Inmode Ltd (INMD) 2023 Q4 法說會逐字稿

Good day, and welcome to InMode fourth quarter and full year 2023 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 InMode 2023 年第四季和全年財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Miri Segal Scharia of MS-IR. Please go ahead.

現在，我想將會議交給 MS-IR 的 Miri Segal Scharia。請繼續。

Thank you, operator, and to everyone for joining us today. Welcome to InMode's fourth quarter and full year 2023 earnings call. Before we begin, I would like to 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. If you have not received a copy of the release, please go the Investor Relations section of the company's website.

謝謝接線員，也謝謝今天加入我們的所有人。歡迎參加 InMode 2023 年第四季和全年財報電話會議。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適用於本次電話會議。如果您尚未收到該新聞稿的副本，請造訪公司網站的投資者關係部分。

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.

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聲明的準確性，並且不承擔更新它們的義務，除非法律要求。

With that, I'd like to pass the call over to Moshe Mizrahy, Chairman and CEO. Moshe, please go ahead.

說完這些，我想將電話轉給董事長兼執行長 Moshe Mizrahy。摩西，請繼續。

Thank you, Miri, and to everyone for joining us. With me today are Dr. Michael Kreindel, our Co-Founder and Chief Technology Officer; Yair Malca, our Chief Financial Officer; Shakil Lakhani, our President in North America; and Rafael Lickerman, our VP of Finance. Following the prepared remarks, we will all be available to answer your question.

謝謝你，Miri，也謝謝大家的參與。今天與我一起的是我們的共同創辦人兼技術長 Michael Kreindel 博士； Yair Malca，我們的財務長； Shakil Lakhani，我們的北美總裁；以及我們的財務副總裁 Rafael Lickerman。根據準備好的發言，我們將隨時回答您的問題。

The second half of 2023 presented challenges for InMode for their aesthetic industry as all and to the aesthetic -- and to the surgical aesthetic sector in particular. In the fourth quarter, we revised our guidance for the first time in the history of the company due to the increased impact of the industry slowdown. This resulted in 5% year-over-year decline in Q4 revenue, which amounted to $126.8 million.

2023 年下半年，InMode 的美容產業面臨挑戰，尤其是外科美容領域。第四季度，由於行業放緩的影響加劇，我們在公司歷史上首次修改了業績預期。這導致第四季營收年減 5%，至 1.268 億美元。

However, we are pleased to have grown our full year revenue to a record of $492 million, reflecting an 8% increase compared to the full year of 2021. We take pride in being the only company in the industry that consistently generate over $100 million per quarter, demonstrating growth even in the face of a challenging year. Moreover, we keep our gross margin the highest in the industry, strong and steady at 84% for both Q4 and the full year, all while maintaining our established price structure for the platforms and for the consumable.

然而，我們很高興看到全年營收成長至創紀錄的 4.92 億美元，與 2021 年全年相比成長了 8%。我們很自豪能成為業界唯一一家每季營收持續超過 1 億美元的公司，即使在充滿挑戰的一年裡仍能實現成長。此外，我們的毛利率保持行業最高水平，第四季度和全年均保持穩定在 84% 的水平，同時保持我們既定的平台和消耗品價格結構。

As previously mentioned, over 80% of the platform sales are facilitated through leasing agreement, higher interest rate and longer lending approval cycles have impacted InMode overall growth rate. This macroeconomic environment has also affected patients who are more sensitive to the price of the aesthetic treatment, resulting in lower underlying demand for our minimally invasive treatment.

如前所述，超過 80% 的平台銷售是透過租賃協議完成的，更高的利率和更長的貸款審批週期影響了 InMode 的整體成長率。這種宏觀經濟環境也影響了對美容治療價格更敏感的患者，導致對我們的微創治療的潛在需求降低。

To address these challenges, we are in the process of establishing a proven program with financial institution to improve and expedite the credit decision process. In some cases, we directly leverage our strong balance sheet to support physician by providing financing option ourselves. Additionally, capitalizing on this slower year and our robust balance sheet.

為了應對這些挑戰，我們正在與金融機構建立一個經過驗證的計劃，以改善和加快信貸決策流程。在某些情況下，我們直接利用我們強大的資產負債表，透過自己提供融資選擇來支持醫生。此外，我們還將利用今年的經濟放緩和我們強勁的資產負債表。

In 2023, we expanded our R&D activity by hiring more engineers and recruiting training professionals. Also, we increased our sales team in our subsidiaries, expedited international expansion and increase investment in worldwide regulatory pathways. During 2023, we introduced 2 successful new platforms, Envision for the ophthalmology market and define for the hands free aesthetic market, which is the next generation of Evoke. We are encouraged by the results from the soft launch of our Envision platforms last year, and we expect Envision to expand outside the US during 2024.

2023 年，我們透過僱用更多工程師和招募培訓專業人員擴大了研發活動。此外，我們還增加了子公司的銷售團隊，加快了國際擴張，並增加了對全球監管途徑的投資。2023 年，我們推出了兩個成功的新平台，即針對眼科市場的 Envision 和針對免持美容市場的 define，這是 Evoke 的下一代。我們對去年 Envision 平台試運行的結果感到鼓舞，我們預計 Envision 將在 2024 年擴展到美國以外。

InMode continue to innovate, bringing new and exciting products to the market. In 2024, we plan to launch two new platforms, offering significant improvement in technology and energy levels, along with the new technology for our minimal invasive treatment and for Morpheus8.

InMode 不斷創新，向市場推出新穎且令人興奮的產品。2024年，我們計劃推出兩個新平台，在技術和能量水平上提供顯著的提升，以及用於微創治療和Morpheus8的新技術。

Finally, we remain committed to supporting all customers, distributors, employees, salespeople worldwide. Regarding the situation in Israel, we could like -- we would like to reiterate that we have established a contingency plan with sufficient inventory globally, including in Israel in the US and in Europe. We continue to closely monitor the situation and are pleased to report that we are conducting business as usual.

最後，我們仍然致力於支援全球所有客戶、分銷商、員工和銷售人員。關於以色列的情況，我們想重申，我們已經制定了應急計劃，在全球範圍內擁有足夠的庫存，包括以色列、美國和歐洲。我們將繼續密切關注局勢，並高興地報告我們的業務正在照常開展。

Now, I would like to turn the call over to Shakil, our President in North America. Shakil?

現在，我想將電話轉給我們的北美總裁沙基爾 (Shakil)。沙基爾？

Challenges in North America during the fourth quarter, despite the headwinds of lower platform sales, we are reporting a 20% increase in consumable and service sales in Q4. Consumables and service revenue accounted for 16% of total Q4 revenues. As Moshe mentioned, we are pleased with the successful launches of Envision and Define. Both platforms have made significant progress in North America, gaining traction amongst practices and patients.

