Lifeward Ltd (LFWD) 2026 Q1 法說會逐字稿

Good morning and welcome to the first quarter 2026 Lifeword Earnings Conference Call. (Operator Instructions) This event is being recorded. I would now like to turn the conference over to Almog Adar, CFO of Lifeword. Please go ahead.

早安，歡迎參加 Lifeword 2026 年第一季財報電話會議。（接線員指示）本活動將被錄音。我現在想將會議交給 Lifeword 財務長 Almog Adar。請開始。

Thank you, Drew, and thanks to everyone who has joined us on the call today. My name is Almog Adar. I'm Lifeword's Chief Financial Officer, and with me on today's call is our President and Chief Executive Officer, Mark Grant.

謝謝你，Drew，也感謝今天加入我們電話會議的各位。我叫 Almog Adar，是 Lifeword 的財務長；今天與我一同出席的還有我們的總裁暨執行長 Mark Grant。

Earlier this morning, Lifeword issued a press release detailing the financial results for the first quarter ended March 31, 2026. I would ask you to review the full text of our forward-looking statements from the 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 filing with the SEC. With that, I will turn the call over to. Mark.

今天稍早，Lifeword 已發布新聞稿，詳述截至 2026 年 3 月 31 日止第一季的財務結果。我請各位查閱新聞稿中關於前瞻性陳述的完整內容。我們預期在本次電話會議中將提出預測，而實際結果可能因多項因素而出現重大差異，包括我們最新向美國證券交易委員會（SEC）提交文件中所列因素。接下來，我把電話交給 Mark。

Thank you, Ahmad, and thank you for everybody for joining us today. The first quarter of 2026 marked an important strategic milestone for Lifeword as we successfully completed the acquisition of Auratech. We believe this transaction significantly strengthens Lifeword's position as a diversified biomedical innovation company while reinforcing our focus on neurorehabilitation and our path for profitability.

謝謝你，Ahmad，也感謝各位今天加入我們。2026 年第一季對 Lifeword 而言是一個重要的策略里程碑，因為我們已成功完成對 Auratech 的收購。我們相信，這筆交易在強化我們對神經復健的聚焦與邁向獲利的路徑之同時，也大幅提升 Lifeword 作為多元化生醫創新公司的競爭地位。

We believe this was a highly strategic and capital-efficient transaction for Lifeword shareholders. Through the equity-based acquisition of Auratech, we gained access to the Protein Oral Delivery Platform, a potentially transformative technology across many therapeutic indications, including ORMD-0801, oral insulin, which is expected to commence a Phase II study.

我們認為，這對 Lifeword 股東而言是一筆高度策略性且資本效率高的交易。透過以股權為基礎收購 Auratech，我們取得了蛋白質口服遞送平台（Protein Oral Delivery Platform）的使用權，這是一項可能在多種治療適應症上具變革性的技術，其中包括口服胰島素 ORMD-0801，預計將啟動第二期（Phase II）研究。

Importantly, the clinical program management responsibilities remain with AuraMed, utilizing funds previously transferred to AuraTech as part of the strategic transaction. That means Lifeword and our shareholders, by owning the Protein Orally Delivery platform, outright effectively receive a meaningful option on the potential success of the promising technology with minimal near-term operational burden.

重要的是，臨床計畫管理責任仍由 AuraMed 承擔，並使用先前作為該策略交易一部分而轉移至 AuraTech 的資金。這表示 Lifeword 及其股東透過完全擁有該蛋白質口服遞送平台，實質上以極低的短期營運負擔，取得對這項具前景技術潛在成功的有意義選擇權。

No material increase in operating expenses, and limited management bandwidth requirements beyond my own involvement, supporting strategic oversight and development guidance. As many of my background includes extensive experience in diabetes and metabolic disease, and I believe this platform has meaningful long-term potential. At the same time, Lifeword's core focus remains firmly centered on scaling our neurorehabilitation medtech business.

