BIOLASE Inc (BIOL) 2024 Q1 法說會逐字稿

Good day and welcome to the BIOLASE's first quarter 2024 results conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 BIOLASE 2024 年第一季業績電話會議。（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 Mr. Michael Polyviou. Please go ahead, sir.

現在我想將會議交給 Michael Polyviou 先生。請繼續，先生。

Thank you, Chuck. Good afternoon, everyone, and thank you for joining us today to discuss BIOLASE's financial results for its first quarter ended March 31, 2024. On the call today BIOLASE's John Beaver, President & Chief Executive Officer; and Jennifer Bright, Chief Financial Officer. John, will review the company's operating performance for the first quarter and then turn the call over to Jennifer, to review the financials in more detail before opening the call for questions.

謝謝你，查克。大家下午好，感謝您今天加入我們討論 BIOLASE 截至 2024 年 3 月 31 日第一季度的財務業績。在今天的電話會議上，BIOLASE 的總裁兼執行長 John Beaver 表示：和財務長珍妮佛·布萊特。約翰將回顧公司第一季的經營業績，然後將電話轉給詹妮弗，在開始提問之前更詳細地審查財務狀況。

Before we begin, I'd like to remind everyone that a number of forward-looking statements which are any statements that are not historical facts will be made during this presentation and subsequent Q&A session, including forward-looking statements regarding the company's strategic initiatives and anticipated financial performance.

在開始之前，我想提醒大家，在本次演講和隨後的問答環節中，我們將做出一些非歷史事實的前瞻性陳述，包括有關公司戰略舉措和戰略舉措的前瞻性陳述。 。

These forward-looking statements are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995 and based on BIOLASE's current expectations and assumptions are subject to a variety of risks and uncertainties that could cause the company's actual results differ materially from the statements made. Such forward-looking statements only represent the company's view as of today, May 13, 2024.

這些前瞻性陳述是根據1995 年《私人證券訴訟改革法案》定義的前瞻性陳述，基於BIOLASE 當前的預期和假設，受到各種風險和不確定性的影響，可能導致公司的實際結果與陳述存在重大差異製成。此類前瞻性陳述僅代表本公司截至今天（2024 年 5 月 13 日）的觀點。

These risks are discussed in the company's filings with the Securities and Exchange Commission. A replay of this conference call will be available on BIOLASE's website shortly after the completion of today's call. When listened to this call, please refer to the news release issued earlier today announcing the company's 2024 first quarter financial results. If you do not have a copy of the news release is available in the investor section of BIOLASES' website at www.biolase.com.

這些風險在該公司向美國證券交易委員會提交的文件中進行了討論。今天的電話會議結束後不久，將在 BIOLASE 網站上提供本次電話會議的重播。聽取本次電話會議時，請參閱今天稍早發布的宣佈公司 2024 年第一季財務業績的新聞稿。如果您沒有新聞稿副本，請造訪 BIOLASES 網站 www.biolase.com 的投資者部分。

BIOLASE's financial results can also be found in the company's report on Form 10-Q, which will be filed with the SEC just a few minutes ago. The tables we've provided in today's news release offer additional information, additional financial information, so we encourage you to review them. Tables include the reconciliation of unaudited GAAP, net loss, net loss per share to non-GAAP adjusted EBITDA loss and adjusted EBITDA loss per share, as well as more information regarding the company's non-GAAP disclosures.

BIOLASE 的財務表現也可以在該公司 10-Q 表格報告中找到，該報告將於幾分鐘前向 SEC 提交。我們在今天的新聞稿中提供的表格提供了更多資訊、更多財務信息，因此我們鼓勵您查看它們。表格包括未經審計的 GAAP、淨虧損、每股淨虧損與非 GAAP 調整後 EBITDA 虧損和調整後每股 EBITDA 虧損的調整表，以及有關公司非 GAAP 披露的更多資訊。

With that, I'll turn the call over to John Beaver, BIOLASE's President and Chief Executive Officer. John, please go ahead.

接下來，我會將電話轉給 BIOLASE 總裁兼執行長 John Beaver。約翰，請繼續。

Thanks, Michael, and thank you, everyone, for joining us this afternoon. we appreciate your continued interest in BIOLASE. I want to start by restating our primary objective, which is to ensure our industry-leading dental lasers continue to attract heightened interest and demand. Everything we do at BIOLASE is to help accelerate the adoption curve of lasers, which we believe will become the gold standard dental care. I'm pleased to share the progress we made over the past quarter.

