Allurion Technologies Inc (ALUR) 2023 Q4 法說會逐字稿

Good morning. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Allurion fourth quarter earnings conference call. (Operator Instructions)

早安.我叫克里斯塔，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Allurion 第四季財報電話會議。（操作員說明）

I will now turn the conference over to Mike Cavanaugh, Investor Relations. Mike, you may begin your conference.

我現在將會議交給投資者關係部的 Mike Cavanaugh。麥克，你可以開始你的會議了。

Good morning. Thank you all for joining us today. Earlier today, Allurion Technologies, Inc. issued a press release announcing financial results for the quarter ended December 31, 2023, and describing the company's recent business highlights. You can access a copy of the announcement on the company's website at www.investors.allurion.com.

早安.感謝大家今天加入我們。今天早些時候，Allurion Technologies, Inc. 發布新聞稿，宣布截至 2023 年 12 月 31 日的季度財務業績，並描述了該公司近期的業務亮點。您可以在公司網站 www.investors.allurion.com 上存取該公告的副本。

With me on the call today are Shantanu Gaur, Founder and Chief Executive Officer, and Chris Geberth, Chief Financial Officer. Shantanu will begin the call by discussing the quarter's business and operational highlights. Chris will then provide a review of our financial results, and we will close the call with a question-and-answer session.

今天與我一起參加電話會議的是創辦人兼執行長 Shantanu Gaur 和財務長 Chris Geberth。尚塔努將首先討論本季的業務和營運亮點。然後克里斯將回顧我們的財務業績，我們將以問答環節結束電話會議。

Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements made pursuant to the safe harbor provisions of this Private Securities Litigation Reform Act of 1995, including but not limited to the financial outlook for 2024, the market and demand for our products and elective procedures, the impact of cost reduction initiatives on cash burn and runway, and the ability to compete with GLP-1 drugs or use the Allurion program in combination with GLP-1 drugs. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are described in detail in our Securities and Exchange Commission filings, including our most recent 10-Q filed on November 14, 2023. Our SEC filings can be found through our company website at investors.allurion.com or the SEC's website. Investors are cautioned not to place undue reliance on such forward-looking statements, and Allurion undertakes no obligation to publicly update or release any revision to these forward-looking statements.

在我們開始之前，我想通知您，今天電話會議中提到的評論可能被視為包含根據 1995 年私人證券訴訟改革法案的安全港條款做出的前瞻性陳述，包括但不限於財務前景到2024年，我們的產品和選擇性手術的市場和需求、成本削減措施對現金消耗和跑道的影響，以及與GLP-1 藥物競爭或將Allurion 計劃與GLP-1 藥物結合使用的能力。由於某些風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。這些風險和不確定性在我們向美國證券交易委員會提交的文件中進行了詳細描述，包括我們於 2023 年 11 月 14 日提交的最新 10-Q 報告。我們的 SEC 備案文件可透過本公司網站 Investors.allurion.com 或 SEC 網站找到。請投資人不要過度依賴此類前瞻性陳述，Allurion 不承擔公開更新或發布對這些前瞻性陳述的任何修訂的義務。

Please note that this conference call is being recorded and will be available for audio replay on our website at allurion.com under the Events and Presentations section on our Investor Relations page shortly after the conclusion of this call. Today's press release and supplementary financial data tables have been posted to our website.

請注意，本次電話會議正在錄音，並將在本次電話會議結束後不久在我們的網站 allurion.com 投資者關係頁面的「活動和演示」部分進行音訊重播。今天的新聞稿和補充財務數據表已發佈到我們的網站上。

And with that, I will turn it over to Shantanu.

這樣，我就把它交給 Shantanu。

Thank you, Mike, and good morning, everyone. Revenue in the fourth quarter of 2023 totaled $8.2 million, and revenue for the full year 2023 totaled $53.5 million, in line with our preannouncement in early January. While our fourth-quarter results reflected macroeconomic headwinds in certain markets, leading to what we believe were temporarily lower reorder rates as distributors and certain accounts adjusted their inventory levels, these markets appear to be stabilizing, and we are seeing improving demand.

謝謝你，麥克，大家早安。2023 年第四季的收入總額為 820 萬美元，2023 年全年收入總額為 5,350 萬美元，與我們 1 月初的預先公告一致。雖然我們的第四季度業績反映了某些市場的宏觀經濟逆風，導致我們認為由於分銷商和某些客戶調整了庫存水平，再訂購率暫時降低，但這些市場似乎正在穩定，我們看到需求正在改善。

Our global market checks affirm our expectation that we will see continued improvement throughout 2024. Given this, we are guiding revenue in the range of $60 million to $65 million, representing growth of 13% to 23%.

