LENSAR Inc (LNSR) 2023 Q3 法說會逐字稿

Good morning, and thank you for your participation. (Operator Instructions)

早上好，感謝您的參與。 （操作員說明）

As a reminder, this conference call is being recorded. I would now like to turn the call over to Cameron Radinovic of Burns McClellan. Mr. Radinovic, please go ahead.

謹此提醒，本次電話會議正在錄音中。我現在想將電話轉給伯恩斯·麥克萊倫的卡梅倫·拉迪諾維奇。拉迪諾維奇先生，請繼續。

Thank you. Good morning and welcome to the LENSAR third-quarter 2023 financial results conference call. Earlier this morning, the company issued a press release providing an overview of its financial results for the quarter ended September 30, 2023. This press release is available on the Investor Relations section of the company's website at www.lensar.com.

謝謝。早安，歡迎參加 LENSAR 2023 年第三季財務業績電話會議。今天早些時候，該公司發布了一份新聞稿，概述了截至 2023 年 9 月 30 日的季度財務業績。新聞稿可在該公司網站 www.lensar.com 的投資者關係部分獲取。

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 of LENSAR will provide an overview of the company's financial highlights before turning the call back over to the operator to facilitate answering any questions you may have.

今天與我一起參加電話會議的是 LENSAR 執行長 Nick Curtis，他將回顧公司最近的業務和營運進度。 LENSAR 財務長 Tom Staab 發表評論後，將概述該公司的財務亮點，然後將電話轉回給接線員，以便回答您可能提出的任何問題。

Today's conference call will contain certain forward-looking statements, including those statements regarding future results, unaudited and forward-looking financial information as well as the company's future performance and/or achievements.

今天的電話會議將包含某些前瞻性聲明，包括有關未來業績、未經審計的前瞻性財務資訊以及公司未來業績和/或成就的聲明。

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

這些陳述受到已知和未知的風險和不確定性的影響，可能導致本公司的實際結果、業績或成就與本簡報中明示或暗示的任何未來結果或業績存在重大差異。您不應過度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 the company's documents filed with the Securities and Exchange Commission, which can be accessed on the website.

如需了解更多信息，包括對公司風險因素的詳細討論，請參閱公司向美國證券交易委員會提交的文件，這些文件可在網站上訪問。

In addition, this conference call contains time sensitive information that is accurate only as of the date of this live broadcast, November 9, 2023. LENSAR undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this live conference call.

此外，本次電話會議包含時間敏感信息，僅截至本次直播之日（2023 年 11 月 9 日）準確。LENSAR 不承擔修改或更新任何前瞻性陳述以反映直播日期之後的事件或情況的義務。這次現場電話會議。

It's my pleasure to turn the call over to Nick Curtis. Nick?

我很高興將電話轉給尼克·柯蒂斯。缺口？

Thank you, Cam, and good morning to everyone. Thank you for joining us on our third-quarter 2023 conference call. I'm pleased to report that we have maintained our momentum through the third quarter of this year with 11 new ALLY systems installed and strong year-over-year growth in procedure volume, driven primarily by the continued adoption of ALLY in the United States.

謝謝你，卡姆，祝大家早安。感謝您參加我們的 2023 年第三季電話會議。我很高興地向大家報告，我們在今年第三季度保持了成長勢頭，安裝了 11 個新的 ALLY 系統，手術量同比強勁增長，這主要是由於 ALLY 在美國的持續採用。

Through the first nine months of 2023, we placed 29 ALLY systems and have exceeded our previously stated objective of 30 installations. Additionally, we exited the quarter end September 30, with a backlog of eight ALLY systems pending installations. Our third-quarter revenue increased 26% over the same quarter in 2022, which was supported by both robust system sales and an increase in lease revenue.

到 2023 年前 9 個月，我們安裝了 29 個 ALLY 系統，超越了先前設定的 30 個安裝目標。此外，我們在 9 月 30 日結束的季度結束時，積壓了 8 個待安裝的 ALLY 系統。我們第三季的營收較 2022 年同季成長 26%，這得益於強勁的系統銷售和租賃收入的成長。

We continue to make headway into private equity owned or managed ophthalmology groups, which remain core to our growth strategy based on their size, scale and their focus on improved efficiencies. ALLY significantly reducing treatment times, improving patient throughput and treatment workflow and most importantly, increasing revenue and EBITDA for practices in ASCs. This leads to an accelerated return on investment of ALLY compared to the other competitive systems.

