Lifeward Ltd (LFWD) 2024 Q3 法說會逐字稿

Good day, and welcome to the Lifeward's third-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mike Lawless, CFO. Please go ahead.

美好的一天，歡迎參加 Lifeward 2024 年第三季財報電話會議。（操作員說明）請注意此事件正在被記錄。我現在想將會議轉交給財務長 Mike Lawless。請繼續。

Thank you, Danielle. Good morning, and welcome to Lifeward's third-quarter 2024 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; and Almog Adar, our Vice President of Finance.

謝謝你，丹妮爾。早安，歡迎參加 Lifeward 2024 年第三季財報電話會議。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。以及我們的財務副總裁 Almog Adar。

Earlier this morning, Lifeward issued a press release detailing financial results for the three and nine months ended September 30, 2024, which, along with this call, discuss certain non-GAAP information. The press release, including relevant non-GAAP reconciliations and a webcast of this call can be accessed through the Investor Relations section of the Lifeward website at golifeward.com.

今天早上早些時候，Lifeward 發布了一份新聞稿，詳細介紹了截至2024 年9 月30 日的三個月和九個月的財務業績，其中與本次電話會議一起討論了某些非GAAP 信息。您可以透過 Lifeward 網站 golifeward.com 的投資者關係部分查看新聞稿，包括相關的非公認會計原則對帳和本次電話會議的網路廣播。

Before we get started, I'd 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. These forward-looking statements are based on the information available to Lifeward management as of today may involve risks and uncertainties, including those noted in our press release and our filings with the SEC.

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、預期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。這些前瞻性陳述是基於 Lifeward 管理層截至目前所掌握的信息，可能涉及風險和不確定性，包括我們的新聞稿和向 SEC 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 of this will be available shortly after the 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 the archived webcast, this call was held and recorded on November 12, 2024.

通話結束後不久即可重播，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 11 月 12 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 updated 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.

然後，我會將電話轉給拉里。

Thank you, Mike. Welcome, everybody, and I appreciate you joining today. Fulfilling our mission of providing access to technology that changes lives and our progress in building towards an enduring financial business advanced during Q3.

謝謝你，麥克。歡迎大家，我感謝你們今天的加入。履行我們的使命，即提供改變生活的技術，並在第三季度取得進展，打造持久的金融業務。

The Lifeward story consists of two primary businesses: One, focused on a novel system allowing ambulation and improved health outcomes and quality of life for spinal cord injury individuals. And the other, anti-gravity technology for offloading individuals for conditioning injury recovery, treatment of marrow disorders, weight loss and overall health and wellness.

Lifeward 的故事由兩項主要業務組成：一是專注於一種新穎的系統，讓脊髓損傷患者行走並改善健康結果和生活品質。另一種是反重力技術，用於減輕個體的負擔，以調節損傷恢復、治療骨髓疾病、減肥和整體健康。

We are very excited about our novel exoskeleton technology, the ReWalk Exo-skeleton because although the product has been available in the market for a number of years, we are now at the start of commercial expansion as a result of the Medicare coverage that the company was able to gain this past April. Our immediate coverage base in the United States has expanded to over 17,000 individuals with a potential and coverage of another 25,000 as access expands to additional payers.

我們對我們的新型外骨骼技術 ReWalk 外骨骼感到非常興奮，因為儘管該產品已在市場上銷售多年，但由於該公司的醫療保險覆蓋範圍，我們現在正處於商業擴張的開始階段。有所收穫。我們在美國的直接覆蓋範圍已擴大到超過 17,000 人，隨著覆蓋範圍擴大到更多付款人，有可能覆蓋另外 25,000 人。

Our differentiated antigravity technology services a range of users from professional athletes to everyday patients. In particular, those recovering from a broad range of injuries, those seeking weight loss solutions and those with neurological impairments such as Parkinson's, where restoring gait is so critical.

我們獨特的反重力技術為從專業運動員到普通患者的一系列用戶提供服務。特別是那些從各種傷害中恢復的人、尋求減肥解決方案的人以及患有帕金森氏症等神經系統損傷的人，恢復步態至關重要。

The combination of the products forms a business base with operating synergy, depth of relationships with clinics and importantly, with physical medicine and rehabilitation physicians, who prescribe and guide training on our products and up to 17,500 clinics in our direct markets.

這些產品的結合形成了一個具有營運協同效應的業務基礎，與診所，重要的是與物理醫學和復健醫生的關係，他們為我們的產品以及我們直接市場中多達17,500 家診所開處方並指導培訓。

Let me relate two stories to bring these innovative designs to life, quote, they changed my life, unquote. That's the story of the patient who gained access to ReWalk through Medicare coverage. She notes she made peace with life in a wheelchair and lived a good life.

讓我講兩個故事，將這些創新設計帶入生活，引用，它們改變了我的生活，不引用。這是一位透過 Medicare 保險獲得 ReWalk 服務的患者的故事。她指出，她平靜地接受了輪椅上的生活​​，過著美好的生活。

But when Medicare allowed access, she and her physician decided to try ReWalk so that she could achieve physical activity goals and gain health benefits, such as improved pain reduction, improvement in social functioning and mental health and improved bowel health amongst a few. Since ReWalk, she relates a feeling of normalcy working in the kitchen and lists a number of health benefits from her walking once again. She named her device Luke ReWalker.

但當醫療保險允許使用時，她和她的醫生決定嘗試 ReWalk，以便她能夠實現身體活動目標並獲得健康益處，例如減輕疼痛、改善社交功能和心理健康以及改善腸道健康等。自“ReWalk”以來，她講述了在廚房工作的正常感覺，並再次列出了她步行對健康的一些好處。她將她的設備命名為 Luke ReWalker。

Another patient suffered from extensive knee pain and her weight prevented knee surgery to address her pain. With the advice of her physician, she utilized AlterG's differential air pressure technology, and she was able to reduce her weight exercising in the AlterG. This enabled her to subsequently have the knee surgery, which allowed a major improvement in her life. This is one of the growing segments for antigravity technology.

