Ekso Bionics Holdings Inc (EKSO) 2018 Q1 法說會逐字稿

Greetings, and welcome to the Ekso Bionics First Quarter 2018 Financial Results Conference Call. As a reminder this conference is being recorded. For opening remarks, I will now turn the call over to David Carey of Lazar Partners. Thank you, David. You may begin.

您好，歡迎來到 Ekso Bionics 2018 年第一季度財務業績電話會議。提醒一下，這次會議正在錄製中。對於開場白，我現在將把電話轉給 Lazar Partners 的 David Carey。謝謝你，大衛。你可以開始了。

Thank you, Devon, and thank you all for participating in today's call. Joining me from Ekso Bionics are Jack Peurach, President and Chief Executive Officer; and Max Scheder-Bieschin, Chief Financial Officer. Earlier today, Ekso Bionics released financial results for the quarter ended March 31, 2018, a copy of the press release is available on the company's website. Before we begin, I would like to remind you that Management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including, without limitation or examination of historical operating trends and our future, financial or operational expectations, are based upon management's current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from anticipated or implied by those forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list of description of the risks and uncertainties associated with our business, please see our filings with the Securities and Exchange Commission. Ekso disclaims any intention or obligation, except as required by law, to update or revise any financial or operating -- operational projections or other forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the broadcast today, May 7, 2018.

謝謝 Devon，也感謝大家參加今天的電話會議。和我一起來自 Ekso Bionics 的是總裁兼首席執行官 Jack Peurach；首席財務官 Max Scheder-Bieschin。今天早些時候，Ekso Bionics 發布了截至 2018 年 3 月 31 日的季度財務業績，新聞稿的副本可在公司網站上獲取。在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，其中包括聯邦證券法意義上的前瞻性聲明，這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的.本次電話會議中包含的任何不是歷史事實陳述的陳述都應被視為前瞻性陳述。所有前瞻性陳述，包括但不限於歷史經營趨勢和我們的未來、財務或經營預期的檢查，均基於管理層當前的估計和各種假設。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的預期或暗示存在重大差異。因此，您不應過分依賴這些陳述。有關與我們業務相關的風險和不確定性的描述列表，請參閱我們向美國證券交易委員會提交的文件。除法律要求外，Ekso 不承擔更新或修改任何財務或運營預測或其他前瞻性陳述的任何意圖或義務，無論是因為新信息、未來事件或其他原因。此電話會議包含時間敏感信息，並且僅在 2018 年 5 月 7 日今天播出時準確無誤。

I will now turn the call over to Jack Peurach. Jack?

我現在將把電話轉給 Jack Peurach。傑克？

Thanks, David, and thanks to all of you for participating in today's call. Since becoming CEO of Ekso Bionics almost 2 months ago, I've been inspired by the focus and dedication of our leadership team and all of our employees to realize the potential of our innovative products and technologies. The power of that focus is reflected in the achievements we made in the first quarter of 2018. I am pleased with our revenue growth and unit adoption in the rehabilitation market in the United States and the EMEA, both year-over-year and quarter-over-quarter. Our total revenues of $2.5 million for the first quarter of 2018 is a 75% increase over the same quarter in 2017, and our shipment of 24 Ekso GT systems in the first quarter of 2018 is over 160% increase compared with the same period in the prior year. This is the first time we achieved revenue of over $2 million in our rehabilitation business. Of the 24 Ekso GT systems shipped in the first quarter, 13 new units were sold and 11 new units were added to our rental fleet. This demonstrates the traction our rental program is gaining in the U.S. market. This program is helping to drive adoption of Ekso GT, as evidenced by the 4 rental units that converted to sales in the first quarter. We will certainly have to be diligent in our efforts to convert rentals to sales or long-term leases. However, while still early days, I believe that the program will continue to drive customers to make a long-term commitment to a product that we believe is transforming the rehabilitation landscape. The 23 rentals we have in the field represent over $2.5 million in potential sales.

