Nano-X Imaging Ltd (NNOX) 2025 Q2 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the Nano-X Imaging second-quarter 2025 earnings call.

歡迎參加 Nano-X Imaging 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

Please be advised that today's conference is being is being recorded.

請注意，今天的會議正在錄製。

I would like to hand it over to you first speaker, Mike Cavanaugh, Investor Relations. Please go ahead.

我想把它交給第一位發言者，投資者關係部門的 Mike Cavanaugh。請繼續。

Good morning and thank you for joining us today.

早安，感謝您今天加入我們。

Earlier today, Nano-X Imaging Limited released financial results for the quarter ended June 30, 2025. The release is currently available on the investors section of the company's website.

今天早些時候，Nano-X Imaging Limited 發布了截至 2025 年 6 月 30 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 Aris 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阿里斯·梅爾策 (Aris Meltzer) 和財務長蘭·丹尼爾 (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. 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. We will also refer to certain non-GAAP financial measures to provide additional information to investors. A reconciliation of the non-gap 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.

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，其中包括有關公司財務業績、研發、製造和商業化活動、監管流程和臨床活動以及其他事項的前瞻性聲明。這些聲明受風險、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目前的預期，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。我們也會參考某些非公認會計準則財務指標，向投資者提供更多資訊。我們在新聞稿中提供了非差距與 GAAP 指標的調整表，主要差異在於歸屬於普通股的非 GAAP 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 一般及管理費用以及非 GAAP 每股毛虧損。

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

說到這裡，我想把電話轉給 Erez Meltzer。

Thank you, Mike.

謝謝你，麥克。

Good morning and thank you all for joining our second quarter 2025 call.

早安，感謝大家參加我們的 2025 年第二季電話會議。

As we enter the second half of 2025, the entire Nano-X team remains focused on disciplined execution and expanding our commercial footprint across our entire ecosystem, including AI and teleaddiology solutions, as we pursue our vision of making medical imaging more accessible and thereby improving patient outcomes.

進入 2025 年下半年，整個 Nano-X 團隊將繼續專注於嚴格執行並擴大我們在整個生態系統（包括人工智慧和遠端語音學解決方案）中的商業足跡，追求讓醫學影像更容易獲得併從而改善患者治療效果的願景。

In line with the commitments outlined during our May 2025 earnings goal, we are making steady progress toward our goal of 100 non-USAC systems installations. Expanding our commercial footprint remains a top priority, and our sales team continues to expand the pipeline of qualified leads and successfully convert those leads into systems being shipped to customers.

按照我們在 2025 年 5 月獲利目標中概述的承諾，我們正在穩步朝著安裝 100 個非 USAC 系統的目標邁進。擴大我們的商業足跡仍然是我們的首要任務，我們的銷售團隊將繼續擴大合格潛在客戶的管道，並成功地將這些潛在客戶轉化為發送給客戶的系統。

While most leads and new customer activity is now being sourced from the US market, we also continue to expand our network in different countries outside of the US, including Various European countries such as Romania and Greece on the heels of attaining the CE mark designation earlier this year.

雖然目前大多數銷售線索和新客戶活動都來自美國市場，但我們也繼續在美國以外的不同國家擴大我們的網絡，包括羅馬尼亞和希臘等歐洲國家，並在今年稍早獲得 CE 標誌認證。

We are well on our way to meeting our target of 100 systems installed or being deployed by year's end. As previously indicated, revenues are expected to grow in the second half of 2025. We are also advancing our clinical strategy on multiple fronts as we seek to strengthen our position as a transformative force in medical imaging to support this movement, we're acting on multiple fronts.

我們正在順利實現年底前安裝或部署 100 個系統的目標。如前所述，預計 2025 年下半年營收將會成長。我們也在多個方面推進我們的臨床策略，力求加強我們作為醫學影像變革力量的地位，為支持這項運動，我們正在多個方面採取行動。

Clinical data and like publication collaboration with global academic institutes, hands-on clinical education initiatives, and expanding our op leaders network. In other words, our commercial rollout involves bringing new technology to the market while also working to change the habits of healthcare providers.

與全球學術機構進行臨床數據和類似出版物合作、實踐臨床教育計劃，並擴大我們的操作領導者網絡。換句話說，我們的商業推廣包括將新技術推向市場，同時也致力於改變醫療保健提供者的習慣。

With respect to academic partners supporting our transformative vision, we seek to partner with organizations that are leaders in medical imaging innovation. A prime example in our collaboration with researchers at Duke University Medical Center, which I'll tell you about later in my preferred remarks.

對於支持我們變革願景的學術合作夥伴，我們尋求與醫學影像創新領域的領先組織合作。我們與杜克大學醫學中心的研究人員合作的一個典型例子，我將在稍後的演講中向大家介紹。

Another example can be found in our recent announcement that Kaiser University has established a flagship training and demonstration site integrating the NU arc into the radiology Technology graduate program and enabling hands-on education for future imaging professionals.

另一個例子是我們最近宣布的，凱撒大學已經建立了一個旗艦培訓和示範基地，將 NU arc 融入放射技術研究生課程，為未來的影像專業人士提供實踐教育。

This is particularly exciting as the radiologists of the future are immersed in an art early in their careers to raise awareness and drive education on the nanoy systems, we created the clinical education program. The clinical education specialists who run this program play a central role in delivering structured customer onboarding and ongoing training through site visits, working with a referral physicians, training the site personnel through webinars and tailor educational plans.

這尤其令人興奮，因為未來的放射科醫生在職業生涯早期就沉浸在一門藝術中，為了提高人們對奈米系統的認識並推動教育，我們創建了臨床教育計劃。負責此計畫的臨床教育專家在透過現場訪問、與轉診醫生合作、透過網路研討會培訓現場人員和客製化教育計畫提供結構化的客戶入職和持續培訓方面發揮核心作用。

We recently launched the Nano-X Academy digital platform tailored for our clients, partners and our Nannu network collaborators, offering full product sales and clinical online training. Expanding our clinical evidence, the ultimate output of these studies are peer-reviewed publications and white papers and academic publications derived from data generated by studies such as those currently being conducted with the Shamir and Belian Medical Centers.

我們最近推出了專為我們的客戶、合作夥伴和 Nannu 網路合作者量身定制的 Nano-X Academy 數位平台，提供全面的產品銷售和臨床線上培訓。透過擴大我們的臨床證據，這些研究的最終成果是同行評審的出版物、白皮書和學術出版物，這些數據來自目前正在與 Shamir 和 Belian 醫療中心進行的研究所產生的數據。

These papers demonstrate the diagnostic potential of our cold cattomosynthesis system in imaging, offering a low radiation cost effective alternative to CT. Moreover, we are constantly expanding the number of images of case studies, which serves to help illustrate the capabilities of the nanosAC system.

這些論文展示了我們的冷CT合成系統在影像方面的診斷潛力，為CT提供了低輻射、成本有效的替代方案。此外，我們不斷擴大案例研究的圖像數量，這有助於說明 nanosAC 系統的功能。

This growing bank of scans also serves as a useful tool for our sales team when in discussions with imaging centers about the utility of the nanusar. The final leg of our clinical development platform is our key opinion leaders network.