另一位患者患有嚴重的膝蓋疼痛，由於她的體重，無法進行膝蓋手術來解決她的疼痛。在醫生的建議下，她利用了AlterG的氣壓差技術，在AlterG中運動時她能夠減輕體重。這使她隨後接受了膝蓋手術，這使她的生活得到了重大改善。這是反重力技術不斷成長的領域之一。

The company made significant progress during the quarter. Key developments: We continue to grow the business with a 39% increase over the prior year quarter. We had 20 more individuals regain ambulation from ReWalk placements in the quarter. Coverage for ReWalk started with the establishment of payment in April and the process for qualifying, documentation, processing, trial and training takes time.

該公司在本季度取得了重大進展。主要發展：我們的業務持續成長，比去年同期成長了 39%。本季度，我們又有 20 名患者從 ReWalk 安置中恢復了行走能力。ReWalk 的覆蓋範圍從 4 月建立付款開始，資格、文件、處理、試用和培訓過程需要時間。

Our range has been broad, ranging from 55 days to over 1,000 days. For cases that were both sourced and completed in 2024, the claims processing timeframe has been about 150 days in these cases, which we are working to shorten going forward. We have built an engine to process claims with a dedicated team of clinicians and case managers that will allow us to support the volume we see in the coming quarters.

我們的範圍很廣，從 55 天到超過 1,000 天不等。對於 2024 年發起和完成的案件，索賠處理時間約為 150 天，我們正在努力縮短這一時間。我們與專門的臨床醫生和案例經理團隊建立了一個處理索賠的引擎，這將使我們能夠支援未來幾季的數量。

Overall, US leads have expanded 62% over prior year due to our expanded coverage and commercialization efforts to drive adoption and uptake. Due to these efforts, our current US pipeline with Medicare and other US payors is now approximately 70 qualified contacts, which bodes well for future quarters and drives our optimistic outlook.

總體而言，由於我們擴大覆蓋範圍和商業化努力來推動採用和採用，美國的領先地位比去年增加了 62%。由於這些努力，我們目前在美國與 Medicare 和其他美國付款人的管道現已達到約 70 名合格聯絡人，這對未來幾季來說是個好兆頭，並推動我們樂觀的前景。

Turning our focus to the AlterG technologies. While there's been a lot of good that gives me and should give you great optimism for the future, the business has not delivered on my expectations this year. I am convinced this is a fantastic technology based on the high level of utilization clinics, the direct customer feedback and supporting scientific literature.

將我們的注意力轉向 AlterG 技術。雖然有很多好處讓我也應該對未來充滿樂觀，但今年的業務並沒有達到我的期望。基於高水準的診所利用率、直接的客戶回饋和支持性科學文獻，我相信這是一項出色的技術。

It's an important part of our strategy going forward. However, we came out of the gate slower than we planned in 2024 after the acquisition, which in retrospect should not have been surprising given the amount of change, turnover and distraction that comes with the consolidation. Secondly, we are being impacted by the delays in capital expenditures, particularly in smaller provider organizations that have been well reported in the industry. Our market intelligence tells (inaudible) are seeing the same impact.

這是我們未來策略的重要組成部分。然而，收購後我們在 2024 年完成收購的速度比計劃的要慢，考慮到合併帶來的大量變化、人員流動和乾擾，現在回想起來這並不奇怪。其次，我們受到資本支出延遲的影響，特別是在業界得到充分通報的小型提供者組織中。我們的市場情報告訴我們（聽不清楚）也看到了同樣的影響。

We do continue to have optimism here as our third-quarter replacement run rate was better than the first half of the year. We have the best product and to the best of our knowledge are not losing sales to competitors and the market reaction to our recently introduced NEO model has been strong with about 40 orders to date.

我們仍然對此保持樂觀態度，因為我們第三季的更換運行率優於今年上半年。我們擁有最好的產品，據我們所知，我們的銷量並未輸給競爭對手，而且市場對我們最近推出的 NEO 型號反應強烈，迄今為止已收到約 40 個訂單。

We are also aligning our sales and market efforts with how the rehabilitation provider industry is consolidated. We are anticipating a strong fourth quarter for AlterG, which will set us up well for 2025. In 2024, we have focused on operational efficiency. We made an announcement last week about the closure of two facilities and the financial impact. This is the final step with a number of moves to consolidated efforts, leading to a streamlined organization and the ability to focus on driving ReWalk growth

我們也根據復健服務提供者產業的整合方式調整我們的銷售和市場工作。我們預計 AlterG 第四季將表現強勁，這將為我們 2025 年奠定良好的基礎。2024年，我們專注於營運效率。我們上週發布了關於關閉兩個設施及其財務影響的公告。這是最後一步，採取了一系列整合努力的舉措，從而實現精簡的組織和專注於推動 ReWalk 成長的能力

Our $6.7 million adjusted operating expenses in the quarter is our lowest in the previous five quarters. This will improve as we drive ReWalk sales and capture the efficiencies of this latest consolidation. Our model supports the ability to reach breakeven and requires a sufficient pace of Medicare ramp and processes, successful penetration with the new AlterG NEO system and some recovery of funding activity in the capital equipment markets that we anticipate in 2025.

本季調整後營運費用為 670 萬美元，是前五個季度以來的最低水準。隨著我們推動 ReWalk 銷售並提高最新整合的效率，這種情況將會得到改善。我們的模型支持實現盈虧平衡的能力，並需要足夠的醫療保險提升和流程速度、新的 AlterG NEO 系統的成功滲透以及我們預計在 2025 年資本設備市場的融資活動的一些恢復。

Our R&D focus in 2024 was driven by the launch of the NEO and the NEO Plus, which were successfully launched midyear, and by the ReWalk 7.0 a system which is much easier to use and adds essential real-time transmission of data on utilization. The 7.0 is under FDA review and in the follow-up question phase. We will complete the requested studies with additional data by year-end. We anticipate FDA clearance to follow in the early months of 2025.

我們 2024 年的研發重點是由 NEO 和 NEO Plus（在年中成功推出）以及 ReWalk 7.0 推動的，該系統更易於使用，並增加了重要的使用數據即時傳輸。7.0 正在接受 FDA 審查並處於後續問題階段。我們將在年底前完成所要求的研究並提供更多數據。我們預計 FDA 將在 2025 年初獲得批准。

I would now like to turn the call over to Mike Lawless for a financial review. Mike?

