Xtant Medical Holdings Inc (XTNT) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Xtant Medical third-quarter 2025 financial results. (Operator Instructions) Please note, this conference is being recorded.

各位早安，歡迎來到 Xtant Medical 2025 年第三季財務業績發表會。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Kevin Gardner of LifeSci Advisors. Kevin, the floor is yours.

現在我將把會議交給主持人，LifeSci Advisors 的 Kevin Gardner。凱文，現在輪到你發言了。

Thank you, operator, and welcome to Xtant Medical's third-quarter 2025 financial results call. Joining me today are Sean Browne, President and Chief Executive Officer; and Scott Neils, Chief Financial Officer.

謝謝接線員，歡迎參加 Xtant Medical 2025 年第三季財務業績電話會議。今天與我一同出席的有總裁兼執行長肖恩·布朗和財務長史考特·尼爾斯。

Today's call is being webcast and will be posted on the company's website for playback. During the course of this call, management may make certain forward-looking statements regarding future events and the company's expected future performance.

今天的電話會議將進行網路直播，並將發佈在公司網站上供回放。在本次電話會議期間，管理層可能會就未來事件和公司預期未來業績發表一些前瞻性聲明。

These forward-looking statements reflect Xtant's current perspective on existing trends and information and can be identified by such words as expect, plan, will, may, anticipate, believe, should, intends and other words with similar meaning.

這些前瞻性陳述反映了 Xtant 目前對現有趨勢和資訊的看法，可以透過諸如預期、計劃、將、可能、預計、相信、應該、打算等詞語以及其他具有類似含義的詞語來識別。

Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the Risk Factors section of the company's annual report on the Form 10-K filed with the SEC and in subsequent SEC reports and press releases. Actual results may differ materially.

此類前瞻性陳述並非對未來業績的保證，並且涉及風險和不確定性，包括公司向美國證券交易委員會提交的 10-K 表格年度報告的「風險因素」部分以及隨後向美國證券交易委員會提交的報告和新聞稿中提到的風險和不確定性。實際結果可能與實際情況有重大差異。

The company's financial results press release and today's discussion include certain non-GAAP financial measures. Please refer to the non-GAAP to GAAP reconciliations which appear in our press release and are otherwise available on our website. Note that the Form 8-Ks that we filed with our financial results press releases provide detailed narratives that describe our use of such measures. For the benefit of those who may be listening to a replay, this call was held and recorded on November 11 at approximately 8:30 AM Eastern Time.

本公司財務業績新聞稿和今天的討論中包含一些非GAAP財務指標。請參閱我們新聞稿中出現的非GAAP與GAAP財務報表調節表，該表也可在我們的網站上查閱。請注意，我們在財務業績新聞稿中提交的 8-K 表格提供了詳細的說明，描述了我們對這些措施的使用情況。為了方便可能收聽重播的人，本次通話於美國東部時間 11 月 11 日上午 8:30 左右舉行並錄音。

The company declines any obligation to update its forward-looking statements except as required by applicable law.

除適用法律要求外，本公司不承擔更新其前瞻性聲明的任何義務。

Now, I'd like to turn the call over to Sean Browne, CEO. Sean?

現在，我想把電話交給執行長肖恩布朗。肖恩？

Thank you, Kevin, and good morning, and Happy Veterans Day to all those who have served or are serving. One quick note, note since today is Vet Day, the SEC is closed, although, as you know, the market is open. And so we released our 10-Q last night.

謝謝你，凱文，早安，祝所有曾經或正在服役的退伍軍人節日快樂。簡單提一下，由於今天是退伍軍人節，美國證券交易委員會休會，但如你所知，股市照常開市。因此，我們昨晚發布了 10-Q 報告。

So with that behind us, thank you for joining our third quarter update call. As has been our practice, I will begin with a few prepared remarks about our operations, and then Scott will provide a deeper dive into the financials. We'll then open the call to your questions.

那麼，接下來就感謝各位參加我們的第三季業績更新電話會議。按照慣例，我將首先就我們的營運情況作幾句事先準備好的發言，然後斯科特將深入探討財務狀況。接下來我們將開放提問環節。

We again turned in solid financial performance during the third quarter, highlighted by 19% revenue growth over the third quarter of 2024. We again generated positive cash flow, adjusted EBITDA and net income, and a continuation of the favorable trends that we've seen over the past few quarters.

