Brainsway Ltd (BWAY) 2024 Q1 法說會逐字稿

Good morning, everyone. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to BrainsWay first quarter 2024 financial results conference call. (Operator Instructions) Troy Williams, Investor Relations, from LifeSci Advisors. You may begin your conference.

大家，早安。我叫朱莉，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 BrainsWay 2024 年第一季財務業績電話會議。（操作員說明）Troy Williams，來自 LifeSci Advisors 的投資者關係。您可以開始您的會議了。

Thank you, Julie, and welcome to BrainsWay's first quarter 2024 earnings conference call. With us today are BrainsWay's Chief Executive Officer, Hadar Levy, and Chief Financial Officer, Ido Marom.

謝謝朱莉，歡迎參加 BrainsWay 2024 年第一季財報電話會議。今天與我們在一起的有 BrainsWay 執行長 Hadar Levy 和財務長 Ido Marom。

The format for today's call will be a discussion of recent trends and business updates from Hadar, followed by a detailed discussion of the financials. Then we will open up the call for your questions.

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 three months ended March 31, 2024. 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 2024 年 3 月 31 日的三個月財務表現。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 over the call to Hadar, I would like to remind you that this conference call including both management's prepared remarks and the question-and-answer session may contain projections or other forward-looking statements regarding among other topics, BrainsWay's 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 as 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 BrainsWay 預期未來運營等主題的預測或其他前瞻性陳述。 、業務計劃和前景以及對其產品和管道的預期，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原則的使用所導致的市場條件變化財務信息。

Additional information regarding these and other risks are available in the company's earnings release and in its filings with the SEC, including the risk factor sections contained in BrainsWay'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 提交的文件，包括 BrainsWay 的 20-F 表格中包含的風險因素部分。

I would now like to turn the call over to Hadar.

我現在想把電話轉給哈達爾。

Thank you, Troy. Welcome, everyone, and thank you for joining us today. I'm thrilled to report on the continued significant tailwinds present throughout our entire business. As such, our outlook for the remainder of 2024 remains highly positive, and we are well positioned to achieve the full year top-line growth we anticipated and sustained the previously forecasted profitability momentum and positive cash generation. More of that in a moment.

謝謝你，特洛伊。歡迎大家，感謝您今天加入我們。我很高興地報告我們整個業務持續出現的重大順風車。因此，我們對 2024 年剩餘時間的前景仍然非常樂觀，我們有能力實現我們預期的全年營收成長，並維持先前預測的獲利動能和積極的現金產生。稍後會詳細介紹。

Let me begin though with an overview of our strong results from the first quarter. Our revenue grew 37% year over year in the first quarter of 2024. In addition, we generated positive quarterly net income for the second consecutive quarter. Also, our gross margin improved nearly 200 basis points year over year, and we recorded positive adjusted EBITDA and cash flow from operations for the third consecutive quarter.

讓我先概述我們第一季的強勁業績。2024 年第一季我們的營收年增 37%。此外，我們連續第二季產生了正的季度淨利。此外，我們的毛利率年增了近 200 個基點，並且我們連續第三個季度錄得調整後的 EBITDA 和營運現金流為正值。

Based on this excellent results and our expectations for continued strong performance throughout the remainder of the year, we are reiterating our previously provided full year 2024 revenue guidance of $37 million to $40 million. This would represent growth of 16% to 26% over full year 2023 revenue.

基於這項出色的業績以及我們對今年剩餘時間內持續強勁業績的預期，我們重申先前提供的 2024 年全年收入指引為 3,700 萬美元至 4,000 萬美元。這意味著比 2023 年全年營收成長 16% 至 26%。

In addition, we continue to anticipate that our profitability momentum and positive cash generation will continue throughout 2024. As our first quarter results and future expectation would indicate, we remain confident in the upward trajectory of our overall business as well as the current market dynamics and the opportunity that lay ahead.

此外，我們繼續預期我們的獲利動能和正向的現金產生將持續到 2024 年。正如我們第一季的業績和未來預期所表明的那樣，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仍然充滿信心。

I would now like to take a few moments to discuss the key growth drivers beyond the momentum in our business. 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. We remain focused on adding our Deep TMS technology into these expanding large mental health groups and networks. As our results indicate, we continue to execute well on this strategy.