謝謝邁克爾，也謝謝大家今天下午加入我們。我們感謝您對 BIOLASE 的持續關注。首先，我想重申我們的主要目標，確保我們行業領先的牙科雷射器繼續吸引更高的興趣和需求。我們在 BIOLASE 所做的一切都是為了幫助加速雷射的採用曲線，我們相信雷射將成為牙科護理的黃金標準。我很高興分享我們在過去一個季度取得的進展。

Increase adoption of our industry-leading laser technology with approximately 67% of our US quarterly sales during the first quarter coming from new customers is a testament to the value and efficacy of our products. Furthermore, approximately 42% of the sales were from deals specialists, indicating a growing recognition among this important contingent as we assess our ability to penetrate the market further.

我們業界領先的雷射技術的採用率不斷提高，第一季我們美國季度銷售額的約 67% 來自新客戶，證明了我們產品的價值和功效。此外，大約 42% 的銷售額來自交易專家，這表明在我們評估我們進一步滲透市場的能力時，這一重要團隊的認可度不斷提高。

As we've decided on prior calls, there remains a significant untapped opportunity in the dental market for our BIOLASE lasers. With more than 90% of dentists yet to embrace all-tissue laser technology. As many of you already are aware, the dental community is among the slowest in terms of data and new technologies compared to other healthcare related technologies. So it does take time to make an impact and I believe our efforts are working. We are already the dominant brand in this space with approximately 60% market share globally under our Waterlife brand, and we continue to actively engage the remaining 90% of the market since this represents the majority of our growth opportunity.

正如我們在先前的電話會議中所決定的那樣，我們的 BIOLASE 雷射在牙科市場上仍然存在著巨大的未開發機會。超過 90% 的牙醫尚未採用全組織雷射技術。正如你們許多人已經知道的那樣，與其他醫療保健相關技術相比，牙科社群在數據和新技術方面是最慢的。因此，產生影響確實需要時間，我相信我們的努力正在發揮作用。我們已經是該領域的主導品牌，Waterlife 品牌在全球佔有約 60% 的市場份額，我們將繼續積極參與剩餘 90% 的市場，因為這代表了我們大部分的成長機會。

Our targeted sales and marketing initiatives and enhanced training programs are expanding our reach among dental specialists and general practitioners as we emphasize the benefits of laser dental solutions to practitioners and patients alike. In the first quarter, we continued to increase awareness of the benefits of laser dentistry by holding over 100 webinars study clubs, tradeshows and training events.

我們有針對性的銷售和行銷計劃以及強化的培訓計劃正在擴大我們在牙科專家和全科醫生中的影響力，因為我們強調雷射牙科解決方案對從業者和患者的好處。第一季度，我們透過舉辦 100 多場網路研討會、學習俱樂部、貿易展覽和培訓活動，繼續提高人們對雷射牙科優勢的認識。

Our strategy to grow market adoption of our lasers includes bolstering our unique education training programs, which we continued to implement in the first quarter through our Waterlase and Epic academies. We have simplified training on our products for dental specialists and dental hygienists in a articulated the significant return on investment that they can achieve with our lasers, not to mention in this significant patient benefits.

我們提高雷射器市場採用率的策略包括加強我們獨特的教育培訓計劃，我們在第一季繼續透過 Waterlase 和 Epic 學院實施該計劃。我們簡化了針對牙科專家和牙科保健員的產品培訓，明確說明他們可以透過我們的雷射器獲得顯著的投資回報，更不用說為患者帶來巨大的好處。

The state of the art violates education center also provides Delco technicians with an engaging hands-on learning environment tailored around laser education. We remain committed to all of these revenue generating activities as we believe these investments of time and resources will yield revenue opportunities in the future.

最先進的違反教育中心也為德爾科技術人員提供了圍繞雷射教育量身定制的引人入勝的實踐學習環境。我們仍然致力於所有這些創收活動，因為我們相信這些時間和資源的投資將在未來帶來創收機會。

As a result of these efforts, we continue to generate a strong number of marketing qualified leads during the quarter and our focus on converting these MQLs to sales. It's important to repeat and what we said in the past, each 1% increase in adoption of all-tissue laser in the US will equal approximately $50 million additional revenue for BIOLASE, assuming we maintain our estimate 60% market share. This doesn't include potential increase adoption outside the US, where historically approximately 30% to 40% of our revenue has been generated or the consumable revenue generated from the procedures performed with our laser systems.

