Sensus Healthcare Inc (SRTS) 2024 Q4 法說會逐字稿

Good day and welcome to the Sensus Healthcare fourth quarter, 2024 financial results conference call, all participants will be in listen-only mode. Should you need assistance? Please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on your touchtone phone to withdraw your question. Please press star. Then two. Please note this event is being recorded. I would now like to turn the conference over to Tirth Patel alliance advisors. I please go ahead.

大家好，歡迎參加 Sensus Healthcare 2024 年第四季財務業績電話會議，所有參與者將處於只聽模式。您需要幫助嗎？請按星號鍵然後按零通知會議專家。今天的演講結束後，將有機會提問。您可以按按鍵電話上的星號鍵然後按一鍵來撤回您的問題。請按星號。然後是兩個。請注意，該事件正在被記錄。現在，我想將會議交給 Tirth Patel 聯盟顧問。請繼續。

Good afternoon. This is Tirth Patel with Alliance Advisors IR. Thank you all for joining today's call to discuss Sensus Healthcare fourth quarter and full year 2024 financial results.

午安.我是 Alliance Advisors IR 的 Tirth Patel。感謝大家參加今天的電話會議討論 Sensus Healthcare 第四季和 2024 年全年財務表現。

Joining me from Sensus are Joseph C. Sardano, Chairman and Chief Executive Officer Michael Sardano, President and general counsel and Javier Rampolla, Chief Financial Officer. 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 activity. Sensus healthcare assumes plans, expects beliefs, intends or anticipates and other similar expressions will should or may occur in the future are forward-looking statements. The forward-looking statements are management's beliefs based upon currently available information. As of the date of this conference call, February 5th, 2025. Sensus Healthcare undertakes no obligation to revise or update 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, 10-Q and other sec filings during today's call, references will be made to certain non-GAAP financial measures. Sensus believes these measures provide useful information for investors, yet 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, I'd like to turn the call over to Joseph Sardano, Joe.

與我一起的還有 Sensus 董事長兼執行長 Joseph C. Sardano、總裁兼總法律顧問 Michael Sardano 和財務長 Javier Rampolla。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，除涉及活動的歷史事實之外的所有陳述。Sensus healthcare 假設計劃、預期信念、打算或預期以及其他類似的表達將在未來或可能發生，均為前瞻性陳述。前瞻性陳述是管理階層根據目前可用的資訊所形成的信念。截至本次電話會議日期，2025年2月5日。除非法律要求，否則 Sensus Healthcare 不承擔修改或更新任何前瞻性聲明的義務。所有前瞻性陳述均受到本公司在今天的電話會議中提交的 10-K、10-Q 表格和其他證券文件中所述的風險和不確定性的影響，並將參考某些非 GAAP 財務指標。Sensus 認為這些指標為投資者提供了有用的信息，但它們不應被視為 GAAP 的替代品，也不應被視為按照 GAAP 確定的經營業績的替代品，今天的財務結果中包含了非 GAAP 結果與 GAAP 結果的調節表。新聞稿說完這些，我想將電話轉給約瑟夫·薩爾達諾，喬。

Thank you, Terry and good afternoon, everyone and thank you for joining us today. Reflecting on our performance over the past year Sensus health care experienced strong business momentum as we continue to expand our customer base, refine our product offering and reinforce our company's position as a leader in superficial radiotherapy topline results demonstrate the market's growing acceptance of our SRT 100 platforms, especially in dermatology practices that value nonsurgical treatment options for non-melanoma, skin cancer and keloids.

謝謝你，特里，大家下午好，謝謝你們今天加入我們。回顧過去一年的業績，Sensus 醫療保健業務發展勢頭強勁，我們不斷擴大客戶群、改進產品供應並鞏固公司在淺表放射治療領域的領先地位，業績表明市場對我們的 SRT 100 平台的接受度不斷提高，特別是在重視非黑色素瘤、皮膚癌和瘢痕疙瘩非手術治療中選擇的皮膚病學實踐中選擇的皮膚病學實踐中。

I'd like to start by highlighting our major accomplishments we've built upon many of the themes I've discussed throughout the year, specifically strong execution of our sales strategy, expansion of our Fair Deal Agreement program and ongoing enhancements to our research and development pipeline.

首先，我想強調我們在今年所討論的許多主題的基礎上所取得的主要成就，特別是我們銷售策略的強有力執行、公平交易協議計劃的擴展以及我們研發管道的持續增強。

The Fair Deal Agreement or FDA initiated initiative has gained significant traction over the past year and is evolving into an important strategic growth driver, particularly for large dermatology groups and private equity backed practices. Looking for both clinical value and financial flexibility.

公平交易協議或 FDA 發起的倡議在過去一年中獲得了顯著的發展，並正在發展成為重要的策略成長動力，特別是對於大型皮膚病學集團和私募股權支持的機構而言。尋求臨床價值和財務靈活性。

During our sales calls, we emphasize the importance of delivering solutions that align with customer goals and we continue to see heightened enthusiasm for agreements with attractive economics overall. Our focus strategy and ongoing innovations are driving the results we're reporting today.

在銷售電話中，我們強調提供符合客戶目標的解決方案的重要性，並且我們繼續看到人們對具有整體吸引力的經濟協議的熱情高漲。我們的重點策略和持續的創新推動了我們今天報告的結果。

I'm proud of our team's execution and look forward to capitalizing on new opportunities in 2025.

我為我們團隊的表現感到自豪，並期待在 2025 年抓住新的機會。

From a financial perspective. I'm pleased to report that our fourth quarter performance capped an outstanding year. We recorded revenue of $13.1 million for the quarter and $41.8 million for the year, which is up 71% compared to 2023. These results reflect higher unit sales of our flagship S RT 100 systems driven by expanding clinical awareness and broadening reimbursement for superficial radiation therapy.

從財務角度來看。我很高興地報告，我們第四季的業績為今年的出色表現畫上了圓滿的句號。我們本季的營收為 1,310 萬美元，全年的營收為 4,180 萬美元，與 2023 年相比成長了 71%。這些結果反映了我們的旗艦產品 S RT 100 系統的單位銷售額的增加，這得益於臨床意識的提高和淺層放射治療報銷範圍的擴大。

We delivered a quarterly record of 39 systems in the fourth quarter and 115 for the full year increases of 18% and 74% respectively.

