TELA Bio Inc (TELA) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the TELA Bio fourth quarter and full year 2022 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們先生們，下午好，歡迎來到 TELA Bio 第四季度和 2022 年全年收益電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。

I would now like to turn the conference over to Louisa Smith from the Gilmartin Group. Please, go ahead.

我現在想將會議轉交給來自 Gilmartin Group 的 Louisa Smith。請繼續。

Thank you, Lisa, and good afternoon, everyone. Earlier today, TELA Bio released financial results for the fourth quarter and full year 2022. A copy of the press release is available on the company's website.

謝謝你，麗莎，大家下午好。今天早些時候， TELA Bio 發布了第四季度和2022年全年的財務業績。新聞稿的副本可在公司網站上找到。

Joining me on today's call are Tony Koblish, President and Chief Executive Officer; and Roberto Cuca, Chief Operating Officer and Chief Financial Officer.

與我一起參加今天電話會議的還有總裁兼首席執行官 Tony Koblish；首席運營官兼首席財務官 Roberto Cuca。

Before we begin, I'd like to remind you that during this conference call, the company may make projections and forward-looking statements regarding future events. We encourage you to review the company's past and future filings with the SEC, including without limitation, the company's annual report on Form 10-K and quarterly reports on Form 10-Q, which identify the specific factors that may cause actual results or events to differ materially from those described in these forward-looking statements. These factors may include, without limitation, statements regarding product development and pipeline opportunities, product potential, the impact of various macroeconomic conditions, including the ongoing response to the COVID-19 pandemic, recessionary concerns, banking and stability and inflationary pressures, the regulatory environment, sales and marketing strategies, capital resources or operating performance.

在我們開始之前，我想提醒您，在本次電話會議期間，公司可能會對未來事件做出預測和前瞻性陳述。我們鼓勵您查看公司過去和未來向美國證券交易委員會提交的文件，包括但不限於公司的 10-K 表格年度報告和 10-Q 表格季度報告，其中確定了可能導致實際結果或事件的具體因素與這些前瞻性陳述中描述的內容存在重大差異。這些因素可能包括但不限於關於產品開發和管道機會、產品潛力、各種宏觀經濟條件的影響的聲明，包括對 COVID-19 大流行的持續反應、經濟衰退的擔憂、銀行業和穩定性以及通脹壓力、監管環境、銷售和營銷策略、資本資源或經營業績。

With that, I'll now turn the call over to Tony.

有了這個，我現在將電話轉給托尼。

Thank you, Louisa. Good afternoon, everyone, and thanks for joining us today for our fourth quarter and full year 2022 earnings call. I'm pleased to report that in the fourth quarter of 2022, TELA Bio continued to deliver strong revenue growth and sales of $11.6 million, up 39% over the prior year, and full year 2022 revenue of $41.4 million, representing 41% growth from 2021 overall. This was despite continued hospital staffing challenges and slower-than-expected GPO contract uptake, which Roberto will describe in greater detail shortly. Yet even with these ongoing headwinds, we are encouraged that TELA Bio's OviTex portfolio continues to gain market share quarter after quarter. Our ability to drive continued revenue growth and share capture is a result of our focus on the 5 factors contributing to topline achievement: sales force size, individual rep productivity, product portfolio, GPO access and clinical data. I'll spend some time describing how we advance each factor since the beginning of 2022 and how they impacted our revenue growth.

謝謝你，路易莎。大家下午好，感謝今天加入我們的第四季度和 2022 年全年財報電話會議。我很高興地報告，在 2022 年第四季度， TELA Bio 繼續實現強勁的收入增長和銷售額 1160 萬美元，比上年增長 39%，2022 年全年收入為 4140 萬美元，比上年增長 41% 2021 年整體。儘管醫院人員配置面臨持續挑戰且 GPO 合同的接受速度低於預期，但羅伯托將在稍後更詳細地描述這一點。然而，即使存在這些持續的不利因素，我們感到鼓舞的是，TELA Bio 的 OviTex 產品組合繼續逐季增加市場份額。我們推動持續收入增長和份額獲取的能力是我們關注有助於實現頂線成就的 5 個因素的結果：銷售人員規模、個人代表生產力、產品組合、GPO 訪問和臨床數據。我將花一些時間描述自 2022 年初以來我們如何推進每個因素以及它們如何影響我們的收入增長。

First, sales force size. Given their productivity to date, including through the time of the greatest COVID-19 impact several years ago, we've sought to continue expanding the number of reps selling our products. We entered 2022 with just under 45 sales reps, and our earnings call a year ago announced the goal of reaching 55 sales reps by the middle of '22 and 60 by the end of the year. I'm pleased to report that at the close of '22, we had 61 reps, and as of today, we have a total of 68 on board. I'll talk more about our goals for hiring in '23 in a few minutes.

第一，銷售隊伍規模。鑑於他們迄今為止的生產力，包括幾年前 COVID-19 影響最大的時期，我們一直在尋求繼續擴大銷售我們產品的代表的數量。我們進入 2022 年時只有不到 45 名銷售代表，一年前我們的財報電話會議宣布了到 22 年中期達到 55 名銷售代表和到年底達到 60 名銷售代表的目標。我很高興地報告說，在 22 年底，我們有 61 名代表，截至今天，我們共有 68 名代表。我將在幾分鐘後詳細討論我們在 23 年的招聘目標。

Another important factor driving revenues is contract access to hospital members of GPOs, or Group Purchasing Organizations. In addition to our preexisting HealthTrust contract and the Premier contract, which became effective on October 1, '22, we recently announced entry into an agreement with a third national GPO. This 3-year dual source agreement extends through January of 26 and places TELA in the biosynthetic category. We are very pleased with this new contract as it provides us access to a significant number of new hospitals. It's also important to understand that this GPO is strictly administered, which means that we are getting incremental access to customers we would not have otherwise been able to reach. Our inclusion in GPO contracts allows physicians to utilize our products without having to first go through a hospital's value analysis committee for access. This clears the way for our sales representatives to introduce surgeons to the use of our OviTex portfolio and grow their usage from there.

