PAVmed Inc (PAVM) 2022 Q4 法說會逐字稿

Welcome to the PAVmed Business Update and Fourth Quarter 2022 Financial Results Conference Call. (Operator Instructions)

歡迎來到 PAVmed 業務更新和 2022 年第四季度財務業績電話會議。 （操作員說明）

I would now like to turn the call over to your host, Michael Parks, Vice President, Investor Relations. Mr. Parks, you may begin.

我現在想把電話轉給你的主持人，投資者關係副總裁邁克爾帕克斯。帕克斯先生，您可以開始了。

Thank you, Jen, and good morning, everyone. Thank you for participating in today's fourth quarter 2022 business update call. The press release announcing this business update and the fourth quarter 2022 financials is available on the PAVmed website. Please take a moment to read the disclaimer about forward-looking statements in the press release. The business update press release and the conference call both include forward-looking statements, and these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from statements made.

謝謝你，珍，大家早上好。感謝您參加今天的 2022 年第四季度業務更新電話會議。宣布此業務更新和 2022 年第四季度財務報告的新聞稿可在 PAVmed 網站上查閱。請花點時間閱讀新聞稿中有關前瞻性陳述的免責聲明。業務更新新聞稿和電話會議均包含前瞻性陳述，這些前瞻性陳述受已知和未知的風險和不確定性的影響，這些風險和不確定性可能導致實際結果與所作陳述存在重大差異。

Factors that could cause results to differ are described in the disclaimer and in our filings with the U.S. Securities and Exchange Commission. For a list and description of these and other important risks and uncertainties that may affect future operations, see Part I, Item 1A entitled Risk Factors in PAVmed's most recent annual report on Form [10-Q] filed with the SEC and subsequent updates filed in the quarterly reports on Form 10-Q and any subsequent Form 8-K filings.

免責聲明和我們提交給美國證券交易委員會的文件中描述了可能導致結果不同的因素。有關可能影響未來運營的這些和其他重要風險和不確定性的列表和描述，請參閱 PAVmed 最近向美國證券交易委員會提交的 [10-Q] 表格年度報告中題為風險因素的第 I 部分第 1A 項以及隨後在關於 10-Q 表格和任何後續 8-K 表格文件的季度報告。

Except as required by law, PAVmed disclaims any intentions or obligations to publicly update or revise any forward-looking statements to reflect changes in expectations or in events, conditions or circumstances on which those expectations may be based or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

除法律要求外， PAVmed 不承擔任何公開更新或修改任何前瞻性陳述的意圖或義務，以反映預期或這些預期可能基於的事件、條件或情況的變化，或可能影響實際結果的可能性將不同於前瞻性陳述中包含的內容。

I would now like to turn the call over to Dr. Lishan Aklog, Chairman and CEO of PAVmed. Dr. Aklog?

我現在想把電話轉給 PAVmed 董事長兼首席執行官 Lishan Aklog 博士。阿克洛博士？

Thanks, Mike, and good morning, everyone. It's great to have you on today and welcome to our quarterly update call. I'd like to first start by reminding you that we did do a Lucid conference call yesterday and that the webcast of that is available online and we'll cover Lucid today but in a limited fashion so we have time to talk about the other aspects of the PAVmed business. So I would encourage everyone to review the webcast for those who call yesterday.

謝謝，邁克，大家早上好。很高興今天有你來，歡迎來到我們的季度更新電話會議。首先，我想提醒您，我們昨天確實召開了 Lucid 電話會議，可以在線觀看該會議的網絡廣播，我們今天將以有限的方式介紹 Lucid，以便我們有時間討論其他方面PAVmed 業務。因此，我鼓勵大家為昨天打電話的人回顧一下網絡廣播。

I'd like to start by -- with a bit of an overview on our strategic restructuring and then some recent highlights with Veris and Lucid. In the early part of January 2022, we've initiated a strategic restructuring plan, an initiative that was designed to really maximize cash flow and protect our shareholders' interests over the long-term in what -- were and still remain challenging market conditions. We made substantial adjustments to our near-term strategic priorities and the associated resource allocations.

首先，我想概述一下我們的戰略重組，然後是最近與 Veris 和 Lucid 的一些亮點。在 2022 年 1 月上旬，我們啟動了一項戰略重組計劃，該計劃旨在真正最大化現金流並在過去和現在仍然充滿挑戰的市場條件下保護我們股東的長期利益。我們對近期戰略重點和相關資源分配進行了重大調整。

In summary, we shifted substantially all of our resources and efforts on accelerating commercialization of the Lucid and Veris products. We had a meaningful reduction in our workforce, about 20%, and in our quarterly cash burn. That initiative is completed. The team did a great job of responding to it. And now we're leaner and are able to focus on the areas that are highlighted. It's had a durable impact -- positive impact. Our consolidated cash flow -- cash runway has been extended and our balance sheet is now stronger. And that's been further enhanced by a just under $25 million financing that we announced into Lucid that we announced yesterday.

總而言之，我們將所有資源和精力都投入到加速 Lucid 和 Veris 產品的商業化上。我們的員工人數大幅減少，約為 20%，季度現金消耗也有所減少。該倡議已完成。該團隊對此做出了很好的回應。現在我們更精簡了，能夠專注於突出顯示的區域。它產生了持久的影響——積極的影響。我們的綜合現金流——現金跑道已經擴展，我們的資產負債表現在更強大。我們昨天宣布向 Lucid 宣布的不到 2500 萬美元的融資進一步加強了這一點。

So some highlights. I'll start with Veris. And again, have limited comments about Lucid here. Veris Health, as you may know, is our digital health subsidiary that is seeking to enhance personalized cancer care. Some major highlights over the last couple of months and quarters, we launched the Veris Cancer Care Platform, Veris CCP, and executed our first commercial contract with a practice in New Jersey. The platform went live last month with patients now transmitting their physiologic data using our VerisBox devices to the cloud-based clinician portal and patients now reporting their symptoms and quality of life parameters through the smartphone app which is now available on the Apple App Store and Google Play.

所以一些亮點。我將從 Veris 開始。再一次，在這裡對 Lucid 的評論有限。您可能知道，Veris Health 是我們的數字健康子公司，致力於加強個性化癌症護理。過去幾個月和幾個季度的一些主要亮點是，我們推出了 Veris 癌症護理平台 Veris CCP，並與新澤西州的一家診所簽訂了我們的第一份商業合同。該平台上個月上線，患者現在使用我們的 VerisBox 設備將他們的生理數據傳輸到基於雲的臨床醫生門戶，患者現在通過智能手機應用程序報告他們的症狀和生活質量參數，該應用程序現已在 Apple App Store 和 Google 上提供玩。

The oncology practice and the care team are now reviewing the physiologic clinical data that is coming from the patient on the portal. And the key is they're doing so in a way that allows us to build for remote patient monitoring services, which is the key aspect of the business model. We are receiving subscription payments under the contract within the software-as-a-service recurring revenue model. So lots of great progress. We're really excited about being off to the races with Veris.

腫瘤學實踐和護理團隊現在正在審查門戶網站上來自患者的生理臨床數據。關鍵是他們這樣做的方式允許我們構建遠程患者監控服務，這是商業模式的關鍵方面。我們在軟件即服務經常性收入模型中根據合同接收訂閱付款。如此巨大的進步。我們對與 Veris 一起參加比賽感到非常興奮。

On the Lucid side, also really strong steady strides along, focused on EsoGuard commercialization. Our test volume growth remained strong. We secured a very important in-network contract with the largest secondary PPO MultiPlan, which has access to approximately 60 million consumers. Overall, our commercial payer in-network engagements are accelerating and our contracts are now averaging over $2,000 per test. All of our PPO contracts are at or above Medicare. So in summary, the price is holding. We had a successful launch of a new horizon in our commercial efforts, which are high-volume #CheckYourFoodTube events, and that was wildly successful and we have a robust near-term pipeline of future events.

在 Lucid 方面，也非常強大，穩步前進，專注於 EsoGuard 商業化。我們的測試量增長依然強勁。我們與最大的二級 PPO MultiPlan 簽訂了一份非常重要的網絡內合同，該合同覆蓋了大約 6000 萬消費者。總體而言，我們的商業付款人網絡內參與正在加速，我們的合同現在平均每次測試超過 2,000 美元。我們所有的 PPO 合同都等於或高於 Medicare。因此，總而言之，價格保持不變。我們在我們的商業活動中成功地開啟了新的視野，這些活動是高容量的#CheckYourFoodTube 活動，並且取得了巨大的成功，並且我們有一個強大的近期活動管道。

And as I mentioned within this, we did secure just under $25 million of financing, which extends our cash runway well into 2024. Just a couple of -- just 2 slides to summarize the structure of PAVmed for those of you who are just learning about us. PAVmed is a diversified commercial-stage medical technology company. We operate in medical devices and diagnostics as well as in digital health. And we operate under a shared services model where business units and subsidiaries share services at the administrative level and really at all other aspects of regulatory and product development, clinical affairs, clinical research and so forth, which provides us with economies of scale, overall risk mitigation and other advantages.

