Lifeward Ltd (LFWD) 2023 Q4 法說會逐字稿

Good morning and welcome to the fourth quarter and full year 2023 Lifeward earnings conference call. (Operator Instructions) I would now like to turn the conference over to Mike Lawless, CFO of Lifeward. Please go ahead.

早上好，歡迎參加 Lifeward 2023 年第四季和全年收益電話會議。（操作員指示）我現在想將會議轉交給 Lifeward 財務長 Mike Lawless。請繼續。

Thank you, Drew, good morning, and welcome to Lifeward's fourth quarter 2023 earnings call. I'm Mike Lawless, Lifeward's Chief Financial Officer, and with me on today's call is Larry Jasinski, our Chief Executive Officer.

謝謝德魯，早安，歡迎參加 Lifeward 的 2023 年第四季財報電話會議。我是 Lifeward 的財務長 Mike Lawless，參加今天電話會議的是我們的執行長 Larry Jasinski。

Earlier this morning, Lifeward issued a press release detailing our financial results for the three months and full year ended December 31, 2023. The press release and a webcast of this call can be accessed through the Investor Relations section of the Lifeward website at golifeward.com.

今天早些時候，Lifeward 發布了一份新聞稿，詳細介紹了我們截至 2023 年 12 月 31 日的三個月和全年的財務業績。您可以透過 Lifeward 網站 golifeward.com 的投資者關係部分存取本次電話會議的新聞稿和網路廣播。

Before we get started, I would like to remind everyone that any statements made on today's conference call that express a belief, expectation, projection, forecast, anticipation, or intent regarding future events and the company's future performance may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

在我們開始之前，我想提醒大家，在今天的電話會議上發表的任何表達對未來事件和公司未來業績的信念、期望、預測、預測、期待或意圖的陳述都可能被視為前瞻性陳述。 《私人證券訴訟改革法》的涵義。

These forward-looking statements are based on information available Lifeward management as of today and involve risks and uncertainties, including those noted in our press release and our filings with the Securities and Exchange Commission.

這些前瞻性陳述是基於 Lifeward 管理層截至目前為止的可用信息，涉及風險和不確定性，包括我們的新聞稿和向美國證券交易委員會提交的文件中指出的風險和不確定性。

Such forward-looking statements are not guarantees of future performance actual results may differ materially from those projected in the forward-looking statements. Lifeward specifically disclaims any intent or obligation to update these forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

此類前瞻性陳述並非對未來績效的保證，實際結果可能與前瞻性陳述中的預測有重大差異。Lifeward 特別聲明不承擔任何更新這些前瞻性聲明的意圖或義務，無論是由於新資訊、未來發展或其他原因，除非法律要求。

A replay will be available shortly after completion of the call accessible from the dial-in information in today's press release. The archived webcast will be available in the Investor Relations section of our website. For the benefit of those who may be listening to the replay or archived webcast, this call was held and recorded on February 27, 2024.

通話結束後不久將提供重播，可透過今天新聞稿中的撥入訊息進行存取。存檔的網路廣播將在我們網站的投資者關係部分提供。為了那些可能正在收聽重播或存檔網路廣播的人的利益，本次電話會議於 2024 年 2 月 27 日舉行並進行了錄音。

Since that date Lifeward may have made subsequent announcements related to the topics discussed. So please reference the company's most recent press releases and SEC filings for the most up-to-date information.

自該日期起，Lifeward 可能已發布與所討論主題相關的後續公告。因此，請參考該公司最新的新聞稿和 SEC 文件以獲取最新資訊。

And with that, I'll turn the call over to Larry. Go ahead.

然後，我會將電話轉給拉里。前進。

Thank you, Mike, and good day to all. 2023 was a very successful year, achieving milestones that have set us up for exciting growth and expansion. Our investment and success in gaining Medicare payment for exoskeletons acquisition of commercially successful and highly innovative anti-cavity products. The strategic building of a scalable organization with combined talent of the new entities Lifeward and ongoing technology leadership with new products are the key milestones of 2023. We believe 2024 is our year to capitalize on these achievements as we will move forward with our sales strategy.

謝謝你，麥克，祝大家美好的一天。 2023 年是非常成功的一年，實現了里程碑，為我們實現令人興奮的成長和擴張奠定了基礎。我們的投資並成功獲得醫療保險支付外骨骼收購商業成功和高度創新的防蛀牙產品。策略性地建立一個可擴展的組織，結合新實體 Lifeward 的人才，以及新產品的持續技術領先地位，是 2023 年的關鍵里程碑。我們相信 2024 年是我們利用這些成就的一年，我們將繼續推進我們的銷售策略。

In addition to revenue growth, we are poised to leverage our existing operations to minimize our cost and puts us on a path to profitability in 2026.

除了收入成長之外，我們還準備利用現有業務來最大限度地降低成本，並讓我們在 2026 年實現盈利。

The key highlights for 2023 and the fourth quarter include and 151% increase in annual revenue to $13.9 million in 2023, a 216% increase in Q4 revenue to $6.9 million from prior year Q4. The rebranding of the company as Lifeward to reflect our vision and mission. Integration of the commercial and operational resources of the former ReWalk and AlterG businesses to unify the teams and leverage the inherent strengths of both organizations, resulting in $3 million in annual net savings to be realized in 2024.

2023 年和第四季的主要亮點包括 2023 年年營收成長 151% 至 1,390 萬美元，第四季營收較上年第四季成長 216% 至 690 萬美元。將公司更名為 Lifeward 以反映我們的願景和使命。整合前 ReWalk 和 AlterG 業務的商業和營運資源，以統一團隊並利用兩個組織的固有優勢，從而在 2024 年實現每年淨節省 300 萬美元。

A public presentation at the November 29, picks session, where we stated our case for higher price reimbursement due to the advancements in technology since our original application in 2019. Importantly, we achieved a Medicare reimbursement structure for the ReWalk Personal Exoskeleton in 2023. We also have internal infrastructure to meet requirements to process Medicare claims.

在 11 月 29 日的公開演講中，我們闡述了自 2019 年最初申請以來由於技術進步而要求更高價格報銷的理由。重要的是，我們在 2023 年實現了 ReWalk 個人外骨骼的醫療保險報銷結構。我們還擁有內部基礎設施來滿足處理醫療保險索賠的要求。

Developed and gained FDA clearance or breakthrough products were steering curb claiming technology and move forward with innovative new designs of anti-gravity technology to launch mid-2024 and afterwards.

