뉴로원(NMTC) 2026 회계연도 3분기 실적 발표회: 주문 43% 증가, 마진율 59.9% 기록

핵심 요약

• 뉴로원 메디컬 테크놀로지스(NeuroOne Medical Technologies Corporation, NASDAQ: NMTC)는 OneRF 제품 판매 증가에 힘입어 2026 회계연도 3분기 제품 매출이 전년 동기 대비 16% 증가한 200만 달러를 기록했다고 발표했습니다.
• 신규 제품 수주는 43% 증가한 270만 달러를 기록했습니다. 수주실적이 인식 매출액을 상회함에 따라 2026년 6월 30일 기준 수주잔고는 170만 달러를 나타냈습니다.
• 고마진 제품의 유리한 믹스 개선을 반영해 제품 매출총이익률은 53.9%에서 59.9%로 확대되었습니다.
• 경영진은 2026 회계연도 제품 수주액을 약 1,120만 달러, 인식 매출액을 920만 달러에서 1,050만 달러로 예상하고 있으며, 최종 결과는 제조 및 선적 시점에 따라 달라질 수 있습니다.
• 뉴로원은 ISO 13485 인증을 획득하여 현지 규제 요건에 따라 OneRF 및 Evo 제품군의 해외 상업화를 추진할 수 있게 되었습니다.
• 분기 말 현금 및 현금성 자산은 200만 달러로 감소했습니다. 회사는 해당 분기 중 ATM(At-The-Market) 프로그램을 통해 40만 달러를 조달했으며, 분기 종료 후 추가로 100만 달러를 조달했습니다.

주요 재무 데이터

모든 주식 수 및 주당 수치는 2026년 4월 16일 나스닥 거래부터 효력이 발생한 뉴로원의 1 대 6 주식병합을 소급 적용하여 조정되었습니다.

사업 및 영업 성과

OneRF 뇌 절제 시스템

OneRF 뇌 절제 시스템 매출은 전년 동기 대비 16% 증가했으며, 총 제품 수주는 43% 증가했습니다. 뉴로원은 신경외과 학술지(Journal of Neurosurgery)에 게재된 메이요 클리닉(Mayo Clinic)의 후향적 관찰 연구 결과, OneRF를 사용한 시술이 기존 하드웨어를 방해하지 않으면서 신경조절 장치를 이식한 환자에게 시행될 수 있고 의미 있는 발작 감소 효과를 제공하는 것으로 나타났다고 발표했습니다.

제조 용량이 여전히 주요 제약 요인으로 남아 있습니다. 뉴로원은 현재 주로 주문 제작 방식으로 생산하고 있으며, 공급업체의 리드 타임이 최대 6개월에 달할 수 있습니다. 따라서 요청된 제품 믹스의 변경이 선적 지연으로 이어질 수 있습니다. 회사는 더 큰 규모의 두 번째 제조 시설에 대한 적격성 평가를 진행 중이며, 경영진은 2027년 상반기 중에 가동될 것으로 예상하고 있습니다.

OneRF 삼차신경 절제 시스템

뉴로원은 기존 인력과 독립 대리점을 통해 상업화를 확대할 준비를 하고 있습니다. 경영진은 하드웨어를 제외한 미국 소모품 시장 규모를 4,000만 달러로 추정했으며, 대부분의 시술이 약 30개 센터에 집중되어 있다고 밝혔습니다.

회사는 수주잔고를 해소하는 한편 짐머 바이오메트(Zimmer Biomet)의 뇌 절제 주문에 제조 용량을 우선 배정했습니다. 경영진은 이번 회계분기 이후 추가적인 삼차신경 센터가 개설될 것으로 예상되며, 짐머 바이오메트가 해당 제품에 대한 관심을 지속해서 유지하고 있음을 확인했다고 말했습니다.

해외 시장 확대

ISO 13485 인증 획득으로 OneRF 뇌 절제 시스템, OneRF 삼차신경통 절제 시스템, Evo 대뇌피질 및 sEEG 진단 제품의 해외 시장 진출 길이 열렸습니다.

