Ekso Bionics Holdings Inc (EKSO) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Ekso Bionics Fourth Quarter 2022 Financial Results Conference Call. (Operator Instructions) And as a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Matt Steinberg with Finn Partners. Thank you, Matt. You may begin.

您好，歡迎來到 Ekso Bionics 2022 年第四季度財務業績電話會議。 （操作員說明）作為提醒，正在錄製此會議。現在我很高興向您介紹主持人 Matt Steinberg 和 Finn Partners。謝謝你，馬特。你可以開始了。

Thank you, operator, and thank you all for participating in today's call. Joining me from Ekso Bionics are Scott Davis, Chief Executive Officer; Jerome Wong, Chief Financial Officer; and Jason Jones, Chief Operating Officer. Earlier today, Ekso Bionics released financial results for the quarter and year ended December 31, 2022. A copy of the press release is available on the company's website.

謝謝接線員，也感謝大家參加今天的電話會議。和我一起來自 Ekso Bionics 的是首席執行官 Scott Davis； Jerome Wong，首席財務官；和首席運營官 Jason Jones。今天早些時候，Ekso Bionics 發布了截至 2022 年 12 月 31 日的季度和年度財務業績。新聞稿的副本可在公司網站上獲取。

Before we begin, I'd like to remind you that management will make statements during this 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. Any statements made during this call that are not statements of historical facts should be deemed to be forward-looking statements.

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含義內的前瞻性聲明，這些聲明是根據美國私人證券訴訟改革法案的安全港條款制定的1995 年。本次電話會議期間作出的任何不屬於歷史事實陳述的陳述均應視為前瞻性陳述。

All forward-looking statements, including statements regarding our business strategy, future financial or operating expectations or our expectations of the regulatory landscape governing our products and operations, 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 those anticipated or implied by these forward-looking statements.

所有前瞻性陳述，包括關於我們的業務戰略、未來財務或運營預期或我們對管理我們產品和運營的監管環境的預期的陳述，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預期或暗示的結果或事件存在重大差異。

Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our businesses, please see our filings with the Securities and Exchange Commission. Ekso disclaims any obligation, except as required by law, to update or revise any financial or operational projections, its regulatory outlook 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, March 28, 2023.

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列表和描述，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 不承擔任何更新或修改任何財務或運營預測、監管展望或其他前瞻性陳述的義務，無論是因為新信息、未來事件還是其他原因。此電話會議包含時間敏感信息，僅在 2023 年 3 月 28 日今天播出時準確無誤。

I will now turn the call over to Ekso Bionics' Chief Executive Officer, Scott Davis.

我現在將電話轉給 Ekso Bionics 的首席執行官 Scott Davis。

Thank you, Matt. We're pleased to have officially closed 2022 with continued solid demand for EksoNR and the completion of our most significant transaction to date, the acquisition of Human Motion and Control business unit, or HMC, from Parker Hannifin. The importance of this acquisition cannot be understated as it expands our product offering across the continuum of care to home and community use markets.

謝謝你，馬特。我們很高興正式結束 2022 年，對 EksoNR 的持續強勁需求以及我們迄今為止最重要的交易的完成，即從 Parker Hannifin 收購人體運動與控制業務部門 (HMC)。此次收購的重要性不可低估，因為它將我們的產品供應範圍擴展到家庭和社區使用市場的連續護理領域。

This is also why we are announcing our Q4 and 2022 financial results weeks later than usual, as is often typical and matters involving business combinations. I'll touch on this deal in more detail shortly, including what it means for our business and the value we are bringing to customers and patients.

這也是我們比往常晚幾周公布第四季度和 2022 年財務業績的原因，這通常是典型的，而且涉及業務合併。稍後我將更詳細地介紹這筆交易，包括它對我們的業務意味著什麼以及我們為客戶和患者帶來的價值。

But first, a summary of our fourth quarter business performance. We generated revenue of $3.6 million in the fourth quarter, which included bookings totaling 27 EksoHealth devices, of which 2 were Indego devices that were booked in the last few weeks of December post close of the acquisition. Throughout our EksoHealth segment, we continue to leverage our advanced robotic exoskeleton technology and rehabilitative programs to help patients on their road to recovery and improved health with better outcomes than the current standard of care.

