Neuropace Inc (NPCE) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to Neuropace's first-quarter 2025 conference call. As a reminder, this call is being recorded. I would now like to turn the call over to Jeremy Feffer from LifeSci Advisors for a few introductory comments. Please go ahead.

下午好，歡迎參加 Neuropace 2025 年第一季電話會議。提醒一下，此通話正在錄音。現在我想將電話轉給 LifeSci Advisors 的 Jeremy Feffer，請其發表一些介紹性意見。請繼續。

Good afternoon. Thank you for joining us for Neuropace's first-quarter 2024 financial and operating results conference call. On today's call, we will hear from Joel Becker, Chief Executive Officer; and Rebecca Coon, Chief Financial Officer.

午安.感謝您參加 Neuropace 2024 年第一季財務與營運績效電話會議。在今天的電話會議上，我們將聽取執行長喬爾貝克爾 (Joel Becker) 的演講；和財務長麗貝卡·庫恩 (Rebecca Coon)。

Earlier today, Neuropace released financial results for the first quarter ended March 31, 2024. A copy of the press release is available on the company's website at neuropace.com. Before we begin, I would like to remind you that throughout this call, we will make statements that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

今天早些時候，Neuropace 發布了截至 2024 年 3 月 31 日的第一季財務表現。在我們開始之前，我想提醒您，在整個電話會議中，我們將做出包括聯邦證券法含義內的前瞻性陳述的陳述，這些陳述是根據美國《私人證券訴訟改革法案》的安全港條款制定的。

Any statements made during this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. All forward-looking statements, including those around neuro pacers projections, business opportunities, commercial expansion, market conditions, clinical trials, and those relating to our operating trends, and future financial performance, expense management estimates of market opportunity, and forecasts of market and revenue growth are based on current estimates and various assumptions.

本次電話會議期間所做的任何與未來事件、結果或績效的預期或預測相關的聲明均為前瞻性聲明。所有前瞻性陳述，包括有關神經起搏器預測、商業機會、商業擴張、市場狀況、臨床試驗的陳述，以及與我們的營運趨勢、未來財務表現、市場機會的費用管理估計以及市場和預測相關的陳述。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those implied by these forward-looking statements. And accordingly, you should not place undue reliance on these statements. For more detailed descriptions of the risks and uncertainties associated with our business, please refer to the Risk Factors sections of our public filings with the SEC, including our recent annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 5, 2024, and our quarterly report on Form 10-Q for the quarter ended March 31, 2024, to be filed with the SEC and any other reports that we may file with the SEC in the future.

這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述所暗示的結果或事件有重大差異。因此，您不應過度依賴這些陳述。有關與我們業務相關的風險和不確定性的更多詳細說明，請參閱我們向SEC 提交的公開文件中的風險因素部分，包括我們最近提交的截至2023 年12 月31 日的10-K 表格年度報告2024 年 3 月 5 日向 SEC 提交的報告，以及我們將向 SEC 提交的截至 2024 年 3 月 31 日的季度的 10-Q 表格季度報告，以及我們將來可能向 SEC 提交的任何其他報告。

This conference call contains time-sensitive information, which we believe is accurate only as of this live broadcast on May 8, 2024. Neurospace disclaims any intention or obligation, except as required by law to update or revise any financial projections or forward-looking statements, whether because of new information future events or otherwise.

本次電話會議包含時間敏感的信息，我們認為這些信息僅截至 2024 年 5 月 8 日的本次直播準確。無論是因為未來事件的新資訊還是其他原因。

And with that, I will now turn the call over to Neuropace's, Chief Executive Officer, Joel Becker. Joe?

現在，我將把電話轉給 Neuropace 的執行長 Joel Becker。喬？

Thank you, Jeremy, and good afternoon, everyone. I will start off today's call by reviewing our performance in the first quarter and key business priorities for the remainder of 2024.

謝謝傑里米，大家下午好。我將在今天的電話會議開始時回顧我們第一季的業績以及 2024 年剩餘時間的關鍵業務優先事項。

Before turning the call over to our CFO, Rebecca Kuhn, to present the details of our financial performance for the quarter ended March 31st, 2024, which will be followed by a Q&A session.

在將電話轉給我們的財務長麗貝卡·庫恩 (Rebecca Kuhn) 之前，她將介紹我們截至 2024 年 3 月 31 日的季度的財務業績詳細信息，隨後將進行問答環節。

Let's get started. We are pleased with the start to 2020 for reporting total revenue of $18.1 million for the first quarter, up 25% compared to the same period last year. Revenue for the quarter included strong year-on-year growth contributions from sales of the RNS System and at Dixie medical SEG products and contribution from our strategic biotechnology collaboration over the past year, we have worked to find a balance between investing in top-line growth and maintaining strong financial discipline across our business. We are proud of this success we have achieved on both of these fronts.

讓我們開始吧。我們對 2020 年開始感到高興，第一季總營收為 1,810 萬美元，比去年同期成長 25%。本季的收入包括來自 RNS 系統和 Dixie 醫療 SEG 產品銷售的強勁同比增長貢獻，以及過去一年我們的戰略生物技術合作的貢獻，我們努力在頂線投資之間找到平衡實現整個業務的增長並保持嚴格的財務紀律。我們為在這兩個方面所取得的成功感到自豪。

The first quarter was another example of this as we held our cash burn to $7.6 million, which included increased payments for variable compensation as a result of our strong operating performance. We are also pleased to have recently extended the maturity date of our term loan to September 30, 2026, further increasing the company's financial flexibility with those high-level comments about the quarter, providing an overview for today's update.

第一季是另一個例子，我們將現金消耗控制在 760 萬美元，其中包括由於我們強勁的經營業績而增加的可變薪酬支付。我們也很高興最近將定期貸款的到期日延長至 2026 年 9 月 30 日，透過有關本季度的高層評論進一步提高了公司的財務靈活性，為今天的更新提供了概述。

Let me now dive into some of the details that help drive this performance as we review the results and performance of the business in the first quarter of 2024. We are and will remain focused on execution of growth opportunities in our current target market, which is estimated to be approximately $2 billion annually. That offers significant near term opportunities for growth in treating patients at comprehensive epilepsy centers in the US, while also investing in and executing on our longer-term strategy to expand our reach beyond these Level four centers and bring neuro paces total market opportunity to more than $55 billion.