뉴로원은 계약 대상 지역에서 짐머 바이오메트와 협력하고, 기타 지역에서는 독립 대리점을 평가할 계획입니다. 일부 국가에서는 FDA 승인 및 제품 등록을 인정하는 반면, 다른 국가에서는 품질 문서, 설계 기록 또는 임상 데이터를 요구하므로 시장 진입 시점은 지역마다 다를 수 있습니다. 경영진은 다음 분기에 초기 해외 우선순위에 대한 명확성이 더욱 높아질 것으로 기대하고 있습니다.

StereoCED 약물 전달 플랫폼

StereoCED는 기존 신경외과 장비 및 워크플로우를 활용하는 로봇 보조 뇌내 약물 전달 플랫폼으로 개발되고 있습니다. 뉴로원은 동시 다중 궤적 전달을 통해 현재 8~12시간이 소요되고 수술 중 MRI 유도에 의존하는 시술 시간을 줄일 수 있을 것으로 보고 있습니다.

경영진은 이 플랫폼이 2026년 9월 말까지 인체 대상 임상 연구 준비를 마칠 것으로 예상하고 있으며, 동물 연구의 경우 이보다 더 빨라질 가능성이 있다고 밝혔습니다. 국소 간질에 대해 미네소타 대학교, 확산성 정중선 교종에 대해 메이요 클리닉과 진행하는 초기 동물 연구는 실적 발표회가 열린 달에 시작될 예정이었으며, 데이터는 2026년 가을에 나올 것으로 예상됩니다.

회사는 또한 2026년 하반기 비인간 영장류 연구를 위해 제약회사에 첫 기기 판매가 이루어질 것으로 예상하고 있습니다.

BVNA 요통 프로그램

뉴로원은 기저척추신경 절제 시스템(Basivertebral Nerve Ablation System)의 사용자 설계 요건을 완료하고 전임상 시험을 시작했습니다. 회사는 외부에서 접근 도구를 조달하는 한편, 기존 OneRF 발생기, 온도 액세서리 및 절제 전극을 활용할 계획입니다.

경영진은 유력한 규제 경로가 510(k) 신청임을 재확인했으며, 2027년 하반기에 FDA 승인을 신청할 것으로 예상하고 있습니다. 회사는 이 시점이 목표일 뿐 보장되는 것은 아니라고 강조했습니다.

경영진 가이던스

경영진은 2026 회계연도 매출액 범위가 주로 제조 생산량과 선적 시점에 따라 결정된다고 말했습니다. 회사는 제조 용량이 모든 주문을 충족시킬 수 있었다면 수주를 바탕으로 약 1,120만 달러의 매출을 달성할 수도 있었을 것이라고 밝혔습니다.

리스크 및 주시 사항

• 공급업체의 리드 타임이 최대 6개월에 달할 수 있어 짐머 바이오메트가 요청하는 제품 믹스 변화에 뉴로원이 신속하게 대응하는 데 제약이 따릅니다.
• 2026 회계연도 인식 매출액은 부품 공급업체의 인도 및 회사의 계획대로의 선적 완료 여부에 달려 있습니다.
• 두 번째 제조 시설은 2027년 상반기까지는 가동되지 않을 것으로 예상됩니다.
• 해외 출시 일정은 국가/지역별로 다르며 추가적인 규제 문서나 임상 데이터를 요구할 수 있습니다.
• 임상 프로그램을 진행 중인 제약회사들은 기존 기술이나 임상 데이터가 변경해야 할 사유를 제공하지 않는 한 임상 1상 이후 약물 전달 기기를 교체하는 것을 꺼릴 수 있습니다.
• 현금은 2025년 9월 30일 기준 660만 달러에서 200만 달러로 감소했고, 운전자본은 790만 달러에서 370만 달러로 줄었습니다. 뉴로원은 분기 중 및 분기 이후 ATM 프로그램을 활용했습니다.

