Ekso Bionics Holdings Inc (EKSO) 2023 Q4 法說會逐字稿

Greetings, and welcome to the XL bionics Fourth Quarter 2023 financial results conference call. At this time, all participants are in a listen only mode. A brief question-and-answer session will follow a formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Matt Steinberg, Finn parks Thank you. You may be.

您好，歡迎參加 XL Bionics 2023 年第四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。如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。提醒一下，本次會議正在錄製中。現在我很高興向大家介紹你們的主持人馬特·斯坦伯格，芬蘭公園，謝謝。你可能。

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.

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、財務長 Jerome Wong 和營運長 Jason Jones。

Earlier today, Ekso Bionics released financial results for the quarter and year ended December 31, 2023. A copy of the press release is available on the company's website.

今天早些時候，Ekso Bionics 發布了截至 2023 年 12 月 31 日的季度和年度財務業績。該新聞稿的副本可在該公司網站上取得。

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. Any statements made during this call that are not statements of historical fact 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, our 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. 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. Xo 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. Any forward-looking statements made on this call speak only as of the date of this call.

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。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。因此，您不應過度依賴這些聲明。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，Xo 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聲明的義務，無論是由於新資訊、未來事件或其他原因。本次電話會議中所做的任何前瞻性陳述僅代表本次電話會議之日的情況。

I will now turn the call over to XL by U.S. Chief Executive Officer, Scott Davis.

現在我將把美國執行長 Scott Davis 的電話轉給 XL。

Thank you, Matt. We're excited to have closed out 2023 on a positive note, highlighted by record annual revenues of $18.3 million, an increase of 42% from the prior year period. Our solid results reflect continued improvements and consistency of returns from our scalable commercial strategy in addition to the early contributions of our Indigo product lines that we acquired in late 2022.

謝謝你，馬特。我們很高興以積極的姿態結束了 2023 年，年收入達到創紀錄的 1,830 萬美元，比上年同期增長 42%。我們的穩健業績反映了我們可擴展的商業策略的持續改進和回報的一致性，以及我們在 2022 年底收購的 Indigo 產品線的早期貢獻。

On today's call, I'll briefly review our fourth quarter 2023 results and share other business updates. Starting with our Q4 results, we generated revenue of $4.8 million in the fourth quarter of 2023 at 36% increase from the same period in 2022. During the quarter, we sold 38 XO. health devices throughout our enterprise Exo health segment. Inpatient rehabilitation facilities continue to leverage our advanced exoskeleton technology. It stroke traumatic brain injury, multiple sclerosis and spinal cord injury patients on the road to recovery. Our clinically proven patient improvements in functional outcomes, support our efforts to elevate the standard of care for neuro rehabilitation. Additionally, the economic value proposition for neuro rehab providers implement our XONR. and XO. Indigo therapy devices into the programs have been shown to increase patient throughput and drive higher patient volumes. Altogether, we continue to translate these compelling data points into our commercial strategy by selling both multiunit orders and multiunit renewals to our vast network of operators. The output from our commercial team led to a record year of XO health devices sold for the full year 2023. We sold 151 XO. health devices, up 51% from 2022 levels. We believe we are well positioned to build upon this momentum to drive sustained growth for our XO Health Enterprise devices as we continue to strengthen our distribution network and expand our pipeline of opportunities.

在今天的電話會議上，我將簡要回顧我們 2023 年第四季的業績並分享其他業務更新。從第四季的業績開始，我們在 2023 年第四季實現了 480 萬美元的收入，比 2022 年同期成長了 36%。本季度，我們售出了 38 瓶 XO。我們企業 Exo 健康部門的健康設備。住院復健設施繼續利用我們先進的外骨骼技術。它幫助中風、腦外傷、多發性硬化症和脊髓損傷患者走上康復之路。我們經過臨床證明的患者功能結果的改善，支持我們為提高神經復健護理標準所做的努力。此外，神經復健提供者的經濟價值主張實施了我們的 XONR。和XO。事實證明，納入該計劃的 Indigo 治療設備可以提高患者吞吐量並推動更高的患者數量。總而言之，我們透過向我們龐大的營運商網路銷售多單元訂單和多單元續訂，繼續將這些引人注目的數據點轉化為我們的商業策略。我們商業團隊的成果使得 2023 年全年 XO 健康設備銷售創下歷史新高。我們賣出了 151 瓶 XO。健康設備，比 2022 年水準成長 51%。我們相信，隨著我們繼續加強我們的分銷網絡並擴大我們的機會管道，我們有能力利用這一勢頭來推動我們的 XO Health Enterprise 設備的持續成長。

Earlier this year, we were pleased to have launched our gate Coach software for XL in our gate coaches. Our next generation gait therapy software for excellent aren't that simplifies the use of robotics in tension is to improve user trust and technology, provide impactful dynamic feedback and offer specific guidance. I think as an extra set clinical lives, we believe gate Coach will reduce training demands and increase utilization, making the device more intuitive and easier to use for both patients and physical therapists and marking a milestone in improvement of our product portfolio. Users of XL in our recently introduced the gate Coach through initial survey results have exhibited support for the software upgrade with nearly all users finding it to be intuitive. Feedback. Also indicated guidance from gate Coach makes XO. and are easier to use is useful for new or less experienced therapists at the clinic and is believed to further help patients achieve their clinical goals. A demonstration of this exciting new software can be found on our website.

