LENSAR Inc (LNSR) 2022 Q4 法說會逐字稿

Good morning, and thank you for your participation. (Operator Instructions) As a reminder, this conference call will be recorded.

早上好，感謝您的參與。 （操作員說明）提醒一下，本次電話會議將被錄音。

I would now like to turn the conference over to Lee Roth of Burns McClellan. Mr. Roth, please go ahead.

我現在想將會議轉交給 Burns McClellan 的 Lee Roth。羅斯先生，請繼續。

Thanks, Joanna. Good morning and, once again, welcome to the LENSAR fourth-quarter and full-year 2022 financial results conference call. Earlier today, we issued a press release providing an overview of our financial results for the quarter and full year ended December 31, 2022. A copy of this press release is available on the Investor Relations section of the company's website at www.lensar.com.

謝謝，喬安娜。早上好，再次歡迎來到 LENSAR 第四季度和 2022 年全年財務業績電話會議。今天早些時候，我們發布了一份新聞稿，概述了我們截至 2022 年 12 月 31 日的季度和全年的財務業績。可在公司網站 www.lensar.com 的投資者關係部分獲取本新聞稿的副本.

Joining me on the call today is Nick Curtis, Chief Executive Officer of LENSAR, who will review the company's recent business and operational progress. Following his comments, Tom Staab, Chief Financial Officer, will provide an overview of our financial highlights before we turn the call back over to the operator to facilitate answering any questions you might have.

今天和我一起參加電話會議的是 LENSAR 的首席執行官 Nick Curtis，他將回顧公司最近的業務和運營進展。在發表評論後，首席財務官 Tom Staab 將概述我們的財務亮點，然後我們將電話轉回給接線員，以方便回答您可能提出的任何問題。

Before I turn it over to management, I'd like to remind you that today's conference call will contain forward-looking statements, including statements regarding future results, unaudited and forward-looking financial information, as well as information on the company's future performance and/or achievements.

在我轉交給管理層之前，我想提醒大家，今天的電話會議將包含前瞻性陳述，包括有關未來業績的陳述、未經審計和前瞻性的財務信息，以及有關公司未來業績和/或成就。

These statements are subject to unknown and known risks and uncertainties which may cause our actual results, performance, or achievements to be materially different from any future results or performance expressed or implied on this conference call. You should not place any undue reliance on these forward-looking statements.

這些陳述受未知和已知風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果、業績或成就與本次電話會議中明示或暗示的任何未來結果或業績存在重大差異。您不應過分依賴這些前瞻性陳述。

For additional information, including a detailed discussion of the company's risk factors, please refer to our documents filed with the Securities and Exchange Commission, which can be accessed on the website.

有關其他信息，包括對公司風險因素的詳細討論，請參閱我們向美國證券交易委員會備案的文件，這些文件可在網站上訪問。

In addition, this call contains time-sensitive information accurate only as of as of the date of the live broadcast, March 16, 2023. LENSAR our undertakes no obligation to revise or otherwise update any forward-looking statements to reflect events or circumstances after the date of this live call.

此外，本次電話會議包含的時間敏感信息僅截至直播之日，即 2023 年 3 月 16 日準確。LENSAR 我們不承擔修改或以其他方式更新任何前瞻性陳述以反映事件或情況的義務。此實時通話的日期。

With that said, it's now my pleasure to turn the call over to LENSAR's Chief Executive Officer, Nick Curtis. Nick?

話雖如此，現在我很高興將電話轉給 LENSAR 的首席執行官 Nick Curtis。缺口？

Thank you, Lee, and good morning to everyone listening. I appreciate your joining us on our fourth-quarter and full-year 2022 conference call. 2022 was a transformational year for LENSAR marked by the successful launch of our next-generation system ALLY.

謝謝你，李，大家早上好。感謝您加入我們的 2022 年第四季度和全年電話會議。 2022 年是 LENSAR 轉型的一年，我們成功推出了下一代系統 ALLY。

On our third-quarter conference call, shortly after the launch of ALLY in August, I laid out our goal of having 10 ALLY systems placed by year end. I'm pleased to say that, indeed, we placed the 10 systems. But in December alone, we signed contracts for an additional six ALLYs to be installed in the first half of this year.

在我們的第三季度電話會議上，即 ALLY 於 8 月推出後不久，我制定了我們的目標，即在年底前部署 10 個 ALLY 系統。我很高興地說，我們確實放置了 10 個系統。但僅在 12 月，我們就簽署了在今年上半年安裝另外 6 個 ALLY 的合同。

To date, feedback from our initial surgeon customers has been incredibly positive, with some referring to it as a revolution in how FLACS procedures are performed. The features of ALLY that surgeons are most enthusiastic about are the impressive speed and precision of the laser, its small footprint, and unparalleled ergonomics.