第四季北美面臨挑戰，儘管面臨平台銷售額下降的阻力，但我們報告第四季消耗品和服務銷售額成長了 20%。消耗品和服務收入佔第四季總收入的16%。正如 Moshe 所提到的，我們對 Envision 和 Define 的成功發布感到非常高興。這兩個平台在北美都取得了重大進展，並獲得了醫療機構和患者的一致認可。

Considering the anticipated slower market demand this year, we've implemented changes within our sales team in North America. We've adjusted our infrastructure to position ourselves for accelerated growth when market conditions improved. Lastly, I'd like to thank our entire North American team for their continued hard work.

考慮到今年預計市場需求放緩，我們對北美銷售團隊進行了調整。我們已經調整了基礎設施，以便在市場條件改善時實現加速成長。最後，我要感謝我們整個北美團隊的持續努力。

I will now hand over the call to Yair for review of the financial results in more detail. Yair?

我現在將把電話交給亞伊爾，以便他更詳細地審查財務結果。亞伊爾？

Thanks, Shakil, and hello, everyone. Thank you for joining us. Starting with total revenue, InMode generated $126.8 million in the fourth quarter of 2023 with a gross margin of 84% on a GAAP basis. For full year 2023, revenue totaled a record $492 million, an increase of 8% compared to 2022. Non-GAAP gross margins remained the highest in the industry and within our target range at 84% for both the fourth quarter and the full year of 2023.

謝謝，Shakil，大家好。感謝您加入我們。從總收入開始，InMode 在 2023 年第四季創造了 1.268 億美元的收入，以 GAAP 計算的毛利率為 84%。2023 年全年營收總計創紀錄達到 4.92 億美元，較 2022 年成長 8%。非公認會計準則毛利率仍保持行業最高水平，且在我們的目標範圍內，即第四季度和 2023 年全年的 84%。

In Q4 and in the full year of 2023, our minimally invasive technology platforms accounted for 83% of total revenues. For the full year of 2023, consumable accounted for 16% of revenue, an increase from 13% in 2022.

第四季及2023年全年，我們的微創技術平台佔總營收的83%。2023 年全年，消耗品佔營收的 16%，高於 2022 年的 13%。

Moving to our international operations. Fourth quarter sales outside the US accounted for $46 million, or 36% of sales, a 9% increase compared to Q4 last year. For full year of 2023, sales outside the US accounted for $184.2 million, or 37% of sales, an 18% increase compared to 2022.

轉向我們的國際業務。第四季美國以外地區的銷售額為 4,600 萬美元，佔銷售額的 36%，比去年第四季成長 9%。2023 年全年，美國以外地區的銷售額為 1.842 億美元，佔銷售額的 37%，比 2022 年成長 18%。

InMode now operates in a total of 96 countries. Among our global contributors, Asia and Europe were the primary drivers fueling our growth rate. To support our operations and growth, we currently have a sales team of more than 256 direct reps and 82 distributors worldwide.

InMode 目前業務範圍涵蓋共 96 個國家。在我們的全球貢獻者中，亞洲和歐洲是推動我們成長率的主要動力。為了支持我們的營運和成長，我們目前在全球擁有一支由 256 多名直接代表和 82 名經銷商組成的銷售團隊。

GAAP operating expenses in the fourth quarter were $55.3 million and $215.7 million for the full year, a 5% and an 18% increase year-over-year, respectively. Sales and marketing expenses increased slightly to $49.5 million in the fourth quarter compared to $47 million in the same period last year. Sales and marketing expenses for the full year of 2023 were $193 million compared to $160.6 million for 2022. This increase is attributed to hiring more sales representatives, increasing our presence in the US and globally.

第四季 GAAP 營業費用為 5,530 萬美元，全年 2.157 億美元，分別年增 5% 和 18%。第四季銷售和行銷費用略有增加，為 4,950 萬美元，而去年同期為 4,700 萬美元。2023 年全年銷售和行銷費用為 1.93 億美元，而 2022 年為 1.606 億美元。這一增長歸因於僱用更多的銷售代表，增加了我們在美國和全球的影響力。

Next, we look at share based compensation, which decreased to $6.3 million in the fourth quarter of 2023 and $23.6 million in the full year of 2023. On a non-GAAP basis, operating expenses were $49.5 million in the quarter compared to a total of $46.1 million in the same quarter of 2022, representing a 7% increase.

接下來，讓我們來看看股權激勵費用，2023 年第四季下降至 630 萬美元，2023 年全年降至 2,360 萬美元。以非公認會計準則計算，本季營運費用為 4,950 萬美元，而 2022 年同期總計 4,610 萬美元，成長 7%。

For 2023, non-GAAP operating expenses were $194.1 million compared to $160.4 million for 2022. GAAP operating margin for Q4 and for 2023 was 40%. Non-GAAP operating margins for the fourth quarter and for full year 2023 was 45% compared to 50% and 49% for the fourth quarter of 2022 and full year 2022.

2023 年非 GAAP 營業費用為 1.941 億美元，而 2022 年為 1.604 億美元。第四季和 2023 年的 GAAP 營業利潤率為 40%。2023 年第四季和全年非 GAAP 營業利潤率為 45%，而 2022 年第四季和 2022 年全年分別為 50% 和 49%。

GAAP diluted earnings per share for the fourth quarter was $0.64 compared to $0.44 per diluted share in Q4 of 2022 and $2.30 in 2023 compared to $1.89 in 2022. Non-GAAP diluted earnings per share for this quarter were $0.71 compared to $0.78 per diluted share in the fourth quarter of 2022 and $2.57 for 2023 compared to $2.42 for 2022.

第四季 GAAP 稀釋每股收益為 0.64 美元，而 2022 年第四季每股稀釋收益為 0.44 美元，2023 年每股稀釋收益為 2.30 美元，而 2022 年為 1.89 美元。本季非公認會計準則每股攤薄收益為 0.71 美元，而 2022 年第四季每股攤薄收益為 0.78 美元，2023 年每股攤薄收益為 2.57 美元，而 2022 年為 2.42 美元。

Once again, we ended the quarter with a strong balance sheet. As of December 31, 2023, the company had cash and cash equivalents, marketable securities and deposits of $741.6 million. This quarter, InMode generated $61.2 million from operating activities.

我們再次以強勁的資產負債表結束了本季。截至 2023 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 7.416 億美元。本季度，InMode 的營運活動創造了 6,120 萬美元的收入。

Before I turn the call back to Moshe, I'd like to reiterate our guidance for 2024. Revenues between $495 million and $505 million, non-GAAP gross margins between 83% and 85%, non-GAAP income from operations between $217 million and $222 million, non-GAAP earnings per diluted share between $2.53 and $2.57.

