Brainsway Ltd (BWAY) 2024 Q2 法說會逐字稿

Good day and welcome to the BrainsWay second quarter 2024 earnings conference call. (Operator Instructions). Please note this event is being recorded.

美好的一天，歡迎參加 BrainsWay 2024 年第二季財報電話會議。（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 Brian Ritchie of LifeSci Advisors. Please go ahead.

我現在想將會議轉交給 LifeSci Advisors 的 Brian Ritchie。請繼續。

Thank you all, and welcome to BrainsWay's second quarter 2024 earnings conference call. With us today are 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 Hadar, followed by a detailed discussion of the financials. Then, we will open up the call for your questions. Earlier today, BrainsWay released financial results for the three and six months ended June 30, 2024. A copy of the press release is available on the company's Investor Relations website.

謝謝大家，歡迎參加 BrainsWay 2024 年第二季財報電話會議。今天與我們在一起的有 BrainsWay 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。今天早些時候，BrainsWay 發布了截至 2024 年 6 月 30 日的三個月和六個月的財務業績。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 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 pipelines, which were 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. 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 BrainsWay’s Form 20-F.

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 等主題的預測或其他前瞻性陳述。財務業績、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、供應鏈和其他因素導致的市場條件變化，以及使用非公認會計準則財務信息。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 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, Brian. Welcome everyone and thank you for joining us today. As reported earlier this morning, we had another outstanding quarter of growth. Most importantly, demand for our industry-leading Deep TMS system continues to be strong, resulting in a year-over-year increase in revenues of 28% to $10 million for the second quarter of 2024.

謝謝你，布萊恩。歡迎大家，感謝您今天加入我們。正如今天早上早些時候報導的那樣，我們又迎來了一個出色的季度增長。最重要的是，對我們領先業界的 Deep TMS 系統的需求持續強勁，導致 2024 年第二季營收年增 28%，達到 1,000 萬美元。

In addition, we generated positive quarterly net income for the third consecutive quarter and positive adjusted EBITDA and cash flow from operations for the fourth consecutive quarter. We also continue to be supported by an extremely strong balance sheet with $48.1 million in cash and no debt as of June 30, 2024.

此外，我們連續第三個季度產生正的季度淨利潤，並連續第四個季度產生正的調整後 EBITDA 和營運現金流。我們也繼續得到極為強勁的資產負債表的支持，截至 2024 年 6 月 30 日，我們擁有 4,810 萬美元現金且無債務。

Our outlook for the second half of 2024 remains strong, and we are now raising the lower end of the guidance for full year 2024 revenue to a range of $38.5 million to $40 million. Therefore, we are now projecting growth of between 21% and 25% over our 2023 revenues. We also continue to anticipate that our profitability momentum and positive cash generation will extend for the full year.

我們對 2024 年下半年的前景依然強勁，目前我們將 2024 年全年營收指引的下限上調至 3,850 萬美元至 4,000 萬美元的範圍。因此，我們目前預計 2023 年營收將成長 21% 至 25%。我們也繼續預計，我們的獲利動能和積極的現金產生將延續到全年。

I would like to take a few moments to dive a little deeper into our key growth drivers. Looking more closely at the second quarter performance, we shipped a net total of 114 systems during the first two quarters, a 13% increase compared to the first half of 2023, resulting in an installed base of 1,215 total Deep TMS systems.

我想花一些時間更深入地探討我們的關鍵成長動力。更仔細地觀察第二季度的業績，我們在前兩個季度淨發貨了 114 套系統，與 2023 年上半年相比增加了 13%，安裝的 Deep TMS 系統總數達到 1,215 套。

Demand in our OCD treatment indication remains strong and we continue to maintain treatment capability for this important indication on about 50% of our total install base. We also remain laser focused on catering to the needs of our diverse customer base, their businesses, and the patients they serve. We continue to make progress in our penetration of both existing and new customer bases.

我們對強迫症治療適應症的需求仍然強勁，我們繼續保持對這一重要適應症的治療能力，約占我們總裝機量的 50%。我們也始終專注於滿足多元化客戶群、他們的業務以及他們所服務的患者的需求。我們在現有和新客戶群的滲透方面繼續取得進展。

This includes continuing to strengthen and expand partnerships with larger institutional and enterprise customers, which play an increasingly important role within the industry. We remain committed to incorporating our proprietary Deep TMS technology into this expanding mental health group and networks.