推動收入增長的另一個重要因素是與 GPO 或集團採購組織的醫院成員簽訂合同。除了我們現有的 HealthTrust 合同和於 2022 年 10 月 1 日生效的 Premier 合同外，我們最近還宣布與第三家國家 GPO 達成協議。這份為期 3 年的雙源協議有效期至 26 日 1 月，並將 TELA 歸入生物合成類別。我們對這份新合同感到非常滿意，因為它使我們能夠接觸到大量新醫院。了解此 GPO 受到嚴格管理也很重要，這意味著我們正在逐步訪問我們原本無法接觸到的客戶。我們包含在 GPO 合同中，允許醫生使用我們的產品，而無需首先通過醫院的價值分析委員會進行訪問。這為我們的銷售代表向外科醫生介紹我們的 OviTex 產品組合的使用並從那裡增加他們的使用掃清了道路。

A third factor is the extent of our product offerings. We continue to expand our portfolio of complementary soft tissue, restoration and preservation solutions. Most recently, we announced the launch of 2 larger OviTex LPR device configurations. These are ellipse shaped products designed for ventral and incisional hernia repair in robotic and laparoscopic procedures, each with a smooth side for placement within the abdominal cavity adjacent to the viscera. With 40% of reported OviTex cases performed robotically and 20% laparoscopically in the fourth quarter of '22, we expect these 2 new larger pieces will allow for even broader usage of our products going forward.

第三個因素是我們提供的產品範圍。我們繼續擴大我們的互補軟組織、修復和保存解決方案的產品組合。最近，我們宣布推出 2 種更大的 OviTex LPR 設備配置。這些橢圓形產品專為機器人和腹腔鏡手術中的腹側疝和切口疝修復而設計，每個產品都有光滑的一面，可以放置在腹腔內鄰近內臟的地方。在 2022 年第四季度，有 40% 的報告 OviTex 病例是通過機器人進行的，20% 是通過腹腔鏡進行的，我們預計這兩個新的更大的部件將允許我們的產品在未來得到更廣泛的使用。

At the beginning of this year, we announced the launch of the NIVIS Fibrillar Collagen Pack. This is an absorbent matrix of type 1 and type 3 bovine collagen designed to manage moderately to heavily exudating wounds and to control minor bleeding. Type 1 and Type 3 collagen closely resemble the native collagen of a patient and have been shown to stimulate cellular activity and contribute to new tissue development. Specifically, Type 3 collagen helps control wound contraction and the amount of scar deposition during wound healing. TELA's NIVIS product is provided in particulate form, allowing it to be molded and packed into wounds to facilitate contact with host tissue. We're very excited to launch this high-quality product, which is already generating physician interest and promises to be a new vehicle of growth in the future.

今年年初，我們宣布推出 NIVIS Fibrillar Collagen Pack。這是一種 1 型和 3 型牛膠原蛋白的吸收性基質，旨在處理中度至重度滲出的傷口並控制輕微出血。 1 型和 3 型膠原蛋白與患者的天然膠原蛋白非常相似，並已被證明可以刺激細胞活動並有助於新組織的發育。具體來說，3 型膠原蛋白有助於控制傷口收縮和傷口癒合過程中疤痕沉積的量。 TELA 的 NIVIS 產品以顆粒形式提供，可以將其模塑並填充到傷口中，以促進與宿主組織的接觸。我們很高興推出這種高質量的產品，它已經引起了醫生的興趣，並有望成為未來增長的新載體。

We also have a robust internal R&D program, developing reinforced resorbable synthetic mesh solutions for soft tissue restoration, as well as additional technologies for soft tissue preservation. We expect our collaboration, business development and internal R&D efforts to continue to provide our sales team with a complementary portfolio of products that will yield great outcomes for patients and surgeons.

我們還有一個強大的內部研發計劃，開髮用於軟組織修復的強化可吸收合成網解決方案，以及用於軟組織保存的其他技術。我們希望我們的合作、業務發展和內部研發工作能夠繼續為我們的銷售團隊提供互補的產品組合，從而為患者和外科醫生帶來巨大的成果。

The fourth factor, clinical data is a key focus for us because these trials and studies allow us to highlight the effectiveness and benefits of OviTex. In October of '22, we announced the publication of very positive 2-year recurrence data and patient reported quality of life outcomes from our BRAVO hernia study. We recently also highlighted 5 other studies published in '22 that demonstrate favorable results with OviTex in a variety of hernia and abdominal wall reconstruction applications. We are currently enrolling our BRAVO II study, which will capture data on the effectiveness of OviTex when used in robotic procedures. As the use of surgical robot systems in general surgery continues to grow, we believe OviTex is uniquely positioned to capitalize on this opportunity, and we anticipate using the data from BRAVO II to further build on that foundation. Additionally, we are conducting a retrospective study for our OviTex PRS products, which could potentially be used to support expanded label indications.

第四個因素，臨床數據是我們關注的重點，因為這些試驗和研究使我們能夠突出 OviTex 的有效性和益處。 22 年 10 月，我們宣布發布非常積極的 2 年復發數據和患者報告的 BRAVO 疝研究的生活質量結果。我們最近還強調了 22 年發表的其他 5 項研究，這些研究表明 OviTex 在各種疝氣和腹壁重建應用中取得了良好的結果。我們目前正在註冊我們的 BRAVO II 研究，該研究將收集有關 OviTex 在機器人程序中使用時有效性的數據。隨著手術機器人系統在普通外科手術中的使用不斷增長，我們相信 OviTex 具有獨特的優勢來利用這一機會，我們預計使用 BRAVO II 的數據進一步建立在這個基礎上。此外，我們正在對我們的 OviTex PRS 產品進行回顧性研究，這些產品有可能用於支持擴大的標籤適應症。

And finally, a fifth growth factor is sales rep productivity. In our most recent analysis, we have continued to see that our newest representatives reach breakeven within 6 months of arrival. This results from a combination of high-quality talent joining TELA in recent years and our Playbook90 training and performance assessment program. As part of this training, reps become proficient in selling both our OviTex and OviTex PRS products to a variety of surgeon subspecialists. We continue to expand the number of accounts that purchased both categories, and when that happens, we experienced synergistic productivity gains. Specifically, accounts that purchased both OviTex and OviTex PRS are more productive than the sum of other accounts that purchased only one or the other product categories. That is 1 plus 1 equals 3 or 4 rather than 2. Our reps continually work to leverage this positive dynamic in more and more accounts, and we expect this to contribute to continued growth for TELA.

