Ekso Bionics Holdings Inc (EKSO) 2024 Q3 法說會逐字稿

Greetings and welcome to the Ekso Bionics quarter 3, 2024 financial results call. (Operator Instructions) As a reminder this conference is being recorded. It is now my pleasure to introduce Matt Steinberg, Finn partners. Thank you. You may begin.

您好，歡迎參加 Ekso Bionics 2024 年第 3 季財務業績電話會議。（操作員說明）作為提醒，本次會議正在錄製中。現在我很高興向您介紹 Finn 合夥人 Matt Steinberg。謝謝。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 and Jerome Wong, Chief Financial Officer. Earlier today, Ekso Bionics released financial results for the quarter ended September 30, 2024.

感謝接線員，也感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 和財務長 Jerome Wong。今天早些時候，Ekso Bionics 發布了截至 2024 年 9 月 30 日的季度財務業績。

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.

該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 include 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。所有前瞻性陳述均包括有關我們的業務策略、未來財務或營運預期或我們對監管環境、管理我們的產品和營運的預期的陳述，這些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. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with Ekso's businesses, please see its filings with the Securities and Exchange Commission.

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陳述。有關 Ekso 業務相關風險和不確定性的清單和描述，請參閱其向美國證券交易委員會提交的文件。

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. Any forward-looking statements made on this call speak only as of the date of this call. I will now turn the call over to Ekso Bionics' Chief Executive Officer, Scott Davis.

除法律要求外，Ekso 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。我現在將把電話轉給 Ekso Bionics 的執行長 Scott Davis。

Thank you, Matt. The third quarter reflected a period of transition and progress particularly within our personal line of Ekso Health devices. Notably in August, the approval and reimbursement of the initial CMS claim for our Ekso Indigo Personal represented a significant milestone for Ekso and importantly patients with spinal cord injuries.

謝謝你，馬特。第三季反映了一個過渡和進步的時期，特別是在我們個人的 Ekso Health 設備系列內。值得注意的是，8 月份，我們的 Ekso Indigo Personal 的初始 CMS 索賠獲得批准和報銷，這對於 Ekso 以及脊髓損傷患者來說是一個重要的里程碑。

After CMS established pricing determination for our Ekso Indigo Personal in April, we immediately executed our field communication strategy to ensure that all targeted health care providers were made aware of the new CMS access and coverage policy that could impact thousands of Medicare and Medicare patients living with a spinal cord injury.

CMS 在4 月確定了我們的Ekso Indigo Personal 的定價後，我們立即執行了現場溝通策略，以確保所有目標醫療保健提供者都了解新的CMS 訪問和覆蓋政策，該政策可能會影響數千名Medicare和Medicare 患者。

Additionally, we've been working closely with our extensive network of neurorehabilitation centers across the country focused on education efforts on appropriate patient selection, screening, trialing, onboarding and skills training for patients prescribed to Ekso Indigo Personal for both at home and in community settings.

此外，我們一直與遍布全國的廣泛神經復健中心網絡密切合作，重點關注為家庭和社區環境中接受 Ekso Indigo Personal 治療的患者進行適當的患者選擇、篩檢、試驗、入職和技能培訓方面的教育工作。

I also want to highlight the success we've had with investing in various digital marketing programs and strategies designed to raise product and policy awareness which have resulted in an influx of new qualified leads.

我還想強調我們在投資各種旨在提高產品和政策意識的數位行銷計劃和策略方面所取得的成功，這些計劃和策略導致了新的合格潛在客戶的湧入。

Additionally, we continue to develop and evolve our educational access resources to support prescribing health care providers in navigating through the insurance process efficiently and effectively. We remain committed to enhancing our collaboration with health care providers by ensuring that our innovative solutions, meet their needs and by streamlining our processes with their feedback.

此外，我們繼續開發和發展我們的教育資源，以支持處方醫療保健提供者有效地完成保險流程。我們仍然致力於加強與醫療保健提供者的合作，確保我們的創新解決方案滿足他們的需求，並根據他們的回饋簡化我們的流程。

I want to emphasize that this is a program that takes time to build. We're excited to see that across all targeted sectors. Our pipeline is steadily increasing which we believe will enable us to scale this program over time. With multiple claims now submitted through our DME to Medicare, we will continue to focus our efforts on continued customer education to improve process efficiencies.