迄今為止，我們最初的外科醫生客戶的反饋非常積極，一些人將其稱為 FLACS 程序執行方式的一場革命。外科醫生最熱衷於 ALLY 的特點是令人印象深刻的激光速度和精度、佔地面積小以及無與倫比的人體工程學設計。

Faster laser procedures from start to finish that significantly reduce treatment time by up to two-thirds are creating improved patient throughput and translating to more procedures on given surgery days.

從頭到尾更快的激光手術顯著減少了多達三分之二的治療時間，從而提高了患者的吞吐量，並轉化為在給定的手術日進行更多的手術。

As you may have seen in our press release today, Dr. James Khodabakhsh, Chief of Department of Ophthalmology, Cedars-Sinai Medical Center, share that ALLY has been so fast and accurate that it has shortened his surgery day by an hour to an hour and a half, while a different surgeon recently shared with us that he was blown away by ALLY's speed and efficiencies, remarking that the procedure was so fast, he had to double check to make sure the procedure was actually completed.

正如您今天在我們的新聞稿中看到的那樣，Cedars-Sinai 醫療中心眼科主任 James Khodabakhsh 博士分享了 ALLY 如此快速和準確，以至於將他的手術時間縮短了一個小時到一個小時半，而另一位外科醫生最近與我們分享，他對 ALLY 的速度和效率感到震驚，並表示手術速度如此之快，他不得不仔細檢查以確保手術確實完成了。

Another user stated that ALLY takes FLACS to a whole new level. It's important to note that in addition to supporting increased patient throughput and procedures per day or a shortened surgical day, ALLY also appears to be driving increased femtosecond laser-assisted cataract surgery use in some instances.

另一位用戶表示，ALLY 將 FLACS 提升到了一個全新的水平。值得注意的是，除了支持增加患者吞吐量和每天的手術量或縮短手術日外，ALLY 似乎還在某些情況下推動飛秒激光輔助白內障手術的使用增加。

As one user noted that ALLY's speed and precision have increased his confidence and that as a result, he is now converting more than 95% of his patients to laser cataract surgery. This is a surgeon who had used a competitor's first-generation laser and prior to ALLY had abandoned femtosecond laser-assisted cataract surgery altogether.

正如一位用戶指出的那樣，ALLY 的速度和精確度增加了他的信心，因此，他現在正在將 95% 以上的患者轉化為激光白內障手術。這是一位外科醫生，他使用過競爭對手的第一代激光，在 ALLY 之前完全放棄了飛秒激光輔助白內障手術。

Another perhaps less-tangible benefit to the surgery center that I'd like to briefly touch on is how ALLY could contribute to improve employee satisfaction in the workplace environment.

我想簡要談談手術中心的另一個可能不太明顯的好處是 ALLY 如何有助於提高員工在工作環境中的滿意度。

During the administrator session of the Caribbean Eye Conference last month, the results of a recently conducted survey of top administrators, many of whom manage multiple high-volume ambulatory surgery centers were shared. The study found that the biggest concern, which was ranked number one by 71% of responders was staff turnover.

在上個月的加勒比眼科會議管理員會議上，最近對高級管理員進行的一項調查結果得到了分享，其中許多人管理著多個高容量門診手術中心。研究發現，員工流失率是最大的擔憂，71% 的受訪者將其排在第一位。

Looking at the speed and efficiency benefits that Dr. Khodabakhsh described, surgeons could choose to treat the same number of patients per day, shortening their as well as their surgical staff's workday, likely enhancing employee satisfaction. Alternatively, surgeons can choose to increase the number of procedures performed in a day. Both perspectives translate into more revenue and increased profitability for the ASC and the surgeon.

看看 Khodabakhsh 博士描述的速度和效率優勢，外科醫生可以選擇每天治療相同數量的患者，從而縮短他們以及他們的外科醫生的工作日，可能會提高員工滿意度。或者，外科醫生可以選擇增加一天的手術次數。這兩種觀點都會為 ASC 和外科醫生帶來更多的收入和更高的盈利能力。

Further, several users have remarked about improvements to patient comfort and overall patient experience. Perhaps an even more important contribution to growth than driving better surgeon efficiency is supporting the surgeons' ability to deliver improved patient outcomes more consistently when utilizing our advanced technology.

此外，一些用戶評論了患者舒適度和整體患者體驗的改善。也許比提高外科醫生效率更重要的增長貢獻是支持外科醫生在利用我們的先進技術時更一致地提供改善患者結果的能力。

It is gratifying to receive this important feedback on both practice efficiency and improved patient outcomes, which we believe will increase surgeon confidence using ALLY and ultimately lead to patient conversions to femtosecond laser-assisted cataract surgery and higher utilization within the practice.

很高興收到關於實踐效率和改善患者結果的重要反饋，我們相信這將增加外科醫生使用 ALLY 的信心，並最終導致患者轉向飛秒激光輔助白內障手術並提高實踐中的利用率。

Furthermore, this feedback supports our strong belief that as we grow the ALLY installed base and more surgeons learn about the technology through peer-to-peer interaction, ALLY will firmly establish itself as an integral value-added tool for ophthalmic surgeons, allowing LENSAR to not only grow share of the existing market, but also to potentially catalyze the next phase of market expansion.

