Brainsway Ltd (BWAY) 2023 Q4 法說會逐字稿

My name is Chris, and I'll be your conference operator today. At this time, I would like to welcome everyone to Brainsway Fourth Quarter and Full Year 2023 financial results conference call. (Operator Instructions)

我叫克里斯，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 Brainsway 第四季和 2023 年全年財務業績電話會議。（操作員說明）

Thank you. Troy Williams, Investor Relations from LifeSci Advisors. You may begin.

謝謝。 Troy Williams，LifeSci Advisors 投資者關係部。你可以開始了。

Welcome to Brainway's Fourth Quarter and Full Year 2023 earnings conference call. With us today our Brainsway's Chief Executive Officer, Hadar Levy; and Chief Financial Officer, Ido Marom. The format for today's call will be a discussion of recent trends and business updates from the Hadar, followed by a detailed discussion of the financials. Then we will open up the call for your questions.

歡迎參加 Brainway 2023 年第四季和全年財報電話會議。今天與我們一起的是 Brainsway 的執行長 Hadar Levy；財務長伊多·馬羅姆 (Ido Marom)。今天電話會議的形式將討論哈達爾的最新趨勢和業務更新，然後詳細討論財務狀況。然後我們將開通電話詢問您的問題。

Earlier today, Brainsway released financial results for the 3- and 12-months December 31, 2020 periods. A copy of the press release is available on the company's Investor Relations website.

今天早些時候，Brainsway 發布了截至 2020 年 12 月 31 日的 3 個月和 12 個月的財務表現。該新聞稿的副本可在該公司的投資者關係網站上取得。

Before I turn the call over to Hadar, I would like to remind you that this conference call, including both management's prepared remarks and the questions and answer session may contain projections or other forward-looking statements regarding among other topics, frames with anticipated future operating and financial performance, business plans and prospects and expectations for its products and pipeline, which are all subject to risks and uncertainties, including shifting market conditions resulting from geopolitical supply chain and other factors as well as the use of non-GAAP financial information.

在我將電話轉給哈達爾之前，我想提醒您，本次電話會議，包括管理層準備好的發言和問答環節，可能包含有關預期未來運營框架等主題的預測或其他前瞻性陳述。其產品和管道的財務表現、業務計劃以及前景和預期，這些都受到風險和不確定性的影響，包括地緣政治供應鏈和其他因素以及非公認會計準則財務資訊的使用所導致的市場條件變化。

Additional information regarding these and other risks are available in the company's earnings release and in its other filings with the SEC, including the Risk Factors section contained in BrainWay's Form 20-F.

有關這些風險和其他風險的更多信息，請參閱該公司的收益報告和向 SEC 提交的其他文件，包括 BrainWay 的 20-F 表格中包含的風險因素部分。

I would like to turn the call over to you Hadar. Hadar?

我想把電話轉給你哈達爾。哈達爾？

Thank you, Troy, and welcome, everyone, and thank you for joining us today. I'm excited to discuss the strong momentum that currently exist throughout our entire business as well as our positive outlook for 2024. As a reminder, we previously set a goal to grow the company's 2023 topline over 2022, while targeting breakeven operating income and positive adjusted EBITDA in the fourth quarter.

謝謝特洛伊，歡迎大家，謝謝你們今天加入我們。我很高興能夠討論我們整個業務目前存在的強勁勢頭以及我們對 2024 年的積極前景。提醒一下，我們先前設定的目標是讓公司 2023 年的營收比 2022 年成長，同時目標是在第四季實現損益兩平營業收入和正調整 EBITDA。

I'm thrilled to report that we significantly exceeded those expectations, specifically our revenues grew 17% in 2023 as compared to 2022. Most importantly, we generated positive quarterly net income in the fourth quarter. In Q4, we also recorded positive adjusted EBITDA and cash flow from operations for the second consecutive quarter.

我很高興地報告，我們大大超出了這些預期，特別是我們 2023 年的收入比 2022 年增長了 17%。最重要的是，我們在第四季產生了正的季度淨利。第四季度，我們也連續第二季錄得調整後的 EBITDA 和營運現金流為正值。

While we have not historically done so, based on our strong performance in 2023 and the expectation that this significant momentum will continue throughout 2024. We are providing specific top-line annual financial guidance. For full year 2024, we expect revenue in the range of $37 million to $40 million. This would represent growth of 16% to 26% over full year 2023 revenue.