我們在第四季創下了 39 個系統的季度記錄，全年共交付 115 個系統，分別成長了 18％ 和 74％。

It's important to note that within these shipments, five were to international customers in the quarter and 10 were shipped internationally during the year. Advancing the approach we outlined in our Q2 call, we continue to deepen relationships with established distributors and prospective partners across multiple geographies where there remains significant unmet need for noninvasive treatment options.

值得注意的是，這些貨物中，有五批是本季發給國際客戶的，有十批是年內發給國際客戶的。我們推進了第二季電話會議中概述的方法，繼續深化與多個地區的現有分銷商和潛在合作夥伴的關係，這些地區對非侵入性治療方案的需求仍然存在很大的未滿足需求。

Profitability remains central to our strategy. And I'm proud to share that we achieved our fifth consecutive quarter of profitability with net income of $1.4 million for the quarter.

獲利能力仍然是我們策略的核心。我很自豪地告訴大家，我們連續第五個季度獲利，本季淨收入為 140 萬美元。

We also ended the year with $22.1 million in cash and cash equivalents with no debt, reflecting our ability to maintain a strong capital position.

截至年底，我們的現金和現金等價物餘額為 2,210 萬美元，且沒有任何債務，這反映出我們有能力維持強勁的資本狀況。

We believe this level of liquidity provides the flexibility to support ongoing R&D fund potential partnership opportunities and further invest in sales and marketing initiatives that will drive the company's next phase of growth.

我們相信，這種流動性水準提供了靈活性，可以支持正在進行的研發基金潛在的合作機會，並進一步投資於推動公司下一階段成長的銷售和行銷計劃。

I would like now to turn the call over to Michael to discuss the growth trajectory for our FDA program and other upcoming strategic goals, Michael.

現在，我想將電話轉給邁克爾，討論我們的 FDA 計劃的成長軌跡和其他即將實現的策略目標，邁克爾。

Thanks Joe, a significant driver of our expected growth is the Fair Deal agreement program.

謝謝喬，公平交易協議計劃是我們預期成長的重要推動力。

The flexibility of these agreements accommodates a wide range of potential customers. Yet interest among corporate accounts has been particularly strong, surpassing our expectations and reflecting growing acceptance for a program that we launched almost exactly one year ago.

這些協議的靈活性可以適應廣泛的潛在客戶。然而，企業帳戶的興趣尤其強烈，超出了我們的預期，反映出人們對我們在一年前推出的計劃的接受度越來越高。

These agreements typically include a structured tiered revenue sharing component with no capital outlay by the customer for Sensus. They create recurring revenue streams once SRT is incorporated into the practice workflow. We expect these agreements to begin contributing meaningfully to our top line in the second half of 2025.

這些協議通常包括結構化的分層收入分享部分，客戶無需為 Sensus 進行資本支出。一旦 SRT 納入實務工作流程，他們就會創造經常性的收入流。我們預計這些協議將在 2025 年下半年開始對我們的營收產生重大影響。

The Fair Deal agreement at its core allows providers to acquire SRT systems through an operating lease like structure. This alleviates capital purchase barriers making it easier for practices to implement cutting edge technology and enhance their competitive position all without significant upfront cash outlays or the financial impact of entering into a lease.

公平交易協議的核心是允許供應商透過類似經營租賃的結構取得 SRT 系統。這減輕了資本購買障礙，使得實踐更容易實施尖端技術並增強其競爭地位，而無需大量的前期現金支出或簽訂租賃的財務影響。

This program offers our customers flexibility and aligns our success with theirs.

該計劃為我們的客戶提供了靈活性，並將我們的成功與他們的成功結合起來。

This shared revenue option also differentiates us from typical equipment financing models in the industry and positions our treatment solutions as more accessible and scalable which we're seeing in terms of growing demand under these programs. It's less about selling a unit and more about forming a lasting partnership that deeper relationship opens the door to greater service and support interactions which is not only beneficial for patient outcomes but also fosters loyalty and long term growth at the recent medical conferences including the 2025 winter Clinical Dermatology Conference in January. We showcased our sot systems to a broad audience of dermatologists and health care decision makers.

這種共享收入選項也使我們有別於業內典型的設備融資模式，並使我們的治療解決方案更易於獲取和擴展，從這些項目下日益增長的需求來看，這一點已經得到證實。這不是關於出售一個單位，而是為了建立持久的合作夥伴關係，更深層次的關係為更好的服務和支持互動打開了大門，這不僅有利於患者的治療結果，而且還能在最近的醫學會議（包括 1 月份的 2025 年冬季臨床皮膚病學會議）上培養忠誠度和長期增長。我們向廣大皮膚科醫生和醫療保健決策者展示了我們的 SOT 系統。

We plan to continue building on this momentum at the 2025 American Academy of Dermatology annual meeting in March. Further elevating our brand and introducing our non invasive treatment solutions to new clinicians and potential partners.

我們計劃在 3 月舉行的 2025 年美國皮膚病學會年會上繼續保持這一勢頭。進一步提升我們的品牌並向新的臨床醫生和潛在合作夥伴介紹我們的非侵入性治療解決方案。

I mentioned a moment ago that we surpassed our expectations for the number of Fair Deal agreements signed in 2024 yet with our focus on corporate accounts which may operate dozens or even hundreds of clinics. The number of Fair Deal agreements signed is not the key metric for future revenues. What matters is the number of clinics where an SRT is installed. And most importantly, the number of patients who are being treated with our SRT technology, we support our largest customers to prioritize the rollout of SRTs within their network by utilizing the extensive data analytics scattered from across our installed base. Our vast resources regarding non melanoma skin cancer and our unmatched experience through this partnership, we help ensure customer success with their early SRT experiences. We also aim to ensure that resources are allocated efficiently, and that success is evident for the dermatology practice, the corporate entity and for Sensus SRT is a versatile technology and we achieved a milestone this past quarter with the sale of an SRT system to a veterinary clinic here in South Florida.

我剛才提到，我們在 2024 年簽署的公平交易協議數量超出了我們的預期，但我們的重點是可能經營數十家甚至數百家診所的企業帳戶。簽署的公平交易協議的數量並不是未來收入的關鍵指標。重要的是安裝 SRT 的診所的數量。最重要的是，利用我們的 SRT 技術治療的患者數量，我們利用分散在我們安裝基礎上的廣泛數據分析，支持我們最大的客戶在其網絡內優先推出 SRT。我們在非黑色素瘤皮膚癌方面擁有豐富的資源，並且透過此次合作累積了無與倫比的經驗，我們可以幫助確保客戶在早期 SRT 體驗中取得成功。我們還旨在確保資源得到有效分配，並且對於皮膚病學實踐、企業實體和 Sensus 來說，成功是顯而易見的。

This sale demonstrates the long term potential for SRT and new specialized verticals such as animal health.