這包括持續加強和擴大與大型機構和企業客戶的合作關係，這些客戶在業界發揮越來越重要的作用。我們仍然致力於將我們專有的 Deep TMS 技術融入這個不斷擴大的心理健康團體和網絡中。

We have also looked to generate new sources of growth by increasing our international footprint through existing and new strategic distribution agreements. Currently, we have an exclusive distribution and agent agreements in several important countries around the globe, including in Asia and Europe.

我們也尋求透過現有和新的策略性分銷協議擴大我們的國際影響力，從而創造新的成長來源。目前，我們在全球多個重要國家（包括亞洲和歐洲）擁有獨家經銷和代理協議。

In June, we announced adding Canada to this list after signing an exclusive multi-year distribution agreement with a strong Canadian specialty distributor that services both the acute hospital and non-acute healthcare spaces. This agreement offers us broad market entry into Canada via its team of over 35,000 professionals. The agreement establishes a multi-year framework of minimum quantity orders, beginning with 11 Deep TMS systems in the first year, with successively increasing quotas in subsequent years.

六月，我們與一家為急診醫院和非急診醫療保健領域提供服務的強大的加拿大專業經銷商簽署了獨家多年分銷協議後，宣布將加拿大添加到此名單中。該協議使我們能夠透過其超過 35,000 名專業人士的團隊進入加拿大廣闊的市場。該協議建立了一個多年的最低數量訂單框架，第一年從 11 個 Deep TMS 系統開始，隨後幾年逐步增加配額。

In order to support our future commercial efforts, our clinical development, medical, and regulatory teams continue their work on expanding the clinical benefits of our system. Most recently, we announced that the FDA granted us with an expanded indication following for Deep TMS treatment of major depressive disorder patient ages 22 to 86.

為了支持我們未來的商業努力，我們的臨床開發、醫療和監管團隊繼續努力擴大我們系統的臨床效益。最近，我們宣布 FDA 批准我們擴大深度 TMS 治療 22 至 86 歲重度憂鬱症患者的適應症。

This represents an important change from the previous upper age limit which had been set at 68. It also marks an important regulatory achievement making Deep TMS as the first and only form of TMS indicated for the treatment of patients over the age of 68, suffering from major depressive disorder, including those with comorbid and anxiety symptoms.

這與之前 68 歲的年齡上限相比是一個重要變化。它也標誌著一項重要的監管成就，使 Deep TMS 成為第一個也是唯一一個適用於治療 68 歲以上患有重度憂鬱症（包括患有共病和焦慮症狀的患者）的 TMS 形式。

We believe this important decision by the FDA will have a direct impact on our patients since depression does not disappear at age 68. On the contrary, it is prevalent but often more challenging to treat because certain brain targets sometimes move further away from the scalp at patient age. We believe that the deeper and broader stimulation of Deep TMS helps overcome these age-related challenges. And we're able to demonstrate compelling clinical data on the efficacy of Deep TMS in older patients as part of our application to the FDA that preceded this labeling expansion.

我們相信 FDA 的這一重要決定將對我們的患者產生直接影響，因為憂鬱症不會在 68 歲時消失。相反，這種情況很普遍，但治療起來往往更具挑戰性，因為某些大腦目標有時會隨著患者年齡的增長而遠離頭皮。我們相信，深層 TMS 更深入、更廣泛的刺激有助於克服這些與年齡相關的挑戰。作為我們在標籤擴展之前向 FDA 申請的一部分，我們能夠展示有關 Deep TMS 對老年患者療效的令人信服的臨床數據。

Moving on, we also recently initiated clinical trial evaluating an accelerated depression treatment protocol for our Deep TMS system. Previously published post-marketing data that has shown that outcome achieved with accelerated Deep TMS protocol were comparable with those from longer traditional protocols. We believe that an accelerated treatment protocol has the potential to improve convenience and make Deep TMS substantially more appealing to many prospective patients.

