ADMA Biologics Inc (ADMA) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the ADMA. biologics Second Quarter 2024 Financial Results and Business Update Conference Call on Thursday, August 8, 2024. (Operator Instructions) Please be advised that this call is being recorded at the company's request and will be available on the company's website approximately two hours following the end of the call.

下午好，歡迎來到 ADMA。生物製品 2024 年第二季財務業績和業務更新電話會議於 2024 年 8 月 8 日星期四舉行。（操作員說明）請注意，本次通話是應公司要求進行錄音的，並將在通話結束後大約兩小時在公司網站上提供。

At this time, I would like to introduce Skyler Bloom. Please go ahead.

這次我想介紹一下斯凱勒·布魯姆。請繼續。

Welcome, everyone, and thank you for joining us this afternoon to discuss ADMA Biologics financial results for the second quarter of 2024 and recent corporate updates. I’m joined today by Adam Grossman, President, Chief Executive Officer; and Brad Tade, Chief Financial Officer and Treasurer.

歡迎大家，感謝您今天下午加入我們，討論 ADMA Biologics 2024 年第二季的財務表現和最近的公司動態。今天，總裁兼執行長 Adam Grossman 也加入了我的行列。財務長兼財務主管 Brad Tade。

During today’s call, Adam will provide some introductory comments and provide an update on corporate progress, and then Brad will provide an overview of the company’s second quarter 2024 financial results. Finally, Adam will then provide some brief summary remarks before opening the call up for questions.

在今天的電話會議中，Adam 將提供一些介紹性評論並提供有關公司進展的最新信息，然後 Brad 將概述公司 2024 年第二季度的財務業績。最後，亞當將在開始提問之前提供一些簡短的總結評論。

Earlier today, we issued a press release detailing the second quarter 2024 financial results and summarized certain achievements in recent corporate updates. The release is available on our website at www.admabiologics.com.

今天早些時候，我們發布了一份新聞稿，詳細介紹了 2024 年第二季的財務業績，並總結了最近公司更新中的某些成就。此版本可在我們的網站 www.admabiologics.com 上取得。

Before we begin our formal comments, I’ll remind you that we will be making forward-looking assertions during today’s call that represent the company’s intentions, expectations or beliefs concerning future events, which constitute forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

在我們開始正式評論之前，我要提醒您，我們將在今天的電話會議中做出前瞻性聲明，這些聲明代表公司對未來事件的意圖、期望或信念，這些聲明就1995 年《私人證券訴訟改革法案》中的安全港條款而言。

All forward-looking statements are subject to factors, risks and uncertainties, such as those detailed in today’s press release announcing this call and in our SEC filings, which may cause actual results to differ materially from the results expressed or implied by such statements.

所有前瞻性陳述均受到因素、風險和不確定性的影響，例如今天宣布本次電話會議的新聞稿和我們向SEC 提交的文件中詳述的因素、風險和不確定性，這可能導致實際結果與此類陳述所明示或暗示的結果有重大差異。

In addition, any forward-looking statements represent our views only as of the date of this call and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update any such statements except as required by the federal securities laws.

此外，任何前瞻性陳述僅代表我們截至本次電話會議之日的觀點，不應被視為代表我們在任何後續日期的觀點。除聯邦證券法要求外，我們明確不承擔更新任何此類聲明的義務。

We refer you to the Disclosure Notice section in our earnings release we issued today in the Risk Factors section of our quarterly report on Form 10-Q for the year ended June 30, 2024, for a discussion of important factors that could cause actual results to differ materially from these forward-looking statements.

我們建議您參閱我們今天發布的截至 2024 年 6 月 30 日的年度 10-Q 表格季度報告的風險因素部分中的披露通知部分，以討論可能導致實際結果發生變化的重要因素。存在重大差異。

Please note that the discussion on today's call includes certain non-GAAP financial measures, including adjusted EBITDA a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP metric is available in our earnings release.

請注意，今天電話會議的討論包括某些非 GAAP 財務指標，包括調整後的 EBITDA，這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳可在我們的收益發布中找到。

With that, I would now like to turn the call over to Adam Grossman. Adam, go ahead.

現在，我想將電話轉給亞當·格羅斯曼。亞當，繼續吧。

Thank you, Skyler, and welcome everybody to today's call. It has been quite a journey to eclipse $100 million in revenue during a single calendar quarter. We are extremely proud to have achieved this milestone while managing expenses such that our earnings growth to date positions ADMA among the fastest growing and profitable companies in the biotech sector. It is truly remarkable, and I salute and applaud the entire ADMA team.

謝謝你，斯凱勒，歡迎大家參加今天的電話會議。在一個日曆季度內收入突破 1 億美元是一個相當大的歷程。我們非常自豪能夠在管理費用的同時實現這一里程碑，使我們迄今為止的盈利增長使 ADMA 躋身生物技術領域增長最快和盈利最快的公司之列。這確實非常了不起，我向整個 ADMA 團隊致敬並鼓掌。

Our unwavering commitment to commercial, financial and operational excellence has once again yielded strong results during the second quarter, exceeding analyst forecasts. Total revenues for the quarter grew by 78% year-over-year, reaching $107.2 million. This impressive revenue growth, coupled with a tightly managed cost structure resulted in adjusted EBITDA of $44.5 million, representing a nearly 600% growth rate year-over-year.

我們對商業、財務和營運卓越性的堅定承諾在第二季度再次取得了強勁的業績，超越了分析師的預測。該季度總營收年增 78%，達到 1.072 億美元。令人印象深刻的收入成長，加上嚴格管理的成本結構，調整後的 EBITDA 達到 4,450 萬美元，年成長率接近 600%。

GAAP net income grew to $32.1 million during the second quarter, compared to a GAAP net loss of $6.4 million in the same period last year. While Brad will delve into the details, this quarter benefited from a one-time accrual reversal, which increased both reported revenue and earnings. Although this favorable impact is non-recurring in nature, the strength of our underlying business gives us confidence that we will be able to grow both the top and bottom lines from this new, significantly increased financial baseline.

第二季 GAAP 淨利潤增至 3,210 萬美元，而去年同期 GAAP 淨虧損為 640 萬美元。雖然布拉德將深入研究細節，但本季受益於一次性應計逆轉，這增加了報告的收入和收益。儘管這種有利影響本質上不會經常出現，但我們基礎業務的實力讓我們有信心，我們將能夠在這一新的、顯著增加的財務基準的基礎上實現營收和利潤的增長。

We are again revising our financial guidance upwards for both 2024 and 2025. Based on current market conditions, we now anticipate generating total revenue of more than $400 million for 2024 and $445 million for 2025. At these revenue levels, we estimate adjusted EBITDA will exceed $150 million and $200 million for 2024 and 2025, respectively, representing a 33% year-over-year growth rate.

