Motus GI Holdings Inc (MOTS) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Motus GI Holdings, Inc. third-quarter 2022 financial and operational update. (Operator Instructions) There will be a presentation by the Motus management team, followed by a question-and-answer session. I must advise you that the conference today is being recorded.

女士們、先生們，感謝你們的支持，並歡迎閱讀 Motus GI Holdings, Inc. 2022 年第三季財務和營運更新。 （操作員說明）Motus 管理團隊將進行演示，然後進行問答環節。我必須通知您，今天的會議正在錄音。

I'd like to turn the call over to Garth Russell of LifeSci Advisors. Please go ahead, sir.

我想將電話轉給 LifeSci Advisors 的 Garth Russell。請繼續，先生。

Thank you, operator, and thank you, everyone, for joining us for the Motus GI third-quarter 2022 update call today. Representing the company are Tim Moran, Chief Executive Officer; Andrew Taylor, Chief Financial Officer; and Mark Pomeranz, President and Chief Operating Officer of Motus GI.

感謝業者和大家今天加入我們參加 Motus GI 2022 年第三季更新電話會議。代表公司的是執行長 Tim Moran；安德魯泰勒，財務長；以及 Motus GI 總裁兼營運長 Mark Pomeranz。

Before I turn the call over to management for their opening remarks, I would like to take a minute to remind you that this conference call and webcast will contain forward-looking statements about the company. These statements are subject to certain risks and uncertainties that could cause actual results to differ.

在我將電話轉交給管理層進行開場白之前，我想花一點時間提醒您，本次電話會議和網路廣播將包含有關公司的前瞻性陳述。這些陳述存在某些風險和不確定性，可能導致實際結果有所不同。

Please note that these forward-looking statements reflect our opinions only as of the date of this call. We will not undertake any obligation to revise or publicly release the results of any revisions to these forward-looking statements in light of new information or future events.

請注意，這些前瞻性陳述僅反映我們截至本次電話會議之日的意見。我們不承擔根據新資訊或未來事件修改或公開發布這些前瞻性陳述的任何修改結果的義務。

Factors that could cause actual results or outcomes to differ materially from those expressed or implied by such forward-looking statements are discussed in greater detail in our most recent filings on Form 10-K and our other periodic reports on Form 10-Q and 8-K filed with the SEC.

我們最近提交的表格 10-K 以及表格 10-Q 和 8- 的其他定期報告中更詳細地討論了可能導致實際結果或結果與此類前瞻性陳述所明示或暗示的結果存在重大差異的因素。 K 向SEC 提交了申請。

I would now like to turn the call over to Tim Moran, CEO of Motus GI. Tim, the floor is yours.

我現在想將電話轉給 Motus GI 執行長 Tim Moran。提姆，地板是你的。

Thanks, Garth, and good afternoon, everyone. Thank you for joining our call today. I'm pleased to share an update on our progress through the third quarter of 2022, as well as provide early insights of what we're seeing in the fourth quarter. Following my update, Andrew will provide an overview of our financial performance for the third quarter, and then we will open the call to take your questions.

謝謝加思，大家下午好。感謝您今天加入我們的電話會議。我很高興分享我們在 2022 年第三季取得的最新進展，並提供我們在第四季度所看到的情況的初步見解。在我更新最新消息後，安德魯將概述我們第三季度的財務業績，然後我們將召開電話會議回答您的問題。

Let's get started.

讓我們開始吧。

We reported revenue in the third quarter of $278,000, which represents an approximate 50% increase compared with the second quarter of 2022 and our highest quarterly revenue to date. We continue to drive steady quarterly growth since the launch of our Pure-Vu EVS six months ago.

我們第三季的營收為 278,000 美元，與 2022 年第二季相比成長了約 50%，也是我們迄今為止最高的季度收入。自六個月前推出 Pure-Vu EVS 以來，我們繼續推動穩定的季度成長。

With that as an overarching view, let me take a step back and offer some additional color behind the key drivers of our performance in the third quarter.

以此為整體觀點，讓我退後一步，為我們第三季業績的關鍵驅動因素提供一些額外的資訊。

Our success is being primarily enabled by the improvements we've made to our technology with the launch of Pure-Vu EVS, as well as the expansion of our commercial reach. Physicians continue to comment on Pure-Vu's efficacy and have been specifically complementary of the rapid setup, enhanced cleansing capabilities, and the flexibility to use at the bedside on a dirty scope. All of these improvements were based upon direct feedback from our customers over the last three years.

我們的成功主要歸功於我們透過推出 Pure-Vu EVS 對技術進行的改進以及我們商業範圍的擴大。醫生們繼續對 Pure-Vu 的功效進行評論，並對快速設置、增強的清潔能力以及在床邊髒鏡上使用的靈活性進行了特別補充。所有這些改進都是基於過去三年客戶的直接回饋。

This brings me to the number of placements for the Pure-Vu EVS. Through the end of Q3, we now have Pure-Vu in use at 25 hospitals. As expected, most new placements are coming from customers with no prior experience and are comprised of a balanced mix between academic, community, and VA hospitals.

這讓我想到了 Pure-Vu EVS 的展示位置數量。截至第三季末，我們現已在 25 家醫院使用 Pure-Vu。正如預期的那樣，大多數新的安置來自沒有經驗的客戶，並由學術、社區和退伍軍人醫院醫院之間的平衡組合組成。

While we believe Q3 represented a solid performance, we did see a handful of accounts delayed their purchasing decisions to Q4, primarily driven by capital budget constraints and hospitals continuing to manage through staffing shortages.

雖然我們認為第三季度表現穩健，但我們確實看到少數客戶將採購決定推遲到第四季度，這主要是由於資本預算限制和醫院繼續應對人員短缺的情況所致。

This leads me to our growth strategy and pipeline. Now that we've established a solid base of hospitals with Pure-Vu EVS in use, we are incentivizing our sales team to increase same-store sales, meaning, going deeper in existing accounts to drive higher quarter-on-quarter utilization within each site.

