electroCore, Inc. (ECOR) 2023 Q4 法說會逐字稿

Hello, and welcome to the electroCore Fourth Quarter and Full Year 2023 Earnings Conference Call and Webcast.

您好，歡迎參加 electroCore 2023 年第四季和全年財報電話會議和網路廣播。

(Operator Instructions) At this time, I'd like to turn the call over to Dan Goldberger, CEO.

（操作員指示）此時，我想將電話轉給執行長 Dan Goldberger。

Please go ahead, sir.

請繼續，先生。

Thank you all for participating in today's electroCore Earnings Call.

感謝大家參加今天的 electroCore 財報電話會議。

My name is Dan Goldberger.

我叫丹‧戈德伯格。

I am the Chief Executive Officer of electroCore, and I'm also a member of the Board of Directors.

我是 electroCore 的首席執行官，也是董事會成員。

Joining me today is Brian Posner, our Chief Financial Officer.

今天加入我的是我們的財務長布萊恩·波斯納 (Brian Posner)。

Earlier today, electroCore published results for the fourth quarter and full year ended December 31st, 2023.

今天早些時候， electroCore 公佈了截至 2023 年 12 月 31 日的第四季度和全年業績。

A copy of the press release is available on the company's website.

該新聞稿的副本可在該公司網站上取得。

Before we begin, I'd like to remind you that management will make statements during the call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒您，管理層將在電話會議期間發表聲明，其中包括聯邦證券法含義內的前瞻性聲明，這些聲明是根據《私人證券訴訟改革法案》的安全港條款制定的1995年。

Any statements contained in this call that are not statements of historical fact could be deemed to be forward-looking statements.

本次電話會議中包含的任何非歷史事實陳述的陳述都可能被視為前瞻性陳述。

All forward-looking statements, including without limitation, any guidance, outlook or future financial expectations or operational activities and performance are based upon the Company's current estimates and various assumptions.

所有前瞻性陳述，包括但不限於任何指導、展望或未來財務預期或營運活動和業績，均基於公司目前的估計和各種假設。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述預期或暗示的結果或事件有重大差異。

And accordingly, you should not place undue reliance on these statements for a list of the risks and uncertainties associated with the Company's business, please see the Company's filings with the Securities and Exchange Commission.

因此，您不應過度依賴這些聲明來獲取與公司業務相關的風險和不確定性列表，請參閱本公司向美國證券交易委員會提交的文件。

Electrocore disclaims any intention or obligation, except as required by law to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

Electrocore 不承擔任何意圖或義務，除非法律要求更新或修改任何財務預測或前瞻性陳述，無論是因為新資訊、未來事件或其他原因。

This conference call contains time-sensitive information that is accurate only as of the live broadcast today, March 13th, 2024, electroCore was founded in 2005 to commercialize the use of our proprietary non-invasive vagus nerve stimulation for medical and general wellness applications.

本次電話會議包含的時間敏感資訊僅截至今天（2024 年3 月13 日）直播時準確。商業化。

The vagus nerve is the longest cranial nerve in the body, bringing information from the visceral organs to the brain.

迷走神經是體內最長的腦神經，將內臟器官的訊息傳送到大腦。

Stimulating the vagus nerve affects many important autonomic functions in the brain and in the body, including neurotransmitter levels, inflammation levels and metabolism.

刺激迷走神經會影響大腦和身體的許多重要自主功能，包括神經傳導物質水平、發炎程度和新陳代謝。

Surgically implanted vagus nerve stimulators have been available from other companies for more than 40 years for chronic conditions like epilepsy and depression.

其他公司則透過手術植入的迷走神經刺激器用於治療癲癇和憂鬱症等慢性疾病已有 40 多年的歷史。

So a large and growing database confirms the safety and efficacy of the technique.

因此，一個龐大且不斷增長的資料庫證實了該技術的安全性和有效性。

Building on that science, electroCore pioneered noninvasive vagus nerve stimulation and our products are now available by prescription for certain headache conditions and without a prescription for general wellness and human performance.

以此科學為基礎，ElectroCore 率先推出了非侵入性迷走神經刺激，我們的產品現在可透過處方用於某些頭痛病症，而無需處方用於一般健康和人類表現。

Our pipeline of potential future indications and products continues to grow as clinicians researchers and wellness advocates become more familiar with the benefits of noninvasive vagus nerve stimulation.

隨著臨床醫生、研究人員和健康倡導者越來越熟悉非侵入性迷走神經刺激的好處，我們未來潛在適應症和產品的管道不斷增長。

We're thrilled to report revenue of $16 million for the full year ended December 31st, 2023, an 87% increase over the prior year.

我們很高興報告截至 2023 年 12 月 31 日的全年收入為 1,600 萬美元，比上一年增長 87%。

This represents a compound annual growth rate of greater than 60% since Brian and I joined the company five years ago. 2023 was capped off by a fifth consecutive record revenue quarter with sales of $5.2 million for the three months ended December 31, 2023.

這意味著自五年前 Brian 和我加入公司以來，複合年增長率超過 60%。截至 2023 年 12 月 31 日的三個月銷售額達 520 萬美元，連續第五個季度收入創紀錄，為 2023 年畫上了圓滿的句號。

That's a 103% increase over the fourth quarter of 2022 and approximately $21 million annual run rate as we enter 2024.

這比 2022 年第四季成長了 103%，進入 2024 年時，年運行率約為 2,100 萬美元。

Gross margins continue to continue to be strong, increasing from 81% to 83% for the full year 2023.

毛利率持續保持強勁，2023 年全年從 81% 增至 83%。

And Brian will discuss the financials in more detail later on.

