Treace Medical Concepts Inc (TMCI) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Treace Medical Concepts fourth-quarter and full-year 2023 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Treace Medical Concepts 2023 年第四季和全年財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Julie Dewey. Please go ahead.

現在我想將會議交給今天的第一位演講者朱莉·杜威。請繼續。

Good afternoon, everyone, and welcome to our fourth-quarter 2023 earnings conference call. We appreciate you joining us. I'm Julie Dewey, Treace's Chief Communications and IR Officer. With me today are John Treace, Chief Executive Officer; and Mark Hair, Chief Financial Officer.

大家下午好，歡迎參加我們的 2023 年第四季財報電話會議。我們感謝您加入我們。我是朱莉·杜威 (Julie Dewey)，特雷斯 (Treace) 的首席傳播和投資者關係長。今天和我在一起的有執行長 John Treace；馬克·海爾（Mark Hair），財務長。

During the call, John and Mark will offer commentary on our commercial activity and review our fourth-quarter and full-year financial results released after the close of the market today, after which we will host a question-and-answer session. The press release and supplemental materials can be found in the Investor Relations section of our website at investors.treace.com. This call is being recorded and will be archived in the investor section of our website.

在電話會議期間，約翰和馬克將對我們的商業活動發表評論，並回顧今天收盤後發布的第四季度和全年財務業績，之後我們將主持問答環節。新聞稿和補充資料可在我們網站的投資者關係部分找到：investors.treace.com。本次通話正在錄音，並將存檔在我們網站的投資者部分。

Before we begin, we would like to remind you that it is our intent that all forward-looking statements made during today's call will be protected under the Private Securities Litigation Reform Act of 1995. Any statements that relate to expectations or predictions of future events and market trends as well as our estimated results or performance are forward-looking statements. All forward-looking statements are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

在開始之前，我們想提醒您，我們的目的是，今天電話會議中所做的所有前瞻性陳述都將受到 1995 年私人證券訴訟改革法案的保護。任何與未來事件和市場趨勢的預期或預測以及我們的估計結果或績效相關的陳述均為前瞻性陳述。所有前瞻性陳述均基於我們目前的估計和各種假設。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述預期或暗示的結果或事件有重大差異。

All forward-looking statements are based upon current available information, and Treace assumes no obligation to update these statements. Accordingly, you should not place undue reliance on these statements. Please refer to our SEC filings, including our Form 10-K for the full year 2023 to be filed on February 27, 2024, for detailed presentation of risks.

所有前瞻性陳述均基於當前可用信息，Treace 不承擔更新這些陳述的義務。因此，您不應過度依賴這些陳述。請參閱我們向 SEC 提交的文件，包括將於 2024 年 2 月 27 日提交的 2023 年全年 10-K 表，以了解風險的詳細介紹。

With that, I will now turn the call over to John.

這樣，我現在會把電話轉給約翰。

Thank you, Julie. Good afternoon, everyone, and thanks for joining us. I'm going to focus my comments today on our full-year and fourth-quarter 2023 highlights, the exciting progress of our SpeedPlate implant launch, and our other growth drivers. Following my comments, Mark will cover the specifics of our Q4 results and our 2024 guidance.

謝謝你，朱莉。大家下午好，感謝您加入我們。今天我的評論重點是我們的 2023 年全年和第四季度亮點、我們的 SpeedPlate 植入體推出的令人興奮的進展以及我們的其他成長動力。在我發表評論後，馬克將介紹我們第四季業績和 2024 年指引的具體情況。

2023 was a busy and productive year for Treace, and we're proud of the significant progress that we've made. We successfully executed on our strategic plan, resulting in full-year US revenue growth of 32%, surpassing the high end of our previously provided guidance range and growth that we believe is significantly above our foot and ankle peers. We also continue to scale our operations, making encouraging adjusted EBITDA progress that was ahead of the prior year and delivering gains across our key operating metrics, reaffirming our belief that we have the right strategies in place to expand the market penetration of our differentiated technologies.

2023 年對 Treace 來說是忙碌而富有成效的一年，我們為我們所取得的重大進展感到自豪。我們成功執行了我們的戰略計劃，導致全年美國收入增長 32%，超過了我們之前提供的指導範圍的上限，並且我們認為增長明顯高於我們的足部和腳踝同行。我們也繼續擴大業務規模，調整後的EBITDA 取得了令人鼓舞的進展，超過了上一年，並在我們的關鍵營運指標上實現了成長，這再次證明我們相信我們擁有正確的策略來擴大我們差異化技術的市場滲透率。

Here at Treace, we're driving a fundamental shift in the surgical treatment of bunions through our proprietary Lapiplasty procedure, which is well on its way to becoming a standard of care. Lapiplasty targets of $5 billion-plus addressable market in the US with continued strong adoption by the foot and ankle surgeon community. And with nearly one in four adults in the US affected by bunions, we believe this represents the most compelling opportunity in the foot and ankle reconstructive market today.

在 Treace，我們正在透過專有的皮膚成形術來推動拇囊炎手術治療的根本性轉變，該手術正在成為護理標準。膝部整形術的目標是在美國實現價值超過 50 億美元的潛在市場，並受到足踝外科醫生界的持續大力採用。在美國，近四分之一的成年人受到拇囊炎的影響，我們相信這代表了當今足部和腳踝重建市場最引人注目的機會。

As of the fourth quarter of 2023, we have penetrated approximately 6.6% of the estimated 450,000 annual bunion surgeries in the US, up from 5.5% in the fourth quarter of 2022, and reflecting approximately 2.7% market penetration of the estimated 1.1 million annual US surgical candidates that constitute our $5 billion-plus total addressable market.

截至2023 年第四季度，我們在美國每年估計45 萬例拇囊炎手術中的滲透率約為6.6%，高於2022 年第四季的5.5%，反映出美國每年估計110 萬例拇囊炎手術中約2.7% 的市場滲透率構成我們總價值超過 50 億美元的潛在市場的外科候選人。

We've also expanded our footprint in the foot and ankle market by adding complementary procedures and technologies to treat related deformities, such as Adductoplasty and hammertoe correction, both of which frequently coexist with bunions and are addressed at the same time. This has opened up new revenue opportunities and meaningfully expanded our TAM by 15% or approximately $750 million without diluting our focus on the $5 billion-plus US market opportunity for our core Lapiplasty procedure.

我們也透過增加補充程序和技術來治療相關畸形，例如內收成形術和槌狀趾矯正術，擴大了我們在足部和腳踝市場的足跡，這兩種技術經常與拇囊炎同時存在並獲得解決。這開啟了新的收入機會，並有意義地將我們的 TAM 擴大了 15%，約 7.5 億美元，同時又不會削弱我們對核心 Lapiplasty 手術超過 50 億美元的美國市場機會的關注。

We initiated commercialization of several new technologies in 2023, including our SpeedPlate fixation platform, hammertoe system, several sterile instruments, as well as a limited release of our Micro-Lapiplasty system. We expect all of these new technologies to fuel strong growth for years to come.

我們於 2023 年啟動了多項新技術的商業化，包括我們的 SpeedPlate 固定平台、錘狀趾系統、多種無菌器械，以及有限發布的微型成形術系統。我們預計所有這些新技術將在未來幾年推動強勁成長。

As a uniquely focused foot and ankle company, we believe we're distinctly positioned to drive innovation-led growth and deliver long-term shareholder value. Since our founding, we pioneered elegant breakthrough solutions, including our flagship Lapiplasty and Adductoplasty procedures that are designed to deliver predictable, repeatable results, supported by differentiating clinical studies.

作為一家專注於足部和腳踝產品的公司，我們相信我們處於獨特的地位，可以推動創新主導的成長並提供長期股東價值。自成立以來，我們率先推出了優雅的突破性解決方案，包括我們的旗艦Lapiplasty和Adductoplasty程序，旨在提供可預測、可重複的結果，並得到差異化臨床研究的支持。

Along the way, we've also taken bold steps to grow and defend the markets we pioneered through our direct sales team, rapid product innovation, and our patient awareness and education initiatives, all of which we believe have resulted in a sizable competitive advantage for Treace. With over 90,000 patients now treated with our Lapiplasty procedure, we recognize that our success is not only measured on our numbers, but in a transformative change that our differentiated therapies provide to patients.

在此過程中，我們也採取了大膽的步驟來發展和捍衛我們透過直銷團隊、快速產品創新以及病患意識和教育舉措開拓的市場，我們相信所有這些都為我們帶來了巨大的競爭優勢。雷斯。現在有超過 90,000 名患者接受了我們的整形手術治療，我們認識到，我們的成功不僅取決於我們的數字，還取決於我們的差異化療法為患者提供的變革。

Turning now to our Q4 and full-year 2023 results, revenue in the fourth quarter was $62.2 million, up 25% over the prior year, with full-year revenue growing 32% over prior year. These results demonstrate the underlying strength and effectiveness of our strategic investments in our direct sales channel, targeted R&D initiatives, and direct-to-consumer programs. Fourth quarter was also our first quarter of positive adjusted EBITDA since going public in April of 2021.