謝謝大衛，也感謝大家參加今天的電話會議。自從大約 2 個月前成為 Ekso Bionics 的首席執行官以來，我們的領導團隊和所有員工的專注和奉獻精神一直激勵著我，以實現我們創新產品和技術的潛力。這種專注的力量體現在我們在 2018 年第一季度取得的成就中。我對我們在美國和 EMEA 康復市場的收入增長和單位採用率感到滿意，無論是同比還是環比。我們 2018 年第一季度的總收入為 250 萬美元，比 2017 年同期增長了 75%，我們在 2018 年第一季度的 24 台 Ekso GT 系統出貨量與去年同期相比增長了 160% 以上去年。這是我們的康復業務收入首次超過 200 萬美元。在第一季度出貨的 24 台 Ekso GT 系統中，售出了 13 台新設備，並向我們的租賃車隊增加了 11 台新設備。這證明了我們的租賃計劃在美國市場獲得的吸引力。該計劃有助於推動 Ekso GT 的採用，第一季度有 4 個租賃單位轉化為銷售就是證明。我們當然必須努力將租金轉化為銷售或長期租賃。然而，雖然還處於早期階段，但我相信該計劃將繼續推動客戶對我們認為正在改變康復領域的產品做出長期承諾。我們在該領域擁有的 23 個租金代表了超過 250 萬美元的潛在銷售額。

We continue to build a robust body of clinical data that we believe demonstrate the transformative potential of Ekso GT. To date, there have been 79 studies announced utilizing the Ekso GT, including 48 completed studies and 31 ongoing studies, encompassing a total of over 1,700 patients.

我們繼續建立一個強大的臨床數據體系，我們認為這些數據證明了 Ekso GT 的變革潛力。迄今為止，已有 79 項研究宣布使用 Ekso GT，包括 48 項已完成的研究和 31 項正在進行的研究，共涉及 1,700 多名患者。

We are working with leading investigators, who have independently initiated large clinical trials to provide data and insight into the use of the Ekso GT, including the Kessler Foundation, the Rehabilitation Institute of Chicago and the Moritz Klinik. In addition, we are also running our own clinical trial known as the WISE study, which is designed to evaluate improvement in independent gait speeds of patients with incomplete spinal cord injury undergoing rehabilitation with the Ekso GT compared with either conventional therapy or a control group.

我們正在與領先的研究人員合作，他們獨立啟動了大型臨床試驗，以提供有關 Ekso GT 使用的數據和見解，包括凱斯勒基金會、芝加哥康復研究所和莫里茨診所。此外，我們還開展了自己的臨床試驗，稱為 WISE 研究，旨在評估與傳統療法或對照組相比，使用 Ekso GT 進行康復治療的不完全性脊髓損傷患者的獨立步態速度改善情況。

We believe that positive results in these trials will both expand the Ekso GT market and increase the rate of Ekso GT uptake. As we await data from these studies, demand for the Ekso GT continues to grow, and we ended the first quarter with a backlog of orders. While this is the first time we've had a backlog, we are optimistic that we will achieve equally strong sales in the second quarter of 2018. Another benefit to the backlog is that we will have better clarity and shipments throughout the quarter rather than just at quarters' end. This will support our efforts to meet sales objectives and operational efficiencies on an ongoing basis. As pleased as I am with our performance in the first quarter, I have spent much of my first 2 months looking into the future, focused on ensuring that we have a sustainable business model and that we undertake changes to the organization that are sizable enough to truly advance our value proposition. We have identified several key levers that have the greatest potential to advance our business, that are to develop and implement initiatives that move these levers in the direction we need them to go.

我們相信，這些試驗的積極結果將擴大 Ekso GT 市場並提高 Ekso GT 的採用率。在我們等待這些研究的數據時，對 Ekso GT 的需求持續增長，我們在第一季度結束時訂單積壓。雖然這是我們第一次遇到積壓訂單，但我們樂觀地認為我們將在 2018 年第二季度實現同樣強勁的銷售。積壓的另一個好處是，我們將在整個季度而不是僅在季度末有更好的清晰度和出貨量。這將支持我們不斷努力實現銷售目標和運營效率。儘管我對我們第一季度的表現感到滿意，但我在前兩個月的大部分時間裡都在展望未來，專注於確保我們擁有可持續的商業模式，並確保我們對組織進行足夠大的變革真正推進我們的價值主張。我們已經確定了幾個最有潛力推動我們業務發展的關鍵槓桿，即制定和實施將這些槓桿推向我們需要的方向的舉措。

I'm pleased with the direction in which Ekso Bionics is now moving in the U.S. market, and we intend to identify and focus on key levers for success in our other regions and market segments. Our progress in establishing a leadership position in the rehabilitation market is essential for our success. But we are not a one-product company. One of the features that distinguishes Ekso Bionics from our competitors and attracted me to join the company is that we use our technology to solve problems in multiple industries. In this case, the medical rehabilitation market and the industrial market.

