Neuropace Inc (NPCE) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to NeuroPace's Second Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Jeremy Feffer from LifeSci Advisors. Please go ahead, sir.

下午好，歡迎參加 NeuroPace 2024 年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想將會議交給主持人、來自 LifeSci Advisors 的 Jeremy Feffer。請繼續，先生。

Good afternoon. Thank you for joining us for NeuroPace's second-quarter 2024 financial and operating results conference call. On today's call, we will hear from Joel Becker, Chief Executive Officer; and Rebecca Kuhn, Chief Financial Officer. Earlier today, NeuroPace released financial results for the second quarter ended June 30, 2024. A copy of the press release is available on the company's website at neuropace.com.

午安.感謝您參加 NeuroPace 2024 年第二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。今天早些時候，NeuroPace 發布了截至 2024 年 6 月 30 日的第二季財務業績。

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. Any statements made during this call that relate to expectations or predictions of future events, results or performance are forward-looking statements.

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。

All forward-looking statements, including those around NeuroPace's 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 forecasted market and revenue growth are based on current estimates and various assumptions. 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. Accordingly, you should not place undue reliance on these statements.

所有前瞻性陳述，包括有關 NeuroPace 的預測、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和未來財務績效、費用管理、市場機會估計以及預測市場和收入成長相關的陳述根據目前的估計和各種假設。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。

For more detailed descriptions of the risks and uncertainties associated with our business, please refer to the Risk Factors section 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 June 30, 2024, to be filed with the SEC and any other reports that we may file with the SEC in the future.

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 公開提交的文件中的風險因素部分，包括我們最近提交給SEC 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 6 月 30 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 August 13, 2024. NeuroPace 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 8 月 13 日的直播準確。無論是因為新資訊、未來事件或其他原因。

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

現在，我將把電話轉給 NeuroPace 的執行長 Joel Becker。喬爾？

Thank you, Jeremy, and good afternoon, everyone. I will start [off] today's call by reviewing our performance in the second quarter as well as offering additional insights around our key business priorities for the second half of 2024, before turning the call over to our CFO, Rebecca Kuhn to present the details of our financial performance for the quarter ended June 30, 2024, which will be followed by a Q&A session. Let's get started.

謝謝傑里米，大家下午好。在今天的電話會議中，我將回顧我們第二季度的業績，並就2024 年下半年的關鍵業務優先事項提供更多見解，然後將電話交給我們的首席財務官麗貝卡·庫恩( Rebecca Kuhn)，介紹以下詳細資訊我們截至 2024 年 6 月 30 日的季度的財務業績，隨後將進行問答環節。讓我們開始吧。

We are pleased with the team's performance in the second quarter of 2024, demonstrating revenue growth, gross margin expansion and operating expense management as we continue to execute against our multiphase growth strategy. For the second quarter of 2024, we reported total revenue of $19.3 million, up 17% compared to the same period last year.

我們對團隊在 2024 年第二季的表現感到滿意，在我們繼續執行多階段成長策略的過程中，展示了收入成長、毛利率擴張和營運費用管理。 2024 年第二季度，我們的總營收為 1,930 萬美元，比去年同期成長 17%。

Revenue growth for the quarter included contributions from sales of the RNS System and DIXI Medical SEEG products and a small contribution from our strategic biotechnology collaboration, with the majority of the year-over-year growth coming from sales of the RNS System. RNS sales growth was even more impressive on a year-over-year basis if we consider that the sales results in the second quarter of 2023 benefited from enrollment in the NAUTILUS study.

本季營收成長包括 RNS 系統和 DIXI Medical SEEG 產品銷售的貢獻以及我們戰略生物技術合作的一小部分貢獻，其中大部分同比增長來自 RNS 系統的銷售。如果我們考慮到 2023 年第二季的銷售結果受益於 NAUTILUS 研究的註冊，那麼 RNS 銷售的同比增長甚至更加令人印象深刻。

Excluding contributions from units from the NAUTILUS study in Q2 of last year, RNS sales growth in Q2 of 2024 was 21%. Our focus as we look ahead is to expand access to the RNS System by executing our three-part growth strategy of expanding, adoption and utilization. Our Q2 performance was primarily driven by our focus on the first part of this strategy, increasing adoption and utilization of RNS Systems in Level 4 centers.

排除去年第二季 NAUTILUS 研究單位的貢獻，2024 年第二季 RNS 銷售額成長為 21%。展望未來，我們的重點是透過執行擴展、採用和利用的三部分成長策略來擴大對 RNS 系統的存取。我們第二季的業績主要是由我們對該策略第一部分的關注所推動的，即增加了 4 級中心對 RNS 系統的採用和利用率。

This includes working with and training a greater number of epileptologists at existing centers to drive adoption. And we continue to expand the number of new RNS prescribers to record levels during the second quarter of 2024.

這包括在現有中心與更多的癲癇專家合作並培訓更多的癲癇專家，以推動採用。我們將在 2024 年第二季繼續將新 RNS 處方者數量擴大至創紀錄水準。

As a reminder, the annual market opportunity for drug-resistant epilepsy patients within Level 4 centers is estimated to be over $2 billion, and as such, we have significant opportunities to grow within these centers. We also continued to make progress on the second phase of our long-term growth strategy of expanding access to RNS therapy outside Level 4 centers, which we call the Project CARE program.

提醒一下，4 級中心內抗藥性癲癇患者的年度市場機會估計超過 20 億美元，因此，我們在這些中心內擁有巨大的發展機會。我們也繼續在長期成長策略的第二階段取得進展，即擴大 4 級中心以外的 RNS 治療的覆蓋範圍，我們稱之為 Project CARE 計劃。

We are currently in the pilot phase of the program and an encouraging early metric that we are tracking is the number of patient referrals associated with the program. We have begun to see an increasing number of referrals from the program into Level 4 centers for RNS implants. We consider these referrals to be a positive sign as they show the impact we are having in generating broader awareness of RNS therapy and educating physicians and centers on which patients are good candidates.

