(TMDX) 2023 Q4 法說會逐字稿

So yes.

所以是的。

And then yes, in a moment, I'm not that expert.

然後是的，一會兒我就不再那麼專家了。

All right, then.

那好吧。

Okay, good afternoon, and welcome to the TransMedics Fourth Quarter and Full Year 2023 earnings conference call.

好的，下午好，歡迎參加 TransMedics 2023 年第四季和全年財報電話會議。

At this time, all participants are in a listen only mode.

此時，所有參與者都處於只聽模式。

We will be facilitating a question and answer session towards the end of today's call.

我們將在今天的電話會議結束時安排問答環節。

As a reminder, this call is being recorded for replay purposes.

謹此提醒，本次通話將會被錄音以供重播。

I would now like to turn the call over to Brian Johnston from the Gilmartin Group for a few introductory comments.

我現在想將電話轉給吉爾馬丁集團的布萊恩約翰斯頓，請其發表一些介紹意見。

Thanks, operator.

謝謝，接線生。

Earlier today, TransMedics released financial results for the fourth quarter and full year ended December 31st, 2023.

今天早些時候，TransMedics 發布了截至 2023 年 12 月 31 日的第四季度和全年財務業績。

A copy of the press release is available on the company's website before we begin, I'd like to remind you that management will make statements during this call, including during the question-and-answer portion that include forward-looking statements within the meaning of federal securities laws.

在我們開始之前，我們可以在公司網站上取得新聞稿的副本，我想提醒您，管理層將在本次電話會議期間發表聲明，包括在問答部分期間，其中包含前瞻性聲明聯邦證券法。

Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements.

本次電話會議中包含的任何與對未來事件、結果或績效的預期或預測相關的陳述均為前瞻性陳述。

All forward-looking statements, including, without limitation, our examination of operating trends, the potential commercial opportunity for our products and our future financial expectations, which include expectations for growth in our organization and guidance and our expectations for revenue, gross margins and operating expenses in 2024 and beyond are based upon current estimates and various assumptions.

所有前瞻性陳述，包括但不限於我們對營運趨勢的審查、我們產品的潛在商業機會以及我們未來的財務預期，其中包括對我們組織和指導成長的預期以及我們對收入、毛利率和營運的預期2024 年及以後的支出是基於當前估計和各種假設。

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.

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。

And accordingly, you should not place undue reliance on these statements.

因此，您不應過度依賴這些陳述。

Additional information regarding these risks and uncertainties appears under the heading Risk Factors on our Form 10 K filed with the Securities and Exchange Commission on February 27th, 2023, and our subsequent Form 10 Q filings and the forward-looking statements included in today's earnings press release, all of which are available at www.SEC.gov and on our website at www.TransMedics.com. Transmedics disclaims any intention or obligation except as required by law to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

有關這些風險和不確定性的更多資訊請參閱我們於2023 年2 月27 日向美國證券交易委員會提交的10 K 表格以及我們隨後提交的10 Q 表格以及今天的收益新聞稿中包含的前瞻性聲明中的「風險因素」標題，所有這些都可以在 www.SEC.gov 和我們的網站 www.TransMedics.com 上找到。除法律要求外，Transmedics 不承擔任何更新或修改任何財務預測或前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, February 26th, 2024.

本次電話會議包含時效性訊息，僅截至今天（2024 年 2 月 26 日）直播時準確。

With that, I will now turn the call over to Waleed Hassanein, President and Chief Executive Officer.

現在，我將把電話轉給總裁兼執行長瓦利德·哈桑 (Waleed Hassane)。

Thank you so much, Brian.

非常感謝你，布萊恩。

Good afternoon, everyone, and welcome to TransMedics Fourth Quarter and Full Year 2023 earnings call.

大家下午好，歡迎參加 TransMedics 2023 年第四季和全年財報電話會議。

As always, joining me today is Stephen Gordon, our Chief Financial Officer.

像往常一樣，今天與我一起出席的是我們的財務長 Stephen Gordon。

Our fourth fourth quarter performance represents a need a new high watermark for TransMedics business.

我們第四季的業績顯示 TransMedics 業務需要一個新的高水位。

We ended the year on a very strong note, laying a solid foundation for continued growth.

我們以非常強勁的成績結束了這一年，為持續成長奠定了堅實的基礎。

Also, the fourth quarter was the first quarter that we had TransMedics transplant logistics services operational during the full three months of the quarter, although it is early, although TransMedics logistics is in its early innings.

此外，第四季度是我們在整個季度的三個月內運作 TransMedics 移植物流服務的第一個季度，儘管現在還為時過早，儘管 TransMedics 物流還處於早期階段。

I am thrilled to report on the early successes of the logistical services we successfully executed on every front and overcame early operational challenges as we continue to expand our footprint and team.

我很高興向大家報告，隨著我們不斷擴大業務範圍和團隊，我們在各個方面成功執行了物流服務，並克服了早期的營運挑戰。

Let me share the summary of our results for Q4 and full year 2023.

讓我分享一下我們第四季和 2023 年全年的業績摘要。

Total revenue for 4Q grew to 81.2 million, representing 159% growth from 4Q 2022 and 2020 and a 22% sequential growth from 3Q 2023.

第四季總營收成長至 8,120 萬美元，較 2022 年第四季和 2020 年成長 159%，較 2023 年第三季較上季成長 22%。

For the full year of 23, total revenue was $241.6 million, representing 159% growth over 2022.

23 全年總營收為 2.416 億美元，較 2022 年成長 159%。

So for the second consecutive year we delivered on and even exceeded our aspirational aspirations to double revenue year over year.

因此，我們連續第二年實現甚至超越了我們的願望，即收入同比翻一番。

In the first years of OCS commercial launch, TransMedics logistics services revenue for 4Q was $9.2 million, up from 2.1 million in 3Q.

在 OCS 商業推出的頭幾年，TransMedics 物流服務第四季的營收為 920 萬美元，高於第三季的 210 萬美元。

We are proud of this success in the first full quarter of operations based on everything we know today we are growing extremely confident and bullish on the significant potential positive impact of TransMedics logistical services to help us grow the use of NOP. platform.

我們對第一個完整季度營運的成功感到自豪，基於我們今天所知道的一切，我們對 TransMedics 後勤服務幫助我們增加 NOP 使用的重大潛在積極影響變得非常有信心和樂觀。平台。

We fully expect our integrated NOP and logistics services to enable TransMedics to deliver an end-to-end, seamless, efficient and safe solution to transplant programs across the U.S. simply stated, providing a world-class service through a highly cost efficient model.

我們完全期望我們的綜合 NOP 和物流服務能夠使 TransMedics 為美國各地的移植項目提供端到端、無縫、高效和安全的解決方案。簡單地說，透過高度成本效益的模式提供世界一流的服務。

Our overall gross margin for 4Q was 59%, down from 66% in 4Q 2020 to the full year 2023.

我們第四季的整體毛利率為 59%，從 2020 年第四季的 66% 下降到 2023 年全年。

Our gross margin was 64% compared to 70% in 22.

我們的毛利率為 64%，而 22 年為 70%。

I know Steven is going to detail this in his section of today's presentation.

我知道史蒂文將在今天的演講部分詳細介紹這一點。

However, I want to take this opportunity to give you my perspective on this important topic of TransMedics gross margin, please remember, we are still very early in our commercial ramp and more so with our logistics services there are several leverage points I repeat.

然而，我想藉此機會向您介紹我對TransMedics 毛利率這一重要主題的看法，請記住，我們的商業發展仍處於早期階段，更重要的是，在我們的物流服務方面，我重複了幾個槓桿點。

There are several leverage points for both product and service revenues that are not fully reflected in our models yet based on everything we know today we are extremely confident that we will be able to ramp the gross margin up over the next 12 to 18 months as we achieve more leverage of scale in our operations in the meantime, we are thrilled that we achieved a 35% gross margin for our service business faster than we had projected, exceeding our early expectations.

產品和服務收入有幾個槓桿點沒有完全反映在我們的模型中，但根據我們今天所知道的一切，我們非常有信心我們將能夠在未來 12 至 18 個月內提高毛利率，因為我們與此同時，我們的服務業務毛利率達到35% 的速度比我們預期的更快，超出了我們的早期預期，對此我們感到非常興奮。

Again, it is just that beginning, we also achieved critical profitability milestone in 4Q as we delivered our first GAAP operating profit quarter.

再說一遍，這只是一個開始，我們在第四季度還實現了關鍵的獲利里程碑，因為我們交付了第一個 GAAP 營業利潤季度。

Specifically, we delivered 2.6 million of operating profit and 4 million of net profit in the fourth quarter.

具體來說，我們第四季實現營業利潤260萬，淨利400萬。

This marks a critical step forward as we strive to reach and sustain positive cash flow in the very near future.

這標誌著我們努力在不久的將來實現並維持正現金流的關鍵一步。

Before moving on, I'd like to take a moment to recognize that these exceptional results were only possible through the hard work of the entire TransMedics team.

在繼續之前，我想花一點時間認識到，這些卓越的成果只有透過整個 TransMedics 團隊的辛勤工作才能實現。

Let me send a message to team TransMedics.

讓我向 TransMedics 團隊發送訊息。

We are grateful for your world-class effort, commitment and creativity in navigating every operational challenge of our rapidly growing business in 2023.

我們感謝您在 2023 年應對我們快速成長的業務的每一項營運挑戰時所付出的世界級努力、承諾和創造力。

Importantly, I want to make it crystal clear that we are now gearing up for another strong year of execution in 2024.

