INVO Fertility Inc (IVF) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the INVO Bioscience second-quarter fiscal year 2023 financial results conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 INVO Bioscience 2023 財年第二季財務業績電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Robert Blum of Lytham Partners. Please go ahead.

我現在想將會議轉交給 Lytham Partners 的 Robert Blum。請繼續。

Great. Thanks so much, Kate. Good afternoon, everyone, and thank you, all, for joining us for INVO Bioscience's second-quarter 2023 financial results conference call.

偉大的。非常感謝，凱特。大家下午好，感謝大家參加我們 INVO Bioscience 的 2023 年第二季財務業績電話會議。

Joining us on the call today are INVO Bioscience's CEO, Steve Shum; the company's Chief Operating and VP of Business Development, Mike Campbell; and Andrea Goren, the company's Chief Financial Officer. At the conclusion of today's prepared remarks, we will open the call for a question-and-answer session.

今天加入我們電話會議的還有 INVO Bioscience 的執行長 Steve Shum；公司營運長兼業務開發副總裁 Mike Campbell；以及公司財務長 Andrea Goren。在今天準備好的演講結束後，我們將開始問答環節。

Before we begin with the event, we submit for the record the following statement. Certain matters discussed on this conference call by the management of INVO Bioscience may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, Section 21E of the Securities Exchange Act of 1934 as amended, and such forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

在活動開始之前，我們提交以下聲明以供記錄。 INVO Bioscience 管理階層在本次電話會議上討論的某些事項可能屬於經修訂的1933 年證券法第27A 條、經修訂的1934 年證券交易法第21E 條含義內的前瞻性陳述，並且此類前瞻性陳述前瞻性陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的。

All statements regarding the company's expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans, and objectives of management for future operations, as well as statements that include words such as anticipate, if, believe, plan, estimate, expect, intend, may, could, should, will, and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties, and contingencies, many of which are beyond the company's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements.

有關公司預期未來財務狀況、經營業績、現金流量、融資計劃、業務策略、產品和服務、競爭地位、成長機會、未來經營管理計劃和目標的所有聲明，以及包含以下文字的聲明諸如預期、如果、相信、計劃、估計、期望、打算、可能、能夠、應該、將以及其他類似的表達方式均為前瞻性陳述。所有前瞻性陳述均涉及風險、不確定性和意外事件，其中許多超出了公司的控制範圍，可能導致實際結果、績效或成就與預期結果、績效或成就有重大差異。

Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in the company's filings at www.sec.gov. The company is under no obligation to and expressly disclaims any such obligation to update or alter our forward-looking statements, whether as the result of new information, future events, or otherwise.

可能導致實際結果與前瞻性陳述中的結果有重大差異的因素包括公司在 www.sec.gov 上提交的文件中列出的因素。本公司沒有義務並明確否認任何更新或更改我們的前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

With that said, let me turn the event over to Steve Shum, Chief Executive Officer of INVO Bioscience. Steve, please proceed.

話雖如此，讓我將活動轉交給 INVO Bioscience 執行長 Steve Shum。史蒂夫，請繼續。

Thank you, Robert, and welcome, everyone. We are excited to be on the call today, just a few days after completing and announcing what we believe is one of the most important developments in the company's history, and one that we also believe targets the company for operating cash flow breakeven in 2024.

謝謝羅伯特，歡迎大家。我們很高興今天能參加這次電話會議，就在幾天前，我們完成並宣布了我們認為是公司歷史上最重要的發展之一，我們也相信該發展目標是公司在2024 年實現營運現金流損益平衡。

The final closing of the acquisition of the Wisconsin Fertility Institute announced on Friday not only adds important operating scale to the business, but also further accelerates our transition from purely a medical device company to a healthcare services provider focused on the fertility market. And to remind everyone why this transition is important, it provides us the ability to capture a greater portion of the revenue and profit opportunity associated with treatment in general and with the treatment solution that INVOcell provides.

