Nano-X Imaging Ltd (NNOX) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Nano-X fourth-quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Nano-X 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Mike Cavanaugh, Investor Relations. Please go ahead.

現在，我想將會議移交給投資者關係部門 Mike Cavanaugh。請繼續。

Good morning and thank you for joining us today. Earlier today, Nano-X Imaging Limited released financial results for the quarter ended December 31, 2024. The release is currently available on the investors section of the company's website.

早安，感謝您今天加入我們。今天早些時候，Nano-X Imaging Limited 發布了截至 2024 年 12 月 31 日的季度財務業績。新聞稿目前可在該公司網站的投資者專區查閱。

With me today are Erez Meltzer, Chief Executive Officer and Acting Chairman; and Ran Daniel, Chief Financial Officer.

今天與我一起的還有執行長兼代理董事長 Erez Meltzer；以及財務長 Ran Daniel。

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 and clinical activities and other matters.

在我們開始之前，我想提醒大家，管理層將在本次電話會議中發表聲明，包括有關公司財務業績、研發、製造和商業化活動、監管流程和臨床活動以及其他事項的前瞻性聲明。

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.

這些聲明受到風險、不確定性和假設的影響，這些風險、不確定性和假設是基於管理層當前的預期，並且可能不會在未來更新。因此，這些聲明不應被視為代表公司後續日期的觀點。

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. We will also refer to certain non-GAAP financial measures to provide additional information to investors.

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。我們也會參考某些非公認會計準則財務指標來向投資者提供更多資訊。

A reconciliation of the non-GAAP to GAAP measures is provided with our press release with the primary differences being 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.

我們在新聞稿中提供了非 GAAP 與 GAAP 指標的對帳表，主要差異在於非 GAAP 普通股淨虧損、非 GAAP 營業成本、非 GAAP 毛利、非 GAAP 毛利率、非 GAAP 研發費用、非 GAAP 銷售和行銷費用、非 GAAP 一般及管理費用和非 GAAP 每股毛虧損。

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

說完這些，我現在想將電話轉給 Erez Meltzer。

Thank you, Mike. Thank you for joining us today for our financial result call. As always, we appreciate your continued support of Nano. During our call today, I will use my prepared remarks to provide selected operational updated covering the time since our last update call in November, then run will review our financials, and we will close the call with a quick question-and-answer session.

謝謝你，麥克。感謝您今天參加我們的財務業績電話會議。一如既往，我們感謝您對 Nano 的持續支持。在今天的電話會議中，我將利用我準備好的發言來提供精選的營運更新，涵蓋自 11 月上次更新電話會議以來的時間，然後審查我們的財務狀況，最後我們將以簡短的問答環節結束電話會議。

Since our last call, the Nano-X team achieved two notable regulatory successes. The first being the general use clearance from the FDA in December. Subsequent to the FDA clearance, we were informed that the CE mark designation was granted for Nanox.ARC in February 2025.

自上次通話以來，Nano-X 團隊取得了兩項顯著的監管成功。第一個是去年 12 月獲得 FDA 頒發的通用許可。在獲得 FDA 批准後，我們獲悉，Nanox.ARC 已於 2025 年 2 月獲得 CE 標誌認證。

Beyond these notable regulatory achievements, the fourth quarter and the beginning of 2025 has been a period of significant progress and strategic advancement for Nano-X's across our business areas as we continue to revolutionize the field of medical imaging with our innovative technologies.

除了這些顯著的監管成就之外，第四季和 2025 年初是 Nano-X 在各個業務領域取得重大進展和策略進步的時期，我們將繼續利用創新技術徹底改變醫學影像領域。

I will cover a wide range of topics in my prepared remarks. In the key US market, we continue to advance Nanox.ARC system deployment. We received positive feedback on the Nanox.ARC for our first customers, while we also signed agreements with new channel partners and we are negotiating additional ones as we speak. These agreements are expected to accelerate our market presence.

我將在準備好的發言中涉及廣泛的話題。在關鍵的美國市場，我們持續推動Nanox.ARC系統部署。我們的第一批客戶對 Nanox.ARC 給予了正面的回饋，同時我們也與新的通路合作夥伴簽署了協議，目前正在就其他協議進行談判。預計這些協議將加速我們的市場佔有率。

We're also beginning our entry into the European market. Now that we have obtained the mark, and I will talk about that in some detail along with our progress outside of the US market. Our Nano-X.[8 IT] continued to make progress as we added new customers.

我們也開始進入歐洲市場。現在我們已經獲得了該標誌，我將詳細談論這一點以及我們在美國市場以外的進展。隨著新客戶的增加，我們的 Nano-X.[8 IT] 繼續取得進展。

I will wrap up my remarks with an update on our OEM relationship as well as our clinical trials which are designed to build on the body of the data supporting the use of Nanox.ARC technology in the delivery of healthcare across varied settings. With that, let's begin.

最後，我將介紹我們與 OEM 的關係以及臨床試驗的最新進展，這些試驗旨在以數據為基礎，支持使用 Nanox.ARC 技術在不同環境下提供醫療保健服務。那麼，我們就開始吧。

As was previously announced, we achieved a significant regulatory milestone with the FDA general use clearance received last December. The 510 (k) clearance is for general use, including human (inaudible) cell system, pulmonary, intraabdominal, and paranasal sinus indication, adjunctive to conventional radiography, and we believe that we will advance our commercialization as it validate and extend the use cases for our Nanox.ARC.

正如先前宣布的那樣，我們在去年 12 月獲得了 FDA 通用許可，實現了重要的監管里程碑。510（k）許可適用於一般用途，包括人類（聽不清楚）細胞系統、肺部、腹內和鼻旁竇指徵，輔助常規放射線照相，我們相信，隨著它驗證和擴展我們的 Nanox.ARC 的用例，我們將推進我們的商業化。

Advancing our regulatory discussion with the FDA, we have submitted the Nanox.ARC X for FDA clearance, which will further enhance our product portfolio. The Nanox.ARC X will have an even smaller footprint than the existing Nanox.ARC system. Enhancing one of our key differentiations.

隨著我們與 FDA 監管討論的推進，我們已提交 Nanox.ARC X 以獲得 FDA 批准，這將進一步增強我們的產品組合。Nanox.ARC X 的佔地面積比現有的 Nanox.ARC 系統更小。增強我們的一個重要差異化優勢。

The new system will also be easy to deploy and use with an anticipated one day set up time and plug and play functionality. Equally exciting is the announcement made just a few weeks ago that we received the CE mark certification to mark it the multi-source Nanox.ARC system, including Nano-X cloud, it's a company cloud-based infrastructure.

新系統也將易於部署和使用，預計一天即可完成安裝，並具有即插即用功能。同樣令人興奮的是，就在幾週前，我們宣布獲得了 CE 標誌認證，標誌著它是多源 Nanox.ARC 系統，其中包括 Nano-X 雲，這是一個基於雲端的公司基礎設施。

Pursuing the CMR was a key priority to enable to market our device in the EU. With this in mind, we remained highly focused on fulfilling our promise to our investors that we will do everything within control to ensure a successful outcome in this crucial review process. I'm happy to say that we delivered on this and we view it in another errant validation of our unique and possible transformative technology.

獲得 CMR 認證是我們設備在歐盟銷售的首要任務。考慮到這一點，我們仍然高度專注於履行對投資者的承諾，我們將竭盡全力確保這一關鍵的審查過程成功。我很高興地說，我們實現了這一目標，我們認為這是對我們獨特且具有變革潛力的技術的另一個錯誤驗證。

I would also like to emphasize that due to differences in standard of care approaches, the CD market allows us to market the amount of art in Europe as a standalone modality which does not require objective use.

我還想強調的是，由於護理標準方法的差異，CD 市場使我們能夠以獨立的方式行銷歐洲的藝術品，而不需要客觀使用。

Our primary focus remains on accelerating the deployment of the Nanox.ARC and our AI solution in the United States. As I have mentioned on previous calls, we have been carefully extending the US-based commercial team to help ensure that we have the appropriate sales, clinical education, and support infrastructure necessary to drive our deployment in the US.

