Lifeward Ltd (LFWD) 2024 Q4 法說會逐字稿

Good day and welcome to the life earning fourth quarter 2024 earnings conference call. (Operator Instructions) Please note today's event is being recorded.

大家好，歡迎參加人壽 2024 年第四季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

And now I'd like to turn the conference over to Mike Lawless, Chief Financial Officer.

現在，我想將會議交給財務長 Mike Lawless。

Thank you, Rocco. Good morning and welcome to Lifeward fourth quarter 2024 earnings call. I'm Mike Lawless, Lifeward 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，羅科。早上好，歡迎參加 Lifeward 2024 年第四季財報電話會議。我是 Lifeward 財務長 Mike Lawless，今天與我一起參加電話會議的還有我們的執行長 Larry Jasinski 和我們的財務副總裁 Almog Adar。

Early this morning, Lifeward issued a press release detailing financial results for the three months and full year ended December 31, 2024, which, along with this call, discussed certain non-GAAP information. I would ask you to review the full text of our forward-looking statements from this morning's press release. We anticipate making projections during this call, and actual results could differ materially due to several factors, including those outlined in our latest filings with the SEC.

今天早上，Lifeward 發布了一份新聞稿，詳細介紹了截至 2024 年 12 月 31 日的三個月和全年的財務業績，並在本次電話會議上討論了一些非 GAAP 資訊。我希望您能仔細閱讀我們今天早上新聞稿中的前瞻性聲明全文。我們預計將在本次電話會議中做出預測，但實際結果可能因多種因素而存在重大差異，包括我們向美國證券交易委員會提交的最新文件中概述的因素。

A replay will be available shortly after the completion of the call, accessible from the dial information in today's press release. The archive webcast will be available in the investor relations section of our webcast. For the benefit of those who may be listening to the replay or the archive webcast. This call is held and recorded on March 7, 2025. 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.

通話結束後不久將提供重播，可透過今天新聞稿中的撥號資訊取得。存檔網路廣播將在我們網路廣播的投資者關係部分提供。為了讓那些可能正在收聽重播或檔案網路廣播的人受益。本次通話於 2025 年 3 月 7 日舉行並錄音。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，請參考公司最新的新聞稿和美國證券交易委員會 (SEC) 文件以獲取最新的資訊。

With that I'll turn the call over to Larry.

說完這些，我會把電話轉給拉里。

Thank you, Mike. Welcome, everyone, and I appreciate you joining the call.

謝謝你，麥克。歡迎大家，感謝您參加此次電話會議。

I'd like to begin by commenting on my announcement in February regarding my retirement from the company later this year. I have been part of a remarkable life saving, changing journey with many incredibly talented people. I am proud of the team and the company I've been a part for the past 13 years.

首先，我想就我二月宣布的今年稍後將從公司退休的消息發表一下看法。我與許多才華洋溢的人一起經歷了一段拯救生命、改變生命的非凡旅程。我為過去 13 年來我所在的團隊和公司感到自豪。

Life for today is a medical technology agent of change that has given people improved health and better lives. I thank every person that has been a part of this journey. I have confidence that Lifeward board will find an excellent leader to advance Lifeward into the next phase of growth, and I am committed to ensuring a smooth transition.

當今的生活是醫療技術變革的推動者，它改善了人們的健康狀況並改善了人們的生活。我感謝參與這趟旅程的每一個人。我相信 Lifeward 董事會將找到一位優秀的領導者，推動 Lifeward 進入下一階段的發展，而我致力於確保平穩過渡。

I look back at 2024 as a year of meaningful achievement that defined long term access to our technologies and launched our pathway towards profitability. The key milestones were establishment of lump sum payment and a benefit category with CMS and Q1. Issuance of a CMM price, CMS price of $91,32 in Q2 for the real system. Gaining a meaningful contract with BARMER in Germany that sets the standard for providing exoskeletons.

回顧 2024 年，我認為是有意義成就的一年，它確定了我們技術的長期使用權，並開啟了我們走向獲利的道路。關鍵里程碑是與 CMS 和 Q1 建立一次性付款和福利類別。發布 CMM 價格，第二季真實系統的 CMS 價格為 91.32 美元。與德國 BARMER 簽訂有意義的合同，為提供外骨骼制定標準。

Achieving new coverage in Hungary, beginning an initiative to expand penetration of the United States workers' compensation insurers for the wok system. Initiating a national accounts program for the AlterG line, discussions on expanding our contract to enable further penetration with the MyoCycle.

在匈牙利實現新的覆蓋，開始擴大美國工人賠償保險公司對匈牙利體系的滲透。啟動 AlterG 系列的國家帳戶計劃，討論擴大我們的合約以進一步滲透 MyoCycle。

Launching a new generation of AlterG with the NEO product completing FDA usability studies and the full submission for the ReWalk 7. Increasing operating efficiency by closing two locations. The reduction of our headcount by 35% to right size of business for 2025. Annual growth in 2024 of 85% with an $11.8 million dollar increase over prior year sales to reach $25.7 million.

推出新一代 AlterG，NEO 產品完成 FDA 可用性研究和 ReWalk 7 的完整提交。透過關閉兩個地點來提高營運效率。將我們的員工人數減少 35%，以適應 2025 年的業務規模。2024 年年增率為 85%，銷售額將比前一年增加 1,180 萬美元，達到 2,570 萬美元。

It's a lengthy list that when taken synergistically, places the company on sure footing for growth and for significantly reducing loss in 2025. We closed the year with record revenue of $7.5 million in Q4. Our parallel focus for 2025 will be maintaining reasonable growth with equal emphasis on reducing our quarterly operating loss each quarter and achieving a loss at or below $1 million in Q4 2025. The reduction in our operating loss will be driven by targeted growth towards our best margin opportunities and operating efficiencies.

這是一個很長的清單，如果將這些措施綜合起來，將為公司在 2025 年實現成長和大幅減少虧損奠定堅實的基礎。我們以第四季 750 萬美元的創紀錄收入結束了這一財年。我們對 2025 年的重點將是保持合理成長，同時同樣重視減少每季的季度營運虧損，並實現 2025 年第四季的虧損等於或低於 100 萬美元。我們經營虧損的減少將透過實現最佳利潤機會和經營效率的目標成長來推動。

Examples include the increase in workers' compensation placements which have a lower level of processing expense and that pay in a shorter cycle. And the MyoCycle where each ReWalk lead we develop can also be considered for a MyoCycle which has an improved margin and where we have gained expanded distribution rights to provide home units.