開發並獲得 FDA 批准或突破性產品正在轉向限制索賠技術，並推進反重力技術的創新設計，以在 2024 年中期及之後推出。

Now as we turn to 2024 final pricing for a breakthrough exoskeleton is expected in the coming weeks and will take effect on April 1, 2024 in preparation we ever created and we have completed roughly -- 35 submissions to date and plan to submit another 60 to 75 claims over the course of 2024.

現在，當我們轉向 2024 年時，突破性外骨骼的最終定價預計將在未來幾週內完成，並將於 2024 年 4 月 1 日生效。2024 年將有 75 項索賠。

As conditions support develops, we intend to its and our supporting infrastructure appropriately. Both the pace and success of our submissions for reimbursement will define the rate of growth for exoskeletons in the last three quarters of 2024 and into 2025.

隨著條件支持的發展，我們打算對其和我們的支援基礎設施進行適當的改造。我們提交報銷的速度和成功率將決定 2024 年最後三個季度和 2025 年外骨骼的成長率。

For 2024, with our anti, AlterG Anti-Gravity systems, we are preparing for a mid-year launch of a new system designed specifically for the needs of these smaller private practice clinics where we see opportunity for growth.

到 2024 年，我們正準備在年中推出一款新系統，借助我們的 AlterG 反重力系統，該系統專為滿足這些小型私人診所的需求而設計，我們看到了這些診所的成長機會。

Across late 2023 and early 2024, we completed reorganizing as a single operating entity with the name of Lifeward, I don't describe Lifeward. We're not just selling products were driving a movement. Lifeward exists to break barriers, redefine possibilities into guide individuals towards horizons. They might have deemed unreachable. Lifeward is not just a name. It's a call to action in an invitation to redefine what's possible.

在2023年底和2024年初，我們完成了重組，成為一個單一的營運實體，名稱為Lifeward，我不描述Lifeward。我們不僅銷售產品，還推動一場運動。Lifeward 的存在是為了打破障礙，重新定義可能性，引導個人走向視野。他們可能認為遙不可及。Lifeward不僅僅是一個名字。這是重新定義可能性的號召性用語。

Lifeward aspires to become the unrivaled global leader in pioneering life-changing solutions and our mission is to relentlessly drive innovation to change the lives of people with physical limitations or disabilities by improving their daily lives.

Lifeward 立志成為開創改變生活的解決方案的無與倫比的全球領導者，我們的使命是不懈地推動創新，透過改善身體限製或殘障人士的日常生活來改變他們的生活。

Our values are best summed up as being driven optimistic, empathetic, savvy and results focused. We will offer solutions in the form of multiple product offerings that match our mission and to operate as a profitable growing entity.

我們的價值觀最好概括為樂觀、同理心、精明和注重結果。我們將以多種產品的形式提供解決方案，這些產品符合我們的使命，並作為一個有利可圖的成長實體進行運作。

How have we changed the organization. I can say that we have scaled our capabilities to support our growth and penetration goals in the field. We now have a single sales organization of 18 direct sales individuals covering the US, Canada, and Germany. We've doubled our supporting field clinical staff, have a US network of over 30 field service providers, along with 19 distributors in the EU and 22 distributors for the rest of the world.

我們如何改變組織？我可以說，我們已經擴大了我們的能力，以支持我們在該領域的成長和滲透目標。我們現在擁有一個由 18 名直銷人員組成的單一銷售組織，涵蓋美國、加拿大和德國。我們的現場臨床支援人員數量增加了一倍，在美國擁有超過 30 家現場服務提供者網絡，以及 19 家歐盟經銷商和 22 家世界其他地區經銷商。

For internal customer support, we have a dedicated medical director and internal clinical customer support team to help each inquiry and Medicare patient or physician, have an experienced and structured reimbursement processing team and resources to maintain government medical and society affairs focus or industry development.

對於內部客戶支持，我們擁有專門的醫療總監和內部臨床客戶支援團隊來幫助每個詢問和醫療保險患者或醫生，擁有經驗豐富且結構化的報銷處理團隊和資源來維持政府醫療和社會事務重點或行業發展。

We have quality and operations efforts to meet our targeted sales goals with the combination of the two companies, we have an experienced senior management team in all key areas with a track record of success.

透過兩家公司的合併，我們在品質和營運方面做出了努力，以實現我們的目標銷售目標，我們在所有關鍵領域擁有一支經驗豐富的高階管理團隊，並擁有成功的記錄。

Simply stated, we are ready to take on this commercial plan and to achieve our goals, where will these technological achievements, government policy successes and new organization take us? First, they remain consistent with our skills and our mission and innovative life-changing products combined with exoskeleton coverage access in our two largest markets, we anticipate sales growth to achieve annual revenue of $28 million to $32 million depending on the pace and case acceptance level we achieve with Medicare.

簡而言之，我們已經準備好承擔這個商業計劃並實現我們的目標，這些技術成果、政府政策的成功和新的組織將帶我們到哪裡？首先，它們與我們的技能和使命保持一致，並且創新的改變生活的產品與我們兩個最大市場的外骨骼覆蓋範圍相結合，我們預計銷售增長將實現年收入2800 萬美元至3200 萬美元，具體取決於速度和案例接受程度我們透過醫療保險實現這一目標。

In parallel, we will reduce our operating loss each quarter in 2024, based on revenue growth, increasing gross margin contribution gains from cost reduction efforts in 2023 and 2024, and synergistic leveraging of our expenses with a broader product offering, we forecast reaching profitability on our current cash in 2026.

同時，我們將根據收入成長、2023 年和2024 年成本削減工作帶來的毛利率貢獻收益增加，以及透過更廣泛的產品供應對我們的費用進行協同利用，在2024 年每個季度減少運營虧損，我們預計將實現盈利2026 年我們目前的現金。

I'd now like to turn the call over to Mike Lawless, for more financial detail. Mike?

我現在想將電話轉給邁克·勞利斯 (Mike Lawless)，以了解更多財務細節。麥克風？

Thanks, Larry. Before I review the financial results. I want remind everyone that our fourth quarter GAAP results include various costs and expenses related to the acquisition of AlterG, which can obscure visibility to the underlying operational performance of Lifeward. In order to facilitate understanding of both the GAAP results and the operational results of Lifeward, I want to discuss our performance in the fourth quarter of 2023 on both a GAAP and non-GAAP basis, which excludes the purchase accounting adjustments, transaction expenses, restructuring charges, rebranding and integration costs, inventory charge and stock compensation expense.