此次出售彰顯了 SRT 以及動物保健等新興專業垂直領域的長期潛力。

It's still early in our exploration of the veterinary market, but we see a growing interest from veterinary hospitals seeking noninvasive treatment options for superficial tumors in animals. This diversification underscores the versatility of our platform. A topic we've touched on repeatedly throughout the year and it fuels our optimism for finding additional niche markets in the future.

我們對獸醫市場的探索還處於早期階段，但我們看到獸醫醫院對尋求動物淺表腫瘤的非侵入性治療方案的興趣日益濃厚。這種多樣化凸顯了我們平台的多功能性。這是我們全年反覆談論的話題，它增強了我們對未來尋找更多利基市場的樂觀態度。

Lastly, we are making meaningful progress with our product innovation pipeline. After refining our approach in collaboration with regulatory consultants, we are preparing to resubmit our TV 5 10-K application in the first half of 2025. We believe that the enhancements we've made in response to FDA feedback along with our track record of successful clearances, put us in a stronger position for a successful submission and advances our goal of diversifying the Sensus healthcare product line and further solidify our footprint in the dermatology market.

最後，我們的產品創新管道取得了重大進展。在與監管顧問合作改進我們的方法後，我們準備在 2025 年上半年重新提交我們的 TV 5 10-K 申請。我們相信，我們根據 FDA 回饋所做的改進以及我們成功核准的記錄，將使我們更有能力成功提交申請，並推進我們實現 Sensus 醫療保健產品線多樣化的目標，進一步鞏固我們在皮膚病學市場的影響力。

With that overview, I'd like to turn the call over to Javier Rampolla who will provide more details on our financial performance. Javier.

有了上述概述，我想將電話轉給哈維爾·蘭波拉 (Javier Rampolla)，他將提供有關我們財務業績的更多詳細資訊。哈維爾。

Thanks for my call and good afternoon, everyone.

感謝您的來電，大家午安。

As Joe mentioned, our revenues for the Fourth Quarter totaled $13.1 million up from $12.6 million a year ago, driven by an increase in the number of SRT units sold. Gross profit came in at %7.1 million or 54.4% of revenues down from $7.8 million or 62.3% of revenues in the prior year quarter. Most of that decline was due to a one-time discount to a new large group customer and higher service cost on operating expenses, general and an expense increased to $2.4 million compared with $0.9 million last year. Mainly because of higher compensation and professional fees, selling and marketing expenses were $1.4 million in the quarter. Up from $0.6 million last year, mostly reflecting higher commissions.

正如喬所提到的，由於 SRT 銷量增加，我們第四季度的收入總計 1,310 萬美元，高於去年同期的 1,260 萬美元。毛利為 710 萬美元，佔營收的 54.4%，低於去年同期的 780 萬美元或 62.3%。大部分下降是由於對新的大型集團客戶的一次性折扣，以及營運費用、一般費用和費用增加到 240 萬美元，而去年同期為 90 萬美元。主要由於薪酬和專業費用增加，本季銷售和行銷費用為 140 萬美元。比去年的 60 萬美元有所增加，主要反映了佣金的增加。

This was offset by lower marketing and threshold spending.

但這一差異被較低的營銷和門檻支出所抵消。

Regional development expenses rose to $1.6 million from $0.7 million a year ago. Driven by a higher compensation, ongoing product development cost other income which is largely interest income was $0.2 million. Both this quarter and the same quarter last year, net income for Q4, 2024 was $1.5 million or $0.09 per Dalu share compared with $4.2 million or $0.26 per Dalu share a year ago adjusted EBITA which exclude interest taxes, depreciation, amortization and stock compensation expense was $1.9 million compared with $5.7 million in the Fourth Quarter of 2023. The difference between the two quarters is attributable to higher net income and income tax expense in the 2023 period for the full year revenues came in at $41.8 million a size about 71% increase from $24.4 million in 2023. That reflects a higher number of SRT units sold partly because some customers defer purchases in 2023 given the macro environment and also because sales to a large customer in 2024 gross profit for 2024 rose to $24.4 million or 58.6% of revenue up from $14.1 million or 57.8% of revenue in 2023.

區域發展費用從一年前的 70 萬美元上升至 160 萬美元。受更高薪酬的推動，持續的產品開發成本其他收入（主要是利息收入）為 20 萬美元。無論本季或去年同期，2024 年第四季的淨收入均為 150 萬美元或每股 Dalu 0.09 美元，而去年同期為 420 萬美元或每股 0.26 美元。兩個季度之間的差異歸因於 2023 年期間淨收入和所得稅支出的增加，全年收入為 4,180 萬美元，較 2023 年的 2,440 萬美元增長約 71%。這反映了 SRT 單位銷售的增加，部分原因是考慮到宏觀環境，一些客戶推遲了 2023 年的購買，也因為 2024 年對大客戶的銷售導致 2024 年毛利潤從 2023 年的 1,410 萬美元或占收入的 57.8% 增至 2,400 萬美元或占收入的 5.8%。

Looking at operating expenses for the year. General and administrative expenses increased to $7.1 million for from $5.2 million which is partly due to higher compensation, professional fees and some bad debt expense balanced by a reduction in bank fees and insurance costs, selling and marketing expenses decreased to $5 million from $5.6 million. Mainly due to lower agency fees, travel and payroll reasons of development expenses were $4.2 million. Up from $3.7 million a year ago, driven mostly by compensation and product development. Although we did have a decrease in expenses tied to a drug delivery project.

查看今年的營運費用。一般及行政開支從 520 萬美元增至 710 萬美元，部分原因是薪酬、專業費用及一些壞帳開支增加，但銀行費用和保險費用減少，銷售及營銷開支從 560 萬美元降至 500 萬美元。主要由於代理費較低、差旅費和工資原因導致開發費用為 420 萬美元。比一年前增加了 370 萬美元，主要得益於薪酬和產品開發。儘管我們與藥物輸送項目相關的費用確實有所減少。

Other income net which again is primarily interest income was $0.9 million in 2024 versus $1 million in 2023.

其他收入淨額（主要為利息收入）在 2024 年為 90 萬美元，而 2023 年為 100 萬美元。

As a result of all these factors, we reported a net income for 2024 of $6.6 million or $0.41 per diluted share compared with a net income of $0.5 million or $0.03 per diluted share for 2023 adjusted era was $8.7 million in 2024 compared with $0.3 million in 2023 which represents a very strong improvement. On that metric moving to our balance sheet, we ended 2024 with $22.1 million in cash and cash equivalent compared with $23.1 million at the end of 2023. And we had no outstanding borrowings under our revolving credit line at either year end inventories' total $10.1 million as of December 31 down from $11.9 million a year ago and prepaid inventory was $3.3 million up slightly from $3 million.

