Sanara Medtech Inc (SMTI) 2022 Q4 法說會逐字稿

Greetings and welcome to the Sanara MedTech Incorporated fourth-quarter and 2022 full-year results and business update call. (Operator Instructions).

歡迎來到 Sanara MedTech Incorporated 第四季度和 2022 年全年業績和業務更新電話會議。 （操作員說明）。

I will now turn the conference over to your host, Mr. Callon Nichols. You may begin.

我現在將會議轉交給主持人 Callon Nichols 先生。你可以開始了。

Thank you, and good morning, everyone. I'd like to welcome you to Sanara MedTech's earnings conference call for the quarter and year ended December 31, 2022.

謝謝大家，早上好。歡迎您參加 Sanara MedTech 截至 2022 年 12 月 31 日的季度和年度收益電話會議。

We issued our earnings release yesterday afternoon, and I would like to highlight that we have posted today's deck on the Investor Relations page of our website. The supplemental deck as well as a copy of the earnings release and Form 10-K for the year ended December 31, 2022, are available on this page. We will reference this information in our remarks today.

我們昨天下午發布了收益報告，我想強調一下，我們已經在我們網站的投資者關係頁面上發布了今天的套牌。本頁提供截至 2022 年 12 月 31 日止年度的補充資料以及收益發布和 10-K 表格的副本。我們將在今天的評論中引用這些信息。

We expect today's prepared comments from Ron Nixon, Executive Chairman; Zach Fleming, Chief Executive Officer; and Mike McNeil, Chief Financial Officer to last approximately 15 minutes to allow time for Q&A.

我們期待執行主席 Ron Nixon 發表今天準備好的評論；扎克·弗萊明，首席執行官；和首席財務官邁克麥克尼爾持續大約 15 分鐘，以便有時間進行問答。

Certain statements in this conference call, in our press release, and in our supplemental deck include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

本次電話會議、我們的新聞稿和我們的補充資料中的某些陳述包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

For more information about the risks and uncertainties involving forward-looking statements and factors that could cause actual results to vary materially from those projected or implied by forward-looking statements, please see our most recent annual report on Form 10-K.

有關涉及前瞻性陳述的風險和不確定性以及可能導致實際結果與前瞻性陳述預測或暗示的結果存在重大差異的因素的更多信息，請參閱我們最近的 10-K 表格年度報告。

Now, I'd like to turn the call over to Ron.

現在，我想把電話轉給羅恩。

Thank you, Callon, and good morning, everyone. In 2022 Sanara generated $45.8 million in net revenue, representing a 90% increase from the prior-year period. Fourth quarter of 2022 was another record year -- a record quarter for Sanara as well as for our historical business lines prior to acquiring Scendia.

謝謝你，Callon，大家早上好。 2022 年，Sanara 產生了 4580 萬美元的淨收入，比上年同期增長 90%。 2022 年第四季度又是創紀錄的一年——Sanara 以及我們在收購 Scendia 之前的歷史業務線都創下了創紀錄的季度。

In the fourth quarter, the company generated $15.3 million in net revenue and was the first quarter during which the company generated over $5 million in net revenue in a single month.

第四季度，該公司產生了 1530 萬美元的淨收入，這是該公司第一個單月淨收入超過 500 萬美元的季度。

We continue to see strong growth in Cellerate sales as well as sales from the products we licensed from Cook Biotech. The sales of Scendia were flat from Q3 to Q4 due to a stockout of our Allocyte product, which we will discuss in more detail later.

我們繼續看到 Cellerate 銷售額以及我們從 Cook Biotech 獲得許可的產品的銷售額強勁增長。由於我們的 Allocyte 產品缺貨，Scendia 的銷售額從第三季度到第四季度持平，我們稍後將對此進行更詳細的討論。

For the year, our net loss was $8.1 million in 2022 compared to $8 million in 2021. Mike will go into further detail, but the company had a loss before income taxes of $13.9 million compared to loss before income taxes of $8.0 million in 2021.

就這一年而言，我們在 2022 年的淨虧損為 810 萬美元，而 2021 年為 800 萬美元。邁克將詳細介紹，但該公司的所得稅前虧損為 1390 萬美元，而 2021 年的所得稅前虧損為 800 萬美元。

The higher loss in 2022 was due to increased SG&A costs, higher R&D expenses, and the loss on disposal -- on the disposal of the investment related to the dissolution of Sanara Pulsar and higher amortization of our acquired intangible assets related to the acquisitions of Precision Healing and Scendia.

2022 年虧損增加是由於 SG&A 成本增加、研發費用增加以及處置損失——處置與解散 Sanara Pulsar 相關的投資以及與收購 Precision 相關的無形資產攤銷增加治療和辛迪亞。

Despite the record quarter and year, our sales were impacted in Q4 by a stockout of our Allocyte product, which began in late Q3 due to a shortage of the source material. We're expecting improvements in our ability to source this product from our suppliers, but we do not anticipate a full resolution until the second half of the year.

儘管創紀錄的季度和年度，我們的銷售在第四季度受到我們 Allocyte 產品缺貨的影響，由於原材料短缺，該產品從第三季度末開始缺貨。我們期望我們從供應商處採購該產品的能力有所提高，但我們預計要到今年下半年才能得到全面解決。

In December 2022, we dissolved Sanara Pulsar and ceased marketing the Sanara Pulsar II AWI Wound Debridement System. When we formed Sanara Pulsar, we believed the Pulsar products would provide clinicians with a novel debridement solution. We also believe that the Pulsar product would receive an expanded reimbursement code by which all of the -- code by use of all clinician types.

2022 年 12 月，我們解散了 Sanara Pulsar，並停止銷售 Sanara Pulsar II AWI 傷口清創系統。當我們成立 Sanara Pulsar 時，我們相信 Pulsar 產品將為臨床醫生提供一種新穎的清創解決方案。我們還相信，Pulsar 產品將獲得一個擴展的報銷代碼，所有臨床醫生類型都可以使用該代碼。

Ultimately, we decided we did not receive an additional reimbursement code, which limited the adoption and sales of the Pulsar products. In Q4, the submission of our Precision Healing Imager 510(k) was delayed due to unexpected electrical and software issues as well as increased product validation testing, which we believe provides further validation related to FDA regulatory testing requirements following our submission.

最終，我們決定不接收額外的報銷代碼，這限制了 Pulsar 產品的採用和銷售。在第 4 季度，由於意外的電氣和軟件問題以及產品驗證測試的增加，我們的 Precision Healing Imager 510(k) 的提交被推遲，我們認為這在我們提交後提供了與 FDA 監管測試要求相關的進一步驗證。

The 510(k) was filed subsequent to the end of the quarter on March 16, 2023. Zach will go into more detail, but we continue to be focused on the commercial development of our Imager, LFA, and the comprehensive WounDerm strategy. It's an area of significant investment for the company that we believe will have a competitive differentiator for the company and should be well received by the market.

