electroCore, Inc. (ECOR) 2024 Q2 法說會逐字稿

Greetings, and welcome to the electroCore second-quarter 2024 earnings conference call.

您好，歡迎參加 electroCore 2024 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Dan Goldberger.

現在我很高興向您介紹主持人丹·戈德伯格。

Thank you, sir.

謝謝您，先生。

You may begin.

你可以開始了。

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'm 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, Chief Financial Officer.

今天和我一起的是財務長布萊恩‧波斯納 (Brian Posner)。

Earlier today, electroCore published results for the second quarter ended June 30, 2024.

今天早些時候， electroCore 公佈了截至 2024 年 6 月 30 日的第二季業績。

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 facts should 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均應被視為前瞻性陳述。

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。

Accordingly, you should not place undue reliance on these statements.

因此，您不應過度依賴這些陳述。

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. 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.

有關與公司業務相關的風險和不確定性列表，請參閱公司向美國證券交易委員會提交的文件。除非法律要求，否則 electroCore 不承擔任何更新或修改任何財務預測或前瞻性聲明的意圖或義務，無論是由於新資訊、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, August 7, 2024.

本次電話會議包含時效性訊息，僅截至今天（2024 年 8 月 7 日）直播時準確。

electroCore was founded in 2005 to commercialize the use of our proprietary noninvasive vagus nerve stimulation for medical and general wellness applications.

electroCore 成立於 2005 年，旨在將我們專有的非侵入性迷走神經刺激技術在醫療和一般健康應用中商業化。

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。

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

模擬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 simulators have been available from other companies for more than 40 years for chronic conditions like epilepsy and depression.

40 多年來，其他公司一直透過手術植入迷走神經模擬器來治療癲癇和憂鬱症等慢性疾病。

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 conduct investigator-initiated trials to 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進行研究者發起的試驗，以更加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將繼續增長。

We are excited to report our seventh consecutive record revenue quarter at $6.1 million for the three months ended June 30, 2024, a 73% increase over the prior year.

我們很高興地報告，截至 2024 年 6 月 30 日的三個月，我們的收入連續第七個季度創紀錄，達到 610 萬美元，比上年增長 73%。

That's a 69% five-year compound annual growth rate.

五年複合成長率為 69%。

We reported 86% gross margins and a 46% reduction in the company's net loss from the same period in 2023.

與 2023 年同期相比，我們的毛利率為 86%，淨虧損減少了 46%。

We continue to make progress towards positive cash flow as revenue increases, gross margin expands, and we maintain discipline around operating expenses.

隨著收入的增加、毛利率的擴大以及我們對營運費用的嚴格控制，我們繼續在正現金流方面取得進展。

Brian will discuss the financials in more detail later in the call.

布萊恩將在稍後的電話會議中更詳細地討論財務狀況。

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

我們於 2017 年推出了美國處方頭痛業務，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 United States and the National Health Service in the United Kingdom, cash pay sales through prescriber professional channels and through served managed care systems in the United States.

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，透過處方醫生專業管道和透過服務提供的現金支付銷售美國的管理式醫療系統。

We launched two new nonprescription general wellness product lines last year.

去年，我們推出了兩條新的非處方箋一般健康產品線。

Truvaga is a direct-to-consumer health and wellness brand and TAC-STIM is our brand for human performance for active duty military personnel.

Truvaga 是一個直接面向消費者的健康和保健品牌，TAC-STIM 是我們為現役軍人提供人類表現的品牌。

Truvaga sales exceeded our expectations for the quarter.

特魯瓦加本季的銷售額超出了我們的預期。

We reported small TAC-STIM sales for the quarter but added substantially to the funnel of future opportunities.

我們報告本季 TAC-STIM 銷售額雖小，但大大增加了未來機會的管道。

The VA hospital system continues to be our largest revenue channel.

退伍軍人管理局醫院系統仍然是我們最大的收入管道。

You'll recall that our gammaCore prescription therapy is free to patients covered by veterans administration benefits, representing about nine million covered lives across approximately 1,300 healthcare facilities.

您可能還記得，我們​​的 gammaCore 處方療法對退伍軍人管理福利覆蓋的患者免費，代表著約 1,300 個醫療機構的約 900 萬人。

Sales in the VA channel grew 120% to $4.6 million in the second quarter of 2024 from $2.1 million during the second quarter of 2023.

VA 通路的銷售額從 2023 年第二季的 210 萬美元成長 120%，達到 2024 年第二季的 460 萬美元。

160 VA facilities have purchased prescription gammaCore products through June 30, 2024, as compared to 138 through June 30, 2023.

截至 2024 年 6 月 30 日，已有 160 家 VA 機構購買了處方 gammaCore 產品，而截至 2023 年 6 月 30 日，已有 138 家機構購買了處方 gammaCore 產品。

The VA hospital administration headache centers of excellence estimates approximately 600,000 patients are being treated for headache in the VA hospital system.

退伍軍人管理局醫院頭痛管理卓越中心估計，退伍軍人管理局醫院系統約有 60 萬名頭痛患者正在接受治療。

We've dispensed gammaCore devices to approximately 6,100 veterans since 2022, representing approximately 1% of the total addressable market within the VA system.

自 2022 年以來，我們已向約 6,100 名退伍軍人分發 gammaCore 設備，約佔 VA 系統內總目標市場的 1%。

We use several contracting mechanisms to support sales to individual VA facilities, including open market access, our federal supply services contract, and our distribution agreement with level government services.

我們使用多種合約機制來支援對各個 VA 設施的銷售，包括開放市場准入、我們的聯邦供應服務合約以及我們與一級政府服務部門的分銷協議。

During the second quarter of 2024, sales through level accounted for approximately 27% of our VA sales, up from 13% during the first quarter of 2024.

