DarioHealth Corp (DRIO) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the DarioHealth second-quarter 2025 results conference call. (Operator Instructions) This call is being recorded on Tuesday, August 12, 2025.

女士、先生們，早安，歡迎參加 DarioHealth 2025 年第二季業績電話會議。（操作員指示）此通話於 2025 年 8 月 12 日星期二錄製。

I would now like to turn the conference over to Zoe Harrison, VP, Accounting and Corporate Development. Please go ahead.

現在，我想將會議交給會計和企業發展副總裁 Zoe Harrison。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining us today for a discussion of DarioHealth's second-quarter 2025 financial results. Leading the call today will be Erez Raphael, Chief Executive Officer of DarioHealth. He'll be joined by our President and Chief Commercial Officer, Steven Nelson; and Chen Franco, our Chief Financial Officer. An audio recording and webcast replay for today's call will also be available online as detailed in the press release invite for this call.

謝謝接線員，大家早安。感謝您今天加入我們討論 DarioHealth 2025 年第二季的財務表現。今天主持電話會議的是 DarioHealth 執行長 Erez Raphael。他將與我們的總裁兼首席商務官史蒂文·尼爾森 (Steven Nelson) 和首席財務官陳佛朗哥 (Chen Franco) 一同出席。今天電話會議的錄音和網路直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。

For the benefit of those who may be listening to the replay or archived website, this call is being held on Tuesday, August 12, 2025. This morning, we issued a press release announcing our financial results for the second quarter of 2025. The copy of the release can be found on the Investor Relations page of DarioHealth's website.

為了方便那些可能正在收聽重播或存檔網站的人們，本次電話會議將於 2025 年 8 月 12 日星期二舉行。今天早上，我們發布了一份新聞稿，宣布了 2025 年第二季的財務表現。新聞稿的副本可在 DarioHealth 網站的投資者關係頁面上找到。

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.

由於市場趨勢變化、需求減少或 DarioHealth 行業競爭性質，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意義可能涉及已知和未知的風險、不確定性和其他因素，可能導致實際結果或業績與預測有重大差異。

For example, the company is using forward-looking statements when it discusses the company's expectations regarding revenue gaps, growth, acceleration, expansion, collaborations, pipeline, new clients, AI leverage, cash flow breakeven, and leadership in the field of digital health.

例如，當公司討論對收入差距、成長、加速、擴張、合作、通路、新客戶、人工智慧槓桿、現金流盈虧平衡以及數位健康領域的領導地位的期望時，該公司使用前瞻性陳述。

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 second-quarter 2025 quarterly report on Form 10-Q. Additional information concerning factors that could cause results to differ materially from our forward-looking statements are described in greater detail in 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其他風險和不確定性的影響，包括「風險因素」部分以及公司 2025 年第二季 10-Q 表季度報告中其他部分所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存在重大差異的因素的其他信息，在公司今天上午發布的新聞稿和公司向美國證券交易委員會提交的其他文件中有更詳細的描述。

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.

此外，本次電話會議中也可能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準則指標來制定策略決策、預測未來結果並評估公司當前績效。

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.

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。

A reconciliation of these non-GAAP measures to the most comparable GAAP measures is included in this morning's press release.

今天早上的新聞稿中包含了這些非公認會計準則指標與最具可比性的公認會計準則指標的對帳。

With that, I'll hand it over to Erez Raphael, CEO of DarioHealth.

說完這些，我將把麥克風交給 DarioHealth 執行長 Erez Raphael。

Good morning, everyone, and thank you for joining us. We'll start the call with a high-level overview of the financial results, along with key metrics that we believe are leading indicators for improving performance in the future. We'll go to Steven for commercial update and more on some very positive momentum with contracts and pipelines. We'll then turn the call over to Chen for a deeper look into our numbers. I'll wrap up with a quick message on our drivers for future growth and how AI is a fundamental part of our operations and offerings. Then we'll open the call for Q&A.

大家早安，感謝大家的收看。我們將首先概述財務結果，以及我們認為是未來績效改善領先指標的關鍵指標。我們將向史蒂文了解商業最新情況以及合約和管道方面的一些非常積極的勢頭。然後，我們將把電話轉給陳，以便更深入地了解我們的數字。最後，我將簡要介紹我們未來成長的驅動力，以及人工智慧如何成為我們營運和產品的基本組成部分。然後我們將開始問答環節。

Before we dive into the numbers, I want to start by acknowledging that our second-quarter revenues results came in below our expectations. While we continue to make strong progress on growth indicators, especially around channel partnerships, recurring revenues, gross margins, and client quality, there are a few short-term headwinds that impact that top-line performance. As reported last quarter, we experienced a shift in scope with large national health plan clients earlier this year. While we were optimistic that the revenue gap would be offset quickly through new business ramp-up, that trend proved slower than expected.

在深入研究數字之前，我首先要承認，我們的第二季營收結果低於我們的預期。雖然我們在成長指標方面持續取得強勁進展，特別是在通路合作、經常性收入、毛利率和客戶品質方面，但仍有一些短期阻力影響我們的營收表現。正如上個季度所報告的，今年早些時候，我們與大型國家健康計畫客戶的合作範圍發生了變化。儘管我們樂觀地認為，透過增加新業務，收入差距將迅速得到彌補，但事實證明，這一趨勢比預期的要慢。

Several large accounts that we signed in 2025 are onboarding and generating revenue, but the full impact will be felt more meaningfully in the end of 2025 and into 2026. Some of the shift is also due to our focus on sustainable ARR rather than one-time payments, which affect some of the changes in the revenues for this quarter compared to Q1 2025. As a result, we are adjusting our estimates for reaching cash flow breakeven by approximately 12 to 15 months, which is now expected into the end of 2026 to the beginning of 2027. So while we see this quarter as a transition period, our forward momentum remains strong, and we are already seeing early evidence of that in the key metrics.

