DarioHealth Corp (DRIO) 2023 Q4 法說會逐字稿

Greetings and welcome to the DarioHealth fourth-quarter 2023 results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kat Parrella, Investor Relations Manager.

歡迎參加 DarioHealth 2023 年第四季業績電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係經理凱特·帕雷拉 (Kat Parrella)。

Thank you, operator, and good morning, everybody. Thank you for joining us today for a discussion of Dario Health's fourth-quarter and full-year 2023 financial results. Leading the call today will be Erez Raphael, CEO of DarioHealth. He will be joined by Rick Anderson, President.

謝謝接線員，大家早安。感謝您今天加入我們討論 Dario Health 第四季度和 2023 年全年財務業績。今天的電話會議將由 DarioHealth 執行長 Erez Raphael 主持。總裁里克安德森 (Rick Anderson) 將與他一起出席。

After the prepared remarks, we will open the call for Q&A, where we will be joined by Twill Co-Founders, Tomer Ben-Kiki and Ofer Leidner. An audio recording and webcast replay for this call will also be available online as detailed in the press release invite for this call. For the benefit of those who may be listening to the replay or archived webcast, this call is being held on Thursday, March 28, 2024.

在準備好的演講之後，我們將開始問答環節，Twill 聯合創始人 Tomer Ben-Kiki 和 Ofer Leidner 也將加入。本次電話會議的錄音和網路廣播重播也將在線上提供，詳情請參閱本次電話會議的新聞稿邀請。為了那些可能正在收聽重播或存檔網路廣播的人的利益，本次電話會議將於 2024 年 3 月 28 日星期四舉行。

This morning, we issued a press release announcing our financial results for the fourth-quarter and full-year 2023. A copy of the release can be found on the Investor Relations page of DarioHealth's website. Actual events or results may differ materially from those projected as a result of changing market trends, reduced demand or the competitive nature of DarioHealth's industry. Such forward-looking statements and their implications may involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected.

今天上午，我們發布了新聞稿，公佈了 2023 年第四季和全年的財務表現。新聞稿的副本可以在 DarioHealth 網站的投資者關係頁面上找到。由於市場趨勢變化、需求減少或 DarioHealth 行業的競爭性質，實際事件或結果可能與預測有重大差異。此類前瞻性陳述及其影響可能涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致實際結果或績效與預測有重大差異。

The forward-looking statements discussed on this call are subject to other risks and uncertainties, including those discussed in the Risk Factors section and elsewhere in the company's full-year 2023 Annual Report on Form 10-K. For additional information concerning factors that could cause results to differ materially from our forward-looking statements are described in greater detail on the company's press release issued this morning and in the company's other filings with the SEC.

本次電話會議中討論的前瞻性陳述受到其他風險和不確定性的影響，包括風險因素部分以及公司 10-K 表格 2023 年全年報告中其他部分討論的風險和不確定性。有關可能導致結果與我們的前瞻性陳述產生重大差異的因素的更多信息，請參閱該公司今天上午發布的新聞稿以及該公司向 SEC 提交的其他文件中更詳細的描述。

In addition, certain non-GAAP financial measures may be discussed during this call. These non-GAAP measures are used by management to make strategic decisions, forecast future results, and evaluate the company's current performance. Management believes the presentation of these non-GAAP financial measures is useful for investors' understanding and assessment of the company's ongoing core operations and prospects for the future. A reconciliation of these non-GAAP measures to the most comparable GAAP measures is included in this morning's press release.

此外，本次電話會議期間可能會討論某些非公認會計準則財務指標。管理階層使用這些非公認會計原則衡量標準來制定策略決策、預測未來結果並評估公司當前績效。管理階層認為，這些非公認會計準則財務指標的呈現有助於投資者了解和評估公司正在進行的核心業務和未來前景。今天早上的新聞稿中包含了這些非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準的調節表。

With that, I'd like to introduce Erez Raphael, Chief Executive Officer of DarioHealth. Erez?

接下來，我想介紹一下 DarioHealth 執行長 Erez Raphael。埃雷茲？

Thank you, Kat, and thanks to all of you for joining our call this morning. 2023 financial results are a continuation of our multi-year strategy and the evolution of our financial profile that is now being accelerated with a Q1 accounts that are launching and accelerated further with the Twill acquisition. Before analyzing the potential contribution of Aetna and other accounts that we launched in Q1, and that will continue to launch in Q2.

謝謝你，凱特，也謝謝大家今天早上加入我們的電話會議。 2023 年財務業績是我們多年策略的延續，也是我們財務狀況演變的延續，目前，隨著第一季帳戶的推出和 Twill 收購的進一步加速，我們的財務狀況正在加速發展。在分析 Aetna 和我們在第一季推出並將在第二季度繼續推出的其他帳戶的潛在貢獻之前。

I would like to first remind you, of the three revenue streams, which remains the same post the Twill acquisition as we operate in the same channels. First is our historical direct to consumer or B2C business. Second is our core business, the recurring revenue from health plans and employers or what we call commercial B2B2C, it's clients like Blue Shield of California, Aetna CVS. In Twill case, it's clients like CIGNA, Elevance, Amazon, Google and others.

我想先提醒您，三個收入來源，在收購 Twill 後仍然保持不變，因為我們在相同的管道中運作。首先是我們歷史上的直接面向消費者或 B2C 業務。其次是我們的核心業務，來自健康計畫和雇主的經常性收入，或我們所說的商業 B2B2C，它的客戶包括 Blue Shield of California、Aetna CVS。以 Twill 為例，客戶包括 CIGNA、Elevance、亞馬遜、Google等。

The third revenue stream that we call commercial strategy, which is milestone-based rather than (technical difficulty) in Twill case clients like Merck, Eli Lilly, and others. In the fourth quarter, our B2C business generated approximately $2 million, which is consistent with the channel expected $8 million to $9 million annual revenue run rate. This number has been managed down to a cash flow [natural] or slightly positive run rate. It has proved accretive to our strategy of allocating resources to growing our B2B2C channel, reducing OpEx, and improving gross margins.

我們稱之為商業策略的第三種收入來源，對於像默克（Merck）、禮來（Eli Lilly）等公司的斜紋案例客戶來說，這是基於里程碑的而不是（技術難度）。第四季度，我們的 B2C 業務產生了約 200 萬美元，這與通路預期的 800 萬至 900 萬美元的年收入運行率一致。這個數字已被控制為現金流量[自然]或略微正的運行率。事實證明，它有助於我們分配資源以發展 B2B2C 管道、減少營運支出和提高毛利率的策略。

On the commercial strategic side, while our commercial strategic revenue remains on track for annual run rate of approximately $6 million to $8 million a year, in the fourth quarter, we recorded $582,000 in revenue, which is less than the average quarterly strategic revenue for the first half of the year. This is due to simply the milestone-based timing of revenues from our strategic chairman. We want to reiterate that this partnership revenues should be viewed on a yearly basis and not on a quarterly basis, and the economic value for us on a yearly basis has not changed.

