Nuwellis Inc (NUWE) 2024 Q1 法說會逐字稿

Good day and welcome to the Nuwellis first quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Vivian Cervantes, Investor Relations with Gilmartin Group. Please go ahead.

美好的一天，歡迎參加 Nuwellis 2024 年第一季財報電話會議。（操作員說明）請注意此事件正在被記錄。我現在想將會議交給吉爾馬丁集團投資者關係部維維安·塞萬提斯 (Vivian Cervantes)。請繼續。

Thank you, Cindy. Good morning, everyone. Thank you for joining us in today's conference call to discuss the wireless and corporate developments and financial results for the first quarter ended March 31, 2024. In addition to myself with us today are Nestor Jaramillo, the President and CEO, as well as Rob Scott CFO at 8 AM. Eastern today, Noah's released financial results for the first quarter ended March 31, 2024. If you have not received with this earnings release, please visit the company's Investor page on its website. During this conference call, the Company will be making forward looking statements.

謝謝你，辛蒂。大家，早安。感謝您參加今天的電話會議，討論截至 2024 年 3 月 31 日的第一季度的無線和企業發展以及財務業績。今天上午 8 點，除了我本人之外，與我們在一起的還有總裁兼執行長 Nestor Jaramillo 以及財務長 Rob Scott。東部今天，諾亞公佈了截至2024年3月31日的第一季財務業績。如果您尚未收到本財報，請造訪該公司網站上的投資者頁面。在本次電話會議期間，該公司將做出前瞻性聲明。

All forward-looking statements made during today's call will be protected under the Private Securities Litigation Reform Act of 1995. Any statements that relate to expectations or predictions of future events and market trends as well as our estimated results or performance are forward-looking statements. All forward-looking statements are based upon our current estimates and various assumptions.

今天電話會議期間所做的所有前瞻性陳述都將受到 1995 年私人證券訴訟改革法案的保護。任何與未來事件和市場趨勢的預期或預測以及我們的估計結果或績效相關的陳述均為前瞻性陳述。所有前瞻性陳述均基於我們目前的估計和各種假設。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements. All forward looking statements are based upon current available information and the company assumes no obligation to update these statements. Accordingly, you should not place undue reliance on these statements. Please refer to the cautionary statements and discussion of risks in the company's filings with the SEC, including the latest 10-K.

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預期或暗示的結果或事件有重大差異。所有前瞻性陳述均基於當前可用信息，本公司不承擔更新這些陳述的義務。因此，您不應過度依賴這些陳述。請參閱該公司向 SEC 提交的文件中的警告聲明和風險討論，包括最新的 10-K。

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

現在，我想將電話轉給內斯特。

Thank you, Vivian, and good morning, everyone. Welcome to Nuwellis first quarter 2024 earnings conference call. On today's call, I will provide an overview of our first quarter performance and give an update on our strategic initiatives. Our Chief Financial Officer, Rob Scott, will then provide details commentary on the financial results before opening up the call for questions, followed by my closing remarks.

謝謝你，維維安，大家早安。歡迎參加 Nuwellis 2024 年第一季財報電話會議。在今天的電話會議上，我將概述我們第一季的業績，並介紹我們策略計畫的最新情況。然後，我們的財務長 Rob Scott 將在開始提問之前提供有關財務業績的詳細評論，然後是我的結束語。

New well has generated $1.9 million in revenue for the first quarter of 2020 for a 2% increase year over year, driven by our 11% increase in consumable utilization. Our pediatric customer category once again led the way with 40% revenue growth, which was driven by 54% increase in consumable utilization. We continued to grow our pediatric customer category, acquiring five new accounts over the past 12 months for a total of 40 accounts compared to 10 accounts in 2019.

新井在 2020 年第一季創造了 190 萬美元的收入，年增 2%，這得益於我們的消耗品利用率成長 11%。我們的兒科客戶類別再次以 40% 的收入成長領跑，這得益於耗材利用率 54% 的成長。我們繼續擴大兒科客戶類別，在過去 12 個月內獲得了 5 個新帳戶，總數達到 40 個，而 2019 年為 10 個。

Prior to FDA clearance. Revenue in our critical care customer category was flat. However, consumable utilization grew by 9% and heart failure revenue decreased by 38%, which was driven by lower utilization and console sales. We are pleased to continue to see healthy consumable utilization trends, signaling strong therapy adoption. Consumable sales in Q1 represented 82% of the total revenue, which grew 11% compared to last year. We continued to balance the strong sales of consumables with the unpredictable capital sales cycle in our hospitals accounts

