Ekso Bionics Holdings Inc (EKSO) 2025 Q1 法說會逐字稿

Greetings and welcome to the Ekso Bionics Holdings, Inc. first quarter of 2025 Financial Results conference call.

問候並歡迎參加 Ekso Bionics Holdings, Inc. 2025 年第一季財務業績電話會議。

(operator instruction)

（操作員指令）

Stephen Kilmer of Investor Relations.

投資者關係部的 Stephen Kilmer。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

Earlier today, Ekso Bionics released financial results for the first quarter ended March 31, 2025. A copy of the press release is available on our website.

今天早些時候，Ekso Bionics 發布了截至 2025 年 3 月 31 日的第一季財務業績。新聞稿的副本可在我們的網站上查閱。

I would like to point out 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 harbour provisions of the Private Securities Litigation Reform Act of 1995.

我想指出的是，管理階層將在本次電話會議中發表聲明，其中包括根據 1995 年《私人證券訴訟改革法》的安全港條款作出的聯邦證券法所定義的前瞻性聲明。

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 performance operational 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 lied statements. Accordingly, you should not place undue reliance on these statements.

本次電話會議中所做的任何非歷史事實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、未來財務績效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。這些聲明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聲明所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。

For a list and description of the risks and uncertainties associated with the company's businesses, please see its filings with the Securities and Exchange Commission.

有關該公司業務相關的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。

EO disclaims any obligation, except as required by law to update and 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.

EO 不承擔任何義務，除非法律要求更新和修改任何財務或營運預測、監管前景或其他前瞻性聲明，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觀點。

Representing Ekso Bionics today are Scott Davis, our Chief Executive Officer, Jerome Wong, our Chief Financial Officer, and Jason Jones, our Chief Operating Officer. With that said, I'll now turn the call over to Jerome.

今天代表 Ekso Bionics 的是我們的執行長 Scott Davis、我們的財務長 Jerome Wong 和我們的營運長 Jason Jones。話雖如此，我現在將電話轉給傑羅姆。

Thank you, Steve. Good afternoon, everyone, and welcome to our first quarter of 2025 conference call.

謝謝你，史蒂夫。大家下午好，歡迎參加我們 2025 年第一季電話會議。

On behalf of the management team and everyone at Ekso Bionics, I would like to thank you for your interest in our company and for those who are shareholders, we appreciate your support.

我謹代表管理團隊和 Ekso Bionics 的全體員工，感謝您對我們公司的關注，也感謝股東們的支持。

For the benefit of those who are new to the exobiotic story, I would like to take a moment to summarize our business. Ekso designs, develops, and markets exoskeleton products that augment human strength, endurance, and mobility. The primary and market for exoskeleton technology is healthcare, where our technology primarily serves people with physical disabilities or impairments in both physical rehabilitation and mobility.

為了讓那些剛了解外來生物故事的人了解，我想花點時間總結一下我們的業務。Ekso 設計、開發和銷售可增強人類力量、耐力和機動性的外骨骼產品。外骨骼技術的主要市場是醫療保健，我們的技術主要服務於身體殘疾或身體復健和行動障礙的人士。

We operate as one operating and reportable segment with two markets enterprise health and personal health.

我們作為一個營運和報告部門運營，涉及企業健康和個人健康兩個市場。

Our Legacy Enterprise Health products consist mainly of our XONR device, which has a wearable robotic exoskeleton specifically designed to be used in a rehabilitation setting to assist individuals recovering from both acute and chronic conditions, and our Esko indigo personal advice, a wearable lower extremity powered exoskeleton that enables certain individuals living with spinal cord injuries with the ability to stand and walk independently.

我們的傳統企業健康產品主要包括我們的 XONR 設備，該設備具有可穿戴的機器人外骨骼，專門設計用於康復環境，幫助個人從急性和慢性疾病中恢復，以及我們的 Esko indigo 個人建議，這是一款可穿戴的下肢動力外骨骼，使某些脊髓損傷患者能夠獨立站立和行走。

Both products also include support and maintenance contracts.

