Inmode Ltd (INMD) 2019 Q4 法說會逐字稿

Good morning. And welcome to the InMode Ltd. Fourth Quarter 2019 Earnings Conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Miri Segal of MS-IR. Please go ahead.

早安.歡迎來到 InMode 有限公司。2019 年第四季財報電話會議。（操作員指示）請注意，此事件正在記錄中。現在，我想將會議交給 MS-IR 的 Miri Segal。請繼續。

Thank you, operator. And good day to everybody. I would like to welcome all of you to InMode's Fourth Quarter and Full Year 2019 Financial Results Conference Call. With us on the line today are Mr. Moshe Mizrahy, Chairman of the Board and CEO; and Mr. Yair Malca, CFO.

謝謝您，接線生。祝大家有美好的一天。歡迎大家參加 InMode 2019 年第四季和全年財務業績電話會議。今天與我們通話的有董事會主席兼執行長 Moshe Mizrahy 先生；以及財務長 Yair Malca 先生。

Before we begin, may I remind our listeners that certain information provided on this call may contain forward-looking statements. And the safe harbor statement outlined in today's earnings release also pertains to this call.

在我們開始之前，我想提醒我們的聽眾，本次電話會議中提供的某些資訊可能包含前瞻性陳述。今天的收益報告中概述的安全港聲明也與此電話會議有關。

If you have not received a copy of the release, please view it in the Investor Relations section of the company's website. Changes in business, competitive, technological, regulatory and other factors could cause actual results to differ materially from those expressed by the forward-looking statements made today. Our historical results are not necessarily indicative of future performance. As such, we can give no assurance as to the accuracy of our forward-looking statements and assume no obligation to update them except as required by law.

如果您尚未收到該新聞稿的副本，請在公司網站的投資者關係部分查看。業務、競爭、技術、監管和其他因素的變化可能會導致實際結果與今天前瞻性陳述的結果有重大差異。我們的歷史表現不一定能代表未來的表現。因此，我們無法保證我們的前瞻性陳述的準確性，並且除法律要求外，不承擔更新這些陳述的義務。

Moshe will begin the call with a business update, followed by Yair with an overview of the financials. We will then open the call for the question-and-answer session.

Moshe 將在電話會議上首先介紹業務更新情況，然後 Yair 會概述財務狀況。然後我們將開始問答環節。

I'll now hand over the call to Mr. Moshe Mizrahy, InMode's CEO. Moshe, please go ahead.

現在我將電話交給 InMode 執行長 Moshe Mizrahy 先生。摩西，請繼續。

Okay. Thank you, Miri, and thanks to all of you for joining our fourth quarter and full year 2019 financial results conference call. Here with me around the table in Israel are Dr. Michael Kreindel, the Co-Founder and CTO, Michael is also a Board member of the company; Yair Malca, our CFO; and Rafael Lickerman, our VP of Finance.

好的。謝謝你，Miri，也謝謝大家參加我們 2019 年第四季和全年財務業績電話會議。和我一起在以色列出席會議的還有公司聯合創始人兼首席技術官邁克爾·克林德爾博士，邁克爾也是該公司的董事會成員； Yair Malca，我們的財務長；以及我們的財務副總裁 Rafael Lickerman。

Before I update you on the major development and financial results for the fourth quarter and the full year 2019, I would like all of you to join us as we celebrate 2 major events.

在我向大家介紹 2019 年第四季和全年的主要發展和財務表現之前，我想和大家一起慶祝兩件大事。

This year, we are celebrating 10 years of operation. We began operation in 2009. So last year was our 10-year anniversary. The second event we're celebrating is that 2019 was the first year that we reported full year results as a public company. As we celebrate this major event, we would like to highlight our achievements along the way.

今年，我們正在慶祝營運十週年。我們於 2009 年開始營運。去年是我們十週年紀念日。我們慶祝的第二件大事是，2019 年是我們作為上市公司報告全年業績的第一年。在我們慶祝這一重大事件的同時，我們想強調我們一路走來所取得的成就。

In 2015, the FDA cleared InMode new and proprietary bipolar RF frequency technology, which enabled further development and marketing of Minimally Invasive Subdermal Adipose Remodeling devices. I'm sure that you -- all of you may know our BodyTite, FaceTite, AccuTite and Morpheus8.

2015 年，FDA 批准了 InMode 新的專有雙極射頻技術，這使得微創皮下脂肪重塑設備能夠進一步開發和行銷。我相信你們——你們可能都知道我們的 BodyTite、FaceTite、AccuTite 和 Morpheus8。

With this new technology, InMode introduced a new category in the medical aesthetic market, which we call Minimally Invasive and Subdermal Ablative Aesthetic Surgery. This technology enables physicians to provide solution to patients who do not want to suffer from the shortcoming of full plastic surgery, yet, would like to get comparable results. We call them Treatment Gap Patients. Today, 5 years after the introduction of this technology in the U.S., InMode has become the leading provider of minimally invasive aesthetic surgery solution to the aesthetic surgeons. The success of InMode Subdermal Adipose Remodeling Devices in the minimally invasive and the subdermal ablative space inspire InMode to apply the same principle of facial and body reshaping to the noninvasive market with hands-free application. As such, InMode has developed 2 FDA-cleared, unique hands-free platforms. They work for body and they work for face.

憑藉這項新技術，InMode 在醫學美容市場推出了一個新類別，我們稱之為微創和皮下消融美容手術。這項技術使醫生能夠為那些不想遭受全面整形手術的缺點，但又希望獲得類似效果的患者提供解決方案。我們稱他們為治療差距患者。如今，該技術引進美國5年後，InMode已成為向美容外科醫生提供微創美容手術解決方案的領先供應商。InMode 皮下脂肪重塑設備在微創和皮下消融領域的成功啟發 InMode 將臉部和身體重塑的相同原理應用到免持應用的非侵入式市場。因此，InMode 開發了 2 個經 FDA 批准的獨特免持平台。它們適用於身體，也適用於臉部。

These 2 platforms are also cleared in Canada and, also in Europe, received the CE Mark for marketing and sales in Europe. Utilizing this bipolar RF technology for delivering RF energy and electromagnetic pulses, may evolve as the only device for treatment of skin, subdermal set and muscle tone improvement, while Evoke is the first hands-free device for the face and submental area.

這兩個平台也在加拿大獲得了批准，並且在歐洲獲得了可在歐洲行銷和銷售的 CE 標誌。利用這種雙極射頻技術傳輸射頻能量和電磁脈衝，可能發展成為唯一用於治療皮膚、皮下組織和改善肌肉張力的設備，而 Evoke 是第一款用於臉部和下顎區域的免持設備。

The introduction of Evolve and Evoke to the market created for us another new category within the aesthetic market. We call it Hands-Free Aesthetic Procedures. And therefore, currently, our portfolio consists of 2 proprietary and protected group of products. The first one, Minimally Invasive and Subdermal Ablative Aesthetic Surgery; and the second one, Hands-Free Aesthetic Procedures. These 2 groups are expected to be the main growth engine for InMode in the coming year and to position InMode at the front and as leading innovative aesthetic company.

