Neuronetics Inc (STIM) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Neuronetics's report fourth quarter 2023 financial and operating results. (Operator Instructions) Please be advised that today's conference is being recorded. I would like now to turn the conference over to Mark Klausner. Please go ahead.

女士們、先生們，感謝你們的支持並歡迎 Neuronetics 發布 2023 年第四季度財務和營運業績報告。 （操作員指示）請注意，今天的會議正在錄製中。我現在想把會議交給馬克·克勞斯納。請繼續。

Good morning, and thank you for joining us for the neuro Neuronetics's fourth quarter 2023 conference call. Joining me on today's call are neuro Neuronetics's President and Chief Executive Officer, Keith Sullivan; and Chief Financial Officer, Steve Furlong.

早上好，感謝您參加我們的 Neuro Neuronetics 2023 年第四季電話會議。參加今天電話會議的有 Neuro Neuronetics 總裁兼執行長 Keith Sullivan；和財務長史蒂夫·弗隆。

Before we begin, I would like to caution listeners that certain information discussed by management during this conference call will include forward-looking statements covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to our business strategy, financial and revenue guidance, the impact of COVID-19 and other operational issues and metrics.

在我們開始之前，我想提醒聽眾，管理階層在本次電話會議期間討論的某些資訊將包括1995 年《私人證券訴訟改革法案》安全港條款所涵蓋的前瞻性陳述，包括與我們的業務策略相關的陳述，財務和收入指導、COVID-19 的影響以及其他營運問題和指標。

Actual results can differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the Company's business. For a discussion of risks and uncertainties associated with Neurodex business. I encourage you to review the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K, which will be filed on or before March 14. The Company disclaims any obligation to update any forward-looking statements made during the course of this call, except as required by law.

由於與公司業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述中明示或暗示的結果有重大差異。討論與 Neurodex 業務相關的風險和不確定性。我鼓勵您查看該公司向美國證券交易委員會提交的文件，包括該公司將於 3 月 14 日或之前提交的 10-K 表格年度報告。該公司不承擔更新在除非法律要求，否則本次通話的過程。

During the call, we'll also discuss certain information on a non-GAAP basis, including EBITDA. Management believes that non-GAAP financial information taken in conjunction with U.S. GAAP financial measures provide useful information for both management and investors by excluding certain noncash and other expenses that are not indicative of trends in our operating results.

在電話會議期間，我們還將討論非 GAAP 基礎上的某些信息，包括 EBITDA。管理層認為，與美國公認會計準則財務指標結合使用的非公認會計準則財務資訊可以排除某些不能反映我們經營業績趨勢的非現金和其他費用，從而為管理層和投資者提供有用的信息。

Management uses non-GAAP financial measures to compare our performance relative to forecast and strategic plans to benchmark our performance externally against competitors and for certain compensation decisions. Reconciliations between U.S. GAAP and non-GAAP results are presented in the tables accompanying our press release, which can be viewed on our website.

管理階層使用非公認會計準則財務指標來比較我們相對於預測和策略計畫的業績，以將我們的業績與競爭對手進行外部比較，並做出某些薪酬決策。美國公認會計原則和非公認會計原則結果之間的調節顯示在我們新聞稿隨附的表格中，您可以在我們的網站上查看這些表格。

With that, it's my pleasure to turn the call over to Neuronetics's President and Chief Executive Officer, Keith Sullivan.

至此，我很高興將電話轉給 Neuronetics 總裁兼執行長 Keith Sullivan。

Mark, thanks for the introduction. Good morning, everyone, and thank you for joining us today. I'll begin by providing an overview of our recent performance, followed by an operational update. Steve will then review our financial results, and I'll conclude with some thoughts on 2024 before turning to Q&A before we jump in, I want to start by acknowledging the hard work and dedication of our team.

馬克，謝謝你的介紹。大家早安，感謝您今天加入我們。我將首先概述我們最近的表現，然後介紹營運情況的最新情況。然後，史蒂夫將回顧我們的財務業績，在開始問答之前，我將總結對 2024 年的一些想法，在我們開始之前，我想首先感謝我們團隊的辛勤工作和奉獻精神。

Their efforts have been instrumental in driving our success in 2023, and I'm truly grateful for all that they do. We are pleased with our performance throughout 2023 a year, which included several record quarters and the achievement of key milestones, our efforts to drive increased treatment session utilization, particularly our focused education and training initiatives, have continued to pay off.

他們的努力對於推動我們在 2023 年取得成功發揮了重要作用，我對他們所做的一切表示由衷的感謝。我們對2023 年全年的表現感到滿意，其中包括幾個創紀錄的季度和關鍵里程碑的實現，我們為推動提高治療療程利用率所做的努力，特別是我們重點關注的教育和培訓舉措，繼續得到回報。

We wrapped up the year with a solid fourth quarter during which we delivered over 20% year-over-year growth in utilization within the local consumable customers as well as continued positive trends at Greenberg sites. Total revenue was $20.3 million, an increase of 12% over the fourth quarter of 2022. These results are encouraging and reflect the collective effort of the team to deliver value to our customers and they're patients.

我們以穩健的第四季度結束了這一年，在此期間，本地消費品客戶的利用率同比增長了 20% 以上，格林伯​​格工廠也持續呈現積極趨勢。總收入為 2,030 萬美元，比 2022 年第四季成長 12%。這些結果令人鼓舞，反映了團隊為我們的客戶及其患者創造價值的集體努力。

Neurostar system revenue was $4.5 million, reflecting steady demand for new systems during the quarter, we shipped 59 systems above our plan of 45 to 50 systems per quarter. Our NeuroStar Summit continued to serve as a highly effective platform to educate customers on the transformative benefits of NeuroStar for patients and play a pivotal role in our system sales strategy.