我們在 2025 年簽約的幾個大客戶目前正在加入並產生收入，但其全面影響將在 2025 年底和 2026 年更加明顯。這種轉變的部分原因還在於我們注重可持續的 ARR 而不是一次性付款，這影響了本季與 2025 年第一季相比收入的一些變化。因此，我們將實現現金流量收支平衡的時間調整為約 12 到 15 個月，目前預計為 2026 年底至 2027 年初。因此，雖然我們將本季視為過渡期，但我們的前進勢頭依然強勁，而且我們已經在關鍵指標中看到了早期證據。

We have signed 21 new clients year to date and remain on track to meet our goal of 40 by the end of the year. 80% of the new 21 accounts are for multi-condition programs aligned with our strategy for multi-condition platform.

今年迄今為止，我們已經簽約了 21 名新客戶，並有望實現年底前簽約 40 名的目標。 21 個新帳戶中的 80% 是針對多條件規劃的，這與我們的多條件平台策略一致。

We have secured about $5 million in newly committed annual recurring revenues or CARR, plus our pipeline has grown to $53 million with an additional over $5 million of which is in final stages towards CARR. New logos include some of the largest and highest quality accounts in the history of the company. This includes two health plans with national scale, representing a multimillion-dollar opportunities. One of them is launching this second half of 2025.

我們已獲得約 500 萬美元的新承諾年度經常性收入或 CARR，此外，我們的通路已成長至 5,300 萬美元，另外還有超過 500 萬美元正處於 CARR 的最後階段。新標誌涵蓋了公司歷史上一些最大、品質最高的帳戶。其中包括兩項全國性的健康計劃，代表著數百萬美元的商機。其中一項將於 2025 年下半年推出。

And we are seeing increasing traction from our channel and consultant relationships, which are fueling requests for proposals for RFPs, flow, and bringing in the kind of strategic accounts that align with our long-term model. All of this gives us confidence that the short-term gap will be closed and growth will be accelerated.

我們看到，我們的管道和顧問關係正在不斷增強，這推動了對 RFP 和流程的提案請求，並帶來了符合我們長期模式的策略帳戶。所有這些都讓我們有信心，短期差距將會縮小，成長將會加速。

Importantly, our financial profile continues to strengthen. This is not just about growth, it's about the quality of that growth. GAAP gross margin increased to 55% from 44% year over year in the second quarter.

重要的是，我們的財務狀況持續增強。這不僅關乎成長，也關乎成長的品質。第二季度，GAAP 毛利率從去年同期的 44% 上升至 55%。

Importantly, our B2B2C business continues to operate at over 80% gross margins on a non-GAAP basis. We reduced GAAP operating expenses by 36% and narrowed operating loss by 43% year over year this quarter. Our strategy, margin-driven, AR focused, and powered by AI-enabled scale is working.

重要的是，我們的 B2B2C 業務在非 GAAP 基礎上繼續保持 80% 以上的毛利率。本季度，我們將 GAAP 營運費用降低了 36%，並將營運虧損年減了 43%。我們的策略以利潤為導向、以 AR 為重點、以 AI 為支撐，正在發揮作用。

Steven and Chen will share more on our commercial traction and financial performance, but I want to emphasize that we are building a company designed to thrive not just in today's environment, but in the future landscape of digital health where efficiency, outcomes, and value will define the winners.

史蒂文和陳將分享更多關於我們的商業吸引力和財務業績的信息，但我想強調的是，我們正在建立一家不僅在當今環境中蓬勃發展的公司，而且在未來的數位健康領域中，效率、成果和價值將決定勝負。

I will now turn the call over to Steven Nelson, our President and Chief Commercial Officer.

現在我將把電話轉給我們的總裁兼首席商務官史蒂文·尼爾森。

Thank you, and good morning, everyone. Before I get started, I want to thank Lara Dodo for stepping in to handle my portion of the earnings call last quarter, while I was out due to a medical emergency. She's an amazing COO, and it's a privilege to have her leadership and partnership at Dario.

謝謝大家，早安。在我開始之前，我想感謝 Lara Dodo，在我因醫療緊急情況缺席的情況下，上個季度介入處理我的收益電話會議部分。她是一位出色的首席營運官，我很榮幸能夠在 Dario 獲得她的領導和合作。

As Erez shared, this was a transition quarter, one that highlights the durability of our model and the momentum we're building. Our focus remains on sustainable reoccurring revenue growth fueled by differentiated solutions and disciplined execution.

正如埃雷茲所說，這是一個過渡季度，凸顯了我們模式的持久性和我們正在建立的勢頭。我們的重點仍然是透過差異化解決方案和嚴格的執行來實現可持續的經常性收入成長。

At the center is our multi-condition platform, fundamentally reshaping how health care is delivered for users and payers. To make that real, think about someone prescribed a GLP-1 for obesity or diabetes. Instead of a short burst of weight loss followed by a relapse, Dario surrounds that medication with personalized digital engagement, behavioral reinforcement, and integrated chronic condition management that extends the benefit for years while lowering the total cost of care. We have more clinical and ROI data than anyone in the market to back this up. Dario delivers a 5 times ROI, more than double other leading digital health solutions with medical cost reductions exceeding $5,000 per engaged user.

我們的核心是多條件平台，從根本上重塑了為用戶和付款人提供醫療保健的方式。為了實現這一點，想像一下有人為治療肥胖或糖尿病開了 GLP-1。達裡奧並沒有採用短期減重後復發的方法，而是結合個人化的數位互動、行為強化和綜合慢性病管理來治療，從而將療效延長數年，同時降低總護理成本。我們擁有比市場上任何人更多的臨床和投資回報率數據來支持這一點。Dario 的投資報酬率高達 5 倍，是其他領先數位健康解決方案的兩倍多，每位參與用戶的醫療成本降低超過 5,000 美元。

Year to date, we serve over 100 clients, including four national health plans, six regional health plans, self-insured employers, and five pharmaceutical partners. This diversified footprint is critical as we scale, and our health plan partnerships have grown meaningfully over the past year.

今年迄今為止，我們已為 100 多家客戶提供服務，其中包括四個國家健康計劃、六個地區健康計劃、自保雇主和五個製藥合作夥伴。隨著我們不斷擴大規模，這種多元化的足跡至關重要，而且我們的健康計劃合作夥伴關係在過去一年中取得了顯著增長。

Combined with PBMs, benefit consultants, and other channel partners, these relationships give us access to most of our target employer market without the friction of lengthy contracting and security reviews, making Dario one of the easiest solutions to buy and implement.