2024 年第二季度，水平銷售額約占我們 VA 銷售額的 27%，高於 2024 年第一季的 13%。

Truvaga is currently positioned as a direct-to-consumer general wellness product for stress, relaxation, sleep, and mental acuity.

Truvaga 目前定位為直接面向消費者的綜合健康產品，用於緩解壓力、放鬆、睡眠和精神敏銳度。

For the second quarter of 2024, total Truvaga net sales were approximately $572,000 as compared to $290,000 during the second quarter of 2023.

2024 年第二季度，Truvaga 淨銷售額總額約為 572,000 美元，而 2023 年第二季度為 290,000 美元。

Our revenue return on advertising spend -- what the industry calls a media efficiency ratio, or MER -- was approximately 2.81% in the second quarter.

第二季我們的廣告支出收入回報率（業界稱為媒體效率比，或 MER）約為 2.81%。

In other words, we're spending $1 to generate $2.81 of revenue.

換句話說，我們花費 1 美元產生 2.81 美元的收入。

Truvaga return rates increased slightly to approximately 10% of shipments.

Truvaga 退貨率略有上升，約佔出貨量的 10%。

In April 2024, we launched Truvaga Plus, our second Truvaga product offering.

2024 年 4 月，我們推出了 Truvaga Plus，這是我們的第二款 Truvaga 產品。

Truvaga Plus is a mobile app-enabled general wellness product.

Truvaga Plus 是一款支援行動應用程式的一般健康產品。

The first few months of sales of Truvaga Plus have again exceeded expectations, and we are enthusiastic about the potential our new mobile app-enabled product provides for future iterations of our technology and engagement with consumers.

Truvaga Plus 的前幾個月銷量再次超出預期，我們對我們的新行動應用程式產品為我們的技術未來迭代和與消費者互動提供的潛力充滿熱情。

Since launching Truvaga Plus, we sold approximately 1,200 handsets and customers have conducted approximately 60,000 sessions using the mobile app.

自推出 Truvaga Plus 以來，我們已售出約 1,200 部手機，客戶已使用該行動應用程式進行了約 60,000 次會話。

We believe that the Truvaga business can scale nicely if we maintain or improve these metrics.

我們相信，如果我們維持或改進這些指標，Truvaga 業務就能很好地擴展。

Most of our Truvaga revenue is generated through our e-commerce platform, www.truvaga.com. Following the successful launch of Truvaga Plus, we are exploring other channels to reach consumers, including influencers, affiliates, and resellers.

我們的 Truvaga 大部分收入是透過我們的電子商務平台 www.truvaga.com 產生的。繼 Truvaga Plus 成功推出後，我們正在探索其他接觸消費者的管道，包括影響者、附屬機構和經銷商。

TAC-STIM 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 improve mood as defined by the Air Force Research Laboratory, or AFRL.

用於人類表現的 TAC-STIM 正在出售給選定的空軍特種部隊和陸軍特種部隊，以按照空軍研究實驗室 (AFRL) 的定義，加速訓練、保持注意力、減少疲勞並改善情緒。

No prescription is required and more information is available at www.tac-stim.com.

無需處方，更多資訊請造訪 www.tac-stim.com。

For the second quarter ended June 30, 2024, we recorded $55,000 of TAC-STIM sales as compared to $311,000 during the same period last year.

截至 2024 年 6 月 30 日的第二季度，我們的 TAC-STIM 銷售額為 55,000 美元，而去年同期為 311,000 美元。

We announced the commercial launch of our second-generation TAC-STIM handset in June 2024.

我們宣佈於 2024 年 6 月推出第二代 TAC-STIM 手機的商業發布。

This version was developed in collaboration with AFRL, and we believe that at least some TAC-STIM sales were deferred as customers waited for the new handset.

這個版本是與 AFRL 合作開發的，我們相信，由於客戶等待新手機，至少有一些 TAC-STIM 銷售被推遲。

We have a growing sales funnel for TAC-STIM, and we continue to believe that revenue from this product line is likely to be lumpy as active duty units purchased in bulk for pilot deployment.

我們的 TAC-STIM 銷售漏斗不斷成長，我們仍然認為，由於大量購買現役設備進行試點部署，該產品線的收入可能會不穩定。

To that end, we expect revenues for TAC-STIM in the third quarter and back half of 2024 to be higher than in the second quarter and first half of 2024, respectively.

為此，我們預計 2024 年第三季和下半年 TAC-STIM 的營收將分別高於 2024 年第二季和上半年。

Our US prescription gammaCore channel, including gCDirect and gConcierge recorded revenue of $476,000 during the second quarter of 2024, up 7% from $445,000 in the second quarter of 2023.

我們的美國處方 gammaCore 通路（包括 gCDirect 和 gConcierge）在 2024 年第二季的營收為 476,000 美元，比 2023 年第二季的 44.5 萬美元成長 7%。

There were 2,216 cumulative revenue-generating cash pay prescribers as of June 30, 2024, up from 1,451 on June 30, 2023.

截至 2024 年 6 月 30 日，累計創收現金支付處方者數為 2,216 名，高於 2023 年 6 月 30 日的 1,451 名。

We previously stated that we expect at least some of these customers to migrate to the Truvaga brand as awareness grows, so we are modeling flat revenue from this category for the time being.

我們之前曾表示，隨著知名度的提高，我們預計至少其中一些客戶會轉向 Truvaga 品牌，因此我們暫時對此類別的收入進行建模。

We began experiencing that migration during the quarter as certain gConcierge customers are evaluating the Truvaga product line.

我們在本季開始經歷這種遷移，因為某些 gConcierge 客戶正在評估 Truvaga 產品線。

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

去年，我們宣布與 Joerns Healthcare LLC 達成分銷協議，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 1,250 萬人的受保生命。

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

Joerns 的業務模式與我們與 VA 醫院系統的合作方式類似。

Joerns handles adjudications, billing, and collections, while electroCore ships directly to patients and provides in-servicing and patient support.