在 FDA 批准之前。我們的重症監護客戶類別的收入持平。然而，由於利用率和主機銷售下降，耗材利用率成長了 9%，心臟衰竭收入下降了 38%。我們很高興繼續看到健康的耗材利用趨勢，這表明治療方法的採用率強勁。第一季耗材銷售額佔總營收的82%，較去年成長11%。我們持續平衡耗材的強勁銷售與醫院帳戶中不可預測的資本銷售週期

Our capital rental program provides an alternative to our customers experiencing capital budget constraints with this solution to treat patients with Aquadex. Similar to last year, first quarter capital sales were lower than expected. However, as in the second half of 2023, we expect capital sales to increase throughout the year as our pipeline of new target accounts is robust we are confident of our growth momentum in 2024 because of the increased awareness of the efficacy of Aquadex, including recent clinical data reported at the technology and heart failure Therapeutics Conference, also known as DTHT conference in early May March.

我們的資本租賃計劃為遇到資本預算限制的客戶提供了另一種選擇，透過該解決方案來治療 Aquadex 患者。與去年類似，第一季資本銷售低於預期。然而，與 2023 年下半年一樣，我們預計全年資本銷售將增加，因為我們的新目標客戶管道強勁，我們對 2024 年的成長勢頭充滿信心，因為人們對 Aquadex 功效的認識不斷增強，包括最近的5月初在技術與心臟衰竭治療會議（也稱為DTHT 會議）上報告的臨床數據。

At the late-breaking clinical trials session, the use of the Aquadex demonstrated a clinically and a statistical significant reduction in heart failure, hospitalizations and heart failure events at 30 days. These new clinical data is the result of our key priority to continue developing strong clinical and economic evidence for using the Aquadex system to treat patients with fluid overload and who are unresponsive to diuretics. In addition to the steady organic growth in our base business, we look forward to new product sales in our fast growing pediatric category.

在最新的臨床試驗中，Aquadex 的使用證明了 30 天時心臟衰竭、住院和心臟衰竭事件在臨床和統計學上顯著減少。這些新的臨床數據是我們優先考慮的結果，即繼續開發強有力的臨床和經濟證據，以使用 Aquadex 系統治療液體超負荷和對利尿劑無反應的患者。除了基礎業務的穩定有機成長外，我們還期待快速成長的兒科類別中的新產品銷售。

In addition to expanding the utilization of Aquadex as we progress our diabetes pilot program wish I will provide more details next Now turning to our recent commercial developments and expected new product introduction in February, SeaStar medical received Humanitarian Device Exemption or HDE. from the FDA for its selected sale for robotic device or SCD. branded call immune for use in pediatric patients with acute kidney injury due to sepsis or aseptic conditions?

除了隨著我們的糖尿病試點計劃的進展而擴大Aquadex 的使用之外，希望我接下來會提供更多詳細資訊。了人道主義設備豁免或HDE。因其機器人設備或 SCD 的選定銷售而獲得 FDA 的批准。品牌呼叫免疫可用於因敗血症或無菌條件導致急性腎損傷的兒科患者嗎？

Well, it has exclusive US license and distribution rights and we have begun commercializing QualityOne in targeted medical centers by pursuing IRB approvals in five accounts while simultaneously engaging in preliminary dialogue with other key pediatric institutions. The unique technology behind call immune has demonstrated a 77% ICU survival rate in children with potentially deadly hyperinflammation. We believe this product will have a positive impact on the patient population for which it serves, and we look forward to providing continued updates as these collaboration progresses.

嗯，它擁有美國獨家許可和分銷權，我們已經開始在目標醫療中心將 QualityOne 商業化，在五個帳戶中尋求 IRB 批准，同時與其他主要兒科機構進行初步對話。Call Immunity 背後的獨特技術已證明，患有潛在致命性過度發炎的兒童在 ICU 中的存活率為 77%。我們相信該產品將對其所服務的患者群體產生積極影響，我們期待隨著這些合作的進展提供持續的更新。

We also continued the development of our pediatric continues kidney replacement therapy device branded Viviant. We, along with many pediatric nephrologists believe this product will have a positive impact on survival and improve the quality of life of neonates and small children with kidney malfunctions. Kidney issues for those born without kidney.