透過與 PBM、福利顧問和其他通路合作夥伴結合，這些關係使我們能夠進入大多數目標雇主市場，而無需經歷冗長的合約和安全審查，這使得 Dario 成為最容易購買和實施的解決方案之一。

In the first half of 2025, we signed 21 new clients, including a top US healthcare institution, two regional health plans, 18 employer clients, 80% of which are multi-condition programs. These wins reflect demand for unified clinically integrated platforms that address multi-chronic and behavioral conditions together with measurable outcomes, ROI accountability, and strong customer engagement.

2025年上半年，我們簽了21位新客戶，其中包括一家美國頂級醫療機構、兩家區域健康計畫、18家雇主客戶，其中80%為多條件計畫。這些勝利反映了對統一臨床整合平台的需求，該平台可解決多種慢性和行為狀況，並具有可衡量的結果、投資回報率問責制和強大的客戶參與度。

This quarter also marked the completion of a full review of our channel partner network. We reset relationships, restructured contracts where needed to ensure product market fit and align with partners' go-to-market models. The result, revitalize partnerships and stronger value proposition that matches how benefits are bought and sold in the US, particularly around January renewal cycles. That work is paying off.

本季度也標誌著我們對通路合作夥伴網路的全面審查的完成。我們重新設定關係，在需要時重組合同，以確保產品適合市場並與合作夥伴的市場進入模式保持一致。結果是，重振合作夥伴關係，並提出更強大的價值主張，與美國的福利買賣方式相匹配，特別是在一月份續約週期期間。這項工作正在取得成效。

We've seen significant traction from benefit consultants like locked in and channel partners such as Amwell and Solera. With months still to go, we already have contracts and verbal commitments for 2026, and our pipeline is the strongest and most qualified it has ever been. That includes two of our largest health plan cardiometabolic accounts, both with national scale, with one of them set to go live in the second half of this year. That launch will contribute revenue in 2025 while building a significant momentum for 2026.

我們看到了諸如 Locked In 等福利顧問以及 Amwell 和 Solera 等通路合作夥伴的巨大吸引力。儘管還有幾個月的時間，我們已經簽訂了 2026 年的合約和口頭承諾，我們的管道是有史以來最強大、最合格的。其中包括我們最大的兩個健康計畫心臟代謝帳戶，兩者皆具有全國規模，其中一個將於今年下半年上線。此次發射將為 2025 年帶來收入，同時為 2026 年累積重要動力。

Before I go deeper into each of our core segments, our new committed annual reoccurring revenue for next year now stands at approximately $5 million, with an additional $5 million in late-stage contracting, all outside of pharma. Our pipeline is healthy at roughly $53 million. This strong foundation reflects both new client wins we've secured and the high-quality opportunities we're advancing towards closing.

在我深入介紹我們每個核心部門之前，我們明年新承諾的年度經常性收入目前約為 500 萬美元，另外還有 500 萬美元的後期合同，全部來自製藥業之外。我們的管道狀況良好，價值約為 5,300 萬美元。這個堅實基礎既反映了我們贏得的新客戶，也反映了我們正在努力爭取的高品質機會。

Our revenue growth today comes from two levers: expanding eligible lives and improving yield. We've seen higher eligible lives from both new client wins and expansions within existing accounts and stronger enrollment yields driven by targeted engagement and integrated partner campaigns directly translating to ARR growth.

我們今天的收入成長來自兩個槓桿：擴大合格壽命和提高收益。我們看到，透過贏得新客戶和擴大現有帳戶，合格客戶數量有所增加，而有針對性的參與和綜合合作夥伴活動推動的註冊收益更高，直接轉化為 ARR 成長。

In our Employer segment, our differentiated GLP-1 support program remains a leading entry point. We've built it as a digital utilization management solution that allows employers to control the cost of GLP-1 medications now at all-time highs.

在我們的雇主領域，我們差異化的 GLP-1 支援計畫仍然是一個領先的切入點。我們將其建構成數位化利用管理解決方案，使雇主能夠控制目前處於歷史最高水準的 GLP-1 藥物成本。

Through our partnership with a national third-party administrator, a TPA, we are live and generating ARR with several new employer clients. The combination of clinical oversight, behavioral reinforcement and digital tools supported by outcomes-based pricing and claims-based billing is resonating with cost-conscious ROI-driven buyers.

透過與全國第三方管理機構 TPA 的合作，我們與多家新的雇主客戶建立了合作關係並產​​生了 ARR。臨床監督、行為強化和數位工具的結合，加上基於結果的定價和基於索賠的計費，引起了注重成本的投資回報率驅動型買家的共鳴。

We're also seeing accelerated RFP volume from leading benefit brokers, opening doors to high-value, mid-sized and jumbo employers ahead of the 2026 plan year. In fact, we are in final stages, specifically a clinical review with the largest employer in Dario's history, representing 125,000 employees for a January 2026 launch of our diabetes and hypertension offering.

我們還看到來自領先福利經紀人的 RFP 數量正在加速增長，為 2026 計劃年度到來之前的高價值、中型和大型雇主打開了大門。事實上，我們正​​處於最後階段，具體來說是與 Dario 歷史上最大的雇主進行臨床審查，代表 125,000 名員工，將於 2026 年 1 月推出我們的糖尿病和高血壓產品。

Momentum with health plans is also accelerating. Two top-tier payers are advancing full suite evaluations for 2026 implementation and several others are in pilots or preparing to launch additional conditions this year.

健康計劃的發展勢頭也在加速。兩家頂級付款人正在推進 2026 年實施的全套評估，其他幾家正在試點或準備在今年推出附加條件。

At this time last year, we had three health plans in our pipeline. Today, that number is more than 25 qualified plans for 2026. With MediOrbis, we've expanded prescriber and remote monitoring capabilities, giving health plans more tools to manage utilization, cost, and access, especially in Medicaid and Medicare Advantage populations.

去年此時，我們有三個健康計畫正在籌備中。如今，2026 年的合格計畫數量已超過 25 個。借助 MediOrbis，我們擴展了處方和遠端監控功能，為健康計劃提供了更多工具來管理利用率、成本和訪問，尤其是在醫療補助和醫療保險優勢人群中。

Our Pharma business continues to evolve as a strategic high-margin opportunity for the future. As mentioned before, we've changed this channel from one-time revenues into reoccurring revenues. This channel is under transformation, and we believe a few of the top accounts, including Sanofi, will move to full commercial stage with reoccurring revenues. To be clear, none of the $5 million in committed ARR I mentioned earlier comes from Pharma.

