electroCore, Inc. (ECOR) 2024 Q3 法說會逐字稿

Greetings and welcome to the Electrocore third quarter, 2024 earnings conference call.

您好，歡迎參加 Electrocore 2024 年第三季財報電話會議。

This time all participants are in listen-only mode.

這次所有參與者都處於僅監聽模式。

Please make sure to mute yourself.

請務必將自己靜音。

The question and answer session will follow the formal presentation.

問答環節將在正式演講之後進行。

If anyone should require operator assistance, please press star zero from your telephone keypad.

如果有人需要接線生幫助，請按電話鍵盤上的星號零。

As a reminder, this conference is being recorded.

提醒一下，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 Electric Corp earnings call.

感謝大家參加今天的電力公司財報電話會議。

My name is Dan Goldberger.

我叫丹‧戈德伯格。

I am the Chief Executive Officer of Electric Corp and I'm also a member of the board of directors.

我是電氣公司的首席執行官，也是董事會成員。

Joining me today is Joshua Lev, our Chief Financial Officer Josh was promoted to the CFO position effective October 4th 2024.

今天加入我的是 Joshua Lev，我們的財務長 Josh 於 2024 年 10 月 4 日晉升為財務長。

He's been with us for almost five years and brings a track record of professional integrity and success.

他已經在我們身邊工作了近五年，並帶來了職業操守和成功的記錄。

Earlier today, Electrocore published results for the third quarter ended September 30th 2024.

今天早些時候，Electrocore 公佈了截至 2024 年 9 月 30 日的第三季業績。

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.

在我們開始之前。

I would 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 1,995.

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 1,995 年《私人證券訴訟改革法案》的安全港條款制定的。

Any statements contained in this call that are not statements of historical fact 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 accordingly.

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相應預期或暗示的結果或事件有重大差異。

You should not place undue reliance on these statements for a list of the risks and uncertainties associated with the company's business.

您不應過度依賴這些聲明來取得與公司業務相關的風險和不確定性清單。

Please see the company's filings with the Securities and Exchange Commission.

請參閱該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.

除法律要求外，Electrocore 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，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.

本次電話會議包含時間敏感訊息，僅在今天直播時準確。

November 13th 2024.

2024 年 11 月 13 日。

For those of you who may be new to our company, Electrocore was founded in 2005 to commercialize the use of our proprietary noninvasive vagus nerve stimulation for medical and general wellness applications.

對於可能剛接觸我們公司的人來說，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 stimulating the vagus nerve affects many important autonomic functions in the brain and in the body including neurotransmitter levels, inflammation levels and metabolism, surgically implanted, vagus nerve stimulators have been available from other companies for more than 40 years for chronic conditions like epilepsy and depression.

迷走神經是體內最長的腦神經，將內臟器官的訊息帶到大腦，刺激迷走神經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、發炎水平和新陳代謝，透過手術植入，迷走神經40 多年來，其他公司一直在生產用於治療癲癇和憂鬱症等慢性疾病的神經刺激器。

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.

建立在科學的基礎上。

Electrocore pioneered non invasive 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.

Electrocore 開創了非侵入性迷走神經刺激技術，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 advance 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，以提高非侵入性迷走神經刺激的益處，我們未來潛在適應症和產品的管道將繼續成長。

We have demonstrated rapid growth for several years now, in fact, this is our eighth consecutive record revenue quarter revenue was $6.6 million for the three months ended, September 30th 2024 a 45% increase over the prior year.

我們已經展示了幾年來的快速成長，事實上，這是我們連續第八個創紀錄的收入季度，截至 2024 年 9 月 30 日的三個月收入為 660 萬美元，比上年增長 45%。

Our five year compound annual growth rate is 62%.

我們的五年複合年增長率為 62%。

Our gross margins remained steady at 84% and we narrowed our net loss by 38% compared to the same period.

毛利率穩定在84%，淨虧損較去年同期收窄38%。

In 2023 we continue to make progress towards positive cash flow from operations and GAAP profitability as revenue increases, gross margins hold steady and we maintain discipline around operating expenses.

2023 年，隨著收入增加、毛利率保持穩定以及我們對營運費用的嚴格控制，我們將繼續在營運現金流和 GAAP 獲利能力方面取得積極進展。

Joshua, we will discuss the financials in more detail.

約書亞，我們將更詳細地討論財務狀況。

Later in the call, we launched our US prescription headache business.

後來在電話會議中，我們推出了美國處方頭痛業務。

In 2017, selling primarily to specialty pharmacies.

2017年，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 systems in the United States and the National Health Service in the United Kingdom.

從那時起，我們的處方頭痛業務在全球範圍內不斷增長，包括由國家衛生系統覆蓋的銷售，例如美國的退伍軍人管理局醫院系統和英國的國家衛生服務體系。

Cash pay sales through prescriber professional channels and through certain managed care systems in the United States.

透過處方者專業管道和美國的某些管理式醫療系統進行現金支付銷售。

We currently have about 30 million covered lives in the United States and we look forward to creating more access in the future.

目前，我們在美國為大約 3000 萬人提供了保障，我們期待未來創造更多的機會。

Cash paid patients can often use their HSA FSA accounts if they do not currently have insurance benefits.

如果現金支付的患者目前沒有保險福利，他們通常可以使用他們的 HSA FSA 帳戶。

We launched two new nonprescription General Wellness product lines last year, Vega is a direct to consumer health and Wellness brand and Tim is our brand for human performance for active duty military personnel.

去年，我們推出了兩個新的非處方一般健康產品線，Vega 是一個直接面向消費者的健康和保健品牌，Tim 是我們為現役軍人提供人體表現的品牌。

The VA hospital system continues to be our largest customer.

退伍軍人管理局醫院系統仍然是我們最大的客戶。

You'll recall that our gammacore prescription therapy is free to patients covered by veterans administration benefits.

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是免費的。

Representing about 9 million covered lives across approximately 1,300 health care facilities sales in the VA channel grew 75% to $4.8 million in the third quarter of 2024 from $2.7 million during the third quarter of 2023 166 VA facilities have purchased prescription gammacore products through September 30th 2024 as compared to 141 through September 30th of 2023.