正如我在本文中提到的那樣，我們確實獲得了不到 2500 萬美元的融資，這將我們的現金跑道延伸到 2024 年。只需幾張 - 兩張幻燈片即可為剛剛了解 PAVmed 的人總結 PAVmed 的結構我們。 PAVmed 是一家多元化的商業階段醫療技術公司。我們經營醫療設備和診斷以及數字健康。我們在共享服務模式下運營，業務部門和子公司在行政層面共享服務，實際上在監管和產品開發、臨床事務、臨床研究等所有其他方面共享服務，這為我們提供了規模經濟、整體風險緩解等優勢。

We currently have 2 subsidiaries, Lucid Diagnostics, which is publicly-traded on the NASDAQ and Veris Health, which is privately held and we'll talk -- do update about both. I'll start with Veris. So Veris is a commercial stage digital health company that's focused on enhanced personalized cancer care. We know that cancer patients face high rates of complications, which drive poor patient outcomes and healthcare costs. Couple of ways to quantify it are the average cost of a hospitalization for cancer patients during the treatment course is about $70,000 and up to 50% of hospitalizations during the course of therapy for cancer are avoidable. So our mission with Veris is to improve outcomes utilizing modern, remote patient monitoring, or RPM, tools.

我們目前有 2 家子公司，在納斯達克公開交易的 Lucid Diagnostics 和私有的 Veris Health，我們將討論——對兩者進行更新。我將從 Veris 開始。所以 Veris 是一家商業階段的數字健康公司，專注於增強的個性化癌症護理。我們知道，癌症患者面臨著很高的並發症發生率，這會導致患者預後不佳和醫療保健費用增加。量化它的幾種方法是癌症患者在治療過程中住院的平均費用約為 70,000 美元，並且在癌症治療過程中高達 50% 的住院治療是可以避免的。因此，我們與 Veris 的使命是利用現代遠程患者監測或 RPM 工具改善結果。

Sorry, screwed up the slide here, I apologize. Let me just make sure that the slide -- I apologize. I didn't advance the slides. Okay. So what are Veris Health solutions? There are 2 aspects of it. One is a software platform on the left and a physiologic device -- a physiologic monitor on the right. The Veris Cancer Care Platform consists of a smartphone app as well as a cloud-based portal for the physicians and a "VerisBox" that contains Bluetooth connected devices for measuring various physiologic parameters such as blood pressure, weight, oxygen saturation, et cetera. We're developing and are making excellent progress on a continuous remote patient monitoring implantable physiologic monitor that is designed to be implanted at the same time as a chemotherapy port.

抱歉，搞砸了這裡的幻燈片，我深表歉意。讓我確保幻燈片-- 抱歉。我沒有推進幻燈片。好的。那麼什麼是 Veris Health 解決方案？它有兩個方面。一個是左邊的軟件平台和一個生理設備——右邊的生理監視器。 Veris 癌症護理平台包括一個智能手機應用程序以及一個基於雲的醫生門戶和一個“VerisBox”，其中包含用於測量各種生理參數（如血壓、體重、氧飽和度等）的藍牙連接設備。我們正在開發連續遠程患者監測植入式生理監測器，並取得了巨大進展，該監測器旨在與化療端口同時植入。

You can see the purple structure there, which is the port that makes into the monitoring device. So this system and the platform, in particular, facilitates early detection of complications, provides longitudinal trends and risk management tools for the clinicians so they can provide enhanced personalized cancer care. The patient experience is really robust. We're very proud of the patient interface of the software application and patients now are reporting their symptoms and this includes general health and quality of life parameters that go directly to their cancer team through the smartphone app.

你可以看到那裡的紫色結構，這是進入監控設備的端口。因此，該系統和平台尤其有助於早期發現並發症，為臨床醫生提供縱向趨勢和風險管理工具，以便他們能夠提供增強的個性化癌症護理。患者體驗真的很強大。我們對軟件應用程序的患者界面感到非常自豪，患者現在正在報告他們的症狀，這包括通過智能手機應用程序直接向他們的癌症團隊提供的一般健康和生活質量參數。

There, you can see on the left the report -- the ability to report symptoms, a chat feature with their team. And the symptom reporting is quite robust and that it doesn't just ask about a symptom, but it has some knowledge in diving further and asking follow-up questions to really give the physician the equivalent of a virtual visits to have a better understanding of what's transpiring with the patient. The clinician portal is also good. We're proud of the human factors aspects of the design and the interface. It's a cloud-based -- fully cloud-based portal that's integrated into the oncology practices IT system and electronic health records and it allows the team to review physiologic and clinical data that delivers -- that's transmitted to and from the patient, both from the physiologic monitors as well as from the patient reporting.

在那裡，您可以在左側看到報告——報告症狀的能力，與他們團隊的聊天功能。症狀報告非常強大，它不僅詢問症狀，而且在進一步深入了解和詢問後續問題方面具有一定的知識，從而真正為醫生提供相當於虛擬就診的效果，從而更好地了解病人發生了什麼。臨床醫生門戶也很好。我們為設計和界面的人為因素方面感到自豪。它是一個基於雲的 - 完全基於雲的門戶，已集成到腫瘤學實踐 IT 系統和電子健康記錄中，它允許團隊審查生理和臨床數據，這些數據從患者傳輸到患者和從患者傳輸生理監測以及患者報告。

You could see here, it shows nice trends with the physiologic parameters. It has calendaring features. It has telehealth features. It [pulls in] laboratory results. And our goal is to make this the -- really the front-end for their practice as opposed to their traditional EHR. From a business -- practice business point of view, that practice can now build for remote patient monitoring services on a monthly basis as long as the data is being transmitted at least 16 days a month. And then I'll show in a bit the codes are well established.

你可以在這裡看到，它顯示了生理參數的良好趨勢。它具有日曆功能。它具有遠程醫療功能。它 [拉入] 實驗室結果。我們的目標是讓它真正成為他們實踐的前端，而不是他們傳統的 EHR。從業務 - 實踐業務的角度來看，只要數據每月至少傳輸 16 天，該實踐現在可以按月建立遠程患者監控服務。然後我會稍微展示一下代碼是如何建立的。

The business model is very attractive and it's one of the reasons why we decided to pursue this, attractive on both ends, both as a revenue opportunity for Veris as well as a value proposition for our customers. As I mentioned, the business model is software-as-a-service, it's recurring revenue, we charge a subscription fee for the practice per head per patient, (inaudible) leverages the existing established codes. It does not require us to seek any further reimbursement from third-party payers or from Medicare. There are also additional revenue opportunities from -- for enhanced technical support providing off hours and even during the day clinical support as well as when the implantable device is ready and being able to charge for that.

這種商業模式非常有吸引力，這也是我們決定追求這一點的原因之一，它在兩端都具有吸引力，既是 Veris 的收入機會，也是我們客戶的價值主張。正如我所提到的，商業模式是軟件即服務，它是經常性收入，我們對每位患者每人的實踐收取訂閱費，（聽不清）利用現有的既定代碼。它不需要我們向第三方付款人或 Medicare 尋求任何進一步的報銷。還有額外的收入機會——用於增強技術支持，提供下班時間甚至白天的臨床支持，以及可植入設備準備就緒並能夠為此收費的時間。

Brief summary on the right there of how RPM billing works. Again, these codes are CPT codes on the left are well established and you could see how it's provided and it really ends up for fully utilizing the system and providing the full data of about just under $200 per month of billings and about $100 of that is margin to the practice. It also facilitates participation in value-based payment models that are offered by CMS. The most recent one is called the enhanced oncology model, EOM, and other value-based payment models and overall decreases the administrative workload on the practice.

右側簡要總結了 RPM 計費的工作原理。同樣，這些代碼是左側的 CPT 代碼，它們已經很好地建立起來了，您可以看到它是如何提供的，它最終完全用於充分利用該系統並提供每月大約不到 200 美元的賬單的完整數據，其中大約 100 美元是保證金的做法。它還有助於參與 CMS 提供的基於價值的支付模型。最近的一種稱為增強型腫瘤模型、EOM 和其他基於價值的支付模型，總體上減少了實踐中的管理工作量。

The total addressable market opportunity is approximately $2 billion based on 2 million patients undergoing -- are being diagnosed with cancer every year. Here's some highlights of our commercial growth strategy. The estimated number of oncologists in the U.S. last year is 12,500, operating in about 2,200 practices and just under 2,000 new cancer diagnosis. We're targeting a large market opportunity with a focus on -- initially on independent oncology practices, although we are engaged with larger institutions and cancer centers and innovative risk-bearing health systems and value-based model participants practices that are already familiar with the Medicare EOM and prior versions of the value-based models that Medicare utilizes.

基於每年有 200 萬患者被診斷出患有癌症，總的潛在市場機會約為 20 億美元。以下是我們商業增長戰略的一些亮點。據估計，去年美國的腫瘤學家人數為 12,500 人，從事約 2,200 次實踐，新診斷出近 2,000 例癌症。我們的目標是一個巨大的市場機會，重點是——最初是獨立的腫瘤學實踐，儘管我們與更大的機構和癌症中心以及創新的承擔風險的衛生系統和基於價值的模型參與者實踐進行了接觸，這些實踐已經熟悉了Medicare EOM 和 Medicare 使用的基於價值的模型的先前版本。

The results from our first commercial clients are really -- have immediately demonstrated the power of the system. The integration process was flawless. We were -- we got reports immediately of the impact on personalized care of patients not having to go to their infusion centers or adjustments of medication because of the ability to follow patient's blood pressure and a whole host of other concrete examples of how the system is enhancing care. The RPM billing opportunity is immediate and the practice is doing so. And the subscription revenue, again, is immediate. It doesn't require any further sign off with regard to reimbursement.

