Prophase Labs Inc (PRPH) 2022 Q4 法說會逐字稿

Hello, and welcome to the ProPhase Labs's financial results for the year ended December 31, 2022 conference call. (Operator Instructions)

您好，歡迎參加 ProPhase Labs 截至 2022 年 12 月 31 日止年度的財務業績電話會議。 （操作員說明）

Please note this event is being recorded. I would now like to turn the conference over to Chairman of the Board and CEO of ProPhase Labs, Ted Karkus. Please go ahead.

請注意正在記錄此事件。我現在想將會議轉交給 ProPhase Labs 的董事會主席兼首席執行官 Ted Karkus。請繼續。

Thank you, MJ, and thank you all for joining me today. Before we get started, I would like to -- I have to read the forward-looking statements. Fortunately, our attorneys gave me a shorter version today. Thank God.

謝謝你，MJ，也謝謝大家今天加入我的行列。在我們開始之前，我想——我必須閱讀前瞻性陳述。幸運的是，我們的律師今天給了我一個較短的版本。感謝上帝。

I would like to remind you of the company's Safe Harbor language. During this presentation, we will make forward-looking statements, including statements regarding our strategy, plans, objectives, and initiatives and the underlying assumptions. While we believe that these forward-looking statements are reasonable as and when made, forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially.

我想提醒您公司的安全港語言。在本次演示中，我們將做出前瞻性陳述，包括關於我們的戰略、計劃、目標和舉措以及基本假設的陳述。雖然我們認為這些前瞻性陳述在作出時是合理的，但前瞻性陳述是基於可能導致實際結果出現重大差異的風險和不確定性的預期。

These risks and uncertainties include, but are not limited to, our ability to obtain and maintain necessary regulatory approvals, general economic conditions, consumer demand for our products and services, challenges relating to entering into and growing new business lines, the competitive environment and the risk factors listed from time to time in our filings with the SEC filings.

這些風險和不確定性包括但不限於我們獲得和維持必要監管批准的能力、總體經濟狀況、消費者對我們產品和服務的需求、與進入和發展新業務線相關的挑戰、競爭環境和我們向美國證券交易委員會提交的文件中不時列出的風險因素。

This call will present non-GAAP financial measures such as adjusted EBITDA. Reconciliation of these non-GAAP measures to the most comparable GAAP measures are included in the earnings release furnished to the SEC prior to this call and available on our website.

本次電話會議將介紹非 GAAP 財務指標，例如調整後的 EBITDA。這些非 GAAP 措施與最具可比性的 GAAP 措施的對賬包含在本次電話會議之前提交給 SEC 的收益發布中，並可在我們的網站上查閱。

All right. Now that I got that out of the way, again, I want to thank everybody for joining me today. I don't want to reread the press release. And quite frankly, the press release is pretty self-explanatory. If you don't get what's going on from the press release, then you're wasting your time. And I don't know why you're on this call.

好的。現在我已經解決了這個問題，再次感謝大家今天加入我的行列。我不想重讀新聞稿。坦率地說，新聞稿是不言自明的。如果您不了解新聞稿中發生的事情，那您就是在浪費時間。我不知道你為什麼要接這個電話。

First and foremost -- and by the way, for first of all, a couple of things, just to mention. One, we have two fantastic investment bankers, investment banking firms that we work with. That's critically important. When you're small-cap development-stage company, it is critically important to have good relationships with investment banking firms, and particularly, high-quality investment banking firms. And in our case, a small-cap development-stage company, you want investment banking firms that focus on small-cap development-stage companies like ours, small-cap.

首先也是最重要的——順便說一下，首先，有幾件事，只是提一下。第一，我們有兩位出色的投資銀行家，我們與之合作的投資銀行公司。這非常重要。當你是小型發展階段的公司時，與投資銀行公司，尤其是高質量的投資銀行公司建立良好的關係至關重要。在我們的案例中，一家小型發展階段公司，你希望投資銀行公司專注於像我們這樣的小型發展階段公司，小型公司。

I don't think of our company as small cap. In fact, I think our company could be larger than small-cap soon. But in any event, I'm talking about ThinkEquity and H.C. Wainwright. They both cover our stock. They both do a great job, and I appreciate both firms.

我不認為我們公司是小盤股。事實上，我認為我們公司很快就會超過小型股。但無論如何，我說的是 ThinkEquity 和 H.C.溫賴特。他們都涵蓋了我們的庫存。他們都做得很好，我很欣賞這兩家公司。

In addition to that, we work with Renmark Financial primarily for retail investors. If you've never seen a Renmark virtual non-deal roadshow call, I do these probably every two or three weeks. If you want to get updated, feel free to reach out to Renmark and sign up for the next one.

除此之外，我們還與 Renmark Financial 合作，主要面向散戶投資者。如果你從未見過 Renmark 的虛擬非交易路演電話，我可能每兩到三週做一次。如果您想獲得更新，請隨時聯繫 Renmark 並註冊下一個。

Also, on our website, we have two company presentations. One is on the whole company. One is just on the biopharma division. The main company presentation is probably updated every couple of weeks. You can go there to learn more information.

此外，在我們的網站上，我們有兩個公司介紹。一個是整個公司。一個只是在生物製藥部門。公司的主要介紹可能每兩週更新一次。你可以去那裡了解更多信息。

And so with that, the tone of this call is simple. I'm going to try and keep it brief and then go into Q&A, hopefully there are questions in the Q&A to -- so I can go into more details. First and foremost, and I said this in the press release, if you're investing in our company or you're investing in any small-cap development-stage companies, you have to be invested in management. I learned that when I was on Wall Street 30 and 40 years ago.

因此，這次電話會議的基調很簡單。我會盡量保持簡短，然後進入問答環節，希望問答環節中有問題——這樣我就可以深入了解更多細節。首先，我在新聞稿中說過，如果你投資我們公司或投資任何處於發展階段的小型公司，你必須投資於管理層。我在 30 和 40 年前在華爾街時了解到這一點。

If your management doesn't execute, I don't care what your product or service is, it's probably going to turn out to be a bad investment. And so the one thing I can tell you is you can look at my track record, the track record of our management team, our company over the past 10 years. And honestly, we've killed it, all right.

如果你的管理層不執行，我不管你的產品或服務是什麼，它可能會變成一個糟糕的投資。所以我可以告訴你的一件事是你可以看看我的業績記錄，我們管理團隊的業績記錄，我們公司過去 10 年的業績記錄。老實說，我們已經殺了它，好吧。

We had a $0.65 stock. 10 years ago, since that time, we paid out $2.40 in special dividends and our stock is up, you know, however, many multiples for when it was $0.65. And I'd say the majority of our shareholders in our company have probably been with me 10 years or longer, and they've been well rewarded for their patience and I thank you for your patience.

我們有 0.65 美元的股票。 10 年前，從那時起，我們支付了 2.40 美元的特別股息，我們的股票上漲了，但是，你知道，是 0.65 美元時的許多倍。我想說我們公司的大多數股東可能已經和我在一起 10 年或更長時間，他們的耐心得到了很好的回報，我感謝你們的耐心。

Having said that, not just over the last 10 years, but even over the last two years, our performance has been phenomenal. So we turned around and sold the Cold-EEZE brand for $50 million, and then I didn't squander a penny of that money. I did -- everything I do is towards building value in the company long term and I pay attention on a per-share basis. And that's why we do stock buybacks.

話雖如此，不僅在過去 10 年，甚至在過去兩年，我們的表現都非常出色。於是我們轉身以 5000 萬美元的價格賣掉了 Cold-EEZE 品牌，然後那筆錢我一分錢都沒有浪費。我做了——我所做的一切都是為了為公司創造長期價值，我關注的是每股收益。這就是我們進行股票回購的原因。

I think about terminal value on a per-share basis, what's the value of our company divided by the number of shares outstanding. What's the value of our company can be years from now divided by the number of shares outstanding years from now? That's how I think; that's from my Wall Street background. Every CEO of every company should think that way. Anybody that doesn't like stock buybacks and stock dividends should have been heading there. So in any event, I'm the largest shareholder in the company. Everything I do, I am therefore aligned with our shareholders. Everything I do is for the shareholders. And believe me, I put our shareholders above myself and before myself.

我考慮的是每股終值，我們公司的價值除以已發行股票的數量是多少。從現在起幾年後我們公司的價值除以從現在起幾年內發行在外的股票數量是多少？我就是這麼想的；那是我的華爾街背景。每個公司的每個首席執行官都應該這樣想。任何不喜歡股票回購和股票股息的人都應該去那裡。所以無論如何，我是公司最大的股東。因此，我所做的一切都與我們的股東保持一致。我所做的一切都是為了股東。相信我，我把我們的股東放在我自己之上，放在我自己之前。

So having said that, look, when we sold the Cold-EEZE brand, we did the stock buybacks. We paid the dividends and we waited for the right opportunity came along -- to come along, and it came along with COVID. We quickly pivoted, built a fantastic lab, and the last two years results speak for themselves. Frankly, they're pretty phenomenal coming another company that raised -- and we raised $37.5 million in January two years ago. And now we have over $40 million in net working capital and that's after spending tens of millions of dollars in stock buybacks, tens of millions of between stock buybacks, dividends, and acquiring several companies that we're now going to build out, that hopefully, my goal is to turn this into a multibillion-dollar company. That's the goal.

所以話雖如此，看，當我們出售 Cold-EEZE 品牌時，我們進行了股票回購。我們支付了紅利，我們等待合適的機會來了——來了，它和 COVID 一起來了。我們迅速轉向，建立了一個很棒的實驗室，過去兩年的結果不言而喻。坦率地說，他們非常了不起地來到另一家籌集資金的公司——我們在兩年前的 1 月籌集了 3750 萬美元。現在我們有超過 4000 萬美元的淨營運資金，這是在花費數千萬美元用於股票回購、數千萬美元的股票回購、股息以及收購我們現在要建立的幾家公司之後，希望，我的目標是把它變成一個價值數十億美元的公司。這就是目標。

So we pivoted, demonstrated that we executed -- obviously, look at the numbers. I'll just tell you very briefly. Our revenues for 2022, $122.6 million of revenues. That's an all-time record in the 30-plus-year history of the company. $18.5 million net income, all-time record. $38.6 million adjusted EBITDA, all-time record. And we still have $44.6 million net working capital as of year end, and that's after all the acquisitions that are going to transform our company.

因此，我們進行了調整，證明我們執行了——顯然，看看這些數字。我會非常簡短地告訴你。我們 2022 年的收入為 1.226 億美元。這是該公司 30 多年曆史上的歷史記錄。淨收入 1850 萬美元，創歷史新高。 3860 萬美元的調整後 EBITDA，創歷史新高。截至年底，我們仍有 4,460 萬美元的淨營運資金，這是在所有將改變我們公司的收購之後。

So we were primarily a COVID testing company, COVID and flu, upper respiratory company for two years. We are now a well-diversified company. It has been transformed moving forward as COVID slows. And I know that's why the stock pulled back and blah, blah, blah, but I've explained this ad nauseam over the last couple of months for anybody that watch our Renmark VNDR.

所以我們主要是一家 COVID 測試公司，COVID 和流感，上呼吸道公司已有兩年了。我們現在是一家多元化的公司。隨著 COVID 放緩，它已經向前發展。我知道這就是股票回落的原因，等等，等等，但我已經在過去幾個月為任何觀看我們的 Renmark VNDR 的人解釋了這個令人作嘔的廣告。

We're now transforming our company while the underlying value from the other assets in our company are growing rapidly. And the growth in value of these other assets is going to more than make up for the decline in value of our COVID testing business. And the truth of the matter is we never got a multiple on our COVID testing business anyway. So quite frankly, it's apples and oranges. It almost doesn't matter. And so you have to look at the sum of the pieces, and there's a lot of value in that piece of our company.