VA 通路的銷售額從2023 年第三季的270 萬美元成長75%，增至2024 年第三季的480 萬美元，代表約1,300 家醫療保健機構的約900 萬受保生命截至2024 年9 月30 日，166 家VA 機構已購買處方gammacore 產品相比之下，截至 2023 年 9 月 30 日，這一數字為 141。

The VA hospital administration, headache centers of excellence estimates approximately 600,000 patients are being treated for a headache in the VA hospital system including approximately 24,000 cluster headache patients.

退伍軍人管理局醫院管理部門、頭痛卓越中心估計，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，其中包括約 24,000 名叢集性頭痛患者。

We've dispensed Gammacore devices to approximately 6,700 veterans since 2022 representing a little bit more than 1% of the total addressable headache market within the VA hospital system.

自 2022 年以來，我們已向約 6,700 名退伍軍人分發了 Gammacore 設備，佔 VA 醫院系統內可解決頭痛市場總量的 1% 多一點。

Vega sales continue to show strong revenue growth.

Vega 的銷售持續展現強勁的營收成長。

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

Truvea 目前定位為直接面向消費者的綜合健康產品，旨在緩解壓力、提高睡眠品質和精神敏銳度。

For the third quarter of 2024 Truvea net sales were approximately $657,000.

2024 年第三季 Truvea 淨銷售額約為 657,000 美元。

A 147% increase from $266,000.

比 266,000 美元增加 147%。

During the third quarter of 2023 our revenue return on advertising spend was approximately 2.53 in the third quarter.

2023 年第三季度，我們的廣告支出收入回報率約為 2.53。

In other words, we're spending $1 to generate $2.53 of revenue.

換句話說，我們花費 1 美元產生 2.53 美元的收入。

Vega return rates remain steady at approximately 11% of shipments.

Vega 退貨率穩定在出貨量的 11% 左右。

Since launching Tru Vega, we have sold more than 8,000 handsets and customers have conducted approximately 189,000 sessions using the mobile app.

自推出 Tru Vega 以來，我們已售出 8,000 多部手機，客戶已使用該行動應用程式進行了約 189,000 次會話。

We believe that the Tru Vega business will continue scaling nicely if we can maintain or improve these metrics.

我們相信，如果我們能夠維持或改進這些指標，Tru Vega 業務將繼續良好擴展。

Most of our vega revenue is generated through our e-commerce platform triple W dot Vega.com following the successful launch of Vega Plus, we began exploring additional channels to reach consumers including influencers, affiliates and resellers.

我們的 Vega 收入大多是透過我們的電子商務平台 Triple W dot Vega.com 產生的。

Last week, we went live on the perks at work platform which claims 30 million users globally across 90,000 companies representing 70% of the fortune 1,000.

上週，我們上線了 Perks at work 平台，該平台在全球擁有 3,000 萬用戶，覆蓋 90,000 家公司，佔財富 1,000 強公司的 70%。

And just yesterday, men's health published that Tru Vega Plus was chosen as one of their 2025 tech awards.

就在昨天，《男性健康》雜誌宣布 Tru Vega Plus 被選為 2025 年科技獎之一。

We plan to launch Drga Plus on Amazon early next year.

我們計劃明年初在亞馬遜上推出 Drga Plus。

Tax and revenues increased somewhat over the second quarter but still lag last year tax for human performance is being sold to select Air Force 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.

稅收和收入比第二季度有所增加，但仍落後於去年，根據空軍研究實驗室的定義，人類績效稅被出售給選定的空軍和陸軍特種部隊，以加速訓練、持續注意力、減少疲勞和改善情緒或美國空軍研究實驗室。

No prescription is required and more information is available at triple W dot tax.com.

無需處方，更多資訊請造訪 Triple W dot Tax.com。

The third quarter ended September 30th 2024 we recorded $194,000 of tax and sales as compared to $601,000.

截至 2024 年 9 月 30 日的第三季度，我們的稅收和銷售額為 194,000 美元，而去年同期為 601,000 美元。

During the same period.

同一時期內。

Last year, we have a growing sales funnel for tax them and we continue to believe that revenue from this product line is likely to be variable as active duty units purchase in bulk for pilot deployment on October 1 2024.

去年，我們對它們徵稅的銷售管道不斷擴大，我們仍然認為，隨著現役部隊批量購買以在 2024 年 10 月 1 日進行試點部署，該產品線的收入可能會發生變化。

Subsequent to the end of the quarter, we filled a $550,000 Air Force purchase order.

本季末後，我們完成了價值 55 萬美元的空軍採購訂單。

So fourth quarter sales are off to a fast start our US prescription gammacore channel including GC, Direct and G concierge recorded revenue of $441,000.

因此，第四季度的銷售快速啟動，我們的美國處方 gammacore 管道（包括 GC、Direct 和 G concierge）記錄的收入為 441,000 美元。

During the third quarter of 2024 flat from $439,000.

2024 年第三季與 439,000 美元持平。

In the third quarter of 2023 there were 2,390 cumulative revenue generating cash paid prescribers as of September 30th 2024.

截至 2024 年 9 月 30 日，2023 年第三季累計有 2,390 名現金支付處方者產生收入。

Up from 1,662 on September 30th of 2023 we expect at least some of these customers will migrate to the Tru Vega brand as awareness grows and we continue modeling flat revenue from this category for the time being.

與 2023 年 9 月 30 日的 1,662 家相比，我們預計隨著知名度的提高，至少其中一些客戶將遷移到 Tru Vega 品牌，並且我們暫時繼續對該類別的收入進行建模。

32 new Tru Vega plus partners were on boarded in the third quarter including 14 g concierge customers that added the Ruga line product line to their accounts.

第三季有 32 家新的 Tru Vega plus 合作夥伴加入，其中包括 14 名將 Ruga 系列產品新增至其帳號的禮賓客戶。

Last year, we announced a distribution agreement with GS healthcare LLC that gives us access to a certain managed care health system.