由於所有這些因素，我們報告 2024 年淨收入為 660 萬美元或每股攤薄收入 0.41 美元，而 2023 年調整後的淨收入為 50 萬美元或每股攤薄收入 0.03 美元，2024 年調整後淨收入為 870 萬美元，而 2023 年為 30 萬美元的進步。將該指標轉移到我們的資產負債表上，到 2024 年底，我們的現金和現金等價物為 2,210 萬美元，而 2023 年底為 2,310 萬美元。而且，我們在兩個年度末的循環信貸額度下均沒有未償還借款，截至 12 月 31 日，庫存總額為 1010 萬美元，低於一年前的 1190 萬美元，預付庫存為 330 萬美元，略高於 300 萬美元。

From a cash perspective. We continue to spend prudently and focus on investments that will drive our long-term growth.

從現金角度來看。我們將繼續審慎支出，並專注於推動長期成長的投資。

Our balance sheet remains healthy which positions us to pursue strategic opportunities as they arise. Whether that's through partnership, expanded R&D or other initiatives we believe can accelerate our business in the coming quarters and years.

我們的資產負債表依然健康，這使我們能夠隨時抓住戰略機會。我們相信，無論是透過合作、擴大研發或其他舉措，都可以在未來幾季和幾年加速我們的業務發展。

Please see the table in the news release we issued earlier today for a reconciliation of God to non God measures.

請參閱我們今天早些時候發布的新聞稿中的表格，以了解上帝與非上帝和解的措施。

As a final comment as mentioned in this afternoon's earliest news release, the first and the third quarters are our seasonally. So test and three of this year's four largest medical conferences are in the first quarter. These events impact sales ased customers and their staff are out of the office and also the impact expenses that we leverage these important opportunities regarding sales. We expect the first quarter, 2025 sales could be considerably lower than the first quarter of 2024 sales with full year sales growth in 2025 versus 2024. I also like to point out that the first quarter of 2024 is a tough sales comp as various factors contributed to a particularly strong quarter. With that, I'll turn the call back to you.

正如今天下午最早的新聞稿中提到的最後評論，第一季和第三季是我們的季節性季度。因此，今年四大醫學會議中有三個都在第一季舉行。由於客戶及其員工不在辦公室，這些事件會影響銷售，也會影響我們利用這些與銷售相關的重要機會的費用。我們預計 2025 年第一季的銷售額可能遠低於 2024 年第一季的銷售額，但 2025 年全年銷售額將較 2024 年成長。我還想指出的是，2024 年第一季的銷售業績十分艱難，因為各種因素促成了這個季度的業績特別強勁。說完這些，我就把電話轉給你了。

Thanks Javier and Michael. For those updates, we remain particularly encouraged by the opportunities to deepen ties with large medical practices. These organizations value comprehensive cost effective solutions that enhance patient care without requiring significant upfront capital, which is exactly what our Fair Deal Agreement model delivers. At the same time, we are broadening our international footprint exploring specialized markets like veterinary medicine and delivering SRT in new ways. Each of which holds promise for further diversification. We look forward to engaging with more clinicians and health care leaders at the important a ab annual meeting in March where we plan to highlight clinical outcomes shared breast best practices for implementing SRT in high volume settings and discuss how flexible our financial models can empower more practices to adopt noninvasive therapies. I'd like to conclude by reiterating how proud we are of the progress we've made over the course of 2024 as both Sensus, and our customers adapted to the macroeconomic environment.

感謝哈維爾和邁克爾。對於這些更新，我們仍然對深化與大型醫療機構聯繫的機會感到特別鼓舞。這些組織重視全面且具成本效益的解決方案，這些解決方案無需大量前期資本即可增強患者護理，這正是我們的公平交易協議模式所提供的。同時，我們正在擴大我們的國際影響力，探索獸醫學等專業市場，並以新的方式提供 SRT。每種方式都有望進一步實現多樣化。我們期待在三月重要的 ab 年度會議上與更多的臨床醫生和醫療保健領導人進行交流，我們計劃在會議上重點介紹臨床結果，分享在高容量環境中實施 SRT 的乳房最佳實踐，並討論我們的財務模型如何靈活地使更多實踐能夠採用非侵入性療法。最後，我想重申，我們對 2024 年的進步感到非常自豪，因為 Sensus 和我們的客戶都適應了宏觀經濟環境。

The highlights we've shared today including a record number of units shipped ongoing profitability, new FDA agreements added veterinary applications and steps towards the TDI resubmission all underscore our momentum and set the stage for what we anticipate to be another productive and rewarding year ahead.

我們今天分享的亮點包括創紀錄的出貨量、持續的盈利能力、新的 FDA 協議增加了獸醫應用以及朝著重新提交 TDI 邁出的步驟，所有這些都凸顯了我們的發展勢頭，並為我們預期的又一個富有成效和回報的一年奠定了基礎。

We have concluded a great Q4 in 2024. We continue to direct many potential customers from an outright sale to the Fair Deal Agreement which will, as we have said, repeatedly provide significant revenue in the second half of 2025. We will continue this trend throughout the first half of this year. Our largest customer continues to grow as they provided us with the po for 50 units of which 25 were delivered in Q4 with the next 25 slated for delivery in 2025 we expect this trend to continue as we work together in bringing our market, the very best noninvasive technology for IGSRT for non-melanoma skin cancer while we aren't providing formal financial guidance for 2025. At this time, we remain optimistic about our growth trajectory. We anticipate continued momentum from both direct system sales and our Fair Deal Agreement pipeline.

我們已於 2024 年度過了一個美好的第四季。我們繼續引導許多潛在客戶從直接銷售轉向公平交易協議，正如我們所說，這將在 2025 年下半年持續帶來可觀的收入。今年上半年我們將繼續保持這一趨勢。我們最大的客戶繼續成長，他們為我們提供了 50 台單位的訂單，其中 25 台已於第四季度交付，接下來的 25 台計劃於 2025 年交付，我們預計這一趨勢將繼續下去，因為我們共同努力為市場帶來用於非黑色素瘤皮膚癌 IGSRT 的最佳非侵入性技術，但我們沒有正式指導財務 2025 年的財務指導。目前，我們對我們的成長軌跡仍然保持樂觀。我們預計直接系統銷售和公平交易協議管道將繼續保持強勁勢頭。

Our objective remains to drive sustainable profitable growth while bringing beneficial technology to patients in need of effective treatment alternatives. As we look ahead, we believe we have the right team, the right strategy and the right products to achieve these goals.