我現在想將電話轉給邁克·勞利斯 (Mike Lawless) 進行財務審查。麥克風？

Thanks, Larry. Before I review the results of the third quarter of 2024, I want to remind everyone that I'm going to discuss the results on both a GAAP -- a standard GAAP basis as well as a non-GAAP basis, which excluded the items listed in the reconciliation tables provided in today's earnings release. I encourage you to reference the GAAP results and the reconciliation tables as I discuss the financials.

謝謝，拉里。在回顧 2024 年第三季的業績之前，我想提醒大家，我將討論 GAAP（標準 GAAP 基礎）和非 GAAP 基礎（不包括列出的項目）的結果在今天的收益發布中提供的調節表中。我鼓勵您在討論財務數據時參考 GAAP 結果和調整表。

For Q3, Lifeward reported earnings -- revenue of $6.1 million in the third quarter of 2024 compared to $4.4 million in the third quarter of 2023, up $1.7 million or 39%. Revenue from the sale of our traditional products and services, including ReWalk Exoskeletons, MyoCycles and ReStore Exo-Suits was $2.5 million, up $1.1 million or 73% from the third quarter of the prior year, driven primarily by an increase in ReWalk system revenue in the US and Germany. Revenue from AlterG products was $3.6 million in the third quarter of 2024, which was an increase of $0.6 million in the third quarter of 2023 when we acquired AlterG in August of that year.

第三季度，Lifeward 報告了盈利——2024 年第三季的收入為 610 萬美元，而 2023 年第三季的收入為 440 萬美元，增長了 170 萬美元，而 39%。我們傳統產品和服務（包括 ReWalk 外骨骼、MyoCycles 和 ReStore Exo-Suits）的銷售收入為 250 萬美元，比上年第三季度增長 110 萬美元，即 73%，這主要是由於 ReWalk 系統收入的增長美國和德國。2024 年第三季 AlterG 產品的營收為 360 萬美元，比我們當年 8 月收購 AlterG 時的 2023 年第三季增加了 60 萬美元。

During Q3 '24, the ReWalk sales were adversely affected by some delays in attrition of Medicare cases that we had expected would close during the quarter. Additionally, the AlterG sales were affected by the continued softness in capital spending by clinics in the US, which impacted the volume of sales leads and conversion rates in Q3.

在 24 年第三季度，ReWalk 的銷售受到了醫療保險案件的一些延遲的不利影響，我們預計這些案件將在本季度結束。此外，AlterG 的銷售受到美國診所資本支出持續疲軟的影響，這影響了第三季的銷售線索數量和轉換率。

In the third quarter, our pipeline metrics continue to show improvement across the two major product lines. At the end of the third quarter, our overall number of ReWalk cases in process in the United States, as Larry mentioned, consisted of approximately 70 qualified candidates for future claims submission with Medicare and other payors.

第三季度，我們的兩大產品線的管道指標持續顯示出改善。正如 Larry 所提到的，截至第三季末，我們在美國處理的 ReWalk 案件總數包括約 70 名合格候選人，可供未來向 Medicare 和其他付款人提交索賠。

These US cases are work in process and supplement the cases in process that we have historically reported each quarter in Germany, where we have 45 cases in process at the end of Q3. For the ReWalk systems, active rentals also represents an important pipeline metric. The current pipeline of active rentals consists of 25 cases, which is broken down with 23 in Germany and 2 in the US at VA hospitals. These ReWalk rentals, with some attrition, typically convert to sales within a 3- to 6-month period.

這些美國案件正在處理中，並補充了我們歷史上每個季度在德國報告的處理中案件，截至第三季末，德國有 45 個處理中案件。對於 ReWalk 系統來說，活躍租金也是一個重要的管道指標。目前積極出租的病例有 25 例，其中 23 例在德國，2 例在美國，均在 VA 醫院進行。這些 ReWalk 租金通常會在 3 至 6 個月內轉換為銷售額，但會出現一定程度的損耗。

For AlterG systems, we ended the third quarter with orders for 74 AlterG systems in backlog, which is the third quarter in a row of sequential increases in the backlog amount. We continue to be encouraged by the strengthening pipeline metrics for both the ReWalk and AlterG systems as these are leading indicators of future growth and evidence of the improving sales effectiveness of our combined commercial resources.

對於 AlterG 系統，我們在第三季結束時積壓了 74 個 AlterG 系統的訂單，這是積壓數量連續第三個季度增加。我們繼續對 ReWalk 和 AlterG 系統不斷增強的管道指標感到鼓舞，因為這些是未來成長的領先指標，也是我們組合商業資源銷售效率提高的證據。

Moving to gross profit. In the third quarter of 2024, our gross profit was $2.2 million or 36.2% of revenue compared to $0.9 million or 19.6% of revenue in the prior year. On a non-GAAP basis, adjusted gross profit was $2.6 million or 42.5% of revenue for the third quarter of 2024 as compared to $2.0 million or 45.1% in the third quarter of 2023. This decline in gross margin percentage is primarily attributable to lower absorption of factory overhead costs in our Fremont facility due to lower production volumes of AlterG systems and higher labor costs.

轉向毛利。2024 年第三季度，我們的毛利為 220 萬美元，佔營收的 36.2%，而前一年為 90 萬美元，佔營收的 19.6%。以非公認會計準則計算，2024 年第三季調整後毛利為 260 萬美元，佔營收的 42.5%，而 2023 年第三季調整後毛利為 200 萬美元，佔營收的 45.1%。毛利率下降的主要原因是我們的弗里蒙特工廠由於 AlterG 系統產量下降和勞動力成本上升而吸收的工廠管理費用減少。

Moving to operating expenses. GAAP operating expenses were $5.4 million in the third quarter of 2024 compared to $8.8 million in the third quarter of 2023. On a non-GAAP basis, adjusted operating expenses were $6.7 million in the third quarter of 2024 compared to $6.9 million in the third quarter of 2023. This decline is primarily due to lower R&D expense and the conclusion of the development activity for the ReWalk 7.

轉向營運費用。2024 年第三季的 GAAP 營運費用為 540 萬美元，而 2023 年第三季為 880 萬美元。以非公認會計原則計算，2024 年第三季調整後營運費用為 670 萬美元，而 2023 年第三季調整後營運費用為 690 萬美元。這一下降主要是由於研發費用降低以及 ReWalk 7 開發活動的結束。

Our GAAP operating loss for the third quarter was $3.2 million compared to an operating loss of $7.9 million in the third quarter last year. On a non-GAAP basis, adjusted operating loss was $4.1 million in the third quarter of 2024 compared to $4.9 million in the third quarter of 2023. We expect our quarterly operating loss to narrow further in the fourth quarter based primarily on greater sales volume and higher gross margins.