我們第一批商業客戶的結果確實——立即證明了該系統的強大功能。整合過程完美無缺。我們 - 我們立即收到了關於患者個性化護理的影響的報告，這些患者不必去他們的輸液中心或調整藥物，因為能夠跟踪患者的血壓以及該系統如何運行的其他大量具體示例加強護理。 RPM 計費機會是即時的，實踐正在這樣做。訂閱收入也是立竿見影的。它不需要任何關於報銷的進一步簽署。

So as I mentioned, a key part of our long-term plan here is not to just use the external Bluetooth connected devices, but to have an implantable device that's implanted typically at the time of the insertion of a chemotherapy port. About 50% of patients undergoing cancer therapy get a port. And so we've designed a monitoring system of physiologic monitor that can be implanted at the same time. You can see there, again, the purple device is the chemotherapy port and it snaps onto our physiologic monitor, which is a solar and closed device. So this -- we expect this product to be available next year and it extends the power of the system because it guarantees 100% patient compliance with the remote patient monitoring billing requirements.

所以正如我提到的，我們長期計劃的一個關鍵部分不僅僅是使用外部藍牙連接設備，而是擁有一個通常在插入化療端口時植入的可植入設備。大約 50% 的接受癌症治療的患者獲得了端口。所以我們設計了一個可以同時植入的生理監測儀的監測系統。你可以再次看到，紫色設備是化療端口，它卡在我們的生理監視器上，這是一個太陽能封閉設備。所以這個——我們預計該產品將於明年上市，它擴展了系統的功能，因為它保證患者 100% 遵守遠程患者監控計費要求。

As I mentioned, in order for the physicians to build, they have to have 16 days a month of data received and that depends -- without an implantable device that depends on patients remembering to check their blood pressure, check their heart rate, et cetera. But this will provide 100% compliance right off the bat. It's designed to measure cardiac -- to monitor the cardiac system, both heart rate and rhythm, activity as a patient-triggered event monitor versus temperature, respiratory rate and now Bluetooth connectivity to the smartphone. We're making excellent progress on this. We just had a recent successful animal lab, and we're targeting FDA 510(k) submission in the second half of this year and the regulatory path for this.

正如我所提到的，為了讓醫生進行構建，他們必須每月收到 16 天的數據，這取決於 - 沒有植入式設備取決於患者記得檢查他們的血壓，檢查他們的心率等.但這將立即提供 100% 的合規性。它旨在測量心臟——監測心臟系統，包括心率和節律、作為患者觸發事件監測器的活動與溫度、呼吸頻率以及現在與智能手機的藍牙連接。我們在這方面取得了很好的進展。我們剛剛有一個最近成功的動物實驗室，我們的目標是在今年下半年提交 FDA 510(k) 以及這方面的監管路徑。

We've had multiple pre-submission meetings with FDA that have gone well and are -- put us in a good path towards the 510(k) (inaudible). So that's it with Veris. And we'll move on to Lucid again. Very limited comments on Lucid. I encourage you to look at the -- just some highlights and I encourage to look at the full presentation from yesterday, just focusing on the key elements here. Our test volume growth continues to make a nice steady growth, about 200% per year on an annualized basis. We estimate about approximately 1,600 tests for this quarter, which represent a 36% growth sequentially from the previous quarter.

我們與 FDA 舉行了多次提交前會議，會議進展順利，並且——讓我們走上了通往 510(k)（聽不清）的良好道路。 Veris 就是這樣。我們將再次轉向 Lucid。對 Lucid 的評論非常有限。我鼓勵您查看 - 只是一些亮點，我鼓勵您查看昨天的完整演示文稿，只關注這裡的關鍵要素。我們的測試量增長繼續保持穩定增長，年增長率約為 200%。我們估計本季度大約進行了 1,600 次測試，比上一季度增長了 36%。

As I mentioned, a big event this past quarter is that we launched our #CheckYourFoodTube Precancer Testing Events and that the initial event was done in partnership with the San Antonio Fire Department. The goal here is in parallel with our traditional efforts of calling on primary care physicians and specialties and others to provide testing directly to adverse patients at higher volume events that are organized with entities like fire departments. You can see our nurse practitioners and the rest of our team simply went to San Antonio and tested 391 firefighters over 2 weekends, really proud of how they were able to handle that volume as well as the laboratory receiving 200 tests a day.

正如我提到的，上個季度的一件大事是我們發起了#CheckYourFoodTube 癌前檢測活動，最初的活動是與聖安東尼奧消防局合作完成的。這裡的目標與我們的傳統努力同時進行，即呼籲初級保健醫生和專科醫生以及其他人在與消防部門等實體組織的大量活動中直接向不良患者提供檢測。你可以看到我們的執業護士和我們團隊的其他成員只是去了聖安東尼奧，並在 2 個週末對 391 名消防員進行了測試，他們為他們能夠處理如此大的數量以及實驗室每天接受 200 次測試而感到自豪。

So we're going to continue to do this. It's going to be a major area of focus for us in conjunction with a broader direct contracting strategic initiative and we have a robust near-term pipeline for future such high-volume testing events initially focusing on fire departments. I mentioned another big highlight is our in-network contracts that we signed with MultiPlan, the largest secondary PPO, 60 million consumers under their umbrella.

所以我們將繼續這樣做。結合更廣泛的直接承包戰略計劃，這將成為我們關注的一個主要領域，我們有一個強大的短期管道，用於未來此類最初集中在消防部門的大容量測試活動。我提到的另一個重要亮點是我們與最大的二級 PPO MultiPlan 簽訂的網絡內合同，他們擁有 6000 萬消費者。

They also partner with 700 payers. They have relationships with all of the top 10 payers and over 1 million healthcare providers. They processed -- excuse me, again I messed up the slide here, sorry. They processed about $74 billion worth of claims charges, excuse me, in 2022. So we're really looking forward to this engagement and being able to offer EsoGuard to a much larger target population.

他們還與 700 名付款人合作。他們與所有排名前 10 位的付款人和超過 100 萬的醫療保健提供者都有關係。他們處理了——對不起，我又把這裡的幻燈片弄亂了，抱歉。打擾一下，他們在 2022 年處理了價值約 740 億美元的索賠費用。因此，我們真的很期待這次合作，並能夠為更多的目標人群提供 EsoGuard。

On the contracting and payment side, again, just real quick summary here more details in the presentation last -- yesterday. The key message here is that our engagement with the commercial payers is accelerating. That's key because about just under 90% of our patients that are undergoing testing are in fact commercial pay, just around 10% to 12% on Medicare. And the key lesson really from the last couple of quarters is the price is holding. We have Medicare price of $1,938 at a list price of $2,500. Our average contracted price is $2,000.

在合同和付款方面，再次，這裡只是真正的快速總結，更多細節在昨天的演示中。這裡的關鍵信息是我們與商業付款人的接觸正在加速。這很關鍵，因為我們正在接受檢測的患者中，只有不到 90% 實際上是商業支付的，只有大約 10% 到 12% 的人使用醫療保險。過去幾個季度真正的關鍵教訓是價格保持不變。我們的 Medicare 價格為 1,938 美元，標價為 2,500 美元。我們的平均合同價格為 2,000 美元。

So all of that indicates that the price range between $1,900 and $2,500 is being respected. And it's even being respected generally our -- for out-of-network benefits where the payer pays usually about 50% to 60% of the charges, consistent with the benefit within the plan and our average payment of that $1,400 is consistent with the out-of-network benefit payments being respecting our generally respecting our pricing.

因此，所有這些都表明 1,900 美元到 2,500 美元之間的價格區間受到尊重。甚至在我們的網絡外福利中，付款人通常支付大約 50% 至 60% 的費用，這與計劃內的福利一致，我們平均支付的 1,400 美元與網絡外福利一致。 -網絡福利支付尊重我們通常尊重我們的定價。

So how we're going to drive future in-network commercial payer contracts? There's really 2 aspects of this. One is generating claims history in order to be on the radar to be able to have conversations with payers and to enter into discussions around the network coverage about set pricing, you have to generate sufficient claims history. That's what happened with MultiPlan we had. We started generating claims within MultiPlan (inaudible) conversation which led to an in-network contract. So we're continuing to drive claims history. We're generating several hundred claims now with some of the major players and we look forward to engaging with them in negotiations for in-network contracting in the coming quarters.

那麼我們將如何推動未來的網絡內商業付款人合同？這真的有兩個方面。一種是生成索賠歷史記錄，以便能夠與付款人進行對話並圍繞網絡覆蓋範圍進行關於固定定價的討論，您必須生成足夠的索賠歷史記錄。這就是我們擁有的 MultiPlan 所發生的事情。我們開始在 MultiPlan（聽不清）對話中生成索賠，這導致了網絡內合同。因此，我們將繼續推動索賠歷史記錄。我們現在正在與一些主要參與者提出數百項索賠，我們期待在未來幾個季度與他們就網絡內合同進行談判。

A key factor that drives -- the other key factor that drives in-network contracting with the commercial payers is demonstrating clinical utility. And I'll talk about that a bit in the next slide as well. So we're working on that as well. And finally, we've launched a [parallel] path along with the traditional payer model called that our -- we're calling that our direct contracting strategic initiative, other [medical] diagnostic companies have done this where you go directly to self employed -- self-insured, excuse me, entities such as unions and employers and others that are operated under ASO model, called Administrative Services Only model, and directly contract with separate from the traditional insurer-payer model and excited to see if we can replicate some of the successes that other diagnostic companies have had.

