Inmode Ltd (INMD) 2021 Q4 法說會逐字稿

Good day and welcome to the InMode Ltd Fourth Quarter and Full Year 2021 Earnings Results Conference Call. (Operator Instructions)

美好的一天，歡迎參加 InMode Ltd 2021 年第四季度和全年收益結果電話會議。 （操作員說明）

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

我現在想將會議轉交給 MS-IR 的 Miri Segal。請繼續。

Thank you, operator and everyone for joining us today. Welcome to InMode's fourth quarter and full year 2021 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 to the Investor Relations section of the company's website.

感謝運營商和大家今天加入我們。歡迎參加 InMode 的 2021 年第四季度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信息可能包含前瞻性陳述，今天的收益發布中概述的安全港聲明也與本次電話會議有關。如果您沒有收到新聞稿的副本，請訪問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. Such we can give no assurance as to the accuracy, 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，可能導致實際結果與今天做出的前瞻性陳述所表達的結果大不相同。我們的歷史結果不一定代表未來的表現。除非法律要求，否則我們無法保證前瞻性陳述的準確性，並且不承擔更新它們的義務。

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

有了這個，我想把電話轉給董事長兼首席執行官 Moshe Mizrahy。莫舍，請繼續。

Thank you, Miri and thank you all for joining our fourth quarter and full year 2021 earnings call. With me today are Dr. Michael Kreindel, our Co-founder and Chief Technology Officer; Yair Malca, our CFO; Shakil Lakhani, our President in North America; Dr. Spero Theodorou, our Chief Medical Officer; and Rafael Lickerman, our VP of Finance. We will all be available for Q&A session after our prepared remarks.

謝謝美里，感謝大家參加我們的 2021 年第四季度和全年財報電話會議。今天和我在一起的是我們的聯合創始人兼首席技術官 Michael Kreindel 博士；我們的首席財務官 Yair Malca； Shakil Lakhani，我們的北美總裁；我們的首席醫療官 Spero Theodorou 博士；和我們的財務副總裁 Rafael Lickerman。在我們準備好的評論之後，我們都可以參加問答環節。

Once again we have the pleasure of announcing a record quarter with revenue of 110.5 and $357.6 million for full year, an increase of 47% and 73%, compared to the same period last year, crossing the $100 million quarterly revenue mark a symbolic and meaningful achievement for our company. We continue to achieve strong profitable growth.

我們很高興再次宣布創紀錄的季度收入，全年收入分別為 110.5 美元和 3.576 億美元，與去年同期相比分別增長 47% 和 73%，超過 1 億美元的季度收入大關具有像徵意義和意義為我們公司的成就。我們繼續實現強勁的盈利增長。

Net income for the quarter --- was a GAAP basis was 52.7 and $55.2 million on a non-GAAP basis. In the full year of 2021, net income reached $165 million on a GAAP basis, and $176.3 million on a non-GAAP basis. As a result of our strategy, to focus on selling more system globally, sales of capital equipment represent 89% of our total revenue in the fourth quarter. Sales from consumable and services increased significantly and reached record volume every quarter. This sale accounted for 11% of total in the fourth quarter and in the full year 2021.

本季度的淨收入——按公認會計原則計算為 52.7 美元，按非公認會計原則計算為 5520 萬美元。 2021 年全年，按公認會計原則計算的淨收入達到 1.65 億美元，按非公認會計原則計算的淨收入達到 1.763 億美元。由於我們的戰略，專注於在全球銷售更多系統，資本設備的銷售占我們第四季度總收入的 89%。消耗品和服務的銷售額顯著增長，每個季度都創下歷史新高。這筆銷售額佔第四季度和 2021 年全年總額的 11%。

By launching new platforms and innovative modalities and growth and growing our installed base in the US and globally, we expect consistent growth in consumable revenue will become a more significant part of our revenue mix. I would like to highlight their ongoing growth from our minimally invasive and ablative technologies, which now account for 73% of our revenue, compared with 65% last year.

通過推出新平台和創新模式以及增長和擴大我們在美國和全球的安裝基礎，我們預計消費品收入的持續增長將成為我們收入組合中更重要的一部分。我想強調他們的持續增長來自我們的微創和消融技術，現在這些技術占我們收入的 73%，而去年這一比例為 65%。

Hands-Free devices generated 17% of our revenue, and non-invasive RF and laser platforms represent the remaining 10%. The broader client mix for the full year was 72% for minimally invasive, 20% for Hands-Free and 8% for non-invasive RF and laser platforms.

免提設備占我們收入的 17%，非侵入式射頻和激光平台佔剩餘的 10%。全年更廣泛的客戶組合是微創平台佔 72%，免提平台佔 20%，非侵入性射頻和激光平台佔 8%。

Looking at the international side of the business, fourth-quarter sales outside the US, accounted for $36.3 million, a 69% increase compared to the same quarter last year. Full year results which $120 million --- $120.3 million, a 112% increase compared to 2020. These figures represent 34% of our total revenue of all 2021 and 33% of our total revenue for the fourth quarter.

從業務的國際方面來看，第四季度美國以外的銷售額為 3630 萬美元，與去年同期相比增長了 69%。全年業績為 1.2 億美元——1.203 億美元，與 2020 年相比增長 112%。這些數字占我們 2021 年全年總收入的 34% 和第四季度總收入的 33%。

InMode currently operate in 71 countries, having added 17 countries more in 2021. We also expanded our existing operation in Italy, by establishing a subsidiary there. We see most of the growth coming from region, where we are already involved, yet there was opportunity in the new territories.

InMode 目前在 71 個國家/地區開展業務，到 2021 年又增加了 17 個國家/地區。我們還通過在意大利設立子公司來擴大我們在意大利的現有業務。我們看到大部分增長來自我們已經參與的地區，但在新領域也有機會。

Furthermore, despite facing serious global supply chain obstacle in 2021, we successfully delivered every system within 10 days of receiving the order. We would not have done that without our hardworking and dedicated employees and partners. We value their contribution and thank them for it.

此外，儘管在 2021 年面臨嚴重的全球供應鏈障礙，但我們在收到訂單後的 10 天內成功交付了每個系統。如果沒有我們勤奮敬業的員工和合作夥伴，我們就不會做到這一點。我們重視他們的貢獻並感謝他們。

As for 2022, we're continuing to evaluate the impact of the Omicron and the BA2 COVID variant on our business that we do in every territory. We hope that current wave of COVID will pass and will be the last one. So that business across the world will return to normal soon. Now I would like to turn the call over to Shakil, our President in North America. Shakil?

至於 2022 年，我們將繼續評估 Omicron 和 BA2 COVID 變體對我們在各個領域開展的業務的影響。我們希望當前的 COVID 浪潮將過去，並將成為最後一波。因此，全球業務將很快恢復正常。現在我想把電話轉給我們的北美總裁沙基爾。沙基爾？

Thanks, Moshe and everyone for joining us. InMode ended the fourth quarter and 2021 with another record performance. And the successful launches of the EvolveX and EmpowerRF platforms. Sales from capital equipment was the main contributor to our quarterly revenues with $98.6 million in Q4 and $319.2 million for all of 2021, with an installed base of 11,600 units. Additionally, as Moshe mentioned, as our installed base grows and our systems are used more frequently, the number of disposables continues to reach new records as well.