Neurostar 系統營收為 450 萬美元，反映了本季對新系統的穩定需求，我們出貨了 59 個系統，超越了每季 45 至 50 個系統的計畫。我們的 NeuroStar 高峰會繼續作為一個高效的平台，向客戶宣傳 NeuroStar 為患者帶來的變革性好處，並在我們的系統銷售策略中發揮關鍵作用。

The fourth quarter Summit held in San Antonio was another outstanding event that resulted in a number of new system sales on site One encouraging trend we've observed in recent quarters directly attributable to our Summit is the increasing number of new customers purchasing more than one system to launch their NeuroStar TMS within their practice.

在聖安東尼奧舉行的第四季度峰會是另一場精彩的活動，現場銷售了許多新系統我們在最近幾個季度觀察到的一個令人鼓舞的趨勢可直接歸因於我們的峰會，即購買多個系統的新客戶數量不斷增加在他們的實踐中啟動 NeuroStar TMS。

This speaks to the value both to the practice and to the patient that NeuroStar delivers with the continued success of our summits as well as our ongoing efforts to drive awareness of the benefits of NeuroStar. We are optimistic about the sustainability and predictability of our capital sales moving forward.

這說明了 NeuroStar 透過我們高峰會的持續成功以及我們不斷努力提高人們對 NeuroStar 益處的認識而為實踐和患者帶來的價值。我們對未來資本銷售的可持續性和可預測性持樂觀態度。

U.s. treatment session revenue was $14.9 million, which is a new record for a single quarter treatment sessions revenue and represents a 20% increase compared to the fourth quarter of 2022. This growth was mainly fueled by a more than 33% year-over-year increase in local consumable revenue. Furthermore, the successful execution of initiatives such as NeuroStar University, the five-star solution program. Broader utilization of our PHQ. 10 tool and co-op marketing efforts contributed to our record-setting performance.

我們。治療療程收入為 1,490 萬美元，創下單季治療療程收入的新紀錄，與 2022 年第四季相比增長 20%。這一增長主要是由超過 33% 的同比增長推動的地方消費品收入。此外，神經之星大學、五星級解決方案計畫等措施的成功執行。更廣泛地利用我們的 PHQ。 10 個工具和合作行銷工作為我們創紀錄的業績做出了貢獻。

Now let's shift our focus to operational update in late January of 2024, we officially launched the second phase of our better MI guarantee provider pilot program. This second phase includes more than 100 accounts encompassing both the initial green Brook sites who were part of our pilot program in late 2023 and additional sites that met the qualification standards prior to January 22.

現在讓我們將重點轉移到營運更新上，2024 年 1 月下旬，我們正式啟動了更好的 MI 擔保提供者試點計畫的第二階段。第二階段包括 100 多個帳戶，其中包括 2023 年底參與我們試點計畫的最初綠色布魯克站點以及 1 月 22 日之前滿足資格標準的其他站點。

As a reminder, the better may guarantee provider program aims to establish a nationwide network of accounts following patient care and responsiveness standards developed in collaboration with expert TMS. clinicians aimed at delivering timely and consistent care to those who need it most moving forward, the pilot phase will be open to all NeuroStar customers who agreed to meet the five key standards of the program.

提醒一下，「更好的可能保證」提供者計畫旨在遵循與專家 TMS 合作制定的病患照護和回應標準，建立全國性的帳戶網路。試驗階段將向所有同意滿足該計劃五個關鍵標準的 NeuroStar 客戶開放，旨在為臨床醫生提供及時和一致的護理給最需要的人。

We continue to take a measured approach to the broader rollout of the program to ensure we effectively balance demand while upholding the standards. We are currently preparing to enroll another group of approximately 100 accounts in Phase 3 of the pilot in early April, pulling from the over 160 additional signed commitment forms from accounts striving for acceptance in this cohort we plan to launch another group of 100 accounts in June.

我們繼續採取審慎的方法來更廣泛地推出該計劃，以確保我們在維護標準的同時有效平衡需求。我們目前正準備在4 月初在試點的第三階段註冊另一組約100 個帳戶，從爭取該組接受的帳戶中另外簽署的160 多個承諾表中提取，我們計劃在6 月份啟動另一組100 個帳戶。

While still early days, we have seen a number of highly encouraging results. One of the keys to success within the pilot program is generating patient awareness, which is done primarily through targeted digital media advertising. Better MI guarantee provider practices are seeing five to six times more potential patient requests compared to the pre pilot levels as a result of these efforts, in addition to the program driving increase in patient awareness, we have observed performance improvements among participating practices, including higher responsiveness and more timely follow up with potential patients.

雖然還處於早期階段，但我們已經看到了許多非常令人鼓舞的結果。試點計畫成功的關鍵之一是提高患者意識，這主要透過有針對性的數位媒體廣告來實現。由於這些努力，更好的MI 擔保提供者實踐中的潛在患者請求與預試點水平相比增加了五到六倍，除了該計劃推動了患者意識的提高之外，我們還觀察到參與實踐中的績效改進，包括更高的績效。對潛在患者的反應能力和更及時的追蹤。

One trend we have seen coming out of the early BMG. pilot participants is a significant increase in patient follow-up once they have completed a PHQ. 10 assessments for those providers, not in the program. The percentage of patients who received a follow up from the provider within 24 hours was only 7%. That same metric for providers in the program rose to over 75% or an 11 times improvement. We will continue to closely monitor the positive impact of a pilot program as we expand to a greater number of customers throughout the year.