我們再次上調 2024 年和 2025 年的財務指引。根據目前的市場狀況，我們預計 2024 年的總收入將超過 4 億美元，2025 年的總收入將超過 4.45 億美元。在這些收入水準上，我們預計 2024 年和 2025 年調整後 EBITDA 將分別超過 1.5 億美元和 2 億美元，年成長率為 33%。

Similarly, we are increasing net income guidance to more than $105 million for 2024 and $155 million for 2025, reflecting an estimated 48% year-over-year growth rate. Our confidence in achieving these financial targets is underpinned by the rapid and continuous growth of our unique and proprietary immunoglobulin, ASCENIV. All forward-looking demand KPIs for the product are reaching new highs.

同樣，我們將 2024 年和 2025 年的淨利潤指引分別提高至 1.05 億美元和 1.55 億美元以上，預計年成長率為 48%。我們獨特的專有免疫球蛋白 ASCENIV 的快速持續成長支撐了我們實現這些財務目標的信心。該產品的所有前瞻性需求KPI均創出新高。

And encouragingly, both the breadth and depth of ASCENIV's prescriber base continues to strengthen. As a result, I am pleased to report that ASCENIV has now surpassed a 50% contribution to ADMA's total revenue, marking a significant milestone for our company and setting the stage for further anticipated favorable mix shifts.

令人鼓舞的是，ASCENIV 處方者基礎的廣度和深度都在持續加強。因此，我很高興地報告，ASCENIV 對 ADMA 總收入的貢獻現已超過 50%，這標誌著我們公司的一個重要里程碑，並為進一步預期的有利組合轉變奠定了基礎。

To meet the growing demand for ASCENIV, we are implementing measures to increase the availability of high titer raw material plasma, and we are continuing to shift production capacity towards ASCENIV. We are making progress with these initiatives, and when completed, we believe ASCENIV has the potential to contribute a significant majority to our total product revenue mix in due course.

為了滿足對 ASCENIV 不斷增長的需求，我們正在採取措施增加高滴度原料血漿的可用性，並繼續將產能轉向 ASCENIV。我們正在這些舉措上取得進展，一旦完成，我們相信 ASCENIV 有潛力在適當的時候為我們的總產品收入組合貢獻大部分。

To better understand ASCENIV's unique position and growth potential within the $12 billion and growing U.S. immunoglobulin market, it is critical to consider our core focus on the 20,000 to 30,000 risk stratified refractive immunodeficient patients who have exhausted multiple lines of therapy throughout their treatment journey.

為了更了解ASCENIV 在價值120 億美元且不斷成長的美國免疫球蛋白市場中的獨特地位和成長潛力，至關重要的是考慮我們的核心重點是20,000 至30,000 名風險分層屈光免疫缺陷患者，他們在整個治療過程中已經用盡了多種治療方案。

These patients suffer from complex comorbidities, have often failed multiple standard immunoglobulin therapies, and require additional concomitant medications.

這些患者患有複雜的合併症，多種標準免疫球蛋白治療經常失敗，並且需要額外的伴隨藥物。

The unfortunate reality is these patients are regularly unable to conduct daily activities, including attending school or maintaining steady employment due to their complex health conditions, doctor's office visits, and hospitalizations. ASCENIV's unique and proprietary composition has proven to be well-suited to address the challenging real-world use cases.

不幸的現實是，由於複雜的健康狀況、看醫生和住院治療，這些患者經常無法進行日常活動，包括上學或維持穩定的工作。事實證明，ASCENIV 獨特的專有組合非常適合解決具有挑戰性的現實世界用例。

To further illustrate, during the second quarter, we released a new patient video testimonial on the ASCENIV product website, highlighting the remarkable treatment journey of a 17-year-old immunocompromised patient on IVIG therapy. His inspiring story of resilience has resonated deeply in both the clinical and commercial settings.

為了進一步說明這一點，第二季度，我們在 ASCENIV 產品網站上發布了新的患者視訊感言，重點介紹了一名 17 歲免疫功能低下患者接受 IVIG 治療的非凡治療歷程。他關於堅韌的鼓舞人心的故事在臨床和商業環境中引起了深刻的共鳴。

The founding principles of ADMA were built precisely with patients like this in mind. And it is these success stories that continue to fuel our organization to improve the lives of immune-compromised patients.

ADMA 的創立原則正是針對這類病患而製定的。正是這些成功故事繼續推動我們的組織改善免疫受損患者的生活。

While we are proud of the growing number of patients treated with ASCENIV to date, there is still much work to be done, and there are many patients we have yet to reach. We estimate that ASCENIV's current penetration within its core target market is less than 3% of the total addressable population, which has been largely governed by our ability to meet the outsized product demand.

雖然我們對迄今為止接受 ASCENIV 治療的患者數量不斷增加感到自豪，但仍有許多工作要做，而且還有許多患者尚未接觸到。我們估計 ASCENIV 目前在其核心目標市場的滲透率不到總目標族群的 3%，這在很大程度上取決於我們滿足超大規模產品需求的能力。

We are confident that the incremental additional penetration with ASCENIV will accelerate near-term revenue and create substantial peak revenue opportunity beyond our 2025 guided baseline. In that context, I would like to say that all of us at ADMA are extremely focused and will work tirelessly to produce more ASCENIV to meet the outsized demand.

我們相信，ASCENIV 的增量滲透將加速近期收入成長，並在 2025 年指導基準之外創造大量高峰收入機會。在此背景下，我想說，ADMA 的所有人都非常專注，並將不懈努力生產更多 ASCENIV 以滿足巨大的需求。

ASCENIV is proving to be a unique and potentially life-changing treatment option for PI patients who had limited alternatives before its launch. Given this context, our efforts to potentially enhance immunoglobulin production yields or innovations in our manufacturing processes have continued to advance in 2024.

事實證明，對於在上市前替代方案有限的 PI 患者來說，ASCENIV 是一種獨特且可能改變生活的治療選擇。在此背景下，我們在提高免疫球蛋白產量或製造製程創新方面的努力將在 2024 年繼續取得進展。

Recent commercial scale production of our new processes demonstrated potential yield enhancement of approximately 20% more bulk drug from the same starting plasma. These initiatives are subject to further regulatory evaluation and review, and if approved, we anticipate realizing potentially transformative benefits beginning as early as late next year with revenue and earnings accretion then expected to accelerate over the course of the decade.