布萊恩稍後將更詳細地討論財務狀況。

We launched our prescription headache business in 2017, selling primarily to specialty pharmacies.

我們於 2017 年推出了處方頭痛業務，主要銷售給專業藥局。

Since then, our prescription headache business has grown worldwide, including sales that are covered by national health systems such as the VA hospital system in the U.S. and the National Health Service in the United Kingdom, cash-pay sales in the commercial channel and through certain managed care systems.

從那時起，我們的處方頭痛業務在全球範圍內不斷增長，包括由國家醫療系統覆蓋的銷售，例如美國退伍軍人管理局醫院系統和英國國家醫療服務體系，商業渠道的現金支付銷售以及通過某有些通路進行的現金支付銷售。

We launched two new nonprescription general wellness product lines in late 2022.

我們在 2022 年底推出了兩條新的非處方一般健康產品線。

Vega is a direct-to-consumer brand and taxation for human performance is for our active duty military personnel both new brands exceeded our expectations in their first full year sales and are driving excitement about the future.

Vega 是一個直接面向消費者的品牌，而對人類績效徵稅則是針對我們現役軍人，這兩個新品牌在其首個全年銷售額中都超出了我們的預期，並且正在推動人們對未來的興奮。

The VA hospital channel continues to be our largest customer.

VA 醫院通路仍然是我們最大的客戶。

You'll recall that our gammaCore prescription therapies free to patients covered by Veterans Administration benefits, representing about 9 million covered lives across approximately 1,300 health care facilities.

您可能還記得，我們​​的 gammaCore 處方療法免費提供給退伍軍人管理局福利覆蓋的患者，代表著約 1,300 個醫療機構的約 900 萬人。

Sales in the VA channel grew 89% to $9.6 million in 2023 from $5.1 million in 2022.

VA 通路的銷售額從 2022 年的 510 萬美元成長 89%，達到 2023 年的 960 萬美元。

147 VA facilities have purchased prescription gammaCore products through December 31, 2023 as compared to 117 through December 31, 2022.

截至 2023 年 12 月 31 日，已有 147 家 VA 機構購買了處方 gammaCore 產品，而截至 2022 年 12 月 31 日，已有 117 家機構購買了處方 gammaCore 產品。

The VA hospital administration, headache centers of excellence, the HCOE. estimates, approximately 600,000 patients are being treated for headache in the VA hospital system since we have dispensed approximately 4,400 gammaCore devices to veterans that represents less than 1% of the total addressable market within the VA system.

VA 醫院管理、頭痛卓越中心、HCOE。據估計，自從我們向退伍軍人分發了大約 4,400 台 gammaCore 設備以來，大約有 60 萬名患者正在 VA 醫院系統中接受治療，而這僅佔 VA 系統內潛在市場總量的不到 1%。

In order to further penetrate the channel in August 2023, we signed a nonexclusive distribution agreement with level government services, giving level the right to list and distribute certain prescription gammaCore products into the federal market.

為了進一步滲透該管道，我們於 2023 年 8 月與 Level 政府服務部門簽署了一份非獨家分銷協議，賦予 Level 在聯邦市場列出和分銷某些處方 gammaCore 產品的權利。

Level is a service-disabled veteran-owned small business and SDVOSD. offering, medical and pharmaceutical goods and services to federal health care providers.

Level 是一家傷殘退伍軍人擁有的小型企業和 SDVOSD。向聯邦醫療保健提供者提供醫療和藥品產品及服務。

Listing products with level is intended to streamline the sales process to a variety of government procurement channels, which helps government agencies meet their SDVOSB. procurement goals.

列出具有層級的產品旨在簡化各種政府採購管道的銷售流程，這有助於政府機構滿足其 SDVOSB。採購目標。

Customers for these contract mechanisms include the Veterans Health Administration, VHA, the military health system, NHS and Indian Health Services, IHS., which we believe serve up to 21 million patients combined for Vega is currently available exclusively through our e-commerce platform at triple w. dot trivago.com.

這些合約機制的客戶包括退伍軍人健康管理局、VHA、軍事衛生系統、NHS 和印度衛生服務局 (IHS)。三重w。點trivago.com。

We are positioning true Vega as a direct to consumer general wellness product for stress relaxation, sleep and mental acuity.

我們將 true Vega 定位為直接面向消費者的一般健康產品，用於緩解壓力、睡眠和精神敏銳度。

We are carefully managing our true Vega advertising spend as we fine tune our messaging and prepare to launch our next generation mobile app enabled general wellness product through Vega plus.

我們正在仔細管理我們真正的 Vega 廣告支出，同時微調我們的訊息傳遞並準備透過 Vega plus 推出我們的下一代行動應用程式支援的一般健康產品。

Full year 2023 to Vega net sales were approximately $1 million for Vega net sales in the fourth quarter of 2023 were approximately 21%, up sequentially from the third quarter of 2023.

Vega 2023 年全年淨銷售額約 100 萬美元，2023 年第四季 Vega 淨銷售額約 21%，較 2023 年第三季成長約 21%。

For the full year ended December 31, 2023, our revenue return on advertising spend, what the industry calls a media efficiency ratio or MER, was approximately 2.27. In other words, we're spending $1 to generate $2.27 of revenue.

截至 2023 年 12 月 31 日的全年，我們的廣告支出收入回報（業界稱為媒體效率比或 MER）約為 2.27。換句話說，我們花費 1 美元產生 2.27 美元的收入。

We're carefully monitoring true Vega return rates, which continue to be 11% to 12% of shipments.

我們正在仔細監控真實的 Vega 退貨率，該比率仍然佔發貨量的 11% 至 12%。

We believe that the true Vega business could scale nicely if we maintain or improve these metrics and we're excited about the anticipated launch.