例如，增加工人補償安置，其處理費用較低，支付週期較短。我們開發的每條 ReWalk 導線都可以被視為 MyoCycle，它的利潤率更高，而且我們已經獲得了擴大的分銷權，可以提供家用設備。

Specific growth targets for the ReWalk are placements with CMS, further market penetration targeting ReWalk with workers' compensation coverage, and with submissions to US commercial insurers. We will also expand penetration of clinic and home sales of the MyoCycle and advancement of altery placements in national accounts. The efficiencies are in product mix, near term cost of goods reduction programs, and tightly controlled spending levels to match our goals.

ReWalk 的具體成長目標是與 CMS 合作，進一步滲透市場，為 ReWalk 提供工傷賠償保險，並提交給美國商業保險公司。我們還將擴大 MyoCycle 在診所和家庭銷售的滲透率以及在國家帳戶中改變位置的進展。效率體現在產品組合、近期商品成本削減計劃以及嚴格控制的支出水平，以符合我們的目標。

Operationally for 2025, we have built a Sustainable Growth Plan where we examined all aspects of the business and reduced costs to meet our goals. We also have favorable year-over-year factors that have enabled reduced expenses. They include completion of our significant investment to achieve industry coverage with the Center for Medicare and Medicaid Services, or CMS.

在2025年的營運方面，我們制定了可持續成長計劃，其中我們將審查業務的各個方面並降低成本以實現我們的目標。與去年同期相比，我們還有一些有利的因素，使得我們能夠減少開支。其中包括完成我們的重大投資，以實現與醫療保險和醫療補助服務中心（CMS）的行業覆蓋。

Reduced R&D expenses as we completed major R&D programs with AlterG and ReWalk 7. The final consolidation activities post-merger, which results in a full year with reduced headcounts. And more efficient manufacturing programs in the US and Israel. In addition, our expectations for the AlterG and MyoCycle product offerings are that they will be accretive to our business in 2025 and beyond.

由於我們完成了 AlterG 和 ReWalk 7 的主要研發項目，因此減少了研發費用。合併後的最終整合活動導致全年員工人數減少。美國和以色列的製造項目也更有效率。此外，我們預計 AlterG 和 MyoCycle 產品將在 2025 年及以後為我們的業務帶來增值。

Mike will now provide a financial summary and then we can provide more color on the operational goals I have described.

麥克現在將提供財務摘要，然後我們可以更詳細地說明我所描述的營運目標。

Thank you, Larry.

謝謝你，拉里。

I'm going to remind everyone that I'm going to discuss results on both the GAAP and non-GAAP basis, which excludes items listed in the reconciliation tables provided in today's press release. We believe that the non-GAAP results provide a means for investors to better track the underlying performance of the business. I encourage you to reference the GAAP results in the accompanying reconciliation tables as I discussed the fourth quarter 2024 financials.

我要提醒大家，我將在 GAAP 和非 GAAP 基礎上討論結果，其中不包括今天的新聞稿中提供的對帳表中列出的項目。我們相信，非公認會計準則結果為投資者提供了一種更好的方法來追蹤業務基本表現。當我討論 2024 年第四季的財務狀況時，我鼓勵您參考隨附對帳表中的 GAAP 結果。

Moving to revenue, Lifeward reported revenue of $7.5 million in the fourth quarter of 2024 compared to $6.9 million in the corresponding quarter in 2023. For the full year '24, Lifeward reported revenue of $25.7 million for an increase of 85% versus the full year 2023. This is the highest quarterly and full year revenue performance in the history of Lifeward and reflects our progress in scaling the business.

談到收入，Lifeward 報告稱，2024 年第四季的收入為 750 萬美元，而 2023 年同期的收入為 690 萬美元。Lifeward 報告稱，2024 年全年收入為 2,570 萬美元，較 2023 年全年增長 85%。這是 Lifeward 歷史上最高的季度和全年收入表現，反映了我們在業務擴展方面的進步。

Revenue from sales of traditional products and services include ReWalk, including ReWalk exoskeletons, MyoCycle, and ReStore Exo-Suit was $2.0 million in the fourth quarter of 2024, while revenue from AlterG products and services was $5.5 million the highest quarterly revenue that this product line has since we acquired it in August 2023.

傳統產品和服務的銷售收入包括 ReWalk，包括 ReWalk 外骨骼、MyoCycle 和 ReStore Exo-Suit，在 2024 年第四季度為 200 萬美元，而 AlterG 產品和服務的收入為 550 萬美元，這是自 2023 年 8 月我們收購該產品線以來的最高季度收入。

The ReWalk sales were below our expectations due to delays in some attrition of Medicare cases that we had expected we would deliver during the quarter. We're working to reduce the cycle times from getting leads, processing claims, and scheduling deliveries. We expect that the growing volume of qualified leads that we are experiencing will bring more predictability to our quarterly performance in this product line.

由於我們原本預計將在本季度交付的醫療保險案例的部分流失延遲，ReWalk 的銷售額低於我們的預期。我們正在努力縮短獲取線索、處理索賠和安排交貨的周期時間。我們預計，合格潛在客戶數量的不斷增長將為該產品線的季度業績帶來更大的可預測性。

We delivered a strong fourth quarter for the AlterG product line with particularly robust performance from international customers. Spending by clinics in the US has shown stabilization, and that trend has continued thus far into the first quarter, giving us more confidence in our expectation for AlterG sales growth in 2025.

我們在第四季度為 AlterG 產品線帶來了強勁表現，其中國際客戶的表現尤為強勁。美國診所的支出呈現穩定狀態，而且這種趨勢一直持續到第一季度，這使我們對 2025 年 AlterG 銷售成長的預期更有信心。

Next are pipeline metrics for the ReWalk product line. First, let's talk about cases in process, our number of ReWalk cases in process in the United States consists of more than 110 qualified candidates for future claims submissions, while in Germany we had 44 cases in process at the end of Q4.

接下來是 ReWalk 產品線的管道指標。首先，讓我們談談正在處理的案件，我們在美國正在處理的 ReWalk 案件數量包括 110 多個合格的未來索賠候選人，而在德國，截至第四季度末我們有 44 個案件正在處理中。

Active rentals also represent an important pipeline metric for ReWalk systems. The current pipeline of active rentals consists of 27 cases, which is broken down with 24 in Germany and 3 in the US and VHA hospitals. These ReWalk rentals with some attrition typically convert to sales within a three to six month period.