週五宣布的威斯康辛生育研究所的收購最終完成，不僅為業務增加了重要的營運規模，而且進一步加速了我們從純粹的醫療器材公司向專注於生育市場的醫療服務提供者的轉型。為了提醒大家為什麼這一轉變很重要，它使我們能夠捕捉與一般治療以及 INVOcell 提供的治療解決方案相關的更大一部分收入和利潤機會。

To put that in context, an INVOcell device sold on its own creates revenue of approximately $400 per unit. A complete IVC procedure can generate about $4,500 to $7,000 per cycle of revenue, with operating profits at scale well in excess of the device profit. This ability to capture greater revenue and profitability scale while also expanding the use of INVOcell and the IVC procedure is why we remain excited by the progress being made and is the key driver behind the transition.

換言之，單獨銷售的 INVOcell 設備每台可創造約 400 美元的收入。完整的 IVC 程序每個週期可產生約 4,500 至 7,000 美元的收入，其規模營運利潤遠遠超過設備利潤。這種獲得更大收入和獲利規模的能力，同時擴大 INVOcell 和 IVC 程序的使用，是我們對所取得的進展感到興奮的原因，也是轉型背後的關鍵驅動力。

As background, this transition started in the latter part of 2021 with the opening of our first INVO Center in Birmingham, Alabama. We quickly then added centers in Atlanta, Georgia; and Monterrey, Mexico, which, combined with Birmingham, recorded revenues of $712,000 during the second quarter, an increase of 145% compared to the year-ago period, which equates to an annualized rate of approximately $3 million.

作為背景，這一轉變始於 2021 年下半年，我們在阿拉巴馬州伯明罕開設了第一個 INVO 中心。然後我們很快在喬治亞州亞特蘭大增加了中心；墨西哥蒙特雷與伯明罕在第二季的營收為 71.2 萬美元，年增 145%，相當於年化約 300 萬美元。

Importantly, these centers are operating close to a breakeven point currently, a significant accomplishment just more than a year since operations. With incremental growth expected at these clinics in the future and high contribution margins inherent in this model, we expect strong profitability in the years to come.

重要的是，這些中心目前的營運接近收支平衡點，這是營運一年多來的重大成就。由於預計這些診所未來將實現增量成長，並且該模式固有的高貢獻率，我們預計未來幾年將實現強勁的獲利能力。

The INVO Center growth potential and profitability model is why we look forward to expanding those efforts, which brings us back to the acquisition of Wisconsin Fertility, which is not only highly profitable, but we believe there are added growth opportunities available as we look to integrate the INVOcell solution within those existing operations.

INVO 中心的成長潛力和獲利模式是我們期待擴大這些努力的原因，這讓我們回到了對Wisconsin Fertility 的收購，這不僅利潤豐厚，而且我們相信，當我們尋求整合時，還會有更多的成長機會這些現有營運中的 INVOcell 解決方案。

As we have reported, Wisconsin Fertility Institute had revenue of more than $5 million at their single location last year, with net income of approximately $1.7 million. These are important metrics for a couple of reasons.

正如我們所報導的，威斯康辛州生育研究所去年單一地點的收入超過 500 萬美元，淨利潤約為 170 萬美元。由於多種原因，這些都是重要的指標。

First, it immediately doubles the existing run rate of our clinic operations. Second, the profitability of the clinic substantially improves our overall operating performance. And finally, it highlights the revenue and net income potential that we believe is available with each of our existing INVO Centers. Over $5 million and $1.5 million in net profit per center is a goal we are looking to achieve in all of our centers when they reach scale.

首先，它立即使我們診所運作的現有運作率提高了一倍。其次，診所的獲利能力大幅提升了我們的整體經營績效。最後，它強調了我們認為每個現有 INVO 中心都具有的收入和淨利潤潛力。每個中心超過 500 萬美元和 150 萬美元的淨利潤是我們所有中心達到規模後實現的目標。

So as we look to the future, our center expansion strategy will be twofold: company-built centers, with our next one set to open in Tampa soon; and acquisitions where we can synergistically introduce INVOcell into existing IVF clinics that we take ownership of. So why was Wisconsin Fertility Institute such a logical choice for our first acquisition beyond the attractive financial profile?