但首先，總結一下我們第四季度的經營業績。我們在第四季度創造了 360 萬美元的收入，其中包括總計 27 台 EksoHealth 設備的預訂，其中 2 台是 Indego 設備，是在收購結束後的 12 月最後幾週預訂的。在我們的 EksoHealth 部門，我們繼續利用我們先進的機器人外骨骼技術和康復計劃，幫助患者在康復和改善健康的道路上取得比目前的護理標準更好的結果。

In 2022, we successfully executed on our commercial strategy resulting in the placement of substantial volume of additional devices within network operators globally and the completion of many multiunit orders, both of which contributed to a -- to drive a solid year for EksoNR bookings and record revenue internationally.

2022 年，我們成功執行了我們的商業戰略，導致在全球網絡運營商中放置了大量額外設備，並完成了許多多單元訂單，這兩者都為 - 推動 EksoNR 預訂和創紀錄的穩健一年做出了貢獻國際收入。

With EksoNR receiving FDA clearance for the multiple sclerosis indication, the first known exoskeleton device to carry this designation for rehabilitative use in patients suffering from MS, enthusiasm for EksoNR continues to grow. Demand and order flow for EksoNR remained robust with revenue in our EksoHealth segment up by more than 20% compared to 2021.

隨著 EksoNR 獲得 FDA 對多發性硬化症適應症的批准，這是第一個已知的外骨骼設備，用於 MS 患者的康復使用，人們對 EksoNR 的熱情繼續增長。 EksoNR 的需求和訂單流依然強勁，我們的 EksoHealth 部門的收入與 2021 年相比增長了 20% 以上。

Overall for the year, we recorded 100 EksoHealth device bookings. Our cumulative conversion and renewal rate is 81%, and we now have more than $2.2 million of contracted unrecognized revenue under our subscription model. Furthermore, we have made significant inroads with many of the large network operators, or IDNs, throughout the year, as they continue to make EksoNR, their standard of care in lower extremity neurological rehabilitation.

全年，我們記錄了 100 個 EksoHealth 設備預訂。我們的累計轉化率和續訂率為 81%，在我們的訂閱模式下，我們現在有超過 220 萬美元的合同未確認收入。此外，我們在全年與許多大型網絡運營商 (IDN) 取得了重大進展，因為他們繼續制定 EksoNR，這是他們在下肢神經康復方面的護理標準。

Our pipeline of new opportunities remains strong, although due to more challenging economic and market conditions, the sales time line has taken longer than in previous quarters. Nevertheless, we remain bullish on our future growth prospects. Our integrated sales and marketing teams are executing on our overall commercial strategy, putting us in what we believe to be a favorable position heading into 2023.

儘管由於更具挑戰性的經濟和市場條件，我們的新機會渠道仍然很強大，銷售時間比前幾個季度更長。儘管如此，我們仍然看好我們未來的增長前景。我們的綜合銷售和營銷團隊正在執行我們的整體商業戰略，使我們在進入 2023 年之前處於我們認為有利的位置。

On the international front, we achieved record annual revenue performance in Europe and APAC, with APAC growing more than 60% year-over-year. We're excited by this increase, and we'll continue to invest in our international footprint to support ongoing growth in these regions.

在國際方面，我們在歐洲和亞太地區實現了創紀錄的年度收入業績，其中亞太地區同比增長超過 60%。我們對這一增長感到興奮，我們將繼續投資於我們的國際足跡，以支持這些地區的持續增長。

Now turning to our acquisition of the HMC business from Parker Hannifin, which is synergistic and broadens our product portfolio in commercial health and expands our reach into home use. These products acquired include Indego Therapy and Indego Personal, now renamed Ekso Indego Therapy and Ekso Indego Personal. Both devices are FDA-cleared, lower limb-powered exoskeletons which enable task-specific overground gait training to patients with weakness or paralysis in their lower extremities.

