Zynex Inc (ZYXI) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Zynex second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，下午好，歡迎參加 Zynex 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to Dan Moorhead, Chief Financial Officer of Zynex. Please go ahead.

現在，我想將會議交給 Zynex 財務長 Dan Moorhead。請繼續。

Thank you, operator, and good afternoon, everyone. Earlier today, we released financial results for the second quarter ended June 30, 2025. A copy of the press release is available on the company's website.

謝謝接線員，大家下午好。今天早些時候，我們發布了截至 2025 年 6 月 30 日的第二季財務業績。新聞稿副本可在該公司網站上查閱。

Before we begin, I'd like to remind you that during this conference call, the company will make projections and forward-looking statements regarding future events. We encourage you to review the company's past and future filings with the SEC including, without limitation, the company's 2024 Form 10-K and subsequent Form 10-Qs, along with any amendments which identify the specific factors that may cause actual results or events to differ materially from those described in these forward-looking statements.

在我們開始之前，我想提醒您，在本次電話會議期間，本公司將對未來事件做出預測和前瞻性陳述。我們鼓勵您查看公司過去和未來向美國證券交易委員會提交的文件，包括但不限於公司 2024 年的 10-K 表格和後續的 10-Q 表格，以及任何確定可能導致實際結果或事件與這些前瞻性陳述中描述的結果或事件存在重大差異的具體因素的修訂。

These factors may include, without limitation, statements regarding product development, product potential, the regulatory and legal environment, sales and marketing strategies, capital resources or other operating performance.

這些因素可能包括但不限於有關產品開發、產品潛力、監管和法律環境、銷售和行銷策略、資本資源或其他經營績效的聲明。

With that, I'll now turn the call over to Thomas.

說完這些，我現在將電話轉給托馬斯。

Thank you, Dan, and good afternoon, everyone. Thank you for joining us today for the second quarter 2025 earnings call. With me today are Anna Lucsok, our Chief Operating Officer; Don Gregg, President of Zynex Monitoring; and Dan Moorhead, our Chief Financial Officer. Anna will provide an update on our initiatives in the pain management division, and Don Gregg will discuss how far we have come in our Patient Monitoring division and our recent submission to the FDA for our NiCO pulse oximeter. Dan will go through the second quarter's financial results.

謝謝你，丹，大家下午好。感謝您今天參加 2025 年第二季財報電話會議。今天與我一起出席的有我們的營運長 Anna Lucsok、Zynex Monitoring 總裁 Don Gregg 和我們的財務長 Dan Moorhead。安娜將介紹我們在疼痛管理部門的最新舉措，唐·格雷格將討論我們在患者監測部門的進展以及我們最近向 FDA 提交的 NiCO 脈搏血氧儀申請。丹將介紹第二季的財務表現。

The second quarter of 2025 was dominated by many improvements centered around refocusing our pain management business model, not only reshaping our sales force and redirecting them to slightly different call points but also transforming our corporate structures to better reflect and streamline operations.

2025 年第二季主要進行了許多改進，主要集中在重新調整我們的疼痛管理業務模式，不僅重塑了我們的銷售團隊並將他們重新分配到略有不同的呼叫點，而且還轉變了我們的公司結構以更好地反映和簡化營運。

Later this year and into the next year, we'll see the impact of this effort. We're seeing a reduction to overall expenses of approximately $40 million annualized and a more efficient use of our inventories better supply chain management, a more diversified prescriber and payer customer base, all in support of our goal to return to positive cash flow by the end of this year.

今年晚些時候以及明年，我們將看到這項努力的影響。我們看到年度總支出減少了約 4000 萬美元，庫存得到了更有效的利用，供應鏈管理也得到了改善，處方者和付款人客戶群更加多樣化，所有這些都支持我們在今年年底前恢復正現金流的目標。

We recently announced the addition of Steven Dyson as our new CEO. And Steven brings over 25 years of experience in the medical technology sector, primarily through its leadership at Apax, a global private equity firm. Steven brings deep expertise and a proven track record in the medical sector. His leadership will be helpful as we refocus our business strategy towards a more optimized payer mix and work to return Zynex to a strong growth trajectory.

我們最近宣布任命史蒂文·戴森 (Steven Dyson) 為我們的新執行長。Steven 在醫療科技領域擁有超過 25 年的經驗，主要任職於全球私募股權公司 Apax 的領導階層。史蒂文在醫療領域擁有深厚的專業知識和良好的業績記錄。當我們將業務策略重新調整為更優化的付款人組合併努力使 Zynex 重回強勁成長軌道時，他的領導將會有所幫助。

The start date is August 18, and I look forward to working with him in my new role as just Chairman of the Board. I should also mention that he and I are very aligned on all the major things that needs to get done. In another also important development, Dan Moorhead, our CFO of AGIS has recently resigned as announced in our 8-K filing two days ago. He is on the call today and available to answer questions.