因此，展望未來，我們的中心擴張策略將是雙重的：公司建造的中心，我們的下一個中心即將在坦帕開業；以及收購，我們可以協同地將 INVOcell 引入我們擁有的現有 IVF 診所。那麼，除了具有吸引力的財務狀況之外，為什麼威斯康辛生育研究所是我們首次收購的合理選擇呢？

First, the clinic has an excellent reputation, not only in the local community, but nationally as one of the top fertility centers in America, having helped to welcome over 5,000 babies since opening its doors in 2007, and with approximately 550 conventional IVF procedures completed in 2022. It is led by an internationally renowned and well-respected fertility expert, Dr. Elizabeth Pritts, who shares in our vision and opportunity to democratize fertility.

首先，該診所不僅在當地社區，而且在全國範圍內享有盛譽，是美國頂級的生育中心之一，自 2007 年開業以來已幫助接待了 5,000 多名嬰兒，並完成了約 550 例常規 IVF 手術2022年。

We look forward to having the Wisconsin clinic and staff now part of our operations. With a fantastic team in place, a long-established track record in the local market, a shared vision, and of course, the highly profitable nature of the operations, there is excitement all around on the completion of this transformative acquisition.

我們期待威斯康辛州診所和員工成為我們業務的一部分。憑藉著出色的團隊、在當地市場長期建立的業績記錄、共同的願景，當然還有營運的高利潤性質，這項變革性收購的完成令人興奮不已。

Taking a step back to our existing operations, as I mentioned at the onset, our existing clinics continue to make solid progress. Revenue from all clinics during the quarter improved nicely compared to last year.

回到我們現有的業務，正如我一開始提到的，我們現有的診所繼續取得紮實的進展。本季所有診所的收入與去年相比都有很大改善。

It is our belief that this ongoing progress validates the company-built INVO Center model and concept. Further, we have also gained significant experience and insight from these initial centers, which we believe we can apply to future centers to more quickly ramp them.

我們相信，這項持續進展驗證了公司建造的 INVO 中心模型和概念。此外，我們也從這些最初的中心獲得了重要的經驗和見解，我們相信我們可以將其應用於未來的中心，以更快地擴大規模。

On the topic of expansion, we are moving closer to opening the new INVO Center in Tampa, which we expect to be ready in the next 60 to 90 days. We are excited about Tampa, which we believe is a large and attractive market. We have assembled an excellent team to operate the practice, with that team well into training and planning phases in preparation for the opening. We will keep you updated on the planned opening in the coming months.

在擴張方面，我們距離在坦帕開設新的 INVO 中心越來越近，我們預計中心將在未來 60 至 90 天內準備就緒。我們對坦帕感到興奮，我們相信這是一個巨大且有吸引力的市場。我們組建了一支優秀的團隊來運營該診所，該團隊已進入培訓和規劃階段，為開業做準備。我們將隨時向您通報未來幾個月的開業計劃。

We are carefully evaluating timing on future INVO Centers, especially given our balanced efforts now between company-built and acquired practices. We believe there are a number of existing opportunities for both going forward.

我們正在仔細評估未來 INVO 中心的時機，特別是考慮到我們現在在公司自建和收購的實踐之間取得平衡的努力。我們相信，兩者都存在著許多向前發展的機會。

In addition to our clinics, we continue to support, service, and expand INVOcell across existing IVF clinics. To that end, product revenue increased 82% during the second quarter. The key component that we believe will further drive adoption is the FDA's 510 clearance we received to expand the labeling on the INVOcell device and its indication for use to provide for a five-day incubation period.