Evolve 和 Evoke 的推出為我們在美學市場中創造了另一個新的類別。我們稱之為免持美容程序。因此，目前我們的產品組合由兩組專有且受保護的產品組成。第一個是微創及皮下消融美容手術；第二個是免持美容手術。預計這兩個集團將成為 InMode 未來一年的主要成長引擎，並使 InMode 成為領先的創新美容公司。

As for the global reach, InMode continue to develop the United States and the international market through our network of subsidiaries and distribution -- and distributors. In addition, InMode continue to work on clinical and regulatory advancement in various countries. Recently, we received ANVISA clearance for Brazil and additional clearances in the United States, Canada, Taiwan and other countries in the Eastern Block. These new regulatory clearances will create additional market potential for InMode's platform and solutions.

至於全球影響力，InMode 將繼續透過我們的子公司和經銷商網路開發美國和國際市場。此外，InMode 持續致力於各國的臨床和監管進步。最近，我們獲得了巴西的 ANVISA 批准，以及美國、加拿大、台灣和其他東歐國家的額外批准。這些新的監管授權將為 InMode 的平台和解決方案創造額外的市場潛力。

Now for the numbers. As of December 31, 2019, the total number of employees worldwide was 251, and our distribution network cover over 50 countries. Our worldwide installed base reached approximately 4,900 platforms, of which approximately 2,800 were in the U.S. In the fourth quarter, InMode generated record revenue of $47 million, a 63% increase from fourth quarter of 2018, reflecting our continued growth and the increased production of our minimally invasive RF technology, as well as the introduction of the new hands-free platform.

現在來看看數字。截至2019年12月31日，全球員工總數為251人，分銷網絡覆蓋50多個國家。我們在全球範圍內的安裝基數達到約 4,900 個平台，其中約 2,800 個位於美國。

International revenue grew 71% year-over-year. Net income increased to $90 million in the fourth quarter. We are focusing on profitable growth and are successfully implementing our goal of international expenses. We are increasing this expansion effort with our current subsidiaries in Spain and the U.K. and our newly established subsidiaries in India and Australia. As for the full year 2019, our total revenue reached $156.4 million, a 56% increase from 2018, and our net profit grew to $61.1 million, a 173% increase from 2018.

國際營收年增71%。第四季淨收入增至9000萬美元。我們專注於獲利性成長，並正在成功實現我們的國際支出目標。我們正在透過位於西班牙和英國的現有子公司以及位於印度和澳洲的新成立的子公司加強擴張力度。就2019年全年而言，我們的總收入達到1.564億美元，比2018年增長56％，淨利潤增長至6110萬美元，比2018年增長173％。

Now for 2020 guidance. Turning to our 2020 guidance, we expect another consecutive growth year, driven by continued development in the market in the U.S. and internationally. Based on our expectations, we are providing a full year 2020 revenue guidance of $190 million to $198 million. We also expect full year 2020 GAAP gross margin to be in the range of 85% to 87%. Full year 2020 non-GAAP income from operations is expected to be in the range of $76 million to $80 million and the full year 2020, non-GAAP earnings per share is expected to be in the range of $1.85 to $1.93.

現在來看看 2020 年的指引。展望 2020 年的預期，我們預計，由於美國和國際市場的持續發展，我們將迎來另一個連續的成長年。根據我們的預期，我們預計 2020 年全年營收為 1.9 億至 1.98 億美元。我們也預計 2020 年全年 GAAP 毛利率將在 85% 至 87% 之間。預計 2020 年全年非 GAAP 營業收入在 7,600 萬美元至 8,000 萬美元之間，預計 2020 年全年非 GAAP 每股收益在 1.85 美元至 1.93 美元之間。

Now we would like to update you on our portfolio categorization. Starting in the first quarter of 2020, we're introducing a more detailed presentation of our product revenue to better reflect our operation by disclosing the following 3 categories. The first category is the surgical platform, which is -- include all the platforms engaged in minimally invasive and subdermal ablative treatment. The second category is our hands-free platform, which currently includes Evolve and Evoke. However, we intend to continue to develop platforms and indications and a new indication for this category. The third category consists of what we call traditional laser and noninvasive RF platforms. And here, I would like to make the same statement I made before. InMode is not traditional laser company. We develop and sell noninvasive laser equipment, since we want to be one-stop shop to our customers who are buying our unique platforms. Last but not least, I'm sure that I will be asked on the effect of the coronavirus on our business. The effect of the coronavirus on our business is threefold. The first one, we expect the overall impact of our revenue to be as minimal as possible since our Asia Pacific region now account for a small portion of our total revenue. We believe that, at least in the first quarter, and perhaps, in the second as well, our sales in China and the other neighboring countries will be affected. As of today, many events and medical conferences are being canceled in Asia. We also took this into account in our projection for 2020. We hope that in Q3 and Q4 everything will be back to normal. Regardless, we are continuing to follow the situation on a daily basis. The second effect is on our manufacturing. As you probably know, some of our components are manufactured in China. And currently, Chinese factories have not returned to full production. We are working hard to get second and third sources for those components from Europe and other countries. We believe that these components will probably be more expensive, but we plan to do our best to minimize the effect on the flow of manufacturing and deliveries of products. The third effect in our regulation in China.

現在我們想向您介紹我們的投資組合分類的最新情況。從2020年第一季開始，我們將透過揭露以下3個類別來更詳細地介紹我們的產品收入，以更好地反映我們的營運狀況。第一類是手術平台，包括所有從事微創和皮下消融治療的平台。第二類是我們的免持平台，目前包括Evolve和Evoke。但是，我們打算繼續開發平台和適應症以及此類別的新適應症。第三類包括我們所謂的傳統雷射和非侵入性射頻平台。在這裡，我仍想重複我剛才說過的話。InMode 不是傳統的雷射公司。我們開發和銷售非侵入性雷射設備，因為我們希望為購買我們獨特平台的客戶提供一站式服務。最後但同樣重要的一點是，我確信有人會問我冠狀病毒對我們業務的影響。冠狀病毒對我們業務的影響是三方面的。首先，我們預計對我們的收入的整體影響將盡可能小，因為亞太地區現在只占我們總收入的一小部分。我們認為，至少在第一季度，甚至在第二季度，我們在中國和其他鄰國的銷售都會受到影響。截至今天，亞洲的許多活動和醫學會議都被取消。我們也在 2020 年的預測中考慮到了這一點。我們希望第三季和第四季一切都能恢復正常。無論如何，我們都會繼續每天關注事態發展。第二個影響是對我們的製造業。您可能知道，我們的一些組件是在中國製造的。而目前，中國工廠尚未恢復全面生產。我們正在努力從歐洲和其他國家尋找這些零件的第二和第三來源。我們認為這些組件可能會更貴，但我們計劃盡最大努力將對產品製造流程和交付的影響降至最低。第三個效應是我們在中國的監管。

Since the CFDA is now closed, we anticipate delay in the approval of our platforms, hopefully not more than 3 months. We expected to get the clearance in China in the first quarter. We now believe that the clearance will come sometime in the second quarter.