Joerns 負責裁決、計費和收款，而 electroCore 則直接向患者發貨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 Joerns on the implementation including the expansion into new geographic territories.

我們繼續與喬恩斯合作實施，包括擴展到新的地理區域。

Our field sales function is developing champions within the targeted managed care system, and while it is taking longer than we had hoped, we still believe Joerns could be an important source of revenue growth in the second half of 2024 and beyond.

我們的現場銷售職能部門正在目標管理式醫療系統內培養冠軍，雖然花費的時間比我們預期的要長，但我們仍然相信 Joerns 可能成為 2024 年下半年及以後收入增長的重要來源。

Revenue from channels outside of the United States, OUS, increased by 9% to $464,000 in the second quarter of 2024, as compared to $424,000 for the second quarter of 2023.

2024 年第二季度，來自美國以外通路 (OUS) 的營收成長了 9%，達到 464,000 美元，而 2023 年第二季為 424,000 美元。

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

我們的大部分 OUS 收入仍然來自英國的處方 gammaCore 銷售，該銷售由國家醫療服務體系 (NHS) 資助。

Now I'd like to turn to our scientific progress.

現在我想談談我們的科學進步。

Last week, we announced that the Air Force Research Laboratories published a paper entitled Transcutaneous Cervical Vagus Nerve Stimulation Enhances Second-Language Vocabulary Acquisition While Simultaneously Mitigating Fatigue and Promoting Focus in the journal Scientific Reports.

上週，我們宣布空軍研究實驗室在《科學報告》雜誌上發表了一篇題為「經皮頸迷走神經刺激增強第二語言詞彙習得，同時減輕疲勞和促進注意力」的論文。

The paper is based on a study that was conducted at the Defense Language Institute in Monterey, California, US Department of Defense's premier language school and was supported by the DARPA Targeted Neuroplasticity Training Program.

該論文基於在美國國防部首屈一指的語言學校加州蒙特雷國防語言學院進行的一項研究，並得到了 DARPA 目標神經可塑性培訓計劃的支持。

The paper showed a significant positive effect of nVNS on language recall.

該論文表明 nVNS 對語言回憶具有顯著的正面作用。

Paper goes on to document that the recall advantage that emerged during training was sustained after the completion of treatment.

論文繼續證明，訓練期間出現的回憶優勢在治療完成後仍得以維持。

Two of our investigator-initiated trials, the acute stroke trial in Leiden, Netherlands; and the gait and mobility trial in Parkinson's disease in Newcastle, the United Kingdom, have been fully enrolled and we expect to report top-line data later this year.

我們的兩項研究者發起的試驗，即在荷蘭萊頓進行的急性中風試驗；英國紐卡斯爾的帕金森氏症步態和活動性試驗已全部入組，我們預計今年稍後將報告主要數據。

We continue to work with the FDA on a pathway for post-traumatic stress or PTSD label, but that timeline continues to be uncertain.

我們繼續與 FDA 合作尋找創傷後壓力症候群或 PTSD 標籤的途徑，但該時間表仍然不確定。

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

我們將在可用時提供有關我們的管道和其他機會的最新資訊。

Now I'd like to turn the call over to Brian for a review of our financials.

現在我想把電話轉給布萊恩，讓他審查我們的財務狀況。

Brian?

布萊恩？

Thank you, Dan.

謝謝你，丹。

Net sales for the three months ended June 30, 2024, were $6.1 million, an increase of 73% as compared to $3.6 million during the three months ended June 30, 2023.

截至2024年6月30日止三個月的淨銷售額為610萬美元，較截至2023年6月30日止三個月的360萬美元成長73%。

The increase of $2.6 million is due to an increase in net sales across the majority of our major channels, including our prescription gammaCore medical devices sold to the US and abroad, and revenue from the sales of our non-prescription general wellness Truvaga brand.

增加 260 萬美元是由於我們大多數主要管道的淨銷售額增加，包括銷往美國和國外的處方 gammaCore 醫療設備，以及非處方一般健康 Truvaga 品牌的銷售收入。

Gross profit increased by $2.3 million for the three months ended June 30, 2024, compared to the three months ended June 30, 2023.

截至2024年6月30日止三個月的毛利較截至2023年6月30日止三個月增加230萬美元。

Gross margin increased to 86% in the three months ended June 30, 2024, as compared to 84% for the three months ended June 30, 2023.

截至2024年6月30日止三個月的毛利率增加至86%，而截至2023年6月30日止三個月則為84%。

Total operating expenses in the second quarter of 2024 were approximately $7.9 million, as compared to $8 million in the second quarter of 2023.

2024 年第二季的總營運費用約為 790 萬美元，而 2023 年第二季為 800 萬美元。

Research and development expense in the second quarter of 2024 was $600,000, as compared to $1.2 million in the second quarter of 2023.

2024 年第二季的研發費用為 60 萬美元，而 2023 年第二季的研發費用為 120 萬美元。

This decrease is primarily due to a significant reduction in investments.

這一下降主要是由於投資大幅減少。

Selling, general and administrative expense of $7.3 million for the three months ended June 30, 2024, increased $458,000, or 7%, as compared to $6.8 million for the comparable period in 2023.

截至 2024 年 6 月 30 日止三個月的銷售、一般及管理費用為 730 萬美元，較 2023 年同期的 680 萬美元增加了 458,000 美元，即 7%。

This increase was primarily due to our greater variable selling and marketing costs consistent with our increase in sales.

這一成長主要是由於我們的可變銷售和行銷成本與我們的銷售額成長一致。

GAAP net loss for the second quarter of 2024 was $2.7 million, or $0.38 per share, as compared to the $4.9 million net loss, or $1.03 per share, for the second quarter of 2023.

2024 年第二季的 GAAP 淨虧損為 270 萬美元，即每股 0.38 美元，而 2023 年第二季的淨虧損為 490 萬美元，即每股 1.03 美元。

This significant improvement was primarily due to the increase in net sales to $6.1 million for the second quarter of 2024.

