Lifeward Ltd (LFWD) 2025 Q1 法說會逐字稿

Good day and welcome to the Q1 2025 Lifeward Inc earnings conference call. (Operator Instructions). Please note this event is being recorded. I would now like to turn the conference over to Mike Lawless, Chief Financial Officer. Please go ahead.

大家好，歡迎參加 2025 年第一季 Lifeward Inc 收益電話會議。（操作員指令）。請注意，此事件正在被記錄。現在我想將會議交給財務長 Mike Lawless。請繼續。

Good morning and welcome to Lifeward's first quarter of 2025 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.

早安，歡迎參加 Lifeward 2025 年第一季財報電話會議。我是 Lifeward 的財務長 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。

Earlier this morning, Lifeward issued a press release detailing financial results for the three months ended March 31, 2025, which, along with this call, discussed certain non-GAAP information. I would ask you to review the text of our forward-looking statements from this morning's press release.

今天早些時候，Lifeward 發布了一份新聞稿，詳細介紹了截至 2025 年 3 月 31 日的三個月的財務業績，並在本次電話會議上討論了一些非 GAAP 資訊。我想請您閱讀我們今天上午新聞稿中的前瞻性聲明文字。

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. A replay will be available shortly after the completion of the call, accessible from the dialing information in today's press release. The archive webcast will be available in the investor relations section of our website.

我們預計將在本次電話會議中做出預測，但實際結果可能會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。通話結束後不久將提供重播，可透過今天新聞稿中的撥號訊息存取。存檔網路廣播將在我們網站的投資者關係部分提供。

For the benefit of those who may be listening to the replay or the archived webcast, this call was held and recorded on May 15, 2025. Since that date, Lifeward may have made subsequent announcements related to the topics discussed. So please reference the most recent press releases and the SEC filings for the most up to-date information. And with that, I'll turn the call over to Larry.

為了方便那些可能正在收聽重播或存檔網路廣播的人，本次通話於 2025 年 5 月 15 日舉行並錄製。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，請參考最新的新聞稿和美國證券交易委員會 (SEC) 文件以獲取最新資訊。說完這些，我會把電話轉給拉里。

Thank you, Mike. Welcome, everyone. Thank you for being with us today. As we've discussed before, Lifeward is laser focused on defining long-term access to our life-changing technologies and making meaningful progress on our path towards profitability.

謝謝你，麥克。歡迎大家。感謝您今天與我們同在。正如我們之前討論過的，Lifeward 專注於定義對我們改變生活的技術的長期訪問，並在實現盈利的道路上取得有意義的進展。

We continue to make strides on these objectives in the first quarter, so let me break this down into three focused areas, profitable revenue growth, tight expense control and cash management, and a smooth leadership transition. First, profitable revenue growth. Q1 revenues for $5 million. We have a seasonal business and we set expectations in Q1 that it will be the slowest of the year.

我們在第一季繼續朝著這些目標邁進，因此，讓我將其分為三個重點領域：獲利收入成長、嚴格的費用控制和現金管理以及平穩的領導層過渡。一是獲利收入成長。第一季營收為 500 萬美元。我們的業務具有季節性，我們預計第一季將是一年中最慢的季度。

Q1 revenues were down 300,000 year on year, but 2024 included a block of catch-up revenues for 2023. In reality, the life of business was up year on year. Mike will go into more detail on this in his section. We have made important progress that propel growth in the subsequent quarters in the United States, including the FDA clearance of the Rewalk 7, our next generation exoskeleton.

第一季營收年減 30 萬，但 2024 年的收入彌補了 2023 年的損失。事實上，企業壽命逐年提高。麥克將在他的部分中對此進行更詳細的介紹。我們取得了重要進展，推動了美國接下來幾季的成長，包括 FDA 批准我們的下一代外骨骼 Rewalk 7。

The first approval of a claim for Rewalk 7 by a commercial health insurance company. A partnership with CorLife to drive profitable progress in the workers' compensation segment for Rewalk and expansion of our MyoCycle distribution rights, which are highly synergistic for our field sales team.

商業健康保險公司首次批准 Rewalk 7 的索賠。與 CorLife 合作推動 Rewalk 在工人賠償領域的獲利成長，並擴大我們的 MyoCycle 分銷權，這對我們的現場銷售團隊具有高度的協同作用。

Internationally, the Real contract with Barmer in Germany is important both in and of itself, as well as a model for working with other insurers in Germany, and we've expanded partnerships with our Alter G distributors, including for new business partners. We're excited about the metrics for the coming quarters. Key measurements are we have over 120 qualified leads in our US pipeline, up over 70% from just two quarters ago.

在國際上，Real 與德國 Barmer 簽訂的合約本身就很重要，也是與德國其他保險公司合作的典範，而且我們擴大了與 Alter G 經銷商的合作夥伴關係，包括尋找新的業務合作夥伴。我們對未來幾季的指標感到興奮。關鍵指標是我們在美國通路中擁有超過 120 個合格銷售線索，比兩個季度前增加了 70% 以上。

We also have a record number of 36 Rewalk rentals underway, primarily in Germany, and these rentals are the leading indicator of future sales. Alter G is growing with the new neo line and has grown by 19% and 17% in the last two quarters. These measurements give us confidence in the growth we will see in our business going forward. Second category, tight, expense control and cash management.

我們還擁有創紀錄的 36 輛 Rewalk 租賃車輛，主要在德國，這些租賃車輛是未來銷售的領先指標。Alter G 憑藉新款 neo 系列不斷發展，在過去兩個季度分別成長了 19% 和 17%。這些指標讓我們對未來業務的成長充滿信心。第二類，嚴格的費用控制和現金管理。

We have taken multiple actions to reduce expenses through efficiency with the highest consideration on the return on investment of the use of cash. Key elements include headcount, facilities, cost of goods, consolidation of functions into a single operating entity, and operating initiatives.

我們採取多項措施，透過提高效率來減少開支，並最重視現金使用的投資回報。關鍵要素包括員工人數、設施、商品成本、將職能合併到單一營運實體以及營運計畫。

This equates to a Q1 25% reduction in operating loss, and we expect that reductions will accelerate as savings phase in and revenue grows during Q2, Q3, and Q4. For cash management, a key factor is obtaining improved predictability from the Medicare administrative contractors or the max.