我們的製藥業務將繼續發展成為未來的策略性高利潤機會。如同先前所提到的，我們已經將這個管道從一次性收入轉變為經常性收入。該管道正在轉型，我們相信包括賽諾菲在內的一些頂級客戶將進入全面商業化階段，並獲得經常性收入。需要明確的是，我之前提到的 500 萬美元承諾 ARR 並不來自製藥公司。

I mentioned that GLP-1 is leading entry point for us with new customers. GLP-1 medications are reshaping obesity and diabetes care, but without sustained behavior change, weight relapse is inevitable, and cost will rise. Dario's solution is designed for this reality, pairing medication with proven engagement strategies to drive lasting results before, during, and after GLP-1 therapy.

我提到 GLP-1 是我們吸引新客戶的主要切入點。GLP-1 藥物正在重塑肥胖症和糖尿病護理，但如果沒有持續的行為改變，體重復發將不可避免，而且成本也會上升。Dario 的解決方案正是針對這一現實而設計的，將藥物與經過驗證的參與策略相結合，以在 GLP-1 治療之前、期間和之後取得持久的效果。

We ensure cost control through smart eligibility and short scripting, promote adherence through engagement-linked fulfillment criteria, and secure long-term outcomes via post-medication behavioral reinforcement and habits.

我們透過智慧資格和簡短腳本確保成本控制，透過與參與相關的履行標準促進依從性，並透過用藥後行為強化和習慣確保長期結果。

As the GLP-1 market matures beyond weight loss, we are applying our approach to other high-cost, high-need categories. In June, we entered the $150 billion sleep health market through our partnership with GreenKey, extending our platform into sleep apnea and related sleeping disorders, a natural and scalable addition to our multi-condition model.

隨著 GLP-1 市場逐漸成熟，不再局限於減肥領域，我們正在將我們的方法應用於其他高成本、高需求的類別。6 月，我們透過與 GreenKey 合作進入了價值 1500 億美元的睡眠健康市場，將我們的平台擴展到睡眠呼吸中止症和相關睡眠障礙領域，這是我們多條件模型的自然且可擴展的補充。

We are already in multiple active conversations that will leverage GreenKey's capabilities, Dario's engagement platforms to help health plans reduce cost of care, specifically by addressing wasted spend on sleep apnea machines when other interventions can deliver better outcomes at a lower cost. Based on meaningful ROI we are modeling, we expect to sign our first client in this category in the near-term.

我們已經在進行多項積極的對話，利用 GreenKey 的功能和 Dario 的參與平台來幫助醫療計劃降低護理成本，特別是透過解決在睡眠呼吸中止症機器上的浪費開支，而其他幹預措施可以以更低的成本提供更好的結果。根據我們正在建模的有意義的投資報酬率，我們預計近期將簽下該類別的第一位客戶。

With more than 90 peer-reviewed publications and over two dozen American Diabetes Association presentations, Dario is widely viewed as a clinical and scientific leader in digital health. In Q2, a major study in the Journal of Medical Internet Research demonstrated improved flu vaccination outcomes in high-risk diabetes populations, another example of how our platform drives measurable behavioral change. We are winning strategic high-quality business.

達裡奧發表了 90 多篇同行評審的出版物和 20 多篇美國糖尿病協會演講，被廣泛視為數位健康領域的臨床和科學領袖。在第二季度，《醫學網路研究雜誌》的一項重要研究表明，高風險糖尿病族群的流感疫苗接種效果有所改善，這是我們的平台如何推動可衡量的行為改變的另一個例子。我們正在贏得策略性的高品質業務。

We are aligning operations with buying cycles of our markets, and we are scaling through trusted, optimized channels. As we look to the remainder of 2025 and into 2026, our platform, partnerships, and pipeline are well positioned for sustained commercial growth.

我們正在使營運與市場購買週期保持一致，並透過值得信賴的、優化的管道擴大規模。展望 2025 年剩餘時間和 2026 年，我們的平台、合作夥伴關係和通路已做好充分準備，可實現持續的商業成長。

With that, I'll turn it to Chen Franco. We are pleased to welcome Chen to Dario as our new CFO. The deep experience she has in healthcare and capital markets is great value to us.

現在，我將把話題轉向陳佛朗哥。我們很高興歡迎陳加入 Dario 擔任我們的新任財務長。她在醫療保健和資本市場方面的豐富經驗對我們來說非常有價值。

So thank you, Steven, and hello, everyone. I'm truly excited to be here at Dario and contribute to our mission of delivering impactful, scalable digital health solution.

所以謝謝你，史蒂文，大家好。我真的很高興來到 Dario，為我們提供有影響力、可擴展的數位健康解決方案的使命做出貢獻。

Before reviewing the numbers, I'd like to share how we strategically analyze, monitor, and forecast revenues in our core B2B2C business, which is comprised primarily of health plans and self-insured employers.

在回顧這些數字之前，我想先分享我們如何策略性地分析、監控和預測我們的核心 B2B2C 業務的收入，該業務主要由健康計劃和自保雇主組成。

Our approach is built on three pillars. The first one, retention of existing clients and members. These are signed and onboarded accounts where we expect at least 85% retention year over year based on our historical performance and engagement levels.

我們的方法建立在三大支柱之上。第一個，保留現有客戶和會員。這些都是已簽約並加入的帳戶，根據我們的歷史表現和參與度，我們預計其年保留率至少為 85%。

Second, expansion within current accounts. We leverage our robust multi-condition platform to cross-sell and upsell, adding new services and conditions to existing relationships. Here, we expect to see between 10% to 15% growth.

第二，經常帳戶擴張。我們利用強大的多條件平台進行交叉銷售和追加銷售，為現有關係添加新的服務和條件。我們預計這裡的成長率將在 10% 到 15% 之間。

The third one, new logo growth. Onboarding new clients is a key engine for long-term growth, subject to the timing and seasonality of benefits revenue cycles, as Steven described earlier.