我對 Ekso Bionics 目前在美國市場的發展方向感到滿意，我們打算確定並專注於在其他地區和細分市場取得成功的關鍵槓桿。我們在康復市場建立領導地位的進展對我們的成功至關重要。但我們不是一家單一產品公司。Ekso Bionics 區別於我們的競爭對手並吸引我加入公司的特點之一是我們使用我們的技術來解決多個行業的問題。在這種情況下，醫療康復市場和工業市場。

We are not just building mechanical devices, rather we are applying our expertise in collaborative robotics to innovate solutions that protect and restore mobility across a wide range of health and industrial settings. We believe our solutions are garnering positive responses among key customer audiences.

我們不只是製造機械設備，而是運用我們在協作機器人方面的專業知識來創新解決方案，以保護和恢復廣泛的健康和工業環境中的流動性。我們相信我們的解決方案正在獲得主要客戶群體的積極響應。

Thanks to our pilot programs with companies like Ford Motor Company and the industry partnership we have with the United Auto Workers, the EksoVest is gaining traction. The EksoVest is also gaining recognition outside the United States as evidenced by the license and distribution agreement that we signed with Daydo, a Japanese company focused on the residential new home construction market. With significant construction ongoing in preparation for the Tokyo Olympics in 2020, Daydo believes that the EksoVest has an important role to play in helping the country meet its hosting obligations. We believe that Daydo is well positioned in the new home market and has an opportunity to expand exoskeleton technologies into broader applications.

得益於我們與福特汽車公司等公司的試點項目以及我們與美國汽車工人聯合會的行業合作夥伴關係，EksoVest 正在獲得關注。EksoVest 也在美國以外獲得認可，我們與專注於住宅新房建設市場的日本公司 Daydo 簽署的許可和分銷協議證明了這一點。隨著為 2020 年東京奧運會做準備的重大建設正在進行中，Daydo 認為 EksoVest 在幫助該國履行主辦義務方面可以發揮重要作用。我們相信 Daydo 在新居市場處於有利地位，並有機會將外骨骼技術擴展到更廣泛的應用領域。

In a moment, I'll turn the call over to Max for a review of our first quarter 2018 financial results. This is a bittersweet moment, as we announced earlier today that Max is beginning the process of moving on to the next chapter in his life after 8 years of leadership at Ekso Bionics. Our company would not have its current momentum or opportunities for success without Max's contributions, and he will, most certainly, be missed. Max will be staying on through July, and he will continue working with us as a consultant throughout 2018. We've already begun a search and expect it to be completed before Max departs. Max

稍後，我會將電話轉給 Max，讓他審查我們 2018 年第一季度的財務業績。這是一個苦樂參半的時刻，正如我們今天早些時候宣布的那樣，在 Ekso Bionics 擔任領導職務 8 年後，Max 開始了他人生的新篇章。如果沒有 Max 的貢獻，我們公司不會有目前的勢頭或成功的機會，而且他肯定會被錯過。Max 將留任至 7 月，他將在整個 2018 年繼續作為顧問與我們合作。我們已經開始搜索並希望在 Max 離開之前完成。最大限度

plans to spend some good time off with his wife at their home in Montana. We wish him nothing but the best in Big Sky Country. And with that, I'll turn it over to Max.

計劃與他的妻子在他們位於蒙大拿州的家中度過一段愉快的假期。我們只希望他在 Big Sky Country 一切順利。有了這個，我會把它交給 Max。

Thanks, Jack, for those very kind words. My decision to step away from Ekso was one of the most difficult choices I've ever made, especially as I believe we are getting real traction in both the rehabilitation and industrial markets. I am pleased to have at least one more opportunity to review our financial results with you today. Total reported revenue was $2.5 million for the first quarter ended March 31, 2018. This breaks down to $2.1 million in the Ekso GT and related revenue and $400,000 in industrial sales. We'd like to note again that this is the first time we exceeded $2 million for our rehabilitation business, with both North America and Europe contributing to the growth. In addition, we see that our rental programs continue to resonate with customers, which continues to help accelerate adoption. Our rental fleet grew to 23 rental units at the end of March 2018. This represents a potential of close to $2.5 million in future revenues.

