Apyx Medical Corp (APYX) 2024 Q1 法說會逐字稿

Please standby. Hello, and welcome, ladies and gentlemen, to the first quarter of fiscal year 2024 earnings conference call for Apyx Medical Corporation. (Operator Instructions) Please note that this conference call is being recorded and that the recording will be available on the company's website for replay shortly.

請等待。大家好，女士們、先生們，歡迎參加 Apyx Medical Corporation 2024 財年第一季的收益電話會議。（操作員說明）請注意，本次電話會議正在錄音，錄音很快就會在公司網站上提供重播。

Before we begin, I would like to remind everyone that our remarks and responses to your questions today may contain forward-looking statements and are based on the current expectations of management and involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated, including without limitation, those identified in the Risk Factors section of our most recent annual report on Form 10-K, our most recent 10-Q filing, and the company's other filings with the Securities and Exchange Commission.

在開始之前，我想提醒大家，我們今天的言論和對你們問題的回答可能包含前瞻性陳述，並且基於管理層當前的預期，並涉及固有風險和不確定性，可能導致實際結果與預期結果存在重大差異指出的，包括但不限於我們最新的 10-K 表格年度報告、我們最近的 10-Q 文件以及公司向美國證券交易委員會提交的其他文件中風險因素部分確定的因素。

Such factors may be updated from time to time in our filings with the SEC, which are available on our website. We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events, or otherwise.

這些因素可能會在我們向 SEC 提交的文件中不時更新，這些文件可在我們的網站上找到。我們不承擔因新資訊、未來事件或其他情況而公開更新或修改我們的前瞻性陳述的義務。

This call will also include references to certain financial measures that are not calculated in accordance with the General Accepted Accounting Principles or GAAP. We generally refer to these as non-GAAP financial measures. Reconciliations of those non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in earnings press release on the Investor Relations portion of our website.

此次電話會議也將提及某些並非根據公認會計原則或公認會計原則計算的財務指標。我們通常將這些稱為非公認會計準則財務指標。這些非公認會計原則財務指標與根據公認會計原則計算和呈現的最具可比性的指標的對帳可在我們網站投資者關係部分的收益新聞稿中找到。

I would now like to turn the floor over to Mr. Charlie Goodwin, Apyx Medical's President and Chief Executive Officer. Please go ahead, sir.

現在我想請 Apyx Medical 總裁兼執行長 Charlie Goodwin 先生發言。請繼續，先生。

Thanks, operator, and welcome, everyone, to our earnings call for the first quarter 2024. I'm joined on today's call by Matt Hill, our Chief Financial Officer.

感謝營運商，歡迎大家參加我們 2024 年第一季的財報電話會議。我們的財務長馬特希爾 (Matt Hill) 參加了今天的電話會議。

Let me provide you with a brief outline of today's call. I'll begin with a discussion of our first quarter revenue performance and some of the important areas of operational progress, our team has made to date this year. Matt will then review our quarterly financial results and guidance for 2024, which we reaffirmed in our earnings release today. I'll then conclude our prepared remarks with a brief discussion of our outlook and priorities for 2024 before we open the call for questions.

讓我向大家簡要介紹一下今天的電話會議。我將首先討論我們第一季的收入表現以及我們的團隊今年迄今為止取得的一些重要的營運進展。然後，Matt 將審查我們的 2024 年季度財務業績和指引，我們在今天的收益發布中重申了這一點。然後，在開始提問之前，我將簡要討論我們對 2024 年的展望和優先事項，以結束我們準備好的發言。

Now let's get started with a review of our revenue results. In the first quarter, total revenue decreased 16% year-over-year to $10.2 million. The decrease in total revenue growth was driven by sales of our advanced energy products, which declined 23% year-over-year to $7.5 million. This was offset partially by growth in sales of our OEM products, which increased 14% year-over-year to $2.8 million.

現在讓我們開始回顧一下我們的收入結果。第一季總營收年減 16% 至 1,020 萬美元。總收入成長下降是由我們先進能源產品的銷售推動的，該產品的銷售年減 23% 至 750 萬美元。這被我們 OEM 產品銷售額的成長所部分抵消，該銷售額年增 14% 至 280 萬美元。

Turning to a more detailed discussion of our performance in our advanced energy segment. Our first quarter advanced energy results were largely consistent with our expectations outlined in our most recent earnings call in late March. As a reminder, we had expected continued softness in the market for cosmetic surgery capital equipment purchasing similar to what other companies in our industry have been facing since mid-2023.

接下來更詳細地討論我們在先進能源領域的表現。我們第一季的先進能源業績與我們在 3 月底最近一次財報電話會議中概述的預期基本一致。提醒一下，我們預計整容手術資本設備採購市場將持續疲軟，類似於我們行業其他公司自 2023 年中期以來所面臨的情況。

The dynamics observed during the first quarter remain consistent with these expectations. Specifically, our team continued to see prospective customers delaying investments in new capital equipment mentioning broader macroeconomic uncertainty, along with concerns about the financing environment and high interest rates. With this as a backdrop, the year-over-year decrease in advanced energy segment sales during the first quarter was predominantly driven by slower sales of generators, which decreased nearly 40% year-over-year. This performance was consistent with our range of expectations for the quarter.

第一季觀察到的動態與這些預測保持一致。具體來說，我們的團隊繼續看到潛在客戶推遲對新資本設備的投資，提到了更廣泛的宏觀經濟不確定性，以及對融資環境和高利率的擔憂。在此背景下，第一季先進能源細分市場銷售額較去年同期下降的主要原因是發電機銷售放緩，較去年同期下降近40%。這一業績符合我們對該季度的預期範圍。

Global sales of our handpieces decreased modestly on a year-over-year basis, but this decline was within our range of expectations for the quarter as well.

我們手機的全球銷量較去年同期略有下降，但這一下降也在我們對本季的預期範圍內。

From a geographic standpoint, the year-over-year decrease in advanced energy sales was largely driven by slower sales in the US. Given the continued challenges in the cosmetic surgery market, our direct US sales team has remained focused on working with prospective surgeon customers to help them understand the benefits that Renuvion can bring to their practice. I appreciate its potential return on investment and payback period and explore different financing options to help address any concerns on this front.