這相當於第一季的營業虧損減少了 25%，我們預計，隨著第二季、第三季和第四季的節省和收入的成長，虧損減少的速度將會加快。對於現金管理，一個關鍵因素是從醫療保險管理承包商或最高管理層獲得更高的可預測性。

And we have seen more leads moving through our system, we have worked collaboratively with the collaboratively with the Macs for definition that will move our submissions more predictably and quickly to all the Macs in parallel.

我們看到越來越多的線索透過我們的系統流動，我們與 Mac 進行了合作，以便將我們的提交更加可預測、更加快速地並行移動到所有 Mac。

Based on our recent interactions, it is our understanding that the MACs have agreed on a uniform set of claims data and approval criteria which we believe will enable faster and more consistent claims decisions which will result in more timely payment. We expect to resolve a significant amount of our past claims and a shorter cycle timeline for approval and payment of future claims.

根據我們最近的互動，我們了解到 MAC 已經就一套統一的索賠數據和批准標準達成一致，我們相信這將使索賠決策更快、更一致，從而更及時地付款。我們期望解決大量過去的索賠，並縮短未來索賠的批准和支付週期。

And then third, smooth leadership transition. On my last conference call, I announced that I would be retiring from lifeward mid-year and would be assisting in the transition to a new CEO. The company has built the foundation and has the team required and is in a position to execute. The heart and soul for a sustainable business is in place.

第三，領導階層平穩過渡。在我上次電話會議上，我宣布將於年中從 Lifeward 退休，並協助新 CEO 的過渡。該公司已經建立了基礎，擁有所需的團隊並有能力執行。永續發展業務的核心和靈魂已經到位。

Although we will not be discussing additional details on this during the call today, this remains my and the company's intent, and we are together are excited about what the future will bring. With that introduction, I'd like to turn it back over to Mike.

雖然我們不會今天在電話會議上討論這方面的更多細節，但這仍然是我和公司的意圖，我們對未來將要發生的一切感到興奮。介紹完畢後，我想將發言權交還給麥克。

Thank you, Larry. I'm going to discuss the results on both a GAAP and non-GAAP basis which excludes the items listed in the reconciliation tables provided in today's earnings release. We believe 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 and the reconciliation tables as I discussed the first quarter results.

謝謝你，拉里。我將在 GAAP 和非 GAAP 基礎上討論結果，其中不包括今天的收益報告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地追蹤業務基本表現的手段。當我討論第一季的結果時，我鼓勵您參考 GAAP 結果和對帳表。

Lifeward reported revenue of $5.0 million in the first quarter of 2025 compared to $5.3 million in the first quarter of 2024. This comparison obscured the underlying operational progress that Lifeward is making. As you may recall a year ago at the end of the first quarter of 2024, CMS announced the final Medicare pricing for personal exoskeletons.

Lifeward 報告稱，2025 年第一季的收入為 500 萬美元，而 2024 年第一季的收入為 530 萬美元。這種比較掩蓋了 Lifeward 正在取得的潛在營運進展。您可能還記得，一年前，也就是 2024 年第一季末，CMS 宣布了個人外骨骼的最終醫療保險定價。

This announcement triggered our ability to recognize revenue for all prior Medicare sales that had been made, whether they took place in 2023 or the first quarter of 2024. The portion of revenue recognized in the first quarter of 2024 derived from Medicare sales in 2023 was about $500,000. On an apple-to-apple basis, to compare results in the first quarter of 2025.

此公告觸發了我們確認所有先前進行的醫療保險銷售收入的能力，無論這些銷售發生在 2023 年還是 2024 年第一季。2024 年第一季確認的收入中來自 2023 年醫療保險銷售的部分約為 50 萬美元。以同類方法比較 2025 年第一季的結果。

Versus the activity that actually took place in the first quarter of 2024 results in a comparison of $5 million of revenue in the first quarter of 2025 versus $4.8 million in the first quarter of 2024. Now I'd like to get into a little more detail about the breakdown of revenue.

與 2024 年第一季實際發生的活動相比，2025 年第一季的營收為 500 萬美元，而 2024 年第一季的營收為 480 萬美元。現在我想更詳細地介紹一下收入的細項。

In the most recent quarter, revenue from sales of former Rewalk robotics products and services, including ReWalk Exoskeletons, MyoCycles, and ReStore Exo-Suits was $1.6 million, while revenue from Alter G products and services was $3.4 million.

最近一個季度，Rewalk 前機器人產品和服務（包括 ReWalk Exoskeletons、MyoCycles 和 ReStore Exo-Suits）的銷售收入為 160 萬美元，而 Alter G 產品和服務的收入為 340 萬美元。

We experienced significant improvement in Rewalk sales to Medicare beneficiaries, with over 10 units placed, a higher quarterly total than any in the past year. The pipeline of qualified leads that we have built over the past 12 months. Totals over 120 cases and is maturing with a greater proportion of cases reaching the later stages of the claims preparation process that can be converted into placements and sales in the future.

我們向醫療保險受益人銷售的 Rewalk 數量顯著增加，銷售量超過 10 台，比去年任何一季的銷售總量都高。我們在過去 12 個月內建立的合格潛在客戶管道。總計超過 120 個案例，並且正在逐漸成熟，其中大部分案例已進入索賠準備過程的後期階段，可以在未來轉化為安置和銷售。

We delivered a strong first quarter for the Alter G product line with growth of 19% versus the first quarter of 2024, driven by continued robust performance from sales to international customers. In fact, we had market demand to sell more units, but we experienced temporary supply constraints due to our transition to our contract manufacturer.

我們在第一季為 Alter G 產品線帶來了強勁表現，與 2024 年第一季相比成長了 19%，這得益於對國際客戶的銷售持續強勁表現。事實上，我們有銷售更多產品的市場需求，但由於我們向合約製造商轉型，我們遇到了暫時的供應限制。

Alter G sales are seasonally the lowest in the first quarter, but in spite of this, we continue to see signs that the US market is firming based on the healthy level of high probability leads in our pipeline. Next, I will discuss pipeline metrics for the Rewalk product line where we see very positive leading indicators for future growth.

Alter G 的銷售額在第一季是季節性最低的，但儘管如此，我們仍然看到美國市場正在走強的跡象，這基於我們通路中高機率潛在客戶的健康水平。接下來，我將討論 Rewalk 產品線的管道指標，我們看到了未來成長的非常積極的領先指標。

Our number of Rewalk cases in process in the United States rose to more than 125 qualified candidates for future claims submissions, up over 70% in the past two quarters, while Germany had 47 cases in process at the end of Q1, up 3 from the end of 2024.