這一顯著改善主要是由於 2024 年第二季淨銷售額增加至 610 萬美元。

Adjusted EBITDA net loss in the second quarter of 2024 was $1.9 million, as compared to adjusted EBITDA net loss of $4.5 million in the second quarter of 2023.

2024 年第二季調整後 EBITDA 淨虧損為 190 萬美元，而 2023 年第二季調整後 EBITDA 淨虧損為 450 萬美元。

These improved results are also primarily due to the 73% increase in the second quarter of 2024 net sales.

這些業績的改善也主要歸功於 2024 年第二季淨銷售額成長 73%。

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, marketable securities, and restricted cash at June 30, 2024, totaled approximately $14.5 million, as compared to approximately $10.6 million as of December 31, 2023.

截至 2024 年 6 月 30 日，現金、現金等價物、有價證券和限制性現金總額約為 1,450 萬美元，而截至 2023 年 12 月 31 日約為 1,060 萬美元。

In June 2024, the company raised net proceeds of approximately $9 million through a registered direct offering and concurrent private placements priced at the market under Nasdaq rules.

2024 年 6 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 900 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 am incredibly proud of our continually growing revenue and the operating leverage we're seeing in the business.

我對我們在業務中看到的不斷增長的收入和營運槓桿感到無比自豪。

Our operating metrics, especially revenue and gross margin, continue to beat internal expectations, and I'm very enthusiastic about the company's long-term prospects across all brands and product lines.

我們的營運指標，特別是收入和毛利率，繼續超越內部預期，我對公司所有品牌和產品線的長期前景非常樂觀。

Demand for our prescription gammaCore therapy in the VA channel continues to grow based on clinical performance and our increased presence in the field.

根據臨床表現和我們在該領域的影響力的增加，VA 管道對我們的處方 gammaCore 療法的需求持續增長。

Our FSS contract has been extended to September 14, 2024, and we continue working with our VA contract specialists to secure a new follow-on contract.

我們的 FSS 合約已延長至 2024 年 9 月 14 日，我們將繼續與 VA 合約專家合作，以獲得新的後續合約。

We have approximately 40 straight commission sales agents representing about 90 to 99 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 40 名直接佣金銷售代理，代表了該領域約 90 至 99 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。

This 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，這種混合結構具有很強的可擴展性。

The Truvaga Plus launch has been favorably received by the market.

Truvaga Plus的推出受到了市場的好評。

The brand continues to show tons of potential as a direct-to-consumer general wellness offering.

作為直接面向消費者的綜合健康產品，品牌持續展現出巨大的潛力。

We're selling Truvaga products through our e-commerce site, www.truvaga.com, and we will explore expanding the Truvaga proposition through new product offerings and new channels to increase the lifetime value of each customer as we go forward.

我們透過電子商務網站 www.truvaga.com 銷售 Truvaga 產品，我們將探索透過提供新產品和新管道來擴展 Truvaga 主張，以在我們前進的過程中增加每個客戶的終身價值。

The pipeline of interest from different branches of our active duty military continues to develop for our TAC-STIM products.

我們現役軍隊的不同部門對我們的 TAC-STIM 產品感興趣的管道繼續發展。

Q2 2024 sales of TAC-STIM were impacted by the timing of the launch of our new handset and should resume in the back half of the year.

TAC-STIM 的 2024 年第二季銷售受到我們新手機發佈時間的影響，應該會在今年下半年恢復。

We expect the TAC-STIM revenue will be hard to predict in the short-term as active duty units evaluate and purchase in bulk for pilot deployment.

我們預計 TAC-STIM 的收入在短期內將很難預測，因為現役部隊將評估和大量購買以進行試點部署。

Longer term, we continue to 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 published so far.

從長遠來看，我們仍然相信，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公佈的人類表現優勢，可能會出現平民交叉。

During the second quarter of 2024, our sales and marketing expense increased by approximately $286,000 over the second quarter of 2023, while sales grew by $2.6 million.

2024 年第二季度，我們的銷售和行銷費用比 2023 年第二季度增加了約 286,000 美元，而銷售額增長了 260 萬美元。

Most of the top-line revenue growth of $2.6 million dropped to the bottom line as our net loss declined by $2.2 million, signaling real leverage in the P&L.

由於我們的淨虧損下降了 220 萬美元，260 萬美元的營收成長大部分下降到了利潤，這表明損益表中存在實際槓桿作用。

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。

In June 2024, we raised net proceeds of approximately $9 million through a registered direct offering and concurrent private placements priced at the market under Nasdaq rules.

2024 年 6 月，我們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 900 萬美元的淨收益。

We had $14.5 million of cash and equivalents at June 30, 2024, and we will maintain discipline around fixed operating expenses.

截至 2024 年 6 月 30 日，我們擁有 1,450 萬美元的現金和等價物，我們將維持固定營運費用的紀律。

We expect that commissions and media spend will scale with revenues, and we model approximately 30% of related sales on a blended basis.

我們預計佣金和媒體支出將隨著收入的增長而增加，並且我們在混合基礎上對大約 30% 的相關銷售額進行建模。

Therefore, we expect that our cash used will continue to decline sequentially as revenue increases.

因此，我們預計隨著收入的增加，我們使用的現金將繼續下降。

In summary, I believe the business is demonstrating operating leverage, and we will have a variety of levers to pull to continue growing the business.

總而言之，我相信該業務正在展示營運槓桿，我們將有多種槓桿來推動業務的持續發展。

I'm confident that we can generate positive cash flow early next year with the financial resources on our balance sheet at June 30, 2024.

我相信，利用截至 2024 年 6 月 30 日資產負債表上的財務資源，我們可以在明年初產生正現金流。

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。

We will now be conducting the question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions) Jeffrey Cohen, Ladenburg Thalmann.

