AVITA Medical (RCEL) 2026年第三季度业绩电话会：营收增长53%上调业绩指引

核心要点

• AVITA Medical公布2026年第三季度营收为2610万美元，同比增长53%，环比增长20%，主要得益于RECELL使用率的提高以及CoHelix的增长。
• 美国市场RECELL营收达2240万美元，较第二季度增长约20%；同时销量环比增长21%，达到3,196套。
• 毛利率从上年同期的81.3%和第二季度的81.9%扩大至84%。营业费用环比持平，为2460万美元。
• 净现金消耗从第一季度的990万美元和第二季度的320万美元降至约60万美元，有力支撑了管理层在第四季度实现现金流损益平衡的目标。
• AVITA Medical连续第二个季度上调2026年全年营收指引至9200万至9400万美元，预计较2025年增长约28%至31%。
• 季度结束后，该公司收到了Perceptive Advisors信贷额度下的剩余1000万美元。管理层还认定，对公司持续经营能力的重大疑虑已得到缓解。

关键财务数据

第三季度净亏损中包括因AVITA Medical股价上涨而产生的约210万美元认股权证重估非现金费用。

业务与经营业绩

RECELL仍是主要的增长驱动力。美国市场RECELL营收为2240万美元，其销量环比增长反映出手术量增加以及现有客户订单量提升。管理层表示，增长源于更广泛的医生采用率、更多手术开展以及在不同创伤面积上的应用，这主要得益于RECELL GO和RECELL GO Mini的支持。

国际市场RECELL营收约为90万美元，与第二季度基本持平。该公司继续在授权市场积累临床经验，包括在澳大利亚开展的首批RECELL GO病例。

随着更多医院完成价值分析委员会的评估并开始使用该产品，CoHelix营收环比增长约21%至210万美元。管理层预计，COHELIX-1研究的完整6个月随访数据集将为此前公布的中期研究结果补充更长期的疗效信息。

PermeaDerm营收约为60万美元，与第二季度基本持平。随机对照PermeaDerm-1研究达到了其主要终点，按每百分比受治总体表面积的产品成本计算，显示出较同种异体移植物（Allograft）高出70%的经济优势。准备时间缩短了约96%，且移植物成活率和伤口愈合效果相当。

AVITA Medical将这些产品定位为创面护理产品组合：PermeaDerm用于创面保护与稳定，CoHelix用于重建创面床，RECELL用于恢复患者皮肤。管理层表示，将根据患者和创面情况使用其中一种、两种或全部三种产品。

管理层业绩指引

AVITA Medical将2026年全年营收预期从8600万至8900万美元上调至9200万至9400万美元。调整后的区间意味着较2025年增长约28%至31%。

该指引意味着第四季度营收约为2490万至2690万美元。在营收增长、毛利率改善、费用控制及营运资金管理的支撑下，管理层重申了在第四季度实现现金流损益平衡的预期。

针对RECELL，管理层目前预计未来几个季度的毛利率将保持在85%至90%之间。由于CoHelix和PermeaDerm的毛利率较低，这些产品贡献增加可能会拉低综合毛利率百分比，不过管理层预计这一下降幅度不会很大。

管理层未提供正式的2027年指引。管理层表示，预计员工人数不会大幅增加，公司计划在实现营收增长的同时保持营业费用基本持平。销售佣金可能随商业业绩有所波动，第一季度的现金消耗可能会受到员工福利重置及激励性薪酬支付的影响。

风险与关注重点

• 管理层估计，第三季度营收中约有100万美元受益于夏季就诊患者数量增加或创伤面积较大。管理层表示，还需要再经历一个夏季周期才能更清楚地了解这种季节性模式。
• 隐含的第四季度营收指引中值与第三季度基本持平，反映出第三季度季节性强势表现可能出现正常化回落。
• CoHelix的采用在一定程度上取决于医院完成价值分析委员会的评估，这可能会影响新增客户的时间节点。
• PermeaDerm仍处于商业化早期阶段，个别订单的交付时机可能会对季度间对比产生影响。
• 产品结构可能会对综合毛利率造成一定压力，因为CoHelix和PermeaDerm的毛利率低于RECELL。