這讓我了解了我們的成長策略和管道。現在，我們已經在使用 Pure-Vu EVS 的醫院中建立了堅實的基礎，我們正在激勵我們的銷售團隊增加同店銷售額，這意味著，深入現有客戶，以提高每個客戶的季度環比利用率地點。

Driving consistent repeat utilization is key to our long-term success, as it will provide predictable recurring revenue. It's important that we have a thoughtful approach in each metro market to go deeper while also strategically expanding to new hospitals.

推動一致的重複使用率是我們長期成功的關鍵，因為它將提供可預測的經常性收入。重要的是，我們在每個地鐵市場都採取深思熟慮的方法，以進一步深入，同時策略性地擴展到新的醫院。

Two metrics we continue to track are procedures by month at each facility and the number of physician users. Expanding our base of physician users is important, as it speaks to our ability to extend adoption beyond the initial physician champions that we worked with during the evaluation period.

我們繼續追蹤的兩個指標是每個機構每月的程序和醫生用戶的數量。擴大我們的醫生用戶群很重要，因為它表明我們有能力將採用範圍擴大到我們在評估期間合作的最初醫生冠軍之外。

Let me provide an example of the progress we're seeing in this area. As a proxy for what we are expecting to see across our growing base of hospital accounts, one of our VA hospitals in the Midwest has increased their monthly procedure volume by approximately 40% from Q2 to Q3.

讓我舉一個例子來說明我們在這一領域所取得的進展。作為我們對不斷增長的醫院客戶群的預期的一個指標，我們位於中西部的一家退伍軍人管理局醫院的每月手術量從第二季度到第三季度增加了約 40%。

This is a result of both expanding the number of physician users and our sales team staying front of mind to be sure the doctors are thinking about the various opportunities where Pure-Vu EVS can benefit customers.

這是擴大醫生用戶數量和我們銷售團隊始終關注的結果，以確保醫生正在考慮 Pure-Vu EVS 可以使客戶受益的各種機會。

Turning now to our pipeline. We have outlined our land-and-expand approach or targeting of additional hospitals within a health system, following approval at the flagship center for the use of Pure-Vu EVS. In fact, we have already had success at several hospital networks in getting introductions to associated hospitals and centers.

現在轉向我們的管道。在旗艦中心批准使用 Pure-Vu EVS 後，我們概述了我們的土地擴張方法或目標是衛生系統內的更多醫院。事實上，我們已經在多個醫院網路中成功地介紹了相關醫院和中心。

As an example, we recently received system-wide VAC approval at Texas Health Resources Group, a large system comprised of 24 affiliated hospitals, as well as the Methodist Health System in Houston comprised of eight affiliated sites.

例如，我們最近獲得了德州健康資源集團(Texas Health Resources Group) 的全系統VAC 批准，該系統是一個由24 家附屬醫院組成的大型系統，以及休士頓衛理公會醫療系統(Methodist Health System )，由8 個附屬機構組成。

During Q3, we also announced that the VA system has recognized Motus GI as a sole source provider and a small business. These special designations provide us direct access to the VA's procurement arm, thereby streamlining and shortening purchase decisions in sites that expressed interest in deploying Pure-Vu EVS.

在第三季度，我們也宣布 VA 系統已認可 Motus GI 為唯一來源提供者和小型企業。這些特殊指定使我們能夠直接接觸 VA 的採購部門，從而簡化並縮短那些表示有興趣部署 Pure-Vu EVS 的站點的採購決策。

The VA's population often experience higher rates of inadequate bowel preparation, travel longer distances for care, and can experience longer average wait times. Additionally, the VA medical centers have a strong desire to provide improved care for their patients and are penalized for referring procedures outside of the VA system. Ensuring a high-quality procedure the first time is a top priority.

退伍軍人事務部的人群腸道準備不足的比例通常較高，需要長途跋涉才能獲得護理，而且平均等待時間也較長。此外，退伍軍人管理局醫療中心強烈希望為患者提供更好的護理，但因在退伍軍人管理局系統之外轉診而受到處罰。確保第一次就獲得高品質的程序是重中之重。

Finally, the VA healthcare system is not beholden to the reimbursement policies of third-party payers. As a result, physicians can use our Pure-Vu EVS system for both inpatient and outpatient procedures.

最後，退伍軍人管理局的醫療保健系統不受第三方付款人的報銷政策的約束。因此，醫生可以使用我們的 Pure-Vu EVS 系統進行住院和門診手術。

In terms of sizing this opportunity, the Veterans Health Administration is the largest integrated healthcare system in the United States, with approximately 170 hospitals performing approximately 645,000 colonoscopies over the last three years.

就把握這一機會而言，退伍軍人健康管理局是美國最大的綜合醫療保健系統，在過去三年中約有 170 家醫院進行了約 645,000 例大腸鏡檢查。

We now have Pure-Vu EVS in use at five different VA medical centers, including two new agreements that closed in the third quarter. We are also actively pursuing new VA evaluations across the US, which we expect will result in new commercial agreements in the coming quarters.

我們現在在五個不同的 VA 醫療中心使用 Pure-Vu EVS，其中包括第三季完成的兩項新協議。我們也在美國各地積極尋求新的 VA 評估，我們預計這將在未來幾季達成新的商業協議。

Now let's discuss our progress on other key upcoming catalysts.

現在讓我們討論一下我們在其他即將推出的關鍵催化劑方面取得的進展。

First, let me provide an update on our outpatient reimbursement study, a large outpatient-focused clinical study evaluating the use of the Pure-Vu EVS system. The study will enroll approximately 1,000 patients with the primary endpoint designed to show a significant reduction in the number of aborted or poor-quality exams that lead to an early repeat procedure as defined by the GI Tri-Society guidelines.

首先，讓我介紹一下我們的門診報銷研究的最新情況，這是一項以門診患者為中心的大型臨床研究，評估 Pure-Vu EVS 系統的使用情況。該研究將招募約 1,000 名患者，其主要終點旨在顯著減少導致早期重複手術的中止或低品質檢查的數量（如 GI Tri-Society 指南所定義）。

This study will be conducted at a mix of academic and community hospitals, as well as ambulatory surgery centers, including NYU Langone Health. We anticipate initiating this study in the near term, with completion expected before the end of 2023.

