Inspire Medical Systems Inc (INSP) 2024 Q4 法說會逐字稿

Good afternoon. My name is Dilem, and I'll be your conference operator today.

午安.我叫 Dilem，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Inspire Medical Systems fourth-quarter and full year 2024 conference call.

現在，我歡迎大家參加 Inspire Medical Systems 2024 年第四季和全年電話會議。

(Operator Instructions)

（操作員指示）

I'll now hand the call over to your first speaker, Ezgi Yagci, the Vice President of Investor Relations at Inspire. You may begin the conference.

現在我將電話交給第一位發言者，Inspire 投資者關係副總裁 Ezgi Yagci。您可以開始會議了。

Thank you, Dilem, and thank you all for participating in today's call.

謝謝你，Dilem，也謝謝大家參加今天的電話會議。

Joining me are Tim Herbert, Chairman and Chief Executive Officer; and Rick Buchholz, Chief Financial Officer.

與我一起出席的還有董事長兼執行長 Tim Herbert；以及財務長 Rick Buchholz。

Earlier today, we released financial results for the 3 and 12 months ended December 31, 2024. A copy of the press release is available on our website.

今天早些時候，我們發布了截至 2024 年 12 月 31 日的第三季和第十一年的財務業績。新聞稿的副本可在我們的網站上查閱。

On this call, management will make forward-looking statements within the meaning of the federal securities laws. All forward-looking statements, including without limitation, those relating to our operations, financial results, and financial conditions, investments in our business, full year 2025 financial and operational outlook, and changes in market access are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ. Accordingly, you should not place undue reliance on these statements. Please see our filings with the Securities and Exchange Commission, including our Form 10-K which we filed with the SEC earlier this afternoon for a description of these risks and uncertainties. Inspire disclaims any intention or obligation except as required by law to update or revise any financial projections or forward-looking statements whether because of new information, future events, or otherwise.

在本次電話會議上，管理階層將根據聯邦證券法做出前瞻性陳述。所有前瞻性陳述，包括但不限於與我們的營運、財務表現和財務狀況、對我們業務的投資、2025 年全年財務和營運前景以及市場准入變化有關的陳述，均基於我們當前的估計和各種假設。這些聲明涉及重大風險和不確定性，可能導致實際結果或事件產生重大差異。因此，您不應過度依賴這些聲明。請參閱我們向美國證券交易委員會提交的文件，包括我們今天下午早些時候向美國證券交易委員會提交的 10-K 表格，以了解這些風險和不確定性的描述。Inspire 不承擔任何意圖或義務，除非法律要求更新或修改任何財務預測或前瞻性聲明，無論是由於新資訊、未來事件或其他原因。

This conference call contains time-sensitive information and speaks only as of the live broadcast today, February 10, 2025.

本次電話會議包含時間敏感訊息，僅代表截至今天（2025 年 2 月 10 日）現場直播時的資訊。

With that, it is my pleasure to turn the call over to Tim Herbert. Tim?

我很高興將電話轉給蒂姆·赫伯特。提姆？

Thank you, Ezgi, and thanks, everyone, for joining our business update call for the fourth-quarter and full year 2024.

謝謝 Ezgi，也謝謝大家參加我們 2024 年第四季和全年業務更新電話會議。

2024 was filled with many important milestones, including surpassing 90,000 patients treated with Inspire therapy, exceeding 350 peer reviewed publications, the US FDA approval of the Inspire V neurostimulator, European Union Medical Device Regulation approval, which included full-body MRI compatibility, the approval of countrywide reimbursement in France and our first full year of profitability.

2024 年充滿了許多重要的里程碑，包括接受 Inspire 療法治療的患者超過 90,000 名、同行評審出版物超過 350 篇、美國 FDA 批准 Inspire V 神經刺激器、歐盟醫療器械法規批准（包括全身 MRI 相容性）、法國全國報銷批准以及我們實現盈利的第一個全年。

We continue to strengthen our leadership team and recently announced an organizational change aimed at fueling our future growth. We welcome the new Chief Manufacturing and Quality Officer, Jason Kelly, who will lead our supply chain, quality assurance and regulatory teams.

我們繼續加強我們的領導團隊，並最近宣布了旨在推動我們未來發展的組織變革。我們歡迎新任首席製造和品質長 Jason Kelly，他將領導我們的供應鏈、品質保證和監管團隊。

Carlton Weatherby was promoted to the expanded role of Chief Strategy and Growth Officer and assumed leadership of the US sales and marketing teams. Randy Ban transitioned to the newly created role of Executive Vice President of Patient Access and Therapy Development, a new team tasked with enhancing therapy outcomes and patient access, increasing focus on research and clinical evidence development and leading our key opinion leader communications and medical society relationships.

卡爾頓·韋瑟比 (Carlton Weatherby) 晉升為首席策略和成長官，並擔任美國銷售和行銷團隊的領導。蘭迪·班 (Randy Ban) 轉任新設立的患者訪問和治療開發執行副總裁一職，新團隊的任務是增強治療效果和患者訪問，更加註重研究和臨床證據開發，並領導我們的關鍵意見領袖溝通和醫學會關係。

Randy will also continue to lead our international teams. The organization is energized by these enhancements, and we look forward to another year of strong execution in 2025.

蘭迪也將繼續領導我們的國際團隊。這些改進為組織注入了新的活力，我們期待 2025 年再次取得強勁執行力。

Earlier in the year, we pre-announced that we generated revenue of $239.7 million, representing a 25% increase compared to the fourth quarter of 2023. Given our strong performance, we are reiterating our full year 2025 revenue guidance of $940 million to $955 million, representing 17% to 19% growth year over year.

今年早些時候，我們預先宣布我們的營收為 2.397 億美元，與 2023 年第四季相比成長了 25%。鑑於我們強勁的業績，我們重申 2025 年全年營收預期為 9.4 億美元至 9.55 億美元，年增 17% 至 19%。

Net income for the fourth quarter was $35.2 million compared to $14.8 million in the prior year period. Represented diluted net income of $1.15 per share compared to $0.49 per share in the fourth quarter of 2023.

第四季淨收入為 3,520 萬美元，去年同期為 1,480 萬美元。攤薄淨收入為每股 1.15 美元，而 2023 年第四季為每股 0.49 美元。

With this, we are excited to announce that 2024 was our first full year of profitability with diluted net income of $1.75 per share compared to a loss of $0.72 in 2023. Further, we generated $130 million in operating cash flow for the full year, and we plan to improve profitability in 2025.

藉此，我們很高興地宣布，2024 年是我們實現盈利的第一個全年年度，稀釋淨收入為每股 1.75 美元，而 2023 年的虧損為 0.72 美元。此外，我們全年產生了 1.3 億美元的營運現金流，並計劃在 2025 年提高獲利能力。

As such, in 2025, we expect diluted net income to be in the range of $2.10 to $2.20 per share. As you know, in 2024, we received FDA approval for the Inspire V neurostimulation system. A key feature of the Inspire V device is that it incorporates respiratory sensing internal to the neurostimulator, eliminating the need to implant the pressure sensing lead.

因此，我們預計 2025 年稀釋淨收入將在每股 2.10 美元至 2.20 美元之間。如您所知，2024 年，我們獲得了 FDA 對 Inspire V 神經刺激系統的批准。Inspire V 裝置的關鍵特性是它將呼吸感測功能融入神經刺激器內部，從而無需植入壓力感測導線。

This feature is designed to provide benefit to the patient with one fewer component to the physician with reduced surgical time and to the company with reduced production complexity and cost. Further, the Inspire V device provides the capability for future software-based enhancements, including sleep detection for auto-activation and sleep performance tracking.

此功能旨在為患者帶來好處，因為它可以減少一個組件；為醫生減少手術時間；為公司降低生產複雜性和成本。此外，Inspire V 設備還提供了未來基於軟體的增強功能，包括睡眠檢測以自動啟動和睡眠性能追蹤。

We have already gained valuable experience with the Inspire V device with systems implanted in both Singapore and in the US, and early feedback has been positive. We are continuing with our limited market release in the US and we will continue to gain further experience with Inspire V procedures at additional US sites as we move towards full launch during the year.

我們已經在新加坡和美國植入了 Inspire V 設備系統，獲得了寶貴的經驗，早期回饋也是正面的。我們將繼續在美國進行有限的市場發布，並將繼續在美國其他站點累積 Inspire V 程序的進一步經驗，以便在今年全面推出該產品。

The primary factor driving the timing of our full launch remains building sufficient inventory to support the expected demand in the US. For the procedures performed in the US to date, all cases utilized CPT code 64568 and received prior authorization from the insurance carriers.

決定我們全面推出的時間的主要因素仍然是建立足夠的庫存以滿足美國的預期需求。對於迄今為止在美國進行的程序，所有病例均使用 CPT 代碼 64568 並獲得保險公司的事先授權。

CPT code 64568 was originally used by Inspire for the first eight years since our approval in 2014 and accurately describes the Inspire V procedure, namely one neurostimulator and one stimulation lead. The current CPT code 64582 was only incorporated a few years ago and will continue to be used with all Inspire IV cases.

CPT 代碼 64568 最初由 Inspire 自 2014 年獲得批准以來的前八年使用，準確描述了 Inspire V 程序，即一個神經刺激器和一個刺激導線。目前的 CPT 代碼 64582 僅在幾年前被納入，並將繼續用於所有 Inspire IV 外殼。

We want to emphasize that the professional fee in CPT code 64568 appropriately reflects the reduced work of implanting the Inspire V system, specifically the elimination of implanting the pressure sensing lead. The surgical placement of the sensing lead has long been a source of discomfort for ENT surgeons, as it is not where they typically operate.

