Sensus Healthcare Inc (SRTS) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the Sensus Healthcare third quarter 2023 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Kim Sutton, Golodetz, LHA Investor Relations. Please go ahead.

下午好，歡迎參加 Sensus Healthcare 2023 年第三季財務業績電話會議。 （操作員說明）請注意此事件正在被記錄。現在我想將會議轉交給 LHA 投資者關係部門的 Kim Sutton、Golodetz。請繼續。

Thank you. This is Kim Golodetz with LHA. Thank you all for participating in today's call. Joining me from Sensus Healthcare are Joe Saradano, Chairman and Chief Executive Officer; Michael Sardano, President and General Counsel; and Javier Rampolla, Chief Financial Officer.

謝謝。我是 LHA 的 Kim Golodetz。感謝大家參加今天的電話會議。與我一起來自 Sensus Healthcare 的還有董事長兼執行長 Joe Saradano；麥可·薩爾達諾，總裁兼總法律顧問；和財務長哈維爾·蘭波拉 (Javier Rampolla)。

As a reminder, some of the matters that will be discussed during today's call contain forward-looking statements within the meaning of Federal Securities Laws. All statements other than historical facts that address activities Sensus Healthcare assume plans, expects, believes, intends or anticipates and other similar expressions well should or may occur in the future are forward-looking statements.

提醒一下，今天的電話會議中將討論的一些事項包含聯邦證券法含義內的前瞻性陳述。除歷史事實外，涉及 Sensus Healthcare 假設計劃、預期、相信、打算或預期的活動的所有陳述以及未來應該或可能發生的其他類似表達均為前瞻性陳述。

The forward-looking statements are management's beliefs based on currently available information as of the date of this conference call, November 9, 2023. Sensus Healthcare undertakes no obligation to revise or update any looking for any forward-looking statements except as required by law. All forward-looking statements are subject to risks and uncertainties as described in the company's Forms 10-K and 10-Q.

前瞻性陳述是管理階層基於截至本次電話會議之日（2023 年 11 月 9 日）的當前可用資訊而得出的信念。Sensus Healthcare 不承擔修改或更新任何前瞻性陳述的義務，除非法律要求。所有前瞻性陳述均受到公司表格 10-K 和 10-Q 中所述的風險和不確定性的影響。

During today's call, references will be made to certain non-GAAP financial measures. Sensus believes these measures provide useful information for investors. They should not be considered as a substitute for GAAP, nor should they be viewed as a substitute for operating results determined in accordance with GAAP. A reconciliation of non-GAAP to GAAP results is included in today's financial results press release. With that said, I'd like to turn the call over to Joe Sardano. Joe?

在今天的電話會議中，將提及某些非公認會計準則財務指標。 Sensus 認為這些措施為投資者提供了有用的信息。它們不應被視為 GAAP 的替代品，也不應被視為根據 GAAP 確定的經營業績的替代品。今天的財務表現新聞稿包含了非公認會計原則與公認會計原則結果的調節表。話雖如此，我想將電話轉給喬·薩爾達諾。喬？

Thank you, Kim. Good afternoon, everyone. Our third quarter financial results reflected typical summer seasonality and macro-economic conditions with economic challenges continuing to affect many dermatologists.

謝謝你，金。大家下午好。我們第三季的財務表現反映了典型的夏季季節性和宏觀經濟狀況，經濟挑戰繼續影響許多皮膚科醫生。

During Q3, we shipped 11 systems, including three SRT systems outside the US and five SRT-100 Visions to a very large customer. Total unit sales now stand at almost 720 units, and we expect the seasonally strong fourth quarter to help us advance towards our yearly and long-term goal.

在第三季度，我們向一個非常大的客戶運送了 11 個系統，其中包括美國境外的三個 SRT 系統和五個 SRT-100 Vision。目前總銷量接近 720 輛，我們預計季節性強勁的第四季將幫助我們實現年度和長期目標。

For Q3, revenues were $3.9 million compared with $9.0 million a year ago. As discussed last quarter's conference call, many of our customers depend on the elective aesthetic procedures as a meaningful source of practice and revenue profit.

第三季的營收為 390 萬美元，而去年同期為 900 萬美元。正如上季度電話會議所討論的那樣，我們的許多客戶依賴選擇性美容手術作為有意義的實踐和收入來源。

And despite hearing encouraging feedback that patient volumes and procedures mix are improving macro-economic conditions, along with our usual seasonal summer lull made for a soft quarter. However, please note that our main focus has always been on the second half of 2023.

儘管聽到了令人鼓舞的反饋，即患者數量和手術組合正在改善宏觀經濟狀況，加上我們通常的季節性夏季平靜期導致了疲軟的季度。但請注意，我們的主要關注點始終是 2023 年下半年。

We continue to believe in a strong Q4 with five weeks in. We used our strong cash position to continue to build inventory, so we will be able to quickly address demand as our customers adjust to inflation and interest rates. Utilization of SRT to treat non-melanoma skin cancer continues to increase, driven by favorable reimbursement and aging population and clinical results that are at least as good if not better than Mohs surgery.

我們仍然相信五週後第四季將會強勁。我們利用強大的現金狀況繼續建立庫存，因此當我們的客戶適應通貨膨脹和利率時，我們將能夠快速滿足需求。在有利的報銷和人口老化的推動下，SRT 治療非黑色素瘤皮膚癌的使用不斷增加，而且臨床結果至少與莫氏手術一樣好，甚至更好。

I'll remind you the last quarter, we told you that our review of Medicare's shows that SRT experienced a 27% year over year treatment growth rate for the past six years. If this growth rate continues at its current pace, SRT will soon become the treatment of choice for non-melanoma skin cancer. Our confidence remains high, and we continue to work concurrently on programs that will address any remaining hesitancy for our prospects and put us back in a growth trajectory.

我會提醒您，上個季度，我們告訴您，我們對 Medicare 的審查顯示，SRT 在過去六年中的治療增長率同比增長了 27%。如果這種成長率繼續保持目前的速度，SRT 很快就會成為非黑色素瘤皮膚癌的首選治療方法。我們的信心仍然很高，我們將繼續同時進行一些計劃，以解決我們對前景的任何猶豫不決，並使我們回到成長軌道。

Our advanced technology is expected to play a key role in our growth with central IT front and center. This is our HIPAA compliance software with clinical billing and asset management utility that also allows us to track utilization. We enhanced Sentinel earlier this year by adding census cloud with its remote monitoring capabilities to track and monitor SRT systems.

我們的先進技術預計將在我們以 IT 為中心的發展中發揮關鍵作用。這是我們的 HIPAA 合規軟體，具有臨床計費和資產管理實用程序，還允許我們追蹤利用率。今年早些時候，我們透過添加人口普查雲及其遠端監控功能來增強 Sentinel，以追蹤和監控 SRT 系統。

This is ideal for better managing dermatology clinics. We showcased Sentinel and Sensus Cloud at the American Academy of Dermatology annual meeting this past March. And looking ahead, the fourth quarter is off to a good start with participation in the Fall Clinical Dermatology Conference and the American Association of Radiation Oncology annual meeting both in October.