從地理角度來看，先進能源銷售的年減主要是由於美國銷售放緩所致。鑑於整容手術市場持續面臨的挑戰，我們的美國直接銷售團隊仍專注於與潛在的外科醫生客戶合作，幫助他們了解 Renuvion 可以為其實踐帶來的好處。我很欣賞其潛在的投資回報和投資回收期，並探索不同的融資方案以幫助解決這方面的任何問題。

Driving new customer adoption has remained an uphill battle in the current market environment and I am pleased with both their performance and their efforts during the quarter amidst a challenging backdrop. Internationally, while sales to our US distributors vary both by country and by region, we saw pockets of strength in multiple regions, most notably Europe, Middle East, and Africa, and APAC. All in all, our Advanced Energy sales were in line with our expectations for Q1 and continue to reflect the difficult market environment we and others in the industry have been experiencing.

在當前的市場環境中，推動新客戶採用仍然是一場艱苦的戰鬥，我對他們在充滿挑戰的背景下本季的表現和努力感到滿意。在國際上，雖然我們對美國經銷商的銷售因國家和地區而異，但我們在多個地區看到了一些優勢，尤其是歐洲、中東、非洲和亞太地區。總而言之，我們的 Advanced Energy 銷售額符合我們對第一季的預期，並持續反映了我們和業內其他公司所經歷的困難市場環境。

Importantly, we remain focused on controlling our costs across our organization as we navigate these headwinds. Cash efficiency is a key priority for our organization and we continue to evaluate ways to minimize our expenses.

重要的是，在應對這些不利因素時，我們仍然專注於控制整個組織的成本。現金效率是我們組織的首要任務，我們將繼續評估盡量減少開支的方法。

We were pleased in the reduction in our operating expenses in the first quarter of approximately $600,000 or 5% year-over-year. This improvement provided us significant savings to help offset the impact of the challenging market environment on our business.

我們很高興第一季的營運費用減少了約 60 萬美元，比去年同期減少了 5%。這項改進為我們節省了大量成本，有助於抵消充滿挑戰的市場環境對我們業務的影響。

Turning to a discussion of our recent operational highlights. As a reminder, in 2024, our team is focused on driving adoption and utilization of our Renuvion technology in part by leveraging the important progress we made last year, which provided us an enhanced portfolio of clinical evidence, products, and regulatory clearances.

轉向討論我們最近的營運亮點。需要提醒的是，到 2024 年，我們的團隊將重點利用我們去年的重要進展來推動 Renuvion 技術的採用和利用，這些進展為我們提供了增強的臨床證據、產品和監管許可組合。

Specifically, we entered 2024 with a clinical portfolio of over 90 published papers, 2 new products our Renuvion Apyx One generator and micro handpiece and most importantly, 2 additional 510k clearances for specific clinical indications. As a reminder, these new clearances enable us to market our Renuvion technology for the use in coagulating subcutaneous soft tissues following liposuction for aesthetic body contouring and to be used when contraction of soft tissue is needed, including subcutaneous tissue.

具體來說，進入2024 年，我們的臨床組合包括90 多篇已發表的論文、2 個新產品、我們的Renuvion Apyx One 發生器和微型手機，最重要的是，還有2 個針對特定臨床適應症的額外510k 許可。提醒一下，這些新的許可使我們能夠推銷我們的 Renuvion 技術，用於在抽脂術後凝固皮下軟組織，以塑造美觀的身體輪廓，並在需要收縮軟組織（包括皮下組織）時使用。

Renuvion is now the only device that is FDA-cleared for use after liposuction and the only device cleared for contracting subcutaneous tissue. According to the latest global survey report from the International Society of Aesthetic Plastic Surgery, liposuction continued to be the most commonly performed cosmetic surgical procedure in the world with an estimated 2.3 million procedures in 2022.

Renuvion 現在是唯一獲得 FDA 批准可在抽脂術後使用的設備，也是唯一獲得批准用於收縮皮下組織的設備。根據國際美容整形外科學會最新的全球調查報告，抽脂手術仍然是世界上最常進行的美容外科手術，預計到 2022 年將有 230 萬例手術。

We believe aesthetic body contouring procedures, multistage procedure that target specific fat deposits and typically involve fat transfer and skin laxity treatments, will continue to be an important long-term driver of demand for liposuction. Renuvion has an integral role to play in these procedures given its ability to achieve soft tissue contraction safely, effectively, and deliver impressive and lasting results.

我們相信，美容身體輪廓手術是針對特定脂肪沉積的多階段手術，通常涉及脂肪移植和皮膚鬆弛治療，將繼續成為抽脂需求的重要長期驅動力。Renuvion 在這些手術中發揮著不可或缺的作用，因為它能夠安全、有效地實現軟組織收縮，並提供令人印象深刻和持久的結果。

With all of this in mind, our team continued their efforts during the first quarter to drive awareness and educate potential new customers about our enhanced Renuvion offering. As I mentioned earlier, our team is engaging with both surgeons and their staff to drive the awareness of Renuvion's benefits, walk them through its ROI and discuss ways to position this technology within their existing offering.

考慮到所有這些，我們的團隊在第一季繼續努力提高意識並教育潛在新客戶了解我們增強的 Renuvion 產品。正如我之前提到的，我們的團隊正在與外科醫生及其員工合作，以提高人們對Renuvion 優勢的認識，引導他們了解其投資回報率，並討論如何將該技術定位到他們現有的產品中。

As part of this initiative, we also participated in 9 medical meetings and trade shows, supplementing 29 podium presentations featuring our technology with additional programming to engage and educate potential new surgeon customers. Our team also hosted 5 physician mentor programs during the quarter, providing the 45 prospective physician customers who attended these events to observe cases and learn directly from some of our most successful surgeon users.

作為該計劃的一部分，我們還參加了 9 場醫療會議和貿易展覽，補充了 29 場以我們的技術為特色的講台演講，並提供了額外的節目來吸引和教育潛在的新外科醫生客戶。我們的團隊在本季度還舉辦了 5 個醫生導師計劃，為參加這些活動的 45 名潛在醫生客戶提供觀察病例並直接向我們一些最成功的外科醫生用戶學習。

In addition to our focus on potential new customers, we continue to support and educate both our OUS distribution partners and existing surgeon users, helping them better capitalize on the unique benefits of our Renuvion technology. As part of our global sales meeting, which we hosted during the first quarter, we were able to bring in distributed personnel based in over 30 different countries. The meeting provided them an opportunity to engage with and learn from our direct sales and marketing personnel and key customers, which we believe will benefit their activities in the countries and regions they cover.