現在轉向我們的 2023 年第四季和全年業績，第四季營收為 6,220 萬美元，比上年增長 25%，全年營收比上年增長 32%。這些結果證明了我們在直銷管道、有針對性的研發計劃和直接面向消費者計劃方面的策略性投資的潛在實力和有效性。第四季也是我們自 2021 年 4 月上市以來首個實現正調整 EBITDA 的季度。

We continue to advance our key performance metrics in the fourth quarter including: substantial gains in the number of new surgeon users, and in Q4, with 2,855 active surgeons, up 164 for the quarter and up 20% year over year; a year-over-year increase in trailing 12 months certain utilization with an average of 10.4 kits per active surgeon in Q4, up from 10.3 kits a year ago, despite the dilutive effect of the large number of new surgeons added during the year; and record blended average selling price of $6,437 per Lapiplasty kit sold in the quarter, up 9% over the prior year, driven by the early impact in the quarter from our new SpeedPlate and hammertoe systems as well as increased adoption of our Adductoplasty procedure and utilization of our new sterile instruments.

我們在第四季度繼續推進關鍵績效指標，包括： 新外科醫生用戶數量大幅增長，第四季度活躍外科醫生數量為 2,855 名，本季度增加 164 名，同比增長 20%；儘管今年增加的大量新外科醫生產生了攤薄效應，但過去12 個月的特定利用率同比有所增加，第四季度每位活躍外科醫生平均使用10.4 個套件，高於一年前的10.3 個套件；本季每套Lapiplasty 套件的混合平均售價創紀錄的6,437 美元，比前一年上漲9%，這主要是由於我們新的SpeedPlate 和錘狀趾系統在本季度的早期影響以及我們的Adductoplasty 程式和利用率的增加所推動的我們新的無菌儀器。

Our strategic investments and commercial focus have continued to support the growth of our business, giving us confidence that we have a well-defined, proven, and scalable commercial strategy. We intend to continue these targeted investments in 2024 with the goal of increasing our market penetration by expanding the footprint and coverage of our bunion-focused direct sales channel, advancing our patient education and awareness DTC initiatives, and driving more targeted R&D innovations into the market.

我們的策略投資和商業重點繼續支持我們的業務成長，讓我們相信我們擁有明確、經過驗證和可擴展的商業策略。我們打算在2024 年繼續這些有針對性的投資，目標是透過擴大以拇囊炎為中心的直銷管道的覆蓋範圍和覆蓋範圍，推進我們的患者教育和意識DTC 計劃，以及推動更有針對性的研發創新進入市場，進而提高我們的市場滲透率。

We have a highly specialized team at Treace, including an established and growing direct sales channel, one that is 100% focused on bunion and related midfoot surgery, the only such one in the industry. We increased the size of this team by 35% during 2023, exiting the year with 227 quota-carrying direct reps that produce roughly 82% of our revenue mix in Q4.

Treace 擁有一支高度專業化的團隊，包括一個已建立並不斷發展的直銷管道，該管道 100% 專注於拇囊炎和相關的中足手術，這是業內唯一的此類管道。2023 年，我們將團隊的規模擴大了 35%，年底時擁有 227 名持有配額的直接代表，這些代表約占我們第四季收入組合的 82%。

When you include our associates, sales reps, clinical specialists, and sales managers, our total employee fleet in the field totaled approximately 340 employees at the end of 2023 versus 267 at the end of the year 2022. We plan to appropriately grow this specialized team during 2024 to ensure strong surgeon coverage and support and continued market penetration.

如果將我們的員工、銷售代表、臨床專家和銷售經理納入，我們在該領域的員工總數截至 2023 年底約為 340 名，而 2022 年底為 267 名。我們計劃在 2024 年適當發展這支專業團隊，以確保強大的外科醫生覆蓋率和支持以及持續的市場滲透。

As I mentioned earlier, we saw a strong growth in our active surgeon base in Q4 and for the full year. As our surgeon base continues to develop and gains tenure, we anticipate utilization gains with increased use of Lapiplasty and Adductoplasty as well as further adoption of our growing portfolio of complementary products, all supported by our expanding direct sales channel, differentiating clinical datasets and patient education and awareness DTC initiatives.

正如我之前提到的，我們看到第四季度和全年活躍外科醫生群體的強勁成長。隨著我們的外科醫生基礎不斷發展並獲得終身職位，我們預計隨著隆頭成形術和內收肌成形術的使用增加，以及我們不斷增長的補充產品組合的進一步採用，利用率將得到提高，所有這些都得到我們不斷擴大的直接銷售管道、差異化臨床數據集和患者教育的支持和意識 DTC 舉措。

Now I'd like to turn to our product launches, first, our new SpeedPlate fixation platform. Our SpeedPlate launch is off to a great start, and we saw very strong demand in the fourth quarter despite its limited availability. In fact, SpeedPlate represented about a quarter of our case volume in Q4, and about 20% of our active surgeons have already used SppedPlate. We are on track to have full market availability of SpeedPlate at the end of Q1 and expect broadening adoption and growth throughout 2024 and beyond.

現在我想談談我們的產品發布，首先是我們新的 SpeedPlate 固定平台。我們的 SpeedPlate 推出有了一個良好的開端，儘管供應有限，但我們在第四季度看到了非常強勁的需求。事實上，SpeedPlate 約占我們第四季病例量的四分之一，我們大約 20% 的活躍外科醫生已經使用了 SppedPlate。我們預計在第一季末全面推出 SpeedPlate，並預計 2024 年及以後的採用和成長將擴大。

Our SpeedPlate fixation technology is designed to deliver the stability of a titanium locking plate with the speed of insertion and compression of a staple, a very attractive combination for many surgeons. We believe this technology is not only enhancing the experience of our existing customers but is also allowing us to attract and onboard a new audience of surgeons, specifically those who prefer nitinol staples for fixation.

我們的 SpeedPlate 固定技術旨在提供鈦鎖定板的穩定性以及吻合釘的插入和壓縮速度，這對許多外科醫生來說是一個非常有吸引力的組合。我們相信這項技術不僅可以增強我們現有客戶的體驗，還可以讓我們吸引並吸引新的外科醫生受眾，特別是那些喜歡使用鎳鈦諾釘進行固定的人。

While broadly applicable across Lapiplasty and Adductoplasty procedures today, we previewed new SpeedPlate implant configurations at the recent ACFAS meeting that are designed to expand the versatility of our SpeedPlate platform to address an expanded range of fusion procedures throughout the foot. These new SpeedPlate configurations are expected to be available by Q3.

雖然如今廣泛適用於膝部成形術和內收成形術手術，但我們在最近的ACFAS 會議上預覽了新的SpeedPlate 植入配置，這些配置旨在擴展SpeedPlate 平台的多功能性，以解決整個足部範圍擴大的融合手術。這些新的 SpeedPlate 配置預計將於第三季上市。

Next, our Micro-Lapiplasty system, this is an advanced instrumentation option designed to further reduce both the incision size and related tissue destruction with the Lapiplasty procedure. This exciting evolution of our instrumentation allows the patented Lapiplasty procedure to be performed now through a 2-centimeter incision, utilizing our new SpeedPlate fixation technology. Our Micro-Lapiplasty system is now fully available.

接下來是我們的微型雷射成形術系統，這是一種先進的儀器選項，旨在進一步減少雷射成形術手術中的切口尺寸和相關組織破壞。我們儀器的這項令人興奮的發展使得現在可以利用我們新的 SpeedPlate 固定技術透過 2 公分的切口進行專利的膝部整形手術。我們的微整形術系統現已完全可用。

While we are excited about the growth opportunity that all of these product launches represent, there's even more to come from our robust product development pipeline. In fact, inclusive of the launches I've just discussed, we have 10 new innovation launches slated for 2024 and more in our R&D pipeline to ensure a steady cadence of new innovations in 2025 and beyond.

雖然我們對所有這些產品的發布所帶來的成長機會感到興奮，但我們強大的產品開發管道也將帶來更多的機會。事實上，包括我剛才討論的發佈在內，我們計劃在2024 年發布10 項新的創新產品，並且在我們的研發管道中還會推出更多產品，以確保2025 年及以後的新創新保持穩定的節奏。

We were excited to highlight many of our new 2024 innovations at ACFAS, including our new Mini-Adductoplasty system and our RedPoint pre-operative planning and patient-specific instrumentation. Mini-Adductoplasty features advanced instrumentation designed to allow the Adductoplasty midfoot correction procedure to be performed through an approximately 50% smaller incision and leverages SpeedPlate technology for fixation.

我們很高興在 ACFAS 上重點介紹 2024 年的許多新創新，包括我們新的迷你內收肌成形術系統以及 RedPoint 術前規劃和患者專用儀器。迷你內收肌成形術採用先進的儀器，旨在透過大約 50% 的小切口進行內收肌成形術中足矯正手術，並利用 SpeedPlate 技術進行固定。

The Mini-Adductoplasty system is currently in limited clinical release with full commercialization planned in the second half of 2024. We believe this new innovation can drive increased Adductoplasty adoption and market penetration for years to come.

Mini-Adductoplasty 系統目前正在進行有限的臨床發布，計劃於 2024 年下半年全面商業化。我們相信，這項新的創新可以在未來幾年推動內收肌成形術的採用和市場滲透率的提高。

Our RedPoint patient-specific instrumentation is our first-to-market technology designed to deliver pre-operative planning and patient-specific guide for bunion and midfoot deformity corrections. We believe this technology can make challenging procedures more approachable to a greater number of surgeons while reducing steps and/or time.