我們的主要重點仍然是加速在美國部署 Nanox.ARC 和我們的 AI 解決方案。正如我在之前的電話會議中提到的，我們一直在謹慎地擴大美國的商業團隊，以幫助確保我們擁有適當的銷售、臨床教育和支援基礎設施，以推動我們在美國的發展。

An important element of our go to market strategy in the US as it will be another market is to pursue the education of our potential customer base and key opinion leaders in medical imaging. Education and raising awareness are therefore key elements of our marketing efforts as we are expanding our key opinion leaders ecosystem and increasing clinical value evidence.

由於美國將成為另一個市場，因此我們進入美國市場策略的一個重要要素是對我們的潛在客戶群和醫學影像領域的關鍵意見領袖進行教育。因此，在擴大我們的關鍵意見領袖生態系統和增加臨床價值證據的同時，教育和提高意識是我們行銷工作的關鍵要素。

Since its commercial deployment, there are a few dozens of systems in various stages of shipment and deployment for both commercial and clinical use in the US.

自商業部署以來，美國已有數十套系統處於裝運和部署的不同階段，用於商業和臨床用途。

We are deployed across several states. We are focusing on expanding our network of strategic collaboration, channel partners and client base. As of today, I can report that we added another state, Tennessee to our commercial coverage. Of these units deployed, I can share that in one of the multi-specialty clinics, we scan about 10 scans a day, out of which 20% are chest scans.

我們的部署範圍遍佈多個州。我們致力於擴大我們的策略合作、通路合作夥伴和客戶群網絡。截至今天，我可以報告，我們已將另一個州，即田納西州，納入了我們的商業覆蓋範圍。在部署的這些單位中，我可以分享的是，在多專科診所中，我們每天掃描大約 10 次，其中 20％ 是胸部掃描。

Our Nanox.ARC pipeline remains robust, and we are currently targeting a few hundreds of clients. We are continuously recruiting to expand our sales and clinical support team in the US, and this expansion is crucial to support our growing customer base and ensure the successful deployment of our technology.

我們的 Nanox.ARC 管道依然強勁，目前我們的目標是數百名客戶。我們正在不斷招募人才以擴大我們在美國銷售和臨床支援團隊，這次擴張對於支援我們不斷增長的客戶群和確保我們的技術成功部署至關重要。

We see a lot of interest from prospective and current customers and professional healthcare facilities. Introducing new innovative technologies into the conservative US market is always challenging. However, we have a growing base of early adapters that have ordered and are using the art. As a result, we have seen an increase in the number of referrals, scans, and additional use case.

我們看到潛在客戶、現有客戶以及專業醫療機構的濃厚興趣。將新的創新技術引入保守的美國市場始終具有挑戰性。然而，我們擁有越來越多的早期適配器，他們已經訂購並正在使用這些藝術品。因此，我們看到推薦、掃描和額外用例的數量增加。

As we continue to pursue multiple avenues commercialization, we made significant strides in establishing strong distributor partnerships working with well-known players in the durable medical equipment space makes good business sense.

隨著我們繼續追求多種途徑的商業化，我們在建立強大的經銷商合作夥伴關係方面取得了重大進展，與耐用醫療設備領域的知名企業合作具有良好的商業意義。

If these companies are recognized by medical imaging customers and can rapidly enlarge our sales presence. We have recently engaged with advanced Southern imaging, known as ASI based in Georgia. They will support the commercialization of the Nanox.ARC, and this is additive as it gives a new presence in the southern United States.

如果這些公司得到醫學影像客戶的認可，能夠迅速擴大我們的銷售份額。我們最近與總部位於喬治亞州的先進南方成像公司（ASI）進行了合作。他們將支持 Nanox.ARC 的商業化，這將為其在美國南部帶來新的業務。

Additionally, We are in advanced negotiation with more channel partners, and I will provide updates on our next calls. I would like to focus now on our strategy for penetrating the European market. As you all know, we recently got the very welcome news that the Nanox.ARC was granted the CE mark, expanding our total addressable market.

此外，我們正在與更多通路合作夥伴進行深入談判，我將在下次電話會議中提供最新進展。現在我想集中談談我們進軍歐洲市場的策略。眾所周知，我們最近收到了非常受歡迎的消息，Nanox.ARC 獲得了 CE 標誌，擴大了我們的整體目標市場。

Our regulatory team has worked long and hard to secure this, and it is another strong validation of our technology. It also paves the way for our entry into a large and influential market, which has long and strategic goal for our company.

我們的監管團隊為確保這一點已經付出了長期努力，這也是對我們技術的另一個有力驗證。這也為我們進入一個龐大且有影響力的市場鋪平了道路，這對我們公司來說是一個長期的策略目標。

This achievement represents a significant milestones in our global expansion effort and build on the strong momentum we have generated in securing multiple FDA clearances. This certification for a whole body imaging in Europe, combined with our existing infrastructure and ongoing pursuit of strategic partnerships positions as to accelerate our commercial introduction across the region.

這項成就是我們全球擴張努力中的一個重要里程碑，也鞏固了我們在獲得多項 FDA 批准方面所形成的強勁勢頭。這項在歐洲進行的全身成像認證，加上我們現有的基礎設施和持續追求的策略合作夥伴關係，將加速我們在該地區的商業推廣。

Just days after we announced that we received the CE mark, we presented data supporting the Nanox.ARC performance at the 2025 European Congress of Radiology, the ECR, which took place recently in Vienna, Austria.

在我們宣布獲得 CE 標誌幾天后，我們在最近於奧地利維也納舉行的 2025 年歐洲放射學大會 (ECR) 上展示了支持 Nanox.ARC 性能的數據。

New data was shared around three different abstracts at the conference. You can find the full details on this scientific abstract on our website. We take pride in our robust clinical efforts to generate data supporting the use of Nanox.ARC.

會議上圍繞著三個不同的摘要分享了新數據。您可以在我們的網站上找到該科學摘要的完整詳細資訊。我們為透過強大的臨床努力來產生支持使用 Nanox.ARC 的數據而感到自豪。

We understand that bringing a new technology into the healthcare continent as we are doing introducing the Nanox.ARC to the medical imaging industry requires a great deal of data generation, clinical validation, and education.

我們明白，將一項新技術引入醫療保健領域，就像我們將 Nanox.ARC 引入醫學影像產業一樣，需要大量的數據生成、臨床驗證和教育。

While we are bringing a valuable new tool to the radiology profession, the burden of proof is on Nano-X to demonstrate why hospitals and imaging centers need to add this new technology. By prioritizing clinical needs and development efforts in collaboration with the medical community, we ensure that our innovations are not only advanced but also relevant and visible to those we serve.

雖然我們為放射學專業帶來了有價值的新工具，但 Nano-X 有舉證責任來證明為什麼醫院和影像中心需要添加這項新技術。透過與醫學界合作優先考慮臨床需求和開發努力，我們確保我們的創新不僅先進，而且與我們服務的對象相關且可見。

As the population ages and the demand for medical imaging increases in locksteps, there is an increasing need for accessible advanced imaging solutions across various care settings. We expect the Nanox.ARC to be a good fit for this backdrops because at its core the Nanox.ARC offers an advanced medical imaging solution that is more accessible and affordable.

隨著人口老化和醫學影像需求的同步增長，各種護理環境中對可訪問的先進影像解決方案的需求也日益增加。我們希望 Nanox.ARC 能夠很好地適合這種背景，因為 Nanox.ARC 的核心提供了更容易存取且更實惠的先進醫學影像解決方案。

We expect that most of the initial sales in the EU will be through the CapEx model, meaning the systems will be purchased outright with no per scan charges. However, There will be additional revenue generated through the use of service contracts and Nano-X clouds connectivity.