開始日期是 8 月 18 日，我期待以董事會主席的新角色與他共事。我還應該提到，他和我在所有需要完成的重大事情上意見非常一致。另一個同樣重要的進展是，AGIS 的財務長 Dan Moorhead 最近辭職，正如我們兩天前在 8-K 文件中宣布的那樣。他今天正在通話中，可以回答問題。

As soon as we have a replacement appointed, we will update everyone immediately, of course. As I'm sure most of our listeners know, we submitted the FDA application on our NiCO laser pulse oximeter back in May. This product makes -- marks a historic milestone in the evolution of pulse oximetry and is a major game changer in our mission to improve the quality of care and patient outcomes with unique breakthrough technologies in our hospital monitoring division.

當然，一旦我們任命了替代者，我們會立即向所有人通報最新情況。我相信大多數聽眾都知道，我們早在五月就向 FDA 提交了 NiCO 雷射脈搏血氧儀的申請。該產品標誌著脈搏血氧儀發展史上的歷史性里程碑，也是我們醫院監測部門利用獨特的突破性技術改善護理品質和患者治療效果的使命的重大改變。

We are encouraged by the early attention we have received from the FDA and the line of questions we have answered already. We expect at least one more round of questions that will take several months before clearance. Don will provide you with more details on this exciting development. And the TRICARE temporary payments suspension is still ongoing, and it's hard to predict exactly how long it will take before we have a resolution to this.

我們對 FDA 早期給予的關注以及我們已經回答的一系列問題感到鼓舞。我們預計至少還會進行一輪質詢，並且需要幾個月的時間才能完成審核。唐將向您提供有關這一激動人心的發展的更多細節。而且 TRICARE 臨時付款暫停仍在進行中，很難預測我們需要多長時間才能解決這個問題。

We are obviously hopeful that it will be sooner rather than later. We are actively cooperating with DHA and TRICARE in their claims reviews, and we are advocating, revisitation of the payment suspension. In support of TRICARE's goals of patient care, we have also agreed to continue servicing existing TRICARE patients, and we are honoring prescriptions for new patients. While we are working on a resolution with TRICARE we are redirecting our focus to fully operate without relying on TRICARE's revenue.

我們顯然希望這一天能盡快到來。我們正在積極配合 DHA 和 TRICARE 進行索賠審查，並主張重新審視付款暫停。為了支持 TRICARE 的患者護理目標，我們也同意繼續為現有的 TRICARE 患者提供服務，並且我們尊重新患者的處方。在我們與 TRICARE 合作尋求解決方案的同時，我們將重點轉移到不再依賴 TRICARE 收入的全面運作上。

We are committed to diversifying our revenue streams even more. And during the quarter, we continued our efforts to refocus our sales force and operations to reflect the current landscape of insurance coverage and have made significant strides towards improving cash flow.

我們致力於進一步實現收入來源多樣化。在本季度，我們繼續努力重新調整銷售團隊和運營，以反映當前的保險覆蓋狀況，並在改善現金流方面取得了重大進展。

This has included several efficiency improvements in our internal operations, relocating staff to more profitable business units, reducing our cost of goods sold, updating our sales management structures while driving the sales force in the field to become more efficient and productive. Our efforts to redirect our sales force and reduce expenses internally are beginning to take effect now in the -- and over the next several quarters, it will naturally show as improvements to our bottom line.

這包括我們內部營運的幾項效率改善、將員工調至利潤更高的業務部門、降低我們的銷售成本、更新我們的銷售管理結構，同時推動現場銷售團隊變得更有效率和更有生產力。我們重新調整銷售團隊和削減內部開支的努力現在開始產生效果——在接下來的幾個季度裡，它自然會體現為我們利潤的改善。

We reported net revenue of $22 million in the quarter, while we collected $26 million in cash in the second quarter. We posted a net loss of $20 million, while more than half of that was due to a non-cash adjustment to our tax allowance. We strongly believe in our commitment to help patients with the best product for pain relief without side effects that are associated typically with opioids. We are confident that our efforts to reduce costs and redirecting our sales force will be pivotal to improve cash flow and create a foundation for continuing to grow into the huge demand for our products.

我們報告本季淨收入為 2,200 萬美元，而第二季我們收到的現金為 2,600 萬美元。我們公佈的淨虧損為 2000 萬美元，其中一半以上是由於我們的稅收減免的非現金調整造成的。我們堅信我們的承諾是幫助患者使用最好的產品來緩解疼痛，並且不會產生通常與鴉片類藥物相關的副作用。我們相信，降低成本和重新調整銷售團隊的努力對於改善現金流量和為我們產品繼續滿足巨大需求奠定基礎至關重要。

Our revenue is becoming more diversified with increased call points, increasing sales of other products, technologies and more end users. We are very optimistic about the future of Zynex as we have proven to be a business that can grow profitably.