我們相信，如果我們維持或改進這些指標，真正的 Vega 業務可以很好地擴展，並且我們對預期的發布感到興奮。

I've two Vega plush next month, patched in for human performance is being sold to select Air Force, Special Forces and Army Special Forces units for accelerated training, sustained attention, reduced fatigue and improved mood as defined by the Air Force Research Laboratory or AFRL.

下個月我有兩個Vega 毛絨玩具，針對人體性能進行了修補，將出售給精選的空軍、特種部隊和陸軍特種部隊單位，用於加速訓練、持續集中註意力、減少疲勞和改善情緒，如空軍研究實驗室或美國空軍研究實驗室。

No prescription is required and more information is available at triple w. dot taxed in.com.

無需處方，更多資訊可在 Triple w 取得。 .com 中的點課稅。

For the full year ended December 31, 2023, we recorded $1.75 million of tax in sales.

截至 2023 年 12 月 31 日的全年，我們的銷售稅為 175 萬美元。

Sales funnel for this product continues to grow as word spreads across active-duty military units.

隨著現役軍事部隊的口碑傳播，該產品的銷售管道不斷擴大。

The potential human performance benefits provided by tax them.

對他們徵稅可以帶來潛在的人類績效效益。

In parallel, we've developed a second generation product known internally as taxed in black in collaboration with AFRL., and we continue to build prototypes for evaluation by our government research partners.

同時，我們與 AFRL 合作開發了第二代產品，內部稱為黑色徵稅產品，並且我們繼續建立原型以供政府研究合作夥伴進行評估。

We've stated before that revenue growth for this product line is likely to be lumpy as active duty units purchased in bulk for pilot deployments, and we expect to see them revenues in the first quarter of 2024 to be down sequentially due to the timing of these.

我們之前曾說過，由於為試點部署而批量購買現役設備，該產品線的收入增長可能會出現波動，並且我們預計 2024 年第一季的收入將連續下降，因為這些。

Our physician dispense cash pay channel, including GC, direct and G. concierge grew 42% to $1.7 million during the full year 2023 from $1.2 million in the full year 2022.

我們的醫生分配現金支付管道（包括 GC、直接支付和 G. concierge）從 2022 年全年的 120 萬美元增長了 42%，達到 2023 年全年的 170 萬美元。

There were 1,843 cumulative revenue generating cash pay prescribers as of December 31st, 2023, up from 948 on December 31, 2022.

截至 2023 年 12 月 31 日，累計產生收入的現金支付處方者數量為 1,843 名，高於 2022 年 12 月 31 日的 948 名。

We believe that the increase in revenue-generating prescribers could be a leading indicator of future growth, and we'll continue to report this metric in our investor presentation and in subsequent quarters.

我們相信，創收處方者的增加可能是未來成長的領先指標，我們將繼續在投資者介紹和隨後的幾個季度中報告這一指標。

Last year, we announced a distribution agreement with Jones health care LLC that we believe will add more than 12.5 million covered lives within a select managed care health system.

去年，我們宣布了與 Jones health care LLC 的分銷協議，我們相信該協議將在精選的管理式醫療衛生系統中增加超過 1250 萬人的受保生命。

The business model with Journeys is similar to how we work with the VA hospital system.

Journeys 的業務模式與我們與 VA 醫院系統的合作方式類似。

Geron's handles adjudications billing and collections, while electroCore shipped directly to patients and provides in-servicing and patient support.

Geron 負責處理裁決、計費和收款，而 electroCore 則直接運送給患者並提供服務和患者支援。

Our field sales team is responsible for building awareness among clinicians within those managed care systems.

我們的現場銷售團隊負責在這些管理式醫療系統中提高臨床醫生的意識。

We continue to work with churns on the implementation and continue recording small recurring revenue from this relationship during the fourth quarter of 2023, our field sales function is developing champions within the target managed care system and we think currency could be a significant revenue source in the second half of 2024 and beyond.

我們繼續與流失人員合作實施，並在2023 年第四季度繼續記錄來自這種關係的小額經常性收入，我們的現場銷售職能正在目標管理式醫療系統內培養冠軍，我們認為貨幣可能是該領域的重要收入來源2024 年下半年及以後。

Revenue from channels outside the United States increased by 13% in US dollars to USD1.8 million in the full year 2023 as compared to USD1.6 million for the full year 2022.

2023 年全年來自美國以外通路的營收成長 13%，達到 180 萬美元，而 2022 年全年為 160 萬美元。

Revenue from channels outside the US increased 18% in local currency for the full year 2023 as compared to 2022.

與 2022 年相比，2023 年全年來自美國以外的管道營收以當地貨幣計算成長了 18%。

Most of our OUS revenue was generated in the United Kingdom by prescription gammaCore sales funded by the National Health Service or NHS.

我們的 OUS 收入大部分來自英國的處方 gammaCore 銷售，由國家醫療服務體系 (NHS) 資助。

Now turning to our clinical progress.

現在轉向我們的臨床進展。

On October 24th, 2023, we announced top line data from an abstract presented at the 2023 American College of Gastroenterology Annual Meeting regarding the potential for nVNS to decrease the use of acute rescue medications for exacerbations of nausea due to gastroparesis or functional dyspepsia study entitled noninvasive vagus nerve stimulation reduces nausea rescue medication in patients with gastroparesis and related disorders with additional benefits on multiple other associated symptoms.

2023 年10 月24 日，我們公佈了在2023 年美國胃腸病學會年會上提交的一份摘要中的主要數據，該摘要涉及nVNS 可能減少因胃輕癱或功能性消化不良所致噁心加重的急性救援藥物的使用，該研究題為“非侵入性”迷走神經刺激可以減少胃輕癱和相關疾病患者的噁心救援藥物，並對多種其他相關症狀有額外的好處。

The primary endpoint was reducing the use of anti-diarrheal medications.