510(k) 是在本季度末於 2023 年 3 月 16 日提交的。Zach 將詳細介紹，但我們將繼續專注於 Imager、LFA 和綜合 WounDerm 戰略的商業開發。這是公司的重大投資領域，我們相信這將為公司帶來競爭優勢，並且應該受到市場的歡迎。

Subsequent to the end of the quarter, we entered into a sale agreement with Cantor Fitzgerald for an ATM offering of our common stock equity. We've entered into this agreement for two purposes: the first is raise capital for opportunistic acquisitions and partnerships, and the second is to increase the liquidity of our stock.

本季度末，我們與 Cantor Fitzgerald 簽訂了銷售協議，以 ATM 方式出售我們的普通股。我們簽訂此協議有兩個目的：第一個是為機會性收購和合作籌集資金，第二個是增加我們股票的流動性。

We currently intend to use the net proceeds we received from this offering to fund potential acquisitions; further development of our products, services, and technology pipeline; and clinical studies to expand our sales force and for general corporate purposes.

我們目前打算使用從此次發行中獲得的淨收益來資助潛在的收購；進一步開發我們的產品、服務和技術管道；和臨床研究，以擴大我們的銷售隊伍並用於一般公司目的。

I'll ask Zach Fleming to discuss our business in more detail.

我會請 Zach Fleming 更詳細地討論我們的業務。

Thanks, Ron. Our product sales team continues to generate strong sales growth, and we're penetrating further into our existing customer base and also expanding into new geographic areas.

謝謝，羅恩。我們的產品銷售團隊繼續產生強勁的銷售增長，我們正在進一步滲透到我們現有的客戶群中，並擴展到新的地理區域。

At the end of 2022, we had a total of 39 field sales representatives employed, CellerateRX was sold in 700 hospitals and ASCs across 29 states during the trailing 12 months ended December 31, 2022, and was approved to be sold in over 1,700 facilities.

到 2022 年底，我們總共僱用了 39 名現場銷售代表，在截至 2022 年 12 月 31 日的過去 12 個月內，CellerateRX 在 29 個州的 700 家醫院和 ASC 中銷售，並獲准在 1,700 多個設施中銷售。

As we've discussed before, we believe there are approximately 12,000 hospitals in ambulatory surgery centers in the United States where CellerateRX Surgical could potentially be used.

正如我們之前所討論的，我們相信美國大約有 12,000 家醫院的門診手術中心可能會使用 CellerateRX Surgical。

You'll notice that the number of approvals we have was relatively flat from Q3 to Q4. The reason for this is that we have made a strategic decision to focus our efforts on our existing accounts and facilities in terms of introducing our suite of products to new physicians and finding more cases in those facilities where patients and physicians would benefit from the use of our products rather than focusing on new facility approvals.

您會注意到，從第三季度到第四季度，我們獲得的批准數量相對持平。這樣做的原因是我們做出了一項戰略決策，將我們的努力集中在我們現有的客戶和設施上，向新醫生介紹我們的產品套件，並在這些設施中發現更多患者和醫生將從使用中受益的案例我們的產品，而不是專注於新設施的批准。

As Ron mentioned, in the third and fourth quarters, we began to experience supply issues with Allocyte product line. The amount of qualifying eligible donor tissue was significantly reduced industry-wide due to the stringent screen that is required.

正如 Ron 提到的，在第三和第四季度，我們開始遇到 Allocyte 產品線的供應問題。由於需要嚴格的篩選，符合條件的供體組織數量在整個行業範圍內顯著減少。

During the fourth quarter of 2022, we were unable to fill certain orders for this product, which negatively impacted our sales. We are expecting to see some improvements, but we do not anticipate a full resolution of the supply issues until the second half of 2023.

在 2022 年第四季度，我們無法完成該產品的某些訂單，這對我們的銷售產生了負面影響。我們期待看到一些改善，但我們預計要到 2023 年下半年才能完全解決供應問題。

As we mentioned in our last call, in Q4, we submitted our 510(k) for BIASURGE, which is our surgical cleanser, and launched a partnership with InfuSystem. We continue to believe that BIASURGE will have a significant impact on both surgical wound care market and our sales when commercially available, which we will believe -- which we believe will be sometime this year.

正如我們在上次電話會議中提到的那樣，在第四季度，我們提交了 BIASURGE 的 510(k)，這是我們的外科清潔劑，並與 InfuSystem 建立了合作夥伴關係。我們仍然相信 BIASURGE 將對外科傷口護理市場和我們的銷售產生重大影響，我們相信這將在今年某個時候上市。

Our InfuSystem partnership is focused on the negative pressure wound therapy in chronic wound care segments of the market and combined Sanara's product line and our deep expertise in wound care with InfuSystem's distribution and complex billing capabilities, their existing sales team, and national footprint.

我們的 InfuSystem 合作夥伴專注於市場慢性傷口護理領域的負壓傷口治療，並將 Sanara 的產品線和我們在傷口護理方面的深厚專業知識與 InfuSystem 的分銷和復雜計費能力、他們現有的銷售團隊和全國足跡相結合。

As Ron mentioned earlier, we submitted our 510(k) for our Precision Healing Imager to the FDA. We believe that our Imager is the final component we need in order to offer a comprehensive solution for wound and skin care. We plan to submit our 510(k) for our lateral flow assay, which will expand our wound diagnostic capabilities even further, later this year.

正如 Ron 之前提到的，我們向 FDA 提交了我們的 Precision Healing Imager 的 510(k)。我們相信我們的 Imager 是我們為傷口和皮膚護理提供全面解決方案所需的最後一個組件。我們計劃在今年晚些時候提交我們的 510(k) 用於我們的橫向流動分析，這將進一步擴展我們的傷口診斷能力。

I want to take some time to discuss our comprehensive solution. Our goal with this offering is to lower costs through early diagnosis, decreased hospitalizations, decreased wound center visits, more advanced treatments at home, and improved outcomes.

我想花點時間討論一下我們的綜合解決方案。我們提供此產品的目標是通過早期診斷、減少住院、減少傷口中心就診、更先進的家庭治療和改善結果來降低成本。

The platform has four key components that allow us to offer more advanced solutions than the current standard of care, including our proprietary advanced diagnostics and data analytics, our wound and dermatology EMR and mobile app, wound and dermatology telehealth services, and proprietary products for wound and skin conditions. These four components work together in a repeatable cycle as progress is validated. We are currently seeking out partnerships for this offering.

該平台有四個關鍵組件，使我們能夠提供比當前護理標準更先進的解決方案，包括我們專有的高級診斷和數據分析、我們的傷口和皮膚病 EMR 和移動應用程序、傷口和皮膚病遠程醫療服務，以及專有的傷口產品和皮膚狀況。隨著進度的驗證，這四個組件在可重複的循環中協同工作。我們目前正在為此產品尋找合作夥伴。

Now I will turn it over to Mike to discuss our financial results.