這是更好地管理皮膚科診所的理想選擇。今年三月，我們在美國皮膚病學會年會上展示了 Sentinel 和 Sensus Cloud。展望未來，第四季度有一個良好的開端，參加了 10 月的秋季臨床皮膚病學會議和美國放射腫瘤學協會年會。

We are seeing a trend based on the activity at our booth and the attention our products received at these important trade shows, in particular, the SRT-100 Vision, Sentinel IT and Sensus Cloud capabilities. It bolsters our optimism for the future as we enter Q4, which traditionally is our year's strongest sales quarter. As a reminder, the Sensus Cloud system also allows providers to monitor any service issues such as calibration, monitoring voltage and temperature without having to send an engineer to the field.

根據我們展位上的活動以及我們的產品在這些重要貿易展會上受到的關注，我們看到了一種趨勢，特別是 SRT-100 Vision、Sentinel IT 和 Sensus Cloud 功能。隨著我們進入第四季度，這增強了我們對未來的樂觀態度，第四季度傳統上是我們今年最強勁的銷售季度。提醒一下，Sensus Cloud 系統還允許提供者監控任何服務問題，例如校準、監控電壓和溫度，而無需派遣工程師到現場。

As you may expect, Sentinel IT allows us to track system used in real time, an important feature that may support new sales programs. We also introduced this year an important new and improved high-resolution ultrasound technology to provide seat entry capability. This leads to great outcomes and patient reassurances because the physician can actually see the impact of each treatment on the lesion and lesion resolution after treatment.

正如您所期望的那樣，Sentinel IT 允許我們即時追蹤使用的系統，這是一個可以支援新銷售計劃的重要功能。今年我們還推出了一項重要的新型改進高解析度超音波技術，以提供座椅進入功能。這會帶來良好的結果並讓患者放心，因為醫生實際上可以看到每種治療對病變的影響以及治療後病變的消退。

Turning to the hospital market, radiation oncology is a highly attractive opportunity as it gains interest in the skin cancer treatment market. Although selling to hospitals is a longer selling cycle, it is a market well worth pursuing, as we build footholds in the channel.

轉向醫院市場，放射腫瘤學是一個極具吸引力的機會，因為它對皮膚癌治療市場產生了興趣。雖然向醫院銷售的銷售週期較長，但這是一個非常值得開拓的市場，因為我們已經在通路中站穩了腳步。

Recall that earlier this year, we sold a system to a hospital in the Northeast to Beth Israel Deaconess Hospital in Plymouth, Massachusetts. And now during Q3, we sold another SRT to Cape Cod Hospital in Hyannis, Massachusetts, and we are engaged with several more hospital systems and believe that the positive experiences of these recent hospital customers will serve as supporting references, as we penetrate this market.

回想一下，今年早些時候，我們向東北部一家醫院出售了一套系統，即馬薩諸塞州普利茅斯的貝斯以色列女執事醫院。現在，在第三季度，我們向馬薩諸塞州海恩尼斯的科德角醫院出售了另一台SRT，並且我們正在與更多醫院系統進行合作，並相信這些近期醫院客戶的積極經驗將為我們滲透這個市場提供支持參考。

The veterinary market also offers some longer-term potential for growth. We were delighted that the Colorado State University Veterinary Teaching Hospital posted on social media this week, that in a clinical trials that they call groundbreaking. They treated horses diagnosed with squamous cell carcinoma with SRT.

獸醫市場也提供了一些長期成長潛力。我們很高興科羅拉多州立大學獸醫教學醫院本週在社群媒體上發布了一項他們稱之為開創性的臨床試驗。他們用 SRT 治療被診斷出患有鱗狀細胞癌的馬。

This is the most common Island tumor in horses. See as you said I quote; The initial results are showing excellent success were eagerly awaiting the eventual completion of this trial and the publication of its results in a peer-reviewed journal. So, with that overview, I'd like to turn the call over to Michael Sardano for a bit more color on our plans and priorities. Michael?

這是馬最常見的島狀腫瘤。看看你說的我引用的；初步結果顯示出巨大的成功，我們熱切地等待著這項試驗的最終完成並在同行評審的期刊上發表其結果。因此，在概述之後，我想將電話轉給邁克爾·薩爾達諾 (Michael Sardano)，以獲取有關我們的計劃和優先事項的更多資訊。麥可？

Thanks, Joe. Last quarter, I spoke about our efforts to open up new international territories, a demanding process that requires regulatory approvals and engaging the right distributors.

謝謝，喬。上個季度，我談到了我們開拓新國際領土的努力，這是一個要求嚴格的過程，需要監管部門的批准並聘請合適的分銷商。

Earlier this year, we were thrilled to sell our first SRT system to Beacon hospital in Dublin, Ireland, which came just before, we announced a new distribution partner in the United Kingdom, Mis Healthcare. We are delighted with this partnership and Mis has a good backlog of potential hospitals interested in our SRT systems.

今年早些時候，我們很高興將我們的第一個 SRT 系統出售給愛爾蘭都柏林的 Beacon 醫院，就在我們宣佈在英國建立新的分銷合作夥伴 Mis Healthcare 之前。我們對這種合作關係感到很高興，Mis 擁有大量對我們的 SRT 系統感興趣的潛在醫院。

Our focus on international opportunities continues, and during the quarter we sold three systems outside the United States for a total of 10 systems sold internationally so far this year. Our goal is to enter three to four new territories over the coming years. Building upon our recently added opportunities in the UK, Ireland and Latin America, where we sold the first unit into Guatemala during the second quarter.

我們繼續關注國際機會，本季我們在美國境外銷售了 3 個系統，今年迄今在國際上銷售的系統總數達到 10 個。我們的目標是在未來幾年進入三到四個新領域。基於我們最近在英國、愛爾蘭和拉丁美洲增加的機會，我們在第二季度向危地馬拉出售了第一台設備。

With regard to the near future, as we discussed previously, our plan is to expand our Latin American and Asian footprint as quickly as possible with Brazil and Japan being longer-term goals, as they are highly regulated. With that, I'll turn the call over to Javier for a discussion of our financial results.

對於不久的將來，正如我們之前討論的那樣，我們的計劃是盡快擴大我們在拉丁美洲和亞洲的足跡，其中巴西和日本是長期目標，因為它們受到嚴格監管。這樣，我會將電話轉給哈維爾，討論我們的財務表現。

Thank you, Michael, and good afternoon, everyone. As Joe mentioned, our revenues for the third quarter of 2023 were $3.9 million as compared with revenues of $9 million a year ago and $4.5 million in the second quarter of 2023. The decreases versus the prior year was primarily due to a lower number of SRT units sold as customers continued to defer purchases as well as lower sales to a large customer.

謝謝邁克爾，大家下午好。正如Joe 所提到的，我們2023 年第三季的營收為390 萬美元，而一年前的營收為900 萬美元，2023 年第二季的營收為450 萬美元。與前一年相比下降的主要原因是SRT 數量減少由於客戶繼續推遲採購以及對大客戶的銷售減少，銷售的單位數量也減少了。

Now that the third quarter is typically slower. Gross profit for the third quarter of 2023, was $2 million or 51% of revenues compared with $5.9 million or 65.6% of revenues for the third quarter of 2022. The decrease was primarily due to the lower number of units sold in the 2023, quarter. Going forward, we anticipate that gross margins will remain to the mid 60% range up ourselves continue to improve.

現在第三季通常會放緩。 2023 年第三季的毛利為200 萬美元，佔營收的51%，而2022 年第三季的毛利為590 萬美元，佔營收的65.6%。下降的主要原因是2023 年第三季銷售的單位數量減少。展望未來，我們預期毛利率將維持在60%左右的區間，並持續改善。

Selling and marketing expense for the third quarter of 2023, was $1.3 million compared with $1.8 million for the third quarter of 2022. The decrease was primarily attributable to a decrease in marketing activity as well as lower tradeshow costs and commission expense.