我們要強調的是，CPT 代碼 64568 中的專業費用適當地反映了植入 Inspire V 系統的工作量減少，特別是消除了植入壓力感測導線的工作量。感測導線的手術放置長期以來一直是耳鼻喉科醫生的不適之源，因為這不是他們通常進行手術的地方。

We believe the resulting reduction in surgical time associated with not placing the sensing lead will result in a comparable reimbursement rate for the surgeon on a time adjusted basis. Further, we believe the benefits of surgeon comfort and confidence with the Inspire V procedure will free up surgeon time to perform additional Inspire cases and will encourage more surgeons to adopt Inspire therapy.

我們相信，不放置感測導線所導致的手術時間的減少將導致外科醫生在時間調整的基礎上獲得相當的報銷率。此外，我們相信，Inspire V 手術給外科醫生帶來的舒適感和信心將使他們有更多時間來執行更多 Inspire 病例，並將鼓勵更多外科醫生採用 Inspire 療法。

The new Inspire SleepSync programming system has been fully launched in the United States. The goal for the new system is to provide more efficient patient programming and improved access to patient data to assist the healthcare provider in their decision making.

全新Inspire SleepSync程式系統已在美國全面上市。新系統的目標是提供更高效的患者編程和更好的患者數據訪問，以協助醫療保健提供者做出決策。

A key feature of this system is that healthcare providers may utilize their own laptop or tablet and simply log in to SleepSync to access programming screens. With this upgrade, Inspire is no longer required to provide laptops or tablets, further reducing operational complexities.

該系統的一個關鍵特性是，醫療保健提供者可以使用自己的筆記型電腦或平板電腦，只需登入 SleepSync 即可存取程式設計螢幕。透過此次升級，Inspire 不再需要提供筆記型電腦或平板電腦，進一步降低了操作複雜性。

With respect to our market development activities, we continue to advance our medical education programs, and in 2024, we hosted over 300 advanced practice providers, 300 ENT residents, and 150 sleep fellows at Inspire training programs.

在我們的市場開發活動方面，我們繼續推進我們的醫學教育計劃，2024 年，我們在 Inspire 培訓計劃中接待了 300 多名高級執業醫師、300 名耳鼻喉科住院醫師和 150 名睡眠研究員。

The primary focus of our APP or advanced practice provider initiative is to improve capacity in both sleep and ENT clinics to meet the strong patient demand we continue to see for Inspire therapy. In 2025, we plan to increase the investments we are making in our medical education programs, including ongoing resident, fellowship and APP training, continued participation in cardiology and primary care conferences, and initiating a continuing medical education program to support the awareness and adoption of Inspire therapy in cardiology and primary care.

我們的 APP 或高級實踐提供者計畫的主要重點是提高睡眠和耳鼻喉診所的容量，以滿足我們持續看到的對 Inspire 療法的強烈患者需求。2025 年，我們計劃增加對醫學教育計畫的投資，包括持續的住院醫師、進修生和 APP 培訓，繼續參加心臟病學和初級保健會議，並啟動繼續醫學教育計劃，以支持在心臟病學和初級保健領域對 Inspire 療法的認識和採用。

We focus our patient marketing and education programs to deliver broad therapy awareness as well as provide a pathway for patients to connect with a healthcare provider that offers Inspire through our website and Advisor Care Program.

我們專注於患者行銷和教育計劃，以提供廣泛的治療意識，並為患者提供透過我們的網站和顧問護理計劃與提供 Inspire 的醫療保健提供者聯繫的途徑。

In 2024, we designed our outreach programs to be more targeted, and one example is with our digital advertising strategy, which has contributed to a significant increase in patient engagement at a lower cost.

2024 年，我們設計的外展計畫更有針對性，其中一個例子就是我們的數位廣告策略，以較低的成本顯著提高了病患參與度。

In 2025 and beyond, we plan to continue to invest in our robust marketing programs with the goal of further enhancing patient awareness of Inspire therapy and improving a patient's ability to connect with the healthcare provider. An exciting example to improve the patient experience is with digital scheduling, an online tool used by our Advisor Care Program to directly submit electronic appointment requests to qualified healthcare providers on behalf of prospective patients.

2025 年及以後，我們計劃繼續投資於強大的行銷計劃，目標是進一步提高患者對 Inspire 療法的認識並提高患者與醫療保健提供者聯繫的能力。改善患者體驗的一個令人興奮的例子是數位化排程，這是我們的顧問護理計劃使用的線上工具，用於代表潛在患者直接向合格的醫療保健提供者提交電子預約請求。

We currently have 300 centers using this tool, and we plan to expand this program in 2025.

我們目前有 300 個中心使用此工具，我們計劃在 2025 年擴展該計劃。

On the market access front, we continue to make progress updating our commercial payer policies to our expanded FDA labeling. Additionally, we facilitate patient access to Inspire therapy by assisting patients in obtaining prior authorization coverage decisions from payers.

在市場准入方面，我們繼續在更新商業付款人政策以適應擴大的 FDA 標籤方面取得進展。此外，我們也透過協助患者從付款人處獲得事先授權承保決定，方便患者接受 Inspire 療法。

In this regard, we have steadily expanded our prior authorization team to enhance our ability to provide this assistance.

在這方面，我們穩步擴大了我們的事先授權團隊，以增強我們提供此類援助的能力。

Before I turn the call over to Rick, I would like to provide one additional update. On January 17, we received a civil investigative demand from the Department of Justice. The CID requests information relating to the marketing, promotion, and reimbursement practices associated with our products.

在我將電話轉給 Rick 之前，我想再提供一個更新資訊。1 月 17 日，我們收到了司法部的民事調查要求。CID 要求提供與我們的產品相關的行銷、促銷和報銷實務的資訊。

We intend to fully cooperate with the investigation and provide the information requested. We are confident in the strength of our compliance programs and procedures, and we remain committed to conducting our business ethically and in compliance with applicable laws and regulations.

我們打算全力配合調查並提供所要求的資訊。我們對我們的合規計劃和程序的強度充滿信心，並且我們將繼續致力於以道德的方式開展業務並遵守適用的法律法規。

In summary, we remain focused on the patient to continue the growth and adoption of Inspire therapy. We will execute our growth strategy of driving higher quality patient flow and increasing the capacity of our provider partners to effectively treat and manage more patients.

總之，我們將繼續關注患者，並繼續推動 Inspire 療法的發展和應用。我們將執行我們的成長策略，推動更高品質的患者流量，並提高我們的醫療合作夥伴有效治療和管理更多患者的能力。

Our key strategies include adding advanced practice providers, certifying additional surgeons qualified to implant Inspire therapy, and driving the adoption of SleepSync and our digital tools, all of which are embedded strategies in our commercial team's objective to increase provider capacity.

我們的關鍵策略包括增加高級實踐提供者、認證更多有資格植入 Inspire 療法的外科醫生以及推動 SleepSync 和我們的數位工具的採用，所有這些都是我們商業團隊提高提供者能力的目標中的嵌入式策略。

Looking ahead, we remain excited about our future and are confident that we have the appropriate strategy in place to drive long term stakeholder value.

展望未來，我們仍然對未來充滿期待，並相信我們已經制定了適當的策略來推動長期利害關係人的價值。

With that, I'd like to turn the call over to Rick for his review of our financials.

說到這裡，我想把電話轉給里克，讓他審查一下我們的財務狀況。

Thank you, Tim, and good afternoon, everyone.

謝謝你，提姆，大家下午好。

Total revenue for the quarter was $239.7 million, a 25% increase from the $192.5 million generated in the fourth quarter of 2023. US revenue in the quarter was $231.6 million, an increase of 22% from the $189.4 million in the prior year period.

本季總營收為 2.397 億美元，較 2023 年第四季的 1.925 億美元成長 25%。本季美國營收為 2.316 億美元，較去年同期的 1.894 億美元成長 22%。

Revenue outside the US was $8.1 million, which was a 163% increase year over year. In the fourth quarter, we added 72 new US centers, bringing the total to 1,435 active US centers, as well as 12 new US sales territories, bringing the total to 335 US sales territories.

美國以外地區的收入為 810 萬美元，年增 163%。第四季度，我們在美國新增了 72 個中心，使美國活躍中心總數達到 1,435 個，同時新增了 12 個美國銷售區域，使美國銷售區域總數達到 335 個。

Gross margin in the quarter was 85%. Total operating expenses for the quarter were $171.8 million, an increase of 11% as compared to $155.2 million in the fourth quarter of 2023. This planned increase was primarily due to the expansion of our sales organization and increased general corporate costs, partially offset by a reduction in R&D and patient marketing and education expenses year over year.

本季毛利率為85%。本季總營運費用為 1.718 億美元，較 2023 年第四季的 1.552 億美元成長 11%。這項計畫成長主要歸因於我們銷售組織的擴張和一般公司成本的增加，但部分被研發和病患行銷及教育費用的年減所抵銷。

Interest and dividend income totaled $5.5 million in the quarter compared to $5.9 million in the prior year period. Operating income for the quarter totaled $31.9 million compared to $9.3 million in the prior year period.