分析师问答要点

管理层表示，第三季度的大部分增长反映了其商业化策略的成效，而非季节性因素。主要驱动因素包括现有客户使用率深化、新增医生采用、手术量增加以及向较小或更复杂创面的拓展。

展望2027年，管理层认为自2027年1月1日起生效的新I类CPT代码框架将成为潜在的增长支撑。该框架将把现行的8个代码精简为4个，并在医疗保险医生收费标准（Medicare Physician Fee Schedule）下引入全国公布的相对价值单位。

管理层还预计，通过价值分析评估的CoHelix客户将带来更多贡献，PermeaDerm的采用率也将提升。管理层强调将继续保持成本纪律，并表示公司的目标是在不大幅增加员工人数或营业费用的情况下实现营收增长。

关于产品组合拓展，管理层表示，对于具有可观利润空间、明确的经济和临床依据、且与现有商业模式高度契合的新产品，公司仍持开放态度。然而管理层也指出，鉴于CoHelix、PermeaDerm、RECELL GO及RECELL GO Mini目前均处于早期阶段，目前暂无必要引入新的产品线。

财报电话会议完整文字实录

完整财报电话会议逐字稿

管理层陈述

Operator

To ask a question at that time, you would need to press star 1-1 on your telephone keypad. As a reminder, this conference call is being recorded. At this time, I would like to turn the call over to Mr. Ben Atkins, Vice President of Investor Relations. Sir, please begin.

Unknown Speaker

Thank you, Operator. Welcome to Avita Medical's third quarter 2026 earnings call. Joining me on today's call are Kerry Vance, President and Chief Executive Officer, and David O'Toole, Chief Financial Officer. Today's earnings release and presentation are available on our website at www.avitamedical.com under the investor relations section. Before we begin, I would like to remind you that this call includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are neither promises nor guarantees and involve known and unknown risks and uncertainties that could cause actual results to differ materially from any expectations expressed or implied by the forward-looking statements. Please review our most recent filings with the SEC for comprehensive descriptions of the risk factors. Any forward-looking statements provided during this call are based on management expectations as of today.

Unknown Speaker

I will now turn the call over to Kerry. Good afternoon in the US and good morning in Australia. As always, we appreciate you making the time to join us on our quarterly update call. Before I discuss the quarter, I want to acknowledge the clinicians caring for patients with serious burn injuries following the devastating fire at the Wainwright Military Base in Alberta, Canada. At their request, we mobilized quickly. We donated about three dozen RECELL units to burn centers in Calgary and Edmonton, and sent elite staff to train and to support the clinical teams. Within days, the first patient received treatment with RECELL.

Serious burn injuries can happen without warning. Responding takes preparation, access to treatment, and people ready to act. I want to thank our team, the clinicians and burn community in Canada, and the American Burn Association for connecting us. Resell is not commercially available in Canada, and we are grateful to Health Canada for acting quickly to facilitate access. This response brings us back to why we do this work, helping people heal from serious wounds and return to their lives. Let me turn to our third quarter performance. Revenue reached $26.1 million, up 53% year over year, and 20% from the second quarter.

ReCell led that growth, supported by increasing adoption of CoHelix. We'll further discuss our product dynamics in a moment. At the same time, we reduced cash use to approximately $600,000, compared with $3.2 million in Q2. We are growing revenue, but we're also managing expenses and cash diligently. That combination continues to improve the financial position of the company. Based on our performance, we are raising full-year revenue guidance for the second consecutive quarter. We now expect revenue of $92 to $94 million for the full year, compared with our previous range of $86 to $89 million.