在商業策略方面，雖然我們的商業策略收入仍有望保持每年約 600 萬至 800 萬美元的年運行率，但在第四季度，我們錄得 582,000 美元的收入，低於公司平均季度策略收入。今年上半年。這只是由於我們的策略主席基於里程碑的收入時間表。我們要重申的是，這種合作關係的收入應該按年而不是按季度來看待，而且我們按年計算的經濟價值並沒有改變。

We expect our commercial strategic revenues to continue at an annual run rate of $6 million to $8 million on a value stand-alone basis due to the demand we have already seen from pharma for the integrated value Twill offering. Since the acquisition was announced, we expect to be able to grow this commercial strategic revenue stream along 2024 and 2025.

由於我們已經看到製藥公司對綜合價值 Twill 產品的需求，我們預計我們的商業策略收入將繼續以每年 600 萬至 800 萬美元的獨立價值運作。自宣布收購以來，我們預計能夠在 2024 年和 2025 年增加這項商業策略收入來源。

The fundamentals of our core B2B2C ARR business with employers and health segments continues to grow and is also accelerating in Q1 2024 till the launch of Aetna and multiple employers accounts. Full year, 2023 B2B2C channel revenue grew by 39% year over year. This value of standalone B2B2C revenue stream shows an adjusted gross margins of above 70%. Going forward, with Twill, historic B2B2C margins that are above 90%, we anticipate the combined gross margin for the company to hit [about] 80%.

我們與雇主和健康領域的核心 B2B2C ARR 業務的基本面持續成長，並且在 2024 年第一季也將加速成長，直到推出 Aetna 和多個雇主帳戶。全年，2023年B2B2C通路營收年增39%。獨立 B2B2C 收入流的價值顯示調整後的毛利率超過 70%。展望未來，Twill 的 B2B2C 利潤率歷史性地超過 90%，我們預計該公司的綜合毛利率將達到 80% 左右。

The vast majority of both the immediate and expected future revenues from the Twill acquisition will appear in the B2B2C channel, pushing us much further ahead in our objective to grow our core business. We anticipate that with the launch of Aetna and other employers accounts in 2024 and combined with the Twill B2B2C revenues, the B2B2C recurring revenues channel will be a major policy of the total revenue for the full year of 2024 among the three revenue streams that we have.

收購 Twill 帶來的近期和預期未來收入的絕大多數將出現在 B2B2C 通路中，從而推動我們在發展核心業務的目標上進一步前進。我們預計，隨著2024年安泰等雇主帳戶的推出，結合Twill B2B2C收入，B2B2C經常性收入管道將成為我們三大收入來源中2024年全年總收入的一大政策。 。

We also saw significant interest and multiple employers' adoption of the Dario GLP-1 Behavioral Change Program as well as expansions of current customer relationships on the metabolic side. Our product is already fundamentally the complement of the new GLP-1 market opportunity.

我們也看到了 Dario GLP-1 行為改變計畫的濃厚興趣和多家雇主的採用，以及當前代謝方面客戶關係的擴展。我們的產品已經從根本上補充了新的 GLP-1 市場機會。

We have seen solid growth in our core B2B2C business in 2023 and see that accelerating in 2024 on a standalone base. We anticipate gradual growth and scale with the transformational acquisition of Twill that we announced last month, an acquisition that we believe will accelerate the timeline to cash flow positive. This acquisition creates the most disruptive digital health platform the space has seen. It provides the ability to leverage real innovative approach to engagement and navigation and breadth of offering to increase sales opportunities, revenue for the customer, enrollment rate, and the lifetime value of our members.

我們看到我們的核心 B2B2C 業務在 2023 年穩健成長，並預計在 2024 年獨立業務將加速成長。我們預計，隨著上個月宣布的對 Twill 的轉型收購，我們將逐步實現成長和擴大規模，我們相信此次收購將加快實現正現金流的時間表。此次收購創造了該領域最具顛覆性的數位健康平台。它能夠利用真正創新的參與和導航方法以及產品的廣度來增加銷售機會、客戶收入、註冊率和會員的終身價值。

The combined company, we cover six conditions: diabetes, hypertension, pre-diabetes, musculoskeletal -- MSK -- behavioral health, mental well-being, and pregnancy support, as well as lead designing the top of the funnel to increase enrollment place to innovative member navigation. The acquisition nearly doubles our pro forma revenue. It creates immediate scale because big-name clients in the health plan and pharma space with clients like CIGNA, Elevance, Amazon, Google, Microsoft, Merck, Eli Lilly and others.

合併後的公司，我們涵蓋六種疾病：糖尿病、高血壓、糖尿病前期、肌肉骨骼 - MSK - 行為健康、心理健康和懷孕支持，並主導設計漏斗頂部以增加註冊名額創新的會員導航。此次收購使我們的預期收入幾乎翻了一番。它立即形成了規模，因為健康計劃和製藥領域的知名客戶包括 CIGNA、Elevance、亞馬遜、谷歌、微軟、默克、禮來公司等。

Because the companies are very synergetics also on the operational side, we expect to achieve 30% annualized cost synergies within two years. Most importantly, we expect an accelerated path to profitability in 2025 for revenue scale, increased gross margins, and cost synergies.

由於兩家公司在營運方面也具有很強的綜效，我們預計兩年內將實現 30% 的年化成本綜效。最重要的是，我們預計到 2025 年收入規模、毛利率和成本綜效將加速獲利。

We believe our new cash flow positive point is at approximately $62 million in revenue. We ended the year with $37 million in cash. And on top of that, we raised an additional $22.4 million alongside debt positions. This puts us in a great position to execute on our strategy.

我們相信我們新的現金流正值約為 6,200 萬美元的收入。年底我們擁有 3700 萬美元現金。除此之外，我們還額外籌集了 2,240 萬美元以及債務部位。這使我們處於執行策略的有利位置。

With that, I would like to hand the call over to Rick to elaborate on the commercial side. Rick?

至此，我想將電話轉交給 Rick，詳細說明商業方面的情況。瑞克？

Thanks, Erez. We were pleased to complete the 2023 employer sales cycle last quarter and have launched or will launch more than 15 new customers on the platform in the first quarter of 2024 or within the next couple of months. In addition, we launched the first members on the private label Aetna platform in January and has seen that continued to add customers throughout the first quarter. We expect that our revenue from Aetna will continue to grow over the next several quarters as they continue to sell the solution to their customers.