本季利息和股息收入總計 550 萬美元，而去年同期為 590 萬美元。本季營業收入總計 3,190 萬美元，而去年同期為 930 萬美元。

Net income for the quarter was $35.2 million or a 15% net income margin compared to net income of $14.8 million or 8% net income margin in the prior year period. This represented diluted net income per share of $1.15 compared to $0.49 in the fourth quarter of 2023. Adjusted EBITDA totaled $62.7 million or a 26% adjusted EBITDA margin in the fourth quarter compared to adjusted EBITDA of $33 million or a 17% adjusted EBITDA margin in the fourth quarter of 2023.

本季淨收入為 3,520 萬美元，淨收入利潤率為 15%，而去年同期淨收入為 1,480 萬美元，淨收入利潤率為 8%。這意味著每股攤薄淨利潤為 1.15 美元，而 2023 年第四季為 0.49 美元。第四季調整後 EBITDA 總計 6,270 萬美元，調整後 EBITDA 利潤率為 26%，而 2023 年第四季調整後 EBITDA 為 3,300 萬美元，調整後 EBITDA 利潤率為 17%。

The weighted average number of diluted shares outstanding in the quarter was 30.8 million. We are excited to announce that we generated $69 million in operating cash flow during the fourth quarter, bringing the full year total to $130 million and increasing our total cash and investment balances to $517 million at December 31.

本季稀釋流通股數平均數為 3,080 萬股。我們很高興地宣布，我們在第四季度產生了 6,900 萬美元的營運現金流，使全年總額達到 1.3 億美元，並使我們的現金和投資餘額總額在 12 月 31 日增加到 5.17 億美元。

This strong cash position allows us to remain focused on executing our growth strategies. For the full year 2024, revenue totaled $802.8 million, a 28% increase over $624.8 million in 2023. US revenue was $771 million, a 27% increase year over year, while revenue outside the US totaled $31.8 million, a 71% year over year growth.

強勁的現金狀況使我們能夠繼續專注於執行我們的成長策略。2024 年全年營收總計 8.028 億美元，比 2023 年的 6.248 億美元成長 28%。美國地區的收入為 7.71 億美元，年增 27%，美國以外地區的收入總計 3,180 萬美元，年增 71%。

Operating income totaled $36.1 million for full year 2024 compared to an operating loss of $40.3 million in 2023. Net income was $53.5 million for full year 2024, a 7% net income margin compared to a net loss of $21.2 million for full year 2023, a 3% net loss margin.

2024 年全年營業收入總計 3,610 萬美元，而 2023 年營業虧損為 4,030 萬美元。2024 年全年淨收入為 5,350 萬美元，淨收入率為 7%，而 2023 年全年淨虧損為 2,120 萬美元，淨虧損率為 3%。

Adjusted EBITDA totaled $157.8 million for 2024, a 20% adjusted EBITDA margin compared to adjusted EBITDA of $44.9 million and a 7% adjusted EBITDA margin in 2023. Full year diluted net income per share totaled $1.75 compared to a net loss of $0.72 per share in 2023.

2024 年調整後 EBITDA 總計 1.578 億美元，調整後 EBITDA 利潤率為 20%，而 2023 年調整後 EBITDA 為 4,490 萬美元，調整後 EBITDA 利潤率為 7%。全年每股攤薄淨收益總計 1.75 美元，而 2023 年每股淨虧損為 0.72 美元。

Moving on to 2025 guidance. We continue to expect full year revenue to be in the range of $940 million to $955 million, representing an increase of 17% to 19% compared to full year 2024 revenue, and we expect full year gross margin to be in the range of 84% to 86%.

繼續推進 2025 年指導。我們繼續預計全年營收將在 9.4 億美元至 9.55 億美元之間，與 2024 年全年營收相比成長 17% 至 19%，我們預計全年毛利率將在 84% 至 86% 之間。

We expect diluted net income for the full year 2025 will be between $2.10 to $2.20 per share. As previously discussed, we'll no longer guide to or report on centers. However, to give you a sense of how our commercial organization is scaling, we will continue to provide territories and field clinical representatives going forward.

我們預計 2025 年全年稀釋淨收入將在每股 2.10 美元至 2.20 美元之間。如同先前所討論的，我們將不再指導或報道中心。但是，為了讓您了解我們的商業組織如何擴展，我們將繼續提供地區和現場臨床代表。

Although not formal guidance, we would like to provide additional color on 2025. Now that we have reached profitability, we expect our reported tax rate in 2025 to be roughly 10% primarily related to state and local taxes. Excluding the impact of any share repurchases that we may complete over the remainder of 2025, we expect the full year diluted shares outstanding to be approximately 31 million.

雖然不是正式的指導，但我們希望為 2025 年提供更多細節。現在我們已經實現盈利，我們預計 2025 年的申報稅率將達到約 10%，主要與州稅和地方稅有關。不計入我們可能在 2025 年剩餘時間內完成的任何股票回購的影響，我們預計全年稀釋流通股數約為 3,100 萬股。

In conclusion, our strong performance and business momentum provide us with confidence in our outlook for 2025.

總而言之，我們強勁的業績和業務勢頭使我們對 2025 年的前景充滿信心。

With that, our prepared remarks are concluded.

我們的準備演講到此結束。

Dilem, you may now open the line for questions.

Dilem，你現在可以打開熱線來回答問題了。

(Operator Instructions) Travis Steed, Bank of America Securities.

（操作員指示）美國銀行證券的 Travis Steed。

I wanted to first ask about the EPS guidance. I'm thinking of should we assume a linear path to profitability here, assuming there's some conservatism kind of built into the 2025 EPS guidance. And then also wanted to ask about the DOJ CID as well.

我想先詢問一下每股收益指引。我在想，我們是否應該假設獲利的線性路徑，假設 2025 年每股盈餘指引中融入了某種保守主義。然後還想詢問有關司法部刑事偵查局 (DOJ CID) 的情況。

Sure. Hey, Travis. I'll take the first part of the question.

當然。嘿，崔維斯。我來回答問題的第一部分。

On earnings per share guidance, we are committed to improving our annual operating margin on a year over year basis. And given our revenue seasonality that we've had traditionally from Q4 to Q1, we do not expect to be profitable in the first quarter, but then we'll have sequential improvement thereafter on a quarterly basis throughout the year.

關於每股收益指引，我們致力於逐年提高年度營業利益率。鑑於我們的營收季節性，傳統上是從第四季度到第一季度，我們預計第一季不會獲利，但此後全年每季都會出現連續改善。

And on the DOJ CID?

那麼司法部刑事偵查局呢？

Absolutely.

絕對地。

We see that January 17, it's very new. It's obviously active. So there's only so much detail that we can provide, but we're committed to working with the inquiry and provide the information that's necessary. We're committed to conducting our business ethically and in compliance with applicable laws and regulations and to working with our customers and other value partners continue to provide high quality medical devices.

我們看到1月17日，這個日期很新。很明顯它是活躍的。因此，我們能夠提供的細節有限，但我們致力於配合調查並提供必要的資訊。我們致力於以合乎道德的方式開展業務並遵守適用的法律法規，並與我們的客戶和其他價值合作夥伴繼續提供高品質的醫療設備。

We do not anticipate that the investigation will interfere with the important work we're doing, to improve the lives of patients who need our products. So as noticed, the investigation remains ongoing. As such, really don't have additional comments or details at this time.

我們不希望調查幹擾我們正在做的重要工作，即改善需要我們產品的患者的生活。正如所注意到的，調查仍在進行中。因此，目前確實沒有其他評論或詳細資訊。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Tim, I wanted to follow up on the commentary around the 300 centers that are doing the automated scheduling or online scheduling or, however you characterize it, sorry, if I'm mischaracterizing it, but have you seen -- what have you seen from a growth perspective at those centers? Have you seen growth accelerate from a patient volume perspective or maybe the right way to ask the question is more streamlined process?

提姆，我想跟進一下有關 300 個進行自動調度或在線調度的中心的評論，或者，無論你如何描述它，抱歉，如果我誤解了它，但你看到了嗎——從這些中心的增長角度來看你看到了什麼？從患者數量的角度來看，您是否看到成長加速，或者提出問題的正確方法是更簡化的流程？

Maybe talk a little bit about what you've seen at those centers. What kind of impact that's having on the ability to work through volumes?

也許可以談談您在這些中心看到的情況。這對處理大量工作的能力有何影響？

And one quick follow up question on Inspire V and reimbursement, your favorite topic.

還有一個關於 Inspire V 和報銷的快速後續問題，這是您最喜歡的話題。

No problem. Hi, Danielle.

沒問題。你好，丹妮爾。

Let's take it back a little bit. You've been with us for a while tracking the story. We did a pilot program a few years ago. And what we want to do is measure the success of patient appointments using digital scheduling as compared to the normal pathway, which would be through direct phone calls or via email between the center and the patient.

讓我們稍微回顧一下。您已經跟著我們追蹤這個故事有一段時間了。幾年前我們做過一個試點計畫。我們想要做的是使用數位化預約來衡量患者預約的成功率，而不是透過正常途徑，即透過中心和患者之間的直接電話或電子郵件。

And we saw a significant advantage by using the digital scheduling, meaning the Advisor Care Program has direct linkage into the center to send the patient appointment request directly and it really streamlined that process.

我們發現使用數位化排程具有顯著的優勢，這意味著顧問護理計劃可以直接與中心聯繫，直接發送患者預約請求，這確實簡化了這一流程。

Therefore, in 2024, we started to ramp up the number of centers that were participating in that program. And we ended the year at about 300 centers and it's a big initiative as we start this year to continue to take advantage of the technology to improve via patient's ability to make an appointment.

