Kamada Ltd (KMDA) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Kamada Ltd. third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候，歡迎參加 Kamada Ltd. 2024 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Brian Ritchie, LifeSci Advisors. Thank you. You may begin.

現在我很高興介紹 LifeSci Advisors 的 Brian Ritchie。謝謝。你可以開始了。

Thank you. This is Brian Ritchie with LifeSci Advisors. Thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer; and Chaime Orlev, Chief Financial Officer.

謝謝。我是 LifeSci Advisors 的 Brian Ritchie。感謝大家參加今天的電話會議。與我一起出席 Kamada 會議的還有執行長 Amir London；以及財務長 Chaime Orlev。

Earlier today, Kamada announced its financial results for the three and nine months ended September 30, 2024. If you have not received this news release, please go to the Investors page of the company's website at www.kamada.com.

今天早些時候，Kamada 公佈了截至 2024 年 9 月 30 日的三個月和九個月的財務表現。如果您尚未收到此新聞稿，請造訪本公司網站 www.kamada.com 的投資者頁面。

Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Kamada. I encourage you to review the company's filings with the Securities and Exchange Commission, including without limitation, the company's Forms 20-F and 6-K, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, Wednesday, November 13, 2024. Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call.

在開始之前，我想提醒一下，管理層在本次電話會議中發表的評論將包含前瞻性陳述，這些陳述涉及有關 Kamada 的營運和未來結果的風險和不確定性。我鼓勵您查看公司向美國證券交易委員會提交的文件，包括但不限於公司的 20-F 表和 6-K 表，這些文件確定了可能導致實際結果或事件與前瞻性陳述中描述的結果或事件有重大差異的具體因素。此外，本次電話會議的內容包含時間敏感訊息，這些訊息僅在直播日期（2024 年 11 月 13 日星期三）時準確。Kamada 不承擔修改或更新任何聲明以反映本次電話會議召開日後事件或情況的義務。

With that said, it is my pleasure to turn the call over to Amir London, CEO. Amir?

話雖如此，我很高興將電話轉給執行長阿米爾倫敦 (Amir London)。阿米爾？

Thank you, Brian. My thanks also to our investors and analysts for your interest in Kamada and for participating in today's call. Let me start my talk by emphasizing that our four pillars of profitable growth strategy, which I described in our last call, are successfully reflected in the strong financial results we delivered in the third quarter and the first nine months of 2024.

謝謝你，布萊恩。我還要感謝我們的投資者和分析師對 Kamada 的關注並參加今天的電話會議。首先，我想強調的是，我在上次電話會議上描述的獲利成長策略四大支柱成功地反映在我們在 2024 年第三季和前九個月取得的強勁財務業績中。

Our business continues to deliver robust profitable growth. During the third quarter, total revenues were $41.7 million, a 10% increase as compared to the same period in 2023 and adjusted EBITDA for the third quarter was $8.8 million, an 11% increase compared to the third quarter of 2023.

我們的業務持續實現強勁的獲利成長。第三季度，總營收為 4,170 萬美元，比 2023 年同期成長 10%，第三季調整後 EBITDA 為 880 萬美元，比 2023 年第三季成長 11%。

Total revenues for the first nine months of the year were up 15% to $121.9 million as compared to 2023, and adjusted EBITDA for the recently completed nine-month period was $25.4 million, up 43% over the prior-year nine months and representing a 21% margin of revenue. Based on our continued strong performance and positive outlook for the remainder of 2024, we are increasing our adjusted EBITDA guidance to be between $32 million to $35 million, a 12% increase of the midpoint from the previous guidance, and we are reiterating our full year revenue guidance of $158 million to $162 million.

今年前九個月的總營收與 2023 年相比成長 15%，達到 1.219 億美元，最近九個月的調整後 EBITDA 為 2,540 萬美元，比去年同期的九個月成長 43%，營收利潤率為 21%。基於我們持續強勁的業績和對 2024 年剩餘時間的積極展望，我們將調整後的 EBITDA 指引上調至 3,200 萬美元至 3,500 萬美元之間，較先前指引中位數增加 12%，並重申全年營收指引為 1.58 億美元至 1.62 億美元。

In addition, for the first nine months of the year, we generated $37.2 million of cash provided by operating activities, which demonstrates our consistent ability to convert our reported adjusted EBITDA to operational cash flow.