我們的 RedPoint 患者專用儀器是我們首款推向市場的技術，旨在為拇囊炎和中足畸形矯正提供術前規劃和患者專用指南。我們相信這項技術可以使更多外科醫生更容易完成具有挑戰性的手術，同時減少步驟和/或時間。

RedPoint PSI is currently in limited clinical release with full commercialization planned in the second half of 2024. As pioneers in the procedure markets that we have developed, we believe RedPoint PSI is a core technology with capability to achieve broad market adoption in the years ahead, further strengthening our leadership position.

RedPoint PSI 目前正在進行有限的臨床發布，計劃於 2024 年下半年全面商業化。作為我們開發的手術市場的先驅，我們相信 RedPoint PSI 是一項核心技術，有能力在未來幾年實現廣泛的市場採用，進一步鞏固我們的領導地位。

Finally, we're looking forward to introducing a significant new technology platform in the back half of 2024. We believe this platform will speed our penetration of the bunion market, expand our market opportunity, and further reinforce our position as the leader in 3D bunion correction. We'll provide additional updates on our new product innovations as we continue to develop our pipeline centered around our core technologies and IP, aimed at improving surgeon user experiences, patient outcomes, and supporting continued market penetration.

最後，我們期待在 2024 年下半年推出一個重要的新技術平台。我們相信這個平台將加速我們對拇囊炎市場的滲透，擴大我們的市場機會，並進一步鞏固我們作為 3D 拇囊炎矯正領域領導者的地位。隨著我們繼續開發以核心技術和智慧財產權為中心的產品線，我們將提供更多有關新產品創新的更新，旨在改善外科醫生的使用者體驗、患者的治療效果並支持持續的市場滲透。

As we look specifically to 2024, our guidance provided today reflects our expanding commercial capabilities and increased contribution from the sales rep additions that we made throughout last year. Continued adoption of Lapiplasty, Adductoplasty, and other complementary procedures, as well as multiple new launches that we expect to drive strong growth while we also advanced our pipeline opportunities. We also expect to make solid progress on our pathway to sustainable profitability as we drive towards adjusted EBITDA breakeven for full-year 2024.

當我們具體展望 2024 年時，我們今天提供的指導反映了我們不斷擴大的商業能力以及我們去年全年增加的銷售代表帶來的貢獻增加。繼續採用乳房成形術、內收肌成形術和其他補充手術，以及多項新產品的推出，我們預計將推動強勁增長，同時我們也推進了我們的管道機會。我們也預計，隨著我們努力實現 2024 年全年調整後 EBITDA 盈虧平衡，我們將在實現可持續盈利的道路上取得堅實進展。

I'm proud of another great quarter of execution at Treace, with solid performance from our talented team of employees. We continued strong additions to our surgeon base, increasing productivity of our direct sales channel, and a robust pipeline of new technologies fueling our commercial momentum. I'm confident that we have the right strategies in place to continue to deliver industry-leading foot and ankle growth and profitably scale our business in 2024 and beyond.

我為 Treace 又一個出色的季度執行力感到自豪，我們才華橫溢的員工團隊表現出色。我們繼續大力擴充我們的外科醫生基礎，提高我們直銷管道的生產力，以及強大的新技術管道推動我們的商業動力。我相信，我們制定了正確的策略，能夠繼續實現業界領先的足部和腳踝成長，並在 2024 年及以後擴大我們的業務並實現盈利。

With that, I'll now turn the call over to Mark to review our financial performance and guidance. Mark?

現在，我將把電話轉給馬克，以審查我們的財務表現和指導。標記？

Thank you, John. Good afternoon, everyone. Revenue for 2023 was $187.1 million, representing 32% growth over the prior year. Fourth-quarter revenue was $62.2 million, a 25% increase compared to the prior year. Growth in the fourth quarter was driven by increases in procedure volumes and increases in blended average selling price due to increased adoption of the company's newer technologies and expanding portfolio of complementary products.

謝謝你，約翰。大家下午好。2023 年營收為 1.871 億美元，較上年成長 32%。第四季營收為 6,220 萬美元，比上年成長 25%。第四季度的成長是由於手術量的增加以及由於公司新技術的採用增加和補充產品組合的擴大而導致混合平均售價的增加所推動的。

Although the fourth quarter included one less selling day than the prior year, the month of December actually had two less selling days. On an average daily sales basis, we grew 27% in Q4. We sold 9,665 Lapiplasty procedure kits in the fourth quarter, a 15% increase compared to the same quarter last year.

儘管第四季度的銷售天數比去年同期減少了 1 個，但 12 月的銷售天數實際上減少了​​ 2 天。以日均銷售額計算，第四季我們成長了 27%。我們在第四季度銷售了 9,665 套隆鼻手術套件，與去年同期相比成長了 15%。

Blended average selling price was a record $6,437 in the fourth quarter, up 9% over the same prior year quarter. This higher blended average selling price was driven by lack Lapiplasty and the additional contribution from our expanding portfolio of complementary products, such as our Adductoplasty system, sterile single-use instruments, and some early impact from SpeedPlate and hammertoe, as our direct sales channel continues to increase their procedure volumes across our surgeon customers.

第四季綜合平均售價達到創紀錄的 6,437 美元，比去年同期上漲 9%。這種較高的混合平均售價是由於缺乏Lapiplasty 以及我們不斷擴大的補充產品組合所帶來的額外貢獻，例如我們的Adductoplasty 系統、無菌一次性器械，以及SpeedPlate 和Hammertoe 的一些早期影響，因為我們的直接銷售管道仍在持續增加我們外科醫生客戶的手術量。

For the full-year 2023, revenue was $187.1 million, a 32% increase over 2022 at the top end of our pre-announced revenue expectations of $186.7 million to $187.1 million and above the high end of our prior 2023 revenue guidance range of $182 million to $186 million. We sold 29,675 Lapiplasty procedure kits for the full-year 2023, a 20% increase versus prior year, with a blended average selling price of $6,306, a 10% increase over the prior year.

2023 年全年營收為 1.871 億美元，比 2022 年成長 32%，處於我們預先宣布的營收預期 1.867 億美元至 1.871 億美元的上限，高於我們先前 2023 年營收指引範圍的上限 1.82 億美元至1.86億美元。2023 年全年，我們銷售了 29,675 套隆鼻手術套件，比上年增長 20%，混合平均售價為 6,306 美元，比上年增長 10%。

Gross margin was 81.6% in the fourth quarter of 2023 compared to 81.9% in the fourth quarter of 2022. This 30-basis-point decrease was primarily due to changes in product mix and an increase in overhead costs due to headcount to support the growing business, partially offset by lower royalty rates and a decrease in inventory provisions. For the full-year 2023, gross margin was 81.2%, down from 82% in the prior year period, primarily due to changes in product mix, an increase in inventory provisions, and an increase in overhead costs due to headcount to support the growing business, partially offset by lower royalty rates.

2023年第四季的毛利率為81.6%，而2022年第四季的毛利率為81.9%。下降 30 個基點的主要原因是產品組合的變化以及支援不斷增長的業務的人員數量導致的管理費用增加，但部分被特許權使用費率下降和庫存準備金減少所抵消。2023 年全年，毛利率為 81.2%，低於上年同期的 82%，主要是由於產品結構的變化、庫存準備金的增加以及為支持不斷增長的員工人數而導致的管理費用增加。部分被特許權使用費率下降所抵銷。

Total operating expenses were $57.5 million in the fourth quarter of 2023 compared to total operating expenses of $44.2 million in the fourth quarter of 2022. The increase in operating expenses reflects strategic investments in our expanding direct sales channel, investments in product innovation, increased capacity requirements, as well as support for our commercial initiatives.

2023 年第四季的總營運費用為 5,750 萬美元，而 2022 年第四季的總營運費用為 4,420 萬美元。營運費用的增加反映了我們對擴大直銷管道的策略投資、對產品創新的投資、產能需求的增加以及對我們商業計劃的支持。

For the full-year 2023, operating expenses were $203.4 million compared to $151.2 million in the prior year period. The increase in operating expenses reflects increased investments in commercial initiatives as well as other G&A investments supporting our growing business.

2023 年全年營運費用為 2.034 億美元，而去年同期為 1.512 億美元。營運費用的增加反映了對商業計劃的投資以及其他支持我們不斷增長的業務的一般管理投資的增加。

Fourth quarter net loss was $6.3 million or $0.10 per share compared to a net loss of $4.4 million, or $0.08 per share for the same period of 2022. We ended the fourth quarter, our seasonally strongest, with adjusted EBITDA of $2.6 million compared to an adjusted EBITDA loss of $467,000 for the same period in 2022. As John said, this is our first quarter of positive adjusted EBITDA since going public in 2021. For the full-year 2023, we had a modest improvement in adjusted EBITDA compared to the prior year.

第四季淨虧損為 630 萬美元，即每股 0.10 美元，而 2022 年同期淨虧損為 440 萬美元，即每股 0.08 美元。我們在第四季度結束時實現了季節性最強，調整後 EBITDA 為 260 萬美元，而 2022 年同期調整後 EBITDA 虧損為 467,000 美元。正如約翰所說，這是我們自 2021 年上市以來第一個正調整 EBITDA 的季度。2023 年全年，與前一年相比，我們的調整後 EBITDA 略有改善。

Cash, cash equivalents, marketable securities, and investment receivable totaled $126.2 million as of December 31, 2023. Our total available access to liquidity including our debt facility is approximately $190 million. We believe we have a lengthy runway in terms of our current cash level, with sufficient balance sheet strength and flexibility to continue aggressively executing on our strategic investments and growth initiatives as well as a clear path to achieve positive adjusted EBITDA.