因此，從 2024 年起，我們開始增加參與該計劃的中心數量。截至年底，我們的中心數量已達 300 個，這是我們今年開始的一項重大舉措，將繼續利用技術來提高患者的預約能力。

So we're going to keep pushing that program based on the success of the pilot program we saw a couple of years ago.

因此，我們將根據幾年前試點計畫的成功經驗，繼續推動該計畫。

And then just on Inspire V reimbursement, appreciate the commentary you provided thus far. I mean one of the things we talk about, I know you and I have spoken about this in the past, is physician reimbursement. And maybe you could talk a little bit about what you're hearing from your physicians and whether they're happy with reimbursement as it is or is that a barrier I guess I should ask to physicians doing the procedure if the physician fee does come down a little bit.

然後僅就 Inspire V 報銷而言，感謝您迄今為止提供的評論。我的意思是，我們談論的事情之一，我知道你和我過去曾談論過這個問題，就是醫生報銷。也許您可以談談您從醫生那裡聽到的情況，以及他們是否對目前的報銷感到滿意，或者這是否是一個障礙，我想我應該問問做手術的醫生，醫生費用是否會下降一點。

Absolutely. Thanks, Danielle.

絕對地。謝謝，丹妮爾。

We don't believe it's going to be a barrier. In fact, we think it's the opposite. It's going to be opportunistic. I think the purpose of Inspire V was to remove a key barrier that we had with ENT surgeons, and that was the placement of the pressure sensing lead in the chest wall of the patient, which is just not where they operate every day.

我們不認為這會成為障礙。事實上，我們認為情況恰恰相反。這將是一次機會主義。我認為 Inspire V 的目的是消除耳鼻喉外科醫生面臨的一個關鍵障礙，那就是將壓力感測導線放置在患者的胸壁中，而這並不是他們每天進行手術的地方。

Therefore, with the accomplishment of V, it is reduced work, but it's the right kind of reduction of work, so the ENTs can focus on their strength, placing the electrodes, tunneling and placing the neurostimulator. And that's the feedback that we saw with the cases in Singapore and the centers that we already have implanting patients in the United States to date.

因此，隨著 V 的完成，工作量減少了，但這是正確的工作量減少，因此 ENT 可以專注於他們的力量，放置電極、隧道和放置神經刺激器。這就是我們在新加坡的案例以及迄今為止在美國已為患者實施植入手術的中心所看到的反饋。

The feedback is exactly that, wow, we're not in planning the pressure sensing lead anymore and they're able to progress to the next case. And with that, we believe there's going to be reduced surgical time. And the reimbursement will be -- on a time adjusted rate will be consistent between Inspire IV and Inspire V, allowing them to do more cases in the day and the reimbursement for ambulatory surgical centers is actually higher.

回饋確實如此，哇，我們不再計劃壓力感測引線，他們可以進入下一個案例。這樣一來，我們相信手術時間就會縮短。並且報銷將按照時間調整費率在 Inspire IV 和 Inspire V 之間保持一致，從而允許他們每天處理更多病例，並且門診手術中心的報銷實際上更高。

So for those surgeons who have a stake in their ASC, there's a benefit to be able to bring more Inspire cases to the ASC. So we don't think it's going to be a barrier. I think that there's talk early on, of course, about the rates, but once we move further into a limited launch and into full launch, we don't think this will be a barrier as physicians will quickly progress.

因此，對於那些在 ASC 中擁有利益的外科醫生來說，能夠為 ASC 帶來更多的 Inspire 病例是有好處的。所以我們不認為這會成為障礙。我認為，當然，早期人們談論的是費用問題，但一旦我們進一步進入有限發布和全面發布階段，我們認為這不會成為障礙，因為醫生會迅速取得進展。

If I can add one more topic to this. What we talked about last year quite a bit with physician reimbursement or the professional fee is making sure that the ENTs have efficiencies in their practice and that's what we talk about when we talk about APPs or advanced practice providers to ensure that the APPs are able to educate the patients in the office to be able to help streamline the patient flow or help them navigate through the practice.

如果我可以再增加一個主題。我們去年就醫生報銷或專業費用進行了大量的討論，以確保耳鼻喉科醫生在實踐中具有效率，當我們談論 APP 或高級實踐提供者時，我們談論的也是這個，以確保 APP 能夠教育辦公室中的患者，從而能夠幫助簡化患者流程或幫助他們完成實踐。

And the surgeon focuses on performing the surgical implant of Inspire, thereby maximizing their time and really taking care of the reimbursement.

而外科醫生則專注於執行 Inspire 的手術植入，從而最大限度地利用他們的時間並真正照顧到報銷問題。

So we don't think it's going to be a barrier as we move into Inspire IV or Inspire V as we progress into the year.

因此，我們認為，隨著我們進入新的一年，這不會成為我們進入 Inspire IV 或 Inspire V 的障礙。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Very nice profitability.

盈利能力非常好。

Maybe, for Rick. Considering that we are having -- going from a limited launch to a full launch of Inspire V sometime during the year, how do you want us to think about the phasing of revenues and expenses and margin as we go through the year? You talked about negative EPS in the first quarter, but how should we think about where -- how do you want us maybe versus historicals, and do you think the streets is in a good spot for first quarter to start the year?

對 Rick 來說也許如此。考慮到我們將在今年某個時候從有限發佈到全面發布 Inspire V，您希望我們如何考慮全年收入、支出和利潤的分階段變化？您談到第一季的每股收益為負，但我們應該如何考慮——您希望我們與歷史數據相比如何，您是否認為第一季作為開年之年，市場表現良好？

Yeah. Hey. Thanks, Robbie.

是的。嘿。謝謝，羅比。

Yeah, we normally don't discuss consensus, but given the Inspire V launch dynamics, we did make some comments earlier this year about Q1. And generally, we are comfortable with Q1 estimates, but we do expect to see sequential improvement in revenue throughout the year, after we have our seasonality in the first quarter.

是的，我們通常不會討論共識，但考慮到 Inspire V 的發布動態，我們在今年早些時候確實對第一季發表了一些評論。總體而言，我們對第一季的預期感到滿意，但我們確實預計，在第一季出現季節性變化之後，全年營收將持續成長。

And we're going to continue to make investments in our business and in R&D as well as continue with our expansion of our footprint. We will continue adding sales territories and adding centers and we're not going to be guiding to it, but generally, it will probably be in line with our historical trend.

我們將繼續對我們的業務和研發進行投資，並繼續擴大我們的業務範圍。我們將繼續增加銷售區域和中心，我們不會對此進行指導，但總的來說，這可能與我們的歷史趨勢一致。

So we'll continue to increase expenses throughout the year, but with that, the increase of sequential growth in revenue, profitability will follow.

因此，我們將在全年繼續增加開支，但隨之而來的是收入和獲利能力的連續成長。

And maybe one just on GLP-1s. I know it's painful to bring it up, but it just got added to one of the labels for sleep apnea. I wanted to see what, if anything, you're seeing in the field, the clinical discussions and just the latest on how you see Inspire fitting into the equation.

也許其中一個只針對 GLP-1。我知道提起這件事很痛苦，但它只是被添加到睡眠呼吸中止症的標籤之一。我想看看您在該領域、臨床討論中看到了什麼，以及您如何看待 Inspire 融入這個等式的最新情況。

Sure. Thanks, Robbie.

當然。謝謝，羅比。

I mean we don't see GLP-1s as a difficult subject. Of course, we spent a lot of time talking about it. As you realized that or just stated, just came on label and I think we're still trying to understand how it's going to be covered and really what the strategy is to be able to educate the sleep physicians and what the distribution plan is.

我的意思是我們不認​​為 GLP-1 是一個難題。當然，我們花了很多時間討論這個問題。正如您所意識到的或剛才所說的，剛剛出現在標籤上，我認為我們仍在試圖了解它將如何被覆蓋，以及真正的策略是什麼，以便能夠教育睡眠醫生，以及分發計劃是什麼。

That being said, we haven't seen the tailwind yet, but we believe it's coming what's going to really help patients lose weight and reduce their lateral wall collapse to be able to qualify for Inspire. We continue to believe that this is a benefit for Inspire and for patients to help them lose weight who whereby they wouldn't qualify for Inspire.

話雖如此，我們還沒有看到順風，但我們相信它即將到來，這將真正幫助患者減肥並減少他們的側壁塌陷，從而有資格獲得 Inspire。我們始終相信，這對 Inspire 和患者來說都是有益的，可以幫助那些不符合 Inspire 資格的患者減重。

So we continue to work with our sites. We have several single sites that are conducting early work to try and measure the success of helping patients lose weight and qualify for Inspire. And we'll continue to monitor and report back, but I think it's still pretty early on and again, we haven't seen the tailwind yet.

因此我們將繼續與我們的網站合作。我們有幾個單獨的站點正在進行早期工作，試圖衡量幫助患者減重並獲得 Inspire 資格的成功程度。我們將繼續監測並報告結果，但我認為現在還處於早期階段，我們還沒有看到順風。

Chris Pasquale, Nephron Research.

克里斯‧帕斯誇萊 (Chris Pasquale)，腎元研究機構。

Rick, you made great progress in '24 on profitability. As I look at the '25 guidance, I know you said you're committed to improve margins for the year, but it doesn't seem like it's implying the same kind of leverage that we saw last year.