今年早些時候，我們很高興在我們的登機口車廂中推出了適用於 XL 的登機口教練軟體。我們的下一代步態治療軟體的卓越之處不是簡化機器人的使用，而是提高使用者的信任和技術，提供有影響力的動態回饋並提供具體的指導。我認為，作為一套額外的臨床生活，我們相信Gate Coach 將減少培訓需求並提高利用率，使該設備對患者和物理治療師來說更加直觀、更易於使用，並標誌著我們產品組合改進的里程碑。我們最近推出的gate Coach中的XL用戶透過初步調查結果顯示了對軟體升級的支持，幾乎所有用戶都認為它很直觀。回饋.也表示來自門教練的指導使 XO。並且更容易使用，對於診所的新治療師或經驗不足的治療師很有用，並被認為可以進一步幫助患者實現其臨床目標。您可以在我們的網站上找到這款令人興奮的新軟體的演示。

Now turning to an update on our XL Indigo personal advice. On February 29, CMS announced that a deferred payment determination for personal exoskeletons, including the extra Indigo personal as part of its communication, CMS requested additional examples of non-Medicare payer data that would support the payment determination for products qualify under his fixed code K. one zero zero seven, such as our Indigo personal. We intend to provide materials to CMS to help provide additional commercial details supporting a reimbursement rate until the reimbursement rate has been established. We will provide relevant support to help our customers process Medicare claims on a case-by-case basis. As we have done throughout 2023, we will continue to offer our Indigo personal device to veterans through the VA established reimbursement program. Lightweight pack-and-hold modular design of this device allows individuals living with spinal cord injury to more easily bring it along with them for use in their communities and the advanced gate feature allows them to achieve average walking speed. An important consideration if navigating cross walks, XL is committed to delivering well-built affordable products and to have help enable this potentially life-changing technology reach a higher number of individuals living with spinal cord injury. We look forward to our continued work with CMS and the SDI. community.

現在轉向我們 XL Indigo 個人建議的更新。2 月29 日，CMS 宣布對個人外骨骼（包括額外的Indigo 個人）進行延期付款決定，作為其溝通的一部分，CMS 要求提供更多非Medicare 付款人數據示例，以支持符合其固定代碼K 資格的產品的付款決定一零零七，例如我們的Indigo個人。我們打算向 CMS 提供材料，以幫助提供支持報銷率的其他商業詳細信息，直到報銷率確定為止。我們將提供相關支持，幫助客戶根據具體情況處理醫療保險索賠。正如我們在 2023 年所做的那樣，我們將繼續透過 VA 制定的報銷計劃向退伍軍人提供我們的 Indigo 個人設備。該設備採用輕量級打包和保持模組化設計，使脊髓損傷患者能夠更輕鬆地將其隨身攜帶在社區中使用，並且先進的門功能使他們能夠達到平均步行速度。XL 致力於提供製作精良、價格實惠的產品，並幫助更多的脊髓損傷患者受益，使這種可能改變生活的技術惠及更多人。我們期待與 CMS 和 SDI 繼續合作。社區。

On the international front, we achieved solid performance across EMEA and A-Pac regions as we generated an increase in sales volume built on the strength of our distribution network, not only are we getting more placements, but our network enables us to gain operating leverage abroad. Notably in the fourth quarter, we generated multi-unit extra in our sales across Eastern Europe.

在國際方面，我們在歐洲、中東和非洲和亞太地區取得了穩健的業績，憑藉我們的分銷網絡的實力實現了銷量的增長，我們不僅獲得了更多的展示位置，而且我們的網絡使我們能夠獲得營運槓桿國外。值得注意的是，在第四季度，我們在東歐的銷售額實現了多單位額外成長。

Looking ahead, we continue to focus on building relationships with larger customers in these regions as we invest in our international footprint to support Xcel's ongoing growth across the globe.

