Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.4 million, a slight decrease from $2.5 million in Q3 2024. For the nine months ended September 30, 2025, revenue was $6.9 million, compared to $6.6 million for the same period in 2024 [10] - Operating expenses were reduced by over $500,000 compared to the same period last year, reflecting disciplined cost management [5][10] - As of September 30, 2025, cash and cash equivalents were approximately $1.3 million, with working capital of approximately $3.1 million [11] Business Line Data and Key Metrics Changes - In the dental segment, international sales increased year-over-year, partially offsetting a decline in domestic revenue [7] - Utilization of CompuFlow disposables rebounded slightly, indicating a re-engagement with current customers [7] Market Data and Key Metrics Changes - The company has a market share of approximately 1.5%-2% in both domestic and international markets, indicating significant room for growth [16] Company Strategy and Development Direction - The company is focused on three strategic priorities: streamlining operations, strengthening commercial execution in dental and medical sectors, and advancing reimbursement strategies for CompuFlow [6][12] - The addition of Dr. Dawood Syed to the board aims to enhance clinical and payer expertise, supporting the strategy for broader adoption within hospital systems [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's technology and the need for a structured approach to sales and reimbursement strategies [39][40] - The focus is on disciplined execution and operational excellence to build long-term shareholder value [12][50] Other Important Information - The company is enhancing its omnichannel marketing strategy to increase brand visibility and customer engagement [9] Q&A Session Summary Question: How to convince dental clinics to invest in new equipment? - Management acknowledged the need to reconnect with old customers and expand digital marketing efforts to raise awareness about the benefits of their products [15][16] Question: Update on the medical side and broader commercialization plans? - The company is focusing on a few jurisdictions for CompuFlow and plans to collect data meticulously to support Medicare reimbursement [21][22] Question: Impact of tariffs on supply chain and customer behavior? - Management reported minimal impact from tariffs and is considering a bonded warehouse in the U.S. to mitigate potential issues [29] Question: Structure of the salesforce and reimbursement specialists? - The company plans to ramp up its sales organization and is considering pursuing reimbursement codes for pediatric use [30][31] Question: Is there a seasonality pattern in sales? - Management indicated that the business is steady without significant seasonal fluctuations, expecting a similar performance in Q4 [32] Question: Long-term outlook and challenges faced? - Management emphasized the importance of having a structured approach to sales and reimbursement to ensure sustainable growth [39][40] Question: Current cash position and need for capital? - The company has sufficient cash to operate for several quarters and is looking for opportunities to improve its financial position [47]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.4 million, a slight decrease from $2.5 million in Q3 2024. For the nine months ended September 30, 2025, revenue was $6.9 million, compared to $6.6 million for the same period in 2024 [10] - Gross profit for the nine months ended September 30, 2025, was approximately $4.9 million, reflecting no material year-over-year change [10] - Operating expenses were approximately $1.1 million for Q3 2025, a reduction of over $500,000 compared to the same period last year [5][10] Business Line Data and Key Metrics Changes - In the dental segment, international sales increased year-over-year, partially offsetting a decline in domestic revenue [6] - Utilization of CompuFlow disposables rebounded slightly, indicating a re-engagement with current customers [6][8] Market Data and Key Metrics Changes - The company has a market share of approximately 1.5%-2% in both domestic and international markets, indicating significant room for growth [17] - The company is focusing on expanding its commercial coverage footprint in key jurisdictions like New Jersey, Texas, and Florida [8][24] Company Strategy and Development Direction - The company is executing a transformational strategy focused on streamlining operations, strengthening commercial execution, and advancing reimbursement strategies for CompuFlow [5][12] - The addition of Dr. Dawood Syed to the board aims to enhance clinical and payer expertise, supporting the strategy for broader adoption within hospital systems [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's technology and emphasized the need for a structured approach to sales and reimbursement to ensure sustainable growth [40][41] - The focus remains on disciplined execution, operational excellence, and building value for shareholders, customers, and patients [12][54] Other Important Information - As of September 30, 2025, the company had cash and cash equivalents of approximately $1.3 million and working capital of approximately $3.1 million [11] - The company is considering establishing a bonded warehouse in the U.S. to mitigate potential tariff impacts [29] Q&A Session Summary