這項研究將在學術醫院和社區醫院以及門診手術中心（包括紐約大學朗格健康中心）進行。我們預計在短期內啟動這項研究，預計在 2023 年底前完成。

The study's aim is to generate data quantifying the percentage of patients with an adequate prep and showing the Pure-Vu system's ability to achieve a substantial clinical improvement in those patients compared to the standard of care in a large multicenter trial. The results from this study are expected to support applications seeking reimbursement of the Pure-Vu system when used in certain outpatient colonoscopies.

研究的目的是產生數據，量化經過充分準備的患者百分比，並顯示與大型多中心試驗中的護理標準相比，Pure-Vu 系統能夠在這些患者中實現實質臨床改善。這項研究的結果預計將支持在某些門診大腸鏡檢查中使用 Pure-Vu 系統時尋求報銷的申請。

We see a tremendous need in the outpatient market. However, without reimbursement of the Pure-Vu system, it is difficult for us to reach many of these patients.

我們看到門診市場的龐大需求。然而，如果沒有 Pure-Vu 系統的報銷，我們就很難接觸到許多這樣的患者。

How big is the problem, you may ask? The answer is that, of the more than 18 million outpatient procedures conducted in the US each year, approximately one in four or almost 4.7 million patients struggle to get a high-quality prep prior to their procedure. This can lead to delayed, aborted, and repeat procedures, which puts a burden on the healthcare system and the patient, both from a clinical and economic perspective.

您可能會問，問題有多大？答案是，在美國每年進行的超過 1800 萬例門診手術中，大約四分之一（即近 470 萬）患者在手術前難以獲得高品質的準備。這可能會導致手術延遲、中止和重複，從臨床和經濟角度來看，這都會給醫療保健系統和患者帶來負擔。

However, early repeat exams only occur between 10% and 20% of the time, as many patients do not come back as prescribed, leaving them at a higher risk for interval cancer.

然而，早期重複檢查的機率只有 10% 到 20%，因為許多患者沒有按規定回來，這使得他們患間期癌症的風險更高。

Another pending catalyst that we expect to drive additional growth for our business is the Pure-Vu EVS upper GI device. We continue to make progress advancing the development of the Pure-Vu EVS gastro which is designed to add upper GI capabilities to the existing Pure-Vu EVS workstation platform.

我們預計將推動我們業務進一步成長的另一個催化劑是 Pure-Vu EVS 上部 GI 設備。我們繼續推動 Pure-Vu EVS gastro 的開發，旨在為現有 Pure-Vu EVS 工作站平台添加上 GI 功能。

Some of the key enhancements in the EVS system -- such as a much larger suction channel, more efficient irrigation jets, a smaller profile, and improved flexibility -- will be further optimized to allow the system to provide broad utility in an upper GI procedure.

EVS 系統的一些關鍵增強功能（例如更大的抽吸通道、更有效率的沖洗噴嘴、更小的外形和更高的靈活性）將進一步優化，以使該系統能夠在上消化道手術中提供廣泛的實用性。

This device has the potential to address a significant unmet need by providing improved visualization during challenging upper GI bleed cases. These procedures can be complex and challenging, with a reported mortality rate of approximately 13%. We believe the addition of an upper GI solution enhances the overall value proposition of our Pure-Vu EVS platform.

該設備有潛力透過在具有挑戰性的上消化道出血病例中提供改進的可視化來解決重大的未滿足需求。這些手術可能非常複雜且具有挑戰性，據報導死亡率約為 13%。我們相信，添加上 GI 解決方案可以增強我們 Pure-Vu EVS 平台的整體價值主張。

In early Q4, we completed an animal and cadaver lab, which provided solid initial feedback on the eventual design of the new device. The product development project is on track with an anticipated launch in 2023.

在第四季度初，我們完成了動物和屍體實驗室，為新設備的最終設計提供了可靠的初步回饋。該產品開發項目正步入正軌，預計於 2023 年推出。

Finally, turning to potential strategic partnerships and collaborations. We continue to pursue various opportunities with strategic partners, both in and outside of the US. We believe success with our commercial program can provide us with potential opportunities in the future. Our focus in evaluating these opportunities is centered upon accelerating our commercial progress and potentially strengthening our balance sheet.

最後，轉向潛在的策略夥伴關係和合作。我們繼續與美國國內外的戰略合作夥伴尋求各種機會。我們相信，我們的商業計劃的成功可以為我們提供未來的潛在機會。我們評估這些機會的重點是加速我們的商業進展並潛在地加強我們的資產負債表。

With that, I'll now turn the call over to Andrew to provide detail on our Q3 2022 financials. Andrew?

現在，我將把電話轉給 Andrew，以提供有關我們 2022 年第三季財務狀況的詳細資訊。安德魯？

Thank you, Tim, and thank you, everyone, for joining us today. We reported revenue for the third-quarter 2022 of $278,000, compared to $141,000 for the same period last year. Revenues for this past quarter also represented an approximately 50% increase over the second-quarter 2022 and were primarily derived from reorders and new customer orders of disposable sleeves, as well as limited workstation sales and rentals.

謝謝提姆，也謝謝大家今天加入我們。我們報告 2022 年第三季的收入為 278,000 美元，而去年同期為 141,000 美元。上一季的營收也比 2022 年第二季成長了約 50%，主要來自一次性袖套的再訂購和新客戶訂單，以及有限的工作站銷售和租賃。

For the three months ended September 30, 2022, we reported a net loss attributable to common shareholders of $5 million or $1.69 per basic and diluted share, compared to a net loss attributable to common shareholders of $4.8 million or $2 per basic and diluted share for the same period last year.

截至2022 年9 月30 日的三個月，我們報告的普通股股東應佔淨虧損為500 萬美元，或每股基本股和稀釋股1.69 美元，而2022 年普通股股東應佔淨虧損為480萬美元，或每股基本股和稀釋股2 美元。去年同期。

During the third-quarter 2022, net cash used in operating activities and for the purchase of fixed assets was $3.8 million, compared to $3.1 million for the same period of 2021. At September 30, 2022, we reported $13.3 million in cash and cash equivalents, which includes our fully funded credit facility with Kreos Capital. There are no financial or liquidity covenants associated with this facility.