截至 2023 年 12 月 31 日，現金、現金等價物、有價證券及應收投資總額為 1.262 億美元。我們可獲得的流動性總額（包括債務融資）約為 1.9 億美元。我們相信，就目前的現金水準而言，我們還有很長的路要走，擁有足夠的資產負債表實力和靈活性，可以繼續積極執行我們的策略投資和成長計劃，並有一條實現正調整EBITDA 的明確路徑。

Before I discuss our 2024 guidance, I wanted to mention that we will now update our key operating metrics annually at the end of the year rather than quarterly. There has been and we continue to anticipate that there will be variability in these metrics from quarter to quarter due to seasonality and the timing and impact of new product launches, certain training events, and DTC investments. Therefore, our plan is to update these key metrics on an annual basis, which is much more relevant for our business at this point in our growth trajectory.

在討論我們的 2024 年指導之前，我想提一下，我們現在將每年年底而不是每季更新我們的關鍵營運指標。我們仍然預計，由於季節性以及新產品發布、某些培訓活動和 DTC 投資的時間和影響，這些指標每季都會出現變化。因此，我們的計劃是每年更新這些關鍵指標，這與我們目前成長軌跡中的業務更加相關。

Let me now turn to our outlook for full 2024. We are providing full-year 2024 revenue guidance of $220 million to $225 million, which reflects an increase of 18% to 20% compared to 2023. We remain encouraged by the underlying strength and momentum in our business with our strategic investments clearly delivering on growth. Given that it's early in the year, we feel comfortable at the midpoint of this range.

現在讓我談談我們對 2024 年全年的展望。我們提供的 2024 年全年營收指引為 2.2 億至 2.25 億美元，較 2023 年成長 18% 至 20%。我們仍然對我們業務的潛在實力和勢頭感到鼓舞，我們的策略投資明顯帶來了成長。鑑於現在還處於今年年初，我們對這個範圍的中點感到滿意。

We expect to make significant improvement in adjusted EBITDA for the full-year 2024 and anticipate adjusted EBITDA to improve approximately 50% compared to full-year 2023. Excluding any consideration for the effect of potential future acquisitions or any other material business developments, we anticipate being close to cash flow breakeven for the full-year 2025. Our blended ASP has historically grown mid-single digits. And given ongoing surgeon adoption of Lapiplasty complementary products and procedures and future pipeline opportunities, we expect this trend to persist.

我們預計 2024 年全年調整後 EBITDA 將顯著改善，並預計調整後 EBITDA 將比 2023 年全年提高約 50%。不考慮未來潛在收購或任何其他重大業務發展的影響，我們預計 2025 年全年現金流將接近收支平衡。我們的混合平均售價歷來呈現中個位數成長。鑑於外科醫生不斷採用Lapiplasty補充產品和程序以及未來的管道機會，我們預計這種趨勢將持續下去。

As we previously stated, we believe adding approximately 250 to 300 active surgeons annually is a reasonable baseline over the next few years, with utilization increases expected to drive higher procedure penetration and the tightening sales rep-to-surgeon ratio should support increased case coverage and adoption. These new surgeon additions and training our large active surgeon base on new procedures is expected to expand utilization and drive blended ASP increases.

正如我們之前所說，我們認為，未來幾年每年增加約250 至300 名活躍的外科醫生是一個合理的基線，預計利用率的增加將推動更高的手術滲透率，而收緊的銷售代表與外科醫師的比例應支持增加病例覆蓋率和採用。這些新的外科醫生的增加以及基於新手術的大型活躍外科醫生的培訓預計將擴大利用率並推動綜合平均售價的成長。

Consistent with previous years, we expect a sequential revenue decrease from Q4 to Q1 due to normal seasonality, coming off our usual strong year-end performance. Similar to last year, there has been some carryover of bunion procedures into the first quarter of this year as patients entering the surgical funnel late in the fourth quarter timeframe are often scheduled for bunion procedures into the following year. Given this carryover, we now expect a very slight revenue increase from Q1 to Q2, Q3 to be roughly similar to Q2, followed by a seasonally strong Q4, which is historically the largest revenue quarter of the year.

與往年一致，我們預計由於正常的季節性因素，第四季度到第一季的營收將連續下降，這與我們通常強勁的年終業績不同。與去年類似，今年第一季的拇囊炎手術有一些延續，因為在第四季末進入手術漏斗的患者通常會安排到下一年進行拇囊炎手術。考慮到這種結轉，我們現在預計第一季到第二季的營收成長非常小，第三季將與第二季大致相似，其次是季節性強勁的第四季度，這是歷史上一年中收入最大的季度。

Now before we open up the call for questions, let me turn it back to John for some concluding comments. John?

現在，在我們開始提問之前，讓我將其轉回給約翰，以獲得一些結論性意見。約翰？

Thanks, Mark. In closing, we delivered another year of significant progress in 2023 and expect to remain on track to drive strong growth and profitably scale our business in the years ahead. We are driving a market conversion in a large underserved market as the fastest growing company in foot and ankle.

謝謝，馬克。最後，我們在 2023 年又取得了重大進展，並預計在未來幾年繼續推動強勁成長並實現業務獲利擴展。作為足部和腳踝領域發展最快的公司，我們正在一個服務不足的大型市場中推動市場轉型。

We believe we're in a great position strategically, with best-in-class bunion, midfoot, and related complementary offerings and expanding TAM with the addition of new technologies, such as Adductoplasty, hammertoe, and SpeedPlate, with more innovations to come supported by differentiating clinical studies, continued strong additions to our surgeon base, and a powerful and established direct sales team.

我們相信，我們在策略上處於有利地位，擁有一流的拇囊炎、中足和相關補充產品，並透過添加新技術（例如內收肌成形術、錘狀趾和SpeedPlate）來擴展TAM，並支持更多創新透過差異化的臨床研究，不斷壯大我們的外科醫師基礎，以及強大且成熟的直銷團隊。

We look forward to aggressively pursuing these significant opportunities to drive the performance of our business, and I couldn't be more excited about the accelerating momentum we expect as we move through 2024 and beyond.

我們期待積極抓住這些重大機會來推動我們的業務業績，我對 2024 年及以後我們預計的加速勢頭感到非常興奮。

With that, now let me turn the call over to the operator to open the line for your questions.

現在，讓我將電話轉給接線員，以解答您的問題。

(Operator Instructions) Drew Ranieri, Morgan Stanley.

（操作員指示）Drew Ranieri，摩根士丹利。

Hi, John and Mark. Thanks for taking the questions. Maybe first, just for both of you on the top-line guidance for 2024, just to help us parse that out a bit more. You're looking for incremental revenue of about $35 million to $40 million, but just talk to us about how some of the new product launches might contribute to that. And with those, should we be thinking or that this is going to drive utilization or more drives your blended ASP higher? I know you said mid-single digits, but just curious what bigger lever for you is in 2024 with some of these new product launches. Thank you.

嗨，約翰和馬克。感謝您提出問題。也許首先，只是為了你們兩個關於 2024 年的首要指導，只是為了幫助我們更多地解析這一點。您正在尋求約 3500 萬至 4000 萬美元的增量收入，但只需與我們討論一些新產品的發布可能會如何對此做出貢獻。有了這些，我們是否應該考慮這會提高利用率還是更多地推動您的混合 ASP 更高？我知道您說的是個位數左右，但只是好奇 2024 年推出的一些新產品對您來說更大的槓桿是什麼。謝謝。

Yeah, thanks, Drew. Great question. Good to hear from you. Let me tell you a little bit about how we're thinking about the guide as well as what that revenue increase is largely going to come from. We continue to have our focus primarily on our flagship Lapiplasty. So we think a lot of that revenue growth is going to come from volume increases.

是的，謝謝，德魯。很好的問題。很高興聽到你的消息。讓我告訴您一些關於我們如何考慮該指南以及收入成長主要來自何處的資訊。我們繼續將重點放在我們的旗艦Lapiplasty上。因此，我們認為收入成長很大一部分將來自銷售量的增加。

We will -- as I talked about in the prepared remarks, that we're going to have some traditional seasonality. We saw some of that more pronounced last year, and we expect to see something similar. So that's why we've given some color around what we expect to see the standard drop down in Q1 versus Q4 and then Q2 to be right around Q1 levels, slightly ahead of that and then Q3 in line.

正如我在準備好的演講中談到的，我們將有一些傳統的季節性。去年我們看到了一些更明顯的情況，我們也預計也會看到類似的情況。因此，這就是為什麼我們對第一季與第四季度的標準下降給出了一些顏色，然後第二季度正好在第一季度的水平附近，略領先於第一季度，然後是第三季度。

So again, we're planning to build for the strong Q4 again this year. But most of the revenue growth is going to come from having new customer surgeons that we continue to add those that were added in 2023. And then the volumes that will be driven primarily through Lapiplasty. So we will have some incremental and additional complementary products that will also increase our blended ASP as well. So we've talked about having mid-single digit growth there.

因此，我們計劃再次為今年第四季的強勁表現做好準備。但大部分收入成長將來自新的客戶外科醫生，我們將繼續增加 2023 年新增的客戶。然後主要透過雷射成形術來推動銷量。因此，我們將擁有一些增量和額外的補充產品，這些產品也將提高我們的混合平均售價。所以我們討論了那裡的中個位數成長。

Got it. And then just on the profitability side, it's encouraging to see more progress there towards breakeven, but you're still kind of in a unique position. You're still a high-growth company, more opportunity ahead. So maybe how are you thinking about dropping through potential top-line upside down to EBITDA for this year? And is there necessarily anything that could change in terms of being a capital-light business model as you're thinking about further portfolio expansion with some of these new products that have been disclosed or undisclosed? Thanks for taking the questions.