推動的一個關鍵因素 - 推動與商業付款人簽訂網絡內合同的另一個關鍵因素是證明臨床效用。我也會在下一張幻燈片中稍微討論一下。所以我們也在努力。最後，我們推出了一條 [平行] 路徑以及傳統的付款人模型，稱為我們的 - 我們稱之為我們的直接合同戰略計劃，其他 [醫療] 診斷公司已經這樣做了，你可以直接去個體戶-- 自我保險，對不起，工會和雇主等實體以及其他在 ASO 模式下運營的實體，稱為僅行政服務模式，並直接與傳統的保險人-付款人模式分開簽約，很高興看到我們是否可以復制其他診斷公司取得的一些成功。

So to close out on the clinical utility, this is very critical for our commercial payer as well as our future Medicare coverage prospects. We have a very robust pipeline of studies that we'll be generating a meaningful clinical utility data over the coming quarters. Our goal is to have a substantial number by midyear. We can -- you can see here that they include collecting clinical utility data from the firefighter event, but clinical utility data is, in this case, it's just demonstrating that our test EsoGuard has an impact on medical decision-making that a positive or a negative test will affect the physician's care of the patient.

因此，要關閉臨床效用，這對我們的商業付款人以及我們未來的醫療保險覆蓋前景非常關鍵。我們有一個非常強大的研究管道，我們將在未來幾個季度生成有意義的臨床實用數據。我們的目標是到年中時數量可觀。我們可以——你可以在這裡看到它們包括從消防員事件中收集臨床效用數據，但臨床效用數據在這種情況下只是證明我們的測試 EsoGuard 對醫療決策有積極或消極的影響陰性檢測會影響醫生對病人的護理。

And specifically, if a physician receives a positive test that they will in fact refer the patient for endoscopy. We just have to document that they make a referral. And then if the test is negative that they do not refer the patient for endoscopy unless there's some other indication of them for screening. So we have a retrospective study from NYU that's well on its way to enroll to completing its analysis of several hundred patients. We have 2 prospective studies, our own -- registry of our own patients passing through our test centers as well as the satellite Lucid Test Centers and the CLUE study, which is a multicenter study that is now begin -- that has now begun to enroll a few hundred patients in each of those by midyear. We also are performing a prospective virtual patient study, which is really a survey of physicians that are done in a controlled IRB way. That's a type of data that has been accepted and been useful in conversations to serve -- to provide clinical utility and conversations with commercial payers.

具體來說，如果醫生收到陽性測試結果，他們實際上會將患者轉介給患者進行內窺鏡檢查。我們只需要記錄他們進行推薦。然後，如果測試結果為陰性，他們不會轉介患者進行內窺鏡檢查，除非有其他跡象表明他們需要進行篩查。因此，我們有一項來自紐約大學的回顧性研究，該研究正在進行中，以完成對數百名患者的分析。我們有 2 項前瞻性研究，我們自己的——登記我們自己的患者通過我們的測試中心以及衛星 Lucid 測試中心和 CLUE 研究，這是一項現在開始的多中心研究——現在已經開始招募到年中，每個人都有幾百名患者。我們還正在進行一項前瞻性虛擬患者研究，這實際上是一項以受控的 IRB 方式對醫生進行的調查。這是一種已被接受並在對話中有用的數據類型——提供臨床效用和與商業付款人的對話。

So with that, I'll pass the baton on to Dennis and he'll be talking about our financial results.

因此，我會將接力棒傳遞給丹尼斯，他將談論我們的財務業績。

Good morning, everyone. Thank you, Lishan. Summary financial results for the fourth quarter and year were reported in our press release that was published last night. On the next 3 slides, we will emphasize a few key highlights from the quarter and the year, but I encourage you to consider those remarks in the context of full disclosures covered in our annual report on Form 10-K that was filed with the SEC Monday afternoon and is available on our PAVmed website.

大家，早安。謝謝你，立山。昨晚發布的新聞稿中報告了第四季度和年度的財務業績摘要。在接下來的 3 張幻燈片中，我們將強調本季度和本年度的一些重要亮點，但我鼓勵您在我們向美國證券交易委員會提交的 10-K 表格年度報告中全面披露的背景下考慮這些言論星期一下午，可在我們的 PAVmed 網站上獲取。

So with regard to our balance sheet cash of [$39.4] million reflects a $17.1 million sequential decrease and $37.5 million for the year. Our vendor payables, there was no significant change either sequentially or year-over-year when considering accounts payable and other recurring accrued expenses. The convertible note had a net decrease of approximately $2 million sequentially. The other long-term liabilities are from capitalized leases related to our lab and our office space. Shares outstanding, including unvested restricted stock awards as of today is 98.4 million shares. The GAAP outstanding shares are reflected on the slide as well as the [face] of the balance sheet of the 10-K.

因此，就我們的資產負債表現金而言，[3940 萬美元] 反映了連續減少 1710 萬美元和全年減少 3750 萬美元。我們的供應商應付賬款，在考慮應付賬款和其他經常性應計費用時，無論是環比還是同比都沒有重大變化。可轉換票據環比淨減少約 200 萬美元。其他長期負債來自與我們的實驗室和辦公空間相關的資本化租賃。截至今天，包括未授予的限制性股票獎勵在內的已發行股票為 9840 萬股。 GAAP 流通股反映在幻燈片以及 10-K 資產負債表的[正面]上。

As reported on our Lucid call yesterday, the Lucid Board authorized a $20 million preferred offering and $11 million senior secured convertible debt. We completed the initial closing of the Lucid preferred in the amount of $14 million and have until the end of May to complete the remaining $6 million. The financing was priced in accordance with NASDAQ at the market closing bid price rules. The accredited investors were led by a family office (inaudible) to our IR firm and some long-term high net worth shareholders, 4 participants in total that share our long-term vision for the company.

正如我們昨天在 Lucid 電話會議上報導的那樣，Lucid 董事會批准了 2000 萬美元的優先發行和 1100 萬美元的優先擔保可轉換債券。我們完成了 1400 萬美元 Lucid 優先股的初始關閉，並在 5 月底之前完成剩餘的 600 萬美元。本次融資按照納斯達克市場收盤價規則定價。合格投資者由一家家族辦公室（聽不清）帶領到我們的 IR 公司和一些長期高淨值股東，共有 4 名參與者與我們對公司的長期願景持相同看法。

After exploring a variety of alternatives, this preferred structure created a mutual win for the company and the investors. It also matched an attractive dividend with the strong incentive to hold the stock for more than 2 years. Additionally, Monday, we entered into a Lucid securities purchase agreement to issue $11 million in convertible debt securities with an accredited investor that has provided the same type of structures for PAVmed over the years and currently holds PAVmed's existing debt with similar terms. We expect to close the funding in the next coming days.

在探索了各種替代方案之後，這種首選結構為公司和投資者創造了雙贏。它還將誘人的股息與持有股票超過 2 年的強烈動機相匹配。此外，週一，我們與認可投資者簽訂了一份 Lucid 證券購買協議，發行 1100 萬美元的可轉換債券，該投資者多年來為 PAVmed 提供了相同類型的結構，目前以類似條款持有 PAVmed 的現有債務。我們預計將在接下來的幾天內完成融資。

The Lucid note is interest-only for 6 months and have a $5 voluntary conversion price and a 7.9% interest rates. Amortization on the convertible note does not begin until the 6-month anniversary. Both structures keep Lucid stock out of the market for long periods of time, likely 2 years in the case of preferred, which allows the company to complete its work on clinical utility studies and improving reimbursement. Our consolidated runway is elongated into 2024. On a pro forma basis, when combined with our cash at the beginning of the year and combining the remaining draw under the security purchase agreement from last March of approximately $10 million results in pro forma cash of approximately $73.3 million.

Lucid 票據只付息 6 個月，自願轉換價為 5 美元，利率為 7.9%。可轉換票據的攤銷直到 6 個月週年才開始。這兩種結構都使 Lucid 股票在很長一段時間內無法進入市場，如果是首選，可能會持續 2 年，這使公司能夠完成其臨床效用研究和改善報銷的工作。我們的綜合跑道延長至 2024 年。在備考基礎上，結合我們年初的現金以及根據去年 3 月的證券購買協議剩餘的約 1000 萬美元提款，備考現金約為 73.3 美元百萬。

We expect our burn rate to be between $53 million and $56 million for 2023 without tapping into our available ATM that would reflect a 25% to 30% lower burn than in 2022. So I'll refer you to the 2 Form 8-Ks that were published Monday evening for additional details on both of the Lucid financings. On the next slide, Slide 22 compares this year's fourth quarter and annual results to the same periods last year on certain key items. Trust you'll review the information in my comments in light of the cautionary disclosure at the bottom of the slide about supplemental information, particularly non-GAAP information. The SEC makes me say that.