我想強調的是，這是一個需要時間來建構的計劃。我們很高興看到所有目標行業都出現這種情況。我們的管道正在穩步增加，我們相信這將使我們能夠隨著時間的推移擴展該計劃。現在透過我們的 DME 向 Medicare 提交了多項索賠，我們將繼續集中精力進行持續的客戶教育，以提高流程效率。

We are actively engaging with new potential customers. This not only enhances our understanding of their needs but also allows us to showcase the benefits of the Ekso Indigo personal device. We are committed to expanding access to our innovative Ekso Indigo Personal technology and powering more qualified individuals to achieve greater mobility and independence.

我們正在積極接觸新的潛在客戶。這不僅增強了我們對他們需求的了解，還使我們能夠展示 Ekso Indigo 個人裝置的優勢。我們致力於擴大創新 Ekso Indigo Personal 技術的使用範圍，並幫助更多合格的個人實現更大的流動性和獨立性。

We look forward to providing updates on our continued work with the SCI community and eventually individuals with neurological conditions, who could potentially benefit from our technology once we're able to obtain the necessary indications.

我們期待提供有關我們與 SCI 社區以及最終患有神經系統疾病的個人的持續合作的最新信息，一旦我們能夠獲得必要的適應症，他們可能會從我們的技術中受益。

Now, I'll share an overview of our third quarter performance. We generated quarterly sales of $4.1 million and sold 33 Ekso Health devices in the third quarter of 2024. US sales were affected by fluctuations in procurement cycles for our integrated delivery network or IDN customers that have persisted since the start of 2024. This was compounded by several customers delaying capital purchases into the fourth quarter and into early 2025.

現在，我將分享我們第三季業績的概述。2024 年第三季度，我們的季度銷售額為 410 萬美元，售出 33 台 Ekso Health 設備。美國銷售受到自 2024 年初以來持續存在的綜合交付網路或 IDN 客戶採購週期波動的影響。由於一些客戶將資本購買推遲到第四季和 2025 年初，情況變得更加複雜。

However, our demand and pipeline for Ekso health products remain strong and we are focused on delivering our innovative devices to individual clinics and hospitals while expanding our global customer base. We believe our expanding network of leading neurorehabilitation centers recognizes the clinical and economic benefits of our innovative Ekso NR device.

然而，我們對 Ekso 健康產品的需求和管道仍然強勁，我們專注於向各個診所和醫院提供我們的創新設備，同時擴大我們的全球客戶群。我們相信，我們不斷擴大的領先神經復健中心網路認可了我們創新的 Ekso NR 設備的臨床和經濟效益。

Currently, Ekso NRs are deployed in nine of the top10 rehabilitation centers in the United States, which we believe is an indicator that our technology is becoming a standard of care for lower extremity neuro rehabilitation.

目前，Ekso NR 已部署在美國排名前 10 的復健中心中的 9 個中，我們認為這表明我們的技術正在成為下肢神經復健的護理標準。

We plan to leverage our strong reputation to drive growth for both our Ekso NR and Ekso Indigo Therapy devices. As we continue to strengthen our distribution network and expand our pipeline of opportunities, we remain confident in our ability to grow our presence among neurorehabilitation centers and enhance patient outcomes.

我們計劃利用我們良好的聲譽來推動 Ekso NR 和 Ekso Indigo 治療設備的成長。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，我們仍然對擴大我們在神經復健中心的影響力和改善患者治療效果的能力充滿信心。

Internationally, demand remains strong, mirroring our robust performance in the first half of the year. Sales in Europe achieved record levels in the quarter as neurorehabilitation centers in the region are adopting our potentially life changing technology.

國際上，需求依然強勁，反映了我們上半年的強勁表現。由於該地區的神經復健中心正在採用我們可能改變生活的技術，本季歐洲的銷售額達到了創紀錄的水平。

In addition to placing more devices worldwide, we also expanded our international distribution network which has allowed us to achieve greater operating leverage in foreign markets which we believe positions us well for continued success on a global scale.