Question: How to convince dental clinics to invest in new equipment? - Management acknowledged the challenge and emphasized the need for better education and marketing to increase awareness of the product's benefits [15][17] Question: What is the plan for broader commercialization of CompuFlow? - The focus is on a few key states and jurisdictions, with plans to collect data meticulously to support Medicare reimbursement [21][22] Question: How is the salesforce structured? - The company plans to ramp up the salesforce and is considering adding reimbursement specialists to enhance sales efforts [31][32] Question: Is there a seasonality pattern in sales? - Management indicated that the business is steady without significant seasonal fluctuations, expecting a similar performance in Q4 [33] Question: What is the current cash position and need for capital? - The company has sufficient cash to operate for several quarters and is looking for opportunities to improve its financial position if necessary [50]

Financial Data and Key Metrics Changes - Lifeward reported revenue of $6.2 million in Q3 2025, a slight increase of approximately 1.1% from $6.1 million in Q3 2024, and an 8% increase from $5.7 million in Q2 2025 [6][7] - GAAP gross profit for Q3 2025 was $2.7 million, or 43.7% of revenue, compared to $2.2 million, or 36.2% of revenue in Q3 2024, driven by lower production costs [9][10] - GAAP operating loss for Q3 2025 was $3.1 million, a slight improvement from $3.2 million in Q3 2024, while non-GAAP operating loss was $3 million compared to $4.1 million in the same period last year [11][12] Business Line Data and Key Metrics Changes - Revenue from traditional products, including ReWalk, MyoCycle, and ReStore, totaled $3.1 million in Q3 2025, up 24% from $2.5 million in Q3 2024, driven by increased Medicare-related sales [8] - Revenue from AlterG products decreased to $3.1 million in Q3 2025 from $3.6 million in Q3 2024, primarily due to timing factors [8] Market Data and Key Metrics Changes - Lifeward expanded patient access with the first Medicare Advantage commercial revenue for the ReWalk 7 personal exoskeleton and received CE mark approval, enhancing access to the European market, which represents about 40% of the global addressable exoskeleton opportunity [4][12] - The company closed the quarter with a pipeline of over 117 qualified leads for ReWalk in the U.S. and 49 leads in Germany, including 33 active rentals [8] Company Strategy and Development Direction - The company is focused on rebuilding fundamentals, defining strategic direction, and improving operational discipline, with a commitment to creating durable long-term value [3][5] - Lifeward is exploring global expansion opportunities and strategic partnerships to enhance financial position and market access [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation and the potential for growth, emphasizing the importance of operational efficiencies and a focused sales approach [5][12] - The company reaffirmed its full-year 2025 guidance, expecting revenue in the range of $24-$26 million and a projected non-GAAP net loss of $12-$14 million [12] Other Important Information - Lifeward completed a $3 million loan agreement with AuraMed to enhance liquidity and support the transformation plan [4][12] - The company ended Q3 2025 with $2 million in cash and cash equivalents and no debt, indicating a stable financial position [11][12] Q&A Session Summary Question: Breakdown of rental systems for ReWalk - Lifeward confirmed that there are 33 active rentals, all in Germany [17] Question: Impact of collaboration with CoreLife - Management noted that the partnership with CoreLife is progressing well, with a growing pipeline and learning from training processes [19] Question: Percentage of revenue from Medicare - Medicare accounts for approximately 50% of total revenue, specifically for ReWalk products [21][24] Question: Revenue contribution from ReWalk within traditional product sales - Revenue from ReWalk products is approximately $2.9 million within the $3.1 million of traditional product sales [25] Question: Changes needed for AlterG to stabilize - Management indicated a need for a dedicated sales team for AlterG to regain focus and improve sales performance [38] Question: Introduction of ReWalk 7 in Germany - The company has a solid pipeline with 33 active rentals that are expected to convert to sales within three to six months [39] Question: Comfort level regarding financial stability - Management expressed optimism about the turnaround potential and the strength of the product portfolio, indicating a positive outlook for overcoming financial challenges [42]

Group 1 - The pharmaceutical and biotechnology industry is currently presenting structural opportunities, particularly in the endoscope sector with new products set to launch, including Olympus X1 and other high-end products, which are expected to drive a new wave of equipment replacement demand [1] - The medical device sector remains highly prosperous, with average bidding growth rates exceeding 30% for ultrasound and CT subcategories from December 2024 to September 2025, and a performance inflection point is anticipated in 2026 as industry inventory returns to normal levels [1] - In the innovative drug sector, 127 new drugs outside the national medical insurance negotiation list are expected to be added by 2025, alongside the expansion of commercial insurance for innovative drugs, indicating continuous improvement in payment mechanisms [1] Group 2 - The vaccine ETF (159643) tracks the vaccine biotechnology index (980015), which selects listed companies involved in bioproducts, life science tools, and services, focusing on vaccine research, production, and related services [1] - The constituent stocks of the index exhibit significant innovation and growth characteristics, reflecting the overall performance and technological development dynamics of the vaccine and biotechnology industry [1]