我們第三季的 GAAP 營運虧損為 320 萬美元，而去年第三季的營運虧損為 790 萬美元。以非公認會計準則計算，2024 年第三季調整後營運虧損為 410 萬美元，而 2023 年第三季調整後營運虧損為 490 萬美元。我們預計第四季度的季度營運虧損將進一步收窄，這主要是由於銷量的增加和毛利率的提高。

Moving to the balance sheet. We ended the quarter with $10.7 million in cash and equivalents and no debt. Our cash usage in Q3 was $4.5 million, which showed improvement from prior quarters. As I mentioned on the Q2 earnings call, an important factor affecting our cash burn is the timing of Medicare payments.

轉向資產負債表。本季結束時，我們擁有 1,070 萬美元的現金和等價物，沒有債務。第三季我們的現金使用量為 450 萬美元，較前幾季有所改善。正如我在第二季財報電話會議上提到的，影響我們現金消耗的一個重要因素是醫療保險支付的時間。

While we have made some progress receiving payments for prior claims, the overall process for claims review and approval by the MACs continues to be very time-consuming, which impacts the timing of the eventual payments. We're working with the MACs routinely, and we have confidence that we will eventually streamline and expedite the approvals in the future.

雖然我們在接收先前索賠的付款方面取得了一些進展，但 MAC 的索賠審查和批准的整個流程仍然非常耗時，這影響了最終付款的時間。我們正在與 MAC 進行例行合作，我們有信心最終能夠簡化並加快未來的批准。

Factoring in the third quarter results, we're revising our 2024 full-year revenue expectations to a range of $25 million to $26 million for 2024. Based on the current recovery and trends thus far in the fourth quarter, Lifeward expects its sequential revenue growth to resume this quarter to generate the highest quarterly revenue for the year.

考慮到第三季的業績，我們將 2024 年全年營收預期修改為 2,500 萬美元至 2,600 萬美元。根據目前的復甦情況和第四季迄今的趨勢，Lifeward 預計本季營收將恢復環比成長，創造今年最高的季度營收。

With that, I'd like to turn the call back to Larry for further remarks.

說到這裡，我想將電話轉回拉里以徵求進一步意見。

Thank you, Mike. To summarize, before answering your questions, we believe in the health benefits of ReWalk to eligible SCI patients, are excited about our technology and see very encouraging trends for growth. We also understand the steps we must take to continue to drive uptake and adoption and are impacted by the time it will take to expand this market to reach its potential.

謝謝你，麥克。總而言之，在回答您的問題之前，我們相信 ReWalk 對符合條件的 SCI 患者的健康益處，對我們的技術感到興奮，並看到非常令人鼓舞的成長趨勢。我們也了解為繼續推動吸收和採用而必須採取的步驟，並受到擴大該市場以發揮其潛力所需的時間的影響。

This includes collaborating with key influential physicians and patient groups who are actively supporting our initiatives into the commercial investment systems. AlterG is a great and effective technology and with a combination of revenue recovery to historical levels and the cost reductions from our facility changes, we anticipate it will be accretive to our operations in 2025.

這包括與積極支持我們商業投資系統舉措的主要有影響力的醫生和患者團體合作。AlterG 是一項偉大而有效的技術，將收入恢復到歷史水平，並透過設施變更降低成本，我們預計它將在 2025 年增加我們的營運。

The path to profitability requires revenue levels of approximately $12 million to $13 million per quarter, and we are aggressively built into these targets. The market size, our commercial engine that continues to grow the qualified lead pipeline, medical education on the medical necessity of ambulation and plans for expanding coverage are the drivers.

獲利之路需要每季約 1,200 萬至 1,300 萬美元的收入水平，我們正在積極實現這些目標。市場規模、我們持續成長合格先導管道的商業引擎、關於行動醫療必要性的醫學教育以及擴大覆蓋範圍的計劃是驅動力。

The efficiency efforts in lowering operating costs completed during 2024 and disciplined expense control going forward are essential elements to reduce our burn rate. Our cash balance of greater than $10 million can support this pathway if market growth occurs within our timeframe. The significant milestones achieved in 2023 and 2024 have created a tremendous opportunity for our company and this industry.

2024 年期間完成的降低營運成本的效率工作以及未來嚴格的費用控制是降低我們的資金消耗率的重要因素。如果市場在我們的時間範圍內成長，我們超過 1000 萬美元的現金餘額可以支持這一途徑。2023 年和 2024 年實現的重要里程碑為我們公司和這個行業創造了巨大的機會。

We plan to conduct an Investor Day after the end of the year to provide more insight into how we will achieve our commercial goals along with a more in-depth review of our technology and the expansion of the utilization. We will announce more detail on the scheduling of the investor event in the near future. Market creation is not easy, and it takes time and resources. The need for these products is very clear and the ability to commercialize is real with coverage established since April of this year. This is absolutely doable.

我們計劃在年底後舉辦投資者日，以更深入地了解我們將如何實現我們的商業目標，並對我們的技術和利用率的擴展進行更深入的審查。我們將在不久的將來公佈有關投資者活動安排的更多細節。創造市場並不容易，需要時間和資源。對這些產品的需求非常明確，並且自今年 4 月以來建立的覆蓋範圍也確實具有商業化的能力。這是絕對可行的。

We are committed and on our way to achieve our goals. I'd now like to open the call to questions.

我們致力於實現我們的目標。我現在想開始提問。

(Operator Instructions)

（操作員說明）

Swayampakula Ramakanth, H.C. Wainwright.

拉瑪坎特 (Swayampakula Ramakanth)，H.C.溫賴特。

Thank you. Good morning, Larry. A couple of quick questions. I was not there at the beginning of the call. So I'm just trying to understand with your new guidance, how comfortable are you with that guidance because it's a good drop since the second quarter. And also, are there any issues in terms of filing with the CMS and getting reimbursement?