感謝 Moshe 和大家加入我們。 InMode 在第四季度和 2021 年結束時再創紀錄。以及 EvolveX 和 EmpowerRF 平台的成功推出。固定設備銷售是我們季度收入的主要貢獻者，第四季度收入為 9860 萬美元，2021 年全年收入為 3.192 億美元，安裝基數為 11,600 台。此外，正如 Moshe 所提到的，隨著我們安裝基礎的增長和我們的系統使用更加頻繁，一次性用品的數量也繼續達到新的記錄。

The US remains the leading market and was the biggest contributor to our topline. With the total fourth-quarter sales amounting to $74.2 million, compared to $53.7 million in the same quarter of 2020, of 38% increase. Despite new COVID variant, causing another surge across North America, physician offices in the fourth quarter, we are the busiest they've been and all of 2021. Demand for minimally invasive technologies has been steadily increasing, supporting our growth in the US and globally.

美國仍然是領先市場，並且是我們收入的最大貢獻者。第四季度總銷售額為 7420 萬美元，與 2020 年同期的 5370 萬美元相比增長 38%。儘管出現了新的 COVID 變種，導致整個北美的醫師辦公室再次激增，但我們在 2021 年和整個 2021 年一直是最忙碌的。對微創技術的需求一直在穩步增長，支持我們在美國和全球的增長.

With the launch of EmpowerRF, we've seen significant interest by physicians in the women's health space. Currently, our focus is on North America, however, we will gradually expand to the rest of the world. We plan to continue hiring new sales staff in the North American market, which will increase topline growth, as proven in previous years. We're very grateful to our team and their continued commitment, we'll not be as successful, as we are without each and every individual.

隨著 EmpowerRF 的推出，我們看到醫生對女性健康領域產生了濃厚的興趣。目前，我們的重點是北美，但我們將逐漸擴展到世界其他地區。正如前幾年所證明的那樣，我們計劃繼續在北美市場招聘新的銷售人員，這將增加收入增長。我們非常感謝我們的團隊和他們的持續承諾，我們不會像沒有每個人那樣成功。

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

我現在將致電 Yair 以更詳細地審查財務結果。耶爾？

Thanks, Shakil, and good day everyone. Now I'd like to break down the numbers for the quarter, and the year in greater detail.

謝謝，Shakil，大家好。現在我想更詳細地分解本季度和年度的數字。

Total revenue in the fourth quarter of 2021, increased 47% year-over-year to $110.5 million, with gross margin of 85% on a GAAP basis. For full year 2021, revenue totalled $357.6 million, an increase of 73%, compared to 2020. Sales of minimally invasive and subdermal ablative technologies in the fourth quarter of 2021, grew 64% year-over-year. The geographic revenue mix in Q4 was 67% in the US, and 33% internationally, compared to 71% and 29% for the same quarter in 2020 respectively. International sales increased year-over-year by 69%.

2021 年第四季度的總收入同比增長 47% 至 1.105 億美元，按公認會計原則計算的毛利率為 85%。 2021 年全年收入總計 3.576 億美元，與 2020 年相比增長 73%。2021 年第四季度微創和皮下消融技術的銷售額同比增長 64%。第四季度的地域收入組合在美國為 67%，在國際上為 33%，而 2020 年同一季度分別為 71% 和 29%。國際銷售額同比增長 69%。

Capital equipment in the fourth quarter accounted for 89% of our revenue, and consumable and service revenues are presented the remaining 11%, identical to the ratio for the full year. GAAP operating expenses in the fourth quarter were 39.5 and $136.5 million for the full year of 2021, a 35% and 33% increase year-over-year, respectively.

第四季度的固定設備占我們收入的 89%，消耗品和服務收入佔剩餘的 11%，與全年的比例相同。 2021 年第四季度的 GAAP 運營費用分別為 39.5 美元和 1.365 億美元，同比分別增長 35% 和 33%。

Sales and marketing expenses increased 40% in Q4, compared to the fourth quarter of 2020 and 38% for the full year 2021, compared to last year. This is the result of the improvement in the COVID status, in certain countries and regions around the world, especially in the US, where we saw an increase in in-person marketing events.

與 2020 年第四季度相比，第四季度的銷售和營銷費用增長了 40%，與去年相比，2021 年全年增長了 38%。這是全球某些國家和地區（尤其是美國）的 COVID 狀況改善的結果，我們看到現場營銷活動有所增加。

Share-based compensation decreased to $3.1 million in the fourth quarter of 2021 compared to $3.2 million in the fourth quarter of 2020, and to $12 million for all of 2021 from $12.8 million in all of 2020. On a non-GAAP basis, operating expenses totaled approximately $37.5 million in Q4 2021, compared to operating expenses of $26 million in the same quarter of 2020, an increase of 44%.

與 2020 年第四季度的 320 萬美元相比，基於股票的薪酬從 2020 年第四季度的 320 萬美元降至 2021 年第四季度的 310 萬美元，從 2020 年全年的 1280 萬美元降至 2021 年全年的 1200 萬美元。在非公認會計準則基礎上，運營費用2021 年第四季度的總額約為 3750 萬美元，而 2020 年同期的運營費用為 2600 萬美元，增長了 44%。

Non-GAAP operating expenses for the full year of 2021 were $126.4 million, compared to $90 million in the full year of 2020, a 40% increase. GAAP operating margin was 49% in the fourth quarter, and 47% for all of 2021 compared to 47% and 35% for the same periods in 2020. Non-GAAP operating margin was 51% in the fourth quarter and 50% for all of 2021 compared to 51% and 42% for the same periods in 2020.

2021 年全年非 GAAP 運營費用為 1.264 億美元，與 2020 年全年的 9000 萬美元相比，增長了 40%。第四季度 GAAP 營業利潤率為 49%，2021 年全年為 47%，而 2020 年同期為 47% 和 35%。第四季度非 GAAP 營業利潤率為 51%，全年為 50% 2021 年，而 2020 年同期分別為 51% 和 42%。

Profitability in the quarter and during 2021 was remarkable. GAAP diluted earnings per share for Q4 2021 were $0.61 compared to $0.43 per diluted share in the fourth quarter of 2020. And $1.92 for the full year of 2021, compared to $0.89 --- excuse me, for the full year of 2020. Non-GAAP diluted earnings per share for Q4 2021 were $0.64, compared to $0.47 per diluted share in the fourth quarter of 2020, and $2.05 for the full year of 2021, compared to $1.06 for the full year of 2020.

本季度和 2021 年期間的盈利能力非常顯著。 2021 年第四季度的 GAAP 攤薄後每股收益為 0.61 美元，而 2020 年第四季度的攤薄後每股收益為 0.43 美元。2021 年全年為 1.92 美元，而 2020 年全年為 0.89 美元——對不起。 2021 年第四季度的 GAAP 攤薄後每股收益為 0.64 美元，而 2020 年第四季度的攤薄後每股收益為 0.47 美元，2021 年全年為 2.05 美元，而 2020 年全年為 1.06 美元。

We ended 2021 with a very strong balance sheet. As of December 31, 2021, the company had cash and cash equivalents, marketable securities and deposits of $415.9 million. On the cash flow front, the company generated $52.9 million from operating activities for the fourth quarter, and $174.9 million for all of 2021.

我們以非常強勁的資產負債表結束了 2021 年。截至 2021 年 12 月 31 日，公司擁有現金及現金等價物、有價證券和存款 4.159 億美元。在現金流方面，該公司第四季度的經營活動產生了 5290 萬美元，2021 年全年產生了 1.749 億美元。

I will now turn over the call back to Moshe.