我們預計，歐盟的大部分初始銷售將透過資本支出模式進行，這意味著系統將直接購買，而無需支付每次掃描的費用。然而，透過使用服務合約和 Nano-X 雲端連接還可以產生額外的收入。

We will also, of course, be seeking to sell our growing number of AI solutions and technology services into our customer base as well. At this time, we anticipate that our sales strategy in the EU will mainly work indirectly through distributors.

當然，我們也將尋求向我們的客戶群銷售我們不斷成長的人工智慧解決方案和技術服務。目前，我們預計我們在歐盟的銷售策略將主要透過經銷商間接實現。

As I've just described, we have been gathering a geographically diverse group of distribution partners, and we will aim to do the same. As we begin to penetrate the EU. With a C mark in hand, we are not wasting any time and have already signed new distribution agreements for Nasar in Romania and Greece, which will be our additional entry point into the market.

正如我剛才所描述的，我們一直在聚集一群來自不同地區的分銷合作夥伴，我們也將努力做到這一點。當我們開始滲透歐盟。有了 C 標誌，我們不會浪費任何時間，已經為羅馬尼亞和希臘的 Nasar 簽署了新的分銷協議，這將成為我們進入市場的額外切入點。

We are also in advanced stages of additional negotiations of distribution agreements in additional countries in the EU. While the US market has been a major focus, the European Union is going to be a larger focus in 2025, as we increase our commercialization effort and our dedicated commercial team and continued progress with our efforts in other international markets, focusing on receiving local regulatory approvals in various countries.

我們也正與歐盟其他國家進行分銷協議的額外談判，目前談判已進入後期階段。雖然美國市場一直是主要關注點，但隨著我們加強商業化和專門的商業團隊，並繼續在其他國際市場取得進展，歐盟將在 2025 年成為更大的關注點，重點是獲得各國的當地監管部門批准。

Turning now to our AI commercialization advances, our Nanox.AI powered images, interpretation algorithms continue to gain traction. We've engaged with two new customers in the US. The first is one of the largest outpatient medical imaging providers in the US which have signed up for a health oaths.

現在談談我們的人工智慧商業化進展，我們的 Nanox.AI 驅動的圖像、解釋演算法繼續獲得關注。我們已經與美國的兩位新客戶合作。第一家是美國最大的門診醫學影像提供者之一，已經簽署了健康誓言。

The installation will Utilize Nanox.AI imaging analytics platform within the Blackford platform marketplace. Highlighting the strategic value of our partnership followed by the success we already experience in the UK, this represents our first significant success in the US with the help of in the imaging centers market and marks an important milestone for both Nanox.AI and Blackford, the pioneering enterprise AI platform and solutions provider, which offers all Nanox.AI solutions, including health to healthcare providers worldwide.

該裝置將利用 Blackford 平台市場內的 Nanox.AI 影像分析平台。這凸顯了我們合作夥伴關係的戰略價值，以及我們在英國取得的成功，這是我們在影像中心市場的幫助下在美國取得的首次重大成功，也是 Nanox.AI 和 Blackford 的重要里程碑，Blackford 是先鋒企業 AI 平台和解決方案提供商，為全球醫療保健提供商提供所有 Nanox.AI 解決方案，包括健康解決方案。

We also finalized the collaboration between Nanox.AI and Ezra, a healthcare artificial intelligence company, revolutionizing early detection through full body CT screening. Under the terms of the collaboration, Nanox.AI Population Health Solution will be integrated into Ezra's medical screening process at 28 imaging center locations across the United States which feature AI-powered full body MRI and CT scans to screen adults for early detection, such as cancer and other serious conditions at their earliest and often most treatable stages.

我們也完成了 Nanox.AI 與醫療保健人工智慧公司 Ezra 之間的合作，透過全身 CT 篩檢徹底改變了早期檢測方式。根據合作條款，Nanox.AI 人口健康解決方案將被整合到 Ezra 在全美 28 個影像中心的醫療篩檢流程中，這些影像中心採用人工智慧全身 MRI 和 CT 掃描，對成年人進行篩檢，以便在早期、通常最易治療的階段對癌症和其他嚴重疾病進行早期發現。

We are particularly excited about the Ezra collaboration as it connects us to a consumer healthcare market indirectly through our business partners. Individuals today are better informed and technology enables people to manage more aspects of their healthcare journey themselves.

我們對與 Ezra 的合作感到特別興奮，因為它透過我們的業務合作夥伴間接地將我們與消費者醫療保健市場聯繫起來。如今，人們的資訊更加靈通，科技也讓人們能夠自己管理醫療保健旅程的更多面向。

Given this back drop, we can see an emerging opportunity to provide imaging and early detection to consumers as part of their routine healthcare activities. We know the cost of technology tends to decrease over time, and in the future, proactive scanning would be an important part in maintaining a healthy lifestyle.

鑑於此背景，我們可以看到一個新興的機會，即在消費者日常醫療保健活動中為其提供影像和早期檢測服務。我們知道，隨著時間的推移，科技的成本會逐漸下降，而且在未來，主動掃描將成為維持健康生活方式的重要組成部分。

We will continue exploring opportunities to leverage our AI technology to promote accessible early diagnosis and preventive management. We're constantly working on additional collaboration with different customers types and industries worldwide.

我們將繼續探索利用人工智慧技術促進便利的早期診斷和預防管理的機會。我們持續致力於與全球不同類型和產業的客戶進行進一步的合作。

We clearly have a lot to be excited about with our Nanox.AI solutions. I will close my comments on Nanox.AI by sharing that our total AI customer and pilot-based project has increased by 25%. As previously reported, we are developing a pulmonary solution which is expected to be the first AI application designed specifically for the Nanox.ARC.

我們顯然對我們的 Nanox.AI 解決方案感到非常興奮。最後，我想分享我們對 Nanox.AI 的評論，我們的整體 AI 客戶和基於試點的專案已經成長了 25%。正如之前報導的那樣，我們正在開發一種肺部解決方案，預計這將是第一個專為 Nanox.ARC 設計的 AI 應用程式。

Nano-X identified the need for tomosynthesis AI solution, its prime requirement to support the growing market demand for cancer screening initiatives in the EU. These initiatives will increase the need for geographers and radiologists to respond in a faster way for the increased readings. Nano-X of our solution will provide the pulmonary proper solution to increase imaging capacity.

奈米-X確定了對斷層合成 AI 解決方案的需求，這是支持歐盟日益增長的癌症篩檢計畫市場需求的首要要求。這些措施將增加地理學家和放射科醫生以更快的方式對增加的讀數做出反應的需求。我們解決方案中的 Nano-X 將為肺部提供適當的解決方案，以提高成像能力。

Another important aspect of our work is with our OEM partners, which is critical to ensuring that we have the components necessary to meet our growing demand for Nano-X systems. I would like to provide an update on the aforementioned technology development center in our headquarters, which was created to advance the development of our technology into the future.

我們工作的另一個重要方面是與我們的 OEM 合作夥伴合作，這對於確保我們擁有滿足對 Nano-X 系統日益增長的需求所需的組件至關重要。我想介紹我們總部上述技術開發中心的最新情況，該中心的設立是為了推動我們未來的技術發展。

In addition to cheap and tube level testing, this center includes a robotic laboratory. We will soon utilize the lab to perform multi-source applications development. Multi-source involve placing several of our emitters into a single vessel with active pumping mechanism to ensure an optimal operating environment for emission.

除了廉價和管級測試外，該中心還設有一個機器人實驗室。我們很快將利用該實驗室進行多源應用程式開發。多源涉及將我們的多個發射器放入具有主動泵送機制的單一容器中，以確保最佳的排放運作環境。

The benefit of a multi-source approach can include minimized imaging times, system size, when complexity reduction, and more flexible approaches to imaging. Attaching a multi-source to our robot and manipulating the robot into different positions allows us to easily simulate and work to optimize various imaging positions and quantities towards developing the best solution for medical security and industrial inspection applications.