營運費用不會出現重大增加，且除我本人參與以支援策略監督與發展指引外，對管理階層時間投入的需求有限。由於我的背景包含在糖尿病與代謝疾病領域的豐富經驗，我相信此平台具備重要的長期潛力。同時，Lifeword 的核心重點仍堅定聚焦於擴大神經復健醫療科技業務的規模。

The second key takeaway from the quarter is Lifeword is now substantially better positioned on its path to profitability. With the $10 million from our convertible note financing, we have significantly strengthened our balance sheet and improved our operating flexibility. This allows us to stabilize and build upon the fundamental and foundational work we have done over the last several quarters, while maintaining our disciplined focus on operational efficiency, market access, and innovation across our neuro rehabilitation platform.

本季第二個關鍵重點是，Lifeword 在邁向獲利的道路上已處於顯著更有利的位置。透過可轉換公司債融資取得的 1,000 萬美元，我們大幅強化了資產負債表並提升營運彈性。這使我們得以在維持對營運效率、市場准入與神經復健平台創新之紀律性聚焦的同時，穩定並延續過去數季所完成的基礎與根本性工作。

We expect continued operational stabilization over the next several quarters as our baseline reset following our manufacturing transition initiatives completed over the last year and the consummation of the important transaction this quarter. This gives us improved visibility as we move toward the end of 2026 and into 2027. Turning to commercialization.

我們預期在接下來幾個季度將持續實現營運穩定，因為在過去一年完成製造轉移措施，以及本季完成重要交易後，我們的基準已重新調整。這讓我們在邁向 2026 年底並進入 2027 年時，能有更佳的能見度。接下來談商業化。

We continue to make progress expanding distribution in the U.S. and internationally, as well as broadening reimbursement access for ReWalk, including through Medicare Advantage insurers such as Aetna, Humana, and A9 Healthcare. We believe this positions our entire neuro-rehabilitation portfolio and ReWalk, in particular, for very long-term growth.

我們持續在美國及國際市場推進通路擴張，同時擴大 ReWalk 的給付（reimbursement）可及性，包括透過 Aetna、Humana 與 A9 Healthcare 等 Medicare Advantage 保險業者。我們相信，這將使我們整體神經復健產品組合，尤其是 ReWalk，具備非常長期的成長動能。

On the commercial side, REWalk's personal exoskeleton sales increased 11% year-over-year, reflecting the continued uptrend we are seeing in international sales, reimbursement, and distribution expansion. Total revenue for the quarter was impacted primarily by the altered V-shipments. We experienced temporary timing disruptions associated with working capital constraints late last year that affected sourcing and supply chain execution.

在商業面，ReWalk 個人外骨骼銷售年增 11%，反映我們在國際銷售、給付與通路擴張方面所見的持續上升趨勢。本季總營收主要受到 Alter-D 出貨變動的影響。去年底因營運資金限制，我們在採購與供應鏈執行上出現與時點相關的短期干擾。

Importantly, we have a backlog of secured Alter-D orders in place now and have visibility to improve shipment execution during the second and third quarters as we sip against those orders. We are also impacted by tariffs and the financial impact of our manufacturing transition following the closure of our Fremont, California facility and the shift to contract manufacturing in Massachusetts.

重要的是，我們目前已有已確定的 Alter-D 訂單積壓（backlog），並且可望在第二與第三季隨著對這些訂單逐步出貨而改善出貨執行。我們也受到關稅影響，以及在關閉加州佛利蒙（Fremont）廠並轉向麻薩諸塞州委外製造後，製造轉移所帶來的財務影響。

Finally, we continue to evaluate strategic and accretive acquisition opportunities that complement our core rehabilitation and biomedical platform. During the first quarter, we acquired an upper body exoskeleton technology designed to address the substantial unmet need of approximately 4.6 million stroke survivors. This is a great complement to our ReWalk platform. Development work is underway as we work towards commercial launch.

最後，我們持續評估能補強核心復健與生醫平台的策略性且具增益（accretive）的併購機會。第一季期間，我們收購了一項上肢外骨骼技術，旨在滿足約 460 萬名中風倖存者的重大未被滿足需求。這與我們的 ReWalk 平台形成極佳互補。目前開發工作正在進行中，我們正朝商業上市邁進。

Overall, we believe Lipert is stronger strategically and operationally than it was a year ago. We are building a scalable platform with improving operational leverage and multiple potential drivers for future growth. With that, I'll turn the call back over to Amag.