此外，這一反饋支持我們堅信，隨著我們擴大 ALLY 安裝基礎以及更多外科醫生通過點對點互動了解該技術，ALLY 將堅定地將自己確立為眼科外科醫生不可或缺的增值工具，使 LENSAR 能夠不僅增加現有市場的份額，而且有可能催化下一階段的市場擴張。

Importantly, interest from prospective ALLY users is extremely high and continues to grow. Earlier this month, we attended the AECOS meeting in Aspen, Colorado. And during a panel-led session titled, what am I doing differently in 2023, which featured presentations by leading cataract surgeons, three of the four surgeons on the panel stated that they already use or will be using ALLY and shared why they use ALLY to treat their premium cataract patients, which demonstrates a strong peer-to-peer recommendation to all intended attendees.

重要的是，潛在 ALLY 用戶的興趣非常高，而且還在持續增長。本月早些時候，我們參加了在科羅拉多州阿斯彭舉行的 AECOS 會議。在一場題為“我在 2023 年做了哪些不同的事情”的小組主導會議上，主要白內障外科醫生進行了演講，小組中四名外科醫生中的三名表示他們已經或將使用 ALLY，並分享了他們使用 ALLY 的原因治療他們的高級白內障患者，這向所有預期的與會者展示了強烈的點對點推薦。

This is another great example of the increasing groundswell of interest that we've experienced in the first quarter of this year. In addition, I'd like to emphasize this provides further confirmation that our controlled targeted launch with early technology adopters and higher-volume competitive laser key opinion leaders and LENSAR key opinion leaders is the right strategy.

這是我們在今年第一季度經歷的日益增長的興趣的另一個很好的例子。此外，我想強調的是，這進一步證實了我們與早期技術採用者和數量更多的競爭性激光關鍵意見領袖和 LENSAR 關鍵意見領袖的有控制有針對性的發布是正確的策略。

Another significant opportunity we have with ALLY is to place one or more systems with each practice of private equity-owned groups. Thanks to its small footprint, enhanced ergonomics, significant reduction in procedure time, and opportunity to guide better outcomes, these private equity groups are expressing interest in ALLY in their expanding locations as well as replacing their older femtosecond laser technology with ALLY.

我們與 ALLY 合作的另一個重要機會是為私募股權集團的每個實踐放置一個或多個系統。由於其占地面積小、人體工程學得到改善、手術時間顯著縮短以及獲得更好結果的機會，這些私募股權集團對 ALLY 在其不斷擴大的地點表現出興趣，並用 ALLY 取代了舊的飛秒激光技術。

ALLY represents a true generational change, and we're continuing to expand our efforts to get the message out to a broader surgeon audience.

ALLY 代表了真正的代際變革，我們正在繼續擴大我們的努力，以將信息傳達給更廣泛的外科醫生聽眾。

Additionally, we have increased our hands-on experiences with more demo opportunities during ophthalmic meetings in the US and are creating opportunities for interested surgeons to observe femtosecond laser-assisted cataract surgery in one of our centers of excellence to experience the ALLY difference.

此外，我們在美國的眼科會議期間通過更多演示機會增加了我們的實踐經驗，並正在為感興趣的外科醫生創造機會在我們的一個卓越中心觀察飛秒激光輔助白內障手術，以體驗 ALLY 的不同之處。

Our goal is to continue to educate the market on ALLY's many benefits over previous-generation femtosecond lasers and let them experience the generational change for themselves.

我們的目標是繼續向市場宣傳 ALLY 相對於上一代飛秒激光器的諸多優勢，並讓他們親身體驗這一代的變化。

While the demand for ALLY has remained high, our 2022 rollout was constrained by supply chain challenges. We expect these challenges to abate in 2023, allowing us to make the system more broadly available this year.

雖然對 ALLY 的需求仍然很高，但我們 2022 年的推出受到供應鏈挑戰的限制。我們預計這些挑戰將在 2023 年減弱，使我們能夠在今年更廣泛地使用該系統。

Consistent with our surgeon-centric culture, we've been completely transparent with our customers as far as installation timing. With that said, it's somewhat gratifying to hear potential customers say that they want the device as quickly as we can get it to them.

與我們以外科醫生為中心的文化相一致，就安裝時間而言，我們對客戶完全透明。話雖如此，聽到潛在客戶說他們想要我們能盡快提供給他們的設備，還是有些令人欣慰的。

Looking at our business performance for the year, we achieved a slight increase in overall worldwide procedure volumes. But more importantly, we've achieved 3% and an 11% growth in US procedure volumes in Q4 and for the full year in comparison to 2021, respectively.

從我們今年的業務表現來看，我們在全球範圍內的整體手術量略有增加。但更重要的是，與 2021 年相比，我們在第四季度和全年的美國手術量分別增長了 3% 和 11%。

The US represents the largest premium procedure market for LENSAR and is fundamental for driving our strategy of market share and penetration with growth in both ALLY's system adoption and, over time, utilization.