除了關注潛在的新客戶外，我們還繼續支持和教育我們的 OUS 分銷合作夥伴和現有的外科醫生用戶，幫助他們更好地利用我們的 Renuvion 技術的獨特優勢。作為我們在第一季主辦的全球銷售會議的一部分，我們能夠引入分佈在 30 多個不同國家的人員。這次會議為他們提供了與我們的直銷和行銷人員以及主要客戶接觸並向他們學習的機會，我們相信這將有利於他們在所涵蓋的國家和地區的活動。

With respect to our existing surgeon customers, on April 12, we hosted our third Renuvion User Summit in Las Vegas, which was attended by over 150 clinicians from 13 countries. Our user summit featured a day of presentations, enabling users to hear from 27 of our key opinion leaders as they discuss findings from the latest research, ways in which our technology can be applied to enhance patient outcomes, and insights from their clinical experience with our technology.

對於我們現有的外科醫生客戶，4 月 12 日，我們在拉斯維加斯舉辦了第三屆 Renuvion 用戶高峰會，來自 13 個國家的 150 多名臨床醫生參加了會議。我們的使用者高峰會包括一天的演講，使用戶能夠聽到我們27 位關鍵意見領袖的意見，他們討論最新研究結果、應用我們的技術來改善患者治療效果的方法，以及他們從我們的臨床經驗中獲得的見解。

This provided many of our users with new ideas to apply to their own practices. All of this content is now available on demand for all of our customers. My personal interactions with surgeons users at this latest event underscored for me the passion they have for Renuvion stems from their own personal experience using the technology, and the difference they see in terms of what they're providing to their patients. From a patient marketing standpoint, we also continue to develop and enhance our direct-to-consumer advertising initiative.

這為我們的許多用戶提供了可應用於自己實踐的新想法。所有這些內容現在都可以按需提供給我們所有的客戶。在這次最新活動中，我與外科醫生用戶的個人互動向我強調了他們對 Renuvion 的熱情源於他們自己使用該技術的個人經驗，以及他們在為患者提供的服務方面所看到的差異。從耐心行銷的角度來看，我們也持續開發和增強我們的直接面向消費者的廣告計劃。

Following the reorganization of our marketing team last quarter, we are pleased to have new senior leadership in place with expertise in DTC advertising campaigns and significant prior experience in the cosmetic surgery market. Our team recently engaged a new advertising firm with whom to partner on our strategic marketing initiatives including DTC campaigns and are collaborating to create and test new content. We look forward to establishing a best-in-class program to more fully capitalize on the benefits of our new regulatory clearances.

繼上季重組我們的行銷團隊後，我們很高興擁有新的高階領導層，他們在 DTC 廣告活動方面擁有專業知識，並且在整容手術市場擁有豐富的經驗。我們的團隊最近聘請了一家新的廣告公司，與他們合作開展我們的策略行銷計劃（包括 DTC 活動），並合作創建和測試新內容。我們期待建立一流的計劃，以更充分地利用我們新的監管許可的好處。

In addition to our efforts to raise awareness, educate the market, and support our existing customers, we continue to leverage and expand the portfolio of clinical evidence, demonstrating the safety and efficacy of Renuvion.

除了努力提高意識、教育市場和支持現有客戶外，我們還繼續利用和擴大臨床證據組合，證明 Renuvion 的安全性和有效性。

In January, we were pleased to see the publication of a peer-reviewed article in the Aesthetic Surgery Journal Open Forum, which evaluated the safety of Renuvion for contracting subcutaneous soft tissue following liposuction. The article summarized the results of an analysis conducted by Dr. Shridharani and team, which included real-world data from 483 patients who were treated with Renuvion for the contraction of subcutaneous soft tissue following liposuction on a total of 1,184 areas of the body.

一月份，我們很高興看到美容外科雜誌開放論壇上發表了一篇同行評審的文章，該文章評估了 Renuvion 在抽脂術後收縮皮下軟組織的安全性。這篇文章總結了 Shridharani 博士及其團隊進行的分析結果，其中包括 483 名接受 Renuvion 治療的患者的真實世界數據，這些患者在身體總共 1,184 個區域吸脂後皮下軟組織收縮。

They evaluated the adverse event rates for these procedures and compared them to the rates for procedures that only involve liposuction alone, which they sourced from previous published systematic review of liposuction safety studies. The authors drew two important conclusions from the analysis: first, they found the use of Renuvion following liposuction demonstrated no new or increased risk compared to the use of liposuction alone. Second, they found the risks associated with the use of Renuvion for subcutaneous soft tissue contraction following liposuction did not differ significantly by body area.

他們評估了這些手術的不良事件發生率，並將其與僅涉及抽脂手術的不良事件發生率進行了比較，這些不良事件發生率來自先前發表的抽脂安全研究的系統性回顧。作者從分析中得出了兩個重要結論：首先，他們發現與單獨使用抽脂術相比，抽脂術後使用 Renuvion 並沒有顯示出新的或增加的風險。其次，他們發現抽脂後使用 Renuvion 進行皮下軟組織收縮的相關風險在不同身體部位沒有顯著差異。

This important analysis represents additional compelling clinical evidence demonstrating the excellent safety profile of our technology and we were pleased that it is now widely accessible to the medical community as well as the broader public.

這項重要的分析代表了更多令人信服的臨床證據，證明了我們的技術具有出色的安全性，我們很高興它現在已被醫學界以及更廣泛的公眾廣泛使用。

At the AACS Annual Scientific Meeting in February, we were pleased to see a presentation by Dr. Michael Kluska, discussing the results of a retrospective clinical study that compared the use of Renuvion to a commonly used competing technology. The study was conducted by Dr. Kluska and several colleagues who collected and evaluated demographic, procedure, and safety data from a continuous series of over 450 patients. Roughly half of these patients were treated with Renuvion following liposuction and the other half were treated with the competing technology.

在二月份的 AACS 年度科學會議上，我們很高興看到 Michael Kluska 博士的演講，討論了一項回顧性臨床研究的結果，該研究將 Renuvion 的使用與常用的競爭技術進行了比較。該研究由 Kluska 博士和幾位同事進行，他們收集並評估了 450 多名患者的連續系列的人口統計、手術和安全數據。這些患者中大約一半在抽脂術後接受了 Renuvion 治療，另一半則接受了競爭技術治療。

The researchers found a statistically significant difference in the number of adverse events for each patient group. Specifically, the group treated with Renuvion had significantly fewer burns, hematoma, hypertrophic scarring, and seroma in comparison to the group treated with the competing technology. This study represents an important addition to our body of clinical evidence as it demonstrates Renuvion's compelling safety profile when compared directly to alternative devices commonly used for treatment. We hope to see this study published and its full results made available.