我們預計 2023 年我們的燒錢率將在 5300 萬美元到 5600 萬美元之間，而不使用我們可用的 ATM，這將比 2022 年減少 25% 到 30% 的燒錢。所以我會向你推薦 2 Form 8-Ks週一晚上發布了有關 Lucid 融資的更多詳細信息。在下一張幻燈片中，幻燈片 22 在某些關鍵項目上將今年第四季度和年度業績與去年同期進行了比較。相信您會根據幻燈片底部關於補充信息（尤其是非 GAAP 信息）的警告性披露來查看我評論中的信息。 SEC 讓我這麼說。

Revenue for the current quarter reflects approximately 90 Lucid tests. The prior year reflects the fixed monthly fee received from the third-party lab that Lucid used before setting up its own lab earlier this last year. Lucid revenue recognition and we go through this every quarter, but it's important. The key determinant is the probability of collection. For the vast majority of Lucid patient out-of-network claims submission means revenue recognition occurs when the claim is actually collected. First, when the patient report is invoiced and submitted for reimbursement. As you'll see in our 10-K, this is called variable consideration in the jargon of GAAP's ASC 606 revenue recognition guidelines.

本季度的收入反映了大約 90 個 Lucid 測試。前一年反映了 Lucid 在去年早些時候建立自己的實驗室之前從第三方實驗室收到的固定月費。清晰的收入確認，我們每個季度都會進行一次，但這很重要。關鍵的決定因素是收集的概率。對於絕大多數 Lucid 患者來說，提交網絡外索賠意味著收入確認發生在實際收取索賠時。首先，當患者報告開具發票並提交報銷時。正如您將在我們的 10-K 中看到的那樣，這在 GAAP 的 ASC 606 收入確認准則的行話中稱為可變對價。

And presently, there is insufficient predictive data to recognize revenue when invoiced. As for the Veris revenue, we just started building our first customer in the first quarter of '23. We expect to recognize revenue as invoiced subject to the normal GAAP revenue recognition rules. Our OpEx and GAAP loss is higher sequentially by $1.2 million and $1.7 million, respectively. However, our non-GAAP loss is exactly the same in both quarters at $13.8 million. Hence, no change sequentially as higher noncash charges impacted the OpEx line for fourth quarter '22. And lastly, our non-GAAP loss per share is $0.15 for both fourth quarter and the third quarter.

目前，沒有足夠的預測數據來確認開具發票時的收入。至於 Veris 的收入，我們剛剛在 23 年第一季度開始建立我們的第一個客戶。我們希望根據正常的 GAAP 收入確認規則將收入確認為已開具發票。我們的 OpEx 和 GAAP 虧損分別增加了 120 萬美元和 170 萬美元。但是，我們兩個季度的非 GAAP 虧損完全相同，為 1380 萬美元。因此，由於較高的非現金費用影響了 22 年第四季度的運營支出線，因此沒有連續變化。最後，我們第四季度和第三季度的非 GAAP 每股虧損均為 0.15 美元。

Slide 23 is a graphic illustration of our operating expenses, as presented in detail in our press release. Total GAAP and non-GAAP operating expenses were relatively flat sequentially. The cost of revenue primarily consists of EsoCheck devices, lab supplies and fixed lab facility costs. It is now being presented in our 10-K as operating expense, consistent with the practices of other diagnostic companies. Sales and marketing was higher by about 25% sequentially and was substantially offset by lower G&A expenses.

幻燈片 23 是我們運營費用的圖示，在我們的新聞稿中有詳細介紹。 GAAP 和非 GAAP 運營費用總額環比持平。收入成本主要包括 EsoCheck 設備、實驗室用品和固定實驗室設施成本。它現在在我們的 10-K 中顯示為運營費用，與其他診斷公司的做法一致。銷售和營銷環比增長約 25%，但被較低的 G&A 費用大幅抵消。

And with that, operator, we can open it up for questions.

有了這個，接線員，我們就可以打開它提問了。

(Operator Instructions) And our first question today will come from Ross Osborn with Cantor Fitzgerald.

（操作員說明）我們今天的第一個問題將來自 Ross Osborn 和 Cantor Fitzgerald。

Congrats on the progress of Veris. Just starting off, are you able to disclose how many cancer patients were onboarded in February?

祝賀Veris的進步。剛剛開始，您能否透露 2 月份有多少癌症患者入職？

Not yet. No, we'll -- it's a continuous process. It doesn't happen sort of any in chunks. So once we get a little bit more traction, we will. But there are -- I can just say that they have a pipeline that they've offered us in terms of the number of patients that they expect to onboard in that the single practice expects to onboard in the coming quarters that is substantial.

還沒有。不，我們會——這是一個持續的過程。它不會成塊發生。因此，一旦我們獲得更多牽引力，我們就會這樣做。但是有——我只能說他們有一個管道，他們已經根據他們希望加入的患者數量向我們提供了管道，因為單一實踐預計將在未來幾個季度加入大量的患者。

And then, I guess, ahead of the implantable device, any ideas and maybe too early, but just on the relative compliance rate for those users that have been onboarded so far?

然後，我想，在植入式設備之前，有什麼想法可能還為時過早，但只是關於那些到目前為止已經入職的用戶的相對依從率？

We don't have -- we're just -- we don't have data on that yet. So it's a little bit early. But we -- the bar with regard to -- it's a good opportunity to talk a little bit about patient compliance. The bar sort of in the industry is relatively low that other companies have had only modest success with getting patient compliance up to sort of 50% or so. And that means that 50% of the time, they do -- sufficient data is transmitted in order to be able to fill. Our aspirations are much, much higher than that. And we have already put in customer support folks that will contact patients, make sure they're sending the data.

我們沒有——我們只是——我們還沒有這方面的數據。所以現在有點早。但是我們——關於——這是一個很好的機會來談談病人的依從性。該行業的門檻相對較低，其他公司在將患者依從性提高到 50% 左右方面僅取得了一定的成功。這意味著 50% 的時間，他們會傳輸足夠的數據以便能夠填充。我們的願望遠不止於此。我們已經安排了客戶支持人員聯繫患者，確保他們發送數據。

So we're not going to be satisfied with 30% to 50%. The entire business model is predicated on getting high compliance. That's also one of the things that's unique about our approach to this that is compared to software-only solutions is that when we have the implantable device in addition to clinical benefits of being able to get that kind of data will be that from an RPM point of view, it guarantees 100% compliance because the patient is not dependent on the patient paying attention to this every day.

所以我們不會滿足於 30% 到 50%。整個商業模式的前提是獲得高合規性。與純軟件解決方案相比，這也是我們解決此問題的方法的獨特之處之一是，當我們擁有可植入設備時，除了能夠從 RPM 點獲取此類數據的臨床益處之外可見，它保證了 100% 的依從性，因為患者不依賴於患者每天都注意這一點。

And then one more for me. When we're thinking about the Veris SaaS model in terms of revenue per patient, the telemedicine billing rate, I believe, is at $46 to $110 per 30 minutes per month. So at this point, how many minutes, I guess, per month would you expect the average patient to use the platform?

然後再給我一個。當我們根據每位患者的收入考慮 Veris SaaS 模型時，我認為遠程醫療的計費率為每月每 30 分鐘 46 至 110 美元。所以在這一點上，我猜，您希望普通患者每月使用該平台多少分鐘？

Okay. I'm glad you brought that up because I'm actually pulling up that slide because it's important to make a distinction between remote patient monitoring and telehealth, okay? So remote patient monitoring is a separate process. I pulled up the slide here. There are separate codes for billing for that that do not require actual telehealth interactions between the physicians and the patients. And so they bill simply by the recording and transmission of the data and the physician documenting in the record that they reviewed the data. And our system actually just as an opportunity to mention it, does facilitate the process of billing and gives them the appropriate code to do so.

好的。我很高興你提出這個問題，因為我實際上是在拉動那張幻燈片，因為區分遠程病人監護和遠程醫療很重要，好嗎？因此，遠程患者監控是一個單獨的過程。我把幻燈片拉到這裡。有單獨的計費代碼，不需要醫生和患者之間進行實際的遠程醫療交互。因此，他們只需通過數據的記錄和傳輸以及醫生在記錄中記錄他們查看數據的方式來計費。而我們的系統實際上只是作為一個提及它的機會，確實促進了計費過程並為他們提供了適當的代碼來這樣做。

However -- and so our ability to -- as you can see there, the total dollar amount that they can expect is up to $200 per patient per month. And our -- we expect to build them about roughly $80 to $100 per month. So that's essentially we're splitting that $200 between us and the practice. Now I'm glad you mentioned this because I forgot to mention one other revenue opportunity for the practice. Because our system facilitates telehealth, they can also build for telehealth visits in addition to the remote patient monitoring. So if there is a -- if the patient has an illness or they have something that needs to be worked out to decide whether they need to come to the hospital or something like that, and they engage in a telehealth visit, they can build in addition to that.

然而 - 我們的能力 - 正如您在那裡看到的那樣，他們可以預期的總金額高達每位患者每月 200 美元。而我們的——我們預計每月建造它們大約需要 80 到 100 美元。所以這基本上是我們在我們和實踐之間分配那 200 美元。現在我很高興你提到了這一點，因為我忘了提到該實踐的另一個收入機會。因為我們的系統促進了遠程醫療，所以除了遠程患者監控之外，他們還可以構建遠程醫療訪問。因此，如果有 - 如果患者生病或者他們有一些事情需要解決以決定他們是否需要去醫院或類似的事情，並且他們進行遠程醫療訪問，他們可以建立除此之外。

But hopefully, it's clear now that there's a -- just the distinction between telehealth billing and remote patient monitoring. By the way, just one other thing that you got to be in the lead of this, Ross, which is that the remote patient monitoring codes are well established prior to COVID. They're not subject to extraordinary statutory -- statutes that were enacted during COVID. The telehealth, although it has been updated and renewed is a little bit on less firm ground because much of that was escalated as a result of COVID. I mean, the expectations are that it will remain, but that still will require governmental action.