里克，你在 24 年的盈利能力方面取得了巨大進步。當我查看 25 年指引時，我知道您說過您致力於提高今年的利潤率，但這似乎並不意味著我們去年看到的那種槓桿作用。

So when we think about the big buckets for spending, R&D was down in '24. I think you said the DTC was going to kind of flatten out. Should we expect any of those to really ramp up here or what else is implied in the earnings guidance that you guys gave?

因此，當我們考慮大額支出時，24 年的研發支出是下降的。我認為您說過 DTC 將會趨於平穩。我們是否應該期待其中任何一個真正增加，或者你們給出的盈利預測中還暗示了什麼？

Sure.

當然。

With our guidance of $2.10 and $2.20 per share, Chris, we do expect that revenue growth will continue to outpace OpEx growth. DTC, we're expecting that to be flat year over year. So roughly $94 million. R&D will will probably run mid teens as a percentage of revenue. And so -- and we also mentioned the tax rate will be roughly 10%.

克里斯，根據我們對每股 2.10 美元和 2.20 美元的指導，我們確實預計收入成長將繼續超過營運支出成長。DTC，我們預計這一數字將與去年同期持平。所以大約是 9400 萬美元。研發費用可能佔營收的 15% 左右。所以——我們也提到稅率將約為 10%。

And so it does imply with our guidance that we will have low single digit operating income margin. So there will be some improvement, but we are committed to improving our annual margin improvement but we are going to continue to invest in long term growth. We're very lowly penetrated in our potential market as well as the number of surgeons as well as centers.

因此，根據我們的指導，這確實意味著我們的營業利潤率將處於較低的個位數。因此會有一些改善，但我們致力於提高年度利潤率，但我們將繼續投資於長期成長。我們在潛在市場的滲透率非常低，外科醫生和中心的數量也非常低。

So we're in this for the long term. And on a longer term basis, we still believe that we can still reach 30% operating margins.

所以我們會長期堅持這個目標。從長遠來看，我們仍然相信我們仍然可以達到 30% 的營業利潤率。

And with the Inspire V launch, when you do make that transition, is there any sort of near term impact on gross margin that we should think about? Is that initial inventory coming through going to be higher cost of production or is that not a factor?

隨著 Inspire V 的推出，當您進行這種轉變時，我們是否應該考慮對毛利率產生任何短期影響？初始庫存會導致更高的生產成本，或者這不是一個因素？

No factor. We did increase our year -- our annual gross margin guidance to 84% to 86%. So that does include a tailwind in the gross margin from Inspire V. If there's any short term items, we don't see that at this time.

沒有因素。我們確實將年度毛利率預期提高到了 84% 至 86%。因此，這確實包括 Inspire V 帶來的毛利率順風。如果有任何短期項目，我們目前還沒有看到。

Chirs, got to give you a shout-out. Congratulations. Fly Eagles Fly.

Chirs，我得向你致意。恭喜。雄鷹展翅翱翔。

Thanks, Tim.

謝謝，蒂姆。

Anthony Petrone, Mizuho Financial Group.

瑞穗金融集團的安東尼‧佩特羅內 (Anthony Petrone)。

I'll second the congrats to Pasquale there. It was a great game for the Eagles.

我再次向帕斯誇萊表示祝賀。對於老鷹隊來說，這是一場精彩的比賽。

Maybe a couple on Inspire V, Tim. Just when we think about, you ended the year at a little bit over 1,400 centers. Can you share how many centers in the United States actually have Inspire V at this point?

也許在 Inspire V 上有幾個，Tim。想想看，到今年年底，你們的中心數量略多於 1,400 個。您能否分享一下目前美國有多少中心擁有 Inspire V？

And at what point do you expect that to be fully launched throughout all sites in the United States? And the quick follow up will just be on the sites that are doing it in the United States and Singapore, can you share how many cases they are doing per day? Like what is the uptick in daily cases at those early adopter sites?

您預計什麼時候能在美國所有站點全面推出這項服務？快速跟進將僅針對在美國和新加坡開展此業務的站點，您能否分享他們每天處理多少案件？例如，那些早期採用者的站點的每日病例數上升情況如何？

Absolutely. Thanks.

絕對地。謝謝。

I think the key is Singapore started earlier. And we mentioned earlier in the year that they had done 40 of a of a plan, I think 46 and they've accomplished a couple more since then but they're going to complete that group.

我認為關鍵是新加坡起步較早。我們在今年早些時候提到，他們已經完成了 40 個計劃，我想是 46 個，從那時起他們又完成了幾個，但他們將完成這個組。

Then we did the first cases in Pittsburgh as we mentioned earlier since we've opened up just a couple additional sites with several additional plans in the next month and we'll keep ramping the limited market releases as we move forward.

然後，正如我們之前提到的，我們在匹茲堡處理了第一批案件，因為我們在下個月只開放了幾個額外的站點並推出了幾個額外的計劃，並且隨著我們的前進，我們將繼續增加有限的市場發布。

Again, the limiting factor to our full launch is building of our product and that continues to be -- we're progressing there. So that's real positive. But we're learning quite a bit as we continue to increase the number of centers during the limited market release.

再次強調，我們全面推出產品的限制因素是產品的構建，而這仍在繼續——我們正在取得進展。這確實是積極的。但隨著我們在有限的市場發布期間繼續增加中心數量，我們也學到了很多。

So we'll keep scaling up the LMR through the year and when we have proper quantities to do the full launch, we will broadly launch the product.

因此，我們將在全年繼續擴大 LMR 規模，當我們擁有適當的數量進行全面推出時，我們將廣泛推出該產品。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

I'll just try to squeeze two quick ones, and congrats on the profit this quarter.

我只想快速說兩句，並祝賀本季的利潤。

I guess the first, I think you had spoken in the past about a back half versus first half waiting in part due to Inspire V. Could you just reconcile that with the comment that you feel comfortable with 1Q? And maybe just help us understand what the magnitude of that first half, second half might look like.

我想首先，我認為您過去曾談到後半部分與前半部分的等待，部分原因是由於 Inspire V。您能否將其與您對 1Q 感到滿意的評論相協調？也許只是幫助我們了解上半場和下半場的規模可能會是什麼樣子。

And then just second, in your 10-K, you said that you're looking to drive an increase in utilization at established centers or growth in center utilization. I guess can you just talk about what exactly that means? I know you're not giving utilization growth guidance anymore, but just is there anything in that that you can parse out for us?

其次，在您的 10-K 中，您說您希望提高現有中心的利用率或中心利用率的成長。我想您能談談這到底意味著什麼嗎？我知道您不再提供使用率成長指導，但是您能為我們分析其中的內容嗎？

Sure.

當然。

Again, regarding guidance, we provide annual guidance. We don't like to speak too much on the quarterly breakdown. But we do expect our seasonality, we are comfortable with Q1 where estimates are at. And we expect to have sequential growth thereafter.

再次，關於指導，我們提供年度指導。我們不想談論太多季度細目。但我們確實預期了季節性，我們對第一季的估計感到滿意。我們預計此後將出現連續增長。

You can look back historically and what our sequential growth has been. We're not signing off on that, but we're really expecting to have continued increase in our sequential revenue as we have done in the past from a revenue standpoint.

您可以回顧一下歷史，看看我們的連續成長情況。我們還沒有簽署該協議，但從收入的角度來看，我們確實希望我們的連續收入能夠繼續成長，就像我們過去所做的那樣。

There's still a lot of moving parts with the Inspire V launch and the biggest one is making sure we have adequate inventory on hand, but we're very excited. This is our largest product launch in the history of the company. And so we're excited to get the full launch going.

Inspire V 的發布仍有許多活動部件，其中最大的部件是確保我們手頭上有足夠的庫存，但我們非常興奮。這是我們公司史上規模最大的產品發表。因此，我們很高興能夠全面啟動。

And then on your second question, we are -- in our guidance assumptions, we are assuming the Inspire V launch in our guidance, but we're not really assuming much impact to our throughput. But we didn't specify utilization, Rich, so much but we did say that we're going to continue to expand our footprint of territories and centers.

然後關於您的第二個問題，在我們的指導假設中，我們假設 Inspire V 在我們的指導中推出，但我們實際上並沒有假設對我們的吞吐量產生太大影響。但是我們沒有具體說明利用率，Rich，但我們確實說過我們將繼續擴大我們的領土和中心的覆蓋範圍。

And that's generally in line with what we've done historically. But we're no longer providing those metrics, but we will give you an update on sales reps and field clinical reps going forward.

這與我們過去的做法基本一致。但我們不再提供這些指標，但我們將向您提供有關銷售代表和現場臨床代表的最新情況。

But just to be clear, there's no major difference on first half, second half seasonality versus prior years in your current guidance because of Inspire V?

但需要明確的是，由於 Inspire V，您目前的指導中上半年和下半年的季節性與前幾年相比沒有重大差異嗎？

No. I mean you've seen our historicals though. It builds throughout the year, right? Because we have seasonality that resets in Q1 and then generally revenue builds throughout the year.

不。我的意思是你已經看過我們的歷史了。它全年都在建造，對嗎？因為我們的季節性會在第一季重新調整，然後全年的收入通常會增加。

David Rescott, Baird.

大衛雷斯科特，貝爾德。

Congrats on the finish of the year here.

祝賀今年圓滿結束。

Two from us and maybe I'll ask both of them up front. Obviously, we have the heard the comments on the cadence for the full year broadly. I'm curious if you could maybe parse out, whether or not, international and specific as something that should be accretive to the growth.