애널리스트 Q&A 주요 내용

• 미네소타 대학교 연구: 경영진은 간질 프로그램이 국소 간질에 중점을 두고 있다고 밝혔습니다. 조만간 전임상 시험이 진행될 것으로 예상되며, 성공적인 결과와 효능 징후가 나타나는 경우 임상 1상 연구 진입 가능성이 결정될 예정입니다.
• 제조 수주잔고: 수주 부족이 아니라 긴 리드 타임과 제품 믹스 변화가 병목 요인으로 작용하고 있습니다. 경영진은 두 번째 제조 시설을 가장 효과적인 장기적 용량 확장 해결책으로 보고 있습니다.
• 해외 시장 기회: 짐머 바이오메트는 우선 진출 지역을 평가하고 있습니다. 뉴로원은 짐머 바이오메트가 커버하지 않는 지역의 대리점 및 시장 경제성을 별도로 평가하고 있습니다.
• StereoCED 도입: 경영진은 전임상 연구, 임상 개발 및 상업화 분야에서 기회가 있다고 보고 있습니다. 그러나 이미 임상 시험을 추진 중인 기업들은 명확한 이유가 없는 한 전달 시스템을 변경할 가능성이 낮습니다.
• 2026 회계연도 매출 전망 범위: 경영진은 매출 범위 하향 조정이 전적으로 제조 및 선적 시점 때문이라고 설명하며, 예상 총 수주액은 약 1,120만 달러로 유지했습니다.
• 상업적 계정 지표: 뉴로원은 계약상 신규 계정이나 활용도에 대한 짐머 바이오메트의 상세 데이터에 접근할 권한이 없습니다. 경영진은 구두 피드백을 통해 지속적인 호응을 얻고 있음을 확인했으나 계정 수준의 세부 수치는 제시하지 않았습니다.

실적 발표회 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good day, ladies and gentlemen, and welcome to the NeuroOne Medical Technologies Corporation's Third Quarter Fiscal 2026 Financial Results Conference Call. Today's call will be conducted by the company's Chief Executive Officer, Dave Rosa; Chris Volker, the company's Chief Financial Officer; and Dave Wambecke, the company's Chief Business Officer.

Before I turn the call over to Mr. Rosa, I'd like to remind you that this conference call will include forward-looking statements within the meaning of the U.S. federal securities laws with respect to future operations, financial results, including events, trends and performance, including our 2026 guidance, which are based on management's beliefs and assumptions as of today's call. Forward-looking statements may involve known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from those expressed or implied by such statements. See NeuroOne's financial results press release and SEC filings for information regarding specific risks and uncertainties that could cause actual results to differ. Except as required by law, NeuroOne undertakes no obligation to update such forward-looking statements.

With that, I will turn the call over to Mr. Dave Rosa, CEO of NeuroOne.

Sir, please go ahead.

David Rosa

Thank you, operator, and thank you to everyone for joining us today. I'd like to welcome you to our third quarter fiscal 2026 financial results conference call. Before I begin, I want to first welcome both Chris Volker, the company's Chief Financial Officer; and David Wambecke, the company's Chief Business Officer, as both will be presenting for the first time in their respective roles.

Now let's get started with a brief financial summary of the quarter. Product revenue for the OneRF Brain Ablation System in the third quarter of fiscal 2026 grew 16% year-over-year to $2 million compared to $1.7 million in the third quarter of fiscal 2025. Orders for the quarter totaled $2.7 million, and we expect aggregate fiscal year 2026 product orders of approximately $11.2 million. Recognized revenue for the fiscal year is expected to be between $9.2 million to $10.5 million, depending on the timing of shipment of those orders. We are working closely with our suppliers to expedite manufacturing in order to address any remaining backlog by the end of the fourth calendar quarter of 2026.