謝謝。早安，拉里。幾個簡單的問題。通話開始時我不在場。因此，我只是想了解您的新指導意見，您對該指導意見的滿意程度如何，因為自第二季以來下降幅度很大。另外，在向 CMS 備案和獲得報銷方面是否存在任何問題？

RK, I'll start with that. We are comfortable with that guidance, absolutely. And we are finding with CMS that the timing for processing is going a little longer than we thought. As I mentioned, on average, for the 2024 claims is about 150 days. And they have been a little slower to pay or for us to get the cash at the back end of this. So those have impacted us a little bit for the timing for this year.

RK，我就從這個開始吧。我們絕對對這項指導感到滿意。我們發現 CMS 的處理時間比我們想像的還要長。正如我所提到的，2024 年的索賠平均需要大約 150 天。他們支付的速度有點慢，或者我們在後端獲得現金的速度有點慢。因此，這些對我們今年的時間安排產生了一些影響。

Mike, anything you would add to that?

麥克，你還有什麼要補充的嗎？

No. I mean, RK, it's a case of just documentation and validation of all of the -- these claims when they're submitted are much more complex and much more detail than claims that we've traditionally done for the VA or for workers' compensation insurance. And so there's just -- and I think there's an added learning curve on the part of the MACs to understanding the product and so the medical documentation that they're going to require for us to go to provide.

不。我的意思是，RK，這是一個僅記錄和驗證所有內容的案例——這些索賠在提交時比我們傳統上為退伍軍人管理局或工人賠償所做的索賠要復雜得多、詳細得多。保險。因此，我認為 MAC 需要額外的學習曲線來了解產品以及他們需要我們提供的醫療文件。

So in some of these cases, there's just a requirement to kind of go back and forth a little bit to provide supplemental information often which puts us back at the back of the queue again for everything to be processed. So that's sort of the circumstances that we're dealing with. But I think we're confident with education and with higher volumes that this process will come more routine.

因此，在某些情況下，只需要經常來回提供補充訊息，這會讓我們再次回到隊列的最後，以便處理所有內容。這就是我們正在處理的情況。但我認為我們對教育和更高的數量充滿信心，這個過程將變得更加常規。

Okay. And then with regards to the AlterG business, is there any possibility for a positive surprise in terms of how the revenue run is from that business? And I know you haven't had too much experience selling that product this year, but from what you have seen, are you -- how comfortable are you with how you expected this business to run, and it is running at this point?

好的。那麼，關於 AlterG 業務，該業務的收入運作情況是否有可能出現正面的驚喜？我知道你今年沒有太多銷售該產品的經驗，但從你所看到的情況來看，你對你期望的這項業務的運作方式以及目前的運作情況感到滿意嗎？

Well, as we pointed out in the call, it is improving quarter over quarter over quarter. It got off to a little bit of a slower start than we wanted. But I'd break it into first, the technology is remarkably well received by the market. The holdbacks, I think, are a combination of some of the integration of the company, but we've also seen capital equipment sales between us and measuring other companies in the industry as we looked at intelligence, have been limited and slower in 2025 (sic - 2024) for all capital equipment.

嗯，正如我們在電話會議中指出的那樣，它正在逐季改善。它的開始比我們想要的要慢一些。但我首先要說的是，這項技術非常受市場歡迎。我認為，這些阻礙是公司某些整合的結合，但我們也看到我們之間的資本設備銷售以及在我們觀察情報時衡量行業內其他公司的資本設備銷售在 2025 年受到限制且速度較慢（ sic - 2024）適用於所有固定設備。

But what we have seen, the quarterly improvement and in particular, as we're looking at our backlog and our activities here in Q4, we seem to be recovering nicely and expect a very good Q4. And we have the new NEO product and the NEO Plus, which we only launched midyear, and we already have 40 orders in place on that product line. So AlterG is going in the right direction.

但我們所看到的，季度改善，特別是當我們查看第四季度的積壓訂單和活動時，我們似乎恢復得很好，並預計第四季度會非常好。我們有新的 NEO 產品和 NEO Plus，我們在年中才推出，該產品線已經有 40 個訂單。所以 AlterG 正在朝著正確的方向前進。

So one last question for me, Larry. In the end, you gave some commentary about what sort of revenue run you need to be at to attain profitability. So based on how the business is running at this point, is -- can you tell us like how many quarters it would take to get there or at least your expectations?

最後問我一個問題，拉里。最後，您對需要達到什麼樣的收入運作才能實現盈利發表了一些評論。因此，根據目前業務的營運情況，您能否告訴我們需要多少個季度才能實現這一目標，或至少是您的期望？

Well, we don't have a specific model we put up publicly, but we expect the growth in ReWalk to be substantial with the number of leads we have and the potential. We're only about 150 days a little more post actually being able to sell the product.

嗯，我們沒有公開發布的具體模型，但我們預計 ReWalk 的成長將隨著我們擁有的潛在客戶數量和潛力而大幅成長。距離真正能夠銷售該產品還有大約 150 天。

So AlterG -- excuse me, ReWalk growth will be the primary driver to get to those kind of quarterly numbers to get us to breakeven. And in parallel, we expect AlterG to recover between the new product and the acceptance of it in a broader range of centers. Both of those are the growth vehicles.

因此，AlterG——對不起，ReWalk 的成長將是達到這些季度數據的主要驅動力，使我們能夠實現收支平衡。同時，我們預計 AlterG 在新產品和更廣泛的中心接受它之間能夠恢復過來。這兩者都是成長工具。

The ReWalk is a larger growth vehicle. AlterG will get back to historical numbers, we believe, and expect it to grow with the launch of the new product because that gets us into a new market segment. So we forecast that is doable within the cash we have, but it depends on the pace of the uptake.

ReWalk 是一個更大的成長工具。我們相信，AlterG 將回到歷史水平，並預計它將隨著新產品的推出而成長，因為這讓我們進入了一個新的細分市場。因此，我們預測在我們擁有的現金範圍內這是可行的，但這取決於吸收的速度。

And RK, I would just add to that, we -- as Larry mentioned, we've done a lot of effort to streamline the organization further as we announced in the last on recent press releases. And we're very confident that the AlterG business will be solidly profitable in 2025 at a lower revenue run rate than we had originally anticipated. But at the same time, we are growing it again. So ultimately, it's a more profitable, leaner, more efficient organization as it's been integrated into the ReWalk organization.