透過這些努力，我們在本季繼續產生大量符合行銷資格的潛在客戶，並專注於將這些 MQL 轉化為銷售。重要的是要重複一遍，我們過去說過，假設我們維持我們估計的 60% 市場份額，美國全組織雷射採用率每增加 1%，將為 BIOLASE 帶來約 5000 萬美元的額外收入。這不包括美國以外地區採用率的潛在增長，從歷史上看，我們約 30% 至 40% 的收入來自美國以外地區，或使用我們的雷射系統執行的手術產生的消耗品收入。

On that note, sales of our consumables experienced remarkable growth this quarter represented the third strongest quarter for consumable sales in our company's history. Remarkable as the first quarter of the year historically has been our seasonally slowest quarter. With a 14% increase year over year, driven largely by over 600 memberships with railroads and momentum we've gained in this area.

就此而言，本季我們的消耗品銷售經歷了顯著成長，是我們公司歷史上消耗品銷售第三強勁的季度。值得注意的是，從歷史上看，今年第一季是我們季節性最慢的季度。年成長 14%，這主要得益於 600 多個鐵路會員以及我們在該領域獲得的動力。

Additionally, our purposeful and prudent actions have significantly improved our operations where the most significant achievements during the quarter was a substantial reduction in our adjusted EBITDA loss. Our relentless focus on cost reduction initiatives enabled us to lower our adjusted EBITDA loss by 21% compared to the same quarter last year. This underscores our commitment to operational efficiency and financial discipline as we drive toward profitability, which we are on track to achieve by year end. These initiatives, coupled with our revenue expansion plans, position us for success in the quarters ahead.

此外，我們有目的和審慎的行動顯著改善了我們的運營，本季度最顯著的成就是調整後 EBITDA 損失的大幅減少。我們對成本削減計劃的不懈關注使我們將調整後的 EBITDA 損失比去年同期降低了 21%。這凸顯了我們在追求盈利的過程中對營運效率和財務紀律的承諾，我們預計將在年底實現盈利。這些舉措加上我們的收入擴張計劃，使我們能夠在未來幾季取得成功。

In summary, I believe the accomplishments in the first quarter point to a brighter future. Our performance reflects our unwavering commitment to growth and profitability, as we move forward, we remain focused on delivering value to our customers, driving growth and maximizing shareholder value.

綜上所述，我相信第一季取得的成績預示著更光明的未來。我們的業績反映了我們對成長和獲利能力堅定不移的承諾，隨著我們的前進，我們仍然專注於為客戶提供價值，推動成長並最大化股東價值。

With that, I'll turn the call over to Jennifer, to provide further details regarding our first quarter results. Jen?

這樣，我會將電話轉給詹妮弗，以提供有關我們第一季業績的更多詳細資訊。珍？

Thank you, John, and good afternoon, everyone. I'm going to provide more context around some of the numbers as well as highlight some of the operational improvements we achieved during the first quarter. For further details please refer to our financial results, which are included in the financial table of our earnings release in our 10-Q.

謝謝約翰，大家下午好。我將提供有關一些數字的更多背景信息，並重點介紹我們在第一季度取得的一些營運改進。欲了解更多詳情，請參閱我們的財務業績，該業績包含在我們 10 季度收益發布的財務表中。

The challenging economic environment, including elevated interest rates, continued to impact our sales in the first quarter, although we were able to increase laser dentistry awareness through our education and training initiatives. We continued our momentum with new customer adoption with 67% of our US quarterly sales coming from new customers and 42% of US Waterlase sales coming from dental specialists.

儘管我們能夠透過教育和培訓計劃提高雷射牙科意識，但充滿挑戰的經濟環境（包括利率上升）繼續影響我們第一季的銷售。我們持續保持新客戶採用的勢頭，美國季度銷售額的 67% 來自新客戶，美國 Waterlase 銷售額的 42% 來自牙科專家。

Additionally, as John mentioned, we reported the third highest consumable sales quarter in company history with consumable sales increasing 14% year over year, driven by the increased utilization of our laser system from our education and training pathways and the benefit of over 600 consumable memberships during the quarter. Either positive indicators of the increased demand we are experiencing for our industry-leading dental lasers in the US and abroad, setting the stage for accelerated growth as the economic environment can improve.