展望未來，我們將繼續專注於與這些地區的大客戶建立關係，同時投資我們的國際業務以支持 Xcel 在全球的持續成長。

Now I'd like to turn to an update on our industrial segment, Pixelworks in 2023, we drove notable progress in our industrial product line, especially on the operational side with the implementation and initial supply of iDose from our new high volume contract manufacturer by reducing supply constraints and substantially lowering costs through our contract manufacturer relationship, we believe we'll be able to better meet the supply and pricing demands of a potentially high volume industrial customer pipeline. Based on this, we feel we are poised for continued growth and market expansion, while revenue contributions from our industrial segment have recently been at modest levels. We remain steadfast in our commitment to maximize iDose placement in large industrial settings, leveraging a significant emerging market opportunity. Overall, I'm enthusiastic with our record-breaking revenue performance in 2023. We're focused on building out the market across the continuum of care for pioneering XO. health devices and believe we are well-positioned to deliver on our objectives. Now I will turn the call over to Jason Jones, our Chief Operating Officer, for an operational update.

現在我想談談我們的工業部門Pixelworks 的最新情況，到2023 年，我們在工業產品線方面取得了顯著進展，特別是在運營方面，我們新的大批量合約製造商實施了iDose 並對其進行了初步供應。透過我們的合約製造商關係減少供應限制並大幅降低成本，我們相信我們將能夠更好地滿足潛在大批量工業客戶管道的供應和定價需求。基於此，我們認為我們已做好持續成長和市場擴張的準備，而我們工業部門的收入貢獻最近處於適度水平。我們仍然堅定地致力於利用重要的新興市場機會，最大限度地在大型工業環境中部署 iDose。總體而言，我對 2023 年創紀錄的收入表現感到興奮。我們專注於在先鋒 XO 的整個護理過程中開拓市場。健康設備，並相信我們有能力實現我們的目標。現在，我將把電話轉給我們的營運長 Jason Jones，以了解最新營運狀況。

Thank you, Scott.

謝謝你，斯科特。

I'm pleased to report several key achievements and developments within active operations in 2023. First, we bolster our operating leverage, reflecting a more efficient and scalable operational model. While our revenues grew by 42% year over year. In 2023, our operating expenses increased by only 11%. We believe this is indicative of the operating leverage we are able to achieve going forward as we continue to manage expenses further, our efforts in inventory management have allowed us to reduce our inventory on hand by 3% as of the end of 2023 compared to the prior year. Despite strong revenue growth, we believe there is still room to improve on inventory efficiency.

我很高興地報告 2023 年積極營運中的幾項關鍵成就和發展。首先，我們增強了營運槓桿，體現了更有效率、更可擴展的營運模式。而我們的營收則是年增了 42%。2023年，我們的營運費用僅成長11%。我們相信，這表明我們在繼續進一步管理費用的情況下能夠實現未來的營運槓桿，我們在庫存管理方面的努力使我們截至 2023 年底的手頭庫存比 2023 年底減少了 3%。去年。儘管營收成長強勁，但我們認為庫存效率仍有提升空間。

In Q4, we also completed the transition for our Ohio team from Parker Hannifin IT system to a new electronic quality management and product lifecycle management system. This new business is expected to be the foundation of our product development and quality processes going forward with the entire Company plan to transition over throughout 2024. We believe that consolidating our teams onto a single system will improve collaboration across our sites and once fully implemented will reduce audit and compliance costs.

在第四季度，我們也為俄亥俄州團隊完成了從 Parker Hannifin IT 系統到新的電子品質管理和產品生命週期管理系統的過渡。這項新業務預計將成為我們產品開發和品質流程的基礎，整個公司計劃將在 2024 年進行過渡。我們相信，將我們的團隊整合到一個系統上將改善我們站點之間的協作，一旦完全實施，將降低審計和合規成本。

At this time, I'd like to turn over the call to our Chief Financial Officer, Jearld long to review our fourth quarter and full year financial results.

此時，我想將電話轉給我們的財務長傑爾德·朗 (Jearld Long)，以審查我們第四季度和全年的財務業績。

Thank you, Jason, we generated an increase in the fourth quarter of 2023 revenues by 36% to $4.8 million compared to $3.6 million for the fourth quarter of 2022. Increase in revenue is primarily due to an increase in the volume of XOLAIR and Indigo device sales. Gross profit for the fourth quarter was $2.4 million, representing a gross margin of approximately 49% compared to a gross profit of $1.7 million and a gross margin of 47% for the same period of 2022 to 41% increase in gross profit was primarily driven by an increase in Eco Health device sales. Margin expansion was primarily due to lower until health device and service costs.