美國是 LENSAR 最大的高級程序市場，對於推動我們的市場份額和滲透戰略以及 ALLY 系統採用和隨著時間的推移利用率的增長至關重要。

According to confirming data from Market Scope, we've continued to expand our footprint in the US market and have continued to take competitive market share. In addition, and importantly, this growth clearly demonstrates that demand for femtosecond laser-assisted cataract surgery procedures in the US remained strong despite the ongoing economic uncertainty, which we all face.

根據 Market Scope 的確認數據，我們繼續擴大我們在美國市場的足跡，並繼續佔據有競爭力的市場份額。此外，重要的是，這種增長清楚地表明，儘管我們都面臨著持續的經濟不確定性，但美國對飛秒激光輔助白內障手術的需求仍然強勁。

This, coupled with the opportunity to replicate the experience I described a moment ago of the customer who's converting more patients from standard to a premium laser cataract procedure thanks to ALLY gives us confidence that we can continue our execution plan to grow our share of the procedure market as we continue our further transition away from legacy technology, increase our overall share of the total US installed base, and continue to broaden ALLY's presence in the market.

這一點，再加上有機會復制我剛才描述的客戶的經驗，由於 ALLY，客戶正在將更多患者從標準激光白內障手術轉變為高級激光白內障手術，這讓我們有信心繼續我們的執行計劃，以增加我們在手術中的份額隨著我們繼續從傳統技術進一步轉型，增加我們在美國總裝機量中的整體份額，並繼續擴大 ALLY 在市場上的影響力，我們將在市場上佔有一席之地。

To recap, LENSAR has accomplished some very significant milestones in 2022. We oversaw the successful launch of ALLY and initiated the transition to the new technology from our LENSAR laser system, place 10 ALLYs systems in the first 4.5 months of controlled launch and have created significant demand for ALLY through a strategic rollout designed to optimize uptake and build sustainable long-term demand for the system while allowing us to effectively navigate a challenging macroenvironment.

回顧一下，LENSAR 在 2022 年取得了一些非常重要的里程碑。我們監督了 ALLY 的成功發射，並啟動了從我們的 LENSAR 激光系統向新技術的過渡，在受控發射的前 4.5 個月內放置了 10 個 ALLY 系統，並創造了重要的通過旨在優化吸收和建立可持續的系統長期需求的戰略部署，同時使我們能夠有效地應對充滿挑戰的宏觀環境，滿足對 ALLY 的需求。

Now let me turn over the call to Tom to cover our financial highlights for the quarter. Tom?

現在讓我把電話轉給湯姆，介紹我們本季度的財務亮點。湯姆？

Thank you, Nick. Our fourth-quarter and full-year 2022 financial results are included in our press release issued earlier this morning. But I'd like to take this opportunity to expand on some of that information by adding some color to our remarks contained in the press release. Revenue was $10.2 million in the fourth quarter of 2022 compared to $11.2 million in the fourth quarter of 2021.

謝謝你，尼克。我們的第四季度和 2022 年全年財務業績包含在今天上午早些時候發布的新聞稿中。但我想藉此機會通過為我們在新聞稿中的評論添加一些顏色來擴展其中的一些信息。 2022 年第四季度的收入為 1020 萬美元，而 2021 年第四季度為 1120 萬美元。

Consistent with our third quarter results and as mentioned on our call last quarter, this decrease was primarily due to the continued softness in procedure volume as well as the transition away from LLS to ALLY manufacturing, which reduced laser inventory availability and constrained our growth.

與我們第三季度的業績以及我們在上季度的電話會議中提到的一致，這一下降主要是由於手術量持續疲軟以及從 LLS 製造向 ALLY 製造的過渡，這減少了激光庫存可用性並限制了我們的增長。

Much of the procedure volume softness was associated with ongoing third-party payer reimbursement challenges in South Korea and to a more limited extent, the timing of procedure purchases outside of South Korea. This timing fluctuation was offset partially by the growth in the US market as Nick mentioned in his remarks.

手術量疲軟在很大程度上與韓國持續存在的第三方付款人報銷挑戰有關，並且在更有限的程度上與在韓國境外購買手術的時間有關。正如尼克在講話中提到的那樣，這種時間波動被美國市場的增長部分抵消了。

The continuing reimbursement issues in South Korea had an estimated $900,000 detrimental impact on revenue for the fourth quarter. With that said, fourth-quarter 2022 revenue was up 32% on a sequential basis as compared to the third quarter of 2022, driven primarily by ALLY's system installations and procedure growth in the US and Europe.

韓國持續的報銷問題估計對第四季度的收入造成了 900,000 美元的不利影響。儘管如此，與 2022 年第三季度相比，2022 年第四季度的收入環比增長了 32%，這主要受 ALLY 在美國和歐洲的系統安裝和程序增長的推動。

In the fourth quarter of 2022, we sold 31,400 procedures compared to 41,642 procedures sold in the fourth quarter of 2021. Our procedure volume decreased 25% over the fourth quarter of 2021, again, primarily due to the softness in the South Korean market. As Nick mentioned, procedure volume in the United States, our most important market, was up 3% in Q4 2022 as compared to Q4 2021.