在我將電話轉回給 Moshe 之前，我想重申我們對 2024 年的指導。營業收入介於 4.95 億美元至 5.05 億美元之間，非 GAAP 毛利率在 83% 至 85% 之間，非 GAAP 營業利潤在 2.17 億美元至 2.22 億美元之間，非 GAAP 稀釋每股收益在 2.53 美元至 2.57 美元之間。

I will now turn over the call back to Moshe.

我現在將電話轉回給 Moshe。

Thank you, Yair. Thank you, Shakil. Operator, we are ready for Q&A, please.

謝謝你，亞伊爾。謝謝你，沙基爾。接線員，我們已經準備好要進行問答了。

(Operator Instructions) Matt Miksic, Barclays

（操作員指示）Matt Miksic，巴克萊銀行

Hi, good morning. Thanks so much for taking the question. And I appreciate all the color. I wanted to maybe start off with just if you could talk a little bit about what you're assuming in your current 2024 revenue guide? And what kind of indication that you've seen since December and early January to the trajectory of some of the major factors driving your current outlook for 2024?

嗨，早安。非常感謝您回答這個問題。我很欣賞這一切的色彩。我想先請您談談您對目前 2024 年收入指南的假設？自 12 月和 1 月初以來，您看到了哪些跡象，表明影響 2024 年當前展望的一些主要因素的發展軌跡？

Yes. Thank you for the question. Well, as you can see, we try to be -- this is Moshe. We try to be very conservative. What happened in the last six months of 2023 in the macroeconomics, with the interest rate, with all the leasing problems that we encountered, it's continuing in Q1. It's not over yet. We don't know when -- what will happen during the quarters of 2024. We read a lot of macroeconomics studies and research. And we understand that it might better -- it might get better in the second half of the year.

是的。感謝您的提問。好吧，正如你所看到的，我們試圖——這是摩西。我們盡力保持保守。2023 年下半年宏觀經濟中發生的變化、利率以及我們遇到的所有租賃問題都將在第一季繼續出現。事情還沒結束。我們不知道 2024 年各個季度會發生什麼。我們閱讀了大量宏觀經濟學研究和調查。我們知道今年下半年情況可能會好轉。

And therefore, we have decided to be very conservative in the guidance. We want to meet the guidance and not change it like we did in the last 6 months -- in the last three months of 2023. What we see in December and January is continued the situation that exists in the last six months of 2023. We don't see any positive sign yet in the terms and the obstacles that we saw in the last six months of 2023. And therefore, I mean, we will not change it until we will be absolutely sure that we can meet the guidance that we will give. I don't know if I answered your question, but that's the situation currently.

因此，我們決定採取非常保守的指導方針。我們希望達到指導目標，而不是像過去 6 個月（2023 年最後三個月）那樣改變它。我們在 12 月和 1 月看到的情況延續了 2023 年下半年的情況。目前，我們還沒有看到 2023 年下半年出現的條件和障礙中的任何積極跡象。因此，我的意思是，在我們絕對確定我們能夠滿足我們給予的指導之前，我們不會改變它。我不知道我是否回答了你的問題，但目前的情況就是這樣。

Yeah. No, that's helpful. And then secondly, you mentioned a couple of new platforms that you're launching this year. And if we are going to think about sort of the cadence for the year and the potential for things to sort of stabilize and start to improve, what kind of factor might those play? Are those back-end loaded effect? And any additional color that you can share on those or any other actions you're able to take to sort of offset some of the market dynamics you're describing? Thanks.

是的。不，這很有幫助。其次，您提到了今年將推出的幾個新平台。如果我們要考慮今年的節奏以及事態穩定並開始改善的可能性，那麼這些因素可能會發揮什麼樣的作用？這些是後端載入的效果嗎？還有什麼您可以分享的更多細節，或者您可以採取任何其他行動來抵消您所描述的一些市場動態？謝謝。

Okay. Basically, the two platforms that we will introduce in 2024 our second-generation technology for the minimal invasive, the RFAL, Radio-Frequency Assisted Liposuction and the Morpheus8 technology. These are basically the two main lines of the surgical part of our portfolio.

好的。基本上，我們將在 2024 年推出兩個平台，分別是我們的第二代微創技術、RFAL、射頻輔助抽脂技術和 Morpheus8 技術。這基本上是我們產品組合中外科手術部分的兩條主線。

We have developed a very unique and very, I would say, breakthrough technology for new minimal invasive to be able to do plastic surgery with one incision point with revolutionary hand pieces. And we have improved dramatically the performance of the Morpheus8, which is, as everybody know, one of the biggest brand name in the medical aesthetic. Both will come during the year when the final tuning of completing the R&D, the studies and the regulation for them. We will introduce them to the market, not in Q1, but I would say more like end of Q2, beginning of Q3. And we believe that they will add to our revenue in the second half of the year. Of course, taking into consideration is that the situation, the macroeconomics and the situation in the last six months of 2024 will get better.

我們開發了一種非常獨特、可以說是突破性的新型微創技術，能夠利用革命性的手持件在一個切口處進行整形手術。我們大幅提高了Morpheus8的效能，眾所周知，Morpheus8是醫學美容領域最大的品牌之一。兩項產品都將在今年內完成研發、研究和監管的最終調整。我們會將它們推向市場，不是在第一季度，而是在第二季末或第三季初。我們相信它們將在今年下半年增加我們的收入。當然，考慮到情況，宏觀經濟和2024年下半年的情況會變得更好。

As far as R&D, we're not slowing down. There is no slowdown in R&D in InMode. We continue to develop business as usual, and we will be -- we will continue to bring two new platforms, two new indications either in the aesthetic field or in the ophthalmology, women health with Empower. We have currently a pipeline of more than five major new platforms that we will bring to the market in the next few years. I mean this is our bread and butter here in Israel, and we will continue to develop products and bring new to the doc -- bring new stuff to the doctor and to the patient.

就研發而言，我們並沒有放慢腳步。InMode 的研發步伐並沒有放緩。我們將繼續照常發展業務，我們將繼續透過 Empower 帶來兩個新平台、兩個新適應症，無論是在美學領域還是在眼科、女性健康領域。目前，我們擁有五個以上的主要新平台，將在未來幾年推向市場。我的意思是這是我們在以色列的生計，我們將繼續開發產品並為醫生和患者帶來新產品。

Very helpful. Thanks so much for the color.

非常有幫助。非常感謝這個顏色。

Matt Taylor, Jefferies.

傑富瑞的馬特泰勒 (Matt Taylor)。

Hey, good morning. This is Mike Sarcone on for Matt Taylor. And thank you for taking my question. So just to start, a follow-up on the guidance question. You talked about it from the macro perspective and some of the newer systems slated for 2024. So could you give any color on how you're thinking about contribution from Envision and the new Define system as you're thinking about 2024?