謝謝 Jason，我們 2023 年第四季的營收成長了 36%，達到 480 萬美元，而 2022 年第四季的營收為 360 萬美元。收入的增加主要是由於 XOLAIR 和 Indigo 設備銷售量的增加。第四季毛利為240萬美元，毛利率約49%，而2022年同期毛利為170萬美元，毛利率為47%至41%，毛利成長主要是由於生態健康設備銷售增加。利潤成長主要是由於醫療設備和服務成本降低。

Operating expenses for the fourth quarter of 2023 were $5.8 million compared to $6.1 million for the fourth quarter of 2022. The 5% decrease was primarily due to a decrease in general and administrative expenses stemming from lower legal expenses. Net loss applicable to common stockholders for the fourth quarter was $3.2 million or $0.22 per basic and diluted share compared to a net loss of $3.2 million or $0.24 per basic and diluted share for the same period of 2022. Operating cash burn for the fourth quarter was $1.6 million compared to $3.7 million in the fourth quarter of 2022.

2023 年第四季的營運費用為 580 萬美元，而 2022 年第四季的營運費用為 610 萬美元。下降 5% 的主要原因是法律費用減少導致一般和行政費用減少。第四季普通股股東淨虧損為 320 萬美元，即每股基本股和稀釋股 0.22 美元，而 2022 年同期淨虧損為 320 萬美元，即每股基本股和稀釋股 0.24 美元。第四季營運現金消耗為 160 萬美元，而 2022 年第四季為 370 萬美元。

Turning to our full year 2023 results. Revenue increased by 42% to $18.3 million compared to $12.9 million for the same period in 2022. The increase in revenue was primarily driven by an increase in actual health device sales of $5.9 million. Gross profit for the full year ended December 31, 2023 was $9.1 million, representing a gross margin of approximately 50% compared to a gross profit of $6.2 million for the same period in 2022, representing a gross margin of 48%. The increase in gross profit was a result of lower device and service costs and product mix.

轉向 2023 年全年業績。營收較 2022 年同期的 1,290 萬美元成長 42%，達到 1,830 萬美元。收入的成長主要是由於實際健康設備銷售額增加了 590 萬美元。截至2023年12月31日的全年毛利為910萬美元，毛利率約為50%，而2022年同期毛利為620萬美元，毛利率為48%。毛利的增加是由於設備和服務成本以及產品組合的降低。

Operating expenses for the 2023 full year were $24.2 million compared with $21.8 million for the prior year. Period increase in operating expenses was primarily related to the acquisition and integration of agents. The net loss applicable to common stockholders for the 2023 full year was $15.2 million or $1.10 per basic and diluted share compared to a net loss of $15.1 million or $1.16 per basic and diluted share for the 2022 full year. Cash used in operating activities in the 2023 fiscal year was $12.1 million as of December 31, 2023 the company had cash on hand of $8.6 million subsequent to year end as we closed on a registered direct offering. But certain institutional investors resulting in total net proceeds to the Company of approximately $3.9 million. Please see our Form 10-K filed earlier today for further details regarding the quarter and full year operating, you may now open the line for questions.

2023 年全年營運費用為 2,420 萬美元，上一年為 2,180 萬美元。期內營業費用增加主要與收購及整合代理商有關。2023 年全年適用於普通股股東的淨虧損為1,520 萬美元，即每股基本股及稀釋股1.10 美元，而2022 年全年的淨虧損為1,510 萬美元，即每股基本股及稀釋股1.16美元。截至 2023 年 12 月 31 日，2023 財年經營活動使用的現金為 1,210 萬美元，年底後我們完成註冊直接發行後，公司手頭現金為 860 萬美元。但某些機構投資者為公司帶來的淨收益總額約為 390 萬美元。請參閱我們今天早些時候提交的 10-K 表格，以了解有關本季度和全年運營的更多詳細信息，您現在可以撥打電話提問。

Thank you. And ladies and gentlemen, at this time we will conduct a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two, if you would like to remove your question from the queue For participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys. Once again, ask a question, press star one on your touchtone phone standby while we poll for question first question comes from RK with H.C. Wainwright. Please state your question.

謝謝。女士們、先生們，這個時候我們將進行問答環節。如果您想提問，請按電話鍵盤上的星號一。確認音將表示您的線路已在問題佇列中。對於使用揚聲器裝置的參與者，如果您想從佇列中刪除您的問題，您可以按星號二。按星號鍵之前可能需要拿起聽筒。再次提出問題，在我們輪詢問題時，請在按鍵式電話待機狀態下按星號鍵，第一個問題來自 RK 和 H.C.溫賴特。請說出你的問題。

Thank you and good afternoon, but then own them Blocket. First question is on Indigo pricing on. So and I did hear that you're still in discussions with CMS on the final pricing on up until they come up with a number. It's a case by case. And so what do you need to do in terms of helping CMS compare decision so that we have a price that will become effective on April first it's just not too far from clear.