整體而言，我們相信 Lipert 在策略與營運面都比一年前更強。我們正在打造一個可擴展的平台，營運槓桿持續改善，並具備多項未來成長的潛在驅動因素。接下來我把電話交回給 Amag。

Thank you, Mark. Revenue for the first quarter of 2026 was $3.9 million, compared to $5 million in the first quarter of 2025. The year-over-year decline was primarily driven by lower atlas shipments resulting from temporary supply chain and sourcing constraints associated with working capital limitations in the final stage of our manufacturing transition activities.

謝謝你，Mark。2026 年第一季營收為 390 萬美元，相較於 2025 年第一季的 500 萬美元。年減主要是因在製造轉移活動的最後階段，受營運資金限制所導致的短期供應鏈與採購限制，使 Atlas 出貨量下降。

Importantly, ReWork personal exoskeleton revenue increased 11% year-over-year to $1.6 million, reflecting continued progress in reimbursement coverage, channel expansion, and international sales.

重要的是，ReWork 個人外骨骼營收年增 11% 至 160 萬美元，反映在給付覆蓋、通路擴張與國際銷售方面的持續進展。

Gross margin for the quarter was 34.2%, compared to 42.2% in the prior year quarter. The decrease was primarily attributable to lower manufacturing absorption, resulting from reduced production volumes, higher freight and tariff expenses, as well as unfavorable foreign currency exchange rate movements.

本季毛利率為 34.2%，相較於去年同期的 42.2%。下降主要歸因於生產量降低導致製造吸收（manufacturing absorption）較低、運費與關稅費用增加，以及不利的外匯匯率變動。

Despite lower revenue, we continue to make meaningful progress in improving our operating expenses structure. Total operating expenses were $11.7 million, an increase primarily due to a one-time non-cash research and development expenses of approximately $4.9 million related to the acquired intellectual property assets in connection with Oratech transactions.

儘管營收較低，我們仍在改善營運費用結構方面取得實質進展。總營運費用為 1,170 萬美元，增加主要是因與 Oratech 交易相關、針對所收購智慧財產資產而認列的一次性非現金研發費用約 490 萬美元。

On an ALGA basis, adjusted operating expenses declined 12% to $5.9 million compared to $6.8 million in the first quarter of 2025. The reduction was driven primarily by improved productivity across sales and marketing operations, lower reimbursement-related costs, and reduced R&D spending following the completion of several major development programs.

以 ALGA 基礎計算，調整後營運費用較 2025 年第一季的 680 萬美元下降 12% 至 590 萬美元。下降主要由銷售與行銷營運生產力提升、較低的給付相關成本，以及在完成數項重大開發計畫後研發支出降低所帶動。

We believe these actions are creating a more efficient operating platform, capable of generating meaningful leverage as revenue volumes increase.

我們相信，這些行動正在打造一個更高效率的營運平台，隨著營收規模增加，能夠產生顯著的營運槓桿。

GAAP operating loss increased for the quarter to $10.3 million, primarily due to the OraTech-related one-time expenses I just described. On a non-GAAP basis, adjusted operating loss was unchanged year-over-year at $4.6 million, despite lower revenue, reflecting the benefits of our cost optimization initiative.

本季 GAAP 營業虧損增加至 1,030 萬美元，主要是由於我剛才所描述與 OraTech 相關的一次性費用。在非 GAAP 基礎上，儘管營收較低，調整後營業虧損仍與去年同期持平，為 460 萬美元，反映出我們成本優化計畫帶來的效益。

Test used in operating activities declined by 33% to $3.7 million compared to the first quarter of 2025, primarily reflecting improved operational efficiencies and working capital management. Turning to liquidity, we ended the quarter with $11.4 million in unrestricted cash and cash equivalents, compared to $2.2 million at the year end of 2025.

營運活動中使用的現金較 2025 年第一季下降 33% 至 370 萬美元，主要反映營運效率提升與營運資金管理改善。就流動性而言，本季末我們持有 1,140 萬美元的不受限制現金及約當現金，相較於 2025 年年末的 220 萬美元。

The increase reflects the successful closing of our strategic transaction, including the $10 million financing and the additional approximately $6.5 million of cash associated with the Auratech acquisition. As we move through 2026, our focus remains on disciplined cash management, improving operational efficiency, and positioning the business for scalable growth and long-term profitability. With that, we will now open the call for. Q&A, followed by closing remarks for Mark.