謝謝，埃雷茲。我們很高興上季度完成了 2023 年雇主銷售週期，並已在或將在 2024 年第一季或未來幾個月內在該平台上推出超過 15 個新客戶。此外，我們於 1 月在自有品牌 Aetna 平台上推出了首批會員，並看到該客戶在整個第一季持續增加。我們預計，隨著 Aetna 繼續向客戶銷售解決方案，我們的營收將在未來幾季繼續成長。

Last quarter, we announced that we have been selected by Aetna to replace one of their existing vendors in (technical difficulty) digital cognitive behavioral therapy. This separate piece of business, we anticipate, will launch with more than 5 million members within the second quarter. Please keep in mind that our behavioral health business is priced on a per employee, per month basis at a much lower price than our whole suite product.

上季度，我們宣布我們已被 Aetna 選擇取代其現有的（技術難度）數位認知行為治療供應商之一。我們預計，這項獨立的業務將在第二季推出，擁有超過 500 萬會員。請記住，我們的行為健康業務按每位員工每月定價，價格遠低於我們的整套產品。

In aggregate, these launches are expected to significantly increase our revenue in the first quarter of 2024 with further increases into the second quarter. As Erez noted, our core B2B2C revenue increased 39% in 2023 over 2024, which reflects our investments in building the Dario brand and reputation in the self-insured employer and health plan space over the last several years.

總的來說，這些產品的推出預計將顯著增加我們 2024 年第一季的收入，並在第二季進一步增加。正如 Erez 指出的那樣，我們的核心 B2B2C 收入在 2023 年比 2024 年增長了 39%，這反映了過去幾年我們在建立 Dario 品牌以及在自保雇主和健康計劃領域的聲譽方面的投資。

As I have discussed in the past, the B2B2C market yield step growth in a reinforcing cycle that requires a significant amount of work at the beginning to build reputation, benefit consultant relationships, and reference customers. When successful, this cycle builds on itself each year. We are seeing the continued fruits of our efforts in early 2024, which is off to our best start ever as measured by number and size of opportunities in the pipeline at this point of the year. Currently, our average size of employer in the pipeline is more than 200% larger this year than the average in our current book of business, and this does not reflect the Twill standalone pipeline.

正如我過去所討論的，B2B2C 市場產量在一個強化週期中逐步增長，需要在開始時進行大量工作來建立聲譽、惠及顧問關係和參考客戶。如果成功，這個循環每年都會自行建立。我們將在 2024 年初看到我們努力不斷取得的成果，從今年此時的機會數量和規模來看，這是我們有史以來最好的開局。目前，今年我們正在招募的雇主的平均規模比我們目前業務中的平均規模大 200% 以上，而且這並不反映 Twill 獨立的招募管道。

The building of reference customers is also reflected in existing customers expanding, including a self-insured financial services customer that expanded in the first quarter and both of our Medicaid customers seen in the process of expanding, which is anticipated to impact 2024 and 2025 revenue. We have further expanded our relationship with Blue Shield of California through our partner, Solera, and we expect to launch a second condition within a month.

參考客戶的建立也反映在現有客戶的擴張上，包括第一季擴張的自保金融服務客戶以及正在擴張過程中的兩個醫療補助客戶，預計這將影響 2024 年和 2025 年的收入。我們透過合作夥伴 Solera 進一步擴大了與加州 Blue Shield 的關係，我們預計將在一個月內推出第二個條件。

In addition, we expect to add to our list of health plan customers during 2024, including at least one additional large health plan. Of course, the most significant recent development commercially is the acquisition of Twill Health. We believe this will enable us to provide a comprehensive and differentiated platform to our customers that will increase our win rate, revenue per customer, lifetime value per member, and gross margins.

此外，我們預計在 2024 年期間將增加我們的健康計畫客戶名單，其中至少包括一項額外的大型健康計畫。當然，最近最重要的商業發展是收購 Twill Health。我們相信，這將使我們能夠為客戶提供全面且差異化的平台，從而提高我們的獲勝率、每位客戶的收入、每位會員的終身價值和毛利率。

It gives us significantly more B2B2C scale by approximately tripling our B2B2C revenue, adding marquee employer customers, including three of the largest technology companies and two additional health plans. The fact that both companies are selling into the same channels with no customer overlap, provides significant opportunities for cross-sell, especially since Twill customers have historically expressed interest in chronic condition.

它使我們的 B2B2C 收入增加了大約兩倍，增加了大型雇主客戶，包括三家最大的科技公司和兩個額外的健康計劃，從而顯著擴大了我們的 B2B2C 規模。事實上，兩家公司都在相同的管道進行銷售，沒有客戶重疊，這為交叉銷售提供了重要的機會，特別是因為 Twill 客戶歷來都表示對慢性病感興趣。

This has been validated in the last month through discussions with our largest customers and partners who have expressed an interest in understanding how they can access a larger array of our services from the combined entity. So we are very pleased to have such affirmation so soon after the acquisition. And like Dario, Twill has several large opportunities in the pipeline for 2024 and 2025.

上個月，透過與我們最大的客戶和合作夥伴的討論，這一點得到了驗證，這些客戶和合作夥伴表示有興趣了解如何從合併後的實體中獲得我們更廣泛的服務。所以我們很高興收購後這麼快就得到這樣的肯定。與 Dario 一樣，Twill 在 2024 年和 2025 年也有幾個重大機會。

Twill also have significant relationships with pharmaceutical companies that we believe will enhance the strategies that we have been pursuing with B2B strategic as well as platform licensing opportunities. We expect this to result in more opportunities to leverage our combined platform, including relationships already in the pipeline that we expect to come to fruition in 2024.

Twill 也與製藥公司建立了重要的關係，我們相信這將加強我們一直在 B2B 策略和平台授權機會方面追求的策略。我們預計這將帶來更多利用我們合併平台的機會，包括我們預計在 2024 年實現的已經建立的關係。

In summary, between the standalone and combined opportunities, we expect to increase B2B2C revenues in the first quarter of 2024. And we see the ability to dramatically accelerate our revenue in 2024 and 2025 across our B2B2C and strategic B2B channels.

總之，在獨立機會和合併機會之間，我們預計 2024 年第一季 B2B2C 收入將增加。我們看到，我們的 B2B2C 和策略 B2B 通路的收入將在 2024 年和 2025 年大幅成長。

With that, I would like to turn it back over to Erez.

有了這個，我想把它交還給埃雷茲。

Thank you, Rick. As we look back on the strategic changes we have made to the company in the past few years, such as moving from single- to multi-condition and from B2C to B2B2C, we see how impactful they were on the financial profile and path to growth and for profitability. The expansion of our product offering, especially for Twill will deliver the most comprehensive platform in the industry, validated by clinical results among members as well as billions of deeply analyzed data points.