此外，今年前九個月，我們透過經營活動產生了 3,720 萬美元的現金，這表明我們有能力將報告的調整後 EBITDA 轉化為經營現金流。

Before turning the call over to Chaime to discuss the financial results in greater detail, I want to review our growth strategy and operational highlights. Kamada's four pillar profitable growth strategy includes organic growth of our existing commercial portfolio of six FDA-approved products marketed in over 30 countries, business development and M&A transactions, which we expect to support and expedite our growth, the plasma collection centers we have and will continue to open, and the ongoing Phase 3 pivotal trial for inhaled AAT product that is targeting an over $2 billion market. During the first nine months of 2024, we made significant progress advancing each and every of these growth catalysts, as I will shortly detail.

在將電話轉給 Chaime 更詳細地討論財務結果之前，我想回顧一下我們的成長策略和營運亮點。Kamada 的四大支柱獲利成長策略包括我們現有的六種 FDA 核准產品商業組合的有機成長，這些產品銷往 30 多個國家、​​業務發展和併購交易（我們希望這些交易將支持和加快我們的成長）、我們已經並將繼續開放的血漿收集中心，以及正在進行的吸入式 AAT 產品第三階段關鍵試驗，該產品的目標是超過 20 億美元的市場。在 2024 年的前九個月，我們在推進每個成長催化劑方面都取得了重大進展，我稍後會詳細介紹。

Our year-over-year profitable growth is driven by the strength of our diverse commercial portfolio as we continue to improve our overall sales mix through increased sales of our two most profitable growth drivers, KEDRAB and CYTOGAM. Moreover, earlier this year, we successfully launched our first biosimilar product in Israel and expect to launch our next biosimilar product within a few weeks. We have several other biosimilar products in the pipeline to be launched in the coming years. We anticipate that biosimilar's will become an increasingly important portion of our distribution business with peak potential annual sales of $30 million to $34 million.

我們的年比獲利成長是由我們多元化商業組合的實力推動的，因為我們透過增加兩個最賺錢的成長動力 KEDRAB 和 CYTOGAM 的銷售來繼續改善我們的整體銷售組合。此外，今年早些時候，我們在以色列成功推出了第一款生物相似藥產品，並預計將在幾週內推出下一款生物相似藥產品。我們還有其他幾種生物相似藥產品即將在未來幾年推出。我們預計生物相似藥將成為我們分銷業務中越來越重要的一部分，其潛在年銷售額高峰將達到 3,000 萬至 3,400 萬美元。

We continue to maintain a very strong balance sheet and ended the third quarter with $72 million in cash and have the financial strength to both accelerate the growth of our existing business and pursue compelling business development and M&A opportunities, a process we remain actively engaged in and would expand our commercial portfolio. These compelling opportunities are expected to support our continued double-digit growth beyond 2024.

我們繼續保持非常強勁的資產負債表，第三季結束時現金餘額為 7,200 萬美元，擁有強大的財務實力，既可以加速現有業務的增長，又可以尋求引人注目的業務發展和併購機會，我們仍積極參與這一過程並將擴大我們的商業組合。這些極具吸引力的機會預計將支持我們在 2024 年後繼續保持兩位數的成長。

We continue to progress Kamada's plasma operation in the US. And during the third quarter, we announced the opening of a new plasma collection center in Houston, Texas. This new 12,000 square foot center is spent to support over 50 donors bed with an estimated total collection capacity of over 50,000 liters annually. The opening of this center is an important milestone for Kamada as it expands the collection capacity of specialty plasma for internal use beyond our existing site in Beaumont, Texas.

我們繼續推進Kamada在美國的血漿業務。第三季度，我們宣佈在德州休士頓開設一個新的血漿採集中心。這個佔地 12,000 平方英尺的新中心可容納 50 多張捐獻床，預計每年總收集量超過 50,000 公升。中心的開幕對於 Kamada 來說是一個重要的里程碑，因為它擴大了我們位於德克薩斯州博蒙特現有基地之外的內部使用特種血漿的收集能力。

The new center in Houston is expected to be one of the largest sites for specialty plasma collection in the US and will also collect normal source plasma to be sold to third parties. In addition to the new Houston center, we have begun construction of a third plasma collection site in San Antonio, Texas, which we expect to open during the first half of 2025. As a reminder, each collection center is expected to contribute annual revenues of between $8 million to $10 million in sales of normal source plasma at its full capacity.