主要終點是減少抗腹瀉藥物的使用。

On October 1020 23, we announced two abstracts that were presented at the 15th World Stroke Congress on the possible role of nVNS in the treatment of acute neurological injuries.

1020 年 10 月 23 日，我們公佈了在第 15 屆世界卒中大會上提交的兩份摘要，內容涉及 nVNS 在治療急性神經損傷中的可能作用。

The first trial entitled noninvasive vagus nerve stimulation is safe and efficacious in the treatment of headache associated with subarachnoid hemorrhage, also known as the Vanquish trial was conducted at Northwell Health in New York and showed a significant reduction in the overall pain score and a 14% decrease in the average morphine equivalent dosage after two weeks of treatment as well as a trend towards a three day decrease in average hospitals.

第一項名為「非侵入性迷走神經刺激治療蜘蛛網膜下腔出血相關頭痛安全有效」的試驗（也稱為 Vanquish 試驗）在紐約 Northwell Health 進行，結果顯示整體疼痛評分顯著降低，疼痛評分降低了 14%治療兩週後平均嗎啡當量劑量減少，且平均醫院的三天減少趨勢。

Second study entitled noninvasive vagus nerve stimulation in acute ischemic stroke, also known.

第二項研究題為“非侵入性迷走神經刺激治療急性缺血性中風”，也稱為“非侵入性迷走神經刺激治療急性缺血性中風”。

As you know, this is a prospective randomized clinical trial with blinded outcome assessment being conducted at the Leiden University Medical Center. 150 patients with ischemic stroke were randomly allocated one-to-one to nVNS for five days in addition to standard treatment versus standard treatment alone.

如您所知，這是一項前瞻性隨機臨床試驗，在萊頓大學醫學中心進行盲法結果評估。 150 名缺血性中風患者被一對一隨機分配至 nVNS，除了標準治療外還接受為期 5 天的治療，對比單獨接受標準治療。

This study has been fully enrolled, and we hope to see top line data by the end of 2024.

這項研究已全部入組，我們希望在 2024 年底前看到頂線數據。

We'll continue to provide updates about our pipeline and other opportunities as they become available.

我們將繼續提供有關我們的管道和其他機會的最新資訊。

Now I'll turn the call over to Brian for a review of our financials and other guidance items.

現在我將把電話轉給布萊恩，以審查我們的財務狀況和其他指導項目。

Brian?

布萊恩？

Thank you, Dan.

謝謝你，丹。

Net sales for the year ended December 31st, 2023 increased 87% as compared to the year ended December 31, 2022.

截至2023年12月31日止年度的淨銷售額較截至2022年12月31日止年度成長87%。

The increase of $7.4 million is due to an increase in net sales across major channels, including our prescription gammaCore medical devices sold in the US and abroad and revenue from the sales of our nonprescription, general wellness and human performance, Sebago and Paxton products.

增加 740 萬美元是由於主要管道的淨銷售額增加，包括我們在美國和國外銷售的處方 gammaCore 醫療設備以及我們的非處方、一般健康和人類表現、Sebago 和 Paxton 產品的銷售收入。

Gross profit of $13.2 million increased $6.3 million for the year ended December 31, 2023, compared to gross profit of $7 million for the year ended December 31, 2022.

截至2023年12月31日止年度的毛利為1,320萬美元，較截至2022年12月31日止年度的毛利為700萬美元增加了630萬美元。

Gross margin was 83% and 81% for the years ended December 31, 2023 and 2022, respectively.

截至2023年12月31日及2022年12月31日止年度的毛利率分別為83%及81%。

Total operating expenses in the full year ended December 31st, 2023 were approximately $32.5 million as compared to $29.9 million for the full year ended December 31, 2022.

截至2023年12月31日的全年營運費用總額約為3,250萬美元，而截至2022年12月31日的全年營運費用總額為2,990萬美元。

Research and development expense of $5.3 million for the year ended December 31, 2023 decreased by $200,000 from $5.5 million during the full year ended December 31, 2022.

截至2023年12月31日止年度的研發費用為530萬美元，較截至2022年12月31日止全年的550萬美元減少20萬美元。

This decrease was due to cost cutting measures offset by our targeted investments to support the next generation of the Company's noninvasive nerve stimulator.

這一下降是由於成本削減措施被我們支持公司下一代非侵入性神經刺激器的目標投資所抵消。

Selling general and administrative expense of $27.2 million for the year ended December 31, 2023, increased by $2.8 million compared to $24.3 million for the previous year.

截至 2023 年 12 月 31 日止年度，銷售一般及管理費用為 2,720 萬美元，較前一年的 2,430 萬美元增加了 280 萬美元。

This increase was primarily due to our greater variable selling and marketing costs, consistent with our increase in sales, offset by decreases in insurance and stock-based compensation expenses.

這一成長主要是由於我們的可變銷售和行銷成本增加，與我們的銷售成長一致，但被保險和股票補償費用的減少所抵消。

Gaap net loss for the full year of 2023 was $18.8 million as compared to the $22.2 million net loss for the full year 2022.

2023 年全年公認會計準則淨虧損為 1,880 萬美元，而 2022 年全年淨虧損為 2,220 萬美元。

Adjusted EBITDA net loss for the full year of 2023 was $15.4 million as compared to an adjusted EBITDA net loss of $19 million for the full year of 2022.

2023 年全年調整後 EBITDA 淨虧損為 1,540 萬美元，而 2022 年全年調整後 EBITDA 淨虧損為 1,900 萬美元。

A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss has been provided in the financial statement tables included in today's press release.