研究人員發現每個患者組的不良事件數量有統計上的顯著差異。具體來說，與使用競爭技術治療的組別相比，使用 Renuvion 治療的組別的燒傷、血腫、肥厚性疤痕和血清腫明顯減少。這項研究是我們臨床證據的重要補充，因為它證明了與常用的治療替代設備直接比較時，Renuvion 具有令人信服的安全性。我們希望看到這項研究發表並提供完整的結果。

In summary, by capitalizing on important operational progress made in 2023, supporting our existing customers and continuing to expand our portfolio of clinical evidence, our team is focused on driving adoption and utilization amidst a challenging backdrop, while positioning Apyx Medical for future success as the market environment improves.

總而言之，透過利用2023 年取得的重要營運進展、支持我們現有的客戶並繼續擴大我們的臨床證據組合，我們的團隊致力於在充滿挑戰的背景下推動採用和利用，同時將Apyx Medical 定位為未來成功的市場環境改善。

Before I turn the call over to Matt, I would also like to take a minute and discuss an important announcement we made via press release this morning. After more than 40 years of service to Apyx Medical, Andrew Makrides is retiring today as Chairman of our Board of Directors. It would be an understatement to say that Andrew has been an instrumental contributor to the success of Apyx Medical and its predecessor, Bovie Medical, since the company's founding nearly a half century ago.

在將電話轉給馬特之前，我還想花一點時間討論我們今天早上透過新聞稿發布的一項重要公告。在為 Apyx Medical 服務了 40 多年後，Andrew Makrides 今天以董事會主席的身份退休。毫不誇張地說，自 Apyx Medical 及其前身 Bovie Medical 近半個世紀前成立以來，Andrew 一直為該公司的成功做出了重要貢獻。

One of the cofounders of the company, Andrew has served as Chairman of the Board since 1982. During much of the time, he has also guided the company's strategy and operations as a member of the company's executive team, serving as its President for over 25 years and Chief Executive Officer for more than 15 years. Andrew has been an invaluable resource to me since I joined the company as CEO and Director in 2017.

Andrew 是該公司的聯合創始人之一，自 1982 年以來一直擔任董事會主席。在大部分時間裡，他還作為公司執行團隊的成員指導公司的策略和運營，擔任公司總裁超過 25 年，擔任執行長超過 15 年。自 2017 年我加入公司擔任執行長兼董事以來，安德魯一直是我的寶貴資源。

On behalf of my fellow Board members, colleagues and shareholders, I would like to take the opportunity today to thank him for his strategic vision, guidance and dedication to Apyx Medical and wish him the very best in retirement. I would like to welcome Stavros Vizirgianakis, who has been appointed to serve our new Director and Chairman. Stavros is an investor and strategic adviser to companies in the medical device industry. His impressive career in medical device space includes a significant experience leading public and private companies as a member of the Board and as a member of the senior leadership team.

我謹代表我的董事會成員、同事和股東，今天藉此機會感謝他對 Apyx Medical 的戰略遠見、指導和奉獻，並祝他退休後一切順利。我謹歡迎 Stavros Vizirgianakis，他被任命為我們的新董事兼董事長。Stavros 是醫療器材產業公司的投資者和策略顧問。他在醫療器材領域令人印象深刻的職業生涯包括作為董事會成員和高級領導團隊成員領導上市和私人公司的豐富經驗。

In terms of this past new leadership experience, Stavros is perhaps most widely known as former President and CEO of the publicly traded medical device company, Misonix, a role he held from 2016 until the company was acquired by Bioventus in 2021. Stavros also cofounded Surgical Innovations, one of Africa's largest privately owned medical device distributors, which later became part of Ascendis Health Limited. Stavros' recent Board experience includes current positions at Tally Surgical, Theragenics Corporation and the publicly traded Xtant Medical Holdings.

就過去的新領導經驗而言，Stavros 最廣為人知的身份可能是上市醫療器材公司 Misonix 的前總裁兼首席執行官，他從 2016 年一直擔任該職位，直至該公司於 2021 年被 Bioventus 收購。Stavros 也共同創立了 Surgical Innovations，這是非洲最大的私人醫療器材分銷商之一，後來成為 Ascendis Health Limited 的一部分。Stavros 最近的董事會經歷包括目前在 Tally Surgical、Theragenics Corporation 和上市公司 Xtant Medical Holdings 擔任的職位。

He is both well qualified and well suited to guide the strategic vision of Apyx Medical going forward, and we look forward to leveraging his experience and insight as we embark on our next stage of growth and value creation. I look forward to working together as we explore additional opportunities to improve our sales growth and profitability, with the goal of increasing shareholder value.

他非常有資格也非常適合指導 Apyx Medical 未來的戰略願景，我們期待利用他的經驗和洞察力，踏上下一階段的成長和價值創造。我期待著共同努力，探索更多機會來提高我們的銷售成長和獲利能力，以提高股東價值。

Matt will now review our first quarter financial results in more detail along with our financial guidance of 2024, which we reaffirmed in today's release.

Matt 現在將更詳細地回顧我們第一季的財務業績以及我們在今天的新聞稿中重申的 2024 年財務指引。

Thank you, Charlie. Given that Charlie discussed our revenue results, I will begin with the gross profit line. Unless noted otherwise, all references to first quarter financial results are on GAAP and a year-over-year basis.

謝謝你，查理。鑑於查理討論了我們的收入結果，我將從毛利線開始。除非另有說明，所有對第一季財務表現的引用均按公認會計準則和同比計算。

Gross profit for the first quarter of 2024 decreased $1.6 million or 21% to $5.9 million. Gross profit margin was 58.1% compared to 62.4% in the prior year period. The decrease in our gross margin was driven primarily by changes in the sales mix between our two segments with our OEM segment comprising a higher percentage of total sales and by geographic mix within our advanced energy segment with international sales comprising a higher percentage of total sales compared to the prior year period.

2024 年第一季毛利減少 160 萬美元，降幅 21% 至 590 萬美元。毛利率為 58.1%，去年同期為 62.4%。毛利率下降的主要原因是我們兩個部門之間的銷售組合發生變化，其中我們的OEM 部門佔總銷售額的比例較高，以及我們先進能源部門內的地理組合（國際銷售佔總銷售額的比例較高）至上一年期間。

As Charlie mentioned, we were pleased in the reduction in our total operating expenses of $0.6 million or 5% to $12.6 million, reflecting our continued emphasis on controlling costs. The change in operating expenses was primarily driven by selling, general, and administrative expenses, professional service expenses and salaries and related costs, which decreased by $0.4 million, $0.2 million, and $0.2 million, respectively. These decreases were offset partially by research and development expenses, which increased by $0.1 million.