Core Viewpoint - Long-term growth potential for United Imaging Healthcare is supported by strong financial performance and recovery in domestic medical equipment demand [1] Financial Performance - For the first three quarters of 2025, the net profit attributable to shareholders reached 1.12 billion yuan, representing a year-on-year increase of 66.91% [1] - In Q3 alone, the net profit attributable to shareholders was 122 million yuan, showing a significant year-on-year growth of 143.80% [1] Market Trends - The recovery of domestic business is attributed to the implementation of equipment upgrade policies and the resurgence of medical demand, indicating a stable and positive development trend [1] - The Chinese medical equipment market is expected to continue its recovery trajectory [1] Global Strategy - The company adheres to a "highly ambitious, multi-faceted" global strategy, with overseas markets continuing to show strong growth [1] - In North America, revenue has increased by over 50% year-on-year, with high-end imaging equipment now covering approximately 90% of state-level administrative regions in the U.S. [1] - Cumulative installations of imaging equipment have reached nearly 500 units, with over 200 PET/CT devices deployed [1] - Service revenue in the U.S. market has grown by over 80% year-on-year, becoming a crucial support for sustained growth in North American operations [1] Investment Rating - The company has been given a "buy" rating based on its performance and growth prospects [1]

Core Viewpoint - The ChiNext Index has experienced a decline of 1.78% as of November 14, 2025, with mixed performance among constituent stocks, indicating volatility in the market driven by momentum reversal effects and core asset accumulation [1] Group 1: Market Performance - The leading stocks include QianDao Intelligent, which rose by 5.76%, and YiHuaLu, which increased by 3.99%, while JiangBoLong fell by 9.26% [1] - The ChiNext ETF (159908) decreased by 1.62%, with the latest price at 2.92 yuan, but has seen a cumulative increase of 3.99% over the past month [1] - The trading volume for the ChiNext ETF was 14.02 million yuan, with a turnover rate of 1.13% [1] Group 2: Valuation and Economic Signals - Current market valuation levels are near historical averages, with clearer signals of macroeconomic recovery emerging [1] - The analysis suggests that the ChiNext Index has a relatively certain horizontal comparison in terms of allocation space, particularly in the new energy sector, which is a focus area for reversing internal competition [1] - Prices for upstream silicon materials have stabilized, but downstream demand may face challenges related to commercial inventory, leading to market uncertainty [1] Group 3: ETF and Index Composition - The latest scale of the ChiNext ETF is 1.248 billion yuan, closely tracking the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity [2] - As of October 31, 2025, the top ten weighted stocks in the ChiNext Index account for 58.2% of the index, including companies like Ningde Times and Zhongji Xuchuang [2]

Core Viewpoint - Suzhou High-tech Zone is actively engaging in investment promotion during the "Golden Autumn Economic and Trade Season," focusing on breakthroughs in automotive technology, new consumption, and digital economy sectors to enhance its economic landscape for the "14th Five-Year Plan" conclusion and the "15th Five-Year Plan" initiation [1] Group 1: Investment Promotion Activities - A significant automotive technology and equipment development forum was held, attracting over 80 enterprises and serving as a core platform for resource integration within the automotive industry [2][3] - The forum featured the launch of multiple innovative platforms and discussions on cutting-edge topics such as smart manufacturing and battery safety, highlighting the importance of integrating innovation with industry needs [2][3] - The "Suzhou New Consumption Scenario Win-Win" matchmaking event was organized to facilitate deep connections between chain brand enterprises, showcasing a comprehensive approach to investment promotion [3][4] Group 2: Project Development and Execution - A series of quality projects have been signed, initiated, and completed since October, including the commencement of the New Lei Semiconductor project and the opening of the Kema Technology headquarters [5] - The focus on "scene-based investment" aims to address gaps in the industrial chain, ensuring that investment activities are aligned with the development needs of key industries [5][6] - The "Intelligent Gathering Su High-tech • Talent Gathering Science City" innovation and entrepreneurship competition successfully showcased 21 projects, emphasizing the importance of talent attraction and project implementation [6] Group 3: Strategic Approach to Investment - The investment strategy has shifted from a passive to an active approach, emphasizing proactive engagement and precise matching with potential investors [7][8] - The high-tech zone is focusing on building an ecosystem for investment that includes industrial layout, policy support, and capital empowerment, while breaking down departmental barriers to enhance collaboration [8][9] - A "key project attack list" has been established to ensure targeted and effective investment promotion, reflecting the zone's commitment to not just attracting individual enterprises but fostering a thriving industrial chain [9]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $3.5 million, reflecting a 19% increase compared to Q3 2024, driven by an increase in the number of CapsoCam Plus capsules sold [15] - Gross margin was 54% for the quarter, consistent with expectations as the company scales [15] - Net loss for Q3 2025 was $7.9 million, compared to a net loss of $5.8 million in Q3 2024 [16] - Cash and equivalents at the end of the quarter were $17.8 million, an increase from $1.1 million at June 30, 2025, following the completion of the IPO [16] Business Line Data and Key Metrics Changes - CapsoCam Plus has been used by over 151,000 patients, with approximately 8,336 patients using the system in Q3 2025, representing a 20% year-over-year growth [11] - New account generation grew by 31% in Q3 2025 compared to the same quarter in 2024, indicating strong physician adoption [14] - A 24% increase in GI clinics and mega GI groups was noted in Q3 2025 over the same quarter last year [14] Market Data and Key Metrics Changes - The company is gaining traction in hospitals and GPOs, with a 26% increase in hospital system customers over the prior year [14] - The U.S. direct sales team included 26 representatives, supported by seven regional sales managers and trainers as of September 30, 2025 [12] Company Strategy and Development Direction - The long-term vision is to deliver an ingestible capsule that can screen for multiple cancers in a single non-invasive procedure powered by advanced imaging and AI [4] - The company is investing in AI to improve existing products and plans to submit an application to the FDA by year-end 2025 for AI technology incorporation into CapsoCam Plus [5][6] - CapsoVision is pursuing Breakthrough Device Designation for its non-invasive capsule endoscopy system to enable earlier detection of pancreatic ductal adenocarcinoma [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum across the business, highlighting commercial growth, pipeline expansion, and advancements in AI-assisted diagnostics [18] - The application for Breakthrough Device Designation reflects the urgent need for early detection of pancreatic cancer and the promise of the company's technology [18] - The company is strengthening its leadership team and executing a clear growth plan following a successful IPO [19] Other Important Information - The company has a development agreement with Canon Incorporated to design next-generation CMOS imaging sensors, marking a key step in advancing its innovation pipeline [16] - R&D expenses related to the Canon agreement were $1.6 million for Q3 2025, considered a one-time charge [15] Q&A Session Summary Question: Impact of AI feature submission on other milestones - Management indicated that the FDA review typically takes three to six months, so the approval should be available in the second half of the year [22] Question: Operating expenses related to Canon agreement - The $1.6 million expense for R&D for Canon is a one-time charge, and future core R&D expenses should be lower [23] Question: Clinical data for breakthrough designation application - A small feasibility study conducted six years ago showed promising results, with two out of 20 subjects diagnosed with cancer [28] Question: Timeline for Canon CMOS sensor - The pivotal study for pancreatic cancer will proceed without waiting for the Canon sensor, which is expected to be ready in 2026 [35] Question: Commercial organization headcount - The current sales team will be maintained, with plans to add two additional territories in 2026 as needed [36]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $3.4 million, representing a 27% sequential increase, with gross margins expanding to nearly 54% [4][18] - Gross profit for Q3 2025 was $1.8 million, with a gross margin of 53.8%, a 450 basis point increase sequentially [19] - Net loss for Q3 2025 was $11.0 million, equating to a net loss of $0.14 per share, compared to a net loss of $9.2 million or $0.12 per share in the previous quarter [20] - Cash burn excluding financing was $5.9 million, down 27% sequentially [20] Business Line Data and Key Metrics Changes - The company launched its next-generation subsystem and Optiv AI software, which contributed to a record average selling price of $361,000 [4] - In the hospital vertical, the new subsystem's MSRP is $550,000, a 15% premium to the prior version, leading to significant average selling price uplift [10] - The office vertical commenced a full commercial launch, with a focus on neurology offices, which represent a large and diversified market opportunity [15] Market Data and Key Metrics Changes - The company received CE mark and UKCA mark approvals for Optiv AI software, expecting to launch in 10 different European languages by