Ekso Bionics Holdings Inc (EKSO) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Ekso Bionics Q3 2023 Financial Results Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Matt Steinberg of Finn Partners. Please go ahead.

您好，歡迎參加 Ekso Bionics 2023 年第三季財務業績電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行簡短的問答環節。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想將會議交給主持人 Finn Partners 的 Matt Steinberg。請繼續。

Thank you, operator, and thank you all for participating in today's call. Joining me from Ekso Bionics are Scott Davis, Chief Executive Officer, Jason Jones, Chief Operating Officer, and Jerome Wong, Chief Financial Officer.

謝謝接線員，也謝謝大家參加今天的電話會議。與我一起來自 Ekso Bionics 的還有執行長 Scott Davis、營運長 Jason Jones 和財務長 Jerome Wong。

Here today, Ekso Bionics released financial results for the third quarter of 2023. 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 the Federal Securities Laws which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

今天，Ekso Bionics 發布了 2023 年第三季的財務業績。新聞稿的副本可在該公司網站上取得。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1995 年私人證券訴訟改革法案的安全港條款制定的。

Any statements made during this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including statements regarding our business strategy, future financial or operational expectations, or our expectations of the regulatory landscape governing our products and operations, are based upon management's current estimates and various assumptions.

本次電話會議期間所做的任何非歷史事實陳述的陳述均應被視為前瞻性陳述。所有前瞻性陳述，包括有關我們的業務策略、未來財務或營運預期或我們對管理我們產品和營運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。

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

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

Accordingly, you should not place undue reliance on these statements. 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 Bionics also disclaims any intention or obligation, except as required by law, to update or revise any financial or operational projections, a regulatory outlook, or other forward-looking statements, whether because of new information, future events, or otherwise, which speak only as of today, October 26, 2023.

因此，您不應過度依賴這些陳述。有關與我們業務相關的風險和不確定性的清單和描述，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 Bionics 也不承擔任何更新或修改任何財務或營運預測、監管展望或其他前瞻性陳述的意圖或義務，無論是因為新資訊、未來事件或其他原因，僅截至今天，即2023年10 月26 日。

I will now turn the call over to Ekso Bionics CEO, Scott Davis.

我現在將把電話轉給 Ekso Bionics 執行長 Scott Davis。

Thank you, Matt, and thank you to everyone for joining us today. We're pleased to announce that we achieved another strong quarter of sales for EksoNR and Indego devices that propelled us to grow our quarterly revenues by a significant 38% year-over-year. In addition, we have established the groundwork for our EksoWorks segment, resulting in a record quarterly number of EVO unit sales.

謝謝你，馬特，也謝謝大家今天加入我們。我們很高興地宣布，EksoNR 和 Indego 設備的季度銷售業績再次強勁，推動我們的季度營收年增 38%。此外，我們也為 EksoWorks 部門奠定了基礎，使得 EVO 單位銷售量創下了季度記錄。

Finally, we continue to work hard to improve our bottom line by focusing on improvements in operating efficiencies and costs, resulting in a $700,000 narrowing in our operating loss compared to Q3 of 2022.

最後，我們繼續努力透過專注於營運效率和成本的改進來提高我們的利潤，與 2022 年第三季相比，我們的營運虧損減少了 70 萬美元。

Overall, our third quarter results reflect the growing adoption of our products across our target markets, as well as the continued execution of our team. We sold or recognized new revenue on a total of 41 EksoHealth devices in the third quarter, which includes devices within the EksoNR and Ekso Indego product lines.

總體而言，我們第三季的業績反映了我們的產品在目標市場中越來越多的採用，以及我們團隊的持續執行力。第三季度，我們總共銷售了 41 款 EksoHealth 設備或確認了新收入，其中包括 EksoNR 和 Ekso Indego 產品線內的設備。

As in previous quarters, we believe a key to our growth will be our ability to continue building a strong multi-unit order pipeline with top network operators, like our 10 EksoNR device order in the quarter from a large integrated delivery network.