2022 年第三季度，用於經營活動和購買固定資產的現金淨額為380 萬美元，而2021 年同期為310 萬美元。截至2022 年9 月30 日，我們報告的現金和現金等價物為1,330 萬美元，其中包括我們與 Kreos Capital 的全額信貸融資。沒有與此設施相關的財務或流動性契約。

After the third-quarter end, we sold approximately $5.5 million worth of shares from our existing at-the-market facility. As a result, our current cash balance is expected to meet anticipated needs through the second quarter of 2023.

第三季末後，我們從現有的市場設施中出售了價值約 550 萬美元的股票。因此，我們目前的現金餘額預計將滿足 2023 年第二季的預期需求。

And now I'll turn the call back over to Tim.

現在我將把電話轉回給提姆。

Thank you, Andrew, and thank you, everyone, for joining our call today. We are pleased by the progress our commercial organization continues to make in launching Pure-Vu EVS in the US market. We plan to build on this momentum by driving higher account utilization while strategically expanding to new sites.

謝謝安德魯，也謝謝大家今天加入我們的電話會議。我們對我們的商業組織在美國市場推出 Pure-Vu EVS 方面不斷取得的進展感到高興。我們計劃透過提高帳戶利用率同時策略性擴展到新站點來鞏固這一勢頭。

I'll now ask the operator to open the call for your questions.

我現在請接線生打開電話詢問您的問題。

(Operator Instructions) Steve Lichtman, Oppenheimer & Co.

（操作員說明）Steve Lichtman，Oppenheimer & Co.

Thank you. Evening, guys. Tim, I was wondering if you could start with -- you mentioned a handful of accounts that you think pushed off into the fourth quarter. Can you talk a little bit about the visibility on those purchases and confidence in those coming through before year-end?

謝謝。晚上好，夥計們。提姆，我想知道你是否可以從——你提到了一些你認為推遲到第四季度的帳戶開始。您能否談談這些採購的可見性以及對年底前完成的採購的信心？

And then maybe just broadly -- I know you talked about balancing between going deeper in current accounts and expanding -- but maybe talk a little bit about what that new customer account pipeline does look like for you guys at this point.

然後，也許只是廣泛地——我知道你談到了深入經常帳戶和擴張之間的平衡——但也許可以談談新的客戶帳戶管道目前對你們來說是什麼樣子的。

Sure, Steve. Thanks for the questions. So the first part of the question in terms of my comments about some accounts that got pushed into Q4, that comment is mainly from a contextual perspective about demand. We wanted to make sure it was clear that the demand has been there.

當然，史蒂夫。感謝您的提問。因此，問題的第一部分是我對推入第四季度的一些帳戶的評論，該評論主要是從有關需求的背景角度出發的。我們想確保明確需求一直存在。

We had a good quarter with nice growth -- about 50% over prior quarter. But I think it could have been a bit stronger had it not been for a few mainly capital deals, Steve, that were budgeted and expected to have the funds released in the third quarter. And that did not happen, which we've seen before, so they are now on target for Q4. Hopefully, that comes through as planned.

我們度過了一個不錯的季度，成長良好——比上一季度增長了約 50%。但我認為，如果沒有一些主要的資本交易，史蒂夫，它可能會更強一些，這些交易已列入預算並預計將在第三季釋放資金。但這種情況並沒有發生，我們之前已經看過，所以他們現在已經達到了第四季的目標。希望這能按計劃實現。

We've seen these delays occur. And our accounts at times don't have full visibility to when the funds will actually be given to them to make the purchase. But we're hopeful that a couple of these that got pushed off will come through in the fourth quarter. We are building a nice pipeline of capital. So eventually, these funds will clear, and it will start to hit the numbers.

我們已經看到這些延誤的發生。我們的帳戶有時無法完全了解資金何時實際發放給他們購買。但我們希望其中一些被推遲的項目能夠在第四季度實現。我們正在建立良好的資本管道。所以最終，這些資金將會清算，並且將開始達到數字。

In terms of the approach, so as you mentioned, we've always been focused obviously on driving kind of same-store sales and conviction around the procedure. But I think as we look at the base of accounts now that we've built, it's really important that we drive the stickiness across the board, across all accounts.

就方法而言，正如您所提到的，我們一直專注於推動同店銷售和圍繞該程序的信念。但我認為，當我們審視我們已經建立的帳戶基礎時，我們在所有帳戶中全面提高黏性非常重要。

We've been able to now see what great looks like in some of the accounts that I referenced, where you're seeing 20% to 40% procedural increase quarter over quarter. But we're not seeing that in all accounts.

我們現在已經能夠在我引用的一些帳戶中看到什麼是偉大的，您會看到程序逐季增加 20% 到 40%。但我們並沒有在所有帳戶中看到這一點。

And when we diagnose that, what it looks like to us is, some of these sites just need a little bit more hand-holding and our rep to be there and keep things front of mind for the physicians until this becomes muscle memory. Because, remember, at the end of the day, we're not just (technical difficulty) competitive product; we're building a new procedure, if you will. And you've got to stay front of mind.

當我們診斷出這一點時，在我們看來，其中一些網站只需要更多的幫助，我們的代表就在那裡，讓醫生把事情放在心上，直到這成為肌肉記憶。因為，請記住，歸根結底，我們不僅僅是（技術難度）有競爭力的產品；而且是有競爭力的產品。如果你願意的話，我們正在建立一個新的程式。而且你必須保持在最前面。

So as we focus on Q4, we've asked the sales team and we're incentivizing them to go a bit deeper in their accounts. That doesn't mean they're not going to expand to other sites, but I want to see some of that same-store sales start to really ramp up across the board.

因此，當我們關注第四季度時，我們詢問了銷售團隊，並激勵他們更深入地了解他們的客戶。這並不意味著他們不會擴展到其他網站，但我希望看到一些同店銷售額開始真正全面上升。

We are still managing across our sales organization anywhere between 8 and 12 accounts per rep that they're working from in terms of pipeline, Steve. So we still have plenty of opportunity, as you know, to be able to both expand and drive utilization.