我們目前正處於該計劃的試點階段，我們正在追蹤的一個令人鼓舞的早期指標是與該計劃相關的患者轉診數量。我們已經開始看到越來越多的人從該計劃轉診到 4 級中心進行 RNS 植入。我們認為這些轉診是一個積極的信號，因為它們顯示了我們在提高對 RNS 治療的更廣泛認識以及教育醫生和中心哪些患者是良好候選人方面所產生的影響。

Activities around the expansion of the pilot CARE program include 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 and the placement of sales representatives in target geographies.

圍繞擴展 CARE 試點計劃的活動包括專業教育活動，例如網路研討會、座談會和同儕計畫。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、中心承包以及在目標地區安置銷售代表。

With regard to our commercial organization, I'm also pleased to announce that our newly hired sales representatives have completed their training and will now begin independent activities in their sales territories and more fully contributing to our commercial efforts. These new sales representatives are primarily focused on the geographies where we have identified expansion opportunities outside of Level 4 centers, along with supporting geographies where we have been experiencing higher revenue growth in our RNS and DIXI product lines.

關於我們的商業組織，我還很高興地宣布，我們新聘用的銷售代表已經完成了培訓，現在將在其銷售區域開始獨立活動，並更充分地為我們的商業努力做出貢獻。這些新的銷售代表主要關注我們在 4 級中心之外發現擴張機會的地區，以及支持我們的 RNS 和 DIXI 產品線收入成長較高的地區。

We are excited about the contributions they will make to our business going forward. Finally, the third phase of our RNS growth 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 patient 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.

我們對他們將為我們未來的業務做出的貢獻感到興奮。最後，我們的 RNS 成長策略的第三階段是基於擴大 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，試驗正處於患者追蹤階段。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重大未滿足的需求。

As a reminder, the NAUTILUS trial requires evaluation of a primary safety endpoint and an effectiveness evaluation 12 months post implant. 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 and is on track to complete the one-year follow-up in the first quarter of 2025.

提醒一下，NAUTILUS 試驗需要對主要安全性終點進行評估，並在植入後 12 個月進行有效性評估。如果獲得批准，我們的 RNS 系統將成為第一個具有 FDA 批准的全身性癲癇適應症的裝置。這項研究有可能代表一個非常有意義的市場擴張機會，並有望在 2025 年第一季完成為期一年的追蹤。

In addition to the success our commercial team has had with our RNS Systems, we also continue to see revenue growth from our exclusive partnership with DIXI Medical to market and sell their diagnostic electrodes and related products for epilepsy. This is a highly complementary offering to our RNS System, which provides our sales team with an additional opportunity to call on physicians at the CECs.

除了我們的商業團隊在 RNS 系統方面的成功之外，我們還繼續看到與 DIXI 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 RNS 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 remain pleased with the strategic collaboration we entered into with a biotechnology company in the fourth quarter of 2023 through which we are providing services related to their Phase 2a clinical trial, including, among other things, clinical trial readiness support, identification of potential patients satisfying the enrollment criteria and RNS System data, reporting and analysis.

最後，我們對 2023 年第四季與一家生物技術公司達成的策略合作感到滿意，透過該合作，我們為其 2a 期臨床試驗提供相關服務，其中包括臨床試驗準備支援、潛力識別等滿足入組標準和RNS 系統數據、報告和分析的患者。

We believe this groundbreaking collaboration is another example of the value that 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.

我們相信，這項突破性的合作是我們的 RNS 系統透過其經過驗證的收集和分析數據能力所提供的價值的另一個例子，這些數據隨後用於產生有助於製定治療策略的見解。

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 second quarter of 2024. Rebecca?

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 年第二季的財務表現。

Thank you, Joel. NeuroPace's revenue for the second quarter of 2024 was $19.3 million, representing growth of 17% compared to $16.5 million for the second quarter of 2023. This growth was primarily driven by increased sales of our RNS system. We also generated meaningful revenue growth from sales of DIXI Medical products. Gross margin for the second quarter of 2024 was 73.4% compared to 72.5% in the second quarter of 2023.

謝謝你，喬爾。 NeuroPace 2024 年第二季的營收為 1,930 萬美元，與 2023 年第二季的 1,650 萬美元相比成長了 17%。我們也透過 DIXI Medical 產品的銷售實現了顯著的收入成長。 2024年第二季的毛利率為73.4%，而2023年第二季的毛利率為72.5%。

The improvement in gross margin was due to an increase in RNS gross margin, largely due to the increase in volume as our fixed manufacturing overhead costs were spread over more units. This increase was partially offset by the lower gross margin from distribution of DIXI Medical products.

毛利率的增加是由於 RNS 毛利率的增加，這主要是由於我們的固定製造費用分攤到更多單位而導致銷售增加。這一增長被 DIXI Medical 產品分銷毛利率較低所部分抵消。

R&D expense in the second quarter of 2024 was $6.1 million compared with $5.3 million in the same period of 2023. This increase was primarily driven by an increase in personnel-related expenses and an increase in expenses for product development and clinical studies, partially offset by an increase in grant funding.

2024 年第二季的研發費用為 610 萬美元，而 2023 年同期為 530 萬美元。

SG&A expense in the second quarter of 2024 was $14.3 million compared with $14.5 million in the prior year period. This decrease was primarily due to an overall decrease in personnel-related expenses as a result of personnel changes, partially offset by an increase in sales and marketing expenses.

2024 年第二季的 SG&A 費用為 1,430 萬美元，而去年同期為 1,450 萬美元。這一下降主要是由於人事變動導致與人事相關的費用總體減少，但部分被銷售和行銷費用的增加所抵消。

Total operating expenses in the second quarter of 2024 were $20.4 million compared with $19.8 million in the same period of the prior year, representing growth of only 3%. With revenue growing by 17% for the quarter, we demonstrated strong operating leverage resulting from our focus on driving revenue growth, while also effectively managing our operating expenses and cash.