雖然我們歷史上從未這樣做過，但基於我們 2023 年的強勁表現以及這種顯著勢頭將持續到 2024 年的預期。我們正在提供具體的頂線年度財務指導。2024 年全年，我們預計營收在 3,700 萬美元至 4,000 萬美元之間。這意味著比 2023 年全年營收成長 16% 至 26%。

In addition, anticipate that our profitability momentum and positive cash generation will continue throughout the remainder of 2024. As you can tell from our most recent results and expectations for 2024, we are confident in the upward trajectory of our overall business as well as the current market dynamics and the opportunities that lie ahead.

此外，預計我們的獲利動能和積極的現金產生將在 2024 年剩餘時間內持續下去。從我們最新的業績和對 2024 年的預期中可以看出，我們對整體業務的上升軌跡以及當前的市場動態和未來的機會充滿信心。

I'd now like to take a few moments to articulate exactly why we're so excited, and what we are doing to leverage the momentum that so clearly exist. We continue to optimize our existing commercial process, including enhancing our emphasize on larger institutional and enterprise customers that are playing an increasingly important role within the industry.

現在，我想花一些時間來闡明我們為何如此興奮，以及我們正在採取哪些措施來利用如此明顯存在的動力。我們持續優化現有的商業流程，包括加強對在業界發揮越來越重要作用的大型機構和企業客戶的重視。

We remain focused on adding our Deep TMS technology into this expanding large mental health group over networks. As our results indicate we continue to execute well on this strategy. Recent key agreements include increased collaboration with growing mental health treatment provider based in the Western region of the United States. After a series of successive order Brainsway's most recent delivery, brought this provider installed base to a total of seven Deep TMS systems.

我們仍然致力於透過網路將我們的 Deep TMS 技術添加到這個不斷擴大的大型心理健康群體中。正如我們的結果表明，我們繼續良好地執行這項策略。最近達成的重要協議包括加強與美國西部地區日益壯大的心理健康治療提供者的合作。Brainsway 最近交付了一系列連續訂單後，該提供者的安裝基礎達到了總共七個 Deep TMS 系統。

Moreover, our international business continued to perform extremely well, to this end, we extended the availability of our Deep TMS technology in South Korea, where the most recent delivery of system increased the installed base in this important country to over 20 systems. In the fourth quarter, revenue increased 50% year-over-year, and we shipped a net total of 60 systems.

此外，我們的國際業務繼續表現出色，為此，我們在韓國擴展了 Deep TMS 技術的可用性，最近交付的系統將這個重要國家的安裝基礎增加到 20 多個系統。第四季度，營收年增 50%，我們總共淨出貨 60 套系統。

Moreover, demand for the OCD treatment indication continued to grow as we shipped 64 OCD coils as add-on helmets to certain new and existing systems. Approximately 50% of our total install base now includes OCD treatment capability. We expect further bottom line improvement in 2024. In addition, the continue to be supported by an extremely strong balance sheet, having ended 2023 with $46.3 million in cash with no debt.

此外，隨著我們將 64 個 OCD 線圈作為附加頭盔運送到某些新的和現有的系統中，對 OCD 治療適應症的需求持續增長。現在，我們總安裝量的大約 50% 具有強迫症治療功能。我們預計 2024 年利潤將進一步改善。此外，該公司繼續受到極其強勁的資產負債表的支持，截至 2023 年，公司擁有 4,630 萬美元現金，無債務。

Importantly, the commercial trends in our business continue to appear favorable. From a reimbursement standpoint, there is a growing list of payers that have reduced the patient eligibility requirements for TMS treatment. Most recently, a major private insurer in Louisiana covering 1.9 million lives, went from four failed medication to two. In order to attain further growth, we continued to achieve significant progress in expanding the clinical and real-world evidence in support of Deep TMS in multiple large disease areas.