現在我想花一些時間討論我們業務成長動力之外的關鍵成長動力。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。我們仍然專注於將我們的 Deep TMS 技術添加到這些不斷擴大的大型心理健康團體和網路中。正如我們的結果所顯示的，我們繼續良好地執行這項策略。

Recent key agreement include increased collaboration with significant existing partner, Katie’s Way Plus, which provides comprehensive mental health services tailored to the unique needs of active-duty military members, veterans and their families. Katie’s Way Plus recently ordered an additional 18 Deep TMS systems and will now have an extensive network of approximately 40 devices.

最近的重要協議包括加強與現有重要合作夥伴 Katie's Way Plus 的合作，該合作夥伴提供針對現役軍人、退伍軍人及其家人的獨特需求量身定制的全面心理健康服務。Katie’s Way Plus 最近又訂購了 18 個 Deep TMS 系統，現在將擁有一個由大約 40 台設備組成的廣泛網路。

Moreover, our international business continue to perform extremely well. To this end, we recently installed our 11 Deep TMS system in Israel, the geography in which we have steadily increased our presence following the recent increase in reimbursement rates there.

此外，我們的國際業務繼續表現出色。為此，我們最近在以色列安裝了 11 Deep TMS 系統，隨著近期報銷率的提高，我們在該地區的業務穩步增加。

Looking more closely at the first quarter, we shipped a net total of 57 systems. Moreover, demand for the OCD treatment indication continue to grow as we shipped 31 OCD coils as add-on helmets to certain new and existing systems. Approximately 50% of our total installed base now includes OCD treatment capability. In addition, we continue to be supported by an extremely strong balance sheet with $47.8 million in cash with no debt as of March 31, 2024.

更仔細觀察第一季度，我們總共淨出貨了 57 個系統。此外，隨著我們將 31 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。目前，我們總裝機量的約 50% 具備強迫症治療能力。此外，我們繼續得到極其強勁的資產負債表的支持，截至 2024 年 3 月 31 日，我們擁有 4,780 萬美元現金，沒有債務。

In order to further leverage the favorable current commercial trends in our business, we recently appointed Honny Groen as Vice President of International Sales. Honny has over three decades of experience in global sales and business development within the medical technology industry, and she will be instrumental in advancing our efforts to expand brands with global footprint.

為了進一步利用我們業務當前有利的商業趨勢，我們最近任命 Honny Groen 為國際銷售副總裁。Honny 在醫療科技產業的全球銷售和業務開發方面擁有三十多年的經驗，她將有助於推動我們擴大品牌的全球影響力。

We're also focused on driving more long-term growth. This is being accomplished by expanding the clinical and real-world evidence in support of Deep TMS in multiple large disease areas. The most recent example of this are the previously discussed human neuroscience publication on Parkinson's disease and the Journal of Clinical Medicine publication on late-life depression.

我們也致力於推動更長期的成長。這是透過擴大支持深度 TMS 在多個大型疾病領域的臨床和現實證據來實現的。最近的例子是之前討論過的關於帕金森氏症的人類神經科學出版物和關於晚年憂鬱症的臨床醫學雜誌出版物。

Moreover, we recently appointed Dr. [Gilad Musayev] as Chief Technology Officer. Dr. Musayev has over 20 years of experience in the medical device industry with a substantial portion of that time spent leading R&D efforts at multiple companies. He will be critical in our efforts to expand BrainsWay innovative technology platform.

此外，我們最近任命 [Gilad Musayev] 博士為首席技術長。Musayev 博士在醫療器材產業擁有 20 多年的經驗，其中很大一部分時間花在了多家公司的研發工作上。他對於我們擴展 BrainsWay 創新技術平台的努力至關重要。

In closing, we believe BrainsWay remains in the strongest position it has ever been in. We have started 2024 just as we ended last year, which is with strong tailwinds throughout all aspects of our business. To reiterate, we continue to forecast top line growth for full year 2024 of 16% to 26% over full year 2023 revenue.

最後，我們相信 BrainsWay 仍處於有史以來最強勁的位置。2024 年伊始，正如去年年底一樣，我們業務的各個方面都迎來了強勁的推動力。重申一下，我們繼續預測 2024 年全年營收將比 2023 年全年營收成長 16% 至 26%。

In addition, looking even further ahead, we remain focused on driving and leading innovation within the TMS industry and are highly confident in our ability to continue capturing significant market share, both in the US and internationally.