謝謝你，下午好，但是然後擁有它們 Blocket。第一個問題是關於 Indigo 的定價。我確實聽說你們仍在與 CMS 就最終定價進行討論，直到他們得出一個數字。這是一個個案。那麼，您需要做什麼來幫助 CMS 比較決策，以便我們制定將於 4 月 1 日生效的價格，目前還不太清楚。

Yes.

是的。

Thank you, RK. So with CMS' recent announcement, have they have requested additional commercial pricing evidence. And back when this meeting took place in November XO was on it's provided commercial pricing information to CMS. However, at into November timeframe, we were not officially approved through PTAC. for our Indigo personal device, which was done on December ninth. As a result, it appears that CMS did not include this pricing information in their evaluation. So we plan to provide this information to CMS along with any additional details that they require. And in the interim, we'll continue to work with our customers to provide commercial pricing information to support their Medicare claims on a case-by-case basis.

謝謝你，RK。因此，隨著 CMS 最近的公告，他們是否要求提供額外的商業定價證據。當這次會議於 11 月舉行時，XO 正在向 CMS 提供商業定價資訊。然而，到了 11 月份，我們還沒有獲得 PTAC 的正式批准。我們的 Indigo 個人裝置已於 12 月 9 日完成。因此，CMS 似乎並未在評估中包含此定價資訊。因此，我們計劃向 CMS 提供此資訊以及他們需要的任何其他詳細資訊。在此期間，我們將繼續與客戶合作，提供商業定價信息，以根據具體情況支持他們的醫療保險索賠。

Okay.

好的。

So so does this mean we might have to wait for the next cycle to start, which is November first for a final pricing? Or there is a possibility that things can get resolved before come before April first?

那麼這是否意味著我們可能必須等待下一個週期（即 11 月 1 日）開始才能確定最終定價？或者說，事情有可能在四月一日之前解決嗎？

Yes, there's a we spoke with our consulting experts who are in this area, and CMS typically has biannual meetings where they publish their pricing determinations. However, we are told that it's possible they could issue a correction prior to that biannual meeting. We'll certainly know more as we work through this process in the time being we're going to continue to support CMS by providing requested additional pricing detail to support this final payment determination.

是的，我們與該領域的諮詢專家進行了交談，CMS 通常每年舉行兩次會議，在會議上發布定價決定。然而，我們被告知他們有可能在兩年一次的會議之前發布更正。當我們完成此流程時，我們肯定會了解更多信息，我們將繼續支持 CMS，提供所要求的額外定價詳細信息，以支持最終付款決定。

Okay, thanks for that. And then and two are thinking through and the growth in sales, especially in the fourth quarter and also for the for the entire year and 36% growth year-over-year in the fourth quarter. Is there something to be proud of how poorly or how much of this sales increase it's sustainable? And I'm just trying to understand, did you open up new areas new and newer areas where the sales are happening or how do you have some some new accounts where you expect to see more of this multi-unit sales slash multiunit route them on leases to happen going into '24 and beyond.

好的，謝謝。然後，兩個人正在考慮銷售的成長，特別是第四季度的銷售成長，以及全年的銷售成長，第四季年增 36%。這種銷售成長的可持續性有多差或有多大，有什麼值得驕傲的嗎？我只是想了解，您是否開闢了新的區域，新的區域正在發生銷售，或者您如何擁有一些新帳戶，您希望看到更多的多單元銷售削減多單元路由它們租賃將在24 年及以後發生。

Great question. One of the things that we've been hard at work on is building a strong pipeline and a scalable go-to-market strategy inside of our organization. So And much of that relates to our enterprise health customers, customers who are using our and our Indigo therapy to treat patients in clinics. We have been saying quarter over quarter that we have an increased number of multi-unit orders coming in as we become more of a standard of care inside of these IDNs. And what we are seeing are a combination of new IDNs who are who are coming online with their programs and rolling them out to additional hospitals. And in addition to that, and we've been doing this now for a couple of years. So we also have renewals of programs with them with existing IDN customers. So we continue to grow our pipeline and with these larger operators in North America, in addition to that we are seeing significant growth in Europe and we have distribution relationships in Europe that are continuing to grow and evolve and expand geographically. So between the geographic expansion, the scalable go-to-market strategies and the work with the integrated delivery networks. We are seeing this this growth, and we believe that this growth will continue going forward.