今天新聞稿中的財務報表表格中提供了 GAAP 淨虧損與非 GAAP 調整後 EBITDA 淨虧損的調整表。

Cash, cash equivalents and restricted cash at December 31, 2023 totaled approximately $10.6 million as compared to approximately $18 million as of December 31, 2022.

截至 2023 年 12 月 31 日，現金、現金等價物及限制性現金總額約為 1,060 萬美元，而截至 2022 年 12 月 31 日約為 1,800 萬美元。

In July 2023, the company raised net proceeds of approximately $7.5 million through our registered direct offering and concurrent private placements priced at the market under NASDAQ rules.

2023 年 7 月，該公司透過註冊直接發行和根據納斯達克規則按市場定價的同步私募籌集了約 750 萬美元的淨收益。

And now I'll turn the call back over to Dan.

現在我將把電話轉回給丹。

Thank you, Brian.

謝謝你，布萊恩。

I'm very proud of our full year 2023 operating results.

我對我們 2023 年全年的經營業績感到非常自豪。

And with the continued momentum in our prescription headache and general wellness businesses.

隨著我們的處方頭痛和一般健康業務的持續發展勢頭。

All of our operating metrics continue to beat expectations, and we continue to be enthusiastic about the Company's long-term prospects across all brands and products.

我們所有的營運指標繼續超出預期，我們繼續對公司所有品牌和產品的長期前景充滿熱情。

The launch of our first general wellness product to Vega 350 was received favorably by the market as evidenced by greater than $1 million of revenue in its first full year of sales and the efficiency of our media spend to drive those sales brand continues to show tons of potential as a direct-to-consumer general wellness offering.

我們推出的首款綜合健康產品 Vega 350 受到了市場的好評，第一年全年銷售收入超過 100 萬美元，而且我們為推動這些銷售品牌而進行的媒體支出的效率繼續顯示出巨大的成功。直接面向消費者的一般健康產品的潛力。

And we are incredibly excited about the anticipated launch of our next generation to Vega plus product next month to Regal plus will be the first mobile app enabled cervical non-invasive vagus nerve stimulator on the market and will leverage many of the patents involving the control of the stimulator using a smart phone device.

我們對預計下個月推出的下一代 Vega plus 產品感到非常興奮，Regal plus 將成為市場上第一個支援行動應用程式的頸部非侵入性迷走神經刺激器，並將利用涉及控制的許多專利。智慧型手機設備的刺激器。

And we've secured over the last few years.

我們在過去幾年裡已經確保了安全。

We'll continue selling through Vega products through our e-commerce site, triple w. dot trupanion.com and hope to add additional channels and product offerings to increase the lifetime value of each customer.

我們將繼續透過我們的電子商務網站 Triple w 銷售 Vega 產品。 dot trupanion.com 並希望增加額外的管道和產品，以增加每位客戶的終身價值。

We will continue to monitor our KPI.s and metrics and adjust our investments in all of our consumer channels as the year progresses, a pipeline of interest from different branches of our active duty military continues to develop for our tax system and second generation tax in black product sales in protection brand are likely to be lumpy as active duty units purchased in bulk for pilot deployments.

隨著時間的推移，我們將繼續監控我們的關鍵績效指標和指標，並調整我們對所有消費者管道的投資，我們現役軍人不同部門的興趣管道繼續發展，以促進我們的稅收系統和第二代稅收由於現役部隊批量購買用於試點部署，保護品牌的黑色產品銷售可能會不穩定。

Longer term, we also believe that there may be civilian crossover as first responders, elite athletes, transportation workers, traders and E gamers become aware of the human performance benefits established so far, demand for our prescription gammaCore therapy in the VA channel continues to grow based on clinical performance and our increased presence in the field.

從長遠來看，我們也相信，隨著急救人員、精英運動員、運輸工人、貿易商和電子遊戲玩家意識到迄今為止所建立的人類表現優勢，可能會出現民用交叉，VA 管道對我們的處方gammaCore療法的需求持續增長是基於臨床表現和我們在該領域的影響力的增加。

We have about 35 straight commission sales agents representing about [1099] reps in the field, managed by our small team of territory business managers and supported by our customer experience team.

我們擁有約 35 名直接佣金銷售代理，代表該領域約 [1099] 名代表，由我們的區域業務經理小團隊管理，並由我們的客戶體驗團隊提供支援。

The hybrid structure is very scalable as we deploy prescription gammaCore around the country.

當我們在全國各地部署處方 gammaCore 時，混合結構具有很強的可擴展性。

During 2023, our sales and marketing expense increased by approximately $3.3 million over 2022, while sales grew by $7.4 million, signaling that there may be real leverage opportunities in the P&L.

2023 年，我們的銷售和行銷費用比 2022 年增加了約 330 萬美元，而銷售額成長了 740 萬美元，這表明損益表中可能存在真正的槓桿機會。

Further out, we're working towards establishing additional indications for prescription gammaCore to treat post-traumatic stress disorder, opioid use disorder and other clinical opportunities.

此外，我們正在努力確定伽馬核心處方的額外適應症，以治療創傷後壓力症候群、阿片類藥物使用障礙和其他臨床機會。

We have lots of positive momentum leading into 2024, including one continued growth in our US prescription headache business in both the VA and commercial channels to anticipated launch of our next-generation trivago plus product next month for general wellness, mental acuity and sleep, driven by ongoing consumer marketing efforts, three further development of the taxing brand and launch of taxed and black later in the year for human performance in the active duty, military and civilian crossover for revenue through our distribution agreement with children's health care for the sale of prescription gammaCore within a select managed care health system, five prescription gammaCore label extensions for a variety of indications over time and six more than enough cash to execute our plan through 2024 and close the cash flow gap even further.