我們繼續在私募股權擁有或管理的眼科集團方面取得進展，根據其規模、規模和對提高效率的關注，這些集團仍然是我們成長策略的核心。 ALLY 顯著縮短了治療時間，提高了患者吞吐量和治療工作流程，最重要的是，增加了 ASC 實踐的收入和 EBITDA。與其他競爭系統相比，這使得 ALLY 的投資回報更快。

As a result, we're seeing multiple ALLY installations with facilities that have placed an ALLY unit in each OR. Our ALLY install base totaled 39 systems as of the end of the third quarter across 31 surgical sites, with three sites having more than one system in use. We expect this trend to continue as surgeons present the results of several time and motion studies conducted in multiple facilities that demonstrate surgeons time savings of up to seven minutes and staff time savings of up to 18 minutes compared to competitive systems.

因此，我們看到多個 ALLY 安裝設施，每個手術室都放置了一個 ALLY 裝置。截至第三季末，我們的 ALLY 安裝基地共有 39 個系統，遍布 31 個手術地點，其中三個地點使用了多個系統。我們預計這一趨勢將持續下去，因為外科醫生展示了在多個設施中進行的多項時間和運動研究的結果，這些研究表明，與競爭系統相比，外科醫生最多可節省7 分鐘的時間，員工最多可節省18 分鐘的時間。

These savings are realized for patients as well, with patients spending up to nearly one hour less in the surgical facility during their cataract procedure. Importantly, when looking at year-over-year growth globally, we observed a substantial 20% increase in total revenue during the first three quarters of 2023 when compared to 2022.

這些節省也為患者帶來了好處，患者在白內障手術期間在手術設施中花費的時間減少了近一小時。重要的是，在考慮全球同比增長時，我們發現 2023 年前三個季度的總收入與 2022 年相比大幅增長了 20%。

This growth is particularly remarkable given the challenges posed by ongoing third-party payer reimbursement issues in South Korea, which have driven our revenue in that region down to zero.

考慮到韓國持續存在的第三方付款人報銷問題帶來的挑戰，這一增長尤為顯著，這導致我們在該地區的收入降至零。

In the US market, which remains our primary area of focus in the near term, procedure volumes increased 16% over the third quarter of 2022, while procedures among users who transitioned from our previous generation lens, our laser system to ALLY or added ALLY to an existing LLS deployment, increased 12% over the third quarter of last year.

在美國市場（仍然是我們近期的主要關注領域），手術量比 2022 年第三季度增長了 16%，而從我們上一代鏡頭、激光系統過渡到 ALLY 或將 ALLY 添加到 ALLY 的用戶的手術量現有的LLS 部署比去年第三季增加了12%。

Importantly, the ongoing consistent adoption of ALLY and continued growth in utilization is yielding and further market share gains for LENSAR in the third quarter. According to the most recent data from MarketScope, an estimated 16.4% of all US femtosecond laser-assisted cataract surgery procedures in the third quarter 2023 were performed using a LENSAR system.

重要的是，ALLY 的持續採用和利用率的持續成長正在為 LENSAR 在第三季帶來進一步的市佔率成長。根據 MarketScope 的最新數據，預計 2023 年第三季美國所有飛秒雷射輔助白內障手術中有 16.4% 是使用 LENSAR 系統進行的。

By comparison, our market share in the third quarter of 2022 when we were launching ALLY was 14.1%. It equates to a 2.3% procedure market share growth in the first year of ALLY's launch. Given our size, the gains we have achieved are impressive and exciting and further confirm the value that ALLY is delivering economically, operationally and clinically for surgeons.

相較之下，我們在 2022 年第三季推出 ALLY 時的市佔率為 14.1%。這相當於 ALLY 推出第一年手術市佔率成長了 2.3%。鑑於我們的規模，我們所取得的成果令人印象深刻和令人興奮，並進一步證實了 ALLY 為外科醫生提供經濟、營運和臨床價值。

We recently participated in the American Academy of Ophthalmology Congress over the weekend. And while the overall meeting turnout was moderate, we successfully conducted a remarkable 66 demos. These demos spanned across 54 practices, ambulatory surgery centers and various institutions, eager to explore the potential of ALLY in their practices and centers. This underscores the growing enthusiasm for the economic and clinical advantages that ALLY brings.