2024年第二季總營運支出為2,040萬美元，而上年同期為1,980萬美元，僅成長3%。本季營收成長了 17%，由於我們專注於推動營收成長，同時有效管理我們的營運費用和現金，因此展示了強大的營運槓桿。

We continue to focus on balancing these objectives, which we expect to continue through the remainder of 2024. Loss from operations was $6.2 million in the second quarter of 2024 compared with $7.9 million in the prior year period.

我們將繼續專注於平衡這些目標，預計將持續到 2024 年剩餘時間。

We recorded $2.2 million of interest expense in the second quarter of 2024 compared to $2.1 million in the prior year period. Net loss was $7.5 million for the second quarter of 2024 compared with $9.1 million in the second quarter of 2023.

2024 年第二季度，我們的利息支出為 220 萬美元，而去年同期為 210 萬美元。 2024 年第二季的淨虧損為 750 萬美元，而 2023 年第二季的淨虧損為 910 萬美元。

As discussed previously, we have maintained a disciplined expense management strategy, resulting in cash burn in the second quarter of 2024 of $4 million compared to $4.4 million in the second quarter of 2023. Our cash and short-term investments balance as of June 30, 2024, was $55.5 million. Our long-term borrowings totaled $59 million as of June 30, 2024.

如前所述，我們一直保持嚴格的費用管理策略，導致2024 年第二季的現金消耗為400 萬美元，而2023 年第二季為440 萬美元。投資餘額2024 年，為 5,550 萬美元。截至 2024 年 6 月 30 日，我們的長期借款總額為 5,900 萬美元。

As a reminder, the final maturity of our debt is September 30, 2026. Regarding annual guidance for 2024, we now expect our total revenue to be in the range of $76 million to $78 million, an increase of approximately 16% to 19%. This growth is expected to be mostly driven by an increase in sales of our RNS System, with growth from the sales of DIXI Medical products continuing to make a meaningful contribution.

提醒一下，我們債務的最終到期日是2026 年9 月30 日。 %。預計這一成長主要是由我們的 RNS 系統銷售的成長所推動的，其中 DIXI Medical 產品的銷售成長將繼續做出有意義的貢獻。

Replacement implant revenue is expected to be relatively consistent in 2024 compared with 2023. 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 DIXI Medical revenue to overall revenue and other factors.

與 2023 年相比，預計 2024 年替換植體收入將相對穩定。收入和其他因素。

We expect operating expenses for 2024 to range between $80 million and $84 million, including approximately $12 million in stock-based compensation and noncash expense.

我們預計 2024 年的營運支出將在 8,000 萬美元至 8,400 萬美元之間，其中包括約 1,200 萬美元的股票薪酬和非現金支出。

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. We are excited to announce another solid quarter of revenue growth coupled with meaningful gross margin expansion and the demonstration of operating expense discipline, all contributing to strong cash management in the second quarter.

謝謝你，麗貝卡。我們很高興地宣布，營收又實現了穩健的季度成長，加上顯著的毛利率擴張和營運費用紀律的體現，所有這些都有助於第二季強勁的現金管理。

Additionally, we are continuing to make progress on the execution of our strategy of expanding access to RNS therapy to help close the treatment gap for drug-resistant epilepsy patients, and I look forward to updating you on our progress through the second half of 2024.

此外，我們將繼續在擴大 RNS 治療覆蓋範圍的策略執行方面取得進展，以幫助縮小抗藥性癲癇患者的治療差距，我期待向您通報我們在 2024 年下半年取得的最新進展。

This concludes our prepared remarks. I would now like to turn the call over to the operator, who will open the call for questions. Operator?

我們準備好的演講到此結束。我現在想將電話轉給接線員，接線員將打開電話詢問問題。操作員？

(Operator Instructions) Vik Chopra, Wells Fargo.

（操作員指示）Vik Chopra，富國銀行。

Congratulations on a nice quarter. A couple of questions for me. So just on this Project CARE, you referred to an increasing number of referrals. Maybe just talk about who these are coming from? And if you can give us some more color on the number or the cadence of the referrals or any other information you could share?

恭喜您度過了一個美好的季度。有幾個問題問我。就在這個 CARE 專案中，您提到了越來越多的推薦。也許只是談談這些來自誰？您是否可以向我們提供更多有關推薦數量或節奏的信息，或者您可以分享的任何其他信息？

And then I had a follow-up, please.

然後我有一個後續行動，請。

Thank you for your question. Yes, we have seen increasing activity and interest in CARE, both on the implants as well as the referral side, and interestingly as well, really now the beginning of the development of a pipeline of these patients as well in targeted centers.

謝謝你的提問。是的，我們看到對 CARE 的活動和興趣不斷增加，無論是在植入方面還是在轉診方面，而且有趣的是，現在確實開始開發這些患者以及目標中心的管道。

So what we've seen is that as centers get up and running, specifically on the referral side, they may identify patients who eventually might be able to be treated well in a community setting, but because they're just getting started, they may feel comfortable referring those initial patients in while they -- to a Level 4 center while they get underway with their training and education to get their programs set up, et cetera.

因此，我們看到的是，隨著中心的建立和運行，特別是在轉診方面，他們可能會識別出最終能夠在社區環境中得到良好治療的患者，但因為他們才剛剛開始，他們可能會當這些最初的患者開始接受培訓和教育以建立他們的計劃等時，他們會放心地將他們轉介到4 級中心。

And then secondly as well, as we generate more awareness out in the community setting, as people look at their patient populations and evaluate different patients for potential RNS therapy, wPe see that there are patients who are uncovered, who may be good candidates for referral into a Level 4 center for Phase 2 testing, a more traditional patient that either previously couldn't have or wouldn't have been referred back in.