現在我將把它交給邁克來討論我們的財務結果。

Thank you, Zach. For the year, we generated revenues of $45.8 million compared to revenues of $24.1 million for the year ended December 31, 2021, representing a 90% increase from the prior-year period. Our '22 net -- 2022 revenues included $6 million of Scendia sales.

謝謝你，扎克。全年，我們的收入為 4580 萬美元，而截至 2021 年 12 月 31 日止年度的收入為 2410 萬美元，較上年同期增長 90%。我們 22 年的淨收入——2022 年的收入包括 600 萬美元的 Scendia 銷售額。

SG&A expenses for 2022 were $46 million compared to SG&A expenses of $28.1 million for 2021. Our 2022 SG&A expenses included $2.9 million of costs related to Scendia operations. The higher SG&A expenses in 2022 were primarily due to higher direct sales and marketing expenses, which accounted for approximately $13.6 million or 76% of the increase compared to prior year.

2022 年的 SG&A 費用為 4600 萬美元，而 2021 年的 SG&A 費用為 2810 萬美元。我們 2022 年的 SG&A 費用包括與 Scendia 運營相關的 290 萬美元成本。 2022 年較高的 SG&A 費用主要是由於直接銷售和營銷費用較高，與上一年相比增加了約 1360 萬美元或 76%。

The higher direct sales and marketing expenses were primarily attributable to an increase in sales commissions of $9.6 million as a result of higher product sales and $2.7 million of increased costs as a result of sales force expansion and operational support.

直接銷售和營銷費用增加的主要原因是產品銷售額增加導致銷售佣金增加 960 萬美元，以及銷售人員擴張和運營支持導致成本增加 270 萬美元。

Costs related to travel and in-person promotional activities increased by $0.9 million in 2022 compared to 2021 due to the resumption of many in-person activities that were canceled or postponed in 2021, a result -- as a result of the COVID-19 pandemic.

與 2021 年相比，2022 年與旅行和現場促銷活動相關的成本增加了 90 萬美元，原因是 2021 年因 COVID-19 大流行而取消或推遲的許多現場活動得以恢復.

The increase in 2022 SG&A expenses was also partly attributable to the increased non-cash equity compensation and higher payroll costs related to the mid-year addition of the Rochal workforce in July 2021, the Precision Healing workforce in April 2022, and the Scendia workforce in July 2022.

2022 年 SG&A 費用的增加也部分歸因於非現金股權補償的增加以及與 2021 年 7 月 Rochal 勞動力、2022 年 4 月 Precision Healing 勞動力以及 Scendia 勞動力的年中增加相關的工資成本增加2022 年 7 月。

R&D expenses for the year ended December 31, 2022, were $3.4 million compared to $0.6 million in 2021. R&D expenses for 2022 included approximately $2.5 million of costs related to our newly acquired Precision Healing diagnostic imager and lateral flow assay. The higher R&D expenses in 2022 were also partly due to costs associated with several new development projects for our currently licensed products.

截至 2022 年 12 月 31 日止年度的研發費用為 340 萬美元，而 2021 年為 60 萬美元。2022 年的研發費用包括約 250 萬美元與我們新收購的 Precision Healing 診斷成像儀和橫向流動分析相關的費用。 2022 年較高的研發費用也部分是由於與我們當前許可產品的幾個新開發項目相關的成本。

Other expense for 2022 was $1.7 million compared to $0.6 million for 2021. The higher other expense in 2022 was primarily due to a $1 million loss recognized due to the dissolution of Sanara Pulsar. As Ron mentioned, Sanara Pulsar had minimal sales since its inception. It was dissolved effective December 2022.

2022 年的其他費用為 170 萬美元，而 2021 年為 60 萬美元。2022 年其他費用較高的主要原因是因 Sanara Pulsar 解散而確認的 100 萬美元虧損。正如 Ron 提到的，Sanara Pulsar 自成立以來銷量微乎其微。它於 2022 年 12 月解散。

We had a net loss of $8.1 million for the year -- year ended December 31, 2022, compared to a net loss of $8 million for 2021. Our net loss was positively impacted by recognition of a non-cash income tax benefit of $5.8 million related to purchase accounting for the Scendia and Precision Healing acquisitions. Our cash on hand at the end of 2022 was $9 million.

截至 2022 年 12 月 31 日止年度，我們的淨虧損為 810 萬美元，而 2021 年的淨虧損為 800 萬美元。我們的淨虧損受到確認 580 萬美元的非現金所得稅收益的積極影響與 Scendia 和 Precision Healing 收購的採購會計相關。到 2022 年底，我們的手頭現金為 900 萬美元。

With that, I'll turn it back to Ron for some closing remarks.

有了這個，我會把它轉回給 Ron 做一些結束語。

Thank you, Mike. As we've discussed, we've continued to have record revenue quarters and years at Sanara driven by both our Cellerate product line as well as the addition of products from Scendia and the products we market through our partnership with Cook Biotech.

謝謝你，邁克。正如我們所討論的那樣，我們在 Sanara 的季度和年度收入繼續保持創紀錄的增長，這得益於我們的 Cellerate 產品線以及來自 Scendia 的產品的增加以及我們通過與 Cook Biotech 的合作夥伴關係銷售的產品。

Looking ahead to the remainder of 2023, we plan to continue to build upon the success and surgery while seeking new customers for the WounDerm value-based comprehensive strategy and acquisition opportunities in which may further expand our business.

展望2023年剩餘時間，我們計劃繼續在成功和手術的基礎上再接再厲，同時為 WounDerm 基於價值的綜合戰略和收購機會尋找新客戶，這可能會進一步擴大我們的業務。

That concludes our remarks, and we look forward to answering any questions you may have. Operator, we're ready to open up the call for questions. Thank you.

我們的發言到此結束，我們期待著回答您可能提出的任何問題。接線員，我們已準備好打開問題電話。謝謝。

Thank you. (Operator Instructions) Ross Osborn, Cantor Fitzgerald.

謝謝。 （操作員說明）Ross Osborn，Cantor Fitzgerald。

Hi. Good morning, everyone, and congrats on the record results. So starting off, could you provide some color on how cross-selling abilities trended in the 4Q between Scendia, maybe outside of the shortage, and then the Sanara portfolio and how this is developed in 2023?

你好。大家早上好，祝賀創紀錄的成績。因此，首先，您能否提供一些顏色來說明第四季度 Scendia 之間的交叉銷售能力趨勢如何，也許在短缺之外，然後是 Sanara 產品組合，以及這在 2023 年是如何發展的？

Yes. Zach?

是的。扎克？

Sure. Yes. So we're -- the cross-selling is going very well. The products are extremely complementary. As you know, the reason the Scendia transaction was so attractive were typically used in many of the same cases. The bone biologics are there to complement the bone healing, while the tissue products that we sell are there to complement the tissue healing in compromised patients.

