Establishment Labs Holdings Inc (ESTA) 2024 Q4 法說會逐字稿

Good afternoon. Welcome to Establishment Labs, fourth quarter 2024 earnings call. (Operator Instructions) As a reminder, today's call is being recorded. I will now turn the call over to Raj Denhoy, Chief Financial Officer. Please go ahead.

午安.歡迎參加 Establishment Labs 2024 年第四季財報電話會議。（操作員指示）提醒一下，今天的通話正在被錄音。現在我將把電話轉給財務長 Raj Denhoy。請繼續。

Thank you, operator, and thank you everyone for joining us. With me today is Juan Jose Chacon Quiros, our Chief Executive Officer, and Peter Caldini, our President. Following our prepared remarks, we'll take your questions.

謝謝接線生，也謝謝大家的參與。今天與我一起的有我們的執行長 Juan Jose Chacon Quiros 和我們的總裁 Peter Caldini。在我們準備好發言之後，我們將回答您的問題。

Before we begin, I would like to remind you that comments made by management during this call will include forward-looking statements within the meaning of federal securities laws. These include statements on establishing the lab's financial outlook and the company's plans and timing for product development and sales.

在我們開始之前，我想提醒您，管理層在本次電話會議中發表的評論將包括聯邦證券法所定義的前瞻性陳述。其中包括關於建立實驗室財務前景以及公司產品開發和銷售計劃和時間的聲明。

These forward-looking statements are based on management's current expectations and involve risks and uncertainties. For discussion of the principal risk factors and uncertainties that may affect our performance or cause actual results to differ materially from these statements. I encourage you to review our most recent annual and quarterly reports on Form 10-K and Form 10-Q, as well as other SEC filings which are available on our website at establishmentlabs.com.

這些前瞻性陳述是基於管理階層目前的預期，涉及風險和不確定性。討論可能影響我們的業績或導致實際結果與這些聲明有重大差異的主要風險因素和不確定因素。我鼓勵您查看我們最新的 10-K 表和 10-Q 表年度和季度報告以及其他 SEC 文件，這些文件可在我們的網站 establishmentlabs.com 上找到。

I'd also like to remind you that comments may include non-GAAP financial measures with respect to our performance, including but not limited to sales results, which can be stated on a constant currency basis or profitability of the company's business, which can be stated as EBITA or adjusted EBITA.

我還想提醒您，評論可能包括有關我們業績的非 GAAP 財務指標，包括但不限於銷售業績（可以以固定匯率表示）或公司業務盈利能力（可以 EBITA 或調整後的 EBITA 表示）。

Reconciliations to comparable GAAP financial measures for non-GAAP measures if available, may be found in today's press release, which is available on our website. The content of this conference call contains time sensitive information accurate only as the date of this live broadcast, February 26, 2025. Except as required by law established in the labs undertakes no obligation to revise or otherwise update any statement to reflect events or circumstances after the date of this call.

如果有非 GAAP 指標與可比較 GAAP 財務指標的對帳表，可在今天的新聞稿中找到，該新聞稿可在我們的網站上找到。本次電話會議的內容包含時間敏感訊息，準確時間僅限於本次直播的日期，即 2025 年 2 月 26 日。除法律另有規定外，實驗室不承擔修改或以其他方式更新任何聲明以反映本次電話會議日期之後的事件或情況的義務。

With that it is my pleasure to turn the call over to our CEO Juan Jose.

我很高興將電話轉給我們的執行長胡安·何塞 (Juan Jose)。

Thank you, Raj, and good afternoon, everyone. Revenue in the fourth quarter of 2024 totaled $44.5 million in line with our expectations and with what we pre-announced in early January. For the full year, our sales were $166 million. We remain committed to our forecast with 2025 guidance between $205 million and $210 million. At its midpoint, this is 25% growth over 2024.

謝謝你，Raj，大家下午好。2024 年第四季的營收總計 4,450 萬美元，符合我們的預期以及我們在 1 月初預先宣布的營收。全年我們的銷售額為 1.66 億美元。我們仍然堅持我們的預測，2025 年的指導價在 2.05 億美元至 2.1 億美元之間。以中位數計算，這一數字比 2024 年增加 25%。

With our launch in the United States, the fourth quarter was easily one of the most important in our company's history. US sales totaled $3.3 million in the first two months of the launch; a bit better than we preannounced in early January. This is an incredibly strong start in our US commercial team, one of the strongest teams ever put together in aesthetics deserves recognition for their efforts.

隨著我們在美國推出產品，第四季無疑是我們公司歷史上最重要的季度之一。上市後的前兩個月，美國銷售額總計 330 萬美元；比我們一月初宣布的情況要好一些。這是我們美國商業團隊的一個非常強勁的開端，他們是美學領域有史以來最強大的團隊之一，他們的努力值得認可。

This strong start has continued into Q1, and the activity and interest around Motiva continues to grow. In the fourth quarter, we continue to see the tangible results of the efforts we've undertaken over the past year to reduce our operating expenses and cash use. In 2024, our total operating expenses were $12.5 million lower than in 2023 and this includes our 2024 spend to build the commercial infrastructure for a rollout in the United States.

這種強勁的開局一直延續到第一季度，圍繞著 Motiva 的活動和興趣持續增長。在第四季度，我們繼續看到過去一年來為降低營運費用和現金使用所做的努力取得實際成果。2024 年，我們的總營運支出比 2023 年減少了 1,250 萬美元，其中包括 2024 年在美國推廣商業基礎建設的支出。

EBITDA loss improved to $13.1 million this quarter from $17.4 million last year. Our successful launch in the United States and the gross margin expansion it brings, along with our continued focus on operational efficiency, should take us to our first positive EBITDA quarter in 2025.

本季 EBITDA 虧損從去年的 1,740 萬美元改善至 1,310 萬美元。我們在美國成功推出產品並由此帶來的毛利率擴大，加上我們對營運效率的持續關注，將使我們在 2025 年實現第一個正 EBITDA 季度。

Outside the United States, global demand remains uneven, but our data suggests that we are picking up market share as all aesthetic companies managed through this period. This [lull] in aesthetic demand has happened before and it has always recovered.

在美國以外，全球需求仍然不均衡，但我們的數據表明，由於所有美容公司都度過了這段時期，我們的市場份額正在上升。審美需求的這種[低迷]以前也發生過，但總是能夠恢復。

Specifically, we believe a number of countries in EMEA were down last year, in some cases meaningfully, and yet our revenue remained flat in that region. Asia Pacific in 2024 has been recovering from the sharp downturn we saw in the second half of 2023.

具體來說，我們認為去年歐洲、中東和非洲地區許多國家的銷售額都出現下滑，有些國家的銷售額甚至大幅下降，但我們在該地區的收入卻保持穩定。2024 年亞太地區正從 2023 年下半年的急劇下滑中復甦。

This regional strength was offset by the continued weakness in Latin America, excluding currency and other external items, revenue in LatAm in the fourth quarter of 2024 was flat from the previous year, suggesting that our results are stabilizing in that region.

這一地區的優勢被拉丁美洲的持續疲軟所抵消，不包括貨幣和其他外部項目，2024 年第四季度拉美地區的收入與上年持平，表明我們在該地區的業績正在穩定。

2025 should mark a gradual return to growth outside the United States. And while we are being conservative as markets and regions return, growth in the mid-single digits in these markets looks very achievable. We have also not included any significant contribution from new products or regulatory approvals which could provide an upside to our numbers.

2025年應該會標誌著美國以外地區逐漸恢復成長。儘管隨著市場和地區的復甦我們採取了保守的態度，但這些市場實現中等個位數的成長看起來非常有可能實現。我們也沒有將新產品或監管部門批准的任何重大貢獻納入考量，而這些貢獻可能會為我們的數據帶來好處。

While [OUS] remains the largest segment for us, most important to our company's future is the United States, and our results continue to exceed our expectations. We have 40 sales reps active in the field. We continue to attract the best and brightest in the industry, and we'll expand this team in 2025. As of last Friday, we have over 650 accounts fully onboarded, and 450 have already placed orders with 88% reordering.

雖然 [OUS] 仍然是我們最大的細分市場，但對我們公司的未來來說最重要的是美國，我們的業績繼續超出我們的預期。我們在該領域有 40 位活躍的銷售代表。我們將繼續吸引業內最優秀、最聰明的人才，並將在 2025 年擴大這個團隊。截至上週五，我們已有超過 650 個帳戶完全加入，其中 450 個已經下單，其中 88％ 已重新下單。

These are all well ahead of our expectations. We continue to sign up an average of 5 new accounts every day. Momentum is building. In November, we averaged 32 orders per day. In December, we averaged 60 orders per day. In January, we averaged 70 orders per day. And in February we should average about 90 orders per day.

這些都遠遠超出了我們的預期。我們每天平均註冊 5 個新帳戶。勢頭正在增強。11月份，我們平均每天會接到32筆訂單。12月份，我們平均每天會接到60個訂單。一月份，我們平均每天會接到70個訂單。二月我們平均每天的訂單量約為 90 個。

Since launch, we have had more than 5,000 orders. We expect to generate approximately $5.5 million in sales in the first quarter, putting us on a strong trajectory to exceed our guidance of $35 million in sales in 2025 for the United States.

自推出以來，我們已收到超過 5,000 份訂單。我們預計第一季的銷售額約為 550 萬美元，這將使我們預計將超過 2025 年美國 3,500 萬美元的銷售額預期。

Please remember that breast augmentation is seasonal. Second and fourth quarters are the strongest. First and third are the weakest. We are on pace to have one of the best launches in the history of the aesthetics industry.