其次，隨著我們在社區環境中提高認識，當人們查看患者群體並評估不同患者是否接受 RNS 治療時，wPe 發現有些患者未被覆蓋，他們可能是轉診的良好候選者進入4 級中心進行第2 階段測試，這是一個較傳統的患者，以前無法或不會被轉回。

And so, our training and education and awareness efforts there around the technology as well as the role RNS therapy can play in somebody's practice and a focus on identification of patients that might be good candidates, has led us to have both implants as well as referrals, as I've described here, with an increasing level of activity here in the recent quarter.

因此，我們圍繞著科技以及 RNS 療法在某人的實踐中發揮的作用進行的培訓、教育和宣傳工作，以及對識別可能是良好候選人的患者的關注，使我們能夠進行植入和轉診正如我這裡所描述的，最近一個季度這裡的活動水準不斷增加。

Okay. And then you raised the top line guidance, held the line on gross margins and OpEx. Maybe just help us understand how we should think about the margin [cadence] and the OpEx cadence for the back half of the year?

好的。然後你提高了營收指導，維持了毛利率和營運支出的底線。也許只是幫助我們理解下半年應該如何考慮的利潤[節奏]和營運支出節奏？

Do you maybe want to start us out here on margin and OpEx, Rebecca, and I'll chime in?

您是否想以保證金和營運支出開始我們的業務，麗貝卡和我來插話？

Sure. Absolutely. Yes, Vik, as you noted, we kept our gross margin and OpEx guidance consistent. Our gross margin can fluctuate due to a variety of factors. Generally, gross margin improves with RNS volume, and we expect that -- over time, we expect to see improvement, but, of course, it's not unexpected to see small variation quarter to quarter.

當然。絕對地。是的，Vik，正如您所指出的，我們保持毛利率和營運支出指引一致。我們的毛利率可能會因多種因素而波動。一般來說，毛利率會隨著 RNS 銷量的增加而提高，我們預計，隨著時間的推移，我們預計會看到改善，但當然，每個季度出現小幅變化也不足為奇。

With regard to operating expenses, our OpEx for the first half of the year was a little over $41 million, which puts us squarely within our guidance. If you annualize that, throughout the rest of the year, we don't expect to see significant fluctuations in OpEx. Although I will say, sometimes we see some increases in the fourth quarter as a result of our major medical meeting, the AES Annual Meeting in December.

就營運支出而言，我們上半年的營運支出略高於 4,100 萬美元，這完全處於我們的指導範圍內。如果按年計算，在今年剩餘時間內，我們預計營運支出不會出現重大波動。雖然我會說，有時我們會看到第四季度的一些成長，這是由於我們的主要醫學會議，即 12 月的 AES 年會的結果。

Ross Osborn, Cantor Fitzgerald.

羅斯·奧斯本，康托·菲茨杰拉德。

Congrats on the strong quarter. So maybe on your revised revenue guidance, it looks like most of it is driven by the strong Q2. So diving in there, would you walk through growth between utilization by existing users versus new ones coming on board, especially with the CARE program? And then why you, I guess, wouldn't expect that to continue throughout the back half?

恭喜季度表現強勁。因此，也許在您修訂後的收入指引中，看起來大部分是由強勁的第二季推動的。那麼，您是否會深入了解現有用戶的使用率與新用戶的使用率之間的成長情況，尤其是透過 CARE 計畫？那麼，我想，為什麼你不希望這種情況會持續到後半段呢？

Ross, thanks for the question. Yes. So as we look at guidance, as we take it a starting point here, Q1 at $18 million, Q2 at $19.3 million, so we've got $37.4 million through the first half. And we increased our guidance range from 73% to 77% to 76% to 78%, raising the top end, as you mentioned. So really what we've got is we got $37.4 million through the first half, and our guidance range implies $38.6 million to $46 million in the second half.

羅斯，謝謝你的提問。是的。因此，當我們查看指導時，我們將其作為起點，第一季為 1800 萬美元，第二季為 1930 萬美元，因此上半年我們獲得了 3740 萬美元。正如您所提到的，我們將指導範圍從 73% 提高到 77%、76% 到 78%，提高了上限。因此，我們實際上得到的是上半年的收入為 3,740 萬美元，而我們的指導範圍意味著下半年的收入為 3,860 萬美元至 4,600 萬美元。

Now we're not -- we don't break that out by quarters. But with that given as a range, and I think we've talked about previously, we do have a little bit of seasonality in the summer months. We do expect growth, obviously, in the back half of the year and growth each quarter.

現在我們不是——我們不會按季度來細分。但考慮到這個範圍，我想我們之前已經討論過，夏天確實有一點季節性。顯然，我們確實預計今年下半年和每季都會成長。

So we recognize that the growth rate, it doesn't hold through the full calendar. But if you look at the second half of the year, guidance implies $40 million or so in the second half of the year versus $37 million in the first half of the year, recognizing comps do get a little tougher from a growth rate perspective. We do see good growth and are looking to signal that there in the increased guidance as well.

所以我們體認到成長率並不能貫穿整個日曆。但如果你看看今年下半年，指導意味著下半年的收入約為 4000 萬美元，而上半年則為 3700 萬美元，從增長率的角度來看，識別比較確實變得有點困難。我們確實看到了良好的成長，並希望在增加的指導中也能表明這一點。

Okay. Understood. And then it was nice seeing here that NAUTILUS is progressing well. It's ahead of the expected expanded generalized indication and '26 launch, what are some key initiatives that are on deck for next year?

好的。明白了。很高興看到 NAUTILUS 進展順利。它領先於預期的擴展通用適應症和 '26 發布，明年有哪些關鍵舉措？

Yes. So it's a great question. And you're right, NAUTILUS is on track and proceeding well and we're excited about the progress that we continue to make there. Some things I'd point to here, Ross, is, we've talked about at length the pilot and expansion associated with the Project CARE program.