謝謝，拉里。在我回顧財務表現之前。我想提醒大家，我們第四季的 GAAP 業績包括與收購 AlterG 相關的各種成本和費用，這可能會掩蓋 Lifeward 基本營運績效的可見度。為了便於理解 Lifeward 的 GAAP 業績和營運業績，我想在 GAAP 和非 GAAP 基礎上討論我們 2023 年第四季度的業績，其中不包括購買會計調整、交易費用、重組費用、品牌重塑和整合成本、庫存費用和庫存補償費用。

The reconciliation of the non-GAAP to GAAP results is provided in today's earnings release, and I encourage you to reference these tables as I discuss the financials. All right moving to revenue Lifeward reported revenue of $6.9 million in the fourth quarter of 2023, compared to $2.2 million in Q4 2022, up $4.7 million or over 200%. The increase in revenue is attributable to the acquisition of AlterG, excluding AlterG sales, the fourth quarter of 2023, revenue was $2.2 million, up $0.7 million sequentially from the third quarter of 2023 and in line with the $2.2 million reported in the fourth quarter of 2022.

今天的收益報告中提供了非公認會計原則與公認會計原則結果的對賬，我鼓勵您在討論財務數據時參考這些表格。好吧，轉向收入 Lifeward 報告稱，2023 年第四季的收入為 690 萬美元，而 2022 年第四季的收入為 220 萬美元，增長了 470 萬美元，增幅超過 200%。營收成長歸因於收購AlterG，不包括AlterG銷售額，2023年第四季營收為220萬美元，較2023年第三季季增70萬美元，與2023年第四季報告的220萬美元一致。 2022 年。

We will exercise exoskeleton revenue in Q4 '23 was flat versus Q4 '22, from the same number of units sold. While the revenue from the sale of MyoCycle FES, training cycles declined slightly, but was offset with an increase of revenue from restore units.

我們將行使 23 年第 4 季的外骨骼收入與 22 年第 4 季持平，銷售數量相同。雖然來自 MyoCycle FES 和訓練週期銷售的收入略有下降，但被恢復裝置收入的增加所抵消。

Turning to our pipeline metrics. Our pace of active rentals consists of 24 cases down 2 from last quarter, which is broken down with 21 in Germany and 3 VHA rentals as of December 31, 2023, overall number of ReWalk cases in process was 70 with 49 in Germany and 21 in the US.

轉向我們的管道指標。截至2023 年12 月31 日，我們的活躍租賃案例為24 起，比上季度減少2 起，其中德國21 起，VHA 租賃3 起，正在處理的ReWalk 案件總數為70 起，其中德國49 起，德國21 起。美國。

We ended the quarter with orders for 46 AlterG systems and backlog, which is lower than the backlog at the end of Q3 '23. Due to our internal focus on our commercial reorganization and integration activities. We expect the AlterG backlog to return to higher levels in the coming quarters.

本季結束時，我們收到了 46 個 AlterG 系統的訂單和積壓訂單，低於 23 年第三季末的積壓訂單。由於我們內部專注於商業重組和整合活動。我們預計 AlterG 積壓訂單將在未來幾季恢復到更高水準。

As Larry discussed earlier, we expect to have submitted a cumulative 35 claims to Medicare by the end of February for reimbursement of ReWalk systems. To date, one of these claims have been paid and we expect that more will begin to be processed and paid by the Medicare contractors in the near future. This revenue for Medicare will be additive to the revenue from our traditional pipeline of VHA and workers compensation cases.

正如 Larry 之前討論的那樣，我們預計到 2 月底將累積向 Medicare 提交 35 項 ReWalk 系統報銷索賠。到目前為止，其中一項索賠已得到支付，我們預計醫療保險承包商在不久的將來將開始處理和支付更多索賠。醫療保險的收入將添加到我們傳統的 VHA 和工人賠償案件管道的收入中。

Moving to gross profit in the fourth quarter of 2023, our GAAP gross profit was $2.4 million or 35.5% of revenue as compared to $0.7 million or 30.9% of revenue in the fourth quarter of 2022. On a non-GAAP basis, gross profit was $3.2 million or 47% of revenue for the fourth quarter of '23 as compared to 52.8% for the fourth quarter of '22.

轉向 2023 年第四季的毛利，我們的 GAAP 毛利為 240 萬美元，佔營收的 35.5%，而 2022 年第四季為 70 萬美元，佔營收的 30.9%。以非公認會計準則計算，23 年第四季的毛利為 320 萬美元，佔營收的 47%，而 22 年第四季的毛利為 52.8%。

The fourth quarter a year ago had a very favorable mix of product sales and favorable material costs which contributed to the higher gross margin. In Q4 '23, AlterG gross margin was accretive to the overall Lifeward consolidated gross margin.

一年前第四季的產品銷售和有利的材料成本組合非常有利，導致毛利率上升。23 年第 4 季度，AlterG 毛利率增加了 Lifeward 的整體綜合毛利率。

Moving to operating expenses, GAAP operating expenses were $8.6 million in the first quarter and fourth quarter of '23 of $2.9 million or 51% compared to $5.7 million in Q4 '22, within the major OpEx categories, GAAP R&D expenses were $1.3 million in Q4 '23 as compared to $1.1 million in Q4 '22.

轉向營運支出，2023 年第一季及第四季的GAAP 營運支出為860 萬美元，290 萬美元，較2022 年第四季的570 萬美元成長51%，在主要營運支出類別中，第四季的GAAP 研發支出為130 萬美元'23 年第四季為 110 萬美元，'22 年第四季為 110 萬美元。

On a non-GAAP basis, R&D expenses were $1.1 million and flat with the amount in the fourth quarter of 2022. AlterG contributed $0.5 million in the most recent quarter, while R&D expenses for ReWalk declined due to lower spending on subcontractors and consultants from the conclusion of the stairs curbs project and reduction in spending on the ReWalk seven project since we are at the final stage before FDA submission.

以非公認會計準則計算，研發費用為 110 萬美元，與 2022 年第四季持平。AlterG 在最近一個季度貢獻了50 萬美元，而ReWalk 的研發費用有所下降，原因是樓梯限制項目結束後分包商和顧問的支出減少，以及ReWalk 7 項目支出的減少，因為我們正處於FDA 的最後階段提交。

GAAP selling and marketing expenses were $4.8 million in Q4 '23, as compared to $2.7 million in Q4 '22. On a non-GAAP basis, selling and marketing expenses were $4 million, up $1.4 million or 52%. The majority of this increase came from the addition of the AlterG business, which contributed $1.3 million in selling and marketing expenses. The rest of the increase was primarily due to higher consulting and professional services fees associated with CMS reimbursement related activity.