除了我們的診所外，我們還繼續在現有的 IVF 診所中支援、服務和擴展 INVOcell。為此，第二季產品收入成長了 82%。我們相信，將進一步推動採用的關鍵因素是我們收到的 FDA 510 許可，該許可擴大了 INVOcell 設備上的標籤及其用於提供五天潛伏期的指示。

This occurred in June of 2023. The results demonstrate and validate the improved patient outcomes with longer incubation time, which we believe will help build further credibility in the market around the solution. I cannot say enough what a significant accomplish this was and the importance and value this will bring in our efforts to increase adoption. Importantly, with that effort now successfully completed, we have now been able to eliminate the prior costs associated with this effort on a go-forward basis.

這發生在 2023 年 6 月。我無法充分錶達這是多麼重大的成就，以及這將為我們提高採用率的努力帶來的重要性和價值。重要的是，隨著這項工作現在已成功完成，我們現在已經能夠在前進的基礎上消除與這項工作相關的先前成本。

On that note, in connection with our transition to a healthcare services company, we have implemented further corporate expense reductions, which, when combined with the profitable acquisition, the ongoing improvements in our existing INVO Centers, and the 510(k) cost reductions, significantly improves our operating picture and will lead us to a shorter timeframe to reach an overall adjusted EBITDA profit, which, again, we are targeting in 2024.

在這一點上，在我們向醫療保健服務公司轉型的過程中，我們進一步削減了企業開支，與有利可圖的收購、我們現有 INVO 中心的持續改進以及 510(k) 成本削減相結合，顯著改善我們的營運狀況，並使我們能夠在更短的時間內實現整體調整後的EBITDA 利潤，這也是我們的目標是2024 年。

With that, let me turn this over to Andrea to quickly cover added financial details. Andrea?

接下來，讓我將其轉交給 Andrea，以快速介紹更多的財務細節。安德里亞？

Thank you, Steve. Revenue for the quarter totaled approximately $316,000, compared to approximately $146,000 in the prior-year period. Approximately 81% of Q2 revenue or $254,000 consisted of consolidated service revenue from our Atlanta INVO Center, in comparison to $112,000 in the prior-year period. The remaining 19% represents product revenue from INVOcell sales to IVF clinics.

謝謝你，史蒂夫。該季度的收入總計約為 316,000 美元，而去年同期的收入約為 146,000 美元。第二季營收的約 81%（即 254,000 美元）來自亞特蘭大 INVO 中心的綜合服務收入，而去年同期為 11.2 萬美元。剩下的 19% 是 INVOcell 向 IVF 診所銷售的產品收入。

As a reminder, our operating INVO Centers in Birmingham and Monterrey are accounted for using the equity method. Revenue from all three clinics totaled $712,000 in the quarter, compared to $291,000 in the prior-year period. The increase in revenue reflects the cumulative impact of marketing efforts to build awareness for the clinics, their respective services, and INVOcell and IVC in general.

請注意，我們在伯明罕和蒙特雷營運的 INVO 中心採用權益法進行會計處理。該季度所有三個診所的收入總計 712,000 美元，而去年同期為 291,000 美元。收入的成長反映了為提高診所、各自服務以及 INVOcell 和 IVC 的知名度而進行的行銷努力的累積影響。

We expect 2023 clinic revenue to continue to build throughout the year, primarily from the inclusion of the Wisconsin clinic results and to a lesser degree, from the launch of our Tampa INVO Center. Both clinics are wholly owned and will be consolidated into our financial statements.

我們預計 2023 年診所收入將在全年繼續增加，主要來自威斯康辛州診所的業績，其次是坦帕 INVO 中心的啟動。兩家診所都是全資擁有的，並將合併到我們的財務報表中。

To reflect our transition from medical device company to a fertility service provider, from this quarter onwards, cost of revenue is presented in the operating expense section of our income statement. Our operating expenses decreased to approximately $2.4 million from approximately $2.8 million in the prior-year period, largely as a result of lower personnel, marketing, non-cash stock-based compensation, and research and development costs.

