Procept Biorobotics Corp (PRCT) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 2023 PROCEPT BioRobotics earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 2023 年第四季 PROCEPT BioRobotics 財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker, Matt Basco, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給您的發言人、投資者關係副總裁 Matt Basco。請繼續。

Good afternoon, and thank you for joining PROCEPT BioRobotics Q4 2023 Earnings Conference Call. Presenting on today's call are Reza Zadno, Chief Executive Officer, and Kevin Waters, Chief Financial Officer.

下午好，感謝您參加 PROCEPT BioRobotics 2023 年第四季財報電話會議。執行長 Reza Zadno 和財務長 Kevin Waters 出席了今天的電話會議。

Before we begin, I'd like to remind listeners that statements made on this conference call that relate to future plans, events, or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While these forward-looking statements are based on management's current expectations and beliefs, these statements are subject to several risks, uncertainties, assumptions, and other factors that could cause results to differ materially of the expectations expressed on this conference call. These risks and uncertainties are disclosed in more detail in PROCEPT BioRobotics filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov. Listeners are cautioned not to place under-reliance on these forward-looking statements, which speak only as of today's date, February 27, 2024. Except as required by law, PROCEPT BioRobotics undertakes no obligation to update or revise any forward-looking statements to reflect new information, circumstances, unanticipated events that may arise.

在我們開始之前，我想提醒聽眾，本次電話會議上發表的有關未來計劃、事件或業績的聲明屬於 1995 年《私人證券訴訟改革法案》所定義的前瞻性聲明。雖然這些前瞻性陳述是基於管理階層目前的預期和信念，但這些陳述受到多種風險、不確定性、假設和其他因素的影響，這些因素可能導致結果與本次電話會議上表達的預期有重大差異。這些風險和不確定性在 PROCEPT BioRobotics 向美國證券交易委員會提交的文件中進行了更詳細的披露，所有這些文件均可在 www.sec.gov 上在線獲取。請聽眾不要低估這些前瞻性陳述，這些陳述僅代表截至今天（2024 年 2 月 27 日）的情況。除法律要求外，PROCEPT BioRobotics 不承擔更新或修改任何前瞻性聲明以反映新資訊、情況、可能出現的意外事件的義務。

During the call, we will also reference certain financial measures that are not prepared in accordance with GAAP. For information about how we use these non-GAAP financial measures, as well as reconciliations of these measures to their nearest GAAP equivalent, are included in our earnings release.

在電話會議期間，我們也會參考某些未依照公認會計準則制定的財務指標。有關我們如何使用這些非 GAAP 財務指標以及這些指標與其最接近的 GAAP 等值的調整的信息，請參閱我們的收益發布。

With that, I'll turn the call over to Reza. Good afternoon, and thank you for joining us. For today's call, I will provide opening comments and a business update, followed by Kevin, who will provide additional detail regarding our financial performance and initial 2024 guidance before opening the call to Q&A.

這樣，我會將電話轉給 Reza。下午好，感謝您加入我們。在今天的電話會議中，我將提供開場評論和業務更新，隨後凱文將提供有關我們的財務業績和 2024 年初步指導的更多詳細信息，然後再開始問答電話會議。

Starting with our quarterly revenue results, we are pleased to report another strong quarter in total revenue for the fourth quarter of 2023 of $43.6 million, representing growth of 83% compared to the fourth quarter of 2022. On a full-year basis, total revenue was $136.2 million, representing growth of 82%.

從季度營收結果開始，我們很高興地報告 2023 年第四季的總營收再次強勁，達到 4,360 萬美元，與 2022 年第四季相比成長 83%。全年總收入為 1.362 億美元，成長 82%。

We increased average monthly utilization in the US by approximately 10%, an exceptional feat, especially considering the substantial 89% increase in our US install base. The significant increase in new accounts in conjunction with our ability to get these accounts of the utilization care faster further amplifies my pride in our team's accomplishment throughout the year.

我們將美國的平均每月利用率提高了約 10%，這是一項非凡的成就，特別是考慮到我們美國的安裝基數大幅增加了 89%。新客戶的顯著增加，加上我們更快獲得這些使用護理客戶的能力，進一步增強了我對我們團隊全年成就的自豪感。

Given the strong underlying demand for Aquablation therapy, we were able to deliver average utilization of approximately 6.6 handpieces per account per month in 2023 and a record 7.3 handpieces per account in our fiscal fourth quarter.

鑑於對 Aquablation 療法的強勁潛在需求，我們能夠在 2023 年為每個帳戶每月提供約 6.6 個手機的平均利用率，並在第四財季為每個帳戶提供創紀錄的 7.3 個手機。

As a reminder, our initial 2023 guidance has assumed utilization of approximately 6.0 handpieces per month. Due to this rapid rate of adoption and support for Aquablation therapy, I am more confident than ever in our company's ability to become the standard of care for BPH patients.

提醒一下，我們最初的 2023 年指導假設每月使用約 6.0 支手機。由於 Aquablation 療法的快速採用和支持，我比以往任何時候都更有信心我們公司有能力成為 BPH 患者的護理標準。

As we enter 2024, we believe there are several positive factors which will allow us to continue to execute against our long-term growth plan while being disciplined in showing a path to profitability. We believe these underlying fundamentals reflect the technology that is laying the foundation to become the BPH surgical standard of care and a business that will be a leading urology franchise globally.

進入 2024 年，我們相信有幾個積極因素將使我們能夠繼續執行我們的長期成長計劃，同時嚴格展示獲利之路。我們相信這些基本原理反映了為成為 BPH 手術護理標準奠定基礎的技術，以及成為全球領先的泌尿科特許經營業務的業務。

Starting with the current urology market in the United States, we are very fortunate to operate in a large market where the number one reason men see urologist are symptoms associated with BPH. Given the shortcomings of current surgical alternatives, an aging population that continues to increase, and the millions of men who currently forego treatment, we believe underlying market growth will be attractive for many years to come. We also believe urology patient volumes at our accounts continue to grow nicely. In fact, some urologists have indicated that in addition to normal patient activities, an increasing number of men who have failed medication are now seeking to schedule a Aquablation therapy procedure.

從美國目前的泌尿科市場開始，我們非常幸運能夠在一個大市場中開展業務，其中男性去看泌尿科醫生的首要原因是與 BPH 相關的症狀。考慮到目前手術替代方案的缺點、人口老化的持續增加以及目前數以百萬計的男性放棄治療，我們相信潛在的市場成長在未來許多年將具有吸引力。我們也相信，我們帳戶中的泌尿科患者數量將繼續良好增長。事實上，一些泌尿科醫生表示，除了正常的患者活動外，越來越多的藥物治療失敗的男性現在正在尋求安排水消融治療程序。

As it pertains to hospital capital spending, 2023 was a challenging year for most hospitals due to accelerating inflation pressure to lengthen the average recovery from the pandemic. Through these persistent headwinds, we were able to achieve our 2023 sales goals. However, we believe the market is more stable now compared to the previous six to nine months.

就醫院資本支出而言，2023 年對大多數醫院來說都是充滿挑戰的一年，因為通貨膨脹壓力加劇，延長了從疫情中恢復的平均時間。透過這些持續的阻力，我們實現了 2023 年的銷售目標。然而，我們認為與之前六到九個月相比，現在的市場更加穩定。

With a growing and increasingly educated patient population, along with motivated urologists, we are seeing hospitals continue to prioritize investment in cutting-edge technologies to ensure they stay competitive and not lose patients to other area hospitals. We believe our AquaBeam robotic system allows hospitals to offer a cutting-edge technology in the BPA surgical space.

隨著患者人數的增長和教育程度的提高，以及積極主動的泌尿科醫生，我們看到醫院繼續優先投資尖端技術，以確保他們保持競爭力，不會將患者流失到其他地區醫院。我們相信我們的 AquaBeam 機器人系統使醫院能夠在 BPA 手術領域提供尖端技術。

We also exited the fourth quarter of 2023. The US installed a sub-315 system out of a target market of 2,700 total hospitals that perform BPA surgeries. While our initial commercial strategy was to target the most influential KOLs at the 860 high-volume hospitals, we have also been successful selling Aquablation therapy programs to remaining 1,800 low-volume hospitals.

我們也退出了 2023 年第四季。美國在 2,700 家進行 BPA 手術的醫院的目標市場中安裝了 sub-315 系統。雖然我們最初的商業策略是針對 860 家大流量醫院中最具影響力的 KOL，但我們也成功向其餘 1,800 家小流量醫院銷售 Aquablation 治療計畫。

It is important to point out that a low-volume BPH hospital does not mean it is small. A significant number of low-volume BPH hospitals are large surgery centers who historically did not perform resective surgeries. Given the disruptive nature of our technology and that patient outcomes are independent of surgeon's skill or experience, low-volume centers can build a robust BPH practice with Aquablation therapy and not have to refer patients out to area specialists. Given this market dynamics, we are still very early in our adoption curve with a long runway in front of us.

需要指出的是，良性前列腺增生症醫院規模小並不代表醫院規模小。相當多的低治療量 BPH 醫院是大型手術中心，歷史上不進行切除手術。鑑於我們技術的顛覆性，以及患者的治療結果與外科醫生的技能或經驗無關，小批量中心可以透過 Aquablation 療法建立強大的 BPH 實踐，而不必將患者轉診給地區專家。鑑於這種市場動態，我們仍處於採用曲線的早期階段，前面還有很長的路要走。

In terms of our pipeline, the number of opportunities continue to grow meaningfully as we expand into new greenfield territories and add to our capital sales team. Compared to a year ago, we currently have more than double the opportunity to have cleared the stage where we assigned a high level of confidence to close. Also, a significant percentage of our pipeline consists of low-volume hospitals. As Kevin will discuss later, our guidance philosophy continues to be informed by what we are seeing in our pipeline, how opportunities progress, what customers are telling us, and overall close rates.