是的。所以這是一個很好的問題。你是對的，NAUTILUS 已步入正軌並且進展順利，我們對繼續取得的進展感到興奮。羅斯，我想在這裡指出的一些事情是，我們已經詳細討論了與 Project CARE 計劃相關的試點和擴展。

And we think that's a meaningful opportunity for us and is a significant area of focus for us as well, number one. So the ability for us to expand outside of Level 4 centers and [both] set ourselves up for potential direct RNS therapy as well as increasing referrals.

我們認為這對我們來說是一個有意義的機會，也是我們關注的重要領域，第一。因此，我們有能力擴展到 4 級中心之外，[兩者]都為潛在的直接 RNS 治療以及增加轉診做好了準備。

So one, Project CARE and that associated program. Two, the investments that we've been making and continued to make, and just announced here this quarter the completion of the incremental hiring and training and now the implementation of our expanded commercial organization.

因此，CARE 項目和相關項目。第二，我們一直在進行並繼續進行的投資，本季剛剛在這裡宣布完成增量招募和培訓，現在我們正在實施擴大的商業組織。

And so really, we're going to take advantage of both the investments we've made previously as well as these most recent divestments in our commercial organization to amplify growth in strong areas where we've got it and then good overlap with the Project CARE programs as well to further support that. So that's a second key area of focus for us. And then, we've also talked about, it's a three-phase strategy, right?

因此，實際上，我們將利用我們先前進行的投資以及我們商業組織中最近的撤資，以擴大我們已經擁有的強大領域的成長，然後與該專案良好重疊CARE 計劃也進一步支持這一點。這是我們關注的第二個關鍵領域。然後，我們也討論過，這是一個三階段策略，對吧？

It's increasing adoption and utilization within Level 4 centers. It's expanding site of service care delivery with Project CARE, and then it's expanding indications. So you hit on NAUTILUS. I talked about Project CARE already. And then the third piece of it is expanding, adoption and utilization within the Level 4 centers.

它在 4 級中心內的採用和利用率不斷提高。它透過 Project CARE 擴大服務護理提供範圍，然後擴大適應症。所以你選擇了NAUTILUS。我已經談到了 CARE 計畫。第三部分是在 4 級中心內擴展、採用和利用。

And a big area of focus for us there is what we talk about as the modern RNS story, and that's increasing both adoption, so broadening the scope of how people can use RNS therapy within currently indicated patients, as well as utilization, which is additional and expanded patient populations. You've asked in the past about the hybrid use of the technology along with surgical applications and there are other patient populations as well, including network stimulation for the treatment of focal -- drug-resistant focal epilepsy patients as well.

我們關注的一個重要領域是我們所說的現代 RNS 故事，這正在增加採用率，因此擴大了人們如何在當前指示的患者中使用 RNS 治療的範圍以及利用率，這是額外的並擴大了患者群體。您過去曾詢問過該技術與手術應用的混合使用，還有其他患者群體，包括用於治療局部抗藥性局部癲癇患者的網路刺激。

So it's really Project CARE and executing on that. It's then the expansion of the commercial organization and then telling you the modern RNS story to increase adoption and utilization within the Level 4 centers. And as may be clear to folks and may not be, those things also set us up well for the potential for expanding indications as NAUTILUS and assuming a successful trial expands and develops our approved patient indications.

所以這實際上是“關懷計劃”並在此基礎上執行。然後是商業組織的擴展，然後向您講述現代 RNS 故事，以提高 4 級中心內的採用率和利用率。人們可能清楚，也可能不清楚，這些事情也為我們擴大 NAUTILUS 適應症的潛力做好了準備，並假設成功的試驗擴大和開發了我們批准的患者適應症。

This work that we're doing now, both with Project CARE as well as investing in our commercial organization and expanding how people can use RNS therapy into different patient populations, all support then our eventual indication and expansion of both patients to be treated and where they can be treated. So these things all work together between here and there.

我們現在正在做的工作，無論是透過CARE 項目，還是投資我們的商業組織，以及擴大人們如何在不同的患者群體中使用RNS 療法，所有這些都支持我們最終的適應症和擴大要治療的患者以及在哪裡治療他們可以得到治療。所以這些東西都在這裡和那裡一起發揮作用。

Mike Kratky, Leerink Partners.

麥克‧克拉基 (Mike Kratky)，Leerink 合夥人。

One clarifying question to start. Did you quantify how much you benefited from NAUTILUS enrollment in 2Q '23 that you backed out to get that 21% year-over-year growth for RNS sales this quarter?

首先要澄清一個問題。您是否量化了您從 2023 年第 2 季的 NAUTILUS 註冊中獲益了多少？

We didn't quantify that, Mike, and we're not going to start breaking things out by program and by product line. But the reason that we broke it out as a bullet point in the way that we did is just to note -- and obviously, we can't comment on any off-label usage of the products and don't have any commentary around the trial outside of what we said about NAUTILUS.

麥克，我們沒有對此進行量化，我們也不打算開始按計劃和產品線進行分解。但我們以我們所做的方式將其作為要點的原因只是為了指出 - 顯然，我們不能對產品的任何標籤外使用發表評論，也沒有任何關於產品的評論我們所說的關於 NAUTILUS 的試驗之外。

But we just wanted to provide that as a point excluding NAUTILUS as a reminder to folks that there was a benefit in clinical trial revenue in '23 that we don't have in '24, that we think is an indicator of the -- a good indication of the strength -- underlying strength of the business. So we have broken it out. It's really included as a point of reminder to people that, that was a benefit that we had in '23, and as you look at the growth in '24, that was something that we had to make up in addition to then demonstrate the current period growth.