請記住，隆乳是有季節性的。第二季和第四季表現最強勁。第一和第三是最弱的。我們正準備推出美容行業歷史上最好的產品之一。

As we study our initial rollout, we are seeing confirmation that the United States will likely mimic our initial rollout in Switzerland, South Korea, and Taiwan, markets that are relatively high priced, smooth implant markets. In Switzerland, we reached 50% market share after 5 years in the market and 70% market share at year 10.

當我們研究我們的初步推廣時，我們看到美國可能會模仿我們在瑞士、韓國和台灣的初步推廣，這些市場是價格相對較高、平穩的植入物市場。在瑞士，我們在市場上五年後就達到了 50% 的市場份額，十年後達到了 70% 的市場份額。

In South Korea, we reached 40% market share after 4 years in the market and 65% market share in year 8. In Taiwan, our latest launch, we have now reached 40% market share after 4 years. Beyond the strong financial results, the interest in Motiva among plastic surgeons, the media, and most importantly, women has been nothing short of remarkable.

在韓國，我們進入市場4年後市佔率達40%，第8年後市佔率達65%。在我們最新推出的台灣市場，經過四年的發展，我們的市場份額已經達到了 40%。除了強勁的財務表現之外，整形外科醫生、媒體，尤其是女性對 Motiva 的興趣也十分顯著。

We hear a constant refrain from plastic surgeons. When given a choice between Motiva and other implants, patients almost always choose Motiva. This is true even though Motiva implants have a higher blended price point.

我們常聽到整形外科醫生這麼說。在 Motiva 和其他植入物之間進行選擇時，患者幾乎總是選擇 Motiva。儘管 Motiva 植入物的混合價格較高，但情況確實如此。

In these first 5 months of the launch, we have seen almost without exception that plastic surgeons who convert to Motiva stay with Motiva, and for most of those who started early in our launch, Motiva has become the vast majority of their implant usage.

在推出 Motiva 後的前 5 個月中，我們幾乎無一例外地看到，改用 Motiva 的整形外科醫生都繼續使用 Motiva，而對於大多數在 Motiva 推出初期就開始使用的患者來說，Motiva 已成為他們植入物使用的絕大部分。

In just a few months there have been over 60 press articles mentioning Motiva and hundreds of social media posts from surgeons. We have had over 1.8 billion impressions from this activity. Importantly, all of this is happening organically without financial support. I would encourage you to follow the content being created by many plastic surgeons in clinics on Instagram, TikTok, and other digital platforms and it speaks to the viral nature of our launch.

短短幾個月內，就有超過 60 篇新聞文章提及 Motiva，還有數百篇來自外科醫生的社群媒體貼文。此次活動的曝光量已超過18億次。重要的是，這一切都是在沒有資金支持的情況下自然發生的。我鼓勵您關注 Instagram、TikTok 和其他數位平台上許多整形外科醫生在診所創作的內容，這體現了我們產品發布的病毒式傳播特性。

With the [bus] building, we have had a number of celebrities and influencers organically choosing Motiva, and I would expect this to continue. With a differentiated value proposition, these women seem more open to discussing their choices and timing. This is unusual in aesthetics. Plastic surgery decisions tend to be kept private.

透過 [bus] 建設，我們已經有許多名人和有影響力的人自然而然地選擇了 Motiva，我希望這種情況能夠繼續下去。有了差異化的價值主張，這些女性似乎更願意討論她們的選擇和時機。這在美學上是不尋常的。整形手術的決定往往是保密的。

Even more unusual is a discussion around specific brand choices. With this interest, we have been working on a partnership with an A-listed celebrity who recently chose Motiva implants, and we hope to announce it in the very near future.

更不尋常的是圍繞著具體品牌選擇的討論。出於這種興趣，我們一直在與最近選擇了 Motiva 植入物的一線明星建立合作夥伴關係，我們希望在不久的將來宣布這一消息。

This should be very impactful not just in the United States but globally. Women tend to do considerable research around breast augmentation before making a decision and the social media and press coverage should help Motiva spark a conversation between patient and doctor.

這不僅會對美國產生巨大影響，而且會對全球產生巨大影響。女性在做出決定之前往往會對隆乳手術進行大量的研究，而社群媒體和新聞報導應該有助於 Motiva 引發患者和醫生之間的對話。

The partnership should also resonate with plastic surgeons who often feel not supported by an aesthetic industry focus on other specialties. As we build the premier trusted company for plastic surgeons, these kind of efforts will make a big difference.

這種合作關係也應該引起整形外科醫師的共鳴，他們常常覺得美容產業對其他專業的關注得不到支持。當我們打造首屈一指的值得信賴的整形外科醫生公司時，這些努力將會產生巨大的影響。

In reconstruction, Flora, our unique tissue expander, is gaining traction, and we have completed the VAC process at 35 of the premier cancer centers in the United States. 32 have already ordered, and the other 3 were opened in the last 30 days.

在重建方面，我們獨特的組織擴張器 Flora 正在獲得關注，我們已經在美國 35 家頂級癌症中心完成了 VAC 流程。其中 32 件已下單，另外 3 件是在過去 30 天內開封的。

The recent scientific publication from an interdisciplinary group devoted to treating breast cancer and performing breast reconstructions at the MD Anderson Cancer Center in Texas, concluded that the integration of MRI CTEs into radiation therapy planning has streamlined the process, reduced the need for artifact management, and improved the accuracy of those calculations, ultimately contributing to better clinical outcomes.

德州 MD 安德森癌症中心致力於治療乳癌和進行乳房重建的跨學科小組最近發表了一篇科學出版物，其結論是，將 MRI CTE 整合到放射治療計劃中簡化了流程，減少了對偽影管理的需求，並提高了這些計算的準確性，最終有助於獲得更好的臨床結果。

As a women's health company, we are pleased to witness the positive impact of our technologies like Flora in the process of treating breast cancer and helping women recover to their fullest after survival. This will be a busy year for a regulatory team in the US as we seek clearance for a number of products.

作為一家女性健康公司，我們很高興看到像Flora這樣的我們的技術在治療乳癌和幫助女性在生存後充分康復的過程中產生的積極影響。對於美國監管團隊來說，今年將是忙碌的一年，因為我們需要為多種產品尋求許可。

In reconstruction, we are on track to reach the 3 year follow up in the third quarter of this year. This puts us on track to submit to the FDA this year with a potential approval for this indication in 2026. The reconstruction market is nearly as big as augmentation in the US, and we are excited to bring our technologies to this important segment.

在重建方面，我們預計在今年第三季實現三年的後續。這使我們有望在今年向 FDA 提交申請，並可能在 2026 年獲得該適應症的批准。在美國，重建市場幾乎與增強市場一樣大，我們很高興將我們的技術帶到這個重要領域。

We are also working on approval for the tools necessary to launch resurvey, including the submissions necessary for the Ergonomix2 Platform. The Ergo 2 platform will allow for us to bring Mia Femtech to the United States. We will provide some thoughts on the regulatory pathway and timing later in the year. Mia Femtech continues to build a new category in breast aesthetics.

我們也正在努力批准啟動重新調查所需的工具，包括 Ergonomix2 平台所需的提交。Ergo 2 平台將使我們能夠將 Mia Femtech 帶到美國。我們將在今年稍後就監管途徑和時間提出一些想法。Mia Femtech 繼續在乳房美學領域打造全新類別。

It is important to note that we launched Mia in Europe in late 2023. By the end of 2024, in less than 18 months, we already had more than 60 clinics become Mia certified centers. As we see Mia cells ramp, it is becoming clear that a minimally invasive solution, which overcomes many of the obstacles of traditional breast augmentation can open up a new group of women to breast aesthetics.

值得注意的是，我們在 2023 年底在歐洲推出了 Mia。到 2024 年底，在不到 18 個月的時間裡，我們已經有 60 多家診所成為 Mia 認證中心。隨著我們看到 Mia 細胞的快速增長，越來越明顯的是，微創解決方案可以克服傳統隆乳的許多障礙，為新女性群體帶來乳房美學的魅力。

We have moved beyond the proof-of-concept phase and expect to see a steady increase in results from Mia over the coming quarters. For 2025, we expect the number of Mia certified clinics will at least double and that the number of Mia procedures globally will more than double, and we are forecasting approximately $8 million to $10 million in revenue from Mia this year.

我們已經完成了概念驗證階段，預計未來幾季 Mia 的業績將穩定成長。到 2025 年，我們預計 Mia 認證診所的數量將增加至少一倍，全球 Mia 手術的數量將增加一倍以上，我們預測今年 Mia 的收入將達到約 800 萬至 1000 萬美元。

One of the key learnings from the 3-year data from the Mia IRB study and the outcomes we are seeing in the real world has been that preserving breast tissue has advantages beyond the per procedural benefits of a minimally invasive procedure by not cutting the breast tissue, but rather by preserving it as the Mia tools allow.

從 Mia IRB 研究的 3 年數據和我們在現實世界中看到的結果中，我們得到的一個重要啟示是，透過不切割乳房組織，而是按照 Mia 工具允許的方式保留乳房組織，保留乳房組織的優勢超出了微創手術的程序優勢。

The results can be much more predictable and stable over time. We pioneered the concept of breast tissue preservation, and it is resonating with plastic surgeons who already appreciate the reduction of device-related complications with Motiva and now are also seeing a reduction of technique-related complications thanks to breast tissue preservation.