the end of the year [17] - The international strategy includes plans to launch in India, with anticipated regulatory approval before the end of the year [17] Company Strategy and Development Direction - The company aims to diversify into multiple sites of care inside and outside hospitals, with a focus on commercial rollout and operational leverage [5][23] - The strategy includes generating evidence for clinical relevance and expanding into emergency rooms and operating rooms [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's path ahead, highlighting strong market interest and demand for the next-generation system [6][18] - The company anticipates significant revenue growth in Q4 2025, with guidance of approximately $5-$6 million, representing a 60% sequential and 137% year-over-year growth [21][22] Other Important Information - The company raised over $20 million in October to extend its cash runway into the second half of 2027 [4][21] - The company is focused on reducing cash burn while balancing the needs of ongoing commercial launches [20][22] Q&A Session Summary Question: Composition of the backlog and support for Q4 guidance - Management indicated that the pipeline has evolved with three independent pipelines for U.S. hospital deals, U.S. office deals, and international business, contributing to a robust backlog [24][25] Question: Market penetration in neurology offices and international expansion - Management noted an active pipeline in neurology offices and highlighted the importance of segmentation in targeting different practice sizes, while international deals may take longer due to procurement processes [30][34]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $6.9 million, down 20% compared to Q3 2024, primarily due to a challenging international environment [10] - Recurring revenue remained solid, with gross code sales up 4.1% and net U.S. recurring XTRAC revenue up 2.8% [10] - Global recurring revenue of $5.5 million increased 3% year over year, while equipment revenue decreased 60% [10] - Gross profit for Q3 2025 was $4.2 million, representing a gross margin of approximately 60%, which was flat compared to the prior year [11] - Net loss for Q3 2025 was $1.6 million, or EPS of negative $0.36, compared to a net loss of $2.1 million, or EPS of negative $0.51 in Q3 2024 [11] - Adjusted EBITDA was slightly positive in the quarter compared to negative $240,000 in the comparable quarter of the prior year [11] Business Line Data and Key Metrics Changes - Average gross billings per device for U.S. partner clinics was $5,981 for Q3 2025, an increase of 8.5% versus Q3 2024, marking the highest since Q4 2022 [7] - 99 out of approximately 838 clinics have entered the Elevate 360 program, resulting in an average growth of 7% year over year for those businesses [6] Market Data and Key Metrics Changes - The expansion of CPT codes for STRATA's XTRAC laser is expected to increase the addressable market to over 30 million patients, tripling the total available market [6] - The company is experiencing challenges in its international business, primarily due to current U.S. trade policies, which have pressured total revenue [8] Company Strategy and Development Direction - The company is focused on expanding reimbursement eligibility for excimer laser treatments to include multiple inflammatory and autoimmune skin conditions, which is pivotal for future growth [4] - STRATA is strengthening practice partnerships through the Elevate 360 consulting model and innovative direct-to-consumer (DTC) campaigns [6] - The company aims to increase utilization of existing devices while removing non-productive devices from the market [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a seasonally stronger Q4 2025, driven by expanded indications for the excimer laser and favorable reimbursement trends [12] - The lingering impact of tariffs on international business was acknowledged, with hopes for improvement in the future [13] Other Important Information - The company raised $2.2 million net in a common registered direct offering during the quarter [11] - The litigation against LaserOptic is progressing positively, with potential for significant damages and an injunction limiting further damage to the domestic recurring business [9] Q&A Session Summary Question: Can you talk about average revenue per device in Q3 and trends for Q4? - The average revenue per device was $5,981, the highest since 2022, with expectations for continued growth due to increased utilization and removal of non-productive devices [15] Question: Any increase in show-up rates from DTC campaigns? - DTC campaigns have shown improved cost per acquisition and better conversion rates, contributing to increased recurring revenue [20] Question: What is the installed base for TheraClearX by the end of 2025? - The U.S. install base for TheraClearX is about 161 devices, with expectations to approach 200 devices by the end of 2025 [26] Question: Any updates on the litigation and potential device recoveries? - The company is actively pursuing the return of approximately 75-100 accounts affected by false claims, with a significant number of devices expected to come back [38] Question: Will there be temporary codes for 2026? - CMS has indicated that they do not plan to create temporary codes for 2026, focusing instead on the expanded codes effective January 1, 2027 [44]