現在，在我們回顧 2024 年第一季的業務結果和業績時，讓我深入探討有助於推動這一業績的一些細節。每年約20億美元。這為美國綜合癲癇中心治療患者的成長提供了重要的近期機會，同時也投資和執行我們的長期策略，以將我們的業務範圍擴大到這些四級中心之外，並將神經步伐總市場機會增加到超過550 億美元。

Our objective is to help close the treatment gap for drug-resistant epilepsy patients by expanding access to harness therapy through increasing adoption and utilization in Level four centers, expanding referrals to implants outside of Level four centers and expanding indications for our initial therapy, including to generalized epilepsy patients. Progress was made on this strategy in Q1 as we remain laser focused on increasing adoption of the RNS System.

我們的目標是透過增加四級中心的採用和利用、擴大對四級中心以外的植入物的轉診以及擴大我們初始治療的適應症，擴大獲得束帶療法的機會，從而幫助縮小抗藥性癲癇患者的治療差距，包括全身性癲癇患者。隨著我們繼續專注於增加 RNS 系統的採用，這項策略在第一季取得了進展。

One of the metrics we use to measure this progress is total active prescribers. And while we will not quantify this number, we were pleased to see this metric continue its upward trajectory and achieve an all-time high in the first quarter. We also made significant progress in hiring and training field representatives under the previously announced incremental expansion of our commercial organization.

我們用來衡量這項進展的指標之一是活躍處方者總數。雖然我們不會量化這個數字，但我們很高興看到該指標繼續呈上升趨勢，並在第一季達到歷史新高。在先前宣布的商業組織的逐步擴張中，我們在招募和培訓現場代表方面也取得了重大進展。

As these new representatives are now moving through our in-depth training and education program. We expect the majority of these representatives will complete these activities in the first half of the year and begin to be signed off and able to engage in independent field activities in the second half of the year.

這些新代表現在正在接受我們的深入培訓和教育計劃。我們預計這些代表中的大多數將在上半年完成這些活動，並在下半年開始簽字並能夠從事獨立的現場活動。

We expect that these representatives will also begin to have an impact on the second phase of our long-term strategy, expanding access to our initial therapy beyond Level four centers. Pilot program activities have begun in targeted areas, including professional education activities such as webinars symposia and peer-to-peer programs. This is accompanied by additional commercial activities such as the initiation of digital social media awareness programs, center contracting activities and the placement of representatives in targeted geographies.

我們預計這些代表也將開始對我們長期策略的第二階段產生影響，將我們初始治療的覆蓋範圍擴大到四級中心以外。試點計畫活動已在目標領域開始，包括網路研討會、研討會和同儕計畫等專業教育活動。同時，也開展了其他商業活動，例如啟動數位社交媒體意識計劃、中心承包活動以及在目標地區安置代表。

While it is still early in the rollout of these programs and they did not have a material impact on our results in the first quarter, we have begun to see both implant related activity as well as the identification of additional patients in need of Phase two monitoring and referral to level four centers. Additionally, the sales representatives that we have added are primarily focused in geographies where we have identified project care center expansion opportunities, along with supporting geographies where we have been experiencing revenue growth in our RNS and Dixie product lines. We look forward to updating you further on these activities as they progress.

雖然這些計劃的推出還處於早期階段，而且它們沒有對我們第一季的業績產生重大影響，但我們已經開始看到與植入相關的活動以及識別需要第二階段監測的其他患者並轉介至四級中心。此外，我們增加的銷售代表主要集中在我們已確定專案護理中心擴張機會的地區，以及支持我們的 RNS 和 Dixie 產品線收入成長的地區。隨著這些活動的進展，我們期待向您提供進一步的最新資訊。

Finally, the third phase of our new strategy is based on expanding the approved indications for the RNS System. This effort is currently focused on the pivotal Nautilus study in which all implants are complete and the trial is in the follow-up phase. We believe that the strong interest in this study is further evidence of the significant unmet need that exists for patients with drug-resistant idiopathic generalized epilepsy. As a reminder, the Nautilus trial requires evaluation of a primary safety endpoint and an effectiveness evaluation 12 months post-implant.

最後，我們新策略的第三階段是擴大 RNS 系統的核准適應症。目前這項工作的重點是關鍵的 Nautilus 研究，其中所有植入物均已完成，試驗正處於後續階段。我們相信，對這項研究的強烈興趣進一步證明了抗藥性特發性全身性癲癇患者存在著未滿足的重大需求。提醒一下，Nautilus 試驗需要對主要安全終點進行評估，並在植入後 12 個月進行有效性評估。

If approved, our RNS System would be the first device with an FDA approved indication for generalized epilepsy. This study has the potential to represent a highly meaningful market expansion opportunity in addition to the success our commercial team has had with our RNS System. We also continue to see revenue growth from our exclusive partnership with Dixie Medical to market and sell their diagnostic electrodes and related products products for epilepsy. This is a highly complementary offering to our Enos system, which provides our sales team with an additional opportunity to call on physicians have to CEC.'s.

如果獲得批准，我們的 RNS 系統將成為第一個獲得 FDA 批准的全身性癲癇適應症的裝置。除了我們的商業團隊在 RNS 系統方面的成功之外，這項研究還有可能代表一個非常有意義的市場擴張機會。我們也繼續看到與 Dixie Medical 的獨家合作夥伴關係帶來的收入成長，以行銷和銷售他們的癲癇診斷電極和相關產品。這是對我們的 Enos 系統的高度補充，它為我們的銷售團隊提供了拜訪 CEC 醫生的額外機會。

Lastly, we are pleased with the strategic collaboration we entered into with the biotechnology company in the fourth quarter of 2023 which completed an important additional milestone in the first quarter of 2024. We believe this groundbreaking collaboration is another example of the value our RNS System can provide through its proven ability to collect and analyze data, which is then used to generate insights that can help inform treatment strategies.

最後，我們對2023 年第四季與這家生物技術公司達成的策略合作感到高興，該合作在2024 年第一季完成了一個重要的額外里程碑。 RNS 系統價值的另一個例子透過其經過驗證的收集和分析數據的能力，然後將其用於產生有助於制定治療策略的見解。

With that as an overview of our operational progress, let me now turn the call over to Rebecca to review our financial results for the first quarter of 2024. Rebecca Kuhn?

作為我們營運進展的概述，現在讓我將電話轉給麗貝卡，回顧一下我們 2024 年第一季的財務表現。

Revenue for the first quarter of 2024 was $18.1 million, representing growth of 25% compared to $14.5 million for the first quarter of 2023. This growth was primarily driven by increased sales of our RNS System. We also generated meaningful revenue growth from sales of Dixie medical products. Replacement implant revenue continued to decline compared to the same period last year, and represented approximately 4% of total revenue. Gross margin for the first quarter of 2024 was 73.6% compared to 71.7% in the first quarter of 2023. Our gross margin for RNF products improved due to the increase in units produced and sold as our fixed manufacturing overhead costs were spread over more units. Our collaboration with a biotech company also made a contribution to our gross margins in the first quarter of 2024. The increase in gross margin was partially offset by the lower gross margin from distribution at Dixie medical products.