我們有兩個人，也許我會提前問他們兩個。顯然，我們已經聽到了關於全年節奏的廣泛評論。我很好奇，您是否可以分析一下，國際化和具體化是否應該促進成長。

And then when you think about the pieces on the P&L for 2025, heard the comments on tax and spend, but just curious what your assumption is maybe for interest income, which is a bigger component, of the P&L.

然後，當您考慮 2025 年損益表中的各個部分時，聽到了有關稅收和支出的評論，但只是好奇您對利息收入（損益表中較大的組成部分）的假設是什麼。

Sure. Thanks for your questions.

當然。感謝您的提問。

Regarding OUS revenue, we still -- it has trended for quite some time to be between 3% and 4% of our worldwide revenue. That will continue for the foreseeable future in 2025.

關於美國本土的收入，我們仍然——它在相當長的一段時間內一直趨於占我們全球收入的 3% 到 4% 之間。在可預見的 2025 年，這種情況仍將持續下去。

As quickly as the US is growing, it's hard to keep pace given it's between 3% and 4% of our worldwide revenue. We don't expect that to change in 2025.

儘管美國市場成長迅速，但由於其占我們全球收入的 3% 至 4%，因此很難跟上其步伐。我們預計這種情況到 2025 年也不會改變。

And then your other question --

然後你的另一個問題--

Interest income will be $20 million for the year.

全年利息收入將達2000萬美元。

Did you catch that? $20 million for the year. Roughly $5 million per quarter for interest income.

你明白了嗎？每年 2000 萬美元。每季利息收入約 500 萬美元。

Adam Maeder, Piper Sandler.

亞當梅德、派珀桑德勒。

Congrats on the leverage in the quarter.

恭喜本季的槓桿率。

I wanted to start with one on Gen V. In our checks, it's been pretty consistent. The 5th gen device should unlock faster procedure times and drive increased capacity. But I guess the question is how do you help kind of ensure that the extra OR capacity is allocated to Inspire versus the other ENT procedures that the doc has on his or her plate?

我想從第五代開始。在我們的檢查中，它是相當一致的。第五代設備應該可以縮短處理時間並提高容量。但我想問題是，您如何幫助確保將額外的手術室容量分配給 Inspire，而不是分配給醫生正在處理的其他耳鼻喉科手術？

And is there anything that you can do to kind of help the doc stack Inspire cases, and then I had a follow up?

您能做些什麼來幫助文件堆疊 Inspire 案例，然後我進行跟進？

Yeah. No, I think that's a really important item.

是的。不，我認為那是一件非常重要的事。

And we work with the ENTs to look at what are the other procedures that are demanding your time. And we did a search on our own with CPT codes of general ENT procedures to look on a permanent basis what competes with Inspire and it turns Inspire is at the higher end of the list for those procedures that our ENTs are performing.

我們會與耳鼻喉科醫生合作，看看還有哪些程序需要您花時間。我們自己對一般耳鼻喉科手術的 CPT 代碼進行了搜索，以長期尋找與 Inspire 競爭的產品，結果發現，在我們的耳鼻喉科醫生執行的這些手術中，Inspire 處於列表的較高端。

The key to it is building the efficiencies to it such that the ENTs -- probably some of the ENTs that you talked about in your checks, are the high volume implanters, and they have support teams to be able to educate patients, help navigate patients, whereas the surgeons can spend a lot of their time in the operating room.

其關鍵在於提高效率，這樣耳鼻喉科醫生——可能是您在檢查中提到的一些耳鼻喉科醫生，就是大量植入者，他們有支持團隊來教育患者，幫助引導患者，而外科醫生可以將大量時間花在手術室裡。

And if they have partners that can also participate in doing implants. And so we need to make sure that we build the efficiencies so if they can do spend more time in the OR.

如果他們有伴侶，他們也可以參與植入。因此，我們需要確保提高效率，以便他們能夠在手術室裡花更多的時間。

And then the key is to set case days and that's really the priority for us this year too, where when they come in the morning, they know this is an Inspire day. And so it's not just for the surgeon, it's for everybody in the OR suite.

然後關鍵是設定案例日，這也是我們今年的首要任務，當他們早上來的時候，他們知道這是激勵日。因此，它不僅適用於外科醫生，也適用於手術室裡的每個人。

They know what procedure are happening. They know what equipment and what surgical trays to have in there. And everybody can perform at a high level. It's even down to the reimbursement. The reimbursement people know it's an Inspire day. So they know what codes to be able to use in that day for those cases.

他們知道正在發生什麼程序。他們知道那裡需要什麼設備和什麼手術托盤。每個人都能發揮出高水準。甚至到了報銷的程度。報銷人員知道這是激勵日。因此他們知道針對這些情況當天可以使用什麼代碼。

So it's about driving consistency and really starting to stack case days and show the benefit of Inspire V with the reduced time. Make sure the OR supervisor understands that, such as they add another case without risking going into a second shift or an overtime.

因此，這是為了推動一致性並真正開始堆積案例天數並展示 Inspire V 在減少時間內的優勢。確保手術室主管理解這一點，例如他們添加另一個病例而不必冒險進入第二班或加班。

But on the other hand, they don't want the lights out in that OR suite either. So it's all about building the efficiencies and we think Inspire V is really going to build the confidence and the comfort for the ENTs to do so.

但另一方面，他們也不希望手術室的燈熄滅。所以這一切都是為了提高效率，我們認為 Inspire V 確實會為 ENT 建立信心和舒適度。

And just one quick one on gross margin for Rick. 84% to 86% for the full year is the guidance. Just wanted to kind of maybe flesh out some of the key assumptions there. And I guess specifically the impact from the Gen 5 launch. How much of a positive contributor is Gen 5 to gross margin this year or do we see more of kind of a pronounced impact benefit to gross margin in '26?

我對 Rick 的毛利率只有一個簡短的了解。預計全年增長率為 84% 至 86%。只是想充實一下其中的一些關鍵假設。我猜測這是第五代產品發布帶來的影響。Gen 5 對今年的毛利率有多大的正面貢獻，或者我們會看到對 26 年毛利率產生更明顯的影響？

Sure. We did increase our guidance by 100 basis points at the midpoint. And we have assumed the Inspire V launch in our guidance. And I think we've captured it with the tailwind of Inspire V, but 2026 would be a first full year of the impact more so in '26 than in '25 given that we're already in mid February.

當然。我們確實將中間價的指導價提高了 100 個基點。並且，我們已經在指導中假設了 Inspire V 的推出。我認為我們已經借助 Inspire V 的順風抓住了這一機遇，但 2026 年將是其影響力的第一個完整年份，考慮到現在已經是 2 月中旬，2026 年的影響力將大於 2025 年。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Tim, could you talk for a minute about just the logistics of transitioning back to the cranial nerve stimulation code? How does that work for Medicare and commercial patients, and do you envision a period of time when centers do both, Inspire IV and Inspire V, and I had one follow up?

提姆，您能否花一點時間談談過渡回腦神經刺激代碼的後勤工作？這對醫療保險和商業患者有何作用？您是否設想過一段時間中心會同時進行 Inspire IV 和 Inspire V，並且我會進行一次跟進？

Sure.

當然。

I think three years ago, we transitioned from 64568 to 64582 and here we are by eliminating the pressure sensor, we're transitioning right back. And so we've done this and we work with the payers and a lot of them still have the old, the 64568 still in their system.

我想三年前，我們從 64568 過渡到了 64582，現在我們透過消除壓力感測器，又過渡回來了。因此，我們這樣做了，並與付款人合作，其中許多人仍然在他們的系統中使用舊的 64568。

The key to it is making sure we update the software at the payers and CMS such that when the hospitals or the centers and ASCs build that code that it goes through. So we work with every payer to make sure that the policies are updated to include both codes, including with CMS to have both codes. Because to your point, as they worked on the Inspire IV inventory, there may be a short period of time where they are using both codes. There's no question about that.

關鍵在於確保我們更新付款人和 CMS 的軟體，以便醫院或中心和 ASC 建立該程式碼時能夠順利通過。因此，我們與每個付款人合作，確保政策已更新以包含這兩個代碼，包括與 CMS 合作以包含這兩個代碼。因為正如您所說，當他們處理 Inspire IV 庫存時，可能會有一小段時間他們會使用這兩種程式碼。毫無疑問。

And while we have several sites on the Inspire V limited launch now using 64568, those centers are in fact also doing Inspire IV cases. So it's a little bit of hand holding up front. But again, as we mentioned, we expect a full launch through the year and transition by the end of the year. So most sites will all -- and the payers will all be transitioned over by then.

雖然我們在 Inspire V 限量發布會上有幾個站點現在使用 64568，但這些中心實際上也在生產 Inspire IV 機殼。所以這就像前面有一點牽手。但正如我們所提到的，我們預計今年將全面推出，並在年底前完成過渡。因此到那時，大多數站點和付款人都將完成轉換。

And Tim, what are you assuming in the guidance for competition and any potential warehousing of patients before the full launch of Inspire V?

提姆，在 Inspire V 全面推出之前，您對競爭指南和任何潛在的患者倉儲有何假設？

Absolutely.

絕對地。

I think competition, it's been very quiet. We don't know anything there. And you'll have to do that inquiry on your own. But we know that if they get approval, that there will be some experimenting with some of the academic centers. So we're prepared for that and we include that into our guide, no question about that.