但希望現在很清楚 - 只是遠程醫療計費和遠程患者監控之間的區別。順便說一下，羅斯，還有一件事你必須帶頭，那就是遠程病人監護代碼在 COVID 之前就已經建立起來了。它們不受特殊法規的約束——在 COVID 期間頒布的法規。遠程醫療雖然已經更新和更新，但它的基礎不太牢固，因為其中大部分是由於 COVID 而升級的。我的意思是，期望它會繼續存在，但這仍然需要政府採取行動。

And our next question today comes from Frank Takkinen with Lake Street Capital.

我們今天的下一個問題來自 Lake Street Capital 的 Frank Takkinen。

Congrats on all the progress. Wanted to start with one on Veris and specifically the commercialization efforts. Maybe kind of lay the playing field for how you guys expect to commercialize that platform throughout 2023. And then how does that change once the implantables approaching FDA 510(k) clearance or actually receives the clearance?

祝賀所有的進步。想從 Veris 上的一個開始，特別是商業化工作。也許可以為你們期望在整個 2023 年將該平台商業化的方式鋪平道路。然後，一旦植入物接近 FDA 510(k) 許可或實際獲得許可，情況將如何改變？

That's a great question. So let's start with the software platform and the VerisBox connected devices. So our model is fairly straightforward. We have a commercial team that calls on -- that builds a pipeline and calls on oncology practices. Our Chief Commercial Officer has a long history of calling on such practices. We're focusing initially, as I mentioned, on practices that have already demonstrated that they sort of get it and they participate in a value-based model such as the current EOM model and the prior OCM model. And so that's why we're starting.

這是一個很好的問題。那麼讓我們從軟件平台和 VerisBox 連接設備開始。所以我們的模型相當簡單。我們有一個商業團隊呼籲 - 建立管道並呼籲腫瘤學實踐。我們的首席商務官長期以來一直呼籲採取這種做法。正如我所提到的，我們最初關注的是已經證明他們有點理解並參與基於價值的模型的實踐，例如當前的 EOM 模型和先前的 OCM 模型。這就是我們開始的原因。

And however, we have engagements with larger entities, large medical centers and we look forward to starting the process with large cancer centers although as is always the case, those are much longer -- much, much longer lead times. So we -- it starts with an engagement typically at the clinician level and getting clinician buy-in that the response has been positive. And one of the things that we've learned in our early experience, which is a bit of a surprise relative to where we -- what our expectations were when we first acquired the prior company, Oncodisc, is that the conversations quickly moved to RPM.

然而，我們與更大的實體、大型醫療中心進行了接觸，我們期待著與大型癌症中心一起開始這個過程，儘管通常情況下，這些中心要長得多——準備時間要長得多。所以我們——它通常從臨床醫生層面的參與開始，並讓臨床醫生認同反應是積極的。我們在早期經驗中學到的一件事，與我們第一次收購之前的公司 Oncodisc 時的預期相比，有點令人驚訝，那就是對話很快轉移到了 RPM .

We thought that the conversations would focus initially on the clinical benefit and being able to pick up early complications and so forth. And what we're finding is that likely as a result of the pandemic and other technologies that the practices are very focused. I mean sort of typically, they'll come in and say -- they also say, hey, this is an RPM thing (inaudible), my practice manager told me we need to look into this, right? And so that's been great. So both the clinical benefit and the practice economics benefit are front and center in those conversations. And then after we get buy-in, we had their demos, the on-site demos that are done and contracts are negotiated.

我們認為對話最初會集中在臨床益處和能夠發現早期並發症等方面。我們發現，由於流行病和其他技術，這些做法可能非常集中。我的意思是，通常情況下，他們會進來說——他們還會說，嘿，這是一個 RPM 問題（聽不清），我的實踐經理告訴我我們需要對此進行調查，對嗎？所以這很棒。因此，臨床效益和實踐經濟學效益都是這些對話的前沿和中心。然後在我們獲得支持後，我們有他們的演示，完成的現場演示和談判的合同。

And then there is an integration process that we're working to streamline that require our team to come in and make sure that the system is -- runs properly on their IT system and it's fully integrated as well as training and the process by which patients are onboarded. So that's the current process. Again, we're in the early stages, but it's working well. We're continuing to fine-tune and to streamline it to make it more efficient and more cost-effective over time. Once we get the implantable device, it won't change the fundamentals dramatically and that it will remain that the -- it will remain heavily focused on enhancing care as well as on remote patient monitoring and the impact of that on a practice.

然後是我們正在努力簡化的集成流程，這需要我們的團隊參與並確保系統在他們的 IT 系統上正常運行並且完全集成，以及培訓和患者通過的流程已入職。這就是當前的流程。同樣，我們還處於早期階段，但效果很好。我們將繼續對其進行微調和精簡，以使其隨著時間的推移變得更加高效和更具成本效益。一旦我們獲得可植入設備，它就不會顯著改變基本原理，而且它仍將保持——它將繼續高度關注加強護理以及遠程患者監測及其對實踐的影響。

But it will obviously supercharge that in some way because the implantable provides more sophisticated data as well as guaranteeing 100% patient compliance. We will need at that point to start engaging with the folks who implant these devices, typically interventional radiologists or vascular surgeons to train them and to get them to bring them into the loop and that's something we'll start doing as we get closer to a commercial implantable device.

但它顯然會以某種方式加強這一點，因為植入物提供了更複雜的數據，並保證了 100% 的患者依從性。屆時我們將需要開始與植入這些設備的人員接觸，通常是介入放射科醫生或血管外科醫生來培訓他們並讓他們將它們帶入循環，這是我們在接近實現目標時開始做的事情商業植入設備。

And then maybe just a follow-up. I think you actually answered it in the previous question, but I want to confirm I heard it correct. The rev share portion that Veris receives was $80 to $100 per patient per month.

然後也許只是一個後續行動。我想你在上一個問題中確實回答了，但我想確認我沒聽錯。 Veris 收到的收益分成部分為每位患者每月 80 至 100 美元。

Correct.

正確的。

And to -- does the -- okay. And then does the model change once you have the implantable? Is there any upfront sales of the implantable?

並且 - 做 - 好吧。一旦你有了植入物，模型會改變嗎？植入物是否有任何前期銷售？

We haven't finalized that. Yes, great question. We haven't finalized how we're going to do that. There is an opportunity. Generally, the implantable port business is fairly commoditized with regard to pricing. But there are going to be opportunities to -- because of its impact on the broader business model to craft customized strategies around that. We're not likely to provide it for free and we think we'll be able to make additional revenue on that.

我們還沒有最終確定。是的，很好的問題。我們還沒有最終確定我們將如何做到這一點。有機會。一般來說，植入式端口業務在定價方面相當商品化。但是會有機會——因為它對更廣泛的商業模式有影響，可以圍繞它制定定制的戰略。我們不太可能免費提供它，我們認為我們將能夠從中獲得額外收入。

But we -- because it is part of a value-added system that we'll be able to really -- we like to say actually that, yes, we have the opportunity here to shake up not just the cancer care part of this, but actually the Veris report aspect of this as well, which has been decades of essentially the same technology without any smart features and being able to provide that with the appropriate economics because of the value-added aspects of it is going to be exciting. But we haven't finalized that yet, right? That's a great question.

但是我們 - 因為它是我們能夠真正實現的增值系統的一部分 - 我們實際上想說，是的，我們在這裡有機會不僅改變癌症治療部分，但實際上 Veris 也報告了這方面的情況，幾十年來基本相同的技術沒有任何智能功能，並且能夠提供具有適當經濟性的技術，因為它的增值方面將令人興奮。但我們還沒有最終確定，對吧？這是一個很好的問題。

And then just last one and I think this is like -- was covered on the call yesterday, but I think it might be worth mentioning again. Test volume growth in Lucid continues to be really solid. It sounds like you're doing some retroactive billing now. Maybe just talk to any rev rec you've experienced in 2023 at those higher reimbursement levels so far and expectations going forward for rev rec now you're starting to get those contracts in place?

然後是最後一個，我認為這就像 - 昨天的電話會議中提到了這一點，但我認為這可能值得再次提及。 Lucid 的測試量增長仍然非常穩健。聽起來你現在正在做一些追溯計費。也許只是談談你在 2023 年迄今為止在那些更高的報銷水平上經歷過的任何 rev rec，以及對 rev rec 的期望，現在你開始簽訂這些合同了嗎？

Yes. So Frank, the collections are much more regular now, daily. They tend to be chunky at times. Some days with bigger volumes, it's still fairly unpredictable. We think that this year's growth rate will certainly have a higher percentage of collections than we've experienced both in the fourth quarter and even so far this quarter. Our internal models, given what we expect the improving landscape for reimbursement, we're on target in the first quarter and we'll report on that as we move forward. But we are seeing more regularity of deposits on this.