去年，我們宣布與 GS Healthcare LLC 達成分銷協議，使我們能夠存取特定的管理式醫療衛生系統。

Our field sales team is responsible for building awareness among doctors and nurses within that managed care system.

我們的現場銷售團隊負責在管理式醫療系統內提高對醫生和護士的意識。

Approximately 25 prescribers have written for gammacore in this channel and we look forward to growing revenue next year.

大約有 25 名處方者在此頻道中為 gammacore 撰寫文章，我們期待明年的收入成長。

Revenue from channels outside the United States or O US increased by 4% to $485,000 in the third quarter of 2024 as compared to $465,000 for the third quarter of 2023.

2024 年第三季來自美國或美國以外的通路營收成長了 4%，達到 48.5 萬美元，而 2023 年第三季為 46.5 萬美元。

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

我們在美國的大部分收入仍然來自英國的處方 gammacore 銷售，這些銷售由國家醫療服務體系 (NHS) 或 NHS 資助。

Now I'm going to turn to our scientific progress in September 2024 the Air Force research labs presented results supporting the ability of electric force tax stem NVNS to accelerate pilot training.

現在我要談談 2024 年 9 月我們的科學進展，空軍研究實驗室提出的結果支持電力稅幹 NVNS 加速飛行員訓練的能力。

A presentation titled Accelerating Sensor and motor learning in a flight training simulation using transcutaneous vagus nerve stimulation was presented at the 2024 medical Health System research symposium in Orlando Florida and was based on a study conducted at ar L's facilities at Wright Patterson Air Force Base in Dayton, Ohio.

在佛羅裡達州奧蘭多舉行的2024 年醫療衛生系統研究研討會上發表了題為“使用經皮迷走神經刺激在飛行訓練模擬中加速感測器和運動學習”的演講，該演講基於在代頓賴特帕特森空軍基地ar L 設施中進行的一項研究，俄亥俄州。

The study was funded by the Department of the Air Force through AFRL and suggested that the learning rate was higher in the active NVNS group over a Sham in August 2024 AFRL published a paper entitled Transcutaneous cervical vuss nerve stimulation enhances second language, vocabulary acquisition while simultaneously mitigating fatigue and promoting focus unquote in the journal scientific reports.

該研究由空軍部透過 AFRL 資助，顯示主動 NVNS 組的學習率高於假手術組，2024 年 8 月 AFRL 發表了一篇題為「經皮頸椎 vuss 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（引自該雜誌的科學報告）。

The paper is based on a study that was conducted at the defense language Institute in Monterey California and was supported by the DARPA targeted neuroplasticity training program.

該論文基於加州蒙特雷國防語言研究所進行的一項研究，並得到了 DARPA 針對性神經可塑性訓練計畫的支持。

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。

The paper goes on to document that the recall advantage that emerged during training was sustained.

論文接著證明，訓練期間出現的回憶優勢得到了維持。

After the completion of treatment, we continue to work with the FDA on a pathway for a post traumatic stress disorder label.

治療完成後，我們繼續與 FDA 合作，尋找創傷後壓力症候群標籤的途徑。

But that timeline remains uncertain.

但該時間表仍不確定。

We will provide updates about our pipeline and other opportunities as they become available before I turn the call over to Joshua Lev, our new co I want to extend a heartfelt.

在我將電話轉給我們的新同事 Joshua Lev 之前，我們將提供有關我們的管道和其他機會的最新信息，我想表達衷心的感謝。

Thank you to Brian Posner.

謝謝布萊恩波斯納。

As most of you know, Brian decided to retire from his position as our CFO in early October 2024 on behalf of the board employees shareholders and myself, I want to thank Brian for his years of dedicated service.

眾所周知，Brian 代表董事會、員工、股東和我自己決定在 2024 年 10 月初辭去財務長職務，我要感謝 Brian 多年來的竭誠服務。

Brian played an instrumental role in establishing a solid foundation for growth.

布萊恩在奠定堅實的成長基礎方面發揮了重要作用。

Brian, I miss you.

布萊恩，我想你。

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

現在，我想將電話轉給喬什，讓他審查我們的財務狀況。

Thank you, Dan net sales for the three months ended September 30 2024 were $6.6 million an increase of 45% as compared to $4.5 million during the three months ended September 30 2023.

謝謝，Dan 截至 2024 年 9 月 30 日止三個月的淨銷售額為 660 萬美元，較截至 2023 年 9 月 30 日止三個月的 450 萬美元增長了 45%。

The increase of $2 million is due to an increase in net sales across our prescription gammacore medical devices sold in the United States and abroad and revenue from the sales of our non prescription general wellness trve brands gross profit increased by $1.6 million for the three months ended September 30th 2024 compared to the three months ended September 30th 2023 gross margin was stable at 84% for the three months ended September 30th 2024 as compared to 85% for the three months ended September 30th 2023 total operating expenses in the third quarter of 2024 were approximately $8.1 million.

增加 200 萬美元的原因是我們在美國和國外銷售的處方 gammacore 醫療設備的淨銷售額增加，以及截至三個月的非處方一般健康 trve 品牌銷售收入毛利潤增加了 160 萬美元截至2024年9月30日，與截至2023年9月30日止三個月相比，截至2024年9月30日止三個月，毛利率穩定在84%，而截至2023年9月30日止三個月，毛利率穩定在85%。

As compared to $8 million in the third quarter of 2023 research and development expense in the third quarter of 2024 was $521,000.

與 2023 年第三季的 800 萬美元相比，2024 年第三季的研發費用為 521,000 美元。

As compared to $1.2 million.

相比之下，120 萬美元。

In the third quarter of 2023.

2023年第三季。

This decrease was primarily due to a significant reduction in investments associated with our true Vega Plus product.

這一下降主要是由於與我們真正的 Vega Plus 產品相關的投資大幅減少。

We expect R&D expense to remain steady for the foreseeable future selling general and administrative expenses of $7.6 million for the three months ended September 30th 2024 increased by $895,000 or 13% as compared to $6.7 million for the comparable period.