正如 Charlie 所提到的，我們很高興總營運費用減少了 60 萬美元或 5% 至 1,260 萬美元，這反映了我們對控製成本的持續重視。營業費用的變化主要是由銷售、一般和管理費用、專業服務費用以及工資和相關成本驅動，分別減少了 40 萬美元、20 萬美元和 20 萬美元。這些減少被增加 10 萬美元的研發費用部分抵銷。

Please note our operating expense in the prior year period included a reclassification of $150,000 from salaries and related costs into research and developing expenses to better align senior leadership team costs and expenses with the areas that they lead. This will continue in coming quarters.

請注意，我們上一年期間的營運費用包括將 150,000 美元從工資和相關成本重新分類為研發費用，以便更好地將高階領導團隊的成本和費用與其領導的領域保持一致。這種情況將在未來幾季繼續下去。

Loss from operations for the first quarter of 2024, increased $1 million or 18% to $6.6 million. Total other expense net was $0.9 million compared to $0.2 million in the first quarter of 2023. The change was driven by an increase in net interest expense related to our outstanding debt obligations in the first quarter of 2024 as we had lower borrowings in the prior year period.

2024 年第一季營運虧損增加 100 萬美元，成長 18%，達到 660 萬美元。其他費用淨額總額為 90 萬美元，而 2023 年第一季為 20 萬美元。這項變更是由於 2024 年第一季與我們的未償債務相關的淨利息支出增加所致，因為我們上年同期的借款減少。

Income tax expense was $53,000 compared to an income tax benefit of $2.3 million last year. The income tax benefit in the prior year period was primarily related to the reversal of a liability for uncertain tax positions. Net loss attributable to stockholders increased $4.1 million or 118% to $7.6 million or $0.22 per share, compared to $3.5 million or $0.10 per share in the prior year period.

所得稅支出為 53,000 美元，而去年所得稅優惠為 230 萬美元。上一年期間的所得稅優惠主要與不確定稅務狀況負債的沖銷有關。股東應佔淨虧損增加 410 萬美元，或 118%，達到 760 萬美元，即每股 0.22 美元，而去年同期為 350 萬美元，即每股 0.10 美元。

Adjusted EBITDA loss increased $1.3 million or 34% to $5.3 million compared to $4 million in the first quarter of 2023. As a reminder, we provided a detailed reconciliation from net loss attributable to stockholders to non-GAAP adjusted EBITDA loss in our earnings press release.

調整後 EBITDA 虧損增加 130 萬美元，或 34%，達到 530 萬美元，而 2023 年第一季為 400 萬美元。謹此提醒，我們在收益新聞稿中提供了股東淨虧損與非 GAAP 調整後 EBITDA 虧損的詳細調整表。

For the three months ended March 31, 2024, cash used from operating activities was $6.3 million compared to $1.9 million in the prior year period. The increase was driven primarily by the year-over-year change in net loss and the pay down of certain accrued expenses. As of March 31, 2024, the company had cash and cash equivalents of $37.3 million, compared to $43.7 million as of December 31, 2023.

截至 2024 年 3 月 31 日的三個月，經營活動使用的現金為 630 萬美元，去年同期為 190 萬美元。這一增長主要是由於淨虧損的同比變化和某些應計費用的支付所致。截至2024年3月31日，該公司擁有現金及現金等價物為3,730萬美元，截至2023年12月31日為4,370萬美元。

Turning to a review of our 2024 financial guidance, which we reaffirmed in our earnings press release today. For the 12 months ending December 31, 2024, we continue to expect total revenue in the range of $49.7 million to $52.9 million, representing a decrease of approximately 5% and the growth of approximately 1%. Our total revenue guidance range continues to assume advanced energy revenue of $41.6 million to $44.6 million, representing a decrease of approximately 4% to a growth of approximately 3%, and OEM revenue of approximately $8.1 million to $8.3 million, representing a decrease of 10% to 7%.

談到 2024 年財務指引的回顧，我們在今天的收益新聞稿中重申了這一點。截至2024年12月31日的12個月，我們繼續預期總營收在4,970萬美元至5,290萬美元之間，下降約5%，成長約1%。我們的總收入指引範圍繼續假設先進能源收入為 4,160 萬美元至 4,460 萬美元，下降約 4%，增長約 3%，OEM 收入約 810 萬美元至 830 萬美元，下降 10%至 7%。

In terms of our profitability guidance, for fiscal year 2024, we continue to expect net loss attributable to stockholders of approximately $26.5 million to $24.3 million compared to $18.7 million last year.

就我們的獲利指引而言，我們繼續預期 2024 財年股東淨虧損約為 2,650 萬美元至 2,430 萬美元，而去年為 1,870 萬美元。

The low end of our formal financial guidance for net loss attributable to stockholders continues to assume the following for modeling purposes: first, gross margins of approximately 61% this year compared to 64.5% last year. The year-over-year decrease in gross margin is primarily driven by changes in revenue mix with roughly half attributable to changes in revenue mix within our OEM segment and the other half attributable to geographic revenue mix in our advanced energy segment and the full year impact of incremental rent expense related to our sale-leaseback of our Clearwater facility in 2023.

我們對股東淨虧損的正式財務指引的下限繼續出於建模目的而假設如下：首先，今年的毛利率約為 61%，而去年為 64.5%。毛利率年減主要是由於收入結構的變化所致，其中大約一半歸因於我們的 OEM 部門收入結構的變化，另一半歸因於我們先進能源部門的地理收入結構和全年影響與我們2023 年與克利爾沃特設施的售後回租相關的增量租金費用。

Second, total operating expenses of approximately $52 million, a decrease of approximately 3% year-over-year. Third, GAAP net interest expense of approximately $4.1 million compared to $1.6 million in 2023. And fourth, the low end of our net loss guidance range also assumes income tax expense of approximately $0.2 million compared to income tax benefit of $2.4 million last year as well as noncontrolling interest benefit of approximately $0.2 million.

其次，總營運費用約5,200萬美元，較去年同期下降約3%。第三，公認會計準則淨利息支出約 410 萬美元，而 2023 年為 160 萬美元。第四，我們淨虧損指引範圍的下限也假設所得稅費用約為 20 萬美元，而去年的所得稅收益為 240 萬美元，非控制權益收益約為 20 萬美元。

Lastly, at the low end of our net loss range, we continue to expect cash used in operations in 2024 of approximately $19 million compared to normalized cash used in operations of approximately $13 million in 2023, excluding the onetime tax benefit. The year-over-year change in cash used in operations is driven by the change in net loss offset by improvements in our working capital.

最後，在我們淨虧損範圍的低端，我們仍然預計 2024 年營運中使用的現金約為 1,900 萬美元，而 2023 年營運中使用的標準化現金約為 1,300 萬美元，不包括一次性稅收優惠。營運中使用的現金同比變化是由我們的營運資本改善所抵銷的淨虧損變化所推動的。

With that, I will turn the call back to Charlie for closing remarks.