現在轉向我們從 Parker Hannifin 收購 HMC 業務，這具有協同作用，擴大了我們在商業健康領域的產品組合，並將我們的業務範圍擴大到家庭使用。這些收購的產品包括 Indego Therapy 和 Indego Personal，現已更名為 Ekso Indego Therapy 和 Ekso Indego Personal。這兩種設備都是 FDA 批准的下肢動力外骨骼，可以對下肢無力或癱瘓的患者進行特定任務的地面步態訓練。

Ekso Indego Personal is a lightweight exoskeleton, safe for use in most home and community environments. It's the only known exoskeleton to offer modular quick connect design, which allows affordability and for users to put on and take off the device without assistance. This device allows for gait-impaired individuals to stand and walk again, granting them a new level of independence at home and in the community.

Ekso Indego Personal 是一種輕型外骨骼，可安全用於大多數家庭和社區環境。它是唯一已知的提供模塊化快速連接設計的外骨骼，這使得用戶可以負擔得起並且無需幫助就可以穿上和取下設備。該設備允許步態受損的人再次站立和行走，使他們在家中和社區中的獨立性達到新的水平。

Ekso Indego Personal is primarily sold to veterans by using existing reimbursement and rehabilitation supported through the Veterans Association but has also been funded through workman's compensation and various international programs. We believe there are future opportunities to expand to more traditional reimbursement programs both domestically and internationally.

Ekso Indego Personal 主要通過退伍軍人協會支持的現有報銷和康復服務出售給退伍軍人，但也通過工人賠償和各種國際計劃獲得資金。我們相信未來有機會在國內和國際上擴展到更傳統的報銷計劃。

Ekso Indego Therapy is an adjustable modular exoskeleton used primarily for patients with spinal cord injury but also stroke, complementing Ekso's product offering in outpatient facilities. It can be fitted to most patients in minutes, providing the potential for high-dosage therapy sessions that further enhance rehabilitation.

Ekso Indego Therapy 是一種可調節的模塊化外骨骼，主要用於脊髓損傷和中風患者，補充了 Ekso 在門診設施中提供的產品。它可以在幾分鐘內安裝到大多數患者身上，為進一步加強康復的高劑量治療提供了潛力。

Last month, we showcased our new Ekso Indego therapy with functional electrical stimulation, or FES, at the American Physical Therapy Association Meeting and recently filed approved market notification 510(k) with the U.S. Food and Drug Administration that covers the addition of integrated FES hardware and software to Ekso Indego Therapy. This [added] technology brings forth further patient benefits, allowing for improved limb function, balance and muscle strength.

上個月，我們在美國物理治療協會會議上展示了帶有功能性電刺激 (FES) 的新型 Ekso Indego 療法，並且最近向美國食品和藥物管理局提交了批准的市場通知 510(k)，其中涵蓋了集成 FES 硬件的添加和軟件到 Ekso Indego Therapy。這種 [新增] 技術為患者帶來了更多好處，可以改善肢體功能、平衡和肌肉力量。

Through this acquisition, Ekso added the ongoing development of intelligent robotic-assisted technology designed for use in the orthotic and prostate, or O&P industry. This potential technology is being designed to enhance the capabilities of existing industry-leading knee-ankle-foot orthotics, or KAFO, products, to improve the standard of care. This is a large and accessible market with established reimbursement, payment and channel models. Ekso is looking forward to continued development along this front.

通過此次收購，Ekso 增加了智能機器人輔助技術的持續開發，該技術專為矯形器和前列腺或 O&P 行業而設計。這項潛在技術旨在增強現有行業領先的膝踝足矯形器或 KAFO 產品的能力，以提高護理標準。這是一個龐大且易於進入的市場，具有成熟的報銷、支付和渠道模式。 Ekso 期待在這方面繼續發展。

Also, along with these current and future products, this combination expands the current Ekso team to include the former employees of HMC comprised primarily of highly experienced engineering, operations, clinical and sales professionals.

此外，連同這些當前和未來的產品，這種組合擴大了目前的 Ekso 團隊，包括 HMC 的前僱員，主要由經驗豐富的工程、運營、臨床和銷售專業人員組成。

Finally, through this acquisition, Ekso has added strategic relationships with key commercial and research partners, including Vanderbilt University. The collaboration with Vanderbilt is expected to provide a continued path for future research and product development. This decade-long partnership has yielded the successful Indego product line and has promised prospects for development of future innovations. With Ekso's core engineering staff and experienced quality and operations team, we are thrilled to have joined forces with this elite academic partner to help power new product development.

