Nano-X Imaging Ltd (NNOX) 2023 Q1 法說會逐字稿

Good day, and welcome to the Nano-X Q1 2023 Earnings Call. (Operator Instructions) As a reminder, this call may be recorded.

美好的一天，歡迎來到 Nano-X 2023 年第一季度財報電話會議。 （操作員說明）提醒一下，此通話可能會被錄音。

I would now like to turn the call over to Mike Cavanaugh, Investor Relations. You may begin.

我現在想把電話轉給投資者關係部的 Mike Cavanaugh。你可以開始了。

Good afternoon, and thank you for joining us today. Earlier today, Nano-X Imaging Ltd. released financial results for the quarter ended March 31, 2023. The release is currently available on the Investors section of the company's website. Erez Meltzer, Chief Executive Officer; and Ran Daniel, Chief Financial Officer, will host this morning's call.

下午好，感謝您今天加入我們。今天早些時候，Nano-X Imaging Ltd. 發布了截至 2023 年 3 月 31 日的季度財務業績。該發布目前可在公司網站的投資者部分獲取。首席執行官 Erez Meltzer；首席財務官 Ran Daniel 將主持今天上午的電話會議。

Before we get started, I would like to remind everyone that management will be making statements during this call that include forward-looking statements regarding the company's financial results, research and development, manufacturing and commercialization activities, regulatory process operations and other matters. These statements are subject to risks, uncertainties and assumptions that are based on management's current expectations as of today and may not be updated in the future. Therefore these statements should not be relied upon as representing the company's views as of any subsequent date. Factors that may cause such a difference include, but are not limited to, those described in the company's filings with the Securities and Exchange Commission.

在我們開始之前，我想提醒大家，管理層將在本次電話會議期間發表聲明，其中包括有關公司財務業績、研發、製造和商業化活動、監管流程運作和其他事項的前瞻性聲明。這些陳述受風險、不確定性和假設的影響，這些風險、不確定性和假設基於管理層截至今天的當前預期，未來可能不會更新。因此，這些陳述不應被視為代表公司在任何後續日期的觀點。可能導致這種差異的因素包括但不限於公司向美國證券交易委員會提交的文件中所述的因素。

We will also refer to certain non-GAAP financial measures to provide additional information to investors. A reconciliation of the non-GAAP financial measures to the nearest GAAP financial measure is provided in our press release.

我們還將參考某些非 GAAP 財務措施，以向投資者提供更多信息。我們的新聞稿中提供了非 GAAP 財務指標與最接近的 GAAP 財務指標的對賬。

The non-GAAP financial measures include non-GAAP net loss attributable to ordinary shares, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, and non-GAAP gross loss per share.

非 GAAP 財務指標包括非 GAAP 歸屬於普通股的淨虧損、非 GAAP 收入成本、非 GAAP 毛利、非 GAAP 毛利率、非 GAAP 研發費用、非 GAAP 銷售額和營銷費用、非 GAAP 一般和管理費用以及非 GAAP 每股毛損。

With that, I'd now like to turn the call over to Erez Meltzer.

有了這個，我現在想把電話轉給 Erez Meltzer。

Thank you, Mike. And thank you all for joining the call today. I will provide an overview of our recent operational accomplishments before handing the call over to Ran to review our financial results and then we will close, as usual, with a question-and-answer session.

謝謝你，邁克。感謝大家今天加入電話會議。在將電話交給 Ran 審查我們的財務結果之前，我將概述我們最近的運營成就，然後我們將像往常一樣以問答環節結束。

With that, I'll get right into it, and I'll start with the news that I'm sure is at the top of everyone's mind, which is the recent FDA clearance for Nanox.ARC system. As a reminder, on April 28, 2023, we received a 510(k) clearance from the FDA to market the Nanox.ARC, including the Nanox.CLOUD, it's a company's cloud-based infrastructure. The approved device is intended to be used in professional health care facilities or radiological environments such as hospitals, clinics, imaging center and other medical practices by trained radiographers, radiologists and physicians. Representing a major advancement in the X-ray tube technology, the Nanox.ARC is a multi-source 3D tomosynthesis system that utilizes novel, cold cathode X-ray tubes, which the company intends to offer using an innovative pay-per-scan business model.