2023 年第三季的銷售和行銷費用為 130 萬美元，而 2022 年第三季為 180 萬美元。減少的主要原因是行銷活動減少以及貿易展覽成本和佣金費用降低。

General and administrative expense for the third quarter of 2023, was $1.5 million compared with $1.2 million for the third quarter of 2022. The increase was mostly due to higher professionals and bank fees, including costs associated with entering into a new credit facility.

2023 年第三季的一般和管理費用為 150 萬美元，而 2022 年第三季為 120 萬美元。增加的主要原因是專業人員和銀行費用增加，包括與進入新信貸安排相關的費用。

Research and development expense for the third quarter of 2023, was $1.1 million compared with $0.7 million in the same quarter, last year. The increase was primarily due to expenses related to our project to develop a drug delivery system for the aesthetic market. We recently submitted our 510k application to the US Food and Drug Administration, and we expect the completion of work on this project by the end of 2023.

2023 年第三季的研發費用為 110 萬美元，去年同期為 70 萬美元。增加的主要原因是我們為美容市場開發藥物輸送系統的項目相關費用。我們最近向美國食品藥物管理局提交了 510k 申請，我們預計該專案的工作將於 2023 年底完成。

Other income of $0.3 million for the third quarter of 2023, was mostly related to interest income, and this compares with $0.1 million in other income for the third quarter of 2022.

2023 年第三季的其他收入為 30 萬美元，主要與利息收入相關，而 2022 年第三季的其他收入為 10 萬美元。

Net loss for the third quarter of 2023, was $1.5 million or $0.09 per share, and this compares with net income of $1.8 million or $0.11 per diluted share for the third quarter of 2022. Adjusted EBITDA, which we define as earnings before interest, taxes, depreciation and amortization and stock-compensation expense was negative $1.7 million for the third quarter of 2023, compared with positive $2.3 million for the third quarter of 2022.

2023 年第三季的淨虧損為150 萬美元，即每股0.09 美元，而2022 年第三季的淨利潤為180 萬美元，即稀釋後每股收益0.11 美元。調整後EBITDA，我們將其定義為息稅前利潤，2023 年第三季的折舊、攤提和股票補償費用為負 170 萬美元，而 2022 年第三季為正 230 萬美元。

Our brief review of our year-to-date financial results. Revenues for the first nine months of 2023 were $11.8 million compared with $31.4 million for the same period of 2022, reflecting a lower number of SRT units sold as well as lower sales to a large customer.

我們對今年迄今的財務表現的簡要回顧。 2023 年前 9 個月的收入為 1,180 萬美元，而 2022 年同期為 3,140 萬美元，反映出銷售的 SRT 裝置數量減少以及向大客戶的銷售額減少。

Gross profit year to date was $6.2 million or 52.6% of revenue compared with $21.3 million or 67.8% of revenue for the first nine months of 2022. The decrease was primarily driven by the lower number of units sold and higher cost charged by vendors in the 2023 period.

今年迄今的毛利為620 萬美元，佔收入的52.6%，而2022 年前9 個月的毛利為2,130 萬美元，佔收入的67.8%。這一下降主要是由於銷售量減少以及供應商收取的成本增加所致。在 2023 年期間。

Selling and marketing expense was $5 million for the first nine months of 2023, compared with $4.8 million for the same period of 2022. The increase was primarily attributable to higher trade show expense and headcount cost, partially offset by lower commissions on marketing expenses.

2023 年前 9 個月的銷售和行銷費用為 500 萬美元，而 2022 年同期為 480 萬美元。這一增長主要歸因於貿易展覽費用和員工成本增加，但部分被行銷費用佣金減少所抵消。

General and administrative expense was $4.2 million for the nine months ended September 30, 2023, compared with $3.6 million for the same period of 2022. The increase were primarily due to higher professional and bank fees.

截至 2023 年 9 月 30 日的九個月，一般及行政費用為 420 萬美元，而 2022 年同期為 360 萬美元。增加的主要原因是專業費用和銀行費用增加。

Research and development expense was $3 million for the first nine months of 2023, compared with $2.3 million for the first nine months of 2022. The increase was mostly due to expenses related to the development of a drug delivery system for aesthetic use as I just mentioned, we recently submitted our 510k application to the FDA for this product and expect the project to be completed by the end of this year.

2023 年前9 個月的研發費用為300 萬美元，而2022 年前9 個月的研發費用為230 萬美元。正如我剛才提到的，增加的主要原因是與開發美容用藥物輸送系統相關的費用，我們最近向 FDA 提交了該產品的 510k 申請，預計該項目將於今年年底完成。

Other income of $0.8 million for the first nine months of 2023, was related to interest income, other income of $12.9 million for the same period of 2022, was related primarily to the gain of $12.8 million on the sale of a non-core asset.

2023 年前 9 個月的其他收入為 80 萬美元，與利息收入相關；2022 年同期的其他收入為 1,290 萬美元，主要與出售非核心資產的 1,280 萬美元收益相關。

Net loss for the nine months ended September 30, 2023 was $3.7 million or $0.23 per share, and this compares with net income of $21.4 million or $1.28 per diluted share for the nine months ended September 30, 2022. Net income for the 2022, period includes a $12.8 million gain on the sale of our non-core assets. Adjusted EBITDA for the first nine months of 2023, was negative $5.4 million compared with positive $23.8 million for the first nine months of 2022.

截至2023年9月30日的九個月的淨虧損為370萬美元或每股0.23美元，而截至2022年9月30日的九個月的淨利潤為2140萬美元或稀釋後每股1.28美元. 2022年期間的淨利潤包括出售我們的非核心資產獲得的 1280 萬美元收益。 2023 年前 9 個月的調整後 EBITDA 為負 540 萬美元，而 2022 年前 9 個月的調整後 EBITDA 為正 2,380 萬美元。

Turning now to our balance sheet. Cash and cash equivalents as of September 30, 2023, were $20.5 million, down from $25.5 million as of September 31, 2022 (sic- "December 31, 2022") The company had no outstanding borrowings under its revolving line of credit as of September 30, 2023 or December 31, 2022.

現在轉向我們的資產負債表。截至2023 年9 月30 日，現金及現金等價物為2,050 萬美元，低於截至2022 年9 月31 日（原文如此，「2022 年12 月31 日」）的2,550 萬美元。 截至9 月份，公司循環信貸額度下沒有未償還借款2023年12月30日或2022年12月31日。

In previous quarters, we continue to prepare for the [growth envision] most immediately for higher expected unit sales during the fourth quarter of 2023. We've been building finished goods inventories on prepaying for materials in part to get ahead of inflationary price increases.

在前幾季中，我們繼續為2023 年第四季更高的預期單位銷售做好最直接的[成長願景]準備。我們一直在預付材料費用來建立成品庫存，部分是為了趕在通膨價格上漲之前。

At the end of the third quarter of 2023, inventories were $13.2 million, up from $3.5 million as of December 31, 2022. Prepaid assets were $3.9 million on September 30, 2023, versus $6.3 million as of December 31, 2022. Our [cash spending] very focused on highly disciplined and is intended to support our ability to achieve our business goals.