但我們只是想提供這一點，將 NAUTILUS 排除在外，提醒人們，23 年的臨床試驗收入有我們 24 年沒有的好處，我們認為這是一個指標——實力的良好體現——業務的潛在實力。所以我們已經解決了這個問題。它確實是為了提醒人們，這是我們在 23 年獲得的一個好處，當你看到 24 年的增長時，除了展示當前的情況之外，這是我們必須彌補的事情期增長。

Got it. Super helpful. Maybe just on that last point, is there anything which you could be building in for the third and fourth quarter of this year on that side? And then maybe separately, I recognize it's early days, but really just curious on how any of the preliminary learnings from the pilot part of the Project CARE program have shaped your overall thinking on the commercial strategy from here and your efforts in the second half?

知道了。超有幫助。也許就最後一點而言，您可以在今年第三和第四季在這方面做些什麼嗎？然後也許單獨來說，我認識到現在還為時過早，但真的只是好奇從 Project CARE 計劃試點部分中獲得的任何初步經驗如何影響您對商業戰略的整體思考以及下半年的努力？

Yes. And I guess what I would [tee] up there is just -- what we've learned is that there are important things for us here with regard to targeting, with regard to the training and education that we do, with regard to the benefits that people can see for both identifying patients to be potentially treated in their own centers as well as the potential to treat patients -- or refer patients rather as well.

是的。我想我要在那裡做的是——我們了解到的是，對於我們來說，關於目標、我們所做的培訓和教育、關於效益，有一些重要的事情人們可以看到這些信息，既可以識別出可能在自己的中心接受治療的患者，也可以看到治療患者或轉診患者的潛力。

And so that's all been very helpful as we think about the go-forward strategy for CARE. And we continue to see a significant opportunity there, both, as I mentioned, in the current focal drug-resistant population as well as then we think about that. The potential, again, pending a successful NAUTILUS trial for an indication expansion with that population.

因此，當我們考慮 CARE 的前進策略時，這一切都非常有幫助。正如我所提到的，我們繼續在當前的重點抗藥性族群中看到一個重要的機會，然後我們就會考慮這一點。再次，有待 NAUTILUS 試驗成功才能擴大該族群的適應症。

Obviously, there isn't a requirement to refer those patients for Phase 2 testing. So even more opportunity associated with the presence in the community. And we think our learnings here during this process are going to be helpful as we think about that as well.

顯然，沒有要求將這些患者轉介進行第二階段測試。因此，與社區存在相關的更多機會。我們認為，當我們思考這一點時，我們在過程中學到的知識也會有所幫助。

(Operator Instructions) Frank Takkinen, Lake Street Capital Markets.

（操作員指示）Frank Takkinen，湖街資本市場。

Congrats on the progress. I also wanted to follow up on the commentary around a lot of growth coming from [prong] one, really growing deep in the established Level 4 center network. Anything you can provide us that can help us understand that growth a little bit better from a utilization at a per center level versus a new prescriber? Any color on which of those two drove more of the growth in the quarter?

祝賀取得的進展。我還想跟進有關來自[分支]一的大量增長的評論，真正在已建立的四級中心網絡中深入發展。您能否向我們提供任何信息，以幫助我們更好地了解每個中心水平的利用率與新處方者相比的增長情況？這兩者中哪一種顏色對本季的成長貢獻較大？

Frank, thanks for your question. It's a great question. And as you say, really focused here on the first [plank] of the strategy of growing -- both adoption and utilization in Level 4 centers is really where the focus has been.

弗蘭克，謝謝你的提問。這是一個很好的問題。正如您所說，這裡真正關注的是成長策略的第一個[木板]——4 級中心的採用和利用確實是重點所在。

And given our established our footprint, our basis inside of Level 4 centers, we really have been focused on driving both that, adoption, the number of prescribers using the RNS System as well as utilization, so what is the rate at which they're using it. And there's two different pieces here for us in expanding adoption.

鑑於我們已建立的足跡，我們在 4 級中心內的基礎，我們確實一直致力於推動採用、使用 RNS 系統的處方者數量以及利用率，那麼他們的使用率是多少？在擴大採用方面，我們有兩個不同的部分。

That's where we're really focused on, as we highlighted here in our prepared comments, the increasing number of prescribers. And then, with regard to utilization, it's the modern RNS story, which is, how do we expand the patients that people are thinking about utilization of RNS therapy for. And so we have seen success in expanding the number of prescribers. And so, that's been a key area of focus for us. And we've seen good contributions to growth there.

正如我們在準備好的評論中所強調的那樣，這就是我們真正關注的地方，即處方醫生數量的增加。然後，關於利用，這是現代 RNS 的故事，即我們如何擴大人們正在考慮利用 RNS 治療的患者。因此，我們在擴大處方醫生數量方面取得了成功。因此，這是我們關注的關鍵領域。我們已經看到了那裡對成長的良好貢獻。

And then, with regard to utilization, we've also seen good progress there. And in particular, I guess I'd call out the use of the RNS system for network stimulation applications as something that -- for treating focal populations, but treating those focal populations and treating the network have been -- have both been things that we've seen as impactful.

然後，在利用率方面，我們也看到了良好的進展。特別是，我想我會指出將 RNS 系統用於網路刺激應用程式——用於治療重點人群，但治療這些重點人群和治療網絡——都是我們所要做的事情。 。

And they really obviously work together, expanding the number of users. We then move quickly from getting a new prescriber to working to deepen utilization for that prescriber as well. So the two pieces of it really work closely together, but that's where our focus has been.

顯然，他們確實在共同努力，擴大了用戶數量。然後，我們迅速從尋找新的處方醫生轉向努力加深對該處方醫生的利用。所以它的兩個部分確實緊密地結合在一起，但這就是我們的重點。

Okay. That makes sense. And then maybe just for my second one, I was hoping to ask about DIXI. When you -- when the partnership was established, there was obviously some benefit to understanding the patient funnel. Any quantifiable learnings you've taken from now having had that asset for some time?

好的。這是有道理的。然後也許只是在我的第二次會議中，我希望詢問有關 DIXI 的情況。當您建立合作關係時，了解患者管道顯然有一些好處。從擁有該資產一段時間以來，您學到了什麼可量化的知識？

And I don't know, if there's anything related to time from first EEG to RNS implant, if that's improved at all, or any other broader learnings from having DIXI in the [bag]?