多源方法的好處包括最小化成像時間、減小系統尺寸、降低複雜性以及提供更靈活的成像方法。將多源連接到我們的機器人並操縱機器人到不同的位置，使我們能夠輕鬆模擬和優化各種成像位置和數量，從而為醫療安全和工業檢查應用開發最佳解決方案。

This will become an important tool towards the development of additional advanced thermosynthesis and potentially stationary city solutions. As reported before, tube utilizing season chips have been successfully built and tested, and will remain on schedule for initial sub-production quality chips this quarter.

這將成為開發更先進的熱合成和潛在的固定城市解決方案的重要工具。據先前報導，利用管子的季節晶片已經成功製造並測試完畢，並將按計劃於本季度推出初始分批生產品質晶片。

This is another example of the Nano-X team dedication to securing manufacturing agreements to ensure the supply of Nanox.ARC system can meet our expected demand. Turning to one of our key OEM partners, Varex continues its production launch preparations as we continue system level integration and pre-FDA submission testing on tubes to be used and Nanox.ARC (technical difficulty) is also engaged in development of multi-source modules for us, utilizing the aforementioned nanomates and will include their module in some of our application development robot testing referenced above.

這是 Nano-X 團隊致力於達成製造協議以確保 Nanox.ARC 系統供應能夠滿足我們預期需求的另一個例子。談到我們的主要 OEM 合作夥伴之一，Varex 繼續進行生產啟動準備，我們繼續對將要使用的管進行系統級集成和 FDA 提交前測試，而 Nanox.ARC（技術難度）也在為我們開發多源模組，利用前面提到的奈米材料，並將其模組納入我們上面提到的一些應用開發機器人測試中。

Additionally, a leading global medical and diagnostic solution provider has assembled the first prototype tubes utilizing the Nano-X emitter. We are working closely with them and have delivered Nanox.ARC demo kit to serve as a test bench for prototypes that are under development. We will continue to actively, but selectively develop partnerships with few manufacturers and X-ray solution providers as they will serve an important challenge to the market for our proprietary technology.

此外，一家全球領先的醫療和診斷解決方案提供商已經利用 Nano-X 發射器組裝了第一批原型管。我們正在與他們密切合作，並提供了 Nanox.ARC 演示套件作為正在開發的原型的測試台。我們將繼續積極但選擇性地與少數製造商和X射線解決方案提供商發展合作夥伴關係，因為他們將對我們的專有技術市場提出重要挑戰。

An update on our US government security application project. The team has successfully completed component builds, assembly and testing, and moved to finalize two unique tube designs for advanced prototyping.

我們的美國政府安全應用計畫的最新進展。該團隊已成功完成組件建置、組裝和測試，並最終確定了兩種用於高級原型設計的獨特管道設計。

We're pleased that our demo inclusive of our amateur cube, high voltage power supply, and software, continue to enable potential clients and partners to more easily experience our technologies.

我們很高興，我們的演示包括我們的業餘立方體、高壓電源和軟體，可以繼續使潛在客戶和合作夥伴更輕鬆地體驗我們的技術。

In summary, we continue to develop strategic oriented partnerships both to enhance our Nanox.ARC supply chain as well as develop channels to the various markets. We are increasing our resources and focused on the way in business development opportunities and continue to expand our funnel of potential opportunities. We will update on them as appropriate.

總而言之，我們將繼續發展策略導向的合作夥伴關係，以增強我們的 Nanox.ARC 供應鏈並開發通往各個市場的管道。我們正在增加資源，專注於業務發展機會，並繼續擴大潛在機會管道。我們將及時更新它們。

I will close my prepared remarks with an update on our clinical activities which are designed to provide further validation and extended use cases for Nanox.ARC. As I mentioned earlier, Nano-X attended ECR, the European Congress of Radiology, in February, which was very successful.

我將以我們臨床活動的進展來結束我準備好的發言，這些活動旨在為 Nanox.ARC 提供進一步的驗證和擴展用例。正如我之前提到的，Nano-X 參加了二月的歐洲放射學大會 ECR，並且取得了非常成功。

Recently, radiologists in our independent review committee, the IRC, confirmed that Nanox.ARC digital tomosynthesis, DTS, provides superior detail and added clinical value over X-ray. Each expert independently reviewed over 80 BTS studies, noting good image quality and ability to detect lesions and the minimal learning curves.

最近，我們獨立審查委員會 IRC 的放射科醫生證實，Nanox.ARC 數位斷層合成 (DTS) 比 X 光提供了更詳細的細節並增加了臨床價值。每位專家獨立審查了 80 多項 BTS 研究，指出其影像品質良好、檢測病變的能力強且學習曲線最小。

These insights further validate BTS as an advanced imaging solution. Our Nanox.ARC clinical trials are advancing well. The Nanox.ARC multi-site trial continues to progress in the UGMC and Bellington Medical Center, and we are in discussion with prominent clinical sites in two locations in Europe to add them to our multi-site trial. To date we have enrolled more than 100 patients into the various clinical trials.

這些見解進一步驗證了 BTS 作為一種先進的影像解決方案。我們的 Nanox.ARC 臨床試驗進展順利。Nanox.ARC 多點試驗正在 UGMC 和貝靈頓醫療中心繼續取得進展，我們正在與歐洲兩個地方的著名臨床站點進行討論，以將它們添加到我們的多點試驗中。迄今為止，我們已招募超過 100 名患者參與各項臨床試驗。

In conclusions, we are making significant strides in deploying our innovative imaging solutions, expanding our market presence and advancing our clinical and regulatory milestones. We remain committed to our mission of preventive healthcare and improving patient outcomes worldwide.

總之，我們在部署創新成像解決方案、擴大市場影響力和推進臨床和監管里程碑方面取得了重大進展。我們始終致力於預防保健和改善全球患者治療效果的使命。

With that, I would like now to turn the call over to Ran for a review of our financials.

說完這些，我現在想把電話轉給 Ran，讓他審查一下我們的財務狀況。

Thank you, Erez. We reported a GAAP net loss for the fourth quarter of 2023 of $14.1 million, which is the reported period, compared with the net loss of $10.2 million in the fourth quarter of 2023, which is the comparable period.

謝謝你，埃雷茲。我們報告 2023 年第四季（報告期間）的 GAAP 淨虧損為 1,410 萬美元，而可比期間 2023 年第四季的淨虧損為 1,020 萬美元。

The increase was largely due to an increase of $1.2 million in the gross loss and increase of $2.7 million in other expenses, mainly due to a one-time income in the amount of $3 million that was recorded in the comparable period since the company received that amount in the fourth quarter of 2023 from its D&O insurance carrier under the settlement agreement in connection with the class action also against the company.

成長的主要原因是毛損失增加了 120 萬美元，其他費用增加了 270 萬美元，這主要是由於自公司於 2023 年第四季度根據與針對公司的集體訴訟有關的和解協議從其 D&O 保險公司收到該金額以來，在可比期間記錄了 300 萬美元的一次性收入。

Revenue for the reported period was $3.0 million and gross loss was $2.9 million on a GAAP basis. Revenue for the comparable period was $2.4 million and gross loss was $1.7 million on a GAAP basis.

根據 GAAP 計算，報告期間的收入為 300 萬美元，毛虧損為 290 萬美元。根據 GAAP 計算，同期營收為 240 萬美元，毛虧損為 170 萬美元。

Non-GAAP gross loss for the reported period was $0.3 million, as compared to a gross profit of $0.9 million in the comparable period, which represents a gross loss margin of approximately 9% on the non-GAAP basis for the reported period, as compared to a gross profit margin of 36% on a non-GAAP basis in the comparable period.