截至2023 年第三季末，庫存為1,320 萬美元，高於截至2022 年12 月31 日的350 萬美元。截至2023 年9 月30 日，預付資產為390 萬美元，而截至2022 年12 月31日為630 萬美元。支出]非常注重高度紀律，旨在支持我們實現業務目標的能力。

Nevertheless, our pursuit continues to position us well to take advantage of the compelling growth opportunities we may come across or that we may create ourselves. A final comment, please see the table in the news release, we issued earlier today for our (inaudible) of GAAP to non-GAAP financial measures. With that, I'll turn the call back over to Joe.

儘管如此，我們的追求仍然使我們能夠充分利用我們可能遇到的或我們自己創造的引人注目的成長機會。最後的評論請參閱我們今天早些時候發布的關於 GAAP 與非 GAAP 財務指標（聽不清楚）的新聞稿中的表格。這樣，我會將電話轉回喬。

Thanks, Javier. Thank you, Michael. As I mentioned last quarter, SRT treatments surpassed 480,000 in the last two years alone and the ROI for our premium SRT system under our fair market value leasing program continues to be compelling.

謝謝，哈維爾。謝謝你，麥可。正如我上季度提到的，僅在過去兩年裡，SRT 治療就超過了 480,000 例，並且我們的優質 SRT 系統在我們的公平市場價值租賃計劃下的投資回報率仍然引人注目。

Interest and SRT remains high, especially as it relates to our premium product, the SRT-100 Vision. We do expect to ship significantly more SRT systems in the fourth quarter of this year and a statement I make based on historical trends as well as the high interest in SRT and the booth traffic and recent important trade conferences and current prospect activities.

人們的興趣和 SRT 仍然很高，特別是因為它與我們的優質產品 SRT-100 Vision 有關。我們確實預計今年第四季將出貨更多的 SRT 系統，我根據歷史趨勢以及對 SRT 和展位流量的高度興趣以及最近的重要貿易會議和當前的前景活動做出的聲明。

Clinical results in treating non-melanoma skin cancer noninvasively are excellent with published studies showing that SRT is as good or better than most surgery. This should be reason enough to choose SRT. Add to that fact that most procedures can leave scars and raised the risk of infection even death and the fact that our reimbursement is so much higher than it was two years ago, while most surgery reimbursement has come down.

非侵入性治療非黑色素瘤皮膚癌的臨床結果非常出色，已發表的研究表明 SRT 與大多數手術一樣好甚至更好。這應該是選擇 SRT 的充分理由。除此之外，大多數手術都會留下疤痕，並增加感染甚至死亡的風險，而且我們的報銷比兩年前高得多，而大多數手術報銷卻有所下降。

And SRT becomes the clear choice. We're very excited to be working to make this choice even easier as treating skin cancer and keloids with SRT becomes a meaningful way of supporting one's practice considering the current state of aesthetics.

SRT 成為明智的選擇。我們非常高興能夠努力讓這個選擇變得更加容易，因為考慮到當前的美學狀況，使用 SRT 治療皮膚癌和疤痕疙瘩已成為支持個人實踐的一種有意義的方式。

As a final topic before we take your questions, I want to provide you some color on our Transdermal Drug Delivery system known as TDI. As Javier mentioned, we recently submitted our 510k application to the FDA and expect to receive clearance in early 2024. This system will, for example, allow PRP could be applied to the scalp, but a pain-free hair restoration experience.

作為回答您的問題之前的最後一個主題，我想向您介紹我們的透皮給藥系統（TDI）。正如 Javier 所提到的，我們最近向 FDA 提交了 510k 申請，預計在 2024 年初獲得批准。例如，該系統將允許 PRP 應用於頭皮，但提供無痛的頭髮修復體驗。

In addition, posters have already been presented on the application for hyperhidrosis or overactive sweat glands. Our transdermal system includes Sentinel IT solutions capabilities. As do all six of our Sensus branded aesthetic smart lasers and SRT devices.

此外，已經展示了針對多汗症或汗腺過度活躍的申請的海報。我們的透皮系統包括 Sentinel IT 解決方案功能。我們的所有六種 Sensus 品牌美容智慧雷射和 SRT 設備也是如此。

We are still in the early stages of tapping the enormous market opportunity for SRT. Our systems are well positioned in a large and largely untapped market. They provide a compelling alternative to surgery for millions of patients and arguably the only solution to prevent the recurrence of keywords following surgical excision.

我們仍處於利用 SRT 龐大市場機會的早期階段。我們的系統在一個巨大且尚未開發的市場中處於有利地位。它們為數百萬患者提供了一種引人注目的手術替代方案，可以說是防止手術切除後關鍵字復發的唯一解決方案。

As an overlay to all this, an estimated one in five Americans will develop skin cancer during their lifetime. This tells us that nearly 70 million people will have non-melanoma skin cancer. So clearly, there's a need for our SRT systems both now and even more so in the future. We are confident that Sensus is positioned for success, despite the challenges we faced since February. We have a great staff to driving growth and implement our strategies, which is why we have built inventory to meet the expected demand.

除此之外，估計有五分之一的美國人在一生中會罹患皮膚癌。這告訴我們，近 7000 萬人將患有非黑色素瘤皮膚癌。顯然，現在甚至未來都需要我們的 SRT 系統。儘管自 2 月以來我們面臨挑戰，但我們對 Sensus 的成功充滿信心。我們擁有優秀的員工來推動成長和實施我們的策略，這就是我們建立庫存以滿足預期需求的原因。

With those comments, I thank you for your time and attention. And now, Operator, ready to take questions.

帶著這些評論，我感謝您的時間和關注。現在，接線員，準備好回答問題了。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Yi Chen, HC. Wainwright.

陳毅，HC.溫賴特。

Hi, this is (inaudible) dialing in for Yi Chen, thanks for taking our questions. A couple from us from maybe firstly, so the cost of sales remained the same despite a drop in revenue. So, is there anything to take note of and also how should we think about gross margin for the next quarter and maybe in 2024?

您好，我是（聽不清楚）撥打陳亦的電話，感謝您回答我們的問題。我們可能首先來自我們的幾個人，因此儘管收入下降，但銷售成本保持不變。那麼，有什麼需要注意的嗎？我們應該如何考慮下一季甚至 2024 年的毛利率？

So, for the next quarter, I think about like the low 60s in that gross margin.

因此，對於下個季度，我認為毛利率會在 60 多歲左右。

Okay.

好的。

All right. And then do you expect the macroeconomic challenges to remain in place to 2024 that could impact your business?

好的。那麼您預計宏觀經濟挑戰將持續到 2024 年，這可能會影響您的業務嗎？

We're expecting Q4 to give us a nice rebound and hopefully launches into a successful 2024 to what point that success will be is going to be determined. We'll see how Q4 lays out, but we're very confident that Q4 will be a good fourth quarter as it usually is. And I think it launches into a better 2024 than, of course, what we're experiencing for 2023.

我們預計第四季將為我們帶來良好的反彈，並希望在 2024 年取得成功，具體到什麼程度才能確定。我們將看看第四季度的情況如何，但我們非常有信心第四季度將像往常一樣成為一個良好的第四季度。我認為 2024 年將會比我們正在經歷的 2023 年更好。

Okay. Maybe one final from us. So, I was wondering if you could provide some color on the current trend of device utilization rate in the office of dermatology?

好的。也許是我們的一場決賽。那麼，我想知道您是否可以提供一些有關皮膚科辦公室設備利用率當前趨勢的資訊？

Say that again, I need to understand it better.