我們從早期的 BMG 中看到了一種趨勢。試點參與者完成 PHQ 後，患者追蹤率將顯著增加。對這些提供者進行 10 次評估，但不在計劃中。在 24 小時內收到醫療服務提供者跟進的患者比例僅為 7%。該計劃中的提供者的同一指標上升至 75% 以上，即提高了 11 倍。隨著全年客戶數量的增加，我們將繼續密切關注試點計畫的正面影響。

Turning our attention to NSU. This program continues to enhance our customer understanding of the benefits offered by our five star solution and co-op marketing initiatives over the past year, NeuroStar university has become a cornerstone of our marketing and educational efforts. Throughout the year, we conducted a total of 16 fully booked classes welcoming over 360 participants.

將我們的注意力轉向 NSU。該計劃繼續增強我們的客戶對過去一年中我們的五星級解決方案和合作行銷計劃所帶來的好處的了解，神經之星大學已成為我們行銷和教育工作的基石。全年，我們共舉辦了 16 場預約滿額的課程，吸引了超過 360 位參與者。

In the fourth quarter alone, over 15 NeuroStar systems were sold into existing customer sites coming out of a training class. This highlights the fact that the more we are able to educate customers on the best practices and the benefits of partnering with neuro Neuronetics, the more utility they will drive moving forward.

僅在第四季度，就有超過 15 個 NeuroStar 系統在培訓課程結束後被銷售到現有客戶站點。這凸顯了這樣一個事實：我們越能夠向客戶提供有關最佳實踐以及與 Neuro Neuronetics 合作的好處的教育，他們推動前進的效用就越大。

We will continue to lever and issue success to drive increased adoption and utilization. Throughout 2023. We significantly expanded our co-op marketing program helping to make our patients aware of NeuroStar. In Q4, we had more qualified accounts participating co-op marketing than ever before, and the average utilization of co-op marketing opportunities by participating accounts has been steadily increasing since 2022.

我們將繼續利用和發布成功來推動更多的採用和利用率。 2023 年全年。我們顯著擴大了合作行銷計劃，幫助我們的患者了解 NeuroStar。第四季度，我們參與合作行銷的合格帳戶比以往任何時候都多，並且參與帳戶對合作行銷機會的平均利用率自 2022 年以來一直在穩步增長。

In the fourth quarter, average co-op opportunity utilization was 16% higher than the prior year quarter. We look at accounts who participate in co-op marketing during both Q3 and Q4 of 2023. These accounts saw a 20% uplift in their motor threshold tests as well as a 30% uplift in utilization in Q4 2023 compared to the same quarter in 2022.

第四季度，平均合作機會利用率比去年同期高出 16%。我們研究了在 2023 年第三季和第四季參與合作行銷的帳戶。與 2022 年同季相比，這些帳戶的運動門檻測試提高了 20%，2023 年第四季的使用率提高了 30% 。

We introduced significant improvements to the program in 2024 based on feedback from our customers, making it even easier for our practices to use our streamlined and turnkey marketing approach, which should ultimately lead to greater patient awareness of NeuroStar. These various educational and awareness program have been very successful at bringing NeuroStar to a greater number of patients suffering from mental health disorders across all of our customer segments.

根據客戶的回饋，我們在 2024 年對該計劃進行了重大改進，使我們的實踐更容易使用我們簡化的交鑰匙行銷方法，最終應提高患者對 NeuroStar 的認識。這些不同的教育和宣傳計劃非常成功地將 NeuroStar 帶給我們所有客戶群中更多患有精神健康障礙的患者。

In 2023, we made a concerted effort with the team. The green brought to ensure that they are fully participating in these programs, including having 26 Green Brick site in the initial pilot group of better meet guarantee providers. We are very pleased to report that we have seen as a result of their participation in our program, continued improving performance at Greenberg sites to the point where they are on average at or above pre-merger levels.

2023年，我們與團隊齊心協力。綠色帶來了確保他們充分參與這些計劃，包括在更好地滿足擔保提供者的初始試點小組中擁有 26 個 Green Brick 站點。我們非常高興地報告，由於他們參與我們的計劃，格林伯格工廠的績效持續改善，達到或高於合併前的平均水準。

Turning to regulatory and clinical updates, we continue to see positive momentum from expanded GM.s therapy coverage from the major health plans between November 2023 and February 2024 Magellan Blue Cross Blue Shield of Kansas City, Dean health plan and Lucid health updated their criteria to improve patient access to NeuroStar. These policy changes reduced the required number of anti-depressant medication attempts from four to two before TMS eligibility granting patients earlier access to effective mental health treatment.

談到監管和臨床更新，我們繼續看到2023 年11 月至2024 年2 月期間主要健康計劃擴大GM.s 治療覆蓋範圍帶來的積極勢頭堪薩斯城麥哲倫藍十字藍盾計劃、Dean 健康計劃和Lucid health 將其標準更新為改善患者獲得 NeuroStar 的機會。這些政策變更將 TMS 資格之前所需的抗憂鬱藥物嘗試次數從四次減少到兩次，使患者能夠更早獲得有效的心理健康治療。

Additionally, Dean health plan as eliminated the need for a prior trial of psychotherapy. These changes represent a significant step forward in improving mental health coverage by eliminating barriers and facilitating earlier access to treatments like NeuroStar payers are contributing to addressing the mental health crisis. In February 2024, we announced advancements to track store our proprietary hip, a compliant patient management and outcome reporting system.

此外，迪恩健康計劃消除了事先嘗試心理治療的需要。這些變化代表著透過消除障礙和促進更早獲得治療（例如 NeuroStar 付款人正在為解決心理健康危機做出貢獻）來改善心理健康覆蓋率邁出的重要一步。 2024 年 2 月，我們宣布了追蹤儲存我們專有髖關節的進展，這是一個合規的患者管理和結果報告系統。

These uptakes streamline practice operation by simplifying patient tracking and documentation practice can save time on administrative tasks and focus more on patient care. The enhanced benefits investigation report provides estimated patient financial responsibilities upfront, ensuring the clarity for patients regarding insurance coverage. These improvements reflect our commitment to supporting health care providers and enhancing patient outcomes.