我們也持續開髮品牌為 Viviant 的兒科持續腎臟替代治療設備。我們以及許多兒科腎臟病專家相信，該產品將對患有腎功能障礙的新生兒和幼兒的生存產生積極影響，並改善他們的生活品質。出生時沒有腎臟的人會出現腎臟問題。

This device is complementary to SeaStar Medical's squalane new device. And we believe these two products together will add meaningful value to our growing portfolio of products for pediatric patients with fluid overload and renal disease, we continued to advance the pilot phase of our supply and collaboration agreement with DaVita. As a reminder, this collaboration allows the Vita as well as to pilot Aquadex therapy for adult heart failure patients in selected US markets.

該設備是 SeaStar Medical 角鯊烷新設備的補充。我們相信，這兩種產品將為我們不斷增長的液體超負荷和腎臟疾病兒科患者產品組合增添有意義的價值，我們繼續推進與 DaVita 的供應和合作協議的試點階段。需要提醒的是，此次合作使得 Vita 以及 Aquadex 療法能夠在選定的美國市場上對成年心臟衰竭患者進行試驗。

Pairing Aquadex with diabetes clinical infrastructure could potentially help accelerate the clinical adoption of ultrafiltration when diuretics therapy therapies are ineffective. We have made introduction in nine hospitals with very positive results. We look forward to providing more specific information during the quarter. In early April, we announced the launch of ultrafiltration therapy for heart failure patients using the Aquadex at Henry for health as part of our pivotal reverse heart failure clinical study based in Michigan, Henry Ford Health is one of the nation's leading academic heart failure centers recognized for clinical excellence in heart failure, heart transplant and left ventricular assist devices.

當利尿劑治療無效時，Aquadex 與糖尿病臨床基礎設施結合可能有助於加速超濾的臨床應用。我們已在九家醫院進行了引進，並取得了非常正面的效果。我們期待在本季提供更多具體資訊。4 月初，我們宣佈在Henry for health 推出使用Aquadex 對心臟衰竭患者進行超濾治療，作為我們位於密西根州的關鍵逆轉心臟衰竭臨床研究的一部分，Henry Ford Health 是公認的美國領先的學術性心臟衰竭中心之一表彰其在心臟衰竭、心臟移植和左心室輔助裝置方面的臨床卓越表現。

We are honored to be working with them as their heart failure program is one of the largest in Michigan, Dr. Jennifer Culver, Head of the heart failure program will lead the efforts, and I look forward to hearing her findings as the study progresses. We currently have 123 patients enrolled in the randomized multi-center trial. And Henry Ford is the only site in Michigan offering this study intervention.

我們很榮幸能與他們合作，因為他們的心臟衰竭計畫是密西根州最大的計畫之一，心臟衰竭計畫負責人Jennifer Culver 博士將領導這項工作，我期待著隨著研究的進展聽到她的發現。目前我們有 123 位患者參加了隨機多中心試驗。亨利·福特是密西根州唯一提供這項研究介入的網站。

I'd like to now turn it to Rob to discuss our first quarter financial results.

我現在想請羅布討論我們第一季的財務表現。

Thank you, Nestor, and good morning, everyone. Turning to the Q1 financial results, revenue for the first quarter was $1.9 million, representing a 2% growth over the prior year period, driven by an 11% increase in consumables utilization, partially offset by a decrease in console shipments. Our pediatric customer category had the strongest growth in Q1 with a 40% increase year over year.

謝謝你，內斯特，大家早安。談到第一季的財務業績，第一季的營收為190 萬美元，較上年同期成長2%，這主要是由於耗材利用率增加了11%，但部分被遊戲機出貨量的下降所抵消。我們的兒科客戶類別在第一季成長最為強勁，年增 40%。

Pediatric results were driven by a 54% increase in consumables utilization. Critical group Critical Care revenue was flat but experienced a 9% increase in consumable sales. Total revenue was offset by a decrease in utilization and comparable sales in heart failure. Gross margin was 64.1% for the first quarter compared to gross margin of 58.4% in the prior year quarter. The margin improvement was primarily driven by higher manufacturing volumes of consumables in the current year period.

兒科結果得益於耗材利用率提高了 54%。重症組重症監護收入持平，但消耗品銷售額成長 9%。總收入被心臟衰竭的利用率和可比較銷售額的下降所抵消。第一季毛利率為 64.1%，去年同期毛利率為 58.4%。利潤率的提高主要是由於本年度消耗品製造量的增加所致。

Selling, general and administrative expenses were $4.6 million in the first quarter, a decrease of 16.1% as compared to 5.5 million in the first quarter of 2023. The decrease in SG&A was primarily due to reduced headcount and compensation related expense and lower corporate administrative expenses. First quarter research and development expense was $1.3 million compared to $1.4 million in the prior year period.