我們最近週末參加了美國眼科學會大會。雖然總體會議出席率不高，但我們成功地進行了 66 場演示。這些演示跨越 54 個診所、門診手術中心和各種機構，渴望探索 ALLY 在其診所和中心的潛力。這凸顯了人們對 ALLY 帶來的經濟和臨床優勢日益增長的熱情。

These demonstrations are one of several key initiatives in expanding the LENSAR pipeline. Furthermore, our financing last quarter has enabled us to begin the process of hiring additional sales managers and sales development representatives to scale the LENSAR business and ALLY's footprint. The SDR is an important new role within our organization. This team's objective is to identify and educate, cultivate and deliver qualified leads to our sales managers.

這些演示是擴大 LENSAR 管道的幾項關鍵舉措之一。此外，上季的融資使我們能夠開始招募更多銷售經理和銷售開發代表，以擴大 LENSAR 業務和 ALLY 的業務範圍。 SDR 是我們組織內的一個重要的新角色。團隊的目標是為我們的銷售經理識別、教育、培養和提供合格的銷售線索。

Specifically, our SDRs are responsible for initiating personalized discussions with targeted high-volume, competitive femtosecond laser-assisted cataract surgery surgeons and high volume premium femto-naive cataract surgeons who have engaged in our digital campaigns with the goal of cultivating these relationships to shorten the sales cycle and set up appointments for our sales managers.

具體來說，我們的SDR 負責與參與我們數位活動的有針對性的大批量、有競爭力的飛秒激光輔助白內障手術外科醫生和大批量優質飛秒激光輔助白內障外科醫生發起個性化討論，目的是培養這些關係，以縮短白內障手術的時間。銷售週期並為我們的銷售經理安排約會。

This initiative expands our marketing efforts in a meaningful way. Our targeted approach to the market has resulted in nearly 50% of our installs in 2023 being in accounts who were previously using a competitive femtosecond laser and 74% of our surgeon demos during the AAO were conducted with competitive femtosecond laser users.

這項措施以有意義的方式擴大了我們的行銷力度。我們針對市場的針對性方法使得我們在2023 年安裝的近50% 的客戶之前使用過具有競爭力的飛秒雷射器，並且在AAO 期間，我們74% 的外科醫生演示是與具有競爭力的飛秒雷射用戶進行的。

This strategy will continue to lead to an expansion of our system footprint and procedure market share. The increase in our sales force and SDRs will allow us to expand our outreach in the market.

這項策略將繼續擴大我們的系統覆蓋範圍和程序市場份額。我們銷售隊伍和特別提款權的增加將使我們能夠擴大市場範圍。

Looking ahead, in addition to expanding ALLY's commercial footprint in the US, in the coming months, we expect to receive the first ALLY marketing authorizations and begin ALLY 's international launch outside the US through our distribution partners. As a reminder, we submitted our application for European Union certification of ALLY in the third quarter of 2022.

展望未來，除了擴大 ALLY 在美國的商業足跡外，在接下來的幾個月中，我們預計將獲得第一批 ALLY 行銷授權，並透過我們的分銷合作夥伴開始 ALLY 在美國以外的國際市場推出。提醒一下，我們在 2022 年第三季提交了 ALLY 歐盟認證申請。

We remain in close contact with our distributors in Europe and elsewhere, and the enthusiasm toward ALLY in their respective markets is significant. We believe that we're well positioned to replicate the early success we've seen in the US abroad. We look forward to realizing ALLY's full potential to be a global disruptive technology by becoming the dominant femtosecond laser system for premium refractive cataract surgery.

我們與歐洲和其他地方的經銷商保持密切聯繫，他們各自的市場對 ALLY 的熱情很高。我們相信，我們有能力在海外複製我們在美國看到的早期成功。我們期待透過成為優質屈光性白內障手術的主導飛秒雷射系統，充分發揮 ALLY 成為全球顛覆性技術的潛力。

Surgeons are recognizing that the time is getting closer and there is a need to begin replacing their old femtosecond lasers. In addition, practices that have never performed femtosecond laser surgery are beginning to understand how LENSAR's ALLY system is addressing the limitations of the first-generation lasers that have been predominant in the market in the past.