我們的全球市場檢查證實了我們的預期，即我們將在 2024 年看到持續改善。有鑑於此，我們預計營收在 6,000 萬美元至 6,500 萬美元之間，成長 13% 至 23%。

Notably, for the full year 2023, procedural volume, which we estimate through new app user data, increased by 30% compared to 2022. This growth shows strong consumer demand for the Allurion program, which, despite significant reductions in overall marketing spend, we expect to continue in 2024.

值得注意的是，我們透過新應用用戶資料估算的 2023 年全年程式量比 2022 年增加了 30%。這一增長表明消費者對 Allurion 計劃的強勁需求，儘管整體行銷支出大幅減少，但我們預計該需求將在 2024 年持續下去。

In addition, we recently completed strategic cost reduction initiatives, right-sizing our business ahead of a pivotal 2024. This included a reduction in force, which we expect will reduce our cash burn to approximately $30 million for the full year.

此外，我們最近完成了策略成本削減計劃，在關鍵的 2024 年之前調整了我們的業務規模。這包括減少兵力，我們預計這將使我們全年的現金消耗減少至約 3000 萬美元。

These actions, as well as our recent debt pay down, are intended to increase our operational and financial flexibility, position the company to navigate an evolving economic landscape, and extend our financial runway for sustained future growth.

這些行動以及我們最近的債務償還，旨在提高我們的營運和財務靈活性，使公司能夠應對不斷變化的經濟格局，並擴展我們的財務跑道以實現未來的持續成長。

Chris will provide additional details on our fourth-quarter performance and our outlook in a moment, but I would like to provide additional details on our most important near-term initiatives, the AUDACITY FDA trial, our post-market clinical pipeline, capitalizing on the increased market opportunity we believe GLP-1s provide, and the expansion of the Allurion Virtual Care Suite as a B2B SaaS offering.

Chris 稍後將提供有關我們第四季度業績和前景的更多詳細信息，但我想提供有關我們最重要的近期計劃、AUDACITY FDA 試驗、我們的上市後臨床管道的更多詳細信息，利用我們相信GLP-1 提供了更多的市場機會，並將Allurion 虛擬護理套件擴展為B2B SaaS 產品。

As I reflect on Allurion's fourth quarter, only our second quarter as a publicly traded company, I am proud of the milestones we have achieved in the past 12 months. In October, we completed enrollment in our AUDACITY trial, a randomized, pivotal control trial designed to support a premarket approval application, or PMA, for the Allurion Balloon to the US Food and Drug Administration. We completed enrollment two months ahead of schedule after receiving unprecedented interest from US subjects, and the interest we observed for the AUDACITY study amidst the pervasive interest in GLP-1s and anti-obesity medications further underscores just how massive we believe the market opportunity is. We will be providing further updates on the AUDACITY trial and our PMA submission on future calls.

當我回顧 Allurion 的第四季（這只是我們作為一家上市公司的第二季）時，我為我們在過去 12 個月中實現的里程碑感到自豪。10 月份，我們完成了 AUDACITY 試驗的註冊，這是一項隨機關鍵對照試驗，旨在支持向美國食品和藥物管理局提交 Allurion 氣球的上市前批准申請 (PMA)。在收到美國受試者前所未有的興趣後，我們提前兩個月完成了入組，在人們對GLP-1 和抗肥胖藥物普遍感興趣的情況下，我們觀察到對AUDACITY 研究的興趣進一步強調了我們認為市場機會有多巨大。我們將在未來的電話會議中提供有關 AUDACITY 試驗和 PMA 提交的進一步更新。

In addition, throughout 2023, we presented several scientific studies that demonstrate the transformational nature of the Allurion Balloon. For example, in a 5,000-patient study, the largest gastric balloon study of its kind, results showed patients lost 14% of their total body weight four months after balloon ingestion. In a separate 522-patient study, results showed patients maintained 95% of their weight loss 16 months after initial balloon ingestion.

此外，在 2023 年全年，我們推出了多項科學研究，證明了 Allurion 氣球的變革性質。例如，在一項涉及 5,000 名患者的研究中，這是同類中規模最大的胃氣球研究，結果顯示患者在攝取氣球四個月後體重減輕了 14%。在一項包含 522 名患者的單獨研究中，結果顯示患者在初次攝取球囊 16 個月後仍保持了 95% 的體重減輕。

Allurion is also approved for a second balloon treatment. With a two-balloon program, the results are even more impressive. In an initial study, our patients were able to achieve 23% weight loss after 12 months. Taken together, these results underscore the significant and sustainable weight loss that can be achieved through the Allurion program without expensive surgery or drugs.