由於國家食品藥物管理局目前已關閉，我們預計我們的平台的批准將會延遲，希望不會超過 3 個月。我們預計第一季將在中國獲得批准。我們現在相信，審批將在第二季的某個時候到來。

Now let me hand over the call to Yair to review our financial results in detail. Yair?

現在，讓我把電話交給亞伊爾，讓他詳細回顧我們的財務結果。亞伊爾？

Thanks, Moshe. Good day, everyone. Total revenue in the fourth quarter of 2019 grew 63% to a record $47 million with a gross margin of 87% on a GAAP basis. The revenue growth was driven primarily by the continued success of InMode's expanding direct sales organization in the United States. Additionally, InMode continued to gain traction in international markets, with international revenue growing 71% year-over-year.

謝謝，Moshe。大家好。2019 年第四季總營收成長 63%，達到創紀錄的 4,700 萬美元，以 GAAP 計算的毛利率為 87%。收入成長主要得益於 InMode 在美國不斷擴張的直銷組織的持續成功。此外，InMode 在國際市場上持續獲得關注，國際收入較去年同期成長 71%。

GAAP operating expenses in the fourth quarter of 2019 totaled approximately $23 million, a 2.3% decrease from the first quarter of 2018. Sales and marketing expenses increased 60.7% in the fourth quarter of 2019 compared to the fourth quarter of 2018, but were offset by the anniversary of a onetime legal settlement and loss contingency expense related to a sublicense agreement of $8 million in the fourth quarter of 2018.

2019 年第四季 GAAP 營業費用總計約 2,300 萬美元，較 2018 年第一季下降 2.3%。2019 年第四季的銷售和行銷費用與 2018 年第四季相比增加了 60.7%，但被 2018 年第四季的一次性法律和解週年紀念日以及與 800 萬美元的分許可協議相關的損失應急費用所抵消。

On a non-GAAP basis, operating expenses totaled $22.7 million in the fourth quarter of 2019 compared to operating expenses of $15.4 million in the fourth quarter of 2018, an increase of 47.6%. GAAP operating margin was 38.2% in the fourth quarter of 2019 compared to a 4.6% in the fourth quarter of 2018. Non-GAAP operating margin in the fourth quarter of 2019 was 39% compared to 33% in the fourth quarter of 2018. GAAP diluted earnings per share in the fourth quarter of 2019 were $0.46 compared to a net loss of $0.01 per diluted share in the fourth quarter of 2018. Non-GAAP diluted shares -- diluted earnings per share in the fourth quarter of 2019 were $0.46 compared to $0.22 per diluted share in the fourth quarter of 2018, an increase of 109%.

以非公認會計準則計算，2019 年第四季的營業費用總計 2,270 萬美元，而 2018 年第四季的營業費用為 1,540 萬美元，成長了 47.6%。2019 年第四季 GAAP 營業利潤率為 38.2%，而 2018 年第四季為 4.6%。2019 年第四季非公認會計準則營業利潤率為 39%，而 2018 年第四季為 33%。2019 年第四季 GAAP 稀釋每股收益為 0.46 美元，而 2018 年第四季每股稀釋淨虧損為 0.01 美元。非公認會計準則稀釋股份－2019 年第四季每股稀釋收益為 0.46 美元，而 2018 年第四季每股稀釋收益為 0.22 美元，成長 109%。

We completed the fourth quarter with a strong balance sheet. As of December 31, 2019, the company had cash and cash equivalents, marketable securities and deposits of $193.4 million, out of which $70 million are net proceeds raised in the IPO in August 2019. Total revenue for the full year of 2019 grew 56% to a record $156.4 million with a gross margin of 87% on a GAAP basis. Year-over-year, international revenue growth was 68% in 2019. GAAP operating expenses in the full year of 2019 totaled approximately $76.5 million, a 24.2% increase from the full year of 2018. This increase was attributable to higher levels of sales and marketing spend partially offset by the anniversary of a onetime legal settlement and loss contingency expense related to a sublicense agreement of $8 million in the fourth quarter of 2018. On a non-GAAP basis, operating expenses totaled $75 million in the full year of 2019 compared to operating expenses of $51.7 million in the year of 2018, an increase of 45.2%. GAAP operating margin was 38.1% in the full year of 2019 compared to 23.5% for the full year of 2018.

我們以強勁的資產負債表結束了第四季。截至 2019 年 12 月 31 日，該公司擁有現金和現金等價物、有價證券和存款 1.934 億美元，其中 7,000 萬美元是 2019 年 8 月 IPO 籌集的淨收益。2019 年全年總營收成長 56%，達到創紀錄的 1.564 億美元，以 GAAP 計算的毛利率為 87%。與去年同期相比，2019 年國際營收成長了 68%。2019 年全年 GAAP 營業費用總計約 7,650 萬美元，較 2018 年全年增長 24.2%。這一增長歸因於銷售和行銷支出的增加，但被 2018 年第四季度一次性法律和解的周年紀念日以及與 800 萬美元的分許可協議相關的損失應急費用部分抵消。以非公認會計準則計算，2019 年全年營業費用總計 7,500 萬美元，而 2018 年營業費用為 5,170 萬美元，成長 45.2%。2019 年全年 GAAP 營業利益率為 38.1%，而 2018 年全年為 23.5%。

Non-GAAP operating margin for the full year of 2019 was 39.1% compared to 33.4% for the full year of 2018. GAAP diluted earnings per share in the full year of 2019 were $1.60 compared to $0.62 per diluted share in the full year of 2018. Non-GAAP diluted earnings per share in the full year of 2019 were $1.63 compared to $0.90 per diluted share in 2018, an increase of 81%. On the cash flow front, the company generated $62.2 million from operating activities for the full year of 2019. Please note that 2019 operating cash flow were impacted by the payout of a onetime legal settlement accrued for in prior years.

2019 年全年非公認會計準則營業利益率為 39.1%，而 2018 年全年為 33.4%。2019 年全年 GAAP 攤薄每股收益為 1.60 美元，而 2018 年全年攤薄每股收益為 0.62 美元。2019 年全年非公認會計準則每股攤薄收益為 1.63 美元，而 2018 年每股攤薄收益為 0.90 美元，成長 81%。在現金流方面，該公司 2019 年全年經營活動產生了 6,220 萬美元的收入。請注意，2019 年的營運現金流受到前幾年累計的一次性法律和解支出的影響。

With that, I will turn the call back to Moshe.