與前幾季一樣，我們相信我們成長的關鍵是我們有能力繼續與頂級網路營運商建立強大的多單位訂單管道，例如我們本季從大型整合交付網路訂購的 10 台 EksoNR 設備。

Additionally, we remain committed to leveraging our longstanding relationships with our existing customer base to heighten awareness for individuals who can benefit from the long-term use of our personal devices in their daily activities.

此外，我們仍然致力於利用我們與現有客戶群的長期關係，提高那些可以從日常活動中長期使用我們的個人設備中受益的個人的意識。

Our relationship with the US. Department of Veteran Affairs, or VA, remains a critical part of our go-to-market strategy with our Ekso Indego product line. We are encouraged by the increasing adoption of our advanced technology through this relationship. The lightweight, modular design and slim profiles of both our Ekso Indego Personal and our Ekso Indego Therapy devices are compatible with many wheelchairs and can bring much-needed rehabilitation support to our valued veterans in both home and community use settings.

我們與美國的關係。退伍軍人事務部 (VA) 仍然是我們 Ekso Indego 產品線上市策略的重要組成部分。我們對透過這種關係越來越多地採用我們的先進技術感到鼓舞。我們的 Ekso Indego Personal 和 Ekso Indego Therapy 設備均採用輕質、模組化設計和纖薄外形，與許多輪椅相容，可以在家庭和社區使用環境中為我們尊貴的退伍軍人帶來急需的康復支持。

We remain committed in bringing our exoskeleton solutions to more VA hospitals and clinics in the hope of giving our veterans who have suffered a spinal cord injury better access to this potentially life-changing technology.

我們仍然致力於將我們的外骨骼解決方案帶到更多的退伍軍人管理局醫院和診所，希望讓遭受脊髓損傷的退伍軍人更好地獲得這種可能改變生活的技術。

On the international front, we secured several multi-unit orders, highlighting the success of our strategic investment in our indirect partnerships. In Europe, we sold six EksoNR devices as part of a multi-unit order to one of our largest distributors.

在國際方面，我們獲得了多個多單位訂單，凸顯了我們對間接合作夥伴關係的策略投資的成功。在歐洲，我們向最大的經銷商之一出售了六台 EksoNR 設備，作為多單元訂單的一部分。

In APAC, in addition to an EksoNR order, we secured a three-unit Ekso Indego Personal order, which was among our first global multi-unit orders for Indigo. We remain focused on building relationships with larger customers in these regions while raising awareness of our expanded EksoHealth capabilities that now stretch across the continuum of care.

在亞太地區，除了 EksoNR 訂單外，我們還獲得了三個 Ekso Indego Personal 訂單，這是我們為 Indigo 提供的首批全球多台訂單之一。我們仍然專注於與這些地區的大客戶建立關係，同時提高人們對我們擴展的 EksoHealth 能力的認識，這些能力現在已延伸到整個護理領域。

As mentioned on our second quarter call, the Centers for Medicare and Medicaid Services, or CMS, proposed a new rule to include personal exoskeletons in the Medicare benefit category for braces in the updated 2024 Home Health Prospective Payment system rate.

正如我們在第二季電話會議中所提到的，醫療保險和醫療補助服務中心(CMS) 提出了一項新規則，將個人外骨骼納入醫療保險福利類別中，以支持更新的2024 年家庭健康預期支付系統費率中的牙套。

This proposed rule is important because it would classify certain Eksoskeleton-type devices as braces for Medicare payment purposes. If approved, we believe this expanded coverage could significantly grow the addressable population for Ekso Indego Personal to the estimated 164,000 individuals with a spinal cord injury who have Medicare or Medicaid coverage.