我們現在正在改造我們的公司，而我們公司其他資產的潛在價值正在快速增長。這些其他資產的價值增長將足以彌補我們 COVID 測試業務價值的下降。事實是，無論如何，我們的 COVID 測試業務從未獲得過倍數。坦率地說，這是蘋果和橘子。這幾乎無關緊要。所以你必須看看各個部分的總和，我們公司的那部分有很多價值。

I'll mention very briefly our manufacturing facility and you can go back to our last roughly six press releases. I've given updates on most of our subsidiaries. Our manufacturing is growing like wildfire. The lozenge business is a growth industry right now, combined with the fact that our largest competitor was acquired by private equity a couple of years ago. They really screwed up the business or they are unreliable and several of the largest lozenge brands in the world are all coming to us. They all want us to be their primary manufacturer.

我將非常簡要地提及我們的製造工廠，您可以回到我們最近發布的大約六篇新聞稿。我已經提供了我們大多數子公司的最新信息。我們的製造業正在像野火一樣增長。錠劑業務目前是一個成長型行業，再加上我們最大的競爭對手幾年前被私募股權公司收購了。他們真的把生意搞砸了，或者他們不可靠，世界上幾個最大的含片品牌都來找我們了。他們都希望我們成為他們的主要製造商。

Other lozenges are willing to sign long-term contracts. They want us to build out the equipment and build out our capacity. Some of them are even willing to invest in the equipment necessary to build our capacity. That's how much they are impressed by how we do business.

其他錠劑願意簽訂長期合同。他們希望我們建造設備並增強我們的能力。他們中的一些人甚至願意投資建設我們能力所需的設備。這就是他們對我們開展業務的方式印象深刻的程度。

They're impressed with our customer service; they're impressed with our reliability. And frankly, it's almost like they're desperate. We have one company from another country, household name. I don't even want to mention the brand, all right. One of the biggest brands in this country, they're actually based in another country, they not only want us to do the manufacturing for them in this country, they potentially want us to do their lozenge manufacturing globally.

他們對我們的客戶服務印象深刻；他們對我們的可靠性印象深刻。坦率地說，他們幾乎絕望了。我們有一家來自另一個國家的公司，家喻戶曉。我什至不想提品牌，好吧。這個國家最大的品牌之一，他們實際上位於另一個國家，他們不僅希望我們在這個國家為他們製造，他們可能希望我們在全球範圍內製造他們的錠劑。

So our lozenge manufacturing business is going to explode. I'm not guessing about that. Of course, there are no guarantees. But it is basically as fast as we can build the capacity, that business is going to grow. So just imagine, a year from now, we're doing -- and I put this in a press release, I believe we were targeted to do about $25 million of revenues in 2024 at our manufacturing.

所以我們的錠劑製造業務將會爆炸式增長。我不是在猜測。當然，沒有任何保證。但基本上只要我們能夠建立能力，業務就會增長。所以想像一下，一年後，我們正在做——我把它放在新聞稿中，我相信我們的目標是在 2024 年在我們的製造中實現約 2500 萬美元的收入。

So with the type of growth, think about what that business could be worth. I don't know, it could be worth $60 million, $75 million. Just that alone, just one business, nobody pays attention to. Plus, our net working capital could be worth the whole market cap of our company. How ridiculous is that.

因此，對於增長類型，請考慮該業務的價值。我不知道，它可能值 6000 萬美元，7500 萬美元。就那麼一個人，就一門生意，沒人關注。此外，我們的淨營運資金可能相當於我們公司的整個市值。這是多麼可笑啊。

Okay. Now we get into Nebula Genomics. There are startup companies with $50 million to $100 million valuations that are some probably three years behind us. They don't have the relationships that we have. They don't have the infrastructure that we have. They don't have the business for the business model. There's their story stock, and yet they have $50 million and $100 million valuation.

好的。現在我們進入星雲基因組學。有些初創公司的估值在 5000 萬到 1 億美元之間，可能比我們落後三年。他們沒有我們所擁有的關係。他們沒有我們擁有的基礎設施。他們沒有商業模式的業務。有他們的故事股票，但他們有 5000 萬美元和 1 億美元的估值。

So I'm not going to tell you what Nebula is worth, but Nebula is actually potentially growing even faster than our manufacturing facility. We are -- our goal is to be the low cost provider in the country for whole genome sequencing. I'm not going to explain what whole genome sequencing is, but I can tell you it is at the heart of the future of something called personalized precision medicine. Whole genome sequencing studies your whole genome as opposed to competing companies whose products only study a very small percentage of your genome, which is great for ancestry information. It's awful for health information if you want high-level health-related information.

所以我不會告訴你 Nebula 值多少錢，但 Nebula 實際上有可能比我們的製造工廠增長得更快。我們 - 我們的目標是成為該國全基因組測序的低成本供應商。我不打算解釋什麼是全基因組測序，但我可以告訴你它是未來個性化精準醫療的核心。全基因組測序研究您的整個基因組，而競爭公司的產品僅研究您基因組的一小部分，這對於祖先信息非常有用。如果您想要高級健康相關信息，那麼健康信息就太糟糕了。

And the whole country is going towards trying to be more healthy. And all of the research is all about starting with the whole genome sequencing test and figuring out how your genetic makeup plays a role in your health, and so this is all in the first inning. This is like where the Internet was 20 years ago and we are so perfectly positioned.

整個國家都在努力變得更健康。所有的研究都是關於從全基因組測序測試開始，並弄清楚你的基因構成如何在你的健康中發揮作用，所以這一切都在第一局。這就像 20 年前的互聯網，我們的定位非常完美。

We have world-renowned George Church, who's a Founder, who's on our Advisory Board, who is a shareholder in our company. We have Russ Altman, equally well known at Stanford University. They are on our Advisory Board; we're working with them regularly and building our company. They're introducing us to some of the largest companies in the world. I've said before, we are working not only in this country, but we are in Abu Dhabi and in the UAE and working with some of the largest -- our little company is working with some of the largest companies in the world on our Nebula Genomics initiatives. A lot more to come, enormous potential.

我們有世界知名的 George Church，他是創始人，是我們顧問委員會的成員，也是我們公司的股東。我們有 Russ Altman，他在斯坦福大學同樣出名。他們是我們的顧問委員會成員；我們定期與他們合作並建立我們的公司。他們向我們介紹了世界上一些最大的公司。我之前說過，我們不僅在這個國家工作，而且在阿布扎比和阿聯酋與一些最大的公司合作——我們的小公司正在與世界上一些最大的公司合作星雲基因組學計劃。未來還有很多，潛力巨大。

And then our esophageal cancer test, I can't tell you how excited I am. We are going to help so many people, save so many lives, and make our shareholders an enormous amount of money. That's the goal. And all I can tell you is since we took over, the number of scientists and people that I've got involved in with this have only further increased my enthusiasm and confidence in our ability to develop our esophageal cancer test. If people wanted to in the Q&A, I can go into more detail explaining it.

然後是我們的食道癌檢查，我無法形容我有多興奮。我們將幫助這麼多人，挽救這麼多生命，並為我們的股東賺取巨額資金。這就是目標。我可以告訴你的是，自從我們接管以來，我參與其中的科學家和人員的數量只會進一步增加我對我們開發食道癌測試能力的熱情和信心。如果人們想在問答中回答，我可以更詳細地解釋它。

So bottom line is we have ongoing studies. There's a real possibility that we will commercialize this test towards the end of this year in this country as a research use-only test for cash pay. Our goal ultimately is to get the insurance companies behind us and backing us with a CPT code. With that CPT code, we believe will be reimbursed $1,000 to $2,000 per test. And our initial target is 2 million people who have Barrett's esophagus who get endoscopy once per year. 2 million test times a $1,000 to $2,000 is a $2 billion to $4 billion market in this country, and we believe we could get the CPT code as early as the beginning of next year.

所以底線是我們正在進行研究。我們很有可能在今年年底在這個國家將這項測試商業化，作為現金支付的僅用於研究的測試。我們的最終目標是讓保險公司支持我們並用 CPT 代碼支持我們。使用該 CPT 代碼，我們相信每次測試將報銷 1,000 至 2,000 美元。我們最初的目標是讓 200 萬巴雷特食管患者每年接受一次內窺鏡檢查。 200 萬次測試乘以 1,000 到 2,000 美元是這個國家 20 億到 40 億美元的市場，我們相信我們最早可以在明年年初獲得 CPT 代碼。

We're working with key opinion leaders, major cancer institutions who are all getting more and more involved in this. And this is going to, I believe, look more and more like a reality as the year goes on. And look at our market cap, just how much of that is reflected in our market cap right now given the potential and given how real this is and giving the timeframe for commercialization.

我們正在與關鍵意見領袖、主要癌症機構合作，他們越來越多地參與其中。我相信，隨著時間的推移，這看起來會越來越像現實。看看我們的市值，考慮到潛力，考慮到它的真實性，並給出商業化的時間表，現在有多少反映在我們的市值中。

And then finally, we're working on a Linebacker, our cancer compound. We're not going to break that bank and spend a lot of money on it. It has enormous potential, but that's longer term. But our goal really is just to license that to major pharma sometime next year after we completed Phase 1 study sometime maybe late next year. So we won't spend a lot of money on it. But it's possible we could do a licensing deal after the Phase 1 study that's worth the entire market cap of our company. You know, right now, that's something low risk to us because we're not going to spend a lot of money, enormous rewards, and it's sort of icing on the cake to everything else we're working on.

最後，我們正在研究 Linebacker，我們的抗癌化合物。我們不會破產並在上面花很多錢。它具有巨大的潛力，但這是長期的。但我們的目標實際上只是在我們完成第一階段研究後，可能在明年年底的某個時候，將其授權給主要製藥公司。所以我們不會花很多錢。但我們有可能在第一階段研究之後達成一項價值我們公司整個市值的許可協議。你知道，現在，這對我們來說風險很低，因為我們不會花很多錢、巨額回報，而且這對我們正在做的其他事情來說有點錦上添花。

And then, of course, we have Equivir, our broad-based antiviral that we will be potentially introducing to the marketplace and commercializing later this year. Initially, we would sell it online. Then ultimately, the goal is to get into the retail stores. We are experts in selling antivirals OTC, similar to what we did with Cold-EEZE.

然後，當然，我們有 Equivir，我們有可能在今年晚些時候將其推向市場並商業化的廣泛抗病毒藥物。最初，我們會在線銷售。最終，目標是進入零售店。我們是銷售 OTC 抗病毒藥物的專家，類似於我們對 Cold-EEZE 所做的。

And I personally was involved in the turnaround and sale of the Cold-EEZE brand, and we still have some of the same -- we still have the same senior salesman. Joe Brennan, who's been in this business for decades, he kills it. He has relationships with the number-one national broker that we work with and with every major retailer. And so there's so much going on there, both with our current dietary supplements with LEGENDZ XL and TRIPLE EDGE, which is actually gaining momentum as we speak.

我個人參與了 Cold-EEZE 品牌的周轉和銷售，我們仍然有一些相同的東西——我們仍然有同樣的高級銷售員。喬·布倫南 (Joe Brennan) 從事這項業務已有數十年，他將其扼殺。他與我們合作的頭號全國經紀人以及每個主要零售商都有關係。所以那裡發生了很多事情，包括我們目前的 LEGENDZ XL 和 TRIPLE EDGE 膳食補充劑，這實際上在我們說話時正在獲得動力。

And then once we have Equivir introduced to the marketplace, and then in addition, that Nebula Genomics, we can introduce a test -- a whole genome sequencing test that we're working on and introducing to stores, and that could build into a whole range of health tests. We could actually be the leaders in providing health tests in retail stores.

然後，一旦我們將 Equivir 推向市場，再加上 Nebula Genomics，我們就可以引入一項測試——我們正在研究並引入商店的全基因組測序測試，它可以構建成一個整體範圍的健康測試。我們實際上可以成為零售店提供健康測試的領導者。

So there's so much in so many directions. There's a lot of overlap there; there's a lot of synergies between our various subsidiaries. And so I'm really excited about the future of the company. Anybody that is focused on us as a COVID testing company, you are completely missing the boat. That's going to be the least important part of our company down the road and certainly in terms of the value, all right.