Allurion 也被批准用於第二次球囊治療。透過兩個氣球計劃，結果更加令人印象深刻。在一項初步研究中，我們的患者在 12 個月後體重減輕了 23%。總而言之，這些結果強調了透過 Allurion 計畫無需昂貴的手術或藥物即可實現顯著且可持續的減肥效果。

Importantly, we have demonstrated the Allurion program can be used effectively in combination with GLP-1 drugs. Results from two recent studies of more than 100 patients showed an approximately 18% weight loss in just four months and approximately 19% weight loss at eight months. We also see tangible catalysts that we expect will increase the scope of the patients we are able to assist.

重要的是，我們已經證明 Allurion 計劃可以與 GLP-1 藥物有效結合使用。最近兩項針對 100 多名患者的研究結果顯示，短短四個月內體重減輕了約 18%，八個月內體重減輕了約 19%。我們也看到了切實的催化劑，我們預計這些催化劑將擴大我們能夠幫助的患者範圍。

Today, broad awareness of the Allurion program remains relatively low. Our data show that approximately one-third of our patients previously tried GLP-1s before starting on Allurion. Additionally, 45% of our surveyed healthcare providers have stated anti-obesity medications boost awareness and interest in the Allurion program.

如今，人們對 Allurion 計劃的廣泛認知度仍然相對較低。我們的數據顯示，大約三分之一的患者在開始使用 Allurion 之前曾嘗試過 GLP-1。此外，45% 的受訪醫療保健提供者表示，抗肥胖藥物提高了人們對 Allurion 計劃的認識和興趣。

While GLP-1 drugs may have contributed to the short-term headwinds we faced in the second half of 2023, we believe that new anti-obesity medication can be a powerful driver of patient demand in the long term. Studies show over two-thirds of patients who have started one of these new drugs discontinued it within the first year, leaving them to search for a second-line therapy.

雖然 GLP-1 藥物可能是我們在 2023 年下半年面臨的短期阻力的原因之一，但我們相信，從長遠來看，新的抗肥胖藥物可以成為患者需求的強大推動力。研究顯示，超過三分之二的患者在開始使用這些新藥的第一年內就停止使用該藥物，因此不得不尋找二線療法。

We believe our weight loss program is further amplified when combining the balloon therapy with Allurion's holistic behavior change program. To deliver this program at scale, we have developed a suite of digital tools, including our proprietary virtual care suite, or VCS, which is an AI-powered remote monitoring platform that continuously monitors patients and facilitates clinician intervention through secure messaging and telehealth.

我們相信，當將氣球療法與 Allurion 的整體行為改變計劃相結合時，我們的減肥計劃將進一步擴大。為了大規模實施該計劃，我們開發了一套數位工具，包括我們專有的虛擬護理套件（VCS），它是一個由人工智慧驅動的遠端監控平台，可以持續監控患者並透過安全訊息傳遞和遠距醫療促進臨床醫師介入。

This allows patients to stay on course with their weight loss objectives. Integrated with the Allurion mobile app and connected scale, the VCS provides real-time patient data, with 82% of providers reporting higher patient engagement, 87% reporting increased patient accountability, and 88% reporting improved efficiencies in their practice.

這使得患者能夠堅持他們的減重目標。VCS 與 Allurion 行動應用程式和連接秤集成，提供即時患者數據，82% 的提供者報告患者參與度更高，87% 的提供者報告患者責任感增強，88% 的提供者報告其實踐效率提高。

The program comprises over 100 modules covering topics such as healthy eating, exercise, sleep, and stress management. These modules are delivered to patients throughout their balloon journey, providing comprehensive support for sustained lifestyle changes.

該計劃包含 100 多個模組，涵蓋健康飲食、運動、睡眠和壓力管理等主題。這些模組在患者的氣球旅程中交付給患者，為持續的生活方式改變提供全面的支持。

With last year's introduction of Coach Iris, a personalized, AI-powered, 24/7 weight loss coach, we are now seeing even better results throughout a patient's weight loss journey and are happy to report that in-app sessions for the platform are up over 60% year over year, with over 4.1 million total app sessions in 2023.