說完這些，我將把電話轉回給 Moshe。

Thank you, Yair. Thank you, Yair. With that, I will be pleased to take your questions.

謝謝你，亞伊爾。謝謝你，亞伊爾。我很樂意回答你們的提問。

(Operator Instructions) The first question will come from Jack Meehan with Barclays.

（操作員指示）第一個問題來自巴克萊銀行的傑克‧米漢 (Jack Meehan)。

Congrats on the quarter. So I'm looking forward to the new disclosures you plan to provide around revenue across surgical, hands-free, traditional. Was hoping, could you just give us a little bit of color if you look at that today, what percentage of revenue each of those buckets were in 2019? And within the guidance, what you expect each of those to grow at? I'm expecting the hands-free is probably the fastest level of growth given the new products, but just a little bit more color there would be helpful.

恭喜本季取得佳績。因此，我期待您計劃提供有關手術、免持和傳統收入的新披露。希望您能給我們一些信息，如果您今天看一下，2019 年每個桶的收入佔比是多少？在指導範圍內，您預期每個部分的成長速度是多少？我預計，鑑於新產品的出現，免持功能可能是成長最快的領域，但如果能再多一點色彩就會更有幫助。

Okay. Jack, this is Moshe. Well, in 2019, we started to -- we introduced the Evolve preliminary in August. And therefore, we sold hands-free devices only the Evolve -- the Evoke only in the first quarter of 2020, only on the -- a little bit on the third quarter and on the fourth quarter. Altogether, it was around $12 million. The main market of minimally invasive -- just a second, the main market for the minimally invasive was around, minimally invasive $24 million. And the subdermal ablative. And the traditional was only $1 million. So the previous quarter, just a second. Okay. The numbers that I'm giving you right now -- I'm looking on the spreadsheet. The numbers that I'm giving you right now is on U.S.-only. I will not give you numbers on the international, since we did not sell any hands-free devices on the international market. So on Q4 of 2019, $24 million were the minimally invasive and ablative. Hands-free was around $9 million, and the non-invasive laser was only $1 million, total of $33 million. This is out of the $47 million. In addition to that, we had another $4.3 million of recurrent and the rest was international. On the full year 2009 -- 2019, $89 million was the minimally invasive and ablative, $10 million was the noninvasive, the hands-free was $12 million, since we sold a little bit on the third quarter as well. This is together for U.S. $111 million. Total sales in 2019 was $156 million, out of which was around $15.4 million of recurrent and the rest was international. But in the international, we did not sell any hands-free yet. Does that answer your question?

好的。傑克，這是摩西。嗯，我們在 2019 年 8 月開始推出 Evolve 初步版本。因此，我們在 2020 年第一季只銷售了 Evolve（Evoke），第三季和第四季只賣了一點點。總計約 1200 萬美元。微創的主要市場—僅舉二例，微創的主要市場約為 2,400 萬美元。以及皮下消融。而傳統的僅為100萬美元。上一季度，僅一秒鐘。好的。我現在給你的數字——我正在電子表格上查看。我現在給您的數字僅限於美國。我不會給你國際號碼，因為我們沒有在國際市場上銷售任何免持設備。因此，2019 年第四季度，微創和消融治療支出為 2,400 萬美元。免持式約 900 萬美元，非侵入式雷射僅需 100 萬美元，總計 3,300 萬美元。這是4700萬美元中的一部分。除此之外，我們還有 430 萬美元的經常性資金，其餘的則是國際資金。2009 年至 2019 年全年，微創和消融產品的收入為 8,900 萬美元，非侵入性產品的收入為 1,000 萬美元，免持產品的收入為 1,200 萬美元，因為我們在第三季也賣出了一點。總計達 1.11 億美元。2019 年的總銷售額為 1.56 億美元，其中約 1,540 萬美元為經常性銷售額，其餘為國際銷售額。但在國際上，我們還沒有販售任何免持產品。這回答了你的問題嗎？

It did. And miraculously, I think I kept up with all the numbers, and I think they make sense. The -- so it seems like you're off to...

確實如此。奇蹟般地，我認為我跟上了所有的數字，而且我認為它們是有意義的。那——那麼看起來你要去…

As you can see. Yes, Jack, as you can see, up until we will start selling the hands-free devices, which is the unique platforms in 2020, the minimally invasive and ablative, all the surgical products are the main category for us.

如你看到的。是的，傑克，正如你所看到的，直到我們開始銷售免持設備，這是 2020 年的獨特平台，微創和消融，所有手術產品都是我們的主要類別。

Yes. So it seems like you got off to a really strong start with Evolve. Maybe just talk about, in terms of revenue within your guidance of $190 million to $198 million, what are you assuming for those platforms and how the customer feedback has been?

是的。看起來你們在 Evolve 上已經有了很好的開始。也許可以談談，就您預計的 1.9 億至 1.98 億美元的收入而言，您對這些平台的假設是什麼，以及客戶回饋如何？

Okay. Well, we don't have a lot of customer feedback because most of the deliveries were done at the end of the fourth quarter. But we get some doctors who did some preliminary study even before we launched the product to the market, and the results are good. So we're very encouraged. What will happen in the future with the hands-free devices? First, in general, we do believe that the potential of the technology that we develop for the hands-free segment is even higher than the potential of the minimal invasive. And the reason for that is that the minimal invasive and subdermal ablative is mainly for people -- for doctors who are surgeons. And the hands-free devices can be used by any aesthetic doctor. And the ratio between plastic surgery -- plastic surgeons and aesthetic surgeons, doctors who are doing surgery, to doctors who are engaged in just medical aesthetics, I would say, is at least 1:6 or 1:7. So the potential is high. How the market will accept that? We don't know yet. We have those few quarters with that. It's at least 2, 3 quarters to understand the potential, to understand the message, to fine-tune the message, to decide which community of doctors we are approaching. So it's too early to say.

好的。嗯，我們沒有收到很多客戶回饋，因為大多數交付都是在第四季末完成的。但我們在將產品推向市場之前就請一些醫生做了一些初步研究，結果很好。因此我們感到非常鼓舞。免持設備的未來將會如何發展？首先，總的來說，我們確實相信，我們為免持領域開發的技術潛力甚至高於微創領域的潛力。原因在於微創和皮下消融主要針對的是外科醫師。任何美容醫生都可以使用這種免持設備。我認為，整形外科醫生（進行手術的整形外科醫生和美容外科醫生）與從事醫學美容的醫生之間的比例至少為 1：6 或 1：7。因此潛力很大。市場將如何接受這一點？我們還不知道。我們有這樣幾個季度。至少需要 2 到 3 個季度的時間來了解潛力、理解資訊、微調訊息，並決定我們要接觸哪個醫生群體。所以現在說還太早。

That's fair. And then last question, the recurring revenue, I think I heard $4.3 million in total. It seems like it continued to have a nice ramp on the consumable side. Maybe just what was the revenue contribution from consumables? And how are you seeing adoption side of things?

