MDxHealth SA (MDXH) 2023 Q1 法說會逐字稿

Greetings. Welcome to the MDxHealth first-quarter 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎來到 MDxHealth 2023 年第一季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

Before we begin, I would like to remind everyone that we will make forward-looking statements during today's call. Whether in prepared remarks or during the Q&A session, these forward-looking statements are subject to inherent risks and uncertainties. These risks and uncertainties are detailed in the risk factors section of our filings with the Securities and Exchange Commission, specifically in the company's annual report on Form 20-F.

在我們開始之前，我想提醒大家，我們將在今天的電話會議上發表前瞻性陳述。無論是在準備好的評論中還是在問答環節中，這些前瞻性陳述都受到固有風險和不確定性的影響。這些風險和不確定性在我們向美國證券交易委員會提交的文件中的風險因素部分進行了詳細說明，特別是在公司 20-F 表格的年度報告中。

It is now my pleasure to introduce your host, Michael McGarrity, Chief Executive Officer. Thank you sir. You may begin.

現在我很高興向您介紹主持人，首席執行官 Michael McGarrity。謝謝你，先生。你可以開始了。

Thanks Kyle, and thank you all for joining us for our first-quarter 2023 release of results for MDxHealth. With me today is Ron Kalfus, Chief Financial Officer.

感謝 Kyle，也感謝大家加入我們 2023 年第一季度的 MDxHealth 結果發布。今天和我在一起的是首席財務官 Ron Kalfus。

2022 was a transformative year for MDxHealth, and we are confident that our first-quarter 2023 results reflect this transformation as well as our continued commitment to operating discipline and commercial execution.

2022 年對 MDxHealth 來說是變革的一年，我們相信我們 2023 年第一季度的業績反映了這一轉型以及我們對運營紀律和商業執行的持續承諾。

When I joined MDxHealth in 2019, we set out to build the leading growth company exclusively focused on precision diagnostics in urology. To accomplish this, we have been thoughtfully putting in place the fundamental pieces needed to generate long-term sustainable growth and value creation.

當我於 2019 年加入 MDxHealth 時，我們著手打造一家專注於泌尿外科精準診斷的領先成長型公司。為實現這一目標，我們一直在深思熟慮地制定實現長期可持續增長和價值創造所需的基本要素。

And now we are confident that we have an uncommon set of drivers to consistently deliver this growth over time based on our recent receipt of coverage from Medicare for our Select test, which now allows for a full menu of revenue-generating tests with Select, Confirm, and GPS all included in the Gold Standard National Comprehensive Cancer Network or NCCN guidelines.

現在我們有信心，根據我們最近收到的 Medicare 對我們的 Select 測試的覆蓋範圍，我們有一組不同尋常的驅動因素可以隨著時間的推移持續實現這種增長，現在允許使用 Select、Confirm 進行完整的創收測試菜單和 GPS 都包含在黃金標準國家綜合癌症網絡或 NCCN 指南中。

Our sales channel fortified by the acquisition of the GPS test, we believe, is best in class and capable of additional growth opportunities in evidence with our Resolve MDX test introduced in 2022. Our gross margin is beginning the expected trend of growth and allows for the corresponding reduction in cash used from operations.

我們相信，通過收購 GPS 測試加強了我們的銷售渠道，這是同類產品中最好的，並且能夠通過我們在 2022 年推出的 Resolve MDX 測試證明獲得額外的增長機會。我們的毛利率開始出現預期的增長趨勢，並允許經營活動所用現金相應減少。

And finally, we have clear visibility to operating profitability. Before I turn the call over to Ron for a review of our operating results, let me first comment on our business focus and progress.

最後，我們對運營盈利能力有清晰的了解。在我將電話轉給羅恩審查我們的經營業績之前，讓我首先評論一下我們的業務重點和進展。

Our Q1 2023 revenue grew by 141% over Q1 2022. And when excluding the acquisition of GPS, our revenue increased 39%. We continue to execute on our integration of the GPS Test acquisition. Specifically, we have completed the restructuring of our sales team with additional reps from Exact Sciences, including territory realignment, alignment of performance-based incentive compensation, and cross-training of product offerings. We are confident that these efforts will provide for a high-performing sales team in 2023 and beyond.