至此，我將把電話轉回給查理，讓他發表結束語。

Thanks, Matt. The reaffirmation of our 2024 guidance reflects both our performance in the first quarter which was consistent with our expectations as well as our outlook and key assumptions for the balance of the year, which remain unchanged. Our guidance continues to assume slower generator sales in 2024, given the challenging capital equipment environment in the cosmetic surgery market.

謝謝，馬特。我們對 2024 年指引的重申反映了我們第一季的業績與我們的預期一致，以及我們對今年剩餘時間的展望和關鍵假設保持不變。鑑於整容手術市場的資本設備環境充滿挑戰，我們的指引繼續假設 2024 年發電機銷售放緩。

Specifically, we continue to expect that this challenging environment will persist throughout 2024 with modest improvement in trends in the second half of the year. Our guidance also continues to assume that the impact of slower generator sales in 2024 will be offset either fully or partially by year-over-year growth of sales of our handpieces, driven by demand from both existing customers and new users.

具體而言，我們繼續預期這種充滿挑戰的環境將持續整個 2024 年，下半年趨勢將略有改善。我們的指引也繼續假設，在現有客戶和新用戶需求的推動下，2024 年發電機銷售放緩的影響將全部或部分被我們手機銷售的同比增長所抵消。

With respect to our OEM segment, our guidance continues to reflect a return to more normalized ordering from our OEM customers in 2024. Lastly, it's important to note but the second and fourth quarters of each year are typically when we see the highest quarterly revenue in our advanced energy segment given the seasonal trends we have experienced historically.

就我們的 OEM 細分市場而言，我們的指引繼續反映出我們的 OEM 客戶在 2024 年將回歸更正常化的訂購。最後，值得注意的是，考慮到我們歷史上經歷的季節性趨勢，每年的第二和第四季度通常是我們先進能源領域季度收入最高的時候。

Stepping back, as we continue to navigate this difficult near-term environment, our team continues to focus on leveraging the recent operational achievements I discussed earlier to expand awareness and build momentum in the cosmetic surgery market.

退一步來說，當我們繼續應對這一困難的近期環境時，我們的團隊將繼續專注於利用我之前討論的近期營運成就來擴大整容手術市場的認知度並建立動力。

With more than $37 million of cash and cash equivalents at quarter's end, we believe our financial resources enable us to pursue our strategic initiatives. As I mentioned earlier, controlling costs remain an important priority for our organization and we continue to evaluate opportunities to preserve capital as we execute our growth strategy.

截至季末，我們擁有超過 3,700 萬美元的現金和現金等價物，我們相信我們的財務資源使我們能夠實施我們的策略性舉措。正如我之前提到的，控製成本仍然是我們組織的一個重要優先事項，我們在執行成長策略時繼續評估保留資本的機會。

Looking ahead, we remain focused on capitalizing on our multibillion-dollar addressable market opportunity as well as the favorable longer-term tailwinds in our industry, including demand for body contouring procedures, the adoption of GLP-1 drugs for weight loss, and the increasing social acceptance of minimally invasive cosmetic procedures. Once the market environment improves, we believe Apyx Medical will be uniquely positioned to benefit from these important tailwinds to drive strong, sustained growth and value creation over the coming years.

展望未來，我們仍然專注於利用我們價值數十億美元的可尋址市場機會以及我們行業的長期有利推動因素，包括對身體塑形手術的需求、減肥用GLP-1 藥物的採用以及日益增長的市場需求。一旦市場環境改善，我們相信 Apyx Medical 將處於獨特的地位，能夠從這些重要的推動因素中受益，從而在未來幾年推動強勁、持續的成長和價值創造。

I'd like to conclude by thanking our employees and distributor partners for their efforts in the past quarter as well as our customers and shareholders for their support.

最後，我要感謝我們的員工和經銷商合作夥伴在過去一個季度的努力以及我們的客戶和股東的支持。

With that, operator, let's now open the call for questions.

接線員，現在讓我們開始提問。

(Operator Instructions) Matthew O'Brien, Piper Sandler.

（操作員說明）Matthew O'Brien、Piper Sandler。

Thank you. This is Phil on for Matt. Thanks for taking our questions. I was just hoping to start with a little bit more color on the guidance. As it relates to the sequential ramp implied over the remaining quarters, what gives you confidence there? Are you starting to see some of the capital equipment overhang lift and could this accelerate in the back half of the year?

謝謝。這是菲爾替馬特發言。感謝您回答我們的問題。我只是希望從指南上多一點色彩開始。由於它與剩餘季度的連續增長有關，是什麼給了您信心？您是否開始看到一些資本設備過剩的情況有所改善？

Yeah. So obviously, we introduced our fiscal '24 guidance in late March, and that included our assumptions for the operating environment for the entire year. And nothing has changed in that operating environment over the last few weeks of Q1. So with respect to what we have seen so far in April, we're not providing inter-quarter updates.

是的。顯然，我們在 3 月底推出了 24 財年指引，其中包括我們對全年營運環境的假設。在第一季的最後幾週內，該營運環境沒有任何變化。因此，就我們四月迄今所看到的情況而言，我們不提供季度間更新。

The capital equipment environment still continues to be challenging, and our guidance continues to assume modest improvements in capital in the second half of the year. And as I stated in the prepared remarks, typically, second quarter, and fourth quarter are much better from a seasonality perspective. So it is what we talked about at the last call, and it's right in line with what we've been expecting all year.

資本設備環境仍然充滿挑戰，我們的指導繼續假設下半年資本略有改善。正如我在準備好的發言中所說，從季節性角度來看，第二季和第四季通常要好得多。這就是我們在上次電話會議中討論的內容，這與我們全年的預期一致。

That's helpful. And then just shifting gears to update on the GLP-1 dynamic. I know you've talked about it on many previous calls, but are these patients really in your funnel yet to be treated or perhaps are we still waiting on these patients to finish out their weight loss journey?

這很有幫助。然後只需換檔即可更新 GLP-1 動態。我知道您在之前的許多電話中都談到過這個問題，但是這些患者是否真的在您的頻道中尚未接受治療，或者也許我們仍在等待這些患者完成他們的減肥之旅？

Yeah. I think that when you look at the challenging macro environment right now, part of that story is the GLP-1s, where you have patients that are on -- at different time intervals, if you will, on that weight loss journey. And a lot of those patients are waiting to get to their ideal weight in order to have that procedure done.

