Biofrontera Inc (BFRI) 2024 Q1 法說會逐字稿

Welcome to the Biofrontera Inc. first-quarter-2024 financial results and business update conference call. (Operator Instructions) Please note this event is being recorded.

歡迎參加 Biofrontera Inc. 2024 年第一季財務表現與業務更新電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Andrew Barwicki with Barwicki Investor Relations. Please go ahead.

我現在想將會議轉交給 Barwicki 投資者關係部的 Andrew Barwicki。請繼續。

Good morning, and welcome to Biofrontera Incorporated's first-quarter-2024 financial results and business update conference call.

早安，歡迎參加 Biofrontera Incorporated 2024 年第一季財務業績和業務更新電話會議。

Please note that certain information discussed during today's call by management is covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act. We caution listeners that Biofrontera's management will be making forward-looking statements and that actual results may differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business. All risks and uncertainties are detailed in and are qualified by the cautionary statements contained in Biofrontera's press release and certain SEC filings.

請注意，管理層在今天的電話會議中討論的某些資訊受《私人證券訴訟改革法案》的安全港條款管轄。我們提醒聽眾，Biofrontera 的管理階層將做出前瞻性聲明，由於與公司業務相關的風險和不確定性，實際結果可能與這些前瞻性聲明中明示或暗示的結果有重大差異。所有風險和不確定性均在 Biofrontera 新聞稿和某些 SEC 文件中包含的警告聲明中詳細說明並受到限制。

Also, this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, May 16, 2024. Biofrontera undertakes no obligations to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call, except as required by law.

此外，本次電話會議包含時間敏感訊息，僅截至本次直播之日（2024 年 5 月 16 日）準確。除法律要求外，Biofrontera 不承擔修改或更新任何前瞻性陳述以反映本次電話會議日期之後發生的事件或情況的義務。

During today's call, there will be references to certain non-GAAP financial measures. Biofrontera believes these measures provide useful information for investors yet should not be considered as a substitute for GAAP nor should they be viewed as a substitute for operating results determined in accordance with GAAP. A reconciliation of non-GAAP to GAAP results is included in the press release announcing Q1 fiscal year 2024 results.

在今天的電話會議中，將會提到某些非公認會計準則財務指標。Biofrontera 認為，這些措施為投資者提供了有用的信息，但不應被視為 GAAP 的替代品，也不應被視為根據 GAAP 確定的經營業績的替代品。宣布 2024 財年第一季業績的新聞稿中包含非 GAAP 與 GAAP 業績的調整表。

More specifically, management will be referencing adjusted EBITDA, a non-GAAP financial measure defined as net income or loss excluding interest income and expense, income taxes, depreciation and amortization and certain nonrecurring or noncash items.

更具體地說，管理層將參考調整後的EBITDA，這是一種非公認會計準則財務指標，定義為淨收入或虧損，不包括利息收入和費用、所得稅、折舊和攤銷以及某些非經常性或非現金項目。

With that said, I would like to turn the call over to Hermann Luebbert, CEO, Chairman and Founder of Biofrontera. Hermann?

話雖如此，我想將電話轉給 Biofrontera 執行長、董事長兼創辦人 Hermann Luebbert。赫爾曼？

Thank you, Andrew, and many thanks to everyone joining us this morning. On today's call, I'll provide an overview of our operations during the first quarter, some events that occurred since the end of the first quarter and discuss our business strategy for the remainder of the year. Fred Leffler, our CFO, will follow with a discussion on financial results, and then both of us will be happy to answer questions.

謝謝你，安德魯，非常感謝今天早上加入我們的所有人。在今天的電話會議上，我將概述我們第一季的營運情況、第一季末以來發生的一些事件，並討論我們今年剩餘時間的業務策略。我們的財務長 Fred Leffler 隨後將討論財務業績，然後我們兩人將很樂意回答問題。

I would like to start with the most positive event of the first quarter. We successfully renegotiated our license and supply agreement for Ameluz with Biofrontera AG, reducing our costs significantly. We will now be paying 25% for Ameluz during 2024 and 2025 compared to approximately 40% to 50% of our sales price under the prior agreement.