重要的是，我們業務的商業趨勢繼續顯得有利。從報銷的角度來看，越來越多的付款人降低了患者接受 TMS 治療的資格要求。最近，路易斯安那州一家大型私人保險公司承保了 190 萬人的生命，治療失敗次數從 4 次減少到 2 次。為了實現進一步成長，我們在擴大支持深度 TMS 在多個大型疾病領域的臨床和現實證據方面繼續取得重大進展。

Most recently, we published two important papers highlighting Deep TMS in future potential applications. The first, published in human new neuroscience included the results for multiple trials demonstrating Deep TMS as a novel therapeutic approach for Parkinson's disease. The compelling data from this studies involving a total of 220 Parkinson disease patients, showed that Deep TMS treatment led to significant improvement in motor symptoms as well as meaningful impact on nonmotor aspects of daily living and motor symptoms.

最近，我們發表了兩篇重要論文，重點介紹了深度 TMS 在未來的潛在應用。第一篇發表在《人類新神經科學》雜誌上，其中包括多項試驗的結果，證明深度 TMS 是帕金森氏症的一種新型治療方法。這項涉及 220 名帕金森氏症患者的研究得出的令人信服的數據表明，深度 TMS 治療可顯著改善運動症狀，並對日常生活的非運動方面和運動症狀產生有意義的影響。

A second paper published in the Journal of Clinical Medicine highlighted Deep TMS for the treatment of latest depression and included the positive result of a post-marketing study of 247 older adults suffering from major depressive disorder. The result showed a 79.4% response rate and 60.3% remission rate for patient receiving at least 30 treatment sessions. While the current FDA labeling does not extend to these older patients and further analysis is needed, we are very excited about these results as they suggest that Brainsway Deep TMS can potentially treat depression in older adult patients.

《臨床醫學雜誌》上發表的第二篇論文強調了深度 TMS 對最新憂鬱症的治療，並包括對 247 名患有重度憂鬱症的老年人進行的上市後研究的積極結果。結果顯示，接受至少 30 次治療的患者有 79.4% 的緩解率和 60.3% 的緩解率。雖然目前 FDA 的標籤並未延伸到這些老年患者，並且需要進一步分析，但我們對這些結果感到非常興奮，因為它們表明 Brainsway Deep TMS 有可能治療老年患者的憂鬱症。

Moving on, we also recently initiated the clinical evaluation of Brainsway's exclusive patented to additional field TMS or Deep TMS 360 into new feasibility trials. Deep TMS 360 employs a method of stimulation that enables activation of greater numbers of neurons in the brain that currently available forms of TMS. One study will test the safety and efficacy of this technology in the field of rehabilitation following stroke. The second study will evaluate Deep TMS 360 in OCD utilizing an accelerated protocol.

接下來，我們最近也啟動了 Brainsway 專屬專利的額外現場 TMS 或 Deep TMS 360 的臨床評估，進入新的可行性試驗。Deep TMS 360 採用一種刺激方法，能夠激活大腦中比目前可用的 TMS 形式更多的神經元。一項研究將測試該技術在中風復健領域的安全性和有效性。第二項研究將利用加速協議評估 Deep TMS 360 在 OCD 中的作用。

We believe that our rotational cell technology holds significant potential to change the current TMS paradigm and look forward to generating clinical data from this important studies. In closing, we believe Brainsway is in the strongest position it has ever been in. We are coming off a very strong 2023 and are now forecasting 2024 top-line growth of at least 16%. In addition, looking even further ahead, we remain focused on leading innovation within the TMS industry, increasing our confidence in Brainsway ability to continue capturing significant market share both in the US and internationally.

我們相信，我們的旋轉細胞技術具有改變當前 TMS 範式的巨大潛力，並期待從這項重要研究中產生臨床數據。最後，我們相信 Brainsway 處於有史以來最強勁的位置。我們即將迎來非常強勁的 2023 年，現在預測 2024 年的營收成長至少為 16%。此外，展望未來，我們仍然專注於 TMS 產業的領先創新，增強了我們對 Brainsway 繼續在美國和國際市場佔據重要市場份額的信心。

With that, I will now turn the call over to Ido, for his review of our fourth quarter and full year 2023 financial results. Ido?

現在，我將把電話轉給 Ido，請他審查我們第四季和 2023 年全年的財務表現。我願意？

Thank you, Hadar. Revenue for the fourth quarter of 2023 was $9 million, a 50% increase compared to the prior-year period revenue of $6 million. On a sequential basis, revenue in the fourth quarter grew 9% as compared to the third quarter of 2023. We placed 60 Deep TMS systems in the fourth quarter, our total installed base was 1,101 systems as of December 31, 2023, compared to 884 systems at the same point in the prior year.