我們預計，在可預見的未來，研發費用將保持穩定，截至2024 年9 月30 日止三個月的銷售一般和管理費用為760 萬美元，較同期的670 萬美元增加895,000 美元，即13% 。

In 2023.

2023年。

This increase was primarily due to our greater variable selling and marketing costs consistent with our increase in sales and recognition of lease expense associated with the expansion of our facility in Rockaway, New Jersey General and administrative expenses increased 1% year over year.

這一增長主要是由於我們的可變銷售和行銷成本增加，與我們在新澤西州洛克威工廠擴建相關的銷售額增加和租賃費用確認一致，一般和管理費用同比增長 1%。

We expect fixed G&A expenses to remain relatively flat and sales and marketing expenses to scale with revenue in the near term.

我們預期固定管理及行政費用將保持相對平穩，銷售和行銷費用將在短期內隨收入成長。

Therefore, we anticipate progress towards positive adjusted EBIT DA and GAAP profitability, GAAP net loss for the third quarter.

因此，我們預計第三季調整後的 EBIT DA 和 GAAP 獲利能力以及 GAAP 淨虧損將取得正面進展。

Of 2024 was $2.5 million or 31¢ per share as compared to the $4 million net loss or 68cents per share for the third quarter of 2023.

2024 年第三季的淨虧損為 250 萬美元，即每股 31 美分，而 2023 年第三季的淨虧損為 400 萬美元，即每股 68 美分。

This significant improvement was primarily due to the increase in net sales to $6.6 million for the third quarter of 2024.

這一顯著改善主要是由於 2024 年第三季淨銷售額增加至 660 萬美元。

And our ability to drop incremental revenue to the bottom line adjusted EBITDA net loss in the third quarter of 2024 was $2.1 million as compared to adjusted EBITDA net loss of $3 million in the third quarter of 2023.

我們將增量收入降至底線的能力，2024 年第三季調整後 EBITDA 淨虧損為 210 萬美元，而 2023 年第三季調整後 EBITDA 淨虧損為 300 萬美元。

These improved results are also primarily due to the increase in the third quarter, 2024 net sales.

這些業績的改善也主要歸功於 2024 年第三季淨銷售額的成長。

A reconciliation of GAAP net loss to nongaap adjusted EBITDA net loss has been provided in the financial statement tables included in today's press release cash, cash equivalents, marketable securities and restricted cash at September 30th.

今天的新聞稿中包括截至 9 月 30 日的現金、現金等價物、有價證券和限制性現金的財務報表表格中提供了 GAAP 淨虧損與非 GAAP 調整後 EBITDA 淨虧損的調節表。

2024 totaled approximately $13.2 million as compared to approximately $10.6 million.

2024 年總計約 1,320 萬美元，而去年同期約為 1,060 萬美元。

As of December 31st, 2023 net cash used in operating activities for the nine months ended September 30th 2024 was $5.7 million.

截至2023年12月31日，截至2024年9月30日的九個月經營活動所使用的淨現金為570萬美元。

A 51% reduction from the $11.5 million to nine months ended September 5th 2023 and now I'll turn the call back to them.

截至 2023 年 9 月 5 日的九個月，比 1,150 萬美元減少了 51%，現在我將把電話轉回給他們。

Thank you, Joshua I'm very proud of how the team has grown revenue and the leverage we're seeing in the business.

謝謝約書亞，我對團隊如何增加收入以及我們在業務中看到的影響力感到非常自豪。

Our operating metrics continue to exceed our own internal expectations.

我們的營運指標持續超越我們自己的內部預期。

And I'm very enthusiastic about the company's long term prospects across all brands and channels.

我對公司所有品牌和通路的長期前景充滿熱情。

Demand for our prescription gammacore therapy.

對我們的處方伽瑪核療法的需求。

And the VA channel continues to grow based on clinical performance and our increased presence in the field.

VA 管道根據臨床表現和我們在該領域的影響力不斷擴大而持續成長。

Our FSS contract has been extended to December 14th, 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 12 月 14 日，我們將繼續與 VA 合約專家合作，以確保新的後續合約。

Our prescription gammacore sales organization is represented by about 80 1,099 reps in the field managed by our small team of territory business managers and supported by our customer experience team.

我們的處方 gammacore 銷售組織由約 80 名 1,099 名現場代表組成，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 has proven to be very scalable as we deploy prescription gammacore around the country.

當我們在全國各地部署處方 gammacore 時，這種混合結構已被證明具有很強的可擴展性。

The Vega launch has been favorably received by the market.

Vega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.

該品牌作為直接面向消費者的綜合健康產品，持續展現出巨大的潛力。

We're selling Vega products through our e-commerce site, triple W dot Vega dotcom.

我們透過我們的電子商務網站 Triple W dot Vega dotcom 銷售 Vega 產品。

And we continue exploring expansion of the Vega proposition through new product offerings and new channels to increase the lifetime value of each customer pipeline of interest from different branches of our active duty military continues to develop for our taxes and products.

我們繼續探索透過新產品和新管道擴展 Vega 主張，以增加來自我們現役軍隊不同部門的每個感興趣的客戶管道的終身價值，並繼續為我們的稅收和產品開發。

Although Q2 2024 sales have taxed them were impacted by the timing of the launch of our new handset sales in Q3 2024 picked up and we expect to show increased revenue in Q4 2024 tax and revenue will continue to be hard to predict in the short term as active duty units evaluate and purchase in bulk for pilot deployment.

儘管2024 年第二季的銷售已對他們徵稅，但受到我們新手機推出時間的影響，2024 年第三季的銷量有所回升，我們預計2024 年第四季的收入將有所增加，稅收和收入在短期內仍將難以預測，因為現役部隊評估並批量採購以進行試點部署。

Longer term.

從長遠來看。

We believe that there may be civilian crossover.

我們認為可能存在民用交叉。

As first responders, elite athletes, transportation workers, traders and E gamers become aware of the human performance benefits published so far.

作為急救人員，精英運動員、運輸工人、貿易商和電子遊戲玩家開始意識到迄今為止公佈的人類表現優勢。

During the third quarter of 2024 our sales and marketing expense increased by approximately $866,000 over the third quarter of 23.