為了反映我們從醫療器材公司向生育服務提供者的轉變，從本季開始，收入成本將在我們損益表的營運費用部分中列出。我們的營運費用從去年同期的約 280 萬美元減少到約 240 萬美元，這主要是由於人員、行銷、非現金股票薪酬以及研發成本的減少。

Operating expenses attributable to our Atlanta INVO Center were approximately $275,000, compared to approximately $186,000 in the prior-year period. On a combined basis, our three INVO Centers had approximately $799,000 in operating expenses, compared to approximately $680,000 in the prior-year period.

亞特蘭大 INVO 中心的營運費用約為 275,000 美元，而去年同期約為 186,000 美元。合併後，我們的三個 INVO 中心的營運費用約為 799,000 美元，而去年同期約為 68 萬美元。

Our adjusted EBITDA loss, which is net of non-cash charges mainly related to equity-based compensation, improved to approximately $1.6 million, compared to an adjusted EBITDA loss of approximately $2.2 million last year. These amounts included a gain of approximately $4,000 and a loss of approximately $118,000, respectively, attributable to our INVO Center joint ventures accounted for with the equity method.

我們調整後的 EBITDA 損失（扣除主要與股權薪酬相關的非現金費用）改善至約 160 萬美元，而去年調整後的 EBITDA 損失約為 220 萬美元。這些金額分別包括約 4,000 美元的收益和約 118,000 美元的損失，歸因於我們按權益法核算的 INVO 中心合資企業。

With the inclusion of Wisconsin, along with the recent expense reductions Steve mentioned, we expect to achieve further improvements in our EBITDA performance moving forward. On June 30, 2023, we had approximately $112,000 in cash and $1.3 million in debt. We have since repaid approximately $140,000 of convertible debt.

隨著威斯康辛州的加入，以及史蒂夫提到的最近的費用削減，我們預計未來的 EBITDA 業績將進一步改善。截至 2023 年 6 月 30 日，我們擁有約 112,000 美元的現金和 130 萬美元的債務。此後我們已償還了約 14 萬美元的可轉換債務。

In the quarter, we raised approximately $4.5 million in gross proceeds in a public offering of common stock and warrants. In advance of the offering, we implemented a one-for-20 reverse split, which allowed us to regain compliance under Nasdaq's minimum bid price requirement. As of today, we have approximately 2.4 million shares of common stock and approximately 3.5 million warrants outstanding.

本季度，我們透過公開發行普通股和認股權證籌集了約 450 萬美元的總收益。在發行之前，我們實施了 20 股 1 股的反向分割，這使我們能夠重新遵守納斯達克的最低買入價要求。截至今天，我們擁有約 240 萬股普通股和約 350 萬份已發行認股權證。

Back to you, Steve.

回到你身邊，史蒂夫。

Thank you, Andrea. Before we open for your questions, let me summarize.

謝謝你，安德里亞。在我們開始提問之前，讓我先總結一下。

As highlighted, we believe the recent events and progress have substantially improved the company's operations on a go-forward basis. We finalized and closed a major acquisition, adding meaningful revenue and operating profits.

正如所強調的，我們相信最近發生的事件和進展已經大大改善了公司的未來運作。我們完成並完成了一項重大收購，增加了可觀的收入和營業利潤。

Our existing centers are becoming self-sustaining, and we expect further growth. We concluded our FDA clinical efforts with a very successful outcome that further validates the success of INVOcell, and we can now eliminate those costs moving forward.

我們現有的中心正在變得能夠自我維持，我們預計會進一步成長。我們以非常成功的結果結束了 FDA 臨床工作，進一步驗證了 INVOcell 的成功，我們現在可以消除這些成本。

We are close to the opening of the new INVO Center in Tampa, which will provide added growth. And we will seek out additional acquisitions to further help accelerate building added scale in our operations. We believe we have now transitioned beyond just a medical device technology company and selling the INVOcell device.

我們即將在坦帕開設新的 INVO 中心，這將帶來更多的成長。我們將尋求更多收購，以進一步幫助加速擴大我們的營運規模。我們相信，我們現在已經不僅僅是一家銷售 INVOcell 設備的醫療設備技術公司。

We have now become an integrated clinic company focused on offering treatment solutions to patients within the large and growing fertility market. We expect our enhanced commercial approach will also naturally increase the utilization and grow INVOcell and the IVC treatment process within the market.