史蒂夫，我們仍然在整個銷售組織中管理每個代表 8 到 12 個客戶，他們在管道方面工作。因此，如您所知，我們仍然有很多機會可以擴展和提高利用率。

Got it. Just in terms of some context, you mentioned some of the growth in higher-volume users. On an absolute procedure basis, what does a higher-volume user look like right now in terms of number of procedures per month or any sort of metric you can provide?

知道了。就某些情況而言，您提到了大容量用戶的一些成長。從絕對程式的角度來看，就每月的程式數量或您可以提供的任何類型的指標而言，高流量用戶現在是什麼樣子？

Yeah. Anything -- really anything north of 10 procedures a month consistently is where we want to see our accounts. And obviously, we think over time, as we penetrate more physicians and it becomes second-nature tool to all of the docs in the unit, we can go much higher than that. But north of 10 procedures a month is really what we want to see across the board, Steve.

是的。任何事情——事實上，每月 10 個程序之外的任何事情都是我們希望看到我們的帳戶的地方。顯然，我們認為隨著時間的推移，隨著我們滲透到更多的醫生中，並且它成為該部門所有醫生的第二天性工具，我們可以走得更高。但史蒂夫，我們真正希望看到的是每月 10 次以上的手術。

Okay. Got it. And then just lastly, you mentioned on track of the -- with the gastro device for next year. Can you remind me where -- what your plans are relative to reimbursement? Where will this fall within perhaps on the DRG side? And is there anything you need to do from a CPT perspective as you look to launch this product?

好的。知道了。最後，您提到了明年的胃設備的進展。您能提醒我您與報銷相關的計劃是什麼嗎？ DRG 方面可能會落在哪裡？當您希望推出產品時，從 CPT 的角度來看，您需要做些什麼嗎？

Sure. Yeah. So just a couple of comments I'll make there. We remain bullish on this upper GI device. There's absolutely a big gap in the market, and that's been validated across many physicians and KOLs across the country. And we've got a lot of them providing advisory services, participating in the cadaver and animal labs that I mentioned in the prepared remarks. So we're excited on the development, and it remains on track.

當然。是的。我將在此發表幾點評論。我們仍然看好這個上消化道裝置。市場上絕對存在很大的缺口，這一點已經得到全國許多醫生和KOL的驗證。我們有很多人提供諮詢服務，參與我在準備好的演講中提到的屍體和動物實驗室。因此，我們對開發感到興奮，並且它仍然在正軌上。

Now as it relates to reimbursement and even clinical activities, let me provide a little bit of color, and then I'll kick it over to Mark, and he can add some additional. But initially, a lot of these procedures, Steve, are happening in the hospital. So we are looking at a DRG scenario, so not dissimilar to the ROI model that we present today as it relates to lower GI and colon.

現在，由於它涉及報銷甚至臨床活動，讓我提供一些顏色，然後我將把它交給馬克，他可以添加一些額外的內容。但史蒂夫，最初，很多這樣的手術都是在醫院進行的。因此，我們正在研究 DRG 場景，與我們今天介紹的 ROI 模型沒有什麼不同，因為它與較低的 GI 和結腸有關。

Now obviously, we're not avoiding hospitalization nights necessarily, but we are able -- we believe we'll be able to, with our device, to really dramatically cut the time down of these procedures. They can have a complex upper GI bleeder that can take a couple hours to ultimately get to the source of the bleed and identify and treat that bleed.

顯然，我們不一定要避免住院之夜，但我們能夠——我們相信，利用我們的設備，我們將能夠真正大幅縮短這些手術的時間。他們可能有複雜的上消化道出血，可能需要幾個小時才能最終找到出血源並識別和治療出血。

So by providing pristine visualization during the procedure, allowing them to make that procedure go much more quickly, we believe that the benefit of that will be well worth the price.

因此，透過在手術過程中提供原始的可視化，使他們能夠更快地進行手術，我們相信這樣做的好處將是非常值得的。

And we've done some pricing analysis in the market as well. And because there's such a gap there and this is a high-mortality procedure, I think this -- we think this is a device that is going to be less about cost, particularly if it's giving them the visualization that they're seeking today.

我們也對市場進行了一些定價分析。因為那裡存在著很大的差距，而且這是一個高死亡率的手術，我認為——我們認為這是一種成本較低的設備，特別是如果它能夠為他們提供他們今天所尋求的可視化效果的話。

So let me kick it to Mark if -- Mark, do you want to add any additional color as it relates to kind of reimbursement and how we're thinking about that or even clinical activities once we have the device available?

因此，讓我把它踢給馬克，如果 - 馬克，你想添加任何額外的顏色，因為它與報銷類型以及我們如何考慮這一點，甚至一旦我們有了可用的設備就可以進行臨床活動？

Sure. Thanks, Tim. I think Tim hit the highlights on that, Steve. It is really, again, more of that DRG inpatient scenario.

當然。謝謝，蒂姆。我認為蒂姆強調了這一點，史蒂夫。這實際上更多的是 DRG 住院患者的情況。

And as Tim mentioned, these are high-acuity patients, and a lot of these patients are -- only significant bleeders are being transfused. If they can't get visualization and get in there, they'll have to refer them to IR or more expensive, more invasive type procedures as well, which they'd like to avoid.

正如提姆所提到的，這些都是高度嚴重的患者，而且其中許多患者都是──只有大量出血者才會被輸血。如果他們無法獲得視覺化並進入那裡，他們將不得不將他們轉介給IR或更昂貴、更具侵入性的類型程序，這是他們希望避免的。

And another thing that happens, too, when they get in, if they can't see anything with the bleed, they will try to see if they can do some more hemodynamic stabilization on these patients and then have to go back in what they call a second-look endoscopy and have to wait and, again, more transfusions and other issues around these patients.

還有一件事發生，當他們進去時，如果他們看不到任何出血情況，他們會嘗試看看是否可以對這些患者進行更多的血流動力學穩定，然後必須返回他們所謂的地方再次進行內窺鏡檢查，必須等待，而這些患者還面臨更多的輸血和其他問題。

And there really isn't -- like in the colon, they could technically say, okay, let me go prep the patient more. But for the upper GI, there is really nothing that works well. They'll typically try to give erythromycin that tries to help move that digestive track along a little faster, but that really doesn't do much of anything for these bleed patients.