重要的是，我想明確表示，我們現在正在為 2024 年又一個強勁的執行年做準備。

Now let me move on to provide my perspectives on some important trends and what do they mean for our business in line with our growth strategy, we grew our case volume across all three organ markets in 23 compared to 22.

現在讓我繼續談談我對一些重要趨勢的看法，以及它們對我們的業務意味著什麼，符合我們的成長策略。與22 年相比，我們在23 年所有三個器官市場的病例數量都有所增長。

Our OCS Lung case volume grew by approximately 11%.

我們的 OCS 肺部病例數量增加了約 11%。

Our OCS Heart case volume grew by approximately 82%, and our OCS Liver case volume grew by approximately 199%, almost tripling from 2020 to for the full year, we have transplanted approximately 2,300 OCS transplants in the U.S. compared to approximately 1,000 transplants in 22.

我們的OCS 心臟病例數量增加了約82%，我們的OCS 肝臟病例數量增加了約199%，幾乎是2020 年的三倍，全年我們在美國進行了約2,300 例OCS 移植手術，而2020 年我們的OCS 移植手術數量約為1,000 例。 。

We plan to report our annual OCSK. volume in the US going forward as a benchmark towards the stated goal of performing 10,000 transplants in the U.S. by 2028.

我們計劃報告我們的年度 OCSK。美國的移植量將作為實現 2028 年在美國進行 10,000 例移植的既定目標的基準。

In terms of NOP contribution, as we predicted, NOP represented the lion's share of OCS transplants in the U.S. We ended the year with an overall NOP rate of more than 98% across all three organs.

就 NOP 貢獻而言，正如我們預測的那樣，NOP 占美國 OCS 移植的最大份額。到年底，我們所有三個器官的總體 NOP 率均超過 98%。

We are confident that this sustained growth and success of NOP is based solely on the operational efficiency to grow transplant volumes, highest level of clinical care of donor organs and the overall cost efficiency experienced by transplant programs across the United States.

我們相信，NOP 的持續成長和成功完全取決於增加移植量的運作效率、捐贈器官的最高水準臨床照護以及美國各地移植計畫的整體成本效率。

Importantly, we are planning to present several data analyses during the upcoming transplant conferences in 2024 to unequivocally demonstrate the improved clinical outcomes achieved using OCSNOP. in the US.

重要的是，我們計劃在 2024 年即將召開的移植會議上展示多項數據分析，以明確證明使用 OCSNOP 所取得的改善的臨床結果。在美國。

Again, I want to stress a key point.

我想再次強調一個關鍵點。

The success of OCSNOP. program is based on better clinical economic and operational outcomes experienced by the transplant centers and not based on anything else in Q4.

OCSNOP 的成功。該計劃基於移植中心所經歷的更好的臨床經濟和營運結果，而不是基於第四季度的其他任何內容。

We buttressed the NOP clinical staffing by adding 37 new clinical specialists and four procurement surgeons.

我們透過增加 37 名新的臨床專家和 4 名採購外科醫生來加強 NOP 臨床人員配置。

Now let me share the impact of our OCS technology and NOP on the overall national transplant volume in the US for the first time in nearly eight plus years, both liver and heart transplant volumes grew by 12% nationally in the U.S. based on our OCS case number and donor mix, we are confident that our OCS technology and NOP services were primary drivers for this annual transplant volume growth.

現在讓我分享一下我們的 OCS 技術和 NOP 對美國全國整體移植量的影響，這是近八年多來首次，根據我們的 OCS 案例，美國全國肝臟和心臟移植量增長了 12%數量和捐贈者組合，我們相信我們的OCS 技術和NOP 服務是年度移植量成長的主要驅動力。

The overall national growth came from both increased use of DCD donors driven by OCS use as well as a modest increase in DBD. donor utilization.

全國整體成長來自 OCS 使用推動的 DCD 捐助者使用的增加以及 DBD 的適度成長。捐助者的利用。

This is a great first step to prove the ability of the OCS and NOP to grow the overall U.S. transplant market.

這是證明 OCS 和 NOP 發展美國整體移植市場能力的重要第一步。

We are looking forward to continuing this trend in 24 and hopefully seeing similar growth in lung driven by OCS. and NOP. over the next few years.

我們期待在 24 年繼續保持這一趨勢，並希望看到 OCS 推動的肺部類似增長。和NOP。在接下來的幾年裡。

Now let's discuss the percent percentage penetration of the OCS use in each Oregon market segment nationally in the U.S., we ended 23 with the OCSK.'s volume representing approximately 17% share of the national liver transplant volume, approximately 16% share of the heart national transplant volume and approximately 4% share of the lung national transplant volume in the US.

現在讓我們來討論美國俄勒岡州各個細分市場中 OCS 使用的滲透率。截至 23 日，OCSK 的銷售量約佔全國肝臟移植量的 17%，約佔心臟移植量的 16%全國移植量，約佔全國肝臟移植量的 17%，約佔心臟移植量的 16%全國移植量，約佔美國全國肺移植量的4%。

For anyone who may be assuming that TransMedics has maxed out on our growth potential, these data provided crystal clear evidence that we have a long way to go to continue to grow our market share in the US.

對於那些可能認為 TransMedics 已經充分發揮了我們的成長潛力的人來說，這些數據提供了清晰的證據，表明我們還有很長的路要走，才能繼續擴大我們在美國的市場份額。

This will be fueled further by our unique ability to also expand the overall national growth of transplant volumes in the US to help patients who are desperately in need for life-saving transplant procedure.

我們獨特的能力將進一步推動這一趨勢，擴大美國全國移植量的整體成長，以幫助迫切需要挽救生命的移植手術的患者。

Our vision is that by the time we reach that 10,000 U.S. OCS transplants that this number 10,000 would represent a portion of the overall U.S. transplant market and not the total addressable U.S. market.

我們的願景是，當美國 OCS 移植數量達到 10,000 例時，這 10,000 例將代表整個美國移植市場的一部分，而不是整個美國潛在市場。

Now let me turn to a more detailed discussion on our transparent logistics service strategy and review its early performance in late 2023.

現在讓我更詳細地討論我們的透明物流服務策略，並回顧其在 2023 年底的早期表現。

I want to start by highlighting our strategy and value proposition.

我想先強調我們的策略和價值主張。

Please allow me to share some important facts and background on this important topic.

請允許我分享有關這個重要主題的一些重要事實和背景。

One, historically for cold preservation and organ transport transplant center relied exclusively on charter flight brokers and local small operators a repeat transplant center relied on charter flight brokers and or local small charter operates.

一、歷史上，冷藏和器官運輸移植中心完全依賴包機經紀人和當地小型運營商，重複移植中心則依賴包機經紀人和/或當地小型包機運作。

These brokers typically have used what they promote as an asset-light model, meaning they don't own or operate any aircrafts.

這些經紀人通常使用他們所宣傳的輕資產模式，這意味著他們不擁有或經營任何飛機。

Their role is simply to contract a charter flight and accrue from a local or regional operator when a donor mission is needed when TransMedics first deployed the NOP. program, you all remember, we too relied on the same network of Charter brokers.

他們的角色只是簽訂包機合同，並在 TransMedics 首次部署 NOP 時需要捐助任務時從當地或區域運營商獲得資金。計劃，你們都記得，我們​​也依賴同一個包機經紀人網路。

Unfortunately, we quickly learned through first-hand experience that the brokered charter flight model has significant limitations to help grow the transplant volume in the U.S. and was becoming a huge bottleneck for our NOP. program.

不幸的是，我們很快就透過第一手經驗了解到，經紀包機模式對於幫助增加美國的移植量有很大的局限性，並且正在成為我們 NOP 的巨大瓶頸。程式.

This regional charter brokerage approach was very operationally inefficient and added significant costs to the transplant centers due to one fragmented, local and regional operators using older aircrafts that were not capable of covering the new longer-range donor missions now afforded by the new U.S. national Oregon allocation laws and the use of OCS technology.

這種區域包機經紀方法在運作上效率非常低，並且由於使用舊飛機的分散的本地和區域運營商增加了移植中心的大量成本，而這些飛機無法承擔新的美國俄勒岡州國家航空目前承擔的新的遠距捐贈任務分配法則和OCS技術的使用。

And it's an NOP.s capability to go longer distances to increase utilization of donor organs for transplant to significant shortage of charter planes availability for 24 seven to cover the growing demand for transplant missions.

NOP. 有能力飛更遠的距離，以提高移植捐贈器官的利用率，從而導致 24 小時 7 小時的包機嚴重短缺，無法滿足日益增長的移植任務需求。

This resulted in the loss of approximately 20% to 30% of donor retrieval emissions for NOP. in 22 and early 23 three, the lack of control over the planes and pilots by most charter brokers often resulting in the use of more than one plane and multiple crews to complete a single mission, which sometimes doubled the transportation bill paid by the transplant center for lack of control over the starting location of the aircrafts led to use of highly inefficient routes, which added even more costs in order to reposition the aircraft five lack of control over air safety standards of these contracted charter outside of these contracted local or regional operators flying 2030 year old aircrafts.

這導致 NOP 供體回收排放量損失約 20% 至 30%。 22 日和23 月初，大多數包機經紀人缺乏對飛機和飛行員的控制，常常導致使用多架飛機和多名機組人員來完成一項任務，這有時使移植中心支付的運輸費用增加了一倍因缺乏對飛機出發地點的控制，導致使用效率極低的航線，從而增加了重新定位飛機的成本 5 缺乏對這些簽約當地或區域運營商之外的包機航空安全標準的控制駕駛2030 年機齡的飛機。

In fact, our own NOP. clinical and surgical teams experienced a few near catastrophic events on brokered aircrafts in 22 and 23, fix an inefficient route round trip cost model, even if the donor organ is not procured for transplant or if the DCD donor never progressed to become a donor.