這很公平。最後一個問題，經常性收入，我記得我聽說總計是 430 萬美元。看起來它在消耗品方面繼續保持著良好的成長勢頭。也許只是消耗品的所得貢獻是多少？您如何看待事情的採用面？

We're currently around 10%. Overall, in 2019, our current -- our current revenue from disposable and others, around 10% of the total revenue worldwide.

我們目前的比例約為 10%。整體而言，2019 年，我們目前來自一次性產品和其他產品的收入約佔全球總收入的 10%。

And the breakdown in there is about 7% -- 70% of that is consumable, and 30% of that is warranty. Does that answer your question?

其中大概有 7% - 70% 是消耗品，30% 是保固。這回答了你的問題嗎？

Yes. And how much of the growth is coming from the minimally invasive side? And how do you expect that to ramp in 2020?

是的。其中有多少成長來自於微創方面？您預計 2020 年這數字將如何成長？

Jack, only the minimally invasive and ablative has disposable. The hands-free and the noninvasive do not -- platforms do not have any disposable. The disposable are for the BodyTite, NeckTite, AccuTite, Morpheus8 and now we're introducing other version of the Morpheus8. These are the onetime use, and these are the disposable. So as the installed base of the minimally invasive and ablative platforms will grow, the total number of -- the total number of disposables will grow as well. We see this starting in 2019. For example, Morpheus8 is becoming a big winner, and we don't keep the -- we don't even keep the manufacturing in order to supply all the demand, but it's growing.

傑克，只有微創和消融的才有一次性的。免持和非侵入式平台沒有任何一次性用品。一次性用品適用於 BodyTite、NeckTite、AccuTite、Morpheus8，現在我們推出了 Morpheus8 的其他版本。這些是一次性使用的，這些是一次性的。因此，隨著微創和消融平台的安裝基數不斷增長，一次性用品的總數也將持續成長。我們看到這現象從 2019 年開始出現。例如，Morpheus8 正在成為大贏家，我們甚至沒有保留製造業來滿足所有需求，但它正在成長。

Consumer doubled year-over-year in 2019 versus 2018, consumable exactly doubled themselves.

與 2018 年相比，2019 年消費品年增了一倍，消耗品也恰好翻了一番。

The next question comes from Matt Taylor with UBS.

下一個問題來自瑞銀的馬特泰勒（Matt Taylor）。

I just had a follow-up on Jack's question. Could you articulate when you look at the 3 main categories that you're now breaking out, how much of the growth in 2020 do you expect to come from each of them? If you can quantify that or just kind of speak to the trends?

我剛剛對傑克的問題進行了跟進。您能否明確說明一下，當您查看現在劃分的 3 個主要類別時，您預計 2020 年的成長有多少來自每個類別？您能量化這一點嗎或只是談談趨勢？

I believe that just roughly, I mean, it's too early to say, but just roughly, I would say that, at least 65% to 70% of our revenue will continue to come with the established business of the minimally invasive and ablative. 25% worldwide will come up with the hands-free since the introduction will take time. The regulation in certain countries will take time, although it's already cleared by the FDA but in other countries in Europe, Asia, we need to go through the process, and we haven't started yet. So this will be around 20%, 25% and then the traditional laser will continue to be around, I would say, between 5% to 10%.

我認為，現在說這個還為時過早，但大致來說，我可以說，我們至少 65% 到 70% 的收入將繼續來自現有的微創和消融業務。全球有 25% 的手機將配備免持功能，因為該功能的推出需要時間。儘管它已經獲得了 FDA 的批准，但在某些國家，監管仍需要時間，但在歐洲、亞洲的其他國家，我們需要經歷這個過程，而我們還沒有開始。所以這個比例會在 20% 到 25% 左右，而傳統雷射的比例我認為會繼續在 5% 到 10% 左右。

So it sounds like the hands-free launches are going really well. You're predicting a lot of growth that this year. Could you just talk a little bit about the initial receptivity to them, how you feel they're differentiated? And just any other color on market size and growth?

聽起來免持功能的推出進展非常順利。您預測今年將會有很大的成長。您能否簡單談談對它們的最初接受度以及您認為它們有何不同？還有其他關於市場規模和成長的顏色嗎？

You mean on the hands-free platforms?

你是指在免持平台上嗎？

Yes.

是的。

Okay. Okay. We have basically 2 platforms. The Evoke, which is for the face, we don't have any competition because there is not even one platform similar to that in the market today. On the Evolve side, there are some companies who are offering hands-free devices like Zeltiq with the fat freezing and, like, BTL with the EMS and some others with EMS. But these are single-function platforms. The beauty of Evolve is that Evolve has 3 modalities. It can compete with BTL and all the other EMS because we have one of the modalities, EMS. It can compete with Zeltiq and all the laser SculpSure from Cynosure and others on the fat treatment and -- but also, we have additional modality, which is the type for skin tightening. Also the 3 modality in the Evolve is doing fat treatment, but also skin tightening. And therefore, when we see the competition, there's not even one platform who can offer such comprehensive platform to the doctors. And this is something that's unique about Evolve. What is the potential? I said before, I believe if we will position it right, to the aesthetic surgeons and also to the aesthetic physician, doctors who are not doing surgical and who are not involved in minimally invasive, the potential is high all over the world. But time will say. We need to compete against the competitors. We need to position it. We need to develop some training program for every country. We need to finalize the regulation in many other countries. But during 2020, that's the main objective of us to bring the hands-free platforms category into the awareness of all the doctors who are engaged in aesthetic.

好的。好的。我們基本上有兩個平台。對於用於臉部的 Evoke，我們沒有任何競爭，因為目前市場上甚至沒有一個類似的平台。在 Evolve 方面，有一些公司提供免持設備，例如帶有脂肪冷凍功能的 Zeltiq、帶有 EMS 的 BTL 以及一些帶有 EMS 的其他設備。但這些都是單一功能的平台。Evolve 的優點在於 Evolve 有 3 種模式。它可以與BTL和所有其他EMS競爭，因為我們擁有其中一種模式，即EMS。在脂肪治療方面，它可以與 Zeltiq 以及 Cynosure 等公司的所有雷射 SculpSure 相媲美，而且，我們還有額外的治療方式，即緊緻皮膚的類型。Evolve 中的 3 種模式不僅能治療脂肪，還能緊緻肌膚。因此，我們看到競爭，沒有一個平台可以為醫生提供如此全面的平台。這就是 Evolve 的獨特之處。潛力有多大？我之前說過，我相信如果我們定位正確，對於整形外科醫師、美容醫師、不做手術、不參與微創的醫師來說，全世界的潛力都很大。但時間會證明一切。我們需要與競爭對手競爭。我們需要定位它。我們需要為每個國家製定一些培訓計畫。我們需要在許多其他國家完善這項法規。但在 2020 年，我們的主要目標是讓所有從事美容工作的醫生都知道免持平台類別。

Great. So one other follow-up question I had, I guess, when you talk about the contributions from these hands-free products, you mentioned a couple of times that you're looking to roll these out across the globe throughout 2020. Can you just offer some early thoughts on '21 and '22? Could we see this launch build basically over multiple years? Or do you see -- I guess, what year would you see peak sales from these products?