2024 年第一季的營收為 1,810 萬美元，與 2023 年第一季的 1,450 萬美元相比成長了 25%。我們也透過 Dixie 醫療產品的銷售實現了顯著的收入成長。替換植體收入與去年同期相比持續下降，約佔總收入的4%。 2024 年第一季的毛利率為73.6%，而2023 年第一季為71.7%。改善。我們與一家生技公司的合作也為我們 2024 年第一季的毛利率做出了貢獻。

R&D expense in the first quarter of 2024 was $5.8 million compared with $5.3 million in the same period of 2023. This increase was primarily driven by an increase in personnel related expenses.

2024 年第一季的研發費用為 580 萬美元，而 2023 年同期為 530 萬美元。

SG&A expense in the first quarter of 2024 was $15.1 million compared with $13.4 million in the prior year period. This increase was primarily due to personnel-related expenses, largely driven by the increase in our commercial team as well as severance costs due to personnel changes.

2024 年第一季的 SG&A 費用為 1,510 萬美元，而去年同期為 1,340 萬美元。這一增長主要是由於與人事相關的費用，主要是由我們的商業團隊的增加以及人事變動引起的遣散費所推動的。

Total operating expenses in the first quarter of 2024 were $20.9 million compared with $18.7 million in the same period of the prior year. Consistent with recent quarters, operating expenses as a percentage of revenue were lower for both R&D and SG&A expenses relative to the prior year period. This performance reflects our focus on driving revenue growth while also effectively managing our operating expenses.

2024 年第一季的總營運費用為 2,090 萬美元，去年同期為 1,870 萬美元。與最近幾季一致，研發和銷售、一般行政費用的營運費用佔收入的百分比均低於去年同期。這項業績反映出我們專注於推動營收成長，同時有效管理我們的營運費用。

We continue to focus on finding the appropriate resource allocation to balance these objectives, which we expect to continue throughout 2020 for loss from operations was $7.5 million in the first quarter of 2024 compared with $8.3 million in the prior year period. We recorded 2.3 million of interest expense in the first quarter of 2024 compared to $2 million in the prior year period.

我們繼續專注於尋找適當的資源分配來平衡這些目標，我們預計這一目標將持續到 2020 年，因為 2024 年第一季的營運損失為 750 萬美元，而去年同期的營運損失為 830 萬美元。 2024 年第一季度，我們記錄了 230 萬美元的利息支出，而去年同期為 200 萬美元。

Net loss was $8.9 million for the first quarter of 2024 compared with $10.4 million in the first quarter of 2023. As discussed previously, we have maintained a disciplined expense management strategy resulting in cash burn in the first quarter of 2024 of $7.6 million compared to $9.8 million in the first quarter of 2023. As a reminder, the first quarter of the fiscal year tends to be our highest cash flow quarter of the year, primarily due to the timing of compensation related payments.

2024 年第一季的淨虧損為890 萬美元，而2023 年第一季的淨虧損為1,040 萬美元。 760 萬美元，而2023 年第一季的現金消耗為9.8 美元2023 年第一季將達到100 萬美元。是由於與薪酬相關的付款時間所致。

Our cash and short-term investments balance as of March 31st, 2024, was $58.9 million. Our long-term borrowings totaled $58 million as of March 31, 2024, we announced today that we finalized an agreement with our lenders to extend the final maturity of our debt by one year to September 30th, 2026. We believe this extension further improves our overall financial position for guiding annual guidance for 2024. We continue to expect our total revenue to be in a range of 73 to $77 million, an increase of approximately 12% to 18%. This growth is expected to be mostly driven by an increase in sales of our RNS System with growth from sales of Dixie medical products continuing it make a meaningful contribution. We expect our gross margin to be in a range of 72% to 74% for 2024. Although we may see small variability due to fluctuations in the proportion of Dixie medical revenue and overall revenue and other factors, we expect operating expenses for 2024 to range between $80 million and $84 million, including approximately $12 million in stock-based compensation, a non-cash expense.

截至 2024 年 3 月 31 日，我們的現金和短期投資餘額為 5,890 萬美元。截至2024 年3 月31 日，我們的長期借款總額為5,800 萬美元，我們今天宣布，我們與貸方敲定了一項協議，將我們債務的最終期限延長一年至2026 年9 月30 日。這項延期進一步改善了我們的債務期限。這一成長預計將主要由我們的 RNS 系統銷售的成長推動，而 Dixie 醫療產品的銷售成長將繼續做出有意義的貢獻。我們預計 2024 年的毛利率將在 72% 至 74% 的範圍內。 8,000 萬至8,400 萬美元之間，其中包括約1,200 萬美元的股票薪酬（非現金支出）。

I would now like to turn the call back over to Joel for closing remarks. Joel?

我現在想將電話轉回喬爾，讓他發表結束語。喬爾？

Thank you, Rebecca. At neuro pace, we are focused on the opportunity to help close the treatment gap for drug-resistant epilepsy patients by expanding access to harness therapy. I look forward to continuing to execute on our growth strategy and to updating you on our progress throughout 2024. This concludes our prepared remarks. I would now like to turn the call over to the operator, we will open the call for questions.

謝謝你，麗貝卡。在 Neuropace 領域，我們專注於透過擴大安全帶治療的機會來幫助縮小抗藥性癲癇患者的治療差距。我期待著繼續執行我們的成長策略，並向您通報我們在 2024 年取得的最新進展。我現在想將電話轉給接線員，我們將打開電話詢問問題。

(Operator Instructions) Mike Kratky, Leerink Partners.

（操作員說明）Mike Kratky，Leerink Partners。

Hi, everyone. Thanks for taking our questions. Can you just provide some additional color on what assumptions are being factored into your current guidance range at this point based on the commercial experience you saw in 1Q? I know it's maybe a little bit difficult to answer, but how is the product level revenue that you saw in 1Q between RNS and Vicky really helping to shape any changes that you might be seeing from here? Thanks.