這項提議的規則很重要，因為它將某些 Eksosculpture 型設備歸類為用於醫療保險支付目的的支架。如果獲得批准，我們相信擴大的覆蓋範圍可能會顯著增加 Ekso Indego Personal 的可尋址人群，達到約 164,000 名享受 Medicare 或 Medicaid 保險的脊髓損傷患者。

Importantly, these individuals could obtain their Ekso Indego personal device at a fraction of the current cost. Additionally, we recently applied Ekso Indego Personal for Medicare code determination. We look forward to CMS's ruling, including level of reimbursement, which is expected in late November.

重要的是，這些人可以以當前成本的一小部分獲得他們的 Ekso Indego 個人設備。此外，我們最近應用了 Ekso Indego Personal 來確定 Medicare 代碼。我們期待 CMS 的裁決，包括報銷水平，預計將於 11 月底做出。

Now turning to an update on our industrial product line, EksoWorks. As part of our new volume pricing strategy, we secured a sharply higher number of EVO units sold compared to the third quarter of 2022, resulting in a record quarter for this product.

現在轉向我們的工業產品線 EksoWorks 的更新。作為我們新的批量定價策略的一部分，與 2022 年第三季相比，我們的 EVO 銷量大幅增加，導致該產品創下了季度紀錄。

Driven by our commercial efforts, employers are recognizing the meaningful productivity and safety benefits that EVO provides to industrial workers. With several promising opportunities in our pipeline and the implementation of our new high-volume contract manufacturer, we were encouraged by this initial momentum.

在我們商業努力的推動下，雇主們逐漸認識到 EVO 為產業工人提供的有意義的生產力和安全優勢。我們的管道中存在一些有希望的機會，並且我們新的大批量合約製造商的實施，我們對這種最初的勢頭感到鼓舞。

While revenue contributions from our industrial segment were modest, our focus remains on placing an increased emphasis on EVO's placement in large industrial settings, which consists of an addressable market opportunity of approximately $5 billion. We look forward to providing additional updates as we drive further market penetration across our industrial verticals.

雖然我們工業部門的收入貢獻不大，但我們的重點仍然是更加重視 EVO 在大型工業環境中的佈局，其中包括約 50 億美元的可尋址市場機會。隨著我們進一步推動整個工業垂直領域的市場滲透，我們期待提供更多更新。

As we continue to scale EksoWorks for future growth, we are pleased to have recently launched an e-commerce platform that will allow customers to purchase EVOs directly from Ekso. This new site provides customers with a user-friendly experience to also acquire Ekso-branded apparel and accessories. We invite all listeners and customers to visit our site at shop. Eksobionics.com.

隨著我們繼續擴展 EksoWorks 以實現未來成長，我們很高興最近推出了一個電子商務平台，讓客戶可以直接從 Ekso 購買 EVO。這個新網站為客戶提供了用戶友好的體驗，還可以購買 Ekso 品牌的服裝和配件。我們邀請所有聽眾和顧客造訪我們的商店網站。 Eksobionics.com。

Overall, we are encouraged by our third quarter performance and the progress we have made throughout 2023. Going forward, we are focused on driving greater awareness and adoption of our products, expanding market access for our customers, securing more multi-unit orders with new and existing large network operators, and on continual improvements in operating efficiencies.

整體而言，我們對第三季的業績以及2023 年全年的進展感到鼓舞。展望未來，我們的重點是提高我們產品的認知度和採用率，擴大客戶的市場准入，透過新產品確保更多的多單元訂單。和現有的大型網路營運商，以及營運效率的持續改善。

Achieving 38% year-over-year revenue growth and driving sustained demand in our target markets across the continuum of care is a testament to the strength of our commercial team and expanded product portfolio.

實現 38% 的同比收入成長並在整個護理過程中推動目標市場的持續需求，證明了我們商業團隊的實力和擴大的產品組合。

Now I will turn the call over to our Chief Operating Officer, Jason Jones.

現在我將把電話轉給我們的營運長賈森瓊斯。

Thank you, Scott.