就我們的管道而言，隨著我們擴展到新的綠地領域並擴大我們的資本銷售團隊，機會的數量繼續有意義地增長。與一年前相比，我們目前有超過一倍的機會掃清階段，我們對結束階段充滿信心。此外，我們的管道中很大一部分是由低容量醫院組成的。正如凱文稍後將討論的，我們的指導理念繼續取決於我們在管道中看到的內容、機會的進展、客戶告訴我們的內容以及整體成交率。

Turning to commercial organization. As mentioned on previous earnings call, our plan was to further expand our field-based commercial team in 2023. Speaking specifically about our capital sales personnel, we entered 2024 with approximately 40 capital sales reps, of which 10 were added in the third and fourth quarter of 2023.

轉向商業組織。正如先前的財報電話會議中所提到的，我們的計劃是在 2023 年進一步擴大我們的現場商業團隊。具體來說我們的資本銷售人員，進入 2024 年時，我們約有 40 位資本銷售代表，其中 10 位是在 2023 年第三季和第四季新增的。

As a reminder, we believe the productivity curve of capital reps is approximately six months. Over this six-month period, they are responsible for building out their respective pipelines. Thus, we do not expect the capital reps added in the fourth quarter of 2023 to start meaningfully contributing to US system sales until the second half of 2024, which is factored into our 2024 guidance.

提醒一下，我們認為資本代表的生產力曲線大約是六個月。在這六個月的時間裡，他們負責建造各自的管道。因此，我們預計 2023 年第四季增加的資本代表要到 2024 年下半年才會開始對美國系統銷售做出有意義的貢獻，這已納入我們的 2024 年指引。

However, we entered 2024 with the highest percentage of capital reps to have been with PROCEPT for more than 12 months. This is an important metric we track closely since continuity within territories correlates strongly to increased confidence of future deals closing.

然而，進入 2024 年，我們的資本代表在 PROCEPT 工作超過 12 個月的比例最高。這是我們密切追蹤的一個重要指標，因為區域內的連續性與未來交易完成的信心增強密切相關。

Additionally, we hired a new strategic account team, which is not included in the 40 capital reps mentioned previously. The role of our strategic account team will be focused exclusively on partnering with strategic IDN networks across the country to improve our sales efficiency in both the capital selling process and improve utilization at targeted IDNs.

此外，我們還聘請了一個新的策略客戶團隊，該團隊不包括在前面提到的 40 名資本代表中。我們的策略客戶團隊的角色將專注於與全國各地的策略 IDN 網路合作，以提高我們在資本銷售流程中的銷售效率並提高目標 IDN 的使用率。

As a reminder, we were successful in establishing sales and legal contracts with the majority of large strategic IDNs in 2023. Despite not receiving any corporate IDN fall buys in 2023, we believe we are making progress building these relationships, which could be a tailwind in our initial 2024 revenue guidance.

謹此提醒，我們在 2023 年成功與大多數大型策略 IDN 建立了銷售和法律合約。儘管 2023 年秋季沒有收到任何企業 IDN 購買，但我們相信我們在建立這些關係方面正在取得進展，這可能會成為我們最初的 2024 年收入指引的推動力。

Next, touching on our utilization team. Given our strong commercial momentum and expanding pipeline, 2023 was an investment year to meaningfully increase headcount and add capacity to our strategic account team. This will provide an opportunity to support future growth. Similar to our capital rep team, we entered 2024 with the most experienced utilization team in the company's history. While we will continue to increase headcount in 2024, it will be at a much slower pace compared to 2023. Our goal in 2024 will be for these reps to continue identifying, training, and educating new surgeons as existing and new accounts to increase utilization.

接下來，談談我們的運用團隊。鑑於我們強勁的商業動能和不斷擴大的管道，2023 年是大幅增加員工人數並增強我們策略客戶團隊能力的投資年。這將為支持未來的成長提供機會。與我們的資本代表團隊類似，我們在進入 2024 年時擁有公司歷史上最有經驗的利用團隊。雖然我們將在 2024 年繼續增加員工人數，但速度將比 2023 年慢得多。我們 2024 年的目標是讓這些代表繼續識別、培訓和教育新外科醫生作為現有和新客戶，以提高利用率。

Turning to surgeon interest and patient awareness. As we have communicated to investors over the last 12 months, our primary focus is for Aquablation therapy to become the standard of care for BPH surgery. And to achieve this goal, we have prioritized surgeon engagement, patient outcomes and training. Surgeon interest has increased meaningfully resulting in active surgeon growth of approximately 70% compared to 2022 levels.

轉向外科醫生的興趣和病人的意識。正如我們在過去 12 個月中與投資者溝通的那樣，我們的主要重點是讓 Aquablation 療法成為 BPH 手術的護理標準。為了實現這一目標，我們優先考慮外科醫生的參與、患者的治療效果和培訓。外科醫生的興趣顯著增加，與 2022 年的水平相比，活躍的外科醫生增長了約 70%。

While the primary driver of procedure volume continues to be active surgeon growth, our ability to also sustain surgeon retention rates above 90% order to order demonstrates the clear patient and surgeon benefits of our technology, which ultimately leads to increased utilization. As a company, we benefit greatly from this high level of surgeon retention as our commercial team can focus on adding new surgeons.

雖然手術量的主要驅動力仍然是外科醫生的積極增長，但我們也能夠將外科醫生訂單保留率維持在90% 以上，這表明我們的技術為患者和外科醫生帶來了明顯的好處，最終導致利用率的提高。作為一家公司，我們從外科醫生的高保留率中受益匪淺，因為我們的商業團隊可以專注於增加新的外科醫生。

As it relates to specific Aquablation therapy patient interest, we have also seen a meaningful uptake in our search activity. Hospital customers continue to drive a significant amount of direct patient advertising and have reported attracting many new patients to their hospital that are seeking out Aquablation therapy. Our current strategy will continue to be focused on surgeon engagement and awareness. However, we believe patients actively researching Aquablation therapy and following through to see a surgeon is another positive indicator for our expanding product awareness and presents in the marketplace.

由於它與特定的 Aquablation 治療患者興趣相關，因此我們在搜尋活動中也看到了有意義的採用。醫院客戶繼續推動大量的直接病患廣告，並報告吸引了許多尋求 Aquablation 療法的新病患到他們的醫院。我們目前的策略將繼續關注外科醫生的參與和意識。然而，我們相信，患者積極研究 Aquablation 療法並繼續去看外科醫生是我們擴大產品知名度和市場展示的另一個積極指標。

Next, I want to touch on reimbursement and private pay coverage. Fourth quarter of 2023, CMS finalized its 2024 Hospital Outpatient Prospective Payment System. The level 6 APC code for our procedure will provide the hospital approximately $8,800 for each Aquablation procedure, which is roughly 2.5% increase over the 2023 rates.

接下來，我想談談報銷和私人工資保險。2023年第四季度，CMS最終確定了2024年醫院門診預期支付系統。我們手術的 6 級 APC 代碼將為醫院每次 Aquablation 手術提供約 8,800 美元，比 2023 年的費用增加約 2.5%。

Following the addition of UnitedHealthcare, in June, we now estimate roughly 95% of men in the US have access to Aquablation therapy, which is an increase from approximately 75% in January of 2023. With respect to the international market development activities, we generated $3.3 million of international revenue in the fourth quarter of 2023, presenting growth of 64% compared to the prior year period. Growth in the fourth quarter was driven primarily by strong sales momentum in the United Kingdom. Since [NICE] granted its strongest endorsement, the standard arrangement recommendation for Aquablation therapy in October, our pipeline of large NHS hospitals has increased meaningfully.

在 6 月聯合醫療保健 (UnitedHealthcare) 加入後，我們現在估計大約 95% 的美國男性能夠接受 Aquablation 治療，這一數字較 2023 年 1 月的約 75% 有所增加。在國際市場開發活動方面，我們在 2023 年第四季實現了 330 萬美元的國際收入，較上年同期成長 64%。第四季的成長主要受到英國強勁銷售勢頭的推動。自 10 月 [NICE] 給予 Aquablation 治療標準安排建議以來，我們的大型 NHS 醫院管道已顯著增加。

With respect to market development activities in the UK, we are very pleased with the initial momentum we have generated. Even the accelerating interest from UK surgeons and strong unit economics on handpiece and system average selling prices, we plan to make further investment over the next 12 months in the U. to accelerate growth and expand patient awareness.

關於英國的市場開發活動，我們對所產生的初步動能感到非常滿意。儘管英國外科醫生的興趣日益濃厚，而且單位經濟對手機和系統平均售價的強勁增長，我們仍計劃在未來 12 個月內在美國進行進一步投資，以加速增長並擴大患者意識。

Additionally, in December, we completed enrollment of our post-market survey in Japan to treat 100 patients with Aquablation therapy. While we view Japan as a very attractive market long-term, it's going to take some time to build our pipeline and launch accounts to start generating meaningful procedure volume. Like the US and United Kingdom, our strategy is to lead with clinical data to support a more robust and sustainable commercial launch.