第三個，新標識的成長。正如史蒂文之前所描述的，吸引新客戶是長期成長的關鍵引擎，但取決於福利收入週期的時間和季節性。

When analyzing Dario's performance across the three pillars, we see that the first and second pillars are performing in line with our targets. Retention of clients and users is strong, supported by the quality of our products and the efficiency of our member engagement.

當我們分析達裡奧在三大支柱上的表現時，我們發現第一和第二支柱的表現符合我們的目標。由於我們的產品品質和會員參與效率，客戶和用戶的保留率很高。

The third pillar, new logo acquisition, is the area where we have the greatest opportunity to improve, and it remains a key focus for the organization. As Steven covered earlier, we believe we are moving in the right direction here as well.

第三個支柱，新標誌的獲取，是我們最有改進機會的領域，它仍然是組織的重點。正如史蒂文之前所說，我們相信我們也朝著正確的方向前進。

Looking at the broader financial profile of the company, we're seeing meaningful progress also in other parts of the P&L. Continued integration of AI across our solution and operational workflow is delivering measurable efficiencies and reducing operating expenses. Post-merger integration and ongoing efficiency initiatives continue to drive OpEx down and narrow our operating loss year over year.

從公司更廣泛的財務狀況來看，我們看到損益表的其他部分也取得了有意義的進展。在我們的解決方案和營運工作流程中持續整合人工智慧，可以帶來可衡量的效率並降低營運費用。合併後的整合和持續的效率措施繼​​續推動營運支出下降，並逐年縮小我們的營運虧損。

Successful rollout of our SaaS-like pricing is shifting our revenue mix towards high-quality ARR and reducing reliance on one-time payments. Maintaining a high gross margin above 80% in our core B2B2C business is encouraging as it provides clear evidence that our model works.

成功推出類似 SaaS 的定價正在將我們的收入結構轉向高品質的 ARR，並減少對一次性付款的依賴。我們的核心 B2B2C 業務保持 80% 以上的高毛利率令人鼓舞，因為它清楚地證明了我們的模式是有效的。

All these elements position us to continue reducing losses and strengthen our path towards achieving operational profitability and positive cash flow over time.

所有這些因素都使我們能夠繼續減少損失，並加強我們實現營運盈利和正現金流的道路。

Total revenues for second quarter of 2025 were $5.4 million compared to $6.3 million in the second quarter of 2024 and $6.8 million in the first quarter of 2025. The decline reflects the nonrenewal of a large national health plan earlier this year and our strategic shift towards SaaS-like recurring revenue model. Despite the short-term top-line impact, we are encouraged by our growing committed ARR, high client retention, and an expanding pipeline, both in brief and quality.

2025 年第二季總營收為 540 萬美元，而 2024 年第二季為 630 萬美元，2025 年第一季為 680 萬美元。這一下降反映了今年早些時候一項大型國家健康計劃的未續簽以及我們向類似 SaaS 的經常性收入模式的戰略轉變。儘管短期內會對營收產生影響，但我們對不斷增長的承諾 ARR、較高的客戶保留率以及簡短而優質的管道不斷擴大感到鼓舞。

Slower-than-expected ramp-up of new accounts and onboarding of new logos led to the revenue gap. We know our product continues to work well as demonstrated in high user engagement and measured improved outcomes.

新帳戶成長和新標誌的引入速度低於預期，導致了收入差距。我們知道我們的產品繼續發揮良好的作用，這體現在高用戶參與度和可衡量的改進結果上。

Gross margins was 55% GAAP and 64% non-GAAP. In our core B2B2C channel specifically, we have maintained a non-GAAP gross margin of around 80% since the first quarter of 2024, an important validation of our efficient business model.

毛利率為 55%（以 GAAP 計算）和非 GAAP 計算的毛利率為 64%。具體到我們的核心B2B2C管道，自2024年第一季以來，我們的非GAAP毛利率一直維持在80%左右，這是我們高效商業模式的重要驗證。

Operating expenses were $12.2 million, down 36% from $18.9 million in the second quarter of 2024, driven by post-merger integration, operational efficiencies, offshore initiatives, and AI-enabled efficiencies. This resulted in a 43% year-over-year improvement in operating loss, narrowing it from $16.2 million to $9.2 million.

營運費用為 1,220 萬美元，較 2024 年第二季的 1,890 萬美元下降 36%，這主要得益於併購後整合、營運效率、離岸計畫和人工智慧帶來的效率提升。這使得營業虧損年增了 43%，從 1,620 萬美元縮減至 920 萬美元。

We ended the second quarter with $22.1 million in cash and short-term deposits, strengthened by our recent debt restructuring, which provides additional flexibility for execution. I'm confident our strategy positions us for a sustained growth over the coming years.

我們第二季結束時擁有 2,210 萬美元的現金和短期存款，這得益於我們最近的債務重組，為執行提供了額外的靈活性。我相信我們的策略將使我們在未來幾年實現持續成長。

With that, I'll hand it back to Erez to close the call.

說完這些，我將把電話交還給埃雷茲，結束通話。

Thanks, Chen. As we wrap up today's call, I want to take a step back and talk about the broader digital health landscape and where Dario fits within it. Recent IPOs like Hinge Health and Omada have signaled how the market value digital health. It's about delivering high-margin recurring revenues, clear operating leverage and real-world impact, just like Dario. These companies are now trading 5x to 10x revenues, and that's creating a meaningful benchmark for Dario.

謝謝，陳。在我們結束今天的電話會議時，我想退一步談談更廣泛的數位健康領域以及達裡奧在其中的地位。Hinge Health 和 Omada 等最近的 IPO 顯示了市場對數位健康的重視程度。就像達裡奧一樣，這是為了實現高利潤的經常性收入、明確的經營槓桿和現實世界的影響。這些公司目前的交易金額是其收入的 5 倍到 10 倍，這為達裡奧創造了一個有意義的基準。

Here are key fundamentals driving our path to profitable growth. One is our B2B2C business has delivered a non-GAAP gross margins of approximately 80% since Q1 2024. Two, our contract renewals rate is 85% with increasing contract sizes and multi-condition scope, we leverage cross-selling and upselling opportunities with a goal to expand clients value by another 10%. Three, our strategy with partners works. We see significant growth coming from the partnership we have. Four, we operate with a lean cost structure and scalable financial profile, creating a clear pathway to cash flow positive.