這些吸收透過簡化患者追蹤和記錄實踐來簡化實踐操作，可以節省管理任務的時間並更多地關注患者護理。增強的福利調查報告預先提供了病患的估計財務責任，確保病患清楚了解保險範圍。這些改進體現了我們對支持醫療保健提供者和改善患者治療效果的承諾。

On the regulatory front, our neuro site coil placement accessory received clearance from the FDA in December in response to our customers' request could make the motor threshold assessment easier and faster. This tool simplifies measurement and coil positioning during NeuroStar treatment. Eurosite integrates both legacy and new system by leveraging patient unique anatomical features. Neuroscience ensures precise and reproducible coil placement, reducing patient setup steps and improving efficacy for providers' offices while maintaining accuracy.

在監管方面，我們的神經部位線圈放置配件應我們客戶的要求於 12 月獲得 FDA 的批准，可以使運動閾值評估變得更容易、更快。該工具簡化了 NeuroStar 治療期間的測量和線圈定位。 Eurosite 透過利用患者獨特的解剖學特徵整合了舊系統和新系統。神經科學確保精確且可重複的線圈放置，減少患者設定步驟並提高提供者辦公室的效率，同時保持準確性。

Lastly, we continue to work to expand the utility of our unique therapy. As previously noted, we have a 510(k) application with the FDA to broaden neuro STARS label. While we can't share specific details of the filing for competitive reasons. We anticipate hearing back from the FDA in the near term. We look forward to keeping you updated on that progress.

最後，我們繼續努力擴大我們獨特療法的效用。如前所述，我們向 FDA 提交了 510(k) 申請，以擴大神經 STARS 標籤。雖然出於競爭原因，我們無法分享該申請的具體細節。我們預計將在短期內收到 FDA 的回覆。我們期待向您通報最新進展。

We've covered a lot of ground in 2023, marked by continued improvements in utilization trends and several record-breaking revenue quarters. Our commitment to enhancing patient care and provider efficiency remains strong and we believe the introduction of initiatives like the better MI guarantee provider program expand upon this success.

2023 年，我們已經取得了很大進展，其特點是利用率趨勢的持續改善和幾個創紀錄的收入季度。我們對提高病患照護和提供者效率的承諾依然堅定，我們相信，更好的 MI 保證提供者計畫等措施的推出將進一步擴大這一成功。

With that, I'd like to turn the call over to Steve.

有了這個，我想把電話轉給史蒂夫。

Thank you, Keith. Unless otherwise noted, all performance comparisons are being made for the fourth quarter of '23 versus the fourth quarter of 2022. Total revenue was $20.3 million, an increase of 12% over prior year revenue of $18.2 million, primarily driven by increased treatment sessions. Sales of U.S. NeuroStar Advanced Therapy system revenue was $4.5 million and we shipped 59 systems in the quarter. U.s. treatment session revenue was a record for the Company at $14.9 million, an increase of 20% year over year.

謝謝你，基斯。除非另有說明，所有業績比較均針對2023 年第四季與2022 年第四季進行。總營收為2,030 萬美元，較上年營收1,820 萬美元成長12%，這主要是由於治療次數增加所致。美國 NeuroStar 高級治療系統的銷售收入為 450 萬美元，本季我們出貨了 59 套系統。我們。該公司的治療療程收入創歷史新高，達 1,490 萬美元，年增 20%。

The revenue growth was primarily driven by strong performance within our local consumable customer segment. Revenue per active site was approximately $13,200 in the quarter compared to approximately $11,500 in the prior year quarter. This increase reflects the growing success of our strategic initiatives, which is encouraging given the growth in active sites over the past year. Gross margins were 77.6% compared to 75.9% in the prior year quarter, up 170 basis points from the prior year driven by favorable mix as treatment session revenues continued to be a larger percentage of total revenues.

收入成長主要得益於我們當地消費品客戶群的強勁表現。本季每個活躍網站的收入約為 13,200 美元，而去年同期約為 11,500 美元。這一成長反映出我們的策略性舉措日益成功，考慮到過去一年活躍網站的成長，這一點令人鼓舞。毛利率為 77.6%，去年同期為 75.9%，較上年同期成長 170 個基點，這是由於治療療程收入在總收入中所佔比例持續提高，受到有利組合的推動。

Operating expenses during the quarter were $20.2 million, a decrease of $1.3 million or 6.2% compared to $21.5 million in the fourth quarter of 2022. Achieving record quarterly revenue, while reducing operating expenses demonstrates our ability to drive leverage. During the quarter, we incurred approximately $1.6 million of non-cash stock-based compensation expense.

本季營運費用為2,020 萬美元，與2022 年第四季的2,150 萬美元相比，減少了130 萬美元，即6.2%。實現創紀錄的季度收入，同時減少營運費用，證明了我們提高槓桿率的能力。本季度，我們產生了約 160 萬美元的非現金股票補償費用。

Net loss for the fourth quarter was $5.4 million or $0.19 per share as compared to a net loss of $8.3 million or $0.3 per share in the prior year quarter. EBITDA was negative $3 million as compared to negative $6.5 million in the prior year quarter. This significant reduction in EBITDA loss reflects our success and proactively creating operational leverage through a combination of strong top line growth and prudent expense management.