傑克，謝謝你說的那些非常客氣的話。我離開 Ekso 的決定是我做過的最艱難的選擇之一，特別是因為我相信我們在康復和工業市場都獲得了真正的牽引力。我很高興今天至少有一次機會與您一起回顧我們的財務業績。截至 2018 年 3 月 31 日的第一季度，報告的總收入為 250 萬美元。Ekso GT 及相關收入分解為 210 萬美元，工業銷售額為 400,000 美元。我們想再次指出，這是我們的康復業務首次超過 200 萬美元，北美和歐洲都為增長做出了貢獻。此外，我們看到我們的租賃計劃繼續引起客戶的共鳴，這繼續有助於加速採用。到 2018 年 3 月底，我們的租賃車隊增加到 23 個租賃單位。這意味著未來收入的潛力接近 250 萬美元。

Gross profit for the quarter was $800,000 compared to $400,000 for the same period in 2017. We expect gross margins for our rehab business to continue to strengthen as the year progresses, as implemented changes to our service business and cost of good reductions take effect.

本季度的毛利潤為 800,000 美元，而 2017 年同期為 400,000 美元。隨著我們服務業務的實施變化和良好成本削減的生效，我們預計我們康復業務的毛利率將隨著今年的進展而繼續增強。

Sales and marketing expenses for the quarter were $3.9 million compared to $3.1 million for the first quarter 2017. With some organizational changes we made earlier this quarter, we see the run rate for the second half of the year to be about $750,000 less per quarter than this past quarter.

本季度的銷售和營銷費用為 390 萬美元，而 2017 年第一季度為 310 萬美元。通過我們在本季度早些時候進行的一些組織調整，我們預計今年下半年的運營率將比上一季度每季度減少約 750,000 美元。

Research and development expenses for the quarter were $1.8 million compared to $2.9 million for the first quarter 2017, a decrease due to our reduction in workforce in May 2017. General and administrative expenses for the quarter were $3.7 million compared to $2.5 million for the first quarter 2017. This increase was primarily due to 2 factors: the first, a one-time adjustment of $800,000 due to severance and additional stock-based compensation expense related to the departure of our former CEO; the second, a $600,000 increase for business development-related activities in China, the payment of which we made in the third quarter 2017.

本季度的研發費用為 180 萬美元，而 2017 年第一季度為 290 萬美元，減少的原因是我們在 2017 年 5 月裁員。本季度的一般和行政費用為 370 萬美元，而 2017 年第一季度為 250 萬美元。這一增長主要歸因於兩個因素：第一，由於與前任首席執行官離職相關的遣散費和額外的股票補償費用，一次性調整了 800,000 美元；第二，增加 600,000 美元用於在中國的業務發展相關活動，我們在 2017 年第三季度支付了這筆款項。

Net loss for the 3 months ended March 31, 2018, was $7.9 million or $0.13 per basic and diluted share compared to $8.3 million or $0.38 per basic and diluted share for the 3 months ended March 31, 2017. Cash on hand at March 31, 2018, was $20.6 million.

截至 2018 年 3 月 31 日止 3 個月的淨虧損為 790 萬美元或每股基本股及攤薄股 0.13 美元，而截至 2017 年 3 月 31 日止三個月的淨虧損為 830 萬美元或每股基本股及攤薄股 0.38 美元。2018 年 3 月 31 日手頭現金為 2060 萬美元。

Please see our quarterly report on Form 10-Q for further details regarding the quarter ended March 31, 2018. Before I turn it back to Jack, I'd like to thank him, the Board, our investors and all of my colleagues over the 8 years at Ekso Bionics for the tremendous experience I was able to be part of. We have accomplished a great deal creating a new industry. When I first joined Ekso, nobody knew what an exoskeleton was, and when we explained it, the immediate reaction was that is science fiction. Fast forward to today, we believe that we have begun to get some steady traction on the rehab side with the Ekso GT, an incredible tool developed, design and built by an equally incredible team of engineers and professionals. A tool that can serve a large market and one that, we believe, can be the base for endless new applications going forward. I will work tirelessly to ensure an easy transition and will be with Ekso through the end of the year in some capacity to help Jack and the team continue the momentum, both adoption and operationally, that we are beginning to realize today. Jack, thank you, and back to you.