活躍租賃也是 ReWalk 系統的一個重要的管道指標。目前正在進行的租賃管道包括 27 例病例，其中德國 24 例，美國和 VHA 醫院 3 例。這些 ReWalk 租賃通常會在三到六個月內轉化為銷售。

Next, for AlterG Systems, we ended the fourth quarter with orders for 25 Uter G systems and backlog. This figure shows the seasonal decline in backlog from the third quarter of 2024 from the 2024 level as we cleared out as much as possible of the backlog and inventory to end the year. In spite of the lower backlog level at year end, we still see the market demand improving for LG, and we expect to drive growth in AlterG revenue of about 20% in the first quarter of 2025 versus the quarter of 2024.

接下來，對於 AlterG 系統，我們在第四季度結束時獲得了 25 個 Uter G 系統的訂單和積壓訂單。該圖顯示，由於我們在年底前盡可能清理了積壓訂單和庫存，因此從 2024 年第三季開始，積壓訂單量相對於 2024 年的水準出現季節性下降。儘管年底積壓訂單水準較低，但我們仍看到 LG 的市場需求正在改善，我們預計 2025 年第一季 AlterG 營收將較 2024 年第一季成長約 20%。

Moving to gross margin in the fourth quarter of 2024, our GAAP gross margin was 24.4% compared to 35.5% in the fourth quarter of 2023. This variance was primarily driven by the restructuring charge for the closure of the Fremont manufacturing facility and related expense reduction actions. On a non-GAAP basis, adjusted gross margin in the fourth quarter was 45.4% of revenue compared to 46.9% of revenue in the fourth quarter of 2023. We finished the year with adjusted gross margins slightly below our expectations, primarily due to mix of products sold in the quarter.

談到 2024 年第四季的毛利率，我們的 GAAP 毛利率為 24.4%，而 2023 年第四季為 35.5%。這種差異主要是由於關閉弗里蒙特製造工廠的重組費用和相關的費用削減行動造成的。以非公認會計準則計算，第四季調整後的毛利率為收入的 45.4%，而 2023 年第四季為 46.9%。我們本財年的調整後毛利率略低於我們的預期，這主要歸因於本季銷售的產品組合。

Particularly the higher mix of international AlterG sales which carries a lower gross margin which carries a lower gross margin in the quarter. GAAP operating expenses were $17.1 million in the fourth quarter of 2024 compared to $8.6 million in the fourth quarter of '23. This variance was largely driven by a $9.8 million dollar impairment charge on our intangible assets recorded as required by GA. Under accounting standards, intangible assets with indefinite useful lives and goodwill must be tested for impairment at least annually, or in this case, the impairment was triggered by the market value of our equity compared to our book value.

特別是國際 AlterG 銷售比例較高，導致本季的毛利率較低。2024 年第四季的 GAAP 營業費用為 1,710 萬美元，而 23 年第四季為 860 萬美元。這一差異主要是由於我們根據 GA 要求記錄的 980 萬美元無形資產減損費用造成的。根據會計準則，使用壽命不確定的無形資產和商譽必須至少每年進行一次減損測試，或者在這種情況下，減損是由我們的股權的市場價值與帳面價值相比觸發的。

Importantly, this is a non-cash charge in nature and ultimately does not affect the operating performance of our business. On a non-GAAP basis, adjusted operating expenses were $6.7 million in the fourth quarter compared to $7.0 million in the fourth quarter of 2023. This improvement is primarily due to lower marketing, general administrative expenses resulting from prior expense reduction efforts.

重要的是，這本質上是一種非現金費用，最終不會影響我們業務的經營績效。根據非公認會計準則，第四季調整後的營業費用為 670 萬美元，而 2023 年第四季為 700 萬美元。這項改善主要歸因於先前削減費用的努力所導致的行銷和一般管理費用的降低。

Excuse me, our GAAP operating loss for the fourth quarter was $15.2 million compared to an operating loss of $6.7 million in the prior year's quarter. This variance was largely driven by the aforementioned charges. On a non-GAAP basis, adjusted operating loss was $3.3 million in the fourth quarter, which improved versus the $3.8 million loss in the prior year's quarter.

對不起，我們第四季的 GAAP 營業虧損為 1,520 萬美元，而去年同期的營業虧損為 670 萬美元。這種差異主要是由上述費用造成的。根據非公認會計準則，第四季調整後的營業虧損為 330 萬美元，較去年同期的 380 萬美元有所改善。

Since the end of the year, we ended the year with $6.7 million in cash and equivalents and no debt. Subsequent to the end of the quarter, on January 8th, we raised gross proceeds of an additional $5 million which was added to our cash balance. As we will note in our Form 10-K, which we will file later today, we received a going concern qualification from our auditors as part of the 2024 audit process, reflecting their perception of the adequacy of our balance sheet to fund our business.

自年底以來，我們截至年底的現金和等價物為 670 萬美元，並且沒有債務。在本季結束後，即 1 月 8 日，我們又籌集了 500 萬美元的總收益，並將其添加到我們的現金餘額中。正如我們將在今天稍後提交的 10-K 表中所述，作為 2024 年審計流程的一部分，我們獲得了審計師的持續經營資格，這反映了他們對我們的資產負債表是否足以為我們的業務提供資金的看法。

We have already taken a number of actions to address this development. First, we initiated the Sustainable Growth Plan that Larry described earlier to reduce our cash outlays. We believe prioritizing investment in higher margin near term sales will significantly reduce our quarterly non-GAAP operating losses and cash burn rate by the second half of 2025.

我們已經採取了一系列措施來應對這一發展。首先，我們啟動了拉里之前描述的可持續成長計劃，以減少我們的現金支出。我們相信，優先投資於利潤率較高的短期銷售將顯著降低我們到 2025 年下半年的季度非 GAAP 營運虧損和現金消耗率。

Second, we are putting in place an ATM facility that will allow us to opportunistically raise capital should we determined that we need to shore up our capital base. We're also exploring other non-dilutive or minimally dilutive alternatives so that we can resolve this issue. Turning to our financial guidance for 2025, Lifeward expects full year revenue in the range of $28 million to $30 million with an adjusted gross margin between 47% to 49%.