第四季淨虧損為 540 萬美元，即每股 0.19 美元，去年同期淨虧損為 830 萬美元，即每股 0.3 美元。 EBITDA 為負 300 萬美元，而去年同期為負 650 萬美元。 EBITDA 損失的大幅減少反映了我們的成功，並透過強勁的營收成長和審慎的費用管理相結合，積極創造營運槓桿。

As of December 31, 2023, cash and cash equivalents were $59.7 million in the fourth quarter. We achieved a significant milestone by generating positive cash flow. For the first time in Company history, we generated $1.5 million in cash, which we achieved earlier than previously expected.

截至2023年12月31日，第四季現金及現金等價物為5,970萬美元。我們透過產生正現金流實現了一個重要的里程碑。我們在公司歷史上首次產生了 150 萬美元的現金，這一目標比之前的預期要早。

As we continue to reap the benefits of strong revenue growth combined with improving margins and expense management efforts. Because of this, we maintain confidence in our path to profitability in 2024. We again expect to be cash flow positive in the fourth quarter.

我們繼續受益於強勁的收入成長以及不斷提高的利潤率和費用管理工作。因此，我們對 2024 年獲利之路保持信心。我們再次預期第四季現金流為正。

Now turning to guidance. For the full year, we expect revenue in the range of $78 million to $80 million. For the first quarter, we expect revenue of $16.7 million to $17.7 million. We expect total operating expenses for the full year to be in the range of $80 million to 84 million. Our top line growth and healthy gross margin profile and careful operating expense management all contribute to the stability of our path to profitability.

現在轉向指導。我們預計全年收入在 7,800 萬美元至 8,000 萬美元之間。我們預計第一季的營收為 1,670 萬美元至 1,770 萬美元。我們預計全年總營運支出將在 8,000 萬至 8,400 萬美元之間。我們的營收成長、健康的毛利率狀況以及謹慎的營運費用管理都有助於我們獲利之路的穩定性。

I would now like to turn the call back over to .

我現在想將電話轉回 。

I think, Steve, in summary, as we reflect on 2023 and look forward to 2024, it's clear that our strategic initiatives are driving growth and positioning us for continued success. Better MI guarantee provider program will be a focal point for us this year as it aims to elevate patient care standards across our network. Participating in this program will not only advance our other initiatives like an issue and co-op marketing, but also ensure that our customers are better equipped to provide high quality care.

史蒂夫，總而言之，我認為，當我們回顧 2023 年並展望 2024 年時，很明顯，我們的策略舉措正在推動成長，並使我們能夠持續取得成功。更好的 MI 擔保提供者計劃將成為我們今年的焦點，因為它旨在提高整個網路的患者護理標準。參與該計劃不僅可以推進我們的其他舉措，例如問題和合作行銷，還可以確保我們的客戶能夠更好地提供高品質的護理。

We are also continuing to work with the FDA to explore expanding the labeling for NeuroStar. We're optimistic about the future and excited to continue our journey of expanding access to transformative mental health treatments. Thank you all for your continued support and commitment of neuro Neuronetics. With that, I'd like to open the line for questions.

我們也將繼續與 FDA 合作，探索擴大 NeuroStar 的標籤範圍。我們對未來持樂觀態度，並很高興能夠繼續擴大變革性心理健康治療的覆蓋範圍。感謝大家對 Neuro Neuronetics 的持續支持與承諾。說到這裡，我想開通提問專線。

(Operator Instructions) Adam Maeder, Piper.

（操作員說明）Adam Maeder，Piper。

I Keith. Hi, Steve. Hopefully you guys can hear me. Congratulations on the progress and nice finish to the year. And maybe a place to start would just be on the guidance construction. I just want to make sure I'm thinking about that properly.

我基斯.嗨，史蒂夫。希望你們能聽到我的聲音。恭喜您的進展並為這一年畫上了圓滿的句號。也許一個起點就是指導建設。我只是想確保我正確地考慮了這一點。

The 45 to 50 systems that you've kind of been run-rating at per quarter, is that right assumption to use for 2024? Should we assume the majority of the growth is obviously coming from the consumables business? And then what are you assuming for Green Brick in 2024?

您每季運行 45 到 50 個系統，這個假設適用於 2024 年嗎？我們是否應該假設大部分成長顯然來自消耗品業務？那麼您對 2024 年 Green Brick 有何設想？

Hi, Adam, it's Steve. So yes, we're still targeting 45 to 50. We may nudge that up a little bit as the year progresses, but the majority of the growth will be in treatment session revenue and we did include a new slide in our corporate presentation that can be found on our website. And it really highlights the growth driver of the Company and where it's been in the last three years. So I think that will be helpful to kind of set the stage for 2024's expectations.

嗨，亞當，我是史蒂夫。所以，是的，我們的目標仍然是45 到50。隨著時間的推移，我們可能會稍微提高一點，但大部分增長將來自治療療程收入，我們確實在公司演示中包含了一張新幻燈片，可以在我們的網站上找到。它確實凸顯了公司的成長動力以及過去三年的情況。所以我認為這將有助於為 2024 年的期望奠定基礎。

Greenberg again, throughout 2023, they have accelerated their growth in the legacy Greenberg stores. And I would say across the board, that performance has been very strong. We expect that to continue this year and in '23, although they were stable. They were a drag on our overall growth rate, but we do not expect them to be a drag in 2024. So our partnership in support of Green Brick will continue for the foreseeable future as perfect.

格林伯格再次表示，整個 2023 年，他們加速了傳統格林伯格商店的成長。我想說的是，整體而言，表現非常強勁。我們預計這種情況將在今年和 23 年繼續下去，儘管它們很穩定。它們拖累了我們的整體成長率，但我們預計它們不會在 2024 年成為拖累。因此，在可預見的未來，我們支持 Green Brick 的合作夥伴關係將繼續完美。

Good color there, Steve. And then for the follow-up, I wanted to ask about the better meet guarantee program. It certainly sounds like you're seeing some encouraging signs out of the gate there with patient requests and a better awareness follow-up up, et cetera.