我們的目標仍然是推動可持續的獲利成長，同時為需要有效治療替代方案的患者提供有益的技術。展望未來，我們相信我們擁有正確的團隊、正確的策略和正確的產品來實現這些目標。

We appreciate your continued support and look forward to reporting on our progress throughout 2025.

我們感謝您一直以來的支持，並期待報告我們在 2025 年的進展。

Thank you for joining us today and now we'd be happy to take your questions, operator.

感謝您今天加入我們，現在我們很樂意回答您的問題，接線生。

Thank you. We will now begin the question-and-answer session to ask a question. You may press star then one on your touchtone phone.

謝謝。我們現在開始問答環節來問一個問題。您可以在按鍵電話上按星號，然後按一。

If you are using a speakerphone, please pick up your handset before pressing the keys.

如果您使用揚聲器電話，請在按下按鍵之前拿起聽筒。

If at any time, your question has been addressed, and you would like to withdraw your question. Please press star. Then to at this time, we will pause momentarily to assemble our roster.

如果在任何時候，您的問題已經得到解答，而您想撤回您的問題。請按星號。然後到此時，我們將暫停一下，整理我們的名冊。

Good.

好的。

And our first question comes from Jeremy Belman with Maxim Group. Please go ahead.

我們的第一個問題來自 Maxim Group 的 Jeremy Belman。請繼續。

Hi, good afternoon. Congrats on a great quarter and a great year. Just a couple questions from our team. Yeah, so just a couple questions from our team. Firstly, on the, I don't know, did you give a provide a breakout? I see it in the press release of the number of units that were shipped in the fourth quarter. How many of those were part of the Fairdale Agreement or? And then just to, piggyback off that looking at 2025 and as you're dealing with new customers, what percentage do you think are more inclined to sign up for the Fair Deal agreement as opposed to some of your, the traditional sales or the lease program that you had? And is there a, is there one of one track that you as a company prefer? You know, I guess maybe whether just Yeah, sorry. I know. There's just three questions there.

嗨，下午好。恭喜您度過了一個美好的季度和美好的一年。我們團隊有幾個問題想問一下。是的，我們團隊只想問幾個問題。首先，我不知道，你是否提供了突破？我在新聞稿中看到了第四季度出貨量的統計數據。其中有多少是 Fairdale 協議的一部分？然後，展望 2025 年，當您與新客戶打交道時，您認為有多少比例的客戶更傾向於簽署公平交易協議，而不是您之前的一些傳統銷售或租賃計劃？那麼，作為一家公司，您是否更喜歡哪一條軌道呢？你知道，我想也許只是，是的，對不起。我知道。這裡只有三個問題。

That's all good, good questions. What I'm going to do is I'll ask Javier to go over and reflect upon the different products that were sold to who and when and then I'll provide a comment afterwards, but they're good questions. Thanks.

這些都是很好的問題。我要做的是，讓哈維爾仔細研究何時向哪些人出售了不同的產品，然後我會在之後提供評論，但這些都是很好的問題。謝謝。

Alright, so Jeremy, the number of units shipped in Q4 was 39. None of that. It's a, it's a third deal agreement. We don't include that count in the 39 that we shipped in Q4.

好的，Jeremy，第四季出貨的單位數量是 39 台。沒有這些。這是第三份協議。我們沒有將該數量計入第四季出貨的 39 台中。

And yeah, so that's the, that's the answer there.

是的，這就是答案。

Okay, great. Thanks.

好的，太好了。謝謝。

The comment that I have. Jeremy is that it's a, it's a delicate transfer of opinion. In a lot of cases, we have a lot of customers and prospects that are deciding between purchasing and, or the Fair Deal agreement. And as we direct customers towards the Fair Deal Agreement, if you look at the number of units that we applied to the Fair Deal agreement versus the sale, if we didn't have the Fair Deal agreement, our revenues would probably be a lot higher, but for the sake of driving the Fair Deal agreement for the long term benefits of the company. We're gaining a lot of access to these contracts and putting in a lot of a lot of installations because of the Fair Deal Agreement, Michael. Do you have a comment?

我所持有的評論。傑里米認為，這是一種微妙的意見轉變。在很多情況下，我們有許多客戶和潛在客戶正在決定是購買還是公平交易協議。當我們引導客戶遵守公平交易協議時，如果您看一下我們應用於公平交易協議的單位數量與銷售額，如果我們沒有公平交易協議，我們的收入可能會高得多，但為了推動公平交易協議，為了公司的長期利益。邁克爾，由於《公平交易協議》，我們獲得了大量這些合約的使用權，並進行了大量安裝。您有什麼評論嗎？

I was just, I just sure we clarify here of the 39 is absolutely correct that we did not account for the FDA S or the Fair Deal agreements in that number. It's not to say that we did not ship out any Fair Deal agreements. However, we're getting away from that, that number, as you may have heard me say in our, in my statement, it's not about how many contracts signed in the Fair Deal agreement. It's about how many patients are actually put through in a live setting once those operations pick up. So, we wanted to get away from, setting expectations with just how many visions went out for under the Fair Deal Agreement because that's actually not a good way to track revenue. Does that make sense? Jeremy?

我只是，我只是確定我們在這裡澄清一下，39 是絕對正確的，我們沒有將 FDA S 或公平交易協議考慮在這個數字中。這並不是說我們沒有提出任何公平協議。然而，我們正在擺脫這個數字，正如你可能聽到我在我們的聲明中所說的那樣，這與公平協議中籤署了多少合約無關。關鍵在於一旦這些手術開始，實際上有多少病人在現場環境中接受治療。所以，我們希望擺脫僅僅根據《公平交易協議》提出的願景數量來設定預期，因為這實際上並不是追蹤收入的好方法。這樣有道理嗎？傑里米？

Yeah. No, 100%. I understand. Yes. So just actually segueing from that. And another one of my questions was you move into 2025 I know you mentioned towards the back half of the year; the Fairdale Agreement placements are going to start contributing to the top line. Is there from your perspective, from the company perspective, the metric you hope to that like that to the average utilization of the placements. Are you going to be, how are you going to be monitoring that? And at what point do you say, let's say an underperforming unit would have to get either pulled back into the company and then, or, or move to another clinic.