隨著呼叫點的增加、其他產品和技術的銷售增加以及最終用戶的增多，我們的收入變得更加多樣化。我們對 Zynex 的未來非常樂觀，因為事實證明我們是一家能夠獲利成長的企業。

I'll now turn the call over to Anna Lucsok to provide a more detailed update on the operations. Anna?

現在我將把電話轉給安娜·盧索克 (Anna Lucsok)，讓她提供有關營運的更詳細的更新資訊。安娜？

Thank you, Thomas. As Thomas mentioned, we were notified by TRICARE that the temporary suspension of payments will continue as they complete their review. We continue to remain an in-network provider and service existing and new TRICARE patients as directed by DHA. In June, we decreased overall staff by an additional 14% mostly in our corporate office. We anticipate this along with previous expense reductions will result in an annual savings up to $40 million.

謝謝你，托馬斯。正如托馬斯所提到的，TRICARE 通知我們，在他們完成審查後，將繼續暫停付款。我們將繼續作為網路內提供者，按照 DHA 的指示為現有和新的 TRICARE 患者提供服務。6 月份，我們又減少了 14% 的員工，主要集中在公司辦公室。我們預計，這項措施加上先前的開支削減將帶來每年高達 4,000 萬美元的節省。

As part of the restructure and based on payer performance analysis, we've categorized payers into different tiers and are actively shifting our focus to the most favorable segments. As a result, we've rightsized shipments for orders and adjusted sales commissions to reflect performance. Internally, we've eliminated close to 90 corporate roles, replacing them with more cost-effective outsourced teams.

作為重組的一部分，根據付款人績效分析，我們將付款人分為不同的層級，並積極將重點轉移到最有利的細分市場。因此，我們根據訂單調整了出貨量，並調整了銷售佣金以反映業績。在內部，我們已裁減了近 90 個公司職位，並以更具成本效益的外包團隊取代。

These actions are expected to reduce expenses while allowing our teams to focus more efficiently on our core business on a monthly basis. While we anticipate a near-term impact on revenue primarily within our supply segments, it reinforces our patient-centric approach and strengthens our ability to build and sustain long-term value-based relationships with payers.

這些舉措有望減少開支，同時使我們的團隊能夠每月更有效地專注於我們的核心業務。雖然我們預計短期內這將主要影響我們供應部門的收入，但它強化了我們以患者為中心的理念，並增強了我們與付款人建立和維持長期價值關係的能力。

We believe this strategy will drive greater patient outcomes and operational sustainability over time. We've undertaken a comprehensive realignment of our sales force to drive productivity and position the organization for long-term growth. One of the key initiatives has been resetting our sales organization to better align with and reflect our business objectives. In parallel, we've restructured the sales team by reducing the overall headcount and exiting sales reps that don't meet our standards.

我們相信，隨著時間的推移，這項策略將帶來更好的患者治療效果和運作的可持續性。我們對銷售團隊進行了全面調整，以提高生產力並為組織的長期發展做好準備。其中一項重要舉措是重新調整我們的銷售組織，以便更好地適應和反映我們的業務目標。同時，我們對銷售團隊進行了重組，減少了總員工人數，並解雇了不符合我們標準的銷售代表。

We also streamlined our organizational structure by removing redundancies, which has allowed for oversight and support from senior leadership. This leaner structure empowers leadership to stay focused on the metrics that matter for the business and performance indicators that enable faster identification of coaching opportunities to ensure every individual representing our company represents our values.

我們也透過消除冗餘來精簡組織結構，以便高層領導者進行監督和支持。這種更精簡的結構使領導層能夠專注於對業務和績效指標至關重要的指標，從而能夠更快地識別培訓機會，確保代表我們公司的每個人都代表我們的價值觀。

Additionally, we revamped our sales compensation model to drive a performance-focused culture that meets the company's objectives for good patient care and experience and regulatory compliance. High-performing sales employees are now rewarded with increased base pay, while mid-tier performers are incentivized to improve the clearly defined targets.

此外，我們改進了銷售薪酬模式，以推動以績效為中心的文化，滿足公司對良好病患照護和體驗以及法規遵循的目標。現在，高績效銷售員工將獲得增加的基本工資作為獎勵，而中等績效員工則會受到激勵以改善明確定義的目標。

This approach not only drives accountability, but also creates a clear pathway for reps to appropriately grow their earnings as they deliver better business outcomes through better patient experience. Long term, our objective remains unchanged. We aim to fully staff all 800 sales territories with highly capable data-driven representatives. We believe this focused and disciplined strategy will allow us to serve our patients more effectively and deliver consistent profitable growth.