23 年第 4 季的 GAAP 銷售和行銷費用為 480 萬美元，而 22 年第 4 季為 270 萬美元。以非 GAAP 計算，銷售和行銷費用為 400 萬美元，增加 140 萬美元，即 52%。這一成長的大部分來自 AlterG 業務的增加，該業務貢獻了 130 萬美元的銷售和行銷費用。其餘成長主要是由於與 CMS 報銷相關活動相關的諮詢和專業服務費用增加。

GAAP, general and administrative expenses were $2.4 million as compared to $1.9 million in the prior year's quarter. On a non-GAAP basis, G&A expenses were $1.9 million, up $0.3 million or 17%. The addition of the AlterG business contribute to all of this increase while G&A for the ReWalk business declined.

以 GAAP 計算，一般及管理費用為 240 萬美元，去年同期為 190 萬美元。以非 GAAP 計算，一般及行政費用為 190 萬美元，增加 30 萬美元，即 17%。AlterG 業務的增加促成了所有這些成長，而 ReWalk 業務的一般管理費用則有所下降。

Our GAAP operating loss for the fourth quarter was $6.1 million compared to an operating loss of $5 million in the fourth quarter of '22. The non-GAAP operating loss was $3.8 million in Q4 '23, as compared to $4 million in Q4 '22.

我們第四季的 GAAP 營運虧損為 610 萬美元，而 2022 年第四季的營運虧損為 500 萬美元。23 年第 4 季的非 GAAP 營運虧損為 380 萬美元，而 22 年第 4 季為 400 萬美元。

The fourth quarter 2023, results also reflect a $1.1 million sequential improvement in the operating loss versus Q3 '23. As was the case last quarter, the AlterG business had a positive operating profit in Q4 and contributed to the improvement in the non-GAAP operating loss.

2023 年第四季的業績也反映出，與 2023 年第三季相比，營運虧損環比改善了 110 萬美元。與上季度的情況一樣，AlterG 業務在第四季度實現了正營運利潤，並為非 GAAP 營運虧損的改善做出了貢獻。

Moving to the balance sheet, we ended the quarter with $28.1 million in cash and cash equivalents and no debt. Cash used in operations with in Q4 was $4.4 million, which includes some transition in integration costs.

轉向資產負債表，本季末我們的現金和現金等價物為 2,810 萬美元，沒有債務。第四季營運中使用的現金為 440 萬美元，其中包括一些整合成本的過渡。

Next, I want to provide an update on the status of our listing requirements for Nasdaq . As back in October, we were notified by Nasdaq that our second grace period to regain compliance with the $1 bid price requirement had expired.

接下來，我想提供有關納斯達克上市要求狀態的最新信息。早在 10 月份，我們就接到納斯達克的通知，重新遵守 1 美元買入價要求的第二個寬限期已經到期。

We requested and received extensions from the Nasdaq hearings panel through March 31, 2024, based on the anticipated announcement of the final payment rates by CMS for exoskeletons, which we believe would provide the clarity and certainty investors are seeking and positively impact our stock price such that a reverse stock split would not be necessary at this stage. There are no further extensions available for us under the Nasdaq listing rules. We continue to expect a favorable stock response once the final payment rate is announced by CMS, but the timing of this is uncertain relative to our Nasdaq compliance deadline.

我們請求並收到了納斯達克聽證小組的延期至2024 年3 月31 日，基於CMS 預計將宣布的外骨骼最終付款費率，我們相信這將提供投資者所尋求的清晰度和確定性，並對我們的股價產生正面影響，例如現階段沒有必要進行反向股票分割。根據納斯達克上市規則，我們沒有進一步的延期。我們繼續預計，一旦康哲藥業宣布最終付款率，股票將會出現有利的反應，但相對於我們的納斯達克合規期限而言，這一時間是不確定的。

We have our contingency plans in place for our Board to authorize a reverse stock split, should the CMS announcement not take place in time for our deadline with Nasdaq.

如果 CMS 公告未能在納斯達克截止日期前及時發布，我們已製定應急計劃，以便董事會授權反向股票分割。

Okay now moving to financial guidance. As a reminder, Medicare has still not provided a final payment rate for exoskeletons, nor do we have a timetable at which the Medicare claims will begin to be processed and paid by the MACs. These two factors have a significant influence on our potential 2024 results.

好的，現在轉向財務指引。提醒一下，醫療保險尚未提供外骨骼的最終支付率，我們也沒有 MAC 開始處理和支付醫療保險索賠的時間表。這兩個因素對我們 2024 年的潛在業績有重大影響。

The following guidance is our attempt to factor in the uncertainty related to these two variables with the appropriate conservativism for the full year 2024, we expect revenues of between $28 million to $32 million. The growth in revenue is driven by a full year's contribution from the AlterG business augmented by a new product introduction that we expect in mid-2024 a new entry level model of the AlterG.

以下指導是我們嘗試以適當的保守態度考慮與這兩個變數相關的不確定性，預計 2024 年全年收入將在 2,800 萬美元至 3,200 萬美元之間。營收的成長是由 AlterG 業務全年的貢獻推動的，加上新產品的推出，我們預計將在 2024 年中期推出新的 AlterG 入門級車型。

Additionally, we expect ReWalk revenue will benefit from the expansion of the market coming from the new [bed] category and payment rate by Medicare starting on April 1, we expect non-GAAP gross margin to expand to the high 40% range, driven by volume leverage from a higher level of shipments of ReWalk devices and product cost improvements in the AlterG systems.

此外，我們預計 ReWalk 收入將受益於 4 月 1 日起新的 [床] 類別和 Medicare 支付率帶來的市場擴張，我們預計非 GAAP 毛利率將擴大至 40% 的高位， ReWalk 設備更高水平的出貨量以及AlterG 系統中產品成本的改進帶來了銷售槓桿。

We expect non-GAAP operating expenses to decline from the fourth quarter 2023 run rate level, and our non-GAAP operating loss will be reduced to below, double digit millions. We expect to exit 2024 with a significantly reduced quarterly operating loss, which provides visibility to achievement of future operating profits.

我們預計非 GAAP 營運費用將從 2023 年第四季的營運率水準下降，我們的非 GAAP 營運虧損將降至兩位數百萬以下。我們預計 2024 年季度營運虧損將大幅減少，這為未來營運利潤的實現提供了可見度。

Since we still have little visibility to the timing and pricing of Medicare payments, our guidance does not anticipate any Medicare revenue in Q1 '24. Addition of the first quarter is seasonally the lowest quarter of revenue for the AlterG systems and the new combined commercial team which just came together in January, will also need time to achieve sales traction across the product portfolio.

由於我們對 Medicare 付款的時間和定價仍知之甚少，因此我們的指導預計 24 年第一季不會有任何 Medicare 收入。第一季的增加是 AlterG 系統季節性收入最低的季度，而 1 月剛組成的新合併商業團隊也需要時間來實現整個產品組合的銷售牽引力。

Taking these factors into account, we expect revenue in Q1 '24, to be in the range of $5 million to $5.5 million. In the quarters that follow, we expect revenue will increase sequentially. Medicare claims beginning to be paid at the seasonal increase in AlterG revenue supplemented by the new AlterG product introductions expected in mid-2024.