這兩種產品還包括支援和維護合約。

I will turn the call over to Scott in a moment for an update on our commercial activities and growth plans. However, before I do, I would like to provide a brief summary of our financial results.

我稍後會將電話轉給斯科特，以了解我們的商業活動和成長計劃的最新情況。不過，在此之前，我想先簡單介紹一下我們的財務表現。

To streamline things, all the numbers I referred to have been rounded, so they are approximate.

為了簡化事情，我提到的所有數字都已四捨五入，因此它們只是近似值。

The company recorded revenue of $3.4 million in the first quarter of 2025 compared to $3.8 million for the same period in 2024.

該公司 2025 年第一季的營收為 340 萬美元，而 2024 年同期的營收為 380 萬美元。

This reduction was due to capital budget impacts from certain inpatient rehabilitation facilities or ERSS related to our XONR Enterprise health product.

這一減少是由於與我們的 XONR Enterprise 健康產品相關的某些住院復健設施或 ERSS 對資本預算的影響。

Gross profit for the first quarter was $1.8 million representing a gross margin of approximately 54% compared to a gross profit of $2 million and a gross margin of 52% for the same period of 2024.

第一季毛利為 180 萬美元，毛利率約 54%，而 2024 年同期毛利為 200 萬美元，毛利率為 52%。

The change in gross profit was driven by a decrease in revenues from enterprise health devices partially offset by cost savings in supply chain and a reduction in service costs.

毛利的變化是由於企業健康設備收入的下降，但供應鏈成本的節省和服務成本的降低部分抵消了這種影響。

The increase in gross margin was primarily due to cost savings in supply chain and a reduction in service costs, partially offset by lower margin sales related to increased volume through distribution.

毛利率的成長主要歸因於供應鏈成本的節省和服務成本的降低，但分銷量增加導致的銷售利潤率下降部分抵消了這一增長。

Awkward expenses for the first quarter of 2025, which consists of R&D, GNA, and sales and marketing expenses, were $5.3 million essentially unchanged from $5.2 million for the first quarter of 2024.

2025 年第一季的尷尬費用包括研發、GNA 以及銷售和行銷費用，為 530 萬美元，與 2024 年第一季的 520 萬美元基本持平。

Net loss applicable to common stockholders for the 2025 1st quarter was $2.9 million or $0.12 per basic and diluted share compared to a net loss of $3.4 million or $0.20 per basic and diluted share for the same period of 2024.

2025 年第一季普通股股東淨虧損為 290 萬美元，即每股基本虧損和稀釋虧損均為 0.12 美元，而 2024 年同期的淨虧損為 340 萬美元，即每股基本虧損和稀釋虧損均為 0.20 美元。

For the fourth quarter of 2025, the company used $2 million of net cash in operations compared to $3.5 million for the same period in 2025.

2025 年第四季度，該公司營運淨現金為 200 萬美元，而 2025 年同期為 350 萬美元。

As of March 31, 2025, the company had cash and restricted cash of $8.1 million up from $6.5 million as of the end of 2024.

截至 2025 年 3 月 31 日，該公司的現金和受限現金為 810 萬美元，高於 2024 年底的 650 萬美元。

That's it for my summary of our first quarter 2025 results. Please see our Form 10Q filed earlier today for further details regarding the results.

這是我對 2025 年第一季業績的總結。有關結果的更多詳細信息，請參閱我們今天早些時候提交的 10Q 表。

I'll now turn the call over to Scott.

我現在將電話轉給斯科特。

Thank you, Jerome.

謝謝你，傑羅姆。

While we saw some softness in our legacy enterprise business in Q1, as we had several customers whose capital budgets were at least temporarily impacted by reactions to macroeconomic uncertainties, that was partially offset by good growth from our Ekso indigo personal.

雖然我們在第一季看到傳統企業業務有所疲軟，因為我們有幾位客戶的資本預算至少暫時受到宏觀經濟不確定性的影響，但這被我們的 Ekso indigo personal 的良好成長部分抵消了。

As we have discussed in the past, CMS established pricing determination for our Indigo personal exoskeleton in Q2 of 2024. This regulatory change created a significant opportunity to help Medicare enrolees living with a spinal cord injury by removing what had historically been a primary barrier to assessing our exoskeleton.