謝謝你，斯科特。

In the third quarter, our operations team continued to manage operating expenses tightly, resulting in flat quarterly operating expense and narrowed quarterly operating loss both year-over-year, despite higher headcount and costs associated with our HMC acquisition. As part of our effort to achieve positive cash flow, we continue to look for areas where we can improve efficiency without impacting quality or growth.

第三季度，我們的營運團隊繼續嚴格管理營運費用，儘管與 HMC 收購相關的員工人數和成本增加，但季度營運費用持平，季度營運虧損同比收窄。作為我們實現正現金流努力的一部分，我們繼續尋找可以在不影響品質或成長的情況下提高效率的領域。

As I noted in our second quarter financial results call, we have been carrying higher than desired inventory to mitigate production risks due to supply chain disruptions. Over the past couple of quarters, our supply chain has normalized, which has allowed us to reduce our on-hand inventory.

正如我在第二季財務業績電話會議中指出的那樣，我們的庫存一直高於預期，以減輕供應鏈中斷造成的生產風險。在過去的幾個季度中，我們的供應鏈已經正常化，這使我們能夠減少現有庫存。

As evidence, our declining inventory at quarter end was the first quarter-over-quarter reduction in inventory since 2020. As our updated inventory management approach flows through the entire supply chain, we believe further reductions are possible. As Scott mentioned earlier, we are starting to see higher volume orders for EVO in response to lower pricing.

作為證據，我們季度末的庫存下降是自 2020 年以來首次環比庫存減少。隨著我們更新的庫存管理方法貫穿整個供應鏈，我們相信進一步減少庫存是可能的。正如斯科特之前提到的，我們開始看到 EVO 的訂單量增加，以應對較低的價格。

This strategy is enabled by our successful transition of the product line to our contact manufacturing partner in Malaysia. In addition to significantly lower costs, outsourcing the manufacturer of EVO gives us higher capacity and the ability to respond quickly to any potential increase in demand.

我們成功地將產品線轉移給馬來西亞的接觸式製造合作夥伴，從​​而實現了這項策略。除了顯著降低成本之外，外包 EVO 製造商還使我們能夠提高產能，並能夠快速回應任何潛在的需求成長。

I look forward to providing additional operational updates on our future financial results calls. I will now turn the call over to Jerome Wong, who will discuss our third quarter 2023 financial results.

我期待在未來的財務業績電話會議上提供更多營運更新資訊。我現在將電話轉給 Jerome Wong，他將討論我們 2023 年第三季的財務表現。

Thank you, Jason. Ekso generated third quarter 2023 revenue of $4.6 million compared to $3.3 million for the third quarter of 2022, an increase of 38%. This increase was comprised of a $1.2 million increase in Ekso Health revenue and a $0.1 million increase in EksoWorks revenue. Gross profit for the third quarter was $2.5 million, representing a gross margin of approximately 53% compared to a gross profit of $1.7 million and a gross margin of 51% for the same period in 2022.

謝謝你，傑森。 Ekso 2023 年第三季的營收為 460 萬美元，而 2022 年第三季的營收為 330 萬美元，成長了 38%。這一增長包括 Ekso Health 收入增加 120 萬美元和 EksoWorks 收入增加 10 萬美元。第三季毛利為250萬美元，毛利率約53%，而2022年同期毛利為170萬美元，毛利率為51%。

46% overall increase in gross profit was driven by an increase in sales in Ekso Health segment. Margin expansion was primarily due to lower Ekso Health device and service costs. Operating expenses for the third quarter were $5.4 million compared to $5.3 million for the third quarter of 2022.

毛利整體成長 46% 是由 Ekso Health 部門的銷售額成長所推動的。利潤成長主要是由於 Ekso Health 設備和服務成本降低。第三季營運費用為 540 萬美元，而 2022 年第三季營運費用為 530 萬美元。

The increase was primarily due to additional headcount associated with the acquisition of HMC, partially offset by a decrease in legal expenses. Net loss applicable to common stockholders for the third quarter was $3.4 million or $0.24 basic and diluted share compared to net loss of $4.3 million or $0.33 per basic and diluted share for the same period in 2022.