除了在全球範圍內放置更多設備外，我們還擴大了國際分銷網絡，這使我們能夠在國外市場獲得更大的營運槓桿，我們相信這使我們能夠在全球範圍內持續取得成功。

As we look ahead, we are committed to further developing our relationships with our IDNs to secure larger multi-unit capital contracts across North America. This initiative is a key component of our ongoing commercial strategy to expand our market presence, and we are optimistic about our future prospects in the growing pipeline of potential deals.

展望未來，我們致力於進一步發展與 IDN 的關係，以在北美地區獲得更大的多單位資本合約。這項舉措是我們擴大市場份額的持續商業策略的關鍵組成部分，我們對不斷增長的潛在交易管道的未來前景感到樂觀。

Now, I'd like to provide a brief update on our industrial segment, Ekso Works. In the third quarter, sales of [Evo] Ekso Skeleton were impacted by labor strikes in US manufacturing industries. Nonetheless, we are committed to raising awareness about the benefits that [Evo] offers for workers engaged in demanding overhead tasks including reduced fatigue, increased productivity and fewer workplace injuries.

現在，我想簡單介紹一下我們的工業部門 Ekso Works 的最新情況。第三季度，[Evo] Ekso Skeleton 的銷售受到美國製造業工人罷工的影響。儘管如此，我們致力於提高人們對 [Evo] 為從事高強度任務的工人帶來的好處的認識，包括減少疲勞、提高生產力和減少工傷。

[Evo] is suitable for a range of industries, notably in automotive, aerospace, construction and renewable energy verticals and numerous other sectors where overhead work is necessary.

[Evo] 適用於一系列行業，特別是汽車、航空航太、建築和再生能源垂直行業以及許多其他需要高架作業的行業。

Now shifting to our operations, where we continue to create more efficiencies throughout our business. Our improvements in supply chain and inventory management along with efficiencies gained in production resulted in strong gross margins for the quarter, despite a concentration of our revenue being sold in Europe which reflected lower ASPs as is typical with distribution.

現在轉向我們的運營，我們繼續在整個業務中創造更高的效率。我們在供應鏈和庫存管理方面的改進以及生產效率的提高導致了本季的強勁毛利率，儘管我們的收入主要集中在歐洲，這反映了分銷中平均售價較低的情況。

Overall, we are pleased to have improved our operating margins in the quarter by reducing our operating expenses.

總體而言，我們很高興透過減少營運費用來提高本季的營運利潤率。

In summary, this was a quarter of progress for Ekso Bionics, marked by the receipt of initial CMS claims reimbursement for our Ekso Indigo personal device and increased global demand for Ekso NR. With our total product portfolio that has the potential to reach a large addressable market in excess of $13 billion across the continuum of care, we believe we are trending in the right direction for future growth.

總而言之，這是 Ekso Bionics 四分之一的進展，其標誌是收到了我們的 Ekso Indigo 個人設備的初始 CMS 索賠報銷以及全球對 Ekso NR 的需求增加。我們的總產品組合有潛力在整個護理過程中進入超過 130 億美元的大型潛在市場，我們相信我們正在朝著未來成長的正確方向發展。

At this time, I'd like to turn the call over to our Chief Financial Officer, Jerome Wong to review our third quarter financial results.

此時，我想將電話轉給我們的財務長 Jerome Wong，以審查我們第三季的財務業績。

Thank you, Scott. We generated quarterly sales of $4.1 million in the third quarter of 2024 compared to $4.6 million for the third quarter of 2023. Gross profit for the third quarter of 2024 was $2.2 million representing a gross margin of approximately 53.5% compared to gross margin of 53.3% in the third quarter of 2023. The increase in growth margin was primarily driven by cost savings in supply chain and a reduction in service costs partially offset by lower margin sales related to increased volume through distribution.