此外，12 月，我們完成了在日本的上市後調查，以 Aquablation 療法治療 100 名患者。雖然我們認為日本是一個非常有吸引力的長期市場，但需要一些時間來建立我們的管道和啟動帳戶以開始產生有意義的手術量。與美國和英國一樣，我們的策略是以臨床數據為主導，支持更穩健、更永續的商業發布。

Lastly, we continue to make progress enrolling patients in both prostate cancer studies. In fact, since we announced our prostate cancer initiative, in September, we have received numerous inquiries from urologists all around the world who are not only interested in BPH, but also very enthusiastic about the potential to treat prostate cancer. As we continue to make progress on the clinical front, we will disclose information when appropriate.

最後，我們在招募患者參加兩項前列腺癌研究方面繼續取得進展。事實上，自從我們在 9 月宣布我們的前列腺癌計劃以來，我們收到了來自世界各地的泌尿科醫生的大量詢問，他們不僅對 BPH 感興趣，而且對治療前列腺癌的潛力也非常熱衷。隨著我們在臨床方面不斷取得進展，我們將在適當的時候披露資訊。

In summary, as I look back over the last 12 months, I'm extremely proud of what our company was able to accomplish in a challenging macro environment. Despite this macro headway, we generated significant revenue growth by selling capital and increasing utilization at active accounts.

總之，當我回顧過去 12 個月時，我對我們公司能夠在充滿挑戰的宏觀環境中取得的成就感到非常自豪。儘管取得了這一宏觀進展，我們仍然透過出售資本和提高活躍帳戶利用率實現了顯著的收入成長。

Additionally, we moved into a new and larger facility and hired a significant number of commercial team members, which presented its own execution challenges that the team was able to successfully navigate. These investments were necessary as essential for our future growth.

此外，我們搬進了一個新的、更大的設施，並僱用了大量的商業團隊成員，這帶來了團隊能夠成功應對的執行挑戰。這些投資對於我們未來的成長至關重要。

Moving into 2024, I have a higher degree of confidence in our ability to achieve our long-term growth plan. Every metric we track is moving in the right direction. And to summarize these catalysts, our pipeline and sales funnel continue to grow nicely in what we currently believe is a more stable macro environment.

進入 2024 年，我對我們實現長期成長計畫的能力更有信心。我們追蹤的每個指標都在朝著正確的方向發展。總結這些催化劑，我們的管道和銷售管道在我們目前認為更穩定的宏觀環境中持續良好成長。

On average, the longer an account has been active, the more procedures they do. We are launching new accounts with more surgeons while sustaining retention rates consistently above 90%. Our commercial organization is the largest and most tenured in the company's history, which we believe will lead to increased productivity.

平均而言，帳戶的活躍時間越長，他們執行的程序就越多。我們正在向更多外科醫生推出新帳戶，同時保持保留率始終高於 90%。我們的商業組織是公司史上規模最大、任期最長的，我們相信這將提高生產力。

And lastly, we will continue to enroll patients in both prostate cancer studies to support Aquablation therapy's clinical value in this therapeutic area to expand our footprint in the larger urology market. Given this positive momentum, we believe Aquablation therapy is laying the foundation to become the BPH surgical center of care and PROCEPT is emerging as a leading global urology company.

最後，我們將繼續招募患者參加兩項前列腺癌研究，以支持 Aquablation 療法在該治療領域的臨床價值，從而擴大我們在更大的泌尿外科市場的足跡。鑑於這一積極勢頭，我們相信 Aquablation 療法正在為成為 BPH 外科護理中心奠定基礎，而 PROCEPT 正在成為全球領先的泌尿外科公司。

With that, I will turn the call over to Kevin.

這樣，我會將電話轉給凱文。

Thanks, Reza. Total revenue for the fourth quarter of 2023 was $43.6 million, representing growth of 83% compared to the fourth quarter of 2022. US revenue for the quarter was $40.3 million, representing growth of 85% compared to the prior year period.

謝謝，雷札。2023 年第四季總營收為 4,360 萬美元，較 2022 年第四季成長 83%。該季度美國營收為 4,030 萬美元，較去年同期成長 85%。

In the fourth quarter, we sold 44 AquaBeam robotic systems with average selling prices of $376,000, generating total US system revenue of $16.6 million, representing system revenue growth of 59% compared to the fourth quarter of 2022.

第四季度，我們售出了 44 個 AquaBeam 機器人系統，平均售價為 376,000 美元，美國系統總收入為 1,660 萬美元，與 2022 年第四季相比，系統收入成長了 59%。

US handpiece and consumable revenue for the fourth quarter of 2023 was $21.6 million, representing growth of approximately 109% compared to the fourth quarter of 2022. Handpiece growth was driven by an increase in the installed base of AquaBeam robotic systems, which has grown 89% from the fourth quarter of 2022.

2023年第四季美國手機和耗材收入為2,160萬美元，較2022年第四季成長約109%。手機的成長是由 AquaBeam 機器人系統安裝基數的增加所推動的，該系統安裝基數較 2022 年第四季度增長了 89%。

Additionally, we have seen an increase in utilization from our installed base. Monthly utilization per account, 7.3, increased approximately 13% compared to the fourth quarter of 2022. Utilization outperformance in the fourth quarter was due to normal fourth-quarter seasonal strength from elective procedure volume, the direct reflection of strong commercial execution and surgeons taking the next step to adopt Aquablation therapy as their treatment of choice for all resective procedures.

此外，我們也發現我們的安裝基礎的使用率增加。每個帳戶的每月使用率為 7.3，與 2022 年第四季相比增加了約 13%。第四季度利用率的優異表現是由於選擇性手術量的正常第四季度季節性強度，強勁的商業執行力的直接反映以及外科醫生採取下一步行動採用 Aquablation 療法作為所有切除手術的首選治療方法。

We continue to see increased account level utilization over time as we train new surgeons and increase utilization of our existing surgeon base. We shipped approximately 6,400 handpieces in the United States in the fourth quarter, representing unit growth of 116% compared to the fourth quarter of 2022 with stable average selling prices. We also recorded $1.6 million of other consumable revenue in the fourth quarter of 2023.

隨著時間的推移，隨著我們培訓新的外科醫生並提高現有外科醫生基地的利用率，我們繼續看到帳戶層級的利用率不斷提高。第四季我們在美國出貨了約 6,400 部手機，與 2022 年第四季相比成長了 116%，平均售價穩定。2023 年第四季，我們也錄得 160 萬美元的其他消費品收入。

International revenue for the fourth quarter was $3.3 million, representing growth of approximately 64%. Gross margin for the fourth quarter of 2023 was 49%, which was negatively impacted by approximately $2.5 million of items primarily associated with the relocation of our corporate headquarters September 2023.

第四季國際營收為 330 萬美元，成長約 64%。2023 年第四季的毛利率為 49%，受到主要與 2023 年 9 月公司總部搬遷相關的約 250 萬美元項目的負面影響。

To provide more detail on this $2.5 million impact, first, we recorded year-end inventory adjustments, which were mainly due to certain write-offs primarily attributable to our move. Second, we produced fewer units than anticipated in the back half of 2023, thus increasing the average cost of inventory sold due to unabsorbed overhead expense. Lastly, we incurred an approximate 35% increase in scrap when producing units compared to the third quarter of 2023.

為了提供有關這 250 萬美元影響的更多詳細信息，首先，我們記錄了年終庫存調整，這主要是由於我們的搬遷造成的某些沖銷所致。其次，我們 2023 年下半年的產量低於預期，因此由於未吸收的管理費用而增加了銷售庫存的平均成本。最後，與 2023 年第三季相比，我們在生產設備時產生的廢品增加了約 35%。

We have addressed these factors and are already seeing improvements in the first quarter of 2024. I will discuss guidance shortly where we will see margin levels return to the mid-50% range in the first quarter, sequentially increase throughout 2024.

我們已經解決了這些因素，並在 2024 年第一季看到了改善。我很快就會討論指導意見，我們將看到第一季的利潤率水準回到 50% 的中間範圍，並在 2024 年連續增加。

Moving down the income statement, total operating expenses in the fourth quarter of 2023 were $50.8 million, compared to $35.7 million in the same period of the prior year and $44.5 million in the third quarter of 2023. Although operating expenses sequentially increased $6 million, when comparing revenue growth to operating expense growth, we grew revenues 83% in the fourth quarter on 42% operating expense growth. In the fourth quarter, operating expenses exceeded our guidance as we pulled forward investments to expand our commercial organization and accelerated R&D investments ahead of 2024.

將損益表往下看，2023 年第四季的總營運費用為 5,080 萬美元，去年同期為 3,570 萬美元，2023 年第三季為 4,450 萬美元。儘管營運費用較上季增加了 600 萬美元，但當將營收成長與營運費用成長進行比較時，我們第四季的營收成長了 83%，而營運費用成長了 42%。第四季度，由於我們提前投資以擴大商業組織並在 2024 年之前加速研發投資，營運費用超出了我們的指導。

Total interest and other income of $2 million as quarterly interest expense from our $52 million term loan was offset by favorable interest income from our cash balances, which were significantly increased with our recent equity financing in August 2023.

我們 5,200 萬美元定期貸款的季度利息支出為 200 萬美元，利息和其他收入總額被我們現金餘額的有利利息收入所抵消，現金餘額因我們最近在 2023 年 8 月進行的股權融資而大幅增加。

Net loss was $27.5 million for the fourth quarter of 2023 compared to $28.2 million in the same period of prior year. Adjusted EBITDA was a loss of $23.3 million compared to a loss of $21.7 million in the fourth quarter of 2022.