隨著時間的推移，結果會變得更加可預測和穩定。我們率先提出了乳房組織保存的概念，它引起了整形外科醫生的共鳴，他們已經意識到 Motiva 可以減少與設備相關的併發症，現在他們也看到由於乳房組織保存而導致與技術相關的併發症減少。

With these fundamental concepts, we have developed Preserve. The next step in our minimally invasive portfolio. Mia's value proposition to patients is clear. It is intended for primary augmentations with a one to two cup size increase and for a scarless lift for women with mild breast ptosis. There are no scars on the breast and an imperceptible scar on the armpit. It is done under local anesthesia.

基於這些基本概念，我們開發了 Preserve。我們的微創產品組合的下一步。Mia 對病人的價值主張是明確的。它適用於初次增大一至兩個罩杯的手術，以及為輕度乳房下垂的女性進行無疤痕提升手術。乳房上無疤痕，腋下有不易察覺的疤痕。它是在局部麻醉下進行的。

As the Mia IRB study shows, there is no loss of breast sensation, no inferior mal position of the implant, and it dramatically reduces patient recovery periods and complications traditionally associated with breast augmentation. It is also priced as our most premium product to reflect these aspects. Mia is designed to appeal to women who are not interested in breast augmentation or are using padded or push up bras, and so by definition should be market expanding.

正如 Mia IRB 研究所表明的那樣，它不會喪失乳房感覺，不會出現植入物位置不佳的情況，而且可以大大縮短患者的恢復期，並減少傳統隆乳手術中出現的併發症。為了反映這些方面，它也被定價為我們最優質的產品。Mia 的設計目標是吸引那些對隆乳不感興趣或正在使用加墊胸罩或聚攏胸罩的女性，因此從定義上來說，它應該會擴大市場。

Preserve is designed for the day-to-day procedures that make up the majority of breast augmentation. While Preserve should be market expanding over time, given its benefits, it is designed to be the premium choice for women who are already considering breast augmentation surgery.

Preserve 專為構成隆乳大部分的日常程序而設計。雖然 Preserve 的市場隨著時間的推移會不斷擴大，但考慮到它的好處，它旨在成為那些已經考慮進行隆乳手術的女性的首選。

Preserve can be used for up to four cup sizes increase and can be used for primary augmentations, hybrid augmentations, and for mastopexy augmentations. Preserve uses some of the surgical tools developed with Mia to make a precise atraumatic pocket, but the incision is made under the breast, which is a more familiar surgical technique for most doctors.

Preserve 最多可使罩杯增大四個尺寸，並可用於初次增大、混合增大和乳房固定術增大。Preserve 使用與 Mia 共同開發的一些手術工具來製作精確的非侵入性口袋，但切口是在乳房下方進行的，這是大多數醫生更熟悉的手術技術。

The technology platform allows plastic surgeons to create natural results by preserving breast anatomy and function. We have been talking about press survey with the plastic surgery community since last year, and they are eager to discuss with prospective patients.

該技術平台允許整形外科醫生透過保留乳房的解剖結構和功能來創造自然的效果。自去年以來，我們一直在與整形外科界討論新聞調查，他們渴望與潛在患者進行討論。

Preserve is a new choice for women considering breast augmentations as it speaks to many of their aspirations, including more natural results, smaller scars, and quicker recovery. By improving safety profiles, recovery times, and achieving the breast aesthetic patients are looking for, Preserve has the potential to make breast augmentation more appealing to women and make the decision easier for many who are already in the consideration phase.

對於考慮隆乳的女性來說，Preserve 是一個新選擇，因為它滿足了她們的許多願望，包括更自然的效果、更小的疤痕和更快的恢復。透過改善安全性、恢復時間並實現患者所尋求的乳房美學效果，Preserve 有可能使隆乳對女性更具吸引力，並使許多處於考慮階段的女性更容易做出決定。

We launched Preserve earlier this month in Brazil, and it is clearly resonating. In the first week post launch, we have seen significant interest and have already received many orders for hundreds of systems at a price point more than double our most common SKUs in Brazil.

我們本月初在巴西推出了 Preserve，顯然引起了共鳴。在發布後的第一周，我們看到了極大的興趣，並已收到數百套系統的訂單，其價格是巴西最常見 SKU 的兩倍多。

We will continue our roll out into additional countries and regions over the coming quarters. We expect that both breast tissue preservation options, Mia and Preserve, will dramatically change surgeons' approach to breast aesthetics and have a significant impact on future growth. Preserve will bridge the price GAAP between existing Motiva offerings and Mia and will be at the upper end of our pricing matrix.

我們將在未來幾季繼續向更多國家和地區推出服務。我們預計，Mia 和 Preserve 這兩種乳房組織保存方法將極大地改變外科醫生對乳房美學的態度，並對未來的成長產生重大影響。Preserve 將彌補現有 Motiva 產品和 Mia 之間的 GAAP 價格差距，並將處於我們定價矩陣的高端。

Finally, it is worth noting that GLP-1 usage is going to be a major tailwind for years to come. Much of this demand is market expanding. And while we are starting to see it now, where GLP-1 adoption is more prevalent, we do expect this to be a global tailwind.

最後，值得注意的是，GLP-1 的使用將成為未來幾年的主要動力。大部分此類需求都是市場擴張的結果。雖然我們現在開始看到 GLP-1 的採用更加普遍，但我們確實預計這將成為全球的順風。

Our products and messaging with Mia and Preserve are particularly suited for women that are considering augmentation as a way to reverse some of the iatrogenic consequences of GLP-1 weight loss, and we expect to do very well in this new market segment. 2024 was an important year for us in China. We established our presence in the market with our exclusive distribution partner and began building the foundation for market share gains.

我們的產品以及與 Mia 和 Preserve 合作的資訊特別適合那些正在考慮透過增大來扭轉 GLP-1 減肥的一些醫源性後果的女性，我們期望在這個新的領域取得很好的成績。 2024年對我們中國來說是重要的一年。我們與獨家分銷合作夥伴一起在市場上確立了地位，並開始為擴大市場份額奠定基礎。

As we have commented previously, the first year of any distributor market will be about selling as the distributor puts inventory into the field and begins commercial sales. We will now see the sellout as our partner grows share in the market. Based on this dynamic, we do not expect to see revenue in the first part of 2025, with reorders beginning more meaningfully in the second half of the year.

正如我們之前所評論的，任何分銷商市場的第一年都將是關於銷售的，因為分銷商將庫存投入到現場並開始商業銷售。隨著我們的合作夥伴在市場上的份額不斷增長，我們將看到銷售一空。基於這種動態，我們預計 2025 年上半年不會出現收入，而下半年重新訂購將開始變得更加有意義。

This is a natural cadence for distributor markets. It allows us to maintain a healthy level of inventory in the channel. The ordering pattern is reflected in our guidance for this year. Importantly, our Chinese partner recently signed an agreement with CBC Group for strategic financing of up to $50 million to fund commercial activities in support of the continuous growth of Mativa in China.

對於經銷商市場來說，這是一個自然的節奏。它使我們能夠維持渠道中健康的庫存水準。訂購模式反映在我們今年的指導中。重要的是，我們的中國合作夥伴最近與CBC集團簽署了一項協議，將提供高達5000萬美元的策略性融資，資助商業活動，支持Mativa在中國的持續發展。

This investment is being used to increase the number of sales reps across China and adding more regional commercial dealers. We have already begun to see the tangible results with consumer sales in the first part of this year increasing meaningfully from last year. We are very confident that this investment into our partner will help us become the leading technology in China in the next few years. That is already the case in the rest of Asia.

這項投資將用於增加中國各地的銷售代表數量以及增加更多的區域商業經銷商。我們已經開始看到實際的成果，今年上半年的消費者銷售額比去年同期大幅成長。我們非常有信心，對合作夥伴的投資將幫助我們在未來幾年成為中國的技術領導者。亞洲其他地區已經出現這種情況。

I will now turn the call over to Peter.

現在我將把電話轉給彼得。

Thank you, Juan Jose. This is my first call since joining Establishment Labs, and I am excited to be here at such an exciting time for the company.

謝謝你，胡安·何塞。這是我加入 Establishment Labs 以來的第一次電話會議，我很高興能在公司如此令人興奮的時刻來到這裡。

When I first looked at Establishment Labs, I had some preconceived notions of what the breast augmentation industry could be. However, on my first trip down to Costa Rica, I realized what an amazing company and opportunity existed.

當我第一次看到 Establishment Labs 時，我對隆乳產業有一些先入為主的觀念。然而，當我第一次前往哥斯達黎加時，我意識到這裡有多麼令人驚嘆的公司和機會。

Our innovations are radically changing the breast augmentation and reconstruction industries, opening the procedure to many women who would not have considered it previously.

我們的創新正在徹底改變隆乳和乳房重建產業，讓許多以前從未考慮過的女性能夠接受這種手術。

Our Motiva implant has FDA data that is remarkably better than any data ever seen in a breast implant trial. These are not small differences, and it creates a huge opportunity to build a best-in-class company and reshape an industry. Managing growth and opportunity of this scale has its own challenges, and that is why I'm very excited to be part of the team.

我們的 Motiva 植入物具有 FDA 數據，該數據明顯優於乳房植入物試驗中看到的任何數據。這些並不是小差異，它為打造一流的公司和重塑一個行業創造了巨大的機會。管理這種規模的成長和機會有其自身的挑戰，這就是為什麼我很高興成為團隊的一員。

Marrying growth and opportunity with efficiency and productivity is where I can really add value and with it, meet and exceed our cash flow and profitability targets.

將成長和機會與效率和生產力結合起來，我才能真正增加價值，並實現甚至超越我們的現金流和獲利目標。

Over the last year, we have made a number of changes that is positively impacting our financials. We reduced our operating expenses by $12.5 million in 2024 while at the same time standing up a significant commercial operation in the United States.