是的。不，100%。我明白。是的。所以實際上只是從那裡繼續。我的另一個問題是，您將進入 2025 年，我知道您提到今年下半年； Fairdale 協議安排將開始為營業收入做出貢獻。從您的角度來看，從公司的角度來看，您是否希望採用這樣的指標來衡量平均職位利用率？您將如何監控這個情況？那麼您認為在什麼時候，表現不佳的部門必須被撤回公司，然後，或轉移到另一家診所。

That's a great question.

這是一個很好的問題。

Let me answer that because that that is a very good question. First of all, I can tell you that the customers that were installing these first units or these first bunch of units are customers that are looking at the same types of volumes that we want to have and that's high volume. So, we're, we're targeting all of the higher volume of installation first so that we can gain, hit the ground running here. So, we're expecting a good start to this. I think everybody wants to, wants to be able to make money with this. So, they're looking for those volumes to continue to grow each and every month. The initial installations that we have, we're showing increased revenues from each and every month. And once we have a significant amount or numbers that are significant enough that we'll be able to demonstrate and show you what those revenues are, which will be accumulated and put together for the second half of the year. We just don't have enough sample right now. That's going to give us enough revenue that's going to be significant. But we feel as these installations grow, and the volumes continue to grow each and every month. I think we're going to have significant revenue growth for the second half of the year which everybody will understand.

讓我來回答這個問題，因為這是一個非常好的問題。首先，我可以告訴您，安裝這些首批設備或首批一批設備的客戶與我們期望的產量類型相同，而且都是大產量。因此，我們首先瞄準的是更大容量的安裝，這樣我們才能獲得成功，並立即開始行動。因此，我們期待有一個好的開始。我想每個人都想利用這個來賺錢。因此，他們希望這些交易量每個月都持續成長。我們最初的安裝顯示，每個月的收入都在增加。一旦我們獲得了足夠的金額或數字，我們將能夠向您展示這些收入，這些收入將在下半年累積並彙總。我們現在沒有足夠的樣本。這將為我們帶來足夠的收入，這是非常可觀的。但我們感覺隨著這些安裝的增長，其數量每個月也持續增長。我認為今年下半年我們的收入將大幅成長，這大家都能理解。

Okay, great. All right. Thank you for taking my questions and I'll hop, hop, hop back in the queue.

好的，太好了。好的。感謝您回答我的問題，我會繼續排隊。

Thanks Jeremy. Take care.

謝謝傑里米。小心。

Our next question comes from Arsalan Cameron with Roth Capital partners. Please go ahead.

我們的下一個問題來自 Roth Capital 合夥人 Arsalan Cameron。請繼續。

Hi, my name is Arsalan. I'm on for Jason from Roth Capital Partners. I had a couple of questions Before that congrats on the quarter. My questions are, are there any new competitors emerging in the space? Have any competitors dropped out as well as how quickly do you anticipate new FDA sites to be able to get up and running and how long to reach full capacity? And what is the average expected full capacity? And my last question is for these larger centers, can you provide some color on what customers are more likely to go with the FDA versus Purchase

你好，我叫 Arsalan。我取代 Roth Capital Partners 的 Jason 發言。在此之前我有幾個問題，祝賀本季圓滿成功。我的問題是，該領域是否出現了新的競爭對手？有沒有競爭對手退出？平均預期滿載容量是多少？我的最後一個問題是，對於這些大型中心，您能否提供一些信息，說明哪些客戶更有可能選擇 FDA 而不是購買

Michael?

麥可？

Yeah. Sure. So as far as your first question again, I apologize, it was cutting in and out.

是的。當然。因此就您提出的第一個問題而言，我很抱歉，我的回答時斷時續。

Sure. Are there any new competitors emerging into the space, any competitors dropping out?

當然。有沒有新的競爭對手進入該領域，有沒有競爭對手退出？

Got it. So, no, it's the same competitors that have always been in. And really the main competitor in the dermatology market has always been really most surgery. That's the alternative again, with $6 million new skin cancers a year in the United States, which is four times larger than all other cancers is combined. Unfortunately, there's enough cancer to go around. So, when you talk about competitors, SRT is a very, very unique way of treatment. And it's in dermatology and it's here to stay. So, there's not much competitive nature there I know competitors have dropped out either. If that's your question and then you touched on Fair Deal agreement, large groups. I think that the, like we've been saying, the private equity backed roll up groups, this program that we have the Fair Deal agreement is really geared for them. It allows these large roll ups to utilize their cash in buying more practices. And that's what their goal is. That's what the private equity backed roll ups goal is to get more practices under their entire geography and expand that way. So, this, it targets them and we're always in discussions with that and we're really excited about 2025 in getting more interest from those type of groups.

知道了。所以，不是的，參賽的都是同樣的競爭對手。而皮膚病學市場的主要競爭對手實際上一直是大多數外科手術。這又是一種替代方案，美國每年新增皮膚癌的損失達 600 萬美元，是所有其他癌症總損失的四倍。不幸的是，癌症已經夠多了。所以，當你談到競爭對手時，SRT 是一種非常非常獨特的治療方式。它存在於皮膚病學領域，並將繼續存在。所以，那裡的競爭不太激烈，我知道競爭對手也退出了。如果這是你的問題，那麼你提到了公平交易協議和大型團體。我認為，就像我們一直在說的那樣，私募股權支持的收購集團，我們制定的公平交易協議計劃確實是為他們準備的。它允許這些大型企業利用現金來購買更多的業務。這就是他們的目標。這就是私募股權支持的整合目標，即在其整個地理範圍內開展更多實踐並以此方式進行擴張。所以，這個目標是針對這些人的，我們也一直在討論這個問題，我們真的很高興 2025 年能引起這些群體的更多興趣。

Joe, you want anything bad.

喬，你想要什麼壞東西。

You know, regarding the interest and the installations, again, each center, each group is evaluating where they would put these placements because they want to maximize the revenues as well. So based on the analytics that we're able to provide them along with the analytics that they have for themselves and for each one of their sites, we're able to calculate where the best place is to start. And we've already begun that process in installing some of these sites based on that, those analytics. So again, I think that the volumes are going to take care of themselves, and I think it's going to provide significant revenue again for our second half of the year.