謝謝你，斯科特。2024 年第三季我們的季度銷售額為 410 萬美元，而 2023 年第三季為 460 萬美元。2024 年第三季的毛利為 220 萬美元，毛利率約為 53.5%，而 2023 年第三季的毛利率為 53.3%。成長利潤率的成長主要是由於供應鏈成本節約和服務成本的降低，部分被分銷銷售增加所帶來的銷售利潤率下降所抵銷。

Operating expenses for the third quarter of 2024 were $4.8 million compared to $5.4 million for the third quarter of 2023. The decrease was primarily due to lower headcount, discretionary payroll and consulting costs.

2024 年第三季的營運費用為 480 萬美元，而 2023 年第三季的營運費用為 540 萬美元。減少的主要原因是員工人數、可自由支配的薪資和諮詢成本減少。

Net loss applicable to common stockholders for the third quarter decreased to $2.1 million or $0.10 per basic and diluted share from a net loss of $3.4 million or $0.24 per basic and diluted share for the same period in 2023.

第三季普通股股東淨虧損從 2023 年同期的淨虧損 340 萬美元或每股基本股和稀釋股 0.24 美元降至 210 萬美元或每股基本股和稀釋股 0.10 美元。

Now turning to our financial results for the first nine months of 2024. Revenue was $12.8 million for the nine months ended September 30, 2024 compared to $13.4 million for the same period in 2023. We sold a total of 99 Ekso Health devices in the first nine months of 2024. Gross profit for the nine months ended September 30, 2024 with $6.8 million representing a gross margin of approximately 53% compared to a gross margin of 50% in the third quarter of 2023.

現在來看看我們 2024 年前 9 個月的財務表現。截至 2024 年 9 月 30 日的九個月收入為 1,280 萬美元，而 2023 年同期收入為 1,340 萬美元。2024 年前 9 個月，我們總共賣出了 99 台 Ekso Health 設備。截至 2024 年 9 月 30 日的九個月毛利為 680 萬美元，毛利率約為 53%，而 2023 年第三季的毛利率為 50%。

The increase in gross margin was primarily driven by cost savings and supply chain and a reduction in service costs partially offset by lower margin sales related to increased volume through distribution. Operating expenses for the nine months ended September 30, 2024 were $15 million compared to $18.4 million for the same period in 2023. The decrease was primarily due to lower headcount, discretionary payroll, accounting, consulting and legal costs.

毛利率的成長主要是由於成本節約和供應鏈以及服務成本的降低所推動的，而服務成本的降低部分被與分銷量增加相關的銷售利潤率下降所抵消。截至 2024 年 9 月 30 日的九個月營運費用為 1,500 萬美元，而 2023 年同期為 1,840 萬美元。減少的主要原因是員工人數、可自由支配的薪資、會計、諮詢和法律費用減少。

Net loss applicable to common stockholders for the nine months ended September 30, 2024 was $7.9 million or $0.42 per basic and diluted share compared to a net loss of $12 million or $0.88 per basic and diluted share for the same period in 2023. Cash and restricted cash as of September 30, 2024 was $8.3 million compared to $8.6 million as of December 31, 2023.

截至2024 年9 月30 日的九個月，適用於普通股股東的淨虧損為790 萬美元，或每股基本股和稀釋股0.42 美元，而2023 年同期的淨虧損為1200 萬美元，或每股基本股和稀釋股0.88 美元。截至 2024 年 9 月 30 日，現金及限制性現金為 830 萬美元，而截至 2023 年 12 月 31 日為 860 萬美元。

In September, we closed an underwritten public offering resulting in net proceeds of approximately $5 million. Please see our quarterly report on form 10-Q filed earlier today for further details regarding the quarter. Operator, you may now open the line for questions.

9 月份，我們完成了一次承銷公開發行，淨收益約 500 萬美元。請參閱我們今天早些時候提交的 10-Q 表格季度報告，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. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

[RK], HC Wainwright.

[RK]，HC 溫賴特。

Good afternoon, Scott and Jerome. Few questions from me. So it's good to see that you had 33 placements during the quarter. Like to know of these 33 placements, hw many of them were ex-US? Because you're saying that the ex-US geographies are doing pretty good.