正如我們過去討論過的，CMS 將於 2024 年第二季確定我們的 Indigo 個人外骨骼的定價。這項監管變化為幫助患有脊髓損傷的醫療保險參保者創造了重要機會，因為它消除了歷史上評估外骨骼的主要障礙。

Accordingly, we immediately set out to establish a go to market strategy aimed at notifying as many early physician and provider adopters as possible of the new CMS benefit category redetermination and the fee schedule listing.

因此，我們立即著手製定市場策略，旨在讓盡可能多的早期醫生和提供者了解新的 CMS 福利類別重新確定和費用表清單。

Additionally, we began working closely with our extensive network of neurorehabilitation partners across the country focused on education efforts and on appropriate patient selection and process for patients prescribed in exo indigo personal for the home and community setting.

此外，我們開始與遍布全國的廣泛的神經復健合作夥伴網絡密切合作，重點關注教育工作以及為家庭和社區環境中的 exo indigo personal 患者制定適當的患者選擇和流程。

With that early work largely completed, we then shifted our primary focus from building awareness and providing customer education to advancing our scalable go to market strategy for the personal channel.

隨著早期工作基本上完成，我們將主要重點從建立知名度和提供客戶教育轉移到推進個人管道的可擴展市場策略。

As we discussed on our Q4, call just a few weeks ago, one of the key changes we made was to engage Pre-Healthcare, one of the leaders in market access services, which has been instrumental in the successful commercialization of over 300 medical devices.

正如我們幾週前在第四季度電話會議上討論的那樣，我們做出的一項重要改變是與 Pre-Healthcare 合作，該公司是市場准入服務的領導者之一，在 300 多種醫療設備的成功商業化中發揮了重要作用。

As a quick status update, we also recently announced bringing on Bionic P&O as a new and our first ONP distributor.

作為快速狀態更新，我們最近也宣布引入 Bionic P&O 作為我們的新經銷商和第一家 ONP 經銷商。

And we're excited to report that they already submitted their first patient claim for the indigo personal exoskeleton to Medicare in Q1.

我們很高興地報告，他們已經在第一季向醫療保險提交了第一份靛藍個人外骨骼患者索賠。

And with Exo's focused marketing efforts, we've now developed a pipeline of more than 35 Medicare beneficiaries that we believe are qualified candidates for e Indigo Personal in 2025.

透過 Exo 的專注行銷努力，我們現在已經開發了超過 35 名醫療保險受益人的管道，我們相信他們都是 2025 年 e Indigo Personal 的合格候選人。

That's up 37% from where we were on our Q4 call in early March.

這比我們 3 月初第四季電話會議的預測高出了 37%。

Factors considered for the candidates to be represented in our pipeline include, among other things, Medicare enrolment, an appropriate indication for use, and medical necessity. Moving forward, we believe working with our growing distribution network and leveraging our new relationship with PRIA throughout the claims process places qualified candidates in a good position of having their claims successfully processed.

我們在考慮候選人是否能夠進入我們的候選名單時，會考慮多種因素，其中包括醫療保險登記、適當的使用指徵以及醫療必要性。展望未來，我們相信，透過與我們不斷擴大的分銷網絡合作​​並在整個索賠過程中利用我們與 PRIA 的新關係，合格的候選人將能夠順利處理他們的索賠。

That said, and as we cautioned on our last call, we obviously cannot guarantee that all of our pipeline will result in new claim submissions, occur within this time frame, or ultimately be paid.

話雖如此，正如我們在上次電話會議上所警告的那樣，我們顯然無法保證我們所有的管道都會導致新的索賠提交、在此時間範圍內發生或最終獲得付款。

Nevertheless, we believe that we can leverage our experience over the past year and the capabilities and reach of our new partners to navigate the complexities of coding, coverage, and payment. Which will allow us to more effectively put Ekso Indigo personal within reach of the individuals who need this potentially life changing mobility enhancing technology.