第三季我們再次取得了穩健的財務業績，其中最突出的是與 2024 年第三季相比，營收成長了 19%。我們再次實現了正現金流、調整後 EBITDA 和淨利潤，並延續了過去幾季以來的良好趨勢。

Before covering the quarter in detail, however, I would like to begin the morning with an update on the pending sale of our noncore Coflex and Cofix interlaminar stabilization implant assets and all international entities of Paradigm Spine to Companion Spine. The proceeds of the transaction when completed are anticipated to be $19.2 million in total. We intend to use the proceeds to reduce our long-term debt and to provide additional cash liquidity.

不過，在詳細介紹本季業績之前，我想先向大家報告 Paradigm Spine 將其非核心 Coflex 和 Cofix 椎板間穩定植入物資產以及所有國際實體出售給 Companion Spine 的最新進展。預計交易完成後，所得款項總額將達到 1,920 萬美元。我們計劃利用所得款項減少長期債務並提供額外的現金流動性。

Importantly, as a result of this transaction and the cash flow we are generating from operations, we do not expect to require additional external capital to fund our operations from this point forward. This transaction will be truly transformational, one for our company as it will further enhance our focus on our core biologics business, while strengthening our financial position. In terms of timing, we anticipate we'll close by the end of the year, it is worth mentioning that the viscogliosi Brothers have already paid us approximately $7.5 million, including a $2.5 million payment just last week toward the total consideration of this deal.

重要的是，由於這項交易以及我們從營運中產生的現金流，我們預計從現在開始不需要額外的外部資本來資助我們的營運。這項交易將真正具有變革意義，對我們公司而言，它將進一步加強我們對核心生物製劑業務的關注，同時增強我們的財務實力。就時間安排而言，我們預計將在年底前完成交易。值得一提的是，Viscogliosi 兄弟已經向我們支付了約 750 萬美元，其中包括上週支付的 250 萬美元，作為這筆交易總對價的一部分。

So they are as committed as we are to ensuring its completion. As a reminder, the business included in the sale, generate annual revenue to Xtant of approximately $23.5 million. As previously mentioned, these products were modestly unprofitable on a stand-alone basis. So the effect of the sale on our margins and bottom line metrics is anticipated to be neutral to slightly positive in 2026 and beyond.

因此，他們和我們一樣致力於確保專案的完成。需要提醒的是，此次出售的業務每年為 Xtant 帶來約 2,350 萬美元的收入。如前所述，這些產品單獨來看獲利能力並不強。因此，預計此次出售對我們的利潤率和最終指標的影響在 2026 年及以後將是中性到略微積極的。

In the meantime, until this transaction closes, we continue to support those products in the field, and we will benefit from the associated hardware revenue for an additional few months. So now turning now to our third quarter. I'm pleased to report that we delivered strong financial and operating results.

同時，在交易完成之前，我們將繼續為這些產品提供現場支持，並且我們將在未來幾個月內從相關的硬體收入中受益。現在我們進入第三季。我很高興地報告，我們取得了強勁的財務和營運表現。

Scott will cover the financials and details in a moment, but I'd like to begin by touching on a few highlights. First, our total revenue for the quarter was $33.3 million which represents a growth of more than 90% versus the third quarter of 2024. Notably, our third quarter 2025 revenue includes $5.5 million of licensing revenue pursuant to the license agreement for Q-codes and the SimpliMax dual layer amniotic membrane that we announced in the third quarter of last year.

Scott 稍後會介紹財務狀況和細節，但我想先簡單提幾個重點。首先，本季總營收為 3,330 萬美元，與 2024 年第三季相比成長超過 90%。值得注意的是，我們 2025 年第三季的收入包括根據去年第三季宣布的 Q 代碼和 SimpliMax 雙層羊膜的授權協議獲得的 550 萬美元授權收入。

As we indicated in Q1, CMS has extended the local coverage determination for skin substitute to December 31, 2025. Our biologics product family, which is our core business, grew 4% over the third quarter of last year. This was below our long-term expectation for growth in the Biologics product family. However, it's important to take a step back and recall that our focus over the past several quarters has been on prioritizing self-sustainability, particularly positive cash flows as part of our long-term growth strategy -- as a broader part of our long-term growth strategy.

正如我們在第一季中指出的那樣，CMS 已將皮膚替代品的本地覆蓋範圍決定延長至 2025 年 12 月 31 日。我們的生物製劑產品系列是我們的核心業務，與去年第三季相比成長了 4%。這低於我們對生物製劑產品系列長期成長的預期。然而，重要的是要退後一步，回顧一下，過去幾個季度以來，我們的重點一直是優先考慮自我可持續性，特別是正現金流，這是我們長期增長戰略的一部分——也是我們長期增長戰略的更廣泛組成部分。

The strategic initiatives that we have implemented, our sharpened focus on higher-margin biologics, our emphasis on in-house manufacturing to improve quality and control costs and our more disciplined approach to operating expenses were all implemented with self-sustainability in mind. With those goals now achieved, we are turning our focus back to driving top line growth in our orthobiologics business.