此外，展望未來，我們仍然專注於推動和領導 TMS 行業的創新，並對我們繼續在美國和國際上佔據重要市場份額的能力充滿信心。

With that, I will now turn the call over to Ido for his review for our first quarter 2024 financial results. Ido?

現在，我將把電話轉給 Ido，請他審查我們 2024 年第一季的財務表現。我願意？

Thank you, Hadar. Revenue for the first quarter of 2024 was $9.1 million, a 37% increase compared to the prior year period revenue of $6.6 million. We placed 57 Deep TMS systems in the first quarter. Our total installed base was 1,158 systems as of March 31, 2024, compared to 932 systems at the same point in the prior year.

謝謝你，哈達爾。2024 年第一季營收為 910 萬美元，比上年同期營收 660 萬美元成長 37%。我們在第一季放置了 57 個 Deep TMS 系統。截至 2024 年 3 月 31 日，我們的總安裝基數為 1,158 個系統，而去年同期為 932 個系統。

Gross profit for the first quarter of 2024 was $6.8 million or a 75% gross margin. This is compared to $4.8 million or 73% gross margin during the prior year period.

2024 年第一季的毛利為 680 萬美元，毛利率為 75%。相比之下，去年同期的毛利率為 480 萬美元，即 73%。

Moving on to operating expenses. For the first quarter of 2024, sales and marketing expenses were $3.8 million compared to $4.9 million for the first quarter of 2023. Research and development expenses were $1.6 million for the first quarter of 2024, compared to $1.8 million for the first quarter of 2023.

接下來是營運費用。2024 年第一季的銷售和行銷費用為 380 萬美元，而 2023 年第一季為 490 萬美元。2024 年第一季的研發費用為 160 萬美元，而 2023 年第一季的研發費用為 180 萬美元。

General and administrative expenses for the first quarter of 2024 were $1.3 million, compared to $1.8 million for the first quarter of 2023. Total operating expenses for the first quarter of 2024 were $6.7 million, compared to $8.5 million or a [21%] decrease from the prior year period. Operating profit for the first quarter was $100,000, compared to an operating loss of $3.7 million for the same period in 2023.

2024 年第一季的一般及管理費用為 130 萬美元，而 2023 年第一季為 180 萬美元。2024 年第一季的總營運費用為 670 萬美元，較上年同期的 850 萬美元減少 [21%]。第一季營業利潤為 10 萬美元，而 2023 年同期營業虧損為 370 萬美元。

Adjusted EBITDA was $700,000, representing our third consecutive quarter of positive adjusted EBITDA and compared to a loss of $2.9 million for the first quarter of 2023. For the first quarter ended March 31, 2024, we achieved net income of $100,000, compared to a net loss of $2.4 million in the same period of 2023.

調整後 EBITDA 為 70 萬美元，這是我們連續第三季調整後 EBITDA 為正值，而 2023 年第一季虧損 290 萬美元。截至 2024 年 3 月 31 日的第一季度，我們實現淨利 10 萬美元，而 2023 年同期淨虧損 240 萬美元。

We ended the first quarter with cash, cash equivalents, and short-term deposits of $47.8 million and no debt as compared to $46.2 million at December 31, 2023. This was the third consecutive quarter during, which positive cash flow was achieved.

截至第一季末，我們的現金、現金等價物和短期存款為 4,780 萬美元，沒有債務，而截至 2023 年 12 月 31 日為 4,620 萬美元。這是連續第三個季度實現正現金流。

Based on our robust pipeline, US pipeline and continued momentum internationally, we are reiterating our full year 2024 revenue guidance in the range of $37 million to $40 million and anticipate positive cash flow and profitability momentum throughout the year.

基於我們強勁的管道、美國管道和持續的國際發展勢頭，我們重申 2024 年全年收入指引為 3700 萬至 4000 萬美元，並預計全年將出現積極的現金流和盈利勢頭。

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？

(Operator Instructions) Jeff Cohen, Ladenburg.

（操作員說明）Jeff Cohen，拉登堡。

Hi, good morning, Hadar and Ido, how are you?