最後，第五個增長因素是銷售代表的生產力。在我們最近的分析中，我們繼續看到我們最新的代表在到達後 6 個月內達到收支平衡。這是近年加入影視劇的優質人才，加上我們的Playbook90培訓和績效評估計劃的結果。作為此培訓的一部分，銷售代表將精通向各種外科醫生亞專家銷售我們的 OviTex 和 OviTex PRS 產品。我們繼續擴大購買這兩個類別的帳戶數量，當這種情況發生時，我們體驗到了協同生產力的提高。具體來說，購買了 OviTex 和 OviTex PRS 的賬戶比只購買了一個或其他產品類別的其他賬戶的總和更有效率。也就是說 1 加 1 等於 3 或 4，而不是 2。我們的代表不斷努力在越來越多的客戶中利用這種積極的動力，我們希望這有助於 TELA 的持續增長。

Before passing it on to Roberto for more details on the financials and our expectations for '23, I wanted to provide additional color on the growth of the sales force going forward. A year ago, we were a company with one GPO contract, and we announced plans to expand our sales force from about 45 to 60 reps over the course of '22. Today, we have 3 quality GPO contracts in place, and we are actively pursuing additional targets. To take optimal advantage of these hunting licenses, we have budgeted the hiring of between 15 and 20 additional reps this year, leading to a '23 year-end total of 75 to 80 reps. Hiring will be more geographically targeted this year given our presence in 68 territories already.

在將其傳遞給羅伯託以了解有關財務狀況和我們對 23 年的期望的更多詳細信息之前，我想為未來銷售隊伍的增長提供更多的色彩。一年前，我們是一家擁有一份 GPO 合同的公司，我們宣布計劃在 22 年期間將我們的銷售人員從大約 45 名增加到 60 名。今天，我們擁有 3 份優質 GPO 合同，我們正在積極追求更多目標。為了充分利用這些狩獵許可證，我們已製定今年再僱用 15 至 20 名代表的預算，導致 23 年末的總人數達到 75 至 80 名。鑑於我們已經在 68 個地區開展業務，今年的招聘將更具地域針對性。

We continue to see strong sales rep candidates across the U.S., so we are confident we can grow to this range by the end of the year. Additionally, if we see as many strong applicants as we have to date and their availability lines up with the needs of our new territories, we would be sure to have opportunistic about exceeding the 20 rep target and achieving more aggressive growth goals. We will update you on progress on this front in our quarterly calls over the course of the year.

我們繼續在美國看到強大的銷售代表候選人，因此我們有信心在今年年底前達到這一範圍。此外，如果我們看到迄今為止盡可能多的強大申請人，並且他們的可用性符合我們新地區的需求，我們肯定會抓住機會超過 20 個代表目標並實現更積極的增長目標。我們將在一年中的季度電話會議中向您通報這方面的進展情況。

With that, I'll turn the call over to Roberto.

有了這個，我會把電話轉給羅伯托。

Thanks, Tony. As Tony mentioned earlier, revenue for the fourth quarter of 2022 increased 39% year-over-year to $11.6 million, during which OviTex revenue grew 29% year-over-year and OviTex PRS grew 72%. We continue to see a headwind in the form of staffing constraints with procedure volumes still below pre-pandemic levels, but we also experienced a transient contracting challenge, which we now believe has been corrected. Specifically, the effectiveness of the new GPO contract on October 1 had 2 impacts: first, any hospital member of the new GPO that had already been buying our products now received the discount, which on its own would have just decreased revenue. However, a second effect is to open up many new hospitals to the use of TELA's products without the need for prior value analysis committee approval.

謝謝，托尼。正如 Tony 之前提到的，2022 年第四季度的收入同比增長 39% 至 1160 萬美元，其中 OviTex 收入同比增長 29%，OviTex PRS 增長 72%。我們繼續看到人員配置限制形式的逆風，程序量仍低於大流行前水平，但我們也經歷了短暫的合同挑戰，我們現在認為已經得到糾正。具體來說，新 GPO 合同在 10 月 1 日生效有兩個影響：首先，任何已經購買我們產品的新 GPO 醫院成員現在都可以享受折扣，這本身就會減少收入。然而，第二個影響是無需事先獲得價值分析委員會的批准，就可以讓許多新醫院使用 TELA 的產品。

We had expected that increased volume would more than make up for the ASP pressure in the fourth quarter. What we found was that hospitals were administratively slow to implement the new contracts, which led to a delay in the volume uptake. This administrative challenge seems to be resolving with the incremental volume manifesting in the beginning of 2023. Gross margin was 70% for the fourth quarter and 65% for the full year. The quarter's gross margin was driven by the cost of goods of product actually sold within the quarter as well as amounts reserved for expected expiration for inventory received within the quarter, whether or not it was sold within the quarter. Because of the holidays and our manufacturers' seasonal shutdown, we typically receive less inventory in the fourth quarter than in any other quarter. As a result, we expect gross margin in the first quarter of 2023 to step down from the fourth quarter, although the full year should show improvement in 2022.

我們曾預計增加的銷量將足以彌補第四季度的平均售價壓力。我們發現，醫院在執行新合同方面在行政上進展緩慢，這導致了接受量的延遲。隨著 2023 年初出現的增量數量，這一管理挑戰似乎正在得到解決。第四季度毛利率為 70%，全年毛利率為 65%。本季度的毛利率受到本季度實際銷售產品的商品成本以及為本季度收到的庫存（無論是否在本季度內銷售）的預期到期預留金額的推動。由於假期和我們製造商的季節性停工，我們在第四季度收到的庫存通常比任何其他季度都少。因此，我們預計 2023 年第一季度的毛利率將比第四季度有所下降，儘管全年應該會在 2022 年有所改善。

Sales and marketing expense was $11.6 million in the fourth quarter of 2022 compared to $8.3 million in the same period in 2021. This increase was mainly due to higher salary, benefit and commission costs as a result of the expansion of our commercial organization, higher travel and consulting expenses and additional employee-related costs due to increased head count, particularly in our customer-facing roles.

2022 年第四季度的銷售和營銷費用為 1160 萬美元，而 2021 年同期為 830 萬美元。這一增長主要是由於我們的商業組織擴張導致工資、福利和佣金成本增加，差旅費用增加由於人數增加，特別是在我們面向客戶的角色中，諮詢費用和額外的員工相關費用。

General and administrative expense was $3.2 million in the fourth quarter of 2022 compared to $3.3 million in the same period in 2021. R&D expense was $2.7 million in the fourth quarter of 2022 compared to $1.7 million in the same period last year. The increase is primarily due to an in-process research and development charge, higher salary and benefit costs due to an increase in headcount, as well as increased consulting and study costs. Loss from operations was $9.4 million in the fourth quarter of '22 compared to $7.7 million in the prior year period. Net loss was $10 million in the fourth quarter of 2022 compared to $8.6 million in the same period in 2021.