我現在將把電話轉回給 Moshe。

Thank you, everybody. I believe we now open the Q&A session. Operator?

謝謝大家。我相信我們現在打開問答環節。操作員？

(Operator Instructions) Our first question today comes from Matt Taylor with UBS.

（操作員說明）我們今天的第一個問題來自瑞銀的馬特泰勒。

So I wanted to -- excuse me -- you mentioned Omicron in the press release and in your comments. And I guess, I just wanted to get some thoughts from you about how disruptive that has been in Q1, has that had any impact on your views for the rest of the year and any color on recent?

所以我想 - 對不起 - 你在新聞稿和評論中提到了 Omicron。我想，我只是想從你那裡得到一些想法，關於第一季度的破壞性有多大，這對你今年剩餘時間的觀點有什麼影響嗎？最近有什麼顏色嗎？

Yes. This is Moshe. Hi Matt. Well, I cannot answer what would be the effect on the full year. But one thing I can tell you, that right now, there are some countries, which are totally close and we have some slowdown, for example in China. I'm sure you know that they have adapted a zero cases program. They don't allow people to travel even within their territory. They don't allow people to travel between cities. So our salespeople in China right now, are very limited in the way they can do business. They try to overcome it. Also in Europe their countries are under lockdown, like Netherlands and Austria, where hopefully soon they will get out of it.

是的。這是摩西。嗨，馬特。好吧，我無法回答對全年的影響。但我可以告訴你一件事，現在，有些國家完全接近，我們的經濟放緩，例如中國。我相信你知道他們已經適應了零病例計劃。他們甚至不允許人們在他們的領土內旅行。他們不允許人們在城市之間旅行。因此，我們目前在中國的銷售人員開展業務的方式非常有限。他們試圖克服它。同樣在歐洲，他們的國家也處於封鎖狀態，比如荷蘭和奧地利，希望他們很快就能擺脫封鎖。

I believe that sometime in February or maybe early March, business will go back to normal. But we continue, as I said, to evaluate the situation, country by country, territory by territory. You know we are lucky that it is not affecting the United State as of now. But with the Omicron and the new variant that just came, which create another, you know, feel in some countries, we will see, what will happen.

我相信在二月或三月初的某個時候，業務將恢復正常。但正如我所說，我們將繼續逐個國家、逐個地區地評估局勢。你知道我們很幸運，到目前為止它還沒有影響到美國。但是隨著 Omicron 和剛剛出現的新變體，它創造了另一種，你知道，在某些國家，我們會看到，會發生什麼。

Okay. Thanks, Moshe. Just to clarify, I mean, you guys are now in dozens of countries, you just mentioned a few. What percentage of your revenue base in these -- there are actually having more severe lockdowns?

好的。謝謝，摩西。澄清一下，我的意思是，你們現在在幾十個國家，你剛才提到了幾個。您在這些收入基礎中所佔的百分比 - 實際上有更嚴重的鎖定？

Well, China is one of our growth engine. And I believe that in the first quarter, we will do less than what we did on the fourth quarter, hopefully not much less. I would say that 10% of the countries where we sell, will be some effect. Other than that, we need to wait and see what will happen in the next few weeks.

嗯，中國是我們的增長引擎之一。而且我相信在第一季度，我們會比第四季度做得更少，希望不會少很多。我想說的是，我們銷售的 10% 的國家/地區會產生一些影響。除此之外，我們需要拭目以待，看看接下來幾週會發生什麼。

And then, I wanted to ask one about margins and supply chain it seems like you've been doing a good job, you're managing through these challenges, keeping your margins really high here. Is there anything that investors should be concerned about, in terms of disruption or increased costs and how conservative are you being are here, your margin guidance for 2022?

然後，我想問一個關於利潤率和供應鏈的問題，看起來你做得很好，你正在應對這些挑戰，在這裡保持你的利潤率很高。就中斷或成本增加以及您在這裡的保守程度以及您對 2022 年的保證金指導而言，有什麼值得投資者關注的嗎？

Well, we manage it very well, the situation in 2021, as we go into the supply chain. I'm sure, you know that, you know, some -- we have established a red team in Israel. But every time we had a problem with component and with sub-assembly, we managed to overcome it because we have more than one supplier per each component at each sub-assembly. Things are not getting better, that's something that I can tell you right away. The supply chain is not improving. I don't say it's getting worse. But as we see now, the beginning of 2022, we still see some difficulties and we foresee that during 2022, it will continue. I can give you an example of logistic. A container from Israel to North America used to cost $3500, now the cost is $12,000. But we managed to overcome it by doing some kind of special shipping in the lower cost.

好吧，當我們進入供應鏈時，我們管理得很好，2021 年的情況。我敢肯定，你知道，你知道，有些——我們已經在以色列建立了一支紅隊。但是，每次我們在組件和子組件方面遇到問題時，我們都設法克服了它，因為在每個子組件中，每個組件都有不止一個供應商。事情並沒有好轉，這是我可以馬上告訴你的事情。供應鏈沒有改善。我並不是說情況會變得更糟。但正如我們現在所看到的，2022 年初，我們仍然看到一些困難，我們預計 2022 年還會繼續。我可以給你一個物流的例子。從以色列到北美的集裝箱過去需要 3500 美元，現在是 12,000 美元。但我們設法通過以較低成本進行某種特殊運輸來克服它。

Well, I believe, we will overcome the supply chain, like we did in 2021. And we deliver everything within a week or 10 days of every order. We do our best. But I know from some of our competitors and some of other companies in the medical field, that they are giving now delivery time to customers of 6 and 9 months, we did not do that. But, yes, we are flexible, and I would say that, hopefully, it will not affect us.

好吧，我相信，我們將克服供應鏈，就像我們在 2021 年所做的那樣。我們會在每個訂單的一周或 10 天內交付所有東西。我們盡力而為。但我從我們的一些競爭對手和醫療領域的其他一些公司那裡知道，他們現在給客戶的交貨時間是 6 個月和 9 個月，我們沒有這樣做。但是，是的，我們很靈活，我想說的是，希望它不會影響我們。

Okay. Maybe just have one more, I'd like to ask one on the pipeline and more of a clinical, I mean for Spero. Would just love some thoughts on Empower, if you're still feeling like $20 million or $25 million, I think you've talked about, is a good number for '22, and maybe talk about some of the data that you're generating around it, and whether that could develop into more kind of medical applications from Empower in the future?

好的。也許再有一個，我想問一個在管道上的，還有一個臨床的，我是說 Spero 的。只是喜歡關於 Empower 的一些想法，如果你仍然感覺像 2000 萬美元或 2500 萬美元，我想你已經談到，這是 22 年的一個好數字，也許談談你正在生成的一些數據圍繞它，未來是否會發展成 Empower 的更多醫療應用？

I'll let Moshe handle the first part of that question to [Shak].

我會讓 Moshe 向 [Shak] 處理該問題的第一部分。

Well, if the question is whether or not, we will do what we anticipated for 2022, which is worldwide to $20 million. I think, yes, I think we will do it, North America and we intend to introduce the platforms in other parts or other territories as well. But I think Spero what Matt asked is about the clinical data.

好吧，如果問題是是否，我們將按照我們對 2022 年的預期進行，即全球達到 2000 萬美元。我認為，是的，我認為我們會在北美這樣做，我們也打算在其他地區或其他地區引入這些平台。但我認為馬特問的斯佩羅是關於臨床數據的。

Sure. Thank you, Matt. Great question. We're always very conservative when we're discussing female health involvements and because, obviously, the standards there, as opposed to esthetics are a little different. However, we did do a soft launch and we're getting feedback continuously across the country for a number of urogynecologists and gynecologists.