去年推出了Coach Iris，這是一款個人化、人工智慧驅動的24/7 減肥教練，我們現在看到患者在整個減肥過程中取得了更好的結果，並且很高興地報告，該平台的應用程式內會話已經增加年增超過 60%，到 2023 年，應用程式會話總數將超過 410 萬次。

To support this growth, we have begun to commercialize our digital platform with a B2B SaaS model that calls upon large weight loss clinics in need of a solution to manage high volumes of patients. In January, we announced three exciting commercial agreements with Weight Doctors, Germany's largest weight loss clinic chain with 12 locations and more than 2,000 patients already onboarded onto the VCS, Transform, the UK's largest aesthetic and weight loss clinic chain with 16 locations, and Lazeo, France's largest aesthetic and weight loss clinic with 135 locations, all of which signed for 2024.

為了支持這一成長，我們已開始透過 B2B SaaS 模式將我們的數位平台商業化，該模式呼籲需要解決方案來管理大量患者的大型減肥診所。一月份，我們宣布與Weight Doctors（德國最大的減肥診所連鎖店，擁有12 個地點，已經有超過2,000 名患者加入VCS）、Transform（英國最大的美容和減肥診所連鎖店，擁有16 個地點）和Lazeo 簽署了三項令人興奮的商業協議，法國最大的美容和減肥診所，擁有 135 個地點，全部簽約 2024 年。

Turning to the long-term opportunities, obesity is a massive worldwide epidemic. The growing prominence of GLP-1 drugs is a strong indicator of just how large the market for weight loss solutions is, with analysts projecting $50 billion of revenue by 2030.

談到長期機遇，肥胖是一種全球性的流行病。GLP-1 藥物的日益突出有力地表明了減肥解決方案的市場有多大，分析師預計到 2030 年收入將達到 500 億美元。

We continue to be excited about the buzz that GLP-1 drugs are bringing to weight loss therapies, creating interest among patients to seek medical weight loss options and driving more patients towards the Allurion program. Bottom line, we believe we are just scratching the surface of this massive obesity market.

我們繼續對 GLP-1 藥物為減肥療法帶來的熱議感到興奮，這引起了患者尋求醫療減肥方案的興趣，並推動更多患者參與 Allurion 計劃。最重要的是，我們相信我們只是觸及了這個巨大的肥胖市場的表面。

With that, I'd like to turn the call over to Chris Geber, Allurion's Chief Financial Officer, for a full review of our financials. Chris?

說到這裡，我想將電話轉給 Allurion 財務長 Chris Geber，以全面審查我們的財務狀況。克里斯？

Thank you, Shantanu, and thank you all for joining the call today. Fourth-quarter revenue totaled $8.2 million, a decrease of 57% from the fourth quarter of 2022, as we shifted our marketing spend to more efficient channels, sought deeper penetration in key markets, and focused on reducing our channel inventory from earlier in the year. Gross margins in the quarter were 78% compared to 79% the same period a year ago.

謝謝尚塔努，也謝謝大家今天加入電話會議。第四季營收總計820 萬美元，較2022 年第四季下降57%，因為我們將行銷支出轉向更有效率的管道，尋求在關鍵市場進行更深的滲透，並專注於減少今年稍早的管道庫存。本季毛利率為 78%，去年同期為 79%。

Sales and marketing expenses of $10.7 million decreased by $4.2 million, or 28% for the quarter, driven largely by reductions in spending as we shifted our focus to reducing cash burns.

本季銷售和行銷費用為 1,070 萬美元，減少了 420 萬美元，即 28%，這主要是由於我們將重點轉向減少現金消耗而減少了支出。

Research and development expenses increased by $339,000 to $6.1 million in the quarter, as we continue to invest in the FDA AUDACITY trial.

由於我們繼續投資 FDA AUDACITY 試驗，本季研發費用增加了 339,000 美元，達到 610 萬美元。

General and administrative expenses of $15.4 million increased by $10.7 million, driven by $7 million in accounts receivable reserves and $3 million in stock-based compensation and public company expenses.

一般及管理費用為 1,540 萬美元，增加了 1,070 萬美元，主要是由於 700 萬美元的應收帳款準備金以及 300 萬美元的股票薪酬和上市公司費用。

Loss from operations for the fourth quarter increased by $15.6 million to $25.7 million, compared to $10.1 million in the same period in 2022. The increase in loss from operations was driven by a $9 million less gross margin due to low revenue and increased accounts receivable reserves and stock compensation expense, partially offset by reduction in sales and marketing expenses.

第四季營運虧損增加 1,560 萬美元，達到 2,570 萬美元，而 2022 年同期為 1,010 萬美元。營業虧損的增加是由於收入較低、應收帳款準備金和股票補償費用增加而導致毛利率減少 900 萬美元，但部分被銷售和行銷費用的減少所抵消。

As of December 31, 2023, we had cash and cash equivalents of $38 million, an increase of $30.4 million from December 31, 2022, as a result of the completion of a business combination with Compute Health in August 23, and partial pay down of debt in December 2023.