我們的新製程最近的商業規模生產表明，相同起始血漿的原料藥產量可能提高約 20%。這些措施還需接受進一步的監管評估和審查，如果獲得批准，我們預計最早將於明年底開始實現潛在的變革性效益，收入和盈利的增長預計將在十年內加速。

As appropriate, we will formally guide to the magnitude and timing of these benefits as regulatory and operational developments progress.

隨著監管和營運發展的進展，我們將酌情正式指導這些好處的程度和時機。

On the plasma supply front, our collection centers continue to perform well, which we believe positions us to meet increased production forecasts for our IG portfolio. Hyperimmune plasma collections are increasing to support the growing demand, and collection volumes across our network are reaching new highs. We believe we are well-positioned for continued growth and innovation with a strong foundation for future success.

在血漿供應方面，我們的收集中心繼續表現良好，我們相信這使我們能夠滿足 IG 產品組合產量成長的預測。為了滿足不斷增長的需求，超免疫血漿採集量不斷增加，我們網路的採集量也達到了新高。我們相信，我們已做好持續成長和創新的準備，並為未來的成功奠定了堅實的基礎。

Moving to ADMAlytics, our innovative AI machine learning platform. We successfully expanded implementation of the technology to our commercial operations during the second quarter. When fully implemented, we expect the rollout to further optimize our commercial growth strategy.

轉向 ADMAlytics，我們的創新 AI 機器學習平台。我們在第二季度成功將該技術的實施擴展到我們的商業營運。全面實施後，我們預期此次推出將進一步優化我們的商業成長策略。

Initiated in February of 2024, the staggered implementation of ADMAlytics has already yielded impressive results, including increased production efficiency, enhanced visibility into the manufacturing process, optimized commercial planning, streamlined plasma pooling, and reduced variability in FTE hours. These efficiencies are expected to solidify our rapidly growing earnings outlook.

ADMAlytics 於 2024 年 2 月啟動，分階段實施已取得了令人矚目的成果，包括提高生產效率、增強製造流程的可視性、優化商業規劃、簡化血漿池以及減少 FTE 時間的變化。這些效率預計將鞏固我們快速成長的獲利前景。

Our portfolio of life changing medicines provides significant benefits to patients addressing diseases with unmet needs. We are proud of the difference we make for patients, donors, and public health. Our accomplishments showcase the steadfast commitment and hard work of our exceptional team. To our employees, we extend our heartfelt gratitude for your dedication, which drives our progress and significantly helps those we serve. It is this collaborative spirit that makes our workplace unique.

我們的改變生活的藥物組合為解決需求未被滿足的疾病的患者提供了顯著的益處。我們為患者、捐贈者和公共衛生所做的改變感到自豪。我們的成就展現了我們傑出團隊的堅定承諾和辛勤工作。對於我們的員工，我們衷心感謝你們的奉獻精神，你們的奉獻推動了我們的進步，並為我們服務的人們提供了巨大的幫助。正是這種協作精神使我們的工作場所獨一無二。

And with that said, I'd now like to turn the call over to Brad for a review of the second quarter 2024 financials.

話雖如此，我現在想將電話轉給 Brad，要求他審查 2024 年第二季的財務狀況。

Thank you, Adam. We issued a press release earlier today outlining our second quarter 2024 financial results. We will also be issuing our second quarter 10-Q report later this afternoon, which we would encourage you to read in conjunction with the comments and discussion points we will make during today's call.

謝謝你，亞當。我們今天稍早發布了一份新聞稿，概述了 2024 年第二季的財務表現。我們還將在今天下午晚些時候發布第二季 10 季度報告，我們鼓勵您結合我們在今天的電話會議中提出的評論和討論要點來閱讀該報告。

I'll now discuss some of the key financial highlights from the second quarter. As Adam mentioned, total revenues were $107.2 million for the quarter ended June 30, 2024 as compared to $60.1 million for the quarter ended June 30, 2023, an increase of $47.1 million, or approximately 78%.

我現在將討論第二季的一些關鍵財務亮點。正如Adam 所提到的，截至2024 年6 月30 日的季度總收入為1.072 億美元，而截至2023 年6 月30 日的季度總收入為6,010 萬美元，增加了4,710 萬美元，增幅約為78% 。

In addition to the rapid growth of commercial product revenue during the second quarter, reported results were favorably impacted by an accrual reversal related to historical estimated U.S. Medicaid rebates for ADMA's immunoglobulin products. With the assistance of a review conducted with a third-party consultant during the quarter, ADMA recognized a $12.6 million increase to net revenues and a corresponding reduction in the accrual balance.

除了第二季商業產品收入的快速增長之外，報告的業績還受到與 ADMA 免疫球蛋白產品的歷史估計美國醫療補助回扣相關的應計逆轉的有利影響。在本季第三方顧問進行的審查的協助下，ADMA 確認淨收入增加了 1,260 萬美元，應計餘額相應減少。

By way of background, certain of ADMA's legacy accrual methodologies were developed at the time of commercial launch in the second half of 2019 for ASCENIV and BIVIGAM, a time in ADMA's commercial evolution when there existed customary uncertainties inherent to initial commercial drug launches that lack any operating history.

作為背景，ADMA 的某些傳統應計方法是在2019 年下半年ASCENIV 和BIVIGAM 商業上市時開發的，在ADMA 商業發展的這段時期，初始商業藥物上市存在固有的慣例不確定性，缺乏任何不確定性。

Drawing from the last two years of significant commercial growth and product utilization for ASCENIV and BIVIGAM, we are confident that our newly implemented methodologies are appropriate on a go-forward basis.

從過去兩年 ASCENIV 和 BIVIGAM 的顯著商業成長和產品利用率來看，我們相信我們新實施的方法在未來的基礎上是合適的。

To reiterate Adam's earlier remarks, while this accrual reversal is non-recurring in nature, the strength of our underlying business trends are such that we are confident in our ability to build on this newly established financial baseline and grow both revenue and earnings in the periods ahead.