我不知道，從第一次 EEG 到 RNS 植入的時間是否有任何關係，是否有任何改善，或者從 [bag] 中獲得 DIXI 帶來的任何其他更廣泛的學習？

Nothing that we're going to specifically quantify at this point, Frank, in terms of a metric. But I would say that we have seen where -- there are absolutely [places] accounts where we get better visibility to where patients are at in the diagnostic process and can, as a result, have conversations earlier and sooner and about a broader group of patients than we would have if we hadn't had visibility to that.

弗蘭克，我們目前不會用指標來具體量化任何內容。但我想說的是，我們已經看到了——絕對有一些帳戶，我們可以更好地了解患者在診斷過程中所處的位置，因此可以越來越早地就更廣泛的群體進行對話。我們沒有看到這一點，患者的數量就會比我們多。

So it has helped broaden the visibility upstream and has helped in a number of accounts give us visibility we maybe wouldn't have had, especially in places where we may have people who aren't quite as [tenured] and that's given them a good opportunity to be part of those conversations and look further upstream.

因此，它幫助擴大了上游的可見性，並幫助許多客戶為我們提供了我們可能不會擁有的可見性，特別是在我們可能有不那麼[終身]的人的地方，這給了他們一個很好的機會有機會參與這些對話並進一步觀察上游。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

A couple for me. I wanted to circle back to a previous question on the implied second half growth rate. Obviously, I hear you're doing more in the second half dollar-wise versus the first half, but that's normal seasonality and that's how most medtech businesses work.

給我一對。我想回到之前關於下半年隱含成長率的問題。顯然，我聽說下半年與上半年相比，你在美元方面做得更多，但這是正常的季節性，也是大多數醫療科技企業的運作方式。

So I was hoping you could just revisit the decelerating growth rate and walk us through the reasons? Is it due to the personnel cut? Is it due to a slowing in the market? Is it conservatism? Just help us think about the slowing growth rates, more ignoring the dollar amount, that would be helpful.

所以我希望你能重新審視成長率放緩並告訴我們原因？是因為人員削減嗎？是因為市場放緩嗎？這是保守主義嗎？只要幫助我們思考成長率放緩，忽略美元金額，就會有所幫助。

Thanks for the question, Robbie. And so, I would just go back to point that I made earlier, and we really don't see it as a result of any cuts internally, and we don't see it as any slowing in the market. We have seen good -- what we consider to be good and healthy patient populations in our pipeline, and we continue to work to invest in growing the top line as well as then demonstrating good operating expense discipline, but we're absolutely investing in the business.

謝謝你的提問，羅比。因此，我想回到我之前提出的觀點，我們確實不認為這是任何內部削減的結果，我們也不認為這是市場放緩的結果。我們已經看到了良好的情況——我們認為我們的管道中的患者群體良好且健康，我們將繼續努力投資於增加收入，並展示良好的營運費用紀律，但我們絕對是投資於商業。

So we don't see anything associated with that impact. We do see that there are -- there is some seasonality that we expect in the summer months, and we've seen that previously. And we also do expect that when you look forward, the comps from prior year do get tougher in the back half of the year.

所以我們沒有看到任何與這種影響相關的東西。我們確實看到，我們預計夏季會出現一些季節性，而且我們之前已經看到過這種情況。我們也確實預計，當你展望未來時，去年的比較在今年下半年確實會變得更加艱難。

So again, we do see where we're going to continue to grow the business in the second half of the year. We're excited about how we're positioned to grow the business and have been. But we also recognize that some of those comps from last year do get harder in the second half of the year and affect us from a growth rate perspective.

因此，我們確實看到了下半年我們將繼續在哪些方面發展業務。我們對我們如何定位並發展業務感到興奮。但我們也意​​識到，去年的一些比較在下半年確實變得更加困難，並從成長率的角度影響了我們。

Okay. The reason I'm focused on the second half versus first half is because the street is sitting well above that second half growth rate in 2025. So I'm trying to get a better sense is that, the new normal, is that a very conservative approach going out to '25? But -- I can move on. Just two quick ones for me.

好的。我之所以關注下半年和上半年，是因為 2025 年下半年的增長率遠高於這一水平。但是——我可以繼續前進。對我來說只有兩個快速的。

I'll ask you both. You talked a lot about DIXI and the contribution in revenue and the impact on gross margin, but I don't remember you giving us a revenue number for that or even a percent of sales for a while. So I was hoping you could just [sync] us up on DIXI? And then also maybe if you could give us your thoughts on how you'll be handling the debt when it comes due in two years?

我會問你們倆。您談了很多關於 DIXI 及其對收入的貢獻以及對毛利率的影響，但我不記得您有一段時間沒有向我們提供該收入的數字，甚至是銷售額的百分比。所以我希望你能在 DIXI 上[同步]我們？然後，您是否可以告訴我們您對兩年後到期的債務將如何處理的想法？

I'll start us off there, Robbie, and then I'll ask Rebecca to chime in. With regards to DIXI, you're right, we don't break the revenue up by product line. But at the end of 2023, we did provide the waypoint, the handhold of DIXI revenue being approximately 15% of our total sales.

羅比，我將從這裡開始，然後我會請麗貝卡插話。但到了2023年底，我們確實提供了路標，DIXI的營收掌握在我們總銷售額的15%左右。

So I think that would be an update from when we -- as you referenced, from when we initiated the relationship, we had given that revenue number at -- I believe it was $1.6 million at that time, and we've given the update at the end of '23, so a couple of quarters ago that the DIXI revenue percentage was about 15% of our total revenue. So hopefully, that gives you a little bit of help.