外科醫生意識到這個時間越來越近，需要開始更換舊的飛秒雷射。此外，從未進行過飛秒雷射手術的實踐者也開始了解 LENSAR 的 ALLY 系統如何解決過去在市場上佔據主導地位的第一代雷射器的限制。

We believe that LENSAR is in a strong position to continue executing on our key strategic initiatives aimed at maximizing the success of ALLY.

我們相信，LENSAR 處於有利地位，可以繼續執行我們旨在最大限度地實現 ALLY 成功的關鍵策略舉措。

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

現在讓我把電話轉給湯姆，介紹我們本季的財務亮點。湯姆？

Thank you, Nick. Our third-quarter 2023 financial results are included in our press release issued earlier this morning, but I'd like to make some brief remarks on certain items to provide additional detail.

謝謝你，尼克。我們的 2023 年第三季財務業績已包含在今天早上早些時候發布的新聞稿中，但我想就某些項目做一些簡短的評論，以提供更多細節。

Revenue was $9.8 million in the third quarter of 2023 compared to $7.7 million in the third quarter of 2022, reflecting a 26% increase. As Nick mentioned, the increase was primarily due to increased system sales, but we generated growth in service and lease revenue as well. We had a solid quarter of system placements and expect to place even more systems in the fourth quarter based upon ALLY demand.

2023 年第三季的營收為 980 萬美元，而 2022 年第三季的營收為 770 萬美元，成長了 26%。正如尼克所提到的，成長主要是由於系統銷售的增加，但我們的服務和租賃收入也實現了成長。我們季度的系統部署量穩定，並預計根據 ALLY 的需求在第四季度部署更多系統。

Accordingly, we expect to exceed the 11 ALLY systems installed in the third quarter. We have installed 29 ALLY systems through the first nine months of 2023 and a total of 39 systems from ALLY's launch in August of last year. As Nick mentioned, third-party reimbursement issues in South Korea continue to be a drag on our quarterly results. Historically, South Korea has represented approximately 10% of our revenue, and revenue from this region has been nonexistent for over a year.

因此，我們預計第三季安裝的 ALLY 系統數量將超過 11 個。截至 2023 年前 9 個月，我們已經安裝了 29 個 ALLY 系統，自去年 8 月推出 ALLY 以來，我們總共安裝了 39 個系統。正如尼克所提到的，韓國的第三方報銷問題繼續拖累我們的季度業績。從歷史上看，韓國約占我們收入的 10%，而該地區的收入已經有一年多沒有了。

Furthermore, we are limited to the United States as our only significant operating region in which to sell ALLY. We look forward to receiving European clearance as well as clearance in some other small operating regions in 2024. Once we receive clearance in Europe, we expect placement numbers to increase significantly as ALLY would then be cleared in two significant operating regions.

此外，我們僅限於美國作為我們銷售 ALLY 的唯一重要營運區域。我們期待在 2024 年獲得歐洲許可以及其他一些小型營運區域的許可。一旦我們在歐洲獲得許可，我們預計安置數量將大幅增加，因為 ALLY 將在兩個重要營運區域獲得許可。

We continue to watch South Korea and are pursuing clearance in that region too. It was previously a significant operating region for us prior to third-party reimbursement issues, and we expect the region to return, once again, to being a significant contributor to our revenue in the future.

我們繼續關注韓國，並也在該地區尋求許可。在出現第三方報銷問題之前，該地區曾是我們的一個重要營運區域，我們預計該地區未來將再次成為我們收入的重要貢獻者。

However, we cannot predict the timing of when South Korea will return to significance due to the nature of the ongoing dispute. We would like to have ALLY cleared and prepared to launch in South Korea when third-party reimbursement issues are resolved and we are preparing for that eventuality.

然而，由於當前爭端的性質，我們無法預測韓國何時會恢復重要地位。我們希望在第三方報銷問題解決後，ALLY 能夠獲得許可並準備在韓國推出，我們正在為這種可能性做好準備。

Gross margin for the quarter was $4.9 million, representing a gross margin of 50%, compared to $3.9 million and a 50% gross margin realized in the third quarter of 2022. This matches our previously issued guidance at the low 50s and represents the larger mix of ALLY's sales and revenue that carry a lower gross margin percentage than procedure sales. We continue to expect the low 50s for a gross margin percentage for 2023 and are currently sitting at 53% for the nine months.