所以有這麼多的方向。那裡有很多重疊；我們各個子公司之間有很多協同效應。因此，我對公司的未來感到非常興奮。任何關注我們作為 COVID 測試公司的人，你都完全錯過了機會。這將是我們公司未來最不重要的部分，當然就價值而言，好吧。

COVID testing obviously has the revenues, but we never got a multiple of those revenues anyway, so now we have other businesses. Esophageal cancer test has zero revenues this year, and yet by the end of this year, who knows what the value of that test could be. And then the kicker is we're working globally. We have global initiatives that we are working on to commercialize, to develop and then commercialize our esophageal cancer tests in other parts of the world.

COVID 測試顯然有收入，但無論如何我們從來沒有得到這些收入的倍數，所以現在我們有其他業務。今年食管癌檢測的收入為零，但到今年年底，誰知道該檢測的價值是多少。然後更重要的是我們在全球範圍內開展工作。我們有全球計劃，我們正在努力在世界其他地區商業化、開發和商業化我們的食道癌測試。

Just think about it. Everybody that gets esophageal cancer in this country gets what they get in every other country, too. So it all starts with GERD, gastroesophageal reflux disease, that acid in your stomach that so many people get. A huge percentage of the population in every country gets GERD. And then sometimes, it develops to the Barrett's esophagus. And 1 out of 50 or 1 out of 100 people that get Barrett's esophagus, it turns into cancer.

考慮一下。在這個國家，每個患食道癌的人都會患上他們在其他任何國家患上的疾病。所以這一切都始於 GERD，胃食管反流病，胃中的酸，很多人都有。每個國家都有很大比例的人口患有 GERD。然後有時，它會發展到 Barrett 食管。 50 人中有 1 人或 100 人中有 1 人患有 Barrett 食管，它會變成癌症。

And right now, in fact, we just met with one of the scientists last night. He is a surgeon and he operates on people all the time with esophageal cancer. And he was telling me how excited he is for our test and how desperate the industry is for a test like this. And it's just sad right now. When you get diagnosed with esophageal cancer, there's about a 73% to 80% -- I've seen various numbers, I'm sorry, 79%, 80%. I've seen as high as 90% of people diagnosed with esophageal cancer die of esophageal cancer that's because they're diagnosed too late.

現在，事實上，我們昨晚剛剛會見了一位科學家。他是一名外科醫生，他一直在為患有食道癌的人做手術。他告訴我他對我們的測試有多興奮，以及整個行業對這樣的測試有多麼絕望。現在很傷心。當你被診斷出患有食道癌時，大約有 73% 到 80% -- 我看過各種數字，對不起，79%、80%。我見過高達 90% 的被診斷患有食道癌的人死於食道癌，這是因為他們診斷得太晚了。

Our test lets you know well in advance. So you have a chance to do an ablation procedure to kill the pre-cancer cells before they become cancerous and it's too late. It's going to -- we believe it's going to save a lot of lives. So we have all these things going on with the company. I'm really excited about the future of the company.

我們的測試讓您提前知道。因此，您有機會進行消融手術，在癌前細胞癌變之前將其殺死，但為時已晚。它會——我們相信它會拯救很多生命。所以我們公司發生了所有這些事情。我對公司的未來感到非常興奮。

I want to cover a few a couple of housekeeping items related to the numbers for those of you that are focused on the numbers. So Q4 -- reporting our Q4 was complicated because we had a $5.9 million accounts receivable write-off. The write-off was related to testing we did in the first half of the year. First off, which is the government-funded entity that was actually paying for all of the patients being tested that did not have insurance. I understand people walking out on the streets of New York, most of them didn't have insurance with them.

我想為那些關注數字的人介紹一些與數字相關的內務管理項目。所以第四季度——報告我們的第四季度很複雜，因為我們有 590 萬美元的應收賬款註銷。註銷與我們在今年上半年進行的測試有關。首先，這是政府資助的實體，它實際上為所有沒有保險的接受測試的患者買單。我了解走在紐約街頭的人們，他們中的大多數人都沒有購買保險。

Whatever the case may be, so bottom line is if we can collect the insurance from insurance companies, then we can collect the insurance information. HRSA was paying. All of a sudden, that funding stopped. They gave us one week's notice and then there was the promise that HRSA was going to be funded again. We continued to test. This went on for many months. And so there was the real possibility that we were going to collect on these patients.

不管是什麼情況，底線是如果我們可以向保險公司收取保險費，那麼我們就可以收集保險信息。 HRSA 正在支付費用。突然間，這筆資金停止了。他們給了我們一周的通知，然後承諾 HRSA 將再次獲得資助。我們繼續測試。這種情況持續了好幾個月。因此，我們確實有可能收集這些患者的數據。

And then in addition to that, when HRSA finally became clear it was going to be funded, we looked into potentially cracking down the information on these patients to see if they had insurance, even if we didn't collect them initially. The complicated matter, we're talking about tens of thousands of tests.

除此之外，當 HRSA 最終明確表示它將獲得資助時，我們研究了可能會打擊這些患者的信息，看看他們是否有保險，即使我們最初沒有收集他們。複雜的事情，我們談論的是數以萬計的測試。

And ultimately, we have a new senior finance team. We hired three fantastic senior level executives in our finance team. They all have decades of -- 10 years or more of experience and probably any one of the three could be our CFO right now. Robert Morse heads our department, but Heather and Greg are equally fantastic. So we have a very strong finance team and they recommended to be conservative and to be prudent. So we take the $5.9 million write-off.

最終，我們擁有了一個新的高級財務團隊。我們在財務團隊中聘請了三位出色的高級管理人員。他們都有數十年 - 10 年或更長時間的經驗，這三人中的任何一個現在都可能成為我們的首席財務官。羅伯特莫爾斯領導我們的部門，但希瑟和格雷格同樣出色。所以我們有一個非常強大的財務團隊，他們建議要保守和謹慎。因此，我們註銷了 590 萬美元。

What makes it complicated is that we're writing this off at year end. And even though it's related to testing activity in the first half of the year, well, frankly, if we did $5.9 million less revenues the first half of the year, it would have been negligible; it wouldn't be in the notice because our revenues are so ridiculously large. But, unfortunately, because it's at year end, if we report fourth-quarter net income number, we would have to report it with a $5.9 million write-off, which frankly I think would have been misleading.

使事情變得複雜的是我們要在年底註銷它。即使這與上半年的測試活動有關，坦率地說，如果我們上半年的收入減少 590 萬美元，那也可以忽略不計；它不會出現在通知中，因為我們的收入大得離譜。但是，不幸的是，因為是在年底，如果我們報告第四季度的淨收入數字，我們將不得不以 590 萬美元的註銷來報告它，坦率地說，我認為這會產生誤導。

So while we're doing that, we gave you the full-year numbers. Just so you know, our numbers, we still did $21.8 million of revenues. Not counting -- of course, you've got to count the $5.9 million. But I just want to give you a fair picture on what our fourth quarter looked like. Not counting the $5.9 million, we would have reported $1.8 million of net income. And furthermore, we had performance payments related to our testing activities throughout the year, which actually probably should have been expensed throughout the year if that hit the fourth quarter.

所以當我們這樣做的時候，我們給了你全年的數字。你知道，我們的數字，我們仍然有 2180 萬美元的收入。不算在內——當然，你必須計算 590 萬美元。但我只想給你一個關於我們第四季度的情況的公平圖景。不算 590 萬美元，我們將報告 180 萬美元的淨收入。此外，我們全年都有與我們的測試活動相關的績效付款，如果到第四季度，實際上可能應該全年支出。

So because all that hit the quarter, we would have had -- we had the $1.8 million in net income. If that had been expensed throughout the year, our net income would have been significantly over $2 million of net income. But we do have -- we did account for those performance payments in the fourth quarter. And so -- and then of course, we had the $5.9 million write-off, which I've now explained.

因此，由於所有這些都影響了本季度，我們本來可以擁有 180 萬美元的淨收入。如果全年都將其計入費用，我們的淨收入將大大超過 200 萬美元。但我們確實有 - 我們確實在第四季度考慮了這些績效付款。所以——當然，我們有 590 萬美元的註銷，我現在已經解釋過了。

Two other things to mention very quickly, why is our SG&A so high? Actually, it's because of that $5.9 million. That's the jump in SG&A. And finally, our accounts receivable, while our accounts receivable looks like it hasn't changed, understand it's because we're still doing ongoing testing. First of all, part of the accounts receivable is trade receivables related to Nebula Genomics and Pharmaloz Manufacturing. But of course, the bulk is from testing.

還有兩件事要很快提到，為什麼我們的 SG&A 如此之高？實際上，是因為那590萬美元。這就是 SG&A 的飛躍。最後，我們的應收賬款，雖然我們的應收賬款看起來沒有變化，但請理解這是因為我們仍在進行持續測試。首先，部分應收賬款是與Nebula Genomics和Pharmaloz Manufacturing相關的貿易應收賬款。但當然，大部分來自測試。

But understand that as we get paid by insurance companies, we have new tests that creates new accounts receivables. And as I noted, there was a backlog because we had all of these patients that we've tested. This is not like working walking into a doctor's office where you stop at the front desk. You fill out all these forms, give your insurance card, it takes 15 minutes, it's all in the system. These are people -- a lot of our testing where people walking up to a tent and getting a quick COVID test, taking a quick specimen without the sophisticated equipment and without taking the time to properly collect the patient insurance information.

但請理解，當我們從保險公司獲得付款時，我們有新的測試會產生新的應收賬款。正如我所指出的，存在積壓，因為我們已經測試了所有這些患者。這不像工作時走進醫生辦公室，然後在前台停下來。你填寫所有這些表格，給你的保險卡，需要 15 分鐘，這一切都在系統中。這些是人——我們的很多測試都是人們走到帳篷前進行快速 COVID 測試，在沒有復雜設備的情況下快速採集樣本，也沒有花時間正確收集患者保險信息。

So what it's interesting now we've now -- we're working with a couple of different companies, one in particular, in another country. We have like 50 people working on this working through all of our accounts receivable, which was about literally tens of thousands of tests and patients, and they're working through every single one of them and they're doing a fantastic job.

那麼現在有趣的是我們現在 - 我們正在與幾家不同的公司合作，特別是在另一個國家。我們有大約 50 個人在處理我們所有的應收賬款，這實際上是數以萬計的測試和患者，他們正在處理其中的每一個，他們做得非常出色。

And I can tell you, in fact, my Head of Billing just walked up just before this call and she said she had great news for me and basically we're working through that accounts receivable very quickly. We're always going to have some accounts receivable while we're doing testing. Because at the end of the day, we have to organize the information, get it to the insurance companies, and the insurance companies take four, six, eight weeks sometimes to pay. It's high-quality accounts receivable, but nonetheless, it still takes about four to eight weeks. So it's always going to be rolling where we always have new accounts receivable, replacing old accounts receivable.

我可以告訴你，事實上，我的計費主管就在這次電話會議之前走了過來，她說她對我來說是個好消息，基本上我們正在非常迅速地處理應收賬款。在進行測試時，我們總是會有一些應收賬款。因為歸根結底，我們必須整理信息，將其交給保險公司，而保險公司有時需要四、六、八週的時間才能付款。這是高質量的應收賬款，但仍然需要大約四到八週的時間。所以它總是會滾動，我們總是有新的應收賬款，取代舊的應收賬款。

Having said that, I believe that our accounts receivable is going to be significant -- is going to be less than what we report first quarter. Second quarter is going to be significantly less. So anybody who is concerned about accounts receivable, that was a long-winded way of saying don't be concerned about it at all. It's coming down to reasonable levels.

話雖如此，我相信我們的應收賬款將會很大——將低於我們第一季度報告的數量。第二季度將明顯減少。所以任何關心應收賬款的人，這是一種冗長的說法，根本不關心它。它正在下降到合理的水平。

In addition to that, we may be able to find insurance on patients that previously did not provide insurance that is not in our accounts receivable. It is not in our revenues. And so we may actually get some nice bonuses down the year from that. So not only do we have a squeaky clean financials with our new finance department, a team of experts, but in addition to that, we may actually have some upside in the coming quarters.