進入2024 年，我們有許多積極的勢頭，包括我們在VA 和商業管道的美國處方頭痛業務的持續增長，以及預計下個月推出的下一代trivago plus 產品，以促進一般健康、精神敏銳度和睡眠，透過持續的消費者行銷努力，進一步發展徵稅品牌，並在今年稍後推出徵稅和黑色，以提高現役人員的表現，透過與兒童醫療保健部門簽訂銷售處方藥的分銷協議，實現軍事和民用交叉收入gammaCore 在精選的管理式醫療衛生系統中，隨著時間的推移，針對各種適應症的五個處方gammaCore 標籤擴展，以及6 個足夠的現金來執行我們到2024 年的計劃，並進一步縮小現金流缺口。

At this time, I'll turn the call over to the operator.

這時，我會將電話轉給接線生。

Operator, please open the line for questions.

接線員，請開通提問線。

Thank you.

謝謝。

(Operator Instructions) Jeffrey Cohen, Ladenburg Thalmann.

（操作說明）Jeffrey Cohen、Ladenburg Thalmann。

Just a few procedures to fuse, so on June 10th to Vega plus eventually replace surveys?

只需要幾個程式來融合，那麼6月10日就可以最終以Vega plus取代調查嗎？

Or do you feel as if the functionality may offer different advantages for different users?

或者您覺得該功能可能為不同的用戶提供不同的優勢？

It's a great question, Jeff.

這是一個很好的問題，傑夫。

We're going to launch next month, our two data plus we're going to continue to offer the true Vega three 50 at a lower price point.

我們將於下個月推出我們的兩項數據，加上我們將繼續以較低的價格提供真正的 Vega 3 50。

They've got different feature sets and that will allow us to do some some price discovery.

他們有不同的功能集，這將使我們能夠進行一些價格發現。

It'll allow us to learn more about what feature sets are more important to us to different customer segments.

它將使我們能夠更多地了解哪些功能集對我們對不同客戶群更重要。

So for the foreseeable future, I think we're going to be offering at least two different product configurations in the direct-to-consumer to Vegas.com channel.

因此，在可預見的未來，我認為我們將在直接面向消費者的 Vegas.com 管道中提供至少兩種不同的產品配置。

Okay.

好的。

And then can I segue that over detached in this tax to nice quarter by the way and the taxed in the Tungsten plus, what is the difference between that and the tax dollars are related to our power or amplification or cellular connectivity?

然後我可以繼續說一下，這個稅收中的過度分離到了不錯的季度，順便說一下，鎢加稅中的稅收與我們的功率或放大或蜂窩連接相關的稅金之間有什麼區別？

So it's we call it taxed in black, but I think I know what you meant there are images of the text in black on our website at a triple w. dot pacsun.com.

所以我們稱之為黑色徵稅，但我想我知道你的意思，我們的網站上有黑色文字的圖像，位置是三重 w。點 pacsun.com。

And and just by coincidence, I spent the last two days in Dayton, Ohio with the team at Air Force Special Forces untaxed in black is a much more rugged implementation and more powerful implementation.

巧合的是，我在俄亥俄州代頓度過了最後兩天，與空軍特種部隊的團隊一起度過了一個更堅固的實現和更強大的實現。

And we're on track to launch that as a as a COTS device commercial off the shelf later this year.

我們預計在今年稍後將其作為商用設備商業廣告推出。

Interesting.

有趣的。

Okay.

好的。

And then lastly for us on any commentary on OUS business outside of NHS in the U.K. yet?

最後，我們對英國 NHS 以外的 OUS 業務有何評論？

Another very good question.

另一個非常好的問題。

And the or the NHS has been very supportive in that business.

英國國民醫療服務體系 (NHS) 對該業務給予了大力支持。

In the U.K., Canada continues to grow sort of middle single digits rate, 46% year on year.

英國、加拿大持續以中等個位數的速度成長，年增 46%。

We've not been successful in gaining reimbursement in other national health systems.

我們尚未成功獲得其他國家衛生系統的報銷。

And for the short term, for the time being, I would rather make those investments in the U.S. rather than Europe as our direct-to-consumer business matures, we'll be looking at take taking true Vega to Canada and Australia first excuse me, and the UK and West Western Europe after that.

就短期而言，隨著我們的直接面向消費者業務的成熟，我寧願在美國而不是歐洲進行這些投資，我們將考慮首先將真正的 Vega 帶到加拿大和澳大利亞，對不起，然後是英國和西西歐。

Okay.

好的。

And then lastly, nothing on '24.

最後，24 號什麼都沒有。

No, no guidance or anything on the year at the first.

不，一開始就沒有任何有關這一年的指導或任何內容。

Now we're not going to give guidance and we're comfortable with them with analyst consensus right now and it is okay.

現在我們不會提供指導，我們現在對分析師的共識感到滿意，這沒關係。

And we need to see how the launch of a new product launch goes before we can really say, something's with confidence about the back half of the year.

我們需要看看新產品的發布進展如何，然後我們才能真正說，下半年的事情是有信心的。

Perfect.

完美的。

Nice read on full year.

讀完整年真好。

RK, H.C. Wainwright.

RK、H.C.溫賴特。

So when you closed the quarter and you also said -- based on the fourth quarter, it's an annualized run rate of $21 million, so what could be the drivers I'm sorry to push beyond the annualized number of $21 million in your thinking out?

因此，當您結束本季度時，您還說，基於第四季度，年化運行率為2100 萬美元，那麼驅動因素可能是什麼？數字？

Yes.

是的。

Look, we've been growing at a 100% year on year for the last two quarters and your full year growth is I think we said 75%, 78%.