很好的問題。我們一直在努力做的事情之一是在我們的組織內部建立強大的管道和可擴展的上市策略。因此，其中很大一部分與我們的企業健康客戶有關，這些客戶正在使用我們的 Indigo 療法來治療診所的患者。我們每季都表示，隨著我們越來越成為這些 IDN 內部的照護標準，我們收到的多單位訂單數量有所增加。我們看到的是新的 IDN 的組合，他們正在上線他們的計畫並將其推廣到更多醫院。除此之外，我們已經這樣做了好幾年了。因此，我們也與現有 IDN 客戶續訂了計劃。因此，我們繼續擴大我們的管道，並與北美的這些較大的營運商合作，此外，我們還看到歐洲的顯著增長，並且我們在歐洲的分銷關係正在不斷增長、發展和地理擴張。因此，在地理擴張、可擴展的上市策略以及與整合交付網路的合作之間。我們看到了這種增長，我們相信這種增長將繼續下去。

And then the last question from me is none on the operating expenses. And our in addition to what you're doing at our Ohio plant, are there additional cost containment programs in place and on should we expect some operating margin expansion in '24?

我的最後一個問題與營運費用無關。除了您在俄亥俄州工廠所做的事情之外，是否還制定了額外的成本控制計劃？我們是否應該預期 24 年營業利潤率會有所擴大？

Yes, this is something that we continually work on in our K. We did a lot of work on this in 2023 and we really saw the positive effects of that in the back half of the year. We had a lot of costs in the early part of 2023 that were associated with our agency, our agency acquisition, we had legal and accounting costs that were associated with that, that you saw in the first half that you didn't see in the back half so again, those costs down one-time costs. We don't we don't anticipate those going into this year, but we have some we are doing all we can to maintain the upmost and operating efficiencies in terms of cost control in terms of inventory management that we have, we continue to work on that as well as work on cost improvements and to help keep the margin trend line going in the right direction.

是的，這是我們在 K 中不斷努力的事情。我們在 2023 年在這方面做了很多工作，並且在今年下半年我們確實看到了其積極影響。2023 年初，我們產生了許多與我們的代理商、代理商收購相關的成本，我們有與之相關的法律和會計成本，這些成本是您在上半年看到的，而在上半年卻沒有看到。如此一來，這些成本就降低了一次性成本。我們預計今年不會出現這些情況，但我們正在盡一切努力在庫存管理方面的成本控制方面保持最高的營運效率，我們將繼續努力在此基礎上，努力改善成本，並幫助保持利潤率趨勢線朝著正確的方向發展。

Okay.

好的。

Thank you.

謝謝。

Thanks for taking all my questions.

感謝您回答我所有的問題。

Thank you, RK.

謝謝你，RK。

Thank you.

謝謝。

And a reminder to the audience ask a question press star one.

並提醒觀眾向明星記者提問。

Our next question comes from Ben Haynor with Alliance Global Partners. Please state your question.

我們的下一個問題來自 Alliance Global Partners 的 Ben Haynor。請說出你的問題。

Good afternoon, gentlemen. Thanks for taking my questions. Can you hear me okay?

下午好，先生們。感謝您回答我的問題。你聽得到我說話嗎？

Yes.

是的。

We can hear you fine, Ben.

我們能聽清楚你的聲音，本。

Okay, great. Just a couple of big picture ones for me. On kind of the referral path for the personal units, how do you see that changing versus kind of what's in place now on as the CMS kind of made the decisions that they've made and deferred the decision on pricing, what's the right way to for investors to think about how those referral pathways happen? What are docs do in terms of if there's reimbursement in place? Are they more likely to write prescription or anything? Any color on that on how you see that developing would be helpful.

好的，太好了。給我看幾張大圖。在個人單位的推薦路徑方面，您如何看待這種變化與現在的情況，因為 CMS 做出了他們已經做出的決定並推遲了定價決定，正確的方法是什麼讓投資者思考這些推薦途徑如何發生的？如果有報銷，文件會做什麼？他們更有可能開處方或其他什麼嗎？任何關於你如何看待發展的顏色都會有幫助。

Yes.

是的。

Yes, understood. So I think from your two parts to back to this question, one on one, important and clear indicator is that the the Hexvix code K. one zero zero seven as has been approved, so doctors can prescribe against this code that that hasn't that has changed. That was announced back in November timeframe. And what we're waiting for is final payment determination on a fixed amount in the interim, what will happen along with any Medicare submission that comes through there will need to be some backup of it, commercial pricing documentation, not historical commercial pricing documentation. So along with the approval request from the doctors will be a package that also includes recent purchases, it could be of the equipment. And again, the extra We have several years of of documentation that we can provide them supporting a a a reimbursement rate that the it could be viewed by the by CMS. So in general, in general, the process is there and it's really considered a case-by-case until our final price determination has been has been set. But in the interim, for those who are putting claims and now they will need to be accompanied by that by commercial pricing information.