下午好，史考特和傑羅姆。我提出的問題很少。因此，很高興看到本季您有 33 個展示位置。想知道這 33 個職位中，有多少是美國以外的？因為你說美國以外的地區表現相當不錯。

Correct. Approximately half of those were in Europe and several of them in APAC. So I would say the majority of those placements or outside of US. And within those devices we had in terms of revenue, we had about 20% of revenue that was reflected by the personal product.

正確的。其中大約一半在歐洲，其中一些在亞太地區。所以我想說大部分的展示位置都是在美國以外的地方。在我們擁有的這些設備中，就收入而言，我們大約有 20% 的收入反映在個人產品上。

Okay, perfect. And then, in terms of client claims that you filed with the CMS, you were saying that you're pretty much caught up with the terms of filing. So is there a way you can give us the number in terms of how many have been filed and what percent of those filed have been reimbursed?

好的，完美。然後，就您向 CMS 提交的客戶索賠而言，您說您已經完全遵守了提交條款。那麼，您是否可以透過某種方式向我們提供已提交的數量以及已報銷的百分比？

Sure. You know on the personal devices, I can give you a sense of this. We've submitted multiple claims year-to-date, the majority of which happened in the third quarter. And to date, our DME partner has received reimbursement on one claim. We've had two claims that have come back and required additional information for resubmittal.

當然。你知道，在個人設備上，我可以讓你感受到這一點。今年迄今為止，我們已提交多起索賠，其中大部分發生在第三季。迄今為止，我們的 DME 合作夥伴已收到一項索賠的報銷。我們收到了兩份索賠要求，需要提供更多資訊才能重新提交。

But in general, we almost doubled the sales of personal health products from Q2 to Q3. And we believe, you know, today that represents, as I said, about 20% of our sales for the quarter. I will say that the claims that we are submitting are taking some time to move through the reimbursement process.

但總的來說，我們個人健康產品的銷售額從第二季到第三季幾乎翻了一番。正如我所說，我們相信，今天這約占我們本季銷售額的 20%。我要說的是，我們提交的索賠需要一些時間才能完成報銷流程。

Okay. And then, the last question from me is regarding the buying cycles of some of your customers. You were saying that some of the folks have been pushing and they're buying into fourth quarter of this year and fourth quarter of '25. So based on what you're saying, what do you think is generally the backlog now, in the sense that you have a lead but has not been filled because of their pushback.

好的。然後，我的最後一個問題是關於一些客戶的購買週期。你說有些人一直在推動，他們正在今年第四季和 25 年第四季買入。因此，根據您所說的，您認為現在積壓的情況通常是多少，從某種意義上說，您有領先優勢，但由於他們的反對而尚未得到填補。

And you know, is there a way for us to kind of figure out you know how that backlog is getting taken care of?

您知道，我們有沒有辦法弄清楚積壓的訂單是如何處理的？

Yeah, in terms of backlog, -- we have ordered backlog that is on the books, right now for Q4. I think the way to think about this is that we have continued strong demand in Europe and as it relates to North America, this has been a bit of an off cycle year for us with our IDNs. We had very strong sales in 2022 and 2023 relative to our IDN procurements.

是的，就積壓而言，我們已經訂購了帳簿上的積壓訂單，現在是第四季。我認為思考這個問題的方法是，我們在歐洲的需求持續強勁，並且與北美相關，今年對我們的 IDN 來說有點非週期的一年。相對於我們的 IDN 採購，我們在 2022 年和 2023 年的銷售非常強勁。

And 2024 remains impacted by being slightly off cycle with these customers in North America. However, we do believe that we're coming around again to renewal cycles which we anticipate will positively impact us in 2025 and in Q4 as well. So we have strong pipeline and demand which supports future growth on our enterprise segment as well as in our personal segment.

2024 年，北美這些客戶仍會受到稍微偏離週期的影響。然而，我們確實相信我們將再次進入更新周期，我們預計這將在 2025 年和第四季對我們產生積極影響。因此，我們擁有強大的管道和需求，支持我們的企業部門以及個人部門的未來成長。

Okay, thanks for taking my questions.

好的，謝謝你回答我的問題。

You bet. Thank you.

你打賭。謝謝。

Thank you.

謝謝。

[Ben Haner, Lake Street Capital].