我們現已成為一家綜合診所公司，專注於為龐大且不斷增長的生育市場中的患者提供治療解決方案。我們預計，我們增強的商業方法也將自然地提高利用率並在市場上發展 INVOcell 和 IVC 處理流程。

We believe our efforts, along with our technology, put us in a unique position. And we have set the foundation from which we believe we can drive shareholder value. With that, we'll open up for questions. Operator?

我們相信，我們的努力和技術使我們處於獨特的地位。我們已經奠定了基礎，相信我們可以推動股東價值。至此，我們將開放提問。操作員？

(Operator Instructions) Michael Okunewitch, Maxim.

（操作員說明）Michael Okunewitch，Maxim。

Hey, guys. Congratulations on the progress this quarter, and thanks for taking my questions today.

大家好。恭喜本季度取得的進展，並感謝您今天回答我的問題。

Thank you, Michael.

謝謝你，麥可。

So I'd like to see if you could expand a little bit more on the importance of gaining that 510(k) clearance for the five-day incubation period. Obviously, this is a really important development. But could you talk a bit about how this changes your competitive messaging when you're talking to prospective patients, and they're evaluating INVOcell versus traditional IVF?

因此，我想了解您是否可以進一步闡述在五天潛伏期內獲得 510(k) 許可的重要性。顯然，這是一個非常重要的發展。但是，當您與潛在患者交談並且他們正在評估 INVOcell 與傳統 IVF 時，您能否談談這如何改變您的競爭訊息？

Yeah, sure. Great. Well, as a reminder, everyone, our original clearance for the device was for a three-day incubation period, which, similar to IVF, has lower outcomes, patient outcomes, success rates. And so as we've been in the marketplace, we have to message, marketing-wise and so forth, to both physicians as well as patients what our label approval was for and the results of that.

好，當然。偉大的。好吧，提醒大家一下，我們最初對該設備的許可是為期三天的潛伏期，這與體外受精類似，其結果、患者結果和成功率較低。因此，當我們進入市場時，我們必須從行銷角度等方面向醫生和患者傳達我們的標籤批准的目的和結果。

So what we often found in the market was that it was really -- the comparison that was often occurring was comparing conventional IVF treatment, which is often being done at five-day, compared to our three-day label approval, even though many of our early adopters of the technology were using our device off-label and incubating for five days, which is why we had a volume of data that we could use to -- real-world data that we could use to support a 510(k) submission for label enhancement.

因此，我們在市場上經常發現的是，經常發生的比較是比較傳統的 IVF 治療（通常在五天后完成）與我們的三天標籤批准相比，儘管許多我們對該技術的早期採用者正在標籤外使用我們的設備並孵化五天，這就是為什麼我們擁有大量可以用來支援510(k) 的真實世界數據提交標籤增強。

So the advantage of having gone through that multi-year process is that, now, we can better reflect our technology that we've long known has a better outcome rate, similar to IVF, when you can incubate for a longer period of time. And so in our minds, it really helps equalize the playing field in the marketplace.

因此，經歷了這個多年過程的優勢在於，現在我們可以更好地反映我們的技術，我們早就知道它具有更好的結果率，類似於體外受精，當你可以孵化更長的時間。因此，在我們看來，它確實有助於平衡市場競爭環境。

So I would say it's -- in our minds, it's very significant. It's why we went through that multi-year effort to achieve that improved labeling for the device. And now we can speak more openly and actively to both patients as well as physicians and reflect validated data to them that demonstrates the higher-quality outcomes for patients based on a five-day incubation period.