我們實施的策略性舉措、對高利潤生物製劑的更加重視、對內部生產以提高品質和控製成本的重視以及對營運費用的更加嚴格的管理，都是以實現自我永續發展為目標而實施的。鑑於這些目標已經實現，我們將把重點重新轉向推動骨科生物製劑業務的收入成長。

We continue to invest in R&D to bring innovation to surgeons and their patients. At the same time, we have started making investments in our commercial team to maximize the reach of our broad portfolio of orthobiologic solutions. From a new product launch perspective, since our last quarterly update, we also continue to innovate to bring new orthobiologic solutions to surgeons and their patients.

我們將持續加大研發投入，為外科醫師及其患者帶來創新。同時，我們已開始對我們的商業團隊進行投資，以最大限度地擴大我們廣泛的骨科生物解決方案組合的影響範圍。從新產品發布的角度來看，自從我們上次季度更新以來，我們也一直在不斷創新，為外科醫生及其患者帶來新的骨科生物解決方案。

Earlier this month, we announced the commercial launch of Collagen X our bovine collagen particulate product for surgical wound closure that is designed to promote healing, prevent dehiscence and help mitigate concerns related to surgical site infections. Collagen X complements our existing orthobiologics product line as it represents a potential addition to every case that our portfolio currently addresses as well as procedures performed in other surgical disciplines.

本月初，我們宣布正式推出 Collagen X，這是一款牛膠原蛋白顆粒產品，用於外科傷口閉合，旨在促進癒合、防止傷口裂開並幫助減輕與手術部位感染相關的擔憂。Collagen X 是我們現有骨科生物製劑產品線的補充，因為它代表著我們目前產品組合所涵蓋的每個病例以及其他外科領域所執行的手術的潛在補充。

This is the latest example of our commitment to innovation as we work to meet the diverse needs of our surgeons and patients. As a reminder, we now offer and internally produced solutions across all five major orthobiologic categories, demineralized Bone Matrix, cellular allograft, synthetics, structural allografts and now growth factors.

這是我們致力於創新，努力滿足外科醫生和患者多樣化需求的最新例證。再次提醒大家，我們現在提供並自主生產涵蓋所有五大骨科生物材料類別的解決方案，包括脫礦骨基質、細胞同種異體移植、合成材料、結構同種異體移植以及現在的生長因子。

Additionally, with our amnion and collagen product lines, we are well positioned to grow in the surgical repair and wound care markets. This positions us as the partner of choice in the field of regenerative medicine, a position that has been further solidified by the very positive feedback that we have received from surgeons on these recent innovations.

此外，憑藉我們的羊膜和膠原蛋白產品線，我們已做好充分準備，在外科修復和傷口護理市場中成長。這使我們成為再生醫學領域的首選合作夥伴，而外科醫生對這些最新創新成果的正面回饋進一步鞏固了這一地位。

Now, turning to 2025 revenue guidance. Recall that last quarter, reflecting the heightened levels of licensing revenue from the previously noted Q-code and amniotic membrane agreement that we are experiencing, we increased our full year 2025 revenue guidance to a range of $131 million to $135 million, which represents growth of approximately 11% to 50% over 2024 revenue with the sale of our noncore coflex and cofix spinal implant assets and OUS business to companion spine now anticipated to close.

接下來，我們來看看2025年的營收預期。回想一下，上個季度，由於我們之前提到的 Q 代碼和羊膜協議帶來的許可收入大幅增加，我們將 2025 年全年收入預期提高到 1.31 億美元至 1.35 億美元，這比 2024 年的收入增長了約 11% 至 50%，同時，我們向 Companion Spine 出售的非脊椎交易將

Closer to the end of the year, we are reiterating our 2025 revenue guidance at this time. We anticipate providing initial 2026 revenue guidance concurrent with our Q4 results in March of next year.

接近年底，我們在此重申我們對 2025 年營收的預期。我們預計明年 3 月發布第四季業績報告的同時，提供 2026 年的初步營收預期。

With that, I will turn the call over to Scott for a more detailed review of our financial results.

接下來，我將把電話交給史考特，讓他對我們的財務表現進行更詳細的分析。

Thank you, Sean, and good morning, everyone. Total revenue for the third quarter of 2025 was $33.3 million compared to $27.9 million for the same period in 2024. The 19% increase is attributed primarily to $5.5 million of licensing revenue during the third quarter of 2025 that Sean alluded to earlier as well as $576,000 of additional biologics revenue, partially offset by a 6% or $736,000 year-over-year decline in hardware product revenue. Gross margin for the third quarter of 2025 was 66.1% compared to 58.4% for the same period in 2024. The increase is primarily attributable to favorable sales mix and greater scale.