2023 年第四季的淨虧損為 2,750 萬美元，去年同期淨虧損為 2,820 萬美元。調整後 EBITDA 虧損 2,330 萬美元，而 2022 年第四季虧損 2,170 萬美元。

Our cash and cash equivalence balance as of December 31 was $257 million. We believe our strong balance sheet will provide the liquidity and capital resources needed to support and grow our current business.

截至 12 月 31 日，我們的現金及現金等價物餘額為 2.57 億美元。我們相信，我們強大的資產負債表將提供支持和發展我們目前業務所需的流動性和資本資源。

Moving to our 2024 financial guidance. We expect full year 2024 total revenue to be approximately $210 million, representing growth of approximately 54% compared to 2023. Starting with US systems, we expect full year system sales to exhibit a similar cadence to 2023, where roughly 45% of our system sales were in the first half of the year, which we attribute to normal seasonality and our expanded sales force becoming more productive in the second half of 2024. We also anticipate stable average selling prices in 2024 compared to 2023.

轉向我們的 2024 年財務指引。我們預計 2024 年全年總營收約 2.1 億美元，較 2023 年成長約 54%。從美國系統開始，我們預計全年系統銷售將呈現與2023 年類似的節奏，其中大約45% 的系統銷售發生在上半年，我們將其歸因於正常的季節性以及我們擴大的銷售隊伍變得更有效率2024年下半年。我們也預計 2024 年的平均售價將比 2023 年保持穩定。

Turning to US handpieces. We expect to sell approximately 33,000 handpieces for the full year with average selling prices of approximately $3,150. We also expect other consumables revenue to be approximately $9 million for the full year. Regarding quarterly cadence, similar to 2023 seasonal trends, we expect first quarter 2024 utilization sequentially declined compared to the fourth quarter of 2023. Additionally, we expect US service revenue to be approximately $11.5 million.

轉向美國手機。我們預計全年銷售約 33,000 支手機，平均售價約為 3,150 美元。我們也預計全年其他消耗品收入約為 900 萬美元。關於季度節奏，與 2023 年季節性趨勢類似，我們預計 2024 年第一季的利用率將比 2023 年第四季連續下降。此外，我們預計美國服務收入約為 1,150 萬美元。

Lastly, on international revenue. Given another strong quarter and positive momentum in the United Kingdom, we expect full year international revenue to be approximately $18 million, representing growth of approximately 60%.

最後，關於國際收入。鑑於英國又一個強勁的季度和積極的勢頭，我們預計全年國際收入約為 1800 萬美元，增長約 60%。

Moving down the income statement, we expect full year 2024 gross margins to be approximately 57% to 59%. Based on what we are seeing quarter to date, we expect first-quarter gross margins to be in the 53% to 55% range and increasing sequentially throughout the year.

將損益表往下看，我們預計 2024 年全年毛利率約為 57% 至 59%。根據我們本季迄今的情況，我們預計第一季的毛利率將在 53% 至 55% 的範圍內，並且全年將持續成長。

Regarding 2024 gross margins, we believe 2023 was a transition year with temporary headwinds associated with moving into a larger facility and investments to support future growth. I provide this context to demonstrate why 2024 will begin to show meaningful margin expansion.

關於 2024 年的毛利率，我們認為 2023 年是過渡年，存在與搬入更大設施和投資以支持未來成長相關的暫時阻力。我提供此背景是為了說明為什麼 2024 年利潤率將開始出現有意義的擴張。

First, we are now firmly in our new facility and are operating with stability and have refined our manufacturing processes to reduce production related expenses, such as scrap. Second, the pace of hiring production personnel will slow in 2024. Third and most importantly, the largest cost component of our disposable handpieces are fixed overhead expenses, which has forecasted production levels and spend in 2024, provide us with increased confidence that we will begin to more fully absorb these expenses, which we believe will allow us to show consistent gross margin expansion.

首先，我們現在已牢牢紮根在新工廠，穩定運營，並改進了製造工藝，以減少廢品等生產相關費用。其次，2024年招募生產人員的步伐將會放緩。第三也是最重要的是，我們的一次性手機最大的成本組成部分是固定管理費用，它預測了2024 年的生產水準和支出，使我們更有信心，我們將開始更充分地吸收這些費用，我們相信這將使我們能夠顯示出持續的毛利率擴張。

Turning to operating expenses, we expect full year 2024 operating expenses to be approximately $231.5 million, representing growth of 29%. When comparing our revenue growth guidance to operating expenses, we expected to deliver leverage of 1.9 times, which is an improvement compared to 2023 at 1.5 times. This increase in operating expense is associated with strategic investments in R&D, commercial team expansion, and underlying general and administrative costs to support the business and put us in a favorable position to execute on our long-term growth plan.

說到營運費用，我們預計 2024 年全年營運費用約為 2.315 億美元，成長 29%。將我們的收入成長指引與營運支出進行比較時，我們預期槓桿率為 1.9 倍，比 2023 年的 1.5 倍有所改善。營運費用的增加與研發策略投資、商業團隊擴張以及支援業務的基本一般和管理成本有關，並使我們處於執行長期成長計劃的有利地位。

Given current interest rates, we expect to generate net interest income of approximately $7 million in 2024. We expect a full year 2024 adjusted EBITDA loss to be approximately $73 million. Lastly, given our move to San Jose is complete, we expect 2024 CapEx spend to be more normalized at approximately $6 million to $8 million, down significantly from $25.2 million in 2023.

根據目前利率，我們預計 2024 年將產生約 700 萬美元的淨利息收入。我們預計 2024 年全年調整後 EBITDA 損失約 7,300 萬美元。最後，鑑於我們遷往聖荷西的工作已經完成，我們預計 2024 年的資本支出將更加正常化，約為 600 萬至 800 萬美元，顯著低於 2023 年的 2520 萬美元。

At this point, I'd like to turn the call back to Reza for closing comments.

此時，我想將電話轉回給 Reza 以徵求結束意見。

Thanks, Kevin. In closing, I want to thank our employees, customers, and shareholders for all their support to help us along our journey to becoming the standard of care for BPH. We will continue to leverage our commercial and clinical investment to execute on our long-term strategy. Have a great day, and I look forward to meeting many of you at upcoming investor conferences.

謝謝，凱文。最後，我要感謝我們的員工、客戶和股東的所有支持，幫助我們一路走來成為 BPH 照護標準。我們將繼續利用我們的商業和臨床投資來執行我們的長期策略。祝您有美好的一天，我期待在即將舉行的投資者會議上見到你們中的許多人。

At this point, we will take questions. Operator?

此時，我們將提出問題。操作員？

(Operator Instructions) Craig Bijou, Bank of America.

（操作員說明）Craig Bijou，美國銀行。

Good afternoon, guys. Thanks for taking the question, and congrats on a strong finish to the year. I wanted to start, Kevin and Reza, you guys always -- you talk about your comfort level with street estimates, and the rev guide kind of came in about $5 million or so above the street, and I know you gave a little bit of color on some of the specific categories or expectations for the categories. But just wanted to kind of ask specifically your confidence in putting out a number that was a little bit higher than the street, and maybe, I think systems was a number that you didn't give, so maybe just talk about how the street estimates for systems and how that compares to what you guys are thinking.

下午好，夥計們。感謝您提出問題，並祝賀您今年取得圓滿成功。我想開始，凱文和雷扎，你們總是——你們談論你們對街道估計的舒適程度，轉速指南比街道高出大約 500 萬美元左右，我知道你們給了一點一些特定類別或對類別的期望的顏色。但只是想具體問一下您是否有信心給出一個比街道高一點的數字，也許，我認為系統是您沒有給出的數字，所以也許只是談談街道如何估計對於系統以及它與您的想法相比如何。

Yeah, thanks, Craig, and good to speak with you. So, if you look at where consensus was, I mean, that was really set kind of after Q3, right? And the reality is, is we did see outperformance in the fourth quarter, primarily around utilization, and our guidance, as I said in my prepared remarks, is really informed by what we're seeing in the market, and when we look at utilization, we had a fantastic fourth quarter. We see that carrying in to 2024, and really the raise was primarily in part to the utilization overachievement we saw in the fourth quarter.

是的，謝謝，克雷格，很高興與你交談。所以，如果你看看共識在哪裡，我的意思是，這確實是在第三季之後確定的，對吧？現實是，我們確實在第四季度看到了優異的表現，主要是在利用率方面，正如我在準備好的發言中所說，我們的指導確實是根據我們在市場上看到的情況以及當我們考慮利用率時得出的，我們第四季表現出色。我們看到這種情況會持續到 2024 年，實際上，成長的部分原因是我們在第四季看到的利用率超額完成。

On top of that, we also increased the international expectations, so we're seeing a lot of good things coming out of the UK. We're now guiding to $18 million of international revenue. I think the street was probably somewhere in the $15 million to $16 million range, so that was another part of the guide.

最重要的是，我們也提高了國際期望，因此我們看到英國帶來了很多好東西。我們目前的國際收入目標是 1800 萬美元。我認為這條街的價格可能在 1500 萬美元到 1600 萬美元之間，所以這是指南的另一部分。

And then you are correct in observing that we did not guide an absolute number of systems sold. I think as our business shifts to a more predictable recurring revenue model, we do feel that all of the other metrics we provided around ASP, international revenue, and utilization give the street an opportunity to back into the number of systems, and I think you'll find that our implied guidance for system sales encompasses current street consensus as well.