有關截至 2018 年 3 月 31 日的季度的更多詳細信息，請參閱我們的 10-Q 表季度報告。在我把它轉回給傑克之前，我要感謝他、董事會、我們的投資者和我在 Ekso Bionics 8 年來的所有同事，感謝我能夠參與其中的豐富經驗。我們在創建新行業方面取得了巨大成就。當我剛加入 Ekso 時，沒有人知道外骨骼是什麼，當我們解釋它時，第一反應是那是科幻小說。快進到今天，我們相信我們已經開始通過 Ekso GT 在康復方面獲得一些穩定的牽引力，Ekso GT 是一個令人難以置信的工具，由同樣令人難以置信的工程師和專業團隊開發、設計和製造。一種可以服務於廣大市場的工具，我們相信，它可以成為未來無窮無盡的新應用程序的基礎。我將不知疲倦地工作以確保輕鬆過渡，並將在今年年底之前與 Ekso 一起，以某種身份幫助 Jack 和團隊繼續保持我們今天開始實現的採用和運營勢頭。傑克，謝謝你，然後回到你身邊。

Thanks, Max. I guess there's nothing like going out on a high note. A 75% increase in revenue over the same quarter last year. The first time we hit $2 million in a rehab business, and the first time we go into backlog in all of our businesses are notable achievements. But as I said a few minutes ago, I am more focused on the future than the quarter we just completed. Going forward, there will be a continued focus on gaining operational efficiencies that will allow us to achieve significant and profitable growth for what is a large market opportunity for our technology, without compromising our ability to deliver on the hope that we promise to our customers and to the patients they serve. Hitting our stride is the best way to help the end users of our products hit theirs. Operator, you may now open the line for questions.

謝謝，馬克斯。我想沒有什麼比高調出門更好的了。收入比去年同期增長 75%。我們第一次在康復業務中達到 200 萬美元，我們第一次在我們所有的業務中進入積壓是顯著的成就。但正如我幾分鐘前所說，與我們剛剛完成的那個季度相比，我更關注未來。展望未來，我們將繼續關注提高運營效率，這將使我們能夠為我們技術的巨大市場機會實現顯著和盈利的增長，同時不影響我們實現我們向客戶承諾的希望的能力和給他們服務的病人。讓我們大步向前是幫助我們產品的最終用戶實現他們的目標的最佳方式。接線員，您現在可以打開問題熱線。

(Operator Instructions) Our first question comes from the line of Bruce Nudell with SunTrust.

（操作員說明）我們的第一個問題來自 Bruce Nudell 與 SunTrust 的合作。

This is Stan Fediuk on the line for Bruce Nudell. First, can you just provide more color on the unit trends in the quarter? In Medical, there were higher rental units. How should we think about the unit trends going forward?

我是 Bruce Nudell 的 Stan Fediuk。首先，您能否提供有關本季度單位趨勢的更多顏色？在醫療領域，出租單位較多。我們應該如何考慮未來的單位趨勢？

Hi Stan, this is Max. Thanks for being on the call and for the questions since that's financial oriented. So of the 24 units that we shipped this quarter, we can tell you that 14 of those were in the United States, 10 of those were in EMEA, and of the 14, 11 were net new rentals: 10 in United States, 1 in EMEA. And I think in terms of the trends, EMEA is a direct and an indirect market, mostly indirect, and you'll see mostly sales to our distributor partners on that front. And in United States, you should continue to see an equal waiting, as we're experienced this quarter -- started to experience last quarter between rental and sales. It'll be lumpy from quarter-to-quarter, but we think the rental program is really what's driving a significant increase in adoption. And as long as we keep really good conversion rates on those rentals, and we're eyeing that very carefully, I think, it's going to be a good up opportunity to accelerate the sales cycle.

嗨，斯坦，我是麥克斯。感謝您接聽電話並提出問題，因為這是以財務為導向的。因此，在我們本季度出貨的 24 個單元中，我們可以告訴您，其中 14 個在美國，其中 10 個在 EMEA，在這 14 個中，有 11 個是淨新租金：10 個在美國，1 個在歐洲、中東和非洲。而且我認為就趨勢而言，EMEA 是一個直接和間接市場，主要是間接市場，你會看到主要是在這方面向我們的分銷商合作夥伴銷售。在美國，你應該繼續看到平等的等待，正如我們本季度所經歷的那樣——上個季度開始在租賃和銷售之間經歷。每個季度都會有起伏，但我們認為租賃計劃確實推動了採用率的顯著增長。只要我們在這些租金上保持非常好的轉化率，並且我們非常仔細地關注這一點，我認為，這將是加速銷售週期的好機會。

Okay. And in Industrial, what was the split between Vests and Mounts?