我想從第一季最積極的事件開始。我們成功與 Biofrontera AG 重新談判了 Ameluz 的許可和供應協議，顯著降低了我們的成本。現在，我們將在 2024 年和 2025 年期間為 Ameluz 支付 25% 的費用，而根據先前協議，我們的銷售價格約為 40% 至 50%。

This LSA will gradually step up to 35% by 2032. Any indication associated with acne will remain at 25% indefinitely. This represents a transformational event for Biofrontera Inc., significantly increasing our potential to become profitable in the near term. As part of this amendment, we will take over all US clinical trials effective June 1, which will allow for more effective cost management and direct oversight of the trial efficacy. The reduced cost of goods will allow us to finance R&D activities while continuing our commercial growth trajectory. With Ameluz making up most of our revenue, we believe this is a unique opportunity moving forward.

到 2032 年，該 LSA 將逐步上升至 35%。任何與痤瘡相關的跡像都將無限期地保持在 25%。這對 Biofrontera Inc. 來說是一次轉型事件，顯著增加了我們在短期內獲利的潛力。作為本修正案的一部分，我們將從 6 月 1 日起接管所有美國臨床試驗，這將允許更有效的成本管理和對試驗效果的直接監督。商品成本的降低將使我們能夠為研發活動提供資金，同時繼續我們的商業成長軌跡。由於 Ameluz 占我們收入的大部分，我們相信這是一個獨特的前進機會。

Furthermore, I'm pleased to announce that in February, we raised $8 million minus financing expenses to support the growth and expansion of the company, including clinical trials. Later, the cost of the clinical trials will be covered in entirety by the savings from the reduced transfer price. Our February financing deal entailed warrants exercisable upon achievement of certain milestones by April 30 at the earliest. As we confirmed earlier this month, we have already met those milestones. And as a result, received another $8 million through the exercise of the warrants in early May.

此外，我很高興地宣布，2 月份，我們籌集了 800 萬美元減去融資費用，以支持公司的發展和擴張，包括臨床試驗。隨後，臨床試驗的費用將由轉讓價格降低所節省的費用全部支付。我們 2 月的融資協議規定，最早在 4 月 30 日之前實現某些里程碑後即可行使認股權證。正如我們本月早些時候所確認的那樣，我們已經實現了這些里程碑。結果，5月初透過行使認股權證又收到了800萬美元。

Contrary to these positive developments, our quarterly revenues were negatively impacted when in February, a cyberattack against Change Healthcare, the largest billing and payment system in the US, affected thousands of medical practices. According to the AMA, the American Medical Association, 80% of physicians reported lost revenues from unpaid claims. The AMA, which is the nation's largest medical society, said the attack threatened the viability of physician practices across the country with more than half of survey respondents having to use personal funds to cover practice expenses.

與這些正面的發展相反，我們的季度收入受到了負面影響，二月份，針對美國最大的計費和支付系統 Change Healthcare 的網路攻擊影響了數千家醫療機構。根據美國醫學協會 (AMA) 的數據，80% 的醫生報告因未支付的索賠而損失了收入。美國最大的醫學協會美國醫學會表示，這次攻擊威脅到了全國醫生執業的生存能力，超過一半的調查受訪者不得不使用個人資金來支付執業費用。

Health care reimbursement is a never-ending challenge with many changes occurring on a constant basis, purposeful or not. Having said that, I'm extremely proud of our team in their efforts with medical facilities, doctors' offices and insurance companies to tackle the working capital issues created by the Q1 Change Healthcare cyberattacks and to ensure full reimbursement is received wherever possible. We are working hand in hand with our customers, whether they are a small single provider office or a large medical facility, to ensure they have our products available and are appropriately reimbursed for their service to the patients.

醫療保健報銷是一個永無止境的挑戰，無論有目的與否，許多變化不斷發生。話雖如此，我對我們的團隊與醫療機構、醫生辦公室和保險公司共同努力解決 Q1 Change Healthcare 網路攻擊造成的營運資金問題並確保盡可能獲得全額報銷感到非常自豪。我們正在與我們的客戶攜手合作，無論他們是小型單一供應商辦公室還是大型醫療機構，以確保他們擁有我們的產品，並為他們為患者提供的服務獲得適當的補償。

In spite of everybody's efforts, all this culminated in some customers either reducing their orders in Q1 or shifting their orders into Q2, which drove 9% lower Q1 revenue as compared to the first quarter in 2023. However, as we announced earlier, we have begun to see this recovery. And as of year to date, April 30, 2024, compared to the same period last year, we have reported already more than 5% growth in revenues.