此增加反映我們成功完成策略性交易，包括 1,000 萬美元融資，以及與 Auratech 收購相關的額外約 650 萬美元現金。展望 2026 年，我們仍將專注於嚴謹的現金管理、提升營運效率，並使業務具備可擴張成長與長期獲利的定位。接下來我們將開放電話會議進行問答，之後由 Mark 作結語。

We will now begin the question-and-answer session. (Operator Instructions) The first question comes from Dr. Yale Jen, Laidlaw and Company

我們現在開始問答環節。（接線員指示）第一個問題來自 Laidlaw and Company 的 Dr. Yale Jen。

Good afternoon, good morning and thanks for addressing the question. My first one is that in terms of FG, we understand the first quarter figure was due to the shipment, timing of shipments. So should we anticipate for the second and third quarter, you will get back to the level. Similar to last year and it sort of make up for the differences. And then I have a call off.

各位下午好、早安，謝謝回答問題。我的第一個問題是，關於 FG，我們理解第一季的數字是因為出貨、出貨時點所致。那麼我們是否可以預期第二季與第三季會回到與去年類似的水準，並在某種程度上彌補差異？然後我還有一個後續問題。

Hey, I think that's a fair assumption, and I think it is going to bridge across the second and third quarter.

嘿，我認為這是合理的假設，而且我認為這會在第二季與第三季之間銜接反映出來。

So that, okay, so maybe just on top of that question, the last, under the last earning course, you guys suggest that the 2026. Total ROC revenue will be similar to 2025. And giving a little bit lower first quarter figure this year, should we anticipate additional growth in the remaining three quarters, again, to match up to the total revenue similar to last year?

那好，基於這個問題再追問一下：在上一次財報電話會議中，你們提到 2026 年 ROC 總營收將與 2025 年相近。考量今年第一季數字稍低，我們是否應預期接下來三季會有額外成長，以使全年總營收與去年相近？

I think some of the things that most people don't appreciate, we probably didn't explain well, is we had a manufacturing move from Fremont to Massachusetts.

我想有些事情多數人沒有注意到、而我們可能也沒有解釋清楚的是，我們把製造從 Fremont 搬到麻薩諸塞州。

We also had a complete facility move within Massachusetts, and we started a contract manufacturer all at the same time. And so all of these things led, with our CAS constraints, to timing issues on everything. I would expect that we have similar to last year, and I would also expect the exit trajectory to be better than it is an entry trajectory.

我們也在麻薩諸塞州內完成了一次整體設施搬遷，並且同時啟用了合約製造商。因此，這些事情再加上我們的 CAS 限制，導致各方面都出現時點上的問題。我預期會與去年相近，而且我也預期期末的退出走勢會優於期初的進入走勢。

Okay, great. That's very helpful. Maybe the last question here is the rework unit in German, the lead in German, maybe also in the United States. Could you give a little bit color on both of those? And thanks.

好的，很棒，這非常有幫助。最後一個問題是，德國的返工（rework）業務、德國的 lead（線索/潛在客戶），以及可能也包括美國的情況。你能否就這兩者稍微補充一些說明？謝謝。

So the revenues in Germany specifically increased almost 25% quarter over this quarter in rework. And in total, the increase is 11% for rework revenues, we ended with $1.6 million compared to $1.3 million in prior year quarter.

德國的營收方面，具體來說，返工（rework）本季較上一季增加了將近 25%。整體而言，返工營收增加 11%，本季為 160 萬美元，去年同期為 130 萬美元。

Okay, that's very helpful, and thanks a lot, and I'll get back to you.

好的，這非常有幫助，非常感謝，我再回到你們那邊。

Yeah, thank you.

好的，謝謝。

Thanks.

謝謝。

Dr. Rem, H.C. Wainwright.

Dr. Rem，H.C. Wainwright。

Thank you. This is R.K. from H.C. Wainwright.

