just continued for a number of years now. And then as we launch MACI Arthro, those new targets, again, they're doing high volumes of cartilage repair already basically will be a new option for them. But I'm pretty sure they're aware of sort of MACI and its profile from a clinical an efficacy perspective.

我只是認為你看到了客戶群的擴大，而且這種情況已經持續了好幾年了。然後，當我們推出 MACI Arthro 時，這些新目標再次進行大量軟骨修復，基本上將成為他們的新選擇。但我很確定他們從臨床和功效的角度了解 MACI 的種類及其概況。

Understood. Thanks for that. And I also wanted to just get an update on business development initiatives. I think your team is out there on the hunt, the profitability profile inflecting. How would you have investors think about those efforts and M&A opportunities out there to bring even more portfolios into the -- under the Vericel roof? Thanks.

明白了。謝謝你。我還想了解業務發展計劃的最新情況。我認為你的團隊正在尋找，獲利狀況正在改變。您會讓投資者如何看待這些努力和併購機會，以便將更多的投資組合帶入 Vericel 的屋頂下？謝謝。

Yeah. Our corporate development strategy has been quite consistent over the number of years. And obviously, we have a lot ahead of us with new product launches and continued high growth with our core business. But as you said, we have a dedicated effort on the business development front, always looking at opportunities in the sports medicine space that would be synergistic with MACI for our customer base in the Burn Care space and then probably relatively less so, but also given our expertise in advanced cell therapy development, manufacture and commercialization, a lot of folks come to us with different opportunities as well.

是的。多年來，我們的企業發展策略非常一致。顯然，在新產品的推出和核心業務的持續高速成長方面，我們還有很多工作要做。但正如您所說，我們在業務發展方面做出了專門的努力，始終在運動醫學領域尋找機會，這些機會將與MACI 為我們在燒傷護理領域的客戶群產生協同作用，然後可能相對較少，但也考慮到我們在先進細胞療法開發、製造和商業化方面的專業知識，許多人也帶著不同的機會來到我們這裡。

I'd say for us, the hurdles are relatively high. You all know, have seen sort of BD deals sort of go awry even in our space. And so we're very focused on maintaining the innovation profile of our portfolio. I think we're in a relatively unique position where our products are the only approved products of their kind in our space. And so that's where it all starts. And then we also have a unique financial profile.

我想說對我們來說，障礙相對較高。你們都知道，即​​使在我們的領域，BD 交易也曾出現過錯誤。因此，我們非常注重維持我們產品組合的創新形象。我認為我們處於一個相對獨特的位置，我們的產品是我們領域中同類產品中唯一獲得批准的產品。這就是一切的開始。我們也擁有獨特的財務狀況。

And so we're very focused on making sure we maintain our high revenue growth rate, our profitability and so on. So I always say that if something transacts, you should be pretty comfortable. We probably looked at it, but we have a pretty high bar, and we'll add products in portfolios as it makes sense for us. But you're right, we certainly on the financial sort of firepower to be able to do that and it's all about just making sure it's a right fit for us.

因此，我們非常注重確保維持高收入成長率、獲利能力等。所以我總是說，如果有事情發生，你應該會感到很舒服。我們可能看過它，但我們有一個相當高的標準，我們將在產品組合中添加產品，因為這對我們有意義。但你是對的，我們當然有財政上的火力來做到這一點，而這一切都是為了確保它適合我們。

Appreciate that, Nick. Thank you.

很欣賞這一點，尼克。謝謝。

Jeffrey Cohen, Ladenburg Thalmann & Company.

傑弗瑞‧科恩，拉登堡塔爾曼公司。

Hi, Nick and Joe. Good morning. Couple questions from our end. So firstly, could you talk about NexoBrid and pediatric indication and how that may go on as far as we are trying to bring some [solid reference] in addition to the current 17 that you were saying 17 commercial folks as well focus on that earlier?

嗨，尼克和喬。早安.我們這邊提出了幾個問題。首先，您能否談談NexoBrid 和兒科適應症，以及除了您所說的17 個商業人士之前也關注的當前17 個之外，我們正試圖帶來一些[可靠的參考]，這可能會如何進行？

Yeah. I think I had a little bit of a hard time hearing you, Jeff, but I think I have the gist of the question. So yeah. Upon approval, obviously, we have the 17 territories that I mentioned as we've implemented kind of our sales force optimization for the Burn Care franchise. So on average, it's about 1 center per territory. And so it's certainly -- they're already in the target base for these reps.

是的。傑夫，我想我聽你說的話有點困難，但我想我已經掌握了問題的要點。所以是的。顯然，一旦獲得批准，我們就擁有了我提到的 17 個地區，因為我們已經對燒傷護理特許經營權實施了某種銷售團隊優化。因此平均而言，每個地區大約有 1 個中心。所以可以肯定的是──他們已經在這些代表的目標群體中了。

But until the approval comes, they're obviously not sort of in there promoting the use of NexoBrid. We certainly have seen few centers using it, these pediatric burn centers. They're free to do that. We just can't promote it. But on day one, we've got a playbook for the reps to go out and sort of promote NexoBrid.