休士頓的新中心預計將成為美國最大的特種血漿收集中心之一，並將收集正常來源血漿出售給第三方。除了新的休士頓中心外，我們也已開始在德州聖安東尼奧建設第三個血漿收集站，預計該站將於 2025 年上半年開放。提醒一下，每個收集中心在滿載的情況下，預計每年將透過銷售正常來源血漿貢獻 800 萬至 1,000 萬美元的收入。

Turning now to inhaled AAT therapy, a long-term growth catalyst for Kamada. Enrollment continues in the ongoing pivotal Phase 3 InnovAATe clinical trial. As a reminder, earlier this year, we filed an IND amendment with the US FDA that consisted of a revised statistical analysis plan and study protocol, which, if approved, may allow for the acceleration of the program. We continue to anticipate further FDA feedback before the end of this year.

現在轉向吸入式 AAT 療法，這是 Kamada 的長期增長催化劑。正在進行的關鍵性 3 期 InnovAATe 臨床試驗的招募工作仍在繼續。提醒一下，今年早些時候，我們向美國 FDA 提交了一份 IND 修正案，其中包括修訂後的統計分析計劃和研究方案，如果獲得批准，可能會加速該計劃。我們繼續期待 FDA 在今年年底前做出進一步的回饋。

As we have said previously, in parallel to the clinical and regulatory progress achieved here, we also continue to have discussions related to the potential partnering of this promising investigational late-stage product candidate.

正如我們之前所說，在取得臨床和監管進展的同時，我們也繼續就該有前景的後期臨床試驗候選產品的潛在合作進行討論。

With that, I'll now turn the call over to Chaime for a detailed discussion of our financial results for the third quarter and first nine months of 2024. Chaime, please go ahead.

說完這些，我現在將電話轉給 Chaime，詳細討論我們 2024 年第三季和前九個月的財務表現。Chaime，請繼續。

Thank you, Amir. As Amir stated at the top of the call, our performance continues to be excellent through the first nine months of 2024. For the third quarter, total revenues were approximately $41.7 million, a 10% increase compared to the third quarter of 2023. For the first nine months of the year, total revenues were $121.9 million, up 15% over the prior year period.

謝謝你，阿米爾。正如阿米爾在電話會議開始時所說，我們的表現在 2024 年前 9 個月繼續保持優異表現。第三季總營收約 4,170 萬美元，比 2023 年第三季成長 10%。今年前 9 個月，總營收為 1.219 億美元，比去年同期成長 15%。

Sales for the first nine months of the year represented approximately 76% of the midpoint of our annual guidance. The increase in revenues was primarily attributable to increased sales of KEDRAB and CYTOGAM due to increased demand in the market. Approximately 60% of our revenues during the first nine months of 2024 were generated by sales in the US market.

今年前九個月的銷售額約占我們年度預期中位數的 76%。收入增加主要歸因於市場需求增加導致 KEDRAB 和 CYTOGAM 銷售增加。2024 年前九個月，我們約 60% 的收入來自美國市場的銷售。

Total gross profit for the third quarter of 2024 was $17.2 million, representing a 41% margin compared to $14.8 million or 39% margin in the prior year period. Total gross profit for the first nine months of 2024 was $52.9 million, representing a 43% margin compared to $41.1 million and a margin of 39% for the first nine months of 2023. The increase in gross profitability was due to our ability to improve the overall product sales mix through increased sales of the two most profitable products, KEDRAB and CYTOGAM.

2024 年第三季的總毛利為 1,720 萬美元，利潤率為 41%，而去年同期的總毛利為 1,480 萬美元，利潤率為 39%。2024 年前 9 個月的總毛利為 5,290 萬美元，利潤率為 43%，而 2023 年前 9 個月的總毛利為 4,110 萬美元，利潤率為 39%。毛利的增加是由於我們能夠透過增加兩種最賺錢的產品 KEDRAB 和 CYTOGAM 的銷售量來改善整體產品銷售組合。

Operating expenses for the first nine months of 2024 totaled $38 million compared to $33.8 million in the first nine months of 2023, which was in line with our expectations. The planned increase was in support of our expanded commercial activities, as well as our ongoing Phase 3 InnovAATe trial.