大家好。感謝您回答我們的問題。根據您在第一季度看到的商業經驗，您能否提供一些額外的信息，說明目前您目前的指導範圍中考慮了哪些假設？我知道這可能有點難以回答，但是您在第一季看到的 RNS 和 Vicky 之間的產品級收入如何真正幫助塑造您可能從這裡看到的任何變化？謝謝。

Thanks. Mike, that's a great question. And so Fumapharm, I mean, as we said in our prepared comments, we saw really good contributions across product lines here from a year on year from a growth perspective and so on. When we look at that, we take that into account as we think about the rest of the year as well as then a number of the activities that we mentioned that we have underway, whether that's the organizational expansion or the care activities or traction with with prescribers. So we roll that into how we're thinking about the year. And obviously, there's some some headwinds there as well that we talked about in terms of the replacement cycle, in particular of the and something here, in particular in the first half of the year. But when we when we take all that together, we feel like the the guidance that we've that we maintain with our comments today and that we'd issued a couple of months ago really represents our best view for what we expect for the business to generate in revenue here through the rest of the year with, again, good good performance and contribution from both sales of we are in the initial sales of the RNS systems as well as with Dixie.

謝謝。麥克，這是一個很好的問題。因此，Fumapharm，我的意思是，正如我們在準備好的評論中所說，從成長角度等角度來看，我們在各個產品線中逐年看到了非常好的貢獻。當我們考慮這一點時，我們會在考慮今年剩餘時間以及我們提到的我們正在進行的一些活動時考慮到這一點，無論是組織擴張還是護理活動或與處方者。因此，我們將其納入我們對這一年的思考中。顯然，我們在更換週期方面也談到了一些阻力，特別是在今年上半年。但是，當我們把所有這些放在一起時，我們覺得我們今天所堅持的以及幾個月前發布的指導確實代表了我們對業務期望的最佳觀點再次，我們在RNS 系統的初始銷售以及Dixie 的銷售中取得了良好的業績和貢獻，從而在今年剩餘時間內創造收入。

Understood. And yes, maybe just one follow-up to that. You had a nice seasonal 1Q and ultimately maintain the same guidance range for the year. Can you just confirm whether there was anything that you saw so far in 2Q? That's giving you pause about potentially raising the guidance range or really a lot of the same factors that were being considered initially?

明白了。是的，也許只是其中一個後續的行動。第一季的季節性表現不錯，並最終保持了今年相同的指導範圍。您能否確認一下您在第二季度到目前為止是否看到了什麼？這讓您對可能提高指導範圍或實際上與最初考慮的許多相同因素猶豫不決？

We're just as you mentioned, we are not too long ago talking about Q1 and and we're here today talking about Q1 and that quarter and guidance for the year. And really when we when we set the guidance and when we maintain and confirm that guidance. It's Swift with a full view of Q1 and then everything else that we've that we've seen as we look forward to the rest of the year, so it really is a combination of both what we saw here at the beginning of the year and that we had contemplated as well as then when we look at all those different factors going forward through the through the remainder of the year.

正如您所提到的，我們不久前正在談論第一季度，今天我們在這裡談論第一季度和該季度以及今年的指導。事實上，當我們設定指導以及維持和確認該指導時。它是 Swift 的第一季的完整視圖，然後是我們在展望今年剩餘時間時所看到的所有其他內容，因此它確實是我們在今年年初所看到的兩者的組合當我們考慮今年剩餘時間當裡所有這些不同的因素時，我們已經考慮過這一點。

Again, excited about a number of the opportunities here in front of us with a couple of noted headwinds as well.

再次，我們對眼前的許多機會感到興奮，但也面臨一些明顯的阻力。

Got it. Thanks very much.

知道了。非常感謝。

Thanks, Mike.

謝謝，麥克。

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，湖街資本市場。

Great. Thanks taking the questions. Congrats on the solid start to the year. I was hoping to follow up on your comment about new prescribers. Joel, I know you said you're not going to quantify that, but I was hoping maybe you could give a little bit more color on where those prescribers are are from and what I mean are they existing sites with new users who are now using the technology or are they new sites? And then just give us the kind of a refresher on how those you scale.

偉大的。感謝您提出問題。祝賀今年取得了良好的開端。我希望跟進您對新處方醫生的評論。喬爾，我知道你說過你不會量化這一點，但我希望你能對這些處方者來自哪裡提供更多的信息，我的意思是他們是現有網站，其中有新用戶正在使用技術還是新網站？然後讓我們回顧一下你是如何擴展這些的。

Great question, Frank, and yes, we were excited to see the new prescriber numbers there and in the way, that has been tracking in that metric. So the way that that we look at that it's the number of prescribers that have been associated with an initial R&S implant over the past 12 months. And so when we when we look at those and kind of look at where the prescriber prescribers coming from. It's a combination of adoption within both current as well as new centers. So we see them. We see them coming from both. But given the nature of where we're at today. A lot of it is increased adoption within current centers. So we get on new users and expansion of adoption of users with in centers in which we're present today. But there's also a component of them new users in new centers as well.

很好的問題，弗蘭克，是的，我們很高興看到新的處方者人數，並且一直在追蹤該指標。因此，我們看待過去 12 個月內與初始 R&S 植入相關的處方者數量。因此，當我們查看這些內容並查看處方者的處方來源時。這是現有中心和新中心採用的結合。所以我們看到了他們。我們看到它們來自兩者。但考慮到我們今天所處的性質。其中很大一部分是目前中心內採用率的提高。因此，我們今天所在的中心獲得了新用戶並擴大了用戶採用率。但其中也有一部分是新中心的新用戶。

Okay.

好的。

And then the second half of that, just thinking about how the new users are ramped up, what's the training process like? And how how do you think about when they start to do as many procedures maybe as the overall average prescriber?

然後是後半部分，只需考慮如何增加新用戶，培訓過程是什麼樣的？當他們開始做與整體平均處方者一樣多的手術時，您如何看待？

Doug, great. Question. And so as you might imagine, when you have a new user, it can take a little bit form to ramp up. And so just as we do with all new customers. We really start with the foundations and the basics of our NS. and neuromodulation therapy in their practice and then how they can incorporate in their practice and scale that up. So we have a a well understood and reproducible training and implementation model there for both understanding where our and it fits in their practice as well as how to scale it up in terms of patient selection and how to manage those patients. And so we really work to take people through that education process and adoption process in a really I described fashion that we've developed over time here.