謝謝你，瑞克。當我們回顧過去幾年對公司所做的策略變革時，例如從單一條件轉向多條件、從 B2C 轉向 B2B2C，我們看到它們對財務狀況和成長路徑的影響有多大和盈利能力。我們產品系列的擴展，特別是 Twill 的產品系列，將提供業界最全面的平台，並透過會員的臨床結果以及數十億個深入分析的數據點進行驗證。

Our plan of expanding our B2B2C core business has been focusing with a good pace and will accelerate more in 2024. With Twill, this channel of this recurring revenue becomes even larger and will be larger than the other two channels combined when we are looking on the full 2024 revenues. This will be the main driver for the acceleration to profitability, the $62 million in revenue.

我們擴展 B2B2C 核心業務的計畫一直以良好的步伐進行，並將在 2024 年加快步伐。有了 Twill，這個經常性收入的管道就會變得更大，當我們考慮 2024 年的全部收入時，它會比其他兩個管道的總和還要大。這將成為加速實現盈利（收入達 6,200 萬美元）的主要驅動力。

Today, Dario has a massive client base and book of business, including three out of the top eight national health plans such as Cigna, Elevance, and Aetna, as well as the big-name national employers such as Amazon, Google, Microsoft, and key pharma companies such as Sanofi, Merck, and Eli Lilly. And we are very encouraged by the interest of value chain and Twill clients to expand the contract into the full offering of the acquisition.

如今，Dario 擁有龐大的客戶群和業務範圍，其中包括 Cigna、Elevance 和 Aetna 等排名前八的國家健康計劃中的三個，以及 Amazon、Google、Microsoft 等知名國家雇主。賽諾菲(Sanofi)、默克(Merck) 和禮來(Eli Lilly) 等主要製藥公司。價值鍊和 Twill 客戶有興趣將合約擴展到收購的全部產品，這讓我們深受鼓舞。

The message jump start, we are starting in 2024 is to believe that our path to profitability is clear and direct. And we plan to continue our upward trajectory toward this goal on a quarterly basis. With that, I want to hand over the call to the operator for the Q&A session.

「我們從 2024 年開始」的訊息是相信我們的獲利之路是清晰而直接的。我們計劃每季繼續朝著這一目標前進。這樣，我想將電話轉交給接線員進行問答環節。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Charles Rhyee, TD Cowen. Please go ahead.

查爾斯‧萊伊 (Charles Rhyee)，TD 考恩 (TD Cowen)。請繼續。

Hi, this is Adam on for Charles. Thanks for taking my questions. It's great to see many new customers have launched in the platform already in 2024 both on the white label, Aetna solution and the core Dario platform. At the Investor Day, we talked about how the average customer transport will be meaningfully larger in terms of employees versus the average customer size in 2023. So it's good to hear prepared remarks that the average size employer in the pipeline is 200% larger versus the existing book of business.

大家好，我是查爾斯的亞當。感謝您回答我的問題。很高興看到許多新客戶已於 2024 年在該平台上推出了白標、Aetna 解決方案和核心 Dario 平台。在投資者日，我們討論了 2023 年，就員工而言，平均客戶運輸量將如何顯著大於平均客戶規模。因此，很高興聽到準備好的評論，即正在準備的雇主的平均規模比現有的業務規模大 200%。

Can you talk about from the new customers that launched so far in 2024, what the average customer is like that Dario is winning, both in terms of the number of employees, also their size as well as our prior experience with digital health (multiple speakers) are these (multiple speakers)?

您能否談談 2024 年迄今推出的新客戶，Dario 贏得的平均客戶是什麼樣的，無論是在員工數量、規模還是我們之前在數位健康方面的經驗（多位發言者） ） 這些是（多個發言者）？

Yeah. So thanks for the question on that. I think that really what I mentioned in the remarks is well, the fact that what you see in the business is really a step function of that. So I would say that the average size of customer, what we would call on large middle market to smaller, enterprise-sized customers would be the average, although there are some that are sprinkling in there that are bigger in 2023. And we see that, as I mentioned, a step-up of that in 2024.

是的。謝謝你提出這個問題。我認為我在評論中提到的確實很好，事實上，您在業務中看到的實際上是其階躍函數。因此，我想說，客戶的平均規模，也就是我們所說的大型中型市場到小型企業規模客戶的平均規模，儘管到 2023 年會有一些規模更大的客戶。正如我所提到的，我們看到這一情況將在 2024 年進一步加強。

And most of those are employers. I don't think there's really a standard in terms of type of business, et cetera. We have had good traction actually in labor as well as in transportation companies. So what one may think of not necessarily as traditional high technology adopting companies, we're actually seeing good traction.

其中大多數是雇主。我認為在業務類型等方面並沒有真正的標準。實際上，我們在勞工和運輸公司方面都具有良好的吸引力。因此，人們可能認為不一定是採用傳統高科技的公司，但我們實際上看到了良好的吸引力。

I think that that really speaks to the fact that diabetes, hypertension, and pre-diabetes are sort of universal concepts and that those are challenging employers across the spectrum. Geographically, they're also fairly well distributed across the US. So there's not really a typical industry or type of customer, I think, from that perspective.

我認為這確實說明了這樣一個事實：糖尿病、高血壓和糖尿病前期是一些普遍的概念，這些概念對各個領域的雇主都提出了挑戰。從地理上看，它們也相當均勻地分佈在美國各地。因此，我認為，從這個角度來看，實際上並不存在典型的行業或客戶類型。

That's very helpful. Thank you. And another question on adjusted OpEx. It looks like it decreased sequentially in the fourth quarter, driven by what looks like lower digital marketing expense. Can you talk about what drove this lower digital market, whether it's as a function of tech trends or something else in the quarter? And a follow-up to that would be with Twill. Can you remind us how you're thinking about OpEx trending in 2024 for the combined entity?

這非常有幫助。謝謝。還有一個關於調整後的營運支出的問題。由於數位行銷費用似乎較低，第四季該數字似乎連續下降。您能談談是什麼推動了數位市場的下滑，無論是科技趨勢的影響還是本季的其他因素？後續行動將是 Twill。您能否提醒我們您如何看待合併後實體 2024 年的營運支出趨勢？

Yeah. So the strategy that we had in the transformation from B2C to B2B, we deliberately or intentionally decided to slow down the B2C to improve our financial profile. So you clearly can see in the last six quarters that we are quarter by quarter reduced the OpEx, improved the gross margins while taking the B2C down. And the way that we think about the B2C is that it's on an average of $2 million a quarter, $8 million a year, and that's the cash flow positive point. And I think that relatively between Q3 to Q4, we have seen more or less the same numbers. So we don't see a real decline on the B2C. That's the stable run rate looking into this kind of channel.