那麼您的觀察是正確的，我們沒有指導銷售系統的絕對數量。我認為，隨著我們的業務轉向更可預測的經常性收入模式，我們確實感到我們提供的有關ASP、國際收入和利用率的所有其他指標為街道提供了重新增加系統數量的機會，而且我認為您會發現我們對系統銷售的隱含指導也包含了當前的街頭共識。

Got it. That's helpful. Thanks, Kevin. And I wanted to follow up on OpEx, and that number came in a little bit higher than expected. So I wanted to ask specifically, where's that increase coming from? You did mention that there was some pull forward of R&D expense in Q4, so is it going to be a higher R&D expense? Is it higher SG&A?

知道了。這很有幫助。謝謝，凱文。我想跟進營運支出，這個數字比預期要高一些。所以我想具體問一下，這個成長來自哪裡？您確實提到第四季研發費用有所提前，那麼研發費用是否會更高？SG&A 更高嗎？

And then maybe just more broadly, I recognize that the ratio of rev growth to OpEx growth is improving, but is there potential for even more leverage in '24, and then should we expect that ratio to continue to increase as we get into '25 and beyond?

然後也許更廣泛地說，我認識到轉速增長與運營支出增長的比率正在改善，但在 24 年是否有可能實現更大的槓桿作用，然後我們是否應該期望隨著進入 25 年該比率繼續增加超越？

Yeah, so you are correct. We got into full-year operating expenses of $231.5 million, which does represent growth of 29%. But as you pointed out, our revenue guidance is 54%. When you look at that on a leverage basis, it's almost two times, as in growing revenue almost twice the rate of OpEx growth, which is an improvement from '23, where we were right around 1.5 and 1.6 times. And we do believe this kind of ratio is a very good indicator of our ability to become a profitable company with margin expansion.

是的，所以你是對的。我們的全年營運費用為 2.315 億美元，成長了 29%。但正如您所指出的，我們的收入指引是 54%。當你以槓桿為基礎來看時，你會發現它幾乎是兩倍，因為收入成長幾乎是營運支出成長率的兩倍，這比23 年有所改善，當時我們的成長率約為1.5 倍和1.6 倍。我們確實相信這種比率是一個很好的指標，表明我們有能力成為一家盈利且利潤率擴張的公司。

And I don't think 1.9 is as good as it gets to answer your question, kind of forward-looking. At this time, we're not prepared to comment on what '25 or '26 would look like, but I can see it's improving from 1.9 times when I look at the scalability of the business.

我不認為 1.9 能夠很好地回答你的問題，有點前瞻性。目前，我們不准備評論“25”或“26”會是什麼樣子，但當我查看業務的可擴展性時，我可以看到它比 1.9 倍有所提高。

Then to the last question, to the specific around what are those expenses, you're correct. Most of the increase above street consensus are strategic investments in R&D primarily. We have added an incremental $2 million to support our prostate cancer studies. We've added some muscle to our commercial team around the ability to cover cases and key accounts to take advantage of our IDN relationships. And those factors are what are driving the incremental OpEx to street consensus in '24. But again, we still feel very good about the leverage we're demonstrating in the business on OpEx and our guidance.

然後到最後一個問題，具體到這些費用是多少，你是對的。超出市場共識的大部分成長主要是研發方面的策略投資。我們增加了 200 萬美元來支持我們的前列腺癌研究。我們為我們的商業團隊增添了一些力量，使其能夠涵蓋案例和關鍵客戶，以利用我們的 IDN 關係。這些因素正是推動 24 年營運支出增量成為街頭共識的因素。但同樣，我們仍然對我們在營運支出業務中所展現的槓桿作用和我們的指導感到非常滿意。

Great. Thanks for taking the questions, guys.

偉大的。謝謝你們提出問題，夥伴們。

Thanks, Craig.

謝謝，克雷格。

Joshua Jennings, TD Cowen.

約書亞·詹寧斯，TD·考恩。

Thanks a lot. And great to see the strong finish of the year. Wanted to ask a two-part question just on patient and surgeon demand. I think, Reza, you talked, I think your remarks are related that some urologists are seeing more patients failing medical therapy, seeking out Aquablation. You could build on that comment and also just help us understand if there's been any impact on utilization rates since September when the contraindication, localized prostate cancer, was removed from the label. Let me just have one follow-up.

多謝。很高興看到今年的強勁收官。想根據患者和外科醫生的需求提出一個由兩部分組成的問題。我想，雷扎，你說過，我認為你的言論與一些泌尿科醫生看到更多的患者在藥物治療失敗後尋求水消融有關。您可以在該評論的基礎上，幫助我們了解自 9 月禁忌症（局部前列腺癌）從標籤中刪除以來是否對利用率產生任何影響。讓我跟進一件事。

Thanks, Josh. So utilization, as Kevin mentioned, was high in Q4 and multiple factors contributed to that. Surgeon retention was very strong. New surgeons added in Q4 and there was some contribution from United and we did a great job of launching new accounts.

謝謝，喬許。因此，正如凱文所提到的，第四季的利用率很高，這是由多種因素造成的。外科醫生的保留非常牢固。第四季增加了新的外科醫生，曼聯也做出了一些貢獻，我們在推出新帳戶方面做得很好。

Definitely, we see an indicator of low and mid-volume centers coming on board and that is an indicator of interest from surgeons, not only at these high-volume accounts, but low- and mid-volume accounts that in the past, they would refer those patients to other hospitals. Now they are treating those patients and do not refer those patients to other centers.

當然，我們看到了中低容量中心的加入，這是外科醫生感興趣的一個指標，不僅對這些高容量帳戶，而且對過去他們會關注的中低容量帳戶。將這些患者轉診至其他醫院。現在他們正在治療這些患者，並且不會將這些患者轉診到其他中心。

But anecdotally, we see some accounts, as we mentioned, that they are using our treatment for all of the receptive or majority of the receptive procedures and that is because, as we said in the past, they are using one algorithm to treat all prostate shapes and sizes.

但有趣的是，正如我們所提到的，我們看到一些帳戶，他們正在使用我們的治療方法進行所有接受性或大多數接受性手術，這是因為，正如我們過去所說，他們正在使用一種演算法來治療所有前列腺形狀和尺寸。

And the second part of the contraindication. The contraindication, it's very hard for us to assess that, but that's one less step that they need to go through when they are checking to schedule a patient. It's very hard to assess how much that contributed, but it's just one less step.

還有第二部分的禁忌症。禁忌症，我們很難評估這一點，但這是他們在檢查安排患者時需要執行的步驟。很難評估其貢獻有多大，但這只是少了一步。

Thanks, and then just to follow up on just the capital pipeline, and I think, Reza, you and Kevin, you both mentioned some of the confidence and guidance based on the pipeline. I was hoping to just provide any more detail on the mix of the pipeline here entering early days of '24 versus early days of '23. Sounds like you're seeing more lower volume receptive centers in the mix here and maybe some robotic programs that may be in the mix as well, but any details you can share just on where the capital pipeline stands today versus a year ago would be great. Thanks.

謝謝，然後只是跟進資本管道，我認為雷扎、你和凱文，你們都提到了一些基於管道的信心和指導。我希望能夠提供有關進入 24 年初與 23 年初的管道組合的更多詳細資訊。聽起來你在這裡看到了更多低容量的接受中心，也許還有一些機器人程式也可能在其中，但你能分享的任何關於今天的資本管道與一年前相比的情況的細節都會很棒。謝謝。

Definitely, thanks for the question. Definitely what we see is the capital environment is, current capital is more stable than a year ago. 2023 was a fairly difficult environment. However, I'm very happy to say that environment we were able to deliver and exceed our guidance.

當然，謝謝你的提問。當然我們看到的是資本環境，目前的資本比一年前更穩定。 2023 年是一個相當困難的環境。然而，我很高興地說我們能夠提供並超越我們的指導的環境。

We see that our customers continue prioritizing capital investment based on where they see great ROI and increased patient flow. Definitely when we talk to some of our accounts, they see increased patient flow and also they continue to produce favorable clinical outcomes.

我們看到，我們的客戶繼續根據他們看到的巨大投資回報率和增加的患者流量來優先考慮資本投資。當然，當我們與一些客戶交談時，他們看到患者流量增加，並且繼續產生良好的臨床結果。

And in terms of pipeline, we see the number of potential robot placement continue to grow, but the environment is more stable and accounts continue being interested. And also, as I mentioned, in low-volume and volume centers, they're also coming on board.

在管道方面，我們看到潛在的機器人放置數量繼續增長，但環境更加穩定，客戶繼續感興趣。而且，正如我所提到的，在低容量和容量中心，他們也加入了。

Great, thanks a lot.

太好了，非常感謝。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Afternoon. Thanks so much for taking the question. Just maybe starting on the robot side, I'm getting something like 185 systems for this year domestically. Is that about right? And what does the IDN investment bring to the table? Are those going to be some more bulk purchases potentially in some of these systems? Is there going to be some ASP discounting that's required to do that? How do we think about the contribution there? Because I think, Kevin, you said that's actually not even in guidance. So anything that you get there is all upside to this year. Is that fair?