2024 年前九個月的營運費用總計 3,800 萬美元，而 2023 年前九個月的營運費用為 3,380 萬美元，符合我們的預期。計劃的成長是為了支持我們擴大的商業活動以及我們正在進行的第三階段 InnovAATe 試驗。

Net income for the third quarter was $3.9 million or $0.07 per diluted share, up 20% compared to the net income of $3.2 million or $0.06 per diluted share recorded in the third quarter of 2023. For the first nine months of 2024, net income was $10.7 million or $0.18 per diluted share, 3x the net income of $3.2 million for the same period of 2023.

第三季淨收入為 390 萬美元或每股攤薄收益 0.07 美元，較 2023 年第三季的淨收入 320 萬美元或每股攤薄收益 0.06 美元增長 20%。2024 年前 9 個月，淨收入為 1,070 萬美元，即每股攤薄收入 0.18 美元，是 2023 年同期淨收入 320 萬美元的 3 倍。

Adjusted EBITDA was $8.8 million in the third quarter of 2024 as compared to $7.9 million in the third quarter of 2023. Adjusted EBITDA was $25.4 million in the first nine months of 2024, up 43% from the $17.7 million in the first nine months of 2023. As Amir noted, we increased our full year 2024 EBITDA guidance to between $32 million to $35 million.

2024 年第三季的調整後 EBITDA 為 880 萬美元，而 2023 年第三季為 790 萬美元。2024 年前九個月的調整後 EBITDA 為 2,540 萬美元，較 2023 年前九個月的 1,770 萬美元成長 43%。正如阿米爾所說，我們將 2024 年全年 EBITDA 預期上調至 3,200 萬美元至 3,500 萬美元之間。

During the first nine months of 2024, we generated $37.2 million of operating cash flows, which resulted in an available cash balance of $72 million as of September 30. Our financial position remains strong and provides us with the strength and flexibility to accelerate the growth and profitability of our existing business and pursue compelling new business development opportunities, which collectively will continue to support double-digit top and bottom line growth beyond 2024.

2024 年前 9 個月，我們產生了 3,720 萬美元的營運現金流，截至 9 月 30 日，可用現金餘額為 7,200 萬美元。我們的財務狀況仍然強勁，為我們提供了實力和靈活性，可以加速現有業務的成長和獲利能力，並尋求引人注目的新業務發展機會，這些因素將在2024年後繼續支持兩位數的營收和利潤成長。

That concludes our prepared remarks. We will now open the call to questions. Operator?

我們的準備好的演講到此結束。我們現在開始提問。操作員？

Thank you. We will now conduct a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指令）

Annabel Samimy, Stifel. Please proceed.

安娜貝爾·薩米 (Annabel Samimy)，Stifel。請繼續。

I have a number, so I'm going to try to keep it under control. I guess the first is, can you provide us with a breakdown of KEDRAB and CYTOGAM? And what is your expectation now for max share of KEDRAB? It keeps on expanding, but at what point does it max out? Do you think that you can start encroaching on in the competitive share? Or is it you're going to tap out at some point?

我有一個數字，所以我會盡力控制它。我想第一個問題是，您能否為我們提供 KEDRAB 和 CYTOGAM 的細項分類？您現在對 KEDRAB 的最大份額有何期望？它不斷擴大，但到什麼時候達到最大值？您是否認為您可以開始侵占競爭份額？還是說你最終會在某個時候放棄？

And then maybe you can help us understand more granularly what is driving EBITDA expansion? Is it simply the mix? Is it more efficiency? Is it the plasma collection centers? Maybe you can just go into that a little bit.

然後也許您可以幫助我們更詳細地了解推動 EBITDA 擴張的因素？這只是混合物嗎？是不是效率更高呢？是血漿採集中心嗎？也許您可以稍微深入討論一下這一點。

So we will, of course, report kind of detailed product level revenues in our -- at the end of the year, not on a quarterly basis. What I can do comment is that both products are growing significantly compared to last year, double digits on both of them, and we believe this will continue forward.