We also remain on track to achieve cash flow break-even in the fourth quarter. David will walk through the financial results and our liquidity in more detail. First, I want to put our progress in context. A year ago, our priorities were to stabilize fleet utilization, rebuild engagement with our core accounts, and improve how we operate. In Q1, we began to see those actions translate into more consistent demand. In Q2, that demand supported further growth and gave us the confidence to raise guidance and establish our cash flow break-even goal. Q3 builds on that progress. We continue to grow within our accounts.

Hospitals are ordering more cell. Cohelix is reaching additional customers. and revenue growth is translating into lower cash use. Our commercial approach remains focused. We target high volume burn and level one trauma centers where clinicians treat burns, traumatic injuries, and complex surgical wounds. We estimate this focused US addressable market at approximately $1.3 billion annually. Our task is to grow within that market by supporting more physicians, more eligible procedures and broader use of our portfolio within each account. Let me start with resale. US resale revenue reached $22.4 million, approximately 20% above Q2. U.S. resale volume increased to 3,196 units, up approximately 21% sequentially. That follows an increase of more than 11% in Q2 over Q1.

The growth reflects higher procedure volumes and increased ordering across our accounts. ResoGo and ResoGo Mini give clinicians options for treating different sized wounds. MINI extends the platform into smaller wounds, while ResoGO supports treatment of larger areas. That matters because the opportunity within a hospital extends across different patients, wound sizes, and surgical teams. Our commercial and clinical teams work with physicians to identify appropriate cases, provide training, and support consistent use. As physicians gain experience, they can assess where RECELL fits within their practice. The clinical evidence supporting that work also continues to grow.

In October, the Journal of Plastic Reconstructive and Aesthetic Surgery published a systematic review that examined 99 studies across 13 countries, covering more than two decades of experience with skin cell suspension autografting, essentially RECELL. All six comparative studies that assessed donor skin requirements reported reductions with our technology, while the 18 studies evaluating healing reported either favorable or comparable outcomes. The studies varied in design and quality, but together they document a broad base of clinical experience across burns and other wound types. For clinicians, reducing the amount of donor skin matters. A donor site creates another wound that then needs to heal. Reducing that burden can make a meaningful difference to a patient's recovery. Burn care established RECELL's clinical foundation and remains an important source of growth.

We also see opportunity in trauma and surgical repair, where physicians face many of the same challenges in achieving wound closure and healing. As we discussed last quarter, a new Category 1 CPT code family for skin cell suspension autografting is scheduled to take effect on January 1, 2027. It will simplify the current structure from eight codes to four based on wound size and anatomic location. This week, the Centers for Medicare and Medicaid Services, or CMS, issued its final rule and established national relative value units for physicians performing procedures using RECELL under the Medicare Physician Fee Schedule. Once effective in January, the new framework will replace today's region-by-region Medicare Administrative Contractor Pricing with nationally published RVUs. Clinicians have shared encouraging feedback about the simpler structure. Our team is ready to support hospitals with coding information and practical implementation guidance.

International resale revenue was approximately $900,000, essentially flat with Q2. We can We continue to build experience with ResellGo in markets where we have regulatory authorization, including the first ResellGo cases in Australia, where Resell was originally developed by Dr. Wood. While international remains a smaller contributor today, our focus on training, clinical experience, and local relationships in key markets continues to support steadily broadening adoption over time. Let me turn to Cohelix. Revenue reached $2.1 million, up approximately 21% from Q2, which Continue to add customers as hospitals complete their value analysis committee reviews and begin using CoHelix. Those reviews are an important part of adoption. Hospitals need to assess the clinical evidence, understand the economics, and determine how a product fits into their treatment protocols. The interim COHELIX-1 results support those discussions.