是的，明白了。所以我認為從你的兩個部分回到這個問題，一對一的，重要而明確的指標是Hexvix 代碼K.一零零七已經被批准，所以醫生可以根據這個代碼開處方，而這個代碼還沒有被批准。這已經改變了。這是在 11 月份的時間範圍內宣布的。我們正在等待的是臨時確定固定金額的最終付款決定，隨著任何醫療保險提交的發生，將需要一些備份，商業定價文件，而不是歷史商業定價文件。因此，除了醫生的批准請求之外，還將有一個包裹，其中還包括最近購買的物品，可能是設備。再說一次，我們有幾年的額外文件，可以為他們提供支援補償率，CMS 可以查看這些文件。所以總的來說，一般來說，這個過程已經存在，並且實際上是根據具體情況進行考慮，直到我們最終確定價格為止。但在此期間，對於那些提出索賠的人來說，他們將需要附上商業定價資訊。

Okay.

好的。

And so do you have any thoughts on potential reluctance to tour directorships as if there's a payouts under a case by case basis? Or do you think that really has an impact?

那麼，對於巡迴演出總監可能不願意擔任的情況，您是否有任何想法，就好像根據具體情況進行支付一樣？還是你認為這真的有影響嗎？

Yes.

是的。

So So in general, we're not anticipating a reluctance per se. Again, this is from the reimbursement of an exoskeleton as a brace through a lump sum is a is a new program through CMS to begin with so early on in the process of XOS as spent a decade building strong relationships with our health care provider network that's out there. We will continue to work with them to ensure they have the information they need for the best opportunity to have a claim reimbursed. And again, generally speaking, we have had a very positive reaction by by our health community regarding this program.

所以總的來說，我們並不預期會出現不情願的情況。同樣，這是透過一次性支付外骨骼作為支架的報銷，這是透過CMS 的一項新計劃，在XOS 過程的早期就開始了，因為我們花了十年的時間與我們的醫療保健提供者網絡建立了牢固的關係，在那裡。我們將繼續與他們合作，確保他們獲得所需的信息，以獲得獲得索賠報銷的最佳機會。總的來說，我們的衛生界對此計劃做出了非常積極的反應。

Okay, got it. So basically early adopters are early adopters regardless of whether it's on a case-by-case basis or not for the most part, is that fair.

好，知道了。因此，基本上，早期採用者就是早期採用者，無論是否根據具體情況而定，在大多數情況下，這公平嗎？

That is fair, correct.

這是公平的、正確的。

Okay.

好的。

Got it. That's very helpful. And then I think you talked about this in your deck. We, you know, I think you mentioned on your last conference call, you had 160 odd thousand Medicare patients that have SCI. What's your thoughts on the goals that are truly addressable on and sort of subpopulations that may be particularly addressable and how easy those are to go after any color there would be helpful.

知道了。這非常有幫助。然後我想你在你的牌組中談到了這個。我們，你知道，我想你在上次電話會議上提到過，有 160 多名醫療保險患者患有 SCI。您對真正可解決的目標和可能特別可解決的亞人群有什麼想法，以及這些目標是否容易追求任何顏色都會有幫助。

Your and I think there's a there's a certain level of physicality and there's a screening process that individuals go through to ensure that they are good candidates for the technology. I think the way to look at any program in its infancy like this is that early on. And we anticipate as a smaller percentage of individuals will go through the process, maybe 5%. And then longer term, we see this as a in the 10% range. As a general rule of thumb around this. There's some it will be a field. Certainly, it will reveal itself more as we start to work through the through the program.

你和我認為，個人需要具備一定程度的身體素質，並且要經過一個篩選過程，以確保他們是該技術的良好候選人。我認為看待任何處於起步階段的專案的方式都是儘早。我們預計只有一小部分人會經歷這個過程，大概是 5%。從長遠來看，我們認為這一比例在 10% 的範圍內。作為圍繞這一點的一般經驗法則。有一些它將成為一個領域。當然，當我們開始執行該計劃時，它會更多地顯現出來。

Okay. And is that kind of 5% to 10% driven by more by new SCIA.'s happening and more of the patients getting in the personal access to Delta and shortly after their injury rather than maybe they've had an SCR for 25 years or 10 years, whatever might be.

好的。5% 到 10% 的比例是否是由更多新 SCIA 的發生以及更多患者在受傷後不久就親自接觸達美航空所驅動，而不是他們已經接受 SCR 25 年或10年，無論怎樣。

It's really a combination of, you know, there are things like that, bone density and and cardiovascular health. And there's a there's a number of elements that actually go into with and no two individuals with spinal cord injuries are like I mean, you could have someone who's had an injury for a long period of time, but they've also done a lot to stay active. It, dumb. It really is it is driven on a on a case-by-case basis, but we have some in working with our healthcare providers. We provided good guidelines on net that can be used to help determine who's a who's a candidate for the technology?