因此，我們當然會在年底而不是按季度報告詳細的產品級收入。我可以評論的是，與去年相比，這兩種產品都有顯著增長，均為兩位數，我們相信這種趨勢將會持續下去。

In terms of KEDRAB market share, we believe we are anywhere between 40% to 50%. We still have some room to grow. Even if it will end up around 50% for us and for the competitor, then still an opportunity to grow the business. Also important to emphasize that we are a market leader, a global leader in terms of anti rabies immune globulin also outside of the US, where we have additional opportunities to grow the business in Latin America, in some European countries. We are supplying the Canadian market, Australian market, the Israeli market. So there's still opportunities even ex-US or ex-North America to continue growing the product.

就 KEDRAB 的市佔率而言，我們認為我們的市佔率在 40% 到 50% 之間。我們仍有成長空間。即使我們和競爭對手的利潤最終只佔 50% 左右，這仍然是一個業務成長的機會。同樣需要強調的是，我們是美國以外地區的市場領導者、抗狂犬病免疫球蛋白領域的全球領導者，我們在拉丁美洲和一些歐洲國家還有更多機會發展業務。我們供應加拿大市場、澳洲市場和以色列市場。因此，即使是美國或北美以外地區仍有機會繼續發展該產品。

In terms of what's driving the EBITDA, it's a combination of economy of scales, selling more and kind of being more efficient in the way that we operate, but also a sales mix. The more we sell KEDRAB in the US and CYTOGAM in the US, it improves our EBITDA because it's higher profitable product.

就推動 EBITDA 的因素而言，這是規模經濟、增加銷售額和提高營運效率的結合，同時也是銷售組合的結合。我們在美國銷售的 KEDRAB 和 CYTOGAM 越多，我們的 EBITDA 就越高，因為它是利潤更高的產品。

Okay. Great. And if I can move to the development program. Any update on the percent of enrollment for InnovAATe trial? And is it getting easier or harder with multiple competitive programs? And any progress on a partnership discussion?

好的。偉大的。如果我可以轉到開發程式。InnovAATe 試驗的報名比例有更新嗎？有了多個競爭性項目之後，事情會變得更容易還是更難呢？合作討論有進展嗎？

Yeah. Yes. So we are at around 50% of recruitment. And as you may remember, we are in discussion with the FDA on the p-value and what will be the implication on the overall sample size. So the exact percentage of enrollment depends also on how we kind of land up with a total number of sample size needed. But I think around 50%, it's a good number for now.

是的。是的。所以我們的招募比例在 50% 左右。您可能還記得，我們​​正在與 FDA 討論 p 值以及其對總體樣本量的影響。所以，確切的入學率也取決於我們如何決定所需的樣本總量。但我認為 50% 左右，目前這是一個不錯的數字。

In terms of the FDA discussion, it's still ongoing. We're getting better clarity from the FDA regarding the p-value of 0.1. We are working on what are the implication in terms of the sample size. And the partnering discussions are ongoing. We're looking for the right transaction or the right partner for Kamada.

就 FDA 討論而言，討論仍在進行中。我們從 FDA 獲得了有關 p 值 0.1 的更清晰資訊。我們正在研究樣本量方面的意義。合作洽談仍在進行中。我們正在為 Kamada 尋找合適的交易或合適的合作夥伴。

Okay. And if I can squeeze one more in. I know you're focused on business development. You - obviously, you're operating cash flow positive and you've got some cash building. So is there any progress beyond the BD, is there any progress on the preclinical pipeline and building that out to get some more programs into the clinic?

好的。如果我能再擠一點進去的話。我知道你專注於業務發展。顯然，您的經營現金流為正，並且已經累積了一些現金。那麼，除了 BD 之外還有什麼進展嗎？

Yes, on both sides of the development. So on the BD side, we are proactively searching for the right opportunities of in-licensing and/or M&As. We hope and we expect to have a commercial impact or commercial contribution already in 2025. In terms of the pipeline, yes, one of our preclinical programs, which is making progress. We are advancing our preclinical activities. Specifically, I refer to the plasma eye drops program, and we are making good progress on that one as well.

是的，雙方都在發展。因此，在 BD 方面，我們正在積極尋找合適的授權和/或併購機會。我們希望並期待在 2025 年就能產生商業影響或商業貢獻。就管道而言，是的，我們的一個臨床前計畫正在取得進展。我們正在推進臨床前活動。具體來說，我指的是等離子眼藥水計劃，我們在這方面也取得了良好的進展。

(Operator Instructions) I will pass the call to Brian Ritchie for web questions.