事實上，我們自己的NOP。臨床和外科團隊在 22 日和 23 日在中介飛機上經歷了幾起近乎災難性的事件，修復了低效的航線往返成本模型，即使未採購供移植器官或 DCD 捐贈者從未成為捐贈者。

Finally, a very complex cost structure with multiple middlemen that paid with associated profit margins for the owner of aircraft, the operator of aircraft and the broker of the chartered flight.

最後，一個非常複雜的成本結構，有多個中間商為飛機所有者、飛機運營商和包機經紀人支付相關的利潤率。

All these added significant and unnecessary cost burden to the transplant centers.

所有這些都為移植中心增加了龐大且不必要的成本負擔。

So while this asset model might be light for the broker, it is clearly a very heavy financial burden to the transplant centers and payers who ended up paying multiple middleman.

因此，雖然這種資產模式對經紀人來說可能很輕，但對於移植中心和最終支付多個中間商的付款人來說，這顯然是一個非常沉重的財務負擔。

Importantly, it is also severely it also severely limits the ability to grow transplant volumes due to the two shortage of dedicated aircrafts.

重要的是，由於專用飛機的兩次短缺，也嚴重限制了移植量的成長能力。

And we cite as a roadblock to our stated goal and commitment to growing the U.S. transplant volume to address these significant inefficiencies, safety issues and capacity constraints in the historical model above TransMedics created a new, more scalable model that needs the current and future needs for growth of the transplant markets in the US, while providing significant operational and cost efficiencies to the transplant centers.

我們引用了我們既定目標和承諾的障礙，即增加美國移植量，以解決上述歷史模型中的這些嚴重的低效率、安全問題和能力限制，TransMedics 創建了一個新的、更具可擴展性的模型，該模型需要滿足當前和未來的需求美國移植市場的成長，同時為移植中心提供顯著的營運和成本效率。

Let me share with you our vision and our goals that we've actually achieved to date.

讓我與您分享我們的願景以及迄今為止我們實際實現的目標。

One, we set out to maximize donor organ utilization for transplants by building and operating a modern fleet of jets that can go longer distances.

第一，我們著手透過建造和營運一支可以飛行更遠距離的現代化噴射機隊，最大限度地利用捐贈器官進行移植。

This fleet is dedicated to transplant missions and not charter flights using newer model aircraft allows us to use less fuel so we can be environmentally responsible, reduce maintenance costs and reduce downtime to maximize availability to conduct transplant missions.

該機隊專門執行移植任務，而不是使用較新型號飛機的包機，這使我們能夠使用更少的燃料，從而對環境負責，降低維護成本並減少停機時間，以最大限度地提高執行移植任務的可用性。

Two, our goal was to maximize operational efficiency, which will reduce cost on the transplant centers.

第二，我們的目標是最大限度地提高營運效率，這將降低移植中心的成本。

Three, our goal is to maintain the highest level of air safety for our staff, our clinical users and the precious donor organs.

第三，我們的目標是為我們的員工、臨床使用者和珍貴的捐贈器官保持最高水準的空氣安全。

We are caring for for maximize logistics availability to ensure that we reduce the waste of donor organs that do not get used due to lack of plain availability.

我們致力於最大限度地提高物流可用性，以確保減少因缺乏簡單可用性而無法使用的捐贈器官的浪費。

And finally, leveraging the unique NOP network and proprietary modern dispatching algorithms with a digital command and control center structure to significantly reduce cost burden of DCD donors that don't progress to become a donor.

最後，利用獨特的 NOP 網路和專有的現代調度演算法以及數位指揮和控制中心結構，顯著減輕未成為捐贈者的 DCD 捐贈者的成本負擔。

The NOP. network infrastructure created by TransMedics has given us a unique ability to share our cost efficiencies with our transplant center users.

諾普。 TransMedics 創建的網路基礎設施使我們能夠與移植中心用戶分享我們的成本效益。

Now with the above background, let me share with you some important early performance metrics for TransMedics transplant logistics service, which encompasses Aviation and Ground logistics for NOP. missions.

現在，基於上述背景，讓我與您分享 TransMedics 移植物流服務的一些重要的早期績效指標，其中包括 NOP 的航空和地面物流。任務。

As mentioned earlier, revenue from transplant logistics service alone was 9.2 million in 4Q compared to 2.1 million in 3Q, as we were only operational for approximately four to five weeks in 3Q.

如前所述，第四季度僅移植物流服務的收入為 920 萬美元，而第三季度為 210 萬美元，因為我們在第三季度僅運營了大約四到五週。

The average number of active TransMedics aviation planes were approximately seven planes in 4Q compared to approximately 3.5 in 3Q.

第四季度，現役 TransMedics 航空飛機的平均數量約為 7 架，而第三季約為 3.5 架。

We ended the year with a total of 11 owned aircrafts that will become fully operational in early 2024.

截至年底，我們共有 11 架自有飛機，這些飛機將於 2024 年初全面投入營運。

Approximately 98 transplant programs in the U.S. use TransMedics logistics service in 4Q compared to approximately 36 programs in 3Q.

第四季度，美國約有 98 個移植項目使用 TransMedics 物流服務，而第三季約有 36 個項目。

This is an important metrics to unequivocally show that operational availability, cost efficiency and high safety standards enabled us to disrupt the inefficient historical truck model and take market share relatively quickly.

這是一個重要指標，明確表明營運可用性、成本效率和高安全標準使我們能夠顛覆低效率的歷史卡車模式並相對快速地佔據市場份額。

We were able to cover only approximately 35% of our NOP. flights needs in 4Q using TransMedics aviation planes compared to 13% in 3Q at scale, we are hoping to cover 80% of the NOP. case cases using our TransMedics logistics service for both air and ground transport, we will use carefully selected highly reliable and safe operators for supplemental lifts to support our mission so far, we are humbled and proud by these early results.

我們只能承保約 35% 的 NOP。第四季使用 TransMedics 航空飛機的航班需求規模相比第三季的 13%，我們希望能夠覆蓋 80% 的 NOP。使用我們的 TransMedics 物流服務進行空中和地面運輸的案例，我們將使用精心挑選的高度可靠和安全的操作員進行補充運輸，以支持我們迄今為止的使命，我們對這些早期成果感到謙卑和自豪。

We are continuing to expand our air fleet and crew to operate aircraft we are hoping to have 15 to 20 aircraft operational by end of 24 or early 25.

我們正在繼續擴大我們的機隊和機組人員來操作飛機，我們希望在 24 年底或 25 年初有 15 到 20 架飛機投入運作。

We opened the digital command and control I'm sorry, command and dispatch center and Andover at the end of December, and we are now fully operational 24 seven three 65 from this state of the art facility.

抱歉，我們在 12 月底啟用了指揮調度中心和安多佛的數位指揮與控制系統，現在我們已從這個最先進的設施全面投入使用（24 小時 7 小時 3 小時）。

This dispatch center is designed to maximize operational availability, efficiency and efficient routing of our NOP. resources to match to minimize plain repositioning costs on the transplant programs.

該調度中心旨在最大限度地提高 NOP 的營運可用性、效率和高效路由。匹配的資源，以最大限度地減少移植計劃的簡單重新定位成本。

Again, based on everything we know today, we are extremely confident and bullish on the potential positive impact of transplant logistics services on the growth of our NOPK.s volume and a more efficient utilization of our clinical resources.

同樣，根據我們今天所知道的一切，我們非常有信心和看好移植物流服務對我們 NOPK. 數量增長和更有效地利用我們臨床資源的潛在積極影響。

Before I leave the TransMedics logistics section, I want to share some perspective on a matter that recently entered the public domain.

在離開 TransMedics 後勤部分之前，我想就最近進入公共領域的一件事分享一些觀點。

Many of you may be aware that a letter was e-mailed to TransMedics from a member of the U.S. Congress on February 21st, riding in his capacity as an individual member of Congress regarding TransMedics business practices prior to receiving this letter, we had never communicated with this Congressman, nor with any member of his staff.

你們中的許多人可能都知道，美國國會議員於2 月21 日以國會個人議員的身份向TransMedics 發送了一封電子郵件，在收到這封信之前，我們從未就TransMedics 的商業行為進行過溝通。與這位國會議員，也不與他的任何工作人員。

This letter contains serious accusations, which are grossly inaccurate unfounded.

這封信包含嚴重的指控，這些指控完全不準確、毫無根據。

And based on wrong information, let me repeat again, this letter contains serious accusation, which are grossly inaccurate, unfounded and based on wrong information.

基於錯誤的訊息，讓我再次重申，這封信包含嚴重的指控，這些指控非常不準確、毫無根據、基於錯誤的資訊。

Rest assured TransMedics has responded to this letter with the same level of seriousness with factual evidence to set the record straight.

請放心，TransMedics 已以同樣嚴肅的態度回應了這封信，並提供了事實證據來澄清事實。

Our formal response is posted publicly on the Investors section of our website.

我們的正式回應公開發佈在我們網站的投資者部分。

It is clear that what TransMedics is doing in the area of transplant logistics is disrupting this antiquated charter brokerage model for organ transplantation.

顯然，TransMedics 在移植物流領域所做的事情正在顛覆這種過時的器官移植特許經紀模式。

This is creating some competitive dynamic in this area by some of our historical by some of the historical brokers that are struggling to compare or to compete with our operationally efficient and cost effective logistical capabilities.