謝謝。我是 H.C. Wainwright 的 R.K.。

Couple of questions from me, Mark and Mark. Just trying to understand the Alter-Z supply/working capital issue. What's the nature of that? And, do you think you have already resolved it, or do you feel you can get it resolved soon? So that the flow of product into the market during Q2 and Q3 is going to be smooth. And additionally, I'm not sure you stated this in the call. Is there a book of sale that you can give us so that we understand what is expected over the next couple of quarters?

我有幾個問題，Mark 和 Mark。想了解一下 Alter-Z 的供應／營運資金問題，這個問題的性質是什麼？你們認為已經解決了，還是覺得很快就能解決？以便第二季與第三季產品進入市場的流程會很順暢。另外，我不確定你們是否在電話會議中提到：是否有一份可提供的銷售訂單簿（book of sale），讓我們了解未來幾季的預期？

Yeah, so I'll address the first part. I'll let Alma pick up the second part. So by and large, we're going to resolve the issues with Alter G as we go through and exit this quarter. Those were basically and really relegated to the cash constraints and procurement as we pushed into this quarter. And so it's a timing issue for us.

好的，我先回答第一部分，第二部分我讓 Alma 補充。整體而言，隨著我們度過本季並在本季末段，我們會逐步解決 Alter G 的問題。這些問題基本上主要是因為我們在進入本季時面臨現金限制與採購所致，因此對我們而言是時點問題。

As we stated, we have a backlog of Alter G sales that we're working through today, and we expect those sales to gain momentum as we exit the quarter and move into Q3, but I will caution everybody. I don't believe I'm going to resolve everything this quarter.

如我們所述，我們目前正在處理 Alter G 的積壓訂單（backlog），並預期這些銷售在本季末、進入第三季時會加速，但我也要提醒大家：我不認為本季就能把所有問題都完全解決。

I think that we'll actually probably carry some into next quarter, but during Q3, we should become whole and be in really good shape. And as far as the outlook, and again, Almod can get the color on, as far as the outlook, we're going to continue to hold. The revenues will be similar to last year, and you could see the trajectory change as we exit the year.

我認為我們可能會把一部分延續到下一季，但在第三季期間，我們應該能恢復到完整供應並處於非常好的狀態。至於展望方面，同樣地，Almod 可以補充一些說明；就展望而言，我們會維持先前看法：營收將與去年相近，而你們會看到在年底退出時的走勢有所改變。

But this has been a substantial, restructuring of the company, moving to the new strategic partner, changing facilities. And as we get through this lift and start to really mature things, we'll start to give a forward-looking forecast. But right now, we're going to hold.

但這是一項相當大幅度的公司重整：轉向新的策略夥伴、變更設施。當我們完成這段調整並開始讓各項作業真正成熟後，我們會開始提供前瞻性的預測。但目前我們會維持不變。

Okay, thanks. This is Alma.

好的，謝謝。我是 Alma。

Alma, get anything to add?

Alma，有沒有要補充的？

No, nothing special. As Mark mentioned, we are not providing this field guidance, but we're expecting, like, to be similar to previous year and to do some catch-up in Q1.

沒有，沒有特別要補充的。如 Mark 所提，我們不提供這方面的指引，但我們預期會與前一年相近，並在第一季做一些追趕（catch-up）。

Okay, great. And then on the gross margin decline of 800 BIPS, how much of that is tariff versus FX versus, either volume or absorption?

好的，很好。那麼毛利率下滑 800 個基點（BIPS）方面，其中有多少是關稅因素、多少是匯率（FX）因素、以及多少是出貨量或吸收（absorption）造成的？

So it's a good question, Arthur, like the fluctuation in the exchange rate together with the tariff, it covers like between 75% to 85% from this gap compared to prior year quarter. The other is mainly the absorption that we mentioned related to the production and reduction.

這是個好問題，Arthur。匯率波動加上關稅，合計大約解釋了相較去年同期差距的 75% 到 85%。其餘主要是我們提到的吸收（absorption）因素，與生產及減產相關。

Okay, a couple more questions for me, sorry.