Moving forward, we are working towards the qualification of a second manufacturing site, which will increase capacity and potentially reduce lead times. We also saw gross margins expand to 59.9% during the quarter compared to 53.9% year-over-year due to a favorable product mix. More recently, following the end of the quarter, our lead investor also increased their holdings from 7.4% to 12.5%.

Moving on from current revenue growth, let's discuss future growth opportunities and new geographical markets. As you may recall from previous releases, the company has been pursuing ISO 13485 certification, which is the international quality standard that companies must meet to market products internationally. I am very proud to announce that we received our certification recently, which now provides the opportunity to enter international markets with our OneRF Brain Ablation System, OneRF Trigeminal Neuralgia Ablation System and Evo Cortical and sEEG diagnostic product lines.

We will be working closely with our distribution partner, Zimmer Biomet, to start the process to enter geographies that optimize their existing customer relationships and with a focus on countries that have favorable economics. For those geographies that remain exclusive to NeuroOne, we will explore independent partnerships. As a reminder, certain geographies have additional requirements which could range from providing additional documentation and submissions to providing clinical data. This is another major milestone that the company has reached earlier than projected and really speaks to the quality of our procedures, processes, quality system and employees.

Now let's discuss the exciting progress we've made with our product portfolio. Regarding our OneRF Brain Ablation System, as I mentioned earlier, we experienced 16% year-over-year revenue growth for the quarter, while purchase orders for our products showed growth of 43% year-over-year. We also had a significant clinical milestone this month as the Journal of Neurosurgery published a retrospective observational study completed by the Mayo Clinic in Jacksonville, Florida, titled Stereoelectroencephalography-guided radiofrequency Thermocoagulation in patients with implanted Neuromodulation devices, a patient series. The study evaluated the use of NeuroOne's OneRF Brain Ablation System in patients who have implanted Neuromodulation devices.

The article concluded that these procedures may be performed without interfering with existing hardware as well as providing meaningful seizure reduction. This was exciting to hear as it expands the pool of treatable patients to include those with existing neuromodulation implants. We continue to build a compelling series of clinical experience that supports our goal of providing meaningful improvements for patients suffering with seizures or Trigeminal Neuralgia.

Regarding our OneRF Trigeminal Nerve Ablation System, I want to share a recent experience that highlights the potential impact of this therapy. A patient recently treated with the OneRF Trigeminal Nerve Ablation System was featured in a television interview on Cleveland 19 News, an affiliate of the CBS Television Network. She described living with Trigeminal Neuralgia as being worse than experiencing childbirth 10 times and that the condition made her feel like a zombie. Following her treatment, we are happy to state that she reported being pain-free.

Stories like this underscore both the devastating burden of this disease and the life-changing potential of our technology. Stories like this continue to demonstrate successful clinical outcomes as measured by freedom from pain, enhanced patient comfort while also having the potential to significantly reduce procedure times. U.S. market for disposables, excluding hardware, is estimated at $40 million. Because the majority of these cases are performed in approximately 30 centers, we plan on leveraging current personnel in combination with independent distributors to expand commercialization. Based on our limited market release experience, we also expect a short learning curve, which will minimize the cost of having to support every case. We are currently interviewing distributors with the intent to hire them once the agreements are finalized.

Now I am turning the call over to David Wambecke to provide an update on our drug delivery system, which we have named StereoCED.

David Wambecke

Thanks, Dave. I joined NeuroOne a little over five months ago. And since then, I've had the opportunity to fully assess the intracranial drug delivery landscape. The more I've learned, the more convinced I've become that we have a definitive technological edge. Brain-delivered therapeutics are approaching a major inflection point. Dozens of promising programs are now in development, but one challenge continues to stand out. How do you deliver these therapies efficiently, reproducibly and in a way that hospitals can realistically adopt at scale.