2022 年第四季度，我們售出了 31,400 台手術，而 2021 年第四季度售出了 41,642 台。我們的手術量比 2021 年第四季度下降了 25%，這再次主要是由於韓國市場疲軟。正如尼克所提到的，與 2021 年第四季度相比，2022 年第四季度我們最重要的市場美國的手術量增長了 3%。

Gross margin for the quarter was $6.5 million and represented a gross margin percentage of 63%. We increased gross margin $852,000 in the quarter from $5.6 million in the fourth quarter of 2021, despite a decrease of $1 million in revenue quarter over quarter.

本季度的毛利率為 650 萬美元，毛利率為 63%。儘管本季度收入環比減少 100 萬美元，但我們本季度的毛利率從 2021 年第四季度的 560 萬美元增加到 852,000 美元。

This increase in gross margin is a function of a higher gross margin percentage on ALLY sales versus LLS sales as well as charging inventory items to R&D expense prior to the approval of ALLY in June of 2022.

毛利率的增長是由於 ALLY 銷售額相對於 LLS 銷售額的毛利率更高，以及在 ALLY 於 2022 年 6 月獲得批准之前將庫存項目計入研發費用。

Total operating expenses for the fourth quarter of 2022 were $9.1 million compared to $9.5 million in the fourth quarter of 2021. This decrease was largely due to less R&D expenditures, somewhat offset by an increase in SG&A expenses.

2022 年第四季度的總運營費用為 910 萬美元，而 2021 年第四季度為 950 萬美元。這一減少主要是由於研發支出減少，但在一定程度上被 SG&A 費用的增加所抵消。

The decrease in R&D expenses of $1.8 million was primarily attributable to significantly lower ALLY development expenses following FDA clearance, including no longer charging inventory costs to R&D expense. These expensed inventory items represented $1.1 million in the fourth quarter of 2021.

研發費用減少 180 萬美元，主要是由於 FDA 批准後 ALLY 開發費用顯著降低，包括不再將庫存成本計入研發費用。這些費用化庫存項目在 2021 年第四季度的價值為 110 萬美元。

SG&A costs increased due to increased trade show and commercial activity related to the promotion of ALLY. Lastly, included in operating expenses was non-cash stock-based compensation of $1.7 million and $1.5 million in the fourth quarters of 2022 and 2021 respectively.

由於與推廣 ALLY 相關的貿易展覽和商業活動增加，SG&A 成本增加。最後，2022 年第四季度和 2021 年第四季度的非現金股票薪酬分別為 170 萬美元和 150 萬美元，計入運營費用。

Net loss for the quarter decreased quarter over quarter and was $2.5 million or a $0.24 loss per share compared to $3.9 million were a $0.41 loss per share in the fourth quarter of 2021. Adjusted EBITDA for the fourth quarter of 2022, which excludes stock-based compensation expense, was a $65,000 loss compared to a $1.6 million loss in the fourth quarter of 2021.

本季度淨虧損環比下降 250 萬美元或每股虧損 0.24 美元，而 2021 年第四季度為 390 萬美元，每股虧損 0.41 美元。2022 年第四季度調整後的 EBITDA，不包括基於股票的補償費用為 65,000 美元，而 2021 年第四季度為 160 萬美元。

The quarter-over-quarter change reflects a significant decrease and represents breakeven status in the fourth quarter of 2022 on an adjusted EBITDA measurement perspective.

從調整後的 EBITDA 衡量角度來看，環比變化反映出顯著下降，並代表了 2022 年第四季度的盈虧平衡狀態。

As of December 31, 2022, we had cash and cash equivalents of $14.7 million as compared to $31.6 million on December 31, 2021. Cash utilized in the fourth quarter was $4.6 million and $17 million for the full year.

截至 2022 年 12 月 31 日，我們的現金和現金等價物為 1,470 萬美元，而 2021 年 12 月 31 日為 3,160 萬美元。第四季度使用的現金為 460 萬美元，全年使用的現金為 1,700 萬美元。

Fourth-quarter cash burn of approximately $4.6 million is almost exclusively associated with increased accounts receivable and inventory balances associated with the launch of ALLY and making ALLY more broadly available in 2023.

第四季度約 460 萬美元的現金消耗幾乎完全與應收賬款和庫存餘額的增加有關，這與 ALLY 的推出以及 ALLY 在 2023 年更廣泛的應用有關。

As mentioned earlier, we were effectively operating at breakeven in the fourth quarter as cash was almost entirely dedicated to working capital usage. As we have mentioned, 2022 was a transition year as the company transitioned its manufacturing and sale of its first-generation LLS to ALLY. And thus, our growth was limited to supply chain challenges in the transition to commercialization of ALLY.