（操作說明）Jeffrey Cohen、Ladenburg Thalmann。

Hey, Dan and Brian.

嘿，丹和布萊恩。

How are you?

你好嗎？

Okay.

好的。

So I've got a bunch.

所以我有一堆。

Some are short, though.

不過，有些很短。

Shares outstanding where we are currently as far as a good number, 7.1 million?

我們目前的流通股數是多少，710 萬股？

We have 4.6 million outstanding, and then about another 1.6 million of pre-funded warrants that get into the -- go into the EPS calculation.

我們有 460 萬張未償還認股權證，還有大約 160 萬份預先融資的認股權證，這些認股權證將進入每股收益計算。

So what did you use this quarter, 7.05 million?

那麼這個季度你用了什麼，705萬？

Yeah.

是的。

For this quarter, on the table, was an average of 7 million, 7,046.

本季的平均數量為 700 萬，即 7,046。

Okay.

好的。

That reflects the June range, though.

不過，這反映了六月的範圍。

That's correct.

這是正確的。

Okay, got it.

好的，明白了。

So thanks for that.

所以謝謝你。

And well, I have you on, Brian.

好吧，我有你在，布萊恩。

What was cash loss for the quarter?

該季度的現金損失是多少？

I got the adjustment number of $1.9 million and the GAAP $2.7 million.

我得到了 190 萬美元的調整金額和 270 萬美元的 GAAP 金額。

What was the cash number?

現金號碼是多少？

The cash used from operations was about a little bit under $1.8 million.

營運所用現金約略低於 180 萬美元。

Okay, fantastic.

好吧，太棒了。

Okay.

好的。

So for the question, I guess I wanted to get a little more advice-related.

所以對於這個問題，我想我想得到更多一些相關的建議。

So the second-gen tax in black that I saw, Dan, that's going to be back half, stronger than front half, perhaps sequentially based, but probably lumpy and a bit shy of what we previously thought.

因此，丹，我看到的第二代黑色稅收將是後半部分，比前半部分更強，也許是按順序排列的，但可能是不穩定的，並且比我們之前的想法有點少。

That's more like, I don't know, $1 million, $1.5 million for a year, maybe?

我不知道，這更像是一年 100 萬美元、150 萬美元，也許？

That's -- I've got visibility to at least that number.

那是——我至少看到了這個數字。

The deliveries this quarter were held back waiting for the official launch of the new generation.

本季的交付量因等待新一代產品的正式發布而被推遲。

So those are good numbers for walking around with.

所以這些數字非常適合四處走動。

And it will be -- we have a large commitment in the fourth quarter for delivery in October.

我們在第四季度做出了很大的承諾，並在 10 月交付。

So we're pretty comfortable with the range that you have.

所以我們對你們擁有的範圍非常滿意。

Got it, okay.

明白了，好吧。

And maybe talk a little bit about ex-US.

也許可以談談美國以外的事。

And we've heard a lot about the NHS in the UK with gammaCore.

我們已經聽過很多關於英國 NHS 與 gammaCore 的故事。

But other territories, other territories prescription-wise as well as other territories DTC-wise?

但其他地區、其他地區的處方方面以及其他地區的 DTC 方面呢？

So yeah, UK, we have expectations that it will continue to grow sort of mid-single digits in the 4%, 5%, 6% range.

所以，是的，我們預計英國將繼續在 4%、5%、6% 的範圍內實現中個位數成長。

It's a steady eddy kind of a business.

這是一種穩定的漩渦業務。

And we do not have visibility on other geographies getting into reimbursement at this point in time.

目前我們還無法了解其他地區是否已進入報銷階段。

So other geographies are more of a 2025 story.

所以其他地區更多的是 2025 年的故事。

Okay, got it.

好的，明白了。

And currently, commercial-wise, the Truvaga versus the Plus, the differential is the 352-minute sessions on the regular Truvaga; and the Truvaga Plus, which is unlimited with the fancy different colored comps available.

目前，從商業角度來看，Truvaga 與 Plus 的差異在於普通 Truvaga 的長度為 352 分鐘；還有 Truvaga Plus，它無限提供各種精美的不同顏色組合。

Correct.

正確的。

Okay.

好的。

And that's $399 versus $499.

也就是 399 美元和 499 美元。

That's exactly how our marketing folks would like you to describe it.

這正是我們的行銷人員希望您描述的方式。

Yeah.

是的。

I wasn't sure if I wanted the pink or the green one, but I went for the somewhat translucent charcoal color.

我不確定我想要粉紅色還是綠色，但我選擇了半透明的木炭色。

Just saying.

只是說。

Thanks.

謝謝。

Okay.

好的。

Excellent choice.

絕佳的選擇。

I got it.

我得到了它。

Yeah, so US payers, in the case of prescription focus, I know you're working on Joerns.

是的，美國的付款人，就處方焦點而言，我知道你們正在研究喬恩斯。

Does it feel like more US payers can come around?

是否感覺更多的美國付款人會接受？

Could there be a point, perhaps Medicare as well, where in another zero to year or two or three that there's a large amount of payers being covered?

是否有一個時間點，或許醫療保險也是如此，在另一個零到一年或兩三年內，有大量的付款人受到覆蓋？

So we're really focused on getting traction and penetration in the Joerns managed care relationship, and we think that's going to be an excellent benchmark or reference case for the more traditional national and regional payers.

因此，我們真正專注於在 Joerns 管理式醫療關係中獲得牽引力和滲透力，我們認為這對於更傳統的國家和地區付款人來說將成為一個極好的基準或參考案例。

We do have had some small payer wins among the regional payers, some of the blues in local geographies.

我們確實在地區付款人中取得了一些小額付款人勝利，在當地地區也取得了一些藍調。

But we're really -- with a small team, we're focused on making the Joerns managed care relationship really jump out later this year.