以下是推動我們實現獲利成長的關鍵基本面。一是我們的 B2B2C 業務自 2024 年第一季以來實現了約 80% 的非 GAAP 毛利率。其次，我們的合約續約率為 85%，隨著合約規模的不斷擴大和條件範圍的不斷增多，我們利用交叉銷售和追加銷售的機會，目標是將客戶價值再擴大 10%。第三，我們與合作夥伴的策略是有效的。我們看到，我們之間的合作帶來了顯著的成長。第四，我們採用精實的成本結構和可擴展的財務狀況，為現金流的正向流動創造了清晰的途徑。

But beyond the fundamentals, what truly sets us apart is our AI-powered operating model. Our generative AI is built to create value across three core dimensions. For operating efficiency, we are embedding AI agent internally to streamline operations and reduce cost to serve.

但除了基本面之外，真正讓我們與眾不同的是我們的人工智慧營運模式。我們的生成人工智慧旨在在三個核心維度上創造價值。為了提高營運效率，我們在內部嵌入了人工智慧代理，以簡化營運並降低服務成本。

To further enhance our member engagement, we are leveraging conversational intelligence to deliver hyper-personalized, proactive, and clinically guided interventions, boosting customer value. We are supporting employers and health plans clients with a measurable, scalable ROI model for managing chronic populations.

為了進一步提高會員參與度，我們利用對話智能提供超個人化、主動性和臨床指導的介入措施，進而提升客戶價值。我們為雇主和健康計畫客戶提供可衡量、可擴展的慢性病族群管理投資報酬率 (ROI) 模型。

Our proprietary AI engine built on 13 billion data points and 25 years of user journeys powers personalization at scale. It's already driving measurable improvements in engagement and outcomes, while enabling approximately 15% cost reductions in OpEx for Dario through automation of onboarding, care navigation, and support over the next 12 to 15 months. We believe this combination of strong clinical validation, high-margin ARR, and embedded AI makes Dario one of the most differentiated platforms in the digital health space.

我們的專有 AI 引擎基於 130 億個數據點和 25 年的用戶旅程構建，可實現大規模個性化。它已經在參與度和成果方面取得了可衡量的改善，同時透過未來 12 到 15 個月內實現入職、護理導航和支援的自動化，使 Dario 的營運支出成本降低了約 15%。我們相信，強大的臨床驗證、高利潤的 ARR 和嵌入式人工智慧的結合使 Dario 成為數位健康領域最具差異化的平台之一。

We are not chasing growth at all costs. We are building a company that can scale efficiently, deliver results, and become a long-term category leader.

我們不會不惜一切代價追求成長。我們正在建立一家能夠有效擴展、取得成果並成為長期行業領導者的公司。

Thanks again for your continued support. With that, let's open it up for Q&A session.

再次感謝您一直以來的支持。好了，讓我們開始問答環節。

(Operator Instructions) Charles Rhyee, TD Cowen.

（操作員指示）Charles Rhyee，TD Cowen。

Hi. This is Ethan on for Charles. Thanks for taking the question. So just looking at the sequential revenue decline in 2Q, I know you guys talked about a scope reduction with the health plan as well as some new clients maybe ramping a bit more slowly than previously expected. But we're just thinking, was there any churn that maybe also contributed this quarter? Thanks.

你好。這是 Ethan 取代 Charles 上場的。感謝您回答這個問題。因此，僅從第二季的連續收入下降來看，我知道你們談到了健康計劃範圍的縮小以及一些新客戶的成長速度可能比之前預期的要慢一些。但我們只是在想，本季是否有任何可能導致客戶流失的情況？謝謝。

Thanks for the question. As we mentioned in the script of the call, we haven't seen a churn in the ARR of the company. We had a one-time revenue that appeared in Q1 that didn't repeat in Q2. Overall, the ARR given the clients that we have and as we mentioned, 85% retention on the clients and the members, this is what we see year over year. So here, we haven't seen any additional reduction with the exception of the big health plans that we mentioned in the previous quarter that created the reduction year over year that we have.

謝謝你的提問。正如我們在通話記錄中提到的那樣，我們還沒有看到該公司的 ARR 出現任何波動。我們在第一季出現了一次性收入，但在第二季沒有重複出現。總體而言，考慮到我們現有的客戶，ARR 以及我們所提到的客戶和會員的保留率為 85%，這是我們逐年看到的情況。因此，除了上一季提到的大型健康計劃導致同比減少之外，我們沒有看到任何額外的減少。

As we mentioned on the call, we had a lot of new business going in that didn't manage to offset the one big health plan loss that we had at Q1 of this year.

正如我們在電話中提到的那樣，我們開展了大量新業務，但這些業務未能抵消今年第一季發生的一項重大健康計劃損失。

Okay. That's helpful. Thank you. Do you think you could give a little bit more color on potentially any of the services that health plan may be decided to discontinue?

好的。這很有幫助。謝謝。您是否認為可以對健康計劃可能決定停止的任何服務提供更多細節？

Yeah. They decided to discontinue what would have been a Medicaid maternity program and they in-sourced it. So it really wasn't us. In fact, it was more about what they wanted to do to in-source their own work. And so in that regard -- and this is Steven, by the way, sorry, I didn't introduce myself.

是的。他們決定停止原本的醫療補助生育計劃，並將其轉為內部計劃。所以這真的不是我們。事實上，這更多的是關於他們想要做什麼來外包自己的工作。因此在這方面——順便說一下，我是史蒂文，抱歉，我沒有自我介紹。

In that regard, it just gives a little bit more context for what they were trying to do. Obviously, there are some opportunities we're still seeing in maternal health, specifically in Medicaid. This one proved a good ROI for them to the point where they wanted to in-source that capability specifically.

從這個方面來說，它只是為他們試圖做的事情提供了更多的背景資訊。顯然，我們在孕產婦保健方面仍然看到一些機會，特別是在醫療補助方面。事實證明，這對他們來說是一項很好的投資回報，因此他們想要專門將這項能力引入內部。

David Grossman, Stifel.

戴維·格羅斯曼，Stifel。

Hi, all. This is Aidan on for David. I just wanted to start back on that health plan and just dive into like what reduction in that health plan is different from kind of the wins you're seeing in that space going forward in the second half? And why should we not expect any others to kind of reduce scale going forward?