此外，正如John 所提到的，我們報告了公司歷史上第三高的耗材銷售季度，耗材銷售額年增14%，這得益於我們的教育和培訓途徑中雷射系統利用率的提高以及600 多個耗材會員資格的好處本季期間。無論是美國還是國外對業界領先的牙科雷射器的需求增加的積極跡象，都為隨著經濟環境的改善而加速成長奠定了基礎。

Our gross margin, although relatively flat compared to the year-ago quarter, improved by 1% of net revenue from lower warranty expenses, reflecting the benefit of in-house manufacturing for our trans fiber components, which was partially offset by severance expenses incurred in the first quarter of 2024, as cost reduction initiatives were implemented this year.

我們的毛利率雖然與去年同期相比相對持平，但由於保固費用降低，淨收入提高了1%，這反映了我們的跨纖維組件的內部製造的好處，這部分被2019 年發生的遣散費所抵銷。

As a result of the trunk fiber acquisition at the end of 2022, our in-house trunk fiber now makes up 100% of the trunk fiber we will be shipping in 2024. We expect these cost savings to increase gross margin, improve cash flow and get us closer to the 50% margin needed to reach profitability. On the expense line, total operating expenses were $7.9 million for the quarter, down from $8.6 million in the year ago quarter.

由於 2022 年底收購了主幹光纖，我們的內部主幹光纖現在占我們 2024 年出貨的主幹光纖的 100%。我們預計這些成本節省將提高毛利率、改善現金流並使我們更接近實現盈利所需的 50% 利潤率。在費用方面，本季總營運費用為 790 萬美元，低於去年同期的 860 萬美元。

This 9% decrease was mainly due to the cost savings initiatives we implemented during 2023, which included a roughly 20% reduction in BIOLASE's US workforce in June 2023. Workforce reduction is part of the company's broader efforts to gain greater efficiencies throughout the organization without impacting our revenue-generating strategy or the company's ability to continue delivering unparalleled quality and value to its global customer base.

這一 9% 的下降主要是由於我們在 2023 年實施的成本節約舉措，其中包括 2023 年 6 月 BIOLASE 美國員工人數減少了約 20%。裁員是公司為提高整個組織效率而做出的更廣泛努力的一部分，同時又不影響我們的創收策略或公司繼續向全球客戶群提供無與倫比的品質和價值的能力。

We expect to generate approximately $5 million to $6 million of annualized cost savings due to these initiatives. We also expect to significantly lower WTP expenses for the full year 2024, by utilizing our centralized training and education facilities. We have two dentists on staff to train prospective customers, and we continue to work with educational facilities nationwide to host WTP events at their location, at little to no cost.

由於這些舉措，我們預計每年可節省約 500 萬至 600 萬美元的成本。我們也預計，透過利用我們的集中培訓和教育設施，2024 年全年的 WTP 費用將大幅降低。我們有兩位牙醫來培訓潛在客戶，我們繼續與全國各地的教育機構合作，在他們的所在地舉辦 WTP 活動，費用很少甚至免費。

During the remainder of 2024, we expect to host about 50 to 100 practitioners at WTP events so the expense savings will be quite meaningful. While we cannot control the macro environment, we can control certain manufacturing costs and operating expenses. And these improvements in gross margin and operating expenses are positive indicators of our ongoing efforts to optimize operational efficiency and drive profitability. Our continued efforts to drive further operating improvements and efficiencies also reduced our first quarter adjusted EBITDA loss, by 21% to $3.5 million compared to $4.4 million in the prior year first quarter.

在 2024 年剩餘時間內，我們預計將接待約 50 至 100 名從業者參加 WTP 活動，因此節省的費用將非常有意義。雖然我們無法控制宏觀環境，但我們可以控制一定的製造成本和營運費用。毛利率和營運費用的這些改善是我們不斷努力優化營運效率和提高獲利能力的積極指標。我們繼續努力推動進一步的營運改善和效率，也減少了第一季調整後 EBITDA 損失，從去年第一季的 440 萬美元減少了 21% 至 350 萬美元。

Now let's turn to the balance sheet. We finished the first quarter with cash and cash equivalents of $6.4 million, and we believe we have sufficient liquidity to execute our near-term growth strategy and reach positive adjusted EBITDA for the full year 2024. We believe we can achieve this goal through the combination of top-line growth due to protected sales volume increases and certain price increases. Expected lower cost of goods due to the trans fiber acquisition and the positive impact of our cost reduction initiatives.