儘管如此，我們相信，我們可以利用過去一年的經驗以及新合作夥伴的能力和影響力來解決編碼、覆蓋和支付方面的複雜性。這將使我們能夠更有效地將 Ekso Indigo 個人版提供給需要這種可能改變生活的行動增強技術的個人。

In summary, with a strong focus on business development activities, Ekso is building what we believe is a more scalable go to market strategy for our Ekso Indigo personal. This is exemplified by our most recent separate but clearly related moves where we named National Seeing and Mobility as the company's exclusive distributor of the device within the US Complex Rehabilitation Technology, or CRT industry. And as I mentioned a moment ago, our most recent engagement with Bionic P&O as a non-exclusive distributor of Indigo Personnel within the orthotics and prosthetics industry.

總而言之，Ekso 高度重視業務發展活動，正在為我們的 Ekso Indigo 個人打造我們認為更具可擴展性的市場策略。我們最近的一些獨立但明顯相關的舉措證明了這一點，我們將 National Seeing and Mobility 指定為該公司在美國複雜復健技術 (CRT) 行業內該設備的獨家經銷商。正如我剛才提到的，我們最近與 Bionic P&O 合作，成為矯正器和義肢行業 Indigo Personnel 的非獨家經銷商。

We believe that NSM and bionic P&O will significantly broaden access to our portable exoskeleton device for individuals living with spinal cord injuries and longer term, perhaps other mobility challenges across the United States.

我們相信，NSM 和仿生 P&O 將大大拓寬美國各地脊髓損傷患者和長期行動不便者使用便攜式外骨骼設備的機會。

NSM brings a network of over 180 locations and more than 2,400 team members who support more than 250,000 mobility solutions each year, and Bionic P&O, a leading national provider of prosthetic and orthotic solutions, is an ABC accredited independent clinical practice group that now operates across 12 states.

NSM 擁有一個由 180 多個地點和 2,400 多名團隊成員組成的網絡，每年支持超過 250,000 個行動解決方案，而 Bionic P&O 是一家領先的全國假肢和矯形器解決方案提供商，是一家獲得 ABC 認證的獨立臨床實踐團體，目前業務遍及 12 個州。

While the majority of our revenue in 2025 will still come from Enterprise Health, we believe with our significant investment in these scalable programs, we will continue to see rapidly increasing contribution from our personal health products throughout 2025.

雖然我們 2025 年的大部分收入仍將來自企業健康，但我們相信，透過對這些可擴展項目的大量投資，我們將繼續看到個人健康產品的貢獻在 2025 年全年快速增長。

In summary, the first quarter was another period of significant progress for exobiotic, marked by a growing shift between legacy, enterprise, and newer personal revenue contributions.

總而言之，第一季是 exobiotic 又一個重大進展的時期，其特點是傳統、企業和較新的個人收入貢獻之間的轉變日益加深。

Good gross margins, lower cash burden, a stronger balance sheet, a growing pipeline of Medicare beneficiaries, and what we believe are excellent candidates for Indigo Person in 2025.

良好的毛利率、較低的現金負擔、更強勁的資產負債表、不斷增長的醫療保險受益人隊伍，以及我們認為的 2025 年 Indigo Person 的優秀候選人。

And the continued building of a scalable go to market strategy for indigo personnel supported by both established and new industry leading DME OP, and market access partners.

並繼續為靛藍人員建立可擴展的市場進入策略，由現有和新興的行業領先 DME OP 和市場准入合作夥伴提供支援。

This ends our prepared remarks for today.

我們今天的準備演講到此結束。

(operator instruction)

（操作員指令）

Our first question here is from Ben Hayner from Lee Street Capital Markets. Please go ahead.

我們的第一個問題來自 Lee Street Capital Markets 的 Ben Hayner。請繼續。

Good afternoon, gentlemen. Thanks for taking the questions. First off for me, now that you've got the OP channel covered with bionics, or at least initially cover, and you have the complex, the complex rehabilitation therapy channel, the traditional, kind of Medicare DME along with the, kind of post-acute rehab clinics on the more.