這在這一領域創造了一些競爭動力，我們的一些歷史經紀商正在努力與我們的營運效率和成本效益的物流能力進行比較或競爭。

Finally, let me give you a bird's eye view of our growth strategy in 2024 and hope to detail these initiatives in our one Q 2020 24 call in May, our goal in 24 is to continue to invest in building out our TransMedics transplant logistical services throughout 24.

最後，讓我向您概述一下我們 2024 年的成長策略，並希望在 5 月份的 2020 年 24 季度電話會議中詳細介紹這些舉措，我們 24 的目標是繼續投資建設我們的 TransMedics 移植物流服務。24.

To give us more operational leverage and efficiencies, we will focus on growing our NOPK.s volume in all three market segments by driving both growth in the overall TransDigm volume and take share of existing volumes.

為了給我們帶來更多的營運槓桿和效率，我們將透過推動 TransDigm 整體銷售的成長並佔據現有銷售的份額，專注於增加所有三個細分市場的 NOPK.s 銷售量。

We will initiate a new clinical program trial to reinvigorate the lung transplant activities in the United States.

我們將啟動一項新的臨床計劃試驗，以重振美國的肺移植活動。

Finally, we are investing in our next-gen OCS technology platform that will be more optimized for NOP workflow and streamline the support process on our clinical staff to maintain the highest clinical management quality and achieve better product leverage.

最後，我們正在投資下一代 OCS 技術平台，該平台將針對 NOP 工作流程進行更加優化，並簡化臨床人員的支援流程，以保持最高的臨床管理品質並實現更好的產品槓桿。

We are humbled by our success in 23.

我們對 23 年的成功感到謙卑。

However, we are not standing still.

然而，我們並沒有停滯不前。

We are laser focused on our execution plan for 24 to help drive growth in the overall transplant volumes in the US and for TransMedics business.

我們高度關注 24 日的執行計劃，以幫助推動美國整體移植量和 TransMedics 業務的成長。

That being said, we need to be balanced.

話雖如此，我們需要保持平衡。

We need to balance our bullish plans with potential scalability and competitive challenges.

我們需要平衡我們的樂觀計劃與潛在的可擴展性和競爭挑戰。

We are providing an annual revenue guidance between 360 million to 370 million, which represents 49% to 53% growth over 2023.

我們提供的年收入指引在 3.6 億至 3.7 億之間，比 2023 年成長 49% 至 53%。

With that, let me turn the call to Stephen Gordon to cover the detailed financial results for the quarter.

接下來，讓我致電史蒂芬‧戈登，介紹本季的詳細財務表現。

Thank you, Wally.

謝謝你，沃利。

I will now provide some additional detail on the Q4 results and other financial information for the quarter and the year.

我現在將提供有關第四季度業績以及該季度和年度其他財務資訊的一些額外詳細資訊。

So starting with revenue for the fourth quarter of 2023, our total revenue was 81.2 million.

所以從2023年第四季的收入開始，我們的總收入是8120萬。

This is an increase of 159% from the fourth quarter of 2020 to the 22% sequential increase from last quarter to $81.2 million included $1.1 million related to our flight school and $1.4 million related to Summit Aviation's legacy business.

這比2020 年第四季成長了159%，比上一季連續成長了22%，達到8,120 萬美元，其中包括與我們的飛行學校相關的110 萬美元和與Summit Aviation 傳統業務相關的140 萬美元。

So a total of 2.5 million that is non-transplant related.

因此，與非移植相關的總數為 250 萬。

So 1.4 million of legacy business is not continuing and is expected to be zero in the first quarter of 2024.

因此，140 萬的遺留業務無法繼續，預計到 2024 年第一季將為零。

So that leaves $78.7 million of transplant related revenue worldwide in the U.S. transplant revenue was 75.2 million U.S. revenue also increased up over 100, 159% from the fourth quarter of 2022.

因此，全球移植相關收入為 7,870 萬美元，而美國移植收入為 7,520 萬美元，較 2022 年第四季成長了 100 多倍，成長了 159%。

And the US grew 26% sequentially from last quarter, and this included the 9.2 million of transplant TransMedics logistics revenue.

美國較上季較上季成長 26%，其中包括 TransMedics 920 萬美元的移植物流收入。

The organ breakdown on U.S. revenue was 54 points, $54.7 million of liver 17.6 million of heart and 2.9 million of low organs growing substantially over Q4 of 2022.

美國收入的器官細分為 54 個百分點，其中肝臟 5,470 萬美元、心臟 1,760 萬美元和低等器官 290 萬美元，在 2022 年第四季大幅增加。

We did see a modest sequential decline in lung revenue while liver and heart continues strong.

我們確實看到肺收入略有連續下降，而肝臟和心臟繼續強勁。

Sequential growth in Q4, ex U.S. revenue was $3.5 million, a 51% increase from Q4 of 2022, but also a sequential decline from Q3 of 2023.

第四季（美國除外）營收季增 350 萬美元，比 2022 年第四季成長 51%，但也比 2023 年第三季季減。

As we have stated in the past, our revenue outside the US may not be consistent due to the nature of transplant and the lack of reimbursement outside the United States.

正如我們過去所說，由於移植的性質以及美國境外缺乏報銷，我們在美國境外的收入可能不一致。

The OUS organ breakdown was 3.2 million of heart and 0.3 million of blood.

OUS 器官損壞為 320 萬心臟和 30 萬血。

Next, I will cover the product and service revenue.

接下來我將介紹產品和服務收入。

Our service revenue includes the added amounts we charge for the surgical procurement and organ management, and now also includes the amount we charge for organ procurement and transplant logistics, including air and ground services.

我們的服務收入包括我們對手術採購和器官管理收取的額外費用，現在還包括我們對器官採購和移植物流（包括空中和地面服務）收取的費用。

In Q4, product revenue was $51.9 million and service revenue was 29.3 million.

第四季度，產品收入為 5,190 萬美元，服務收入為 2,930 萬美元。

So the service portion was 36% of the total in Q4, and that includes that non-transplant Service revenue gross margin for the fourth quarter of 2023 was 59%.

因此，第四季服務部分佔總營收的 36%，其中包括 2023 年第四季的非移植服務收入毛利率為 59%。

This was down from 66% in the fourth quarter of 2022 and reflects the higher NOP. service component of our business, which was still in the early stage in Q4 of 2022, while drilling down one level, the product margin was 73% in Q4 and service margin was 35%.

這比 2022 年第四季的 66% 有所下降，反映了 NOP 的上升。我們業務的服務部分，2022年第四季仍處於早期階段，往下一層看，第四季產品利潤率為73%，服務利潤率為35%。

We did experience an unfavorable impact to product margin of about 300 basis points that will not repeat in Q1, which was related to end-of-year inventory cleanup and adjustments.

我們確實經歷了產品利潤率約300個基點的不利影響，這種影響在第一季不會重演，這與年末庫存清理和調整有關。

We have made changes to our processes.

我們對流程進行了更改。

So we will not see this type of quarterly anomaly in the future.

所以我們未來不會看到這種類型的季度異常。

On the service side, we are pleased that we were able to deliver 35% service gross margin in our first full quarter of providing our logistics service and IT just to repeat the service.

在服務方面，我們很高興能夠在提供物流服務和 IT 服務的第一個完整季度中實現 35% 的服務毛利率，只是為了重複服務。

So this achievement gives us confidence that we will be able to provide this service with the mid 30s, service gross margin or better as we grow our footprint and utilization of aviation.

因此，這項成就讓我們相信，隨著我們的足跡和航空利用率的擴大，我們將能夠在 30 多歲左右提供這項服務，服務毛利率甚至更高。

As a reminder, all costs related to aviation, including fuel pilots, maintenance and depreciation, are included in the service cost of goods sold.

提醒一下，所有與航空相關的成本，包括燃油飛行員、維修和折舊，都包含在所售商品的服務成本中。

Total operating expenses for the quarter were $45.3 million, 65% above Q4 of 2022.

該季度的總營運支出為 4,530 萬美元，比 2022 年第四季成長 65%。

Operating expense and this expense growth was driven by investment throughout the organization, including 87% growth in R & D related to investments in new products, development and O. NOP tools and 59% growth in SG&A for both NOP support and overall corporate infrastructure.

營運費用和這項費用成長是由整個組織的投資所驅動的，包括與新產品、開發和O.NOP 工具投資相關的研發成長87%，以及用於NOP 支援和整體公司基礎設施的SG&A 成長59% 。

The growth in operating expense of 65% while growing revenue by 159% allowed TransMedics to deliver its first GAAP operating profit of $2.6 million and net profit of $4 million for the fourth quarter of 2023.

營運費用成長 65%，營收成長 159%，使 TransMedics 在 2023 年第四季首次實現 GAAP 營運利潤 260 萬美元，淨利潤 400 萬美元。

This compared with an operating loss of 6.8 million in Q4 of 22 and a net loss of $6.7 million in Q4 22.

相較之下，22 年第四季的營運虧損為 680 萬美元，22 年第四季的淨虧損為 670 萬美元。

Total cash at the end of the year was $394.8 million as of December 31st, 2023, which equates to cash usage of $32.3 million from the balance at the end of Q3 of 2023 of our operating cash was a positive 8.3 million in the quarter of which was offset by the purchase of three additional planes in the quarter for about 39 million.