現在讓我們轉向資產負債表。第一季結束時，我們的現金和現金等價物為 640 萬美元，我們相信我們有足夠的流動性來執行我們的近期成長策略，並在 2024 年全年實現正調整 EBITDA。我們相信，透過受保護的銷售成長和一定的價格上漲所帶來的收入成長，我們可以實現這一目標。由於收購跨纖維以及我們降低成本措施的正面影響，預計商品成本將會降低。

Now moving on to guidance. We are reiterating our full year 2024 guidance, which includes expected revenue growth of between 6% and 8% year over year to between $52 million and $53 million in full year revenue. This reflects the continued adoption of lasers and consumable by the dental community, including general dentists, dental specialists, dental hygienists and group practice entities, DSOs, offset by challenging business environment.

現在繼續指導。我們重申 2024 年全年指導，其中包括預計營收年增 6% 至 8%，全年營收達到 5,200 萬美元至 5,300 萬美元。這反映出牙科界（包括普通牙醫、牙科專家、牙科保健員和團體執業實體、DSO）繼續採用雷射和耗材，但被充滿挑戰的商業環境所抵消。

Additionally, as I mentioned earlier, with a higher gross margin, expected WTP savings and the cost savings initiatives by referenced, we continue to expect to achieve positive adjusted EBITDA for the full year 2024. So in summary, we believe our growth strategy, combined with our focus on improved operational efficiency, has positioned BIOLASE for long-term sustained success.

此外，正如我之前提到的，憑藉更高的毛利率、預期的 WTP 節省和參考的成本節省舉措，我們繼續預計 2024 年全年實現正調整 EBITDA。總而言之，我們相信我們的成長策略，加上我們對提高營運效率的關注，使 BIOLASE 能夠取得長期持續的成功。

With that, I'd like to turn the call to the operator, to open the call with questions.

這樣，我想將電話轉給接線員，以帶著問題開始通話。

(Operator Instructions)

（操作員說明）

Bruce Jackson, The Benchmark Company.

布魯斯傑克遜，基準公司。

Hi. Good afternoon and thanks for taking my questions. So with regard to the seasonality in business, How you expecting revenue to be up sequentially in the second quarter.

你好。下午好，感謝您提出我的問題。因此，關於業務的季節性，您預計第二季的營收將如何連續成長。

Yes, we are Bruce historically, if you rank our quarters by best revenue to lowest revenue, the Q4, Q2, Q3 and Q1, and I don't see any reason that this year would not follow that same seasonality.

是的，我們是歷史上的布魯斯，如果你按最佳收入到最低收入對我們的季度進行排名，即第四季度、第二季度、第三季度和第一季度，我認為今年沒有任何理由不遵循相同的季節性。

Okay. And then we had the positive radiographic data come out from the McGuire study has that helped you at all with any of the dental service organizations.

好的。然後我們從麥奎爾研究中獲得了積極的放射學數據，這對您與任何牙科服務組織都有幫助。

You would think it would, Bruce. I think it has allowed us to continue conversations with those DSOs. But I think what we're finding is that just the presence of the study. It's not going to make any [buy] laser. The study, as you know, in -- you've seen the study show that the clinical efficacy was equivalent, if you will, to our traditional minimally invasive surgery surgical technique periodontal surgery.

你會認為會的，布魯斯。我認為這使我們能夠繼續與這些 DSO 進行對話。但我認為我們發現的只是這項研究的存在。它不會生產任何[購買]雷射。如您所知，這項研究表明，如果您願意的話，您已經看到該研究的臨床療效與我們傳統的微創手術技術牙周手術相當。

But the benefits were really on the patient reported outcomes, less pain and so forth. I think as more and more dentists, including the DSOs, see patients' acceptance of the periodontal surgery with a laser, more and more will get onboard here because that's really from a financial standpoint, I think where the benefit is that patient case acceptance, nobody wants to have traditional perio surgery.

但好處實際上在於患者報告的結果、更少的疼痛等等。我認為，隨著越來越多的牙醫，包括DSO，看到患者接受雷射牙周手術，越來越多的人會加入這裡，因為這確實是從財務角度來看，我認為好處在於患者病例接受度，沒有人願意進行傳統的圍手術期手術。

And certainly nobody will have it twice if they've gone through it once. I think as more patients become aware of is not bad and the is certainly a ton better from a pain standpoint than traditional surgery. I think the DSOs will get onboard, but it's been -- it's taken longer than what I thought, frankly.

當然，如果他們經歷過一次，就不會再經歷第二次。我認為，隨著越來越多的患者意識到這並不壞，而且從疼痛的角度來看，這肯定比傳統手術要好得多。我認為 DSO 將會加入，但坦白說，這比我想像的要花更長的時間。

Ed Woo, Ascendiant Capital.