重申亞當先前的言論，雖然這種應計逆轉本質上是非經常性的，但我們基本業務趨勢的強度使我們對在這一新建立的財務基準基礎上並在此期間實現收入和收益增長的能力充滿信心前面。

GAAP gross profits were $57.5 million for the quarter ended June 30, 2024, as compared to $16.7 million for the quarter ended June 30, 2023, an increase of $40.8 million, or an approximate 244% growth rate. As a result, ADMA achieved a corporate gross margin of 53.6% in the second quarter of 2024, as compared to 27.8% in the second quarter of 2023.

截至2024 年6 月30 日的季度的公認會計原則毛利潤為5,750 萬美元，而截至2023 年6 月30 日的季度的GAAP 毛利潤為1,670 萬美元，增加了4,080 萬美元，增長率約為244 %。因此，ADMA 2024 年第二季的企業毛利率為 53.6%，而 2023 年第二季為 27.8%。

As we progress further into 2024, we believe we are just beginning to generate financial results that demonstrate the distinct operating leverage that our business is capable of realizing. As our revenue continues to grow and fixed expenses are tightly managed.

隨著 2024 年的進一步進展，我們相信我們剛開始產生財務業績，證明我們的業務有能力實現獨特的營運槓桿。隨著我們的收入持續成長，固定費用得到嚴格管理。

During the second quarter, adjusted EBITDA of $6.4 million for the quarter ended June 30, 2023, an increase of $38.1 million, or nearly 600%. Additionally, GAAP net income was $32.1 million for the quarter ended June 30, 2024, compared to a GAAP net loss of $6.4 million for the quarter ended June 30, 2023.

截至 2023 年 6 月 30 日的第二季度，調整後 EBITDA 為 640 萬美元，增加了 3,810 萬美元，增幅接近 600%。此外，截至 2024 年 6 月 30 日的季度的 GAAP 淨利潤為 3,210 萬美元，而截至 2023 年 6 月 30 日的季度的 GAAP 淨虧損為 640 萬美元。

Based on the robust $43.4 million of free cash flow generated in the second quarter and the significant adjusted EBITDA growth, the company's current net leverage ratio has organically improved to approximately 0.26 times annualizing second quarter results. We anticipate the balance sheet will continue to strengthen over the coming periods, augmented by forecasted free cash flow and growing adjusted EBITDA.

基於第二季度產生的強勁的4340萬美元自由現金流以及調整後的EBITDA大幅增長，該公司目前的淨槓桿率已有機改善至第二季度年化業績的約0.26倍。我們預計未來一段時間資產負債表將繼續增強，預計自由現金流和調整後 EBITDA 的成長將進一步增強。

With that, I'll now turn the call back over to Adam for closing remarks.

現在，我將把電話轉回給 Adam 進行總結發言。

Thank you, Brett. Our commitment to innovation and performance continues to drive significant growth and value creation, which we believe positions our company for enduring success over the remainder of 2024 and into '25. We anticipate continued revenue growth and favorable mix shift leading an earnings profile that positions ADMA as one of the fastest growing and profitable biopharma companies in the United States.

謝謝你，布雷特。我們對創新和績效的承諾將繼續推動顯著成長和價值創造，我們相信這將使我們的公司在 2024 年剩餘時間和 25 年內取得持久成功。我們預計持續的收入成長和有利的組合轉變將導致獲利狀況，使 ADMA 成為美國成長最快、獲利最快的生物製藥公司之一。

With net debt to adjusted EBITDA approaching zero, we believe we are embarking on the next phase of our growth cycle from a position of strength. We are committed to further fortifying our balance sheet, reducing the cost of capital and maximizing shareholder value.

隨著淨債務與調整後 EBITDA 比率接近零，我們相信我們正在從強勢地位開始成長週期的下一個階段。我們致力於進一步強化資產負債表、降低資本成本並最大化股東價值。

Looking beyond 2025, we plan on leveraging our innovative commercial model, specialty manufacturing and R&D platform to unlock a potential peak revenue and earnings opportunity reaching levels, which may be multifold higher than our currently provided financial guidance. We expect to formally provide longer term guidance as internal developments unfold. Thank you for your continued support and dedication. Together, we will continue to write the story of ADMA's unique success.

展望 2025 年以後，我們計劃利用我們的創新商業模式、專業製造和研發平台來釋放潛在的峰值收入和盈利機會，達到一定水平，這可能比我們目前提供的財務指導高出幾倍。我們預計隨著內部發展的展開，正式提供長期指導。感謝您一直以來的支持與奉獻。我們將共同繼續書寫 ADMA 獨特成功的故事。

With that, we'll now open up the call for questions. Operator?

至此，我們現在開始提問。操作員？

(Operator Instructions) Anthony Petrone, Mizuho Americas.

（操作員說明）Anthony Petrone，Mizuho Americas。

How are you doing, Anthony?

你好嗎，安東尼？

Thank you and congratulations, Adam. And to the rest of the admin biologics team, obviously a very impressive performance is first time I've seen in a press release plus 600% growth in adjusted EBITDA, so obviously, a milestone quarter on the top and bottom line. Congratulations.

謝謝你並恭喜你，亞當。對於管理生物製劑團隊的其他成員來說，顯然這是我第一次在新聞稿中看到非常令人印象深刻的業績，加上調整後EBITDA 成長600%，所以顯然，這是營收和利潤方面的一個里程碑式的季度。恭喜。

Thanks.

謝謝。

Maybe to start, we're counting now six consecutive quarters here have a beat and raise Adam, and we're at the midpoint of 2024. And the company has been good in updating the two year forward outlook for '24 and '25. If we back out the accrual of $12 million in the quarter that based top line rate is growing 58%. You're obviously levering the P&L to higher profitability levels.

也許首先，我們現在正在計算連續六個季度都有擊敗並提高亞當，我們正處於 2024 年的中點。該公司在更新 24 年和 25 年的兩年前瞻性展望方面表現出色。如果我們取消本季 1,200 萬美元的應計費用，則基礎收入成長率將成長 58%。顯然，您正在利用損益表達到更高的獲利水準。

Give us a little bit of an idea of what maybe a longer-range plan looks like beyond 2025, how sustainable is the mix shift to incentive? What do you think the sort of go-forward growth profile of this company could be? And if you have any thoughts on a peak margin potential, that would be helpful, and I'll have a follow up.

讓我們稍微了解一下 2025 年後的長期計畫是什麼樣子的，混合轉向激勵措施的可持續性如何？您認為這家公司的未來發展前景如何？如果您對峰值利潤潛力有任何想法，那會很有幫助，我會跟進。

Thanks Anthony. We really appreciate it. I mean look it's a lot of the same story that you've heard me talk about for the last six plus calendar quarters. We've got a great team here. The company's working very efficiently and honestly this is what happens I really believe when you make a good product that helps people. So very proud of all the work that we're doing.