但在獲得批准之前，他們顯然不會推廣 NexoBrid 的使用。我們當然看到很少有中心使用它，這些兒科燒傷中心。他們可以自由地這樣做。我們只是無法推廣它。但在第一天，我們為代表們準備了一份劇本，可以出去推廣 NexoBrid。

And it will be -- it will have to go through the same process, right? P&T committee approval and establishing ordering protocols and patient protocols, et cetera. But we do think there'll be a pretty meaningful impact over time, roughly 25% to 30% of hospitalized burn patients are pediatric patients. And so as I mentioned on the call, we think this will certainly aid in NexoBrid uptake over time.

它將必須經歷同樣的過程，對嗎？P&T 委員會批准並建立訂購協議和患者協議等。但我們確實認為，隨著時間的推移，這將會產生相當有意義的影響，大約 25% 到 30% 的住院燒傷患者是兒科患者。正如我在電話會議中提到的，我們認為隨著時間的推移，這肯定會有助於 NexoBrid 的採用。

Perfect. And then last is to be getting to follow up on the burn franchise for Q3 on your guide of [$10.5 million] Could you give us a composition or some flavor on NexoBrid versus Epicel please?

完美的。最後是在您的指南 [1050 萬美元] 上跟進第三季度的 Burn 特許經營權，您能給我們介紹一下 NexoBrid 與 Epicel 的組合或一些風味嗎？

Sorry, Jeff, we're having a hard time -- good morning, this is Joe. Are you asking about kind of Q3 revenue composition within the guidance? Within Burn Care?

抱歉，傑夫，我們遇到了麻煩——早上好，我是喬。您是否想了解指南中第三季的營收組成？在燒傷護理？

Within Burn Care. Yeah. Thank you.

在燒傷護理中。是的。謝謝。

Yeah. So I'd say, if you kind of look at Burn Care and you kind of think about the framework there, Nick talked about this a bit, but in the first half of the year, Epicel obviously can vary a bit by quarter and we saw that. But pretty encouraging that it was kind of over the $9 million mark, grew in the double digits from a run rate perspective, also from a year-over-year perspective on total revenue for Epicel.

是的。所以我想說，如果你看看燒傷護理並思考那裡的框架，尼克談到了這一點，但在今年上半年，Epicel 顯然每個季度都會有所不同，我們看到了。但令人鼓舞的是，它已經超過了 900 萬美元大關，從運行率的角度來看，也從 Epicel 總收入的同比角度來看，都以兩位數的速度增長。

So as we think about the back half, and I think Q3 is certainly part of that equation, we expect Epicel to kind of be at that higher run rate, call it in that $9 million to $10 million range. I don't know exactly what it's going to look like across quarters, but I think that's a reasonable assumption.

因此，當我們考慮後半部分時，我認為第三季度肯定是這個等式的一部分，我們預計 Epicel 會達到更高的運行率，稱之為 900 萬美元到 1000 萬美元的範圍。我不知道各個季度會是什麼樣子，但我認為這是一個合理的假設。

And then in terms of NexoBrid, I'd say, as we talked about in the prepared remarks, some strong progression from Q1 to Q2. As we think about the second half of the year and think about the third quarter, that should certainly continue that progression kind of throughout the year.

然後就 NexoBrid 而言，正如我們在準備好的發言中討論的那樣，我想說，從第一季度到第二季度出現了一些強勁的進展。當我們考慮今年下半年和第三季時，這種進展肯定會在全年中持續下去。

So it's difficult to say exactly what the mix will be, but we certainly expect Epicel to kind of remain at these higher run rates and have a strong second half of the year. We're seeing strong indicators there and NexoBrid is moving in the right direction as well. So I'd say both of those are part of it and that's how we're thinking about Q3 and the back half.

因此，很難確切地說出具體的組合是什麼，但我們當然預計 Epicel 將保持較高的運行率，並在今年下半年表現強勁。我們在那裡看到了強勁的指標，NexoBrid 也正在朝著正確的方向發展。所以我想說，這兩者都是其中的一部分，這就是我們對第三季和後半部分的看法。

Perfect. Thanks for taking my questions.

完美的。感謝您回答我的問題。

Thanks, Jeff.

謝謝，傑夫。

Thank you.

謝謝。

Swayampakula Ramakanth, HCW.

斯瓦安帕庫拉·拉瑪坎特 (Swayampakula Ramakanth)，HCW。

Thank you. Good morning, Nick and Joe. A quick question on the burn franchise. If I heard everything correctly, when you're talking, Nick, about conversion rates, you were saying something about Epicel biopsy and conversion there.