這一增長主要是由於與收購 HMC 相關的員工人數增加，但部分被法律費用的減少所抵消。第三季普通股股東淨虧損為 340 萬美元，或基本股和稀釋股 0.24 美元，而 2022 年同期淨虧損為 430 萬美元，或基本股和稀釋股 0.33 美元。

Turning to year-to-date results, revenue increased $4.1 million or 43% to $13.4 million for the nine months ended September 30, 2023, compared to $9.4 million in the same period of 2022. The increase in revenue was primarily driven by an increase in Ekso Health device sales of $4.7 million. Gross profit for the nine months ended September 30, 2023, was $6.7 million, representing a gross margin of 50% compared to a gross profit of $4.5 million for the same period in 2022, representing a gross margin of 48%.

就年初至今的業績而言，截至 2023 年 9 月 30 日的九個月，收入增加了 410 萬美元，達到 1,340 萬美元，而 2022 年同期為 940 萬美元。收入的增加主要是由於Ekso Health 設備銷售額達470 萬美元。截至2023年9月30日止九個月的毛利為670萬美元，毛利率為50%，而2022年同期的毛利為450萬美元，毛利率為48%。

The overall increase in gross margin was primarily due to lower device costs. Operating expenses for the first nine months of 2023 were $18.4 million compared to $15.7 million for the same period in 2022. The increase in operating expenses was primarily related to additional headcount and integration activities associated with the acquisition of HMC.

毛利率的整體成長主要是由於設備成本下降。 2023 年前 9 個月的營運費用為 1,840 萬美元，而 2022 年同期為 1,570 萬美元。營運費用的增加主要與收購 HMC 相關的員工人數增加和整合活動有關。

Net loss applicable to common shareholders for the first nine months of 2023 was $12 million or $0.88 cents per basic and diluted share compared to a net loss of $11.9 million or $0.92 cents per basic and diluted share for the same period in 2022. Cash used in operating activities in the first nine months of 2023 was $10.5 million down from $11 million in the same period of 2022.

2023 年頭9 個月適用於普通股股東的淨虧損為1,200 萬美元，即每股基本股和稀釋股0.88 美分，而2022 年同期的淨虧損為1,190 萬美元，即每股基本股和稀釋股 0.92 美分。2023 年前 9 個月的營業活動為 1,050 萬美元，低於 2022 年同期的 1,100 萬美元。

As of September 30, 2023, the company had cash on hand of $9.9 million. Please see our 10-Q file earlier today for further details regarding the quarter. Operator, you may now open the line for questions.

截至2023年9月30日，該公司手頭現金為990萬美元。請參閱今天早些時候的 10-Q 文件，以了解有關本季度的更多詳細資訊。接線員，現在可以撥打電話提問。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions) Sean Lee, H.C. Wainwright.

（操作員說明）Sean Lee, H.C.溫賴特。

Good afternoon, Scott and Jerome, and thanks for taking my questions. So, I just have a couple questions. First, on the CMS front, with the meeting coming up next month, assuming everything goes well, when would the new rules come into effect? And on your basis, how much of an impact would you say they'll have on your sales in the US?

下午好，斯科特和傑羅姆，感謝您提出我的問題。所以，我只有幾個問題。首先，在CMS方面，下個月就要召開會議，假設一切順利，新規則何時生效？根據您的判斷，您認為它們會對您在美國的銷售產生多大影響？

Yeah, Sean, thank you for your question. You know, we're really excited about the potential that exists with CMS. The end of November is the time frame for notification that we've been given. You know, the process from there is a bit complicated as we begin to, process patients through the Medicare-Medicaid process.