謝謝安東尼。我們真的很感激。我的意思是，你看，在過去的六個多季度裡，你聽到我談論的很多都是同樣的故事。我們這裡有一支很棒的團隊。該公司的工作非常有效率和誠實，我堅信，當你製造出可以幫助人們的好產品時，就會發生這種情況。對我們正在做的所有工作感到非常自豪。

You're asking me a question for forward guidance, and that's your job. We feel good about the guidance that we've given. We feel like we've taken the same approach to guidance that we've always taken. But what I'll say is something that I've said in the past. Our goal here and the goal has always been to make as much incentive as we possibly can.

你問我一個向前指導的問題，這是你的工作。我們對所提供的指導感到滿意。我們覺得我們採取了與以往相同的指導方法。但我要說的是我過去說過的話。我們的目標始終是盡可能提供激勵措施。

We're proud to be in a place where we can announce that ASCENIV has passed the 50% contribution for the mix of our therapy business unit products. And we think ASCENIV can continue to grow and drive our forward-looking top line and bottom line growth throughout the rest of this decade and into the future. As we've said, we've got IP protection into the mid 2030s and we believe that we're making a product that is truly differentiated and we've identified appropriate use.

我們很自豪能夠宣布 ASCENIV 已為我們的治療業務部門產品組合提供 50% 的貢獻。我們認為 ASCENIV 可以在本十年剩餘時間和未來繼續發展並推動我們前瞻性的營收和利潤成長。正如我們所說，我們已經在 2030 年代中期獲得智慧財產權保護，我們相信我們正在製造真正差異化的產品，並且我們已經確定了適當的用途。

I have said in the past that, look, we've got a roughly 500,000, 600,000 liter capacity plant here. You take the plasma math at four grams per liter, you can roughly produce 2 million, 2.5 million grams of IG in this plant. If all of it was incentive, you're looking at a $1 billion, $2 billion, maybe more than that in total peak revenues. Now, again, I've said this before, I'm not guiding to that. I'm not saying that that is going to happen, but this is what we are here to do.

我過去曾說過，你看，我們這裡有一座產能約 50 萬、60 萬公升的工廠。以每公升 4 克的血漿計算，您可以在該工廠中生產約 200 萬至 250 萬克 IG。如果所有這些都是激勵措施，那麼您將看到 10 億美元、20 億美元，可能比總收入高峰還要多。現在，我再說一遍，我之前已經說過這​​一點，但我並不是對此進行指導。我並不是說這將會發生，但這就是我們來這裡要做的事。

One of my folks here said, this is why we started the company. This is why we've worked so hard and jumped through all the hoops and hurdles that have come our way. We really believe that we've got an opportunity to change outcomes for patients. We're working really hard to collect more plasma. That's been the governor of really the growth here. It's our ability to collect more plasma.

我的一位同事說，這就是我們創辦公司的原因。這就是為什麼我們如此努力工作並跨越了我們遇到的所有困難和障礙。我們堅信我們有機會改變患者的治療結果。我們正在非常努力地收集更多血漿。這是這裡真正增長的總督。這是我們收集更多血漿的能力。

And you see that we're growing quarter-over-quarter. We're collecting more plasma. Our centers are working more efficiently than ever before. Our third-party supply contracts have been performing very, very well. But the forward looking demand continues to outpace supply.

您會發現我們正在逐季度成長。我們正在收集更多血漿。我們的中心比以往任何時候都更有效率地工作。我們的第三方供應合約一直表現得非常非常好。但前瞻性需求持續超過供應。

And quite frankly, that's what's driving our optimism going forward. So we believe that we've got visibility into the most compelling growth story in the sector right now. I mean, obviously, it's at a different scale here, but as we look over the next several years into the back part of the decade, we see great, great outlook ahead, especially in light of the contribution from yield enhancement, which we announced today for the first time. So very proud of it all. Hopefully that answers your question.

坦白說，這就是推動我們樂觀前進的原因。因此，我們相信我們現在已經了解了該行業最引人注目的成長故事。我的意思是，很明顯，這裡的規模不同，但當我們展望未來幾年到十年後的部分時，我們看到了非常非常好的前景，特別是考慮到我們宣布的產量提高的貢獻今天是第一次。所以我對這一切感到非常自豪。希望這能回答你的問題。

Absolutely. And just a quick follow-up on ASCENIV. Maybe a little bit just on the patient experience, I think it would be helpful. In other words to a highly compromised patient, maybe give us an idea, like, how often are these patients hospitalized when they're not on ASCENIV? And to what extent do you see just an improvement in the time between exacerbations, like how stabilized do these patients get once they're on ASCENIV? Thanks again. Congratulations.

絕對地。這是 ASCENIV 的快速跟進。也許只是關於患者的體驗，我認為這會有所幫助。換句話說，對於高度受損的患者，也許可以給我們一個想法，例如，這些患者在不接受 ASCENIV 治療時住院的頻率是多少？您認為惡化之間的時間間隔有多大程度的改善，例如這些患者在接受 ASCENIV 治療後的穩定程度如何？再次感謝。恭喜。

Thank you, Anthony. So, every immune-compromised patient is different. Everybody's treatment journey, everybody's path to getting on IG has been different. Everybody responds to IG and the environment differently. So it's really hard to give you a very succinct answer there, but the patients are immune-compromised. They've got primary immune deficiency, again one of 300, 400 different genetic diseases that affect your body's ability to produce antibody and IG replaces those antibodies through passive immunoprophylaxis.

謝謝你，安東尼。因此，每個免疫功能低下的患者都是不同的。每個人的治療歷程、每個人進入 IG 的道路都是不同的。每個人對 IG 和環境的反應都不同。所以很難給你一個非常簡潔的答案，但病人的免疫功能低下。他們患有原發性免疫缺陷，這是影響身體產生抗體能力的 300、400 種不同遺傳疾病之一，IG 透過被動免疫預防來取代這些抗體。

You're looking at every 3 to 4 weeks for the rest of their life, they remain on IG. We're very proud of our patient testimonial videos, and I spoke about it during the prepared remarks. I really think that the most recent patient testimonial clearly identifies who we're trying to help. We quantified it in the prepared remarks.

