Biotricity Inc (BTCY) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Biotricity's Fiscal Third Quarter 2023 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

問候，歡迎來到 Biotricity 的 2023 財年第三季度電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I will now turn the call over to Debra Chen, Investor Relations.

我現在將把電話轉給投資者關係部門的 Debra Chen。

Good afternoon, everyone, and welcome to Biotricity's Fiscal 2023 Third Quarter Earnings Call. As a reminder, Biotricity's third fiscal 2023 quarter ended on December 31, 2022. So all figures presented for this period will reflect that end date. Today, Biotricity issued its fiscal 2023 third quarter results press release, which highlighted financial results. A copy of the press release is available on the Investor Relations section of Biotricity's website, and full financials will be filed with the SEC on Form 10-Q posted on EDGAR@sec.gov.

大家下午好，歡迎來到 Biotricity 的 2023 財年第三季度財報電話會議。提醒一下，Biotricity 的 2023 財年第三季度於 2022 年 12 月 31 日結束。因此，這一時期的所有數據都將反映該結束日期。今天，Biotricity 發布了 2023 財年第三季度業績新聞稿，重點介紹了財務業績。新聞稿的副本可在 Biotricity 網站的投資者關係部分獲取，完整的財務信息將通過 EDGAR@sec.gov 上發布的 10-Q 表格提交給美國證券交易委員會。

Before we begin the company's formal remarks, I'd like to remind listeners that today's discussion may contain forward-looking statements, that reflect management's current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. Biotricity does not undertake to update any forward-looking statements except as required.

在我們開始公司的正式發言之前，我想提醒聽眾，今天的討論可能包含前瞻性陳述，反映管理層當前對未來事件的看法。任何此類陳述都存在風險和不確定性，可能導致實際結果與這些前瞻性陳述中預測的結果存在重大差異。 Biotricity 不承諾更新任何前瞻性陳述，除非需要。

At this point, I'm pleased to turn the call over to Biotricity's Founder and CEO, Dr. Waqaas Al-Siddiq. Please go ahead.

在這一點上，我很高興將電話轉給 Biotricity 的創始人兼首席執行官 Waqaas Al-Siddiq 博士。請繼續。

Thank you, Debra, and thank you, everybody, for joining us today. I welcome you to our third quarter fiscal 2023 teleconference. As I prepared for this call, I reviewed my teleconference notes from our fiscal year 2022 third quarter a year ago. And reminds me, how incredibly far we've come in just 12 months. It's easy natural that we momentarily lose sight of this, when focusing on the day-to-day driving marketing initiatives and monitoring ROIs, building sales, interviewing for team expansion, evaluating distributors and negotiating contracts, all while closely watching our cash flow.

謝謝黛布拉，也謝謝大家今天加入我們。歡迎您參加我們的 2023 財年第三季度電話會議。在為這次電話會議做準備時，我回顧了一年前我們 2022 財年第三季度的電話會議記錄。並提醒我，我們在短短 12 個月內取得了多麼令人難以置信的進步。當我們專注於日常推動營銷計劃和監控投資回報率、建立銷售、面試團隊擴展、評估分銷商和談判合同時，我們很容易暫時忽視這一點，同時密切關注我們的現金流。

Just a year ago, we were still finishing and introducing our new products, building out our cloud-based Biosphere, raising capital and trainings of fresh team members. A year ago, we operated in 26 states. Today, we operate in 32 states.

就在一年前，我們還在完成和推出我們的新產品，構建我們基於雲的生物圈，籌集資金和培訓新的團隊成員。一年前，我們在 26 個州開展業務。今天，我們在 32 個州開展業務。

Over the past year, with our product launches and service introductions and upgrades, we have increased our total addressable market 35x from $1 billion to $35 billion. Just our Bioflux and Biotres solutions alone, address the market valued at $6 billion. We believe we are in the right place at the right time.

在過去的一年裡，通過我們的產品發布、服務引入和升級，我們的目標市場總量從 10 億美元增加到 350 億美元，增長了 35 倍。僅我們的 Bioflux 和 Biotres 解決方案就可以解決價值 60 億美元的市場。我們相信我們在正確的時間出現在正確的地方。

Today, we are recognized as a leader in providing state-of-the-art remote cardiac monitoring devices, combined with the sophisticated cloud ecosystem for data aggregation and AI capabilities that meet the needs of customers ranging from cardiologists to consumers. All of whom desire less expensive, more convenient and deeper data on heart health and wellness. Today, our focus is largely on sales and marketing. We have achieved an enviable customer retention of about 98%, which reflects the excellence of our proprietary hardware and cloud-based services. As well as our customer service support, which is an often overlooked component of our success, compared with other players in our space. That high retention rate directly and geometrically increases our growing reoccurring technology as a service revenue.