道格，太棒了。問題。正如您可能想像的那樣，當您有了新用戶時，可能需要一些形式來提升。就像我們對待所有新客戶一樣。我們真正從 NS 的基礎和基礎開始。和神經調節療法在他們的實踐中，然後他們如何融入他們的實踐並擴大規模。因此，我們有一個易於理解且可重複的培訓和實施模型，可以幫助了解我們的方法和它在他們的實踐中的適合位置，以及如何在患者選擇和管理這些患者方面擴大規模。因此，我們確實致力於以我所描述的方式引導人們完成教育過程和收養過程，這是我們長期以來在這裡發展的。

Okay, perfect. And then if I could just sneak maybe one more in on the biotech agreement. Congrats on the milestone achievement. Can you quantify whether or not you received a milestone payments with that? And what portion of the $3.7 million total contract value that was?

好的，完美。如果我能再偷偷地參與一下生物技術協議的話。祝賀取得里程碑式的成就。您能否量化您是否收到了里程碑付款？這佔 370 萬美元合約總價值的哪一部分？

I'm sure Frank will try and give you a little more color. So just as a reminder, the total payments and revenue over the anticipated nine quarters and the collaboration is up to a total of $3.7 million. So that occurs over time. The payments and the revenue have some variation fairly dramatic. So we're not going to give you specifics, but yes, there are payments that are received along the way and of course, revenue recognized along the way. So I hope that's helpful.

我相信弗蘭克會盡力給你更多的色彩。提醒一下，預計九個季度的總付款和收入以及合作總計高達 370 萬美元。隨著時間的推移，這種情況就會發生。付款和收入有一些相當大的變化。因此，我們不會向您提供具體信息，但是，是的，一路上收到了一些付款，當然，一路上也確認了收入。所以我希望這有幫助。

Perfect. Thanks for taking the questions.

完美的。感謝您提出問題。

Thank you, Frank.

謝謝你，弗蘭克。

Mig, Wells Fargo.

米格，富國銀行。

Hey, good afternoon. Thank you for taking the questions and congrats on a nice quarter. I also had a follow up question on guidance. You had a pretty nice gross margin beat. Maybe just some additional color on what drove that, why not raise the gross margin guide for the year? And maybe just help us how to think about it for the year? And then I had a follow up, please.

嘿，下午好。感謝您提出問題，並祝賀您度過了一個愉快的季度。我還有一個關於指導的後續問題。你們的毛利率表現相當不錯。也許只是對推動這一趨勢的原因進行一些補充說明，為什麼不提高今年的毛利率指引值呢？也許只是幫助我們如何思考這一年？然後我有一個後續行動，請。

Sure. So our gross margin, Vivek increase year over year, largely due to the increase in units, R and S units produced and sold. And that means that our fixed overhead costs are spread over a larger number of units. We can see we continue to see nice leverage there. And we did see some contribution from our biotech collaboration. And, you know, as is always the case, the gross margin is reduced. Our gross margin has been reduced by the lower gross margin from from DXC.

當然。因此，我們的毛利率 Vivek 逐年增加，主要是由於生產和銷售的 R 和 S 單位數量的增加。這意味著我們的固定管理費用分散在更多的單位中。我們可以看到，我們繼續在那裡看到良好的槓桿作用。我們確實看到了我們的生物技術合作的一些貢獻。而且，你知道，一如既往，毛利率下降了。我們的毛利率因 DXC 的毛利率較低而降低。

Okay. And then a follow-up question I had was on project care. Maybe just help us understand where you are with the pilot programs and what metrics you'll be providing for us to track the progress.

好的。然後我提出的一個後續問題是關於專案護理。也許只是幫助我們了解您在試點計畫中的進度以及您將為我們提供哪些指標來追蹤進度。

Thank you, Cedric. Thank you. That's that's a great question. Thanks for bringing up that topic. So just in terms of the specifics of some of the programs were initiating programs really in two buckets of activities right now. One is in professional education activities. So when we've as I discussed in previous calls, we're taking a targeted approach here to initiation of activities with the pilot program.

謝謝你，塞德里克。謝謝。這是一個很好的問題。感謝您提出這個主題。因此，就某些計劃的具體情況而言，目前正在啟動兩類活動的計劃。一是在專業教育活動中。因此，正如我在之前的電話會議中所討論的那樣，我們正在採取有針對性的方法來啟動試點計劃的活動。

But within those targeted accounts, we're initiating a professional education programs, including educational symposia and webinars. I mentioned earlier in the question about new users and our plan in training for new users, we were engaging and professional education activities on some of those same topics here with these centers in terms of the foundations of our analysis and neuromodulation therapy and then the process and practice of including R and S as one of the treatment options within their practices.

但在這些目標帳戶中，我們正在啟動專業教育計劃，包括教育研討會和網路研討會。我之前在關於新用戶的問題以及我們的新用戶培訓計劃中提到，我們正在與這些中心就我們的分析和神經調節治療的基礎以及過程進行一些相同主題的專業教育活動以及將R 和S 作為其實踐中的治療選擇之一的做法。

So they learn to understand patient selection as well as patient management, programming reimbursement. All of the things that go along with really establishing this as part of their program. So clinical as well as practice development, IT, professional education as well as peer-to-peer activity. So with peers who are experienced in using our NS and they can they can help guide centers through the early start-up process.

因此，他們學會了解患者選擇以及患者管理和報銷計劃。所有與真正將此作為他們計劃的一部分相關的事情。因此，臨床和實踐發展、資訊科技、專業教育以及同儕活動。因此，與那些在使用我們的 NS 方面經驗豐富的同行一起，他們可以幫助指導中心完成早期啟動過程。

So that's then matched with a number of commercially related activities as well, including some some initial work here from a social media perspective related to digital marketing in targeted geographies as well as then center contracting activities. And then I had mentioned we made a fair bit of progress here with regard to the hiring and initiation of training for the incremental expansion of our commercial organization.

因此，這也與許多商業相關的活動相匹配，包括從社交媒體角度來看與目標地區的數位行銷以及隨後的中心承包活動相關的一些初步工作。然後我提到，我們在招募和啟動培訓以逐步擴展我們的商業組織方面取得了相當大的進展。

So getting those reps trained and in position in targeted care geographies as well. And there have been some of the commercial activities that we've been executing on as well. So those are some of the kind of the activities and the the on the kind of major buckets with regard to two some of the metrics. It's really the way I think about it is really and the building and development of the pipeline within each of these centers and then and then the ability to kind of track our way through that. It really starts with everything from some of the some of the activities that I just mentioned. You note starting in pacing off of initial contract on initial contact and sales call processes to the contracting timing and contracting throughput.