我們在美國正在處理的 Rewalk 案件數量上升至 125 多個，符合未來索賠條件的候選人數量在過去兩個季度中增長了 70% 以上，而德國在第一季末有 47 起案件正在處理中，比 2024 年底增加了 3 起。

Active rentals also represent an important pipeline metric for Rewalk systems. The current pipeline of active rentals increased by 9 in the past quarter to 36 cases, which has broken down with 34 in Germany and 2 in the US at VHA hospitals. These Rewalk rentals with some attrition typically convert to sales within a three months to six months period.

活躍租賃也代表了 Rewalk 系統的一項重要管道指標。目前，活躍租賃管道在過去一個季度增加了 9 個，達到 36 個案例，其中德國 VHA 醫院有 34 個，美國 VHA 醫院有 2 個。這些 Rewalk 租賃業務雖然有一定程度的流失，但通常會在三至六個月內轉換為銷售。

For Alter G Systems, we ended the first quarter with orders for 27 systems and backlog and an active pipeline of high probability leads. Moving to gross margin in the first quarter of 2025, our GAAP gross margin was 42.2% compared to 26.4% in the first quarter of 2024. On a non-GAAP basis, adjusted gross margin was 42.2% of revenue compared to 33.7% of revenue. For the prior year's quarter.

對於 Alter G Systems，我們在第一季結束時獲得了 27 個系統的訂單和積壓訂單以及高機率線索的活躍管道。2025 年第一季的毛利率為 42.2%，而 2024 年第一季為 26.4%。以非公認會計準則計算，調整後的毛利率為收入的 42.2%，而先前為收入的 33.7%。針對上一年度的一個季度。

The margins in the first quarter of 2025 are below our expectations primarily due to volume and mix of Reebok products sold in the quarter, which affected our ability to leverage our fixed overhead costs combined with lower margins for Alter G products due to some transitional costs for the move of production to a contract manufacturer.

2025 年第一季的利潤率低於我們的預期，主要是因為本季銷售的銳步產品的數量和組合影響了我們利用固定間接成本的能力，再加上將生產轉移到合約製造商的一些過渡成本導致 Alter G 產品的利潤率較低。

GAAP operating expenses were $7.0 million for the first quarter of 2024 compared to $7.9 million in the first quarter of the first quarter of 2025 compared to $7.9 million in the first quarter of 2024. On a non-GAAP basis, adjusted operating expenses were $6.7 million compared to $7.3 million for the same.

2024 年第一季的 GAAP 營運費用為 700 萬美元，而 2025 年第一季為 790 萬美元，而 2024 年第一季為 790 萬美元。以非公認會計準則計算，調整後的營業費用為 670 萬美元，而去年同期為 730 萬美元。

This improvement is primarily attributed to the realization of cost savings from the closure of two sites and the integration of Alter G as well as lower development costs from the completion of the Rewalk 7 and the AlterG NEO development programs.

這項改善主要歸因於關閉兩個站點和整合 Alter G 所帶來的成本節約，以及完成 Rewalk 7 和 AlterG NEO 開發計劃所帶來的開發成本降低。

Our GAAP operating loss for the first quarter was $4.9 million compared to $6.5 million in the prior year's quarter. On a non-GAAP basis, adjusted operating loss was $4.6 million versus $5.5 million for the same periods.

我們第一季的 GAAP 營業虧損為 490 萬美元，去年同期為 650 萬美元。以非公認會計準則計算，調整後的營業虧損為 460 萬美元，而同期為 550 萬美元。

We ended the quarter with $5.7 million in cash and equivalents and no debt. Subsequent to the end of the first quarter, we raised proceeds of an additional $500,000 through our ATM facility, which added to our cash balance. With that, I'd like to turn the call back over to Larry for future remarks.

本季末，我們擁有 570 萬美元的現金及等價物，且沒有債務。第一季結束後，我們透過 ATM 設施額外籌集了 50 萬美元，這增加了我們的現金餘額。說完這些，我想把電話轉回給拉里，讓他稍後再發言。

Thank you, Mike. Based on the results of Q1. I reaffirm our guidance of sales between $28 million to $30 million for 2025. And our anticipation that the combined effect for the full year of growing revenue and declining operating expenses will result in a Q4 adjusted operating loss of approximately $1 million. Before we open this up to your questions, I would like to reflect again on what we have accomplished at Lifeward.

謝謝你，麥克。根據第一季的結果。我重申我們對 2025 年銷售額在 2,800 萬至 3,000 萬美元之間的預期。我們預計，全年營收成長和營運費用下降的綜合影響將導致第四季度調整後的營運虧損約為 100 萬美元。在回答您的問題之前，我想再次回顧一下我們在 Lifeward 所取得的成就。

In this life-changing journey, we have provided approximately 1,000 Rewalk systems spread over five generations of the product. We successfully gained regulatory clearances from the FDA and the EU. To establish and grow this industry, we led the path of the development of government policy and insurance coverage that are essential to enable access for the people who desire to walk again.

在這段改變生活的旅程中，我們提供了分佈在五代產品的約 1,000 個 Rewalk 系統。我們成功獲得了 FDA 和歐盟的監管許可。為了建立和發展這個行業，我們引領了政府政策和保險覆蓋的發展，這對於讓那些希望再次行走的人們能夠獲得幫助至關重要。

We have built a business with the Rewalk, the AlterG NEO, and the MyoCycles that collectively are nearing $30 million in revenue on a, as a medical technology agent of change that has given people improved health and better lives. The first quarter with its progress on Rewalk sales and Alter G sales.

我們透過 Rewalk、AlterG NEO 和 MyoCycles 建立了業務，這些產品的總收入接近 3000 萬美元，作為醫療技術變革的推動者，我們幫助人們改善了健康，改善了生活。第一季 Rewalk 銷售和 Alter G 銷售均取得進展。

Improvement in operating performance and the demonstration of key capabilities that we will require in order to succeed in the future so we are on the right path and we will achieve steady progress towards our goals, and this is only the beginning. So thank you for your time today. I'd now like to open a call up to any questions.

經營業績的提升和未來取得成功所需的關鍵能力的展示，使我們走在正確的道路上，並朝著我們的目標穩步前進，而這僅僅是一個開始。非常感謝您今天抽出時間。現在我想開始回答任何問題。

We will now, yes, we will now begin the question-and-answer session. (Operator Instructions). Our first question comes from Yale Jen of Laidlaw & Company. Go ahead, please.