嗨，早上好，Hadar 和 Ido，你們好嗎？

Very good. Thank you. Hi, Jeff.

非常好。謝謝。嗨，傑夫。

Good. Thank you.

好的。謝謝。

So firstly, any color you can provide on territory expansion or geography expansion, at least in the US and abroad, perhaps some new territories in new areas of focus?

首先，您可以提供有關領土擴張或地理擴張的任何信息，至少在美國和國外，也許是新重點領域的一些新領土？

In the US, we’ve got broad coverage in almost all the relevant states are the most growing states sort of continue the same. There is great potential and strong momentum in the US marketplace with an increasing demand. Internationally, we’re seeing some very good momentum in the far East with Korea, Taiwan, India that are currently the main drivers on the international market, but also in some areas in Europe as well.

在美國，我們幾乎涵蓋了所有相關州，成長最快的州也是如此。美國市場潛力巨大，勢頭強勁，需求不斷增長。在國際上，我們在遠東地區看到了一些非常好的勢頭，其中韓國、台灣、印度是目前國際市場的主要驅動力，而且在歐洲的一些地區也是如此。

Got it. Okay. That’s helpful. And then what might we expect over the course of 2024 on the study front as far as anything neuro-related such as Parkinson’s, epilepsy, stroke, et cetera?

知道了。好的。這很有幫助。那麼，在 2024 年，我們對帕金森氏症、癲癇、中風等神經相關疾病的研究前景有何期待？

So we’re actively selling those indication internationally. We’ve got the CE Mark for the neuro indication. And the demand is looking very good so far. We continue to collect the data and we’ll come into some kind of internal discussion what should be our next indication in the pipeline at the beginning of next year, either on the addiction or on the neuro side, probably at the beginning of next year.

因此，我們正在國際上積極銷售這些適應症。我們已獲得神經適應症的 CE 標誌。到目前為止，需求看起來非常好。我們將繼續收集數據，我們將在明年初進行某種內部討論，討論我們的下一個適應症，無論是在成癮方面還是在神經方面，可能是在明年初年。

Got it. Okay. And then regarding treatment, Hadar, as far as some of the shorter courses that have been talked about and offered as far as Theta Burst or a handful of treatments versus the traditional treatment, any color there on news, US or internationally, as far as some of the treatment paradigms as far as number of sessions that our folks are receiving?

知道了。好的。然後關於治療，Hadar，就已經討論和提供的一些較短課程而言，Theta Burst 或一些與傳統治療相比的治療方法，美國或國際新聞上的任何顏色，只要就我們的人們接受的治療次數而言，有一些治療範例嗎？

Yeah, we’re seeing some very interesting trends on the accelerated TMS, which is the short protocol. And we just launched a new clinical trial together with the FDA just to see the benefit from this short protocol. We really believe that’s going to be. We will gain some very good demand and momentum. But definitely, the ability to shorten the amount of days that you need to come to the clinic, I think it’s crucial for the industry. And we’re hoping to get some good progress this year with this clinical trial.

是的，我們在加速 TMS（即短協議）上看到了一些非常有趣的趨勢。我們剛剛與 FDA 一起啟動了一項新的臨床試驗，只是為了看看這個簡短方案的好處。我們確實相信這將會實現。我們將獲得一些非常好的需求和動力。但毫無疑問，能夠縮短您前往診所的天數，我認為這對該行業至關重要。我們希望今年的臨床試驗能取得一些良好進展。

Got it. And then I guess, lastly, maybe for Ido. Could you talk about the top line and guidance? I know you’re reaffirming the $37 million to $40 million for the calendar year 2024. Any additional information you can provide on perhaps the cadence of those revenues or how they may play out for the year?

知道了。然後我想，最後，也許是為了伊多。您能談談頂線和指導嗎？我知道您重申 2024 年的預算為 3,700 萬至 4,000 萬美元。您能否提供有關這些收入的節奏或它們在今年如何發揮作用的任何其他資訊？

I can say that we are still, as Hadar mentioned in his remarks, we are confident with our guidance of the range of the $37 million to $40 million. Our backlog is strong and our booking as of Q1 was right on target as we anticipated. So we believe that this target and this guidance that we gave around the $37 million to $40 million is covered by a strong backlog and a strong pipeline that we have that will enable us to achieve this target.