再說一遍，我需要更好地理解它。

So, we'd like some extra color on the current trends of device utilization rate in the office of dermatology?

那麼，我們想了解皮膚科診所設備利用率的當前趨勢嗎？

What, particularly for SRT?

什麼，特別是對於 SRT？

Yeah.

是的。

Yeah. I think that the SRT utilization rate is starting to move up as we've done a review of Medicare Medicaid over the last six years, which shows a 27% compounded increase year over year for the last six years. So, we're seeing the volumes in our offices picking up. That doesn't seem to be a deterrent in any way, shape or form.

是的。我認為 SRT 利用率開始上升，因為我們對過去六年的醫療保險醫療補助進行了審查，結果顯示過去六年的複合成長率為 27%。因此，我們看到辦公室的工作量正在增加。這似乎並沒有以任何方式、形式或形式構成威懾。

A lot more people are choosing SRT versus Mohs surgery, which is more invasive as we know. So, we see that trend continuing for the foreseeable future. And we fully expect that at some point in the very near future to have SRT, possibly overtake and most surgery as the treatment of choice.

更多的人選擇 SRT，而不是莫氏手術，據我們所知，莫氏手術更具侵入性。因此，我們認為這種趨勢在可預見的未來持續存在。我們完全期望在不久的將來的某個時候，SRT 可能會取代大多數手術作為治療選擇。

Thank you very much.

非常感謝。

Alex Nowak of Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的亞歷克斯·諾瓦克。

Okay, great. Good afternoon, everyone. The Q4 bounce back, less Q4 in 2022 I think you did about 36 systems. Based on the trends, the macro environment, everything has changed. I can't imagine going to 36, but like what's the kind of a ballpark number that you would be guiding towards?

好的，太好了。大家下午好。第四季反彈，2022 年第四季減少，我認為你們做了大約 36 個系統。從趨勢來看，宏觀環境，一切都改變了。我無法想像會達到 36，但你會指導的大概數字是多少？

Well, I think, it's one of those questions where right from day one, I think we talked about 60 units for the year. I think that we will reach our 60-unit goal after this quarter we're at 33 systems, I believe. So, I think that we'll get to that 60-unit goal by the end of the fourth quarter.

嗯，我認為，這是其中一個問題，從第一天開始，我認為我們討論了今年的 60 個單位。我相信，本季之後我們將達到 33 個系統，我們將達到 60 個單位的目標。因此，我認為我們將在第四季末實現 60 台的目標。

And that's I mean that's great to hear. Can you speak to your big partners skincare? Just what are they seeing out there because obviously in the capital environment is tough. We all know that go into the earnings season here, but other aesthetic names seen impact in the dermatology office, but it sounds like procedures for SRT are continuing very well. Is that the same with your partner skincare?

我的意思是，很高興聽到這個消息。能和你的護膚大夥伴聊聊嗎？他們到底看到了什麼，因為顯然資本環境很艱難。我們都知道，進入財報季後，其他美容品牌在皮膚科辦公室中看到了影響，但聽起來 SRT 程序進展順利。你的伴侶保養品也是這樣嗎？

Skincare is seeing that increase as well. So, that's encouraging. But the hesitation for signing on the dotted line to add new installations as we've had the same problem as they've had. So, we're seeing the same of what we can compare notes and see the same results there. But we're also seeing together with them a much better fourth quarter.

護膚品也看到了這一增長。所以，這是令人鼓舞的。但對於在虛線上簽名以添加新安裝猶豫不決，因為我們遇到了與他們相同的問題。因此，我們看到的內容與我們可以比較筆記的內容相同，並在那裡看到相同的結果。但我們也與他們一起看到了更好的第四季。

I think that we've consistently said that the doctors will learn, or patients will come back, as they learn how to live with the inflationary numbers that's on the aesthetic side. The fact of the matter is that skin cancer is something that's not going to go away unless it's treated and there's more skin cancers being discovered each and every day.

我認為我們一直說，醫生會學習，或者病人會回來，因為他們學會瞭如何忍受美學方面的通貨膨脹數字。事實上，皮膚癌除非接受治療，否則不會消失，每天都會發現更多的皮膚癌。

And so, the doctors are finding a very good way of treating that with SRT. And I think that it's also a nice complement to the fact that, if they're seeing lower numbers on the aesthetic side, this is certainly a way of gaining back some of the revenue that they're losing on the aesthetic side, so that they're more balanced as far as their offerings between medical dermatology versus aesthetic dermatology.

因此，醫生們正在尋找一種非常好的 SRT 治療方法。我認為這也是對這樣一個事實的一個很好的補充：如果他們在美學方面看到的數字較低，這肯定是一種收回他們在美學方面損失的一些收入的方法，所以他們在醫學皮膚病學和美容皮膚病學之間的產品更加平衡。

So, I think you're going to see a lot of the practices starting to even out on those things. I think over the last several years, the whole industry migrated towards the aesthetic side, which was the cash business. It's an easy path to fall into. And I think this is a big awakening.

所以，我認為你會看到很多做法開始在這些事情上趨於平衡。我認為在過去的幾年裡，整個產業轉向了美學方面，也就是現金業務。這是一條很容易陷入的路。我認為這是一個巨大的覺醒。

I remember four or five years ago going to all the trade shows and all of the speakers were talking about having a balanced offering to their customers. So, they're not too heavily weighted one versus the other. I think this is a reset, if you will, and it's going to help people get back onto the equilibrium, if you will. And of course, SRT is going to be one of the main players in that.

我記得四、五年前，參加所有貿易展覽，所有演講者都在談論為客戶提供平衡的產品。因此，它們相對於另一者的權重並不太重。我認為這是一個重置，如果你願意的話，它會幫助人們回到平衡狀態，如果你願意的話。當然，SRT 將成為其中的主要參與者之一。

Got it. Thank you. That's really helpful. And the company, Joe, you and the team. You've taken the company now through two different environments. One of the lower interest rate environment where maybe a fair value lease could come a lot cheaper.

知道了。謝謝。這真的很有幫助。還有公司、喬、你和團隊。您現在已經帶領公司經歷了兩種不同的環境。利率較低的環境之一，公允價值租約可能會便宜得多。

There is more access to capital by these clinics, so they could take a place and SRT for called it a little bit of a lower risk. And now we've gone through this higher interest rate environment, where now it's becoming it's more difficult for a clinic to sign on the dotted line, as you mentioned, does it at all, make you question or look towards sharing in the economics on the procedures where, if a clinic is going to do X number of procedure. You can actually and you get a piece of that economic benefit versus just the capital sale upfront and then the service contract?

這些診所有更多獲得資金的機會，因此它們可以佔據一席之地，而 SRT 則稱其風險較低。現在我們已經經歷了這種更高的利率環境，現在診所在虛線上簽字變得越來越困難，正如您提到的那樣，完全這樣做，讓您質疑或期待分享經濟如果診所要進行X 次手術，則該手術在哪裡進行。您實際上可以從這種經濟利益中分得一杯羹，而不是僅僅先進行資本銷售，然後再簽訂服務合約嗎？

It's always been on our minds as far as the ability for us to do that. It's always available to our customers if they if they want to bring that up with us, but we have a very good partner that is right now fulfilling that, they have a very successful model. I think it's a proven model.