The study reported a median time to graft readiness of approximately 11 days. with some patients ready within the first week. We expect a complete six-month follow-up data set this month. That will add information on longer-term outcomes to the early evidence we have already shared. Our focus remains on helping hospitals complete their evaluations and supporting clinicians as they gain experience with the product. Turning to PermeaDerm, revenue was approximately $600,000, essentially flat with Q2. At this early stage, the timing of individual orders can affect quarterly comparisons. focused on building a broader base of regular use. The Permuter 1 results we reported in August give us stronger evidence to support that work.

This randomized study enrolled 40 patients across 11 U.S. burn centers. It compared PermeaDerm with Allograft, which is human skin transplanted from a deceased donor. temporary wound coverage before definitive split thickness skin grafting. The study met its primary endpoint. PermiDerm demonstrated a 70% economic advantage over Allograft, measured by product cost per percent total body surface area treated. It also reduced preparation time by approximately 96% with comparable graft take and wound healing outcomes. Approximately 94% of Permiaderm patients achieved at least 95% graft take one week after autografting. All patients in both groups were healed by eight weeks.

These results support a clear role for Permiaderm as a wound temporizer. Hospitals can store it at room temperature and use it without tissue tracking, thawing, and meshing while maintaining comparable application time in the operating room. Its transparency allows clinicians to assess the wound without removing the covering. Those features address practical challenges in burn care, product availability, preparation time, and visibility of the wound. We have submitted the study for publication and are using the findings in clinical education and hospital evaluations. The commercial work now is to translate that evidence into adoption and repeat use. Across the portfolio, each product serves a distinct purpose.

Permiderm protects and stabilizes the wound. CoHelix rebuilds the wound bed. ReCell restores the patient's skin. That gives us several ways to meet clinical needs within the same account, based on the patient and the treatment plan. The American Burn Association's regional burn conferences provide an important forum for clinicians to share emerging evidence and practical experience. Across the four regional conferences this year, 26 presentations involve Avita technologies. This surpasses the cumulative presence of several leading competitors. The presentations cover real-world outcomes in pediatric, geriatric, and other complex burn populations, as well as applications in facial and hand reconstruction and limb salvage.

Four include treatment approaches using two or more Avita products, while others present clinical data for Cohelex and Permiaderm. With three regional conferences now completed and one more next week, this high level of engagement highlights the growing adoption of our portfolio and further expands the evidence supporting wider clinical use. Before I hand over to David, I want to put our fourth quarter outlook in the context of the year's progress. Our full year guidance implies Q4 revenue of approximately $24.9 to $26.9 million. At the midpoint, that would deliver approximately 30% growth for the full year over 2025. Looking across the year, revenue has increased from 19.3 million in Q1 to to 21.7 million in Q2, and our Q4 range reflects continued growth from that base. Q3 was particularly strong at $26.1 million and may have benefited a bit from seasonal high burn admissions during the summer.

Our guidance accommodates that third quarter variability while reflecting the consistent, stronger, sequential performance we have delivered through September. We remain focused on finishing the year strongly and reaching cash flow break even. Our priorities are consistent. expand RECELL utilization, grow adoption of Cohelix and PermeaDerm, and maintain commercial growth and financial discipline.

David OToole

With that, I'll hand it over to David. Thank you, Kerry. Good afternoon, and in Australia, good morning. Our third quarter result illustrates how sustained revenue growth is dramatically improving the financial performance of our business. We increased revenue by 20% from the second quarter, expanded gross margin to 84%, and held operating expenses flat. Together, those results decreased quarterly cash use to approximately 600,000 from 3.2 million in Q2. We also reached the revenue milestone required to draw down the remaining 10 million under a credit facility with Perceptive Advisors LLC. We received those funds this week, strengthening our cash reserves as we approach cash flow break even.

In my prepared remarks that follow, I will walk through the financial results for the quarter, our liquidity, and our updated outlook. Starting with revenue, third quarter revenue was 26.1 million, an increase of 53% from 17.1 million in the same period last year, 20% from the second quarter of this year. That brings revenue for the first nine months of 2026 to approximately 67.1 million. As Kerry outlined, resale led the growth with additional contributions from CoHelix. From a financial perspective, the important point is that we are supporting the higher revenue with essentially the same operating cost base. Total operating expenses were 24.6 million flat when compared with the second quarter and up 7% compared to 23 million in the prior year period. As we expected, the majority of the increase from last year was in sales and marketing expenses.