偉大的。所以我想我還有另一個後續問題，當您談到這些免持產品的貢獻時，您多次提到您希望在 2020 年在全球範圍內推廣這些產品。您能否就‘21’和‘22’提出一些初步想法？我們是否可以看到這次發布會基本上在幾年內完成？或者您看到—我猜，哪一年這些產品的銷售量會達到頂峰？

Okay, okay, good question. Well, the plan for 2020 is to take these 2 platforms and get regulation clearances in Asia, in South America, in the Eastern Bloc, which is separate from the regular CE, in Italy, which is again separate from the regular CE, and make sure that we get clearances all over the world, including Canada, U.S. and other countries. Once we have that, and also in Brazil, of course. Once we have that, in 2021 I believe the numbers -- the total revenue from the hands-free category will be at least double from 2020, at least double. And also for 2021, we might be able to double it again because honestly, the technology that we're presenting on the -- which is based on the bipolar RF is the only technology that actually treat the fat and tight the skin. Even when you take the Cynosure or SculpSure or the Zeltiq, the CoolSculpt, okay, they know how to kill fat cells, but then you have lose skin. And the beauty of our technology, especially with the hands-free, is that we can do both simultaneously, and we can combine between the 3 modalities, depends on the patient, and customize the treatment according to the BMI, according to what -- or what the patient want to achieve. We have many types of scenarios of treatment and protocols of treatment that we can employ here. So we see a great potential for that, and this is something that we will concentrate on 2020, not just in the United States. But as I said, to get us cleared by the regulation authorities in many countries and in 2021 to go big.

好的，好的，好問題。好吧，2020 年的計劃是利用這兩個平台在亞洲、南美、東歐集團（獨立於常規 CE）和義大利（再次獨立於常規 CE）獲得監管許可，並確保我們獲得世界各地的許可，包括加拿大、美國和其他國家。一旦我們擁有了它，當然也在巴西。一旦我們實現了這個目標，我相信到 2021 年，免持類別的總收入將至少比 2020 年翻倍。到 2021 年，我們可能能夠再次將其翻一番，因為說實話，我們展示的基於雙極射頻的技術是唯一真正治療脂肪和緊緻皮膚的技術。即使你使用 Cynosure 或 SculpSure 或 Zeltiq 或 CoolSculpt，它們知道如何殺死脂肪細胞，但這樣你就會失去皮膚。我們的技術，特別是免持技術的優點在於，我們可以同時進行這兩項操作，並且可以結合這三種模式，這取決於患者，並根據 BMI 或患者想要達到的目標定制治療方案。我們可以採用多種類型的治療方案和治療方案。因此，我們看到了這方面的巨大潛力，我們將在 2020 年集中精力發展這一領域，而不僅僅是在美國。但正如我所說的，我們要獲得許多國家監管機構的批准，並在 2021 年實現大規模發展。

The next question comes from Kyle Rose with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Kyle Rose。

This is [Ian] on for Kyle. Congrats on another impressive quarter. Just wanted to ask about gross margins, as that line came in a bit above what we were expecting. And 2020 guidance is 85% to 87%, seems to imply a bit of a step down from the current levels? Just anything in particular this quarter that led to the strong performance in that line. Anything you're seeing in 2020 that would weigh it down a bit. I know you mentioned the manufacturing concerns from coronavirus. Was there anything else?

這是 Kyle 的 [Ian]。恭喜您又一個令人印象深刻的季度。只是想問毛利率，因為這個數字略高於我們的預期。而 2020 年的預期是 85% 至 87%，似乎意味著比目前的水平略有下降？本季的任何特定因素都推動了該產品線的強勁表現。你在 2020 年看到的任何事物都會對它造成一些壓力。我知道您提到了冠狀病毒引發的製造業擔憂。還有什麼事嗎？

Okay. Good question. Yes. Well, the gross margin in the fourth quarter and the full year of 2019 was 87%. And the main reason is, first, economies of scale. I mean, we manufacture much more than 2018. And we sold 50 -- more than $50 million more. Now when you deal with this kind of manufacturing, you have bargaining power, again, versus suppliers. You can get better prices and of course, you don't increase your overhead accordingly. And therefore, 1% increase from 2018 to 2019 was reasonable increase based on that. What will happen in 2020? We believe that somehow, we will need to find a solution for the component that we will not be purchased from China. And we might pay a little bit more. And this is the reason why we say that the range is between 85% to 87%. If the coronavirus will spread, and we will need -- and China factories will not open in the second quarter, then we estimate 1% decrease in the gross margin in 2020 to something in the neighborhood of 86%. This is based on some calculation that we did here. But I want to tell you one thing which is very important, and we dealt with this issue this week, and we have teams of -- we have -- we established a team of people that's right now, exploring all the other alternatives around the world for similar components. And we will pay more on the components as long as we can keep the production line up and running. This is more important for us to deliver on time. And then on the first quarter, we don't see a major because we have some inventory, but if this virus, the coronavirus will continue to create an issue -- to be an issue in the second quarter, the gross margin will go 1% down. And this is why we estimate 85% to 87%.

好的。好問題。是的。嗯，2019年第四季和全年的毛利率是87%。主要原因首先是規模經濟。我的意思是，我們的產量比 2018 年多得多。我們賣出了 50 輛——價值超過 5000 萬美元。現在，當你處理這種製造時，你再次擁有與供應商討價還價的能力。您可以獲得更優惠的價格，當然，您不會相應地增加開銷。因此，基於此，2018 年到 2019 年增加 1% 是合理的。2020年會發生什麼事？我們相信，無論怎樣，我們都需要找到一種解決方案，以確保不再從中國購買零件。我們可能會多付一點錢。這就是我們說範圍在 85% 到 87% 之間的原因。如果冠狀病毒蔓延，並且我們需要——而且中國工廠在第二季度不會開工，那麼我們預計 2020 年的毛利率將下降 1%，至 86% 左右。這是基於我們在這裡做的一些計算。但我想告訴你們一件非常重要的事情，我們本週處理了這個問題，我們成立了一個團隊，現在正在探索世界各地所有其他類似部件的替代品。只要我們能夠保持生產線正常運轉，我們就會為零件支付更多的錢。這對我們按時交貨來說更為重要。然後在第一季度，我們沒有看到重大的損失，因為我們有一些庫存，但如果這種病毒，冠狀病毒繼續造成問題--成為第二季度的問題，毛利率將下降 1％。這就是我們估算 85% 到 87% 的原因。

(Operator Instructions) The next question is from Jeff Johnson with Baird.