謝謝你，哈達爾。2023 年第四季的營收為 900 萬美元，比去年同期的 600 萬美元營收成長 50%。環比來看，第四季營收較 2023 年第三季成長 9%。我們在第四季度部署了 60 個 Deep TMS 系統，截至 2023 年 12 月 31 日，我們的總安裝基數為 1,101 個系統，而去年同期為 884 個系統。

For the full 12 months of 2023, revenues were $31.8 million, an increase of 17% as compared to full year revenues of $27.2 million in 2022. Gross profit for the fourth quarter of 2023 was $6.7 million or a 75% gross margin. This is compared to $4.3 million or 71% gross margin during the prior year period. Gross profit for the full year 2023 was $23.5 million or a 74% margin, compared to a $20 million or 74% margin in the prior year period.

2023 年全年 12 個月的營收為 3,180 萬美元，比 2022 年全年營收 2,720 萬美元成長 17%。2023 年第四季的毛利為 670 萬美元，毛利率為 75%。相比之下，去年同期的毛利率為 430 萬美元，即 71%。2023 年全年毛利為 2,350 萬美元，利潤率為 74%，而去年同期為 2,000 萬美元，利潤率為 74%。

Moving on to operating expenses. For the fourth quarter of 2023, sales and marketing expenses were $4 million compared to $4.8 million for the fourth quarter of 2022. Research and development expenses were $1.4 million compared to $2.2 million in the fourth quarter of 2022.

接下來是營運費用。2023 年第四季的銷售和行銷費用為 400 萬美元，而 2022 年第四季為 480 萬美元。研發費用為 140 萬美元，而 2022 年第四季為 220 萬美元。

General and administrative expenses for the fourth quarter of 2023 were $1.1 million compared to $1.7 million for the fourth quarter of 2022. Operating profit for the fourth quarter was $184,000 compared to an operating loss of $4.3 million for the same period in 2022. Adjusted EBITDA was $757,000, representing a consecutive quarter of positive adjusted EBITDA and compared to a loss of $3.6 million for the fourth quarter of 2022.

2023 年第四季的一般及管理費用為 110 萬美元，而 2022 年第四季為 170 萬美元。第四季營業利潤為 184,000 美元，而 2022 年同期營業虧損為 430 萬美元。調整後 EBITDA 為 757,000 美元，連續一個季度實現調整後 EBITDA 正值，而 2022 年第四季則虧損 360 萬美元。

For the fourth quarter ended December 31, 2023, we recorded net income of $127,000 compared to a net loss of $3.9 million in the same period of 2022. We ended the fourth quarter with cash, cash equivalents and short-term deposits of $46.3 million as compared to $47.9 million at December 31, 2022. However, when compared to the cash balance of $44.2 million at September 30, 2023, we achieved positive cash flow from operating activities for the second consecutive quarter during the fourth quarter.

截至 2023 年 12 月 31 日的第四季度，我們錄得淨利潤 127,000 美元，而 2022 年同期淨虧損為 390 萬美元。截至第四季末，我們的現金、現金等價物和短期存款為 4,630 萬美元，而截至 2022 年 12 月 31 日為 4,790 萬美元。然而，與2023年9月30日的4,420萬美元現金餘額相比，我們在第四季連續第二季實現了經營活動產生的正現金流。

Based on our robust US pipeline and continued momentum internationally, for full year 2024, we expect revenue in the range of $37 million to $40 million and anticipate that our profitability momentum and positive cash generation will continue throughout the year.

基於我們強勁的美國管道和持續的國際發展勢頭，我們預計 2024 年全年收入將在 3700 萬美元至 4000 萬美元之間，並預計我們的盈利勢頭和積極的現金生成將在全年持續。

This concludes our prepared remarks. I will now ask the operator to please open up the call for questions. Operator?

我們準備好的演講到此結束。我現在請接線生打開電話詢問問題。操作員？

Thank you very much. (Operator Instructions)

非常感謝。（操作員說明）

Jeffrey Cohen, Ladenburg Thalmann.

傑弗瑞‧科恩，拉登堡‧塔爾曼。

Hello, Hadar and Ido, how are you?

你好，哈達爾和伊多，你們好嗎？

Very good. Thank you, good morning, Jeff.