截至 2023 年 12 月 31 日，我們擁有現金和現金等價物 3,800 萬美元，較 2022 年 12 月 31 日增加 3,040 萬美元，原因是 8 月 23 日完成了與 Compute Health 的業務合併，並支付了部分2023年12 月的債務。

Revenue for the full year ended December 31, 2023, was $53.5 million, compared to $64.2 million in 2022. As previously discussed, Allurion's business combination with Compute Health closed later than planned, and as a result, we delayed sales and marketing initiatives during the year. We began to reinvest in the middle of the third quarter, and we believe that those investments will lead to procedural volume growth in future quarters.

截至 2023 年 12 月 31 日的全年收入為 5,350 萬美元，而 2022 年為 6,420 萬美元。如前所述，Allurion 與 Compute Health 的業務合併完成時間晚於計劃，因此，我們推遲了今年的銷售和行銷計劃。我們在第三季中期開始進行再投資，我們相信這些投資將導致未來幾季的程序性數量成長。

With that, I would like to turn the call back to Shantanu for some final thoughts before we begin the questions-and-answers portions of the call.

因此，在我們開始電話問答部分之前，我想將電話轉回給尚塔努，以徵求一些最後的想法。

Thank you, Chris. I expect 2024, the 15-year anniversary of Allurion's founding, to be a pivotal year for the company. Earlier this month, in a study published in Lancet, researchers concluded that over 1 billion people, or one-eighth of the global population, now suffer from obesity. This is a stark reminder of how much opportunity lies ahead of us.

謝謝你，克里斯。我預計 2024 年，即 Allurion 成立 15 週年，將成為該公司的關鍵一年。本月早些時候，在《刺胳針》雜誌上發表的一項研究中，研究人員得出結論，目前有超過 10 億人（即全球人口的八分之一）患有肥胖症。這清楚地提醒我們，眼前有多少機會。

We have launched several exciting initiatives to expand distribution of the Allurion program globally, advance our artificial intelligence platform, and most importantly, improve patient outcomes. More recently, we have taken the steps we believe are necessary to set our business up for long-term success and sustainability. We are entering 2024 with a solid foundation in pursuit of our mission: to end obesity around the world.

我們推出了幾項令人興奮的舉措，以擴大 Allurion 計畫的全球分銷，推進我們的人工智慧平台，最重要的是，改善患者的治療效果。最近，我們採取了我們認為必要的措施，以使我們的業務長期成功和永續發展。進入 2024 年，我們為實現我們的使命奠定了堅實的基礎：消除全球肥胖。

With that, I would like to begin the questions and answers portion of the call. Operator, please open the call for questions.

接下來，我想開始電話會議的問答部分。接線員，請打開電話提問。

(Operator Instructions) Matt Taylor, Jefferies.

（操作員說明）Matt Taylor，Jefferies。

I wanted to, I guess, start with a question on Q1 and phasing, given the first quarter is almost over. Could you talk a little bit about the trends that you're seeing in Q1, and relative to your $60 million to $65 million guidance for the year, how do you expect that to land through the year?

我想，鑑於第一季即將結束，我想從第一季和階段性問題開始。您能否談談您在第一季看到的趨勢，以及相對於今年 6000 萬至 6500 萬美元的指導，您預計這一趨勢全年會如何？

Yeah, thanks for the question, Matt. So far in Q1, we're seeing sustained growth in new app users, which is our estimate of procedural volume, despite a significant reduction in several expenses related to marketing spend. And we're actually starting to see now some of the patients who may have churned off GLP-1s in the second half of last year reenter the funnel, similar to what's being observed in other weight loss therapies like bariatric surgery.

是的，謝謝你的提問，馬特。到目前為止，第一季度，我們看到新應用程式用戶持續成長，這是我們對程式量的估計，儘管與行銷支出相關的多項費用大幅減少。事實上，我們現在開始看到一些可能在去年下半年大量停用 GLP-1 的患者重新進入漏斗，類似於減重手術等其他減重療法中觀察到的情況。

So we expect some of the destocking that we had discussed previously to continue into Q1 and Q2, with some distributors who did not reorder at the end of last year in Q1 beginning to reorder in Q2. So from a revenue perspective, we obviously expect Q1, because of the destocking, and Q2 to be on the lighter side with increasing revenue as we move throughout the year.