截至 2023 年 12 月 31 日，年末現金總額為 3.948 億美元，相當於 2023 年第三季末餘額中的現金使用量為 3,230 萬美元，本季我們的營運現金為正 830 萬美元，其中該季度額外購買了三架飛機，價值約3,900 萬美元，抵銷了這一損失。

Basic weighted average common shares outstanding for the quarter were $32.6 million, and diluted weighted average common shares outstanding for the quarter were 34.2 million.

本季流通在外的基本加權平均普通股為 3,260 萬美元，本季流通在外的稀釋加權平均普通股為 3,420 萬美元。

Now let me share some summarized information on the full fiscal year 2023 results for the full year, total revenue was $241.6 million, again, a 159% increase over the prior year.

現在讓我分享一些關於 2023 財年全年業績的總結信息，總收入再次達到 2.416 億美元，比上一年增長 159%。

The U.S. organ breakdown for the full year was 151.5 million of liver, 59.4 million of heart and 10.5 million of loans ex U.S. was 14 million of heart, 1.3 million of lung and 0.1 million of liver.

美國全年的器官分類為1.515億個肝臟、5940萬個心臟和1050萬個貸款（除美國外）為1400萬個心臟、130萬個肺和10萬個肝臟。

And again, non-transplant revenue for the year was $4.9 million.

同樣，當年的非移植收入為 490 萬美元。

Product revenue for the year was $176.1 million and service revenue was $65.6 million.

全年產品收入為 1.761 億美元，服務收入為 6,560 萬美元。

Gross margin for the full year 2023 was 64% compared to 20 as compared to 70% in 2022.

2023 年全年毛利率為 64%，而 2022 年為 70%。

Again, this is a result of the higher portion of NOP service revenue.

同樣，這是 NOP 服務收入比例較高的結果。

Product margin was 77% and service margin was 29%.

產品利潤率為77%，服務利潤率為29%。

For the full year of 2023, total operating expenses were $182.5 million for the full year 2023, up 89%.

2023年全年總營運費用為1.825億美元，成長89%。

I'm $96.7 million in 2022 and included $27.2 million of one-time acquired in process R & D related to our acquisition of technology from bridge to life and 2 million of acquisition-related expenses from our acquisition of Summit, both in the third quarter of 2023.

2022 年我的收入為 9,670 萬美元，其中包括與我們收購 Bridge to Life 技術相關的一次性研發費用 2,720 萬美元，以及我們收購 Summit 時的 200 萬美元收購相關費用，均在第三季2023 年。

Our operating loss for the year was $28.7 million or 23 compared to $31.4 million in 2022.

我們今年的營運虧損為 2,870 萬美元，即 23 美元，而 2022 年為 3,140 萬美元。

And net loss was EUR25 million in 2023 compared to 36.2 million in 2022.

2023 年淨虧損為 2,500 萬歐元，而 2022 年淨虧損為 3,620 萬歐元。

Overall, 2023 was a tremendous year for TransMedics as we demonstrated the potential to grow our business while helping to increase the overall number of transplants by adding logistic services to our NOP offering, we can now provide a true turnkey solution to our transplant center customers.

總體而言，2023 年對TransMedics 來說是重要的一年，因為我們展示了業務成長的潛力，同時透過在我們的NOP 產品中添加物流服務來幫助增加移植總數，我們現在可以為我們的移植中心客戶提供真正的交鑰匙解決方案。

We continue to be extremely optimistic about our opportunity to continue to grow in 2024 and beyond.

我們對 2024 年及以後繼續成長的機會仍然非常樂觀。

To repeat, while these earlier comment we are providing annual revenue guidance in the range of 360 million to 370 million, which represents 49% to 53% growth over the full year 2023.

重申一下，雖然我們之前發表了這些評論，但我們提供的年度收入指引範圍為 3.6 億至 3.7 億美元，這意味著 2023 年全年增長 49% 至 53%。

Also, for modeling purposes, we expect gross margins to improve throughout 2024, and we would expect to exit 2024 in the 63% to 64% range for overall gross margin.

此外，出於建模目的，我們預計 2024 年毛利率將有所改善，並且預計 2024 年整體毛利率將在 63% 至 64% 的範圍內。

We do expect the product mix and service mix to be around 65% product and 35% service in 2024, we expense expect expenses to grow in 2024, likely in the 30% to 40% range.

我們預計到 2024 年，產品組合和服務組合將分別為 65% 左右的產品和 35% 的服務，我們預計 2024 年的支出將成長，可能在 30% 到 40% 的範圍內。

Now I would like to turn the call back to Waleed for closing comments.

現在我想將電話轉回瓦利德以徵求結束意見。

Thank you, Stephen.

謝謝你，史蒂芬。

We're very humbled by and proud of TransMedics performance.

我們對 TransMedics 的表現感到非常謙卑和自豪。

In 2023, we more than double our overall revenue.

2023 年，我們的總收入將增加一倍以上。

We help grow the national U.S. heart and liver transplant volumes by double digit numbers.

我們幫助美國全國心臟和肝臟移植量達到兩位數成長。

We launched a new TransMedics logistics network to drive more operational and cost efficiency for our clinical users.

我們推出了新的 TransMedics 物流網絡，以提高臨床用戶的營運效率和成本效率。

And we achieved our first GAAP operating profit quarter for the business.

我們實現了該業務的第一個 GAAP 營業利潤季度。

In totality, we set a solid foundation for sustained growth of our business and our mission of growing transplant volumes to help patients in need for an organ transplant.

總的來說，我們為業務的持續成長和增加移植量以幫助需要器官移植的患者的使命奠定了堅實的基礎。

Now we are laser focused on our 2024 operational plans and on our path towards achieving 10,000 Alsius transplants by 2028.

現在，我們專注於 2024 年營運計劃，以及在 2028 年實現 10,000 例 Alsius 移植的目標。

With that, I will now turn the call back to the operator for Q&A.

現在，我將把電話轉回給接線員進行問答。

Operator, we will now begin the question and answer session.

接線員，我們現在開始問答環節。

To ask a question, you may press star and one on your touchtone phone.

要提問，您可以按按鍵式電話上的星號和一。

If you're using a speakerphone, please pick up your handset before pressing the key.

如果您使用免持電話，請在按鍵前拿起聽筒。

If at any time your question has been addressed and you would like to withdraw your question, please press star then two.

如果您的問題已解決，但您想撤回您的問題，請按星號然後按兩顆星。

Our first question comes from Alan gone with JP Morgan.

我們的第一個問題來自摩根大通的艾倫。

Please go ahead.

請繼續。

Hi, Dean.

嗨，迪恩。

Thanks for the question and congrats on a good quarter.

感謝您的提問，並祝賀您度過了一個美好的季度。

I wanted to start off diving a little bit deeper into your guidance.

我想開始更深入地了解您的指導。

You provided the gross margin outlook by disposables versus service.

您提供了一次性用品與服務的毛利率前景。

But I think a big question that we still have is when we think about your disposables versus service on the top line, how should we think about the drivers of the growth that you're expecting to see?

但我認為我們仍然面臨的一個大問題是，當我們考慮您的一次性用品與頂線服務時，我們應該如何考慮您期望看到的成長驅動因素？

Yes, Alan, as far as drivers of growth.

是的，艾倫，就成長驅動因素而言。

I mean, we continue to as well.

我的意思是，我們也將繼續這樣做。

Lead mentioned, we want to penetrate deeper across all three organs, and we want to deliver a clinical program in lung that will help increase the lung later in the year.

鉛提到，我們希望更深入地滲透所有三個器官，我們希望在肺部提供一個臨床計劃，這將有助於在今年稍後增加肺部。

And the impact of the logistics business is not just for the growth in logistics.

而物流業務的影響力不僅針對物流的成長。

It's also to grow the case volume, which we expect to happen.

這也是為了增加案件數量，這是我們期望發生的。

And Alan, thank you for the question from our perspective.

艾倫，謝謝你從我們的角度提出這個問題。

I agree with Stephen, but let me give you a little bit more granular response.

我同意史蒂芬的觀點，但讓我給你更具體的回應。

We're nowhere close to being done growing in transplant volume.

我們距離完成移植量的成長還很遙遠。

We will grow our transplant volume by growing it by going deeper into existing accounts by adding more RDCD. and DBD. organs across all three organs by reinvigorating the lung program by adding new accounts in areas where we don't have enough accounts like the lung program as well as you know, adding more DBD. to our heart franchise.

我們將透過添加更多 RDCD 更深入地了解現有帳戶來增加移植量。和 DBD。透過在我們沒有足夠帳戶（如您所知的肺部計劃）的領域中添加新帳戶，添加更多 DBD，重振肺部計劃，從而覆蓋所有三個器官。致我們的心特許經營權。

We are we are just in the beginning of this commercial ramp-up and the other impact is the indirect or direct impact of operational efficiency with TransMedics logistics, it may even drive more growth into the actual case volume and the overall revenue growth from the logistics aspect of our business.

我們正處於商業成長的開始階段，另一個影響是 TransMedics 物流營運效率的間接或直接影響，它甚至可能推動實際病例量和物流整體收入的成長。我們業務的一個面向。

So it is it's a we monitor and drive both sides of our business.

因此，這是我們監控和推動我們業務雙方的一個面向。

The disposable income product as well as the service and the synergies that exist between the two will also have an important catalyst two adoption of the disposals.

可支配所得產品以及服務以及兩者之間存在的綜效也將成為處置方式採用的重要催化劑。

Got it.

知道了。

And then just as a quick follow-up, we had seen the letter that you sent in response to the congressional letter.