當然。是的。所以我們 - 交叉銷售進展順利。產品互補性極強。如您所知，Scendia 交易如此有吸引力的原因通常用於許多相同的案例。骨骼生物製劑用於補充骨骼癒合，而我們銷售的組織產品用於補充受損患者的組織癒合。

And so, you see that happen very, very regularly. And so, our challenge has been to go out and gain approval for those additional products. We'll give you numbers, but typically, that's gone very well.

所以，你會看到這種情況經常發生。因此，我們面臨的挑戰是走出去並獲得這些額外產品的批准。我們會給你數字，但通常情況下，一切都很順利。

We've been able to gain great traction with those products. We are seeing good uptick with all products, and there's great symbiosis between all those products working together and delivering solutions that the surgeons really appreciate for both bone and tissue.

我們已經能夠通過這些產品獲得巨大的吸引力。我們看到所有產品都有良好的增長，所有這些產品之間存在著良好的共生關係，並提供外科醫生真正欣賞的骨骼和組織解決方案。

Okay, great. And then, maybe turning to Precision, congrats on the 510(k) submission. Would you be able to remind us of the predicate offering you've based your 510(k) on, and how does Precision compare to the [predicate] system?

好的，太好了。然後，也許轉向 Precision，祝賀 510(k) 提交。您能否提醒我們您基於 510(k) 的謂詞產品，以及 Precision 與 [謂詞] 系統相比如何？

And then, as a follow-up, are you able to share with us your commercialization plan for Precision in terms of it being offered via capital sale or lease, as well as the initial targeted geographies?

然後，作為後續行動，您能否與我們分享您通過資本出售或租賃提供 Precision 的商業化計劃，以及最初的目標地區？

So, Ross, one of the -- so starting with the latter question, the way we anticipate marketing is as a comprehensive solution, and we believe that it would be better served for our customers to have a lease program, but we have not finalized that yet. That's what we anticipate. And the predicate device that we had used is [MolecuLight].

所以，羅斯，其中之一 - 所以從後一個問題開始，我們預期營銷的方式是作為一個全面的解決方案，我們相信為我們的客戶提供租賃計劃會更好，但我們還沒有最終確定那還。這就是我們的預期。而我們使用的謂詞設備是[MolecuLight]。

And the difference is that we have more details that we provide through our Imager for the wound than what MolecuLight does. And what we'll do is, at a later point, we will highlight those differentiated components and let you know that as soon as it's through the 510(k).

不同之處在於，我們通過 Imager 提供的傷口細節比 MolecuLight 提供的更多。我們稍後要做的是，我們將突出顯示那些差異化的組件，並在通過 510(k) 後立即通知您。

Okay, great. And then, I guess, post commercialization, do you plan to conduct studies demonstrating Precision's ability to track the wound progression?

好的，太好了。然後，我想，在商業化之後，您是否計劃進行研究來證明 Precision 追踪傷口進展的能力？

Yes. That's all part of the entire comprehensive strategy. So our EMR will gather the data that is collected at the wound by both our LFA and our Imager. And that detail will allow us to start to develop clinical practice pathways that we can suggest to clinicians in the field to show them that the data that we have actually leads to a better result for the patient.

是的。這是整個綜合戰略的一部分。所以我們的 EMR 將收集我們的 LFA 和我們的成像儀在傷口處收集的數據。這個細節將使我們能夠開始開發臨床實踐路徑，我們可以向該領域的臨床醫生建議，向他們展示我們擁有的數據實際上可以為患者帶來更好的結果。

And as Zach mentioned earlier, one of our key components of our strategy is to have hospitalization avoidance and also wound center trips because the wound center builds at the same basic rate as the hospital. So those are two very high-cost settings. We view that where the future of wound care is we'll be treating these patients at home, and that's what our focus will be on.

正如 Zach 之前提到的，我們戰略的一個關鍵組成部分是避免住院和傷口中心旅行，因為傷口中心的建設速度與醫院相同。所以這是兩個成本非常高的設置。我們認為傷口護理的未來在哪裡，我們將在家中治療這些患者，這就是我們的重點。

Okay. Got it. And then, lastly, you highlighted the interest in acquisitions in your press release and prepared remarks. Would you share your view on private-market valuations in the space and then areas of interest that you'd complement the existing portfolio between traditional Sanara and Scendia?

好的。知道了。然後，最後，您在新聞稿和準備好的評論中強調了對收購的興趣。您是否會分享您對該領域的私人市場估值的看法，以及您將補充傳統 Sanara 和 Scendia 之間現有投資組合的興趣領域？

Yes. Ross, quite candidly, the valuations in the market typically don't impact us because we are not a company that spends a lot of time in the process of bidding on other companies. What we are looking for is alignment of interest from other partners out there that may have a complementary business to what we offer. And so, therefore, we ended up being more of a negotiated transaction.

是的。羅斯，坦率地說，市場估值通常不會影響我們，因為我們不是一家在競標其他公司的過程中花費大量時間的公司。我們正在尋找的是其他合作夥伴的利益一致性，這些合作夥伴可能與我們提供的業務具有互補性。因此，因此，我們最終更多地是通過談判達成的交易。

If you see from our past with how we handled the Precision Healing, how we handled Scendia, how we've handled the WounDerm and [Wound DIME] and Pixalere, all of those acquisitions involve stock and cash. Not all of them actually had cash, but most of those had that componentry.

如果你從過去看我們如何處理 Precision Healing，我們如何處理 Scendia，我們如何處理 WounDerm 和 [Wound DIME] 以及 Pixalere，所有這些收購都涉及股票和現金。並非所有人實際上都有現金，但其中大多數都有現金。

But what it was alignment of interest of two parties, where their technology would advance our strategy, and they saw that we had the entire comprehensive strategy as opposed to a single component. And so, either they sought us out or we found them in the marketplace and did a negotiated transaction. We anticipate more of that in the future, not less of that.

但這是兩方利益的結合，他們的技術將推動我們的戰略，他們看到我們擁有完整的綜合戰略，而不是單一的組成部分。因此，他們要么找到我們，要么我們在市場上找到他們並進行協商交易。我們預計未來會有更多，而不是更少。

Got it. That you for taking my questions, and congrats on the progress.

知道了。感謝您回答我的問題，並祝賀您取得的進展。

Thank you very much, Ross.

非常感謝你，羅斯。

Ian Cassel, IFCM.

伊恩卡塞爾，IFCM。

Yes, I was wondering if you could talk a bit about the BIASURGE opportunity. I'm just curious about the market opportunity itself if that's a greenfield opportunity or if you're displacing a competitor; and if so, the latter, what the competitive advantage are of BIASURGE.

是的，我想知道您是否可以談談 BIASURGE 機會。我只是對市場機會本身很好奇，如果這是一個全新的機會，或者如果你正在取代競爭對手；如果是，後者，BIASURGE 的競爭優勢是什麼。

Yes. Zach, do you want to take that?