嘿，早安。這是 Mike Sarcone，代替 Matt Taylor 發言。感謝您回答我的問題。首先，讓我們來跟進一下指導問題。您從宏觀角度談到了這個問題以及一些計劃於 2024 年推出的新系統。那麼，您能否談談您對 2024 年 Envision 和新 Define 系統的貢獻的看法？

Yes, yes. First, I want to say something, Matt. The macro analysts of Jefferies was the only one who predicted that the economy will start to do slow down in the third quarter of 2023, and he was absolutely right. I read his microeconomics study and research in the beginning of the year and he was quite right.

是的，是的。首先，我想說幾句話，馬特。傑富瑞（Jefferies）的宏觀分析師是唯一一個預測經濟將在 2023 年第三季開始放緩的人，他完全正確。我在年初讀過他的微觀經濟學研究，他說得很正確。

Regarding the Envision, the Envision was launched to the market in the middle of the second quarter in the United States, and we did well until the end of the year, we sold close to $30 million of this platform in 2.5 quarters. So we're very, very encouraged, very, very encouraged. We see that the doctors and the users are happy with the results. And we believe that the momentum will continue in 2024.

關於Envision，Envision於第二季中期在美國上市，到年底我們的表現都很好，我們在兩個半季度賣出了接近3000萬美元的這個平台。因此，我們感到非常非常鼓舞，非常非常鼓舞。我們看到醫生和使用者對結果很滿意。我們相信，這股勢頭將在 2024 年繼續延續。

We also intend to bring these platforms to Europe. We introduced the platforms during the distributor meeting in Paris during the IMCAS show days ago, close to 10 days or two weeks ago. And everybody was excited. We need to find the wide distributors in Europe and train our salespeople in the subsidiaries that we have in Europe, so they can handle and sell this platform.

我們也打算將這些平台帶到歐洲。幾天前，也就是將近 10 天或兩週前，我們在巴黎 IMCAS 展會期間的經銷商會議上介紹了這些平台。每個人都很興奮。我們需要在歐洲找到廣泛的經銷商，並培訓我們在歐洲的子公司的銷售人員，以便他們能夠處理和銷售這個平台。

We intend to bring some doctors from the United States and Canada who are luminary for us in this particular category, ophthalmology and bring them to do workshop in Europe so we can expedite the penetration process, but we're very encouraged with Envision.

我們打算從美國和加拿大邀請一些在眼科這一特定領域具有傑出成就的醫生到歐洲舉辦研討會，以便我們能夠加快滲透進程，但我們對 Envision 感到非常鼓舞。

As regard to the Define, as you know, the first generation of the Define was the Evoke which was very successful when it was introduced during the COVID time because it enabled the doctor to do social distancing treatment without being in the room. But two years after, we decided that we want to improve this platform and bring something a little bit more, I would say, well designed, especially with the mask that we put on the face and we redesigned it and we added to the platform Morpheus for the face, so the doctor can complement the hand-free treatment with Morpheus face, which everybody knows that the results are great.

關於 Define，如您所知，Define 的第一代是 Evoke，它在 COVID 期間推出時非常成功，因為它使醫生無需在房間內即可進行社交距離治療。但兩年後，我們決定改進這個平台，帶來一些更棒的東西，我想說，設計得很好，特別是我們戴在臉上的面罩，我們重新設計了它，並在 Morpheus 平台上添加了面部面罩，這樣醫生就可以用 Morpheus 面部來補充免提治療，大家都知道效果很棒。

We develop a combination treatment for both the hand-free and the Morpheus for these platforms. We introduced all this during the sales meeting of North America in the beginning of -- at the end of January, and it was well accepted.

我們針對這些平台開發了免持和Morpheus的組合治療方案。我們在 1 月初至月底的北美銷售會議上介紹了這一切，並且得到了廣泛的認可。

We believe that right now, we start to penetrate the market with the new protocol and the new device. I mean, it's a hand free, hand free, it's not the highest technology or the best seller of InMode because hand free was never best seller. It's a complementary product. But I believe that this complementary product is the best in the market as far as the hand free category. Did I answer you, Matt?

我們相信，現在我們開始利用新協議和新設備滲透市場。我的意思是，它是免持的，免持的，它不是 InMode 的最高技術或最暢銷的產品，因為免持從來都不是暢銷產品。這是一個互補產品。但我相信，就免持類別而言，這款補充產品是市場上最好的。我回答你了嗎，馬特？

You did, Moshe. Thank you very much. And then just one more question. You talked about baking in continuation of these macro headwinds into guidance. And you also mentioned you're in the process of establishing an approval program to expedite the credit process and maybe use some of InMode's balance sheet.

你做到了，摩西。非常感謝。還有一個問題。您談到了將這些宏觀不利因素的持續影響納入指導。您還提到，您正在建立一個審批程序，以加快信貸流程，並可能使用 InMode 的一些資產負債表。

Can you just talk about kind of where you stand in that process in terms of when does that get off the ground and where you're going to focus that geographically? And if that starts to make some headway or it becomes effective, can that drive upside to how you're thinking about 2024 sales or guidance right now?

您能否談談您在這過程中所處的位置，什麼時候開始實施以及您將把重點放在哪個地理區域？如果這項措施開始取得一些進展或變得有效，那麼這是否會對您目前對 2024 年銷售或指導的看法產生上行影響？

Yes. This is Yair. Right now, I would say it is baked into our guidance already. We have a couple of programs, one in the US and one outside of the US, and we are looking to expand those. Basically, what we are doing is some sort of risk-sharing mechanism where we can take a very small portion of the risk of -- from the -- our leasing partners, and that would give them the incentives to what we call buy deeper and provide approval quicker. And I think that's definitely going to help us.

是的。這是亞伊爾。現在，我想說它已經融入我們的指導了。我們有幾個項目，一個在美國，一個在美國以外，我們正在考慮擴大這些項目。基本上，我們正​​在做的是某種風險分擔機制，我們可以從我們的租賃合作夥伴那裡承擔很小一部分風險，這將激勵他們進行更深入的購買並更快地提供批准。我認為這肯定會對我們有幫助。

But as we mentioned, there is also some slowdown in the demand in the underlying market. And again, this will not help with this portion. So overall, we already implemented a couple of programs, and we plan to expand those. However, this is already baked into the guidance, at least at the moment.

但正如我們所提到的，基礎市場的需求也出現了一些放緩。再說一次，這對這部分沒有幫助。總的來說，我們已經實施了幾個項目，並計劃擴大這些項目。然而，至少目前，這已經融入了指導中。

Okay, great. Thank you. Yair

好的，太好了。謝謝。亞伊爾

Welcome.

歡迎。

Danielle Antalffy, UBS.

瑞銀的丹妮爾‧安塔菲 (Danielle Antalffy)。

Thank you so much. Good morning, everyone. Thanks for taking the question. Just Yair and Moshe, on the underlying demand component here. Just curious, I know, Moshe, you mentioned January so far you haven't seen an improvement. I just want to confirm that that's true of the underlying demand as well.