我可以說，正如哈達爾在演講中提到的那樣，我們仍然對 3700 萬美元至 4000 萬美元的指導充滿信心。我們的積壓量很大，截至第一季的預訂量正如我們預期的那樣達到了目標。因此，我們相信，這一目標和我們給出的大約 3700 萬至 4000 萬美元的指導是由我們擁有的大量積壓訂單和強大的管道來實現的，這將使我們能夠實現這一目標。

Perfect. Okay. That does it for us. Thanks for taking the questions.

完美的。好的。這對我們來說就是這樣。感謝您提出問題。

Thank you, Jeff.

謝謝你，傑夫。

Steve Lichtman, Oppenheimer.

史蒂夫·利奇曼，奧本海默。

Thank you. Hi, guys. Just on that last point relative to the pipeline. Can you talk a little bit more about sort of the composition of that? And are you continuing to see a significant interest out of large customers? Anything that’s notable on that front in terms of what the makeup of that pipeline looks like for you?

謝謝。嗨，大家好。就在與管道相關的最後一點。您能多談談它的組成嗎？您是否繼續看到大客戶表現出濃厚的興趣？就您而言，該管道的組成在這方面有什麼值得注意的地方嗎？

Yeah, I think I would say it’s kind of a mix of both private offices. But I think the main growth is coming in on what we’re seeing also in our pipeline is coming from growing small and midsize account and also from current customers that the business model works for them. They’re making some -- they have a good business. They’re seeing some good results, and they want to continue to grow. So I would say it’s a mix of current customers and new customers splitted by private psychiatrists and growing enterprise account.

是的，我想我會說這是兩個私人辦公室的混合體。但我認為，我們在管道中看到的主要成長來自不斷成長的中小型客戶，以及業務模式適合他們的現有客戶。他們正在做一些事情——他們的生意很好。他們看到了一些好的結果，並且希望繼續發展。所以我想說，這是由私人精神科醫生和不斷增長的企業客戶劃分的現有客戶和新客戶的混合體。

What are the next steps on smoking? I know you’ve talked in the past about a partnership potential. Can you update us there on that indication?

吸煙的下一步是什麼？我知道您過去曾談論過合作潛力。您能否向我們通報該跡象的最新情況？

Yes. We are having an active dialogue with potentially interested parties on a consistent basis. It’s still under kind of a business development scenario. So there is no timeline related to establishment of a formal agreement yet, but there is lots of interest on the addiction space overall, not just only on the smoking. So we are speaking -- we are actively speaking with some interested parties on taking this, the addiction indication, and distribute the product and hopefully do something significant before the end of the year.

是的。我們正在與潛在感興趣的各方持續進行積極對話。它仍然處於業務開發場景中。因此，目前還沒有與建立正式協議相關的時間表，但人們對整個成癮領域很感興趣，而不僅僅是吸煙。因此，我們正在積極與一些有興趣的各方就服用此藥物、成癮指示和分銷產品進行對話，並希望在今年年底之前做一些有意義的事情。

Got it. I apologize if you did mention this, but on Deep TMS 360, how are things proceeding there in terms of that study evaluation of that new system?

知道了。如果您確實提到了這一點，我深表歉意，但在 Deep TMS 360 上，該新系統的研究評估進展如何？

So we just -- I mean, TMS 360, that’s the next generation of our product. So we’re testing two aspects. One, the feasibility of the technology. And the second aspect is the clinical efficacy from this technology. We just launched it, and we’ve got a few patients that are enrolled to two different studies. It’s too early for us to tell. But I think that based on some feasibilities, studies that we have done internally, we are expecting to see some good results, but more to come. And once we’re going to have some more information to share, we will do that.

所以我們——我的意思是，TMS 360，這是我們的下一代產品。所以我們正在測試兩個方面。一、技術的可行性。第二個面向是該技術的臨床療效。我們剛剛啟動了它，並且已經有一些患者參加了兩項不同的研究。現在判斷還為時過早。但我認為，根據我們內部進行的一些可行性研究，我們預計會看到一些好的結果，但還會有更多的結果。一旦我們需要分享更多信息，我們就會這樣做。

And then just lastly, you’ve obviously been very disciplined on spend. Given the gross margin coming in solidly here, any thought about sort of reinvesting at a higher level to even further drive revenue growth? How are you thinking about that balance as you look ahead?