謝謝你，肖恩，大家早安。2025 年第三季總營收為 3,330 萬美元，而 2024 年同期為 2,790 萬美元。19% 的成長主要歸功於肖恩先前提到的 2025 年第三季 550 萬美元的授權收入，以及 57.6 萬美元的額外生物製劑收入，但部分被硬體產品收入年減 6%（即 73.6 萬美元）所抵銷。2025 年第三季的毛利率為 66.1%，而 2024 年同期為 58.4%。成長主要歸功於有利的銷售組合和更大的規模。

Third quarter 2025 operating expenses were $19.5 million compared to $20.1 million in the same period a year ago. The reduction in operating expense is primarily attributable to reduced compensation and commission expenses which were partially offset by an increase in professional fees related to sales and marketing.

2025 年第三季營運支出為 1,950 萬美元，而去年同期為 2,010 萬美元。營運費用的減少主要歸因於薪酬和佣金支出的減少，但部分被與銷售和行銷相關的專業費用的增加所抵消。

General and administrative expenses were $7.1 million for the three months ended September 30, 2025, compared to $7.5 million for the same period in 2024. The decrease is primarily attributable to $0.5 million of reduced stock-based compensation expense and $0.5 million of reduced retention and severance expense, partially offset by a $0.5 million increase in bonus expense.

截至 2025 年 9 月 30 日止三個月的一般及行政費用為 710 萬美元，而 2024 年同期為 750 萬美元。這項減少主要歸因於股票選擇權費用減少 50 萬美元和留任及遣散費用減少 50 萬美元，部分被獎金費用增加 50 萬美元所抵銷。

Sales and marketing expenses were $11.7 million for the three months ended September 30, 2025, compared to $11.9 million for the same quarter last year. The decrease is primarily attributable to reduced commission expense of $0.7 million, resulting from revenue mix partially offset by $1 million of additional consulting fees during the current year period. Research and development expenses were $634,000 for the three months ended September 30, 2025, a decrease from $701,000 in the third quarter of 2024.

截至 2025 年 9 月 30 日的三個月內，銷售和行銷費用為 1,170 萬美元，而去年同期為 1,190 萬美元。下降的主要原因是佣金支出減少了 70 萬美元，這是由於收入結構變化造成的，但部分被本年度新增的 100 萬美元諮詢費所抵消。截至 2025 年 9 月 30 日止三個月，研發費用為 634,000 美元，低於 2024 年第三季的 701,000 美元。

Net income come in the third quarter of 2025 was $1.3 million or $0.01 per share on a fully diluted basis compared to a net loss of $5 million or $0.04 per share in the comparable 2024 period. Adjusted EBITDA for the third quarter of 2025 was $4.5 million compared to an adjusted EBITDA loss of approximately $1 million for the same period in 2024.

2025 年第三季淨利為 130 萬美元，即每股 0.01 美元（完全稀釋後），而 2024 年同期淨虧損為 500 萬美元，即每股 0.04 美元。2025 年第三季調整後 EBITDA 為 450 萬美元，而 2024 年同期調整後 EBITDA 虧損約 100 萬美元。

As a reminder, beginning in the fourth quarter of 2024, we no longer include the exclusion of the phasing of the bargain purchase gain on our sell-through of inventory acquired as part of our purchase of Surgalign Holdings, Hardware and Biologics business in our calculation of adjusted EBITDA. Prior periods have been recast conformed with the current calculation. The related effect on adjusted EBITDA was a reduction of $773,000 in the third quarter of 2024 to arrive at the recast amount.

再次提醒，從 2024 年第四季開始，我們在計算調整後 EBITDA 時，不再將收購 Surgalign Holdings、硬體和生物製品業務時獲得的庫存銷售收益的分階段扣除計入在內。前期數據已按目前計算方法重述。由此對調整後的 EBITDA 產生的相關影響是，2024 年第三季減少了 773,000 美元，以得出重述金額。

As of September 30, 2025, we had $10.6 million of cash, cash equivalents and restricted cash. Net accounts receivable was $25.6 million, inventory was $40.7 million, and we had $5.7 million available under revolving credit facilities as of the end of the quarter. As a reminder, our cash balance as of the end of the third quarter does not take into account the anticipated remaining proceeds from the pending sale of certain assets to companion Spine that we anticipate closing by year-end that Sean discussed earlier.