我認為競爭一直很平靜。我們對此一無所知。你必須自己進行調查。但我們知道，如果他們獲得批准，一些學術中心將會進行一些實驗。所以我們對此做好了準備並將其納入我們的指南中，這是毫無疑問的。

We also know that as we transition into V, there will be patients that will want to wait. We believe that to be quite limited now, but there are patients who are aware of V and that it's forthcoming and that they are -- they may want to choose to wait, but we don't think we're seeing a lot of that yet.

我們也知道，隨著我們過渡到 V，會有患者願意等待。我們認為現在這種情況相當有限，但有些患者知道 V 並且知道它即將問世，他們可能想選擇等待，但我們認為目前這種情況還不多。

But as we continue to ramp up, we'll monitor that very closely, but again, we do kind of build that into our guide as well.

但隨著我們繼續加強，我們將密切監控這一點，但同樣，我們也會將其納入我們的指南中。

Shagun Singh, RBC.

沙根·辛格，RBC。

I guess just to follow up on the DOJ investigation. Are you may be willing to share what your initial assessment is of the time and scope of this investigation? Any next steps or potential timelines if you can share, and estimates around potential cost to be incurred? Do you have a third-party looking into this? Just curious if you can share anything in addition to what you already have.

我想只是為了跟進司法部的調查。您是否願意分享您對此次調查的時間和範圍的初步評估？您可以分享後續步驟或潛在時間表嗎？以及可能產生的成本估算？有第三方調查此事嗎？我只是好奇除了您已有的內容之外，您是否可以分享其他內容。

Sure.

當然。

We just received it on January 17. We're just still in the very early stages. We're committed to conducting our business ethically and in compliance with applicable laws and regulations. We'll work with all our customers and other valued partners to continue to provide the Inspire products.

我們1月17日才收到。我們還處於非常早期的階段。我們致力於以道德的方式開展業務並遵守適用的法律和法規。我們將與所有客戶和其他重要合作夥伴共同努力，繼續提供 Inspire 產品。

We do not anticipate that the investigation will interfere with the work that we do to improve the lives of our patients. And again, so early on, we just can't provide the details, but again, we have confidence in our policies and we'll continue to work closely with the investigation to provide the information that they need.

我們預計調查不會幹擾我們改善患者生活的工作。再次強調，由於時間尚早，我們無法提供詳細信息，但我們對我們的政策充滿信心，我們將繼續與調查部門密切合作，提供他們需要的資訊。

And then I was hoping you can touch a little bit on your guidance philosophy. You're obviously exiting 2024 on a pretty high note, 25% year over year growth you're guiding to, high teens. What are you assuming in terms of a step down? Besides law of large numbers, it seems it's just that.

然後我希望你能稍微談談你的指導理念。顯然，你們在 2024 年取得了相當高的成績，預計將年增 25%，達到十幾歲的水平。您對降職有何設想？除了大數定律之外，似乎就是這樣。

But then what factors can really help you deliver another year of 2025 growth? It seems like the Inspire V launch you said, it's going to be a bit of a phased commercial launch. So maybe help us think through how you thought about the guidance and what you factored in for Inspire V.

但哪些因素能夠真正幫助您實現 2025 年的另一年成長呢？看起來就像您所說的 Inspire V 的發布，它將是一個分階段的商業發布。因此，也許可以幫助我們思考一下您是如何看待指導的，以及您對 Inspire V 考慮了哪些因素。

We build a detailed plan at the beginning of the year. We take into account all the elements that you identified. Rick earlier had identified many of those elements as well as, as far as the tailwinds and even some challenges we see to build a detailed model.

我們在年初制定了詳細的計劃。我們會考慮您指出的所有因素。里克早些時候已經確定了許多這些因素，以及我們所看到的順風因素和建立詳細模型所面臨的一些挑戰。

It's early in the year. And so as we progress, we see -- we'll continue to open up new centers but we expect the majority of our growth to come from increased work at existing centers or same-store sales. And we'll continue to scale our field team to be able to continue our growth and continue to invest in our growth going forward.

現在是年初。因此，隨著我們的進步，我們看到——我們將繼續開設新的中心，但我們預計大部分成長將來自現有中心的工作量增加或同店銷售額的成長。我們將繼續擴大我們的現場團隊，以便能夠繼續發展，並繼續投資於我們未來的發展。

Rick talked about continuing our DTC program, consistent with prior year. And we're going to continue to invest in our R&D and again, very excited about launching Inspire V as we move into the year.

里克談到將繼續我們的 DTC 計劃，與去年保持一致。我們將繼續投資我們的研發，並且非常高興在新的一年推出 Inspire V。

Brett Fishbin, KeyBanc.

布雷特·菲什賓（Brett Fishbin），KeyBanc。

Just one for me. I was hoping you could provide a bit more color on where you currently stand around the inventory build for Inspire V ahead of the full market launch. It feels like this keeps coming up really as the primary driver of timing.

對我來說只有一個。我希望您能提供更多關於 Inspire V 在全面上市之前的庫存建設情況的資訊。感覺這確實一直是時間安排的主要驅動因素。

And then maybe if you could just touch on if there was any like barriers with the production process that was preventing this from happening as fast as as you ideally wanted.

然後，也許您可以談談生產過程中是否存在任何障礙，阻止此過程按照您理想的速度進行。

Sure.

當然。

We are opening up a brand new production line or I should say we have opened a brand new production line. Those are units off that line have been implanted in Singapore. Did the first implants last year in the US and additional sites here this year.

我們正在開闢一條全新的生產線，或者我應該說我們已經開闢了一條全新的生產線。那些是從那條線路撤下來的部隊已經被安置在新加坡了。去年在美國進行了首例植入，今年又在這裡進行了更多植入。

It is an active production line. We are building inventory and we're starting to scale that production line. So with every new line, as you continue to scale up, we continue to make sure that we find efficiencies and then we add to the capacity of that production line.

這是一條活躍的生產線。我們正在建立庫存並開始擴大生產線。因此，隨著每條新生產線的不斷擴大，我們將繼續確保提高效率，然後增加該生產線的產能。

So the team is there today and working hard to continue to produce product and scale that up. We did not disrupt the Inspire IV production line, which continues to manufacture product today. Because again, once we transition in the United States, we do not have approval in Europe to be able to do Inspire V.

所以今天團隊還在那裡努力繼續生產產品並擴大規模。我們沒有中斷 Inspire IV 生產線，該生產線至今仍在繼續生產產品。因為，一旦我們在美國完成轉型，我們就不會獲得歐洲生產 Inspire V 的批准。

So Inspire IV will be needed into the future. So we are building a brand new production line. It's just a normal process of going through the setup process. It's fully qualified. It is active, and we are in the process of scaling right now.

因此，未來將會需要 Inspire IV。所以我們正在建造一條全新的生產線。這只是一個正常的設定過程。完全合格。它很活躍，我們現在正處於擴展過程中。

And just really quick follow up on that one. Is there a general target level of inventory either in dollars or maybe like weeks of cases that you're trying to get to?

並對此進行快速跟進。是否有一個總體目標庫存水準（以美元計算）或您可能試圖達到的數週庫存水準？

Without specifically stating a number, really what we're preventing, we don't want to start stop. We will have Inspire IV, but once we transition to V, we want to go. And so we're going to keep on a limited launch as we build up that inventory and keep increasing the number of centers as we scale up.

如果不具體說明數字，我們真正要阻止的是什麼，我們不想開始停止。我們將擁有 Inspire IV，但一旦我們過渡到 V，我們就想繼續前進。因此，我們將繼續進行有限的推出，以建立庫存，並隨著規模的擴大而不斷增加中心的數量。

But once we go to a full launch, we want to make sure that we have inventory to go forward. Again, we just do not want to start stop and having to go back to IV and then restart V. So we're going to be a little bit careful about that.

但一旦我們全面推出，我們希望確保有足夠的庫存可供使用。再說一次，我們只是不想啟動停止並不得不返回 IV，然後重新啟動 V。因此，我們會對此稍微小心一點。

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

Maybe just to follow up on that last one. For Inspire V, I think I'm just trying to get a better feel for how back-end weighted it is or how it ramps throughout the year.

也許只是為了跟進最後一個。對於 Inspire V，我想我只是想更好地了解它的後端加權程度或它在全年如何增長。

And Tim, is it fair to say, look, this is going to be less than 5% of the overall procedures in 1Q? It seems like you're certainly targeting full conversion in 4Q. I mean do we think about it surpassing 50% evolves in the third quarter? Maybe you could just talk about the cadence and how we get there over the four quarters and then I'll ask a follow up.

提姆，這樣說公平嗎？看，這將佔第一季整體程序的不到 5%？看起來您肯定以在第四季度實現全面轉換為目標。我的意思是，我們是否認為第三季的成長速度會超過 50%？也許您可以談談節奏以及我們如何在四個季度內實現目標，然後我會提出後續問題。

Yeah. Jon, I think you generally are describing it correctly as we start to ramp it up. I think that we want to be transitioned by the end of the year. I think it's certainly safe to say we're less than 5% in the first quarter. And it just kind of grows through the year as we progress.

是的。喬恩，我認為當我們開始加強時，你的描述總體上是正確的。我認為我們希望在今年年底前完成轉型。我認為可以肯定地說，第一季的成長率不到 5%。隨著我們的進步，它每年都在增長。

So the way you describe it, generally, we're comfortable with that.