這種方法不僅可以推動問責制，而且還為銷售代表創造了一條清晰的途徑，使他們能夠透過更好的患者體驗提供更好的業務成果，從而適當地增加收入。從長遠來看，我們的目標保持不變。我們的目標是為所有 800 個銷售區域配備高能力的數據驅動代表。我們相信，這種專注而嚴謹的策略將使我們能夠更有效地為患者服務並實現持續的獲利成長。

I'll now turn the call over to Don Gregg to provide a more detailed update on the patient monitoring business. Don?

現在我將把電話轉給唐·格雷格 (Don Gregg)，讓他提供有關患者監測業務的更詳細的最新情況。大學教師？

Thank you, Anna. I want to provide an additional update on the progress of our NiCO pulse oximeter and the overall market opportunities for this product. We successfully submitted NiCO to the FDA in May, and there has been initial interactive review with the FDA. We are expecting an additional information request in August and an overall six-month clearance process.

謝謝你，安娜。我想提供有關我們的 NiCO 脈搏血氧儀的進展以及該產品的整體市場機會的額外更新。我們在5月成功向FDA提交了NiCO，並且已經與FDA進行了初步的互動審查。我們預計八月會收到額外的資訊請求，整個清關過程將持續六個月。

Last quarter, I spent some time explaining why we are well positioned with this technology and the massive opportunity we believe is in front of us. Clinical results show the NiCO laser technology is superior to LED pulse oximeters currently in the market today as they have severe accuracy issues in patients with darker skin elevated carbon monoxide or hemoglobin in the bloodstream and especially those with low levels of blood oxygen.

上個季度，我花了一些時間解釋為什麼我們在這項技術方面處於有利地位，以及我們認為擺在我們面前的巨大機會。臨床結果表明，NiCO 雷射技術優於目前市場上的 LED 脈搏血氧儀，因為它們對於皮膚較黑、血液中一氧化碳或血紅蛋白升高的患者，尤其是血氧水平低的患者，存在嚴重的準確性問題。

There are very few clinical procedures that do not use pulse oximetry. Skin segmentation have been shown to alter the oxygen measurement displayed when using LED-based pulse oximetry, resulting in biases, which can have negative impacts on patient care and outcomes. These accuracy issues are on the FDA agenda and have resulted in device manufacturer litigation to date.

很少有臨床程序不使用脈搏血氧儀。研究表明，皮膚分割會改變使用基於 LED 的脈搏血氧儀時顯示的氧氣測量值，從而產生偏差，這可能會對患者護理和結果產生負面影響。這些準確性問題已列入 FDA 議程，迄今已導致設備製造商提起訴訟。

Numerous clinical publications prove LED-based pulse oximeters that are on the market today are inaccurate on darker skin. Given this, 25 attorney generals and the US Senate requested FDA to address pigmentation bias. As a result of this, the FDA funded open oximetry to improve the safety and precision of pulse oximeters that openly publish their testing results.

大量臨床出版物證明，目前市場上基於 LED 的脈搏血氧儀對於深色皮膚的測量並不準確。有鑑於此，25 位司法部長和美國參議院要求 FDA 解決色素偏見問題。因此，FDA 資助了開放式血氧儀，以提高公開發布其測試結果的脈搏血氧儀的安全性和精確度。

Multiple FDA panel meetings resulted in a new draft guidance issued in January of 2025 in which our technology conforms to that guidance. The NiCO Pulse Oximeter recently submitted to the FDA is powered by patent protected laser technology that has been validated to solve the accuracy issues of LED technology in a clinical study at Duke University.

多次 FDA 小組會議最終於 2025 年 1 月發布了新的指導草案，我們的技術符合該指導。最近提交給 FDA 的 NiCO 脈搏血氧儀採用受專利保護的雷射技術，該技術已在杜克大學的臨床研究中得到驗證，可以解決 LED 技術的準確性問題。

Laser pulse oximetry is not biased, allowing for more accurate readings across all individuals regardless of skin pigmentation, elevated carbon monoxide or methemoglobin in the bloodstream and especially those with low levels of blood oxygen. More accurate data results in improved care and better patient outcomes. We believe our NiCO pulse oximeter will provide reliable and equitable care for all.

雷射脈搏血氧儀沒有偏見，可以為所有人提供更準確的讀數，無論膚色、血液中一氧化碳或高鐵血紅蛋白是否升高，尤其是血氧水平低的人。更準確的數據可以改善護理並改善患者治療效果。我們相信我們的 NiCO 脈搏血氧儀將為所有人提供可靠和公平的護理。

In addition to solving current LED based pulse oximeter technology accuracy issues, the NiCO technology platform is poised to unlock the $1 billion invasive lab-based co-oximetry market with non-invasive laser pulse oximetry technology by bringing it directly to the bedside with instant results and shifting the standard of care.