今天，我們被公認為提供最先進的遠程心臟監測設備的領導者，結合用於數據聚合和 AI 功能的複雜雲生態系統，滿足從心髒病專家到消費者的各種需求。所有人都希望獲得更便宜、更方便和更深入的心臟健康數據。今天，我們的重點主要放在銷售和營銷上。我們取得了令人羨慕的約 98% 的客戶保留率，這反映了我們專有硬件和基於雲的服務的卓越性。以及我們的客戶服務支持，與我們領域的其他參與者相比，這是我們成功的一個經常被忽視的組成部分。這種高保留率直接和幾何地增加了我們不斷增長的重複出現的技術即服務收入。

As heart disease is typically chronic and ultimately progressive, our customer retention rate is a valuable leading indicator for raising our customers' lifetime value. We believe it succinctly summarizes our strong competitive advantages.

由於心髒病通常是慢性的並且最終會進展，因此我們的客戶保留率是提高客戶終生價值的重要領先指標。我們相信它簡潔地總結了我們強大的競爭優勢。

What has not changed in the past year, (inaudible) sounding Biotricity, is the passion eye and everyone that Biotricity has for this business to win, to disrupt, to succeed and to positively transform cardiac care efficacy and outcomes. Strategically, our long-term goal remains unchanged from that stated a year ago. It collapsed cardiac services within clinics and hospitals into one ecosystem. Our biosphere so that doctors are using our ecosystem not just to deliver diagnostics, but also for disease management, remote management and telemedicine all in one place. This is the future of medicine and the future of Biotricity.

在過去的一年裡，（聽不清）聽起來 Biotricity 沒有改變的是熱情的眼睛和 Biotricity 為這項業務贏得、破壞、成功和積極改變心臟護理功效和結果的每個人。在戰略上，我們的長期目標與一年前的目標保持不變。它將診所和醫院內的心臟服務整合為一個生態系統。我們的生物圈使醫生不僅可以使用我們的生態系統提供診斷，還可以在一個地方進行疾病管理、遠程管理和遠程醫療。這是醫學的未來，也是 Biotricity 的未來。

In short, Biotricity has grown by huge reaps and bounds in the past 12 months, setting us up for increasing growth ahead.

簡而言之，Biotricity 在過去 12 個月裡取得了巨大的進步，為我們未來的增長做好了準備。

I'll now spend a few minutes covering our recent operational progress and our near- and long-term operational strategies. As before, we only pursue markets where we are confident reimbursement exists, upselling our growing suite of services remains an important component of our sales strategy. Technologically, we are increasingly leaning into AI, with its data and predictive capabilities to create better and faster analytics and data delivery, targeting more pervasive forms of patient monitoring and lifestyle management.

我現在將花幾分鐘時間介紹我們最近的運營進展以及我們的近期和長期運營戰略。和以前一樣，我們只追求我們有信心報銷存在的市場，追加銷售我們不斷增長的服務套件仍然是我們銷售策略的重要組成部分。從技術上講，我們越來越傾向於人工智能，利用它的數據和預測能力來創建更好更快的分析和數據交付，以更普遍的患者監測和生活方式管理形式為目標。

Over the past 3 months, our most important strategic development has been the signing of 3 distribution agreements with 2 leading U.S. marketing and distribution partners and one group purchasing organization otherwise known as the GPO. All 3 are prominent leaders, with high visibility and market coverage in our sector. In total, just in the U.S. alone, they cover over $20 billion in yearly purchasing. While I regret not being able to name them at this time, I can tell you they are names everyone in the industry knows. We are not naming them strictly for competitive reasons at this early launch stage of our distribution strategy.

在過去的 3 個月裡，我們最重要的戰略發展是與 2 個美國領先的營銷和分銷合作夥伴以及一個集團採購組織（也稱為 GPO）簽署了 3 份分銷協議。這三位都是傑出的領導者，在我們的行業中具有很高的知名度和市場覆蓋率。總的來說，僅在美國，它們每年的採購額就超過 200 億美元。雖然很遺憾此時不能說出他們的名字，但我可以告訴你他們是業內人人都知道的名字。在我們分銷策略的早期啟動階段，出於競爭原因，我們並未嚴格命名它們。

We are also actively evaluating and in some cases, negotiating with other medical device distributors that have geographic or vertical coverage, that complements our existing distribution networks to further expand our distribution strategy. Additionally, to drive sales, we are actively engaged in marketing initiatives that include highly targeted advertising, both in social and conventional media and trade shows and industry conferences and in direct marketing with our current engage and prospective physicians, clinics and hospitals.