我們 2023 年第一季度的收入比 2022 年第一季度增長了 141%。如果不包括收購 GPS，我們的收入增長了 39%。我們繼續執行我們對 GPS 測試採集的集成。具體來說，我們已經完成了銷售團隊的重組，包括來自 Exact Sciences 的額外代表，包括區域重新調整、基於績效的激勵薪酬的調整以及產品供應的交叉培訓。我們相信，這些努力將在 2023 年及以後打造一支高績效的銷售團隊。

We have also been intensely focused on the customer experience, including transferring customers to our MDxHealth physician portal, streamlining our sample procurement process and market access and payer management, all of which are critical in the laboratory model to efficiently receive, process, and report within the turnaround time expectations of our customers.

我們還非常關注客戶體驗，包括將客戶轉移到我們的 MDxHealth 醫師門戶網站、簡化我們的樣本採購流程以及市場准入和付款人管理，所有這些對於實驗室模型在內部高效接收、處理和報告中都至關重要我們客戶的周轉時間期望。

Finally, our focus on operating discipline is evident in our anticipated and now being realized improvement in gross margin, as well as a 34% reduction of $4 million of cash burn from Q4 2022 to Q1 2023.

最後，我們對運營紀律的關注在我們預期和現在正在實現的毛利率改善以及從 2022 年第四季度到 2023 年第一季度的 400 萬美元現金消耗減少 34% 方面得到了體現。

I will provide a further view forward for 2023. But first, let me turn the call over to Ron for a review of our financial and operating results for Q1. Ron?

我將提供對 2023 年的進一步展望。但首先，讓我將電話轉給羅恩，讓他審查我們第一季度的財務和經營業績。羅恩？

Thank you, Mike. As Mike mentioned, we are pleased to report our positive results for the first quarter of 2023. Revenues for the first quarter ended March 31, 2023 increased by 141% to $14.7 million versus $6.1 million for the same period last year. Excluding GPS, Q1 2023 revenue increased by 39% versus last year.

謝謝你，邁克。正如 Mike 提到的，我們很高興地報告 2023 年第一季度的積極業績。截至 2023 年 3 月 31 日的第一季度收入增長 141% 至 1470 萬美元，而去年同期為 610 萬美元。不包括 GPS，2023 年第一季度的收入比去年增長了 39%。

Our Q1 2023 revenues of $14.7 million were comprised of $6.2 million from GPS, $5.7 million from Confirm, $2.2 million from Resolve with the remaining revenues from Select and other. Gross profit for Q1 2023 was $8.7 million as compared to $2.8 million for Q1 2022. Gross margins were 59.3% for Q1 2023 as compared to 46.6% for Q1 2022, representing a gross margin improvement of 1,270 basis points primarily related to our product mix and the addition of GPS to our product menu.

我們 2023 年第一季度的收入為 1470 萬美元，其中 620 萬美元來自 GPS，570 萬美元來自 Confirm，220 萬美元來自 Resolve，其餘收入來自 Select 和其他。 2023 年第一季度的毛利潤為 870 萬美元，而 2022 年第一季度為 280 萬美元。2023 年第一季度的毛利率為 59.3%，而 2022 年第一季度為 46.6%，毛利率提高了 1,270 個基點，這主要與我們的產品組合和在我們的產品菜單中添加 GPS。

Operating loss for Q1 2023 was $8.7 million, an increase of 11% over Q1 2022, primarily related to the additional field sales personnel associated with the GPS acquisition. Net loss for Q1 2023 of $11.7 million increased by $3.4 million versus $8.3 million for the same period last year, primarily from an increase in financial expenses, of which $1.9 million was a non-cash fair value adjustment to the GPS contingent consideration and the remainder was primarily related to an increase in interest expense from our debt facility.

2023 年第一季度的運營虧損為 870 萬美元，比 2022 年第一季度增長 11%，這主要與與 GPS 收購相關的額外現場銷售人員有關。 2023 年第一季度淨虧損 1170 萬美元，較去年同期的 830 萬美元增加 340 萬美元，主要是由於財務費用增加，其中 190 萬美元是對 GPS 或有對價的非現金公允價值調整，其餘部分主要與我們債務融資的利息支出增加有關。

Cash and cash equivalents, as of March 31, 2023 were $48.3 million. This amount reflects the receipt of approximately $40 million in net proceeds from our recent equity offering in February 2023. Our total cash burn for the quarter was $7.9 million, down 34% from a cash burn of $11.9 million for Q4 2022.