艾德·吳，Ascendian Capital。

Congratulations on the quarter. My question is, have you noticed any significant change in the economic outlook from your dental customers, are they more concerned about the economy less concern or about the same as it was last quarter?

恭喜本季。我的問題是，您是否注意到牙科客戶的經濟前景有任何重大變化？ 他們對經濟的擔憂是更關心，還是與上季持平？

Yeah, I would put that needle somewhere between the same or less concerned. I don't hear is my many dentists talking about fear of losing patients, patient traffic going down. So I think it is in general, most centers are not think it's going to stay worse to stay the same or get better. value add. (multiple speakers) That's anecdotal just based upon our conversations with dentists.

是的，我會把那根針放在相同或不太關心之間。我沒有聽到我的許多牙醫談論擔心失去病人、病人流量下降。所以我認為總的來說，大多數中心並不認為保持不變或變得更好會變得更糟。增值。（多名發言者）這是根據我們與牙醫的對話得出的軼事。

Have you noticed any significant changes in how long it takes for them to think about it and decide whether to move forward to a buyer in a Waterlase system or not.

您是否注意到他們考慮並決定是否轉向 Waterlase 系統中的買家所需的時間發生了重大變化？

I think if we go back maybe 4 to 5 quarters, that's where we started seeing the delay in decision making time, if you will, on purchasing a all-tissue laser less so on doubts because area much they sell for much less. But for the Waterlase, we saw a ramp up in that decision making time that's stayed pretty consistent over the course of 2023 hasn't really did not go out through the course of the year from kind of the tick-up they had in the first half of '23, and so far this year, I think, is remained pretty constant.

我認為，如果我們回到 4 到 5 個季度，我們就會開始看到決策時間的延遲，如果你願意的話，購買全組織雷射的疑慮會減少，因為它們的售價要低得多。但對於 Waterlase，我們看到決策時間有所增加，在 2023 年期間保持相當一致，這一年中並沒有像第一次那樣有所增加。保持相當穩定。

Great. Well, thank you, for answering my questions, and I wish you guys good luck.

偉大的。好的，謝謝您回答我的問題，祝大家好運。

Thank you.

謝謝。

Thank you, Ed.

謝謝你，艾德。

Bruce Jackson, The Benchmark Company.

布魯斯傑克遜，基準公司。

Great. Thank you. Just one more from me. Congratulations on the strong fiber being brought in-house, that's been on a big project. I know you've got the on the price increases coming up, you should be getting some scale on the business. Where do you think that the gross margins could end up for the year?

偉大的。謝謝。我還剩一張。祝賀強纖維被引入內部，這是一個大項目。我知道你們已經意識到價格即將上漲，你們應該擴大業務規模。您認為今年的毛利率會達到多少？

Yes. So Bruce, I believe that in the middle part of the year, say, second and third quarters, we'll be approaching kind of that mid 40s type of gross margin. And I think we can close here in the fourth quarter right at or very near 50%, which is really our long-term targets.

是的。所以 Bruce，我相信在今年中期，例如第二季和第三季度，我們的毛利率將接近 40 年代中期的水平。我認為我們可以在第四季度達到或非常接近 50%，這確實是我們的長期目標。

Okay, great. That's it for me. Thank you.

好的，太好了。對我來說就是這樣。謝謝。

Thank you, Bruce.

謝謝你，布魯斯。

We have reached our allotted time for today. And this will end our question and answer session. I would like to turn the conference back over to Mr. John Beaver, for any closing remarks. Please go ahead, sir.

我們已經達到了今天的指定時間。我們的問答環節到此結束。我想將會議轉回給約翰·比弗先生，讓他發表閉幕詞。請繼續，先生。

Thank you, operator. I want to thank everyone for being on today's call and the BIOLASE's team for their continued commitment and dedication. Each of them have worked tirelessly to help our customers deliver an elevated standard of care and safety through later demonstrate. Thank you, operator, and thank you, everyone, for your interest in BIOLASE. This concludes our call and have a great day.

謝謝你，接線生。我要感謝參加今天電話會議的所有人，以及 BIOLASE 團隊的持續承諾和奉獻精神。他們每個人都孜孜不倦地工作，透過後來的演示幫助我們的客戶提供更高的護理和安全標準。謝謝操作員，也謝謝大家對BIOLASE的關注。我們的通話到此結束，祝您有美好的一天。

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。