史蒂夫，顏色很好。然後後續我想問更好的滿足保障方案。聽起來你確實看到了一些令人鼓舞的跡象，包括病人的要求和更好的意識跟進等等。

Wondering if there's any more kind of information you can give us in terms of metrics, things like know, treatment session figures that you can share at this point in time? Maybe that's a little bit premature, but figured I'd ask anyways Thank you.

想知道您是否可以在指標方面向我們提供更多類型的信息，例如您現在可以分享的知識、治療療程數據等？也許這有點為時過早，但我想我還是會問謝謝。

Keep of the better me guarantee provider program has really done exactly what we are, hoping it created excitement in both our accounts and the field. The marketing for it started on February 1. So it is a little early to be giving metrics.

Keep of the better me 擔保提供者計畫確實做到了我們所做的事情，希望它能在我們的客戶和領域中引起興奮。它的行銷活動於 2 月 1 日開始。因此現在給出指標還為時過早。

What I can tell you is if we look at the standards that have to be met to qualify to be in the program as the PHQ. can follow up the lead follow-up that has to be done within 24 hours answering the phone during business hours has all it had the desired effect. The accounts are doing these things. We are monitoring them and as a result, their businesses is already accelerating. So our marketing efforts is just on top of that.

我可以告訴您的是，如果我們考慮一下作為 PHQ 參與該計劃所需滿足的標準。可以跟進領導跟進必須在24小時內完成，在工作時間內接聽電話是否達到了預期的效果。帳戶正在做這些事情。我們正在監控他們，因此他們的業務已經在加速發展。所以我們的行銷工作才是最重要的。

That's helpful. Thank you.

這很有幫助。謝謝。

Margaret Kaczor, William Blair.

瑪格麗特·卡佐爾，威廉·布萊爾。

Hey, good morning. Guys, thanks for taking the question. And maybe wanted to approach that in a different way in part because of the better MI guarantee rogram as well as kind of all the utilization trends you're seeing around that. And so on app, are you assuming any RO., I guess as folks participate in that within the guidance range doesn't seem like it, but just kind of curious about that.

嗨，早安。夥計們，感謝您提出問題。也許想要以不同的方式來解決這個問題，部分原因是更好的 MI 保證計劃以及您所看到的所有利用趨勢。等等應用程序，你是否假設有任何RO。我想，當人們在指導範圍內參與時，這似乎並不像它，但只是對此感到好奇。

And Margaret, Steve, I would say not at this point. And so again, we're in the second pilot phase with Phase 3 starting in April and so it just seems to be a bit premature to include that in our 2024 guidance. So I would expect any significant acceleration in these accounts to be upside.

瑪格麗特、史蒂夫，我想說現在還不行。同樣，我們正處於第二個試點階段，第三階段將於 4 月開始，因此將其納入我們的 2024 年指南似乎有點為時過早。因此，我預計這些帳戶的任何顯著加速都會帶來上行空間。

Okay. And then as we think about that, I guarantee participate participant utilization trends. Maybe it's too early to share kind of on the very short term. But I guess what would you like to see happen over a one year, two year, five year, whatever your time line that you'd look for a trend around utilization rates within that program.

好的。然後，當我們考慮這一點時，我保證參與參與者的利用趨勢。也許現在分享短期內的情況還為時過早。但我想您希望在一年、兩年、五年內看到發生什麼，無論您在什麼時間線內尋找該計劃內利用率的趨勢。

We would hope Margaret this, Keith, we would hope that we would see a consistent 20% growth in those accounts. So I think that's that's our target metric right now. I do want to be clear, though, on the marketing spend, the marketing spend is has been consistent for the last three years.

我們希望瑪格麗特能夠做到這一點，基思希望我們能夠看到這些帳戶持續成長 20%。所以我認為這就是我們現在的目標指標。不過，我確實想澄清一下，在行銷支出方面，行銷支出在過去三年中一直保持不變。

Better meet guarantee just makes that spend more efficient. So by putting the the leads in aye that we receive through marketing through the better may guarantee providers. It is the same spend that's just going to somebody who's answering the phone and responding to those patients in a timely fashion.

更好的滿足保證只會讓支出更有效率。因此，透過將我們透過更好的行銷活動獲得的線索放在可以保證的供應商中。同樣的支出也花在接聽電話並及時回覆患者的人員身上。

Okay. So if I may, I'll just kind of wrap this up in one last question around cash flow. Since you sort of just for reference that to the extent that there is upside to revenues, we do see those 20% growth metrics at some point in the future. You're going to let those kind of fall through on the bottom line. And hopefully this is a key measure to get you to reach that profitability metric. Thank you.

好的。因此，如果可以的話，我將把這個問題總結為有關現金流的最後一個問題。由於您所說的收入有上升空間的程度僅供參考，因此我們確實會在未來某個時候看到 20% 的成長指標。你會讓這些事情落入底線。希望這是讓您達到獲利指標的關鍵措施。謝謝。

Yes, that's correct, Margaret.

是的，沒錯，瑪格麗特。

Appreciate it, guys.

非常感謝，夥計們。

William Plovanic, Canaccord.

威廉‧普洛瓦尼克，《Canaccord》。

Great. Good morning and thanks for taking my question. Steve, can you help us understand as we look at your treatment revenues, 20%, a strong number. Obviously, we're seeing an acceleration, but there are some drags on that.