當然。謝謝你，馬特。好問題。當我們討論女性健康參與時，我們總是非常保守，因為很明顯，那裡的標準，而不是美學，有點不同。但是，我們確實進行了軟啟動，並且我們在全國范圍內不斷收到許多泌尿婦科醫生和婦科醫生的反饋。

As you know urogynecologists are the group, that is probably the most critical and the toughest group to penetrate. This just wasn't plastic surgery, and this is where we started, and because we believe, we have a product that has a lot of staying power and we wanted them to buy-in and adopt and help us and sort of guide us through this process. And I can tell you right now, that the results have been very, very encouraging. They're extremely excited. We have ways to go absolutely. But the preliminary data, just coming back is pretty remarkable.

如您所知，泌尿婦科醫生是一個群體，這可能是最關鍵和最難滲透的群體。這不是整形手術，這就是我們開始的地方，因為我們相信，我們的產品具有很強的持久力，我們希望他們能夠接受並採用並幫助我們並引導我們完成這個流程。我現在可以告訴你，結果非常非常令人鼓舞。他們非常興奮。我們絕對有路要走。但是，剛剛回來的初步數據非常了不起。

Typically, we look at a number of treatments and some of the data that shows that we go one to 3 treatments, typically for what this new devices doing especially, as it regards to vaginal -- intravaginal microneedling. And we wanted to see how far we can push things, just with one treatment. And we saw that the results are very, very strong, and we're very, very happy to see that our preliminary results are coming back in this fashion.

通常，我們會查看一些治療方法和一些數據，這些數據表明我們進行了 1 到 3 次治療，通常是針對這種新設備的作用，尤其是在陰道 - 陰道內微針方面。我們想看看我們能把事情推到多遠，只需一種治療。我們看到結果非常非常強大，我們非常非常高興地看到我們的初步結果以這種方式回歸。

Now, as you know, Matt, this is not --- this is a marathon and we're always very conservative on the way we look at our data, and the way we present it. But I can tell you right now, the excitement is palpable. And I'm very, very happy to say that, and Shakil will probably reiterate the same thing that, feedback and excitement across the board is something that we're very, very happy to have. And I'll leave it at that for now. But because a lot of the things that we're doing in the midst of publication, as you know.

現在，如您所知，Matt，這不是 --- 這是一場馬拉鬆比賽，我們在查看數據的方式和呈現數據的方式上總是非常保守。但我現在可以告訴你，興奮是顯而易見的。我非常非常高興這麼說，Shakil 可能會重申同樣的事情，全面的反饋和興奮是我們非常非常高興擁有的東西。我現在就這樣吧。但正如你所知，因為我們在出版過程中正在做的很多事情。

So everything we do is peer-reviewed, everything we try to put out there is going to be published. And our adoption rate for KOLs is we always take the hard way first, as you know, and that pays us dividends. So urogynecologist, toughest group, we have some of the top KOL leaders in the country, and we're just continuing doing studies with them, and opening the doors with this group. And I can tell you right now, they're very excited. So, I can leave it at that.

因此，我們所做的一切都經過同行評審，我們嘗試發布的所有內容都將被發布。正如你所知，我們對 KOL 的採用率是我們總是先走艱難的道路，這給我們帶來了紅利。所以泌尿婦科醫生，最艱難的群體，我們有一些國家的頂級 KOL 領導人，我們只是繼續與他們一起做研究，並與這個群體一起打開大門。我現在可以告訴你，他們非常興奮。所以，我可以把它留在那裡。

The next question comes from Kyle Rose with Canaccord.

下一個問題來自與 Canaccord 的 Kyle Rose。

Great. Moshe, you talked -- you talked a lot about the growth in the consumable side, and with the installed base you have expectations for that to continue to grow. Can you maybe just kind of help us flush that out a little bit more? I mean, does that mean you expect to see consumables and service revenues go from 11% to 12% next year, does that mean it could we see it move closer towards 15%. Just trying to really understand what that looks like, now that you've got over 11,000 systems placed globally.

偉大的。 Moshe，你談到了——你談了很多關於消耗品方面的增長，並且隨著安裝基數的增加，你期望它會繼續增長。你能不能幫我們把它沖洗掉一點？我的意思是，這是否意味著您預計明年耗材和服務收入將從 11% 上升到 12%，這是否意味著我們可以看到它接近 15%。現在您已經在全球部署了 11,000 多個系統，只是想真正了解它的樣子。

Well, I can tell you that -- this is Moshe. I can tell you that in the last quarter, we sold 132,000 disposables. Compared to the third quarter, where we sold only 94,000. So this is growing. But as long, as we continue to install or to enlarge our installed base and, by the way, in the fourth quarter we sold more than 1,300 system. So it's -- went up from 10% to 11%. With the installed base of 11,600 system, that's what we have right now in the market, we have something like, I would say, close to more than 500,000 disposable every year. And don't forget, not all the system that we sell needed disposable, I would say that a little bit more than 50% or 55% maybe 60% are using disposable and go all the way to the subdermal fat.

好吧，我可以告訴你——這是摩西。我可以告訴你，在上個季度，我們售出了 132,000 件一次性用品。與第三季度相比，我們僅售出 94,000 輛。所以這正在增長。但只要我們繼續安裝或擴大我們的安裝基礎，順便說一下，在第四季度我們售出了 1,300 多個系統。所以它 - 從 10% 上升到 11%。擁有 11,600 個系統的安裝基礎，這就是我們目前在市場上擁有的，我想說，我們每年有接近 500,000 多個一次性系統。而且不要忘記，並不是我們銷售的所有系統都需要一次性用品，我會說超過 50% 或 55% 或者 60% 的人使用一次性用品並一直使用到皮下脂肪。

As we grow, all of our new platforms are designed to have disposable. We will not design additional platforms without any disposables. So in the future, once the installed base will get, I would say 20,000 or 25,000. I assume that the disposable will grow to a neighborhood of, I would say, 40%, 50% of the total revenue. But again, I would like to say it again, we are not razor and razorblade company. We do not sell the system for less or would do not give the system for free, just to charge high price for disposable. We know that some companies in the medical esthetic did in the past and they failed. And therefore, we charge for the system, and we price the disposable in a reasonable price in order to encourage doctor to use more and more, and to have more treatment. I think this is the right approach and the right philosophy, and this is, basically, our strategy.

隨著我們的成長，我們所有的新平台都設計為一次性的。我們不會設計沒有任何一次性用品的額外平台。所以在未來，一旦安裝基數獲得，我會說 20,000 或 25,000。我假設一次性用品將增長到總收入的 40%、50%。但是，我想再說一遍，我們不是剃須刀和剃須刀公司。我們不會低價出售系統，也不會免費贈送系統，只是為了一次性收取高價。我們知道，一些醫學美容公司過去曾做過，但都失敗了。因此，我們對系統收費，並以合理的價格對一次性用品進行定價，以鼓勵醫生越來越多地使用，並進行更多的治療。我認為這是正確的方法和正確的理念，這基本上是我們的戰略。

Great. I appreciate the color there. And I think we've already gotten some good insight on Empower, maybe I wondering if you could get some commentary understood, the launch of EvolveX, just what you're seeing there, whether it's upgrades from existing customers or continued penetration from new customers there, maybe just commentary on that launch will be helpful?