是的，我們現在開始問答環節。（操作員指令）。我們的第一個問題來自 Laidlaw & Company 的 Yale Jen。請繼續。

Good morning and thanks for taking the questions. We have two here. The first question is that, given that you have an international business and have revenue come all over the world, what is, what's your initial assessment in terms of the recent tariff situations? I know it's still not fully settled, but nevertheless, any comments on that and then I have a follow up question.

早上好，感謝您回答問題。我們這裡有兩個。第一個問題是，鑑於貴公司擁有國際業務並且收入來自世界各地，您對最近的關稅情況有何初步評估？我知道事情還沒有完全解決，但無論如何，如果對此有任何評論，我還有一個後續問題。

We certainly are well spread out for both terms of supply and revenue across the world, so this is something that we've monitored very carefully. What we have done internally is plan on the supply side for all. Alternatives within market and so that is a pathway that we have as the Rewalk is primarily produced in Israel, it is not being affected at the same level and we've been reasonably stable there.

我們的供應和收入在世界各地都分佈得很廣，因此我們對這一點進行了非常仔細的監控。我們內部所做的就是為所有人制定供應方面的計劃。市場內的替代品，這是我們的一條途徑，因為 Rewalk 主要在以色列生產，它不會受到同等程度的影響，而且我們在那裡一直相當穩定。

And then of course the key question for us is impact on revenue, which we have not yet seen. And our primary business for the Rewalk United States and Germany. It's a little more controlled. We don't have much in Asia and the Alter G is again primarily an international business with the strongest base in Europe. So we're monitoring it closely and preparing for it.

當然，對我們來說關鍵的問題是其對收入的影響，而我們還沒有看到這一點。而我們的Rewalk主要業務為美國和德國。它更加受控制一些。我們在亞洲的業務不多，而 Alter G 主要是一家國際企業，其最強大的基礎在歐洲。因此我們正在密切監視並做好準備。

Okay, great. That's very helpful. Maybe just one more question here, which is that you reiterate the guidance for the year, topline guidance for the year, and the first quarter revenue seems to be slightly lower than some of the expected. So, what will be the confidence then to support the hypothesis that the full year revenue will be within the range as you stated already and thanks.

好的，太好了。這非常有幫助。也許這裡還有一個問題，那就是您重申了今年的指導，今年的總收入指導，第一季的收入似乎略低於一些預期。那麼，有什麼信心可以支持全年收入將在您已經提到的範圍內的假設呢？謝謝。

Well, we expect the first quarter is seasonally always a little low for us because we always have strong Q4s, particularly with the Alter G, but our confidence is very much based on the momentum we see first in the Alter G product line, growing, as I said, we're 70% and 90% in the last two quarters, and on the Rewalk product line between the depth of leads that we have in the United States, the rentals.

嗯，我們預計第一季的季節性表現對我們來說總是有點低，因為我們的第四季度表現總是很強勁，尤其是 Alter G，但我們的信心很大程度上基於我們在 Alter G 產品線上首先看到的勢頭，正如我所說，我們在過去兩個季度的增長率為 70% 和 90%，而在 Rewalk 產品線上，我們在美國租賃量之間的潛在深度和租賃量。

We see in Germany and the addition of a significant partnership with CorLife plus our first commercial pay are all factors that see this growing. So we see our annual totals unchanged and are very comfortable because we have a pipeline better than anything we've ever had before.

我們看到，在德國，與 CorLife 建立的重要合作夥伴關係以及我們的第一筆商業支付都是推動這一成長的因素。因此，我們看到我們的年度總數沒有變化，而且我們感到非常舒服，因為我們擁有比以前任何時候都要好的管道。

Okay, maybe just squeezing one more, sorry about that, which is you just mentioned that in the fourth quarter of this year and you can you anticipate that just that loss could be around a million dollars, which is certainly a good news compared to the models we have at this point. Again, could you give us a little bit more color, for that expectation.

好的，也許我再多說一點，很抱歉，您剛才提到今年第四季的損失可能在一百萬美元左右，與我們目前的模型相比，這無疑是一個好消息。再次，您能否為我們提供更多關於這項期望的詳細資訊。

Yeah, sure. So I think we sort of articulated that that you know we need to get to a certain break even revenue run rate in order to be able to you know get to that level that we want and with the cost actions that we've taken. Particularly the one that was most recently in the at the end of Q4 when we closed the facility in Fremont and the other facility that we had from the AlterG acquisition.

是的，當然。所以我認為我們已經明確表示，我們需要達到一定的損益兩平收入運作率，才能達到我們想要的水平，並採取我們已經採取的成本行動。特別是最近一次，在第四季度末，我們關閉了位於弗里蒙特的工廠以及從 AlterG 收購中獲得的另一個工廠。

We've been able to bring down our break-even revenue quite a bit and so the math the way to think about it, I think is that that approaching roughly $10 million a quarter or $40 million in a year should enable us to get to break even.

我們已經能夠將盈虧平衡收入降低很多，因此，從數學角度來考慮，我認為，接近每季 1000 萬美元或一年 4000 萬美元應該能夠讓我們實現盈虧平衡。

Level and so we anticipate that in by Q4 with the natural growth in the business with the backlog and the lead generation that we're experiencing right now combined with some of the seasonality which favors the back half of our year year's performance that those factors will all contribute to our revenue growth. Q4 and at the same time we're going to be experiencing continued reduction in our operating expenses.

水平，因此我們預計，到第四季度，隨著業務的自然增長、積壓訂單和我們現在正在經歷的潛在客戶生成，再加上一些有利於我們下半年業績的季節性因素，這些因素都將有助於我們的收入增長。第四季度，我們的營運費用將持續減少。

We did not see the full impact of the cost savings in Q1 that we will yield from all of the actions that we've taken just because some of them are kind of phasing in over the course of the first half of this year. So we'll see. Benefit in Q2 and beyond as we get through the second half of the year.

我們並沒有看到我們採取的所有行動在第一季帶來的成本節約的全部影響，因為其中一些措施將在今年上半年逐步實施。我們拭目以待。隨著我們進入下半年，我們將在第二季及以後受益。

So it's really a combination of the increase in the revenue combined with the ration rationalization of our cost structure and the leaner, more efficient cost structure that we're going to have, which is going to result in our ability to really narrow that operating loss.

因此，這實際上是收入增加、成本結構合理化和更精簡、更有效率的成本結構的結合，這將使我們能夠真正縮小營運虧損。

Okay, great, that's very helpful. I appreciate it and we get back to the queue.

好的，太好了，這非常有幫助。我很感激，我們回到隊列。

Our next question comes from [Soamakula Raakan]. Go ahead, please.