偉大的。早安，感謝您提出我的問題。史蒂夫，您能否幫助我們了解您的治療收入，20%，一個很大的數字。顯然，我們看到了加速，但也存在一些阻力。

Can you help us understand the mix of kind of the fixed component and then maybe the Green Brick component and then kind of the other customers? Because it seems like that 20% is masking or at least is masked by some of the other pieces of the business that don't grow and maybe it helps us understand kind of what the business can do.

您能否幫助我們了解固定組件的種類以及 Green Brick 組件以及其他客戶的種類？因為看起來 20% 被掩蓋了，或者至少被其他一些不增長的業務部分所掩蓋，也許它可以幫助我們了解業務可以做什麼。

And then just secondly, on the capital, I think, Gil, you answered the question, but and would you plan to expand the number of capital reps to sell more systems and the teams that can go in and train these accounts or help us understand why you would go to expand that now and what type of investment that will require banks?

其次，關於資本，我認為，吉爾，您回答了這個問題，但是您是否計劃擴大資本代表的數量以銷售更多系統以及可以進入並培訓這些帳戶或幫助我們理解的團隊為什麼現在要擴大這一規模？這需要銀行進行哪些類型的投資？

I bill very timely question. And so as I indicated during Adam's question, we did include a revenue trending slide in our supplemental financial information on our website. And to your point, there are significant segments of our business that are not growing either and primarily by design. So we've stated the past few years that our intention is to sell roughly 200 NeuroStar as a year.

我帳單很及時的問題。正如我在 Adam 提問時指出的那樣，我們確實在我們網站上的補充財務資訊中包含了收入趨勢幻燈片。就您而言，我們的業務中有很大一部分也沒有成長，而且主要是由於設計原因。因此，我們在過去幾年中表示，我們的目標是每年銷售約 200 台 NeuroStar。

So that's around $16 million that doesn't grow. Our international business in the Far East has been very steady between [one eight] and $2 million over the past three years. So again, and not a significant growth driver. And then the Company still supports our fixed price customers.

因此，大約有 1600 萬美元沒有成長。過去三年來，我們在遠東的國際業務一直非常穩定，在[一八]至 200 萬美元之間。再說一遍，這並不是一個重要的成長動力。然後公司仍然支持我們的固定價格客戶。

And that number has been fairly steady, about $7 million a year, but again, also doesn't grow. And so when we look at that in comparison to our treatment session growth driver, it really is a drag on the overall consolidated growth rate.

這個數字相當穩定，每年約 700 萬美元，但同樣也沒有成長。因此，當我們將其與我們的治療成長驅動力進行比較時，它確實拖累了整體綜合成長率。

Again, our primary focus is on the local consumable customers and which represents about 70% of our installed base, is really the segment that we can impact impact the most with PMGP. and other marketing programs. And Greenberg. Again, they were consistent in '23 with their contribution to revenue in 2022. But again, being flat and our largest customer, again, it was an overall drag on our growth rate. Again, we do expect a contribution and a nice rebound back from them in 2024. So that will help us.

同樣，我們的主要關注點是本地消費品客戶，約占我們安裝基礎的 70%，這確實是我們可以透過 PMGP 影響最大的細分市場。和其他行銷計劃。還有格林伯格。同樣，他們在 23 年對收入的貢獻與 2022 年的收入貢獻是一致的。但同樣，我們的最大客戶持平，這再次拖累了我們的成長率。同樣，我們確實期望他們在 2024 年做出貢獻並實現良好反彈。這將對我們有所幫助。

And regarding the increase in NeuroStar, it would be modest, it would not it would not be like we're going from 200 to 250 in a year. We did 205 systems in 2023, we may approach to 15 or to 20 this year. And no, we do not plan on adding any additional ASMs and to support that growth.

至於 NeuroStar 的成長，這將是適度的，不會的，我們不會在一年內從 200 家增加到 250 家。 2023年我們做了205個系統，今年我們可能會接近15或20個。不，我們不打算添加任何額外的 ASM 並支援這種增長。

Okay, great. And then on the better MI guarantee with, is it rolled out to all Green Brick sites at this point? Was that the Phase 1? Or are there still other sites that need to be rolled out under their umbrella?

好的，太好了。然後，基於更好的 MI 保證，現在是否已將其推廣到所有 Green Brick 網站？那是第一階段嗎？或者有其他網站需要在他們的保護下推出嗎？

Bill, this is Keith. We rolled it out in Q4 to 26 of the Greenberg sites. Our plan is to incorporate the balance of them over 100 sites into the program throughout the year. Like our like our other customers, they all have to qualify. So we have metrics that we have to measure each Green Brick store by as we do with all of our customers.

比爾，這是基斯。我們在第四季度將其推廣到了 26 個格林伯格站點。我們的計劃是全年將 100 多個站點的其餘部分納入該計劃。就像我們的其他客戶一樣，他們都必須符合資格。因此，我們有衡量每個 Green Brick 商店的指標，就像我們對所有客戶所做的那樣。

So our plan is to get the Green Brick stores, both the success of legacy success and the green books into the program as quickly as possible. And I think we are opening up the next 100 on April 8, and then we'll open up another 100 on June 3. So we're excited to have them in the program and as well as our other customers.

因此，我們的計劃是盡快將綠磚店、傳統成功的成功和綠皮書納入該計劃。我認為我們將在 4 月 8 日開放接下來的 100 個，然後我們將在 6 月 3 日開放另外 100 個。因此，我們很高興他們以及我們的其他客戶加入該計劃。

And then last question is, if I could, just on the cash flow positive in the fourth quarter '24. Would you expect to be cash flow positive every quarter of '25 or kind of bouncing back and forth through '25? And then if not when would you expect consistent cash flow-positive? Thanks for taking my questions.