大家好。這是艾丹 (Aidan) 為大衛 (David) 表演的。我只是想重新開始討論那個健康計劃，並深入研究那個健康計劃的減少與你在下半年看到的那個領域的勝利有什麼不同？為什麼我們不應該期望其他人在未來會縮小規模？

Yeah. So just to be clear, this is a contract that was part of the Twill business that was existing for three years. And by the end of last year into this year was not renewed. So it's not a loss. Overall, and this one was a relatively large deal when it comes to the revenues.

是的。所以要先明確的是，這是一份已經存在三年的 Twill 業務合約的一部分。而且從去年年底到今年都還沒有續約。所以這並不是什麼損失。總體而言，從收入來看，這是一筆相對較大的交易。

And this is not -- if we are looking on the more than 100 accounts that we are having in production, at the moment, number one, we don't see a big concentration like that one. I mean, the largest account that we have is in the ranges of $2 million. So at the moment, we see a very high diversification.

事實並非如此——如果我們查看我們目前在生產中的 100 多個帳戶，首先，我們沒有看到像這樣的大規模集中。我的意思是，我們最大的帳戶金額在 200 萬美元左右。因此，目前，我們看到了非常高的多樣化。

And number two, the specific maternity business that we have here, it's not something that we'll not be able to support in the future, but that's not the core thing of what we are doing today. So we might see business getting in for this specific type of condition.

第二，我們現在所從事的特定孕婦裝業務，並不是我們將來無法支持的業務，但這不是我們今天所做工作的核心。因此，我們可能會看到企業陷入這種特定類型的狀況。

But in general, we haven't seen with the existing business that we have, hence, the metabolic, mental health and the rest of the book of business, we haven't seen any trend of losses. There is also something that is very specific for this account that was related to the capital structure of Twill that we acquired that was also played an argument here when it comes to the relationship between us to the specific client.

但總的來說，我們還沒有看到我們現有的業務，因此，代謝、心理健康和其他業務，我們還沒有看到任何虧損趨勢。這個帳戶還有一些非常具體的事情，與我們收購的 Twill 的資本結構有關，當涉及到我們與特定客戶之間的關係時，這也引起了爭論。

We are still in relationship with the clients, and we are exploring other businesses with this specific line. So this -- we expect that at some point, we're going to see a renewal of relationship with this client. But I wouldn't look into this specific void of renewal as something that is trend in the business.

我們仍然與客戶保持合作關係，並且正在探索這條特定產品線的其他業務。因此，我們預計在某個時候，我們與該客戶的關係將會重新恢復。但我不會將這種特定的更新空白視為商業趨勢。

The other way around, if we're looking into the trends that we have today, we have like, as Steven mentioned and I mentioned, we have two huge accounts that one of them is already signed. Another one is getting signed now. Both of them have a very wide national distribution that is going to impact our revenues. So I would say that when looking into the big picture in terms of the trends of the accounts, we see a trend of more accounts getting signed. So we are trending up, plus large accounts that are getting in, two of them are for national distribution.

反過來說，如果我們研究一下今天的趨勢，我們就會像史蒂文和我提到的那樣，我們有兩個大帳戶，其中一個已經簽約了。另一個正在簽約。這兩家公司的全國分佈範圍都很廣，這將影響我們的收入。因此我想說，當從帳戶趨勢的整體角度來看時，我們會看到越來越多的帳戶被簽署的趨勢。因此，我們的趨勢是上升的，另外還有大量客戶加入，其中兩個是全國分銷的。

One of them is for launch for the second half of 2025. So in general, we are positive, and we see this specific account as an exception. And this is something that we also mentioned in the previous quarter.

其中一艘將於 2025 年下半年發射。因此，總體而言，我們持積極態度，我們認為這個特定帳戶是一個例外。我們在上一季也提到過這一點。

Okay. And then just on the partnership network. I think last quarter, you called out like Rula Health having three or four clients live, the sleep apnea one going live shortly. Can you just talk a little bit how you've kind of restructured that program, just the partnership program in general and kind of the positive impacts that are coming from those changes?

好的。然後就合作網絡而言。我想上個季度，您提到 Rula Health 有三、四個客戶上線，睡眠呼吸中止症客戶也即將上線。您能否簡單談談您是如何重組該計劃的，以及整個合作夥伴計劃，以及這些變化帶來的正面影響？

Yeah. I think, first of all, our five core conditions being cardiometabolic three, behavioral health and MSK, where we have grown our two conditions were mostly around adding in virtual care network to behavioral health, that's Rula. And we're still progressing with them as a partner, targeting our clients today that would like to add in those services, but they add in virtual services or our combined services for January and beyond. Again, Rula is really important for that for adding virtual care.

是的。我認為，首先，我們的五個核心條件是心臟代謝、行為健康和 MSK，其中我們發展的兩個條件主要是圍繞在行為健康中添加虛擬護理網絡，這就是 Rula。我們仍在與他們合作，目標是今天想要添加這些服務的客戶，但他們會在 1 月及以後添加虛擬服務或我們的綜合服務。再次強調，Rula 對於增加虛擬照護確實非常重要。

But then the expansion, as you noted, into sleep is kind of an extension of the conditions that we have. Again, putting cardiometabolic services together with sleep, sleep apnea, specifically obstructive sleep apnea, kind of adds us into a different category and gets us some different business around cardiometabolic, but obviously connected to a partnership. So we're trying to grow partners where we don't want to grow our own capabilities, and we're specifically anchored around commercial deals where we help them and together, we can go attack the market and kind of get some business. So we're thinking about how we add on the conditions, but strategically adding conditions or reaches or extending a reach of our condition towards clients for new revenue opportunities.

但正如您所說，擴展到睡眠是我們所處條件的一種延伸。再次，將心臟代謝服務與睡眠、睡眠呼吸中止症（特別是阻塞性睡眠呼吸中止症）結合起來，有點將我們歸入不同的類別，並為我們帶來一些圍繞心臟代謝的不同業務，但顯然與合作關係相關。因此，我們試圖發展合作夥伴，而我們不想發展自己的能力，我們特別關注商業交易，我們幫助他們，然後我們一起進入市場並獲得一些業務。因此，我們正在考慮如何添加條件，但要策略性地添加條件或範圍，或將條件的範圍擴大到客戶，以獲得新的收入機會。

Did that answer your question?