（操作員指示）下一個問題來自貝爾德的傑夫·約翰遜。

Moshe, I just want to follow-up on the subcomponent supplier point there you just made on the 100 basis point impact. Is there any risk that you won't be able to find alternative suppliers? I guess, you've quantified the size, but is there a risk of actually going out and finding those suppliers?

Moshe，我只是想跟進一下您剛才提到的 100 個基點影響的子組件供應商觀點。是否有無法找到替代供應商的風險？我想，您已經量化了規模，但是實際上出去尋找這些供應商是否有風險？

No, there is no such risk. And even if we have to make, for example, metal component in Israel, and it will cost, I don't know, 4x as much, we will do it. We are not taking any chance of not delivering product on time. And we're not taking any chance even if it will cost much more to stop the production line because once you stop the production line, it will be very difficult to start them again. You lose the knowledge, you lose the people and you don't want to be in this situation. And I can assure you that all the components will be purchased from second and third sources, and we will continue the manufacturing. The good news, and I'm saying it again, the good news is we are not yet cleared in China for selling our product. Therefore, the effect on revenue will be very minimal. And unlike other companies like Lumenis and Cynosure and of course, Candela, who are having subsidiaries in China and a major part of their business in Asia originated in China, they are going to be hurt much more than us as far as revenue. But as far as manufacturing and component, there is no risk that we will stop the lines.

不，不存在這種風險。例如，即使我們必須在以色列製造金屬零件，而且成本可能是原來的 4 倍，我們也會這樣做。我們不想冒任何無法按時交付產品的風險。我們不會冒任何風險，即使停止生產線的成本會更高，因為一旦停止生產線，就很難重新啟動。你會失去知識，失去人力，你不會想陷入這種情況。我可以向你們保證，所有零件都將從第二和第三來源採購，我們將繼續生產。好消息是，我再說一遍，好消息是我們尚未獲准在中國銷售我們的產品。因此，對收入的影響將非常小。而且與 Lumenis、Cynosure 以及 Candela 等在中國設有子公司且其亞洲業務主要源自中國的其他公司不同，就收入而言，它們受到的打擊將比我們大得多。但就製造和零件而言，我們不會面臨生產線停止的風險。

All right. That's helpful. And then maybe 2 follow-ups on Evolve and Morpheus Evolve. Are you seeing most plastic surgeons and other purchasers of that platform buying all 3 hand pieces? Are they buying 2 hand pieces and maybe thinking about adding EMS later? Just would love to hear kind of an update on how that is being purchased. In Morpheus8, you mentioned some updates to that. Any additional color you could provide there would be helpful.

好的。這很有幫助。然後可能會有 2 個關於 Evolve 和 Morpheus Evolve 的後續作品。您是否看到大多數整形外科醫生和該平台的其他購買者都購買所有 3 種手部部件？他們是否購買了 2 個手部部件並可能考慮稍後添加 EMS？我只是很想聽聽關於購買情況的最新消息。在 Morpheus8 中，您提到了一些更新。您提供的任何附加顏色都會很有幫助。

Most system of Evolve that we sold in the preliminary launch was with all 3 modalities because the message to the doctor is simple, those modalities and the treatment of tight, trim and tone are complementing each other. And therefore, in order to customize the treatment per patient, what you need to do is to develop a customized protocol for him and you need all 3 modalities. But we do offer the system with 1, 2 or 3 modalities.

我們在初始發布會上銷售的 Evolve 系統大部分都配備了這三種模式，因為向醫生傳達的信息很簡單，這些模式以及緊緻、修剪和音調的治療是相輔相成的。因此，為了根據每個患者的情況量身定制治療方案，您需要做的就是為他制定一個客製化的治療方案，並且您需要所有這三種治療方式。但我們確實提供了具有 1、2 或 3 種模式的系統。

Great. Morpheus8, the updates there?

偉大的。Morpheus8，有更新嗎？

What do you want to know about the Morpheus?

您想了解 Morpheus 的什麼資訊？

You said something in passing, in answering a previous question about some updates there. And I didn't know if something is changing with that product, if you're launching a second-gen or maybe a third-gen product in Morpheus8. Just was trying to follow-up from a comment you made in passing.

在回答之前關於一些更新的問題時，您順便說了一些話。而且我不知道如果您在 Morpheus8 中推出第二代或第三代產品，該產品是否會發生變化。只是想跟進您順便發表的評論。

No, no. What I said is that we'll continue to develop some other version of the Morpheus because the Morpheus is a winner product, and we will announce it once it's ready and get the clearance from the FDA.

不，不。我說的是，我們將繼續開發 Morpheus 的其他版本，因為 Morpheus 是一款成功的產品，一旦它準備就緒並獲得 FDA 的批准，我們就會宣布。

All right, great. And then last question for me. Just India and Australia, I think your 2 newest subs. Just where are you at in building out your market presence in those 2 markets? Are you now fully staffed up and going after those markets? And how should we think about maybe your presence in those markets in 2020 versus 2019?

好的，太好了。這是我的最後一個問題。我認為只有印度和澳洲是你們最新的兩個潛水艇。您在這兩個市場中的地位如何？您現在是否已配備齊全部員工並正在開拓這些市場？我們該如何看待您在 2020 年與 2019 年在這些市場的表現？

Well, we started the Indian subsidiary in 2019 and in the fourth quarter, we did close to $400,000 already, which is good for start. That was the first full quarter. In Australia, we set up the company in the fourth quarter of 2019, we hired the Managing Director. We hired a logistic guy. We hired the 3 salespeople. They are getting ready with the training, and they sold 2 system in the fourth quarter and -- not in the fourth quarter. In the beginning of this quarter or the first quarter so I believe that in Australia and India, by establishing subsidiaries we're going to be one of the market leaders.

我們在 2019 年成立了印度子公司，第四季度我們的收入已經接近 40 萬美元，這對一個開始來說是一個好成績。這是第一個完整季度。在澳大利亞，我們於 2019 年第四季成立了公司，並聘請了董事總經理。我們僱用了一名物流人員。我們僱用了三名銷售人員。他們正在準備培訓，並且在第四季度銷售了 2 個系統——不是在第四季度。在本季或第一季初，我相信透過在澳洲和印度建立子公司，我們將成為市場領導者之一。

The next question is a follow-up question from Jack Meehan with Barclays.