[Ben Haner，湖街資本]。

Good afternoon, gentlemen. Thanks for taking the questions. First off for me just following up on the IDNs. Has there been any -- I know you mentioned it being off cycle but has there been any distraction for any reason due to the CMF reimbursement for the personal units?

下午好，先生們。感謝您提出問題。首先，我只是跟進 IDN。有沒有——我知道你提到它是非週期的，但由於個人單位的 CMF 報銷，是否有任何原因導致的分心？

I mean, have folks waited and try to take a look at maybe adding some Indigos to the clinics or anything like that. Are there any dynamics at play related to the personal units?

我的意思是，讓人們等待並嘗試看看是否可以在診所中添加一些靛藍或類似的東西。是否存在與個人單位相關的動態？

Yeah, that's a great question. In general, I would say the issue really isn't so much around distraction. As it is, a lot of these enterprise accounts are lumpy and we had absolute record sales in North America in 2023. We're having absolute record sales in Europe this year.

是的，這是一個很好的問題。總的來說，我想說這個問題其實不在於分心。事實上，許多企業客戶都是不穩定的，2023 年我們在北美的銷售額絕對是創紀錄。今年我們在歐洲的銷售額創下了絕對紀錄。

So some of this is just really following procurement cycles. We have certainly in Q3 and in North America, we had multiple customers on the enterprise side that made the decision to delay their purchases to either Q4 or into 2025 just citing some uncertainties, sort of macroeconomic uncertainties that they had perhaps even relative to politics.

所以其中一些只是真正遵循採購週期。當然，在第三季和北美，我們有多個企業客戶決定將採購推遲到第四季度或 2025 年，只是因為存在一些不確定性，甚至可能與政治相關的宏觀經濟不確定性。

Sure, that makes sense. And then Europe obviously is a bright spot here. How much insight do you have into how the remainder of the year could look on that front? You know, should we expect international to be strong in Q4 as it was in Q3 or what's the right way to think about that to the extent you can share?

當然，這是有道理的。歐洲顯然是這裡的一個亮點。您對今年剩餘時間在這方面的情況有多少了解？您知道，我們是否應該預期國際業務在第四季度會像第三季度一樣強勁，或者在您可以分享的範圍內考慮這一點的正確方法是什麼？

Yeah, demand in Europe remains strong for us. We've also accumulated a solid backlog coming into the quarter there. So as we look at Europe in Q4, we believe that we will once again have a strong quarter there.

是的，歐洲的需求對我們來說仍然強勁。我們在本季也累積了大量積壓訂單。因此，當我們觀察第四季的歐洲時，我們相信該季度將再次表現強勁。

Okay. So the back -- you don't have like a clear backlog entering Q4 just as strong as it was maybe entering Q3.

好的。因此，進入第四季度時，您並沒有像進入第三季度那樣有明顯的積壓。

Yeah, we -- I'll say that we have -- coming into the quarter we had -- at the end of Q3, we had more than a dozen devices in backlog at the end of Q3.

是的，我們 - 我會說我們 - 進入我們的季度 - 在第三季末，我們在第三季末積壓了十多台設備。

Okay, great. That's helpful. And then on the [legal] expansion that you mentioned earlier in the more neurological conditions that -- you know, is there anything that investors should be on the lookout for there? Is there you know, kind of a timeline that you could speak to on any of these things.

好的，太好了。這很有幫助。然後，關於您之前提到的更多神經系統疾病的[合法]擴張——您知道，投資者應該注意什麼嗎？你知道有沒有一個時間表，你可以就這些事情進行討論。

Nothing definitive yet. But I will say that Ekso has a history of working very closely with some of the top neurological research hospitals and facilities in North America and throughout the world. And our clinical studies, which can often be quite expensive, particularly when you're looking at new FDA indications for use.

目前還沒有確定的事情。但我要說的是，Ekso 有著與北美和世界各地的一些頂級神經研究醫院和機構密切合作的歷史。我們的臨床研究通常非常昂貴，特別是當您正在尋找 FDA 新的使用適應症時。

We have been able to leverage those longstanding relationships with those centers and with the new personal products, with our Indigo family of products, we've had significant interest from those research hospitals to engage in those studies, to expand, to potentially expand indication for use for our Indigo family of Ekso Skeletons.