報告期間非公認會計準則毛虧損為 30 萬美元，而同期毛利潤為 90 萬美元，報告期間非公認會計準則毛虧損率約為 9%，而同期非公認會計準則毛利潤率為 36%。

Revenue from the teleradiology services for the reported period was $2.8 million, with a gross profit of $0.6 million on a GAAP basis, as compared to revenue of $2.3 million with a gross profit of $0.3 million on a GAAP basis in the comparable period, which represents a gross profit margin of approximately 21% on a GAAP basis for the reported period, as compared to 14% on a GAAP basis in the comparable period.

報告期間遠端放射服務收入為 280 萬美元，以 GAAP 計算的毛利為 60 萬美元，而去年同期遠端放射服務收入為 230 萬美元，以 GAAP 計算的毛利為 30 萬美元，以 GAAP 計算的毛利率約為 21%，而去年同期以 GAAP 計算的毛利率為 14%。

Non-GAAP gross profit for the company's teleradiology services for the reported period was $1.1 million, as compared to $0.9 million in the comparable period, which represents the gross profit margins of approximately 41% on a non-GAAP basis for the reported period, and as compared to 38% on the non-GAAP basis in the comparable period.

報告期間內，公司遠距放射服務的非公認會計準則毛利為 110 萬美元，而同期為 90 萬美元，報告期間非公認會計準則下的毛利率約為 41%，而同期非公認會計準則下的毛利率為 38%。

The increase in the company's revenue and gross profit margins from the teleradiology services was mainly attributable to customer retention, increased rates, and increased volume of the company's bidding services during the weekday shift.

公司遠距放射服務收入及毛利率的增加主要歸因於客戶保留、費率上升以及公司工作日時段競標服務量的增加。

During the reported period, the company generated revenue through the sale and deployment of its imaging system, which amounted to $136,000 for the reported period, with a gross loss of $1.5 million on a GAAP basis and $1.4 million on a non-GAAP basis, compared to revenue of $17,000 with a gross loss of $44,000 from a GAAP and non-GAAP basis in the comparable period. The increase in the revenue stems mainly from the sales and deployment of our 2D systems and the sale of our OEM project in the US.

在報告期間內，該公司透過銷售和部署其成像系統創造了收入，報告期間該收入為 136,000 美元，按 GAAP 計算的毛虧損為 150 萬美元，按非 GAAP 計算的毛虧損為 140 萬美元，而去年同期按 GAAP 和非 GAAP 計算的收入為 17,004 美元，為 404 美元，毛虧損為 404 美元。收入的成長主要源自於我們2D系統的銷售和部署以及我們在美國OEM計畫的銷售。

The company's revenue from its AI solutions for the reported period was $83,000 with a gross loss of $2.0 million on a GAAP basis, compared to a revenue of $84,000 with a gross loss of $2.0 million in the comparable period. Non-GAAP gross profit for the company's AI solution for the reported period was $6,000, compared to $21,000 in their comparable period.

報告期間內，該公司人工智慧解決方案的收入為 83,000 美元，以 GAAP 計算的毛虧損為 200 萬美元，而去年同期的收入為 84,000 美元，毛虧損為 200 萬美元。報告期間內，該公司 AI 解決方案的非公認會計準則毛利為 6,000 美元，而同期為 21,000 美元。

Research and development expenses net for the reported period were $5.4 million, compared to $6.8 million in the comparable period, reflecting a decrease of $1.4 million. The decrease was mainly due to a decrease of $0.2 million in salaries and wages, a decrease of $0.5 million in share-based compensation, and $0.7 million in expenses related to our research and development activities.

報告期間研發費用淨額為 540 萬美元，而同期為 680 萬美元，減少了 140 萬美元。減少的主要原因是工資和薪水減少 0.2 百萬美元、股權激勵減少 0.5 百萬美元以及與研發活動相關的費用減少 0.7 百萬美元。

Sales and marketing expenses for the reported period were $0.9 million, compared to $1.0 million in the comparable period. General and administrative expenses for the reported period were $5.8 million, compared to $3.8 million in the comparable period.

報告期間的銷售和行銷費用為 90 萬美元，而同期為 100 萬美元。報告期間的一般及行政開支為 580 萬美元，而同期為 380 萬美元。

The increase of $2.0 million was mainly due to an increase of $1.7 million in our legal expenses since the company received $2 million from the company's director and officer's liability insurance carrier during the comparable period under the company's policy and the settlement agreements, which reduced the company's legal expenses in the same amount during the comparable period.

200 萬美元的增加主要是由於我們的法律費用增加了 170 萬美元，因為公司在同期根據公司政策和和解協議從公司董事和高管責任保險公司獲得了 200 萬美元，這使得公司在同期的法律費用減少了相同金額。

Turning to our balance sheet. As of December 31, 2024, we had cash, cash equivalents with restricted deposits and marketable securities of approximately $83.5 million and add $3.9 million in loan from a bank. We ended the quarter with a property and equipment net of $45.4 million.

轉向我們的資產負債表。截至 2024 年 12 月 31 日，我們擁有現金、現金等價物（受限存款和有價證券）約 8,350 萬美元，並有 390 萬美元的銀行貸款。本季結束時，我們的財產和設備淨值為 4,540 萬美元。

As of December 31, 2024, we had approximately 63.8 million shares outstanding. As of December 31, 2023, we had approximately 57.8 million shares outstanding. Further the Controlled Equity Offering Sales Agreement with our two agents, dated June 7, 2024, the company may offer and sell ordinary shares up to $100 million from time-to-time through the agent, pursuant to the sales agreement. The agents are entitled to compensation at the commission's rate of 2.5% of the aggregate gross proceeds from each sales of the ordinary shares.

截至 2024 年 12 月 31 日，我們已發行約 6,380 萬股股票。截至 2023 年 12 月 31 日，我們已發行約 5,780 萬股股票。此外，根據我們與兩家代理商於 2024 年 6 月 7 日簽訂的《受控股權發行銷售協議》，根據銷售協議，公司可不時透過代理商發行和出售價值高達 1 億美元的普通股。代理人有權以每次銷售普通股所得總收益的2.5%作為佣金率獲得報酬。

During the reported period, the company issued approximately 5 million ordinary shares in gross considerations of $38.8 million and net considerations of $37.8 million under the sales agreement. Additionally, during 2024, approximately 1 million options to purchase ordinary shares were exercised to ordinary shares in consideration of approximately $1.7 million, including 706,000 options to purchase ordinary shares that were exercised by the state of the late companies, Chairman of the Board in consideration of $1.6 million.

報告期間內，本公司依據銷售協議發行了約500萬股普通股，總對價為3,880萬美元，淨對價為3,780萬美元。此外，2024 年期間，約有 100 萬份普通股選擇權以約 170 萬美元的對價被行使為普通股，其中包括已故公司董事會主席行使的 706,000 份普通股選擇權，對價為 160 萬美元。

With that, I will end the call back over to Erez.

說完這些，我就結束與埃雷茲的通話了。

Thank you, Ran. To close my prepared remarks, I want to thank you all for continuous support of Nano-X. Our team continues to deliver in its promises with advance on the AI technology, regulatory clinical fronts during the quarter. And at the beginning of 2025, we advanced US commercialization's and have entered a new market in the EU.

謝謝你，Ran。在結束我的準備好的演講之前，我想感謝大家對 Nano-X 的持續支持。本季度，我們的團隊繼續履行承諾，在人工智慧技術和監管臨床方面取得進展。並在2025年初推進了美國的商業化，並進入了歐盟的新市場。

I'm especially proud for our FDA general use clearance and the recent CE-mark designation for the Nanox.ARC. We added new deployments, distribution agreements, and new customers for the Nanox.AI technology. Nano-X strategic approach to regulatory milestones and commercial rollout, including targeted installations and phased scaling, underscore a disciplined path to sustainable growth.