接下來，我們最近也啟動了臨床試驗，評估我們的 Deep TMS 系統的加速憂鬱症治療方案。先前發布的上市後數據表明，透過加速 Deep TMS 協議實現的結果與較長傳統協議的結果相當。我們相信，加速治療方案有可能提高便利性，並使 Deep TMS 對許多潛在患者更具吸引力。

In closing, the BrainsWay team has executed extremely well across multiple fronts of our corporate strategy during the first half of 2024. As a result, we have generated strong growth, increased profitability, and are opening up new pathways for future growth. I could not be prouder of the progress we have made and look forward to a strong second half of the year and beyond.

最後，BrainsWay 團隊在 2024 年上半年在我們企業策略的多個方面執行得非常好。結果，我們實現了強勁的成長，提高了獲利能力，並為未來的成長開闢了新的途徑。我對我們所取得的進展感到非常自豪，並期待下半年及以後的強勁發展。

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

現在，我將把電話轉給 Ido，請他審查我們 2024 年第二季的財務表現。我願意？

Thank you, Hadar. I want to take a minute to express my excitement around the commercial traction we continue to have. Ranging from our progress with enterprise accounts in the US to our continued international expansion.

謝謝你，哈達爾。我想花一點時間來表達我對我們持續擁有的商業吸引力的興奮之情。從我們在美國企業客戶方面的進展到我們持續的國際擴張。

As Hadar just mentioned, revenue for the second quarter of 2024 was $10 million, a 28% increase compared to the prior year period revenue of $7.8 million. Gross profit for the second quarter of 2024 was $7.5 million or a 75% gross margin. This is compared to $5.7 million or a 73% gross margin during the prior year period.

正如哈達爾剛才提到的，2024年第二季的營收為1,000萬美元，比去年同期的780萬美元營收成長了28%。2024 年第二季的毛利為 750 萬美元，毛利率為 75%。相比之下，去年同期的毛利率為 570 萬美元，即 73%。

Moving on to operating expenses. For the second quarter of 2024, sales and marketing expenses were $3.8 million compared to $4 million for the second quarter of 2023. Research and development expenses were $1.7 million compared to $1.9 million in the second quarter of 2023. General and administrative expenses for the second quarter of 2024 were $1.4 million compared to $1.2 million for the second quarter of 2023.

接下來是營運費用。2024 年第二季的銷售和行銷費用為 380 萬美元，而 2023 年第二季為 400 萬美元。研發費用為 170 萬美元，而 2023 年第二季為 190 萬美元。2024 年第二季的一般及管理費用為 140 萬美元，而 2023 年第二季為 120 萬美元。

Operating profit for the second quarter was $586,000, compared to an operating loss of $1.3 million for the same period in 2023. Adjusted EBITDA was $1.2 million, representing the fourth consecutive quarter of positive adjusted EBITDA and compared to a loss of $600,000 for the second quarter of 2023. For the second quarter ended June 30, 2024, we recorded net income of $600,000 compared to a net loss of $1.7 million in the same period of 2023.

第二季營業利潤為 586,000 美元，而 2023 年同期營業虧損為 130 萬美元。調整後 EBITDA 為 120 萬美元，連續第四季度調整後 EBITDA 為正值，而 2023 年第二季虧損 60 萬美元。截至 2024 年 6 月 30 日的第二季度，我們錄得淨利 60 萬美元，而 2023 年同期淨虧損為 170 萬美元。

We ended the second quarter with cash, cash equivalents and short-term deposits of $48.1 million, as compared to $46.3 million at December 31, 2023, and $47.8 million at March 31, 2024. As Hadar mentioned earlier, based on our robust US pipeline and continued momentum internationally, we have narrowed our expected revenue for 2024 to be in the range of $38.5 million to $40 million and continue to anticipate positive cash flow and profitability for the full year.

截至第二季末，我們的現金、現金等價物和短期存款為 4,810 萬美元，而 2023 年 12 月 31 日為 4,630 萬美元，2024 年 3 月 31 日為 4,780 萬美元。正如哈達爾之前提到的，基於我們強勁的美國管道和持續的國際發展勢頭，我們已將2024 年的預期收入縮小到3850 萬美元至4000 萬美元的範圍，並繼續預計全年為正現金流和盈利能力。

This concludes our prepared remarks. I will now ask the operator to please open up the calls 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).