截至 2025 年 9 月 30 日，我們擁有 1,060 萬美元的現金、現金等價物和受限現金。截至季末，應收帳款淨額為 2,560 萬美元，存貨為 4,070 萬美元，循環信貸額度下可用資金為 570 萬美元。再次提醒，截至第三季末，我們的現金餘額並未計入預期剩餘的出售給關聯公司 Spine 的某些資產所得款項，我們預計將在年底前完成這筆交易，Sean 之前已經討論過。

Operator, you may now open the line for questions.

接線員，現在可以開始接聽提問電話了。

(Operator Instructions) Ryan Zimmerman, BTIG.

（操作說明）Ryan Zimmerman，BTIG。

So appreciate the commentary and everything. Maybe I want to start, Sean, you talked about making some investments in the commercial organization. It would be good. Just now you want to get more feet on the Street. I mean is this refilling the pipeline? Maybe talk to us a little about kind of a little more color on kind of what that means.

所以非常感謝大家的評論和所有意見。肖恩，或許我可以先開始，你之前提到要對商業機構進行一些投資。那很好。現在你們想讓更多人走上街頭。我的意思是，這算是給管道補充水嗎？或許可以跟我們詳細解釋一下，這到底是什麼意思。

And then my second question, I'll just ask upfront here. There's a lot of moving parts as we go into next year. I know you're not guiding to '26, but maybe any early thoughts, broad strokes around kind of where you think the orthobiologics business can grow when we strip out some of the other pieces that may be in flux.

那我的第二個問題，我就直接問了。進入明年，有很多事情需要調整。我知道你不是在預測 2026 年的情況，但或許你可以就骨科生物製劑業務在剔除一些可能處於變動中的其他因素後可能的發展方向，給出一些初步的想法和大致的展望。

Sure. Okay. I'll start off with the profitability question. Well, that's a profitability question to sales question, which got to profitability. So last year, really in the second half of the year, we started making decisions on how do we conserve cash because we knew that we were going to have a lot of revenue coming in from the Q-codes.

當然。好的。我先從獲利能力的問題談起。嗯，這其實是一個關於獲利能力的問題，最終又回到了銷售問題上，也就是獲利能力的問題。所以去年，確切地說是下半年，我們開始決定如何節省現金，因為我們知道我們將從二維碼中獲得大量收入。

We knew that we were going to have actually a very good year just operationally. So in the fourth quarter of last year, we dramatically cut back the business overall. You can see it in our OpEx expense with the idea of being profitable. As part of that, we reduced a fair number of our commercial not necessarily overly highly performing assets. And so over the course of the last really quarter, we've now been replacing a lot of those spots in areas that make more sense.

我們知道，從營運角度來看，今年將會是非常好的一年。因此，在去年第四季度，我們大幅縮減了整體業務規模。從我們以獲利為目標的營運支出中可以看出這一點。為此，我們削減了相當一部分商業資產，這些資產的表現未必特別出色。因此，在過去一個季度裡，我們一直在將許多這樣的職位替換到更合適的位置。

And so just to give you the scale to which we're doing. So we had roughly four reps that were selling the Xtant branded products. Today, we've upped that and will, by the end of the year, we'll be at 8. So we'll double that. And then again, in 2026, we expect to add probably four more.

所以，我只是想讓你們了解我們正在做的規模。所以當時我們大約有四位銷售代表負責銷售 Xtant 品牌的產品。今天，我們提高了這個數字，到今年年底，我們將達到 8。所以我們要翻倍。然後，我們預計在 2026 年可能還會增加四個。

So this is a fixable problem -- not a problem, but a fixable opportunity for us. And so I feel really good about where we're going and even what I'm seeing from just having those new assets out in the field already. So it is something that was somewhat predicted or predictable when we made those decisions last year and in the beginning of this year.

所以這是一個可以解決的問題——不是一個問題，而是一個我們可以抓住的機會。因此，我對我們未來的發展方向感到非常滿意，甚至從這些新資產已經投入使用的情況來看，我也感到非常滿意。所以，當我們在去年和今年年初做出那些決定時，這種情況在某種程度上是可以預見的。

To give you some guidance with respect to 2026. As you mentioned, we are not going to be giving full guidance until really the year completes because there's a lot going on like good things. And so if I were to give you some general guidance, we do expect still to be in the low double digits with respect to our overall orthobiologics growth. And then as for the hardware, we're still working through some things right now. But I would still say that really that's what we can expect to see in 2026.