最後，通過此次收購，Ekso 增加了與主要商業和研究合作夥伴（包括范德比爾特大學）的戰略關係。與范德比爾特大學的合作有望為未來的研究和產品開發提供一條持續的道路。這種長達十年的合作夥伴關係產生了成功的 Indego 產品線，並為未來創新的發展前景帶來了希望。憑藉 Ekso 的核心工程人員和經驗豐富的質量和運營團隊，我們很高興與這個精英學術合作夥伴聯手幫助推動新產品開發。

To showcase the value and benefits of our newly integrated product line, I'd like to share a story of a patient who regained mobility through the use of Ekso Indego Personal. Phil was initially diagnosed with spinal ependymoma tumors. Despite numerous treatments, the tumors recurred 4x, leaving him partially paralyzed from cervical vertebrae [7] down.

為了展示我們新整合的產品線的價值和優勢，我想分享一個患者通過使用 Ekso Indego Personal 恢復行動能力的故事。 Phil 最初被診斷出患有脊柱室管膜瘤。儘管進行了多次治療，腫瘤還是複發了 4 次，導致他從頸椎 [7] 向下部分癱瘓。

Over 20 years of increased neuropathy, Phil explored different therapies and devices in an effort to maintain his mobility. Eventually, he was chosen to participate in the VA's exoskeleton evaluation program, where, after exposure to multiple exoskeleton devices, he opted for a rehabilitation program utilizing Ekso Indego. The Ekso Indego device helps Phil with countless aspects of his daily life.

20 多年來，隨著神經病變的加重，Phil 探索了不同的療法和設備，以努力保持他的活動能力。最終，他被選中參加 VA 的外骨骼評估計劃，在接觸了多種外骨骼設備後，他選擇了使用 Ekso Indego 的康復計劃。 Ekso Indego 設備幫助 Phil 處理他日常生活的方方面面。

For example, he no longer experiences severe physical challenges when standing, and his digestive processes are much improved. Quoting Phil, "Beyond the physical improvements, the Indego exoskeleton has given me the confidence to try sports and social events that I would not have previously." We are honored to see our products improving the lives of our patients firsthand and are very grateful to Phil for sharing his story.

例如，站立時他不再經歷嚴重的身體挑戰，他的消化過程也得到了很大改善。引用 Phil 的話說：“除了身體上的改善，Indego 外骨骼讓我有信心嘗試以前不會參加的運動和社交活動。”我們很榮幸親眼看到我們的產品改善了患者的生活，也非常感謝 Phil 分享他的故事。

Turning to an update on our industrial segment, EksoWorks. In 2022, our EksoWorks business refocused its product offerings and go-to-market strategies, temporarily rescaling our sales and marketing resources while refocusing and refining our market approach to larger high-volume customers. We remain encouraged by the high level of engagement with our strategic targets and customers across the aerospace, automotive, manufacturing, commercial construction and renewable energy verticals. As we progress into 2023, we look to expand upon the execution of these strategies set in motion in 2022 and to continue to engage with potential industry partners.

轉向我們的工業部門 EksoWorks 的更新。 2022 年，我們的 EksoWorks 業務重新調整了產品供應和上市戰略的重點，暫時重新調整了我們的銷售和營銷資源，同時重新調整和完善我們的市場方法，以吸引更大的大批量客戶。與我們在航空航天、汽車、製造、商業建築和可再生能源垂直領域的戰略目標和客戶的高度參與讓我們感到鼓舞。隨著我們進入 2023 年，我們希望擴大 2022 年啟動的這些戰略的執行範圍，並繼續與潛在的行業合作夥伴接觸。

Now I will turn the call over to Jason Jones, our new Chief Operating Officer, to provide background on himself and an overview of the initiatives that we've been working on to improve our efficiencies. Jason?

現在，我將把電話轉給我們的新任首席運營官 Jason Jones，介紹他的背景和我們一直致力於提高效率的舉措的概述。傑森？

Thank you, Scott, and thank you for having me join today's call. I am excited to expand my role at Ekso to improve operations in addition to product development. As background, I've been with Ekso since 2018, previously serving as Senior Vice President of Product Development. My goal as COO is to leverage my experience in engineering, product development and supply chain management to build Ekso into a platform with the capacity to design, produce, distribute and service a broadening range of products that amplify human motion and mobility.