儘管大家都做出了努力，但這一切最終導致一些客戶要么減少第一季的訂單，要么將訂單轉移到第二季度，導致第一季收入較 2023 年第一季下降 9%。然而，正如我們之前宣布的那樣，我們已經開始看到這種復甦。截至今年迄今，即 2024 年 4 月 30 日，與去年同期相比，我們的營收成長已超過 5%。

Our BF-RhodoLED lamps, the devices that are used in combination with Ameluz, continue to be placed at physician offices throughout the country. A positive indicator for future growth is that in the first quarter 2024, we have placed 28 lamps, an increase of 115% compared to the first quarter of the prior year. The growing number of lamps in the field reflects both first-time installations and additional lamps among dermatology practices already familiar with Ameluz PDT, facilitating growth for new and existing customers. We expect to begin selling the RhodoLED XL, our larger five-panel lamp, towards the end of the second quarter this year.

我們的 BF-RhodoLED 燈（與 Ameluz 結合使用的設備）繼續放置在全國各地的醫生辦公室。未來成長的一個正面指標是，2024年第一季度，我們投放了28盞燈，比去年第一季成長了115%。該領域的燈數量不斷增加，反映出皮膚科實踐中已經熟悉 Ameluz PDT 的首次安裝和額外燈，從而促進了新客戶和現有客戶的成長。我們預計將於今年第二季末開始銷售更大的五面板燈 RhodoLED XL。

As part of the agreement with Biofrontera AG, we are in the midst of preparations for the takeover of the clinical trial departments for Biofrontera Bioscience. As of June 1st, 2024, members of the clinical trial groups will join our wholly owned German subsidiary, Biofrontera Discovery GmbH, which subsequently will be responsible for the management of all clinical trials with Ameluz and BF-RhodoLED in the United States.

作為與 Biofrontera AG 協議的一部分，我們正在準備接管 Biofrontera Bioscience 的臨床試驗部門。自2024年6月1日起，臨床試驗小組的成員將加入我們的全資德國子公司Biofrontera Discovery GmbH，該子公司隨後將負責管理Ameluz和BF-RhodoLED在美國的所有臨床試驗。

At Biofrontera Discovery, we will not only be responsible for future clinical studies, but also for all ongoing trials. Currently, two clinical studies are enrolling patients, one for actinic keratosis on the neck and tongue and the arms and hands. The other, for moderate to severe acne. This has recorded 57% and 74% of subjects respectively.

在 Biofrontera Discovery，我們不僅負責未來的臨床研究，還負責所有正在進行的試驗。目前，兩項臨床研究正在招募患者，其中一項針對頸部、舌頭、手臂和手部的光化性角化症。另一種用於中度至重度痤瘡。這分別記錄了 57% 和 74% 的受試者。

The third ongoing study for the treatment of superficial basal cell carcinoma is nearing completion of the one-year follow-up phase required for FDA submission. We expect the last patient to complete this follow-up phase before the end of the year.

第三項正在進行的治療淺表基底細胞癌的研究即將完成 FDA 提交所需的一年追蹤階段。我們預計最後一位患者能夠在年底前完成這項追蹤階段。

As I mentioned in the past, the Food and Drug Administration approved the new formulation of Ameluz without propylene glycol for the treatment of actinic keratosis. The production of this formulation will begin shortly, and we expect delivery at our wholesaler in August. This will help improve tolerability for some of our patients while also reducing the generation of impurities over time, which may result in an extended shelf life once sufficient stability data is collected.

正如我過去提到的，美國食品藥物管理局批准了不含丙二醇的 Ameluz 新配方用於治療光化性角化症。配方的生產將很快開始，我們預計八月將在我們的批發商處交貨。這將有助於提高一些患者的耐受性，同時減少隨著時間的推移雜質的產生，一旦收集到足夠的穩定性數據，可能會延長保質期。

With that, I'll turn the call over to Fred to walk through the financial details of the first quarter. Fred?

接下來，我會將電話轉給 Fred，詳細介紹第一季的財務細節。弗雷德？

Thank you, Hermann. And it is a pleasure to provide a financial update today on our first-quarter results.

謝謝你，赫爾曼。今天很高興提供有關我們第一季業績的最新財務資訊。

Total revenues for the first quarter of 2024 were $7.9 million compared with $8.7 million for the first quarter of 2023. The decrease is due to health care reimbursement issues caused by the Change Healthcare data breach that created cash challenges for the entire health care industry throughout the quarter. As Hermann mentioned, we have seen recovery, and I do not expect this to be a long-term issue, and we'll continue to monitor for any further developments.