看，過去兩個季度我們的年成長率為 100%，我想我們說的全年成長率是 75%、78%。

I've got every reason to believe that that we'll be able to continue that momentum our biggest customer is the VA hospital channel, and we've gotten more feet on the street every month.

我有充分的理由相信，我們將能夠繼續保持這種勢頭，我們最大的客戶是 VA 醫院管道，而且我們每個月都在街上走得更多。

And I don't see any slowdown in that channel.

我沒有看到該頻道有任何放緩。

The Journeys distribution agreement, it has tremendous upside.

旅程分銷協議，它有巨大的優勢。

That's a total addressable market of more than 12 million covered lives that we're just now building some prescriber awareness in.

這是一個涵蓋超過 1200 萬人的潛在市場，我們剛剛在其中建立了一些處方者意識。

And then, of course, there's our two new product lines to Vega and taxed in that are both starting from -- they represent 20% of our business last year, but still very small numbers and a lot of room to grow.

當然，還有我們向 Vega 推出的兩條新產品線，它們都占我們去年業務的 20%，但數量仍然很少，而且還有很大的成長空間。

So I'm very, very optimistic about things accelerating as we go through this year.

因此，我對今年事情的加速發展非常非常樂觀。

Yeah, thanks.

是的，謝謝。

And then in terms of the Jones healthcare, can you give us a little bit more sense as how and this could March from not only in '24 but also in '25 because I think for the last couple of quarters, we have been hearing you saying you've been you've been achieving small revenues.

然後就瓊斯的醫療保健而言，您能否給我們更多的了解，不僅是在24 年，而且在25 年，這將如何進行，因為我認為在過去的幾個季度中，我們一直在聽到您的聲音說你一直以來都獲得了微薄的收入。

So do you think by this time managed by this time by now you have kind of solved all the kinks whatever it is days in the system, such that and also have set up enough relationships for us to see a steady growth in revenues and also becoming meaningful by end of '24?

那麼，您是否認為，到了這個時候，您已經解決了系統中的所有問題，無論現在是多少天，這樣，並且還建立了足夠的關係，讓我們能夠看到收入的穩定增長，並成為到24年底有意義嗎？

Yes.

是的。

So the I'm getting the infrastructure set up getting on formulary, educating the prescribers and the clinicians is taking longer than I had hoped.

因此，我建立基礎設施、獲取處方、對處方者和臨床醫生進行教育所花費的時間比我希望的要長。

So you're not going to see it as a significant number this quarter.

因此，本季度您不會看到這個數字很大。

I think it's really a second half of this year, and it's definitely a 2025 story.

我認為這確實是今年下半年的事情，而且絕對是2025年的故事。

And then on the tax?

然後關於稅收？

Yes, you got a good start of $1.75 million for the year.

是的，您今年取得了 175 萬美元的良好開端。

And then you also said the funnel is progressively growing.

然後你還會說漏斗正在逐漸成長。

So when you say that by this.

所以當你這麼說的時候。

But the other hand, some Congress hasn't decided whether they want to run the government or not run the government now and if so, where how do you see this flow on growth come through.

但另一方面，一些國會現在還沒有決定是否要管理政府，如果是的話，您如何看待這種成長的流動？

And also on you are saying something about Q1 kind of down sequentially.

另外，您也談到了第一季的連續下降。

It's not going to be higher than what we saw in the fourth quarter.

它不會高於我們在第四季度看到的水平。

Can you kind of expand on those comments, please?

您能詳細闡述一下這些評論嗎？

Yes, that's exactly right.

是的，完全正確。

At the continuing resolutions have affected some of the contracts that are in process and our first quarter 2024 taxed in sales are going to be sequentially down from the fourth quarter.

持續的決議影響了一些正在進行的合同，我們 2024 年第一季的銷售稅將比第四季度依次下降。

That said, these are solid purchase commitments there, just sliding with them with the continuing resolutions.

也就是說，這些都是可靠的購買承諾，只是隨著持續的決議而滑動。

As you know, there are many companies that are in this situation that deal with the with DoD.

如您所知，有許多處於這種情況的公司與國防部打交道。

And for us, it's still a very small part of our business, but hope springs eternal that that our government will figure itself out, but there's growing demand for our Human Performance Products.

對我們來說，這仍然只是我們業務的一小部分，但希望我們的政府能夠自行解決，但對我們的人類績效產品的需求不斷增長。

Very exciting.

非常令人興奮。

And then the last question from me is on the prescriber front and it's really great to hear that the cash-based prescribers are continuing to increase.

我的最後一個問題是關於處方者方面的，很高興聽到基於現金的處方者正在繼續增加。

I mean, I can sit down and look at this, but I because you said this could be a leading indicator.

我的意思是，我可以坐下來看看這個，但我因為你說這可能是一個領先指標。

I want to ask you what sort of a correlation are you seeing in terms of the growth of the prescribers and the revenue on the?

我想問您，您認為處方醫生的成長和收入之間有什麼樣的相關性？

I'm just trying to understand how to think through that growth because it can certainly come and just just grow like crazy over that was this year.

我只是想了解如何思考這種增長，因為它肯定會到來，並且會在今年瘋狂增長。

But I just want to understand how that growth could come through?

但我只是想了解這種成長是如何實現的？

Yes, we don't we don't have -- I think the best way to look at it is it says it's an 80/20 rule.

是的，我們沒有——我認為最好的看待方式是它說這是一個 80/20 規則。

Roughly 20% of those prescribers are generating 80% of the revenue.

大約 20% 的處方醫生創造了 80% 的收入。

And so there are two ways to think about it.

所以有兩種思考方式。

The first is that it's just a numbers game, right?