太感謝了。大家早安。感謝您回答這個問題。只是 Yair 和 Moshe，討論這裡的潛在需求成分。只是好奇，我知道，莫什，你提到一月份到目前為止你還沒有看到改善。我只是想確認基本需求也是如此。

And I would just love to hear how you guys think about the sort of drivers of improving demand. Like what should we be looking for as it relates to the economy that could signal a potential uptick in improving demand? That's the first part of my question.

我很想聽聽你們對於改善需求的驅動因素有何看法。例如，我們應該尋找什麼與經濟相關的因素來預測需求改善的潛在上升趨勢？這是我的問題的第一部分。

And then the second part of your question, given that this is a capital business, how much of a lag is there once we see improving demand, like do people start purchasing equipment more readily three months later, six months later, is it right away? Would just love some color on how to think about that? Thanks so much.

然後是你問題的第二部分，鑑於這是一項資本業務，一旦我們看到需求改善，會有多大的滯後，比如人們是否會在三個月後、六個月後更容易開始購買設備，還是馬上就會購買？只是想了解如何思考這個問題？非常感謝。

Okay. Well, I will reiterate what I said. Right now, in the months of December and January, we do not see any change in the outlook of the macro situation. Whether or not we can see three months in advance, we don't know. And I don't think that anybody can answer that. We see some slowdown, not just in the equipment sales, but also we see some slowdown in the disposable sales because we believe that the slowdown affect the consumer as well and less people are going right now to do minimal invasive procedures, which is a little bit more effective than non-invasive procedure these days.

好的。好吧，我會重申我所說的話。目前，在12月和1月，我們沒有看到宏觀形勢前景有任何變化。我們是否能提前三個月預見這種情況，我們還不知道。我認為沒有人能回答這個問題。我們看到了一些放緩，不僅僅是在設備銷售方面，而且我們看到一次性用品銷售也出現了一些放緩，因為我們認為這種放緩也會影響消費者，現在做微創手術的人越來越少，而微創手術比非侵入性手術更有效。

So the only thing that we can say is we expect some improvement in the situation of the macro look sometime in the second half of the year, not in the first year of the year. We see the same process happening in Europe right now, especially in the major countries. The inflation in the United States already went down a little bit, but in Europe, not yet. And therefore, the process there will take some more time.

因此，我們唯一可以說的是，我們預計宏觀情況將在今年下半年而不是今年第一年有所改善。我們看到同樣的過程現在正在歐洲發生，特別是在一些主要國家。美國的通貨膨脹已經下降，但歐洲還沒有。因此，那裡的進程將需要更多時間。

But we are basically evaluating the situation on a daily basis, almost on a daily basis. We see the behavior of the leasing company. And this is something that tell us exactly what's going in the market. The leasing companies right now are very tough in the time that take them to clear a transaction and also the interest rate that they are requiring and also the process and what kind of deals they expect to get and what kind of deal they don't want to get. So I mean we are monitoring it. So far, we don't see any sign of improvement. But hopefully, we can start seeing it at the end of the second quarter.

但我們基本上每天、幾乎每天都在評估狀況。我們看到租賃公司的行為。這可以告訴我們市場到底在發生什麼事。目前，租賃公司在完成交易所需的時間、要求的利率、流程以及他們期望獲得什麼樣的交易和不想獲得什麼樣的交易方面面臨著非常嚴格的要求。所以我的意思是我們正在監視它。到目前為止，我們還沒有看到任何改善的跡象。但希望我們能在第二季末看到它。

Okay. That's helpful. And then you obviously have a very strong balance sheet. I appreciate the work you're doing to help take on risk as well. I assume that doesn't preclude you from continuing to search for potential M&A opportunities, as you can say on where you guys stand there? I mean, it feels like the market might be right given the difficulties and you guys are in a strong position there. Thanks so much.

好的。這很有幫助。那麼你的資產負債表顯然非常強勁。我也很欣賞您為幫助承擔風險所做的工作。我認為這並不妨礙你們繼續尋找潛在的併購機會，你能說說你們的立場嗎？我的意思是，考慮到目前的困難，感覺市場可能是正確的，而你們在那裡處於強勢地位。非常感謝。

We're currently exploring a potential candidate for M&A, something that complement our portfolio, not a laser company, by the way. It's a company that also are in the aesthetic field, but not similar to us. We're in the very early stage of evaluating the company. We don't have any bank, we're doing it ourselves. And we will know better sometime in the month -- in the beginning of March, whether it's - we can go to the next practical step or not. That's all what we do right now.

順便說一句，我們目前正在尋找潛在的併購對象，以補充我們的投資組合，而不是雷射公司。這也是一家從事美學領域的公司，但與我們並不相似。我們正處於對該公司評估的早期階段。我們沒有任何銀行，我們自己做。我們將在本月某個時候——三月初——更好地了解我們是否能夠採取下一步實際行動。這就是我們現在所做的一切。

As I said before, the Board of Directors decided not to do buyback because of many reasons that I have explained before, but rather to keep the money to try to do M&A, more strategic M&A, which we believe will benefit the company much better than buying our own stock. So this is the situation.

正如我之前所說，董事會決定不回購，原因有很多，我之前已經解釋過了，而是保留這筆錢來嘗試進行併購，更具戰略性的併購，我們相信這將比購買自己的股票更有利於公司。情況就是這樣。

I mean I have to say something, the macroeconomics did not help to the M&A, I would say, process because all the sellers are waiting to see that the market will improve, maybe they can get a better price for their assets. And -- but that's the situation. We cannot help it. But as I said, we're exploring one opportunity right now.

我的意思是我必須說，宏觀經濟對併購過程沒有幫助，因為所有的賣家都在等待市場改善，也許他們可以為他們的資產獲得更好的價格。而且——但情況就是這樣。我們對此毫無辦法。但正如我所說，我們現在正在探索一個機會。

Thank you so much. Great color.

太感謝了。顏色很棒。

Mike Matson, Needham & Company.

麥克‧馬森 (Mike Matson)，Needham & Company。

Good morning. Thanks for taking my question. Wanted to start with kind of the quarterly sequencing in 2024 so can you comment on whether or not you're comfortable with consensus in the first quarter? I think it's around $100 million or so?

早安.感謝您回答我的問題。想從 2024 年的季度排序開始，那麼您能否評論一下您是否對第一季的共識感到滿意？我認為大約是 1 億美元左右？

We do not give guidance per quarter. We only give guidance per year, and we are updating the - we're updating the guidance if we're updating the guidance, not always at the end of each quarter based on the performance of the quarter and what we see forward. And therefore, we will not comment on any guidance on the first quarter.