好的，我這邊還有幾個問題，抱歉。

On the Medicare Advantage coverage that you have, from Aetna, Humana, and UnitedHealthcare, is there any way you can give us additional commentary, regarding, what's the traditional Medicare and what's the conversion rate that you're seeing, especially on submitted claims?

關於你們目前由 Aetna、Humana 與 UnitedHealthcare 提供的 Medicare Advantage（聯邦醫療保險優勢計畫）給付，你能否再多補充一些看法？例如，傳統 Medicare 的占比是多少，以及你們看到的轉換率如何，特別是在已提交的理賠申請上？

So when I came into the business, I did an assessment of the business and part of that assessment was actually looking at moving products into the payer landscape and what it takes.

我剛加入這個業務時，做了一次業務評估，而評估的一部分其實就是檢視如何把產品導入支付方（payer）生態，以及需要具備哪些條件。

If I look back over the innovation trail of Lifeword, they did a phenomenal job of innovation. where they actually had some gaps were how they addressed payers. And you know the story over the last three years where they've really started working with Medicare to gain coding, to gain pricing, and then now we've started to get coverage and payer placement across other payers. We have a team in the background that's been working with us since I joined the company to assess the situation and to build it. Since now you've seen, Aetna United.

如果我回顧 Lifeword 的創新軌跡，他們在創新方面做得非常出色。真正的缺口在於他們如何與支付方對接。你也知道過去三年的故事：他們開始與 Medicare 合作以取得編碼、取得定價，接著現在我們也開始在其他支付方取得給付與支付方上架（payer placement）。自我加入公司以來，後端一直有一個團隊與我們一起評估情況並建立這些能力。你現在也看到 Aetna、United。

And Humana come on board, and our pipeline continues to grow. We need to put further into the private placement into the market, the blues of the world, if you will. And so that pipeline continues to build. Part of the structure is that we're moving to our channel partners, which we announced, like Verith and Neuro, who have deeper transitions into payers.

以及 Humana 也加入了，我們的管線持續成長。我們需要進一步把私人保險的上架推進到市場上，也就是所謂的「藍十字／藍盾」（the blues）等。因此這條管線仍在持續建置中。架構的一部分是我們正轉向我們的通路合作夥伴（channel partners），我們已宣布像 Verith 和 Neuro 這些在支付方端有更深滲透的夥伴。

And so my goal is to get to every patient everywhere in two forms, one of which is through their payer, and secondarily is to get to them in the community. And so you're asking a great question. This is the piece of the business that has great overlap with my past and that we're building on today. I don't have a direct answer for the pipeline right now as we continue to shift that pipeline from us to our channel partners and continue to build out the distribution network. But there's a lot more to come on this. It's probably the most exciting piece about the business outside of the innovation.

所以我的目標是以兩種方式讓每一位病患在任何地方都能取得：第一是透過他們的支付方，第二則是在社區端觸達他們。你問得很好。這一塊業務與我過去的經驗高度重疊，也是我們現在正在打造的部分。就目前而言，因為我們正持續把這條管線從我們自己轉移到通路合作夥伴，並持續擴建分銷網路，所以我暫時沒有辦法對管線給出直接答案。但這方面後續還會有很多進展。除了創新之外，這可能是這門業務最令人興奮的一塊。

Thanks, and talking about shifting the pipeline, not only you have the products from our attack, but now you also have an upper body exoskeleton product that you brought on today onto your portfolio.

謝謝。談到管線的轉移，不僅你們有來自我們攻擊（our attack）的產品，而且今天你們也把一款上肢外骨骼產品納入你們的產品組合。

So since there are quite a few moving parts, how are you managing your resources and also navigating through all these changes? And you yourself are kind of, getting settled into this. So I'm just trying to understand, what's the trajectory of things? How should we think about growth from here?

既然有這麼多變動因素，你們如何管理資源並在這些變化中前進？你自己也算是在逐步就位、安頓下來。我想了解的是，事情的發展軌跡是什麼？我們應該如何看待接下來的成長？

And is this a two-year plan or is this a five-year plan?