因此，我認為這將是從我們開始建立關係時開始的更新，我相信當時是 160 萬美元，我們已經給出了更新23 年底，幾個季度前，DIXI 的收入百分比約為我們總收入的15 %。希望這能為您帶來一點幫助。

With regard to the debt, obviously, we recently announced the extension of the maturity of the debt by a year out through September of 2026. That additional flexibility, we believe, gives us just that. It gives us the flexibility to continue to be able to manage the debt in a way that we think is going to be beneficial as well as potentially take advantage should a lower interest rate environment develop. It gives us some flexibility there as well.

顯然，就債務而言，我們最近宣布將債務期限延長一年至 2026 年 9 月。它使我們能夠靈活地繼續以我們認為有益的方式管理債務，並且在較低利率環境出現時可能會利用這種方式。它也為我們提供了一些靈活性。

So I'll ask Rebecca if there's anything you want to comment on either one of those?

那麼我會問麗貝卡，你對其中任何一個有什麼想要評論的嗎？

I think you've covered it pretty well. We haven't specifically discussed plans for our debt. We continue to evaluate options and we will continue to do that, considering what would be in the company's best interest and our shareholders' best interest. And we have additional flexibility as a result of stretching it out for -- stretching at the final maturity for a year, as Joel mentioned. So I think actually, Joel covered it all pretty well.

我認為你已經涵蓋得很好了。我們還沒有具體討論我們的債務計劃。我們將繼續評估各種選擇，並考慮什麼符合公司的最佳利益和股東的最佳利益。正如喬爾所提到的，我們由於將其延長了一年而獲得了額外的靈活性——在最終到期時延長了一年。所以我認為實際上，喬爾很好地涵蓋了這一切。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

Two quick ones. Rebecca, in your prepared remarks, I heard you made a comment about DIXI revenue contribution or mix across the quarter. I didn't quite catch what you said. Can you remind me what you said and what it means for modeling on DIXI, if anything?

兩個快的。麗貝卡，在您準備好的發言中，我聽到您對本季度 DIXI 收入貢獻或組合發表了評論。我不太明白你說的話。你能提醒我你所說的話以及這對 DIXI 建模意味著什麼嗎？

We commented -- or I commented that DIXI made a meaningful contribution to our revenue growth, and that's really about it. With regard to our gross margin, of course, our gross margin is impacted by many factors. And as you know, and as we've said before, RNS has a greater gross margin than DIXI. We've stated before that DIXI, we believe, has a favorable gross margin for distributed products. But we really didn't say anything beyond that.

我們評論說——或者說我評論 DIXI 對我們的收入成長做出了有意義的貢獻，僅此而已。至於我們的毛利率，當然，我們的毛利率受到許多因素的影響。如您所知，正如我們之前所說，RNS 的毛利率高於 DIXI。我們之前已經說過，我們相信 DIXI 的分銷產品具有良好的毛利率。但除此之外我們真的沒有說什麼。

Yes. The only other thing might be just that we offered that in the context of the -- as Rebecca mentioned, in the context of the gross margin discussion. DIXI may have some variability due to small fluctuations relative to overall revenue from period to period, but nothing outside of that.

是的。唯一的另一件事可能是我們在毛利率討論的背景下提供了這一點——正如麗貝卡所提到的。由於相對於不同時期的總收入的小幅波動，DIXI 可能會出現一些變化，但除此之外沒有任何變化。

Yes.

是的。

Okay. All right. The follow-up was on just the incremental hiring and training. Can you remind me have you quantified the scale of that, like in terms of territory expansion or headcount, quota-carrying reps or clinical resources? I just -- I don't recall it was this, we've expanded it this much comment.

好的。好的。後續行動只是增量招募和培訓。您能否提醒我，您是否量化了其規模，例如領土擴張或員工人數、配額代表或臨床資源？我只是 - 我不記得是這樣的，我們已經將其擴展了這麼多評論。

If there's any color there, I'd appreciate it.

如果那裡有任何顏色，我會很感激。

Mike, what we've talked about there is we've characterized the expansion as an incremental expansion. We chose that [very] carefully to just indicate that it's -- we consider it big enough and it is commercially focused.

麥克，我們所討論的是我們將擴張描述為增量擴張。我們[非常]謹慎地選擇它，只是為了表明它——我們認為它足夠大並且以商業為重點。

So just to your question of clinical support or commercial, it is commercially focused resources, and we've characterized it as an incremental expansion. So it's big enough that we want to be talking about it, but we haven't given any specific headcount necessarily quantified at this point.

因此，就您的臨床支援或商業問題而言，它是以商業為中心的資源，我們將其描述為增量擴張。所以它足夠大，我們想要討論它，但我們目前還沒有給出任何必須量化的具體人數。

Ladies and gentlemen, we have reached the end of our question-and-answer session. And I would like to turn the call back to Joel Becker for closing remarks. Please go ahead, sir.

女士們先生們，我們的問答環節已經結束了。我想將電話轉回喬爾貝克爾（Joel Becker），讓其致閉幕詞。請繼續，先生。

Thank you. Thank you for everyone for your time and attention today. We're excited about the past quarter that the team has delivered and want to express our appreciation to everybody here at NeuroPace for all of their hard work.

謝謝。感謝大家今天的時間和關注。我們對團隊在過去一個季度所取得的成果感到興奮，並希望對 NeuroPace 的每個人的辛勤工作表示感謝。

We're also excited about our strategy, the progress both in this quarter as well as our plans going forward for the remainder of the year and beyond. We are really very well positioned to continue to execute on all three phases of it and the growth in our strategy.

我們也對我們的策略、本季的進展以及今年剩餘時間及以後的計劃感到興奮。我們確實處於非常有利的位置，可以繼續執行它的所有三個階段以及我們策略的成長。

And for what that means for the business now and into the future is further exciting to us. We look forward to updating you on all of that in future calls. Thanks again.

這對現在和未來的業務意味著什麼，這讓我們更加興奮。我們期待在未來的電話會議中向您通報所有最新情況。再次感謝。

Thank you. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路。