在過去的一年裡，我們做出了一些改變，對我們的財務狀況產生了正面的影響。我們在 2024 年將營運費用減少了 1,250 萬美元，同時在美國建立了重要的商業營運。

We have right sized the global organization, eliminating headcount by more than 30% in some areas and streamlined departments to ensure greater alignment and efficiencies. We are focused not only on reducing costs but also improving our overall return on investment.

我們對全球組織進行了適當規模調整，在某些地區裁員 30% 以上，並精簡了部門，以確保更好的協調和效率。我們不僅注重降低成本，也注重提高整體投資報酬率。

In preparing for the US, we built a world-class sales and marketing organization and have invested meaningfully in building inventory to support our launch. We've been able to fund a good portion of this by reducing corporate costs and finding efficiency across the organization.

在為進入美國市場做準備時，我們建立了世界一流的銷售和行銷組織，並投入大量資金建立庫存以支持我們的產品上市。透過降低公司成本和提高整個組織的效率，我們已經能夠為其中的很大一部分提供資金。

Among the changes we made is closing B15, our first and smallest manufacturing facility. This is in part reflected with the stronger gross margins we see in the fourth quarter. We have also made changes to better align our commercial and marketing organizations. We have reallocated resources to better performing initiatives and implemented better processes to ensure that we deliver on our financial commitments.

我們所做的改變之一是關閉 B15，這是我們第一家也是最小的製造工廠。這在一定程度上反映在我們看到的第四季更高的毛利率上。我們也做出了一些改變，以更好地協調我們的商業和行銷組織。我們已將資源重新分配到表現較好的計劃中，並實施了更好的流程，以確保我們履行財務承諾。

Recently we completed the acquisition of our distributor Benelux. With our long-term partner in the region retiring, we took the opportunity to leverage the infrastructure we already have in place with our European distribution center in Antwerp to achieve meaningful synergies over time.

最近，我們完成了對經銷商 Benelux 的收購。隨著我們在該地區的長期合作夥伴退休，我們藉此機會利用我們在安特衛普的歐洲配送中心現有的基礎設施，實現長期有意義的協同效應。

As we look out to 2025, these efforts will continue in earnest. Raj will provide details on our financial targets for the year in a moment, but as a company, we are very focused on being EBITDA positive by the end of the year and cash flow positive next year.

展望2025年，我們將繼續認真努力。Raj 稍後會提供有關我們今年財務目標的詳細信息，但作為一家公司，我們非常注重在年底前實現 EBITDA 為正，並在明年實現現金流為正。

Our board and the management team are aggressively focused on these targets, and we will continue to do what's necessary to achieve them. I look forward to reporting on our progress over the coming quarters. I now turn the call over to Raj.

我們的董事會和管理團隊積極關注這些目標，我們將繼續盡一切努力實現這些目標。我期待在未來幾季報告我們的進展。現在我將電話轉給 Raj。

Thank you, Peter. Total revenue for the fourth quarter was $44.5 million an increase of 41% from the year ago period. Foreign exchange reduced sales by approximately 2% points in the quarter. From regional perspective, sales in Europe, Middle East and Africa were approximately 38% of the global total. Asia Pacific 35%, Latin America 18%, and North America was 9%.

謝謝你，彼得。第四季總營收為 4,450 萬美元，比去年同期成長 41%。本季外匯導致銷售額減少約 2%。從區域來看，歐洲、中東和非洲地區的銷售額約佔全球總銷售額的38%。亞太地區佔35%，拉丁美洲佔18%，北美佔9%。

As noted previously, North American sales included $3.3 million of Motiva sales in the United States. Our gross profit for the fourth quarter was $30.5 million or 68.5% of revenue, compared to $20.6 million or 65.2% of revenue for the same period in 2023.

如前所述，北美銷售額包括 Motiva 在美國 330 萬美元的銷售額。我們第四季的毛利為 3,050 萬美元，佔營收的 68.5%，而 2023 年同期的毛利為 2,060 萬美元，佔營收的 65.2%。

The gross profit in the fourth quarter was positively impacted by higher production volumes, the decommissioning of our B15 manufacturing site, and the early contribution of sales in the US. We expect this number to continue to improve as we ramp sales in the United States.

第四季的毛利受到產量增加、B15 製造工廠的退役以及美國早期銷售貢獻的正面影響。我們預計，隨著我們在美國銷售的成長，這一數字將繼續提高。

SG&A expense for the fourth quarter increased approximately $7.1 million to $44 million. This compared to $36.9 million in the fourth quarter of 2023. The increase is due to the ramp up of commercial activity in the United States following approval of Motiva implants in late September, as well as the operating expenses in the Benelux subsidiary we acquired in the fourth quarter.

第四季銷售、一般及行政費用增加約 710 萬美元，達到 4,400 萬美元。相比之下，2023 年第四季為 3,690 萬美元。成長的原因是 9 月底 Motiva 植入物核准後美國商業活動的增加，以及我們在第四季收購的比荷盧三國子公司的營運費用。

R&D expenses for the fourth quarter declined approximately $0.7 million from the same quarter a year ago to $5.1 million. The increase in operating expenses in the fourth quarter was primarily the result of the increased investment in our US operations. These were offset by the cost reduction initiatives we undertook in the second half of 2023, and which continued into 2024.

第四季研發費用較去年同期下降約 70 萬美元至 510 萬美元。第四季營運費用的增加主要是由於我們對美國業務的投資增加。這些損失被我們在 2023 年下半年採取的成本削減措施所抵消，這些措施將持續到 2024 年。

Total operating expenses for the fourth quarter increased to approximately $6.4 million from the year ago period. Net loss from operations for the fourth quarter was $18.7 million compared to a net loss of $22.1 million in the same period in 2023. Adjust was a loss of $13.1 million in the quarter compared to a loss of $17.4 million in the fourth quarter of last year.

第四季總營運費用較去年同期增加至約 640 萬美元。第四季營業淨虧損為 1,870 萬美元，而 2023 年同期的淨虧損為 2,210 萬美元。Adjust 本季虧損 1,310 萬美元，而去年第四季虧損 1,740 萬美元。

We've taken tangible steps to reduce spending over the recent quarters as we have reduced our operating loss meaningfully even as we increase spending on the launch of [Motiva] in the United States. Overall, for 2024, operating expenses declined to approximately $12.5 million from 2023, despite our investment in the United States.

在最近幾個季度，我們採取了實際措施削減開支，儘管我們增加了在美國推出 [Motiva] 的開支，但我們的經營虧損還是大幅減少。總體而言，儘管我們在美國進行了投資，但 2024 年的營運費用仍從 2023 年的約 1,250 萬美元下降至 2024 年的約 1,250 萬美元。

And [EBITDA] improved significantly to $28.2 million from $47 million in 2023. Our cash position on December 31, was $90.3 million. This compared to $39.7 million at the end of the third quarter. The end of the year balance includes the proceeds of a registered direct offering on November 7, and the proceeds from the tranche for credit facility that became available in the US Motiva approval. We have one additional tranche available in our credit facility for $25 million putting our total accessible cash balance at approximately $115 million.

而 [EBITDA] 從 2023 年的 4,700 萬美元大幅提升至 2,820 萬美元。截至 12 月 31 日，我們的現金狀況為 9,030 萬美元。相比之下，第三季末的營收為 3,970 萬美元。年末餘額包括 11 月 7 日註冊的直接發行所得款項，以及美國 Motiva 批准提供的信貸額度部分的收益。我們的信貸額度中還有一筆 2,500 萬美元的額外可用款項，使我們的總可用現金餘額達到約 1.15 億美元。

Our [cash] before financing the fourth quarter was $22.6 million. The fourth quarter, as well as the first quarter, will be the highest for us in terms of cash use as we're seeing the investment in the United States commercial efforts, as well as the increase in inventory needed to support the strong demand we are seeing for our US launch.

我們第四季融資前的現金為 2,260 萬美元。第四季和第一季將是我們的現金使用量最高的季度，因為我們看到了對美國商業努力的投資，以及支持我們在美國推出的強勁需求所需的庫存增加。

Our cash will improve meaningfully as the year progresses, and we leverage these investments and get higher sales in the United States. As the revenue scales, the business should start generating substantial cash flow, and we believe we'll reach cash flow break even in 2026. Our initial revenue guidance for 2025 is $205 million to $210 million representing growth of 23% to 26%.

隨著時間的推移，我們的現金將顯著增加，我們將利用這些投資在美國獲得更高的銷售額。隨著收入規模的擴大，業務應該開始產生大量現金流，我們相信我們將在 2026 年實現現金流收支平衡。我們對 2025 年的初步收入預期為 2.05 億美元至 2.1 億美元，成長率為 23% 至 26%。

Our expectation remains for [OUS] business to grow in the mid-single digits on an underlying basis. Foreign currency remains volatile, at current exchange rates, we expect revenue outside the United States to be approximately $170 million to $175 million. Currency is expected to negatively impact 2025 reported sales results by approximately $2 million to $3 million.

我們仍預期 [OUS] 業務的基本成長率將達到中等個位數。外幣仍然波動，按照當前匯率，我們預計美國以外的收入約為 1.7 億至 1.75 億美元。預計貨幣將對 2025 年報告的銷售業績產生約 200 萬至 300 萬美元的負面影響。

We continue to expect at least $35 million in US revenue in 2025. Gross margins in 2025 should be approximately 200 basis points to 300 basis points higher on an underlying basis. This increase is being driven by the higher selling prices in the US and with our other new product launches.