有了這個，我將開始討論，我將從我確信每個人都最關心的新聞開始，這是最近 FDA 對 Nanox.ARC 系統的批准。提醒一下，2023 年 4 月 28 日，我們收到了 FDA 的 510(k) 批准，可以銷售 Nanox.ARC，包括 Nanox.CLOUD，這是一家公司的基於雲的基礎設施。經批准的設備旨在由受過培訓的放射技師、放射科醫師和醫生在專業醫療保健設施或放射環境中使用，例如醫院、診所、成像中心和其他醫療實踐。 Nanox.ARC 代表了 X 射線管技術的重大進步，是一種多源 3D 斷層合成系統，它利用新型冷陰極 X 射線管，該公司打算通過創新的按次掃描付費業務提供該系統模型。

We believe that the Nanox.ARC has the potential to increase availability to medical imaging globally once approved by local regulatory authorities and deployed at scale. We intend to deploy the version of the Nanox.ARC that was cleared by the FDA, which has the power level necessary to scan the MSK system. We believe the FDA clearance will assist in our efforts to gain regulatory clearance in certain other jurisdictions, including in other countries that are FDA clearance-based market.

我們相信，一旦獲得當地監管機構的批准並大規模部署，Nanox.ARC 就有可能在全球範圍內提高醫學成像的可用性。我們打算部署 FDA 批准的 Nanox.ARC 版本，它具有掃描 MSK 系統所需的功率級別。我們相信 FDA 的批准將有助於我們在某些其他司法管轄區獲得監管許可，包括在其他基於 FDA 批准的市場的國家。

Following this clearance, Nano-X will continue to work with the FDA to pursue additional regulatory clearances and intend to expand clinical indications. Other applications may be available in other markets per local regulatory approvals. With FDA clearance secured, we are in the process of setting up a U.S. demo center located in Fort Lauderdale, Florida, which will be used for commercial purposes. We are currently working to secure an import license and expect to ship the Nanox.ARC units later this quarter. Additionally, we continue pursuing the European Union CE mark and continue our work with our notified body, BSI, to whom we've already submitted the contract package.

在此許可之後，Nano-X 將繼續與 FDA 合作，尋求更多的監管許可，並打算擴大臨床適應症。根據當地監管機構的批准，其他應用程序可能在其他市場上可用。在獲得 FDA 批准後，我們正在建立一個位於佛羅里達州勞德代爾堡的美國演示中心，該中心將用於商業目的。我們目前正在努力獲得進口許可證，並預計將在本季度晚些時候發貨 Nanox.ARC 裝置。此外，我們繼續追求歐盟 CE 標誌，並繼續與我們的公告機構 BSI 合作，我們已經向其提交了合同包。

While it is gratifying to see the commercial and regulatory process of recent months, at the same time, we are collecting additional data supporting the use of the Nanox.ARC system. Under the Helsinki permits, which we have previously disclosed, we started to collect clinical sample images of multiple human body anatomies with Nanox.ARC system that was deployed in the Shamir Hospital in Israel. Additionally, we recently passed independent evaluation of the device by the Israeli Ministry of Health, which facilitates further clinical trials in Israel, utilizing the Nanox.ARC. We are planning to conduct a clinical trial in Israel to evaluate the diagnostic potential of the Nanox.ARC for chest and lung diseases on patients with these pathologists. The trial is expected to be executed in collaboration with a local hospital in Israel and is expected to begin in the second half of 2023.