我們不提供每季的指導。我們每年只提供指引，並且我們會更新指引，如果我們要更新指引的話，我們也會更新指引，但並不總是在每個季度末根據該季度的表現和我們對未來的展望進行更新。因此，我們不會對第一季的任何指引發表評論。

But as you know, this industry is - there has some seasonality. The fourth quarter is the strongest one. The third quarter is the slowest one because of the summer. The second quarter is also strong, and the first quarter is in between. But during the last few years, because of the COVID and because of some other reason, the seasonality did not exactly was the same as years ago. And therefore, we don't know what will happen in 2024. And therefore, guidance per quarter is not something that we provide.

但正如你所知，這個行業有一定的季節性。第四季是最強勁的一個季度。由於處於夏季，第三季是成長最慢的一個季度。第二季的表現也十分強勁，第一季則介於兩者之間。但在過去幾年中，由於新冠疫情和其他一些原因，季節性並不與前幾年完全相同。因此，我們不知道 2024 年會發生什麼事。因此，我們不提供每季的指導。

Okay. I understand. And then your commentary around the patient demand. From what I remember, I don't remember you talking about that as much or commenting on that. I seem to remember the focus in the prior couple of quarters about the challenges you're facing being more kind of focused on the financing conditions, both interest rates and just tighter lower financing in general. So more on kind of the physician side of things. Am I correct in interpreting this patient demand issue as being something kind of a newer headwind? Or was that there all -- has that been there all along?

好的。我明白。然後是您關於患者需求的評論。據我記得，我不記得你談論過這個問題或對此發表過評論。我似乎記得前幾個季度您所面臨的挑戰更多地集中在融資條件上，包括利率和整體上更緊縮的融資條件。所以更多是從醫生的角度來講事情。我是否可以正確地將這項患者需求問題解讀為某種較新的阻力？或者那都是——那一直都在那裡嗎？

Well, you know, we have to distinguish between non-invasive treatment and minimal invasive treatment, okay? Non-invasive treatment like hair removal, pigmentation, all kind of topical treatment, these treatments are type of commodity, the cost is not very high. And I don't know, just because we're not exactly in this type of business, only 10% of our products are commodity type. I don't know how much this segment of the market was affected.

嗯，你知道，我們必須區分非侵入性治療和微創治療，好嗎？非侵入性治療，如除毛、色素沉澱、各種局部治療，這些治療屬於商品類型，成本不是很高。我不知道，只是因為我們並不是從事這種類型的業務，所以我們只有 10% 的產品是商品類型。我不知道這個部分市場受到了多大的影響。

The minimal invasive, mainly, the minimal invasive radio-frequency-assisted lipolysis, mean doing some kind of plastic surgical procedure with one incision point with all the benefit that we have presented to the market. And the Morpheus8, which is also surgical because it's penetrate the skin up to 7-millimeter deep are not cheap procedures. This procedure can range from, I don't know, $2,000 to $5,000, $6,000, $7,000 per procedure. Although it's done in the doctor clinic and although it's much cheaper than a full surgical procedures, but yet, it's expensive, relatively to non-invasive treatment.

微創，主要是微創射頻輔助脂肪分解，意味著透過一個切口點進行某種整形外科手術，並具有我們向市場展示的所有優點。Morpheus8 也需要手術，因為它可以穿透皮膚達 7 毫米深，而且手術費用不菲。我不知道這個程式每次花費大概在 2,000 美元到 5,000 美元、6,000 美元、7,000 美元之間。雖然它是在醫生診所進行的，而且比完整的手術便宜得多，但與非侵入性治療相比，它還是很昂貴的。

And we believe from the disposable part of our business, we see some slowdown, not a major slowdown. By the way, in the fourth quarter, we sold more disposable than on the third quarter. But the growth rate was not what we expected. Overall, in 2023, we sold almost 1 million disposable compared to 730,000 in 2022. So we see increase as far as the total numbers of disposable and the total number of our procedure.

我們認為，從我們業務的一次性部分來看，我們看到了一些放緩，但不是嚴重的放緩。順便說一句，第四季我們銷售的一次性產品比第三季多。但成長率並不如我們預期。整體而言，2023 年我們售出了近 100 萬台一次性產品，而 2022 年則售出了 73 萬台。因此，我們看到一次性用品總數和手術總數增加。

When I said we see some slowdown, I meant that we don't see the exact growth rate that we experienced in previous quarter and in previous year. But that will change, hopefully, when the market will -- not the market, when the economy will prosper again and the cost of capital will go down and people will continue to spend money on minimal invasive and plastic surgery as well.

當我說我們看到一些放緩時，我的意思是我們沒有看到上一季和去年經歷的確切成長率。但希望這種情況會改變，當市場——不是市場——復甦時，當經濟再次繁榮，資本成本下降，人們會繼續在微創和整形手術上花錢時。

So that's the situation today. And this is the reason why we said we see some slowdown, but don't take it as a complete slowdown. It's a slowdown of the rate of growth. Am I explaining myself?

這就是今天的情況。這就是為什麼我們說看到了一些放緩，但不要認為這是完全放緩。這是成長率的放緩。我是在解釋自己嗎？

Yes, that makes sense. Thank you, Moshe.

是的，這很有道理。謝謝你，摩西。

Caitlin Cronin, Canaccord Genuity.

Canaccord Genuity 的 Caitlin Cronin。

Hi, everyone. Thanks for taking the questions. I just want to focus on the US for a moment. What was consumable growth in the US in Q4? Was it still was it positive, was it negative? And then just regarding the guidance for this year, what does that really assume from the US perspective, continued deceleration or some growth?

大家好。感謝您回答這些問題。我只想暫時關註一下美國。美國第四季消費品成長情況如何？它還是積極的還是消極的？那麼就今年的指引而言，從美國的角度來看，這實際上假設了什麼，繼續減速還是有所成長？

Shakil, would you answer that?

沙基爾，你能回答這個問題嗎？

Did you want to go over.

你想過去嗎？

I can answer the overall consumable growth, did grow around 15%, I would say. Obviously, it's lower than in the Q1 or Q2 or Q3. So, with this -- as Moshe mentioned, we do see some slowdown in the growth rate. So, it's in the high teens, but it's definitely lower than 40% that we saw in the first half of the year. So, in the second half of the year, we start seeing some slowdown in the growth rate.

我可以回答整體消耗品的成長，我想說確實成長了 15% 左右。顯然，它低於第一季、第二季或第三季。因此，正如 Moshe 所提到的，我們確實看到成長率有所放緩。所以，這個數字在十幾%左右，但肯定低於我們在今年上半年看到的 40%。因此，在下半年，我們開始看到成長率有所放緩。

Got it. Okay. And then when do you expect the dry eye indication in the US for Envision?

知道了。好的。那麼，您預計 Envision 在美國何時會出現乾眼症症狀？

Say it again? Dry eye indication for?