考慮到這些因素，我們預計 24 年第一季的營收將在 500 萬美元至 550 萬美元之間。在接下來的幾個季度中，我們預計收入將環比增長。醫療保險理賠開始隨著 AlterG 收入的季節性增長而支付，並預計在 2024 年中期推出新的 AlterG 產品。

With that, I'll turn the call back over to Larry for further remarks.

這樣，我會將電話轉回給拉里以徵求進一步意見。

Thank you, Mike and I would now like to provide more detail on our market goals, our ongoing technological advancements, our commercial operations, and our financial goals. First, the success of CMS is something we seek to build on in the US market.

謝謝，麥克和我現在想提供有關我們的市場目標、我們持續的技術進步、我們的商業營運和我們的財務目標的更多細節。首先，CMS 的成功是我們在美國市場尋求發展的基礎。

We will work with CMS to optimize the submission process. In parallel, we will initiate interaction with US private commercial payers and workman's compensation groups to seek similar coverage as provided by CMS. These processes are a multi-year approach, and we will update accordingly as they progress.

我們將與 CMS 合作優化提交流程。同時，我們將啟動與美國私人商業付款人和工人賠償團體的互動，以尋求與 CMS 提供的類似保險。這些流程是一個多年的方法，我們將隨著進展進行相應更新。

Technology advancement is central to our mission and to our growth expectations mid-year, we plan to launch a new AlterG Anti-Gravity model, which has features and protein specifically designed to address the needs of smaller clinics who have previously been unable to access a diagram of technology as a treatment option for their patients due to limited budgets and other constraints.

技術進步是我們使命和年中成長預期的核心，我們計劃推出新的 AlterG 反重力模型，該模型具有專門設計的功能和蛋白質，可以滿足以前無法獲得藥物的小型診所的需求。由於預算有限和其他限制，技術作為患者的治療選擇的圖表。

We see this as an underserved market with this design can advance penetration for these smaller clinics. We have also progressed on technology that expand clinical applications with new features for larger rehab centers.

我們認為這是一個服務不足的市場，這種設計可以提高這些小型診所的滲透率。我們也在技術方面取得了進展，為大型復健中心提供了新功能，擴大了臨床應用。

We have not yet established a specific launch date for this product that seek to launch in 2025. The ReWalk personal exoskeleton product line will soon be filing an FDA submission for a new iteration of the ReWalk design. It is part of the constant advancement of adding new features and improvements from our extensive interaction with our users. The timing for this launch will be defined by the FDA clearance, and we are hopeful this launch will be able to occur in 2024.

我們尚未確定該產品的具體上市日期，預計將於 2025 年上市。ReWalk 個人外骨骼產品線很快就會向 FDA 提交新版 ReWalk 設計的申請。這是我們透過與用戶的廣泛互動不斷添加新功能和改進的一部分。此次上市的時間將由 FDA 批准確定，我們希望此次上市能夠在 2024 年進行。

In addition, separate efforts are being made to establish our longer-term pipeline for advancements with exoskeletons, and we have incorporated artificial intelligence or AI into a functional prototype to improve usability and add new capabilities.

此外，我們正在單獨努力建立外骨骼進步的長期管道，我們已將人工智慧或人工智慧納入功能原型中，以提高可用性並添加新功能。

This project is currently focused on testing and development and a timeline for launch, we will develop accordingly. For commercial execution, we are shifting our US sales teams focus to be more physician orientated as a key element for referrals and market development.

該專案目前專注於測試和開發，以及啟動時間表，我們將相應制定。對於商業執行，我們正在將美國銷售團隊的重點轉向更加以醫生為導向，將其作為轉診和市場開發的關鍵要素。

This utilizes our larger sales team with deeper clinic driven connections with a broader product offering. Marketing has organized supporting scientific material, working with our medical director to shift this to more scalable approach, we will educate and assist the medical community to efficiently identify the eligible individuals who would benefit from a ReWalk Exoskeleton.

這利用了我們更大的銷售團隊與更深入的診所驅動的聯繫以及更廣泛的產品。行銷部門已經組織了支持科學材料，與我們的醫療總監合作，將其轉變為更具可擴展性的方法，我們將教育和協助醫學界有效地識別哪些人可以從 ReWalk 外骨骼中受益。

Now that Medicare coverage is available. I would now like to address our operational direction. For 2024, we expect revenue of $28 million to $32 million and CMS progresses with our current 35 submissions and the additional 60 to 75 that we will do this year.

現在可以享有醫療保險了。我現在想談談我們的營運方向。到 2024 年，我們預計收入為 2,800 萬至 3,200 萬美元，CMS 的進展包括目前的 35 份提交以及今年將提交的 60 至 75 份。

We will be able to better define the pace and impact on the -- the reduction and eventual elimination of our operating loss as the year goes on, we will adjust and work to reduce our operating losses each quarter in 2024 with sales growth. To obtain attained synergies from combined operations and increased activity to reduce the cost of goods and improve margins as part of the process as we gain volume. Our goal is profitability in 2026 on our current cash.

隨著時間的推移，我們將能夠更好地確定減少並最終消除營業虧損的速度和影響，我們將在 2024 年每個季度隨著銷售的增長進行調整併努力減少營業虧損。作為我們增加銷售的過程的一部分，透過共同營運和增加活動來獲得協同效應，以降低商品成本並提高利潤率。我們的目標是在 2026 年利用現有現金實現盈利。

We set many milestones in our strategic plan of these past few years, and we have successfully reached them. We are optimistic and confident that Lifeward can now achieve the dream of access to life-changing technology with parallel financial success.

過去幾年，我們在戰略計劃中設定了許多里程碑，並且我們已經成功地實現了這些目標。我們對 Lifeward 現在能夠實現獲得改變生活的技術並取得財務成功的夢想充滿信心。

Thank you, everybody, for your time today.

謝謝大家今天抽出時間。

Operator, can we move questions, please?

接線員，我們可以轉移問題嗎？

(Operator Instructions) Swayampakula Ramakanth, H.C. Wainwright.

（操作員說明）Swayampakula Ramakanth, H.C.溫賴特。

Thank you. This is RK from H.C. Wainwright and good morning, Larry, and Mike. So a few questions from me start off on the CMS reimbursement is some -- I mean initially thought that some by the time, by the end of this month, we should have something in place. Is that still the expectation? And what sort of communications are you having currently with CMS to ensure yourself that we'll have everything in place for April 1, that for it to be effective April 1?