確實沒有——就像在結腸中一樣，從技術上講，他們可以說，好吧，讓我去為病人做更多準備。但對於上GI來說，確實沒有什麼效果好的。他們通常會嘗試給予紅黴素，試圖幫助消化道更快移動，但這對這些出血患者實際上沒有太大作用。

Got it. Thanks, Tim. Thanks, Mark.

知道了。謝謝，蒂姆。謝謝，馬克。

Thank you, Steve.

謝謝你，史蒂夫。

Ben Haynor, Alliance Global Partners.

Ben Haynor，聯盟全球合作夥伴。

Good afternoon, gentlemen. Thanks for taking my questions. Just following up on your response to one of Steve's questions.

下午好，先生們。感謝您回答我的問題。只是跟進您對史蒂夫的一個問題的回答。

On the utilization front, you mentioned consistent repeat utilization being the key to long-term growth. And on one hand, it's obviously what every company wants. But it sounds, in your answer to the earlier question, that you may have found a threshold that once an account hits 10 per month, then you see utilization accelerate.

在利用率方面，您提到持續的重複使用率是長期成長的關鍵。一方面，這顯然是每家公司都想要的。但聽起來，在您對前面問題的回答中，您可能已經發現了一個閾值，一旦帳戶每月達到 10 個，您就會看到利用率加速。

Is that a fair characterization of what you're seeing there? And if they don't get to 10, then it stalls out. Any more color there would be helpful.

這是對你所看到的情況的公平描述嗎？如果他們沒有達到 10 個，那麼事情就會停止。任何更多的顏色都會有幫助。

Sure. Yes. Sure, Ben. Thanks for the question. So I would say it's a combination of things, when you diagnose it at the granular level, right? There's different dynamics in each hospital, as you'd imagine. But I do think 10 is a number that we've now seen our best accounts, in terms of volume, be able to get to.

當然。是的。當然，本。謝謝你的提問。所以我想說，當你在粒度級別上診斷它時，這是多種因素的結合，對嗎？正如您想像的那樣，每家醫院都有不同的動態。但我確實認為 10 是我們現在看到的最好的帳戶（就數量而言）能夠達到的數字。

And typically, why that happens is, one, there's a - there's multiple physicians that are utilizing the device, right? So if one of the docs is not on inpatient service, we're still getting procedures happening. And there's not a gap of time before Pure-Vu gets pulled and gets used again -- so number of physicians.

通常情況下，發生這種情況的原因是，一、有多名醫生正在使用該設備，對吧？因此，如果其中一名醫生沒有住院服務，我們仍然會進行手術。 Pure-Vu 被拔出並再次使用之前沒有時間間隔——所以醫生的數量如此之多。

But also just influencing the team and the staff to be thinking about Pure-Vu as a tool and to be kind of thinking proactively about that patient coming down and being sure that they're giving them the optimal care and just the reality of change management, right, and all the dynamics with that, you need to be front of mind in certain facilities in order to make sure that they're thinking about this.

但也只是影響團隊和員工將 Pure-Vu 作為一種工具，並積極主動地思考患者的康復情況，並確保為他們提供最佳的護理以及變革管理的現實是的，以及與之相關的所有動態，您需要在某些設施中處於領先地位，以確保他們正在考慮這一點。

And the more they think about it and the more they do it, the more it becomes second nature, and the more volume we get, right? So it plays together.

他們想得越多，做得越多，它就越成為第二天性，我們得到的數量就越多，對嗎？所以它一起玩。

One of the things we're doing, Ben, in addition to just putting a little bit more focus on that from a rep perspective, we are also piloting some contracted clinical heads in a few metro areas to determine if we had someone that was on the ground constantly, rotating between our facilities that have the device and being in those accounts, talking about Pure-Vu, grabbing physicians, training them, will that start to drive more same-store sales while our rep is able to then go expand to other sites?

Ben，我們正在做的事情之一，除了從代表的角度更加關注這一點之外，我們還在一些大都市地區試點一些合約臨床負責人，以確定我們是否有某人在不斷地在地面上，在我們擁有該設備的設施之間輪換並在這些帳戶中，談論Pure-Vu，抓住醫生，培訓他們，這將開始推動更多的同店銷售，而我們的代表隨後能夠擴展到其他網站？

So we're looking at that as well. We'll provide updates as we get further into it. But that's something that -- some action that we're taking differently to try to test that theory that being there drives more procedures.

所以我們也在考慮這一點。當我們進一步研究時，我們將提供更新。但這是我們正在採取的一些不同行動，試圖檢驗「在那裡會推動更多程序」這一理論。

Okay. And then maybe a little bit of a follow-up on that. Once you get to that kind of threshold level or the level of utilization, is it easy to move the -- your sales force assets to go drive utilization in another account, and that account is just kind of automatic at that point or -- what are you seeing out there?

好的。然後可能會對此進行一些後續行動。一旦達到這種閾值水平或利用率水平，是否可以輕鬆地將您的銷售人員資產轉移到另一個帳戶中以提高利用率，並且該帳戶在那時是自動的，或者什麼你在外面看到嗎？

Yeah, exactly. So when you look at those accounts that are doing the most volume for all those reasons I just stated, those are also the accounts that we deem independent, meaning, they don't need us to be there for them to either, one, use it or they don't need help to use it, right?

是的，完全正確。因此，當您查看那些由於我剛才所說的原因而交易量最大的帳戶時，這些帳戶也是我們認為獨立的帳戶，這意味著，他們不需要我們在那裡，一，使用或他們不需要幫助來使用它，對吧？

So in some of the accounts where we're not getting as high utilization, oftentimes, that can come down to just comfort level of the staff setting it up and getting it ready, or the physician maybe only has done a couple of cases, so they don't -- they're not apt to just grab it, right?

因此，在一些利用率不高的帳戶中，通常情況下，這可能取決於工作人員設定和準備的舒適度，或者醫生可能只做過幾個案例，所以他們不會——他們不會輕易抓住它，對吧？

So as we get them up to that level, then they become much more independent, and we just see the revenue starting to roll in.