因此，讓這些代表接受培訓並在目標護理地區就位。我們也一直在執行一些商業活動。這些是一些活動以及關於兩個指標的主要類別。這確實是我思考的方式，每個中心內管道的建設和開發，然後是追蹤我們的方式的能力。這其實是從我剛才提到的一些活動開始的。您注意到，從初始合約、初始聯繫和銷售拜訪流程開始，到合約時間和合約吞吐量。

We also measure the education process and the completion of the education and training process and then obviously of patient identification and moving patients to implant. So so we track and measure all of that up through and including referrals of additional patients who may not be good direct to our NS. patients outside a Level four centers, but can be referred into Level four centers as well as then the implant rate over time in these centers. So I think it's some it may be a helpful way to think about it just the development and then execution pipeline in each of the steps along the way for each of these targeted centers. That's how we're managing it internally.

我們也衡量教育過程以及教育和培訓過程的完成情況，然後是患者識別和將患者轉移到植入的情況。因此，我們透過轉診可能不適合直接到我們的 NS 的其他患者來追蹤和衡量所有這些情況。患者在四級中心之外，但可以轉診至四級中心，以及這些中心隨時間的植入率。因此，我認為，考慮每個目標中心的每個步驟的開發和執行流程可能是一種有用的方法。這就是我們內部管理的方式。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Hi. This is Lili on for Robbie. Thanks for taking the question. And anything you can share on how we should be thinking about cadence for this year and puts and takes that we should be keeping in mind first, second quarter to fourth quarter for second quarter, the Street was at about 18.2 million. Is that sort of a fair place to be and then I had well.

你好。這是莉莉為羅比代言的。感謝您提出問題。您可以分享關於我們應該如何考慮今年的節奏以及我們應該首先牢記的投入和投入的任何信息，第二季度到第四季度，第二季度的華爾街約為 1820 萬。那是一個公平的地方嗎？ 然後我過得很好。

Well, thank you for the question. We're not guiding quarterly, but I could maybe comment a little bit and then invite Rebecca to comment as well on kind of the balance of the year we've talked about in the past that we don't see in this business, maybe some of the traditional calendarization and cadence that you might see in some others, but we do tend to see a couple of times during the year where there is some seasonality impact.

嗯，謝謝你的提問。我們不會按季度進行指導，但我也許可以發表一點評論，然後邀請麗貝卡也對我們過去討論過的年度餘額發表評論，也許我們在這個行業中沒有看到您可能會在其他一些地方看到一些傳統的日曆化和節奏，但我們確實傾向於在一年中看到幾次存在一些季節性影響的情況。

We see some seasonality associated with summer vacations and summer holiday slowdowns, in particular, kind of customer vacation times that can sometimes be toward the end of Q2 and beginning of Q3, kind of some of our summer holiday breaks.

我們看到一些與暑假和暑假放緩相關的季節性，特別是客戶休假時間，有時可能是在第二季度末和第三季度初，這是我們的一些暑假假期。

And then the other kind of period of some cadence and calendarization that we've pointed out in the past is we have some just like with the the holidays for many. But for this business, we kind of go from we go from Thanksgiving and then in between Thanksgiving and Christmas, we have the biggest Epilepsy Society Program of the Year for us. The AES. meeting the American Epilepsy Society meeting, that's the first week in December. So we kind of go from Thanksgiving to AYS. and then not too long kind of right into Christmas. So the second half of Q4 can be a little more impacted.

然後，我們過去指出的另一種節奏和日曆的時期是，我們有一些就像許多人的假期一樣。但對於這項業務，我們從感恩節開始，然後在感恩節和聖誕節之間，我們為我們舉辦了年度最大的癲癇協會計劃。 AES。參加美國癲癇協會會議，那是十二月的第一週。所以我們從感恩節到 AYS。然後不久就進入聖誕節了。因此，第四季下半年受到的影響可能會更大一些。

Excuse me. I guess the thing that I did that I had mentioned kind of on top of that though is even though those those kind of calendarized and Cadence based events have been there at different times, there are obviously different things going on in the business that can kind of cover some of that up. So and I recognize that that may not be entirely helpful in terms of building your quarterly models, but on the mid summer holidays and kind of the Thanksgiving a Christmas period of time in Q4 for us tend to be some of the times that can be impacted a little bit more from a cadence perspective, got it.

打擾一下。我想我所做的事情是我之前提到的，儘管那些日曆化和基於節奏的事件已經在不同的時間出現，但業務中顯然存在不同的事情可以形成掩蓋其中的一些。因此，我認識到，這對於建立季度模型可能並不完全有幫助，但在仲夏假期和感恩節，第四季度的聖誕節期間對我們來說往往是一些可能受到影響的時期從節奏的角度來看更多一點，明白了。

Okay. And then so for replacement revenues, I think I heard you mention that you expect those headwinds to be strongest in the first half of the year. So should we expect those headwinds to moderate in the second half and beyond? Any color on how you're thinking about that line item growing would be helpful.

好的。對於替代收入，我想我聽到你提到你預計這些阻力將在今年上半年最為強勁。那麼，我們是否應該預期這些不利因素在下半年及以後會有所緩解？任何關於您如何看待該訂單項目增長的顏色都會有所幫助。

Thank you, share, and you had a very good listener.

謝謝你的分享，你是個很好的傾聽者。

Yes, for the year as a whole, we do expect that the and the trend in reduced replacement revenue will continue, but that will be more pronounced in the first half of the year and likely to be less so in the second half of the year. I'm not sure what I can add to that exactly, but that is basically we've shared that before and continue to believe that that Sure.

是的，就全年而言，我們確實預計替代收入減少的趨勢將持續下去，但這種情況在上半年會更加明顯，而在下半年可能會減弱。我不確定我可以添加什麼，但這基本上是我們之前分享過的，並且繼續相信這是肯定的。

Got it. Thank you.

知道了。謝謝。

Ross Osborne, Cantor Fitzgerald.

羅斯·奧斯本，康托·菲茨杰拉德。

This, Glen, guys, thanks for taking our questions and congrats on the progress of. So in terms of your patient population, would be curious to see if you see any traction with the hybrid use case of your RNS offering for patients that have undergone surgery? Correct?

格倫，夥計們，感謝您提出我們的問題，並祝賀我們的進展。因此，就您的患者群體而言，您想知道您的 RNS 為接受過手術的患者提供的混合用例是否有任何吸引力？正確的？

I'm sorry, Ross, could you could you please just repeat that question? We broke up a little bit there here.

對不起，羅斯，你能重複這個問題嗎？我們在這裡稍微分手了。

I'm just curious if you're seeing any traction with the hybrid use case of your RNS therapy for patients that have undergone surgery.