這回答了你的問題嗎？

Okay. Yeah. Great, thank you. And then just one last one. Just in terms of the cash flow outlook getting pushed out, I wanted to start on just the reduction of OpEx from AI. Can you go a little more into those initiatives and just like what's being recognized and where we should -- how we should expect those expenses to kind of come out over the 12 to 15 months?

好的。是的。太好了，謝謝。最後再說一句。就現金流前景而言，我只想從減少人工智慧的營運支出開始。您能否更詳細地介紹這些舉措，例如我們認識到了什麼，以及我們應該如何預期這些費用在未來 12 到 15 個月內會如何支出？

Yes. So we are very aggressive in our approach when it comes to running the company efficiency, and we are obsessive about adopting AI capabilities. So if you're looking overall, since the acquisition of Twill, we did a significant reduction in the cost of the company. Some of it is duplication of roles. Some of it is offshore to -- mainly to India.

是的。因此，在提高公司營運效率方面，我們採取了非常積極的方法，並且我們熱衷於採用人工智慧功能。因此，從整體來看，自從收購 Twill 以來，我們確實大幅降低了公司的成本。其中一些是角色的重複。其中一些出口到海外——主要是印度。

And the third portion is implementation of AI agents across the organization that while we are planning to increase the revenues in a more aggressive way, we're going to keep -- take the OpEx down by 15% in the next year or so. That's the plan.

第三部分是在整個組織內實施人工智慧代理，雖然我們計劃以更積極的方式增加收入，但我們將繼續——在未來一年左右將營運支出降低 15%。這就是計劃。

So I would look into a goal for OpEx toward the end of next year to be in the ranges of a bit more than $8 million a quarter. That's the expectation. And the areas that we are looking in are related to how we are managing the members on the platform, how we are enrolling members in an efficient way, retaining them in an efficient way and also other elements in the organization that related to the G&A areas and the sales and marketing areas where AI agents can be adopted relatively quickly. So that's the areas when it comes to the overall operation.

因此，我希望明年年底的營運支出目標能達到每季 800 萬美元以上。這就是我們的期望。我們正在研究的領域涉及如何管理平台上的會員，如何以有效的方式招募會員，以有效的方式留住會員，以及組織中與 G&A 領域和銷售和行銷領域相關的其他元素，在這些領域可以相對快速地採用 AI 代理。這就是整體營運的領域。

There are other elements that related to AI, as I mentioned on the call, that related to the product performance. This is a separate area of AI that we are managing. The OpEx specifically related to the ability of the company to utilize AI agent in order to keep cost low.

正如我在電話中提到的，還有其他與人工智慧相關的元素，這些元素與產品性能有關。這是我們管理的人工智慧的一個獨立領域。營運支出具體與公司利用人工智慧代理以降低成本的能力有關。

Theodore O'Neill, Litchfield Hills Research.

西奧多·奧尼爾，利奇菲爾德山研究公司。

Thank you very much. I have a question about the claims-based billing infrastructure. In your prepared remarks, you noted you're adding this. And I was wondering if you could talk about the issue this solves or what the key benefit is for you or the customer for adding this?

非常感謝。我對基於索賠的計費基礎設施有一個疑問。在您準備好的發言中，您指出您正在添加這一點。我想知道您是否可以談談這解決了什麼問題，或者添加此功能對您或客戶的主要好處是什麼？

Yeah. For us, this is Steven Nelson. For us adding in the claims-based billing, today, all of our engagement billing goes through to the admin budget of the employer or the health plan. And so as we engage, we get paid for engagement that comes from administrative budgets.

是的。對我們來說，這就是史蒂文·尼爾森。對於我們來說，添加基於索賠的帳單，今天，我們所有的參與帳單都進入雇主或健康計劃的管理預算。因此，當我們參與時，我們會從行政預算中獲得報酬。

Instead, we're trying to add in clinical oversight to our capability with clinical oversight, we now get to render those as claims, and that then passes through as premium. So today, we're doing very little billing through premium and claims, and we're adding in that enabler so we can really get after what I would say is the larger profit pool of the industry.

相反，我們正試圖將臨床監督添加到我們的臨床監督能力中，現在我們將其作為索賠，然後作為保費通過。因此，今天，我們透過保費和索賠進行的計費很少，我們正在添加該推動因素，以便我們能夠真正獲得我所說的行業更大的利潤池。

If you look at our competitive set of Omada or even if you look at what Hinge has done, and they've been very articulate in stating how they've grown and where they've grown, there's a channel play and then there's how you're rendering the revenue. And so we're trying to get closer to claims-based billing so we can kind of close the loop on that.

如果你看看我們的競爭對手 Omada，或看看 Hinge 所做的事情，你會發現他們非常清楚地說明了他們是如何成長的，以及在哪裡成長的，他們有一個管道運作，然後就是你如何實現收入。因此，我們正在努力接近基於索賠的計費，以便我們能夠完成這項循環。

We think we're there in terms of the channels now, getting after TPAs, starting into PBMs and going after health plans to get to one to many types of executions. But then we need to close the loop on that by having claims-based billing infrastructure, again, clinical oversight applied to coaching, engagement, et cetera, that allows us to render claims. And that gets into CPT codes and how you bill.

我們認為，就通路而言，我們現在已經取得了進展，獲得了 TPA，開始進入 PBM 並獲得了健康計劃，從而獲得了一種或多種類型的執行。但隨後，我們需要透過基於索賠的計費基礎設施來結束這一循環，再次將臨床監督應用於指導、參與等，以便我們能夠提出索賠。這涉及到 CPT 代碼以及計費方式。

And really, the majority of the industry, I'd say, a significant portion, 90%, 95% of the industry is all billing through claims. So this opens up a brand-new revenue path for us.

事實上，我想說，這個行業的大多數，相當一部分，90%、95% 都是透過索賠來計費的。這為我們開闢了一條全新的收入途徑。

Okay. Thanks very much.

好的。非常感謝。

Thank you. There are no further questions at this time. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。目前沒有其他問題。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。