本季的毛利率為490 萬美元，毛利率為50%，而2022 年第三季的毛利率為390 萬美元，毛利率為50%。這與我們先前發布的50 左右的指引相符，代表了較大的組合ALLY 的銷售和收入的毛利率低於手術銷售。我們仍預期 2023 年毛利率將在 50 左右，目前這 9 個月的毛利率為 53%。

Total operating expenses for the third quarter of 2023 were $6.9 million compared to $8 million in the third quarter of 2022. The decrease in operating expenses was primarily attributable to significantly lower selling, general and administrative costs associated with our recording of an employee retention credit that offset approximately $1.4 million of expense.

2023 年第三季的總營運費用為 690 萬美元，而 2022 年第三季為 800 萬美元。營運費用減少的主要原因是與我們記錄員工保留積分相關的銷售、一般和管理成本大幅降低，抵銷了約140 萬美元的費用。

This ERC reimbursement was fully recorded in the third quarter, and so no future credit is expected with this program. We intend to expand our selling organization to scale the business and drive continued ALLY growth.

該 ERC 報銷已在第三季完全記錄，因此預計該計劃未來不會有任何信貸。我們打算擴大我們的銷售組織，以擴大業務規模並推動 ALLY 的持續成長。

As mentioned in prior quarters, we will continue to innovate and invest in ALLY research and development, but we expect our R&D expenditures to be relatively stable quarter to quarter with our 2023 annual investment in R&D to approximate $7 million.

正如前幾季所提到的，我們將繼續創新並投資於 ALLY 研發，但我們預計我們的研發支出將季度相對穩定，2023 年的年度研發投資約為 700 萬美元。

Net income for the quarter was $2.6 million, or $0.13 per common share, reflecting an increase over a $4 million loss and a $0.39 loss per common share in the third quarter of 2022. Our net income for the quarter was attributable to a change in fair value of our warrant liability, which created a $4.3 million gain in the quarter. Our warrant liability and the related quarterly adjustment will continue to be reported in our adjusted EBITDA presentation to allow a complete understanding and transparency of our quarterly results.

本季的淨利為260 萬美元，即每股普通股0.13 美元，反映出2022 年第三季的虧損超過400 萬美元，每股普通股虧損0.39 美元。我們本季的淨利歸因於公允價值變動我們的認股權證負債價值，在本季創造了 430 萬美元的收益。我們的認股權證負債和相關的季度調整將繼續在我們調整後的 EBITDA 簡報中報告，以便我們的季度業績得到全面了解和透明度。

As of September 30, 2023, we had cash and cash equivalents of $24.9 million as compared to $14.7 million on December 31, 2022. Cash used in the quarter was $0.5 million.

截至 2023 年 9 月 30 日，我們的現金和現金等價物為 2,490 萬美元，而 2022 年 12 月 31 日為 1,470 萬美元。本季使用的現金為 50 萬美元。

That ends my remarks. Now I'd like to turn the call back over to Krista and we look forward to your questions.

我的發言到此結束。現在我想將電話轉回給克里斯塔，我們期待您的提問。

(Operator Instructions)

（操作員說明）

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

Good morning and thanks for taking the questions, guys. I guess, to start on ALLY, it sounds like you're really having good momentum here. Nick, maybe just to start, Nick, for you on feedback on ALLY and kind of your existing user base.

早安，謝謝你們提出問題，夥伴們。我想，從《ALLY》開始，聽起來你們確實勢頭很好。尼克，也許只是開始，尼克，請您談談對 ALLY 的反饋以及您現有的用戶群。

I mean, I appreciate it all the time saving metric you're giving. But just maybe more qualitatively, kind of what you're hearing from the field about their use of ALLY? How they think about it in the context of other systems? And then I have some other follow-ups.

我的意思是，我很欣賞您提供的所有節省時間的指標。但也許更定性地講，您從現場聽到的關於他們使用 ALLY 的情況是怎樣的？他們如何在其他系統的背景下思考它？然後我還有其他一些後續行動。

Sure. Thanks, Ryan. Appreciate the questions. So about half of our business today is coming from new users to LENSAR. And most of those customers have been using the older competitive systems.