雖然很高興看到最近幾個月的商業和監管過程，但與此同時，我們正在收集支持使用 Nanox.ARC 系統的額外數據。根據我們之前披露的赫爾辛基許可，我們開始使用部署在以色列沙米爾醫院的 Nanox.ARC 系統收集多個人體解剖結構的臨床樣本圖像。此外，我們最近通過了以色列衛生部對該設備的獨立評估，這有助於利用 Nanox.ARC 在以色列進行進一步的臨床試驗。我們計劃在以色列開展一項臨床試驗，以評估 Nanox.ARC 對這些病理學家對患者胸肺疾病的診斷潛力。該試驗預計將與以色列當地一家醫院合作執行，預計將於 2023 年下半年開始。

Turning to commercial deployment activities. Nano-X has entered into a 3-year distribution agreement with a local partner in Morocco, Vital Tech SARL. Under the distribution agreement, Vital Tech will purchase, deploy and operate an estimated 270 Nanox.ARC unit over 3 years for clinical use. The execution is subject to acceptances of the first unit and regulatory clearances. We have already received an import license. We have spent the first unit and our deployment team is on the ground as we speak. Morocco is enhancing our footprint in Africa in addition to work we are doing to deploy in Nigeria and Ghana, which we have discussed on previous calls.

轉向商業部署活動。 Nano-X 已與摩洛哥當地合作夥伴 Vital Tech SARL 簽訂了為期 3 年的分銷協議。根據分銷協議，Vital Tech 將在 3 年內購買、部署和運營約 270 個 Nanox.ARC 裝置用於臨床。執行取決於第一個單元的驗收和監管許可。我們已經收到了進口許可證。我們已經用完了第一個單元，我們的部署團隊在我們說話的時候就在現場。除了我們在尼日利亞和加納部署的工作外，摩洛哥還在加強我們在非洲的足跡，我們在之前的電話會議上已經討論過這些問題。

I will now take a few minutes to introduce and discuss a new commercial partnership, which extends the reach of Nanox.AI. During this quarter, we entered the global partnership with Blackford Analysis to market our Nanox.ARC product. Blackford Analysis is a global imaging AI solution provider and this partnership is intended to broaden the reach of Nanox.AI cardiac and bone solutions by presenting the Nanox.AI algorithms on Blackford's platform, which offers a wide portfolio of imaging AI software and services.

我現在將花幾分鐘時間介紹和討論一種新的商業合作夥伴關係，它擴大了 Nanox.AI 的影響範圍。在本季度，我們與 Blackford Analysis 建立了全球合作夥伴關係，以營銷我們的 Nanox.ARC 產品。 Blackford Analysis 是一家全球成像 AI 解決方案提供商，此次合作旨在通過在 Blackford 平台上展示 Nanox.AI 算法來擴大 Nanox.AI 心臟和骨骼解決方案的範圍，該平台提供廣泛的成像 AI 軟件和服務組合。

We believe partnering with Blackford is an important step in expanding the reach of Nanox.AI, HealthOST, and HealthCCSng solutions into radiology department globally, including the U.S. and Europe. Nanox.AI solution will also benefit downstream physicians in cardiology and endocrinology by enhancing their abilities and help detect subclinical levels of osteoporosis and cardiac disease. Moreover, we have already completed the installation of our application in 4 out of 5 NHS clinical institutions in the U.K. and our system has been installed in 10 clinical institutions in the U.S. for the purpose of initial clinical pilots.

我們相信與 Blackford 的合作是將 Nanox.AI、HealthOST 和 HealthCCSng 解決方案的範圍擴大到全球放射部門（包括美國和歐洲）的重要一步。 Nanox.AI 解決方案還將通過增強他們的能力並幫助檢測骨質疏鬆症和心髒病的亞臨床水平，使心髒病學和內分泌學的下游醫生受益。此外，我們已經在英國 5 個 NHS 臨床機構中的 4 個完成了應用程序的安裝，我們的系統已在美國的 10 個臨床機構中安裝，用於初步臨床試驗。

Turning to technology and manufacturing. And as previously mentioned in our previous earnings calls, since the beginning of this year, we have been improving our production line capabilities and establishing an operational assembly line to enable the expected ramp-up in the production and preparation for the shipments of the Nanox.ARC system later this year. With deployment as a key focus, I am pleased to report that the production line of Dagesh is now fully operational.