RK，我想補充一點，正如拉里所提到的，我們已經做了很多努力來進一步簡化組織，正如我們在最近的新聞稿中所宣布的那樣。我們非常有信心 AlterG 業務將在 2025 年以低於我們最初預期的收入運行率實現穩定盈利。但同時，我們正在再次成長它。因此，最終，隨著它被整合到 ReWalk 組織中，它將成為一個更有利可圖、更精簡、更有效率的組織。

Thank you. Thank you, gentlemen, for taking all my questions.

謝謝。先生們，謝謝你們回答我所有的問題。

Martin Pollock, FMR Holdings.

馬丁·波洛克，FMR 控股公司。

Yes. Can you hear me?

是的。你聽得到我嗎？

Yes, we can.

是的，我們可以。

Yes.

是的。

Okay. Look, currently it seems that the cash burn considering the very low sales was generally respectable. But if you could give us some idea of what the fourth quarter burn may look like, was it $2.5 million of accounts receivables you have collected? Do you see that number declining materially? You had expected in previous quarters to suggest this could be in the low single digits possibly a couple of million dollars of cash burn.

好的。看，目前看來，考慮到銷售額非常低，現金消耗總體上是可觀的。但如果您能讓我們了解一下第四季的消耗情況，您收回的應收帳款是 250 萬美元嗎？您認為這個數字會大幅下降嗎？您在前幾季中曾預期這可能是低個位數的現金消耗，可能是數百萬美元。

That's one point. But clearly, the market has not been buying that looking at your cash levels and not probably thinking before profitability. How do we -- how are we -- how is the company to be able to sustain itself without having to raise additional cash to get to our confidence that you may not need it? If you would give us then look into that 2025?

這是一點。但顯然，市場並沒有考慮你的現金水平，也可能沒有考慮獲利能力。我們如何——我們如何——公司如何能夠維持自身，而不必籌集額外的現金來讓我們相信您可能不需要它？如果您願意給我們看 2025 年嗎？

I will say one more thing that I think this Investor Day is very welcome in terms of news that is it seems unprecedented. You've never done that before. So I think that will be something to really look forward to, and I get to know the company better.

我還要說一件事，我認為這個投資者日在新聞方面非常受歡迎，這似乎是前所未有的。你以前從未這樣做過。所以我認為這將是一件值得真正期待的事情，而且我可以更好地了解公司。

Okay. So your first question, specifically around Q4. So we would expect that the burn rate for Q4 will come down quite a bit from Q3. It's all going to depend to some extent around variables, we don't have a lot of visibility to, which is the degree to which we receive more payments from Medicare. But even absent significant payments for Medicare, we're going to see good improvement in the burn rate in Q4.

好的。所以你的第一個問題，特別是關於第四季的問題。因此，我們預計第四季的燒錢率將比第三季大幅下降。這在某種程度上取決於變量，我們沒有太多的可見性，這就是我們從醫療保險中獲得更多付款的程度。但即使沒有大量的醫療保險付款，我們也將看到第四季的燒錢率有很大改善。

I don't -- I can't really go beyond that in terms of quantifying it because like I mentioned, we don't have visibility to the payments coming from the MACs. Those are a little less a process that we could see into. So -- but I think with the higher revenue volumes, with some other trends that I mentioned earlier, with higher gross margins with our OpEx levels, we would see -- we would expect to see some good improvement in the burn rate in Q4.

我不知道——在量化方面我真的無法超越這個範圍，因為就像我提到的，我們無法了解來自 MAC 的付款。這些不是我們可以看到的過程。因此，但我認為，隨著收入的增加，以及我之前提到的其他一些趨勢，我們的營運支出水準的毛利率更高，我們預計第四季度的燒錢率會出現一些良好的改善。

And Martin, regarding the -- I was going to answer just on the sustainability without additional cash question. We are working to our current cash for both revenue going up and the expenses going down. We've taken all the steps in both cases.

馬丁，關於——我只想回答永續性，而不需要額外的現金問題。我們正在努力利用現有現金來增加收入並減少支出。對於這兩種情況，我們都採取了所有步驟。

The defining uptake is going to be CMS -- element is going to be CMS uptake. And that is something that we have made great progress on. If you look at the 70 patients that are coming into our contact group that will flow into it. Many of those will be in Q4. Many of them will be in 2025, but it's the right direction for relatively what impacts our cash and our ability to get there.

定義的採用將是 CMS——元素將是 CMS 的採用。我們在這方面已經取得了很大進展。如果你看看即將進入我們接觸小組的 70 名患者。其中許多將在第四季度進行。其中許多將在 2025 年實現，但對於相對影響我們現金和實現目標的能力而言，這是正確的方向。

I guess back to still what seems to have trouble the market since the Q2 results came in and target up to [420] and what seemingly good numbers, the stock has been virtually down 50%. And it seems that maybe the messaging is still the ones that make investors concerned is the cash burn, the real number that I think investors are now looking at because 2026 may be profitable.

我想回到自第二季業績公佈以來市場似乎陷入困境的問題，目標高達 [420] 以及看似不錯的數字，但該股實際上已下跌 50%。看來，讓投資者擔心的資訊可能仍然是現金消耗，我認為投資者現在正在關注的實際數字是因為 2026 年可能會獲利。

But what you talked about $12 million to $13 million toward profitability, is there a number that you're looking at that would be okay in terms of not requiring cash, that would be at some lower level? So as you budget 2025, can you -- what is the confidence level external revenue side? Obviously, uptick is important.

但是您所說的 1200 萬至 1300 萬美元的盈利能力，您認為有一個數字可以在不需要現金的情況下進行嗎？那麼，當您制定 2025 年預算時，外部收入的置信水準是多少？顯然，提升是很重要的。

AlterG is already going to be improving that you can actually get through at least the first couple of quarters of 2025 and maybe then you have a lot of CMS revenues flowing through in the second half of the year. So I'm not even asking about profitability. I'm asking about sustainability here.

AlterG 已經在不斷改進，至少可以在 2025 年的前幾季實現，也許下半年您會獲得大量 CMS 收入。所以我甚至不問盈利能力。我在這裡問的是可持續性。

Well, I guess one factor that we hadn't talked about, which might give you a little more insight, too, is that the facility consolidation of Fremont. Not only will that obviously take a lot of costs out of our cost structure as we mentioned in our press release, and it's going to improve our gross margins, as we mentioned in the press release. It's also going to help us from an asset utilization, a cash utilization because we will not have the degree to which we hold now inventory on the balance sheet because that will be held by our contract manufacturing partner.