2024 年第三季度，我們的銷售和行銷費用比 2023 年第三季增加了約 866,000 美元。

While sales grew by $2 million most of the top line revenue growth of $2 million dropped to the bottom line as our net loss declined during the same period by $1.5 million signaling increasing leverage in the P&L further out, we're working towards establishing additional indications for prescription gram aor to treat post traumatic stress disorder, opioid use disorder and other clinical opportunities.

雖然銷售額增加了200 萬美元，但由於我們的淨虧損在同一時期下降了150 萬美元，這表明損益表中的槓桿作用進一步增加，因此200 萬美元的頂線收入增長大部分下降到了底線，但我們正在努力建立更多跡像用於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的處方克奧。

We had $13.2 million of cash and equivalents at September 30th 2024 and we will maintain discipline around fixed operating expenses.

截至 2024 年 9 月 30 日，我們擁有 1,320 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 continue to 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繼續隨著收入的增長而擴大，並且我們對大約 30% 的相關銷售額進行混合建模。

Therefore, we expect that our cash used in operations and adjusted EBITDA loss will continue to decline sequentially as revenue increases.

因此，我們預計隨著收入的增加，營運中使用的現金和調整後的 EBITDA 損失將繼續下降。

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

總而言之，我相信該業務正在展現營運槓桿作用，我們將利用各種策略槓桿來繼續發展業務。

I remain confident that we can generate positive cash flow from operations early next year with the financial resources on our balance sheet at September 30th 2024.

我仍然相信，利用截至 2024 年 9 月 30 日資產負債表上的財務資源，我們可以在明年初從營運中產生正現金流。

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

此時，我會將通話回傳給接線生。

Please open the line for questions.

請打開提問專線。

Thank you.

謝謝。

We'll now be conducting the question and answer session to ask a question today.

今天我們將進行問答環節來提出問題。

You may press star one on your telephone keypad and a confirmation tone will indicate your lines in the question queue.

您可以按下電話鍵盤上的一號星號，確認音將指示您在問題佇列中的線路。

You may press star two.

您可以按星二號。

If you like to withdraw your question from the queue for participants that are using speaker equipment, it may be necessary to pick up your handset before pressing the star keys one moment, please.

如果您想從使用揚聲器裝置的參與者的佇列中撤回您的問題，請先拿起聽筒，然後再按星號鍵。

While we poll for questions.

當我們投票詢問問題時。

Once again, that's star one.

再說一次，這是明星一號。

Thank you.

謝謝。

Thank you.

謝謝。

And our first question is from the line of Jeffrey Cohen with Ladenberg Fin.

我們的第一個問題來自傑弗裡·科恩和拉登伯格·芬。

Please see your questions.

請查看您的問題。

Hi, Dana Josh.

嗨，達納喬許。

Thanks for taking our questions left on the Tech Awards 2025 for your vega plus any commentary there and perhaps talk about how that may or may not spill over and expand it to the 350 line.

感謝您回答我們在 2025 年技術獎上留下的問題，您的 vega 以及您的評論，或許還可以談談這可能會或可能不會溢出並將其擴展到 350 系列。

I know that the link is specifically on plus and then also perhaps talk about M&A or other wellness products that or out there or talk about your evidence.

我知道這個連結專門在 plus 上，然後也許還會談論併購或其他健康產品，或談論你的證據。

Wow, that, that it's a big question, Jeff, the men's health, you know, caught us by surprise.

哇，這是一個大問題，傑夫，男人的健康，你知道，讓我們感到驚訝。

So we're thrilled to see it.

所以我們很高興看到它。

And it creates a whole new opportunity for us.

它為我們創造了一個全新的機會。

We're negotiating with them now for an advertising package and they have a huge circulation.

我們現在正在與他們談判廣告套餐，他們的發行量很大。

So it's, it's a tremendous awareness opportunity for for our TRCA brand.

因此，這對我們的 TRCA 品牌來說是一個巨大的認知機會。

I've been, we haven't been reporting on it, but the Ruga Plus that we launched in April has been outselling the Trve 350.

我一直在，我們還沒有報導過，但我們四月份推出的 Ruga Plus 的銷量已經超過了 Trve 350。

The even though it's at a higher price point, the Ruga Plus as you know, is mobile app enabled.

儘管 Ruga Plus 的價格較高，但如您所知，它支援行動應用程式。

And in the future, it is going to give us an opportunity to enter into the much larger digital health opportunities.

未來，它將讓我們有機會進入更大的數位健康機會。

And so Sky is really the limit.

所以天空確實是極限。

We're just, just really getting started in that whole category.

我們只是剛剛真正開始涉足整個類別。

You asked about M&A we don't you know, we're, we're focused on vagus nerve stimulation.

你問起併購，我們不知道，我們專注於迷走神經刺激。

You know, as you think about the bigger picture of digital health and, and and wellness category.

你知道，當你思考數位健康和​​健康類別的大局。

There are, you could imagine a lot of different places for us to add to the product line or to perhaps Comark with somebody.

您可以想像我們有很多不同的地方可以添加到產品線中，或者可以與某人共同標記。

But for the foreseeable future, we are absolutely focused on Vegas nerve stimulation and, and, and there's nothing really that we can talk about at this time.

但在可預見的未來，我們絕對專注於維加斯神經刺激，並且，目前我們沒有什麼可以談論的。

Got it and just to clarify the, the Air Force contract that you spoke about closing after the quarter would be for tax.

明白了，只是為了澄清一下，您所說的季度後關閉的空軍合約將用於納稅。

Yes. That, that was for the Tim Black that we commercialized in July of this year.

是的。那是我們今年 7 月商業化的 Tim Black。

Okay.

好的。

And then lastly for us, congrats on, talking about Amazon for next year.

最後，恭喜我們談論明年的亞馬遜。

Could you tell us, will that be domestic only or do you expect that to roll out to other territories?