謝謝。我是 H.C. 的 RK。溫賴特，早安，拉里和麥克。因此，我從 CMS 報銷開始提出了一些問題 - 我的意思是最初認為到本月底，我們應該有一些東西。這仍然是期望嗎？您目前與 CMS 進行了哪些溝通，以確保我們將在 4 月 1 日做好一切準備，並於 4 月 1 日生效？

The our expectation is consistent and that we are expecting the rule to take place on April 1, as it always has, we recognize with CMS that there were more than 30 categories of products in 6 meeting and we were one of those.

我們的期望是一致的，我們預計該規則將於 4 月 1 日生效，一如既往，我們向 CMS 承認，6 次會議中有 30 多個類別的產品，我們就是其中之一。

So I think they have a lot of detail to answer to get all of the categories done, even though most of them have nothing to do with us. We're just a part of an overall package. So our competence is very high, April versus our effective date. The timing, we also had expected it by now, and we anticipate it any day in order for the MACs to have time to implement the fee schedule into their systems, but I don't have it as of this call. But as soon as they do, you're going to see a press release.

因此，我認為他們需要回答很多細節才能完成所有類別，儘管其中大多數與我們無關。我們只是整個計劃的一部分。所以我們的能力非常高，四月與我們的生效日期相比。時間安排，我們現在也已經預料到了，並且我們預計任何一天都會發生，以便 MAC 有時間將費用表實施到他們的系統中，但截至這次電話會議我還沒有。但一旦他們這樣做，你就會看到一份新聞稿。

Thanks for that. And then I think at the end of last year, you got how were you submitted? Are you successfully got the submission done to one of the MACs, and that actually gave us an indication of how and you have set up their systems and they're going smooth.

感謝那。然後我想在去年年底，你知道你是如何提交的嗎？您是否成功向其中一個 MAC 提交了提交，這實際上向我們表明了您如何設定他們的系統，並且進展順利。

So beyond that of have there been any submissions between then and now or are you holding up all your submissions till you get the final ruling?

那麼，除此之外，從那時到現在，您是否曾提交過任何意見，或者您是否會保留所有意見，直到您得到最終裁決？

No, we continued and restarted submissions on January 1, when it switched over to a lump sum payment. So we did put them on hold in the latter part of Q4, and we will finish the end of February with a total. This will include the earlier ones of about 35 submissions in roughly half of them here in the first part of this year. The other half were from last year. And again, our timing was simply now we know at least all the later ones are under lump-sum payment designation and we will continue to build our pipeline to try to put in roughly 60 to 75 additional submissions this year.

不，我們於 1 月 1 日繼續並重新開始提交，當時改為一次性付款。所以我們確實在第四季度後半段擱置了它們，我們將在 2 月底完成總計。這將包括大約 35 份提交的較早提交的內容，其中大約一半是今年上半年提交的。另一半是去年的。再說一次，我們的時機只是現在，我們知道至少所有後來的項目都處於一次性付款指定之下，我們將繼續建立我們的管道，嘗試在今年額外提交大約 60 到 75 份申請。

Okay, thank you. And then I wanted to see what commentary you had and in terms of growth expectations in Germany and Europe in general, and I did hear on the call, you're saying that you have about 18 or 19 sales folks out there are distributors out there. So how are they helping you to grow the business in Europe?

好的謝謝。然後我想看看您對德國和整個歐洲的成長預期有什麼評論，我確實在電話會議上聽到，您說您有大約 18 或 19 名銷售人員，還有分銷商。那麼他們如何幫助您發展歐洲業務呢？

Well, one of the primary advantages of the addition of the AlterG technologies is it built our network in Europe and Asia that we didn't have. So for the AlterG product line, now that they are fully focused on the field and no longer involved with this element of the sale and acquisition, we expect that they are going to see a reasonably good growth in the European and Asian markets through the size and scope of their distribution organization for our direct team in Germany, we're optimistic on both sides that the AlterG will continue to do well in Germany. It's been a very well accepted product there and we see the exoskeleton market beginning to grow in Germany as well as we see an increase of up to 50% year-over-year in Germany.

嗯，添加 AlterG 技術的主要優勢之一是它在歐洲和亞洲建立了我們沒有的網路。所以對於AlterG產品線來說，現在他們完全專注於該領域，不再涉及出售和收購這一要素，我們預計他們將透過規模在歐洲和亞洲市場看到相當不錯的成長。以及我們在德國直接團隊的分銷組織範圍，我們對雙方都持樂觀態度，認為AlterG 將繼續在德國表現出色。它在德國是一種非常受歡迎的產品，我們看到德國的外骨骼市場開始成長，德國的年增幅高達 50%。

Perfect. So my last bit of questions on AlterG in general, what is the kind of revenue dynamics as we go through the year? And then for the new product that you're planning to launch in mid-2024, what sort of a market is out there for that product? Thanks.

完美的。所以我對 AlterG 的最後一個問題是，我們這一年的收入動態是怎麼樣的？那麼對於您計劃在 2024 年中期推出的新產品，該產品的市場是什麼樣的呢？謝謝。

Mike, and ask you to start with the trends?

麥克，請您從趨勢開始？

Yes. So market, we expect that the sales of the AlterG systems will bond. We'll grow sequentially as we move through the year. That's typically been the historical pattern for that business, whereas the Q1 is the lowest quarter and then it gradually builds as we move through the year. I guess that's a function of the order patterns and the purchasing patterns of the customer base.

是的。因此，我們預計 AlterG 系統的銷售將會保持穩定。隨著這一年的推移，我們將依次增長。這通常是該業務的歷史模式，而第一季是最低的季度，然後隨著一年的推移，它逐漸增加。我想這是客戶群的訂單模式和購買模式的函數。

But I think that will be particularly true this year because of the fact that of the introduction of the new NPI right around the midyear is when we're expecting that. So the second half of the year, we'll get the benefit of that new product introduction in addition to the normal seasonal growth that we typically see with that product line.

但我認為今年尤其如此，因為新的 NPI 將於年中左右推出，正是我們所期待的。因此，今年下半年，除了我們通常在該產品線中看到的正常季節性增長之外，我們還將受益於新產品的推出。

Okay and regarding the new product, I would step back for a second. Remind you the ones that we're doing so well with AlterG and entering new segment is what we're excited about, but the product is extremely well accepted in the professional sports arena, and we expect that business to stay very steady. And we also have a healthy business in the larger rehab clinics.