當我們的銷售團隊與影像中心討論 nanusar 的實用性時，這個不斷增長的掃描庫也是一個有用的工具。我們的臨床開發平台的最後一站是我們的關鍵意見領袖網路。

This strategy is evolving into a structure, segmented model that includes visionary leaders on our advisory board, clinical collaborators, and show sites. This approach enables us to amplify our clinical voice, holding seminars and webinars, talking about the clinical value in conferences while supporting pre-sales activities and beta testing in targeted specialties such as orthopedic and lung cancer screening.

這項策略正在演變成一種結構化、分段式的模型，其中包括我們的顧問委員會、臨床合作者和展覽場地中的有遠見的領導者。這種方法使我們能夠擴大我們的臨床聲音，舉辦研討會和網路研討會，在會議上討論臨床價值，同時支持售前活動和針對骨科和肺癌篩檢等目標專業的 beta 測試。

Together these efforts form a cohesive clinical narrative that supports commercialization, enhance credibility, and drives adaption, positioning naanox as a category defining innovator in low costs 3D digital radiography. With that said, let's now move ahead to our operational highlights and updates.

這些努力共同形成了一個有凝聚力的臨床敘述，支持商業化、提高可信度並推動適應，將 naanox 定位為低成本 3D 數位射線照相領域的類別定義創新者。話雖如此，現在讓我們繼續討論我們的營運亮點和更新。

Turning now to our installation progress in key US markets, I'm happy to report that our pipeline has grown substantially since our last call. We continue to install systems in various facilities, primarily standalone, multi-specialty, small and medium sized health clinics.

現在談到我們在美國主要市場的安裝進度，我很高興地報告，自上次通話以來，我們的管道已大幅增長。我們繼續在各種設施中安裝系統，主要是獨立的、多專業的、中小型的醫療診所。

These installations appear to be in line with the industry standard sale cycle. This increase in the sales pipeline is due to our investments in sales development representative initiatives, both internal and external, in order to increase the pipeline and conversion.

這些安裝似乎符合業界標準銷售週期。銷售管道的成長是由於我們對內部和外部銷售開發代表計劃的投資，以增加管道和轉換率。

These efforts are clearly resulting in traction with the medical imaging community, and our commercial ramp will remain a primary focus. On another promising note, a growing number of customers with our clinics installed are actively referring and scanning patients.

這些努力顯然對醫學影像界產生了影響，而商業化推廣仍將是我們的首要關注點。另一個令人欣慰的跡像是，越來越多安裝了我們診所的客戶正在積極地轉診和掃描患者。

Among the notable customers, the Nanuar systems will soon be installed at Kaiser University Sarasota campus for training healthcare professionals, including live demonstrations and incorporation into Kaiser University Radiology Technology graduate program.

在知名客戶中，Nanuar 系統很快就會安裝在凱撒大學薩拉索塔分校，用於培訓醫療保健專業人員，包括現場演示和納入凱撒大學放射技術研究生課程。

We have also installed units in several imaging chains in California and New York. Of particular note, one of the largest medical imaging chains in the US with hundreds of locations from which we recently generated revenues have completed the installation of the ark and began arc application training for its technicians in the last week of July.

我們還在加州和紐約州的幾家影像連鎖店安裝了設備。特別值得注意的是，美國最大的醫學影像連鎖機構之一，擁有數百個分支機構，我們最近從中獲得了收入，該機構已於 7 月的最後一周完成了方舟的安裝，並開始為其技術人員進行方舟應用培訓。

This is the final step before patient scanning begins, and we expect this gene to start scanning patients in the third quarter. The chain is also preparing to extend our deployment to a second site within its network. As many of you are aware, we are supplementing our direct sales via channel partnerships in select markets, and in the US distributor partnerships we announced last quarter with AI and Swiss re are both fully completed and are off to good starts.

這是患者掃描開始前的最後一步，我們預計該基因將在第三季開始對患者進行掃描。該連鎖店還準備將我們的部署擴展到其網路內的第二個站點。大家可能都知道，我們正在透過特定市場的管道合作補充我們的直銷業務，而在美國，我們上個季度宣布與 AI 和瑞士再保險公司建立的分銷商合作夥伴關係均已全面完成，並且開局良好。

Additionally, we are in advanced negotiation with large distributor and equipment reseller with a presence throughout the US. To support these partnerships, we provide comprehensive training and onboarding, covering everything from system fundamentals and the clinical positioning to sales processes and contracting workflows.

此外，我們正在與美國各地的大型經銷商和設備經銷商進行深入談判。為了支持這些合作關係，我們提供全面的培訓和入職培訓，涵蓋從系統基礎和臨床定位到銷售流程和合約工作流程的所有內容。

Our goal is to equip our partners with the tools and knowledge they may need to confidentially re-engage their networks and promote the nano art. In part of our efforts to expand our go to market strategy, we're working on developing a future project. Nannu is developing a mobile imaging solution that integrates the NUSA system into a commercial vehicle.

我們的目標是為我們的合作夥伴提供他們可能需要的工具和知識，以便他們可以秘密地重新參與他們的網路並推廣奈米藝術。作為擴大市場策略的努力之一，我們正在致力於開發未來的專案。Nannu 正在開發一種將 NUSA 系統整合到商用車輛中的移動成像解決方案。

The mobile Nanoxar vehicle will serve as a traveling medical imaging center, visiting clinics to provide high quality diagnostic imaging without requiring patients to travel to central hospitals. The goal is to expand access to high quality imaging, improving patient reach, and create new opportunities for service delivery and revenue growth.

移動式 Nanoxar 車輛將作為移動醫學成像中心，訪問診所提供高品質的診斷成像，而無需患者前往中心醫院。目標是擴大獲得高品質成像的管道，提高患者覆蓋率，並為服務提供和收入成長創造新的機會。

Turning to our rapidly growing Nanus AI business, I'd like to share details of several product collaborations that we are working on.

談到我們快速發展的 Nanus AI 業務，我想分享我們正在進行的幾項產品合作的細節。

First, I'm pleased to announce that Naanox AI and a leading provider of advanced AI power and medical imaging solutions are collaborating to integrate Naox AI's liver and bone products with the providers, advanced visualization software.

首先，我很高興地宣布，Naanox AI 和一家領先的先進人工智慧和醫學影像解決方案提供商正在合作，將 Naox AI 的肝臟和骨骼產品與供應商的先進視覺化軟體結合。

This new partnership will allow us to extend the benefits of NUAI to a larger customer base, enhancing our collective offering and providing greater value to our users. Another commercial collaboration I can share is between NSAI and a leading company which provide an AI power health informatics with the aim of empowering breakthroughs in care through imaging.

這項新的合作關係將使我們能夠將 NUAI 的優勢擴展到更大的客戶群，增強我們的集體產品並為我們的用戶提供更大的價值。我可以分享的另一個商業合作是 NSAI 與一家領先公司之間的合作，該公司提供人工智慧健康資訊學，旨在透過成像推動護理領域的突破。

The collaboration leverages advanced AI for operational efficiency and improved clinical outcomes in London. In another recent example, we have signed an agreement with Deepsea to incorporate cardiac, bone, and liver products onto the deep sea platform, and Deepsea is a multinational company which markets an infrastructure platform, Deep COS designed to unify diverse radiology AI workflow across the enterprise.