我們還在積極評估並在某些情況下與其他具有地理或垂直覆蓋範圍的醫療器械分銷商進行談判，以補充我們現有的分銷網絡，以進一步擴大我們的分銷戰略。此外，為了推動銷售，我們積極參與營銷活動，包括在社交媒體和傳統媒體、貿易展覽和行業會議上進行高度針對性的廣告宣傳，以及與我們現有和未來的醫生、診所和醫院進行直接營銷。

Further, we are selectively adding sales professionals from the top of their field into our team, to increase our market coverage and penetration. Our Biosphere products and services are best sold with an in-person demonstration. So with COVID concerns largely faded, I now expect an increase in our sales team's number of in-person demonstration appointments with physicians and clinic and hospital purchasing managers, that will help drive continued growth. In fact, past sequentially flat sales in part reflects a reluctance by clinicians to schedule in-person sales demonstrations to our advantage, this is now opening up.

此外，我們有選擇地將各自領域的頂尖銷售專家加入我們的團隊，以增加我們的市場覆蓋率和滲透率。我們的生物圈產品和服務最好通過現場演示來銷售。因此，隨著對 COVID 的擔憂基本消退，我現在預計我們的銷售團隊與醫生、診所和醫院採購經理的現場演示預約數量會增加，這將有助於推動持續增長。事實上，過去連續持平的銷售部分反映了臨床醫生不願安排面對面的銷售演示，這對我們有利，現在正在開放。

Further, I should add that our name recognition is infinitely higher than it was just one quarter ago with Time Magazine naming our Bioheart device to its list of the best inventions of 2022. And with the prestigious NIH grant awarded to Biotricity to further expand our technology.

此外，我要補充一點，我們的知名度遠高於一個季度前，《時代》雜誌將我們的 Bioheart 設備列入其 2022 年最佳發明名單。並且 Biotricity 獲得了著名的 NIH 資助，以進一步擴展我們的技術.

With that, I'm going to turn it over to our CFO, John Ayanoglou.

有了這個，我將把它交給我們的首席財務官 John Ayanoglou。

Thank you, Waqaas. For the quarter just ended revenue of $2.5 million was a healthy 27.4% higher than the corresponding quarter of the prior year. Up 25% on a year-to-date basis. The flat fee component of our Technology-as-a-Service subscription, recurring revenue from Biotres and Bioflux are continuing to ramp and grow, both in gross terms and as a percentage of total revenue. And as a percentage of our revenue that we collect immediately after reinvoice.

謝謝你，瓦卡斯。剛剛結束的季度收入為 250 萬美元，比去年同期增長 27.4%。年初至今增長 25%。我們的技術即服務訂閱的固定費用部分、Biotres 和 Bioflux 的經常性收入在毛額和占總收入的百分比方面都在繼續攀升和增長。以及我們在重新開具發票後立即收取的收入的百分比。

Our gross margin in the quarter was 57%, which is in line with our historical average and well above the prior year corresponding quarter of 42.7%, which was affected by a onetime business mix impact that quarter. Our business continues to scale well for revenue expansion.

我們本季度的毛利率為 57%，與我們的歷史平均水平一致，遠高於去年同期的 42.7%，這是受到該季度一次性業務組合的影響。我們的業務繼續擴大規模以擴大收入。

Reaching positive cash flow is a constant focus, and we worked hard to cut back on expenses and terming out of our spend. Unsurprisingly, we are data driven. So as we gain more granular internal sales and marketing data, we continuously scrutinize and plan for the ROI on our R&D. As well as our marketing initiatives, and this includes the ROI of our individual sales professionals. With our suite of state-of-the-art products and services established, we balanced our R&D spend with our drive to innovate and lead our industry.

實現正現金流是我們一直關注的焦點，我們努力削減開支並終止支出。毫不奇怪，我們是數據驅動的。因此，隨著我們獲得更精細的內部銷售和營銷數據，我們會不斷審查和規劃研發的投資回報率。以及我們的營銷計劃，這包括我們個人銷售人員的投資回報率。憑藉我們最先進的產品和服務套件，我們平衡了研發支出與創新和引領行業的動力。

In our third fiscal quarter of 2023, we reduced our R&D expense by just under 3% from the year ago quarter to $876,000 following from higher R&D activity, earlier in the fiscal year. We also improved efficiency and reduced G&A by 4% year-over-year at just under $4.4 million for the quarter. Doing this while supporting a 27% larger base of sales, admin and related marketing activity.