再說一遍嗎？乾眼症的症狀是什麼？

Okay. We are well in the process of finalizing the protocol with the FDA under IDE submission. They ask few questions. Hopefully, by the end of this month, we will answer them, and they will give us the promotion to do a pivotal study for 510(k) clearance, which will probably start sometime at the end of this quarter. We already selected the sites to do the study according to the protocol that will be approved.

好的。我們正依照 IDE 提交程序與 FDA 一起敲定協議。他們很少提問。希望在本月底之前，我們能夠給他們答复，並且他們會提拔我們進行 510(k) 審批的關鍵研究，這項研究大概會在本季度末的某個時候開始。我們已經根據即將批准的協議選擇了進行研究的地點。

It's a process. But in the meantime, although we do not claim that because we don't have the clearance yet from the FDA, but we have preliminary study that we did, showing the combination of treatment that's helping dry eye and doctors are testing it themselves and the results as far as what we hear from the market is great.

這是一個過程。但同時，雖然我們沒有宣稱這一點，因為我們還沒有獲得 FDA 的批准，但我們已經進行了初步研究，表明這種組合療法有助於治療乾眼症，醫生們也在進行自己的測試，而就我們從市場上聽到的消息而言，結果非常好。

Thank you.

謝謝。

Thank you.

謝謝。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Thank you. Good morning, guys. Moshe, understanding you don't give quarterly guidance, but I guess I'll try one more time on it. You have said you don't expect an improvement in the first half that should come potentially in the second half. If we look back at '23, obviously, the first half of '23 was still a very solid year, especially in the first quarter, but both quarters were solid. And you said there's no improvement in December and January off the kind of second half '23.

謝謝。大家早安。Moshe，我知道你沒有提供季度指導，但我想我會再試一次。您說過，您不期望上半年的情況會有所改善，但下半年可能會有所改善。如果我們回顧 23 年，顯然，23 年上半年仍然是非常穩健的一年，尤其是第一季度，但兩個季度都很穩健。您說 12 月和 1 月的情況與 23 年下半年相比沒有任何改善。

So if I put all that kind of in the mix, it would seem to me that it's just a logical statement to say that first half of the year, probably down mid to upper single digits on a year-over-year basis from a revenue perspective. And then in the second half, the hope would be to get back to kind of mid to upper single digit growth if I balance it that way. Just is there any flaw in my logic there, even though I know you don't give quarterly guidance?

因此，如果我把所有這些因素都考慮進去，那麼在我看來，從收入角度來看，今年上半年的營收可能同比下降中高個位數，這是合乎邏輯的說法。然後，如果我這樣平衡的話，在下半年，希望能夠回到中等到上個位數的成長。儘管我知道您不提供季度指導，但我的邏輯是否有缺陷？

So this is Yair. So we do not give quarterly guidance. But you do see that the overall guidance is pretty much flat year-over-year. I would say that probably the sequence between the quarter, the allocations of this guidance between the quarters will either be similar to 2023 or a little bit back ended because of all the factors that Moshe mentioned.

這就是亞伊爾。因此我們不提供季度指引。但你確實看到，整體預期與去年同期相比基本持平。我想說的是，由於 Moshe 提到的所有因素，本季之間的順序、本季之間的指導分配要么與 2023 年相似，要么略有落後。

Yes. I mean, in 2023, the first two quarters, the growth compared to 2022 was 20% in the first quarter and the second quarter. If you ask me if we anticipate to have the same growth this year, absolutely not. The second half of 2023 was slow. And the first half of 2023 was with the right momentum. I believe in 2024, it will be the opposite, if I'm right. So, the first two quarters will be the slowest one and the second two quarters, I mean will compensate.

是的。我的意思是，2023年前兩個季度，與2022年相比，第一季和第二季的成長率分別是20%。如果你問我，我們是否預期今年會實現同樣的成長，答案是絕對不會。2023年下半年進展緩慢。2023 年上半年的發展動能良好。我相信，如果我是對的，到 2024 年，情況將會相反。因此，前兩個季度將是最慢的，而後兩個季度將會彌補。

All right. Yes. We'll try again maybe offline. On the margin side, Moshe, if I look back, pre-COVID your operating margin, and I'm thinking more operating margin. Obviously, your gross margin has stayed very nicely consistent here for many years in the low to mid-80s. If I look at the operating margin, pre-COVID, you were kind of right around that 40% range. Obviously, in the really strong '21, '22, years, you picked up to 50%, this past year, kind of 45 guiding to about 44 and 24.

好的。是的。我們或許會離線再試一次。在利潤方面，Moshe，如果我回顧一下，在 COVID 之前您的營業利潤率，而且我認為營業利潤率會更高。顯然，你們的毛利率多年來一直保持非常穩定，在 80% 左右。如果我看一下新冠疫情之前的營業利潤率，那大概就在 40% 左右。顯然，在真正強勁的 21、22 年，去年的成長幅度達到 50%，約為 45%，預計為 44% 和 24%。

So, I guess my question is, are we settling in at kind of that low to mid-40s, 44, 45. If I think out over the next three to five years and if we exclude any kind of M&A, do you think you can hold that low to mid-40s operating margin going forward and kind of grow earnings in line with revenue growth rates? Is that the way to think about kind of the algorithm to end mode over the next several years? Thank you.

所以，我想我的問題是，我們是否會穩定在 40 多歲、44 歲、45 歲左右。如果我考慮未來三到五年，並且如果我們排除任何類型的併購，您是否認為您可以保持未來的低至 40% 的中段營業利潤率，並使盈利增長與收入增長率保持一致？這是思考未來幾年內結束模式的演算法的方式嗎？謝謝。

Absolutely, yes. I mean we're trying very hard, I mean, to keep the margin steady, gross margin and operating. Although if you notice, we're spending more money for marketing. And this is because of many reasons. We believe that during a slowdown period, we have to invest more in marketing. I know that many people think differently than me than in a crisis, you need to slow down in expenses. We don't think the same. We believe that when the market is slowing down or there is some crisis on the market, the opportunity for a company like us is to continue spending R&D, marketing, of course, not G&A, you noticed that and capture market share.

絕對是的。我的意思是我們正在盡力維持利潤率、毛利率和營運利潤的穩定。但如果你注意到的話，我們在行銷上花了更多資金。這是有很多原因的。我們認為，在經濟不景氣時期，我們必須在行銷方面投入更多。我知道很多人的想法與我不同，他們認為在危機時刻，你需要減少開支。我們的想法不一樣。我們相信，當市場放緩或市場出現危機時，像我們這樣的公司的機會是繼續投入研發和行銷，當然不是一般行政開支，你會注意到這一點並佔領市場份額。

Then although, I mean, the total market went down a little bit, but as far as market share, I believe the market share of InMode grow in the last 6 months of the year. And now we're waiting to see what Cutera will report. But I'm sure you'll see that they did not grow this year. On the opposite, they went down.