轉向技術和製造。正如我們之前在之前的財報電話會議中提到的那樣，自今年年初以來，我們一直在提高我們的生產線能力並建立一條可操作的裝配線，以實現預期的生產增長和 Nanox 出貨的準備工作。 ARC 系統將於今年晚些時候推出。以部署為重點，我很高興地向大家報告，Dagesh 的生產線現已全面投入運營。

Furthermore, I'm happy to share that Nano-X Korea received the ISO 13485 certificate on April 5, 2023. The scope of this certificate obtained by Nano-X Korea covers design, development, manufacturing, and sales of X-ray fuel for medical use.

此外，我很高興地告訴大家，Nano-X Korea 於 2023 年 4 月 5 日獲得了 ISO 13485 證書。Nano-X Korea 獲得的證書範圍涵蓋 X 射線燃料的設計、開發、製造和銷售，用於醫療用途。

Before turning the call over to Ran, I'd like to touch on the Nanox.AI and teleradiology business segment, which continued to generate revenue. This business has generated top line revenues of $2.4 million compared to $2.1 million of revenue in Q4 2022, almost a quarter-to-quarter increase of 15%.

在將電話轉給 Ran 之前，我想談談 Nanox.AI 和遠程放射學業務部門，該部門繼續產生收入。該業務的收入為 240 萬美元，而 2022 年第四季度的收入為 210 萬美元，環比增長近 15%。

Ran will review the financials in more detail. But as I've stated before, these businesses are attracting customers, thereby demonstrating the utility of these services to health care systems and we are confident they will add significant value to the fully integrated Nanox.ARC system upon deployment.

冉將更詳細地審查財務狀況。但正如我之前所說，這些業務正在吸引客戶，從而證明了這些服務對醫療保健系統的實用性，我們相信它們將在部署後為完全集成的 Nanox.ARC 系統增加重要價值。

Our work is not done but we are now at an inflection point in our company's history and are now looking ahead to deploying the Nanox.ARC at a large scale globally. With that, I'd like to turn the call over to Ran Daniel, Chief Financial Officer, to review our financial results.

我們的工作尚未完成，但我們現在正處於公司歷史的轉折點，現在正期待在全球範圍內大規模部署 Nanox.ARC。有了這個，我想把電話轉給首席財務官 Ran Daniel，以審查我們的財務業績。

Thank you, Erez. We reported a GAAP net loss for the first quarter of 2023 of $11.8 million compared with a net loss of $21.7 million in the first quarter of 2022, which decrease was largely due to the decrease in earnout liabilities in the amount of $5.0 million and the decrease in our general and administrative expenses in the amount of $3.5 million.

謝謝你，埃雷茲。我們報告 2023 年第一季度的 GAAP 淨虧損為 1180 萬美元，而 2022 年第一季度為淨虧損 2170 萬美元，減少的主要原因是 500 萬美元的盈利負債減少以及減少我們的一般和行政費用為 350 萬美元。

Our non-GAAP net loss for the first quarter of 2023 was $10.5 million compared to a non-GAAP net loss of $11.6 million for the same period in 2022.