在 2023 年第三財季，由於本財年早些時候研發活動增加，我們的研發費用比去年同期減少了不到 3% 至 876,000 美元。我們還提高了效率，本季度 G&A 同比減少 4%，略低於 440 萬美元。這樣做的同時支持擴大 27% 的銷售、管理和相關營銷活動基礎。

At the bottom line, Biotricity narratives year-over-year net loss by about 1/3 from $7.36 million or $0.149 per share to $4.82 million or $0.091 per share. We continue to pursue a path towards profitability and believe the next 2 quarters will indicate inflection in our already growing revenue growth trajectory. We are actively working on closing debt financing, that will add the needed capital to our balance sheet to get us there.

最重要的是，Biotricity 的年度淨虧損從 736 萬美元或每股 0.149 美元減少約 1/3 至 482 萬美元或每股 0.091 美元。我們繼續追求盈利的道路，並相信接下來的兩個季度將表明我們已經增長的收入增長軌跡出現拐點。我們正在積極致力於結束債務融資，這將為我們的資產負債表增加所需的資本，使我們實現目標。

At this point, I will turn the call back over to Waqaas for his closing comments.

在這一點上，我將把電話轉回 Waqaas 以徵求他的結束評論。

Thank you, John, for that report, and we're doing an excellent job managing our finances to reduce cash burn while we build the company and its sales to achieve positive cash flow.

約翰，謝謝你的報告，我們在管理財務以減少現金消耗方面做得非常出色，同時我們建立公司及其銷售以實現正現金流。

Our healthy gross margin is an important leading indicator of our future profitability, and we believe that our business scales well. Our far higher marketplace name recognition and brand value may be difficult to quantify, but we are seeing it anecdotally in our internal sales and distribution reports from the field. With our recently implemented U.S. distribution agreements covering large slots of the $35 billion market, I'm quite confident of our position and outlook ahead.

我們健康的毛利率是我們未來盈利能力的重要領先指標，我們相信我們的業務規模很大。我們更高的市場知名度和品牌價值可能難以量化，但我們在內部銷售和分銷報告中看到了這一點。我們最近實施的美國分銷協議覆蓋了 350 億美元市場的大部分區域，我對我們未來的地位和前景充滿信心。

With that, I would like to open up the call for questions.

有了這個，我想打開問題的電話。

(Operator Instructions) Our first question is from Kevin Dede with H.C. Wainwright.

（操作員說明）我們的第一個問題來自 H.C. 的 Kevin Dede。溫賴特。

John, you mentioned a high retention rate. I missed the number that you offered. And I was hoping you might have something that you can compare it to and maybe offer a little insight on, why you see it as a leading indicator?

約翰，你提到了高保留率。我錯過了你提供的號碼。我希望您可能有一些可以比較的東西，也許可以提供一些見解，為什麼您將其視為領先指標？

Yes, sure. So the number that we said was 98%. And the reason we say it's a leading indicator is because our customer retention rate, essentially were on a Technology-as-a-Service model. So if our retention rate is high and we continue to close the customers forward-looking, it gives us an indication of maintaining that revenue for the 12 months forward-looking.

是的，當然。所以我們說的數字是 98%。我們說它是領先指標的原因是因為我們的客戶保留率基本上是在技術即服務模型上。因此，如果我們的保留率很高並且我們繼續前瞻性地關閉客戶，這表明我們在前瞻性的 12 個月內保持該收入。

And do you have a comparison like maybe from a year ago or probably not, right? Because it's...

你有沒有像一年前或可能沒有的比較，對嗎？因為它是...

We can -- yes, we have not actually done a comparison. It's a good metric that we should start tracking and we could probably go historically and do that. Our retention rate has always been high, but that's a very good point, and we'll take it under consideration. And I think, that it would be useful for people to see. And I think that the result is going to be something that -- is going to look very similar.

我們可以——是的，我們實際上還沒有進行比較。這是一個很好的指標，我們應該開始跟踪，我們可能會從歷史上看並做到這一點。我們的保留率一直很高，但這是一個很好的觀點，我們會考慮這一點。我認為，人們看到它會很有用。而且我認為結果將是 - 看起來非常相似。

I know you're not comfortable releasing the names of your distribution partners, the new one Waqaas that you spoke to, 3 of them. Is there a chance though you can maybe offer a little more detail on their -- the breadth of their business and how it might take you -- I think you said 32 states -- beyond 32 states? And maybe whether or not you think there's any cannibalization given that they're not necessarily the same types of businesses, I'm wondering how their customers might see their offering with you included?