當然。謝謝，瑞安。感謝您提出的問題。因此，我們今天大約一半的業務來自 LENSAR 的新用戶。大多數客戶一直在使用較舊的競爭系統。

And so to a tee, the whole time and motion saving equating to a higher efficiency and depending on the practice and how busy they are and maybe how many users there are, either doing significantly more cases in a given surgical day or the ability to have better staff satisfaction and reducing the overhead by letting people go early, they finish their day early. And so there's not a practice that hasn't experienced that in the same way.

因此，總的來說，節省的全部時間和動作等同於更高的效率，具體取決於實踐和他們的繁忙程度，以及可能有多少用戶，要么在給定的手術日內完成更多的病例，要么有能力透過讓人們早點下班，提高員工滿意度並減少管理費用，他們就會早點結束一天的工作。因此，沒有一種實踐沒有以同樣的方式經歷過這種情況。

The other thing that's significant, I mentioned that three accounts, which is close to 10% already, have more than one system installed in the practice or moving to the idea where they're putting one in each operating room. We didn't expect that to happen in the first 12 months, 18 months before people would do that.

另一件重要的事情是，我提到三個帳戶（已經接近 10%）在診所中安裝了多個系統，或考慮在每個手術室安裝一個系統。我們沒想到這種情況會在前 12 個月內發生，比人們這樣做早 18 個月。

And so very quickly, where I felt like people would be -- were pretty invested with their competitive systems in the theater model with the system sitting outside of the operating room, given the ergonomics and what they're seeing with ALLY, the desire to want to move into the operating groups and save even more time and staff touches, if you will, on this is evident.

很快，我覺得人們會在劇院模型中對他們的競爭性系統進行相當大的投資，該系統位於手術室外面，考慮到人體工學和他們在 ALLY 上看到的情況，希望如果你願意的話，想要進入營運團隊並節省更多時間和員工接觸，這一點是顯而易見的。

So from that perspective, across the board, on the competitive user side, they are anxious. And so it's not really like is if, it's kind of a when, like people are trying to figure out, you know, based on their own economics when it might make sense for them to make the switch over.

所以從這個角度來看，從整體來看，在競爭性用戶方面，他們是焦慮的。因此，這並不是真正的“是否”，而是“何時”，就像人們試圖根據自己的經濟狀況來弄清楚，何時對他們來說進行轉變可能有意義。

Okay. And maybe to -- yeah, no, that was great, Nick. And then I have a couple of others. I'm going to keep rolling here. But Tom, I mean, it looks like there was limited leasing, I mean, you still grew through leasing this quarter, but limited leasing.

好的。也許是——是的，不，那太好了，尼克。然後我還有其他幾個。我要繼續在這裡打滾。但是湯姆，我的意思是，看起來租賃有限，我的意思是，本季度您仍然透過租賃實現成長，但租賃有限。

And if I just step back and thinking about kind of the health of your customer base, it seems like you're not seeing any impact on capital demand, particularly in terms of the outright sale dynamics of the system relative to maybe, people. I guess I would think more people would want to lease it, although with rates higher, maybe that's not the case.

如果我退後一步，考慮一下您的客戶群的健康狀況，似乎您沒有看到對資本需求的任何影響，特別是在系統相對於人的直接銷售動態方面。我想我會認為更多的人會想要租賃它，儘管利率更高，但情況可能並非如此。

I'm just curious if you could kind of comment on kind of how you think about the macro environment in ophthalmic practices today in terms of capital demand and kind of what your mix of sales versus lease says about the customer base?

我只是好奇您是否可以評論一下您如何看待當今眼科實踐的宏觀環境，即資本需求以及您的銷售與租賃組合對客戶群的影響？

Well, I think there's two observations, Ryan. One is the macro environment for large capital purchases has certainly soured because of interest rates and just the overall economy. So I think what that shows us is just the strong desire to distinguish -- or the strong desire to use ALLY as a system. And there's an appreciation by those users that there is significant benefit over the competitive users or our competitive systems.