如前所述，我們在第四季度有效地實現了收支平衡，因為現金幾乎全部用於營運資金使用。正如我們所提到的，2022 年是一個過渡年，因為該公司將其第一代 LLS 的製造和銷售過渡到了 ALLY。因此，我們的增長僅限於 ALLY 商業化轉型過程中的供應鏈挑戰。

Due to the transition, our total revenue for 2022 increased $900,000 or approximately 3% compared to 2021 levels. However, given the traction and demand we saw in the fourth quarter and continue to see despite strong competitive and macroeconomic headwinds, we expect to return to 20% plus revenue growth in fiscal 2023 as we enter the first full year of ALLY being commercially available in the United States.

由於過渡，我們 2022 年的總收入比 2021 年增加了 900,000 美元或約 3%。然而，考慮到我們在第四季度看到的牽引力和需求，儘管競爭激烈和宏觀經濟逆風，我們仍將繼續看到，我們預計隨著我們進入 ALLY 在美國上市的第一個全年，我們預計 2023 財年的收入增長將恢復到 20% 以上美國。

Additionally, we expect the European launch as well as to submit additional regulatory filings for ALLY in the next 12 months. Our recurring revenue for the year was 86%, which represents revenue outside of system sales and provides a recurring revenue foundation of over $30 million going into 2023.

此外，我們預計在未來 12 個月內將在歐洲推出並為 ALLY 提交額外的監管文件。我們當年的經常性收入為 86%，代表系統銷售以外的收入，並為 2023 年超過 3000 萬美元的經常性收入奠定了基礎。

Now I'd like to turn the call back over to Joanna to open the lines for questions.

現在我想把電話轉回給 Joanna 以打開問題熱線。

Thank you. (Operator Instructions) Ryan Zimmerman, BTIG.

謝謝。 （操作員說明）Ryan Zimmerman，BTIG。

Good morning, Nick and Tom. Thanks for taking the questions, and congrats on all the progress with ALLY. Those anecdotes are nice to hear, Nick.

早上好，尼克和湯姆。感謝您提出問題，並祝賀 ALLY 取得的所有進展。這些軼事很高興聽到，尼克。

Thank you.

謝謝。

I just wanted to start and talk about ALLY for a little bit, if I could. You got six systems off the ground for the -- in December. And I appreciate the guidance, Tom, on the consumables. But maybe, Nick, you could talk to us about how you're thinking about placements?

如果可以的話，我只是想開始談談 ALLY。您在 12 月啟動了六個系統。湯姆，我很感激關於消耗品的指導。但也許，尼克，你可以和我們談談你是如何考慮安置的？

And I know you're not going to necessarily guide to that number, but you have communicated some of the trading numbers, the demo numbers. It would be helpful to understand just the pipeline and your thoughts around ALLY's systems into 2023.

而且我知道你不一定會指導那個數字，但你已經傳達了一些交易數字，演示數字。了解到 2023 年的管道和您對 ALLY 系統的想法會很有幫助。

Great. Thank you, Brian, for the question. So as we look into 2023, we ended the year really strong, going into 2023 with six backlog agreements, if you will. Those are going to -- most of those are going to hit in the second quarter. These were facility -- new facilities and requirements in terms of when they were -- would be ready to take delivery of the system. And so, we've been we've been scheduling those.

偉大的。布賴恩，謝謝你提出這個問題。因此，當我們展望 2023 年時，我們以強勁的勢頭結束了這一年，進入 2023 年有六項積壓協議，如果你願意的話。這些將 - 其中大部分將在第二季度實現。這些是設施——新設施和它們何時的要求——將準備好接收系統。因此，我們一直在安排這些。

From a ramp-up perspective here, the pipeline has been growing pretty substantially, given the activities in the first quarter. There's generally in the capital equipment side because we're selling more of these systems than we are placing these systems.

從這裡的增長角度來看，考慮到第一季度的活動，管道一直在大幅增長。通常在資本設備方面，因為我們銷售的這些系統多於我們放置這些系統的數量。

Generally, right after the first of the year, particularly since we ended the year with such a bang there with the backlog of systems in the first quarter, be a little bit slower from a contract perspective. But we've got the pipeline, which has been growing significantly.

一般來說，在今年的第一年之後，特別是因為我們在第一季度以系統積壓的方式結束了這一年，從合同的角度來看要慢一點。但是我們有管道，它一直在顯著增長。

And the good thing about the pipeline is that with capital equipment, you're going to get some fallout of systems. But you -- the bigger the pipeline, the more you're going to end up pushing through. So I really like the fact that we've got -- I'm talking about the into the 150 to 200 of accounts in a pipeline right now.

管道的好處是，有了固定設備，你就會對系統產生一些影響。但是你 - 管道越大，你最終推動的越多。所以我真的很喜歡我們所擁有的事實 - 我現在正在談論管道中的 150 到 200 個帳戶。

That's great, Nick. And then, the comments about supply chain and your ability to manufacture sounds like it's getting better. When do you feel like you move into full launch, if you will, where you're unconstrained, be it by supply chain or just taking your time with KOLs?