我知道你不願意公開你的分銷合作夥伴的名字，你與之交談的新 Waqaas，其中 3 個。有沒有機會，雖然你可以提供更多關於他們的細節 - 他們的業務範圍以及它可能如何帶你 - 我想你說的是 32 個州 - 超過 32 個州？也許你是否認為有任何蠶食，因為他們不一定是同一類型的企業，我想知道他們的客戶如何看待他們的產品包括你在內？

Yes, for sure. So the -- this is early days, and this is why we want to kind of see the traction of the distribution partners first before we start providing more information and guidance on it. What I can say, is that they are across the entire United States. So it will give us national exposure almost immediately.

是肯定的。所以 - 這是早期，這就是為什麼我們希望在我們開始提供更多信息和指導之前首先看到分銷合作夥伴的吸引力。我能說的是，它們遍布整個美國。所以它幾乎會立即讓我們在全國范圍內曝光。

In terms of cannibalization, we've mapped it out. So they're aware of our customer list and we have to -- it's not an unorganized distribution relationships, a very organized tightly integrated relationships. So we're very excited about it.

在蠶食方面，我們已經將其繪製出來。所以他們知道我們的客戶名單，我們必須——這不是一個無組織的分銷關係，一個非常有組織的緊密整合的關係。所以我們對此感到非常興奮。

And in terms of their business, these organizations are also switching over and they're looking for SaaS-like models, right? So they have some commodity business distribution -- distributors are often selling a product, that is either a commodity or a consumable that -- so they are inside of these facilities on a regular basis. And what it gives to us is whereas our sales force is very focused on the cardiology network and specialty groups and the multicare groups, there is application for cardiac diagnostics beyond those particular areas.

就他們的業務而言，這些組織也在轉型，他們正在尋找類似 SaaS 的模式，對吧？所以他們有一些商品業務分銷——分銷商經常銷售一種產品，要么是商品，要么是消耗品——所以他們定期在這些設施內。它給我們的是，雖然我們的銷售人員非常專注於心髒病學網絡、專業組和多護理組，但心臟診斷的應用超出了這些特定領域。

Obviously, for those areas, the volume of cardiac studies is lower. And so partnering with distribution partners that have a much wider scope and a lot more resources to go after the different types of clinics that exist. So even though the cardiac volume is lower, they have the ability -- they're selling other things in terms of their portfolio. So it becomes more advantageous for us because those are markets that we weren't even looking at.

顯然，對於這些地區，心臟研究的數量較少。因此，與範圍更廣、資源更多的分銷合作夥伴合作，以追求現有的不同類型的診所。因此，即使心臟容量較低，他們也有能力——他們正在出售他們投資組合中的其他東西。所以它對我們來說變得更加有利，因為那些是我們甚至沒有關注的市場。

Okay. That sounds great. Now -- could you sort of address the same question though by product type that Biotricity is offering given the Holter and Bioflux?

好的。聽起來不錯。現在——您能否通過 Biotricity 提供的 Holter 和 Bioflux 產品類型來解決同樣的問題？

Yes, for sure. So the Holter product and the Bioflux, I think it would be a great example, right? Like the GP market, right, the general practitioner market and the smaller clinic, we don't really focus on them, simply because they don't have the volume. They might have a few devices each. Now of course, if you scale that up and you have hundreds and hundreds of clinics, the volume becomes very meaningful. With the company of our size, we focus on the higher volume, lower hanging fruit, right, which is the cardiac centers, the specialty groups where we have higher volume. And so that's advantageous for products like Bioflux and Biotres.

是肯定的。所以 Holter 產品和 Bioflux，我認為這將是一個很好的例子，對吧？就像 GP 市場，對，全科醫生市場和較小的診所，我們並沒有真正關注它們，僅僅是因為它們沒有量。他們可能每個人都有一些設備。現在當然，如果你擴大規模，你有成百上千家診所，那麼這個數量就變得非常有意義。對於我們這種規模的公司，我們專注於產量更高、懸而未決的水果，對，這是心臟中心，我們擁有更高產量的專業群體。因此，這對 Bioflux 和 Biotres 等產品來說是有利的。

On the other side is the -- using the same product analogy. If you're going into the hospital systems, right, the hospital system, you have to be on contract with them, they have many offices. They sometimes have outpatient centers. They have multiple sites. So they're using these products across multiple sites, and the purchasing and the integration into their ecosystem and that whole aspect of getting on contract, is a process. When you have a distributor that is already on contract that can move that product in, they understand how the supply chain works and they've got staff that is supporting that entire ecosystem and all their specialty in subclinics. It becomes a much easier and faster sales cycle for us.