非常好。謝謝你，早安，傑夫。

Thank you very much.

非常感謝。

Just a few questions from our end. Could you talk about OUS a little bit? I know there's 20 placements in South Korea. Can you give us a sense of total placements should exist OUS? What specific types of treatments being INDDROCD and perhaps some sense of geography and maybe some sense of how that would work for '24 as far as our growth in placements and geographies?

我們最後只提出幾個問題。您能談談 OUS 嗎？我知道韓國有 20 個職位。您能為我們介紹一下 OUS 中應該存在的總展示位置嗎？INDDROCD 的具體治療類型是什麼，也許還有一些地理意識，也許還有一些關於 24 世紀我們在安置和地理方面的增長如何發揮作用的感覺？

Sure. So we believe there is a great market that is growing outside the US on the international markets, our main focus today is on the Far East in Europe, just to remind you, in Europe, we are cleared for 12 other indications. Now the demand for our product is not only around the treatment of MDD and OCD or smoking addiction, but also for stroke rehabilitation and some Parkinsonian in soma in some clinics. So we see more and more demand coming from those areas. We believe that on that, we managed to sign from a strategic partnership with the right distributors internationally and I'm expecting the momentum in those areas to grow in 2024.

當然。因此，我們相信，在美國以外的國際市場上，有一個巨大的市場正在成長，我們今天的主要關注點是歐洲的遠東地區，只是提醒您，在歐洲，我們已經清除了其他 12 個跡象。現在對我們產品的需求不僅圍繞著MDD和OCD或菸癮的治療，而且還用於中風康復和一些診所的一些帕金森氏症。因此，我們看到這些領域的需求越來越多。我們相信，基於此，我們成功地與國際上合適的經銷商簽署了戰略合作夥伴關係，我預計這些領域的勢頭將在 2024 年增長。

Okay, fantastic. Can you give us an update on each four helmet placements in the US, please?

好吧，太棒了。能為我們介紹一下美國每四個頭盔放置情況的最新情況嗎？

Yes, I think I said it also on our last call, and we are having an active dialogue with potentially interested parties on a consistent basis on some business development scenario and both from partnership about the around the addiction and smoking addiction space, in particular in the US. There is no timetable related to the establishment of a formal agreement. However, we are making good progress. We feel that there is a good demand, but we do want to find the right partner for the distribution of this product.

是的，我想我在上次電話會議上也說過這一點，我們正在與潛在感興趣的各方就某些業務發展方案以及有關成癮和吸煙成癮領域的合作夥伴關係進行積極對話，特別是在美國。目前尚無建立正式協議的時間表。然而，我們正在取得良好進展。我們認為需求很大，但我們確實希望找到合適的合作夥伴來分銷該產品。

Okay, got it. And then Ido, just a quick one for you on the cash generation and EBITDA metric. So Q4 was about 9% adjusted EBITDA. Should we expect to see some, call it low or mid or high single digits for 2024 on the adjusted EBITDA line as well.

好，知道了。然後，Ido，為您簡單介紹現金產生和 EBITDA 指標。因此，第四季度調整後的 EBITDA 約為 9%。如果我們預期會看到一些數字，那麼在調整後的 EBITDA 線上，我們也可以將 2024 年的數字稱為低、中或高個位數。

So reported, we don't give guidance on EBITDA or profits but we definitely had a very strong momentum during the second half of 2023. And as Hadar mentioned in his session, we are expecting a 2024 to be also positive in all of the KPI, including EBITDA.

據報道，我們不會給出 EBITDA 或利潤的指導，但我們在 2023 年下半年確實有非常強勁的勢頭。正如哈達爾在他的會議中提到的那樣，我們預計 2024 年的所有 KPI（包括 EBITDA）也將呈現正值。

Okay, that also infers a positive cash flow generation, at least perhaps not for every quarter, but for 2024 as a whole.

好吧，這也意味著正現金流的產生，至少可能不是每個季度，而是整個 2024 年。

That's correct. And if I can add, Jeff, you know, I think our growth and profitability profile are unique when compared to other companies with the device space, and we are very, very proud of it. But definitely the momentum on the or on the growth and the profitability will remain for 2024.