首先，這只是一個數字遊戲，對吧？

We we have to sign up 100 to get 20 superstars.

我們必須簽約 100 名才能獲得 20 名超級巨星。

But what we're also going to be doing in the back half of this year is trying to learn what are the characteristics of a high revenue cash-pay practice and how do we identify those characteristics and be more focused on the one hand in recruiting new customers?

但我們今年下半年要做的就是嘗試了解高收入現金支付做法的特徵是什麼，以及我們如何識別這些特徵並更加專注於招聘的一方面新客戶？

Or are there programs marketing programs, for example, that we can use for the 80% of prescribers who aren't generating a lot of revenue.

或者是否有一些行銷計劃，例如，我們可以為 80% 沒有產生大量收入的處方者使用。

So there's still a lot of business model discovery ahead of us.

因此，我們還有很多商業模式的發現。

Anthony Vendetti, Maxim Group.

安東尼文代蒂，馬克西姆集團。

I was just wondering if you could update -- Hey, Dan.

我只是想知道你是否可以更新——嘿，丹。

Just an update on the ongoing clinical trials.

只是正在進行的臨床試驗的最新情況。

Any expectation for readouts in 2024?

對 2024 年的讀數有什麼期望嗎？

Yes.

是的。

So on the Novoste trial in acute stroke.

關於急性中風的 Novoste 試驗也是如此。

He's fully enrolled.

他已經完全註冊了。

I think the last patient last canceled happened last month.

我想最後一位被取消的病人是上個月才發生的。

And so I'm optimistic that we'll see top line data in July, August kind of a timeframe.

因此，我樂觀地認為我們將在七月、八月的時間範圍內看到頂線數據。

And some and similarly at the Parkinson's gate trial in Newcastle was fully enrolled at the end of last year.

紐卡斯爾帕金森氏症門試驗中的一些類似情況已於去年底全部入組。

And so I'm hoping we see top line data in in April or May actually turning those into publications is going to take much longer, but that top line data in both indications will obviously impact and our strategic thoughts about how do we leverage that data into an expanded indication, an expanded label.

因此，我希望我們在四月或五月看到頂線數據，實際上將這些數據轉化為出版物將需要更長的時間，但這兩個指標中的頂線數據顯然會影響我們關於如何利用這些數據的策略想法成為擴展的適應症、擴展的標籤。

Okay, great.

好的，太好了。

And then just in terms of the VA, obviously, it's one of your primary channels how would you characterize current penetration?

然後就 VA 而言，顯然，它是您的主要管道之一，您將如何描述當前的滲透率？

And I know there's still an opportunity there, but what is the overall opportunity that remains with the VA?

我知道那裡仍然有機會，但退伍軍人事務部仍然存在哪些整體機會？

Sure.

當然。

So we are -- as I measure penetration two ways.

所以我們是——正如我透過兩種方式衡量滲透率一樣。

In terms of facilities, we are about 12% of the 1,300 facilities out there now.

就設施而言，我們約佔目前 1,300 個設施的 12%。

So still a lot of room to grow.

所以還有很大的成長空間。

But the better number to look at is the number of headache patients.

但更值得關注的數字是頭痛患者的數量。

I think there's roughly 600,000 headache patients per year in the VA hospital system.

我認為退伍軍人管理局醫院系統每年大約有 60 萬名頭痛患者。

And by that metric, we're just barely 1% penetrated.

以這個標準，我們的滲透率只有 1%。

Now as we make progress with PTSD. data dramatically increases the denominator.

現在我們在創傷後壓力症候群方面取得了進展。數據大大增加了分母。

And of course, unfortunately, you know, PTSD. has a high prevalence in the VA hospital population and same with substance abuse, same with Parkinson's and other neurological conditions.

當然，不幸的是，你知道，創傷後壓力症候群。退伍軍人管理局醫院人群中的盛行率很高，藥物濫用、帕金森氏症和其他神經系統疾病也同樣如此。

So as we add indications are our denominator gets bigger and our penetration gets smaller and opportunity gets bigger.

因此，當我們加入指標時，我們的分母會變大，我們的滲透率會變小，而機會會變大。

Thank you.

謝謝。

We've reached the end of our question-and-answer session.

我們的問答環節已經結束。

I'd like to turn the floor back over to management for any further closing comments.

我想將發言權交還給管理階層，以徵求進一步的結束意見。

Thank you, operator.

謝謝你，接線生。

We appreciate everybody joining today's call.

我們感謝大家參加今天的電話會議。

I want to specifically say thank you to all of our employees who've been working tirelessly to deliver our amazing therapy to patients.

我想特別向我們所有的員工表示感謝，他們不懈地努力為患者提供我們令人驚嘆的治療方法。

Our team has done a great job of staying nimble, scaling the business and responding to the needs of our customers and healthcare providers alike, leading to the more than 60% compound annual growth over the last five years.

我們的團隊在保持靈活性、擴展業務以及響應客戶和醫療保健提供者等方面的需求方面做得非常出色，從而在過去五年中實現了超過 60% 的複合年增長率。

I also want to thank the health care professionals and their patients for their loyal support of gammaCore therapy, consumers to their adoption of our Tru Vega products as a tool to improve general wellness and our champions at the Air Force and Army Special Forces.

我還要感謝醫療保健專業人員及其患者對 gammaCore 療法的忠誠支持，感謝消費者採用我們的 Tru Vega 產品作為改善整體健康的工具，也要感謝我們在空軍和陸軍特種部隊的冠軍。

You all have a good evening.

祝大家有個美好的夜晚。

Thank you.

謝謝。

That does conclude today's teleconference.

今天的電話會議到此結束。

You may disconnect your line at this time, and have a wonderful day.

此時您可以斷開線路，度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。