2022 年第四季度的一般和行政費用為 320 萬美元，而 2021 年同期為 330 萬美元。2022 年第四季度的研發費用為 270 萬美元，而去年同期為 170 萬美元。增加的主要原因是正在進行的研發費用、員工人數增加導致的更高的工資和福利成本，以及諮詢和研究成本的增加。 22 年第四季度的運營虧損為 940 萬美元，而去年同期為 770 萬美元。 2022 年第四季度淨虧損為 1000 萬美元，而 2021 年同期為 860 萬美元。

Turning to the full year, 2022 revenue was $41.4 million, an increase of 41% compared to $29.5 million in '21. 2022 gross profit was $27 million compared to $18.8 million in 2021, an increase of 44%. Sales and marketing expense were $43.4 million for the full year. G&A and R&D were $13.9 million and $8.9 million, respectively. Loss from operations was $39 million in 2022 compared to $29.5 million in the prior year, and net loss was $44.3 million for '22 compared to $33.3 million for full year 2021. We ended 2022 with $42 million in cash and cash equivalents.

轉向全年，2022 年的收入為 4140 萬美元，與 21 年的 2950 萬美元相比增長了 41%。與 2021 年的 1880 萬美元相比，2022 年的毛利潤為 2700 萬美元，增長 44%。全年銷售和營銷費用為 4340 萬美元。 G&A 和 R&D 分別為 1390 萬美元和 890 萬美元。 2022 年的運營虧損為 3900 萬美元，上年為 2950 萬美元，22 年的淨虧損為 4430 萬美元，而 2021 年全年為 3330 萬美元。到 2022 年底，我們的現金和現金等價物為 4200 萬美元。

Turning to the outlook for 2023. We anticipate revenues to be in the range of $60 million to $65 million, representing growth to 45% -- of 45% to 57% over the full year of 2022.

談到 2023 年的前景。我們預計收入將在 6000 萬美元至 6500 萬美元之間，表示到 2022 年全年將增長 45% 至 45% 至 57%。

I'll now turn the call back to Tony for closing remarks. Tony?

我現在將電話轉回給托尼，讓他發表結束語。托尼？

Thanks, Roberto. As you've just heard, our momentum is strong, and we see no signs of it slowing in 2023. In fact, based on our guidance, we are expecting it to accelerate and for good reasons. In '22, we established a second key GPO agreement quickly, followed by another important national GPO win in early '23. We expect to start to see the impact of those agreements over the course of '23. We also now have impressive 2-year BRAVO data in hand. We were able to open many eyes regarding OviTex with our solid 1-year data, so we look forward to educating surgeons about these even longer-term efficacy benefits. And in '23, we have even more products to offer and additional reps in the field to detail them.

謝謝，羅伯托。正如您剛剛聽到的那樣，我們的勢頭強勁，並且在 2023 年沒有放緩的跡象。事實上，根據我們的指導，我們有充分的理由預計它會加速。在 22 年，我們迅速建立了第二個關鍵的 GPO 協議，隨後在 23 年初贏得了另一個重要的全國 GPO 協議。我們希望在 23 年期間開始看到這些協議的影響。我們現在還擁有令人印象深刻的 2 年 BRAVO 數據。通過我們可靠的 1 年數據，我們能夠讓許多人對 OviTex 大開眼界，因此我們期待向外科醫生宣傳這些甚至更長期的療效益處。在 23 年，我們提供了更多的產品，並且在該領域有更多的代表來詳細介紹它們。

We are in the very early days of penetrating an estimated $2.2 billion market opportunity. Even having posted impressive growth -- revenue growth for successive years since going public, our sales still comprise a relatively small percentage of the total addressable market. That is extremely exciting to us as we believe we have the best combination of proven performance, safety and value of any surgical repair solution on the market.

我們正處於滲透估計 22 億美元市場機會的早期階段。即使取得了令人矚目的增長——自上市以來連續幾年的收入增長，我們的銷售額在整個潛在市場中所佔的比例仍然相對較小。這對我們來說非常令人興奮，因為我們相信我們擁有市場上任何外科修復解決方案的最佳性能、安全性和價值組合。

I'd like to thank all my colleagues at TELA for making 2022 a tremendously successful year and helping to get '23 off to such a great start. With that, I'll now ask Lisa to open the line for your questions.

我要感謝我在 TELA 的所有同事讓 2022 年成為非常成功的一年，並幫助讓 23 年取得如此好的開端。有了這個，我現在請麗莎打開你的問題熱線。

(Operator Instructions) Our first question is coming from Frank Takkinen of Lake Street.

（操作員說明）我們的第一個問題來自 Lake Street 的 Frank Takkinen。

Congrats on all the progress. Wanted to start with one on -- as it relates to the guide, I heard the comment of incremental volume manifesting thus far in 2023. So maybe could you start with giving us a little more color into how the first quarter is shaking out? And then two, maybe just give us a feel for a quarterly cadence throughout 2023 as these developments start to hit the model more robustly?

祝賀所有的進步。想從一個開始——因為它與指南有關，我聽到了 2023 年迄今為止增量交易量顯現的評論。那麼，也許你能開始給我們更多關於第一季度如何動搖的顏色嗎？然後兩個，隨著這些發展開始更強勁地衝擊模型，也許只是讓我們感受到整個 2023 年的季度節奏？

Sure. Thanks, Frank. Yes, so we did not provide specific guidance on the first quarter, although what we're seeing is a reasonable strength suggesting that the uptick we were expecting volume-wise from the new contract that became effective on October 1, is beginning to hit in the first quarter. So we are positively encouraged by that. As far as cadence, we expect to see a similar type of cadence across the quarters over 2023 with as usual the fourth quarter being the strongest. As you'll note, though, the fourth quarter of this past year was not quite as strong comparatively to the rest of the year as we had been in years past that we believe was due to some headwinds affecting surgical volumes, but we expect the basic cadence to remain the same over the course of the year.

當然。謝謝，弗蘭克。是的，所以我們沒有提供第一季度的具體指導，儘管我們看到的是一個合理的實力，表明我們預期 10 月 1 日生效的新合同的銷量增長開始出現第一季度。因此，我們對此感到非常鼓舞。就節奏而言，我們預計到 2023 年的各個季度都會出現類似的節奏，與往常一樣，第四季度最為強勁。不過，正如您會注意到的那樣，與過去幾年的其他時間相比，去年第四季度的表現並不像過去幾年那樣強勁，我們認為這是由於一些不利因素影響了手術量，但我們預計基本節奏在一年中保持不變。

Yes. I'll add a little something, Frank. Since the COVID situation started, hernia has been the more impacted by the ups and downs of staffing and OR time. And I think we saw that throughout last year. One nice element that we're seeing in Q1 thus far is hernia has been strong. So hopefully, that's a great signal that we can get all of our products growing in a clean environment like they can and should be based on our development and execution against the 5 factors.