While today's delivery technologies have enabled important clinical progress, many current procedures remain complex and resource-intensive. Depending on the indication, procedures can range from 8 to 12 hours in the operating room and rely entirely on intraoperative MRI guidance. We believe those workflow challenges matter even more at commercial scale. That's exactly the future StereoCED is designed for. Our robotic-assisted platform is intended to leverage neurosurgical equipment and workflows already established in leading hospitals. We believe it has the potential to significantly reduce procedure times through simultaneous multi-trajectory delivery while avoiding the need for hospitals to purchase an entirely new robotic platform.

Before discussing our progress, I'd like to highlight an important industry milestone. In June, the FDA reversed its earlier position, allowing uniQure to submit an accelerated approval BLA, or biologics license agreement, for AMT-130 in Huntington's disease based on its existing 3-year clinical data. If approved, AMT-130 could become the first commercially approved blockbuster therapy delivered directly into the brain. Wall Street analysts project global peak sales exceeding $2 billion, but also highlight the commercial risk associated with a complex workflow and lengthy procedures that can take 8 to 12 hours.

We were pleased to recently publish a white paper highlighting the potential scalability of our StereoCED platform. We anticipate that it will be ready for investigational human clinical studies by the end of September and possibly sooner for animal research. The feedback we've received from pharmaceutical companies and key opinion leaders has been extremely encouraging. A common theme is the familiarity of the platform. Thousands of NeuroOne sEEG electrodes have already been implanted in patients, making drug delivery feel like a natural extension of an already familiar technology.

On the preclinical front, we've also made excellent progress. We've announced collaborations with the University of Minnesota in epilepsy and with Mayo Clinic in diffuse midline glioma. The first animal studies are scheduled to begin this month, and we expect data from both programs this fall to support future clinical development.

In parallel, we're expanding our academic collaborations and expect our first device sales to a pharmaceutical company for a nonhuman primate study later this year. In closing, I believe we're still in the early innings of what could become a transformational growth opportunity for NeuroOne. There is strong pull from potential customers, and we are eager to have devices ready for human investigational studies shortly.

I'll now turn the call back over to Dave.

David Rosa

Thanks, David. Before I provide an update on our BVNA, or Basivertebral Nerve Ablation System, for back pain, I just want to reiterate what I said last quarter with the hiring of David Wambecke. He brings invaluable expertise in the gene and cell therapy space and has made a great impact in the short time he has been with us.

Okay. Moving on to our BVNA back pain management program. This quarter, we completed the user design requirements for the system and initiated preclinical testing to support continued development of the program. Our strategy remains to leverage our existing OneRF generator, temperature accessory and ablation electrode while outsourcing access tools either through outside vendors or potential distribution partners. In addition, we also completed our assessment of the regulatory path to gain clearance and reconfirm that it is likely a 510(k) submission. You may remember that the total time it took to gain clearance for our OneRF Trigeminal Nerve Ablation System was approximately 4 months, which is lightning speed in medical regulatory submissions.

While there are no guarantees, we have experienced success with both of our 510(k) submissions to FDA and expect to submit this for FDA clearance in the second half of calendar 2027. Finally, I want to reiterate that everything we develop at NeuroOne must offer unique device advantages over our competitors and the potential for better clinical outcomes for patients in a cost-effective manner. We believe these goals will also enhance shareholder value and appreciate the support we have received during volatility in the world today.

I would now like to turn the call over to Chris Volker to provide a review of our third quarter fiscal 2026 financial results.

Christopher Volker

Thanks, Dave. Product revenue was $2.0 million in the third quarter of fiscal 2026, a 16% increase compared to product revenue of $1.7 million in the third quarter of fiscal 2025. The increase was driven by higher sales of OneRF products. The company received $2.7 million for the new product orders during the quarter, representing 43% year-over-year growth. Product orders exceeded recognized revenue during the quarter with a backlog of $1.7 million as of June 30, 2026.

Product gross profit was $1.2 million or 59.9% of product revenue in the third quarter of fiscal 2026 compared to product gross profit of $0.9 million or 53.9% of product revenue in the same quarter of the prior fiscal year. The increase in gross profit percentage was due to a more favorable sales mix toward higher-margin products. Total operating expenses were $3.6 million in the third quarter of fiscal 2026 compared to $2.8 million in the same quarter of the prior year.