截至 2023 年 3 月 31 日，現金和現金等價物為 4830 萬美元。這一數額反映了我們在 2023 年 2 月最近的股票發行中收到了大約 4000 萬美元的淨收益。我們本季度的現金消耗總額為 790 萬美元，比 2022 年第四季度的 1190 萬美元的現金消耗減少了 34%。

This concludes my brief overview of the results, and I will now turn the call back to Mike.

我對結果的簡要概述到此結束，現在我將把電話轉回給邁克。

Thanks, Ron. I'd like to finish our prepared remarks by going to layer beneath the numbers to provide perspective on what we believe will be the most important aspect of delivering clear and straightforward growth and progress.

謝謝，羅恩。我想通過在數字下方分層來結束我們準備好的評論，以提供我們認為將是實現清晰和直接的增長和進步的最重要方面的觀點。

Recently, we brought our entire field sales team together as well as marketing and market access managed care together for a sales meeting to reaffirm our goals, culture, and commitment to be a growth company. In my experience, I have been fortunate to be part of or led some of the best sales teams in both the device and diagnostics industry.

最近，我們將整個現場銷售團隊以及營銷和市場准入管理式醫療召集在一起召開銷售會議，重申我們的目標、文化和成為一家成長型公司的承諾。根據我的經驗，我很幸運能夠成為設備和診斷行業中一些最優秀的銷售團隊的一員或領導他們。

And what I saw in our newly formed and integrated team represents the same standard of excellence. One single, united, and supportive group of highly responsible sales professionals, comfortable with expectations and accountability. Clearly, it will all come down to execution by each and every one of them, and we focus on instilling that. They all have to be great.

我在我們新成立和整合的團隊中看到的也代表了同樣的卓越標準。一個單一、團結和支持的團隊，由高度負責的銷售專業人員組成，對期望和責任感到滿意。顯然，這一切都將取決於他們每個人的執行，我們專注於灌輸這一點。他們都必須很棒。

Illustrative of our restructuring and refocusing of our culture, of the 70 people in our field sales team, only five of them were here when I started in 2019. We, as a team, deem these changes is critical to setting a new sales culture of commercial excellence in talent, focus, incentives, and accountability, all of which are required to commit to growth.

在我們現場銷售團隊的 70 人中，我在 2019 年開始工作時只有 5 人在這裡，這說明了我們對文化的重組和重新聚焦。作為一個團隊，我們認為這些變化對於建立新的銷售文化至關重要在人才、重點、激勵和問責制方面的商業卓越，所有這些都是致力於增長所必需的。

Our results going forward will confirm my view, but we believe our Q1 results set a basis for our promising outlook. I believe we can get still our focus down to three simple and straightforward driving principles. First, patience and quality first. Second, customers always; and third, take care of the sales force, which is and should be the rule for all of us on the inside, as they are the face and voice of MDxHealth to our customers.

我們未來的結果將證實我的觀點，但我們相信我們第一季度的結果為我們充滿希望的前景奠定了基礎。我相信我們仍然可以將注意力集中在三個簡單明了的駕駛原則上。第一，耐心和質量第一。二、客戶永遠；第三，照顧好銷售人員，這是而且應該成為我們內部所有人的規則，因為他們是 MDxHealth 對我們客戶的代言人。

Candidly, each of these principles has been tested with the challenges and opportunities related to our acquisition integration, all while striving for and preserving best-in-class service levels that will meet and exceed our customer expectations. And we are in a good position to do just that.

坦率地說，這些原則中的每一項都經過了與我們的收購整合相關的挑戰和機遇的考驗，同時努力並保持一流的服務水平，以滿足並超越我們客戶的期望。我們有能力做到這一點。

So as we look forward, MDxHealth is committed to driving sustainable growth, which will serve as the foundation for value creation for all of our stakeholders, including patients, customers, and shareholders.

因此，展望未來，MDxHealth 致力於推動可持續增長，這將成為我們所有利益相關者（包括患者、客戶和股東）創造價值的基礎。

Thank you for your interest in and support of MDxHealth. And now I'll turn the call back over to Kyle for questions.