是的。我要補充一點，弗蘭克。自 COVID 情況開始以來，疝氣受到人員配置和 OR 時間起伏的影響更大。我認為我們在去年全年都看到了這一點。到目前為止，我們在第一季度看到的一個很好的因素是疝氣很嚴重。因此，希望這是一個很好的信號，表明我們可以並且應該基於我們針對 5 個因素的開發和執行，讓我們所有的產品在一個乾淨的環境中生長。

Got it. Okay. That's good color. And then one -- my second one on the sales force hiring. Looks like that you front-end loaded the hiring this year thus far. Can you maybe talk about how you're thinking about the cadence of hiring throughout the remainder of the year?

知道了。好的。這個顏色好然後是我的第二個關於銷售人員招聘的問題。到目前為止，您似乎已經在前端加載了今年的招聘信息。您能否談談您如何考慮今年剩餘時間的招聘節奏？

So just to be clear, so we finished last year with 61, and we're now currently at 68. So we have seen good progress in the hiring. It's not clear that the full year hiring will be quite as front-loaded as it was last year. So if you think about it, we began 2022 with just under 45 reps, and we've always talked about having a mature sales force size of something on the order of 90 to 100. So more than half of our territories were still open. We then put in 15 reps over the course of last year and then an additional 8 at the beginning of this year. So it's going to become -- we need to be a bit more targeted and place in further incremental reps. So the timing could be a bit more stretched out than it was last year.

所以要明確一點，我們去年以 61 名結束，現在我們是 68 名。所以我們在招聘方面看到了良好的進展。目前尚不清楚全年招聘是否會像去年一樣提前完成。因此，如果你仔細想想，我們從 2022 年開始的銷售代表不到 45 人，而且我們一直在談論擁有 90 到 100 人左右的成熟銷售隊伍。所以我們一半以上的地區仍然開放。然後我們在去年的過程中進行了 15 次重複，然後在今年年初又進行了 8 次。所以它會變成——我們需要更有針對性，並放置更多的增量代表。因此，時間可能會比去年稍微拖延一些。

Yes. Again, I'll add a little bit of color. I'm really bullish on the talent pool that's coming to us. Our regional manager talent is just exceptional right now. The new team that we're putting in place spliced on to the old team is just really, really good, and I think they're helping us even up our game even more in attracting and hiring excellent reps. So I think we're in a great position to take our time and make sure that we fill each one of these location territories with the best possible talent and then align that, as Roberto said, with the GPO access, which is now broad.

是的。同樣，我會添加一點顏色。我真的很看好即將到來的人才庫。我們的區域經理人才現在非常出色。我們正在組建的新團隊與老團隊的結合非常非常好，我認為他們正在幫助我們在吸引和僱用優秀代表方面進一步提升我們的遊戲水平。因此，我認為我們處於一個很好的位置，可以花時間確保我們用最優秀的人才來填補這些地區中的每一個，然後正如羅伯託所說，將其與現在廣泛的 GPO 訪問相結合。

Okay. Great. And then maybe last one, a little extra color on the third GPO. It sounds like there's some unique characteristics here being dual source and highly compliant. Maybe just talk about how you expect uptake within this third GPO as it compares to the other GPOs you've contracted?

好的。偉大的。然後可能是最後一個，第三個 GPO 上的一些額外顏色。聽起來這裡有一些獨特的特徵，即雙源和高度合規。也許只是談談與您簽訂合同的其他 GPO 相比，您對第三個 GPO 的接受程度如何？

Well, let me start by saying, we've never implemented a GPO in a clean environment, right? HealthTrust started as COVID started. So I think we're learning. And maybe the premier uptake, I think, it's going to be a little different than this third GPO. So this third GPO does not want us to mention their name, so we will certainly abide by that. But they are a smaller GPO, roughly 150 or so hospitals, but very disciplined, tough, I would say, in compliance. So getting on contract there, I think, shows the value proposition that our product offers.

好吧，首先讓我說，我們從來沒有在乾淨的環境中實施 GPO，對嗎？ HealthTrust 在 COVID 開始時就開始了。所以我認為我們正在學習。我認為，也許最重要的吸收會與第三次 GPO 略有不同。所以第三個 GPO 不希望我們提及他們的名字，所以我們一定會遵守這一點。但它們是一個較小的 GPO，大約有 150 家左右的醫院，但紀律嚴明，嚴格，我會說，合規。因此，我認為，在那裡簽訂合同表明了我們產品提供的價值主張。

The character of all of our GPO contracts, as they become available to us and we win them, are getting better and better. And I think this last GPO is a good example. We're in the biosynthetic category, which means we can compete almost across the whole portfolio of hernias, which is great. It's a dual-source contract, which means many, many competitors are eliminated, including the market leader, which is unbelievable. So that shows we're in rarefied air, good company, and that means we have an 80-20 sort of ratio to compete for.

我們所有的 GPO 合同的性質，隨著我們可以獲得併且我們贏得了它們，變得越來越好。我認為最後一個 GPO 就是一個很好的例子。我們屬於生物合成類別，這意味著我們幾乎可以在整個疝氣組合中競爭，這很棒。這是一份雙源合同，這意味著很多很多競爭對手都被淘汰了，包括市場領導者，這令人難以置信。所以這表明我們處在稀薄的空氣中，很好的公司，這意味著我們有 80-20 的比例可以競爭。

So theoretically, over time, we can compete for at least 80% of that business. And again, that's tied to what we believe is tiered pricing for volume. So we're getting contract structures now that are usually reserved for the big incumbent dominant players. And I think that means our product set is special, and we're delivering great value. That said, we're still feeling our way to understand the best implementation process and the length of time that it takes. Right now, my best guess to be, I hope conservative, is somewhere in that 3- to 6-month period, we'll start to see these contracts get rolling. And I think that's probably the rule of thumb that we should use going forward.

所以理論上，隨著時間的推移，我們可以競爭至少 80% 的業務。再一次，這與我們認為的批量分層定價有關。因此，我們現在正在獲得合同結構，這些結構通常是為現任的主要主導者保留的。我認為這意味著我們的產品集很特別，而且我們正在提供巨大的價值。也就是說，我們仍在摸索了解最佳實施過程和所需時間的方法。現在，我最好的猜測是，我希望保守，是在 3 到 6 個月的某個時間段內，我們將開始看到這些合同開始滾動。我認為這可能是我們今後應該使用的經驗法則。

Okay. Congrats again on all the progress.

好的。再次祝賀所有的進步。

The next question is coming from Matthew O'Brien of Piper.