好吧，我想我們沒有討論過的一個因素可能會讓您有更多的了解，那就是弗里蒙特的設施整合。正如我們在新聞稿中提到的那樣，這顯然不僅會從我們的成本結構中節省大量成本，而且正如我們在新聞稿中提到的那樣，這還將提高我們的毛利率。它還將幫助我們進行資產利用、現金利用，因為我們在資產負債表上不會有現在持有庫存的程度，因為這些庫存將由我們的合約製造合作夥伴持有。

So we expect to see, as we move into 2025, that we're going to kind of work down some of the remaining balance of inventory that we hold on our books. And then going forward, the production and the sale of units are going to be transferred to the new contract manufacturers. So as part of that transition, we will realize some cash utilization benefit and free up some cash out of our working capital that we currently carry on the books as inventory. So that's another factor that for you to think about as we kind of transition from '24 to '25.

因此，我們預計，隨著進入 2025 年，我們將減少帳面上的部分剩餘庫存。展望未來，單位的生產和銷售將轉移給新的合約製造商。因此，作為過渡的一部分，我們將實現一些現金利用效益，並從我們目前作為庫存記入帳簿的營運資金中釋放一些現金。這是我們從 24 世紀過渡到 25 世紀時需要考慮的另一個因素。

And Marty, other than the expense side, where we've done a lot of streamlining that we're very happy that we believe is going to work, it really comes down to revenue and the growth and ReWalk will grow. AlterG has got to recover and then grow some. They're both showing those trends if we keep these trend lines, we're on the path we want to be on.

Marty，除了費用方面，我們做了很多精簡工作，我們很高興我們相信這會發揮作用，這實際上取決於收入和成長，ReWalk 也會成長。AlterG 必須恢復並成長一些。它們都顯示了這些趨勢，如果我們保持這些趨勢線，我們就走在我們想要走的路上。

So essentially, you're affirming your notion that you're not looking to -- you don't think you will require additional cash to get you through 2025. That's what you're seeing right now. Is that correct?

因此，從本質上講，您正在肯定自己的想法，即您不希望 - 您認為自己不需要額外的現金來度過 2025 年。這就是你現在所看到的。這是正確的嗎？

Yes. If the market can grow those, if we continue to grow like we think we can, and the market will grow with us. That's absolutely the case.

是的。如果市場能夠成長這些，如果我們繼續像我們想像的那樣成長，那麼市場就會與我們一起成長。絕對是這樣。

And clearly, for that cash burn, even as the early fourth quarter will come down remarkably, it's quite a large number, therefore, that might be sustained into next year, you hope with improving trends on AlterG coming across and cost reduction program. I think that the market buys that. It sounds like a very reasonable scenario. And then certainly, third quarter cash burn was impressive not considering the revenues were quite a bit lower than expected.

顯然，對於現金消耗來說，即使第四季初將顯著下降，這個數字也相當大，因此，隨著 AlterG 的趨勢改善和成本削減計劃，這一數字可能會持續到明年。我認為市場會接受這一點。這聽起來是一個非常合理的場景。當然，考慮到收入遠低於預期，第三季的現金消耗令人印象深刻。

All right. Thank you, gentlemen.

好的。謝謝你們，先生們。

Thank you, Martin.

謝謝你，馬丁。

(Operator Instructions)

（操作員說明）

Ben Haynor, Lake Street Capital Markets.

Ben Haynor，湖街資本市場。

Good morning, gentlemen. Thanks for taking the questions. First off, just kind of a point of clarification maybe. I think you mentioned that 20 new patients got ReWalk systems during the quarter. Did you happen to disclose how many of those were Part B patients?

早安，先生們。感謝您提出問題。首先，也許只是需要澄清一點。我想您提到本季有 20 名新患者獲得了 ReWalk 系統。您是否透露了其中有多少人是 B 部分患者？

No. We've just been given a global number; we haven't been covering the different areas in which we sell.

不。我們剛剛獲得了一個全球號碼；我們還沒有涵蓋我們銷售的不同領域。

Okay. So don't expect that. And then on the guidance for Q4, does that assume maybe AlterG slips a little bit from last year's Q4 number?

好的。所以不要指望那樣。然後，關於第四季度的指導，是否假設 AlterG 較去年第四季的數字略有下滑？

We're going to have a good Q4 with AlterG. It's -- so it helps recover. It's going to be pretty close to a little bit better.

我們將與 AlterG 一起度過一個美好的第四季度。它是——所以它有助於恢復。情況將會非常接近好一點。

Yeah. No, it's an improvement over [Q4] last year.

是的。不，這比去年的[第四季]有所改善。

Okay. That's helpful. And then just thinking about the supplemental insurance that some of these Part B patients they have, I know it's taken longer to get paid on a lot of these things. But are you starting to see supplemental insurance get paid for the 20% figure that could be available to you as well? Or is that yet to come?

好的。這很有幫助。然後只要想想他們中的一些 B 部分患者所擁有的補充保險，我就知道很多這些事情需要更長的時間才能得到報酬。但是您是否開始看到您也可以獲得 20% 的補充保險？還是那還沒到來？

Well, that sort of gets triggered with the completion of the claim review and processing by Medicare. So that sort of -- for the time being, that's sort of held up in that same dynamic that we described earlier about the claim review and approval process. So typically, Medicare will then notify the secondary payor that the payment is due from them as well. And -- but that is sort of contingent upon everything else being completed first. So we're -- it's sort of the same boat right now.

嗯，這種情況是在 Medicare 完成索賠審查和處理後觸發的。因此，目前，這在我們之前描述的有關索賠審查和批准流程的動態中受到了阻礙。因此，通常情況下，醫療保險會通知第二付款人，他們也應付款。而且——但這在某種程度上取決於其他所有事情首先完成。所以我們現在是同一艘船。

Okay. And do you have a sense of how many folks they are delivering these things to do have supplemental insurance. I mean is it 50%, 60%, 20%? Where does that kind of stand?

好的。您是否知道他們提供這些服務的人中有多少人擁有補充保險？我的意思是50%、60%、20%？這種立場在哪裡？

We haven't reported the number. It's gone up and down a lot. We're trying to find patients that haven't or sometimes encouraging to get it before they go through the Medicare process because they've had open enrollment going on. So we've been trying to help that along. I can get back to you with the market with a more specific number because it's changed so much. It's had a lot of range since we've been doing it.