但我們確實——透過一個小團隊，我們專注於讓喬恩斯管理式醫療關係在今年晚些時候真正脫穎而出。

Got it.

知道了。

And then lastly, talk about those two papers, one on stroke, one on gait.

最後，談談這兩篇論文，一篇關於中風，一篇是關於步態。

The second one's in the UK.

第二個是在英國。

First one is where and when will we see that, and will it be at a conference?

第一個是我們將在何時何地看到這一點，是否會在會議上？

So, yes, so the stroke trial is being done in Leiden in the Netherlands and was fully enrolled in the first quarter of this year.

所以，是的，中風試驗正在荷蘭萊頓進行，並於今年第一季全部入組。

And these are both investigator-initiated trials.

這些都是研究者發起的試驗。

We have no influence on the timing of when the data is going to be available.

我們對數據可用的時間沒有影響。

They're both European trials: one in the UK, one in Netherlands.

它們都是歐洲試驗：一項在英國，一項在荷蘭。

And you know better than I do that academics take the summer off.

你比我更清楚學者們會放暑假。

So it's been a little bit frustrating getting any communication from them in the short run.

因此，在短期內從他們那裡得到任何溝通都有點令人沮喪。

But I'm looking forward to being able to speak more clearly about the top-line data both for the end of the year.

但我期待能夠更清楚地談論今年年底的頂線數據。

Anthony Vendetti, Maxim Group.

安東尼文代蒂，馬克西姆集團。

Thank you.

謝謝。

So, Dan, so the commercial payers, I know that's something you're working on, and I know that it takes time, as we know.

所以，丹，所以商業付款人，我知道這是你們正在努力的事情，而且我知道這需要時間，正如我們所知。

But maybe just an update on where you are with some of them and what the expectation is for the rest of this year in '25.

但也許只是更新一下您與其中一些人的情況以及對 25 年剩餘時間的期望。

Yeah.

是的。

So the VA hospital system is fully reimbursed for veterans that are covered by the VA hospital system.

因此，退伍軍人管理局醫院系統為退伍軍人管理局醫院系統覆蓋的退伍軍人提供全額報銷。

In the Joerns managed care system, which is larger as measured by covered lives, we went on formulary in January of this year, and it's really now more of a develop clinical champions and get penetration within the system than it is getting payers.

在Joerns 管理式醫療系統中，以承保壽命衡量，該系統規模更大，我們在今年1 月開始使用處方集，現在它實際上更多的是培養臨床冠軍並在系統中滲透，而不是吸引付款人。

So that's what our field sales team is focused on right now is demonstrating clinical adoption and driving penetration of that healthcare system.

因此，我們的現場銷售團隊現在關注的重點是展示臨床採用並推動該醫療保健系統的滲透。

And similar to Mr. Cohen's question, we really want to demonstrate that we can grow the business before we start directing resources to some of the other more traditional national payers in 2025.

與科恩先生的問題類似，我們確實想證明，在 2025 年開始將資源分配給其他一些更傳統的國家付款人之前，我們可以發展業務。

Okay, makes sense.

好吧，有道理。

And then would you attribute the year-over-year decline in TAC-STIM to the maybe anticipation of your commercial launch of the next-generation TAC-STIM?

那麼您是否會將 TAC-STIM 的同比下降歸因於您對下一代 TAC-STIM 商業推出的預期？

Yeah.

是的。

That's exactly what I was trying to say is that the Air Force and Army were very aware, very closely involved in the development of the new version of TAC-STIM.

這正是我想說的是，空軍和陸軍非常清楚並且非常密切地參與了新版本 TAC-STIM 的開發。

And so all of those orders were deferred until we could reliably supply the new heavier black handset.

因此，所有這些訂單都被推遲，直到我們能夠可靠地供應新的更重的黑色手機。

Okay, makes sense.

好吧，有道理。

And then lastly, just I know there's a number of potential applications for the gammaCore.

最後，我知道 gammaCore 有許多潛在的應用。

What is the next one you intend to hone in on and focus the team on?

您打算磨練並讓團隊專注的下一個目標是什麼？

Yeah.

是的。

So PTSD, we announced breakthrough designation a few years ago.

因此，我們幾年前就宣布了創傷後壓力症候群（PTSD）突破性指定。

We've been working with the agency on the path forward to get a specific indication for PTSD.

我們一直在與該機構合作，尋找 PTSD 的具體適應症。

Substance abuse, there's a pivotal trial that's being sponsored by NIDA, National Institute on Drug Abuse, that is enrolling patients, and it will read out in the beginning of next year.

在藥物濫用方面，國家藥物濫用研究所 (NIDA) 贊助了一項關鍵試驗，該試驗正在招募患者，並將於明年初宣讀。

So those will be the next two sort of categories of label extensions that we're looking for vagus nerve stimulation.

因此，這些將是我們正在尋找迷走神經刺激的接下來兩類標籤擴展。

Sean Lee, H.C. Wainwright.

李，H.C.溫賴特。

Hi, good afternoon.

嗨，下午好。

This is Sean standing for RK.

我是 Sean，代表 RK。

Thanks for taking my questions.

感謝您回答我的問題。

Hi guys.

嗨，大家好。

So with VA still being your biggest customer and the US federal fiscal year coming up soon, I was wondering if you could elaborate a bit more on the contract extensions and how that's going on.

因此，鑑於退伍軍人管理局仍然是你們最大的客戶，而且美國聯邦財政年度即將到來，我想知道你們是否可以詳細說明合約延期以及進展情況。

Can we -- should we expect any changes for next year?

我們可以——我們應該期待明年會有什麼變化嗎？

Are there any extensions that you could go into?

您可以進行任何擴充嗎？

Thanks.

謝謝。

So yeah, so we're working with the contract agent to get a new five-year FSS contract there.

是的，我們正在與合約代理商合作，在那裡獲得一份新的五年 FSS 合約。

That office has just been slow.