因此，我們預計先前討論的一些去庫存將持續到第一季和第二季度，一些去年年底第一季沒有重新訂購的經銷商將開始在第二季重新訂購。因此，從收入的角度來看，我們顯然預計第一季由於庫存減少，而第二季度隨著我們全年的發展，收入會增加，情況會較輕。

And can we expect that gross margins basically follow the top line, so you'd also expect gross margin improvement through the year?

我們是否可以預期毛利率基本上遵循收入線，因此您也期望全年毛利率有所改善？

Sure. Hey, Matt, it's Chris Geberth. So we expect gross margin to be between 77% and 79% for the year, but we will be able to manage that throughout each quarter, and it will be a little less in Q1 and a little more in Q4. But we have scaled our operations accordingly so that we can maintain a decent balance of revenue throughout the year.

當然。嘿，馬特，我是克里斯‧格伯斯。因此，我們預計今年的毛利率將在 77% 至 79% 之間，但我們將能夠在每個季度進行管理，第一季會少一點，第四季會多一點。但我們相應地擴大了業務規模，以便我們能夠全年保持良好的收入平衡。

Got you. And maybe I'll just do one follow-up. I would like to ask more about the spending reductions and the focus on cash burn. It sounds like you're having some success there, but obviously there's a trade-off, as you alluded to, with less marketing spending. I guess, can you talk about how you're able to try to balance those two things in terms of being able to continue to drive the top line, but also with an eye to costs and lowering the cash burn?

明白你了。也許我只會做一個後續行動。我想詢問更多有關削減支出和關注現金消耗的問題。聽起來您在這方面取得了一些成功，但正如您所提到的，顯然需要權衡，即減少行銷支出。我想，您能否談談您如何能夠平衡這兩件事，既能繼續推動營收，又能著眼於成本和降低現金消耗？

Yeah. When it comes to lowering cash burn, a lot of the initiatives that we took were around reducing the variable expenses that we have in sales support and marketing, which will ebb and flow with revenue growth or decline. We also were able to right-size other departments inside the business, including our digital team, and you'll see reductions in our G&A spend as well. So part of our commercial model, which is a mixture of DTC marketing, but also stimulating B2B organic growth at our accounts, gives us a fair amount of flexibility in terms of the variable expenses that we have at our disposal to turn on and off as we react to different trends and different markets around the world.

是的。在降低現金消耗方面，我們採取的許多措施都是為了減少銷售支援和行銷方面的可變費用，這些費用會隨著收入的增長或下降而波動。我們也能夠調整業務內其他部門的規模，包括我們的數位團隊，您也會看到我們的一般管理支出減少。因此，我們商業模式的一部分是DTC 行銷的混合體，同時也刺激了我們帳戶的B2B 有機成長，這為我們在可變費用方面提供了相當大的靈活性，我們可以根據需要開啟和關閉可變費用。我們對世界各地不同的趨勢和不同的市場做出反應。

Great. Thank you very much.

偉大的。非常感謝。

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

Just follow up a couple of quick ones from me. As you guys think about and pursue this B2B model with some of the software programs you develop? How much of that is contemplated in the $60 million to $65 million this year in guidance?

只需跟進我的幾個快速內容即可。當你們思考並透過你們開發的一些軟體程式追求這種 B2B 模式時？今年 6000 萬至 6500 萬美元的指導中考慮了多少？

Right now, none of that is contemplated in the guidance. It's a relatively new form of business for us, even though we have been leveraging that software to drive better and better results for our balloon patients over the past several years. On a go-forward basis, we expect that the B2B SaaS business that we are building be able to serve not just balloon patients, but also patients going through bariatric surgery and GLP-1 drugs.

目前，指南中沒有考慮到這些。對我們來說，這是一種相對較新的業務形式，儘管我們在過去幾年中一直在利用該軟體為球囊患者帶來越來越好的結果。展望未來，我們預期我們正在建立的 B2B SaaS 業務不僅能夠為球囊患者提供服務，還能為接受減重手術和 GLP-1 藥物的患者提供服務。

As we mentioned in the call earlier, we've just begun to sign commercial agreements related to the virtual care suite in a B2B SaaS model. At this time, we're really looking to experiment with that in a commercial setting, see how the data actually helps us drive better and better patient outcomes across a breadth of different weight loss options, and then consider how it could actually drive top line in years to come.

正如我們之前在電話會議中提到的，我們剛開始簽署與 B2B SaaS 模式中的虛擬護理套件相關的商業協議。目前，我們確實希望在商業環境中進行試驗，看看這些數據如何真正幫助我們在各種不同的減肥方案中推動越來越好的患者結果，然後考慮它如何真正推動營收未來幾年。

Okay. Reading between the lines in those comments, Shantanu, it's fair to assume it sounds like that you're not going to ramp -- spending would be very modest for these efforts in 2024. I ask that in the context of the reduction in cash burn and also kind of moderating some of the growth initiatives that you're pursuing.