下一個問題來自 Piper 的 Matthew O'Brien。

This is Phil, on for Matt. Congrats on the quarter. I guess just to touch on Q4 performance and specifically as it relates to the less-than-expected volumes from Premier, were there any particular reasons for the volume miss in that GPO specific to Premier? And has that ASP discount rolled off at this point?

我是菲爾，替馬特上台。祝賀這個季度。我想只是想談談第四季度的表現，特別是因為它與 Premier 低於預期的銷量有關，是否有任何特殊原因導致特定於 Premier 的 GPO 中的銷量下降？此時 ASP 折扣是否已經取消？

Well, so 2 parts. So when we sign up a new GPO when we enter into a contract, it's often the case that we're already selling to some of the hospitals in that GPO. We may have gone through the VAT committee already, and so those units that previously would have been a price x will now go through at a slightly lower price because of the discount. So that discount takes effect as of the first day of the contract. So compared to the day before, you have a little bit of ASP headwind. Now the big bonus of a contract is, it opens up a lot of new hospitals to purchasing because physicians can access the products without going through their back, assuming that each hospital has administratively entered the terms of the contract into their purchasing systems.

嗯，所以 2 部分。因此，當我們在簽訂合同時簽署新的 GPO 時，通常情況下我們已經在向該 GPO 中的一些醫院銷售產品。我們可能已經通過了增值稅委員會，因此那些以前價格為 x 的單位現在將由於折扣而以略低的價格通過。因此，該折扣從合同簽訂的第一天起生效。因此，與前一天相比，您有一點 ASP 逆風。現在，合同的最大好處是，它為許多新醫院開闢了採購渠道，因為假設每家醫院都已將合同條款管理性地輸入到他們的採購系統中，那麼醫生無需經過他們的後台就可以訪問產品。

So what we found is that over the course of the fourth quarter, that process hospital by hospital to get our products into their systems under the new contract took a bit longer than we originally expected. That seems to have resolved itself by the end of the quarter, such that we're now seeing the sort of volume we expected to hit earlier coming through in the first quarter, but it was transient challenge and something that we've now worked through and learning that we're going to be applying to our future contracts going forward.

因此，我們發現，在第四季度的過程中，根據新合同逐家醫院將我們的產品納入他們的系統所花費的時間比我們原先預期的要長一些。這似乎在本季度末自行解決，因此我們現在看到我們預期在第一季度早些時候達到的那種交易量，但這是短暫的挑戰，我們現在已經解決了這些問題並了解到我們將在未來的合同中應用。

No that's helpful. And shifting gears here, just wanted to touch on that mostly hernia-related backlog. Assuming you haven't seen much, if any, of that recapture, can you speak to how large that backlog is? I think you've characterized it about 100,000 procedures in the past. And maybe when we can start to see hospitals operating above 100%, call it, in order to start to work through that and recapture some of that backlog?

不，這很有幫助。在這裡換檔，只是想談談主要與疝氣相關的積壓。假設你沒有看到太多（如果有的話）重新奪回，你能說說積壓有多大嗎？我想你過去已經描述了大約 100,000 個程序。也許什麼時候我們可以開始看到醫院運營超過 100%，稱之為，以便開始解決這個問題並重新獲得一些積壓？

Yes. Maybe I'll just start with the methodology for analyzing that number. There is not clean data on this. So we took third-party purchase market research and just did an analysis -- sort of an area under the curve analysis pre-pandemic, post-pandemic and came up with that estimate. As we saw '22 unfold, it did not look at all like we were catching up. In fact, it seemed like we were behind for the whole year on pre-pandemic levels, and I'll drill into a regional local example. We have a general surgeon that we collaborate with who's sort of transitioning to management for a decent sized New England-based regional health system. And he explained it to us this way, particularly to the hernia practice or service up there.

是的。也許我會從分析該數字的方法開始。沒有關於此的干淨數據。因此，我們進行了第三方購買市場研究，並進行了分析——類似於大流行前、大流行後曲線分析下的區域，並得出了這一估計。當我們看到 '22 展開時，它看起來根本不像我們正在追趕。事實上，我們似乎在大流行前的水平上落後了整整一年，我將深入研究一個區域性的例子。我們有一位普通外科醫生，我們與之合作，他正在過渡到一個體面的新英格蘭區域衛生系統的管理。他以這種方式向我們解釋，特別是那裡的疝氣實踐或服務。

He said, look, we're running about 85% of pre-pandemic, which means that the backlog just continues to grow and maybe roll forward, we'd have to be running 115% to pre-pandemic levels to catch up. And that's just not going to happen given nursing shortages, challenges, and frankly reduction in OR block time and hernia is susceptible to that. So I think if you apply that lesson across the 100,000 and a more national view, you're probably not looking at a bolus that's going to come through this system. I think what you're going to do is slowly crawl your way up from 85% back to par and then slowly get beyond par maybe over time as the labor and OR block time challenges sort of sort themselves out over the long term. So I think what we have is a rolling situation where it's just going to roll forward. And so the way we're looking at it is, this is a permanent situation. We've proven that we can grow and execute in a much worse environment earlier in the pandemic. And so our job is to figure out how to grow like this is going to roll forward for the next several years, and that's the way we're treating the situation.

他說，看，我們正在運行大約 85% 的大流行前水平，這意味著積壓工作只會繼續增長，並且可能會向前推進，我們必須運行 115% 到大流行前的水平才能趕上。考慮到護理短缺、挑戰以及 OR 阻塞時間和疝氣易受其影響的坦率減少，這不會發生。所以我認為，如果你將這個教訓應用到 100,000 人和更全國性的觀點中，你可能不會看到將通過這個系統產生的推注。我認為你要做的是慢慢地從 85% 爬回標準桿，然後慢慢地超過標準桿，也許隨著時間的推移，隨著勞動力和 OR 阻塞時間挑戰從長遠來看會自行解決。所以我認為我們所擁有的是一個滾動的情況，它將向前滾動。所以我們看待它的方式是，這是一個永久的情況。我們已經證明，我們可以在大流行早期更糟糕的環境中發展和執行。因此，我們的工作是弄清楚如何在未來幾年內實現這樣的增長，這就是我們處理這種情況的方式。

So that's very helpful. And I guess just one quick follow-up to that. In your guidance, are you assuming that 85% rate or maybe pushing a little bit higher this year? And anything above 85% might be a little bit of upside?

所以這非常有幫助。我想這只是一個快速跟進。在您的指導中，您是假設 85% 的比率還是今年可能會更高一點？高於 85% 的任何值都可能有一點上升空間？

Yes. So we're assuming -- our guidance assumption assumes that the availability of operating room space in 2023 is similar to what it was in 2022.