是的。我認為，當你看到現在充滿挑戰的宏觀環境時，這個故事的一部分是 GLP-1，你的病人在不同的時間間隔，如果你願意的話，在減肥之旅中。許多患者正在等待達到理想體重才能完成手術。

And quite honestly, it depends on the practice, it depends on where they have been along this journey. We have practices that have patients coming in from that funnel because they've been out in front of this for over a year now. And we've got other practices that are just getting involved in this, and it's -- they're still waiting for a lot of those patients to come through. And so it is part of this macro environment that we have right now in the aesthetic space, this disruption with the GLP-1 drugs.

老實說，這取決於實踐，取決於他們在這段旅程中的位置。我們的做法是讓患者從這個管道進來，因為他們已經在這個管道上工作了一年多了。我們還有其他的做法正在參與其中，他們仍在等待大量患者的到來。因此，GLP-1 藥物的這種破壞是我們目前在美學領域所擁有的宏觀環境的一部分。

But the point is that most of these patients are going to come through this funnel and a lot of these patients are going to be seeking body contouring procedures to take that last step. And so we think that this is a tremendous long-term tailwind for our technology, and it is just something that we've got to get through right now.

但關鍵是，這些患者中的大多數將通過這個管道，其中許多患者將尋求身體輪廓手術來邁出最後一步。因此，我們認為這對我們的技術來說是一個巨大的長期推動力，而這正是我們現在必須克服的問題。

Very helpful. I'll jump back in queue. Thanks so much.

很有幫助。我會插回隊列。非常感謝。

Frank Takkinen, Lake Street Capital.

塔基寧（Frank Takkinen），湖街資本公司。

Great. Thanks taking the questions. I've got two, and I'll ask them both upfront. First, on the alternative selling model, I think you referenced some financing options or different unique ways you can get equipment into customers that may be reticent to purchase. Maybe talk a little bit about that and if there's a broader strategic rationale for going to just a straight placement model where you're placing that equipment free but charging a little bit more on the disposable side just to start to reaccelerate those placements.

偉大的。感謝您提出問題。我有兩個，我會提前問他們。首先，關於替代銷售模式，我認為您提到了一些融資方案或不同的獨特方式，可以將設備提供給可能不願意購買的客戶。也許可以談談這一點，如果有更廣泛的戰略理由，可以選擇直接放置模型，即免費放置設備，但在一次性方面收取更多費用，只是為了開始重新加速這些放置。

And then two, on OEM, can you just call out if there was any stocking orders or any inconsistencies with that Q1 print and how we should think about the rest of the year? Thank you for taking the questions.

然後第二個問題，關於 OEM，您能否指出是否有任何庫存訂單或與第一季列印的內容不一致，以及我們應該如何考慮今年剩餘時間？感謝您提出問題。

Yeah. No problem, Frank. As far as the acquisition models that we have for doctors to acquire the capital, we will be selling the product, and we've got a lot of different options for the doctors. Obviously, we've got straight purchase, which is something that we've always had. We've got leasing options where we can help them with the interest rate, if that is a route that they want to go. And then we have our subscription partner that is MedShift that we can use to do that.

是的。沒問題，弗蘭克。就我們為醫生獲取資本的收購模式而言，我們將出售產品，我們為醫生提供了許多不同的選擇。顯然，我們有直接購買，這是我們一直以來的做法。我們有租賃選項，如果他們願意的話，我們可以幫助他們降低利率。然後我們有我們的訂閱合作夥伴 MedShift，我們可以用它來做到這一點。

We don't believe that placing generators is an option for us, and we will be selling generators along those three lines. And we believe that those three options give the customer adequate room or adequate choices in order to acquire the technology and so we will stay with that.

我們認為放置發電機不是我們的選擇，我們將沿著這三條線銷售發電機。我們相信，這三個選項為客戶提供了足夠的空間或足夠的選擇來獲取技術，因此我們將堅持下去。

As far as the OEM guidance goes, we reported $2.8 million of OEM in Q1 that was in line with our expectations. Our 2024 guidance continues to assume a roughly high single-digit decrease in OEM sales year-over-year. The low end of our guidance is roughly $4 million in both the first and the second half of the year. There obviously is some fluctuation in the year-over-year growth rates in a given quarter. And that's just the lumpiness of our ordering partners of when they want to place their orders.

就 OEM 指導而言，我們報告第一季 OEM 收入為 280 萬美元，這符合我們的預期。我們的 2024 年指引繼續假設 OEM 銷售額年比大幅下降個位數。我們今年上半年和下半年的指導下限約為 400 萬美元。特定季度的同比增長率顯然存在一些波動。這只是我們的訂購合作夥伴想要下訂單時的混亂狀態。

Great. Thanks for taking the questions.

偉大的。感謝您提出問題。

Matt Hewitt, Craig-Hallum Capital.

馬特休伊特，克雷格哈勒姆資本。

Good morning. Thank you for taking the questions. Maybe first up, if we could dig in a little bit on some of the geographies. It sounds like you're seeing some better -- or better performance in a few OUS geographies. Could you talk a little bit about what's driving that and whether that's sustainable?

早安.感謝您提出問題。也許首先，我們可以深入了解一些地理區域。聽起來您在 OUS 的一些地區看到了更好的表現。您能否談談是什麼推動了這一趨勢以及這是否可持續？

Yeah. So our AE sales, OUS were stronger than the US, number one, but the results still varied by country and by region. And we did call out two areas, if you will. Well, actually, it's a couple of areas, but Europe, Middle East, and Africa, and APAC were strong demand from our distributors.

是的。所以我們的 AE 銷售，OUS 比美國強，位居第一，但結果仍然因國家和地區而異。如果你願意的話，我們確實指出了兩個領域。嗯，實際上，這是幾個地區，但歐洲、中東、非洲和亞太地區對我們的經銷商有強烈的需求。

And I think that the -- when you ask if it's sustainable, I think it was still in line with what we expected, but it is nice to see that strength in those markets and we've made some changes in APAC and we've been spending more time in Europe and the Middle East and doing a lot of the E&Ps and things like that. And those things are starting to pay dividends.

我認為，當你問它是否可持續時，我認為它仍然符合我們的預期，但很高興看到這些市場的實力，我們在亞太地區做出了一些改變，我們已經在歐洲和中東花了更多時間，做了很多勘探與生產之類的事情。這些事情開始帶來紅利。

And so, we would expect continued strength in those areas for the rest of the year, but that is already factored into our guidance for the year.