好的。在工業中，背心和坐騎之間的區別是什麼？

We shipped 75 units in the industrial space, 36 units were Mounts, 39 were Vests.

我們在工業空間運送了 75 個單位，其中 36 個是坐騎，39 個是背心。

Okay, great. And is there any update with the JV in China?

好的，太好了。在中國的合資企業有任何更新嗎？

Thanks, Stan. Yes, we are -- we're continuing to press forward with that. We're extremely excited about the opportunity in China, both downstream and for -- operationally for the cost of our product. As of today, we've not made any final decisions or final agreements with partners, but that work is underway. When we do have something to announce, we will do it.

謝謝，斯坦。是的，我們是——我們正在繼續推進這一點。我們對中國的機會感到非常興奮，無論是在下游還是在運營方面，我們的產品成本。截至今天，我們尚未與合作夥伴做出任何最終決定或最終協議，但這項工作正在進行中。當我們確實有什麼要宣布的時候，我們就會去做。

Is there -- do you know what the potential size of the Chinese market for medical is?

你知道中國醫療市場的潛在規模嗎？

The rehabilitation -- for rehabilitation applications, the market is significant. It's also quite immature. So it's very difficult to size it properly. But it's quite significant and order of multiples, the size of the U.S. market.

康復——對於康復應用，市場意義重大。它也很不成熟。所以很難正確調整它的大小。但它是相當重要的，並且是美國市場規模的倍數。

To give you a sense, Stan, it's 800,000 stroke every year in the United States. There is -- as Jack said, it's very immature market, but we estimate it's 10x the size in terms of number of strokes.

給你一個感覺，斯坦，美國每年有 800,000 人中風。有——正如傑克所說，這是一個非常不成熟的市場，但我們估計它的筆劃數量是其 10 倍。

Okay. And can you provide some additional details on the license agreement in Japan?

好的。您能否提供有關日本許可協議的更多詳細信息？

Sure. It's a -- Daydo has an exclusive agreement to use our technology in the new home construction market in Japan. They have a distribution agreement to distribute our products in the new home market and in the broader Japan market, that is a nonexclusive agreement. And we have the opportunity to -- if they develop products that we find useful outside of that market, we can bring those products into our markets outside of Japan.

當然。這是——Daydo 與日本的新房建築市場簽訂了一項獨家協議，使用我們的技術。他們有一份分銷協議，在新的本土市場和更廣泛的日本市場分銷我們的產品，這是一項非排他性協議。我們有機會——如果他們開發出我們認為在該市場以外有用的產品，我們可以將這些產品帶入日本以外的市場。

Okay.

好的。

They're going to be paying us a royalty rate as well, but that's not been disclosed.

他們也將向我們支付特許權使用費，但沒有透露。

We have reached the end of our allotted time for questions. I would like to turn the floor back over to Mr. Peurach for closing comments.

我們已經到了規定的提問時間。我想將發言權轉回給 Peurach 先生以徵求結束意見。

Thank you all for joining us today. I think our first quarter results really demonstrate the momentum, as I believe that we are in a trajectory toward realizing the true clinical and commercial value of our products. I also believe that there is significant value to be gained from investing in innovation and continuing to lead the charge in protecting, restoring and improving human mobility. I'm excited to capture the opportunities that exists in the markets for our current products, and we are committed to identifying and creating new opportunities that will radically increase the value we can provide to our patients, workers and customers.

感謝大家今天加入我們。我認為我們第一季度的業績確實展示了這種勢頭，因為我相信我們正朝著實現我們產品的真正臨床和商業價值的軌道前進。我還相信，投資於創新並繼續帶頭保護、恢復和改善人類流動性，可以獲得巨大的價值。我很高興能抓住市場上現有產品的機會，我們致力於發現和創造新的機會，從根本上增加我們可以為患者、員工和客戶提供的價值。

This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。