另一方面是——使用相同的產品類比。如果你要進入醫院系統，對，醫院系統，你必須與他們簽訂合同，他們有很多辦公室。他們有時有門診中心。他們有多個站點。因此，他們在多個站點上使用這些產品，購買和集成到他們的生態系統中以及簽訂合同的整個方面都是一個過程。當您有一個已經簽訂合同可以將該產品移入的分銷商時，他們了解供應鏈的運作方式，並且他們擁有支持整個生態系統及其在亞診所的所有專業的員工。對我們來說，它成為一個更容易和更快的銷售週期。

So in our case, we can focus on the areas that we have relationships and where we don't have relationships and the opportunity is -- and the sales cycle is longer, we can let our distributor take the mantle on in those cases.

因此，在我們的案例中，我們可以專注於我們有關係的領域和我們沒有關係的領域，並且機會是 - 並且銷售週期更長，我們可以讓我們的分銷商在這些情況下承擔責任。

Okay. All right. As you look forward. I know you're not comfortable offering guidance, but could you give us your insight on how you see overarching market growth, right, given this general trend to do outpatient monitoring and how you see Biotricity products stacking up against competitors, given it just seems that the potential of the market is attracting lots of other technology providers?

好的。好的。正如你所期待的。我知道你不願意提供指導，但你能否告訴我們你如何看待總體市場增長，對吧，鑑於這種門診監測的總體趨勢，以及你如何看待 Biotricity 產品與競爭對手的競爭，因為它看起來只是市場的潛力正在吸引許多其他技術提供商？

Yes. I think that, of course, the market is growing. We know that post COVID, it's everybody talks about how this is the trend. Everything is shifting this way. It's more cost-effective for the health care system. So we know anecdotally, we know from what we're seeing that, there is certainly a shift in the marketplace and that outpatient is the approach.

是的。我認為，當然，市場正在增長。我們知道在 COVID 之後，每個人都在談論這種趨勢。一切都在朝著這個方向轉變。它對醫療保健系統更具成本效益。所以我們知道，從我們所看到的情況來看，我們知道市場肯定發生了變化，而門診就是這種方法。

Now in terms of -- when you look at a market like that, yes, there are people that are getting attracted to the space or looking at it and they're trying to get in. What we focus on from a technological perspective is we try to really focus on best-in-class technology. Our technology is all award winning, but we don't rest on our tails, if you will, right? If you look at the number of FDA clearances, the number of FDA filings that we do, we're constantly innovating, and we're upgrading, and we're making changes to our platform and our solution and it's an entire ecosystem.

現在就-當你看這樣的市場時，是的，有些人被這個空間吸引或看著它，他們正試圖進入。我們從技術角度關注的是我們嘗試真正專注於一流的技術。我們的技術都屢獲殊榮，但如果您願意，我們不會依賴自己的尾巴，對嗎？如果你看看 FDA 批准的數量，我們所做的 FDA 備案的數量，我們正在不斷創新，我們正在升級，我們正在對我們的平台和解決方案進行更改，這是一個完整的生態系統。

And I think that, that is very clear when you look at some of the awards and accolades that we've got in the space. In terms of other people jumping and they have to start and position themselves. And we have a lot of data which we are applying from a deep learning from an AI perspective, from optimizing our algorithms. So it's been a space that we've been in.

我認為，當您查看我們在該領域獲得的一些獎項和榮譽時，這一點就非常清楚了。就其他人的跳躍而言，他們必須開始並定位自己。我們有很多數據，我們正在從人工智能的角度，通過優化我們的算法，從深度學習中應用這些數據。所以這是一個我們一直在的空間。

So can somebody come in and compete? Yes, they can. They first have to meet us technically, which so far nobody has, right, on the Bioflux side. They're still using a third-party cell phone to communicate through. They don't have a full encompassing device and we are constantly updating that platform as well. We're seeing people that got caught up in the 5G and the LTE issue. We didn't have that issue, because we have our own FCC ID. In the Biotres device, we're seeing tons and tons of patch monitors, but they're all one channel devices. They're having to produce custom electrodes. Yes, the customer electrodes are cheap, but it's still a problem and a manufacturing in a whole cycle that you have to deal with. We don't have to deal with that because we're using standard electrodes. We're focusing on 3 channels, which provides a better clinical quality and more data.