除此之外，我們也許能夠為以前沒有提供不在我們應收賬款中的保險的患者找到保險。它不在我們的收入中。因此，我們實際上可能會從那年開始獲得一些不錯的獎金。因此，我們的新財務部門（一個專家團隊）不僅擁有乾淨利落的財務狀況，而且除此之外，我們在未來幾個季度實際上可能會有一些上行空間。

And so I address the few quick questions. I now have been speaking for about 25 minutes. I covered an awful lot. I just want to review before I open it up to Q&A if there -- if I want to mention anything else. I think I pretty much covered it.

因此，我解決了幾個快速問題。我現在已經講了大約 25 分鐘。我涵蓋了很多。我只想在打開它進行問答之前回顧一下——如果我想提及其他任何事情。我想我幾乎涵蓋了它。

Look, at the end of the day, I personally have executed my entire career. The shareholders that know me for a long time know that. The people that I hire are people that execute and I tell them that. And you know what, for every three senior level people that I hire, one works out -- that the one that works out. First of all, I go through an incredible screening process. So the three are all great. But having said that, you never know until you hire somebody. And so we've gone through a transformation in terms of our management team over the last couple of years where it just gets better and better and better.

看，歸根結底，我個人已經完成了我的整個職業生涯。認識我很久的股東都知道。我僱用的人是執行力強的人，我告訴他們這一點。你知道嗎，對於我僱用的每三名高級人員，就有一個成功——那個成功的人。首先，我經歷了一個令人難以置信的篩選過程。所以三者都很棒。但話雖如此，在你僱用某人之前你永遠不會知道。因此，在過去幾年中，我們的管理團隊經歷了一次轉型，變得越來越好。

We have a kick a** management team, literally, not just our finance department, all the people in it. It starts with my son, Jason Karkus; our Head of IT is amazing, Sergio Miralles; Alice Lioi, who does so much not only in the lab but also on the biopharma side. These are the most loyal people in the world that I've worked with the last couple of years. Sam Beeler has been an unbelievable addition to our team. He is leading the way in Abu Dhabi. He has a multiyear relationship with some very big players in Abu Dhabi and around the world and helping us become a global company. I don't want to leave anybody out. Those are some of the senior people.

我們有一個很棒的管理團隊，從字面上看，不僅僅是我們的財務部門，還有里面的所有人。這要從我的兒子傑森·卡庫斯 (Jason Karkus) 說起；我們的 IT 主管很棒，Sergio Miralles； Alice Lioi，她不僅在實驗室而且在生物製藥方面也做了很多工作。這些是我過去幾年共事過的世界上最忠誠的人。山姆·比勒 (Sam Beeler) 對我們團隊的貢獻令人難以置信。他在阿布扎比引領潮流。他與阿布扎比和世界各地的一些非常大的公司建立了多年合作關係，並幫助我們成為一家全球性公司。我不想把任何人排除在外。那是一些資深人士。

We hired a great guy, Jed Latkin, who may become a senior executive. Right now, he is a senior adviser to our company, but he's working virtually full-time with us. He has decades of experience as an entrepreneur and as a CEO of other small-cap development-stage companies. I'm sure I'm leaving somebody out. I apologize if I am, but I'm really, really excited about the team that we have.

我們聘請了一個很棒的人，傑德拉特金，他可能會成為一名高級管理人員。現在，他是我們公司的高級顧問，但他幾乎全職為我們工作。作為企業家和其他處於發展階段的小型公司的首席執行官，他擁有數十年的經驗。我確定我會遺漏某人。如果我是，我深表歉意，但我對我們擁有的團隊感到非常、非常興奮。

And I'm really excited about the assets that we're now developing. It is my destiny to build a multi-billion dollar company and I believe that we now have the assets to develop that can make that a reality. And again, I just wanted to highlight: everything that I tell you, I believe in my heart, number one and number two, if I tell you we're working on something, we're really working on it. And if I tell you we're working on global initiatives, our little company is really working about global initiatives. So please stay tuned. I think that there's a lot more to come.

我對我們現在正在開發的資產感到非常興奮。建立一家價值數十億美元的公司是我的命運，我相信我們現在擁有可以實現這一目標的資產。再一次，我只想強調：我告訴你的一切，我相信我的心，第一和第二，如果我告訴你我們正在做某事，我們真的在做。如果我告訴你我們正在致力於全球倡議，那麼我們的小公司實際上是在致力於全球倡議。所以請繼續關注。我認為還有很多事情要做。

And with that, MJ, I would like to open it up to questions. I hope that there are some questions lining up. I'll hand it back over to you.

有了這個，MJ，我想公開提問。我希望有一些問題排隊。我會把它還給你。

Thank you very much. (Operator Instructions)

非常感謝。 （操作員說明）

Yi Chen, H.C. Wainwright.

陳奕，H.C.溫賴特。

Thank you for taking my questions. My first question is could you comment on the current trend COVID testing at your lab?

謝謝你回答我的問題。我的第一個問題是您能否評論一下您實驗室當前的 COVID 測試趨勢？

Sure. So it's obvious it's slowing. I think it was -- Labcorp was -- one of the largest labs in the country said that they expect the COVID testing to be done 90% this year.

當然。所以很明顯它正在放緩。我認為是——Labcorp 是——該國最大的實驗室之一表示，他們預計今年將完成 90% 的 COVID 測試。

Now what's interesting about our testing is that we blanket New York City with tents and people are still spontaneously walking up to these tents to get tested. There's still people, when it's convenient for them, they still want to get tested. So it's not like the testing is going away. It's no different than when I walk into the gym and there are still people wearing masks.

現在我們的測試有趣的是，我們用帳篷覆蓋了紐約市，人們仍然自發地走到這些帳篷前接受測試。還是有人，方便的時候還想去檢測。因此，測試並沒有消失。這和我走進健身房時，仍然有人戴著口罩沒什麼不同。

So people are still being cautious. Still if you get COVID, the best thing you can do is get tested or to confirm you have COVID. If you do, you have to quarantine. People finally realize that vaccines don't prevent from getting COVID, and now it's coming out that vaccines might actually be more dangerous than getting COVID. And so people are still getting tested. Our testing is clearly dropping and is becoming a less and less significant or important piece of our company. Certainly, from a value proposition point of view, I highlighted all the other divisions that are doing so much better. So there's no question that the trends in COVID testing is going to continue to drop.

所以人們還是很謹慎的。儘管如此，如果您感染了 COVID，您能做的最好的事情就是接受檢測或確認您感染了 COVID。如果這樣做，則必須隔離。人們終於意識到疫苗並不能防止感染 COVID，現在有消息稱疫苗實際上可能比感染 COVID 更危險。所以人們仍在接受測試。我們的測試明顯在下降，並且在我們公司中變得越來越不重要或不重要。當然，從價值主張的角度來看，我強調了所有其他做得更好的部門。因此，毫無疑問，COVID 測試的趨勢將繼續下降。

Having said that, you know, I have to figure out what I can and cannot say right now. We're still going to have a solid first quarter, and we're still doing COVID testing. And where -- when we got into the business, we blew way 95% of labs, and I bet we're still outperforming 95% of labs. So while our COVID testing is dropping, it's not dropping as much as it is in the industry.

話雖如此，你知道，我現在必須弄清楚我能說什麼，不能說什麼。我們仍然會有一個穩定的第一季度，我們仍在進行 COVID 測試。在哪裡——當我們進入這個行業時，我們擊敗了 95% 的實驗室，我敢打賭我們的表現仍然優於 95% 的實驗室。因此，雖然我們的 COVID 測試正在下降，但下降幅度沒有業內那麼大。

I apologize, Yi, that I can't -- we don't give future estimates and we don't give more detailed information. I hope that answers your question. It's the best I can do on the call for now.

抱歉，Yi，我不能——我們不提供未來的估計，也不提供更詳細的信息。我希望這能回答你的問題。這是我目前在通話中所能做的最好的事情。

Thanks. You mentioned that you expect Nebula Genomics to grow more than 100% in 2023 and also the manufacturing subsidiary could grow up to 100% year over year this year. So I don't know if you can provide some general comments regarding the total revenue topline growth in 2023 in terms of your expectations compared to 2022?

謝謝。你提到你預計 Nebula Genomics 到 2023 年將增長超過 100%，製造子公司今年也可能同比增長 100%。因此，我不知道您是否可以根據與 2022 年相比的預期，就 2023 年的總收入收入增長提供一些一般性評論？

Sure. So with our Pharmaloz Manufacturing, and I don't have the exact numbers and I don't know that we reported them. And so I don't want to give numbers that were not reported. Maybe I'll do an updated press release. I know with Pharmaloz, I believe on top my head, we did about $7 million or $8 million in revenues last year and our goal is about $25 million in 2024. And I think that we will continue to grow after 2024.

當然。因此，對於我們的 Pharmaloz Manufacturing，我沒有確切的數字，我不知道我們是否報告了它們。所以我不想提供未報告的數字。也許我會做一個更新的新聞稿。我知道 Pharmaloz，我堅信去年我們的收入約為 700 萬或 800 萬美元，我們的目標是到 2024 年達到 2500 萬美元左右。我認為我們將在 2024 年後繼續增長。

Quite frankly, I think we could do $50 million in that. I think we have demand for a $50 million of business annually. If we had the capacity, it's just a matter of how quickly we built out the capacity. So we're starting with we're buying individual piece of equipment right now that are ramping up as we speak. There are larger pieces of equipment, a whole new lozenge line that we're building that will happen in the fourth quarter this year. So our fourth quarter is really going to jump once that's operational.

坦率地說，我認為我們可以為此投入 5000 萬美元。我認為我們每年需要 5000 萬美元的業務。如果我們有能力，那隻是我們建立能力的速度問題。所以我們從現在開始購買單獨的設備，這些設備在我們說話的時候正在增加。有更大的設備，我們正在建造的全新菱形生產線將在今年第四季度建成。因此，一旦投入運營，我們的第四季度真的會躍升。

So our numbers are growing. We're at capacity. It's not clear exactly what our numbers will be this year. They're going to grow significantly this year. But between 2022, where we did $7 million or $8 million, right now, we're targeting $25 million approximately in 2024. It will be somewhere in between.

所以我們的人數在增長。我們滿負荷運轉。目前尚不清楚我們今年的具體數字。他們今年將顯著增長。但在 2022 年之間，我們現在投入了 700 萬美元或 800 萬美元，我們的目標是在 2024 年左右投入 2500 萬美元。它將介於兩者之間。

As far as Nebula Genomics is concerned, that's a little more complicated because people order tests and then sometimes it takes them a while before they send in the test to be processed. In some cases, they aren't built for the subscription. Where we really make the money is in the subscription. We'll sell the test the cost. That's how we will continue to be the low cost provider whole genome sequencing in this country. Nobody can compete with us.

就 Nebula Genomics 而言，這有點複雜，因為人們訂購測試，然後有時他們需要一段時間才能發送測試進行處理。在某些情況下，它們不是為訂閱而構建的。我們真正賺錢的地方是訂閱。我們將按成本出售測試。這就是我們將如何繼續成為這個國家全基因組測序的低成本供應商。沒有人能與我們競爭。

And this business -- as far as sitting, the business is going to explode; there's no question about that. But right now, the way our business model works is when you purchased the test, which we were selling approximately at cost, the real money is made on the subscription. Although if you don't send it in, then we make the money on purchasing the test, not the subscription, but we didn't process the test so we save a lot of money there. So we still make a lot of money.

而這項業務——就目前而言，業務將會爆炸式增長；毫無疑問。但是現在，我們的商業模式的運作方式是，當您購買我們大致按成本出售的測試時，真正的收入來自訂閱。雖然如果您不發送它，那麼我們通過購買測試而不是訂閱來賺錢，但我們沒有處理測試，所以我們在那裡節省了很多錢。所以我們還是賺了很多錢。

But in any event, we don't get to book the revenues for the subscription until they send the test in. And so there's a lot with deferred revenues. The other thing is that happened was historically the lifetime subscriptions, we had to book the revenues over three years. So there's a lot of deferred revenues. I think we have fixed that issue now. We have changed the agreements that you signed when you purchased the test, so that we will be able to book the revenues, let's say, within 12 months of purchasing a lifetime subscription will be -- I mean, it's really kind of silly. It's an accounting issue where we sell a subscription. We get the money upfront, but we can't book it as revenues until we provided the service for that subscription.