下午。非常感謝您提出問題。也許從機器人方面開始，今年我在國內購買了 185 個系統。是這樣嗎？IDN 投資會帶來什麼？在某些系統中，這些可能會是更多的大量購買嗎？為此是否需要一些 ASP 折扣？我們如何看待那裡的貢獻？因為我認為，凱文，你說這實際上甚至不在指導中。因此，今年你得到的任何東西都是有好處的。這樣公平嗎？

So I'll take the IDN and Kevin will comment on the numbers. Quite frankly, it's difficult to predict with the IDNs. The short answer is no. However, we continue to have positive conversation with national IDNs and we maintain a very close relationship. Twelve months ago, we thought we would benefit from a multi-system order. Of course, it didn't happen. As we move into 2024, we see continuously the interest of surgeons at these IDNs. And I'll let Kevin to talk about the number.

因此，我將採用 IDN，凱文將對這些數字發表評論。坦白說，很難用 IDN 進行預測。最簡潔的答案是不。然而，我們繼續與國家 IDN 進行積極對話，並保持非常密切的關係。十二個月前，我們認為我們將從多系統訂單中受益。當然，這並沒有發生。進入 2024 年，我們不斷看到外科醫生對這些 IDN 的興趣。我會讓凱文談談這個數字。

Yeah, Matt, it's good to hear from you. And you're in the ballpark, right? I mean, if you take all of the metrics we've given and you're backing into 185 systems, which is kind of around consensus, you're in the range of kind of how we're thinking about capital sales for 2024.

是的，馬特，很高興收到你的來信。你就在球場上，對吧？我的意思是，如果你採用我們給出的所有指標，並且你支援 185 個系統，這有點接近共識，那麼你就處於我們對 2024 年資本銷售的考慮範圍內。

\And as Reza mentioned, this is an important point on IDNs. So we've been very fortunate to have most all of the large IDN contract signed and we haven't been dependent on any bulk buys. And while our guidance doesn't rely on any bulk buys, it does continue to rely on our strong relationships and purchasing being done at the local level. But we're not dependent in 2024 on large bulk buys from any large strategic IDNs to meet the capital number that we put out there.

\如 Reza 所提到的，這是 IDN 的一個重要觀點。因此，我們非常幸運地簽署了大部分大型 IDN 合同，並且我們沒有依賴任何批量購買。雖然我們的指導不依賴任何大量購買，但它確實繼續依賴我們強大的關係和在當地進行的採購。但到 2024 年，我們不會依賴從任何大型策略 IDN 進行大量購買來滿足我們在那裡投入的資本數量。

Got it. That's really helpful. And then I think the other thing that's tripping up folks here is really on the gross margin and OpEx side of things. And so the gross margin number is lifting nicely, but maybe a little bit below expectation. Is that a mix issue? And then 1.9x leverage, I think is really good in acceleration versus '23, but that's in the face of a lot of investments. So maybe just talk a little bit about some of these different investments from the IDN side, R&D side, et cetera, that you're making, even international, that's incremental, that's even weighing on the improvement that you're seeing on the margin side of things. Thank you.

知道了。這真的很有幫助。然後我認為另一個讓人們困惑的事情實際上是毛利率和營運支出方面。因此，毛利率數字正在大幅提升，但可能略低於預期。這是混合問題嗎？然後是 1.9 倍槓桿，我認為與 23 相比，加速效果確實很好，但這是面對大量投資的情況。因此，也許只是談談您正在進行的 IDN 方面、研發方面等方面的一些不同投資，甚至是國際投資，這些投資是增量的，甚至會影響您在利潤率上看到的改進事情的一面。謝謝。

Yeah, so let me comment on our '24 gross margin guidance, and I'll turn it over to Reza to perhaps provide a little more color on our R&D initiatives. When we look at gross margins, we do feel that 2024 is a year for us with increasing revenue, slower hiring, ability to absorb overhead. That really gives us conviction around this being the year where we're going to be able to show consistent margin expansion throughout the year.

是的，所以讓我評論一下我們 24 年的毛利率指導，我會將其交給 Reza，以便為我們的研發計劃提供更多的資訊。當我們考慮毛利率時，我們確實認為 2024 年對我們來說是收入增加、招聘放緩、消化管理費用能力強的一年。這確實讓我們相信今年我們將能夠實現全年利潤率的持續擴張。

And if you look historically, we've bounced around a bit quarter to quarter and somewhat unpredictable. And that is just due to the rapid growth in the business coupled with our move. And 2024 is really the year where I think we're going to start to see margin expansion starting in the first quarter in the 53% to 55% range.

如果你從歷史的角度來看，我們每季都會反彈，而且有些難以預測。這正是由於業務的快速成長以及我們的搬遷所致。我認為 2024 年確實是我們將開始看到利潤率從第一季開始擴大到 53% 至 55% 的一年。

And I think what's important is while our guide is 57% to 59%, which I would say is kind of at the midpoint of how the street is thinking about it, that's going to imply a margin exit velocity that's going to have to be north of 60%, which then I think is frankly an exciting event for the business of this company. Because you couple that margin expansion with the 1.9 times leverage, you can see your way to profitability at higher revenue levels just with what's inherent in our model. So that's the backstory on the margins.

我認為重要的是，雖然我們的指導是 57% 到 59%，我想說這有點處於街道思考方式的中間點，但這意味著邊緣出口速度必須是向北的60%，坦白說，我認為這對這家公司的業務來說是一個令人興奮的事件。因為您將利潤率擴張與 1.9 倍的槓桿相結合，所以您可以透過我們模型中固有的內容，以更高的收入水平實現盈利。這就是邊緣的背景故事。

You have correctly pointed out in operating expenses that we continue to invest in the business. I'm going to let Reza spend a little time talking about those investments in R&D. Because as I said to Craig earlier, that is the main driver of us being over consensus in 2024. So go ahead.

您在營運費用中正確地指出了我們繼續投資於該業務。我將讓雷札花一點時間談論這些研發投資。因為正如我之前對克雷格所說，這是我們在 2024 年達成共識的主要動力。所以請繼續。

Thanks, Kevin. So it's a very good question. As a robotic company, we are committed to innovation and these innovations are critical for our long-term strategy. The ultimate goal is to deliver superior value products.

謝謝，凱文。所以這是一個非常好的問題。作為一家機器人公司，我們致力於創新，這些創新對於我們的長期策略至關重要。最終目標是提供卓越價值的產品。

Last quarter, we decided to accelerate some of our R&D initiatives. These are internal milestone that we have. I'm sure -- I hope you appreciate that discussion of R&D. Initiatives are sensitive, not only from a competitive nature, but also minimize potential disruption.

上季度，我們決定加快一些研發計畫。這些是我們的內部里程碑。我確信—我希望您能欣賞關於研發的討論。舉措是敏感的，不僅出於競爭性質，而且還可以最大限度地減少潛在的干擾。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊，腎臟單位研究。

Comments about hospitals that have historically not done much respective BPH work now adopting Aquablation. We started off thinking about a respective market of about 300,000 procedures that you were going to penetrate. You did [18,500] last year, so you've got a long way to go. But if you then layer in the idea that you're actually expanding the market by bringing in new hospitals, it implies even more runways. So we'd love to get your thoughts on how much TURP cannibalization versus market expansion has really driven your growth to date. And that 300,000 number, where do you think it could actually be in a few years as you expand the pool of centers that are providing treatment?

關於歷史上沒有做太多 BPH 工作的醫院現在採用 Aquablation 的評論。我們開始考慮您將要滲透的大約 300,000 個程序的相應市場。去年您完成了 [18,500]，所以您還有很長的路要走。但如果你進一步認為你實際上是透過引進新醫院來擴大市場，那麼這就意味著更多的跑道。因此，我們很想了解您對 TURP 蠶食與市場擴張在多大程度上真正推動了您迄今為止的成長的看法。當您擴大提供治療的中心數量時，您認為幾年後這個 300,000 的數字實際上會是多少？

Thanks for this question. Definitely the hospitals that you mentioned are low-volume hospitals that in the past they were not doing many [resective] procedures. And where we have seen those hospitals, the ramp is to high-volume centers. So they are not, again, as we said in the past, low-volume hospitals are not small hospitals. These hospitals see these patients and they have the patients. In the past, they were deferring them to other hospitals.

謝謝你提出這個問題。當然，你提到的醫院都是小規模醫院，過去他們做的[切除]手術並不多。在我們看到的這些醫院中，坡道是通往高流量中心的。因此，正如我們過去所說，它們並不是小醫院，也不是小醫院。這些醫院看到這些病人，他們也有病人。過去，他們將患者延後到其他醫院。

Now they keep them. At this point, we are still early in this process. Based on the number of cases that we did last year or in 2024, we believe the market will expand. But at this point, we are still cannibalizing current respective procedures. When we ask this question from our surgeons, where if they were not using our product, what other they would use, the common answer we get is TURP and GreenLight. That is where currently it sits.

現在他們保留了它們。目前，我們仍處於這一過程的早期階段。根據我們去年或2024年所做的案例數量，我們相信市場將會擴大。但目前，我們仍在蠶食目前各自的程序。當我們向外科醫生詢問這個問題時，如果他們不使用我們的產品，他們會在哪裡使用其他產品，我們得到的常見答案是 TURP 和 GreenLight。這就是它目前所在的位置。

Let me just talk a little bit about the TAM. I mean, we're in an enviable position where we're in a market where, as you pointed out, we agree with you. We think the market, given the 12 million men being actively managed for BPH and the lack of good surgical alternatives available today, we definitely think that market could grow. But our growth isn't reliant on that market expansion in the near term, which again, it's just a great position for us to be in. It's early innings, as you pointed out, with us doing 33,000 procedures next year. But we definitely think there's millions of men that are waiting on the sidelines with a treatment like Aquablation therapy, are great candidates, and it's great to see those men already coming into the funnel. But as Reza pointed out, he would suggest the majority of our procedures today are cannibalized from TURP and GreenLight.