知道了。然後就盈利能力而言，看到在盈虧平衡方面取得更多進展是令人鼓舞的，但您仍然處於獨特的地位。您仍然是一家高成長的公司，未來還有更多機會。那麼，也許您如何考慮將今年的潛在營收倒轉為 EBITDA？當您考慮利用這些已揭露或未揭露的新產品進一步擴大投資組合時，輕資本商業模式是否必然會改變？感謝您提出問題。

Yeah. So when we think about the profitability, we're really excited about what we have in store for 2024. As we mentioned in the prepared remarks, we had positive EBITDA in the fourth quarter. So we know that given scale and higher revenue volumes that we're definitely poised to have that improvement in our bottom line and that adjusted EBITDA line.

是的。因此，當我們考慮盈利能力時，我們對 2024 年的計劃感到非常興奮。正如我們在準備好的發言中所提到的，我們第四季的 EBITDA 為正值。因此，我們知道，鑑於規模和更高的收入量，我們肯定會改善我們的利潤和調整後的 EBITDA 線。

So I think a lot of it is just going to come through some leverage that comes primarily through the sales and marketing line on. And we've talked about this in the past as we've hired a lot of sales reps as they continue to get more experience, and they are able to drive higher revenue volumes in their territories, that actually plays very well from a leverage perspective. And so we'll see that.

因此，我認為其中很大一部分將透過一些主要來自銷售和行銷線的槓桿來實現。我們過去已經討論過這一點，因為我們僱用了很多銷售代表，因為他們不斷獲得更多經驗，並且他們能夠在自己的領域內推動更高的收入量，從槓桿的角度來看，這實際上發揮了很好的作用。我們將會看到這一點。

We also have some opportunities to have some increased leverage in the marketing line item, our marketing expenses as well. So that's where a lot of that leverage is going to come from. And then as far -- what's the one last question on the back end of that, Drew?

我們還有一些機會在行銷項目和行銷費用方面增加一些槓桿作用。所以這就是很多槓桿的來源。到目前為止——最後一個問題是什麼，德魯？

(multiple speakers) the portfolio, sorry, the 50 questions in one. But just in terms of just the portfolio expansion, is there anything that would change unlike your being a capital-light type of business model? Thank you.

（多名發言者）作品集，抱歉，50 個問題合而為一。但就投資組合擴張而言，與輕資本類型的商業模式不同，有什麼會改變嗎？謝謝。

Yeah, Drew, it's John. Yes, really nothing that will change there. We've got this really well established and green philosophy to have this capital-light model so that the products and technologies that we continue to put out are designed with that intent.

是的，德魯，我是約翰。是的，確實沒有什麼會改變。我們已經擁有了這種非常完善的綠色理念，採用了這種輕資本模式，因此我們繼續推出的產品和技術都是為了這個目的而設計的。

We talked about the margin from one Lapiplasty case covering for the cost of the instrumentation tray SpeedPlate. We do one SpeedPlate case and the margin pays for two SpeedPlate instrument trays. So it's a very capital-light model, and we'll continue to be that way.

我們討論了一個 Lapiplasty 案例的利潤，用於支付儀器托盤 SpeedPlate 的成本。我們生產一個 SpeedPlate 箱子，並用利潤支付兩個 SpeedPlate 器械托盤。所以這是一個非常輕資本的模式，我們將繼續這樣做。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Great. Thanks for taking the questions. Two for me, maybe first, Mark, you talk about the typical drop fourth quarter to first quarter, the Street's sitting at about $49 million for first quarter. Is that where you feel comfortable in what would be deemed typical?

偉大的。感謝您提出問題。對我來說，有兩個，也許是第一個，馬克，你談到了第四季度到第一季的典型下降，第一季華爾街的股價約為 4900 萬美元。這是您對典型的情況感到舒服的地方嗎？

Yeah, great question, Robbie. And that's where we do feel comfortable given the carryover that we've seen. So historically, we see carryover that comes from the fourth quarter into the first quarter. And given where we are in the quarter, we feel comfortable with that current number.

是的，好問題，羅比。考慮到我們所看到的遺留問題，這就是我們確實感到放心的地方。從歷史上看，我們看到從第四季結轉到第一季的情況。考慮到我們本季的情況，我們對目前的數字感到滿意。

Got it. And then maybe down the P&L on adjusted EBITDA, you talked about progress towards breakeven. I think, you have a 50% improvement, which would be about a $12 million loss for '24. You talked about profitable in fourth quarter, I believe. Should we think about similar cadence as in 2023, where first, second third quarter are negative, and fourth quarter makes up the majority with the positive and offsets that? Or should we think about it improving throughout the year sequentially? Thanks.

知道了。然後，也許在調整後的 EBITDA 損益表中，您談到了盈虧平衡方面的進展。我認為，你有 50% 的改進，這對 24 年來說大約是 1200 萬美元的損失。我相信你談到了第四季的獲利。我們是否應該考慮與 2023 年類似的節奏，即第一季、第二季和第三季均為負數，而第四季佔正數的大部分並抵消了這一點？或者我們應該考慮它在全年中連續改善？謝謝。

Great question, Robbie. Yes, I would think about it largely similar to what happened in 2023. We tend to have larger losses earlier in the year as we begin some of our marketing programs early in the year. Some of our medical education programs that we start early in Q1 and Q2. And then as the revenue accounting increase, we will have positive EBITDA in the fourth quarter. So I would expect similar to last year losses in the first three quarters and then there's going to be some positive adjusted EBITDA in the fourth.

好問題，羅比。是的，我認為這與 2023 年發生的情況非常相似。由於我們在年初開始了一些行銷計劃，因此我們往往會在今年稍早遭受更大的損失。我們在第一季和第二季早期啟動的一些醫學教育計劃。然後隨著收入核算的增加，我們將在第四季度獲得正的 EBITDA。因此，我預計前三個季度的虧損與去年類似，然後第四季將出現一些正面的調整後 EBITDA。

Great. Thanks for taking the question.

偉大的。感謝您提出問題。

Rick Wise, Stifel.

瑞克懷斯，史蒂菲爾。

Good evening, John. Hi, Mark. I'm going to come back to the 2024 guidance, if you wouldn't mind. I guess from two perspectives, one, when you when you when you're giving us this guide, what was your mindset? I mean, I could argue that the market seems strong, the sales force is doing a good job. You're clearly training the physicians. The portfolio is expanding. The SpeedPlate launched and demand seems incredibly strong.

晚上好，約翰。嗨，馬克。如果您不介意的話，我將回到 2024 年指導。我想從兩個角度來看，第一，當你給我們這個指南時，你的心態是什麼？我的意思是，我可以說市場似乎很強勁，銷售人員做得很好。你顯然是在培訓醫生。產品組合正在擴大。SpeedPlate 推出後，需求似乎異常強勁。

You get the picture; I could go on and on. Help us understand why growth would be realistically 18% to 20% relative to the 30%-ish you grew last year. Why shouldn't we expect it to be more optimistic? Could you just talk about your thinking there? Thank you.

你明白了；我可以繼續下去。幫助我們理解為什麼相對於去年 30% 左右的成長，實際成長將達到 18% 到 20%。為什麼我們不應該期待它會更加樂觀呢？您能在那裡談談您的想法嗎？謝謝。

Yeah, Rick. This is Mark. Great question, appreciate that. And I like embedded in your question, all of the positives that we have going from the company because that's the way we see it too. We've got a great sales force. We've got some great products. We've got some products launching in the back half of the year.

是的，瑞克。這是馬克。很好的問題，很感激。我喜歡在你的問題中融入我們從公司獲得的所有積極因素，因為這也是我們看待它的方式。我們擁有一支強大的銷售團隊。我們有一些很棒的產品。我們在今年下半年推出了一些產品。

But the one thing that we see right now is you're talking about 32% for the full year. But the last two quarters, third quarter and fourth quarter, were a little bit below that. And so it's really early in the year. So we just want to be very prudent as we're considering how we're laying out the way we're thinking about 2024.

但我們現在看到的一件事是，全年的成長率約為 32%。但最後兩個季度，即第三季度和第四季度，略低於此水準。所以現在還很早。因此，我們在考慮如何規劃 2024 年時要非常謹慎。

And admittedly, even with the seasonality, it leaves more of a back half loaded guide, but it's very early still, and we don't see it representing any loss of momentum going into 2024.

誠然，即使考慮到季節性因素，它也留下了更多的後半負載指南，但現在還為時過早，我們認為這並不意味著進入 2024 年會出現任何動力損失。

So there's nothing about the market, the technology, the training that's making you anxious, which leads to my second question on competition. Clearly, it seems clear to me from ACFS and from AOS that there's more competition than ever. More new products, folks seem to be imitating -- waking up to the market and also imitating your strategy, nice complement. To what extent is this more of a challenge, less of a challenge? And to what extent is that maybe making you more careful, thoughtfully conservative as you start the year?