除了解決目前基於 LED 的脈搏血氧儀技術準確性問題之外，NiCO 技術平台還準備利用非侵入性雷射脈搏血氧儀技術打開價值 10 億美元的侵入性實驗室共血氧儀市場，將其直接帶到床邊並立即獲得結果，從而改變護理標準。

Co-Oximetry is a critical diagnostic tool for emergency room and hospital patients to determine their treatment pathway. Current clock symmetry technology is lab-based for the most part, uses a similar laser spectrometry technology and suffers from a number of drawbacks that affect patient outcomes and high hospital costs. Co-Oximetry measurements require a blood draw today, which is painful and risks infection.

血氧飽和度測定法是急診室和醫院病患確定治療途徑的重要診斷工具。目前的時鐘對稱技術大部分基於實驗室，使用類似的雷射光譜技術，有許多影響病患結果和高昂醫院成本的缺點。如今，血氧飽和度測量需要抽血，這很痛苦，而且有感染的風險。

Patients wait for results from the lab, which reduces the ability to select appropriate treatment in a timely fashion. These labs are sometimes offsite and result in lengthy delays. It's also a more expensive approach due to hospital lab processes and high-cost consumables. The NiCO platform uses needle-free patent-protected laser technology to deliver instant, continuous and low-cost results at the bedside to unlock this opportunity.

患者等待實驗室的結果，降低了及時選擇適當治療的能力。這些實驗室有時不在現場，導致長時間的延誤。由於醫院實驗室流程和高成本的消耗品，這也是一種更昂貴的方法。NiCO 平台採用無針專利保護雷射技術，在床邊提供即時、連續且低成本的結果，從而釋放此機會。

To close, we submitted NiCO to the FDA in May of this year, and we expect approval to take approximately six months from receipt of an additional -- an FDA additional information request that's scheduled for August. Patient monitoring is a multibillion-dollar market, approximately $3.5 billion globally, that we believe NiCO will enter as a superior product that can meaningfully improved care to the broadest range of patients when they need it most.

最後，我們在今年 5 月向 FDA 提交了 NiCO，我們預計從收到額外的 FDA 附加資訊請求（計劃於 8 月提交）開始，批准大約需要六個月的時間。病人監護是一個價值數十億美元的市場，全球規模約為 35 億美元，我們相信 NiCO 將作為一種優質產品進入該市場，能夠在最需要的時候為最廣泛的患者提供顯著改善的護理。

Zynex is pushing to be a key industry partner and leader to all clinicians and further demonstrate how NiCO's laser pulse oximetry technology inherently solves the current market challenges, especially accuracy and skin pigmentation bias while improving the field of patient monitoring.

Zynex 致力於成為所有臨床醫生的關鍵行業合作夥伴和領導者，並進一步展示 NiCO 的雷射脈搏血氧儀技術如何從本質上解決當前的市場挑戰，尤其是準確性和皮膚色素沉著偏差，同時改善患者監測領域。

I will now turn the call over to Dan Moorhead, Chief Financial Officer, for a more in-depth look at the quarter's financial performance.

現在，我將把電話轉給財務長 Dan Moorhead，以便更深入了解本季的財務表現。

Thanks, Don. Please refer to our press release issued earlier today for a summary of our financial results for the second quarter ended June 30, 2025. Net revenue was $22.3 million compared to $49.9 million in the second quarter of 2024. Device revenue was $11 million and supplies revenue was $11.3 million.

謝謝，唐。請參閱我們今天稍早發布的新聞稿，以了解截至 2025 年 6 月 30 日的第二季財務業績摘要。淨收入為 2,230 萬美元，而 2024 年第二季為 4,990 萬美元。設備收入為 1,100 萬美元，耗材收入為 1,130 萬美元。

The revenue decline was primarily attributable to the temporary payment suspension from TRICARE and slowing order growth, which was impacted by sales force reductions, shipping policy adjustments and the redirection of the sales force activity.

收入下降主要歸因於 TRICARE 的暫時付款暫停和訂單成長放緩，而這又受到銷售人員減少、運輸政策調整和銷售人員活動重新定向的影響。

Gross profit in the second quarter was $15.2 million or 68% of revenue as compared to $39.9 million or 80% of revenue in Q2 2024. Sales and marketing expenses decreased by 45% to $12.8 million in the second quarter of 2025. The primary contributor to the decrease in sales and marketing expenses was our headcount reduction as we continue to focus on sales rep productivity.

第二季毛利為 1,520 萬美元，佔營收的 68%，而 2024 年第二季毛利為 3,990 萬美元，佔營收的 80%。2025 年第二季銷售和行銷費用下降 45% 至 1,280 萬美元。銷售和行銷費用下降的主要原因是我們裁員，因為我們繼續專注於銷售代表的生產力。

G&A expenses were $12.7 million in the second quarter of 2025 compared to $14.5 million last year. Net loss was $20 million and $0.66 per share in the second quarter of 2025 compared to net income of $1.2 million in Q2 2024. As Thomas mentioned, included in our net loss is a noncash charge of $10.3 million or $0.34 per share related to an allowance on our deferred tax assets.