其次，我們正在建立 ATM 設施，以便在我們確定需要鞏固資本基礎時，我們可以隨時籌集資金。我們也正在探索其他非稀釋性或最低限度稀釋性的替代方案，以便解決這個問題。談到我們對 2025 年的財務指導，Lifeward 預計全年收入在 2,800 萬美元至 3,000 萬美元之間，調整後的毛利率在 47% 至 49% 之間。

Following our efforts to rationalize our cost structure, we expect full year non-GAAP operating expenses of $22 million to $23 million down from $27.5 million in 2024. We expect these factors to drive a full year non-GAAP operating loss of $7million to $9 million. For a quarterly perspective of 2025, the first quarter is our seasonally lowest revenue quarter and will also have the highest operating expenses due to the timing of the fees and of the savings initiatives under the Sustainable Growth Plan.

為了合理化我們的成本結構，我們預計 2024 年全年非 GAAP 營業費用將從 2,750 萬美元降至 2,200 萬美元至 2,300 萬美元。我們預計這些因素將導致全年非 GAAP 營業虧損達到 700 萬美元至 900 萬美元。從 2025 年的季度來看，第一季是我們季節性收入最低的季度，並且由於費用的時間安排和可持續增長計劃下的節約舉措，也將產生最高的營運費用。

After the first quarter, we expect revenue to grow sequentially in each successive quarter from a combination of greater traction in delivering ReWalk systems, seasonally stronger quotation and sales activity for AlterG products. And the ramp of sales of MyoCycles as we execute under the expanded distribution agreement with MYOLYN.

第一季之後，我們預計，由於 ReWalk 系統交付的強勁成長、季節性更強勁的報價和 AlterG 產品的銷售活動，每季的營收都將持續成長。隨著我們與 MYOLYN 簽訂擴大分銷協議，MyoCycles 的銷售量也隨之上升。

We expect quarterly operating expenses to decline through 2025 as the full benefit of the expense actions taken under the Sustainable Growth Plan take hold. By the fourth quarter of 2025, Lifeward anticipates that the combined effect of the growing revenue and declining operating expenses will result in adjusted operating loss of approximately $1 million.

我們預計，隨著可持續成長計畫下採取的費用行動充分發揮作用，到 2025 年季度營運費用將會下降。到 2025 年第四季度，Lifeward 預計營收成長和營運費用下降的綜合影響將導致調整後的營運虧損約 100 萬美元。

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

說到這裡，我想把電話轉回給拉里，請他進一步發表評論。

Thank you, Mike. Lifeward has built a portfolio of complementary products. The technological innovations achieved with the ReWalk and the AlterG design has resulted in market leadership by addressing key unmet needs. Similarly, the MyoCycle is a more effective and easier to use design that we expect will also develop a leadership position.

謝謝你，麥克。Lifeward 已經建立了一系列互補產品。ReWalk 和 AlterG 設計所實現的技術創新解決了尚未滿足的關鍵需求，從而佔據了市場領先地位。同樣，MyoCycle 是一種更有效、更易於使用的設計，我們預計它也能佔據領導地位。

We believe the market access we have established with multiple avenues of coverage for exoskeletons are efficient distribution channels that have now developed, and a leverageable organizational footprint developed over the past two years has life uniquely positioned to capitalize on the market opportunity before us. We've charted the key tactical thrust for our product to operate in 2025. We will build on lead programs and expand penetration through internal and external partnerships.

我們相信，我們為外骨骼建立的多種覆蓋途徑的市場准入是現已開發的有效分銷渠道，並且過去兩年內開發的可利用組織足跡使我們具有獨特的優勢，可以利用擺在我們面前的市場機會。我們已經規劃了我們的產品在 2025 年運作的關鍵戰術重點。我們將在領先專案的基礎上，透過內部和外部合作擴大滲透範圍。

In late 2024 and in 2025 to date, we have expanded our US digital media program to obtain thousands of leads. We are also building leads with educational efforts and programs with key opinion leaders and through conducting local clinic days where we demonstrate the ReWalk to potential users.

從 2024 年底到 2025 年至今，我們擴大了美國數位媒體計劃，並獲得了數千條線索。我們還透過與關鍵意見領袖合作的教育活動和計畫以及在當地診所舉辦日活動來向潛在用戶展示 ReWalk，從而建立領先地位。

From these US-based programs, we presently have greater than 110 leads that are qualified as a pipeline that supports our planned growth. These leads include individuals in Medicare, workers' compensation, and with commercial players. We have so far focused on Medicare and the VA. The next stages are expanded reach into workers' compensation, followed by selected submissions to commercial insurers.

透過這些位於美國的計劃，我們目前擁有超過 110 個符合條件的線索，可以作為支持我們計劃成長的管道。這些線索包括醫療保險、工傷賠償和商業參與者中的個人。到目前為止，我們主要關注醫療保險和退伍軍人事務部。下一階段將擴大工人賠償範圍，隨後向商業保險公司提交選定的申請。

We announced this week our exclusive partnership with CoreLife to provide supply and support for individuals covered by workman's compensation. CoreLife has an extensive national patient facing organization and will be managing all leads and we'll process claims for these patients. ReWalk will deliver the systems and provide training as necessary.

本週，我們宣布與 CoreLife 建立獨家合作夥伴關係，為享受工傷賠償的個人提供供應和支持。CoreLife 擁有龐大的全國性患者組織，將負責管理所有線索，並為這些患者處理索賠。ReWalk 將提供系統並在必要時提供培訓。

In the commercial payer segment, we have qualified leads in our pipeline and will selectively submit claims to Medicare Advantage and commercial payers to request prior authorizations on a case by case basis. We also announced this week the expansion of our distribution agreement with MYOLYN. We have expanded our geographic reach and length of the agreement. The new structure allows to directly supply systems for home referrals from the clinics we work in.

在商業付款人領域，我們擁有合格的潛在客戶，並將選擇性地向醫療保險優勢計劃和商業付款人提交索賠，以逐案請求事先授權。本週我們也宣布擴大與 MYOLYN 的分銷協議。我們擴大了協議的地理範圍和期限。新的結構允許直接從我們工作的診所提供家庭轉診系統。

Previously we focused on sales in the VA and on VA users for home placements. In parallel with increased volumes, we will gain a lower price and better margins. Our AlterG focus is adding a deeper expansion to US national accounts due to the consolidation by those groups in the industry. We have established a pricing contract with one of the largest national organizations and have pilot programs now active with two other groups.