我對我們的 FDA 通用許可和 Nanox.ARC 最近獲得的 CE 標誌尤其感到自豪。我們為 Nanox.AI 技術增加了新的部署、分銷協議和新客戶。Nano-X 對監管里程碑和商業推廣的策略方針，包括有針對性的安裝和分階段的擴展，強調了一條通往永續成長的規範道路。

I'm proud of what we have accomplished so far, and I look forward to sharing details of more successes to come on our Q1 2025 investor call. Thanks again for joining us today. And operator, please open the call for questions.

我為我們迄今為止所取得的成就感到自豪，並期待在 2025 年第一季投資者電話會議上分享更多成功的細節。再次感謝您今天的參與。接線員，請打開電話回答問題。

(Operator Instructions) Jeffrey Cohen, Ladenberg Ballman.

（操作員指示） Jeffrey Cohen、Ladenberg Ballman。

Hey, good morning. Thank you for taking our questions. Erez, could you confound upon the DME partners in the US under DMEs, will you be filling the ARC outright with the opportunity for imaging revenue behind it? Or could DME's place that under the imaging only scenario?

嘿，早安。感謝您回答我們的問題。Erez，您能否向 DME 旗下的美國 DME 合作夥伴解釋一下，您是否會直接向 ARC 提供成像收入的機會？或者 DME 是否可以將其置於僅成像場景下？

So we have both options. Part of them will be that we're going to sell CapEx direct. They will do their installation and the selling process. And part of them will be the (inaudible) the typical (inaudible) model that we currently have.

因此我們有兩種選擇。其中一部分是我們將直接出售資本支出。他們將完成安裝和銷售過程。其中一部分將是我們目前擁有的（聽不清楚）典型（聽不清楚）模型。

Got it. Okay, could you talk about the.

知道了。好的，你能談談嗎？

You ask about the, yeah.

你問的是，是的。

Yes.

是的。

Yeah, okay.

嗯，好的。

Okay, and in the US, it looks like, congrats, I think you're up to seven states, I believe. Can you give us a sense of the platform in the US? You need to talk about the target market in the US and how we may expect placements to occur during 2025? Thank you.

好的，在美國，看起來，恭喜，我認為你已經到達了 7 個州，我相信。可以向我們介紹一下美國的平台嗎？您需要談談美國的目標市場以及我們預期 2025 年的安置情況如何？謝謝。

Okay, so right now we have, it seems that we are sort of doubling the team like every quarter. We have right now five salespeople that are currently working. We are extending the support -- the clinical support and clinical education in order to build the market and brand and value awareness and to ensure that we expand the number of physicians, who will be able to refer to the strong synthesis, to the ARC. This seems to be very successful.

好的，現在看起來，我們的團隊規模每季都在翻倍。我們目前有五名正在工作的銷售人員。我們正在擴大支持——臨床支持和臨床教育，以建立市場和品牌以及價值意識，並確保擴大能夠參考 ARC 強大綜合療法的醫生數量。這看起來非常成功。

One of the examples I gave in the call that in one of the clinics that we started to work, we have been facing that a lot of physicians have been referring and we achieve like 10 scans per day, which is more than the average that we expect.

我在電話中舉了一個例子，在我們開始工作的一家診所中，我們面臨許多醫生的轉診，我們每天可以進行 10 次掃描，這比我們預期的平均水平要多。

This is with respect to the team. We are planning to get a major impact as a result of the channel partners that we signed there with in specific states or coverage or states that we want to extend our coverage. And we're not planning specifically with our own salespeople.

這是對於團隊而言的。我們計劃透過在特定州或我們想要擴大覆蓋範圍的州簽署的通路合作夥伴來獲得重大影響。我們並沒有專門為自己的銷售人員制定計劃。

And a lot of introduction. We have people who are actually working on building the deal flow that currently is pretty large, and I gave an indication also in the comments about what do we expect in 2025 in terms of the numbers that we are either negotiating or starting the process of the -- either building the room or getting the regulation, the local regulation of the approval of the state or approval of the city and the physics that are coming to check, et cetera, the whole process that we mentioned.

還有很多介紹。我們實際上正在有人致力於建立目前相當大的交易流程，而且我在評論中也提到了我們對 2025 年的期望，就我們正在談判或啟動的流程而言——無論是建立房間還是獲得法規、國家批准或城市批准的當地法規以及即將檢查的物理條件等等，我們提到的整個流程。

Right now, what we can see definitely is that the sectors, who are the early adapters are either small and medium size medical imaging centers and orthopedic clinics and chiropractors. And in addition, the one that we are accelerating right now and we expect more to be built on the success of the first one is what is called the multi-specialty medical center. This is definitely an area where we can add value to their X-ray capability and some of them are -- we are replacing the city, the old city that they had in the past.

目前，我們可以肯定地看到，早期採用該技術的行業要么是中小型醫學影像中心，要么是骨科診所和脊椎按摩治療師。此外，我們現在正在加速推進的項目，並且我們期望在第一個項目成功的基礎上取得更多進展，這就是所謂的多專業醫療中心。這絕對是我們可以為他們的 X 射線能力增加價值的領域，其中一些是——我們正在替換他們過去的舊城。

Last but not least is the one that we mentioned is the medical imaging chains. We have already a few that were signed. We have placed systems also in a few of them already and this is an area that we're working and we have a focus on in order to extend the number of a change that we're going to be in touch with and place our ARC system.

最後但同樣重要的是我們提到的醫學影像鏈。我們已經簽署了一些。我們已經在其中一些地方安裝了系統，這是我們正在努力的領域，我們重點關注的領域是為了擴大我們將要聯繫的變更的數量，並安裝我們的 ARC 系統。

Perfect, and one more quick one. Could you talk about the manufacturing sites out there for two chips and other components and has there been any material change on any of those channels in the past quarter?

完美，再快一點。您能否談談兩種晶片和其他組件的生產基地以及上個季度這些管道是否發生了重大變化？

No, the -- we work according to the plan that was presented CI in Italy are manufacturing the tubes for us. Varex started to ship tubes also for us. Both manufacturing facilities, the Nano-X in Korea and the system in Switzerland are both manufacturing the chips and we are building that. And we are working right now, while we do the scale in the manufacturing facility and the future manufacturing of the ARC X to have the low cost manufacturing facility in addition to the one that we have in Israel.

不，我們按照義大利 CI 提出的計劃開展工作，為我們製造管子。Varex 也開始為我們運送管子。這兩個製造工廠，韓國的 Nano-X 和瑞士的系統都在生產晶片，我們正在進行晶片的建設。我們現在正在努力擴大製造工廠的規模，並為 ARC X 的未來製造增加低成本的製造工廠，除了我們在以色列的製造工廠之外。

Perfect. Thanks for taking our questions.

完美的。感謝您回答我們的問題。

Thank you.

謝謝。

Ross Osborn, Cantor Fitzgerald.

羅斯奧斯本、康托費茲傑拉。

Hi, good morning, and thank you for taking our questions. Starting off, how many systems were deployed and operating in the US during the quarter that resulted in 136,000 in system revenue?

大家好，早安，感謝您回答我們的問題。首先，本季在美國部署並運行了多少個系統，產生了 136,000 的系統收入？

So we've already indicated that we don't give the exact numbers, they are all in various stages of those that were already installed. These are -- that are ready to be installed in the -- when the rooms are getting ready. We are adding states.

所以我們已經表明我們不會給出確切的數字，它們都是已經安裝的各個階段的數字。這些已經準備好在房間準備好後進行安裝了。我們正在添加州。

We expect that the channel partners will add another value. What we see also that every salesman that we are hiring is able to expand the number of places that we are installing. And I think that the more we go into the 2025, we'll give more details on this one.

我們期望通路合作夥伴能夠增加其他價值。我們也看到，我們僱用的每位銷售員都能夠擴大我們安裝的地方數量。我認為，隨著我們進入 2025 年，我們將對此提供更多細節。

Okay. Got it. And then how should we think about (multiple speakers) --

好的。知道了。那我們應該如何思考（多位發言者）——

and by the way, one of the things we actually also mentioned in the call that the pipeline that remains pretty robust and, the only. All we think that we're trying to do is make sure that they are going to be converted to installations and scans that they are going to create. And also I gave an indication of the scans that we're able to create in the in the places that The system is installed.