我們的下一個問題來自[索阿馬庫拉·拉坎]。請繼續。

Thank you. This is okay from. Good morning, Larry and Mike. A few questions from me, so congratulations on getting the next version of Rewalk out, into the field. So how different is Rewalk 7 from 6 and in terms of price point, is there a change and you know how easy is it to get CMS to pay or to reimburse a little better rate, than what you have, what they have signed up for in the last iteration.

謝謝。這從來沒問題。早安，拉里和麥克。我有幾個問題，祝賀 Rewalk 的下一個版本問世並投入使用。那麼 Rewalk 7 與 6 有何不同？就價格而言，是否有變動？您知道讓 CMS 支付或報銷比您在上一版本中籤署的價格更優惠的價格有多容易嗎？

Okay, I'll take a note of this one. The product, has substantial differences, that part of the lengthy FDA process and review. There are changes throughout the system. Initially I will identify in the software area this is a product that is easier to use for the user as we've been able to modify from things we have known from the experience of all the years of selling these Rewalks and utilizing them.

好的，我會記下這一點。該產品存在實質差異，這部分需要經過漫長的 FDA 流程和審查。整個系統都在改變。首先，我將在軟體領域確定這是一種更容易使用的產品，因為我們能夠根據多年銷售和使用 Rewalks 的經驗對它進行修改。

Mechanically we have added a number of features that also really came from our customers. They wanted to have multiple speeds and an ability to control this more easily, so we added a crutch control, a device where you can walk slow or fast or stop more easily or more quickly if you need to. So we've made it easier and more functional.

從機械角度來說，我們添加了許多實際上也來自客戶的功能。他們希望擁有多種速度並能夠更輕鬆地控制，因此我們添加了拐杖控制器，如果需要，您可以使用該設備更輕鬆或更快地緩慢行走或快速停止。因此我們使其變得更加簡單並且更加實用。

We've also made the product. It's a long list, so I won't hit them all, but we've made it more powerful with a a greater level of amperage and power within the system with larger batteries. And also we've gone to an off the shelf battery which is safer and more predictable and easier to manage. So if you're a person who wants to go for longer walks, you don't have to charge this as often.

我們也生產了該產品。這是一個很長的清單，所以我不會一一列舉，但我們透過更大的電池提高了系統內的電流和功率，使其更加強大。而且我們也採用了現成的電池，它更安全、更可預測、更易於管理。因此，如果您是一個想要長途散步的人，那麼您不必經常充電。

And then the last area I would say also comes back a little bit to the software. We are now working with a smartwatch on the device, which makes it a, it gives us immediate communication as how much they're using it and their walking patterns, but also to help manage the product and it's also much easier for the user to manage the product with the what we put in the apps on the smartwatch.

然後我想說的最後一個領域也跟軟體有關。我們現在正在設備上使用智慧手錶，這使得它能夠讓我們立即了解用戶的使用頻率和步行模式，同時也有助於管理產品，而且用戶也可以更輕鬆地使用我們在智慧手錶上放置的應用程式來管理產品。

Those are the major ones. The second half of your question, the price point, well, all the customers are getting a great value because it's essentially still the same price and it probably should be higher, would be my mindset, but CMS set the price and it's, it works well. And relative to CMOs paying for this, it is fully within FDA coverage. We've just started submitting them obviously since we just launched the product in April.

這些是主要的。你問題的後半部分，價格點，嗯，所有客戶都獲得了巨大的價值，因為價格本質上仍然是相同的，而且可能應該更高，這是我的想法，但 CMS 設定了價格，而且效果很好。相對於 CMO 支付這筆費用而言，這完全在 FDA 的承保範圍內。顯然，由於我們四月剛推出該產品，所以我們才剛開始提交它們。

The best and first indication we got was a commercial payer, one of the top10, that's already stepped up and bought the first one. And they have at least one other in process already, so we see the commercial side and getting it paid for bills exactly on what we have had over the years.

我們得到的最好和第一個跡像是，一家商業付款人（排名前十的公司之一）已經採取行動併購買了第一份合約。而且他們至少還有另一個項目正在進行中，所以我們看到的是商業方面，並且他們支付的賬單與我們多年來所擁有的完全一樣。

Perfect. Great. In terms of the expanded my partnership, I'm just trying to understand how does this help with the commercial sales force team and also what sort of synergies could we see from this expansion and you know when would it be visible to us.

完美的。偉大的。就擴大我的合作關係而言，我只是想了解這對商業銷售團隊有何幫助，以及我們可以從這種擴展中看到什麼樣的協同效應，以及什麼時候我們才能看到它。

I think it's going to be part of the reason we are confident in our forecast is going to be visible to us in the latter half of this year, really starting in the current quarter and beyond. If you look at the product line, why this expansion is valuable to us, first, it puts us in a segment that we didn't have access to before. We can sell for home use to everybody now, and that is the first area of importance.

我認為這將是我們對我們的預測充滿信心的原因之一，我們的預測將在今年下半年顯現，實際上從本季開始及以後。如果你看一下產品線，你會發現為什麼這次擴充對我們很有價值，首先，它使我們進入了以前無法進入的領域。現在我們可以向所有人銷售家用產品，這是第一個重要領域。

The second thing, every single Rewalk lead we have ever gotten in the last 10 years. Is a patient who would have indications for this product, so we are mining our database and can use a lot of historical contexts to place some of these products, but typically on a more active basis, any Rewalk is able to use a MyoCycles. The reverse isn't always true.

第二件事，我們在過去 10 年裡獲得的每一個 Rewalk 線索。是適合使用此產品的患者，因此我們正在挖掘我們的資料庫，並可以使用大量的歷史背景來放置其中一些產品，但通常在更積極的基礎上，任何 Rewalk 都可以使用 MyoCycles。反之則不然。

There's a lot more MyoCycles users and there are potential Rewalk users for us, but it fits quite well with our call points with our customer. And for the disease state we're treating, so we're pretty happy with that. Internally we added resource that had expertise in this field with another company in the space and a very strong history.

對我們來說，MyoCycles 用戶更多，Rewalk 用戶也更多，但它與我們與客戶的呼叫點非常契合。對於我們正在治療的疾病狀況，我們對此感到非常滿意。在內部，我們與該領域的另一家公司合作，增加了在該領域擁有專業知識且歷史悠久且經驗豐富的資源。

So we built up the team in Q1 and we've expanded that now throughout our entire organization. And we expect that also is what's going to drive its growth in the latter part of Q2, all of Q3 and all of Q4.