2025 年第二季的 G&A 費用為 1,270 萬美元，而去年為 1,450 萬美元。2025 年第二季淨虧損為 2,000 萬美元，每股虧損 0.66 美元，而 2024 年第二季淨收入為 120 萬美元。正如湯瑪斯所提到的，我們的淨虧損中包括與遞延稅務資產準備金相關的 1,030 萬美元或每股 0.34 美元的非現金費用。

Adjusted EBITDA loss for the three months ended June 30, 2025, was $8.9 million as compared to adjusted EBITDA of $3.5 million in the quarter ended June 30, 2024. On the balance sheet, we had $17.5 million of cash on hand at June 30, 2025, and we're able to reduce our cash burn significantly in Q2. We expect it to be even less in Q3. Our convertible debt of $60 million is due in May of 2026. So you'll notice it's now a current liability. We are currently working with our advisors to refinance this liability.

截至 2025 年 6 月 30 日的三個月的調整後 EBITDA 虧損為 890 萬美元，而截至 2024 年 6 月 30 日的季度的調整後 EBITDA 為 350 萬美元。在資產負債表上，截至 2025 年 6 月 30 日，我們手頭上有 1,750 萬美元的現金，我們能夠在第二季大幅減少現金消耗。我們預計第三季這數字會更低。我們的 6 千萬美元可轉換債務將於 2026 年 5 月到期。所以你會注意到它現在是一項流動負債。我們目前正在與我們的顧問合作為這筆債務進行再融資。

With that, I'll now turn it back over to Thomas.

說完這些，我現在把發言權交還給湯瑪斯。

Yeah. Thank you, Dan. In terms of forward-looking guidance, we have decided to suspend quarterly guidance while we are onboarding our new CEO and looking to appoint a new CFO following Dan's announced departure. Steven Dyson, the incoming CEO, will lead a review of the company's forecasting procedures and will provide an update to investors on the potential assumptions of guidance in the coming quarters.

是的。謝謝你，丹。在前瞻性指引方面，我們決定在丹宣布離職後，在新任執行長入職並尋求任命新財務長期間暫停季度指引。即將上任的執行長史蒂文·戴森 (Steven Dyson) 將領導對公司預測程序的審查，並將向投資者提供有關未來幾個季度指導的潛在假設的最新資訊。

Our mission is to improve the quality of life for patients suffering from debilitating pain and illness by providing the highest technology and service standards. In pain management, we do this by providing a non-opioid alternative to pain management and our monitoring division aimed to measure data more accurately across patients and provide a more health care outcome.

我們的使命是透過提供最高的技術和服務標準來改善遭受痛苦和疾病折磨的患者的生活品質。在疼痛管理方面，我們透過提供非鴉片類藥物替代疼痛管理來實現這一目標，我們的監測部門旨在更準確地測量患者的數據並提供更健康的護理結果。

We continue to adjust the cost structure as needed and we'll soon get back to a strong growth trajectory. Looking forward, we believe we have additional call points in revenue streams that can drive further growth. We have always shown an ability to adjust to market customer and reimbursement changes and continue investing in refocusing our business.

我們會根據需求持續調整成本結構，很快就會回到強勁的成長軌跡。展望未來，我們相信我們的收入流中還有更多的呼叫點可以推動進一步的成長。我們始終表現出適應市場客戶和報銷變化的能力，並繼續投資重新調整我們的業務重點。

With that, let's open the call up for questions.

現在，讓我們開始提問。

(Operator Instructions) Jeffrey Cohen, Ladenburg Thalmann.

（操作員指示）傑弗裡·科恩，拉登堡·塔爾曼。

A few questions from our end. I guess firstly, I just want to review and recap with Don on NiCO. So the initial submission was made, August is when you expect to return questions back to the FDA? Or is August when you expect to hear back from them again and remind us on anticipated approval would it be closer to October or December.

我們有幾個問題。我想首先，我只想和 Don 一起回顧和重溫 NiCO。因此，初步提交已經完成，您預計在 8 月將問題回饋給 FDA 嗎？或者您預計在 8 月再次收到他們的回覆並提醒我們預計批准的時間是 10 月還是 12 月？

Yeah. Thanks for the question. We've been in dialogue with FDA in what's called an interactive review. We've received multiple discussion questions and dialogue with them. We're expecting an AI, which should be in August. And then we are anticipating six months from then clearance. Depending on what is in the AI based on what we've already had discussions with FDA regarding, I would expect that clearance would be closer to that December timeframe.