（操作員說明）。

Steve Lichtman, Oppenheimer.

史蒂夫·利奇曼，奧本海默。

Thank you. Good morning, guys. I guess just starting out on international, after the agreements that you've signed, Hadar, over the past couple years outside the US, can you update us on what percent of your installed base is international today and where do you see the biggest geographic opportunities?

謝謝。早安，夥計們。我想剛開始國際化，在您簽署協議之後，Hadar，過去幾年在美國以外的地區，您能否向我們介紹一下您目前的安裝基數中國際化的百分比以及您在哪裡看到最大的地理分佈？

So I would say that today the ratio between the domestic and international is 80% domestic and like 20% international. We can see that the Asia Pacific is growing very well and we see a very big increase in demand for technology in India, in South Korea, Taiwan, Thailand. And there is definitely a very strong demand also from some European countries like France, Italy, and Spain.

所以我想說，今天國內和國際的比例是80%國內，20%左右國際。我們可以看到亞太地區的成長非常好，我們看到印度、韓國、台灣、泰國對科技的需求有很大的成長。法國、義大利和西班牙等一些歐洲國家的需求肯定也非常強勁。

Great, thanks. On the pipeline, can you update us on TMS 360, any progress in distribution discussions for the smoking indication?

太好了，謝謝。在管道方面，您能否向我們介紹 TMS 360 的最新情況，吸煙指示的分發討論有何進展？

Yeah. So on the pipeline, I think the 360 system is now in a pilot program for several indications. We're also planning maybe to even expand it to some other indication next year. So we are now -- we just launched a few feasibility study with this machine. We believe that the rotational will be one of our main technology, Deep TMS technology, for the future.

是的。因此，我認為 360 系統目前正在針對多種適應症進行試點計劃。我們還計劃明年將其擴展到其他一些適應症。所以我們現在——我們剛剛針對這台機器啟動了一些可行性研究。我們相信旋轉將成為我們未來的主要技術之一，即深度TMS技術。

And once I will have more information to update, I will be more than glad to update all the investors. On the addiction part, we're still in discussions with several partners that are showing very high interest on the addiction space. Not too many news to date, but I believe that I'm hoping to find the right distribution channel for us, in the US and also internationally.

一旦我有更多資訊需要更新，我將非常樂意向所有投資者通報最新情況。在成癮方面，我們仍在與幾個對成癮領域表現出非常濃厚興趣的合作夥伴進行討論。到目前為止還沒有太多消息，但我相信我希望在美國和國際上為我們找到合適的分銷管道。

Got it. And then lastly, you obviously continue to get a nice operating expense leverage. I was wondering, given the strong gross margin profile, do you see opportunities for reinvestment in sales and marketing to further accelerate the momentum that you have?

知道了。最後，您顯然繼續獲得良好的營運費用槓桿。我想知道，鑑於強勁的毛利率狀況，您是否認為有機會對銷售和行銷進行再投資，以進一步加速您的勢頭？

Yeah, absolutely. We're always looking for any possible way to accelerate the growth and to expand faster. Few ways could be to invest and grow organically. And that's exactly what we do on every day. We are looking on some empty territories that could potentially generate some additional footprint and additional revenue stream for us, we're also looking for some additional modalities to sell and to increase our top line revenue from each one of the centers. But that's exactly what we're going to do with our growing cash balance. We're going to inject it and to invest it back to grow the top line number.

是的，絕對是。我們一直在尋找任何可能的方式來加速成長並更快地擴張。幾乎沒有什麼方法可以實現有機投資和成長。這正是我們每天所做的事情。我們正在尋找一些可能為我們帶來額外足跡和額外收入來源的空地，我們還在尋找一些額外的銷售方式並增加我們每個中心的營收。但這正是我們對不斷增長的現金餘額要做的事情。我們將注入它並進行投資以增加收入。

Great. Thanks, Hadar. Congrats on the progress.

偉大的。謝謝，哈達爾。祝賀取得的進展。

Thank you, Steve.

謝謝你，史蒂夫。

Jeffery Cohen, Ladenburg Thalmann & Company.