2024 年第一季的總收入為 790 萬美元，而 2023 年第一季的總收入為 870 萬美元。下降的原因是 Change Healthcare 資料外洩導致醫療保健報銷問題，該問題在整個季度給整個醫療保健行業帶來了現金挑戰。正如赫爾曼所提到的，我們已經看到了復甦，我不認為這會是一個長期問題，我們將繼續監測任何進一步的發展。

Total operating expenses were $13.4 million for the first quarter of 2024 compared with $14.2 million for the first quarter of 2023. Cost of revenue was $4.1 million for the first quarter of 2024 compared with $4.6 million for the prior year quarter, with the decline in cost of revenue driven by the lower Ameluz sales. I've mentioned in earlier calls that we are burning through inventory that we have on hand for most of 2024. Later this year, once we purchase new inventory, we expect to see the positive impact of the LSA amendments on our cost of revenues.

2024 年第一季的總營運費用為 1,340 萬美元，而 2023 年第一季的總營運費用為 1,420 萬美元。2024 年第一季的營收成本為 410 萬美元，而去年同期為 460 萬美元，Ameluz 銷售額下降推動營收成本下降。我在之前的電話會議中提到，我們正在消耗 2024 年大部分時間的庫存。今年晚些時候，一旦我們購買新庫存，我們預計就會看到 LSA 修訂對我們的收入成本產生積極影響。

Selling, general and administrative expenses were $9.3 million for the first quarter of 2024 compared with $9.8 million for the first quarter of 2023. The decrease was primarily driven by a $1.1 million decrease in non-recurring legal costs and a $3,000 decrease in sales and marketing expenses. The decrease was primarily offset by a $700,000 increase in fees and issuance costs associated with our most recent private placement transaction as well as a small increase in personnel expenses.

2024 年第一季的銷售、一般和管理費用為 930 萬美元，而 2023 年第一季為 980 萬美元。這一下降主要是由於非經常性法律費用減少了 110 萬美元，銷售和行銷費用減少了 3,000 美元。這一減少主要被與我們最近的私募交易相關的費用和發行成本增加 70 萬美元以及人員費用的小幅增加所抵消。

The net loss for the first quarter of 2024 was $10.4 million or a loss of $2.88 per share compared with a net loss of $7.5 million or a loss of $5.60 per share for the prior year quarter. I will note that the accounting for the B-3 convertible preferred warrants had a large impact on this. We do not expect to have such an adjustment in the future.

2024 年第一季的淨虧損為 1,040 萬美元，即每股虧損 2.88 美元，而去年同期的淨虧損為 750 萬美元，即每股虧損 5.60 美元。我要指出的是，B-3 可轉換優先認股權證的會計處理對此產生了很大影響。我們預計未來不會有這樣的調整。

Adjusted EBITDA for the first quarter of 2024 was negative $4.6 million compared with negative $4.1 million for the first quarter of 2023. This reflects the lower revenues we saw in the first quarter of 2024. We look at adjusted EBITDA, a non-GAAP financial measure, as a better indication of ongoing operations, and this measurement is defined as net income or loss excluding interest income, and expenses, income taxes, depreciation and amortization and certain other nonrecurring or noncash items. I'll refer you to the table in the earnings press release and the 10-Q we issued yesterday for a reconciliation of GAAP to non-GAAP financial measures.

2024 年第一季調整後 EBITDA 為負 460 萬美元，而 2023 年第一季為負 410 萬美元。這反映了我們在 2024 年第一季看到的收入下降。我們將調整後的EBITDA（一種非GAAP 財務指標）視為對持續經營的更好指標，該指標被定義為淨收入或虧損，不包括利息收入、費用、所得稅、折舊和攤銷以及某些其他非經常性或非現金項目。我將向您推薦收益新聞稿中的表格以及我們昨天發布的 10-Q 報表，以了解 GAAP 與非 GAAP 財務指標的調整。

Turning to our balance sheet. As of March 31, 2024, we had cash and cash equivalents of $3.8 million. Keep in mind, we received $8 million from the exercise of B-3 convertible preferred warrants on Tuesday, so we are in a much stronger position today.