在他們的餘生中，你每 3 到 4 週就會查看一次，他們仍然在 IG 上。我們對我們的患者感言影片感到非常自豪，我在準備好的演講中談到了這一點。我真的認為最近的患者感言清楚地表明了我們正在努力幫助的對象。我們在準備好的評論中對其進行了量化。

There are about 20,000 to 30,000 of the overarching 200,000 to 300,000, 400,000 patients with PI in the United States. We're targeting this 20% to 30%, and these are patients that really have failed multiple lines of therapy. They received other immunoglobulins and have not done well, they've had their dose increased.

在美國，200,000 至 300,000、400,000 名 PI 患者中約有 20,000 至 30,000 名。我們的目標是 20% 到 30%，這些患者確實已經接受過多種治療。他們接受了其他免疫球蛋白，但效果不佳，因此增加了劑量。

We're penetrated roughly about 3%, a little less than 3% at this time. And we know where the patients are. We've got lists of patients and we know docs that want to put patients on therapy. We've identified the regions for growth. We really feel that we're in a great position to capitalize on the great real world outcomes that doctors and patients have experienced with this and we're working very closely with the payers to ensure coverage. So it's all falling into place.

我們的滲透率約為 3%，目前略低於 3%。我們知道病人在哪裡。我們有患者名單，我們知道想要讓患者接受治療的醫生。我們已經確定了成長的區域。我們確實認為我們處於有利地位，可以利用醫生和患者在這方面所經歷的偉大的現實世界成果，並且我們正在與付款人密切合作以確保覆蓋範圍。所以一切都水到渠成。

Again, I've said this before, I know I sound like a broken record, but we feel it's the early days for us. We feel that we're really just beginning here and we're looking forward to the future.

再說一次，我以前說過，我知道我聽起來像是一張破唱片，但我們覺得這對我們來說還處於早期階段。我們覺得我們才剛開始，我們對未來充滿期待。

Kristen Kluska, Cantor Fitzgerald.

克里斯汀·克魯斯卡，坎托·費茲傑拉。

Hey, everyone. This is Rick Miller on for Kristen. Thanks for taking our questions, and congrats on the quarter. On the biologic production yield enhancement you mentioned, can you sort of put this into context as it relates to the specific product mix that you're working with? Does this dovetail well, specifically with the ASCENIV product? Or is there something that could boost yield across the pipeline? How are you thinking about this?

嘿，大家。這是克里斯汀的里克·米勒。感謝您提出我們的問題，並祝賀本季。關於您提到的生物製品產量提高，您能否將其置於與您正在使用的特定產品組合相關的背景中？這是否非常吻合，特別是與 ASCENIV 產品？或者有什麼可以提高整個管道的產量嗎？你怎麼看待這個問題？

Thanks, Rick, very much for the question. So I've said this before, the plant doesn't care what we make. We make the same thing every day. It's the starting plasma that really is what differentiates the products. BIVIGAM using normal source plasma, ASCENIV blended from normal source with the high titer plasma and NABI-HB is made from hyperimmune hepatitis B plasma.

瑞克，非常感謝你提出這個問題。所以我之前說過，植物並不在乎我們生產什麼。我們每天都做同樣的事情。真正使產品與眾不同的是起始血漿。BIVIGAM使用正常來源血漿，ASCENIV由正常來源與高效價血漿混合而成，NABI-HB由超免疫乙型肝炎血漿製成。

Yield enhancement specifically is being targeted to ASCENIV and BIVIGAM production. So both products we anticipate should the process be approved after regulatory review. We feel that both products would experience 20% more bulk drug from the same starting plasma.

提高產量的具體目標是 ASCENIV 和 BIVIGAM 生產。因此，我們預計這兩種產品的流程均應在監管審查後獲得批准。我們認為，兩種產品在相同的起始血漿中都會多吸收 20% 的原料藥。

So, historically I've said roughly about 4 grams per liter, so is where our historical yields have been for bulk drugs. So you're looking at adding 20% to that. This is going to help us drive growth we think near-term.

因此，從歷史上看，我說過大約每公升 4 克，這也是我們原料藥的歷史產量。所以你正在考慮增加 20%。這將有助於我們推動近期的成長。

I mean, if the Sun, the Moon, and the stars aligned Rick, maybe we'll see some accretion late next year but we feel very confident as we look towards 2026 and through the back half of the decade that again should all the testing come back should regulatory review and approval go well this is going to allow us to maximize every year of plasma that we collect.

我的意思是，如果太陽、月亮和星星對齊瑞克，也許我們會在明年晚些時候看到一些增長，但當我們展望2026 年以及本世紀後半段時，我們非常有信心，所有的測試都應該再次進行如果監管審查和批准順利的話，我們就會回來，這將使我們能夠最大限度地利用每年收集的血漿。

Especially for ASCENIV we're very proud of this because, look, it's less than 5% of donors have the antibody profile that we're looking for. So finding these donors, their plasma is valuable, all plasma is valuable.

尤其是對於 ASCENIV，我們對此感到非常自豪，因為看，只有不到 5% 的捐贈者擁有我們正在尋找的抗體譜。所以找到這些捐贈者，他們的血漿是有價值的，所有的血漿都是有價值的。

And the altruism of our donors donating this, we're really excited that we are on the forefront, if you will, our process development team is really forward thinking. We're really proud of the work that they do here. And I think we're in the lead here from a plasma fractionation perspective with bringing a yield enhanced or a yield improved process to commercialization. So hopefully that answers your question.

我們的捐贈者的無私捐贈讓我們感到非常興奮，因為我們處於最前沿，如果你願意的話，我們的流程開發團隊確實具有前瞻性。我們為他們在這裡所做的工作感到非常自豪。我認為，從血漿分餾的角度來看，我們在將產量增強或產量提高的製程商業化方面處於領先地位。希望這能回答你的問題。

Yes. And a follow up, if we may. You mentioned the regulatory side of it. Is there anything you can say about what a potential regulatory pathway could look like here with this yield enhancement process?

是的。如果可以的話，還有後續行動。您提到了監管方面。對於這種產量提高過程中潛在的監管途徑可能會是什麼樣子，您有什麼想說的嗎？

Sure. My understanding is this is a typical PAS, prior approval supplement. So we're running comparability protocols, showing that demonstrating comparability that all these different steps and some things that we are modifying and improving with our process are comparable to what we have existing in our current FDA-approved BLAs for both ASCENIV and BIVIGAM.