傑弗瑞‧科恩，拉登堡塔爾曼公司。

Hello, Hadar and Ido. How are you?

你好，哈達爾和伊多。你好嗎？

Good morning, Jeff.

早安，傑夫。

So, a few questions for me here. I guess, firstly, I'm looking at the study reference in the press release, the 104 patients, and regarding the protocol, any further information you can give us besides the six-week reference as far as the treatment protocol over the time period?

所以，這裡有幾個問題想問我。我想，首先，我正在查看新聞稿中的研究參考資料，104 名患者，以及關於方案，除了六週的參考資料之外，您還可以向我們提供有關該時間段內治療方案的任何進一步信息？

Yeah I can just share what we already announced on some of the press releases Our intention is to make this treatment much more convenient to the patient and shorten the amount of days that they need to come to the clinic. So basically, it's from 30-days to only six days.

是的，我可以分享我們已經在一些新聞稿中宣布的內容。所以基本上是從 30 天到只有 6 天。

From 30 to six days over six weeks? Once a week?

六週內 30 天到 6 天？每週一次？

No. It's multiple sessions per day in terms of six days.

不。為期六天，每天有多個會議。

Got it. Okay. Perfect. That's helpful. Could you talk about the expanded label? And congrats on that, taking the age from 68 to 86. But, how does that look as far as the TAM for MDD from your perspective or data that exists out there?

知道了。好的。完美的。這很有幫助。能談談擴充後的標籤嗎？恭喜你，我的年齡從 68 歲上升到 86 歲。但是，從您的角度或現有資料來看，MDD 的 TAM 看起來如何？

Well that's definitely a huge increase and we're now targeting a TAM that will not exist for us and that's a big TAM and specifically located in some of the nursing home facilities in the US. And I think one of our major targets today is to try and target some of those elderly population centers in the US around the nursing home and some other facilities that can help us to generate more leads and to increase the top line revenue.

嗯，這絕對是一個巨大的增長，我們現在的目標是一個對我們來說不存在的 TAM，這是一個很大的 TAM，專門位於美國的一些療養院設施中。我認為我們今天的主要目標之一是嘗試瞄準美國療養院周圍的一些老年人口中心和其他一些設施，這些設施可以幫助我們產生更多潛在客戶並增加收入。

Got it, perfect. Couple more quick ones. In Canada, the 11 system placements, are they all active at this point in time?

明白了，完美。幾個更快的。在加拿大，11個系統安置目前都處於活動狀態嗎？

Are you referring to the systems, if the systems are already active?

如果系統已經處於活動狀態，您指的是系統嗎？

Yes, that was my question. Yeah, on the 11 place in Canada.

是的，這就是我的問題。是的，在加拿大排名第11名。

No, no, not yet. I mean, they should get delivered before the end of the year. That's the commitment. And we are now focusing on the training and on some of the marketing aspect. And the plan is to launch this marketing in Q3.

不，不，還沒有。我的意思是，它們應該在今年年底之前交付。這就是承諾。我們現在專注於培訓和一些行銷方面。計劃在第三季啟動此行銷。

Perfect. Okay. And then lastly, looks like you placed 114 Deep TMS in the first half of the year. But it seems that Q2 was over Q1. So, if that's the case, would one expect that trajectory of placements to accelerate throughout Q3 and Q4, and any commentary specific on the cadence over the back half of the year?

完美的。好的。最後，看起來您在今年上半年放置了 114 次 Deep TMS。但看起來第二季已經超過第一季了。那麼，如果是這樣的話，人們是否會期望第三季和第四季的投放軌跡會加速，以及對下半年節奏的​​具體評論嗎？

Yeah, as we said, we remain very positive. I think we've got a very good understanding of the market and we see the demand continue to grow and we feel very, very comfortable with the current pipeline and the current backlog. So, we are anticipating that the momentum of the growth will continue to stay where it is today.

是的，正如我們所說，我們仍然非常積極。我認為我們對市場有了很好的了解，我們看到需求持續成長，我們對目前的管道和當前的積壓感到非常非常滿意。因此，我們預計成長勢頭將繼續保持目前的水平。

Super. Thanks for taking our questions. Congrats again.

