Financial Data and Key Metrics Changes - Worldwide sales for Q1 2025 were $22.5 million, representing a 20% increase from $18.9 million in the same period last year, and a 21% increase on a constant currency basis [6][29] - U.S. revenue for Q1 was $14.2 million, an 11% increase from $12.9 million in the prior year [30] - International revenue for Q1 was $8.3 million, a 39% increase from $6 million during the same period last year, and a 43% increase on a constant currency basis [30] - Gross margin for Q1 was 73%, down from 75% in the prior year [31] - Net loss for Q1 was $14.4 million, or a loss of $0.36 per share, compared to a net loss of $13.7 million, or a loss of $0.36 per share for the same period last year [34] Business Line Data and Key Metrics Changes - The company is focused on an "acquire, test, and treat" strategy to enhance patient engagement and treatment for COPD [8][20] - The company hosted over 40 peer-to-peer events to educate providers about the selection criteria and benefits of Zephyr Valves [9] - The company added 10 new U.S. accounts in Q1, ending with 285 active accounts [16] Market Data and Key Metrics Changes - The company anticipates a $12 billion market opportunity for COPD treatment [8] - International revenue growth was particularly strong in China, driven by underlying demand and distributor stocking [30][60] - The company is exploring targeted approaches to increase severe emphysema screening in existing accounts [18] Company Strategy and Development Direction - The company aims to build a strong foundation for sustained growth through increased clinician and patient awareness [8] - The strategy includes hiring therapy awareness specialists to enhance community physician education [10] - The company is expanding its global footprint and seeking to broaden indications for its products to fuel long-term growth [16][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue guidance of $96 million to $98 million for the full year 2025 [7][36] - The company is monitoring global trade policies and their potential impact on international revenue [38] - Management noted that U.S. growth has moderated but expects initiatives to drive acceleration in the second half of the year [21][26] Other Important Information - The company received notice from the U.S. Department of Justice that it formally declined to intervene in a civil investigative demand [27] - The company ended Q1 with $88.7 million in cash, cash equivalents, and marketable securities [35] Q&A Session Summary Question: Can you provide additional color on your guidance outlook? - Management reiterated the 2025 revenue guidance of $96 million to $98 million, indicating that the first half growth is expected to be driven by international business and the second half by U.S. business [43][44] Question: Where could upside to full year guidance come from? - Potential upside could come from the adoption of initiatives in the U.S., particularly related to therapy awareness and direct-to-patient programs [46][47] Question: What programs have been most impactful in the early days of the strategy? - Marketing and peer-to-peer education have been highlights, with positive responses from physicians attending events [54][55] Question: How have international partners responded to tariff commentary? - There has been little feedback from international partners, but strong demand in China has been noted [60][62] Question: How much of OUS sales is attributed to China? - The distributor likely bought a quarter's worth of inventory in Q1, with continued purchasing expected in Q2 [66] Question: How is the company balancing SG&A leverage with treatment center expansion? - The company is focused on operating leverage while investing in initiatives that drive future revenue [72] Question: Did U.S. revenues come in light due to weather dynamics or flu season? - Management indicated that the tough comparison from the prior year was a significant factor, rather than weather or flu season [78]