此次合作利用先進的人工智慧來提高倫敦的營運效率並改善臨床效果。另一個最近的例子是，我們與 Deepsea 簽署了一項協議，將心臟、骨骼和肝臟產品整合到深海平台上，Deepsea 是一家跨國公司，其銷售基礎設施平台 Deep COS，旨在統一整個企業的不同放射學 AI 工作流程。

Having the AI solutions integrated within this platform will make our products available on a much larger potential customer base. Another collaboration that I'd like to share today is with CPIS. A leading provider of health informatics solutions with decades of experience partnering with clinical trials and research stakeholders, particularly in support of an a project.

將人工智慧解決方案整合到該平台將使我們的產品能夠覆蓋更廣泛的潛在客戶群。今天我想分享的另一個合作是與 CPIS 的合作。領先的健康資訊學解決方案提供商，擁有數十年與臨床試驗和研究利益相關者合作的經驗，特別是在支持某個項目方面。

NAI and CTIS have joined the force to pursue two NIH grants aimed at analyzing lung cancer in young vas users, which is acknowledged to be a looming health problem in the US. Needless to say, it is encouraging that a growing group of AI platform providers recognize the value of our technology and are taking the time to integrate the Naox AI solutions into their open architecture platform offering.

NAI 和 CTIS 聯手爭取兩項 NIH 資助，旨在分析年輕輸精管使用者的肺癌，這被認為是美國迫在眉睫的健康問題。毋庸置疑，越來越多的人工智慧平台供應商認識到我們技術的價值，並花時間將 Naox 人工智慧解決方案整合到他們的開放式架構平台產品中，這是令人鼓舞的。

Furthermore, as previously announced, we have finalized the collaboration between NAI and Ezra, a leading provider of full body MRI screening services. Initially, the collaboration included NOAI solutions integrated to ESRA Medical screening processes at 28 imaging center locations across the United States which feature AI powered full body MRI and CT scan to screen adults for early detection. Such as cancer and other serious conditions at their earliest and often most treatable stages.

此外，正如先前宣布的那樣，我們已經完成了 NAI 與全身 MRI 篩檢服務的領先提供者 Ezra 之間的合作。最初，合作包括將 NOAI 解決方案整合到美國 28 個影像中心的 ESRA 醫療篩檢流程中，這些解決方案採用人工智慧驅動的全身 MRI 和 CT 掃描對成年人進行篩檢以進行早期檢測。例如癌症和其他嚴重疾病，它們處於早期且通常最容易治療的階段。

The solution is now integrated into 5,050 sites with both the number of installations and the volume of steadily increasing. To continue our updates for NO AI, I'm pleased to report that the leading academic institution has launched a major collaboration with NAO AI, selecting three of our advanced artificial intelligence applications to power a new population health clinical study targeting asymptomatic individuals aged 70 and above. These marks another milestone in our ongoing academic collaboration.

該解決方案目前已整合到 5,050 個站點，安裝數量和容量都在穩步增加。為了繼續更新 NO AI 的最新動態，我很高興地報告，領先的學術機構已與 NAO AI 展開了一項重要合作，選擇了我們的三個先進的人工智慧應用程式來支援針對 70 歲及以上無症狀個體的新的人口健康臨床研究。這標誌著我們正在進行的學術合作的另一個里程碑。

We continue to partner with leading academic institutions that are leveraging our AI solutions. I can also report that we signed an agreement to provide naanox AI solutions to customers of Radiology Diagnostic Group RDG, a network of specialized senior radiologists offering rapid expert imaging interpretation, valuable second opinions, and detailed explanation of imaging findings. In addition, we recently partnered with a reseller in India to market nano AI solutions, securing two pilot projects. And positioned us to expand our footprint in the region.

我們將繼續與利用我們的人工智慧解決方案的領先學術機構合作。我還可以報告，我們簽署了一項協議，為放射診斷組 RDG 的客戶提供 naanox AI 解決方案，該組是一個由專業高級放射科醫生組成的網絡，提供快速的專家影像解釋、有價值的第二意見以及影像發現的詳細解釋。此外，我們最近與印度的一家經銷商合作，推廣奈米人工智慧解決方案，並獲得了兩個試點項目。並幫助我們擴大在該地區的業務範圍。

Moreover, we are strengthening our US presence with the expansion of our service and sales infrastructure to support growing market demand.

此外，我們正在擴大服務和銷售基礎設施，以加強我們在美國的業務，以滿足不斷增長的市場需求。

Turning to deployment and other activities outside of the US. We continue to advance along multiple fronts such as the EU market and where we feel that the model is an efficient way to make initial inroads into the various nations of the EU.

轉向美國境外的部署和其他活動。我們繼續沿著歐盟市場等多個方面前進，我們認為該模式是初步打入歐盟各國的有效方式。

We accelerated our efforts in the EU after NanoA was granted the CMA designation under EU MDR standards earlier this year. Our team recently met with our partner in Romania, Medi Imaging, which is the leading medical equipment supplier in the country.

今年早些時候，NanoA 在根據歐盟 MDR 標準獲得 CMA 認證後，我們加快了在歐盟的佈局。我們的團隊最近會見了我們在羅馬尼亞的合作夥伴 Medi Imaging，該公司是該國領先的醫療設備供應商。

It was a highly productive engagement which included a training session for medic sales personnel. The Next step is to launch the NOR in the annual Radiology congress in Romania with our new partner end of September. The system is ready for shipment for that purpose.

這是一次富有成效的活動，其中包括針對醫藥銷售人員的培訓課程。下一步是與我們的新合作夥伴於 9 月底在羅馬尼亞舉行的年度放射學大會上推出 NOR。為此目的，系統已準備好發貨。

This is an exciting step forward in making NAU's innovation and imaging solutions more accessible across Europe and promising to start bringing next generation medical imaging technology to Romania. We are currently working with our local partner in Greece to secure the required import permits.

這是令人興奮的一步，使 NAU 的創新和成像解決方案在整個歐洲更容易獲得，並有望開始將下一代醫學成像技術引入羅馬尼亞。我們目前正在與希臘當地合作夥伴合作以獲得所需的進口許可證。

That are engaged in advanced discussions with additional potential partners in the region. We will continue to focus on the large EU market and expect that our strong business momentum will continue in many other European countries in 2025 and beyond.

正在與該地區其他潛在合作夥伴進行深入討論。我們將繼續專注於龐大的歐盟市場，並預計我們強勁的業務勢頭將在 2025 年及以後在許多其他歐洲國家繼續保持。

In Latin America, we're also pursuing the import license to ship to demo units, to distributor in Mexico, and I will provide an update when I have something material to share. The company notified the FDA of its intent to submit the TA 2D software module to the FDA through the 510K program.