是的。所以弗蘭克，現在每天的收藏都更加規律。他們有時往往很矮胖。有些日子的交易量更大，但仍然相當難以預測。我們認為，今年的增長率肯定會比我們在第四季度甚至本季度迄今為止所經歷的更高。我們的內部模型，考慮到我們對報銷情況改善的預期，我們在第一季度實現了目標，我們將在前進時報告這一點。但是我們看到這方面的存款更加規律。

And the payment rates are holding both on a contracting basis that are north of the Medicare rate and those payments we're getting from places like United are at the 60% of the list price at the perfunctory out-of-network kind of amounts. That will improve as clinical utility data comes on board and we start to engage the Chief Medical Officers with that discussion early on with retrospective data and then followed up with prospective data to get in-network contracts for the big companies.

支付率保持在合同基礎上，高於 Medicare 率，而我們從 United 等地方獲得的付款是敷衍了事的網絡外金額的標價的 60%。隨著臨床效用數據的出現，這將得到改善，我們開始讓首席醫療官儘早參與討論，回顧性數據，然後跟進前瞻性數據，以獲得大公司的網絡內合同。

I think I'll use your question, Frank, just to highlight some other thing that we discussed yesterday, but just to highlight it for the current group here, which is that it will be -- we're going to very carefully monitor how the sort of new horizons of it like sort of described in the non-traditional horizons of use of these high-volume testing day events as well as direct contracting will play out with regard to the proportion of tests that we do that get reimbursed today as opposed to sometime in the future.

我想我會用你的問題，弗蘭克，只是為了強調我們昨天討論的其他事情，但只是為了在座的當前小組強調它，那就是 - 我們將非常仔細地監控如何它的那種新視野就像在非傳統視野中描述的那樣使用這些大容量測試日活動以及直接簽約將在我們今天獲得報銷的測試比例方面發揮作用反對將來的某個時候。

And the -- it's the reason why we have some optimism in that, although we don't have the data yet, we'll track that closely, is that unlike with a traditional payer where the first interaction we have with them is really them seeing 50, 75, 100 claims show up on their radar and then saying, what is this test I've never heard of it and then having the conversation to bring them in the loop and get them to understand the clinical value and the clinical utility. So that's a different type of conversation than these testing events where generally, like, for example, with regard to the firefighters and future firefighter events that we're now looking to set up.

而且 - 這就是為什麼我們對此持樂觀態度的原因，雖然我們還沒有數據，但我們會密切跟踪，與傳統付款人不同，我們與他們的第一次互動實際上是他們看到 50、75、100 項索賠出現在他們的雷達上，然後說，這是什麼測試，我從未聽說過，然後進行對話，讓他們了解情況，讓他們了解臨床價值和臨床實用性.因此，這是一種不同於這些測試事件的對話類型，通常，例如，關於我們現在正在尋求建立的消防員和未來消防員事件。

We are engaged with the leadership of the firefighter -- the fire department and the unions because these are typically self-insured entities operating under an ASO structure where these are being set up as a partnership. So they know who we are. It's not a surprise when these tests come through the billing process. So we have to see and we're going to monitor it, but we have some optimism that those events as well as the direct contracting will enhance our -- the overall collection rates in the near and mid-term.

我們與消防員的領導層——消防部門和工會進行了接觸，因為它們通常是在 ASO 結構下運作的自我保險實體，在這種結構下，它們被建立為合夥企業。所以他們知道我們是誰。當這些測試通過計費過程時，這並不奇怪。所以我們必須看到並且我們將對其進行監控，但我們樂觀地認為這些事件以及直接簽約將提高我們的 - 近期和中期的整體收款率。

We've submitted claims to almost 200 insurers and each one is a little bit different. So trying to aggregate general statement in terms of where we're at in total becomes a little bit of a challenge still yet. But that data is improving and that data will become more relevant as we continue to move through this process.

我們已經向近 200 家保險公司提交了索賠，每家保險公司都略有不同。因此，嘗試根據我們所處的位置來匯總一般性陳述仍然是一個挑戰。但是這些數據正在改進，並且隨著我們繼續推進這一過程，這些數據將變得更加相關。

And our next question comes from Anthony Vendetti with Maxim Group.

我們的下一個問題來自 Maxim Group 的 Anthony Vendetti。

Just a couple of questions on the Veris Cancer Care Platform. So I know the -- it might be a little bit lumpy, but is the expectation that the enrollment of patients will ramp every month? Or could it vary throughout the quarter? And then is there an expected range of patient enrollment by the end of 2023? Or is it too early to try to gauge that?

關於 Veris 癌症護理平台的幾個問題。所以我知道——它可能有點不穩定，但是否期望每個月患者的註冊量都會增加？或者它會在整個季度發生變化嗎？那麼到 2023 年底是否有預期的患者登記範圍？還是現在嘗試衡量這一點還為時過早？

So Anthony, first off, and combine that with the question that Ross asked earlier. Since we have onboarded our first customer, we don't have permission from New Jersey Cancer Care to reveal their client and patient. As we onboard additional customers, that will be blinded in terms of the size of their practice, their expectation, the amount of patients we have on there. I will tell you, they're very enthusiastic about the initial tranche of patients that have been onboarded. They have a fairly robust practice, call it, hundreds of patients that are opportunities.

所以 Anthony，首先，將其與 Ross 之前提出的問題結合起來。由於我們已經接待了第一位客戶，因此我們沒有獲得 New Jersey Cancer Care 的許可來透露他們的客戶和患者。當我們加入更多客戶時，他們將對他們的實踐規模、他們的期望以及我們在那裡的患者數量視而不見。我會告訴你，他們對已經入職的第一批患者非常熱情。他們有一個相當強大的實踐，稱之為，數百名患者是機會。

These all represent revenue to the practice. So they're aspirational as well. As we onboard the additional clients that are in the pipeline, that will become clearer in terms of what the likely predictive amount of the patient population versus those that get on our platform. As Lishan indicated, we modeled this at $80 per month per patient. It could be higher than that for a variety of reasons. But conservatively, that's what it represents. So if you have a practice with 1,000 patients that are targeted at $80 a month, you're talking about an $80,000 a month opportunity.

這些都代表了實踐的收入。所以他們也很有抱負。隨著我們加入正在籌備中的其他客戶，就患者群體的可能預測數量與我們平台上的患者數量而言，這將變得更加清晰。正如 Lishan 所指出的，我們將其建模為每位患者每月 80 美元。由於各種原因，它可能高於該值。但保守地說，這就是它所代表的。因此，如果您有 1,000 名患者的診所，目標是每月 80 美元，那麼您就是在談論每月 80,000 美元的機會。

And some of these practices are even larger than that, that are in our pipeline. So it's still early to kind of provide any guidelines or guideposts in terms of what that expectation is. We know the platform works. We know that customers are extremely pleased with it. The data that's being reported is affecting patient care. And we know that the reimbursement is already in place and unlikely to change. So we don't have that battle to fight. So there's lots of reasons to be optimistic about what the prospects here are. But to draw a picture of exactly what that might be like throughout 2023 is a little bit challenging this early in the game.

其中一些實踐甚至比我們正在籌備中的更大。因此，就這種期望是什麼提供任何指導方針或路標還為時過早。我們知道該平台有效。我們知道客戶對此非常滿意。正在報告的數據正在影響患者護理。而且我們知道報銷已經到位並且不太可能改變。所以我們沒有那場戰鬥要打。因此，有很多理由對這裡的前景感到樂觀。但是，要在遊戲的早期準確描繪出整個 2023 年的情況有點具有挑戰性。

I'll add just one generic kind of qualitative comment to that, which is it is interesting like -- unlike let's -- other commercialization of other products where you may have up months, you may have down months and so forth. The mechanics here do argue for the likelihood of having sort of escalating numbers within a given practice because the way they generally approach it and again, I'm making this as a generic comment, not for the specific practice that we launched, is that you start with your highest risk patients and you get comfortable with 50 patients or 100 patients and so forth that you think would be most likely to benefit and then expand it out to a greater and greater portion of the cancer patients within your practice.

我將只添加一種通用的定性評論，這很有趣，就像——不像我們——其他產品的其他商業化，你可能有幾個月的時間，你可能有幾個月的時間等等。這裡的機制確實爭論在給定實踐中有某種不斷升級的數字的可能性，因為他們通常處理它的方式再一次，我將其作為一般評論，而不是針對我們推出的特定實踐，是你從風險最高的患者開始，您對 50 名患者或 100 名患者感到滿意，依此類推，您認為最有可能受益，然後將其擴展到您實踐中越來越多的癌症患者。

And so because it's recurring revenue because of that dynamic of starting with the core group and expanding it out, we have reason to believe that this will reflect the business model as we've described it that once you have a practice onboard that we would see escalating numbers of patients at some trajectory being onboarded on the system, then staying on the system for their duration of care, which is typically a minimum of 6 months, usually a year, sometimes as long as 2 years. And so that's kind of the dynamic we expect, which could very well -- which we think will be different than sort of just a traditional medical device commercialization prospect where it's just one-off volume is up, volume is down, overall trends and so forth. So hopefully, that adds a bit of color there, Anthony.