我們 2023 年第一季度的非 GAAP 淨虧損為 1050 萬美元，而 2022 年同期的非 GAAP 淨虧損為 1160 萬美元。

Revenue for the first quarter of 2023 were $2.4 million and gross loss was $1.5 million on a GAAP basis. Revenue from teleradiology services for the same period was $2.4 million with a gross profit of $0.5 million on a GAAP basis and a gross profit of $1.1 million on a non-GAAP basis, which represents a gross profit margin of approximately 21% on a GAAP basis and 44% on a non-GAAP basis. The increase in the company's revenue and gross profit margin in the first quarter of 2023 is mainly due to the increase in the amount of the radiologic interpretation or -- and reads and our rates for teleradiology services during the 3 months ended March 31, 2023, as compared to the comparable period.

根據 GAAP，2023 年第一季度的收入為 240 萬美元，毛虧損為 150 萬美元。同期遠程放射服務收入為 240 萬美元，按 GAAP 計算毛利潤為 50 萬美元，按非 GAAP 計算毛利潤為 110 萬美元，按 GAAP 計算毛利率約為 21%和 44%（按非 GAAP 計算）。公司 2023 年第一季度收入和毛利率的增加主要是由於截至 2023 年 3 月 31 日的三個月內放射學解釋或閱讀和我們的遠程放射學服務費率的增加，與可比期間相比。

Research and development expenses for the first quarter of 2023 were $6.3 million as compared to $6.8 million for the comparable period in 2022. The decrease of $0.5 million was mainly due to the decrease in the company's cost of labor in the amount of $0.5 million and a decrease in share-based compensation in the amount of $0.8 million, which was mitigated by an increase of $0.2 million in development expenses.

2023 年第一季度的研發費用為 630 萬美元，而 2022 年同期為 680 萬美元。減少 50 萬美元的主要原因是公司勞動力成本減少 50 萬美元和基於股份的薪酬減少 80 萬美元，這被開發費用增加 20 萬美元所抵消。

General and administrative expenses for the first quarter of 2023 were $7.8 million as compared to $11.3 million for the comparable period in 2022. The decrease was largely due to the decrease in the company's cost of labor in the amount of $0.8 million, a decrease in share-based compensation in the amount of $4.5 million, a decrease in the company's director's and officer's liability insurance premium of $0.3 million, which was offset in part by an increase in professional services in the amount of $0.5 million, and increase in the company's legal fees in the amount of $1.4 million due to an increase in the company's legal fees in connection with the SEC investigation and class-action litigation as described in the company's Form 6-K filed on May 22, 2023.

2023 年第一季度的一般和行政費用為 780 萬美元，而 2022 年同期為 1130 萬美元。減少的主要原因是公司勞動力成本減少 80 萬美元，份額減少- 基於薪酬的 450 萬美元，公司董事和高管責任保險費減少 30 萬美元，部分被專業服務增加 50 萬美元以及公司法律費用增加所抵消由於公司在 2023 年 5 月 22 日提交的 6-K 表格中所述的與 SEC 調查和集體訴訟有關的法律費用增加，因此增加了 140 萬美元。

During the fourth quarter of 2022, we had accrued $8 million future settlement expenses in connection with the 2 pending class-action lawsuits against the company. On April 28, 2023, we signed a term sheet with the lead plaintiff in both actions to settle all claims in both actions in consideration for $8 million. The settlement is subject to finalization of a formal settlement agreement and court approval of the settlement.

在 2022 年第四季度，我們就針對該公司的 2 起未決集體訴訟累積了 800 萬美元的未來和解費用。 2023 年 4 月 28 日，我們與這兩項訴訟的主要原告簽署了一份條款清單，以 800 萬美元的代價解決這兩項訴訟中的所有索賠。和解取決於正式和解協議的最終確定和和解的法院批准。

Change in contingent earnout liabilities was minus $4.7 million in 3 months ended March 31, 2023, as compared to $0.4 million in the comparable period in 2022. Due to the decrease in the company's contingent earnout liability as a result of the amendment of the stock purchase agreement that we entered into with the former shareholders of USARAD on April 28, 2023. Under this amendment, the company should pay an aggregated amount of approximately $0.3 million in cash and 45,392 ordinary shares to the former stockholders of USARAD in consideration for the achievement of certain milestones in connection with the first earnout period as defined in the USARAD stock purchase agreement.