讓我簡單談談 TAM。我的意思是，正如您所指出的，我們處於令人羨慕的市場地位，我們同意您的觀點。我們認為，考慮到 1200 萬名男性正在積極治療 BPH，目前缺乏良好的手術替代方案，我們肯定認為市場會成長。但我們的成長並不依賴短期內的市場擴張，這對我們來說又是一個很好的位置。正如您所指出的，現在還處於早期階段，我們明年將進行 33,000 例手術。但我們絕對認為有數以百萬計的男性正在等待水消融療法等治療，他們是很好的候選人，很高興看到這些男性已經進入漏斗。但正如 Reza 指出的那樣，他建議我們今天的大部分手術都是從 TURP 和 GreenLight 中剝離出來的。

Okay, that's helpful. And then, Kevin, how are you thinking about the sales force expansion from here? Up until now, you've been adding reps kind of in bunches every few quarters, which leads to some kind of stop-start dynamics in terms of their productivity. Does that continue, or do you shift into kind of a steadier cadence of just doing sort of a couple every quarter?

好的，這很有幫助。然後，凱文，您如何看待這裡的銷售隊伍擴張？到目前為止，您每隔幾季就會成群添加代表，這會導致他們的生產力出現某種停停動態。這種情況會持續下去，還是會轉向一種更穩定的節奏，每季只做幾件事？

I think it's the latter. We're at a point now where case coverage utilization, those ads become much more of a steady cadence as we see the sales force expand. We've added a few different layers to our team. I'd rather mention one of them in his remarks, but the key account team. We've also added some junior capital reps to the sales team to help support the business.

我認為是後者。我們現在正處於這樣一個階段，隨著我們看到銷售團隊的擴大，案例覆蓋利用率和這些廣告的節奏變得更加穩定。我們為我們的團隊添加了一些不同的層級。我寧願在他的演講中提及其中之一，而是大客戶團隊。我們還在銷售團隊中增加了一些初級資本代表來幫助支援業務。

So as we move forward, it becomes a much more steady cadence with not the big bulky ads that you've seen in the past. At the same time, I do think we're going to have additional capital rep ads in the back half of '24 that's factored into our guidance.

因此，隨著我們前進，它的節奏變得更加穩定，不再有您過去看到的大而笨重的廣告。同時，我確實認為我們將在 24 年下半年推出額外的資本代表廣告，這已納入我們的指導中。

Thanks.

謝謝。

Thank you.

謝謝。

Rich Newitter, Truist Securities.

里奇紐特 (Rich Newitter)，Truist 證券公司。

Great. This is [Alink] for Rich. Thank you for taking the question. So I'm wondering when you think you will be in a position to commit to more substantial profit improvement, if you had a single like this year, would it be on track to make more progress? Thanks.

偉大的。這是 Rich 的 [Alink]。感謝您提出問題。所以我想知道你什麼時候認為自己能夠承諾更大幅度的利潤改善，如果你有像今年這樣的單，是否會走上取得更大進展的軌道？謝謝。

Yeah, we're having a little bit of a hard time hearing you, but at this time, we're not providing a long-term financial target for when the business will be profitable. With that said, we've been very consistent in stating that we do believe this business today has sufficient cash on the balance sheet to reach profitability, given the pace at which our revenue is growing and our plans to support the business being off the operating expense increase.

是的，我們有點難以聽到您的聲音，但目前，我們沒有提供業務何時盈利的長期財務目標。話雖如此，我們一直非常一致地表示，考慮到我們收入增長的速度以及我們支持業務停止運營的計劃，我們確實相信該業務今天的資產負債表上有足夠的現金來實現盈利。費用增加。

We are showing EBITDA improvement in '24. And I do think, as we've characterized in the past, and this business flips to profitability, given the recurring nature of the revenue, given the margin profile, given our op-ex leverage, it flips pretty quickly and at significant levels of scale. But we're not prepared today to give a long-term kind of financial target for when that will be. And again, I would just reiterate, with our capital raise, we're very comfortable with our cash position and our ability to get there.

我們顯示 24 年 EBITDA 有所改善。我確實認為，正如我們過去所描述的那樣，考慮到收入的經常性、考慮到利潤率、考慮到我們的營運支出槓桿，這項業務會很快轉向盈利，而且會以相當高的水平轉向盈利。規模。但我們今天還沒有準備好給出一個長期的財務目標。我再次重申，透過我們的融資，我們對我們的現金狀況和實現這一目標的能力感到非常滿意。

Great. Also, could you provide some color on your system ASPs cadence throughout the year? Thanks.

偉大的。另外，您能否提供一些有關全年系統 ASP 節奏的資訊？謝謝。

ASPs or cadence? I'm sorry. Again, I'm having a hard time understanding. I'll give them both to you. How about that?

ASP 還是節奏？對不起。再說一遍，我很難理解。我會把它們都給你。那個怎麼樣？

(multiple speakers)

（多個發言者）

Okay. All right. So, I said in my prepared remarks, we're not guiding to a specific number. But at the same time, I did suggest that our system sold, the cadence will be very similar to 2023, where approximately 45% of all of our systems were in the first half and 55% were in the second half. And regarding pricing, if that was in there, we also said that we expect ASPs to be relatively stable to 2023, to somewhere in that $365,000 to $370,000 range.

好的。好的。因此，我在準備好的發言中說過，我們不會提供具體數字。但同時，我確實建議我們的系統出售，節奏將與 2023 年非常相似，我們所有系統的大約 45% 是在上半年，55% 是在下半年。關於定價，如果有的話，我們也表示，我們預計 ASP 到 2023 年將相對穩定，在 365,000 美元至 370,000 美元的範圍內。

Thank you.

謝謝。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯，威廉·布萊爾。

Thanks for taking the question. I guess first on the OpEx side, if I can try to ask, it's slightly different. I know we won't get a timeline on maybe when you turn profitable or maybe more specific timelines on like when it gets more meaningfully positive. But can you just talk about what are some like milestones or catalysts within the P&L over the coming years that I think might flip this? You guys have a highly recurring business, good margins, like what are the milestones or catalysts that need to happen to see more meaningful P&L leverage in the coming years?

感謝您提出問題。我想首先在營運支出方面，如果我可以嘗試詢問，情況會略有不同。我知道我們不會得到一個時間表，也許你什麼時候會扭虧為盈，或者更具體的時間表，例如當它變得更有意義的積極的時候。但您能否談談未來幾年損益表中的一些里程碑或催化劑，我認為這些里程碑或催化劑可能會扭轉這一局面？你們擁有高度經常性的業務、良好的利潤率，例如需要發生哪些里程碑或催化劑才能在未來幾年看到更有意義的損益槓桿？

I think for us, it's gross margin expansion is the meaningful metric as we look towards being able to have a proof point to be a profitable business. The recurring revenue, as you pointed out now, is slightly north of 60% in 2024, which is a good place to be. That will continue to improve as we get more systems installed and become more -- even greater than that with recurring revenue. But really, I think the exit velocity that we're planning to show in 2024 on gross margins, that is going to be the proof point, I would think, regarding a very clear pathway to profitability.

我認為對我們來說，毛利率擴張是一個有意義的指標，因為我們希望能夠有證據表明我們的業務是有利可圖的。正如您現在所指出的，到 2024 年，經常性收入將略高於 60%，這是一個不錯的地方。隨著我們安裝更多系統並變得更多，甚至比經常性收入更大，這種情況將繼續改善。但實際上，我認為我們計劃在 2024 年在毛利率上展示的退出速度，我認為這將成為關於非常清晰的獲利途徑的證據。

At the same time, just being disciplined around operating expenses. In 2023, we revised OpEx guidance a few times throughout the year and our cadence and goal this year as a business is to not do that as we move throughout the year, which I also think will be a proof point for investors to show that we have a business with a high degree of recurring revenue, great operating expense leverage, and expanding gross margins that will demonstrate a pathway to profitability.

同時，只是在營運費用方面受到約束。2023 年，我們在全年中多次修訂了營運支出指引，而今年作為一家企業，我們的節奏和目標是在全年行動中不這樣做，我也認為這將成為投資者的一個證明點，顯示我們擁有高經常性收入、巨大的營運費用槓桿和不斷擴大的毛利率的業務，這將表明盈利之路。

Okay, and then maybe as a follow-up, I'll lump two questions together here, but can you talk a little bit about what you're seeing in terms of utilization in some of your oldest cohorts of system placements? Compare that to what kind of the newer levels are doing. And then the quick little follow-up is with TPT kind of expiring now in '24, kind of a couple months into the year here. Any changes you're seeing in ordering patterns, any impacts that you'd call out from that TPT expiration? Thanks, guys.

好的，然後也許作為後續行動，我將在這裡將兩個問題集中在一起，但是您能否談談您在一些最古老的系統佈局群組中的利用率方面所看到的情況？將其與新關卡的情況進行比較。然後，快速的小後續行動是 TPT 即將在 24 年到期，也就是今年幾個月後。您在訂購模式中看到了任何變化，您認為 TPT 到期有何影響？多謝你們。

So related to utilization, what we see is the longer the accounts have been with us, their utilization continue to increase. And related to TPT, no, we do not see an impact. Utilization that we have delivered is really driven by the clinical outcome. Customers are not buying because of a short-term benefit from TPT. Now with roughly 95% access, payment and coverage, that is not an issue.