是的。因此，我們從B2C轉型為B2B的策略是，我們故意或有意地決定放慢B2C的發展速度，以改善我們的財務狀況。因此，您可以清楚地看到，在過去的六個季度中，我們逐季降低了營運支出，提高了毛利率，同時降低了 B2C 業務。我們對 B2C 的看法是，平均每季 200 萬美元，每年 800 萬美元，這就是現金流的正點。我認為相對第三季度到第四季度，我們看到了或多或少相同的數字。因此，我們並沒有看到 B2C 業務出現真正的衰退。這就是此類通路的穩定運作率。

Regarding Twill, generally speaking, Twill are not generating a B2C revenue. So this is only a value channel. Twill do generate what we are calling B2B2C, which means employers and health plans, which is our second channel. And the third channel that Dario have is strategic that is coming mainly from pharma. And on that channel, Twill is also active.

關於 Twill，一般來說，Twill 不會產生 B2C 收入。所以這只是一個價值管道。Twill 確實產生了我們所說的 B2B2C，這意味著雇主和健康計劃，這是我們的第二個管道。達裡奧擁有的第三個管道是策略性的，主要來自製藥公司。在該頻道上，Twill 也很活躍。

So the way to look into the evolution into 2024, 2025 with Twill, I think that the second channel, which is the B2B2C hands employers and health plans that drives ARR, annual recurring revenue and monthly recurring revenue. That's going to be the majority of the revenue of the company in 2024 and going to account for more than 50% of the revenues of the company, which is something that will also contribute to the continuous improvement in the gross margins that will improve potentially to more than 80% on an integrated base. And this channel is going to be the main driver that will help us push the company to the cash flow positive point that we are targeting for the second half of 2025 according to our plans.

因此，在探討 Twill 到 2024 年、2025 年的演變時，我認為第二個管道，即 B2B2C，為雇主和健康計畫提供推動 ARR、年度經常性收入和每月經常性收入的機會。這將是公司2024年收入的大部分，占公司收入的50%以上，這也將有助於毛利率的持續提高，從而有可能提高到80%以上是綜合基礎。這個管道將成為主要驅動力，幫助我們將公司推向現金流正點，這是我們根據計劃在 2025 年下半年實現的目標。

That's very helpful. Thank you. And last question for us is how should we think about growth expectations for 2024 whether for the standalone businesses you still like to think about 100% or 170% B2B2C revenue growth? And for the integrated business with Twill, what's the right way to think about the outlook for potential growth for B2B2C in 2024?

這非常有幫助。謝謝。我們面臨的最後一個問題是，我們應該如何考慮 2024 年的成長預期，無論對於獨立業務，您仍然喜歡考慮 100% 還是 170% B2B2C 收入成長？對於與 Twill 的整合業務，如何正確看待 2024 年 B2B2C 潛在成長前景？

So on the B2C, we disclosed that we're going to keep it stable in the ranges of $8 million. On a standalone basis, Dario was talking about 100% for the second channel. On an integrated base, given the revenue is much larger, we're not going to see this level of growth on the B2B2C, it's going to be less than 100% on an integrated basis for Dario and Twill.

所以在 B2C 方面，我們透露我們將把它穩定在 800 萬美元的範圍內。在獨立的基礎上，Dario 談論的是第二個通道的 100%。在綜合基礎上，考慮到收入要大得多，我們不會在 B2B2C 上看到這種水準的成長，在綜合基礎上，Dario 和 Twill 的成長將低於 100%。

And for the third channel, which is the strategic, we expect that the company will be able to close more deals because we already see interest on the integrated platform, and we got there very concrete discussions with a few clients. So the average of $6 million to $8 million have the potential to grow between 2024 to 2025. So overall, we do think that we're going to see a growth for the second and the third channels B2B2C and the strategic on an integrated way of Dario and Twill.

對於第三個管道，即策略管道，我們預計該公司將能夠完成更多交易，因為我們已經看到了對整合平台的興趣，並且我們與一些客戶進行了非常具體的討論。因此，2024 年至 2025 年間，平均 600 萬至 800 萬美元有可能成長。因此，總體而言，我們確實認為第二和第三通路 B2B2C 以及 Dario 和 Twill 的綜合策略將會成長。

David Grossman, Stifel.

大衛·格羅斯曼，斯蒂菲爾。

Thank you. Erez, maybe first, just to follow up on that last comment about the strategic piece of business. So $6 million to $8 million run rate, is that a good number to use for 2024 and then growth in '25, or would you expect growth in 2024 as well?

謝謝。埃雷茲，也許首先，只是為了跟進有關戰略業務的最後評論。那麼 600 萬到 800 萬美元的運行率，這個數字適合 2024 年使用，然後在 25 年增長嗎？還是您預計 2024 年也會增長？

I think the thing, in 2024, there is some potential to go. I think that the majority of the growth is going to come in 2025. We're in concrete discussions that started even before some of them started -- even before the acquisition was announced with few clients that were over the wall. But I think that this thing is that will take time in terms of getting to get signed. And I would anticipate that the majority of the impact will happen in 2025 and not in 2024, although the chances to have something in 2024 exists.

我認為到 2024 年，這件事還有一定的潛力。我認為大部分成長將在 2025 年實現。我們正在進行具體的討論，甚至在其中一些開始之前就開始了——甚至在宣布收購之前，幾乎沒有客戶在牆外。但我認為這件事需要時間才能獲得簽約。我預計大部分影響將在 2025 年而不是 2024 年發生，儘管 2024 年發生的可能性是存在的。

Got it. And in terms of Aetna, I assume that the ramp -- the new piece of business that you won as well as the new clients that you're onboarding will show up in the enterprise segment, right -- the second segment of your business. Is that accurate? And if so, can you give us a sense of what kind of visibility you have right now based on the business in hand with Aetna?

知道了。就 Aetna 而言，我認為成長——您贏得的新業務以及您正在加入的新客戶將出現在企業部門，對吧——您業務的第二個部門。準確嗎？如果是這樣，您能否根據與 Aetna 現有的業務向我們介紹您目前的知名度？

Yes, I'll (multiple speakers) you. First of all, it's counted into the second channel, the B2B2C, hence, employers and health plans, specifically Aetna enrolling new employers into the platform. And the more employers they enroll, the more revenue we have. At the moment, we have like in the ranges of like 10 employers that went on the platform, and this is something that is keep moving forward into Q2 and Q3.

是的，我會（多個發言者）告訴你。首先，它被計入第二個管道，B2B2C，因此，雇主和健康計劃，特別是 Aetna 將新雇主納入該平台。他們招收的雇主越多，我們的收入就越多。目前，我們有大約 10 家雇主進入了該平台，並且這種情況將持續推進到第二季和第三季。

So this is something that will gradually go up. And the visibility that we have is ongoing activities that we are having between ourselves, team, and Aetna in order to introduce the platform to more and more employers. It's not like a full sale cycle like when we are selling directly to employers. This is something that is relatively faster and the platform is getting adopted.