那麼有人可以進來競爭嗎？是的他們可以。他們首先必須在技術上與我們會面，到目前為止，在 Bioflux 方面還沒有人這樣做。他們仍在使用第三方手機進行通信。他們沒有完整的設備，我們也在不斷更新該平台。我們看到人們陷入了 5G 和 LTE 問題。我們沒有那個問題，因為我們有自己的 FCC ID。在 Biotres 設備中，我們看到了大量的貼片監視器，但它們都是單通道設備。他們不得不生產定制電極。是的，客戶電極很便宜，但這仍然是一個問題，並且是一個你必須處理的整個週期的製造過程。我們不必處理這個問題，因為我們使用的是標準電極。我們專注於 3 個渠道，它提供更好的臨床質量和更多數據。

And so if you -- if everything is equal, a physician will always pick a 3-channel device over a one channel device because you're diagnostic yield is better.

因此，如果你——如果一切都一樣，醫生總是會選擇 3 通道設備而不是單通道設備，因為你的診斷率更高。

And so if we focus on the clinic and the clinical aspects and the technical aspects, and we continue to keep our eyes on that. I think we'll continue to succeed. So far, we're a leader and that means that we cannot rest. We just need to maintain that lead. So we're seeing the opportunity. We're seeing other people jumping in, but so far, nobody has really come to us and be to technically.

因此，如果我們專注於臨床和臨床方面以及技術方面，我們將繼續關注這一點。我認為我們會繼續取得成功。到目前為止，我們是領先者，這意味著我們不能休息。我們只需要保持領先。所以我們看到了機會。我們看到其他人加入進來，但到目前為止，還沒有人真正來找我們並在技術上參與進來。

And I think that goes back to our retention rate. Like -- we've been in the market for about 4 years now. We're not losing customers. So all these guys are coming in at -- they're going after the space, why are they not able to boot us out, right? And the reason is because we are technically superior, we're clinically superior. We're constantly updating, and we're also going deeper into the accounts with our product portfolio.

我認為這可以追溯到我們的保留率。就像——我們已經進入市場大約 4 年了。我們不會失去客戶。所以所有這些人都進來了——他們正在追逐這個空間，為什麼他們不能把我們趕出去，對吧？原因是因為我們在技術上更勝一籌，我們在臨床上更勝一籌。我們在不斷更新，我們也在深入了解我們產品組合的賬戶。

Last question from me, Waqaas. You've mentioned AI, a couple of times. Now I know it's right? It's the rage buzzword on chat GDP, right? But can you -- I'm assured that you're not trying to integrate that. Can you just give us a little more insight on how you're using AI and how you think it will help differentiate your solution?

我 Waqaas 的最後一個問題。你提到過 AI 幾次。現在我知道這是對的？這是聊天 GDP 上的流行語，對吧？但是你能——我確信你不會嘗試整合它。您能否就您如何使用 AI 以及您認為它將如何幫助您的解決方案脫穎而出提供更多見解？

Yes. I mean part of this is proprietary, right? So I'll give you a higher level of response perhaps. So look, we don't think people are looking at AI, in all types of different ways, right? So I would say that, we use AI in 3 or 4 different ways, right? And we really look at it from an application applied perspective, right? So what do I mean by that, right?

是的。我的意思是其中一部分是專有的，對嗎？所以我可能會給你更高級別的回應。所以看，我們不認為人們正在以各種不同的方式看待人工智能，對吧？所以我會說，我們以 3 種或 4 種不同的方式使用 AI，對嗎？我們真的從應用程序的角度來看它，對嗎？那我的意思是什麼，對吧？

So first thing is there's whole deep learning piece, right? And deep learning is how do we look at our data insights and understand where is our algorithm performing well and where is our algorithm not performing well, so we can optimize our algorithm, right? And so that's a deep learning piece. You take the data sets that you already have, which are based on your device, right? Because when we first launched our device, our data sets were based on data that was some clinical data and some data that was provided by the FDA. Now we've got our own data set, right, after hundreds of thousands of patients, we have our data set, which allows us to understand exactly how our algorithms are working with our devices, and we use that to understand and get insights and that allows us to update our algorithms and how that works.