在拉丁美洲，我們也正在申請進口許可證，以便將演示單元運送到墨西哥的經銷商處，當我有材料可以分享時，我會提供更新資訊。該公司已通知 FDA，其打算透過 510K 計畫向 FDA 提交 TA 2D 軟體模組。

Step 2D submission purpose to receive clearance for 2D image output for naan AR system. A practical tool for a geologist to enhance their diagnostic confidence as they become more experienced evaluating BTS images.

步驟 2D 提交的目的是獲得 naan AR 系統 2D 影像輸出的許可。隨著地質學家在評估 BTS 影像方面經驗越來越豐富，這是一種實用工具，可以增強他們的診斷信心。

Step 2D, once cleared, will be part of a wider vision held by Naanox to alleviate adjunctive use limitations in the future.

Step 2D 一旦獲得批准，將成為 Naanox 更廣闊願景的一部分，旨在緩解未來輔助使用的限制。

Moving on to the clinical work that helps support all of our efforts by generating data supporting the use of our solutions. As I mentioned in my introductory remarks, we have several successes to share today, including our collaboration with Kaiser University and our ongoing partnership with Duke University Center for Virtual Cloud.

繼續進行臨床工作，透過產生支持使用我們的解決方案的數據來幫助支持我們的所有努力。正如我在開場白中提到的，我們今天有幾個成功案例可以分享，包括與凱撒大學的合作以及與杜克大學虛擬雲端中心的持續合作。

We have mentioned the Duke Partnership on previous calls, and I am now able to share that this collaboration has resulted in the publication of a new paper that has just been published. In collaboration with Dr. Esham's team at the Center for Virtual Imaging Trials CIT, we have seen promising results of the potential values of our digital themosynthesis, the GPS configuration in handling patient motion as opposed to standard linear configuration DTS system.

我們在之前的電話會議中提到過杜克合作關係，現在我可以分享的是，這次合作促成了一篇剛發表的新論文的發表。透過與虛擬成像試驗中心 CIT 的 Esham 博士團隊合作，我們看到了數位熱合成的潛在價值以及 GPS 配置在處理患者運動方面（與標準線性配置 DTS 系統相比）的良好結果。

Patient movement during image acquisition can adversely affect the quality of medical image, and the study shows the benefits that none of our configuration has the potential to effectively manage this issue. The study addressed various types of patient motions and showed that the naanoxar configuration is less susceptible to motion induced artifacts.

影像擷取過程中病患的移動會對醫學影像的品質產生不利影響，研究表明，我們的任何配置都無法有效地解決這個問題。該研究涉及了各種類型的患者運動，並表明 naanoxar 配置不易受到運動引起的偽影的影響。

The data and conclusions of the study have now been published in Biomedical Physics and Engineering Express, making key opinion leaders aware of the value of the nanos art for surmounting a common imaging challenge. Earlier I acknowledged the value of bringing medical imaging experts and leaders onto the team.

研究的數據和結論現已發表在《生物醫學物理與工程快報》上，讓關鍵意見領袖意識到奈米藝術對於克服常見影像挑戰的價值。我之前就認識到將醫學影像專家和領導者引入團隊的價值。

And with that goal in mind, we have recently strengthen our medical advisory board with two new additions. Dr. Laurence Tannenbaum is an active consultant in the medical imaging space. He's a long term collaborator with the medical imaging industry and continues to chair advisory boards for imaging, OEM Pharma, and AI concern.

為了實現這一目標，我們最近又增加了兩名新成員來加強我們的醫療顧問委員會。Laurence Tannenbaum 博士是醫學影像領域的活躍顧問。他是醫學影像產業的長期合作夥伴，並繼續擔任影像、OEM 製藥和人工智慧領域的顧問委員會主席。

He has interest in developing applications for AI and machine learning, concert agents, MRCP, and advanced surrendering. Dr. Tenenbaum served as Vice President and Chief Technology Officer and director of advanced imaging at Tranet from 2015 to 2024.

他對開發人工智慧和機器學習、音樂會代理、MRCP 和高級投降的應用程式感興趣。2015 年至 2024 年，Tenenbaum 博士擔任 Tranet 副總裁兼首席技術長兼高級成像總監。

Second, George Spada is a medical imaging executive with over 25 years of global leadership experience. He has held senior roles at AGFA and Phillips, specializing in imaging technologies and digital health transformation. He's an expert in bringing innovation to market and scaling customer centric, tech driven healthcare solutions.

其次，喬治·斯帕達是一位擁有超過 25 年全球領導經驗的醫學影像主管。他曾在 AGFA 和 Phillips 擔任高階職位，專門從事成像技術和數位健康轉型。他是將創新推向市場並擴展以客戶為中心、技術驅動的醫療保健解決方案的專家。

We are excited to have these talented individuals joined the Arabs team as we seek to innovate and change the medical imaging landscape. Our Ethiopian leaders strategy is evolving into a structure segmented model that includes visionary leaders, clinical collaborators, and show sites. This approach enabled us to amplify our clinical voice while supporting pre-sales activities and better testing in targeted specialties such as orthopedic and lung cancer screening.

我們很高興這些才華橫溢的人才加入阿拉伯團隊，我們致力於創新和改變醫學影像領域。我們的埃塞俄比亞領導者策略正在演變為一個結構分段模型，其中包括有遠見的領導者、臨床合作者和展示地點。這種方法使我們能夠擴大我們的臨床聲音，同時支援售前活動和在骨科和肺癌篩檢等目標專業領域進行更好的測試。

Together, these efforts for a cohesive clinical narrative that supports commercialization, enhance credibility and driven adoption position as a category defining innovator in digital radiology. We continue close collaboration with our OEM partners during the supply of components needed as our AR deployment continues.

共同努力，形成一個支持商業化的、有凝聚力的臨床敘述，提高可信度，並推動採用，成為數位放射學領域定義類別的創新者。隨著我們的 AR 部署繼續進行，我們在供應所需組件期間繼續與我們的 OEM 合作夥伴密切合作。

Furthermore, we are seeking partnership with additional providers of unique imaging equipment to develop new and innovative uses of our 3D thermosynthesis technology. Additionally, in Q2, we met with multiple companies across a handful of areas. We believe our technology provides unique and even disruptive technical benefits.

此外，我們正在尋求與其他獨特成像設備供應商合作，以開發我們的 3D 熱合成技術的新穎用途。此外，在第二季度，我們與多個地區的多家公司進行了會面。我們相信我們的技術能夠提供獨特甚至顛覆性的技術優勢。

These companies were approached based on an exhaustive review of their applications, market position, our perceived product fit, and of course the commercial opportunity potential. Having received several requests for additional data and/or testing results, we are now reviewing, prioritizing and formulating responses outlined proposed next steps.

我們對這些公司的應用、市場地位、我們認為的產品適合度以及商業機會潛力進行了詳盡的審查，然後才與這些公司進行了接觸。在收到幾份要求提供額外數據和/或測試結果的請求後，我們現在正在審查、確定優先順序並製定概述擬議後續步驟的回應。

New applications and business development efforts take time, but this activity level demonstrate our continuous probing for new use cases and applications for our differentiated imaging technology. I'd also like to follow up on my comments regarding Vex from our last call. We are sourcing glass tubes from VE for our units as they are more economical than ceramic and advantageous for our application.