This was largely because of commissions and incentive compensation associated with stronger commercial performance. As I have discussed, sales compensation, specifically commissions, will increase as our commercial team delivers more revenue. Carefully manage the rest of the cost base so that revenue growth translates into better bottom line financial results. That is what we saw this quarter. Compared with Q2 of this year, revenue increased by approximately 4.4 million, with no increase in operating expense. We continue to review spending across the business and identify opportunities to improve efficiency while supporting our commercial priorities. Turning to gross margin, gross margin increased to 84%, a 270 basis point increase, compared with 81.3% in the prior year quarter and 81.9% in the second quarter.

Higher resale revenue and improvement in manufacturing efficiency contributed to that increase. The resale gross margin reached 88.4% and we currently expect it to remain between 85% and 90% over the coming quarters. As I have discussed previously, Cohelix and Permiaderm carry lower gross margins than Resell. As revenue from these products increase, they ultimately will affect our overall gross margin percentage. However, we still see significant opportunity for growth in resale revenue, so the decrease in margin should not be substantial. Our other two products will contribute additional gross profit without requiring a proportional increase in operating expenses. That remains an important part of the financial value of our portfolio.

For the third quarter, we generated approximately 21.9 million in gross profit. an increase of approximately 4.2 million from the second quarter of this year. Net loss improved to 6.2 million, or a loss of 0.20 per share, compared with 13.2 million, or a loss of 0.46 per share in the same period last year. The current quarter net loss included approximately 2.1 million in non-cash expense related to the revaluation of warrants as our share price increased. That expense negatively impacted net loss and loss per share, but again, was non-cash. Now turning to cash. On our Q2 call, we said we expected a further reduction in cash use during the third quarter. We over-delivered on that metric as we approached cash generation. Net cash use declined to approximately 600,000, compared with 3.2 million in Q2 and 9.9 million in Q1.

We ended September with approximately 10.5 million in cash, cash equivalents and marketable securities. The improvement reflects higher revenue, strong gross margins, and continued expense and working capital management. It also demonstrates the operating leverage we have been working towards as the business grows. Turning to liquidity, the Perceptive credit facility we executed in January of this year provided for a 10 million second tranche of debt if we were to achieve at least 85 million in trailing 12-month net revenue. We have satisfied that revenue milestone, and this week we received the remaining 10 million under the credit facility. The additional funds strengthen our cash reserves as we move towards cash flow break-even and cash generation and will be reflected in our 2026 year-end balance sheet. Our improved operating performance and liquidity also supported an important change in our financial reporting.

Management concluded that the substantial doubt about our ability to continue as a going concern had been alleviated. Our independent auditor concurred with that assessment. Accordingly, our third quarter Form 10-Q no longer includes that substantial doubt qualification. and the outstanding debt has now been classified as a long-term liability. The Form 10-Q does include disclosures on the plan management undertook to alleviate the going concern conclusion found in previous quarters. These developments reflect the progress we have made in improving both the operating performance and financial position of the company. Turning to our outlook, we are raising full year 2026 revenue guidance to 92 million to 94 million from our previous range of 86 million to 89 million. This is our second consecutive quarterly increase in revenue guidance.

The new range represents approximately 28% to 31% growth over 2025. At the midpoint of the range would be 93 million in annual revenue. That compares with approximately 35 million in 2022 and represents a compound annual growth rate of approximately 28% over four years and returning to a more attractive growth trajectory compared to 2025. We also reaffirm our expectation of achieving cash flow break-even in the fourth quarter. We will continue to manage spending and collections carefully as we work to deliver that fourth quarter goal. The financial trends supporting that outlook remain clear. Revenue has grown each quarter this year.