那個辦公室進展緩慢。

And as a result of their backup, they've been giving us these three-month extensions, which is frustrating, because it doesn't impact our business on a regular basis.

由於他們的支持，他們給了我們三個月的延期，這令人沮喪，因為它不會定期影響我們的業務。

We do expect to get a small price increase through that process.

我們確實希望透過這個過程實現小幅漲價。

A larger percentage of our business is going through level where the economics are slightly more favorable level.

我們的業務中有很大一部分正在經歷經濟稍微有利的水平。

You may recall it is a small service-disabled veteran-owned small business.

您可能還記得，這是一家由傷殘退伍軍人擁有的小型企業。

They did 13% of our VA hospital business in the first quarter.

第一季他們完成了我們 VA 醫院業務的 13%。

They did 27% of a larger number in the second quarter.

他們在第二季完成了這一數字的 27%。

And we're perfectly comfortable moving a larger portion of the business to their contracting mechanism and having multiple channels to be able to service that customer.

我們非常樂意將大部分業務轉移到他們的承包機制中，並擁有多個管道來為該客戶提供服務。

Great.

偉大的。

Thanks for that.

謝謝你。

And my second question is on the -- in the prepared remarks, you mentioned the effectiveness of vagus nerve stimulation for accelerating language learning.

我的第二個問題是——在準備好的演講中，您提到了迷走神經刺激對於加速語言學習的有效性。

Just wondering, is that something that's specific to TAC-STIM?

只是想知道，這是 TAC-STIM 特有的東西嗎？

Or is that also applicable to Truvaga?

或者這也適用於特魯瓦加？

And do you have any plans to market towards that?

您對此有什麼行銷計劃嗎？

So the trial was done with gammaCore handsets.

因此，試驗是使用 gammaCore 手機完成的。

So -- and then it was funded by the Department of Defense.

所以——然後它是由國防部資助的。

The clinical results absolutely transferred to TAC-STIM and could probably be inferred for Truvaga, but Truvaga delivers a lower dose.

臨床結果絕對轉移到 TAC-STIM，並且可能可以推斷 Truvaga，但 Truvaga 提供的劑量較低。

So you would need more sessions with Truvaga to get the same mental acuity benefits.

因此，您需要與特魯瓦加進行更多的會議才能獲得相同的精神敏銳度益處。

But the more general comment is yes.

但更普遍的評論是肯定的。

It's fundamental, the learning advantage, the cognitive enhancement is fundamental to the way this vagus nerve stimulation works and should be applicable across our product lines.

這是基礎，學習優勢和認知增強是迷走神經刺激工作方式的基礎，並且應該適用於我們的整個產品線。

Tyler Bussian, Brookline Capital Markets.

泰勒‧布西安，布魯克林資本市場。

Thanks for taking my questions.

感謝您回答我的問題。

So I got two quick ones for you.

所以我為你準備了兩個快速的。

I don't know if I missed it during the presentation or not.

我不知道我是否在演示過程中錯過了它。

Do you happen to have an updated VA DoD facility count for this quarter?

您是否有本季最新的 VA DoD 設施數量？

The number that we reported on the prepared remarks was 160.

我們報告的準備好的發言稿的數量是 160。

Okay, 160.

好吧，160。

Thanks.

謝謝。

I must have missed it in there.

我一定是錯過了那裡。

And my second quick question for you.

我要問你的第二個問題。

The language learning data was very interesting.

語言學習數據非常有趣。

I noticed on clinicaltrials.gov, there were a few new indications that had popped up from independent investigators' amyloid clearance or supplemental clearance, and then also the VA running looks like alcohol use disorder trial.

我在 ClinicalTrials.gov 上註意到，獨立研究人員的澱粉樣蛋白清除或補充清除中出現了一些新的跡象，而且 VA 的運作看起來像是酒精使用障礙試驗。

Do you have any comments on those type -- those new kind of indications or studies?

您對這些新的適應症或研究有什麼評論嗎？

Yeah.

是的。

Yes.

是的。

So the alcohol is a spin out of the work that's being done on opioid use that NIDA is supporting.

因此，酒精是 NIDA 支持的鴉片類藥物使用工作的衍生性商品。

And the pilot results are very compelling.

試點結果非常引人注目。

These are all investigator-initiated trials, so we're not necessarily privy to the structure of the trial -- and in many cases, we're actually selling handsets to the investigators who have independent funding.

這些都是研究人員發起的試驗，因此我們不一定了解試驗的結構 - 在許多情況下，我們實際上是向擁有獨立資金的研究人員出售手機。

So we don't have a lot of input.

所以我們沒有太多的投入。

But we love the research interest, and it all adds to the body of knowledge around vagus nerve simulation and could lead to future indications.

但我們喜歡這種研究興趣，這一切都豐富了有關迷走神經模擬的知識體系，並可能帶來未來的跡象。

Walter Schenker, MAZ Partners.

沃爾特‧申克 (Walter Schenker)，MAZ 合夥人。

My plug on the thing, my wife is good too as an enthusiastic user of the device.

我的插頭，我的妻子也很好，作為該設備的熱心用戶。

We both are.

我們都是。

I've got my brother-in-law and a whole bunch of people.

我有我姐夫和一大群人。

It would be correct that the majority of the dollars raised in the recent equity raised was raised from people who are either in management or in some way affiliated with the company?

最近籌集的股權中籌集的大部分資金是從管理層或以某種方式與公司有關聯的人籌集的，這是否正確？

Absolutely.

絕對地。

Yeah, directors and officers.

是的，董事和管理人員。

Great.

偉大的。

So they put in $5 million-odd of the $9 million, correct?

所以他們投入了 900 萬美元中的 500 萬美元，對嗎？

More than that.

不僅如此。

More than that, probably close to

不僅如此，可能接近

--

--

I know it's more.

我知道還有更多。

Okay.

好的。

It's worth pointing out to people.