截至 2023 年 3 月 31 日止的 3 個月，或有收益負債的變化為負 470 萬美元，而 2022 年同期為 40 萬美元。由於股票購買的修正導致公司的或有收益負債減少我們於 2023 年 4 月 28 日與 USARAD 前股東簽訂的協議。根據該修正案，公司應向 USARAD 前股東支付總計約 30 萬美元現金和 45,392 股普通股，以實現與 USARAD 股票購買協議中定義的第一個盈利期相關的某些里程碑。

In addition, the company and the former shareholders of USARAD agreed that the company shall pay an aggregate of $0.5 million in cash and 210,000 ordinary shares to the former stockholders of USARAD as consideration for the remainder of the milestones and applicable earnout under the USARAD stock purchase agreement.

此外，公司和 USARAD 前股東同意，公司應向 USARAD 前股東支付總計 50 萬美元現金和 210,000 股普通股，作為 USARAD 股票購買項下剩餘里程碑和適用收益的對價協議。

Turning to our balance sheet. As of March 31, 2023, we had cash, cash equivalents and marketable securities of approximately $91.0 million and a $3.5 million loan from bank. We ended the quarter with a property and equipment with a net of $45.1 million.

轉向我們的資產負債表。截至 2023 年 3 月 31 日，我們擁有約 9100 萬美元的現金、現金等價物和有價證券以及 350 萬美元的銀行貸款。本季度末，我們的財產和設備淨值為 4510 萬美元。

As of March 31, 2023, we had approximately 55.2 million shares outstanding as compared to 52.1 million shares outstanding as of December 31, 2022. On April 28, 2023, we issued approximately 255,000 ordinary shares to the former stockholders of USARAD under the amendment to the USARAD stock purchase agreement previously discussed.

截至 2023 年 3 月 31 日，我們擁有約 5520 萬股已發行股票，而截至 2022 年 12 月 31 日，我們擁有 5210 萬股已發行股票。2023 年 4 月 28 日，我們根據修正案向 USARAD 前股東發行了約 255,000 股普通股之前討論過的 USARAD 股票購買協議。

With that, I'll hand the call back over to Erez.

有了這個，我會把電話轉回埃雷茲。

Thank you, operator. And thank you all once again for your support of Nano-X. I've been the CEO of Nano-X for over a year now and has been looking forward to sharing the welcome news of FDA clearance. The U.S. regulatory clearance also paves the way for Nanox.ARC to be approved in other countries that are FDA clearance-based markets. Other applications will be available in other markets per local regulatory approvals.

謝謝你，運營商。再次感謝大家對 Nano-X 的支持。我擔任 Nano-X 的首席執行官已經一年多了，一直期待著分享 FDA 批准的好消息。美國的監管許可也為 Nanox.ARC 在其他基於 FDA 許可的市場獲得批准鋪平了道路。根據當地監管機構的批准，其他應用程序將在其他市場上市。

We will continue to push ahead on multiple fronts: commercialization and deployment across multiple geographies continue to strengthen our manufacturing capabilities and the supply chains and continue to generating and collecting imaging data that supports the use of Nanox.ARC across multiple pathologies and users. I look forward to our next update call in August when we will discuss our Q2 results. In the meantime, and if you want to connect with us, please contact our Investor Relations partner at ICR Westwicke. Have a good day.

我們將繼續在多個方面推進：跨多個地區的商業化和部署繼續加強我們的製造能力和供應鏈，並繼續生成和收集支持 Nanox.ARC 在多種病理和用戶中使用的成像數據。我期待著 8 月份的下一次更新電話會議，屆時我們將討論我們的第二季度業績。同時，如果您想與我們聯繫，請聯繫我們在 ICR Westwicke 的投資者關係合作夥伴。祝你有美好的一天。

(Operator Instructions) Our first question comes from Jeffrey Cohen with Ladenburg Dolman.