謝謝。早安，尼克和喬。關於 Burn 特許經營權的一個簡單問題。如果我沒聽錯的話，尼克，當你談論轉換率時，你是在談論 Epicel 活檢和轉換率。

Did some of that spill over into the third quarter because you are also talking about something timing. And I'm just trying to have an idea if any of the revenue that you had expected in the second quarter spilt over into the third?

其中一些是否會蔓延到第三季度，因為您也在談論一些時機。我只是想知道您預期的第二季營收是否會溢出到第三季？

Yeah. Thanks, RK. So yeah, as I mentioned, just kind of the top of the funnel, again, was pretty consistent with prior quarters. And yes, I did mention that there's always going to be patient health variables that impact timing of treatments. And we certainly did see particularly late in the quarter, cases that were pushed into or rescheduled into Q3. Again, that happens because these patients have a lot of other injuries or infections that prevent surgeries from taking place. So the short answer is yes, but that is relatively common.

是的。謝謝，RK。所以，是的，正如我所提到的，漏斗的頂部再次與前幾季非常一致。是的，我確實提到過，患者的健康狀況總是會影響治療時間。我們確實確實看到，特別是在本季末，案件被推遲或重新安排到第三季。同樣，發生這種情況是因為這些患者有許多其他損傷或感染，導致手術無法進行。所以簡短的回答是肯定的，但這種情況相對常見。

Okay. And then a quick question on the pediatric indication of NexoBrid. You said that you have 70 centers, burn centers already under PT and approval. If you get the periodic indication on board, how many of these centers also do pediatric and also would you add centers outside of the 70, which are just only for pediatric? I'm not very good at the burn margin, so --

好的。然後是關於 NexoBrid 兒科適應症的一個簡短問題。您說您有 70 個中心，燒傷中心已經接受 PT 和批准。如果您收到船上的定期指示，其中有多少中心也提供兒科服務，您是否會在 70 個僅提供兒科服務的中心之外添加其他中心？我不太擅長燃燒裕度，所以--

Yeah. So yes, so let me just kind of give a quick overview. So as in the launch, there's about 140 burn centers in the US that are accredited by the ABA. We target -- we break them up into three tiers and we really focused on the 90 Tier 1 and Tier 2 centers with our initial launch. And that's kind of what we've been reporting on in terms of the 70 submissions, the 40 approvals, et cetera.

是的。是的，讓我快速概述一下。正如發佈時那樣，美國大約有 140 個燒傷中心獲得了 ABA 的認可。我們的目標是——我們將它們分為三層，在最初的推出中我們真正專注於 90 個 1 級和 2 級中心。這就是我們一直在報告的 70 份提交、40 份批准等方面的情況。

There's about 20 pediatric burn centers that will now -- we will actively promote to. So certainly, in some of our existing centers, pediatric patients can be treated. They don't all get treated at the pediatric centers. But again, we can't be in there promoting.

現在大約有 20 個兒科燒傷中心——我們將積極推動。因此，當然，在我們現有的一些中心，兒科患者可以得到治療。他們並非都在兒科中心接受治療。但同樣，我們不能在那裡推銷。

So you'll have some that -- pediatric centers that used the product, a few, but many of them were sort of waiting for the pediatric indication. And so we think, as I mentioned on the call, that we have a meaningful impact on NexoBrid uptake as we get out there and get these centers through the process and they start treating this pediatric burn population.

所以你會看到一些使用該產品的兒科中心，有一些，但其中許多都在等待兒科適應症。因此，正如我在電話會議中提到的那樣，我們認為，當我們走出去並讓這些中心完成整個過程並開始治療兒童燒傷人群時，我們會對 NexoBrid 的採用產生有意義的影響。

Thank you. Looking forward to the exciting second half with new introductions.

謝謝。期待令人興奮的下半年新的介紹。

Okay. Thanks, RK.

好的。謝謝，RK。

Thank you. And I'm showing no further questions at this time. I would now like to turn it back to Nick Colangelo for closing remarks.

謝謝。目前我不會再提出任何問題。現在我想請尼克·科朗傑洛（Nick Colangelo）發表結束語。

Okay. Well, thank you, everyone, for your questions and continued interest in Vericel. As we mentioned, the company had a very strong first half of the year. We expect to continue to deliver sustained high revenue and profit growth for the remainder of the year and beyond and we look forward to providing further updates on our progress on our next call. So thanks again and have a great day.

好的。好的，謝謝大家提出的問題以及對 Vericel 的持續關注。正如我們所提到的，該公司上半年的業績非常強勁。我們預計在今年剩餘時間及以後將繼續實現持續的高收入和利潤成長，並期待在下次電話會議上提供有關我們進展的進一步更新。再次感謝並祝您有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。