因此，與利用率相關，我們看到帳戶在我們這裡使用的時間越長，其利用率就會持續增加。與 TPT 相關，不，我們沒有看到影響。我們提供的利用實際上是由臨床結果所驅動的。客戶不會因為 TPT 的短期利益而購買。現在，隨著大約 95% 的訪問、支付和覆蓋，這不再是問題。

Yeah, and just to follow up to Reza, we continue to see new accounts that we are installing systems at today ramping up the utilization curve faster than accounts did one to two years ago. And we obviously attribute that to just normal market adoption awareness, but it's also very purposeful. And it's related to our increase in OpEx, quite frankly. We've made investments in this utilization team and those utilization specialists are manifesting themselves in higher utilization, a higher ramp. So again, we think these are investments that are going to pay off longer term.

是的，為了跟進 Reza，我們繼續看到我們今天安裝系統的新帳戶比一兩年前的帳戶更快地提高了利用率曲線。我們顯然將其歸因於正常的市場採用意識，但它也是非常有目的的。坦白說，這與我們營運支出的增加有關。我們已經對這個利用團隊進行了投資，這些利用專家正在以更高的利用率和更高的坡度來體現自己。因此，我們再次認為這些投資將獲得長期回報。

And just on the TPT, I just want to be definitive here. We're seeing zero impact in the first quarter with the TPT going away now that we're almost two months through.

關於 TPT，我只想在這裡明確一下。隨著 TPT 的取消，我們看到第一季的影響為零，現在已經過去近兩個月了。

Nathan Treybeck, Wells Fargo.

內森·特雷貝克，富國銀行。

And the question, so I'm estimating, implied in your guide that utilization is about seven a month, which would be about 5% growth year over year. I mean, your utilization just grew 10% in '23. And given your comments on just positive search and adoption trends and your active search and growth trends, is there conservatism in this guide?

我估計，您的指南中暗示的問題是，利用率約為每月 7 次，較去年同期成長約 5%。我的意思是，您的利用率在 23 年僅成長了 10%。鑑於您對積極搜尋和採用趨勢以及積極搜尋和成長趨勢的評論，本指南中是否存在保守主義？

No, so as far as utilization, what we see is typical seasonality trends. Trends that we see in other [combat tech] companies, Q4 generally is a very strong, Q1 is the lowest. Overall, we feel very good about the underlying trends of our business and see strong momentum in our accounts. So we believe following the normal low point of seasonality in Q1, the utilization will continue to increase throughout the year.

不，就利用率而言，我們看到的是典型的季節性趨勢。我們在其他[戰鬥科技]公司看到的趨勢，第四季度通常非常強勁，第一季是最低的。總體而言，我們對業務的基本趨勢感到非常滿意，並看到我們的客戶勢頭強勁。因此，我們相信，繼第一季季節性低點之後，全年利用率將繼續增長。

And just your question around conservative versus aggressive. I mean, I think if you just look at the history that we've shown over the last two years, I mean, philosophically, we guys tend to be conservative based on what we're seeing in the market. I think last year, one of the things that went a bit not according to plan in the first quarter was that our system guide was, we felt like we were playing catch up all year, and therefore this year, I think if you're going to characterize our utilization guidance, given the commentary we've made, I think conservative is an appropriate way to classify it. And at the same time, I would hope that our track record over the last 9 quarters, 10 quarters of the public company is a proof point for you on that.

這只是你關於保守與激進的問題。我的意思是，我認為如果你看看我們過去兩年所展示的歷史，我的意思是，從哲學上講，我們根據我們在市場上看到的情況傾向於保守。我認為去年第一季有點不按計劃進行的事情之一是我們的系統指南是，我們感覺我們一整年都在追趕，因此今年，我想如果你是鑑於我們所做的評論，我將描述我們的利用指南，我認為保守是對其進行分類的適當方式。同時，我希望我們過去 9 個季度、10 個上市公司季度的業績記錄能夠向您證明這一點。

Okay, thanks for that. In terms of timing for your prostate cancer trial data, I think previously you talked about early 2024 and people were assuming it would be an AUA. Is there any update you could provide?

好的，謝謝。就前列腺癌試驗數據的時間安排而言，我認為您之前談過 2024 年初，人們假設這將是 AUA。您可以提供任何更新嗎？

Thanks. We continue making progress on those studies. And in fact, since we announced the initiation of those studies, we see numerous inquiries from urologists around the world who are both interested in our cancer and DTH. So as we continue making progress, we will disclose information when it becomes appropriate.

謝謝。我們繼續在這些研究上取得進展。事實上，自從我們宣布啟動這些研究以來，我們看到了來自世界各地的泌尿科醫生的大量詢問，他們都對我們的癌症和 DTH 感興趣。因此，隨著我們不斷取得進展，我們將在適當的時候披露資訊。

And on AUA, we are more likely, like we've done in the last few years, we'll have an investor event. Obviously, we recognize the importance to prostate cancer, not only to our company, but within the urology community at AUA. So we can't promise you, Nathan, as to what we're going to present, but we will definitely, at a minimum, educate the market as to kind of where we see ourselves playing, why we believe we have an ability to treat. So things like that. We haven't fully flushed out the agenda, but I think it's fair to say you'll definitely hear from the management team and key opinion leaders at AUA.

在 AUA 上，我們更有可能像過去幾年一樣舉辦投資者活動。顯然，我們認識到前列腺癌的重要性，不僅對我們公司，而且對 AUA 泌尿外科界也是如此。因此，內森，我們無法向您保證我們將要展示什麼，但我們肯定會至少讓市場了解我們如何看待自己的競爭，為什麼我們相信我們有能力對待。諸如此類的事情。我們還沒有完全敲定議程，但我認為可以公平地說，您肯定會聽到 AUA 管理團隊和關鍵意見領袖的意見。

Okay, thanks.

好的謝謝。

[Mike Kratke, Lyric Partners].

[Mike Kratke，Lyric Partners]。

Hi, everyone. Thanks for taking our questions. So qualitatively, to what extent are you expecting additional penetration within the 860 high-volume hospitals in 2024 compared to the penetration growth you saw between 2022 and 2023?

大家好。感謝您回答我們的問題。那麼，從定性角度來看，與您在 2022 年至 2023 年期間看到的滲透率增長相比，您預計 2024 年 860 家大容量醫院的滲透率會增加多少？

So we've been seeing pretty consistent numbers there where roughly 20% to 30% of both our pipeline and our installed base are the low- and medium-volume hospitals. And that would mean that 70% to 80% of our pipeline and installed base are the 860 hospitals that you have referenced.

因此，我們看到的數字相當一致，其中約 20% 到 30% 的管道和安裝基地都是中低容量醫院。這意味著我們 70% 到 80% 的管道和安裝基地是您提到的 860 家醫院。

Got it. Understood. And then just as a follow up, taking a step back, you talked a little bit about seeing signals of an underlying shift in the overall BPH market, just in terms of the portion of patients that are ultimately seeking treatment from surgical intervention. Are there any factors you'd kind of highlight that you think could really help accelerate the growth of this market, given it's so large but remains so underpenetrated?

知道了。明白了。然後，作為後續行動，退後一步，您談到了整個 BPH 市場潛在轉變的信號，僅就最終尋求手術幹預治療的患者比例而言。鑑於這個市場規模如此之大，但滲透率仍然如此之低，您認為有哪些因素可以真正有助於加速該市場的成長？

I mean, definitely, as our accounts are direct to consumer, where we don't have direct-to-consumer advertising, but our accounts advertise for their robots. So there is increased awareness among patients, patients who come for treatment or various other, even if they come ask for another treatment many times, a population is a better option for them. But as we see in low-volume accounts and mid-volume accounts, that is where with our technology, they keep those patients and they treat them.

我的意思是，當然，因為我們的帳戶是直接面向消費者的，我們沒有直接面向消費者的廣告，但我們的帳戶為他們的機器人做廣告。因此，患者、前來接受治療的患者或其他各種患者的意識有所提高，即使他們多次要求另一種治療，人群對他們來說也是更好的選擇。但正如我們在低容量帳戶和中等容量帳戶中看到的那樣，這就是利用我們的技術，他們保留這些患者並治療他們的地方。

So as Kevin mentioned, in the near future, we do not rely on expansion of this market. We are still early in our process of tapping into the current receptive market. But definitely there is those 12 million men who have seen a doctor and either on medication or have failed to medication. The goal is to capture those patients.

正如凱文所提到的，在不久的將來，我們不依賴這個市場的擴張。我們仍處於進入目前接受市場的早期階段。但肯定有 1,200 萬名男性看過醫生，但要麼正在接受藥物治療，要麼沒有接受藥物治療。我們的目標是捕獲這些患者。

Got it. Thanks very much.

知道了。非常感謝。

Thank you. I'm sure no additional questions in the comment in the queue at this time. I'd like to turn the conference back over to management for any closing remarks.

謝謝。我確信此時隊列中的評論中沒有其他問題。我想將會議轉回管理階層進行閉幕致詞。

Yeah, I want to thank everyone for attending this conference call and I hope to see many of you in the upcoming conferences. Thank you very much and have a nice day.

是的，我要感謝大家參加這次電話會議，我希望在即將舉行的會議上見到你們中的許多人。非常感謝您，祝您有個愉快的一天。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝你們參加今天的會議。程式到此結束。您現在可以斷開連線。祝大家有美好的一天。