這是正確的。如果我可以補充一點，傑夫，你知道，我認為與其他擁有設備領域的公司相比，我們的成長和獲利能力是獨一無二的，我們對此感到非常非常自豪。但成長和獲利的勢頭肯定會在 2024 年保持下去。

Got it. Could you just touch upon on the US commercial model where you've seen over the past 12 months is far is strange or anything of note to call out regarding selling, leasing, et cetera.

知道了。您能否談談過去 12 個月中您所看到的非常奇怪的美國商業模式，或者在銷售、租賃等方面有什麼值得注意的地方。

So the US market environment is reasonably strong, and we have experienced loud large commercial wins, both in the US and also outside the US. We're seeing some great demand for our service model, recurring model, either on a fixed lease on a pay per use, I think our customers really, really value the level of services that we provide to them and they want to stay with us with this business model. They're always going to be some our customers are that will us to purchase the device, but they see that most of the trends are leaning toward lease for reoccurring revenue business model.

因此，美國的市場環境相當強勁，我們在美國國內和美國以外都取得了巨大的商業勝利。我們看到對我們的服務模式、循環模式的需求很大，無論是按使用付費的固定租賃，我認為我們的客戶真的非常重視我們為他們提供的服務水平，他們希望留在我們身邊通過這種商業模式。他們總是會是我們的一些客戶願意我們購買設備，但他們看到大多數趨勢都傾向於租賃以獲得經常性收入的商業模式。

Okay, perfect. That those are for us. Thanks for taking the questions.

好的，完美。這些是給我們的。感謝您提出問題。

Thank you, Jeff.

謝謝你，傑夫。

Thank you very much.

非常感謝。

Steve Lichtman, Oppenheimer & Co.

史蒂夫·利奇曼，奧本海默公司

Thank you. Congrats, guys on the progress in the quarter. First, a couple of questions on Deep TMS 360, why do you see a stroke as a particularly attractive target for this technology? And what are the clinical endpoints you're evaluating for stroke in it's initial testing.

謝謝。恭喜夥計們在本季取得的進展。首先，有幾個關於 Deep TMS 360 的問題，為什麼您認為中風是這項技術特別有吸引力的目標？您在初步測試中評估中風的臨床終點是什麼？

So, you know, we've conducted some, you know, some feasibility studies before on stroke and with and we saw some good results around this area because today for a rehabilitation center, basically that's the only technology that can really targeted the damage area, which is the brain rather than just treating the peripherial muscles. So we have seen some significant improvement on the upper limb motors for a patient that suffered from stroke.And we do believe that by activating more neurons in the brain in a shorter time, will result with better efficacy rates even from what we're seeing today. So that's why we're definitely seeing the significant in this unique technology, but also with accelerated protocols.

所以，你知道，我們之前對中風和中風進行了一些可行性研究，我們在這個領域看到了一些好的結果，因為今天對於康復中心來說，基本上這是唯一能夠真正針對損傷區域的技術，這是大腦而不僅僅是治療周圍肌肉。因此，我們已經看到中風患者的上肢運動有了一些顯著的改善。而且我們確實相信，透過在更短的時間內激活大腦中更多的神經元，即使從我們所看到的情況來看，也會產生更好的療效今天。這就是為什麼我們確實看到了這種獨特技術的重要性，而且還具有加速協議。

And then that was -- the second question. So what would an accelerated protocol or how might it look for OCD. And could that accelerated protocol applied to depression as well?

然後就是──第二個問題。那麼什麼是加速方案，或者對於強迫症來說它會是什麼樣子。這種加速方案也適用於憂鬱症嗎？

Of course, absolutely. Yeah, I think overall, there is a trend now for are moving going to accelerated protocol, both for MDD and for OCD, we know that part of our TMS barriers in the market, the amount of time that the patient needs to show up into the clinic. So they shortened it from 20 daily sessions into only six. These can be something that can be something very significant for the patients and also for the providers. So that's exactly what we're trying now to test in our feasibility studies in OCD and in the future also full for MDD.

當然，絕對。是的，我認為總體而言，現在有一種趨勢是轉向加速方案，無論是對於 MDD 還是 OCD，我們知道市場上 TMS 的部分障礙，即患者需要出現的時間量診所。因此他們將每天的 20 次會議縮短為 6 次。這些對於患者和提供者來說可能都是非常重要的事情。這正是我們現在在 OCD 可行性研究中嘗試測試的內容，未來也將全面針對 MDD。

Okay, great. And then maybe just lastly, just in terms of the overall US environment for the market, which you noted is very positive. Can you talk a little bit more about what you're seeing that gives you that confidence whether it is the expansion of the network? And I think in the past, you've talked about awareness increasing relative to ketamine treatment. Can you talk a little bit more about sort of the market environment overall?