謝謝斯科特，也謝謝你邀請我參加今天的電話會議。我很高興能擴大我在 Ekso 的角色，以改善產品開發之外的運營。作為背景，我自 2018 年以來一直在 Ekso 工作，之前擔任產品開發高級副總裁。作為首席運營官，我的目標是利用我在工程、產品開發和供應鏈管理方面的經驗，將 Ekso 打造成一個平台，能夠設計、生產、分銷和服務範圍更廣的產品，從而增強人類的運動和機動性。

Improving our operational efficiency is critical to enabling us to scale our business, both organically and through strategic initiatives.

提高我們的運營效率對於使我們能夠有機地和通過戰略計劃擴展我們的業務至關重要。

As a case in point, the recent acquisition of the Indego product line represents the next step in leading the way for patient rehabilitation. While we are well on our way to successfully integrating the business, we are also using this as an opportunity to improve or upgrade systems and processes.

作為一個典型的例子，最近對 Indego 產品線的收購代表了引領患者康復之路的下一步。在我們成功整合業務的同時，我們也以此為契機改進或升級系統和流程。

As one example, we now have a second R&D and manufacturing facility in Macedonia, Ohio. Currently, we are using space provided by Parker Hannifin for continued operations. We plan to move the facility to a separate nearby location within the next 12 to 16 months and are evaluating how to optimally utilize our Ohio presence.

例如，我們現在在俄亥俄州的馬其頓擁有第二家研發和製造工廠。目前，我們正在使用 Parker Hannifin 提供的空間來繼續運營。我們計劃在未來 12 到 16 個月內將該設施搬到附近的一個單獨位置，並且正在評估如何最佳地利用我們在俄亥俄州的存在。

Additionally, as mentioned earlier, we are starting the process of combining our engineering and product development teams while also working with Vanderbilt in an effort to accelerate our technology innovation. We believe the combined expertise of these teams is unmatched in the field of exoskeleton R&D, which helps to further strengthen our position as industry leaders.

此外，如前所述，我們正在開始合併我們的工程和產品開發團隊的過程，同時還與范德比爾特大學合作，以加速我們的技術創新。我們相信這些團隊的綜合專業知識在外骨骼研發領域是無與倫比的，這有助於進一步鞏固我們作為行業領導者的地位。

On the EksoWorks side, in 2022, we began the process of adding external manufacturing capability for our EVO product line at a contract manufacturing partner located in Malaysia. We believe this will help us to expand capacity, lower costs and improve quality. Our current expectation is for production from Malaysia to begin in the first half of 2023.

在 EksoWorks 方面，我們於 2022 年開始在位於馬來西亞的合同製造合作夥伴處為我們的 EVO 產品線增加外部製造能力。我們相信這將有助於我們擴大產能、降低成本和提高質量。我們目前的預期是馬來西亞的生產將於 2023 年上半年開始。

Moving forward, as part of our executive leadership team, I am intent on ensuring the successful execution of our strategy and supporting our corporate development activities. I look forward to contributing to the company's success. At this time, I'd like to turn the call over to our Chief Financial Officer, Jerome Wong, to review our fourth quarter and full year financial results.

展望未來，作為我們執行領導團隊的一員，我致力於確保成功執行我們的戰略並支持我們的企業發展活動。我期待著為公司的成功做出貢獻。此時，我想將電話轉給我們的首席財務官 Jerome Wong，以審查我們的第四季度和全年財務業績。

Thank you, Jason. Ekso generated fourth quarter 2022 revenue of $3.6 million compared to $4.1 million for the fourth quarter of 2021. Our gross profit for the fourth quarter was $1.7 million, representing a gross margin of approximately 47% compared to a gross margin of 59% for the same period in 2021. The decrease in gross margin was primarily driven by an increase in service and supply chain costs, elevated labor costs and lower average selling prices of device sales due to sales channel mix.