Gross margin has strengthened. We have maintained control of operating expenses, and cash use has declined substantially. In summary, Q3 demonstrates that higher revenue is translating into better financial performance. We substantially reduced cash use, strengthened our liquidity after quarter end, and raised our full year revenue outlook. I want to thank our teams across Avita for the work behind those results. With that, I'll hand the call back to Kerry.

Unknown Speaker

Thanks, David. Q3 demonstrates the progress we're making. We saw demand increased. Cohelix continued to grow. We added clinical evidence for PermeaDerm, and we brought cash use down substantially as revenue increased. We've raised our revenue outlook again and remain focused on achieving cash flow break even in Q4. I want to thank our employees for their work and the clinicians who trust us to support their patients. I also want to thank you for joining us and for your continued support. Operator, we're ready to take questions.

Operator

Yes, sir. Ladies and gentlemen, if you have a question or comment at this time, please press star 1 1 on your telephone keypad. If the question has been answered or you wish to remove yourself from the queue, simply press star 1 1 again. Again, if you have a question or comment, please press star 1 1 on your telephone keypad. Please stand by while we compile the Q&A roster. Our first question or comment comes from the line of Frank Takinen from Lake Street Capital Markets. Your line is open, sir.

分析师问答

Frank Takkinen

Great, congrats on a really impressive quarter. Was hoping to start with one on the outlook. Appreciate the comments around maybe some summer seasonality contributing in Q3. Maybe if you can quantify that approximately, just how much you think could have been pulled forward into Q3. And just trying to think about the low end versus high end of Q4. you've done a really nice job marching higher quarter over quarter and obviously the midpoint is approximately flat quarter over quarter. So just curious on maybe kind of what that amount was in that summer seasonality and then any initial thoughts on how we should think about the quarter over quarter growth we saw this year as we head into 2020.

Unknown Speaker

Thanks, Frank. Good to talk to you. I saw quite a bit about this. We've done a little bit of analytics. If I had to ballpark it in Q3, I'd say it's about a million bucks. you know, was due to just kind of higher volume and seasonality. I think we need another summer to really understand, you know, some Q3 dynamics. But I think that's an approximation. So if you look at doing 26-1, and take a million away on top to 25.1 or something like that.

That over Q2 and then getting us to where we're projecting to be in Q4, I think it's line from a trajectory standpoint, a pretty strong growth line. uh with a little extra help in q3 like i said maybe 1 million.

Frank Takkinen

Okay, that's helpful. And then maybe I'm appreciating you're not guiding for 2027, but maybe any initial thoughts on how we should think about growth there and then maybe just talk through some of the elements. that are kind of key drivers behind 2027 growth.

Unknown Speaker

Yes, I think the march continues, Frank. I mean, I think there's no secrets to it. We're going to continue to march and grow at a rate that I think we have been growing and I think that we'll benefit from a number of things, benefit from this announcement that goes into effect January 1st will benefit from a lot of these CoHELIX that have come out of VACs and that we now start really competing and winning. We'll get traction out of Permaderm. We'll get traction across the portfolio. I think it's a straight line in terms of how how we grow, what the strategy is, how we execute. I don't think there's going to be any surprises except that we maintain our cost discipline We retain some of the best commercial talent in the industry, and we execute every day and every quarter.

Frank Takkinen

Okay, really helpful. And then maybe just squeeze one last one in for David. Really great job on the OpEx control. Maybe layer in kind of 20, 27 thoughts on operating expense. and specifically any kind of seasonality we should expect in the first quarter of 2027. I know in the first quarter of 2026 we had some cash use anomalies that occurred. Any comment on 2027 would be great. Thanks.