感謝您對 MDxHealth 的關注和支持。現在我會把電話轉回給 Kyle 提問。

(Operator Instructions) Andrew Brackmann, William Blair.

（操作員說明）安德魯布拉克曼，威廉布萊爾。

Good afternoon and thanks for taking the question. Maybe to start here, I may have missed it, but how should we be thinking sort of about the balance of the year here. I think previously, you had sort of talked about a guidance range of $65 million to $70 million. Is that still intact or any moving pieces here that we should be considering?

下午好，感謝您提出這個問題。也許從這裡開始，我可能已經錯過了，但我們應該如何考慮這裡一年的餘額。我想之前，您曾談到過 6500 萬至 7000 萬美元的指導範圍。它仍然完好無損還是我們應該考慮的任何移動部分？

Yes. Andrew, we're committed to the $65 million to $70 million and very confident at this point that that's the right guidance to have in place. So we're reaffirming that.

是的。安德魯，我們致力於 6500 萬至 7000 萬美元，並且在這一點上非常有信心，這是正確的指導。所以我們重申這一點。

Okay. Great. And then maybe if I could, just as a follow-up there. You sort of talked about some of the things that you're doing on the integration side with the sales team. But maybe can you provide a bit more color on those efforts, sort of what else are we waiting for before we sort of unleash the entire power of that acquisition? And I guess, how should we also be thinking about contribution from cross-selling here moving in the balance of the year?

好的。偉大的。然後也許如果可以的話，就像那裡的後續行動一樣。您談到了您與銷售團隊在整合方面所做的一些事情。但也許你能為這些努力提供更多色彩，在我們釋放收購的全部力量之前，我們還在等待什麼？而且我想，我們還應該如何考慮交叉銷售在今年餘下時間的貢獻？

Yes, Andrew. So we feel like our integration of the sales team is complete through Q4 and Q1. And we expect to leverage our menu, which we think, again, is an uncommon offering in our space. So our expectation is that our reps will be able to drive adoption of all of our products. We will look to report probably more color on that as we go through towards the second half of this year.

是的，安德魯。所以我們覺得我們對銷售團隊的整合在第四季度和第一季度已經完成。我們希望利用我們的菜單，我們再次認為，這在我們的空間中是一種不常見的產品。因此，我們期望我們的代表能夠推動我們所有產品的採用。在今年下半年，我們可能會報告更多的顏色。

But, yes, that is the plan. They have been cross-trained. And we think of our menu as Select upfront on the diagnostic path. We're obviously confirming GPS will be where the focus is post-biopsy. And then our UTI test, we're confident, has really validated our view that we can take advantage of additional growth opportunities that primarily our criteria that I've spoken to is clearly established, right?

但是，是的，這就是計劃。他們接受過交叉訓練。我們將我們的菜單視為診斷路徑上的“預先選擇”。我們顯然正在確認 GPS 將成為活檢後的重點。然後我們的 UTI 測試，我們有信心，確實證實了我們的觀點，即我們可以利用額外的增長機會，這主要是我所說的我們的標準已經明確建立，對吧？

It can't be dilutive to our focus on prostate cancer. And it's got to read directly on our call point. We believe that the UTI progress we've made in the first five quarters demonstrates that.

它不能稀釋我們對前列腺癌的關注。它必須直接在我們的呼叫點上讀取。我們相信，我們在前五個季度取得的 UTI 進展證明了這一點。

Okay. Thanks. You took my resolve questions. So I'll leave it there. Thanks.

好的。謝謝。你解決了我的問題。所以我會把它留在那裡。謝謝。

Thomas Vranken, KBC Securities.

KBC 證券公司的 Thomas Vranken。

Hi. Thanks for taking my question and congratulations on the strong results especially for the revenue growth and gross margin improvement. Two questions from my side. First one is, on the results test.

你好。感謝您提出我的問題，並祝賀我們取得了強勁的業績，尤其是在收入增長和毛利率改善方面。我這邊的兩個問題。第一個是關於結果測試。

Just wanted to check as a launch or the ramp-up seems to be going really well. Could you provide some more granularity on the prescriber base and overall commercial dynamics? Do you see a strong overlap in those prescribers today or are you also already successfully targeting additional physicians there?