新應用和業務開發工作需要時間，但這種活動水平表明我們正在不斷探索差異化成像技術的新用例和應用。我還想跟進一下我們上次通話中關於 Vex 的評論。我們從 VE 採購玻璃管用於我們的設備，因為它們比陶瓷管更經濟，並且對我們的應用更有優勢。

At this time I shared thatarex had delivered tubes for use in the newly developed Nannu ark and that Nannu has technical staff at Varex's facility for validation and training on multiple source demo units. The Arc team in Israel began system integration of VX tubes into the AC X earlier this month, and we approached the time to start manufacturing the new arc-X at scale to meet anticipated customer demand.

當時我分享了 Varex 已交付用於新開發的 Nannu 方舟的管道，並且 Nannu 在 Varex 的工廠擁有技術人員，可以對多個源演示單元進行驗證和培訓。本月初，以色列 Arc 團隊開始將 VX 管系統整合到 AC X 中，我們即將開始大規模生產新的 arc-X，以滿足預期的客戶需求。

Also delivery of the first multi-source demonstrator from Var is anticipated later this month. With regard to mass production, we have recently entered into a multi-year volume supply agreement with Farinet, a leading global electronics manufacturing services provider, to support the scalable production of advanced medical imaging.

預計本月稍後 Var 將交付第一台多​​源演示器。在大規模生產方面，我們最近與全球領先的電子製造服務提供商 Farinet 簽訂了多年期批量供應協議，以支持先進醫學成像的可擴展生產。

Under this agreement, Fabrett will provide contract manufacturing services, including assembly, testing, procurement, and quality control, ensuring a reliable and cost effective product delivery aligned with no specification.

根據該協議，Fabrett 將提供合約製造服務，包括組裝、測試、採購和品質控制，確保可靠且經濟高效地交付符合任何規範的產品。

The long term agreement will help to ensure stable and high quality manufacturing as well as flexible production and forecasting to support our anticipated growth.

長期協議將有助於確保穩定和高品質的製造以及靈活的生產和預測，以支持我們預期的成長。

In addition to manufacturing services, will support regulatory compliance, quality assurance, and continuous improvement processes to help optimize the efficiency of the manufacturing process. We believe this collaboration will drive down our manufacturing costs over time and strengthen our global supply chain, which will in turn support our mission to expand access to innovative, affordable imaging techno technology worldwide.

除了製造服務外，還將支援法規遵循、品質保證和持續改進流程，以幫助優化製造流程的效率。我們相信，此次合作將逐漸降低我們的製造成本，並加強我們的全球供應鏈，從而支持我們在全球擴大創新、經濟實惠的成像技術的使命。

Thank you, Erez.

謝謝你，埃雷茲。

We reported the GAAP net loss for the second quarter of 2025 of $14.7 million which is the reported period compared with the net loss of $13.6 million in the second quarter of 2024, which is the comparable period. The increase in net loss was mainly due to the increase of $0.4 million in our gross loss and $1.0 million in our finance expense net, which was mitigated by a decrease of $0.4 million in our operating expenses.

我們報告了 2025 年第二季的 GAAP 淨虧損 1,470 萬美元，這是報告期，而 2024 年第二季的淨虧損為 1,360 萬美元，這是可比期。淨虧損增加主要是因為我們的總虧損增加了 40 萬美元，財務費用淨額增加了 100 萬美元，但因我們的營運費用減少了 40 萬美元而得到彌補。

Revenue for the reported period was $3.0 million and gross loss was $3.2 million on a GAAP basis. Revenue for the comparable period was $2.7 million and gross loss was $2.9 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 320 萬美元。根據 GAAP 計算，同期營收為 270 萬美元，毛虧損為 290 萬美元。

Non-gap gross loss for the report period was $0.6 million as compared to a gross loss of $0.2 million in the comparable period, which represents a gross loss margin of approximately 21% on a non-gap basis for the reported period as compared to a gross loss margin of 9% on a non-gap basis in the comparable period.

報告期間內非缺口毛虧損為 60 萬美元，而同期毛虧損為 20 萬美元，這意味著報告期間內非缺口毛虧損率約為 21%，而同期非缺口毛虧損率為 9%。

Revenue from the teleaddiology services for the reporting period was $2.7 million with a gross profit of $0.5 million on a GAAP basis as compared to revenue of $2.5 million with a gross profit of $0.4 million on a GAAP basis in the comparable period, which represents a gross profit margin of approximately 18% on a gapta basis for the reported period. That compared to 15% on a GAAP basis in the comparable period. Non-gap gross profits of the company's several radiology services for the reported period was $1.0 million as compared to $0.9 million in that comparable period, which represents a gross profit margin of approximately 38% on a non-gap basis. For the reported period as compared to 37% on a non-gaov basis in the comparable period.

報告期間內，遠距教育服務收入為 270 萬美元，以 GAAP 計算的毛利為 50 萬美元，而去年同期以 GAAP 計算的收入為 250 萬美元，毛利為 40 萬美元，以 GAP 計算，報告期間的毛利率約為 18%。相比之下，去年同期以 GAAP 計算的比例為 15%。報告期間內，該公司多項放射科服務的非差距毛利為 100 萬美元，而同期為 90 萬美元，非差距毛利率約為 38%。報告期間內，非 GAOV 基礎上的年比為 37%。

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 reading services during the weekdays, weekends, and night shifts.

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率的提高、費率的提高以及公司工作日、週末和夜班的閱片服務的量增加。

During the reported period, the company generated revenue through the sale and deployment of its imaging systems and OEM services, which amounted to $221,000 for the reported period, with a gross of $1.7 million on a GAAP basis and non-gapta basis compared to revenue of $68,000 with a gross of $1.3 million on a GAAP basis and non-gap basis in the comparable period.

在報告期間內，該公司透過銷售和部署其成像系統和 OEM 服務創造了收入，報告期內收入達 221,000 美元，按 GAAP 基礎和非 GAP 基礎計算的毛利為 170 萬美元，而去年同期收入為 68,000 美元，按 GAAP 基礎和非 GAP 基礎計算的毛利為 130 萬美元。

The company's revenue from its AI solutions for the reported period was $0.1 million with a gross loss of $2.0 million on a GAAP basis compared to revenue of $0.1 million with a gross loss of $2.0 million in the comparable period.

報告期間內，該公司人工智慧解決方案的收入為 10 萬美元，以 GAAP 計算的毛虧損為 200 萬美元，而去年同期的收入為 10 萬美元，毛虧損為 200 萬美元。

Non-gap gross loss of the company's AI solutions for the reported period was $19,000 compared to a gross profit of $57,000 in the comparable period.

報告期間內，該公司人工智慧解決方案的非缺口毛虧損為 19,000 美元，而同期的毛利為 57,000 美元。

Research and development expenses net for the reported and comparable period were $4.8 million reflecting no change between the periods. Nevertheless, there was a decrease of $0.4 million in share-based compensation and $0.3 million in expense related to our development activities which were mitigated. By an increase of $0.3 million in salaries and wages and a decrease of $0.4 million in grants received.