我們一直在考慮我們是否有能力做到這一點。如果我們的客戶想向我們提出這個問題，他們總是可以使用它，但我們有一個非常好的合作夥伴，現在正在實現這一點，他們有一個非常成功的模式。我認為這是一個經過驗證的模型。

The fair market value lease that we offer is not so much laden by the interest rate because of the fact that it's an off balance sheet vehicle that provides with no personal guarantees for the customer and it allows them to get into something where literally there's a huge residual base on the system that they are not having to pay for.

我們提供的公平市場價值租賃並不會受到利率的太大影響，因為它是一種表外工具，不為客戶提供任何個人擔保，並允許他們進入確實存在巨大價值的領域。他們無需為系統付費的剩餘基礎。

So, it's a much less costly way of doing it. And it's still an opportunity for them to keep 100% of their revenues , if they have high patient population, which we're seeing it grow, it's difficult for a customer to want to give up a certain percentage of that revenue when they can keep it all.

因此，這是一種成本低得多的方法。對他們來說，這仍然是一個保留100% 收入的機會，如果他們的患者人數很多（我們看到這一數字正在增長），那麼當客戶可以保留收入時，他們很難想要放棄一定比例的收入。這一切。

So, I think we provide them with a very, very good alternative to what our biggest customers doing. And I think that's one way of supporting our market. And until we start seeing a greater demand from our market for us to be involved with that. It's always being considered. I can assure you that and then maybe one day and it will happen, but it's not going to be this day.

因此，我認為我們為他們提供了一個非常非常好的替代方案，可以取代我們最大的客戶所做的事情。我認為這是支持我們市場的一種方式。直到我們開始看到市場對我們參與其中的更大需求。一直都在考慮。我可以向你保證，也許有一天它會發生，但不會是這一天。

Okay. It's make sense. And then just lastly on the expenses. The team's done a great job keeping the expenses at a, I think a reasonable run rate even during this challenging macro times. So, going into Q4 and I guess more 2024, do you expect to hold the expenses largely flat or originate addition a little bit of increasing, but the profitability comes back in store in Q4 and (multiple speakers)

好的。這是有道理的。最後是費用。即使在這個充滿挑戰的宏觀時期，團隊也做得很好，將開支保持在合理的運行率。因此，進入第四季度，我猜是 2024 年，您預計支出將基本持平還是會略有增加，但盈利能力將在第四季度恢復，並且（多個發言者）

Well. First of all, I appreciate you bringing that up because I think the team, the financial team, in particular led by a half year has really kept us on track and very disciplined on what we do with our dollars. And if you notice, we have more cash in the bank at the end of this quarter than we did after the second quarter.

出色地。首先，我很感謝你提出這個問題，因為我認為這個團隊，特別是由半年領導的財務團隊，確實讓我們保持在正軌上，並且在我們如何使用美元方面非常有紀律。如果你注意到的話，我們在本季末銀行的現金比第二季之後還要多。

So, we're very cognizant of it. We're strict on it. It's part of our DNA and the way we manage our business. I think that it will remain flat for the balance of the year. We're not looking at increasing expenses. We've had increase in some of the R&D expenses due to the TDI product that we've put through the FDA and all of the fixes that it has to go through as well as the testing which is extremely expensive, even before you get to the FDA, it's done by a third party group.

所以，我們對此非常了解。我們對此很嚴格。這是我們 DNA 的一部分，也是我們管理業務的方式。我認為今年剩餘時間將保持穩定。我們不考慮增加開支。由於我們已經通過 FDA 的 TDI 產品以及它必須經過的所有修復以及測試，我們的一些研發費用有所增加，甚至在您獲得之前就已經非常昂貴了。 FDA，它是由第三方小組完成的。

All of those things are very, very important for us, but it's something that we live with every day. So, I don't think that we're going to increase any of the expenses. It's one of the notes that you had from half year that was increases in some expenses due to sales and trade shows. We had the American Academy of Dermatology Trade Show was in a very expensive state.

所有這些事情對我們來說都非常非常重要，但它是我們每天都要面對的事情。因此，我認為我們不會增加任何費用。這是半年以來您收到的註釋之一，即由於銷售和貿易展覽而導致的一些費用增加。我們舉辦的美國皮膚病學會貿易展處於非常昂貴的狀態。

And then most recently Astro was in San Diego, if you know anything about the trade shows, everything in the trade shows that have already been scheduled. We got the upcoming American Academy of Dermatology in March also in San Diego. The actual costs to us to any manufacturer to exhibit in California is almost three times that it was two years ago.

最近，Astro 在聖地亞哥，如果您了解有關貿易展覽的任何信息，那麼貿易展覽中的所有內容都已經安排好了。我們即將於三月在聖地牙哥舉行美國皮膚病學會。任何製造商在加州參展的實際成本幾乎是兩年前的三倍。

I mean they've increased across the cost tremendously. I'm not sure, if we're going to continue to see a lot of these big societies continue to have their meetings in California because of those costs. But I mean, we were as shocked as everybody else was when we showed up and we learned of the extra costs that were involved.

我的意思是他們的成本大幅增加。我不確定，由於這些成本，我們是否會繼續看到許多大型社團繼續在加州舉行會議。但我的意思是，當我們出現並得知其中涉及的額外費用時，我們和其他人一樣感到震驚。

So, that's pretty much the difference the expense that we've had in 2022 versus 2023, was just that one very show. But I would tell you, we do it again only because the show was very valuable to us. We had as much activity that I had our booth at Astro, the American Society for Therapeutic Radiation, as we did several months earlier at the American Academy of Dermatology.

所以，這幾乎就是我們 2022 年與 2023 年的支出差異，只是一場演出而已。但我想告訴你，我們再次舉辦只是因為這個節目對我們來說非常有價值。我們的活動與我在美國放射治療學會 Astro 的展位一樣多，就像我們幾個月前在美國皮膚病學會所做的那樣。

Now that's good to hear. Appreciate the update. Thank you.

現在很高興聽到這個消息。感謝更新。謝謝。

No. Thank you.

不，謝謝。

Ben Haynor, Alliance Global Partners.

Ben Haynor，聯盟全球合作夥伴。

Good afternoon, gentlemen. Thanks for taking the questions. Just kind of following up on that tradeshow commentary you just made, can you share a little bit more on that front, just kind of the leads that you've seen maybe relative to past years, I know COVID kind of messes with that a little bit, but or quite a lot, I guess, but just any trends you've seen over time and the level of interest for SRT?

下午好，先生們。感謝您提出問題。只是對您剛剛發表的貿易展覽評論進行跟進，您能否在這方面分享更多一點，只是您看到的可能與過去幾年相關的線索，我知道新冠疫情對此有點混亂有點，但是或者相當多，我想，但是隨著時間的推移，您看到了任何趨勢以及對SRT 的興趣程度嗎？

Yes. Ben, thanks for being on the call. First and foremost, we started to see this trend since COVID, if everybody understands the American or the Radiological Society and radiation oncology. But CMS Centers for Medicare Medicaid Services is putting an awful lot of pressure on treatments for cancer and reducing a lot of the reimbursement for the treatment of cancer.

是的。本，感謝您接聽電話。首先也是最重要的，如果每個人都了解美國或放射學會和放射腫瘤學，那麼自新冠疫情以來我們就開始看到這種趨勢。但 CMS 醫療保險醫療補助服務中心給癌症治療帶來了巨大的壓力，並減少了癌症治療的大量報銷。

When I'm saying the treatment of cancer, I'm talking about the regular cancers, lung cancer, breast cancer, prostate, all of those cancers, there's a huge reduction and a huge push by Centers for Medicare Medicaid Services to cut those reimbursements because of the high volumes that are occurring in those areas and those treatments of cancer.