所以首先是有完整的深度學習部分，對吧？深度學習是我們如何看待我們的數據洞察力並了解我們的算法在哪些方面表現良好以及我們的算法在哪些方面表現不佳，因此我們可以優化我們的算法，對嗎？所以這是一篇深度學習文章。您獲取基於您的設備的已有數據集，對嗎？因為當我們第一次推出我們的設備時，我們的數據集是基於一些臨床數據和 FDA 提供的一些數據。現在我們有了自己的數據集，對吧，在數十萬患者之後，我們有了自己的數據集，這讓我們能夠準確地了解我們的算法如何與我們的設備一起工作，我們用它來理解和獲得洞察力，這使我們能夠更新我們的算法及其工作原理。

So that's really about detection and understanding, what to focus the physician's time on. Now why is that important? Because the more data you throw out to physician, the less time they have. So if you can make it more focused and more accurate, every little bit helps from a scalability perspective.

所以這真的是關於檢測和理解，醫生的時間應該集中在什麼上。為什麼這很重要？因為你扔給醫生的數據越多，他們的時間就越少。因此，如果你能讓它更專注、更準確，那麼從可擴展性的角度來看，每一點點滴滴都會有所幫助。

The other area that we look at AI has nothing to do with our device and our technology. It's really about internal automation and making things more seamless and simplified from an internal process level. So that allows us to get operational efficiencies. So we need less people to support, right? And what that means is, okay, the patient has an issue. We understand that patients are having a question about how to charge the device, for example, right? Do we really need a Level 1 tech support to respond to that? Or can we have an AI bot that is going in and responding to that, right?

我們關注人工智能的另一個領域與我們的設備和技術無關。這實際上是關於內部自動化，並使事情從內部流程層面變得更加無縫和簡化。因此，這使我們能夠提高運營效率。所以我們需要更少的人來支持，對吧？這意味著，好吧，病人有問題。我們了解到患者對如何為設備充電有疑問，例如，對嗎？我們真的需要 1 級技術支持來對此做出回應嗎？或者我們可以讓 AI 機器人進入並對此做出響應，對嗎？

Can we do a lot of remote troubleshooting in an automated form factor? If one of our customers, physicians and nurses, they're asking a question, how do we automate and supply responses to that in a faster way?

我們能否以自動化的形式進行大量遠程故障排除？如果我們的一位客戶、醫生和護士提出一個問題，我們如何以更快的方式自動化並提供響應？

And then the last piece of where we are looking at the application of AI, is really in the world of -- and this is more of our future stuff that we're working on is -- we understand what the nurse is doing, right? So how can we support the nurse. So, if the nurse is supporting, let's say, 25 patients on cardiac studies on a monthly basis. How do we get that nurse to support 50 or 75, right?

然後我們正在研究 AI 應用的最後一部分，實際上是在這個世界上——這是我們正在研究的更多未來的東西——我們了解護士在做什麼，對吧？那麼我們如何支持護士。因此，假設護士每月支持 25 名患者進行心臟檢查。我們如何讓那個護士支持 50 或 75 人，對嗎？

And the way we do that is by understanding how the nurse is working in our system and our workflow and automate them as much of that as possible. So that's really trying to build a digital nurse that is supporting the physical nurse.

我們這樣做的方法是了解護士在我們的系統和工作流程中的工作方式，並儘可能地使它們自動化。所以這真的是在嘗試建立一個支持物理護士的數字護士。

So that's kind of the areas that we are applying AI. It is very operational and is very efficiency oriented, and it's very specific to our business and our workflow and then, of course, to our technology.

這就是我們正在應用人工智能的領域。它非常可操作，非常注重效率，並且非常針對我們的業務和工作流程，當然還有我們的技術。

Thank you. There are no further questions at this time. I'd like to turn the floor back over to Waqaas Al-Siddiq for any closing comments.

謝謝。目前沒有其他問題。我想將發言權轉回給 Waqaas Al-Siddiq，請他發表任何結束評論。

Thank you, everybody, for joining our call. We appreciate you guys attending and taking time out of your busy schedule. If there are any other questions, that do pop up or that we can help answer, please feel free to reach out to us. We are always available. You can reach out at investors@biotricity.com or reach out through any of our social channels or LinkedIn channels. Thank you very much.

謝謝大家加入我們的電話會議。我們感謝你們的出席並在百忙之中抽出時間。如果有任何其他問題彈出或我們可以幫助回答，請隨時與我們聯繫。我們隨時待命。您可以通過 investors@biotricity.com 或通過我們的任何社交渠道或 LinkedIn 渠道聯繫。非常感謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。