您知道，關於興趣和安裝，每個中心、每個團體都在評估將這些設施放在哪裡，因為他們也希望最大化收入。因此，根據我們能夠為他們提供的分析以及他們對自己和每個站點的分析，我們能夠計算出最佳的起點。我們已經開始根據這些分析結果建立一些網站。所以，我認為銷量將會自行成長，我認為這將為我們今年下半年再次帶來可觀的收入。

Thank you for that. Just to follow up what percent of sales came from your largest customer? And do you anticipate them continuing to purchase in 2025? And would it be at a similar pace?

謝謝你。只是想了解一下，銷售額的百分之多少來自你最大的客戶？您預計他們會在 2025 年繼續購買嗎？且速度會相似嗎？

Let me, let me ask you just real quick. We had 39 units delivered, 25 came from our largest customer. They continue to buy, we expect them to continue to buy throughout the year. And so we look forward to again another successful year.

讓我，讓我快速問你。我們共交付了 39 台，其中 25 台來自我們最大的客戶。他們繼續購買，我們預計他們全年都會繼續購買。我們期待又一個成功的一年。

Thank you. I appreciate it. I'll jump back in queue.

謝謝。我很感激。我將重新回到隊列。

Thanks, that one.

謝謝，那一個。

Again. If you have a question, please press star, then one, our next question comes from Ben Haynor with Lake Street capital markets. Please go ahead.

再次。如果您有問題，請按星號，然後按一，下一個問題來自 Lake Street 資本市場的 Ben Haynor。請繼續。

Good afternoon. Gentlemen. Thanks for taking the questions.

午安.先生們。感謝您回答這些問題。

First off for Me, I was wondering on the interest level that you've seen from these private equity groups or our largest, large you know, kind of customers. Can you provide a little bit more color on how advanced some of these discussions have we've gotten? You know, anything that might be, might help investor gauge on, how many, how many clinics to kind of pencil in for the Future?

首先，我想知道您從這些私募股權集團或我們最大的客戶那裡看到的興趣程度。您能否詳細介紹一下我們在這方面的討論取得了哪些進展？您知道，任何可能的事情都可能幫助投資人判斷未來需要規劃多少家診所？

Sure, you want that one? Yeah, let me give you an overview, Ben and thanks for being on the call and thanks for the question. There's between 12 and 15 major private equity back roll ups that are out there. They currently represent or closing in on about 20% of the overall clinics that belong to dermatology. That's about 9,000 clinics and those clinics keep growing every day, there's new clinics being opened up every day. And so, if you're looking at 20% of that, that's 1800 clinics. And so, and the progression is looked at being over the next 2 to 3 years growing to 25% of the overall number of clinics that exist out there. So, you can see that the market is vast, it's large, it's long. And so we feel that the product that we have best suits their needs. And we think that it's going to accelerate during the course of 2025 we have several of these customers that are now considering the Fair Deal agreement. And so hopefully, we'll be able to see some progress as the year continues to to progress. And we'll be able to, to talk about about gaining access to a lot of those, a lot of those private equity backed groups and gaining access to the number of installations that they have. But as Michael previously mentioned, the most important thing here is how many patients can we process? We want to try to focus on the patients that are being treated by SRT within those customers. And we'll start focusing on that because in the end, that's what produces the most money for both sides and that's going to be what's most important.

當然，你想要那個嗎？是的，讓我給你一個概述，本，感謝你參加電話會議並感謝你提出的問題。目前有 12 至 15 家大型私募股權公司正在進行回購。目前，它們佔據了皮膚科診所總數的約 20% 或接近 20%。大約有 9,000 家診所，而且這些診所的數量每天都在增加，每天都有新的診所開業。因此，如果您查看其中的 20%，那就是 1800 家診所。因此，預計未來 2 至 3 年內這一數字將增長至現有診所總數的 25%。所以，你可以看到，這個市場非常廣闊，規模很大，而且很長。因此我們認為我們的產品最適合他們的需求。我們認為，到 2025 年，這一進程將會加速，我們有幾個客戶現在正在考慮公平交易協議。因此，希望隨著時間的推移，我們能夠看到一些進展。我們將能夠談論如何獲得許多私募股權支持的團體的訪問權，以及如何獲得他們擁有的設施數量。但正如麥可之前提到的，這裡最重要的是我們能處理多少病人？我們希望盡量把重點放在這些客戶中正在接受 SRT 治療的患者身上。我們將開始關注這一點，因為最終這將為雙方帶來最多的利益，而這才是最重要的。

Yeah. And then just to add on the edges to that answer, Joe is absolutely right. If you remember in November, we announced that we already signed a large group so that we do have a large group that signed. And I can happily tell you that, they've already start rolling some of the products out there. We're in plans to roll a few sites out. So that's exciting for all of us. In addition, we've given three or four major presentations to CEO's and medical advisory boards of other very large Dermatology, private equity backed roll up groups. So that's the, that's where we're at as far as progression. I think that with the fact that three out of our four largest shows in dermatology happened to be in Q1, it really, really is and could be a slingshot approach. Like we typically see, with our, sales it from a history standpoint, our capital sales, I think the FDA has, I run sales. So I'm looking at it and it's, it's been an easier sales process when convincing physicians and private equity backed groups to sign on to the Fair Deal Agreement.

是的。然後補充這個答案，喬是完全正確的。如果您還記得，11 月我們宣布已簽下一大批客戶，因此我們確實有一大批客戶簽約。我很高興地告訴你們，他們已經開始推出一些產品了。我們正計劃推出幾個網站。這對我們所有人來說都是令人興奮的。此外，我們也向其他大型皮膚病學、私募股權支持的集團的執行長和醫療顧問委員會進行了三到四次重要演講。這就是我們所取得的進展。我認為，由於我們皮膚病學領域四大展會中有三個恰好在第一季舉行，所以這確實是一種彈弓式方法。就像我們通常看到的，從歷史的角度來看，我們的銷售，我們的資本銷售，我認為 FDA 有，我負責銷售。所以我發現，在說服醫生和私募股權支持的團體簽署公平交易協議時，銷售流程變得更加簡單。

Okay. That's, that's exactly what I was looking for and very helpful and, and you know, you mentioned the number of agreements signed is, is not the right metric. Do you plan on in the future, giving sort of a patient's treated metric or anything like that.

好的。這正是我在尋找的，非常有幫助，而且你知道，你提到簽署的協議數量不是正確的衡量標準。您將來是否有計劃提供患者的治療指標或類似的東西？

I think that's what we want to do once we have significant numbers to be able to show the progress of it. I think that's very, very important. I think we'll get there.