是的。謝謝你的提問。我們一直在與 FDA 進行對話，即所謂的互動審查。我們收到了多個討論問題並與他們進行了對話。我們期待人工智慧的出現，預計在八月。我們預計從那時開始需要六個月的時間才能完成清關。根據我們已經與 FDA 討論的內容，根據 AI 中的內容，我預計批准將接近 12 月的時間範圍。

Okay. And you feel confident that there won't be a second AI iteration.

好的。並且您確信不會再出現第二次 AI 迭代。

Well, nobody really knows exactly what the FDA might do in that case, but we have forecasted AI questions. We've got responses ready for those. And we feel pretty confident in our submission to the FDA, given all the work that we've done over the past several years.

好吧，沒有人真正知道 FDA 在這種情況下會做什麼，但我們已經預測了人工智慧的問題。我們已經準備好應對這些問題。考慮到我們過去幾年所做的所有工作，我們對向 FDA 提交的文件非常有信心。

Okay. Got it. Perfect. And then secondly, could you talk about TRICARE a little further as far as next steps and timelines as far as the next iteration when you may meet or have some news about the relationship there? And then maybe talk a little bit about those patients and their patients and referrals. So is TRICARE still referring patients to you that flows continued or perhaps diminished? And are those patients going on therapy or alternatively going elsewhere.

好的。知道了。完美的。其次，您能否進一步談談 TRICARE 的下一步措施和時間表，以及下一次迭代的時間表，屆時您可能會見面或了解一些有關雙方關係的消息？然後也許可以稍微談論一下這些病人以及他們的病人和轉診。那麼，TRICARE 是否仍將流量持續或可能減少的患者轉介給您？這些患者是否正在接受治療或到其他地方就診？

So we don't have any information about TRICARE payment suspension next steps at this point and when if it's going to get resolved. But we continue to service, TRICARE patients, existing and new patients. The inflow of patients has reduced a little bit just as a result of reduced sales rep headcount by about half.

因此，我們目前還沒有任何關於 TRICARE 付款暫停的後續措施以及何時能解決的資訊。但我們將繼續為 TRICARE 患者（包括現有患者和新患者）提供服務。由於銷售代表人數減少了約一半，患者人數也略有減少。

Got it. And then lastly for Dan, perhaps talk a little bit about the sales or the sales and marketing line and/or the G&A line as far as the back half of the year and how those last 2 quarters may compare with Q2 and where you ended up Q2.

知道了。最後，對於 Dan，也許可以談談下半年的銷售或銷售和行銷線和/或 G&A 線，以及最後兩個季度與第二季度相比如何，以及第二季度的最終結果如何。

Yeah. I think you'll see continued reductions. We made the second of our cost reductions were done in June. And so you didn't really get the full effect of those. So on the sales side, I think you're going to continue to see a decrease, probably down another 15% to 20% in Q3 and then I think it probably flattens out for the rest of the year. And then on the G&A side, it's probably closer to a 10% to 12% decrease from Q2 to three and then again flattening out, but you'll really start to see the full effect of the cost reductions starting in Q3.

是的。我認為你會看到持續的減少。我們第二次的成本削減是在六月進行的。所以你並沒有真正感受到它們的全部效果。因此，就銷售方面而言，我認為你會繼續看到下降趨勢，第三季可能會再下降 15% 到 20%，然後我認為今年剩餘時間內可能會趨於平穩。然後在 G&A 方面，從第二季度到第三季度，它可能下降了 10% 到 12%，然後再次趨於平穩，但從第三季度開始，你才會真正開始看到成本削減的全部效果。

Yi Chen, HC Wainwright.

陳毅，HC Wainwright。

This is Eduardo on for Yi. Do you have any more details on the nature of the data request from the FDA. You mentioned that you've done some preparation already to anticipate those questions. Just kind of get some color on any hesitation they might have or where they're looking for more detail in the technology.

愛德華多替換易建聯上場。您能否提供有關 FDA 資料請求性質的更多詳細資訊？您提到您已經做了一些準備來預測這些問題。只是想了解他們可能存在的猶豫，或者他們正在尋找有關該技術的更多細節。

I think that the FDA, Yi Chen, is definitely concerned about LED technology. They want to ensure that our technology in our clinical trial performs as good as or better than LED technology. They've also -- we've had a lot of dialogue on claims positioning of it because it is a different light source technology, things like that. And I'm anticipating that they will continue to review our clinical data. They will continue to review our claims to ensure where this is positioned properly for those claims, etc, etc. And so we are well prepared to talk through this with them and to respond in a very quick manner around that because we'd like to get clearance as soon as possible.

我認為 FDA 的 Yi Chen 肯定對 LED 技術感到擔憂。他們希望確保我們在臨床試驗中的技術表現與 LED 技術一樣好甚至更好。他們也——我們就它的定位進行了大量對話，因為它是一種不同的光源技術，諸如此類。我預計他們將繼續審查我們的臨床數據。他們將繼續審查我們的索賠，以確保這些索賠得到適當的處理，等等。因此，我們已做好充分準備與他們討論此事，並以非常迅速的方式回應，因為我們希望盡快獲得批准。

That's really helpful. And I guess, curious, I know it might be a little early. Any conversations with the new CEO and possible initiatives or strategies either on the commercial side or the reimbursement side that you guys might have moving forward?