只是想檢查一下發射或加速似乎進展順利。您能否更詳細地說明處方者基礎和整體商業動態？您今天是否看到這些處方者有很大的重疊，或者您是否也已經成功地瞄準了那裡的其他醫生？

Yes. Hey, Thomas, thanks for staying up late as always. As I briefly commented on, we had a really rigorous criteria for introducing a new product into our channel because we think our channel is very, very valuable. And we're not looking to just throw additional products into our customers' bags. So our criteria kind of read on a number of things. To my point, it can't be dilutive in our focus on prostate cancer and our customer relationship base.

是的。嘿，托馬斯，謝謝你一如既往地熬夜。正如我簡要評論的那樣，我們有一個非常嚴格的標準來將新產品引入我們的渠道，因為我們認為我們的渠道非常非常有價值。而且我們不希望只是將其他產品放入客戶的包中。所以我們的標准在很多方面都有所解讀。就我而言，它不能稀釋我們對前列腺癌和客戶關係基礎的關注。

Secondly, it's got to read exactly on that. Thirdly, reimbursement has to be established, and it has to be accretive to our gross margin day one, dollar one. So we believe that our work, which we spent probably 12 months before we introduced this into our sales organization on that diligence and we think the first, like I said, five quarters, is demonstrating that to be accurate.

其次，必須準確閱讀。第三，必須建立報銷，並且必須增加我們第一天的毛利率，第一美元。因此，我們相信我們的工作，我們花了大約 12 個月的時間才將其引入我們的銷售組織，我們認為第一個，就像我說的，五個季度，證明這是準確的。

Now the second part of your question as far as the fit and focus, we are directing our sales team to focus our UTI into our exact customer base. So where we have the relationships and not to be going out and knocking on doors to sell UTI. And we think that that's the right strategy, and we think that it's demonstrated that that's the appropriate approach, and that we do indeed have that relationship and ability to present and provide -- and drive adoption of additional growth opportunities.

現在你的問題的第二部分是關於契合度和重點，我們正在指導我們的銷售團隊將我們的 UTI 集中在我們確切的客戶群中。因此，在我們有關係的地方，不要出去敲門出售 UTI。我們認為這是正確的戰略，我們認為這證明這是合適的方法，我們確實有這種關係和能力來展示和提供——並推動採用額外的增長機會。

Okay. Very clear. Thank you. And maybe another question also with regards to the recent Medicare reimbursement for -- or the approval for Select, could you provide some insight or some overall thoughts on when we might start seeing an impact on that in the numbers?

好的。非常清楚。謝謝。關於最近的 Medicare 報銷或 Select 的批准，也許還有另一個問題，您能否提供一些見解或一些總體想法，說明我們何時可能開始在數字中看到對此的影響？

Sure, Thomas. So we had communicated that we expected coverage to come over midyear, and to begin to drive revenue in the second half of the year. Thomas, we don't really think that's materially changed. We'll go through the process to go through the administrative process to begin building and collecting will be conservative with our revenue cycle management as we always are.

當然，托馬斯。因此，我們曾表示，我們預計覆蓋範圍將在年中結束，並在下半年開始推動收入增長。托馬斯，我們真的不認為這有實質性的改變。我們將通過行政流程開始建設和收集，我們將一如既往地保守我們的收入周期管理。

But we think what this does is provide us with a really running start as we make that turn at the midyear, where we've got established payment history, average sell price assumptions payment, and that gives us clarity on the second half of the year. So we would update on our visibility too and communicate that we're through that entire process when we get together after Q2.

但我們認為，這為我們提供了一個真正的開始，因為我們在年中進行了轉折，在那裡我們已經建立了付款歷史、平均售價假設付款，這讓我們對下半年有了清晰的認識.因此，當我們在第二季度之後聚在一起時，我們也會更新我們的可見性並傳達我們已經完成了整個過程。

Francois Brisebois, Oppenheimer.

Francois Brisebois，奧本海默。

Hi. This is Dan on for Frank. Thanks for taking my question. I just want to say congrats on the quarter and congrats on the positive LCD. Is there any other payers that you're focusing on that adds to UnitedHealthcare that happened in February and now Medicare. Any other payers that you're currently focusing on? Any color there? Thanks.