因此，當我們讓他們達到這個水平時，他們就會變得更加獨立，我們就會看到收入開始滾滾而來。

Okay. That's helpful. And then just on the VA situation, that sounds like a great development for you guys. How broad could you -- and how quick do you think these 170-or-so VA hospitals could adopt Pure-Vu?

好的。這很有幫助。就退伍軍人管理局的情況而言，這對你們來說聽起來是一個巨大的發展。您認為這 170 家左右的 VA 醫院可以多快採用 Pure-Vu？

Yeah. So we look at the opportunity as really a good focus area for us to spend our time. And as you'd imagine, we've got our sales team acutely focused on any VAs that are in their areas. That system does about over 200,000 colonoscopies a year, right, across those 170 facilities.

是的。因此，我們認為這個機會確實是我們花時間的一個很好的重點領域。正如您所想像的那樣，我們的銷售團隊非常專注於其所在領域的任何 VA。該系統每年在這 170 個設施中進行約 20 萬多次大腸鏡檢查。

So these are high-volume accounts. As we talked about, their patients oftentimes have higher bowl prep issues, right, so great target for Pure-Vu.

所以這些都是大容量帳戶。正如我們所討論的，他們的患者通常有更高的碗準備問題，對吧，這對 Pure-Vu 來說是一個很好的目標。

So we're doing a couple of different things. So in addition to just our feet on the ground and the reps getting into these accounts and building relationships, we're also doing -- from a marketing perspective, we've now done outreach to -- directly to all 170 VAs. That's in the works, but it will be completed before the end of the year.

所以我們正在做一些不同的事情。因此，除了我們腳踏實地、讓代表進入這些客戶並建立關係之外，我們還直接與所有 170 個 VA 進行外展活動，從行銷的角度來看，我們現在已經進行了外展活動。該項目正在進行中，但將於今年年底前完成。

And they're receiving, not only information on Pure-Vu, but they're receiving the value analysis, ROI model. So all that information is front and center. So we're trying to soften the ground for the sales team, if you will.

他們不僅收到有關 Pure-Vu 的信息，還收到價值分析、投資回報率模型。所以所有這些資訊都是最重要的。因此，如果您願意的話，我們正在努力為銷售團隊提供軟化支援。

We also are conducting national webinars. So we executed one in September, where we had a KOL from a VA that's using Pure-Vu on a regular basis. And we were able to invite other physicians from across the country who are working at VA hospitals. And we're able to hear directly from one of their colleagues and peers exactly how they're using Pure-Vu and what the benefit has been.

我們也舉辦全國網路研討會。因此，我們在 9 月執行了一項計劃，我們從 VA 那裡得到了一位定期使用 Pure-Vu 的 KOL。我們也邀請了來自全國各地在退伍軍人管理局醫院工作的其他醫生。我們能夠直接從他們的一位同事和同行那裡聽到他們如何使用 Pure-Vu 以及獲得的好處。

So we're scheduling another one of those here in the fourth quarter. And I think bringing all of this attention will allow us to try to accelerate the opportunity.

因此，我們計劃在第四季再安排一次這樣的活動。我認為吸引所有這些關注將使我們能夠嘗試加速這個機會。

I would say, Ben, right now, we have probably 15 to 20 VAs that are in our nearer-term pipeline -- so over the next couple of quarters -- that we're going to work towards trying to bring online. We were able to close two in this past quarter, and we've got several that are pending for Q4. So I think you'll start to see us report more closes within the VA now that we've got this designation.

我想說，Ben，現在我們可能有 15 到 20 個 VA 正在我們的近期管道中 - 所以在接下來的幾個季度 - 我們將努力嘗試將其上線。我們在上個季度完成了兩個項目，還有幾個項目有待第四季完成。因此，我認為既然我們已經獲得了這一稱號，您將會開始看到我們在 VA 內報告更多的關閉情況。

So it could be you're closing several or maybe even half a dozen a quarter as we look out a couple of few quarters.

因此，當我們展望幾個季度時，您可能每個季度都會關閉幾個甚至六個。

I think that's reasonable. As we look out into 2023 for each rep, if you break it down across the country, they've got a handful each, if not more, right? So to bring those home, I think, seems very realistic.

我認為這是合理的。當我們展望 2023 年每個代表的情況時，如果你在全國範圍內進行細分，你會發現他們每個人都有少數，甚至更多，對嗎？因此，我認為將這些帶回家似乎非常現實。

Okay. Great. Well, thanks for the color, gentlemen. I'll leave it at that.

好的。偉大的。嗯，謝謝你的顏色，先生們。我就這樣吧。

Thanks, Ben. Appreciate it.

謝謝，本。欣賞它。

(Operator Instructions) Yi Chen; H.C. Wainwright.

(操作員指示) Yi Chen; H.C.溫賴特。

Hi. Congrats on all the progress. This is Chait on behalf of Yi Chen. I just have two quick questions, and a few others have been answered.

你好。祝賀所有的進展。我是 Chait，代表陳亦。我只有兩個簡單的問題，其他一些問題已經得到解答。

The first one being, what are your target numbers of hospital placement by the end of 2022 and the end of 2023, if possible? And is the volume of colonoscopy procedures still below normal levels for most hospitals? And lastly, can we expect more publications either in the next -- in the near term or even 2023? Thank you.

第一個是，如果可能的話，到2022年底和2023年底，您的住院安置目標數量是多少？大多數醫院的大腸鏡檢查量是否仍低於正常水平？最後，我們是否可以期待在接下來的短期內甚至 2023 年會有更多的出版品？謝謝。

Sure. Yeah. Thank you for the questions. Okay. So let me take the first couple, and I'll have Mark expand on some publication work that we're doing. And we just had a few presentations at the most recent GI conference, the ACG Conference. So we'll circle back on that.

當然。是的。謝謝你的提問。好的。因此，讓我來談談第一對，我將讓馬克擴展我們正在做的一些出版工作。我們剛剛在最近的 GI 會議 ACG 會議上做了一些演講。所以我們會回過頭來討論這一點。

But initially, we have not provided publicly a hard-point number in terms of number of sites either this year or in 2023. I would expect that there will come a time where we will do that. The reason we haven't is, as you hear from my commentary today, this process of getting these accounts up and running and getting them to be sticky requires us to be nimble, right?