謝謝你，傑森。 Ekso 2022 年第四季度的收入為 360 萬美元，而 2021 年第四季度為 410 萬美元。我們第四季度的毛利潤為 170 萬美元，毛利率約為 47%，而同期毛利率為 59% 2021年期間。毛利率下降主要是由於服務和供應鏈成本增加、勞動力成本上升以及銷售渠道組合導致的設備銷售平均售價下降。

Operating expenses for the fourth quarter of 2022 were $6.1 million compared to $7 million for the fourth quarter of 2021. The 14% decrease was primarily due to lower legal and consulting expenses. Net operating loss in the fourth quarter of 2022 was $4.4 million compared with a net operating loss of [$4.6] million in the prior year period.

2022 年第四季度的運營費用為 610 萬美元，而 2021 年第四季度為 700 萬美元。減少 14% 的主要原因是法律和諮詢費用減少。 2022 年第四季度的淨營業虧損為 440 萬美元，而去年同期的淨營業虧損為 [460 萬美元]。

Gain on warrant liabilities for the quarter ended December 31, 2022, was $0.3 million from the revaluation of warrants issued in 2019, 2020 and 2021 compared to a $2 million gain associated with the revaluation of warrants issued in 2019, 2020 and 2021 for the same period in 2021.

截至 2022 年 12 月 31 日止季度的認股權證負債收益為 30 萬美元，來自於 2019 年、2020 年和 2021 年發行的認股權證重估，而與 2019 年、2020 年和 2021 年發行的認股權證重估相關的收益為 200 萬美元2021年期間。

Turning to our full year results for the year ended December 31, 2022, revenue increased by 15% to $12.9 million compared to $11.2 million for the same period in 2021. Revenue growth was primarily driven by an increase in the volume of Ekso and our device sales.

轉向我們截至 2022 年 12 月 31 日止年度的全年業績，收入增長 15% 至 1290 萬美元，而 2021 年同期為 1120 萬美元。收入增長主要是由 Ekso 和我們的設備銷量增加推動的銷售量。

Gross profit for the full year ended December 31, 2022, was $6.2 million, representing a gross margin of approximately 48% compared to a gross profit of $6.7 million for the same period in 2021, representing a gross margin of 60%. The decline in gross margin is primarily due to an increase in service and supply chain costs, elevated labor costs and lower average selling prices of device sales due to sales channel mix.

截至 2022 年 12 月 31 日的全年毛利為 620 萬美元，毛利率約為 48%，而 2021 年同期毛利為 670 萬美元，毛利率為 60%。毛利率下降主要是由於服務和供應鏈成本增加、勞動力成本上升以及銷售渠道組合導致的設備銷售平均售價下降。

Operating expenses for the 2022 full year were $21.8 million compared with $20.6 million for the prior year period. The increase was primarily due to onetime severance costs associated with management changes, costs related to the relocation of our corporate headquarters and manufacturing facility and acquisition and operating costs of HMC. These increases were partially offset by a decrease in legal and consulting expenses.

2022 年全年的運營費用為 2180 萬美元，上年同期為 2060 萬美元。增加的主要原因是與管理層變動相關的一次性遣散費、與公司總部和製造設施搬遷相關的成本以及 HMC 的收購和運營成本。這些增長部分被法律和諮詢費用的減少所抵消。

Net operating loss in the 2022 fiscal year was $15.6 million compared with $13.8 million for the comparable period of 2021. For the year ended December 31, 2022, we recorded a gain on warrant liabilities of $1.3 million associated with the revaluation of warrants issued in 2019, 2020 and 2021 compared to a $4 million gain associated with the revaluation of warrants issued in 2019, 2020 and 2021 for the same period in 2021.

2022 財年的淨營業虧損為 1560 萬美元，而 2021 年同期為 1380 萬美元。截至 2022 年 12 月 31 日止年度，我們記錄了與 2019 年發行的認股權證重估相關的認股權證負債收益 130 萬美元、2020 年和 2021 年相比，2021 年同期與 2019 年、2020 年和 2021 年發行的認股權證重估相關的收益為 400 萬美元。

Cash used in operating activities in the 2022 fiscal year was $14.7 million. As of December 31, 2022, the company had a strong cash balance of $20.5 million. Please see our 10-K filed earlier today for further details regarding the quarter and full year.