您能否告訴我們，這僅限於國內還是您希望將其推廣到其他地區？

Yeah, it's, it's KGA is a US only product for the time being.we're, we've been looking at what the what kind of investment would be required to be certified to ship into the EU or into Asian countries, for example, and we're focusing on getting the cash positive and profitability.

是的，KGA 目前是美國獨有的產品。

So I will probably procrastinate on that international investment until we cross over to being cash positive.

因此，我可能會推遲國際投資，直到我們轉向現金正值。

Okay.

好的。

Got it.

知道了。

That does it for us.

這對我們來說就是這樣。

Thanks for taking the questions.

感謝您提出問題。

Our next question from the line of SAM Pakula with HC Wainwright.

我們的下一個問題來自 SAM Pakula 和 HC Wainwright。

Please see your questions.

請查看您的問題。

Thank you.

謝謝。

Good afternoon and welcome Josh, you know, into the new.

下午好，歡迎喬什，你知道，進入新的世界。

Thank you for the questions.

謝謝你的提問。

Thank you RK.

謝謝你。

Jumping into the va revenue to start off.

從維吉尼亞州的收入開始。

You know, it was good to see the year over year growth.

你知道，很高興看到逐年增長。

And you know, you're, you're saying, you know, you're still scratching the surface and you have been in this market, you know, for, for quite a long time.

你知道，你是說，你知道，你還只是觸及表面，你知道，你已經進入這個市場很長一段時間了。

You know, what, what is it?

你知道，那是什麼？

You know, I'm, I'm not complaining about the growth.

你知道，我不是抱怨成長。

I'm just trying to figure out how is there, are there other ways or methods to to grow that growth from like say only 1% you know, to at least like 3 to 5% which can still make a huge difference for you folks, I would think.

我只是想弄清楚這是怎麼回事，是否有其他方法或方法可以將這種增長從你知道的 1% 提高到至少 3 到 5%，這仍然可以為你們帶來巨大的改變，我會想。

And, and, and what, what could potentially be those methods?

而且，以及，以及什麼，這些方法可能是什麼？

The great question RK I, you know, really our, our growth in the channels started to move as we came out of the pandemic and we were able to get our territory business managers and, and our 1,099 sales reps back into the facilities.

RK 是一個很好的問題，你知道，隨著我們走出大流行，我們的通路成長開始發生變化，我們能夠讓我們的區域業務經理和 1,099 名銷售代表重新回到設施中。

And so, you know, if you just look back it, you can see how it accelerated as the pandemic faded and access, traditional access to hospital facilities and clinics opened up.

所以，你知道，如果你回顧一下，你可以看到隨著大流行的消退以及傳統的醫院設施和診所的開放，它是如何加速的。

So for the foreseeable future, it's, it's scale.

因此，在可預見的未來，這就是規模。

Because the vast majority of our field sales force is straight commission.

因為我們的現場銷售隊伍絕大多數都是直接提成的。

We can, we, we can aggressively add feet on the street and get penetration within our existing customers and especially having additional 1,099 assets gives us the opportunity to open up the the new hospitals that are not yet customers.

我們可以，我們，我們可以積極地在街上增加業務並滲透到我們現有的客戶中，特別是擁有額外的 1,099 項資產使我們有機會開設尚未成為客戶的新醫院。

So it's not glamorous but it's, it's old fashioned finding the right people, getting them trained up and, and getting them deployed.

因此，這並不光彩奪目，但它確實是老式的尋找合適的人，讓他們接受培訓，然後讓他們部署。

And, and and successful beyond that, as you know, we're working towards AP TSD label, all of the pivotal trial data and PTSD came out of the VA hospital system.

而且，除此之外，正如您所知，我們正在努力爭取 AP TSD 標籤，所有關鍵試驗數據和 PTSD 都來自 VA 醫院系統。

It's an adjacent call point in behavioral health in the VA hospitals.

這是退伍軍人管理局醫院行為健康的鄰近呼叫點。

And so as, as we move through 25 to 26 that the total addressable market within the VA grows substantially as well.

因此，當我們從 25 歲成長到 26 歲時，VA 內的總潛在市場也會大幅成長。

So, we have lots of reasons to believe that we can maintain or even accelerate the penetration and the associated revenue growth rate.

因此，我們有很多理由相信我們可以維持甚至加速滲透率和相關的收入成長率。

Thank you.

謝謝。

And then talking about the revenue growth rate.

然後談論收入增長率。

So there is, you know, one is volume, the other is price.

所以，你知道，一個是數量，一個是價格。

So in terms of the FSS contracts that you were talking about with our due due to end soon.

因此，就您所討論的 FSS 合約而言，我們即將到期。

And and you know, I would think that with the benefit that they've been getting you, you'll, you'll get to extend those contracts.

而且你知道，我認為憑藉他們為你帶來的好處，你將能夠延長這些合約。

So while you start negotiating the next set of contracts, I is, is, is can price be at play in there or that is normally set by them and you, you don't have much of a flexibility in price and price growth.

因此，當您開始談判下一組合同時，我是，是，是價格可以在那裡發揮作用，或者通常由他們和您確定，您在價格和價格增長方面沒有太大的靈活性。

Yeah.

是的。

So the price is a, is a contract element.

所以價格是a，是合約要素。

About a third of our va business now is, is going through a distribution partner level.

現在，我們大約三分之一的 VA 業務正在透過分銷合作夥伴層級進行。

And and the price through the distributor to the hospitals is actually higher than if they purchase directly from us.

而且透過經銷商到醫院的價格實際上比他們直接從我們這裡購買的價格要高。

Our Fsfss contract has been extended now, I think three times, while we've been going through these extensions, we've moved into a higher revenue category that's, you know, we're a victim of our own success.

我們的 Fsfss 合約現在已經延長了，我想已經延長了三次，在我們經歷這些延長的同時，我們已經進入了更高的收入類別，你知道，我們是我們自己成功的受害者。

And so the contract has had to go through additional review cycles.

因此，合約必須經過額外的審查週期。

We are candidly, we're holding the price constant.

坦白說，我們保持價格不變。

We've been advised that we have an opportunity to increase the price, but we don't see any reason to do that.