（操作員說明）我們的第一個問題來自 Jeffrey Cohen 和 Ladenburg Dolman。

So congratulations, again, on the clearance, very exciting. Can you please walk us through and talk about a little bit as far as the backbone of production and where that's existing now? And you mentioned fully operational and then talk about the other components and subcomponents and tube manufacturing [tied] into the facility in Korea as well.

所以，再次祝賀你獲得許可，非常令人興奮。您能否帶我們了解一下生產的骨幹以及現在存在的基礎？你提到了全面運營，然後談到了韓國工廠的其他組件和子組件以及管材製造 [tied]。

Okay. Thank you, Jeff. First of all, indeed, we are very excited about the FDA clearance and the work that is ahead of us. We've indicated in the -- what we talked actually in the last 15 minutes. First -- and in the press release that we did that, a, we continue to manufacture the chips in Korea. Same goes with the tubes that currently we are manufacturing in Korea. We've indicated that in the future, we have planned to have more than 1 or 2 sources for each one of the components, so including the tubes, this will come in the future.

好的。謝謝你，傑夫。首先，事實上，我們對 FDA 的批准和我們面前的工作感到非常興奮。我們已經指出——我們在過去 15 分鐘內實際討論的內容。首先 - 在我們這樣做的新聞稿中，a，我們繼續在韓國製造芯片。目前我們在韓國製造的管子也是如此。我們已經表示，在未來，我們計劃為每個組件提供超過 1 或 2 個來源，因此包括電子管在內，這將在未來實現。

In addition, in terms of the assembly, we've actually opened the facility at Dagesh in Israel, where we're going to manufacture all the systems that we're going to assemble this year and shift to the various locations that will be part of the deployment. So this means -- this is what we mean by fully operational.

此外，在組裝方面，我們實際上已經在以色列的 Dagesh 開設了工廠，我們將在那裡製造我們今年要組裝的所有系統，並轉移到將成為零件的各個地點的部署。所以這意味著——這就是我們所說的全面運作的意思。

In the future, we have already mentioned that we will consider and also explore opportunities to assemble in other countries when we go to the mass production other than Israel specifically as we do right now.

未來，我們已經提到，我們將考慮並探索在我們在以色列以外的大規模生產時在其他國家組裝的機會，就像我們現在所做的那樣。

Our next question comes from Ross Osborn with Cantor Fitzgerald.

我們的下一個問題來自 Ross Osborn 和 Cantor Fitzgerald。

Congrats on the progress. So maybe starting off, could you just provide an update out of Ghana and Nigeria, where does the company stand and beginning to generate scans there and also related revenue?

祝賀進步。所以也許從一開始，你能不能提供加納和尼日利亞的最新情況，公司在哪裡並開始在那裡產生掃描以及相關收入？

Okay. So right now, it's -- we've just started. So the revenues are expected later this year. In terms of the deployment that -- across those that you mentioned, we are working country by country with the local regulation starting with the import license and the local regulation in those countries that are FDA-based clearance and are not FDA-based clearance and have their local regulation. We have indicated that we are focusing on Africa and we are exploring and expanding the business in Africa. In Ghana, the system is already there, installed, operating. In Nigeria, the system is there. We'll be operating shortly when we get all the permits and certificates to operate it.

好的。所以現在，它 - 我們才剛剛開始。因此，預計收入將在今年晚些時候出現。就部署而言——在你提到的那些方面，我們正在逐個國家開展工作，從進口許可證開始製定地方法規，並在那些基於 FDA 的許可和不基於 FDA 的許可的國家/地區實施當地法規，以及有他們當地的法規。我們已經表明我們正在關注非洲，我們正在探索和拓展在非洲的業務。在加納，該系統已經安裝、運行。在尼日利亞，系統就在那裡。當我們獲得所有運營許可證和證書後，我們將很快開始運營。

We have also indicated today that we signed another big agreement or a meaningful agreement in Morocco. The system is already at the hospital as we speak, and we have a team on the ground, which are going to operate it, and it will start to generate, of course, images. This is with respect to Morocco. In terms of the others, right now, we're going one by one of the agreements that we have in order to ensure that we'll have a test and road map for the deployment.