我們仍預期 2025 年美國的收入至少為 3,500 萬美元。2025 年的毛利率應比基礎利率高出約 200 至 300 個基點。這一增長是由於美國市場銷售價格上漲以及我們其他新產品的推出。

We remain very focused on managing operating expenses, and we expect total operating expenses will be approximately $45 million to $46 million per quarter, including approximately $6 million to $7 million of non-cash expenses. This represents a step up in operating expenses for the US offset by continued efficiencies in our core business. We're on track to be positive in the second half of 2025.

我們仍然非常注重管理營運費用，我們預計每季總營運費用約為 4,500 萬至 4,600 萬美元，其中包括約 600 萬至 700 萬美元的非現金費用。這意味著美國營運費用的增加將被我們核心業務的持續效率所抵消。我們預計在 2025 年下半年取得積極進展。

I will now turn the call back to Juan Jose.

我現在將電話轉回給胡安·何塞。

Thank you, Raj. As we communicated earlier this year, I am retiring from my position as CEO of Establishment Labs, effective March 1. As the founder of this company more than 20 years ago, it was not an easy decision to step aside, but it was the right one, and as one of the largest shareholders of the company, I look forward to a bright future.

謝謝你，拉傑。正如我們今年早些時候溝通的那樣，我將從 3 月 1 日起辭去 Establishment Labs 執行長一職。身為這家公司20多年前的創辦人，做出卸任的決定並不容易，但這是正確的決定，身為公司最大的股東之一，我期待著美好的未來。

However, I will continue to be involved with establishment labs in the things I love, and I am best at creating value through innovative concepts, overseeing the technology development, and interacting with the surgeon community to promote these innovations while telling the amazing story of Establishment Labs. I am not going anywhere.

然而，我會繼續參與建立實驗室我喜歡的事情，我最擅長透過創新概念創造價值，監督技術發展，並與外科醫生社群互動以推廣這些創新，同時講述建立實驗室的精彩故事。我哪裡也不去。

In fact, later this week we have another delegation of US surgeons coming to Costa Rica, and I will be hosting them at our Sulayom Innovation Center. I will also be at the American Society of Plastic Surgeons meeting in Austin next month hosting several events with KOLs and many other meetings and events this year.

事實上，本週晚些時候我們將有另一個美國外科醫生代表團前往哥斯達黎加，我將在蘇拉永創新中心接待他們。我還將參加下個月在奧斯汀舉行的美國整形外科醫生協會會議，與 KOL 一起舉辦幾場活動，並在今年舉辦許多其他會議和活動。

This is an evolution for me into a new role at Establishment Labs. I like to call it the chief evangelist. We have accomplished an enormous amount over the past 20 years. We have transformed the breast aesthetics and reconstruction industry and dramatically reduced the rates of device-related complications.

這對我進入 Establishment Labs 擔任新角色來說是一個進步。我喜歡稱之為首席傳道者。過去20年我們取得了巨大的成就。我們改變了乳房美容和重建行業，並大幅降低了設備相關併發症的發生率。

We have brought key innovations to market like our proprietary low inflammatory smooth silk surface, MicroTransponder technologies and biosensors like Zen, the first and only ergonomic breast implant, Flora, the first commercial breast tissue expander that allows for MRIs.

我們將關鍵創新推向市場，例如我們專有的低發炎性光滑絲質表面、MicroTransponder 技術和生物感測器，例如 Zen（第一個也是唯一符合人體工學的乳房植入物）和 Flora（第一個可用於 MRI 的商業乳房組織擴張器）。

Next generation super silicon, and now our memory invasive platform and breast tissue preservation with Mia and Preserve. At the surgical center in Ursula, we are designing and teaching the surgical techniques to simplify the adoption of minimally invasive and breast tissue preservation. We have scaled our manufacturing to where we can produce over 1 million implants a year. We have established sales and distribution in over 90 countries.

下一代超級矽，以及現在我們的記憶侵入平台和使用 Mia 和 Preserve 的乳房組織保存。在烏爾蘇拉的外科中心，我們正在設計和教授手術技術，以簡化微創手術和乳房組織保存的採用。我們的生產規模已擴大到每年可生產超過 100 萬個植入物。我們已在 90 多個國家建立了銷售和分銷網絡。

The track record of less than 1% device related complications with the over 4 million devices we have sold have had an enormous impact on the lives of women in every corner of the globe, including the US and China. Next level for us as a company, however, is to build on this foundation of innovation in an efficient and profitable way.

我們已銷售超過 400 萬台設備，其中與設備相關的併發症發生率不到 1%，這對包括美國和中國在內的全球各個角落的女性的生活產生了巨大影響。然而，我們公司的下一個階段是以高效且有利可圖的方式在此創新基礎上再接再厲。

And so, I decided to create space to bring someone in with deep experience scaling companies globally to profitability. While the board is doing a market check, I think Peter Caldini will do a wonderful job as interim CEO and could certainly handle the role on a permanent basis as well. I will now turn the call over to the operator for your questions.

因此，我決定創造空間來引進一位擁有豐富經驗的人士來帶領公司在全球範圍內實現盈利。在董事會進行市場檢查的同時，我認為 Peter Caldini 將會出色地完成臨時執行長的職務，並且一定能夠長期擔任該職務。現在我將把電話轉給接線員來回答您的問題。

(Operator Instructions)

（操作員指示）

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Thank you and first, JJ, good luck into the transition and obviously congratulations on building a great organization and Peter, good luck as interim and through the transitional process maybe first, to go into the dynamics on the US Motiva launch, couple questions there and I'll have a quick follow up, maybe just an update on how many accounts you're in.

謝謝你，首先，JJ，祝你過渡順利，當然也祝賀你建立了一個偉大的組織，彼得，祝你作為臨時主席和過渡過程順利，也許首先，我們可以談談美國 Motiva 發布的動態，有幾個問題，我會快速跟進，也許只是更新一下你有多少個賬戶。

I think the number exiting last year was around 500. JJ, you gave some good color on ordering patterns here, through February. I'm just wondering how that matches up in terms of total live accounts in the US. And then when you think about the 35 million [guide] wondering if FDA clearance of Ergonomix2 is baked into that number and I have one quick follow up.

我認為去年退出的人數約為 500 人。JJ，到二月為止，你在這裡為訂購圖案提供了一些很好的顏色。我只是想知道這與美國的活躍帳戶總數相比如何。然後，當您想到 3500 萬 [指南] 時，想知道 FDA 對 Ergonomix2 的批准是否包含在這個數字中，我有一個快速的跟進問題。

Yeah, thank you, Anthony. And yeah, we're, beyond happy with what we are seeing in the market with the US launch and some of the of the color that we gave today is particularly important because we have 650 accounts that have been fully onboarded and out of those 450 have already placed orders and almost 90% of them have been reordering.

是的，謝謝你，安東尼。是的，我們對美國市場推出的產品感到非常滿意，我們今天提供的一些顏色特別重要，因為我們有 650 個帳戶已經完全加入，其中 450 個已經下了訂單，其中近 90％ 已經重新訂購。

And when you look at those that have not ordered yet, those are accounts that we recently onboarded. So, if you add to that that we are signing up an average of 5 accounts per day, it gives you how this is going to scale up over the next few quarters.

當您查看那些尚未訂購的帳戶時，您會發現這些是我們最近加入的帳戶。因此，如果再加上我們平均每天註冊 5 個帳戶，你就能知道未來幾季我們的註冊量將會如何擴大。

Remember accounts that begin with Motiva doesn't mean they'll start using Motiva on day one. It means they'll start offering, Motiva to their patients in their consultations after that. So, they may be booking surgeries that are weeks away or sometimes months away, and you know the important thing for us at this point is to be focusing on the two things that matter continuing to add new accounts, but now it also shifts the focus as well to, the reordering patterns.

請記住，以 Motiva 開頭的帳戶並不意味著他們會在第一天就開始使用 Motiva。這意味著他們將在那之後的諮詢中開始向患者提供 Motiva。因此，他們可能會預約幾週甚至幾個月後的手術，您知道，目前對我們來說最重要的是專注於兩件重要的事情，即繼續增加新帳戶，但現在它也將重點轉移到重新排序模式。

And when we look at some of our largest accounts to date, their reordering patterns is exactly what we want to see. On your other question, our $35 million does not include any new approval in the United States.

當我們查看迄今為止的一些最大帳戶時，它們的重新排序模式正是我們希望看到的。關於您的另一個問題，我們的 3500 萬美元並不包括在美國獲得的任何新批准。

That's helpful and a quick follow up would just be maybe a recap on the macro front around the world, it sounds like, we're still not quite out of the woods in terms of aesthetics, but there's some signs of green shoots. So maybe just the backdrop on aesthetics key regions, US, China, and Brazil. Thanks again.

這很有幫助，快速的後續行動可能只是對世界各地宏觀情況的回顧，聽起來，我們在美學方面還沒有完全走出困境，但已經出現了一些復甦的跡象。因此，也許只是美學重點區域的背景，即美國、中國和巴西。再次感謝。

Yeah, I think it's important to realize that there's still microeconomic pressures, but, when we think about, Latin America, we're not expecting growth from Latin America this year.

是的，我認為重要的是要認識到仍然存在微觀經濟壓力，但是，當我們考慮拉丁美洲時，我們並不期望今年拉丁美洲會出現成長。

We're also seeing very good signs that the situation is no longer deteriorating in Latin America. We already saw that in Q4, and as we look into EMEA and APAC, that's where the growth will come from. But we've guided, I think, in a very conservative way to, about, mid-single digits, and that does not take into account any potential contributions from, new regulatory approvals or launches like Preserve.