雖然整個市場有所下降，但就市場佔有率而言，我相信 InMode 的市佔率在今年最後 6 個月會成長。現在我們正在等待看 Cutera 將會報告什麼。但我確信你會發現它們今年沒有成長。相反，他們卻倒下了。

Other companies are - other companies in this industry are mostly private. But here and there, we have some information. Alma [ph] it's a public company. And as you noticed, they went down in the second half of the year, they did not report the second half, but in the first half of the year, they went down. So for us, keeping the margin is important, but we will not discontinue to invest, not in marketing, not in R&D. We're not doing cost cutting.

其他公司－該行業的其他公司大多是私人的。但我們還是有一些資訊。Alma[ph] 這是一家上市公司。正如你所注意到的，他們在下半年下降了，他們沒有報告下半年，但在上半年，他們下降了。因此對我們來說，維持利潤率很重要，但我們不會停止投資，無論是在行銷方面，還是在研發方面。我們不會削減成本。

Thank you.

謝謝。

Anthony Petrone, Mizuho Financial Group.

瑞穗金融集團的安東尼‧佩特羅內 (Anthony Petrone)。

Thank you for taking a question. Fit me in here. Maybe one on macro, just as we think about it geographically, how do the pressures in the US. stack up relative to Europe and the APAC region. So that would be the first question.

感謝您回答問題。讓我坐這兒。也許是一個宏觀問題，就像我們從地理上思考一樣，美國的壓力如何。與歐洲和亞太地區相比。這是第一個問題。

And when you think about financing options, why should that do we think about, again, directly financing practices or will also be an option for patient finance. And so thinking about an entity in the US such as CareCredit that is providing financing for aesthetic procedures. Can you also step into that market as well? Or again, is this just going to be capital financing banks? Thanks.

當您考慮融資選擇時，為什麼我們應該再次考慮直接融資實踐，或者這也是患者融資的一種選擇。因此，請考慮美國的 CareCredit 這樣的實體，它為美容手術提供融資。您也可以進入那個市場嗎？或者說，這只是銀行的資本融資嗎？謝謝。

Well, good question. As far as territories, I think we mentioned it in the PR, ROW in 2023 growth by something like 18%. North America total was less than that. So -- and the reason for that and the reason for that is not because we're not investing in North America or in the United States. The reason for that is that in 2024 - in 2023, we have established 2 new subsidiaries, one in Japan and one in Germany, Austria, and we continue to hire more people and more salespeople because the ROW market is important for us. And we believe that ROW will grow in 2024. We have a plan to continue to invest in addition to what we're investing in the United States. So ROW in 2023 grow a little bit more than in the US, especially in platforms and new territories and new, I would say, regulatory clearances that we received for different countries.

嗯，好問題。就地區而言，我想我們在 PR 中提到過，ROW 在 2023 年的成長幅度約為 18%。北美的總量低於這個數字。所以——原因並不是因為我們沒有在北美或美國投資。原因在於，在 2024 年至 2023 年，我們建立了 2 家新子公司，一家在日本，一家在德國和奧地利，我們將繼續招募更多員工和銷售人員，因為 ROW 市場對我們很重要。我們相信，到 2024 年，ROW 將會成長。除了在美國進行的投資以外，我們還計劃繼續進行投資。因此，2023 年 ROW 的成長將比美國略高一些，尤其是在平台和新領域，以及我們在不同國家獲得的新的監管許可。

As far as financing customers, we've never been in this business, there are companies that are doing it and they work directly with the doctors. We don't intend to go to finance customers because this is not the business that we're in. We will help to using our strong balance sheet, as Yair said and I said to help the leasing company or share the risk with them to expedite the process of clearing transaction for the doctors. But as far as customers, we do not intend to get into this business.

就為客戶提供融資而言，我們從未從事過這項業務，有些公司正在做這項業務，而且他們直接與醫生合作。我們不打算為客戶提供金融服務因為這不是我們從事的業務。正如亞伊爾和我所說，我們將利用我們強大的資產負債表來幫助租賃公司或與他們分擔風險，以加快醫生的清算交易流程。但就客戶而言，我們無意涉足這項業務。

Yes. Thank you.

是的。謝謝。

Thank you. We've run out of time for questions today. This concludes our question-and-answer session. I would like to turn the conference back over to Moshe Mizrahy, Chairman and CEO, for any closing remarks.

謝謝。我們今天已經沒有時間回答問題了。我們的問答環節到此結束。我想將會議交還給董事長兼執行長 Moshe Mizrahy，請他作最後發言。

Thank you, operator. Again. And I would like to say that, you know, although 2023 was a challenging year for us, but we keep the momentum and we know how to turn, you know, slow down in crisis into opportunities. And I believe we did that with that with all the new R&D, the new two subsidiaries that we build, even in a tough time, adding more people all over the world in order to enlarge the sales force and the support force.

謝謝您，接線生。再次。我想說的是，儘管 2023 年對我們來說是充滿挑戰的一年，但我們保持了勢頭，並且知道如何將危機中的放緩轉化為機會。我相信我們做到了這一點，透過所有新的研發部門，我們建立了兩個新子公司，即使在困難時期，我們也在世界各地增加更多員工，以擴大銷售團隊和支援團隊。

I would like to thank all our employees worldwide for the hard work they gave in 2023, especially, I would like to thank the Israeli team. As everybody know, we are facing a very challenging time in Israel. And I think that the effort that people in Israel did since October when the world started to make sure that we will run the business as usual, although many of the team in the manufacturing and in the office went on reserve duty, everybody walk our overtime as much as needed.

我要感謝我們全球所有員工在 2023 年的辛勤工作，特別是要感謝以色列團隊。眾所周知，以色列正面臨非常嚴峻的挑戰。我認為，自從去年 10 月世界疫情開始蔓延以來，以色列人民就一直在努力確保我們能夠照常開展業務，儘管製造團隊和辦公室的許多成員都去執行預備任務，但每個人都盡可能多地加班。

We rescheduled the manufacturing line to make sure that we will be able to supply everything to everybody within seven days. And we did it very well and we continue to support, and we'll continue to look for the cost, maintaining that the margin. I hope 2024 will be a better year for us, although 2023 was not I was not I don't want to say that it was a tough year, but not a bad year. So, thank you.

我們重新安排了生產線，以確保能在七天內向所有人供應所有產品。我們做得很好，我們會繼續提供支持，並會繼續尋找成本，保持利潤。我希望 2024 年對我們來說會是更好的一年，儘管 2023 年不是。所以，謝謝你。

All and looking forward to see you at the end of the first quarter.

一切順利，期待在第一季末見到您。

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

會議已經結束。感謝您參加今天的演講。您現在可以斷開連線。