當然。我的理解是這是一個典型的 PAS，事先批准的補充。因此，我們正在運行可比性協議，以證明所有這些不同的步驟以及我們正在修改和改進流程的一些內容與我們目前 FDA 批准的 ASCENIV 和 BIVIGAM 的 BLA 中現有的內容具有可比性。

So, we'll submit data. We'll complete conformance slot production. We'll submit the package to the agency. And typically prior approval supplements typically are a 6-month review. So we will keep the market apprised of our status as we move forward. But again, we are really working very, very hard to get to a place where we could have an approval sometime late next year, early '26.

那麼，我們將提交數據。我們將完成一致性槽的製作。我們會將包裹提交給代理商。通常，事先批准補充通常需要 6 個月的審查。因此，在我們前進的過程中，我們將讓市場了解我們的狀況。但我們再次強調，我們真的非常非常努力地工作，希望能在明年年底、26 年初獲得批准。

That's great. That helps a lot and thanks again.

那太棒了。這很有幫助，再次感謝。

Thank you. Send our regards to Kristen.

謝謝。向克里斯汀致以我們的問候。

Gary Nachman, Raymond James.

加里·納赫曼，雷蒙德·詹姆斯。

Hi, guys, and my congrats as well on a really, really great quarter. Very impressive.

大家好，我也恭喜這個非常非常優秀的季度。非常令人印象深刻。

Thank you, Gary.

謝謝你，加里。

So back to the yield enhancement, I mean, given your history of conservatism, should we be thinking about 20% increase now as the max? Or could it be even higher than that over time with all your initiatives and the analytics program that you talked about? And then just on the operating leverage, and it's really incredible what you're able to do keeping the expenses in check.

那麼回到收益率的提高，我的意思是，考慮到您的保守主義歷史，我們現在是否應該考慮將 20% 的增幅作為最高限額？或者，隨著時間的推移，您所談論的所有舉措和分析計劃是否會比這個數字更高？然後就營運槓桿而言，您在控制開支方面的能力真是令人難以置信。

But with the penetration of the Senate still less than 3%, it bags the question if it makes sense to invest more or do you have to first, wait to have enough supply before you would spend more in sales and marketing if that's a consideration?

但由於參議院的滲透率仍低於3%，它提出了這樣一個問題：增加投資是否有意義，或者是否必須先等待有足夠的供應，然後再在銷售和行銷方面投入更多資金（如果這是一個考慮因素）？

All great questions. Thank you for them. I wrote -- most of them down, but I do want to start off by saying Gary that Skyler reminded me that when you were on your first call with us I said welcome to the party. So I hope you're having a good time, but with regard to yield enhancement and conservatism, okay, so I do not think about conservatism with this. This is scientific data. This is actual process data.

所有的問題都很好。謝謝你們。我寫下了大部分內容，但我確實想先對加里說，斯凱勒提醒我，當你第一次與我們通話時，我說歡迎參加聚會。所以我希望你玩得開心，但是關於產量提高和保守主義，好吧，所以我不考慮保守主義。這是科學數據。這是實際的過程數據。

So, the approach that I take and that my team takes and that our advisors and counsel and Board takes to financial guidance, you shouldn't apply that here. This is pretty much what you're going to get. Is there some room for upside?

因此，我和我的團隊以及我們的顧問、顧問和董事會在財務指導方面採取的方法，您不應該在這裡應用。這幾乎就是您將得到的。還有上升空間嗎？

I mean, Adam Grossman, the man, thinks, sure, I think my team is very good at what they do. I think that there may be some room, but it's 20%. It's 20% on bulk drug, and I think that as analysts and investors are looking at their models, I think that that is a very, very fair and appropriate target.

我的意思是，亞當·格羅斯曼這個人認為，當然，我認為我的團隊非常擅長他們所做的事情。我認為可能還有一些空間，但也只有20%。原料藥的稅率為 20%，我認為分析師和投資者正在研究他們的模型，我認為這是一個非常非常公平和合適的目標。

So although I have this, I guess, stigma of being highly conservative with financial guidance, that should stay for financial guidance. 20% is 20%, fair guide. It's not about sales and marketing spend, Gary. It's really there are 300, 400 doctors that are seeing the primary immune-deficient population in the US.

因此，我想，儘管我對財務指導高度保守，但這種恥辱應該保留在財務指導上。 20%就是20%，公平指導。加里，這與銷售和行銷支出無關。實際上有 300、400 名醫生正在為美國的原發性免疫缺陷族群看病。

We know who the doctors are. We're involved and engaged deeply with large private practices as well as the ambulatory and outpatient infusion centers, specialty pharmacies, PBMs that are dealing with the primary immune-deficient patients on IG.

我們知道醫生是誰。我們深入參與大型私人診所以及門診和門診輸液中心、專業藥房、PBM，這些機構正在處理 IG 上的原發性免疫缺陷患者。

We really feel very good about our geographic distribution and our ability to carry the message and to continue the medical education that we've been so successful with. We use capital efficient measures to grow our customer base as well as to grow the incentive supply availability. So we are working very, very hard within our own collection center network to incentivize RSD, high tier donors to come more frequently.

我們對我們的地理分佈以及我們傳播訊息和繼續我們已經取得如此成功的醫學教育的能力感到非常滿意。我們使用資本效率措施來擴大我們的客戶群並增加激勵供應的可用性。因此，我們在自己的收集中心網絡中非常非常努力地工作，以激勵 RSD、高級捐贈者更頻繁地前來。

We're working with our third-party suppliers to collect more and you couple that with yield enhancement. We're feeling that we are spending appropriately to try to catch up to be able to run side by side with the current demand for the product. So hopefully that answers your question.

我們正在與第三方供應商合作收集更多信息，並將其與產量提高結合起來。我們覺得我們正在適當地支出，以試圖趕上能夠與當前產品需求並駕齊驅的情況。希望這能回答你的問題。

Yes, just to further that point, right. I mean, you know, we have been leveraging our org structure and we have said it a few times that we feel that we're structured in a way in a way that we can grow our door. We're going to have to augment certain areas of our structure, absolutely, and we will continue to do that. And we have done that. But again, that's that's kind of the beauty of this is we are structured for growth. We'll have to do some augmenting here and there, but we're structured for growth and that's more of a top-line growth Mark is going to fall through. So we're feel like we're in a good place.