就 2026 年而言，給您一些指導。正如您所提到的，我們不會在今年真正結束之前給出完整的指導，因為有很多事情正在發生，例如一些好事。因此，如果我給你們一些總體指導，我們預計我們的整體骨科生物製劑成長仍將保持在兩位數的低水平。至於硬體方面，我們目前還在研究一些問題。但我仍然認為，這才是我們在 2026 年真正可以期待看到的。

No. That's very helpful. And even just the broad strokes, I didn't give us a sense of what you can do. And then looking at this coming up, what, next week or this week, I should say. I just --

不。那很有幫助。即使只是粗略地描述一下，我也沒有讓我們感受到你能做什麼。然後看看接下來的事情，應該是下週還是這週吧。我只是--

This Friday, (inaudible) Sunday.

本週五，（聽不清楚）週日。

Yes, this Friday. So anything you want to highlight for people for NAS or anything that you'd say is worth checking out at the booth.

是的，就在本週五。所以，對於 NAS 領域，您有什麼想重點介紹的嗎？或者您覺得展位上有什麼值得一看的東西？

Yes, thanks for asking, it actually a setup. Yes, three things. First of all, our growth factor product, brand new, it's outstanding. We're replacing another growth factor probably you're selling previously that someone else was making for us. This is our own product.

是的，謝謝你的關心，這其實是個圈套。是的，三件事。首先，我們的生長因子產品是全新的，它非常出色。我們正在替換另一種成長因子，可能是你之前銷售的那種，而那種成長因子之前是由其他人為我們生產的。這是我們自己的產品。

We feel really good about it. We've done a great job of keeping the business that we once had and we're now starting to grow. So that's absolutely something people should check out. Second of all, we've now created a new advanced DBM called Trivium, which is really a terrific product that we would encourage our surgeons and distributors to look at, not only is the growth factor count and just basically the overall characterization of the product outstanding, but the handling is even better.

我們對此感到非常滿意。我們很好地保留了原有的業務，現在開始成長。所以這絕對是大家應該去了解一下的事情。其次，我們現在創造了一種名為 Trivium 的新型高級脫鈣骨基質 (DBM)，這是一款非常棒的產品，我們鼓勵我們的外科醫生和經銷商了解一下。不僅生長因子含量和產品的整體特性非常出色，操作性能也更好。

And then the third thing is what we just rolled out this Collagen X product, which literally can be used in almost every procedure and even procedures outside spine. So those would be three big things that we feel really, really good about. And just the fact that the entire portfolio of our product line are now things that we make, we have a hand in, where you control the supply chain. But also just in general, we just think we make really great products. So please stop by, and we'd love to give you a rundown of our really exciting portfolio.

第三點是我們剛推出的膠原蛋白 X 產品，它幾乎可以用於所有手術，甚至脊椎手術以外的手術。所以，這三件事讓我們感到非常非常滿足。而且，我們所有產品線現在都是我們自己生產的，我們參與其中，我們掌控著供應鏈。但總的來說，我們認為我們生產的產品真的非常棒。所以請您來看看，我們很樂意向您詳細介紹我們精彩的專案組合。

Chase Knickerbocker, Craig-Hallum.

蔡斯·尼克博克，克雷格-哈勒姆。

Sean, maybe just to start, if you could just help me kind of dive a little bit deeper into that 3% year-over-year growth in orthobiologics. Just as far as what supported growth in the quarter on a year-over-year basis, what detracted from it on a kind of product-specific kind of basis, if we can refund that for a second.

肖恩，或許可以先從你幫我更深入地了解骨科生物製劑每年 3% 的增長情況開始。如果可以的話，我想就本季同比成長的支撐因素，以及在特定產品層面上導致成長放緩的因素，談談我們目前的情況。

Sure, absolutely. So the -- actually was 4% growth year-over-year, which we had for our -- and again, the areas that we still continue to grow and growth nicely, continue to be our stem cell business are -- again, the growth factor business is basically we're holding serve in that, which is good because, again, we released a brand-new product line. The amnion product line continues to be a nice product line, product growth area for us.

當然可以。所以，實際上我們實現了 4% 的同比增長，這是我們——而且，我們仍在持續增長並保持良好增長的領域，即我們的幹細胞業務——再次強調，增長因子業務基本上保持穩定，這很好，因為我們又推出了一條全新的產品線。羊膜產品線一直是我們不錯的產品線，也是我們的產品成長領域。

And we realize there's going to be some changes with respect to the wound care world, but some of -- and a good chunk of some of the growth that we've also seen is in the surgical side, which shouldn't change. And so those would be a couple of the areas that I would say that really helped. What hurt us this past quarter was maybe some of our old line demineralized bone products.