是的。扎克，你要拿那個嗎？

[Sure, I'll take that]. Yes, sure.

[當然，我會接受]。是的，當然。

So yes, we think that that is somewhat of a greenfield opportunity. And here's why we think that: There are two competitors that have entered the market. One is called Irrisept. I believe that's the Irrimax Corporation, and then another is Bactisure. And there's a few line extensions that have come from Bactisure, and that's the next science brand that Zimmer licensed.

所以是的，我們認為這是一個全新的機會。這就是我們認為的原因：有兩個競爭對手進入了市場。一種叫做 Irrisept。我相信那是 Irrimax Corporation，然後是 Bactisure。還有一些來自 Bactisure 的產品線擴展，這是 Zimmer 授權的下一個科學品牌。

A couple of reasons: One, I think we sit now in a price situation that will be very complementary -- are very complementary to Cellerate but as well appropriate for the facilities. I think they are going to appreciate where we will stand in the pricing round.

有幾個原因：第一，我認為我們現在處於一個非常互補的價格環境——與 Cellerate 非常互補，但也適合這些設施。我認為他們會欣賞我們在定價回合中的立場。

And we also have a couple of distinct clinical advantages related to the other two products that are out in the market. And I think I'll withhold those advantages for now until we do the launch, but they will be distinct and noticeable to the clinician. And I think they're going to give them a great advantage in the operating theater.

我們還有一些與市場上其他兩種產品相關的明顯臨床優勢。而且我認為在我們啟動之前我會暫時保留這些優勢，但它們對於臨床醫生來說將是截然不同和引人注目的。而且我認為他們會給他們在手術室帶來很大的優勢。

And then, I think it does complement Cellerate. So Cellerate being our lead product, that product does very well in clean ready-to-heal wounds. And so, we want to be able to offer that. And so, when you use the BIASURGE product, you're cleaning the field. You're reducing the bioburden in that wound. And then, you can place the Cellerate, and Cellerate will have a greater effect.

然後，我認為它確實補充了 Cellerate。所以 Cellerate 是我們的主導產品，該產品在清潔待癒合傷口方面表現非常出色。因此，我們希望能夠提供這一點。因此，當您使用 BIASURGE 產品時，您就是在清理場地。你正在減少那個傷口的生物負荷。然後，你可以放置Cellerate，Cellerate的效果會更好。

Thank you. My next question is just, overall, I mean, Cellerate continues to grow really, really fast. And I'm just curious where the challenge is to continuing that growth rate for the company moving forward.

謝謝。我的下一個問題是，總體而言，我的意思是，Cellerate 繼續以非常非常快的速度增長。我只是很好奇，要讓公司繼續保持這種增長率，挑戰在哪裡。

I'll take that one too. The challenges are no different than they were before. It's getting the -- we need our people in the field. It's a very promotionally responsive product. We need to continue to establish data, research base. As you know, we have some studies in the works that will come out very fairly shortly.

我也會拿那個。挑戰與以前沒有什麼不同。它正在——我們需要我們在該領域的人員。這是一個非常促銷響應的產品。我們需要繼續建立數據、研究基地。如您所知，我們對作品進行了一些研究，這些研究很快就會出來。

And of course, we already have a printed published data today, and that supports us very well. And then, I think we want to continue to build that story of what hydrolyzed collagen is. And I think we're doing a very good job of that in marketing and bringing that as well to light in our research.

當然，我們今天已經有了打印出來的數據，這對我們很有幫助。然後，我想我們想繼續講述什麼是水解膠原蛋白的故事。而且我認為我們在營銷方面做得非常好，並且在我們的研究中也將其展示出來。

So those are the things, I think, that will take us to the next level is continued deployment, research, and then building the story of why hydrolyzed collagen matters.

因此，我認為，這些事情將把我們帶到一個新的水平，即繼續部署、研究，然後構建水解膠原蛋白為何重要的故事。

Thank you.

謝謝。

Can I also -- just add to that, Ian, I think that -- Zach, correct me if I'm wrong, but I think that we get a lot of positive response from our surgical customers that are using this product. And [I think] the evidence of that will be the evidence that we will be providing shortly will be evident that it is working in the field. But we get nothing but positive responses about the impact of the product that they're using.

我也可以 - 補充一下，伊恩，我認為 - 扎克，如果我錯了請糾正我，但我認為我們從使用該產品的外科客戶那裡得到了很多積極的回應。 [我認為]這方面的證據將是我們將很快提供的證據，這將證明它正在該領域發揮作用。但我們只得到關於他們使用的產品的影響的積極回應。

That's right. I do think [just being] on that, to just expand a little bit, I think the other opportunities that we are continuing to focus on is expansion into additional specialties. So there's a great benefit in the bone specialties, orthopedics and spine, podiatry, foot and ankle, those are all excellent spots for people that have wounds in those space to use Cellerate.

這是正確的。我確實認為 [just being] 就此而言，只是稍微擴展一下，我認為我們繼續關注的其他機會是擴展到其他專業。因此，骨科、骨科和脊柱科、足科、足部和腳踝科都有很大的好處，對於那些在這些部位有傷口的人來說，這些都是使用 Cellerate 的絕佳場所。

And then, I think you have additional opportunities in plastics in general, and we are quickly picking up these additional specialties. But as you know, there's very many of them.

然後，我認為你在一般塑料方面有更多機會，我們正在迅速挑選這些額外的專業。但如您所知，它們的數量非常多。

So we just need to continue to create those opportunities to meet those doctors and show them the benefits of the product. And that includes going to those shows for those societies and each of those specialties, supporting the physicians in the field as well.

因此，我們只需要繼續創造機會與這些醫生見面並向他們展示產品的好處。這包括參加那些協會和每個專業的展覽，也支持該領域的醫生。

Thank you. I just have two more questions, then I'll jump back in the queue. You mentioned the Allocyte supply disruption in Q4 that's continuing in the H1 of this year. Is there any way that you guys can quantify the effect of that disruption in Q4?

謝謝。我還有兩個問題，然後我會跳回到隊列中。你提到了今年上半年持續的第四季度的 Allocyte 供應中斷。你們有什麼方法可以量化第四季度中斷的影響嗎？

We haven't disclosed that. We know pretty much exactly what that is. It's fairly significant. I think we're very excited about that product. It was growing very quickly. There's a great need for it. The doctors really appreciated the benefits of the handling.

我們還沒有透露。我們非常清楚那是什麼。這是相當重要的。我認為我們對該產品感到非常興奮。它增長得非常快。非常需要它。醫生們真的很欣賞這種處理的好處。

I think that's the thing that you notice in this space for a bone biologic-type product is that it really matters how they handle -- how they're able to be used in the surgery. And this product offers some extremely excellent benefits for the surgeon.