然後，作為快速跟進，我們看到了您針對國會信函發送的信函。

So I won't dive more into that, but there also was an article out I'm kind of talking about a more thorough investigation of OPOs as a, you know, a kind of a continuation of the investigation that's been ongoing over the last few years.

所以我不會深入探討這個問題，但也有一篇文章談到了對 OPO 進行更徹底的調查，你知道，這是過去一直在進行的調查的一種延續幾年。

How should we think about the potential for that to disrupt the underlying trends by end market?

我們該如何看待它擾亂終端市場基本趨勢的潛力？

And how should we think about the longer-term impact on TransMedics.

我們應該如何考慮對 TransMedics 的長期影響。

Thank you.

謝謝。

Thank you.

謝謝。

Alan.

艾倫.

As you said, what was announced today in the Washington Post is just a continuation of what's been ongoing for several years for them.

正如你所說，《華盛頓郵報》今天宣布的內容只是他們多年來一直在進行的事情的延續。

I'm trying to disrupt or revamp the OPO network in the US.

我正在嘗試破壞或改造美國的 OPO 網路。

The bottom line is is the following.

底線如下。

Transmedics went out alone and developed a unique model for the NOP.

Transmedics 獨自走出去，為 NOP 開發了一種獨特的模型。

We build it, we executed it and we delivered results to grow transplant volumes in this country by double digits numbers.

我們建造它，我們執行它，我們交付成果，使這個國家的移植量實現了兩位數的成長。

That hasn't been seen until almost a decade.

這種情況直到近十年才出現。

We are going to continue to do that and we are proud of what we've accomplished.

我們將繼續這樣做，我們為我們所取得的成就感到自豪。

We don't think what's happening with the OPOs or what what's been announced earlier today.

我們不認為 OPO 發生了什麼或今天早些時候宣布的事情。

Has anything to do with us, but we are here and we are proud to show anybody who cares to know how to grow transplant volumes in this country.

與我們有任何關係，但我們在這裡，我們很自豪地向任何想知道如何增加這個國家的移植量的人展示。

We've already done it and we will continue to do it.

我們已經做到了，並將繼續這樣做。

And so again, it's unfortunate what's going on.

再說一次，發生的事情很不幸。

But as you said, it's been going on for several years.

但正如你所說，這種情況已經持續了好幾年了。

And in the meantime, we are focusing on our business.

同時，我們專注於我們的業務。

We're focusing on driving more organ transplants in this country successfully with excellent results using our NOP. service and now our logistics service.

我們致力於利用我們的 NOP 在這個國家成功推動更多的器官移植並取得優異的結果。服務，現在是我們的物流服務。

Next question operator.

下一個問題運算符。

Next question comes from Josh Jennings with TD Cowen.

下一個問題來自 TD Cowen 的 Josh Jennings。

Please go ahead.

請繼續。

Good evening.

晚安.

Thanks for taking the questions and congrats on the strong finish to a remarkable year.

感謝您提出問題，並祝賀您在非凡的一年中取得圓滿成功。

Wanted to just ask about the congressman Slattery provided us a strong rebuttal, proving every every accusation allegations from well, if you think there could be any short-term disruption to the business of these headlines flying around at our sense is that you've added so many transplant program, just customers that are all aware of the business model don't seem to have any issues with it.

我只想問國會議員斯萊特里，他為我們提供了強有力的反駁，證明了每一項指控，如果您認為這些頭條新聞的業務可能會受到短期幹擾，我們認為您已經添加了這麼多的移植項目，只是了解商業模式的客戶似乎對此沒有任何問題。

But just wonder any any short-term disruption potential into any next steps that you expect from this inquiry, whether Congressman?

但只是想知道您期望從這次調查中獲得的任何後續步驟是否有任何短期幹擾潛力，國會議員？

Thank you, Josh.

謝謝你，喬許。

Josh, the first part of your question on this and no one has always to assume some level of confusion.

喬什，你關於這個問題的第一部分，沒有人總是假設某種程度的混亂。

Okay?

好的？

This letter came out of left field and it was not supported by any fact it was complete completely unfounded I am sure for members behind this is going to try to use that letter to tried to distract from TransMedics business, but what they're not counting on or what you guys should expect is TransMedics is not going to stand still.

這封信出自左場，沒有任何事實支持，它完全沒有根據，我確信這封信背後的成員會試圖利用這封信來分散人們對 TransMedics 業務的注意力，但他們沒有計算在內或者你們應該期待的是TransMedics 不會停滯不前。

We are going to defend our practice our success, our goal to grow transplant volumes, our ability to support these transplant institutions to deliver the best clinical support for their organs and for their patients as we have been doing for the past 25 years.

我們將捍衛我們的實踐、我們的成功、我們增加移植量的目標、我們支持這些移植機構為其器官和患者提供最佳臨床支援的能力，正如我們過去 25 年所做的那樣。

And we all you all know that TransMedics defend our positions very vigorously and and fairly so we're not going to be standing still.

大家都知道，TransMedics 非常積極、公平地捍衛我們的立場，因此我們不會停滯不前。

We're going to tried to minimize that disruption as much as we can do.

我們將盡力減少這種幹擾。

We expect distraction?

我們期待分心嗎？

Absolutely, because now it's natural.

當然，因為現在這是自然的。

As far as the next part of the question, I really don't know, Josh, and I don't I don't know.

至於問題的下一部分，我真的不知道，喬什，我不知道。

I don't know where this letter how this letter came about other than it appears that there are some misinformation being propagated, but our response is pretty strong and it was designed as such to make sure that if anybody wants to, I'll go down the same path that they need to know exactly the facts before they come and levy these accusations against TransMedics.

我不知道這封信是怎麼來的，除了看起來有一些錯誤訊息正在傳播之外，但我們的反應非常強烈，它的設計目的是為了確保如果有人願意，我會去他們需要在對TransMedics 提出這些指控之前準確了解事實。

And of course, we're doing that with a full coordination of our senior advisers and legal team in Washington D.C. But we don't know what that what the next steps are other than we have responded on time and in a comprehensive fashion.

當然，我們是在華盛頓特區的高級顧問和法律團隊的全面協調下做到這一點的。但除了我們及時、全面的回應之外，我們不知道下一步是什麼。

And we are we are propagating our positions too and all the right people around TransMedics and on in Congress as well.

我們也在向 TransMedics 周圍以及國會中的所有合適人士宣傳我們的立場。

Thanks for that.

感謝那。

And just a follow-up.

只是後續行動。

Just you mentioned will lead about the plan to present some data analyses, demonstrating improved clinical outcomes on U.S. transplants by using or transfer centers using the NOP and you'll see us within the NOP, any metrics you can you can share with us that we should be looking for?

剛才您提到的將主導提出一些數據分析的計劃，展示透過使用 NOP 或轉移中心改善美國移植的臨床結果，您將在 NOP 中看到我們，您可以與我們分享的任何指標應該尋找什麼？

And then how impactful do you think these data analyses can be in terms of driving the increased demand and adoption trends for NOP and MCS.

那麼您認為這些數據分析對於推動 NOP 和 MCS 需求的成長和採用趨勢的影響有多大。

Thanks for taking the questions.

感謝您提出問題。

Thank you.

謝謝。

Thank you, Josh.

謝謝你，喬許。

I think are our key metrics are the ones we've been monitoring all the time.

我認為我們的關鍵指標是我們一直在監控的指標。

We're looking at both short and long term definitive outcomes.

我們正在考慮短期和長期的最終結果。

We're looking at grades of PGD. primary graft dysfunction, early allograft dysfunction we're looking at patient and graft survival, both at six and 12 months.

我們正在查看 PGD 的等級。原發性移植物功能障礙、早期同種異體移植物功能障礙我們正在研究患者和移植物在 6 個月和 12 個月時的存活率。

So these are the metrics we are.

這些就是我們的指標。

These are the metrics that transplant programs are measured by and also we're looking at penetration and growth of the case volume within each and transplant program in each market.

這些是衡量移植計劃的指標，我們也在研究每個市場中每個移植計劃的滲透率和病例數量的增長。

So these are the metrics will be at discussing at ISHLP. and ATC. and ILT.

這些都是 ISHLP 將要討論的指標。和空中交通管制。和ILT。

Our next question comes from Bill Plovanic with Canaccord.

我們的下一個問題來自 Canaccord 的 Bill Plovanic。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks.

謝謝。

Good evening.

晚安.

Thanks for taking my questions.

感謝您回答我的問題。

A very strong quarter, it looks like, especially in the liver.

看起來這是一個非常強勁的季度，尤其是在肝臟方面。

And I'm just curious, I mean, by our math, it looks like the liver procedures were probably up about 20% sequentially.

我只是很好奇，我的意思是，根據我們的計算，肝臟手術量可能比上一季增加了約 20%。

And almost triple year over year.

同比幾乎翻了三倍。

I was just kind of if you could help us understand what is kind of the really driving the liver adoption because it seems to be going much faster than the heart, which looks like it was up sequentially, but just not at the scale and pace at which liver is.

我只是希望你能幫助我們了解真正推動肝臟採用的因素是什麼，因為它似乎比心臟快得多，心臟看起來是按順序上升的，但只是沒有達到目前的規模和速度哪個肝臟是。

Thank you.

謝謝。

Bill, I think I think there's you know, several reasons and frankly, several expected reasons for that.

比爾，我想你知道，有幾個原因，坦白說，有幾個預期的原因。

We all know that liver transplant procedures are nearly double or even 2.5 times the heart transplant procedures and so that's number one.