但無論如何，在他們發送測試之前，我們無法預訂訂閱收入。因此有很多遞延收入。另一件事是歷史上發生的終身訂閱，我們必須在三年內登記收入。所以有很多遞延收入。我想我們現在已經解決了這個問題。我們已經更改了您在購買測試時簽署的協議，以便我們能夠在購買終身訂閱後的 12 個月內預訂收入——我的意思是，這真的有點愚蠢。這是我們出售訂閱的會計問題。我們預付了錢，但在我們為該訂閱提供服務之前，我們無法將其記為收入。

But now we're working that in a way where we're actually getting paid for this setup as opposed to the ongoing subscription. So in any event, I apologize. I'm sharing a complicated GAAP accounting matter, and we're working through that now. And I'll give more details maybe in a press release. But what I can tell you is Nebula Genomics numbers are growing dramatically. I want to say that we have a target. I guess if I -- I don't know if I'm allowed to say this or not.

但現在我們正在以一種我們實際上為此設置而不是持續訂閱獲得報酬的方式工作。所以無論如何，我道歉。我正在分享一個複雜的 GAAP 會計問題，我們現在正在解決這個問題。我可能會在新聞稿中提供更多細節。但我可以告訴你的是 Nebula Genomics 的數量正在急劇增長。我想說我們有一個目標。我想如果我——我不知道我是否可以這樣說。

Let's move on to next question. But suffice it to say, our Nebula Genomics is probably growing at an even faster rate than our manufacturing. And I would say that our revenues in Nebula Genomics will be -- are going to be greater than our manufacturing revenues this year.

讓我們繼續下一個問題。但可以這麼說，我們的 Nebula Genomics 的增長速度可能比我們的製造業還要快。我要說的是，我們今年在 Nebula Genomics 的收入將——將超過我們的製造業收入。

How much greater? I just don't want to get more specific, but Nebula Genomics is the type of business where we could be doing $100 million, $200 million in revenues or more. It could be valued at $1 billion one day. And I'm not saying we'll still own it then. But certainly I think it's worth a lot more than what's represented in the stock price today.

大多少？我只是不想說得更具體，但 Nebula Genomics 是我們可以做 1 億美元、2 億美元或更多收入的業務類型。有一天它的價值可能達到 10 億美元。我並不是說我們仍然會擁有它。但我當然認為它的價值遠遠超過今天股價所代表的價值。

Got it. My last question is the operating expenses in the fourth quarter appear to be significantly higher. So do you expect to maintain this operating expenses level in 2023? And also, do you have sufficient capital to do that while continue to buy back shares?

知道了。我的最後一個問題是第四季度的運營費用似乎要高得多。那麼您是否預計在 2023 年保持這一運營費用水平？而且，您是否有足夠的資金在繼續回購股票的同時做到這一點？

Yes, great. Great question. So first of all, I will never buy back shares if it puts us on jeopardy. That's number one. The buyback of shares is not significant relative to the amount of working capital and even cash that we have. We have a significant amount of cash on our books and our net working capital is over $40 million. So buy back stock doesn't really play a role; that's number one.

對，很好。很好的問題。所以首先，如果這讓我們處於危險之中，我永遠不會回購股票。這是第一。相對於我們擁有的營運資金甚至現金，回購股票並不重要。我們賬面上有大量現金，淨營運資金超過 4000 萬美元。所以回購股票並沒有真正發揮作用；這是第一。

Number two, as I mentioned with the fourth quarter, that one-time SG&A write-off is what hit the fourth quarter, which made our operating expenses look high. I make a point to be very, very efficient with our operating expenses. So when we had performance payouts, we're going to spread them out over the year going forward as opposed to them just hitting the fourth quarter.

第二，正如我在第四季度提到的那樣，一次性 SG&A 沖銷是第四季度發生的事情，這讓我們的運營費用看起來很高。我強調要非常、非常有效地處理我們的運營費用。因此，當我們有績效支出時，我們將把它們分散到未來一年，而不是只在第四季度發放。

Because those performance payouts were paid out in the fourth quarter, expensed in the fourth quarter, that showed up in our fourth quarter, which really understates how strong our fourth quarter really was. But having said that, the bigger expense was the SG&A. That was a one-time event. And as I explained before, if anything, we're now in the opposite position where we have done testing that is not on our books, that is not in our accounts receivable, that we believe that we're now going to find insurance for some of these patients because there are ways -- there are companies that can do research to actually find insurance on patients that have been tested, even though they didn't provide their insurance information. And we are now starting to uncover that information.

因為這些績效支出是在第四季度支付的，在第四季度支出，在我們的第四季度出現，這確實低估了我們第四季度的真正實力。但話雖如此，更大的支出是 SG&A。那是一次性的事件。正如我之前解釋的那樣，如果有的話，我們現在處於相反的位置，我們已經完成了不在我們的賬簿上，不在我們的應收賬款中的測試，我們相信我們現在將為其中一些患者是因為有一些方法——有些公司可以進行研究，以實際為經過測試的患者找到保險，即使他們沒有提供他們的保險信息。我們現在開始發現這些信息。

So if anything, our operating expenses should be less going forward at the same time that we could have some surprises in collection. So when we say our operating expenses are going to be less, let me just be -- let me just pull back a second on that statement.

因此，如果有的話，我們的運營費用應該減少，同時我們可能會在收款時有一些驚喜。因此，當我們說我們的運營費用將減少時，讓我只是——讓我稍微回顧一下那句話。

We're building four or five subsidiaries that have enormous potential. Pharmaloz, we're building, although our revenues are growing at such a fast clip, it's going to be profitable no matter how much we spend. And then it's just a question of how much of that with the equipment we purchase is going to be capitalized and how much of it is going to be expensed.

我們正在建設四五個具有巨大潛力的子公司。 Pharmaloz，我們正在建設，儘管我們的收入增長如此之快，但無論我們花多少錢，它都會盈利。然後這只是一個問題，我們購買的設備中有多少將被資本化以及其中有多少將被支出。

We have an enormous amounts of equipment that gets depreciated very, very quickly. Even though that equipment could last us 20 years, it gets depreciated very, very quickly. So a lot of these are -- these are noncash expenses and that's just the cost of building our businesses. So we're growing at a rapid rate. We're building businesses and I think ultimately could make us a multi-billion dollar company. So you have to put it in that perspective.

我們有大量的設備會非常、非常快地折舊。即使該設備可以使用我們 20 年，它也會非常、非常快地貶值。所以其中很多都是 - 這些是非現金支出，而這只是建立我們業務的成本。所以我們正在快速增長。我們正在建立業務，我認為最終可以使我們成為一家價值數十億美元的公司。所以你必須把它放在那個角度。

So I can't tell you exactly what the operating expense are. But I can tell you the amounts of management we have, overhead we have, pales in comparison to the value of the businesses that we're building. I really believe we're one of the most efficiently run small-cap development stage companies that you'll ever come across. And that's why all these other companies that raised capital two years ago, burns with their capital, their stocks trade down 90%, aren't coming back, can't raise capital.

所以我不能確切地告訴你運營費用是多少。但我可以告訴你，與我們正在建設的企業的價值相比，我們擁有的管理數量、管理費用都相形見絀。我真的相信我們是您所見過的運行最高效的處於發展階段的小型公司之一。這就是為什麼兩年前籌集資金的所有其他公司都在燒錢，他們的股票交易價格下跌 90%，再也回不來了，無法籌集資金。

We did the opposite. Every dollar that we spent, we generated and created $2 or $3 or $5 of value. And that's why after we raised capital two years later, we still have more capital than what we raised two years ago, while building all these fantastic business and making all these fantastic acquisitions.

我們反其道而行之。我們花費的每一美元，都會產生並創造 2 美元、3 美元或 5 美元的價值。這就是為什麼在我們兩年後籌集資金後，我們仍然擁有比兩年前更多的資金，同時建立了所有這些出色的業務並進行了所有這些出色的收購。

So our operating expenses, Yi, I know you're an analyst and you're going to get into the numbers. Our operating expenses, you have to take out the SG&A, which is one time, and the performance payouts will be spread out over time instead of hitting in the fourth quarter in the future. So I would not take our fourth-quarter number and say those are operating expenses at this point; they're not.

所以我們的運營費用，易，我知道你是一名分析師，你會進入數字。我們的運營費用，你必須拿出SG&A，這是一次，績效支出將隨著時間的推移而分散，而不是在未來的第四季度發生。所以我不會拿我們第四季度的數字說這些是目前的運營費用；他們不是。

Okay, thank you.

好的謝謝。

Yi, thank you so much. Thanks so much for following our company. Really appreciate your support, and thank you so much for the questions. MJ, can we go to the next caller, please?

伊，非常感謝你。非常感謝您關注我們公司。非常感謝您的支持，也非常感謝您提出的問題。 MJ，我們可以轉到下一位來電者嗎？

Hunter Diamond, Diamond Equity Research.

Hunter Diamond，鑽石股票研究。

Firstly, congratulations on the recent progress. Can you provide more details on the esophageal diagnostic test and potential economics?

首先，祝賀最近取得的進展。您能否提供有關食管診斷測試和潛在經濟學的更多詳細信息？

Yes. Great. Thanks. Excellent question. Sure. So first of all, we can commercialize this as a cash-only test. But until the key opinion leaders and cancer institutions and the insurance companies get behind you, the question is how effective will we be at distributing that test? And therefore, even if we commercialize it later this year, I have no idea what the numbers are. I'm certainly not going to project it or rely on revenues from this year from a cash-only test.

是的。偉大的。謝謝。很好的問題。當然。所以首先，我們可以將其商業化為只收現金的測試。但在關鍵意見領袖、癌症機構和保險公司支持你之前，問題是我們在分發該測試方面的效率如何？因此，即使我們在今年晚些時候將其商業化，我也不知道具體數字是多少。我當然不會預測它或依賴今年來自純現金測試的收入。

It will be a good way to start. We might hire some salespeople to get the business off the ground, but where the real money is when we got the CPT codes, all right. And again, as the CPT codes, CPT codes, what you get reimbursed is based on the complexity of the test. We believe, we estimate that the CPT code will potentially reimburse us for $1,000 to $2,000.

這將是一個很好的開始。我們可能會聘請一些銷售人員來啟動業務，但是當我們獲得 CPT 代碼時，真正的錢在哪裡，好吧。再一次，作為 CPT 代碼，CPT 代碼，你得到的報銷是基於測試的複雜性。我們相信，我們估計 CPT 代碼可能會為我們報銷 1,000 到 2,000 美元。

Right now, I want to estimate that the test cost us under $500. So that means the gross profit margins could be anywhere from, let's say, 50% to 75%. However, once we start doing those tests in volume, it's possible that test will cost us $300 or $250 or even less. And at that point, the gross profit margins become ridiculously large.

現在，我想估計我們的測試成本不到 500 美元。所以這意味著毛利率可能在 50% 到 75% 之間的任何地方。然而，一旦我們開始批量進行這些測試，測試成本可能會達到 300 美元或 250 美元，甚至更低。到那時，毛利率變得高得離譜。

And again, we're going after -- first of all, there's over 70 million endoscopies performed per year. Specific to GIs, it's over 50 million. I only focused on the first 2 million, which are people with Barrett's esophagus. But understand the test can be performed on more people than just people with Barrett's esophagus. So the starting point is to go after those 2 million people that get an endoscopy every year. And understand in an endoscopy, they're removing biopsy seven or eight tissue samples. We are simply taking a sliver of a tissue sample, running it through our test to predict whether or not you're going to get esophageal cancer.

再一次，我們要追求——首先，每年進行超過 7000 萬次內窺鏡檢查。具體到地理標誌，它超過了 5000 萬。我只關注前 200 萬，他們是巴雷特食管患者。但請理解，該測試可以在更多的人身上進行，而不僅僅是患有巴雷特食管的人。因此，出發點是追踪每年接受內窺鏡檢查的 200 萬人。並了解在內窺鏡檢查中，他們正在取出七八個組織樣本進行活檢。我們只是取一小塊組織樣本，通過我們的測試來預測您是否會患上食道癌。

If you have Barrett's esophagus and you have -- 1 out of 50 or 1 out of 100 people get esophageal cancer that have Barret's esophagus -- that may not sound like a lot unless you're the person with Barrett's esophagus. All of a sudden, you are saying, oh, my God, I may die.