所以我想說，在我們看來，這是非常重要的。這就是為什麼我們經過多年的努力來實現設備標籤的改進。現在，我們可以更公開、更積極地與患者和醫生交談，並向他們反映經過驗證的數據，這些數據證明基於五天潛伏期的患者可以獲得更高品質的結果。

So again, it's very significant for our marketing efforts. We think it's very significant for potentially partnering with physicians to team up with us, whether we're doing -- building new INVO Centers or potentially, acquisitions. So it has significance in many aspects of the business for us.

再說一遍，這對我們的行銷工作非常重要。我們認為，對於潛在的醫生合作來說，與我們合作非常重要，無論我們是在建造新的 INVO 中心還是可能進行收購。因此，它對我們業務的許多方面都具有重要意義。

All right, yeah. And so, actually, I do want to follow up a little bit on that last point you were making and just see if you could talk about how the five-day incubation approval -- how you expect that to benefit the clinics? Or is this more about attracting new practitioners, new clinics? Or do you see this as something that will actually benefit your existing clinics and their growth rates?

好吧，是的。所以，實際上，我確實想對您提出的最後一點進行一些跟進，看看您是否可以談談五天孵化的批准情況——您預計這會給診所帶來什麼好處？或者這更多的是為了吸引新的從業人員、新的診所？或者您認為這實際上有利於您現有的診所及其成長率？

Oh, I think it's hugely beneficial to even our existing clinics. Again, they can now -- even clinics themselves have to be careful about how they're marketing a technology in terms of its official labeled usage.

哦，我認為這對我們現有的診所來說也是非常有益的。再說一次，他們現在可以——甚至診所本身也必須謹慎對待如何根據其官方標籤用途來行銷技術。

So now, our own centers and our physicians within those centers can do more proactive marketing to patients. And we think that could be very instrumental in helping to attract -- further build awareness in the -- around the technology and bring a higher volume of patients into the clinic.

因此，現在，我們自己的中心以及這些中心內的醫生可以對患者進行更主動的行銷。我們認為，這對於幫助吸引——進一步提高人們對該技術的認識，並讓更多的患者進入診所——非常有幫助。

Because obviously, for patients, a successful outcome is one of the most important drivers in their minds. Of course, their ability to afford the treatment is important, too, but they want to -- as we always say internally, the most important thing is having a successful outcome and having a baby.

因為顯然，對患者來說，成功的結果是他們心目中最重要的驅動因素之一。當然，他們負擔得起治療費用的能力也很重要，但他們想要——正如我們內部常說的那樣，最重要的是取得成功的結果並生下孩子。

So being able to, again, do bigger picture marketing that can demonstrate those results more proactively, we think, could be a very significant driver, again, in bringing more traffic and more patient volume into the clinics.

因此，我們認為，能夠再次進行更大範圍的行銷，更主動地展示這些結果，可能是一個非常重要的驅動因素，可以為診所帶來更多的流量和更多的患者數量。

Yeah. You don't want them to --

是的。你不希望他們——

(multiple speakers) I'd like to let Mike Campbell even add to that. He's probably got some thoughts on that, too. Go ahead, Mike.

（多個發言者）我想讓麥克坎貝爾補充一下。他可能對此也有一些想法。繼續吧，麥克。

Yeah. Just briefly, Michael, I mean, we are at a significant disadvantage competitively. Because our competitors, who are the IVF clinics, are telling their patients that the INVOcell technology is only 29% successful, and their outcomes with conventional IVF, 50%-plus. And again, for the FDA, those were our -- 29% was the day-three data that was approved for the label.

是的。簡而言之，邁克爾，我的意思是，我們在競爭中處於明顯的劣勢。因為我們的競爭對手（IVF 診所）告訴他們的患者，INVOcell 技術的成功率只有 29%，而傳統 IVF 的成功率高達 50% 以上。同樣，對於 FDA 來說，這些是我們的——29% 是批准用於標籤的第三天數據。

And so there's a misconception in the market that our technology is significantly inferior when, in fact, it isn't. So now we are finally able to put the real data out there in front of the community. And again, this is a patient-driven market. And it's very important that patients understand that this technology delivers the same outcome for less money.