好吧，關於新產品，我想退一步。提醒您的是，我們在 AlterG 方面做得非常好，進入新的細分市場是我們感到興奮的事情，但該產品在專業體育領域非常受歡迎，我們預計該業務將保持非常穩定。我們在大型復健診所也擁有健康的業務。

The area we've not been able to penetrate heavily is smaller private practice places because of the features of the products we build into the pro sports, for example, are for 300 pound people that Mike run 15 miles an hour. And in the larger rehab clinics, we have a lot of other features and capability.

我們未能深入滲透的領域是較小的私人練習場所，因為我們在職業運動中構建的產品的功能，例如，適用於邁克每小時跑 15 英里的 300 磅重的人。在較大的復健診所中，我們擁有許多其他功能和能力。

But these smaller private practice don't need that level of capability. They're not training pro athletes that they can really work well with an audience. So we have built the features around something that will allow us to begin to penetrate that segment, which is about 15,000 clinics in the US that is at this point really not penetrated. So it's rounding out us in all of the major markets where this technology can be used. So we're excited about it this year. We'll begin shipping this product right around midyear, and it is a significant part of our growth trajectory for AlterG.

但這些較小的私人診所不需要這種程度的能力。他們訓練的職業運動員並沒有真正能夠與觀眾很好地合作。因此，我們圍繞著一些功能建立了一些功能，使我們能夠開始滲透該細分市場，美國大約有 15,000 家診所目前尚未滲透。因此，它使我們在可以使用該技術的所有主要市場中更加完善。所以我們今年對此感到興奮。我們將在年中左右開始發貨該產品，這是 AlterG 成長軌蹟的重要組成部分。

Thanks, thanks. Thank you very much for taking all my questions and good luck this year.

謝謝，謝謝。非常感謝您回答我所有的問題，並祝您今年好運。

(Operator Instructions) Ben Haynor, Alliance Global Partners.

（操作員說明）Ben Haynor，Alliance Global Partners。

Good day, gentlemen, and thanks for taking the questions. Can you hear me okay?

先生們，美好的一天，感謝您提出問題。你聽得到我說話嗎？

Yes.

是的。

Yes.

是的。

Great, just wanted to check on the guidance, how much CMS revenues included in that? I mean just kind of back of the envelope, but look at it and say you've got 35 submissions in that you could get paid before you got the 60 to 75 that you plan to put in this year, even at the preliminary figure, that could be a high single digit millions or even low double digit millions.

太好了，只是想查看一下指南，其中包含多少 CMS 收入？我的意思是只是信封背面的內容，但是看看它並說你已經收到了 35 份提交，因為你可以在收到今年計劃提交的 60 到 75 份之前獲得報酬，即使是初步數字，這可能是高個位數數百萬，甚至低兩位數百萬。

What's the right way to think about that? And I assume any CMS revenue that you do have in there is reimbursement. The preliminary rooms are slated model to be reimbursed at the preliminary reimbursement figure that's out there?

正確的思考方式是什麼？我假設您擁有的任何 CMS 收入都是報銷的。初步房間的預定型號是按照初步報銷數字進行報銷的？

Yeah. Hey, Ben, it's Larry. Yes, we have presently modeled this using a combination of our submissions we're making and the preliminary pricing, although we think that will be higher. So we have the 110 claims totaled 35 already in place. The 75 new ones, at least that's our goal 60, 75 but we expect to have around 100 for more claims submissions.

是的。嘿，本，我是拉里。是的，我們目前已經結合我們提交的材料和初步定價對此進行了建模，儘管我們認為價格會更高。目前，我們已提出 110 項索賠，總計 35 項。75 個新索賠，至少是我們的目標 60、75 個，但我們預計會有大約 100 個索賠提交。

The percentage that we are looking for payment for 2024 the reason we gave a range is somewhere between 10% and above 40%, we think will be paid in 2024 calendar year, and we believe the balance will be played in the 2025 period. So this is partially building our pipeline for '25 we're being conservative in our estimates because we can't completely predict the pace of things with CMS. And that's how we built it.

我們尋求 2024 年付款的百分比是在 10% 到 40% 以上之間，我們認為將在 2024 年支付，我們相信餘額將在 2025 年期間支付。因此，這部分是為 25 年建立我們的管道，我們的估計比較保守，因為我們無法完全預測 CMS 的發展速度。這就是我們建造它的方式。

So there's upside if the if that 10% to 40% proportion is higher and obviously, if the reimbursement figure is higher is at the right? Is it fair?

那麼，如果 10% 到 40% 的比例更高，顯然右邊的報銷數字更高，那麼會有好處嗎？公平嗎？

Yes we'll take the sale whenever we can get it. So yes.

是的，只要我們能買到，我們就會接受銷售。所以是的。

Okay fair enough. And then you mentioned kind of refocusing or focusing the sales force more on physician referrals. Can you kind of walk us through your typical patient journey as it stands today to get a personal home unit and then how that might change over the course of this year?

好吧，很公平。然後您提到了重新關注或讓銷售人員更多地關注醫生推薦。您能否向我們介紹一下您今天獲得個人家庭單元的典型患者旅程，以及今年情況可能會發生怎樣的變化？

As CMS, the CMS changes to take effect?

作為CMS，CMS的改變如何生效？

Well the definition and activities by CMS will help us a lot of kind of look backwards. Most of our work over the past few years has been very patient driven. We would have a patient and help qualify that patient with our clinical team and then help them through the system.

CMS 的定義和活動將幫助我們進行許多回顧。過去幾年我們大部分的工作都是由耐心推動的。我們會有一名患者，並幫助我們的臨床團隊幫助該患者獲得資格，然後透過系統幫助他們。

But our referrals really came from patients that really just desperately wanted the benefits of this technology. The physician community was not really willing to advance this because they didn't want to give false hope to patients that there was no coverage. They really wouldn't push us with the patient community.

但我們的轉診確實來自那些非常渴望這項技術的患者。醫生界並不真正願意推進這一點，因為他們不想給病人帶來沒有保險的虛假希望。他們真的不會推動我們與患者群體的合作。

So our change in profile to a physician focused approach a little bit here is because it's more scalable and will help us get to the right patients. Our success rate from a patient referred group of individuals is dramatically higher than the individuals, who come to this just individually because they get qualified a lot better for a patient's journey right now. We would encourage and educate them to ask their physician, have their position, guide them through the inclusion exclusion criteria and then hand them off to our customer service team, which has all the elements that we know we need for our CMS submissions and we help pull that together and get the submission with our internal teams, and then we work back to the clinic that we originally got the physician or the referral came from, and we will do the training there in most cases and the product is provided at the end of that cycle. So it's a combination now of the physician as a starting point for many of them followed by remarks.