之前我們專注於 VA 的銷售以及 VA 的家庭安置用戶。隨著銷量的增加，我們將獲得更低的價格和更好的利潤。由於產業內各集團的整合，我們的 AlterG 重點正在進一步擴大美國國民帳戶的規模。我們已經與最大的國家組織之一簽訂了定價合同，並且目前正與另外兩個組織合作開展試點項目。

Beyond our efforts in our direct markets, we have moved to re-established distribution channels that have not yet recovered in the post-COVID period. Specific targets include Australia, Japan, and the Middle East. Our path for 2025 is clear. First, continuing sales growth with a mix that is most favorable with our margin goals. Second, implementation of the Sustainable Growth Plan to reduce cost in all areas of the business. Third, we maintain our reduction expenses from a full year post-integration and no new large government policy initiatives or major R&D programs.

除了在直接市場做出的努力之外，我們還轉向了後疫情時期尚未恢復的重新建立的分銷管道。具體目標包括澳洲、日本和中東。我們的2025年道路是明確的。首先，以最有利於我們利潤目標的組合繼續實現銷售成長。二是實施永續成長計劃，降低各業務領域的成本。第三，我們維持整合後全年的削減費用政策，且沒有新的大型政府政策措施或重大研發項目。

And fourth, reduction in our loss each quarter in 2025 and at or below $1 million in Q4. This progress in 2025 and the subsequent path for 2026 is a tipping point for the company for long-term financial health that was built off the investments and successes in 2024. We look forward to presenting our results each quarter.

第四，2025 年每季的虧損減少，第四季的虧損達到或低於 100 萬美元。2025 年的進展以及 2026 年的後續發展是公司長期財務健康的轉捩點，而這種健康建立在 2024 年的投資和成功之上。我們期待每季公佈我們的業績。

Thank you for your time today. I'd now like to open the call for any questions, operator.

感謝您今天抽出時間。接線員，我現在想開始回答任何問題。

(Operator Instructions)

（操作員指令）

First question comes from Yale Jen, Laidlaw & Company.

第一個問題來自 Yale Jen, Laidlaw & Company。

Good morning and thanks for taking the questions and, Larry did a great job and congrats on and the best wishes for things after ReWalk, Lifeward. And my first question is that for the 2025 guidance, how do you see the growth of each component? And is the guidance generally more conservative or you think that's okay? So that's my first question, and I have a follow up.

早安，感謝您回答問題，Larry 做得很好，祝賀你，並祝 ReWalk、Lifeward 之後一切順利。我的第一個問題是，對於 2025 年的指導方針，您如何看待每個組成部分的成長？該指導意見總體上是否比較保守，或者您認為這樣可以嗎？這是我的第一個問題，我還有一個後續問題。

Yeah, hi. This is Mike Lawless.

是的，你好。我是麥克·勞利斯。

Thanks for the question, and I'd say for the most part, the guidance reflects across the board growth across our three major product lines ReWalk, the AlterG, and the MyoCycles. In general, I'd have to say that the contribution is relatively consistent in terms of the three areas that the MyoCycles are the smallest contributor right now to our revenue and probably going to show the biggest percentage growth because of this expanded distribution agreement.

感謝您的提問，我想說，在大多數情況下，該指引反映了我們三大產品線 ReWalk、AlterG 和 MyoCycles 的全面成長。總體而言，我必須說，就這三個領域而言，其貢獻是相對一致的，MyoCycles 目前對我們的收入貢獻最小，並且可能由於擴大分銷協議而顯示出最大的百分比增長。

We're going to see, but we will definitely see growth in the other two product lines as well. Probably because of the sustainable growth strategy that we've taken, we try to strike a little bit more of a balance between the top line growth and applying more spending discipline given that the spending was heavily oriented around driving the growth in the ReWalk business.

我們將會看到，但我們肯定也會看到其他兩條產品線的成長。可能是因為我們採取了永續成長策略，我們試圖在營收成長和嚴格支出紀律之間取得平衡，因為支出主要集中在推動 ReWalk 業務的成長。

I'd say that the growth in ReWalk is going to be concentrated more heavily on some of the segments of the business where we think we're going to get paid more quickly and where we're going to have higher return and lower resource, resource consumption. So, but in general I would say across the board we're seeing, growth in all three product lines. And I think it will be more profitable and more efficient growth from those three product lines.

我想說，ReWalk 的成長將更集中在某些業務領域，我們認為這些領域我們將更快獲得報酬，我們將獲得更高的回報，並且資源和資源消耗更低。所以，但總的來說，我想說我們看到三條產品線都在成長。我認為這三條產品線將帶來更多利潤，並帶來更有效率的成長。

Okay, great. That's very helpful. Maybe just one follow up here, which is for the core life partnership, you just, consulate a few days ago, the question is that, what do you think the impact of that may have on the worker compensation part, is just a smooth, just increase the process, reduce the cost, or maybe even increase the lead. I just want to see any kind of sort of quantifier, is there any quantifiable way to look at this partnership in terms of the benefits?

好的，太好了。這非常有幫助。也許這裡只有一個後續問題，即針對核心生活夥伴關係，幾天前您剛剛在領事館提出的問題是，您認為這對工人補償部分可能產生什麼影響，只是平穩運行，增加流程，降低成本，甚至增加領先優勢。我只是想看看任何一種量化指標，有沒有可以量化的方式來從利益角度來看這種合作關係？

Yeah, this is Larry, thank you. The core program for us was very important because historically we have limited access to this really important and attractive segment and given their size and scope, they have great depth and experience in treating and working to this population. So it's a great opportunity for us to have a much larger conduit into workers' compensation.

是的，我是拉里，謝謝你。核心計畫對我們來說非常重要，因為從歷史上看，我們對這個真正重要且有吸引力的群體的接觸有限，而鑑於他們的規模和範圍，他們在治療和服務這一群體方面擁有深厚的底蘊和豐富的經驗。所以這對我們來說是一個絕佳的機會，讓我們擁有更廣闊的工人賠償管道。

And they also can process these very efficiently, so we don't have the expense of that, and we'll get paid in a reasonable cycle. There are probably a 30 to 45 day payer. Overall, the workman's compensation market is about 6% of all spinal cord injuries, and it's a group we didn't have access to. So we're very excited about this agreement and to get underway.