所以這是一個會逐漸上升的東西。我們所擁有的知名度是我們自己、團隊和 Aetna 之間持續進行的活動，以便向越來越多的雇主介紹平台。這不像我們直接向雇主銷售那樣的完整銷售週期。這是相對較快的事情，並且該平台正在被採用。

But we don't have a visibility like a specific target of 40 or 50 or 60 employers by this quarter or another quarter. And this is why we are relatively thinking about the growth in a conservative way, although the network that Aetna have is very, very wide. And the win rate and the ability to get more clients is much faster than value on a standalone base. So we are very positive about the potential growth.

但我們並沒有看到像本季或下季之前 40 或 50 或 60 名雇主的具體目標。這就是為什麼我們相對以保守的方式考慮成長，儘管安泰擁有的網路非常非常廣泛。獲勝率和獲得更多客戶的能力比獨立基礎上的價值快得多。因此，我們對潛在成長非常樂觀。

Right. And for the --

正確的。而對於--

(multiple speakers) Sorry, just to add one thing. The new piece of business that we won that will launch in the second quarter is an existing piece of business. So all 5 million of those members will come in the second quarter.

（多位發言者） 抱歉，我想補充一件事。我們贏得的、將於第二季推出的新業務是現有業務。因此，這 500 萬會員將在第二季全部加入。

In 2Q, Rick, is that what you said?

在第二季度，Rick，你是這麼說的嗎？

Yes, beginning in Q2.

是的，從第二季開始。

Okay. Got it. And then -- sorry if I missed this or it was in the release, but did you mention just how large Twill was in the quarter and for the year in 2023 in terms of revenue?

好的。知道了。然後，抱歉，如果我錯過了這一點，或者它已在發布中，但您是否提到 Twill 在本季度和 2023 年全年的收入方面有多大？

Yes, this is something that we disclosed in the press release. So I think that between Dario and Twill together, the pro forma for 2023 is $37 million to $38 million, not audited yet. And that's the disclaimer that we put. We are working on the audits of Twill, and in the next quarter, it's going to be published.

是的，這是我們在新聞稿中披露的內容。因此，我認為達裡奧和特威爾加起來，2023 年的預估金額為 3700 萬至 3800 萬美元，尚未審計。這就是我們提出的免責聲明。我們正在對 Twill 進行審計，並將在下個季度發布。

But on a non-audited way, we are looking into $17 million to $18 million that is coming from Twill, of which between $14 million to $15 million is related to the second channel, employers and health plans and another $3 million to $4 million that came from pharma. All the numbers are for 2023, obviously.

但以非審計的方式，我們正在調查來自Twill 的1700 萬至1800 萬美元，其中1400 萬至1500 萬美元與第二個渠道、雇主和健康計劃有關，另外300 萬至400 萬美元與第二個通路、雇主和健康計劃有關。來自製藥公司。顯然，所有數字都是 2023 年的。

Right. Got it. Just on Twill, maybe you can just help us understand, as you look at their existing book of business, they do obviously have a really strategic presence in the Medicaid kind of segment of the market. How should we think of sales cycle in terms of selling metabolic into that base?

正確的。知道了。就 Twill 而言，也許您可以幫助我們理解，當您查看他們現有的業務簿時，他們顯然在醫療補助市場領域具有真正的戰略地位。我們該如何從銷售代謝到該基礎的角度來思考銷售週期？

Sorry, David, selling metabolic into which base? Sorry, it cut out for me.

抱歉，大衛，將代謝物賣到哪個基地？抱歉，它不適合我。

Into the Medicaid base. How should we think about the timing of your ability to do that? Is it more -- given Medicaid awards happen more on an annual basis, is that something that can be added before that or is it really getting into that particular segment? Is that something that's more of a '25 kind of outcomes than a '24 outcome?

進入醫療補助基地。我們該如何考慮你有能力做到這一點的時機？考慮到每年都會有更多的醫療補助獎勵，是否可以在此之前添加一些東西，或者它真的進入了那個特定的細分市場？這是否更像是 25 世紀的結果而不是 24 世紀的結果？

No, I mean, one of the good news, bad news about selling into health plans when they bear the risk, which would be managed Medicaid, managed Medicare, or Medicare Advantage or even on the commercial side, when they are -- when it's their fully insured book of business is they can launch whenever they may want to launch. And so it's not really -- to some extent, they have to have the business.

不，我的意思是，一個好消息，一個壞消息是，當他們承擔風險時，將其出售給健康計劃，這將是管理醫療補助、管理醫療保險或醫療保險優勢，甚至是商業方面，當他們是——當它是他們完全有保障的業務是他們可以在任何想要推出的時候推出。所以事實上，在某種程度上，他們必須擁有這項業務。

So if they're looking to add new business that won't -- we won't be able to start until they add that business or if they need renewals, et cetera, that may impact the timing of it. But what we've seen so far is our Medicaid businesses all launched, if you will, sort of mid cycle on those kinds of things. We do have one of our Medicaid current customers that is in a rebid process at the moment.

因此，如果他們想要添加新的業務，但在他們添加該業務之前我們將無法開始，或者如果他們需要續訂等，這可能會影響其時間表。但到目前為止，我們所看到的是，如果你願意的話，我們的醫療補助業務都在此類事情的中期推出。我們確實有一位醫療補助現有客戶目前正在重新投標過程中。

But even in that particular case that relates to part of their Medicaid business, and they are in the process of expanding even in light of that. So it can happen essentially anytime. It's just what we're expecting is that we're going to see expansions of Medicaid that will increase our 2024 population arrangement and therefore, our revenue. But we also have with one of those plans, they were looking at 2025 expansion into other lines of business as well. So that was the comment about 2024 and 2025.

但即使在與部分醫療補助業務相關的特殊情況下，即使考慮到這一點，他們仍在擴張。所以它基本上可以隨時發生。我們所期望的是，我們將看到醫療補助計劃的擴大，這將增加我們 2024 年的人口分佈，從而增加我們的收入。但我們也有其中一項計劃，他們也在考慮 2025 年擴展到其他業務領域。這是關於 2024 年和 2025 年的評論。

Rick, does the utilization rate of metabolic and the Medicaid base -- is it different than the corporate average or is it similar?

瑞克，新陳代謝和醫療補助基礎的利用率與公司平均值不同還是相似？

There's actually wide variation in the customers that we have, but I would say, on the average -- if you average both of them together, it's a little bit below. One of them is entirely consistent, maybe even a little higher than our commercial book of business. And the other one is lower. I believe that relates to the population that we started in with the one that's lower, and I believe that will come up. We started in a more challenging segment of that population.