因此，我們在這裡稍微改變以醫生為中心的方法，因為它更具可擴展性，並將幫助我們找到合適的患者。我們從患者轉介的個人小組中獲得的成功率比單獨前來的個人要高得多，因為他們現在比患者的旅程更有資格。我們會鼓勵和教育他們詢問他們的醫生，了解他們的立場，指導他們完成納入排除標準，然後將他們交給我們的客戶服務團隊，該團隊擁有我們知道 CMS 提交所需的所有要素，我們會幫助將其整合在一起並與我們的內部團隊一起提交，然後我們回到最初獲得醫生或轉診的診所，在大多數情況下我們將在那裡進行培訓，最後提供產品那個週期的。因此，現在它是醫生的組合，作為其中許多人的起點，然後是評論。

Involvement in helping the hard work of processing and preparing a claim to download through followed by the clinic, training them. And then after that, we have a very good warranty and service program here to make sure these individuals have the device working for the entire five year life of the device. So there's the flow chart is much longer than that, but that is a reasonably good verbal explanation.

參與幫助診所處理和準備索賠下載的艱苦工作，並對他們進行培訓。然後，我們在這裡有一個非常好的保固和服務計劃，以確保這些人讓設備在設備的整個五年使用壽命內正常工作。流程圖比這長得多，但這是一個相當好的口頭解釋。

And that makes sense. And it's definitely helpful. And are obviously with the patients coming to use kind of the way it has been historically, obviously, you're never going to run Super Bowl ads to trying to target the and all the patients, they could potentially be candidates.

這是有道理的。這絕對有幫助。顯然，患者會像歷史上那樣使用這種方式，顯然，你永遠不會投放超級盃廣告來試圖瞄準所有患者，他們可能是候選人。

But in terms of the physicians that you go after? I mean is that a relatively smaller group of folks that might be X thousand out there? Did you can easily target? Or is there sort of a back of the envelope number that we should think about on these that your sales force will be going after of 2,000 or 10,000 or 500 physicians that really you guys think of the potential like to write excuse me, a lot of prescriptions.

但就您所尋求的醫師而言？我的意思是，那是一個相對較小的群體，可能有 X 千人？你能輕鬆瞄準嗎？或者我們應該考慮一下信封後面的數字，你的銷售隊伍將追隨 2,000 或 10,000 或 500 名醫生，你們真的認為有潛力寫，對不起，很多處方。

There's currently a variety of issues that, yes, it is a pretty good variety that physician base. The core initial one is an [impairment], our docs, the people who do physical and rehabilitation medicine, and they see these patients particularly early as patients get a little later in years past their injury, the group becomes more varied with some neurologist and internists. So our initial top focus would be a little more in the clinic based and we believe that gives us sufficient numbers for growth, but over time, getting neurologists and some internal medicine and other groups educated will matter. So I think we have a pretty good early target it will grow over time for the spinal cord injury side of the business.

目前存在著很多問題，是的，這是醫生基礎上的一個很好的問題。核心的第一個是[損傷]，我們的醫生，從事物理和復健醫學的人，他們特別早地看到這些患者，因為患者在受傷後的幾年裡會晚一些，這個群體變得更加多樣化化，有一些神經科醫生和內科醫生。因此，我們最初的重點將更多地放在臨床上，我們相信這為我們提供了足夠的增長人數，但隨著時間的推移，讓神經科醫生和一些內科和其他群體接受教育將很重要。因此，我認為我們有一個非常好的早期目標，隨著時間的推移，這個目標將在脊髓損傷業務方面不斷成長。

Okay got it. That's helpful. And then a couple quick ones on is the can you provide the pro formal AlterG revenues for 2023 and the growth versus 2022? Or do you have those available or Provide them?

好，知道了。這很有幫助。然後是幾個簡單的問題，您能否提供 2023 年 AlterG 的正式收入以及與 2022 年相比的成長？或者你有這些可用的或提供它們嗎？

Performer revenue if you combine the two organizations together?

如果將兩個組織合併在一起，表演者收入會是多少？

Well, either that way or just AlterG is just kind of a standalone, if you will?

好吧，要嘛這樣，要嘛 AlterG 只是一種獨立的，如果你願意的話？

I don't have that at my fingertips. Let me and let me kind of pull that up while we're on the call here and look at new mode.

我手邊沒有這個。讓我在我們打電話的時候把它拉起來，看看新模式。

Yes, no problem. And then just on the I guess the other one to distract you from a test, but the integration savings that you expect, does that kind of kick in fully during Q1? Or is that to be a ramp-down into Q2 and beyond?

是沒有問題。然後，我猜另一個會分散您對測試的注意力，但是您期望的整合節省是否會在第一季完全發揮作用？或者說這是第二季及以後的放緩？

Or should we just model it as you know, kind of $750,000 savings over a quarter over the course of the year?

或者我們應該按照您知道的那樣進行建模，全年四分之一內節省 750,000 美元？

That will phase in over time. That's not all immediate. We should we should start to see the benefit adding in Q1, but we won't really see the full impact until we move later through the year.

隨著時間的推移，這將逐步實現。這並不都是立竿見影的。我們應該在第一季開始看到收益的增加，但直到今年晚些時候我們才能真正看到全部影響。

That's helpful.

這很有幫助。

(inaudible) Time to kick in.

（聽不清楚）是時候開始了。

Makes sense okay.

有道理好吧。

I think that's all I have a follow up and thanks for taking the questions guys.

我想這就是我全部的後續行動，感謝大家提出問題。

Thank you, Ben. I'll follow up with you with the answer to that other question that you had.

謝謝你，本。我將跟進您提出的其他問題的答案。

This concludes our question and answer session. I would like to turn the conference back over to Larry Jasinski for any closing remarks.

我們的問答環節到此結束。我想將會議轉回拉里·賈辛斯基 (Larry Jasinski) 發表閉幕詞。

I'd like to thank everyone for joining us today, I started out with a fairly long list of 2023 milestones. And we've very much been a milestone driven company because that was the basis for us to really expand and this is a year we get to do it that we are moving to execution phase. We have the right team in place, which is an important part of the integration of the companies. And we have the size and scale to do it. So we very much look forward to presenting this on future quarterly calls, and we ask everyone to please watch us closely. That's it for today. Thank you, everybody.

我要感謝大家今天加入我們，我先列出了一份相當長的 2023 年里程碑清單。我們在很大程度上是一家里程碑驅動的公司，因為這是我們真正擴張的基礎，今年我們要這樣做，我們正在進入執行階段。我們擁有合適的團隊，這是公司整合的重要組成部分。我們有足夠的規模和規模來做到這一點。因此，我們非常期待在未來的季度電話會議上介紹這一點，並請大家密切關注我們。今天就這樣。謝謝大家。

The conference has 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。