我們能夠利用與這些中心和新個人產品以及我們的 Indigo 產品系列的長期關係，這些研究醫院對我們參與這些研究、擴大、潛在擴大適應症表現出極大的興趣。 。

So this is something that we are working on currently and the time frame on these sorts of endeavors is somewhat undefined. But it certainly takes some time to be able to do this. And we're lucky to have partners who can help us because it really helps us to contain the expenses that are related to gaining those clinical trials.

所以這是我們目前正在努力的事情，而這些努力的時間框架有些不確定。但要做到這一點肯定需要一些時間。我們很幸運有能夠幫助我們的合作夥伴，因為這確實有助於我們控制與獲得這些臨床試驗相關的費用。

Okay. Got it. And then lastly for me, just one point of clarification is that 20% of the revenue of the personal product? I'm not sure if I caught that. Was that overall or was that for specifically the US or international or any [copy up there].

好的。知道了。最後，我想澄清一點，個人產品收入的 20% 是多少？我不確定我是否抓住了這一點。是整體的還是專門針對美國或國際或任何國家的[複製到那裡]。

In general, our top line total revenue for the quarter, approximately 20% of that was directly related to our personal products.

總的來說，我們本季的總收入大約有 20% 與我們的個人產品直接相關。

Got it. Okay. That's all I have gentlemen. Thanks for taking the questions.

知道了。好的。這就是我的全部先生們。感謝您提出問題。

You bet. Thank you, Ben.

你打賭。謝謝你，本。

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

謝謝。目前沒有其他問題。我想請史考特戴維斯（Scott Davis）發表閉幕詞。

Okay. Thank you, Julian and thank you to everyone for joining us today. In closing, we are pleased with the progress we made this quarter and the strides that we've made on both the reimbursement and the operational fronts.

好的。謝謝朱利安，也謝謝大家今天加入我們。最後，我們對本季取得的進展以及在報銷和營運方面取得的進步感到滿意。

While we recognize that there is still work to be done, the initial reimbursement approval for our Ekso Indigo Personal device marks an important milestone for us and the SCI community, enabling access for covered individuals at a fraction of the cost.

雖然我們認識到仍有工作要做，但我們的 Ekso Indigo 個人設備的初步報銷批准對於我們和 SCI 社區來說是一個重要的里程碑，使受保個人能夠以極低的成本使用設備。

We believe our ongoing collaboration with physicians and neurorehabilitation centers is vital to our success and we are committed to providing the resources and educational support necessary to drive patient engagement.

我們相信，我們與醫生和神經復健中心的持續合作對我們的成功至關重要，我們致力於提供推動患者參與所需的資源和教育支持。

We believe that as more physicians become advocates for our devices, we will see a corresponding increase in submissions and approvals. In terms of our enterprise customers, we're optimistic about the future as procurement cycles with IDNs normalize in the near term. We remain focused on collaborating with our partners to ensure that we can meet demand and capitalize on the opportunities ahead.

我們相信，隨著越來越多的醫生成為我們設備的擁護者，我們將看到提交和批准的數量相應增加。就我們的企業客戶而言，我們對未來持樂觀態度，因為 IDN 的採購週期將在短期內正常化。我們仍然專注於與合作夥伴合作，以確保我們能夠滿足需求並利用未來的機會。

As we continue to expand our reach, we believe we are well equipped for sustainable growth ahead. And as a result of our scalable commercial strategy, we closed the quarter with a strong pipeline of future placements. Moving forward, we're enthusiastic about building upon this progress.

隨著我們不斷擴大業務範圍，我們相信我們已經為未來的永續成長做好了充分準備。由於我們可擴展的商業策略，我們在本季結束時擁有強大的未來配售管道。展望未來，我們熱衷於在這項進展的基礎上再接再厲。

Thank you for your continued support and we look forward to updating you on our progress in the coming quarters.

感謝您的持續支持，我們期待向您通報我們在未來幾季的最新進展。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。