因此，我們在第一季組建了團隊，現在我們已將其擴展到整個組織。我們預計這也將推動其在第二季後半段、整個第三季和整個第四季的成長。

Thank you for that. And then, on the core life relationship for workers' compensation, I know we have talked a lot about your revenue streams. Workers' comp, was not on the top of the list. So are you trying to get that, into a better revenue stream and how does Corlife really help in that? And generally, what's the what's the market there for workers' comp in the US?

謝謝你。然後，關於工人賠償的核心生活關係，我知道我們已經討論了很多關於您的收入來源。工傷補償並不在名單的首位。那麼，您是否想將其轉化為更好的收入來源？ Corlife 在這方面能提供什麼真正的幫助？整體來說，美國工傷賠償市場是什麼樣的？

Well, workers' comp at first from a patient's point of view tends to be somewhat ideal because they get to us relatively early post injury in many of the cases as they are processing the claims, so their patients are frequently in a better condition to be able to get to the product. And historically we've had good utilization in small numbers because we didn't have great access to this community.

嗯，從患者的角度來看，工傷補償起初往往是比較理想的，因為在許多情況下，他們在受傷後相對較早地找到我們，因為他們正在處理索賠，所以他們的患者通常處於更好的狀態，能夠獲得產品。從歷史上看，由於我們無法很好地接觸到這個社區，所以我們在小規模的情況下也能獲得良好的利用率。

The partnership with CorLife is ideal in that this is their expertise. They do the entire effort for their company to take care of patients and workman comp, whether it's for spinal cord injury or many other things. So they have very broad access with all of the workmen's compensation groups and all of the patients, so they can bring leads into this and help us process these and get them through.

與 CorLife 的合作非常理想，因為這是他們的專長。他們竭盡全力為公司照顧病人和工人，無論是脊髓損傷還是其他許多問題。因此，他們與所有工人賠償團體和所有患者都有非常廣泛的聯繫，因此他們可以帶來線索並幫助我們處理這些線索並讓他們通過。

So that our ability to get to the number of spots that they could get to was very limited. In their case, it is significant. They cover everybody that does workman comp because of their breadth of product lines. So it's an ideal expansion point for us.

因此，我們能夠到達的景點數量與他們可以到達的景點數量相比非常有限。對他們來說，這很重要。由於其產品線廣泛，因此涵蓋了所有從事工人補償的人。所以這對我們來說是一個理想的擴展點。

Relative to market size, this is a good market in terms of patient profile and payment. It's a percentage of the market. It's about 6% to 7% of the market, and that's something that we didn't have the ability to grow into, so we're thrilled with it.

相對於市場規模，從患者概況和支付方式來看，這是一個良好的市場。這是市場份額的一部分。它佔據了大約 6% 到 7% 的市場份額，這是我們以前沒有能力達到的，所以我們對此感到非常興奮。

Great, then, on the Barmer, statutory, health insurance, correct me if I remember this wrong, I thought this was the organization with whom you settled a few years ago. If that is true, how does this new agreement, help in delivering better than the previous settlement?

太好了，那麼，關於巴爾梅爾法定健康保險，如果我記錯了請糾正我，我以為這是你幾年前與之和解的組織。如果這是真的，那麼這項新協議如何有助於實現比之前更好的協議？

Well, we've been working with Barmer since the court case where they did begin to pay for patients and coverage, but they did it primarily off contract. They just did each case on a single case agreement type approach. This contract is extensive, as you may frequently see in Germany, but it defines things in ways that I think will help set standards for all insurers, particularly German insurers. I'll give you some examples.

嗯，自從那起法庭案件以來，我們就一直在與 Barmer 合作，他們確實開始為病人和保險支付費用，但他們主要是在合約之外這樣做。他們只是按照單一案件協議類型的方式處理每個案件。正如您在德國經常看到的那樣，該合約內容非常廣泛，但我認為它對內容的定義有助於為所有保險公司，特別是德國保險公司製定標準。我給你舉幾個例子。

It's got a lot of market development efforts that are paid for by the insurer, and this means basically they have set payment rates with the training programs. They have set up a sustainability example that they have put in the contracts, and we believe it's a good thing. And what does that mean if you have a patient who has a unit?

它投入了大量的市場開發資金，這些資金都由保險公司支付，這意味著他們基本上已經根據培訓計劃設定了支付率。他們在合約中樹立了可持續發展的榜樣，我們相信這是一件好事。如果您的病人有單位，這代表什麼？

And something unfortunate happens such as a cancer, and they can't use the unit anymore. We have a contracted agreement and okay, we will bring it back and they will pay us for storage. We will refurbish it when they have a new user and they will pay us for that. So all these prices are set and it keeps the product being used in any circumstances.

如果發生一些不幸的事情，例如癌症，他們就不能再使用該設備了。我們有一份合約協議，好的，我們會把它帶回來，他們會支付我們儲存費用。當他們有新用戶時，我們會對其進行翻新，並且他們會為此付錢給我們。因此，所有這些價格都是固定的，並且可以保證產品在任何情況下都能被使用。

It also defines the replenishment of systems as they wear out and reach their cycle of five years. So the real value of this contract, it's just very detail oriented on all scenarios for the German patient population, and we would very much like to see other German insurers do the same thing.

它還定義了系統磨損並達到五年周期時的補充。因此，該合約的真正價值在於它非常注重德國患者群體的所有情況，我們非常希望看到其他德國保險公司也這樣做。

Okay, one last question. I know I'm taking up a lot of our time, on the altarg itself, I'm just trying to get more additional color and commentary from you, in terms of, over the last year and a half or so that, you had it in your in your bag. How has it performed? What's your confidence level, regarding the acquisition itself, and what potential areas can you really expand and get better synergies as well, with the rest of your business?

好的，最後一個問題。我知道我在 altarg 本身上佔用了我們很多時間，我只是想從您那裡獲得更多額外的顏色和評論，就過去一年半左右的時間而言，您一直在關注它。其表現如何？對於收購本身，您的信心程度如何？您可以真正擴展哪些潛在領域，並與其他業務實現更好的協同效應？

Yeah, for us, the early cycle, this didn't grow or do as well as we thought in the marketplace, and we kind of reported we had a couple of quarters that weren't as strong early on from a combination of integration and market factors we believe, but we are very comfortable at this stage with now that we have completed all aspects of the integration about where this goes forward, and I'll break that into categories.