我們也看到了非常好的跡象，顯示拉丁美洲的局勢不再惡化。我們已經在第四季度看到了這一點，當我們研究歐洲、中東和非洲地區以及亞太地區時，我們發現成長將來自這些地區。但我認為，我們以非常保守的方式指導，大約在中等個位數，而且這還沒有考慮到新的監管批准或 Preserve 等產品的推出帶來的潛在貢獻。

So, I think we're in a good place for a year of growth and even though, there will be macro pressures in different areas, I think we have enough evidence to feel that, what we've said is totally achievable.

因此，我認為我們今年的成長勢頭良好，儘管不同領域會面臨宏觀壓力，但我認為我們有足夠的證據表明，我們所說的話是完全可以實現的。

Allen Gong, JP Morgan.

艾倫·龔，摩根大通。

Hi team, thanks for the question. Just to start off with one on the US launch, it definitely seems as though, you've got good momentum and you provided really good color on kind of the order rate daily basis, but just doing some napkin math and fully understanding that it's not, quite that straightforward to get to actual revenues, but It looks as though your momentum so far in January and February already implies that, the [3.5 million] in first quarter looks like it could be, really conservative given the just the average daily orders you've seen so far. So why was [5 million] the right target to, start off the year and kind of what are you assuming in March?

大家好，感謝你們的提問。首先從美國市場的發布說起，看起來你們的發展勢頭很好，而且你們對每日訂單率的數據也給出了很好的說明，但是通過一些簡單的計算，你們完全明白要獲得實際收入並不是那麼簡單，但是從你們一月和二月迄今為止的發展勢頭來看，已經表明，根據你們目前看到的平均每日訂單量來看，第一季度的 [350 萬] 看起來可能非常保守。那麼為什麼 [500 萬] 是年初的正確目標，您對 3 月的預期是多少？

Allen, yeah, thanks for the question. I guess for us it's still early in the launch, right? So, we had approval late September, as we launched in October and things are going exceedingly well as one as they described with the order numbers that we're seeing and how it's ramping.

艾倫，是的，謝謝你的提問。我想對於我們來說現在還處於發布的早期階段，對嗎？因此，我們在 9 月底獲得了批准，並於 10 月推出了產品，而且一切進展順利，正如他們所描述的那樣，我們看到了訂單數量以及產品的增長情況。

We'd agree with you, right, that the numbers we we've given, could look conservative, but it's still early in the launch, so we want to give ourselves some room and again, so far everything is tracking, but we want to give ourselves, a little bit of time to see how things develop.

我們同意你的看法，對的，我們提供的數字可能看起來很保守，但現在還處於發布初期，所以我們想給自己一些空間，而且到目前為止，一切都在跟踪，但我們想給自己一點時間來觀察事態的發展。

Got it. Okay. And then, when we think about kind of the trajectory of your operating expense, right, you provided the kind of quarterly value that you're kind of expecting it to fall into, but when we think about the fact that, some of the big step up sequentially from third quarter into the fourth quarters to sort of stand up the US launch, you've reached that 40 rep target that you've kind of been talking about.

知道了。好的。然後，當我們考慮您的營運費用的軌跡時，對的，您提供了您期望它會落入的季度價值，但是當我們考慮到從第三季度到第四季度的一些連續大幅增長，以支持美國市場的推出，您已經達到了您一直在談論的 40 個代表目標。

How should we think about the trajectory of SG&A going forward given, some of that spend should be one time in nature and arguably can come out of the model and, maybe the back half of the year. Thank you.

鑑於部分支出本質上應該是一次性的，並且可以從模型中出來，也許是在今年下半年，我們應該如何看待銷售、一般和行政費用的未來走勢。謝謝。

Well, I don't think you should look at it as one time in nature, right? So, we have, hired salespeople. We've established the US commercial operation, that infrastructure is now in place, right? And as you move through the year, the leverage you'll see in the model is as we leverage that.

嗯，我認為你不應該把它看作是自然界中的一次，對嗎？因此，我們聘請了銷售人員。我們已經建立了美國商業運營，基礎設施現在已經到位，對嗎？隨著時間的流逝，您會在模型中看到槓桿作用，這就是我們所利用的槓桿作用。

And so, the necessity to add on top of that will be opportunistic on our part, and we're seeing really strong demand in the US and so we could add more salespeople as the year goes on, but there is not a -- in a necessity to add a lot more to that sales base.

因此，在此基礎上進行增加的必要性對我們來說是機會主義的，我們看到美國的需求非常強勁，因此隨著時間的推移，我們可能會增加更多的銷售人員，但沒有必要在該銷售基礎上增加更多銷售人員。

And so, you should see it sort of stabilize and then, frankly it should be, at a similar rate and again there'll be fluctuations quarter in and quarter out, but it should -- it shouldn't move much over the course of the year. And that's really how you start to get the leverage as you move through the year and the top line really starts to show, this momentum we have in the United States.

因此，你應該會看到它趨於穩定，然後坦率地說，它應該以類似的速度增長，並且每個季度都會出現波動，但它應該 - 它不應該在一年內出現太大的變化。這就是我們在一年中開始獲得優勢的方式，收入也真正開始顯現，這就是我們在美國所擁有的勢頭。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

Hi, good afternoon. Thanks for taking the questions and Juan Jose, congratulations on quite the ride and it's great to hear that it will continue with your continued active involvement with the company.

嗨，下午好。感謝您回答問題，胡安·何塞，祝賀您取得如此出色的成績，很高興聽到您將繼續積極參與公司事務。

Wanted to just ask, I know you're not providing details on the [fetech minimally invasive] portfolio regulatory pathway, but was hoping you may just help us think about what steps are required prior to those pathways being fully developed in the US and China for Mia and for Preserve. If you can just help us, think about, what boxes need to be checked before that's finalized.

我只是想問一下，我知道您沒有提供 [fetech 微創] 產品組合監管途徑的詳細信息，但希望您能幫助我們思考在美國和中國為 Mia 和 Preserve 全面開發這些途徑之前需要採取哪些步驟。如果您能幫助我們，請考慮一下在最終確定之前需要檢查哪些方塊。

Yeah, thanks, Josh. I think, we've been trying to give as much color as possible and how, we're going to bring the next generation of innovation into the US and one of the things we've been saying is that, really with the approval of the Motiva smooth silk round and the Motiva smooth silk ergonomics, it's already, a different generation of implants from what you had available in the United States.

是的，謝謝，喬希。我認為，我們一直在嘗試提供盡可能多的色彩，以及我們將如何將下一代創新帶入美國，我們一直在說的一件事是，隨著 Motiva 光滑絲綢圓形和 Motiva 光滑絲綢人體工程學的批准，它已經是與美國現有的植入物不同的一代。

Now one of the things we talked about today is, the beginning of the process for the registration of tools necessary for Preserve, and I think that's very exciting, of course, given the excitement that breast tissue preservation is already having globally, if you look at, what many of the surgeons even here in the United States are saying about breast tissue preservation.

今天我們談論的事情之一是，開始註冊保存所需工具的過程，我認為這非常令人興奮，當然，考慮到乳腺組織保存在全球範圍內已經引起的轟動，如果你看看，甚至在美國，許多外科醫生都在談論乳腺組織保存。

They're, already very happy to put the implant above the muscle, saving the pectoralis muscle, when and if possible, but there's a whole shift towards, this movement we pioneered, so definitely having that process ongoing is going to help us, with a potential launch of Preserve in the US. On top of that, you have the potential approval of the reconstruction indication for 2026.

他們已經非常樂意將植入物放置在肌肉上方，以便在可能的情況下保護胸肌，但是我們正在朝著我們開創的這一運動進行整體轉變，因此，持續進行這一過程肯定會對我們有所幫助，並有可能在美國推出 Preserve。除此之外，2026 年的重建計畫還有可能獲得批准。

And remember, we recognize revenue at a much higher price, when it comes to the reconstruction market, not only for Flora, but eventually when approved for Motiva implants. Beyond that, there's the Ergonomix2 platform, and that's what allows for Mia, which is basically those injectable implants that are done minimally invasive.

請記住，當涉及重建市場時，我們以更高的價格確認收入，不僅適用於 Flora，而且最終當 Motiva 植入物獲得批准時也是如此。除此之外，還有 Ergonomix2 平台，這就是 Mia 得以實現的基礎，Mia 基本上是一種微創注射植入物。

So, it really is about a super cycle of innovation. So, you should think about like that you're going to be seeing, approvals and launches of innovative real differentiated products in the US market, in '26, '27, and '28. So, we're not giving the exact dates, but I think you can be sure that you'll be seeing every year an important development in terms of innovation from us.

所以，這其實是一種創新的超級循環。因此，您應該想像一下，在 2026 年、2027 年和 2028 年，美國市場上將批准並推出創新的真正差異化產品。因此，我們不會給出確切的日期，但我認為您可以肯定會看到我們每年在創新方面取得的重要進展。

Excellent, and maybe the follow up a kind of it, involves this pipeline, but prior to some of the macro turmoil.

非常好，也許後續會涉及到這個管道，但在一些宏觀動盪之前。

You know your team had laid out this path to kind of medium to long range planned path to $500 million in revenue and was hoping to just that's not set in stone currently, but maybe just talk about, your confidence in that March to $500 million in revenue from here. Thanks a lot.

您知道您的團隊已經制定了一項中長期計劃，以實現 5 億美元的收入，並且希望目前還沒有確定，但也許可以談談您對 3 月份實現 5 億美元收入的信心。多謝。

Yeah, I think you know in terms of that in the second half of '23 and pretty much, a big part of '24, what we saw is all these macro pressures have an effect in aesthetics overall, both in the United States and also all the US, but I think, aesthetics is really showing signs of resilience. We're already seeing, good signs in APAC, EMEA and Latin America, I think, is the one lagging behind in that that return to growth.