第一季的銷售、一般和管理費用為 460 萬美元，比 2023 年第一季的 550 萬美元下降 16.1%。SG&A 的減少主要是由於員工人數和薪酬相關費用的減少以及公司管理費用的減少。第一季研發費用為 130 萬美元，去年同期為 140 萬美元。

Total operating expenses were $5.9 million in the quarter, a decrease of approximately $1 million as compared to the first quarter of 2023 period over period decrease was due to cost saving measures implemented early in the second half of 2023 and carried forward to the current period. As we continue to drive operating efficiencies, we anticipate significant expense reductions approaching approaching 50% through operating efficiency initiatives for the rest of the calendar year.

本季總營運費用為 590 萬美元，比 2023 年第一季減少約 100 萬美元，年減是由於 2023 年下半年年初實施並結轉到本期的成本節約措施。隨著我們繼續提高營運效率，我們預計透過今年剩餘時間的營運效率舉措，費用將大幅減少接近 50%。

Operating loss in the first quarter was $4.7 million compared to an operating loss of $5.8 million in the prior year period, resulting in a $1.1 million period-over-period improvement.

第一季營運虧損為 470 萬美元，而去年同期營運虧損為 580 萬美元，較去年同期改善 110 萬美元。

Net loss attributable to common shareholders in the first quarter was $3.8 million or a loss of $0.6 per share compared to a net loss attributable to common shareholders of $6.5 million or $5.76 per share for the same period in 2023. We ended the first quarter with $1.4 million in cash and cash equivalents and with no debt on the balance sheet. On April 30, Nuwellis closed an underwritten public offering with gross proceeds of $2.7 million before deducting underwriting discounts and commissions related to the offer.

第一季歸屬於普通股股東的淨虧損為 380 萬美元，即每股虧損 0.6 美元，而 2023 年同期歸屬於普通股股東的淨虧損為 650 萬美元，即每股虧損 5.76 美元。第一季結束時，我們擁有 140 萬美元的現金和現金等價物，資產負債表上沒有任何債務。4 月 30 日，Nuwellis 完成了一次承銷公開發行，扣除與本次發行相關的承銷折扣和佣金之前，募集資金總額為 270 萬美元。

This concludes our prepared remarks. Operator, we would now like to open the call to questions.

我們準備好的演講到此結束。接線員，我們現在要開始提問。

(Operator Instructions) Anthony Vendetti, Maxim Group.

（操作員說明）Anthony Vendetti，Maxim Group。

Thank you, Tom. So necessarily just curious on the on the C-store distribution agreement on you mentioned it on the call. I was just wondering if you could talk about where that's at in terms of are all your salespeople trained on it? Have they started selling it? What's your if you have expectations on a quarterly basis or by the end of the year for that and also just talk about the cross-selling opportunities focused on.

謝謝你，湯姆。所以一定只是對你在電話中提到的便利商店分銷協議感到好奇。我只是想知道您是否可以談談您的所有銷售人員是否接受過相關培訓？他們開始賣了嗎？如果您對每個季度或年底有預期，並且只談論重點關注的交叉銷售機會，那麼您的期望是什麼？

Good questions, Anthony, and good morning. The we're starting to train. We have started already to train our personnel, especially our clinical education specialists. We have target initially two phases. The first phase is five centers and we are pursuing IRP in each one of them per the HDE. requirements from we have. I expect that the clinical personnel from SeaStar will be very involved in this first five sites, along with our clinical personnel.

好問題，安東尼，早安。我們要開始訓練了。我們已經開始培訓我們的人員，特別是我們的臨床教育專家。我們最初的目標是兩個階段。第一階段有五個中心，我們正在根據 HDE 在每個中心推行 IRP。我們的要求。我預計 SeaStar 的臨床人員將與我們的臨床人員一起積極參與前五個站點的工作。

Once they are educated, then we move into the next five centers, which all of these 10 centers have been identified. And we have in terms of the cross-selling this opportunity with Quallaby own, it would be very good for us to start talking about our technology that is coming up because the two devices together would be a perfect combination our device and be a pediatric dedicated CRRT, on quality, municipal pediatric dedicated side of our robotic device. So the combination of the two are going to be fantastic in terms of saving lives and improving the quality of life of children.