我想，一旦我們擁有了足夠的數字來顯示其進展，我們就會這麼做。我認為這非常非常重要。我想我們會到達那裡。

Okay. Got it. And, and then, you mentioned how the ones that you have gotten out there that the volumes have ramped month, over month, over month. Do you have a sense yet of kind of where those level out at or do they continue to ramp? And I would imagine that if folks are ready to treat patients in a high volume, they already believe that SRT is the solution for these patients. But is there kind of a waiting around like let's do X number of patients and see how they do and then do another X or how does that kind of.

好的。知道了。然後，您提到了您所獲得的那些，其交易量逐月增加。您是否已經意識到這些數字將會穩定下來還是會繼續上升？我可以想像，如果人們準備好大量治療患者，他們已經相信 SRT 是這些患者的解決方案。但是否有一種等待，例如讓我們做 X 個病人，看看他們的情況如何，然後再做另一個 X 個，或者那樣怎麼樣。

I think it's a proven technology. They know they know that it works. I think the biggest factor is the analysis and the time it takes to work together with these organizations and keep in mind they're big organizations, they don't want to make any mistake, any mistakes. So, the evaluation of the data and the analytics allows for us to, to really target the right centers to kick things off so that everything is productive and and cost effective as well as profitable right off the bat. Nobody wants to make a mistake, especially them. They're, they're very, very good at what they do. They're well managed organizations. And so we're very appreciative of the process that they've implemented now. Is it as fast as we want it to go? No, it's never as fast. We want things installed yesterday, but I'd rather have the right units installed at the beginning so that we don't have to think about replacing anything. And I think that's the way we're going. I think we're going to have a real good receptivity for the, for the sites that they're going into. So, we're going to have real good success right off the bat.

我認為這是一項經過驗證的技術。他們知道這是有效的。我認為最重要的因素是分析以及與這些組織合作所花費的時間，並且請記住他們是大型組織，他們不想犯任何錯誤。因此，透過對數據和分析的評估，我們可以真正瞄準正確的中心來啟動項目，從而讓一切從一開始就富有成效、具有成本效益並且有利可圖。沒有人願意犯錯，尤其是他們。他們非常非常擅長他們所做的事情。他們是管理良好的組織。因此我們非常感謝他們現在實施的流程。它的速度如我們所願嗎？不，從來沒有這麼快。我們希望昨天就安裝好一切，但我更希望一開始就安裝正確的設備，這樣我們就不必考慮更換任何東西。我認為這就是我們要走的方向。我認為，對於他們要進入的站點，我們將有良好的接受度。因此，我們一開始就會獲得真正的成功。

Yeah. And two things just to add if I may, Joe. I want to remind everyone about our inventory. We have well over 50 paid for units ready to go as far as visions, just, just including visions. So that gives us a leg up from a fair deal agreement standpoint, we can, immediately get those units out there. And then just to remind everyone as far as the process we've been doing these 15 years, the capital equipment side of things. It's the same process in setting up the site from training to state regulatory. It takes up to about eight weeks from the time they sign to the time that unit is installed and trained and everyone's ready to go. And then in addition to that, now that we're receiving 50% of all of the revenues from the site. Right from insurance standpoint, it takes another 45 to 60 days from first patient treatment to collect the money. So that's, I want to set the expectations. That's where you're going to start seeing the revenues from, go live on the first day of patient treating to collection. It's 45 to 60 days and that's very normal in the industry from an insurance standpoint.

是的。如果可以的話，我還要補充兩件事，喬。我想提醒大家注意我們的庫存。我們有超過 50 個付費單位準備好實現願景，僅包括願景。因此，從公平交易協議的角度來看，這為我們提供了優勢，我們可以立即將這些單位派出去。然後只是想提醒大家，就我們這 15 年來一直在做的流程而言，也就是資本設備方面。從培訓到國家監管，網站建立的流程是相同的。從簽字到設備安裝完畢、訓練完畢、所有人準備就緒，總共需要大約八週的時間。除此之外，現在我們還獲得了該網站全部收入的 50%。從保險角度來看，從第一位患者接受治療到收取保險金還需要 45 到 60 天。所以，我想設定期望。從這裡你就能開始看到收入，從病人接受治療到收款的第一天開始。從保險角度來看，這在行業內是非常正常的，需要 45 到 60 天。

So build in three months once, once it's signed effectively to see the, see the dollars in the door.

因此，一旦建造完成，三個月內就可以有效地簽署協議，看到門口的美元。

Exactly. And so that's the delay and seeing some of the revenues.

確切地。這就是延遲和看到部分收入的原因。

Okay. That's perfect. And then lastly, for me, I can't leave Javier out of this. Can you, can you quantify how much the step up in kind of professional fees and compensation impacting GN A was more one time in nature or is this kind of a new higher level run rate?

好的。那很完美。最後，對我來說，我不能把哈維爾排除在外。您能否量化專業費用和補償的增加對 GN A 的影響程度，這種增加在本質上是一次性的，還是說這是一種新的更高水平的運行率？

No, on the professional fees? It's a, it's a, it's a one time you know, different projects that we were, doing during the Q4 on the compensation. It was also a one-time adjustment and I expect G&A to increase a little bit in 2025 but not as much as we saw in Q4.

不，是專業費用嗎？這是一次，這是我們在第四季就補償問題所進行的不同專案。這也是一次性調整，我預計 2025 年 G&A 會略有增加，但不會像第四季那樣增加。

Okay, perfect. Very helpful. Thank you very much, gentlemen and congrats on the progress.

好的，完美。非常有幫助。非常感謝各位先生，並祝賀你們的進展。

Thank you.

謝謝。

Thank you, appreciate it.

謝謝，很感激。

With no further questions. This concludes our question-and-answer session. I would like to turn the conference back over to Joseph Sardano for any closing remarks.

沒有其他問題。我們的問答環節到此結束。我想將會議交還給約瑟夫·薩爾達諾，請他作最後發言。

Well, great. Listen. Thank everyone for joining us today again. We're very proud of the performance that we've had for the last quarter and for the entire year 2024 we look forward to updating you on our progress in the coming quarters. And if you have any additional questions, don't hesitate to reach out to our investor relations team headed up by Turk at alliance partners. And so, thank you again for joining us today and for continued support of Sensus Healthcare operator.

嗯，很棒。聽。再次感謝大家今天的參與。我們對上個季度以及整個 2024 年的業績感到非常自豪，我們期待在未來幾季向您通報我們的進展。如果您還有其他問題，請隨時聯繫聯盟夥伴、由 Turk 領導的投資者關係團隊。因此，再次感謝您今天的加入我們並繼續支持 Sensus Healthcare 營運商。

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

謝謝。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。