這真的很有幫助。我想，出於好奇，我知道這可能有點早。與新任執行長進行過任何對話，並且你們在商業方面或報銷方面可能採取的舉措或策略是什麼？

Yeah. Obviously, I have a close dialogue with Steven Dyson. And the rest of the leadership team is also engaged in in basically making sure that things that come up at this point in time that we're all aligned. All these initiatives to refocus on the pain management side were fully aligned on. And it fits well what he's good at sorting out a difficult situation and make sure that the valuation of the company over the next several years will be much better than it is today.

是的。顯然，我與史蒂文·戴森進行了密切的對話。領導團隊的其他成員也參與其中，基本上確保此時出現的事情我們都保持一致。所有這些重新關注疼痛管理的措施都是完全一致的。這很符合他擅長解決困難局面並確保公司未來幾年的估值比現在好得多的特質。

Shagun Singh, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Shagun Singh。

I guess just a couple of questions for me. Could you touch on why revenue came in below the recently provided guidance. I understand it was due to TRICARE and some of the sales force reduction. But beyond that, was there anything incremental that drove the sort of low visibility coming into the quarter.

我想我只有幾個問題。您能否解釋為什麼收入低於最近提供的指導。據我了解，這是由於 TRICARE 和部分銷售人員的減少造成的。但除此之外，還有什麼因素導致本季的可見度較低嗎？

Yeah, that's the third component in that we shipped less supplies in the second quarter than we had in prior quarters simply as a result of the insurance companies that we are now servicing the allowable and the initiatives we have to -- have even closer contact with patients as to the actual needs of supplies.

是的，這是第三個因素，我們第二季度運送的物資比前幾季度少，這僅僅是因為我們現在為允許的保險公司提供服務，並且我們必須採取舉措——與患者更密切地聯繫以了解物資的實際需求。

And Anna, anything to add.

安娜，還有什麼要補充的嗎？

Well, we continue to implement a utilization management control program in place to ensure that better patient outcome that continues to impact our supply shipments to patients.

嗯，我們繼續實施利用管理控制計劃，以確保更好的患者結果，這將繼續影響我們向患者的供應。

Got it. And maybe on TRICARE, you talked about how you're still servicing some of these patients when you know that payments are necessarily going to be coming in at this time. Is there a reason why you're still servicing them? And perhaps have you thought about perhaps reallocating resources elsewhere? And maybe can you help us think about what Zynex could look like ex right here?

知道了。也許在 TRICARE 上，您談到當你知道此時必然會有付款到賬時，您仍在為其中一些患者提供服務。您仍然為他們提供服務有什麼原因嗎？或許您是否考慮過將資源重新分配到其他地方？也許您可以幫我們想想 Zynex 在這裡會是什麼樣子嗎？

Yeah. TRICARE specifically or DHA with TRICARE specifically asked us during this process here to continue to service the patients and new patients as well. So as annoying and as a hostile of a situation as it is, we obviously doing our best to try to play ball and take good care of patients as we receive those prescriptions. So that's part of basically dealing with this situation here.

是的。TRICARE 或 DHA 與 TRICARE 特別要求我們在過程中繼續為患者和新患者提供服務。因此，儘管情況令人惱火且充滿敵意，但我們顯然會盡最大努力配合並在收到這些處方時照顧好患者。所以這基本上是處理這種情況的一部分。

It's something that's obviously costing us some money with no revenue and we will continue to evaluate whether we do that. But as Anna mentioned earlier, the number of new orders we are getting has dropped significantly as a result of refocusing our sales force. And that helps a little bit on that equation.

這顯然會花費我們一些錢卻沒有收入，我們將繼續評估是否要這樣做。但正如安娜之前提到的，由於重新調整銷售隊伍，我們收到的新訂單數量大幅下降。這對這個等式有一點幫助。

And at this time, Mr. Sandgaard, we have no further questions registered. Please proceed.

桑德加德先生，目前我們沒有其他問題。請繼續。

Yeah. Thank you for joining us today. We obviously didn't see the performance that we had expected this past quarter. However, I'm very pleased with our plan of improvement and the actions that we have already taken. We appreciate your time and interest in Zynex and have a great day.

是的。感謝您今天加入我們。顯然，我們沒有看到上個季度所預期的表現。不過，我對我們的改進計劃和已經採取的行動感到非常滿意。感謝您對 Zynex 的關注和時間，祝您有個愉快的一天。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝大家的出席。此時，我們確實要求您斷開線路。