報告期間和可比較期間的研發費用淨額為 480 萬美元，期間之間沒有變化。儘管如此，股權激勵減少了 40 萬美元，與我們的開發活動相關的費用減少了 30 萬美元，但這些影響得到了緩解。薪資和薪水增加 30 萬美元，收到的補助減少 40 萬美元。

Sales and marketing expenses for the reported period were $1.2 million compared to $0.8 million in the comparable period, which represents an increase of $0.4 million mainly due to an increase of $0.3 million in salaries and wages and $0.1 million in marketing activities with connections to the commercialization in the US market.

報告期間的銷售和行銷費用為 120 萬美元，而同期為 80 萬美元，增加了 40 萬美元，主要原因是薪資和薪水增加了 30 萬美元，以及與美國市場商業化相關的行銷活動增加了 10 萬美元。

General and administrative expenses for the reported period were $5.1 million compared to $5.9 million in the comparable period. A decrease of $0.8 million was mainly due to a decrease of $0.5 million in share-based compensation, a decrease of $0.5 million in the company's legal expenses. And a decrease of $0.2 million in DNO insurance expenses, which was mitigated by an increase of $0.2 million in salaries and wages.

報告期間的一般及行政開支為 510 萬美元，而去年同期為 590 萬美元。減少 80 萬美元主要是因為股權激勵費用減少 50 萬美元，公司法律費用減少 50 萬美元。DNO保險費用減少了20萬美元，但工資和薪水增加了20萬美元，彌補了這一減少。

Ngap net loss attributable to ordinary shares for the reported period was $10.9 million compared to $8.4 million in the comparable period. The increase of $2.5 million was mainly due to an increase of $0.4 million in non-gap gross loss, increase of $1.0 million in the non-gap operating expenses, an increase of $1.0 million in non-GAAP financial expenses.

報告期間內，Ngap 普通股淨虧損為 1,090 萬美元，去年同期為 840 萬美元。250 萬美元的增加主要是由於非差距毛損失增加 40 萬美元、非差距營運費用增加 100 萬美元、非 GAAP 財務費用增加 100 萬美元。

Turning to our balance sheet as of June 30th, 2025, with cash equivalents restricted deposits and marketable securities of approximately $62.6 million and adds $3.3 million in short term loans from a bank. We ended the quarter with a property and equipment net of $46.1 million.

回顧我們截至 2025 年 6 月 30 日的資產負債表，現金等價物限制存款和有價證券約為 6,260 萬美元，並增加了 330 萬美元的銀行短期貸款。本季末，我們的財產和設備淨值為 4,610 萬美元。

As of June 30, 2025 and December 31, 2024, with approximately $63.9 million and 63.8 million shares outstanding respectively.

截至 2025 年 6 月 30 日及 2024 年 12 月 31 日，流通股數分別約為 6,390 萬美元及 6,380 萬股。

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

就這樣，我將結束與埃雷茲的通話。

Thank you, all for joining us today quarterly. We appreciate the ongoing support from our investors, which is vital in helping us achieve our vision of making medical imaging more accessible worldwide and improving patient outcomes.

感謝大家今天加入我們的季度活動。我們感謝投資者的持續支持，這對於幫助我們實現讓醫學影像在全球範圍內更容易獲得併改善患者治療效果的願景至關重要。

NU has made progress venting our NUAI business on multiple fronts and the deployment of the Nanuar system in the second quarter, and we are on pace to meet our target of 100 units in the deployment by year's end, the revenues expected in the second half of 2025.

NU 在多方面拓展 NUAI 業務以及第二季度部署 Nanuar 系統方面取得了進展，我們預計在年底前實現部署 100 台設備的目標，預計在 2025 年下半年實現收入。

We are seeing a growing and increasingly robust manufacturing pipeline, and we are proud to mark a breakthrough in the European market with the first system ready for shipment and working on enlarging our network.

我們看到製造管道不斷增長且日益強大，我們很自豪能夠在歐洲市場取得突破，第一個系統已準備好發貨，我們正在努力擴大我們的網路。

By expanding our systems output with a 2D view image, we reaffirm our commitment to continuous product enhancement in line with the evolving market needs.

透過使用 2D 視圖影像擴展我們的系統輸出，我們重申了我們根據不斷變化的市場需求不斷改進產品的承諾。

Alongside our commercial efforts, we are executing a robust clinical program designed to product dating supporting the use case of nanoCR technology. We continue to partner with the leading academic institutions that are leveraging our AI solution and engaging leaders who can partner with NO to drive behavior change in the medical imaging sector.

除了商業努力之外，我們還在執行一項強大的臨床計劃，旨在支援 nanoCR 技術用例的產品約會。我們將繼續與利用我們的人工智慧解決方案的領先學術機構合作，並吸引能夠與 NO 合作推動醫學成像領域行為改變的領導者。

I'm proud of our team's diligent execution of our multi-faceted growth strategy. If you would like an update call with the team, please contact our investor relations partners at ICR Healthcare.

我為我們團隊勤奮執行多方面成長策略感到自豪。如果您想與團隊進行最新通話，請聯絡 ICR Healthcare 的投資者關係合作夥伴。

Thanks, again for your time and attention today, and we look forward to our next update.

再次感謝您今天的時間和關注，我們期待下一次更新。

(Operator Instructions)

（操作員指示）

Ross Osborn, Cantor Fitzgerald.

羅斯奧斯本、康托費茲傑拉。

So starting off, how many systems were operating during the quarter that resulted in 221,000 in imaging related revenue?

那麼首先，本季有多少個系統在運行，產生了 221,000 美元的成像相關收入？

Can you repeat the question?

你能重複一下這個問題嗎？

Yes, how many systems were operating during the quarter, meaning scans were being performed that resulted in your reported 221,000 in imaging related revenue?

是的，本季度有多少系統在運行，這意味著有多少個掃描正在進行，從而產生了您報告的 221,000 美元的成像相關收入？

Out of the 100 that we are currently targeting for the end of the year and and the and the more than 60 that we published last time.

我們目前的目標是在今年年底前發布 100 個，而上次我們發布了 60 多個。

Yes, so I guess out of those 60 or however many are in the field, how many systems were operating, meaning that patients were being scanned.

是的，所以我猜想在這 60 個或無論有多少個在現場的系統中，有多少個系統正在運行，這意味著患者正在接受掃描。

Okay, so right now more than 20 are operating and scanning patients and all the numbers that we gave last time have increased. So the number of operating systems, the number of the systems which are being in the process to install.

好的，現在有超過 20 名患者正在接受手術和掃描，我們上次給出的數字都有所增加。因此，作業系統的數量，正在安裝的系統的數量。

The number of fleets have grown exponentially that we are currently dealing with, namely the the deal flow.

我們目前正在處理的船隊數量呈指數級增長，即交易流量。

Right now, as previously indicated, we are, we can say that the 100 that we are talking about are identified, so we know each one of them, almost each one of them, when it's going to be installed and when it's going to be shipped and start to operate.

現在，正如前面所指出的，我們可以說，我們談論的 100 個已經確定，所以我們知道每一個，幾乎每一個，什麼時候安裝，什麼時候發貨並開始運行。

Okay, that's great to hear. And then looking at those 100 leads, are you expecting any of those to be capital sales, or should we assume they will all be placed via the MSA model?