我認為你在這個空間中註意到的骨生物類產品的事情是它們的處理方式真的很重要——它們如何在手術中使用。該產品為外科醫生提供了一些極其出色的好處。

So we're excited about when it comes back. We definitely believe that that supply will open back up. We just didn't get it in the last four, five months. And so, we're excited that that will be coming back online. And we are getting a little bit of a trickle of products. We're not completely out, but we're just not seeing it to the supply that we have a demand for.

所以我們很高興它什麼時候回來。我們絕對相信供應會重新開放。我們只是在過去的四五個月裡沒有得到它。因此，我們很高興它將重新上線。我們得到了一些產品。我們並沒有完全出局，但我們只是沒有看到我們有需求的供應。

Yes. And the good news is, Ian, is that we actually still achieved a record year and a record quarter even without the Allocyte production being at the levels where we would hope it would be.

是的。好消息是，Ian，即使 Allocyte 產量沒有達到我們希望的水平，我們實際上仍然實現了創紀錄的一年和創紀錄的季度。

My last question is, I know you guys spent a lot of time and resources on the comprehensive wound care offering, and I'm wondering. A big part of that is getting payers to sign up to this wound care offering. I'm curious, Ron, if you think that's still doable in 2023, or do you think that happens in 2024? What do you -- how should investors be thinking about that opportunity in monetizing that?

我的最後一個問題是，我知道你們在全面的傷口護理產品上花費了大量時間和資源，我想知道。其中很大一部分是讓付款人簽署這種傷口護理產品。我很好奇，羅恩，如果你認為這在 2023 年仍然可行，或者你認為這會在 2024 年發生嗎？你怎麼看 - 投資者應該如何考慮將其貨幣化的機會？

Yes. We think it's going to happen in 2023. We have surveyed many of the payer participants in the field, and we know that wound care is top of mind for them. And they know it's been a fee-for-service solution, and that no one has been -- has brought a full comprehensive strategy to the table. So we believe that we still will be the first to market with that, and we think it will be well accepted.

是的。我們認為這將在 2023 年發生。我們對該領域的許多付款人參與者進行了調查，我們知道傷口護理是他們最關心的問題。他們知道這是一種按服務收費的解決方案，而且沒有人 - 已經將全面的戰略帶到了桌面上。所以我們相信我們仍然會是第一個將它推向市場的人，我們認為它會被廣泛接受。

As you know, getting the diagnosis is a key component to that because it's very hard for us to be able to prescribe what we believe needs to be done with the wound without having that data.

如您所知，獲得診斷是其中的一個關鍵組成部分，因為我們很難在沒有這些數據的情況下開出我們認為需要對傷口進行的處理。

And so, that's why waiting on our Precision Healing and getting the Imager to be done has been critical for us, and we're hoping to get that through the 510(k) very quickly. And then, secondly, the LFA will just add that much more data, which will give us even more precision, no pun intended, in our healing process.

因此，這就是為什麼等待我們的精確治療並完成 Imager 對我們來說至關重要，我們希望通過 510(k) 非常快地實現這一點。然後，其次，LFA 只會添加更多的數據，這將使我們在治療過程中更加精確，沒有雙關語的意思。

Excellent. Thanks, and a great quarter and great year. Thank you.

出色的。謝謝，一個偉大的季度和偉大的一年。謝謝。

Yes, thank you.

是的，謝謝。

Thank you, Ian.

謝謝你，伊恩。

Chris Plahm, Tall Pines Capital.

Chris Plahm，Tall Pines Capital。

Hey, guys. Great year. Actually, Ian asked two of the questions I was going to ask. But one, Zach, maybe for you on the sales side. How do you guys feel about the sales force currently? I know you discussed it a bit.

大家好。偉大的一年。實際上，伊恩問了我要問的兩個問題。但是，扎克，也許在銷售方面適合你。你們如何看待目前的銷售隊伍？我知道你討論了一下。

You have enough traction within the existing hospitals, so there's no need to go after approvals at this time. So how should we think about growing that sales force and also, I guess, the push-pull of selling in the existing hospitals and going out and getting new approvals and going after those?

您在現有醫院中有足夠的牽引力，因此此時無需獲得批准。那麼，我們應該如何考慮擴大銷售隊伍，以及，我想，在現有醫院進行銷售、走出去、獲得新的批准並追求這些的推動力？

Yes, we have a laser-focused team, which I think makes us really unique in our structure. It is a little bit unique, I think, as well in the industry and that we deploy regional sales managers, as well as, of course, they manage the 1099s in their local vicinity. And what that allows for is greater visibility, continuity, and pressure on the market. And so, I think that's an important part of how we go to market.

是的，我們有一個專注於激光的團隊，我認為這使我們的結構真正獨一無二。我認為這有點獨特，在行業中也是如此，我們部署區域銷售經理，當然，他們在當地附近管理 1099。而這允許的是更大的可見性、連續性和對市場的壓力。因此，我認為這是我們進入市場的重要組成部分。

And we hired the best of the best. We get some of the better most well-trained people from other large companies that have been in this space, whether that be in with orthopedics, spine, wound care, those types of groups that we hire out of. And then they come in with existing relationships and are able to tap into those very quickly today.

我們聘請了最好的。我們從這個領域的其他大公司那裡得到了一些訓練有素的更好的人，無論是骨科、脊柱、傷口護理，還是我們從中僱用的那些類型的團隊。然後他們帶著現有的關係進來，並且今天能夠非常迅速地利用這些關係。

The 1099 agents, of course, as well, they allow for a person into the room where the operation is going on, sort of eyes and ears and the ability to bring that product in with a friendly face. So that's extremely helpful.

當然，1099 代理也允許一個人進入正在進行手術的房間，有點像眼睛和耳朵，並且能夠以友好的面孔將產品帶進來。所以這非常有幫助。

We are expanding. We have been expanding. We've hired quite a few people. We're right on schedule for how we wanted to hire. We've always wanted each territory to gain profitability in the waves that we hire. So you might hire three or four at a time. You want to see that profitability be achieved in those three or four, then hire the next group.

我們正在擴張。我們一直在擴張。我們雇了很多人。我們的招聘方式正按計劃進行。我們一直希望每個地區都能在我們僱用的浪潮中獲得盈利。所以你可能一次僱用三四個。您希望看到這三四個人實現盈利，然後僱用下一組。

We've never -- we've been very conservative in how we've gone about that hiring approach. And as you may have seen in our previous slide decks, we are trying to do an expansion of states that we occupy, and that's gone very well as well. So we were at 29 states over $50,000 annually, and then it's growing very quickly and continuing to expand.

我們從來沒有——我們在招聘方式上一直非常保守。正如您可能在我們之前的幻燈片中看到的那樣，我們正在嘗試擴大我們佔據的州，而且進展順利。所以我們在 29 個州每年超過 50,000 美元，然後它增長非常快並繼續擴大。

One of the things that's helped us a lot is we added a national accounts director that had a lot of experience, a lot of connections, but able to contract our business at a very high rate.