我們今天還表示，我們在摩洛哥簽署了另一項重大協議或一項有意義的協議。就在我們說話的時候，該系統已經在醫院了，我們在當地有一個團隊將對其進行操作，當然，它會開始生成圖像。這是關於摩洛哥的。就其他方面而言，現在，我們將逐一執行我們擁有的協議，以確保我們將擁有部署的測試和路線圖。

At the same time, we have indicated today something very important that originally, we thought that U.S. will be only next year. We really understand right now that we have to find a way and do our best in order to accelerate the process of the deployment and the go-to-market in the U.S., and it's going to be this year. And we have already indicated that the first -- the demo center that we talked about in the script, in the PR, and also the machine that will be sent this quarter. We will start and [communicate] the process.

同時，我們今天指出了一些非常重要的事情，原來我們認為美國祇會在明年出現。我們現在真的明白，我們必須找到一種方法並儘我們最大的努力來加快在美國的部署和上市進程，這將是今年。我們已經指出了第一個——我們在腳本、PR 中談到的演示中心，以及本季度將發送的機器。我們將啟動並[傳達]流程。

Maybe a follow-up on your Morocco contract. You mentioned being -- you are deploying 270 units over 3 years. If you're able to receive the required license, let's say, tomorrow and begin deployment, based upon your current manufacturing capabilities, would you be able to meet the 3-year window?

也許跟進你的摩洛哥合同。你提到過——你將在 3 年內部署 270 個單位。如果您能夠獲得所需的許可證，比方說，明天並開始部署，根據您當前的製造能力，您是否能夠滿足 3 年的窗口期？

The answer is, there is no reason why not.

答案是，沒有理由不這樣做。

Okay. That's great to hear. And then maybe one more, if I may. Just on the U.S. commercialization. Is the plan to deploy systems in the U.S. also on a pay-per-scan model rather than a capital sale? And then if so, should we think our price around $14 so much to your global average?

好的。聽到這個消息我很高興。如果可以的話，也許還有一個。就在美國商業化。在美國部署系統的計劃是否也是按掃描付費模式而不是資本出售？那麼如果是這樣，我們是否應該認為我們的價格在 14 美元左右比你們的全球平均水平高很多？

The short answer is -- without going into the details, the short answer is that basically, yes, but I think it's too early to say. Once we start deployment, we'll see the various models that can be explored, the various type of units or clinics or hospitals that we'll hear. Right now, from what we hear for the market, the answer is yes. We may explore and then decide something else, but this is too early to say.

簡短的回答是——不深入細節，簡短的回答基本上是，是的，但我認為現在說還為時過早。一旦我們開始部署，我們將看到可以探索的各種模型，我們將聽到的各種類型的單位或診所或醫院。現在，從我們聽到的市場消息來看，答案是肯定的。我們可能會探索然後決定其他事情，但現在說還為時過早。

But I will say, once again, in general, the answer is yes. Not necessarily the $14 that was mentioned but might be that it will be different or higher. But right now, that's the plan.

但我要再說一遍，總的來說，答案是肯定的。不一定是提到的 14 美元，但可能會有所不同或更高。但現在，這就是計劃。

Congrats, again, on the progress.

再次祝賀你取得的進步。

Thank you. That is all the time we have for questions. Thank you for your participation in today's conference. You may now disconnect. Everyone, have a great day.

謝謝。這就是我們提問的全部時間。感謝您參加今天的會議。您現在可以斷開連接。大家，祝你有美好的一天。