David OToole

For 27, we don't see headcount going up significantly. And so our operating costs, we're going to try and maintain at the same level it is right now. As you indicated, first quarter, we do see benefits reset. We see incentive comp being paid. Now a lot of those expenses, at least the incentive comp have already been accrued in this year, right? But there is cash that will be used in the first quarter for a lot of those one-time payments. But as far as operating expenses, with the exception of commissions in our sales and marketing as our revenue goes up, they will have some variability into that. But at the same time, we will be setting quotas, hopefully at a higher amount.

So those commissions will somewhat stay in line. So I would just again reiterate, we're going to keep operating expenses flat and grow revenue so that we can generate cash next year. Got it. Thanks again. Great quarter. Thanks Frankie.

Operator

Thank you. Our next question or comment comes from the line of Josh Jennings from TD Cowen. Mr. Jennings, your line is now open.

Joshua Jennings

Thanks. Good afternoon and great to see the continued momentum in the business. I wanted to just touch on resale, impressive quarter. that 20% sequential growth. Let me just further unpack, Carrie, if you could, the drivers of the growth between increased utilization within existing accounts, new physician adoption, and maybe even new hospital activations in the trauma channel. And then, what are you seeing in the annualization metrics that gives you confidence that this momentum and is sustainable in the next year.

Unknown Speaker

I mean, I think we've seen consistency the last few quarters. I think it remains. I think our strategy to go broader and deeper, to add new physicians, to add new procedures within existing physicians, to go after smaller, more complex wounds, with education, with an economic story and benefit, with ResoGo Mini, the products that fit what they're trying to do. We expect to be on podiums. continue to be on podium not only at these regional conferences, but as we get into the early parts of next year, that will continue with a large number of podium presentations, peer-to-peer, education. And so that all just continues. And I really think that there's so much that's been very consistent and very gradually increasing that one kind of anomaly and again right now it just remains to try to be very transparent about what I know and what I don't know. I think this, I feel fairly confident that you know, that approximate million dollars of the 26-1 is due to higher interest rates. a higher volume of patients or larger wounds in that period of time. We're glad that we're able to help that higher volume and to generate revenue from it.

But the vast majority of the growth that occurred in Q3 was according to our strategy and our execution across the board, across the portfolio. all different types of wounds, new physicians, new procedures, all of it, just as we said we would. And we expect that to continue this quarter and into next year.

Joshua Jennings

Excellent. And maybe a follow-up. Just the commercial strategy is evolving nicely, positioning ReCell, CoHelix, and Permiderm as an integrated wound care portfolio. We'd love to just hear more just about the cross-selling opportunities. and using multiple products in the same patient. I know it's still early and there are many vac approvals for CoHelix and Permiderm coming in the future, but maybe how you see that evolving into next year and then additionally, how are you thinking about the evolution of the product portfolio? Could there be some ads as we move through the next 12 to 24 months?.

Unknown Speaker

for taking the questions. Yes, it's a good question. I mean, and this is how we look at it. We look at it from when the patient comes in to when the patient leaves. How can we impact that? How can we impact the timing of it, the economics of it, the clinical outcome of it? And, you know, through our training, through our products. And so right now we have basically three product lines. And depending on the patient and the wound, we're able to have one, two, or three of those products being used. from a, we expect that kind of pull through. We have a tremendous amount of loyalty and and trust built up through resale.

And they're in cases, they're in the ORs every day, having discussions and in a real, consultative way with physicians and clinicians. I expect that if there was ever another product line, that would have value and need to meet certain criteria that our others do, which is basically, you know, attractive margins, an economic story, a speed to healing and acceleration where it really just fits in what we're doing where it doesn't prevent or present a large distraction or disruption and where it's not going to take up a whole lot of our people's selling time. We just can be tucked in a few fairly seamlessly. That's kind of what we look for. It's not something that we're that we need right now. I think we, this is, two very new product lines and even with the with ResellGo and ResellGo Mini, even those are fairly new. But we continue to look for that because just as a company and as a commercial force, we look to add value.

And part of that, if part of that is another product, you know, we're always looking for that.

Operator

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