太好了，尼克。然後，關於供應鍊和你的製造能力的評論聽起來越來越好。你覺得你什麼時候進入全面發布，如果你願意，你不受約束的地方，無論是供應鏈還是只是花時間與 KOL 在一起？

I think in the -- as we get towards the second half of the year, we are going to see that open up significantly, and that's what we're planning on.

我認為 - 隨著我們進入今年下半年，我們將看到它顯著開放，這就是我們的計劃。

Okay. Very helpful. And then for Tom, I am going to keep going on questions here, if that's okay. Just a couple of more for me.

好的。很有幫助。然後對於湯姆，如果可以的話，我將繼續在這裡提出問題。對我來說還有幾個。

Sure.

當然。

But margins were fantastic, Tom, and I appreciate you calling out the impact on the R&D component. But even if I back that out, I mean, you guys jumped almost 600 basis points. It looks like quarter over quarter. And so, help us understand how you think about margins in 2030 with all these dynamics?

但利潤率非常好，湯姆，我感謝你指出對研發部分的影響。但即使我反對，我的意思是，你們上漲了將近 600 個基點。它看起來像四分之一。因此，請幫助我們了解您如何看待 2030 年的利潤率以及所有這些動態？

Yes. So I think that the first statement I would make to you Ryan is it's absolutely fabulous that one, Nick and our commercial team have been able to sell versus place systems. And so, we actually realized the gross margin on that sale; two, the profit or gross margin on each ALLY sale is much better than it is with LLS now. So I would expect our profit margins to continue to increase.

是的。所以我認為我要對你說的第一個聲明 Ryan 是，Nick 和我們的商業團隊能夠銷售與放置系統，這真是太棒了。因此，我們實際上實現了該銷售的毛利率；第二，每筆 ALLY 銷售的利潤或毛利率都比現在的 LLS 好得多。所以我預計我們的利潤率會繼續增加。

However, to Nick's comment with supply chain, we still are not manufacturing the quantities that we would like to get the efficiencies on overhead absorption. And we also get purchase discount quantities once supply chain becomes a little less of an impact.

然而，對於尼克對供應鏈的評論，我們仍然沒有製造我們希望獲得間接費用吸收效率的數量。一旦供應鏈的影響變小，我們也會獲得採購折扣數量。

So our first 20 systems are a lot more expensive than the next 50 and considerably so. That is obscured by the fact that supply chain caused us to purchase a great deal of our expensive raw materials, laser heads and cameras, that we needed for ALLY that we have to have because they're generally single-source suppliers. And without that, we can't manufacture the ALLY.

因此，我們的前 20 個系統比接下來的 50 個系統貴很多，而且相當可觀。供應鏈導致我們購買大量昂貴的原材料、激光頭和相機，這是我們必須擁有的 ALLY 所需要的，因為它們通常是單一來源供應商，這一事實掩蓋了這一點。沒有它，我們就無法製造 ALLY。

And so, a decent chunk of those were expensed to R&D. So it's very, very difficult for me to guide you with exact precision on margins.

因此，其中很大一部分用於研發。因此，我很難在邊距上精確地指導您。

Yes.

是的。

But I think that we'll probably return to low 50s for the year, depending on how quickly we can get past some of the supply chain issues and actually put systems in place in the latter half of the year.

但我認為今年我們可能會回到 50 年代的低點，這取決於我們能夠以多快的速度解決一些供應鏈問題並在下半年實際將系統部署到位。

Okay. Last one for me. I'll hop back in queue. If you look at the pricing of consumables, if I just look at the ASPs on your consumables, Nick, you have alluded to this when we've spoken before that you're picking up a little bit of price on the consumable portion. It looks like it was up about 10% or so.

好的。最後一個給我。我會跳回隊列。如果你看一下消耗品的定價，如果我只看一下你的消耗品的 ASP，尼克，你在我們之前說過的時候提到過這一點，你在消耗品部分獲得了一點價格。看起來它上漲了大約 10% 左右。

Yes.

是的。

How do you expect that to continue? I mean, it's nice to see. And should we expect higher pickups in price just because it was somewhat of a limited impact this fourth quarter, or is that a fair level in terms of step-up in price on the consumable side?

您希望這種情況如何繼續？我的意思是，很高興看到。我們是否應該期望價格上漲只是因為它在第四季度的影響有限，或者就消費品方面的價格上漲而言，這是一個合理的水平？

Yes, great question. Thanks for that, by the way, because one of the things I was thinking about as Tom was speaking, is that as more of our marketing initiatives and as we begin to quantify with more site-by-site type study that show the time efficiency and the speed and the ability to add more cases, it obviously helps us build the value proposition for an increased procedure fee across the board from what people are paying today.