是的。所以我們假設——我們的指導假設假設 2023 年手術室空間的可用性與 2022 年相似。

(Operator Instructions) Next question will be coming from Kyle Rose of Canaccord.

（操作員說明）下一個問題將來自 Canaccord 的 Kyle Rose。

I'm just wondering if you could start from a high level. I mean, obviously, you've had some big GPO wins over the course of the last, call it 18 months. Maybe just frame where we are in 2023 relative to where we were entering 2022? I mean, you did a great job of framing up the sales force structure there, but just how many hospitals do you have access to now versus previously? And I guess of the ones you have access to, where does your account base stand? Just kind of help us understand where your team is from actually putting pen and paper and getting access.

我只是想知道你是否可以從高層次開始。我的意思是，很明顯，在過去的 18 個月裡，你已經取得了一些重大的 GPO 勝利。也許只是相對於我們進入 2022 年時我們在 2023 年所處的位置？我的意思是，您在構建那裡的銷售人員結構方面做得很好，但是與以前相比，您現在可以訪問多少家醫院？我猜您可以訪問哪些帳戶，您的帳戶基礎在哪裡？只是幫助我們了解您的團隊實際放置筆和紙並獲得訪問權限的位置。

Yes. So I'm going to say this. I think we have not yet seen the impact of both Premier and this new third GPO contract at all, right? It's starting to happen as we speak. So if you look at the one piece of data that we can be solid and have an actual real-life experience, it's HealthTrust, right? So HealthTrust started when the pandemic started, and we were unable to implement there, I'd say, for half of the 3-year term of the contract. Even with that 36% of our revenue in Q3 came from HealthTrust. 40% of our revenue in Q4 came from HealthTrust, right? So it shows you that in more normalized circumstances with the 5 factors getting stronger and stronger that we can really make headway when we have clean operating environment and our internal factors are strong into these systems.

是的。所以我要說這個。我想我們還沒有看到 Premier 和這個新的第三份 GPO 合同的影響，對吧？就在我們說話的時候，它開始發生了。因此，如果您查看我們可以可靠並擁有真實生活體驗的一個數據，那就是 HealthTrust，對嗎？因此，HealthTrust 在大流行開始時就開始了，我想說，我們無法在那裡實施 3 年合同期限的一半。即使我們在第三季度的收入中有 36% 來自 HealthTrust。我們第四季度 40% 的收入來自 HealthTrust，對吧？因此，它向您表明，在更規範的情況下，5 個因素變得越來越強大，當我們擁有乾淨的操作環境並且我們的內部因素在這些系統中變得強大時，我們才能真正取得進展。

So there's no reason to believe why that can't be the case in the next 3 to 6 months with Premier and this new contract. Now what's really great as well, and I'm going to announce it for the first time on this call, it's a big deal that HealthTrust has renewed with us for 4 years. Not 3 years like the first contract, but 4 years. So they're pretty pleased with the way we've handled ourselves, the way we've executed and the performance of our product, I would say, and so that's very good. So we have 3 solid national scale contracts in place. I think that's a robust footprint that can handle all the 5-factor expansion plans that we've gone over here today, and the sales force expansion that Roberto and I have talked about.

因此，沒有理由相信在接下來的 3 到 6 個月內，Premier 和這份新合同不會出現這種情況。現在還有什麼真的很棒，我將在這次電話會議上首次宣布，HealthTrust 與我們續簽了 4 年，這是一件大事。不是像第一份合同那樣的 3 年，而是 4 年。所以他們對我們處理自己的方式、我們執行的方式以及我們產品的性能非常滿意，我會說，所以這非常好。所以我們有 3 個可靠的國家級合同。我認為這是一個強大的足跡，可以處理我們今天在這裡討論的所有 5 因素擴張計劃，以及羅伯托和我談到的銷售隊伍擴張。

I think that this footprint is big enough that it should allow us to have durable and consistent growth over the next 2 to 3 years, and it should be much less friction in the system than the way we've been doing it up till now. So you'll recall, at 36% HealthTrust in Q3, the balance of that were in IDN that did not roll up to a contracted GPO. So that is a much higher friction process, finding a surgeon champion, value analysis committees, et cetera. We are equipped to do it, and we will continue to do it in addition as a sidecar alongside the GPO contracts. So we actually have 4 contracting and execution plays to help drive growth here, and that's going to continue as we go forward.

我認為這個足跡足夠大，它應該讓我們在未來 2 到 3 年內實現持久和持續的增長，而且系統中的摩擦應該比我們迄今為止一直在做的方式少得多。所以你會記得，在第三季度 36% 的 HealthTrust 中，餘額在 IDN 中，沒有匯總到合同 GPO 中。所以這是一個摩擦更大的過程，尋找外科醫生冠軍、價值分析委員會等等。我們有能力做到這一點，並且我們將繼續作為 GPO 合同的邊車來做到這一點。所以我們實際上有 4 個承包和執行遊戲來幫助推動這裡的增長，並且隨著我們的前進，這將繼續下去。

Great. That's very helpful, and congrats on the renewal of HealthTrust there. Maybe just a little bit more on the GPO side. Can you just confirm when you're signing these agreements, do they include both OviTex and PRS? And just maybe the overall uptake or if there is a difference in uptake that you're seeing in the hernia versus the breast recon side?

偉大的。這非常有幫助，並祝賀那裡的 HealthTrust 更新。也許只是在 GPO 方面多一點。您能否確認一下您在簽署這些協議時是否同時包括 OviTex 和 PRS？也許是整體吸收，或者您在疝氣和乳房檢查方面看到的吸收是否存在差異？

Yes, they include both. The category is for reinforcement meshes basically, and it's focused on the category of products that includes both indications and both products. So I think it depends, right? It depends on where the hospital is, right? The hospital isn't just going to adopt our product without surgeons demanding the product. So if we have better relationships than a particular hospital on the plastic side, it may start with PRS and vice versa on the hernia side, right? It's not like these hospitals automatically purchase the product.

是的，它們包括兩者。該類別基本上是針對鋼筋網的，它專注於包括適應症和兩種產品的產品類別。所以我認為這取決於，對吧？這要看醫院在哪，對吧？醫院不會在外科醫生沒有要求產品的情況下就採用我們的產品。因此，如果我們在整形方面的關係比特定醫院更好，那麼它可能會從 PRS 開始，反之亦然，在疝氣方面，對嗎？並不是說這些醫院會自動購買產品。

The first step after you get these contracts remains and always will remain to develop the surge in interest. And then once the surgeon realizes he's on contract, then the supply chain says okay. We'll start to put this implementation process in place, which also can take time. It's fairly bureaucratic, but it's much easier than it is just on an IDN without a GPO contract. So it depends on where the surgeon relationship is first, whether it's on the hernia (inaudible) or around the plastic and reconstructive side.