極好的。感謝您回答我們的問題。再次恭喜。

Thank you, Jeff.

謝謝你，傑夫。

Raghuram Selvaraju, H.C. Wainwright.

塞爾瓦拉朱 (Raghuram Selvaraju)，H.C.溫賴特。

Good morning. This is Dan on for Ram. Congratulations on the earnings growth. We have a few questions. Do you expect to be sustainably profitable going forward? What might be the principal drivers of this? How do you intend to accelerate market penetration in the MDD indication and what proportion of uptake are you expecting in the elderly patient segment? And I'd like to ask you additional questions if there's time.

早安.這是拉姆的丹。恭喜獲利成長。我們有幾個問題。您預計未來能夠持續獲利嗎？造成這種情況的主要驅動因素是什麼？您打算如何加速 MDD 適應症的市場滲透？如果有時間的話我想問你一些其他問題。

Okay, I will answer the first question regarding the profitability. So, in short, the answer is yes. We are planning to continue to grow, and once we are growing, and as you can see, we grow quarter over quarter by $1 million with the revenue, which most of it goes directly to our net profit. And our plan is to continue with our profitability through the second half of the year.

好的，我來回答第一個問題，關於獲利能力。所以，簡而言之，答案是肯定的。我們計劃繼續成長，一旦我們成長，正如你所看到的，我們的收入將逐季增加 100 萬美元，其中大部分直接進入我們的淨利潤。我們的計劃是在今年下半年繼續保持獲利。

With regards to your penetration strategy, I think that we're trying a few different aspects here. So first of all, we are mainly focusing on the large enterprise account that has the ability to -- and the demand to grow with us. So, that will continue to be our main focus to penetrate faster.

關於您的滲透策略，我認為我們正在嘗試幾個不同的方面。因此，首先，我們主要關注有能力和需求與我們一起成長的大型企業客戶。因此，這將繼續是我們更快滲透的主要焦點。

The second is, I believe that the more we see demand on the OCD and the better reimbursement for the OCD indication, that could also potentially increase the demand of our product. And also, I believe our very unique business model that the offering to our customers is very unique in terms of lease, in terms of pay per use, and all the support that we're providing to our customers can, I believe, will continue and accelerate the penetration into the market in the US.

第二，我相信我們對強迫症的需求越多，強迫症適應症的補償就越好，這也可能增加我們產品的需求。而且，我相信我們非常獨特的業務模式，即為客戶提供的服務在租賃方面、按使用付費方面非常獨特，並且我相信我們為客戶提供的所有支援都將繼續下去並加速滲透美國市場。

With regards to the elderly patients, we try to filter down, to narrow down the number of nursing home centers in the US. And we're going to focus and to see what could be the demand. But even today in almost every clinic in the US, there are elderly patients above the age of 68. And now they can treat those patients, and they can also get reimbursement and to promote this. So I believe all this combination can really lead to some positive growth going forward.

對於老年患者，我們嘗試進行篩選，縮小美國療養院中心的數量。我們將集中精力看看可能有什麼需求。但即使在今天，美國幾乎每個診所都有 68 歲以上的老年患者。現在他們可以治療這些病人，他們也可以獲得報銷並推廣這一點。所以我相信所有這些結合確實可以帶來一些正面的成長。

That's excellent. Thank you. Do you expect to publish, sorry, establish partnerships with any organizations that are similar in purpose and alignment to Katie’s Way Plus? If so, in what context and on what timeline? Given the achievement of sustained profitability, what are your thoughts about payment of the dividend and/or share buybacks? And how is the progress on system placements in Israel and South Korea going respectively and what are those expectations?

那太好了。謝謝。抱歉，您是否希望與任何與凱蒂的 Way Plus 目的和聯盟相似的組織建立合作關係？如果是的話，是在什麼背景下、在什麼時間線上發生的？鑑於實現了持續獲利，您對支付股利和/或股票回購有何看法？以色列和韓國的系統部署進度分別如何？

Okay, so yes, I believe that I think the market should expect some additional news from the company about reporting on some additional partnership, significant partnership in the US and internationally, because that's our main focus. That's exactly what we do when we wake up every morning and we believe that's the best way to promote and to grow the business.