我只是好奇您是否發現 RNS 療法的混合用例對接受手術的患者有任何吸引力。

But that's a great question. And we think about that patient population, in particular, as part of our focus on what we call tone, the more modern story, where in particular in the Level four comprehensive epilepsy centers in the past, I think in many in many cases, people would have thought about kind of traditional patient identification and selection as the classic kind of first-line therapy of resection surgery and then maybe a little bit of an either or with neuromodulation. And the reality is about 20% of patients are really ideal candidates for resection surgery. And and that's not mutually exclusive, in particular with our in U.S. And we do hear of examples and have examples of where, for example, folks were going to do a resection procedure, put the RS. device in first. And that really then informed further either not going to resection or or the area in which they were going to resect. And so we do see a hybrid approach as and a key component of that. Modern are in a story where number one and kind of the classic focal patient population, number two, network stimulation for patients who may be a multifocal in origination, but then also a hybrid approach to resection therapy using our NS. plus or to inform resection surgery. So that's absolutely something that we see and something that we talk about with folks Wilmar when we're talking about patient identification and selection with RNS.

但這是一個很好的問題。我們特別考慮患者群體，作為我們關注我們所說的基調、更現代的故事的一部分，特別是在過去的四級綜合癲癇中心，我認為在許多情況下，人們會考慮將傳統的患者識別和選擇作為切除手術的經典一線治療方法，然後可能會使用神經調節。現實情況是，大約 20% 的患者確實是切除手術的理想人選。這並不是互相排斥的，特別是在美國，我們確實聽說過這樣的例子，並且有一些例子，例如，人們要做切除手術，放置 RS。設備首先。這確實進一步告知了要么不進行切除，要么要切除的區域。因此，我們確實將混合方法視為其中的關鍵組成部分。在現代的故事中，第一個是典型的局部患者群體，第二是針對可能是多灶性起源的患者的網路刺激，但也是使用我們的 NS 進行切除治療的混合方法。加或告知切除手術。因此，當我們談論 RNS 的患者識別和選擇時，這絕對是我們所看到的，也是我們與 Wilmar 人員談論的。

Great. And then on in terms of care, you mentioned implant activities are accelerating. Is it fair to assume that we should see revenue coming into the model during the second quarter? Or should we be thinking more second half of this year?

偉大的。然後在護理方面，您提到植入活動正在加速。假設我們應該在第二季看到模型中出現收入是否公平？或者我們應該多考慮今年下半年的情況？

Yes, I think what we're seeing is we're seeing implant activities underway and we're seeing referral as well for patients that either we do need to be referred to Level two or Level four centers for Phase two monitoring rather or for centers that are just getting underway, aren't completely ready to do implants yet, but are referring patients, they identify for implant as well. So we do expect that both our activities in terms of the pilot program activities as well as RAP impact and effectiveness, and we'll expand as we go throughout the year, in particular in the second half of the year. And so that's really what we're watching and focused on is those activities and the impact of those activities in the second half of the year.

是的，我認為我們看到的是，我們正在看到植入活動正在進行中，我們也看到患者被轉診，我們確實需要被轉診到二級或四級中心進行第二階段監測，而不是轉診到中心剛開始，還沒有完全準備好進行植入，但正在轉診患者，他們也確定要進行植入。因此，我們確實期望我們在試點計劃活動以及 RAP 影響和有效性方面的活動，並且我們將在全年、特別是下半年不斷擴大。因此，我們真正關注和關注的是這些活動以及這些活動在下半年的影響。

Got it. Thanks for taking the question.

知道了。感謝您提出問題。

Thanks, Ross.

謝謝，羅斯。

Michael Pollard, Wolfe Research.

邁克爾·波拉德，沃爾夫研究中心。

Good afternoon. Thank you. I just have one topic on Dixy. That's kind of more than annualized into the model. Now we had a good steer as to how big it was when you when you did the deal? I'm not asking for the disclosure in the quarter or for the guidance for the year, but I am asking about what is the long-term expectation for the Dixie product itself, do you expect to grow this is a focus of your sales force or is it kind of likely to run at this level?

午安.謝謝。我只有一個關於 Dixy 的話題。這比模型中的年化值還要多。現在我們已經很好地了解了您進行交易時的規模有多大？我不是要求季度揭露或年度指導，而是詢問對 Dixie 產品本身的長期期望是什麼，您期望增長嗎？

And this is good and then if it's supposed to grow up, what would be the building blocks of that growth is kind of the use cases these electrodes increasing. So the market is growing or you think you're taking share and any color around that would be good. Admittedly, I kind of had a good sense following the first kind of 18 months. But now I'm wondering what kind of the three year vision for Dixie might be. Thanks so much.

這很好，如果它應該成長，那麼成長的基石就是這些電極增加的用例。所以市場正在成長，或者你認為你正在佔據份額，任何圍繞這一點的顏色都會很好。不可否認，在經歷了第一個 18 個月之後，我有點感覺良好了。但現在我想知道迪克西的三年願景是什麼樣的。非常感謝。

Well, I won't comment specifically on guiding for the next three years, Mike, but I will offer you some perspective here on my expectations for Dixie. And those expectations are really borne out of the strategy behind on having the product in the portfolio and what we've seen in terms of some clinical response and some end customer utilization. We absolutely expect to continue to grow DXC as part of our growth story. We see the use of SEG. as a growing and emerging trend in comprehensive epilepsy centers as they as they pursue the Phase two monitoring of these patients.

好吧，麥克，我不會具體評論未來三年的指導，但我會在這裡向您提供一些我對迪克西期望的觀點。這些期望實際上是由將該產品納入產品組合背後的策略以及我們在一些臨床反應和一些最終客戶利用率方面所看到的情況所證實的。我們絕對希望繼續發展 DXC，作為我們成長故事的一部分。我們看到SEG的使用。這是綜合性癲癇中心不斷增長的新興趨勢，因為他們對這些患者進行第二階段監測。

And we see the opportunity both to grow and develop that market as we look to leverage our presence in centers where there's a significant neuromodulation presence, and we can help tell that story of SEG. usage as well as take share in places where some folks are using some other products for SEG with SEG., we think Dixie has a great story to tell in terms of the products and the performance of the products. And then when we think about the leverage that we can get from places where we have a strong presence and strong presence with those centers and those customers clinically. That's an opportunity for us to be in talking about SEG. and in places where the Dixie product line has a strong presence. We also look for places then where that's an opportunity for us to to be more present with R. and S. therapy as well. And so I think the overall strategy here has been that it's a great product for us to have in the bag, both in terms of products available to sell, but also in terms of the ability to kind of vertically integrate into the diagnostic process move further upstream in terms of patient identification and then leverage both places where there's a strong R and S presence to having a stronger Dixie presence as well as with that strong SEG. centers that that does provide an opportunity for us to both grow our market as well as it takes share from an earnings perspective. So we think there's a lot of points of leverage there and we expect to grow Dixie.