順便說一句，我們在電話會議中實際上也提到了一件事，那就是管道仍然非常強勁，而且是唯一的。我們認為，我們正在嘗試做的就是確保它們將被轉換為他們將要創建的安裝和掃描。而且我還指出了我們能夠在系統安裝的地方創建的掃描。

Understood. And then how should we Think about pricing for ARC in Europe given you're going to be selling the system there as a capital sale? And how do you think this will impact gross margin this year next?

明白了。那麼，考慮到您打算在歐洲以資本銷售的形式銷售該系統，我們應該如何考慮 ARC 在歐洲的定價？您認為這會對今年的毛利率產生什麼影響？

Okay, I hope that I heard the questions. So in Europe we have also -- last month we have extended the team when we got the CE clearance. The show that we attended in Vienna was very successful. We have engaged with quite a lot of new distributors that we will work with them.

好的，我希望我聽到了這些問題。因此在歐洲我們也——上個月我們獲得 CE 許可後就擴大了團隊。我們在維也納參加的演出非常成功。我們已經與許多新的分銷商接洽並與他們合作。

In the -- so right now we have three salespeople, original salespeople. We are -- we have added Romania and Greece as mentioned to the new distributors. We are working with the distributors in Italy and Spain. And we have also a few more distributors in the pipeline and we do hope that this will extend our presence.

目前，我們有三名銷售人員，都是原始銷售人員。我們已將羅馬尼亞和希臘加入為新經銷商。我們正在與義大利和西班牙的經銷商合作。而且我們還在尋找更多的經銷商，我們確實希望這能擴大我們的影響力。

I think that it's fair to say that we will start installations probably sometimes during the next six months or quarter or two quarters that will start to install systems and sell systems. In Europe, I would say that this will be probably a major part of it will be CapEx sales and a smaller part of it will be the (inaudible)

我認為可以公平地說，我們可能會在未來六個月或一個季度或兩個季度內開始安裝系統並銷售系統。在歐洲，我想說，這很可能是資本支出銷售的主要部分，而較小部分將是（聽不清楚）

Okay. Thank you for taking our questions.

好的。感謝您回答我們的問題。

Thank you.

謝謝。

Scott Henry, Alliance Global Partners.

聯盟全球合作夥伴 (Alliance Global Partners) 的 Scott Henry 說道。

Thank you and good morning or afternoon depending on your location. I guess the first question and then I'll go into a little more detail. Do you want to give any thoughts to the outlook for 2025 in terms of big picture, any guidance or if you're going to provide any? And then I did have a couple more specific items on that?

謝謝您，早上好或下午好，取決於您所在的位置。我想這是第一個問題，然後我會更詳細地講解。您是否想從總體上對 2025 年的前景發表看法，提供任何指導或是否打算提供任何建議？然後我確實對此有幾個更具體的事情？

What specifically are you referring to?

您具體指的是什麼？

Well, I guess if we go by category, it looks like teleradiology services tends to grow around the 10% range. Is anything changing there or should we expect that to continue to grow at similar rates?

嗯，我想如果我們按類別來劃分，遠端放射服務似乎往往會增加 10% 左右。那裡有什麼變化嗎？或者我們應該預期它將繼續以相似的速度成長？

Scott, we don't provide guidance as you remember, but if you look at the consensus of the analysts, I think that the service segment of the company actually was came out in line with the consensus.

史考特，正如你記得的那樣，我們不提供指導，但如果你看看分析師的共識，我認為公司的服務部門實際上是符合共識的。

Okay, and I won't ask for guidance, but just in terms of directionally in magnitude, AI solutions, should we, I mean that's moved around a lot, it dipped down in Q4 after a very strong Q3, should we expect a strong near for that in 2025, just not specific numbers, but what are you seeing there that would indicate how we should think about it?

好的，我不會尋求指導，但僅就方向而言，人工智慧解決方案，我們應該，我的意思是它已經發生了很大的變化，在第三季度表現強勁之後，它在第四季度有所下降，我們是否應該預期 2025 年會出現強勁增長，只是沒有具體的數字，但您在那裡看到了什麼可以表明我們應該如何看待它？

As you remember in the third quarter, we saw a one-time income over there. We completed the project as we noted then. But as we mentioned, as Erez mentioned in the portion of the call, we do see an increase in the number of the clients and the number of the pilots. So you can assume that, that will be translated, maybe translated into an increase in the revenue, but of course we'll give a better numbers when we publish the upcoming quarter results.

您還記得，在第三季度，我們看到了一次性收入。我們按照當時提到的完成了這個項目。但正如我們所提到的，正如埃雷茲在通話部分所提到的，我們確實看到客戶數量和飛行員數量增加。所以你可以假設，這將轉化為，也許轉化為收入的增加，但當然，當我們公佈下一季的業績時，我們會給出更好的數字。

But from a general perspective, we view 2025 as a strong year for AI.

但從整體來看，我們認為 2025 年將是人工智慧強勁發展的一年。

Okay, great. And then, probably the most important question that I have is when we look at the imaging solutions line, the percent gains have been substantial, doubling year over year, but the numbers are still relatively small.

好的，太好了。然後，我可能最重要的問題是，當我們查看成像解決方案系列時，百分比增長相當可觀，同比增長一倍，但數字仍然相對較小。

Obviously, as the rollout goes, we'll start to reach an inflection point where those numbers will get bigger. When would you expect that inflection point? Is that a kind of a middle of 2025 event or second-half? Just trying to get a sense of when we should see that really kind of curve upwards?

顯然，隨著推廣的進行，我們將開始達到一個轉折點，這些數字將會變得更大。您預計這個拐點何時會出現？這是 2025 年中期或下半年發生的事件嗎？只是想了解什麼時候我們才能真正看到這種向上的曲線？

Again, we don't provide any kind of guidance, so I can't tell you exactly when will be the inflection point, but you should look at some about the trend, about how we work together with the channel partners in the US market, including distributors, and with distributors in Europe. We also announced that we submitted the new version of the ARC to the (inaudible)

再說一次，我們不提供任何形式的指導，所以我無法確切地告訴你什麼時候會出現拐點，但你應該看看一些關於趨勢的信息，關於我們如何與美國市場的渠道合作夥伴（包括分銷商）以及歐洲的分銷商合作。我們也宣布，我們已向（聽不清楚）

So that may be also an inflection point once we get the clearance for that device. And I think as the time goes and we accumulate more experience and expanding our team in our efforts and the market education and the market awareness and increase and showing the clinical value in our devices, that should be translated into what you call a coming towards the infliction point.

因此，一旦我們獲得該設備的許可，這也可能是個轉捩點。我認為隨著時間的推移，我們累積了更多的經驗，擴大了我們的團隊，並進行了市場教育和市場意識，增加了並展示了我們設備的臨床價值，這應該轉化為所謂的走向拐點。

Okay. Thank you for that color. Just a couple modeling questions. Typically, OpEx operating expenses, we think about growth with inflation, all else being equal? Is there anything unique in the OpEx that we should factor into 2025 or maintain similar trends?

好的。謝謝你的色彩。僅幾個建模問題。通常，對於 OpEx 營運費用，我們會考慮在其他條件相同的情況下通貨膨脹率的成長？在營運支出方面，有哪些獨特之處是我們應該考慮到 2025 年的因素或保持類似的趨勢的？

Not really, but don't forget that some of our labor costs and other overhead is actually linked to the Israeli shekels and the sum of it a little bit to the Korean currency. So in terms of any kind of impact on the OpEx, it's only going to be some kind of sharp fluctuations with those currencies. Other than this, everything is in line.