因此，由於從核心團隊開始並將其擴展的動態，它是經常性收入，我們有理由相信，這將反映我們所描述的商業模式，一旦您在船上進行實踐，我們就會看到越來越多的患者以某種軌跡進入系統，然後在他們的護理期間留在系統上，通常至少 6 個月，通常是一年，有時長達 2 年。因此，這就是我們所期望的動態，這很可能——我們認為這將不同於傳統的醫療設備商業化前景，在傳統醫療設備商業化前景中，它只是一次性的數量上升，數量下降，整體趨勢等等向前。所以希望這能為那裡增添一些色彩，安東尼。

No, that was great, Lishan. Yes. That's the trajectory I thought, but I just wanted to make sure that made sense. And then next question -- and you have some large practices in the pipeline in addition to the one you're working with.

不，那太好了，梨山。是的。那是我想的軌跡，但我只是想確保這是有道理的。然後是下一個問題 - 除了您正在使用的實踐之外，您還有一些大型實踐正在籌備中。

Correct. Yes, we have a good solid pipeline. We don't have yet a sense as to what the kind of the life cycle of customer acquisition is. We don't expect it to be too long, but we'll start getting some color on that. But we do have a very -- we're happy with the pipeline and the diversity of practices and practice sizes within.

正確的。是的，我們有一個很好的堅實的管道。我們還不清楚客戶獲取的生命週期是什麼樣的。我們不希望它太長，但我們會開始在上面添加一些顏色。但我們確實有一個非常 - 我們對管道以及內部實踐和實踐規模的多樣性感到滿意。

And then just one question on the Lucid test centers. That seems to be growing well. I was just -- in terms of the plan to expand test centers, do you -- has that been outlined internally or you're holding off on that?

然後只有一個關於 Lucid 測試中心的問題。這似乎發展得很好。我只是 - 就擴大測試中心的計劃而言，你 - 是否在內部概述了這一點，或者你正在推遲？

Yes. I think -- again, I'm going to take advantage of your question to clarify something that I think comes up quite frequently. So a couple of things. One is that these other initiatives, whether it's incorporating the satellite test center model where our nurses go to the physician practices and do the EsoGuard days at their practice as opposed to go to our physical location. These high-volume testing events potentially even in future horizons that we're looking at is other ways to get access to patients. Those are all in parallel. It's all of the above. We're not attacking from one to the other. We're not -- we're looking to just drive business across multiple -- through multiple channels. On the -- so I do encourage folks to think not in terms of sort of physical Lucid test centers translating into specific volume targets.

是的。我想——再次重申，我將利用你的問題來澄清一些我認為經常出現的問題。所以有幾件事。一個是這些其他舉措，無論是結合衛星測試中心模型，我們的護士去醫生診所並在他們的診所做 EsoGuard 日，而不是去我們的物理位置。這些大容量測試事件甚至可能在我們正在研究的未來範圍內是接觸患者的其他方式。這些都是並行的。以上都是。我們不是從一個攻擊到另一個。我們不是 - 我們只是希望通過多種渠道推動跨多個業務。關於——所以我確實鼓勵人們不要考慮將物理 Lucid 測試中心轉化為特定的體積目標。

It's really the overall volume is coming now, coming increasingly from a diverse pathways to get patients in the door. What we did describe back in our update in conjunction with the strategic update earlier in January is that we are going to pause the number of physical test centers for now at 13 and drive test volume growth at sort of a (inaudible) level while we're garnering improved coverage and reimbursement through enhanced activity with our current sales force, through increasing tenure of our sales force and being able -- and driving their productivity up. So we expect to see continued growth despite the fact that we're keeping the physical test center (inaudible).

現在確實是整體數量正在增加，越來越多地來自不同的途徑來吸引患者。我們在 1 月初的更新和戰略更新中確實描述的是，我們將暫時暫停 13 個物理測試中心的數量，並在某種程度上推動測試量增長（聽不清），同時我們'通過加強我們現有銷售隊伍的活動，通過增加我們銷售隊伍的任期和能力——並提高他們的生產力，重新獲得更好的覆蓋和報銷。因此，儘管我們保留了物理測試中心（聽不清），但我們希望看到持續增長。

And then something I highlighted yesterday and in today is that the satellite LTC activity is accelerating. So an increasing number, now about 1/3 of our overall volume and about half the volume of our -- what our nurse practitioners are performing are in the context of a satellite center where they go to a physician's office. So we're focused -- so that's one of the reasons why we're being cautious about adding physical centers because it's become a bit more fluid in a dynamic situation. And we think there are opportunities for growth that come from the expanded geographic reach of our nurse practitioners. So I would encourage you to think more in terms of the bodies, how many nurse practitioners, how many sales reps and how is that personnel driving test volume growth as opposed to the physical centers.

然後我昨天和今天強調的一點是衛星 LTC 活動正在加速。因此，越來越多的人，現在大約占我們總工作量的 1/3 和我們工作量的一半——我們的執業護士正在執行的工作是在他們去醫生辦公室的衛星中心的背景下進行的。所以我們很專注——所以這就是為什麼我們對增加物理中心持謹慎態度的原因之一，因為它在動態情況下變得更加流動。我們認為，我們的執業護士的地理範圍擴大會帶來增長機會。所以我鼓勵你更多地考慮身體，有多少執業護士，有多少銷售代表以及這些人員如何推動測試量增長而不是物理中心。

And our next question comes from Ed Woo with Ascendiant Capital.

我們的下一個問題來自 Ascendiant Capital 的 Ed Woo。

Congratulations on the progress. I know you guys are focusing your resources on the more immediate projects, but have you guys thought about international opportunities for either Lucid or Veris?

祝賀你的進步。我知道你們正在將資源集中在更直接的項目上，但是你們有沒有考慮過 Lucid 或 Veris 的國際機會？

Yes. We have had limited. We did, at one point, have a fairly extensive inquiries and engaged with consultants about European commercialization for EsoGuard. What we discovered is that Europe has a pretty robust reimbursement for precision oncology tests, but that the screening side is difficult -- the payment for screening test. I mean others have encountered as Cologuard and others as well. Just historically in Europe, don't -- there's just not parity with the U.S. that makes sense for us to -- given our resource constraints now to seek to launch in Europe. We do have CE Mark. We do have the ability to do so. There are potentially some opportunities in the U.K. that might be different, but we're -- those are relatively just inquiries at this point without a clear plan. There are other parts of the world that we've had inquiries from where we've had local diagnostic groups that have asked about doing that and those are conversations that continue and they may bear fruit in the coming quarters and years. No such conversations with regard to Veris on the -- I think for the international aspect of the Veris business really will have to wait for the implantable device. That's some of the service aspects of this and some of the business model, frankly, around remote patient monitoring is very different in other parts of the country. So it may make the business model more difficult. But once we have the value-added smart port functionality, then there'll be a potential opportunity. And there, the playing field in Europe should be relatively level and we should have some prospects there.

是的。我們有限制。有一次，我們確實進行了相當廣泛的調查，並就 EsoGuard 的歐洲商業化諮詢了顧問。我們發現，歐洲對精準腫瘤學測試有相當強勁的報銷，但篩查方面很困難——篩查測試的費用。我的意思是其他人也遇到過 Cologuard 和其他人。從歷史上看，在歐洲，不要 - 與美國不平等對我們來說是有意義的 - 鑑於我們現在尋求在歐洲推出的資源限制。我們確實有 CE 標誌。我們確實有能力這樣做。英國可能有一些機會可能會有所不同，但我們 - 目前這些相對只是詢問，沒有明確的計劃。我們在世界其他地方收到了來自當地診斷小組的詢問，詢問是否要這樣做，這些對話仍在繼續，它們可能會在未來幾個季度和幾年內取得成果。關於 Veris 沒有這樣的對話——我認為對於 Veris 業務的國際方面，真的必須等待植入式設備。這是一些服務方面和一些商業模式，坦率地說，在該國其他地區，圍繞遠程患者監控是非常不同的。因此，這可能會使商業模式更加困難。但是一旦我們有了增值的智能港口功能，那麼就會有一個潛在的機會。那里歐洲的競爭環境應該比較公平，我們在那裡應該有一些前景。

And that's all the time we have for questions. I would like to turn the call back to Mr. Parks for closing remarks.

這就是我們提問的全部時間。我想把電話轉回給帕克斯先生，請他作結束語。

I'll take that, operator. So (inaudible). So thank you again, everyone, for taking the time and the attention. Thank you for the questions. Really great discussion. We look forward to continuing to update you on our progress as we always do. For more information, please feel free to go to our website, the PAVmed website, pavmed.com; the Lucid website, luciddx.com; and the Veris Health website, which is under construction, but we look forward to having that up and running soon.

我會接受的，接線員。所以（聽不清）。再次感謝大家花時間和關注。謝謝你的問題。真的很棒的討論。我們期待一如既往地繼續向您通報我們的進展情況。如需更多信息，請隨時訪問我們的網站 PAVmed 網站 pavmed.com； Lucid 網站 luciddx.com；以及正在建設中的 Veris Health 網站，但我們期待盡快啟動並運行。

As always, feel free to contact Mike Parks with any questions. He's very responsive. His e-mail address is mep@pavmed.com. So thanks again, and everybody, have a great day.

一如既往，如有任何問題，請隨時聯繫 Mike Parks。他反應靈敏。他的電子郵件地址是 mep@pavmed.com。再次感謝大家，祝大家有美好的一天。

This concludes today's conference call. Thank you for attending.

今天的電話會議到此結束。感謝您的出席。