下一個問題是巴克萊銀行的傑克‧米漢 (Jack Meehan) 提出的後續問題。

I was wondering if you could update us where you ended the year in terms of the number of salespeople in the U.S. And given some of the distractions at some of your competitors, do you think that's helped you at all on the commercial front?

我想知道您能否告訴我們，截至今年年底，您在美國銷售人員的數量是多少？

Yes. As of December 31, 2019, we had 110 direct salespeople in the U.S. and in Canada. But since then, we continue to hire. And prepare ourselves for 2020. I believe there is some opportunity. And I would like to explain that in the market today -- the fact that Cynosure was acquired by an equity fund and Zeltiq is not doing very well under Allergan. And I believe that the companies like Alma and Candela, just because the crisis in China, will lose some of the revenue in 2020. I'm sure that some people will leave those companies, and we might find some good people to hire in 2020. And we will continue to hire because if we want to be in the neighborhood of $200 million in worldwide and at least 70% of that will be in North America, we need more people. And on average, direct salesperson in North America is selling something between $1.3 million to $1.4 million a year. So we can calculate and do the math simply in order to determine how many sell -- direct sales rep we need, but we continue to hire in 2020.

是的。截至 2019 年 12 月 31 日，我們在美國和加拿大擁有 110 名直銷人員。但自此以後，我們繼續招募。為2020年做好準備。我相信還是有機會的。我想解釋一下當今市場上的情況——Cynosure 被一家股票基金收購，而 Zeltiq 在 Allergan 的領導下表現不佳。而我相信，像Alma和Candela這樣的公司，僅僅因為中國的危機，就會在2020年損失一些收入。我確信有些人會離開這些公司，我們可能會在 2020 年找到一些優秀人才來聘用。我們將繼續招聘，因為如果我們想在全球實現 2 億美元的收入，並且其中至少 70% 在北美，我們就需要更多的員工。北美的直銷人員平均每年的銷售額在 130 萬至 140 萬美元之間。因此，我們可以簡單地計算一下，以確定我們需要多少個銷售代表——直銷代表，但我們將在 2020 年繼續招募。

That's great, and then within your guidance for 2020, is there a range you feel comfortable with for the first quarter, is there anything seasonally you would call out?

太好了，那麼在您對 2020 年的指導中，您是否對第一季感到滿意的範圍有一個看法，您會指出哪些季節性因素？

Jack, we decided that we do not want to give guidance for the first quarter. I'm sure all of you know the seasonality of the market. But we decided we don't want to give guidance per quarter, but rather give guidance for the full year, which we will update every quarter with the actual. And therefore, at the end of Q1, we will update the numbers based on the actual revenue that we achieved in Q1, and Q2 and Q3 the same. So right now, the guidance that we gave, we believe, as far as competitive situation with our competitors. It's the maximum we can do. Also, the categorization that we decided to reveal. I mean, the 3 categories are also because we cannot give information about individual platforms. This is a very strict competitive information, which we do not want to share with our competitors, all of them are on the line now.

傑克，我們決定不提供第一季的業績指引。我相信大家都知道市場的季節性。但我們決定不提供每季的指導，而是提供全年指導，我們將根據實際情況每季更新指導。因此，在第一季末，我們將根據第一季實現的實際收入更新數字，第二季和第三季也是如此。因此，就目前而言，我們相信，就與競爭對手的競爭狀況而言，我們給予的指導是合理的。這是我們能做的最大努力。此外，我們決定揭示分類。我的意思是，這 3 個類別也是因為我們無法提供有關單一平台的資訊。這是非常嚴格的競爭訊息，我們不想與我們的競爭對手分享，他們現在全部在線上。

No, that's all fair. Last follow-up. You're building a bit of a war chest on the balance sheet now, over $190 million in cash and equivalents. How are you feeling in terms of what you want to do on the deal front potentially? And do you think any of this disruption could open up some targets for you?

不，這一切都很公平。最後一次跟進。你現在在資產負債表上累積了一些資金，現金和等價物超過 1.9 億美元。就交易方面而言，您有什麼想法？您是否認為這些破壞會為您帶來一些目標？

Well, maybe. We are not engaged in any M&A. We had a board meeting yesterday and basically, in the board meeting, we decided to give all the $200 million that we have as bonus to the employees, but we'll do it over 4 quarters, not immediately. I'm kidding. No, we're not. We don't have any M&A target right now. We have enough organic growth on the table from our development, which we need to bring to the market with a high potential. And with the management attention that we have in this company currently, I just want to remind everybody that we are not a very big company, altogether, 250 people. We do not see any reason why to start doing an M&A and engage in all kind of issues and others, it will take time. We might do it in the following years. But right now, the answer is we will continue to generate cash and it will accumulate on the balance sheet. If the opportunity will present itself to buy technology or something which will complement our product line, yes, we will consider it. But this is not $200 million.

嗯，也許吧。我們沒有參與任何併購活動。我們昨天召開了董事會會議，基本上，在董事會會議上，我們決定將我們所有的 2 億美元作為獎金發給員工，但我們將在 4 個季度內完成，而不是立即完成。我在開玩笑。不，我們不是。我們目前還沒有任何併購目標。我們的發展已經實現了足夠的有機成長，我們需要將其以巨大的潛力推向市場。鑑於我們目前對這家公司的管理關注，我只想提醒大家，我們的公司並不是很大，總共只有 250 名員工。我們不認為有任何理由開始進行併購並處理各種問題和其他問題，這需要時間。我們可能會在未來幾年內這樣做。但現在的答案是我們將繼續產生現金，並且它將在資產負債表上累積。如果有機會購買技術或可以補充我們產品線的東西，是的，我們會考慮。但這並不是2億美元。

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Moshe Mizrahy for any closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議交還給 Moshe Mizrahy 並請他作最後發言。

Okay. Again, thank you, everybody, for joining us. It was a very good quarter for us. We are very excited with the new categories that we're developing. We're very excited with the R&D pipeline that we established for the 2021 and '22. And we have a full engineering team here in Israel who are working on new platforms. As we promised during the roadshow of the IPO, we will bring to the market at least 2 new platforms every year, in order to keep the momentum and keep the growth and continue to be the innovation -- the innovative leaders of the medical aesthetic. Thank you all.

好的。再次感謝大家的參與。對我們來說這是一個非常好的季度。我們對正在開發的新類別感到非常興奮。我們對 2021 年和 2022 年建立的研發管道感到非常興奮。我們在以色列擁有一支完整的工程團隊，致力於新平台的開發。正如我們在IPO路演時所承諾的那樣，我們每年將至少向市場推出2個新平台，以保持發展勢頭，保持成長，繼續成為創新——醫美領域的創新領導者。謝謝大家。

And thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

感謝您，先生。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。