最後，您顯然在支出方面非常自律。鑑於毛利率穩定成長，是否考慮進行更高水準的再投資以進一步推動營收成長？展望未來，您如何看待這種平衡？

Yes. Listen, I believe that we should invest the money back into the growth of our operation. And that’s exactly what we’re going to do. We’re going to increase the number of the sales team put some more marketing initiatives and also increase some of the investment on the R&D, on the clinical. However, all the future investments will be aligned with our forecasted growth just to keep our profitability momentum and to be very, very sensitive to the cash flow positive generation.

是的。聽著，我認為我們應該將這些錢重新投入到我們業務的成長中。這正是我們要做的。我們將增加銷售團隊的數量，採取更多的行銷舉措，並增加對研發和臨床的一些投資。然而，所有未來的投資都將與我們的預測成長保持一致，只是為了保持我們的獲利動能並對現金流量的正生成非常非常敏感。

(Operator Instructions) Ram Selvaraju, H.C. Wainwright.

（操作員說明）Ram Selvaraju, H.C.溫賴特。

Hi, thanks very much for taking my questions. A couple of metrics-related questions, if I may. Could you give us a sense of what you expect the total installed base to be at the end of 2024? As I recall, at the end of 2023, it was 1,100. I think you reported a quarter one end number of 1,158. But if you could just maybe give us a sense of what your expectations are in terms of how they conform to your financial guidance, that would be helpful.

您好，非常感謝您回答我的問題。如果可以的話，有幾個與指標相關的問題。您能否告訴我們您預計 2024 年底的總安裝基數是多少？我記得2023年底是1100人。我認為您報告的季度末數字為 1,158。但如果您能讓我們了解您的期望以及它們如何符合您的財務指導，那將會有所幫助。

So I think we are increasing the footprint of our installed base in a very steady way roughly between 50 to 60 units every quarter. That should lead you to the number of installed base by the end of the year.

因此，我認為我們正在以非常穩定的方式增加我們的安裝基礎的足跡，大約每個季度增加 50 到 60 台。這應該可以讓你知道年底的安裝基數。

Okay. That’s helpful. Secondly, there have been some notable changes with respect to the nature of the prior authorizations, particularly in the MDD space. And I’m talking in particular about the number of failed medications that are required before Deep TMS is deployed. Can you give us a sense of how that continues to evolve and whether you expect ultimately the standard to become sort of more like failure of only one or two medications as opposed to three or four?

好的。這很有幫助。其次，事先授權的性質發生了一些顯著變化，特別是在 MDD 領域。我特別談論的是部署 Deep TMS 之前所需的失敗藥物的數量。您能否讓我們了解一下這種情況是如何繼續發展的，以及您是否期望最終標準變得更像是只有一種或兩種藥物而不是三種或四種藥物的失敗？

So I would say that today the standard is much more close to failing in one or two medications than in three or four. So there was definitely an improvement in the last two years in this segment. And the main reason is the efficacy rates of the Deep TMS technology and the fact that this treatment is saving money to the insurance company. So it seems like -- I think that in terms of the way that the market is evolving, it started to -- we’re starting to see some more standardized of one fail before you can get the Deep TMS treatment.

所以我想說，今天的標準更接近一兩種藥物的失敗，而不是三、四種藥物的失敗。因此，過去兩年該領域確實取得了進展。主要原因是 Deep TMS 技術的有效率以及這種治療為保險公司節省了資金。所以，我認為，就市場發展的方式而言，我們開始看到一些更標準化的失敗，然後才能獲得深度 TMS 治療。

And I think the overall insurance for our technologies, I think the trends, as I said in the last two years, was very favorable. And I don’t see it changing unless there is something radical, but I think that we are gaining some very good momentum and very good feedback on our treatment.

我認為我們技術的整體保障，正如我在過去兩年所說的，我認為趨勢非常有利。除非有根本性的改變，否則我認為這種情況不會改變，但我認為我們的治療正在獲得一些非常好的動力和非常好的回饋。

With respect to the comments you’ve previously made about Katie’s Way and BrainsWay’s relationship to Katie’s Way, can you comment on, a, what level of customer Katie’s Way is? Is it among the biggest customers you have? I would imagine that that’s the case, but I just wanted to get some clarity on that.