最後一個問題是，如果可以的話，我想談談 24 年第四季的正現金流。您是否期望 25 年每季的現金流為正，或在 25 年期間來回反彈？如果不是，您預計什麼時候現金流量會持續為正？感謝您回答我的問題。

Thanks, Bill. I mean, Q1 historically is a significant cash burn quarter for us and we do have via the payout of year-end commissions, the corporate bonus plan. And so I do not expect Q1 of '25 to be cash flow positive. I would say it's more likely, I'd say worst case 2027, possibly 2026, dependent upon the top end growth rate. But I think there'll still be some bouncing around in 2025 on a quarterly basis.

謝謝，比爾。我的意思是，從歷史上看，第一季對我們來說是一個重要的現金消耗季度，我們確實透過支付年終佣金和公司獎金計畫來實現。因此，我預計 25 年第一季的現金流不會為正。我想說，最壞的情況更有可能是 2027 年，也可能是 2026 年，這取決於最高成長率。但我認為 2025 年按季度計算仍會出現一些反彈。

Danny Stauder, Citizen's JMP.

Danny Stauder，公民 JMP。

Great, thanks. First question on capital sales Congrats on the strong quarter, but I was just curious if you'd be willing to comment on how this broke out between new customer adds versus existing users, adding another system given the improvement in utilization? And is it fair to say that there has been more the latter in quarters past? Just any color there would be helpful. Thanks.

萬分感謝。關於資本銷售的第一個問題祝賀季度的強勁表現，但我只是好奇您是否願意評論新客戶添加與現有用戶之間的爆發情況，以及在利用率提高的情況下添加另一個系統？可以公平地說，過去幾季後者的情況更多嗎？任何顏色都會有幫助。謝謝。

Hi, Dan. It's Steve I don't think there was a significant shift one way or another into new customer sales versus same store sale customers. I think this quarter it was about a 50/50 split And so again, historically, I think it was more of a 60/40, so a slight shift, but nothing significant.

嗨，丹。史蒂夫，我認為新客戶銷售與同店銷售客戶之間並沒有重大轉變。我認為本季的比例約為 50/50，所以從歷史上看，我認為比例更像是 60/40，所以略有變化，但沒有什麼重大意義。

And then what was your other? The other part of the question Danny.

那你的另一個是什麼？問題的另一部分丹尼。

No, I guess it was just, you know, historically, it sounds like it hasn't changed too much, but just in the past, this a trend one way or the other.

不，我想這只是，你知道，從歷史上看，聽起來好像沒有太大變化，但就在過去，這是一種趨勢。

So Q4 from a capital sale perspective, it's when the account managers are really pushing hard across all segments, you know, maximizing in their incentives. And so we do see a slight difference in historical trends in that fourth quarter.

因此，從資本銷售的角度來看，第四季度是客戶經理真正在所有細分市場中努力推動的時候，你知道，最大限度地提高他們的激勵措施。因此，我們確實看到第四季度的歷史趨勢略有不同。

Great. And then just one more for me. So on treatment sessions, no, really solid quarter revenues per active site, $13,000 plus was great to see. But how should we think about this in 2024? It sounds like we should assume some existing customer utilization will continue to improve, but and any puts and takes as we look out to 2024 and net number? Thank you.

偉大的。然後再給我一個。因此，在治療過程中，不，每個活躍站點的季度收入非常穩定，超過 13,000 美元，這是很高興看到的。但到了 2024 年，我們該如何思考這個問題？聽起來我們應該假設一些現有客戶的使用率將繼續提高，但是當我們展望 2024 年和淨數量時，有什麼看跌和看跌呢？謝謝。

Yes, I would expect that metric to continue to improve again during 2023, at least the early part of our customers across the installed base, we're still only averaging about 2.6 to 2.7 treatments per day. We've seen the early returns of the BMGP. participants as well of those as well as those who have signed that commitment form, but haven't necessarily met all five standards there.

是的，我預計該指標將在 2023 年繼續改善，至少在整個安裝基礎上的早期客戶中，我們平均每天仍僅進行約 2.6 至 2.7 次治療。我們已經看到 BMGP 的早期回報。參與者以及那些簽署了承諾表但不一定滿足所有五個標準的人。

A patient per day metric is increasing at a very nice rate. And so Keith mentioned that 20%. So that would get us over three patients per day this year, close to four next year. Again, we're going to keep pushing until every NeuroStar that's installed is that it's system capacity and which would necessitate additional systems being purchased by our customers. So and I do think that $13,200 should continue to grow, at least by that 20% rate, but with a slight dilution based on the number of new installs site.

每天的患者指標正在以非常好的速度成長。 Keith 提到了 20%。因此，今年我們每天會接待超過 3 名患者，明年將接近 4 名。同樣，我們將繼續努力，直到安裝的每台 NeuroStar 都達到其係統容量，並且這將需要我們的客戶購買額外的系統。因此，我確實認為 13,200 美元應該繼續增長，至少以 20% 的速度增長，但根據新安裝網站的數量略有稀釋。

Great. Thank you. Greg. On the quarter. Thank you.

偉大的。謝謝。格雷格.在季度。謝謝。

I show no further questions at this time. I would now like to turn the call back to Keith Sullivan for closing remarks.

我目前沒有提出任何進一步的問題。現在我想將電話轉回給基斯‧沙利文 (Keith Sullivan)，讓其致閉幕詞。

Thank you, operator, and thank you all for joining us today. We appreciate your investment in neuro Neuronetics, and we look forward to updating you on that progress in the next quarterly call.

謝謝運營商，也謝謝大家今天加入我們。我們感謝您對神經神經學的投資，我們期待在下一個季度電話會議中向您通報最新進展。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。