轉向我們的資產負債表。截至 2024 年 3 月 31 日，我們擁有現金及現金等價物 380 萬美元。請記住，週二我們透過 B-3 可轉換優先認股權證的行使獲得了 800 萬美元，因此我們今天的地位要強得多。

Our inventory balance as of March 31, 2024 was $6.9 million. As I mentioned, we are burning through our inventory and we constantly monitor our inventory levels to ensure deliveries are made in accordance with our forecast and we get to and maintain an industry standard of safety stock.

截至 2024 年 3 月 31 日，我們的庫存餘額為 690 萬美元。正如我所提到的，我們正在消耗庫存，並不斷監控庫存水平，以確保按照我們的預測進行交貨，並達到並維持安全庫存的行業標準。

Related to inventory, our assets include $5.2 million for replacement inventory. This is due to Biofrontera AG deciding on a voluntary recall of three batches of Ameluz. We were notified of the issue in February of 2024. The batches will be replaced at no cost to us, and we expect to receive these batches in the third quarter. This will not impact our ability to fulfill orders in the meantime. Finally, we had an outstanding balance of $2.4 million in short-term debt that we expect to pay down by early July 2024.

與庫存相關，我們的資產包括 520 萬美元的替換庫存。這是由於 Biofrontera AG 決定自願召回三批 Ameluz。我們於 2024 年 2 月收到有關此問題的通知。這些批次將免費更換，我們預計在第三季收到這些批次。這不會影響我們同時履行訂單的能力。最後，我們有 240 萬美元的未償短期債務餘額，我們預計將在 2024 年 7 月初償還。

With that overview of our business and financial performance, Hermann and I are now ready to take questions from our covering analysts. Operator?

在了解了我們的業務和財務表現後，赫爾曼和我現在準備好回答我們的分析師的問題。操作員？

(Operator Instructions) Jonathan Aschoff, ROTH.

（操作員說明）Jonathan Aschoff，ROTH。

Thank you. Good morning, guys. My first question is, does that greater than 5% Jan through April sales result, is that a big underestimation of the actual growth that simply fits the definition of one of the two milestones you had to hit to trigger the second $8 million investment, or is it actually really close to 5%?

謝謝。早安，夥計們。我的第一個問題是，1 月到4 月的銷售結果超過5% 是否是對實際成長的極大低估，而這恰好符合觸發第二筆800 萬美元投資必須達到的兩個里程碑之一的定義，或實際上真的接近5%嗎？

Hi, Jonathan. Fred Leffler here. I can take that. That was based on the milestone, like you said, that we had to hit. We didn't issue the specific number, but I can give an update on Q2, or we'll give the update on Q2 in August.

嗨，喬納森。弗雷德·萊弗勒在這裡。我可以接受。正如您所說，這是基於我們必須達到的里程碑。我們沒有發布具體數字，但我可以提供第二季的更新，或者我們將在八月提供第二季的更新。

Okay. Are you guys still comfortable with cash flow breakeven around the year end '25 or has that changed a bit?

好的。你們仍然對 25 年末的現金流損益平衡感到滿意嗎？

That is still the expectation. As Hermann said, we are taking on the clinical costs and we will start seeing the savings of the LFA amendments later this year through 2025 to help fund that. And as long as we operate and hit our budget numbers, I don't foresee that as being an issue.

這仍然是期望。正如赫爾曼所說，我們正在承擔臨床費用，我們將在今年稍後到 2025 年開始看到 LFA 修正案的節省，以幫助籌集資金。只要我們運作並達到預算數字，我認為這不會成為問題。

Okay. Did the last basal cell carcinoma patient have their final assessment last quarter, and therefore, you're still expecting to give us data in the third quarter of this year?

好的。最後一位基底細胞癌患者上季是否進行了最終評估，因此您仍希望在今年第三季向我們提供數據？

That's correct. So the data we would provide, we expect to provide for the clinical phase. So the FDA wants us to submit the one-year follow up, so the last patient out there would be in November or December. So the follow-up data would be available early in Q2, and then, prepare for FDA submission.

這是正確的。因此，我們將提供的數據，我們期望為臨床階段提供。因此，FDA 希望我們提交一年的追蹤報告，這樣最後一位患者將在 11 月或 12 月出現。因此後續數據將在第二季度初提供，然後準備向 FDA 提交。

Okay. And I remember hearing from the prior management that dermatologists, if they had to cover a greater area and only allowed to use one tube, they would use the Ameluz a little thinner than indicated so it could cover a greater area. Wouldn't that, I don't know, imply that if they can use more than one tube that they would definitely do that so they could get a higher reimbursement per procedure?