不是真的，但別忘了，我們的部分勞動成本和其他間接費用實際上與以色列謝克爾掛鉤，總和有一點與韓國貨幣掛鉤。因此，就對營運支出的任何影響而言，這只會導致這些貨幣出現某種劇烈波動。除此之外，一切都正常。

You can see that our G&A are more so in the range in the past two years. It's actually decreasing with the completion of the SEC and the class section lawsuit last year. So it's more of the same of the same. Of course, once we issue the 20-F, you can have more details about it.

您可以看到，過去兩年我們的 G&A 都處於這個範圍內。隨著去年美國證券交易委員會和集體訴訟的完成，這一數字實際上正在減少。因此，這更多是相同的。當然，一旦我們發布 20-F，您就可以獲得更多詳細資訊。

Okay. Great. Thank you for taking the questions.

好的。偉大的。感謝您回答這些問題。

(Operator Instructions) Jason Kolbert, D. Boral Capital.

（操作員說明）Jason Kolbert，D. Boral Capital。

Hi, guys. I basically have the same questions that Scott does, which is I'm looking for guidance, I'm trying to understand system placement and when we're going to see that inflection point? I understand that you don't want to provide that.

嗨，大家好。我基本上和斯科特有同樣的問題，那就是我在尋求指導，我想了解系統佈局以及我們何時會看到轉折點？我了解您不想提供這個。

The problem is it's very hard to kind of understand as an analyst following the company where that inflection point is. And given the fact that the stock's down by almost 50% from its recent high, I think investors are trying to understand where that inflection point is also?

問題是，作為一名追蹤該公司的分析師，很難了解這個拐點在哪裡。鑑於該股已較近期高點下跌近 50％，我認為投資者也在試圖了解拐點在哪裡？

You raised some capital in the period. Can you talk a little bit about the capital you raised and how you might deploy that capital in order to drive system placement? Thanks.

你在此期間籌集了一些資金。您能否談談您籌集的資金以及如何運用這些資金來推動系統部署？謝謝。

Okay, I'll give you an answer about the second part of the question. We raised approximately $38 million gross, $37 net during the first quarter of 2024 and that was under the ATM program that's in place. You know that's a program that we already put in place already in mid of 2024. We had an opportunity to use it in -- after we announced of the general use clearance that we have received in the US and we have done so.

好的，我來回答一下問題的第二部分。我們在 2024 年第一季籌集了約 3,800 萬美元的總資金和 3,700 萬美元的淨資金，這是在實施的 ATM 計劃下籌集的。您知道這是我們在 2024 年中期就已實施的計劃。在我們宣布我們已在美國獲得普遍使用許可之後，我們就有機會使用它了，而且我們也這樣做了。

What is going to be used of course is going to be used for the acceleration of the commercialization of our products, both the imaging and the AI. And we don't think -- we do think that most of the efforts will be concerted in commercialization at the moment.

當然，這些資金將用於加速我們產品的商業化，包括成像和人工智慧。我們並不認為──我們確實認為目前大部分的努力將集中在商業化上。

The one other thing that I would say that you have enough -- not enough, always not enough for analysts, but I would say that we gave a lot of indications that can explain or give you an indication of where the inflection point will be as a result of the fact that the increase in revenue will be generated from the EU penetration, from the fact that we moved in the US and the FDA for general use from the MSK only in the past, and the fact that we're going to have the ARC X clearance from the FDA sometimes in the -- during 2025 and this will be part of the scale that we are doing.

我想說的另一件事是，您擁有的足夠多——對分析師來說總是不夠，但我想說的是，我們給出了很多跡象，可以解釋或向您表明拐點將在哪裡，這是由於收入的增加將來自歐盟的滲透，來自我們過去僅從 MSK 轉移到美國和 FDA 進行一般用途的事實，以及我們有時會在 2025 年從 FDA 轉移到美國和 FDA 的一般用途的事實，以及我們有時會在 2025 年從 FDA 獲得許可的事實，這一部分正在進行的事實。

We also gave some indication about the pipeline. We gave an indication about the number of scans that we are going to generate. Right now for us it's hard to predict what will be the percentage of the CapEx sales, namely that the system will be sold and serve and what will be the part, which is going to be based on the MSAS. Right now, almost all of our systems are MSAS-similar, but you probably will be more of a CapEx sales.

我們也給了一些有關管道的提示。我們對將要產生的掃描次數進行了指示。現在我們很難預測資本支出銷售的百分比，即將銷售和服務的系統以及基於 MSAS 的部分是什麼。目前，我們幾乎所有的系統都與 MSAS 類似，但您可能更多是資本支出銷售。

And last but not least, I think that what we are trying to show that basically we say something and we ensure that we are delivering. And this way I went through from the regulation point of view from building the clinical validation point of view, the clinical trials, the market awareness of the ARC and its clinical use, the key opinion leaders that are joining us all the time, the number of salespeople that were very -- we are very conservative in adding more expenses to the -- so when we see that the salesman is generating enough sales and revenues, then we will add enough flooding the company with people that before we know that we're going on a very strong base moving forward. So this with respect to the teams that we have. So yeah, we always said that 2025 will be a meaningful year for us going forward, and that's where we are.

最後但同樣重要的一點是，我認為我們試圖表明的是，基本上我們說到做到。這樣，我就從監管的角度，從建立臨床驗證的角度，臨床試驗，ARC 及其臨床應用的市場認知，一直加入我們的關鍵意見領袖，銷售人員的數量——我們在增加更多費用方面非常保守——所以當我們看到銷售人員創造了足夠的銷售額和收入時，我們就會增加足夠的人員來充實公司，這樣我們就知道我們在未來會有一個非常強大的基礎。這與我們的現有團隊有關。是的，我們總是說 2025 年對我們未來發展來說將是意義重大的一年，而我們現在的情況也是如此。

Can you give us some idea of either how long the existing cash on the balance sheet will last you or when you think you're going to be cash flow positive?

您能否告訴我們，資產負債表上現有的現金能夠維持多久，或者您認為什麼時候您的現金流能夠為正？

It's again, we don't provide any guidance. But you can look at our earnings release and analyze it and come to your own conclusion.

再說一遍，我們不提供任何指導。但您可以查看我們的收益報告並進行分析，然後得出自己的結論。

I think the positive and very supportive feedback that we mentioned in the very beginning of the call that we're getting from the customers. And people are really believe that it's a game changer in this medical imaging market.

我認為我們在通話一開始就提到的積極且非常支持的回饋來自客戶。人們確實相信它將會改變醫學影像市場格局。

And the value that we saw in the independent review that we had in Europe and what we see right now following the chest approval that we see for pulmonologists and for the lung screening. And what we see in terms of the MSK, and as mentioned, sinusitis and kidney stones and other indications or use cases.

我們在歐洲的獨立審查中看到的價值，以及我們現在在胸腔科批准後為肺科醫生和肺部篩檢所看到的價值。就 MSK 而言，正如前面提到的，鼻竇炎和腎結石以及其他適應症或用例。

I think this actually gives us a lot of positive and back wins to move forward and to ensure that we're going to add value to our customers and ensure that we are going to make change in the health and standard-of-care.

我認為這實際上為我們帶來了很多積極的和有益的進步，確保我們能夠為客戶增加價值，確保我們能夠在健康和護理標準方面做出改變。

Do you anticipate continuing to use the ATM facility this year?

您預計今年會繼續使用 ATM 設施嗎？

Again, we don't give any indication on any forward-looking actions that we may take (inaudible)

再次強調，我們不會透露可能採取的任何前瞻性行動（聽不清楚）

Okay, thank you.

好的，謝謝。

Yes, there are a lot of investors that are pushing us to go with them and raise and take money, but we are very conservative and we also consider very carefully the existing shareholders. So when the stock is down, the decision is accordingly.

是的，有很多投資者在推動我們與他們合作籌集資金，但我們非常保守，也會非常仔細地考慮現有股東。因此，當股票下跌時，就會做出相對應的決定。

I'm showing no further questions in queue at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.

顯示隊列中目前沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。