因此，市場上存在一種誤解，認為我們的技術明顯較差，但事實上並非如此。所以現在我們終於能夠將真實的數據呈現在社群面前。再說一遍，這是一個由患者驅動的市場。非常重要的是，患者要了解這項技術可以用更少的錢提供相同的結果。

Yeah, no. It's certainly a key point here. And then just, I guess, looking to your breakeven 2020, could you expand on what sort of assumptions go into that? Does this factor any additional clinics? What level of growth at existing clinics are factored in there? And what kind of cost savings do you look at when you're making that evaluation?

是的，不。這當然是一個關鍵點。然後，我想，展望 2020 年的損益平衡點，您能否詳細說明其中包含哪些假設？這是否會影響任何額外的診所？其中考慮了現有診所的成長水準如何？當您進行評估時，您會考慮什麼樣的成本節省？

Sure, great question. So what our key assumptions are is that we will get some incremental growth out of Wisconsin off of its current baseline as we integrate INVOcell. So we're not trying to be too aggressive there, just looking to bring the technology in and add some patient volume into that practice as we go into next year.

當然，很好的問題。因此，我們的關鍵假設是，當我們整合 INVOcell 時，威斯康辛州將在其當前基線的基礎上實現一些增量成長。因此，我們並不想在這方面過於激進，只是希望在進入明年時引入技術並在實踐中增加一些患者數量。

Obviously, bringing Tampa up and running here this year, we anticipate to be a factor in benefiting that goal for next year. And then, of course, our existing centers staying on the same trajectory. That's really the key components.

顯然，今年讓坦帕在這裡啟動並運行，我們預計將成為實現明年目標的因素。當然，我們現有的中心也會保持相同的軌道。這確實是關鍵組件。

We're not even factoring in additional acquisitions. We do think there are potential additional acquisitions but -- which would only help us accelerate and get there faster, in our minds. But it's not part of how we see the plan to do it with just what I just laid out from a revenue standpoint and growth standpoint.

我們甚至沒有考慮額外的收購。我們確實認為存在潛在的額外收購，但是——在我們看來，這只會幫助我們加速並更快地實現這一目標。但這並不是我們從收入和成長的角度來看我剛剛提出的計劃的一部分。

And then on the cost reduction side, we've already implemented those. Again, that really was happening in the beginning of the current quarter that we're in as we concluded the 510(k) costs, and then we made some other corporate adjustments. So we've taken some costs out of the business to be a little more focused.

然後在降低成本方面，我們已經實施了這些。同樣，這確實發生在我們所處的當前季度初，當時我們總結了 510(k) 成本，然後我們進行了一些其他公司調整。因此，我們從業務中削減了一些成本，以便更加專注。

Now, of course, we're going to be adding in the Wisconsin operations. So from an absolute standpoint, there will be more substance to the business and their sort of costs. But remember, they're profitable. So when we look at it, we've taken out costs from sort of the corporate side.

當然，現在我們將增加威斯康辛州的業務。因此，從絕對的角度來看，業務及其成本將會有更多實質內容。但請記住，它們是有利可圖的。因此，當我們審視它時，我們已經從公司方面扣除了成本。

And those were pretty meaningful between the 510(k) costs and some of the other corporate costs we've reduced. Those are probably -- I would say I'd ballpark that about 30% of the corporate costs have been reduced. And we expect to maintain those levels as we go into next year.

在 510(k) 成本和我們降低的其他一些企業成本之間，這些非常有意義。我估計大約 30% 的企業成本已經降低。我們預計明年將保持這些水平。

All right. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to management for closing remarks.

（操作員說明）我們的問答環節到此結束。我想將會議轉回管理階層進行閉幕致詞。

Well, great. Thank you, everyone, that joined the call today. We appreciate your time. As always, please do not hesitate to reach out if you have any follow-up questions. Thank you again.

嗯，太好了。謝謝今天加入電話會議的所有人。我們感謝您的寶貴時間。一如既往，如果您有任何後續問題，請隨時與我們聯繫。再次感謝你。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。