是的，我認為就 2023 年下半年以及 2024 年的大部分時間而言，我們看到所有這些宏觀壓力都對整體美學產生了影響，無論是在美國還是在美國各地，但我認為，美學確實顯示出復甦的跡象。我們已經看到亞太地區、歐洲、中東和非洲地區以及拉丁美洲出現了良好跡象，我認為，這些地區在恢復成長方面落後了。

But for us, with the US on board and all the dynamics that we are seeing, that rich innovation pipeline, I think it becomes, first of all, going back to the type of strong growth that this company has been doing, prior to that period. So you know already this year you're at 25% of the midpoint and with possibilities for doing even more.

但對我們來說，隨著美國的加入以及我們所看到的所有動態，以及豐富的創新管道，我認為它首先會回到該公司在此之前一直保持的強勁成長模式。所以您已經知道，今​​年您已經完成了中點的 25%，並且有可能完成更多。

Beyond that, there's an important thing regarding, our ability to get to that number eventually as a profitable company, and already this quarter you see our gross margins at 68.5%. So, it shows you how, all the work that [Peter] has been doing in terms of, right sizing the company and all the efficiencies that we've been getting on top of, selling our products at higher prices with higher revenue in the US and also into China.

除此之外，還有一件重要的事情，那就是我們作為一家獲利公司最終實現這一數字的能力，本季我們的毛利率已經達到 68.5%。所以，它向你展示了彼得在調整公司規模和提高效率方面所做的所有工作，以及我們在美國和中國以更高的價格銷售產品並獲得更高的收入。

And as you go into those innovations, remember, Preserve kind of like, is in the midpoint between Motiva implants and Mia. So that also should add, a lot of good high-quality revenue for the company. So I think that's the difference, Josh, is that in the past we were just zeroed into, let's get to $500 million, and now we're like, well, we're going to get there as a profitable company.

當您了解這些創新時，請記住，Preserve 有點像 Motiva 植入物和 Mia 的中間點。因此這也應該為公司帶來大量優質收入。所以我認為，喬希，不同之處在於，過去我們只是把目標鎖定在「讓我們達到 5 億美元」上，而現在我們的目標是，好吧，我們要作為一家盈利的公司實現這一目標。

Excellent thanks Monase.

非常感謝 Monase。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Jose, I just wanted to say good luck to you on your next phase, and Peter, it's nice to be working with you here going forward. Wanted to ask a question here about, OUS revenue, really, and when I think about this mid-single digit guide for OUS, it appears that's going to include that $8 million to 10 million in Mia revenue.

何塞，我只是想祝你下一階段好運，彼得，很高興能和你一起共事。真的想在這裡問一個關於 OUS 收入的問題，當我想到 OUS 的這個中等個位數指南時，似乎這將包括 Mia 的 800 萬到 1000 萬美元的收入。

If I back that out, assuming of course you had some Mia revenue in '24, it looks like all you're needing to achieve is low single digit growth OUS this year. Is that the right way to think about it? And if so, is there anything you can do to help us kind of think about the cadence throughout the year, things to think about in terms of seasonality, trying to distributor ordering, that sort of thing.

如果我推翻這個假設，當然假設你在 24 年有一些 Mia 收入，那麼看起來你今年所需要實現的只是 OUS 的低個位數成長。這是正確的思考方式嗎？如果是這樣，您能做些什麼來幫助我們思考全年的節奏、季節性方面的事情、嘗試分銷商訂購之類的事情？

Yeah, Marie, thanks for the question. So, a couple of things, we did have that surgery last year. (technical difficulty) It is about 2025, you do expect a gradual recovery, not expecting that's there.

是的，瑪麗，謝謝你的提問。所以，有幾件事我們去年確實做了手術。（技術難題）大約是 2025 年，你確實期望出現逐步復甦，而不是期望馬上就會出現。

The other important dynamic to really consider in your outlook is that China for us, so 2024 was the year where we had sales into that market in China. That distributor has now set up their distribution network into China. We're not expecting much reordering in the first half of this year.

在您的展望中真正要考慮的另一個重要動態是中國，因此 2024 年是我們在中國市場銷售的一年。該分銷商目前已在中國建立了分銷網絡。我們預計今年上半年不會有大量的重新訂購。

But that will recover in the second half, and we'll start to see demand match kind of in market dynamics in China. We'll see a little bit of currency in the first half of the year, but overall, you're correct. I mean we should see growth over the course of the year gradually recover, and we've provided, I think, a pretty conservative start to the year in terms of what's needed to reach our numbers.

但這種情況將在下半年恢復，我們將開始看到中國市場動態中的需求匹配。我們會在上半年看到一些貨幣，但總的來說，你是對的。我的意思是，我們應該會看到經濟成長在一年內逐漸恢復，而且我認為，就實現我們的目標所需的條件而言，我們已經為今年提供了一個相當保守的開端。

Okay, conservative start to the year that's good to hear. And then maybe my second question here on some of the EBITA outlook you've given as well as the cash flow, just want to quickly clarify, I think I heard for 2026 you're aiming for, I think I heard both cash flow break even or cash flow positive.

好的，很高興聽到今年的開局比較保守。然後，也許我的第二個問題是關於您給出的一些 EBITA 前景以及現金流，我只是想快速澄清一下，我認為我聽說您的目標是 2026 年，我認為我聽到的是現金流收支平衡或現金流為正。

Can you just clarify which one that is? And then should we think about the EBITDA trajectory throughout the year very similar to what you talked about for the cash burn trajectory in terms of a bit higher in Q1 and then improving meaningfully throughout the year. Thanks for taking the questions.

你能澄清一下那是哪一個嗎？那麼，我們是否應該認為全年的 EBITDA 軌跡與您談論的現金消耗軌跡非常相似，即第一季略高，然後全年都有顯著改善。感謝您回答這些問題。

Yeah, so we've talked about, achieving a quarter of positive, getting to be positive here in 2025, and then, a similar, crossing the threshold to cash flow positive in 2026. In terms of your question about EBITDA and cash flow, it is similar, right? So, as the year progresses, we expect the cash use and the loss in the first quarter to be pretty similar to what it was in the fourth quarter and again reflecting that stepping up of the commercial efforts in the United States and the inventory needed to support those efforts.

是的，我們已經討論過，實現四分之一的正現金流，在 2025 年達到正現金流，然後，類似地，在 2026 年跨越現金流為正的門檻。關於您提到的 EBITDA 和現金流，它們是相似的，對嗎？因此，隨著時間的推移，我們預計第一季的現金使用量和損失將與第四季度的水平非常相似，這再次反映了美國商業努力的加強以及支持這些努力所需的庫存。

And then as the year goes on you start to see the leverage and we do again expect to achieve positive in the second half of the year and then you move into 2026, those dynamics continue when you cross over into cash flow positive.

然後隨著時間的推移，你開始看到槓桿作用，我們再次預計在下半年實現正值，然後進入 2026 年，當你跨越到現金流為正值時，這些動態將繼續下去。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Good afternoon. Thank you for taking the question. It sounds like there's some good early momentum in the launch, and I'm curious, what kind of physicians are adopting Motiva and what kind of patients are they targeting as the best patients for it.

午安.感謝您回答這個問題。聽起來這款產品在上市初期勢頭良好，我很好奇，哪些類型的醫生正在採用 Motiva，以及他們將哪些類型的患者作為最佳治療目標。

And I'll throw my second question out at the same time, which is, it sounds like you've started the year with about 40 active sales reps, but you're looking to expand it throughout 2025. How do you think about exiting 2025 in terms of sales reps? Thanks.

同時，我還要提出第二個問題，聽起來您今年年初就有大約 40 名活躍銷售代表，但您希望在 2025 年擴大這一數字。就銷售代表而言，您如何看待 2025 年的退出？謝謝。

Yeah, thank you, Joanne. I think it's really important to see that, the US market has been starving for innovation for the last two decades. So, of course, one of the things that we are seeing is the excitement around the brand.

是的，謝謝你，喬安妮。我認為真正重要的是要看到，過去二十年來美國市場一直渴望創新。因此，當然，我們看到的事情之一就是圍繞著該品牌的興奮之情。

Over 60 press articles, hundreds of social media posts from surgeons talking about, having access to this, amazing technology, having the ability to put this implant above the muscle safely, reducing device-related complications and all of it, we've had over 1.8 billion impressions in social media and that has been organic.

超過 60 篇新聞文章、數百條來自外科醫生的社交媒體帖子都在談論這項令人驚嘆的技術，談論能夠將植入物安全地放置在肌肉上方、減少與設備相關的並發症等等，我們在社交媒體上的曝光量已超過 18 億次，而且這些曝光量都是自然而然的。

So, when we see that you know what we have to do as a company is to make sure that women who were in the consideration phase for a breast augmentation but had not made their decision based on safety or, am I going to have an unnatural result are receiving the type of messaging that they need to cross over and make it to their clinic, and that's something that is really important to see.

因此，當我們看到您知道我們作為一家公司所要做的就是確保那些處於考慮隆乳階段但尚未基於安全性或是否會得到不自然的結果而做出決定的女性能夠收到她們需要跨越並前往診所的信息，這是非常重要的。

We talked about, the celebrity campaign that we have upcoming, and that's also going to make a difference because, for the last two decades aesthetic companies have not been, really exclusively involved with the plastic surgeon, and we are.