一旦他們接受了教育，我們就會進入接下來的五個中心，這 10 個中心都已確定。就與 Quallaby 自己的交叉銷售機會而言，我們開始談論我們即將推出的技術將非常好，因為這兩種設備在一起將是我們設備的完美組合，並且是兒科專用設備CRRT，我們的機器人設備的優質市政兒科專用部分。因此，兩者的結合對於拯救生命和提高兒童的生活品質來說將是非常棒的。

Thanks, Nestor. Okay, great. And before I have a couple of cost reduction questions, I wanted to talk also about you said that during the year you expect capital equipment sales to pick up on when you place a capital equipment or have a capital equipment sale. What is the expected consumable generation for that capital equipment per year? What are the factors that determine that maybe just give us a little color into how that and how that sales process works in the north.

謝謝，內斯特。好的，太好了。在我提出幾個降低成本的問題之前，我還想談談您所說的，在這一年中，當您放置固定設備或進行固定設備銷售時，您預計固定設備銷售將會回升。該固定設備每年的預期消耗品產量是多少？決定的因素是什麼，也許只是讓我們對北方的銷售流程以及銷售流程如何運作有一些了解。

Okay. The well, first of all, I just want to acknowledge that our capital equipment sales have been lumpy just as we saw in the first part of last year and were not the only ones with that situation. I saw the earnings. We lease of two companies at GE. being one of them and they have they reported a very low capital sales due to all the capital constraints that the hotspots are having as a post pandemic.

好的。首先，我只想承認，正如我們去年上半年所看到的那樣，我們的固定設備銷售一直不穩定，而且並不是唯一出現這種情況的公司。我看到了收益。我們在通用電氣租賃了兩家公司。作為其中之一，他們報告說，由於疫情後熱點地區面臨的所有資本限制，其資本銷售非常低。

So on the use of our consumables per console in a hospital depends a lot on how much utilization in the different area, specialty units that the hospital is using the Aquadex. We have centers like Mount Sinai near City or Washington, MedStar in Washington, D.C. that they use, they treat 2030 patients' implants. And this high utilization of the consoles. They have anywhere from 6 to 12 consoles in these institutions.

因此，醫院中每個控制台對我們耗材的使用很大程度上取決於醫院使用 Aquadex 的不同區域、專業單位的利用率。我們在城市或華盛頓附近有西奈山、華盛頓特區的 MedStar 等中心，他們使用這些中心，治療了 2030 名患者的植入物。而且控制台的使用率很高。這些機構中擁有 6 到 12 個控制台。

We also have institutions that only have one or two consoles and they probably treat, you know, by 10 patients per quarter as loss per quarter or higher per month. So they the only driver a driving factor here is how much of the doctors are prescribing the therapy to the different patient in the hospital.

我們也有一些機構只有一兩個控制台，您知道，他們可能每季治療 10 名患者，每季或每月有更多損失。因此，唯一的驅動因素是有多少醫生為醫院的不同患者開出治療處方。

Okay. That's helpful. And then just switching gears to the cost reduction, I think there was a comment about 50% reduction in costs for this year and in addition to salary reductions and so forth, were there any any programs that you have either scaled back or just discontinued to hit those targets?

好的。這很有幫助。然後只是轉向降低成本，我想有一個關於今年成本降低 50% 的評論，除了減薪等之外，是否有任何計劃縮減或停止實施達到那些目標？

And if not how did you get to a 50% number of the three initiatives strategic initiatives that we have been mentioning over the years, our three sales and marketing reverse heart failure and VBN, the pediatric dedicated device. The first two initiatives were not affected, have not been affected. And the third one VBN, we are in the final a phases of the development and the software development is the tall pole in the tent. And for that, we are using a lot of consultants on the software development, and that was the part that was affected the most.

如果不是的話，你是如何達到我們多年來一直提到的三項戰略舉措的 50% 數量的，我們的三項銷售和營銷逆轉心臟衰竭以及兒科專用設備 VBN。前兩項舉措沒有受到影響，沒有受到影響。第三個VBN，我們正處於開發的最後一個階段，軟體開發是帳篷中的高桿。為此，我們在軟體開發方面聘請了許多顧問，這是受影響最大的部分。

Okay. And then and then just lastly on the cash. So $1.4 million at the end of quarter, $2.7 million was the gross proceeds, I believe for the offering on April 30. What so what were the net proceeds of that offering that was added to your balance sheet was approximately $2.4 million, approximately correct.