這是一個兩年計畫，還是一個五年計畫？

So I think a couple of things. One of which is everybody should understand that I've got three decades of actually managing these particular revenue cycles, so they're very comfortable to me. Number 2 is just to redescribe the AuraTech transaction. So there is little to no interaction from our staff with what needs to happen with ORMD 0801 oral influence. That's going to be handled with AuraMed and also is pre-funded. And so I'm the only one who actually has overlap with that from a strategic perspective, so it doesn't have any drain on resources.

我想有幾點。第一，大家應該了解，我有三十年實際管理這類營收循環（revenue cycles）的經驗，所以對我來說非常熟悉。第二，我再重新說明一下 AuraTech 這筆交易。就 ORMD 0801 口服影響（oral influence）需要推進的事項而言，我們的員工幾乎不需要介入或完全不需要介入。這將由 AuraMed 處理，而且也已預先資金到位。因此，從策略角度來看，只有我一個人與此有重疊，所以不會消耗公司資源。

So that's one thing that's really exciting. As we bring in the new upper body exoskeleton, and I'm glad you mentioned that, and we start to work against commercialization and finalizing MVP and bringing that to market, that you're going to find that we're going to be known as an innovator, an aggregator, and an exploiter of commercial models, right? And those in particular are channel partners. we're looking for partners and have partners secured that have these patients at hand.

這是非常令人振奮的一點。當我們引進新的上肢外骨骼——也很高興你提到這點——並開始推動商業化、完成 MVP（最小可行產品）的定案並把它推向市場時，你會發現我們將以「創新者、整合者，以及商業模式的落地者（exploiter）」而聞名，對吧？而其中很重要的一環就是通路合作夥伴。我們正在尋找合作夥伴，也已確保一些合作夥伴，他們手上就有這些病患。

Going out and finding these patients one by one, the needle in the haystack, is definitely not a good business model, and that's why we've made the conscious shift. We're going to work with channel partners that excel in these areas, like the core life of the world, that we work with workers' comp, where they have these patients at hand, they can market to them, and it's a complementary therapy. You should expect the same for all of our portfolio. That's where the vast amount of my experience was spent.

一個一個去找病患、像大海撈針一樣，絕對不是好的商業模式，這也是我們有意識地做出轉向的原因。我們會與在這些領域表現出色的通路合作夥伴合作，例如我們在勞工保險（workers' comp）領域合作的 core life 這類夥伴，他們手上就有這些病患，能夠對他們行銷，而這是一種互補療法。你也應該預期我們整個產品組合都會採取同樣的方式。這正是我大部分經驗累積所在。

With developing panel partners, driving innovation and execution, and then obviously the payer landscape with my background. So those tips are super exciting and needed for the company. But going to areas where we actually can get to patients directly with panel partners is probably one of the most important things to me going forward.

包括建立小組合作夥伴（panel partners）、推動創新與執行，當然也包括以我的背景來看支付方生態。因此，這些能力對公司而言既令人興奮也很必要。但未來對我來說，最重要的事情之一，就是進入那些我們能透過小組合作夥伴直接觸達病患的領域。

Thank you. Thanks for taking all my questions, Mark, and Almong.

謝謝。Mark、Almong，謝謝你們回答我所有問題。

Yeah, thank you.

好的，謝謝。

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

我們的問答環節到此結束。接下來我想把電話會議交回給 Mark Grant，請他做結語。

Drew, thank you. Listen, we believe that Lifeword is entering into a new phase as a more diversified biomedical innovation company with improving financial flexibility and a clearer path for profitability.

Drew，謝謝。各位，我們相信 Lifeword 正進入一個新階段，成為一家更多元化的生物醫學創新公司，財務彈性持續改善，且通往獲利的路徑更清晰。

We remain focused on executing our operational priorities, scaling our neuro-rehabilitation platform, and advancing strategic partnerships while fostering a unique and potentially very high-value event with our biomedical platform. Thank you again for joining us today. We look forward to updating you on our progress next quarter. Thank you, everybody.

我們仍將專注於落實營運優先事項、擴大我們的神經復健平台規模、推進策略合作夥伴關係，同時透過我們的生物醫學平台培育一個獨特且可能具有非常高價值的事件。再次感謝各位今天與會。我們期待在下個季度向各位更新我們的進展。謝謝大家。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以中斷連線。