因此，我們預計這些領域在今年剩餘時間內將繼續保持強勢，但這已納入我們今年的指導中。

Got it. And then shifting gears a little bit. On the gross margins, I heard your comments regarding roughly 61% in the year. As you're seeing the strong utilization trends here, is it -- remind me, but I think there's some volume benefit that you'll get on the handpieces from a margin perspective. Are you seeing that? Or should we expect to see that as the year progresses? And maybe talk a little bit about the margin front. Thank you.

知道了。然後稍微換檔。關於毛利率，我聽到你的評論，今年大約是61%。正如您在這裡看到的強勁的使用趨勢，是嗎？你看到了嗎？或者我們應該期望隨著時間的推移看到這一點？也許還可以談談利潤率。謝謝。

Well, I think that Matt can answer specific questions on the margin, but the low end of our guidance still assumes gross margins of 61%. So that hasn't changed. And I think as Matt outlined, it was really -- in the first quarter here, it was really become -- OEM was a higher percentage of the total revenue, and then it was geographical mix within the AE segment.

嗯，我認為馬特可以回答有關利潤率的具體問題，但我們指導的低端仍然假設毛利率為 61%。所以這並沒有改變。我認為正如馬特所概述的那樣，在第一季度，原始設備製造商 (OEM) 在總收入中所佔的比例確實更高，然後是 AE 領域的地理混合。

But when we're talking about handpieces and things that we've talked about in the past with that, Matt, remember that there's still a lot of areas outside the United States where the APR handpiece is still not registered and still not the predominant thing. And as we migrate more people to the APR, obviously, that will have a positive impact over time too. But all of this is factored into the guidance that we gave for the gross margins for the year.

但是，當我們談論手機以及我們過去談論過的事情時，Matt，請記住，在美國以外的許多地區，APR 手機仍未註冊，並且仍然不是主要的東西。顯然，隨著我們將更多的人遷移到 APR，隨著時間的推移，這也會產生正面的影響。但所有這些都已納入我們對今年毛利率的指導中。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions) George Sellers, Stevens.

（操作員說明）喬治·塞勒斯，史蒂文斯。

Hey, good morning and thanks for taking the question. Maybe on the operating expense side of the house. I heard your guidance about expecting a decline of 3% for the year. But you also talked about some increased DTC spending, it sounded like.

嘿，早上好，感謝您提出問題。也許是在房子的營運費用方面。我聽說您預計今年將下降 3%。但聽起來您也談到了增加 DTC 支出。

So maybe can you just flesh out some of the quarterly cadence for that OpEx decline, when we should see maybe an increase of DTC spending? And maybe what some of the areas you'll be pulling out operating expenses from?

那麼，當我們應該看到 DTC 支出增加時，您是否可以充實 OpEx 下降的季度節奏？也許您將從哪些領域扣除營運費用？

So thanks for the question. The low end of our '24 guidance continues to assume approximately $52 million of OpEx like we said -- and you said as well, a decrease of approximately 3% year-over-year. So where we continue to focus our spending is investing in R&D to support our future growth initiatives, our -- those costs will be offset by lower SG&A, salary-related costs of professional services, where we will -- we are allocating costs into the DTC in order to get that message out and ensure that we are achieving the goals that Charlie discussed as part of his prepared remarks.

謝謝你的提問。正如我們所說，我們 24 年指導方針的低端繼續假設營運支出約為 5200 萬美元，您也說過，同比下降約 3%。因此，我們繼續關注的支出是投資於研發，以支持我們未來的成長計劃，我們的這些成本將被較低的SG&A、專業服務的薪資相關成本所抵消，我們將把成本分配到DTC 的目的是傳達這一訊息並確保我們實現查理在準備好的演講中討論的目標。

Yeah. And George, if I could just jump on that for a second. On the back end of that is, as with most small medical device companies, the first quarter from an expense point of view is always one of the highest, and you start to have some things flatten out or even out as we go forward. So that $52 million that Matt just talked about, that has the increased DTC spending in it.

是的。喬治，請容許我先講一下這個問題。從後端來看，與大多數小型醫療器材公司一樣，從費用的角度來看，第一季始終是最高的季度之一，隨著我們的前進，一些事情開始趨於平緩甚至消失。所以馬特剛才談到的 5,200 萬美元，其中包含了 DTC 支出的增加。

Yes. Okay. That's helpful. And then maybe on the macro side of it and specifically thinking about your handpiece revenue, it sounds like that declined a little bit in the quarter. Just curious how the underlying market outperformed in terms of liposuction procedure volumes and now handpiece sales compared?

是的。好的。這很有幫助。然後，也許從宏觀來看，特別是考慮到您的手機收入，聽起來本季略有下降。只是好奇，與抽脂手術量和手機銷售相比，基礎市場的表現如何？

And then with your guidance assuming growth in handpiece revenue throughout the year, can you just help us parse out what that implies for the sequential increase in handpieces and what that assumes for the underlying macro in terms of the procedure side of it. So not the generator sales, but more on the procedure side?

然後，根據您的指導，假設全年手機收入成長，您能否幫助我們解析這對手機連續成長意味著什麼，以及在程式方面對基本宏觀的假設。那麼不是發電機銷售，而是程序方面？

Yeah. And as we said in the prepared remarks, both generators and handpieces were in the range of expectations for the quarter, okay, so both of them were there. And global sales of our handpiece, as you pointed out, decreased modestly on a year-over-year basis. And again, that was expected and contemplated with our expectations that we provided on the Q4 call.

是的。正如我們在準備好的評論中所說，發電機和手機都在本季度的預期範圍內，好吧，所以它們都在那裡。正如您所指出的，我們手機的全球銷量較去年同期略有下降。同樣，這是我們在第四季度電話會議上提供的預期和考慮的。

We still continue to expect, though, a year-over-year growth in handpiece sales in 2024 which will help offset the slower generator sales either fully or partially. So we do expect growth. It's just sometimes when you look at it on a quarter basis, it's different. And if you remember, in Q4, we had actually really strong growth in our handpieces. And so it's -- we'd still expect growth year-over-year.

不過，我們仍預期 2024 年手機銷售量將年增，這將有助於全部或部分抵銷發電機銷售放緩的影響。所以我們確實期望成長。只是有時當你以季度為基礎來看時，情況會有所不同。如果你還記得的話，在第四季度，我們的手機實際上有非常強勁的成長。因此，我們仍然預期同比增長。

Okay, That's helpful. Thank you all, for the time.

好的，這很有幫助。謝謝大家，抽出時間。

And at this time, this concludes our question-and-answer session. I would now like to end the call. Thank you all, and have a wonderful day.

至此，我們的問答環節就結束了。我現在想結束通話。謝謝大家，祝您有美好的一天。