好吧，是的，我認為市場應該期待該公司發布一些關於報告一些額外合作夥伴關係、美國和國際上重要合作夥伴關係的額外消息，因為這是我們的主要關注點。這正是我們每天早上醒來時所做的事情，我們相信這是促進和發展業務的最佳方式。

In terms of the expansion in Israel. So I believe that the demand in Israel continue to grow in the hospital and also on the private market, there is a very good reimbursement in Israel and that's probably the main driver for growth in Israel. We also, I believe that in Israel, we potentially can also treat some other indication all based on the need and reimbursement.

就以色列的擴張而言。因此，我相信以色列醫院和私人市場的需求持續成長，以色列有很好的報銷，這可能是以色列成長的主要動力。我相信，在以色列，我們也可以根據需求和報銷來治療其他一些適應症。

So I do project that also the Israeli market will continue to grow. And you also mentioned the other distribution channel like Korea and Taiwan. So, each one of them have a minimal quantity of system that they need to order from us on a yearly basis. Based on what I'm seeing on the visibility that we see, we remain very, very positive that they will order at least the minimal quantity, if not even more.

因此，我預期以色列市場也將持續成長。您也提到了其他分銷管道，例如韓國和台灣。因此，他們每個人每年都需要向我們訂購最低數量的系統。根據我所看到的可見性，我們仍然非常非常肯定他們至少會訂購最小數量，甚至更多。

Awesome. What are the thoughts about, given the achievement of sustained profitability on payment of dividends or share buybacks? And could you also add a little more color to the Canada agreement, specifically what the increased purchases might look like over time?

驚人的。鑑於透過支付股息或股票回購實現持續獲利，您有何想法？您能否為加拿大協議添加更多內容，具體來說，隨著時間的推移，增加的採購量可能會是什麼樣子？

Yeah. So, the Canadian deal is a multi-year system deal that should generate some, I would say, even significant revenue for the company. As I said, this is a very, very serious distributor with over 35 sales professionals.

是的。因此，加拿大的交易是一項多年的系統交易，我想說，應該會為該公司帶來一些甚至可觀的收入。正如我所說，這是一家非常非常認真的經銷商，擁有超過 35 名銷售專業人員。

In terms of the business model, since we don't have, we're not selling direct into Canadian, and we're using distributor, we have a transfer pricing between the BrainsWay and the distributor. So, the ASP will be lower. However, I do anticipate that the demand in this market will be significant. On your question, listen, I think that we are feeling very, very proud with the strong cash balance that is in our hand today. We are exploring all options on the table.

就商業模式而言，由於我們沒有，我們不會直接向加拿大銷售，而是使用分銷商，因此我們在 BrainsWay 和分銷商之間有轉讓定價。所以，ASP會更低。然而，我確實預期這個市場的需求將會很大。關於你的問題，聽著，我認為我們對今天手中擁有的強勁現金餘額感到非常非常自豪。我們正在探索擺在桌面上的所有選項。

So, how can we invest this money back in our business to grow the business? How can we do something significant and interesting to our shareholders. Everything is in very, very preliminary discussion because didn’t been -- we haven't been in this situation a year ago. So I'm lucky that we are in this position today, in a strong position. I believe that we will make some more updates down the road about the use of proceed that we have today on our balance sheet.

那麼，我們如何將這筆錢投資回我們的業務以發展業務？我們如何做一些對股東有意義且有趣的事情？一切都在非常非常初步的討論中，因為一年前我們還沒有遇到這種情況。所以我很幸運，我們今天處於這個位置，處於有利地位。我相信我們將在未來對我們今天資產負債表上的收益的使用進行更多更新。

Awesome. Thank you so much for your answers and congratulations again on the earnings.

驚人的。非常感謝您的回答並再次祝賀您的收入。

Thank you, so much.

太感謝了。

(Operator Instructions).

（操作員說明）。

This concludes our question-and-answer session. I would like to turn the conference back over to Hadar Levy, CEO of BrainsWay, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回 BrainsWay 執行長哈達爾·利維 (Hadar Levy) 發表閉幕詞。

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

我要感謝所有對 BrainsWay 感興趣的投資者、分析師和其他參與者。就這樣，請享受您剩下的一天。謝謝。

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。