好的。我記得從以前的管理層那裡聽說皮膚科醫生，如果他們必須覆蓋更大的區域並且只允許使用一根管子，他們會使用比指定的更薄的Ameluz，這樣它就可以覆蓋更大的區域。我不知道，這是否意味著如果他們可以使用多個管子，他們肯定會這樣做，這樣他們就可以在每次手術中獲得更高的報銷？

Well, doctors, of course, if they can tend to use the products according to label and the payers are more and more looking after that. And so, our currently ongoing submission, FDA submission for three tubes is very, very relevant in that respect. So the timeline there hasn't changed. So we expect some preliminary review results in early August, and then, the PDUFA date is in November.

好吧，當然，如果醫生能夠傾向於按照標籤使用產品，而付款人越來越關注這一點。因此，我們目前正在進行的提交，FDA 提交的三管申請在這方面非常非常相關。所以時間軸沒有改變。因此，我們預計 8 月初會有初步審查結果，然後 PDUFA 日期為 11 月。

Okay. Could you just help us with the enrollment for acne and peripheral AK?

好的。您能幫我們辦理痤瘡和外周 AK 的登記嗎？

Yes. So the enrollment for acne and peripheral AK, I have the numbers in the presentation. So for -- one second. So for peripheral AK, current enrollment is 57% of the patients. And for acne, it's 74% of the subjects.

是的。因此，痤瘡和外周 AK 的註冊人數，我在演示文稿中提供了數字。所以——一秒鐘。因此，對於週邊 AK，目前入組的患者比例為 57%。而對於痤瘡，這一比例為 74%。

Thank you very much, guys. That was all.

非常感謝你們，夥伴們。僅此而已。

Thank you.

謝謝。

Bruce Jackson, The Benchmark Company.

布魯斯傑克遜，基準公司。

Hi. Good morning, and thanks for taking my questions. I'm trying to sort through the impact from Change Healthcare. So we're up 5% year to date. How do you think the rest of the year unfolds? So second quarter is generally seasonally weak. And then, the back half year can have other anomalies to it. But how do you see the sales unfolding for the rest of the year?

你好。早上好，感謝您回答我的問題。我正在嘗試整理變革醫療保健的影響。所以今年迄今為止我們的股價上漲了 5%。您認為今年剩下的時間會是什麼樣子？因此，第二季整體呈現季節性疲軟。然後，後半年可能會出現其他異常情況。但您如何看待今年剩餘時間的銷售情況？

As Fred said, we don't expect this to have a long-term impact. It was an impact mostly in February and March. When this actually happened, doctors were not paid for our services. That's when all the services at doctors' offices actually came down, including, of course, PDT, with Ameluz. But then, in April, we did already see the upswing and could not only make up for those 90% loss. But as we said, it's more than 5% above last year. So we don't expect a long-term effect of this and still expect the same growth that we did at the beginning of the year.

正如弗雷德所說，我們預計這不會產生長期影響。影響主要發生在二月和三月。當這種情況真正發生時，醫生並沒有獲得我們服務的報酬。那時，醫生辦公室的所有服務實際上都停止了，當然包括 Ameluz 提供的 PDT。但到了 4 月份，我們確實已經看到了回升，而且不僅可以彌補 90% 的損失。但正如我們所說，比去年增長了 5% 以上。因此，我們預計這不會產生長期影響，但仍預計會出現與年初相同的成長。

Okay. And then, my second question is about the XL lamp launch. I think I heard, you're going to be receiving from the -- I'm sorry, when is the XL lamp going to launch? That's my question.

好的。然後，我的第二個問題是關於 XL 燈的推出。我想我聽說，您將收到來自——對不起，XL 燈什麼時候推出？這就是我的問題。

It's going to launch by the end of Q2.

它將於第二季末推出。

End of Q2. Okay. Super. That's it for me. Thank you.

第二季末。好的。極好的。對我來說就是這樣。謝謝。

Great. Thank you, Bruce.

偉大的。謝謝你，布魯斯。

Thanks. Thanks, Bruce.

謝謝。謝謝，布魯斯。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

Yeah. Well, thank you for everybody's time, participation, the questions. And we look forward to our next call, where hopefully, we can again present positive news. Thank you, and have a nice day.

是的。好的，謝謝大家的時間、參與和提問。我們期待下一次電話會議，希望我們能夠再次呈現正面的消息。謝謝你，祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。