你好。這是弗蘭克的丹。感謝您提出我的問題。我只想對本季度表示祝賀，並祝賀積極的 LCD。您關注的是否有任何其他付款人增加了 UnitedHealthcare 發生在 2 月和現在的 Medicare。您目前關注的任何其他付款人？那裡有顏色嗎？謝謝。

Yes, Dan. So we believe it's not just for us, but in our space, but Medicare is really the catalyst for additional commercial and private payer coverage. So our team, our market access team, has been active across our menu and driving continued coverage through the payers as evidenced with the United coverage. So we expect that to continue with our Confirm and GPS test. And we expect it to now begin with our Select based on the Medicare coverage.

是的，丹。因此，我們相信這不僅適用於我們，而且適用於我們的領域，但 Medicare 確實是額外商業和私人支付保險的催化劑。因此，我們的團隊，我們的市場准入團隊，一直活躍在我們的菜單上，並通過付款人推動持續的覆蓋範圍，正如美聯航的覆蓋範圍所證明的那樣。所以我們希望繼續我們的確認和 GPS 測試。我們希望它現在從我們基於 Medicare 覆蓋範圍的選擇開始。

So as we go through the back half of the year, we would expect to continue to drive that. That has been our model here with Confirm and obviously with GPS coming over. So we're confident that we'll follow the same path.

因此，當我們度過今年下半年時，我們預計會繼續推動這一趨勢。這就是我們在這裡使用 Confirm 的模型，顯然還有 GPS 的出現。所以我們有信心我們會走同樣的路。

Thanks for taking my questions.

感謝您回答我的問題。

Mark Massaro, BTIG.

馬克馬薩羅，BTIG。

Congrats on an excellent quarter. So I certainly appreciate the commentary about expecting Select to kick in around mid-2023. So we got the good news that you completed your technical assessment with Palmetto MolDX in April. When we're updating our model, I guess, can you help us just a little bit with Q2? I'm trying to understand when you think Select revenue can build, whether or not it's -- I would think we might see some in Q2. So any clarity as to whether or not you've been submitting claims to MolDX and potentially getting paid yet?

祝賀一個出色的季度。所以我當然很欣賞關於期望 Select 在 2023 年年中左右開始的評論。所以我們得到了一個好消息，您在 4 月份完成了 Palmetto MolDX 的技術評估。當我們更新我們的模型時，我想，你能在第二季度幫助我們一點嗎？我試圖了解您認為 Select 收入何時可以增加，無論它是否 - 我認為我們可能會在第二季度看到一些收入。那麼關於您是否一直在向 MolDX 提交索賠並可能獲得報酬，是否清楚？

Yes, we agree with your assumption. As far as the detail around our process to begin to submit claims and get paid, we have not yet, but that's expected that we're following the standard process. But I think, to your point, when we report Q2, we'll obviously be able to -- we're very confident that it will contribute something to Q2. We just want to make sure that we get that established.

是的，我們同意你的假設。至於我們開始提交索賠和獲得付款的流程的細節，我們還沒有，但預計我們會遵循標準流程。但我認為，就你的觀點而言，當我們報告第二季度時，我們顯然能夠——我們非常有信心它將為第二季度做出貢獻。我們只是想確保我們建立起來。

And to my point, Ron, and we are very conservative on revenue cycle management side. So we just want to get that established, get the payments, and then put forth our view forward.

就我而言，羅恩，我們在收入周期管理方面非常保守。所以我們只想確定這一點，獲得付款，然後提出我們的觀點。

Okay. And maybe just to confirm, I think you guys obtained a positive coverage determination from UnitedHealthcare on the GPS test. It was nice to see the GPS test contribute here $6.2 million, certainly above my expectations. Is it right that we should expect to go live? I think in my notes I have April 1. So is it fair to expect maybe a step-up from GPS in Q2 from United?

好的。也許只是為了確認，我認為你們在 GPS 測試中從 UnitedHealthcare 獲得了積極的覆蓋確定。很高興看到 GPS 測試在這裡貢獻了 620 萬美元，當然超出了我的預期。我們應該期待上線嗎？我想在我的筆記中我有 4 月 1 日。那麼可以期待聯合航空在第二季度從 GPS 升級是否公平？

Yes. So as far as our ASPs, Mark, you'll see that in the numbers as we go forward. I don't know that I'd be modeling in significant uptake on our -- I think that's where you'd model it, right, coming through on the ASP side with GPS. We want to get visibility to how that comes through based on our mix.