我們被告知我們有機會提高價格，但我們認為沒有任何理由這樣做。

So we expect that ultimately the revised contract will be at the same price that we have today.

因此，我們預計最終修訂後的合約價格將與我們今天的價格相同。

Okay.

好的。

And then I know you said the name, but I, I'm going to refer to this as Kaiser Permanente and

然後我知道你說了這個名字，但我，我將把它稱為 Kaiser Permanente 和

I'm not allowed to use that name, but thank you.

我不被允許使用這個名字，但是謝謝你。

Well, I, I didn't write it down.

呃，我，我沒寫下來。

So that's, that's something You, you you said there are 25 subscribers have started writing script on the, on the, on the on the device.

所以，這就是你，你說有 25 個訂閱者已經開始在裝置上編寫腳本。

So in general and on because Kaiser Permanente is not just in California, in DC, they are in other areas as well.

所以總的來說，因為 Kaiser Permanente 不僅在加州、華盛頓特區，而且還在其他地區。

My question to you is, you know, when you say 25 prescribers are there from a specific region and as the product gets used more, we should expect that to spread through, through the, through the entire network of, of Kaiser Permanente.

我想問你的問題是，你知道，當你說來自特定地區的 25 名處方者並且隨著產品的使用越來越多時，我們應該預期這種情況會透過 Kaiser Permanente 的整個網路傳播。

And also when you say 25 prescribers.

當你說 25 位處方者時也是如此。

Are these the folks that have been kind of quote unquote given sample vouchers to check it out or are these or are they the folks that are really wanted to write this after, you know, conversation with the, I guess, through your distributor?

這些人是那些一直在提供樣本憑證來檢查的人，還是這些人，或者他們是真正想在與我想透過您的經銷商交談之後寫這篇文章的人？

So that through the distributor?

那麼是透過經銷商嗎？

Yeah.

是的。

The long question.

很長的問題。

Well, yeah, excellent question.

嗯，是的，很好的問題。

So, as I understand it, the managed care system is is organized around Southern California, Northern California, the Pacific Northwest.

因此，據我了解，管理式醫療系統是圍繞著南加州、北加州和太平洋西北地區組織的。

So Washington Oregon are a region.

所以華盛頓俄勒岡州是一個地區。

I'm not sure where Hawaii fits, but Kaiser has a good footprint in Hawaii.

我不確定夏威夷適合哪裡，但凱撒在夏威夷有很好的足跡。

Colorado is a separate region.

科羅拉多州是一個獨立的地區。

And Georgia, I'm not sure what they're doing with Geisinger, which they acquired and how that's organized just yet.

至於喬治亞州，我不確定他們正在對 Geisinger 做什麼，他們收購了 Geisinger，以及它是如何組織的。

Gammacore is on formulary in the Southern California and in the Northern California regions explicitly.

Gammacore 已明確列入南加州和北加州地區的處方中。

That's where most of our prescribers are in California.

我們的大多數處方醫生都在加州。

At this point.

在此刻。

We do have, I believe three prescribers out of the Washington Oregon region.

我相信我們確實有三名來自華盛頓俄勒岡地區的處方醫生。

And you know, so there's still a lot of work to be done.

你知道，還有很多工作要做。

Kaiser forbids samples.

凱撒禁止提供樣品。

So when we talk about prescribers, those are, those are revenue prescriptions.

因此，當我們談論處方者時，這些都是收入處方。

That's very good.

那很好。

Very good to hear that.

很高興聽到這個消息。

And then I, I, you probably answered this question.

然後我，我，你可能回答了這個問題。

I apologize.

我道歉。

You know, I in terms of the $550,000 order that you received from the military after the close of the quarter, you know, is this for the, for the version two product or is this for the initial version?

您知道，就本季結束後您從軍方收到的 550,000 美元訂單而言，您知道，這是用於第二版產品還是用於初始版本？

And also, you know, how should we think about, you know, is there a mix between the old product and the new product and beyond the 550?

而且，您知道，我們應該如何考慮，您知道，舊產品和新產品之間以及 550 之外是否存在混合？

Should we expect any additional our revenue for, for the fourth quarter?

我們是否應該期待第四季的額外收入？

I'm just trying to get an idea of, you know, is this going to be basically lumpy?

我只是想知道，你知道，這基本上會是凹凸不平的嗎？

And you and I can never, you know, figure out this until it happens or, or will, will it ever get into a cadence at some point?

你知道，你和我永遠無法弄清楚這一點，直到它發生，或者，或者將會，它會在某個時刻進入節奏嗎？

So, specifically around the the 500 it was, it was actually specifically $548,000 for for what we call tax in black.

所以，具體到 500 左右，實際上具體是 548,000 美元，用於我們所說的黑色稅。

It was, it's booked, shipped and booked is October 1st because that's the beginning of the financial year for, for the Air Force.

已經預訂、出貨，預訂日期是 10 月 1 日，因為那是空軍財政年度的開始。

And, and that was their request as, you know, as much as we would have liked to have pulled it into the third quarter, we have had additional revenue from the tax and product line in the current quarter, but much smaller amounts.

而且，這是他們的要求，因為，你知道，儘管我們希望將其推遲到第三季度，但我們在本季度從稅收和產品線中獲得了額外收入，但數額要小得多。

I've been coached not to use the word lumpy.

我被教導不要使用“塊狀”這個詞。

So now I use the word variable for, for 2025 it's, we have a lot of interest but it feels like for 2025 it's going to be again, back end loaded in in sort of the second half, the 3rd and 4th quarters of 2025.

所以現在我使用變數這個詞，對於 2025 年，我們有很多興趣，但感覺 2025 年它會再次出現，後端加載在 2025 年下半年、第三和第四季。

But there are various activities as we roll into 2026 where we are optimistic that we will be getting on onto a more of a, a predictable master contract that different units can order against.

但隨著我們進入 2026 年，我們樂觀地認為，我們將開展各種活動，以達成更多、可預測的主合同，不同單位可以根據該合同進行訂購。

And and we have a little bit more visibility, but I don't see that happening until the 2026 2027 revenue cycle.