Research and development expense in the third quarter of fiscal 2026 was $1.4 million compared to $1.2 million in the same quarter of the prior year. Selling, general and administrative expense in the third quarter of fiscal 2026 was $2.2 million compared to $1.6 million in the same quarter of the prior year, with the increase being driven by increased headcount and sales and marketing costs. Net loss in the third quarter of fiscal 2026 was $2.0 million or $0.23 per basic share and $0.28 per diluted share compared to a net loss of $1.5 million or $0.19 per basic share and $0.22 per diluted share in the same quarter of the prior year. The net loss in the third quarter of fiscal 2026 was favorably impacted by a $0.4 million gain from the fair value change in the warrant liability.

All share and per share amounts have been retroactively adjusted to reflect the 1-for-6 reverse stock split of the company's issued and outstanding common stock, which began trading on a split-adjusted basis on the NASDAQ Capital Market on April 16, 2026. As of June 30, 2026, the company had cash and cash equivalents of $2.0 million compared to $6.6 million as of September 30, 2025. The company also had $1.1 million in accounts receivable as of June 30, 2026, which should be converted to cash in the fourth quarter of fiscal 2026 based on normal collection patterns.

During the third quarter of fiscal 2026, the company raised $0.4 million through its at-the-market offering program. Subsequent to quarter end, on July 13, 2026, the company raised another $1.0 million through the issuance of 400,346 shares under the ATM program, representing the second time in calendar 2026, the ATM was utilized. The company had working capital of $3.7 million as of June 30, 2026, compared to working capital of $7.9 million as of September 30, 2025. NeuroOne had no debt outstanding as of June 30, 2026.

I'll now turn the call back to Dave for his closing remarks.

David Rosa

Thank you, Chris. In summary, this was a very successful quarter for the company. We delivered 16% year-over-year product revenue growth, increased gross margins of 59.9% and received product orders of $2.7 million, representing an increase of 43% received ISO 13485 clearance, paving the way for international revenue growth, was selected by prestigious teaching institutions for upcoming animal and human studies and identified potential partners to accelerate the development of our BVNA system.

Moving forward, the catalysts include continued commercial expansion of the OneRF Brain Ablation System and OneRF Trigeminal Neuralgia Ablation Systems in the U.S. and internationally, commercial availability of our drug delivery system for FDA-approved IDE studies and animal research and continued progress on the development of our BVNA system. When I look at what we have accomplished and what is ahead of us, I believe the NeuroOne story offers compelling value to doctors, patients and investors.

With that, operator, at this time, we can open up the call for questions.

Operator

[Operator Instructions] our first question today is coming from Jeffrey Cohen with Ladenburg Thalmann.

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Jeffrey Cohen

I guess, firstly, can we talk about the study at University of Minnesota for epilepsy? Could you give us a sense of is that focal or general epilepsy that's being studied and what the size of the study is and what you would anticipate from a timeline perspective?

David Rosa

Yes. Thanks for attending today, Jeff. Good to talk to you again. So at the University of Minnesota, it pertains to focal. And the first step in the process is for them to actually conduct preclinical testing on the therapy they've developed. And that will happen literally expectedly most likely in the next quarter. And then once they've been able to successfully complete the testing and assuming that it's showing any efficacy, then they would look to go to a Phase I where they would then start testing it in patients. But the preclinical work is going to be happening very shortly.

Jeffrey Cohen

Okay. Got it. And then give us a sense of the your supplier and backlog into fourth quarter. Is it related to components or it's related to labor? And then give us a sense of the second site that's come online with that -- do you expect to catch up with all the backlog during the fourth quarter and balance of the year? And also, could you talk about some of the ex-U.S. discussions you're having as far as distribution, at least in the case of OneRF?