對我們幫助很大的一件事是我們增加了一位國民賬戶主管，他經驗豐富，人脈廣泛，但能夠以非常高的速度承包我們的業務。

Off the top of my head, I don't have that exact number of how many we've contracted, but we contracted a very high rate, and that allows us to keep those doors open, have great relationships with the hospital systems, and then provide that access to our sellers.

在我的腦海中，我不知道我們已經簽約了多少人，但我們的簽約率非常高，這使我們能夠保持這些大門敞開，與醫院系統保持良好關係，並且然後向我們的賣家提供訪問權限。

We also qualify our 1099, train them very well, make sure everybody's very compliant. And so, we're a good team to work with, so the hospitals appreciate that.

我們還對我們的 1099 進行了資格審查，對他們進行了很好的培訓，確保每個人都非常合規。因此，我們是一個很好的合作團隊，所以醫院對此表示讚賞。

I think, sometimes, they -- some of the other companies that might be out there aren't as friendly and easy to work with. So we strive to do that, both in the back of our house, where we're doing our customer service, but as well, obviously, in the field with the people that are the faces of the product in the field.

我認為，有時候，他們 - 其他一些可能在那裡的公司並不那麼友好和容易合作。因此，我們努力做到這一點，無論是在我們提供客戶服務的房子後面，還是在現場，與作為產品面孔的人員一起進行。

Great. Thanks, guys.

偉大的。多謝你們。

Thank you, Chris.

謝謝你，克里斯。

[Michael Dissel, Sanara].

[Michael Dissel，Sanara]。

Hey, guys. Great fourth quarter. Just got a three-part question here. So most of the increase in revenue is reported to be from Cellerate Surgical Powder, which is a great product. The product is not manufactured or owned by Sanara.

大家好。偉大的第四季度。這裡剛有一個由三部分組成的問題。因此，據報導，大部分收入增長來自 Cellerate Surgical Powder，這是一款很棒的產品。該產品並非由 Sanara 製造或擁有。

So I'm wondering, in order to vertically integrate and mitigate the risk of unavailability of such an important part of the revenue stream, have you guys had any plans or timetable to obtain ownership of that product line or a replacement if needed?

所以我想知道，為了垂直整合和降低收入流中如此重要部分不可用的風險，你們是否有任何計劃或時間表來獲得該產品線的所有權或在需要時更換產品線？

Yes --

是的 -

Ron, do you want to take that?

羅恩，你要拿那個嗎？

Yes. Obviously, we actually have an exclusive license on that product. We work very closely with the manufacturing company. And so, that's not something that we need to discuss today. But quite frankly, we're on top of exactly what we do. Our people go into the manufacturing facility. We have a very close relationship, so it's served us well.

是的。顯然，我們實際上擁有該產品的獨家許可。我們與製造公司密切合作。因此，這不是我們今天需要討論的內容。但坦率地說，我們所做的正是我們所做的。我們的人員進入製造工廠。我們的關係非常密切，所以這對我們很有幫助。

Got you. In terms of the Cellerate product --

明白了就 Cellerate 產品而言——

Michael? Michael, can I just clarify one thing? The operator center said you were with Sanara?

邁克爾？邁克爾，我能澄清一件事嗎？接線員中心說你和 Sanara 在一起？

[Scans]. [Scans LLC] is who I'm with. Scans.

[掃描]。 [Scans LLC] 是我的伙伴。掃描。

We just want to clarify you weren't with the company, thank you.

我們只是想澄清一下你不在公司，謝謝。

No, I'm not with the company. No, no.

不，我不在公司。不，不。

So the -- in terms of the Cellerate product, [it turns out] they have 20 other patent references of related products. Do you have any plans to use any of their other wound care products and add to the portfolio?

所以——就 Cellerate 產品而言，[事實證明]他們還有 20 項相關產品的其他專利參考。您是否有計劃使用他們的任何其他傷口護理產品並添加到產品組合中？

Yes, all of them, in fact.

是的，事實上，所有這些。

Great.

偉大的。

So we don't have -- we haven't laid out a timeline yet of how they roll out, but --

所以我們沒有 - 我們還沒有製定他們如何推出的時間表，但是 -

Excellent.

出色的。

Yes. They're either related to surgery, or they're related to our comprehensive wound strategy.

是的。它們要么與手術有關，要么與我們的綜合傷口策略有關。

Got you.

明白了

Or skin products.

或者護膚品。

Got you. Got you. So okay -- so lastly, since the significant growth in sales seems to be concentrated in the -- you kind of answered this question already. Do you have any plans or timetable to expand, where -- you kind of did answer this, but do you have any plans on taking it internationally like Mexico or Canada, retailer, for instance?

明白了明白了好吧 - 最後，由於銷售額的顯著增長似乎集中在 - 你已經回答了這個問題。您是否有任何擴展計劃或時間表，在哪裡——您確實回答了這個問題，但是您是否有任何計劃將其擴展到國際市場，例如墨西哥或加拿大，零售商？

Well, our primary objective is to reach all 50 states, in which we're already in today. So that's not in the short term, but I'm sure will be in our long term.

好吧，我們的主要目標是覆蓋我們今天已經進入的所有 50 個州。所以這不是短期內的，但我相信我們的長期內會如此。

Okay, fantastic. Thank you.

好的，太棒了。謝謝。

[Robert Gross, Ragnar.]

[羅伯特·格羅斯，拉格納。]

Yes, thanks for the opportunity to ask a question. The question I have is related to the quality and efficacy of new products being offered. Now since most of the wound care-related products are surgically related and Cellerate is bovine based, I know that the company is introducing porcine-based products from Cook and perhaps others.

是的，感謝有機會提問。我的問題與所提供新產品的質量和功效有關。現在，由於大多數與傷口護理相關的產品都與手術相關，而 Cellerate 是以牛為基礎的，我知道該公司正在引進 Cook 和其他公司的以豬為基礎的產品。

Now there are religious issues with Jewish and Muslim patients, which have prevented from partaking of porcine products. And George Church, Ph.D., the Robert Winthrop Professor of Genetics at Harvard Medical School, reports negative for pork-derived products, which include pig genomes and have frequent cell incompatibility with humans, more easily transmit disease, and have human rejection issues.

現在，猶太和穆斯林患者存在宗教問題，他們無法食用豬製品。而哈佛醫學院羅伯特溫思羅普遺傳學教授喬治丘奇博士報告豬肉衍生產品呈陰性，其中包括豬基因組，與人類經常發生細胞不相容，更容易傳播疾病，並存在人類排斥問題.

Porcine products have potential issues also according to the FDA, such as PERV, porcine endogenous retroviruses, and also xenotransplantation issues. So what is the reasoning for the expansion of porcine-based products versus bovine-based collagen products?