偉大的。我很欣賞那裡的顏色。而且我認為我們已經對 Empower 有了一些很好的了解，也許我想知道您是否可以理解一些評論，EvolveX 的推出，正如您所看到的那樣，無論是現有客戶的升級還是新客戶的持續滲透在那裡，也許只是對該發布的評論會有所幫助？

Shakil, can you answer that?

沙基爾，你能回答嗎？

Yes, sure. Absolutely. So we've actually seen some -- the combination of RF and EMS type of device, we're basically seeing a very -- it's not -- I know you had mentioned that if it was existing customers or not, there are some, that are -- we're going to be doing some upgrades for some of our existing customers, so they have the latest and greatest technology.

是的，當然。絕對地。所以我們實際上已經看到了一些——RF 和 EMS 類型的設備的組合，我們基本上看到了一個非常——它不是——我知道你提到過，無論是否是現有客戶，都有一些，那是 - 我們將為我們的一些現有客戶進行一些升級，以便他們擁有最新和最偉大的技術。

But, as in terms of the newer business with the market, we have an extremely aggressive plan put in place for -- as you know, Spero even just mentioned with Empower and also with Evolve, we always kind of slow both things to make sure that things are ready to excel from an efficacy standpoint, a safety standpoint, and also from a result standpoint. So now that we're very comfortable with that, we've -- although we use the word launches for both Empower and for EvolveX, now we're going into the hard launch phase, which we feel pretty optimistic about, both from the business perspective for our customers and also from our standpoint as well.

但是，就與市場的新業務而言，我們制定了一個非常激進的計劃——如你所知，Spero 甚至剛剛提到 Empower 和 Evolve，我們總是放慢這兩件事以確保從功效的角度、安全的角度以及結果的角度來看，事情已經做好了準備。因此，既然我們對此感到非常滿意，我們已經 - 儘管我們對 Empower 和 EvolveX 都使用了啟動這個詞，但現在我們正進入硬啟動階段，我們對此感到非常樂觀，無論是從為我們的客戶以及我們的立場提供業務視角。

So we do see -- we've seen some excitement, the results so far have been, Spero can elaborate a little more, but the results so far have been very impressive, safety has been very impressive. So overall we're feeling pretty good about it. Spero, do you want to talk a little about (inaudible).

所以我們確實看到了——我們看到了一些興奮，到目前為止的結果是，Spero 可以詳細說明，但到目前為止的結果非常令人印象深刻，安全性非常令人印象深刻。所以總的來說，我們對此感覺很好。 Spero，你想談談（聽不清）。

Great. I mean, sure. Look -- when you look at incontinence in these things, and you look at the standard that's been up to now, sort of if you could get a 50% improvement at 3 months, I think that benchmark is quite low. And it's just a function of what's the technologies out there currently -- 50% improvement being like women that loses urine and do these things, that's what you can expect.

偉大的。我的意思是，當然。看 - 當你看到這些事情的失禁時，你看看到目前為止的標準，如果你能在 3 個月內獲得 50% 的改善，我認為這個基準相當低。這只是當前技術的一個功能 - 50% 的改善就像女性失去尿液並做這些事情一樣，這就是你可以期待的。

And I think that, if we took that as a goal and then we went after that as a goal to hit that, sort of 50% benchmark in 3 months, I don't think we would be in business. We're taking everything that we do from the aesthetics and Mishka will also say the following that, we will not go to market, unless we have something like a producer an 85%, 90% clinical result, because simply put, people will not pay cash for it and we're in the cash business.

我認為，如果我們把它作為一個目標，然後我們把它作為一個目標，在 3 個月內達到 50% 的基準，我認為我們不會做生意。我們從美學角度考慮我們所做的一切，Mishka 也會說，我們不會進入市場，除非我們有像生產商這樣的 85%、90% 的臨床結果，因為簡單地說，人們不會支付現金，我們從事現金業務。

So we're taking all of that model. We're taking all that sort of thought process and we're applying it to the female health and wellness sector. So we need to -- and I can tell you right now, our preliminary results are blowing past that number. So past the 50% of 3 months, which is currently out there. So we're very, very encouraged in that respect.

所以我們採用了所有的模型。我們正在採用所有這些思考過程，並將其應用於女性健康和保健領域。所以我們需要——我現在可以告訴你，我們的初步結果已經超過了這個數字。所以超過了 3 個月的 50%，這是目前的情況。所以我們在這方面非常非常鼓舞。

But that is our standard, we need to be able to say, if someone is coming in, for a clinical treatment. That is not currently covered by an insurance and is paying cash for it, that patient needs to be able to say, okay, I have an 80% to 90% of improvement. And I can tell you right now, that's the area we're looking at, and that's what we're getting right now as a feedback from our doctors and we're looking at the data and we're very excited that we're actually, blowing past that benchmark.

但這是我們的標準，我們需要能夠說，如果有人進來，進行臨床治療。這目前不在保險範圍內，並且正在為此支付現金，患者需要能夠說，好吧，我有 80% 到 90% 的改善。我現在可以告訴你，這就是我們正在研究的領域，這就是我們現在從醫生那裡得到的反饋，我們正在查看數據，我們很高興我們正在實際上，超過了該基準。

I am very cautious always, because these things are numbers, but so far, that's the range that we're getting, or it's really high as comparable to what we get into esthetics and excited to keep on moving this direction. So we thank Moshe for the support he's giving us, but that is our benchmark and we want to redefine the way, things are being addressed in this space in female health and wellness, and I think we're well off on the road to do that.

我總是非常謹慎，因為這些都是數字，但到目前為止，這就是我們所獲得的範圍，或者它與我們進入美學的範圍相當高，並且很高興繼續朝著這個方向前進。因此，我們感謝 Moshe 給予我們的支持，但這是我們的基準，我們希望重新定義方式，女性健康和保健領域的問題正在得到解決，我認為我們在這條路上做得很好那。

Sure. Can you talk a little bit of EvolveX?

當然。你能談談 EvolveX 嗎？

Sure. So I mean it's important to understand that when it comes to radio frequency and heating and muscle and all that sort of thing, we were the first to actually, look at that space and I can tell you this much, Shakil and I were talking about this is like, well, how about we are pre-heating the muscle, just as you work out and, there's a whole history of heating the muscle on rehabilitation for athletes, injured athletes.

當然。所以我的意思是，重要的是要了解，當涉及到射頻、加熱和肌肉以及所有類似的事情時，我們是第一個真正看到那個空間的人，我可以告訴你這麼多，Shakil 和我在談論這就像，好吧，我們正在預熱肌肉怎麼樣，就像你鍛煉一樣，對於運動員和受傷的運動員來說，在康復過程中加熱肌肉有一段完整的歷史。

So the ability to be able to pre-heat the muscle and then activated with CMS, is something that we started doing early on. And we did that because it's a function of our different handpieces, right. We have a RF handpiece, we have the MS piece. So taking that ability and bring it over to EvolveX and saying, okay, now we have a handpiece that can do both at the same time is great, but you could also uncouple it. What does that mean? Well, not every -- everybody different, everyone's requirement is different. So having the ability to change things around, to be able to come and say, well, what do you want? Do you want to -- want your muscles bigger or you want the fat gone? Because there are people who say, okay, I don't need the fat, all this fat or I don't want to have loose volume in my butt, for example. So all these things, the more any device or any platform that respects the individuality and the change in body habits, is a very patient, and you're able to change things around like that, is great, right, because everyone is sort of unique.