我們看到了發展和發展該市場的機會，因為我們希望利用我們在具有重要神經調節功能的中心的存在，並且我們可以幫助講述 SEG 的故事。以及在一些人正在使用 SEG 的其他產品的地方分享。然後，當我們考慮我們可以從我們擁有強大影響力的地方以及這些中心和臨床客戶的強大影響力中獲得影響力時。這是我們談論 SEG 的機會。以及 Dixie 產品線佔有重要地位的地方。我們也尋找有機會更多參與 R. 和 S. 療法的地方。因此，我認為這裡的整體策略是，無論是在可銷售的產品方面，還是在垂直整合到診斷過程中的能力方面，這對我們來說都是一個很棒的產品。 ，然後利用具有強大R 和S 存在的兩個地方來擁有更強大的Dixie 存在以及強大的SEG。中心認為，這確實為我們提供了擴大市場的機會，並從獲利的角度奪取了份額。因此，我們認為那裡有很多槓桿點，我們希望發展出迪克西。

Thank you.

謝謝。

Joon Lee, Morgan Stanley.

李俊，摩根士丹利。

Occasionally, Rebecca, thanks for taking the questions. Maybe just on your R&D strategy, understand now this wrapped up in follow-up now R and D spending is like ticked up over the last few quarters, but maybe just talk to us about like what else you're spending your money there from a clinical development standpoint or even just a product development standpoint it's a great question.

有時候，麗貝卡，感謝您提出問題。也許只是在你的研發策略上，現在明白了，現在的研發支出在過去幾個季度裡有所增加，但也許只是和我們談談你還從一家公司那裡花了什麼錢。 ，甚至只是從產品開發的角度來看，這是一個很好的問題。

Thank you, Drew. And as you mentioned, you know, within within R&D our investments in clinical research as well as in product research and product development. So you know and you just mentioned, we're in the we're in the middle of the we're in the middle of Nautilus. We've wrapped up the first part of Nautilus, but we're in the we're in the follow-up stage now. And obviously, that's a that study is a significant investment for us as well as the Lennox-Gastaut study that we're involved with as well. And then I didn't comment about it here today, but I did in our last call, I mentioned some investments in and focus on from a research and development perspective that that we're engaged with from an AI and data monitoring and management perspective as well. And I expect to say a bit more about that going forward. But the punch line here would be that we're investing in the business and were we're working to strike that balance between optimizing investments in critical, longer term as well as medium term product development and clinical data development initiatives as well as investing in commercial execution of the business while maintaining good operating discipline. And so I think I think what you're seeing from us here a few, if you look at the income statement is some focused areas of investment in R&D has some expansion and investment in our commercial organization to continue to drive the top line and a real strong focus on expense control and operating discipline in all other areas kind of that.

謝謝你，德魯。正如您所提到的，您知道，在研發領域，我們對臨床研究以及產品研究和產品開發進行了投資。所以你知道，你剛才提到，我們在鸚鵡螺號的中間。我們已經完成了 Nautilus 的第一部分，但我們現在正處於後續階段。顯然，這項研究對我們以及我們參與的 Lennox-Gastaut 研究來說都是一項重大投資。然後我今天沒有對此發表評論，但我在上次電話會議中做了評論，我提到了我們從人工智慧和數據監控和管理角度參與的一些研究和開發角度的投資和關注以及。我希望未來能多說一些。但這裡的重點是，我們正在投資這項業務，我們是否正在努力在優化關鍵、長期和中期產品開發和臨床數據開發計劃的投資以及投資於業務的商業執行，同時保持良好的經營紀律。因此，我認為您從我們這裡看到的一些內容，如果您查看損益表，您會發現研發投資的一些重點領域對我們的商業組織進行了一些擴張和投資，以繼續推動營收和成長真正強烈專注於所有其他領域的費用控制和營運紀律。

Thank you. And maybe just one on the procedure environment and diagnostic funnel environment in general, anything that you're seeing in the first quarter into the second quarter and anything that you would you would highlight.

謝謝。也許只是一般的程序環境和診斷漏斗環境，您在第一季到第二季看到的任何內容以及您想要強調的任何內容。

Thanks for taking the questions. Thank you, Drew. Another good question on just with regard to Q1, in particular on, I would say that we've seen and have seen here for the past few quarters, you know, good strong pipeline of patients and some good good kind of consistency and robustness of what we're seeing from from individual centers and what we see from the pipeline more generally.

感謝您提出問題。謝謝你，德魯。關於第一季的另一個好問題，特別是，我想說的是，我們在過去幾個季度已經看到了，你知道，良好的強大的患者管道以及一些良好的一致性和穩健性我們從各個中心看到的情況以及我們從更廣泛的管道中看到的情況。

So I think come the pipeline looks good and consistent with. Would you add anything to that, Rebecca?

所以我認為管道看起來不錯且一致。麗貝卡，你能補充點什麼嗎？

I think we're pleased with what we see in the pipeline. We patience and we've placed a lot of emphasis on as it was please generally with seeing normalized you volumes, it's just where the patient pipeline is. So trends are positive.

我認為我們對我們所看到的進展感到滿意。我們非常有耐心，並且非常重視，因為通常看到正常化的量是令人高興的，這正是患者管道所在的地方。所以趨勢是正面的。

If there are no further question at this time, Mr. Joel Becker, please proceed.

如果目前沒有其他問題，Joel Becker 先生，請繼續。

Thank you, everyone, for listening to our Q1 2024 call today. As I mentioned earlier here at Neurospace, we're excited about and focused on the opportunity to help close the treatment gap for drug-resistant, I believe at the epilepsy patients by expanding access to earnest therapy. We're excited about doing so. We look forward to executing on our growth strategy and to updating everyone on our progress throughout 2024. Thank you.

感謝大家今天收聽我們的 2024 年第一季電話會議。正如我之前在 Neurospace 提到的，我們對有機會幫助縮小抗藥性的治療差距感到興奮和關注，我相信透過擴大認真治療的機會，可以幫助癲癇患者治療。我們對此感到很興奮。我們期待執行我們的成長策略，並向大家通報 2024 年我們的進展。

Thank you. That concludes our conference for today. Thank you all for participating. You may all disconnect.

謝謝。我們今天的會議到此結束。感謝大家的參與。你們都可以斷開連線。