先生們，下午好。感謝您回答這些問題。首先，對我來說，現在你已經用仿生學覆蓋了 OP 管道，或者至少是初步覆蓋了，並且你擁有復雜的康復治療管道，傳統的醫療保險 DME 以及更多的急性後康復診所。

Enterprise side, how should investors kind of think about where the patience will fall this year in terms of the indigo personal and kind of.

企業方面，投資人該如何看待今年靛藍個人方面的耐心將會下降到何種程度。

As a kind of a 13, 1/3, 3rd with CRT OP and the traditional channel and then what do you expect from your enterprise Folks.

作為一種 13、1/3、1/3 的 CRT OP 和傳統管道，您對企業有何期望？

Folks. Okay, yeah, great question, Ben, thank you.

各位。好的，是的，很好的問題，本，謝謝你。

We Again, the majority.

我們再次，是大多數。

Of our business, historically has come out of our enterprise health, product portfolio, and, in general, as we move through, 2025, we still expect that enterprise product will represent.

從歷史上看，我們的業務來自企業健康和產品組合，總的來說，隨著我們進入 2025 年，我們仍然預期企業產品將具有代表性。

The large majority of what we do, 75% to 80% of our business, represented by that product category moving into the personal product again as we have worked to develop, our, initial channels, into that segment and we've really scaled up our market access, capabilities and we've driven a good pipeline. We do expect a solid contribution, growing quarter over quarter, as we move through the year, with really, the balance of our business, represented from that segment. As far as how that falls between, CRT and ONP space, I think there's a bit more of a familiarity, in the ONP space, the product.

我們所做的絕大部分業務，即 75% 到 80% 的業務，都來自該產品類別，現在我們又轉向個人產品，因為我們一直致力於開發我們的初始渠道，進入該領域，我們確實擴大了我們的市場准入和能力，並且我們已經建立了良好的渠道。我們確實期望隨著全年的發展，我們的貢獻將逐季穩定成長，而我們的業務平衡實際上也由該部門體現出來。至於 CRT 和 ONP 空間之間的區別，我認為在 ONP 空間中，產品更熟悉一些。

Sort of lends itself, a little bit more to, reimbursement through OP providers. However, there's been a big investment, with NSM in the space, so we do expect that as the year progresses, we'll see a good contribution from there as well. So how that actually falls, as we move through the year we're uncertain of, but.

有點類似於透過 OP 提供者進行報銷。然而，NSM 在該領域已經投入了大量資金，因此我們確實預計，隨著時間的推移，我們也將看到該領域做出良好的貢獻。因此，隨著時間的流逝，我們不確定這一數字實際上會如何下降，但是。

It could be as much as fifty-fifty, it could be a little less, we just won't know until that program really starts to ramp up on the CRC side.

可能是五五開，也可能稍微少一點，直到該計劃真正開始在 CRC 方面加速實施，我們才會知道。

Okay, that that's fair enough. And then, with pre, I guess any more colour on how things are going there, are you getting the sense of, what's kind of a no go submission if you don't have certain documentation or, things of that nature that you need or don't need and kind of coming up with the knowledge that you need to have more successful claims down the road.

好的，那就夠公平了。然後，關於預先，我想對那裡的情況進行更多的描述，您是否明白，如果您沒有某些文件或您需要或不需要的類似的東西，提交申請將無法通過，並且您需要了解您將來需要更多成功的索賠所需的知識。

Yeah, we have learned from the claims that we've, submitted, past claims, and, we've had, a claim that ended up in ALJ which gave us a very clear indication of, perhaps what they were looking for and, we believe that what we Put together right now as far as the requirements for what we consider to be a solid claim or successful claim and we believe we have a strong understanding of that. That being said, the, there has not been, a definitive set of criteria that have been, sort of published. Through CMS or through the DME Max, which indicate what is their definition of exactly what's required in those claims. However, based on what we've seen, our interactions, and what we learned through our engagement with PRA, we feel like the claims that are being submitted, today are very comprehensive and have a high probability of going through.