因此，能夠預熱肌肉然後用 CMS 激活的能力是我們很早就開始做的事情。我們這樣做是因為它是我們不同手機的功能，對吧。我們有一個射頻手機，我們有 MS 片。因此，將這種能力帶到 EvolveX 並說，好吧，現在我們有一個可以同時做這兩種事情的手機很棒，但你也可以將它解耦。這意味著什麼？嗯，不是每個人——每個人都不一樣，每個人的要求都不一樣。所以有能力改變周圍的事情，能夠過來說，好吧，你想要什麼？你想 - 想要你的肌肉更大還是你想要脂肪消失？因為有些人說，好吧，我不需要脂肪，所有這些脂肪，或者我不想在我的臀部有鬆散的體積，例如。所以所有這些事情，任何尊重個性和改變身體習慣的設備或任何平台，都是非常有耐心的，你能夠像那樣改變周圍的事情，這很棒，對，因為每個人都是獨特的。

Transform in EvolveX does that. So I could -- I could do RF with EMS, preheat the muscle and then activate it. I could do EMS on itself, I could do RF in itself, so that is sort of the way we look at things in plastic surgery. When we do minimally invasive and invasive surgery. We brought that over to non-invasive. And that ability to change things around to couple, uncouple is sort of something that Mishka was great at delivering and we find big residence in our customer base to be able to do that as well, because this is mimicking real life in the way clinical results are being addressed.

EvolveX 中的 Transform 可以做到這一點。所以我可以——我可以用 EMS 做射頻，預熱肌肉，然後激活它。我可以自己做 EMS，我可以自己做 RF，這就是我們看待整形手術的方式。當我們做微創和侵入性手術時。我們把它帶到了非侵入性的領域。 Mishka 擅長提供這種將事情改變為夫妻、解除夫妻關係的能力，我們發現我們的客戶群中的大戶也能夠做到這一點，因為這是以臨床結果的方式模仿現實生活正在解決。

Next question comes from Michael Matson with Needham & Company.

下一個問題來自 Needham & Company 的 Michael Matson。

Yes. Wanted to ask about the EPS guidance, by my math, it seems to -- I understand there's a tax rate headwind, but it does seem to apply that there is operating margin decline in 2021 or sorry, from 2021 if my math is correct. So is there any reason to expect that or just being conservative on your part?

是的。想問一下每股收益的指導，根據我的數學，這似乎是——我知道有一個稅率逆風，但如果我的數學是正確的，從 2021 年或對不起，從 2021 年開始營業利潤率下降似乎確實適用。那麼有什麼理由期待這一點，或者只是對你來說保守嗎？

So we always trying to be conservative, as you know. In addition, we do plan to invest more in sales and marketing and some more marketing activities as well as clinical studies. And so this year we expect to have a slightly higher operating expenses. But overall we are looking at 48% operating margin, it's still quite remarkable, and adding to that around 2022 going to be the first year, as you know, that we start paying taxes after 10 year break. And that's -- would come out to be at around 10%. We, estimated at this point at least. And as I mentioned, we always tend to be conservative when we can.

因此，如您所知，我們總是試圖保持保守。此外，我們確實計劃在銷售和營銷以及更多的營銷活動以及臨床研究方面進行更多投資。因此，今年我們預計運營費用會略高。但總體而言，我們看到 48% 的營業利潤率，這仍然相當可觀，此外，如您所知，2022 年左右將是我們在 10 年休息後開始納稅的第一年。那就是 - 會出現在 10% 左右。我們，至少在這一點上估計。正如我所提到的，我們總是盡可能地保守。

Okay, got it. And then, your cash balance continues to grow here. You know the stock has pulled back quite a bit, arguably overvalue -- sorry, undervalued, maybe when you look at it on a P/E basis. So would you be open to doing a share repurchase?

好，知道了。然後，您的現金餘額在這裡繼續增長。你知道這隻股票已經回落了很多，可以說是高估了——對不起，被低估了，也許當你在市盈率的基礎上看它時。那麼你願意進行股票回購嗎？

Well, Mike, we did. So far, we did close to 1.5 million shares that we bought back in the last, I would say, less than a year. We still have a way to go. The Board of Director gave us the permission to continue to buy back shares and we will continue. I'm not saying that we will spend $200 million for that, but we'll do it -- we'll do it on a daily basis.

好吧，邁克，我們做到了。到目前為止，我們在過去不到一年的時間裡回購了近 150 萬股股票。我們還有一段路要走。董事會允許我們繼續回購股票，我們將繼續。我並不是說我們會為此花費 2 億美元，但我們會這樣做——我們每天都會這樣做。

Yes, you're right, we have more than $400 million in cash, close to $420 million in cash. We are exploring some opportunities for M&A, but, we did -- we did not find anything that will fit our portfolio yet. One thing I can tell you, as we said before, we will not buy a laser company because laser is becoming a commodity in the medical esthetic. We need to find something that will complement our portfolio either in technology, marketing and sales network, something that will 2 plus 2 will equal 5, but in -- nowadays is very difficult to find something with a reasonable price. But, yet we have a very robust R&D pipeline, close to 15 project, and we're releasing 2 project every year. So, the organic growth will continue to be the most, I would say growth engine for InMode in the -- at least in the next 2 years.

是的，你是對的，我們有超過 4 億美元的現金，接近 4.2 億美元的現金。我們正在探索一些併購機會，但是，我們做到了——我們還沒有找到任何適合我們投資組合的東西。我可以告訴你一件事，正如我們之前所說，我們不會收購一家激光公司，因為激光正在成為醫學美學中的一種商品。我們需要在技術、營銷和銷售網絡方面找到可以補充我們產品組合的東西，2 加 2 等於 5，但是現在很難找到價格合理的東西。但是，我們有一個非常強大的研發管道，接近 15 個項目，我們每年都會發布 2 個項目。因此，有機增長將繼續是最大的，我會說 InMode 的增長引擎 - 至少在未來 2 年。

Okay, got it. And then just looking at the different product categories, the Hands-Free, it looks like it's been down year-over-year for 2 quarters in a row. I mean I would assume that's mainly just due to the comps from COVID where that was kind of benefiting back in 2020 and non -- conversely, non-invasive has been strengthening recently, maybe that's a similar issue and kind of opposite directions easier comps, but I was just curious if there is anything else going on there aside from the comps in those 2 categories?

好，知道了。然後只看不同的產品類別，免提，它看起來已經連續兩個季度同比下降。我的意思是，我認為這主要是由於來自 COVID 的補償，這在 2020 年有所受益，而非 - 相反，非侵入性最近一直在加強，也許這是一個類似的問題，相反的方向更容易補償，但我只是好奇，除了這兩個類別的比賽之外，是否還有其他事情發生？

Well, the Hands-Free -- when we came up with the Hands-Free to the market, we knew that this is not going to be more than 20% of our business. Our main category is minimally invasive and ablative, where we can take operations from the surgical, from the full surgery and the full anesthesia and bring it to the doctor office. This is exactly what the Empower is doing. And the Empower is a minimal invasive because you basically penetrate the skin and you do some fractional RF as well. And we will continue to develop product that will have on one hand will be more surgical than non-surgical and on the hand and we'll have some disposable as well. So Hands-Free is a complementary technology for us. It is not going to be 50% of our business.