我們討論了即將開展的名人活動，這也將產生影響，因為在過去的二十年裡，美容公司並沒有真正專門與整形外科醫生合作，而我們卻做到了。

So, what type of Are they seeing patients who are excited about this technology and those come, from different age groups, but they're really going in there because of the innovation, the safety, and definitely when we look at, the number of sales reps that we have today, we have what it takes. We will add, probably selectively in big metro areas as the year progresses, but we have what it takes now.

那麼，他們看到哪些患者對這項技術感到興奮，這些患者來自不同的年齡段，但他們真正選擇這項技術是因為它的創新性和安全性，而且從我們目前擁有的銷售代表數量來看，我們具備了這項技術所需的條件。隨著時間的推移，我們可能會選擇性地在大都會區增加，但現在我們已經具備了所需的條件。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

Hey guys, thanks for taking the question. Wanted to start with one just on Motiva and I was wondering what you're seeing here early. It's kind of related to the types of surgeons, but which incumbent do you think it's going to be easier to take share from in these new markets? Is there one that's easier than the other at this point?

嘿夥計們，謝謝你們回答這個問題。想要從 Motiva 開始，我想知道您在這裡看到了什麼。這與外科醫生的類型有關，但您認為哪位現任醫生在這些新市場中更容易奪取市場份額？目前來說，有一個比另一個更容易嗎？

In the United States, I think, you've seen, a market leader [AbbVie] with, allergen aesthetics, 50% of the market, and then, Johnson and Johnson with mentor in second place, and, I think we're getting market share from, everyone who believes in innovation as a plastic surgeon, so they are the ones doing the first mover, but later on you'll see, people coming from all places, we're not selling our implants at a price point that attacks the low price market, so that's probably a place where, we're not heading at this point.

在美國，我想你已經看到了，市場領導者 [AbbVie] 在過敏原美容領域佔據了 50% 的市場份額，然後是強生公司，其導師位居第二，而且我認為我們從所有相信整形外科醫生創新的人那裡獲得了市場份額，所以他們是先行者，但後來你會看到，來自四面八方的人都創新的人那裡我們不會以攻擊價格，所以

But definitely what we are seeing is that you know for instance when you look at ergonomics, we were not expecting the share of ergonomics in our total sales to be so high at this point and ergonomics is a more expensive product truly differentiated from everything else that you see in the market. So those are the things that we'd like to see.

但我們確實看到的是，例如，當你看人體工學時，我們並沒有想到人體工學在我們的總銷售額中所佔的份額會這麼高，而且人體工學是一種更昂貴的產品，與你在市場上看到的其他產品有真正的區別。這些都是我們希望看到的事情。

Beyond that, I think over time we're going to be taking market share from everyone.

除此之外，我認為隨著時間的推移，我們將從所有人手中奪取市場份額。

Can I ask a follow up on Mia, I guess I was just wondering your current thinking when you first introduced the concept years ago and had done market research, you talked about the potential for it to kind of double the [TAM].

我可以問一下關於米婭的問題嗎？我只是想了解你現在的想法。幾年前，當你第一次提出這個概念，並做了市場調查時，你談到了它有潛力讓[譚]。

And I know you've expressed in Europe, you're seeing kind of half those patients so far, so they weren't really in the market for augmentation until they saw this. So, what do you think now in terms of what Mia could do for [TAM] expansion?

我知道您在歐洲表示過，到目前為止，您已經看到一半的患者，所以在看到這個之前，他們並沒有真正進入增強治療領域。那麼，您現在認為 Mia 可以為 [TAM] 擴張做些什麼呢？

I think we remain very confident with that. I think it just happens, over a longer period of time. The entire breast augmentation sector hasn't seen much growth, in the last 15 years. So, having this real market expansion taking place over the next, 5 years to 10 years is going to make a big difference, and it happens, at a high price point, by the way. So, all of that is of course a positive, but again, Mia takes longer to develop.

我認為我們對此仍然非常有信心。我認為這只是在較長的時間內發生的。在過去的 15 年裡，整個隆乳產業並沒有太大的成長。因此，在未來 5 年到 10 年內實現真正的市場擴張將會產生巨大的影響，而且，順便說一句，它會發生，而且價格很高。所以，當然，所有這些都是積極的，但米婭需要更長的時間來發展。

When you look at Preserve, think about like the 50% of patients that came in for, interested in Mia, but eventually they're not a good Mia patient. Then we reserve and the potential launch of Preserve in different geographies, what we can do is provide to Mia interested patients who are not good candidates an option that is much superior and closer to what they were expecting.

當您查看 Preserve 時，請想一想，大約有 50% 的患者對 Mia 感興趣，但最終他們並不是一個好的 Mia 患者。然後，我們保留並在不同地區推出 Preserve，我們能做的就是為那些對 Mia 感興趣但不適合的患者提供一個更優質、更接近他們期望的選擇。

So, I think the marriage of Mia and Preserve, it's a powerful one because not only we're working on the real market expansion piece but also with Preserve, we're attacking the day-to-day needs of the plastic surgeon and that's why it can be so impactful.

所以，我認為 Mia 和 Preserve 的聯姻非常有力，因為我們不僅致力於真正的市場擴張，而且透過與 Preserve 合作，我們還在滿足整形外科醫生的日常需求，這就是它如此具有影響力的原因。

Thank you, JJ.

謝謝你，JJ。

Mason Corrico, Stephens Inc.

梅森·科里科（Mason Corrico），斯蒂芬斯公司

Thanks for taking the questions. I wanted to ask about what is baked in from US Motiva revenue here in 2025, or could you specify how many accounts, in orders per day and sales reps you expect to end the year with.

感謝您回答這些問題。我想問一下 2025 年美國 Motiva 的收入中包含了哪些內容，或者您​​能否具體說明一下您預計到年底會有多少個帳戶、每天的訂單量和銷售代表。

So you know we've given the number of [35 million], right, which we accept, we expect to meet or exceed we've noted, in terms of the number of accounts and the pace of accounts, we're not going to provide that level of detail in our forecast, again, given some of the metrics as they described, we're seeing very strong growth, we're seeing very strong development in those numbers, nothing we've seen thus far has given us any pause in in endorsing that kind of outlook.

所以你知道我們給出了[3500萬]這個數字，對吧，我們接受這個數字，我們預計將達到或超過我們已經註意到的數字，就帳戶數量和帳戶速度而言，我們不會在預測中提供這種程度的細節，再一次，鑑於他們所描述的一些指標，我們看到非常強勁的增長，我們看到這些數字非常強勁的發展，到目前為止，我們所看到的一切都沒有前景。

In terms of sales reps, we, we've noted as well that the 40 reps we have in the field is the team we need, we can, we can drive towards those numbers and more with that team and we'll be selective as the year goes on if we see certain markets where we need to add a sales rep or divide territories and those types of things we will do that, to keep things healthy, but again, we don't need to do much more to achieve the numbers that we've described.

在銷售代表方面，我們也注意到，我們在該領域擁有的 40 名銷售代表是我們所需要的團隊，我們可以，我們可以與該團隊一起努力實現這些數字甚至更多，並且隨著時間的推移，如果我們發現某些市場需要增加銷售代表或劃分區域，我們會進行選擇性的調整，我們會這樣做，以保持健康的局面，但同樣，我們不需要做更多就能實現我們所描述的數字。

Got it, yeah, that makes sense. And then, a quick follow up here. I was wondering, or I just wanted to confirm, have you completely resolved all the supply challenges for Motiva and was there any lingering impact, we should expect in the first quarter?

明白了，是的，這很有道理。然後，這裡快速跟進。我想知道，或者我只是想確認一下，您是否已經完全解決了 Motiva 的所有供應挑戰，以及是否會出現任何持續影響，我們應該在第一季預期到嗎？

Yeah, so thanks, Harrison. We've, as soon as we got the FDA approval. We've actually ramped. Up our capacity. We've added a third shift, so that enabled us to provide the amount of inventory that we needed for the launch in the US, and we don't expect to have that any of those issues going into to Q1 and beyond.

是的，謝謝你，哈里森。一旦獲得 FDA 批准，我們就會這樣做。我們實際上已經加大了力度。提高我們的產能。我們增加了第三個班次，這使我們能夠提供在美國推出產品所需的庫存量，並且我們預計在第一季及以後不會再出現任何這些問題。

Perfect I'll leave it there thank you.

太好了，我會把它留在那裡，謝謝。

Thank you. There are no further questions at this time. I would like to hand the floor back over to Juan Jose Chacon Quiros for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給 Juan Jose Chacon Quiros，請他發表最後評論。

After '23 earnings call, I did want to take the opportunity to thank all of the analysts who've been covering us for all these years and all the banks that have worked with us. I, really see it as one of the great points of my career, and I want to thank you for joining us on today's call.

在 23 年財報電話會議之後，我確實想藉此機會感謝這些年來一直關注我們的所有分析師以及所有與我們合作過的銀行。我真的認為這是我職業生涯中最偉大的時刻之一，我要感謝您參加今天的電話會議。

We will be at several conferences over the next few weeks, including [CDs], Medtech, and Life Sciences Access Day and the Cowan annual Healthcare Conference. We also have a large presence at the upcoming Aesthetic Society meeting in Austin, Texas, and we look forward to seeing many of you at these events. We wish everyone continued good health and happiness.

我們將在接下來的幾週內參加幾場會議，包括 [CDs]、醫療技術和生命科學訪問日以及考恩年度醫療保健會議。我們還將出席即將在德克薩斯州奧斯汀舉行的美學協會會議，我們期待在這些活動中見到你們。我們祝福大家身體健康、幸福快樂。

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。現在您可以斷開線路。感謝您的參與。