而且他們還能非常有效率地處理這些問題，所以我們不需要花費太多，而且我們會在合理的周期內獲得付款。大概有 30 到 45 天的付款人。整體而言，工傷賠償市場約佔所有脊髓損傷的 6%，而這是我們無法接觸到的族群。因此，我們對這項協議感到非常興奮，並希望能夠盡快開始實施。

Okay, maybe just attach one more question that I remember the prior conversation that you will have the next gen ReWalk to be introduced this year. Would that still be the goal for this year and any colors on that as well?

好的，也許我再問一個問題，我記得之前的談話中說您將在今年推出下一代 ReWalk。這仍然是今年的目標嗎？對此有什麼看法？

We believe it will be a go for this year. We're ready with the product, i's been through all testing. The final submission after some questions from the FDA in one of the rounds were all completed, so that submission went in early in this quarter. And we anticipate our clearance sometime in the first half of this year. So that next generation product, our seventh generation, we're proud of that, should be on the market, sometime this year. We would hope no later than mid-year.

我們相信今年將會成功。我們的產品已準備就緒，並已完成所有測試。在回答了 FDA 在其中一輪提出的一些問題後，最終的提交已經全部完成，因此該提交在本季度初就已提交。我們預計將在今年上半年某個時候完成清算。我們為下一代產品，也就是第七代產品感到自豪，它應該會在今年某個時候上市。我們希望不遲於年中。

Okay, great. Thanks again, congrats on all the progresses.

好的，太好了。再次感謝，恭喜所有進步。

Next question today comes from Ben Haynor, Lake Street Capital Markets.

今天的下一個問題來自 Lake Street Capital Markets 的 Ben Haynor。

Good morning, guys. Thanks for taking the questions. .

大家早安。感謝您回答這些問題。。

Just going back to the revenue guidance and some of the recent announcements, the CoreLife being one and the MyoCycle being another. Is there much factored in to the revenue guidance from those recent announcements or what's the right way to think about those?

回顧收入指導和一些最近的公告，其中之一是 CoreLife，另一個是 MyoCycle。最近的公告中是否有許多因素影響了收入預期，或如何正確考慮這些因素？

I think Mike and I will both addressed it a little bit. I'll start.

我想麥克和我都會稍微解決這個問題。我先開始。

We have factored them in, but we factored them in conservatively because with CoreLife it's a new arrangement for them and for us, but we think it has a very good potential growth for us over the course of this year and particularly as we go into future years.

我們已經把這些因素考慮在內了，但我們考慮得比較保守，因為 CoreLife 對他們和我們來說都是一個新的安排，但我們認為，在今年，尤其是在未來幾年，這對我們來說具有非常好的潛在增長。

And on a MYOLYN, we've sold that product for years, but we've been very limited where we could go with it. And it has been a great partnership for us with that product and by having access to sell in all of the places in the clinics where we're trying to place units, we now have the rights to go and sell to the people in those clinics at home, which is a bigger market. 80% of the market is home, about 20% of this clinic. So we believe there's growth in both those areas, as Mike when we expect growth in all of them.

就 MYOLYN 而言，我們已經銷售該產品多年，但是我們的應用範圍非常有限。該產品對我們來說是一次很好的合作，透過獲得在我們試圖放置設備的所有診所中銷售產品的權限，我們現在有權去那些診所的病人家中銷售產品，這是一個更大的市場。 80%的市場是家庭，大約20%是診所。因此，我們相信這兩個領域都會實現成長，正如麥克所說，我們預計所有領域都會實現成長。

We will learn how fast the uptake is for each of them as we go.

隨著我們的研究，我們將了解每種方法的吸收速度有多快。

Yeah, hi Ben, this is my, yeah, I would just echo, Larry's comments to say too that the workers' comp market, we have historically had some access but very limited access in that marketplace.

是的，嗨，本，這是我的，是的，我只是想重複拉里的評論，也就是說工人補償市場，我們在歷史上有一些進入的機會，但在那個市場上的進入機會非常有限。

And pardon me, everyone, it does appear that we have lost our speaker connection. Please stand by. We'll reconnect the line here momentarily and we'll get the call back underway. Thank you.

請各位原諒，看來我們的揚聲器連接已經遺失了。請稍候。我們將立即重新接通線路並繼續通話。謝謝。

I believe we were responding to Ben's question about the two contracts. I was just going to add that the workers' compensation to echo what Larry was saying, the workers' compensation market is a very attractive segment for us. It's one where we've had limited access in the past, but through this CoreLife agreement we have a conduit now into a much higher volume of workers' compensation cases and from standpoint of the economics of it is attractive to us because we have the opportunity now to be able to have these all these cases processed on our behalf by CoreLife, so we don't need to have the expense and the resources necessary to have the claims processed by us internally.

我相信我們正在回答本關於這兩份合約的問題。我只是想補充一點，工人賠償，以回應拉里所說的，工人賠償市場對我們來說是一個非常有吸引力的領域。過去，我們的管道有限，但透過與 CoreLife 達成的協議，我們現在可以接觸到大量的工人賠償案件，從經濟角度來看，這對我們很有吸引力，因為我們現在有機會讓 CoreLife 代表我們處理所有這些案件，這樣我們就不需要花費和資源來內部處理索賠。

So looking forward to that and then again on the biocycle side, the home market is 4 times the size of the facility-based market where we've historically been operating, so this gives us an opportunity for a much wider, more greater penetration of the overall FES bike market.

因此期待這一點，然後再次在生物自行車方面，家庭市場是我們過去一直運營的設施型市場的 4 倍，因此這為我們提供了更廣泛、更大程度地滲透整個 FES 自行車市場的機會。

Got it. That's helpful. And then in the preparatory marks, you mentioned patient attrition for ReWalk. Is there anything specific that you can point to there? I mean, is it the appeals process? Is that the patients weren't suitable anything that any common denominators there is it just kind of what you expect?

知道了。這很有幫助。然後在準備標記中，您提到了 ReWalk 的患者流失。您能指出什麼具體的事嗎？我的意思是，這是上訴程序嗎？是這些病人不適合做任何事，有什麼共同點，這只是你所期望的嗎？

I'll pick those up a little bit. They were, it was a combination of seasonal, you're going into a period where the clinics are maybe a little more busy around the holidays and trying to get things in, so some users didn't come, and a few of the others, these were essentially deferrals. They weren't necessarily lost patients, but patients who either got didn't feel well on the day that they were supposed to come in or had some other minor issue that they had to wait until it was settled.