好吧，免提——當我們將免提推向市場時，我們知道這不會超過我們業務的 20%。我們的主要類別是微創和消融，我們可以從外科手術、全手術和全麻醉中進行手術，並將其帶到醫生辦公室。這正是 Empower 正在做的事情。 Empower 是微創的，因為您基本上可以穿透皮膚，並且還進行一些部分射頻。我們將繼續開發產品，一方面將比非手術更具手術性，另一方面我們也會有一些一次性產品。因此，免提對我們來說是一項補充技術。它不會成為我們業務的 50%。

The non-invasive RF and the laser, which I call it as a commodity category, we have a lot of competition for many companies. This is not the main category for us and it is good because it's a very competitive market with a very low gross margin with overcapacity, with price per unit, which is much lower than what we can charge. Without any IP protection, laser are invented 40-something years ago, there was no IP protection anymore and therefore we try to concentrate on where we have competitive advantage. And this is a -- this is basically the surgical part of our business.

無創射頻和激光，我稱之為商品類別，我們有很多公司的競爭。這對我們來說不是主要類別，這很好，因為這是一個競爭非常激烈的市場，毛利率非常低，產能過剩，單位價格遠低於我們可以收取的價格。沒有任何知識產權保護，激光是 40 多年前發明的，不再有知識產權保護，因此我們試圖專注於我們有競爭優勢的地方。這是一個 - 這基本上是我們業務的外科手術部分。

And I believe that we're very happy with the breakdown on the category where more than 70% are in the area where we can protect the technology and get nice prices for the system. 20% will be the Hands-Free and I hope it will continue. We're going to bring to the market second generation of the Hands-Free devices. And the laser and the regular -- the regular RF, the non-invasive RF, will continue to be between 8% to 10% of our business, that kind of breakdown will be continued in the future.

而且我相信我們對分類的分類非常滿意，其中超過 70% 屬於我們可以保護技術並為系統獲得優惠價格的領域。 20% 將是免提的，我希望它會繼續下去。我們將向市場推出第二代免提設備。而激光和常規——常規射頻，非侵入式射頻，將繼續占我們業務的 8% 到 10% 之間，這種細分將在未來繼續存在。

The next question comes from Jeff Johnson with Baird.

下一個問題來自 Jeff Johnson 和 Baird。

Maybe just a couple of clarifying or follow-up questions on things that have been discussed so far. So Moshe just your comment there on the Hands-Free, I mean and trying to put that together with I think it was Shak's comments on EvolveX. You know as EvolveX hopefully ramp some this year, do Hands-Free continue to decline year-over-year for the next couple of quarters until we kind of anniversary through those 4 really, really tough comps or just how to think about the year-over-year performance of Hands-Free just in the next couple of few quarters.

也許只是一些關於迄今為止討論過的事情的澄清或後續問題。所以 Moshe 只是您對 Hands-Free 的評論，我的意思是並試圖將其與我認為這是 Shak 對 EvolveX 的評論放在一起。你知道，EvolveX 希望今年會有所增長，在接下來的幾個季度中，免提功能會繼續同比下降，直到我們通過這 4 個非常非常艱難的組合或只是如何思考這一年的周年紀念日-在接下來的幾個季度中，Hands-Free 的表現超過了一年。

No, we did not say that it will go down. The only thing they said it will remain, something like between 18% to 20% of our total business. But as the business will grow the Hands-Free will also will grow. I mean, the transform and EvolveX is the second generation of the Evolve. And hopefully in 2022 we will bring second generation for the [Evoke] for the face Hands-Free as well, just to maintain the competitive advantage. I mean the fact that we came up with EMS and RF combined in the same modality, give us a major competitive advantage vis-a-vis all the other companies that in the Hands-Free currently. So I don't think the free will go down, it will continue to be a complementary technology for the doctors. But to tell you that that will be more than 20% of our total business. I will say, I don't think it will be, it will maintain the same level and the same, I would say, percentage as part of the total portfolio.

不，我們沒有說它會下降。他們唯一說它會保留下來，大約占我們總業務的 18% 到 20% 之間。但隨著業務的增長，免提也將增長。我的意思是，transform 和 EvolveX 是 Evolve 的第二代。並且希望在 2022 年，我們也將為面部免提的 [Evoke] 帶來第二代產品，以保持競爭優勢。我的意思是，我們以相同的方式將 EMS 和 RF 結合在一起這一事實，與目前所有其他免提公司相比，為我們提供了主要的競爭優勢。所以我不認為免費會下降，它將繼續成為醫生的補充技術。但要告訴你，這將超過我們總業務的 20%。我會說，我認為不會，它將保持相同的水平和相同的，我想說的是，作為總投資組合的一部分的百分比。

Okay. That's helpful. And just going back on Empower, look I understand you guys are cash paid business, it's a fantastic place to be from a consumer-facing standpoint, things like that. But if some of those urinary incontinence and urinary loss or urine loss numbers are as good as they are, and even if the path might be extended, a couple of few years it would take to get actual reimbursement, would there ever be a reason to go down the path of trying to get a reimbursement code? It would seem like it would open the market up so much more. And if the effect is so strong, it would seem like would be good for the patient as well. So just how to think about reimbursement, commercial pay, government pay versus cash pay for something like an Empower procedure on UI.

好的。這很有幫助。回到 Empower，我知道你們是現金支付業務，從面向消費者的角度來看，這是一個很棒的地方，諸如此類。但是，如果其中一些尿失禁和尿失禁或尿失禁數字與它們一樣好，並且即使路徑可能延長，也需要幾年才能獲得實際報銷，是否有理由走上嘗試獲得報銷代碼的道路？看起來它會更加開放市場。如果效果如此之強，它似乎對患者也有好處。因此，對於 UI 上的 Empower 程序，如何考慮報銷、商業支付、政府支付與現金支付。

Let me try to answer, and I will hand it out to Spero maybe will elaborate more. We're not against reimbursement. We never said that. I mean, in the future, we will continue to develop some indication for women health, which are, which might need reimbursement. As of today, the Empower, with the 4 modalities, Forma V, the Morpheus8 V, [V Tone] and Aviva, we feel like private money, it's the best. I would say business model for this platforms. To tell you that in the future, we will not go into reimbursement indication, we might go. And we're developing some indication like that today.

讓我試著回答一下，我會把它交給斯佩羅也許會詳細說明。我們不反對報銷。我們從來沒有這麼說過。我的意思是，在未來，我們將繼續開發一些女性健康指標，這些指標可能需要報銷。到今天為止，Empower 有 4 種模式，Forma V、Morpheus8 V、[V Tone] 和 Aviva，我們覺得它就像私人資金，是最好的。我會說這個平台的商業模式。告訴大家，以後我們不會進入報銷指示，我們可能會去。我們今天正在開發一些類似的跡象。

Moshe, that's a great question by the way. So a lot of companies will spend a lot of time going down the reimbursement pathway and not having any revenue at all. And a one point hoping at some point after you burned through all that cash, but at some point able to go down that route. And whether -- and getting breakthrough designation as we all know is very hard to do.