是的，很好的問題。順便說一句，謝謝你，因為湯姆說話時我在想的一件事是，隨著我們的營銷計劃越來越多，隨著我們開始通過更多顯示時間效率的逐個站點類型研究進行量化以及增加更多案例的速度和能力，它顯然幫助我們建立了價值主張，即從人們今天支付的費用中全面增加程序費用。

And so, we've been driving that value proposition pretty strong with the current installs. I would expect to see that to continue. And in some cases, it's as high as 35%. And in some cases, if it's a really high-volume account, it might be of a much smaller 5% to 10%. But you're going to see an increase in the ASP from a per-procedure -- on a per-procedure basis.

因此，我們一直在通過當前的安裝來推動這一價值主張。我希望看到這種情況繼續下去。在某些情況下，它高達 35%。在某些情況下，如果它是一個真正的高流量帳戶，它可能只佔 5% 到 10%。但是您會看到每個程序的 ASP 有所增加——在每個程序的基礎上。

And the other thing is that a lot of it is unencumbered, but now, you're having to extract the equipment portion and the service portion out of the overall procedure fee, which is where the traditional placements have been with first generation.

另一件事是，其中很多是沒有負擔的，但現在，你必須從整個程序費用中提取設備部分和服務部分，這是第一代傳統安置的地方。

And now, you're seeing more of a separate capital component where people are paying for the systems and then looking to drive more efficiencies through increased -- more efficiencies in their pricing of the procedure through increased procedure volumes and taking the equipment portion out of that.

而現在，你看到更多的是一個單獨的資本組成部分，人們在其中為系統付費，然後希望通過增加來提高效率——通過增加程序量和從中取出設備部分來提高程序定價的效率。那。

And so, depending on the mix, as we get into more of these private equity deals, some of the private equity groups have no issue with making the capital purchase and have a way of accounting for that and accelerating the depreciation, and they just want to get the lowest per-procedure fee. And other groups don't mind, let's say, paying a higher per-procedure fee and financing that component and not wanting to write a check per se.

因此，根據組合的不同，隨著我們進行更多此類私募股權交易，一些私募股權集團對進行資本購買沒有任何問題，並且有辦法解決這個問題並加速折舊，他們只是想獲得最低的每次手術費用。比方說，其他團體不介意支付更高的每次程序費用並為該組件提供資金，並且不想自己寫支票。

So overall, I think you're going to see it trend up, continue to trend up. I think it'll -- as the mix changes between the LLS and ALLY, you'll see that creep up at a higher percentage. But we're trying to manage the, let's say, the business so that we're bringing onboard new business and manage the transition because we just don't want to go out and cannibalize the business. We want to continue to show growth.

所以總的來說，我認為你會看到它呈上升趨勢，繼續呈上升趨勢。我認為它會——隨著 LLS 和 ALLY 之間的混合變化，你會看到它以更高的百分比上升。但是我們正在努力管理，比方說，業務，以便我們引入新業務並管理過渡，因為我們只是不想出去蠶食業務。我們希望繼續顯示增長。

Hey, Ryan, this is Tom. One other thing, and I think you already know this, but I want to make sure that we say it on the call for everybody's benefit, which is when I guided to the lower 50s, if we're in the lower 50s, you would think that that's a very good thing because obviously, we realize a great margin on ALLY. But it is much lower than what we -- the margin we received on procedures.

嘿，瑞安，這是湯姆。另一件事，我想你已經知道了，但我想確保我們在電話會議上說出來是為了每個人的利益，也就是當我引導到 50 歲以下時，如果我們在 50 歲以下，你會認為這是一件非常好的事情，因為顯然，我們在 ALLY 上實現了巨大的利潤。但這比我們在程序上獲得的利潤要低得多。

So the higher the mix in sales is, the better -- the lower our margin is. But what you're going to see is our exponential growth in our revenue in, really, three to six months. After we place a system, that margin really kicks in for the procedure placement. So I just want to make sure -- I think you knew that already, but I wanted to make sure that that was clear.

因此，銷售組合越高越好——我們的利潤率越低。但你將看到的是我們的收入在三到六個月內呈指數級增長。在我們放置一個系統之後，該餘量真正開始用於程序放置。所以我只是想確定——我想你已經知道了，但我想確保那是清楚的。

Thank you, Tom. Appreciate taking all the questions.

謝謝你，湯姆。感謝您回答所有問題。

Sure.

當然。

Thank you, Ryan.

謝謝你，瑞安。

Thank you. There are no further questions. I will turn the call back over for closing comments.

謝謝。沒有其他問題了。我會把電話轉回去征求意見。

So I really appreciate everybody taking the time this morning to join our call and even more so your continued interest in LENSAR and our expansion of the launch with ALLY.

因此，我非常感謝大家今天早上抽出時間加入我們的電話會議，更感謝您對 LENSAR 的持續關注以及我們與 ALLY 的發布擴展。

We're really excited about the potential of ALLY. We look at this as a marathon, not a sprint, and I really look forward to our next update and keeping you apprised of the progress we're making. Thanks again.

我們對 ALLY 的潛力感到非常興奮。我們將其視為一場馬拉松，而不是短跑，我真的很期待我們的下一次更新，並讓您了解我們正在取得的進展。再次感謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。