如果您患有 Barrett 食管並且您有——50 人中有 1 人或 100 人中有 1 人患有患有 Barrett 食管的食管癌——這聽起來可能並不多，除非您是患有 Barrett 食管的人。突然間，你在說，哦，我的上帝，我可能會死。

All right. Just think about it. You're the person. Even if you had to pay cash, you wouldn't pay $1,000 or $2,000. It's either know you're going to get esophageal cancer down the road and you can do an ablation to destroy the pre-cancer cells before you get esophageal cancer, or when you want to know, for peace of mind, no, you're not going to get esophageal cancer. Either way who wouldn't pay that $1,000 or $2,000, especially since you're getting the endoscopy anyway?

好的。考慮一下。你就是那個人。即使您必須支付現金，您也不會支付 1,000 美元或 2,000 美元。它要么知道你將來會患上食道癌，你可以在患上食道癌之前進行消融術來破壞癌前細胞，要么當你想知道時，為了安心，不，你是不會得食道癌。無論哪種方式，誰不會支付那 1,000 美元或 2,000 美元，尤其是因為您無論如何都要接受內窺鏡檢查？

From an insurance company's point of view, we believe they're going to be motivated because people right now that are diagnosed with Barrett's esophagus are getting endoscopies every year, which cost the insurance company, $2,000, $3,000, $4,000. And they get them every year, year after year after year and the insurance company -- wouldn't the insurance company rather pay $1,000 or $2,000 one-time?

從保險公司的角度來看，我們相信他們會受到激勵，因為現在被診斷患有巴雷特食管的人每年都要接受內窺鏡檢查，這讓保險公司花費了 2,000 美元、3,000 美元、4,000 美元。他們每年都收到保險，年復一年，保險公司 — 保險公司不願意一次性支付 1,000 美元或 2,000 美元嗎？

Also, for the people who actually get esophageal cancer, if we can prevent them from getting esophageal cancer, think of how much money that saves the insurance company. So we believe that the insurance companies, from a monetary point of view, are going to be motivated to provide us with the CPT codes. And the way to get the CPT code is to get the key opinion leaders and cancer institutions behind you. That's what we're doing right now year in advance. That's what we're building right now.

還有，對於真正得食道癌的人來說，如果能不讓他們得食道癌，想想能給保險公司省多少錢。因此，我們認為，從金錢的角度來看，保險公司將有動力向我們提供 CPT 代碼。而獲得CPT代碼的方法就是讓你身後的關鍵意見領袖和癌症機構。這就是我們提前一年現在正在做的事情。這就是我們現在正在建設的。

So when you read about how our scientists are going, as they did just a few weeks ago to present their findings on our esophageal cancer test at these major conferences, that's all about building momentum and getting the key opinion leaders and cancer institution behind you. And, look, we're involved with Mayo Clinic in the United States. I mentioned that we're also working globally, which means that we're working with major institutions and companies in other countries that are just as big as Mayo Clinic.

因此，當您了解我們的科學家的進展情況時，就像他們幾週前在這些主要會議上介紹我們的食道癌測試結果時所做的那樣，這就是建立勢頭並獲得關鍵意見領袖和癌症機構的支持。而且，看，我們參與了美國的梅奧診所。我提到我們也在全球開展工作，這意味著我們正在與其他國家的主要機構和公司合作，這些機構和公司的規模與梅奧診所一樣大。

And so that's only the tip of the iceberg. I haven't even gotten into this, but there may -- we may be developing an even more effective and easier to use test that could be done on more than just people with endoscopies and potentially could be done in a doctor's office. It is -- the potential of this test is enormous. And I can just tell you we have a phenomenal relationship with Dr. Hartley at Mayo Clinic. My team speaks to him on almost a daily basis.

所以這只是冰山一角。我什至還沒有深入研究這個問題，但可能——我們可能正在開發一種更有效、更易於使用的測試，它不僅可以對接受內窺鏡檢查的人進行，而且有可能在醫生辦公室進行。它是——這個測試的潛力是巨大的。我可以告訴你，我們與梅奧診所的哈特利醫生有著非凡的關係。我的團隊幾乎每天都與他交談。

We just met with a gastro surgeon last night who is hugely behind this test, and he is just as excited. And we're now working with healthcare companies in other countries who are excited about the test. So there's a lot behind this. The numbers have enormous potential, but understand it's a development phase test. It's no different than a cancer drug that's been under development for 10 years. And then one day, it's commercialized, and all of a sudden, it's worth billions of dollars.

昨晚我們剛剛會見了一位胃外科醫生，他大力支持這項測試，他也同樣興奮。我們現在正在與其他國家/地區對測試感到興奮的醫療保健公司合作。所以這背後有很多。這些數字具有巨大的潛力，但請理解這是一個開發階段的測試。這與開發了 10 年的抗癌藥物沒有什麼不同。然後有一天，它被商業化了，突然之間，它價值數十億美元。

We are, I believe, in the eighth inning of developing our esophageal cancer test. I hope that gave you some perspective. I appreciate the question. Hunter, do you have another question, please?

我相信，我們正處於開發食道癌測試的第八局。我希望這能給你一些看法。我很欣賞這個問題。獵人，你還有其他問題嗎？

No, I definitely did. Yes, one more. But no, I agree, endoscopy is sort of the standard of care. So I mean, I think it's definitely a needed offering.

不，我確實做到了。是的，還有一個。但不，我同意，內窺鏡檢查是一種標準治療。所以我的意思是，我認為這絕對是一個需要的產品。

Shifting over to Nebula, I know you recently announced the pricing, that you're looking to differentiate on lower price. Can you comment on other aspects of how you're going to differentiate other than price and how much price you view is a component of consumers purchasing genome sequencing?

轉向 Nebula，我知道你最近宣布了定價，你希望以較低的價格脫穎而出。您能否評論一下除了價格之外您將如何區分的其他方面，以及您認為消費者購買基因組測序的一個組成部分是多少價格？

Yes. So there's really two components. There's price and there's turnaround time and reliability and service. Our lab just happen to have better turnaround times, reliability, and service than virtually any lab in the country, which is why we went over all these customers two years ago, why our business exploded, and we outperformed 95% of labs in the country. So we have that down path.

是的。所以實際上有兩個組成部分。有價格，有周轉時間和可靠性和服務。我們實驗室的周轉時間、可靠性和服務恰好比該國幾乎任何實驗室都好，這就是為什麼我們在兩年前拜訪了所有這些客戶，為什麼我們的業務爆炸式增長，我們的表現優於該國 95% 的實驗室.所以我們有那條路。

Having said -- and we are building out our genomics lab as we speak. And oh, by the way, I didn't mention to everybody. I just walked into our lab downstairs for a first time in a few weeks. It blew me away. The carpeting is in. All the equipment is in. We have a full built-out clinical lab that is absolutely beautiful. Blew my mind. Can't believe how nice it is.

話雖如此——我們正在建設我們的基因組學實驗室。哦，順便說一句，我沒有向所有人提及。幾週以來，我第一次走進樓下的實驗室。它讓我震驚。地毯在裡面。所有設備都在裡面。我們有一個完整的臨床實驗室，非常漂亮。讓我大吃一驚。不敢相信它有多好。

And then the same thing happened with our genetics lab -- you know, our genomics lab that's going to do the whole genome sequencing. Again, these labs are really impressive. Anybody in the Garden City, New York area ever want to come visit, I promise you will be impressed. I looked at 60 labs to acquire in the last year or so, all failed in comparison to our lab.

然後同樣的事情發生在我們的遺傳學實驗室——你知道，我們的基因組學實驗室將進行全基因組測序。同樣，這些實驗室確實令人印象深刻。紐約花園城市的任何人都想來參觀，我保證你會留下深刻的印象。我查看了過去一年左右收購的 60 個實驗室，與我們的實驗室相比，它們都失敗了。

So number one, from a lab point of view, hands down, people are going to come to our company to do whole genome sequencing and genomic testing. Number two, price. Certainly, for the universities, price is key and also the direct-to-consumer price is key. The reason why the major companies like 23andMe and Ancestry.com never got into whole genome sequencing is because, historically, it was so expensive. You can't sell a test to consumers at $1,000; they're just not going to pay for it.

所以第一，從實驗室的角度來看，毫無疑問，人們會來我們公司做全基因組測序和基因組測試。第二，價格。當然，對於大學來說，價格是關鍵，直接面向消費者的價格也是關鍵。像 23andMe 和 Ancestry.com 這樣的大公司從未涉足全基因組測序的原因是，從歷史上看，它太貴了。您不能以 1,000 美元的價格向消費者出售測試；他們只是不會為此付出代價。

And so whole genome sequencing was so expensive, so they instead built their whole model based on a technology that study is a very small percentage of your genome, which is all you need to get fantastic ancestry information, especially when you test as many people as they have around the world, you tie it all together. You don't have to study a big percentage of your genome to get very accurate ancestry information.

因此全基因組測序非常昂貴，所以他們轉而基於一種技術構建整個模型，該技術研究的是你基因組的一小部分，這是獲得極好的祖先信息所需的全部，特別是當你測試盡可能多的人時他們在世界各地都有，你把它們綁在一起。您不必研究很大一部分基因組即可獲得非常準確的祖先信息。

But as they try to get into health-related information, the problem is they're doing it with a test that studies a small percentage of your genome, which means that it's not going to give you the type of results that you get with whole genome sequencing. It's like apples and oranges. Technically, our whole genome sequencing test provides more than 1,000 times more data points than what these other companies provide with their test. So that's number one.

但當他們試圖獲取與健康相關的信息時，問題在於他們正在通過一項研究一小部分基因組的測試來做到這一點，這意味著它不會為您提供與整個基因組相同的結果類型基因組測序。這就像蘋果和橘子。從技術上講，我們的全基因組測序測試提供的數據點比這些其他公司提供的測試多 1,000 倍。所以這是第一。

Number two, universities doing research, clearly, they're going to whole genome sequencing. That's not even a question. But with the universities, they are on tight budgets. And so it's critically important to them when they have a certain budget, they want to test as many people as they can within the budget. Price is critical.

第二，從事研究的大學，很明顯，他們將進行全基因組測序。這甚至不是問題。但是對於大學來說，他們的預算很緊。因此，當他們有一定的預算時，這對他們來說至關重要，他們希望在預算範圍內測試盡可能多的人。價格很關鍵。

So first of all, the consumers, consumers aren't going to pay a fortune. So if we can provide a whole genome sequencing test at that cost, how can anybody compete? First of all, because of our relationships with the global leaders, we literally are working with the global leaders who, in turn, want us to be their number-one lab in the United States representing them. And so we literally are getting the best deals of any company in the country, not only for their equipment, but for their consumables. And at the end of the day, the consumables is what drives price.

所以首先，消費者，消費者不會花大價錢。因此，如果我們能夠以這樣的成本提供全基因組測序測試，還有誰能與之競爭呢？首先，由於我們與全球領導者的關係，我們實際上是在與全球領導者合作，而這些領導者又希望我們成為他們在美國的頭號實驗室，代表他們。因此，我們確實獲得了該國所有公司的最優惠價格，不僅是他們的設備，還有他們的消耗品。歸根結底，消耗品才是推動價格的因素。

So we don't believe that there's anybody that can actually process a whole genome sequencing test as inexpensively as we can. And then in selling it to the consumers, we can sell it across because of our model -- our subscription model where we sell a subscription, we make all the money on the subscription. So I don't see how anybody can compete with us.

所以我們不相信有任何人可以像我們一樣以低廉的價格實際處理全基因組測序測試。然後在將它賣給消費者時，我們可以通過我們的模式銷售它——我們的訂閱模式，我們出售訂閱，我們從訂閱中賺取所有的錢。所以我看不出有什麼人可以與我們競爭。

And then as far as the universities are concerned, I'd say 80% of decisions actually based on price. So clearly, we're going to mark up the price, but we're not selling them a subscription. We're going to mark up the price so that we make a profit. But even in marking up the price, we're still going to be able to offer to them than anybody else.