是的，我們從提交的索賠、過去的索賠中吸取了教訓，並且，我們有一個最終提交給 ALJ 的索賠，這給了我們一個非常明確的跡象，也許他們正在尋找什麼，我們相信，就我們認為的可靠索賠或成功索賠的要求而言，我們現在綜合考慮了這些要求，我們相信我們對此有深入的理解。話雖如此，但目前還沒有一套明確的標準被公佈出來。透過 CMS 或透過 DME Max，它們表明了這些聲明中具體要求的定義。然而，根據我們所看到的、我們的互動以及我們與 PRA 合作過程中了解到的情況，我們認為今天提交的索賠非常全面，並且很有可能獲得通過。

That that's encouraging and then on kind of the IDN front, it sounds like there's still some budget constraints, obviously there's a lot of uncertainty out there just generally speaking. Do you have a sense of what these folks are looking at on the capital budget inside later this year or how much of a read through, do you have on that sort of.

這是令人鼓舞的，而在 IDN 方面，聽起來仍然存在一些預算限制，顯然總體而言存在許多不確定性。您是否知道這些人對今年稍後的資本預算有何看法，或者您對此有多少了解？

Part of the business?

業務的一部分？

Yeah, I mean.

是的，我是說。

So as I had, talked about in previous quarters, we had talked about, 2024 being an off cycle year for IDNs. We do have a lot of renewals coming up with IDNs in 2025 and those appear to be on track, at the moment. So that, we expect in North America that to be a solid contribution to our enterprise health business in 2024. We also have a lot of inpatient rehab facilities that, maybe aren't part of, larger health networks, independent, hospitals that have capital budgets, where we've been working with them, for some of them for years, others for months, those capital budgets, we've seen a little bit of a softness certainly in Q1 around that, around economic uncertainties, and, we've seen those capital budgets, which were there, disappear rather suddenly.

正如我在前幾個季度所談到的，2024 年是 IDN 的非週期年。2025 年我們確實有許多 IDN 的續約事宜，目前看來一切都很順利。因此，我們預計這將為我們 2024 年在北美的企業健康業務做出堅實的貢獻。我們還有很多住院復健設施，它們可能不屬於大型醫療網絡，而是獨立的、有資本預算的醫院，我們一直在與它們合作，有些合作了幾年，有些合作了幾個月，這些資本預算，我們在第一季度肯定看到了一些疲軟，圍繞著經濟不確定性，我們已經看到那些原本存在的資本預算突然消失了。

We also have Many of our capital customers who receive federal grants for some of this technology and, the status of those grants is uncertain, at the moment as well. So, while we have a strong pipeline, on the enterprise, business, we are seeing, budgets impacted at least temporarily. Around some of those, purchases it certainly affected us in 1, and, it's something that we are, preparing ourselves as we move through 2025 that this could be, a bit of a longer term impact, but, to date we don't have anything definitive, that it will be.

我們的許多資本客戶也獲得了聯邦政府對部分技術的補助，但目前這些補助的狀況也不確定。因此，雖然我們擁有強大的管道，但就企業和業務而言，我們看到預算至少受到了暫時的影響。圍繞著其中一些，購買肯定會對我們產生影響，而且，這是我們在進入 2025 年時所準備的事情，這可能會產生一些長期影響，但到目前為止，我們還沒有任何明確的結論。

Okay, got it. And then lastly for me on the.

好的，明白了。最後對我來說。

you Know, gross margin, it's been 4 consecutive quarters that you've been north of 53%, and it looks like you're clearly trending in the right direction there. I mean, is this kind of a new, sort of baseline and as revenues expand from here, you can move, gross margin higher with that.