當我說癌症的治療時，我指的是常規癌症，肺癌，乳腺癌，前列腺癌，所有這些癌症，醫療保險醫療補助服務中心大幅減少和大力推動削減這些報銷因為這些地區發生的大量癌症和癌症治療。

With that being said, a lot of these hospital administrators are saying, okay, we're losing revenue on our treatment of cancer with our cancer centers. What are we not doing, where can we go and find more revenue to make up for those losses. And of course, as they're looking over the fence into somebody else's backyard, what aren't they treating?

話雖如此，許多醫院管理人員都說，好吧，我們的癌症中心正在損失癌症治療的收入。我們沒有做什麼，我們可以去哪裡找到更多的收入來彌補這些損失。當然，當他們越過柵欄觀察別人的後院時，他們沒有看到什麼？

They're not treating skin cancer and skin cancer is the low hanging fruit. They can certainly attract a lot of the patients and they certainly can attract treatment for that. But they have to have the right equipment. And so, they've identified which they've identified a long time ago, that SRT is a very low cost system that would get them back into the game for treating skin cancer and to make up for the losses that they're seeing in the reimbursement for all of their other cancers.

他們不治療皮膚癌，而皮膚癌是唾手可得的成果。他們當然可以吸引很多患者，也可以吸引治療。但他們必須擁有合適的設備。因此，他們很久以前就已經確定了，SRT 是一種成本非常低的系統，可以讓他們重新投入到治療皮膚癌的行列中，並彌補他們在癌症治療中所看到的損失。所有其他癌症的報銷。

So, at this meeting, we had dozens of hospitals that were pre scheduled coming to our booth for demonstrations on the SRT, they were physicians, they were physics, they were administrators. They were all coming to find out what this SRT is all about and how it can treat skin cancer and how big this skin cancer market is.

所以，在這次會議上，我們有幾十家預先安排好的醫院來到我們的攤位進行 SRT 演示，他們是醫生，他們是物理，他們是管理員。他們都是來了解 SRT 的意義所在、它如何治療皮膚癌以及這個皮膚癌市場有多大。

And so, we were very, very happy to help them understand how big the market is and what they can do. Now you have a lot of also independent radiation oncology centers that are also suffering through the same thing, but want to learn what else can they do. And if you recall, just a few years ago, we had a doctor out of Red Rock, Colorado that had a system in a private setting and he was doing 50 to 60 treatments a month in skin cancer.

因此，我們非常非常高興能幫助他們了解市場有多大以及他們可以做些什麼。現在有很多獨立的放射腫瘤中心也經歷著同樣的事情，但想了解他們還能做什麼。如果你還記得的話，就在幾年前，我們有一位來自科羅拉多州紅石的醫生，他在私人環境中擁有一套系統，他每月進行 50 到 60 次皮膚癌治療。

He was doing a tremendous job until he sold the practice, retired and move back to his home state of Indiana, but that we've had tremendous interest in that market. We think that market is going to continue to grow.

在他出售診所、退休並搬回家鄉印第安納州之前，他一直在做出色的工作，但我們對這個市場非常感興趣。我們認為市場將持續成長。

If you noticed, we talked about the three major hospitals that we signed up just in the United States this year alone with one also being signed up, which is Beacon hospital in Dublin, Ireland, which is a private hospital, which is much like the US market. So, we're starting to see that market grow and gain a lot of interest, and we expect to have some activity over the next several months with that market.

如果你注意到的話，我們談到了今年我們在美國剛簽約的三大醫院，其中也簽約了一家，就是愛爾蘭都柏林的Beacon醫院，這是一家私立醫院，很像美國市場。因此，我們開始看到該市場的成長並獲得了許多興趣，我們預計在未來幾個月內該市場將有一些活動。

Okay. That's very helpful commentary. And then just kind of recapping, it sounds like you got a lot of answers from non-dermatology sort of institution. On the dermatology side, you mentioned that, we'll see there may be a reset getting back to more of a balanced practice.

好的。這是非常有幫助的評論。然後簡單回顧一下，聽起來您從非皮膚科機構那裡得到了很多答案。在皮膚科方面，您提到，我們會看到可能會重新調整，回到更平衡的實踐。

What's your thoughts on some of these folks sticking kind of with the unbalanced or hoping for the unbalanced aesthetics versus traditional medical treatments that they've gone to date, are they hoping against hope that a lot of the aesthetic stuff come back soon and maybe sit on their hands when it comes to getting in SRT or any additional thoughts there?

您對其中一些人堅持不平衡或希望不平衡的美學與他們迄今為止所採用的傳統醫學治療相比有何看法，他們是否希望許多美學的東西很快就會回來，也許會坐立不安當涉及到SRT時他們的手頭上有其他想法嗎？

Well, an interesting fact been the, we have a bunch of groups out there that are going through roll-ups that are supporting being supported by private equity money. And they have anywhere from 100 to close to 300 centers depending on these groups. And I would say that there's about 15 that participates in that area with the private equity money and they're closing in on representing about 20% of the total market.

嗯，一個有趣的事實是，我們有很多團體正在經歷私募股權資金支持的總結。他們有 100 到近 300 個中心，具體取決於這些群體。我想說，大約有 15 家公司利用私募股權資金參與該領域，它們接近佔整個市場的 20% 左右。

And how they go about evaluating to buy a practice. They buy a practice in the highest evaluation that they get for practices based on their medical dermatology. Not there is aesthetic dermatology. On the aesthetic side, they're looking at anywhere between 0.5% and 0.75% of their value, whereas on the medical dermatology side, the medical dermatology meaning there are CPT codes.

以及他們如何評估購買診所的情況。他們購買的診所是根據他們的醫學皮膚病學獲得的最高評價的診所。沒有美容皮膚科。在美學方面，他們關注的是其價值的 0.5% 到 0.75% 之間，而在醫學皮膚病學方面，醫學皮膚病學意味著存在 CPT 代碼。

CMS supports it reimburses that there's existing coding that pays for it. They're valued at somewhere between 1.25 and 1.75. So, if a dermatology practice is looking for an exit, the best way to get the most money out of it is to have everything leaning towards the medical dermatology space. They get less money based on the aesthetics space.

CMS 支援它補償現有編碼的費用。它們的價值在 1.25 到 1.75 之間。因此，如果皮膚科診所正在尋找出口，那麼從中獲得最大收益的最佳方法就是讓一切都向醫學皮膚科領域傾斜。基於美學空間，他們得到的錢更少。

And for the specific reason that it's controlled by how the markets are, how the economy is going, how the middle class is going, who's going to go to get their Botox, remove the wrinkles at this remove that all of those things becomes skeptical and reliant on inflation in the economy. So, this is a perfect period for a lot of these places to get a reset.

由於具體原因，它受到市場狀況、經濟狀況、中產階級狀況、誰將去獲取肉毒桿菌、消除皺紋的控制，所有這些事情都變得令人懷疑，並且經濟依賴於通貨膨脹。因此，對於許多這樣的地方來說，這是一個進行重置的完美時期。

And so, I think that we're seeing that happen. And I have to give credit to our team overall and the flexibility that we show and how we manage our business in being able to go through those things. Imagine, just in the last two years, we've come through COVID, and now we're going through an inflationary period time and the reset time or the economics in our space is very, very difficult.