是的，對我們來說，早期週期，這並沒有像我們在市場上想像的那樣增長或表現良好，我們報告說，由於我們認為的整合和市場因素的綜合作用，我們有幾個季度的表現並不那麼強勁，但現在我們已經完成了整合的所有方面，我們對未來的發展感到非常滿意，我將把它分成幾類。

First they had an older product line but some things in development that they were unable to finish. And last summer, so we're, about nine months past, the ability with the new Neo launch and the Ne Plus. So this is a better product at a better price. And has a lower cost of goods and gives us a better margin.

首先，他們有一條較舊的產品線，但有些產品正在開發中，無法完成。去年夏天，也就是大約九個月前，我們推出了新的 Neo 和 Ne Plus。因此，這是一款價格更優惠、品質更高的產品。且商品成本更低，為我們帶來更好的利潤。

So that was particularly important. And once we had that launched, it put us in a better position to move it to a contract manufacturer where we believe we also will get continuing efficiency by working with them and reduce the cost that we have in the facility.

所以這一點尤其重要。一旦我們推出了這項服務，我們就有更好的機會將其轉移到合約製造商，我們相信透過與他們合作，我們也將獲得持續的效率並降低我們在工廠中的成本。

So from a financial point of view, getting that new product out and getting it to a contract manufacturer really improved and changed the profile to where Alter G is accretive to our business at this stage. The consolidation of the teams to operate as a single entity took some time, but we now have a singular sales force, a singular sales service support group.

因此，從財務角度來看，推出新產品並將其交給合約製造商確實改善並改變了 Alter G 在現階段對我們業務的增值作用。將各個團隊合併為單一實體需要一些時間，但現在我們擁有一支單一的銷售團隊、單一的銷售服務支援小組。

And those flow quite well for us across the different product lines. I think the evidence that we particularly like is the 19% and 17% growth we saw in the last two quarters that it has stabilized. And one area that we've done better than we expected has been international, as that is roughly half of our business, a little more.

這些在我們不同的產品線上運作得相當順暢。我認為我們特別喜歡的證據是過去兩個季度我們看到的19%和17%的成長率已經穩定下來。我們做得比預期更好的領域是國際業務，因為這大約占我們業務的一半，甚至更多。

For what we're trying to do, so it took a little while to get the integration and the pieces working, but the last two quarters showed adding up exactly as we hoped it would.

對於我們正在嘗試做的事情，我們花了一點時間來實現整合和各個部分的工作，但過去兩個季度的結果正如我們所希望的那樣。

Perfect, thank you very much for your patience with me this morning, Larry. I appreciate it.

太好了，非常感謝你今天早上對我的耐心，拉里。我很感激。

The next question comes from Ben Haynor of Lake Street Capital Markets. Go ahead, please.

下一個問題來自 Lake Street Capital Markets 的 Ben Haynor。請繼續。

Good morning, gentlemen. Thanks for taking the questions. First off for me on the recent, kind of predictability, I guess, or, with the DME Macs kind of trying to define a uniform, set of criteria for the. Claims, is that something that is a formal process?

先生們，早安。感謝您回答這些問題。首先，對我來說，最近的可預測性，我猜，或者，DME Macs 試圖為其定義一套統一的標準。索賠，這是一個正式的流程嗎？

Does that ever get kind of published somewhere so you know folks might be able to figure out how many patients this might be applicable to how does this all kind of come together I guess.

這種說法是否曾在某處發表過，所以你知道人們可能能夠弄清楚這可能適用於多少患者，我想這一切是如何結合在一起的。

Well, I think someday it might get published as a Harvard case study, but I'll say that for a different time. I think this is not a formal process, but, it was.

好吧，我認為有一天它可能會作為哈佛案例研究發表，但我會在另一個時間再說。我認為這不是一個正式的過程，但事實上它確實是。

Really important what we've seen happen in the past quarter or so. We knew it would take some time to shake out and develop the processing that we put in the claims exactly what they wanted, and we'd figure out when they were rejecting them, why they were rejecting them, so we could deal with it.

我們看到過去一個季度發生的事情確實非常重要。我們知道需要花一些時間來製定和完善處理流程，以便我們能夠準確地將他們想要的內容寫入索賠中，並且我們會弄清楚他們何時拒絕索賠，為什麼拒絕索賠，這樣我們才能處理。

And part of it is the complexity of a radically new product being put in a category that doesn't have the cleanest definition. So we are defined in the brace category as an orthotic, for example. And braces, it generally can use and operate those at home in 24 hours or48 hours.

部分原因在於，將一種全新產品歸入一個沒有明確定義的類別會很複雜。例如，我們在支架類別中被定義為矯正器。而牙套，一般24小時或48小時就可以在家裡使用和操作。

So we want to be, we had to educate and learn both ourselves and with CMS the types of work we had to do to properly process it and get it moving through. So importantly, what we've seen in the past few months is time speaking with the Macs, they really have started to standardize and give us a reason and what they wanted to see in definitions that made this flow through as a brace and an orthotic device.

所以我們希望，我們必須教育和學習我們自己以及 CMS 必須做的工作類型，以便正確地處理它並讓它順利進行。因此，重要的是，我們在過去幾個月中看到的是與 Mac 對話的時間，他們確實已經開始標準化並給我們一個理由以及他們希望在定義中看到的內容，這些定義使其成為一種支架和矯形裝置。

And so we anticipate based on what the guidance they have given us working together with us collaboratively that we will be able to submit these things in a predictable cycle going forward because it has not been predictable across all the Macs so far. But we have a pretty good quarter of of interaction with them. So they certainly have been trying to work with us, I would just say they're government speed.

因此，我們預計，根據他們在與我們合作過程中給予我們的指導，我們將能夠在未來以可預測的周期提交這些內容，因為到目前為止，所有 Mac 上的情況都還無法預測。但我們與他們有相當好的互動。所以他們確實一直在努力與我們合作，我只想說他們正在加快政府速度。

Got it so in being kind of these patients to the whole process, I think you mentioned more of them being at later stages of the claims process. Is it more of a function of knowing what you need to collect, for the submission, or is it a, kind of a faster feedback loop from the DME Macs than you've historically experienced? What kind of goes into that speed up I guess.

我明白了，在整個過程中，這些患者表現得非常友善，我想您提到他們更多地處於索賠過程的後期階段。它是否更多地是一種了解您需要收集什麼內容以進行提交的功能，或者它是一種來自 DME Macs 的比您過去經歷過的更快的反饋循環？我猜是什麼樣的因素導致了這種加速。

The speed up really got around some of the definitions of the submission, particularly around home use. So we submitted around a product over a longer cycle life expectation, and they were looking for what is this really functional at home where they wanted to submit. So we have determined what they want submitted now relative to home use.