好的，很高興聽到這個消息。然後看看這 100 個線索，您是否預計其中會有任何一條是資本銷售，或者我們是否應該假設它們都將透過 MSA 模型來投放？

I would say that a part of them will be cuts.

我想說其中一部分將被削減。

Great and then lastly, how many states in the United States are you now approved in for users to operate a system?

太好了，最後，您現在在美國有多少州批准用戶作業系統？

Right now, 8.

目前，8。

Scott Henry, AGP.

斯科特·亨利（Scott Henry），AGP。

I guess first to follow up on the placements of units, could you talk about the current revenue model? Is it, mostly subscriptions, versus CapEx in licensing? Just trying to get an idea of how that model's evolved, as the launch has continued.

我想先跟進單位的配置情況，您能談談目前的收入模式嗎？主要是訂閱，而授權是資本支出嗎？只是想了解隨著發布的繼續，該模型是如何演變的。

You want to go ahead, yeah.

你想繼續，是的。

So as we have discussed in the past, our leading model is the model, but as we said, also in the past we are we are we do want to do some cap.

因此，正如我們過去所討論的那樣，我們的主要模型就是模型，但正如我們所說，過去我們也確實想做一些上限。

Just to remind you, we said in the process all the sales in the European countries will be in the caps are distributors and in the US we expect to be a mixture of cap CapEx cells and models. Some other territories will be probably or CapEx cells depends on the traits of the geographics.

只是提醒您，我們在此過程中表示，歐洲國家的所有銷售都將由分銷商進行，而在美國，我們預計將採用 Cap Ex 單元和模型的混合形式。其他一些地區可能是資本支出單元，這取決於地理特徵。

On just looking at the quarterly revenues, the AI solutions line, it moves around a lot and the numbers are pretty small, but I'm just, that would be the 96,000 reported in 2. Could you give us a sense of of where that number should go going forward? I mean, should we start to see more, trends evolve as opposed to kind of a lot of volatility in it currently?

僅從季度收入來看，人工智慧解決方案系列的收入波動很大，而且數字相當小，但我認為，這將是 2 季報告的 96,000。您能否告訴我們這個數位未來該如何改變？我的意思是，我們是否應該開始看到更多趨勢的演變，而不是當前的大量波動？

The answer is yes. From the AI point of view, we have indicated already that 2026 will be a break even in terms of revenues and expenses of the AI. We see a continuous growth in almost each one of the places that they are located, the system.

答案是肯定的。從人工智慧的角度來看，我們已經指出，到 2026 年，人工智慧的收入和支出將實現收支平衡。我們看到，幾乎在它們所在的每一個地方，系統都在持續成長。

Bear in mind that with respect to the AI, we have a lot of we have a lot of impact coming from the revenue recognition policy. So though, for example, we do install the systems, we get annual payments right now. So from a cash flow point of view, we are by far more than the number that you see in the quarter.

請記住，就人工智慧而言，我們受到收入確認政策的很大影響。例如，儘管我們確實安裝了系統，但我們現在獲得的是年度付款。因此，從現金流的角度來看，我們的現金流遠遠超過了本季所看到的數字。

And the the other thing that should be noticed is the fact that for example, as ra Medical, the one that was mentioned last time and this time as well is growing exponentially in terms of the numbers and this is going to be part of the really growing activities that that we see, the B2B2C, and we have a similar agreement that we announced today that was signed that is going to be from our point of view even double than the revenues which will be generated from.

另一件需要注意的事情是，例如上次和這次提到的 ra Medical，其數量正在呈指數級增長，這將成為我們所看到的真正不斷增長的活動的一部分，即 B2B2C，我們今天宣布簽署了一項類似的協議，從我們的角度來看，該協議的收入甚至是其產生的收入的兩倍。

As era with respect to the OEM is basically it's when when it comes, we register and we only when we ship the the numbers. So I think that the 2026 will probably be more of an indication of the numbers that will show the growth that we're talking about in the agreements that we signed.

對於 OEM 來說，基本上就是在它到來時，我們進行註冊，並且只有在發貨時才提供號碼。因此，我認為 2026 年可能更能反映我們在簽署的協議中談到的成長的數字。

Okay great thank you and then just quickly on operating expenses, any trends we should expect, I mean it's been pretty consistent around that kind of 11 million to 12 million a quarter range. Should we expect that to continue going forward and you know I guess it. Probably the 2026 time frame as well.

好的，非常感謝，然後快速談談營運費用，我們應該預期任何趨勢，我的意思是它一直保持在每季 1100 萬到 1200 萬美元左右的範圍內。我們是否應該期待這種情況繼續發展，你知道我猜是的。可能也是 2026 年的時間範圍。

When would you expect to start seeing the quarterly losses start to decline? I know it's an expensive business model, but at some point you reach that inflection where the revenues start to outweigh the cost. Just trying to get an idea of when that is. So, there's two questions in there.

您預計季度虧損何時會開始下降？我知道這是一種昂貴的商業模式，但到了一定時候，你就會達到收入開始超過成本的轉捩點。只是想知道那是什麼時候。這裡有兩個問題。

Yes, so, with regards to the office itself, you see there's, it's correct that it's maintaining the same level in the past few orders, and that comes for more efficiencies and more more measurements that we do to maintain the level of the expenses and to keep our to the minimum. On the other hand.

是的，就辦公室本身而言，您看，在過去的幾個訂單中它確實保持了相同的水平，這是為了提高效率和進行更多的測量，以維持費用水平並將我們的費用保持在最低水平。另一方面。

You see an increase of our sales and marketing expenses as a result of the deployment in the US market and the increasing in our sales and marketing activities. All in all, it's a trade off for once we increase in one place, we do decrease in one place and we try to maintain the same level of expenses and as we have said before and in the past.

由於我們在美國市場的部署以及銷售和行銷活動的增加，我們的銷售和行銷費用有所增加。總而言之，這是一種權衡，一旦我們在一個地方增加，我們就會在一個地方減少，並且我們會嘗試保持相同的支出水平，就像我們以前和過去所說的那樣。

Once you see, especially in the second half of this year and going forward when you're going to see that the revenue alleviating, then you should see a decrease in the operating loss and the burn, etc.

一旦你看到，特別是在今年下半年以及未來，當你看到收入減少時，你就會看到經營虧損和燒錢等減少。

Jeffrey Cohen, Ladenburg.

傑弗裡·科恩，拉登堡。

Firstly, could you talk about studies and submittals and publications and presentations in the back half of the year specifically around RSNA and your activities headed into RSNA.

首先，您能否談談今年下半年特別是圍繞 RSNA 的研究、提交、出版物和演示以及您在 RSNA 開展的活動。

So, towards the RSNA we have, we're going to submit, not we have submitted already. Actually, we will present the the full nanoento and solution, and the high profile industry event in the first time that we're going to be there. We are going to to present the ArcX including. That we are going to show the first in the first installation or the first, AI interpretation on the, as part of the RX system.