因此，市場、技術、培訓方面沒有任何事情會讓你感到焦慮，這引出了我關於競爭的第二個問題。顯然，在我看來，ACFS 和 AOS 的競爭比以往任何時候都更加激烈。更多的新產品，人們似乎在模仿——意識到市場的同時也在模仿你的策略，這是很好的補充。這在多大程度上是更大的挑戰，還是更少的挑戰？這在多大程度上可能會讓你在新年伊始變得更加謹慎、深思熟慮的保守？

Hi, Rick. John. Thanks for the question. And I'll take that one. We've been seeing progressively more people enter the space over the past three years. And new competitors entering the space is nothing new to us. It's a really exciting market that we've strategically redirected in terms of three playing bunion correction. So no surprises to other companies want to enter that space, the space that we pioneered and developed.

嗨，瑞克。約翰。謝謝你的提問。我會接受那個。在過去的三年裡，我們看到越來越多的人進入這個領域。新的競爭對手進入這個領域對我們來說並不新鮮。這是一個非常令人興奮的市場，我們在三輪拇囊炎矯正方面策略性地重新調整了方向。因此，其他公司想要進入這個我們開創和開發的領域並不奇怪。

The TAM is really huge. It's over $5 billion in the US, and we continue to expand it with Adductoplasty and our hammertoe entry. But the bunion space itself, still very underpenetrated. We're way out ahead. Our retention rates with our surgeons are very high.

TAM 確實很大。在美國，這一數字超過 50 億美元，我們將繼續透過內收肌成形術和錘狀趾入路來擴大這一數字。但拇囊炎空間本身的滲透率仍然很低。我們已經遙遙領先了我們的外科醫生保留率非常高。

Our IP makes it difficult for these copycats, and it tends to produce less elegant solutions that work more like the old freehand Lapidus than they do Lapiplasty. And we strongly believe that nothing works as well at this surgeon-patient interface as Lapiplasty does.

我們的智慧財產權讓這些模仿者很難，而且它往往會產生不太優雅的解決方案，其工作方式更像是舊式手繪 Lapidus，而不是 Lapiplasty。我們堅信，在外科醫生與患者之間的介面上，沒有什麼比雷射整形術更有效的了。

And then you have to keep in mind these new entrants are entering the market using multi-line, largely distracted sales forces. So they only get really a fraction of that sales force's time and attention. And we think our three-prong offense of direct focused sales channel, rapid product innovation and iteration, and surgeon and patient education, while these are great offense of tools, they position us with a very strong defense as well. And we're just going to keep reinforcing that over time and continuing to grow and establish ourselves as the fastest-growing company in the foot and ankle market, which is what we are today and where we're going to continue to be.

然後你必須記住，這些新進業者正在使用多線、很大程度上分散的銷售人員進入市場。因此，他們只得到了銷售人員時間和注意力的一小部分。我們認為我們的三管齊下的進攻，即直接聚焦的銷售管道、快速的產品創新和迭代以及外科醫生和患者教育，雖然這些都是很好的工具進攻，但它們也為我們提供了非常強大的防禦。隨著時間的推移，我們將繼續加強這一點，繼續發展，並將自己打造為足部和腳踝市場成長最快的公司，這就是我們的今天，也是我們將繼續保持的狀態。

Thank you for that. And I'm just going to be rude and just a quick half a follow-up to that. Early in the year, presenting at JPMorgan, you guided -- you've described yourself as well positioned for 20%-plus growth in '24, and you're guiding to 18% to 21%. Why the change, John? I'm guessing folks are going to be curious. Thank you so much.

謝謝你。我只是想粗魯地快速跟進。今年年初，您在摩根大通發表演講時表示，您已經做好了在 24 年實現 20% 以上增長的有利準備，並且您的指導目標是 18% 到 21%。為什麼要改變，約翰？我猜大家一定會很好奇。太感謝了。

No, I appreciate the follow-up and fair a fair question. Like we are positioned to move towards EBITDA breakeven, we are positioned well to grow at that 20% range. We absolutely believe that our guide, as Mark said, is intentionally prudent.

不，我感謝您的跟進並提出一個公平的問題。就像我們準備好實現 EBITDA 損益平衡一樣，我們也準備好在 20% 的範圍內成長。正如馬克所說，我們絕對相信我們的指南是有意謹慎的。

It's early in the year. We're excited about the accelerating momentum of this business, both with the sales channel and the product launches that we have slated for the back half of the year. And I think we're just trying to be prudent and make sure that early here in the year, we're allowing ourselves to build that confidence as we go through the year.

現在是年初。我們對這項業務的加速勢頭感到興奮，無論是銷售管道還是我們計劃在今年下半年推出的產品。我認為我們只是要謹慎行事，確保在今年年初，我們能夠讓自己在這一年中建立起這種信心。

Makes sense. Thank you.

說得通。謝謝。

[Simon Nigan], UBS.

[西蒙‧尼根]，瑞銀。

Hi, Mark and John. Thanks for taking the question. Thinking about the contribution potential from the new product launches over the next two years, how do you think about this? And do you think any of these products have the ability to emulate the success of Lapiplasty? I know you recently highlight a significant platform launch coming this year.

嗨，馬克和約翰。感謝您提出問題。想想未來兩年新產品發表的貢獻潛力，您怎麼看？您認為這些產品中的任何一個有能力效仿Lapiplasty 的成功嗎？我知道您最近強調了今年即將推出的一個重要平台。

Great question, Simon. I'll take that one, and Mark can maybe add to it. As we look at the market, the Lapiplasty market opportunity is the largest opportunity we have clearly. But anything we can do to build upon that and accelerate that and enhance our share over time, we're going to be working on.

好問題，西蒙。我會接受那個，馬克也許可以補充。當我們審視市場時，很明顯，整形手術市場機會是我們擁有的最大機會。但我們將繼續努力，以此為基礎，加速這一進程，並隨著時間的推移提高我們的份額。

Adductoplasty was a very obvious add-on because 30% of our bunion patients had a midfoot deformity that nobody had a good way to correct. So we create a way to do it, and we're democratizing that opportunity. And that's a $1.5 billion opportunity in itself.

內收肌成形術是一個非常明顯的附加治療，因為我們 30% 的拇囊炎患者患有中足畸形，但沒有人有好的方法來矯正。因此，我們創造了一種方法來做到這一點，而我們正在使這個機會民主化。這本身就是一個價值 15 億美元的機會。

But RedPoint technology, that can add to our opportunity in bunions and midfoot corrections as well. And then, yeah, we alluded to another significant platform that we're developing right now, and we expect to launch in the back half of this year that will help us accelerate our penetration into the bunion market and expand utilization.

但是 RedPoint 技術也可以增加我們在拇囊炎和中足矯正的機會。然後，是的，我們提到了我們現在正在開發的另一個重要平台，我們預計將在今年下半年推出，這將幫助我們加速滲透到拇囊炎市場並擴大利用率。

So hard to exactly say that any of them, quote, match the Lapiplasty opportunity, but they all build on it and help accelerate our momentum into penetrating that opportunity.

很難確切地說，引用其中任何一個機會來匹配 Lapiplasty 機會，但它們都建立在它的基礎上，並有助於加快我們滲透該機會的勢頭。

That's really helpful. One quick one for you guys. How do you think about utilization increasing moving forward? Despite your surgeon base maturing, when we look at our model, we're not seeing utilization increase as much as we would have expected.

這真的很有幫助。給你們快點來一份。您如何看待未來利用率的提高？儘管您的外科醫生基礎正在成熟，但當我們查看我們的模型時，我們並沒有看到利用率的增長達到我們的預期。

That's a really good question, and we've talked about this on prior calls. We've had nearly 40% of our active surgeon base has come on board in the last 24 months or in the last two years. So we continue to make great strides in adding active surgeons year after year.

這是一個非常好的問題，我們在之前的電話會議中已經討論過這個問題。在過去 24 個月或過去兩年裡，我們有近 40% 的活躍外科醫生加入。因此，我們年復一年在增加活躍外科醫生方面繼續取得長足進步。

So what that means, we have a little bit of a step function and surgeons come in initially. They're doing around six cases in their first 12 months, and it continues to build up to nearly 20 cases after five or six years. So it's unique. They get experience with Lapiplasty and then they tend to utilize Lapiplasty more and more in their practices.

那麼這意味著什麼，我們有一點階躍功能，外科醫生首先介入。他們在前 12 個月內處理了大約 6 個案件，五、六年後，案件數量繼續增加到近 20 個。所以它是獨一無二的。他們獲得了Lapiplasty的經驗，然後他們傾向於在實踐中越來越多地利用Lapiplasty。

And so if you were to -- mathematically, if you were to take away all these earlier or more recent, I should say, more recent surgeons that have come aboard who typically do lower, fewer cases per year, our average utilization is much higher than what we've reported. So I think that's a good problem to have, meaning that we continue to add a lot of surgeons, and we know that those who have been around longer just do more. And so we expect utilization to continue to increase, notwithstanding the fact that we will continue to add a lot more surgeons in 2024 and beyond.

因此，如果你——從數​​學上講，如果你要剔除所有這些較早或最近的外科醫生，我應該說，最近加入的外科醫生通常每年做的病例較少，較少，我們的平均利用率要高得多比我們​​報道的要多。所以我認為這是一個很好的問題，這意味著我們會繼續增加很多外科醫生，我們知道那些工作時間更長的人會做更多的事情。因此，儘管我們將在 2024 年及以後繼續增加更多外科醫生，但我們預計利用率將繼續增加。

That's really helpful. Thank you.

這真的很有幫助。謝謝。

Richard Newitter, Truist Securities.