我稍稍撿一下它們。這是季節性因素的結合，在即將進入的這段時期，診所可能會在假期期間更忙一些，並試圖吸引顧客，所以有些用戶沒有來，而其他一些人，基本上是推遲了。他們不一定是失聯的病人，而是在就診當天感到不舒服，或遇到其他小問題而需要等到問題解決的病人。

So they were just deferrals that are not unusual in this particular patient population, for some of the challenges they face.

因此，對於這個特定的患者群體來說，對於他們所面臨的一些挑戰來說，這只是延期，這並不罕見。

I think we're sort of learning that there's probably going to be some as the volume build in that business, that product line, there's probably going to be a fair degree of seasonality in the fourth quarter because of those factors that Larry cited, the just the availability of clinic time and the fact that over the holidays you got several sets of where.

我認為我們大概了解到，隨著該業務、該產品線的銷量增加，第四季度可能會出現相當程度的季節性，這是因為拉里提到的那些因素，例如診所時間的可用性，以及假期期間你會得到幾套數據。

Sorry, we're getting a lot of feedback.

抱歉，我們收到太多回饋。

Sorry about that guys.

我很抱歉，各位。

Thank you very much.

非常感謝。

Okay, thanks, man.

好的，謝謝，老兄。

And then, yeah, our next question comes from Swayampakula Ramakanth, H.C. WAINWRIGHT.

是的，我們的下一個問題來自 H.C. Swayampakula Ramakanth。溫賴特。

Thank you. Good morning, Larry and Mike, and Larry, congratulations on your retirement and you as a true marathon runner, have been putting in steady energy behind ReWalk slash life and I've certainly gotten to the company to a sustainable growth stage. So congratulations on that end as well, and I'm sure I'll be seeing you around in the industry.

謝謝。早安，拉里和邁克，拉里，祝賀你們退休，作為一名真正的馬拉松運動員，你一直為 ReWalk 和生活付出著穩定的能量，我也確實讓公司進入了可持續發展階段。所以我也祝賀你，我相信我會在業界見到你。

So in terms of questions or my questions on the quarter and the year, so based on your experience with the reimbursements from the Medicare programs. So what are the learnings that you've gotten so far, and do you think the cycle, the reimbursement cycle is smooth as of now? And how are you taking this information in your to to the private players when you're discussing for reimbursement from them?

因此，關於本季和本年度的問題或我的問題，是基於您對醫療保險計劃報銷的經驗。那麼到目前為止您得到了什麼經驗呢？您認為到目前為止的周期、報銷週期是否順利？當您與私人玩家討論報銷事宜時，您是如何將這些訊息傳達給他們的？

Okay. Well, we've learned that the cycle with the Medicare groups has been a little longer, than we expected, as they learn this particular industry and product line, and we anticipate that cycle will shorten. I think sometimes we've given the metrics of numbers of days that this takes, and we are looking to cut that down as much as we can, what we have done with the Medicare, it has been a baseline, which has been helpful with us as we go to the privates because generally and commercial payers, the quality of the package that we have to put together is extensive.

好的。嗯，我們了解到，隨著醫療保險集團了解這個特定的行業和產品線，與我們預期的相比，他們的周期要長一些，我們預計這個週期會縮短。我認為有時我們已經給出了所需天數的指標，我們希望盡可能地減少這個數字，我們對醫療保險所做的就是建立一個基線，這對我們很有幫助，因為一般來說，對於私人和商業付款人來說，我們必須整合的品質套餐是廣泛的。

So we're finding with CMS, for example, with the work with comp patients as comparison is one of the private groups, we have more than enough data for everything they need and they're processing more quickly on the commercial side. We anticipate over time CMS will get more efficient and effective as they know the products, and I think on the commercial side that path seems to be a little bit shorter.

因此，我們發現，以 CMS 為例，在與私人團體之一的比較中，我們擁有足夠的數據來滿足他們所需的一切，而且他們在商業方面的處理速度更快。我們預計，隨著時間的推移，CMS 將變得更加高效和有效，因為他們更了解產品，而且我認為從商業方面來看，這條路似乎更短。

Okay, and then I know a few of the commentators have already asked you questions on the workers' comp side of the business, but, my question is a little bit on the strategy. I know you always had this, part of the business segment, but it looks like you're getting to put, more resources behind it in terms of trying to get these transactions done.

好的，我知道一些評論員已經向您詢問了有關工人補償方面的問題，但是我的問題與策略有關。我知道你們一直有這個事業部門，但看起來你們要投入更多資源來完成這些交易。

Is this more of a long term strategy so that you can buttress any losses, from how the federal government is trying to expenses, and so there's a potential for loss on the Medicare side. Is that is that part of the strategy here, or is this natural progression of the market itself that you have eligibility to?

這是否更像是一種長期策略，以便您可以支撐任何損失，從聯邦政府如何試圖增加開支，到醫療保險方面可能出現的損失。這是這裡策略的一部分嗎，或者這是您有資格參與的市場本身的自然發展？

Yeah, it's not a reaction at all to the federal government pieces. We still see those working in our favor. It is really driven by opportunity and having a portfolio of products where two of them, are now accretive to the business, allows us to build the business in a good way, in an efficient way.

是的，這根本不是對聯邦政府措施的反應。我們仍然看到那些為我們謀福利的人。這實際上是由機會驅動的，我們擁有一系列產品，其中兩種產品現在對業務具有增值作用，使我們能夠以良好、高效的方式開展業務。

The field team and organization we've been able to leverage a lot of that with the three product lines. And the ability to grow both of those through the expanded agreement with MYOLYN because it's a product that's fabulous and we believe we're bringing much bigger resources than they have the ability to do so we will be able to grow it, which will benefit both us and MYOLYN.

我們已經能夠利用三條產品線充分利用現場團隊和組織的優勢。透過與 MYOLYN 擴大協議，我們能夠同時發展這兩項業務，因為這是一款非常棒的產品，而且我們相信，我們帶來的資源比他們能夠提供的多得多，因此，我們將能夠發展它，這對我們和 MYOLYN 都有利。

And on the AlterG side, we are seeing the market recover and we are also seeing that we had to change the structure to go after these national accounts and many of the chains when historically it's been sold by individual cases. So by resourcing that we believe we get that business on the track. We expected it to be as an accreted part of the company to help get us to profitability and combining the three product lines is the quickest and most effective path for this company to get to break even.