我們都知道，肝臟移植手術的費用幾乎是心臟移植手術的兩倍甚至2.5倍，所以這是第一位的。

Number two, liver transplantation is a dedicated service at transplant programs versus heart transplant is always adjunct to regular open-heart surgery and cardiothoracic surgery in general.

第二，肝臟移植是移植計畫的專門服務，而心臟移植通常是常規心臟直視手術和心胸外科手術的輔助服務。

And so that's number two.

這是第二個。

I think we are confident that the heart will pick up.

我想我們有信心，我們的心會復甦。

Liver will always lead the way just because of the sheer number of procedures.

由於手術數量眾多，肝臟始終處於領先地位。

I think over the next two or three years.

我想未來兩三年。

The heart will get up there as we continue to demonstrate growth in the overall transplant volume and we will get the number of procedure up.

隨著我們繼續展示整體移植量的增長，心臟將會上升到那裡，我們將會增加手術的數量。

We will see the long-term effect of OCS as we will start and reporting that at the next I-6 will peak.

我們將在開始時看到 OCS 的長期影響，並報告在下一個 I-6 中將達到頂峰。

And we are extremely confident that a heart will pick up the pace.

我們非常有信心，一顆心會加快步伐。

And more importantly, we're going to go out on a limb and say that over the next couple of years, we should see the lung.

更重要的是，我們將大膽地說，在接下來的幾年裡，我們應該看到肺部。

It's starting to really become more contributing to our overall growth.

它開始真正對我們的整體成長做出更大的貢獻。

Again, not at the same level of liver because of the sheer number of procedures.

再次強調，由於手術數量眾多，因此不在肝臟的同一水平上。

But that's our goal is to get all three organs to be contributing close to each other.

但這是我們的目標是讓所有三個器官相互接近做出貢獻。

Great, thanks.

萬分感謝。

And then my second question, if I could, is just aviation ramp has gone a lot faster than we expected from your 13 planes now if you said you get to 16 to 20, how do we?

然後我的第二個問題，如果可以的話，只是航空坡道比我們預期的 13 架飛機現在要快得多，如果你說你要增加到 16 架到 20 架，我們該怎麼辦？

And I think you gave us the metric of 80%.

我認為您給我們的指標是 80%。

When do you expect to hit the 80% and then how should we think about average revenue per case for aviation?

您預計什麼時候會達到 80%？那麼我們應該如何考慮航空業的平均每箱收入？

Is you got a little more information you're getting deeper into this?

您是否獲得了更多關於此問題的更多資訊？

And then how do we think about that service gross margin longer term?

那我們如何看待長期服務毛利率？

Because I think originally you thought would be 30%, you're already surpassing 35 and thanks for taking my questions.

因為我認為您最初認為是 30%，但您已經超過了 35%，感謝您回答我的問題。

Thank you, Bill.

謝謝你，比爾。

As always, the last questions, the first, the first aspect, we we hope to be fully operational at the scale of doing 75, 80% of our transmissions with our own fleet.

像往常一樣，最後一個問題，第一，第一方面，我們希望能夠以我們自己的車隊進行 75%、80% 的傳輸的規模全面運營。

When we surpass 20 operating TransMedics flights.

當我們營運的 TransMedics 航班超過 20 架時。

We are aircrafts, which means we're talking sometime second half of 2025.

我們是飛機，這意味著我們談論的是 2025 年下半年的某個時間。

So that's number one.

所以這是第一。

And the second part of the question was remind me again, Bill, please or that the price for the average price permission, I we can't comment on that until we are completely dispersed equally across the the two sides of the United States, the east and west because the mix is different and that will happen hopefully as we exit 2024.

問題的第二部分是再次提醒我，比爾，請或平均價格許可的價格，我不能對此發表評論，直到我們完全平等地分散在美國兩側，東方和西方，因為混合是不同的，這有望在我們退出2024 年時發生。

And then finally, as far as the margin is concerned, I think you know, it's early.

最後，就利潤而言，我想你知道，現在還為時過早。

I think we are going to be in the 30s and I will leave it at that for now.

我認為我們將進入 30 多歲，我暫時就這樣吧。

And then we will we'll see how we are executing going forward.

然後我們將看到我們未來的執行情況。

Yes, that's great, though.

是的，不過那太好了。

I would just add, you know, as I mentioned, we do expect modest improvement over the over the year as we really what's important as we ramp the number of hours on the planes that we have and cover more of the fixed cost of aviation fund.

我想補充一點，正如我所提到的，我們確實預計在這一年中會有適度的改善，因為我們真正重要的是，我們增加了飛機的飛行小時數並承擔了更多的航空基金固定成本。

Great, thanks.

萬分感謝。

Next question comes from Ryan Daniels with William Blair.

下一個問題來自瑞安·丹尼爾斯和威廉·布萊爾。

Please go ahead.

請繼續。

Your guys.

你們的傢伙們。

Congrats on the strong quarter and year and thanks for the questions.

恭喜季度和年度的強勁表現，並感謝您提出的問題。

Steven, maybe wanted to start with on the margin front.

史蒂文，也許想從邊緣開始。

It's more revenue related.

這與收入相關。

Actually, this quarter, it looks like about 34.5% of your sales came from the logistics, and that's with you only covering about 35% of your NOP. cases with your own logistics solutions.

實際上，本季度，您的銷售額中約有 34.5% 來自物流，而您只涵蓋了約 35% 的 NOP。具有您自己的物流解決方案的案例。

So why would that percentage that 65, 35 stay the same as it ramps towards 80%, given that you're only at 35% today, just trying to square that up?

那麼，既然現在只有 35%，那麼為什麼 65、35 的百分比在逐漸往 80% 的方向上保持不變呢？

Yes.

是的。

I think it's important, though, that that mix today that's not just logistics.

不過，我認為重要的是，今天的混合不僅僅是物流。

That's all of the NOP service.

這就是 NOP 服務的全部內容。

So we only had 9 million of logistics service, which is a smaller percent of the total.

所以我們的物流服務只有900萬，佔總量的比例比較小。

And so as we grow this business, a couple of things are different.

因此，當我們發展這項業務時，有些事情發生了變化。

One is part of the service revenue this quarter was some some overhang from non transplant related revenue that's going to go away in Q2 in Q1.

一個是本季服務收入的一部分是非移植相關收入的一些懸而未決的部分，這些收入將在第一季的第二季消失。

So that's a little bit coming out of the service.

所以這有點來自於服務。

The other thing is we expect international to kind of come back to where it was last quarter.

另一件事是我們預計國際業務將回到上季度的水平。

And so that is higher product revenue.

這就是更高的產品收入。

So both of those are kind of skewing the service product mix in the wrong direction, I would say in Q4 or if it will change a bit in Q1 and then it remains to be seen how we pass is with how we go through the rest of the algorithm go through the rest of the year.

因此，這兩者都會使服務產品組合朝著錯誤的方向傾斜，我想說的是在第四季度，或者是否會在第一季度發生一些變化，然後我們如何通過以及我們如何經歷其餘的過程還有待觀察。該演算法將在今年剩餘的時間裡進行。

But generally speaking, I think service portion is going to be in the mid to kind of maybe slightly upper 30% range.

但總的來說，我認為服務部分將處於中間到略高於 30% 的範圍。

I don't think it ever gets to like 40% of our business.

我認為它永遠不會喜歡我們 40% 的業務。

Okay.

好的。

That's very helpful color.

這是非常有用的顏色。

And then maybe a broader strategic question.

然後也許是一個更廣泛的戰略問題。

Obviously, with the growth in dynamic opportunity here a ton on your plate, but you you've also got bridges to life technology acquisitions, new product development, you're really building out the logistics business, hiring a lot of clinicians to support your growth targets.

顯然，隨著這裡的動態機會的增長，你的盤子裡有大量的東西，但你也有生命技術收購、新產品開發的橋樑，你真的在​​建立物流業務，僱用很多臨床醫生來支持你的業務。成長目標。

I'm curious if you could perhaps outline maybe two or three of the largest strategic initiatives that we should be keeping an eye on in 2024, not to set the platform as much for this year, but really to set that platform getting to the 10,000 cases banks?

我很好奇您能否概述一下我們在 2024 年應該關注的兩到三個最大的戰略舉措，不是為今年設置那麼多平台，而是真正將該平台設置為達到 10,000 個案件銀行？

Brian, thank you for the question, and we're planning to detail all these in our next earnings call.

布萊恩，謝謝你提出的問題，我們計劃在下一次財報電話會議中詳細介紹所有這些內容。

But very important, we are doing all of the above, and we are looking forward to sharing more specific and granular details about our goals in 24 and beyond in our next earnings call.

但非常重要的是，我們正在做上述所有事情，我們期待在下一次財報電話會議中分享有關我們 24 小時及以後目標的更具體和更細緻的細節。

I look forward to that.

我對此很期待。

Thank you.

謝謝。

Next question comes from Suraj Kalia with Oppenheimer & Co.

下一個問題來自奧本海默公司的 Suraj Kalia。

Please go ahead, please.

請繼續，拜託。

Can you hear me?

你聽得到我嗎？

All right.

好的。

We can hear you just fine size.

我們可以聽到你的聲音，尺寸剛剛好。

Perfect, gentlemen.

完美，先生們。

Congrats on an excellent quarter.

恭喜您度過了一個出色的季度。

So really two questions.

所以確實有兩個問題。

First, our math, as you exited Q4 with liver heart and lung market shares of approximately 25, 20% and 4%, you guys do not put out guidance lightly, especially given your performance in the last two years and how The Street starts building things in and rough math is telling us based on the FY 24 guide, you're looking to get somewhere close to 25% to 30% share in Harbin livers and 10% to 15% lungs.