所以，我認為我們正在看到這種情況發生。我必須讚揚我們團隊的整體表現、我們所表現出的靈活性以及我們如何管理我們的業務以解決這些問題。想像一下，就在過去兩年，我們經歷了新冠疫情，現在我們正在經歷通貨膨脹時期，而重置時間或我們領域的經濟狀況非常非常困難。

And so, if you look at where our market is and in our industry, you look at all of the companies that are involved on the aesthetic side of dermatology, the laser companies, the [in modes] of the world, all of and see where they're valued this year versus where they were valued a year ago when the economy was a whole lot better. I think that we're seeing exactly where it is.

因此，如果你看看我們的市場和行業的位置，你會看到所有涉及皮膚科美容方面的公司、激光公司、世界上的[模式]，所有這些都可以看到今年它們的估值與一年前經濟好得多時的估值相比。我認為我們正在確切地了解它的位置。

And then when you look on the oncology side, you had a magnificent company called ViewRay, which came out with the first product that was an MR based electron beam system that used MRI in real time to treat patients for the regular cancers.

然後當你看腫瘤學方面時，你會發現一家名為 ViewRay 的偉大公司，它推出了第一個產品，這是一個基於 MR 的電子束系統，該系統實時使用 MRI 來治療常規癌症患者。

That was a company over $200 billion was put into it and it recently filed bankruptcy. And so, if you're not managing your business, right, I think that you have a severe chance of getting hurt. And all of these things hurt our market in totality. You don't like to see anybody get hurt. But I think that overall, we've done a very, very good job navigating through these headwinds that we're faced with. And I think that will come out of it doing very, very well.

那是一家投資超過2000億美元的公司，最近申請破產。因此，如果您不管理自己的業務，對吧，我認為您很可能會受到傷害。所有這些事情都損害了我們的市場。你不喜歡看到任何人受傷。但我認為整體而言，我們在克服所面臨的這些逆風方面做得非常非常好。我認為這會做得非常非常好。

Okay. That's also very helpful commentary. And lastly for me, and maybe this is more of my own curiosity than anything, utilization for international systems versus what you see in the US. I mean, the international folks keep these things humming at a greater rate. Or what's the way? Is there any way that you can characterize how these things get used internationally versus in the US and what that might do for future purchases?

好的。這也是非常有幫助的評論。最後對我來說，也許這更多的是我自己的好奇心，而不是任何事情，國際體系的使用率與你在美國看到的情況。我的意思是，國際人士讓這些事情以更快的速度發展。或者有什麼辦法呢？有什麼方法可以描述這些東西在國際上和在美國的使用情況以及這對未來的購買可能產生的影響嗎？

Yeah, internationally, everything relates to the radiation oncology world. It's very seldom that dermatologists are allowed to use this technology in their practices. There's a couple of places in the world Germany is one of those places. There's a couple of states in Latin America. Brazil is one, but it's very difficult for us to break into, which we will break into it just cost us a lot of money and a lot of time to get there, but we will get there.

是的，在國際上，一切都與放射腫瘤學世界有關。皮膚科醫生很少被允許在實踐中使用這項技術。世界上有幾個地方，德國就是其中之一。拉丁美洲有幾個州。巴西是其中之一，但對我們來說很難進入，我們要進入它只是花了我們很多錢和很多時間才能到達那裡，但我們會到達那裡。

But the rest of the world is pretty much a socialized health care system. So, everything has to go to the radiation oncology department, acquiring technology and medical devices is not something that they want to do. So, a physician who does surgery only in the United States as they consider Mohs surgery of practice, everywhere else in the world, it's just surgery.

但世界其他地區基本上都是社會化的醫療保健體系。所以，一切都得去放射腫瘤科，取得技術和醫療設備不是他們願意做的事情。因此，一位僅在美國進行手術的醫生，因為他們認為莫氏手術是實踐中的手術，而在世界其他地方，這只是手術。

And so all of these surgeons that exist are walking around the hospitals, mostly 99% of them are employees of the state. They're part of the social welfare state. And so, they don't they don't have to buy equipment. They just throw the surgeon on it to cut it out. It's just the way it is. And so, it's a much more difficult sale.

因此，所有這些現有的外科醫生都在醫院裡走動，其中大多數 99% 都是國家僱員。他們是社會福利國家的一部分。因此，他們不需要購買設備。他們只是讓外科醫生把它切掉。事情就是這樣。因此，這是一次更困難的銷售。

But it also relates to the fact that, if you look at a hospital like Beacon hospital, Beacon hospitals, a private hospital, it helps pay. They have much more sophisticated people. The wealthier people who can afford separate insurance go to those hospitals and they get treated better.

但這也與一個事實有關，如果你看看像Beacon醫院、Beacon醫院、私立醫院這樣的醫院，它有助於支付費用。他們有更老練的人。有能力負擔單獨保險的富裕人士去這些醫院，他們會得到更好的治療。

I know in Canada, they started now a practice where you can buy insurance, if you are above the poverty line or if you're in the middle moderate area of the middle class and you get treated perhaps you don't have to wait for a year and a half to have a CT scan, you might get it in six weeks, if you're on one of these things. So, all of these things are taking place. There's always a group of people that can afford it, and it's always going to go to those people first, but that's what we're seeing in the rest of the world.

我知道在加拿大，他們現在開始實行一種做法，如果你處於貧困線以上，或者如果你處於中產階級的中等區域，並且你得到治療，也許你不必等待一年半的時間進行CT 掃描，如果您正在做其中一項，您可能會在六週內得到結果。所以，所有這些事情正在發生。總有一群人能負擔得起，而且總是會先流向這些人，但這就是我們在世界其他地方看到的情況。

Additionally, Ben, just to add to Joe's comments, they even in China, Vietnam, Taiwan and other places in Asia kind of experimentally, sometimes because of the low dose of radiation. So, there's all sorts of future potential for indications for uses based on preclinical studies, we know going over there.

此外，Ben，補充一下 Joe 的評論，他們甚至在中國、越南、台灣和亞洲其他地方進行了實驗，有時是因為輻射劑量低。因此，基於臨床前研究，我們知道未來有各種潛在的用途。

Okay, got it.

好，知道了。

Well, thanks. Thanks for taking the questions and all the color, Joe and Michael.

非常感謝。感謝喬和邁克爾提出的問題和所有的意見。

Thank you, Ben.

謝謝你，本。

Thanks, Ben.

謝謝，本。

This concludes our question-and-answer session. I would like to turn the conference back over to Joe Sardano for any closing remarks.

我們的問答環節到此結束。我想將會議轉回喬·薩爾達諾（Joe Sardano）發表閉幕詞。

Thank you, Laura. Thank you once again for your time this afternoon. And for your interest in Sensus Healthcare. I'd like to mention that we'll be holding virtual one-on-one meetings during the JPMorgan Healthcare Conference the week of January 8.

謝謝你，勞拉。再次感謝您今天下午抽出時間。以及您對 Sensus Healthcare 的興趣。我想提一下，我們將在 1 月 8 日這一周的摩根大通醫療保健會議期間舉行虛擬的一對一會議。

Please contact LHA, if you'd like to get on the schedule. We'll speak with you again when we report fourth-quarter financial results in early February. In the meantime, thanks again for joining us today. Happy Thanksgiving. Happy holidays to all.

如果您想參加日程安排，請聯絡 LHA。當我們在二月初報告第四季度財務業績時，我們將再次與您交談。同時，再次感謝您今天加入我們。感恩節快樂。祝大家節日快樂。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。