是的，肖恩，謝謝你的問題。您知道，我們對 CMS 的潛力感到非常興奮。 11 月底是我們收到通知的時間範圍。您知道，當我們開始透過醫療保險-醫療補助流程處理病患時，流程有點複雜。

So that, but we could, you know, assuming this happens, we could start to see a positive impact on the, you know, on the business starting in the first quarter of 2024. There's, you know, there's a lot of moving pieces around this. This is a rather complicated process.

所以，但我們可以，你知道，假設這種情況發生，我們可以開始看到對，你知道，從 2024 年第一季開始的業務產生積極影響。你知道，有很多變化圍繞著這個。這是一個相當複雜的過程。

But, you know, the first major step in it would be, you know, approval of this lump sum reimbursement and treating the Ekso skeleton as a brace that will open up the, you know, market potential and the ability for folks to access this technology to a much wider population of individuals. Currently, there are approximately 164,000 individuals who have suffered a spinal cord injury who also have Medicare and, or Medicaid coverage.

但是，你知道，其中的第一個重要步驟是，你知道，批准一次性報銷，並將 Ekso 骨架視為支架，這將打開市場潛力以及人們獲得此功能的能力。技術惠及更廣泛的人群。目前，大約有 164,000 名脊髓損傷患者也享有 Medicare 和/或 Medicaid 保險。

Great. Thank you for the additional color. My second question is on the process improvements. It's great to see that you guys are getting better operating margins from, you know, and that's translating into greater volumes, especially in the excellent works side. So I was wondering, speaking on the medium to longer term, say, next two to four years, where do you see these, where do you see, these margins could improve to?

偉大的。謝謝你的額外顏色。我的第二個問題是關於流程改善。很高興看到你們獲得了更好的營業利潤，這轉化為更大的銷量，尤其是在優秀作品方面。所以我想知道，從中長期來看，例如未來兩到四年，你認為這些利潤率可以提高到什麼程度？

Okay, Sean, is this specifically on the overall margins, or you had also made a reference to the works business as well? Are you specifically talking about works or just margins in general?

好的，肖恩，這是專門針對整體利潤率的，還是您也提到了工程業務？您是具體談論作品還是只是一般的利潤？

Both, for overall and for works, please.

無論是整體還是作品，都請。

Okay. Yes. So we have been doing a lot of work. Jason and his team in operations have been doing a lot in supply chain to really improve our performance there. Certainly, the additional volume that we have is helping as well. We anticipate that as we go forward, as volumes continue to increase and as we continue to work on these improvements, we are optimistic that the margins will continue to improve.

好的。是的。所以我們做了很多工作。 Jason 和他的營運團隊在供應鏈方面做了很多工作，以真正提高我們的績效。當然，我們擁有的額外數量也有幫助。我們預計，隨著我們的前進，隨著銷量的不斷增加以及我們繼續致力於這些改進，我們對利潤率將繼續改善持樂觀態度。

On the works side of the business, this was really the contract manufacturing relationship that we put in place now for high volume. As volumes increase, you know, we have the mechanism within this relationship to maintain good margin as we continue to increase our volume. And again, as that starts to blend into our, in a meaningful way, into our overall margins, we see room for continued margin improvement as we go through the next several years.

在業務的工廠方面，這實際上是我們現在為大批量建立的合約製造關係。隨著銷量的增加，您知道，我們在這種關係中擁有機制，可以在我們繼續增加銷售的同時保持良好的利潤率。再次，隨著這開始以有意義的方式融入我們的整體利潤率，我們看到在未來幾年中利潤率持續改善的空間。

Great. My last question is on the international business. It's good to see that you guys are getting multi-orders even from the Asia-Pacific region. So I was wondering, where do you expect the market, the international market to grow to in terms of your overall revenues?