Moshe，順便說一句，這是一個很好的問題。因此，許多公司將花費大量時間沿著報銷途徑走下去，而根本沒有任何收入。還有一點希望在你燒掉所有現金之後的某個時刻，但在某個時刻能夠沿著這條路走下去。並且我們都知道是否 - 並獲得突破性指定是非常困難的。

But I can tell you this much that, absolutely we want to change the way women's health is being done. And we have -- we're in the unique position to have -- to have cash-based procedures that to support our research, to support indications, to support FDA, all of those things, that we can do this in parallel. That's a unique position to be in. All this data that we're collecting, everything that we're looking at, the types of KOLs we're bringing on board, the type of academic establishments that we're engaging, it's all building the foundation for them in the future. So, yes, we're not opposed on the contrary, we wanted to be able to open the market. But we are in the unique position to be able to do these things with a cash-based foundation, which is quite different than most companies out there, is sort of pass or fail in the -- in as far as when they're doing these sort of things. Does that answer your question?

但我可以告訴你這麼多，我們絕對想改變女性健康的方式。我們擁有——我們處於獨特的地位——擁有基於現金的程序來支持我們的研究、支持適應症、支持 FDA，所有這些事情，我們可以同時進行。這是一個獨特的位置。我們正在收集的所有這些數據，我們正在查看的所有內容，我們引入的 KOL 類型，我們正在參與的學術機構的類型，這一切都在建設為他們將來打下基礎。所以，是的，我們並不反對，相反，我們希望能夠打開市場。但是我們處於獨特的位置，能夠通過基於現金的基金會來做這些事情，這與大多數公司完全不同，在某種程度上是通過或失敗 - 就他們何時做這類事情。這是否回答你的問題？

It does. Thank you. That's helpful. And then last one, I promise, Just on the competition side, Moshe, I mean I totally agree with you, [docs] do not like paying quick fees or per use fees, I think the model as much as investors want to see more recurring revenue. I totally get the model of charging a full, market price for the system itself and lower price for the consumable that's surely what those doctors appreciate.

確實如此。謝謝你。這很有幫助。然後最後一個，我保證，就競爭方面而言，Moshe，我的意思是我完全同意你的看法，[docs] 不喜歡支付快速費用或每次使用費用，我認為該模型與投資者希望看到的一樣多經常性收入。我完全理解了對系統本身收取完整的市場價格並降低消耗品價格的模式，這肯定是那些醫生所欣賞的。

But on the competitive side, there is some noise out there from a company that had some good skin tightening data, but they are charging a very high consumable price as well. So one, are -- just kind of help us understand the competition in my skin tightening right now, with this newer competitor that has good skin tightening data, but the consumables are high?

但在競爭方面，一家擁有良好皮膚收緊數據的公司發出了一些噪音，但他們也收取了非常高的消耗品價格。所以一個，只是幫助我們了解我現在緊膚的競爭，這個新的競爭對手有很好的緊膚數據，但消耗品很高？

Well, I assume you talk about Thermage, which is, we've sold -- they just announced that they're going public, and they released their prospectus. And in their prospectus, yes, they have 3 quarters, something like, I don't know, 75% disposable and 25% platforms. But don't forget, Thermage is a 25 years old company. They're on the market for long time. We are on the market only 5 or 6 years, 20% of the time of the 25 years that they are. So they have a bigger installed base and they said less platforms and they sell more consumable.

好吧，我假設您談論的是熱瑪吉，也就是說，我們已經出售了——他們剛剛宣布要上市，並發布了招股說明書。在他們的招股說明書中，是的，他們有 3 個季度，我不知道，75% 的一次性和 25% 的平台。但不要忘記，Thermage 是一家擁有 25 年曆史的公司。它們在市場上銷售了很長時間。我們上市只有 5 或 6 年，是 25 年時間的 20%。所以他們有更大的安裝基礎，他們說平台更少，他們賣的消耗品更多。

I think that one day, we will sell more consumable, and it will be much higher than 10%. But it's take time to build the installed base worldwide. Once the installed base will be much larger than what we have today, and I assume Thermage has much more than 10,000 system worldwide installed, especially in Asia -- especially in Asia, where there are very strong 70% of the business is in Asia, I believe that we will also see some, that our disposable proportion of the total revenue will be higher.

我想總有一天，我們會賣出更多的消耗品，而且會遠高於 10%。但在全球範圍內建立安裝基礎需要時間。一旦安裝基數將比我們今天擁有的大得多，我假設熱瑪吉在全球安裝了超過 10,000 個系統，尤其是在亞洲——尤其是在亞洲，那裡 70% 的業務都在亞洲，我相信我們也會看到一些，我們的可支配收入佔總收入的比例會更高。

But right now we're still young company. And as a young company with only 11,000 system installed, I mean the revenue coming from the disposable is growing and is growing. It went from 10% to 11%. But don't expect that to go to 20% over 3 quarter. It will -- it will go slowly, but it will go nicely, we see more and more treatment are being done. We see more and more disposable are being -- both from us. But in the same time, we see a lot of new platforms that we install in the market and the new doctors need some time before they start doing 10 cases per week. So this is a learning curve. We all [ride] on the learning curve and one day, we will be not -- I don't want to say like, like some time, like too much, but the disposal will be a bigger part of our revenue.

但現在我們還是年輕的公司。作為一家只安裝了 11,000 個系統的年輕公司，我的意思是來自一次性用品的收入正在增長並且還在增長。它從 10% 上升到 11%。但不要指望這會在第三季度達到 20%。它會——它會慢慢地，但它會很順利，我們看到越來越多的治療正在進行中。我們看到越來越多的一次性用品——都來自我們。但與此同時，我們看到我們在市場上安裝了很多新平台，新醫生需要一些時間才能開始每周處理 10 例病例。所以這是一個學習曲線。我們都[騎]在學習曲線上，有一天，我們不會——我不想說喜歡，喜歡一段時間，喜歡太多，但處置將是我們收入的更大部分。

And maybe we can take it offline, in the follow-up call, Moshe. I was actually referring to a different company, the Renuvion helium procedure. But, again, maybe in the interest of time, we can just talk offline.

也許我們可以在後續電話中將其離線，Moshe。我實際上指的是另一家公司，即 Renuvion 氦程序。但是，再次，也許為了時間的利益，我們可以離線交談。

We're happy to send you an article, where we did a comparison study with them, so it just got published last week.

我們很高興向您發送一篇文章，我們在其中與他們進行了比較研究，因此上周剛剛發表。

Yes. Of course, of course. He's talking about J Plasma, I understand, okay.

是的。當然，當然。他說的是 J Plasma，我明白，好吧。

This concludes our Question-and-Answer Session. I would now like to turn the conference back over to Moshe Mizrahy for any closing remarks.

我們的問答環節到此結束。我現在想把會議轉回給 Moshe Mizrahy 做任何閉幕詞。

Thank you, operator. Thank you. Thank you all for joining our fourth quarter 2021 and the full year 2021 earning call. I want to take the opportunity to thank all of our people around the world in all of the 72 countries -- 71 countries that we operate in. I want to thank the salespeople. I want to take the engineering team for working very hard, special thanks for the logistic and manufacturing and the supply chain people that managed to supply everything on time, in a tough year like 2021. And I'm sure that they will continue to do that. Thank you all and see you soon in the next earning call.

謝謝你，接線員。謝謝你。感謝大家加入我們的 2021 年第四季度和 2021 年全年收益電話會議。我想藉此機會感謝我們在全球所有 72 個國家的所有員工——我們開展業務的 71 個國家。我要感謝銷售人員。我要感謝工程團隊的辛勤工作，特別感謝物流和製造以及供應鏈人員在像 2021 年這樣艱難的一年中設法按時供應一切。我相信他們會繼續這樣做那。謝謝大家，很快在下一個收入電話中見到你。

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

本次會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。