我們還沒有報告這個數字。漲跌了很多。我們正在努力尋找尚未獲得醫療保險或有時鼓勵他們在完成醫療保險流程之前獲得醫療保險的患者，因為他們正在進行公開登記。因此，我們一直在努力提供幫助。我可以向您回覆市場狀況並提供更具體的數字，因為市場變化很大。自從我們這樣做以來，它的範圍很廣。

Okay. I mean, I guess I don't need that. I was just more curious about that. I guess, I can wait for that to kind of sell down. And then on the accounts receivable for the Medicare claims I think you mentioned it. I didn't quite catch it, but how far do those go back? And at what point do you have to start considering a write-off of some of those?

好的。我的意思是，我想我不需要那個。我只是對此更好奇。我想，我可以等待它的拋售。關於醫療保險索賠的應收帳款，我想您也提到過。我不太明白，但是這些可以追溯到多遠？您什麼時候必須開始考慮沖銷其中一些？

Well, they don't go back that far because we've only been starting to put those in, as you know, some late last year, but the law for coverage started in January for the lump sum but it didn't start for payment until April. So we expect all the ones that are approved eventually will be paid, and we're continuing to see a fairly high rate by the time we get through the process for these going through. So we -- I don't see anything in the short term for that.

嗯，他們不會回溯到那麼遠，因為正如你所知，我們去年年底才開始將這些納入其中，但是保險法從一月份開始一次性付清，但並沒有開始直到四月才付款。因此，我們預計所有最終獲得批准的人都將獲得付款，並且當我們完成這些流程時，我們將繼續看到相當高的利率。所以我們——我認為短期內不會有任何結果。

And we do reserve a portion of the amount that we think we'll do for the fact that there may be some claims that are not approved -- ultimately not approved. So we're not taking the full benefit of 100% of each claim that we submit. As you would with any other payor where there's a certain portion that don't get paid.

我們確實保留了我們認為我們會做的部分金額，因為可能有一些索賠未獲批准——最終未獲批准。因此，我們並沒有獲得我們提交的每項索賠 100% 的全部利益。就像其他付款人一樣，有一定部分沒有得到付款。

Okay. That's helpful and makes sense. And then lastly for me on the whole process of getting the reimbursement. Are you kind of developing a sort of checklist or process that you kind of have reasonable assurance that these things are going to go through if you have collected all these certain pieces of data? Or is that still kind of in the process of feedback loops and figuring it all out?

好的。這很有幫助並且有意義。最後是我獲得報銷的整個過程。您是否正在開發一種清單或流程，如果您收集了所有這些特定數據，您就有合理的保證這些事情將會完成？還是仍然處於反饋循環和解決所有問題的過程中？

I would say we've made tremendous progress, and it's now in a very late phase. We pretty much know what they want all the way through and have modified it and built our system around it. CMS is still learning at the same rate we are, but they are working with us.

我想說，我們已經取得了巨大進展，但現在已處於非常晚的階段。我們幾乎完全知道他們想要什麼，並對其進行了修改並圍繞它構建了我們的系統。CMS 仍在以與我們相同的速度學習，但他們正在與我們合作。

(multiple speakers) Go ahead, sorry.

（多位發言者）請繼續，抱歉。

No, we've got the right materials we need.

不，我們已經得到了我們需要的正確材料。

Okay. Great. Well, thank you for taking the questions, guys.

好的。偉大的。嗯，謝謝你們提出問題，夥伴們。

This concludes our question-and-answer session. I would like to turn the conference back over to Larry Jasinski for 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) 致閉幕詞。

Thank you, Danielle. Thank you, everybody, for joining us today. I'd like to close with one of the leading indicators we chose to point out today, the 70 leads that we have. That's a big deal for us. We had essentially 0 qualified prior to April because we didn't know what qualification would be.

謝謝你，丹妮爾。謝謝大家今天加入我們。我想以我們今天選擇指出的領先指標之一作為結束，即我們擁有的 70 個領先指標。這對我們來說是一件大事。在四月之前，我們基本上有 0 人獲得資格，因為我們不知道資格是什麼。

And I remind you what qualification is. It's something that meets the screening criteria. It's a favorable insurance pathway and they're motivated to move forward after they've been informed about the out-of-pocket responsibility. Those are good things. So it's a very different kind of base than we've had in the past because we're now building it.

我提醒你什麼是資格。這是符合篩選標準的東西。這是一條有利的保險途徑，在得知自付費用後，他們就會有動力繼續前進。這些都是好東西。所以這是一個與我們過去非常不同的基地，因為我們現在正在建造它。

I would also emphasize our work on demand creation. Really, this is education of a market. We've got increased the number of leads we have. Our goal is to increase it by multiple to get to larger numbers for the future. We are going to do extensive doctor and clinic lead programs to get to hundreds of patients to flow into our system and leads and we're going to work with centers of excellence.

我還要強調我們的按需創作工作。確實，這就是市場教育。我們已經增加了潛在客戶的數量。我們的目標是將其增加數倍，以便在未來獲得更大的數字。我們將開展廣泛的醫生和診所領導項目，讓數百名患者進入我們的系統和領導，我們將與卓越中心合作。

We'll go into some detail on this in the earnings call. But essentially, we still have to change the world. We've got to get everyone understanding that walking is medically necessary. And we need to get patients immediately after their injury, understanding that this option is there for them, so that either with Medicare two years later when they become eligible, that they know what the product is, and it's available.

我們將在財報電話會議中詳細討論這一點。但本質上，我們仍然需要改變世界。我們必須讓每個人都明白步行在醫學上是必要的。我們需要在患者受傷後立即讓他們了解這個選擇，以便兩年後當他們符合醫療保險資格時，他們知道該產品是什麼，並且可以使用。

And those are really our focuses going forward. So we appreciate everybody, and we are very excited to be able to talk about this in great detail in the investor call, our investor meetings in -- after the first [2-year] Thank you, everybody.

這些確實是我們未來的重點。因此，我們感謝大家，我們非常高興能夠在投資者電話會議、投資者會議上詳細討論這一問題——在第一個[兩年]之後，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。