好的，太好了。也許最後，就美國市場的整體環境而言，您指出這是非常積極的。您能多談談您所看到的讓您有信心的事情，無論是網路的擴展嗎？我想在過去，您談到了相對於氯胺酮治療的認識的提高。能多談談整體市場環境嗎？

Yeah, yeah. So we definitely see that the market space is evolving, and there is a greater penetration and demand by institutional and enterprise account in the US, they want to seems like a one-stop shop that can offer a variety of treatment. It can be TMS, it can be ketamine and it can be also made management.

是啊是啊。因此，我們確實看到市場空間正在不斷發展，並且美國的機構和企業帳戶有更大的滲透率和需求，他們希望看起來像一個可以提供多種待遇的一站式商店。可以是TMS，可以是氯胺酮，也可以是管理。

So there is a good adoption specifically for a non-invasive technology like we are offering. So that's one you I said it right. We also seeing that the market really is around ketamine clinic is also a great opportunity for us. We do see that the clinic is already facilitating the necessary rooms and stuff to treat our patients with good. I mean they will be probably the first one to adopt also a noninvasive technology like the TMS.

因此，像我們這樣提供的非侵入性技術得到了很好的採用。所以說你就是我說對了。我們也看到市場確實圍繞著氯胺酮診所，這對我們來說也是一個很好的機會。我們確實看到診所已經在提供必要的房間和物品來為我們的患者提供良好的治療。我的意思是，他們可能是第一個採用 TMS 等非侵入性技術的公司。

And I think I think the last but not least is that. I think that we are very flexible in our business model, and we're coming with a real boost and a and a complete business model that helps our customers to grow. So we will not just bring our technology. We also bring some additional services and support to grow their business together. It's kind of a partnership. And with that, we are removing some barriers down the road. So I think all those three factors can really, really put us in a good spot for 2024.

我認為最後但並非最不重要的是這一點。我認為我們的業務模式非常靈活，我們帶來了真正的推動力和完整的業務模式，可以幫助我們的客戶成長。所以我們不會只帶來我們的技術。我們也提供一些額外的服務和支援來共同發展他們的業務。這是一種夥伴關係。至此，我們正在消除一些障礙。因此，我認為所有這三個因素確實可以讓我們在 2024 年處於有利位置。

And we see the pipeline. And my confidence is around the pipeline that is continued to grow. And it's a mix between enterprise account current customers of Brainsway that continued to grow with us and that's a very good sign, but also new customers that are looking to adopt this technology.

我們看到了管道。我對持續成長的管道充滿信心。這是 Brainsway 的企業帳戶現有客戶（與我們一起持續成長，這是一個非常好的跡象）和希望採用這項技術的新客戶的混合體。

Great. Thanks for the colour, Hadar.

偉大的。謝謝你的顏色，哈達爾。

Thank you, Steve.

謝謝你，史蒂夫。

Thank you. Ladies and gentlemen, just a reminder, if you wish to ask a question, please press star and then one on the touch phone.

謝謝。女士們、先生們，請注意，如果您想提問，請按觸控電話上的星號，然後按一個。

Ladies and gentlemen, we have no further questions in the queue, and I would like to turn the call back to the CEO, Mr. Hadar Levy for closing remarks. Thank you.

女士們、先生們，我們沒有其他問題了，我想將電話轉回給首席執行官哈達爾·利維 (Hadar Levy) 先生，讓其致閉幕詞。謝謝。

I would like to thank all of the investors, analysts and other participants for their interest in Brainsway. With that, please enjoy the rest of your day. Goodbye.

我要感謝所有投資者、分析師和其他參與者對 Brainsway 的興趣。就這樣，請享受您剩下的一天。再見。

Thank you very much.

非常感謝。

Ladies and gentlemen, that concludes today's conference. You may disconnect your lines at this and thank you for your participation.

女士們、先生們，今天的會議到此結束。您可以在此斷開線路，感謝您的參與。