因此，對於我們已有的 RSNA，我們將要提交，而不是已經提交。實際上，我們將在第一次參加展會時展示完整的奈米技術和解決方案以及高調的行業盛會。我們將介紹包括 ArcX 在內的內容。我們將在第一個安裝中展示第一個，或第一個 AI 解釋，作為 RX 系統的一部分。

And we are planning to to we've submitted a cli one clinical paper that is going to be on the MSK. I mentioned it to you earlier in the In the, and when we are talking with, I was talking about a few minutes ago in the in the earnings prepared remarks. And we are going to present at the AI theater, we're going to have a presentation made by Our Chief Medical Officer and we are going to include our key opinion leaders that will talk in various stages during the during the show, especially Dr. Tannenbaum and and Yeah.

我們計劃提交一份將在 MSK 上發表的 CLI One 臨床論文。我之前在和你們交談時提到過這一點，幾分鐘前我在收益準備發言中談到了這一點。我們將在 AI 劇院進行展示，我們的首席醫療官將進行演講，我們將邀請我們的關鍵意見領袖在演出期間的各個階段進行發言，特別是 Tannenbaum 博士和 Yeah。

Yes, okay, sorry, I just lost you there for a second.

是的，好的，抱歉，我剛才把你弄丟了。

Thank you for that. So, and as a follow up there, could you talk about geography specifically as far as both art placements as well as data solutions into the balance of this year and throughout perhaps 26 and 27 as far as countries and regions of geographical presence and where you expect some nice uptake.

謝謝你。那麼，作為後續問題，您能否具體談談地理方面的問題，例如今年以及 26 和 27 年藝術展示和數據解決方案在地理分佈國家和地區方面的情況，以及您預計哪些地區會出現良好的增長。

Okay. So, first of all, we have indicated today in my remarks that the the focus, will be in the US. Both for the AI and for the, arc as well. And this will be a major part of our efforts, including the number of people that are going to be dedicated to the sales and marketing, efforts.

好的。首先，我們今天的演講中已經表明，重點將放在美國。對於 AI 和弧線來說都是如此。這將是我們努力的主要部分，包括致力於銷售和行銷工作的人員數量。

In addition, we are planning to focus on the EU countries right now. We have in our list approximately 8 countries. A few of them already signed and a few of them are in the process of being. Signed there shortly. We are very proud about the fact that less than half a year from the CE marks the first system is going to be sent to Europe and installed in Romania at our distributor.

此外，我們目前計劃將重點放在歐盟國家。我們的名單上有大約 8 個國家。其中一些已經簽署，還有一些正在簽署過程中。很快就在那裡簽名了。我們非常自豪，在 CE 標誌頒發後不到半年的時間裡，第一套系統將被發送到歐洲並安裝在羅馬尼亞的我們的經銷商處。

Next, probably in the line will be Greece. We are talking about a few like 3 or 4 countries in Europe, and this will be the second part. In addition, we are going to spend or dedicate efforts, including salespeople and the channel managers, the people that will focus on Mexico. Mexico is the country that we have already in agreement for quite some time, but the permit, the import license and the and the local certification takes time. The system is, we are talking about a few systems that will be sent to to Mexico.

接下來可能上榜的就是希臘。我們正在討論歐洲的 3 到 4 個國家，這將是第二部分。此外，我們還將投入或致力於銷售人員和通路經理等專注於墨西哥的人員。墨西哥是我們已經協議了相當長一段時間的國家，但是許可證、進口許可證和當地認證需要時間。該系統是，我們正在討論將發送到墨西哥的幾個系統。

They are ready to be shipped. We are waiting for the permit in the, very near future. We are, negotiating right now for another few countries in Latin America that will be part of it. The one thing that I'm saying is that right now, the Far East. Is is not going to be the first priority, although we have already a distributor that is working on the On the license in Korea, but the rest will wait.

它們已準備好發貨。我們正在等待不久的將來獲得許可證。我們目前正在為拉丁美洲另外幾個國家加入該協議進行談判。我現在要說的一件事是遠東。雖然我們已經有一個經銷商正在韓國辦理許可證，但這不會是首要任務，但其餘的事情還要等待。

We are not going to focus or spend a lot of time on Africa right now until we get more clarity on the economy situation of the countries that we are working with.

在我們更清楚地了解與我們合作的國家的經濟狀況之前，我們現在不會把重點放在非洲，也不會花太多時間在非洲。

But but in terms of the AI that that that you ask right now US is the is the primary market. Europe is 2nd and Latin America is 3rd, although we have also we mentioned that we have already 2 pilots in India. We have 11 system already installed in Thailand, and this is in addition to what we say in terms of the OEM.

但是就您現在詢問的人工智慧而言，美國是主要市場。歐洲位居第二，拉丁美洲位居第三，儘管我們也提到過，我們在印度已經有 2 名飛行員。我們在泰國已經安裝了 11 個系統，這還不包括我們所說的 OEM。

Basically we are working on an international basis. We have a one customer in Europe.

基本上，我們的工作是在國際基礎上進行的。我們在歐洲有一個客戶。

One big customers and one big customers in the US also in Israel that we have one other market that I didn't mention, but it's part of the efforts in Israel. We have all the systems in Israel are installed in hospitals and. And right now we are planning to install a few of the AI systems similar to the one that we have Dera Medical in Israel as well.

我們有一個大客戶，一個美國大客戶，還有一個以色列大客戶，我們還有一個我沒有提到的市場，但這是我們在以色列努力的一部分。我們在以色列的所有系統都安裝在醫院。目前，我們正計劃安裝一些類似以色列 Dera Medical 的人工智慧系統。

Sorry for the long answer, but the detailed one.

抱歉回答太長，但很詳細。

The one thing that I would say Jeff is basically from the, for the, from the call, what you can see is that we are really playing across the whole court with the with the business development in the in the workers' comp in the mobile units that we're talking about the future and from our point of view, there are no shortcuts. We go step by step. One after the other, we are really changing the standards of care and therefore it's very organized. It's widespread in terms of the areas that we're focused on and and we see the results of the way that we operate.

我想說的一件事是，傑夫，從電話會議中你可以看到，我們真的在整個球場上進行著業務發展，在工人補償方面，在移動單位方面，我們正在談論未來，從我們的角度來看，沒有捷徑。我們一步一步來。我們確實在不斷地改變護理標準，因此它非常有組織。就我們所關注的領域而言，它非常普遍，我們也看到了我們運作方式的成果。

This step by step and no shortcuts, we see the results that are coming time after the other quarter after quarter. We see the results, especially the efforts that we're making on the on the clinical side that I was talking about. I elaborated today quite a bit because when you want to change the standard of care, you have to dedicate a lot of time to brand awareness, to clinical education, to referring physicians.

循序漸進，沒有捷徑，我們一季又一季地看到了成果。我們看到了結果，特別是我在談到的我們在臨床方面所做的努力。我今天詳細闡述了這一點，因為當你想改變護理標準時，你必須投入大量時間來提高品牌知名度、進行臨床教育、轉診醫生。

To explain the everything which relates to what's the value, what's the clinical value that you bring to the to the market and to the customers, and we see the results of it.

解釋與價值相關的一切，您為市場和客戶帶來的臨床價值是什麼，我們看到了它的結果。

And with that, this concludes the question answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

問答環節到此結束。感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。