然後就大學而言，我會說 80% 的決定實際上是基於價格。很明顯，我們將提高價格，但我們不會向他們出售訂閱服務。我們要加價以便我們賺取利潤。但即使在加價的情況下，我們仍然能夠向他們提供比其他任何人都多的報價。

And then meanwhile, the universities doing research in personalized precision medicine, that business is exploding. We are in the first inning. The amount of research that's going to be ongoing in the coming years is going to be ridiculously large. Again, it's like the Internet 20 years ago. We are so well positioned. Our company is so well positioned.

與此同時，從事個性化精準醫療研究的大學業務正在爆炸式增長。我們在第一局。未來幾年將要進行的研究數量將大得離譜。同樣，這就像 20 年前的互聯網。我們的位置非常好。我們公司的定位非常好。

You know, it's like if you found a leading Internet company 20 years ago, you wouldn't know it in advance and you just wrote it. And for a few years, it's amazing how much money you would have made. Well, it's the same thing with what we're doing now in the field of genomics with our whole genome sequencing. We're in the first inning. We're a leader in terms of our lab and our reputation and our turnaround times, our customer service. And then number two, we're working with the largest companies in the world who are providing us with the least expensive consumables so that nobody can compete with us.

你知道，這就像如果你在 20 年前找到一家領先的互聯網公司，你不會提前知道它，你只是寫了它。幾年來，你賺了多少錢是驚人的。好吧，這與我們現在在基因組學領域所做的全基因組測序是一回事。我們在第一局。我們在實驗室、聲譽、周轉時間和客戶服務方面處於領先地位。其次，我們正在與世界上最大的公司合作，他們為我們提供最便宜的消耗品，這樣就沒有人可以與我們競爭。

And then in addition to that, we're working on potential strategic initiatives with some of the other largest companies in the world that want to partner with us that are really impressed with our library and other strategic initiatives. And these are global companies that wants to partner -- potentially partner with us, not only in Nebula Genomics but also with our esophageal cancer test and also with their Linebacker.

除此之外，我們正在與世界上其他一些希望與我們合作的最大公司合作制定潛在的戰略計劃，這些公司對我們的圖書館和其他戰略計劃印象深刻。這些是希望合作的全球公司——可能與我們合作，不僅在 Nebula Genomics 方面，而且在我們的食道癌測試以及他們的 Linebacker 方面。

And they might even want to white label our whole genome sequencing tests that we're going to be selling into retail stores. They may want to take our tests, our packaging, let us do everything because we're experts at that. And they want us to ship it and distribute it for them in other countries. So it's really far ranging and it really leverages all the assets of our company. Hope that accurately answered your question.

他們甚至可能想要將我們將要出售給零售店的全基因組測序測試貼上白標。他們可能想接受我們的測試，我們的包裝，讓我們做所有事情，因為我們是這方面的專家。他們希望我們將其運送並在其他國家/地區為他們分發。所以它真的很遠，它真的利用了我們公司的所有資產。希望能準確回答你的問題。

No, it did. It absolutely did. I think it is a great growth area. And like you mentioned, it's just the whole industry is in hypergrowth, right? So you're ideally positioning yourself at a very high-growth arena in the market. Again, thank you for taking my questions.

不，確實如此。它絕對做到了。我認為這是一個巨大的增長領域。就像你提到的，整個行業都在高速增長，對吧？因此，您理想地將自己定位在市場上一個非常高增長的領域。再次感謝您回答我的問題。

Of course. Hunter, thanks so much. Thanks for your interest in our company as well. And, MJ, back to our next questioner, please.

當然。獵人，非常感謝。也感謝您對我們公司的關注。 MJ，請回到我們的下一個提問者。

And the next question comes from Patrick E. Patterson, retail investor. Please go ahead.

下一個問題來自散戶投資者 Patrick E. Patterson。請繼續。

Good morning, Ted. Thanks very much for everything you're working. It just sounds great.

早上好，泰德。非常感謝你所做的一切。聽起來不錯。

Thank you. You're quite welcome and thanks for your continued support, Pat.

謝謝。不客氣，感謝您一直以來的支持，帕特。

Ted, I want to ask a question about Nebula Genomics also. I mean, it's pretty clear from just your discussion just now that on Nebula Genomics is just a really important ingredient in the company's future, and yet it doesn't even seem to be included in our market cap or stock price.

Ted，我也想問一個關於 Nebula Genomics 的問題。我的意思是，從你剛才的討論中可以清楚地看出，星雲基因組學只是公司未來的一個非常重要的組成部分，但它似乎甚至沒有包含在我們的市值或股價中。

And I just wonder if you've given thought to what we could do to try literally uncork Nebula's pent-up value. Could you talk about that?

我只是想知道您是否考慮過我們可以做些什麼來嘗試從字面上解開 Nebula 被壓抑的價值。你能談談嗎？

Sure, sure. Great question. And it's interesting you should ask that because I was just having a discussion about that this morning. Look, there's a lot of strategic initiatives that we're working on. There's a lot of things we're doing with our company. When you build a company that has assets with big potential, it gives you a lot of options on what to do with those assets.

一定一定。很好的問題。有趣的是你應該問這個問題，因為我今天早上剛剛討論過這個問題。看，我們正在研究很多戰略舉措。我們正在與我們的公司一起做很多事情。當你建立一家擁有巨大潛力資產的公司時，它會為你提供很多關於如何處理這些資產的選擇。

Now in my mind, if I think an asset is worth hundreds of millions of dollars, I'm not going to sell it for $50 million or $100 million. And I think an asset is worth billions of dollars, I'm not going to sell it for $250 million. I think somebody asked me, I was on a virtual non-deal roadshow call and somebody asked me, would you sell your esophageal cancer test? I can't remember if he said $150 million or $250 million. I'm like, I wouldn't even consider selling it right now.

現在在我看來，如果我認為一項資產價值數億美元，我不會以 5000 萬或 1 億美元的價格出售它。而且我認為一項資產價值數十億美元，我不會以 2.5 億美元的價格出售它。我想有人問我，我正在參加一個虛擬的非交易路演電話，有人問我，你會賣掉你的食道癌測試嗎？我不記得他說的是 1.5 億美元還是 2.5 億美元。我想，我什至不會考慮現在賣掉它。

Why? Could you imagine Amazon or Tesla, whatever the market cap is 10 years ago, somebody said, I'll give you, you know, 50% more for it? They would be foolish to take it. Well, if I really believe in the assets that we're developing -- I really do -- why would I sell any of them now?

為什麼？你能想像亞馬遜或特斯拉，無論 10 年前的市值是多少，有人說，我會給你，你知道的，多 50%？他們接受它是愚蠢的。好吧，如果我真的相信我們正在開發的資產——我真的相信——為什麼我現在要賣掉它們中的任何一個？

So with something like Nebula, honestly, I think that we could sell the business right now and create significant value for shareholders today. But I think that a year from now, Nebula is going to be worth dramatically more. Quite frankly, I think I mentioned this once before. I was having a conversation with George Church, who's world renowned in genomics. He could have retired on all the companies he has founded. He's a professor up at Harvard, and he does that because of his love of genomics. He doesn't do it for money. And I don't even know -- I don't want to speak out of term, but he's made an enormous amount of money, probably more than the hallmark cap of company.

因此，老實說，對於像 Nebula 這樣的公司，我認為我們現在可以出售業務，並為今天的股東創造可觀的價值。但我認為，從現在起一年後，星雲的價值將大大提高。坦率地說，我想我之前提到過一次。我正在與世界著名的基因組學專家 George Church 交談。他本可以在他創立的所有公司退休。他是哈佛大學的教授，他這樣做是因為他對基因組學的熱愛。他不是為了錢。而且我什至不知道——我不想過時地說，但他賺了很多錢，可能超過了公司的標誌性上限。

And one day, I was joking with him during one of our Advisory Board meeting, and I said, we might potentially have a buyer for Nebula Genomics of $100 million. He said, don't you dare sell Nebula Genomics for $100 million. Like, he was mad. He was like, don't you even consider it. I said, no, no, no, George, don't worry. We're not going to.

有一天，在我們的一次顧問委員會會議上，我和他開玩笑說，我們可能有 1 億美元的 Nebula Genomics 買家。他說，你不敢1億美元賣Nebula Genomics。就像，他瘋了。他就像，你甚至不考慮它。我說，不，不，不，喬治，別擔心。我們不會。

So I hope that gives you some perspective that at the rate of growth -- and you got to understand over the last two years, the market has not put a multiple on our revenues or earnings because they didn't believe that they would be long term, and they were correct. It turned out that our COVID testing last a year longer than anybody expected. We did significantly more business than anybody expected, last year longer than anybody expected. And at the same time, we never got a multiple of those earnings -- of those revenues and earnings ever.

所以我希望這能給你一些觀點，以增長率——你必須明白，在過去兩年裡，市場並沒有對我們的收入或收益進行倍數估計，因為他們不相信它們會長期存在術語，他們是正確的。事實證明，我們的 COVID 測試持續了一年，比任何人預期的都要長。我們做的生意比任何人預期的要多得多，去年比任何人預期的都要長。與此同時，我們從來沒有得到過這些收入的倍數——這些收入和收入的倍數。

On the other hand, I believe that as Nebula grows this year, and then numbers really starts to pop from a small base to a bigger base, we could get an enormous multiple of revenues on a company like Nebula, especially when its peers have no revenues at all of that [$1,500 million valuation]. So the type of valuation -- so look, hypothetically, hypothetically, we could IPO Nebula. I happen to be working on some other things that I want to do first. But hypothetically, there are companies -- I think it was Alibaba just announced the stock's up based on the fact that they want to split up into six separate companies. You can unlock a lot of value with IPOs.

另一方面，我相信隨著 Nebula 今年的增長，然後數字真的開始從一個小基數增加到一個更大的基數，我們可以從像 Nebula 這樣的公司獲得巨大的收入倍數，尤其是當它的同行沒有所有這些的收入 [15 億美元的估值]。所以估值的類型——所以看，假設，假設，我們可以 IPO Nebula。我碰巧在做其他一些我想先做的事情。但假設有一些公司——我認為是阿里巴巴剛剛宣布股價上漲，因為他們想拆分成六家獨立的公司。您可以通過首次公開募股釋放很多價值。

So it is possible down the road that I could IPO Nebula. I'd rather do that than sell it if I think it could be worth so much more in one, two, or three years. I wouldn't want to sell it. Because if the company doesn't need the money right now, all of our shareholders, with most of our long-term shareholders, and I want to build value over the next two, three, four, five years, I don't want to sell it short because we can make a quick buck over the next three to six months.

因此，我有可能在未來對 Nebula 進行 IPO。如果我認為它在一年、兩年或三年內會值這麼多錢，我寧願這樣做也不願賣掉它。我不想賣掉它。因為如果公司現在不需要錢，我們所有的股東，還有我們的大多數長期股東，我想在未來兩、三年、四年、五年內創造價值，我不想賣空它，因為我們可以在接下來的三到六個月內快速賺錢。

So just -- it gives you an idea of how I'm thinking. I'm thinking for long-term shareholders. But having said that, long term doesn't have to be five to 10 years. It can be one to two years with what we're working on. So we just have to wait and see how this plays out. But an IPO of Nebula is always a possibility. I would consider that before I consider sale just because it has so much potential and it's growing so quickly and all systems are going.

所以只是 - 它讓你了解我的想法。我在為長期股東著想。但話說回來，長期不一定是五到十年。我們正在做的事情可能需要一到兩年的時間。所以我們只能等著看結果如何。但 Nebula 的 IPO 總是有可能的。在我考慮銷售之前，我會先考慮這一點，因為它具有巨大的潛力並且增長如此之快並且所有系統都在運行。

Thank you, Ted. I appreciate it.

謝謝你，特德。我很感激。

Yes. I really appreciate your continued support, Pat. I really do. Thanks for the call. MJ, on to the next one, please.

是的。帕特，我真的很感謝你一直以來的支持。我真的喜歡。感謝您的來電。 MJ，請轉到下一個。

The next question is from Fred McDonald, private investor. Please go ahead.