我們意識到傷口護理領域將會發生一些變化，但我們看到的成長中很大一部分來自外科手術方面，這不應該改變。所以，以上就是我認為真正起到幫助作用的幾個面向。上個季度對我們造成損失的可能是我們一些舊款脫礦骨產品。

And that's why the addition of things like FibreX and Trivium, these higher-end much, much better -- much higher, not only from a handling perspective, but from a production perspective and from, again, a growth factor characterization side of things. It is just outstanding products. And so we really hope and we really see that those things will be helping offset maybe some of the slide that's been taking place from those old very -- still very good product lines.

這就是為什麼添加 FibreX 和 Trivium 等高端材料會好得多——不僅在操控性方面，而且在生產性能方面以及增長因素特性方面都好得多。這些產品真是太棒了。因此，我們真心希望，也真心認為，這些措施將有助於抵銷那些仍然非常優秀的老產品線所出現的下滑趨勢。

But you realize that OsteoSelect, OsteoSponge and Trivium, I think OsteoSelect started -- OsteoSponge started in 2008, OsteoSelect started in 2010, and I think Trivium was 2013. So these are some old products that we're now finding upgrades to that we just believe that we've really knocked on the part with some of the new things. And they're just starting to get traction, those new products. And so as a matter of fact, for our -- if you look at the Trivium product, it had one of its best months yet, just recently. So we're really, really excited about where that's going to take us.

但你要知道，OsteoSelect、OsteoSponge 和 Trivium 這幾家公司，OsteoSelect 成立於 2008 年，OsteoSponge 成立於 2010 年，而 Trivium 成立於 2013 年。所以這些是一些老產品，我們現在找到了升級方案，我們相信我們已經用一些新產品很好地解決了這些問題。這些新產品才剛開始獲得市場認可。事實上，就我們的產品而言——如果你看看 Trivium 產品，它最近經歷了迄今為止最好的一個月。所以我們對它未來的發展方向感到非常非常興奮。

And just maybe on the kind of legacy DBM side, was it mainly kind of white label or direct channel that --

或許在傳統的資料庫行銷方面，它主要還是以白標或直銷管道的形式運作？--

Definitely more direct channel -- Yes, definitely more direct channel. So as I mentioned, when we pulled those resources out of the field or at least eliminate them and really kind of reshuffling them now, it hurt us. I'm not going to lie. It's something that -- but we knew what we were going into.

絕對是更直接的管道——是的，絕對是更直接的管道。正如我之前提到的，當我們把這些資源從實地撤出，或至少取消它們，並真正重新調整它們時，這對我們造成了傷害。我不會說謊。這是一件——但我們知道自己將要面對什麼。

Those were, again, probably suboptimized assets when we did it. That's part of the reason why we pulled it out and said, all right, profitability is the most important thing we're going to do right now. We feel we can hold serve for most of what we have for our business and with the growing biologics portfolio.

再次強調，我們當時所使用的那些資產可能並非最優資產。這也是我們把它拿出來並說，好吧，獲利能力是我們現在最重要的事情的原因之一。我們認為，憑藉著不斷成長的生物製劑產品組合，我們可以保住目前的大部分業務。

We really feel like, okay, we might come across some rocky waters which we have. And so now over the course of really the summer, we started adding back those resources in more strategically important areas. And then as I mentioned, we're going to continue to add more in 2026.

我們真的感覺，好吧，我們可能會遇到一些困難，而我們確實遇到了。因此，在整個夏季期間，我們開始將這些資源重新投入到更具策略性的領域。正如我之前提到的，我們將在 2026 年繼續增加更多項目。

Got it. And then maybe -- just on the Amnion side, the changes that were announced in the final PFS. Maybe just any thoughts as far as how (inaudible) your business as we take an eye into 2026.

知道了。然後，或許——就羊膜方面而言，最終 PFS 中宣布的變更。展望 2026 年，您對貴公司（聽不清楚）的發展有什麼想法嗎？

And then just last one for me, Sean. As I think about Collagen X probably a bigger market for similar products than people realize. Just kind of speak to your plans for that even outside of Spine as far as how you plan to distribute that product into what is a fairly large market for those particulars.

最後，肖恩，我問最後一個問題。我認為膠原蛋白X可能擁有比人們意識到的更大的類似產品的市場。請談談您在 Spine 之外的計劃，例如您打算如何將該產品分銷到這個相當大的市場中。

Yes. So let's start with Amnion. So we're -- we manufacture Amnion. Most of the people who sell the Amnion care products, today are not manufacturers. As a matter of fact, they need a fairly high price in order to be able to make real money. We, on the other hand, are the very low end of the value creation.