是的。因此，就我們的 ASP 而言，馬克，你會在我們前進的過程中看到這一點。我不知道我是否會在很大程度上採用我們的模型 - 我認為這就是您對其進行建模的地方，對，通過 GPS 在 ASP 方面進行建模。我們希望根據我們的組合了解這是如何實現的。

But, yes, I mean, obviously, coverage for additional payers as part of our -- we have a team that drives that. And if you look at our ASPs over time, it's clearly demonstrated that it does drive accretion of our ASP and associated gross margin.

但是，是的，我的意思是，很明顯，作為我們的一部分，對額外付款人的覆蓋——我們有一個團隊來推動這一點。而且，如果您隨著時間的推移查看我們的平均售價，就會清楚地表明它確實推動了我們的平均售價和相關毛利率的增長。

Perfect. And then maybe last one on the gross margin side, really incredible lift on a year-over-year basis, coming in at 59%. I think with GPS expansion as well as Select reimbursement on the CMS side, is it reasonable to think that we can get into the low 60s for the rest of the year, or how should we think about any puts and takes around the Q1 level and how that might trend later this year?

完美的。然後可能是毛利率方面的最後一個，與去年同期相比真的令人難以置信的提升，達到 59%。我認為隨著 GPS 擴展以及 CMS 方面的 Select 報銷，認為我們可以在今年剩下的時間裡進入 60 年代的低點是否合理，或者我們應該如何考慮 Q1 水平附近的任何看跌期權和接受今年晚些時候的趨勢如何？

Yes. That's not an unreasonable assumption. This is the way we viewed our business building, right? I've communicated that we expected a linear acceleration of our gross margin and then the corresponding linear decrease in our cash burn. And that's what we saw in Q1.

是的。這不是一個不合理的假設。這就是我們看待我們的業務建設的方式，對嗎？我已經傳達過，我們預計我們的毛利率會線性加速，然後我們的現金消耗會相應線性下降。這就是我們在第一季度看到的。

Q2 will probably trend around the same way. And then as Select comes over, yes, we feel like then we've got the full menu driving contribution and better growth rates that we will be pushing. We think that that provides continued escalation of the gross margin reduction of our cash burn. So when I comment that we have clear visibility to operating profitability, its clear visibility to operating profitability.

第二季度可能會以同樣的方式呈現趨勢。然後當 Select 過來時，是的，我們覺得我們已經有了完整的菜單來推動貢獻和我們將推動的更好的增長率。我們認為這會導致我們現金消耗的毛利率下降持續升級。因此，當我評論說我們對運營盈利能力有清晰的可見性時，它對運營盈利能力具有清晰的可見性。

Okay. And then also the OpEx came in about $3 million below our estimate. I'm curious if that $17 million to $18 million range is a reasonable run rate or were there some one-timers in Q1? How should this trend throughout the course of the year?

好的。然後，運營支出也比我們的估計低了約 300 萬美元。我很好奇 1700 萬到 1800 萬美元的運行率是否合理，或者第一季度是否有一些一次性產品？這一趨勢在整個一年中應該如何？

Yes, I think it is a reasonable run rate. Obviously, we did mention on some noncash portions of that, but as a total expense, you can expect more or less this level of OpEx throughout the year on average.

是的，我認為這是一個合理的運行率。顯然，我們確實提到了其中的一些非現金部分，但作為總費用，您可以預計全年平均或多或少會出現這種水平的運營支出。

And as far as the burn, Mark, like I said, we would expect Q2 to probably transition like Q1 and then continued decrease as we go into the second half of the year, Q3 and Q4. And we expect that to again be a pretty linear decline.

至於燃燒，馬克，就像我說的那樣，我們預計第二季度可能會像第一季度那樣過渡，然後在我們進入今年下半年、第三季度和第四季度時繼續下降。我們預計這將再次呈線性下降。

Excellent. That's it for me. Thank you.

出色的。對我來說就是這樣。謝謝。

There are no further questions at this time. So this concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

目前沒有其他問題。今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。