加速確實繞過了提交的一些定義，特別是關於家庭使用的定義。因此，我們提交的產品具有更長的循環壽命預期，而他們正在尋找他們想要提交的產品在家中真正具有的功能。因此，我們已經確定了他們現在想要提交的與家庭使用相關的內容。

So we've established a definition that really wasn't clear before for them and for us because ultimately the products are designed for home use. There's no question about it, but at what point are they ready to pay for it? And so we believe we've established that through the interaction with them for what we will provide for documentation to demonstrate that the patient can do exactly what the regulations pay for.

因此，我們建立了一個以前對他們和我們來說都不太明確的定義，因為這些產品最終是為家庭使用而設計的。毫無疑問，但他們什麼時候準備為此付出代價呢？因此，我們相信，透過與他們的互動，我們已經確定我們將提供文件來證明患者能夠按照規定支付費用。

Okay, got it. And then on the kind of commercial insurance front, and you know obviously congrats on getting that Rewalk 7 through with the commercial insurer, but do you expect them to have kind of similar criteria what the DME Macs are looking for? Is that that going to just kind of be one off varied between commercial insurers or how do you see that developing?

好的，明白了。然後談到商業保險方面，您知道顯然祝賀 Rewalk 7 通過了商業保險公司的審核，但您是否認為他們會有與 DME Macs 所尋求的類似的標準？這只是商業保險公司之間的一次性差異，或者您如何看待這種差異的發展？

They are not quite bound by some of the categorization things that are part of CMS. Again, we were in a brace category, and to the commercial insurers they're a little more patient focused and if it works, then will it work for their patient.

它們並不完全受 CMS 中的某些分類內容的約束。再說一次，我們屬於支架類別，對於商業保險公司來說，他們更加關注患者，如果它有效，那麼它就會對他們的患者有效。

So no, we have not. Our submission requirements in terms of Prescription and clinical data is unchanged, but dealing with the categorization of it as a brace is not as relevant to the commercial insurers. They're just focused on what helps for their patients. So the processing these initial ones are single case agreements with a focus on clinical value and clinical outcomes.

所以，我們沒有。我們對處方和臨床數據提交的要求沒有改變，但將其歸類為支架與商業保險公司關係不大。他們只關注如何為患者提供幫助。因此，處理這些初始協議是單例協議，重點關注臨床價值和臨床結果。

So we like the process a little better. And importantly, as we're developing these centers of excellence. They get all patients. They get the Medicare patients, but they're also going to get some workman comp patients are going to get these commercial payers, so we will work to submit to all of those groups as we grow going forward. So our base, yes, started with.

所以我們更喜歡這個過程。重要的是，我們正在開發這些卓越中心。他們接收所有病人。他們不僅會接收醫療保險患者，還會接收一些工傷補償患者，接收這些商業付款人，因此，隨著我們不斷成長，我們將努力向所有這些團體提交申請。是的，我們的基地就從這裡開始了。

And we still have our VA component, but you hear us talking about our growth with Ekman's comp and we have every intention to grow and work with commercial payers as well. So it is building the entire structure to help this patient population.

我們仍然有 VA 組件，但您會聽到我們談論與 Ekman 公司共同成長，並且我們完全有意與商業付款人共同成長和合作。因此，它正在建立整個結構來幫助這些患者群體。

Okay, got it. That's helpful. And then lastly for I guess Mike, G&A was up a bit year over year and I apologize if I missed this. Was there any sort of one-time items that we should be backing out or considering?

好的，明白了。這很有幫助。最後，我想對麥克來說，G&A 去年在同比有所上升，如果我錯過了這一點，我很抱歉。是否存在一些我們應該放棄或考慮的一次性項目？

Well, we did have, so in the quarter we did have approximately just approximately $300,000 of bad debt expense that we took, and part of that was because of this clarification now of the criteria of the Medicare claims being processed.

嗯，我們確實有，所以在本季度我們確實有大約 30 萬美元的壞帳費用，部分原因是現在對正在處理的醫療保險索賠標準的澄清。

We identified some very early claims dating back quite a bit that Where we did not believe we would be able to satisfy the criteria that was necessary because at the time, again, we didn't know, so as a result of that, we did, we did we did reserve for those some of those receivables and.

我們發現了一些可以追溯到很久以前的早期索賠，我們認為我們無法滿足必要的標準，因為當時我們並不知道，因此，我們確實為其中一些應收帳款進行了儲備。

We thought it was the appropriate time to do it now that we had clarity of what the criteria was, but on a going forward basis now we intend obviously to pursue and get the payment for the remainder of the AR and the claims associated with those.

我們認為現在是適當的時候了，因為我們已經清楚了標準是什麼，但從現在開始，我們顯然打算追討並獲得剩餘的應收帳款和與之相關的索賠的付款。

Okay got it. That's all I had, gentlemen. Thanks for taking the questions.

好的，明白了。這就是我所知道的全部了，先生們。感謝您回答這些問題。

Thank you, Ben

謝謝你，本

Again, if you have a question, please press star then one.

再次強調，如果您有疑問，請按星號，然後按一。

So operator, we believe we're set. I'd like to close the meeting for a moment if I could. So before we formally close, I'd like to make some final comments about the dream of Dr. Gopher. and Milt was a prolific engineer that became paralyzed and he sought to change the world with an exoskeleton, and our team was able to build on his creation and establish an industry, and we changed a lot of lives.

所以操作員，我們相信我們已經準備好了。如果可以的話，我想暫時結束會議。因此，在我們正式結束之前，我想對 Gopher 博士的夢想做一些最後的評論。米爾特是一位多產的工程師，後來癱瘓了，他試圖用外骨骼改變世界，我們的團隊能夠在他的發明基礎上建立一個行業，我們改變了許多人的生活。

And the path from an idea to an industry, it took a wonderful village of people within this company and with the clinics and researchers we worked with, and I've been very honored to be able to work with them, and I just want to express thank you on behalf of Dr. Gopher, myself, and others that have worked in that community. With that, operator, thank you for your help today.

而從創意到產業的發展，離不開公司內部一群優秀的人以及與我們合作的診所和研究人員的支持，我很榮幸能夠與他們合作，我謹代表 Gopher 博士、我自己以及在該領域工作的其他人向你們表示感謝。接線員，謝謝您今天的幫忙。

Thank you the conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝大家，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。