好的。Shantanu，從這些評論的字裡行間中可以看出，聽起來你不會加大力度，2024 年這些努力的支出將非常有限。我提出這樣的要求是為了減少現金消耗，並緩和你們正在追求的一些成長計畫。

Yeah, absolutely. One of the beauties of our digital platform and our SaaS business is that we can be highly focused and leverage all of the software that we've already built over the past several years to support our balloon patients. A lot of that infrastructure, a lot of the technology and software, and frankly, a lot of the customers that we would target, we already know very well because they're using our balloon every single day. This is a type of business inside Allurion that can leverage a lot of what we've already built, which again, will bode well for us from an expense standpoint, but also in terms of recurring revenue and gross margin, it could be a big driver in the future.

是的，絕對是。我們的數位平台和 SaaS 業務的優點之一是，我們可以高度專注並利用我們在過去幾年中已經建立的所有軟體來支援我們的氣球患者。很多基礎設施、很多技術和軟體，坦白說，我們的目標客戶很多，我們已經非常了解，因為他們每天都在使用我們的氣球。這是Allurion 內部的一種業務，可以利用我們已經建立的許多業務，從支出的角度來看，這對我們來說是個好兆頭，而且就經常性收入和毛利率而言，這可能是一個很大的成長。未來的司機。

Yeah, certainly. Then just last one for me, if you could talk a little bit about the user base, particularly physician customers in some of the markets where you've had a lot of success. The reason I want to ask about that is because given the dynamics we saw in the fourth quarter with the distributors, how did some of those high-end users, some of your top users navigate the fourth quarter? Did you see binary outcomes with, say, the top users and a broader customer base? I'm just wondering how -- distributors aside, what you're seeing in the end markets, particularly with some of your key customers in certain markets in the Middle East or India and so forth, and just reflect on how they navigated some of the GLP headwinds?

是的，當然。那麼，我想談談最後一個問題，如果您能談談用戶群，特別是您已經取得很大成功的一些市場中的醫生客戶。我想問這個問題的原因是，鑑於我們在第四季度看到的經銷商動態，一些高端用戶、一些頂級用戶在第四季度的表現如何？您是否看到了頂級用戶和更廣泛的客戶群之間的二元結果？我只是想知道，除了經銷商之外，您在終端市場中看到了什麼，特別是中東或印度等某些市場的一些主要客戶，並反思他們如何駕馭一些GLP 的逆風？

Yeah, it's a great question, and it really is context-specific. Many of our customers today are bariatric surgeons, and they certainly saw a drop in their bariatric surgery volume as GLP-1s grew in prominence in the second half of 2023. Some of our bariatric surgeons were able to pivot to more Allurion Balloons over that period. Others just saw a drop of demand across the board, so their surgical volumes and their balloon volumes dropped.

是的，這是一個很好的問題，而且確實是針對具體情況的。如今，我們的許多客戶都是減重外科醫生，隨著 GLP-1 在 2023 年下半年的日益突出，他們的減重手術量肯定有所下降。在此期間，我們的一些減肥外科醫生能夠轉向使用更多的 Allurion 氣球。其他人只是看到需求全面下降，因此他們的手術量和氣球量都下降了。

In other countries, it was mostly driven by macroeconomic headwinds where patients across the board were just pursuing cash pay procedures on a much lower basis, and so it's really context-specific. It's difficult to identify any trends that would be applicable globally. But what we can say is that coming out of Q4 and the trends that we've seen so far in Q1, particularly in January and February, it's clear that some of those patients who were trying GLP-1s have churned off and are now looking for other options, whether it's our balloon or bariatric surgery, and that is consistent with the growth in procedural volume that we're continuing to see as we turned into 2024.

在其他國家，這主要是由宏觀經濟逆風推動的，所有患者都只是在較低的基礎上尋求現金支付程序，所以這確實是針對具體情況的。很難確定任何適用於全球的趨勢。但我們可以說的是，從第四季度以及我們在第一季迄今為止看到的趨勢來看，特別是一月和二月，很明顯，一些嘗試 GLP-1 的患者已經放棄，現在正在尋找對於其他選擇，無論是球囊手術還是減肥手術，這與進入2024 年我們將繼續看到的手術量的增長是一致的。

Very helpful. Thanks for taking the question.