關於您先前對 Katie’s Way 以及 BrainsWay 與 Katie’s Way 的關係所做的評論，您能否評論一下，a，Katie’s Way 的客戶等級如何？它是您最大的客戶之一嗎？我想情況確實如此，但我只是想弄清楚這一點。

And secondly, how many other entities like Katie’s Way are there out there that you might be able to forge similar relationships with, particularly as this pertains to providing mental health care to active-duty military personnel?

其次，還有多少其他像 Katie's Way 這樣的實體可以讓您建立類似的關係，特別是因為這涉及到向現役軍人提供心理健康護理？

Yeah. Katie’s Way is I believe it’s a wonderful story to our strategy. They started as a small, midsized mental health network with few sites. And in the last two, three years, they -- due to the collaboration between companies we manage the way to grow together. So today, they got an installed base of 40 system. I believe they will continue to grow, by the way, so they are spreading out. I think the business seems working very well.

是的。我相信凱蒂的方式對於我們的策略來說是一個精彩的故事。他們最初是一個中小型心理健康網絡，網站很少。在過去的兩三年裡，由於公司之間的合作，我們設法一起成長。所以今天，他們已經安裝了 40 個系統。順便說一句，我相信它們會繼續增長，所以它們正在擴散。我認為這項業務似乎運作得很好。

And for your other question, there are many -- there are other Katie’s Way in our pipeline. So I believe that due to the market demand, due to the treatment and to the technology that we are providing, I see no reason why can’t we grow more mental health companies like Katie’s Way.

對於你的另一個問題，有很多——我們的管道中還有其他凱蒂的方式。因此，我相信，由於市場需求，由於我們提供的治療和技術，我認為我們沒有理由不能發展更多像 Katie’s Way 這樣的心理健康公司。

Katie’s Way is a little bit more unique because they are much more targeted into the active military and veteran’s space. However, in our pipeline, in our current installed base, I can see a lot of Katie’s Way like in our customer base that has the potential to grow.

凱蒂的方式有點獨特，因為它們更針對現役軍人和退伍軍人領域。然而，在我們的管道中，在我們目前的安裝基礎中，我可以看到很多凱蒂的方式，就像我們的客戶群一樣，有成長的潛力。

And then lastly, with respect to your now growing cash position, strong balance sheet, and expectations for continued profitability and sales momentum, can you give us a sense of how you’re thinking strategically about efficient deployment of that capital to continue to add value and if you are considering the possibility of in-licensing or acquiring additional potentially complementary technologies at this time?

最後，關於您目前不斷增長的現金狀況、強勁的資產負債表以及對持續盈利和銷售勢頭的預期，您能否讓我們了解一下您如何戰略性地思考如何有效部署該資本以繼續增加業務價值以及您此時是否正在考慮引入許可或取得其他潛在補充技術的可能性？

Yeah, in terms of the use of proceeds, we intend to grow the business organically and inorganically. So we’re definitely looking on the right opportunity that is going to lay ahead of us, and there are very, very, very interesting opportunities today on the addiction space, on the neuro space, in some other areas, but it’s too early for me now to share with the audience, but we are definitely looking for the right opportunities that will help us to grow the business significantly to where we want to be.

是的，就收益的用途而言，我們打算有機和無機地發展業務。因此，我們肯定正在尋找擺在我們面前的正確機會，今天在成癮領域、神經領域和其他一些領域都有非常、非常、非常有趣的機會，但它——現在與觀眾分享還為時過早，但我們肯定正在尋找合適的機會，幫助我們將業務顯著發展到我們想要的目標。

And there are no further questions at this time. I will turn the call back over to Hadar, CEO, for closing remarks.

目前沒有其他問題。我會將電話轉回給執行長哈達爾 (Hadar)，讓其發表結束語。

Great. Thank you so much. So I would like to thank you all investors, analysts, and other participants for your interest in BrainsWay. With that, please enjoy the rest of your day. Have a good day.

偉大的。太感謝了。因此，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。祝你有美好的一天。

Ladies and gentlemen, this concludes today’s conference call. You may now disconnect your lines. Thank you.

女士們先生們，今天的電話會議到此結束。現在您可以斷開線路。謝謝。