根據 FDA 的說法，豬產品也存在潛在問題，例如 PERV、豬內源性逆轉錄病毒以及異種移植問題。那麼豬基產品相對於牛基膠原蛋白產品擴張的原因是什麼？

Sure. I'll take that. So small intestinal submucosa is widely studied in one of the most documented well-researched products, and that is a porcine product from Cook Biotech, as you noted. It's widely used across all types of bodily indications, approved, and long studied.

當然。我會接受的。因此，小腸粘膜下層在記錄最多、研究最充分的產品之一中得到了廣泛研究，正如您所指出的，這是 Cook Biotech 的一種豬產品。它被廣泛用於所有類型的身體適應症、批准和長期研究。

We felt very comfortable with the science behind that product. The -- behind that product line, I should say, the platform of SIS, small intestinal submucosa, of a pig. And, of course, the team also had some experience in previous -- from areas where we had worked previously and sold a similar product.

我們對該產品背後的科學感到非常滿意。在這條產品線的背後，我應該說，SIS 平台，豬的小腸粘膜下層。而且，當然，該團隊在以前也有一些經驗——來自我們以前工作過並銷售過類似產品的領域。

So there's a lot of internal experience and a leg up on the industry that we have folks in our midst. They are extremely impressive with that type of product. They've sold Oasis in the background just to cut through what I'm trying to say there.

因此，我們有很多內部經驗，並且在行業中佔有一席之地。他們對這類產品印象深刻。他們在後台出售 Oasis 只是為了打斷我在那裡想說的話。

And so, these products, there's the FORTIFY TRG. It offers a very distinct benefit, and that is an implant -- an implantable indication for the reinforcement of soft tissue. And it is also allowed to be filled or coded with blood fluid, blood product, and that's part of the 510(k). And we felt that was attractive and differentiated in the market and allows for the surgeon to use his imagination on how to use that to reinforce soft tissue.

因此，這些產品就是 FORTIFY TRG。它提供了一個非常明顯的好處，那就是植入物——一種用於增強軟組織的可植入適應症。它也被允許用血液、血液製品填充或編碼，這是 510(k) 的一部分。我們認為這在市場上具有吸引力和差異化，並允許外科醫生髮揮他的想像力，了解如何使用它來加固軟組織。

And then, the FORTIFY FLOWABLE, that product is a robust extracellular matrix that is very complementary to Cellerate. Cellerate will help to -- will feed into that, infiltrate, and then allow the tissues to migrate and fill up and grow within the ECM. So it's a complementary product.

然後是 FORTIFY FLOWABLE，該產品是一種強大的細胞外基質，與 Cellerate 非常互補。 Cellerate 將有助於 - 將進入其中，滲透，然後允許組織遷移並在 ECM 內填充和生長。所以這是一個互補的產品。

However, we also aren't selling them together. We are going out and promoting Cellerate with one or the other product. We just wanted products that are complementary and serve the surgeon's needs based on the patient's deficits.

但是，我們也不會將它們一起出售。我們正在推廣 Cellerate 與一種或另一種產品。我們只想要互補的產品，並根據患者的缺陷滿足外科醫生的需求。

So if you had an area where the soft tissues got compromised in a surgery, they can grab FORTIFY TRG. If they wanted to fill a deep deficit and then complement, that would be ideal for FORTIFY TRG. And it allows for -- TRG allows for application against gravity.

因此，如果您的某個區域的軟組織在手術中受損，他們可以抓住 FORTIFY TRG。如果他們想填補嚴重不足然後進行補充，那將是 FORTIFY TRG 的理想選擇。它允許——TRG 允許應用對抗重力。

It turns into a gel, and you can squirt that up into a cavity that might be deep or even vertically challenged due to -- maybe it's on the heel of a patient. And so, we thought that was a really good advantage for a product.

它變成凝膠，你可以將它噴射到一個可能很深甚至垂直挑戰的空腔中——也許它在病人的腳後跟上。因此，我們認為這對產品來說是一個非常好的優勢。

So those are the main reasons we brought those products on, and, again, very strong scientific base with a very big company behind it that has put a lot of research and effort behind all those products.

所以這些是我們推出這些產品的主要原因，而且，再次，非常強大的科學基礎，背後有一個非常大的公司，在所有這些產品背後投入了大量的研究和努力。

Thanks for the question.

謝謝你的問題。

Thank you. We have a question from online from [Adu Subramanian], asking any progress publishing clinical studies with Cellerate?

謝謝。我們有一個來自 [Adu Subramanian] 的在線問題，詢問使用 Cellerate 發表臨床研究的任何進展？

Yes. We have four that are out there right now. And those are -- those have been white papers that are over 80 patients in almost every instance. I think we have one new by [Gitelman] that was 50-plus patients. All of those showed excellent results in the surgical setting.

是的。我們現在有四個。那些是 - 那些幾乎在每個實例中都超過 80 名患者的白皮書。我想我們有一個新的 [Gitelman] 是 50 多名患者。所有這些都在手術環境中表現出出色的效果。

There's historical research as well that [sites] have been around in a wound form longer and that there's some data out there on that. And then, going forward, we do have several studies that will be very shortly being published. This is the timeframe for a lot of the tradeshows, and that's typically a time where you'll see those revealed.

也有歷史研究表明 [sites] 以傷口形式存在的時間更長，並且有一些數據可以證明這一點。然後，展望未來，我們確實有幾項研究將很快發表。這是很多貿易展的時間框架，通常是您會看到這些展會的時間。

We haven't at this point disclose when those will be coming, but one will be presented at SAWC. There's another one that will hit a -- the manuscript will be submitted this week, and then that should be something we can announce fairly shortly.

我們目前還沒有透露這些內容何時會出現，但其中一個將在 SAWC 上展示。還有一個將達到 - 手稿將在本週提交，然後我們可以很快宣布。

So there's two right in our midst and a few that are just a little further out. And then, we also, of course, are doing research on BIAKŌS, BIASURGE, and the additional product lines that we've added.

所以有兩個就在我們中間，還有一些在稍遠一點的地方。然後，我們當然也在研究 BIAKŌS、BIASURGE 以及我們添加的其他產品線。

Thank you. As there are no further questions in queue, I will hand it back to Mr. Nixon for any closing comments.

謝謝。由於隊列中沒有其他問題，我將把它交還給尼克松先生以徵求任何結束評論。

Thank you very much. We really appreciate everybody's attendance today. Thank you for the good questions, and we hope to continue to provide good results to you in the future. And thank you, everybody, for being a shareholder. Take care.

非常感謝。我們非常感謝大家今天的出席。感謝您提出好的問題，我們希望在未來繼續為您提供好的結果。謝謝大家成為股東。小心。

Thank you.

謝謝。

Thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time, and have a wonderful day. And we thank you for your participation.

謝謝你們，女士們，先生們。今天的電話會議到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您的參與。