但最初，我們還沒有公開提供今年或 2023 年網站數量的具體數字。我預計有一天我們會這樣做。我們沒有這樣做的原因是，正如您今天從我的評論中聽到的那樣，建立和運行這些帳戶並使其具有粘性的過程要求我們保持靈活性，對吧？

So we want to see -- I would rather see us go deeper into the 25 hospitals that have Pure-Vu today and drive revenue than repeat disposable revenue each quarter, quarter in and quarter out, while we expand strategically with the resources that we have, right? So if you all recall, we have a still relatively small sales organization. So there's only so many resources, and we have to be very efficient and effective with those.

因此，我們希望看到——我寧願看到我們深入研究目前擁有 Pure-Vu 的 25 家醫院並推動收入，而不是每個季度不斷重複可支配收入，同時利用我們擁有的資源進行戰略擴張， 正確的？所以，如果你們還記得的話，我們的銷售組織仍然相對較小。因此，資源有限，我們必須非常有效率且有效地利用這些資源。

So we're not looking to just chase a number and say we got into 100 accounts. Because over time, that may not be a strong sustainable business if you don't have conviction around the procedure.

因此，我們不只是追求一個數字，並說我們擁有 100 個帳戶。因為隨著時間的推移，如果您對該程式沒有信心，這可能不會成為一項強大的永續業務。

So we'll provide more detail in the future as it relates to hard-point numbers of accounts. But I think as you've seen, we launched this new product in March, and we're now already into 25 accounts. So that can give you a little bit of a sense of run rate.

因此，我們將在將來提供更多與硬點帳戶數量相關的詳細資訊。但我想正如您所看到的，我們在 3 月推出了這款新產品，現在我們已經擁有 25 個帳戶。這樣可以給你一點運行率的感覺。

In terms of hospital procedures, we think that post the COVID period, procedure volumes for colonoscopies certainly feel like they're back to where they were.

就醫院手術而言，我們認為在新冠疫情過後，大腸鏡檢查的手術量肯定會回到原來的水平。

I think the impact that we're seeing mostly on our business is, given the current economy and all of the other macro pressures of this market, capital funds continue to be under pressure as noted in some of the delays that we've seen. And some hospitals are still dealing with staff shortages, as you probably heard from other companies that have reported, right? So that just puts a bit of elongation on the sales cycle at times in certain areas.

我認為，我們看到的對我們業務的影響主要是，考慮到當前的經濟和該市場的所有其他宏觀壓力，資本基金繼續面臨壓力，正如我們所看到的一些延誤所指出的那樣。一些醫院仍然面臨人員短缺的問題，正如您可能從其他公司聽說過的那樣，對吧？因此，這有時會延長某些地區的銷售週期。

So I would say that's our view of the current market dynamics right now. And then let me kick it over to Mark, if you could just talk a little bit about abstracts and clinicals.

所以我想說，這就是我們對當前市場動態的看法。然後讓我把它交給馬克，如果你能談談摘要和臨床。

Sure. A few things on abstracts and publications and just clinical data in general. As Tim mentioned, we actually had three abstracts presented at the ACG meeting back in October, which was nice development. That was the most we've ever had at any one meeting in the history of the company.

當然。關於摘要和出版物以及一般臨床數據的一些內容。正如 Tim 所提到的，我們實際上在 10 月的 ACG 會議上提交了三份摘要，這是一個很好的進展。這是公司史上我們召開的會議最多的一次。

And one of the nice things we're seeing, too, and also being approached by is investigators doing their own research and publishing their own data around Pure-Vu. So we're seeing some independent studies around that, which is really nice to see because that shows their conviction around the technology.

我們也看到並接觸到的一件好事是研究人員圍繞 Pure-Vu 進行自己的研究並發布自己的數據。所以我們看到了一些圍繞這個問題的獨立研究，這真的很高興看到，因為這表明了他們對這項技術的信念。

And also looking at with folks -- besides the big clinical trial that we talked about for pushing reimbursement, but also working with several folks on investigator-initiated-type studies where we help support their research, as they see things moving forward.

我們也與人們一起研究——除了我們談到的推動報銷的大型臨床試驗之外，還與一些人合作進行研究者發起的類型研究，我們幫助支持他們的研究，因為他們看到了事情的進展。

So we think that will continue to generate abstracts, and some of these things will turn into full manuscripts into next year and beyond.

因此，我們認為將繼續產生摘要，其中一些內容將在明年及以後變成完整的手稿。

Thank you so much.

太感謝了。

Hey, thanks, Mark.

嘿，謝謝，馬克。

Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. And I'd like to turn the call back over to Tim Moran, CEO, for closing remarks. Over to you, sir.

謝謝。女士們、先生們，問答環節已經結束。我想將電話轉回給執行長 Tim Moran，讓其致閉幕詞。交給你了，先生。

Yeah. Thank you very much, operator. And I just want to thank everyone for joining our call today. As I noted earlier, we're pleased with the progress that we're making.

是的。非常感謝您，接線生。我只想感謝大家今天加入我們的電話會議。正如我之前指出的，我們對所取得的進展感到滿意。

The commercial team continues to drive incremental quarterly growth. We have some significant catalysts upcoming that we talked about today during the call, both around the product development opportunity, innovation for upper GI as a new indication, as well as the investments that we're making around additional clinical data to validate the Pure-Vu system and ultimately, work towards reimbursement.

商業團隊繼續推動季度增量成長。我們今天在電話會議上談到了一些即將到來的重要催化劑，包括產品開發機會、上消化道創新作為新適應症，以及我們圍繞其他臨床數據的投資，以驗證 Pure- Vu 系統並最終致力於報銷。

So I appreciate your time and attention. We'll look forward to providing another update at the end of this quarter. So thanks for joining.

所以我感謝您的時間和關注。我們期待在本季末提供另一次更新。感謝您的加入。

Thank you. Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。女士們、先生們，今天的會議到此結束。此時您可以斷開線路。感謝您的參與。