首先，我們的計算，當你們在第四季度結束時，肝心肺市佔率分別約為25%、20% 和4%，你們不會輕易給予指導，特別是考慮到你們在過去兩年的表現以及華爾街如何開始建造根據 24 財年指南，粗略的數學計算告訴我們，您希望獲得哈爾濱肝臟接近 25% 至 30% 的份額，以及肺部 10% 至 15% 的份額。

And of the approximately right in our math and can you give us some additional granularity?

在我們的數學中大約是正確的，你能給我們一些額外的粒度嗎？

How are you thinking through DBDD. city or site movement?

您如何看待 DBDD？城市或場地移動？

I guess just strip down the the three 63 70 million guide a little more for us, if you could.

我想如果可以的話，請為我們把這三個 63 7000 萬指南再精簡一點。

Yes, Suraj, this is Steven.

是的，蘇拉吉，這是史蒂文。

So I don't think we can give you where we expect share to be.

所以我認為我們無法為您提供我們期望的份額。

We definitely expect share to improve from where we are today.

我們肯定希望份額能夠比現在有所提高。

As we said, we we looked at it on an annual basis and we were kind of back 16% to 70% 17% share in in the heart and liver, and we certainly expect to improve that as we go into 2024.

正如我們所說，我們每年都會進行研究，心臟和肝臟的份額從 16% 回升至 70% 17%，我們當然希望在進入 2024 年時能夠改善這種情況。

And your next part of your question, Suraj, remind me just in terms of any additional color, how you're thinking about DBE. versus DCD. and also the bell curve distribution.

Suraj，你問題的下一部分，請用任何其他顏色來提醒我，你是如何看待 DBE 的。與 DCD 相比。以及鐘形曲線分佈。

I guess just trying to understand, is that how you're targeting or getting getting to the numbers?

我想只是想了解一下，這就是您瞄準或獲取數字的方式嗎？

Yes, Suraj, let me let me let me address that one and thank you for the question.

是的，蘇拉傑，讓我來回答這個問題，謝謝你的提問。

I think, Suraj, the way we approach.

蘇拉吉，我想，我們的處理方式。

This is very it's very broad.

這是非常非常廣泛的。

I mean, we look at our case distribution and here's what we expect.

我的意思是，我們看看我們的病例分佈，這就是我們的預期。

We expect if we are heavily used in DCD., we expect that to continue, and we expect to continue to drive that forward across all three organs.

我們預計，如果我們在 DCD 中得到大量使用，我們預計這種情況將繼續下去，並且我們預計將繼續推動所有三個機構的發展。

But we're not going to stop here.

但我們不會就此止步。

We are going to find ways to invigorate DBD utilization.

我們將找到激發 DBD 利用率的方法。

And we do that through a variety of different programs and mechanisms to drive adoption in that area to drive overall national transplant volume.

我們透過各種不同的計劃和機制來推動該領域的採用，從而推動全國移植總量的成長。

And so at number three, we look at areas that are quiet or relatively quiet or lower up lower penetration like the lung and we find ways to reinvigorate the lung and it doesn't matter at that point whether it's DVD or DCD., can you imagine if we are, you know, more than where we are in the lung and near heart, at least?

因此，第三點，我們會專注於安靜或相對安靜或滲透力較低的區域，例如肺部，我們會找到重振肺部的方法，此時無論是 DVD 還是 DCD 都沒關係。想像一下，如果我們的位置至少超出了肺部和心臟附近的位置，會怎麼樣？

And what would that do to our revenue mix and penetration overall would be great.

這會對我們的收入結構和整體滲透率產生巨大影響。

And after that, you know, as far as the transplant programs is concerned, you know, again, our service is and Universal Our service has been proven and two results in every promise that we set to achieve or every hypothesis or value that we set to achieve.

之後，您知道，就移植計劃而言，您知道，我們的服務是通用的，我們的服務已經得到證實，並且我們設定的每一個承諾或我們設定的每一個假設或價值都有兩個結果實現。

And now it's up to TransDigm programs to decide whether or not they want to be, as you know, thriving and growing in the future of being a leading transplant program.

如您所知，現在由 TransDigm 專案來決定他們是否希望在未來成為領先的移植專案並蓬勃發展和成長。

And that is the way every transplant program should look at OCS. and NOP. and transmits logistics.

這就是每個移植計劃看待 OCS 的方式。和NOP。並傳輸物流。

And this is the future.

這就是未來。

And we know that we've proven it and we are standing by our commitment to transforming the field.

我們知道我們已經證明了這一點，並且我們將恪守改變該領域的承諾。

And we welcome and expect many of the TransDigm programs.

我們歡迎並期待許多 TransDigm 專案。

We'll be contributing part of our growth going forward because we are contributing to their growth.

我們將為我們未來的成長做出部分貢獻，因為我們正在為他們的成長做出貢獻。

So and if I could not, it's not it's not a one-size fits all.

所以，如果我不能，那也不是一刀切。

We have to be dynamic.

我們必須充滿活力。

We have to be flexible.

我們必須保持靈活性。

We have to tackle it in a broad range across all the organs across the two different types of donors and be creative on how we pulled the levers to achieve our goals.

我們必須在兩種不同類型捐贈者的所有器官中廣泛解決這個問題，並在如何拉動槓桿來實現我們的目標方面發揮創造力。

And again, we are very early given the penetration rates we discussed FairPoint's will lead.

再說一次，考慮到我們討論的 FairPoint 將領先的滲透率，我們還為時過早。

If I could quickly ask a follow-up.

如果我能快速詢問後續情況就好了。

Very nice sequential jump in the number of sites using TransMedics aviation.

使用 TransMedics 航空的站點數量出現了非常好的連續跳躍。

Similarly, as it normally happens, right, even at our site visit.

同樣，正如通常發生的那樣，即使在我們的現場訪問中也是如此。

One of the comments you had made was like we want to make it like a one-stop shop attach, TransMedics aviation to everyone.

您發表的評論之一是，我們希望將 TransMedics 航空服務打造為每個人的一站式服務。

So you go to site is the 98 sites you talked about in Q4.

所以你造訪的網站是你在第四季談到的 98 個網站。

What has been the reception?

接待情況如何？

And I'm trying to understand is that like you all went to, I don't know, pick a number 200 sites, 98 are in board.

我想了解的是，就像你們都去過一樣，我不知道，選擇 200 個網站，其中 98 個都在。

The remaining one or two are resisting for whatever reason just set the stage for us to slice and dice how aggressive TransMedics is or lack thereof.

剩下的一兩個人無論出於什麼原因都在抵制，這只是為我們提供了一個舞台，讓我們來分析 TransMedics 的侵略性或缺乏侵略性。

Gentlemen, you guys are on a role.

先生們，你們正在扮演一個角色。

Congrats again.

再次恭喜。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you, sir.

謝謝你，先生。

Thank you very much, Suresh.

非常感謝你，蘇雷什。

Unfortunately, I might disappoint you by saying I cannot give you more granular detail other than to remind you that there are not 250 programs out there that we would go to and again, our approach to these programs is very, very simple.

不幸的是，我可能會令您失望，因為我無法向您提供更詳細的信息，只是提醒您，我們不會參與 250 個項目，而且我們處理這些項目的方法非常非常簡單。

When we get coal for an NOP. case, we provide them the option to use our transmix logistics.

當我們為 NOP 購買煤炭時。在這種情況下，我們為他們提供使用我們的 Transmix 物流的選項。

We provide them a price quote, and it's up to them to decide and whether they want to use us or not some centers like using us to came back and ask Tamara and André for a long-term contract.

我們向他們提供報價，由他們決定是否要使用我們，有些中心喜歡使用我們回來向塔瑪拉和安德烈索取長期合約。

Some centers are we don't require that, but some center wanted to do that and we are there to help them achieve that goal.

有些中心我們不要求這樣做，但有些中心想要這樣做，我們會幫助他們實現這個目標。

The bottom line for us is we know and we are confident that we are providing an operationally scalable and the most efficient cost structure in transplant logistics in the United States.

我們的底線是，我們知道並且我們有信心在美國的移植物流領域提供可操作擴展且最高效的成本結構。

And it's going to get better from here as we have more leverage and more plane and more capacity to meet many of these cases.

隨著我們擁有更多的槓桿、更多的飛機和更多的能力來滿足其中許多情況，情況將會變得更好。

And it's up to the transplant program out to them participate in this is cost effective or efficient model or not?

這取決於他們參與的移植計劃是否具有成本效益或高效模式？

I hope I addressed the question and I'm sorry, I can't give you more granular detail than that at this early stage of launching logistics only one quarter.

我希望我已經解決了這個問題，很抱歉，我無法向您提供比僅在四分之一的物流推出的早期階段更詳細的資訊。

So it's only one quarter, Suraj, so fair enough.

所以只有四分之一，Suraj，很公平。

Thank you.

謝謝。

Conference back over to Waleed Hoffmann for any closing remarks.

會議回到 Waleed Hoffmann 發表閉幕詞。

Thank you, operator.

謝謝你，接線生。

Thank you all very much for being with us this evening, and we look forward to speaking again in May.

非常感謝大家今晚與我們在一起，我們期待五月再次演講。

Have a wonderful evening.

祝您有個美好的夜晚。

The conference has now concluded.

會議現已結束。

Thank you for attending.

感謝您的出席。

Today's presentation.

今天的演示。

You may now.

你現在可以了。

Yes.

是的。