2022 財年經營活動使用的現金為 1470 萬美元。截至 2022 年 12 月 31 日，公司擁有 2050 萬美元的強勁現金餘額。請參閱我們今天早些時候提交的 10-K，了解有關本季度和全年的更多詳細信息。

Operator, you may now open the line for questions.

接線員，您現在可以打開問題熱線。

(Operator Instructions) And the first question comes from the line of RK from H.C. Wainwright.

（操作員說明）第一個問題來自 H.C. 的 RK 系列。溫賴特。

So at the start of the call, you said -- I think you said there were 2 Indego installs in the fourth quarter. Is that part of the backlog that you received when you went through the acquisition? And if that is true, what sort of backlog is out there now going into '23?

所以在電話會議開始時，你說——我想你說過第四季度有 2 個 Indego 安裝。這是您在進行收購時收到的積壓訂單的一部分嗎？如果那是真的，那麼現在進入 23 年會有什麼樣的積壓？

So RK, thank you for your question. Those were not backlog units. Those were units that were actually orders received in the last 3 weeks of December post close. So with the acquisition, we did not receive a backlog of orders. However, we do have a strong pipeline.

RK，謝謝你的問題。那些不是積壓單位。這些單位實際上是在 12 月收盤後的最後 3 週內收到的訂單。因此，通過收購，我們沒有收到積壓的訂單。但是，我們確實有強大的管道。

Okay. Okay. That's good. And then so for the NR business, you're saying that the demand is robust. The pipeline is strong, but at the same time, you're saying the lead time is becoming longer. So I don't know what -- how you define long. And also, is there a possibility that is -- that some part of the backlog -- because -- yes, because if the backlog becomes longer, do you foresee any loss in terms of the demand as well? Because nobody wants to wait forever to get the product in.

好的。好的。那挺好的。然後對於 NR 業務，您說需求強勁。管道很強大，但與此同時，你說交貨時間越來越長。所以我不知道 - 你如何定義長。而且，是否有可能 - 積壓的某些部分 - 因為 - 是的，因為如果積壓變得更長，你是否也預見到需求方面的任何損失？因為沒有人願意永遠等待才能拿到產品。

Yes. Understood. So in terms of our backlog, I think as we came through 2022, we managed backlog pretty well, certainly as we push to the close of 2022. So generally speaking, we're not carrying a huge backlog of orders with us. To answer the first part of your question, which is regarding the lead time, generally speaking, we are experiencing slightly longer times to close, maybe a couple of months, generally speaking, anywhere from 30 to 60 days, that we're seeing as we have seen more of our customers beginning to use some third party financing options that we offer. And it simply takes a bit longer to work through that process. But in general, we have a strong pipeline going forward, and it looks good. And Jason would like to elaborate just a little bit.

是的。明白了。因此，就我們的積壓而言，我認為當我們度過 2022 年時，我們很好地管理了積壓，當然是在我們推進到 2022 年年底的時候。所以總的來說，我們並沒有攜帶大量積壓的訂單。要回答您問題的第一部分，即關於交貨時間，一般來說，我們的關閉時間略長，可能是幾個月，一般來說，從 30 到 60 天不等，我們認為我們已經看到越來越多的客戶開始使用我們提供的一些第三方融資選項。完成這個過程只需要更長的時間。但總的來說，我們有一個強大的未來管道，看起來不錯。 Jason 想詳細說明一下。

RK, this is Jason Jones. Good to meet you. Just to clarify on lead times. So our -- when we say lead times in this context, we're really talking about deal close time. Our actual lead time on shipment is quite short. Usually -- I'm not going to say it's immediate, but it's between 4 and 8 weeks probably is where I would estimate it. So I don't think that once the order is in, the lead times are pretty short. I think Scott is referring to the deal cycle time as opposed to lead time for shipment.

RK，這是傑森·瓊斯。很高興見到你。只是為了澄清交貨時間。所以我們 - 當我們在這種情況下說交貨時間時，我們實際上是在談論交易完成時間。我們實際的裝運交貨時間很短。通常——我不會說它是立即的，但我估計可能需要 4 到 8 週。所以我認為一旦下訂單，交貨時間不會很短。我認為 Scott 指的是交易週期時間，而不是發貨的提前期。

Okay. Okay. And then the last question from me is, now that you have had Indego for a few months, how -- when do you think Indego will be completely integrated within the Ekso business such that you can actually start seeing synergies not only on the sales end but also on the operating end?