您知道，毛利率已經連續 4 個季度保持在 53% 以上，看起來您顯然正朝著正確的方向發展。我的意思是，這是一種新的基準嗎？隨著收入的擴大，毛利率也可以隨之提高。

We believe so, the operations team, Jason and the operations team have done, just an amazing job, as it relates to keeping our costs down, raw material cost, build material costs, on the product and, the impact, we frankly expect the margins to be a bit higher. In Q1, it was really just driven by, just the lower volume of products that we put out that had a that had an impact to those margins, and some of it was mixed to you know we had again a fair contribution from Europe as well.

我們相信，營運團隊、傑森和營運團隊已經完成了一項了不起的工作，因為它涉及到降低我們的成本、原材料成本、建築材料成本、產品成本和影響，坦白說，我們預計利潤率會更高一些。在第一季度，這實際上只是由於我們推出的產品數量較少而對利潤率產生了影響，其中一些原因是混合的，你知道，我們也再次從歐洲獲得了相當大的貢獻。

Got it. Excellent. Well, thanks for taking the questions, guys.

知道了。出色的。好吧，謝謝大家回答這些問題。

Appreciate it, Ben.

非常感謝，本。

Thank you.

謝謝。

Swayampakula Ramakanth from H. C. Wainwright.

Swayampakula Ramakanth，來自 H.C. Wainwright。

Thank you and good afternoon, Scott.

謝謝你，下午好，斯科特。

Jerome. How are you?

傑羅姆。你好嗎？

Good, so just, trying to expand a little bit on the two relationships that you built, over the last quarter or so that's the MSM and the BNO, I mean bionic PNO.

很好，所以，我想稍微擴展一下您在過去一個季度左右建立的兩種關係，即 MSM 和 BNO，我的意思是仿生 PNO。

So, If when I take a quick look at where their locations are, obviously bionic piano is a smaller sub smaller set compared to national S&M. How does do what I'm trying to understand is like will their clientele.

因此，如果我快速查看他們的位置，顯然仿生鋼琴與國家 S&M 相比是一個較小的子集。我想了解的是他們的客戶會怎麼做。

Them being in certain areas, similar areas in certain geographies, will that be an issue for you or actually that will actually enhance your product, in these geographies?

它們位於某些地區，某些地理區域的類似區域，這對您來說會是個問題嗎？或者實際上這會在這些地區真正增強您的產品嗎？

Yeah, so we.

是的，我們也是。

We believe that these partnerships actually enhance our value because of the strength of these organizations and, they have existing, they have existing relationships with processing large, numbers of claims, through the DME max, they are experts, certainly a national seeding mobility. Is an expert on the mobility, side of things with power wheelchairs and high-tech mobility, products.

我們相信，這些合作夥伴關係實際上提高了我們的價值，因為這些組織的實力，並且他們已經透過 DME max 與處理大量索賠建立了現有的關係，他們是專家，當然具有全國性的播種流動性。是電動輪椅和高科技移動產品的行動領域專家。

They understand, how to work with the patient, with the payers’ positions around that. And when we look at bionic P&O, they are used to dealing with complex, orthotics and, they, again, can really help coordinate that, experience for that patient in helping them, gain what they need from their physician as well as other healthcare providers and work with the payer to ensure that they have a solid claim. So, they're both geared toward that for national seating and mobility, there are quite a large organization, so maintaining the right.

他們懂得如何與病人合作，以及如何維護付款人的利益。當我們看到仿生 P&O 時，他們習慣於處理複雜的矯形器，而且，他們可以真正幫助協調患者的經驗，幫助他們從醫生和其他醫療保健提供者那裡獲得所需的信息，並與付款人合作，確保他們有可靠的索賠。因此，他們都致力於實現國家席位和流動性，有一個相當大的組織，從而保持權利。

Certifications and taxonomy on a state by state basis is something that they're working on and building out so as they build out their coverage, they do have full national coverage. So, as they build that out, the reach will expand with them and bionic P&O is currently in 12 states. As it turns out we have a lot of folks that we have in ours.

他們正在按州進行認證和分類工作，以便在擴大覆蓋範圍的同時，實現全國覆蓋。因此，隨著他們的建設，其覆蓋範圍也將隨之擴大，目前仿生 P&O 已涵蓋 12 個州。事實證明，我們公司裡有很多這樣的人。

That are within our, growing pipeline of, potential, beneficiaries.