偉大的。我的最後一個問題是關於國際業務的。很高興看到你們甚至收到了來自亞太地區的多份訂單。所以我想知道，就你們的整體收入而言，你們預期國際市場會成長到什麼程度？

Well, thank you. So the international market, we have certainly a strong presence in Europe and a growing presence in Asia-Pacific region. In Europe, we have a very strong team that's located in Germany, you know, cross-disciplined, you know, everything from sales to clinical to support. And we've built very strong relationships with distribution partners throughout that region, as well as some larger hospital networks that exist in region.

嗯，謝謝。因此，在國際市場上，我們在歐洲擁有強大的影響力，並且在亞太地區的影響力也不斷成長。在歐洲，我們在德國擁有一支非常強大的團隊，您知道，跨學科，從銷售到臨床再到支援的各個方面。我們與該地區的分銷合作夥伴以及該地區存在的一些較大的醫院網絡建立了非常牢固的關係。

So we are anticipating and believe that there will be good growth, good, continued growth in Europe year over year on our enterprise business, enterprise health business and on the, you know, personal devices. That is an area that internationally we are just really starting to grow. We placed three devices in APAC this last quarter. So we see that as also a great opportunity as there are mechanisms within various countries for offering some level of reimbursement to spinal cord injury individuals.

因此，我們預期並相信，歐洲的企業業務、企業健康業務以及個人設備將逐年實現良好的、良好的、持續的成長。這是我們在國際上才真正開始發展的領域。上個季度我們在亞太地區投放了三台設備。因此，我們認為這也是一個很好的機會，因為各國內部都有機制為脊髓損傷患者提供一定程度的補償。

So we are anticipating continued growth in these regions relative to the North American growth that we see today. So I think overall, you know, it's a, we see a positive outlook there.

因此，我們預計這些地區相對於我們今天看到的北美成長將持續成長。所以我認為總的來說，我們看到了積極的前景。

Great. Thanks. And thanks for taking my questions.

偉大的。謝謝。感謝您回答我的問題。

Thank you, Sean.

謝謝你，肖恩。

There are no further questions at this time. I would now like to turn the floor back over to Scott Davis for closing comments.

目前沒有其他問題。我現在想把發言權交還給斯科特戴維斯以徵求結束意見。

Thank you, Maria. Before closing today's call, I'd like to reiterate some key takeaways as we enter the final quarter of 2023. First, we're building growth momentum with another strong quarter of EksoNR and Indego device sales. We continue to elevate the standard of care for neurorehabilitation across the continuum of care.

謝謝你，瑪麗亞。在結束今天的電話會議之前，我想在進入 2023 年最後一個季度時重申一些關鍵要點。首先，我們正在透過 EksoNR 和 Indego 設備銷售的另一個強勁季度來建立成長勢頭。我們繼續在整個護理過程中提高神經復健的護理標準。

Second, the proposed rule for CMS, if adopted in November, to potentially expand coverage for Ekso Indego personal to thousands of spinal cord injury patients. We fully support the proposal to further enhance potential access for Medicare and Medicaid beneficiaries. Third, we're starting to see promising results from our commercial strategy for EVO with a record unit sales quarter.

其次，擬議的 CMS 規則如果在 11 月獲得通過，可能會將 Ekso Indego 個人保險的覆蓋範圍擴大到數千名脊髓損傷患者。我們完全支持進一步增加醫療保險和醫療補助受益人潛在機會的提案。第三，我們開始看到 EVO 商業策略的可喜成果，季度銷售創歷史新高。

Supported by our new contract manufacturer, we're poised to take the next step in bringing these innovative devices to customers worldwide. And finally, we continue to execute on our plan to achieve scale and positive cash flow through revenue growth, product line expansion, and operational improvements. We look forward to updating you on our progress ahead. We want to thank you all for joining us today.

在我們新合約製造商的支持下，我們準備採取下一步措施，將這些創新設備帶給全球客戶。最後，我們繼續執行我們的計劃，透過收入成長、產品線擴張和營運改善來實現規模和正現金流。我們期待向您通報我們未來的進展。我們要感謝大家今天加入我們。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。