好的。好的。然後我的最後一個問題是，既然你已經擁有 Indego 幾個月了，你認為 Indego 什麼時候會完全整合到 Ekso 業務中，這樣你就可以真正開始看到協同效應，而不僅僅是在銷售端還要在運營端？

Well, I think that's a 2-part question. And from a sales and go-to-market standpoint, the integration has been progressing quite well. We have aligned our commercial team, and we have great synergies with that. In many ways, Ekso's sales team all carry with them the Indego product line as well, and we have a slightly different method for -- sales methodology for selling the personal unit that has also been aligned to work in conjunction with our sales team.

好吧，我認為這是一個由兩部分組成的問題。從銷售和上市的角度來看，整合進展順利。我們調整了我們的商業團隊，並與之產生了巨大的協同效應。在許多方面，Ekso 的銷售團隊也都擁有 Indego 產品線，我們有一個稍微不同的方法——銷售個人單位的銷售方法，該方法也與我們的銷售團隊一起工作。

So I would say that overall, that side of the business and integration has been going very well. There's a second part of the integration which involves looking for synergies in operating and engineering. And maybe Jason would be best to answer those.

所以我要說的是，總體而言，業務和整合方面的進展非常順利。整合的第二部分涉及尋找運營和工程方面的協同效應。也許 Jason 最適合回答這些問題。

Yes, sure. So maybe just a quick update on integration. So from a systems perspective, ERP and accounting systems, those are fully integrated already. So that integration is complete. On the R&D side, that -- we have a plan that includes integrating some systems there that really is going to take through the remainder of the year. This year, it's kind of incremental.

是的，當然。所以也許只是關於集成的快速更新。因此，從系統的角度來看，ERP 和會計系統已經完全集成。這樣整合就完成了。在研發方面，我們有一個計劃，其中包括在那裡集成一些系統，這些系統實際上將在今年剩餘時間內完成。今年，它有點漸進。

And then the last area is kind of on pure operations, manufacturing and supply chain. Those are separate functions today, and I think that's a longer process because the business units are kind of operating as it is already. But over the next maybe 12 to 18 months, I think we'll probably see some more integration on the supply chain and operations side.

最後一個領域是純粹的運營、製造和供應鏈。今天這些是獨立的職能，我認為這是一個更長的過程，因為業務部門已經在某種程度上運作了。但在接下來的 12 到 18 個月裡，我認為我們可能會在供應鍊和運營方面看到更多的整合。

There are no further questions. Now I'd like to turn the floor back over to Scott Davis for any closing comments.

沒有其他問題了。現在，我想將發言權轉回給 Scott Davis，請他發表任何結束評論。

All right. Thank you, John, and thanks to everyone for joining us today. 2022 was a transformational year for Ekso Bionics. It was highlighted by the successful acquisition of the Indego product line, FDA clearance to market EksoNR for rehabilitation use in patients with MS and a strong number of EksoHealth bookings.

好的。謝謝你，約翰，感謝大家今天加入我們。 2022 年是 Ekso Bionics 轉型的一年。成功收購 Indego 產品線、FDA 批准銷售 EksoNR 用於 MS 患者的康復以及大量的 EksoHealth 預訂都突出了這一點。

The complementary acquisition of the HMC business was critical to our future growth principally as it expands our product offering across the continuum of care to home and community use markets. We can now reach more patients in need across the larger market opportunity.

對 HMC 業務的互補性收購對我們未來的增長至關重要，主要是因為它將我們的產品供應範圍擴展到家庭和社區使用市場的連續護理領域。我們現在可以利用更大的市場機會接觸到更多有需要的患者。

We believe that the smooth integration of the HMC business, combined with the continued strong demand for our industry-leading products, has us well positioned to continue our momentum into 2023 and beyond. We look forward to providing updates on our continued progress. Thank you, and have a great day.

我們相信，HMC 業務的順利整合，加上對我們行業領先產品的持續強勁需求，使我們有能力在 2023 年及以後繼續保持勢頭。我們期待提供有關我們持續進展的最新信息。謝謝你，祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。