我們有更多的可見性，但我認為直到 2026 年 2027 年收入週期才會發生這種情況。

Okay.

好的。

Okay, good.

好的，很好。

And then I mean, sorry for so many questions, but on two plus and so how obviously it looks like the product is being adopted really well in the market?

然後我的意思是，很抱歉有這麼多問題，但是在兩個加號上，很明顯該產品在市場上得到了很好的採用？

Are there any additional levers that you can use to, to grow this you know, higher and also at a steady pace or is this just going to be dependent on various, you know, advertisements slash social media or, you know, other other modes of spreading the message on the wellness side of the therapy?

您可以使用任何其他槓桿來使這一點以穩定的速度成長，或者這只是依賴各種廣告、社群媒體或其他模式來傳播治療健康方面的訊息？

So great question.

很好的問題。

We think we understand our own ecommerce platform and and the levers around search and social media spend, you know, as you're seeing with social media, getting some creative content to go viral is is much more art.

我們認為我們了解我們自己的電子商務平台以及搜尋和社群媒體支出的槓桿，你知道，正如你在社群媒體上看到的那樣，讓一些創意內容病毒式傳播更是一門藝術。

And so there's always that possibility that that one of our influencers will will hit a nerve if you let me use that concept and go viral and, and drive accelerated revenue and, and better metrics.

因此，如果你讓我使用這個概念並像病毒一樣傳播，並推動加速收入和更好的指標，那麼我們的一位影響者總是有可能會觸動神經。

The affiliate sales and getting on to onto the perks at work platform, for example, is a whole new channel for us.

例如，聯盟銷售和獲得工作平台的福利對我們來說是一個全新的管道。

Getting on to Amazon next year is a whole new channel.

明年進入亞馬遜將是一個全新的管道。

Now it's a, it's a more expensive channel.

現在它是一個更昂貴的管道。

And so the the while the gross margin stays healthy, the contribution margin, you know, a Amazon takes their vig and so we have to keep an eye on, on revenue growth versus contribution margin from different channels.

因此，在毛利率保持健康的同時，邊際貢獻率，你知道，亞馬遜採取了他們的策略，所以我們必須密切注意不同管道的收入成長與邊際貢獻。

Where I think we're a long way from being able to hire a celebrity spokesperson and take out a Super Bowl ad.

我認為我們距離聘請名人代言人和製作超級盃廣告還有很長的路要走。

But there's a lot in between what the big companies do and, and, and what we can do with guerrilla marketing tactics and see if we can't get some of that creative content to go big.

但是，大公司所做的事情和我們可以採取的遊擊行銷策略之間還有很多差距，看看我們是否無法讓一些創意內容變得更大。

Okay, one last question and that's for Josh.

好的，最後一個問題是問喬許的問題。

And at what point Josh do you think?

喬希你認為什麼時候會發生？

Both you and Dan will, will be comfortable to start talking about guidance and ability to talk through the top line.

你和丹都會很樂意開始談論指導和談論頂線的能力。

You know, from time to time we have heard about expense lines and some commentary on expense lines, but I'm just trying to find out at, at what point we can start expecting topline guidance as well.

你知道，我們時不時地聽說過有關費用項目和一些關於費用項目的評論，但我只是想找出在什麼時候我們也可以開始期待頂線指導。

Yeah, it's a, it's a great question.

是的，這是一個很好的問題。

You know, it's something that we consider doing in the past.

你知道，這是我們過去曾考慮過要做的事。

At the moment, it's not necessarily something that's on the docket for, for the future, but that being said, you know, we're getting into a new year.

目前，這不一定是未來的事情，但話雖這麼說，你知道，我們即將進入新的一年。

And we're going to reevaluate sort of everything when we do that.

當我們這樣做時，我們將重新評估一切。

So I would say, you know, it's something that we'll discuss internally and, and, and you'll either see it or you won't.

所以我想說，你知道，這是我們將在內部討論的事情，而且，你要么會看到它，要么不會。

No.

不。

All right.

好的。

Thank you very much, gentlemen.

非常感謝你們，先生們。

Thanks for taking all my questions.

感謝您回答我所有的問題。

Thanks.

謝謝。

Thank you as a reminder, you may press star one to ask a question.

謝謝提醒，您可以按一號星提問。

Our next question today is from the line of Thomas mcgovern with Maxim Group.

今天我們的下一個問題來自馬克西姆集團的托馬斯·麥戈文。

Please receive your questions, Mr mcgovern.

麥戈文先生，請接收您的問題。

Your line is live for a question.

您的熱線正在等待提問。

Perhaps you're muted, gentlemen, it appears we've lost Mr mcgovern's line.

也許你們靜音了，先生們，看來我們已經失去了麥戈文先生的台詞。

Thank you.

謝謝。

Once again, let me press star one to ask a question, Mr Goldberg.

讓我再按星一號提問，戈德堡先生。

There are no additional questions at this time.

目前沒有其他問題。

I'll turn the floor to you for any further comments.

如果您有任何進一步的意見，我將請您發言。

All right.

好的。

Thank you, operator.

謝謝你，接線生。

I appreciate everybody joining the the call today.

我感謝大家今天加入電話會議。

As I mentioned, I'm very proud with the continued improvement in all of our operating metrics of revenue growth, increasing cash consumption, decreasing.

正如我所提到的，我對我們所有營運指標（收入成長、現金消耗增加、減少）的持續改善感到非常自豪。

Our employees are working tirelessly to deliver these products and therapies, patients, customers.

我們的員工正在不懈地努力，為患者和客戶提供這些產品和療法。

We really appreciate everybody's support.

我們非常感謝大家的支持。

We're getting into the holiday season.

我們即將進入假期。

So I also want to wish everybody the very best for, for Thanksgiving and and the holidays after that.

所以我也想祝大家感恩節以及之後的假期一切順利。

Thanks everybody.

謝謝大家。

This will conclude today's conference.

今天的會議到此結束。

We disconnect your lines at this time.

我們此時會斷開您的線路。

Thank you for your participation.

感謝您的參與。