值得向人們指出。

It's an unusually strong result for a small company.

對於一家小公司來說，這是一個異常強勁的結果。

Not a setup question.

不是設定問題。

It's frustrating to me as an investor given all of the interest in the VA system, the additional research, the fact that they are the people who have done most of the work on the PTSD, and we indicated although there's no hard data, there's some degree of use off label beyond headaches that still a penetration either in the headache area or broadly in the VA system is so low.

身為投資者，我感到很沮喪，因為大家對VA 系統很感興趣，也進行了額外的研究，事實上他們是在PTSD 方面做了大部分工作的人，而且我們指出，雖然沒有硬數據，但有些除了頭痛以外，超說明書使用的程度仍然很低，無論是在頭痛區域還是在 VA 系統中廣泛使用。

Is there a partner or something -- I know level has really upped the game, I guess.

有沒有夥伴之類的——我猜，我知道等級確實提升了遊戲的水平。

Is there some way except hospital-by-hospital, region-by-region to get a real step-up in penetration given how fewer hospitals for all this time you're in?

鑑於您目前所在的醫院數量如此之少，除了逐家醫院、逐個地區之外，還有其他方法可以真正提高滲透率嗎？

Yeah.

是的。

Look, Walter, it's a great observation.

看，沃爾特，這是一個很棒的觀察。

I do think -- and if you talk to our sales leadership that we're starting to see a bit of a tipping point where there's good recognition awareness that the technology is available for headache and is available for some of these behavioral health indications off label.

我確實認為，如果您與我們的銷售領導層交談，我們開始看到一個轉折點，人們已經充分認識到該技術可用於治療頭痛，並且可用於某些標籤外行為健康指標。

And I think you're going to start to see that penetration accelerating as we roll into 2025.

我認為，隨著 2025 年的到來，您將開始看到這種滲透率正在加速。

We're always open to partnerships.

我們始終對合作關係持開放態度。

We had a variety of conversations but nothing that's close enough to really start to brag about.

我們進行了各種各樣的談話，但沒有什麼足夠接近可以真正開始吹噓的。

Good.

好的。

And lastly, again, a comment I made this to you, but I want to make it again, especially for the Truvaga Plus and you've mentioned this more is better in using vagus -- your technology in vagus nerve stimulation.

最後，再一次，我對你做了這樣的評論，但我想再說一遍，特別是對於 Truvaga Plus，你提到這一點在使用迷走神經方面效果更好——你的迷走神經刺激技術。

Absolutely.

絕對地。

And that two minutes twice a day is not as good as four minutes twice a day or four minutes, three times or four times a day, which is what my wife does.

每天兩次兩分鐘不如每天兩次四分鐘或每天三四次四分鐘，這就是我妻子所做的。

And I think it's useful and important either on the side or broadly to continue to explain and try and inform people that if you use it more, it enhances -- even going back to learning, where you said because the people in the trial used higher levels of simulation, it gets to the same place.

我認為，無論是在側面還是在廣泛意義上，繼續解釋並嘗試告訴人們，如果你更多地使用它，它會增強——甚至回到學習，你說的，因為試驗中的人們使用了更高的水平，這是有用和重要的。

You'd have to use the consumer product more time.

您必須更長時間地使用消費品。

There really needs to be a greater push by the company that more is better as opposed to just -- again, two minutes twice a day is not really a great place to be.

公司確實需要加強推動“越多越好”，而不是僅僅——再說一遍，每天兩次兩分鐘並不是一個好地方。

You should be using it more.

你應該更多地使用它。

You're absolutely right.

你是絕對正確的。

I think you'll start to see that in our marketing and advertising or promotional information, especially when you're looking at the wellness opportunities for mental acuity, for focus or quality of sleep, you're absolutely right, Walter.

我想您會開始在我們的行銷和廣告或促銷訊息中看到這一點，特別是當您關注精神敏銳度、注意力或睡眠品質的健康機會時，您是絕對正確的，沃爾特。

All of the data shows that more sessions leads to better outcomes.

所有數據都表明，更多的會話會帶來更好的結果。

And -- but of course, you have to trade off the convenience for the consumer and end user, how much time they're willing to devote to getting those general wellness benefits.

而且，當然，您必須權衡消費者和最終用戶的便利性，以及他們願意投入多少時間來獲得這些一般健康福利。

But in my personal experience, I do it quite frequently, especially on a stressful day like today.

但根據我個人的經驗，我經常這樣做，尤其是在像今天這樣壓力很大的一天。

And it's easy enough to use watching TV, looking at your computer or doing other stuff with your hands.

而且用手看電視、看電腦或做其他事情都很容易。

Don't need your hands while you're doing it, just to sit there and do it is pretty easy.

做的時候不需要你的手，只要坐在那裡就可以輕鬆地做。

Okay.

好的。

My ad is done.

我的廣告完成了。

Thank you, Dan.

謝謝你，丹。

There are no further questions at this time.

目前沒有其他問題。

I would like to turn the call back over to Dan Goldberger for any closing comments.

我想將電話轉回丹·戈德伯格以徵求結束意見。

Thank you, operator, and thank you all for joining today's call.

謝謝接線員，也謝謝大家參加今天的電話會議。

Our employees are working tirelessly to deliver products and therapies that improve the health and wellness of patients and customers.

我們的員工正在不懈地努力，提供改善患者和客戶健康的產品和療法。

The team has done a great job of staying nimble, scaling the business, creating operating leverage and responding to the needs of our customers.

該團隊在保持靈活性、擴展業務、創造營運槓桿和響應客戶需求方面做得非常出色。

I also want to thank the health care professionals and their patients for their loyal support of gammaCore therapy and consumers for adopting our Truvaga product for general wellness.

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，以及消費者採用我們的 Truvaga 產品來實現整體健康。

Thank you all, and have a good evening.

謝謝大家，祝大家晚上愉快。

That does conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。