很有幫助。感謝您提出問題。

Keay Nakae, Chardan Capital Markets.

Keay Nakae，查丹資本市場。

Yes, thanks. A couple questions. Chris, when we think about the G&A line going forward, what's sort of a nominal level there you're expecting in 2024?

對了謝謝。有幾個問題。Chris，當我們考慮未來的 G&A 線時，您預計 2024 年的名目水準是多少？

Sure. Thanks for the question. As we look at G&A, you'll see in our press release, we have a significant amount of bad debt we took this quarter, as well as some stock comp related to the deal that will not recur in the future. So just at a high level, if you look at what I said about G&A, I would remove those items and stick to more of a trend of that $5.5 million to $6 million a quarter.

當然。謝謝你的提問。當我們查看一般管理費用時，您會在我們的新聞稿中看到，我們本季度承擔了大量壞賬，以及一些與未來不會重複的交易相關的股票補償。因此，從較高的層面來看，如果你看看我關於 G&A 的說法，我會刪除這些項目，並堅持每季 550 萬至 600 萬美元的趨勢。

Okay, great. And then in terms of VCS and the initial use of that with the clinics you announced earlier this year, talk about maybe two things. One, with those first set of clinics, what's the economics associated with that? And then what are the opportunities on some of the other territories where you're currently at to enter into similar agreements?

好的，太好了。然後就 VCS 以及您今年早些時候宣布的診所的初步使用而言，也許可以談論兩件事。第一，第一批診所的經濟效益如何？那麼，在你們目前所在的其他一些地區，有哪些機會可以簽訂類似的協議呢？

Yeah, in terms of the initial commercial agreements we've signed, those are sort of classic SaaS business agreements where clinics are paying us on a per patient, per month type of model. We won't go into the pricing now because these are early-stage commercial agreements. But what we are seeing is that as these clinics expand their own weight loss practices, they are expanding into bariatric surgery, they're expanding into GLP-1s, they're expanding their underlying Allurion Balloon business, and more and more patients ramp on to our software, we have an opportunity to generate potentially a significant amount of recurring revenue.

是的，就我們簽署的最初商業協議而言，這些都是經典的 SaaS 業務協議，診所按照每個患者、每月的模式向我們付款。我們現在不會討論定價，因為這些是早期商業協議。但我們看到的是，隨著這些診所擴大自己的減肥實踐，他們正在擴展到減肥手術，他們正在擴展到 GLP-1，他們正在擴展他們的 Allurion 氣球業務，並且越來越多的患者開始使用借助我們的軟體，我們有機會產生大量的經常性收入。

And the second part of that question, the opportunities on the geographies, and maybe even looking out a little further, what are the opportunities once you enter the US for integrating that?

這個問題的第二部分，地理位置上的機會，甚至可能看得更遠一些，一旦你進入美國整合，有哪些機會？

Yeah, we believe the opportunities abound when it comes to our B2B SaaS business. If you think about it, we have an existing base of business with accounts all over the globe using our balloon. Many of those accounts are going to end up using GLP-1s or introduce other weight loss therapies.

是的，我們相信 B2B SaaS 業務充滿機會。如果你想一想，我們現有的業務基礎是使用我們的氣球在全球範圍內擁有客戶。其中許多帳戶最終將使用 GLP-1 或引入其他減肥療法。

So as I was mentioning earlier, we have an opportunity right in front of us with the customers that are currently using our balloon and are well known to us, not to mention new markets like the United States where, if anything, compared to any of our existing markets, GLP-1 usage is much higher. And therefore, there's a greater need for software like ours to help manage these patients that are coming at high volumes to seek care in these clinics.

因此，正如我之前提到的，我們面前有一個機會，我們的客戶目前正在使用我們的氣球並且為我們所熟知，更不用說像美國這樣的新市場了，如果有的話，與任何其他國家相較於我們現有的市場中，GLP-1的使用率要高得多。因此，更需要像我們這樣的軟體來幫助管理大量到這些診所尋求治療的患者。

So I do believe that in the future, the digital platform, much like our balloon was several years ago, could allow us to land and expand in many of these accounts. And that may end up driving our balloon business down the road versus the other way around.

所以我確實相信，在未來，數位平台，就像我們幾年前的氣球一樣，可以讓我們在許多這樣的帳戶中著陸和擴張。這可能最終會推動我們的氣球業務向前發展，而不是相反。

Okay, great.

好的，太好了。

And we have no further questions in our queue at this time. And with that, that does conclude today's conference call. Thank you for your participation, and you may now disconnect.

目前我們的隊列中沒有其他問題。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。