好的。然後最後就是現金。因此，我認為 4 月 30 日發行的總收益為 140 萬美元，季末為 270 萬美元。那麼，添加到您的資產負債表中的該發行的淨收益約為 240 萬美元，大致正確。

Okay, great. Obviously, we can kind of estimate what the burn rate is per quarter on internally, what the cost reductions as you're trying to put that all together as we as we're in the second quarter here. Do you have an anticipated cash burn rate for this for this quarter?

好的，太好了。顯然，我們可以估計內部每季的燒錢率是多少，成本削減是多少，因為我們在第二季試圖將所有這些放在一起。您是否有本季的預期現金消耗率？

Well, we believe that the with the net proceeds that we received from this last financing will be we'll have enough cash until early fall and which will allow us time to execute on three key milestones that we have communicated. Those three milestones are you know, commercialization of our Quelimmune this this darn device on the continuing execution on the DaVita pilot, which we expect to have patients starting to be treated soon. And also a potential for a reimbursement change in the APC code.

好吧，我們相信，從最後一次融資中獲得的淨收益將讓我們在初秋之前擁有足夠的現金，這將使我們有時間執行我們已經傳達的三個關鍵里程碑。你知道，這三個里程碑是我們的 Quelimmune 這個該死的設備的商業化，在 DaVita 試點上持續執行，我們預計患者很快就會開始接受治療。APC 代碼中的報銷也有可能發生變化。

So once we execute on those three milestones, then we can go back to market and do another financing if we need.

因此，一旦我們實現了這三個里程碑，我們就可以回到市場，並在需要時進行另一次融資。

Okay, great. Thanks for the color of attendant Powerpack and acute pressure.

好的，太好了。感謝隨行的 Powerpack 的色彩和劇烈的壓力。

Thank you, Anthony.

謝謝你，安東尼。

This concludes our question and answer session. I would like to turn the conference back over to Nestor for some concluding remarks.

我們的問答環節到此結束。我想將會議轉回內斯特做一些總結發言。

Thank you, operator. We are confident that our growth momentum in 2024 led by increased awareness of the efficacy of Aquadex and increased therapy adoption will result in a strong year, helped further as hospital capital expenditure headwinds diminish. In addition, we look forward to the new product sales in our fast-growing pediatric category as we commercialize call immune SCD. from our exclusive license and distribution agreement with SeaStar Medical. In addition to expanding the utilization of Aquadex as we progress our diabetes pilot program.

謝謝你，接線生。我們相信，隨著對 Aquadex 功效認識的提高和治療採用率的增加，我們在 2024 年的成長勢頭將帶來強勁的一年，隨著醫院資本支出阻力的減弱，這將進一步推動我們的發展。此外，隨著我們將免疫性 SCD 商業化，我們期待快速增長的兒科類別中的新產品銷售。來自我們與 SeaStar Medical 的獨家授權和分銷協議。隨著我們糖尿病試點計劃的進展，除了擴大 Aquadex 的使用範圍之外。

I would like to conclude by highlighting the new wellness mission, which is to transform the lives of patients suffering from fluid overload. Our Aquadex ultrafiltration therapy is the superior method for removing excess fluid from patients suffering from fluid overload as demonstrated by the THD conference, and it is our goal to reach as many patients as possible to enhance their quality of life.

最後，我想強調新的健康使命，即改變液體超負荷患者的生活。正如 THD 會議所證明的那樣，我們的 Aquadex 超濾療法是清除液體超負荷患者體內多餘液體的最佳方法，我們的目標是覆蓋盡可能多的患者，以提高他們的生活品質。

I want to thank all our stakeholders, as well as employees, stockholders, physicians, nurses, patients, and health care workers in the field. Without your support, we would not be able to achieve key advances in transforming the lives of patients suffering from fluid overload. Thank you for your participation and support, and we look forward to a productive 2024.

我要感謝我們所有的利害關係人，以及該領域的員工、股東、醫生、護士、病人和醫護人員。如果沒有您的支持，我們將無法在改變液體超負荷患者的生活方面取得重大進展。感謝您的參與與支持，我們期待 2024 年能有成效。

The conference has now concluded. Thank you for today's presentation. You may now disconnect.

會議現已結束。感謝您今天的演講。您現在可以斷開連線。