嗯，我認為有兩個觀察結果，瑞安。一是由於利率和整體經濟的影響，大規模資本購買的宏觀環境肯定已經惡化。所以我認為這向我們展示的是區分的強烈願望——或者使用 ALLY 作為一個系統的強烈願望。這些用戶認識到，與競爭性用戶或我們的競爭性系統相比，它具有顯著的優勢。

I think that right now earlier in the launch, you're seeing a heavier contingent of those high femto volume users converting and they want to do even more cases faster and better the economics. I'm not so sure that going [forward] in the future that you're going to see that from the heavier mix on sales just because you can't discount the macroeconomic environment and that is a headwind for us.

我認為，在發布的早期階段，您會看到大量的毫微微用戶進行轉換，他們希望更快、更好地處理更多案例，從而獲得更好的經濟效益。我不太確定未來會不會從銷售的較重組合中看到這一點，因為你不能忽視宏觀經濟環境，這對我們來說是一個逆風。

But we have been very, very successful in the past, and it's just hard to predict where that percentage is going to go. But if you pressed me, I would say the leasing percentage is probably going to be a higher part of the ALLY mix.

但我們過去已經非常非常成功，而且很難預測這個百分比會走向何方。但如果你追問我，我會說租賃比例可能會成為盟友組合中較高的一部分。

And obviously, I think what you're going to see is the more ALLY systems we get out there, the more cross-pollination between physicians and the ability for a physician to go in and see how successful the practice has become and how much faster and better they can do these procedures.

顯然，我認為你將會看到我們推出的 ALLY 系統越多，醫生之間的交叉授粉就越多，醫生能夠深入了解實踐的成功程度和速度他們可以更好地執行這些程序。

And so peer-to-peer conversation observation is just, it's worth its weight in gold and it's the best marketing that can happen. It's like that commercial when he tell somebody else and it just expands from there. So the more systems we get out, the more demand you're going to see for ALLY just because of that cross-pollination.

因此，點對點對話觀察是非常有價值的，也是最好的行銷方式。就像那個廣告，當他告訴別人時，它就從那裡擴展。因此，我們推出的系統越多，由於這種異花授粉，您對 ALLY 的需求就會越大。

Okay. Very good. And then a couple more for me. So I saw [Earthley] submitted its 510(k), I think that was public last week at AAO for the phacoemulsification component. I'm just wondering, Nick, if you want to comment and kind of when they could potentially be on the market with that and how it impacts maybe either the customer base or commercialization plans in the future?

好的。非常好。然後還有一些給我。所以我看到 [Earthley] 提交了其 510(k)，我認為上週在 AAO 上公開了超音波乳化組件。我只是想知道，尼克，您是否想發表評論，以及它們何時可能上市，以及它對未來的客戶群或商業化計劃有何影響？

Yeah. Another good question, Ryan. Thanks. So they did submit their 510(k), for the PHAROS device and PHAROS is going to be our predicate device for the optional, let's say, phacoemulsification option to the ALLY. So customers can either retrofit the PHAROS system into their current Ally, If they have ALLY in the field today without it or they can order it with the phaco device when they order their ALLY to begin with.

是的。另一個好問題，瑞安。謝謝。因此，他們確實提交了針對 PHAROS 設備的 510(k)，而 PHAROS 將成為我們為 ALLY 提供可選（比方說，超音波乳化）選項的謂詞設備。因此，客戶可以將 PHAROS 系統改裝到他們目前的 Ally 中，如果他們今天在現場沒有 ALLY，或者他們可以在開始訂購 ALLY 時與超音波乳化設備一起訂購。

Either way, this will be optional for LENSAR customers on a going forward basis. We would expect that -- I'm a little reticent to comment too much on what is Earthley's business and really under their control as it relates to the clearance of the device.

無論哪種方式，LENSAR 客戶今後都可以選擇此選項。我們預計——我有點不願意對 Earthley 的業務發表太多評論，並且真正在他們的控制之下，因為這與設備的許可有關。

But suffice to say that that FDA has 180 days with a file and that can move slightly depending on the questions and when Earthley responds with the response. And so just suffice to say, you know, a bit somewhere between now and 180 days, if they're going to get the clearance, they would get a clearance and then we would take their data and use that data in our own 510(k) submission for the ALLY.