David Rosa

I couldn't hear the last part of what you said, but let me take the first big question and then whatever I don't answer, just let me know. So the supplier situation is we -- the company has lead times and the lead times are roughly -- it can take as long as 6 months. So there is an ordering process that's in place with Zimmer Biomet today, where they give us orders in advance so that we can manufacture the product and then ship it to them on time. But we basically build to order to minimize the cost of having to carry a lot of inventory.

So what happens is that if there's any changes to the product mix, if they specify on a particular order that, for example, they want 1,000 devices at a particular size and then 500 -- and if they come back a few months later, our ability to respond in the time frame is limited based on the way the ordering is done now. So we've experienced less of that in the past. I would say more of that this year. So there's a few ways of dealing with this. One is you carry inventory and work with your partner to make sure that it's not impacting the company from a cost perspective. But I think the most effective way is to get our second site up and running. And that's what we're working on now. That's what we expect to go online in the first part of 2027.

So we're going through all the work to do that. And if you've got two facilities capable of manufacturing product and the second one is actually much larger than the one we use now. That should allow you to address it. Now there is the other option that if, say, for example, the product mix involved maybe 500 units that, well, would the company consider placing a onetime order for that difference. Then what happens if you do that is your gross margins obviously are impacted and you're not able to take advantage of the economies of scale. So we try to place big orders in, which has worked very well for us from a margin perspective. So it makes it much more difficult if we're making small changes here and there, it's just not as efficient.

So what was the other question that I may not have answered?

Jeffrey Cohen

So could you talk about the ISO certification of the second site and maybe give us a sense of some OUS potential opportunities for OneRF as far as distributors and territories?

David Rosa

Yes. So the ISO certification is kind of like the key to admission to be able to ship product internationally. And there are certain geographies that will recognize FDA clearance and at times, just rely on the company registering the product in that geography. Other geographies might require that you supply documentation of your quality system, your design records. And then others, when you look at Europe, for the most part, you've got to be able to provide also data.

So depending upon which area you're going to, there's going to be different timelines to that. Zimmer, per our last amendment that we signed over a year ago, they have certain geographies internationally, and they're assessing which ones they want to go to first. And again, the idea is how can we hit the ground running. And it's really -- you really have to work on your targets, everything from where you can go today to start planning on how do you get to Europe as well. And there's ways of even addressing the clinical data. We just released, obviously, information on the study that was done in the Mayo Clinic in Jacksonville. There was an earlier press release that talked about a number of patients they treated. So if you're able to use some existing data, you may be able to even shorten that time line. So that's all in process.

Now that's the geographies that Zimmer has, but there's others that they do not have. And those are the areas where we're assessing are the economics in those geographies, do they make sense? Are there distributors that we can utilize to commercialize the products there. That's all in process. And I don't expect that we'll have a firm answer on that until probably next quarter when we've had time to sit down with Zimmer and go through this.

Operator

Our next question is coming from Justin Walsh with Jones Trading.

Justin Walsh

I was wondering if you could provide some additional color on how you view the StereoCED opportunity. Do you think it's meaningful when used with drugs in the development stage? Or do you think it has to be adopted as a standard for an approved agent?

David Rosa

That's a good question. So the answer is no. I think it could be used in both the clinical stage -- well, actually, the preclinical stage, which is what we're seeing now with like the University of Minnesota as well as the clinical stage and then obviously, the commercialization piece as well. We really feel there's some significant differences and advantages of our system, even as it pertains to just how much time it takes to infuse a patient that may have one of these neurological conditions.

Now the limitations that you would see with the device being used in a clinical study is if a pharmaceutical company has an ongoing clinical study, say they've completed their Phase I, they're happy with the results. They're not going to make any changes. No company would be interested in introducing a new technology, even if it's a delivery device, into a Phase II, you can never really predict what might happen. So just as a way for them to mitigate any risk, if they start with a particular technology, unless there's issues with their clinical data or with that technology, they're likely to stay with that through clearance. But once clearance has been gained, then a company like us would submit an application under what we would expect to be a 510(k) to be able to be used with whatever approved therapy has just been granted FDA approval.