是的。那我們就從羊膜開始吧。所以我們是－－我們生產羊膜。如今銷售羊膜護理產品的人，大多數都不是生產商。事實上，他們需要相當高的價格才能真正賺錢。另一方面，我們處於價值創造的最底層。

So when you think about what it costs for us to make something, it's quite low. And so when the price went to $127 per square centimeter, it's a very good -- it's actually a very good price for us as somebody who can actually serve the wound care -- or I should say, the acute care market.

所以當你想到我們生產一件東西的成本時，你會發現它相當低。因此，當價格漲到每平方公分 127 美元時，對於我們這些能夠服務於傷口護理——或者應該說，急診市場的人來說，這確實是一個非常好的價格。

If you recall and if you see what happened in that world, this reimbursement opened the door for a real movement from the out of hospital, the acute care or the non-acute world into the acute or at least the allocation clinics tied to the hospitals.

如果你還記得，如果你看看當時的世界發生了什麼，你會發現這種報銷打開了一扇真正的大門，使人們能夠從醫院外、急性護理或非急性護理領域轉移到急性護理領域，或者至少轉移到與醫院相關的分配診所。

We feel that we can do really well with the hospital contracts we have. There are many distributors out there today who don't have the kind of hospital contracting we do and they need it. And so we think that there's an opportunity there. So we'll see what happens.

我們相信，憑藉我們現有的醫院合同，我們能夠取得非常好的成績。如今很多分銷商沒有我們這樣的醫院合同，而他們正需要這種合約。所以我們認為那裡存在著機會。所以，我們拭目以待。

I mean this is something that we're just getting our arms around right now, speaking to various people, making sure our contracting is tight. But we, again, have a very, very robust contract portfolio. And so it is something we're trying to leverage as we speak. So that's the Amnion side.

我的意思是，我們現在還在摸索這個問題，與各方人士溝通，確保我們的合約嚴密。但是，我們再次強調，我們擁有非常非常強大的合約組合。所以，我們現在正試著利用這一點。這就是羊膜側的情況。

Secondarily, when you think about the collagen-based products, one of the things that we acquired through the Surgalign acquisition was a product called nanOss. And the basis of nanOss was even -- even more Interesting Product called eMatrix. And that eMatrix was a collagen-based product that had extraordinary clinical data behind it, actually, as the product was originally created.

其次，說到膠原蛋白產品，我們透過收購 Surgalign 所獲得的其中一項產品就是名為 nanOss 的產品。而 nanOss 的基礎甚至更有趣，是一款名為 eMatrix 的產品。eMatrix 是一種膠原蛋白產品，實際上，該產品最初研發時就擁有非凡的臨床數據支援。

It was created as a wound care product. As a matter of fact, it was going through its own PMA and the company essentially was running out of money and said, okay, let's create something that we can start generating money from. And then they created nanOss, which was taking eMatrix, and then putting in hydroxy appetite with it.

它最初是作為傷口護理產品研發的。事實上，它當時正在經歷自己的上市前審批（PMA），公司基本上已經資金短缺，所以說，好吧，讓我們創造一些我們可以開始賺錢的東西。然後他們研發了 nanOss，它是在 eMatrix 的基礎上，再加入羥基食慾素。

And so it became a product that was ultimately purchased by one of the predecessor companies of Surgalign. And so we acquired eMatrix, which in itself is its own collagen-based product. So we see that as a really terrific platform for us moving forward because there's a number of other areas, we think that we can touch with it. So there's more to follow on that, but it's a platform technology that we're really, really excited and we've got some FDA work that we need to do, but we're really pretty pumped about where that's leading. So hopefully that answers your question there, Chase.

因此，它最終被 Surgalign 的前身公司之一收購。因此，我們收購了 eMatrix，它本身就是一種膠原蛋白產品。所以我們認為這是一個非常棒的平台，可以幫助我們向前發展，因為我們認為我們可以藉助它涉足許多其他領域。所以這方面還有更多進展，但這項平台技術讓我們非常非常興奮，我們還有一些 FDA 的工作要做，但我們對它的發展方向感到非常興奮。希望這能解答你的疑問，Chase。

Thank you very much. Well, we appear to have reached the end of our question-and-answer session. And therefore, we have reached the end of the conference. So thank you very much.

非常感謝。好了，我們的問答環節似乎已經結束了。因此，本次會議到此結束。非常感謝。

This does conclude today's conference, and you may disconnect your phone lines at this time. We thank you for your participation.

今天的會議到此結束，您可以斷開電話線了。感謝您的參與。