但我只想說，FDA 有 180 天的歸檔期限，根據問題和 Earthley 何時做出回應，該期限可能會略有變化。所以只要說，你知道，從現在到 180 天之間，如果他們要獲得許可，他們會獲得許可，然後我們會獲取他們的數據並在我們自己的 510 中使用該數據（ k) 向盟友提交。

So I would expect that it would be an option for LENSAR customers until sometime much later in 2024, assuming that the Earthley gets their -- a timely sort of a --

因此，我預計直到 2024 年晚些時候，LENSAR 客戶都會有一個選擇，假設 Earthley 得到了他們的——及時的——

Yeah. Okay. Fair enough. And then last one for me, the additional salespeople you're planning to hire and some of these new roles, I appreciate your color on that. Just help us understand what that cadence looks like? When those people -- you expect to potentially have those people in place. When they could be productive? And just how to think about that impact from the additional salespeople as we move into 2024?

是的。好的。很公平。最後一個問題是，您計劃僱用的額外銷售人員以及其中一些新角色，我很欣賞您對此的看法。只是幫助我們理解節奏是什麼樣的？當這些人——你期望有可能讓這些人就位時。他們什麼時候才能有生產力？進入 2024 年，如何看待新增銷售人員的影響？

Yeah, thanks. Given the interest that we're seeing in ALLY right now and sort of the activity level where it's going, to be honest, I wish I had them yesterday.

是的，謝謝。考慮到我們現在對 ALLY 的興趣以及它的活動水平，老實說，我希望我昨天就擁有了它們。

And so I'm pretty excited about the fact that we're going to scale here quite a bit. I would say that between now, you've given the cycle of interviews, holidays coming and whatnot, realistically, I'd say it's between now and the let's say, the end of the first quarter in 2024 from bringing onboard and scaling and people also have with their current jobs, you know, year end sort of cleanup and bonuses and stuff.

因此，我對我們將在這裡大幅擴展這一事實感到非常興奮。我想說的是，從現在開始，你已經給出了面試、即將到來的假期等等的周期，實際上，我想說的是從現在到2024 年第一季末，從引入、擴展和人員開始還有他們目前的工作，你知道，年終清理和獎金之類的。

And so I would expect that by the end of the first quarter, we would have several new hires in place there. We're actively -- we should be bringing on a second SDR here within the next 30 days or so. And if not, before then. And so -- and the SDRs has been really interesting in key position for us in terms of generating the leads and setting up of the sales appointments, which is really causing our current salespeople.

因此，我預計到第一季末，我們將有幾名新員工到位。我們正在積極行動——我們應該在未來 30 天左右的時間內在這裡引入第二個特別提款權。如果沒有的話，在那之前。因此，特別提款權在產生銷售線索和建立銷售預約方面對我們來說非常有趣，這對我們目前的銷售人員來說確實很重要。

They have to run hard because they cover large geographies now. And so these leads are coming from all over. So I'm really excited about that. We're also considering a distributor up in the upper Midwest area that has a good reach into several different states up there and sort of a mix in with our direct employees.

他們必須努力奔跑，因為他們現在涵蓋了一個很大的地域。因此，這些線索來自四面八方。所以我對此感到非常興奮。我們也正在考慮在中西部北部地區建立一個經銷商，該經銷商可以很好地覆蓋那裡的幾個不同的州，並與我們的直接員工混合在一起。

Got it. All right. Thank you for taking my questions.

知道了。好的。感謝您回答我的問題。

Thanks, Ryan. Appreciate it.

謝謝，瑞安。欣賞它。

(Operator Instructions)

（操作員說明）

And we have no further questions in the queue at this time. I will now turn the call over to Curtis for closing remarks.

目前我們隊列中沒有其他問題。我現在將把電話轉給柯蒂斯進行總結發言。

Thank you. Appreciate everybody joining our call today. As you can tell, we're really excited about what's going on here with LENSAR now. And I appreciate your continued interest in what we're doing. We really look forward to updating you as we continue to make further progress for the exciting remainder of 2023. Stay tuned, folks.

謝謝。感謝今天加入我們電話會議的所有人。如你所知，我們對 LENSAR 現在所發生的事情感到非常興奮。我感謝您對我們正在做的事情的持續關注。我們非常期待向您通報最新情況，我們將在 2023 年令人興奮的剩餘時間裡繼續取得進一步進展。請繼續關注，夥計們。

This concludes today's conference call. Thank you for your participation and you may now (audio cut)

今天的電話會議到此結束。感謝您的參與，現在您可以了（音訊剪輯）