（操作員指示）我會將電話轉接給 Brian Ritchie 以解答網路問題。

Thank you, Tania. Just a couple of questions that have come in off the web here, Amir. First, maybe talk about your sort of ultimate goal with the plasma collection business now that we've got a couple of months of the Houston center open.

謝謝你，塔妮亞。阿米爾，這只是從網路上發來的幾個問題。首先，現在休士頓中心已經開放了幾個月，您能談談您在血漿收集業務方面的最終目標嗎？

Yes. So I must say that we are highly satisfied with the opening of the center in Houston and the rate of growth in plasma collection in the first two months of the center operation. We also are on track with the San Antonio center to be opened in beginning or early 2025. We will be collecting specialty plasma in those centers in addition to the one in Beaumont, such as anti-rabies, Anti-D, and this is going to be used for own specialty product requirements, manufacturing requirements and the normal source plasma will be sold out to external clients, and there are discussions about those type of supply agreements already ongoing.

是的。所以我必須說，我們對休士頓中心的開業以及該中心營運前兩個月血漿採集量的成長率感到非常滿意。我們也計劃於 2025 年初開設聖安東尼奧中心。除博蒙特的中心外，我們還將在這些中心收集特種血漿，如抗狂犬病血漿、抗 D 血漿，這些血漿將用於自己的特種產品需求和製造需求，而普通來源的血漿將出售給外部客戶，關於這些類型的供應協議的討論已經在進行中。

Right now, the plan is to complete those two centers. Both of them are very large centers with expanded capacity. As I mentioned during the call, the Houston center is going to be one of the largest in the US in terms of specialty plasma collection. And then we'll decide how many - if and how many additional centers we are going to open over the next few years.

目前的計劃是完成這兩個中心。這兩個中心都非常大，並且具有很強的容量。正如我在通話中提到的，休士頓中心將成為美國最大的特種血漿收集中心之一。然後，我們將決定是否在未來幾年開設更多中心，以及開設多少個。

Terrific. And maybe last question here from the web. Can you provide a high-level outlook for 2025?

了不起。這可能是來自網路的最後一個問題。您能否對 2025 年做出高層展望？

So it's a little bit kind of premature right now, but in terms of high level, so we will, of course, share our guidance at the beginning of 2025. But as we've previously communicated, we expect the double-digit top line and bottom line growth to continue. I think that all our investors that are following the company are saying that we are executing to the plan or maybe even as demonstrated today in the increase of our EBITDA, we're even kind of executing beyond the plan. So as mentioned, we expect to continue the double-digit growth, top line and bottom line next year and the years after.

所以現在有點為時過早，但從高層來看，我們當然會在 2025 年初分享我們的指導。但正如我們之前所傳達的那樣，我們預計兩位數的營收和利潤成長將繼續。我認為所有關注公司的投資者都在說我們正在執行計劃，或者甚至可能像今天 EBITDA 的成長所證明的那樣，我們的執行甚至超出了計劃。如同前面所提到的，我們預計明年和後年營收和利潤將繼續保持兩位數的成長。

Terrific. And with that, Amir, I'll pass it off to you for any closing remarks.

了不起。阿米爾，至此，我將把發言權交給你，以便你做最後的發言。

Thank you, Brian. So in closing, the successful execution of our profitable growth strategy is reflected in the strong financial results we delivered in the third quarter and the first nine months of 2024. We are excited about the opportunities to advance the four main pillars of our growth strategy. We look forward to continuing to support clinicians and patients with important life-saving products that we develop, manufacture and commercialize.

謝謝你，布萊恩。總而言之，我們獲利成長策略的成功執行體現在我們在 2024 年第三季和前九個月的強勁財務業績上。我們對推進我們成長策略四大支柱的機會感到非常興奮。我們期待繼續透過我們開發、製造和商業化的重要救生產品為臨床醫生和患者提供支援。

We thank you all for your participation in today's call and your support, and we remain committed to creating long-term shareholder value. Thank you. We hope you all stay healthy and safe. Good-bye.

我們感謝大家參加今天的電話會議並給予支持，我們將繼續致力於創造長期股東價值。謝謝。我們希望你們都保持健康和安全。再見。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與，祝您有愉快的一天。