理查德紐特 (Richard Newitter)，Truist 證券公司。

Hi. Thanks for taking the questions. On guidance, I just want to make sure I'm understanding some of the assumptions here. On gross margin, you did a little better than we were expecting in the fourth quarter. I know you guided to adjusted EBITDA. Should we think gross margin basically holding steady with 2023? And then I think you'd also referenced mid-single digit growth in your revenue per procedure ASP, however, you want to characterize it. Is that the right way to think of what's embedded in your '24 guide? And then I have a follow up.

你好。感謝您提出問題。在指導方面，我只是想確保我理解這裡的一些假設。就毛利率而言，第四季的表現比我們的預期要好一些。我知道您指導調整後的 EBITDA。我們是否應該認為 2023 年毛利率基本上保持穩定？然後我認為您還提到了每個程式 ASP 收入的中個位數成長，但您想要描述它。這是思考 '24 指南中嵌入內容的正確方式嗎？然後我有一個後續行動。

Yes, Rich, really good question. I think you're right on all those fronts. Given a lot of new product launches and some of the mix shift, we're anticipating maybe the gross margin to come down a little bit until -- and we've talked about this in the past. As we introduce new products, we just don't quite have the same efficiencies and gross margin initially. And so I view 2024 as having maybe some slight pressure on the gross margin but nothing substantial. So maybe a little bit less than what we saw in 2023. So all your other assumptions are right on.

是的，里奇，真是個好問題。我認為你在所有這些方面都是對的。鑑於大量新產品的推出和一些產品組合的轉變，我們預計毛利率可能會略有下降，直到——我們過去已經討論過這一點。當我們推出新產品時，我們最初的效率和毛利率並不完全相同。因此，我認為 2024 年毛利率可能會受到一些輕微壓力，但不會有實質壓力。所以可能比我們在 2023 年看到的還要少。所以你所有其他的假設都是正確的。

Okay. I actually have another follow up, but I have a follow up to the gross margin comment first. Should we think of gross margin in the first half a little bit below what is going to be in the second half and on a net basis for the full year, it's down? I mean, just to get the cadence right.

好的。我實際上還有另一個跟進，但我首先對毛利率評論進行了跟進。我們是否應該認為上半年的毛利率略低於下半年的水平，並且全年淨利率有所下降？我的意思是，只是為了讓節奏正確。

And I'll ask my second follow up right now. Just on ASC, if you can remind us what your mix businesses in the ASC setting. It's something that we continue to hear at AOS. That's the trend that's materializing throughout orthopedics. Talk about your portfolio, how you're positioned there, and what that will do to your pricing and margins going forward. Thank you.

我現在會詢問我的第二次跟進。就 ASC 而言，您能否提醒我們您在 ASC 設定中的混合業務。我們在 AOS 中不斷聽到這樣的說法。這就是整個骨科領域正在實現的趨勢。談論您的投資組合、您的定位以及這將對您未來的定價和利潤產生什麼影響。謝謝。

All right. Great questions, Richard, two of them. I'm going to take the first one, and I'll give the second one to John. With respect to gross margin, again, we're not expecting substantial decreases over 2023, but I think the way you articulated is the way we're thinking about it that earlier in the year, it may be a little bit lower with some improvement in the back half of next year.

好的。理查德，好問題，其中兩個。我要拿第一個，第二個給約翰。就毛利率而言，我們預計 2023 年不會大幅下降，但我認為您所闡述的方式就是我們今年早些時候考慮的方式，如果有一些改善，毛利率可能會稍微低一些明年下半年。

So again, just a slight step-down year over year. If we don't do it, we're still going to be over that 80% gross margin level, which is extremely strong. So we feel really pleased. I just wanted to say that it will be tempered slightly versus last year. And then John, with respect to ASCs and hospital.

再說一遍，只是同比略有下降。如果我們不這麼做，我們的毛利率水準仍然會超過 80%，這個水準非常高。所以我們感到非常高興。我只是想說，與去年相比，會略有緩和。然後是約翰，關於 ASC 和醫院。

Yeah. Hi, Rich. So I think there's a little bit of confusion out there on this topic because I know there's a lot of contemporary discussion about hip and knee volumes moving to the ASC setting, that outpatient setting. Foot and ankle has been done in those settings for 30 years, decades. And we participate in ASCs, the private is seasoned and the hospital-owned ASCs. Obviously, the hospital-owned is a little better, more favorable reimbursement. But we're market competitive in the private ASCs as well with different products that we have that have different price points.

是的。嗨，里奇。所以我認為這個主題存在一些混亂，因為我知道目前有很多關於髖關節和膝關節體積轉移到 ASC 環境（即門診環境）的討論。足部和腳踝在這些環境中已經存在了 30 年、數十年。我們參加 ASC，私人有經驗的 ASC，醫院擁有的 ASC。顯然，醫院自備的好一點，報銷更優惠。但我們在私人 ASC 方面具有市場競爭力，我們擁有不同價位的不同產品。

I would say it's the minority of our revenue that are in the private ASC setting, and the majority is more in the hospital outpatient or hospital-owned ASC, be that freestanding or at the hospital facility itself. So we're competitive there, and we continue to make progress there. But there's not this huge surge and trend towards foot and ankle procedures there like there is in hips and knees and maybe even some spine cases that is creating a lot of talk in the hip and knee world.

我想說的是，我們的收入中的一小部分來自私人 ASC 環境，而大部分收入更多來自醫院門診或醫院擁有的 ASC，無論是獨立的還是醫院設施本身。因此，我們在那裡具有競爭力，並且我們繼續在那裡取得進展。但腳部和腳踝手術並沒有像臀部和膝蓋那樣巨大的激增和趨勢，甚至可能是一些脊椎病例，在臀部和膝蓋領域引起了很多討論。

Thank you.

謝謝。

Sure.

當然。

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

Hi. Good afternoon. Thanks for taking the question. I want to start with SpeedPlate. It's been off to a really good start. We've heard very positive feedback on it. I think, John, you called out that about 20% of cases today. Where do you think that can go? Because I mean, just doing some simple math, it can account for a decent chunk of growth in 2024 and could price swing higher that 20% moves higher.

你好。午安.感謝您提出問題。我想從 SpeedPlate 開始。這是一個非常好的開始。我們聽到了非常正面的回饋。我想，約翰，你今天提到了大約 20% 的病例。你認為這可以去哪裡？因為我的意思是，只需做一些簡單的數學計算，它就可以在 2024 年實現相當大的增長，價格可能會波動超過 20%。

Yes. Great question. I mean, very exciting. We've talked about this as being probably the most impactful technology launch for the company since Lapiplasty. These are things that our surgeons say, not me, but it's true, very favorable response. We've had it in 20% of our surgeons' hands within Q4, and it made up 25% of our procedural revenue. And we're just getting started with it.

是的。很好的問題。我的意思是，非常令人興奮。我們認為這可能是自 Lapiplasty 以來該公司推出的最具影響力的技術。這些是我們的外科醫生說的，不是我說的，但這是真實的，非常有利的反應。第四季度，我們有 20% 的外科醫生掌握了它，它占我們手術收入的 25%。我們才剛開始。

And the other piece of the momentum is right now our sales force really has three great shots on goal with Lapiplasty/Micro-Lapiplasty, Adductoplasty and the evolution of that, and SpeedPlate, three unique technologies that can only get from our company. So one of those technology is going to is going to appeal to some foot and ankle surgeons sooner or later.

另一個動力是，現在我們的銷售團隊確實有三個偉大的目標：Lapiplasty/Micro-Lapiplasty、Adductoplasty 及其演變，以及 SpeedPlate，這三種獨特的技術只能從我們公司獲得。因此，其中一項技術遲早會吸引一些足部和腳踝外科醫生。

And once they get interested in one, if they want to use SpeedPlate, we're going to introduce them to Lapiplasty, and we're going to introduce them to Adductoplasty, because 30% of the cases, they need to correct the midfoot deformity. And if they like Adductoplasty, we're going to show them SpeedPlate because it makes the procedure faster and more convenient.

一旦他們對其中一種感興趣，如果他們想要使用 SpeedPlate，我們將向他們介紹 Lapiplasty，我們將向他們介紹 Adductoplasty，因為 30% 的情況，他們需要矯正中足畸形。如果他們喜歡內收肌成形術，我們將向他們展示 SpeedPlate，因為它使手術過程更快、更方便。

So those three technologies are really powerful, and it's creating a very efficient model from a sales force standpoint. So we love SpeedPlate. We think it has a lot of opportunity, not only in Lapiplasty and Adductoplasty, but in a lot of other areas in the foot for foot and ankle procedures. And you could see the ratio of our cases continue to rise as we get more sets out there and get into full commercial throughout the year.

因此，這三項技術確實非常強大，從銷售人員的角度來看，它正在創建一個非常有效的模型。所以我們喜歡 SpeedPlate。我們認為它有很多機會，不僅在膝部成形術和內收肌成形術中，而且在足部的許多其他區域進行足部和腳踝手術。你可以看到，隨著我們全年推出更多產品並進入全面商業化，我們的案例比例繼續上升。

Okay. Fair enough. And then Mark, you talked about the cash on hand, kind of know where spend is going. But you made a comment about those initially, which was the access to liquidity? And I'm just curious if your view on -- how are you thinking about your cash has changed? And are you looking at assets that are potentially out there in the field given those comments and just your broader view on where not necessarily what you're going to buy, but just your appetite to bring in more into the portfolio.