Operator

Our next question is coming from Jeremy Pearlman with Maxim Group.

Jeremy Pearlman

Firstly, related to Trigeminal. I mean, again, maybe I'm -- just correct me if I'm not reading between the lines correctly. You said you're going to leverage existing personnel that you have on staff and then other distributors for that product. Does that mean that Zimmer was not -- is not interested in adding that or amending that on to their agreement? Or maybe I'm just misinterpreting that?

David Rosa

Yes, that may be what it sounds like, but it's not the case at all. When you look at discussions that we've had in the past with any strategics that we've spoken to, you always think that it should take a lot less time, but there's other factors that may be going on and not even our company, the potential partner that may delay those things. So I think at some point, you -- we, as a company, have to say, look, we need to move forward. We can't sit and wait to conclude these discussions. But it does not mean that there is no interest. There is interest on their end. Some of what's delayed us with Trigeminal is this backlog that we're dealing with, with the Brain Ablation devices.

So we've really prioritized the units that go to Zimmer because that is today the larger opportunity. But as we make progress on that, we'll start to get more devices for Trigeminal sales. And like currently, this month, we have cases scheduled at the sites that did our limited market release. We have additional sites that I even talked about last quarter that want to do an evaluation. And what you don't want to do when you're trying to address demand from another area, and that's your biggest source of revenue, you don't want to shortchange that by an opportunity that while compelling is smaller.

So we haven't opened up additional centers, but we will be beyond this quarter. So it hasn't been, I would say, a major issue for us to address because we weren't able to really do much given the backlog that we experienced on the other side. So short answer, they're definitely interested. It doesn't mean that it won't happen, but we're going to move forward. And if there's an opportunity, then great.

Jeremy Pearlman

Okay. Understood. And then lastly, I mean, in the past, you've guided towards revenue of at least $10.5 million. I know there's been some manufacturing delays. And in this -- in the press release you put out this morning, you said I think it was between $9.2 million and $10.5 million. Is that just basically you'll hit any of that within that range is based on how many -- the manufacturing, how fast you can get those products made and shipped out? Or is there anything else that's baked into that range?

David Rosa

No, it's manufacturing. I mean it's also the reason why we did alert the market that our orders actually are $11.2 million. Based on the feedback that we have from vendors, the multiple vendors, that number is very unlikely to happen. We think what's more reasonable, more conservative is that range, but it's completely dependent on everything from the vendors being able to deliver what they say they deliver with some risk that we've built into that. But from an order standpoint, the number that we -- if we were able to meet the manufacturing would have been almost around $11.2 million.

Jeremy Pearlman

Okay. Understood. Great. And then just last question from us. Maybe -- I mean, you might not have this. I know Zimmer is the one who's pushing the OneRF Ablation device and -- but is there any data or maybe KPIs you have regarding new accounts versus utilization in pre-existing accounts, how that's going, growth within those accounts -- you can share...

David Rosa

Yes. So we don't get -- we -- contractually, we are not -- we don't have the right to get that information. We have asked for more detailed information. Zimmer, and it's not just Zimmer, it's other companies as well. They like to keep that close to the vest.

In other companies, you wouldn't see them reporting on an area like this either. And Zimmer does it because they don't want their competitors to really know what's going on. But in anecdotal discussions, their feedback is they're continuing to gain additional traction. But as far as giving you hard numbers, I don't have that.

Operator

That appears to be the last question at this time. So I'd like to turn the call back over to Mr. Rosa.

David Rosa

I just want to thank everyone again for attending the call today. And we really look forward to connecting with the investor community throughout this quarter and beyond. If we were unable to answer any of your questions today, please reach out to our Investor Relations firm, the MZ Group, and they'd be more than happy to follow up.

Operator

Thank you. Ladies and gentlemen, this concludes today's conference. We thank you for your participation. You may disconnect your lines at this time, and have a great day.