獲得這些合同後的第一步仍然是並將永遠是發展興趣的激增。然後一旦外科醫生意識到他在合同上，那麼供應鏈就會說沒問題。我們將開始實施這個實施過程，這也需要時間。這相當官僚，但比沒有 GPO 合同的僅在 IDN 上要容易得多。因此，這取決於外科醫生關係的首要位置，無論是在疝氣（聽不清）還是在整形和重建方面。

Okay. And then last question for me and then I'll hop back in. I know, you've outlined your 5-point plan. From my view, 3 of those are bigger than the others as far as being on the street, new products and new GPO opportunities. You already commented previously that guidance assumes no fundamental improvement in the backdrop, at least from a hospital staffing and throughput perspective. So I guess, how do we think about the drivers of GPO new products and new headcount? Where is the biggest impact from a metric perspective that we should be seeing this year?

好的。然後是我的最後一個問題，然後我會跳回來。我知道，你已經概述了你的 5 點計劃。在我看來，就街頭、新產品和新 GPO 機會而言，其中 3 個比其他更大。您之前已經評論過，指南假設背景沒有根本改善，至少從醫院人員配備和吞吐量的角度來看是這樣。所以我想，我們如何看待 GPO 新產品和新員工的驅動因素？從指標的角度來看，我們今年應該看到的最大影響在哪裡？

So we always refer to them as 5 factors because we do believe that they are multiplicative. So we get the limit case example that you wouldn't want to build a 100% sales force when you didn't have any GPOs in place. So we've been trying to evolve them both in parallel. So I think it's the size of the sales force and the number of GPOs that are available at the same time that's going to have the biggest impact, and to Tony's point, that we now have 2 additional GPOs that will be either in mostly full effect for the year or full effects of the year is going to have a great impact because the new sales reps coming in, both the ones that are annualized from last year and the new ones that we hired this year, we'll have a lot of new ground to tell as far as getting new sales. So we believe that those 2 are the ones that will work the strongest together and the ones that we pushed hardest on advancing.

所以我們總是將它們稱為 5 個因素，因為我們確實相信它們是乘法的。因此，我們得到了一個極限案例示例，即當您沒有任何 GPO 時，您不想建立 100% 的銷售隊伍。所以我們一直在嘗試同時發展它們。所以我認為銷售人員的規模和同時可用的 GPO 的數量將產生最大的影響，就 Tony 的觀點而言，我們現在有 2 個額外的 GPO，它們要么大部分發揮作用今年或今年的全部影響將產生巨大影響，因為新的銷售代表的到來，無論是去年的年化銷售代表還是我們今年聘用的新銷售代表，我們都會有很多就獲得新銷售而言，新的基礎。因此，我們相信這 2 個人是最能協同工作的人，也是我們在推進中最努力推動的人。

Our next question is coming from David Turkaly of JMP.

我們的下一個問題來自 JMP 的 David Turkaly。

Maybe one for Roberto, given the comments you made on the hiring side and some of the new product launches you may have. Could you give us any color on sort of the net loss or the operating loss, even if it's just directionally versus what you did in '22? I imagine it's going to be slightly larger, but is there any color you can provide there?

考慮到您在招聘方面發表的評論以及您可能發布的一些新產品，也許是羅伯托。你能給我們一些關於淨虧損或營業虧損的顏色嗎，即使它只是方向性的與你在 22 年所做的相比？我想它會稍微大一點，但是你能提供什麼顏色嗎？

So we haven't provided bottom line guidance. I guess what I do is, I walk through each of the components of OpEx. So G&A should be the same in 2023 and 2022, very slightly higher possibly. R&D will grow a little bit as we advance some clinical studies and as we dig in further into our own internal R&D development programs. And then sales and marketing is the one that's going to step up the most. So there will be 2 effects. One is the annualization of the hiring that we did last year and the second will be the growth that we experienced this year, depending on when exactly that times out. So I think we're not providing guidance on operating loss, but I think directionally your thinking about it is correct.

所以我們沒有提供底線指導。我想我所做的是，我瀏覽了 OpEx 的每個組件。因此，2023 年和 2022 年的 G&A 應該相同，可能略高。隨著我們推進一些臨床研究並進一步深入我們自己的內部研發開發計劃，研發將有所增長。然後銷售和營銷是最重要的。所以會有2個效果。一是我們去年進行的招聘年度化，二是我們今年經歷的增長，具體取決於超時的具體時間。所以我認為我們沒有提供關於經營虧損的指導，但我認為你的想法是正確的。

Great. And then, Tony, I think we said last quarter, 3 new products, and you mentioned the 2 larger OviTex LPR, but that's not the second-gen hernia or PRS devices. Are they still untapped for '23 launches?

偉大的。然後，托尼，我想我們上個季度說了 3 種新產品，你提到了 2 種更大的 OviTex LPR，但這不是第二代疝氣或 PRS 設備。他們是否仍未開髮用於 '23 發射？

Yes. We have a third product that is getting extremely close. So we'll keep you posted on that. So we will deliver 3 new substantial products this year for sure.

是的。我們有第三種產品，它已經非常接近了。所以我們會及時通知你。所以我們今年肯定會推出3款新的實質性產品。

Great. And then maybe I'll sneak one last one in. Who makes the NIVIS or the bovine collagen?

偉大的。然後也許我會偷偷最後一個。誰製造了 NIVIS 或牛膠原蛋白？

We're partnered with CMI in New Jersey on that product.

我們與新澤西州的 CMI 合作開發該產品。

This concludes today's Q&A session. I would like to turn the call over to Tony Koblish for closing remarks.

今天的問答環節到此結束。我想將電話轉給托尼·科布利甚 (Tony Koblish) 作結束語。

Yes. Thank you, everybody, for tuning in. We look forward to reporting on Q1 next, and we really appreciate your interest and support. See you next time. Thank you. Have a great night.

是的。謝謝大家的收看。我們期待著下一季度的報告，我們非常感謝您的關注和支持。下次見。謝謝。祝你有個美好的夜晚。

This concludes today's conference call. Thank you all for joining. Everyone, have a pleasant evening, and you may all disconnect.

今天的電話會議到此結束。謝謝大家的加入。大家，祝大家度過一個愉快的夜晚，你們可能都會斷開連接。