是的，只是為了進一步說明這一點，對吧。我的意思是，你知道，我們一直在利用我們的組織結構，我們已經說過好幾次了，我們覺得我們的結構方式可以讓我們發展我們的門。我們絕對必須增強我們結構的某些領域，而且我們將繼續這樣做。我們已經做到了。但同樣，這就是它的美妙之處，因為我們的結構是為了成長。我們必須在這裡或那裡做一些增強，但我們的結構是為了成長，而這更多的是馬克將會失敗的頂線成長。所以我們感覺我們處於一個很好的位置。

And I'll just say, Gary, that we work hard here. I mean we run lean. We always have since the beginning and dumb, not to my staff listening. I know that you've got lots of places to work, but it's a lot more fun to in and it's very rewarding, but we're going to continue to run through walls for our shareholders.

我只想說，加里，我們在這裡努力工作。我的意思是我們精益運作。我們從一開始就總是啞口無言，不讓我的員工聽。我知道你有很多地方可以工作，但工作起來更有趣，也更有回報，但我們將繼續為我們的股東衝破重圍。

We're going to continue to run through walls for our patients. We love what we do, Gary, we make good product that helps people. It's the best motivation and the best team builder we feel really good about everybody does here. So we're going to be successful working as a team.

我們將繼續為我們的病人穿牆而過。我們熱愛我們所做的事情，加里，我們生產可以幫助人們的優質產品。這是最好的動力和最好的團隊建立者，我們對這裡的每個人都感到非常滿意。因此，作為一個團隊，我們將取得成功。

That's great. That was very helpful. And then just a couple of more. Do you think physicians are considering using attentive as first line at all for PI. patients that have co-morbid respiratory conditions for resolving you still second line plus. And when you say I said, it can contribute a significant majority of the time I know you chose those words carefully, but is that two thirds 75% more than that? What's a reasonable expectation there?

那太棒了。這非常有幫助。然後還有幾個。您是否認為醫生正在考慮將注意力作為 PI 的第一線？患有呼吸道疾病的患者仍需二線治療。當你說「我說」時，它可以貢獻大部分時間，我知道你仔細選擇了這些詞，但這是否比這多了三分之二75％？合理的期望是什麼？

I hope it's 100%, Gary. That's what I hope. I have no idea. I mean, my crystal ball didn't tell me all these things that are happening today. So, I'm just going to say that we're going after the complex morbid PI patient. Adam Grossman does not believe that in PI you should use ASCENIV as a first line therapy. I just don't I just think that appropriate use are for patients.

我希望是 100%，加里。這就是我所希望的。我不知道。我的意思是，我的水晶球沒有告訴我今天發生的所有這些事情。所以，我只想說，我們正在尋找複雜的病態 PI 患者。Adam Grossman 不認為在 PI 中您應該使用 ASCENIV 作為第一線治療。我只是不認為，我只是認為適當的使用是為了病人。

Like I described, if you haven't seen on the ASCENIV product website, we want appropriate use. The right thing for the immune-compromised patient population is appropriate use. Not every patient needs to be on ASCENIV. And, I'm sure there aren't a lot of CEOs who are going to say things like that, but not every patient needs to be on ASCENIV.

就像我所描述的，如果您還沒有在 ASCENIV 產品網站上看到過，我們希望適當使用。對於免疫功能低下的患者族群來說，正確的做法是正確使用。並非每個患者都需要接受 ASCENIV 治療。而且，我確信不會有很多執行長會說這樣的話，但並不是每個患者都需要服用 ASCENIV。

Some patients do very, very well on standard regular IGs. I mean, we've got patients on BIVIGAM. It's a great drug. It's a great drug. It's made the same way as ASCENIV. It's got the same impurity profile as ASCENIV. It's really a good, wonderful product. Some patients thrive on it, and we're very excited.

有些患者服用標準常規 IG 後效果非常非常好。我的意思是，我們有服用 BIVIGAM 的患者。這是一種很棒的藥物。這是一種很棒的藥物。它的製作方法與 ASCENIV 相同。它具有與 ASCENIV 相同的雜質特徵。這確實是一個很好、很棒的產品。有些患者因此而茁壯成長，我們非常興奮。

But with respect to ASCENIV and the refractive co-morbid, more severely immune compromised population, payers recognize the fact that we are defining appropriate use well. The pharmacoeconomic value proposition is resonating in this population, and I think that that's where we're going to be successful. There are plenty of patients out there.

但對於 ASCENIV 和屈光共病、免疫功能更嚴重受損的人群，付款人認識到我們正在很好地定義適當的使用這一事實。藥物經濟學價值主張在這一人群中引起共鳴，我認為這就是我們將取得成功的地方。那裡有很多病人。

The IG market is robust and growing. Our brother and companies in the space are all reporting increased utilization. We're very proud that we make our products the way we do and that we've got a truly differentiated and unique product with ASCENIV.

IG 市場強勁且不斷成長。我們的兄弟和該領域的公司都報告利用率有所提高。我們非常自豪我們以自己的方式生產產品，並透過 ASCENIV 獲得了真正差異化且獨特的產品。

So we're offering an alternative for doctors and patients who have tried everything that they can, increased dose, switch brands, sub-Q, IV. If those fail, come to ASCENIV. It makes it a little bit easier to work with the payer when you've got a patient who's using this product as a second, third or fourth line therapy.

因此，我們為嘗試了所有可能的醫生和患者提供了另一種選擇，增加劑量、更換品牌、sub-Q、IV。如果這些都失敗了，請來 ASCENIV。當您有患者使用該產品作為二線、三線或四線治療時，與付款人合作會更容易一些。

Okay, great. And congrats again, really, very impressive.

好的，太好了。再次恭喜，真的，非常令人印象深刻。

Thank you. Gary told you I wouldn't let you down.

謝謝。加里告訴過你我不會讓你失望的。

Thank you.

謝謝。

All right. Thank you so much. This concludes the question-and-answer session. I would now like to turn it back to Adam Grossman for closing remarks.

好的。太感謝了。問答環節到此結束。現在我想請亞當·格羅斯曼（Adam Grossman）發表結束語。

I just wanted to thank the Advent team. None of this is possible without all of view on you're doing great work, you're impacting and changing improving lives. Let's keep it up to everyone else out there to all of our stockholders and investors and other constituents on. We hope be pleased. We're going to continue to do what we do, make good products that help people. So thank you for your continued support, and we'll see you next quarter.

我只是想感謝 Advent 團隊。如果沒有所有人都認為你正在做出色的工作，你正在影響和改變改善生活，這一切都是不可能的。讓我們向所有股東、投資者和其他選民傳達這一訊息。我們希望感到高興。我們將繼續做我們所做的事情，製造幫助人們的好產品。感謝您一直以來的支持，我們下季再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。