在 AlterG 方面，我們看到市場正在復蘇，我們也看到我們不得不改變結構來追逐這些全國性帳戶和許多連鎖店，而歷史上它是按個案出售的。因此，我們相信，透過提供資源，我們可以讓業務步入正軌。我們希望它成為公司的增值部分，幫助我們獲利，而結合這三條產品線是該公司實現收支平衡的最快、最有效的途徑。

Thank you, thanks for taking all my questions and talk to you soon.

謝謝，感謝您回答我的所有問題，我們很快就會再聊。

And we do have a follow up from Yale Jen, Laidlaw & Company.

我們確實得到了 Yale Jen, Laidlaw & Company 的後續報導。

Hi. Thanks for taking up the follow-up questions. Just a quick one here. Firstly, in terms of the CoreLife, collaborations, what's the term of the deal, in terms of that as well as that. In terms of the one with the model that you will be able to get of the home use side of the business which is a much larger, but would that also increase your marketing expense or to fully sort of leverage or explore that?

你好。感謝您回答後續問題。這裡只是簡單說一下。首先，就 CoreLife 合作而言，交易條款是什麼，以及那方面。就該模型而言，您將能夠獲得更大的家庭使用業務，但這是否也會增加您的行銷費用或充分利用或探索這一點？

Well, the scope of the CoreLife initially is strictly with the the ReWalk workers' compensation, and, given their size and their depth of connection, they're going places we can't go and it's certainly will not increase our marketing expenses as we'll just be using materials directly and we will no longer be having to pursue those, so we'll actually reduce some of our expense because they'll be taking that on they are an extensive national network in just about every major area of the country for workmen's compensation, and they already have those relationships.

嗯，CoreLife 的範圍最初僅限於 ReWalk 工傷賠償，鑑於他們的規模和聯繫深度，他們會去我們無法到達的地方，而且這肯定不會增加我們的營銷費用，因為我們會直接使用材料，而不再需要追求這些，所以我們實際上會減少一些費用，因為他們將承擔這項工作，他們在全國幾乎每個主要地區都有廣泛的工傷賠償網絡。

So it's really going to be much more efficient for us and the way the contract has worked, it's much more favorable to us financially we believe than trying to do it ourselves.

所以，這對我們來說確實會更有效率，而且我們相信，按照合約的方式，這比我們自己嘗試做從財務上更有利。

Would they also get some profits or other compensation, otherwise it will go to you guys, beforehand?

他們是否也會獲得一些利潤或其他補償，否則這些會先歸你們所有？

They will, well, the processing with them is going to be more efficient with them because they have extensive, they have these large groups already in place and the economics of it we're quite happy with the terms of the deal. We didn't go through the details of it but we find that it is a more profitable segment for us overall, particularly when you look over the five year life of the product as we see a focus with those groups and a willingness to pay for the things that are required to service and take care of the warranty of the product over a five year cycle. So it's a favorable financial outcome both for us and for CoreLife.

嗯，與他們的合作將會更加高效，因為他們已經擁有龐大的團隊，從經濟角度而言，我們對交易條款感到非常滿意。我們沒有詳細討論它，但我們發現，總體而言，這對我們來說是一個更有利可圖的部分，特別是當你回顧產品的五年生命週期時，我們看到這些群體的關注以及他們願意為五年周期內維修和保修所需的費用付費。因此，這對我們和 CoreLife 來說都是一個有利的財務結果。

And just the internal model that with the expanded with the product offer with a much larger market, would that increase your sort of marketing or or sales expense?

而只是內部模型，隨著產品供應的擴大和市場的擴大，這會增加你的行銷或銷售費用嗎？

It will not increase sales and marketing expense. It will increase our revenue.

不會增加銷售和行銷費用。這將增加我們的收入。

Okay, that's a good one.

好的，這個很好。

It's a greatly simplified business model to work through CoreLife as opposed to doing it ourselves, as I mentioned. So, the economics are consistent, if not better than doing it ourselves.

正如我剛才所說，透過 CoreLife 開展工作而不是我們自己開展工作是一種大大簡化的商業模式。因此，從經濟角度來看，這是一致的，甚至比我們自己做更好。

Okay, great. That's very helpful. Again, thanks for taking my follow-up questions.

好的，太好了。這非常有幫助。再次感謝您回答我的後續問題。

Thank you. And this concludes the question and answer session. I'd like to turn the call back over to Larry Jasinski for closing remarks.

謝謝。問答環節到此結束。我想將電話轉回給 Larry Jasinski 來做最後發言。

Mr. Jasinski, do you have any closing remarks?

賈辛斯基先生，您還有什麼結束語嗎？

Yes, thank you, everybody. And what I'd like to do is close a little bit on the 2025 plans. In particular, our 2025 Sustainable Growth Plan, it strikes a balance between top line growth and spending discipline, and we believe that's what's needed in this segment at this point. We will be more selective in the growth we're seeking. We'll prioritize our investments to generate revenue that's higher margin and using more resources as examples of what we talked about with CoreLife.

是的，謝謝大家。我想做的是稍微完成一下 2025 年計畫。特別是我們的 2025 年永續成長計劃，它在營收成長和支出紀律之間取得了平衡，我們相信這正是該領域目前所需要的。我們將更有選擇性地尋求成長。我們將優先考慮我們的投資，以創造更高利潤的收入並使用更多的資源，就像我們與 CoreLife 談論的那樣。

And as we develop the ReWalk market market further and we establish more third party relationships with the centers, we will re-accelerate our investments there to stimulate higher, more efficient growth in the future. So we believe this is the right path for where ReWalk is today. In the short term while this means a little less top line growth, it measures into better bottom line performance, which is our key goal for this year.

隨著我們進一步開發 ReWalk 市場並與中心建立更多的第三方關係，我們將重新加快在那裡的投資，以刺激未來更高、更有效率的成長。因此我們相信，這是 ReWalk 目前所走的正確道路。從短期來看，雖然這意味著營收成長會略有放緩，但卻可以帶來更好的獲利表現，而這正是我們今年的主要目標。

With that, I thank everybody for joining us today, and I really do look forward to being able to present the results of what we're set out in the next quarter and the following quarters. Thanks.

最後，我感謝大家今天的參與，我非常期待能夠在下個季度以及接下來的幾季展示我們所製定的業績。謝謝。

Thank you, sir. This includes today's conference call. We thank you all for attending today's presentation. You may now disconnect your minds and have a wonderful day.

謝謝您，先生。其中包括今天的電話會議。我們感謝大家參加今天的演講。現在您可以放鬆心情，享受美好的一天。