這些都是我們不斷成長的潛在受益者。

We have a lot of crossovers, in their states. We're also continuing to develop, the program so that we have, a good coverage, across ALL50 states, to ensure that, individuals who qualify for this technology have a convenient. Location and a convenient, partner to work, to work with. So we do believe that their expertise, absolutely helps can facilitate, cleaner and better submissions.

在他們的州，我們有很多交叉。我們也正在繼續開發該計劃，以便覆蓋全美 50 個州，確保符合這項技術條件的個人能夠享受便利。地理位置優越，交通便利，是理想的工作夥伴，值得合作。因此，我們確實相信他們的專業知識絕對有助於促進更清潔、更好的提交。

Okay, and then, having these relationships, I'm just trying to understand, how much of a, how does it give you in terms of your, GNA expenses, because, you don't have to have that many, feet on the ground, so to speak, but at the same time, is the how much of that gets. And neutralized by the amount of pay that you'll need to do to these to these two groups.

好的，然後，有了這些關係，我只是想了解，就你的 GNA 費用而言，它給你帶來了多少，因為你不必腳踏實地，可以這麼說，但與此同時，它能給你帶來多少。並透過您需要向這兩個群體支付的金額進行中和。

Now is this something that we that we do ourselves, do we build this capability in-house or do we, leverage experts who are out there and we made the decision to leverage experts in this space and that does save us considerably when you're talking about, market access and B2C business, it would require.

現在這是我們自己做的事情嗎？我們是在內部建構這種能力，還是利用現有的專家？我們決定利用這個領域的專家，當你談論市場准入和 B2C 業務時，這確實為我們節省了大量成本。

A significant investment, in-house for XO to be able to hire the number of people that we would need to be able to process all of these claims to be able to, be a local point of presence, as these fitments and, screenings are happening, it would be, incredibly challenging for us. To do that, so, by, setting up a distribution network, this allows us to leverage these much larger organizations that have, wider teams with regional and national coverage, of course that is at the trade-off of, now we have, two-tier.

對於 XO 來說，這是一項重大投資，我們需要在內部僱用足夠數量的人員來處理所有這些索賠，並成為當地的服務點，因為這些組裝和篩選正在進行，這對我們來說將是極具挑戰性的。為了實現這一點，透過建立分銷網絡，我們可以利用這些更大的組織，這些組織擁有更廣泛的團隊，覆蓋地區和國家，當然，這是以我們現在擁有的兩層結構為代價的。

Scale models, so we need to be able to support the margins for our distributors.

規模模型，因此我們需要能夠支持我們的經銷商的利潤。

And.

和。

Through the good work that Jason and his team have been doing in ensuring that we, maintain good cost controls on our devices and continually improve our operating efficiency, both, inside, as well as through outside contract manufacturers we are as the volume increases, we expect to be able to.

透過 Jason 和他的團隊所做的出色工作，我們能夠保持設備良好的成本控制，並不斷提高我們的營運效率，無論是內部還是透過外部合約製造商，隨著產量的增加，我們都有望實現這一目標。

Maintain, adequate margins, to be able to support this distribution network and still maintain margins that, are within the, within what people are used to seeing from us in those, high fi50s, plus.

保持足夠的利潤率，以便能夠支持這個分銷網絡，並且仍然保持利潤率在人們習慣看到的高 fi50 範圍內。

Thank you, Scott, for taking my questions.

謝謝斯科特回答我的問題。

Thanks, okay.

謝謝，好的。

This concludes the question and answer session. I'd like to turn the floor back to management for any closing comment.

問答環節到此結束。我想將發言權交還給管理階層，請他們發表最後的評論。

Thank you, Matt, and thank you to everyone for joining us today. We look forward to updating you as we continue to progress.

謝謝你，馬特，也謝謝今天參加我們活動的所有人。我們期待隨著我們不斷取得進展向您通報最新進展。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。現在您可以斷開線路。

Thank you again for your participation.

再次感謝您的參與。