所以，按照您描述的方式，我們通常對此感到滿意。

And then just to pivot, UnitedHealthcare coverage changes. I think I've got this right, just sort of like reimplementing the DISE. The wording is a little awkward, but call it the implementation of the absence of complete blockage. What do you think about those changes, Tim? Do you expect them to stick?

然後，為了轉變，聯合健康保險的覆蓋範圍也發生了變化。我認為我理解的是對的，就像重新實作 DISE 一樣。措辭有點彆扭，但稱之為沒有完全堵塞的實施。提姆，你對這些改變有什麼看法？你希望他們堅持下去嗎？

And was the reimplementation of the DISE a little bit of a surprise? Obviously with predictor, seemingly, you're hoping to go the other way with these payers throughout 2025.

DISE 的重新實施是否有點令人驚訝？顯然，透過預測，你似乎希望在 2025 年期間與這些付款人採取另一種方式。

Are you like referring to like United?

您指的是像美聯航這樣的公司嗎？

Yeah. I thought I meant United but correct yes, United.

是的。我以為我指的是聯合航空，但正確答案是，聯合航空。

Yeah. I think we're working with United. They've made too many changes over a period of time. So we need to have discussions with them, but I think the intent is they understand what predictor is about and if there's a way to more efficiently work with patients to understand who can qualify for Inspire United support of all that, but we need to continue to communicate with that.

是的。我認為我們正在與 United 合作。他們在一段時間內做出了太多改變。所以我們需要與他們進行討論，但我認為目的是讓他們了解預測器的含義，以及是否有辦法更有效地與患者合作，了解誰有資格獲得 Inspire United 的支持，但我們需要繼續與他們溝通。

The physicians are doing a great job in documenting the study and preparing the manuscript. So that's getting close to be able to be submitted. And we'll continue to work with the payers. But I don't think the intent is to really go back and forth with DISE. I think there's just more communication that has to happen to make sure we clarify that.

醫生們在記錄研究和準備手稿方面做得非常出色。因此，這已經接近可以提交了。我們將繼續與付款人合作。但我並不認為其目的真的是為了與 DISE 來回反覆。我認為我們需要進行更多的溝通以確保澄清這一點。

But again, we're going to continue to work with other payers to not necessarily specify the need for DISE, but to make sure that it's up to the physician to properly diagnose the patient so they are qualified for Inspire by using what method is appropriate for that patient.

但是，我們將繼續與其他付款人合作，不一定指定 DISE 的需求，但要確保由醫生正確診斷患者，以便他們透過使用適合該患者的方法有資格獲得 Inspire。

That could be a DISE, could be just BMI, could be neck circumference, but make sure we have the flexibility built into the system. So it's up to the physician to make that determination.

這可以是 DISE，可以是 BMI，可以是頸圍，但確保系統有彈性。因此，這取決於醫生的決定。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

Just one for me, bigger picture. I know the center disclosure is going away in '25, although Rick, I did hear you say quarterly adds is probably about in the zone of what we've seen in the last couple years. So I'm square there. It gets you at the end of '25 to say 1,600 or 1,700 centers. I'm just curious before this disclosure goes away, like can you update us on your longer term view of what a potential center base might look like?

對我來說，這只是一個更大的圖像。我知道中心披露將在 25 年消失，不過 Rick，我確實聽到你說季度增加的幅度可能與過去幾年我們看到的幅度差不多。所以我很認同這一點。到 25 年底，它將擁有 1,600 或 1,700 個中心。我只是很好奇，在披露這一資訊之前，您能否向我們介紹一下您對潛在中心基地的長期看法？

What are you planning for over a three to five year horizon? What's the latest math there?

您對未來三到五年有何規劃？那裡最新的數學是什麼？

Yeah. Thank you, Mike.

是的。謝謝你，麥克。

I think we want to stay consistent and keep growing. As we talked about with some of our organization, we have a group that's focused on a lot of our national contracts and ASCs and to be able to help transition when we get to V into some of those centers.

我認為我們希望保持一致並不斷發展。正如我們與一些組織討論的那樣，我們有一個團隊專注於我們的許多國家合約和 ASC，並且能夠在我們進入 V 時幫助過渡到其中一些中心。

Because we believe we can get an increase in utilization at those sites as well as grow same-same store sales across the board. So we look at continually expanding. We're at the very early stages as you know with ASCs.

因為我們相信我們可以提高這些站點的利用率，並全面提高同店銷售額。因此我們著眼於不斷擴張。如您所知，我們的 ASC 還處於非常早期的階段。

And even when we look at some of our national contracts, we're in the very early stages of adoption. So we have quite a long way to go. And now we have a group specific to addressing those targets and helping those national accounts really be able to adapt Inspire and really take advantage of the Inspire V.

即使當我們審視我們的一些國家合約時，我們也處於採用的早期階段。所以我們還有很長的路要走。現在我們有一個專門負責實現這些目標的團隊，幫助這些國家帳戶真正適應 Inspire 並真正利用 Inspire V。

Mike Kratky, Leerink Partners.

麥克‧克拉基 (Mike Kratky)，Leerink 合夥人。

Tim, I'd love to circle back on some of those comments on the ASCs. So A, to what extent does driving continued adoption among ASCs fit into your strategic priorities this year? And then can you just help us understand what kind of an impact that could have just based on the different economics in that setting?

提姆，我很樂意回顧一下關於 ASC 的一些評論。那麼 A，推動 ASC 的持續採用在多大程度上符合您今年的策略重點？那麼，您能否幫助我們了解，基於該環境下的不同經濟狀況，這可能會產生什麼樣的影響？

Actually, I think one of the challenges we had was the economics at ASCs. And specifically, with the adjusted economics down south. And it limits the ability of ASCs to be able to adopt a strong Inspire program.

實際上，我認為我們面臨的挑戰之一是 ASC 的經濟問題。具體來說，南方的經濟已經進行了調整。這也限制了 ASC 採用強大的 Inspire 計畫的能力。

Going to the new CPT code, 64568, it actually increases the reimbursement at ASCs approximately $1,100. And that takes them from a breakeven or a loss situation into a slightly positive in some of the locations. And that really is an impetus to allow some of the physicians to take more cases -- Medicare cases to their ASC.

轉到新的 CPT 代碼 64568，它實際上將 ASC 的報銷金額增加了約 1,100 美元。這使得他們在某些地區從收支平衡或虧損的狀況轉變為略微盈利的狀況。這確實是一種動力，可以允許一些醫生接手更多的病例——將醫療保險病例交給他們的 ASC。

They can already bring the commercial cases there. But there's a group of private practice ENTs who do most of their implants in their ASC and they're unable to really participate with Inspire today due to the economics.

他們已經可以在那裡提起商業案件。但有一群私人執業耳鼻喉科醫生在他們的 ASC 中完成大部分植入手術，由於經濟原因，他們目前無法真正參與 Inspire。

So I think this new coding change will certainly help them. And we're going to put a concentrated effort to be able to help these ASCs really grow the adoption.

所以我認為這種新的編碼變化肯定會對他們有所幫助。我們將集中精力幫助這些 ASC 真正提高採用率。

Suraj Kalia, Oppenheimer & Co.

蘇拉吉·卡利亞，奧本海默公司

Congrats on a strong end to the year. Tim, I appreciate your comments about not providing any more commentary on the DOJ investigation. It's still early, but maybe you can shed some color for us. Let's say 30,000 patients were implanted in FY24. How many of them would you say have not tried a CPAP at all?

恭喜您今年取得了圓滿的結局。提姆，我很感謝你關於不再對司法部調查發表任何評論的評論。現在還為時過早，但也許您可以為我們提供一些資訊。假設 24 財年有 3 萬名患者接受了植入。您認為其中有多少人根本沒有嘗試過 CPAP？

I don't specifically know that, but I think very few.

我不太清楚這一點，但我認為很少。

It's a pretty hard requirement that we have as well as the physicians have, as well as the payers including government payers related to DOJ like Medicare and Medicaid. It's a pretty hard standard that everybody takes very seriously.

這是我們、醫生以及付款人（包括與司法部相關的政府付款人，如醫療保險和醫療補助）的一項相當嚴格的要求。這是一個相當嚴格的標準，每個人都非常重視。

Thank you. This concludes the Q&A session for the conference.

謝謝。會議的問答環節到此結束。

I'd now like to turn it back to Tim for any closing remarks.

現在我想請提姆做最後發言。

Thanks, Dilem.

謝謝，Dilem。

Thank you all for joining the call today.

感謝大家今天參加電話會議。

As always, I'm grateful to the growing team of dedicated, Inspire employees for their enthusiasm, hard work, and continued motivation to achieve successful and consistent patient outcomes. The team's commitment to patients remains unmatched and is the most important element to our success.

像往常一樣，我感謝不斷成長的敬業、激勵員工團隊，感謝他們的熱情、努力和持續的動力，為患者帶來了成功和一致的治療效果。團隊對患者的承諾無與倫比，這是我們成功的最重要因素。

I wish to thank all of our employees as well as the healthcare teams for their continued efforts as we remain focused on further expanding our business in the US, Europe, and Asia.

我要感謝我們所有的員工以及醫療團隊的持續努力，我們將繼續專注於進一步擴大我們在美國、歐洲和亞洲的業務。

For all of you on the call, we appreciate your continued interest and support of Inspire and look forward to providing you with further updates in the months ahead.

對於電話會議中的所有人，我們感謝您對 Inspire 的持續關注和支持，並期待在未來幾個月為您提供進一步的更新。

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。