實際上，我們擁有的客戶存在很大差異，但我想說的是，平均而言 - 如果將兩者一起平均，會略低一些。其中一個是完全一致的，甚至可能比我們的商業帳簿要高一點。而另外一個則更低。我相信這與我們一開始就選擇較低的人口有關，我相信這個數字將會上升。我們從該人群中更具挑戰性的部分開始。

Got it. And just last, Erez, if -- just thinking about the cash burn in 2024, can you give us a sense of just how you're planning on the cadence of the cash burn, given that we're closing the acquisition? And I'm sure there's some work that has to be done in conjunction with that. How would you like us to think about again, the cadence of the cash burn over the course of the year?

知道了。最後，Erez，如果 - 僅考慮 2024 年的現金消耗，您能否讓我們了解一下，考慮到我們即將完成收購，您計劃如何計劃現金消耗的節奏？我確信有一些工作必須與此結合完成。您希望我們如何再次考慮一年中現金消耗的節奏？

Yes. So first of all, I'll try with -- on a standalone base. Dario on a standalone basis reduced the OpEx by more than 30% year over year. And if you look into the OpEx of Q4, we had another 11% reduction comparing to the previous quarter. So Dario is clearly in a path to keep the OpEx down, and the OpEx on a standalone basis between 2023 to 2024 is going to go down just for Dario by 10% to 15%. That's number one.

是的。首先，我將嘗試在獨立的基礎上進行。Dario 單獨營運支出較去年同期減少了 30% 以上。如果您查看第四季度的營運支出，您會發現與上一季相比，我們又減少了 11%。因此，Dario 顯然正在努力降低營運支出，並且在 2023 年至 2024 年期間，僅 Dario 的獨立營運支出將下降 10% 至 15%。這是第一名。

Twill, we're going for a similar kind of path in 2022 to2023. So we are getting into this 2024 in an OpEx that is all there is reduced. On top of that, on a combined base because the two companies operate in a very, very similar way -- practically, we are winning clients, enrolling members, retaining members, and making them healthier. That's the objective of the businesses and everything is being done in a digital way.

斜紋布，我們將在 2022 年至 2023 年走類似的道路。因此，當我們進入 2024 年時，營運支出將全部減少。最重要的是，在合併的基礎上，因為兩家公司的運作方式非常非常相似——實際上，我們正​​在贏得客戶、招募會員、留住會員並讓他們變得更健康。這是企業的目標，一切都以數位方式完成。

So if you look on the org structure and the operation, it's very, very, very similar. And a lot of the analysis that we did prior to the acquisition and also, in the last four weeks after the acquisition, we are very, very, very positive that we are having tons of synergies that will create additional efficiency of 30% in the next couple of years from which we think we can get at least 20% in the first year, which means that on an integrated base, we're going to see an OpEx that is lower by at least 20% for this year of 2024.

因此，如果你看看組織結構和運作，你會發現它非常非常相似。我們在收購之​​前以及收購後的最後四週內進行了許多分析，我們非常、非常、非常積極地認為，我們擁有大量的協同效應，這將在業務領域創造 30% 的額外效率未來幾年，我們認為第一年至少可以獲得20% 的回報，這意味著在綜合基礎上，我們將看到2024 年的營運支出至少降低20%。

If you apply the revenues, the potential growth, and the improved gross margins, and we think that for the core business, it's going to be above 80% because the Twill revenue provide more than 90% gross margins, I think that the overall loss of the company on the operations side is going to be down by at least 30% comparing to the value on a standalone base in 2023.

如果你應用收入、潛在增長和毛利率的提高，我們認為對於核心業務來說，它將超過 80%，因為斜紋布收入提供了超過 90% 的毛利率，我認為整體虧損到2023 年，與獨立基礎上的價值相比，公司營運方面的價值將下降至少30%。

So you're looking into somewhere like a [$22 million], $24 million a year loss. That's something that we are having an objective. And the year after, as I said, we believe that with a reduced OpEx and growth in the revenues, we're going to go to cash flow positive or very close to cash flow positive. That's the objective.

因此，您正在尋找類似[2200 萬美元]、每年 2400 萬美元的損失。這就是我們的目標。後年，正如我所說，我們相信，隨著營運支出的減少和收入的成長，我們將實現正現金流或非常接近正現金流。這就是目標。

From a cash perspective, we ended the year with $37 million. We raised $22.4 million that we announced alongside with the bill. We paid $10 million cash on the acquisition of Twill, and we ended up with, call it, $50 million -- approximately $50 million cash. And so we think that we are in a good spot, and we think that we are designing the right financial profile in order to manage the risk of cash burn and the ability to growth in a very responsible way.

從現金角度來看，我們在年底獲得了 3700 萬美元。我們籌集了 2240 萬美元，並與該法案一起宣布。我們在收購 Twill 時支付了 1000 萬美元現金，最終我們得到了 5000 萬美元——大約 5000 萬美元現金。因此，我們認為我們處於有利位置，我們認為我們正在設計正確的財務狀況，以便以非常負責任的方式管理現金消耗風險和成長能力。

Thank you. Chuck Padala, LifeSci Advisors.

謝謝。Chuck Padala，生命科學顧問。

Thank you, operator, and good morning. Can you tell us more about the main benefits of the Twill Care navigation technology?

謝謝您，接線員，早安。您能告訴我們更多關於 Twill Care 導航技術的主要優點嗎？

Yes, we'll hand this question to Ofer Leidner, the Founder of Twill that is part of our team.

是的，我們會將這個問題交給我們團隊中的 Twill 創辦人 Ofer Leidner。

Yeah. Thanks, Chuck, for the question. So I think the main benefit of our care navigation solution is mostly that it shifts the relationship with the user around the very fundamental way -- basis from a transactional relationship -- what do you need and how can you find it? -- into something we like to call a longitudinal relationship. We're creating at a top-of-funnel engagement that's really helping users feel confident and safe in that environment and knowing that they can manage their health journey with -- during episodes and in between those episodes.

是的。謝謝查克的提問。所以我認為我們的護理導航解決方案的主要好處主要在於它以非常基本的方式改變了與用戶的關係——基於交易關係——你需要什麼以及如何找到它？ ——我們稱之為縱向關係。我們正在打造一種漏斗頂部的參與方式，真正幫助用戶在該環境中感到自信和安全，並知道他們可以在事件期間和事件之間管理自己的健康之旅。

What we built into that layer of engagement is several proven modalities such as peer-to-peer support, intelligent personalized content feed, doctors that are supporting users and helping them with answering questions and helping them navigate deeper into the care. And from there, we simply take them into the self-care solution coaches or any other care that they need deeper into their journey.

我們在該參與層中建立了幾種經過驗證的模式，例如點對點支援、智慧個人化內容提要、支援使用者並幫助他們回答問題並幫助他們更深入地了解護理的醫生。從那裡，我們只需將他們帶入自我護理解決方案教練或他們在旅程中更深入需要的任何其他護理。

What we've done in this care and litigation kind of environment is essentially removed all barriers to access. You don't need to log into your benefit portal. You can login and access it for free, which, by the way, for employers, it's a huge challenge when it comes to families and dependence. As a matter of fact, that this platform is an open platform.