下一個問題來自私人投資者 Fred McDonald。請繼續。

Hi, Ted. How are you doing?

嗨，泰德。你好嗎？

Excellent, thank you. Thanks for calling in and for your support, Fred. How can I help you?

非常好，謝謝。弗雷德，感謝您的來電和支持。我怎麼幫你？

In your press release today, you talked about the global opportunities for BE-Smart. And then previously, you indicated that you're going over to United Arab Republic in a couple of weeks. Is this to close a deal with the BE-Smart and G42?

在今天的新聞稿中，您談到了 BE-Smart 的全球機遇。之前，您表示您將在幾週後前往阿拉伯聯合共和國。這是為了與 BE-Smart 和 G42 達成交易嗎？

So actually, as I mentioned, Sam Beeler has been -- he's our Chief Strategy Officer for Nebula and has tremendous relationships with companies, including G42 Healthcare, which was acquired by Mubadala, which is a $43 billion company, and they are very, very big in healthcare. It's a primary focus of theirs.

所以實際上，正如我提到的，Sam Beeler 一直是——他是我們 Nebula 的首席戰略官，與公司有著良好的關係，包括 G42 Healthcare，該公司被 Mubadala 收購，這是一家價值 430 億美元的公司，他們非常、非常大醫療保健。這是他們的主要關注點。

They are huge in genomics. They are responsible for the Emirati genome program, which is to test 1 million residents in the UAE for -- to do whole genome sequencing. And so this is a prime focus of theirs. And then at the same time, they have a tremendous lab, which I toured. I don't remember the last time I was over in Abu Dhabi. That might have been six weeks ago.

它們在基因組學方面非常重要。他們負責阿聯酋基因組計劃，該計劃將對阿聯酋的 100 萬居民進行全基因組測序測試。因此，這是他們的主要關注點。同時，他們有一個巨大的實驗室，我參觀了它。我不記得上次去阿布扎比是什麼時候了。那可能是六個星期前的事了。

I toured their lab and it's really interesting. We're building our lab here almost in parallel. It's really interesting the equipment that's in both. And then what's an interesting coincidence is we have very specialized equipment that we used to do our esophageal cancer testing. And what a coincidence, G42 Healthcare happens to have that exact same equipment.

我參觀了他們的實驗室，這真的很有趣。我們幾乎同時在這裡建設我們的實驗室。兩者中的設備真的很有趣。一個有趣的巧合是，我們擁有非常專業的設備來進行食道癌檢測。巧合的是，G42 Healthcare 恰好擁有完全相同的設備。

And so as you understand, G42 Healthcare isn't the only large company over there that we're talking to. And so there's a lot going on both with Nebula Genomics as well as with our BE-Smart esophageal cancer tests. It's just not appropriate for me to get more specific. When I have something to announce, I will announce it. I don't want to mislead anybody. I don't want to say we're about to announce a big deal or there's something deal or anything like that.

如您所知，G42 Healthcare 並不是我們正在與之交談的唯一一家大公司。因此，Nebula Genomics 以及我們的 BE-Smart 食管癌測試都有很多進展。我不適合說得更具體。當我有什麼要宣布的時候，我會宣布它。我不想誤導任何人。我不想說我們即將宣布一項大交易，或者有什麼交易或類似的事情。

I'm just working. I'm just working, developing the value of our assets. There's a lot of opportunities. We're working on a lot of opportunities. But what I can tell you is we're working on, number one, is very real. Number two, everyone around us, from key opinion leaders, the cancer institutions, and large healthcare companies are all interested in what we're doing. They are all taking our calls, they're all talking to us, and we're discussing strategies with all of them.

我只是在工作。我只是在工作，開發我們資產的價值。有很多機會。我們正在研究很多機會。但我可以告訴你的是，我們正在努力，第一，是非常真實的。第二，我們周圍的每個人，來自關鍵意見領袖、癌症機構和大型醫療保健公司，都對我們正在做的事情感興趣。他們都在接我們的電話，他們都在和我們交談，我們也在和他們所有人討論策略。

As I mentioned, I just spoke to -- literally just visited my office last night was a GI surgeon who is super excited about esophageal cancer test. And at the same time, look, people get esophageal cancer around the world. Everybody gets GERD, not just in this country. And it's growing at a rapid rate, especially with the health. Apparently, people that gain weight have more of an issue with GERD. And it's taking off around the world. And it's a big problem over in the UAE and in the MENA region, in Middle East, North Africa, that whole area.

正如我提到的，我剛剛和一位胃腸外科醫生談過——實際上昨晚剛來過我的辦公室，他對食道癌測試非常興奮。同時，你看，全世界都有人患食道癌。每個人都會患胃食管反流病，不僅僅是在這個國家。而且它正在快速增長，尤其是在健康方面。顯然，體重增加的人更容易患胃食管反流病。它正在世界各地起飛。這在阿聯酋和中東、北非以及整個地區都是一個大問題。

And so the numbers are taking off for GERD; the numbers are taking off for Barrett's esophagus. And obviously, they are taking off for esophageal cancer. And so wouldn't the leader in Abu Dhabi, wouldn't he love to take credit for introducing an esophageal cancer test that saves thousands of lives. I mean, it would be great PR. And it would be great motivation and he just happens to back the largest healthcare company, not to mention he backs the largest bank in Abu Dhabi.

因此，GERD 的數字正在上升；巴雷特食管的數字正在上升。顯然，他們因食道癌而起飛。阿布扎比的領導人也不會，他不會喜歡因引入拯救數千人生命的食道癌測試而受到讚譽。我的意思是，這將是很棒的公關。這將是一個巨大的動力，他恰好支持最大的醫療保健公司，更不用說他支持阿布扎比最大的銀行。

And so there is a lot going on over there. We have a lot of opportunities and are following up on all of them. When I have more to announce, I promise you, I will update our shareholders as quickly as I can. I hope that answers your question appropriately. I really don't want to give people too excited, but at the same time, it's awfully exciting.

所以那裡發生了很多事情。我們有很多機會，並且正在跟進所有這些機會。當我有更多消息要宣佈時，我向你保證，我會盡快更新我們的股東。我希望這能恰當地回答你的問題。我真的不想讓人太興奮，但同時又非常令人興奮。

Thanks, Ted. One more question, can the BE-Smart technology be used in other procedures?

謝謝，泰德。還有一個問題，BE-Smart技術可以用在其他程序上嗎？

So the BE-Smart technology is literally taking a sliver of a biopsy -- of the tissue biopsy. We are actually working on other technologies. And what's interesting about it, what it's actually doing, we are studying, and this is proprietary unique proteins. What happens is everybody has a mix of proteins. People with -- that develop esophageal cancer, the ratio of certain proteins changes. And so the key is to find the right protein markers.

所以 BE-Smart 技術實際上是從活組織檢查中提取一小部分——組織活檢。我們實際上正在研究其他技術。它的有趣之處，它實際上在做什麼，我們正在研究，這是專有的獨特蛋白質。發生的事情是每個人都有蛋白質的混合物。患有食道癌的人，某些蛋白質的比例會發生變化。所以關鍵是找到正確的蛋白質標記。

And from what I understand, nobody else has uncovered the protein markers that we are currently working with. Those same protein markers could potentially be used for more than just esophageal cancer. Well, first of all, it could be used for more than just testing to predict the esophageal cancer, ultimately, understanding more about those protein markers could help us develop a therapeutic to treat esophageal cancer. That's sort of way out there, that's sort of Phase 2.

據我所知，沒有其他人發現過我們目前正在研究的蛋白質標記物。這些相同的蛋白質標記物可能不僅僅用於食道癌。好吧，首先，它不僅可以用於預測食道癌的測試，最終，更多地了解這些蛋白質標記物可以幫助我們開發治療食道癌的療法。那有點出路，那是第二階段。

And then also, at the same time, in parallel, I haven't even -- this is not something I have even gotten into detail on yet. It's possible we can develop the test to work in a different way where we don't even need an endoscopy, where it's a procedure that can be done in a doctor's office. And I don't want to go into more detail than that now.

然後，與此同時，我什至還沒有——這不是我什至還沒有詳細介紹的內容。我們有可能開發測試以不同的方式工作，我們甚至不需要內窺鏡檢查，這是一個可以在醫生辦公室完成的程序。現在我不想談得比這更詳細。

So those are the first. So there is two to three different ways that this esophageal cancer test could play out, all have enormous potential. It doesn't exactly answer your question, but I can tell you that's what we are focused on at the current time.

所以這些是第一位的。因此，這種食道癌檢測可以通過兩到三種不同的方式發揮作用，所有方式都具有巨大的潛力。它並不能完全回答你的問題，但我可以告訴你這是我們目前關注的重點。

Great. Thank you, Ted.

偉大的。謝謝你，泰德。

Oh, you're quite welcome. I think that concludes our call. MJ, is there anyone else?

哦，不客氣。我想我們的通話到此結束。 MJ，還有其他人嗎？

No more questions in the queue at this time. I will turn it back to you for closing remarks.

目前隊列中沒有其他問題。我會把它交還給你作結束語。

Fantastic. So, look, we ended up. This was an hour call, which is perfect. That's what I would have targeted. I hope I didn't talk too much. I hope everyone got an idea of what we are working on. Everything we are working on is real. There are no guarantees in life. But if you can invest in small-cap development-stage companies, at least you are investing in a management team that has historically executed. I am also the largest shareholder of the company, so you can bet I am going to continue to execute on behalf of the shareholders.

極好的。所以，看，我們結束了。這是一個小時的通話，非常完美。這就是我的目標。我希望我沒有說太多。我希望每個人都知道我們正在做什麼。我們所做的一切都是真實的。生活中沒有保證。但是，如果你可以投資處於發展階段的小型公司，至少你是在投資一個歷來執行力強的管理團隊。我也是公司的第一大股東，所以你可以打賭我會繼續代表股東執行。

We have a fantastic management team in place. We have a demonstrated history not only over the last 10 years, but over the last two years of executing. And now we have horses in the race that we never had before. And we have assets that we never had before that of enormous potential.

我們擁有一支出色的管理團隊。我們不僅在過去 10 年，而且在過去兩年的執行中都擁有出色的歷史。現在我們在比賽中有了以前從未有過的馬匹。我們擁有前所未有的巨大潛力資產。

We executed the other times we had assets. Cold-EEZE, when we took it over, I don't even know if that had any potential. We turned around and sold for $50 million. What we are working on now 10x, 20x the potential of what we did with Cold-EEZE.

我們執行了其他時間我們有資產。 Cold-EEZE，當我們接管它時，我什至不知道它是否有任何潛力。我們轉身以 5000 萬美元的價格出售。我們現在所做的工作是我們使用 Cold-EEZE 所做工作的潛力的 10 倍、20 倍。

And then with our lab, again, we got into the business. We executed literally from the first week we were in the business. It's ridiculous how much business we did. And now we have all these different assets, and you can bet with us, bet against us, but we are developing all these different assets, and I would be surprised if at least one of these assets doesn't turn into something really big. And the truth of the matter is I don't see why all of the assets aren't going to turn into something really big.

然後我們的實驗室又一次進入了這個行業。從我們進入公司的第一周開始，我們就真正地執行了。我們做了多少生意真是荒謬。現在我們擁有所有這些不同的資產，你可以和我們打賭，也可以打賭我們，但我們正在開發所有這些不同的資產，如果這些資產中至少有一項沒有變成真正大的東西，我會感到驚訝。事情的真相是我不明白為什麼所有的資產都不會變成真正大的東西。

And with that, I really appreciate everybody joining the call today. And I really appreciate your time and your support or your potential support. And I look forward to updating all of our shareholders probably in the not-too-distant future with a lot of good stuff to come.

因此，我非常感謝今天加入電話會議的每一個人。我真的很感謝你的時間和支持或潛在的支持。我期待著在不久的將來向我們所有的股東更新很多好東西。

With that, everybody, have a great day. Thank you so much. And thank you, MJ, for hosting the call today.

有了這個，每個人都有美好的一天。太感謝了。感謝 MJ 今天主持電話會議。