這其實是骨密度和心血管健康等因素的結合。實際上有很多因素，沒有兩個脊髓損傷的人會像我的意思一樣，你可能會有一個長期受傷的人，但他們也做了很多工作保持活躍。它，笨蛋。這確實是根據具體情況來驅動的，但我們有一些與我們的醫療保健提供者合作。我們在網路上提供了很好的指南，可用於幫助確定誰是該技術的候選人？

What makes it a lot less fluid? Just a follow-up on that. On those swaps, the may not fit the bill in terms of cardiovascular health and bone density. Is that kind of a set number of new occurrences where, you know, 20% just right off the top, they're never going to qualify? Or is there some certain X percent that there just absolutely no shout out.

是什麼讓它的液體少了很多？只是對此的後續行動。在這些交換中，在心血管健康和骨密度方面可能不符合要求。是不是在一定數量的新事件中，你知道，20% 就在頂部，他們永遠不會有資格？或者有某個百分之 X 的人完全沒有喊出來。

Well, you know, again, I think, Ben, I'm not I'm not a medical expert in terms of that, but the guidance that the that the general information that we've received over the years is that yes, I mean, there is a certain portion of the BSCI. population that that absolutely this is where the technology is just are not dumb are not candidates for for any, but we need to make sure that whomever is doing this, that there is not a chance that it's going to enter them in any way. Patient safety is first and foremost in our minds and the minds of their health care providers. So again, are arduous screening processes that have been developed and we develop these through the VA program that's been around for multiple years on this has managed to get quite a number of bets into the technology and also maintain a high degree of safety. So we are from we're really relying on our on the healthcare providers and this and to ensure that we're maintaining that high level of safety, but putting the most people possible into the program where this technology could potentially help them.

好吧，你知道，我想，本，我不是這方面的醫學專家，但我們多年來收到的一般信息的指導是，是的，我意思是，BSCI有一定的部分。那些認為這絕對是技術所在的人並不愚蠢，他們不是任何人的候選者，但我們需要確保無論誰在這樣做，它都不會以任何方式進入他們。病人安全首先是我們及其醫療保健提供者的考慮。再說一次，我們已經開發了艱鉅的篩選流程，我們透過 VA 計劃開發了這些流程，該計劃已經存在多年，在該技術上已經成功吸引了相當多的賭注，同時也保持了高度的安全性。因此，我們確實依賴醫療保健提供者，並確保我們保持高水準的安全性，但讓盡可能多的人參與這項技術可能會幫助他們的計劃。

Okay. Makes sense. Turn up. That's it for me. Thanks for taking the questions, gentlemen, and good luck with CMS.

好的。說得通。到場。對我來說就是這樣。先生們，感謝您提出問題，祝 CMS​​ 一切順利。

Appreciate it. Thank you.

欣賞它。謝謝。

Thank you. There are no further questions at this time. I'll turn the floor back to Scott Davis for closing remarks.

謝謝。目前沒有其他問題。我將請史考特·戴維斯致閉幕詞。

Right. Thank you, Diego, and thanks to everyone joining us today. Overall, 2023 was a momentous year for XL Bionics, highlighted by record revenue growth for our XO health business our go-to market strategy enabled us to drive more multiunit orders from network operators that helped us achieve our strong revenue growth and improve our operating leverage. Now that we've added gate code software to XO. in our devices. You're addressing patient rehab needs by bringing these latest innovations through our exoskeleton devices.

正確的。謝謝迭戈，也謝謝今天加入我們的所有人。總體而言，2023 年對XL Bionics 來說是重要的一年，突出表現在我們的XO 健康業務創紀錄的收入增長，我們的市場進入策略使我們能夠從網絡運營商那裡獲得更多的多單元訂單，幫助我們實現強勁的收入成長並提高我們的營運槓桿。現在我們已經在 XO 中加入了門代碼軟體。在我們的設備中。您正在透過我們的外骨骼設備帶來這些最新的創新來滿足患者的康復需求。

From an operations perspective, we continue to optimize our expense and inventory management processes, which are being designed to enable us to scale our business and grow more efficiently.

從營運角度來看，我們繼續優化費用和庫存管理流程，這些流程旨在使我們能夠擴展業務並更有效地成長。

Looking forward, we're optimistic about our 2024 business outlook and are excited as we build up the momentum generated as we build upon the momentum that we've generated in 2023. We're looking forward to providing updates on our continued progress and we thank you all for joining us today and have a great day.

展望未來，我們對 2024 年的業務前景持樂觀態度，並為我們在 2023 年創造的勢頭基礎上再接再厲而感到興奮。我們期待提供有關我們持續進展的最新信息，感謝大家今天加入我們並祝您度過愉快的一天。

Thank you. This concludes today's conference. All parties may disconnect.

謝謝。今天的會議到此結束。所有各方都可以斷開連接。