我們在這種護理和訴訟環境中所做的工作基本上消除了所有訪問障礙。您無需登入您的福利入口網站。您可以免費登入並訪問它，順便說一句，這對於雇主來說，當涉及到家庭和依賴性時，這是一個巨大的挑戰。事實上，這個平台是一個開放的平台。

So what we created though, ultimately, is a total population solution that engages people, top of funnel, understand very uniquely their journey where they are and what they need and drive them deeper into the support that they need. What we are doing ultimately is driving people from engaging top of funnel and further pushing them downstream. And we know that more people -- when you engage more people on the top of funnel, you can actually engage more people that need support in chronic conditions.

因此，我們最終創建的是一個全面的人口解決方案，讓漏斗頂部的人們以非常獨特的方式了解他們的旅程，他們在哪裡以及他們需要什麼，並推動他們更深入地獲得他們需要的支持。我們最終要做的就是讓人們不再參與漏斗頂部，並進一步將他們推向下游。我們知道，當你讓更多的人參與漏斗頂部時，你實際上可以讓更多需要慢性病支持的人參與其中。

As we mentioned before, in our database, about 36% of the users that have touched our platform, top of funnel, have chronic conditions, many of which have metabolic conditions. So ultimately, to summarize, we're moving with this solution from longitudinal relationship to -- we're moving to longitudinal versus transactional. We're using better data and engagement to lead more people towards activations into the condition.

正如我們之前提到的，在我們的資料庫中，大約 36% 接觸過我們平台（漏斗頂部）的用戶患有慢性疾病，其中許多患有代謝疾病。因此，最終，總而言之，我們正在使用該解決方案從縱向關係轉向縱向關係而不是事務性關係。我們正在使用更好的數據和參與來引導更多的人激活這種狀況。

All right. Thank you. Very, very helpful. I know it's still very early, but can you speak more to feedback or progress you've made on the Twill cross-selling efforts?

好的。謝謝。非常非常有幫助。我知道現在還為時過早，但您能多談談您在斜紋布交叉銷售工作中取得的回饋或進展嗎？

Yeah. So I'm happy to address that. As you heard from Rick, we are practically integrated on the commercial side of the health. We went to all of our large clients and introduced the new capabilities. And I would say we have received very positive feedback with concrete discussions about how we can bring for more services.

是的。所以我很高興解決這個問題。正如您從 Rick 那裡聽到的，我們實際上已經融入了健康的商業方面。我們拜訪了所有大客戶並介紹了新功能。我想說，我們收到了非常正面的回饋，並就如何提供更多服務進行了具體討論。

For me, I would summarize this to say that thesis behind the combined entity and the multi-platform condition is moving from a theory to execution right now. And that's where our focus in and what we're going to be focusing over the next few quarters.

對我來說，我總結一下，合併實體和多平台條件背後的論文現在正在從理論轉向執行。這就是我們的重點，也是我們未來幾季的重點。

Okay. Thank you. And lastly, what are some of the integration milestones that you're looking for in the short and medium term with Twill?

好的。謝謝。最後，您希望在中短期內與 Twill 實現哪些整合里程碑？

Yeah, this is Tomer Ben-Kiki. Maybe I'll take this. So we've been working diligently on the integration on multiple levels since the announcement of the acquisition and obviously earlier than that. As often mentioned, the first milestone that we targeted and achieved is the commercial team of Dario that took over the entire suite of products from Twill in markets on multiple levels. They are selling the entire portfolio of products. And as we said, the division is a comprehensive set of services in digital health that allows an employer or a health plan or a company to get access to all these digital tools with one relationship.

是的，這是托默·本-基基。也許我會接受這個。因此，自宣布收購以來，我們一直在多個層面上努力進行整合，顯然在此之前。正如人們經常提到的，我們瞄準並實現的第一個里程碑是 Dario 的商業團隊，他們在多個層面的市場上接管了 Twill 的整套產品。他們正在銷售整個產品組合。正如我們所說，該部門是一套全面的數位健康服務，允許雇主、健康計劃或公司透過一個關係存取所有這些數位工具。

The second component is something that we have a health standalone product suite of Twill, which is undergoing right now. And thirdly, we are going to, I would say, launch this combined vision that have been outlined by both Erez and Ofer to allow the Twill Care platform to optimize the flow of members and reduce the cost of acquisition when it comes to conditions that are covered by Dario, but there's a high prevalence of them in the mental health level at Twill Care that Twill provide. So that synergy will be available in the middle of the second half, but we're actively selling it already.

第二個組成部分是我們目前正在開發的 Twill 健康獨立產品套件。第三，我想說，我們將推出 Erez 和 Ofer 共同製定的聯合願景，讓 Twill Care 平台能夠優化會員流量，並在遇到以下情況時降低獲取成本： Dario 承保，但在Twill 提供的Twill Care 的在心理健康水平中，這些症狀的盛行率很高。因此，這種協同效應將在下半年中期發揮作用，但我們已經在積極出售它。

Secondly, on the organizational level, we have integrated our executive leadership teams, the senior leadership teams and are now executing on delivering on a financial profile and the cost optimizations that we've been presenting to the market. This is a couple of milestones ahead of us in order to extract those in the best possible way.

其次，在組織層面，我們整合了執行領導團隊、高階領導團隊，現在正在執行我們向市場展示的財務狀況和成本最佳化。為了以盡可能最好的方式提取這些內容，我們面臨著幾個里程碑。

And lastly, there's a couple of data, AI and ML, i would say, achievements that we're not announcing yet. But we were deeply delivering obviously in digital solutions and the ability of the state-of-the-art technologies to drive our KPIs up. Hope that gives a bit more color.

最後，我想說的是，我們還沒有宣布一些數據、人工智慧和機器學習的成就。但我們顯然在數位解決方案和最先進技術的能力方面深入交付，以提高我們的 KPI。希望能給大家多一點色彩。

Thank you, and there are currently no further questions in the queue. So I'll hand the floor back to Erez Raphael, CEO of Dario, for the closing comments.

謝謝，目前隊列中沒有其他問題。因此，我將把發言權交還給 Dario 執行長 Errez Raphael，讓其發表總結評論。

Thank you. I would like to thank everyone for joining our call today and the interest in DarioHealth. Have a good day. Thank you.

謝謝。我要感謝大家今天加入我們的電話會議以及對 DarioHealth 的興趣。祝你有美好的一天。謝謝。

This now concludes the conference. Thank you all very much for attending. You may now disconnect you lines.

會議現在結束。非常感謝大家的出席。現在您可以斷開線路。