好的。很公平。然後馬克，你談到了手頭上的現金，有點知道支出的去向。但您最初對此發表了評論，即獲得流動性的途徑是什麼？我只是好奇你對現金的看法是否改變了？鑑於這些評論以及您對哪些資產的更廣泛看法，您是否正在考慮該領域潛在的資產，不一定是您要購買的資產，而只是您將更多資金納入投資組合的胃口。

Yeah. Great question, Ryan. And the way to articulated just our cash and access to liquidity, which just to give the same level of information that we've given in the past, just to say what we have access to we have a great relationship with our lender, and so we have access to financing if needed.

是的。好問題，瑞安。闡明我們的現金和流動性的方式，這只是為了提供與我們過去提供的相同水平的信息，只是為了說明我們可以獲得什麼，我們與貸方有很好的關係，等等如果需要，我們可以獲得融資。

John and I have often talked about if there are opportunities for us to expand the portfolio we did last year with some great technology, RedPoint, that's PSI. We're not saying that we require any kind of acquisitions or additional products in our portfolio to have this growth that we're talking about this year. But we'd always be open to great complementary technologies if it were to match what we're doing here. So that was not in any way suggestive of what we're planning to do or any strategy changes. But just to give the full perspective as far as what our cash on hand is in full liquidity.

約翰和我經常討論我們是否有機會利用一些很棒的技術（RedPoint，即 PSI）來擴展我們去年所做的產品組合。我們並不是說我們需要任何形式的收購或在我們的產品組合中添加其他產品才能實現我們今年談論的成長。但如果能夠與我們在這裡所做的事情相匹配，我們將始終對優秀的互補技術持開放態度。因此，這並不能以任何方式暗示我們計劃做什麼或任何策略變化。但只是為了全面了解我們手頭上的現金是否具有充分的流動性。

Okay. Maybe I read into that a little too much but thank you for clarifying.

好的。也許我讀太多了，但謝謝你的澄清。

No problem.

沒問題。

George Sellers, Stephens.

喬治·塞勒斯、史蒂芬斯。

Hey, good afternoon, and thanks for taking the question. On the sales force, I'm just curious, what does the productivity look like for some of your top-performing direct reps? And then how should we think about the capacity of your direct reps in terms of maybe the number of surgeons they can support or the level of revenue they can drive? Or how are you thinking about it internally?

嘿，下午好，感謝您提出問題。在銷售隊伍中，我只是很好奇，你們的一些表現最好的直接代表的生產力是什麼樣的？然後，我們應該如何考慮直接代表的能力，即他們可以支持的外科醫生數量或他們可以帶來的收入水平？或者說你內部是怎麼考慮的？

Yeah. Hey, George, it's John up. Good to hear from you. Good question. We have a broad spectrum of revenue productivity with our sales team today. We have some that have quite significant tenure several years, and some of those reps can be in the several million-dollar range. And then we have newer reps that are still trying to climb to $300,000 and beyond, those newer reps, right?

是的。嘿，喬治，我是約翰。很高興聽到你的消息。好問題。今天，我們的銷售團隊擁有廣泛的收入生產力。我們有一些代表的任期相當長，有好幾年，其中一些代表的年薪可能達到數百萬美元。然後我們有新的銷售代表仍在努力攀升至 30 萬美元及以上，這些新的銷售代表，對吧？

So what we do know is when you get to the two-year time point, most of our reps are operating at a level of revenue performance that we're very pleased with and we believe is very sustainable. And they are also operating at a cost of sales ratio that's very nice for the business and we know can create a lot of leverage going forward.

因此，我們所知道的是，當你到達兩年時間點時，我們大多數銷售代表的收入表現水平都令我們非常滿意，並且我們相信這是非常可持續的。他們的銷售成本比率也對業務非常有利，我們知道未來可以創造很大的槓桿作用。

So we feel we feel good about the sales team. We feel good about their capacity to bring these other technologies forward. And part of it is because of the efficiency of this model and the way we're bringing these products out. We're not asking them to run around from one part of the foot to another part of the foot and do a trauma case and then do a hammertoe.

所以我們對銷售團隊感覺良好。我們對他們推動這些其他技術進步的能力感到滿意。部分原因在於該模型的效率以及我們推出這些產品的方式。我們並不是要求他們從腳的一個部位跑到腳的另一個部位，做一個創傷案例，然後做錘狀趾。

Everything builds upon. Lapiplasty and Adductoplasty build on each other; SpeedPlate builds on both of those, and the hammertoe fits into the bunion case. Our disposable instruments, they're problem-solving for midfoot fusions that we specialize in and Lapiplasty cases. So it's a very, very efficient way to sell. And we've proven that we can establish a powerful direct channel that's really well sustaining with room for future year, nice cost leverage as well. So hope we answer your question. Let me know if you need more information.

一切都建立在基礎上。脂肪成形術和內收肌成形術相輔相成； SpeedPlate 建立在這兩者的基礎上，並且錘狀趾適合拇囊炎盒。我們的一次性器材可以解決我們專門從事的中足融合和Lapiplasty案例的問題。所以這是一種非常非常有效的銷售方式。我們已經證明，我們可以建立一個強大的直接管道，該管道確實能夠很好地維持未來一年的發展空間，並且還具有良好的成本槓桿。所以希望我們能回答你的問題。如果您需要更多信息，請與我們聯繫。

No, that's super helpful. Okay. I appreciate. And then, Mark, maybe one for you. You talked about the marketing line as being an area where you can see leverage this year and in the future. I know you have recently hired a new Director of Marketing. Could you just speak to some of the areas where you've been able to find maybe some more efficient ways to spend in that marketing line and how you're driving some better returns on those investments through that marketing line item? Thanks again for the time.

不，這非常有幫助。好的。我很欣賞。然後，馬克，也許有一個適合你。您談到行銷線是今年和未來可以發揮作用的領域。我知道您最近聘請了一位新的行銷總監。您能否談談您在該行銷系列中找到了一些更有效的支出方式的一些領域，以及您如何透過該行銷系列專案為這些投資帶來更好的回報？再次感謝您抽出時間。

Yeah. Great question. This is Mark. Let me take a first stab at that and if there's any other color, John, could add to it. Yeah, we've continued -- over the past several years, we continue to increase our spending. We've tested a lot of different marketing techniques, areas, whether it be social media, whether it be TV, commercial spots. We've done a lot of marketing activities and campaigns.

是的。很好的問題。這是馬克。讓我先嘗試一下，如果還有其他顏色，約翰可以補充。是的，我們在過去幾年繼續增加支出。我們測試了很多不同的行銷技巧、領域，無論是社群媒體、電視或商業廣告。我們做了很多行銷活動和宣傳活動。

We do have a new Senior Vice President of Marketing, who's been phenomenal. We're lucky to have him. He has got a lot of great experience, and he has already been able to really streamline a lot of our efforts to get similar results or higher results with even less spend. So he comes as a professional, great experience. We're leaning on him.

我們確實有一位新的行銷資深副總裁，他非常出色。我們很幸運有他。他擁有豐富的經驗，並且他已經能夠真正簡化我們的大量工作，以更少的支出獲得類似的結果或更高的結果。所以他是一位專業、經驗豐富的人。我們就靠他了

So that's what we're saying. We can get the same kind of results are even better results without having to continue to increase our spend levels year after year. So that's where the leverage can come in because if we can hold some of that spending levels consistent yet have better outcomes, that's where that leverage comes. John, anything?

這就是我們所說的。我們可以獲得相同的結果甚至更好的結果，而不必年復一年地繼續增加我們的支出水準。這就是槓桿可以發揮作用的地方，因為如果我們能夠保持部分支出水準一致，同時獲得更好的結果，那麼槓桿就可以發揮作用。約翰，有什麼事嗎？

No, I think you said it very well and comprehensively. We're excited about Nathan's expertise and the impact he's been able to act quickly on the business. He's only been here six months and driven a lot of efficiencies and productivity, got us sponsoring the National Pickleball Championships, which has high demographic overlap with our patient group and very impactful, very cost-efficient way to reach a lot of potential patients and a lot more creativity coming out of him and more to come. Stay tuned on some new initiatives that will be launching here in the next two to three months.

不，我認為你說得很好，很全面。我們對內森的專業知識以及他能夠快速採取行動對業務的影響感到興奮。他只在這裡待了六個月，就極大地提高了效率和生產力，讓我們贊助了全國匹克球錦標賽，該錦標賽與我們的患者群體有很高的人口重疊度，並且以非常有影響力、非常經濟高效的方式接觸到許多潛在患者和他會迸發出更多的創造力，而且還會有更多的創造力。請繼續關注未來兩到三個月內將在這裡推出的一些新舉措。

Okay, great. Thank you for that color.

好的，太好了。謝謝你的那個顏色。

Sure.

當然。

Thank you. I'm showing no further questions at this time. I'd now like to turn it back to Julie Dewey for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。現在我想請朱莉·杜威致閉幕詞。

Thanks, everybody, for joining us today. We appreciate your time and interest. If you have more questions, please reach out, and we'll look forward to talking to you next quarter. This concludes our call.

謝謝大家今天加入我們。我們感謝您的時間和興趣。如果您有更多問題，請聯絡我們，我們期待下個季度與您交談。我們的通話到此結束。

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

感謝您參加今天的會議。程式到此結束。您現在可以斷開連線。